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The
animitEr
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 116.
financial.
nantriv‘
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, FEBRUARY 3 1923
Electric Railway Sectioi
State and City Sectict,
NO. 3006
precise form, and therefore Gen. Dawes was not immediately popular with the rank and file of officialPUBLISHED WEEKLY
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& INDUSTRIAL (semi-annually)
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On reques
°einem) Orrice
-19 South La Salle Street, Telephone
Mr. Tilson of Connecticut, who was in the chair, and
State 5594.
LONDON Omen—Edwards & Smith,
1 Drapers' Gardens, E. 0.
when Mr. Hull appealed and the question was put to
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New
the House the Chair was sustained by a vote of 66 to
York.
26. The point of order could have been raised as to
Published every Saturday morning by WILLIA
M B. DANA COMPANY,
President, Jacob Seibert; Busineee ManaLer,
William D. Riggs; Secretary, Herbert the rider of 1913 which Mr. Taft had
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rejected and
Addressee of all, Office of Company.
Mr. Wilson accepted, but it was not. That it has
been raised successfully now is a bit hard to realize,
•
CLEARING HOUSE RETURNS.
but the story is in the "Record," and therefore must
• Returns of Bank Clearings heretofore given
be true. Shall we ascribe it to Mr. Dawes's influOn this page now appear in
a subsequent part
of the paper. They will be found to-day on pages ence, or to the President, or to the budget, or to the
faint beginning of a reaction in favor of common
485 and 486.
sense and against labor domination? At least, let
us not omit to note any item of encouragement that
THE FINANCIAL SITUATION.
is offered us.
On January 18, the lower branch of Congress, sitting just then in Committee of the Whole, had before
The Pennsylvania Fuel Commission's director of
it the "army appropriation bill," and Mr. Hull of anthra
cite distribution writes to the "Herald" to
Iowa offered a rider providing that no part of the criticise that
journal's argument that the "fat" mines
funds appropriated could be used for the salary or make
huge profits from prices necessary to enable
the pay of any officer or manager or superintendent
the lean ones to be worked at all and to question the
or foreman "or other person having charge of the
statement of Col. Goethals that coal prices vary as
work of any employee of the United States Governmuch as from $8 to $14 a ton. Since working was rement" while such person was making or causing to'be
sumed in September last, the director admits, some
made, "with a stop-watch or other time-measuring
coal probably has been sold as high as the larger figdevice," any study of any employee between beginure, but, he says,85% of anthracite production is by
ning and ending his job,"or of the movements of any
the larger companies, whose prices range from $8 to
such employee while engaged upon such work." It is $8
35, and .over 16% is by large companies, whose
told of Mr. Edison that when somebody asked him for
prices do not exceed $9 25 for domestic sizes, while
a motto for young men, he replied,"Never look at the the production
at prices at $9 50 to $12 approved by
clock!" The laborer of the present time, certainly the
Fair Practice Committee of the Commission was
the laborer organized in unions, approves and urges under 8%
of the total. From these figures the direcMr. Edison's motto, though not wishing to follow his tor
concludes that the high-priced anthracite does
application of it. Labor dislikes clocks and all other
not materially affect the average price at the mine,
time-measuring or service-accounting devices and and it is true
that the price must be large enough to
methods, and nobody is brazen enough to try to con- allow the
lean or high-cost mine to operate. The
ceal the reason: labor objects to using efficiency as charge of large
profits for the fat or low-cost mines is
the scale test, and hence all methods of measuring answered, the directo
r thinks, in the report of the
efficiency must be banned. Labor wants to get the Federal Trade
Commission on June 30 1919, covering
most and furnish the least, and the trouble with the the six calendar
years 1913-18, which showed the avworld is that this desire is too generally attempted. erage margin on the anthra
cite in the last year to be
Congressman Hull's rider is not novel, but very old; 42.8 cents a
ton, from which must be taken sales exit is really the established custom,in essence if not in penses, interest and taxes. The
head of the Lehigh
gin Thranick.
440
THE CHRONICLE
Coal & Navigation Co. figures the average margin in
1921 as about 54 cents, from which must come taxes
and certain other expenses, and he estimates the average return on the investment in the two preceding
years as 35 to 40 cents a ton, and the average profit
rate at not over 5%, which he regards as rather unattractive.
All this leaves unexplained why coal does—or
should—about double its price at the mine when it
reaches the consumer's cellar. If labor is not the
robber, and if carrying to market does not load the
article, then the loading is done during the final
stages of distribution. The fault seems to be at the
beginning or at the end of the entire process rather
than with the carrying. We know how greedy and
how indifferent to all outsiders is organized labor;
we know that if the carriers are making undue profits
they are successfully hiding them; nobody has accused either the operators or the final distributers of
altruism; and we know that coal mining, by whatever and whosoever fault, is not conducted with the
steadiness and efficiency which we consider belong
to American character. The consumer is justly and
seriously concerned to know why he must pay for
this essential twice or nearly twice what he paid in
less abnormal times.
Careful men neither propose nor put faith in any
specifics' for the trouble. The "Herald's" offered
remedy is "standardization," which would start with
putting the Federal Government into the problem,
the agency which has usually muddled wherever it
has meddled. 'A committee of the United Mine
Workers of America has put out a scheme for "nationalization," but there now seems to be some divikon within the ranks about this. The "Chronicle"
has no counsel to offer except courageous and patient
waiting, with considerable faith that the Creator
puts obstacles before us with the express intent of
making us develop our wit and strength by overcoming them. The high cost of food means that we
should, and eventually will, shape our agriculture
into better efficiency; the cost of fuel similarly seems
to mean that we shall find the way out. The Legislature of Pennsylvania may amend its "miners' certificate" law, and that State may abandon and modify
its tax on anthracite for its sister States, a selfish
and short-sighted policy, notwithstanding its constitutionality was sustained, about two months ago.
Furthermore, the utilization of natural water power
is certain to continue, and the coal trouble is its
strongest stimulus. At this juncture the scheme of
a company at whose head is James B. Duke is especially interesting. The water of the River Saguenay
is the objective, and it is said to be within possibility
that citizens in New England, far to the south of
that stream, may yet read by the light it furnishes,
ride by its power,and run their factories by the same.
Visionary? Yes, may be; but the men said to be in
the undertaking are practical business men, and
every success has begun as a vision. The almost unmeasurable power exists, and is running off to waste
as it has been running for centuries. It can be utilized. The chief essential is that Government keep
hands off and that individual enterprise be left to do
the work, with the usual incentive of a probable
profit.
[voL. 116.
about noon on Wednesday on the tickers of the financial district. It was a "flash" stating that the British Cabinet, at an adjourned meeting from the day
before, had accepted the proposals made to the British Debt Funding Commission in Washington recently by a corresponding body of Americans. International bankers in this city, Secretary of the Treasury Mellon, and other prominent officials of the
Administration at Washington were quoted as attaching unusual importance to this action on the part of
the British Cabinet. The following day the Washington dispatches indicated some doubts as to
whether the necessary legislation would be passsed
by the American Senate without the attachment of a
bonus rider. President Harding and Secretary Mellon are strongly opposed to such a scheme. He is
said to have been assured by Senators Lodge and
Watson on Thursday that the Senate will adopt the
agreement, although considerable opposition appears
to have arisen already. The situation at the Near
East Conference at Lausanne appeared extremely
critical, and on the eve of a break practically all
week. A complete rupture on Wednesday was said
to have been averted only by the granting to the
Turks until to-morrow (Sunday) to consider the
terms of the treaty which was presented by the Allies
formally at Wednesday's session of the Conference.
Stanley Baldwin, Chancellor of the British Exchequer, and Chairman of the British Debt Funding
Mission to the United States, and Montagu C. Norman, Governor of the Bank of England, arrived back
in London a week ago to-day. In an interview at
Southampton, the Chancellor "emphasized the difficulty of the debt problem." He declared, on the one
hand, that "the American Commission had made
Great Britain as good an offer as it was possible for
it to get through Congress, and he hoped that it was
realized that if the British Government was to accept, it must lose no time in doing so." On the other
hand,"he expressed no views as to the wisdom of doing this." Describing the political situation in the
United States with respect to international debts,
Mr. Baldwin was quoted in part as follows: "We
have got men of our way of thinking in the Eastern
States, but that does not cut any ice at all in regard
to the other parts of America. If you look at the
Senate you will find the majority come from the agricultural and pastoral communities and they do not
realize the meaning of any international debt. The
bulk of the people in America have no acquaintance
with international trade—Great Britain lives on international trade. The people in the west of America merely sell their wheat, hogs and other produce
and take no further interest in international trade.
They are very much in the same frame of mind as we
used to be about reparations when a large number of
people here thought Germany would send bags of
gold every Saturday night until the money was paid.
A great many people in America think all we have to
do is to send the money over." In speaking thus, Mr.
Baldwin was not considered in this•country as having shown any tact, and his remarks have been widely
resented, not alone in the West, but also by the press
and the public here in the East. Asked "whether the
British Government could put forward any new proWhat was generally regarded in Europe and in posals which Congress would accept before its adthis country as the most important announcement of journment on March 4," Mr. Baldwin replied:"There
the week relative to European affairs was made is not any chance of that. The American Commis-
FEB. 31923.]
THE CHRONICLE
sion has already put forward the only proposals
which would be accer ted, if they are accepted at all,
by Congress. They have gone to the limit of what
they are likely to propose." He added that "what
America has offered represents an immense advance
in American opinion in a very short time. It was not
thought possible that Congress would be willing to
alter its own legislation and give terms for reducing
our percentage to 3 % over a series of years. The
/
1
2
original terms of Congress, with a sinking fund
yearly, represented 6%." Replying to the sugges
tion that "at some time in the future there might
be
a change in American opinion in favor of great Britain," Mr. Baldwin said: "My own view is that any
change would not be in our favor. The debt has got
on the nerves of the American people and there is no
sentiment whatever in favor of conciliation. The
word makes them shy all along the line. It is quite
impossible." He was reported to have emphasized
"the importance of the debt settlement to Great Britain by asserting that the hope of a reduction of taxation in the forthcoming budget depended largely
upon it."
441
Congress." The Washington correspondent of the
New York "Times" recalled that "the British debt
to the United States on Nov. 15 last aggregated
746,862,5604 of which $4,135,818,358 was principal
,
and $611,044,201 interest accrued since the loans
were made." He also said that "it is probable that
in any funding arrangement the accrued interest
would be merged with principal up to the time of
completion Of funding." Reverting to the differ
ences
between the British and American proposals,
he
said: "It is understood here that the British
first
sought an interest rate of 21 2 to be made retroa
/%
ctive to the date the debts were made, and later
suggested 3% on the same basis with an amortization
provision of y of 1%. It was such a proposition
2
as
the American Commission did not believe to
be acceptable to Congress. It was the feeling here,
it is
understood, that the American suggestions
as outlined were, in the opinion of the Ameri
can Commission, the most liberal which might hope
to receive
Congressional favor. It was believed that an
argument could be placed before Congress for fundi
ng,on
the basis suggested, which would convin
ce Congress
of its fairness."
Upon the publication of a synopsis of Mr. Baldwin's statements regarding the funding of the BritThe cable advices from London Monda
y morning
ish debt, "details of the suggestions made by the stated that
the British press generally urged accept
American Debt Commission to the British Commis- ance of the Ameri
can terms. The "Daily News" said,
sion were made available in an official quarter" in for instance,
"it is difficult to see how,in the face
of
Washington. It was explained that "the American the inexorable
facts which he has set forth with
suggestions called for a retroactive interest rate of studied moderation
, public opinion in this country
414% from the date the obligations were contracted can fail to
/
give the Government authority to
close at
to the date of the completion of funding arrange- once if Congr
ess is willing." The "Daily Teleg
raph"
ments. The rate now being charged is 5%. Further- asserted that
"the truth is, that if this debt is not
more, the American Commission suggested an inter- funded at once
it will hang like a cloud over our
home
est rate of 3% for the first ten years after funding politics, ruin
the budget and retard industrial recovarrangements were completed, the rate to be in- ery. In additi
on to that, it will also tend to bedevi
l
creased to 31 2% after ten years, to continue until the Anglo-American
/
relations. In the existing troubled
debts were.liquidated, probably 52 years. Amortiza- state of Europ
ean affairs it may be worth almos
t
tion provisions to make possible yearly payments on anything
to us to remove any possible source
of fricprincipal were to be established, the amount to be tion between
ourselves and the United States, and
set aside for this purpose being in the first years, at the probabilitie
s are always in favor of an unsettled
least approximately one-half of 1% of the entire question like
this becoming more difficult rather
principal of the debts." An American official, in than more easy
to settle." The London "Times"
discussing Mr. Baldwin's interview, was quoted as said: "Taking
everything into consideration—the
explaining that, "first, the terms expressed by the importance
of every reasonable settlement in this
American Commission were not in the nature of a world of
chaos, the immeasurable harm which may
proposition, but rather of suggestions made during arise
from too protracted bargaining, the legal
informal discussions of the matter, many various streng
th of the American case, and the manifest
suggestions being made on both sides. The terms as goodwill of its spokesman—we are definitely of the
stated in the cable as coming from the Chancellor
opinion that a supreme effort should be made this
are not exactly the nearest approach to an arrang
e- week to reach an agreement."
ment arrived at, although correct in some
particuIt was generally reported in London dispatches in
lars." The official was further reported
to have advance of Chancellor of the Exchequer Baldw
in's
said that "the arrangement, it was felt, also
would report to the Cabinet on the results of the Debt
Fundmake the rate charged the British square
with the ing Mission to the United States, that
there was a
rate which, averaged over the whole propos
ition, the division in the Cabinet as to wheth
er the American
United States would be called upon to pay
to hold- terms should be accepted. The New
York "Tribune"
ers of Liberty bonds and long-term refunding
issues. correspondent even said that "according
to reports,
Sums paid by the British to reduce the princi
pal of the Government is badly divided over this
question."
the debt owed the United States, it is proposed, shall
Sir Eric Geddes, before sailing for the United States
be used to reduce the principal amount of Liberty on
the Olympic on Wednesday, was said to have given
bonds distributed by this Government. The Amerito Premier Bonar Law "the views of British manucan Commission,it was said, felt that the suggestion factur
ers on the debt problem." According to one
as outlined would receive the sanction of Congress, dispatch,
"Sir Eric favors a reduction in taxation,
although this would not be definitely established unand, it is said, is against acceptance of the American
til modifying legislation was sought. It had been offer." The
British Cabinet met at 4 o'clock Tuesday
the hope of the Administration that the suggestion afternoon
to "receive the report of Stanley Baldwin,.
would be accepted quickly by the British Cabinet so Chancellor
of the Exchequer, on his mission to Washthat the matter could be placed before the present ington."
The discussion lasted until 5.45, when ad-
442
THE CHRONICLE
[VoL. 116.
journment was taken until the next day. No state- many, drawn by four locomotives where one would
ment except with respect ti the adjournment was have been sufficient, was halted east of Dortmund
and three of the locomotives returned to the occupied
made.
area." From Essen came the report a week ago this
The big news was made public in New York about afternoon that "the customs offices set up on the
noon on Wednesday. It was a "flash," to use the boundary between the Ruhr Valley and the rest of
newspaper term, that the British Cabinet, at its ad- Germany were put into operation to-day by the
journed meeting, had "decided to accept the Ameri- French army of occupation." It was also stated that
can offer in regard to the funding of the British war "reports reaching Essen said the barrier was pracdebt to the United States." The later dispatches tically complete, Germans now being required to pay
stated that "there was a full attendance of the Min- to the invaders taxes tpon products of the Ruhr
isters," and it was reported that the vote was prac- shipped to consignees other than the French reparatically unanimous. Administration officials in tions collectors." The Associated Press correspondWashington and international bankers in this city ent at Dusseldorf cabled that "what practically
generally stressed the importance to the interna: amounts to martial law has been declared in the octional situation as a whole of Great Britain's deci- cupied area. All cafes, hotels, theatres and cabarets
sion. It was held that "this action would be of ma- were closed at 10 o'clock to-night [Jan. 26], German
terial assistance." It was explained in Washington time, which is 9 o'clock French time." He added
dispatches that "the American Debt Commission that "the next move in the economic war will come
has yet to hear officially from Ambassador Geddes. from Paris, probably early in February, after the
If it is found that Great Britain accepts the tentative Germans have failed to meet their Jan. 31 payment
American plan in substance as well as in principle, of 500,000,000 gold marks. Germany must submit
the Commission will proceed at once to incorporate to the ultimatum which then will be sent or further
that plan in a report to President Harding. The military operations, the nature of which have not
President will then be in a position to recommend to .been announced, will begin." That correspondent
Congress the adoption in appropriate legislation." did not hesitate to say that "the economic side of the
Secretary Mellon was quoted as saying that "the occupation of the Ruhr apparently has proved a failBritish decision opens the way for immediate draft- ure, and it is not believed the situation will improve,
ing of recommendations to the President for changes as strikes continue to spread. It is understood, howin the funding law to legalize the terms suggested in ever, that France has decided upon a further use of
the American proposition." The dispatches Thurs- force to bring Germany to terms. It is known that
day morning from Washington indicated some uncer- some of the engineers who came into the Ruhr with
tainty as to whether the necessary legislation would the mission of M. Coste, head of the French indusbe passed by the Senate without the attachment of trial delegation, are returning to France. The misa rider providing for the payment of a soldier bonus sion is marking time until the Reparations Commisout of the proceeds of the British debt. The advices sion renders its decision at the end of the month."
the same evening stated "President Harding will At a meeting of the British Cabinet a week ago yessend a message to Congress urging amplification of terday it was said to have been decided that "circumthe American Commission's debt funding powers, stances did not necessitate the withdrawal of the
•
Senators Lodge and Watson announced, after a con- British troops from the Rhineland."
ference with the President to-day. The message
probably will not be sent before next week, as the
Monday morning the traffic conditions in the
American Commission is not expected to complete Rhine country were described in part as follows in a
its recommendations for the changes until Satur- Paris dispatch from the New York "Times" correday." Washington dispatches yesterday morning spondent at that centre: "Railrrad strikes yester:
told of a "storm" in the Senate over the British debt day spread from the Ruhr to the Rhineland, where
plan, under the leadership of Senator McKellar of they became general, according to %Latin' disTennessee. Senators Lodge and Watson called on patches. Suspension of service occurred in the stathe President and were said to have assured him that tions at Cologne, Bonn, Duren, Treves, Coblenz and
Aix la Chapelle. Near the last named station bolts
the Senate would approve the agreement.
were drawn from the rails in an effort to wreck the
indicated that Paris-Warsaw express, but the sabotage was discovThe cable advices early in the week
the French already had formed practically a com- ered and the track repaired by the French military
plete ring around the Ruhr Valley. The New York rail experts, permitting the international train to
"Tribune" correspondent at Dusseldorf cabled that pass. German navigation is practically at a stand"the entire egg-shaped circumference line of the Ruhr still on the Rhine and the canals of the Ruhr and
to-night lay virtually inclosed with a ring of bayo- Rhineland. In the Ruhr mines production is limnets guarding every exit, whether by railroad, high- ited to immediate needs of the factories." From Dusway, canal or river, leading to the outside world, in- seldorf came the announcement that "the telegraph
cluding unoccupied Germany." He also explained and telephone central stations went on strike at 7
that "the purpose of this military blockade is to sup- o'clock this {Sunday] evening." The New York
port the hundreds of French and Belgian customs "Times" correspondent at Brussels cabled that "in
guards who now have taken their places on the bor- Belgium, just as in France, the question of the Ruhr
der line ready to enforce the collection of the 26% continues to occupy the attention of the whcle counduty on all outgoing goods and 40% on coal and coke, try to the exclusion of everything else except the
as provided in the sanctions allowed under the treaty Flemish question. There is no doubt that Belgium
for violation of that document." In another dispatch will support France in whatever measures may be
from the same centre it was observed that "how com- deemed nececsary in the Ruhr and the official attipletely the French already encircle the Ruhr was tude will continue to be that of approval. But there
shown when a night train destined for interior Ger- is good reason to suppose th..t the Government is be-
FEB. 3 1923.]
THE CHRONICLE
ginning to have cold feet about the developments in
store."
According to an Associated Press dispatch from
Dusseldorf Monday evening "the strike of German
railroad workers throughout the Ruhr was complete
to-day, as was that of the telegraph employees. The
telephone and postal services are pErtially affected.
The French occupational authorities -day began a
series of wholesale artests and expulsions of the
highest German State officials, chiefs of bureaus,
and municipal heads of services for refusal to obey
orders." The correspondent added that "the Ruhr
has been taken over so completely that to-day the
city of Dortmund was the only open avenue of communication with the rest of Germany. The closing
of that entrance, it is expected, will be followed by
the usual strike of the workmen. The departure of
the American troops from the Coblenz area has had
a marked effect on the people, who are showing the
new occupying forces tempers that contrast with
those displayed to the doughboys."
There has been a great amount of discussion since
the French invaded the Ruhr Valley as to whether
their plans included annexation of that section of
German territory. Special significance, therefore,
was attached to a statement made to American correspondents by Premier Poincare in an interview on
Monday. He was quoted as saying that "France has
no intention of holding the Ruhr permanently. She
means to stay there until she is paid, or has assurances that she will be paid. It is evident that
France will not be satisfied with bare German promises. She awaits, and will await, sufficient guarantees by the German Government." In view of the
fact that announcement was made in Paris on Monday that "the French Government has made arrangements to supervise press dispatches going through
Paris and from points occupied by the French in
Germany," less importance than formerly was attached to the news cabled from points in the Ruhr
Valley. Considerable attention was given in European capitals and also in this country to the announcement in the British capital that "the Parliamentary Labor Party held a meeting in London today [Jan. 29] and passed resolutions demanding an
immediate summoning of Parliament in view of the
serious state of Europe. Ramsay MacDonald, the
leader of the Opposition, called on Premier Bonar
Law to-night and communicated the resolution formally. He drew Mr. Bonar Law's attention to the
gravity of affairs in the occupied area and reminded
him of his promise to summon Parliament earlier
than Feb. 13 if any situation arose in which it
seemed essential that Parliament should be consulted." The Chicago "Tribune" correspondent said
that "Mr. Bonar Law's reply was not published.
Doubtless the demand will be laid before the Cabinet." Word came from London on Wednesday that
the Premier had rejected the demand and that Parliament would not be reconvened at this time.
Through a Dusseldorf cablegram filed Monday
evening it became known that "the French occupational authorities to-day began a series of wholesale
arrests and expulsions of the highest German State
officials, chiefs of bureaus and municipal heads of
services for refusal to obey orders." The Associated
Press correspondent also said that "it was expected
the carrying out of the expulsion measure would be
completed by 6 o'clock to-night, at which time prob-
443
ably about 100 persons, a larger number than had
been expelled during the entire three weeks of the
occupation, would have been escorted into unoccupied Germany in a single day." The New York "Tribune" representative in Berlin, in a wireless message
Monday evening, asserted that "we are bound for
oblivion and nothing matters any more," was "the
declaration heard everywhere in Germany to-night.
It reflects the psychological attitude of the country,
perhaps the most important present elements in the
situation." He added, however, that "out of this attitude of desperation there appears to be born a new
determination to go to the limit in resisting France.
Even if such resistance should mean complete smashing of the vast Ruhr industrial machine, Germans
to-night are declaring that it does not matter."
It became known in Dusseldorf on Tuesday that
"the German telegraph operators, who have been on
strike here, resumed work at 11 o'clock this morning,
the French agreeing to withdraw their soldiers from
the operating rooms and post them outside." Announcement was also made at the same centre that
"the French occupational authorities to-day began
the confiscation of the large warehouses containing
general merchandise and foodstuffs in Duisburg and
Dusseldorf."
That still sterner measures would be adopted by
the French was indicated in cable advices from Dusseldorf the following morning. The representative
there of•the New York "Herald" asserted that .
"direct action will be taken by the French in the Ruhr
as the result of Germany's passive resistance and
economic war. That is the declaration of Gen. Degoutte as a result of conferences with the French
Chief of the General Staff, Gen. Weygand, and the
French Minister of Public Works, Le Trocquer, and
also a conference with Belgian Cabinet Ministers in
Brussels, at which a full accord was reached by the
two Governments." That correspondent added that
"an ultimatum in spirit if not in form Will be presented to the German Government demanding reversal of its policy regarding the Ruhr. It will be
told once and for all that France will not tolerate
passive hostility supported and financed by the German Government, by the inhabitants of the Ruhr. If
a satisfactory reply to this ultimatum is not forthcoming drastic measures will be taken, exceeding
those already in force under sanctions already authorized by the Rhineland Commission and under
the state of siege declared by the French in the
newly occupied area. What the French plan for further action may be is not clear, but it is obvious it is
not likely to involve further occupation of territory
or measures of military repression, with which enemies of the French charge them."
The cable advices from Paris Thursday morning
revealed the determination of the French Government to impose even more severe measures than those
outlined the day before. The correspondent of the
New York "Times" said that "Premier Poincare has
played his high trump. Begining at midnight tonight [Wednesday] all coal from the Ruhr is cut off
from Germany. Gen. Degoutte, acting on orders
from Paris, has instructed his troops not to allow one
train, one car, one ton, or.one pound of coal or coke
to go into the unoccupied territory. Germany gets
80% of her coal supply from the Ruhr fields." He
added that he had learned that the French Premier
"intends to withhold all Ruhr coal from Germany
444
THE CHRONICLE
[VOL. 116.
until Germany accepts the French reparations terms, on it." The correspondent further asserted that
agrees to all disarmament terms and recognizes all "'The Sun's' informant, who is authoritative, says
her obligations under the Treaty of Versailles." An- that neither Italy nor Belgium was prepared to acnouncement was also made that the French Govern- cept the plan, but both of them,like Britain, believed
ment had seized the customs at Dusseldorf and that that the contest begun between France and Germany,
all occupied area was under martial law. In an in- must be carried to a different stage before there was
terview with American correspondents, Chancellor any use in discussing the moratorium scheme. In
Cuno, of Germany, Wednesday night, was quoted as the interval they did not wish to embarrass France
saying that "the German Government had not by any signs of disagreement. When the opportune
changed and would not change the attitude it has as- moment comes there is every reason to believe that
sumed from the kart," and as adding that "as long an entirely different plan will be produced, breathing
as French troops occupied the Ruhr district there a far greater spirit of compromise."
could be no negotiations with France." The Associated Press correspondent at Dusseldorf, cabling at
Rather strenuous efforts have been made to save
1 p. m.Thursday, said that "since midnight the order the Near East Conference at Lausanne from complete
prohibiting the export of coal and coke from the Ruhr collapse. At the session a week ago to-day the Assoto unoccupied Germany has been in force. There ciated Press correspondent stated that "the policy of
had been no reaction from the Germans up to early the open door in Turkey, as advocated by the United
this afternoon."
States at the Near Eastern Conference, was ratified
Word came from Berlin yesterday morning that by the Allies in the form of a declaration read by M.
an appeal,"carrying the signatures of the Chairmen Bompard to the Conference, declaring that Turkey
of the Executive Board of the General Federation of was not obliged to follow the advice of the Council on
Trade Unions, the Federation of Christian Labor the Ottoman debt in the matter of concessions in
Unions, the League of Clerical Employees, and the Turkey." He also said that "this declaration, which
Independent Federation of Liberal Trade Unions, satisfied the American representatives and which
which embrace a registered membership of 12,000,- -goes on the official records, was made at the last
000 male and female workers," was sent to the Amer- hour of an amazing session, which only served to
ican Congress the day before. In the communication bring out the large number of points on which the
it was declared that"American honor,asserted at this Allies and the Turks are divided."
time, can save Europe and the world from inevitable • In a cablegram filed at Lausanne Sunday evening
the Associated Press correspondent said that Ismet
disaster."
Pasha and Riza Nur Bey, the Turkish delegates, had
Announcement was made in an Associated Press informed him that "the Near Eastern Conference
dispatch yesterday morning that "Premier Poin- can be saved if the Allies are willing to adopt a set
care's demand for a postponement of interpellations of essential principles recognizing the complete sovin the Chamber of Deputies on foreign affairs, which ereignty of Turkey, with total abolition of the capitwere set for to-morrow [to-day], was granted by the ulations and an equitable distribution of the OttoChamber to-night by a vote of 485 to 81 after long man debt." Riza Nur Bey was reported to have deand noisy outbursts and adverse criticisms of the clared that "if the Conference did this Turkey's __ational dignity and primary rights as an independent
Premier's action by the leaders of the Left party."
nation would be safeguarded; the details of the
In an Associated Press cablegram from Coblenz treaty could then be worked out later by experts.
last evening it was stated that "the railroad strikers Both delegates seemed depressed and anxious to find
in this area are returning to work. The men were re- the road to a settlement." The correspondent obpairing signals and putting the locomotives in shape served, however, that "despite these expressions, so
to-day, and full train service between Coblenz and far apart have the Turks and the Allies drifted that
Cologne is promised for to-morrow." From Essen Lausanne is confronted to-night with the probability
came word that "probably the busiest spot in the that the Conference will adjourn without reaching
Ruhr to-day was the Essen Post Office, where the an agreement. Such, at least, is the view voiced by
postal, telegraphic and telephonic services were re- nearly all the delegations." He added that "the Britsumed at about 8.15 o'clock this morning." It was ish are clinging to the hope that the Turks will sign,
said also that "the first case of the French forces of but in this they stand alone. Ambassador Child, by
occupation themselves loading coal cars is reported conferring with Ismet Pasha and Lord Curzon, is
to-day from the Dahlhausen pits of the Essen An- contributing his bit to saving the Conference from
collapse."
thracite Coal Co."
Brief mention was made in our issue of last week
of the fact that the Reparations Commission refused
Germany's application for a moratorium and declared her in general default with respect to her reparations obligations. The Paris correspondent of
"The Sun" of this city, in a cablegram a week ago
this afternoon declared that he was able "to state on
excellent authority that the reason why the Reparations Commission was requested to declare a general
German default on reparations was to avert the danger of disconcerting the Italian vote." He also said
that "yesterday's decision enables the French moratorium plan to be quietly buried without the necessity of having Italy or Belgium express an opinion
Cabling from Paris, the New Yerk "Times" correspondent said that "the meeting of the Council of the
League of Nations which begins here to-morrow
[Jan. 29] derives special importance from the fact
that on the eve of the probable failure of the Lausanne Conference England has asked the League to
intervene in the most difficult issue with the Turks
—that of Mosul. If the Lausanne effort fails;
if the diplomats leave Lake Leman without
peace being made with Turkey, the possibilities, indeed, the probabilities, of war are grave
enough to impress everyone." In a dispatch the next
day the Associated Press correspondent said that "at
its first session this forenoon the Council of the
FEB.3 1923.]
THE
CHRONICLE
League of Nations decided to ask all the members of
the League if they had any suggestions to offer regarding the proposed elimination of Article X from
the League Covenant. Replies are asked for before
the June meeting of the Council, when the Council
will take measures for further study of the proposal
to strike out Article X, originally made by Canada,
in conformity with the request for such study made
by the last assembly of the League." At that time it
had not been decided whether the invasion of the
Ruhr would be brought before the Council. The Mosul oil dispute was to be presented at Tuesday's session. From Constantinople came a dispatch to the
New York "Herald" in which it was asserted that
"while France is engaged in a bloodless war against
Germany, England seems to be on the eve of a fateful struggle in the Near East on whose issue the very
existence of the British Empire will depend. Almost
immediately after his arrival at Smyrna yesterday,
Mustapha Kemal Pasha while making a public
speech was handed a telegram from Angora asking
him to return imediately and preside at an extraordinary session of the National Assembly called in
view of the imminent rupture of the Lausanne Conference. Breaking off his speech, Kemal boarded a
special train for Angora amid scenes of the greatest
enthusiasm. He is expected to arrive there to-day
[last Sunday]." In a dispatch from the Turkish capital to the London "Times" relative to the incident,
it was reported that "the Turkish Comamnder-inChief prayed long and solemnly at his mother's grave
in the presence of a great crowd of officers, citizens
swear by the soul of my
and officials, saying:
mother that I will defend the newly won liberties of
my country; I swear that I would rather join her in
her grave than to allow the sovereignty which the
Turkish people reconquered at the price of its blood
to be imperiled."
pioned, but France, through an official statement
made by M. Bompard, has expressly gone on record
as favoring the open door and as indicating that the
above clause in no way closes the door, since the
Turkish Government is not bound to follow the advice of the Council."
In an Associated Press cablegram from Lausanne
made public here Wednesday morning it was reported that "complications suddenly arose among
the Allied representatives at the Near East Conference at a late hour to-night, when the French delegation announced that it had decided to remain in Lausanne as long as there was any hope of carrying on
successful negotiations with the Turks. The British
delegation considered the decision of the French as a
flagrant violation of the understanding reached between the Allies a few days ago that all of them
would leave Lausanne at the end of the week if the
Turks did not sign to-morrow the treaty which has
been handed them. All the British delegates announced officially to-night that they would adhere
to this program, whatever the other Allied delegations decided to do. Marquis Curzon will start for
London Friday." The newly developed situation
was made clearer in a cablegram to the New York
"Times" from its Paris correspondent. In part he
said: "A note sent to Angora,as well as to the Turkish delegation at Lausanne, and likewise communicated to Rome and London, set forth that Paris did.
not regard the text of the treaty handed to the Turks
yesterday as the Allies' last word, and that if the
Turkish delegates wished to remain at Lausanne the
French diplomats would stay there to discuss affairs
with them. The note announced that in case Ismet
Pasha wished to go to Angora to consult his Government about the proposed treaty, France was willing
to resume the negotiations when and where the
Turks wished to do so.
On Wednesday the Allies submitted a so-called
"draft treaty" for Turkish signature, which had the
caption,"Project of the Treaty of Peace." The Associated Press correspondent observed that the title
bore "evidence that the document is not necessarily
definitive," and made it known that "the contracting
parties are Turkey on the one part, and Great Britain, France, Italy, Japan, Rumania and Yugoslavia
on the other." He said that the document "provides
that for at least five years Turkey will organize a
corps of local advisers. The Turkish Government
will appoint a commission composed of two Turks
and three justices of The Hague Tribunal, which will
submit a list of foreign advisers. These will be attached to the Ministry of Justice and assigned to service in the Turkish courts in Constantinople, Smyrna, Samsoun and Adana, and also to the Courts of
Appeal and Cassa.tion. One foreigner will be present
in ordinary trial cases involving foreigners, and they
must be in the majority when cases are tried in
courts of last appeal." He noted that "the problem
of Mosul is treated in a few words. The frontier
between Turkey and Irak will be determined in conformity with a decision to be rendered by the Council
of the League of Nations," and also explained that "a
special section is devoted to reparations. It will
contain a clause under which the Turkish Government should seek the advice of the Council on the
Ottoman debt concerning all concessions to be accorded the Turks or others. This would seem to hit
the open door, which the United States has cham-
445
Ismet Pasha requested the Allies on Wednesday
for two weeks in which to consider the treaty. The
Allied representatives decided to give the Turks until Sunday [to-morrow]. At the session on Wednesday, at which time the treaty was presented formally to the Turks,it was stated that Richard Washburn Child "made a strong plea for peace." He declared that "Turkey must be reasonable if she was to
have the peace and co-operation desired." The Associated Press correspondent added that "his address
made a deep impression on the Conference."
The dispatches Thursday morning disclosed how
narrowly a complete break-up of the Conference had
been averted by the granting of a few days extra to
the Turks to consider the treaty after the French had
announced that they would remain beyond this week
to negotiate with the Turks if an agreement was not
reached by the Allied representatives as a body.
Word came from Lausanne by the way of London
Thursday forenoon that the French had made it
known that they would reserve the right to negotiate
with the Turks if all other negotiations on the part
of the Allies failed. This was regarded as complicating the situation still further and possibly as forecasting a new political alignment in Europe. Later
in the day it became known that Russia had injected
herself into the Near East situations A dispatch
from Lausanne stated that "Russia to-day took part
in negotiations at Lausanne, apparently seeking to
take advantage of differences between France and
446
THE CHRONICLE
Britain to impose the Soviet viewpoint that the
Straits of the Dardanelles should be closed to war
vessels. Marquis Curzon replied on behalf of the Allies that the question of freedom of the Straits could
not be reconsidered."
The Council of the League of Nations at its session
in Paris on Thursday "authorized Austria to borrow
£3,500,000 from international bankers to begin the
task of effecting her financial recovery." The Paris
correspondent of the New York "Times" explained
that "the loan is to be used under League supervision
and is the beginning of a series of loans totaling
about $150,000,000, which will be sought by the
League for Austria. Under the League management
these loans are guaranteed by Austrian railroad and
customs receipts, and are underwritten by Britain,
France, Italy, Czechoslovakia, Spain, Belgium and
Switzerland,in fixed proportions, so that these countries stand responsible for 520,000,000 gold crowns.
It is expected that guarantees by other nations will
meet fully the 600,000,000 gold crowns needed for the
Austrian plan, which calls for putting the country on
its feet within two years." According to a Paris cablegram to the New York "Herald" yesterday morning,it is the hope of those conferring with the League
Council here that New York bankers will be induced
to take at least $10,000,000 of these bonds."
Official discount rates at leading European centres have not been changed from 12% in Berlin;
532% in Madrid; 5% in France, Denmark and Norway; 432% in Belgium and Sweden; 4% in Holland;
3M% in Switzerland, and 3% in London. Open
market discounts in London stiffened slightly and
short bills were quoted at 23/2@2 9-16% and long
bills at 2 9-16% at the close, as against 2@2 3-16%
last week. Call money at the British centre, however, advanced to lh%, against 13'% last week.
At Paris the open market discount rate has been
lowered to 41
/%, against 4
while at Switzerland there has been an advance to 3%, in comparison with 2%, the quotation previously ruling.
The Bank of England in its statement for the
week ending Jan. 31, reported a further trifling
addition to gold reserves, namely, £2,706. As
against this, however, total reserve fell £1,217,000
as a result of an increase in note circulation of £1,220,000, while the proportion of reserve to liabilities to 19.78%, as against 20% a week ago. These
changes which were, of course, due to preparations
for the month-end settlements, were accompanied
by material alteration in the deposit accounts. Public deposits increased £3,109,000, while "other"
deposits declined £8,108,000. The Bank's temporary loans to the Government were reduced
£4,025,000, although loans on other securities
expanded £370,000. Gold holdings now are £127,491,860, in comparison with £128,752,275 a year
ago and £128,292,398 in 1921. Total reserve
aggregates £23,921,000. This compares with £23,615,620 in 1922 and £17,142,018 the year before.
Note circulation is £122,017,000. A year ago the
total was £123,586,655 and in 1921 £129,600,380
in 1921, while loans amount to £65,608,000, against
£80,589,627 and £78,696,717 one and two years
ago, respectively. Clearings through the London
banks for the week were £754,746,000, as against
£683,214,000 a week ago and £765,075,000 last year.
•
V
.
[Vol.. 116.
No change has been made in the Bank's official
discount rate from 3%. We append herewith comparisons of the principal items of the Bank of England returns for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1923.
Jan.31.
£
Circulation
122,017,000
Public deposits
14,480,000
Other deposits
105,320.000
Govern't securities_ 49,420,000
Other securIties
65,608,000
Reserve notes & coin 23,921,000
Coin and bullion-127,491,860
Proportion of reserve
to liabilities
19.78%
Bank rate
3%
1922.
Feb.!.
£
123,586,655
15,646.226
144,749,777
74.203.686
80,589,627
23,815.620
128,752,275
1921.
Feb. 2.
£
129.600,380
18,603,513
120,851,796
70,621,466
7806,717
17,142.018
128,292,398
1920.
Feb. 4.
£
89.323,045
18,689.896
124,560.686
46,548.714
82.451,421
32,235.094
103,108,139
14M%
5%
11.54%
7%
2214%
6%
1919.
Feb. 5.
69,986,695
30,721,201
115,481,209
50.838,744
83,469,813
29,906,972
81,443,667
20.50%
5%
The Bank of France continues to report small gains
in its gold item, the increase this week being 106,975
francs. The Bank's gold holdings, therefore, now
aggregate 5,535,405,175 francs, comparing with
5,524,830,907 francs on the corresponding date last
year and with 5,501,941,164 francs the year previous;
of the foregoing amounts 1,864,344,927 francs were
held abroad in 1923 and 1,948,367,056 francs in
both 1922 and 1921. During the week increases were
registered in the vanous items as follows: Silver,
90,000 francs; bills discounted, 396,405,000 francs;
Treasury deposits, 12,852,000 francs, and general
deposits, 149,103,000 francs. Advances,on the other
hand, tell off 22,303,000 francs. An expansion of
303,170,000 francs occurred in note circulation, bringing the total outstanding up to 37,083,578,000 francs,
comparing with 36,606,704,330 francs at this time
last year and with 38,205,387,420 francs in 1921.
Just prior to the outbreak of war,in 1914, the amount
was only 6,683,184,785 francs. Comparisons of the
various items in this week's return with the statement of last week and corresponding dates in both
1922 and 1921 are as follows:
BANK OF FRANCE'S
Changes
for Week
Gold Holdings—
Francs.
In France
Die.
106.975
Abroad
No change
COMPARATIVE STATEMENT.
Sialus as of
Feb. 2 1922.
Feb. 11923.
Feb. 3 1921. •
Francs.
Francs.
Francs.
3.871.000,248 3,576.463.851 8.553,574,108
1,864,344.927 1,948.367.056 1.948.387.058
Total
Inc.
106.975 5,535,405,175
Silver
Inc.
90,000
290,259,000
Bills discounted—Inc. 396.405,000 3,057,986,000
Advances
Dec. 22,303,000 2.045,282,000
Note circulation_ _Inc. 303,170,000 37,083,578,000
Treasury deposits_Inc. 12.852.000
60,411,000
General deposits.. _Inc. 149,103,000 2,309,142.000
830,007 5,501,941.164
5,524,
268,646,786
280,501,196
2,820.557,992 3,317,704,191
2,261,084,455 2.225,791,892
38,608.704,330 88,206,887.420
50,926.858
27,813,226
2,801,088,292 3.818.931.198
In its statement as of Jan. 23, the Imperial Bank
of Germany reports a still more spectacular rise in
note circulation, viz., 216,794,815,000 marks, another new high record. Discount and Treasury bills
expanded 184,306,969,000 marks, bills of exchange
and checks 85,817,097,000 marks and deposits 84,132,782,000 marks. Treasury and loan association
notes increased 35,229,464,000 marks. Other lesser
increases comprised 8,270,000 marks in notes of other
banks, 2,397,276,000 marks in advances and 6,400,669,000 marks in other liabilities. Investments were
reduced 22,036,000 marks and other assets 408,785,000 marks. Total coin and bullion registered a
nominal gain of 11,000 marks, and gold was unchanged, so that the Bank's total holdings are still
1,004,842,000 marks,in comparison with 995,399,000
marks a year ago and 1,091,554,000 marks in 1921.
Note circulation has now reached the inconceivable
total of 1,654,574,587,000 marks. In the corresponding week of 1922 the total was 111,889,569,000
marks and in 1921 66,018,450,000 marks.
FEB.3 1923.}
THE CHRONICLE
The Federal Reserve Bank statement which was
issued at the close of business on Thursday was
along similar lines to that of the previous week,
although in the matter of gold reserves the reverse
was true; that is, holdings for the System were
reduced $5,000,000, while at New York there was
a gain of about $6,000,000. Changes for the banks
as a group included a substantial expansion in
rediscounts of Government secured paper, which
not only counteracted declines in other bills discounted and in purchases in the open market, but
increased total bill holdings by $11,500,000; an
increase in earning assets of $12,000,000, and a
decrease in the volume of Federal Reserve notes in
circulation of $18,000,000. Deposits remained almost
stationary. At New York there was a parallel
increase in rediscounting of paper sepured by Government obligations, which led to an addition of $31,000,000 in total bill holdings. A moderate gain
was also noted in deposits of the local bank, approximately $4,000,000, while Federal Reserve notes in
actual circulation increased $5,700,000. In the
member banks reserve account contraction has taken
place—$11,000,000 nationally and $2,000,000 locally.
Changes in reserve ratios were unimportant. That of
the New York Bank declined 0.1% to 76.0%, while
for the System as a whole there was an increase of
0.4%, to 76.9%.
Last Saturday's statement of New York Clearing
House banks and trust companies showed a reduction
in loans and an expansion in deposits. Net demand
deposits increased $34,232,000, to $3,978,698,000,
which is exclusive of $55,574,000 in Government
deposits, a falling off in the latter item of $26,801,000
for the week. As against this, however, time deposits were reduced $69,826,000, $376,252,000.
Other changes were comparatively insignificant,
comprising a decline in cash in own vaults of members of the Federal Reserve Bank of $467,000, to
$52,693,000 (not counted as reserve), increase of
$109,000 and $162,000 in the reserves of State banks
and trust companies in own vault and in other
depositories, respectively, and a decrease in the
reserves of member banks with the Reserve Bank
of $483,000. As a result of. the addition to deposits, surplus was brought down to $14,624,520,
a loss for the week of $2,511,920. Taken as a
whole the statement was in line with general expectations and not especially significant. The
figures here given for surplus are on the basis of
reserves above legal requirements of 13% for member banks of the Federal Reserve System, but not
including cash in own vaults to the amount of
$52,693,000 held by these banks on Saturday last.
Probably the chief characteristic of the local money
market the past week has been its steadiness. Preparation for the Feb. 1 disbursements was completed
without call money going above 5%. Time funds
were quoted at 4%, 4% and 5%, with the demand
only moderate. Almost nothing was said with regard
to money as a factor in the stock market. It seemed
to be taken largely for granted that funds would be
easy, and as expectations were realized, the subject
was dismissed in speculative circles. There was
nothing in the happenings of the week, either in
financial circles or in industry, to cause an abnormally large demand for funds. Speculation in
stocks was on a relatively small scale and character-
447
ized as largely professional in character. The offerings of bonds and other new securities were restricted,
as they were last week, because of the exiremely large
aggregate of issues put out during the first three
weeks of January or thereabouts. Dealings in bonds
on the Stock Exchange were on only a fair-sized scale.
There were no Government operations in the local
money market that attracted special attention. The
withdrawals from local depositaries, so far announced, totaled a little less than $12,000,000. The
first effect of the announcement of the acceptance by
the British Cabinet of the American suggestions for
funding Great Britain's war debt to the United
States was helpful to the foreign exchange and stock
markets, but naturally had no effect on the local
money market. That may come later if the plan
is ratified by our Congress, but even this probably
would be indirect rather than direct. The indications
in Washington dispatches yesterday were that
although there would be a battle of words in the
Senate over the agreement, ultimately it would be
approved. In fact, Senators Lodge and Watson
were said to have assured the President of this.
There were rumors all day that negotiations already
are in progress for a settlement between Germany
and France. Such a development undoubtedly
wolild result in rather extensive financing in this
country for Europe, which naturally would be an
important factor in our money market.
As to specific rates for money, the week's range
for call loans was 4@5%, the same as last week.
On Monday the high was 5% and the low 43.%,
with renewals at the latter figure. Tuesday a
single rate of 4% prevailed. Increased firmness
developed on Wednesday and a maximum quotation
of 5% was reached; renewals were negotiated at
41 %, which was the lowest. On Thursday no
A
loans were made under 49%, and this was the
renewal basis, with the high 5%. Practically no
change was noted on Friday, call loans again renewing at 4%%,the minimum and maximum figure
for the day. The figures here given are for mixed
collateral and all-industrial loans without differentiation. For fixed-date maturities the situation remains without essential alteration. During most
of the week quotations continued at the levels of
the previous week, but on Friday (yesterday) time
funds were in decidedly lighter supply and there
was an advance to 4%@5% for all periods from
sixty days to six months, against 43'@434% last
/
week. Trading was quiet and no large loans reported.
Mercantile paper rates were not changed from
432@4%% for sixty and ninety days' endorsed bills
receivable and six months' names of choice character.
with names less well known at 49.@5%, the same as
heretofore. Country banks were still the principal
buyers, but business taken as a whole was of moderate proportions; offerings continue light.
Banks' and bankers' acceptances ruled steady at
the levels previously current. Institutional buying
figured in the week's dealings and the demand was
in excess of the supply. A fairly active inquiry was
also noted on the part of local and •out-of-town
banks and individual investors, with the turn-over
larger than for some little time. For call loans
against bankers' acceptances, the posted rate of
the American Acceptance Council has been advanced
to 432% from 4% a week ago. The Acceptance
Council makes the discount rates on prime bankers'
448
THE CHRONICLE
[voL. 116.
acceptances eligible for purchase by the Federal
Reserve banks 4% bid and 37 % asked for bills
4
running for 30 days; 4% bid and 4% asked for
bills running from 60 days to 120 days, and 4%%
bid and OA% asked for bills running 150 days.
Open market quotations are as follows:
liked and the net result was to limit transactions
very materially, so far as local dealers are concerned. At intervals foreign selling was reported,
with quotations largely influenced by London.
Buying of sterling at the British centre on the part
of Continental interests was less of a feature, particularly in the earlier part of the week. While
SPOT DELIVERY.
90 Days.
60 Days.
30 Days
not a few usually well informed market observers
436©4
43404
/Prime eligible bills
43404
persist in the belief that a way will be found for an
LIVERY WITHIN THIRTY DAYS.
bld adjustment even of the troublesome Franco-German
11E14618
ember banks
434 bid
reparations problem, extreme caution in the matter
of making new commitments is likely to be observed
There have been no changes this week in Federal for some time to come; hence
important changes
Reserve Bank rates. The following is the schedule in sterling levels, save in the event of
some especially
of rates now in effect for the various classes of paper untoward happening, are not looked for in
the
at the different Reserve Banks:
immediate future.
RATES OF THE
DISCOUNT
FEDERAL RESERVE BANKS
IN EFFECT FEBRUARY 2 1923.
As to the more detailed quotations, sterling exchange on Saturday last was easier and demand
receded to 4 633'@4 64%, cable transfers to 4 639
Federal Reserve
4
@4 645 , and sixty days to . 61%@4 623; trading
%
Bank of—
was dull and uncertain. On Monday weakness
developed as a result of unfavorable foreign news
and there was a decline to 4 62%@4 633 for
4
4
4
4
4
Boston
4
4
4
4
4
New York
demand, to 4 62%@4 633/ for cable transfers, and
436
436
454
454
Philadelphia434
436
436
434
436
436
Cleveland
4
to 4 603/2(4) 613/i for sixty days. Some improve436
431
Richmond
436
436
434
434
434
434
Atlanta
434
434
'meta
s shown on Tuesday and demand moved
434
Chicago
454
434
434
434
436
434
436
436
434
St. Louis
434
434 ' 434
4 63%@4 643, cable transfers to 4 63 @
.
%
Minneapolis
434
436
431
434
436
436
Kansas City
434
434
434
2
431
436
;IX,/
Dallas
%, and sixty days to 4 613/@4 623'; rumors
4
4
4
4
San Francisco
.
that a settlement of the debt question was impending was mainly responsible for the firmness.
Dulness characterized dealings in sterling exchange Wednesday's market after a weak opening, turned
during the week and much of the time trading was firm on news of Great Britain's acceptance of the
s@
at a low ebb, with the volume of business excep- American debt plan and rates advanced to 4 639/
tionally small. For the first half of the week price 465 for demand, to 4 639/s@4 65 for cable transfers
4
levels to some extent reflected the Ruhr disturbances and to 4 613(@4 627 for sixty days. More or
and the sensational collapse in Continental cur- less irregularity prevailed on Thursday, although
rencies, and losses of from 13/i to 2 cents in the actual quotations were not materially changed and
pound occurred, carrying demand bills down to the range was 4 65%@4 663/2 for demand bills,
4
4 62%. On Wednesday, however, there was a 4 657 @4 663 for cable transfers and 4 633/2@
sharp rally following cable advices to the effect 4 649/i for sixty days. On Friday the undertone was
%
that Great Britain had accepted the American strong with demand moving up to 4 661 @4 67,
plan for a settlement of the debt funding issue. cable transfers to 4 66%@4 673' and sixty days to
%
4
The importance of this development for a while 4 64@4 647 . Closing quotations were 4 648 for
swept aside all other considerations and sterling sixty days, 4 663/ for demand and 4 664 for cable
promptly moved up to 4 67. As a matter of transfers. Commercial sight bills finished at 4 66%,
/
ninety days at 4 6258, docu:
fact, the whole foreign exchange situation took on sixty days at 4 63
a more favorable aspect and recoveries were noted ments for payment (sixty days) at 4 64, and sevenpractically throughout the entire list. Later on day grain bills at 4 653'. Cotton and grain for
Continental rates sagged off, but sterling main- payment closed at 4 653/2.
No gold imports were recorded this week and
tained all of its gains and closed strong.
were quick to grasp the far-reaching the outflow was of small proportions. Interest in
Bankers
potentialities connected with the clearing away of the movement has dwindled perceptibly, since withthe debt funding difficulties and many regarded drawals amounted to only $275,000 for India.
\ it as the first step toward a settlement of the whole
international problem; consequently the market,
Uneasiness over the threat of German resistance
sentimentally at least, showed a degree of buoyancy to France's occupation of the Ruhr and in fact over
somewhat surprising in view of the unsettlementstill the Franco-German situation generally, has been
existing. It should, however, be noted that the con- responsible for spectacular weakness in Continental
servative element appeared extremely reluctant to exchange and the week has been marked by a series
take advantage of the improvement and nearly all of of violent breaks which created a condition bordering
the larger operators continue to hold aloof to await upon demoralization and at times rendered trading
the outcome of the Franco-German struggle. It is practically impossible. As was of course inevitable,
conceded that unless a reparation agreement is German, French, and Belgian currency led in the
reached shortly, serious ' complications are likely decline. After a comparatively steady opening, unto arise. Moreover, news from Lausanne was not settling reports of grave disturbances in the invaded
encouraging and seemed to indicate the possibility regions gave rise to alarmist rumors of all sorts, and
quanof a breaking up of the Near East Conference. caused a fresh accession of selling. Huge
differences between the French tities of exchange—chiefly marks—were thrown on
Reports of wide
unsaleable even at the
and British over the Turkish question were not the market and proved to be
XXX
IA& bi. ...PIPeA..P. oP,P1O.A.
Discounted bills maturing
within 90 days (incl, member banks' 15
-day collateral
notes) secured by—
Bankers
AgriculaccepTrade ural and
Treasury
Winces
accep- live-stock
Other- discounted lances
notes and U.S.
Payer
wise
certiftbonds
for
maturing maturing
cotes of
and
secured member within 91 to 180
indebt- Victory
and
banks
90 days
days
notes unsecured
edness
FEB.3 1923.]
severest concessions, with the result that quotations
again completely collapsed. Successive new low
levels were established for Reichsmarks until the
quotation had reached the extraordinarily low level of
0.002032, the equivalent of about 50,000 marks to the
dollar and comparing with the previous low of
0.0042, although there was a recovery to 0.0028
before the close. In London marks were quoted
at approximately 190,000 to the pound sterling.
French exchange, although likewise under heavy pressure, received some support and losses were less sensational. Up till Wednesday Paris checks hovered
between 6.30 and 6.00; subsequently there was a
slump to 5.763/2. Belgian currency followed suit
and dropped to as low as 5.083/2. At the close,however, prices rallied and the final quotation was 6.04
and 5.41 respectively. The whole market, however,
continues to be dominated by London and the movements just recorded were simply a reflection of
what was going on abroad. Selling was nearly all
for foreign account and local operators took very
little part in the dealings. A few of the more venturesome of the speculative clique put out moderate
short lines and the recovery which took place on
the announcement of agreement on the British
debt funding question was in part due to covering
operations. The sharp drop in the franc has led
to some rather pessimistic utterances in banking
circles and it is claimed that if the movement goes
much further, France's internal prices will have to
be revised upward, a policy which might easily
lead to currency inflation and its attendant danger
of financial upheaval. One of the most dangerous
aspects of the weakness is said to be the fact that
the selling represents exports of French capital, on
the part of those who feel the chances of making the
occupation of the Ruhr remunerative are becoming
increasingly remote. Italian. lire were apparently
unaffected by the week's untoward developments
and ruled between 4.81 and 4.67 for checks, while
Greek drachma and other minor currencies, with
the exception of Polish marks which suffered severely in sympathy with Berlin marks, all gave a
comparatively good account of themselves.
The London check rate in Paris closed at 76.45, as
against 72.85 last week. In New York sight bills
on the French centre finished at 6.16, against
6.37%; cable transfers at 6.16, against 6.383/2;
commercial sight at 6.13, against 6.35%, and commercial sixty days at 6.10, against 6.323 . Antwerp
%
francs closed at 5.41 for checks and 5.42 for cable
3
transfers, as compared with 5.75% and 5.76% a
week ago. Closing quotations for Berlin marks
were 0.0028 for both checks and cable transfers, in
comparison with 0.0042 the previous week. Austrian
exchange remains unaffected by the collapse in
German currency values and ruled at 0.0014 (nominal), urghanged, but closed a 'trifle higher at
0.00143/2. Exchange on Czechoslovakia finished
at 2.89, against 2.83; Bucharest at 0.46, against
0.48;Poland at a new low of 0.0029, against 0.0034,
and Finland at 2.48, against 2.50 last week. Greek
exchange finished at 1.15 for checks nd 1.20 for
cable transfers. Last week the close was 1.18 and
1.23.
. In the neutral exchanges, formerly so-called, very
little of importance transpired and rate variations
have again paralleled those in other Continental
centres, only to a lesser degree. Irregularity was
449
TICE CHRONICLE
more or less in evidence and declines took place in
guilders and Swiss francs, also pesetas, while the
Scandinavian currencies were all easier. At the
extreme close there was a sharp drop in the last
named, losses of as much as 80 points taking place.
Trading was at no time active; except sales for
foreign account and these were intermittent with the
undertone nervous and unsettled. Selling by German
interests continues to be a feature at the important
European centres.
Bankers' sight on Amsterdam finished at 39.23,
against 39.38; cable transfers at 39.32, against 39.47;
commercial sight at 39.18, against 39.33, and
commercial sixty days at 38.87, against 39.02 last
week. Swiss francs closed at 18.76 for bankers' sight
bills and 18.77 for cable transfers, as compared with
18.67 and 18.68 in the week preceding. Copenhagen
checks finished at 18.36 and cable transfers at
18.40 against 19.57 and 1961. Checks on Sweden
closed at 26.51 and cable remittances at 26.55,
against 26.70 and 26.74, while checks on Norway
finished at 18.51 and cable transfers at 18.55, against
18.71 and 18.75 last week. Final quotations for
Spanish pesetas were 15.64 for checks and 15.65 for
cable transfers, in comparison with 15.79 and 15.80
at the close on Friday of last week.
FOREIGN EXCHANGE BATES CERTIFIED TO BY FEDERAL RESERVE
BANK TO TREASURY UNDER TARIFF ACT OF 1922.
JAN. 27 TO leb.B. 2 1923, INCLUSIVE.
Noon Buying Ra e for Cable Transfers in New York.
Value in United Stales Money.
_
Jan.27. Jan.29. Jan.30. Jan.31. Feb. 1.
Feb. 2.
$
$
$
$
EUROPE$
$
Austria, krone
.000014 .000014 .000014 .000014 .000014 .000014
.0541
.0512
Belgium. franc
.0554
.0511
.0567
.0543 all
.006829 .006857 .006900 .006764
.0070
Bulgaria. ley
.0070
Czechoslovakia. krone
.02885 .02878 .028673 .028453 .028720 .028920
.1901
.1904
.1910
.1907
Denmark, krone
.1871
.1935
England, pound sterling 4.6438 4.6331 4.6441 4.6387 4.6646 4.6635
.024872 .024817 .024908 .025067
Finland, markka
.024833 .0249
.0582
.0617 41
.0609
.0592
France, franc
.0618
.0630
Germany, reichsmark
.000036 .000029 .000022 .000021 .000025 .000027
Greece, drachma
.012081 .011836 .011813 .011963 .012063
.012244
.3937
.3942
.3919
.3924
Holland, guilder
.3942
.3946
Hungary, krone
.000385 .000388 .000384 .000378 .000392 .000394
.0470
.0473
Italy. lire
.0475
.0480
.0473
.0478
.1859
.1853
.1864
.1854
Norway, krone
.1847
.1872
Poland, mark
.000033 .000032 .000029 .000027 .000027 .000027
.0446
.0450
.0444 41
Portugal, escudo
.0448
.0450
.0454
Rumania,leu
.004411 .004056 .003728 .803819 .004208 .004467
.1554
.1559
.1566
Spain. peseta
.1554
.1553
.1558
.2672
.2676
.2653
Sweden,krona
.2672
.2866
.2671
.1875
.1872
Switzerland, franc
.1866
.1866
.1863
.1865
1 ugoslayia, dinar*
008805 .008650 .008590 .008588 .008875 .009540
ASIA
.7458
.7483
.7475
.7479
China, Chefoo tadl
.7500
.7525
.7471
.7454
" Hankow tael
.7479
.7475
.7521
.7496
.7161
.7209
.7185
" Shanghai tadl
.7209
.7229
7244
.7525
.7508
.7533
" Tientsin tael
.7529
.7558
.7575
.5282
.5263
.5316
" Hongkong dollar
.5323
.5355
.5365
.5213
.5183
.5271
" Mexican dollar-----5248
.5275
.5244
" Tientsin or Pelyang
.6379
.5350
.5492
.5496
dollar
.5417
.5421
.5229
.5263
.5200
" Yuan dollar
.5267
.5325
.5317
.3183
.3190
.3199
India,rupee
.3209
.3202
.3197
.4849
.4846
.4858
.4830
4857
.4845
J'Dan. Yen
.5458
.5458
.5417
Singapore (S. S.) dollar
.5467
.5471
.5467
NORTH AMERICA
Canada, dollar
.989458 .989229 .989332 .98875 .987819 .988924
Cuba, peso
.99950 .999688 .999500 .999625
.999844 .9995
Mexico, peso
.488958 .49125 .48875 .489688 .490313 .489531
Newfoundland, dollar
.987031 .986797 .986875 .986719 .98.5625 .986406
SOUTH AMERICA
.8397
.8382
.8369
Argentina, peso (gold)
.8407
.8357
.8366
.1145
.1144
.1140
Brazil, milreis
.1139
.1140
.1136
.1208
.1203
Chile, peso (paper)
.1198
.1225
.1228
.1248
.8254
.8253
.3238
.8231
Uruguay. neso
.8326
.8356
*4 kronen equal 1 dinar.
As to South American quotations the situation
remains about the same. Trading has ruled dull with
the undertone steady. Argentine checks finished at
37.10 and cable transfers at 37.20, against 373 and
37%. Brazil closed at 11.55 for checks arid 11.60
for cable transfers (unchanged). Chilian exchange
was easier and finished at 123, against 13, but
Peru was not changed from 4.15.
Far Eastern exchange. relapsed into comparative
dulness and changes in rates were less marked than
in the previous week. Hong Kong currency finished
at 533@54 (unchanged); Shanghai, 73@73%,
against 7334@731 2; Yokohama, 48%@48%, against
/
487 @493.; Manila, 49%@50, against 503@503';
/
Singapore, 54%@55, against 54%@55; Bombay,
450
TITE CHRONICLE
[VoL. 116.
329.4@33 (unchanged), and Calcutta, 323i@323/ most labor leaders
2
"have seen liberal employers
(unchanged).
whipped into line by a mere crack of the credit lash,
a hint of loans called or of borrowing privileges withThe New York Clearing House banks in their held; the idea that labor
can crack the same whip is
operations with interior banking institutions have seductive." It may
be seductive, and it may also be
gained $2,900,152 net in cash as a result of the cur- deceiving. Whoever could
borrow at bank must
rency movements for the week ending Feb. 1. show a clean standing. Credit
is not a personal faTheir receipts from the interior have aggregated vor, unless it is misused.
The employer who con$4,161,152, while the shipments have reached $1,261,- ceded too much to labor demands,
and the employer
000, as per the following table:
who sought to yield too little, would be classed
toCURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING gether as unsafe
borrowers; the notion that bankers,
INSTITUTIONS.
or employers, band or ever will band together for any
Into
(lain or Loss
Out of
such purpose as to "destroy" labor is nonsense; to
Week ending February 1.
Banks.
Banks.
to Banks.
favor,or even to seek to promote, the open-shop moveBanks'interior movement
34,161,1521 51,231.000 Gain $2,900,152
I
ment is not anti-labor, notwithstanding union leadAs the Sub-Treasury was taken over by the Feders may declare or even really believe it to be such.
eral Reserve Bank on Dec. 6 1920, it is no longer
When the union members have passed the seeming
possible to show the effect of Government opera- triumph
of organization of their "own" and of seeing
tions on the Clearing House institutions. The Fed- deposits rise
under the first enthusiasm they will
eral Reserve Bank of New York was creditor at the
get down to business and will encounter rules which
Clearing House each day as follows:
are in the best sense (but in no other)respecters of
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
persons and of business policies. Mr. Stone was
AT CLEARING HOUSE.
right in telling the firemen (as he is quoted in this
Saturday, hIanday, Tuesday, Wednestry, Thursday, ',Mau,
Aggregate
Jan. 27. Jan. 29. Jan. 30. I Jan. 31.
article) that it has been a mistaken notion that there
Feb. 1.
Feb. 2.
for Week.
—
I
$
"was something mysterious about the banking busi8
8
$
IS
$
$
57,000,000 62.000.000 38,000.000164,000.00() 53,000,900 63,000,000 Cr. 342 000,000
ness," but he erred in statement at least when he
Note.—The foregoing heavy credits reflec the huge mass of checks which come
to the New York Reserve Bank from all parts of the country In the operation of added that "it is really not as
complicated as runthe Federal Reserve System's par collection scheme. These large credit balances,
however, show nothing as to the results of the Reserve Bank's operations with the ning a grocery store, it is just about
as complicated
Clearing House institutions. They represent only one side of the account, as checks
drawn on the Reserve Bank itself are presented directly to the bank and never as running a peanut stand
on the corner."
go.through the Clearing House.
Not quite, Mr. Stone. Try it by a single test: as a
The following table indicates the amount of bul- matter of investment, should one sell French and
Belgian bonds, at their market prices in the present
lion in the principal European banks:
uncertainty, or should he interpret that situation as
Feb. 1 1923.
Feb. 2 1922.
opportunity to buy them? Banking, like other busigiber.
Gold.
Total.
Total.
Mar.
ness, large or small, consists in part in forecasting
.0
£
£
£
£
£
the future—not an easy or surely inerrant process,
England.,. 127,491,86
127,491,86 128,752.275
128,752,275
France a__ 146,842.41 11,600.01: 138,442,41 143,058,554 11,200.000154.258,554
Germany 50.110,5.3
7.271,20 57,381.73 49,769,8
692,600 50,462,400 but one which the wage-earner must face when he beAus.-Hun_ 10,944.100
2,369,001 13.313,11 10,944,
13,313.000
2,369,
Spain ____ 101,004.I I 25,989,00 126,993,11 100,607,00 25,134,00 125.741,000 comes a banker, whether he deals only with "our
Italy
35,330,00• 3,031.01: 38,361,01 33.974,000 2.967,000 36,941,000
Nether'Ids 48,482,000
678.00 49,160,00 50,497,000
611,00 51,108,000 own" or with the outside public.
Nat. Beig, 10,757,00
2,278.110 13,035,11 10,663,00
1.624,00 12,287,000
Switsland. 21,533,00
This remark itself recalls the pestilent union delu4,125,00 25,653,00 22,036,00
4,330,000 26,366.000
Sweden_
15,220,00C
15,220,000 15,249,000
15,249,000
Denmark,
-- --- -- i 12,929,000 12,685,
2413,i
12,882,000 sion that the public is "outside," the truth being that
197
Norway_. 12.681,0G.
8,115,0''
8,115,000 8,183.
8,183,000
nobody is outside; we are all insiders, with a comTot.week. 588,510,80 57,589,2 I I 46.100.000586,418.629 49,124,6 835,543,229
Pre. ,'': ,411,88 87,321,1 r i 45,733,015586,040.201 48,876.
:
634,921,701 mon interest in general prosperity. Mr. Stone has
•Gold holdings of the Bank of France thLs year are exclusive of £74,573,797 shared that delusion,
and the best reason for expectheld ab:oad.
ing good out of the union banking fervor is that the
LABOR UNIONS AS BANKERS.
changed position will compel, either by calm reflecThe head of "The Labor Bureau, Inc.," whose no- tion or by the touches of painful experience, a change
tice that labor will demand a still larger share in in mental attitude. Mr. Stone is at odds with the
business earnings has already been mentioned, dis- record, perhaps unconsciously so, in saying that the
cusses in the "Times" of Jan. 28 "labor's concerted history of his Brotherhood "has been for many years
move to do its own banking." "Labor is now defi- one of conspicuous conservatism in all its policies."
nitely reaching," says this bureau head, "for finan- Can we,or should we,forget the last months of 1916?
cial power through the control of credit." Stimu- Yet it is encouraging to find him saying to the "Herlated by the success of the three large labor banks, ald" that one of the greatest obstacles facing healthy
"there has sprung up overnight a crop of smaller railroad development and "the continued prosperity
ones; no less than eleven new ones have been author- of our transportation system is the marked lack of
ized by labor groups in nine different cities and will capital now seeking investment in that field."
Now,
open during this year." So says this man; also, that the Brotherhood "has capital to invest," and he
persince 1920 the movement has tended away from "the ceives that "the 'continued prosperity of our rail
Cleveland example," that is, towards a full 100% of transportation and its maintenance upon a high
labor and no "dilution by outsiders."
plane of efficiency are essential to preserve the liveThis man quotes what he calls "the high spot" of lihood of the members of an organization whose busiChief Stone's address to the last annual convention ness is the driving of locomotives." Correct; yet
of the Firemen's Brotherhood, that "if you will use there was a time when Mr. Stone thought feceiver's
the power you hold in your hands in ten years you cash was as good as any other kind
of cash to those
can control the financial policy of the United States." driving the locomotives, and did not see that the
A truly flamboyant declaration, and to this writer it .wages of necessary employees depend in any degree
"was probably high-pitched, like most convention upon the prosperity of employers. It is gratifying to
speeches"; yet he retains the notion that the present note that now he sees nothing more natural than that
operation of credit is anti-labor, for he remarks that the engineers should do "what they can to promote
Fns.31923.]
THE CHRONICLE
the interests of rail transportation." He sees another fundamental fact, the wide distribution of real
railway ownership, for he notes a difficulty hereto-.
fore "in reaching the ears of the actual owners," and
adds:
"Who are the actual owners of our railroads? The
wage-earners of the country, through their savings
bank deposits, probably are to-day the largest owners of American railroad securities. Is it not obvious that if this ownership and the responsibilities
attending it can be brought home to them through
such institutions as our Brotherhood banks the closer
relationship thus established should make for a better understanding on the part of labor as well as of
capital? It is with the hope that it may be a potent
factor in promoting a mutually satisfactory arrangement for adjustment of the difficulties alike confronting capital and labor in the sphere of railway
transportation that, with the substantial backing of
the Brotherhood, we have entered into the banking
field."
Chief Lee, of the Trainmen's Brotherhood, announces that he will presently resign, to become head
of a large corporation for making automatic train
control devices, counting upon being able to "render
a real public service to railroad employees and the
traveling public in a real safety first movement."
The purpose is good. What the world needs is to get
together in promoting safety for all and industry
and prosperity for all. Any and every step towards
this is in the line of good news and warrant for rising confidence.
NEW FIGURES ON THE GOVERNMENT
DEFICIT.
At the semi-annual meeting of the Governmental
business organization on January 29, which was addressed by the President and General Lord, Director
of the Budget, revised figures for Government receipts and expenditures were made public. At the
meeting on July 11 1922 the estimated expenditures
for the current fiscal year then just begun were
given at $3,896,258,542. By the time the Budget was
ready for transmission to Congress by the President
last December there had been five months of actual
operations in the fiscal year, and upon the basis of
this experience, new estimates of expenditures for
the year were put at $3,703,801,671. This was a reduction of $192,456,871 from the July estimate. On
January 15,after six and one-half months operations,
a further revised estimate of expenditure was given
at $3,574,554,132, being a reduction from the December figure of $129,247,539, and a total reduction in
the estimates of expenditures since the commencement of the year of $321,704,410. This marked re-.
duction may be accounted for in part by a certain
amount of over-estimating in the early figures, and
in part by continued pressure for economy and retrenchment by the President. It will be remembered
that the total expenditures for the fiscal year ending
June 30 1922 were $3,795,302,499. The latest estimate of expenditures for the fiscal year 1923 are
therefore $220,748,367 less than for the preceding
fiscal year.
Turning now to the question of receipts, the new
estimates indicate considerable increases in ordinary receipts from customs and other sources. The
July estimate of receipts was put at $3,073,825,311.
This indicated a prospective deficit of about $822,000,000—a sum so stupendous for a Government
deficit that it was plain that no amount of economy
451
and efficiency could possibly wipe it out. Fortun-.
ately for balancing the Budget, this revenue estimate
was too conservative. When the revised estimate
was made in December the figure was given at $3,429,862,959, showing an increase over the previous
estimate of $356,037,648. This brought the prospective deficit down to about $373,000,000. In the interim the new tariff had been in operation, bringing
in much larger receipts than had been looked for.
The new revenue figure of January 15 places the total estimated receipts for the current year at $3,481,904,959,a further increase of $52,042,000 over the December estimate and $408,079,648 over the July estimate. At this time, therefore, there is a prospective
deficit in sight of only $92,649,173, a sum which, it
appears, may possibly be eliminated by further increases in the revenues supplemented by continued
economies in the expenditure of public funds. Such
is the hope expressed by the President and by General Lord.
On the whole—while there appears in this program
no immediate relief to the taxpayer from the existing burden—this presents an encouraging picture.
There have been times during the fiscal year when
the situation appeared serious and it seemed as
though new taxation would have to be imposed to
enable the Government to meet its current expenses
for the fiscal year 1923. The wisdom and courage of
the President in vetoing the Bonus Bill and the Bursum Pension Bill closed the doors of the Treasury to
two monumental attempts to raid that institution.
A considerable burden of these expenditures would
h ve fallen within the current fiscal year. These
acts of the President, giving evidence, as they did, of
his firm intention to stand between the taxpayer and
the authorization of such ill considered expenditures
by Congress, no doubt restrained Congress from making other attempts of this character. As a consequence, the Budget for the fiscal year 1923 has not
been augmented to any considerable extent by new
legislation.
The financial operations of the Government by the
President under the budget system have clearly demonstrated that business methods can, at least in a
considerable measure, be applied to the public service. That is all that can be expected at the present
stage. Whether the expenditures ef the Government
are to be further substantially reduced, as they must
be, will depend not upon further measures of economy and efficiency 'n business administration, but
upon policies emanating from Congress in the form
of statutory enactments.
THE QUEST OF INDUSTRIAL PEACE.
A new book with the above attractive title by a
prominent Scotch professor and writer, proves especially readable and useful as presenting an important and much involved subject in a clear and succinct form.*
It begins with an examination of the causes of the
present industrial unrest. Social order is an obvious
necessity. Justice must reign and a stable peace prevail if civilization is to endure. This must rest on
the good-will of the community. As knowledge increases, new wants arise, moral imperatives become
more sensitive and ideals change. Discontent quickly finds expression in new demands, and conflict of
interests is inevitable. The world to-day is in the
throe of these. Impossible claims are confused with
The Quest of Industrial Peace. Principal W. M. Clow of Glasgow. Geo.
H. Doran Co.
452
THE CHRONICLE
For. 116.
Many will find in these chapters the chief interest
just ones and half-truths are exalted as axioms and
made into slogans. Attention centres in material in- of the book. They certainly stimulate and clarify
terests and higher ones are ridiculed. Lenin says: thought and contribute to the value of the conclud"Religion is the opium of the poor," and H. G. Wells ing chapter on The Gateway of Peace, and An In.
refers with cheap scorn to "the consolations of the dustrial Covenant.
The crying evils have been shown to be the unrest
little Bethels."
Existing conditions have drawn quickened con- resulting from existing conditions, the prevalence of
sciences to the redress of evils, and to advocate re- unsound and false conceptions both material and
form which is often radical. Hence an academic So- moral, and the failure of various schemes and atcialism and Utopian schemes. This often serves to atempts to set things right. The causes which stand
increase the uhrest and to create opposition to genu- out in explanation of these experiments to secure inine effort for better conditions. Political power in dustrial peace are described s mainly these: disrethe hands of the people gives force to discontent. gard of economic law; denial of individual freedom;
Democracy often sets wholly ignorant and incompe- the appeal to low and selfish motives; failure to untent men in office; then confusion is made worse, derstand human nature; and, above all, the entire
and when public action is found futile and the people materialism of the attempts.
are deceived or disappointed in their representatives
Man is both a social and a spiritual being. He is
and the efforts of the State, "direct action" is their an animal and much more. He can only attain peace
resort, and disorder reigns.
and be satisfied as he cherishes ethical ideals and acSeveral chapters are given to the consideration of quires moral integrity. Then alone he takes pride
Capitalism, its justification, and the charges made in the work of his hands; labor assures satisfaction
against it. Capital is defined as so much of accumu- and strength and such possessions as he acquires
lated wealth as is available for use in affairs. Money make pleasant and possible unselfish thoughts and
is its representative and the instrument by which it acts. He begins to recognize in some proportionate
is transferred and applied. Capitalism has proved degree what he owes to the community and the State
its worth by its service to production. It survives for his prosperity and his freedom.
because of its recognized value in human society. It
To-day the failure to secure this result, and the
produces, as well as uses wealth. This production is persistence of selfish and evil methods which have
the basis of the world's progress and well-being. But prevailed in the past, even those for which the indiit also increases the efficiency of labor. Without it vidual was not responsible, are painfully evident.
labor is practically helpless. It provides the tools The attention of the world to the conditions of peace,
and the co-operation which make labor profitable. as long ago proclaimed by high authority, is deSubstituting public for private control and manage- manded; they were never more commanding. "The
ment destroys initiative and deadens interest. It work of Righteousness shall be Peace, and the effect
also lessens production and increases waste.
of Righteousness Quietness and Confidence forever."
Of all this there is abundant proof. Robert Burns
To apply this to the problem before us our author
declared that he desired possessions
suggests an Industrial Covenant which shall rest on
c'. . . for the glorious privilege
these postulates: it must be a covenant only for wageOf being independent."
earning industry, it cannot properly be extended to
Private property and personal liberty go hand in cover the various relations of society, of politics, of
hand. To have nothing leaves a man dependent, art and the like; it must accept the method of Caphelpless, subject to all. Communism in any form italism as the only practicable method for sound effimeans conscription for industry. It represents only ciency, if freedom, responsibility and frugality are
the personal liberty of the private soldier in the to be secured. Capital and Labor must adopt a relaarmy. Private ownership has this special value; be- tionship of co-operation which recognizes the indisginning with the home and its endless variety and pensable place of competition as the spur to progress,
peculiar worth, it calls into exercise a personal re- invention and achievement. Co-operation secures
sponsibility for the right use of possessions. It im- right methods, fair dealing and correction of evils.
pels a man to serve his fellow man and the commuFinally, reward must bear a proportion not only to
nity. Aristotle long ago laid down the principle that the toil and strain, but also to the value of the func"the adoption of the community idea robs us of the tion fulfilled, each according to his desert. Brain
virtue of generosity in the use of property."
must be compensated as well as brawn; and ability,
After a review of the indictments against Capital- as measured by actual service. Abilities that are
ism and the wrong doings of bot't Capital and Labor, never used have no claim to reward.
there follows an historic account of the early forms ' If these postulates are accepted, working agreeof'Utopian Communism and their failure; as also of ments can be framed which must of necessity vary
the Co-operat: e Movement and its inadequacy, de- with different industries and conditions.
The auspite its limited success.
thor presents the outlines of a draft which is offered
This leads up to an examination of Marxian So- only as suggestive. "Men of good-will" can
be trustcialism, and the breakaway in Anarchism, Syndical- ed to work out their own best plans. The recognition
ism, Guild Socialism, and the Nationalizing of In- of the mistakes of the past and the control of the undustry, in certain directions, in which, as in the rail- derlying principles which are, in the main, beyond
ways, mining and land, the ill success of Government dispute, will make it possible to establish ways of
ownership is abundantly evidenced, and even in the joint action which will secure what is just, and then
Postal Service is persistently claimed by competent what makes for peace.
authority.— Vide—Chapter XII.)
(
The end will only be reached and both justice and
peace assured, when the right of the things of • the
Note.—The return of public utilities into the hands of private
individuals
as in the case of the railways, the street cars, the telegraph and telephone, spirit to rule is accepted, and men deal with one anwith the elimination, as far as possible, of the bureaucratic element, is reother as men, and do to others what they would have
cently reported as among the important reforms already introduced by the
new Government in Italy.--Semper dvanti.
others do to them. Otherwise, Industrial Covenants
FEB.3 1923.]
THE CHRONICLE
453
no less than Ententes and Treaties of Peace will fall peachment is always available against real misconapart when self-interest asserts itself.
duct, and it has very rarely been needed. Elections
are the regular means of recall, and one used again
an,d again, as the "feeling" shifts; experience has disEND OF THE DAUGHERTY CASE.
Some note should be taken of the action of the mally proved that the closer we get to "direct" orders
House of Representatives on Jan.25 in the attempted and approval of the "people" the poorer our governimpeachment of Attorney-General Daugherty. That ing becomes; everybody begins to lay pipe and hold
attempt, of course, was legal and regular in form, his ear to the ground for another term.
The courage to be unpopular, and the self-control
since the Constitution leaves all civil officers subject to it at any time and the House is the tribunal which accepts the displeasing rather than retort by
before whom the case for an impeachment is to be an attack upon its author are qualities much needed.
shown. The attack upon Mr. Daugherty ran along What the people seem to "want" may be widely difuntil, about as soon as the session began, the Judi- ferent from what they need. "I would rather be right
ciary Committee, which is the proper one, was in- than be President," said Henry Clay. Adherence to
duced to consider it, Congressman Keller of Minne- principles and convictions ought to be a better warsota taking the role of prosecutor. The charges were rant of contemporary approval than even the nimalmost of the bouffe class in their number (exactly blest sycophancy.
fourteen) and their seriousness, but the prosecutor
not only failed to produce any evidence, but flew into
HENRY CLEWS.
a simulated passion when asked for it and stalked
The death of Mr. Clews, about midway in his 89th
out of the committee room, making such.an exhibi- year, removes a veteran figure from the world of fition that proceedings against him for contempt of nance. The son of a prosperous English business
the House were talked of. He was lately reported to man who intended him "for holy orders," he was
have become "a physical wreck" and in Florida for a brought to this country on a visit while early in his
rest.
teens and was so impressed by its achievements (even
The committee, of course, dismissed the case, re- when the last century was half finished) and with
porting to the House accordingly, and that body, by its opportunities for the ambitious that he persuaded
204 to 77, adopted a resolution discharging the com- his father to let him stay. Beginning with a clerkmittee from further consideration and declaring that ship in a dry goods importing house, he obeyed an
there is no ground for deeming Mr. Daugherty impelling impulse by organizing a modest banking
"guilty of any high crime or misdemeanor requiring firm before he was 25. As he tells it in his "Fifty
the interposition of the impeachment powers of the Years in Wall Street," he was one of a number of
House." As one of the charges was of refusal to young men who sought admission to the Stock Extake up certain alleged violations of the anti-trust change, but that body thought him too youthful and
laws discovered by the Lockwood Committee (a gen- declined him, whereupon he changed their view by
eral-nosing body whose existence the Legislature has advertising that he would execute stock transactions
refused to prolong) two Congressmeri relieved their at one-half of the then regular commission. Once in,
feelings by a counter-attack upon Mr. Untermyer. It he stayed in, and after a membership of more than
is not necessary to discuss that; excesses may some- 58 years, he was the oldest but one of those still surtimes be the product of good intentions, but ugly talk viving.
•
and retaliatory epithets never help a good cause and
He was always bullish "on the United States,"
always aggravate a bad one.
and when the Union was in question during the Civil
The Daugherty prosecution was one of the bad War he stood staunchly for it. He threw himself
class. The House does not praise him, or so much as into the work of placing the loans of that troubled
express an opinion upon the quality of his official time, and with such energy and success that he renwork or upon his fitness for his position. Charge 7, dered a memorable public service, so that Secretary
really the only one which could be called a positive Chase afterwards said he could never have carriedact, was "the perversion of the legal process of the the "5-20s" through but for Mr. Clews and Jay Cooke.
United States for the purpose of instituting action After the war he put faith in the South, so that in
for which -there was no justification and the demand- 1872 he held over two millions in Georgia bonds.
ing against individuals processes of court subversive Naturally, he failed in 1873, when so many others
of the rights of freedom of the press and peaceful as- failed, losing his Exchange membership; but pluck
sembly assured by the Constitution of the United and good reputation served him, and in 1878 he got
States." But Mr. Daugherty thought there was "jus- back his membership and regained his business foottification" for the injunction of last September, and ing.
the Federal Court agreed with him by issuing it; we
He was a founder of the Union League, the distincmay individually have our opinions, but an error in tive Republican club, and was member of many pubjudgment is not an impeachable offense, nor is it lic organizations. He once declined the Republican
something worthy of punishmet to have violently dis- nomination for Mayor,
once declined the Collectorpleased Mr. Gompers and Mr. Jewell; if to anger ship here, and twice
declined to become head of the
somebody were a malfeasance in office no official, in Treasury. His social opportunities and services
a public or in a corporate capacity, could be sure of were varied. He was an optimist throughout, with
himself.
an instinctive sense of where lay the right side upon
The moral of the affair is its illustration of the every public question; as one instance, he was promfolly of that public opinion which follows impulse inent in organizing the "Committee of Seventy"
instead of sober thinking and would turn noise into which bore a large part in shattering the old Tweed
strength. The initiative and the recall are devices of ring.
hasty temper, and lower the standard of government
Mr. Clews was a financier in the best sense of this
by making men in office watch for what might be sometimes misused term, and no stain ever attached
temporarily "popular" instead of what is just. Im- to either his business or his private life. He stayed
454
THE
anoxic-ix)
in, and he represented the better part of Walt street,
a place which renders indispensable services and
maintains the highest standard of rectitude in dealings. A clean and useful career has left a good example.
[VOL. 116.
particular record was first computed. During the
intervening 40 years the amount has seldom gone
above $160 or $170—in fact on only four occasions
during these 40 years was it higher than $200, and
those were years of severe stress, such as 1884, 1893
and 1914. The first record covering this particular
compilation was for the year 1876, when the amount
of defaulted indebtedness per firm in business was
$305 15. That was during the period of inflation
following the Civil War, and also at a time when
heavy liquidation was in progress. At that time
also, the ratio of firms failing to the total number of
concerns in business was 13.3 per 1,000. Three years
later specie payments were resumed in the United
States. Not until 1921 did the defaulted indebtedness per firm in business again reach $300—in fact,
as noted above, it seldom went above $160 or 070,
and for a number of years was under $100.
Below is given the statement of the number of failures quarterly for the past two years; also the
amount of liabilities reported, and the averages for
each quarter:
BUSINESS INSOLVENCIES IN 1922.
Losses through insolvencies during the calendar
year 1922 were unusually severe. Bankruptcies in
mercantile lines in number were in excess of any
previous record, and the amounts involved in the
aggregate exceed, for the second year in succession,
the abnormally large sum of $600,000,000. Only in
the disastrous year 1915, following the beginning of
the European War, has the number of insolvencies
ever approached those reported for last year. At
that time, however, the defaulted indebtedness was
less than one-half the amount reported in either of
the two latest years. Mercantile transactions are
now on a much wider plane than they were then.
The aggregate volume of trading is enormously
greater. Values are higher and there are 325,000
more business concerns engaged in mercantile pur- DISTRIBUTION OF MERCANTILE FAILURES IN 'UNITED STATES BY
QUARTERLY PERIODS.
suits—the number now being fully one-fifth larger
than it was eight years ago. The period of liquida1922.
1921.
tion which has now been in progress during the past
Average
Aterat•
No. Liabilities. 1 Ltabtl. No. I Liabilities. Lida.
two years or more apparently culminated early in
First
7,517 8218,012,365828,870 4,872 8180,397,989 837,038
Second
5,887 155,703,973 26,539 4,163 130,273,615 31.293
1922 and in the later months of 1922 there was some Third
5,033 117,198,157 23,284 4,472 122,699,399 27,440
5.25' 132,981,756 25,287 6,145 194,030,880 31,575
little relaxation, although the losses continued very Fourth
Year
23,67( 3623.896,251 $26,352 19,652 8627,401,883 831,926
large.
Mercantile defaults in the United States for the
The most disastrous quarterly report ever issued
full 12 months of 1922 numbered 23,676 and the since quarterly statements have been compiled covamount of defaulted indebtedness was $623,896,251. ering nearly 50 years was that of the first quarter of
These figures contrast with 19,652 similar defaults 1922, when the number of defaults was 7,517 and the
for the preceding year, when the amount of liabilities amount of liabilities $218,012,365. In only one other
reported was $627,401,883. As noted above, the quarterly statement does the number exceed 7,000,
number of mercantile insolvencies reported in 1915, namely the first quarter of 1915, when there were
which year is second as to number of such disasters, 7,216 defaults of mercantile concerns and the liabiliwas 22,156, but in that year the amount of indebted- ties were $105,703,355—less than one-half the
ness reported was only $302,286,148. These state- amount involved in the insolvencies in the first quarments are based on the records compiled by the mer- ter of 1922. Both as to number and as to the amount
cantile agency of R. G. Dun & Co., and relate to fail- involved, the defaults that occurred in each of the
ures in mercantile lines as distinguished from bank- four quarters of the last two years were very heavy—
ing suspensions, the latter being reported separately. in fact, this same remark applies to the preceding
The compilation covers more than 60 years, and in quarter, the final three months of 1920. In each of
that period of time the ratio of mercantile disasters these quarterly periods,from October 1920 to Decemof this character, to the number of concerns engaged ber 1922, two years and a quarter, the amount of dein business in the United tSates, has been from 3.8 faulted indebtedness was considerably in excess
of
per 1,000 to 15.5—that is, the lowest ratio of mercan- $100,000,000. The average liabilities for each firm
tile defaults to each 1,000 business concerns is 3.8, failing in each quarter of 1922 is somewhat smaller
this occurred in 1919; the highest is 15.5, which was than for the corresponding period in the preceding
the record for the year 1878. In 1922 the ratio on the year, but in part this is due to the fact that the numsame basis was 11.9, and for the preceding year it ber of failures that occurred during such quarterly
was 10.2. For the years 1914 and 1915, when insol- period in 1922 was very much larger than for the
vencies were numerous, the ratios were respectively corresponding period of 1921.
11.0 and 13.2. In 1893 it was 12.8 and in 1884, 12.1.
Mercantile defaults in 1922 were also more numerThere were 23 years when the ratio was 10 or over, ous in each section into which the country
is divided
up to 15.5, and 33 years, covering the entire time than in the preceding year; and the
Middle Atlantic
from 1866 to 1922, inclusive, when the ratio was less States, which includes the very
larf3 industrial
than 10 in 1,000. This relates to mercantile failures States of New York and Pennsylvania,
as is usual,
only.
leads all other sections in the number of defaults and
It is not improbable that the inflation incident to in the amounts involved. As to
the number of failthe war period is reflected in the recent insolvency ures, there is a considerable
increase in 1922 over
records, and it may be that this inflation is one of 1921. Failures in the Central
States east of the Misthe direct causes of the recent heavy liquidation. sissippi River and north of the Ohio
River, were also
Another compilation based on these same records has very much more numerous last year than in 1921—
a bearing on this matter. The amount of defaulted in fact, relatively the largest augmentation was in
indebtedness per firm in business last year was this section. Liabilities were also very much larger
$314 61 and in the preceding year it was $325 53, the here. There was some increase in failures in the
largest amounts for any year since the 70's, when this Southern States, but not so great an increase as in
FEB.3 1923.]
THE CHRONICLE
455
1921 over 1920. Failures in the South last year and
the year before were unusually large in number and
the amount of defaulted indebtedness in both years
was very heavy. There is a slight reduction in the
amount of defaulted indebtedness in the Southern
Central States for 1922 as contrasted with the previous year, but this is not especially significant, as
the amount in both years was very large. The increase for the Pacific Coast States was somewhat
above the average, and here, too, while the amount
of indebtedness in both years was large, the sum was
slightly smaller last year than in the preceding year.
In the following table the total number of failures
in the eight different geographical divisions of the
country, with the total of defaulted indebtedness, is
contrasted for the last two yea's. The figures showing banking suspensions last year by sections are also
given; the latter are naturally not included with the
commercial defaults:
FAILURES IN UNITED STATES ACCORDING TO GEOGRAPHICAL
SECTIONS.
Commercial Failures.
Number.
1922. 1921.
New England
Middle Atlantis
South Atlantic
Southern Central
Central Eastern
Central Western
Western
Pacific
United Statee..
2,073
6,701
3,175
3.190
4,530
2,262
845
1,900
Banking, 1922.
1022.
1921.
No. Liabilities.
1,702 $49,692,282 $44,629.101
4,810 205.122,485 230,599,813 6
2,694 73,979,651 60,939,878 38
3,067 67,168,370 71,574,682 65
3,337 132,990,498 106.598,941 9
1,855 50,037,986 67,529,098 85
714 15,063,309 14,427,169' 58
1,473 29,841,670 31,103,201 15
$263,787
1,594,883
10,790,953
17,353,468
822,129
23,727,417
16,604,213
6,578,701
23.67619,6525623,896,251 $627,401.883 277 $77,735.551
ures in that class, the total number of defaults in
that State being 1,420 and the amount of indebtedness nearly $50,000,000. Similar conditions prevailed in some of the other States, although the losses
were not so heavy.
In the New England and Middle Atlantic States,
there was a considerable increase in the number of
failures in most of the States in 1922 as contrasted
with 1921. Failures were numerous and losses were
large in both manufacturing and trading lines in
Massachusetts and there were some large manufacturing failures in Connecticut. Perhaps the best
showing is made by Pennsylvania, the increase in
that State being smaller than in some of the other
States. In the South the failures are naturally more
numerous in the large trading classes, general stores
and others of that variety. In the Central Eastern
States, Ohio, Illinois and the other States in that
section, there were many more failures last year in
both the manufacturing and trading classes than in
the preceding year, and in Ohio, Illinois and Wisconsin there were some heavy losses in the manufacturing division. The Central Western group of
States shows much the same conditions as the Central Eastern, although the number of failures is not
nearly so large as in the Central Eastern as might be
expected, no unusual losses appear, and the total
liabilities are somewhat reduced as contrasted with
the preceding year. In the Pacific Coast States
there is an increase all along the line, except that for
Oregon the liabilities reported for 1922 are less than
one-half the amount reported for that State in 1921,
occasioned by an exceptionally large failure in Oregon in the brokerage class that occurred in the last
mentioned year.
In the following table the statement of failures for
three years, divided as to the three classes, is compared; a separate line is given showing the number
of banking defaults, and the amount of liabilities, the
latter figures as to the banks not being included .with
strictly commercial lines:
In every State in the Union, with the exception of
five or six Southern States, failures were more numerous last year than in the year preceding. The
States referred to in which a decrease appears include North Carolina, Alabama, Mississippi and
Texas, also Missouri and Arizona. In beveral of the
States the number of defaults last year was very
much larger than in the preceding year, notably in
Ohio, Illinois,Wisconsin,Minnesota,Washington and
California. In many of the States liabilities were reduced in 1922 as contrasted with 1921, although there
were other States in which there was a considerable
increase in the defaulted indebtedness of 1922, but in DISTRIBUTION OF FAILURES IN UNITED STATES ACCORDING TO
CLASSES.
most instances this was caused by a number of very
Number.
large failures. A very considerable part of the total
Liabilities.
1922. 1921. 1920.
1922.
1921.
amount of liabilities for the entire country is in New 111
1920.
Manufacturi
5,682 4,495 2,635 5214,925,388 $232,907,185 $127,992,471
York State and a great part of this is, of course, for Trading ng
16,923 13,9995,532 271,388,107 254,794,285 88.558,347
New York City. In 1922 it was nearly 25% and in Agents and brokers 1,071 1,158 714 137,582,756 139,700,413 78,570,987
.
Total
$627,401,883
1921 the ratio was even larger. But last year the Banking commercial_ 23,676 19,652 8,881 5623,896,251 $167,849,555 $295,121.805
277
383
119 $77,735,551
850.708.300
losses for New York were particularly heavy in the
Trading failures were exceptionally numerous last
class of agents and brokers, some very large failures year and the
amount of indebtedness' reported by
occurring in those lines. More than one-half of the these trading
concerns was very large. Of all merfailures in New York State in 1922 were in the large cantile failures
in 1922 71.5% were of trading contrading class, with a little more than one-quarter of cerns. The
liabilities, too, were considerably in exthe total indebtedress. Manufacturing lines account- cess of the
liabilities reported by the manufacturing
ed for about, one-third of the number of failures in division. In
both preceding years the ratio of tradNew York State and practica'ly the same proportion ing failures to
the total number of failures was someof indebtedness, while in the class of agents and what smaller
as compared with the figures for the
brokers less than 8% of the total number of failures year just closed.
Failures in manufacturing lines
in New York State reported 42% of the total liabili- continue heavy and
the losses were large in the agties. In some other States much the same thing was gregate, but not so
large as in the preceding year.
true. In Maryland there ,
--ere 30 failures in the There were somewhat fewer failures among brokers
brokerage class, with $11,500,000 of liabilities, about and agents than in the
preceding year, but the losses
8% in number and more than 71% of the total in both years were very large,
a little less last year
amount of defaulted indebtedness reported for the than in 1921.
year in that State. A large brokerage failure at
The increase in the number of trading failures last
Kansas City added $6,000,000 to the liabilities re- year, as compared with the
preceding year, is more
ported for Missouri, nearly 40% of the total liabili- than 20% and failures among grocers
and dealers in
ties for that one default. For Illinois there was meats were very much larger
than in 1921. The
nearly $17,000,000 of liabilities for the brokerage clothing and furnishings lines,
as well as dealers in
class, one-third of the total for the State, and 79 fail- dry goods, made a rather poor
showing last year, in
contrast with the preceding year, not only as to the
number of defaults but likewise as to the amounts
involved, the latter being very much larger than in
the preceding year. Failures of general stores were
about the same as to number as well as to the amount
of liabilities in 1922 as in 1921,and in both years they
were very heavy. More than one-half of all the insolvencies in the trading classes last year were in the
departments above mentioned.
In the manufacturing branches increases also quite
generally appear, although in some departments of
the producing trades, losses, while still large, are
slightly less than in the preceding year. As to manufacturers of cotton goods and allied lines, there were
fewer failures last year than in the preceding year,
and liabilities of last year were considerably less
than one-half the amount of the preceding year. In
the large machinery class there were many more failures last year than in 1921 and the amount of defaulted indebtedness continues very heavy. The
same thing is true of clothing manufacturing. There
were many more failures of brokers in 1922, and the
losses were very heavy again last year. In lumber
manufacturing there were more failures last year
than in 1921, but the liabilities, while amounting to a
considerable sum, were practically the same as in the
preceding year.
Below is given for ten years a comparison showing
the number of the larger failures and the amount of
liabilities for each of the three classes, these figures
including all defaults where the amount of indebtedness is more than $100,000:
NO.OF FAILURES FOR OVER 6100.000 WITH THE AMOUNTS INVOLVED.
Manufacturing.
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
[Vol.. 116.
THE CHRONICLE
456
No Liabilities.
369 3132.790,993
410 162,495.458
230 89,933,982
100 29,644.087
132 44,171,393
147 43,435.232
116 29,257,548
163 58,700,533
216 93,548,237
213 74,134,110
Trading.
Agents ge Brokers.
No. Liabilities. No. LfatrtItties.
337 873,234.665 162 6117,817,168
343 88,337,955 120 124,292,740
139 34,609,853 84 67,264,207
38
8,156,247 53 18,188,209
46 13,780,850 52 23,610,722
53 13,678,534 50 24,747,252
54 14,467.600 46 22,782,441
111 38.986,288 57 25,053,088
136 72,805.493 57 44,382,217
101 36,421,367 65 26,348.438
FAILURES IN CANADA.
Bankruptcies in Canada last year were 50% greater than in the preceding year, which in turn were considerably more than double those of 1920. The number of defaults reported through the agency of R. G.
Dun & Co. for 1922 was 3,695, while the amount of
indebtedness was $78,068,959. These figures compare
with 2,451 failures in the preceding year and $73,299,111 of liabilities.
One feature of the Canadian return is noteworthy
because it is so at variance with the conditions in the
United States, and that is the reduced number of
failures reported in the class of agents and brokers
and the very much smaller amount of indebtedness,
in contrast with the figures for 1921. In the manufacturing and trading classes the insolvencies in
Canada last year were very much more numerous
than they were in the preceding year, and in both instances liabilities in 1922 were somewhat larger, although the increase was not at the same ratio as the
increase in the number of defaults. As to agents and
brokers, however, last year's defaults were under
80% of those in the same class for the year before,
while the amount of the liabilities for 1922 in this
class was 36.6% less than in 1921. The large increase in the manufacturing division last year was
in the lumber class. Among traders there was a considerable increase in the number of failures of dealers in clothing, in dry gods and of hotels and restaurants. Geographically considered, all of the Provinces show a larger number of failures in 1922, but
there is a decrease of more than $8,000,000 in the liabilities reported in Ontario as compared with the
preceding year, and an increase of twice that amount
reported by the Province of Quebec. Below we compare the Canadian figures as to number and liabilities for three years
CANADIAN FAILURES FOR LAST THREE CALENDAR YEARS.
Number.
1922. 1921. 1920.
857 559
2,717 1,730
121 153
1922.
1921.
1920.
255 $39,080,791 $33,976,790 $15,871,216
771 33,804,203 29,886,589 7,704,500
52 5.983,965 9,435,752 2,918,585
In all classes of failures except agents and brokers
the number of the larger failures last year was less
3,695 2,451 1,078 $78.068,959 $73,299.111 $26,494,301
than in the preceding year, it will be seen, and in all Total commercial
three classes liabilities are reduced as compared with
gudications jxAttsiness
the amounts reported for 1921. In comparison with
the earlier years, all the figures for both 1921 and
TRADE—COMMERCIAL EPITOME.
1922 hold the record. As previously,noted, the num- THE STATE ,OF
Friday Night, Feb. 2 1923.
ber of the larger failures of agents and brokers shows
The tide of business is still rising in this country. Januan increase of one-third over the previous year and is ary sales were far in excess of those of a year ago. Big mail
double that of any other year.
order concerns of the West report an increase in their JanuManufacturing
Trading
Agents and brokers
Attilatig
FAILURES OF BANNS.
Banking failures last year were fewer in number
and for a smaller amount than in the preceding year.
The records show 277 banking suspensions, with liabilities of $77,735,551. These figures contrast with
383 similar defaults in 1921,the liabilities amounting
to $167,849,555. As in the preceding year, practically all of the banking defaults were in the South
and in the States west of the Mississippi River. In
all sections the amount of defaulted indebtedness
was very much less last year than it was in the preceding year. The largest number of defaulting banking concerns was in the Central Western States,
which lie west of the Mississippi River to the Rocky
Mountains, and in the Central South, and more than
one-half of the total liabilities for all bank failures
is attributable to these defaults. All of the banks
were small and located, most of them,in isolated sections of the country.
ary business of anywhere from 38 to 51%% over that of
January last year. This is significant. The buying power
of the West is rising with employment general and wages
high, although there is no use disguising the fact that the
farmer is not sharing as fully as he should in the improvement in the country's business. Collections, however, are
somewhat better. The big industries are active. Iron and
steel are leading. They are only held back by the shortage
of common labor in this country. Big Pennsylvania mills •
are 'driven to importing large numbers of negroes from the
South, where they can ill be spared. They are wanted on
the cotton farms. The last cotton crop was to all intents
and purposes a failure, like the preceding one. The world
needs a cotton crop in this country next season of anywhere
from 12,000,000 to 13,000,000 bales and in order to restore
the equilibrium a crop of 14,000,000 bales would be so much
the better. But very many fear that this is entirely out of
the question, partly owing to the threatened shortage of labor. And the scarcity of common labor in this country is
largely traceable to the short-sighted 3% immigration law,
whose pernicious effects are felt everywhere throughout
the country. It adds to the cost of labor and to the cost of
living simply at the dictation of labor itself, which suffers
non.3 1923.1
THE CHRONICLE
in common with everybody else as a matter of course. But
the -scarcity of labor also shows that business in the great industries of this country is expanding. A year ago there was
widespread and very serious unemployment. The present
situation in this respect marks the difference of a whole
diameter. Bank clearings, it is significant to notice, keep
rising. Another striking fact is that there is a sharp falling
off in the number of failures and also in the amount of liabilities. The number for the week is 434, against 508 last
week and 481 in the same week of 1922. Liabilities in January were only about half as large as in the same month last
year and 20% less than two years ago. In a word, the outlook is clearing. Men are in a more cheerful mood.
Yet there is no venturesome trading. A very conservative
course is noticeable everywhere. In he iron and steel trade,
as a matter of necessity, various industries have had to order supplies ahead for some months to come. Some of the
steel mills are said to be sold ahead to June. The steel industry can hardly handle the business tendered to it, partly
owing to the troubles in the Ruhr Valley which have diverted foreign demand to this untry and England. Germany and FranCe both suffer in the iron and steel trade, to
go no further, as it cuts down their pig iron production, in
all, it is said, about 200,000 tons a month. Japan, South
America and Denmark are all trying to buy steel in this
country and the Competition of Continental pig iron with
American product on this side of the water has practically
ceased, importations, for the time being at any rate, being
out of the question. Copper has been firm and there is a
large consumption of this and other metals, namely tin, lead
and zinc, in connection with the big building movement in
this_country. This movement of itself is one of the most remarkable signs of the times. In mid-winter there is an actual building boom going on in many parts of the country.
The sales of lumber and building material are of unprecedented size for this time of the year. Meantime the textile
industries are busy, even if of late new business has fallen
off somewhat in New England. The assurance that there
will be no coal strike has had a good effect everywhere. The
supply of coal, by the way, is steadily increasing. The coal
crisis here is believed to be practically over. About 200 cars
were unloaded. yesterday. Long Island is receiving more
coal daily than ever before in its history. The tendency of
bituminous coal prices has been downward with rising supplies.
Raw cotton declined early in the week under stress of very
heavy selling in an overbought market and gloomy outlook
In Europe, not only in the Ruhr, but apparently in the Near
East. But to-day came reports that the labor troubles in
the Ruhr Valley are dying out, and there was a rumor at
one time that the Turks had agreed to the Allies' terms. At
one time there had been a fear that there might be hostilities between England and Turkey. Japanese are trying to
buy large quantities of cotton in Galveston and New Orleans. Japan's trade is evidently improving. The yarn
business there is better and, as already intimated, the steel
trade there seems to be improving. Rubber prices have declined in this country in response to lower quotations in
London. Crude oil prices are up 10 to 20 cents. The grain
markets have been slow and there is no use minimizing the
fact that Argentina competition in European wheat markets
is felt in this country. Food prices on the whole are the lowest since Iasi October, although the general trend of commodity prices in this country has recently been upward.
Of course, the situation is not without some drawbacks,
such as the scarcity of labor, the high costs'of production,
due largely to high wages, high fuel and high taxes, Federal
and State, which show little relaxation from the peak stage,
strange as it may sound, over four years after the ending
of the war, something which it may as well be recognized is
a source of discontent and complaint through the length and
breadth of the land. Apart from this there are not a few
hopeful features. Stocks of merchandise are generally believed to be low. The buying power of large sections of the
American population has within the twelve-month been increased. It is believed that there will be a large increase in
the next cotton acreage. Rains in Kansas and Nebraska
have latterly been beneficial to the winter wheat crop. New
York and London stock markets were stronger to-day. Continental exchange was generally better. It is hoped that a
way will be speedily found for the settlement of the deplorable situation in the Ruhr Valley. The fact that a settlement of England's debt to the United States has been agreed
upon by England is something Just so much to the good, and
457
as Secretary of the Treasury Mellon says, tends toward a
stabilization of the world's trade. Many hope it will prove
to be the first step towards restoration of something like the
old economic conditions throughout the civilized world.
The index number of the purchasing power of farm products in terms of other commodities that the farmers buy, is
stated for December by the Department of Agriculture as 68,
against 66 in November, with the average, however, for the
year 1922, 69 against 67 in 1921 and 86 in 1920. This is certainly a far from satisfactory exhibit. The farmer's discontent is not hard to understand. High labor is one of the
chief reasons for the fact that the farmer is still at such a
disadvantage. He is not unionized; he cannot fight unionized labor which has such an advantage over him. As an indication of the growing business of this country the car loadings for the week ending Jan. 20 reached a new high record.
The lumber shipments were the largest ever known, something remarkable in the dead of winter. Fewer cars, by the
way, now need heavy repairs.
In Lawrence, Mass., on Jan. 29 steps for the formulation
of tentative plans for an organization which will, it is hoped,
bring about closer relations between the Pacific Mill Corporation and its employees were under way. Both sides have
selected representatives which it was provided would meet
on Jan. 30 to make further plans for the organization. At
Salem, Mass., a strike of 600 workers in the Spring mill of
the Naumkeag Steam Cotton Co. occurred. on Wednesday.
An embargo on freight shipments, with certain exceptions,
to or beyond the Boston & Maine Railroad, has been placed
by the Maine Central Railroad, effective immediately. Unusual stormy conditions, difficulty of transportation because of snow and the resultant congestion of freight made
this action necessary, it is said. In Philadelphia a general
strike occurred in the cloak and suit manufacturing trades
on Thursday.
In New York State a steady rate of increase in the wages
Paid'to factory workers during the last months of 1922 is
Indicated in the monthly report of Henry D. Sayer, State Industrial Commissioner. The average weekly earnings of
factory workers were $2639 in December, which is a gain of
35 cents compared with November and $148 since December 1921. Most of the industries in the State reported higher
average earnings in December. Montgomery, Ward & Co.'s
sales in January increased 51.54% over last year. Sears,
Roebuck & Co.'s January sales increased 33.42% as compared with January 1922.
December employment figures for 273 manufacturing
plants in the Chicago district, i. e. in the Federal Reserve
district, were markedly below those of November. The declines, 2.6% in men and 5% in payrolls were, however, indicative of the curtailment incident to the holiday season
and the customary inventory period rather than of a decrease in demand for labor, it is said. Many plants reported
that lay-offs and shut-downs necessary for repairs and inventories were of an unusually short duration and affected
payroll and production figures more than the volume of employment, as in many cases the total number of men were
retained on the records. A certain amount of unemployment has been caused by the influx of farm and road labor
to the cities and by the slOwing up of extensive building operations. State employment officers report an increase in
the number of men looking for work; in Illinois a surplus of
16.6 men for each 100 jobs available was shown for December, as against 12.2 for November. But a year ago, it is truer
this surplus was over 100%. Yearly comparisons show Important gains for practically all of the manufacturing industries. The greatest expansions have taken place in iron
and steel industries, automobile and accessories and in construction work. Metals, other than iron and steel, building
materials, furniture, musical instruments and boots and
shoes are other industries that have recovered, to a large
extent, from the depression of a year ago.
There was another 3%-inch snowfall here last Sunday.
The January snowfall here has broken the record with 22.7
Inches, as against the previous high record in January 1893,
which was 20.3. Also, the rainfall for January came near
equaling the high record, reaching 5.96 inches, as against the
record of 6.15 inches in January 1882. January alone this
year greatly exceeded-1. e. by nearly 10 inches—the snowfall for the whole winter of 1920-21, when it was only 17.7
Inches. The records for 1919-1920, it is true, show a total of
45.6 inches. The year before was the lowest on record, the
amount being only 3.3 inches. The snowfall in 1917-1918
was 32.3; for 1916-1917, 49.7, and for 1915-1916, 47.3 inches.
458
THE CHRONTCLE
The heavy Snow storm which swept over New York and vi-
For.. 116.
December production of bituminous coal was 46,450.000 nut tons, or
1,180,000 tons
on Sunday extended as far south along the Atlantic the largest forgreater than In November and with the exception of March.
any month since December 1920. Total production In
coast as North Carolina. The temperature here oh Sunday 1922 was only 8.000.000 tons below the 1921 figure and moderate amounts
fell to 17 degrees. Later the weather here became mild and of coal have been going into storage. Exports and bunker sales have been "
than in 1921. Anthracite production during December was
pleasant. To-day was mild and springlike here with the smaller larger than In
slightly
November.
temperature up to 42 degrees.
The winter has been so severe in Canada that a Saranac
Expanding Volume of Retail Trade in New York
Lake dispatch of Jan. 29 said that famine at the north had
Federal Reserve District.
driven timber wolves down to the slope of Whiteface MounFrom the Feb. 1 issue of the "Monthly Review of Credit
near there for the first time since p'oneer days, and
tain
had alarmed the surrounding country, and protective meas- and Business Conditions" by the Federal Reserve Agent
ures were being taken against depredations of the pack. at New York we take the following:
Preliminary rep( rts received from department stress indicate that during
Evansville, Ind., wired on Feb. 1 that warnings were issued the first three weeks of January the d. liar value of gocds sold has continued
there by the U. S. Weather Observatory to the effect that the large under the stimulus of special sales.
Final reports
that
Ohio River will reach a 40-foot stage at Evansville during ber a year ago show were December sales were 5% above those of Decemand
larger than in any previous month. Detailed
the next two or three days. Flood stage is 35 feet.
figures are shown in the following table:
cinity
Summary of Business Conditions by Federal Reserve
Board.
Continuing the national summary of business and credit
conditions, originated in January,and which is to be prepared
each month by the statistical services of the Federal Reserve
Board and the Federal Reserve banks, the Feb. 1 statement
reports that "production and prices remained relatively
constant in December, while trade and credit showed the
usual increases in the holiday season followed by declines in
January." The•Feb. 1 summary continues:
Production.
The Index of production in basic industries, after rising rapidly since
last August, showed a slight recession in December, though production was
maintained at a level near the peak of 1920. The output of pig iron and
coal continued to increase, but the production of certain other commodities,
particularly of cotton textiles and flour, showed declines. In Southern
districts the building industry continued active and in all parts of the
country much new construction was projected.
Railroad traffic continued heavier than a year ago, though the seasonal
decline in car loadings and the reduction in bad order cars partially relieved
freight congestion.
Employment at industrial establishments made a further advance in
December. accompanied by wage Increases In certain industries. Some
shortage of labor in the Eastern districts was still reported, but in the
Pacific States a substantial surplus of unskilled labor was indicated.
Wholesale Prices.
The general level of wholesale prices remained unchanged In'December.
Among various groups of commodities the price tendencies of recent months
were continued. Prices of farm products, cloth, chemicals and house
furnishings registered further increases, while fuel and metal prices continued to decline.
Dtuiag January a Lumber of basic commodities advanced in price and
cotton, rubber and lead rose to the highest points since 1920.
December
Stock. January 1,
Net Sales
Selling Price.
(In Percentages.)
1919 1920 1921 1922
1920 1921 1922 1923
97 98 100 105
All department stores
105 105 100 101
New Ycrk
100 97 100 104
104 103 100 101
95 107 100 101
Buffalo
102 100 100 94
92 97 100 111
Newark
118 112 100 110
Rochester
93 105 100 115
127 128 100 105
100 109 100 108
Syracuse
127 133 100 95
Bridgeport
113 110 100 105
110 102 100 103
100
90 94 100 84
Elsewhere in 2d District__ 95 103 100
97 105 100 111
85 92 100 106
Apparel strres
181 122 100 135
Mail crdcr !muses
--Mail order sales in December were 35% larger than in the same month
a year ago. They were larger than in December 1920, but leas than in 1919
Spring prices fixed by one of the large mail r rder le uses are on the average
10% above the prices which were in effect last spring.
Wholesale Trade Reported by Federal
Reserve Bank of New York.
The Feb. 1 issue of the "Monthly Review of Credit and
Business Conditions" by the Federal Reserve Agent at
New York reports that,"December sales by representative
wholesale dealers in ten principal lines were 20.5% above
those of December 1921, the largest gain over the corresponding month in the previous year since the spring months
of 1920." It adds:
Gain in
For the year 1922 as a whole the weighted index shows an Increase of
4.2% over 1921. Gains in the latter part of the year were sufficient to
offset the losses sustained In the early months. Duo largely to the lower
price level, however, 1922 sales were about 20% below those of 1919 and
about 30% below those of 1920. Detailed figures for both December sales
and annual sales are shown in the following table:
—December Sales—
—Annual Sales—
(In Percentages.)
1919 1920 1921 1922
1919 1920 1921 1922
Commodity—
374 385 100 121
742 340 100 325
Machine tools
212 108 100 153
209 202 100 112
Trade.
Jewelry
114 127 100 111
200 122 100 151
Clothing
Wholesale trade in most reporting lines showed a seasonal decline in
100 138 100 117
192 84 100 121
a Men's
December. but was considerably larger than a year ago. Farm imple124 119 100 107
205 147 100 171
b Women's
ment dealers, however, rep(rted larger sales than in November, and mr re
384 223 100 149
249 104 100 139
than
ubled their December 1921 business. Retail sales of rep rting Diamonds
,
136 144 100 104
170 117 100 126
Groceries
stores during December reached the largest volume in the last four years.
105 106 100 112
94 100 123
114
Drugs
Bank Credit.
127 145 100 106
159 117 100 120
Hardware
Dividend and interest payments and the disbursement of Government Stationery
124 141 100 98
139 136 100 120
funds in connection with the redemption of Victcry notes and War Savings Shoes
162 IP34 100 91
08 100 116
196
certificates, together with the usual decline in the demand fer currency Dry goods
112 124 100 97
167
76 100 93
after the holiday season, were attended by a large increase in the volume Weighted average
126 135 100 104
174 105 100 121
of new security issues and by somewhat easier money conditions. Open
With the exception of dry goods all groups of dealers reported substantial
market commercial paper rates in financial centres which were 4A to 434,% Increases in December sales. Sales of shoes, which have consistently
in December declined to 43 to 444 7, in January.
lagged behind those of last year. gained 16%.
Member banks in leading cities rope rted an increase in demand deposits,
an important factor in which was the usual seasonal flow of funds from
country districts to financial centres. While the volume of loans on stocks
Federal Reserve Bank of New York Reports
and bonds decreased in the first two weeks of January there was a somewhat
Increases in Chain Store Sales in December.
larger increase in the investments owned by the banks.
At the Federal Reserve Banks the principal change between Dec. 20 and
According to the Feb. 1 issue of the "Monthly Review
Jan. 24 was a reduction of $230.000,000 in Federal Reserve note circulation
by the Federal Reserve
caused by the seasonal decline in currency requirements. Reserves In- of Credit and Business Conditions"
creased S65,000,000 while earning assets declined 8171,000.000. These Agent at New York, "the final figures for holiday sales by
changes are similar to developments during the same period a year ago,
chain store organizations confirm earlier estimates of an
although the decline in earning assets was less than last year.
unusually large Christmas trade." Continuing, the "Review"
New York Federal Reserve Bank on Gain in Basic says:
The increases which December sales showed over the sales figures for
Industries.
December 1921 ranged from 31% in the case of concerns operating apparel
"Monthly Review of Credit and Business Con- stores to 3% In the case of the cigar stores. In three lines the sales per store
The
ditions," issued Feb. 1 by the Federal Reserve Bank of were substantially ahead of those a year ago, and in all of the cases in which
there was a decrease in sales per store there has been considerable expansion
New York, says:
in the number of stores under operation. There Is a tendency for the sales
Production in basic industries continued during December at about
the same rate as during the previous month. The chief gain has been
In the production of pig iron, the domestic output of which is now 5%
above normal as computed by this bank.
There have been three primary factors causing the rapid recovery in
Iron and steel production during the past year; first, the unprecedented
amount of new construction work undertaken, necessitating the use of
large quantities of structural steel: second, the record output of automobiles: and third, heavy buying of equipment by the railroads. These
three industries, the building, automobile, and railway equipment industries, used during 1922 roughly one-half of the country's iron and steel
output. The "Iron Age" publishes the following estimates of the percentages of the year's output used In different industries:
22% Tin plate
4%
Railroads
15% Exports
7%
Building
10% All other
28%
Automobiles
Oil, water, gas and mining_..- 10%
Total
100%
4%
Agriculture
of new stores to be somewhat smaller than those of stores previously established. In the case of the shoe stores a further factor in the reduction of
nearly 5% in the sales per store has been a decline of 8.6% In the average
price per pair of shoes from $3 36 in December 1921 to $3 07 In December
1922. There was an increase in the number of pairs ofshoes sold per store.
Per Ct. Change
In Sales per
Store Doc.'21
No. of Stores.
to Dec.
Dec. Dec.
December Sales.
1922.
Store—
1921. 1922. 1919 1920 1921 1922
Type of
+11.0
370
435 66
97 100 131
Apparel
+13.2
1,627 1,665 81
89 100 116
Ten Cent
—4.6
201
228
92 103 100 108
Shoe
—17.4
6,931 9,399 86
94 100 112
Grocery
+6.6
282
282 98 103 100 107
Drug
—16.2
2,241 2,767
86 104 100 108
Cigar
— —
—10.2
11,652 14,776 83 94 100 114
Total
FEB.3 19231
TTTE CATtONTCLE
Possibility of a Setback in Business.
The possibility of a setback still exists and the wiser business men will temper their optimism with caution, according
to the February monthly letter of Secretary-Treasurer J. H.
Tregoe addressed to the wholesale, manufacturing and banking members of the National Association of Credit Men.
Reports from practically all parts of the country reveal an
optimism that contrasts markedly with the sentiments prevailing a year ago, says this observer. "The tremendous
volume of sales during the holiday period which retailers are
reporting in virtually all parts of the country have given
buoyancy and hope to even those business men whose memory
of the depression has tended to make them conservative.
The wiser among business men will temper their optimism
with caution, for though surface conditions in most parts of
the country are everywhere of a kind to make us hopeful of
the future, certain factors that are pregnant with adverse
possibilities still exist." Mr. Tregoe adds:
459
tons per year, totaled 795,059 tons, as against 287,674 tons
in 1921 and 793,305 tons in 1920. The 1922 bookings were
equivalent to 68.4% of shop capacity, as against 24.7% in
1921 and 68.2% in 1920. Railway specialties slightly exceeded miscellaneous castings in the 1922 sales, while in
1920 and 1921 the bookings of miscellaneous castings were
about 50% greater than railway specialties. Railway specialties were booked at 86.9% of shop capacity in 1922 and
miscellaneous sales at 56.3%.
The largest monthly bookings of steel castings since the
end of 1919 occurred, it is stated, in March 1920, when 110,282 tons were booked, or 113.8% of the shop capacity of the
reporting firms. Thereafter an almost uninterrupted decline in bookings took place until the minimum of 15,785
tons was reached in July 1921, at 16.3% of shop capacity.
Except for a slump in December 1921, a gradual increase in
bookings ensued until June 1922, and, after two low months,
reached in September the highest mark since March 1920,
with total bookings of 97,919 tons, or 101.1% of shop capacity. Declines occurred in October and November, but
December bookings were over 13% larger than the November sales, with increases in both railway specialties and miscellaneous castings. December bookings equaled 71.1%
of shop capacity. The following table, prepared by the Census, shows the monthly bookings for the past three years of
commercial steel castings by 65 identical companies with a
monthly capacity of 96,000 tons, of which 38,300 tons are
usually devoted to railway specialties and 58,600 tons to
miscellaneous castings:
The industrial sections of the country are increasingly active and
approaching a prosp rt us condition. The most encouraging single factcr in
the wh, Is situation has been the Increased buying power of the farmer as
compared with a year ago,a result of the higher prices which he has obtained
for his products. With these higher prices the farmer has been able to
liquidate in large measure his old indebtedness. though he still needs supplies of credit frr planting'and harvesting the present year's crops. A
great deal will depend, theref, re. upon the prices which he will receive f r
his crops during the coming year. Since a large percentage of these crops
are exported to Fur( pe. the prosperity of the ft.rmer, and with him the
prosperity of those businesses d rectly r indirectly dependent upon him
will be determined partly by the European situation. With the present
high prices f r cotton all signs point to a large planting for this year. If
Europe is unable to take its normal supply, an unfavorable reaction on
American cotton growers will naturally follow.
Since in the face if an unrehabilitated Europe•we have succeeded in obBOOKINGS OF COMMERCIAL STEEL CASTINGS.
taining a fair measure of business activity and prosperity, it would seem
unwise to over-emphasize our dependence on European conditions. But
on the other hard, we can not expect our present trend toward prosperity
Total.
!Railway Specialties Miscell. Castings.
to be maintain d tr aoc •Ierated in the face of deteriorating European
conditions. The farmers of America and no less their business associates Year and
Net
% of
Net
% of
Net
% of
Monthare hoping that the present crisis in Europe may forecast an improvement
Tons. Capac'y Tons. Cawley Tons. Caw)/
rather than a further disintegration of European commerce and finance.
1920.
January
68,935
71.1
2.5,048
65.4
43,887
74.9
72,959
p.3
Orders for Postal Cards and Stamps Reflect Trade February
24.669
64.4
48.290
42.8
March
110.282 113.8
58.437 152.7
51.795
88.4
Activity.
April
85.286
88.0
37.435
97.7
47.851
81.7
83,543
Orders for postal cards in carload lots and the sale to one May
86.2
36.741
95.9
46.802
79.9
June_
71,084
73.4
23.714
61.9
47,370
firm of eleven million pre-cancelled stamps at one time, July
80.8
64.885
67.0
25.253
65.9
39.632
67.6
are two of the features marking the biggest business in the August
62.360
64.4
26.822
70.9
35.538
60.6
sale of stamped paper in the history of the Post Office September
64.610
66.7
29.894
78.1
34.716
59.2
42,655
44.0
12,447
32.5
30.208
51.5
Department, according to figures compiled this week for the October
November
36,501
37.7
10.927
28.5
25.574
43.6
6 months ending Dec. 311922. Despite the rapidly increas- December
30,205
31.2
6.789
17.7
23.416
40.0
ing use of the postage metering device, the monetary value
of stamps issued during the 6 months period totaled $232,882,075 48, as compared with $196,176,612 63 for the same
period of the previous year, or an increase of $36,705,462 85,
or 18.1%.
Stamp issues are gauged by demand but because of the
unusually heavy demand it has been impossible to keep up,
so that the reserve supply has fallen two hundred million
below the figure set as a safe margin. The usual let-up in
January, caused by many offices over-stocking for the
holiday business, is not apparent this year, the Post Office
Department says, and indications are that high records set
each month will only be shattered by the next. Further
information furnished is as follows:
The total number of postage stamps issued from July 1
to Dec. 31 1922
were 7.660,578.830. with a monetary value of $199.538.59
9 09. as compared
with 6,661.813.086 stamps, with a monetary value
of $168.838,399 22 for
the same period of 1921. The quantity increase
was 15% and the increase
in monetary value was
18%•
All records were broken during the period in the production
of stamped
envelopes and newspaper wrappers. Stamped envelopes
numbered
1,345,907,611, with a monetary value of $27,544.915 39, as compared
with
1,038.112.558 envelopes with a monetary value
of $22,099,513 41 for the
last 6 months of 1921. The quantity increase
was 29% and the value increase 24.6%.
The demand for postal cards was
the largest for any previous given
period. It has not been unusual for a
number of patrons to order an entire
carload at a time, amounting to
6,000,000 cards and having a value of
160.000. The number of cards issued
during the 6 months was 568,768.000
with a monetary value of 35.798,560, as against
494.815,000 cards with a
monetary value of 35.242.700 for the same
period last year. or an Increase
in number of 10.6%. The difference in the
number of cards and the
monetary_value is explained by the sale of
double return cards.
Steel Castings Sales at 1920 Level.
Sales of commercial steel castings in 1922 were almost
three times as large as in 1921, and were almost at the same
level as in the year 1920, according to an announcement by
the Department of Commerce from data compiled by the
Bureau of the Census in co-operation with the Steel Founders'
Society from 65 companies comprising over two-thirds of
the commercial castings capacity of the United States.
Commercial castings booked in 1922 by these companies,
with a capacity devoted to commercial work of 1,162,800
Total
793.305
68.2
318.226
69.2
475,079
67.6
1921.
January
February
March
April
May
June
July
August
September
October
November
December
24,679
25,209
20.903
17.726
18.622
19,381
15.785
18,539
23.435
32,961
40,552
29,912
25.5
26.0
21.6
18.3
19.2
20.0
16.3
19.1
24.2
34.0
41.8
30.9
5.964
9,942
6.173
4,795
6,369
7.330
4.673
6.870
10.032
17,605
20,726
14,389
15.6
26.0
16.1
12.5
16.6
19.2
12.2
17.9
26.2
46.0
54.1
37.6
18.715
15,267
14,730
12.931
12.253
12.031
11,112
11.669
13.403
15.356
19,796
15.523
31.9
26.1
25.1
22.1
20.9
20.5
19.0
19.9
22.9
26.2
33.8
26.5
Total
287,674
24.7
114.888
25.0
172.786
24.6
1922.
January
February
March
April
May
June_
July
August
September
October
November
December
34.459
37,080
47,892
75,665
77,600
89.365
66,166
63,416
97,919
75,709
60.899
68,899
35.6
38.3
49.4
78.1
80.1
92.2
68.3
65.4
101.1
78.1
62.8
71.1
20,081
18.578
23.791
46,560
42,796
51.694
32,372
21,843
56,781
34,276
22,131
28,271
52.4
48.5
62.1
121.6
111.7
135.0
84.5
57.0
148.3
89.5
57.8
73.8
14.378
18.502
• 24.101
29.105
34,804
37.671
33,794
41,573
41.138
41.433
38,768
40.618
24.5
31.6
41.1
49.7
59.4
64.3
57.7
70.9
70.2
70.7
66.2
69.3
795.059
68.4
308_174
88.9
38.5.885
56.3
Total
General Reduction in Milk Prices Announced by
Borden Company.
Patrick D. Fox, President of the Borden Farms Products
Co., announced on Jan. 26 that there would be a general
reduction in milk and cream to the public for February,
with Grade A selling at 18 cents a quart instead of 19, and
Grade B 15 cents instead of 16. Mr. Fox announced a
.
2
-cent decrease in prices of cream. Half-pints of extra heavy
cream were priced at 30 cents instead of 32, and half-pints
of route cream 20 cents instead of 22. These prices cover
Manhattan, Brooklyn, the Bronx and Queens. Staten
Island prices are one cent higher.
THE CHRONICLE
460
Secretary
Hoover Urges Coal Consumers to Supply
Winter Needs in June.
Secretary of Commerce Hoover on Jan. 30 warned consumers of fuel to buy next winter's supply during June.
The Secretary declared coal prices will be down to a competitive basis next spring and that by June there will be
enough reserves on hand to permit the fuel consuming public
to stock up for next winter.
Current Ximixts and
giszussions
The Week with the Federal Reserve Banks.
Further reductions by $17,600,000 of Federal Reserve
note circulation, a nominal increase in deposit liabilities,
and a gain of $5,200,000 in cash reserves are shown in the
Federal Reserve Board's weekly bank statement issued as
at close of business on Jan. 31 1923, and which deals with the
results for the twelve Federal Reserve Banks combined.
In consequence of these changes, the reserve ratio shows a
rise for the week from 76.5% to 76.9%. After noting these
facts, the Federal Reserve Board proceeds as follows:
Discounted bills on hand show an increase for the week of $27.500,000,
acceptances purchased in open market a decline of about $16,000,000,
and Government securities an increase of about $900,000 Gold reserves
of the System show a reduction of $4,300,000 The New York Reserve
Bank shows an increase in its gold reserves of $6,300,000, Dallas reports
an increaae of $5,400,000, and San Francisco an increase of $4,600.000,
while smaller increa.ses totaling $5,600,000 are shown for the Cleveland,
Kansas City and Richmond banks The largest decrease in gold reserves
amounting to about $12,000,000, is shown for the Philadelphia Reserve
Bank, Chicago reports a decrease of $7,500.000, while smaller decreases,
aggregating $6,800,000, are shown tor the remaining four banks.
Holdings of paper secured by Government obligations show an increase
for the week from $341,500,000 to 3377,500,000 Of the total hold on the
last day of January, 5163,800,000, or 43.4%, were secured by United
States bonds, $4,300,000. or 1.1%, by Victory notes, 51.31,800,000, or
40.2%, by Treasury notes, and $57,600,000, or 15.3%. by Treasury
certificates, compared with $152,400,000, $2.000,000, $134,900,000 and
$52,200,000 reported the week before.
The statement in full in comparison with preceding weeks
and with the corresponding date last year, will be found on
subsequent pages, namely pages 491 and 492. A summary of changes in the principal assets and liabilities of the
Reserve banks on Jan.31 1923,as compared with a week and
a year ago, follows:
(—)
Since
Increase(+3 or Decrease
'Feb. 1 1922.
Jan. 24 1923.
+8165,600.000
+85,200,000
Total reserves
+164.700,000
—4,300,000
Gold reserves
—93.900.000
+12,400,000
Total earning assets
—240,600,000
+27.500,000
Discounted bills, total
+16.400,000
+36,000,000
Secured by U. S. Govt. obligations_
—257,000,000
—8,500,000
Other bills discounted
+98,500,000
—16,000,000
bills
Purchased
+48,300,000
+900,000
United States securities, total
+72,200.000
—3,900,000
Bonds and notes
—23,900,000
+4,800.000
U. S. certificates of indebtedness
+200,000
+150,600,000
Total deposits
+224,000,000
—11,100,000
Members' reserve deposits
—68,700,000
+13,000,000
Government deposits
—4,700,000
—1,700,000
Other deposits
, —17,600,000
+25,600,000
in circulation_
Federal Reserve notes
—80,800,000
Bank notes in circulation, net liab_
F. R.
[VoL. 116.
Borrowings of the reporting institutions from the Federal Reserve banks
increased from $296,000,000 to $359,000,000. or from 1.8 to 2.2% of their
total loans and investments. New York City banks show an increase from
$140.000,000 to $167,000,000 in their borrowings from the local Reserve
Bank and from 26 to 3 2% in the ratio of these borrowings to their aggregate loans and investments.
Reserve balances of the reporting banks show an increase of $9,000,000
and cash in vault a reduction of $2,000,000. Corresponding changes for
the New York City banks comprise an increase of $18,000,000 in reserve
balances and a decrease of $2,000,000 in cash.
On a subsequent page—that is, on page 492—we give
the figures in full contained in this latest weekly return of
the member banks of the Reserve System. In the following
is furnished a summary of the changes in the principal items
as compared with a week and a year ago:
Increase (+) or Decrease .(—)
Since
Jan 17 1923
Jan 25 1922
and discounts—total
Loans
+$469,000,000
—$108,000,000
Secured by U S Govt obligations_ _
—173,000,000
—19,000,000
Secured by stocks and bonds
—79,000,000
+658,000,000
All other
—16,000,000
—10,000,000
Investments, total
—22.000,000 +1,228,000,000
U S bonds
—6,000,000
+507,000,000
U S Victory notes and Treasury notes
—6,000.000
+626,000,000
-1-1 ,000,000
Treasury certificates
—12,000,000
Other stocks and bonds
+2.000,000
+94,000,000
Reserve balances with Fed Res banks
+9,000,000
+193,000,000
Cash in vault
—2,000,000
+10,000,000
—118,000,000
+13,000,000
Government deposits
—80.000.000 +1.248,000,000
Net demand deposits
—21,000,000
Time deposits
+693,000,000
—50,000,000
Total accommodation at Fed Res banks +63,000,000
Secretary of Treasury Mellon Opposed to Bill Providing
Billion Dollar Food Credit for Germany.
Opposition to the Bursum bill, which would provide a
billion dollar credit for the German Government for the purchase a food stuffs in the United States is opposed by Secretary of the Treasury Mellon, who, in a letter to Chairman
McCumber of the Senate Finance Committee, stated that
the proposal was in contravention of the Treasury's policy
"that foreign governments desiring to find finance in the
United States should appeal to the investing public and not
seek Govestunent aid." The letter was presented at opening hearings on the bill by a finance subcommittee, headed
by Senator Sutherland of West Virginia. W. W. Bauer
of New York, who has been attempting for a year or more to
obtain credits in this country for Germany, appeared in
support of the measure before the Sub-Committee on Jan.
30. According to a Washington dispatch to the New York
"Commercial" Mr. Bauer exhibited the contract which he
has with the German Government to negotiate a credit
of this sort from the American Government. The "Commercial" dispatch also said:
He told the sub-committee that so far he had not received any compensation fur his efforts.
Indications were that the sub-committee will make an adverse report on
the bill.
Secretary Mellon in his letter to the Committee, made
public Jan. 30, said that he knew of "no reason for taking
any more favorable position with respect to the German Government than toward foreign governments associated with
us in the late war." Secretary Mellon further said:
The Week with the Member Banks of the
The United States Treasury, moreover, has no funds available for loan,
Federal Reserve System.
to foreign governments, and, if such a bill as this were passed, would have to
by new borrowings
Aggregate liquidation of $108,000,000 of loans and dis- find fundswhich would be or additional taxation of the American people,
either of
out of the question for such a purpose as this.
counts and of $22,000,000 of investments, accompanied by for the Government's borrowings are already too heavy and existing taxes
• in deposits and an are too high for the good of agriculture, business and industry.
combined reductions of 3219,000,000
"The purpose of the present bill is apparently to assist producers of agriincrease of $63,000,000 in accommodation at the Federal
cultural products or other raw materials to find a market for their products,"
Reserve banks, is shown in the Federal Reserve Board's Mr. Mellon wrote,"and to do this by lending money to prospective buyers
weekly consolidated statement of condition on Jan. 24 of without adequate security or sufficient assurance ofability to repay principal
and interest wben due. I
780 member banks in leading cities. It should be noted is ,ustified by conditions. do not believe that such an extraordinary measure
that the figures of these member banks are always a week
"The emergency situation which existed in agriculture in 1921 has in a
large measure passed and conditions are becoming more normal. Better
behind those of the Federal Reserve banks themselves.
machinery for distribution and
some
All classes of loans show smaller figures than the week ties may be necessary in ordermarketing andthe additional credit facilito establish
livestock
before: Loans secured by Government obligations by industries on a more stable basis, but the creditsagricultural andshould, I
to be provided
loans secured by corporate obligations by believe, follow the lines indicated in the bill Introduced by Senator Capper
$19,000,000,
passed
day or two ago.
$79,000,000 and other, largely commercial, loans and dis- which wasalreadyin the Senate aTreasury's viewsas to
expressed the
"I have
this bill, and
$10,000,000. Under the general head of invest- eral agricultural situation, and In that connection have suggestedthe gencounts by
that in
show a reduction of $24,000,- so far as special relief may be necessary to meet emergency conditions
ments Government securities
that still remain as a result of the derangement of markets and depression
000 and other securities an increase of $2,000,000. For in business, it should be provide& by a further extension of the life of the
member banks in New York City reductions of $47,000,000 War Finance Corporation for a limited period.
"By this means, rather than by a spectacular Government loan to our
in loans secured by corporate obligations, of 828,000,000 enemy in the late war,it will be possible, I
believe, with the help of the estabin other loans and of $10,000,000 in investments are noted. lished banking facilities, to provide the necessary credits for agriculture and
Net withdrawals of Government deposits for the week such export credits as may be justified by world business conditions."
amounted to $118,000,000. Net demand deposits declined
U.S. Gets $10,000,000 in Interest on French
by $80,000,000 and time deposits by $21,000,000. Member
Indebtedness,
banks in New York City report reductions of $52,000,000
On Feb. 1 the following from Washington was reported
in Government deposits, of $13,000,0Q0 in net demand deposits and of $23,000,000 in time deposits. Further com- by the "Journal of Commerce":
The Treasury to-day received a payment of $10,000,000 from France.
ment regarding the changes shown by these member banks
The French payment was a semi-annual installment of interest at 5%
is as follows:
THE CHRONICLE
FHB. 31923.1
upon a debt of $400.000,000 contracted after the armistice through the
purchase of surplus supplies from the War Department. To-day's payment
makes a total of $50,000,000 of; Interest on this debt paid by the French
although there has been no reduction of the principal.
It was indicated to-day at the Treasury that efforts would be made to
resume negotiations with France for the funding of that country's total
debt to the United States, which amounts to $3,844,000,000, soon after
the arrangements for the liquidation of the British debt is completed.
Comparative Figures of Condition of Canadian Banks.
In the following we compare the condition of the Canadian
banks under the December 1922 statement with the return
for November:
461
ment's $24,000,000 loan was placed in this country, has just completed a
visit to New York and sailed for Bolivia. One of the objects of Senor
Villanueva's visit was to confer with the bankers with reference to the work
of this Commission, which, it will be recalled, Is to help in the establishment of a system which will provide for the better collection of the revenues.
Two representatives of the bankers are returning with Senor Villanueva in
order that they may lend their aid on the ground to the working out of the
details.
It Is understood that general conditions have improved very considerably,
in the last twelve months, and that both imports and exports show a corresponding increase. With regard to the service payments of the interest
and sinking fund payable May 1 next, the Government has on deposit in
New York funds more than sufficient to meet these, which it can apply
to that purpose. The decline In the market price of the loan is attributed to
general conditions which appear to have affected all South American loans.
ASSETS.
Dec. 30 1922. Nov. 30 1922.
Gold and subsidiary coin—
In Canada
Elsewhere
78,615.584
15.173,721
79.928.646
20,088.418
100,017.064
93,789,305
Total
177.770,676
182,686,820
Dominion notes
Deposited with Minister of Finance for se6,441,991
6,450,026
curity of note circulation
59,452.533
61,202.533
Deposit of central gold reserves
120,577,121
156.891,287
Due from banks
1,415,797,701 1,456.278,213
Loans and discounts
317,260,046
340.588.998
Bonds, securities, &c
98.984.090
98.383.580
Call and short loans in Canada
204,437,459
Call and short loans elsewhere than in Canada 185,653,891
112,901,310
113,507,990
Other assets
Total
2.618,637.965 2,690.434.669
LIABILITIES.
$
Capital authorized
Capital subscribed
Capital paid up
Reserve fund
Ni Nn
Circulation
Government deposits
Demand deposits
Time deposits
Due to banks
Bills payable
Other liabilities
187.175,000
125,572,300
125,291,934
130,675,000
187,175,000
125.476.400
125,144.564
130,440.964
169.626.264
.176,201,351
131,762,338
78,583,303
868.091.684
825,963,824
1,167,609,065
1,184,703.596
50,490,303
50,403,020
6,570.303
8,506.825
24,908.693
23,102.968
Total, not including capital or reserve fund _2,347,464,887 2.419,058,630
Note.—OwIng to the omission of the cents in the official reports, the
footings in the above do not exactly agree with the total given.
Loan to Austria Guaranteed by League of Nations.
The Associated Press in Paris advices, Feb. 1, stated:
Internal Issues of Germany, Austria, and Russia
Barred from Curb Trading.
The following is from the New. York "Evening Post" of
Jan. 27:
Trading in German, Austrian and Russian bond issues, payable in the
currency of the country of issue, was suspended to-day by the Curb Exchange. according to announcement made from the rostum at the beginning of the day's session. The mark itself went down to a new low record,
being quoted at 27,777 to the dollar.
The suspende issues include the following:
Badische Analine, Berlin,Bremen,Buda-Pesth, City 3f Elberfeld. City of
Munich,Coblenz, Cologne, Dresden, Dusseldorf,Essen,Frankfort, German
General Electric, German Government, Giessen, Greater Berlin, Hamburg
American Line, Hamburg, Leipzig, Mannheim, Munich, North German
Lloyd, Neurnberg, Prussian Government, Russian Government (Russian).
Stuttgart and Vienna.
It was learned that a protest over the amount of commission charged on
transactions in these bonds precipitated the action. In one case, a few days
ago, the commission was more than the total value of the securities.
The fall in the value of the German mark especially has been exceedingly
rapid during the past few weeks and the difficulty of quoting and dealing
in securities the value of which was determined primarily by the fluctuating
value of the mark has been increased accordingly.
This action does not mean that there will exist no market for this type of
securities. however. There are a number of specialists who specialize in
these foreign municipal and corporate issues and they will continue to deal
in them over the counter. For some time past the greater part of the dealings in German internal issues have been accomplished in this fashion, the
difficulties in trading in them in an open market having brought the amount
of business done in that way to a minimum some time since.
Two or three years ago bond salesmen started to flood the country with
these Russian, German and Austrian bonds, and the sales have mounted
into the millions of rubles, marks and kronen.
Acceptance by Great Britain of United States Debt
Funding Proposals.
Following the return to London of Stanley Baldwin,
Chancellor of the British Exchequer, and the presentation
on Jan. 30 to the British Cabinet of the report of the debt
funding mission to the United States (of which Chancellor
Baldwin was head), the Cabinet Council on Jan. 31 decided
to accept the terms proposed by the United States for the
funding of the British war debt to this country. The
Council, according to the Associated Press advices from
London Jan. 31, acted "with unexpected promptitude,
and almost without further debate," and the American
terms were accepted (the cablegrams added), "so far as
known to-night without reservations of any kind.'" The
following day (Feb. 1) Associated Press cablegrams from
London said:
The financial salvation of Austria was announced to the Council of the
League of Nations to-day by the Earl of Balfour as virtually an accomplished fact, and M. Viviant, who referred to the league as "the last
resort for nations and States whose problems had become insoluble," said
the Council now was ready for other problems.
The Committee's report to the Council set forth that the needed loan of
650,000.000 gold crowns had been guaranteed to the amount of 84% by
Great Britain, France, Italy and Czecho-Slovakia. that 9% more had
been pledged by Spain. Belgium and Switzerland. aqd that Sweden, Denmark, Norway and Holland would guarantee the balance. Thus bankers
will be fully guaranteed for any loans they make to Austria up to the
total fixed by the Committee.
Chancellor Selpel of Austria, thanking the Council for coming to the
rescue of his country,said it enabled Austria "to preserve its political independence," which was taken as an allusion to the declarations made prior
to the League's intervention that if Austria's finances were not restored
she would fall into the arms of Germany.
The Chancellor announced that all the reforms demanded as a condition
It is authoritatively stated that the officials of the British Government
of the loan had been put into effect and said that the successful progress of consider the American terms for funding of the British war debt to the
the League's efforts had "revived the sunken hopes of the Austrian people." United States to have been completely accepted by yesterday's action of
"But it is not yet all," ho added. "We must be freed from the economic the British Cabinet.
Chains that have been stretched around us since the war."
While the words "in principle" were used in informing both the American
This reference to the barriers raised by neighboring States, which had Ambassador in London and the British Ambassador in Washington of the
throttled Austria's trade, elicited a declaration from Dr. Pospisil, of Cabinet's action,this terminology,it is explained, merely permits the British
Czocho-Slovakia, that his country was ready to facilitate a revival of Ambassador to continue the "unimportant details of the negotiations."
Austrian trade. Ile also introduced a resolution that all members of the
The terms proposed by the United States during the recent
L084110 do likewise.
The representatives of the Allies in turn assured the Council that their conversations in Washington between the United States
countries were ready to make now commercial treaties with Austria on
Commission—the World War Foreign Debt Mission—and
favorable terms, and the resolution was adopted unanimously.
the British debt funding mission, which included Chancellor
Baldwin, Montagu C. Norman, Governor of the Bank of
Ford Grants $4,000,000 Credit to Soviet Russia.
The following from Berlin, Feb. 1, appeared in the New England, and P. J. Griggs of the British Treasury, call for
a reduction from 5% to 4Yi% in the rate of interest borne
York "Commercial":
(1917-18) to
Henry Ford has obtained a concession in Southern Russia from the by the loans from the date of the obligations
the present time; the period within which the debt is to be
Soviet Government.
According to the agreement, Ford is to supply Russia immediately liquidated, it is understood, is fixed at 62 years—a 3% rate
with 2.000 Fordson tractors, valued at $4,000,000. The first shipment of
of interest being proposed for the first ten years and 354%
these tractors is already on the high seas.
Ford is to receive in return cotton and other raw materials which his for the remaining period of 52 years. The conferences
agents will convert into money in Western Europe.
between the two missions were referred to in our issues of
Thus Henry Ford becomes the first large AmeriCan capitalist to grant
Jan. 20, page 235, and Jan. 27, page 359. From a special
extensive credit to the Soviets.
It is learned that Ford has been trying for the last three years to do Washington dispatch to the New York "Times" Jan. 27
business in Russia. first negotiating with Kolchak, and later with Denlkin. we quote the
following regarding the proposals made by
These early efforts led to Ford's connection with Czarist officers and is
the United States commission:
declared to be responsible for his anti-Semitic campaign.
Details of the suggestions made by the American Debt Commission to the
British Commission in regard to the funding of the British debt to the United
Return-rot/Senor_Villanueva to Bolivia.
States were made available here to-day in an official quarter, following the
interview with Stanley Baldwin, Chanpublication
Trask & Co. make the following announcement cellor of of cable dispatches of an which Mr. Baldwin made reference to
Spencer
the British Exchequer, in
the so-called American terms.
under date of Jan. 30:
The American suggestions called for a retroactive interest rate of 43i%
Senor Villanueva, the recently appointed third member of the Permanent
Fiscal Commission established by the Republic of Bolivia when the Govern- from the date the obligations were contracted to the date of the completion
462
THE CHRONICLE
FoL. 116.
of funding arrangements. The rate now being charged is 5%. Further- no further interest in connection with the international debt or international
more, the American Commission suggested an interest rate of 3% for trade.
the first ten years after funding arrangements were completed, the rate
"They are in very much the same frame of mind we used to be in regarding
to be increased to 33 % after ten years, to continue until the debts were reparations, when a large number of people in this country thought that
liquidated, probably another fifty-two years.
Germany would send bags of gold every Saturday night until the money
Amortization provisions to make possible yearly payments on principal was paid up. A great many people in America think that all we have to
were to be established, the amount to be set aside for this purpose being in do is send money over there.
the first years, at least approximately one-half of 1% of the entire princi"The debt can only be funded on such terms as can be got through
pal of the debts.
Congress and the Senate, and that is the root of the difficulty with which
interview Chancellor Baldwin set forth substantially these details, we are now faced."
In his
but was quoted as representing the American Commission as holding out for
Mr. Baldwin asserted that he might say more, but was obliged to discuss
5% interest during the period from the date the debts were contracted to the question with the Cabinet. Asked whether he
would return to America,
the date of completion of a funding agreement.
he said:
In discussing Mr. Baldwin's interview an American official said first that
"I should like to do so because I have been well received here, but I
the terms expressed by the American Commission were not in the nature of shall not be able to return, as I have my own work to do
at home."
a proposition, but rather of suggestions made during informal discussions of
Mr. Baldwin said that unless an arrangement were arrived at by which
the matter,many various suggestions being made on both sides. The terms an agreement between the American Debt Funding CommiSsion
and the
as stated In the cable as coming from the Chancellor, it was explained, "are British Government were approved and ratified by Congress
before March
not exactly the nearest approach to an arrangement arrived at, although 4 the matter would be deferred until the end of the
year. There was
correct in some particulars."
no chance, he said, of new proposals being put forward previous to March
The amortization feature,this official said, was rather a series of payments 4, because the Funding Commission in America had put
forward the
from year to year to be made in extinguishment of the debt, varying in in- only proposals which were thought to have
achance of acceptance by
creasing amounts, but probably would amount to substantially the rate of Congress.
l3% of the principal, as mentioned in the cable. It also was understood
"They have gone to the limit in what they are likely to propose," he
by the American Commission that should the other terms be agreeable said.
under the suggestion made the rate of interest to cover the period prior
"If no agreement is come to now the whole thing falls to the ground,"
to the refunding should be at the rate of 4 h% fixed for the period prior Mr. Baldwin added. "The American Commission was appointed
and
to funding and with 3% for ten years thereafter; the American Commission. closely tied up by Congress—not given more favorable terms
than those
it Is understood, calculated that the average interest to be paid by Great you are already familiar with. Those terms are perfectly
impossible
Britain would be approximately 4%, probably slightly under that level.
for they would mean that we would pay something like 6%.
The arrangement, it was felt, also would make the rate charged the
He believed the American people thought they had been generous in
British square with the rate which,averaged over the whole proposition,the their offer, but the English people did not take that view.
United States would be called upon to pay to holders of Liberty bonds and
"Unless Congress agrees to what the Commission already has prolong-term refunding issues. Sums paid by the British to reduce the princi- posed, we shall have to continue paying what we are paying
now," the
pal of the debt owed the United States, it is proposed,shall be used to reduce Chancellor went on. "It is a matter of opinion whether it will be
imthe principal amount of Liberty bonds distributed by this Government. possible to find all this money for many years to come."
The American Commission. It was said, felt that the suggestion as outlined
Mr. Baldwin intimated that unless the debt were funded, Great Britain
would receive the sanction of Congress,although this would not be definitely would continue paying 5% interest. "We are pledged up to
the hilt
established until modifying legislation was sought. It had been the hone to pay it, and also to pay back all the capital," he said.
of the Administration that the suggestion would be accepted quickly by the
Questioned by English correspondents whether a stage had been reached
British Cabinet so that the matter could be placed before the present Con- when according to the present outlook no better terms could be hoped
gress.
for, Mr. Baldwin replied:
The British debt to the United States on Nov. 15 last aggregated $4.746."Yes, I think that is so."
862.560 of which 84.135,818,358 was principal and $611,044,201 interest
On the Commission's terms of 3h %, Mr Baldwin pointed out, Great
accrued since the loans were made. It is probable that in any funding Britain would have to pay £31,000,000 yearly, which might be relieved
arrangement the accrued interest would be merged with principal up to the to a certain extent by an improved position of the sovereign in exchange.
time of completion of funding.
"All the best opinion in New Yerk," he said, "believes that the pound
Should the accrued interest be fixed at 4h% the total would be reduced and the dollar will go to parity pretty soon. The way in which the pound
about $100.000,000. At the rate of 3% the British apparently would be has been going up Is very remarkable, but there are good Judges who think
called upon to pay about 8130.000.000 annually in interest, and also to set it is not so much the appreciation of the pound as the depreciation of the
aside about $23,000,000 annually for amortization provisions. The total dollar."
payments to the United States over the first ten years would approximate
Mr. Baldwin expressed the belief that the strain of paying 5% interest
$153,000,000, or slightly in excess of £30,000,000.to be raised by the British on the whole debt would be greater than this country could carry.
This
in taxes.
was a "ghastly thought," he added but there was no doubt about it.
It is understood here that the British first sought an interest rate of2h %,
"I should like to point out," the Chancellor continued, "that what
to be made retroactive to the date the debts were made,and later suggested America has offered represents an immense advance in American
opinion
3% on the same basis with an amortization provision of one-half of 1%. It In a very short time. It was not thought possible that Congress
would
was such a proposition that the American Commission did not believe be willing to 'eat' its own legislation and give terms subsequently reducing
to be acceptable to Congress, it was the feeling here, it is understood, that the percentage to be paid to 3h% over a series of years. The original
the American suggestions as outlined were, in the opinion of the American terms of Congress, with the sinking fund, really represented
about 6%."
Commission, the most liberal which might hope to receive Congressional
Mr. Baldwin thought there could be no more opportune time than the
favor. It was believed that an argument could be placed that an argument present to offer terms in order to change opinion in Britain's favor.
could be placed before Congress for funding, on the basis suggested, which
"The debt has got on the nerves of the American people, and the word
would convince Congress of its fairness.
'cancellation' makes them shy all along the line," he added.
As we indicated in our issue of a iveek ago, Chancellor
The Chancellor hinted that any reduction in the British budget would
entirely
Baldwin returned to Europe on the steamer Olympia, which depend state upon whether a settlement with America was effected
of the financial position generally.
and the
left New York Jan. 20. With his arrival at Southampton
Too much could not be said about the cordial reception of the mission
on Jan. 27 he was reported as stating that "the settlement in America, he concluded. The kindness there had been extraordinary,
them the visit
an immense amount of
of the debt in America is in the bands of politicians"—that and everyone assured relations betweenwould docountries.
good in furthering the
the two
the majority a the members of the Senate "come from the
Senator McKellar, of Tennessee, entered into a criticism in
agricultural and pastoral communities and they do not
the Senate on Jan. 29 of Chancellor Baldwin's remarks,
realize the existing position with regard to the meaning of saying in part:
the international debt." The Associated Press furnished
"I do not know what defense members of the American Debt Funding
the following account of what he had to say:
Commission are going to make to the slurs and innuendoes cast upon them
Stanley Baldwin, Chancellor of the Exchequer,returning on the Olympic
to-day from his debt mission to Washington, told newspaper men that
settlement of the debt question in the United States was in the hands of
Congress as the representatives of the people, and that this situation
constituted the great difference between America and this country.
Explaining that in America "you may have an Executive who is willing
to do a great deal for you, but cannot because of difficulties encountered
in Congress, Mr. Baldwin said.
"In the early days the Secretary for the Treasury could undoubtedly
have arranged terms with the British Government, but the situation is now
complicated, because the matter is in the hands of the American Congress.
You are not settling in America with the Cabinet at one end or with business
men at the other. You are settling with Congress and the Senate, which
represent the people of America from one end of the country to the other.
In England, if any terms are agreed on regarding the debt, the Government
takes the responsibility.
"On the other hand, what the executives in America have to do is to
endeavor to force anything of this sort through Congress, and in doing so
they may be beaten."
The Chancellor said he wondered "whether the position which obtains
regarding the debt is as clear in America as in this country." Continuing,
he asserted:
"The great difference between America and this country is that the
settlement of the debt in America is in the hands of politicians. We are
bound in regard to that debt in the most stringent bonds you can possibly
imagine."
Mr. Baldwin described Americans as "a country, not an urban, people."
"They have men of our way of thinking in the Eastern States." he said,
"but that does not cut any ice at all with regard to the other parts of
America.
"If you look at the Senate you will find that the majority of the members
come from the agricultural and pastoral communities, and they do not
realize the existing position with regard to the meaning of the international
debt.
"The bulk of the people in America have no acquaintance with it. Great
Britain lives on international trade, but in America this is not so. The
people in the West merely sell wheat and hogs and other produce and take
by this representative of the British Government.
"I am sure that Mr. Baldwin's statement that Western Senators and
Representatives and Western people are ignorant of international finance
and business is quite untrue. The Senator from Utah (Mr. Smoot), who is
a member of the American commission, is probably as well versed in international finance and business as is Mr. Baldwin. Representative Burton,
who formerly was a member of this body, also is an authority on international finance and business matters. Together they are the representatives
of the American Congress with whom Mr. Baldwin was most closely
associated while he was here. Mr. Baldwin's statement, therefore, appears
to be an unwarranted criticism of these two distinguished gentlemen.
•
"I have taken the position herefore that these gentlemen and the other
members of the American commission were at fault in not taking the
American people into their confidence. . . . If our commission had
disclosed what was going on to the American people, if they had taken the
American people into their confidence, they would not have subjected
themselves to what I think the wholly unwarranted reflection that has
been made upon them by this representative of the British people.
"Mr. Baldwin's statement that a majority of the Senators were from
agricultural and pastoral communities, while technically true, is an attempted clumsy effort on his part to cast odium ,upon Western Senators.
His statement that 'the people • of the West merely sell wheat and hoes'
. . . and do not think or know anything else, is simply a disgusting
attempt at wit and a shining display of ignorance. . . .
"I am glad that no Democrat was put on that commission and that the
party to which I belong does not have to bear the odium of any part of the
,
slurring statements made by the head of the British commission. That partisan commission, instead of being criticised by Mr. Baldwin, should have
been praised by him,for itseems to have been all the time under the influence of the British commission in so far as secrecy, at least, is concerned.
•
"I cannot believe that the British people entertain the views that Mr.
Baldwin expresses in reference to"the funding of those debts. The British
people have always been a debt
-paying people. They have not treated
their obligations as a scrap of paper, and it Is inconceivable to me that these
self-respecting people, these contract
-observing people, will permit one of
FEB.3 1923.]
THE CHRONICLE
their own number to utter these uncalled for, untrue and discourteous words
toward the American people and American representatives without rebuke
in view of all the wonderful acts of friendship that Save so frequently characterized the American people in their attitude toward the British Governtient and the British people.
As to the criticisms occasioned by his remarks, Chancellor
Baldwin was reported in Associated Press advices from
London Jan. 29 as stating:
463
It was hoped the Commission would be in a position after to-day's meeting
to submit to President Hauling be-morrow its recommendations for action
by Congress. The President thus would be able to place the settlement
before Congress for ratification probably early next week.
Decision as to what procedure would be followed in asking approval by
Congress apparently had nokbeen reached, but indications strongly favored
action on the British ternis specifically and without attempted changesin the
debt funding act itself.
Questioned by the "Daily Mail" with reference to the criticism in the
Secretary Mellon to Fight Plan to Link British Debt
United States of his interview given at Southampton with regard to the
Payments with Bonus.
funding of Great Britain's debt, Chancellor of the Exchequer Baldwin said
he felt sure that the criticism was due to the fact that only extracts of his
The following from Witqhington, Feb. 1, appeared in Iita
statement had been cabled across the Atlantic.
"I am sure if the whole interview was read in the United States," the "Journal of Commerce":
Chancellor said,"no exception would be taken to it. My principal
Completion of arrangements for the payment of the British debt to the
object,
of course, was to explain to the British people the position of affairs in the United States will in no way alter Secretary Mellon's opposition to a
United States,the difficulties and opinions of the great massof the American soldier bonus, it was said to-day atthe Treasury. As the British funding
people away from the Eastern seaboard, regarding the debt.
negotiations near their conclusion Indications of a revival of the soldier
"Of this I am sure: a majority of the people of this country are ignorant, bonus agitation is apparent among some members of Congress.
just as a majority of the people of the United States, as friendly as they are
Mr. Mellon takes the position that the country's inability to bear the
to this country, do not yet realize our point of view."
burden of a bonus would not be changed by the liquidation of the British
The "Daily Mail" adds that steps have been taken to convey the full debt on the ground that the interest and principal of the Liberty bonds
interview to the American authcrities. It says it is understood that no outstanding must be provided for. He holds that the British payments
exception has been taken to the interview on their behalf.
could have nothing to do with a bonus as the law required the amounts to
On Jan. 31 the Associated Press cablegrams from London be received from foreign debtors shall be applied on the Liberties.
Other high Administration officials give an impression of unfriendliness
indicating the acceptance of the debt funding proposals of toward connecting the liquidation of the British debt with a soldier bonus,
but at the same time It is expected that some effort will be made in Congress
the United States said:
to tie up bonus legislation with the ratification of the funding terms.
No official statement has been issued beyond the bare announcement of
acceptance, and if there are any reservations or counter proposals, they will
probably become known only after the Ambassador at Washington has corn- The Debt of Great Britain and
the Other Allies to the
municated the British Government's decision to the State Departemnt.
United States.
The question which presented itself to the Government,according to the
view of the majority of the British newspapers, was whether to accept the
In giving in our issue of Jan. 20 (page 237) the remarks
proposed basis of settlement. which, according to belief here, the American
congress will ratify,or to continue on the 5% interest rate until the election made by Senator McKellar in the U. S. Senate on Jan. 16,
in presenting the position of the United States in the matter
of another Congress that might perhaps be less accommodating.
The American Ambassador, Colonel Harvey,expressing to the Associated of the British debt funding
issue, we did not print the article
Press his gratification that the matter had been thus arranged,said he eon
to which Mr. McKellar referred in commendatory terms,
steered it a fair and just settlement.
That the Cabinet should have decided after practically only one sitting published in the "Saturday Evening Post" several weeks
causes general surprise, for, although a decision was fully expected before
ago and written by Garet Garrett, and which by unanithe expiration of the week,It had been supposed that it might entail possibly
two or throe councils. The alacrity with which the dissenting Ministers mous consent Mr. McKellar had inserted in full in the "Conhave been brought into line, says much for the strength and cogency of the gressional Record." The article has increased pertinence
arguments in favor of acceptance which the Chancellor of the Exchequer,
at the moment in view of the renewed prominence given the
Stanley Baldwin, was able to bring before his colleagues.
Chief among those arguments is believed to have been Mr. Baldwin's subject by the events of the past week, and we accordingly
firm conviction that no better terms could be expected or obtained by fur- reproduce it below:
ther delay and of the inadvisability of allowing such a favorable opportunity
"NOTES ON THE WAR DEBTS" BY GARET GARRETT.
to slip for securing a settlement which It might at least be hoped would meet
the approval of the American Congress.
Reprinted from "The Saturday Evening Post" of Nov. 25 1922. copyWhat almost certainly turned the scale In favor of acceptance was the
righted by the Curtis Publishing 00.1
strong desire on the part of the financial and commercial community to
Things as things and the unremembered circumstance—a time would
put an end to the period of uncertainty, and bring about some stable con- come to speak of them.
ditions, under which the country would at least know its exact position.
The war cost the United States a little more than $1,500,000 an hour.
The argument was, In fact, between the politicians, who aspired to some
After the associate hand of America went in, it lasted 14,000 hours more
more flexible arrangement, and the business men desiring stability and a and cost all of the European Allies combined, out of their own resources.
settlement which, in their belief, would sustain the edifice of British credit. a little less than $2,750,000 an hour.
While many strong arguments have been employed here against acceptBesides our own direct contribution of more than $1,500,000 an hour,
ance, notably the fact that the American terms require repayments in we loaned to the Allied Governments nearly $750,000 an hour.
and these
American currency, there was even a greater number of arguments and loans now constitute the European war debt to this countr.y Direct
Influences for acceptance. The two currents of arguments took two main advances of Liberty Loan dollars from the United States Treasury
amounted
lines, those against being mainly political, those in favor mainly financial to $9,500,000,000. Then when hostilities had
ceased, France, Great
and commercial. There was virtually universal admission that the Ameri- Britain, Italy, Belgium and others took over from us, on credit, docks,
can terms were generous, and many writers in the press went so far as to say buildings, plants, railroads, machinery and vast stores of food
and other
that the Government ought not to look a gift horse in the mouth, that supplies. This wholesale bargain sale of our things
on their soil increased
America had the full right to demand 5% interest and, therefore, the terms the debt to more than $10,000,000,000. Loans for relief
and unpaid
offered were a great concession.
Interest have slowly increased it since until it now stands between $10,500,On theother hand,the political argument against acceptance took the line 000,000 and $11,000,000,000.
that acceptance would mean binding England down to a large payment In
Until the war Europe was creditor to the whole world, drawing billions
American currency and that the necessity of buying more than thirty millions
of interest annually from distant countries, including at least $500,000,000
sterlings worth of dollars yearly might have a bad effect on the exchange a year from the United States. Now for the first
time it owes,and from
value of the pound, and, further, that once the funding was achieved on thinking of this debt of.
say, $11,000,000,000 to the United States it has
definite terms, it would be impossible to take advantage In the future of any developed a
kind of debtor's hysteria. Although it has not paid a dollar
exceptional circumstances promising relief in the heavy burden to British
of principal, and only a very little of the interest, it complains that the
taxpayers.
debt is crushing it and asks to be forgiven. It owes itself so much on
Undoubtedly also false hopes which had been raised of the possibility of
war that It cannot pay. Or it cannot pay us until Germany
funding the debt on a 2 or a 2% basis accounted for much of the political account of the
pays and it seems impossible to make Germany pay.
opposition.
The "Westminister Gazette" says that the Government's decision will be
Lord Balfour's Note.
received with a sigh of relief by all who apprqciate the Issues involved.
Great Britain's position is peculiar. Her own war losses notwith"In would, indeed, have been more satisfactory if the decision had
standing, she is still a great creditor nation, with investments scattered
been
taken without the unfortunate interview which Mr. Baldwin gave."
con- all about the world. Therefore she is obliged to bold for the sanctity
tinues the paper,"and must be credited with sufficient common sense to
have of debts between nations. She cannot afford to talk or advocate repudiaspoken as he did only under the conviction that It was necessary to
influence tion. Always, she has said she would and could pay her debt to the
reluctant colleagues. This reluctance, happily, has been overcome and
we United States. Yet, steadily, since the Armistice, cancellation of war
are prepared to accept the terms which,though onerous,are not beyond
our debts has been powerfully and adroitly urged.
capacity to bear."
First It was urged on the ground that otherwise the Allies would be
In a Washington dispatch, Jan. 31, the "Journal of Corn- obliged to consume Germany; then on the ground that they couldn't
consume Germany if they would; and again on the plea that It would be
merce" said:
very good business for us.
Prompt action by Congress authorizing the funding of the British war
For four years Great Britain had been moving ceaselessly by indirection
debt to this country on the terms approved by the London Cabinet to-day to bring about a general
cancellation of inter-Ally debts, meanwhile failing
is forcast by Administration leaders.
to enter into any arrangement that looked to the payment of either prinThe way is cleared in the House to begin the consideration of a measure, cipal or interest, and at last Congress called by law for action. Thereupon
extending the powers of the Debt Funding Commission next week, and Lord Balfour, Acting Secretary for Foreign Affairs, addressed to Great
while some debate is expected in the Senate. it is the general consensus of Britain's European Allies, all of them America's debtors, a note on the
opinion that authority for arranging the liquidation ofthe British obligations subject of the debts. In this note he said that for the good of manwill be obtained by the Administration before Congress adjourns.
kind, and to mitigate the economic evils from which the world is suffering.
General satisfaction that Great Britain had accepted the terms suggested the Government of Great Britain thought of performing an act of unby the American Commission was expressed in official circles, where it is paralleled generosity. That would be to cancel, forgive, utterly wipe
believed that the settlement of the foreign debt question with the country's out, all the war debts owing to it by its Allies, and also to forego any
principal debtor will have an extremely beneficial effect upon the general share whatever In the German indemnity, to the one colossal aggregate
international situation.
sum of £3,400,000,000. But. alas, it was impossible for the Government
Last night (Feb. 2) the New York "Evening Post" re- of Great Britain to obey this impulse. Why? Because the American
Government would not enter into the British Government's spirit of
ported the following from Washington:
generosity; because the American Government would not forgive about
Agreement on details ofthe plan for funding Great Britain's war-time debt a quarter of this
sum, say £850,000,000, owing to it from the Governto the United States was regarded by officials as virtually certain to be ment or Great Britain, And while, -To generous minds it can never be
reached at this afternoon's meeting of the American Debt Commission with evocable, although for reasons of state It may perhaps be necessarY,
Sir Auckland Geddes, the British Ambassador, acting for his Government to regard the monetary aspect of this great event as a thing apart, to
In the concluding negotiations.
be torn from Its historical setting and treated as no more than ordinary
464
THE CHRONICLE
commercial dealing between traders who borrow and capitalists who
lend," nevertheless, the British Government, because the Americans
insisted on being paid, was distastefully and regretfully constrained to
call upon France, Italy and the others to pay on their war debts to the
British Treasury at least enough to enable the British Treasury to pay
In full its debt to the United States.
For.. 116.
Ally war debts by an act of fantasy. What Mr. Lloyd George proposed
was that there should issue a great quantity of German bonds to be divided
among the Allies and the United States; with those bonds the Allies would
pay off their debts to each other and to the United States, and the slate
should be clean. Cancellation of the inter-Ally debts at that time with
German bonds would have come precisely to the same thing as now to
cancel those same debts with air and gestures, and was open to the same
Uncle Sam Cartooned Abroad.
notable objection—namely, that the United States would sacrifice much
Thus Mr. Balfour In his letter subtly though fairly definitely accused more than any other country 35,000,000,000 more than Great Britain—
the American people of tearing the war debts apart from their historical to the happy solution.
setting in order to treat them in the selfish, ungenerous spirit of traders.
That was the formal beginning of an agitation that has continued up to
In Europe the effect of this upon public opinion was profound. The this time. It has been a most consistent agitation, with one end steadily
whole Old World press has since been filled with cartoons representing In view—an all-around cancellation of debts.
the United States to be the Shylock of the world. This picture has been
But before that, on Dec. 4 1918, less than a month after the Armistice,
endlessly reproduced in words of comment, even in newspapers, reviews we find in the record a cable message from Oscar T.
Crosby, Assistant,
and magazines of high repute, all taking, Lord Balfour's distinguished' Secretary of the Treasury, to the Secretary of the
Treasury in Washington,
word for an exact statement of the case. The London "Economist," a saying:
Journal of financial opinion far above the drift of mob emotions, the most
Chancellor (meaning
Chancellor of the British
influential publication of its kind in England—the London "Economist" suggestion made before thepossibility of cancellation Exchequer) revived
of
of all loans made by
of all papers—printed a communication from "Portia," who said that one associated government to any other for the conduct of the war.
for the United States to demand payment from Great Britain was to
And on the next day came a message from Norman H. Davis, Special
lay a tribute upon those who saved Kansas and Kentucky from the German United
States Commissioner of Finance in Europe, to the United States
peril, adding, "Even•the terrible law courts of the Middle Ages refused:
Treasury. saying:
to sanction removal of the merchant's flesh when it was pointed out that
As I
his lifeblood would follow." Even those of Lord Balfour's critics who. French have already advised you, the British Treasury has notified the
and Italian Treasuries that they are through making advances to
said that to have written his letter when and as he did was a political them. They have either done this in order to force them on us or for
political
blunder almost invariably have made it worse by adding: "Nevertheless, reasons to force their opinions at the Peace Conference . .The
, the truth is there. 'Tis Shylock again, demanding his pound of flesh. British Treasury attitude regarding relief has changed considerably. In
discussing the question of relief to Belgium and Serbia. Keynes told me
We shall have to pay,what's in the bond."
substantially that he had changed from his original idea of dividing
Americans were shocked. For several days they went about saying to financial assistance into three parts, because in view of the fact that the
they
have advanced considerably more than we have to these countries we
each other, "Can it be true? Are we like that?"
We do not carry figures in our heads. We had forgotten them. We should be willing to finance practically all of the relief. I told him we
might be
.Butit would not
had forgotten the terms and conditions. In fact, as people, we had been. they had willing to finance the relief. . countries than we have; be because
advanced more or less to these
nor
thinking very little about our war loans to Europe. Among a thousand of we take the position that the war should be continued for a year or should
two in
us taken unawares there would have been, perhaps, not one who could have order to enable us to loan as much to other governments as the British
said how much they were or for what they were made exactly, except to had loaned them.
Continuing Cancellation Talk.
help win the war, and certainly not one who would have had any positive
notion as to how they ought to be settled. But to the imputation that our
And after this—after Great Britain had begun to move for the cancellation
way with them was that of traders we could not be indifferent. We said: of all debts—after Dec. 4 1918, we advanced $500,000,000 more to Great
"No; we are not like that. In our hearts we know it. Let us look at the Britain alone.
record."
At Paris, President Wilson was interested in German bonds just as
' The record is of prodigious extent, not at all readable, and few people much as the American people were interested in German indemnities or
have ever been seriously interested in it, merely taking right consumrhations spoils or division or the arithmetic of victory, which was not at all. He
• for granted. No one Person has yet read the whole of it. Perhaps the Brit- said no.
ish have never road it at all. Or it may be that the truth, like a giraffe
His saying no did not stop the agitation for a cancellation of the debts.
In one's back yard, is so astonishingly palpable that one who wishes it were It continued at the Peace Conference, in conversations among.the Allied
not so may see and disbelieve.
premiers. in private interviews and in propaganda to the press. The
In the first place, when Great Britain says she is willing to forgive war record is full of it. On March 8 1919 the American Treasury formally
debts of £3.400,000,000—say $17.000.000.000—while the United States notified the French of its surprise, in view of their still receiving money
unwilling to forgive only about a quarter of that sum,say £850.000,000- from the American Treasury, that at a meeting of the financial drafting
Is
54.250.000,000—the arithmetic is misleading.
committee appointed by the Executive Council of Ten at the Peace ConIn that sum of 817,090,000,000 of war debts due to Great Britain, which ference, one of the Allied governments having proposed as a financial
she would forgive, is Included $7,250,000,000 of German indemnity, which question affecting peace the reapportionment and consolidation of war
now is admitted to be uncollectible.
debts, the proposal was strongly supported by the French representative.
The American Government has no claim upon German indemnities. It M. Klotz. The French replied, March 18 1919, that it was the Italians
does not participate. Thus the figure of Great Britain's generosity is who had raised that question; all the French did was to ask that it should
swelled with a claim against Germany for $7,250,000,000 in contrast with not be discarded a priori.
which the American Government has no such claim to be either enforced or
And after that the American Treasury advanced $750.000,000 more to
forgiven, for the specific reason that it never made one and left the Allies France and nearly $250,000,000 more to Italy.
free to take for themselves first whatever they could get from Germany.
Reflect upon the spectacle of the American Treasury continuing to
The Net Figures of Forgiveness.
advance hundreds of millions of dollars, without security, to foreign governIf we deduct Great Britain's claim upon Germany, the actual amount of ments which at the same time are debating a cancellation of those very
debt she is willing to forgive becomes $9,750,000,000. On the other hand, loans! When did a Shylock lend money in that manner?
More than a year elapsed. Then Mr. Albert Rathbone, Assistant
. in the event of an all-around cancellation of war debts, the amount the
United States would have to forgive would be $10,500,000,000,for of course, Secretary of the Treasury, was sent to Europe to ask our debtors to make
we could not forgive Great Britain $4,250,000,000 and collect from all our their I 0 U's into regular loans. This you might think would be a purely
other debtors. We should have to forgive everybody. Moreover, in the formal consummation, seeing that all the borrowing governments alike
event of an all-around cancellation, Great Britain would both forgive and were pledged in writing on the face of the paper to do this thing on request.
be forgiven, whereas the United States could only forgive. Great Britain The record speaks.
On February 2 1920 there is a memorandum from Norman Davis, then
would forgive $9,750,000.000 owing to her and at the same time be forgiven
$4,250,000,000 owing by her to the United States. The case would then be: Assistant Secretary of State, to President Wilson, saying:
As you are aware, efforts beginning with the peace negotiations were
$9:750,000,000
Great Britain forgives
made to bring about a cancellation of our debts against the Allied govern4.250,000,000 ments, but the question was not presented in such a definite way as to
Great Britain is forgiven
.500,000.000 require us to take any formal action. Much to the surprise of the Treasury,
Net British sacrifice
10,500,000.000 In connection with negotiations which have been under way with the
The United States would forgive and sacrifice
British Treasury regarding the funding of short-time obligations of the
Thus we, the traders, would lose 85,000,000,000 more than Great Britain. Allied governments, the question has been formally raised by the British
Now let us go straight to the heart of the matter. There are only two Treasury, both in a communication to Mr. Rathbone and also in a message
from the Chancellor of the Exchequer sent through the British Embassy,
questions, namely:
In which, among other questions, the Chancellor in effect invites the
1- Should Europe's war debt to the United States Government be paid American Treasury to a consideration of a general cancellation of all interas a matter of right?
governmental debts. . . . While the Allies have never bluntly so
stated, their policy seems to be to make German indemnify them for having
2. Can it be paid as a matter offact?
a moral aspect; started the war and to make us indemnify them for not having entered the •
The first question has two aspects—a legal aspect and
war sooner.
and since the legal aspect is not final, let us now dispose of it.
the British Chancellor of the Exchequer the
TO these suggestions froma
Read first the face of one of those bits of I 0 U paper which the Allied
Governments left at the United States Treasury to represent the value of Secretary of the United States Treasury replied as follows:
As to the general cancellation of inter-governmental war debts suggested
the things they borrowed from America during and after the war. • It is
understood that we speak of things. What we loaned was not money but by you, any proposal or movement of such character would. I am confident,
would, I fear, mislead the
munitions and cotton. As the Allied Govern- serve no useful purpose. On the contrary, itthe
things, such as food, steel,
disappointment of which
people of the debtor countries and arouse hopes
ments bought these things from the American farmers and manufacturers could only have a harmful effect. . . . The United States has shown
for them, and for its desire to assist Europe. Since the Armistice this Government has
they got dollars from the United States Treasury to pay
financial assistance to the extent of approxithose dollars they gave their I 0 tra, called certificates of indebtedness, extended to foreign governmentsTheir need now
is for private credits. . . .
mately four billions of dollars.
which were temporary, identical for all borrowers, and recited an obligation This nation has neither sought nor received substantial benefits from the
as follows:
war. On the other hand, the Allies, although having suffered greatly in
"This certificate will be converted by the Government of the . .
loss of lives and property, have, under the terms of the treaty of peace
if requested by the Secre- and otherwise, acquired very considerable accessions of territories, popula(United Kingdom of Great Britain) .
.'
tary of the Treasury of the United States of America. at par, with an ad- tions, economic and other advantages. It would, therefore, seem that if a
justment of accrued interest into an equal par amount of 5% gold bonds full account were taken of these and of the whole situation, there would be
conforming to the Acts of Congress."
..
no desire nor reason to call upon the Government of this country for further
contributions.
It was as if a man in desperate haste came to a bank where he was known,
Negotiations Postponed.
saying: "I need some money out of the till—quick. My life is in Jeopardy
Well, after that there was nothing for it but to abandon the proposed
for want of it. I haven't time now to do more than write you an I 0 U.
plan and perform the obligation expressed on the face of
Later, whenever you say, I'll come in and make it regular by giving you a cancellation
the I. 0. U. or to refrain from doing so.
long-term promissory note."
1920 the papers were all ready to be signed, and Mr. Rathbone
In May
Well, in that way, on their simple I 0 U'S, the United States Governway from Paris to London to take the British signature, when
ment loaned Great Britain, France, Italy and the other Allied countries was on his
of our Liberty bonds: and the suddenly he was notified by the British Chancellor of the Exchequer
billions of dollars, which were the proceeds
that he need not come. Negotiations were off. It appeared that it
Allied countries spent those billions of dollars for the food, the steel, the
decided that the general situation must be further explored,
Munitions, the cotton, and the like, they required in order to continue their had been
Lloyd George would write to President Wilson about it.
partin the war,while at thesame time we were producing and requiring enor- and Mr.
Mr. Lloyd George did write to President Wilson about it, but not until
mous quantities of the same things in order to do our part. We put $22,following August. He expressed regret for the delay, saying.
000.000,000 worth of things into the war on our own account, besides what the
come now to the other question I wish to write to you about, and that
we loaned in that way to the Allies.
Is the knotty problem of inter-Ally Indebtedness. Indeed, I had prom,Then the war was woo and there came the Peace Conference.
Rathbone long ago that I would write to you about it, but I
Almost She first, concrete matter with which President Wilson was ised Mr.
put it off for one reason and another until now."
000treaberi at Paris was a proposal from Great Britain to cancel all inter- have had to
FEB.3 1923.]
THE CHRONICLE
465
could not on demand redeem those millions of paper rupees which the
people/ of India had been taught to believe were as good as silver because
the silver was always there and they could get It when they wanted it.
And the rumor was true. The Indian Goverment had let its silver hoard
run down. The Indian people began to present their paper rupees and
demand silver, and the Indian Government was embarrassed. It could
get gold, but gold would not go. The people demanded silver, and if'
they did not get it their faith in Great Britain would be ruined. It was
a very serious matter. Revolution might be the least of its consequences.
Jute comes from India and nowhere else, and jute was an essential
war material. At that moment the only available supply of silver in the
world was a pile of two hundred-odd million silver dollars in the basement
of the United States Treasury,sacredly pledged to redeem an equal amount
of silver certificates passing from hand to hand as currency in the country.
Great Britain appealed to America. What .was to be done? A conference was held. Leaders of Congress undertook to pass, and did pass.
A Tardy Proposal.
a law that no one could understand who did not have the secret, authorizing
All that has happened since has been monotonous. The campaign the
Treasury to melt those silver dollars and lend them to Great Britain
for a general forgiveness of debts has continued without cease and has Thus a
calamity was averted.
culminated in the suggestion that the American people are treating the
But while we were melting a portion of those $200,000,000 and lending
debts In the manner of traders who will have their due though it ruins the silver
to Great Britain, who made it into rupees and sent it out to
Europe.
India—it took some time—while we were doing that the War Industries
This brings us to the moral and controlling aspect of the question:
Board came to an impasse with the British Government over the price
Should Europe's indebtedness be paid as a matter Of right?
of jute. We had to buy our jute in the English market because there
It is bound to be admitted that cancellation may be morally urged was
nowhere else to buy it, and the price we were charged for it was very
upon one ground only—that is, upon the ground that the war was a commuch more than the price at which the British Government bought its
mon enterprise in defense of civilization: wherefore no money account
own military supply of the same material. The War Industries Board
should have been kept at all, and no defender should charge another for Insisted
that the American Government should be permitted to buy jute
things contributed.
at the British Government's military price because the British and all
Americans understand that view romantically. They might have
the Allied countries were permitted to get anything they wanted in the
accepted it, indeed, if it had been presented at the time, or at any time
United States at the American Government's military price.
before the war was won and the money account that had been kept of
The British Government was very sorry. But that was a matter for
things contributed was as it is.
parliament was deaf
The amazing fact is that neither Great Britain nor any other Allied the Indian parliament to deal with, and the Indian
and independent. At last the War Industries Board, backed by the
Government in Europe is proposing even now to take that view of the
whole United States Government, in substance said: "All right. No
case actually. What is proposed only is that America shall uncharge
more silver dollars to be melted up for rupees. Then we shall see what
Europe for the things Europe borrowed in the United States. It has
never once been suggested that Europe should uncharge America for happens to the price of jute."
•At that the British Government discovered in the Indian parliament
the things America bought and paid for in Europe during the war, for
a very acute and hitherto unsuspected sense of hearing, and withing fortythe war.
While Great Britain, France. Italy and the other Allies were giving eight hours the American Government was able to buy jute at a fair price..
So it was, to some extent, with wool, of which the British Government
us their I. 0. U.'s for the war things they got in the United States, we got a tight monopoly at the beginning of the war by taking the whole
paid at once for all the things we got in Europe. The difference between
Australian and New Zealand clip at a low price on a yearly basis; and with
giving one's I. 0. U. for things as others gave us theirs and paying for
tin, which is a natural British monopoly: and with practically everything
things as we paid them is the difference between plus and minus. For
example, there is an extra pair of shoes in England. General Pershing else we bought in Great Britain or the British Empire.
wants that pair of shoes for his Army and buys it because that will be a
The Ten Per Cent Surcharge.
little quicker than to get it from home. Now, if he gives England an
It came to an episode with the British in wool. The excuse for charging
I. 0. U. for that pair of shoes it is just a matter of one pair of shoes some the United States more than Great Britain paid for the wool was that
time to be settled for and nothing more. Instead he pays at once with America had no original risk in the monopoly. That seemed a far point.
an order on the United States Treasury for so many dollars. Britain However, we went on from there, and the American Army contracted with
spends those dollars in the United States for another pair of shoes and the British for a large quantity at the trade price. It was left to the War
then there are two pairs of shoes for the soldiers in France.
Industries Board to arrange transportation and other details. It sent two
Thus America's expenditures for war things in Europe gave Europe American ships to Australia for the wool, and they were there waiting when
more dollars to spend for war things in the United States and increased the foreign mission of the War Industries Board,in London was suddenly
the means to victory; and the aggregate of these expenditures was enor- asked to sign a contract to pay, above the purchase price, an additional
mous—four or five billion dollars.
10% for overhead and administrative expenses. The War Industries Board
If now America's debtors, the Allied countries were proposing really
refused to be charged that extra 10%. Whereupon itreceived an ultimatum.
to treat the war as a common cause in the faith of mankind wherein no Unless it signed the contract the American vessels waiting in an Australian
one should have been charged for the things consumed, they would be
port, within the British Empire, would not be permitted to ship the wool.
obliged to say: "ljncharge us for the war things we get on credit in the
The War Industries Board said: "We have gotto have the wool. Maybe
United States and we will uncharge America for the corresponding things we will
sign that contract to get it. But if we do 10% will be added to
It bought and paid for in Europe." Nobody says that. Why not? Why,
everything you buy in the United States." That brought about a change
fpr a very obvious reason. If you uncharge a nation for things that were
In the British attitude.
bought on credit you simply tear up its I. 0. U.'s. But if you uncharge
After the war the United States sent a liquidating commission to square
a nation for things that have been actually paid for you have to return
the books. Among the unexpected claims presented by Great Britain
either the money or the equivalent in things. That is precisely what
against America were what came to be known as hidden costs, proposed
Europe has not been prepared to do.
to be charged in addition to the prices already paid. On page 58 of the
There is no thought of uncharging all around. There is no thought
Commission's report we read:
of uncharging America. There is only the idea of cancellation all around,
An example of such indirect charges was an item covering bonuses paid
which would mean to uncharge the Allied countries for what they borby the British Government to manufacturers of silica brick for the purpose
rowed in this country, enable them to forgive Germany and leave the of stimulating their production, that the brick might be used in the building
United States holding the bag.
of furnaces for the production of steel for the manufacture of shells, some
imSo far one discovers no shape to the idea, beautiful and romantic in of which were sold to America. The Commission pointed out how and
for each
Itself, that to a common purpose all things were in common and not charge- practicable it would be welch hadgovernment to trace every remote
entered into the production of materials
indirect element of cost
able to one another.
furnished to the other. Attention was called to the fact that, under the
Did this idea ever exist?
prin iple wnich Great Britain was seeking to apply here, she might ask
America to participate in the subsidy which she had paid on the bread which
During the war we did not encounter it.
Did it exist when we were charged rentals and port taxes and rail mileage the workers in her steel mills had eaten.
for our cars and locomotives and damages for the roads we built—in
Other incidents passed unmentioned. Before America got into the
France? It was all right. We paid and were good friends still. But war Allied vessels were exempt from port taxes in French harbors. After
we were charged and we did pay and we hear no suggestion that we shoudn't we got in the rule was changed. Our vessels were taxed in French ports.
have been charged or shouldn't have paid or ought now to be uncharged.
We paid. We could afford to. We were not thinking of it in those
Did the idea exist when the British charged us $90,000,000 for trans- terms at the time. It seems now very lucky that we had a War Industries
porting 1,000,000 of our troops to France? That was all right too. We Board that knew how to play this thorny game of trade, for otherwise our
do not owe for the service. We have paid.
expenditures abroad for war things would have been perhaps $1.000.000,000.
The view changes. It is the record still.
The Jute and Silver Episode.
What were the things—the things the Allied governments bought in the
Clearly it did not exist when our War Industries Board was struggling
United States with dollars borrowed from the American Treasury on their
with the liritish Ministry of Munitions, and could not by persuasion fully
I 0 13'8? They fall into several classes, to wit:
open its eyes to ace how unfair it was that we should be charged trade
I. Things like food, cotton and munitions directly consumed for military
prices for the war things we bought in the British Empire while Great
Britain, on its purchases in the United States, received full benefit of
urr'r'hs gs, especially food, bought on credit in the United States by
s in.
war-control prices.
the Allied governments and resold by them in their own countries for civil
The American Government had created price-fixing agencies, and consumption.
III. Things
other raw materials bought on
these agencies not only determined the prices to be paid by the American credit In the such as steel, cotton and governments and resold by them
United States by the Allied
Government to its own people for the things of war but those same prices in their own countries to private manufacturers for the purpose of sustaining
applied also to the purchases of Allied countries. These Allied countries trade.
private credit
were charged exactly what the American Government paid for food, raw beIV. Thinxs of all kinds bought in the United States on paid for with
fore tmeriean people entered the war and afterward
he
materials and manufactures.
dollars borrowed from the United States Treasury.
In the same way the British Government fixed prices for itself in its
V. Things, both food and industrial commodities, bought on credit in
th: Uni c
z at
a
own country and throughout its empire, but those prices "did not apply re onst d .tes after the Armistice for purposes of post-war relief and
to American purchases in the British Empire. We were charged more.
That these different classes of things require different symbols is obvious.
Our War Industries Board sent a mission to Great Britain to deal with
these matters. On page 84 of its report we read:
Goods for Civil Issue.
The mission had an important struggle with the British Government
If there had ever been the idea that everybody's war things were in
on the question of Jute. All the jute of the world comes from India, and
the British Government urged that it could not control the price, because common, or if that idea now existed so as to include their things as well
It was an affair of the Indian Government. The mission pointed out as ours, and if in the fulfillment of that idea we were happily uncharging
that our Government was supulying silver to the Indian Govermnent one another all
around, then, of course, those things of the class first
through the mediation of the British 'Treasury, and that if the British
onedhat t were directly consumed in military uses would have to be
Government could not exercise control in India our Government might mentioned
find it necessary to withdraw from the arrangement of supplying silver, charged off.
and by thus causing a depreciation of Indian currency buy the jute at
In the same way those things of the class next mentioned—food and
reasonable prices.
other vital supplies taken from us on credit and resold for civil consumption
There is a story by itself—a story of silver and jute and deviltry. German —those also would have to be charged off. Cl welfare was essential to
propagandists started a rumor in India that the Indian Government victory.
The British and French Governments, he went on to say, had been
trying to fix the German indemnity at a reasonable sum, but the French
could accept nothing less than all they had hoped for under the Treaty
unless Great Britain would forgive them their debt to the British Treasury,
and this Great Britain could not consider except as part and parcel of an
all-around settlement of inter-Ally indebtedness. He added: "I recognize
that in the midst of a Presidential election it is impossible for the United
States to deal with this question in a practical manner; but I should very
very much welcome any advice which you might feel yourself able to
give me."
To this President Wilson replied: "The United States Government
fails to perceive the logic in a suggestion in effect either that the United
States shall pay part of Germany's reparation obligation or that it shall
make a gratuity to the Allied Governments to induce them to fix such
obligation at an amount within Germany's capacity to pay."
466
THE CHRONICLE
But when we come to Class No. III—to the steel, cotton and other goods
and materials bought on credit in the United States by the Allied governments and resold to private manufacturers for the purpose,so far as possible.
of sustaining trade as usual—perplexities begin.
The effort to continue business as usual in England during the war was
heroic. British Government and British business were almost as one.
That was quite right. The survival of British trade was a matter of vital
importance. Only thatl snot the point.
The Government of Great Britain took arbitrary control of essential
raw materials as a military measure, and in its wisdom divided them
between the uses of trade and the uses of war. Then when the United
States came into the war private purchases for British trade ceased in the
American market. The British Government did the buying for both
military and trade necessities with dollars borrowed from the United
States Treasury; and then there were two prices and two uses for the same
things in Great Britain. There was onep rice for a thing resold by the
British Government for military issue and a higher price for that same
thing when resold for civil issue.
Things bought in the United States with borrowed dollars were resold In
Great Britain for both military issue and civil issue. In what proportions
we do not know. We could never find out.
We do know as to certain great groups of things, such as food products
and cereals, that if the entire British Army had been sustained exclusively
from what was bought in the United States less than half the total would
be accounted for. The other half, therefore, was resold by the Government
for civil issue. That applies only to food.
As to raw materials, such as cotton and steel, we cannot guess in what
proportions they were divided between military purposes and civil issue.
The reason we cannot guess is that the British Government lumped the
figures and we accepted them. For example, in reporting to the United
States Government how it had been spending the borrowed dollars it put
In one item as follows:"Exchange and cotton purchases.$1.682.419.875 31."
What did that mean? More than $1.500.000.000 for cotton and exchange! That item alone Is more than the national debt of the United
States before the war.
Well, the cotton means cotton, though how much cotton nobody knows;
and the rest, maybe $1.000.000,000, represents things bought all over the
world with pounds sterling—that is to say, with English money—and the
dollars borrowed from the United States Treasury were used in the international exchange market to buy pounds sterling; the point of this being to
keep business doing as usual in English money, which had been the paramount money of the world, and then to support the value and prestige of
that money with borrowed dollars. Instead of purchasing American cotton
at New York with American dollars, the British Government bought
American cotton at Liverpool with English money and then used dollars
to redeem its own money at a fixed price in the international exchange
market. But for this sagacity on the part of British finance the pound
sterling would have declined in prestige and the dollar instead might have
become the paramount money of the world. After the war, when dollars
with which to support the pound sterling were no longer forthcoming, the
exchange value of English money suffered a great fall.
To what extent the pound sterling, while sustained in value with borrowed
dollars, was employed to buy things In other markets which were then
resold to British trade we cannot tell. We knew all the time, however,
that materials boughton credit in the United States were replacing materials
consumed in British trade. Our War Ihdustries Board was continually
vexed at the procedure of taking steel away from private industry in the
United States while British steel makers, our competitors, continued to
export steel products from Great Britain for profit.
These things are cited for illustration. What they illustrate is how
Impossible it is for us now to imagine that the wartime transactions between
the United States and the Allies were governed by the sentimental idea
of all things in common.
Early Loans Refunded.
In the fourth class we spoke of things of all kinds—food, cotton, steel
and munitions—first bought in the United States on private credit before
the American people entered the war and then afterward settled for with
dollars borrowed from the American Treasury. That is an interesting item.
It appears in the record as "Maturities, $648.246.316 94." of which more
than half was for Great Britain and nearly all the rest for Prance. It is
thus explained:
In 1918 certain loans fell due that Great Britain had floated in Wall
Street through J. P. Morgan & Co. before we got into the war. These
were what are known as secured loans. That is, valuable British securities
were pledged thereunder. It was thought better to pay them off than to
renew them, because to renew them might hurt British credit and also
conflict with the sale of Liberty Bonds. The easiest way to pay them
off, perhaps the only way, was to do it with dollars borrowed from the
United States Treasury. That was all right again. Yet the fact stands
out that the proceeds of Liberty Bonds to the amount of more than a third
of a billion dollars were loaned to pay off debts contracted by Great Britain
with private bankers before this country had put itself into the war. And
this now is a part of that debt owing by Great Britain to the American
'Government which we are urged to forgive. The securities pledged under
those private loans were not received by the American Government.
In the same way French loam) ameunting to more than a quarter of a
billion dollars, floated in Wall Street through private bankers before this
country entered the war, matured while we were at war and were paid off
with dollars borrowed by the French Government
from the United States
Treasury.
So our public loans to the Allies were retroactive.
More than that, they
continued for nearly two years after the end of
the war. The Armistice
was signed on Nov. 111918.
After the Armistice, down to July 1 1919,
the United States Treasure
advanced $576,000,000 more to Great Britain.
After the Armistice, down to May 11 1920, the
United States Treasure
advanced $629,789,000 more to Italy.
After the Armistice, down to Aug. 26 1920, the
United States Treasury
advanced $176.834,467 more to Belgium.
•
And after the Armistice, down to Sept. 28 1920. the United
States
Treasury advanced $1.027,427,800 more to Prance.
The total of these post-armistice advances to Great Britain,
France.
Italy and Belgium amounted to nearly 32.500.000.000. What did they
represent? Things, to be sure. But things of what kind and for what
purpose?
There is no definite accounting in this post-Armistice period.
Hundreds
of millions of dollars went to settle contracts for war things that were running when hostilitiossuddenly ceased. The remainder—an undetermined
amount—went for food, for relief in many forms and for materials very
urgently needed to make the swing from war to peace.
Directly and indirectly, d very large proportion of these advances represented the loan of American things toward reconstruction. France, for
example, the largest after-the-war borrower, got enormous quantities of
American foodstuffs, and to the extent to which she was supplied with food-
[Vol.. 116.
stuffs and other peace materials on American credit her own resources were
released for works of reconstruction.
All of this is a good deal like the item received from the British: "Exchange and cotton purchases, $1,682,419.875 31." We cannot break the
figures up. Only the borrowers could do that.
Although the record in this respect is dim and confused, owing
to the
involved nature of the transactions, still it does reveal these "traders" in
a very strange light. Having raised billions from
taxation and Liberty
bond sales to be advanced to the Allies explicitly
for the purpose of the
prosecution of the war, as provided by law, they strained the law and continued long after the Armistice, long after the signing of the Peace Treaty,
to make advances, without security, to Great Britain, France,
Italy.
Belgium and even to new and enemy countries, ostensibly for relief, but in
effect to aid reconstruction.
The Debts Analyzed.
The Committee on Judiciary of the United States Senate explored
the
record and reported:
That: "Millions of dollars of this Liberty Loan money were loaned
to
Great Britain after an hostilities had ceased for the purpose of
allowing
her to build up her export trade."
That: "Millions of defiers afthis Liberty Loan fund were loaned to
foreign
Governments and by them loaned to various relief and reconstruction
organizations."
That: "Money was loaned to these various Governments so that they
could repay it to the United States as interest on loans already made."
That: "Millions of dollars' worth of products purchased with United
States money loaned to foreign Governments were sent directly to Germany
with our consent."
That: "Forty-eight millions of dollars of the American people's Liberty
Loan money were used for the purpose of sending supplies into Austria.
which country was then our enemy."
Nowhere in the record is there one fleeting glimpse of an idea existing in
Europe during the war that wax things were everybody's in common and
should not be finally charged for.
Nowhere in all the subsequent talk of cancellation of debts is there any
suggestion that the things the American Government bought and paid for
in Europe should be so regarded. There is only the idea that the things
the Allied countries borrowed in America should be treated as things in
common.
America's debtors have never offered to make distinctions. They have
never said: "There were things of many kinds. First let us set apart
those things(a) which contributed to the relief and reconstruction of Europe
after the war, and (b) those things which contributed to the maintenance
of trade during the war, and (c) those American things that we bought on
credit before the United States got into the war and afterward paid for
with dollars borrowed from the United States Treasury. We propose that
a commission shall be appointed to go into our accounts and trace out all
those three kinds of things in order that we may put them aside and treat
them for repayment. The remainder will be war things as such, consumed
directly in the common effort, and so much of our debt as these represent
we propose to you for cancellation."
No; they have talked only of a cancellation of the whole debt: they have
talked of this as persistently and doggedly as during the war they resisted
every suggestion that anything we got from them should be charged against
their obligations to the United States, which is further proof that never did
they regard their things in common with ours. There came a time, with
2,000,000 Americans in France, when the American demand for francs in
Franco was greater than the French need of dollars in the United States.
Instead of taking the opportunity to reduce their debt to the United States
the French insisted upon charging us dollars for all the francs we needed
and having the dollars they got in exchange and didn't need put aside
In the United States Treasury as a special credit to be available after the was.
Europe Misinformed.
Since the only ground upon which the cancellation of war debts may be
urged morally is that all war things were in common and not to be charged
for, and since clearly that idea never in fact existed during the war and does
not now exist except as to our things, not theirs, the question, Should the
war debts be paid as a matter of right? is answered.
Then shall it be supposed that Europe is wilfully perverse and fills itself
with rage against America in order to rid her conscience of a debt that cannot be collected by force or otherwise than as a moral obligation voluntarily
paid?
The record, remember. is not a popular document. It is written In a
technical language. If Lord Balfour himself could be so misinformed as
to fall deeply into error with the subject, how much more excusable it is
for the people of Europe—without acmes to the facts, with no capacity
for analyzing the facts—to get a wrong point of view. And Lord Balfour
was misinformed on a vital point. There is no other way of accounting
for his statement that:
Our liabilities were incurred foe others, not for ourselves...The
United otates insisted in substance if not in form that though mil' Allies
were to Spend the money, it was only on our security that they (the United
States) were prepared to lend it.
What his countrymen did propose was that Groat Britain should act as a
conduit for all American loans to the Allied cause. This arrangement the
American Government declined to consider. It insisted always upon
making its loans direct to the country requiring credit. On this the record
is very clear. In a memorandum addressed to B. P. Blackett, Esq., of the
British Treasury. from Mr. Albert Rathbone, Assistant Secretary of the
United States Treasury, Nov.8 1919. the whole matter is summarized thus:
You will recall that the reply of the Secretary of the Treasury to the then
Chancellor's communication, in which he referred to the British Treasure
acting as a conduit pipe, was delivered to Lord Reading in the late spring or
early summer of 1918. This reply reviewed the situation and definitely
refused to make reimbursement to your Government for any of its expenditures for France within the British Empire or for all its like expenditures
for neutral purchases. This formal statement of the position of the United
States Treasury was in effect a restatement of the position that had been
taken during the previous months, as to which the representatives in Washington of the British Treasury had been fully informed.
There is the hand of trade again. The advantage ta Great Britain of
converting billions of dollars into pounds sterling and spending those pounds
throughout the British Empire and over all the world on behalf of the
Allies is rather obvious. We had at least enough trade sense to see that.
There is yet that bleak other question: Can Europe's debt to the American Government be paid as a matter of fact?
If the answer to "can" is "n.)," we have only beguiled ourselves with
"should." Shylock had done much better long since to write his rue upon
those I 0 U's and post them back to their makers.
But consider what this debt represents—what it represents actually, not
in money but In things.
It represents a surplus of things produced in nineteen months by the labor
of 100.000.000 people above their own peace needs and war needs combined
and loaned away to other people. That is all it can represent.
FEB.3 1923.1
THE CHRONICLE
What would repayment represent? Merely a return of those things or
the equivalent thereof.
Does any one pretend to say that the 172,000,000 people of Great Britain.
France, Italy, Belgium, Rumania. Czechoslovakia, Yugoslavia and Greece,
In twenty-five years, cannot with their labor produce an excess of their own
peace needs a surplus of things equivalent to the surplus of things produced
In nineteen months by 100,000,000 people in excess of their own peace and
war needs combined?
It will be—has been—said: "That is all very well; but if we produced
the things we could not sell them in the United States. They have raised
a tariff wall against us."
The answer to that, if it needs to be answered,is that there is all the world
In which to sell things. Besides, here comes Mr. Reginald McKenna,
formerly Chancellor of the British Exchequer, with an argument for the
cancellation of war debts that entirely disregards the tariff. In a speech
before the American Bankers' Convention in New York he proposed the
riddle that a country cannot afford to receive payment of a large debt, and
cited the fact that with the payment of the French indemnity to Germany
after the Franco-Prussian War Germany suffered a depression of trade
while France became more prosperous than ever. At this point the propaganda for cancellation of the debts becomes too complex for human understanding. For if this thesis were true the way for Europe to become fabulously prosperous and lay the United States in commercial ruin is to pay
her debts as fast as possible.
However, it is not always absolutely necessary for one country to pay its
debt to another in things. It happens that our principal debtor is able to
pay out of pocket. In that same speech Mr. McKenna said,"England still
oWnS sufficient foreign securities to cover her debt to the United States
two or three times over."
This means that the great bulk of Great Britain's foreign investments,
probably $15,000,000.000, survived the War intact. Possibly, too, Mr.
McKenna was thinking inaudibly ofthe fate that since the war,with interest
accumulating on their debt to,the United States Treasury, the British have
made large new investments in Germany. Austria, the Balkans and Asia
Minor, in banking. shipping, Industry and oil—oil particularly. During
the war the Government of Great Britain bought into the Anglo-Persian
Oil Company, that now,engaged in private trade, is blotting out American
Competition in Egypt. This investment has recently been.referred to in
Parliament as comparable to the Suez Canal.
It would be a great wrench, of course, for Great Britain to sacrifice a
third of her foreign investments in order to pay her debt to the United
States; but if she had not been able to borrow American dollars all those
foreign investments would perhaps now belong to the late Imperial German
Government.
If the Allied countries did not owe us they might be paying the Germans.
And if the Allied countries do not pay us we shall, to all intents and purposes, have paid tho German indemnity.
467
At Essen the railway men to
-day held a significant confidential meeting at
which a definite line of action was decided on in case the French persist in
blocking railway transportation.
Arrests and deportations of Government officials and employees are
reported from a score of new points on both sides of the Rhine, the French
especially seeking out local revenue and tax collectors, from xvhom they demand official records and archives and even the keys to their vaults. In all
cases the German officials are stoutly resisting, whereupon they are immediately deposed and sent into unoccupied Germany. The entire staff of railway officials at Essen has been arrested.
At Bochum, French soldiers have raided shops in retaliation against merchants who refused to serve them.
The local French commanders in all the Ruhr towns have been ordered to
withdraw General Degoutte's order to the populace to keep off the streets
after 10 o'clock hi the evening. This decision was taken because the civilians refused to stay indoors and have been conducting lively outdoor demonstrations at Essen and other points.
Edwin L. James, writing from Paris Jan. 31 to the New
York "Times" (the message is copyrighted), gave the text
of• Premier Poincare's note to Germany regarding the
intention of France to cut off from Germany all Ruhr coal
deliveries on Feb. 1 as a result of the German default deLared
by the Reparations Commission. This will be found in our
narrative of events' for January, given in the issue of the
Bank & Quotation Section, which accompanies to-day's
issue of the "Chronicle".
From the New York "Evening Post" of last night (Feb. 2)
we take the following (from Duesseldorf) regarding the
adoption of the proposed steps by France:
Not a single ton of coal or coke has entered Germany from the Ruhr in
the last 36 hours, the French authorities announce,adding that the measures
they put into force at midnight of Jan. 31 are totally effective.
The Germans show no disposition to contradict the French as to the
general effectiveness of the blockade, but they relate how one train of
46 loaded coal cars, diregarding all signals, ran the blockade at Horde.
near Dortmund, at 3 o'clock yesterday afternoon and escaped into interior
Germany.
The French have 75's commanding every line into Germany and the
directors of the railroads have been informed that any locomotive attempting
to escape will be fired upon.
Inquiries addressed to the French authorities as to why they have not
resorted to the simpler way of tearing up a few hundred yards of track
along the occupied frontier of the Ruhr elicited the reply that they did
not wish to interfere with other traffic for the present than exports of coal
and coke, and they are desirous of giving the railwaymen full opportunity
to resume work.
Developments Growing Out of Ruhr Invasion by
On Jan. 26, in referring to the proposed Ruhr customs
France.
Perhaps the statement, made in Associated Press advices seizure by the French, the Associated Press had the following
from Duesseldorf Feb. 1, that "honors were about even to say in Essen advices:
The customs barrier with which the
on the twenty-second day of the gigantic economic battle the occupied Ruhr region is expected French are threatening to encircle
to become effective at midnight
Germans," is as to-night.
now being waged between the French and
The occupation authorities decline to reveal their proposed plan, or to
accurate a description as is possible to obtain relative to
the methods they
the situation which has grown out of the invasion of the Indicatewas the uniform replywill take for enforcement. "Ask Marshal
Foch,"
given the newspaper correspondents to-day
Ruhr territory on Jan. 10 by France. On Jan. 31 it was when they asked for information.
This is Interpreted as indicating that Marshal Foch will have headannounced in Associated Press cablegrams from Brussels
quarters in Essen and be in charge
it is
that Belgium and France would present to the German presumed will permit of exports andof the customs embargo, which Gerimports to and from occupied
Government in Berlin at 6 o'clock that night an ultimatum many only with the consent of the French authorities.
German industrialists
demanding for the last time that Germany fulfil the repara- ultimately the definite declare that if the ring is established it will mean
shutting down of industry in the Ruhr.
WEI
tions program and execute the Treaty of Versailles. This
On Jan. 28 it was stated in press advices from Dusseldorf
account added:
employees of the telegraph and telephone central staIf the ultimatum does not bring a satisfactory response from Germany, that
It is declared, rigorous measures will be taken by Belgium and France in tions had gone on strike at 7 p. m.that day in protest against
the occupied territories of the Rhineland and Ruhr.
the presence of French soldiers; the following day (Jan. 29)
Whatever the consequences may be, It was said in official quarters, the
two Allies will execute resolutely their program to bring to terms once and the statement was made in the cablegrams from Duesseldorf
for all the nation who, as officials put it, is able to find billions of marks (Associated Press) that the strike of German railroad workers
for resistance and to buy British coal, but pleads poverty in the face of
throughout the Ruhr was complete, as was that of the
demands for payment of reparations justly due.
telegraph employees, the telephone and postal services being
The threatened taking over of the Ruhr customs by the
partially affected. The same advices also stated:
French was carried out on Jan. 31, the Associated Press
The French occupational authorities to-day began a series of vrholeeale
(Duesseldorf advices) stating with regard thereto:
arrests and expulsions of the highest German State officials, chiefs of
Seizure of the Ruhr customs by the French; the low level of coal production reached; the practical disappearance of empty coal cars from the
region, threatening a complete stoppage of work at the mines within a
few days; the cutting of the Cologne-Berlin trunk telegraph and Telephone
cables at several places around Essen, completely isolating the city from
the outside world, and a more acute scarcity of food—these were tha
developments of the twenty-first day of the Franco-Belgian occupation.
On the other hand, calm has apparently been restored so far as outward demonstrations are concerned. The infantry, bicycle and cavalry
patrols, which have been keeping order in the streets since the outbursts
of last Thursday, have arrested only two men at Essen and one at Duesseldorf in the last twenty-four hours, and these were for minor offenses.
The patrols had been averaging 15 to 20 arrests daily in each of these cities.
The taking over of the customs by the French is the most severe economic
blow attempted since they entered the Ruhr. Customs officers were
placed in charge of the largo general merchandise warehouses in Duesseldorf
and Duisburg and the stocks of mineral water, petroleum, benzol, spirits
and tobacco were seized, as well as all the customs offices throughout the
district. Four high German customs functionaries in Duisburg and
Duesseldorf who objected to seizures were expelled from the district.
M. Filippl, the French chief of the Ruhr customs, avers that the defections of the personnel of the German functionaries amount to only
about 40%. These were immediately replaced and work proceeded
normally. The Germans declare that more than 70% of their customs
staff walked out and insist that the French will not be able to handle
collections.
bureaus, and municipal heads of services for refusal to obey orders.
The railway strike is completely effective in Coblenz, but two battalions
of French engineers have taken over the lines and placed heavy guards
at important points. The workers have served notice that they will
not resume their jobs while French troops are present. There is no communication between this city and Duisburg and Essen. Yestderay only
one train was operated to Mayence.
.The resumption of postal, telegraphic and telephone service was indicated in the following (Associated Press) from
Essen last night, according to the New York "Evening
Post":
Probably the busiest spot in the Ruhr to-day was the Essen Post Office.
where the postal, telegraphic and telephonic services were resumed at about
8:15 o'clock this morning.
During the last three days in which the workers have been or prptest
strike, enormous quantities of mails and telegrams bearing Essen addresses
have accumulated, and the 5,000 post office work era were deluged to-day.
The resumption of work, it was stated in both French and German
circles, was due to the desire to serve the public interests, special petitions
to this end having been presented by commercial and industrial circles.
As far as could be learned at mid-day, no concessions had been made
by the French, and the patrols of the various buildings and ether military
measures were continuing in force.
We likewise take from the "Evening Post" the following
On the same date Associated Press reports from Berlin said: Associated Press advices from Colbenz:
Reports from all points in the Rhineland and occupied Ruhr areas to-night
reflect a condition of increasing chaos in all branches of the German official
administration growing out of the drastic procedure of the Franco-Belgian
military and civil officials and the stubbornly determined resistance with
which the German population is flouting the occupation authorities.
The railroad strikers in this area are returning to work. The men were
repairing signals and putting the locomotives in shape to-day,and full train
service between Coblenz and Cologne is promised for to-morrow.
[At Cologne and Duesseldorf partial resumption of train service was
reported.1
468
THE CHRONICLE
[VoL. 116.
The same paper also printed the following (Associated German Labor Appeals to United States Congress for
Press) from Duesseldorf:
Preservation of Europe and World from
Rail Strike Weakens.
"Inevitable Disaster."
As a matter of fact the striking railway workers were showing an inAn appeal has been addressed by organized German labor
clination this morning to resume their duties on many of the interior
lines in the occupied area of the Ruhr. The French are occupying mili- to the Senators and Representatives in the United States
tarily only the lines surrounding the region. The interior roads are now Congress, in which it is declared that "American honor,
being partially operated by Germans.
The strike at Cologne also seems to be petering out. An understand- asserted at this time, can save Europe and the world from
ing was reached between the Cologne railway directorate and the inter- inevitable disaster." The message recalls the willingness
Allied Railway SubcommLssion that from 6 o'clock this morning the German of the German workers
to submit to complete disarmament,
railway men would resume work throughout the area administered by the
Cologne directorate, after French and Belgian armed guards are with- and, besides declaring that the Ruhr occupation and Verdrawn from all stations. Neither coal nor other reparation trains will sailles Treaty "permanently destroy German and European
be operated. Only those coming under the Rhineland agreement will economics and
threaten unemployment for millions of
be moved.
The Duesseldorf station was opened this morning for the first time German workers," it appeals to "the traditional American
since Jan. 25, but only a small percentage of the scheduled trains were honor and appreciation of fair play. The appeal reads
running.
Gen. Payot, the French Quartermaster-General, told the correspondent as follows:
To the United States Senate and House of Representatives: The
undersigned Federations of Labor Unions,representing 12,000.000 members,
who,with their families,constitute more than half of Germany's population,
again affirm that because of America's positive promise that right and jusTaxes Payable al Essen.
tice shall prevail they substituted democracy for autocracy, submitted to
Tobacco dealers and manufacturers in the valley have been instructed complete disarmament and gave an unqualified expression of their desire
by the French authorities they must pay the tax on tobacco at Essen or to work for peace and international reconciliation.
Duesseldorf, disregarding Berlin's orders to remit direct to the capital.
The German loves the pursuit of peaceful professions, but he is equally
Should the tobacco men pay the tax at Berlin such payments would be opposed to being made a slave indefinitely or to having the coming generaconsidered null and void, and payments will have to be made again here tions of his fellow citizens committed to a system of economic bondage.
In the valley.
The Ruhr occupation and the Versailles Treaty, however, make such a
condition of servitude inevitable. They permanently destroy German
The Chief of Police of Bochum was arrested and expelled this morning.
and European economics and threaten unemployment of millions of GerAccording to press advices from Coblenz, Jan. 29, railroad man workers.
traffic in the Rhineland was brought almost to a standstill
An impartial but authoritative survey of the situation will readily estabat 4 o'clock this afternoo.a when the partial strike which had lish this fact and will in addition be able to confirm that in the midst of
peace, men snd women, young and old,are forcibly being evicted from their
been in progress during the few days preceding had suddenly homes and deported merely because they have refused to become traitors
to their country.
become general. .
which is chronically
We have been reduced to
On Jan. 26 it was reported that the railway workers in fants are wrapped in paper,a nationof swaddling clothes,hungry. Our ininstead
while our women
Duesseldorf had torn up the railroad lines, isolating Ruhr and children are succumbing to physical misery.
appeal is not an attempt to induce the United States to take an
This
main line traffic. It was likewise reported the same day in
of the opposing parties. It is
cablegrams (Associated Press) from Duesseldorf that what attitude in favor of one of the otherand appreciation of fairplay. an appeal
America.
to the traditional American honor
practically amounted to martial law had been declared in the we are sure, did not enter the war for the purpose of annihilating the Geroccupied area. All cafes, hotels, theatres and cabarets were man people.
American honor asserted at this time can save Europe and the world from
closed at 10 o'clock that night, German time, which is 9 inevitable disaster.
the French army service supplies were operating efficiently. He said
he had seven days' supplies of food ahead, while the poilu is assured of
fifty days' rations of his red wine, the "Pinard."
•
,
o'clock French time.
Associated Press advices from Berlin, Jan. 26 said:
A state of seige has been proclaimed in the Aix-la-Chapelle and Kreuznach
districts by the French occupational authorities as the result of yesterday's
'demonstrations, according to the correspodndent of the "Berlinger Tageblatt" at Aix-la-Chapelle.
On Jan. 27 the following Associated Press accounts came
from Duesseldorf:
The railraod strike 114 fully effective and passenger service is absolutely
at a standstill, except for trains nianned by French crews, one of which left
for Paris and another for Mayence to-day.
How completely the French already encircle the Ruhr was shown during
the night when a train destined for interior Germany,drawn by four locomotives where one would have been sufficient, was halted east of Dortmund
and three of the locomotives returned to the occupied area.
Another court-martial is in prospect. Burgomaster Schmidt and Dr.
Oexle.the Dilesseldorf Police Chief, both of whom are under arrest asa result
of Thursday evening's disturbance, await trial at Mayence on charge of
failing to preserve law and order.
According to Coblenz (Associated Press) advices, Jan. 27,
the general railroad strike in the occupied region was extended
to the former American zone, beginning at noon that day,
following the formal turning over of the zone to the Frenah
authorities. It was added:
The men offer no explanation for the general strike in this area beyond
saying they wished to make a protest, and also keep the former Emperor's
birthday. The French assert that the railroad men are acting under orders
• from Berlin. inasmuch as the strike is not receiving popular support and is
inconveniencing thousands of Germans. It has also been discovered that
the strike leaders are strangers in the Rhineland.
•
A special radio to the "Journal of Commerce" from
Frankfort on the Main, Jan. 29, was authority for the
following:
Steel manufacturers in Lorraine and Luxemburg have begun to cut
off all deliveries to Germany. Among the plants that have suspended
deliveries are those of the Rombacher. the Differdinger and Huettenwereke companies.
Announcement is made that prices for Ruhr coal will be increased
20,000 marks per ton next Thursday, Feb. 1.
Also, effective Feb. 1, all railroad traffic will be put under regulations
compelling from 10 to 20% restriction in service.
At the same time German railroad tariffs will be increased to double
the present rates.
Reporting the removal by the French of the soldiers from
the Duesseldorf post office on Jan. 30, and the immediate
resumption of work, the New York "Times" copyright
cablegram from that city said in part:
The Associated Press advices from Berlin Feb. 1, in giving
the text of the appeal as above, says:
Ad on Their Own Initiative.
The labor leaders assert that their action was undertaken independent
of any influence from official sources, which, it was stated, would first
learn of the appeal to the American Congress in case it was reported back
from Washington. Neither has the German press been apprised of the
unique procelure.
"We decided to go straight to the official representatives of the American
people with our appeal, and preferred to dispense with official or diplomatic
intervention." Paul Grossmann. Vice-Chairman of the General Federation's Executive Board, informed the Associated Press. "The message
was drafted this morning at a joint session of the executive heads of the
four federations, and it represnts the feeling of alarm with which labor
already is contemplating the situation after three weeks of the Ruhr occupancy. There is something more than the fate of the Ruhr Basin at stake.
If Germany is still a land of apparent order and organization, it is only
because the dozen cool-headed men in charge of organized labor's ranks
have prevented the workers in all lines from becoming dangerously restive.
The situation, however, now threatens to go beyond control."
Herr Grassmann believes that labor radicalism is not unlike typhus in
that it germinates and thrives wherever there is "economic filth and pollution." He believes that it is a disease of the brain brought on by conditions
which the humblest hand and the best trained head worker gradually find
intolerable.
Labor wage scales, he points out, which were formerly fixed for periods
of from one to five years, are now being upset and revised every fourteen
days,a condition which automatically resultsfrom the effects offluctuations
In German money as reflected in the current dollar rate of 40,000 marks
and over.
The men who signed the appeal to Congress admit that they are not
acquainted with American parliamentary procedure, and even confess to a
degree of timidity over their undertaking, which appears to have been
inspired by reports of the Senate debates on the European situation printed
in the German newspapers.
One of the federation leaders declared that "such a minor detail as
possible violation of parliamentary etiquette will not prevent us from
letting your Senators and Representatives know that they eyes of millions
of men and women workers in Germany are turned toward America."
Run Causes Closing of Reichsbank in Coblenz.
The following from Coblenz Jan. 31 appeared in the New
York "Herald" of the 1st inst.:
Owing to the failure of the Reichsbank to deliver adequate supplies of
German currency there was a run on the Coblenz branch to-day,which closed
down during the afternoon. The mark fluctuated wildly between 40,000
and 50,000 to the dollar.
The bottom seems to have dropped out of the exchange market. Sterling
to-day brought 220,000 marks and the French franc 2,000 in Dusseldorf
and
Essen, with paper marks becoming scarce again.
Wherever they have taken them [the soldiers) from the railroad stations,
German Loan from Tokio.
as at Troves, the men have returned. If they refrain from ordering
From Paris Jan. 30 the New York "Times" reportedfunctionaries deliberate! to disobey their Government, they can count
ire
following copyright advices:
on co-operation.
That has, for instance, been the case with Dr. Gotzner, the Prussian
It is reported here that the Reichsbank recently addressed to the Japanese
Governor of this Province. Either because of his large personal following Government a request for a loan of 50,000,000 gold marks, offering
as'a,
or for other reasons, the French have so far refrained from asking him guarantee a lien on 50,000,000 gold marks the Reichsbank has in the
Dank
to fulfill their orders in opposition to those of Berlin. As a result he is of England.
still at his post carrying on the local Government with skill and authority,
It is understood that Tokio asked English jurists for a ruling on the
validand in many ways aiding the French Generals in their task without giving ity of the operation and obtained the reply that there was no
judicial obthem direct help.
stacle.
FEB.3 1923.]
THE CFPONICLE
Panic in Mark Exchange in Rhineland.
The Associated Press in advicesfrom Coblenz Feb. 1 stated:
The panic in mark exchange has completely upset the commercial life of
the Rhineland. The runs on the banks which occurred yesterday were
not resumed to-day, when the mark advanced from 50,000 to the dollar to
38,000, but the banks are suffering from a shortage of currency and their
directors are scouring the country for bank notes, going into even the unoccupied regions. The Rhineland High Commission has so far sought in
vain for a solution of these conditions.
Many of the Americans here, as well as the Germans, are engaging in a
new spending orgy, as a result of the low prices of merchandise, although a
number of the stores have been closed. Husbands are joining their wives
in buying everything possible for future use.
Grand pianos are selling for $160, shotguns cost only $7, bicycles 810,
phonographs $4 and shoes $1 a pair. Automobiles cost only a few hundred.
The amount of German currency received in exchangefor American money
sometimes makes bulky packages, and one Major in the American detachment here was seen to take off his belt to tie up a mass of small bills received
in a bank in exchange for $10.
Belgian Labor Party Assails Ruhr Occupation.
The Associated Press in a Brussels cablegram Jan. 26 said:
The Belgian Labor Party issued a manifesto to-day assailing the occupation of the Ruhr.
The manifesto contains a proposal to solve the reparation problem by an
appeal to the League of Nations, cancellation of the inter-allied debts,
reasonable reduction of the German debt, an increase in the French. Belgian
and Italian reparation shares by the suppression of the British claims and
a vast international loan with the help of America.
469
spread conflagration in the Near East mess, while it is admitted that if Poles
should be sent in force sufficient to chase the Lithuanians out of Memelcomplications might become, indeed, dangerous.
The French Government is bending all its efforts to prevent an open break
at Lausanne. Pressure is being brought on the British Government to make
a compromise on the all-important issue of Mosul. To-night the semiofficial Temps says:
"Certainly, England may make brilliant steps in the Near East. She has
the naval supremacy necessary, finances and excellent bases. But if the
dream of Lord Curzon comes to pass and if Turkey is made a British colony,
what may be the result? Now,when the equilibrium of the nation is largely
industrial and in sufficiently agricultral, a phenomenon so delicate, is it
prudent to jump into undertakings which may furnish many arguments to
revolutionary factions. No other nation has anything to gain from a
Turkish war.
"In the case of this war all other European nations will suffer. It will
give the United States no greater chance to collect their debt. They will
see go up in smoke in the oil regions—where war will not conduce to the
open door some more of the pounds sterling they have just demanded from
the Chancellor of the Exchequer. It is true the Government of Greece
seeks to regain glory in a new war, but that was also Constantine's idea.
"As for the Turks, we have shown the great risks they would incur
They can't gain much and they can lose a great deal.
"We insist that a rupture be avoided. The text of the treaty to be
submitted to the Turks is not intangible and not an ultimatum. It is a
basis for discussion. France feels she is separated from Turkey by no
insoluble question. She will shoulder no responsibility if Pacific solutions
are not found."
Says British Drive' Puts Down Francs.
Copyright advices from Paris to the New York "Times"
British Labor Demands Calling Parliament at Once on Feb. 1 stated:
The Council of Ministers, under the Presidency of Premier Poincare,
Owing to Serious State of Europe.
occupied itself again this morning with the fall of the franc.
A cablegram from London Jan. 29, copyright by the ChiAccording to the "Matin," documents in possession of the Government
cago Tribune Co., appeared as follows in the New York leave little doubt that the campaign to depress French currency originates
in London. The directors of a number of international institutions, the
"Times" of Jan. 30:
newspaper says, have revealed telegrams from big British customers saying,
The Parliamentary Labor Party held a meeting in London to-day and "Force down francs at all costs."
passed resolutions demanding an immediate summoning of Parliament
"The Premier, in accord with the Minister of the Interior," the "Matin"
in view of the serious state of Europe. Ramsay Macdonald, the leader says, "is considering the
following important measures: The establishing at
of the Opposition, called on Premier Boner Law to-night and communicated the Bourse des Vaieurs a rapid news service such as exists at the Bourse du
the resolution formally. He drew Mr. Boner Law's attention to the Commerce to permit rectification of tendencious news and stop dishonest
gravity of affairs in the occupied area and reminded him of his promise speculation.
to summon Parliament earlier than Feb. 13 if any situation arose in which
"If it becomes necessary important restrictions will be considered.
It Seemed essential that Parliament should be consulted.
The previous day'the same paper printed the following
Mr. Bonin. Law's reply was not published. Doubtlein the demand will
be laid before the Cqbinet.
(copyright) from Paris Jan. 31:
• On the Ruin' the Cabinet is still divided. Mr. Bonar Law is afraid of
The French press charges a plan of international bankers to force down the
Complications if the British troops remain in Germany, but he does not franc in the hope of influencing the French in the Ruhr occupation. It is
feel sufficiently strong to insist on their Withdrawal in the face of the alleged that there is no good reason why the dollar to-day reached 16.87
divided Cabinet.
francs and the pound sterling passed 87. The "Liberte" calls attention to
His present policy is to wait and hope for the best, but he is being pressed the increasing receipts from French taxes, recalls that the report of the
from all sides to act. The Conservative Party is definitely divided, the Bank of France was satisfactory and refers to the efforts of Parliament to
die-bard wing being strong in support of France, while the Progressives
balance the budget, as showing that francs should be strong instead of weak.
demand the withdrawal of the troops without breaking with France. if
"The really feverish movement of exchange has no proper relation to the
possible, but withdrawal at any cost.
real position of France either from a political or financial point of view,"
Of the other parties, the Liberals do not care whether a break with
the paper says. "It indicates simply a foreign effort to influence our plans
France occurs or not, and Labor would be glad to have it.
in the Ruhr."
Later it was announced that Mr. Law had turned down
the labor request.
French Censorship Over Ruhr News.
Under date of Jan. 29 the Associated Press had the folFrench Labor Protest Against Ruhr Measures.
The French Federation of Labor, at the opening of its lowing to say in cablegrams from Paris:
The French Government has made arrangements to supervise, press
annual meeting on Jan. 30, with 600 delegates in attendance,
dispatches going through Paris and from points occupied by the French in
voted a resolution protesting against the "repressive measures Germany, it was announced this afternoon.
It was said at the Foreign Office that the object of this supervision was to
imprisonments and arbitrary searches" in the Ruhr, accordstop the dissemination of manifestly false news. Dispatches which the
ing to Associated Press advices from Paris, which added:
Supervisor regards as untrue and likely to be mischievous are referred to
The Federation demands the release of those held prisoner by the French
authorities, and sends greetings "to the Ruhr workers upon whom military
force is being imposed to compel them to work."
the Minister of the Interior. The Foreign Office declared thisarrangement
was not a censorship.
Correspondents whose dispatches would be subject to this arrangement
have made representations to the effect that such supervision, if not most
Judiciously exercised, might amount to the worst kind of censorship, declaring that an organized censorship would risk less interference with legitimate
and conscientious press correspondence.
Premier Poincare Denies Reports of Ruhr Annexation
—Will Occupy Ruhr Until Paid.
The declaration the "the French troops will remain in
the Ruhr as long as may be necessary to assure the payme.nt
of reparations, but not a single day longer," was attributed Price of Bread Is Raised in French Cities—Ruhr
to Premier Poincare of France by the Associated Press in
Invasion and Exchange Slump Blamed.
cablegrams from Paris Jan. 30. This, it was stated, was the
A cablegram from Paris'Feb. 1 was printed as follows in
Premier's answer to reports that France was seeking to annex the New York "Times" of yesterday:
the Ruhr Valley. The New York "Times" in a copyright
The price of bread in Paris has been increased 1 sou, making it 1 franc
cablegram from Paris Jan. 29 reported the Premier to the 15 centimes a kilo, effective from Monday, by order of the Prefect of Paris.
The City of Bordeaus made a similar increase to-day, and other cities in
following effect:
various departments
The increase here was granted after
Premier Poincare receiving American correspondents to-day, authorized
the following declaration:
"France has no intention of holding the Ruhr permanently. She means to
stay there until she is paid, or has assurance that she will be paid. It is
evident that France will not be satisfied with bare German promises. She
awaits, and will await, sufficient guarantees by the German Government."
It was pointed out in high quarters that France would be weakening herself
to annex the Ruhr basin. The Rhine would have been an excellent military
border,it was said, but the Ruhr,without natural defenses, would constitute
as French territory a most vulnerable point, and it would be furthest from
French desires to have their frontier embrace this territory.
It is the attitude of Premier Pincare that Germany has now contested the
whole Versailles Treaty,and therefore,that the whole treaty is at stake in the
Ruhr effort. As an instance of German determination to repudiate the
Whole Treaty it was instanced that negotiations to return the bodies of
French soldiers who died in captivity had been broken off by Berlin.
More Danger Seen in Near East.
While the French Government regards the Ruhr situation as immensely
important, and serious enough, it thinks the dangers of conflict much less
there than those which lurk in the threatened Lausanne fiasco, and even in
Memel mix-up. There is no hiding the fact that there is danger ofa wide-
will follow suit.
an expert investigation of costs to bakers in making bread.
A campaign to keep down the price of wheat flour and thus avoid speculation has been begun by the Minister of Agriculture. His idea also is to
save the franc from further depreciation by buying abroad no more flour
than is absolutely necessary.
The Minister has sent a circular to all the Ministry's agents ordering the
dissemination of his appeal to the patriotism of the farmers. He has
ordered also weekly reports as a means of checking grain and flour prices.
At the same time a Chicago "Tribune" cablegram from
Paris (copyright) under date of Feb. 1 was quoted as follows by the "Tunes":
The advance in the price of bread can be traced directly to the occupation of the Ruhr, which sent exchange mounting since Jan. 11. The increase in the cost of bread, it is feared, will result in a general demand for
higher wages everywhere, as the payment to employees in France Is always
based on the cost of bread.
Further relative advances in llving costs are expected to follow the rising
exchange rates, as since Jan. 11, when the French entered the Ruhr, dollars
and pounds sterling have advanced about 25% from 14 francs and 62 francs
to the dollar and pound respectively to 17 francs and 78 francs.
470
THE CHRONICLE
VoL. 116.
[
instructions from his Government in Paris. The statement
Future Trading in Exchange.
from the British delegation on Jan. 30 was as follows:
According to press advices from Paris Feb. 1, the French
A semi-official announcement appearing this evening giving an alleged
Government has authorized the resumption of dealings in communication from the French Government to the Angora Government
pourplarlers
that the
submitted at Lausanne is
futures on the foreign exchange market in view of the violent leadin totreatynegotiations, and that theonly part of a series of prepared to
fresh
French Government is
fluctuations of exchange. These advices added:
leave its entire delegation in Lausanne, is not credited by the B'ritish deleFrench Renew
The financial interests have been bringing pressure to bear upon the
Government for some time for the removal of the restriction. Quotations
are now officially authorized on one and three months' futures.
gation.
It would be a flagrant violation of the mutual understanding arrived at
by the Allied plenipotentiaries only a few days ago, and it has been issued
without reference either to the British Government or delegation. The latter does not propose to alter its plans,as already announced.
French Furnaces Suspend Because of Fuel Shortage.
The British idea has been that further detailed discussions
The New York "Herald" of Jan. 28 is authority for the on the treaty would be impossible, because the Conference
following (copyright) from Paris Jan. 27:
already has dragged out too long. They announced last
Many forges and blast furnaces in Alsace-Lorraine have suspended because week that Lord Curzon would depart Friday, leaving an
of the cessation of German coke and coal deliveries. A list compiled by the expert or two to give any
information the Turks might desire.
"Journal Industriel" shows that more than a score of furnaces have been
When the Turks were ready to sign, if ever, then all hands
damped down in Lorraine, though in the Saar Basin furnaces have continued
would return to Lausanne.
blasting, consuming locally burned coke. The paper points out that this
It was only with great difficulty, according to the press
proves the peril to which the Lorraine steel industry would have been exposed
if it had continued to rely upon German good faith in reparations deliveries. dispatches, that a rupture of the conference was prevented
after formal presentation of the treaty to the Turks. Lord
Curzon, the British Foreign Secretary, changed his plans
End of Lausanne Conference Near As Allied Draft or leaving Lausanne on Friday, and agreed to remain with
Treaty is Presented to, Turks.—Difference
his entire delegation until Sunday night. Meanwhile efforts
Between France and Britain.
would be made,it was said, by private negotiations to obtain
With the Allies and the Turks gradually drifting apart accord on the disputed points in the treaty. Richard Washand the Allies themselves diverging on many important burn Child, the American Ambassador, made what was
questions, the draft treaty prepared by the experts of the described as a striking address at the meeting on Jan. 31,
Allied Powers was officially presented to the Turkish dele- urging that peace be signed as soon as possible, and he played
gation at the Near East Conference in Lausanne on Jan. 31. an important part in harmonizing the conflicting views of
The treaty has been unofficially communicated to the the Allies as to the limit to be given the Turks and in conTurkish delegates on Jan. 29, and the Turks were given to vincing the Ottoman delegates that their national interests
Feb. 2 to frame a reply to the proposals contained therein. demand that peace be concluded without delay. ReasonSubsequently, the time limit was extended to Feb. 4. The able prospects of attaining an agreement, probably by subextension of the time limit, however, appeared to be of lit- mission of several of the matters in conflict to arbitration,
tle value,for the Powers already had set their faces in differ- induced the Turks to adopt a more moderate attitude and
ent directions on fundamental policies, and it seemed im- prevented discord among the Allies, it was asserted. The
possible that a satisfactory settlement could come of the Con- result is that the Turks probably will not present their counter
ference or a treaty signed to take the place of the discredited projects at a formal session of the conference, but will enTreaty of Sevres, which was the purpose in mind in originally deavor to iron out the difficulties speedily in private concalling the Near East Conference.
ferences.
The difficulties that arose among the Allies themselves—
Some of the salient features of the session on Jan. 31
particularly between the British and French at the Confer- were brought out in press dispatches which had the following
ence—were regarded by many observers as the outgrowth to say with reference to the remarks of Ambassador Child:
of the protracted discussion and controversy over the Mosul
Ambassador Child, chief American spokesman, made a strong appeal for
territory, rich with oil lands. The Turks demanded sov- peace. Turkey must be reasonable, he said, if she was to have the peace
and co-operation she required. His address made a deep impression upon
ereignty over this territory, but Britain refused to accede to
the conference.
the claim, and in turn insisted on control herself over the
The United States was represented at Lausanne for three purposes, he
Mosul oil lands. On the eve of the official presentation of the said. First, to protect American interests, idealistic or commercial,
second, to protect,
Allied draft treaty, that is, Jan. 30, further complications humane or financial, without discrimination;of nationality; and,whenever
possible, humanitarian interests, regardless
third, to
suddenly arose among the Allied representatives at the serve in all appropriate ways the cause of peace.
The Americans. he asserted, sought no special privilege or favor. They
Conference when the French delegation announced that it
open door in
Near
had decided to remain in Lausanne as long as there wsa had declared for the and the spirit theassent East. by the Allied nations in
"Our declarations
of
given
any hope of carrying on successful negotiations with the the words of the chief delegates of Great Britain and France," he added,
Turks. The British delegation considered the decision of "constitute an accord, creating, we hope, a new understanding and a new
of international relationships in the Near East."
the French a flagrant violation of the understanding reached regimeChild said the accord would be not only between the Western Powers
Mr.
between the Allies a few days before that all of them would seeking to aid developmentofthe Near East by friendly and fair competition,
leave Lausanne at the end of the week if the Turks did not but between the Near East that desires freedom from political intrigues
and those nations who now have no desire for hazardous,costly experiments
sign the treaty within the time limit set. All the British in politics or political interference.
The Americans, he said, had favored the freedom of the Straits and the
announced officially that they would adhere
delegation
Black Sea because in their belief it was
to this program, whatever the other Allied delegations opposed the expulsion of populations whenfor the good of all. They had
this appeared to menace human
decided to do.
beings with sufferings and injustice.
They had asked, in so far as it affected religious liberty, that religious
The British protested against the• French decision was
be allowed to remain where their people wanted them
functionaries
based on a statement issued by the British delegation last to be. They should
had asked for the protection of minorities, and said that the
pre- problem of the refugees in the Near Eastern regions could only be effectively
week. This was to the effect that the treaty would be
sented to the Turks for.signature on Wednesday, Jan. 31, administered by some joint action, so that suffering could be prevented,
disease checked.
and that the Allied delegations had agreed to depart Fri- and
Continuing, the Ambassador said:
day. If the Turks asked for further time to consider the
"If we can assist in bringing about the peace wanted by the whole world
treaty, the the Conference was to adjourn, but the pleni- and the establishment of normal conditions in the Near East. we are ready
give any help In our power. Because we are not at war with Turkey
potentiaries would be ready to return to Lausanne when to are not involved in the ancient bygone politics of the Near East, we
and
there were indications that the negotiations could be brought may bring to bear whatever power there may be in detachment and imto a successful conclusion. Both the French and Italian partiality.
"We see no reasons why peace should not
We believe
delegations supported the British stand with the greatest peace will be made here, and this belief is notbe made here. the sway of
founded upon
reluctance. The spokesman for the French delegation accords and dissensions, but upon the existence of forces that lead to peace.
by utter recklessness they are irresistible.
informed the Associated Press on Jan. 30 that, while there Unless these forces are metpeace would
"The failure of the world
be a world calamity, but for Turkey
was some idea of leaving Lausanne at the end of the week it would be an irreparable tragedy."
if the Turks signed, France found it difficult to adhere
Ismet Asks for Fortnight's Delag.
to any tentative program of procedure if the Turks asked
Ismet Pasha asked the conference for a delay of two weeks before the
for several days in which to examine the draft treaty and signing of peace and a delay of eight days before a meeting of the conference
requested further negotiations on the spot. He added commission. The interval would be employed, he explained, in striving
by every means to reach an agreement.
that France could not get herself in the position of blockThe Turks desired the delay of eight days so that they need not give a
ing the road to peace, nor abruptly breaking off negotia- definite reply as to acceptance of the treaty until that time expired.
tions so vital to the future of Europe. Moreover, M.
A statement was issued by -the Turkish delegation
Bompard, the French spokesman, was not a free agent, on Jan. 30 declaring that the Allied draft treaty
like Lord Curzon, who is Foreign Minister of Great Britain. not only contains some clauses of which the Turks
• The representative added that M. Bompard was subject to never heard, but also some which in the sessions of
FEB.31923.]
TEL1I
CHRONICLE
the sub-commissions both sides agreed should be left out
of the compact. The statement declares the Turks never
heard of the clause "threatening the open door," in accordance with which the Turkish Government is required to
consult the Council on the Ottoman Debt before granting
concessions to Turks or foreigners. It is insisted in the
statement that the sub-commissions unanimously agreed to
omit the clause giving privileged treatment to foreign merchantmen in Turkish coast traffic, but nevertheless this
clause has been inserted in the draft treaty to the detriment of Turkish sovereignty. "Generally speaking,"
says the statement,"the Allied treaty is worse than anything
we ever expected. The inclusion of a system of legal advisers, who would sit as judges in cases involving foreigners, is absolutely unacceptable. It means that Turkey
would be treaty as inferior to Albania."
It is interesting to record that the policy of the open
door in Turkey, as advocted by the United States at the
Near Eastern Conference, was ratified by the Allies on Jan.
27. With regard to the action of the Powers in this matter
the Associated Press had the following to say:
This declaration, which satisfied the American representatives and
Which goes on the official records, was made at the last hour of an amazing
session which only served to bring out the large number of points on which
the Allies and the Turks are divided.
The open door question arose in connection with the demand of the
Allies that Turkey pay to the Allies fifteen million Turkish pounds gold
as reparation to Allied citizens for damages sustained during the war.
When the Allied draft of the protocol providing for the details of this
payment, which, by the way, Turkey absolutely refused to make In any
form. reached Ambassador Child yesterday, he found in it a clause that
the Turkish Government should ask the opinion of the Council on the
Ottoman debt with reference to all contracts for new concessions or the
extension of old concessions.
Ambassador Child immediately conferred with the Allied leaders and
pointed out that this proVision collided with the open door. In consequence, M. Bompard to-night read a declaration that it was far from the
Allies' intention to strike any blow at the sovereign rights of Turkey, which
Were fully safeguarded, as Turkey need not follow the advice of the Council
on concessions.
Turkey under her own responsibility, the declaration said, maintains
all her liberties, and the principle of the open door remains always that
which should exist in Turkey in all economic questions.
British Lay Mosul Territory Dispute Before the Council
of the League of Nations.
Lord Curzon, head of the British delegation in the Near
East Conference at Lausanne, wrote on Jan. 25 to the Secretary of the League of Nations asking the Council of the
League at its next meeting to take up the question of the
Mosul district, possession of which valuable oil territory is
in dispute between the British and the Truks. When the
Council of the League met on Jan. 30 Lord Balfour, the
British spokesman, formally laid before it the Mosul situation, which he described as having in it the possibilities of
war, but without pressing for immediate action. Addressing
the Council, Lord Balfour said that the Mosul frontier dispute, which Lausanne had not been able to solve, interested
the League from two points of view: First, because Mosul
was within the territory under a League mandate, and,
second, because, as Lord Curzon had pointed out in his
letter to the League, it constituted a danger of war. "If
there is a disputed frontier," said Lord Balfour, "there is
always danger of war; there is always an occasion Which
may ultimately be made the occasion for warlike operations
whose limits no man can see, warlike operations which may
bring in their train tragedies of unknown magnitude."
Reviewing Lord Curzon's appeal to the League, Lord Balfour said:
Unfortunately it was not at the time accepted by the Turkish representatives. *There are still hopes that it may be accepted,and that the scheme,
which is obviously fair, will meet not merely with the approval of Prance,
Italy, Japan and Great Britain, but of Turkey itself. But I am afraid we
have to contemplate an alternative possibility. I am afraid we cannot
disguise from ourselves the danger that when this proposal comes formally
and finally before the Conference at Lausanne the Turkish representatives
will not find it in accordance with their Instructions to accept the proposal,
however reasonable, however moderate it may appear to other people. We
have to contemplate failure. How are we to parry the dangers which failure
might conceivably bring in its train?
The British Government has given great and anxious thought to this
question, and it thinks the proper course to pursue would be to invoke
Article XI. and summon a special meeting of the Council to take any action
deemed wise to safeguard the peace of the nations.
This meant that the League would take no immediate
action, but would await further word from the Turks.
Going into the general situation, Lord Balfour said:
I want it clearly understood that it is only if the peace of the world is
threatened as a consequence of what happens at Lausanne, or of what may
follow what happens at Lausanne, that my Government proposes to take
these special precautions. If there is no threat of wax, if there is no attempt
to Invade Irak, if there is no threat of turbulence of troops at frontiers. I
need hardly say no one will rejoice more than the British Government.
Lord Balfour also laid stress upon the fact that if the
Turks accepted the arbitration of the League, Turkey would
471
be admitted to the proceedings on a footing of equality
with all League members.
Provisions of the Draft Treaty Presented by the Allied
Powers to Turkey at Lausanne.
The draft treaty presented to the Turkish delegation at
Lausanne by Allied Powers formally on Jan. 31 contains 160
articles, to which eight conventions are attached. The document bears the caption "Project of the Treaty of Peace,"
thereby giving evidence that it is not necessarily definitive.
The contracting parties are Turkey, on the one part, and
Great Britain, France, Italy, Japan, Rumania and Yugoslavia on the other. A summary of the important provisions
of the draft treaty was given in Associated Press dispatches, which had the following to say:
The question of judicial guarantees for foreigners is covered in a special
declaration, which outlines the system which the Turks refused to accept.
It provides' that for at least five years Turkey will organize a corps of
legal advisers. The Turkish Government will appoint a commission composed of two Turks and three Justices of The Hague Tribunal, which will
submit a list of foreign advisers. These will be attached to the Ministry of
Justice and assigned to service in the Turkish courts in Constantinople,
Smyrna, Samsun and Adana, and also to the Courts of Appeal and Cassation.
One foreigner will be present in ordinary trial cases involving foreigners,
and they most be in the majority when cases are tried in courts of last apPealArrests of foreigners in large cities can be effected only by a permit from
the legal advisers, and foreigners arrested elsewhere, or without a permit
from the advisers, can demand to be brought before one of the advisers for a
hearing.
The problem of Mosul N treated in a few words. The frontier between
Turkey and Irak will be determined in conformity with a decision to lie
rendered by the Council of the League of Nations.
The project for a convention for the administration of the Straits is a separate document. It stipulates that the Straits Control Commission may include a representative of the United States when the United States adheres
to the Straits treaty.
The mysterious guarantee of non-aggression which Turkey demanded is
found to be:
In case of any set of war or menace to the security of the demilitarized
zones, the high contracting parties, "and in any event, Prance, Great Britain,
Italy and Japan, will hinder them conjointly by every means that the council
of the League of Nations may lay down."
The remainder of the convention, by which waterways are open to merchantmen and warships under defined restrictions, is virtually as has been
reported from time to time.
The treaty fixes the entire frontier of Turkey, except that of Mosul. It
gives Eastern Thrace to Turkey.
The financial clauses, many of which Turkey has refused to accept, are set
forth in great detail.
A special section is devoted to reparations. It will contain a clause under
which the Turkish Government must ask the advice of the Council on the
Ottoman debt concerning all concessions to be accorded Turks or others. This
would seem to be in violation of the open door policy which the United
States has championed; but Prance, through an official statement made by
M. Bompard, has expressly gone on record as favoring the open door and as
indicating that the above clause in no way closes it, since the Turkish Government is not bound to follow the advice of the Council.
The Turks are sitting up all night to-night stud'ying the voluminous treaty
and trying to frame their answer, on which so much depends.
The eight conventions deal respectively with the Straits, the frontiers of
Thrace, the status of foreigners in Turkey, the Albanian declaration regarding payment of the Ottoman debt, the commercial regime with Turkey, the
armistice declaration and the exchange of populations and exchange of prisoners of war between Turkey and Greece, which last two will be signed tomorrow by these two Powers.
France •May Make Separate Treaty with Turks if
Lausanne Conference Fails—Explains Her
Policy in Notes to Allied Powers.
Following the formal presentation of the Allied draft
treaty to the Turks on Jan. 31 at Lausanne, the British
Government and the other Allied Powers on Feb. 1 received
a note from France, the substance of which is said to be that
France reserves the right to undertake separate negotiations
with Turkey if the Lausanne Conference fails. A note of
similar purport was sent to the Turks. Serious possibilities
in the Near East situation were foreseen in British official
circles, according to London press dispatches, in view of the
French communication, which is characterized as a direct
invitation to the Turks to refuse to sign the Lausanne
Treaty. The hope is that the Turks will sign ultimately,
because the Kemalists, it is felt, urgently need an agreement
with Great Britain to obtain capital, which is considered
unlikely to be forthcoming from France.
The French official explanation of its notes to Great
Britain and Mustapha Kemal Pasha on Near East peace,
according to Paris reports, is that France wants to keep the
door open for the re-establishment of peace in the Near East,
and that this was the sense of the notes to both the Turks
and the Allies. It was made clear to the Turks that it was
to the interest of Turkey to sign peace on the terms proposed
at Lausanne, which Premier Poincare, pointed out were
extremely moderate. At the same time the Premier thought
it opportune to make known to the Allies that France could
not abandon the right to negotiate direct with Turkey in
case the Lausanne Conference failed. The interpretation
472
THE CHRONICLE
in London, that M.Poincare's action was an encouragement
to the Turks to hold out, was declared to be erroneous, as
,nothing in the note to Kemal Pasha gave the right to suppose that France had in mind any subsequent negotiations.'
Russia Says She Will Refuse to Sign Straits Convention
at Lausanne Conference.
• The Russian delegation at the Near East Conference in
Lausanne announced officially at the meeting of the Straits
,Commission on Feb. 1 that Russia would not sign the
convention providing for control of the Dardanelles and
the Bosporous. Although such action had been expected,
• Bolshevist Russia's refusal, it was said, caused depression
in Near East Conferenee circles. M. Tehitoherin, the
leading Russian delegate, urged that the whole question
with regard to the Straits be reopened. By doing this the
Bolshevist Foreign Minister declared the Allies Would repair
their fault of seeking to impose upon Russia a treaty which
Russia had not had suitable opportunity to discuss. His
•request was refused by the Allies. With respect to Russia's
position in the matter, Associated Press dispatches said:
[VOL. 116.
The bank proposes to confine its operations for the present to the territory
within a radius of 50 miles around Burlington, a highly developed section,
in which the principal crops are corn, wheat, oats and hay. Security for
loans will be personally examined by two members of the loan committee
before applications are accepted. This committee consists of Messrs.
Artz, Clark, Tracy. Niehaus and Edwards, and functioning in this manner
will insure the bank a conservative supervision of its loans. The entire
capital stock has been subscribed locally and is held by 115 stockholders
whose aggregate wealth is reported to be $4,000.000.
Offering of Bonds of Oregon—Washington Joint
Stock Land Bank.
At 1023/ and interest, to yield about 4.68% to the callable
date and 5% thereafter, Brooke, Stokes & Co..of Philadelphia, Washington and Baltimore announced on Feb. 1
an offering of $500,000 Oregon-Washington Joint Stock
Land Bank (Portland, Ore.,) 5% Farm Loan bonds. The
bonds are dated Nov. 1 1922, are due Nov. 1 1952 and are
callable at par on Nov. 1 1932, or any interest date thereafter. They are in denomination of $1,000. Interest is
payable May and Nov. 1, at the Oregon-Washington Joint
Stock Land Bank,Portland,Ore.,or at Brooke,Stokes& Co.,
Philadelphia, Pa. It is stated that:
•
The Bank restricts its loans to certain choice farming sections in the States
The Russian delegation to-night distributed the texts of the two addresses
made by M. Tchitcherin before the Conference to-day. They show that of Oregon and Wa.shington. The average appraised value of land on which
the Moscow leader charged that the Straits convention was "the fruit It has placed loans is $60 per acre while the loans thereon average only
of clandestine negotiations." but that Russia was ready in the interest of $26 per acre, or 43.3% of the appraised value.
The Bank states that in addition to the regulations of the Federal Farm
conciliation to make important concessions.
The original project, M. Tchltcherin said, was that the total of all the Loan Board respecting security, all loans are judged from an income basis,
foreign warships permitted to pass the Straits should be equal to that of the no loans being accepted unless the earning history of the farm conclusively
strongest fleet in the Black Sea. Russia deemed that dangerous, because shows that it will produce in addition to interest, principal, tax and mainany fleet on the Black Sea could be artificially strengthened, and if foreign tenance requirements ample funds for living expenses for the borrower.
fleets united with it then the equilibrium of the Black Sea would be overthrown. What Russia wanted was that the total foreign tonnage should
President Harding on Reductions In Government
be restricted to one-fifth the total tonnage of the Black Sea States,including
Turkey.
Operations Incident to Budget Plan.
• When the Russian request to reopen the discussion was refused, M.
In a message addressed on Jan. 29 to the Government's
Tchitcherin charged that the Allies had imposed their views on Turkey by
an ultimatum and the menace of war. And so for Russia, he added, the Business Organization comprised of Department heads of the
Allies simply had asked her to sign a blank check, because Russia did not
Federal Government, whose meetings are held under the
even know the purport of some clauses of the compact which affected her
auspices of the Bureau of the Budget,—President Harding
commerce.
Continuing M.Tchitcherin declared that the convention jeopardized vital praised the co-ordinating agencies for what they have done
interests of Russia, rendered Impossible the establishment of a stable peace
in the Near East and would impose on Russia and other countries supple- in "instituting economies and applying business principles
mentary naval armament which would create an obstacle to the establish- to Government routine operations." President Harding
ment of international peace.
was unable to be present at the meeting owing to his recent
• "The Russian delegation," said the Bolshevist Foreign Minister, "places
on record its unchangeable opposition both to the treaty and also to the illness, and in his absence his message was read by Vicepolicy of domination and violence of which this project is an expression."
President Coolidge. Brigadier-Gen. Herbert M. Lord,
Marquis Curzon,said he had always held that the adherence of Russia was Director
of the Bureau of the Budget also addressed the gathnecessary to a permanent and satisfactory solution of,the Straits problem,
ering, and he likewise spoke of the success of the efforts of
and hoped that Russia would sign later.
The Straits Convention which Russia has declined to sign provides that the Government agencies in keeping down expenses, stating,
the maximum foreign naval force of each power permitted to pass through
however, that "there is before us a persistent, tireless,
the Straits should not exceed the strongest fleet of any Black Sea State.
This would mean however,that Russia and the other powers would maintain unremitting fight until the Treasury closes its doors on June
the right to have in the Black Sea a minimum of three warships not exceed- 30 next." Referring to the cut in the estimated deficit he
ing 10,000 tons.
said incidentally:
Offering of Burlington (Iowa) Joint Stock Land Bank
Bonds.
On Jan. 29 Halsey, Stuart & Co., Inc., William R. Compton Co. and Harris, Forbes & Co. offered at 103 and accrued
interest, to yield over 4.625% to the optional date and 5%
thereafter, a $1,000,000 issue of Burlington (Iowa) Joint
Stock Land Bank 5% bonds, issued under the Federal
Farm Loan Act. The bonds are dated Feb. 1 1923, are due
Feb. 1 1953, and are optional Feb. 1 1933. Coupon bonds
of $1,000 denomination; they are fully registrable and
interchangeable. Interest is payable semi-annually, Feb.
1 and Aug. 1, and principal and interest are payable at the
Burlington Joint Stook Land Bank, or through the Bank's
fiscal agency in Chicago, at the holders' option. The bonds
are acceptable as security for postal savings and other
deposits of Government funds,and are exempt from Federal,
State, municipal and local taxation. By a decision of the
Supreme Court of the United States, rendered Feb. 28 1921,
the constitutionality ,of the Act under which the bonds are
issued and the tax exemption features of the bonds were fully
'sustained. The Burlington Joint Stock Land Bank received
its charter Jan. 11 1923, and is authorized to operate in
Iowa and Illinois. The circular announcing the offering says:
This great reduction is not due solely to efforts for retrenchment, no matter how heroic. The campaign for a balanced budget has received material
assitance from fortunate conditions and happenings that we can not with
reason depend upon for the elimination of the remaining excess.
Director Lord, among other things, urged that it be remembered that "U.S." meant United States and not "us."
President Harding in his communication stated that instead
of a deficit of $698,000,000, which had been estimated as
a result of Treasury operations for the year ending June 30
1923, revised estimates showed reductions which indicate
an apparent deficit of $92,000,000 for the current fiscal year.
"What now confronts us," said the President, "is the overcoming of this estimated deficit of $92,000,000 and, if possible, the closing of this fiscal year with a balance on the right
side of the ledger. I must look to you, therefore, for continuing efforts to control your expenditures during the remainder of this fiscal year, for in this way you can aid
materially, I know that I can rely upon you."
As to the 1924 estimates the President said that "it is a
pleasure to state that the estimate of appropriations submitted to Congress for the fiscal year 1924 are $120,000,000
less than the estimated receipts for that year and $196,000,000 less than the appropriations for the current year.
The following is President Harding's message:
Members of the Government's Business Organization:
Gov_
C. J. Artz, President of the bank, was connected with the American
This is the fourth regular meeting of the business organization of the GovSavings Bank & Trust Co.ofBurlington fcr twenty years. and his familiarity eminent. We have met to review the work of the first six
months and to
with agricultural credit problems in Iowa brings to the bank invaluable consider the task which confronts us for the remaining
period of this fiscal
experience. C. Gh Clark. Nice-President, has been a practicing attorney year, 1923, along the lines of co-ordination, economy and efficiency—three
for thirty-five years and Operates about 1,500 acres offarm land near Hanni- inseparable factors to successful government. There can be no economy of
bal. Mo. As managing official of the Hannibal Missouri Land Co., oper- operation without co-ordination, and efficiency without economy is impossating some 2,500 acres of land near that city, his opinion as to titles is ible.
highly regarded. Mr. Clark will pass upon all titles for the Burlington
The first meeting of the business organization of the Government was held
Joint Stock Land Bank. C. S. Trady, Vice-President, a practicing attor- June 29 1921, less than one month after the enactment of the Budget and
ney and an extensive land-owner has for years made substantial invest- Accounting Act. We faced then the problem of inaugurating a budget sysments in farm mortgages. E. W. Niehaus, Secretary, and J. L. Edwards, tem, and growing out of this the further problem of reforming the unco-orTreasurer, are both experienced in farm crediel, the latter. President of the ¬ed routine business of the Government.
Merchants National Bank of Burlington, having been in the banking busiProbably there never was a time in our country's history when a revision of
ness for the past thirty-five years. In addition to the above officers the its financial procedures was so urgent and necessary. The habit of large
board of directors includes F. N. Smith, the President of four banks. who expenditures, of almost unlimited obligation of the public credit, acquired
has been engaged over a long period in the mortgage loan business, and during the World War, seemed difficult to restrain, while the continuing
F. C. Crane, who. likc his associates, has handled farm loans.
demand upon the National Treasury gave little inOlmtion of abatement.
FEB.3 1923.]
THE CE1110.1sTICLE
473
routine
The Budget and Accounting Act placed definitely upon the Chief Execu- tive an agency for imposing a unified, concerted plan ofgovernmental
tive responsibility for checking the flood of expenditures. This task called business.
The results attained show how admirably these important agencies are
for the help of the Government officers and employees, as the solution of the
problem lay in the co-ordination of the Government's business, requiring functioning. They are performing a most important part in the task of developing team-work, instituting economics and applying business principles
co-operation of its personnel and their commitment to a continuing constructive policy of economy. From this determination—that the solution M to government routine operations. These efforts have the interest and corthe financial problems of the Government could be achieved only by team- dial endorsement of the Chief Executive. I am also much interested in the.
work—came the call for that first meeting of those officials and employees organization of the Federal associations in various part of the country carrying out from the seat of government into the field the gospel of teatn-work,
in the Government service who have to do with its routine business.
The campaign,then begun with such high hopes and courageous defiance economy and efficiency.
A subject, always in mind when I meet with you, is that of deficiency and
of the obstacles to be overcome is continuing to-day,and with no little pride
and satisfaction we point to a continuing policy of economy, with efficiency supplemental estimates, and I am glad to note a marked improvement in the
evidenced by the progressive and material reductions made in expenditures. number,character and amount ofsuCh estimates of this fiscal year.
The fact that Congress has made a new record in the passing of appropriaThis has been accomplished not only without impairment of the effective
operation of the Government departments and establishments but with an tion bills at an early date makes it certain that the heads of the departments
increase of efficiency resulting from a closer study of methods and cost of and establishments will have sufficient time before the beginning of the fiscal
year 1924 to plan their expenditure program aud apportion the funds approoperation.
This achievement, your achievement, is a matter of great satisfaction priated to fit the program so planned. This makes it possible to avoid to a
to the Chief Executive, who takes this opportunity to express appreciation greater extent than in other years the necessity for supplemental and deto all who have participated in this constructive and patriotic work—not ficiency appropriations.
I am not unmidful of the fact that many appropriations are made for disonly those charged with the administration of Government funds and
who control large and important activities, but as well, those devoted bursement by the departments, although the total of the obligations to disGovernment people who have applied principles of economy to their daily charged is not within administrative control—payments being required to be
work in various smaller ways through the conservation of Government sup- made pursuant to the terms of specific statutes.
plies and time. When the spirit of real economy has permeated the entire
Supplemental estimates in such cases cannot be avoided, no matter how
rank and file of the public service and the use of time and supplies is re- carefully estimates have been considered, both in the preparation and in the
garded as a public trust, many of our problems will be solved.
action by Congress thereon, unless the original estimate be made largely in. •
At our last meeting on July 111922. we had just entered upon a new fiscal excess of what past experience has indicated will be required. However.
year. We were concerned over a threatened discrepancy of large propor- where appropriations are within the control of administrative officers, a
tions between estimated receipts and estimated expenditures. The execu- serious emergency only should Justify departure from a well-considered plan
tive department estimated that they would call upon the Treasury during the of expenditure made in advance and wintmeplating a total with the amount
twelve months of the year (July 1 1922 to June 301923)for $3,771,000,000. fixed in the appropriation Act.
while the estimate of ordinary receipts for that period reached a total ofonly
I shall expect, therefore, that in making expenditure plans for 1924 you
$3,073,000,000.
will give this subject most careful consideration and in making apportionindicated withdrawals from the Treasury of $698,000,000 ment appropriations under your control you will not fail to make provisThis istuation
more than it was anticipated would be received from ordinary sources. At ion, usually by setting up a reasonable reserve, for the ordinary variation in
that time, however,I expressed confidence that with the budget organization the needs of the several periods of the year an&what may be called ordinary
and co-operation we need not be unduly concerned, and urged additional emergencies.,
General Lord, the Director of the Bureau of the Budget, will take up with
concerted effort to curtail expenditures in the laudable endeavor to keep our
expenditures within our income.
You in detail the work of the past six months,with particular reference to the
The statement of expected receipts and proposed and anticipated expendi- preparation of the budget and the work ofthe various co-ordinating agencies.
tures, given in the budget for 1924,transmitted to Congress Dec.5 last showed and I give way to him, expressing in closing, however, my satisfaction and
a probable excess of expenditures over receipts for the fiscal year 1923 of appreciation of the good work you have done, the good work you are doing
8273,000,000—a downward revision of $425,000,000 in the estimate made in and the good work I know you will continue to do.
July and a real downward revision of $550,000,000 as the budget statement
If you have made sacrifices of certain cherished plans in connection with
included as an ordinary expenditure an item of $125.000,000 for discount your work in order that expenditures might ho reduced, if you have become
accruals on war savings securities due Jan. 11923. which was not embraced discouraged and wearied at this continuing insistence upon economy,if you
in the estimate made in July.
have labored, as possibly some of you have labored, without apparent recogI am now advised that a revised estimate, just completed, shows a further nition of your service, we should remember that what we are doing is not for
reduction in the anticipated deficit for 1923 of$181,000,000, which indicates, ourselves, not for our immediate chief, not for the President of the United
as the situation exists to-day, an apparent deficit of $92,000,000 for the cur- States, but for the people—the Stockholders of this great business, who are
rent fiscal year. This gratifying result is due not only to reductions in the dependent upon us for the welfare and the proper conduct of this great busiprogram of expenditure, but also to an inlrease in the anticipated total of ness. Honest work well and faithfully done brings its own recompense in the
revenues and other receipts for the year. The adherence to the policy of consciousness of duty performed.
economy and the effective co-ordination of routine business were important
To you, representatives of the business organization of the Government.
factors in reducing this estimated deficit.
and to all my faithful co-laborers in the Government service, wherever
What now confronts us is the overcoming of this estimated deficit of $92,- stationed, I tender my thnaks and appreciation for services rendered.
000,000 and, if possible, the closing of this fiscal year with a balance on the
right side of the ledger. I must look to you,therefore, for continuing efforts
to control your expenditures during the remainder of this fiscal year, for in House Passes Green Bill Designed to Stop Tax
this way you can aid materially. I know that I can rely upon you.
Evasions.
At my last meeting with you I emphasized the necessity of keeping the
estimates for the next fiscal year, ending June 30 1924, within the receipts
The first of a series of amendments to the existing tax law
for that year, which at that time were estimated at $3,198,000.000. I also
to close up what Secretary Mellon has described
stated that the probable receipts for the nest fiscal year would not permit as designed
as avenues availed of by, the wealthy to escape Federal taxa.Eliberal appropriations as were provided for the current year.
It is a pleasure to state that the estimates of appropriations submitted to tion, was passed by the House of Representatives on Feb. 1.
Congress for the fiscal year 1924 are $120,000,000 less than the estimated
provision
receipts for that year and $196,000,000 less than the appropriations for the The measure, known as the Green Bill, repeals the
current year. Whatever pressure may have been brought to bear upon the in the 1921 Revenue Act permitting the exchange of securiexecutive departments of the Government wiqh reference to their estimates, ties without the realization of taxable gain. The "Journal
there must have been in the departments concerned a spirit of sacrifice and
the
co-operation to make this real achievement possible. Treasury conditions. of Commerce" in reporting the adoption of the bill by
however, demanded such co-operation and sacrifice. The Chief Executive House, in advices from its Washington bureau, said:
expected, it but nevertheless wishes to express his full appreciation of it.
The Treasury estimated that $50,000,000 was being lost annually by the
In view of the importance of the subject and to guard against misap- widespread practice of holders of stocks and bonds swapping them for other
prehension as to the nature of the budget, I take occasion to refer to the securities and thus escaping the levies of Federal taxes. In accepting an
fundamental principles which control its preparation. Under the terms of amendment, proposed by Representative Fordney of Michigan, the Howse, by
the law the Peesident is required to transmit In the budget. It is his budget.
of 52 to 29, excluded lands, held for investment purposes, from the
Ile recommends it to Congress upon his own responsibility as the head of the a vote
scope of the repeal.
executive branch of the Government. The estimates of appropriations conThere was little opposition from the minority, the Democrats contenting
tained therein are his estimates, except those for the legislative branch and
themselves with pointing out that the Republican Party in drafting a substithe Supreme Court.
1918 made possible tax evasions.
The budget law, recognizing the fact that the President could not person- tute for the Act of
The Green Bill, designed to stop tax leaks, was urged for passage by Secally attend to all of the details involved in the preparation of the budget,
explained that he desired to have the gain resulting from
gave to him an agency and designated it the Bureau of Budget. It did not retary Mellon, who
by the ordinary method. Under the existing
confer upon this bureau any function which it could exercise independently exchanges of property computed
another, plus a cash consideraof rules and regulations of the President. There cannot, therefore, be any Provision one security may be exchanged for
the original cost of the property exconflict of procedure or policy between the President or the members of his tion. If this "boot" does not exceed
that there has been no taxable
Cabinet and the Director of the Bureau of the Budget. The budget as changed the Treasury is forced to the ruling
transmitted to Congress embodies the administrative policies which the gain.
After Jan. 1 1923 the gain is to be computed by subtracting from the total
President has decided to recommend.
property given
Very significant and encouraging is the co-operation and collaboration be- value of all the property received in exchange the cost of the
the
tween Congress and the Executive in connection with estimates for appropri- in exchange, but with a provision that the taxable gain shall not exceed
ation. It is the endeavor of the President to present to Congress calls for amount of the side cash transaction.
funds that are sufficient and no more than sufficient to carry outapproved
Object of Amendment.
policies. The Budget and Accounting Act places no limitation upon the
The Fordney amendment provoked some opposition, on the ground that by
power and right of Congress to increase or decrease estimates submitted. exchanging blocks of land taxation might be escaped for years. However,
This is in accord with the spirit of our institutions and is as it should be.
Mr. Fordney explained that the sole object of his amendment was to make it
It is my hope and expectation that as the budget procedures develop the clear that when lands were exchanged for other lands and there was no
estimates transmitted to Congress will be so carefully prepared and will profit, the Commissioner of Internal Revenue could not levy income taxes.
present so accurate a picture of the real operating needs ofthe Government as
The Fordney amendment amends Paragraph (1) of Sub-Division (C) of
materially to lighten the burden of the appropriating committees. But it is Section 202 of the Revenue Act of 1921 to read:
not expected or desired that Congress should relinquish any of its preroga"(1) When any such property held for investment, or for productive use in
tives regarding public funds—prerogatives so wisely given to the peoples' trade or business (not including stock in trade or other property, held psi.
representatives by the founders of the Government.
manly for sale, and in the case of property held for investment not including
I am kept advised by the Director of the Bureau of the Budget of the con- stock, bonds, notes, choses in action, certificates of trust or beneficial interstructive work being done by the various co-ordinating agencies and area est, or other securities or evidence of indebtedness or Interest) is exchanged
co-ordinators under the immediate leadership of the Chief Co-ordinator and for property of a like kind of use."
of the value of the work being done by the several co-ordinating boards comWould Stop Tax Leaks.
posed of the representatives of the departments and establishments. These
The tax leaks growing out of the exchange of securities would be stopped
co-ordinating agencies are accomplishing the purpose for which they were
created—to provide the machinery through which to co-ordinate the activi- by making Sub-Division (E) of Section 202 of the Revenue Act read:
ties of the departments and establishments so as to guarantee the most
"(e) Where property is exchanged for other property which has no
provident and efficient expenditure of public funds and to furnish the Execu- readily realizable market value, together with money or other property
474
THE CHRONICLE
which has a readily realizable market value, then the money or the fair
market value of the property having such readily realizable market value
received in exchange shall be applied against and reduce the basis, provided
in this section. of the property exchange, and if in excess of such basis shall
be taxable to the extent of the excess; but when property is exchanged for
'property specified In paragraphs (1), (2) and (3) of subdivision (c) as received in exchange, together with money or other property of a readily
'realizable market value other than that specified in such paragraphs, the
Amount of the gain resulting from such exchange shall be computed in
Accordance with subdivisions (a) and (b) of this section, but in no such case
'shall the taxable gain exceed the amount of the money and the fair market
value of such other property received in exchange."
[VoL. 116.
and it thus ceases to contribute to the productivity of the country. There
is nothing in this argument unless all capital invested in securities is thereby
withdrawn from trade. The money they represent goes right into production and the bond is simply the titular evidence that it has done so.
The proceeds of Government bonds are spent in wages, material and structures, just as the proceeds of industrial bonds do precisely the same thing
and is used over and over again in trade. It is certainly a new theory
that once money is invested in bonds It ceases to work. Even if it were
true, how can it be helped unless the Government stops spending money?
If it makes appropriations which cannot be met from the current tax levy.
The House passed two other bills without opposition. The Green Bill lim- It must sell bonds and the proceeds are used
just as the proceeds of a coriting to one year the time within which applications for the refund of taxes poration's bond issue are used—they pay bills
and go into circulation—
paid into the Treasury might be made was adopted without a record vote.
only the Government expendiures are not as profitably employed as the
The Hudspeth Bill extending from eight months to one year the time ordinary corporation's.
within which cattle grazing on Mexican lands might re-enter the United
It may be that the very rich buyer of the tax exempt bonds withdraws
States without the payment of tariff duties was accepted.
from active business but his money is not withdrawn. At any rate, the
figures show that something is greatly increasing the number of people
who pay income taxes. In 1917 that number was reported as 3,472.000
New York State Chamber of Commerce in Opposition and in 1920 as 7.250,000 and the total income increased from $13,652,000,000 to $23,735,000.000. It does not look, therefore, as if the increase in
to Proposed Ban against Tax-Exempt Securities.
the number of tax exempt bonds was impairing the productivity or prosA report expressing the opposition of the New York Cham- perity of the country. or drying up the sources of revenue.
Neither is there strength in the argument that the power to put out tax
ber of Commerce "to any amendment of the Constitution of
exempt bonds encourages Government extravagance. The
men who vote
the United States which shall disqualify either the Federal the improvements take pride in equiping the
Government with everyGovernment or any State or municipal Government from thing It needs but have little concern for the consequent increase in taxaIssuing bonds free from both Federal and State taxation" tion. The Government has to sell the bonds and will sell them at any
price. It cannot gain anything by putting up the interest
was presented and adopted at the meeting on Thursday last get it back in taxes. Mr. R. C. Leffingwell, ex-Assistant it pay just to
Secretary of the
(Feb. 1) of the Chamber. The report, submitted by the Treasury, agrees that the ability of Government to waste is not determined
Chamber's Committee on Taxation, of which Clarence H. by its sources of revenue and adds: "Credit and tax exemption have nothing whatever to do with each other." How can anyone expect, therefore,
Kelsey is Chairman, declares that if Federal bonds are put that the necessity of paying 1% more in interest will deter a Government
out subject to tax, the rate of interest will go up, and that from spending money?.
Another argument that Government
"the money to pay this extra tax has to be raised by taxa- petition for trade borrowings is also bonds free of tax make unfair comunsound. The competition will
tion." The argument against the change, it says, "is still the same whether the Government bonds are taxable or free of tax. be
If
taxable, the rate of interest will have to be increased, and the rate on railfurther strengthened by the consideration that a great quanroad. industrial and other corporate bonds will go up correspondingly.
tity of Government bonds are held by non-taxable institu- The Government bonds will have the preference and
there will be approxtions, like savings banks, life insurance companies, educa- imately the same difference between such bonds and corporation bonds
generally, whatever the rate is on the Government bonds.
tional and charitable institutions." The report was made
If the exemption remains, there is hope that the surtaxes
public before its presentation at Thursday's meeting, and and people with smaller incomes can buy tax exempt bondsmay be reduced
or they can be
Secretary of the Treasury Mellon took occasion to answer put out at a lower rate to the very rich. If the exemption is removed,
the interest rate has to go up and 'there Is poor chance of the surtaxes ever
the contentions in a letter which he addressed to Mr. Kelsey
being reduced, for greater taxes must be collected to meet the increased
on Jan. 31 prior to the Chamber's action on the report. Sec- interest charge, and there will be greatly increased cost of collection inciretary Mellon's letter, which we give under another heading dent to the abolition of tax exempt bonds. This interest charge will have
such a rate as
in this issue, states that the position which the report takes to be increased tobonds will be will satisfy the demand ofinvestors and the
correspondingly forced up. It is, therefore,
rate on all other
"is founded upon several serious misconceptions," and he unwise for the Government to favor the removal of the exemption for it
argues that the report seems to overlook "the most important gains nothing by it. It is unwise for the great body of taxpayers, for
and a greater burden fall on all those who do not.
increase
it
factor in the tax-exempt security problem, namely that the or will unable totaxes
get their share of the bonds.
are
root of the trouble lies in the Federal income surtaxes." BeThe unfair competition for general corporate borrowings results when
low we give the report presented to the Chamber by Mr. Kel- other corporations or individuals are given the same advantage of a tax
free market. The Government should have this advantage exclusively
sey on Thursday:
because it gains nothing but rather loses by surrendering it. That advanYour Committee has considered the proposal for an amendment to the tage, however,should be taken away from every other borrower, and Instead
Constitution prohibiting the issuing of tax exempt bonds by the Federal of attempting to amend the Constitution to prohibit Government exempGovernment and by State and municipal authorities and presents the tion, every other exemption should be repealed by act of Congress and all
individual borrowers put on an equality in the money market.
following views and recommendations on the subject:
When it comes to State and municipal bonds, the proposition is still
If the Federal bonds are put out subject t)tax, the rate of interest will
go up. How much is uncertain—probably 1%. Secretary Mellon. worse for the taxpayers because of the relations of the States to the Fedbefore the Ways and Means Committee, is quoted in the Congressional eral Government and of the different methods of collection of taxes for State
Record of Dec. 19.page 721.as stating that it is probably true that a 331% and municipal purposes. It Is said that the Federal Government suffers
by reason of the fact that the Federal income taxpayers invest largely in
tax free Government bond can be put out at par, and then adds:
"Now to sell a security at par that is not tax free, the Government would tax exempt State and Munlepal bonds. That means that the Federal
Government has to fix its income tax rate on the basis of what it can roach.
have to pay a rate of interest to-day of more than 4%, of course."
Who pays that rate? The very Citizens ofthe States putting out the exempt
He adds:
"I suppose it would depend upon the length of time they,would have to State and municipal bonds. If the States lose the privilege, the rates on
their bonds will go up and the extra interest will have to be collected by
run, but it would be somewhere from 4
to perhaps 5%, depending on
the length of time they would run."
extra taxes and the same citizens pay them. It makes no difference to
And Mr. McCoy,the Government actuary, in a memorandum to Secre- them whether they pay more in Federal income taxes and less in State
tary Mellon,dated Jan.24 1922,and included in the Report of the Secretary taxes, or vice versa. They have to pay both and the average taxpayer
will be a great deal better off if neither the Federal Government nor the
of the Treasury, page 321. says:
municpal governments have to collect taxes to cent* extra inter"There is little doubt that under these conditions the future investors State and
in what are now tax exempt securities would demand that they boar a est, for the chances are that a great deal of the extra interest will go to
higher rate of interest or be sold at a discount sufficient, at least, to meet the tax exempt and partly exempt investors, and as to the others, the heavy
this tax."
taxpayers will be more skillful in relieving themselves of the extra burden
and the figures presented by him resulted in an estimated increase in the and getting more of the extra interest than the small taxpayers will.
As between the States, those that pay the greater share of the total
rate of interest of approximately 1.1%.
The money to pay this extra interest has to be raised by taxation. Who Federal tax will have the greater burden if Federal bonds are made taxable.
will pay it? The citizens, of course, and probably by an increase of the Consider how Ohio fares in connection with the Federal appropriations
income taxes. If they own enough of the bonds to get as much in extra for good roads. Congressman Begg has stated in a speech on the floor
Interest as they have to pay in extra taxes, they will perhaps break even. of the House that Ohio, though receiving from the Federal appropriation
So far as they do break even, there Is no merit in the plan either for them or $12,500, or one-half for each $25.000 mile of road built in Ohio, has really
for the Government. It is very unlikely, however, that any particular paid $55,368 per mile for it. In other words, by reason of Its contribunumber of citizens will break even. The large taxpayers show a great tion toward the total Federal appropriation, it has not only paid all that it
capacity to take care of themselves and it is fair to expect that much of the received from the Federal Government, but $30,368 additional per mile
burden will fall on the smaller taxpayers, who will pay more in increased of road built in the shape of its share of the tax moneys that were distriincome taxes than they are at all likely to receive in increased interest buted to other States. It should pray that there should be no more Fedon Federal bonds which they hold.
eral appropriations for good roads, but should undertake to built Its own
This argument against the change is still further strengthened by the roads. It is likely to faro just about the same way if it co-operates to
consideration that a great quantity of Government bonds are held by non- have the Government pay, say, 1% more In interest and Ohio pays it share
taxable institutions, like savings banks, life insurance companies, educa- of the increase.
tional and charitable institutions. It is certain that the additional taxes
There Is another and quite as compelling a reason why States which now
necessary to meet the additional interest which will be paid to non-taxable have an income tax of their own, or a small tax only on bonds, should be
institutions will be saddled upon those who do pay taxes—both the small against the amendment. Ifsuch States and the cities in them can no longer
taxpayers and the large ones.
put out tax exempt bonds, the States and the municipalities under the tax
Congressman Mills, in arguing for the amendment, is quoted as estimat- laws will got a small percentage on the income of these bonds. Whatever
ing that 37% of the holders of Government bonds pay only 12%% income they pay in extra interest, be it 1% or more or less, they will get only a
tax, 23% pay nothing, and 40% pay all the balance. Mr. McCoy,in the small fraction of it in taxes on the same bonds and none at all so far as the
memorandum to Secretary Mellon abeve-memtionod, estimated that bonds do not stay in the States or are held by non-taxpayers. Who pays
about 50% of the tax free bonds were held by corporations paying a 12%% the balance? The States will have to get it by putting up taxes sometax, ‘by tax exempt individuals and institutions and % by those sub- where else.
3
,
ject to full taxation, but in this discussion we have taken Congressman
It is said though, that there Is a great social reason why the issue of tax
Mills' figures.
exempt securities should be abandoned, that they are the means by which
Why, then, should all this trouble be taken to increase the interest the rich unload the burdens of taxation on the poor. In fact, the whole
burden of the Government and compel it to collect just so much more in agitation seems to be founded on this false premise and a change is sugtaxes plus the additional expenses of collecting them?
gested which will have just the reverse effect of that intended. Taking
It is said that there are other serious objections to the Federal Govern- Secretary Mellon's and Actuary McCoy's own figures that the rate of
ment's continuing to put out tax exempt bonds because, for instance. Interest will at once be raised at least 1%,what are the facts as to who pays
they are availed of by the rich, who withdraw their capital from industry the greater tax—the man with a salary of $10,000 a year or the man with
FEB.3 1923.]
THE CHRONICLE
in tax exempt 4% Govern$10,000 a year derived from 3250.000 invested
5% subject to
ment:bonds? The latter has accepted 4% tax free instead of
tax of $520, whereas the man living on
tax.*The salaried man pays a total
put out at 5% on taxhis accumulated fortune of $250,000 which he could
Government, accordable bonds, yields $2,500 in interest and saves the
would otherwise have to
to Secretary Mellon. $2,500 in interest which it
up to the man with an
collect in taxes. You can follow this comparison
whose
earned income from his profession or business of $60,000 a year,
a
total tax is $11,940, and the man with an unearned income of $60,000
urrendyear from 51.500.000 of tax exempt 4% Government bonds who
much in taxes.
ere $15,000 in interest and saves the Government that
It is. therefore, true that until you get to incomes considerably above
exempt
$60,000 a year. the man who lives on an unearned income from tax
bonds is contributing more to the burdens of the Government than the
only the poor
man living on an earned income of the same amount, and it is
man with an earned income of more than $70,000 that finds himself paying more by way of income taxes than the man with an unearned income of
the same amount in tax exempt Government bonds.
How wrong it is, therefore, to attempt to sitr up discontent by representing that the present law transfers the burden of taxation from the rich to
the poor. When it comes to equalizing the burdens between the two classes
of incomes above the $70,000 mark, if it is important to do it, it can be
and
accomplished by a reduction in the surtaxes and that could be done
still leave the maximum surtax at not more than 25%•
It is, therefore, to correct evils like those above mentioned which do
not exist at all or for which the tax exempt bonds are in no way responsible that the Government would be led into the folly of giving up the right
to issue exempt bonds and by so doing gain nothing itself and greatly add
to the burdens of the taxpayers. The project is urged by so-called econo.
mists who seem to disregard all the principles of arithmetic and attempt
to stir up social unrest by preaching that the rich are unloading the taxes
exceeding
on the poor when the opposite is true until you get to incomes
belie, reach
$70,000 a year; then by superficial argument, which the figures
taxpaythe conclusion that there Is advantage to the Government and the
both.
ers by making a change, which in reality will be to the disadvantage of
of the
The foregoing cannot be controverted by disputing the amount
If one insists
increase in Interest which the Government will have to pay.
an equal
that it will only be ji of 1%, the two classes of income come to
hand, the inPayment at incomes of $32,000 a year. If, on the other
of 1%.they come to an equality at $56.000 a year.
crease is
clear around
Let us get right down to figures and follow the operation
the subject
the circle. There is a great deal of superficial reasoning on
the pleaswhich is quite oblivious of the fats and favors the amendment on
Governments,
ant but wrong impression that in some way it will benefit the
Federal and State, and relieve the taxpayers.
out subject
Let us take a million dollars, say, of new Federal bonds put the same
to all taxes and then a million dollars of State bonds put out on taxation
to
footing. A million dollars of Federal bonds put out subject
4%. That
will have to pay a higher rate of interest, say 5% instead of
$50.000 to pay the
means that the Federal Government will have to raise
out at 4%
interest on the bonds, that is $10,000 more than If it put them
received by the
free of tax; but it has $50,000 of additional taxable income
sufficient to meet
citizens on which to collect taxes. To collect taxes
average
the extra $10,000 which it has to pay in interest will require an
Mills is right,
tax of 20% on the $50.000 of income. If Congressman
pay noth37% ofthis income will pay only 123.6% tax,or $2,312 50:23% will
Its taxes,
ing, the remaining 40% has to pay h1 the balance, or $7,687 50.
20% on its
take
therefore, which, if all the income was taxable, would
receivers of
Interest, will, by reason of the non-taxable and part taxable
is, 38.4%
the balance of the interest, take $7,687 50 instead fo $4.000, that
1234% class,
instead of 20%. The Government has gained nothing. The
taxation,
all corporations, pay 12;4% on 5% received by it subject to
4% on nonor 5
iof 1%• The corporations, therefore, instead of getting
,
s, pay 5i% in the
taxable Governments, get 5% on taxable Government
The exempt
way of taxes and receive 4 % net on their investment.
on a taxable
class, instead of getting 4% on a non-taxable bond, get 5%
clear gain of 1%
bond, do not pay any taxes at all, and, therefore, have a
bonds, 40%, have to
on their bonds. The holders of the balance of the
single person holds
pay all the balance of the taxes. If we consider that a
but he pays
them all, say $400,000, he gets 1% more in interest,or $4,000,
great numIn taxes 37.687 50, and is much worse off for the change. If a
spread over them
ber of taxpayers hold the bonds, the additional burden is
all, or if not, over the whole body of taxpayers.
out subject to tax,
Now as to a million dollars of new State bonds put
say, from 4%
we have the same problem. The rate of interest goes up,
against the
to 5%. If it is more or less, the result varies but is always
its interest.
taxpayer. The State has $10.000 more to raise to pay
as such,
As the plan provides for taxing the interest, and not the bonds
meet the
the State will have to collect a tax of 20% of the entire interest to
no income
Increase. If it is a State which taxes personal property but has
tax law, it will have to pass an income tax law to collect this extra tax on
taxes on the Interest
the interest. or allow the Federal Government to collect
on Federal and State bonds and forego the privilege itself. The income tax
rate will have to be as high as 20% if it is hoped to collect itfrom the holders
of the bonds, or at such a rate applicable to all incomes as will total this
20%. If the State has an income tax law with low rates, it will have to
Increase those rates to the extent of 20%, against the holders of the bonds
or against all incomes so as to secure an aggregate of 20% of the entire
interest on the bonds. Inasmuch as there are 23% of exempt holders and
many of the bonds are held in other States or out of reach where the tax
collector does not get them this extra burden will come on the holders of
the bonds who do pay taxes or upon the general body of taxpayers who
get none of the extra interest. The State merely gets back its increased
expenses and has increased tho burdens of its taxpayers.
But how about the State's contribution to the Federal Treasury because
it has made $50,000 of new income taxable by the Federal authorities?
The same taxpaying citizens of the State pay the Federal tax on this $50.000
besides having to pay the State taxes on it. The same situation exists as
with the income taxes on the Federal bonds. Thirty-seven per cent of
the holders will Pay 12%% on their additional taxable income, 23% vrill
pay nothing and 40% will pay the balance.
They will have the same unjust proportion of the Federal taxes to pay
and they will have no further offset in increased interest for they have
used that up in meeting their State taxes.
teither can the conclusions from the foregoing computation be upset by
contesting the estimates as to how many of the holders of the Federal and
Mr.
State bonds are in a position to have to pay full taxes. If it is 25%,as
be still
McCoy estimated, the burdens on the 25% who pay full taxes will
they will be slightly
greater. If it is 50%. as Professor Seligman concludes,
part taxless, but as long as there are holders who are non-taxpayers or
holders
payers. the extra interest. whatever It is, will be thrown upon the
as they
of bonds who pay full taxes whether they are few or many,or so far
are able to escape it upon the great body of taxpayers.
on
It is true that the Federal Government gains by its taxing the income
put
State bonds. It may be that five times as many State bands will be
475
out as the Federal Government will put out and thus the Federal Government may have five times as many $50,000 in State interest to levy on as it
has in Federal interest and will gain proportionately more, but to what end?
Its taxes have to be paid anyway and by the citizens of the States.
It is true, too, that the States will recoup something by the right to tax
Federal bonds, but the citizens lose still more. This taxes them twice, as
the State bonds will be taxed twice, and the same citizens will pay both.
The double tax will send the rate of interest still higher, make the taxes to be
collected still greater, drive the bonds still more into the hands of the nontaxpayers and the part taxpayers, and continue the vicious circle by which
the tax burden on the few who pay will be increased. The taxpayers might
better pay as they do now,at the rates involved under non-taxable Government and State issues, than to consent that the Federal and State Governments should make their bonds taxable and that those who pay full taxes
should heavily increase their State taxes in consequence and increase their
Federal taxes also, and all for the purpose of helping the non-taxpayers and
the part taxpayers to get more Interest out of their Government and State
bonds. The State and National Governments collectively gain nothing at
all, for with them, collectively—and that is the way t3 look at it—it is
immaterial whether they put out non-taxable bonds and keep down their
net expenses, or put up their interest on taxable bonds and their expenses.
too, for they must simply balance their budgets on either basis.
In the foregoing, the question has been studied purely from the economic
and sociological standpoint and if the conclusions reached are sound, it
does not seem necessary to consider any constitutional or State's rights
question which may be Involved.
In the judgment of your Committee, the Chamber should oppose any
change in the Federal Constitution or in the practice of the Federal Government or of the States and municipalities by which they shall hereafter put
out taxable bonds or be forbidden to put out non taxable bonds. The
Chamber should favor the repeal of all laws permitting tax exempt bonds
to be put out by any other bodies than the Federal Government and the
States and municipalities, to the end that allindividual and private corporation borrowings shall be on an equality in the money market.
The Committee recommends the adoption of the following resolutions:
is
the State of
Resolved, That the Chamber of Commerce ofof the United New York
States which
opposed to any amendment of the Constitution
either the Federal Government or any State or municipal
shall disqualify
Government from issuing bonds free from both Federal and State taxation,
as uneconomic and contrary to the interests both of the Federal Government
and of the States and municipalities and of the taxpayers in both jurisdictions, and particularly disadvantageous to the States, their municipalities
and their citizens, which now collect their taxes through an income tax law;
and. be It
Resolved, That the Chamber of Commerce of the State of New York
recognizes tne propriety and wisdom of the Federal Government and
the State and municipal governments having the right to issue tax exempt
bonds but believes that such rignt should belong exclusively to such political
any
oodles; that no private individual or corporation should havethe such
right; that all such borrowers should be put on an equality in to money
cover all
tnat Congress should repeal any such existing privilege
marketfuture borrowings of all individual or private corporation borrowers; and.
be it further
Resolved. That the officers of the Chamber be instructed to forward the
foregoing resolutions to the Senators and Representatives in Congress, and
to other chambers of commerce and similar bodies throughout the United
States with which It is accustomed to co-operate, and take such other steps
as they•may be advised, to urge the views set forth in this report and secure
Government action accordingly.
Respectfully submitted,
CLARENCE H. KELSEY, Chairman,
WILLIAM C. DEMOREST,
JOSEPH L. SELIGMAN,
DONALD G. GEDDES.
WILLIAM P. PHILIPS,
Of the Committee on Taxation.
Secretary of the Treasury Mellon in Answer to Report
of New York Chamber of Commerce Opposing
• Ban on Tax-Exempt Securities.
The report voicing the opposition of the New York State
Chamber of Commerce to the proposed constitutional amendment placing a ban on the issuance of tax-exempt securities
brought from Secretary of the Treasury Mellon the statement that the position taken by the report "is founded upon
several serious misconceptions," and that on many points it
is "directly at variance with the facts." Secretary Mellon's
declarations were contained in a letter addressed to Clarence
H. Kelsey, Chairman of the Chamber's Committee on Taxalatter
tion, which drafted the report, and forwarded to the
on Jan. 31, before the report was brought before the Chamber on Feb. 1. Secretary Mellon declared that the report
taxseemed to "overlook the most important factor in the
trouble
exempt security problem, namely that the root of the
lies in the Federal income surtaxes." Referring to the
fact that the tax exemptions of the securities will. tend to defeat the collection of the taxes, Secretary Mellon pointed out
that he had "accordingly urged that action be taken first to
restrict further issues of tax-exempt securities, in order to
block this avenue of escape from the surtaxes, and second to
reduce the surtax rates to a reasonable level," The Secretary expressed the belief that the proposed constitutional
amendment is safe and practicable, and he added "I hope
that the Chamber of Commerce of the State:of New York
will not take a position adverse to its adoption." In his letter to Mr. Kelsey Secretary Mellon said:
I received your letter of Jan. 22, with further reference to the question of
report
tax-exempt securities, and have since had opportunity to examine the
of your committee on this subject to the Chamber of Commerce of the State
yesterday morning and is expected
of New York, which I notice was published
to come up for action at the meeting of the Chamber on Thursday. I cannot
takes is
escape the feeling after reading this report that the position whicn it
on many
founded upon several serious misconceptions, and I am satisfied that
the facts.
points the report is directly at variance with
seems to be
Reduced to its lowest terms, the main contention of the report
securithat so long as there are high surtaxes there ought to be tax-exempt having
ties to provide relief from those surtaxes. This view is not unnatural,
476
THE CHRONICLE
For,... 116.
regard to the excessive rates of surtax which now prevail, but it is the
In view of these facts, it seems not appropriate at this time that attention
Treasury's view that to sanction the continued issuance of securities carrying be directed to some of
the consequences which will flow from the adoption
full exemptions from taxation and at the same time attempt to levy Federal of this amendment,
particularly with reference to the change which will
income surtaxes running as high as 58%, when combined with the normal be made in the nature
of our Government and the inurious effects which
tax, creates an impossible situation, since the tax exemptions of the securi- will necessarily result to the
States and their subdivisions.
ties will tend to defeat the collection of the taxes.
A revolutionary change in our system of constitutional government is
I have accordingly urged that action be taken, first, to restrict further is- proposed. Prudence teaches
us that principles long established should
sues of tax-exempt securities, in order to block this avenue of escape from not be set aside for light or
transient causes. Before determining to make
the surtaxes, and, second, to reduce the surtax rates to a reasonable level, this change we must answer
these questions:
with a maximum of 25%, amounting to 33% when combined with the nor(1) Is this change fundamentally right in principle?
mal tax. This would, in my judgment, provide a workable system and in the
(2) Is it expedient as a matter of policy?
long run produce more •revenue than the present rates.
I submit that both of these questions should be answered
in the negative.
The report of your committee, it seems to me, overlooks the most imporThe Power To Tax Is the Power To Destroy.
tant factor in the tax-exempt security problem, namely that the root of the
The principle that our Government is an indissoluble Union of
trouble lies in the Federal income surtaxes. The high surtaxes date from
-Indethe Revenue Act of 1917, and until that time tax-exempt securities presented structible States is as old as the Government itself. Each Government
a problem of small magnitude, since most taxes were levied at level rates, Is supreme and sovereign in its own domain. It is, and of right ought
and it could generally be said, as stated in your report, that the loss of taxes to be, no more within the power of the Federal Government to destroy a
was roughly made up by the saving in interest costs. With taxes at flat State than it is within the power of a State to destroy the Union. From
rates, the exemption is worth about as much to one taxpayer as another, and, this principle it follows that neither Government has power to tax the
barring any question as to conflicting State and Federal jurisdiction, it other, or any of its agencies, for it was decided at an early time that the
could be said with some force that if the State or Federal Governments were power to tax is the power to destroy. This principle is fundamental in
to tax the securities which they themselves issued, purchasers of securities our system.
would insist on an interset yield high enough to compensate for the taxes
So far as I am aware, no writer upon taxation has ever come out in
the open and directly advocated that a Government should tax itself,
levied.
The Federal surtaxes have changed all this and created an entirely different or that one Government should tax another, yet, as I shall show, this
problem. The exemption to which the greatest importance now attaches is is precisely what the proponents of this measure are trying to do. They
the exemption from Federal surtaxes, and the value of this exemption de- arc attempting by thinly-veiled indirect methods to accomplish a purpose
pends entirely upon the income of the individual taxpayer. Generally speak- that they haven't the face and the hardihood to try directly.
ing, it will be greatest in the case of the wealthiest taxpayer, while to the •
Taxation Is Regulation.
person paying only a normal tax or a low surtax the exemption will be relaGrant the State the power to tax the Government, it ceases to be indetively of little value. This makes it quite impossible, as a practical matter,
grant the Government the power to tax the States, they become
for the borrowing State or Federal Government to obtain full value for the pendent;
exemption carried by the securities, for in the nature of things the securities not States but Provinces. Empower the Government to tax securities
will be sold in the open market at quoted prices adjusted to market condi- Issued by the States, you create absolute Federal domination and control
tions, though to one purchaser the exemption may be worth little or nothing over these securities; sow the wind, you reap the whirlwind: for is it not
and to another purchaser who pays the same price, the exemption may be plain that once Congress begins to tax, it must necessarily look to the
regulatory effect of its tax laws upon these securities? It is but one
worth the equivalent of 10 or 11% on a taxable security. '
Another fundamental difference, which your report completely overlooks, short step from the use of the taxing power to "raise revenue to pay the
is that the surtaxes are levied by the Federal Government, while the tax- debts and provide for the common defense and general welfare of the
exempt securities are, for the most part, issued by the State and municipal United States," to the pervertion of this power to an instrumentality for
regulating, controlling and prohibiting. Congress has taken this step
Governments. In other words, the Federal Government gets no
compensat- too often to encourage the idea that it is likely to reform. Witness the
ing advantage whatever from any reduction in interest rates that
may accrue tariff, constitutionally intended solely for revenue, it has been, since
the
to the State or municipal Government through the tax-exempt
privilege, so days of Hamilton, the football of politics for the promotion of the
everthat the tax exerOption from Federal surtaxes is in fact an involuntary
sub- changing economic theories of the party in power. We have no means
sidy conferred upon State and municipal Governments by the Federal
Govern- of Judging of the future but by the past, and judging by the past, we
ment at the expense of its own revenues.
have no reason to believe that Congress will voluntarly abandon any
Your report, I notice, attempts to meet this on the ground
that, whether part of this regulatory power, once it is granted.
the State or Federal Governments are involved, it is all one body
of taxpayers; but while this is undoubtedly a valid argument in support of uniformEvasive Language of the Proposed Amendment.
ity of treatment as between the State and Federal Governments,
While, on account of the violation of the principles outlined above, I
it cannot
be advanced in support of a system which permits taxpayers
to avoid their would be opposed to any amendment authorizing Federal taxation of
taxes to the Federal Government by purchasing securities issued
by or under State securities, yet the Green resolution, the measure now before Congress
authority of the States.
contains features that are especially condemnatory. This resolution
It must be clear that graduated additional income taxes
cannot be effec- reads as follows:
tive.when there exist side by side with them practically unlimited
"Resolved by the Senate and Housp of Representatives of the United
quantities
of fully tax-exempt securities available to defeat them, and
that either some States of America in Congress assembled (two-thirds of each House conway must be found to stop the continued issuance of
tax-exempt securities curring therein). That the following article is proposed as an amendment
to the Constitution of the United States, which shall be valid to all intents
or the Federal Government must find some substitute for the
surtaxes. The and purposes as part of the Constutition when ratified by the Legislatures
issue is immediate and serious, for the yield of the surtaxes
has already been of three-fourths of the several States.
reduced to a relatively small sum as compared with the early
years, and the
Article
persistence of the present system is distorting our whole economic
structure
Section 1. The United States shall have power to lay and collect taxes
and hampering the development of business and industry
throughout the on income derived from securities issued, after the ratification of this
country.
article, by or under the authority of any State. but without discrimination
against income derived from such securities
favor of income derived
A constitutional amendment along the lines proposed in
the pending reso- from securities issued, after the ratification andthis article, by or
of
under
lution would correct the situation and would put State and
Federal Govern- the authority of the United States or any other State.
ments on an equality. I believe that such a constitutional
Sec. 2. Each State shall have power to lay and collect taxes on income
amendment is
safe and practicable, and I hope that the Chamber of
derived by its residents from securities issued, after the ratification of
Commerce of the State this article, by or under the authority of the United States;
bit wuthout
of New York will not take a position adverse to its adoption.
discrimination against income derived from securities issued, after the
ratification of this article, by or under the authority of such State."
Governor Trinkle, of Virginia, in Opposition to Proposal to Do Away with Issues of Tax-Exempt
Securities, State and National.
In a communication addressed by E. Lee Trinkle, Govern
nor of Virginia, to the Senators and Representatives from
Virginia in Congress, a stand is taken against the Green
resolution which proposes to amend the Federal Consti tu
tion so as to do away with the issuance of tax-exempt securities. Governer Trinkle undertakes to set out some of the
consequences which to his mind "will flow from the adoption
of this amendment, particularly with reference to the change
which will be made in the nature of our Government and
the injurious effects which will necessarily result to the States
and their subdivisions." His views have been issued in
pamphlet form under the title "A Plea for Principle—Shall
the Federal Government Control the Credit of the States"?
In view of the great importance of the subject, and the widespread interest in it, we give his communication in full herewith:
COMMONWEALTH OF VIRGINIA.
Governor's Office.
Gentlemen of the Virginia Delegation,of the Congress:
Favorable action upon House Joint Resolution 314, known as the Green
Resolution, which has for its purpose the amendment of the Federal Constitution so as to confer upon the central Government the authority
to
tax income arising from securities issued by the States and their subdivisions, is being urged by the officers of the National Tax Association
for reasons largely theoretical.
The Treasury Department and certain members of Congress seem
inclined to favor this legislation because it will increase the income subject
to tho Federal imam tax. At the
,
hearing before the Committee on
Ways and Means in January and March of this year (1922) many phases
of the question were presented, all the agruments being
advanced by
proponents of the measure and no dissenting voice being expressed, save
by elegrams of six Governors who stated simply that they were not in
favor of Federal taxation of State securities, without giving fully their
reasons therefor.
It is worthy of note that this article authorizes Federal taxation of the
Income derived from State and municipal securities at the pleasure of
Congress, with only one retsriction. Such taxation may not discriminate
against income from such securities and in favor of income derived from
Federal securities. This is the only limitation, there is no requirement
of uniformity, there is no requirement that the taxation of the income
from State and municipal securities be not greater than that imposed
upon all other income, there is nothing to prevent Congress from classifying various State and municipal securities among themselves and prescribing a different rate for each class. The language of this article is
so indefinite and illusive that no one can tell what it means. In fact
no one will ever know this until Congress has tried every device conceivable
to the mind of men, and the Supreme Court has told us which of these
are forbidden and which are not forbidden. The proposed amendment
is far less clear than the language of Section 5210 of the Revised Statutes
authorizing State taxation of the stock of national banks, and provindig
that "such taxation shall not be at a greater rate than is assessed upon
other moneyed capital in the hands of individual citizens of such State."
The latter section was enacted nearly sixty years ago, the Supreme Court
has construed it in some thirty cases and I doubt that there are a dozen
men to-day who know precisely what this limitation means. Mr. Samuel
Lord, Chairman of the Minnesota Tax Commission, in an address delivered
at Minneapolis on Sept. 20 1922, stated that since 1900 up to 1921 both
the bankers of the nation and all the tax officers of the States had been
considerably in the dark as to the real meaning of this section.
Under this law, the Supreme Court in Arnoskeag Savings Bank-v.-,
Purdy, 231 U. S.. 373, held that the true test as to whether or not a State
law discriminated against national hank stock,and in
favor ofother moneyed
capital, was not the effect of the law upon a few isolated stockholders, but
whether the scheme of taxation adopted by the State discriminates against
bank stockholders as a class and in favor of the holders of other moneyed
capital as a class. It cannot be doubted that the Court would construe
the amendment now proposed in the same way, that is, although Congress
might tax some State securities at a very much higher rate than it taxes
Federal securities, yet such discrimination would not be forbidden, provided
the entire tax upon,the income from all outstanding State securities is not
at a higher rate than the entire tax upon the income from all outstanding
Federal securities. For instance, if Congress desired to exercise absolute
regulation over the issuance of State and municipal securities,it would have
only to set up a State Security Board and provide that the income derived
from securities issued under the Board's permission should be taxed at onefourth of one per cent less than the income derived from Federal securities,
and that the income derived from all securities issued by States and munici_
panties without the consent of the Board should be taxed at 100%. This
N ••<"
•••
923.]
THE CHRONICLE
no discriminate against State and municipal securities as a class,
or of Federal securities as a class, and the Court would hold that
perfectly valla exorcise of the taxing po Nei' conferred by the Constitutional amendment in question.
This is only a single illustration, but a careful study of the bank stock
cases suggests a practically endless variety of ways in which Congress could
oppress and burden the States which issue securities without violating the
Constitutional inhibition.
Nearly three thousand years ago, the wisest of monarchs said: "The borrower is a servant unto the lender." This is true because the lender has
the power to dictate the terms of the contract, and he thus controls the
relationship. Place the control of State and *municipal credit in Congressional hands, and the exercise of every function of local government
will become sooner or later a matter of Federal license.
In the foregoing discussion, I have refrained from commenting on the last
four words in Sec. 1 of the resolution. These words are: "Or any other
State." This was for the reason that this loose language does not, to my
mind at least, convey any meaning whatever. Of course if the matter
should be brought before the Court, it would necessarily seek an interpretation of these words; but until a meaning is assigned to them it is unprofitable as well as unsafe to discuss it. Ofone thing I am fairly sure, the Court
will say that they do not mean "Any other State of this Union." because the
words "Other State" follow the words "United States" and this requires the
construction that the United States is a State, and that the words mean
"the United States or other similar State." The States of the Union are not
similar to the United States, they are diverse, and therefore cannot be included in the term. Let me mention a pertinent illustration: to the layman's mind, it is quite clear that in the sentence: "The taxation of shares
of national banks shall not be at a greater rate than is imposed on other
moneyed capital in the hands of individuals," the word "other" is mere
surplusage and should be disregarded, since nothing could be more dissimilar to capital, whether moneyed or otherwise,in the hands ofindividuals
than shares of corporate'stock. However the judicial mind,
being forced
to discover a meaning for,each word in the statute or to invent one where
none can be found, said in Mercantile National Bank v. New York 121
U. S. 138, a leading case which is being fallowed to-day:
"Applying this rule of construction, we are led, in the first place, to consider the meaning of 'other moneyed capital' as used in the statute. Of
course it includes shares in national banks; the use of the word 'other'
requires that, if bank shares were not moneyed capital, the use of the word
'other' in this connection would be without significance."
The Court then goes on solemnly to declare that the term includes also
shares of stock in State banks, trust companies and other corporations engaged in a similar business and competing with national banks. A monstrous conclusion truly, yet it fairly illustrates the length to which the
Court may be driven when it is required to find a meaning where none
'exists,
C/8Rtit
Amendment Not Conceived in Idea of Fairness to States.
It is apparent that this proposed amendment was drawn with the view
solely to allow Federal taxation of State securities without any definite
plan of fairness to the States or giving them a quid pro quo. Speaking of
the right given to the States to tax Federal securities, M. McFadden,
author of the resolution, said (Hearing, page 11): "If I was following my
own thought in that connection I would not refer to that. I think the
question of giving the States the same right is largely a political sop, as
You might say, to get them to ratify the whole proposition." Mr. McFadden's candor in this connection is refreshing. His statement is manifestly untrue for the reason that the entire amendment is drawn to fit the
present Federal system of taxation and not to fit the system in force in the
great majority of the States. The only taxation permitted is taxation of
the income. Comparatively few States have income tax laws, and in each
of these, except perhaps Wisconsin. New York and Massachusetts. it is
only supplemental to a property tax. The basic tax in practically all the
States is some form of a property tax, whether It be a classified property
tax, as in Minnesota, Maryland, Pennsylvania'and Virginia, or a general
property tax, as in Illinois. Ohio. Arkansas and Texas. Under these systems the chief support of the State Government comes not from the taxation
of income but from the taxation of property. The Federal Government,
however, has no property tax, its entire system is a tax upon income.
Manifestly, if it is right in principle for a State, imposing an income tax,
to tax the income derived from Federal securities, it is likewise proper for
a State imposing a property tax to tax Federal securities as property. I
may remark in passing that the derogatory statements made by some of
those before the Committee with reference to State systems of property
taxation were wholly gratuitous. Their desire to use force to compel the
States to adopt income systems shows the trend of a certain type of the
Congressional mind. The Federal Government has no more concern with
the kind of a tax system a State chooses to adopt than it has with regulating
navigation on the canals of Mars.
Amendment False to Principles Proclaimed by Its Proponents.
It is stated by the Committee on Tax Exemptions
in its report to the
National Tax Association, 1920. page 3: "If the basis of taxation be property, all private property should be taxable;
if the basis be income, all
private income should be taxable."
It is clear that if income from a
Federal security is private income, then
property in the security is
the
private property and there is no excuse
for taxing the income and exempting
the property. Moreover, if the
income from State securities should be
taxed, there is no reason for
exempting the salaries of State officers and
employees from Federal taxation.
The Committee on Tax Exemptions
says in report. page 8: "Since all
personal or private income should be taxed,
so the recipients of public salaries
. . . should be taxable as any
other person is." Federal taxation
of these salaries seems to have been
provided in the original resolution.
However, in a letter from Mr. S. P.
Gilbert, Undersecretary of the
Treasury, to Hon. Louis T. McFadden,
author of the resolution, he said with
regard to striking out the provisions
as to the salaries of State officers,
(Hearing, page 27):
,
"It will be extremely difficult in any
circumstances, however, to get
three-fourths of the States to ratify a Constitutiona
l amendment to restrict
the further issuance of tax-exempt securities, and to
add to these difficulties by giving the State and local officials who are likely to be most active
in the several States a definite personal interest against the amendment
might easily defeat the whole proposition."
The presentation of this gratuity to State officials, not to use a shorter
and uglier expression, for the purpose of lining them up in support of the
proposed amendment, is, I submit, a departure from principle and an affront to their integrity and patriotism. It shows that the Congressional
proponents of the resolution are not standing for the principle of taxation
of all property and all income, which was advocated by the National Tax
Association, but that they, losing sight of that principle entirely, are simply endeavoring to extend the field of Federal taxation at whatever cost.
Arguments of Proponents.
The proponents of the amendment condemn the present system upon the
following grounds:
477
1. A large portion of property escapes taxation, thereby causing great
loss of revenue.
2. It violates the ability principle of taxation and unfairly discriminates
between taxpayers.
3. It impedes private financing.
4. It discourages investment in new enterprises.
5. It encourages investment in new Governmental agencies.
6. It grants a private subsidy to certain interests, thereby creating a
privileged class.
7. By withdrawing money from private enterprises it increases the rate
of interest required for all enterprises
and thereby adds to the cost of living. not carried on by the Government
8. It creates social unrest; and that the only practical remedy is
stitutional amendment such as proposed in the resolution offeredby Conby the
committee.
These reasons may be reduced to three. First, a large portion of property escapes taxation. Second, it increases the interest rate for non-Government borrowing. Third, States and municipalities are encouraged to
borrow more money than they should have. The answer to
these arguments is that the first and second are untrue and the third is no concern
of the Federal Government.
Tax Exemption rs. Tax Prepayment.
First, is it true that under the present system of taxation a largo portion
of the property escapes taxation? Upon to-day's market 1st 33j Liberty
bonds, the only issue entirely exempt from further income tax, may be purchased to yield 3.43%. The other issues, identically like Firsts except that
interest from them is liable to the surtax, are selling on the average to yield
4.40%. This difference of ninety-seven one-hundredths of one per cent,
or ninety-seven cents per year on each hundred dollar bond,over 20% of the
Income, represents the amount of tax prepaid by the bondholder to the
Government. It is idle to say that 1st 3%s escape taxation or are exempt.
As a matter of fact they have been fully taxed for their entire life and the
Government collected this tax on the day it sold the bond. This is the only
absolutely scientific and perfect self
-collecting tax in existence. Federal
Farm Loan bonds are now selling on the basis of4.41% and they are competing in the market with equally good Farm Loan bonds yielding
6.50%•
This difference, 2.09%, or thirty per cent of the income. Is but a tax collected at the source when the bonds were issued. As stated by Secretary
Mellon before the hearing, page 29, the Government can now sell at par a
33 % security with exemption from further taxation. If these securities
were liable for further taxation the rate would be somewhere from 4% to
perhaps 5%. This difference inuring to the benefit of the Government
cannot be regarded as anything except a tax already collected. Precisely
the same reasoning applies to the issuance of State and municipal bonds.
Bonds of the State of Virginia may now be bought on a basis to yield
4.1%. Our State could issue any reasonable amount of bonds at about
this rate. If, however, these bonds were further taxable by the State
and Federal Government, I am informed by reliable brokers who deal
in this class of securities they would have to be sold on a6% basis. If, indeed.
they could be sold at all. In other words, as Secretary Mellon said, endorsing the statement of Mr. Jos. S. McCoy, the Goveramemt actuary:(Hearings p. 21):
"There is little doubt that under these conditions (after the passage
of
the proposed amendment) the future investor in what are
tax-exempt
securities would demand that they bear a rate of interestnowbe sold
or
at a
discount sufficient at least to meet this tax."
Especial attention should be directed to the words "at least." Secretary Mellon, after his usual manner of carefully choosing his words, does
not
say that simply the amount of the tax would ho added, but that certainly
no less than the amount of the tax would have to be added to
make the
bonds marketable. It follows from this that the effect of the
proposed
amendment would be to require all States and sub-divisions issuing
bonds
to pay in addition to the interest at least an additional amount sufficient
to
meet the tax assessed on these bonds by the Federal Government.
It is
true that this tax would be paid through the medium of the bondholder.
However, the bondholder would be a mere conduit through
which the tax
would pass from the State to the Federal Government,
and I submit that it
would be simpler, cheaper, and more efficient if this
tax is to be imposed,
to require the state to withhold the amount of the tax on
its bonds and to
pay this amount directly into the Federal Treasury. This
method of direct
dealing instead of using subterfuge would
cost the States less and the
Federal Government would realize more. Since it
is thus shown that the
so-called tax-exempt securities are mis-named and should
be called tax-propaid securities, it is plain that only two objections
can be raised to this
method:
First, that the tax IS too low, and
Second, that the tax is improperly distributed.
Natural Limits of Income Taxation.
As I have shown above, the tax upon tax-prepaid securities more
is
than
30% of the net income, and, while it may be argued that 30% income
a
tax too low, I do not believe you can get
any authority on taxation to say
that a higher tax can be imposed successfully
as an established policy.
It is my experience and observation
that there is a dead line of taxation
somewhere between a tax which takes 10% and one which takes 20% of
the taxpayer's income. While a government may take more
for a brief
time in a national emergency, yet as a fixed policy it cannot long endure.
Perhaps the earliest income tax imposed by man was in Egypt. The
rate was 20%. (Genesis XLVII., 24.)
While this tax seems to have been
successfully collected for a time, mark you its ultimate fruits. The dynasty
of the King imposing it was overthrown
and exiled, and the entire race
of the Prime Minister who proposed the
tax was taken In bondage. (Exodus I., 8.) Shortly thereafter the
greatest of lawgivers fixed the rate of
tax at 10% of the income; under this law
the nation prospered for more than
one thousand years, durhig which time
the law was never amended or revised. The lesson taught by the history
of these primitive people is repeated in the rise and fall of every
nation. Can you name one nation that
successfully, as a fixed policy, imposed year
in and year out a tax upon
any substantial part of its citizens
or subjects which took away more than
30% of their income, I can recall
a number who tried it, but in every case
the end was a revolution and an
overthrow of the government. A detailed
study of these tax systems that attempted
too much and failed is not valueless to us to-day,for the thing that
bath been it Is that which shall be. For
these reasons I reach the conclusion
that the 30% income tax already collected on Federal and State bonds sufficiently high.
is
Unfairness to the States.
We come now to the real milk in
the cocoanut from the standpoint of
the Congressional proponents of this measure, viz.. the
distribution of the
tax on these tax-prepaid securities. The Federal
Government has issued
about twenty-three billions of bonds. It does not contemplate
any further
large issues. These bonds cannot be taxed by the States.
The Government in effect collected and put in its pocket the tax that
would otherwise
have come to the States on these bonds. The States arc now issuing
bondsfor much needed roads, schools and other internal improvements
, localities
are issuing bonds for public utilities. The proposition is that none of
the
outstanding bonds will be liable to the tax which is to be imposed only
upon income derived from securities issued after the ratification of the-
478
THE CHRONICLE
[voL. 116.
income
at least, of their department. At any rate, It is certainly true that no State
amendment. It is thus probable that during the next fifty years,
but, on the other tax approaches this mark of efficiency.
there will be no Federal securities liable to State taxation;
dollars in
a
LOSS to Government and to States.
hand, the States and municipalities are issuing about billion
Federal taxation.
securities each year. All of these will be liable to the
Secretary Mellon estimates (hearing, page 21) that if all tax-exempt
of the
value
Since there will be no Federal securities liable to the tax, the
securities outstanding Jan. 1 1922 were made taxable the gross increase
provision against discrimination will be nil.
in revenue to the Government would be approximately $120,000,000 per
Government has issued about twenty-three billion annum. He says (hearing, page 29) that while the Government can to-daY
Since the Federal
municidollars in bonds not taxable by the States, and since the States and
% tax-free security it would have to pay a rate of 434% to 5%
Gov- issue a
palities have issued only about ten billion not taxable by the Federal
on a security not tax free. Taking the lowest estimate and assuming that
of the system,
ernment, the Government is by far the larger beneficiary
be sold at 43 %, the Government's loss would be, if the
plan be the bonds could
and it comes with exceedingly bad grace from it to ask that the
tax applied to bonds now outstanding, as follows:
before the States and municipalities have reaped equal benefits.
terminated
$230,000,000
mine. Additional 1% interest on $23,000,000,000
120.000.000
The proposition is too much like the old saying, "What is yours is
Less gain from income tax (hearing, page 21)
view the
and what is mine is my own." No matter from what angle we
$110,000,000
Net loss per year
back to the same thing, namely.
proposed amendment, it always comes
the Federal Government is attempting to get authority to*tax the States
Similarly, on the amount of State and municipal securities outstanding.
I
on account of the exercise of one of their governmental functions. This,
States would pay an additional amount of interest of 1% on ten billion
either in the
submit, is wrong in principle and should not commend favor
dollars. The States would receive an additional income tax of not more
Congress or in the State Legislatures.
than an average of 2% on the income derived from State and Federal securities. This total income would be about one and one-half billion dollars,
Amendments to Constitution Not Proper Remedy.
to and the net loss on the part of the States would be as follows:
The evil, or supposed evil, which the proposed amendment is desired
$100,000,000
"The Additional 1% interest on $10,000,000.000
30.000,000
correct is thus expressed by Secretary Mellon (hearing, page 20):
000
mass of Less income tax at 2% on $1,500,000,
most important consideration is that the existence of the growing
$70,000,000
high surtax rates still imNet loss per year
tax-exempt securities, coupled with the extremely
to
posed by law, tends to drive persons of large income more and more
$110,000,000
Federal loss per year
70,000.000
wholly exempt securities issued and still being issued by the States State loss per year
invest in
."
and municipalities and heretofore issued by the Federal Government
$180,000,000
year
five suggestions (hearTotal loss per
To remedy this situation, Secretary Mellon makes
adopted
This is on the assumption that each State enacts an income tax law and
ing, pages 24 and 25). Two of his recommendations have not been
t all collect their taxes with
These are:
by Congress.
that the States and the Federal Governmen
As a matter of fact, State income taxes cannot apply
corporations.
1. Repeal of the $2,000 exemption applicable to combined normal and 100% efficiency.
companies and other moneyed
easily to the income of banks, insurance
2. Readjustment of the surtaxes to a maximum
surtax of 33% for years succeeding 1921.
corporations who would hold a large proportion of these bonds. The
the Secretary are emphatic and maximum rate of State tax would by no means apply to all the income and,
These recommendations on the part of
administration of the laws is far from perfect. Due to
unqualified. He continues: "I suggest for the consideration of Congress furthermore, the
al these facts, it is likely that the total loss entailed by the proposed amendthat it may also be advisable to take action by statute or constitution
$250,000.000 or $300.000,000 annually. This
amendment to restrict issuance of tax-exempt securities." The committee ments would be nearer
securities now in existence, for, although, of
Is ignoring the two unqualified recommendations and is proceeding to act calculation Is based upon
. I course, the tax would not apply to these securities, it is only fair to figure
upon the Secretary's suggestion as to the constitutional amendment
conditions in order that we may understand its
submit that it is fundamentally improper to attempt to seek relief from the its application to existing
may be in the future.
by constitutional amendment before the remedies already given application to conditions as they
situation
Loss to Virginia.
by the Constitution are exhausted. The repeal of the exemption allowed
corporations will yield an average revenue of between four hundred and five
of Virginia, the amount of
Applying these same principles to the State
hundred million dollars. (Secretary Mellon's statement, hearings,page 24.)
$275.000,000. I am informed that
Liberty bonds sold in this State was
proposed constitutional amendment would yield an annual revenue
The
indicate that approximately 57%
the records of the Federal Reserve Bank
of approximately only one hundred and twenty million. There is really
been resold by the holders to persons outside the State
the fundamental of this amount has
no excuse for the exemption to corporations. It violates
about $90,000,000 of these bonds;
and that there remains in Virginia only
now in the hands of
principle of uniformity in taxation. By the repeal of this provision about
$50.000,000 is a liberal estimate of the amount
as much additional revenue would be collected as by the proposed that
Commonwealth of Virginia
four times
persons liable to the Virginia income tax. The
amendment. The repeal of the higher surtax would lessen the demand
$102.000,000 in securities.
outstanding
and its sub-divisions have now
for tax-prepaid securities and would go far toward remedying the condition
Auditor's office indicate that less than
The figures from the tax rolls of the
of which complaint is made, for it is to be observed that the condition
bonds are held by persons who would be taxable under the
these
of the securities alone but from the existence 20% of
results not from the existence
held outside the State and a
income tax law, a large part of them being
of the securities coupled with the extremely high surtaxes still imposed
banks, trust companies. Insurance companies
ten and great amount being held by
under the Virginia income tax law.
by law. Moreover, the Treasury now has in its possession about
s. and other corporations not taxable
one-half billion dollars of temporary obligations of foreign Government
if the income from State and municipal
s to issue In the opinion of leading brokers,
would have to be added
These obligations are definite commitments by these Government
was liable to Federal and State taxation 1%%
regulation long-time 5% bonds upon request. Against bonds interest rate to make these bonds marketable. Therefore, the addito the United States
to the
these obligations the Federal Government sold its Liberty bonds, which tional taxable income under the proposed amendment would be:
in its
are non-taxable by the States. If the Government is in earnest
$2,250,000
these Liberty bonds. $50,000,000—Interest at 434%
1,100,000
desire to decrease the tax-exempt bonds outstanding, it will have
and municipal bonds. $20,000,000—Interest at 534%
into bonds, selling them upon the market and State
foreign obligations converted
$3,350,000
Total
proceeds for redeeming that amount of its outstanding securities.
using the
billion
under the proposed amendThis procedure will increase the taxable bonds by ten and one-half
The loss to Virginia and her municipalities
the States now
dollars and will retire an equal amount of bonds from which
ment would be:
t no normal tax.
derive no revenue and the Federal Governmen
$1,530,000
Additional interest at 1%% on $102,000,000
67.000
Less additional tax at 2% on $3,350,000
Dog-in-the-Manger Arguments.
$1.463,000
owned public utilities
Net loss per year
A number of representatives of various privately
the committee
It seems to me that
and private loan and mortgage companies appeared before
Virginia is not able to bear this additional expense.
action on the amendment. The gist of their argument It would be far better to sacrifice some of the beauties of theoretical taxation
to urge favorable
we
cheaper than
Was: "Why should the States be allowed to borrow money
the system we now have and to spend this money on State
They labored and to keep
pay it out as additional interest, thus
can borrow it? You tax us and we want you to tax them."
and national highways rather than
they could borrow to better advantage
Industriously to make it appear that
putting it in the pockets of the bondholders.
of money for their enterprises would be increased if
and that the supply
in the light of
Statistics Prove Loss Underestimated.
the credit of the States was string-haltered. However,
like morning
the loss which will be entailed by the
Secretary Mellon's testimony these arguments were dissipated
That the foregoing estimates of
doubt if it would
ridiculously low is demonstratively shown
mists before the sun. In this connection he says: "I
passage of this amendment is
There Is the quantity of securities existing to-day. Some by the actual facts in existence to-day. From what Secretary Mellon said,
have any effect.
be practically the same
various Liberty issues, it is easy to
are tax-exempt and some are not. Now there would
the present market price of the
tax. and I do not think and
Government to issue nineteen and one-half
quantity existing it they were all made subject to
calculate what it costs the
tax. The annual interest
on the securities that are existing
It would have any appreciable bearing
of obligations not wholly exempt from
by the eminent financier, billions
0 more than it would be had all these
to-day which are not tax free." This statement
Is $886.000.000. or over $185,000.00
of hard common sense.
in this, and I wished to know
like so many of his other utterances, has the ring
been wholly exempt. I was interested
State securities Issues
for It is obvious that the taxation of income arising from
much the Government got back in surtaxes on the income from these
other securities only to the extent that how
In reply to my request, I was informed that the Commissioner
could reduce the rate of interest on
of tax which securities. Revenue said he did not believe that there is any compilation
It reduces the rate of tax on these securities. The amount
of Internal
from State and municipal securities, $120,000,000, is
would be received
statistics. In order to get some idea of these figures, I turned to
in of such
infinitesimal when compared with the $23.700,000,000 taxable income
and 59 of Statistics of Income, 1920, which showed that of this
of these securities could pages 58
the United States, and it is apparent that taxation
$886.000,000 $61,549.572 was reported by taxpayers—a little over 6%•
only 6-100 of 1%,.an amount which, as the
taking the highest current rates of surtax
reduce the general tax rate
The tax on this reported income,
which the incomes respectively fall, and mulSecretary says, would not be appreciable.
for the income classes into
It is further objected that the holders of State and municipal securities tiplying this rate by the amount of income received from these securities
constitute a privileged class. People who own bath tubs likewise constitute by persons in the class, we have $8,658,374 26 as the maximum amount of
a privileged class, but this is no argument for closing the tub factories. tax which could be collected from income derived from these securities,
Anybody can buy State or municipal securities. There is no objection to assuming every dollar of this income to be taxable, and taxed at the highest
interest
a privileged class so long as it Is not exclusive.
possible rate. This is about 4 1-3% of the $185,000,000 additional
the conBad Policy.
paid on these securities. But this is not the whole story, due to
00
ditional exemptions which allow each taxpayer to own up to $160,000
OrBut even if we care nothing for governmental principles, If we are wining of these bonds without paying any tax on the income derived from them,
amount as
down the constitutional structure and sell our birthright, thero is
to tear
If these bonds are so distributed that each taxpayer holds this
another reason for defeating this amendment that ought to be conclusive. nearly as he can, then the amount of taxable income from these bonds is
It is bad business. Would Congress entertain a proposal to sell gold dollars reduced to less than $800,000 and the tax to less than $400.000—less than
that the
for fifty cents apiece? Yet that would be a stroke of financial genius when
of 1% of the $185,000,000 additional interest paid. Did I say
.
each? The
compared to the proposition it is now considering
proposition was worse than selling gold dollars for fifty cents
-million day.
From first to last throughout the hearing Chairman Fordney plumbed Government is to-day selling gold dollars, more than a half
and kept reiterating that the
enan
the track on this question. He saw clearly
and eighty-five million of them a year, certainly for less
be simply to take money out of one pocket one hundred
effect of the amendment would
apiece, and perhaps as low as four for a cent.
This would be true provided the income tax is a nickel
paramount imof
and put it in another.
To Virginia the question of highway improvement is
efficient and is assessed and collected
perfectly administered, is 100%
one voice her people are demanding that her program
practical matter that the collection portance. With
Her most astute thinkers
without cost. However, we know as a
carried to successful completion.
experts of the Treasury Department In this regard be
best
of taxes is far from perfect. The
in solving the problem whether this objective may
80% of what it ought to are now engrossed
revenues or from
think that the Federal income tax collects about
obtained by financing road construction from current
that they are a little optimistic as to the workings be
collect. It is probable
FEB.3 1923.]
THE CHRONICLE
the proceeds of the sale of bonds. To solve this problem, which is one of
the most perplexing to arise within a generation, to answer aright this
Ouestion, both for ourselves and for those who come after us, to whom we
are determined to transmit undimmed the torch of governmental activity,
Virginia deserves in addition to the wisdom and patriotism of her sons an
opportunity. full and free, to exercise her own judgment unhurried by
conditions foreign to herself, and unhindered by outside influence.
The Green resolution, if passed by Congress and referred to the States
for ratification, would tend mightily towards forcing the Judgment of this
and other States, as well as the municipalities, by driving them into issuing
at once a sufficient amount of long-term bonds to anticipate all needs for
several decades to come, thus bringing into actual reality the conditions
which it is said that the amendment was designed to prevent. For is it
not clear that as the ratification of the amendment would say to the States,
"You must cease issuing securities." so the passage of the resolution would
say to them with no less authority, "You must issue now or never"?
Virginia has no desire to control any activities outside her jurisdiction,
no purpose to exert her influence beyond its proper sphere. She believes
that she can best decide her own questions for herself, and she asks only
that she be allowed to do this in her own time and in her own way. A
spirit of toleration and Justice permits her to ask no more and a proper
respect for the opinion of mankind allows her to demand no less.
.In concluding this cursory sketch,for I am sure that all the reasons which
occur to me for opposing this measure could not be set out at length in a
pamphlet much shorter than the ones containing the minutes of the hearings, permit me to observe that the centripetal forces pulling everything
in toward centralization in the Federal Government have of late years
grown so strong that they have well nigh pulled our Republic out of balance.
The States have been shorn of more and more of their power, and it has
been lodged in the central authority, so that to-day there is scarce one
subject left to local control. The real danger to our institutions is not
from without, it is from within: it is the danger arising from taking the
control of State affairs out of the hands of State authority where they can be
best administered, and lodging them within the grasp of Federal power.
The process of centralization has gone merrily on, now by the slow erosion
of Judicial decision, now swept forward by the flood waters of constitutional
amendment, until to-day about all that is left to the States is their honor
and credit. The proposed amendment would take these away and place
-them irrevocably under the control of the central Government.
In dealing with this question, may I not ask the gentlemen of the Congress, when they hear the persuasive voice of the sirens luring them on to
experiments with Utopian tax systems, to place their feet firmly upon the
constitutional principles of our Republic which have withstood the storm
and seriously ask themselves this question: "Is It worth the price"?
Respectfully.
E. LEE TRINKLE, Governor.
Richmond, Va., Dec. 15 1922.
479
Asserking that Mexico has given proof of her ability and capacity to comply with international obligations and that she maintains an "unprecedented
cordiality" with the Latin-American nations and the United States, the note
says Mexico has h6pes that the time will come when she "may contribute to
the fulfillmenb of the aims of the Pan-American fraternity."
The New York "Times" of the 13th inst. printed the following advices in the matter from Washington, Jan. 12,:
The failure of the United States Government to recognize Mexico has resulted in a decision by the Mexican Government to refrain from participation
in the Fifth Pan-American Congress in March at Santiago, Chile.
The text of the official note from Mexico to Chile declining the invitation,
made public at the Mexican Embassy to-day, quotes regulations of the PanAmerican Union that only the diplomatic representatives of American republics accredited to the Government of the United States are eligible to the
Governing Board of the Pan-American Union, and asserts that it would be
beneath the dignity of Mexico, a sovereign State, to be represented by proxy.
The Mexican refusal to participate was deplored in diplomatic circles tonight, and it was freely admitted that the success of the conference might be
affected, particularly in connection with the effort to limit South American
armaments.
The Mexican note to Chile, signed by Alberto J. Pani, Minister of Foreign
Affairs, further states that although the Mexican Government was of "stainless popular origin and undoubted stability," has given "unmistakable proofs
of its purpose and capacity to fulfill its international obligations," and maintain cordial and unprecedented relations not only with all American peoples
but also with the people of the United States, it was unable to take part in
the formation of the program because of the "anomalous conditions of our
relations with the White House." Attention is also called to the fact that
Mexico pays her share of the cost of maintaining the Pan-American Union
headquarters in Washington.
There is also a possibility that Peru may not attend the Santiago gatherings, according to information from Lima, due to the dispute between Chile
and Peru over the Tacna-Arica boundary.
As to the failure to invite Canada to participate, we quote
the following from Buenos Aires, published in the New York
"Times":
The fact that Canada has not been invited to participate in the PanAmerican Conference is criticised by "La Nacion" in an editorial article
to-day. The exclusion of the country that has done so much toward the common progress of the American nations is unjust, the editorial argues, particularly in view of the fact that Canada is engaged in drawing closer in her
relations with Latin America.
The "legal scruple" that Canada lacks sovereignty is no good reason for
barring her out, contends the newspaper, which asks where is the sovereignty
of Santo Domingo, especially invited, but, it says, under the domination of
the United States, not to mention the situation of other American countries
which, "pursuant to their fundamental statutes, have their exterior sovereignty restricted in favor of the United States."
The newspaper notes that Canada is a member of the League of Nations
and also participated in the International Labor Conference in Washington
in 1918, and had delegates in the Washington armaments conference last
year. The term "Pan-American" itself, it argues, is hostile to any omission, and extremely so in the case of a country with the prestige of Canada.
Acceptance by Secretary Hughes of Invitation to
Pan-American Conference—Mexico Declines
Participation.
An invitation extended by the Chilean Government to the
United States to the Fifth Pan-American Conference, which
is to be held during March in Santiago, Chile, has been ac-cepted by Secretary of State Hughes, who, in his letter of
Reading Company's Second Modified Segregation Plan
acceptance states that "only an unforeseen emergency reFiled with United States District Court.
luiring my presence in this country will prevent my attendThe Reading Company on Jan. 30 filed a plan with the
ing in person." The invitation was addressed to Secretary
Hughes under date of Dec. 29 by the Chilean Ambassador United States District Court for the Eastern District of
Pennsylvania for the carrying out of the decision of the SuDon Beltran Mathieu.
preme Court rendered last May. The plan contemplates
dividing the liabilities of the Reading Company (with which
will be merged the Philadelphia & Reading Ry.) and the
Philadelphia & Reading Coal & Iron Co. on the $94,627,000
(Joint) General Mortgage 4% bonds outstanding in the proportion of two-thirds to the Reading Company and one-third
to the Coal Company. The plan also contemplates the
transfer of the equity in the $1,000,000 stock of the Reading
Iron Co.,subject to the General Mortgage,from the Reading
Company to the Coal Company for the sum of ,000,000,
to be paid by the latter to the former, the Iron Company having first paid a dividend of $6,000,000 out of the surplus
The reply of Secretary Hughes was as follows:
earnings to the Reading Company. The plan as now subWashington, Jan. 8 1923.
Excellency: I beg to acknowledge the receipt of your note of Dec. 29, in. mitted does not differ in any other material respect from the
viting me on behalf of his Excellency the President of Chile to visit
Santi- plan approved by the District Court in June 1921 as modiago in connection with the opening of the Fifth Pan-American
Conference to fied (V. 112, p. 745,
be held there. In reply it gives me great pleasure to inform
2306, 2638).
you that it is
my present intention to avail myself of the gracious invitation of
The plan is accompanied by a supplement offering the holdthe Presi.
dent, and I look forward with anticipation to this visit as affording
me an ers of the General Mortgage bonds the privilege of receiving
opportunity not only to attend the opening of the conference, in the
success in exchange
for dach $1,000 principal amount of bonds surof which I take the keenest interest, but also to become more intimately
acquainted with your country, for which I have so long entertained
the sincer- rendered as follows: $100 in cash, $600 4% 74
-Year General
est friendship and good-will.
(or if and when practicable, First) and Refunding Mortgage
I trust, therefore, that no contingency may arise to prevent the carrying
out of my present plans to attend the conference, and I shall be greatly gold bonds, Series A, of the Reading Company, and $300
obliged if, in conveying to his Excellency the President my heartiest
%% 50
-Year Refunding Sinking Fund gold bonds of the
thanks 4
for his kind offer of hospitality, you will be good enough to explain that Coal
Company. This offer is conditional upon the acceptonly an unforeseen emergency requiring my presence in this country will
prevent my attending in person the conference to be inaugurated at Santiago ance by the holders of at least 75% of the amount of the
in March of this year.
bonds.
Accept, Excellency, the renewed assurance of my highest consideration.
Judge J. W.Thompson in the United States District Court
CHARLES E. HUGHES.
on Jan. 31 entered a formal decree permitting the filing of the
In reporting, under date of Jan. 12, that Mexico had an- amended
segregation plan. The decree provides that any
nounced its inability to take part in the Pan-American Con- parties interested
may file objections to the plan on or before
ference, Associated Press advices from Mexico City said:
Feb. 20.
Mexico's regrets that she will not be able to
Chilean Embassy, Washington, Dec. 29 1922.
Mr. Secretary:
The Minister of Foreign Affairs of Chile has just instructed me to Invite
your Excellency on behalf of his Excellency the President, to visit Chile in
connection with the holding at Santiago of the Fifth Pan-American Conference, to the opening of which your Excellency's presence would lend special
distinction and significance.
The Chilean Government will feel highly honored by your Excellency's
visit and will be greatly gratified if your Excellency will accept its hospitaliay during your stay in the country, which hospitality it hereby has the
honor to offer you, together with the persons to accompany you.
I have the honor to reiterate to your Excellency the assurances of my
most
distinguished consideration.
Your most obedient servant,
B. MATHIEU.
take part in the Pan-American
On Feb. 14 1921. in pursuance Of the decree on mandate
of the Court
Congress to be held in March at Santiago, Chile, were on their way to the
entered Oct. 8 1920 (V. Ill, p. 1473: V .110, p. 1816.
2358, 2488), the
Chilean Government to-day.
defendants, the Reading Company, the Philadelphia & Reading
In a note handed last evening to Enrique Dermudez, the Chilean Minister, Co.
Railway
(hereinafter called the Railway Company), and the Philadelphia
Foreign Secretary Pant says that Mexico is forced to decline the conference Reading
&
invitation because she has not an accredited representative at Washington mitted Coal & Iron Co. (hereinafter called the Coal Company), suba
and therefore cannot comply with one of the requirements for admission to through plan for the dissolution of the combination existing and maintained
the Reading Company which had been declared to be illegal by
the conference circle.
the Supreme Court of the United States in its opinion rendered
April 26
480
THE CHRONICLE
Company submitted modifications
1920. On May 12 1921 the Reading
on June 6 1921 the Court entered its
of the plan (V. 112, p. 745), and
,
plan (V. 112, p. 2306,2538) as supplemented
decree approving the modified
Supreme Court otthe United States
by the provisions of the decree. The
modifications of said
In its opinion, rendered May 29 1922, directed certain
decree and affirmed the decree with the modifications directed.
entered an order directing the defendants,
On June 30 1922 the Court
the Court for
the Reading Company and the Coal Company,to submit to
June 6 1921,
Its consideration a plan for the modification of said decree of
In pursuance of said
to accord with the opinion of the Supreme Court.
and the Coal Company,
order, the defendants, the Reading Company,
respectfully submit the following.
Full Text of Second Modified Plan Dated Jan. 30 1923.
Mortgage of
1. The issue of General Mortgage bonds under the General
which
the Reading Company and the Coal Company, dated Jan. 5 1897, of
is trustee, will be closed at $94,627,Central Union Trust Co. of New York
and
000, the amount of bonds authenticated and delivered by the trustee
and
not purchased for the sinking fund and canceled before Nov. 30 1922;
provision will be made that no additional bonds shall be authenticated under
or for any other purthe General Mortgage for refunding underlying bonds
poses, except in exchange for mutilated or destroyed bonds, or upon the
issue of registered bonds in exchange for coupon bonds or other registered
bonds as provided in Section 5 of Article One of the General Mortgage.
2. The Supreme Court in its opinion directed the attention of this Court
to a question raised by one of the appellants, whether the Federal commodities clause or the Constitution of Pennsylvania would be violated if
the Reading Company, when it becomes a railroad company, were to retain
the stock of the Reading Iron Co. (hereinafter called the Iron Company).
The Reading Company is advised not to contest the point and accordingly
makes provision In this second modified plan for the disposition of the stock
of the Iron Company, which has a par value of 31,000,000 and is carried
at that amount on the books of the Reading Company. The Iron Company
has a book surplus of about $18,500,000. After payment by the Iron
Company to the Reading Company of a dividend of $6,000,000 in cash or
marketable securities at market value, the Reading Company will sell all
its right, title and interest in and to the stock of the Iron Company,including the present right to vote and receive dividends thereon,to the Coal Company for the sum of $8,000,000. The stock of the Iron Company will,
however,remain subject to the lien of the General Mortgage but as security
for the obligation of the Coal Company and not the obligation of the Reading Company.
3. Having regard to the method of determination indicated in the opinion of the Supreme Court, it Is suggested that the liability of the Reading
Company on the principal of the General Mortgage bonds outstanding as
aforesaid be decreed to be two-thirds thereof and the liability of the Coal
Company on the principal of the General Mortgage bonds be decreed to be
one-third thereof. Statements with respect to the properties and earnings of the Reading Company and the Coal Company will be presented to
the Court to enable it to determine the propriety of allocating the liability
In the proportions herein set forth.
4. The sinking fund payments provided for in the General Mortgage are
measured by the amount of coal mined from lands owned by the Coal Company subject to the General Mortgage, and, for the protection of the
bondholders, should be applied to reduce the Coal Company's several liability on the General Mortgage bonds. Accordingly, the Coal Company
will agree with the Reading Company and the trustee that it will, on or
before the first day of June, 1923, and on or before the first day of June in
each year thereafter,(a) until all the General Mortgage bonds shall be paid
and discharged, deliver to the trustee a statement in writing under its corporate seal showing the amount of anthracite coal mined during the next
preceding calendar year, from lands then owned by the Coal Company
and at any time subject to the General Mortgage; and (b) until the several
liability of the Coal Company upon the General Mortgage bonds shall be
p&id and discharged, simultaneously with the filing of such statement, pay
to the trustee a sum equal to five cents per ton on all coal so mined in the
next preceding calendar year. When the several liability of the Coal
Company shall have been paid and discharged, the obligation to make the
sinking fund payments provided for in Section 12 of Article Two of the General Mortgage shall rest on the Reading Company alone, but the obligation
of the Coal Company to make the statements provided for in clause (a)
above shall continue until all the General Mortgage bonds shall have been
paid and discharged. The several liability of either company upon General
Mortgage Bonds shall be reduced from time to time by the principal amount
of General Mortgage bonds purchased and canceled with the sinking fund
'payments made by that company or with the proceeds of sale of property
moneys
of that company released from the General Mortgage,or with other
.realized out of property of that company which by the General Mortgage
are directed to be applied in the same manner as the proceeds of released
property. Either company may also from time to time reduce its several
liability by surrendering General Mortgage bonds to the trustee for canceland Interlation. The liability of each company in respect to the principal
Mortgage
est of each General Mortgage bond, and the lien of the General
as Its
upon the property of such company, shall be in the same proportion
from time
liability in respect to the total amount of General Mortgage bonds
this Section 4
to time outstanding, determined as above in Section 3 and
provided.
5. There are outstanding certain of the underlying bonds mentioned in
Section 3 of Article I. of the General Mortgage. These bonds Include (a)
$810,000 of the Philadelphia & Reading Railroad Go. Ten-Year Sinking
Fund Collateral Gold Bonds of 1892, extended to Feb. 1 1932, which are
secured by pledge of bonds of coal companies belonging to the Coal Company
were assumed by the Coal Company in 1896 and are in effect guaranteed
by the Reading Co.;(b) $5,766.717 of the Philadelphia & Reading Railroad
Co. First Series Consolidated Mortgage Bonds of 1882,extended to March 1
1937, which are secured by property of the Railroad Company and of the
Coal Company and are in effect guaranteed by the Reading Company and
the Coal Company;and (c) certain other bonds which are not the obligation
of the Coal Company and are not secured upon any property of the Coal
Company. The final decree will make provision so that the covenants of
the companies in the General Mortgage in respect of these underlying bonds
shall bind only the Reading Co. in respect of the bonds described in (b)
and (e) above and shall bind only the Coal Company in respect of the
bonds described in (a) above; and, as between the companies, the Coal
Company will remain ultimately liable on the bonds described in (a) above,
and the Reading Co. will remain ultimately liable on the bonds described in
.
(b) and (c) above.
6. In order to comply with the United States Supreme Court's direction
to sever completely the interests and joint obligations of the Reading Co.
and the Coal Company, the final decree shall make specific provision so
that (a) all the covenants, stipulations, promises and agreements in the
General Mortgage contained by or on behalf of the companies shall bind
'each of them severally and respectively, but only, as to each company, in
respect of such company's several liability on General Mortgage Bonds,
or in respect of such company's property, and none of said covenants.stipu-
[VoL. 116.
lotions, promises and agreements shall constitute joint or joint and several
obligations of the companies; (b) the default of one company under the
General Mortgage shall not constitute a default of the other company:
(c) each company shall have and may exercise alone in respect of its own
property subject to the lien of the General Mortgage all the rights which
under the provisions of the General Mortgage might be exercised in respect
of such property by either company alone or jointly with the other company; (d) the respective liens upon the properties of the two companies
shall be separately foreclosed on default, all rights and remedies against
each company, under the General Mortgage or upon the General Mortgage
Bonds, shall be separately enforced against such company, and the trustee
under the General Mortgage and the bondholders shall be perpetually
enjoined from enforcing the obligation of the Reading Co. or of the Coal
Company upon the General Mortgage Bonds or any of them, against the
Reading Co. or its property or the Coal Company or its property, by any
action under the General Mortgage or upon the General Mortgage Bonds
or otherwise, to an amount greater than the liability of the Reading Co. or
of the Coal Company, as the case may be, in respect thereof under the
provisions of the final decree.
7. The Coal Company will pay to the Reading Co. $10,000,000 in cash
or current assets at market value. General releases of all claims and
liabilities as between the Reading Co. and the Coal Company, including
.
the claim of approximately $70.000,000 carried on the books of the Reading
Co. as an asset and on the books of the Coal Company as a liability, will be
exchanged. The current indebtedness of the Reading Co. to the Coal
Company amounting to 3,2500.000 will first be paid.
8. The Reading Co. will, subject to the lien of the General Mortgage
(but as security fer the obligation of the Coal Co. and not the obligation
of the Reading Co.), sell, assign and transfer all its right, title and interest:
in and to the stock of the Coal Co., including the present right to vote and
receive dividends thereon, to a new corporation (hereinafter called the New
Coal Co.) to be formed with appropriate powers, in consideration of the
payment by the New Coal Co. to the Reading Co. of the sum of $5,600,000,
and its agreement to issue its shares to the stockholders of the Reading Co.
as hereinafter provided. The New Coal Co. will issue 1,400.000 shares of
stock without par value. Such no par value stock will be sold by the
New Coal Co.to the stockholders of the Reading Co.,preferred and common,
share and share alike, for $5,600,000, or $2.00 for each share of Reading
stock. Provision will be made for the disposition by the Reading Co. of
any rights to subscribe which may not be availed of by the Reading stockholders within such period as may be fixed by the Reading Co., with the
approval of the Court, to the end that the New Coal Co. shall receive the
full purchase price of $5,600,000. This sale will be carried out by issuing
to Reading stockholders assignable certificates of interest in stock of the
New Coal Co., exchangeable for such stock only when accompanied by an
affidavit that the holder is not an owner of any stock of the Reading Co.,
all in accordance with the decree of this Court entered June 6 1921. The
Reading Co. will adopt a by-law, effective until the further order of the
Court, permitting the registration of transfers of shares of its capital stock
In the names only of persons who shall make an affidavit that they are not
stockholders, registered or actual, in either the Coal Co. or the Now Coal
Co. and have not been and are not holders of proxies to vote shares of stock
therein.
9. The Reading Co. will merge the Railway Co. under the authority
contained In the present charter of the Reading Co., and will subject the
Railway Co.'s property to the direct lien of the General Mortgage. The
name of the Reading Co., after merger, will not be changed. The Reading
Co. will accept the Pennsylvania Constitution of 1874. and it will proceed
under the Act of 1856 to surrender those of its powers which are inappropriate for a railroad corporation of Pennsylvania. Thus the Reading
Co. will be in all respects subject to the regulation of State and Federa)
authorities as a common carrier, and the relation of the Reading Co., as
a specially chartered holding company, to the Railway Co. will be terminated.
Supplement to the Second Modified Plan.
If the Court shall so direct the Reading Co. and the Coal Co. will tender
for consideration and acceptance by the bondholders the following proposal
for the execution of new bonds and mortgages and the delivery of new
bonds with a part payment in cash to holders of General Mortgage bonds.
The proposal shall not, however, become effective, nor shall the Reading
Co. and the Coal Co. be required to execute the mortgages herein described,
or to make any delivery of bonds or payment of money under this proposal,
unless and until the holders of 75% In principal amount of the General
Mortgage bonds directly or through their duly constituted representatives
shall have agreed to avail themselves of the offer of exchange herein contemplated.
(a) The Reading Co. will execute a new mortgage which shall constitute
a lien, subject to the General Mortgage in so far as it attaches theretoi
upon all the railroads, railroad property, railroad equipment and stocks
and bonds of other railroad companies then owned by the Reading Co.,
or thereafter acquired Ify means of bonds issued thereunder, but not including stock of the Central RR. Co. of New Jersey. So far as legal and
practicable, the properties of certain railroad companies other than the
Railway Co. of which the Reading Co. owns the entire capital stock (such
other railroad companies owning in all 17 miles of railroad or thereabouts),
will be acquired and subjected to the new mortgage as a direct lien thereon.
The new mortgage will provide for the creation of a series of bonds to be
known as Series A, to be limited to the aggregate principal amount of $56.776,200 and to be issuable only upon the surrender of General Mortgage
bonds as hereinafter provided. Said bonds of Series A will bear interest
at the rate of4% per annum, will mature Jan. 1 1997,and will be redeemable
as a whole but not in part at 105 and accrued interest on any interest day
on 60 days' notice. The new mortgage will contain appropriate provisions
for the creation and issue of additional series of bonds bearing interest at
such rates and maturing on such dates and otherwise in such form and
containing such provisions as may be determined by the board of directors
at the time of Issue. The new mortgage will provide for the issue of such
additional bonds only (a) to an amount not exceeding 80% of future capital
expendittires for the acquisition of new property and for additions, betterments and improvements to the mortgaged property, and (b) par for par
to refund outstanding bonds or obligations of the Reading Co. or of the
Railway Co. prior to the General Mortgage.
(b) The Coal Co. will execute a new mortgage which shall constitute a
lien, subject to the General Mortgage in so far as it attaches thereto, upon
all the coal property and equipment and stocks and bonds of other coat
companies then owned by the Coal Co. The Coal Co.'s interest in the stock
appropriate •
of the Iron Co. shall also be subjected to the mortgage with
provision for its release. The new mortgage will provide for an issue of
$28,388,100, and to be
bonds limited to the aggregate principal amount of
issuable only upon the surrender of General Mortgage bonds as hereinafter
provided. Said bonds will bear interest at the rate of 434% per annum,
will mature Jan. 11973. and will be redeemable as a whole but not in part
The
at 105 and accrued interest on any interest day on 60 days' notice.
cents ft'
new mortgage of the Coal Co. will provide for a sinking fund of 5
FHB.31923.]
THE CHRONICLE
each ton of coal mined from the property subject to the new mortgage, to
be applied to the purchase and cancellation of bonds issued thereunder:
but no such sinking fund payment shall be required to be made as long as
the Coal Co. shall be required to make sinking fund payments under the
General Mortgage.
(c) The Reading Co.and the Coal Co. will offer to the holders of General
Mortgage bonds the right to surrender their bonds and receive in exchange
for each $1,000 principal amount of bonds surrendered:
$100 cash
600 4% Seventy-four Year General (or, if and when practicable, First)
and Refunding Mortgage Gold Bonds, Series A, above described
of the Reading Co.. bearing interest from the last preceding date
for the payment of interest on the General Mortgage bonds.
300 436% Fifty Year Refunding, Mortgage Sinking Fund Gold bonds
above described of the Coal Co., with an adjustment of interest
as of a date or dates after the proposal becomes effective.
481
William G. Lee to Resign as Head of Trainmen's
Brotherhood to Join New Manufacturing
Company.
William G. Lee, President of the Brotherhood of Railway
Trainmen, announced on Jan. 28 that he had accepted the
presidency of the Steigelmyer Manufacturing Co., a $10,000,000 corporation of Seymour, Ind., and probably would resign
as head of the trainmen. For the present he will serve in
his new position without pay. The corporation will manufacture automatic train control devices, it is said, which will
mechanically stop a train when anything goes wrong. The
devices are operated with air and are attached to bath engine and rail. Erection of a manufacturing plant will start
within 90 days. "My only reason for taking the position is
the service I believe I can render railroad employees and the
traveling public in a real safety first movement," Mr. Lee
said. "We have a demonstrator in use on the Big Four Railroad at Indianapolis now and others are being placed on the
Great Northern and Burlington routes. It will mean practically the elimination of wrecks and prevent disaster should
a wrong signal be given or an ngineer die at the throttle, as
sometimes happens. When the organization gets in full operation I most likely will resign as head of the trainmen.
The board of directors of the new company has already offered me as much salary as I am now receiving."
$1,000
Said offer will be kept open until six months after the entry of the Final
Decree in this cause, and for such additional period or periods, if any, as
the Companies may from time to time determine.
(d) Of the General Mortgage Bonds so surrendered, a principal amount
equal to the aggregate liability of the Reading Company on said surrendered
General Mortgage Bonds will be pledged under the new mortgage of the
Reading Company and will be stamped to show that they represent
obligations of the reading Company secured by the lien of the General Mortgage on the property of the Reading Company to their full principal amount
and alto to show the release of the Coal Company from liability thereon
and the release of the property of the Coal Company as security therefor.
The remaining General Mortgage Bonds so surrendered, which will be
equal in principal amount to the aggregate liability of the Coal Company
on said surrendered General Mortgage Bon is, will be.pledged under the
new mortgage of the Coal Company and will be stamped to show that they
represent oh ligations of the Coal Company secured by the lien of the General Mortgage on the property of the Coal Company to their full principal
amount and also to show the release of the Reading Company from liability thereon and the release of the property of the Reading Company as
American Bankers' Association Selects Delegates to
security therefor. Appropriate provision will be made so that in case
International Chamber of Commerce Meeting.
at any time the division between said two mortgages as aforesaid of the
General Mortgages Bonds surrendered produces fractional amounts,such
The delegates of the American Bankers' Association
fractional differences may be adjusted or compensated in subsequent exchanges. The General Mortgage Bonds so pledged under the new mort- appointed by its President, J. H. Puelicher, to represent
gage of the Reading Company will be kept alive until the liability of the it at the International Chamber of
Commerce meeting at
Reading Company upon the General Mortgage Bonds not so pledged is
Rome, Italy, as announced here, are as follows:
fully discharged. The General Mortgage Bonds so pledged under the new
Fred I. Kent. Vice-President Bankers Trust Co., New York, Chairman.
mortgage of the Coal Company will be kept alive until the liability of the
George M. Reynolds, Chairman of the board Continental & Commercial
Coal Company upon the General Mortgage Bonds not so pledged is fully
Bank, Chicago.
discharged.
Oliver C. Fuller, President First Wisconsin National Bank, Milwaukee.
Melville A. Traylor, President First Trust & Savings Bank,
Chicago.
Eastern Railroads Consider Wage Demands of
Oliver J. Sands, President American National Bank, Richmond, Va.
Maintenance of Way Workers.
A confernce attended by several of the presidents of the
large -Eastern railroads was held on Jan. 31 at the offices of
the Bureau of Information of the Eastern Railways at Grand
Central Station, New York City, to consider the demands of
the United Brotherhood of Maintenance of Way Workers.
The union is understood to be asking the restoration of the
wage schedule established by the Railway Board on July 1
1920, which was retroactive to May 1 of that year.
No statement was authorized following the meeting, but
it was learned from the daily papers that a program for resisting the demand of the workers is being formulated. The
maintenance of way men on a number of roads in the Western and Southeastern districts are reported to have made
similar demands, but what action is being taken regarding
them is not known here.
Court Denies Injunction Asked by Telegraphers
Against Pennsylvania Railroad.
Judge Dickinson in the United States District Court at
Philadelphia on Jan. 30 refused to interfere with the plans
of the Pennsylvania Railroad to hold,an election on that
date for a new committee to represent the telegraphers of
the road in future conferences with officials of the company.
The court discussed the motion of Joseph Nucklas, Chairman
of the telegraphers' union, asking for an injunction to restrain the company from holding the election. Judge Dickinson told counsel for both sides that there is now pending in
the Supreme Court a case to define the powers of the Federal Railroad Labor Board and that if the Pennsylvania
Railroad Co. in the meantime attempts to bold conferences
with the newly elected committee, the Nucklas committee
will have the right to come into court and ask for a restraining order, and if the latter action is taken the court will render a decision in the matter.
Signalmen Granted 8
-Hour Day by Railroad Labor
Board.
,• The U. S. 12,11road Labor Board announced a decision on
Jan. 31 granting to the Brotherhood of Railroad Signalmen
-hour day. This decision is the result of a hearing bethe 8
fore the Board when the signalmen reconsidered their strike
vote, taken with the shopmen last summer after reductions
in wages became effective on July 1, and then instituted new
negotiations with the roads and took their case back to the
Board.
The conference at Rome,which is the second general meeting of the International Chamber of Commerce and will be
held March 19-26, will take up problems of world business
conditions. The Chamber is a world-wide federation of
financial, commercial and industrial interests, without government or political control' or motives of private gain.
It was organized in Paris in 1920 by business men of the five
Allied nations and its membership now includes twenty-six
nations.
Union Officials Say Jersey Central Railroad is Trying
to Break Up Labor Unions. In answer to the refusal of C. H. Stein, General Manager
of the Central Railroad of New Jersey, to negotiate with
the federated shop crafts, whose members are still on strike,
though the road seems to have succeeded in filling their
places, three international Vice-Presidents of the allied
shop crafts issued a statement on Jan. 14 in which they
declared that "the officials of the Central Railroad of New
Jersey belong to that class who are responsible for the spread
of radicalism among the members of organized labor, through
their determination to break up the present labor unions."
The statement, according to accounts in the daily papers,
said:
As members of the Arbitration Board selected by the shop crafts of the
Central Railroad of New Jersey in 1917 we believe we should give the
public the reasons for the great desire of the company to break up these
unions at this time.
When called to act as arbitrators in 1917 we found that the Central
Railroad of New Jersey maintained a minimum rate of pay for mechanics
of 28.6 cents per hour. This was the lowest rate of any railroad in the
United States.
During an investigation of the cost of maintaining equipment by the
Inter-State Commerce Commission, it was asserted by the shopmen's
officers that "officials of the road testified how they had given out the
shop work to the Baldwin Locomotive Co. at a contract price of actual
cost of repairs, plus 90% additional for overhead, a very unreasonable
profit to the Baldwin Co."
By this manipulation the company was able to show a deficit of $6,029,079
for 1920. Then in the spring of 1921, in an effort to make the shopmen
take less wages than the U. S. Railroad Labor Board had allowed, this
company laid off most of its shopmen, many of whom were idle for months.
When the report for the year 1921 was filed by the Central Railroad with
the Inter-State Commerce Commission the net operating income was
found to be $5,998,782, allowing the company to pay 14% dividends for
that year. Compare this with the loss of over $6,000,000 for the year 1920.
when the company inflated its costs at the expense of the Government.
'Mho statement was signed, the dispatches sayat David
y.)
Williams, Vice-President of the International Association a
Machinists; J. J. Dowd, Vice-President of the International
Brotherhood of Boilermakers and Helpers, and D.J. Collins,
Vice-President of the Brotherhood of Railway Carmen of
America.
482
•
THE CHRONICLE
[VoL. 116.
The stockholders of the Irving Bank, New York, and of
the Columbia Trust Co. on Jan. 29 met and voted approval
of the agreement of consolidation of these institutions, which
was recommended by their respective boards of directors several weeks ago. The consolidation will become effective at
the close of business Feb. 7, and the new institution will begin business as Irving Bank-Columbia Trust Co. Feb. 8. The
proposed consolidation was referred to in these columns Oct.
28, page 1912, and Dec. 30, page 2870. The Irving Bank-Columbia Trust Co. will have a capital of $17,500,000, with surplus and undivided profits of $10,500,000. Its facilities will
be made available at 14 banking offices in Manhattan.
Brooklyn and the Bronx. Lewis E. Pierson, Chairman of
the Irving board, and Harry E. Ward, President of the Irving, will retain these offices in the consolidated institution.
Willard V. King, President of the Columbia Trust Co., will
become Chairman of the Advisory Board in charge of the
office at 60 Broadway, the present headquarters of the CoITEMS ABOUT BANKS, TRUST COMPANIES, ETC. lumbia.
Railroad Workers Vote to Continue Strikes on Two
Roads.
Refusal to call off strikes on the Missouri & North Arkansas
and the Atlanta Birmingham & Atlantic railroads, declared
early in 1921, was voted on Jan. 14 by chiefs of the sixteen
railway unions, meeting at the Great Northern Hotel in
Chicago. Both roads, tied up for a time, are now operating.
On authority from a Federal Court, the Atlanta Birmingham
& Atlantic reduced wages after a receiver had been appointed.
A strike resulted before the Labor Board considered the
dispute. After wages had been reduced on the Missouri &
North Arkansas and the road had gone into receivership
the men walked out. The receiver invited the workers to
return at a 25% reduction, but promised to increase wages
as earnings warranted and meanwhile to pay no stock or
bond dividends. The offer was rejected.
A New York Stock Exchange membership was reported
reported for transfer this week, the consideration being
The American Foreign Banking Corporation announces
stated as $98,000. Last previous sale was $100,000.
that in line with its policy to withdraw from branch banking
Francis L. Hine, Chairman of the executive committee
of the First National Bank of New York, has been elected
a director of the New York Clearing House Building Co.,
succeeding the late William A. Nash. Other directors reelected were: Stephen Baker, President Bank of the Manhattan Co.; Richard Delafield, Chairman National Park
Bank; Alexander Gilbert, Vice-Chairman Irving Bank;
Edward Townsend, Chairman Importers & Traders National
Bank.
In South America, it will liquidate its branch at Rio Janeiro
and depositors will be paid as of Jan. 22.
At the annual meeting of the directors of the First National Bank of Secaucus, N. J., on Jan. 15, Lewis P. Huber,
heretofore Cashier, was elected President. Mr. Huber succeeds the late Winfield Clearwater.
Harry M. Titus, the former Cashier of the First National
Bank of WrIghtstown, N. J., whose arrest for embezzlement
At a meeting of the board of directors of the Seaboard of the banks' funds and subsequent confession were recorded
National Bank, New York, on Feb. 1 S. Stern was elected In our Dec. 2 issue, was sentenced on Jan. 16 by Judge Bella director and Vice-President. He will have charge of the stab in the Federal Court at Trenton to two years in the
foreign department of the Seaboard, a position he is well Atlanta Penitentiary. In imposing sentence Judge Rellstab
qualified to fill due to his many years of experience in banking said:
in England, France and Germany. Mr. Stern was formerly
Vice-President of the Columbia Trust Co. and had charge
of their foreign department. He is a writer on economics
and an authority on foreign exchange, being the author of
"The Foreign Exchange Problem," which is used extensively
as a text book in numerous colleges. His acquaintance and
general knowledge of foreign exchange conditions throughout the prominent countries of Europe should prove to be
a valuable acquisition to the Seaboard in the further enlargement and development of the foreign department of that
institution.
The New York Agency of the Sumitomo Bank, Ltd., at
149 Broadway, announces that at the general shareholders'
meeting of the bank, held at Osaka, Japan, on Jan. 26, Sakio
Imamura, Agent of the New York office, was elected Director
of the bank. Mr. Imamara will continue his present post
as Agent of the New York office until further notice.
Your youthful appeal, your well-rendered service to the bank, your realisation of your conduct at the end and your prompt confession have entered into
my consideration of your sentence. This is not mercy, but within Mona*
consideration of justice.
The Asbury Park Trust Co., Asbury Park, N. J., has announced that effective the first of the year the capital of the
Institution was increased from $100,000 to $150,000 and its
surplus from $50,000 to $100,000. Since the bank opened in
July 1911 its business has prospered and expanded, as evidenced by the-growth in deposits, especially in the last two
years. The bank owns its own bank building—a five-story
stone structure at the corner of Mattison Ave. and Emory
Street. Its officers are: William J. Couse, President; Lee
W. Berry, Vice-President; William C. Rogers, SecretaryTreasurer; Jefferson B. rogal and Marguerite Hampton,
Assistant Secretary-Treasurers, and James 'Forsyth, Assistant Treasurer.
With regard to the plans, now abandoned, to form a new
The following announcement was made after the meeting financial institution in Newark, N. Y., the following informnof the directors of American International Corporation on
tion has come to us:
Feb. 1, regarding the resignation of Frank A. Vanderlip
The organization of the trust company was started for the reason that the
as Chairman of the Board, and director, and the resignation Arcadia National Bank bought a controlling interest in the First National
as President of Charles A. Stone: ,
Bank, the only two banks in this village, and then moved the First National
At the regular meeting of the Board of Directors of the American International Corporation held at its offices, 120 Broadway. New York, Feb. 1,
the resignation of Frank A. Vanderlip as Chairman and Member of the
Board of Directors was presented and accepted. Mr. Vanderlip is desirous
of being relieved of as many duties as possible and has left for an extended
trip to California.
There was also presented the resignation of Charles A. Stone as President
of the Corporation, which was accepted. Mr. Stone's recovery from a
serious operation several weeks ago has been slow and his surgeon has
directed that he be relieved from as many duties and official positions
as possible in order that he may completely regain his health.
M. C. Brush, Senior Vice-President of the Corporation, was elected
President and Chairman of the Executive Committee.
Gordon H. Balch was elected Vice-President.
Recognition of fifty years of continuous service has been
given by the Board of Directors of the Irving Bank, New
York, to Benjamin F. Werner, a Vice-President of that
institution, who on Jan. 31 celebrated the fiftieth anniversary of his association with the bank. A substantial
sum of money and a set of resolutions, handsomely engrossed,
were presented to Mr. Werner. Many business and personal
friends called on Mr. Werner at the office of the bank in the
Woolworth Building to offer congratulations.
Bank under the roof of the Arcadia National Bank. After the organization
of the Newark Trust Co. was assured, which was comprised largely of those
interested in the First National Bank, the Arcadia National Bank evidently
concluded that it would prefer to have the old bank as a competitor than
the new trust company and accordingly sold its control to the President of
the First National Bank and allowed it to be at once returned to its former
place of business.
The organizers of the trust company were not interested in a third hank
and accordingly, when the above action took place, discontinued the promotion of the Newark Trust Co.
The West Bergen Trust Co., of West Bergen, Jersey City,
N. J., has been organized under the presidency of Dr. Joseph
M. Rector. It began business on Jan. 2. It has a capital of
$200,000 and surplus of $50,000. The stock (par $100) was
all sold, we are advised, at $125 per share. Edward P.
Stout is Vice-President and Norman Dixon is Secretary and
Treasurer.
At a regular meeting of the board of directors of the National Bank of Watervliet, of Watervliet, N. Y., on Jan. 25,
Eugene McLean was elected a Vice-President.
FEB.3 1923.]
THE CHRONICLE
483
The Farmers' Bank of Springville has increased its capital
Two small Montana banks were closed recently, namely
stock from $60,000 to $100,000. The plans were ratified by the Edgar State Bank, Edgar (capital $30,000), and the
the stockholders on Dec. 27, and the increased capital became Hardin State Bank, Hardin (capital $50,000).
effective Jan. 2. The new stock (par $100) was sold at $230
per share.
John W. Hay, President of the Rock Springs National
Bank, Rock Springs, Wyo., was added to the Board of DirecThe Oxford Bank of Frankford, Philadelphia, Pa., has tors of the Bankers Trust
Co., of Denver,at the annual meetbeen rechartered, according to the Federal Reserve Board, ing of the stockholders of
the institution on Jan. 9.
under the name "Oxford Bank & Trust Co.," and the new organization admitted to membership in the Federal Reserve
Two additional directors were elected at the annual meetSystem.
ing of the stockholders of the Globe Natoinal Bank, of DenHarry J. Haas, Vice-President of the First National Bank, ver, on Jan. 9, namely W. W. Garwood and Joseph Buchof Philadelphia, has been elected a director of the Merion halter.
Title & Trust Co., Ardmore, Pa. The Merlon Title & Trust
Co. is the largest suburban bank around Philadelphia, with
The stockholders of the International Trust Co., Denver,
a capital and surplus of over $1,000,000 and deposits in ex- at their annual meeting on Jan.9 elected Claude K. Boettcher
cess of $5,000,000. One out of every two men, women and a director of the institution. Mr. Boettcher is a member of
children in the Ardmore district, it is stated, carries an ac- the firm of Boettcher, Porter & Co., Vice-President of the
count with this bank.
Cement Securities Co. and a director of numerous Denver
corporations.
Three new assistant cashiers were added to the official
staff of the Commercial National Bank, of Washington, when
Thomas A. Dines, President of the Midwest Refining Co.,
the new board of directors on Jan. 18 organized for the cur- was elected a director of the First National Bank, of Denver,
rent year. The newly elected men are all graduates of the to succeed H. M. Blackmer, resigned.
Washington Chapter of the American Institute of Banking,
and have been with the Commercial National for many
R. V. Weicker was added to the board of directors of The
years. They are: T. Blackwell Spaith, formerly Manager of Home Savings & Trust Co., Denver, at the recent annual
the savings department; Frederick H. Cox, heretofore Note meeting of the stockholders.
and Collection Teller, and Alexander R. Varela, formerly
Discount Teller. The directors also appointed Hayden JohnAt the annual meeting of the directors of the St. Louis
son, General Counsel-of the bank to fill the vacancy caused Union
Trust Co., St. Louis, on Jan. 18, Isaac H. Orr, heretoby the death of Charles Cowles Tucker.
fore Senior Vice-President of the institution, was elected
President in place of John F. Shepley, who became Chairman
The First National Bank, of Lincoln, Ill., was placed in
of the board. Mr. Shepley in turn succds N. A. McMillan,
voluntary liquidation, effective Jan. 0. The business of the
who recently was appointed Chairman of the board of the
bank has been absorbed by the American National Bank, of
First National Bank, with which the St. Louis Union Trust
Lincoln, Ill.
Co. is an affiliated institution.
Other elections were
Wallis G. Rowe, heretofore Assistant Secretary, Secretary;
The Continental Bank, of Detroit, announces the followAlexander Hamilton, formerly Assistant Trust Officer,
ing additions to its board of directors: Judge Harry J.
Treasurer; George M. Pyle, formerly an attorney in the
Dingeman, of the Wayne Circuit Court; Warner P. Thomptrust department, Assistant Secretary, and Edward G. Grubb,
son, head of the Warner R. Thompson Co., dealers in moldJr., formerly assistant in the probate department, Assistant
ing and core sands and other supplies, and Harry G. Ritter,
Trust Officer. Isaac H. Orr, the new President, as a young
of the Ritter Cigar Box Co.
lawyer entered the employ of the St. Louis Union Trust Co.
as Trust Officer nearly 30 years ago, the first person in the
The Comptroller of the Currency announces that the First
State of Missouri, it is said, to hold such a position. Since
National Exchange Bank of Port Huron, Mich., has changed
then he has devoted a large part of his time to the developits name to the "First National Bank in Port Huron."
ment of the trust business and has had the satisfaction of
seeing the trust business of his institution grow to be one of
As successor to Robert Y. Speir, as a director of the Capithe largest in the country: He was present and assisted in
tal National Bank, of Lansing, Mich., A. B. C. Hardy, Vicethe organization of the Trust Company Section of the AmerPresident and General Manager of the Olds Motor Works, ican Bankers
Association, and has served many times on its
Lansing, at a meeting on Jan. 5 was elected to the director- important
committees. He also assisted in the organization
ate of the institution. Frank E. Gorman, Cashier of the
and became the first President of the Trust Officers' Assobank, was elected Vice-President and Cashier. Mr. Gorman
ciation of St. Louis.
is also State Treasurer of the State of Michigan.
John J. Stream, of the grain and elevator firms of Shaffer
& Stream and J. C. Shaffer & Co., was elected President of
the Chicago Board of Trade on Jan. 8. Joseph Simons, head
of Simons & Co., was elected Second Vice-President; Joseph
F. Lamy, who previously held the latter
post, was advanced
to the office of First Vice-President.
—.—
Clifford L. McMillen, General Agent of the Northwestern
Mutual Life Insurance Co., was elected
a director of the
American Exchange Bank of Milwaukee at the annual meeting of the stockholders of the institution on Jan.
9. All the
other directors were re-elected. At the meeting of the directors on the same day, the officers of the bank were re-elected
as follows: E. J. Kearney, President; R. L. Stone, Fred C.
Best, Carl G. Engelke (Vice-President and Cashier) and C.
D. Raney, Vice-Presidents; J. Edgar Robertson, James L.
White and W. A. Manegold, Assistant Cashiers. A new home
is to be erected shortly by the bank at the corner of Grand
Avenue and Second Street.
At the recent annual meeting of the directors of the Louisville National Bank, Louisville, Ky., Ben J. Metcalfe, Cashier, was made a Vice-President. He will also continue in the
office of Cashier. J. D. Winston, head of the new business
department, was likewise given the title of Vice-PresidentWilliam Charlton was advanced from the general force of
the bank to an Assistant Cashier and J. W. Watkins from
the discount department to an Assistant Cashier.
Melville C. Branch,formerly Vice-President and a director
of the Merchants' National Bank, of Richmond, Va., was
elected President of the institution at the annual meeting of
the directors on Jan. 9. He succeeds John Kerr Branch, who
resigned to become chairman of the board of directors. The
new President is a nephew of the late John P. Branch, also a
former President of the Merchants' National Bank. Born in
Atlanta in 1875, Mr. Branch went to Richmond in 1895 and
the following year entered the banking house of Thomas
Branch & Co., of which firm he became a partner in 1907.
Three years later (1910) he was elected a director of the
Merchants' National Bank and in 1920 a Vice-President in
The First National Bank, of Lewistown, Mont., has, ac- charge of the
trust department. Upon the organization of
cording to the weekly bulletin of the Comptroller of the Cur- the Old Dominion
Trust Co. of Richmond in 1913 Mr. Branch
rency, changed its name to The First National Bank of Fer- was elected First
Vice-President and a director of that comgus County in Lewistown.
pany. These positions he held until June of last year, when
the Old Dominion Trust Co. and the National State and City
484
THE CHRONICLE
Bank were merged to form the State'& City Bank & Trust
Co. In addition to his banking activities, Mr. Branch has
been active in the work of reorganizing the cotton industries
In the South. The following is the official staff as elected
on Jan.9: John Kerr Branch, Chairman of the Board; M. C.
Branch, President; Thomas B; McAdams, John Akin Branch,
W. F. Augustine, G. Jeter Jones and John C. White, VicePresidents; L. B. Thomas and H. P. Gillespie, Assistant VicePresidents; H. Hiter Harris, Cashier; Oliver C. White, F. C.
Lafferty and B. Roy Dudley, Jr., Assistant Cashiers.
The stockholders of the Atlanta National Bank, of Atlanta,
Ga., at their recent annual meeting, elected the old board of
directors with the addition of Charles B. Rainwater, Secretary and Treasurer of the Coca-Cola Bottling Co. A. S.
Adams, of the Adams-Cates Realty Co., and J. S. Kennedy,
Vice-President, were elected directors in November to fill
vacancies on the board. The directors at their meeting
made the following changes in the official staff of the bank:
J. S. Kennedy, heretofore Cashier, was elected Vice-President; R. B. Cunningham, heretofore an Assistant Cashier,
was promoted to Cashier to succeed Mr. Kennedy, and H. G.
Walker, Manager of the savings department, was named an
Assistant Cashier. J. F. Alexander, formerly an Assistant
Cashier, was elected a Vice-President. Mr. Donovan and
Mr. Alexander were elected Manager and Assistant Manager of the Peachtree office, which was recently opened on
the North Side in the Piedmont Hotel Building.
The directors of the Central State National Bank, of Memphis, at their annual meetii g on Jan. 9 created a new position, that of Assistant to the President, and elected S. W.
Wardlaw, formerly State Bank Examiner for Mississippi, to
fill the office. The only other change was the promotion of
F. E. Maxwell, heretofore Auditor, to an Assistant Cashiership. The stockholders at their meeting added A. H. Murray
to the board of directors.
[Vol,. 116.
of the bank as Cashier. Eighteen months ago he was elected
Cashier of the Southwest National Bank of Dallas, the position he recently resigned. Mr. Lawder was also elected a
director of the First National Bank at the annual meeting of
the stockholders.
W. H. Irvin was elected President of the Citizens' State
Bank of Houston at the annual meeting of the directors on
Jan. 9. He succeeds A. C. Bell, who has retired. G. R.
Treadwell and D. D. Orr were elected Vice-Presidents.
At the annual meeting of the directors of the Houston National Exchange Bank, Houston, two employees of the bank
were made Assistant Cashiers. They were L. V. Hahn and
J. Hill Freeman.
At the recent annual meeting of the directors of the Southwest National Bank, of Dallas, Tex., Dan D. Rogers, a VicePresident of the bank, was given the additional office of
Cashier, succeeding Sam R. Lawder, who resigned as Cashier to accept a Vice-Presidency with the First National Bank
of Houston.
Atthe recent annual meeting of the directors of the City
the
National Bank, of Dallas, Tex., several changes took place
in the official personnel of the institution. Ray Nesbitt,
heretofore an Assistant Cashier of the bank, and George N.
Aldredge, until recently a Yice-President of the Dallas Trust
& Savings Bank, were elected Vice-Presidents; S. J. Smyth,
heretofore an Assistant Cashier, was promoted to Cashier
to succeed Stewart D. Beckley, who resigned to accept the
cashiership of the Mercantile Trust Co., of San Francisco,
and C. J. Oldham, formerly Paying Teller of the bank, was
made an Assistant Cashier. Mr. Beckley, whose resignation
as Cashier was accepted with much regret, had been with
the City National for nearly 20 years, having entered its
employ as a messenger when a lad.
At the annual meeting of the stockholders of the First NaAnnouncement was made on Jan. 17 by the Comptroller of
tional Bank of Memphis on Jan.9 elected J. M. Walker of the
0.K. Storage Co. a director of the institution. At the annual the Currency that the City National Bank of Commerce, of
meeting of the directors on the same day W. C. Early was Wichita Falls, Tex., has changed its name to The City Naelected a Vice-President. Mr. Early has been a director of tional Bank of Wichita Falls.
the First National Bank for a number of years.
The Central Exchange Bank of Woodward, Okla. (capital
Three new members were added to the board of directors $25,000), has been closed by the State Banking Commisof the Interstate Trust & Banking Co., of New Orleans, on sioner, according to a press dispatch on Jan. 18 from OklaJan. 9. They are: H. H. Chaffe, Dr. E. D. Fenner and homa City, appearing in "Financial America" of this city on
Charles Kohlmeyer.
that date. The closed bank had deposits of approximately
$750,000.
At the annual meeting of the stockholders of the AmericanLiberty Bank & Trust Co., of New Orleans, on Jan. 9, it was
The directors of the First National Bank of Oklahoma
uanimously decided to eliminate the word "Liberty" from City, Okla., at their annual meeting on Jan. 10, made the folthe bank's name, changing it again to the American Bank & lowing changes in the official staff of the bank: Robert L.
Trust Co., the title of the institution prior to the recent merg- Smith, heretofore Cashier, and Walter Ferguson were electing with it of the Liberty Bank & Trust Co. John M. Taylor ed Vice-Presidents of the institution, and Thad N. Wells,
and E. H. Walsdorf were added to the board of directors.
formerly an Assistant Cashier, was promoted to the Cashiership.
The stockholders of the New Orleans Bank & Trust Co.,
New Orleans, at their annual meeting on Jan. 9 added A.
A new institution, the Planters & Mechanics Bank, began
Qvistgaard-Petersen to the boar dof directors. Mr. ePtersen
business in Tulsa, Okla, on Jan. 11, in the building formerly
Qvistgaard-Peterson to the board of directors. Mr. Petersen
occupied by the Security National Bank. The charter for the
is Vice-President of the Southport Mill, Ltd., and of the New
new institution was issued by the Comptroller of the CurOrleans Export Co., Ltd.
rency on Dec. 16 . The bank has a capital of $100,000 and
surplus of $10,000. G. N. Wright is President; C. C. Roberts,
At the recent annual meeting of the directors of the First
of the United Building & Loan Association, and Rex Walker
National Bank, of Houston, Tex., the following changes were
are active Vice-Presidents, and Elton Everett, formerly with
the institution: F. E. Rusmade in the official personnel of
the Exchange National Bank, is Cashier. The directors insell, for 33 years connected with the institution, and its
clude H. D. Cornell, of the Western Supply Co.; Judge W. V.
Cashier for a number of years, was promoted to a ViceBibbison, T. E. Montgomery, of the Montgomery Lumber
Presidency; 0. W. Jackson, formerly an Assistant Cashier,
Co.; C. S. Lahman, of the Fidelity Investment Co.; G. N.
was elected Cashier to succeed Mr. Russell, and H. T. Mc- Wright, C. C. Roberts, Rex S. Walker,
Elton Everitt, S. D.
Clung, also an old employee of the bank, was advanced to Pickering, J. Lyons and Mrs. G. N.
Wright.
an Assistant Cashier. In addition, Sam R. Lawder, until
recently Cashier of the Southwest National Bank, of Dallas,
Afoses A. Gunst was added to the board of directors of the
was appointed a Vice-President. Mr. Lawder, who is but 38
his banking career in Dallas in 1902. Anglo & London Paris National Bank, San Francisco, at the
years of age, began
When the Federal Reserve Bank of Dallas was organized in stockholders' annual meeting on Jan. 9.
1914, Mr. Lawder was appointed Auditor of the institution
John A. McGregor was elected a director of the American
and shortly thereafter an Assistant Cashier. Four years
later he opened the El Paso branch of the Federal Reserve National Bank of San Francisco at the recent annual meetBank and became its first Manager. In 1919 he was sent to ing of the bank's stockholders, to take the place of H. M. A.
Houston to open a branch there, of which he became Man- Miller.
ager. A year later he was transferred to the Dallas office
THE CHRONICLE
FEB.3 1923.]
At the annual meeting of the stockholders of the First National Bank of San Francisco on Jan. 9 a change was made
in the personnel of the directorate, only five of the old members of the board being re-elected. These were Clifton H.
Kroll, Walter S. Martin, J. K. Moffitt and Clinton E. Worden and Wellington T. Smith. The newly elected members
of the board are as follows: George D. Cooper, Samuel H.
Boardman, Robert T. Devlin, Robert E. Easton, Arthur
Goodall, E. C. Holmes, John A. Hooper, F. C. Morgan, J. H.
Newbauer and Warren Olney, Jr. Immediately following
the meeting, the new directors elected John A. Hooper,
President of the bank in place of Rudolph Spreckels, who
had been President for the past 17 years; James K. Moffitt
a Vice-President and E. Avenali a Vice-President, in addition to his present duties as Cashier.
The directors of the Bank of California, N. A., of San
Francisco, at their annual meeting on Jan. 9 elected George
' H. Fisher an additional Assistant Manager of the Tacoma
Branch of the bank. The usual quarterly dividend of $250
per share, together with an extra dividend of $2 per share,
was declared at the meeting and paid Jan. 15.
The stockholders of the Peninsula National Bank of Portland, Ore., at their recent annual meeting, elected H. T.
Nicolai a director of the institution. Mr. Nicolai is Manager
of Nicolai Door. Manufacturing Co. and President of the
Harry T. Nicolai Investment Co., of Portland.
At the annual meeting of the directors of the Northwestern
National Bank, of Portland, Ore., on Jan. 9,0. L. Price, heretofore a Vice-President, was elected Chairman of the board
of the institution to take the place of the late H. L. Pittock.
485
to Vice-President. Mr. Sammons has been an Assistant
Cashier of the bank for a number of years, a position to
which he was 'appointed when the Lumbermen's National
Bank, with which he was fomrerly connected, was merged
with the United States National Bank.
THE CURB MARKET. '
Continued irregularity marked the trading in the Curb
Market this week until to-day, when there was a distinct
turn for the better, business was more active and prices
showed improvement. Durant Motors was an outstanding
feature in this week's market, the stock dropping from 721%
to 40. It rallied to 52% and closed to-day at 51%. Durant
Motors of Indiana sold down from 21% to 12% and finally
recovered to 1634. Peerless Truck & Motor declined from
77 to 731% and ends the week at 731%. Stutz Motor fell
from 2234 to 1834 but recovered to 2034. Amalgamated
Leather corn. fell from 1934' to 1631 and sold finally at 1634.
Cuyamel Fruit added to trading last week, was active and,
3
8
advanced from 56% to 623.4, reacted to 594 and closed
to-day at 6034'. Glen Alden Coal, after an early rise from
8
6734' to 70%,weakened to 67%, the close to-day being at 68.
Oil shares in the closing session were particularly active, and
Standard Oil issues made substantial gains. Cumberland
Pipe Line advanced from 90 to 108 and sold finally at 105
Eureka Pipe Line gained three points to 108. Southern
Pipe Line rose from 107 to 112, with the final transaction
%
at 110. Standard Oil of N. Y. sold up from 4534 to 471
and back to 46 finally. Gulf Oil of Pa. lost about two points
to 5634, recovering finally to 581%. Magnolia Petroleum
was off from 164 to 161. Bonds were quiet and only slightly
changed.
A complete record of Curb Market transArtions for the
week will be found on page 505.
At the annual meeting of the directors of the First NaCOURSE OF BANK CLEARINGS.
tional Bank, of Portland, Ore., on Jan. 9, the only changes
made in the official personnel of the bank was the promoBank clearings continue to show very satisfactory rates of
tion of H. S. Burdin and A. W. Groth to Assistant Cashiers. increase compared with a year ago. Preliminary figures
The directors of Lloyds Bank, Ltd., London,announce that,
after payment of salaries, pensions, staff bonuses and allowances, other charges and expenses, and the annual contribution to the Provident and Insurance Fund, and making full
provision for rebate, Income tax, corporation profits tax, bad
debts and contingencies, the available profit for the past year
is £2,068,875. To this has to be added £546,143 brought forward from the previous year, making a total of £2,615,018.
Out of this total, an interim dividend of is. 8d. per share,
being at the rate of 16 2-3% per annum, and amounting, less
Income tax, to £868,366, was paid for the half year ended
June 30 last; £250,000 has been placed to the bank premises
account and £100,000 to the Staff Pensions Fund. After
making these appropriations, there is a balance of £1,396,252
remaining, and the directors have decided to recommend to
the shareholders at the ensuing general meeting that a dividend of the same rate, amounting, less income tax, to 1898,309, be paid for the past half year, leaving £498,343 to be carried forward to the profit and loss account of the current
year. The available profit for the previous year was £2,529,124, to which was added £543,864, brought forward, making
a total of £3,072,988. Out of this, £1,676,844 was paid in dividends (at the same rate), £200,0000 was applied in writing
off the bank purchase account, £250,000 placed to the bank
premises account, £200,000 to income tax reserve, £100,000 to
the staff Widows' and Orphans' Fund, £100,000 to the Pensions Fund, and £546,143 carried forward. The following is
the comparative statement:
Profit
Brought forward
Total available
Dividend (16 2-3%)
Bank purchase account
Written off bank premises
Income tax reserve account
Widows' and Orphans' Fund
Pensions Fund
----Oarried forward
1922.
2,068,875
546,148
1621.
2,529,124
543,864
£2,615,018
1,766,675
.
nil.
250,000
nil.
nil.
100,000
498,843
£3,072,988
1,676,844
200,000
250,000
200,000
100,000
100,000
540,143
At the annual meeting of the stockholders of the United
States National Bank of Portland, Ore., A. L. Tucker and
A. M. Wright, Vice-Presidents of the bank, and Paul S. Dick,
a Vice-President and Cashier, were made members of the
executive committee of the board of directors. At the meeting of the directors on the same day, E. C. Sammons, heretofore an Assistant Cashier of the institution, was promoted
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ending
to-day, Saturday Feb. 3, aggregate bank clearings for all
the cities in the United States from which it is possible to
obtain weekly returns will show an augmentation of 18.6%
as compared with the corresponding week last year. The
total stands at $8,221,591,309, against $6,931,290,433 for
the same week in 1922. Our comparative summary for the
week is as follows:
Clearings-Returns by Telegraph.
Week ending February 3.
1923.
. 1922.
Fa
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
$4,029,000,000
487,678.222
384.000,000
314.000,000
113,535,026
a
130,500,000
140,607,369
95,492.120
79,759,421
54,805.348
$3,378.702,204
414.590.925
346.000.000
267.000.000
106.233,839
a
107,700.000
*110.900,000
66.990.689
54.600,000
48,292.111
+19.2
+17.6
+11.0
+17.6
+6.9
a
+21.2
+26.8
+42.5
+46.1
+13.5
Ten cities, 5 days
Other cities, 5 days
35,829,377.506
1,021,948,585
$4,901.009,768
875,064,760
+18.9
+16.7
Total all cities, 5 days
All cities, 1 day
$6,851,326,091
1,370,265,218
$5,776.074.528
1,155,215,905
+18.6
+18.6
SA 991 SO1 RAO
SR ORI 900&'t2
4.1R A
orntal all MM.. frw maalr
a No longer report clearings. *Est mated.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day (Saturday) and the Saturday figures will not be available until
noon to-day. Accordingly in the above the last day of the
week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous.
-the week ending Jan. 27. For
that week the increase is 22.5%, the 1923 aggregate of the
clearings being $7,388,233,114 and the 1922 aggregate
$6,028,908,388. Outside of this city, however, the increase
is 30.4%, the bank exchanges at this centre having recorded
a gain of only 16.8%. We group the cities now according to
the Federal Reserve districts in which they are located, and
again the noteworthy feature of the return is that every one
of the Federal Reserve districts records an increase as
compared with the corresponding week last year. This is
the sixth consecutive week that all of the Federal Reserve
districts have shown increases. In the Boston Reserve
District the totals are larger by 32.0%; in the New York
Reserve District (including this city) by 16.8%, and in the
Philadelphia Reserve Distict by 29.1%. In,the South
[VoL. 116.
THE CHRONICLE
486
expansion is particularly noteworthy. The Cleveland Reserve Districts records an improvement of 44.2%; the
Richmond Reserve District of 45.3%, and the Atlanta
Reserve District of 32.2%. The Chicago Reserve District
registers a gain of 29.9%; the St. Louis Reserve District of
47.6%, and the Minneapolis Reserve District of 31.7%.
The Kansas City Reserve District shows an increase of
12.2%; the Dallas Reserve District of 26.4%, and the San
Francisco Reserve District of 24.2%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending Jan. 27 1923.
1923.
Federal Reserve Districts.
10 cities 379,407,031
(1st) Boston
4,112,612,466
(2nd) New York
503,366,039
(3rd) Philadelphia_ _ _ -10 "
373,368,749
(4th) Cleveland
10 "
177,640,662
(5th) Iticlunond
12 "
191,303,076
(6th) Atlanta
792,526,739
19 "
(7th) Chicago
75,033,630
(3111) St. Louis
114,728,978
(9th) Minneapolis_ _ _ _ 7 "
032,854,825
(10th) Kansas City_ __ _11 "
57,926,962
(11th) Dallas
377,163,964
(12th) San Francisco_ _ _14 "
1922.
Inc.or
Dec.
287,416,570
3,520,521,678
389,913,020
258,982,507
122,257,510
144,678,542
609,900,450
50,832,328
87,128,117
207,629,237
45,831,803
303,816,626
1921.
1920.
%;
+32.0 292,785,662 375,423,222
+16.8 3,850,897,375 4,734,688,181
+29.1 422,655,360 454,089,149
+44.2 359,080,954 370,177,288
+45.3 149,021,189 188,729,344
+32.2 149,210,079 214,821,672
+29.9 674,865,519 764,202,791
+47.6 53,917,892 66,898,105
+31.7 101,790,418 65,590,501
+12.2 299,072,470 349,117,740
+26.4 62,701,692 70,176,993
+24.2 280,900,600 333,656,328
Grand total
120 cities 7,388,233,114 6,028,908,388 +22.5 6,646,899,210 7,987,571,313
3,336,277,587 2,558,581,483 +30.4 2,856,725,440 3,311,937,458
Outside New York City
29 cities 274,296,930 288,679,169
Canada
-5.0 307,757,129 353,001,552
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending January 27.
Clearings ea
1923.
1922.
Inc.or.
Dec.
1921.
8
1920.
1
$
%
$
First Federal Reserve Dist rict-Boston728,269 +10.9
'Sta.-Bangor__ __
807.618
2,362.961 +2.0
Portland
2,411.281
Mass.-Bo8ton_ _ 348,000.000 262,000,000 +32.8
1,495.671 +40.1
Fall River
2.095.476
a
a
Holyoke
H
a
874,107 +26.7
Lowell
1,107,319
a
a
a
Lynn
1,123.219 +18.1
New Bedford
1.326,322
3,687,015 +27.8
Springfield
4.710,324
2,757.777 +25.2
Worcester
3,453.000
7,596.935 +31.8
-Hartford
Conn.
10,010,007
4,790,616 +14.5
New Haven _ _ _
5,485,684
a
a
a
R.I.-Providence
724.824
2,300,000
264,339,586
1,515,647
a
1,008,927
a
1.240,890
4,177.796
3,319.201
8,520,658
5,638,133
a
823,492
2,496,871
342.921,584
2,754,510
a
1,240.018
a
2,594,019
4,728,260
3.930,576
8,348,156
5,585,736
a
287,416,570 +32.0
292,785,662
375,423,222
Total(10 cities)
379,407.031
Second Feder al Reserve D istrict-NOW York
4,668,743
3,936.771 -6.9
4,000.000
-Albany._
3,664.516
N. Y.
1,084,000
789,000
804.400 +22.0
1981,135
Binghamton_ _ _
39,244,620
36,090,244
31,230.751 +27.1
Buffalo
39,705,431
Elmira
612,994 Not included in total s.
838.832 +23.0
d1,031.974
Jamestovrn._ _ _
4,051.955,527 3,470,326,905 +16.8 3,790.173,770 4,675,633,855
New York
10.139.350
8,389,703
7,146,502 +14.2
Rochester
8,158,723
3,507,530
3,048,831
2,986,097 +14.6
Syracuse
3.423.427
7,969,225
2,887,404 +10.9
Coml.-Stamford
d3,202.548
410.083
436,002
364,016 +34.4
-Montclair
489,185
N.1.
Total(9oRles)_ 4,112,612,466 3,520,521.678 +16.8 3,850.897,375 4,734,688.181
Third Federal Reserve Dist tict-Phiade
852.080
1,242,495
Pa.-Altoona__ _
2,537,524
3,919,583
Bethlehem_
787,920
956,819
Chester
1.891,289
3,171.892
Lancaster
Philadelphia- _ 478.000.000 370,000.000
2.136.084
2,995,002
Reading
4,475,641
5,6153382
Scranton
2,089,000
2,841.075
Wilkes-Barre_ _
1,175,766
1.301.397
York
3,967,816
3,322,094
-TrentonN.J.
a
a
Del.-Wilming'n
phia+45.8
+54.5
+21.4
+67.7
+29.2
+40.2
+25.5
+36.0
+10.7
-16.3
a
953,758
3,086,017
1,815.832
2,035.659
401,890,024
2.174,812
4,324.706
2.210,617
1,134.310
3,029.625
a
798,153
1,3343735
2,529,269
435,656,828
2,543.912
4,458.885
2,681.858
1,269,750
2,815,759
a
422,655,360
454,089.149
Fourth Federa I Reserve Die trict Cleve land6,005,000
4.901.000 +29.9
e6,365,000
Ohlo-AkrOn
3,916.349
2,723,842 +88.7
5.144.275
Canton
51,651.464 +30.7
58,064,370
67,502,759
Clacinnatl- -70,827,197 +49.0 108,149.814
d105,514,659
Cleveland
9,925,000 +49.6
13,473,200
14.846,500
Columbus
aa
a
a
Dayton
606,808 -15.4
760.630
513.486
Lima
1.073,075 +67.8
1.240,018
el.801.073
Mansfield
a
a
a
a
Springfield....
a
aa
a
Toledo
2.470,310 +67.0
4,397,481
4,125,996
Youngstown
aa
a
a
-Erie
Pa.
163,805,114 *110,900,000 +47.7 158,503,425
3,900.811 -3.9
4.568.667
Pittsburgh.W.Va.-Wheel
3,749,887
11,142,000
4,119,914
65,845,428
115,609.963
13,065.200
a
1,055.151
1,750,507
a
a
4,597,724
a
147.146,042
5,845,359
Total(10 cities)
503,366,039
389,913,020 +29.1
-.
258,982,507 +44.2
359,080.954
370,177,288
Fifth Federal Reserve Dist rict-Richm ond1.533,609 +34.2
W.Va.-Huneton
d2.058,345
6.540,708 +17.0
Virginla-Norfolk
e7,654.193
38,660,634 +50.4
58,128,035
Richmond
2,544,409 -1.1
2,515,356
-Charleston
8.C.
57,114,138 +54.6
88.287.303
Md.-Baltimore.
15,864,012 +19.7
18,997,430
D. 0.-Wash'to.
2,013,626
8.232,836
45.144,799
2,500,000
75.337,811
15,792,117
1,646,163
11,302.432
74,236,835
4,500.000
82.953,570
14.090,344
122,257,510 +45.3
149,021.189
188,729,344
Total(10 cities)
Total(6 citiee)-
373,368.749
177,640.662
Sixth Federal Reserve Dist rict-Atlant a
4,726.388 +35.1
6,406.583
e6,384,993
-Cha tt'git
Tenn.
2,437.864
2,244,373 +39.6
Knoxville
3.132,993
16,719,953 +11.5
16,361,148
18,646.434
Nashville
38.828.768 +40.4 . 43,758,435
54,519,331
Georgia-Atlanta
1,691,435
1,553,827 +50.9
2,344,006
Augusta
1,077,191
1,001,341 +51.2
Macon
1,513,787
aa
a
Savannah
a
11,545,584
9,863,527 +25.2
Fla.-Jacks'aville
'.2,349,852
17,133.411
20.100.927 +56.2
ALL-Blrm'ham_
.31,388,868
1,607,213 +40.6
1,673,772
2,259,962
Mobile
781.596
909,230 +9.0
-Jackson
991.515
Miss.
324,354
283,710 +123.3
Vicksburg
633,489
46,839,285 +22.0
46,018,706
ba.-New °Woo57,137,846
a
12,094,127
18.867.101
2,223,486
557.671
454,688
69,010,510
149,210,079
214,821,672
Total(12ante))
191,303,076
144,678,542 +32.2
8.172,037
3,178,592
23,027,788
71.719,754
5,515,918
Weak ending January 27.
Clearings at
1923.
1922.
Inc.or
Dec.
1921.
Seventh Feder al Reserve D 'strict- Chi eago
169,112
185,415 -6.2
Mich.
173,845
-Adrian -494,307
Ann Arbor _
1,032.412
_
473.466 +118.1
81,081,326
Detroit
126.525,841
81.854,259 +54.6
4,423,274
5.869,221
53776,813 +1.6
Grand Rapids_
1.415,958
Lansing
4,048,000
1,906,282 +112.4
1,612,291
Ind.
2.046.554
-Ft. Wayne
1,510.390 +35.5
16.899,000
13,073,000
12,074,000 +40.0
Indianapolis--1,261,854 +76.1
1,500,000
South Bend_
2,223,500
31,486.028
27,115,125
Wis.-MIlwaukee
23.249,230 +35.4
2,250,562
1,925,705
Iowa-Cedar Rap
1,551.550 +45.1
8,871,548
7,437,376
Des Moines_ _ _
7,591.890 +16.9
5,744.695
Sioux City_ _ _
5.769.896
4,574,685 +26.1
Waterloo
1,388,689
1.020,368 +36.1
1.187,718
1,228,635
-Bloomington
Ill.
982,375 +25.1
1,287,054
Chicago
573,190,157 458,378,319 +25.0 517,767,038
a
Danville
a
a
a
1,148,599
926,258 +24.0
Decatur
1.013,377
4.193,459
3,230,292 +29.8
Peoria
3,850.451
1,893,242
1,426,623 +32.7
Rockford
1,730,991
2,288,551
1,926,381 +18.8
Springfield _
2,036,721
Total(19 cities)
792,526,739
1920.
200.000
400,000
100,000,000
6,228,996
1,988,163
1,649,017
16,941,000
1,346,357
26,381,894
2,539,871
10,299,987
10,685,468
1,450,984
1,759,201
571,850,945
a
1,317,639
5,045,123
1,894,159
2,223,987
609,900,450 +29.9
674,865,519
764,202,791
Eighth Faders I Reserve Dis trict-St. Lo uts4,102,647
3,825,090 +7.3
-Evansville
Ind.
a
a
a
Mo.-St. Louis_ _
22,241.245 +41.1
31.375.144
LouivIlle
690.590 -38.2
426,610
Owensboro _ _
26,141.491
15,046,636 +73.7
-Memphis
Tenn.
7.846.548 +46.0
11,458.364
-Little Rock
Ark.
313,973
190.057 +65.2
-Jacksonville
Ill.
992.162 +22.5
1,215,393
Quincy
3,617,978
a
23,810,421
447,970
16,038.558
8,679,359
253,033
1,070.573
4,749,800
a
15,605,193
1,290,043
31,519,219
11,630,470
467,419
1,635,961
53,917.892
66,898,105
6,148,213
61,242,728
29,672,921
1,682,909
1,057,711
750,616
1,235,320
5.947,341
36.213,751
16,621,643
2,500,000
1.386,953
1,099,076
1,821,737
101,790,418
65,590,501
385,031
428,721
3,038,082
36,490,989
2,607,759
10,578,273
151,378,429
a
a
23,793,188
a
728,416
18,885.469
778,113
714.272
698.653
4,954,585
57,373,833
2,987,258
13,604,104
233,612,358
249,072,470
349,117,747
1,325,201
25,742,624
14,000,000
7,888,768
a
3.745.099
1,621,438
35,491,303
21,436,437
6,555,400
a
5,072,415
52,701,692
57.926,962
45,831,803 +26.4
Total (5 citles)Tweifth Feder al Reserve D 'strict-San Franc' sco25,850,093
30,051,652 +9.9
33,034,123
-Seattle _ _
Wash.
a
a
a
a
Spokane
a
a
a
a
Tacoma
902,994
1,642,560 -47.1
868.333
Yakima
24,987,298
24,574,504 +18.3
29,066,396
Ore -Portland 12,905,416
10.410.471 +17.1
12.190,025
Utah-Salt L. C.
a
a
a
a
Nevada-Reno_ _
a
a
a
a
Ariz.-Phoenix_ _
3,324.628
3.560,291
+6.6
.3,796,117
Calif.-Fresno
3,115,607
3.587,395 +104.9
7.348.836
Long Beach _
78.822,000
86,887,000 +35.1
Los Angeles.
117,387,000
9.141.332
11,192,815 +26.8
14,191,711
Oakland
3.053,737
3.343,178 +54.8
Pasadena
5,174.504
4,959,523
4,629,448 +12.4
5,201,604
Sacramento _ _ _
•
a
a
San Diego_ _ _
a
San Francisco_ 144,200,000 119,500.000 +20.7 117,300,000
1,524.281
1,752.498 +10.1
1,928,607
Ban Jose
663,491
748,914 +23.7
Santa Barbara_
926,608
4,349,200
13335,900 +11.1
Stockton
2,150,100
36,127,070
a
a
1,336,792
27,088,235
17,000,000
a
a
4,728,195
2,890,673
71,341,000
9,182,129
2,069,679
5.083,618
a
149,756.578
1,648,351
50,832,328 +47.6
75,033.623
Total (7 cities).
Ninth Federal Reserve Dis trict-M Inn capons
3.557,793 +45.7
e5,184,441
-Duluth.._
Minn.
52,903,574 +31.8
69,713,897
Minneapolis_ _ _
25,279.164 +31.3
33,203.648
St. Paul
1,342.050 +33.9
1,796.480
No. Dak.-Fargo
885.025 +19.7
1,059,114
-Aberdeen
S. D.
546,266 -6.7
509,659
-Billings ..
Mont.
2,614.245 +24.8
3,261,739
Helena
87,128,117 +31.7
Total(7cItles)- 114,728.978
Tenth Federal Reserve 'Ms trict Kans as City
324,007 +7.5
d348.192
Neb.-Fremont__
428,732 +4.6
448,358
Hastings
2,492,490 +38.6
3,455,242
Lincoln
31,698,751 +30.5
41,376,467
Omaha
2.607,759 +22.3
3,188,811
-Topeka _
Kan.
10,454,515 -4.0
el0.034,000
Wichita
Mo.-Kan. City_ 130,793,025 121,917,570 +7.3
a
a
a
St. Joseph_
a
a
a
-Muskogee
Okla.
18,164,273 +15.8
Oklahoma City e21,042,587
a
a
a
Tulsa
759.143 +27.0
964,405
Colo. Colo. Elms_
18.168,322 +11.9
20.325,091
Denver
613.675 +43.2
878,647
Pueblo
Total(11 cities) 232.854.825 207,629,237 +12.2
-Da IlasEleventh Fade ral Reserve District
1,254,784 +71.0
2.145,656
Texas-Austin. _
21.925,695 +42.7
31,278,656
Dallas
10,032,498 +4.9
d10,519,179
Fort Worth_
8,851,068 +2.4
Galveston
9,064,400
a
a
a
Houston
3,767.758 +30.6
4,919,431
La -Shreveport..
a
11,858,104
a
1,152.781
21,324,915
836,884
70,176,993
5.404,000
Total(14 calm) 377,463,964 303.816,626 +24.2 290,900,600 333,656.320
Grand total (12
7388.233.114 6,028.908,388 +22.5 6,646,899,210 7.987,571,313
cities)
3,336.277,5872,558.581.483 +30.4 2,856,725,440 3,311,937,458
Outside N. Y.._
Week ending January 25.
Clearings at
1923.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William__
New Westminster
Medicine Hat_ _ _
Peterborough__ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert_ _ _ _
Moncton
Kingston
$
83,220,549
97.547,454
31.732.163
14.491.069
5,383.282
4,986.726
2,418,343
4,837,186
4,271,662
2.400,165
2,310,650
2.495.335
3,501,677
3,019.687
457,077
460,203
1,360,516
902.693
835,173
625,482
415,439
282,242
609,123
652,492
837,032
2,641,902
295.896
935,425
490,293
1922.
$
90,560,496
104.361,639
34,292,951
12.234,95.3
5,107,869
4,552,681
2,962,662
4,682,991
4,243,348
2,514,949
1,054,347
2,620,303
3,529,133
2,683,878
462,416
429,061
1,345,598
927,418
951,880
1,016,657
425,852
262,473
598,588
792,139
864.801
2,383.878
290,317
958,594
667.317
Inc.or
Dec.
%
-8.1
-6.5
-7.5
+18.4
+5.4
+9.5
-18.4
+3.3
+0.7
-4.6
+18.2
-4.8
-0.8
+12.5
-1.2
-6.7
-3.3
-2.7
-12.3
-38.5
-2.4
+7.5
+1.8
-17.6
-3.2
+10.8
+1.9
-2.4
-26.5
1921.
$
101,621,678
86,151,527
49,574,959
12,632,032
5.698,487
6,154,719
3.838,564
5,152,976
7.096,249
2,903,242
2,188,718
2,786,763
4,342,362
3,775,698
626,011
568.363
1,525,391
1,355,607
1,152.077
880.236
588,505
454,404
824,595
1.058,663
215,567
2,373.916
321,595
1,194,225
1920.
3
129,845,123
108,405,344
41.891.351
15,032,632
7,818,575
6,154,720
3,664,093
5,901,890
7,361,910
3,073,710
2,341,958
3,142,221
4,573,374
3.151 393
.
535,227
628,798
1,551,877
1,377,605
1,126,980
823,695
572,088
404,139
732,055
904,944
1,080,579
2.532,536
367.737
274,296.930 288.679.169 -5.0 307.757,129 353,001,552
a No longer reports clearings or only RIM debits against Individual accounts, with
no comparative figures for previous years. b Report no clearings but given comparative figures of debits; we apply to last year's clearings the same ratio of decrease
(or increase) as shown by the debits. c Do not respond to requests for figures.
d Week end. Jan. 24. e Week end. Jan. 25. 1 Week end. Jan. 26. • Estimated.
Total(29 cities)
THE CHRONICLE
Frm.3 19231
487
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Jan. 22
-The Flatbush National Bank of Brooklyn, in New York,
N.Y
$200,000
Correspondent, Jerome Thra▪lls, 52 Wall St., New York, N. Y.
Jan, 24
-The Little Ferry National Bank, Little Ferry, N.J
$25,000
Correspondent, Parker A. Gross, Little Ferry, N.J.
Jan. 24
GOLD.
-The West Englewood National Bank, West Englewood,
N. J
The Bank of England gold reserve against its note issue on the 10th inst.
50,000
Correspondent, Carl A. Richter, Bogert St., West Englewood.
was /125,657.635, as compared with /125.655,985 on the previous WednesN. J.
day. Gold continues to be in good request for India and practically all
-The Columbus National Bank. Columbus,Ohio
Jan 25
500,000
offering was taken for that quarter. Tenders for the 50 lacs of rupees
Correspondent, J. Gordon Parish, 463 North High St.. Columoffered for tender yesterday by the India Council obtained 31.7%,immediate
bus, Ohio.
telegraphic transfers at Is. 4 3-16d. and bills and deferred telegraphic Jan 26
-Brotherhood cm Railway Clerks National Bank of Cincinnati,.Ohio
transfers at Is. 44d. The Imperial Bank of India has raised its discount
200.000
Correspondent, E. H. Fitzgerald, 172 Kinsey Ave., Cincinnati.
rate from 7% to 8%. The Transvaal gold output for December 1922
Ohio,
amounted to 790,712 fine ounces, as compared with 764,476 fine ounces Jan. 27
-The Livermore National Bank, Livermore, Calif
for November 1922 and 681.847 fine ounces for December 1921. The
Correspondent, Theo 0 Leydecker, care of H. B. Wagoner, 50.000
Livermore, Calif.
Director of the United States Mint makes a preliminary estimate of the
gold production of the United States of America for 1922 as 2.375,019 ounces
APPLICATIONS TO CONVERT RECEIVED.
valued at $49,096,000. This total is $971,000 less than the product of Jan. 22
-The First National Bank of Agra,Okla
$25,000
1921 and less than half of the record production in 1915 of $101,035,700.
Conversion of the Bank of Agra, Okla.
The Reichsbank has fixed the purchase price of the gold 20
-The United States National Bank of Kenosha. Wisc
-mark piece Jan. 22
100,000
at 35.000 currency marks.
Conversion of the Citizens' Bank of Kenosha. Wisc,
Jan. 26
SILVER.
-The State National Bank of Wynnewood. Okla
25.000
The Indian Bazaars have continued to buy for shipment and carried the
Conversion of the First State Bank of Wynnewood, Okla.
cash price to 324d, on the 15th inst.. the highest quotation since Nov. 23
APPLICATION TO CONVERT APPROVED.
last. The scarcity of silver for immediate delivery created a still larger
Jan, 22
-The Clayton National Bank. Clayton, Mo
premium for cash-14d. Some Indian sales have taken place, and some
Conversion of the Farmers & Commercial Savings Bank, Clay- 37.500
supplies for the Continent have been forthcoming. China has not been
ton, Mo.
CHARTER ISSUED.
active, though business has been done for that quarter either way. Owing
to lessened demand from Indian Bazaars there was a sharp fall of Md. Jan. 16
-12302
-Cordell National Bank, Cordell, Okla
Succeeds the Cordell State Bank, Cordell, Okla. President, $30,000
to-day in the cash price. It is announced from Washington under date
J. M. Armfield; Cashier, F. G. Kliewer.
at the 3d inst. that the total amount of silver purchased under the Pittman
-The First National Bank of Bellevue, Ia
Act was 150,630,076 ounces, which included a purchase of 72,000 ounces Jan. 16-12303
75,000
President, Z. G. Houck; Cashier, C. A. Murphy.
on that day. The following appeared in the "Bulletin" of the American
Jan. 17
-12304
-First National Bank of Roaring Spring, Pa
50,00
9
Mining Congress, dated 30th ult.: "Senator Nicholson introduced a resoPresident. J. P. Martin; Cashier. J. T. Wood.
lution, which was referred to the Mines and Mining Committee, for a Jan. 17
-12305
-The Eastern National Bank of York.Pa
100,000
President, Elmer D. Quickel; Cashier. W. R. Thomas
commission of nine members to investigate looking to increased use of
-12,306
silver in monetary coinage. It points out that the production of silver in Jan, 22
-First National Bank in Hayward,Calif
Succeeds Commercial Department of the Hayward Branch of $50,000
the United States is a large and important industry. The United States
State Bank of San Leandro, Calif. President, A. S. Weaver;
has favored silver as an important element of its monetary system and views
Cashier, A. A. DeMello.
with anxiety the recent tendency of many influential nations to lessen the
CHANGE OF TITLE.
use of silver as money. in some cases by ceasing its coinage for subsidiary
-4,975
-The National Bank of Manitowoc. Wisc., to "First
and fractional denominations and !not hers by diminishing the silver con- Jan, 22
National Bank in Manitowoc."
tents of coins. Such tendencies, if unchecked, will have a serious and farJan. 24
-2,865
-The First National Bank of Baker City, Ore., to The
reaching effect upon the monetary customs of the world and will directly
First National Bank of Baker."
and indirectly injure one of the world's greatest industries-mining. The Jan 24
-5.287
-The Northrup National Bank of Iola, Kan • to "First
National Bank of Iola"
subject is complex, requiring investigation of many abstruse and difficult
-10,237
-The Bowmanville National
ank, Chicago, HI , to
problems and their consideration by many nations." Expressed in less Jan 24
"The Bowmanville National Bank of Chicago"
dignified language, Mr. Nicholson invites Europe to handle the mining Jan 26
-3,752
-The Quincy National Bank, Quincy. Ill. to
chestnuts.
"The Quincy-Ricker National Bank & Trust Company"
INDIAN CURRENCY RETURNS.
Jan 27
-12,283
-The National Exchange Bank of Eccles. W Va ,
/n Lacs of Rupees-.
to "The National Exchange Bank of Beckley," W Va. (Change of
Dec. 22.
Dec. 31.
Jan. 7.
Notes in circulation name and location).
17483
17418
17374
Silver coin and bullion in India
8725
8660
8614
VOLUNTARY LIQUIDATIONS.
Silver coin and bullion out of India _ _ ____
Gold coin and bullion in India
Capital.
2432
2432
245"
Jan. 24
-8,243
-The Greenwich National Bank, Greenwich, ConnS200,000
Gold coin and bullion out of India
Effective Jan. 20, 1923. Liquidating Committee, Robert M.
Securities (Indian Government)
5742
5742
5745
Wilcox, Arthur S. Todd and Ralph E. Brush. Greenwich,
Securities (British Government)
584
584
585
No silver coinage was reported during the week ending 7th inst. The Jan,Conn. Absorbed by Putnam Trust Co. of Greenwich. Conn.
24
-8,711-The First National Bank of Fairfax, So, Dakstock in Shanghai on the 12th inst. consisted of about 23,400,000 ounces
0
Effective Jan. 22 1923. Liquidating Agent, E. E. Kvitrua, 50.00
In sYcee. 531.000.000 and 150 silver bars, as compared with about
25,000,000 ounces in wee°. $30,000,000 and 180 silver bars on the 6th inst. Jan Fairfax, So. Dale, To be succeeded by a State bank
24-11.788
-The Paden National Bank,Paden. Okla
25,000
The Shanghai exchange is quoted at 3s. id. the tael.
Effective Dec. 31 1922. Liquidating Agent, P. L. Sullivan.
Paden,Okla. Absorbed by the First National Bank of Paden,
-Bar Slicer p. oz. std.Bar Cold
QuotationsOkla.(No. 11,824). The liquidating bank has no circulation.
Cash.
Two Months.
p. oz. Fine.
Jan. 11
31 9-16d. 304d.
88s. 6d.
CONSOLIDATION.
Jan. 12
31 11-16d. 30 11-16d. 88s. 9d.
Jan. 13
314d.
Jan. 23
30 11-16d
-2,327
-The Second National Bank of Dubuque.Iowa _ 5200,000
Jan. 15
and 3,140
324d.
314d.
88s. 8d.
-The Dubuque National Bank,Dubuque,Iowa
125,000
Jan. 16
32d.
31 lid.
89s. 3d.
Consolidated under the Act of Nov. 7 1918 under the charter
Jan. 17
32d.
304d.
of the Second National Bank of.Dubuque (No. 2,327), and
89s. 5d.
Average
32.020d.
30.895d.
under the corporate title of "The Consolidated National
88s. lid.
The silver quotations to-day for cash and forward delivery are respectively
Bank of Dubuque."
500,000
13-16d. and 5-16d. above those fixed a week ago.
APPLICATION FOR PERMISSION TO ESTABLISH AN
ADDITIONAL OFFICE.
Jan. 26
-1,261
-The National Butchers' & Drovers' Bank of the City
ENGLISH FINANCIAL MARKETS
-PER CABLE.
of New York, N.
at Southeast Corner of Thirty-Seventh St. and
Seventh Avenue, New York.
The daily closing quotations for securities, &c., at London,
Y.,
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Jan. 17 1923:
as reported by cable, have been as follows the past week:
London.
Jan.27. Jan.29. Jan..30. Jan.31. Feb. 1.
Week endingSat.
Mon. Tues.
Wed. Thurs.
Silver. Per oz
d 32 3-10 314
317-16 314
314
Gold, per fine ounce
89.1
90.1
90
88.8
89.1
Consols, 214 per cents
___
564
564
58
56
British,5 per cents
1004 1004
10031
British, 44 per cents_______ --- 1004
96
96
9531
.
96
French Rentes (in Paris), fr. 53.05
55.10
58.50
57.50
58
FrenchWarLoan(InParls)Jr.. ..
75.90
72.90
74.95
75.25
Feb. 2.
Fri.
3013-16
88.5
564
1004
96
57.50
Tho price of silver in New York on the same day has been:
Silver in N. V., per oz.(eta.):
Domestic,
994
994
Foreign
66
1344
994
654
9931
6431
644
64
Auction Sales:
-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
Pries.
Price. Shares. Stocks.
12,500 Edmonds Midway Oil Co .514 lot 100 Universal Elec. Welding Co-S100 lot
10 St. Louis Coke & Chem., pref.
100 Stanley Motor Carriage Co.,
$4 Per eh.
lst pref
SI4 per sh.
10
do
common
il per eh.
100 American Chain Co.,Inc., pref.
Bonds.
$934 per sh. $13,000 Mason City & Ft. Dodge
100
do
$914 perab.I RR. 1st 4s. certif. of deposit__ 39%
50 Herzog's Majestic Cloak Cc.,
I /600 Argentine Govt. 5s, 1907
Co., Inc., lit pref
$735 per /000
$40 Per sit. I
CURRENT NOTICES.
.By Messrs. R. L. Day & Co:, Boston:
--The seventy-eighth annual report
of the
published in another column, is remarkable New York Life Insurance Co.. Shares. Stocks.
PHce.
Price. Shares. Stocks.
not only in the magnitude of 5 First National Bank, Boston
the figures with which it deals, but
____320 28 Draper Corporation
1684459
significance. The mutuality of the also in the effort made to show their 10 Androscoggin Mills
804 1 Montpelier & Barre L.& P., pref- 404
organization, the number of its mem- 4 Saco Lowell Shops, 2c1
bers, the plan upon which it operates, the
pref
514 50 Textile Building Trust, pref_-_ 92
amount a its contingent obligations, its character of its contracts, the 300 rights U. S. Worsted Co.. corn_ .06c. 68 Boston Co-Operative Bldg. Co..
resources in reserve-ail these 10 West Point MR.Co
are marshalled like an army on the march
II
1254
525 Dar
to preserve those inalienable 5 Androscoggin Mills
rights which may be lost by "unsound living"
162
100 rights Quincy Mkt. Cold Star
or'
The New York Life has assets close to a billion pure cussedness." The 4,237 rights U.S. Worsted Co., 1st
5 746
age & Warehouse Co
-in exact figures,
dollars
pre
$988,552,210.
104
354-4-5 25 Library Bureau, pref. A
1,713 rights U.S. Worsted Co., 2d
5 Massachusetts Ltg.Cos..6% pref. 8211
pref
1
5 Cent. Maas. L.& P. Co., Pref._ 85
121,045 rights U. S. Worsted Co.,
84
5 W. M.Lowney Co.(new)
com__.044,.04,.05..06..07..08.
- 20 Merrimac Chemical Co.. par S50
944-944-stsi
.0331.
4 Wamsutta Mills SS. h. 4,4,.03 20 Boston Woven Hose & Rubber
••••••••
524
2-3 Sagamore
1014
Co., pref
994
National Banks.
-The following information regarding 3 Salmon FallsMfg. Co corn
Mfg. Co.,
904 2 Plymouth Cordage Co
9811
national banks is from the office of the Comptroller of the 2 Androscoggin Mills
1164
1 Lawrence Gas Co., ex-div
162
10 Amoskeag Mfg. Co., pref., ex-d_ 814 745 rights U.S. Worsted.com.044-.034
'Currency, Treasury Department:
30 do Common,ex-div
10631
9431 100 Boston Wharf Co
A Cornell Mills
APPLICATIONS TO ORGANIZE APPROVED
10 Jones MeD. le Stratton Corp.,
85
Calfifol• 10 Androscoggin Mills
1624
Class A
63
Jan. 24
-The First National Bank of North Girard, Pa
$25,000 25 rights U.S.Worsted Co.,1st pref_ 5 25 American Mfg. Co., pref
so
Correspondent, George Hawked. North Girard, Pa.
46 rights U.S.Worsted Co.,1st pref. 54 20 rights u.S.Worsted Co.. ist pfd- 574
-Merchants Midway National Bank of St. Paul. Minn_
Jan. 25
200,000 4 Border City Mfg. Co
64
100 do
4344315
Correspondent, George H. Prince, Merchants' National Bank,
34 Wamsutts Mills
15331
St. Paul, Minn.
34 Potomska Mills
Bonds.
70
Jan 26
-The Brotherhood National Bank of Spokane, Wash
200,000 I Newmarket Mfg. Co
Brown Bros.& Co.receipt for 9.000
130
Correspondent, N. J. Bostwick.602 Hyde 131d., Spokane,
.
25 Hill Mfg. Co
rubles Russian Govt. 545, 1915
15034
Wash.
10 Lyman Mills,ex-div
1834
51 per 1.000
gatronerctai antinitscellancons
•
By Messrs. Wise, Hobbs & Arnold, Boston:
Price.
Shares. Stocks.
159
20 Continental Mills
88
14 Union Cotton Mfg. Co
55
14 Border City Mfg. Co
99
Nashua Mfg. Co., pref
50
8134
14 Whitman Mills
55
34 Border City Mfg. Co
54-5334
234 Wamsutta Mills
9 Norwich & Worcester RR.,pref__ 9834
27 W.L. Douglas Shoe Co.,prof__ 9634
16834
1 Draper Corporation
9634
1 W. L. Douglas Shoe Co., pref..
100
George H. Keith Co.. Pref
10
1 Western Real Estate Trustees-- _110
Prize.
4
Shares, Stocks. '
1 Chelsea Real Estate Associates. 200
72
40 American Glue Co., corn
70)4
1 Fisk Rubber Co., 1st pref
10134
1 Hood Rubber Co.. pref
4 United Elec. Rya., Providence- 6814
10 Copley Square Trust,common_ 28
102
15 Hood Rubber Co., pref
106 Exeter Ry.& Ltg. Co., coin_ _ 35
35 Exeter Ry.& Ltg. Co., pref.- _ 90
750 U. S. Worsted Co., corn.. rts_414c.
5,000 Rlordan Pulp & Paper Co.(is,
38
1929, certificate of deposit
By Messrs. Barnes & Lofland, Philadelphia:
Price.
Shares. Stocks .
$120 lot
100 Garrard Brown & Co
237
7 Union National Bank
3 Hare & Chase. Inc., pref. "B".$270 lot
600 I astern Cananea Dev., par $1_91 lot
5 rights Central National Bank_ _ _ _425
5 rights Central National Bank__ _424
14 rights Central National Bank__ _423
708
1 Franklin National Bank
315
7 Bank of North America
313
8 Bank of North America
6 rights Central National Bank..__ _422
423
do
14
418
do
g
418
. do
3.4
600
(old stock)
do
2
154
2 Broad Street Bank
520
4 Provident Trust
62
10 Metropolitan Trust, par $50_
39014
56 Commercial Trust
74
10 Republic Trust, par $50
862
6 Girard Trust Co
523
2 Fidelity Trust
105
15 Franklin Securities Corp
61
5 Gienside Trust Co, par $50
6014
do
5
6014
5
do
do
6034
5
60
do
10
7 Burlington County Nat. Bank__. 77
10 Amer.Theatre Realty, par $10_ 7
10 John B.Stetson Co.,com,.no par.10114
25
45 Union Transfer
24
45 Union Transfer
121
7 Union Passenger Ry
3534
50 West Jersey & Seashore,oom
9 Amer. Tank Car Corp., let pref _ _100
32934
3 Fire Assn. of Phila., par $50
32914
8 Fire Assn. of Phila.. par $50
Prece.
Shares. Stocks.
81
16 North Pennsylvania RR
40
41 Delaware RR
3 East Penn Elec. Co., 2d pref_...- 5334
1234
13 East Penn Elec. Co., com
110
7 U. S. Envelope Co., pref
2 Halnesport Mining & Tramp.--890
82
26 Horn & Hardart Co
20 Phila. Ritz-Carlton Hotel., pref_92 lot
1114
8 Philadelphia Bourse
65
4 Boone County Coal
63
1 Standard Tank Car
Bonds.
$3,000 Trenton St. Ry. 55, 1938_.. 4514
10,000 francs French Republic 45,
$370 lot
1919
10,000 francs Chemins de Fer Du
3500 lot
Midi, 6s, 1920
10,000 marks city of Karlsruhe of
Free State of Baden, Germany,
$5 lot
4s, 1920
$2,000 Western N. Y. & Pennsylvania Ry.45,gen. mtge., due 1943 78
$2,000 Girard Point Storage 3145,
83
1940
$4,000 Midland Valley RR.55, 1943 85
$1,500 Electric & Peoples Traction
6634
Co. 4s. 1945
10014
$3,000 City of Phila. 4s, 1941
$1,000 Pottsville & Reading Ry.6s,
9514
1927
9834
$1,000U. S. Glass Is, 1923
$2,000 Schuylkill Electric Ry. 68,
92
1925
91,000 Lynchburg Gas 55, 1930_ --- 9134
$1,000 Chester County Gas Is, 1925 9534
92,000 Muncie Elec. Lignt 5s, 1932_ 9534
$4,000 New Jersey & Hudson River
63
Ry.dr Ferry 4s.1950
DIVIDENDS.
Dividends are grouped in two separate tables In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Feb. 15 Holders of rec. Feb. 10a
2
Buffalo Rochester & Pittsburgh, corn_ _ _
Feb. 15 Holders of rec. Feb. 10a
3
Preferred
Cleveland & Pittsburgh, guar. (guar.)._ 87% Mar. 1 Holders of rec. Feb. 10a
500. Mar. 1 Holders of rec. Feb. 10a
Special guaranteed (guar.)
Mar. 1 Holders of rec. Feb. 15
1
Cripple Creek Central. preferred
' Mar.20 *Holders of rec. Feb. 26
234
Delaware & Hudson Co. (guar.)
Feb. 10 Holders of rec. Feb. 9
5
Green Bay & Western
Public Utilities.
Connecticut Ry.& Ltd., corn. & pref. _
Easton Gas Works, preferred (guar.).-Fairmount Park & Haddlngton
Georgia Ry.& Power, ann.(No.
•
First preferred (guar.)
Second preferred (guar.)(No. 1)
Southern Calif. Edison, com.(guar.)._
United Power & Transportation
*$1.12is Feb. 15 *Holders of rec. Jan . 31
134 Feb. 1 Holders of rec. Jan. 200
*$1.50 Feb. 5 *Jan. 26 to Feb. 5
Mar. 1
*2
Apr. 20
Mar. 1
*1
Feb. 15 Holders of rec. Jan. 31
2
*81.94 Jan. 31 *Holders of rec. Jan. 16
Miscellaneous.
Acme Wire Co., preferred
Feb. 1 Holders of rec. Jan. 25
2
American Pneumatic Service, let pref._ *S1.75 Mar. 31 *Holders of rec. Mar. 10
Second preferred
*50c. June 30 *Holders of rec. Juno 9
American Tobacco,corn.& corn. B(qu.)_
Mar. 1 Holders of rec. Feb. 10
3
v33.4 Mar. 1 *Holders of rec. Feb. 16
American Window Glass Co., pref
Boston Dock
Feb. 1 Holders of rec. Jan. 24a
5
4.3% Feb. 15 *Holders of rec. Feb. 3
Butler Brothers (guar.)
Butler Mills (guar.)
Feb. 15 Holders of rec. Feb. 5
2
50c. Mar. 1 Holders of rec. Feb. 15a
Butte Copper & Zinc
California Petroleum, pref. (guar.)
*114 Apr. 1
114 Mar. 1 Holders of rec. Feb. 15
Campbell Soup, preferred (guar.)
Apr. 2 *Holders of rec. Mar. 15
Can. Connecticut Cotton Mills, pf.(qu.) *2
Feb. 10 *Holders of rec. Jan. 26
Preferred (guar.)(Jan. 1923 dividend) *2
Century Ribbon Mills, Inc., pref.(au.). 134 Mar. 1 Holders of roe. Feb. 15a
100. Feb. 1 Jan. 11 to Jan. 19
Chief Consolidated Mining (guar.)
Feb. 26 Holders of rec. Feb. 10a
Colorado Fuel & Iron, prefet red (quar.). 2
•43t.i Feb. 20 *Holders of rec. Feb. 10
Consumers Co., preferred
Feb. 10 Holders of rec. Jan. 31
94
Continental Mills
Conting Paper & Bag Mills, corn. (qu.). 114 Feb. 15 Holders of rec. Feb. 8
1% Feb. 15 Holders of rec. Feb. 8
Preferred (guar.)
Mar. 15 *Holders of rec. Feb. 28
*2
Diamond Match (guar.)
Feb. 15 Feb. 6 to Feb. 15
$1
Dow Chemical, common (guar.)
134 Feb. 15 Feb. 6 to Feb. 15
Preferred (guar.)
134 Feb. 1 Jan. 27 to Jan. 31
Emerson Shoe, preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 25a
Esmond Mills,common (guar.)
134 Feb. 1 Holders of rec. Jan. 25a
Preferred (guar.)
Feb. 10 Holders of rec. Feb. 1
$1
Foulds Milling Co.. com.(guar.)
Harbison-Walker Refrac., corn. (guar.). 114 Mar. 1 Holders of rec. Feb. 20
134 Apr. 20 Holders of reo .Apr. 10
Preferred (guar.)
Feb. 15 Holders of rec. Feb. 5
$2
Hoes= Cotton Mills, pref. (guar.)
255. Mar. 1 Holders of rec. Feb. 10
Inland Steel (guar.)
114 Mar. 1 Holders of rec. Feb. 10
Internat. Harvester. Pref. (guar.)
Apr. 2 *Holders of rec. Mar. 12
Kresge (S. S.) Co., common (guar.)._ _ _ *2
13313 Mar. 1 *Holders of rec. Feb. 15
4
Common (payable in common stock)_ _
.
0134 Apr. 2 *Holders of rec. Mar. 12
Preferred (guar.)
Libbey-Owens Sheet Glass, corn. (guar.) *50c. Mar. 1 Holders of rec. Feb. 19
• x Mar. 1 *Holders of rec. Feb. 19
Preferred (guar.)
Mar. I Holders of rec. Feb. 15
Llgg.St Myers Pub..com.& corn. B(qu.) 3
Mar. 1 Holders of rec. Feb. 15a
Lima Locomotive Works,corn.(quar.)_ _ $1
134 Mar. 1 Holders ot rec. Feb. 15a
Preferred (guar.)
1% Feb. 6 Holders of rec. Jan. 30a
Manomet Mills, common (guar.)
Feb. 5 Holders of rec. Feb. la
2
Marine 011 (guar.)
Feb. 10 Holders of rec. Jan. 29
Massachusetts Cotton Mills (quar.)--- 3
$1.25 Mar. 1 Holders of rec. Feb. 15
Middle West Utilities, pref. (quar.)Feb. 6 Holders of rec. Jan. 300
2
Nashawena Mills(guar.)
Nat. Automatic Fire Alarm of Ohio (qU.) 1% Feb. 1 Holders of rec. Jan. 300
Feb. 1 Holders of rec. Jan. 20a
2
National Carbon, preferred (guar.)
National Cloak & Suit, preferred (guar.) 134, Mar. 1 Holders of rec. Feb. 23a
75c. Feb. 15 Holders of rec. Feb. 5
National Supply of Del.(quar.)(No. 1).._
1% Feb. 1 Jan. 21 to Jan. 31
National Tea, preferred (guar.)
255. Feb. 19 Holders of rec. Feb. 20
New Cornelia Copper
*1% Feb. 6 *Holders of rec. Jan. 30a
(guar.)
Nonquitt Spinning
*75c. Mar.31 *Holders of rec. Feb. 24
Ohio 011 (guar.)
[VOL 116.
T117 CHRONICLE
488
Name of Company.
Miscellaneous (Concluded).
Owens Bottle, common (guar.)
Common (extra)
Preferred (guar.)
Pepperell Manutacturing (guar.)
Pittsburgh Steel, preferred (guar.)
Pure Oil, common (guar.)
Quiagett Mills (guar.)
Sherwin-Williams Co., corn. (quar.)__
Preferred (guar.)
Sherwood Petroleum, com.(annual)__ _ _
Preferred (annual)
Smith (A. 0.) Corp., pref. (guar.)
Southern Pipe Line
Standard 011 of New York (guar.)
Standard Sanitary Mfg.. corn. (quar.)_ _
Common (extra)
Preferred (guar.)
Stewart Manufacturing, com. (guar.)* Preferred (guar.)
Studebaker Corp., common tquar.)__ _ _
Preferred (guar.)
Timken-Detroit Axle, preferred (quar.)_
United Dyewood, preferred (quar.)__ _ _
Preferred (guar.)
Preferred (guar.)
Preferred (guar.)
U. S. Lumber (stock dividend)
U. S. Steel Corporation,com.(quar.)_ _ _
Preferred (guar.)
White (J. G.) Co., Inc., pref.(quar.)
White (J. G.) Eng., pref.(guar.)
White (1.0.) Mgt.Corp., Pref.(guar.).
Wright Aeronautical Corp.(guar.)
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
*50c Air. 1 *Holders of roc. Mar. 16
*25c Apr. 1 *Holders of rec. Mar. 16
*114 Apr. 1 *Holders of rec. Mar. 16
4
Feb. 43 Holders of rec. Jan. 24
134 Mar. 1 Holders of rec. Feb. 15
500. Mar. 1 Holders of rec. Feb. 15
Feb. 15 Holders of rec. Feb. 5
$2
*2
Feb. 15 *Holders of rec. Feb. 1
Mar. 1 *Holders of rec. Feb. 15
Holders of rec. Jan. 19
6
Holders of rec. Jan. 19
8
134 Feb. 15 Holders of rec. Feb. 1
$4
Mar. 1 Holders of rec. Feb. 15
*35c. Mar. 15 *Holders of rec. Feb. 23
2
Feb. .15 Holders of rec. Feb. 7
3
Feb. 15 Holders of yea. Feb. 7
134 Feb. 15 Holders of rec. Feb. 7
$1.50 Feb. 15 Holders of rec. Jan. She
$2
Feb. 1 Holders of rec. Jan. 255
214 Mar. 1 *Holders of rec. Feb. 10
1% Mar. 1 Holders of rec. Feb .10
•134 Mar. 1 Holders of rec. Feb. 19
'134 Apr. 2 *Holders of rec. Mar. 15
4.1,‘ July 2 *Holders of rec. June 15
•13i Oct. 1 *Holders of rec. Sept. 15
Jan2'24 *Holders of rec. Dec. 15
*e100 Mar. 1 *Holders of rec. Feb. 1
134 Mar. 30 Feb. 28 to Mar. 1
131 Feb. 27 Feb. 4 to Feb. 8
134 Mar. 1 Holders of rec. Feb. 15
134 Mar. 1 Holders of rec. Feb. 5
134 Mar. 1 Holders of rec. Feb. 25
250. Feb. 28 Holders of rec. Feb. 14
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).
314
Alabama Great Souther, pref
Atch. Topeka & Santa Fe. com.(quar.)- 134
2 •
Hait puny,: St . MM preferred
50c.
Bellefonte Central
2
Central RR. of N. J. (guar.)
234
Chic. St. P. Minn.& Omaha,common._
334
Preferred
3
Cuba RR., preferred
114
Illinois Central, corn. (guar.)
3
Preferred
314
Louisville & Nashville
lm,
Norfolk & Western, corn. (guar.)
$1
Ad]. pref.(guar.)
434
Syracuse
Oswego &
755.
Pennsylvania RR.(quar.)
314
Peoria & Bureau Valley
Pittsburgh & West Virginia, pref.(guar.) 134
$1
Reading Company. com.(quar.)
500.
First preferred (guar.)
ft(eh Fr'l. 4, Potomac,corn.& guar.stk 1100
$ 1 3734
Sharon KY
$ 1.3734
Semi-annual
4
Toledo St. L.& West.,com.& pref
Feb. 16
Mar. 1
Mar. 1
Feb. 15
Feb. 15
Feb. 20
Feb. 20
Feb. 15
Mar. 1
Mar. 1
Feb. 10
Mar. 19
Feb. 19
Feb. 20
Feb. 28
Feb. 10
Feb. 28
Feb. 8
Mar. 8
Books Closed.
Days Inclusive.
Holders of roc. Jan. 19
Holders 01 rec. Jan. 28a
Holders of rec. Jan. I3a
Feb. 1 to Feb. 15
Holders of rec. Feb. 7a
Holders of rec. Feb. la
Holders of rec. Feb. la
Holders of rec. July 20a
Holders of rec. Feb. 2a
Holders of rec. Feb. 2a
Holders of roe. Jan. 15a
Holders of rec. Feb. 28a
Holders of rec. Jan.t 100
Holders of rec. Feb. 8
Holders of rec. Feb. la
Jan. 25 to Jan. 31
Holders of rec. Feb. In
Holders of rec. Jan. Ha
Holders of rec. Feb. 16a
*Holders of rec. Feb. 15
Mar. 1
Sept. 1
Feb. 20 Holders of rec. Jan. 300
Public Utilities.
234 Am 16 Holders of rec. Mar. 16
Amer. Telephone & Telegraph (guar.)._
214 1117 16 Holders of roe. June 20
Quarterly
134 Feb. 15 froldors of rec. Feb. Is
Amer. Water Works & Elec., 1st pt.(qu.)
Mar. 1 Holders of roc. Feb. 150
2
Brooklyn Edison Co. (guar.)
+1 p.. 1 .1o, 1.aN of rec. Jan. 31
Brazilian Tr.. 1, Ac ['ow., ordinary (cm) 1
34 Feb. 15 Holders of rec. Jan. 31a
Cedar Rapids Mfg. & Power. (quar.)
134 Feb. 15 Holders of rec. Jan. 310
Gas & Elec. (quar.)
Columbia
$1 .25 Mar. 15 Holders of rec. Feb. 86
Consolidated Gas, corn. (quar.)
I 4 Mar. I II.. IN of roe. Feb. la
Deirolt united Ry. (quar.)
.
50c. Mar. 1 Holders of rec. Feb. 156
Eastern Shore Gas & Elec., pref.(quar.)_
,
1 14 F..c. 11 ito lers of rec. Jan. 31.
pref. (nu.)
Illuminating & Power
Feb. 15 Holders of rec. Jan. 316
2
Seeur..
Ramintstlquia Power (guar.)
134 Feb. 15 Holders of rev. Jan. 31a
Montreal L., H.& P. Cons.(quar.). _
Feb. 15 Holders of rec. Jan. 31a
2
Montreal L.,H.& P.(guar.)
134 April 1 Holders of rec. Mar. 20
North Shore Gas. pref. (guar.)
134 .July 1 Holders of rec. June 20
Preferred (guar.)
134 Oct. 1 Holders of roe. Sept. 20
Preferred (quar.)
Pacific Gas & Elec. 1st pf.& orig. pf.(qu) 134 Feb. 15 Holders of rec. Jan. 31a
$1.25 Mar. 1 Holders of rec. Feb. 106
Philadelphia Co.. preferred
234 Feb. 15 Holders of rec. Feb. in
Tampa Electric Co. (guar.)
roiled Gas Improvement, pref. (qllar.), 87 4, 'Urn. I . In Ins of rec. Feb. 280
United Rye. & Elec., Halt. (quan).- 50c. Feb. 15 Holders of rec. Jan. 25a
3
July 20 Holders of rec. Des. 31
Virginia By.& Power, preferred
4 ,r,,r. 30 Ito* lers of rec. Mar. 15
We.) Penn Co.. coin.(No. 1)
134 Feb. 15 Holders of roc. Feb. 1
(guar.)
Preferred
Fire Insurance.
Westchester Fire (guar.)
Extra
May 1 *Holders of rec. April 20
*5
*134 May 1 *Floklers of rec. April 20
Miscellaneous.
Feb. 5 Holders of rec. Jan. 25
2
Acme Coal Mining
$1
Mar. 15 Holders of rec. Jan. 24
Ahmeek Mining
2
Feb. 10 Holders of rec. Jan. 31
Alaska Packers Association (guar.)
2
Feb. 10 Holders of rec. Jna. 31
Extra (insurance fund int. inc.)
Feb. 15 Holders of rec. Jan. 240
Allis-Chalmers Mfg., Inc.. corn.(quar.)_ $1
Feb. 15 liolders of rec. Feb. la
American Bank Note.common (goer )._ $1
American Can,common (guar.)(No. 1). 114 Feb. 15 Holders of rec. Jan. 3Ia
Amer. La France Fire Eng.. corn.(guar.) 2', Feb. 15 Feb. 2 to Feb. 15
*750. Mar. 1 *Holders of rec. Feb. 15
American Metal, com.(guar.)
•134 Mar. 1 *Holders of rec. Feb. 17
Preferred (quar.)
$1
Mar. 31 Holders of rec. Mar. 156
Amer. Radiator. new com. (guar.)
134 Feb. 15 Holders of rec. Feb. 16
Preferred Marl
May 1 Holden,of rec. Apr. 14
American Shipbuilding. common (guar.) 2
2
Aug. 1 Holders of roe. July 14
Common(guar.)
134 Mar. 1 Holders of rec. Feb. 6
Amer. Smelt. & Refg., pref. (guar.)... _
134 Feb. 15 Holders of rec. Jan. 31
Amer. Soda Fountain (guar.)
3
Feb. 10 Holders of rec. Jan. 31
Amparo Mining (guar.)
*1234c Feb. 15 *Holders of rec. Jan. 31
Anchor Post Iron Works
134 Mar. 1 Holders of rec. Feb. ioa
Associated Dry Goods, 1st pre: (qua,'.)
134 Mar. 1 Holders el rec. Feb. 106
Second preferred (allae.)
1.1.4 Apr. 2 Holders of rec. Mar.20
Babcock k Wilcox (guar.)
$ 1.8714 Feb. 1.5 Holders oh rec. Feb. 1
Beacon Oil. pref.(guar.)
Bethlehem Steel, com. & com. B (guar.) '134 Apr. 2 Holders of rec. Mar. 13
Seven per cent preferred (quar.)
131 Apr. 2 Holder's of roe. Mar. 13
134 July 2 Holders of rec. June 15
Seven per cent preferred (quar,)
134 Oct. 1 Holders of rec. Sept. 15
Seven Per cent preferred (guar.)
134 Jan2'24 Holders of rec. Dec. 15
Seven per cent preferred (guar.)
2
Eight per cent preferred (guar.)
Apr. 2 Iloklers of rec. Mar. 13
2
Eight per cent preferred (guar.)
July 2 Holders of rec. June 15
2
Eight per cent preferred (guar.)
Oct. 1 Holders of rec. Sept. 15
2
Eight per cent prefeired (guar.)
Jan2'24 Holders of rec. Dee. 15
4
loud & Mortgage Guarantee (quar.)
Feb. 15 Holders of roe. Feb. 80
4
Feb. 15 Holders of reo. Feb. in
Borden Co., common
134 Mar. 15 Holders of rec. Mar. la
Preferred (guar.)
Preferred (guar.)
1 14 June 15 Holders of roe. June la
3runswick-Balke-Collender, com.(au).. 134 Feb. 15 Holders of rec. Feb. 5
tu-tee" Pipe Line Pinar.)
31.75 ‘i it. 15 i.0 iems of roe. Feb. 15
3eree Bros., A stock (guar.)
$2.50 Feb. 15 Holders of rec. Feb. In
50o. Feb. 15 Holders of coo. Feb. in
B stock (guar.)
Packing Corp.(guar.)
.:alifornla
$1.50 Mar. 15 Holders of rec. Feb. 28a
Mar 15 Holders of rev. Jan. 24
.
•alumet & Hecla Mining
$7
;wopin (onion?,, preferred Milani _._. _134 Fen. to Holders of rec. Jan. 31
FEB. 3 1923.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
489
Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Jan. 27. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
Miscellaneous (Concluded).
1,1 Feb. 15 Holders of rec. Jan. 31
Canadian Converters (guar.)
Canadian 011, corn
1
Feb. 15 Holders of rec. Jan. 31
Cities Service
Common (mthly.y (pay. In cash scrip)
Mar. 1 *Holders of rec. Feb. 13
Common (pay. In coin, stock scrip)
*1 1
; Mar. 1 *Holders of rec. Feb. 15
•1,4
Pref. at pref. B (payable In rash)
star. 1 *Holders of rec. Feb. 15
Consolidated Cigar Corp., pref. (quer.). fu Mar. 1 Holders of rec. Feb. 20a
Continental Can. common (quer.)
75o Feb. 15 Holders of rec. Feb. 5
Cosden & Co., pref. ((mar.)
Mar.
1
Holders of rec. Feb. 1-Is
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Doyle Mills (guar.)
Ii4 Mar. 24 Holders of rec. Mar. 10a
(Stated in thousands of dollars-that is, three ciphers 10001 omitted.)
Delaware Division Canal
Feb. 15 Feb. 6 to Feb. 14
31
Dominion Bridge (guar.)
1
New
Feb. 1: Holders of rec. Jan. 31
Dominion Stores, Ltd., common (No. 1) 50c. April 1 Holders of rec. Mar. 1
Capital.iProfits. Loans,
Reserve
Common
Week ending
50c. Oct. 1 Holders of rec. Sept. 1
Discount, Cash
with
Net
Time Bank
Eastman Kodak. common (extra)
Jan. 27 1923. Nat'l, Dec. 29 invest81
Star. I Holders of rec. Jan. 31a
in
Legal Demand
De- CircuElsenlohr (Otto) & Bros., corn.(quar.)
134 Feb. 15 Holders of rec. Feb. is
State, Nov.15 ments, Vault. Deposi- Deposits. posits. laEndleott-Johnson Corp.. corn. (iii stocki /20
Feb. 15 Holders of rec. Jan 0255
(000 omitted.) Pr.Cos, Nov.15
&c.
tortes.
lion.
Filth Avenue Bus
16e. Feb. 15 Holders of rec. Feb. is
Firestone Tire & Rubber,7% pref.(qu.) 13; Feb. 15 Holders of rec. Feb. la Members of Fe d. Res Bank Average Average Average Average
Average Avge.
First Mortgage Guarantee Co
2ti Feb. IS Holders of rec. Feb. 1
Bank of N Y at
8
General Asphalt, pref. (guar.)
Trust Co___ _ 4,000 11,841
1L-1 Mar. 1 Holders of rec. Feb. 14a
63,419
759 6,704
48.522 5,319
General Development (guar.)
25c. Feb. 20 Holders of rec. Feb. 106 Bk of Manhat'n d10,000 12.500 121.975 2,252 13.562
100.294 17.021
_
General Cigar, Inc.. Preferred (guar.)._
Ili Mar. 1 Holders o. rec. Feb. 210 Mech& Met Na 10,000 17.182 168,494 4,269 20,426
154,872 4,870 996
Debenture preferred (guar.)
154 Apr. 2 Holders of rec. Mar. 260 Bank of America 5,500 4,551
73,111 1,660 9.534
71,329 2,819
Gillette Safety Razor (guar.)
Nat City Bank_ 40,000 51,071 510.681 6,355 61.656 *568,047 42,707 2,116
Mar. 1 Holders of rec. Jan. 31
$3
Stock dividend
Chem Nat Bank 4,500 16,244 122.218 1,200 13,814
June 1 Holders of rec. May 1
e5
102.606 8,911
344
Goodrich (B. F.) Co.. pref. (quar.)___ _
Nat Butch at Dr
1%' April 2 Holders of rec. Mar. 22
500
4.877
203
74
537
3,753
101 295
Great Lakes Dredge & Dock (quar.)__ _
Amer Each Na
Feb. 15 Feb.
2
5,000 7,890
98,130 1,239 11.638
9 to Feb. 15
85.167 7,147 4,923
Hamilton Mfg. (guar.)
Nat Bk of Corn. 25.000 37.437 318,006
1
Feb. 15 Holders of rec. Jan. 23
258.123 13,731
867 33.875
Hart,Schaffner & Marx,Inc., corn.(qu.) •1
Pacific Bank_ _ _
Feb. 28 *Holders of rec. Feb. 19
1.000 1.701
23,947 1,122 3,421
23.952 1,017
Hayes Mfg., preferred
Chat& PhenNat 10,500 9,316 152,331 4,914 18.049
*1
Feb. 15 *Holders of rec. Feb. 1
124.405 23,381 5,868
Hudson Motor Car (guar.)
Hanover Nat Bk .5.000 20,848 124,216
50c. April 2 Holders of rec. Mar. 22a
388 15,090
112,439
100
Extra
25c. April 2 Holders of rec. Mar. 22a Corn Exchange_ e9,075 el1,920 172.727 6, 3 21 019
.
153,988 22.814
0 6 3 774
6 5 .
_
Humphreys Oil (quar.)
*3
Star. 11 *Hosier. of roe Feb 28
Imp at Trod Nat 1,500 8.636
36,425
28.490
767
51
Hupp Motor Car, corn. (In corn stock).. 110 Subject to stockholders' meeting
National Park.. 10.000 23,882 166,940
868 18,049
137,810 4,676 6,295
318
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 20a East River Nat_ 1,000
14,267
800
1,629
12.082 2.242
50
Indiana Pipe Line (guar.)
First National_ _ 10.000 51,584 345,912
$2 Feb. 15 Holders of rec. Jan. 15
464 21,845
161,668 28,027 7,251
International Shoe.common
*750. April 1
Irving National 12,500 10,989 195,235 3,754 26. 64
86
3 3 196,138 7,32
138
Intertype Corporation, corn. (guar.).Feb. 15 Holders of rec. Feb. la Continental Bk. 1,000
7,893
31
920
6,033
365
Iron Products Corp.. ref. (guar.)
2
Feb. 15 Holders of rec. Feb. la Chase National. 20,000 22.057 357,942 4,131 44,588
334,946 27,168 1:6;i
Isle Royale Copper 60. (guar.)
50e. Mar. 15 Holders of rec. Jan. 25s Fifth Avenue__
500 2.430
22,004
45
774 3,24
0
23,224
Kelly-Springfield Tire. 8% pref. (qu.)_
Feb. 15 Holders of rec. Feb. is Commonwealth.
9.299
400
2
975
1.160
8,816
-219
Lancaster Mills, pref. (guar.)
Garfield Nat... 1,000 1,645
13; Feb. 1 Holders of rec. Jan. 25
15,337
474 3.166
15,716
25 56;
ltre Robber A Tire Blear.)
50e. Mar. I irol ler.. of roe. Feb. 150 Fifth National_ 1,200 1,125
18,406
276 0.946
2.2 9
0
16.904
727
247
Lehigh Coal at Navigation (guar.)
Feb. 28 Holders of rec. Jan. 31a Seaboard Nat.. 4,000 7,079
2
77,983 1,135
75.212 1,634
66
Lit Brothers Corp
50c. Feb. 20 Jan. 30 to Feb. 19
Coal at Iron Nat 1,500 1,364
15,172
676 1.650
12.453
875 422
Loew's Boston Theatres, corn.(CM.)
Feb. 1
Feb. 15 Holders of rec.
Bankers Trust_ 20.000 25.039 266,568 1,046 30.532 *240.564 16.793
1
Lyman Mills
Feb. 1 Holders of rec. Jan. 23
U S Mtge at Tr_ 3.000 4,419
6
52,866
860 5,954
45,754 4,660
Madison Safe Deposit
Feb. 15 Holders of rec. Feb. 1
Guaranty Trust 25.000 17,654 401,514 1,378 46,112 *419,454 29,044
3
Extra
Feb. 15 Holders of rec. Feb. 1
Fidel-InterTrust 1.500 1,868
1
20,369
338 2,525
18,980
700
Martin- l's rry('or 'tors tIon Cellar.
50c Mar. I Holders of ree Fsta 15a Columbia Trust 5.000 8,003
77,585
778 9,949
)
74.851 5,725
Mason Tire & Rubber, pref. (guar.)
AB Jan. 25 Holders of rec. Dec. 310 NY Trust Co__ 10,000 17,696 138,428
412 16,072
120.532 8,252
May Department Stores, corn. (quar.)_
39.200
134 Mar. 1 Holders of rim. Feb. 151 Metropolitan Tr 2.000 3,804
512 4,396
33,808 3.615
Mercant iii' Stores. Inc
2;6 FA.
Holders of rec. Feb. 1
Farm Loan at Tr 5,000 15,065 129,267
519 13,319 '.
95 8971 24,23
Miami Copper (awn.)
50c. Feb. 15 Holders of rec. Feb. la Columbia Bank 2.000 2,145, 29.650
687 3,747
28.9591 2,142
Moons Canal & 11kg., consolidated stk. 2
Feb. 6 Jan. 16 to Feb. 5
Equitable Trust 12,000 15,7541 187,178 1.439 21,923 •19O,I38J 13.090
Preferred
5
Feb. 6 Jan. 16 to Feb. 5
National Biscuit, common (quard
75c. Apr. 14 Holders of rec. Mar. 3Ia Total of average:1280,175 447,649,4,579,572 53.09622.344 3,883.696 332.055130,507
Preferred ('mar.)
1•4 Feb. 24 Holders of rate.. Fob. 140
National Enameling & Stpg., oom.(au.)- Ili Feb. 28 Holders of rec. Feb. So Totals, actual condition Jan. 2714.567,969 52.693527,44:
319,94730,438
National Lead. pref. (attar.)
13; Mar. 15 Holders of rec. Feb. 230 Totals, actual condition Jan. 204.593,362 53.160 527.931 3.839,240 389.77130,624
New Jersey Zinc (guar.)
2
Feb. 10 Holders of rec. Jan. 31
Totals, actual condition Jan. 134,596.824 59,012 532,10 3,979,209 346,11930,524
Newmarket Mtg.(guar.)
Feb. 15 Holders of rec. Feb. la
2
State Banks Not Me mbers of Feder al Res.Bank
New River Co.. pref.(acct. accum. dim) *4l34 Feb. 27 *Holders of rec. Feb. 7
Greenwich Bank 1,000 2,119
18.855 1,663 1,83
19,407
52
Ontario Steel Products, pref. (ouar.). 13; Feb. 15 Holders of rec. Jan. 31
13owery Bank__
250
877
5,792
347
383
2.803 2,172
Pan Amer. Pet & Transit.. corn. A at B. e20 Feb. 8 Holders of rec. Dec. 290 State Bank_ ___ 2,500 4,684
83,90
3,415 1,85
29,045 52.227
PattonTypewriter (guar.)
2B Mar. 1
Penmans, Ltd . roue ,orerr 1
Feb. 15 Holders of rec. Feb. 5
2
Total of averages 3,750 7,681 108,556 5,4251 4,072
51,25 54,451
Pennsylvania Coal & Coke (guar.)
Feb. 10 *Holders of rec. Feb. 3
*2
Stock dividend
Feb. 10 *Holders of rec. Feb. 3
*e40
Totals, actual condition Jan. 27 106.362 5,467 4,094
54,436
Philipsborn, Ins., prof. (ntrar.)
14i
Feb. 15 Holders of rec. Feb. .50 Totals, actual condition Jan. 20 109,873 5,37
,
3
54.447
Pressed Steel Car. Pref. (guar.)
1.3i Feb. 27 Holders of rec. Feb. 6
Totals, actual condition Jan. 13 108,147 5,814 4.10
54,471
•Proeter Ganda,. COM .
15 Holders of re. Jan. 25a Trust Companies Not Members of Fed era! Re . Bk.
Feb.
5
,.
Producers & Refiners Corp.,com.(No.1) $1
Mar. 15 Holders of rec. Mar. la Title Guar at Tr f10,000 111,414
52,661 1,492 3,812
985
Preferred (quer.)
873ic. Feb. 6 Holders of rec. Jan. 23a Lawyers Tit & T 4.000 6.832 26.286
964 1,64
876
Pullman Company (attar.)
Feb. 15 Holders of rec. Jan. 31a
2
Quaker Oats, preferred (guar.)
11.6 Feb. 2, Holders of rec. Feb. la Total of averages 14,000 18,246
78.9471 2,456 5,452
52,41
1,861
Republic Iron & Steel, pref. (qplar.)-- -14 Apr. 2 Mar. 16 to Apr. 11
Reynolds Serino, pref. A & B (quar.)-- 1, April 1 Hoblery of roe. War. 1
i
, Totals, actual condition Jan. 27
79,203 2,453 5,610
52,689 1,869
Royal Dutch Co
$1.30 Feb. 15 Holders of rec. Jan. 30a Totals, actual condition Jan. 20
79,089 2,433 5,662
52.90
1,860
St. Joseph Lead (guar.)
250. Mar .20 Mar. 10 to Mar. 20
Totals, actual condition Jan. 13
78,306 2,649 5,20
51,96
1,914
Extra
25o. Mar. 20 Mar 10 to Mar. 20
Salt Creek Consolidated 011 (guru%)
April 1 Holders of rec. Mar. 15a Gr'd aggr.. avge 297.925473,5774,767,075 60,077531,870
250.
13.987.369388.3673
Scotten-Dillon Co. (quer.)
Feb. 20 *Holders of rec. Feb. 14
*3
Comparison with prey. week.. -35.141 -2,269-7,94 -21,520-33,740 0,507
-54
Extra
Feb. 20 *Holders of rec. Feb. 14
*3
Seaboard 011 & Gas (monthly)
2140. Mar. 1 Holders of rec. Feb. 15a Gr'd aggr., eel cond'n Jan. 27 4,755,534
Monthly
23,c. Apr. 1 Holders of rec. Mar. 15a Comparison wit h prey. week__ -26,790 60,613537,152 0,978,698376,252 30,438
-358 -321 +34,232-69,826 -186
Shell Union oil. e-of (quar.)
1,t, of rec. Jan. 3',,,
si
Sinclair Consol, Oil Corp.,corn. (iluar.)50c. Feb. 15 Holders of rec. Jan. 200 Gr'd aggr., au'i cond'n Jan. 204.782,324 60,971537,473
ll3,944,466 446,07830,624
Preferred (attar.)
Feb. 28 Holders of roc. Feb. 150 Gr'd ago., art'I .ond'n Jan. 13 a.753.277 67,475
2
541.42.1 1,0,2,945 .02.204 30,524
Southern States Oil (monthly)
Feb. 20 *Holders of rec. Feb. 1
•1
Gr'd aggr.. aci'l •ond'n Jan. 61.820.300
Spalding (A.(4.), lot preferred (quar.)
13; Mar. 1 Hot lers of rec. Feb. 105 Gr'd aggr., eat •ond'n Dec. 30 1.852,162 68.294459.420 4.004,973 105,268 30.447
67,078 556.760
30,437
Second oreferred Omar 1
Mar. 1 Holders of rec. Feb. 10
2
Gr'd acer., nal •Ond'n Dec. 23 1 711.710 75.784 517 90 4.042,719 115,835 11.975
, a q4 Aoct it a 15
,
Standard Clay Products(Canada)(No.1) •2
Feb. 15 *Holders of rec. Jan. 31
Standard Milling, corn. (guar.)
13; Feb. 28 Holders of rec. Feb. 17a
Note -U. S. deposits deducted from net demand deposits
tots'
Preferred (quer.)
13, Feb. 28 Holders of rec. Feb. 17a above were as follows: Average total Jan. 27, 367,697,000: In the general
otaLs Jan. 27.
Standard 011 (Calif.) (altar.)
50c. Mar. 15 Holders of rec. Feb. 20a 855,574,000; Jan. 20, 882,376,000; Jan. 13, 863,576,000: actual 8130,371.000
Jan. 6,
Standard Oil (Ohio). prof.
Dec. 30. $181,890,000. Bills payable, rediscounts, acceptances
134 Mar. 1 Holders of rec. Jan. 26
(guar.)
and other liabilities.
Stern Brothers, pref. (guar.)
Mar. 1 Holders of rec. Feb. 15a average for the week Jan. 27, 8524,335,000: Jan.
2
13,
20.
Preferred (near.)
June 1 Holders of ree. May 15, 586.000; Jan. 6,8481.210.000: Dec. 30, 8459,150,000. 8481,518,000: Jan. 27, $465,2
5554.Actual totals Jan.
Stewart
-Warner Speedometer (quar.)
81.50 Feb. 15 Holders of rec. Jan. 310 998.000; Jan. 20, 5516,960.000; Jan. 13, 8450,236,000: Jan.6,8449,730.000; Dec.30.
Superior Steel, 1st A: 2,1 Prof. (guar.) _ _ . 2
Feb. 13 Holders of rec. Feb. a
$493,859,000.
Swift international
00c. Feb. 15 Holders of rec. Jan. 25
• Includes deposits In foreign branches not included
Thompson (John R) Co.,com.(monthly) 25c. Mar. 1 Holders of rec.
in total footing as follows:
Feb. 23s
National City Bank, $106,422,000; Bankers Trust
Thompson-Starrett Co., pref
Co., 510,517,000: Guaranty Trust
4
Aprll 2 Holders of rec. Mar. 20
Co., 878,578,000; Farmers' Loan at Trust Co., $15,000; Equitable Trust Co., $26,Tobacco Prodtwts, elass A
1B Feb. 15 Holders of rec. .1an . 3la 698,000. Balances carried
(tputr.)
Union Tank Car, common
In
(guar.)
$1.25 Mar. 1 Holders of rec. Feb. 50 were: National City Bank, banks in foreign countries as reserve for such deposits
Preferred (quar.)
526,517.000; Bankers Trust Co., $1,104.000: Guaranty
13; Mar. 1 Holders of rec. Feb. 5a Trust Co.. 612,661,000;
United Cigar Stores of Amer., Coln.
Farmers' Loan at Trust Co., $15,000; Equitable Trust Co.,
Mar. 1 Holders of rec. Feb. 15a $3.729,000. c Deposits in
(qu.) 2
United Drug, 2nd pref. (quer 1
foreign branches
Dec. 7 1922.
134 Mar. I Holders of roe. Feb. 15
e As of Jan. 3 1923. f As of Dec..31 1922. not Included. d As of
United Engineering at Fdy.,coin.
(guar.) •3
U.S.Cast Iron Pipe & Fdy.. pref. (au.)_
13; Mar. 15 Holders of rec. Mar. 1
The reserve position of the different groups of institutions
U. S. Realty & inn at. h pear 1
Star. 15 Holders of roe. \liar. ria
U. S. Tobacco (payable In stock)
Apr. 16 Holders of rec. Mar. 194 on the basis of both the averages for the week and the actual
Van Raalte Co., pref. (quar.)
Mar. 1 Holders of rec. Feb. 150 condition at the
Vlvaudou (V.) Inc
end of the week is shown in the following two
Mar. 2 *Holders of rec. Feb. 19
Wahl
CO111111011 (monthly)
Mar. 1 Holders of rec. Feb. 210 tables:
Common (monthly)
•
Apr. 1 Holders of rec. Mar. 2'2a STATEMENT
Preferred (guar.)
OF RESERVE POSITION OF CLEARING HOUSE BANKS
Apr. 1 Holders of rec. Mar. 22a
Weber at H.111) on, or, era (guar.)
AND TRUST COMPANIES.
Mar. 1 Holders of rec. Feb. 23,1
Westfield Mfg., corn. (guar.)
Feb. 15 Holders of rec. Jan. 310
Preferred (quar.)
Feb. 15 Holders of rec. Jan. 31a
Westinghouse Air Brake, stock div..
Averages.
Subj. to stockholders' meet. Mar.2
White Mo or A o.(wear.)
'tar. 31 Homers of rare. Mar 20a
Cash
Reserve
Will& Baurner Candle. corn.(guar.)._ _
a
Feb. 15 Holders of rec. Feb. la
Reserve
Reserve
Woolworth (F. W.) Co.,common (guar.)
In
Total
Surplus
Mar. 1 Holders of rec. Feb. 10a
In Vault. Depositaries Reserve.
Required.
Worthington Pump at Mach.. Pi. A.(q1.1)
Reserve.
April 2 Holders of rec. Mar. 10a
Preferred B (guar.)
April 2 Holders of roc. Mar. 10a Members Federal
Wurlitzer(Ru(iolph) Co.Reserve banks
522,346,000 522,346,000 514,842,130 7,503,870
Eightper cent preferred (attar.)
2
Mar. 1 Holders of rec. Feb.19'23 State banks
Eightper cent preferred (guar.)
271,100
2
June 1 Holders of roe. May 22'23 Trust companies.... 5,425.000 4,072,000 9,497,000 9.225,000
2,456,000 5,452,000 7,908,000 7,862,700
Eleven per cent preferred (quar.)____
45,300
134 Apr. 1 Holders of roc. Mar. 22
Total Jan. 27.... 7,881,000 531,870,000 539.751,000 531,930,730
unofficial sources. t• The New York Stock Exchange has ruled that stock
• From
7.820,270
Total Jan. 20_ _ _
will not be quoted ex-dividend on this date and not until further
8,033,000 539,816,000 547,849.000 535.752.410
The New
Total Jan. 13..., 8,274,000 539,914,000 548,198.000 535,810.370 12,096,590
York Curb Market Association has ruled that stock will not be notice. ex-dividend
quoted
Total Jan. 6.... 8,041,000 547.447,000 555,488,000 538,924.120 12,377,630
on thosedates and not until further notice_
15.663.880
a 'Transfer books not closed for this My. if Correction. e Payable In stock.
• Not memoers of Federal Reserve Bank.
!Payable In common stock. g Payable in SenD, h On account of accumulated
a This is the reserve required on net demand deposits In the CHM of State
dividends.
and trust companies, but In the case of members of the Federal Reserve banks
Bank
Payable In dividend obligations.
includes also amount in reserve required on act time deposite which was 11.9 follows:
S Subject to approval of stockholder'.
Jan. 27,89,081,650; Jan,20, 310,971,810; Jan. 13, $10,428,630: Jan.6, $10,677,730.
[vou 116.
THE CHRONICLE
490
-In the folBoston Clearing House Weekly Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
Actual Figures.
Cash
Reserve
in Vault.
Reserve
in
Deposilaries
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
Members Federal
Reserve banks_
State banks
Trust companies
5
527,448,000 527,448,000 513,311,750 14,136,250
328,620
5.487,000 4.094.000 9,561,000 9.232,380
159,650
2,453.000 5,610,000 8,063,000 7,903,350
Total Jan. 27
Total Jan. 20
Total Jan. 13
Total Jan. 6.__
7,920,000 537.152,000 545,072,000 530,447,480 14,624,520
7,811,000 4.37,4/3,00J 545,284,000 528,147,6o0 17,130,440
8.463.000 541,425,000 549,888.000 544,794,360 5.093440
8,316.000 489.426,000 497,742.000 534,754.940 -37012940
* Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
Inand trust companies, but in the case of members of the Federal Reserve Bank ws.
cludes also amount of reserve required on net time denosits, which wan as foil
Jan.27,59,598,410; Jan.20,511,693,130; Jan. 13, 510,383,570; Jan. 6.510,454.750.
Jon.24
1923.
Changes from
previous week.
Jan.31
1923.
Jan. 17
1923.
$
$
Capital
No change r9,000,000 59,0.0,000
59,000,000
No change 83,679,000 83,079,000
Surplus and profits
83,679,000
Loans. discla & investments_ 858.807,000 Dec. 6,421,000 863,228,000 858.285,000
Individual deposits,incl. U.S.834,038,000 Dec. 2,467,000 836,505,000 649.503.000
Due to banks
120,403,000 Dec. 9,663,000 130,066,000 141,038,000
31,000 110.023,000 111,963,000
Time deposits
110,054,000 Ins.
United States deposits
10.404,000 Dec. 4,164,000 14,568,000 11.160,000
for Clearing House
306,000 25,465,000 30,942,000
,000 Inc.
Exchanges
.
Due from other banks
68.493,000 Dec. 2,768,000 71,259,000 82,281,000
Reserve in Fed. Res. Bank_ 71,972,000 Dec. 774,000 72,746,000 74,707,000
Cash In bank and F. R. Bank 9,220,0001Dee. 131,000 9,351,000 9,537,000
Reserve excess In bank and
229.000 1,847,000 2,771400
1,876,000Inc.
Federal Reserve Bank_ _
State Banks and Trust Companies Not in Clearing
-The Philadelphia Clearing House
Philadelphia Banks.
-The State Banking Department reports weekly
House.
figures
figures showing the condition of State banks and trust com- return for the week ending Jan. 27 with comparative
for the two weeks preceding, is given below. Reserve
City not in the Clearing House as follows: requirements for members of the Federal Reserve System
panies in New York
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER are 10% on demand deposits and 3% on time deposits, all
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in
(Figures Furnished by State Banking Department.)
vaults" is not a part of legal reserves. For trust companies
Differences from
not members of the Federal Reserve System the reserve
Previous meet.
Jan. 27.
$755,158,200 Dec.$4,528.300 required is 10% on demand deposits and includes "Reserve
Loans and Investments
148.800
Dee.
3,836,500
Gold
in vaults."
18,801,200 Dec. 614,400 with legal depositaries" and "Cash
Currency and bank notes
Deposits with Federal Reserve Bank of New York_ 68,121,100 Dec. 2,361.700
791,470,200 Dec. 13,486,900
Total deposits
•
Wed ending Jan. 27 1923.
Deposits, eliminating amounts due from reserve deJan. 20. Jan. 13
positaries and from other banks and trust com1923.
1923.
Tsui*
(00) omitted. Membersof
panies In N.Y.City exchanges and U.S.deposits- 747,527,900 Dec. 3,666,300 Two Ciphers
r.a.svaem Companies Total.
113,398,000 Dec. 8,887,400
Reserve on deposits
Percentage of reserve, 18.9%.
535,375.0 $5,000.0 540,375,0 $40,376,0 $40.375,0
Capital
RESERVE.
100,851.0 14,496,0 115,347,0 115.280,0 115,061,0
- Surplus and profits
-Tryst Corn panics
SPUe Banks
Loans, disels & investmls 666,900,0 43,086,0 709.986,0 714,514,0 709.787,0
$82,121,900 14.26% Exchanges for Clear. House 29,076,0
•526,636,900 16.30%
703.0 29,781,0 33,014,0 28,568.0
Cash In vault
03.89%
18,986.400
7,672.800 04.89%
29,0 91,869,0 99,140,0 101,824,0
Deposits in banks and trust cos.__
91,640.0
Due from banks
789,0 128,391.0 132,463,0 135,013,0
127,602,0
579,088,300 18.15% Bank deposits
534,309,700 20.99%
Total
524,769,0 28,239,0 553,008,0 563,519,0 588,073,0
Individual deposits
851,0 24,008,0 23,616,0 23,419,0
23,357,0
Time deposits
•Includes deposits with the Federal Reserve Bank of New York, which for the Total deposits
675,728,0 29,679,0 705,407,0 719,598,0 727,105,0
6,303,0
10,362,0 10,362,0 14,775,0
State banks and trust companies combined on Jan. 27 was $66,121,100.
U.S deposits (not incl.).4,181,0
3,300,0
3,80.3.0
3,803,0
Res've with legal deposit's
55.920,0 55,826,0 57,507,0
Reserve with F. R.Bank_ 55,920,0
1,346,0 10,980,0, 11,438,0 11,701,0
9,634,0
Cash in vault*
-The Total reserve and cash held 65,554,0 1,346,0 68,900,0 70,684,0 73,389,0
Banks and Trust Companies in New York City.
4,276,0 59,773,0 60,634,0 61,543,0
55,497,0
Reserve required
averages of the New York City Clearing House banks and Excess res.& cash In vault_ 10,057.0 2,219,0 12,276.0 11,235,0 13,257,0
combined with those for the State banks •Cash In vault not counted as reserve for Federal Reserve members.
trust companies
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
'Total Cash
in Vaults.
Loans and
Investments.
Week endedOct. 7
Oct. 14
Oct. 21
Oct. 28
Nov. 4
Nov. 11
Nov. 18
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Dec. 30
Jan, 6
Ian. 13
Ian. 20
fan. 27
Demand
Deposits.
$
5,326.359,700
5,305,281,800
5,397,918.900
5,402,995.200
5,394.373,800
5,348,725,300
5,331.639.900
5,314.886,500
5,327,903,200
5,309,488,800
4,798.475,400
5,523,709.500
5,519,496,000
5,630,574,400
5,529,481,100
5.562402.500
5.522.233.200
Reserve in
Depositories.
$
4,649,378,900
4,628,334,800
4,699,067,600
4.650,020.500
4,623,416,200
4,573.740,400
4.569,953,000
4,562,416,100
4,592,129,500
4,542,829,600
4,545,721,000
4,594,948,100
4,733,584,900
4,802,407,700
4,774,730.400
4,700,083.200
4.734.896.900
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Jan. 31 1923 in
comparison with the previous week and the corresponding
date last year:
Jan. 31 1923. Jan, 24 1923. Feb. }1922.
Resources
Gold and gold certificates
Gold settlement fund-F. R. Board
131,725.466
173,275,557
137,160,313
158.883,053
289,068,000
78,412,000
305,001,024
645,413,770
5,894,577
296,052,386
645.603,970
8,324,377
367,480,000
711,967,000
10,000,000
956,309,372
27,558,534
949,980,715 1,089,447,000
48,613,000
27,468,175
983.887,906
9,853,477
977.448,890 1,138,060,000
8,958,823
230,612,297
21,251,852
27,784,602
191,283,297
25,357,889
32.066,005
92,442.000
26,770,000
36,560,000
279,648,752
25,040,450
248,707,192
29,932,250
155,772,000
24,714,000
54,028,200
68,916.500
35,400,000
47,695,000
358,717,402
Total earning assets
10,515,340
Bank premises
5% redemp.fund agst.F.R.bank notes_
107,435.015
Uncollected items_
1,874,459
All other resources
345,555,942
10,478,504
$
$
80,018,300 624,721,000
90,361,200 623,563,900
Total gold held by bank
89,798,300 642,922,400
Agent
88.484.300 616,226,400 Gold with Federal Reserve
87.350.900 823.119,700 Gold redemption fund
91,084,000 614,915,700
Total gold reserves
89,248.900 617,659,300
87,309,000 613,970,600 Reserves other than geld
612,086,200
88,954,800
Total reserves
91,414,200 609.280,700
93,839,300 609.293,500 'Non-reserve cash
Bills discounted:
100,786,600 618,154.200
Secured by U. S. Govt. obligations._
100,243,100 632,127,800
All other
90,677,500 656.380,000
93,343,800 842.753,600 Bills bought in open market
88,646,900 837,700.300
Total bills on hand
83.614.700 622.630.300
U. S. bonds and notes
U. S. certificates of Indebtedness
One-year certificates (Pittman Act)..
All other
Banks and Trust Corn-
New York City Non-Member
panies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers (000I omitted.)
Net Loans
Nat'l
Net
Reserve Net
apitaI.1 Profits DisCLEARING
with Demand Time Bank
.me51$, Cash
NON-MEMBERS
De- CircuDeLegal
in
Nat.bks.Dec.29 Investladen.
Week ending -tatebks.Nov15 meats, Vault. Deposi posits, posits.
tOrie3.
r. cos. Dec.30 &C.
Jan. 27 1923.
Members of
Fed'i Res. Bank.
Battery Park Nat_
W.R.Grace& Co_
S
1,500
500
Average Average Average Average Average Average
5
$
$
$
S
5
$
196
459
7,747
183 1,185
1,16) 11,07.
2,142 6,831
534
23
1,335 10,419
Total Jan. 27..
2,000
2,502 21,494
1,719
9,889
7,291
196
State Banks Not Me mbers of Fed.Res've Bank
273
534
321- 5,156
200
Bank of Wash. Ms
800 1,879 19.105 2.349 1,449
Colonial Bank....
4,577
19,470
982
---
--_ -
1,722
24,047
3,444
5,645
3,44
5,645
1,472,283,601 1,468,736,507 1,527,965,000
Liabilities
28,736,900
Capital paid in
59,799,523
Surplus
Deposits
11,046,452
Government
-Reserve account.... 720,929,177
Member banks
12,181,384
All other
744,157,014
Total
551,028,595
F. It. notes in actual circulation
F. R. bank notes in eircu'n-net liability
86,443,184
Deferred availability Items
2,098,384
All other liabilities
Total liabilities
28,736.900
59,799,523
26,958,000
60,197,000
6,369,394
722,716,791
10,853,637
50,255,000
662,371,000
15,203,000
739,941,733
545,265,460
727,829,000
614,031,000
20,518,000
75,374,000
3,058,000
92,055,087
2,037,803
1.472,283,601 1,468,736,507 1.527,965,000
982
Trust Companies Not Me mbers of Fed.Res'ye Bank
138
407
348 9,14
500
Mech.Tr.,Bayonne
Total resources
124,01,340
2,213,507
263,581,000
6,967,000
1,651,000
115.237,000
2,469,000
Total Jan. 27 .._
Total Jan. 27..
1,000
500
2,208 24,261
342
9,148
206
2,883
76.1%
84.8%
12,475,285
12,006.666
CURRENT NOTICES.
407
138
54,903 3,496 3.579 837,381 13,917
Grand aggregate__ 3,500 5,059 +1,022 -251
-62+1,025
+421
Comparison with previous week..
3,747 3,5371 a37,442 12.892
Gird agar.. Jan.20 3,500 5.059 53,881 3,944 3,654 238,337 12,22
53,814
Gr'd aggr., Jan.13 3,2 i i 5,435
3,819 3.352 a37,973 12,414
Ged aggr., Jan. 6 3,21i 5,435 53,102 3,803 3,357 a37,I3 12,535
aggr., Dec. I 3,200 5.435 52,74:
Gr'd
a U. S. deposits deducted, 15644 000. and other liabilities. $2,281,000.
Bills payable, rellscounts, acceptances
Excess reserve. $212,810 decrease.
Ratio of total reserves to deposit and
76.0%
F. R. note liabilities combined
Contingent liability on bills purchased
12,666,608
for foreign correspondents
• Not shown separately prior to January 1923.
196
+1
195
196
195
198
Home Life Insurance
-A noteworthy item of the 63d annual report of the
mortality experience during
Co. of New York is that the company's actual
expected.
the year was but 52.87% of the amount
premiums during 1922 to
This report shows that the company received
and their beneficiaries
the amount of $7,369,835 and paid to policy holders
$5,400,769 and in additional
In death claims, endowments and dividends.
funds. Net interest
to this $2,206,762 is added to the insurance reserve
which sum
income from investment for the past year totaled $2,110,922,
required to maintain the reserve.
is over $700,000 in excess of the amount
to $232,163,052 and
The company has insurance In force amounting
admitted assets of $46,253,715.
FEB.3 1923.]
TH l
CHRONICLE
491
WEEKLY RETURN OF THE FEDERAL RESERVE BOARD.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Feb. 1,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal
notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Reservecomment
Board's
upon
week appears on page 460, being the first item in our department of "Current Events and Discussions." the return for the latest
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE
BANKS AT THE CLOSE OF BUSINESS JAN. 31
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R. Board
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
Total gold reserves
Reserves other than gold
Total reserves
'Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations-Other bills discounted
Bills bought in open market
1923.
Jan. 31 1923.1Jan. 24 1923. Jan. 17 1923. Jan. 10 1923. Jan. 3 1923. Dec.
27 1922. Dec. 20 1922. Dec. 13 1922. Feb. 1 1922.
3
3
$
$
292,664,000 298,207,000 296.840400 281,300.000 272.504,000 273,82.5,000
M1,403,000 556,642,000 535,229,000 543,338.000 550.128,000 509,580.000 291.081.000 304.810,000 385.044.000
582,494,000 598,851.000 509,193,000
854,067,000 854,849,000 832,019.000 824,638,000 822.630,000 783,405,000
2,174,677,000 2,181.121,000 2.195.474,000 2,188.194,000 2,165,627,000 2,198,846,000 873.575,000 901.661,000 894,237,000
2,117.688.000 2.103,069.000 1,928,419,000
47,066,000
44,167,000
49,949,000
51,873.000
61,194.000
58,188,000
54,647,000
58,493,000
88.872,000
3,075,810,000 3,080,137.000 3.077,492,600 3,062,705.000 3,019,451.000 3,040.439.000
151.333.0001 141,844,0001 136,645,000 124.509,000 113,442.000 108,398.000 3.045.910.000 3,061.223,000 2,911,528,000
110,799,000 123,665,000 149,990,000
3,227,143,000 3,221,981,000 3,214,137.000 3,187.214,000 3,162,893.000 3,148,837,000
3,156,709.000 3.184.888.000 3,061,518,000
54,452,000
79,958,000
82,178,000
92,165,000
94,442,000
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness:
One-year certificates (Pittman Act).
Other certificates
Municipal warrants
377,482,000
219,769,000
188,566,000
341,649,600
228,086,000
204.547,000
284,017,000
229,328.000
201,335,000
281.998,000
230,053,000
225.760,000
351,483,000
276,182.000
255,182.000
316,495.000
313,390.000
246.293,000
314,851,000
300,707.000
251.728,000
344,793,000
314,965.000
262.572.000
361,902,000
476,726,000
90,027,000
785,817,000
162,952,000
774.282,000
166,857,000
714,660,000
156.878.000
737.809.000
175,709,000
882,827.000
182,315,000
876.178,000
179,192.000
867.286,000
174,958,000
922.330,000
170.020.000
927,845,000
90,709,000
190.783,00
185,962.000
4,000
255,554,000
10,000
332,467.000
24,000
274,239,000
39,000
12,000,000
266.691,000
40,000
14,000.000
242,282,000
26,000
18,500,000
118,718,000
34,000
65,983,000
453,690,000
11,048,000
71,673.000
421,946.000
13.970.000
41,930,000
31,576,000
$
72,452,000
353,518.000
145,787,000
17,000
48,561,000
34,678,000
97.524,000
443,297,000
100,385,000
26,000
45,049,000
43,826,000
83,210,000
436,465,000
103,595,000
14,000
50,737.000
48,609,000
72,811,000
419,329,000
76,670,000
41,654.000
34,946,000
62,988,000
367,072.000
75,710,000
6,000
47,229,000
31,695.000
5,914,00
45,442,000
46.589,006
83,201,000
52,446,000
52,300,000
76,567,000
4,000
29,204,000
36,641,000
14,507,000
65.6 .000
49,4_5,000
500,000
26
70,654,000
66,519.000
73,985,000
462,861,000
225.000
8,000
56,344,000
54,663,000
1,720.000
26,000
78,029,000
65,992,000
51,708,000
492,041,000
26,527,000
15,000
13,089,000
87,361,000,
2,009,000
140,000
14,677,000
119,719,000
34,773,000
34,461,000
48,794,000
62.383,000
45.649,000
45,942,000
76.000
8,109.000
31.511,000
113.729,000
8,246,000
30,619,000
135,197,000
10,187,000
91,344,000
3,200,000
51,000
366,000
47,352,000
148,193,000
214,702,000
206,000
Total earning assets
1,139,552,000 1,127,105,000 1,127,122,000 1,248,009.000 1,339,420,000 1.334,101,000
1,298,552,000 1,229402,000 1.233,462,000
Bank premises
46,471,000
46,400,000
45,895.000
45,521.000
45,281,000
47.227,000
47.181,000
46,455.000
36,407,000
5% redemp. fund agst. F. R. bank notes
311,000
310,000
311,000
911,000
2,097,000
2,520,000
2,625,000
2.680,000
Uncollected items
7 853 000
. ,
530,431.000 580,148,000 653,495,000 606,541,000 770,070,000 757,500.000 759,392,000
709.289,000 498,220,000
All other resources
15.180,000
15.497,000
15,329.000
14.894,000
15,506.000
15,228,000
14,840.000
15,729,000
14,460,000
Total resources
5,013,540,000 5,071,399,000 5,138,467,000 5,193,255,000 5.429,709,000 5,305,411,000 5.279,299,000
5,188,643,000 4,851,922,080
LIABILITIES.
Capital paid In
107,703,000 107,648,000 107.484,000 107,465,000 107,450,000 107,256,000 107,261,000
107,244,000 103,200,000
Surplus
218,369,000 218.369,000 218,369.000 218,369,000 218,369,000 215,398.000
215.398.000 215.398.000 215,398,000
Deposits
-Government
46.014,000
33.042.000
9,341,000
6,193,000
6.630,000
7,809,000
6,715,000
23,136,000 114,744,0011
Member bank-reserve account
1,913,446,000 1,924.521.000 1,918.468.000 1,960,346,000 1,942,749,000 1,861.281,000 1.840,205,000
1,817.744.000 1,689,422.000
Other deposits
31.602,000
33.263,000
41,642,000
53,337,000
75,394,000
31.165.000
35.039.000
20,230,000j 36.304,000
Total deposits
1,991.062,000 1.990.826,000 1,969,451.000 2,019,876,000 2,024,773,000 1,900,255,000
F. R. notes in actual circulation
2,203,701,000 2,225.231,000 2,256,491,000 2,312,674,000 2,411.058,000 2,464,121.000 1,881,959.000 1,861.110,000 1,840,470,000
2,456,711,000 2,379.185,000 2,178.053.000
F.It. bank notes in circulation-net liab
3,105,000
3,132.000
3,117,000
2,866,000
2,947,000
10,632.000
12,499,000
16,497,0001 83 88 0
Deferred availability items
,8 . 00
479,551,0001 514,997.000 573,705.000 521,687.000 655,532,000 578,502,000
576.997.000 580,883,000 414,475,000
All other liabilities
10.049.000
11,196,000
9.850.000
10,338,000
9,580,000
29,247.000
28,474,000
28.326,000
16,438,000
Total liabilities
5,013,540,000 5,071,399,000 5,138,467,000 5,193,255,000 5,429,709,000 5,305,411,000 5,279,299,000
5,188,643,000 4,851,922,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
73.3%
70.6%
72.8%
70.6%
68.7%
69.6%
70.2%
72.1%
72.4%
Ratio of total reserves to deposit and
F. It. note liabilities combined
76.9%
70.4%
76.1%
73.6%
71.3%
72.1% 1
72.8%
75.1%
76.2%,
Distribution by Maturities
1-15 days bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness1-15 days municipal warrants
16-30 days bills bought In open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market.
31-60 days bills discounted
31-60 days U. 8. certif. of indebtedness_
31-60 days municipal warrants
61-90 days bills bought In open market_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness... _
Over 90 days municipal warrants
27,565,000
38,258,000
7,922.000
23.768.000
98,534,000
9,294,000
27.272,000
80,918.000
1.000
55,604,000 • 61,801,000
48,289,000
51,690,000
71,272,000
4,000
5,000
28,628,000
35,375,000
38,848,000
43,339,000
81,919,000
1,000
6,886.000
7,481,000
27,441,000
28,821,000
102,658,000 104,761,000
68,309,000
61.399,000
18,000
69.056.000
63,372,000
76,000
8,000
38,083,000
50,059,000
62,670,000
6,000
37,180.000
49,550,000
66,616.000
6,000
7,120,000
5,207,000
29,573,000
31,380.000
107,238,000 112,350,000
1,000
Federal Reserve Notes
Outstanding
Held by banks
2,632,727,000 2,654,125.000 2,691,511,000 2.747.705,000 2,810,254.000
429,026,000 428.894.000 435,020,000 435,031,000 399,196,000 2,835,092,000 2,818.805,000 2,775,320,000 2,559,656,000
370,971,000 362,094,000 396,135,000 381,603,080
In actual circulation
2.203,701,000 2.225,231,000 2,256,491,000 2,312,674,000
2,411,058,000 2.464,121,000 2,456,711,000 2.379,185,000 2,178,053,000
Amount chargeable to Fed. Res. Agent 3,566,210.000 3.588.873,000
3,620,438,000 3,650,303,000 3,683,657.000 3,679,280,000 3,666,113,000
In hands of Federal Reserve Agent
3.640,536,000 3,515,117,000
933,483,000 934,748,000 928,927,000 902,598,000
873,403,000 844,168,000 847,308,000 865,216.000 955,461,000
Issued to Federal Reserve banks
2,632,727,000 2,654,125,000 2,691,511,000 2.747,705,000
2,810,254,000 2,835,092,000 2,818.805,000 2.775,320,000 2,559,656,000
How Secured
By gold and gold certificates
339,809,000 339,809.000 342.462.000 352,462,000
By eligible paper
458,050,000 473,004,000 496,037,000 561,511,000 353,462,000 353,657,000 346,292,000 346,292,000 344,013.000
Gold redemption fund
644,627,000 636,246.000' 701,117,000 672,251,000 631,237,000
133.752,000 133.647,000 134.719,000
With Federal Reserve Board
1,701,116.000 1.707,665,000 1,718,293,000 122,876,000 130,431,000 133,090,000 137,454.000 131,365,000 122,166,000
1,710,856.000 1,681,734,000 1,712,099,000 1,633,942,000 1,625,412.000 1,462,340,000
Total
12,632.727,000 2,654,125,000 2,691,511,000
2,747,705,000 2,810,254,000 2,835,092.000 2,818.805,000 2.775,320.000 2,559,656,000
Eligible paper delivered to F. It. Agent. 753,115,000 746,805,000
685,399.000 713.616.000 850.750.000
838,933,000 832,130.000 887,347,000 891.640 000
.
• Not shown separately prior to January 1923.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
EACH OF THE 12 FEDERAL RESERVE
BANKS AT CLOSE OF BUSINESS JAN. 31 1923
Two ciphers (00) omitted.
rBoston New York Phila. Cleveland Richmond Atlanta
Federal Reserve Bank ofChicago St. Louis Minneap. Han. City Dallas San Fran.
Total
RESOURCES.
$
$
$
$
$
$
$
$
3pla and gold certificates
$
$
16,893,0 131,725,0 21,029,0 14.022,0 6,228,0 5,934.0
$
$
$
51,809,0 2,911,0 7.700,0 2.868,0 11.131,0 20.414,0 292,664,0
3old settlement fund-F.R.B'rd 41,884,0 173.276,0 15,573,0 98,995,0 28,633,0
18,215,0 46,220,0 17,368,0 28,695.0
36,301.0 18,318,0 39,925,0 561,403,0
gold held by banks
Total
58,777,0 305,001,0 36,602,0 111,017,0 34,861.0 24,149,0
3old with E. It. Agents
163,244,0 645,414,0 171,567,0 195,851,0 70,522.0 109,879.0 98,029,0 20,279,0 36,395,0 39,169,0 29,449,0 60,339.0 854,067,0
lold redemption fund
5,649,0
5.895,0 6.600,0 4.668,0 2,374,0 1,224,0 418,276,0 79.004,0 47,702,0 59,836,0 14,787,0 198,595,0 2.174,677,0
8.871,0 1.498,0 2,035,0 2,528,0 1,012,0 4.712,0
47,066,0
Total gold reserves
227,670,0 956,310,0 214,769,0 311,536,0 107,757,0 135,252.0
525,176,0 100,781,0 86,132,0 101,533,0 45,248,0 263,646,0 3,075,810,0
other than gold
Reserves
11,091,0
27.558,0 15,120,0 13,381,0 12,092,0 9,763,0 26,516,0
17.528,0 1.632,0 5.116,0 5.850,0 5,686,0 151,333,0
238,761,0 983,868,0 229,889,0 324,917,0 119,849,0 145.015,0
Total reserves
551,692,0
3,041,0
son-reserve cash
9,853,0 2.025,0 3,634,0 3,455,0 6,013,0 10,544,0 118,309,0 87.764,0 106,649,0 51,098,0 269,332,0 3,227,143,0
2.284,0 1.022,0 2,852,0 4,547,0 5,182,0
Bills OISCOUnted:
54,452.0
Secured by U.S.Govt.obliga'ns 23,857,0 230,612.0 41,899.0 11,529.0 15.624.0 2,458,0
19,875,0
27.485,0
Other bills discounted
21,252.0 9,908,0 8,694,0 22,239,0 18,847,0 36.791,0 9,893,0 2,102,0 2,938,0 1,850,0 14,847,0 377,482.0
5,911,0
13,671,0 14.970,0 23,194,0 219,769,0
14,851,0
27,785,0 28,768,0 36,376,0
Bills bought in open market
731,0 7,498,0 9.502,0 14.549,0 16,807,0
132.0
85,0 21,291,0 28,998,0 188,586,0
66,193,0 279.649,0 78,575,0 56,599,0 38,594,0 28,801,0
Total bills on hand
66,168,0 30.353,0 19.041,0 16,694,0 38,111,0 67.039,0
6,480.0
25,041.0 24,591,0 12,326.0 1,341,0
U.S. bonds and notes
510.0 6,851,0 18,228,0 9,411,0 26.928,0 3,629.0 27,616,0 785.817,0
162.952,0
54,028,0 4,593.0 13,998.0
U.S.certificates of indebtedness. 22,589,0
3,031,0 61,114,0 8.528,0
530,0 11,593,0 3,629,0 7.150,0 190,783,0
Municipal warrants
_ 95.262.0
358.718.0 107.759.0 82.023.0 39.935.0 32.342.0 134.112 n 57 inn n 08 Ono n
55 015 0 45.360_0
•
un.fins n 1 120 S52 (I
For,. 116.
VTR CHRONICLE
492
RESOURCES (Concluded)
Two ciphers (00) omitted.
Bank premises
5% redemption fund
F. R. bank notes
Uncollected items
An other resources
against
Boston INew
$
4,434,01
York
Phila.
$
10,515,0
Cleveland Richmond Atlanta
$
660,0
$
7,450,0
Chicago
In.
l
Louis Minneap.Ran. City
IsIsis
980,0
919,0
2,061,0 8,321,0
$
2,617,0
Dallas !Ran Fran.I
I
$
$
4,736,0 1,937,0,
I
$
1,841,0
Total
$
37
46, 11 :0
4
46,01
200,0
65,0
I
38,434.0 21.612,0 34,399,0, 530.431,0
47,631,0, 107,435,0 44,192,0 52,504,0 46,871,0 21,461.0 68,737.0 35,205,0 11.950.0
869,0 1,904,0 4,936,0, 15,180,0
548,0, 1,690,0
292,0 1,132,01
421,0
631,0
500,0
1.875,0
382,0;
132,388,0 208,955,0 126.513,0 417.495.05,013.540,0
389,511,0 1,472,264.0 385,025.0 472,059,0 213,148,0 207,184,0 774,624,0 214,374,0
Total resources
LIABILITIES.
8,123.0
Capital pald in
16,312,0
Surplus
2,476,0
Deposits: Government
Member bank-reserve met_ _ 125,148.0
846,0
Other deposits
128,470.0
Total deposits
F.R.notes in actual circulation_ _ 192,349,0
F. R. bank notes in circulation
net liability
43,928,0
Deferred availability items
329,0
All other liabilities
4,614.01 4,187.0 7,750,0 107,703,0
28,737.0 9,332,0 11,711.0 5.610,0 4,379,0 14,843,0 4,837,0 3,580.0 9,488,0 7,496.0 15,263,0 218,369,0
7.473,0
59,800,0 18,749,0 23,495,0 11,288,0 8,942.0 30.398,0 9,665.0 2,627.0 2.290,0 1,923,0 3,883,0
46,014,0
3,609,0 2,833,0 3,979,0 4,563,0
11,046,0 4,717,0 2,068.0
77,846,0 54,968,0 138,832,0 1,913.446,0
720.929,0 114,890,0 159,283,0, 61,252,0 54,433,0 283,311,0 74,002,0 48,552,0 3,876,0
471,0 7,199,0, 31,602,0
751.0 1,795,0
451,0 1,369.0
154,0
542,0 1,966,0'
12,182,0
52.974,0 84,012,0 57,362.0 149,914,0 1,991,062,0
744.157,0 120.149,01 163,317,0 65,015,0 57.717,0 288,659,0 79,316,0 55,540,0 65,677,0 32,679,0 212,544,0 2,203,701,0
551,029,0 196,191.0.224,610.0 88,985,0 115,408,0 382,693,0 85,996,0
1
7/8.0
3,105,0
I 2,123,01
264,0
41,815,0 20,145.0 56,805,0 33,872,0 11,965,0 42.624,0 22,532,0 31,074,0 479,551,0
86,443,0 40,151,0, 48,197,0
950,0
417,0 1,539,0
10,049,0
856,0
688,0
962,0
593,0
435,0
729,0
453,0
2,098,0
389,511,0 1,472,264,0 385,025,01472,059,0 213,148,0
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. It. note liabilities com77.8
83.8
72.7
76.0
74.4
bined. per cent
Contingent liability on bills pur12,667.0 2,745,0 2.814,0 1.682.0
foreign correspond'ts 2.505,0
chased for
207,184,0 774,624,0 214,374,0 132,388.0 208,955,0 126,513,0 417.495,0 5,013,540,0
83.8
1,235,0
82.2
71.6
80.91
71.21
56.7
74.3
76.9
4,084,0
1,613,0
927,0
1,647,0
892,0
1,579.0
34,390,0
OF BUSINESS JANUARY 31 1923.
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE
San Fr. Total
St Louis Minn. E. City' Dallas'
Boston. New York' Phila. Clever d Richtved Atlanta' Chicago
3
3
f
1
1
$
3
I
$
26,140 '12,600 21,360 21,529 61,725 933,483
398,690 55,200 40,490 31,080 80,769 101,200 106,269 59.313 74,113, 38,412 261,614 2,632,727
745,741 219,334 247,898 99,702 123.529 447,971
1
1 339,809
I 6.471
11,780 13.052
I 2.400
270,5311 7,000 13,275
16,632 4,724 1.650 3,476 2.316 14.667 133,752
33,883 14,678 12,576 1,727. 7.479
6,000 183,928
170,000 68,795 100,000 401,644 62,500 33.000 56,360 21,625 63,019 1,701.116
341,000 149,889
458,050
29,695 27,265 11,611 14,277
100,327 47,767 52,047 29,180 13,650
1C 1221 36,387 3.088 7,000 2,417 16,403 3,974 295,065
156,475' 23,321 4,274 '7,982
241,766 138.226 172,003 110,756 588,927 6,494,002
522,968 2,046,647517,189 540,560 238,466 342,965'L033,529
Total
1
. Liabilities
Net amount of Federal Reserve notes received from
132,409 71,913 95.473 57,941 323,339 3,566,210
293.531 1,144,4311274,534 288,388 130.782 204.2981 549.171 79,004 47.702 59.836 14,787 198,595 2,174,677
Comptroller of the Currency
70,522 109,879' 418,276
163,244 645,414'171.567 195,851
Collateral received from'Gold
30,353 18,611 16,694 38,028 66,993 753,115
86.193 256,802 71,088 56,321 37,162 28.788' 66.082
, Federal Reserve Bank tEllgIble paper
1,033.529 241,766 138.226 172,003 110.756 588.927 6,494,002
522,968 2.046,6471517,189 540,560 238,466 342,965
Total
106.269 59,313 74,113 36,412 261,614 2,632,727
210,831 745,741,219,334 247,898 99,702 123,529 447,971 20,273 3,773 8,436 3,733 49,070 429,026
Federal Reserve notes outstanding
18,482 194,7121 23,143 23,288 10,717 8,1211 65,278
Federal Reserve notes held by banks
1
55.540 65,677 32,679 212.544 2,203,701
192,349 551.029 196,191 224,610 88,985 115,408 382,693 85,996
Federal Reserve notes In actual circulation
Federal Reserve Agent at-
1 a , $ I a
1
8
(In Thousands of Dollars)
Resources82,700
Federal Reserve notes on hand
210,831 1
outstanding
Federal Reserve notes
Collateral security for Federal Reserve notes outstanding
15,300
Gold and gold certificates
19,944',
Gold redemption fund
128,000,
Gold Fund-Federal Reserve Board
47,587
Amount required
. Eligible paperf
18,606
'Excess amount held
s
RESERVE SYSTEM.
WEEKLY RETURN FOR THE MEMBER BANKS OF THE FEDERAL
giving the principal items of the resources and
Following is the weekly statement issued by the Federal Reserve Board,
a week behind those
from which weekly returns are obtained. These figures are always
liabilities of the 781 member banks,
in the statement were given in the statement of Oct. 18
for the Reserve Banks themselves. Definitions of the different items
of the Reserve Board upon the figures for the latest
1917, published in the "Chronicle" Dec. 29 1917, page 2523. The comment
Discussions" on page 460
week appear in our Department of "Current Events and
ciphers (OM omItted.
at close of business January 21 1923. Three
1. Data for all reporting member banks In each Federal Reserve District
Federal Reserve District.
Boston
New York
Phila.
Cleveland Richmond Atlanta
Chicago St. Louis Minneap. Nan. City
Dallas
30
78
52
San Fran.
Total
Number of reporting banks
Loans and discounts. gross:
Secured by U.S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
107
46
$
$
92.937
15,548
251,311 1,665,628
585,602 2,292.975
56
$
19,822
229,859
327.937
84
$
31,247
368,252
650.800
78
$
10,657
123,708
312,231
108
39
$
$
42.881
7.712
58.598 564,149
335,599 1,064,036
36
S
18,222
139,931
303,421
$
7.818
45,649
200,455
$
8,283
77,662
355,146
$
5,891
48,886
211,177
780
$
$
16,350
277,368
159,236 3,732.869
737,941 7,377,320
Total loons and discounts
U.S. pre-war bonds
U. S. Liberty Notes
U. S. Treasury Notes
U. S. Victory notes & Trees' notes_
U. S. Certificates of Indebtedness.Other bonds, stocks and securities
852.461 4,051,540
48.906
12,775
80,708 487,054
48.466
8.226
34,609 521,466
4.975 109,701
172,871 753,204
577,618 1,050,299
47,345
11,344
48,499 120.044
9.576
5,735
52,068
59,685
15.365
2,998
187,815 298,120
446,596
30,027
31,345
5,241
13,078
3.297
52,787
401,909 1,671,066
23,661
14,508
11,703 103,936
33,677
2,103
7,317 114.912
29,406
7,624
36,876 362.054
461,574
15,440
25,162
9,865
26,076
3,800
87,128
253,922
8,311
17,401
1,995
22,938
1,703
30,707
441,091
12,092
45,722
5,212
21,405
4,844
60.131
265.954
18,755
12,909
4.046
13,697
3,767
8.591
913,527 11,387.557
36,317
279,481
92,220 1,076,703
14,193
148,335
47,133
934,384
11,278
198,758
155,681 2,205,945
893.6941,692.817 582,351
39,175
72.376 114.859
31.78314,030
16.432
699.323 929.591 343,392
65,273 543,412 148,781
8,662
10,581
13.620
482,040 2,338,712
34,083 207.522
55,944
10,788
288,735 1,501,843
164,267 753,325
25,034
4,588
629,045
41,618
7,522
379.425
182,474
7,277
336.977
24,216
6,167
220,051
86,164
5.627
590,497
47,490
12,294
456,183
124,847
1,980
327,719 1,270,349 16,231,163
24,530
92.779 1.442,854
9,135
21.891
288.102
230,260 670.704 11,519,108
72.136 587,829 3.714,607
2,462
11.160
181,009
19,320
9,703
2,344
1,650
Total loans & disets & investrals 1.166,625 6,020.337
87.507 656,699
Reserve balance with F. R. Bank__ 82,941
19,175
Cash in vault
836,5274,954.074
deposits
Net demand
240,640 745,459
Time deposits
76,434
13,584
Goverment demposits
Bills payable and rediscounts with
Federal Reserve Bank:
11.963 171,320
Secured by U.S. Govt.obligations
91 16c
91 010
14,340
4478
11,495
5004
8,747
12,016
935
7.643
323 • 3,530
2.791
1,805
954
3,687
66
14.395 • 259,666
90.335
7.484
and all other reporting banks.
Reserve.Bank and branch cities
2. Data of reporting member banks In Federal
'
Cities Other Selected elks
Total.
All F. R. Bank Cities F. R. Branch
24. Jan. 17. Jan. 24. Jan. 17. Jan.24'23. Jan.17'23. Jan.25•22.
17. Jan. 24. ; Jan. 17. Jan.
Jan. 24. Jan. 17. Jan. 24. Jan.
311
311
209
780
804
207
781
261
2621
50
50
63
64
$
$
$
$
'8
s
I
Number of reporting banks
$
$
$
$
$
$
$
40,151
I
50,771
40,336
450,892
277,368
48,566
Loans and discounts. gross:
296,581
205,474
188,651
36.690
33,932
95.999
82.985
Govt. obligatione
Secured by U.S.
2,798,185 545.682 549,872 459,055 463,498 3,732,869 3,811,555 3,074,170
1,491,2111,537,891 430,786 440,502 2.728,132 4,542.196 1,532,605 1.515,0551,332,615 1,330,309 7,377,320 7,387,560 7,393,467
Secured by stocks and bonds
2 001,642 2.017,399 614.489 622,815 4,512,100
All other 1011119 and discounts
3
7,545,855 2,126,853 2,115,6981,831,821 1,834,143 11, 87,55711,495,696 0,918,529
3.575,838 3,651.2891.079.2071,100,007 7.428,883
,
105,034 104,646
Total loans and discounts
,
279,481
279,442
98,097
97.874
,
38,304
.
38,276
997.133
248.551 249,985 169,860 170,508 1,076,703 1,081,531
U. S. pre-war bonds
47.262 658,292 661,03'
48.726
417,820 418,711
31,453
24,587
29.839
24,768
U. S. Liberty bonds
149,053
148.335
93,432
93,909
25,907
26,243
37,669
37,693
308,506
81.671
80,939
U. S. Treasury bonds
940,489
934,384
715,719 138,237 143,831
714,476
66,617
66.811
490,623 492.70
no
197,613
37,565
16.288
37,487
210,543
22,487
198,758
U.S. Victory notes & Treasury
150.491
144.983
18,714
18.90
106,23: 109.783
U.S. Certificates of Indebtedness
1,199,714 585,348 583,451 418.774 420,418 2,205.945 2,203,583 2.111,963
552,583 556,302 189,758 185,387 1.201,823
Other bonds, stocks and securIties i
6822, 8,0352,657,909 16,231,163 16,360,937 4,533,744
64
8981.445.06710,340,240 10,484,346 3.242,8883,238,
.
233.1791 237,361 172,170 171,782 1.442,85 1,433,712 1,250,355
Total loans & discla & invest ts 5,219,071 5,304,7861.429,
610.497 592,369 148,931 152,402 1,037,505 1,024,569 60,383
278,480
290,124
59.811
77.9081 77.883
288,102
Reserve balance with F. R. Bank
152.430
149.811
30,924
31,202
71.573
69,579
1,907,469 1.922.133 1,665,30 1,684,435 11,519,10: .1159954110.270,792
Cash In vault
4,462.33 *4475376 1,028,820 1,043,797 7,946,330.7,992.973 1,137,274 1,134,080 799,5991 796,212 3,714,607 3,735,272 3,021,337
Net demand deposits
616.1101 385.7271 364,984 1,777,734 1,804,980
168,462
298,612
493.2381
48,988
16,222
181,00
24,726
Time deposits
224,900 31,263
133,524
24,750
16,547
70,579 122.132
Government deposits
Bills payable and rediscounts wit
186,866
108,769
46.327 27,462
259,136,
18,62
F. R. Bank:
18,035
153,272
194,711
2,615
4,380
128,8
151,54
.97,292 222,427
19,027
16,783
99.33.
20,882
Seed by U.S. Govt. obligations
21.563
*56,702
61,67
5,1
290
11,20
15,23
All other
Ratio of Ms payable k rediscoun
2.8
1.8
2.2
1.4
1.9
1.5
1.
2.0
with F. R. Bank to total I
2.5
0.2
0.'7
.
.
and investments. per cent
• Revised figures.
New York City
Three ciphers (000) omitted.
City of Chicago
FEB.3 1923.]
THE CHRONICLE
Vatzliers'
azettes
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Wall Street, Friday Night, Feb. 2 1923.
Railroad and Miscellaneous Stocks.
-Apparently cabled news from the Ruhr Valley and the movement of internation exchange have attracted more attention in Wall
Street this week than security values as disclosed by tlir
ticker tape. In other words the possibilities of the situation in Western Europe seem to be regarded here as of
vastly more importance than the day to day developments
of domestic affairs. The latter are ,indeed, almost wholly
of a favorable character, the former may result in disaster
the extent of which no one can forecast. The effect of this
complex situation has been a steadily declining volume of
business and much irregularity of prices at the Stock Ex_
change throughout the week.
Railway shares have been relatively firm and steady on
reports of December earnings and car loadings in January,
the latter exceeding all previous records for the season.
On the other hand U. S. Steel has declined on a quarterly
statement which was disappointing and some thought of
the motor stocks were weak apparently on speculative
manipulation. The Continental exchanges have, of course,
been weak while Sterling has recovered somewhat, perhaps
on the prospect that Great Britain's war, debt to the United
States will be put on a permanent and more satisfactory
basis. It is also pleasing to note that some of the French
and Belgian bonds have recovered a part of their recent
rather precipitate decline, although the German mark has
moved steadily nearer the vanishing point.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week muting Feb. 2.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
493
Highest.
Week ending
Feb. 2 1923.
Stocks.
• Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Railroad. 'State, Man.
Ac.,
and Foreign
Bonds.
Bonds.
342,600 536,180,000
759,910 68,073,000
773,425 68,947,000
739,935 66,965,000
823,516 60,180,000
836,000 79.000,000
U.S.
Bonds.
33,621,500
6,947,000
6,328.000
5,409,500
5,038,000
5,139,000
Par Value.
$649,800
2,383,850
3,624,550
1,009,600
2,591,550
2,670,000
5888,000
2,507,000
3,089,000
2,491,000
2,356,500
2,611,000
4 075,388 *379,345,000 532,483,000 513.942,503 $15,929,450
Sales at
New York Stock
Exchange.
Week ending Feb. 2.
1923.
1922.
Jan. 1 to Feb. 2.
1923.
1922.
Stocks
-No. shares...
4,075,386
3,282,321
18,444,038
21.373,343
Par value
$379,345,000 $307,532,150 $1,910,388,000 51,679,713,550
Bonds.
Government bonds_
515,929,450 533,853,750
5244,447,750
$84,205,900
State,mun.& for'nbds. 13,942,500 *8,180,000
39,123.000
56.241.000
RR.and misc. bonds
32,483,000 35,127,500
157,405.000
174,397.000
Total bonds
562,354,950 $77,161,250
5457,967,750
$297,851,900
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week ending
Feb. 2 1923.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Boston
Philadelphia
Baltimore
Shares. Bond Sales Shares. Bond Sales Shares. Bond Sales
8,817
16,654
18,822
18,854
15,197
15,338
7,900
23,200
44,950
23,200
26,300
40,000
9,165
10,451
7.251
7,375
5,669
8,292
25,500
53,400
46,200
29,800
31,400
72,800
710
1,872
549
1,767
2,818
3,025
47,900
60,100
17.400
17,600
33,000
43,000
91,482
Prey, week revised
165,550
48,203
258.800
10,741
219,000
84,968
230,600
42.225
402.200
8.724
280.200
Daily Record of U.S. Bond Prices. Jan. 27 Jan. 29 Jan. 30 Jan. 31 Feb. 1.
First Liberty Loan
(High 101.82 101.82 101.76 101.68 101.58
334% bonds of 1932-47_ _ 1 Low_ 101.78 101.70 101.56 101.42 101.44
(First 3(4s)
(Close 101.76 101.70 101.62 101.54 101.56
Total sales in $1,000 units _ _ _ . 6
344
705
402
57
Converted 4% bonds of {High
98.70
1932-47 (First 4s)._ _ _ Low_
98.70
Close
98.70
Total sales in $1,000 units
1
Converted 431% bondsIHigh 98.68 98.64 98.60 98.
824
52 9
of 1932-47 (First 434*) Low. 98.58 98.52 98.42 98.32 98.24
Close 98.58 98.56 98.42 98.34 98.34
Total sales in $1,000 units...
14
22
111
28
50
Second Converted 44%(High
bondr of 1932-47 (First1Low_
1Close
Second 434s)
Total sales in $1,000 units
Second Liberty Loan
(High 98.06
98.00
97.74
4% bonds of 1927-42._ ..1 Low_ 98.06
98.00
97.74
(Second 4s)
(Close 98.06
98.00
97.74
Total sales in $1,000 units_ _ _
2
1
2
Converted 4ii% bonds High 98.16 98.12 98.10 98.04 98.00
of 1927-42 (Second
Low_ 98.12 98.06 98.00 97.88 97.92
434ii)
Close 98.16 98.12 98.04 97.90 98.00
Total sales in 51,000 units _. _
74
326
591
953 3.877
Third Liberty Loan
High 98.92 98.86 98.86 98.76 98.68
4%% bonds of 1928_ _ _ _ Low_ 98.86 98.76 98.72 08.64 98.52
(Third 434s)
Close 98.90 98.84 98.76 98.68 98.64
Total sates in 81,000 unit
-T.__
250
553
217
343
336
Fourth Liberty Loan
righ 98.52 98.48 98.44 98.32 98.14
4%% bends of 1933-38._ Low_ 98.46 98.38 98.28 98.12 98.02
(Fourth 436s)
,Close 98.46 98.42 98.22 98.14 98.14
Total sales in 81,000 units...
253
705 1,815 1.878 1.419
Victory Liberty Loan
High 100.22 100.24 100.20 100.20 100.22
4% %
notes of 1922-23_ Low_ 100.20 100.18 100.18 100.18 100.18
(Victory 43610
Close 100.20 100.20 100.20 100.20 100.22
Total sales in $1,000 antis.. _
13
181
51
128
91
Treasury
(High 99.98 99.96 99.94 99.92 99.94
434s, 1947-52
(Low. 99.94 99.92 99.90 99.80 99.84
t Clo.:e 99.90 99.96 99.90 99.92 99.86
Pant
Feb.2.
101.68
101.44
101.54
58
98 48
.
gam
98.4i
61
98.56
98.56
98.58
11
98.18
98.18
98.18
:
98.11
97.91
98.11
57:
98.7,
98.61
98.7
,
924
98.31
98.01
98.31
551
100.21
100.21
100.2
3:
99.9,
99.0
99.0
37
Railroads
Per. Share
per share. $ per share. $ per skim.$ per share.
Ann Arbor
100
100 16
Jan 29 16
Jan 29 1434 Jan 16
Jan
Buff Roch & Pittsb_ _ 100
10 68 Jan 27 68 Jan 27 64
Jan 68
Jan
Central1tRofNJ.__1I 1,000210 Jan 29212% Jan 29 10
Jan 220
Jan
O5tPM&Opref._.1u
3001023 Jan 30 10236 Jan 30 10234
10234 Jan
C C C St Louis_ _ _1
&
200 76 Jan 29 76% Jan 29 76
Jan 7634 Jan
Colo & South 1st pre! ii
100 6834 Jan 29 5834 Jan 29 5834 Jan 5856 Jan
Duluth So Bh&A...ICI
1001 3 Jan 30 3 Jan 30 3
Jan 3
Jan
Preferred
5001 5 Jan 29 5 Jan 29 43-4 Ja
1
5
Jan
Illinois Central pref
800113 Jan 30 11434 Jan 30 113
Jan 115
Jan
Leased line stock_.1''1Q01 74 Feb 2 74 Feb 2 74
Feb 74
Feb
Int&GtNoRy(wl)lIi
60012234 Jan 31 2334 Jan 29
Jan 2334 Jan
Manhattan Elev scrip... 1,0001 434 Jan 29 434 Jan 29 22
434 Ja
456 Jan
MSIP&SSMprel..lii
300185 Feb 2 8856 Jan 30 85
Jan 8856 Jan
M K T full paid
10013634 Jan 3 3634 Jan 30 3534 Jan 3734 Jan
NatltysMealsiproilsi
2001 7 Jan 2 7
Jan 27 654 Jan
N Y Ch de St L 1st pf_100 2001 94 Feb 1 9536 Jan 29 7934 Jan 736 Jan
97
Jan
Toledo St Louis & West_
2001 64 Jan 31 65 Jan 29 62
Jan 65
Jan
Preferred
1,3001 52 Jan 3 58 Jan 29 52
J
5834 Jan
Industrial & MIscell.
All American Cables.100 400104
Feb 210434 Feb 1 102
Jan 106
Jan
American Can cash
6001 8034 Feb 1 8134 Feb 1 8054 Feb 8134 Feb
Am Metal tem et( pf_ 1
1 115 Feb 1 115 Feb 1 115
Jan 116% Jan
Am Rolling Mill pref.1 I
200 100 Jan 30 100 Jan 30 100
Jan 10034 Jan
Atl Fruit Col T Co ctf de
30
0 136 Jan 30 134 Feb 2 134 Jan 136 Jan
Bayuk Bros let pref_100 660i110 Jan 29 116 Jan 29 110
lenlom ex ti AM ...•
is
772
VIS
112 . 108
Jan
Jan
Bklyn Edison Inc rights_ 28,3281 334 Jan 2'71 454 Jan 27 2% Jai121
4% Jan
Case(J I) Thr Mach_ .• 1,300 2834 Jan 30 30 Jan 30 2836 Jan 30
.
Note.
-The above table includes only sales of coupon
Jan
Coin Solvents class A • 5C0 40 Feb 1 4234 Jan 27 40
Feb 4534 Jan bonds. Transactions in registered bonds were:
Class 13
• 100 29 Jan 31 29 Jan 31 27
JanI 30
Jan 102 1st 354s
101.30 to 101.58 18 3d 4349
Conley Tin Foil
98.44 to 98.78
• 4,500 1834 Feb 1 21
Jan 29 18
JanI 2236 Jan
5 lst 4%s
Cont Can Inc pref___100 50010634 Jan 30 107 Jan 27 06
0
,
97.98 to 98.20 90 4th 43
98.00 to 98.46
J 107% Jan
1 26 4s
Cosden & Co pref
100.00 to 100.04
23 Victory 454s
97.60
900106% Jan 2010834 Feb 2 101
Jan 108% Feb
31 2d 434s
Deere & Co prof
97.74 to 98.04 3 Treasury 436s
98.80
1 I
iool 73 Jan 29, 73 Jan 29 7234 Jan( 7336 Jan
Emerson-Brant pret_100 2
2651 Jan 30 263-4 Jan 30 26
Jan 2854 Jan Quotations for U. S. Treas Ctfs. of Indebtedness, 8tek
Fld Phoenix Fire Ins_ _ 25 400111534 Jan 30 116
Jan 29 102
Jan 116
Jan
Fisher Body Corp pf_100 30011183-f Jan 27 119 Jan 30
Int.
ins
Jan 119
116
Jan
Gen Am Tk Car7% pf 100 30010054 Feb
Maturity.
.
Maturity.
Asked.
Rate.
Rate. Bid. A stet
110134 Feb 1
Jan 10154 Jan
General Baking Co_ _ _ _• 200 79 Jan 30 80 Jan 31 100
Jan 89
Jan June 15 1924,..
73
Gimbel Bros pref
- 434% 99%
99%
aft% 101% 101% Dee. 15 1925
100 500 90 Jan 271 9934 Feb 1 90
Jan 9934 Feb Rept. 15 1924...._
100
Sept.
334% 99%
Glliiiandollpfts%)lu, 300 49 Jan 30 50 Feb
Jan 50
Feb Mar.15 1925._ 54% 10114 10151 Sept 15 1923
48
Great West Sugar p1_100 1.800105 Jan
% mop/ 10034
.15 1926... 434% 91
993(
3110534 Jan 29 105
Jan 106
Jan
Ingersoll Rand
100
5011934 Feb 1 12034 Feb 1 11934 Feb 12034 Feb Mar. 15 1926_ 44% MO% 10034 Mar. 15 1923.__ 314% 99% 100
Mar. 151923... 436 % 100
10O3International Salt
June 15 1925.._ 434% 9915i i003100
36 88 Feb 1 88
Feb 1 88
Feb 88
Feb June 15 1923..
International Shoe_ ___• 4,800 6534 Feb 2 67 Jan 31
100
Dee. 15 1927..._ 4%%
351% 99% 100
Jan
653-4 Jan 67
Lima Loco Wks pref....
991
99 5
Dee. 15 1923._ 4%
•
100
30 113 Feb 1 113 Feb 1 113
Feb 113 *Feb
Macy preferred
100 200 11534 Feb 211534 Feb 1 1123-5 Jan 11556 Feb
Magma Copper
--Sterling exchange, after early weak-,
Foreign Exchange.
• 1,900 30 Jan 27 3036 Feb 2 2934 Jan 3236 Jan
Met Edison pref
• 100 04 Feb 2 94
Feb 2 9336 Jan 9734 Jan ness, displayed an improving tendency; trading, however,
Montana Power pref_100
100111
Feb 1 111
Feb 1 108
Jan 111
Feb was quiet and rate changes comparatively narrow. In the
Nat Cloak & Suit pf.100
100 104 Feb 2 104 Feb 2 102
Jan 104
Feb
Nat Enam & Stpg pf_100 425
Feb 1
New York Ship 131dg • 100 9934 Jan 30 10034 Jan 29 9934 Feb 10034 Jan Continental exchanges extreme irregularity developed. Fluc1234
1234 Jan 30 1234 Jan 1234 Jan tuations were violent and widespread and French, German
North American B High
100 19 Jan 30 19 Jan 30 18
Jan 2034 Jan
Ohio Fuel Supply
25 375 6456 Jan 30 663.4 Jan 31 59
and Belgian currencies all established new low records.
Jan 6634
Otis Elevator pref...100
10010234 Jan 30 10234 Jan 30 10234 Jan 1043'8 Jan
To-day's (Friday's) actual rates for sterling were 4 6404 6434 for-sLaty
Jan
.
Otis Steel pref
100 300 48 Jan 31 50 Jan 29 47
Jan 50
Jan days,4 66
67 for cheques and 4 66%04 6734 for cables. Commercial
Pacific Tel & TeL --100 100 67 Jan 30
67 Jan 30 67
Jan on banks, s ht 4653404 6681. sixty days 4 633404 64, ninety days
Jan 67
Preferred
100
100 92 Jan 29
Jan 4 62%04 63 . and documents for payment (sixty days) 4 633404 6435•
Packard Motor pref_100 1,200 9634 Jan 30 92 Jan 29 9134 Jan 92
9836 Feb 1 93
Jan 9834 Feb Cotton for payment 4 853404 6681, and grain for payment 4 653404 6634
Panhandle P& R p1_100
•
100 60 Feb 2
To-day's (Friday's) actual rates for Paris bankers francs were
Jan
Feb 68
Penney (J C)Co pref 100 30010134 Jan 30 60 Feb 2 60
5 990
Philadelphia 6% prof.50 100 4236 Feb 2 10254 Jan 30 10134 Jan 10254 Jan 6.20 for long, 6.0206.23 for short. Germany bankers' marks are not yet
Jan quoted for long and short bills. Amsterdam bankers' guilders were 38.77
Phillips Jones Corp 0100 200 94 Jan 29 43 Feb 2 4234 Feb 45
0
94 Jan 29
Jan 94 • Jan 38.87 for long and 39.08039.18 for short.
Pierce Arrow rights
5,200 2 Feb 2 2 Feb 2 94
Feb
Feb 2
Exchange at Paris on London, 76.45; week's range. 73.40, high and
2
Pub Say Corp of N J pf_
600106 Jan 2710634 Jan 29 106
Jan 10734 Jan 79. 10 low.
Ry Steel Spring pref_100 10011534 Feb 1 11534 Feb 1 11534 Feb 11534 Feb
The range for foreign exchange for the week follows:
Reynolds Spring rights_ 2,600, 4 Feb 1 43.4 Jan 31
Sterling ActualFeb 434 Jan
Cheques.
Sixty Days.
Cables.
Simms Petroleum---10 8.8001 12% Feb 1 13 Jan 27 4
1234 Jan 1334 Jan High for the week
4 6734
4 6434 4 87
Shell Union Oil pref-100 4001 9134 Jan 31 9334 Jan 29 9134 Jan
9334 Jan Low for the week
4 624
46034
4 6234
100 3,200 97 Feb 1 9834 Jan 29 97
Sinclair Oil pref
Paris Bankers' Francs
Jan
Feb 99
Underwood Typw p1_100
100120 Feb 1 120 Feb 11120
Feb High for the week
Feb 120
6.2534
6.3034
6.3134
23 114 Feb 2 114
Un Cigar Stores pref_100
Feb 2 114
Jan Low for the week
Feb 116
5.7134
5.7634
5.7734
300 1634 Jan 27 16% Jan 271
United Paper Board__
Germany Bankers' Marks
1634 Jan 16%, Jan
U 8 R & Imp pf full paid_
60010234 Feb 2 103% Jan 27 10234 Feb 105
High for the week
Jan
0.0038
0.0038
• 900 5834 Jan 31 61
Van Raalte
Feb 2 58
Jan Low for the week
Jan 64
0.002034
0.002034
100 1414 Feb 2 14% Feb 2 1454 Feb 1434
•Va-Carolina Chem B.Amsterdam
weat Elee 7% cum pf 100 1,20011334 Feb 111434 Jan 27 11234 Jan 114% Feb High for the Bankers Guilders
Jan
week
39.01
39.37
39.46
Woolworth (F W) p1.100 30012536 Jan 3012534 Jan 3012434 Jan 12554 Jan Low for the week
39.13
38.67
39.22
Youngstown Sheet T..* 1,100
Domestic Exchange.
-Chicago. par. St. Louis. 15025c. per 31.000
discount. Boston, par. San Francisco, par. Montreal, 311 25 Pen• No par value.
31,000 discount. Cincinnati. Par-
1
„1:
494
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING FOUR PAGES
For *ales during the week of mark* umailv Inactive. me preceding page.
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICE
arrnOns.
Tuesday. Wednesday., Thursday.
&Mums
Jan. 27. I Jan. 29. 1 Jas. 30. r Jan. 31. , Feb. I.
prlda1/.
Feb. 2.
Sales
for
Ike
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER EilARS
Range sines Jut. 1 1923. 11
On basis of 100
-share tots
Lowest
Highest
PER WARS
Range for Previous
Year 1922.
Lowest
Highest
An rOP
Railmada
Par $ per share $ per share $ per share $ per share
103 Ann Arbor preferred
100 3212 Jan 10 35 Jan 24
277 Out 62 Aug
2
8,103 Atch Topeka & danta Fe_100 101) Jan 16 102% Jan '2
913 Jan, 10813 Sept
4
1.933
Do pref..
100 83 4 Jan 17 9) Jan 12
,
84% JanI 9513 Aug
1.40) Atlanta Birm & Atlantic...100
1 13 Jan 3
2 Jill 25
513 Apr
3 Jan
4
,
2,50) Atlantic Coast Line RR_ _100 11014 Jan 17 1163 Jan 31
8
Jan' 124% Sept
83
'
77.803 Baltimore & Ohlo
1(30 4013 Jan 17 4913 Jan 29
3313 Jan 6014 Aug
1)0 prof
1.100
100 574 Jan 21 6014 Jan 6
5213 Janl 8614 Aug
10.330 rooklvn Rapid Transit
100 1038 Jan It 184 Jan 2
6
Jan 29 June
Certificates of deposit
13039
812 Jan 11
13 Jan 12
8
55 Jan 247 June
8
8,033 Canadian Pacific
100 14014 Jan 17 1417 Jan 3 11913 Jan 1513* Aug
3
29.909 Cipwaorako & Ohio
Inn 61 Jai 17 763 Jan 30
c4
Out 79 Aug
1,603
Preferred
100 101% Jan 22 1021 Jan 4 1003 Dec 1054 Oct
4
4
3.8)3 Chirug.. & AHOU
IUU
214 Jan 4
24 Jan 29
13 Jim
4
123 May
4
1,60)
Preferred
100
31 Jan 12
3
414 .114129
3
3., Jan1 207 May
6,100 Chic & East BURR (new)
2618 Jan 16 351 Feb 2
4
11414 Jan 43% Aug
prof
Do
3.93)
3114 len 1544 Aug
51 Jan 17 57 Fob 2
3,033 Chicago Great Weetern___100
4 Jan 13
538 Jan 31
31 1,eo
4
UN May
Do prof
6,333
100
84 Jan 13 12% Jan 30
7 Doc 2413 May
2212 234 234 2414 2334 2413 2314 237
23
2318 2314 233 30,233 Chicago Milw & St Paul ,
,
100 203 Jan 15 2413 Jan 311
8
3
174 Jan
3638 Aug
347 3614 36% 33
8
13 375 39
3612 373
4 37 373
Do pref
8 371 33 „
8
100 3212 Jan 13 39 Jan 3)
29
Jan 5 14 Sept
78
3,
78 4 7813 8013 8013 82. 81
3
82
81, 8112 18,23) Chirago & North Western.100 77 Jan 23 823 Jan 30
4
8014 81
4
Jan 954 Sept
59
0115 117
11614 11614 117 117 .116 1174 .116 117
Do prof
531
1167 1134
8
100 115 Jan 4 117 J33 191 100
Ian 125 Aug
333 343* 3418 341 44,03) Chic Rock 1a1 &Pao
334 33% 3312 3.314 347 35 4 3414 35
3
4
100 3113 Jan 15 351 Jan 29
4
3012 Den 50 Sept
93 '9238 93
*914 9214 9213 94
93
9314 94
9212 93
1,10)1 7% preferred
100 814 Jan 13 91 Jan 29
4314 Jan 105 Sept
82 4 823
3
4 834 6312 834 8312 82
83
82 82
.8112 8212 1.10) 8% preferred
100 817 Jan 21 8312 Jan 23
8
7014 Jan 95 Sept
*7138 7354 715 724 74 4 7412 .7212 74
*70
2
,
72 .70
7212 1,733 Chin St P Minn & Om
100 71 Jaa 9 7412 Jan IS
61
Jan 90 Sept
•39
4013 4034 41% 417 42% 413 42
4
*40
3
42
100 40 Jan 11 4213 Jan 2
*41
4212 1.23) Colorado & Southern
38 Jan 534 Apr
*115 117
11514 116 *11512 118
11012 11612 11514 117
116 116% 1,3)1 Delaware & Hudson
100 103 Jan 11 11712 Jan 29 1063 Jan 1414 Sept
3
12713 128 *12714 1274 1274 123
12712 129
128 4 12913 1284 129
3
3.10) Delaware Lack & Western_ 50 122% Jan 1 1. 1294 Tan 29 108 Fob 143
Oct
1118 11 18 114 11 12 113 113
8
4 1114 1112 1114 1112 11 12 12
15.9)) Erie
100 1012 Jan 13 12 Fob 2
7
Jaz
183 May
4
1618 1614 164 1718 174 18
1713 173
4 1712 177
Do 1st prat
8 177 18% 13,1)3
8
100 15 Jan 17 18% Feb 2
114 Jan 2813 Aug
8
4
*114 12
4 13
1218 121
8 1238 12% 123 12% 123 121
Do 2d pre(
1318 1,1)3)
100 114 Jan 22 1318 Ft!) 2
74 Jan 2014 May
4 7412 7438 714 717
3
7414 7514 7414 743
73
7313 73 4 75
8 9.10) Great Northern pref.
100 71 Jan 23 713 Jan 5
7014 Jan 957 Oct
.30
303
4 3014 3014 3013 304 304 3014 30'8 33 3 3018 3)
14 2,33)
Iron Ore properties No par 30 Jan 19 32 Jan 10
,
'2818 Nov 46 AM'
52
2 14l2 *11
•I44 1413 1438 144 14
14
114 1438
1112
70) Gulf Mob & Nor tr ctts
100 1238 Jan 12 1412 Jan 29
6
Jan
19 May
48
*45
*4.5
47
• 3 48
465
473
47
4 43
48
48
Do prof
43 I
333
100 411* Jan 2 4313 Jan I i
111
Jan 47
Oct
4
112 11312 1124 11314 *11212 1123 *1101 1117
1113 111% 1114 112
4
4
100 110 Jan 17 11313 Jan 30
3 2.53) Illinois Central
Jan 1154 Sept
974
Cl)
4 Jan 17
13 nee
14 2.51) Interboro Cone Corp__No par
4
14
3 Jan 4
8
4
4
Is
181
4
la
14
4
5 Apr
1043
ne wet
12 Jan 4
38
8))
"a
so
38 llon 12% Apr
*19
3
41
7 Jan 5
8
'
/
1
2
1
12
3
4
4
3
4
*,,
3
4
17
1812 18
1838, 1814 13'2 3.3)1 Interboro Rap Tran w 1_100 15 Jan 16 201 Jan 2
01613 17
4
*184 17 I 163 17
8
18 Nov 3112 Aug
2113 21% 2138 22/21 2218 2234 2112 22 I 2114 21781 217 21% 5,600 iitOOOSei CIO' dourneru____100 13/2 Jan 12, 223 Jan 31
8
4
12 Nuv
31114 Apr
65
5.5
*5312 55 1 .534 56
55
*5312 35
55
*54
57
301 Do prat
100 527 Jan 13 55 Jan 29
8
524 Nov 694 Apr
323 032
4
.
131
333 *31
4
4
313 313 .32
4
3213 3214 3214
34
203 Lake Erie & Western
100 313 Jan 30 31 Jan 2
4
10
Feb 39 8 June
7
67 .67
70 1 67
67
•
65
Do pref
70
70 .87
8718
714 .87
301
100 66 Jan II 6313 J an 10
2618 Feb 77 Sept
7018 7113 894 7072 68 4 701
3 684 6914 68 6813' 6314 691 17.70) Lehigh Valley
3
3
50 664 Jan 10 714 Jan 27
6653 Jan 72 Sept
*132 13414 13414 13414 13013 1334 .130 134
130 13014 131 131
1,303 Louisville & Nashville
100 13012 Jan 30 117 Jan 12 108
Jan 144% Oct
•444 48
*4418 48 .45
*44
,
48 •____ 48
MO 454 Jan 25 477 Jan 161 88
Manhattan Re Ma
48 1 *4414 48
Ian
5.1 Aug
391 443912 40
8
*3618 37
3713 3712 39
30
3612 37 37
Eq Tr Co of NY elf dep-100 354 Jan 25 39 8 Fab 1
1,90)
3
39 2, Dec 5512 Aug
7
*818 9
.8
13 9
8 4 8141 .8
,
MI
812 .818 812
84
100 Mai Itel Street RY
Mu
84 Jan 23:
94 Jan 2
.34. Jan
11 Mar
41
4012 4012 394 3912
1 41
.
42 .40
.40
42 .40
41
100 394 Fob 2'
Do prat
330
17
Jan 6014 Apr
67 67 1 .6612 873
67
Do prior pre(
4
833
100 667 Jan 10 7013 Jan 2
8
8
667 687 *6614 674 *6614 6712 67
3
35
Jan 76 Nov
24
214 2112 2112 214 .21
23
*23
21
23 .2112 23
40)
Do 2d prof
100 214 Jan 31 2612 Jan 2
5% Jan 32 Apr
1
77
8
.7 8 8 1
3
8
8
8
14
83* 84
7%
100
1,01) Minneap & St L trum0
*7 4 8
53 Jan 8
4
8 12 Jan 30
5 Jan
144 Ape
.61
64
.61
844 6413 02
61
•1324 64
61
503 Minn St P & 4 8 Marie_ _100 604 Jan 4 6118 Lan 29
6212 61
55 June 763 Oct
4
•10 3 1112 .10 8 114 •10 8 1112 103* 103* *1012 124 .10, 114
3
5
1
10) Missouri Kansas & Texas_,100
9% Jan 12 1113 Jan 21
13 Jan
15% Dec
1534 153
3
4
1312 Jan 16 15 43 Jan 19
s 1534 1518 155* 1514 1512 1518 1112 1512 151 11,20) Mo Kan dr Tema(new)
74 Jan
19% Aug
49 8 40 4 40 8 419
3
3
7
407 413
8
3 40, 4
4
4 04 404 4018 401 40% 5.00)
Do pref (new)
37 Jan 9 413* Jan d9
244 Jan 4834 Aug
*
16
163
8 16
8
163
4 18 4 173* 163 17 I 163 17
3
17
1718 6.703 Miseouri Pacific trust ate_ 1110 154 Jan 18 173* Jan 30
154 Nov 2614 Apr
43
8 4412 447 17,333
43 4 4314 4,514 4412 4512 44
3
443
41 4438 447
Du prof trust infs. _100 413* Jan 9 454 Jan 39
4O Nov
o3 14 Sept
14 34
3
8 3
8 3 1
.530 Not Rys of Me: 2d pref._ _100
24 2
314 .25
3
21 Jan 171
8
34
318 .3
338 .12.41 2
; .21
23s Nov
,
7 4 May
87
86% 874 8614 87
*863 87
83
8614 8812 87
8912 4,20) New On Tex & Max v t c...100 84 Jan 16 3913 Fob 2
94% Jan 87% Dec
3 9114 93
95 1 944 913
95
94
94
9.514 9418
9414 9414
23,301 New York Central
100 93 Jan 22, 9312 Jan 4
723 Jan 1014 Oct
4
84 I *81
.8214 85 .82
84
84
84
.81
84
*313 83 1
4
233 N Y Chicago A St Louis
100 78 Jan 22 81 Jan 29
51 13 Jan 914 Oct
8512 .83
88
.8.5
*83
85 .83
87 .83
88
88
86
10)
100 7613 Jan 2 88 Jan 16
Do 24 pre(
013 Jan 93 Sent
4
2114 203 2112 2112 22
2212 21
4
2012 20% 2114 21
20
34,7001 N Y N H & Hartford
100 1612 Jan 15 224 Jan 30
' 124 Jar
38 Aug
2013 20 20
20
211[
4 19 8 2012 20
3
2012 *20
1914 194 1,60) N if Ontario & Weetern__100 1913 Jan 17 203 Jan S
4
1812 Dec 304 Apr
14
14
15
.14
*14
15
15 .
•13
14
15
*13
II
203 Norfolk Southern
100 14 Fah 1
15 Jan 13,
a% Jai
224 June
112 114
1123 113
4
11214 11214 11314 11314 4,403 Norfolk & Western
1117 112% 11214 114
3
100 1013 Jan 10 114 Jan 29, 9614 Jar 1 2513 Sept
4
.7.5
80 .75
78
*75
80
*744 7712 78
80 .75
103, Do pref
83
72
.1 rt I
100 7613 Jan 3 78 Jan 29.
82
Oct
7413 75
743* 75
76
747 75 , 7413 75 4 75
7514 757
8 8.930 Northern Pacific
2
100 72 Jan 23 76 Jan 30 73 Doe 903 Aug
3
4714 4137* 47
3
3 47
46
46 4 487
3
8 46 4 473
4618 46
484 17,20) Pennsylvania
50 46 Fob 2 473 Jan 29, 3314 Jo,
8
494 Oct
•13
1413 .1314 1412 1314 1314 *1312 14
13
1412 13
*13
300 Peoria & Eastern
100 12 Jan 17 1334 Jan 3
103 Jan
4
263 Aug
8
3
377 38 1 373 33
373* 3818 373* 34
4
13 37 4 387
33 3312 15,933 Pere Marquette
100 36 Jan 11 34% Jan 61
19
Jar
40 8 Aug
3
5 733 .73
4
74
*7314 7312 7312 7313 73
74
7314 734
*73
303
Do prior prof
100 7412 Jan 2 75 Jan 5
63 Jai
82 Aug
86
*654 66 I 65 6514 66
66 1 .6.513 66 .65
*65
Do prof
66
300
100 65 Fab 1
704 Jan 9, 6013 Jan
74% Aug
3
373
4 365* 374 37 2 33 2 18,201 Pittsburgh & West Va
3714 385* 37
3
4 35 4 37
353 353
100 33% Jon 17 3818 Jan 30
23
,
Jar
,
41% Aug
90
92
*92
92
*90
9212 .90
92
*90
91 13 .90
103
Do prof
91 12
100 89 Jan 13 03 Jan 91
76
Jai
95 Nov
7 73
7912 764 773
774 783
4 764 773
4 77
77
8 77
26,703 Reading
50 763 Jan 17 79% Jan 5
8
714 Jan 8713 Oct
78,
8
58
55
5514 533 54% .
4
5514 54
4314 53
*5514 56
3,63)1
Do bit prof
50 52 Jan 4 56 Jan 31
43 Mar
67 May
563
4 5414 5538 55
3
5112 55
6434 54 4 64
55
*5112 55
3,003
Do 24 pref
50 514 Jan 5 564 Jan 331
45
Jan 59l May
36 .33
38 •
36 .33
918 Po) 5314 June
.64
34
36
36 1
*34
um 3212 Jan 18 3512 Jan 5
*33
36
Rutland RR prof
2312 2312 235* 2314 2312 8,403 di Louis-San Fran tr etta_104
234 234 24% 23% 244 23
23
21 Jan 12 214 Jan 30: 2 ,14 Dec 82r2 Aug
8 417 424 41
8
40
4013 4034 4214 4112 423
413* 413 42
4
4,401
Do pref A trust rotts__104
3212 Jan 3 423 Jan 31I
34% No, 611 Aug
4 323 333
4
3 324 3213 32
32% 3213 3212 5.803 St Louis Southwestern
4
313 3218 3214 333
2813 Jan 12 3314 Jan 29, 21•48 Jai
104
36% Nov
5812 .573 58
59
53
4
587
8 58
58
572 53
58
Do prof
101
66 Jan 4 594 Jan 21
32% Jar
534 4.803
541% Nov
*6
612
614 638
6
6
6
014 Jan 31
5% 5%
6
*6
6'4 1.800 Seaboard Air Line
10t
514 Jan 2
21 Jai
8
10 Apr
9 4 10
3
*93 10
4
1012 1013 1,903
10% 10 4 104 1013
3
10
10
8% Jan 13 101 Jan 29
4
101
Do pref
413 Jar, 14 4 Apr
3
3
8 9
89 4 90 4 9012 9112 9018 91141 9013 901
3
104
87 Jan 9 91 13 Jan 30
90
SO
784 Jan 98, Oct
038 91 18 26,300 Southern Pacific Co
4
8 287 30
8
287 2.62 29
293 303
8
4
2438 Jan 6 3914 Jan 21
3318 67,003 Southern Railway
UN
297 30
3
30
30%
1714 Jan 28% Aug
4674 677
8 67% 63
67
104
673
4 67
3
67% 664 674 667 68
Do prat
644 Jan 8 69 Jan 15
6,70)
46
Jac 71
Oct
2112 2213 2214 2218 9,10) Texas & Pacific
8
24 12 2318 217 223
2
104
194 Jan 16 2318 Jan 30
21
214 23
21
Is% Nov 36 Apr
1638 Jan 3
104
1412 Jan 10
1612 158 16
1512 16
16
1514 1514 15
•15
*154 16 14 1,203 Third Avenue
1318 NOV 25% Apr
59
5912 *57
*57
59
59
591p *53
*57
Twin City Rapid Translt_100 5814 Jan 19 604 Jan 22
.58
60 .58
34
Jan 6213 Sept
8
8
100 1333* Jan 22 13918 Jan 30 128
1363 137% 1374 13913 13714 1383 137 1373 13718 1373* 15.300 Unlon Pacific
4
13612 137
Jan 154% Sept
1011 74.3 Jan 23 7613 Jan 6
8 7518 753* 1,900
75
75
75
753
Do prof
7518 75
75
*75
7512 75
71 14 Jan 80 Aug
j
100 113 .an 2 1113 Jan 5,
121
4 123 13,
1212 1212 *12
*12
13
4
•1213 13 •1213 13
2 1,600 United Railways Inve2t
713 Jan
197 Apr
8
100 2612 Jan 171 31 Jan 5' 2014 Jan 3613 Apr
2812 2812 2812 2912 31
2,400
*283 30 .26
2813 29
3
Do pref
*2712 29
•
918 93
8
93 10
100
8 4 Jan 18 10 Jan 29'
,
913 10
6
913 9)4'9% 912
95
8 91
4 5.900 Wabash
Jan
14% May
100 2314 Jan 171 2814 Jan 29
4
Do prof A
8 273 2818 18,500
8 274 284 2713 284 2714 28[8 2712 277
2718 273
19
Jan 353 Deo
4
3
100 16, Jan 18' 19 Jan 311
Do prof 13
19 .1812 20 .1812 19
1,003
19
19
19
19
.174 19 .
1214 Jan 247 Aug
20
3
.100 1033 Jan 16. 1212 Jan 29
8 4,100 Western Maryland (new).
8
1112 1112 113 113
*1112 11% 11% 124 113 1218 11% 12
4
8
[4 Jan
1714 Aug
4
100 2218 Lai 12 243 Jan 29
pref.
23
23
2,803
233 23 s 24
23
Do 2d
8
24% 234 2418 .2314 234 23
3
13
Jan 284 Dec
100 10 Jan 2 181 1 Jan 24
.1713 18
18
18
900 Western Pacific
•173 18
8
4
173 174 .173 1712 174 18
4
133 Jan 247 Apr
4
8
100 5612 Jan 8, 5812 Feb 2
*57
Do pre
5713 *57
5813
574 57
500
57
57 12 5712 *57
5112 Mar 647 Sent
571 58
3
814 Jan 18
9
94
913 Jan 2
9
9
9
0
2,900 Wheeling & Lake Erie Ry 11)0
9
94 914
9
87
8 9
cob 164 June
3
17% 174 18
100 147 Jan 171 13 Jan 30
165 16% 17
5
Do prat
1712 1712 17
17
*1812 17 4 3,200
,
914 Jan
29% June
2812 29 4 2834 29 .28% 29
100 26 Jan 10 293 Jan 29
*2812 29
Central
1
*28
4
29 .28
1,300 Wisconsin
29
25
Jan 3314 Mar
Industrial & Miscellaneous
100 68 Jan I1 48
7012 *6912 70
72
*7012 71
70
•7012
2 7313 Jan 15
70
500 Adams Express
70
*6913 70
Jan 83
Oct
15
15
104 124 Jan 21 154 Jun 31
15
4 15
N 1414 143
15
15121 •144 1512 .1412 1512 1,600 Advance Rumely
101 Jan 23 Aug
8
55 .43
100 4813 Jan 13 4618 Jan 18
52 .
55 .48
48
*47
52 1 .48
50 .48
Do pre
50
31% Jan
3012 Aug
59
583 58% 5812 5813 *58
2
59% 59
59
5713 an 10. 61 Jan 18
584 59
5914 1,000 Air Reduction. Ine___No pa
4514 Jar
61
Oct
1313 134 •134 13 4 *1314 13 3 1314 1314
1212 Jan 9 1412 Jan 15
3
54
,
1212 13
13
13
3,000 Ajax Rubber. Inc
9;2 .1 lv
8 1eo 18 4 Apr
1
3
8
*4
10
3
8
3
8
*14
•14
3
*14
8
Lt
14 Jan 41
3 Jan 9
8
300 Alaska Clold Miriee
14
14
14
May
113
118
14 14 *1
10
1 13 Ps
•118
114
14 488 5
,
11
113 Jan 91
.1
11
1,000 Alaska Juneau Gold Mtn
2 May
3 Jai
8
7312 72
, 71, Jan 16 80 Jan 2
4 7314 73% 734 74% 73
7414 743
73
74
2
743
4 7,200 Allied Chem & Dye. No pa
0133 Sept
553 Jai
8
1094 10914 .108 11012 .108 110
104 109 Jan 30 1117 Jan 9 101
,
*108 110 3 .108 11012 109 109
Do pref
300
8
Jai 11512 Sept
4618 46
8 46% 46% 46
4
46% 463
4814 453 464 2,600 Aills-Chalmera Mfg
4 483 467
100 45 Jan 10 4312 Jan 5
4
593 Sent
37% Jar
4
*93
97
97
*93
9514 943* 95
915 Feb 2 9712 Jan 27
101
974 9712 .944 9712 *93
8
Do pr f
500
8613 Jar 104 Sept
3018 3014 304 304
3018 3018 3013 3018 3014 3014 •304 31
2913 Jan 16 324 Jan 5
900 Amer Agricultural Chem_ 10t
427 June
3
2714 Nov
59
*583 59
4
583 58 4 .583 583
59
59
4
3
IOC 584 Fab 1, 8112 Jan 5
4
,
694 59 4 59
600 A mer m A aef
4
Do pr
7214 Sept
Jaz
513
80
85
*79
8080 .
85
79
50 77 Jan 6 80 Jan 4
80
Bank Note
80
77% 77% *75
500
91
Dec
Jan
58
45418 554 .
*5413 5513
544 66 .544 58 .5412 56 .5412 56
50 5455 Jan 16 545 Jan 16
Am Bank Note prof
61 July 5513 Dec
36 .35
3
38
3814 3912 1,500 American Beet Sugar
100 36 Jan 31, 393* Jan 13
373 37% *3812 3314 36 8 -36% 36
8
31% Jnn 49 June
*367 38
8
38 . 3 2813 *3714 384 *3714 38
374 3718
3
3711
37 Jan 9 423 Jan 12
.38
200 Amer Bosch Magneto_ _No par
4
Apr
3114 Jan 49
75
75
*75
77
75
77
-No pat
*74
7514
70 Jan 3 77 Jan 30
2,400 Am Brake Shoe A F.
Jul
8812 Sept
61
108 108 •10712 110 *107 110
410612 110 •108 110 *103 110
1131, 10912 Jan 20 1093 Jan 4
Do pre:
100
4
Oct
9814 Jan 113
804 8114 803* 823* 8214 83
s
100 734 Jan 2 8514 Jan 15
824 83 8 8213 8.312 8112 833
3
47,500 American Can
3214 Jai 110 Sept
•11134 11212 112% 11214 11213 11212 112 112 *112 11238 11213 1 123*
100 111 14 Jan 3 1 125* Feb 2
300
Do prat
9314 Jai, 1134 Dec
178 178
179 179
17814 178% 178 17812 178 178
300 American Car di Foundry-100 178 Jan 17 183 Jan 4 141
178% 178 4
,
Jan 201. Oct
1253 1253
4
200
123 Jan 10 1257 Jan 18 11513 Jar 12812 Nov
4
1257 125% •125 126 .125 128 *125 126 *125 126
Do prel
8
8
5% 57
f{ *
618 638
54 6
3
69* 63
3 1.700 American Chicle
No it
p
614
.6
6,
4
53 Jan 30
5 Nov
4
14 May
714 Jam 3
•8u0 Ana Mild[ACM Oa sales on this day. 2 Ex-righte. I Lees than 100 sbaree. a Ex-dividend and rights. S Etc-dividend. 0 Ex-rights (isis• 15)sos 93 •rtbe
bare for share 1e. swat ur then Amen /Joni uu. at so pee snare and ex-dividenti Itals; In inUun (AU. 22)
New York Stock Record -Continued -Page 2
For elle!. during the week ..1 4Fork, .s
-PER SHARE'. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday. . Monday. I Tuesday,
Jan. 27. I Jag. 29. , Jan. 30.
Wednesday, Thursday,
Feb. 1. I
Jan. 31.
Sales
for
the
Week.
Friday.
Feb. 2.
inacrite
495
second page preceding
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11923. 11
On brsts of 100-share lots
PER SHARE
Ra nee for Previous
Year 1922.
Lowest
.
Highest
1
"
L
eg
ingbejt
-$ per share $ per share $ per share 3 per share $ per share $ Per share Snares Indus. & Mlecell• (Con.) Par $ per share $ per share $ Per.shfe $ a e, share
pur
.
o
8 1612 1612 15% 1612 15
4 16% 167
16
1612 16% 163
16
.5.41) American Cotton Oil
100 15 Feb 2 2014 Jan 4
May
I.
•32
40 I .31
33
31 I 3114 3114 29
31
Do prof
32 1 33
82
633
100 29 Feb 2 3314 Jan 4
Si Slay
3,12 \,,S
*6 8 634
,
6% 634
6% 63
614 64
714 Aug
064
, 6%
612 6% 1,50) Amer Druggists Syndicate_ 10
618 Jan 3
7 Jan 8
413 Jan
013412 138 • 1383 1364 .1313 138
131 1314 .132 135 .132 13514
4
533 American Express
100 131 Jan 31 142 Jan 2 126 2.,ne 162
Oct
1114 114 114 i13
01112 12 I .102 12 , 112 12
Ills 117
4
3.1) American Hide & Leather.100 11 Jan 6 1212 Jan 3
1018 Dee
173 AM'
8
68 .67
69 1 6714 6714 64
.6712 69 I .6612 69 I 68
63
Do pre(
393
100 6612 Jan 2 70 Jan 15
743 Sept
4
Jo,
58
9412 9912
,
100 101 99% 9912 • 99 100
9914 9914 91 100
1,5)3 American Ice
100 9312 Jan 31 10114 Jan 4
,
Jan 122 Sept
78
8514 87
85'4 87
86
86
*8514 87
8512 8512 .8514 8712
Do wet
MI
100 8512 Feb 1 8712 Jan 2
.1,o, 054 Aug
72
2514 25% 25
25
243 217
8
s
4 2112 2512 253* 2618 6,103 Amer international Corp 100 21% Jan 30 2713 Jan 5
8 243 243
243* Dec 50% June
•1112 11%, 111
, 1112 1112 1112, Ill. 1112 11% 11% 11% 11.3
933 American La France F E__10 1114 Jan 17 117 Jan 2
s
14 July
8
9.3 Jo.
317 317
8
s 3112 3112 *3012 3041 3011 3012 *3012 3112 3114 321s 1,3)3 American Linseed
100 30 Jan 2 33 Jan 13
1213 Oct
28 N.,
53 1 .53
65 I 5414 5112 .53
53
55 1 *52
55 1 54
534
830
Do Vet
50 Jan 13 5314 Jan 2
6413 Oct
48 NI"
123 12414, 12312 12312 1217 123
8
123
123
12014 122
123 123% 8.930 American Locomotive _._.101i 12018 Jan 17 129% Jan 4 102
_
Jar 134,% Oct
4
412112 1213 8121 122 •121 122
121 121
121 121
121 14 12114
51)
Do pref -nn 1191 Jan 4 121 12 Jan 25 11?
.
ly, 1224 Dee
St's 52 1 5180 513
4 517a 523
4 6112 51% 5014 5112 51 12 5112 7.403 Amer Metal temp ctfs__No par 51 Jan 15 51% Jan II
44 Sept 5212 Bent
8012 8012 80
8012 803* 8014 Si)
8012 80
81803* 804 1.40) Aniellean Radiator
25 76 Jan 2 84 Jan 5
Oct
Jar 129
82
8
8 1
8
812 8,8
8 18
8
81 1
8
American Safety Razor
8 I
.
73
77
25
6% Jan 6
83 Jan II
4
87 Oct
33 Jai
8
4
.18 8 19
,
1812 18s8 143 1812 183 183* 18% 1312 1414 1912 3.3)3 Am Strip & Crn
8
8
ip
om
No par 1818 Feb 1 213* Jar) 5
24, May
512 Jar
4
3
7 58,
55% 55 4 55
4 57
58% 56
5712 56
53 2 22,3)31 Amer Smelting & Reflning_100 53 Jan 17 5813 Feb 2
573* 57
,
433* Jai. 6712 May
.9812 99 1 99
99
991g 100
99
9912' *994 100 1 100 1033* 2.403
Do pref
100 73% Jan 18 100 8 Feb 2
,
864 Jan 1041 Oct
141 146 ..141 146 .141 145 .141 145 .141 145 1.141 141 I
American Snuff
100 140 Jan 10 14213 Jan 4 10912 Jan 150 Sept
357 36 I 357 36 , 36
36 14 36, 3614' 3618 3618 3614 34,
8
8 7,033 Am Steel Fdry tern ctfa_33 1-3 3512 Jan 17 3818 Feb 2
408 Sept
303 Jan
4
0103 104 I 10318 10318 1034 10314 *103 101 ,•103 101 ,.10314 101 I
Do pre/ tern etts
2.1)
100 102 Jan 23 1033 Jan 30
Feb 108 4 Oct
91
,
78% 78% .7634 7712 7612 7612 7618 763
3 737g 3.533 American Sugar Refining_ 100 76 Jan 17 80,4
4 763 774 77 4
4
Jan 4
541g Jan 85% Aug
•106 1067 1067 10678 107 107 I 107 107 ,.106 107 I 107 107 I
s
8
Do pref
4))
100 10512 Jan 23 10434 Jan 3
84
Jan 112 Aug
2612 2612 26
2714 .26
2713 2618 2618 2114 26 1 .25
26 I 1,933 Amer Sumatra Tobacco...100 2114 Feb I
29 Jan 3
2314 Feb 47 May
.
5612 5912 .5612 59
•561. 5912 .5612 5912 561 5612 .5612 5112
.
Do pre(
10)
100 553* Jan 16 5613 Feb I
Jan
5214 Feb 71
122 12214 122 1224 122 12214 1211 12218 1213 122
1217 122 14 13.33) Amer Telephone & Teleg 10 1213 Fab 1 124 Jan 5 11412 Jot 1333g MaY
8
4
.1511, 153
152 152 I 152 4 153 I 15114 152 .15112 15213 .152 15213 2,431 American Tobacco
,
100 150 Jan 17 15113 Jan 5 12918 Jan 109% Sept
.10312 101
104 101 010312 101 *10312 101 1.1031 101 , 10318 1017
8
83)
.
Lso pref Mean
101 103 Jan 9 10718 Feb 2
9612 Jan 108% Oct
.149 150
1497g 150 1 150 151
Do common Class B
150 150 •149 150 I 15) 150 . 2,933
100 144 Jan 10 152% Jan 2 126
Jan 165% Sent
1 2712 28
.
2713 2713 2712 2712 27% 27141 2812 2912 .27
231
4 1,803 Am Wat Wks & Ely t c
100 2712 Jan 29 30% Jan 16
3314 Nov
6
Jan
917 *91
8
91
917 .91
917 •91
8
918 *89
90% *89
Do lot pref(7%) v ttc _ He
,
93%
I
' Jan
,1;
,
n
2:1 jan 16 67 Jan 937 Sept
, a
5212 5318 .52 8 53 I 52
,
1
5112 5314 5412 5312 51 I 3.403
Do partic or ,A*z 1 v
5312 53
10
1714 ik r
1'514 Oct
•97 100
*97
994 •98
9912 98
9814 .96 103 . .9612 103 I
23) Amer Wholesale, pref
109 9314 Jan 2 9314 Jan 31
Jan
86
OA 95
95
9512 917 95 I 9514 96% 95
8
96
95
8
953* 9512 937 10.303 Amer Woolen
11 1
,
93 Jan 19 9712 Jan 4
7 44 .4.., Iii
,
,,,i
11012 1105 110 1103 *109 111 I 108 111 .109 11012 *103 11012
2
503
Do prat
WO 1097 Jan 25 111% Jan 3
8
99,4 Get 111 14 Dec
02412 27 , *26
28 I 26
26
26 I .24
*25
27 I
27 , *25
213 Amer Writing Paper prof _100 26 Jan 21 2) Jan 13
2218 Feb 554 Sept
*144 1512 .1512 16 I 15% 153
1514 .1612 1714
103 Amer Zinc. Lead Jr Smelt._.25 15 Jan 23 1712 Jan 5
4 1518 15% •15
21 Sept
124 Jan
•43
491
48's 481 *43
49 1 49
49 .43
49'p 48
49 1
Do ore!.
5))
25 433* Jan 29 51 Jan 5
36
Jan 57 Sept
477 481g 4780 48 1 47% 473
8
:
8 4712 478 13,413 Anaconda Copper Mining_ 50 4518 Jan 18 507 Jan 3
471 475
4713 473
8
41 Nov
57 May
65
657
8 60
86,
4 663 683
4
6712 673 6)8 7,103 Associated Dry Good.s..._100 6214 Jan 5 71 Jan 12
7
4 66 8 67% 67
,
4
43
Jon 707 Dec
8
.8413 35131 .84% 85151 .8412 85121 *84% 85% 8512 8513 .85
103
8313
Do lot prof
100 8212 Jan 18
Y512 Fob 11
Oct
75
Jan 86
•90
91
.90
91
.90
*90
91 i
91
91
91
.90
.90
I
Do 2,1 pref
100 8318 Jan 9 91 Jan 23
76
Jae
9112 Oct
•123 126 1.123 128 I 1223 123
121 122% 123 12512 1263 127 I 3,103 • Associated Oil
4
4
100 12014 Jan 3 133 Jan 12
99
Jan 135, May
2
218 2% •17
8 218 .2
2
214 .2
2 i *2
218
24
20) Atlantic Fruit
No par
13 Jan 17
214 Jan 5.
1 12 nee
512 Apr
*2012 21
.2018 2012 181s 2018 1914 1914 1914 194 1912 20 I 5,63) All Gulf & W I S S Line___ 100 1818 Jan 30 2218 Jan 4
19% Deo 4314 May
15
16 1 .15
151
47
47
15
i5'
16 I 15
15
15
Do pref
100 118 Feb 2 17 Jan 6
II
Doe 3114 May
.133 138
134 131 .133 133 .132 135 *132 134 1 13314 13314
303 Atlantic Refining
....100 119 Jan 2 15312 Jan 10 Ill?
Doe 1575
Oct
•11734 1201g *118 123 *118 120 ,.118 120 .118 119% *118 120 ,
1
Do pref
100 1191p Jan 171 120 Jan 18 113
Jan 11912 Dec
•17
1712 17
17 I .1612 1712 174 1714 .1612 1713 .16
1712
203 Atlas Tank
No par, 153 Jan 21 193* Jan 5' 1312 Feb
4
2/., May
3212 32% 325 32 8 31% 32 1 3113 31% 32
8
,
32 1 3114 32 . 1,503 Austin Nichols At Co___No par: 31 Jan 10 3512 Jan 12
8
914 Jan 403 Sept
.87
8912 *87
8912 .87
8:1 , 4 37
'
I
8912 *87
Do pref
89 .87
93%
100 89 Jan 2. 81113
68
JanI 9, Sept
13214 1333 1315 13314 13113 1334 13012 13178 12958 1313* 1313* 13312 103,103 Baldwin Locomotive Wks_100 1234 Jan 17 1393 Jan 23
,
4 Jan 2
9312 Jau 14518 Sept
•114 116 .114 116 'III 116 11114 11512 *114 115 . 114 11512
I
Do prat
100 111 Jan 19: 1163 Jan 41 104
4
Ja
Oct
118
.
49
51
*46
51 I *46
.47
.46
51 1 *46
51
51
1 Barnet Leather
51 ,
No pall 47 Jan 12 51 Jan 15! 40
Jan 075 Sept
a
2912 30
294 29
29
.29
30
14 2918 3012 29
30 14 3312 1,703 Barnsdali Corp. Class A ____25 29 Jan 311 3114 Jan 3
,
19% Jab 56, Apr
4
1812 1812 19
19 1 19
19 .18
1912 .18
19 I 19
eoa Do Class 13
20 I
25 18% Jan 19 22 Jan 2, 17 Nov
Apr
39
•313
le .
1 Batopilas Mining
3
8
12
13
`8
12'
.%
•3
8
12
12
.3
8
12
20,
12 Jan 2
12 Jan 2'
LI Dec
15 Mar
8
.56
59 I 5314 55 I *51
54 I .50
58 . 54% 5418 50
1
51
403 flavok tiros
No par: 51 Jan 2 607 Jan 12
8
33
or 135 Sept
62% 635
8 62% 613
634 6518 6414 6618 6614 63 28,93) Beech Nut Packlug
6312 65,
4
20 51 Jan 2 69% Jan 20
48% Dec 53% Dec
61
61
.60
6114 .60
61 1 .60
6112 601 6013 •60
:
62
20) B Mellow swot Corp
ill0 5912 Jan 22 634 Jan 3
54
Jan
78 May
6114 6212 .613* 6I 14 .60
6112 61 12 62
6112 61
Do Chos 11 cornrnon
4
613* 6.1, 16,700
100 634 Jan 16 (3512 Jan 3
5513 Jan
8214 May
•92
97 .90
96 i .92
93 . 934 934 .93
91 I 93
9714
100
Do pref
1(10 9114 Feb 1 9612 Jan 2
9()% Mai 106 Nov
.
108 10818 108 108 I 1073* 10734' 10758 1073* 10712 10712 1073 1034 1,23)
8
Do Clan cony 8% pref.Ind 1073 Feb 2 110 Jan II 804
8
Jan 816 2 June
,
9414 9414 937 937 1 937 94 1 93% 93%1 9312 9312 91
Preferred new
9412 3,000
1001 9312 Jan 311 96 Jan 41 94 Nov 101
Oct
.6
7
.612 7
6% 6 8' .6
,
612. *6
100 Booth Fish, nes
7
.6
7 .
No pal
5 Jan 3
718 Jan 18
4 Nov
"42 Aug
*84 9
.812
1 British Empire Steel
.813 83
100
4
9 Jan 15
94 Jan 6
9I .8% 9 I *812 9 I *312 9
8 2 Jar. 15 Sept
,
_ - 70 .65
70 .65
70 I *66
Do 1st prof
70 I .65
70
7 14 70 I
23
5
101)1 67 Jan 23 67 Jan 23
68 Mal
764 Apr
•
24% 2514 254 2514 *2413 2314 .2412 2514 .2412 2514 *2412 25 I
Do 2d pref
100
100 243 Jan 23 26 Jan 4
4
1918 Mai
39 Sept
11312 1153 11414 1153* 110 1107 109 8 11014 10914 109% 10978 1103* 10,0)0 Brooklyn Edison, Inc
8
,
100 1119 Jan 23 1154 Jan 27 100
Jun 124% Aug
1147 115
8
11513 120
8
11914 121 , 1215 124 4 122, 125,4
,
2
125% 9,303 Brooklyn Union Gas
100 10914 Jan 19 1251 Feb 2
:
70
Jan 12412 Nov
613 62
4
604 6112 603 617 .6014 62 1 .60
4
8
6213 60
100 60 Jan 6 63% Jan 19
6012 1.500 Brown Shoe Inc
42
lar. 6972 Sept
.24 3% •13.1
3
•14 3 1 *13
4 3 I *2
Brunswick Term & Ry Sec 100
3 • *214 2
2 Jan 25
2% Jan 25
,2
Ps June
53 June
8
14334 14334 .14212 14314 *14112 143
1421 14213 140 14018 •13912 14012
:
700 Burns Bros
100 140 Feb 1 14112 Jan 2 113.4 Jun 147 Dee
41
413
4078 41 . 40
41
3918 40 1 39
39 Feb 2 43 Jan 2
3914 2,0)0 Do new Class B corn
39 I 39
28 e Jan 53i2 let
,
103* 103
41 1012 107
4 10% 1012 103* 1012 101: 1034 32.800 Butte Copper & Zinc v t
8' 1014 103
914 Jan 17 107 Jan 5
8
n)18 Dec
514 Mat
1814 18141 18
1818 •18
1813 18
18
1913 1.100 Butterick
1712 173* *18
100 1712 Feb 1 213 Jan 4
4
15 Nov
Feb
39
.2912 31 12' 297 297
8
8 293 2934 311
30
*2912 30 I 2912 307
..10 2912 Jan 17 33 Jan 3
8 2,600 Butte & Superior Mining.
21.;y .1ko
3514 Oct
7,
2 712
7%
73* .73* 84. *75
8 8
*7 8 77 1
,
5 Jan 24
9 Jan 15
, 74 8% 1,500 Caddo Central 011&Ref No par
63 Dec
4
le Apr
8114 8112 807 807 •80 8 81 1 *803* 81
2
8
,
1,500 California Packing
8012 81 1 8014 853
No par 7912 Jan 24 8314 Jan 2
4
tlb
Jon 8 02 Sept
764 7741 7518 773
4,- 7618 78
77
785s 7714 7814 77% 7914 75,100 California 1 etroleum
100 6614 Jan 3 791 4 Feb 12
4318 Jan
717 Jan
8
963 9684 97 4 97141 963* 9612 .961 9714 96, 96% 97
4
,
,
97 I 1,400
Do prat
4
4
100 913 Jan 2 03 3 Jan 13
,
83
Jan 9813 Apr
97 10%
914 1014.
I
4
94
8
10
9 8 97
,
95 Jan 24 11 Jan 13
8
1014 10,900 Callahan Zinc-Lead
10
514 Feb
11% Slay
.52
54 I .53
5612 .52
561 *5312 5612 .
.
5312 5312 *5413 56,
Calumet Arizona Mining...10 52 Jan 23 57 Jan 13
2
5012 Nov 6612 June
O812 8% .81, 918 .74 812 *714 31 .
:
714 812 .7,
Carson Hill Gold
1
71p Jan 4
4
94 Jan 16
8,3
614 Dec
163 Mar
8
*314 35 .
8
311
341 *314 312 *34 31
par
: *314 312 •314 3,2
3 Jan 2
Case (J I) Plow
318 Jan II
3 Mar
913 June
•74
78 1 .74
76 1 .74
77 I .74
77 1 77
77
•75
77 ,
100 Case (J I) Thresh 51, pf N 100 693 Jan 4 78 Jan 16
4
as 4
68
Feb 93% Aug
.3412 35 1 3413 347
81 3414 347
81 3312 34181 333* 337
81 33% 3414 4,100 Central Leather
100 3212 Jan 41 36 Jan 15
29% Jan 44% Sept
•71
7112 7013 703
41 7014 71 ' 70
70 , 7018 7014 7018 703
2,403
Do pref
100 673* Jan 8 73 Jan 18
633 Jan
8
823 Sept
4
4312 4312 42% 4314! 42% 43 1 42% 43 1 43
43
4314 44
5,700 Corrode Pasco CopPer_No par 4213 Jan 17 453 Jan 2
323 Jan
4
46% Dec
•4114 47 ; *41 14 47 I .41 14 47
*4114 47 .42
47
*43
4812
Certain-Teed Prod_ __No par 4114 Jan 9 4212 Jan 20
34
Feb 6318 June
683* 6834' 6712 63181 67
6718 64
67 4 617 65
,
2
6412 6514 12,600 Chandler Motor Car_ .No par 617 Feb 1
8
707 Jan 4
8
473 Jan
4
7914 Apr
87
87141 8614 86721 8514 8618 8414 844
85
86
4,200 Chicago Pneumatic fool_ 100 825* Jan 10 8412 Jan 19
837 85
s
Jan
60
Ws Sept
297 30 1 2912 30 I 29
2934 287 293* 29, 2912 2918 293* 34.900 Chile Copper
8
8
25 27% Jan 2 30 Jan 11
1518 Jan
2',14 Nov
2412 243
24% 247
81 247 25 . 243* 243
8
4 213 25
2514 253
8 3.303 Chino Copper
4
8
2214 Nov 33% June
51 243 Jan 29 27% Jan 4
7012 7012 69
70 1 67
6712 .67
69 I 663* 67 .67
6814 1,303 Cluett, Peabody & Co____100 654 Jan 5 7114 Jan 24
43
Jan 7014 Dee
74
7412 744 7441 7412 7513 75
,
767
7418 75
7312 753 22.000 Coca Cola
No purl 74 Jan 16 81 Jan 3
Jan
823 Oct
41
4
.
2512 26 I 253 253
41 253 26 1 4 25% 26 1 . 12 26
4
.
25
*25% 26
500 Colorado Fuel & Iron
100 25, Jan 17 274 Jan 4
4
24
Jun 37 May
10712 10814' 1083 11138 109% 11114' 10818 109
8
10712 108 8 108 1103 27,600 Columbia Gas dr Electrie_100 103% Jan 17 1113* Jan 29
,
4
64% Jan 114% Sent
'24 212
218 2%
23* 238
218
21s
2% 218 6.100 Columbia Graphophone No par
24 218
218 Jan 5
24 Jan 12
1 14 Jan
•10
11,
54 June
4 103 103
4
4 103, 104 .104 103 *10
4
912 91:
1034
400
Do pref
100
83 Jan 2 1212 Jan 15
4
5 Feb 21 June
.7114 7214 7112 72 I 713 7244 7012 7012 .704 7112
71 12 7218 1,100 Computing-Tab-RecordNo par 69 Jan 8 7314 Jan 13
794 Apr
5514 Jan
*35
36
34
3518 *35
3612 3512 36
35
3518 3512 355g 1,000 Consolidated Clgar____No par 33 Jan 24 393 Jan 3
8
4
.
80
185 Pet) 423 Oct
8
84 .80
84 1 *793 8112 .793 8112 . 4 892 *791 8112
4
4
793
2*,
4
I
Do met
100 Si Jan 11 8212 Jan 11
47 Feb 8714 Nov
.
3
8
12
.3
8
12
118 . 3
2
.14
12
400 Cousol Distributors,Ino No par
*14
3 Jan 30
8
3 Jan 30
8
•135 130
136 13612 *134 136 .133 135
14 Feb
214 Mar
13,800
gm, by 14 a, Sept
67% 6818 667 683* 67
4
671, 665 6712 -66 ifit -60 677 57.000 Consolidated Gas (N Y) 100 120 Jan 2 137 Jan 26
8
8
8
When issued
No par
2
Jan
113 117
4
8 1 13* 117
113
4 107g 1114
4
s 11
1
1133 11 113* 30.400 Couyinfilafisi I eXtile..,No poi 60 s Jan 31 694 Jan 26 57% JDec 6238 Dec
107 Jan
123
4
1277 128
12612 128
15
8
12912 129% 129 1313 130 1303 _ _ - aiy
135 Apr
8
4
100 115 Jan 2 1313 Jan 31
_- 3,300 Continental ran. Inc.,p
4
4712 4814 4713 4812 48114 49
453 Jan 11514 Dec
4
4818 493
4 48% 4913 48% 49
50,100,
Wben Issued
No par 433 Jan 2 49% Jan 31
:
98 1001 10014 1003 101 103 *10214 103
4
1027 10278 *101 103
1,610' COnlinenf al Insurance_
251 92 Jan 6 103 Jan 30
107 11
8
6fi
103 11
8
1034 11
la/
%
10% 1012
93 Aug
9
10
93 1014 29,400 Continental Nfotors__ _No par
4
1018 Jan 31
,
1214 Jan 19
127 128 8 12712 12815 127 12412 1271, 1285 12714 12934 130 13314 53,400 Corn
1114 Dec 18 8 Dec
,
8
Products Refining...AU° 12 12 Jan ,6 13314 Feb 2
4
•11912 1213 121 121 *119 12134 120 120 ,*119 121
Jan, 1443 Oct
4
1201 12012
:
500
Do pref
100' 1181 Jan 5 121 ,8 Jan 19 I9
3 558
7
8
537 55% 533* 54
54
"Jal 1223 Nov
11
4
5314 543
5312 543* 54% 55
47,600 Cosden & Co
No pad l 505 Jan 4 565 Jan 13
8
7214 73
7312 7412 7212 74
31% Jan
54 Dec
7118 7214: 703 717
4
8 71 4 7254 25.800 Crucible Steel of
,
AmerIca_100' 6812 Jan 11 74% Jan 26
92 .91
.91
92
92 .91
523 Feb 981 Sent
4
O91
92 I .91
8
9184 *91
I
Do pref
918
100 8814 Jan 2 93 Jan 8
1314 13
Jar 1011 Sept
1314 13
80
12% 1314 13
1318 127 133* 133 144 10,200 Cuba Cane Sugar
8
No par
3914 3914 3312 383
125 Jan 17 1414 Feb 2
8
4 384 3918 383 39% 39
4
193 Mar
4
397
8 397 43
8
17,300' Do pref
100 3718 Jan 17 43 Feb 2
24% 254 247 254 24% 25,
8
417 July
2518 25%
4 247 2512 2512 27
8
30,500 Cuban-American Sugar_ _10 2312 Jan 16
27 Fcb 2
1 44 Jon, 28 Aug
1 51
10012 10012 .100 101
•100 101 •100 101 .100 101
101 101
200
Do pref
100 1001 Jan
:
:
3118 2912 30 I 29
: 301 3012 30
10212 Dec
301
30
2912 29% 30
3,700 Davison Chemical v t c No par 29 Feb 11 10112 Jan 24
1 34 8 Jan 5 :;.
,
2585 2 N
7
8 DJ
4
65 g Apr
,
.225 233 .22% 233* •22% 2314 .217 237 .2212 2312 •23
8
233
8
1 De Beers Cons 15.1ines_No par 234 Jan 24 25 Jan 15 1031
8
4
:
:
28% May
10812 1081 10314 108, 1077 10778 10712 107% .1061 108 .10612 108
400 Detrolt Edison
100 1067 Jan 8 109 Jan 11 1003 Jan 114% A ug
8
4
8
2
8
.
4112 4214 407 41% 4012 4118 3.07 4912 303 40
40
4014 7,200 Dome Mines, Ltd
10 393 Feb 1
4
4418 Jan 4
,
,
4612 Nov
8
8
963
8 9612 9612 057 97 8 9512 95 2 953 953
96
8 96
973*
_
10814 Ho., 1077 10814 10612 108 107 10914 5,100 Eastman Kodak Co_& No parI 8934 Jan 2 9918 Jan 9 70 Jul) 9011 Dec
110 no
•110 111
2,700 El du Pont de Nem Co_100
10314 Jan 17
Jan
ec 1693 Nov
86 I 8512 853
4 8512 8512 .85
4
853 853
4
4 851 8512
857 86
:
700' 6% cumul preferred,,, 100 8414 Jan 16 116 Jan 5
8618
Jun*
8 5414 5414' 54
5412 548
9012 Sept
55% 547 55
a
8
544 55
54% 55
4,800 Electric Storage IlatteryNo par' 54 Jan
540% Jtrne
17 .58 Jau 2
583 Dec
4
4
.18
1914 173* 1714 174 1714 17% 1712 1612 171 .17
18
4,200 Elk Horn Coal Corp
50 1612 Feb 1 203 Jan 2
4
1414 Jan
8
*6
.6
2413 Dee.
8
8
.6
*6
8
.6
8
.13
8
I Emerson-Brantingham____100
612 Jan 8
7 Jan 4
is Jut, Ills June
Jut,Ja t,
89% 874 8812 877g 884 5,300 Pndleott-Johnson
88
9014 89% 90
90
804 90
50 8714 Feb 1 9414 Jan 2
1171° 1 I
8
111 .111 116
117'4
11712
947 Dec
200
'" -ror
......
Inn (14 1 , b
,
,
118 Jan 3 894
Jo,, 109 Dec
Ono and armed paces; 50 Wee 00 Ma day.
1Cx-dly. and Matta.
Ames L.. paid.
ILL-rignta,
ra-cuv, t Ex-900% stir dlr.
Par value 400 per share.
I
Jul
New York Stock Record-Continued-Page 3
496
For sales during the week of stocks usually Inactive. see third page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Saturday. 1
Jan. 27.
Afondau.
Jan. 29.
Tuesday.
Jan. 30.
Wednesday. Thursday.
Feb. 1.
Jan. 31.
PridaY•
Feb. 2.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
. EXCHANGE
PER SHARE
Range since Jan. 11923.
On basis of 100-share lots
Lowest
Highest
PER SNARE
Rance for Previous
Year 1922.
Lowest
I
Ilioltest
Per share $ per share $ per share
$ per share 3 per share 3 per share Shares Indus.& Miscall.(Con.) Par $ per share
5 per share $ per share 5 per share
No par 26 Jan 4 31 Jan 10
2712 Dec 3112 Oct
300 Exchange Buffet
4
2914 .2812 2913 *283 29,
29
30
2
*29
4
4
.2912 30, .293 30
2
75. Jan 107 Sept
4
6.300 Famous Players-Lasky_No par 823 Jan 19 93 Jan 2
85
4
843 86
2
837 8114 84
2
837 85
84
34
83523 844
0113 Jan 10739 Sept
Do preferred (8%)____100 947 Jan 16 995 Jan 11
2
900
8
96
4
/
961 9614 9614 96
9612 96
9512 *95
9552 95% 95
1612 May
Jan
84 Jan 23
914 Jan 15
9
100 Federal Mining & Smelting 100
952 932 .8
1012
1012 *952 1012 .952 1012
2
.73 104 *8
_100 44 Jan 23 497 Jan 4
Do pref
374 Mar 6253 Sept
2
474 1,000
4614 4614 47
47
.46
46
*4513 4612 4513 4512 46
1053 Dec
No par
8
73 Jan 17 103 Jan 2
84 Dec
2
8
8
8
814
84
8
,
8 4 84 1,100 Fifth Avenue Bun
8 12
8
2
83
*8
No par 150 Feb 1 21214 Jan 11
Jan 218 Dec
5,100 Fisher Body Corp
75
155 165
150 153
15612 170
3
170 178 •159 4 170
•182 184
1 100
7612 Jan 10314 June
9912 9912 994 3,100 Fisher Body Ohio. prof__ . _100 9613 Jan 24 100 Jan 29
9918 994 9912
99
9818 100
4
973 98
No pa 1314 Jan 2 155 Jan 13
1912 Apr
1052 Nov
8
4
143 147s 6,000 Fisk Rubber
4
1
/
14% 154 14% 154 147 1518 143 14% 143* 147
No par
2
187 Feb 1 22 Jan 13
1214 Jan 2714 Oct
1912 1872 197
19
2012 10,400 Freeport Texas Co
,
191 1912 19
2 1912 20
203
.20
No par 66 Jan 6 694 Jan 13
Oct
454 Jan 80
100 Gen Am Tank Car
6813
.643
66
,
,
681 .6613 68 2 *6613 6812 *6612 6812 66
*66
100 4113 Feb 1 49% Jan 2
374 Nov 735 July
4414 19,900 General Asphalt
4 424 4339 4113 4314 43
424 433
4
4314 4414 423 44
100 76 ,,Feb 1 8012 Jan 2
Do prof
09 Nov 111 July
300
76
76
*77
.7613 78
4
773
*7612 7813
78
78
,
.761 78
100 813* Jan 4 8714 Jan 19
4
65 Mar 843 Dee
3
4 857 864 2,600 General Cigar, Inc
4
1
/ 853
85
4
4 853 86
,
86 2 8634 863
8514 85
85
100 10412 Jan 2 106 Jan 21
Debenture pref
Oct
400
Jan 109
94
107 10712 •107 108 •10714 110 .10714 110 *10712 110
•106 107
100 179 Jan 10 1904 Feb 2 130
Jan 190 Dec
23,400 General Electric
,
18212 18312 18214 18512 1811 18514 18412 18712 188 1904
183 183
10 11% Jan 3 12 Jan 2
Special
4 1134 113
4
1012 Oct 12 Sept
, 113 1134 1,800
2 113* 113
*114 114 1113 11'z 1112 117
8, Jan
1514 July
4
4
1314 1353 1353 137 88,500 General Motors Corp.. No par 1312 Jan 17 1512 Jan 4
1432 131 1412 133 14
1414 14
14
100 833 Jan 20 85 Jan 16
4
DO pre!
200
Jan 86 Sept
69
4
*8312 85
*8312 8413 8413 8413 8412 8412 *8312 843 *8313 85
Deb stock (6%).__100 834 Jan 9 85 Jan 171 673 Mar 9614 Oct
Do
4
700
84
2
833 84
84
8313 8312
84
84
4
*8313 8412 *833 84
Do Deb stock (7%).A00 984 Jan 10
7914 Mar 10pt
0 Sept
Jan 17
900
98 .9713 9812 973 973
4
4
9813 9813 9814 9814 98
*9814 99
No par 41 Jan 3 4S4 Jan 19
4814
384 Oct 4514 Oct
500 Gimbel Bros
454 4613 4514 4514 4514 4514 .4513 46
47
*45
47
.45
No par
10 Jan 18 12 Jan 4
4
93 Niv
June
300 collide,, Co.
10
1014 .10
1014 10
4
10, .10
1012 104 1012 1012 *10
Vo par
2
47 Jan 2
6% Jan 4
44 Dec 1181134
8
51, 614
612 6.600 Goldwyn Pictures
6
64 653
6 14
6
6
6
613
6
2312 Nov 447 May
Par 34 Jan 4 3912 Jan 19
3,500 Go, Mich Co (B
3512 353* 3514 36
4 353* 36
30,2 3612 374 3714 364 363
100 84 Jan 3 92 Jan 22
Do pref
7912 Nov 91
Apr
8912 897
4
90
883 8914 1,600
9012 90
90
91
91
91
.90
22 Nov 35 May
800 Granby Cons M.Sm dr Pow100 23 Jan 25 2614 Jan 12
24
23
23
2314 2314 2314 2312 .23
23
23
25
.23
11 Jan 23 1414 Jan 27
No par
8 Nov
197 May
13
2
4
123 123
4 1212 123
4 1312 1312 13
4 5,705 Gray dr Davis Inc
,
131 133
1312 1414
22 Nov 3452 may
3)0 Greene Cananea Copper__100 234 Feb 1 2714 Jan 3
2312 234 .23
24
25
*23
25
25 .23
*23
24
24
9% Jan 5 11 Feb 2
7 Feb
98
144 Mar
8
1
/
2,2)0 Guantanamo Sugar__ No par
952
953 1014 1014 11
8 .912 97
*gt2 91
9% 9%
444 Jan 944 Oat
11,000 Gulf States Steel tr etfs___100 78 • Jan 10 844 Jan 19
8212 8412 8114 8314 81.2 8212 814 8112 8012 821., 8212 84
212 Jan 12
114 Jan 2
4
3 Jan
Mar
601) Ha,bishaw Eleo Cab._Ns par
4
14 .113 13
4
13
4 .153 13
1% 152
152
4
13
•132
4
13
Jan 4 954 Jan 28
81 Nov 148Z se at
100 8312
0
3 Mpr
2,100 Hartman Corp
4
913 92
92
92
92
9312 9213 9273 92
93
93
93
100 18% Jan 8 21 Jan 23
Jan
15
2 1913 193
2
193 193
4 1912 1912 1,100 Hendee Manufacturing
2
4
1
/ *193 21
19% 19
19
19
100 75 Jan 31 794 Jan 2
55
Jan 82 Nov
100 Homestake Mining
71
75 .70
75
78 .70
*6813 79
79
*6812 7613 *75
61 14 Nov 915 Oct
1,400 Houston 011 of Texas__ _100 694 Jan 10 773 Jan 15
72
714 72
714 72
73
73% 73% 7212 73
73
*72
In Nov 26% Deo
2 2812 285
2 2812 28% 20,900 Hudson Motor Car.__ _No phr 254 Jan 10 2912 Jan 28
2
287 294 2812 287
4
/
2912 2912 29 291
,
10 2 Jan 204 Dec
6.200 Hupp Motor Car Corp.__ _ 10 2252 Jan 11 2552 Jan 5
25
244 238 24
24
2412 24
24
24
24
4
*233 24
612 Jan 8
313 Feb
414 Jan 29
1112 June
No par
4
4
453 43* 4,300 Hydraulic Steel
413
44 4%
439 43
414 412
412 412
314 Jan
153 Dee
5 13 Jan 3 16 Jan 6
4
2
1412 1412 *14
700 Indlaboma Refining
147 .14
147
14%
8
14% 147 *14
•1414 15
67 Jan 4
2
4
51 Jan 21
10
5
Jan
1152 June
, 8 6
4 57
300 Indian Refining
.54 6
54 54
6
6
.572 6
*572 6
4
31 Nov 45 June
20 33 Jan 18 363 Jan 3
2
333 34
33
3.9)0 Inspiration Cons Copper
3412 3312 33 2 3314 3314 33
,
3414 3452 3312
53 Dee 113 May
714 Jan 4
818 Jan 24
4
814 *8
814 .8
200 Internat Agricul Corp_....100
814
814 .8
*8
8
8
812
*8
4
284 Nov 4312 Mar
100 31 Jan 22 343 Jan 18
Do pref
200
32
32
8
33
327 33
*32
33
33 .32
*32
33
*32
26
Jan 384 May
361, 3612 37
3,200 International Cement__No par 3412 Jan 2 3914 Jan 15
37
3714 3613 37
4
363 3714 37
37
37
204 June 3012 Sept
No par 2414 Feb 2 26 Jan 3
4
4
3
23 4 243 *233 2414 2334 23751 2314 2312 2.200 Inter Combus Eng
52 24
, 23
241
.24
8
793 Jan 1154 Aug
2 8872 8912 90
9014 2.900 Internat Harvester (new)...100 8734 Jan 17 9014 Feb 2
8912 90
8914 983
4 89 893
90
90
100 115 Jan 25 11614 Jan 4 10513 Feb 119 Sept
Do pref (new)
200
11612 11514 11514 *115q 117 .11514 116
4
4
115 115 .1133 1153
84 Dec 2712 May'
852 Jan 13 107 Jan 5
912 952 10
1014 2,000 Int Mercantile Marine_....100
914 912
914 9
%
914
0
9
914
414 Doe 873 May
100 374 Jan 29 47 Jan 5
8
Do pref
3813 40
8812 38
404 10,800
3813 38
3914 3712 3812 38
38
11 14 Jan
193 Apr
4
4 143 143
4 6,800 International Nickel (The) 25 14 Jan 2 16 Jan 4
8
4
143 144 1412 143
1434 15
4
143 15
4
143 147
61) Jan 85
100 694 Jan 4 774 Jan 11
Jan
Preferred
400
74
74
75
75
74
.73
74
*70
73
73
73
*70
8
4312 Mar 634 Oct
100 4912 Jan 22 555 Jan 15
2,800 International Paper
51
8 51
504 51
5014 5012 5012 0112 5012 505
5118
51
59 Mar 8012 Sept
Do stamped pref
69
70 .68
*68 70100 70 Jan 31 75,2 Jan 5
300
70I2 7112 7012 7012 7012 704 70
.
1218 JulY 2014 Apr
50 1414 Jan 17 1714 Jan 30
1618 164 1614 163* 56.390 Invincible 011 Corp
1613 17 4 16% 17
,
15
1639 164 17
24
Jan 5312 Oct
4414 *42
44 1 2,600 Iron Products Corp__ _ No par 4112 Jan 17 47 Jan 3
4513 4412 4412 42
4512 454 453
4 45
45
7
n 12
14 Nov
4 Jan 2
...as
I. 2,200 Island 011 Jr Transp v t c
12
as
13
3
10
8
3
Jan
12
%
2
3
2
3
12
39
10
12
100 1752 Jan 24 2032 Jan
Jan 22'M ay
4 4,009 Jewel Tea, Ins
193
4 19
1953 19
3
1752 183 1852 1813 1912 191 s 193
173*
384 Jan 76% Dec
100 6914 Jan 29 7712 Jan 2
Do pref
7312 743 75 1 1,300
4 73
4
4
71 s 713 733
6914 6914 71
75
.70
Feb 2
3412 Feb 5772 Sept
4 521, 5412 5414 565 17,600 Jones Bros Tea. Ina._ _100 50 Jan 17 563*
523
8
521, 51
50 .50
50% 50
50
1
/
2 Jan 29 1074 Jan 8 103 Dec 1093* Dec
10712 10712 10732 10713 10712 107% 10712 1073* 10712 1075s 10752 1073* 3,000 Jones & Laughlin St, pref 100 1073 Jan 2
312 Jan 12
112 Dec
112
19
Jan
2
21
2
24 11,500 Kansas & Gulf
214
2
2 14
2
21
7
`
24
2
437 Jan 2
34 May 4852 Aug
40 Jan 8
3
7'
4214 4212 1,900 Kayser (J) Co. (neto)__No par
4
4113 4212 413 4214 .414 42
2 4114 42
4232 423
a 8
34 .1, 34is,.y
944 Slay 106 .fla
372 j
; u3 ne
3
let preferred (flew)__No Par 100 Jan 29 101Jan 13
200
101 14 10114 *100 102 .100 102
101) 100 •100 102
*100 102
4
25 463 Jan 4
4 474 4814 484 49
483
7.600 Kelly-Springfield Tire
4 48
2 4332 4914 4812 49,
4914 493
9012 Jan 1073 May
4
*
Temporary 8% prof....100 1023 Jan 2 108 Jan 18
104 107 .104 107
.106 108 •107 10712 .107 108 •106 103
61
100 101 Jan 23 11012 Jan 3
Feb 11512 Dec
900 Kelsey Wheel, Inc
106 •10512 10812 107 107 .107 109
10314
10312 106
*107 109
8
393 May
No par
35 Jan 18
36% 364 19,900 Kennecott Copper
3614 361s 36% 354 3653 364 363
3632 36
36
1"1 Jan
4 3 J ar} 243 May
75314 Nov
8% Jan 17 30 jn 4
2
834 9
4,600 Keystone Tire & Rubber__ 10
87
83
137
2
858 87
4 9
853 87
2
,
4 83
87
Oct 18912 Nov
100 183 Jan 10 214 Jan 20 109
210 214 *21014 212
21112 213
2,300 Kresge (S 5) Co
210 212
207 214
3
209 4 211
43
Jan
•8312 844 .8312 84
*8312 85
100 Laclede Gas (St Louis) _ _ _ _100 83 Jan 10 86 Jan 26
84
84
87 .8312 84
*84
244 Nov 8411 Mar
:
35
4 2814 2814
283
2
284 285 *28
600 Lee Rubber St Tire__ _No par 2752 Jan 16 297 Jan 13
4
*2812 29 .2814 28% 283 29
Oot4
21934 2193 .218 219
600 Liggett & Myers Tobacco 100 208 Jan 25 220Jan 6 153 Feb 235
21714 21714
218 220
.212 218 .213 218
Jai 12313 Nov'
100 116 Jan 15 1184 Jan 8 108
Do prof
100
115 11714 *115 11714 •115 11714
11714 11714 11714 .115 11714.
*116
52 No'.'1177 May
2
61 12 16,900 Llma LocoWkstempctfsNo Par 58% Jan 17 6212 Jan 29
611
60
60.
617
2 6053
59'2
6212 61
61
8
615 62
1033 Jan
1814 Jan 17 1972 Jan 5
2334 Sept
2 1812 184 183 184 5,700 Loew's Incorporated _ _.No par
4
2 1852 1852 1814 187
19,
1914 19
19
9 Jar
1414 May
4
104 Jan 15 113 Jan 5
4
*103 11
4
103 103
1112 11
11
1033 104 1,100 Loft Incorporated _ ___No Par
1113 *11
*11
36
Jan 6513 0c2
Biscuit
100 514 Jan 4 6114 Jan 13
53
200 Loose-Wiles
60 .53
58
56 .50
.58 .
56
60
5814 59 .57
100 1611/ Jan 8 170 Jan 31 1474 Jay 180 Sent
900 Lorlliard (P4.
169 170 ,.165 168 .166 169
170 170
167 167 *167 174
72
Jan 117 Dot
100 105 Jan 22 11612 Feb 2
100 Mackay Companies
11612 11612
*113 117 *11412 117 •114 116 .113 117 i.110 117
8
07
Jan 70 Nov•
100 69 Jan 16 693 Jan 11
Do pref
400
6914 69
69 69
69
69,
2 69
6912 .69
6912 .69
69
.
2
2512 Jan 6172 Sept
No Par 5812 Jun 2 693 Jan 12
664 6512 65% 663 674 5,900 Mack Trucks, Inc
4
6614 6714 65
67
6612 6658
66
68 Feb 9412 Dee'
100 9212 Jan 3 9412 Jan 13
9372 .9212 94
Do 1st pref
93
.92
500
94
94
94 .92
9414 *92
*93
Jan 871 Sept
54
100 84 Jan 3 8713 Jan 12
Do 2d prof
200
86
*8512 841
8512 8512 .85
8513 8512 .8512 87 .8512 87
59 Nov 62 Deo
No par 614 Jan 8 71 14 Jan 20
6612 663
6714 6812 3,000 Macy
6533
4 67 673
*6752 6812 6314 6914 68
1512 Jay 40 Aug
3412 Jan 24 40 Jan 2
2 3472 3539 3512 3553 5,700 MaIllusou (IS R)& Co No Par
4
3514 36 4 343 357
,
,
3612 364 361 37
3014 Jan 62 Mar
100 4313 Jan 17 4754 Feb 2
2 474 473
4
463 464 464 473
4 2,600• Manatl Sugar
463 464 464 47
47
4
46
.
734 Apr 344 SePt
100
Preferred
82
*80
82
*78
82
78
82 .
78
82 .
*78
82
.79
1
41 Mar 69% Apr
Manhattan Elec Supply No par 51 12 Jan 3 5714 Jan 15
2001
54
.52
56
*52
55
52
56 .
534 .5312 534 5312 *53
7 Jan .5
25 4314 Feb 2 47
32 Mar 58
1,900 Manhattan Shirt
4 Oct.
44
44
4412 4413 4314 44
4412 45
45
4512 454 45
1
/
224 Jan 463 June
No par 274 Jan 6 373 Feb 2
2
4
4
3333 333 354 3512 373 27,600 5.1, rl otd 011
333
4 33
34% 33
2
343 34% 33
Si: Ma
912 Feb 11 11 Jan 16
No par
263 Mar
913 91 *10
2
13
100 Marlin-Rockwell
*913 13
.912 13
*94 13
*913 13
2014 Jan 3614 Juno
29
700 Ms tin-Parry Corp_ _ _ No par 2712 Jan 31' 31 Jan 3
2712 2758 274 273 *28
28
28
29
28 .28
• 23
22
Jan 54 Nov
5413 5412 5413 5512 7,300 Ma.hicson Alkali Works__ 50 49% Jan 2 5512 Jan 30
5314 5512 5312 54
.53
4 .52
4
.513 523
4
100 433 Feb 2 5412 Jan 4
41 14 Nov 74% May
4612 435 4512 4,600 Maxwell Mot Class A
4
4812 474 4712 4712 4713 4614 4712 44
47
1412 Feb 11 173 Jan 4
4
11
Feb 257 June
2
6,800 Maxwell Mot Class B_ _No par
1412 1512 1453 15
2 1512 154
4
4
•153 1613 1614 1614 153 163
2
6512 Dec 179 1)eo
11,200 May Department Stores 100 67% Jan 5 783 Jan 13
4
723 734 723 75
2
,
72% 73% 724 73 2 723 73
7214 73
1752 Feb l' 184 Jan 23
1052 Jan 2152 Mar
2.100 McIntyre Por Mines
4
184 173* 1752 .173 18
18
1814
1812 1814 1814 1814 18
100 290 Jan 2 293 Jan 2, 1063 Jan 322 Deo
4
Mexican Petroleum
*250 275 .250 290 .250 280 •240 290 *240 280 .250 290
100
1
794 Jan 108 Dee'
Preferred
*95 105
.95 105
*95 105
.9.5 105
•95 105
*95 105
2
15
Oct 3412 July
6,600 MOICICall Seaboard 011_ _No par 1614 Jan 12 183 Jan 3
16% 165 18
8 1613
1
/
1
/
4 164 164 1612 165
1612 1612 1612 163
151g Jan 17 175 Jan 2
12
Oct 324 July
4 1513 1.512 1512 174 2,700, Voting trust ctfs
4
1512 1512 .1513 1.53 .1512 153
16
16
4
a 263 Feb 1 28 Jan 425 Nov 3132 May
2,700 Miami copper
27
2 27
4
2712 273* 263 267
2714 27% 2714 2712 274 27%
10 11 Jan 24 1214 Jan 12' 11 Nov
16 Apr
4
2 114 11 12 1158 1112 11, 11% 35,700, Middle Stales 011 Corp
1113 1113 1112 113
1113 1113 .
2912
264 Dec 4514 MaY
2714 2712 2714 8,0001 Midvale Steel & Ordnance_ 50 27 Feb 1. 685 Jan 4
2714 2712 2714 2712 2712 274 27
2752 28
100 6512 Jan 24
Jan 4
63
Jan 764 Sept
.5001 Montana Power
.6512 67
6513 66
67
66
67 .
67 .66
4
4
653 653 .66
10 20% Jan 17 23 Jan 25
12
Feb 254 Aug
7,900 MontWard & CoI112 Corp
, 214 22
2112 21% 2112 211
2214 7153 22
224 22% 22
4
No par 173 Jan 17 194 Jan 4
13 Aug
2
197 Dec2
197 204 33.600 Moon Motors
1812 20
2
2
.3
18% 1812 183 1812 183 1812 183 18%
4
93 Nov
2
Mother Lode CoalitIon_No par 11 Jan 2 113 Jan 8
1214 Dee'
8 1132 1112 1114 1112 Ills 114 1114 1139 Ills 1139 14,300
1112 115
22 Jan 24 24 Jan 31
N. par
1714 Dec 34 Mar
700 Mullin- Bort%
25
.22
24
24
24
24
24
24
24
24 .22
*22
No par .754 Jan 2 11412 Jan 12
70 Dec 525 July
2
1017 1043
10012 10012 101 101
4 1.500 Nash Motors Co
*102 104 *101 103 .101 103
100 39 Jan 5
100 98 Jari 2 1t3 jan 17 10i 12 ,5, /11 108 Dec
4 J
3
Preferred A
1 1 4,1
) 2 .1 ,
,
*9912 100 .9912 100
•9912 10012 *9913 100
*9912 10012 *9913 100
50 11 Jan 30
2114 Apr
11
800 National Acme
12
*11
12
.11
Ills 11
1113 11
114 114 *11
270 Dee
2
4 39
393 40
39% 394 39 2 16,500 National Biscuit
,
39 4 393
3
39 4 43
,
4018
40
100 1203 Jan 15 11 2 j i; li 138 2 De° 126
4
4
6 1 j,an
:% l ar
Oct
e
i:18 Jan
i
Iit
Do pref
100
125 125
•122 125 .122 125 .122 125 .122 125 *122 125
23
2
667 Sept
6112 6112 62
400 National Cloak & Suit__ I00 60 Jan 17
6312 64
64
*6112 6313 .6112 6412 *6112 72
,
Ca
4
/
41 Apr
It. Jan 4
g
Enani: ai pl._o_ 10000
1 Dee
.1
1
1
4 .1
13
300 Nat Conduit suib le_ _ N :..2
12
1
14
1
114
114 •1
*1
6514 Jan 9 6912 Jan 19
684 Oct
4
67
,
671 6752 2,400 Nat
,
2
4 673 67% 6714 6714 663 67 4 67
6712 673
1
12312 Jan 25 1283 Jan 2
Lead
4
30'4 Jan 12914 Deo
2
4 2,100
•12414 12512 125 12512 12514 12514 1247 12614 •12514 12512 12612 1273
Oct
100 11214 Jan 3 114 Jan 4 105
88 Jan 117
11214 113 *11212 11312 113% 113%
4
n
810
*11214 1133 113% 113% *11212 1133
4
5 1412 Jan 29 1614 Jan 2
194 June
134 Nov
daprornsol Copper
4
*1414 1412 144 144 144 144 1414 14% 14, 1414 144 1414 3,000 Nevada Co
2633 Jan 2, 2914 Jan 12
2413 Nov 414 Sept
2712 2712 28
X
28
28 .27
2812 1,000 N ,Air Brake (new)....Vo par
.27
2712 2712
*2712 28
par
ar
No lx
112 J, 9 5012 Jan 15
454 Nov 5014 Oct
Class A
4813 49
2
49
483 48% 4312 4814 .48
1,400
49
4834 483
4 49
Nov 40 June
2112 Jan
100 New York Dock
*2114 223 .2114 22% 2114 2114 .2112 223
4
4
*2114 23
*2114 23
100 46 Jan 3111 4858 j n 26
681s June
2
48 Nov
15 22 Ja 5
46
4614 .441 4 47 .444 46
Do prat
48
*4614
200
*4614 48
*4614 48
Co
50 10019 Jan Ili 1073 Jan 3
4412 Jan 10114 Dee.
2
4
4
4
4
4
10512 10612 105 1053 1034 1043 1025 103% 1024 1033 1033 1053 11.600 North American
Jan 474 Aug
50 4412 Jan 17 4512 Jan 2
38
*45
45
4512 45
45
45
4512 2,300
45
45
4514
45
45
204 Feb 40 Sept
25
2712 .25
2912 .
2
27, *25
Da P rt f
Novo Scoela Steel & Coal..100 27 Jan 10 29 Jan 4
27
2712 *2514 27 .25
.25
4,912 1012 •
8 July 12% Mar
912 Jan 5 10 Jan 9
Nunnally Co (The)____No par
*914 10
10
.9
913 1012
10
*9
10
9
.
5 Nov 1414 Apr
612 Jan 2 104 Jan 29
914 *814 94
*9
2,100 Ohio Body & Blow____No par
,
914 9 4
4
/
91 914
1012
9
2 94
87
,
4% Juno
4
13 Dec
2
17 Jan 2
24 Jan 18
8
2% 23
2 2%
23
4
1
/ 212 12,300 Oklahoma Prod & Ref of Am 5
2
2 212
23
2% 23
214 212
2
9% Mar
412 Jan
100
5 Jan 6
512 Jan 14
6
*5
5
5
100 Ontario Silver Mining
514
512
*5
5 12 *5
5
5 12 .
*5
Oct
123* Jan 28
1
1712 Jan 5, 193 Jan 23
4
1814 1814 2.100 Orpheum Circuit. Inc
18% 183
4 1812 18%
1914 18% 19
1912 19
*19
Jan 1684 Oct
1041 144 Jan 241 15212 Jan 5 116
145 145 .145 149 .144 149
100 Otis Elevator
*146 151 •144 150 •145 149
•Bill and asked prices: no sales on 11111 day. I Leas than 100 shares. a Ex-dividend and rlght2., s El-dividend. •• Es-rights.
New York Stock Record-Concluded-Page 4
497
For sales during the week of stocks usually inactive, see fourth page preceding.
•
PER SHARE
PER SHARE
Range for Previous
STOCKS
Sales
Range since Jan. 1 1923.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Year 1922.
for
NEW YORK STOCK
On basis of 100-share lots
EXCHANGE
Friday.
the
Monday. ' Tuesday. Wednesday.' Thursday.
Saturday.
Lowest ' Highest
Highest
Feb. 2.
Week.
Lowest
Jan. 31. 1 Feb. 1.
Jan. 29. 1 Jan. 30.
Jan. 27.
J
share' per share
$
per
$ per share $ per sharel 9 per share $ per share $ per share $ per shore Shares Indus.& MIscell•(Con.) Par 3 77 Share $ per share $ per
94
93
No par
914 Jan 31
8 Nov 1612 Apr
Jan 4
9
9
9
13,000 Otis Steel
2
8'
4 .812 812
4
2
24% Jan 423 Sept
25 36% Jan 2 46 Jan 23
46
437 4553 44
2
4412 53,600 Owens Bottle
4 42
3
443
4 43 4 4412' 4314 433
44
7
1
12 Dee 1412 Apr
7
8 1
1
112
7
2
1
12 Jan 2
14 Jan 13
7
2
% 4,600 Pacific Development
78
1
60 Jan 9112 Sept
793
4 79 4 8014 8,300 Pacific Gas & Electric
100 783 Jan 25 85 Jan 5
4 7912 8214 7912 80
79
3
4
7912 813
794 80
Jan 19 June
Pacific Mall SS
11
*11
12
5 1133 Jan 15 113 Jan 30
113 113 *11
4
4
12
*1114 12
4
*1114 12•1114 12
2
4212 Nov 893 May
424 Jan 30 4812 Jan 4
4212 4352 4214 42% 4212 43
43
4453 39,000 Pacific 011
4214 437
433 44
4
1 Nov
10 1012 Jan 8 1412 Jan 18
10 Dec
2 1212 134 47,500 Packard Motor Car
4
1333 1333 1312 1312 123 1312 128 127
13 2 135
3
2
2
487 Jan 1007 Deo
60 84 Jan 5 9114 Jan 2
2
42,500 Pan-Am Pet & Trans
8814 87% 857 8714 8614 8714 8714 89
2
873 885 88
87
4
Do Class B
4012 Feb 953 Bee
50 775 Jan 22 8414 Jan 2
4
808 8012 825 43,100
3
79 4 8012 79 4 8012 7912 8012 7912 80% 80
3
Panhandle Prod & Ret_No par
3 Dec 1212 Jan
4
/ *4
1
4
434
45
4 *4
4 4 *4
3
45
4 *4
4 Jan 16
5 Jan 5
4 *4
43
*4
17 'API
*1212 14
No par 1133 Jan 25 1414 Jan 27
712 Nov
1312 1312 *12
1233 *12
1414 137 14
1312 1.800 Parish & Bingham
1212
37 Jan 6
4
212 Jan 2
233 Dec 133 MaY
314 3 2
3
314
353
353
353 4.600 Penn-Seaboard St'l v t c No par
34 333
314 33
2
33
4 34
593 Jan 99 Sept
4
9412 9314 94
93
927 9314 93
9312 93
931
2 6,200 People's G. L dz C(Chle)100 90 Jan 16 9412 Jan 30
927 93
2
3112 Jan 453 Sept
42
424 *4212 424 *4112 42
7,400 Philadelphia Co (Pittsb)__ 50 4114 Jan 2 4414 Jan 6
433
4
*4114 42
42
4214 4214
Phillip-Jones Corp
No par 76 Jan 11 788 Jan 15, 7314 Oct 10512 Jam
*72
78 1 *72
78
5.72
78
78
•72
7814 *72
7814
72
2814 Jan 5914 June
No par 4712 Jan 2 5812 Feb 2
5114 517
21 504 5112 501 51
/
4
51
534 5312 568 60,000 Phillips Petroleum
5112 32
No par 1112 Jan 27 1514 Jan 9
8 July 2452 Apr
g
8,600 Plerce-Arrow M Car
4 1112 121e 1214 123
4 12
1233 117 12
1112 113
12 14 127
Do pref
100 273 Jan 27 355 Jan 9
2
4
8
187 July 49 Aim
3012 29
30
29 12 294 29
/ 29
1
4
/ 3,300
1
4
274 29
284 28%1 30
/
1
Jar
412
4
4 14
4
25
4 Jan 25
4 2 Jan 8
5
37 Dec 12
2
4
4
412 412
4
4
4
44 3,800 Pierce Oil Corporation
Jaz
200
Do pref
100 38 Jan 24 45 Jan 4
32 Sept71
3912 394' *3712 3912 *3712 3912 *374 3912 394 398
40
*37
4
39 Nov 5912 Da
62
633 18,300 Plgg Wigs Stor Inc"A" No par 5514 Jan 17 843 Jan 23
4
803 8112 6012 60% 5914 6114 6014 61
4
6012 62
100 58 Jan 16 617 Feb 2
8114 603 60
4
/ 60 6052 6012 6052 6012 81
1
4
55 Nov 7232 Sept
61
811
2 3,800 Pittsburgh Coal of Pa
61
99
*98
99
Do pref
*98
99
99
99
99
*983 100
4
200
100 99 Jan 11 994 Jan 4
*98
99
9012 Feb 10012 Sept
411 41
/
4
4153 41
4114 41
41
41
41
10 384 Jan 3 42 Jan 22
41
4033 4052 3,600 Pond Creek Coal
1414 Feb 41 De(
No par 113 Jan 6 1315 Jan 15
Oel
4
128 129
3
2,400 Poetum Cereal
8
8552 Apr 120
127 127 4 *126 12712 127 1283 126 12612 127 127
/
1
4
100
8% preferred
100 11012 Jan 3 11414 Jan 25 10512 Apr 11212 Oct
•1121 114 *113 114 *113 114 *113 114
2
113 113 *113 114
*65
66
*65
67
65
58
60
1,900 Pressed Steel Car
100 .58 Feb 2 8112 Jan 2
4
68
86
65
62
64
83 Jan 951 Sepi
*90
91
91
91
91
91
9112
500
Do pref
100 86 Jan 22 993 Jan 5
91
91
*90
92
91
91 Feb 106 Sept
4
47 4 4812 474 50
3
4914 497 98,000 Producers az Refiners Corp_ 50 4714 Jan 16 5114 Jan 2
2412 Jan 51 Sept
4914 5014 495 50% 4912 50
4
99
973 9812 97
2
Jan 100 NON
9914 9912 98
98
66
97
97
97 14 9754 5,300 Public Service Corp of N J..100 9354 Jan 6 10053 Jan 19
1301.1 13112 130 13012 12914 13012 1278 12814 *127 128
128 1283
4 6,300 Pullman Company
/
1
4
4
/
1
100 1264 Jan 17 13358 Jan 4 10512 Jan 139 Sept
45
4614 4512 4614 45
454 45
453
4 4512 4712 4712 4853 8,100 Punta Alegre Sugar
50 43 Jail 18 48% Feb 2
293 July 5314 Jun5
2
2712 27% 2714 2712 2714 2712 2714 2753 273 28
*273 28
4
10,000 Pure Oil (The)
25 27 Jan 24 297 Jan 4
4
284 Nov 3833 Jar
*98 100
*98
8% preferred
99
*98
99
*98
99
59
99
*98
99
300
100 97 Jan 25 997k Jan 4
4
94 July 1023 Am
100 11012 Jan 30 1194 Jan 3
94
11012 112
Jan 12614 Sept
•109 113 *109 112
11012 1104 110 110
110 111
1,000 Railway Steel Spring
*323 33
2
*337 3314 *3
100 Rand Mines Ltd
No par 3212 Jan 23 333 Jan 12
3414 32% 3212 *324 3312 *3212 3314
4
1912 Jan 3612 Sept
13
12 137
135 133
4 135 133
4 1312 13
5
133 1352 1352 133
2
4 2,700 Ray Consolidated Copper_ 10 1312 Jan 25 147 Jan 2
1212 Nov
19 Mai
*36
3612 363 363
4
4 363 3658 3688 3653 3612 364 361 3614
8
600 Remington Typewriter vi 0100 3312 Jan 11 38 Jan 5
/
4
24
Jan 42 Mai
*100 103 *100 103
103 103 *100 103 *100 103
1021 1024
2
200
let preferred v t 0
100 101 Jan 18 103 Jan 30
55 Jan 105 Do
83
83
*80
84
2d preferred
*8014 83
*80
84
*80
84
*80
84
100
100 80 Jan 3 83 Jan 29
504 Feb804 D&
5
26
2612 264 26
26
2552 5,500 Replogle Steel
26
2514 2533 2452 254 25
No par 2314 Jan 2 29 Jan 8
21 Nov 3812 Ma]
48
483
2 4814 487
4814 4812 47
4 8,200 Republic Iron de Steel
474 4734 483
100 47 Jan 31. 523 Jan 3
2
4312 Nov7812 Ma/
473
4 47
91
*89
90
Do pref
89
*89
90
*89
90
900
100 89 Jan 9 925 Jan 18
9014 8914 90
*89
4
74 Feb95 4 Ma/
3
1754 1812 1914 23
2114 2214 2012 2134 2012 2053 2012 201 13,800 Reynolds Spring
No par 1653 Jan 23 25 Jan 2
1214 Nov50 4Juni
3
527 53
2
5312 55
43 Mar 633 Nol
54
/ 555
1
4
543 5512 543 5512 55
4
4
4
55'8 31,800 Reynolds(R J) Tob Cl B__ 25 47 Jan 10 555 Jan 30
432
7% preferred
15115 11614 116 116
11614 11614 *116 11614 11814 11614 116 116
100 1147 Jan 19, 11614 Jan 30 11112 Apr 1183 Oc
4
4812 4912 474 487
2 454 4612 4212 4512 4414 45
46
47
41,700 Royal Dutch Co(NY shares). 4212 Jan 31 5312 Jan 15
473 Jan 6833 Ma/
2
•18
1814 1814 1853 183 1853 1814 183
l94 3,600 St Joseph Lead
2
10 18 Jan 2 1914 Feb 2
2 183 188 19
2
1258 Jan 20 Sag
/
1
4
*24 253 *2
/ 212 *214 212
1
4
1,600 San Cecilia Sugar v t e_No par
614 Ma
.
14 Jan
212 212 *214 21
2 Jan 17
258 Jan 5
212 3
23
234 2314 2314 2214 223
4
2112 2152 *213 22's 2,100 Savage Arms Corp
100 1812 Jan 3, 234 Jan 27
4 218 22
10 Aug247 Are
,,
8.53 8633 85
4
8614 85
2
884 8412 8512 85
851_ 857 867 10.800 Sears, Roebuck & Co
59 2 Feb 94 2 Aul
3
7
s
100 8312 Jan 17 90 Jan 5
•108 11114 *108 11114 *110 11114 *110 11114 *110 11134 *110 112
Preferred
100 11012 Jan 26 11012 Jan 261 91
Jan 112 Aul
*7% 8
7 4 814 2,100 Seneca Copper
3
No par
814 Jan 41
*753 8
73
4 7
3
*75
8
7 2 Jan 17
3
6
Oct23 Jar
14
7 4 754
5
., 9
*814 9
'814 8 4 *814 9
*88
Shattuck Arizona Copper.. 10
84 Jan 2, 912 Jan 13
5
*812 9
64 Nov12 Juni
*814 9
3 355
/
1
4
*35 4 36
3
600 Shell Transp & Trading_ £2 343 Jan 31 38 Jan 2
35
2 354 3512
344 Dec 4812 Ma/
3453 347 53412 347
2
36
36
1314 1352 131 1312 1314 133
No par 1232 Jan 8 147 Feb 2
2
/
4
2
1212 Dec 127 Dei
2
4 1312 1412 137 1412 144 147 41,700 Shell Union 011
32
3212 324 3253 32
18
3
3253 3212 32% 23,800 Sinclair Cons 011 Corp-No par 317 Jan 19 357 Jan 2
/ Jan 383 Jun1
1
4
3214 317 32's 32
4
11
1112 11
10
1114 1112 1112 35,000 Skelly 011 Co
9 Jan 2' 12 Jan 13
52
8 2 Nov117 Oc
5
1114 107 1112 107 1112 11
2
2
2
48 48
*47
700 Sloss-Sheffield Steel & Iron 100 42 Jan 3 503 Jan 19
3412 Mar 5412 Ma/
48
*47
s
4812 47
*45
464
47
46
48
Do pref
81
*72
81
100
*72
82
•72
80
*72
100 68 Jan 13 8312 Jan 20
68 Mar 80 AUI
82
78
78
*72
)
*40
4112 *4014 413
1,900 So Porto Rico Sugar
33 Nov 5714 Ma
100 40 Jan 13 . 423 Jan 25
4
41
41 12 4214 4212 44
4 41 14 40
/ 41
1
4
15 Nov24 Judi
2118 223
4 2134 223
2112 2212 2214 2252 23,800 Spicer Mfg Co
No par 19 Jan 17 223 Jan 27
4
4 214 22
20 4 22
3
9534 9614 *96
977
1,300
Preferred
84 Apr 96 Sep'
*92
9412 943 9434 9454 953
9712 97
100 90 Jan 3 9758 Feb 2
400 Standard Milling
873 8753 87
2
100 8512 Jan 10 9012 Jan 23
843 Dec 141 Sep
4
4
/ 8714
1
4
87
8714 8714 *863 8712 *863 8712 87
4
/
1
25 542 Jan 25 12312 Jan 2
913 Jan 135 00
4
557 563
4 56
564 5812 563
/
1
4 5514 5612 5514 56% 564 573 22,000 Standard Oil of Cal
7 4012 39 4 4014 393 4014 393 397
393 405s 54,292 Standard 011 of N J
25 3914 Feb 1 4314 Jan 12
39
4
3812 Dec 25012 Oe
391 395
/
4
8
3
2
4
Do pref non voting-10 11612 Jan 31 1171 Jan 4 1133 Jan 120 No/
2
11652 11652 1163 1167 11652 1167 11612 11652 11653 11618 1167 11672 5,100
s
2
2
4
2
20.300 Steel & Tube of Am pref 100 85 Jan 2 107% Jan 12
68 Mar 90 Ma]
104 10414 94 1023 101 10312 1024 10514 1033 104
10314 104
4
4
2
No par 687 Jan 5 64 Jan 11
8
4512 May 63 4 De
6213 6212 6212 624 62
3
6212 6112 6272 6152 815 *6112 6212 2,200 Sterling Products
400 Stern Bros prof(8%)
100 10912 Jan 2 115 Jan 5
81
Jan 109 Jar
__ *115
___
*115 120
115 115
11012 11012 115 115
/
4
2412 Jan 79 Dei
8,900 Stewart
-Ward SD Corp-No par 7914 Jan 2 911 Jan 30
89
89590
881 89
2
/ 90
1
4
91
9014 9114 8812 so% *115- 4 8912 600 Stromberg Carburetor_No par 8214 Jan 10 69 Jan 2
3514 Jan 71 De
*65
66
*64
66
857 651 . 63
2
2
/ 65
1
4
*64
66
*64
86
100 11212 Jan 16 119 Jan 3
7912 Jan 1411 De
/
4
1143 1154 11412 11553 11412 11514 1133 11512 11312 1143 115 1155 88,000 Studebaker Corp (The)
4
4
4
100 112 Jan 4 11212 Jan 23 100 Feb11814 No/
Do pref
•112 113 *11214 113 *112 113 *112 113 *112 113 *112 113
94 91
93
No par
7 Jan 3 . 9 4 Jan 26
3
34 Jan
872 No/
914 91
912
93* 9 4
93* 933
94 93 15,800 Submarine Boat
4
3
47 Jan 23
5 Feb 2
/
1
4
4 Nov10
/
1
4Juni
47
No par
*47
2 5
5
5 / 6,800 Superior Oil
1
4
.48
5
*47,2 5
5
48 5
Jan 3912 Ap:
400 Superior Steel
100 2914 Jan 3 31 Jan 181 26
*294 31
3
3
304 301 *30
,
31
29
/ 3012 29 4 29 4 *2912 31
1
4
10
2 Jan 2 2 1 Jan 12
s
1112 Nov5 Ma
214 232
23
2 233 3,000 Sweets Co of America
23
2 23
2
24 233
212 25,
25
28
8% Nov12 4 Ma;
3
1152 117
1152 1112 1152 1153 114 11% 1112 Ills 1112 1112 3,200 Tenn Copp & C tr etfs_No par 1052 Jan 2 124 Jan 5
473 48
42 Mar 52
/ Oe
1
4
2
4712 477
475 477
2
2 477 48
20,800 Texas Company (The)
25 473 Jan 17 49 Jan 2
474 48
4752 48
10 587 Jan 10 65 Jan 15
2
3812 Jan 6712 No
,
5912 6114 605 6153 7,700 Texas Gulf Sulphur
613 62
4
814 613
4 61
613
4 6012 61
1812 Nov 3284 Jun
2 213 23
2
213 234 2314 2414 41,400 Texas Pacific Coal dr OIL_ 10 20 Jan 24 2414 Feb 2
/
1
204 2012 20 2014 2012 227
100 120 Jan 2 133 Jan 12 1063 May 154
4
Oe
128 128
129 129
500 TIdewater OIl
*125 127
12812 127 *126 128 *126 128
4
2812 Sept 35 Oc
/
1
363
4 3614 37
18,900 Timken Roller Bearing_No par 3312 Jan 2 383 Jan 30
3733 3712 3712 3712 369 3714 357 364 36
491 Nov 8414 Jun
4
503 50
2
/ 52 • 52
1
4
527 531
53
5012 52
5,600 Tobacco Ptoducta Corp_100 504 Jan 17 5812 Jan 2
523 5312 52
4
76% Aug 8912 Sep
/
1
4
/ 794 79
1
4
/ 9,200
1
4
Do CI A (since July 15) 100 79 Feb 2 8412 Jan 4
817 8214 8112 82
2
82
82 12 783 8014 7812 78
4
74 Mar 204 Ma:
2 114 113
2 11
1112 11
1114 1112 114 10,600 Transcontinental Oil__ _No par 108 Jan 9 1412 Jan 5
11
113
1153 11
*64
*64
66
*64
/
1
4
55 Mar 78 Sep
66
68
*64
Union Bag & Paper Corp_ _100 63 Jan 16 67 Jan 2
66
*84
66
•64
66
•4
14
*4
4
*Is
Ls
18 Dec 25 Jun
*is
14
No par
12 Jan 4
12
12
12
12
300 Union Oil
14 Jan 3
*80
4
85 Dec 1343 De
82
/ *81
1
4
4
81 I *81
82
/
1
4
100 Union Tank Car
100 81 Feb 1 8512 Jan 3
82
*80
/ 8212 *803 8112 81
1
4
112 112 .11012 111
Preferred
111 112 55111 112
700
100 1081 Jan 3 112 Jan 19 102 Feb 113 Sep
2
111 111 '
5111 112
.33
34
*33
34
United Alloy Steel
25
Jan 4114 Ma'
34
*33
34
*33
34
*33
34 I *33
No par 3312 Jan 5 34 Jan 2
80
813
2 8012 8012 80
80
2,100 United Drug
607 Mar 85
2
Oc
80
80
80
80 I 805 82
4
2
100 78 Jan 24 823 Jan 11
*4812 461 *4612 4612 *464 4612 *4612 4612 *4614 48 I *4614 4612
1st preferred
414 Feb 517 Oc
50 47 Jan 4 477 Jan 6
/
1
4
180 18012 180 1603 160 160 *158 16012 15914 160 I 1598 160
Oc
2,300 United Fruit
4
4
100 15212 Jan 17 16312 Jan 25 1193 Jan 162
7lIg 694 7054 68
71
12,400 United Retail Stores_ __No par 643 Feb 1 785 Jan 5
/ 6912 67
1
4
41 65
67
4312 Feb 8712 Oc
685
8 643 863
8
2
4
*30
301
30
3()
30
29
*293 30
2
1,900 US,Cast Iron Pipe & Fdy_100 29 Jan 31 323 Jan 4
1612 Jan 39 Au,
303
2 29 2912 29
4
*138
691
6912 70
*68
6912 69
6912
300
Do pref
100 69 Jan 25 72 Jan 3
50 Jan 78 Au
69
*88
8912 *68
/
1
4
37
*34 4
37
3%
3
1012 Ja
/ 33
1
4
414 *354 4
600 U S Food Products Corp.j00
4
2 4 Feb
1
4
44 *35
5 Jan 2
3 Jan 30
/
1
4
21
25
23
25
227 24
2
2
23
4
1812 Nov 257 Ma
234 22
23 I 2212 223 22,500 USHoffmanMachCorp No par 188 Jan 28 25 Jan 27
63
/ 8414 63 4 644 633 65% 633 65
1
4
3
/
1
4
6414 64'I 6434 66
10,100 US Industrial Alcohol
4
7
37 Jan 72 2 Oc
100 6213 Jan 22 687 Jan 5
2
•961 98'4 98
/
4
98
*9612 9812 *9814 9812 *9612 98141 9812 9812
200
Do pref
Or
7212 Dec 102
100 98 Jan 2 9812 Jan 11
8914 9014 90
904 *90
2
9033 90
9012 8952 89% *89 4 9014 1,200 US Realty az Improvement 100 8812 Jan 24 9512 Jan 12
3
56
Jan 927 (:)e
59
/ 597
1
4
58
/ 594 5814 5912 5712 5812 5714 577
1
4
2
46 Nov 6712 149
575 5812 18,600 Unite4 States Rubber
100 .55 Jan 10 62 Jan 15
'102 102
10112 102
10112 10134 1014 10112 10114 101141 1015 10112 1,300
Do 1st pref
91 Sept107 Jul
100 99 Jan 2 105 Jan 13
364 361
3612 3714 364 364 3554 3554 35
35 I 353 36
s
2,700 US Smelting, Ref & M
33 Feb 48114 Oc
50 35 Jan 22 4012 Jan 9
47
47
47
47
48
47
900
•4532 48
46
Do pref
*453 46 I 46
4214 Feb 49 Au
50 46- Jan 30 4812 Jan 3
106 1061 1053 1065 1055 1084 104 105
4
4
4
/ 80,800 United State, Steel Corp 100 104 Jan 31 1083 Jan 4
1
4
10414 104331 10433 105
82 Jan 11112 0(
4
1214 1211 1213 12112 12012 1203 119 1193 11914 120 I 120 120
2
4
6,200
Do pref
4
100 119 Jan 31 12312 Jan 15 1133 Feb 123 Set
2
623 631t 6212 638 63
4
8312 63 6312 63
8 5,450 Utah Copper
83 I 8252 635
10 6212 Jan 18 6612 Jan 3
59 Nov714 Set
17
1712 1712 1712 •1612 1714 1612 1812 17
600 Utah Securities v t o
*1612 17
17
100 1554 Jan 26 1712 Jan 26
6 8 Jan 231 Set
7
361 381
/
4
355 36
4
355 36
4
35
3512 5,800 Vanadium Corp
354 337 354 35
No par 337 Feb 1 394 Jan 4
3014 Jan 5514 Au
•98
991 *98
99
/ 98
1
4
98
*95
100 Van Raalte 1st pref
99
*95
99
99
*95
100 9512 Jan 8 98 Jan 25
Jan 100 Os
92
233 24
2
235 2432 23
/ 233
1
4
4 24
21
2312 7,500 Virginla-Carolina Chem_100 21 Feb 2 25 4 Jan 3
24
2312 24
2314 Nov 367 Ms
s
3
62
/ 8133 6153 6214 6214 62
1
4
62
/ 6224 62
1
4
900
Do pref
8114 814
62
100 6112 Jan 25 6312 Jan 2
58 July 83 0(
534 54 .5312 65
*5312 54
5312 534 *534 55
300 Virginia Iron, C & C
100 5312 Jan 31 55 Jan 4
43 Mar 944 Ja
*5312 55
*80
84
80
80
80
80
*79
82
200
Preferred
*79
83
83
*78
100 80 Jan 29 80 Jan 29
66 Mar 86
01
7752 173
2 174 175
17
1714 17
174 1612 167
6,600 Vivaudou (V)
s
163 17
4
No par 1514 Jan 17 18 Jan 23
16 Di
612 Jan
1214 1214 124 1214 *124 123 •12
/
1
2
1212 1,400 Weber & Heilbroner
1254 *12
123 *12
4
No par, 1214 Jan 27 In Jan 4
17 At
1033 00
•934 941g 944 944 9412 944 9312 931
3 94
1.100 Wells Fargo Express
2 934 93
/
1
/ 93
1
4
6614 Jan 983* 01
100 91 Jad 5 95 Jan 9
/
1
4
4
113 1133 *111 1125 112 113% 8112 113 .11252 11252 112 113
2.100 Western Union Telegraph..100 109 Jan 22 1135 Jan 26
4
89 Feb1211 Au
4
110 11012 *10812 110 *10812 110 .10812 110
__ _ 10953 110
800 Westinghouse Air Brake. _ 50 107 Jan 20 11112 Jan 2
80 Mar 114 DI
604 6012 6052 6233 6214 627
•10961
60 2 82
6352 6212 6333 32,000 Westinghouse Eleo & Mfg 50 58 4 Jan 11 63% Feb 2
4912 Jan 651 Au
/
4
.
3
25
/ 2614 2554 2814 257 27
1
4
25
/ 26
1
4
14,400 White Eagle Oil
2812 27
2612 27
514 Oct34 De
No par 247 Jan 16 274 Jan 2
s
51
514 514 514 12,000 White Motor
4
5172 525
8 5218 5318 514 5212 5112 52
'
3512 Jan 54 SeI
50 485 Jan 3 5312 Jan 29
2
3
3
3
312
312 312
312 312
3
34
312 338 3,100 White Oil Corporation_No par
24 Dec 12 Ma
4
3 Jan 24
33 Jan 2
1112 1114 *1112 1132 1112 1112
1112 111
1112 114 *1112 1114
900 Wickwire Spencer Steel_ 5 103 Jan 2 113 Jan 11
812 Nov217 Ma
2
4
4
74 73*
714 74 *714 712
722 4,000 WIllys-Overland (The)____ 25
714
714
74 714
44 Feb10 Ma
714
/
1
4
8 Jan 5
67 Jan 2
2
4512 464 454 48
453 46
2
4452 443
5,900
4452 48
4472 47
Do Preferred (new)__100 424 Jan 2 4812 Jan 5
24 Feb4912 Jul
*37
39
38
*37
38
39
500 Wilson & Co,Inc, v t e_No pox 36 Jan 10 39 Jan 22
38
*37
38
39
38
39
27 Jan 501s Set
14
586
90
90 '
•86
*88
90
90
*86
*86
88
*86
88
Preferred
66
Jan 91 Set
100 86 Jan 17 87 Jan 3
211 21114 20812 20812 •205 208 *207 210
/
4
1,200 Woolworth Co (F W)
208 2081 2101 211
Jan 223 Na
100 19912 Jan 24 22412 Jan 5 137
2
34
400 Worthington P & M v t 0_100 303 Jan 30 341 Jan 3
304 3012 303 3052 *31
*305 31
8
*31
33
33
.31
2
267 Nov557k Jut
4
2
9
*812 9
9
94
4813 9
812 812 *812
94 912 1,200 Wright Aeronautical_ _ No pa
8 Jan
11
Au
94 Feb 2
814 Jan 17
•Bid and asked price,, no sale, on this day. 6 Leas than 100 sham. I Ex-dghta. a Ex-dtvIdend and right,. a Ex-dividend. iReduced to bade of 825 par.
Range Ghats meteor (July 15) with United Retail Stored Corp. b
of 25% in oommon stook.
•
498
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1908 the firehanae method of Quoting bonds was Mowed an , , 1 03 are won -"and twerp,' -e.rron,(1, larn.no 1,4 depnne blnde
.,
,
'
,
BONDS.
N. Y. STOCK EXCHANGE
Week ending Feb 2
t
1
Price
Friday
Feb. 2
Bid
1Veek's
Range or
Last Sale
Ask Low
Rang.:
Since
Jan. 1
High No. Low
BONDS
N.Y. STOCK EXCHANGE
Week ending Feb 2
952
Price
Friday
F.b. 2
Week's
Range or
Last Sale
1:11
Range
Since
Jan. 1
High
Bid
High 1V0.1 Low 11(0h
Ask Low
At In Top & S re-(Conc:ule;,)
Cony 4slasue 011910
5 100 101
1980 3D 10014 103 101
IGI I
East Okla Div let g 4s
1928 M
05 9512 9412 Jan'23 ___..1 933 953
4
2
Rocky Mtn Div 1s1 4s_ _ _1965
4
813
4
4 802 83
811g 8212 813
J
Trans-Con Short L 1st 4s 1958 J J
86 I
3 85
86
88 4
3
Cal-Arta let & net 4(4s"A- 1962 MS 023 Sale 925
8
8
921
81
3 9118 93
All & Birm 30-yr let g 4a_e_ _1933 MS 66 6612 657
4
8
4 653 67
67 1
At Knoxv & Cin Div 4,
1955 MN 8612 Sale 85
8612 29, 8.5
86
At I Knox & Nor Ist g 5s
1946 J o 9912 9914 May 22 ---I
Ati & Charl A L 1st A 4148
1944 33 9014 91 12 9 3 Jan'23
- -34
4
913 91
4
let 30
-year 55 Ser B
1944 J J 99 Sale 9812
99 I
.5 9812 100
itl Coast Line let gold 40_81952 MS 873 Sale 8724
4
873
4 61 87
89
10-year secured 7e
1930 MN 1063 108 10613
8
10712 23 106 16712
General unified 444s
1964 ID 8612 Sale 8612
864 14 8612 8852
L & N cell gold 4s
a1952 MS 81 Sale 8013
81 . 12 8012 82
AU & Deny let g 4s
194er J J 7518 7612 77
Jan'23
77
77
2d Os
1948 33 6512 72
725 Nov 22
8
-A tl & Yad 1st getter 48
1949 AO 7718 Salo 7718
7712 18 774 7714
A & N W 1st eu g 5s
1941
5512
J 904
9512
2 9512 9512
I
11
Salt & Ohio prior 33,4s
1925 33 9412 Sale 9312
9412 98 9314 944
Registered
01925 Q J
9313
9312 Sale 9312
1 9312 9312
let 50
-year gold 4,
(190 AG 7814 hale 7614
79
159. 764 7912
Registered
i8') JaW21 _II 7814 781 4
01948 Q J
10
79 Sale 7712
-year cony 434e
1933 M
7978 358 7712 824
Refund Jr ten As Serlea A 1995 J o 8214 Sale 8012
83
168 8012 85
Foreign Government.
Temporary 10
-year 6s
1929 J J 10012 Sale 0014
101
167 10018 1017
s
PJunc dr M Div 1st g 344s_1925 SIN
01 12 -- 9113
9112
9 91 1 4 914
Argentine (Govt) 78
$10114 Sale 100
10112 176 100 10112
PL E& Vit Va Sys ref 4s_ _ .1941 M N
7512 sale 743
4
753
4 51 , 7412 7913
977 343 90, 102
81 222 16 8 1 14 82
Argentine Treasury 58 of 1903_!! P4 A
82
,19 F 6 81
803
8
Southw Div 1st gold 304s. _ 1925 J
92 Sale 91. 9212 232 9112 9212
1
Belgium 25-yr ext 8 f 7i4a g._ 1945.1 D 9712 Sale 9114
lel & Cth Div 1st ref 48 A._191,9 .1 3 65 Sale 647
8
663
8 14 6112 674
5
-year 6% notes
104,4 121 93
9 38
8
Jan 1925.1 3 9512 Sale 93
9811 !_lattle CI & star lot gu 3,i_ _1998 J o 6112 6.5
20
-year a f 8s
9431 Sale 9114
Beech Creek let gu g 4s
9712 212 9114 10114
1930 J 1 8714 9123
Bergen (Norway)a f 83
1087 Sale 10704
8
33 10712 109
Registered
1936 J J *86 ---- ' Juite21
7 12
_
Berne (City of) 8 f 8s
9512
4
4 17 11012 112
2d guar gold Is
14'
119 6
1936 3
t44 1103 111 11012 1123
Bolivia (Republic of) 8s1947
00 Sale 893t
92
Beech Cr Ext let g 3345.__01951 40 713 ---- 60 July'22
182 8934 94
4
Bordeaux (City of) 15-yr Se.. 1984
7412 Sale 6914
.ellev & Car 1st 85
7412 110 6014 783
1923 • D 100 -1101.8 Oct'22
4
_
Brazil. U 8 external 8r,
/941 .1 1) 9412 Salt 9414
81319 85
8312 Jan'23
9512 195 94:4 99 I Big Sandy let 4s
1944 3D
8312 8312
78
1952 .1 D 82 Sale
8212 80 81
573 7814
4
804 .1 & N Y Air 1.Ine 1st 4s
1955 FA
7M8
1003 Sale 993
4
8 101
150 9634 101 I Bruns & W 151 gu gold 45_ _ _ _1938.13 880
8
Canada (Dominion of) g 58...19 A 0 10014 Sale Le. 3
8
1,112 64 9912 10112 Buffalo R & P gen gold 59--L-1937 MN 101 18 -- 814 Jan',
52
26
3813 83
4
do
do
do
5a 1931 A 0 10 12 Sale 1).
8
Como'4 li s
I, 1
9018 913 9014
94 994 101
1957 MN
0034 64 8914 9214
10
-year 514s
4
1 212 113 101 22 1023
1929 F A 1013 Sale 101%
9812 Jan'23
4 Burl C R & Nor 1st bs
1934 A0 0813 99
9812 99
58
$ 99 San
9812
9914 414 9812 102
Chile (Republic) ext ,t 88_1942 9I N 10314 Sale lo.a4
10312 89 10212 1033
1951 F A
997
8
6 9814 10012
4 Canada Sou cons gu A 55__ _1962 A 0 99% Sale 9912
External 5
-year a f 80
1013
8 63 101 18 10118 Canadian North deb a f 7a___ 1940 .1 D 11414 Sale 1134 11413 58 113 11434
1926 A 0 1,3 10312 l0,18
75
614 187 95
1942 M N 9.,14 Sale Ia
25-year s t deb 6149
8
1113
4 81 1103 11212
1946 3 J Ill Sale 1103
96%
8
25
-year s f 3s
11,323 54 10212 10312 Canadian Pat Ry deb 4tistock 32 J 8 80
al.• 7914
8014
284 73
1946 MN 10318 Sale lo_38
iir_ m .1
80
Chinese (lukuang Ry) 5s of 1911 J D 52 Sale 503
4
, & Shaw 191 gold 4s
iarb
1,17
8 24 503 52
873 90
8
4
9'412 Sept 22
Christirusla (City) a (Se
10918 Sale 109
10 13 29 1074 10912 Caro Cent tat eon g
_ _ 1949 .1
1945 AO
.1 704 7212 7014 Dec'22
Colombia (Republic) 644a1927 AO 93 Sale 91
94
5 90
4
9112
913
4 Car Clinch & Ohio 1st 3-yr Se 1938 .1 1) 9112 Sale 91 12
5 911s 92
Copenhagen 25
Sale 893
-year,f 548s_ _1944 J ./
97 89t2 9112 Cart & Ad Ist gu g 4s
91
8312 9113 Dee 22
4
79
__
1981 J
Cuba 58
8
9314 11514 917
7312 7013 _Dec22
137
8
9 93
9612 Cent Br U P 1st g
1948.1 D 68
Ester debt of As 1914 Ser AJ944 Al A 90
903 90
4
103
4
ant New Eng tat gu 45
8
s
9 90
1961 J 3 563 6214 563
9
57 I
9314
194 F S
3 5613 58
External oan 4(4,
83'
2 40 8112 87 I Central of Oa 151 gold 5s___p19 5 0 N 10112
83
. 101 12 101121
1949 F A 8314 8114
1 91 F1 A
4
5 10112 10112
Caochoelovek (Ropub o') 8a_ _1951 A 0 8218 Sale 7.5
117 75
83
954
Consol gold 59
891
97 1
9618
1 9512 98
Danish Con Municipal 88 ...A••1946 F A 10712 Sale lo7
I 712 45 107 1084
994 Sale 993
-year temp secur fls_June 1929 J D
4
10
10014 34 9913 101
Series B
1946 F A lo712 Sale
1083
4 5-i 107 1083
al
4
7314
Chatt Div per money g 48_1951 .1 U
Jan 23 ....... 81.
81
Denmark external a f 8s
4
8
1945 A 0 1073 Sale 1077
963 Sept2.2.... I
109
100 lots 110
8
Mac & Nor Div let g 58
194 3 2 9314
194
;
.1
__
20
-year 6,4
97 Sale 9514
9712 240 954 99
55
92 ..... 9013 Juu 22 __
Mid Oft & All
,
__
Dom
anic Rep Cons Ada]ef5a'58 J A t 99 Sale 9712
9412 93
818
9 9514 954 Cern RR & II of Ga colt g 55_1937 91 N
93 4 19 923 933
94
3
1942 F j
8
5/4s
8714 88
8712
89
Central of N J ten gold 58_1987 J J 16514 Sale 10514
9 84
10514
91 I
2 1051 1 108
Dutch East ladles eat 9s_ _1947.1 S 9312 Sale -3
9412 391 9214 9434
Registered_
Se,.. 22
1942 M 3
h1987 Q J 103 105 0,
40
25
8
-year 66
9314 Sale
9313 437 924 94 I Cent Pac 1st ref gu g 45
4
87 Sale 843
873 216 843 873
4
1949 F A
4
4
French Republic 25-yr ext 86.1945 M S 9314 Sale 8813
Mort guar gold 3(4
6
914
1
19 2 M
90,891 8813 984
k1929 J D
312 8579
3 901 914
9
9014 91 18 91 18
20
-year external loan 754e.1941 .3 D 9012 Sale 84
Through St L let gu
95 1
84
83
_ 1954 A 0 83 Sale 82
0 82
83
Great Brit & Ireland (UK 908
Ches & Ohio fund & Jun0,58_1929 J J
9518 933 944 Jan 23
943 9812
8
20
-year gold bond 5(4a. _.1937 F A 1027 Sale [025
8
8
10318 367 1023 10412
100 Is
1003 Sale 100
8
1st consol gold 55
8
1939 M
6 100 102
10
-year cony 5448
1312 11412
Registered
1929 F A 11412 481,
Dec22
1939 IN 25 •983 104) 100
s
Greater Prague 7488
18 63 ,
35: 15
Sale 8418
General gold 449
69as 62 19512 175:22 '
N' 6938 Sale 65
1942 M
85
845
8
,
16
1992 fN 11
441 84
863
4
Haiti (Republic) 6s
4
953 Sale 9512
Registered
86 Nov 21
1992 M 11
Italy (Kingdom of) Ser A 61681925 F l3 9414 9412 138
9312 12 9138 963
-year convertIble 4 4a__.1931' F A
87
20
1952 A A;
87 Sale 8612
81 85
8
8912
Japanese Govt-£ loan 444,3.1925 F A' 93 933 93
8
30
94 ,
-year cow/ secured 58_1940 A C 043 sale 9312
933
9513 565 9314 Ms
8 47 92
4
Second series 4 Ma
40 9214 935
:
95
Craig Valley 1st g 5s
1928 3 J 93 Sale • 212
8
Jan'23
91 14 94
95
95
Sterling loan 48
: 8
81
79
Potts Creek Branch lst 45_1 946 3 j 78
4
82
931 J 3 807 Sale 80
93
'42
194
8112 163 80
_
.1
_
Lyons (City of) 15
743 3 ,
4
6914
1 56 , 7
-year 611.._11
M N
81, DDeeec:22!
8
R& A Div 1st eon R 48_ _ _1 9 j
734 142 6914 7914
6 12 ,
78% 3
0 .1
9
Marseilles (City Cl) 15-yr 68_1934 N./ N 7412 Sale 6913
2,1 cons,,,gold 4E)
743
4
7518 9618 7712
__
___
Mexico-Extern loan £94 of 1899 Q 3 50 Sale 504
:
50 49
Warm Springs V let g 5s
54
52
9314
_____51____52___
1941 M 11
341,. 334
Gold debt 48 of 1904
6°34 D6512112
1954 3 0133
Chic & Alton RR ref it 3s......1949 A 0
50 -Li
81
3313 38 3318 37
4
Montevideo 7e
21 89
9
Ratttrog lot lien 33.4s
1952 J D 89 Sale 89
26
2713 101 25
914
1950 J J 26
2914
Netherlands e f 65
i
11 l e
1972 al 8 11;12 til17 9714
8112
Chill Burl & Q-111 Div 334s_ 1949J J
973 208 9714 99
4
803 °al° 8112
8 Sl
8 8114 83
Norway externals f 8a
09
Illinois Division 45
68 109 112
11
1940 A 0 „
897
89 Sale 8814
8 22 8814 903
1044; J
4
68
Nebraska Extension 48._ _1927 M
7
Jan 23 ---- 9612 97
1952 A 431 in, Sale 9712
98 2
,
96% 97
Porto Alegre (City of) 8ei_ _1961 J 0 9312 100
9312
111 9
3
Registered
912
- 9014 Oct 19
96'2 1576 9 12 196
1927 M 7
Queetedand (State) ext at 78_1941 A 0 16612 --- 10512 1,7,2 39 10512 10912
General Is
88
8718 874 802
48 8612 8912
25
1947 g A 10112 Sale 11103
-year 68
8
11,134 36 10034 1023
79 8 57 99 10118
5
4
1st & ref 5a
4
1973 F I 993 Sale 99
91 M
5
Rio Grande Do SW 88
29 93
9914 Chic & E 11195
/9 6 A 0 9112 Sale 93
4
Rio de Janeiro 25
-year of 88 1946 A 0 9312 Sale 90
_ 1053 10612
8
181 consol gold 65
1939 A 0 105 1663 10612 Jan'23
8
935
8
Sa
7912 Sale 78
48 9014 °74 C & E III RR (new co) gm n 58.1951 5,1 15
4
5 9
0
81,13
802 117 78
973
1947 A 0 9712 Sale 9014
94
San Paulo (City) a f 88
92 Sale 92
2 92
92
Chic & Erie 1st gold 55
9914
195291 E3 96 Sale 96
9612 18 96
1982 81
9712
San Paulo (State) ext at 88_1936 .1 .1 97 -- 9614
52 Sale 51
52
70 50
1959 M
52
.
973
9 45 9512 9931 Chicago Great West 1st 4s
Seine (France) ext 78
4
8
87
Jan 3 --__ 107 107
75
Chic Ind & Loulav-Ref 68_1841 .1 J 1047 I. 73 107
802 224 75
Serbs. Croats & Slovene:I 88_ 199 82 M N 5891'2 Saleaie 54
954 9612 9514
189 51
7012
6 9212 9712
.1 J
60
2
954
8019.40119 (City) 6s
73 I 36 6612 781/
811 Sep 22
i g 4s S 5l
ef
72 Sale 6612
,65 3 .1
9 ‘
Reft=l ng gold erA es C....1947 .11 7 8612 83
R
1936 M N
_
Sweden 20
-year 6s
813 824 8212
4
10.512 135 10412 106 1
Genenil Ss A
7 813 83
1939 J D 10518 Sale 10412
823
4
4
Swiss Confereen 20-yr 8 f 88 1940• j 118 Sale 118
9613 96
94
96
c1963 1 .1
119 , 78 118 11914
2 954 97/2
Tokyo City Is loan of 191,
74
77, 78
8
Jan 23 -....._ 78
Generall o171f!v ille 1st gu 46....195e 3
Intl A . 8 t
.13
4 36 7138 724
MS• 7112 Salo . 11
78
8322 86
Uruguay Republic ext 88
8412 Jan'23 ---- 8412 8412
Chic Ind & Sou 50-year 45.....1956 1 .1
1946 F Al 10312 106 10312 10111 24 103 107
Curich (City of) a I 86
11 18 Sep Z
39 111 113
113
Chic L 5.9 East let 434o___1066 i L 884 98
1945 A0 111 11312 11214
64 Salo 64
C M & Puget Sd let gu 4s_ ...1941l j .2
644 17 -63 -fig
74
Ch M & St P gen g 49 Ser A _e1989 J J 7213 Salo 724
27 72
74
607 Ottlb 65
8
65
General gold 314s Ser 13._e11189 1 .1
I 624 6513
State and City Securities.
8214 823 81 14
4
1
General 4(49 Series C__._e1981 1 .1
8314 94 794 8312
60 &tit 5918
6112 192 56
Gen & ref Series A 4 Ms__ m2014 A 0
62
N Y City-41.1s Corp stook__1960 IN 8 100 8 101 1004
6 1003 10011
8
101
4 654
603
4 671
111; 2 17
3
3
674 259 64
Gen ref cony Ser 13 5s.._ .0291 4 3
894
65:2 Sale 635
4 Ms Corporate etock
2 1017 1027s
8
1021s
8
Convertible 414e
6712 567 63
1964 985 1021s 10212 10218
6712
7812 Sale 70
418e Corporate stock
8
192: J L
45
7914 163 76
1961 J 0 1024 10212 10212 10212
5 1023 10212
80$4
583 Sale 5614
4
59, 113 54
4
434s Corporate stock
Jan'23 --- 10714 108
1934 J
-year debenture 4s
4
25
1971 3D 10714 1073 108
591s
418s Corporate stock.. _July 1967
107 107
965 97
8
Jan'23
9613
Chic & Mo Illy Div
J .1
9612
.1 10712 10712 107
1 964 9712
43.48 Corporate stock
107 1074 Chic & N'west Ext 48___1886-1920 F A
97
9814 96
Jan 23 -- 96
1965 3D 10718 19712 107
96
107 1074
5943 Corporate stock
9414 - -- - 9313 Jan 23
Registered
,7 N A
1 8
1886-1926 I; N
934 934
196: Al 8 107 1074 19714 Jan'23
,
4% Corporate stock
2 9912 1004!
9912
7418 754 7212
General gold 3%8
74
1951 MN 9912 997s 9912
17 7212 77
4% Corporate stock
9912 10312
p1987 Q I
9913 994 10312 Jan'23
Registered
---- 734 Dec 22
1958 MN
11% Corporate stock
100 10014
Jan'23
8
9912 997 100
1987 si N -8"714 Sale 85
General 4s
1951 MN
2 84
87
87
4% Corporate stock reg___199
994 09's
8
Stamped 45
8714 874
1987 8.1
84
4
N 9914 993 993 Jan'23
8714
874 10 86
New 444s
6 10613 107
107
,
1063 10714 106 s
4
stamped
1987 NI N
General 58
1034
10114 17 1031 10512
4
1951 hi N
444% Corporate stock
5 10612 107
107
4
1879-1929 A 0 10114 sale 104
Sinking fund 65
s e
1957 MN 1063 10714 107
164
2 10318 1044
304% Corporate stock
9 9012 9114
9114
4
Registered
903 9114 911 1
1879-1929 A 0 10014
1954 MN
1 pry,
New York State-4.8
10,113 Jan' 3
10312 10312
1879 1929 A 0 9812 ---- 0812 Jan'23
Sinking fund 55
9812 98';
1961 • S
Canal improvement 48
10312 10312
10312 Jan'23
_
1879-1920 A 0 9712 - - -- 100 Aug 2k
Registered
196i 1 .1
Highway Improv't 43.48, 19& 5,65
---1933 M S. 10012 101 101
Sinking fund deb 59
- - - • ,094 Apr'22
101" 101
Jun'23
Highway Improv't 4 Ms
10112 Apr'22
Registered
_
1933 M
1961 MS
- - •-- 0412 M .,'22
-year secured 75 g
1931
10
D 4112 10831 107 4
,
29 i0734 110
109
8
8
S 10912 1097 1093
j
10912 21 10811110
1988
1936
-year secured 6048 R
I5
4
8112 51 78 4 82
l'-l(alltray gen 4s 1934 l (
988 A ) 8112 Sale 793
Chic R I
.1
3
Registered
Railroad.
787 787
2
7818 83 1 7878 Jan'
8
79348510 791 4
Refunding gold 45
8014 194 791 1 8312
Ala Gt Sou Mt cons A 5a....1947 10 95 987 96
96
Jan'23
96
8
10513 1) 995 10311 1003 Jan'23
Chic SI LA N 0 gold be
10014 10118
8
4
Ala Mid let guar gold be
994 Jan'23
994 994
994 101
I92e
N
1981 .1 D -„ ---- 119
- Aug'21
Alb & Sum conv 3448
811* 8112
194 • 0 8112 825s 802 Jan'23
1951 .3 1) 737 -.- - 65 4 Dee'21
Gold 3 5
old
8
3
Alleg Jr West 1st g
8312 Det'22
0 834 86
199e
-6E1; -675;
1963 j 0 9514 Sale 9512
Joint 1st ref 5s Series A
951 J0
9513
Alleg Val gen guar 48 gU
90
897 Jan'23
8
92
g 48__
"i67- 90
8
4
Memph Div lets 4s
191% 1
8. - -- - 8214 Nov'22
Arm Arbor 1st g 48
7 6412 65% C St LA P 1st eons g 58
643
4
.1 6412 6412 6412
4199
1932 A 0 994
,
100 May'22
Atch Top A S Fe-O I; 4s 199! to 883 Sale 874
8
89
210 87% 9018 Chic St P hi &0cons tls
103 .3 I 106 10712 106
to 1071,
93 m )
0
s
100
Registered
85
8712
85
199, to 8614 8814 85
Cons Ss reduced to 3101930 1 I) 8912 -,__ 92 Sept'22
Adjustment gold 4s
Jan'23
81
7714 8034
8212
k199. Noy
Debenture be
9418 96
9434
943 1. . 2 9424 962a
4.,
Stamped
8012 Sale 8012
8112 20 8012 827
k199' Nov
8
Cony gold 48
80
15 80
8112
D
8212
195
U. S. Government.
First Liberty Loan
J D
3)4% of 1932-1947
J D
Cony 4% of 1932-1947
J D
Cony 448% of 1332-1947
J D
26 cony 44% of 1932-1947
Second Liberty Loan
4% of 1927-1942
MN
Cony 404% of 1927-1942
MN
Third Liberty Loan
MS
4.14% of 1928
Fourth Liberty Loan
434% of 1933-1938
AO
Victory Liberty Loan
1)4% Notes of 1922-1973
J D
Trea.sury 4148 1947-1952
AS consol registered
41930 Q
38 consol coupon
41930 Q
48 regtstered
1925 Q F
La coupon
1925 Q F
Panama Canal 10-30-yr 25_81936 Q F
Panama Canal 3s gold
1961 Q M
Registered
1961 Q M
101.47 Sale 101 42 101.8211572 100,94 101.91
98.10 98 70 9,70 98.70,
1 98.64 98.90
98.48 Sale 98 24 18.681 285 98.60 99.10
18.09
98.50 98.50 II 98.10 99.00
1
11
97.80 93 10 97.74 98 101
7 98.08 98.44
98.12 Sale 97.88 98.18 6197 98.10 98.60 1
1
11
98.74 Sale 98 52 98.92 2625 98.74 99.03 1
1
98.28 Sale 98.02 93 52 6625 98.42 99.00 i
'
100 22 Sale 100.18 100 2.1 49611 100.10 10
0.30 1
99.91 Sale a980 99.96 1109 99.84 100.02
1024 Apr'22
10314 Mar'22 10212 Dee'12 - 10318 10318
2 103% 1034
102 1023 100 July 2.
4
__ _
9312 Dec'22 -95
9312
94
Jan'23
9312 94
r,I:1
•No price Friday: latest bid an, a ked aim Jan (Mu, April
epee MOS' 01/11 JUtte
513,10 July
*Due Aug. °Due Oct. PDuts Nov
'Due Dec. sOptionsale
New York Bond Record—Continued—Page 2
BONDS
N. Y STOCK EXCHANGE
.
Week ending Feb. 2
„,1
I '17. 1
,..“1.!
Price
Fettle;
Feb. 2
Week's
Rohe. Or
Last Sale
-t,' '
-,....1.
Range
Since
Jan. 1
Bid
Ask Low
High No. Law High
Chic T H & So East let 5s__ _1960 3 D
773 78
77%
775
6 77
81
Chic Un Sta'n let gu 430 A...1963 .1 J
91
905
93
915
8
8 52 90
915
let Ser C 6 Si e (ale)
1963 J J 115 Sale 11412 115
43 1127 115
8
Chic & West Ind Ron g 831
e1932 Li)131 12 safe_ 1212 105
.
.
,
52
14 1212 1.;5
1
1 3.72
Consul 50
-year 48
15
193581 5 10214 10212 10112
10112
-years 1712S
3 10112 10234
Choc Okla & Gulf cons 5s
1952 M N
4
963
963 99
4
963
4
I 963 963
4
4
C Find & Ft W let gu 486_1923 NI N -- _ - 88 Mar 1,
Cin H & 132d gold 43te
88% Jan'23 __-- 88% 8389
91
1937 3 .1 84
Cl St L & C let g 45
11936 (.4 F 88
8914 8734 Dec'22
Registered
903 , I'
2 ,e22 -_-_
11936 Q F
Cfn Let, & Nor gu 48 g
854 ____ t- 34 Jan 23 ____ 853 85%
1942 el N
4
CM S & CI eons 1st g 5s
19283 3 9818 _
99 A ug'22 _
Clear! & Mah let gut 58...._ 19433 J 9718
9012 Jan'22 ... ____ ____
Cleve Clu en & tit 1. gen 48_1993 .1 0 79 Sale 79
7912
8 79
8218
20
-year deb 4)
-se
1931 3 J 9312 9412 92
921
17 9112 93
General be Series B
19931 1 D 993 10018 993 Jan 23
4
4
Ref & impt 65 Series A__ 1929 J .1 102 i-s,e 10114
102
62 101 102
Cairo Div let gold 4e......19393 3 853 8712 88
4
Jan'23 _ _ _ _ 8512 88
Cin W & 131 Div let g 4s
8
78
11 77% 78
11191 1.1 J 78 Sale 777
St L Div let coil tr g 4s
7912
7812 80
80
4 7912 81%
1990 NI N
ISpr & Col Div let g 45
8212 Jan'23 ____11 821z 8212
1940 M S 8318 W W Val Div let g 48
1940) .1 807
s
C C C 1 gets cense 68
&
19343 3 16618 103 12 10614 Jan'23 - 1 10614 10614
Clev Lor & W con lot gre
4
9712
1933 A 0 962 9918 9712
2 962 in%
Cl & Mar let Cu g -lypi
1936 M N
87% .- - -1 1,
Jan 23 ---- i 95
95
Cleve & Mahon Vail g So, ,_l938 J J
9318 951 9212 Dec 22,...
CI& P Cell gu 43-4eSer A
1942 J 3 94 ____1 94 rsuv'211.--•
Series B
1942 A 0 9412 9712 104 Des'1,51._ —
lot reduced to 334s
4
1942 A 0 802 . _. i 9614 Fere12 ___.
Series C 3,89ea
8118 ____, 9018 Dee'12 _—
1048 NI m
Series D 3 Sie
Jig] 21 ____ ____ _ _ _ _
1950 F A 8218 84 I 67
5
Cleve Shot Line 1st gu 438_1961 A 0 958 9614 95
4
952
6 95% 973
4
Cleve Union Term 534e
1972 A 0 1033 1643 193
4
106 I 56 193 106
Coal River Ry 1st gu
83 Sale 83
83 1 13 83
94
Colorado & South let4s9 9 J 1.
922
4 14 9218 9312
g 4s
1925 F ..i 92% Sale 9218
j
4
Refunding & eaten 434,8_1935 MN
847 Sale 8418
8
8 25 8418 87%
847
Col& 11 V let ext g 45
8
1948 A 0 705 88 ' 6.412 Nov'cz ____i____ ____
Co)& Toilet ext. 4s
7912 85% 82 Dee'22 __1 _
_ _
1955 F A
Cuba RR let 50:year 59 g
8514 28 8'3 4 g5,3
1952 J 3 8514 Sale 85
'4
let ref 73,,,e
1043
81 104 105
1936.J D 10414 Sale 104
1
9114
Day & Mich let cons 430...A9311.1 J
I 915 Jan'23 ____ 915 9189
8
8
ueiaware & Hudson—
I
I
let & ref 4s
877 Sale 863a
8814 92 86% 90
1043 M N
80
93% 16 9214 98
-year cony Ss
1935 A 0 9312 Sale 9214
&Ste
14 10014 1023
8
1037 M N 101 Sale 1 10012 101
105 ,
10-year secured 7s
4 111 . .
1.2
11 4
1930 .1 D 105 109 1105
DR BR & Fidgelet 411es a._ _13136 F A 91 8 .
87 May 22 --- l'---,
Den & R Cr—lot cons g 4.3._1936 .1 J 'i.,14 7812 7414
75 I 63 7312 76
Console gold 433e
7812
6 7814 80
1936 .1 J 7812 Sale I 7814
Improvement gold Se
7 84
85 1
15511 8
5
88
1928 .1 D 83
let & refunding 56
543 161 503 57
1955,F A 5412 Sale 53
Trust Co certifs of deposit. -I--51 bale 51
51
1 48
53
Des M & Ft D 1st gu 40
44
1 43
45
1955 1 i 44 Sale 44
Des Plalnee Val let gu 43.4e 1947 M 8 93 _ __ 931 Sept'22
4
____ _ _ _ _
Dot & Mack—Intim g 46_19115 ./ D ',51e 80
70 dept'22
____ _ _ _ _
1.01648
7018 tdet'22 __-- .---.._
,% 76
_
19953 D 6.
Del RN Tun 4 SO
: 89 I 14 8812 9U%
Bell MN 8812 Sale 881
Dud Missabe & Nor gen be
8
3 683 71411.23 __.,I 933 U.53
4
4
1941 .1 J 987
4
Dal & Iron Range let Ss
3 100
9913 997 993
4
s
993
4
8 99 4
1937 A 0
Registered
1937 A 0 _.------9812 Jan ..-. ---- 0812 1/813
75
Dell Sou Shore & All g 5e_
78
72
Jau'23 -_-- 75
1937 J J
79
I
_
E Minn Nor Div let a 49._1948 A 0
00
Jan'23
89
90
E Tenn reorg lien g 58
.3
93% Nes'24 ---.
95
1938 M S
-ET Va & Ga Div g be
99
99
1 99
1930 3 1 9812
59
Cone let gold 58
98
7 1)712 9912
1956 NI N 97% 9912 9112
Elgin Joliet & East let g 58_1941 MN .1.1912 IOU
9313 Jan'.3
9912 100
Erie let consold gold 7e ext 1930 M S 1633 Sale 10312 1043
4
8 85 11133 104 4
8
,
let eons it 45 prior
5618 94 54% 5718
19911 J J 56 bale 55
57 Mar c,
Registered
1996 .1 J
let cone& ten lien g 45_1996 J J 45% Salt 443
4
45% 99 4312
bl Aug'2z
Registered
1906 .1 3
Penn coil trust gold 4,2_1951 F A 8412 bale 92
8412 41 82
84%
50
-year cony 48 Ser A
4614 35 411e 4614
1953 A 0 46% Sale 45
do Bence B
48% 53 4214 48%
1953 A 0 45% 4714 44
47
57 43 4 47
Gen cony 461-lexica D_ _ _ .1953 A 0 4618 Sale 45%
,
67
Erle & Jersey isle f (Ss
89
8712 19 87
1955 3 .1 88
8912
Erie & PItte tug 33.4e 13
19403 .1 8312 Sale 8414 Dee'22
Series C
19403 J 8312 87% 7914 May'141
Evana & T Il let gets g 58._ _1942 A 0
Se
Apr'21
6912 Apr'21
Mt Vernon let gold 6,__1923 A 0
6912 Apr'21
Sul Co Branch let g 5s..___1930 A 0
I
Jan'2.1
Fla Cent & Pen 1st ext 6s___ _1923 J .1 9012 100 100
100 100
93% Aug 22
let land grant ext g 58—_1930 J J 8918
,,
4 61 8
917
8
Consol gold 58
1943 1 J 9212 .__. 9i7
7
Florida E Coast let 4 lie_ ___1959 .1 D 8612 8712 8512
85%
6 8512 83%
tin
A pr
Fort St U D Co let g 4 3513_1941 .1 J 78 .
Ft W & Den C 1st g 5 Sis_ _1961 J D 103 16312 103
Jan'23
103 103"
Ft Worth & Rio Cr let g 44_102F J J 87% Sale 87%
1 85
87%
875
8
Frem Elk & Mo V let 65_1933 A 0 10812 ---- 109
Jan 23
11)75 109
8
I
G II &SA M &P let 55_-1931 MN
26 eaten 5e guar
1931 J J
Gale Boum & Fiend let
_ _1933 AO
Genessee River 1 st s(66
1957 J
Ga & Ala fly let con 86._ _o_ _1945 J J
Gs Car & No let gu g 56
1921 J
Ga Midland lot 3s
1946 AO
Gila V GA N let gu g 58...„1924 MN
Or H & I ex let Cu g 4 Ste. _1941 J J
Grand Trunk of Can deb 78_1940 AG
15-year e f 68
11136
S
Great Nor Gen loser A
1936 J J
let & ref 4 48 Series A ___ _1961
J
Registered
1961 J 3
618s
1952 • J
Green Bay & W Deb etre "A"—. Feb
Debenture etre "B"
Feb
Greenbrier fly let gu g 4e____1940
N
LiUlf & 9 I let ref At g 58_814152 J
965 -- 98%
8
947 98
8
97
8512 8718 8712
8412 8614 87
81 Sale 83
91/3 91% 9012
8
62
61% 62
9912
_ 9912
89% iii12 9314
11312 Sale 112
10.189 Sale 103%
19918 Sale 10814
92 Sale 0012
82,
4
101 Sale 10018
/Ills
70
61
10 Sale 10
69
83%
8014 8312 t3
Harlem fl-Pr Ches let 4s...„1954 MN
Hender Bdge let s I g (le
1931 81 S
640eking Val let COLIN a 4S0-.1000 J J
Registered
1999 J J
H & T C 1st g 5sint gu_
1037 3)
douston Belt & Term let 55_1937 J 1
HousE&WT istg 58
1933 MN
1933 MN
let guar 55 red
Hotutatotile RI cons 8 513
1937 MN
1957 FA
Bud & Manbat Se ser A
Adjust income 55
1957 AO
77
77
2 77
7812
1114 July'22
3
85
, 95 4 Jan'23
7313 Juue'18
97
97% 99
1 97 "
97
97si
897 92
8
9'2
5 92
92
92
97
981 98
98
Jan'23
98
97%
9,12 Nlay'22
83 4 95
,
Dee'21
SO
8218 Sale 8212
82 4 121 82': 847t
,
635 Sale 63
8
637 133 61% 65
8
77
Sale
85
Till lois Central let gold 48_ _ _1951 J J 9018
Registered
1951 J J •____
1.(51
J 81
let gold 348
1951
Registered
Extended let gold 3348._.1951 AO 81
1951 A 0 - Regletered
1951
S 6018
let gold 38 sterling
1952 M S 844
Collateral trust gold 4s
1962 A 0_ _
Registered
1955 NI N
let refunding 48
86
1952 J J 79
Purchased lines 3348
,
91
91
83
83
96
83%
83
90
80%
Sept'22
Sept'21
83
Oet'22
Ger/1
.
7714 83
751' 8 % Marl
8514 83
17 83
837
95% Fleet' it,
86 4 8414
,
87
41 8411,
81
79
Jan'23 ____ 7714
• No 041en Felder: tweet bet and gated tribt vemIlc.
Jan'23 ---. 9889 993
8
Jan'23 __-- 97
97
1 8512 86
8712
87%
2 88
8812
81
3 81
84
1 9612 9012
9012
85
28
12 65
1 99% 9912
9912
Dec 22
_
11414 47 112 l4
los
94 10214 105
109% 138 11.1814
112
111 1/012 11212
92
0(.1'21
112 100'a jolf.
101
Apr 23 •-3 9 4 1212
10 4
,
,
Arr 21
83
"niii
8 Due Jett&
BONDS.
N. Y.STOCK EXCHANGE
Week ending Feb. 2
1 53
1: ,
1
89-8
499
Price
Friday
&h.2
I
Week's
Range or
Lest Sale
il 1
gi
Range
6163411
Jan. 1
Bid
Ast Los
- High I N o.ILow High
Illino's Central (Concluded)
Culliteral trust gold 4e.......1953 83 N 81 Sale Z2
.
3
83
80 41 36 80
itegletered
1953 M N
-15-year secured 51-1)5
4
1934 J J 1013 Bide
10 4 29 101,z lir;
611
10 0
9
-year secured 6(4* 3
15
1936 J .1 110 Sale 10912
Cairo Bridge gold 4e
88 ___ _I 87
1950 J
Jan'22
87
87
Litchfield Div let gold 35..1951 J
72
73
69%
6938
8
a 691 73
LOU]. DIV & Term e S1)e_1953 J .1 76 Sale 1 76
79%
2 76
jan 5
7 1,3
Omaha Div lst gold 3s
1951 F A 6814 69% 6
8%
683 68 4
4
,
StLolu 111v & Term g 38_1951 J .1
G0 dis3 2
71
73
7518 ____ 7714 o.1.7 43.201..:____ 0: 77
1951 J
71
: :
2:2
1
114 81
7
0
Spring? Div let g 33.41
1951 J J 7312 ---- 7812.
1
Western Lines let g 43
1951 F A 83
89
83
83
83
Registered
1951 F A
_
92
Ind B & W 1st pre( 4s
1940 A 0 8512
__ 90
Ind III& Iowa 1st g 4s
1956 J .1 8212 85 885 Dee'22 —
8
4 2 eii
'nt & Great Nor td1ust85_1952 J .1 4612 Sale 4512
7
"if" 48)4
Iowa Central let gold 58
1939 J D 72% 78% 73
Jan'23
7112 7312
Refunding gold 43
37
1951 M S 36
30
27 1
2 36
3814
j
James Frank & Clear let 45_ _1059
D
Ka A & G R Ist gu g 5ii
19363
Han & M 1st gu g 48
1990 A
26 20-yeur 5s
1027 J
K C Ft S & NI cons g lis
1921' M
K C Ft S & 88 fly ref g 4s
1936 A
K C & M 11 & B 1st gu 5s_
1929 A
&eases City Sou 1st gold 35_ _1950 A
Ref & Impt 53
Apr 1959 J
iansas City Term lot 4s__ _1960 .1
Kentucky Central gold is _1987 3
Kent & Des Moines let 58_1923 A
KLIOXV &Ohio let g 68
1925 J
J
0
85
86
8512 Jan'23 ----
7712 7812 7789
957 971 9612
8
N 10212 103 1021g
0 77 7712 77
96
95
0 92
8
0 677 Sale 6712
8512 Sale 85
J
.1 8114 8:110 81
8184 8312 838
J
0 901e 9012 91
101 —110118
8512 87
-77 811
79;
- .7
Jan'23 ---:s 9612 97
102121
7 10212 10212
7 ,
'
Jan 748I--88
68% 73
85 4 67
,
81 4 46
,
83%
1
3832'2
Jan'23
97
75
6789
83
81
83 8
7
991:
75
687
e
89%
83114
838
101% 101%
91
92
Lake Erie & West let g 58__1937 J J 94
95
94
54
6 94
97
2d gold 58
e
1941 3 .1 83% 937 8512 Jan'23 --,... 8512 86
4
Lake Shore gold 334s
7212 10 7218 7812
1997 .1 D 743 77 I 72%
m s
itegleterdi
76 I 7114 Dec 22 -70
-_
Delymture gold 40
g4
28 92
9412 92
1907 j D 94
1929 m N
96
2'6-! r.ir gold In
,
928 Sale i 92
93
1931
33 92
93
es _ 9212 85% 3913'21 -Registered
_
,eh Val N Y let gU g 4.3te
95
i 9212 97
194-(i .1 N
1931 M J 9289 9411 u2is
R.egietered
ou
t 90
90
90
90
_
Lehigh Val (Pa) cone g 45—.2003 3
813% 80
1941 M
8112
80
General eons 430
90 90
8912 92%
3
Leh Term Hy let gu g 58_191 MN I:
2 : A O
63'
KAM '1feN1
1 81: D.A1uga1'1 -Leh val RR 10-yr coil 61_n14129 131
102 4
1941 A
, 103
'
3 jEdi, 105
Leh & N Y 1st roar g Id 48_1945 M
1.ex & East let 50-yr Ss gu.
612 818 16
01
8
9
15
0
9 124 26
192
995 A 0 : 9372 i81)'-4 984
-61 3
Long Dock consol g (Se__
16812 Nov'z,
_ _1935 A 0
---Long Isld let eons gold 51_60931 Q J
9,114 Dee '2.
---1st cousol gold 4e
8914 ---- Re.. Jooe'2;
h1931 Q J
General gold 45
8512 Jan'23
8312 8
8
Gold 45
81 -_,-. 81 ,
1 .,•1
Unified gold 4s
923 95 4 84, jai:23
78 4 70 91
,
2
,
J n 3
111i14114j
012 81
Debenture gold 54.
94
1934
.4
213
-year p n) deb Se
84% Sale 84
83t2 8512
1937 4
8512
4,1
Guar refunding gold 4s
Sale 79)4
79
83
19 9
Nor Sh 13 let con g go 5s.
1c1311
7514 Nov 23
U9
7912
932 (4
---Louisiana & Are let g 58
9212 94
9218 Deer22
'
27
____
Louisiana & N W Ss
Jan'23
76
76
77
Lou & Jeff ledge C'o gu g 45_19 M: —
Jan 23
19)45 A 0 78- -ii- 50
so 80
Louisville & Nashville—
Gold 53
101
- 102
Jan'23
102 102
Unified gold 48
gde 90
91 .
91
895 9112
8
IteXIStered
uto8 June•2;
/17
01
3
4
: N
1
J
Collateral trust cold 5s
97
101
9 N
Dee'2
10-year secured 726._
106 10714 10714
10714
1930 M N
itS 1080.
let ref 5
.4s2003 A 0 1033 S1110 103%
4
....1930
10412
8
1033 105
N 0 M let gold 64
101% Jaa'23
J 3 102
,
8
1013 101 6
2d gold (Is
... 101
10118
Dec ‘.
Padueah & Nfem Div 45_1946
843 8014 86 Julv'22
4
St Louis Div 26 gold 3s__ _193 P4
42 6012 6
605 61% 6012
8
6013
1 9 :1 2F
8
LANANI &NI Istg434s_1945 H
96
Jan'
S 9714
U6
96
L & N South Joint NI
4
79
J J 773 86
79
80 4
,
7912
Registered
Fehr1s
51952
J
1 Cin & Len gold 434s
9- 0 4 ---- 97
,
_.193i NI N
Jan'23
Aabon CI RR let 5s
987 - - - - 9904 Dee'22
8
NI n nlia RR (Southern Line:0.1
l
129 j is
4 M ' 631e 6714 8414 Jun'
Manitoba Colonizailob 5.3
9614 96% Jan'23
1934 J I) 115
96
9714
Men G El& N Ilk let 3 Sis
76 4
,
1941 .1 3
Mar'21
Mee Internal 1s1 cons. g 49_1977 NI
77 Mur'11
5
4ichigae Central 55
M S 98 10012 10(1
0(122
Registered
1931 Q M
9812 Nov'18
--Rs
8714 91
911)4 00'22
...1940 1 J
Registered
1940 J J • 8518 7414 Eiept'2U
J LAS let gold 3Sie
8i 81% Oct'22
1951 M 5 811
1st gold 3 kis
84
82
6 -3;f84 82
1952 NI N
82
82
20
-year debenture 43
1929 A 0 91% 92
9013 Jaa'22
aci2 91
41.1 of NJ 1st ext 5.3
1940 A (I
.5
11111w 1.8 & West Imp R 55_1929 F A 1-1-0
-6684
993 Jaa'22
4
Ashland Div 181 g 63
10118
1925 M S
1008
Mich 1)1v let gold 65
_ 11 07 Dm.'22
' s
1924 J J 101
Mlle & Nor 1st eat 4Ste.
4
93
1934 J 1) 8814 93
92%
93
Cons extended 4 34*
4 9014 92
1934 .1 D 8718 9312 9012
92
1.111 Spar & N W let gu 4s
7 1 8718 89
1947 Si S 8512 98
87%
WS
Alia & S L let gu 3 Sie
1941 J J 7512 96
Atia''a •
Minn & 8t Louis let 76
lol 1115 104 June'22
let cense! gold 53
21
75
79
7512
75
76
lot & refunding gold es__ _ 19329
3812
37% 3712
11 99447 'IM S 37
M
3812 20 37
Ref & ext 50-yr 58 Ser A_ _ .1962 (3 DN
9 35
38
F 38 Sale 37
28
M tit P & S 8 el con g 4s Int gul938 J
2 8712 90
8712
8814
.1 8712 88
lat sone Ss
• 98. 9918
8
995 _
8
11136
991s
9
94
10-year coil trust 6391/
10312 104 10312 108
26 10312 106
1st Chicago Tern, e f 4
.
19 11 1\1 N
3
4 131 S 9014 _ _ _ _ 9213 Dee 2'2
.
M 9S M & A 1st g 4e Int gt1.— 1926
1,1658
9614 3/8523
J J
819.311.19P1 Central 1st 5e
60 9
-2
e88 Jaa'22
1949
8
M K & Okla let guar 51._ _1942 J J 94
.1.
94
04
M N
Jan' _3
Mo Kan & let—lot gold Is,.1990 .1
79 Sale 78
D
79
110 78
8014
26 gold 4s
---- 6814 A men
Trust Co certlfs of deposit... ....A ---r.
7184 Jan'23
ilia; 71*4
let & refunding 4e
- -- 90 Nov'22
2004 i%i s
▪ 1 89
81 ,
n.,
"
Trust Co eertifs of deposit._
8914
8913
89%
a 89
Gen sinking fund 434o
1936 3-"i - 912
6412 June'22
70
Trust Co centre of deposit__ _
1
70)4
5% secured notes "ext"_,_,,,,__
80 _ _
83
0c1.9121 13 68'
72
'
!.
Mo IC dr T Ru —Pr 158 Set
8114 142 -868 -183aa
4
8
A1962 .J- -- 81 Sale- 802
-.
40-year 43 Series B
19(12 .1 3 6114 67
6612
67 I
7 6614 6
„1',t
10
-year 654FleriesC
9512 Sale Ii 14
gsm
77 95
eon
Corn adltret Se Series A_ _198
1932 i .1 6012 Sale 601.
617 4
7J J
* 81 59
6178
Misksouri Pacific (reorg C0)181 & refunding Ss Ser A_ _ _1965
86 8612 8612
80121
1 8614
ist & refunding 58 Sec C_ _1926 F A
94
964 95%
F A
06
s 7 9512 ,
99
4
le & r, fondlt g (03 Ser D 1949 F A
95% Sale 942
96 I 115 9412 nv
General 43
gpss 210 5912 63%
1975 M S 6012 Sale 1 59 2
Nflasourl Peeler—
3d 7e extended at 4%
9512 96 I 915 Nov'22
8
Mob & Mr prior Ilen g Se
____I 7589 Amen
1945 J P
938 M i
-Mortgage gold 4s
735 7814 74% Nov'22
8
-1945 J J
g-6,
5-
f.?
j,
9
-- 85%
8 14
79
5 Due 1
6rb, 8 Due June
9 15,in J uly,
Duy yty,,t
• hdlop gals
New York Bond Record-Continued-PaRe 3
i;7500
Price
Friday
Pb. 2
BONDS
N. Y. STOCK EXCHANGE
Week ending Feb. 2
Mobile& Ohio new gold 8s__1927 J D
h1927 Q J
1st ext gold fis
1938 M $
General geld 40
Montgomery DIY lot g 59_ _1947 F A
1927.1 D
St Louis Div to
1939 M $
Mob & Ohio coil tr g 48
1991 MS
Mob & Mal 1st gu g 4s
1937.1 .1
Mont C let gu g tis
1937 J .1
Registered
1937 .1 .1
let guar gold Se
1938.1 13
Will & 8 F 1st gold 56
2000J D
M & E 1st gu 3;is
1948 3J
1936 in
1937 AO
1927 3.1
1946 J D
Range
Since
Jan. 1
Bid
Ask Low
High No. Low High
8
1037 1043 1043
4
8
1044 10 104 10431
8
1003 ____ 10012
2 10013 101
1005s
7512 78
7512
1 7513 76
7512
9412 9213 Nov'22
93
94 ____ 94
Jan'23
-di 7812 88
7812
4 7718 79
79
82 ____ 834 Jan'23
8314 8314
10712 ____ 114
Jan'23
111 114
13614 &woo
1
33
101 - 10212 101
Jan'23
101 101
9953 ____ 101
Jan'23
101 101
7714
775 78
6 7714 78 4
7714
,
1928 A 0
Nashv Cbatt & St L lot 58
1923 .1 .1
Jasper Branch lot g 8s
1037 F A
N Fla & S 1st gu g 5s
Nat Rye of Men pr lien 4,83s_ _ 1957 J .1
1977 A 0
Guaranteed general 4s
1926 .1 .1
Nat of Men prior lien 4;30
1951 A 0
lot consol 4s
1954 al N
Naugatuck RR let 4s
1945 J J
New England cons be
1945.1 .1
Consol 4s
1986 F A
NJ June RR guar let 45
NO 52N E 1st ref & imp 4;4s A '52 J J
New Orleans Term let 4s_ __ _1953 J J
N 0 Texas & Mexico lot 88 1925 J D
1935 A 0
Non-cum income 58 A
1945.1 .1
N & C Bdge gen gu 4SO
NYB&MBIstcong 5s1935 A 0
N Y Cent RR cony deb 69.1935 M N
1998 F A
Consol 45 Series A
2013 A 0
14"
Ref & impt 4S1s Ref &!mut 5s
2013 A 0
N Y Central & Hudson River
Mortgage 3838
1997.1 .1
Registered
1997 .1 .1
Debenture gold 48
1934 ID N
Registered
1934 M N
-year debenture 4s
30
1942 .1 .1
Lake Shore coil gold 3Me 1998 F A
Registered
1998 F A
Mich Cent coll gold 3y48_1998 F A
Registered
1999 F A
1937 A 0
NY Chick St L 1st g 4s
Registered
1937 A 0
Debenture 48
1931 MN
NY Connect 1st gu 48is A 1953 F A
N Y & Erie 1st ext g 4e
1947 MN
3rd ext gold 43.6s
1943M S
4th ext gold 58
1930 A 0
5th ext gold 48
1928 .1 I)
1946 M N
N Y & Green L gu g 5s
NY&Harleing 3;39
2000 M N
1923 F A
N Y Lack & Western be
Terminal & improve't 4s_1923 MN
1930 M S
N YL Ed. W let next
1932 F A
N Y & Jer'S.4 laths
t g
NY & Lot Br gen g 49
1941 M S
N Y N H 2.L.'-r:fordNon-cony deben 45
1947 M S
Non-cony deben 33.38
1947 M S
Non-cony deben 3,1.39
1954 A 0
Non-cony deben 48
1953.1 .1
1956 M N
Non-cony deben 48
Cony debenture 383s
1956 J J
Cony debenture fie
1948 -1 .1
Cons Ry non-cony 45
1930 F A
Non-cony deben 48
1955 .1 .1
Non-cony deben 48
1956 .1 J
4% debentures
1957 M N
1927 A 0
NY 52 Northern let g 58
24 Y 0& W ref 1st g 4s---01992 M S
Registered $5,000 only
01999 M S
1955.1 D
General 4s
•
1942 A 0
N Y Prov & Boston 4s
N Y & Pu lst cons gu g 49_1998 A 0
1927 M S
N Y & R B Ist gold 5e
1937.1 J
N Y Susq & W lst ref 5s
1937 F A
2d gold 434e
1940 F A
General gold 5s
1943 M N
Terminal lot gold 5s
NYW'cbes&B 1st Ser I 4;38_,'46 .1 J
1961 F A
Norfolk Sou lot & ref A 58
1941 MN
Norfolk dr Sou 1st gold 5s
1931 M N
Noel & West gen gold 8s
1934 F A
Improvement & extg
1932 A 0
. New River let gold
N & W Ry lst cone g 48._ _1996 A 0
1996 A 0
Re leered
Dicel let lien & gen g 48_1944
1938 M S
,
10-25 year cony 433e
1920 M S
-year cony lls
10
1941 J D
Pocah C & C joint 49
1945 A 0
North Ohio lot guar g 59
Northern Pacific prior lien rail1997Q J
way & land grant g 48
1907 Q .1
Regietered
a2047 Q F
General lien gold 30
02047 Q F
Registered
2047 J .1
Ref & impt(isser B
2047 .1 .1
Ref & Imp 48.18 SerA
'20473 .1
55
St Paul-Duluth Div g 45 1996 J 0
tit Paul & Duluth lot 5s___1931 Q F
1968 .1 D
1st consul gold 48
Wash Cent let gold 4s.......1948 Q M
1933 .1 J
Nor Par Term Co 1st g 138
1938 A 0
2110 01 Cal gu9Y g 58
1930.1 .1
North Wisconsin let 68
Og& L Cham lst gu 4sg
Ohio River RR let g 58
General gold 58
Ore & Cal lot guar g Se
Ore RR & Nay con g 48
Ore Short Line
1st consol g 59
Guar con .50
Guar refund 48
Oregon-Wash 1st & ref 43
Week'
Range or
Last Sale
100
100
100,
4
1004 July'22
8
963 10112 9712 Nov'22
2618
29
2912 Feb'22
3612 Jan'23
244 Jan'23
6818
_ 87 July'14
8812 94
894 Jan'23
75
79
70 Sept'17
Jan 13
_ 82
82%
_
81
8112 Jan'23
8
757- 77% 7673
77
101 Sale 10012 101
797 Sale 7918
80
894 ____ 8912 Jan'23
954 ____ 9613 Sept'22
3
1037 Sale 10314
101
4
803 Sale 80%
8114
854 87
3
887
851.3
963 Sale 9614
4
964
101
7512 Sale
748
78
90
8912
8714
713
4
72
7512
75
-5512 9014 8812
8612
8718 8712 8 8
85
8712 Sale 8712
87
- 994
9912
914
8
915
944
8612
02
80
8
773
9918
8
997
9912 993 9912
4
1034
10314
8
9612 93 975
91
8814
9013 sale:
_
4
-571- Sale
721, Sale
7612
70
76
7612
5 9934 10014
13 22
-i6-
3612 361,
2414 2414
89 8912
_
_
82 -82
8112
81
4
4
763 793
23 1001s 101
150 7712 80
_
8914 8912
244
27
11
385
03
80% 82%
854 88%
4
9814 983
76
18 7458 773
4
Dec'22
91
16 89 4 61'8
,
Nov'22
_
8714
2 8714 8714
7212
8 714 7412
Jan'23
72
72
7614
4 7514 76
Jan'28
75
75
7 87% 9014
8812
Jan'23
8812 8812
8
885
7 8812 867s
8713
2 8512 88%
July'22
9912
1 99% 9912
Nov'22
Nov'15
Nov'22 _
Nov'22
Dec'22
- - - -Jan'23
_ -9914 -9912
Jan'23
10312 10312
Jan'23
9718 98
July'22
_
50
2
53
40
40
10
47
7
47
50
5114 23
49
51
28
45
4712 10
694
7312 149
54 Nov'22 _60 July'18
49 Dec'22
4013
41
10
Oet'22
99
68
13
88
594 Nov'20
56
623
6212 62%
4
3
83 Attg'13
70
85 Dee '22 _8
825 85
96 Dec'22
964 99
52
55
58
2
52
42 Sale 42
6
42
45 Sale 45
4
45
0453 90 841a Dec'22 -4712 4814 47
48
113
68
67 65
66
41
9034 9312 903 Jan'23
4
__
4
993 Jan'23 _
10812
1084
108,
4
4
1083
2
10714 - - 109 Dec'22
9114 sale 90
9112 64
90
Jan'23
853
4
3
85 4 92
854
1
108
1073
4
Jan'23
e
1134 sii 1,213 1134 120
8612 87% 8712
3
883
2
79
5
83
8512 83
5014 55
4512 Sale
4514 56
5114 Sale
51 Sale
45
46
7218 Sale
48 ____
-----_ _ 52
41
46
994
68 §fe
50
40
45
47
46
40
6714
57
44%
47
5114
51
48
,
73 4
3913 41
68
7O7
-E
573 7034
.---
----
E 557
42
45
45 4518
- -48
504
63% 6712
3
90 4 904
10312 10812
4
1083 1033
4
9314
90
8812 90
3
85 4 863
4
108 108
4
111 1133
8
8714 883
83 83
149 843 87
4
8318 8313
168 60% 8214
_
5914 593
4
190 107% 1094
1 8612 90 2
,
189 97 100
3 89 89
1044 ____
86i4
844
831s Jan'23
603
8
6214
5914 Jan•23
10734 108
8812
8612
97
994
39
89
100 June'22
8414 Jan'23
84 May'22
10818 June'22
102
Jan'23
118 Nov'18
8
683 7014
8
967 98
9218 96
9931 99%
4
883 Sale
6912 Jan'23
9818 Jan'23
9712 Sept'22
9914
100
4
86,
4
883
8
693 71
9818 981s
8614 Sale
6214 Sale
1
1073 Sale
87
88
9712 Sale
89
88
91
8014 - 794
10212 1033 10314 Jan'23
3
1946 J
4
.1 1033 Sale 1034 104
1946
4
9212
1929 Jo 0212 sale 913
8
80
1961 j j 8518 Sale 793
Pacific Coast Co lot g 5s... 1948 1 D
1938 F A 8512 89
Pao RR of Mo 1st ext g 45
1938J J 96
2d extended gold 52
Paducah & Ills let s I 4Tis__ _1955 J J 90% 91
1058 F A 7012 Sale
Paria-Lyons-Med RR 6s
Pennsylvania RR 1st g 4s__ _1023 m N
1943 MN 8918 90
Consol gold 413
1948 MN 90% Sale
Consol gold 48
98 Sale
1960 F A
Conso14.80
1965 J D 91 18 Sale
General 4839
D 100 Sale
1968.1
General 59
1930 A 0 11014 Sale
-year secured 78
10
1936 F A 110 Sale
-year secured 63.38
15
peruarrylvanla Co
Guar 383s Coll trust rag A_1937 M S 8214 ---Guar 3s coil trust Ser B_1941 F A 80% _ -
7912
8
885
98
9013
8312
993
4
9314
8912
97
4
903
9953
1093
4
109
54l
84'4
idti idi
28 9914 100
9 8614 871/
33
32
93
103 10412
103 105
91
923
4
793 82
8
Jan'23
7912 7912
Jan'23
8
865 86%
Dec'22
9012 10 904 9012
69
500 6312 7314
Dec'22
_
Jan'23
934 9314
90% 28 89
90%
9813 47. 97
9812
9112 73 9031 927
8
4
1003 117 9912 1013
4
11012 47 1094 1103
4
110
77 109 11113
844 Nov'22
Jan'23
83
83
83
BONDS
N. Y,STOCK EXCHANGE
Week ending Feb. 2
g
.R.
s' •'''
Z t;
....,22,,
Price
Friday
F,b. 2
Week's
Range or
Last Sale
,
.g.?..
,,, ,
Range
Since
Jan. 1
Bid
Ask Low
High No, Low High
Pennsylvania Co (Concluded)
Juar 353s trust ctfs C__1942 J D 80
83 July'22 .--- _ _ - - --82
Guar 383s trust ars D._ __1944 J D 80 ____ 834 Nov'22 ___. ___- - -Guar 15-25 year gold 4s_ ..1931 A 0 92
92
9312 92
Jan'23 .___ 92
50-year guar 45 ctfe Ser E__1952 M N 8412 88
37
Jan'23 ____ 87
87
Peoria & East 1st cons 4s___1940 A 0 7434 Sale 745
78
4 74
77
Income 4s
0 Apr, 27
2812
8 27
27
2334 27
Pere Marquette 1st Ser A 58 1954 3 .1 953 Sale 943
4
96
4
40 943 97711
4
let Series 13 49
1956 J J 81 18 Sale 76
8212
5 76
82
Phlia Bait dc W big 49
3914 9212
1943 M N 9014 ---- 8314 Jan'23 Philippine fly 1st 30-yr s f 45 1937 .1 J
465 Sale 465
8
47 •
C & St L Cu 4 sis A
1940 A 0 947 98
3
8
917 Jan'23 ---- 94% 9518
Series B 4;3s guar
1942 A 0 947
9 17 Jan'23 -----------8
Series C 43i guar
,
1049
8
sM N 947
95 Nov'22 -----------Series D 4s guar
1945 M N 8914 __ -- 8812 Dec'22 __ --' -------__--',
Series E 310 guar gold_
1949 F A 863
91
Aug'22
Series F guar 48 gold
19533 0 8914 ___- 8712 Nov'22 __-- ____ - --Series 04s guar
,
1957 MN 89 4 - -- 8714 Nov'22 --- I.
Series I cons guar 4.13s
11/63 F A 94
95
95
i di- -Iii
95
General 53 Series A
1970 J D 934 Sale 9712
984 22 967g 9914
Itts & L Erie 2c1 g Ss_ _ __a 1928 A 0 9618 ____ 99 Nov'22
'Ms McK & Y let gu 8s___ _ 1032 J .1 102 __ __ 105 Dec'22 .--_ - - -- - --_--- ____ _ _ - 2d guaranteed 69
1934 .1 J 993 -_-_ 9514 ,Irme'28
4
.'itta Sh & L E 1st g 5s
1940 A 0 100 ____ 9914 Jan'23 ---- dila -66(4
n
let co sol gold bs
1943 1 J 0818 _ _ _ _ 9714 +2.80'17
Pitts Y & Ash lot cons 5s_ 1927 MN 99 __ _ 98 June'22..
.__
z
Providence Secur deb 4e
1957 MN 341 94 3818 Jan', ___- 385 -384
8
12
;
Providence Term 1st 4.8
1956 M S 75 _-__ 8853 Feb18 __-- ____ -- - -
iii 4658 49%
pc
1997 .1 J
Reading Co gen gold 48
Registered
1997 .3 J
Jersey Central coil g 4s
1951 A 0
1 9113.1• Saratoga 20-yr gs _1941 MN
,
Rich & N leek Is, g 50
1948 MN
1939,J D
.1.10 Or June lot gu 5s
tie Or 68.i lot gold 48
19404 .1
Guaranteed
19403 J
lio Or West let gold 4s
1939.J .1
Mtge & coil trust 49 A _
1949IA 0
1922 J D
loch 52 Pitts Con 1st g 6s
1 I Ark & Louis lot 4T3s__1934 M S
1949,J J
lut-Canada 1st gu a 48__
1941'J I
lutland let con g 4.Iis
I
It Jos & Grand tel 1st g 4s_ _ _1947 J .1
It Lawr 52 Adir 1st g 5s
1996 d J
2d gold fie
1998 A 0
1931 j j
It L & Cairo guar g 45
1931. A 0
it I. Ir hi & S gen con g 58
Gen con stamp go g 5s
1931 A 0
1929 j j
Unified & ref gold 48
1933 ge N
Riv &0 Div let g 4s
It I. M Bridge Ter gu g 58._ _1930 A 0
It Louis dc San Fran (reorg Cu)
1950 J J
Prior lien Sec A 4s
Prior lien Ser B 5e
1950 J J
1942 1 J
5349
19283 .1
Prior lien Ser C 68
81955 A 0
Cum adjust Ser A 6s
Income Series A Os
81960 Oct
It Louis & San Fran gen 69_ _1931 J J
1931 J J
General gold 5s
St L & SF RR cons g 4e,1996 J .1
Southw Div lot g 5s___ _1947 A 0
1948 J J
It L Pee & NW 1st gu Ss,
1931 M S
It Louis Sou let gu g 4s
3t L 8 W let g 4s bond ctfs_ _1989 M N
2d g 45 Income bond ctfs_p1989 J J
1932 .1 D
Consol gold 45
let terminal & unifying 55_1952 J J
it Paul& K C Fib L 1st 4Ms 1941 F A
1933 J J
Si Paul M & Man 43
„ !
1 3 .3 2
let consol g as
Registered
1933.1 .1
Reduced to gold 4)-4s
1933 5 J
Registered
1933 J .1
Mont ext lot gold 4.9__
1937 J 12
Registered
1937 J D
1940 J J
Pacific ext guar 40
1921 F A
St P & N P gen gold 6s
Registered certificates__1923 Q A
1943 .1 .1
3 A & A Pass lot. gu g 48
1950 A 0
Ian Fran Terml lot 4s
1989 M N
4u10 V & N E let gu g 4s
1950 A 0
ieaboard Air Line g 45
1950 A 0
Gold 4s stamped
01949 F A
Adjustment 58
1959 A 0
Refunding 4s
Ist & cons 68 Series A
1945 M S
leaboard & Roan let 5s
1926 3 J
1942 J D
iher Sh & 801st gu g 58
1936 F A
1 & N Ala cons gu g Is
Gen cons guar 50-yr 5s._ 1963 A 0
louthern Pacific Co
Gold 48 (Cent Pac coll)._51949 J D
g1929 M S
-year cony 4e
20
19341 D
-year cony 58
20
1937 M N
In Pee of Cal-Gu g 59
17
.., J J
3o Par Coast lot gu 4s g
j9551 J
lo Pao RR 1st ref 4s
1994 J J
louthern-Ist cons g bs
1994 3 J
Registered
I956 A 0
Develop & gen 45 Ser A
1956 A 0
,
Temporary 81613
1996 J 3
Stem Div 1st g 4 Sis-58
1951 J J
St Louis dig let g 4s
lo Car & Ga 1st ext 5)-(e......,,1020 M N
Internat let g 5s___.1955 J J
111okane
luperior Short L lot 5s g____81930 M 8
8512 Sale 8512
---------4114
95 88
85
10918
72
74
74
844 --__ 8-12
. 1013
1018
1212 ___. 11118
76
77
76
3
6614 663
66
- --10014
78% 787 78
89
74
70
802 8614 8012
4 69 8534 86
853
Jan'23 ____ _
Jan'23 ---- g. - -g6.
5
4
---- --Oct'22 __-- ____ - - - Jan'23 ---- 8512 974
Dec'22 ____ __ ___
Feb'22
76
i. ii ii
6712 12 88
,
67 2
Au '22 --__'
---_
3
8 777 81
7812
Jan'23 ----' 70
70
3 8012 8012
8012
7312 7512 7412
9212 Sale. 9212
Ms __ __ 103
88
90
8814
964 0518
96
--------102
8614 Sale 85
82 sale 8153
4
953 ---- 98
-_
Jan'23 ____I
,
3 9212 92 2
9212
Nov'16 __--'
Jan'23 ____I 5314 90
40 9518 99 2
99
,
July•14 ____I __ _ _ _ _ _
37% 43 857 89%
82
28 8118 86
Jan'23 ---- 98
93
6812 217 6712 70%
8814 sale 6712
83 Sale 8212
8 46 8212 8473
837
9118
91% 92
9234
9134 26 91
99 Sale 9834
99
8 9714 1004
7714 Sale 7614
7712 161 1 7512 7812
6112
0112 149 58
4
61, Sale 5913
10314 .-- - 103 3 Jan'23 __ __I 1033 1034
,
3
9634 - - - - 9718 Jan'23 ._ -- 9718 9934
8218 __4
67, vec'20 ._ .. ____ - - - _
87,s __
Feb'22 ___ _ _ _ ___ _
90
1 milk' 1024
10212 1023 1024
4
10218
613 01122 ---- 1 - - - -,,"'a -- 0
772 Sale 77,
4
4
7712 17 75 - 793
7312 69, Jan'23 54 8914 8934
70
4
4
5 Sale 7413
7
28 7412 773
757
80% Sale 7812
3 16 7813 8212
807
8112
2 79
70
79
80
78
_
_
4
9-3 924 93 Nov'22 _I
10914 Sale 10914
10934 55 i0514 i6683
21.
40 Soot9
10818 110
0614 0818 9712 Jan'23 --I iils 9913
9612 98
9; Ault'22 ____I__ - - - 93
9012 92
5 go
93
9212
964 ---- 80 Mar'21 ---------.- _84 ---- 85 Dec'22 ---------.Jan'23 -- 100 100
--------100
---- ---- 11)11 Dec'22 -----------12 753
4
73% Sale 7312
56
74
8012 Sale 8024
4 53 8014 834
803
864 Sale 88,
4
1 8614 804
864
5334
Jan'23 ____I 53
.,3
5I's 58
5412
5312 Sale 53
532 11 52
28 Sale 243
4
189 223 20
26
4
42
4112 Sale 4012
4112 58 39
0112 271 .583 82
4
,
603
, 4 Sale 60
4
4
1 933 933
4
933
4
'
93 4 ---- 933
4
353 ---- 42 Aufr22 -----------100 10214 9 i
Jan'23 ____ 98 10114
99
9812 9653 Jan'23
8
965 99
8334 Sale 82%
85
8318 91 82
9214 Sale 913
8
924 456 914 9234
8
1005 10212 10114
10114
1 10012 102
_ __,_
1014 -,,- 10313 July'22 _
8714 90
ii Ii634 in
91
8918
8718 Sale 86
8812
8712 124 86
964 109 95
984
9534 Sole 951s
- - -Dec'22 ___.I __
--------95,,
1T 1'e Sale 67
684 179 6612 6912
101 Sale IGO
10173
10114 210 100
8
967 Jan'23 _ __I 96
98
98
_,
97
774 794 7914
797
7 7914 61-I
9 994 Jan'23
1
,
43 9
4
_ 9834 993
.
b
n ? 2 ---- 83 Sept'22 --------- _ _
4
" ---- 95 Mar18 ____ ____ - - --
2
9512 9512
rerm Assn of St L Iota 430_1939 A 0 9114 94, 9513 Jan'23 __
8
08
Jan'23 ____ 9712 1)8
1944 F A 97, 100
lot cons gold 55
1953 J .1 8112 82 80
82
80
Jan'23 __
s f g 49
Gen refund
08
_2
98
1943 J I 90 4 95
5 9.3
98
rex & N 0 con gold 55
1943 M S _." --- -• 34
Foxes & Okla 1st gu g 5s
4
933 9214
2000 J 0 P2
94
I di]; 904
l'exas & Pry. et gold 68
g2000 Mar 4112 ----4013
4012
2 4012 4012
2d gold Income 59
is 00
92
1931 1 3 90
1 90
La Div B L iota 5s
914
9734 sale 067
1
1935 J .
8
8 10 9 4 ,
073
rol & Ohio Cent 1st gu Eas
„
0 9714
1935 A 0 93% 95% 0
6
Western Div 1st g 58
Jan'23 __ 96 "
_1935 J D 0914 91
9013 Sept'22 -- _
General gold Ss
-9334
9312 229312
Col St I. dc w pr lien g 33-ft_1025 J J 934 Sale 9314
9 7214 7514
741,
1950 A 0 7334 Sale 735
3
-year gold 4s
50
1917 F A -___ ____ 1514 June•21 ----------.
Coll trust 44 g Ser A
Trust co etts of deposit
4
1931 .1 J 923 964 9518 Nov'22 ----------701 WV & 0 gu 4348 A
1933 3 .1 923 083 934 Dec'22 ---- - --- -4
8
Series B 4345
1942 M S 8
64 --- - 887 Nov'22
4s
Series C
82
"or Ham & Buff let g 48_81946 d D 7312 8212 8114 Jan'23 __-- 8114 _
1
1028 . D 0318 9513 9512 Jan'23 ___
'
,
95 2 93 3
lister & Del lot cons g 68
67
i 68
gat,
1952 A 0 64
68
68
1st refunding g 4.0
1947 J .1 9312 Sale 9112
4
033 337 9134 93
lnion Pacific) 181 11 48
2 8078 92
1947.1 J 88
92
94
Registered
92
4
1927 J 1 9534 Sale 95
9512 106 943 9513
-year cony 49
20
88
52008,M S 854 Sale 84
8514 66 84
lot & refunding 48
4
9 1034 1053
10312
-year perm secured 61___192813 .1 10312 104 10312
10
1944 M 13 91 ---- 8012 June'21 _ -I ---- - - -J NJ RR & Can gen 48
I
'No Price Friday: latest bid and asked this week. aDtle Jan. Mlle Feb
gDue June. hDue July. k Due Aug. °Due Oct. 2/Due Nov. gDue Doe,
sOption sale
New York Bond Record—Continued—Page 4
BONDS
N. Y.STOCK EXCHANGE
Week ending Feb. 2
t
'S 8.
Price
Friday
F,b. 2
Week's
Range or
Last Sale
,
gts
Range
Since
Jan. 1
BONDS,
N. Y.STOCK EXCHANGE
Week ending Feb. 2
501
-
Price
Friday
2
Week's
Range or
Last Sale
,263
."
Bid
Ask Low
HighlNo Los High
/ Jan'23 _- 9912 991
3
4
0012 ---- 99
/
4
9113
8612 Feb'221___ _
--
Range
Since
Jan. 1
Bid
Ask Low
High No, Low High
Crown Cork &Seal Coot Baltimore lot If 20-yr is.----1943 F A 93 Sale 90
03
53 90
95
Cuba Cane Sugar conv 7s___1930 J J 8714 Sale 8614
8714, 109 854 8S
/
1
yaw:1111m cone g 48 Scr A___1955 F A
86
Apr'221_
Cony deben stamped 8%__1930 J
9212 sale 903g
925 1 196 9014 9258
8,
email 4e Series B
1957 M N
851 Nov'22 -. -/
4
Cuban Am Sugar let coil 8s_1931 M S 10712 Sale 10714
41 36 107 1073
1073
4
Vera Cruz & P let go 4,118
3512 3712 34
1934 J J
Jan'23
34
3412 Cumb T & T let & gen 5s____1937 J J 93
941 9312
/
4
94 I
5 9284 9612
Verdi V I & W 1st g 58
1926M S 98
98 Sept'22
_
Jenver Cons Tramy 59
1933 A 0
9712 June'20
Virginia Mid Ser E 53
1926 M S ---- -- 96
Jan'23 _- 96
9612 ()env Gas& E L 1st & ref erg Ss'51 MN 8612 8712 Si
87141
3 if 90
General 55
1936 M N 973 ---- 99
4
/ Oct'22
1
4
Dery Corp D G 1st s f 20-yr
-Va & So'w'n at go 58____
2003 .1 J
93
Jan'23 _
6314
gold is
93
,8 Sale 4 97,8
9
98,
,
1942 M
9/
99
9
1
4
4 96,4 100
3 98
99
let cons 50-year 5e
1958 A 0 81 Sale 79
81
3 79
Detroit City Gas gold 5s___ _1923 .1 J 993 99
81
/
4
/ 991 Jan'23
3
4
/
4
997 994
Virginian let 5s Series A
8
/
1
1962 M N 9614 Sale 954
/
1
963 136 9814 98
/
4
Detroit Edison lot coil tr 68_1933 .1
.1
let&ref5eserA
9614 954
8194051 S 96
/
1
9614 23 9512 OS
Wabash let gold 58
/
1
4
1939 M N 08 Sale 973
8
9312 29 9714 983
'let & ref Gs series 13
4
8
81940 M S 102, 103 1927
8
103
/ 23 10218 104
3
4
2d gold 5s
1939 F A 87
8712 8614
8614
2 8614 9214 Jet United let cons g 4
_1932 .1 J 83 Sale 8212
93
let lien 50-yr g term 4a.....1954 J J 6;12 7012 6812 Jan'23
e 82 8312
6812 6812 Diamond Match e 1 deb 730_1936 M N 10714 Sale 10714
107
/ 19 107 1073
3
4
Del & Ch Ext lit g .59
/
4
_1941 J .1 9512 9734 96
Jan'23
Distill See Cur cony let g 5s_1927 A 0 513 54
96
96
5312
/
4
541 49 49
/
4
/ 54
1
4
Dee Moines Div let g 48_1939 .1 J 7, 79
/ Jan'23
3
4
7$
Dominion Iron & Steel 5s
7314 73
/
3
4
84 Sale 83
_1943 J
84
Om Div 1st g 330
23 83
85 4
,
1941 A 0 6314 6618 6614 Jan'23
661 Donner Steel 1st ref 20-yr sf is
/
4
65
Tol & Ch Div g 4s
1941M S 75
77i8
80
773
/
4
Series AA
7718 7718
867 87
8
1942.8
8812
Warren let ref go g 3iis
81 843 90
/
4
2000 F A
7318 --__ 741 Nov'22
/
4
El du Pont Powder 4Siff__ 1936 J D 8914 95
90 Dec'22 ----1
W 0 & W lat cy gu 4s
1924F A
--9714 Aug'22
du Pont de Nemours & Co 716s '31 MN 108 Sale 107
/ 1083
3
4
0 62 10714 1084
Wash Term let gu 310
1945 F A
/
1
781 _ — _ 793 Jan'23
/
4
/
4
Juquesne Lt 1st & coil 6s
7984 7084
8
1949 J j 10314 1037 10312
104
let 40
-year guar 4s
65 103 10412
1945 F A 841
/
4
818 Nov'22
4
Debenture 710
4
1936 J J 1063 107 1063
4
W Min W & N W lst gu 5s
1073
s 17 10614 10712
7712 89
1930 F A
86
Jan'23
East Cuba Sug 15-yr s f g 734s1937 loS S
89
86
9612 89 93
eat Alaryla d let g 43
97
/
3
4
1952 A 0 64 Sale 633
/
4
64
44 62
6412 Ed El III Inn Sat con g 4s
0 B
6
1939 .2.8 9 12 Sale 8934
93
/
9012 11 8712 90 2
est N Y & Pa 1st g 5.s
1937J .1 100 Sale 100
,
100
4 985 100
Ed Elec III let cons g 58
8
/
4
1995 3" 1013 ____.1013 Dec'22
Gen gold 49
/
4
1943 A 0 77
79
77
Jan'23
Elk Horn Coal cony 68
/
4
Jan'23
1925 J O 973100 I 99
_ 99
Western Par 1st Ser A 51
9912
1946 M S 82 Sale
82
32
/ 23 813 8312 ...moire Gas & Fuel 734s
3
4
/
4
/
1
1937 MN 9314 Sale , 934
West Shore let 48 guar
94
190 9314 983
/
4
8
2361 .1 J 813 82
82
833a • 14 8134 834 Fisk Rubber let s 1 8s
/
1
107 Bale
1941
Registered
2361 ,1 J 79 4 793 79
,
4 7918 811 et Smith Lt di Ti let g 5t._.1936 51 S 80 _ _ — ,10612 10712 32 10612 10812
7914
/
4
1 58
Jan'20
Wheeling & L E let g 5s
MS
1926 A 0 • 9712 083 97 . n'23
9712 99
Framerle Ind & Dev 20-yr 7345'42 J J 877 Sale 1 83 4
8
,
Wheeling Div let gold 50_1928 J .1 96
8612 112 -- -1- -9183 4
34(
9,3 95
/
4
a '23
953 95
8
/ Francisco Sugar 734e '
3
4
101 Sale 100
101
Exten & Impt gold be
1942 M
12190 103
CO
1930 F A
973 94 Sept'22
/
4
/
3
4
Um& El of Berg Co cons g 58 .1949• D 923 _ _
/
4
Refunding 41.4s Series A
Feb'13
60
1966 M
C37 60
Jan'23
General Baking Ist.25-yr 6s_ _1936 ID 101 103 :10011 Oct'22
62
60
RR let consol 4s
1949 M 6 6312 64
637
8
64
9 607 6518 Gen Electric deb g 33.5s
8
6.801e
Wilk & East 1st Cu g 55
1942 FA
80
12 78
SO
1942 J 0 5418 59
59
Jan'23
Debenture 59
59
5918
1072618
179
10112
Winston-Salem 8 11 let 48 _1960 J
1952 M
102
311 101 10214
883 821 8112
8
8112
20
8114 8112
-year deb (
/
1
4
1053 Jan'23 ____1 105 1054
/
4
Feb 1940 F
Wis Cent 50-yr lst gen 48
7712 79
/
1
1949 J
7712
78
16 7712 82
GenRefr let s f g 65 Ser A__1982 FA 99 Sale Ms
Sup & Dul div dr term let 45'36 MN 7714 80
991 42 9818 1013
/
4
/
4
77
6 77
78
805
8 Goodrich Co 6348
W dr Con East 1st 4/88
1947 3' 10114 Sale 10012 1011 143 100 102
/
4
19433 J
65 May'22
Goodyear Tire /14 Rub 1st e 1 82 '41 MN 1153 Sale 11512 116
4
76 1143 116
4
10
-year s deb g 8s
/ 102
3
4
41931 J A 102 Sale 100
193 9958 104
Granby Cons M S& Peon 68 A '28 MN 88 -___ 5112 Jan'23
INDUSTRIALS
9112 91 2
,
Stamped
9612 9g34' 0234 Nuv•22
9
98
,83
1928 MN 92
4
____
98
Cony deben 8s
Adams Express coil tr g 4s__ A948 M S SO
1925 MN
1 953
81
80
3 80
80
Gray & Davis lot cony e
8018
Ajax Rubber 85
1936 3 D 98
99
971
/
4
99
22 96
99
gold 713
98, 9934 9934 7 96 99
1 96
193
Alaska Gold M deb fis A__1925 M B
96
1
614 8
614 Jan'23
lrest Falls Power lets f 59_1940 FA
614 8
Cony deb 65 series B
MN
3
98 4 100
618 Sale
1926 M El
618
3 6ig 614 Hackensack Water 45
618
8112
8112
Ara Aerie Chem let 55
195 J, J 8112 82
1 8112 8112
1928 A 0 100 10014 100
17 9912 10012 Havana z.tec consol g 5s
100
/
3
4
91 Sale 89
195 FA
91
1st ref s f 755s g
40 8784 91
1941 F A 10414 Sale 104
1043 162 1023 1043 Havana ERy I.& P gen 5s
4
4
9414 Sal e 83i
/
4
l
8412 95 81
98
A__'5 MS 88 sae 977
Am Cot Oil debenture bs1931 MN
8412
75
77
77
2 77
8012 Hershey Choc 1st f g 6s
Am Dock &'rapt gu 68
194 M N
97 100
- ei
1936 J ./ i067/
1
Holland-American Line 6s
• 1054 Dec'22
4
194 Si N 9012 Sale 893
901 23 871, 92
/
4
Am.Sin & R let 30-yr bsser A 1947 A 0 9012 Sale 8934
9012 133 8912 923
Hudson Co Gas let g 58
4
194 MN 9418 9412
American Sugar Refining 6s 1937 .1 J 102 Sale 1013
927 9413
8
4
1023 227 1013 104
4
Humble Oil& Refining 5148 _193 33 98 Bale 973
/
4
9: 941 10 973 99
41
Am Telef., & Teleg coil tr 48_1929 J .1 0134 Sale 9118
8
1
6
0
4
913 177 9118 9212 Illinois Steel deb 4445
4
/
4
9114 17 91
194 A0 913 Sale 9114
Convertible 4e
9612
8878 8714
1936 M 13 87
2 863 S712 Indiana Steel lot 5s
8714
4
1005 Sale 100
8
100 4 44 100 10112
3
20
-year cony 414e
1933 M S 1014 1013 101
/
4
2 101 10212 Ingersoll Rand let gold bs__ 195' MN
101
9
618 Nov'2$
8
82
30
,
-year temp coil tr bs_ _1946 J D 977 Sale 973
_1935 J J
8
4
9812 114 972 101
nterboro Metrop coil 4328_1956 A0
4
914 10
7
-year convertible 6e
818 10
4
1925 F A 1143 Sale 11412
11512 37 11412 11718
Certificates of deposit
8, 10
81s
Am Wat Wks & Elm, be
2
/ 9
1
4
818
/
1
4
7 6
2
1934 A 0 83 Sale 83
oterboro Rap Tran let Ss__ _1966'.1 7018 Sale 70 2
8412 49 83
8,
61
7
9
Am Writ Paper e f 7-6s
66 69
89
72
1939 J J 841,, Sale 84
84 12 82 84
10
-year (is
8512
68 Sale 671
667, 7318
Anaconda Copper 65
1953 F A 902 Sale 9612
963 3.1 9612 9634
/
4
Ts
9218 Sale 913
/
4
924 88
7s
/
1
1932
1938 F A 100 Sale 100
10018 360 00 1003 int Agile Corp 1st 20-yr 55_1932
/
4
Armour & Co let realest 43.e 1939 .1 D 8812 Sale
IN - 4 78 Sale
1
115 88
Internet Cement cony Ss_ _ 1926 J O 11014 113 117
89
90
71
177
Atlantic Fruit cony deb 7e A_1934 J D 30 Sale 8812
18
6 109 19434
3 794
1211 7
187
32
4 32
32
Inter Mercan Marines f 60_l941 A0 86 Sale 544
32
/
1
Atlanta Gas Light be
85
/ 139 841 903
1
4
/
4
/
4
1947 J D 94 _
International Paper bs
Atlantic Refg deb 55
/
4
1947 J J 86 Bale 8512 , 863 50 853 8812
8
1937 .1 .1 9812 Sale- 9712
987
8 38, 9712 993
lot & ref 5s B
4
/
4
8614 8612 853
Baldw Loco Works 1st 55.__ _1940.M
19473 J
8684 73 8412 88 4
3
N 10118 Sale 1013 10112
/
4
11: 1018 103
8
Invincible 01185
- - - - 110 Nov 44
Barnsdall Corp et cony 8% A.1931 -1
1931 M S
/
4
991 Sale 997
8
8
16112 34 997 10312 Jurgens Works Os
Series 11
1947J J 78 Bale 72
76
961 72
807
8
1931 ii
10178 Dec'22
Kayser & Co is
Bell Teleph of Pa a 1 7e A
106
1942 F A 106 Sale 10514
13 105 107
/
3
4
9111e- 1075
-_1945 AO
8
1073 140 10784 10812 Kelly-Springfield Tire /
4
1
1
4
Beth Steel let ext a f 5s
10812 23 1063 10913
1931 M N 10814 1083 10814
4
4
9812 Salo 9812
1926
10 98
9914 Keystone Telep Co tel 5s_
99
9414 July'24
82
95 1
let Ji ref be guar A
1935 -1 .1
3 ,558
1942 MN 94 Salo 93
943 34 93
/
4
9718 Eings Co El L P 5s
20-yr p m & imp s 1 be
1937 A 0 9854 - - -99
9012 Sale 90
1936
91
90 91
Purchase money Os
9312
/
4
Jan'23 ____ 1104 1113
as A
1997 A 0 1103-- 111
/
1
/
4
1948 FA 9912 Sale 99
Convertible deb 65
99
/ 289 9752 993
3
4
4
Booth Fisheries deb at 68, __ _1926 AD 70
1925 M S 10318 ---- 14514 Apr'22
80
6712 Oct'21
_
Kings County E let g 4s__._1949 F A
8
727 77
Braden Cop NI coll tr s f 6s 1931 FA 985 99
8
9814
45 9818 993
49
Stamped guar 4s
7314 Jan'23 ____ 7314 76
/
4
7312 75
1949 F A
Brier Hill Steel let 510
1942 AO 9414 Sale 94
130 94
96
9714 Kings County Lighting 5_1954 J J 8018 83
B'way & 7th Av let c g 5s
1943 Jo 68
67
15 62
633
/
4
64
6348
6812
9812 97
19543 J 98
9812 11 97
Brooklyn City RR 5s
9912
1941 33 8518 867 90 Dec'22
8
Kinney Co 730 '
Bklyn Edison Inc gen 5s A 1949 J J 95 Bale 9512
19383 D 101 Sale 101
101
38 9914 101
/
1
4
9618 25 95
Lackawanna Steel let g 5s
98
1923 A 0 100 10018 100
General 60 aeries B
100
/
1
4
16 99 100
102 10212 10212
1930 y
23 102 10312
103
let cons be series A
Sale 91
1950
924 81' 90 8 9212
General 7s series C
/
1
9212
3
10514 106 10514 Jan'23
_110514 10814 Lac Gas L of St L ref & eat 58 1934 M S 941 95
947
/
4
8
General 7s series D
95
A C
42 924 951
/
1
19401.1 D 108 Sale 107
/
4
108
Lehigh C & Nave 1 414s A
58 107 109
9412 June'22
1954 .1 J
Skin Qu Co & Sub con gtd 5s_1941 SIN 6314 67
66
66
Lehigh Valley Coal 5s
11 58
66
1933 J J 100 102 10214 Jan'23
1st 5s
1941.8 -1
793 --4
791
/
4
45
19333 J
Brooklyn Rapid Tran g 51_1945 A 0 715 Sale 7034 Nov'22
8
7313
7312 Lex Av & F lat gu g 5s
42
gP8 Zr2
45
1903 al
1
Trust certificates
71
7212 70
7312 178 54
7312 Liggett & Myers Tobac 7s
let refund cony gold 492002 J J 603 Sale 603
1944 A 0 117 Bale 11614
117
4 1153 117
4
4
4
62
71 54
5s
62
98 Sale 9712
8-yr 7% secured notes___ _k1021 J
1951 F A
98
33 9712 981
/
4
9012 Sale 90
62 87
92
9212 Lorillard Co (P) 7s
1944 A 0 116 Sale 115
116
Certificates of deposit
32 115 1104
90
8912 91
01
12 8512 9212
5s
1951 F A 0612 Sale 963
Collis of deposit stamped__ _.
/
3
4
8
9612 13 9618 97
8612 8712 8612
531 82
88
885
8 Magma Cop 10-yr cony g 7s_ _1932 J D 11212 Sale 112
Bklyn Un El let g 4-5e
114
10 112 116
1950 F
8..3 84
8312
. 4
8312
4 8114 Si
Menet!Sugar 744s
Stamped guar 4-5s
1942 A 0 063 0712 96
97
4
1956 F A 83 84
8212
84
111 8112 85
mantiat By(NY)cons g 4(1_1990 A
Bklyn Un (Ian 1st cone g 58_1045
/
4
/
3
4
/
4
613
0 6114 621 60
4 39 601 623
/ 98
1
4
MN 9612 97
98
8 96 100
Stamped tax exempt
78
675 May'22
8
1990 A 0
1032 M N 116 Sale 114
11512 63 110 11512
2d 4s
let lien & ref 6 Series A
6313 Oct'22
57
2013.1 D 50
1947 MN 11412 1051s 1043 1051s 28 10338 1051 Manila Elec Ry & Lt e I
/
4
/
4
Buff & Sum Iron s 1 52
55_1953 M
8218
_ 67 Dec'22
1932 .1
9212
78 Aug'21
Market St By let cons Ls_ _1924 SI
Bush Terminal let 48
9212
92 Sale 91
92
42 91
1952 AO SO
Jan'23
83
82
S-year6% notes
8614 87
Consol 5s
96
8
1924 A 0 96 Sale 953
8
25 947 96
,
1955 .83 873 88
4
8 87
/ 8 / Marland 011e 113s with war'nts '31
1 91
4
873
4
87
/
3
4
4
Building 55 guar tax ex__ _1960 AO
4 11112 119
11812
A 0 11812 Sale 117
9112 9018
9112 24 9018 93
/
3
4
without warrant attached__ A 0 10418 105 10212 105
Cal0& E—
15 100 105
714s Ser B
Corp unifying & ref 5&,,.,,.1937
22 108 110
1931 F A 110 dale 10812 110
58 N
063 Sale 9612
8
9612
2 9 / 98 4 Merchants at Mfrs Exch 7s 1942 J D
1
4
,
Camaguey Bug ist s t g 7if
9912
2 1 98
98
9914 98
1042 AO 9612 97
96
23 9512 98
97
!Mem Ed Ist&ret g Gs Ser 11- --195'1 F A 9812 Sale 9814
Canada SS Lines let coils!75 1942
7,98 100
953
4
M N
12 9212 9514 Mexican Petroleum s f 8s
93
Canada Gen Nice Co 68
1936 M N 10712 Sale; 10712 1073
4 29 107 10 '4
9
1942• A 102 Salo 102
102
7 1013 10312 Mich State Teleph let 5s
/
4
Cent DIM Tel 1st 30-year 50_1043 J
/
3
4
99 Sale 09
/
1
4
997
s 25 99
1924 F A
/ 991
3
4
/
4
O 993 10012 100
4
100
101 991 100
/
4
Midvale Steel & 0 cony e f 59_1936 Si
Cent Foundry 1st e f 68
/
1
89
8834 Sale 884
/ 240 8814 90
3
4
1031 AO 90
9012 0612
2 8812 9012 3411w Elec By & Lt cons g 5E1_1926
901
/
4
Cent Leather 20
993
/
4
9914
911s -- 99
6 99
-year g 5s_
F A
1025 AO 087 Sale I 9612
8
9914 18 9812 991
Refunding & exten 410_1931
Corrode Pasco Cop Se
/
4
8
903 913 905
/
4
4
91
J
6 903 9112
/
4
1931
Milwaukee Gas L let 4e
Ch G L & Coke let Cu g 58_1937 3.1 133 Sale 13112 13314 20 130 135
933 Sale 933
/
4
1927 M N
4
94
17 927 94
8
J
9514 Jan'23 - - __I 954 9 / Montana Power let 5s A_
/ 5
1
1
4
Chicago Rya let 58
9618 Sale 9512
1943
3
9612 73 9512 98 4
1927 FA 763 Sale 7614
4
77
/ SI 7614 7812 VIontrcal Tram let & ref 5s 1941 J J 90 Sale 893
3
4
Chicago Tel 5s.
4
91
46 853 91
.1
/
4
1923
/
4
16018
10018
8 100 10018 Morris & Co tate 143.4e
Chile Copper 10•yr cony 7s 1923 3D 1603
1939 .1 .1 8412 8614 86
88
86
11 85
MN 117 Sale 11612
1193 30 i; 113 12 3
4
0 4 Mortgage Bond 48
Coll tr & cony Os ser A_1932
93 A pr'14 - -1966 A 0
/
4
99
/ 461 9618 991
3
4
Mein Gas& Elec 1st & ref be 1956 AO 993 sale 9818
/
4
Jan'23
1932 k 0 92
93 2 92
,
AO 081 Sale 9814
/
4
9812 21 9714 953 Mu Fuel Gas let cu g be_1947 M N
/
4
514% Ser B due Jan 1 _
9414 95
9414
944
/
1
4 9414 "iiq
_1961 A0 977 Sale 97
8
21 96
977
9812 Mut Un gtd bds est 5%
Colo F & 1 Co gen of 5s
10112 SePt'17
1941 M N 9518 _
-I ------1943 FA 8 le 8912 88
Jan'23
Nassau Elec guar gold 48_ _1951 J
884 89
/
1
/
3
4
Col Indus let & coil 5s gu
62'2
643 22 58
65
64
/
4
J 63
1934 FA
7678 Salo 7512
Nat 1•'.nam & Stamog let Se,
9 7512 77
764
/
1
Columbia G & E lot tie
97
97
.1929 .1
Jan'23 ___1 97
1927
951 Sale 9512
/
4
Nat Starch 20-year deb 5s.__1930 J 1) 935 _
/ 97
3
4
9618 26 95
Stamped
1
_ 95 Sept'22
J
1927 J J
95
/ 953 9514
3
4
12 9514 97
4
National Tube let 58
96
Col & 9th Av let go g 5s__ _1992 MS 1318
10014' 19 0711 10112
1952 MN 10012 Sale 100
18
1512 Jan'23
14
151 New England Tel & Tel 31 1952 J D 983 Sale 9312
/
4
Columbus Gas let gold 5N
991 96 9812 100
/
4
4
1932 J J 9112
New On By & Lt gen 414s 1935
9412 Dec'22
--6012
Commercial Cable let g 4s _2397 (3 J 7418
J
_ _ 50 Feb*21 ____I
7518 7418 Jan'23
1 7418 7512 N Y Air Brake let cony 6s _1928 M .1 10214 10212 1
Commonwealth Power 6e
91i1
N
/
3
4
1947
N 88 Sale 87
NY Dock 50-yr 1st g 48
/
3
4
85 8614 89
89
4
7811
763 Sale 763
8
/
4
Companla Azuearera Baraqua
4 79
1951
N Y Edison 1st & ref 6340 A.1041 F A 110 Sale l00'2
log12 110/ 78 10912 11212
1
4
lst s f I5-year g 710
A 0
1937 3' 9812 100
3 99 1004 NYGEL&Pg 5s
997
/
1
99
/ 28 98 100
1
4
Computing-Tab-Bees t Os_ _1941 J J 9612 Sale 9918
1948 J D 9912 9912 99
9612
11 9612 98
Purchase money g 4s
971
834 30 8214 83
/
1
8212 Sale 8214
Conn Ry & I. 1st & ref g 41.0 1951
1949 F
8418
8418 Jan'23
Y Munic By let a f 5s A.1966 3 A
8418 87
/
3
4
Jan'2376
76
76
Stamped guar 410
J
85
81
84
NYQEIL&PIstg4e
99
6 99
98 Sale 99
99
Cone Coal of Md let & ref 5s _ 1951 J O 88 883 8712 Dec'22
1950
/
4
Y Rya 1st R E & ref 43_ 1935 1 1
883 69 87 -fiO
/
4
33
3214 3312 3214
6 32
Con 61 Coo!Ch 101 RU R 5s_ 1936 JJ 9812 Salo
353
/
4
J
.
92 Dec'22
Certificates of deposit
33
32
31
6 303 33
33
/
4
Common,Power Hen & unitying
/
3
4
80
-year ad) Inc 5s
9
5e Series C Interim certifs.,1952 M N 99 Bale
9
5s 7
7, 57
7
8 9
01942 A 0
90
9212
903 176 90
Certificates of deposit
412
5
22
Corn Prod Berg fi f g Is
41 5
412 614
/
4
093 100 Dec'22
4
Y State Rye let cone 430-1962 MN 6712 68
67
68
15 66
68
let 25
s f 58
100 15j 10012 Jan'23
-year
99i 101
12
N Y Steam 1st 25-yr 6s Ser A.1947 MN 97
977
8 12 97
98
977 97
8
Utah & Nor gold 55
let extended 48
1926 3.1
1933 J
ri 11
•No price Friday: latest bid
and geed aphaJelt• MUG April. eDue Mar. Clue May. /Due June, hDue July. kDue Aug.
oDue Oct. gDue Dec. /Option (sale.
THE CHRONICLE
502
New York Bond Record-Concluded-Page 5
[VOL. 116.
Quotations for Sundry Securities
All bond prices are "and Interest" except where marked "f.'
Price
Range
Week's
Standard 011 Stocks Par Md. Ask RR. Equipments---Per Ct, Basis,
Friday
Range or
i=l1
Since
Anglo-Amerlean011new_ £1 1712 1734 Atlas Coast Line Os & 61.45 5.60 13.03
F',,b. 2
Jan. 1
1311
Last Sale
Atlantic Refining new __100 133 135
Baltimore eit Ohio 4Hs & 68- 5.01. 5 00
Preferred
100 118 120 Buff Roth & Pitts 48 & 4588 6.15 4.00
Bid
Ask Low
High No. Low High Borne Strymser Co
5.4.5 5.15
100 113 117
Equipment Os
4
9312 91 9234 94
NY Telec, let & gen at 4248_1939 M P4 94 Sale 923
Buckeye Pipe Line Co
50 •90 92 Canadian Pacific 4458 & 65- 5.25 5 00
30
-year deben 8 f ils___Feb 1949 F A 10618 Sale 105% 10634 67 10518 108% Chesebrough Mfg new._100 227 235 Caro Clinchfield & Ohio 5s- 0.10 13.50
20
-year refunding gold 6s__1941 A 0 10512 Sale 105
107
109 10112 107%
Preferred new._____ Inn 111 115 Central of Georgia 4Hs.- - 5 60 5 15
10014 23 9912 101
Niagara Falls Power let 55_1932 .1 J 100 Sale 100
5.50 .5 2.5
Continental Oil new._ _ _ 25 40 4012 Central RR of N J Os
61932 A 0 10414 Sale 1031
10414 22 10312 106
Ref & gen Ils
Crescent Pipe Line Co 50
6 48 Chesapeake & Ohio 65& 6555 5.70 5 10
8
9712 98
/
1
Niag Lock & 0 Pow let 58_1954 M t4 973 ---- 974 Jan'23 __
Cumberland Pipe Line new_ 103 106
5.30 5 00
Equipment 55
1952 M El 94 Sale 9314
94
109 93 96
No Amer Edison (is
6.5(1 6.00
Eureka Pipe Line Co
100 107 109 Chicago & Alton (18
4
14 , 9334 95
Nor Ohio Tree & Light 6&_ _194 M 5 933 Sale 933
4
94
Galena Signal Oil coin_ 100 59 60 Chicago Burl & Quincy Os... 5.60 5 25
93
9112 50 91
Nor States Power 25-yr 513 A_1941 A 0 9114 Sale 91
100 109 111 Chicago & Eastern m
Preferred old
6.00 550
102
3
_1941 A 0 10012 101 100 8 10012
2 10018
let & ref 25
-year 6138er B.
100 101 107 Chicago Ind & Loulsv
Preferred new
5.60 5 00
Northwest'n Bell T tat 78 A.1941 i A 10734 Sale 10712 1077 178 10714 108
8
100 168 170 Chicago 8t Louis & N 0 55_ 5.25 5.00
Illinois Pipe Line
NortbW T let ra a 4'43 Ind- _1934 J .1 --------94 Aug'22 ___ . __ - - - Indiana Pipe Line Co
50 *96 97 Chicago & NW 4546
5.20 4.75
10312 105 1011 10118
/
4
2 101 1011
1946 A 0
2 -Ohio Public Service 754s
International Petrol (no par) '2U2 2034
Equipment Os & Hs_ _ _ _ 6.65 5.10
8 2814 Chic R I & Pat 4 Hs,58, 6s. 5.70 5.10
9514 96 9514
1943 F A
9914
7 . 95 991k National Transit Co__12.50
Ontario Power N F 181 ae
4
1941 M b. 943 -- - 943 Dec' ___ '____ _....- New York Transit Co__ _100 131 133 Colorado & Southern 55, 65. 5.65 5.30
4
22 _
Ontario Transmission 5s
1941 F A 99 Bale 98
9914 19 9712 9912 Northern Pipe Line Co_ _100 1 5 1 13 Delaware & Hudson Os
Otis Steel 8s
5.50 5.20
6 92 9412 Ohio 011 new
92
lst 25-yr 5f g 7H5Ser B__ _1947 F A 9215 Sale 92
25 .751 7612 Erie 43.4s, 55 & Os
6.01 5.50
92
40 9012 9314 Penn Me: Fuel Co
Pacific0& El gen & ref 5s.._1942 1 .1 92 Bale 91
25 •
5.55 5.25
17
19 Great Northern 65
9212 Sale 911
94
94
19 91
Pac Pow & Lt let dt ref 20-yr 5s'311 F A
Prairie 011 & Gas new 100 226 129 Hocking Valley 4Hs,5/2 & 6s 5.60 5.25
983
43 984 99 8 Prairie Pipe Line new
193; J J 98% 98% 9812
Pacific Tel A Tel let 5a
/
1
3
100 10912 11012 Illinois Central 444s, 58k 6/2 5-6-I 5.00
1954 24 1s. 9138 Sale 91
9112 64 91
58
9212 Solar Refining
100 180 185
5.25 5.00
Equipment 723.4 6Hs_
108
32 107 10812 Southern Pipe Line Co 100 10912 11011 Kanawha & Mich 4348, Os... 5.75 5.15
Packard Motor Car 10-yr 80_1931 A 0 108 Sale 108
42 102 10534 South Penn Oil
10-yr 75_1936 F A 103 Sale 1021s 103
Pan-Amer P & T let
100 175 178 Louisville & Nashville So.... 5.20 4.75
94
4 94 94
94
Pat & Passaic0& Eleons g 581949 M S 9318 96
Equipment 65 & 6 Hs_ _ 5.60 500
Southwest Pa Pipe Lines.100 75 78
Peep Gas & C let cons g 1313_ _1942 A (7 107)4 Sale 10714 10714 22 107 10714 Standard Oil (California) -- .57% 5734 Michigan Central 58, 65.._ _ _ 5 25 600
3 9111 9312 Standard Oil (Indiana)._ 2. •
1947 M 5 92 9234 92 •
9238
Refunding gold be
6134 62 Minn St P & El 8 al 4 Hs& 55 650 5 10
,
1948 F A 100 11 1004 100
10012 70 997,2 102
Philadelphia Co Os A
4112 42
5 65 5 25
Equipment 810 & 7
Standard 011 (Kan) new 2 •
8
/
1
4
/
1
4
4 94 98
98
1931 J ID 97 97 9712
Pierce 011 a I Ela
0
0 'Missouri Kansas & Texas 58 5.65 5.30
Standard Oil (Kentucky) 25
Pleasant Val Coal 1st g a f 58_1928 J J 85 90 80 Apr'22 .__. ____ _ __ _ Standard Oil(Nebraska) 100 220 230 Missouri Pacific 55
5.50 5.10
/
4
4
92
1 91
92
Pocah Con Colliers let 8 I 56_1957 J 1 911 933 92
28 404
5.75 5.25
Equipment 65 & 6348
1
Standard 011 of New Jer_000 • / 40%
1931 I .1 93 95 9318
9414 12 93 931
Portland Gen Elec let 58
11634 117 Mobile & Ohio 420, 55...... 5.60 5.26
/
4
Preferred
_1936 141 Pe 87 Sale 8412
4814 New York Central 414*, 158_ 5,20 5.00
Portland Ry let dc ref
86%
1 8412 8734 Standard Oil of New Y'k. 25 844
8612 27 833 8612 Standard 011 (Ohio) new..... 293 297
55-4
5.60 5.10
Portland Ry Lt& P let ref Se 1948 F A 8434 Sale 84
Equipment 65 & 78
8 10714
1944 el IN 10634 108 1063
5 10634107
let & refund 748 Ser A
117 119 NY Ontario & Western 43.58 5.15 5.25
Preferred •
4
1931 M N 103% 1033 103
Jan'23 --__ 103 103
Porto Rican Am Tob 88
100 30 34 Norfolk & Western 4248___ _ 5.2 4.75
Swan & Finch
I, 115 125 125
125
31 123 12514 Union Tank Car Co
5.30 5.00
Prod & Ref a I fis(with warnts)'31
II))) el 8234 Northern Pacific 78
10734 14 107 1083
without warrants attached__ J D 107 Bale 107
4
111 11' Pacific Fruit Express 78_ _ _ _ 5 30 5 10
Preferred
86
28 8118 86
.478 4534 pennsylvania RR 48 & 415a- 5.10 4.75
Pub Sees Corp of NJ gen 522_1951 4 t, 84 85 8414
itew
Vacuum Oil2525 •
1937 I J 10612 Sale 10514 10634 81 10514 108
.5.6) 5.00
Punta Alegre sugar 78
Equipment65
10 •./.6 30
Washington Oil
1937 M N 931: 9414 932
Remington Arms IN
96
9412
8 93
Pitts & Lake Erie Os & 6 Hs_ 5.40 5.10
5.10 4.80
9512 112 941 9814
Repub 1 a B 19-39-yr 5s a f_.1941 A u 9412 Sale 9.13
Reading Co 4345
Other Oil Stocks
Robbins & Myers Mt 25
-years f
Atlantic Lobos 011 (no par) *612 7 St Louis Iron Mt & Sou 55.._ 5 72 5.15
_1951 1 D 98 ---- 98
9 9778 9834
9834
gold coupon 75 . .
•
20 sn St Loos& San Francisco 55_ 5.50 5.10
Preferred
9838
Roeh & Pitts Coal& Iron lia 1946 MN 91 ---- 9834
8
2 983 9834 Gulf 011 (new)
•58 5812 Seaboard Air Line 4 Hs& 58. 6.00 5.50
5.15 4.75
Rogers-Brow'. true Cu 29
-year gel
25
Humble Oil & Ref new. 25 "3312 3412 Southern Pacific Co 4 Hs_
_• 95 92 Jan'23 ____ 92 93
ref nage cold 79194 M N
&
rp R y4 e. se a 65.. 5.80 5.00
pment74
Imperial 011
1937 MN 76
78
5.75 5.10
7512 Sept'22 ---- ---- - __ _
&Jos Ry,1..11 & P tia
1 16 187
Et 1e
t ll
q
Magnolia Petroleum_...l00 *160 13 Southern
3
St.105epn si k vde I st /2 446.193. J J 85 4 -- - 8578 Dee'22 ...- - _ _ . Merritt 011 Corporation_ 10 .1.934 16 8 •rer einia :Ohto Central Os
- 5.75 5.30
5 *6
9: v i lg do d Ry tis
4
_
5 20 600
3. Pii uly Mexican Eagle 011
83
8$ L Rook Mt & P 5estmpd_195i / / 83 85 83
0
. 10 Union Pacific 75
0
' 2
. 58 :
2
1024 A 0 62 66 55
5.86 5 25
Oe.'22 St Louis Transit 5s
Producers Corp__
Mountain
194, m s 1013 Salt lot
4
Saks Co 7s
22 100% 10214 Salt Creek Producers
102
Stutroo so el Hoop let Ils ser A1941 M e 93% 9
9 98
/
1
4
984 22 971 9914
/
1
/
4
Tobacco Stocks
Sierra & San Fran Power 5/1_ _1949 F A 8612 87 8614 Jan'23 --- 88 8614
American Cigar commen.100 70 73
Public Utilities
Sinclair Con 011 couv 7He 192. NI IN --- ---- 102% Nov'
100 88 92
0
Preferred
Oas & Elee, corn_ 50 *170 173
-•- - - -1937 M 8 10014 Sale 100
10012 141. 100 - 10112 Amer
15
-year 7s.
*441 451a Amer Machine & Fdry 100 105 115
/
4
Preferred
1925 A 0 9818 Sale 981
9512 111 977k 99
Sinclair Crude 011 538
Tobacco scrip_ __. *145 150
/
1
4
MAN '6 9714 American
Deb 65 2014
Sinclair Pipe Line 20-yr 8 f g 58
.0
100
Tine,corn 1n 137 139 British-Amer Tobae ord. £1 •19 20
8714 1821 853,, 8911 Amer Light &
due
*19 20
194k A 0 8718 Sale 8534
83 '
9 , 885
Preferred
99% 10 99 10012 Amer Power & Lt,com_100 135 138 Helm (Geo W)Co.com.100 195
South Porto Rico Sugar 78_ 194, .2 D 9912 Sale 99
10
0
1923 J J 91% - --- 112 July'.,
South Yuba Water Os
113 116
5115050
RrPreferred
Preferred
/
1
South Bell Tel & T let 8 f be_ 1941 1 J 934 9514 94
97
7 9114 9534
9311 944 Imperial Tob of OR de Irel'd •17 18
/
1
Deb Gs 2016
192r J D 99 99% 99%
8
8 Amer Public CUL corn...10
3 987 907
9914
Stand Gad & El cony s f 6s
48
as
0 22 24 Int. Clg. Machinery
10
/
1
4
9612 211 954 gm
/
1
Standard Milling let 5s
1931 M Is 95 Sale 9534
46 49 Johnson Tin Foil & Met-100 80 90
Preferred
.1932 F A 10512 dale 1051 1071; 78 10514 10712 FilackstonevalG&E.com 50 *76
Standard 01101 Cal 7s
/
4
78 MacAndrews dr Forbes...um 129 130
Steel & Tube gene f 75 ger C-195) J .1 104 dale 10212 104
32 101 106
r7
Preferred
100 99 101
Carolina Pow & Lt. corn_100 64 181
97 96
Sugar Estates (Orienti) 78......194k al 5 96
35 98 9712 Cities Service Co, corn...100 179
97
100 28 30
10
0
Mengel Co
5 01%0112
9212
Syracuse Lighting ist g 5e.,_1115. J L 93 95 9112
75
e
983 687 Porto Rican-Amer Tot._ _100 Ot5
/
4
Preferred
•
/10 90
86
Light & Power Co col tr 8 I 5s'54 J J 83
8838
6
21 6
Scrip
'
115 ,
Service BankersShares 214 4814
Cities
Tenn Coal 1 & RR gen Le_ _ _1951 J J 10.11s Sale ,1097
8 10078
,' 11/014 101
10
0
/
1
4
3 - Schulte Ret Stores.(no par) *56 59
Colorado Power. corn_ 100
160 190141 101
Tennessee rep let cony 68-192' M N
115
Jan'23 ._ _ _ I 100 100
100
Preferred
/
1
4
94
55 9312 g t2 Com'w'th Pow,Ry & Lt.l00 9.1 '
Tennessee Elea Power 88
1947 J D 93 Sale , 011
100
Pr eirerrrd w T1
0
76 Unive rsa Leaf Tob com_100 11212 115
Thlru Ave ho. ref
10.1 103
lato J J 60 60
4a%597
8
60
24' 58 62
Preferred
5912 2661 5614 697
m
Ad1incoe 58
61061 A 0 6918 Sale 57
100 101 105
4 0 4 98
6
Preg (Jed
Share, pref.100 9 3 67 Youn ferr 8) Co
95
41 9312 9514 Elec Bond & & Trac 100 52
Third Ave Ry lot g 55
1937 J J 94 96 9312
100 100 107
0
10
Federal Light
1931 F A 1031/2 Sale 103
Tide Water 011 620
10313 52 10212 105
preferd
P ;
8112837 efe red Stocka (cum and pr Ws)
;
7212 74:Rsbbr
Preferred
Tobacco Froduete 5 f 73.-1931 5 0 1C1314 101 1023
36 10234 10432 Lehigh Pow Sec__.(no par) ▪18% 153 FirestoneTire&Rub,com.10 73% 75
4 103
100
97% 98
1941 lid 11 10714 Sale 107
Toledo Edison 7e
10712 231 106 10743 MiailasippiRiv Pow,cornI00 27 2311
_
5
1928 F A 98 5 983 9838
4
Tol Tree, L & P fis
99
1013 9212
131 9818. 99
100
Preferred
Trenton 0& El let g 58
1941/ M E 9112 - - 95 Jan'23 --- 95 90
LO 095 - _
I
prl Ttre &
Gen'eferred Rub. corn First Mtge 5s, 1951_1,4.1
99
Tel City Fty et Lt Sat s f 5a_ _1923 A 0 100 Sale 100
3 1094.
0
5 Ion 100
100
8 f g deb 78 1935- _ _M&N 10
/
1
4
undergr of London 4)4e....„1933 .1 J 89 961 90 Jan'23 --- 90 91.1%
/ /
4
1
4
42 Goodyear Tire & R,com.100 107g 1112
/
1
4
pa
Nat Pow & L, corn_ p par) 41
Income 08
1948 .1 5 7 Sale 743 Nov'2. -8
8
813 823
4
100 3714 3712
4
Preferred
(no
Preferred
Union Bag & Paper let 56_1930 5 J -- - ---- 10414 June'22, ... - - - 4
100 85 88
J‘kJ 873 89
Prior preferred
Inc 76 1972
61
•11
10 Goody'r T&R of Can. pf_ 100 83 88
1942 Fl N 9 , Sale 97
i
9712 ii iii1e iii%
Northern Ohio Elec (no par)
967
4 95 9672
Union Else Lt & P let g 5E2_1932 M 8 96"/ . 9634
7
100 75 82
100 31
33 Miller Rubber
Preferred
105
Union 011 58
1.131 J J 931 99 95 Dee'22 -Preferred
13
North States Pow, corn 100 93
15
10112 37 101 102
,
9212 96 Mohawk Rubber
68
100 12
1942 1 A 10114 Sale 101
/
1
4
Preferred
65 70
4
1930 F A 1033 bale 10312 104
27 103 104
Union Tank Car equip 7s
Preferred
1 00
Nor Texas Else Co,com-500 81 84
78
81 Swinehart Tire& R,com-100 35 45
67 112% 113%
United Drug cons 83
1941 1 L 112% Sale 112% 113
Preferred
/ 012
1
4
United Fuel Gas lot s file...1934 5 4 97 97 3 97
29 97 98
98
'
Pacific Gas & El, 181 pref 100 89 '
89
United Rye Inv 55 Pitts Issue 192e M Is 89 Sale 8818
8 8714 904 Puget Sound Pow dc Lt 100 50 52
Sugar Stocks
-1
79 82 Caracas Sugar
61% 64 63% Jan'23 ---- 6118 63%
13
United Rya St L Ist g 48
1934 J J
50 *11
6% preferred
St Louie Transit gu 58_
1924 A 0 --------63 Dec'e2 .--- ---- ---.
100 .103 106 Cent Aguirre Sugar corn. 20 082 8312
7% preferred
•I4
1941-_M&N 101 10512 Central Sugar Corp.(no par)
United SS Co Ltd (The) CopenGen M 748
1412 'Preferred
3 8712 90
8712
8712
1
3
hagen int rats 15-yr 8 f 63_ _1937 MN 87% 91
100
100
Republic By & Light-00 13
43 45 Fajardo Sugar
100 88 91
United Stores Realty Corp 20-yr
Preferred
/
1
100
I f deb gold 85
1042 A 0 9912 Sale 9914 10034 40 994 10114 South Calif Edison,com-100 103 105 Federal Sugar Ref, com_100 65 70
122 126
/
4
/ 10314 15 102% 1031:
1
4
Preferred
100 90 105
08 Hoffman Mach 841932 11 J 1021 Sale 102
Preferred
8
8
4 997 997
997
8
*1812
8
18
08 Realty & 1 cony deb g 58.1924 J J 997 190 997
Standard Gas & El (Del) 50 *48 20 Godchaux Sus, Inc_(no par) •15
49%
- - - -102 Nov'22
Preferred
U El Rubber 5
100 85 88
-year see 72._ _1923 1 0 ---- -.
Preferred
87%
333 87 887: Tennessee
/
1
89
let & ref 5e series A
1947 J j 884
Pow( par) *1412 1512 GreatWestern Sus new25 100 79 82
to
d
42 44
•
10812 27 107 109
Preferred
10
-year 7Ht2
1931' F A 108 Sale 107
100 105 106
preferred
72 Holly Plug Corp,com.(nopar) *22
2 100 101
23
1
U Semen Ref & M cony 68_1926 F A 10012 Sale 10012 10034
United Lt & Rye, com-100 70
179 10212 104
76
4 103
78
MI', 103 Sale 1025
Preferred
U El Steel CorpicouP
d1963
100 68 73
let preferred
Jan' e- --__ 102 103
34 36 Juncos Central Sugar.
__:„... ---. 103
/
1
4
at 10-60-yr 551reg
100
..l00 ISO 100
d1903 M14
Western Power Corp_ --100 81
9 85% gg
8612
8634 8512
84 National Sugar Refining _100 103 105
Utah Light & Traction Se__ _ 1944 4 0 so
Preferred
95
o 204
.
1 5-_
907
4
Utah Power & Lt let 51
7 11
1944 F A 954 Sal. e 9012 ma..13 _49 _9012 _72_
SantaCecillaSugCorp,pf.100
-Pc Cent
Utica Elm LA Pow 1st 8 f 56_1950 1 -1
Savannah Pug, corn_(no par) *50 54
Short Term Securities
168 9214
91
92
Utica Gas & Elec ref Se
53
1957 J J 9112 9214 92
Preferred
100 102 104
Ain Cot 011 Gs 1924_ _M&S2 1.11
Da% 75
56 Nov'22 .- - foci10114 West IndtaSug Fin.com_100 40 60
Victor Fuel co 1st a t co
1953 .1 J
Atner Tel & Tel651924_F&A
ili614
9
10014
/
4
17a-Caro Chem ist 15-yr 58_1923 J 0 1,7914 sale 10014
Preferred
Anaconda Cop Min08'29J&J 1011 10134
100 30 40
s
J&J 1033 1037s Industrial&Miscelleneous
Cony deb Os
/21924 A 0 10014 100'2 10014 10014 23 100 10014
75 1929 Series B
9634 85 96 98
7s
49
1947 1 0 96'a Sale 90
Anglo-Amer 011714525 A&O 10318 10313 American Hardware___ _100 48
94
59 91
92
91
12
Arm'r&Co7sJuly15'30J&J15 105 1050. 14 Anierferrpefounders,com.100 66
70
-year a 1 711s
034
1937 .1 J 87 Sale 91
pre Ty ed
Sale 8718
8812 26 86 8812
without warrants attached- j3
Deb 65 J'ne 15'23 J&D15 10018
100 98 100
1
2 93 9 :
Va Iron Coal & Coke let g 58_194!) M 5 05 96
9512
9512
Deb J'ne 15'24.J&D15 10014 10024 ktlas Powder
100 160 165
1 84 851: Beth St 7% July 15'233&J15 105
844
Va rty Pow leek eef 58
2034 / 1 84 Sale 84
/
1
4
341a
new _(no par) *33
9712 04 90 973
4 Canadian Pat 65 1924 M&S2 101 10534 atV9ererredCo.
101
Vertlentes Sugar 7s
1942 J. 17 9712 98 9712
r(
50 060 65
41 10312 100
1941 J 0 10414 Sale 10414 105
Warner Sugar 7s
'
et68 24 M&N 101 10114 Borden Company,com _ _100 117 120
_ . Federal Sug
1932 J 3 98%98 Dee'22 ---_ _
Wash Wat Power 8 f 55
/ 1
1
Hocking Valley Os 1924 MAP 1004 101 ce cferre(C
Z ee d e d
pre irr ipmpany
if
100 102 104
7
Westehes Ltg g 555t mpd gt.d 1950 3 0 90 8 99 90i Jan'23 --„ 664 iiki
100 95 100
Interboro R T 8s 1922_al&S 94
9214 12 9134 93
2
West Penn Power Per A 5s_ _ _194r M 5 913 92 9134
1•1 ,
100 106 110
8.23 M&351 10034
K C Term By 6
10138 10214
1017 10134
8
10178
9
-year Os series c___295s 1 D 10138
1st 40
103 104 Childs Co,common
100 150 155
640 July 1931
68 104 103%
8
c194( F A 10112 1047 10412 105
1st eerles D 75
75 Jan '29_ F&A 101 1(11%
100 108 110
Laelede Gas
Preferred
9978 Dec'22
West Electric lot 55_ _Dee 1922 J J . _ 100 107 110
Lehigh Pow Sec 63'27.F&A 91
92 Hercules Powder
8 973 9911 Sloss Sheff S & 165'29.W:A 974 98
987
2
4
Western Union coil tr cur Se. I938 1 J 9
8
9878 98
100 102 105
Preferred
917 92
9212
420_1950 M N 91
71 91% 9211 Swift & Co 7s Aug 151931... 10214 1021* International Salt
100 85 95
Fund & real estate g
30 10914 1117:
110
1935 F A 10933 Sale 10914
15
-year 61.48 g
_
U S Rubber 7)48 1930_F&A 108 10812 International Sliver, pf._100 104 01
1083
2 68 107% 110
1931 M N 10818 Sale 108
50
Westinghouse s & 1,1 78
Stk Land Bk Bonds 9034 100,2 Lehigh Valley Coal Sales.100 *89
Joint
111' 9614 98
98
165 170
Wickwire Soen Steel 1st 75_1935 J J 97 Sale 97
Dodge Corp
Phelps D
Chic Jt Stk Land Bk 5s_1939
54 993102
Wilson & Co let 25-yr s f 65... 1911 A 0 10012 Sale 9934 102
103 1031t Royal Ba king Pow,co m 100 125 130
1 0 12
3
feed
rr
58 1951 opt 1931
/
4
95
127 92% 934
10
-year cony s 168
1928 J D 948 Sale 941
100 99 102
155 1952 opt 1932
4 102 1031
4
1931 F A 10214 103 10214 103%
Temporary 710
,
105% 10613 Singer Manlifeeturing _100 10718 109
560 1951 nnt 1931
10212 24 1003* 104
1941 A 0 102 Sale 102
Winchester Arms 7145
•Per share. b BasIs. 4 Purchaser also pays accrued dividend. a New stock.
I
Flat price. 1 Last gale. p Ex-special dividend of 915. n NOMP`RI. 2 Ex-div.
p Ex-rights. t Ex-stoeh div. 12E2 cash and Beech dividend!. e EX-100% stock
*No price Friday;latest bid and asked a Due Jan. d Due Apr. C Due Mar. a Du
dividend
Mem . g Due June. 6 Due July. 1 Due Au.g o Due Oct. 1 Due Dee. a Option Nile e
BONDS,..,',8
a
t....
h
.
N.Y STOCK EX CHANGE
.... a.
Week ending Feb. 2
1
1,..0
-.
-.
BOSTON STOCK EXCHANGE-Stock Record Sees.
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Joturd,8.
Tuesday. Wednesday. Thursday.
Mown*.
Friday,
%Ian. 27.
Jan. 29.
Jan. 30.
Jan. 31.
Feb. 1.
Feb. 2.
145
83
145 145
145
145
82
83
82
81
971,•__ 97
97
120 12012 120 12014 120
102 1023 102 10314 .10213
4
1738 17% 1712 18
18
*22 __-_ •22
26
2413
2912 2912 29
2913 29
.40 ____
44
44
41
36
38
3911 39% 39
*56
57
57
58
57
*160 __-_ *160
-163- 262
19
19
19
*369
____
68 68
71
.35712 59
58
58
57
*36
38 .36
3712 38
.35
36
*35
36
36
*41
44
*41
44
*41
1912 2018 2012 21
2114
82
82
*81
83
81
9612 961
,
75
77
75
75
74
_6i_ *3312 ____ *3312
.
91
*3
1918
122
94
8234
*215
*17
105
*.20
2218
312
73
4
91
33
8
191
1221_
95
823
18
IS
105
.3
23
31
83
8
9214
78
75
75
3612 *3312 3612
76
34
98
•
23
4 23
4
3
3
•17
18
1712 18
12134 12212 1215 1221
8
9418 943
4 94
95
82
82
82
82
*15
18
*15
18
*17
18
*17
18
237 2414
8
*312 33
4
*8
8%
8812 89
24
2414
4.312 33
4
*8
812
88
88
*17341
;ii;
•80
82 .80
82
*BO
82
*53
4 6
*53
4 6
53
4 58
9 2 912 *93
,
8 93
4
934
914
*13
8
13
4 *1%
15
8
1% 1%
*20
21
*20
21
20
20
30
3(1
*29
31
.29
31
*314 312
33
8 334 *3% 312
3212 3312 *3312 3413 *33
3334
22
4212 411 4134 .40
43
• 55 .75 ..55 .75 •.55 .75
•.50 .75 •.50 .75 *.50 .75
*13
4 2
13
4
13
4 *13
4 2
212 23
8
23
8 23
8
234
234
.90 .00
.90 .90
.95 .95
.57 ..
.60 .60
.04
57
24 27
8 •23
4 3
21 3
i348 134,133 Pa •1"1, 13
,
.95 .95
85 .8'
.95 .99
*I
114 *1
1
h g
*1
*.83
1
*.88
1
.88 .88
712 73
4 *712 812 *712 812
• Bld and asked prince. no sales on this day. I litz-rIghta• b
Lowest
10
37
*80
82
57g
57
g
9 2 91
,
*13
8
11
20
20
*30
301
33 2
3312 - ,41
4312
*.55 .75
*.50 .75
*13
4 2
234 24
.92 .95
.55 .55
3
3
1%
15*
.98 .98
*1
1 18
•.88
1
712
7l2
1443
4
80.2
97
118
102
165
8
2112
2712
40
36
56
159
19
68
z57
35
35
40
163
4
81
9612
73
33
96
Jan 3
Jan26
Jan 9
Jan 2
Jan 2
Jan19
Jan 2
Jan24
JanI7
Jan22
Jan22
Jan 2
Jan23
Jan29
Jan13
Jan 2
Jan15
Jan23
Jan15
Jan30
Jan29
Jan20
Jan26
Jan16
Highest
149
84
9312
121
1043
4
2014
26
31
46
41
583
4
16012
2134
72
61
393
4
39
43
2213
83
Jan 9
Jan 5
Jan 4
Jan10
Jan 6
Jan15
Jan25
Jan 4
Jan 3
Jan 9
Jan 9
Jan25
Jan 6
Jan16
Jan23
Jan16
Jan 4
Jan 2
Jan30
Jan 3
100 Jan 3
7913 Janl 1
36
Jan13
08
Janll
Miscellaneous
Amer Pneumatic Service.. 25
23 Jan18
4
312 Jan 9
Do pref
5
1712 Jan 2
Jan10
Amer Telephone & Teleg_ _100 1215 Jan31 20
8
12414 Jan 5
Amoekeag Mfg
No pa 388
Jan 8 112
Jan 5
Do pref
No pa
813 Jan16 88
4
Jan 5
Art Metal Construe Inc__ 1
Atlas Tack Corp
Na pa
17 Feb 2 20
Jan 5
Boston Cons Gas Co, pref.. 109 105
Jan22 10814 Jan12
Boston Men Pet Trus_ _No par .10
Jan18 .30
Jan25
Connor (John T)
10 20
Jan13 2414 Jan351
East Boston Land
10
312 Jan27
4
Jan 2
Eastern Manufacturing_
5
713 Jan25
9 Jan 2
Eastern SS Lime Inc
25 8118 Jan10 9312 Jan29
Do prof
50
Edison Electric Ilium
100 3167
JanI7 172
Jan 3
Elder Corporation
No par
10
Jan25
Galveston-Houston Elec_100 2712 Jani2 10% Jan 2
2914 Jan23
Gardner Motor
No par
103 Jan 2 123 JanI2
4
4
Greenfield Tap & Die
25 20
Jan 2 22
Jan 8
Hood Rubber
No par 54
Jan 8 5914 Jan15
Internat Cement Corp_No par 35
Jan 2 39
Jaul2
Internat Cotton Mills
50 20
Jan 8 20
Jan 8
100 7112 Jan 2 7912 Jan10
oPlroenfal Products_No par
rnat
2
Jan15
212 Jan31
-----Do pref
100
512 Jan19
712 Jan19
------ Island Oil& Trausp Corp__ 10
---566 Libby. McNeill & Libby_ 10 614 Jan 2 738 Jan 9
100 Locw's Theatres
25 1018 Jan23 103 Jan 4
4
232 Massachusetts Gas Cos
100 83
Jan23 8712 Jan 2
293
Do pre?
100 70
Jan 3 73
Jan25
35 Me,genthaler'Linoty pe _ 10 176
Jan16 179
Jan 6
430 Mexican Investment Inc_ 10
73 Jan31 11
4
Jan 3
261 Mississippi River Power__ _100 27
Jan 9 2814 Jan31
45
Do eta...toed prof
100 80
Jan16 83
Jan 2
623 National Leather
10
7
Jan 2
818 Jan 9
700 New England Oil Corp
Jan30 .70
Jan21
116 New England Telephone_ _100 .30
116 Feb 1 122
Jan 3
185, Orpbeum Circuit Inc
1
1712 Jan 6 195 Jan23
8
1,190, Pacific Mills
395
Jan 3 190
Jan 2
305' Reece Button Hole
10 1512 Jan 4 1612 Jan25 I
Re,.ce Foiling Mach
10
2
Janll
2 Jaall
Simms Magneto
5
706 Swift & Co
100 106% Jan31 10312 Jan 6
104 Torrington
23 46
Jan 2 4812 Jan 8
105 Union Twist Drill
5
;
9 Jan15
6.193 United Shoe Mach Corp_ 25 44 2 Jan19
7k
53% Jan 6
211
Do pref
25
Jan25 2814 Janl 1
2,555 Ventura Consol Oil Fields_ 5 25
2713 Jan22 30
Jan 2
6,178 Waldorf System Inc
10 36
Jan10 40 Feb 2
314 Waltham Watch
100 1218 Jan 9
2 32
2
53 Jan 3
4
261
Do prat
100
4
153 Jan 4
498 Walworth Manufacturing_ 20
1114 Jan 5 1412 Jan22
490 Warren Bros
50 2512 Jan31 29
Jan 4
144
Do 1st pref
50 33
JanI7 343 Jan31
4
Do 2d pref
50 36
Jan25 38
Jan17
Wickwire Spencer Steel
5
Mining
Adventure Consolidated _ _ _ 25
.60
Jan 2 .62
Jan 3
Ahmeek
71
25 56
Jan27 59
Jan 2
Algomah Mining
25
SO Allows
25 20
Jan27 2312 Jan 3
140 Arcadian Consolldated
25
314 JanI7
412 Jan 4
215 Arizona Commercial
5
73 Jan 6
8
8 Jana
3,650 Bingham Mines
10 173 Jan25 187 Jan 5
4
8
76 Calumet & Ueda
25 285
Jan 9 298
Jan23
1,348 Carson Hill Gold
1
718 Jan 2
4
9, Jan16
25 Centennial
25
7
Jan18
9 Fob 2
612 Copper Range Co
25 353 Jan20 373 Jan 2
4
4
225 Davis
-Daly Copper
234 Jan 5
312 Jan20
1,135 East Butte Copper Mining_ 10
10
73 Jan29
4
918 Jan15
127 Franklin
25
1
Jan18
8
17 Jan 2
Hancock Consolidated...._ 25
214 Jan10
212 Jan S
300 Helvetia
25 .60 Feb 2 .90
Jan31
472 Island Creek Coal
1 1011 Jan 4 1073 Jan 2
:
4
40
Do pref
1
94
Janll 06
Janl I
405 Isle Royale Copper
25 21
Janll 23
Jan23
109 Kerr Lake
5
3 Feb 2
33 Jan 2
8
15 Keweenaw Copper
25
118 Jan 5
13 Jan 9
4
60 Lake Copper Co
25
3
Jan 9
312 Jan 5
10 La Salle Copper
25
118 Jan29
138 Jan 3
Mason Valley Mine
5
15 Jan 8
8
158 Jan 8
85 Mass Consolidated
25
113 Feb 1
2
Jan 51
1,735 Mayflower-Old Colony.
... 25
313 Jan 2
5 4 Jan27
,
10 Michigan
25
2
Jan 8
3
Jan 3
134 Mohawk
25 541.1 Feb 1
GO
4,426 New Cornelia Cooper
Jan 3
5 163 Jan 1
3
18 8 Jan29
7
New [dila Quicksilver._
5
New River Company
103 36
Jan 9 3612 Jan18
Do pref
100 80
Jan22 81
Jan 2
233 NIPIssing Mines
4
512 Jan 4
6
Jan26
590 North Butte
15
9
Jan 9
9% Jan16
20 0.11bway Milling
25
114 Janll
2 Jan 5
50 Old Dominion Co
Smeiting_21 18,2 Jan 5 21
105 Osceola
Jan16
21
3
112 Jan27 32344 In f
100 Park City Slin &
,2
33g
il
925
1,917
4,854
306
45
_
17
17 ---100
30
100
244 ift; 7,037
_
50
*818 - - 4
425
8,88
91% 3,050
_
168': 169 -1153
1,333
2712 2182
130
....
---_-_
215
58 - 812
530
15
20
20
75
75
75
50
1712 1782
122 1223
8
9112 95
_
1687 1683 166
8
4
- 10854 169 10134
8
1012 10
1014 *10 101- *10 1148- 168 168
1014 10 10
2712 28
*2712 23
*2712 2834 *2718 283
4
1212 *113 12% +12
8
1212 *12
1212 •12
1212
2012 201, 2012 201 2034 *20
.
2012 20
20
58
5813 58% 58
0814 5814 5812 5814 5834
38
*3612 37% *37
38
363 3634, *36
4
37
*20
_ *20
____ *20
20
20
- *75
761
. 75
75
75
213 •2
212 *2
213 *2
212 *2
2
-12
7
*43
4 7
*434 7
*5% 7
*512 7
_
--634 683
7I
654
7
612 7
7
•1014 1012
1012 1015 .1014 1034 *x1014 1014 1014 10,4
84
843
:
8412 8413 8112' 84
84 I 83 8312 8314 833
8
72
73
*72
73
72
7212 72
7212 71
71
71
71
•____ 178 *--- 178
176 176 •____ 178 I 175 177
177 177
*8
9
*8
9
73
4 82
a 87
,
812 9
83
4 83
4
*2614 27
27
27
27
28
2814 28141 273 2884 28
4
28
*80
81
*81
82
83
83
.81
83
83
83
713 8
8014 80,
4
*7 4 8
3
74 74
3
3
7% 7%
7% 77
7% 7%
..
.50 .50 +.30 .50
.30 .40 *1.30 .50. *.30 .50
*118 119
118 1111
119 119
11814 11814. 116 119
118 119
19
19
18% 183
4 1834 1883 1834 183
8 1834 183
4
98% 9912 9912 100
987 100
8
99
99141 09
9914 99
9934
•16
1612 1614 1614 •16
1634 *1534 1614 1614 16,
4 16
1614
.2
27
8 *2
2; *2
27
8 *2
214 *2
238
*188
*us
411,
,
108 (10812 10714 10814
107 11113- 10618 107
- 4
10614 f663- 664 10782
.4
47
47
47
47
4634 463
4
4 463 463
4 4614 4614 4634 4634
*712 9
*7!
*712 9
2 9
•713 9
8
50
5018 4912 5084 4912 50
493 4934 4918 50
8
49
497*2618 2612 26
26% 2614 2012 2612 2612 2614 2612 2612 - 3
2612
273 28
4
273 2812 273 28
4
4
273 277
4
8 271 28
4
273 2814
4
3814 38,
4 38
3814 38
393
4 39
39 4 3914 40
,
*314
40
33,
40,
4
3
3 18 *314 312
3% 381
3 2 312
,
•13
1312 13
13
•13
1314 133 1312 133 133
8
4
4
1414 1412 1414 1418
, 1314 1414 *14
1411 *1312 14
14
14
26
261 1 2612 26% 26
26
2512 2512
*3312 3412 *3312 3412 311 3412 2512 26
:
343 343
4
4 3314 3314
*36, 37
4
.36
37 .36
37 .36
37
.36
37
•Ili 1112 *11
1112 •11
1113 *11
1112 *11
111
'.30 .50 • 30 .60 .
1.30 .50 ..30 .50 *.30 .6
*.25 .50
56 g 57
5612 561
5613 5611 356
567 •35612 57
8
*5612 56%
•.25
40 •.25 .40 ..25 .4
..25 .40 *.25 .40 ..25 .40
20
20
20
20
*20
22
*21
22
*21
23
*21
23
13 4 3,2 *3 4 31
,
,
314 314
314 3 4
,
31
314
*3% 3 2
0713 77
,
8 *73
8 71
73
8 73
4
8
8
*73
4 8
*73
4 8
•173 181 1
4
18
IS
•1712 181 •17 2 18
,
18
18
1712 18%
293 293
293 294 *3293 295
293 293
293 293
292 293
812 9
8% 878
834 83
812 812
*883 9
8
814
8 18
*812 9
*813 9
*83
4
J
• 4 9
83
9
*3612 37
9
36 2 363
,
4 37
37
361z 36% 365 37
8
37
3714
3
3
•23
4 3
27
8 3
.23
4 3
2% 27
8 *27
8 3
0814 83
4
74
3
8'4
83
8 83
8
814 8%
77
3 818
•112
8
8 14
13
4 •181
*112 IS
*Ill
17
8
13
8
138
13
8
13
*214 213 *214 212 •214 21
8
*2 4 212 *214 213 *214 2 3
,
.1%50
•.50
,
1
*.50
1
.90 .99 *.50
1
.60 .70
103 103
103 103
10212 103
102 102% 102 102
102 102
*9414 95
9.5
95
9414 9112 *9312 95
*94
95
95 95
*322
2214 21
21
21
22
21
21
21
21
22
*3
22
312 *3
312 *3
31s *3
312 53
312
3
•113 2
3
•112 2
1112 2
*112 2
13
8
13
8 •112 2
*314 312
3
3
312 312 *3
312
318 318
*1
1 18
118
1 18 *1
1 14 *1
,
1
4 "1
114
*13
4 2
.13
4 2
*13
4 2
*11z 2
*112
912 2
*112 2
•1 12 2
4
,112 2
*11z 2
112
11.
112 11
5
54
,
51.3 518
43
8 5
414 41
: 418 414
414 414
n
213 *2 212 *2
212 *2
212
2
2
*2
21,
55
55
5412 543
4 553 56
4
5112 5412 5414 55
*55
561
1712 18
1814 187
8 18
1812 1818 1812 18
1812 18
1812
---- if;
*80
82
514 57
914 914
•13
8
13
4
207 20%
8
2912 2912
*314 312
3318 33%
42
*41
•.55 .7'
• 50
*112 17
2.4' 23
s
.85 .9
•.52 .5
,
*2
54 2,f
*I% 13
.00 .9
4,1
11
.85 .8
7 2 7.33
3
Range since Jan. 1 1923.
Shares
Railroads
93 Boston & Albany
100
8214
177 Boston Elevated
100
93
Do pref
16
100
120
Do 1st pref
67
100
103
Do 24 prat
265
100
1812 1,620 Boston & Maine
100
26
Do pref
10
253
Do Series A 1st pref_ _100
108
Do Series B lot pref
100
5 / Do Series C lot prat_ ._100
175
Do Series') 1st pref
100
3 Boston & Providence
100
174 East Mass Street Fty Co 100
ii27
Do ist pre!
100
105
Do pref B
100
lili
28
Do adjustment
•
100
114 East Mass St Its (tr ctts)100
if"
70 Maine Central
100
1,523 N I( 31 11 & Hartford
100
6 Northern New Hampsliire..100
10 Norwich & Worcester pref _10
-75- W200 Old Colony
100
15 Rutland pref
100
-98- 98
24 Vermont & Massachusetts..100
76
34
98
1053
4
•10
.2712
.12
2012
58
*37
*20
*75
•2
*512
•-___---_ -:7
11
*80
82
*53
4 6
91, 914
*138
1%
21
•20
29% 30
*314 31
13318 34
*40
43
. .57 .7
.
1
•.50 .73
*13
8 2
•23
8 234
.90 .90
'.54 .57
423 2%
4
*1% 13
4
.90 .90
4,1
188
• 115
I
*73
4 81.1
STOCKS
BOSTON STOCK
EXCHANGE
145
145 145
145 145
8112 82
82
8112 82
82
97
97 97
*97
_
98
120 *120 12014 *120 120 4 120
,
103 *1021 10313 103 103
.
103
4 173 1812 18
183
4
1814 1814
2412
*24
30
3012 291p 30
2934 30
45
*4313 ____
45
45
40
381y 3812 *38
40
58
58
58
*57
5938
*160
160 160
_
20
19
20
19
19
71
71
71
*70
73
-- ii"
i
5712 *35714 58
*5712 58
38
36
36
*37
38
-5636
*35
36
35
35
44
*40
41
40
40
sii2212 21
213
8 207 21
8
81
3
334 *23
4 3
1813 197
8 18
1812
1217 12238 12218 1223
8
8
114
9413 93
913
4
82
823
4 82
82
XIS
1
*215
18
*17
18
*16% 18
105 105
-1710 .30.20 .
227 2312 2314 2414
8
*3
33
4 *3
33
4
814 83
4
814 814
9112 9313 89
91
•10141034
848,
Sales
for
the
Weck.
129 St ncY
74 QuiNIary's Mineral
LandShannor
South Lake
50 Superior
3,370 Superior & Boston
Conner2,286 Trinity Copper Corp
1,250 Toulumne Copper
3,110 Utah-Apex
Mining
140 Utah Consolidated
1.160 Utah Metal & Tunnel
Victoria •
80 Winona
260 WolvorInp
Hz-dividend and Manta
503
PER SHARE.
Range for Precious
Year 1922.
Loosest
Highest
13014 Jan
7313 Feb
94% Mat
116 June
10113 Nov
Jan
14
Jan
20
Jan
22
36
Jan
30
Jan
40
Jan
125
Jan
18 July
66
Aug
51 July
28 July
29 July
27% Jan
1214 Jan
69
Jan
58 Jan
57
Jai.
15
Jan
Jan
78
152 May
8913 Sept
105 Sept
126 Sept
109 Sept
31 12 May
Apr
37
4412 Apr
62 May
54 May
7718 May
163 July
26% July
77 July
60 Nov
47 Aug
47 Aug
Oct
65
347 May
8
96 July
103% De
98, MaY
4
527 June
8
103 Aug
212 Dec
13 Fel
11434 Jar,
104
Jar
80 Nov
14 Nov
13
Jan
1013 :Vic
4
loSePt
15 4 Jan
3
3
Jan
7 Dec
3816 Jan
42
Jan
156 Mar
3 Mar
28 Dec
9 Nov
17 Dec
43 Mar
25
Jan
20 Nov
60 Aug
118 Doe
512 Dec
.62 Apr
138 Apr
8 July
63
Jan
62 .tan
130
Jan
11
Dec
13
Jan
72% Jan
6 4 Dec
4
.22 Dec
109
Jan
13
Jan
1513 Oct
4
12.2 Apr
13 Dec
8
.50 Nov
9214 Jan
e39 July
8 Ma
37 Jan
25
Jan
217 Jan
8
2612 Jan
214 Nov
11 Nov
713 Feb
1713 Jan
3012 Jan
31
Feb
8% Nov
414 Jan
201 Aug
12814 Aug
121
Dec
91
Aug
2012 May
22 May
107 Dec
5O May
307 Dec
8
Apr
6
1414 Feb
8913 Oct
48 Sept
185 Sept
13 May
39 Aug
1614 Apr
2714 Feb
8
543 Dec
3, 8 May
3
Jan
32
85 Deo
612 Mar
Apr
17
3
Jan
1112 June
13
Jan
9018 Nov
74
Oct
181
Oct
27% June
34
Aug
8513 Oct
11% Jan
5
Jan
125 Sept
28
Oct
192 Dec
16 July
• Mar
7 8 Apr
,
11013 Sept
8113 June
1414 Feb
45 Mar
2713 July
3312 June
39 Dec
4
143 Apr
Apr
49
13
Oct
353 Sept
4
3314 Oct
44% July
21 May
.50
56
.03
19
2
Jan
1
Apr
Nov 66 May
Sept
.50 Apr
Dec 3282 Jan
45 May
Mar
Nov
1013 June
Jan
13
183 Sept
4
248 Nov 301 Aug
8 2 Nov
7
1644 Mar
8 Nov
1313 Feb
351 Dec 453 May
4
218 Nov
914 Jan
713 Nov124 Jan
37 Apr
Apr
1
113 Aug
312 Mar
.60 Dec
234k Apr
8112 Jult 1165
8June
88 Feb9712 Nov
18 Nov263 May
4
3 Feb48 Apr
1
Feb
313 Apr
21t Feb
53 May
4
1 Nov
2% Apr
1% Jan
23 May
4
41 Apr
112 Dec
218 Dec
612 Apr
.75 July
7 Apr
52 Nos 68 June
1514 Dec 2012 June
.05 Dec
218 Mar
Jan 40 Feb
37
73
Jan 45
Oct
5 July
7
Jan
8% Oct 15 May
114 Dec
418 Apr
16 Nov 27
Jan
L Nov
2
38834
3 4 Nov
'
131
30 Nov 40 Afcy
o, 51:42 NNIa
8
37 N
N :1983 Jan30 ,31331: Jan
12 :12 In 2 18 In21 12 11:c
?8 I'S lan21 :44 Jan i iiIll?
a
l
2 :28 4 I= .60 Jan 4 114 Nov
Jan30
.40
6
23 Jan 9
3
Oct
112 Jan19
Jan 3
2
1
1 .85
Jan31,
Jan 5
1g
1
21 ___ _
25 .65
Jan22
114 Jan 4
.25
25
712 Jan30
8 Jan19
714
r Es-dividend. .
Ex-stonk dividend
a A8444841:14ant mild
Feb
Dec
Jan
Nov
114 May
434 July
23 Oct
4
30,28 Maya pr
4 Mar
312 un r
2 3 JA pe
23 Apr
25
14
16 May
[VoL. 116.
THE CHRONICLE
504
oases
may
Last Week'sRange. for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares
C
Outside Stock Exchanges
Stocks (Concluded)
Range since Jan. 1.
High".
Low.
1
Friday
Last Week's Range Salss
for
of Prices.
Sale.
Price. Low, High. Week.
Bonds
52%
93%
71
87
9056
93%
9614
96%
High.
Low.
$3,000 92
29,000 51%
2,000 93%
2,000 9031
10,000 69
1,400 .74
7,000 100%
3,100 86%
1,000 94%
4,000 95
5,000 90%
10,000 93
10.000 9751
54,000 9556
2,000 106
11,500 9554
Jan 92%
Jan 54%
Jan 94
Feb 90%
Jan 72
Jan 77%
Jan 10251
Jan 88%
Jan 9416
Jan 95%
Feb 92
Jan 95
Jan 99%
Feb 98
Jan 108%
Jan 97
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
-Record of transactions
Philadelphia Stock Exchange.
2, both
at Philadelphia Stock Exchange Jan. 27 to Feb.
inclusive, compiled from official sales lists:
Stocks-
oases
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
10
Alliance Insurance
American Gas of N J__ A00
50
American Railways
100
preferred
*
American Stores
100
Brill (J G) Co
50
Cambria Iron
East Shore G & E 8% pf _25
100
Eisenlohr (Otto)
100
Preferred
Electric Storage Batry_100
•
Erie Lighting Co
Insurance Co. of N. A..10
Keystone Telephone__ _50
Lake Superior Corp__ _ _100
50
Lehigh Navigation
50
Lehigh Valley
.50
Lehigh Val 'Fran prof..
10
Lit Brothers
_50
Midvale Steel & Ord
Minehill & Schuyl Hay.._50
North Pennsylvania__ _50
Pennsylvania Beaver Oil..
*
Penn Cent Light & Pr_
Pennsylvania Salt Mfg_ _58
50
Pennsylvania RR
Philadelphia Co (Pittsb)Preferred( umul 6%)_50
Phila Electric of Pa____25
25
Preferred
•
Phila. Insulated Wire
Phlla Rapid Transit _ _ __50
Philadelphia Traction_50
50
Phila & Western
60
Preferred
Railways Co General_ __10
50
Reading Company
50
1st preferred
Tono-Belmont Havel_ _ _ _ 1
1
Tonopah Mining
50
Union Traction
50
United Gas Impt
50
Preferred
West Jersey & Sea Shore_5I)
50
York Railways prat__
2736 28
79
79
1116 13
13
6351 6551
65
16654 16651 174
5834
5851 52
45
45
26
25
25
80
x80
99
99
55
54
24
24
4431
44
44
711 731
551 6
6
7251 7216 74
6951 7051
38
38
2256
22
2751 2751
52
52
52
81
81
3
3
57
57
82
82
54651 4751
2716
43
33
323-4
30
67
8
116
34
5051
5554
3651
36
Bonds
Amer Gas & Elec 5s2007 88
Consol Tr NJ 1st 5&A932
Elea & Peoples tr etfs 48'45
Gen Asphalt deb 6s___1925
Keystone Tel 1st 5a_ _ _1935 80
1928 103
Lehigh Valley Os
2003
Gen eonsol 4s
Gen consul 4Hs_ _ _ _2003
Lehigh V Tr ref& imp 5s'60 76
Phiht Co cons stpd 58_1951
Phila Electric 1st 53_ _ _1966 101
1947
5165
1941 105
68
1997 8551
Reading gen 4s
Reading Traction 6s _ _1933
United Ry g tr ctfs 43_1949
851
United Ry Invest 58_1926 8
AO 1015
77e
43
3234
32
48
30
6656
8
3551
311
773.4
5556
151
251
34
5051
555-4
3534
35
High.
Low.
150 2751
20 79
1151
1,051
93 6351
1,625 163
2,195 49
35 40
151 25
90 80
20 99
486 54
150 2351
114 4231
70
731
516
1,165
238 72
164 6751
50 35
570 22
100 2751
9'5051
.50 8051
116
600
209 55
50 82
2.952 4611
Jan 28
Jan 82
Jan 1651
Feb 77
Jan 180
Jan 5851
Jan 45
Feb 26
Jan 85
Feb 100
p Jan 5711
Jan 25
Jan 46
816
Jan
756
Jan
Jan 75
Jan 7051
Jan 38
Jan 2251
Jan 2831
Jan 52
Jan 8151
Jan
331
Jan 58
Jan 82
Feb 4754
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
359
4314
3311 4,178
3316 2,978
30
48
3031 19,733
27
67
430
834
15
3516
100
351
125
7756
350
13551
350
134
780
256
280
3911
1,645
51
122
5651
113
3631
30
36
42
3151
3151
48
30
64
8
3516
351
77
5536
116
2
34
50
5531
33
35
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4411
3356
333.4
5031
3151
67
83-4
3651
351
7811
5511
15-4
216
4051
5154
5631
3656
3656
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
$4,100
2,000
7,300
1,000
8.000
8,000
1,000
2,000
5,000
8,000
38,100
20-000
31,500
26,000
7,000
11,000
32,000
I oon
85
7931
67
9.5
7851
10251
80
90
76
9131
9951
101
10451
8556
10051
57
88
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
88
8251
7156
95
80
104
80
90
76
92
103
10251
10616
86
10016
58
8951
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
7711
Voll
88
85
7951 7951
6716 7034
95
95
7916 80
10251 103
80
80
90
90
76
76
9151 92
9916 101
101 10151
105 106
8551 8516
10051 10016
5751
57
8811 8834
771,
Range since Jan. 1.
77 U
RI
;Inn
* No par value.
-Record of transactions at
Baltimore Stock Exchange.
Baltiinore Stock Exchange Jan. 27 to Feb. 2, both inclusive, compiled from official sales lists:
Stocks-
dates
Friaay
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High, Shares.
Alabama Co 1st pref. _100
Arundel Sand& Gravel_1(10
100
Preferred
Baltimore Brick corn_ _100
100
Baltimore Tube
100
Preferred
Benesch (I) common
1
Celestine Oil
Central Teresa Sug pref_10
Chas & Po Tel of Balt_ _100
50
Commerce Trust
25
Commercial Credit
25
Preferred
25
Preferred B
Consol Gas,EL & Pow 100
100
7% preferred
8% preferred
100
Consolidation Coal_ _ _ _100
Eastern Rolling Mill
100
8% preferred
25
Equitable Trust
50
Fidelity & Deposit
Finance dr Guar prat _ _25
Finance Co of America...25
Houston Oil pf tr Ws._100
Manufacturers Finance_25
Maryland Casualty Co_ _25
Maryland Motor Insur_ _ 50
100
Maryland Trust
33
.47
109
60
10551
117
93
18
4034
9051
5654
8456
85
85
4151
41
9631
95
5
5
18
18
46
46
33
33
.47
.41
234 231
10856 110
6256 6251
61
59
26
26
27
27
109 1103-1
10551 10551
117 11714
9356
93
31
31
8516 8516
4651 4656
130 130
1851
18
4034 4031
9051 91
5631 5634
8451
83
5551 56
132 132
Range since Jan. 1.
Low.
35 82 ,Jan
Jan
131 40
61 9434 Jan
Jan
4
219
2 1751 Jan
Feb
10 46
3 3251 Jan
Jan
5,760 .32
100
231 Jan
Jan
6810851
20 5816 Jan
Jan
355 58
58 26
Jan
Jan
36 27
74 108
Jan
26 10551 Jan
Jan
190 117
45 93
Jan
13 25
Jan
50 80
Jan
60 4651 Feb
50 120
Jan
24 18
Feb
10 383.4 Jan
51 903-4 Feb
Jan
75 55
Jan
299 83
50 5516 Jan
Jan
13 132
High.
85
4156
9651
5
19
49
34
.50
234
11031
6251
61
27
2751
11031
10751
120
98
32
90
4651
130
1851
4011
95
5736
90
56
132
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Bonds- •
Alabama Cons C & I 5s '33
Cons Gas,E L & P 4%s'35
1952
5168 Series E
1949
6s Series A
1931
7s Series C
1950
Consol Coal ref 5s
Danville Trac & P 5s_ _1941
1927
Davison Sulp 65
Elkhorn Coal Corp 68_1925
Fair & Clarks Trac 5s_1938
Fla Cent & Penln 6s....1923
Ga & Alabama con 58_1945
Macon Dub & Say 59_1947
Md Eiec Ry 1st 5s_ _1931
Monon Valley Trac 7s.1923
United EL & P 4%s_ _1929
United Ry & El 4s_ _ _ _1949
1949
Income 4s
1936
Funding 5s
1927
6s
1949
6s
....
1851
62
37
7651
106
1934
15351
13
30
93
93
8716 92
99
99
10251 10214 103
10731 low, 10734
8854 8711 8854
84
84
97
97
9814 9851
9254 9211
9934 9934
8151 ' 8134 82
4956 4956
9534 9511
10034 10034 10051
95
95
, 7234
7254 72
54
53
7434 75
9734 9756 9714
100% 10051 10011
8734
r4
IV ,2
0000000Q000§0.000044 &
C.,
00000000040. 00000ou
0.0000 0C
. .
0/000000/00. 00
. . .
0
-0c
CO m.-..0 t
0.w07m ,, CO
...4
,IN
,
•, cim.
American Tel & Tel 48 1929
Atl G & W I SS L 5s_ _1959
Chic June & US Y 5s_1940
CucahY Pack Co 58_1946
East Mass St RR A 456s'48
1948
Series B 58
1936
HoodRubber 7s
K C Mem As Blrm 5s_ _1934
K C Mom Ry & Bdg 581929
1929
Mass Gas 456s
1931
456s
Miss River Power 5s_ _1951
England Tel 5s_ _1932
New
1944
Swift dr Co 53
1937
Warren Bros 751s
1932
Western Tel 58
92% 92%
51% 5216
93% 9314
9011 9051
70% 72
74%
74
101% 102
86% 87
94% 9416
95
95
9056 92
93
93%
9856 9954
9556 9634
106 106
9551 96%
Range since Jan. 1.
1851
6016
3
631
76
106
1951
152
13
30
0..000ub:.]..0
4
00 .CM C,0 M
..-1
..2
-Transactions in bonds at Boston
Boston Bond Record.
Stock Exchange;Jan. 27 to Feb. 2, both inclusive:
Monon Val Trac pref _ _ _25
MtV-WoodbMillspfvtr100 61
New Amsterdam Gas_ _100 37
50
Northern Central
Perna Water & Power_100 106
United Sty & Electric...50
US Fidelity & Guar_ __ _ 50 152
Wash Bait & Annap___ _ 50
50 30
Preferred
U,M11.1
an 1814 Jan
1816
Jan 66 ran
54
Jan
3534 Jan 37
Jan
Jan 77
76
Feb 10834 Jan
106
1851 Jan 2031 Jan
Jan
Jan 164
147
Jan
1234 Jan 13
Jan
Jan 30
29
9216
8716
99
10234
106
87
84
97
9831
02
9931
8114
4934
95
9911
9434
72
53
7416
9751
10034
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
93
9214
100
,
10336
10734
00
85
97
993-4
9251
9934
82
50
9511
10031
95
7434
55
7751
98
10216
5
I074.rVOI 55
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
JAI!
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange Jan. 27 to Feb. 2, both inclusive, compiled from official sales lists:
Stocks-
sates
Friday
Range since Jan. I, 1925
Last Week's Range for
Week.
of Prices.
Sale.
High.
Low.
Par. Price. Low. High. Shares.
Am Wind Glass Mach_ _100 80
756
Arkansas Nat Gas, com_10
50
Bank of Pittsburgh
534
Carnegie Lead dr Zinc_ _ _ _5
Consolidated Ice, com__50
50
Preferred
_50
Exchange Nat Bank
General Motors
Barb-Walk Refrac,com100
351
Indep Brewing, coin__ _ _50
50
934
Preferred
Jones-Laughlin Steel, prat_
25
Lone Star Gas
Mfrs Light dr Heat_ _100 5654
Bank
Metropolitan
77-4
Nat Fireproofing, com__50
50
Preferred
1
Ohio Fuel 011
25 65
Ohio Fuel Supply
Oklahoma Natural Gas._25 22
Oklahoma Prod dr Refin_ _5
7
Pittsburgh Brew, pref.. _50
Pittsburgh Coal, prat'_ _100
Pitts & Mt Shasta.Cop__ A 24c
Pittsburgh Oil& Gas _100
.10 170
Pittsburgh Plate Glass.
Salt Creek Consol 011_10 1016
Insurance Co__50
Superior
•
Tidal Osage Oil
.
Union Natural Gas_ _ _100 2511
100
U S Glass
West'house Air Brake_ _ _50
W'house El & Mfg, corn SO 6351
West Penn Rys, prat_ _ _100
W Penn Tr & W Pmcom100 3416
100
Preferred
Bonderin 1nn nag Cs
1923
565 79
80
79
756
2,450
734 83.4
10 13056
131 131
334
454 514 1,884
6
635
634
6
10 26
30
30
4 8516
8534 8534
100 14
14
1434
60 10234
10254 1163-4
334
120
351 4
80
931
911 951
1,725 10716
10716 10751
355 24
2616
25
262 5534
5634 5616
20 75
75
75
751
370
751 77-4
210 1854
1951 20
260 1536
16
1651
3,297 59
647-4 66
935 1934
2034 22
50
151
23.4
234
656
337
754
63.4
55 97
99
99
220 24c 35,000 220
854
250
836 831
401 165
165 205
260 10
1014 1034
10 99
99
99
1056 1116 1,285 log
2616 1,922 2356
2.3
525 255.6
2516 27
827 10756
109 110
330 59
6311
61
10 7834
sag 8051
1,001 30
3456
34
66 7031
72
71
10034 10011
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
8416
934
131
551
7
36
88
143.4
11616
4
934
10851
2616
5636
75
816
2016
1751
66
22
234
731
9951
24c
916
205
1134
99
11
26
27
110
6351
8031
35
7856
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1.000 10051 Feb 10051 Feb
• No par value.
-Record of transactions Ett
Chicago Stock Exchange.
Chicago Stock Exchange Jan. 27 to Feb. 2, both inclusive,
compiled from official sales lists:
Sales
Friday
Range since Jan. 1;1923
Last Week's Range for
1Veek.
of Prices.
Sale.
Low.
High.
Par. Price. Low. High. Shares.
StOcks225 6916 Jan
6934 70
Amer Shipbuilding_ _100
Jan
9434 2,283 93
Armour & Co, pref.._ __100 9351 93
360 99
9956
Jan
99
(Del), pref_
Armour dr Co
216 90
Jan
90
9134
Amer Pub Serv, pref
328
916 Jan
956 10
15
Leather
Armour
125 87
87
Jan
87
100
Preferred
4
4
4
4
Jan
4
•
Beaver Board
12,095 25
27
Jan
2634 25
Borg dr Beck
3
354
110
254 Jan
•
Case (J I)
37 10
10
10
Feb
100
1st preferred
310 86
Jan
pref_100 8816 8756 89
Central Pub f3erv_,
Chic City as Con Ry pt oh
420
534 Jan
636
6
•
Preferred
20
1
1
1
Jan
Chicago Elev Ry, com_100
515
354 Jan
551
5
100
Preferred
25 10
10
10
Jan
Ser 1_ _ _
Chic Rya Part CH
1,017 129
129 130
Jan
Commonw'th Edison__100 130
534 Jan
10,318
551 6
Rights
75
6
6
6
6
Feb
Consumers Co, corn- _ _100
25 6351 Jan
67
66
100
Preferred
956 1134 52,700
956 Feb
Continental Motors _ _10 1056
71 1123.4 Jan
11341 1133.4 11434
Crane Co, preferred
305 62
62
62
Jan
Pack Co, com_100 62
Cudahy
5016 6,470 3156 Jan
Daniel Boone Wool Mills 25 5011 50
10 15
15
15
Jan
Decker (Ain dr Cohn,Inc_•
220 117
117 118
Jan
100 118
Diamond Match
11
51 Jan
56
775
•
Earl Motors Co
3154 18,715 2216 Jan
Eddy Paper Corp (The)- -• 2951 29
615 100
Jan
100 10216 10234 10234
Fair (The), prof
310 15
16
Jan
15
Godchaux Sugar, corn_.• 16
Jan
645 25
W,pref._ _ _100 2534 2556 2534
Gossard, H
Jan
600 82
9434
Great Lakes D & D....100 9416 87
Jan
695 84
94
92
Hartman Corporation_ _100 93
55 9941 Jan
116 11654
Hart,Schaff&Marx,pf 100
7,945 1834 Jan
Hydrox Corp., pref._ _ _100 2241 213.4 23
Feb
796 64
25 6451 64
6434
B) Co
Hibbard (S
180 37
3851
Jan
• 37
37
Hayes Wheel Co
10 25
5,740 2154 Jan
2351 25
Hupp Motor
Jan
100
25 78
7854 82
Illinois Brick
05
150 43
Jan
45
48
Inland Steel
651 Jan
731
1,522
751
7
Libby,McNeill& Libby_ 10
•
50
10
311 Jan
33-4 311
Lindsay Light
Inv._
o...............i
55-5
4/tin
WV
74
Jan
9614 Jan
9954 Jan
94
Jan
10
Jan
87
Jan
4
Jan
27
Jan
356 Jan
10
Feb
89
Jan
634 Jan
1
Jan
6
Jan
10
Jan
131
Jan
6
Jan
651 Jan
68
Jan
12
Jan
1143.4 Jan
6434 Jan
6254 Jan
15
Jan
121
Jan
1
Jan
3254 Jan
106
Jan
25
Jan
2651 Jan
9434 Feb
9536 Jan
11654 F7b
23
Feb
66
Jan
43
Jan
26
Jan
9
651 Jan
48
Jan
854 Jan
411 Jark
...
9
jan
FEB. 3 19231
Stocks (Concluded)
-
THE CHRONICLE
Friday
sates
Last Week's Range for
Sale.
of Prices.
Week
Price. Low. High. Shares.
Lyon & 11, pref
Kuppenheimer (B) & Co__
Preferred
Middle West Util, com_100
100
Preferred
Prior lien preferred
National Leather, new._ _ _
People's Gas Lt & Coke 100
Philipsborn's, Inc.. corn...5
Pick (Albert) & Co
•
Mg Wigg Stores,Inc"A"_.
Pub Serv of N Ill, com_100
Preferred
100
Quaker Oats Co
100
Preferred
Reo Motor
10
Sears-Roebuck, nom_ _100
Standard Gas& Electric_50
Preferred
50
Stews Warn Speed,com.100
Swift Si Co
100
Swift International
15
Thompson,J R.corn_ _ _25
.
Union Carbide & Carbon.10
United Iron Works v t c 50
United Lt & Rys, com_100
lot preferred
100
Unit Pap Board, corn_ _100
US Gypsum, pref
100
Vesta Battery Corp
•
Wahl Co
•
Ward, Montg & Co, pf_100
When Issued
20
Class "A"
Western Knitting Mills_ _•
Wrigley Jr, corn
25
Yellow Cab Mfg, "B"._10
Yellow Taxi Co
Range since Jan. 1.
Low.
High.
100 100%
425 100
Jan 100% Jan
26
26
20 26
Jan 27
Jan
30 93
9431 95
Jan 95
Jan
1,316 45% Jan 47
4534 47
Jan
85% 86%
421 84
Jan 86% Jan
102 102%
431 102
Jan 104
Jan
7% 7%
2,262
5% Jan
8
Jan
94 .94
5 91% Jan 94
Jan
30% 30%
275 30% 1 Jan 38
Jan
34% 3431
935 3434 4 Jan 36% Jan
59% 63% 4,732 5534 Jan 65% Jan
101% 102%
341 101% Jan 104
Jan
95
96%
212 95
Jan 98 1Jan
233 235
30 233
Feb 236
Jan
98% 100
347 96%" Jan 100
IlJan
13% 13%
1,969 11441 Jan 1441 Jar
85% 85%
20 8534 Jan 89 1Jan
18% 19%
390 1734 Jan 19% Jan
48
4331
180 48
Jan 49
Jan
88% 91% 86,130 79
Jan 91% Jan
106% 108%
1,361 106% Jan 109% Jan
19% 2031
7,417 19% Jan 21% Jan
48% 4931
1,075 48% Feb 51% Jan
62% 64
10,235 62
Jan 67% Jar
634 6%
160
6
Jan
7
Jar
76% 78%
180 71% Jan 79
Jan
75
76%
390 75
Jan 76% Jan
16
16
108 16
Jan
16
Jan
104 104
108 104
Jan 104% Jar
30
30
175 26
Jan 30
Jar
53% 55
2,165 5334 Feb 58% Jar
109 109
Jan 109
5 108
Jar
21% 22% 4,985 20% Jan 22% Jar
94
95
.580 93
Jan 95
Jar
'9
Jan 10% Jar
944
585
9
100% 102
782 100
Jan 104
Jar
245 249
870 223
Jan 270
Jar
71
7344 5,332 70% Jan 74
Jar
Stocks (Concluded)
505
Priaag
Sales ,
Last Week's Range for I
Sale.
of Prices.
Week. ,
Price. Low. High. Sh ris.!
Range since Jan. 1.
Low.
High.
8§888828g888888888828g88;288888.9888888888288g8M82888888
8888888888g88888888888888.9
.
NNMN
..
.
..
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.
..;
. 4
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a a
V,..t,W.0.w.omp
WW Isect•.NMW
.
.
.
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.
IM
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.6
-
www.c t...,,,tcy.cl.
.
NO
06
.a ....
I
N Y Transportation__ _ _10
200 2144 Jan 2814 Jan
24% 26
Nor Amer Pulp dr Paper_ _*
1% Jan
Jan
1%
144
1
100
Oselda Corp
• 14%
Jan
15
5,700 1031 Jan
13
15
40%
Patten Typewriter
5
6
534 6
Feb
6
300
5% Jan
86
Peerless Truck Si Motor_50 73% 73% 77
1,100 7344 Feb 80
Jan
102%
Perfection Tire Si Rubber_•
I% Jan
Jan
I% 1%
1
100
7%
Phoenix Hosiery com_ _5 43% 42
43%
1,100 35% Jan 45% Jan
Preferred
100 101% 100% 101%
Jan 101% Feb
000 100
Prima Radio Corp
1
550
Jan
1
88c 1,700 55c Feb
3444
Pyrene Manufacturing_ _10
900
1041 11
9% Jan
11
Jan
6234
Radio Corp of Amer com..•
-Jan
4
334
33-4 Jan
344 9,200
101%
Preferred
5
3
3% 17,000
2 9.16 Jan
,.
33-4
3% Jan
95%
Reo Motor Car
10
13% 1334
1,600 1334 Feb
14% Jan
235
Repetti, Inc
5
1.34
1%
134
Jan
2
900
134 .1 rtri
98%
Root & Vandervoort Eng. -----9
9
Feb
9
150
Feb
0
13%
Schulte Retail Stores,com.• 59
5734 59
4,100 53
Jan 59
Feb
Southern Coal Si Iron_ _ _.5 310
30c
32c 12,000 30c, Jan
40c
Jan
Stand Mot Construction 10
18%
500
015
2% Jan
074
3% Jan
48%
Stutz Motor Car
20%
1811 2234 6,300 1741 ,Ian
24% Jan
89%
Swift Si Co
100
108 108
175 107
Jan 108
Jan
107
Swift International
15
19% 20
200
Jan
1944 Jan 21
1244
Technical Products Corp _5
8% 834
1,810
,
Jan
7
9
Jan
49
Tenn Flee Power,2d pref_* 43% 43% 4344
100 4344 Feb 44% Jan
64
Tirnken-Det Axle new w I.
10% 11
500 10
Jan
11% Jan
Tob Prod Exports Corp_ •
4%
434 5
1,900
5% Jan
43.4 Jan
76%
Todd Shipyards Corp_ _ _•
5844 59
225 55
Jan 59
Jan
7534
Triangle Film corp v t 0.5 18e
18c
19c 4,000
80
Jan
210
Jan
United Profit Shafg,new.1
541
544 5% 2,300
43-4 Jan
544 Jan
Un Retail Stores Candy_ _
5
5
5
5% 3,600
Jan
5% Jan
30
Founders shares
4
4
600
3% Jan
441 Jan
5434
United Shoe Mach corn--..5 4941 49
50%
900 49
Jan 51% Jan
U S Distrib Corp corn 50
25
25
100 25
Jan
30% Jan
22%
Light Si Heat, corn .10
US
11
4 1% 10,600 1 Jan 1% Jan
131
Preferred
10
1
134
1% 2,700 One
Jar
1% Jan
Wayne Coal
9
5
1% 2%
1,850
1% Jan
2% Jan
101
West End Chemical
1
450
55c 1,000 30e
Jan
40c
Jan
249
WIllys Corp let pref__ _100
7% 844
1,100
7% Jan
11% Jan
72
let pref ctfs of dep
7
7%
500
7
Jan
10% Jan
Yale Si Towne Mfg new.25 60% 60
60%
300 53% Jan
6144 Jan
Bonds
Chicago City fly 5s_ _ _1927 76% 76% 77
84,000 76% Feb78
Rights.
Jar
Chic City&Con Rys6s 1927
Maracaibo Oil eights
47
47
10,000 47
Jan 48
Jar
13c
40c 26,000
16c Jan
40c Feb
Chic Rys 5s,Ser "A"_ _1927 59
1Reynolds Spring Co
59
60
7,000 59
Jar
Feb 63
2% 6
5,200
2% Jan
2% Jan
48, Series"B"
1927
44
44
5,000 44
Jan 44% Jar
Commonw Edison 58_ _1943 9714 9734 9734 4,000 97
Former Standard Oil
Jan 99
Jar
South Side Elev 44414_
Subsidiaries
89
Feb 89% Fe)
893.4 4,000 89
..)...... r_ r.- •-• ..• ..[.._1924 89
tn..
nraz
CIS 6, ,, s,
ono
0552 PM
0732 JrIT
Anglo-American OIL ___ £1
1731
17% 18
.
3,800 17% Feb
19% Jan
Buckeye Pipe Line
50 9144 90% 91%
195 88
Jar
94
Jan
• No par value.
Continental Oil
100
160 160
20 158
Jar 160
Jan
Crescent Pipe Line '
50
44
47
175 43
Jar
47
Feb
New York Curb Market.
-Official transactions in the Cumberland Pipe Llne_100 105
90 108
445 r85
Jar 168
Jan
Eureka Pipe Line
100 108
105 108
100 95
Now York Curb Market from Jan. 27 to Feb. 2, inclusive:
Jar 10844 Jan
Galena Signal 011 corn_ _100 59% 59
5934
285 5744 Jar
60
Jan
Illinois Pipe Line
100 170
169 170
65 165% Jar 170
'
,rums
Feb
.sarez
Indiana Pipe Line
50 96
96
97
Week ending Feb. 2.
220 95
Last Week's Range for
Jar
98
Jan
Range since Jan. 1.
National Transit__.52.50 28% 2741 2834
900 26% Jar
Sale.
of Prices.
28% Feb
Week.
New York Transit
100
Stocks130 130
Par, Price. Low. High. Shares.
10 129
Jan 136
Low.
Jan
High.
Ohio Oil, new
25
76
76%
300 74
Jar
774£ Jan
Penn-blex Fuel 011
25
andus. & Miscellaneous
1744 17%
100 17
Jar
18
Jan
Prairie 011 & Gas
Acme Coal Mining
100 228
222 231
1 68e
550 /222
62e
Jar 700
85c
60c
Jan
Jan 85c
Jan Prairie Floe Line
Acme Packing
100 110
108% 110
10 27c
530 110814 Jail 335
25c
29c
Jan
250
Jan 35c
Jan South Penn 011
AIUMIIIIIIII Mfrs, corn,
100
175 177
•
22
230 166
22
Jan 117
Feb
22
Jan
2234 Jan Southern Pipe Line.. _ _100 175
Preferred
110
107 112
100 100
100 101%
1,00 97
Jan 112
101)
Feb
Feb 101% Jan Standard 011 (Indlana)_
Amalgam Leather, cora_ _•
_25 61% 6114 62% 83,400 60%
1641 19%
1434 Jan
Jar, 63% Jan
193-4 Jan Standard Oil (Kan) new_25
Preferred
100
4131 4134 43
1,100 41% Jan
63
64
46% Jan
48% Jan 64
Jan Standard Oil (Ky) new.
Amer Gas & 1:lec, nom_ _50 170
_25
90
166 170
3,900 u80
Jan 133
Jan
166
Feb 170
Feb Standard 011 (Neb) n w100 89% 87
Preferred
218 224
44
50
44
160 186
Jan 224
44
Feb
Jan 45
Jan Standard 01101 NY new_25 224
Amer Lt dr Trac, corn_ _100
40
45% 47% 16,300 45% Jan
138% 140
49% Jan
137
Jan 140
Jan Swan Si Finch
Armour & Cool Del, pf 100 9944 99
100
2344 2314
100 21
Jan
99
99%
23% Jan
Jan 4931 Jan
Vacuum Oil, new
Arnold, Constable & Co_ _'•
25 44%
4341 4534 16,100 43)4 Jan
19
19
19
47% Jan
19
Feb 20% Jan
Borden Co,corn
100 1163-4 2115 122
113% Jan 122
Jan
Other Oil Stocks.
Brit
-Amer Tob ord bear_fl
19% 19%
19% Jan 20
Jan Allied Oil
Ordinary
fl
6c
19% 19%
9c
2,000
Jan
Sc
100
19% Jan 20
Jan
Jan Ark Natural Gas, corn. 1
British Int Corp. class A_ _ ------ 15%
.10
7% 8
73-4
800
731 Jan
15%
934 Jan
1534 Jan
Jan Atlantic Gulf Oil
1531
Brooklyn City RR
10 10
3% 344
9
103.4
100
334 Jan
4
7% Jan
Jan
10% Jan
Atlantic Lobos Oil, com_ _•
Buddy-Buds,Inc
*
144
146 1%
6%
6% 7
6
2,000
73% Jan
544 Jan
146 Jan
144 Jan Big Indian Oil Si Gas
Campbell Soup pref w 1_100 10745 107 107%
19c
15c
190 34,000 15c
Jan
10644 Jan 108
190 Feb
Jan Boston-Wyoming Oil_ ___1
Car Lighting & Power__ _25
1% 1%
1
1
V%
1,400
1
Jan
1% Jan
1% Jan Cardinal Petroleum
IS; .1 an
Celluloid Co. corn
100
95
95
7%
734 7%
1,300
7
95
Jan
73.4 Jan
Jan 99% Jan Carib Syndicate
Cent Teresa Bug, comb0
134
434
1%
4314
1%
43-4 6,100
4% Jan
5% Jan
1% Jan
I% Feb Cosden & Co. old pref.
Centrifugal Cast I Pipe__.* 10%
_.5
10
10%
5% 534
534
100
54 Feb
10
Jan 10% Jan Continental Oil
5% Feb
Century Ribbon Mills nom*
25
26
393-4 39% 3944
100 3934 Feb 3934 Feb
24% Jan
263.4 Jan
Creole Syndicate
Chic Nipple Mfg(1 A..10
4%
3% 431
3%
33
-4 415 17,500
2% Jan
234 Jan
4% Jan Cushing Petroleum Corp
5
Jan
Cities Service corn
100 180
178 180
5
20
2e
1,000
173
la
Jan 182
Jan
So
Jan
Jan
Preferred
Darby Petroleum
100 68
68
1
1
1
68%
300
1
67
Jan
Jan 68% Jan
1% Jan
Cities Serv, bankers' sh_ _• 17%
Engineers Petroleum Co_ _I
17% 18%
190
180 20c
14,000 14c
17% Jan
1834 Jan
JaII 25c
Jan
Cleve Automobile, corn_ _• 29% 2944 30
Equity Petrol Corp pref._ _
14% 1431
600 14% Jan
29% Feb 33
1434 Jan
Jan
Colombian Emerald Synd. 3I0
Federal 011
30c
5 86c
33c
850 950 89,100 69c
27c
Jan
45c
Jail
Jail
1
Jan
Columbia Motors
Fensland 011
• --17---10
331 3%
-16% 173-4 5.300 16
3% Jan
3% Jan
Jan
1831 Jan
Congoleum Co, com _ _100
Gilliland 011, corn
145 145
.*
43-4
344 5
145
6,800
Jan 145
3
Jan
Jar
53-4 Jan
cove cash Stores
Glenrock Oil
:,
5
10
334 541
1,
;(6
1%
344 Feb
1% 48,100
Jail Granada Oil Corp,
S
1
Jan
23.( Jan
Cuban-Dominican Sue-- •
Cl A_10
6% 731
234
2% 234 2,900
6
Jan
7
Jan
131 Jan
234 Feb
Curtiss Aeropl & M,corn .•
Gulf Oil Corp of Pa
'5 58
5
,
5
5644 58% 7,500 553-4 .lan 6131 Jan
5
Jan
5
Jar
Preferred
Harris Consol Petrol Corp_
100 21
21
21
1
1346 1,200
21
Jan 21
Jar
1% Jan
134 Jan
Cuyarnel Fruit Co
Hudson Oil
• 60% 56% 62%
1
130
13c
14c 51.000 • 10c
5534 Jan 62% Jar
Jan
Die
Jan
Del Lack & West Coal_ _50 833-4 83% 83%
Humble 011 Si Ref
3431 3 31
4
82
Jan
2)0 24% Jan 35
Si
Jan
Jail Imperial 011 (Canada) 25
Dubiller Condenser & Bade
57-4 63.4
coup 11634 111
117
4% Jan
fig Jan
.5,670 110% Jan 117
Feb
Durant Motors, Inc
International Petroleum... 20%
• 51% 40
72%
2041 2111 15,500 2034 Feb
40
Feb 84
Jar
2231 Jan
Durant Motors of Ind.__10 16% 12% 21%
Keystone Ranger Hovel__ I 310
300 330 22,000 22c
12% Feb 25% Jan
Jan 360
Jan
Federal Light & Trac, coru•
Kirby Petroleum
•
3
5344 5331
2% 3
48
Jan 5344 Jar
000
Film Inspection Mach Co_•
Latin-Amer 011 Develop_ _1 680
6% 6%
680 72c
6
Jan
4,180 66% !Tal% 72c Feb
634 Jan
2e
a)
4
jnn
Fleischmann Co corn
Livingston Oil Corp
• 33% 33
1
3331
150 150
30% Jan 34
1,000 140
Jan
15o
Jan
Jan
Ford Motor of Canada_100 402
Livingston Petroleum_
400 402
•
804) 88c
400
Jan 402
Jan
1,200 750
Jail
Jan
95e
Gardner Motor Co
Lowry 011 Corporation_ _ _5
• 12% II% 12%
1%
10% Jan
1344 Jan
Jan
Garland Steamship
Lyons Petroleum
3 750
750
800
* 950 194 l 197e 21:5
01
1ri 61%
4
700
Jan 80e
1 3 2 801cq
98t j n
1 i Ja
Jar
Gillette Safety Razor_ _ • 272
Magnolia Petroleum_ _ _100 161
271 275
259
Jan 275
920 155
Jan 168
Jan
Jar
Glen Alden Coal
Mammoth 011, Class
• 68
6734 7031
_
53% 53
56
5454 7,900 4731 Jan
Jan 7034 Jar
5431 Jan
Goodyear Tire & 11 coin 100 1034
Maracaibo 011 Explor A.
10% 12
• 12
1031 1231 20,500 ' 93-4 Jan
944 Jan
13
Jar
1344 Jan
Preferred
Margay 011
100
36
38%
•
29% Jan 4231 Jar
1%
141
500
1
Jan
134 Jan
Prior preferred
Marland 011
100
78% 7831
244
23.4
70
Jan 86
231
3,200
.,at
344 Jan
131 Jan
Marland Refining
Gt West Sue new corn wl 25 8031 80
8031
5
244
234
77
Jan 81
1,400
Jar
234 Jan
2% Jan
Hanna(MA)Co 1st p1_100 102
Merritt 011 Corporation_ _1
102 102
934
102
Jan 102
Jai
9
9% 3,800
834 Jan
944 Jan
Hayes Wheel
Mexican Eagle 011
• 37
37
5
3754
8% 8%
3631 Jan 43
100
Jar
834 Jan
Hoyden Chemical
Mexico 011 Coro
•
934 Jan
1%
1% 2
10
13.i
144
134 Jan
144 161,400 80e
2% Jar
Jan
1% Feb
Hocking Vail Products--10
Midwest Texas Oil
2
2
1
12c 25c
1% Jan
2
Jar
18,000
Sc
Jan 350
Jan
Hudson Cos pref
Mountain & Gulf Oil
100 16
1531 17
1
13.4
I%
1%
14% Jan
1,100
17% Jar
134 Jan
1% Jan
Mountain Producers__ _10
Mud & Manhat RR com100
9%
934 10
1634 16% 16%
944 Jan
1134 Jar
2,600 1634 Jan
Jan
18
Preferred
Mutual 011
100 ------7
47
1234 12% 7,800 1231 Jan
43
Jan 48
Jar
• 2245 21% 2234
1334 Jan
Voting trust certificates_
Hydros Corp. tom
12%
12% 12% 14,000 1234 Feb
20
Jan 2231 Jar
New England Fuel 011
Preferred
1234 Jan
100 ......96% 9645
4244 42
42%
9634 Jan 96% Jar
500 42
Jail 40
Jan
New York 011
Industrial Fibre Corp cow.
834
8% 9
15%
15
15%
834 Jan
1034 Jai
700 15
Jan
16
Jan
Noble(Chas F)011 & Gas_ I 26c
25 ------4634 46%
Inland Steel Co
250 270 30,100 25e
46% Jan 47
Jar
Feb 30c
Jan
Intercontinental Rubb_100
Preferred
531
534
1
544'
70c
600 700
4% Jan
6% Jar
1,600 60e
Feb 780
Jan
Northwest Oil
Kup'helruer (B)& Co,com5 ------ 26
2734
1
180
26
18c
Jan 2734 Jar
2,000 10c
Jan
22c
Jan
Omar 011 & Gas
Preferred
100 94
94
96%
10
144
1
144 18,800
93% Jan 9634 Jar
1
Jan
Pennok 011
13-4 Jan
Lehigh Valley Coal Sales 50 ------90
90
10 11
93-4 11% 24,900
.8044 Jan
90
Jar
934 Jan
50 15
113-4 Jan
Pennyvivarda-Beaver 021_1
1331 15%
Luccy Mfg class A
3
2% 344
834 Jan 20
7,400
Jar
2
Jan
4
Jan
Rod Bank Oil
Lupton(FM)Pub, CI A _. ------ 13
17%
15c
15o
16c
13
Jan 22
11,000 140
Jar
Jan
160
Jan
Ryan Consolidated
•
5
---Marconi WirelTel of Can_
2% 244
441
5
800
231 Feb
4% Jan
231 Pet
5% Jan
Salt Creek Consol Oil
344
Marlin Firearms corn A_ _5
444
10% 10%
33.4 Fels
900 1044 Jan
.534 Jar
1144 Jan
Salt Creek Producers_ _10
*
3%
35i 3%
Mercer Motors
2041
4,000 203.4 Jan
2% Jan
203-4 2034
4
Jar
22% Jan
Sapulpa Refining
2%
231 3
Voting trust certifs
5
344
314 3% 8,000
2% Jai
234 Jan
3% Jar
3% Jan
Savoy 011
• 1031
10% 1034
5
Mesabi Iron Co
334 3% 10,700
344
1034 Jan
33.4 Jan
3% Jan
1231 Jar
Seaboard Oil Si Gas
16
17
5
Morris (Philip) Co, Ltd_10 -----341
16
33.4
Jan 18
354 2,900
Jar
234 Jan
3% Jan
South Petrol Si Refining_ _1
Stores,Inc,com_• 36% 34
36%
Nat Dept
7c
70
9c 83.000
34
Sc
Feb 36% Pot
Jan
13e
Jan
Southern States Oil
10-741 7%
Nat Leather new
1634
153-4 1644 24,700 1334 Jan
8% Jai
734 Jan
16% Feb
Texon 011 Si Land
5444
I 88c
NatSupp Co(of Del)Com 50 5441 54
660 89c 257,600 50c
54
Jan 56% Jar
Jan
89c
Feb
Tidal-Osage Oil
•
7.%
7%
7
New Fiction l'ub CorP-5
11
1134
7
400 10
Jan
Jan
1134 Jan
1644 Jar
Turman 011
3% 3
3%
1
New Mexico Si Ariz Land.l
940
1
10,100
3% Jan
942 Feb
3% Jar
Western States 011 Si Gas_l 94c
131 Jan
2934
23c
NY Canners Inc, corn_ _ ..• 2944 28
23c 230
28
4,000 23c
Jan 29% Fel
Jan 240
Jan
Wilcox Oil Si Gas
y., v.,... a iz,1z neer __100 110% 11034 Ill
5
931,
844 103.4 207,400
110% Jan 112
674 Jan
Jar
1034 Jan
"V" 011 & Gas
1
I 12c
120
2,000
Se Jan
be Jan
Mining Stocks.
[VoL. 116.
TILE CHRONICLE
506
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale.
Par. Price. Low. High. Shares
Range since Jan. 1.
Low.
235 Ja
4
Ian
.110,
11c
Jan
39r
Jan
6c
4e
Jan
Jan
250
Jan
15c
Jan
16e
J1111
17c
3
Jan
Jan
3c
2% .lan
Jan
38c
80
Jan
Jan
4
Jan
15c
Jan
3
Jan
15c
1% Jan
Jan
153
244 Jan
Jan
35o
7,cIs
Jan
4c
Jan
Sc
130
23.4 Jan
Jan
78c
Jan
4c
Jan
9c
Jan
4c
Jan
37c
Jan
7c
1 c
Jan
Jan
62c
640 Feb
ic
Jan
lie
340
Is"
303 Feb
7c Feb
50c Feb
ins
101
110
Jan
130
.1 ,
78% Jan
2
255
1,400
2
23‘
Alaska Brit-Col M etals_ _ _ 1
4
4
200
2%
Alvarado Min & MilL _20
Se
100
6,000
5c
Amer Comm
100
100 39e 83,000 10,3
Arizona Globe Copper__
10e
3e
50
60
8,000
•10
Belcher Extension
Sc
le
3c 118,000
it
Big Ledge Copper Co___5
100 2533
25c 25e 10,000 Ste
Bison Gold Inc
90 10c
3,000
9e
Black Hawk Cons Mince.! 10e
80
8c
4,000
Sc
Booth Mining
100 12c 24,000 103
Boston-Montana Dee ___5 lle
5
234 3
5,700
Calaveras Copper
2c
30 16,000
5
2c
Canada Copper Co
.6 2% 234 235 10,700 2%
Canarlo Copper
310 34c 85,000 30c
1 32c
Candalaria Silver
30
50
6,000
2c
Consol Arizona
3%
334 334 5,300
Consol Copper Mines new_
334
1033 12c 12.000 103
10.3
Consol Nevada Utah Corp
434
1,600
Continental Mines, Ltd.__ -----434 454
12e
12e
1,000 12c
Cork Province Mines_ _1
lig
1%
Cortez Silver
1
174 55.300
154
4c
Crackerjack Mining
70
8c 36,000
2c
2%
Cresson Con Gold M & M.1
255
254 2.900
23.4
1,000 330
35c 35c
Crown Reserve
1
71c 75c
7,600 630
72o
Dean Consolidated Corp.i
40
40
1,000
Denblsh Silver
40
3c
1,000
Sc
Diamt'd Black Butte(reorg)
3c
11c
13c
3,000 lie
Divide Extension
500
2
2
235
Dolores Esperanza
5
174
7,900 63c
68c 73c
73e
Dryden Gold Corporation_
4e 26,000
30
3c
2c
El Salvador Silver Mlnes_l
1,000
40
4e
Ely Consolidated
1
40
Sc
Sc
4c 174,000
Emma Silver
1
2c
31c 330 90,000 29c
1 320
Eureka Croesus
270 44c 209,200 250
400
Fortuna Cons Mining
2,000
10e
110
Cc
Forty-nine Mining
1 lle
100 60c
62c 62c
Gadsden Copper
1
3,200 62e
640
62e 640
Gold Coin Mines
40
40 38,000
2o
20
Goldfield Bluebell
8,000
10,
3
10c
Goldfield Consol Mines_ 10 100
7c
19e 21c 280,000
50 20e
Goldfield Deep
90
110 300 324,000
270
4c
Goldfield Development -_
60c 72c 127,600 234
1 68c
Goldfield Florence
600
36c 50c 143,000 353
Goldfield Jackpot
4c I 5,000
313
3c
Goldfield Oro
ic
9,000
9c
9c
Gold Zone Divide
1
90
8.3
7c
9e 1 80,000
1
Hard Shell Alining
Sc
70 j 10,000
50
Harm!11 Divide
100
Sc
'
834
83' 834 1,400
25e
8
Hada mining
490
490 560 I 5,600 35c
Henrietta Silver
1%
lig 135 21,900
Hinton-Nevada Mining
134
3
355 2,300
3
1
246
Howe Sound Co
30c 34c 94,000 30c
Independence Lead Min _1 330
290 3133 10,500 28o
1 3133
Iron Blossom Corn M
400
2.31
2% 254
1
Jerome Verde Devel
254
4.000
6c
Sc
Jim Buth r ono au
40
70
5,000
7c
80
1
Jumbo Extension
50
600
3
335
5
Kerr Lake
3
4c
3e
40
6,000
Kewanus
1
30
333
3,000
Sc
3.3
Knox Divide
100
2c
Cc
7
0 35,000
713
Lone Star Consolidated..1
Oc
7.000
40
40
40
43
MacNamara Development.
6,400
50
70
50
Sc
MacNamara Mining
1
7c
70 14,000
6c
Marsh Mining
3,200
2
154 2
135
Mason Valley Mines
5
1,000 17c
180
18c
McKinley-Darr-Sav Min__
3,000
40
40
40
Mlzpah Exten of TonelPall4c
2,000 10c
19(3
190
15c
Mohican Copper
2c
16.000
lc
MorIngton Mining
lc
3,000
4.3
40
4c
Nation Consul Mining
22c 250 39.000 21c
National Tin Corp
50e 220
170 190 22,000 100
170
Nevada Ophir
1
20 20,000
le
le
Nevada Silver Horn
1734 583-4
18
1 230 16%
.
New Cornelia
356 6,800
3
3%
New Dominion Copper._ _5
2.4
153 16834
New Jersey Zinc
16834 173
100
33c 39c 67,500 . 30c
N Y Porcupine Mining-- 370
3,500
n
555
Nipissing Mines
5
536 6
42c 500 30,200 370
Ohio Copper
1 470
155 12,100
1%
1
1
Ray Hercules, Inc
5
20
30 28,000
20
Red Hills Florence
23
60
Sc
60 27,000
Sc
Rex Consolidated Mining_ I
260
250 38c 51,000 21c
Richmond Cop M & Dev._
6,000
40
30
20
Sandstorm Kendall
1,000
30
30
30
San Toy Mining
1
330
19c 380 82,000 14c
Silver Minas of America__
2,000
80
80
Co
Silver Pick Consol
45.3
42e 45c 25,300 35e
Silver Queen Mining Corp_
50e
350 53c 21,300 Co
Silversmith Mining
12,000 300
Simon Silver Lead
310 34e
1 34c
1,000
South Amer Gold .1: Plat.1
334
354
3
110
120 104,000
Spearhead
7c
8c
8,000
70
Stewart Mining
743
60
50
1
9,600 460
Success Mining
62e 65c
1 630
1033
14c 82,000
Superstition Cons
60
3c
1
19,000
7c
Sutherland Divide
7.3
70
10
13,000 81c
Teck-Hughes
1 90e
88e 92c
5,400
Tonopah Belmont DeveLl
%
14 19
,
Tonopah Divide
1 70e
71c 26,500 66c
66o
214
Tonopah Extension
2;i
234
354 16,200
1,000 72c
Tonopah Midway
120
120
12e
1,700 11%
Tonopah Mining
1
234
2% 2%
3,000
30
Tonopah North Star
40
30
3c
13,900
Tr -Bullion S & D
6 1033
80 10e
60
Tuolumne Copper
530 580 45,300 49c
1 550
1% 20,100 144
United Eastern Mining...!
300 28%
United Verde Extension_
28% 27
U S Cont Minas, new
114.3
7,000 lsc
19c
19e
3% 3%
Unity Gold Alines
100
374
5
34
Victory Divide
be
3e
30
9 000
.
le
West End Consolidated. 5
1%
156 10,300
146
1%
West End Extension Mln_
40
9,000
40
4c
3c
Western Utah Copper_
400
200 400 21,500 20o
White Caps Extension___ _
1,000
60
6c
20
White Caps MinIng____10e ---Sc6,000
20
6c
2c
Yerrington
20
2c
1,000
20
Yukon Gold Co
5 780
100 75c
76e 76c
Bonds
Allied Pack cony deb es '39
88 Series B w I
1939
Aluminum Mfrs 7s
1933
1925
7s
Amer G it E deb B 68_2014
Amer Lt & Traces____1925
Without warrants
Am Republic Corp 8s w L'37
Amer Rolling Mill 88_ _ 1938
Am Sumatra Tob 7s__1938
Amer Tel & Tel 6s____1924
Anaconda Cop MIn 7s_1929
6% notes Series A._1929
Anglo-Amer Oil 755s__1925
Armour & Coo!Del 5558343
Armour & Co 7% notes_'30
Atl Gulf & W I SS L 5s 1959
Beaver Board 8s
1933
Beaver Products 7358_1942
Bethlehem Steel 75.__1923
Equipment 7s
1935
Boston & Maine RR 6s.'33
Canadian Nat Rye 78.1935
71
71
72 $22,000
80
80
83
11,000
106% 105% 106
17,000
10354 103% 103% 13,000
9656 96% 20,000
10954 110
4,000
101% 10035 tom 30,000
89
88
89
10,000
100
100 100% 44,000
06
2,000
9555 96
101
101 101% 43,000
103% 103% 103% 131,000
101% 101% 101% 185,000
10354 103% 10336 27,000
96
96
96 281,000
105
105 105% 134,000
53
13,000
52
53
3,000
6536 68
1,000
100 100
10555 10556 105% 320,000
10254 102% 102% 71,00
90% 91
3,000
108 10956 15,000
108
71
80
10556
10354
96%
10954
10044
88
100
9534
tooti
10354
101%
103%
96
105
51%
6555
100
104%
10256
9035
109
High.
135
356
421
380
256
no
103
354
80
333
he
Re
7o
lie
•,;,i
19c
40
19c
6c
3't,
19c
'm
18%
3%
173
48c
6
59c
1%
Oc
6c
28c
50
Sc
38e
90
45o
53c
31c
3%
13c
80
6ic
143
11c
1
19 4
,
78c
3%
13c
256
40
100
58J
234
28
Zic
3%
3,
174
fie
400
60
1,(3
3c
860
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
763i
84%
10634
104
9756
110
1015i
9056
100%
96
101%
10154
10255
103%
96%
10535
54
69
10035
105%
103%
93%
11056
Jan
Jan
.1. n
Ja
Jan
in
Jan
'an
Jan
Jan
.1,3,,
Ja••
Jan
in,
Jan
Feb
Feb
.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jars
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
•,•
Jan
Jan
J.
Bonds (Concluded)
Friday
Lass Week's Range Sales
Sale.
for
of Prices.
Price. Low. High. Week.
Canadian Pacific 6s__1924 101
Central Steel 8s
1941 10654
Charcoal Iron of Am 8s_'31
9454
Colum Graphophone 8E1.'25 2874
Cita ot deposit
24
Cons G E lit P Balt 68'49
7s
1931
556s Series E
1952
Consol Textile Rs
1941 100
Copper Export Assn 8s.'24
88
1925
Cuban Telep 756s_ 1941
Cudahy Packing 5s_ _1946
Deere it Cu 7548
1931
Detroit City Gas 6s__1947
Detroit- Edison Os. _1952 10235
Dunlop T& le of Am 7s.1942 95
Clair (Robert) Co 7s_.1937 9874
Galena-Signal 011 733_1930
General Asphalt 8s...1930 104
Grand Trunk Ry 6591_1936 1053-4
Gulf Oil Corp 7s
1933
Guli 011 of Pa 58
1937 9635
Hood Rubber 7% notes_.
36 10155
Interb R T 88 J P M reels.
Certificates of deposit_ __ ---- -Kansa.s(Icy Pow & Lt 5s'52 90
Kenneeott Copper 7s_1930 104
Laclede Gas Light 75
101
Ltbby McNeill& Libby7s'31
Liggett-Winchester 78_1942 103
Louisv Gas & Elec 5s_ _1952 89
Manitoba Power 7s_ _ _1941 9834
Without warrants
9674
Morris & Co 7%s
1930
Nat Acme Co 756s____1931 6556
Nut Cloak & Suit 8s. 1930
National Leather 8s_1925 10174
N Y Chic & St L RR 88231
Series C
9934
Ohio Power 60
1952 8735
Penn Pow it Lt 5s B 1952 89
Phila Else 5545
1947
65
1941
Phillips Petrol 735s_ -1931 124
I c A -w.51 .t• r ar8 '43 83
Public Sem, Corp 78W 1.'41
Sears, Roebuck it Co 78.'23 10134
Shawsheen Mills 7s_ __1931
Shen leld Farms 64s_. 942 9951
I
Sloss-Sheffield S- I 6s_ 1929 9755
Solvay it Cie 88
1927 10154
South Calif Edison 58_1944 92
Southw Bell Teiep 7s.1925 10211
Stand Oil of N Y deb 6358 10655
7% serial gold deb_ _1925 -- _
7% serial gold deb_ 1027 10634
7% serial gold deb..1928
7% serial gold deb_.1929
77 serial gold deb_ _1930
77: serial gold deb_1931
1931 10135
Sun Co 79
6s
1929
Swift & Co 7s..Aug 161931 10255
5s, when issued.,.,1932 9234
Tidal Osage 011 7s.__ 1931 103
United 011 Produc 88_1931 9734
United Rys ot Hay 7358 '36
Vacuum 011 78
1938 10755
Range since Jan. 1.
Low.
101 101
10635 107
94
5454
2834 283-4
24
2531
10234 10274
toe los
9934
99
9954 100
101 101
102 102
105 105
91 ' 91
10234 103
1003-5 10074
10234 10334
95
96
9835 9854
10335 104
1033' to 4 tx
10556 10534
1033' 10334
9674 97
10134 102
11,000 101
4,000 10634
17,000 94
3,000 28
21
3.000 .
17.000 10,
54
51,000 10555
32,000 91
32,000 98
1,000 101
19,000 102
1,000 105
1.000 35
14.000 101 Li'
67,000 10054
,
41.000 1o 34
111,000 95
9,000 :Hsi
22,000 1035
7,000 1o354
35,000 101,e•
2,000 10354
53,000963'
40,000 tow:
95
0534
8934 90
104 10434
101
10174
10055 101
10235 103
,
89
90
9834 9874
96
9634
10674 10656
9556 9656
10554 109
1013.4 10116
9951 100
9954 100
8754 8835
89
8935
101
10154
104 10534
124 124
83
87
104
10134
10174 10134
totsi 10155
993-4 100
9634 974
10174 105
913.4 9234
10234 10254
10635 10535
104% 10174
10674 10656
107 107
1073.4 10734
103 103
109 10934
10154 101%
98
98
1023-410274
9135 9254
103 10335
97
9774
1043-4105
10734 10734
42,000
99,000
14,000
54,000
6.000
22,000
33.000
9,000
4,000
8,000
41,000
7,000
10,000
19,000
14,000
62,000
6,000
11,000
16,000
3.000
10.000
63 000
51.000
21,000
13.000
10.000
18,000
30.000
133.000
53,000
4,000
4,000
2.000
13,000
4,000
11.000
10.000
1.000
20 000
150,000
19.000
32.000
6,000
31,000
91%
8934
103
101.
9935
10-33-4
89
97
95
198
9556
1046
101 ,
4
ooq
99%
87,4
(39
19134
104
120
83
1023-4
101 si
10454
9934
9634
0451
9 34
10234
10855
10374
10534
10655
to7 q
10734
109
101-4
98
10234
91 5
103
9634
1043'
107
J1111
Jan
Jan
-But
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Js.
Jar
Jan
Feb
Ja„
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jai
JaiJai
Jan
Jar
.1a•
Jan
.1
'Jan
JO.
Jar
3,
Jan
..1a.
Jar
.In•
Jan
Jan
1 b
,
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jars
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
High.
10156
10774
9474
30
35
10354
108
100
10056
101%
1033-5
107
91
103
1013'
104
97
9956
10436
105
107
10336
9734
102
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
964 Jan
9134 Jan
10534 • Jan
101 34 Jan
1013-4 Jan
1034 Jan
9134 Jan
,
9554 Feb
9655 Feb
I, 634 Jan
963-4 Jan
1006 Jan
102
Jan
inl
Ian
100
Jan
92
Jan
9074 Jan
10'56 Jan
10574 Jan
124
Feb
87
Feb
1043-I Jan
10134 Jan
105
Jan
10054 Jan
9774 Jan
10574 Jan
9734 Jan
103
Jan
ion/ Jan
,
105
Jan
10 1 74 Jan
10734 Jan
1105 Jan
5
1093.4 Jan
10934 Jan
10234 Jan
9834 Jan
10235 Jan
9335 Jan
10354 Jan
10134 Jan
107
Jan
10754 Jan
Foreign Government
and Municipalities
Argentine Nation 78..1923 1003-5 10034 10035 218,000 100
Jan 10035 Jan
37
3,000 37
French Govt 48
1943 37
37
Feb 37
Feb
Mexico 48
33
1945 38
393-4 376,000 3635 Jan 4134 Jan
5s
15
15
10.000 15
Jan
1534 Jan
5254 5254 5334 123,001
5035 Jan 5734 Jan
6810-year series B_ j___
(
6sB'72 9755 9755 98 178,000 9774 Jan 99
Netherlands Kingd)
Jan
Feb 99
Peru(Itepubile) Sow 1.1932 98
97
9855 13,000 97
Jan
974 Jan
11
Jan
Russian Govt 6348_1919
9% 10
27,000
9
10
62,000
9
Jan
Certificates
-103-4 Jan
9% Jan
9% 10% .,
2 000
Russian .-_
935
11% Jan
,. .. . Govt 5548_1921 ....,
-.._ .....
•
. Odd lots. • No Dares tie.
Dollars per 1,000 marks. a Ex-100% stock divi1,000 lire lat. / Listed on the Stock
dend. g Marks. k Correction. m Dollars per
Exchange this week, where additional transactions wIl be found. 0 Ex-special
dividend ot $25. n Ex-extra dividend of $20. o New stock. p Ex-special dividend
of .
180 and regular dividend of 53. r Ex-100% stock d vldend. a Ex-50% stock
dividend.
Ex-200% stock dividend. u Ex-66 2-3% st )ck dividend. o Ex-stock
dB/. 01 40%. w When issued. a Ex-dividend. is Ex-rig Its. z Ex-stock dividend.
New York City Banks and Trust Companies.
AU prices dollars per share.
Bid
Ask Trust Co.'s Bid
Banks
Ask
Banks-N.Y. Bid
Ask
Nest York
Harriman___ 360 370
America •____ 23.1
American_ ___
Amer Exch.. 291 ioL Imp it Trad__ 615
Bank of N.Y.
Battery Park- 135 142 Irving Nat of
NY
240 244
it Trust Co 448 455
440
Bowery.
135 Manhattan 9_ 145 150 Bankers Trust 373 378
Broadwayeen
Bronx Boro•_ 125 150 Mech it Met_ 403 410 Central Union 440 445
1300
Columbia,.,. 315 320
160 Mutual*
Bronx Nat._ 15
1Ilryant Park* 155 165 Nat American 135 178 Cornmercial_ 115 125
National City 331
335 Empire
308 316
Jan Butch it Drov 130 138
Equitable Tr_ 183 186
Cent Nieman_ 210 225 New Neth.... 130
300
harm Lit Tr. 520 530
' 337 340 Pacific •
Jan Chase
430 440 Fidelity Inter 22
Chat it Then- 25.3 257 Park
210
300 310 Fulton
95 105 Public
255 265
J11,11 Chelsea Each
Seaboard
325 335 Guaranty Tr_ 245 250
Ja
, Chemical ___' 545 555 Standard •_
185 175 Hudson
2,$) 2r0
Feb Coal it Iron__, 214 224 State*
345 365 Law Tit 53 Tr_ 160 170
350
Jan Colonial
Columbia____! 230 iio Tradesmen s * 200
Metropolitan_ 300 310
3d Ward...._
Jan Commerce__ 297 30.) United States* 270 566 Mutual (West
210
163
dinner) ___ 120 130
Jan Com'nwealthe 250 140 Washin
2(5
N Y Trust.., 345 350
Continental.. 130
600 810 Title Ou it Tr 335 340
Corn Exch___. 4 2 437 Yorkville
U S Mtg it Tr 310 320
Jan Cosmop'tan*..' 90
175
United States1215 1235
Jan East River,,.
Brooklyn
Jan Fifth Avenue9 109d 220 Coney Island*
210
155 165
Fifth
Jan
1195 1215 First
320 355
Brooklyn
Jan First
255
Mechanics'
130 140 Brooklyn Tr_ 470 490
Jan Garfield
190 ioo Montauk •___ 150
Gotham
Kings County 800
Feb
270
Nassau
Greenwich..225 240 Manufacturer 260
680 .156 People's
160
365
People's
Jan Hanover
Jan
•Banks marked w th (.) are State banks. 1 New stock. z Er-dividend. y ExJars rights. o Ex-100% stock dividend.
Jan
Jan
New York City Realty and Surety Companies.
Jan
AU prices dollars per share.
Jan
Jan
Ask
Bid
Ask
But
Aslc Realty Assoc Bid
Jan Alliance WIty 94
99 Lawyers Mtge 157 163
(Brooklyn). 163 189
Jan
89 Mtge Bond__ 114
120 135 Casualty. 110
Amer Surety. 87
Jan Bond it Al 0. 275 285 Nat Surety__ 152 155 U S Title Gus 115 125
Jan
68 N Y Title it
Investing 65
West Chester
Jan City
98
Title it MG.
Preferred .._ 92
Mortgage__ 170 176
Jan
Jan
New stock.
Inxtestuutxt awlSailroati
507
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of vario
can be obtained. The first two columns of figures give us STEAM roads from which regular weekly or monthly returns
the gross earnings for the latest week or mont
columns the earnings for the period from Jan.
h, and the last two
1 to
are brought together separately on a subsequent page. and including the latest week or month. The returns of electric railways
ROADS.
Latest Gross Earnings.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Previous
Year.
Year.
ROADS.
Latest Gross Earnings.
Week or
Month.
Current
Year.
Jan. 1 to Latest Date.
Previous
Year.
Current
Previous
Year.
Year.
$
Akron Canton & Y. December
198,836 129,
574 2,209,489 1.658,542 Mississippi Central.
$
Alabama & Vicksb_ December
$
3
313 506 2731 33 3 163.635 3 397.14
December
132.987 117,469 1.502.610 1.198.143
9
American Ry Exp.- October
133(4143 14524281 12520 7 5 160035 4 Mo & North Arkan_ November
132,791
624.577
Ann Arbor
164 Missouri Nan & Tex December
3d wk Jan
98.636
76,547
3,056,252 2,548.741 31.991.33133.188,5
282.254
230.516
Atch Topeka & S Fe December 19091 741
Tex
13645282 191506230 189217520 Mo IC & T By ofSyst December 1,946.705 1,792.831 21.469,11026,797,591
Gulf Colo & S Fe- I December
Mo Kan & Tex
15
Novem
Panhandle S Fe December 2,690,963 1,93t.410 24,392,121) 29,209,224 Missouri Pacific...... Decem ber 5.142.552 L•
.
.. .
•
801,755 681,722 8,119,141 9.531.957
Atlanta Birm & Atl_ Deeember
(Mum & ureenv. November 8,726,795 7,725,256 99.921.331 109745072
ber
149.625 104.2571 1.420.0091 1,440.882
3
91.8501 306,200 4,017,228 3,201,631 15)onongahela
Atlanta & West Pt-,November
268.409 196.974 2,364 352 2.299.018
November
415.826 484.724 3.315,918 4.006.782
Atlantic City
Monongahela.Conn_ December
December
259,02
202.473
96.576 1.715.°71
Atlantic Coast Line- December 7.077. 5 236,747 4,626.752 4,615.848 Montour
824.143
December
193 6,023,453 70,823.346 66.730.768 Nashv
141.415
Baltimore & Onto December 20949
89.401 1.138.757 1,408,
106 15504563 200843170 198622373 Nevad Chat & St L. December 2,000.862 1,542,897 22.353.763 20.924 940
B &0Chic Term_ IDenember
a-Cal-Oregon 3d wk Jan
.603
999 315
.
, 3.1.
4.881
4.354
2.6.5
Bangor & Aroostook December
16.696,
13,062
507,674 638.024, 7.436.968 7,348.753 Nov do Northarn December
44.
97
Bellefonte Celltral. _iNovember
21.1 40
575.7711 315.064
709 Newburgh & Sou Sh December
9.773
6.8121
183.359 164,041 1.950,343 1.496,
98.468
Belt By of Chicago_ December
119.459 New Grl Great Nor November
594.121 438.432 6.184.668 5,495,
212.1127 204.342 2.323.731 2.355,821
Bessemer & L Erie December
789 N 0 Texas & Mex._ 1November
149
343.915 229.955 2.634.531 2.450,586
Bingham & Garfleldroveinber 1,116.657 696,441 14,511,803 13,527.593
Beaum S L & W. November
27.3118
12.986
190.0.59 148,140 1.867.376 1.978.752
208.696
Boston & Maine... December 6,793
166.942
St L Brow nay & M November
e3o 6.444.5e5 79.gen 103 78.477.418
3.56,098 423.9824.690,775 5 494.548
Bklyn E D Term..... Decem
New York Central December 349791
122.8751 107.0591.573
3° 27458262 363122527 339475458
Buff Roch & Pittsb_ December
Ind Harbor Belt_ November
ber 2.098,487,1,239,678 16.756.325 1,318,013
905,53
.681
Buffalo &(Rise
Michigan Centr LI November 7.999, 5 739.031 9.377.8(18 8.351.154
December
240,6201 163,822 1,675.822 14.399,526
Canadian Net Rys_13 1 wa .1 n 1.949.
2,052,782
Clem C C& St L. December 7.874.148 5.964,073 7.5.609.332 67.054,847
584 1.9")'Mel! 62(18.496 5.739 352
097 6.030.609 84.665.690 79.793.593
Canadian Pacific-'December
Cincinnati North_ December
345,621 213.0571 3,505.287, 3.757.713
Caro Clinch & Ohio.. December 17365639 15756924 186675034 193021854
Pitts & Lake Erie December
648,997, 575.054 7,608.602 7,464,112
Central of Georgia December
9.57n 53 93.
NY Chic & St Louis December 3 735,19n LW-m.146 9
926,059
3.682,446 2,907,764 39.406,081 36.092,157
Central RR of NJ.... December 2.184.1681.477,813 23,263,021 22,057,499 N Y Connecting.- Decem
219.494 139.601, 2.92i..211, 2,942.321
Cent New England_ December 4,585.612 4,136,735 49.488.471 52,660.997 NYNH& Hartf De- ber
555.o47 6'O."1416.79 751 g 3g
ember 1051754e 9.899.414
9
Central Vermont_ December
,
758.781 566,253 7.626,626 7.135.753 N Y Ont & Western December 1,005,439 992,837 11°3 46941 116405233
Charleston & W Car Decem
N V gem, nz West_ Novem
267,406
372.697 334.523112,341.912 14,127.867
Ches & Ohio Lines.. November 6.891.070 254,549 3,221,243 3.282.057 Norfolk Southern... Decem b
3 737.5 is 3,131 019
,
ber
ber 6.960,.
6,6412.12575.1499.7744 78.174,054 Norfol
Chicago & Alton_:. _ November 2.575.
.
, .
k & Western_
.. .
753
-5 93 Northern Pat ifIe.__ December
Chic Burl & Quincy- December 115061 120 2.546.952 24 711.937 oR 5 7
December 8,312,182 7.218.894 90.314.743 80,760,590
251
7.500.813 96,0741,041794.538,059
Chicago & East Ill- December 12,523,000 13384310 164916470 168712268 Northwestern Pac December
2,020,893 24.731.348 27.099,146 PeanavIv R
587.3029.4621 8.008 843, 8.609.732
Chicago Great West December12,148,750
& Co_ December
1,687,405,24,224.788 '4.973.653
Mir Ind & 1.0,1114V_. November 11.414.
Bait Ches & AtL- December 57444 542 478(17 940 646352 108 615723905
100,471 101.513 1.564.866 1,606.
Chic Milw & St Paul December 113966 719 1.226.135 14.526.700 13.952.614
Long Island
419
Decem
658 11347782 156950628 146765766
Chic & North WestM .r‘ 1 D'i Va_ D, ber 2,378.441 2,009.384 30,951.540 28,720,911
,
'ember
80.4.3
go 3gli, 1.1 73 007 1.251.
010c Peoria & St L. December '11990925 10578608 146100437 144775476
Tol Peor & West.. December
November
181J 937 177,699, 1,928.579 1,916.05
143.374 163,434 1,705,418I 1,692,171
Chic River & Ind December
W Jersey & Seash Decem
410
589.14
970.79
1 4.299 810
Chic R 1 & Pacific... November 10756785l 3
PennsylvaniaSystem November 63190 4 723.732114.018.091 12,929.706
ber
10475637109198522,
909 559605446354(11
122228
C.1hir. RI & Guif__ December
551.133 460. 39 5.551,674 7.510.852 Penri & Pekin On_ November
175.756 1480521 1.6711.583,611664 658
9
Chic St PM & Om_ Decem
955 Pere Marquette_ _ _ _ December 3,390.
3591 1.517.509
331 2,647.094 38.397.934 38.303.029
elm Ind & Western December 2,375.8282.106.305 27.801,007 28,047,675 Perkiomen
ber
December
406,50
113.710 109.385
Colo & Southern.-- December 1,245, 3 321,534, 4,363,694 3.716,572 Phila & Reading
December 8,858,6266,825,184 1,293.2611 1.285.803
200 1,023,230 13,196.234 13,293.220 Pnil &
Pt W & Den City December
81.934.7.51 84.924,227
913,211 828.0391 9,717,037 11,334,956 Pittsb Western... November
70,664
Trio & Brazos Val December
& Shawmut_. November
744.05
209,371 460.679' 2 777,179 3,541.011
110.469 122.231
Wichita Valley.- November
945.947
lams 8 194.450 .225. 81.596.105 Pitts Shaw & North December
149.191 110.179 1.271,751 1,182.174
Columbus & Greenv Decem
161.742 153,412 1,581.751 1,594.294 Pittsb & West Va December
282.465 297.239 2.835.691 1.195.797
Delaware & Hudson Decem ber
2.798.255
December
ber 3.432.888 3,740.129 37.722.123 45,723.398 Port Reading
246,627
Del Lack & Western
Comp.any.. November 4.877.861 162,956 1,898,4382.236.444
my
11,41v & 11144 41r W esti December 6.761,151 6,619,95474,873.605 86,243,394 onicro Om
4,421.745 59.29116(.1 59,2811.404
N4,rem her
& IC C._ December
114.955
Denver & Salt Lake_ December 3,101.986 2.828.226 30.320.115
06,385 1,24°.9"l 1.396.819
Rich Fred & Potom.. December
172,999 148,192 1,580,509
1,067,430 871.662 10,975.812 10.002
Detroit & Mackinac
.075
December
130,192 125.471 1,875,664 2,879,058 Rutland
500,265 437.7971
Detroit Tel & front_ December
1,972,441
December
761,611 337,380 9.004.474 6,453 669 St Jos & Grand Isl.. November
396.217 257.3371 5.83.158 5.811.556
Det & Tol Shore L.._ November
333.020 315.710 3.262.852 2.686.390 St Louts San Fran December 7,001,904 6.157,005 2.994.458 3.104.965
Dul & Iron Range-- Decem
79,170.251
Ft W & Rio Or.,.. _ December
146.747
98.507 6,818,658 4,972,514
144.195 152.372 1.407.622 81.851.289
Dui Mtssabe & Nor_ December
St L-S F of Texas_ December
143.270 135.510 14.976.811 12,374.949
157.449 165.717 1,709.052 1.771.261
Duluth So Sh & Atl_ 3d wkber
StLoutsSanFran Sys December
1.937.998
Jan 101,308
64,619
Duluth Winn & Pae November
279.125
198.165 St Louts Southwest_ December 7,328.001 6,501,767 82,570.845 85.812.595
168.823 180.919 1,811.53t
1.983.049 1.518.498 18,548.233 17,366,132
East St Louis Conn_ Decem
Louis
ber
205,700 116,734 2,099.554 2,169.652 StTotal 8 W of Tex December
728,716 694.062'
Eastern S 8 Lines._ October
1.598.
7.611.6911 7.774,033
system
Novem
548.465 495,889 5,141,941 4,661, 645
Elgin Joliet & East_ December
058 St Louis Transfer Decem ber 1.850,983 1.654,242 16.545.184 15.847,634
76,540
El Paso & Sou West December 2.161.187 1,501.(191. 21,483.415 19 331.
81.0051 759,648 1.111.430
911 San Ant & Aran Pass November
1.170,017 787.030 10,421.837 10.910
ber
514,408 535.1281 5.307.190 5,841.
Erie Railroad
.087 San Ant Uvalde & G
November
391
70,639
Chicago & Erie.... November 9,714,735 8,520.387 85.3,13.149 95.815.443 Seaboard Air Line.- December
60.8791 1.033,399 1.149.443
NJ . NY RR._ November 1,169.303 1.023.958 10.434,642 10.046.176 Southern Pacific _ November 4,223,461 3.608,176 41,161,60539,143.753
dc
December 15789061 13247384
123,693 119.528 1,372,935 1.367.299 Southe
Florida East Coast_ De-ember
183675381 189996 741
rn Pacific Co December
Fonda Johns & Glov December 1,274,968 1,220,293 13,427,625 13.558,013
Atlantic SS Lines_ December 23436662 20222070 262519169 269494365
130.468 113,596 1.409.648 1.355.
Ft Smith & Western December
659
Arizona Eastern December 1,121,883 886,524 12.0311,072 10.656.078
164,921 135,837 1,692,267 1,773.094
Galveston Wharf.. December
297.311 138.653 3.175.311 2.647.
Galv Bar & San A
503
135,117 136,622 1,597,862
Georgia Railroad_ _ _IN°vember
(Ions & Tex Cent- November 1,989,897 2.089.180 20.117.305 23.123.085
285
499.189 400,738 4.725.349 2.608.106
November
Georgia dc Florida_ December
4.839.
Houston E & W T November 1,451.496 1.571.653.13.687,440 13.067.576
124,398 115,686 1,362,0461,389.678
287.654
Grand Trunk Syst.- 3d wk Jan
,
Louisiana West_ November
1
2.745.297
413,9421 337.941 . .
All & St Lawrence November 1,848.454 1.755,834 5.632,205 4.851.815
Morg La & Texas.
4,055.407
281,393 237.411 2,538.469
ber
934.477 843.685, 3.861.511 8,103.837
Ch DetCanG TJct November
Texas & New Or.. November
7.511.244
245.884 151,897 2,083,311 2.521,404
Novem
790,135 742.43
Dot Cll H & 5411w-1November
1,795.969
529.223 452,220 4.957.147 4,161.915 Southern Railway 3d wk Jan 3.471,272 2,884. 41 7,961.837 7.926,492
Grand Trk West- November
Ala Great South_ December
851
436
867.2111 828,932 10.194.624 8,272,224
Great North System December 1.393.324 1,246.186 14.898.780 13.417.702
Cin N 0& Tex P_ December
8,524,804 9,542.
Green Bay & West-,Decamber 8,533,565 7,675.481 103452937 101317204
Georgia Sou & Fla December 1,733,74311,366.418 16,8(4.374 17.170.444
106.395 109 876 1.349.241 1 393 576
Gulf Mobile & Nor- November
403,069 464.14514.518,
Mobile & Ohio-- 3d wk Jan
016 4,586.771
434,311 340.142 4.108.480 3.749.332
Gulf & Ship Island_
452,210 313.315 1.231.
New On & Nor E.. December
842.994
249,625 229,1121
Hocking Valley- _ _ _ December
583,296 497,999 5.506,6631 6.329.587
Northn Alabama December
November 1,383,658 1,142,583 2,947,651 2,852,960
'22
Illinois Central_ _
157,105
98,557 1.443.503
December 14415811 11086427 12,558.373 13,222.248 Spokane Internat.. December
908,334
Internet & Grt Nor- November
110,769
164860387 141127066 Spok Portl &
96,2(2 1,229,532 1.300.060
Internet Ry of Me_ - December 1,359,020 1.136.432 13.375.887 16 447.636 Staten Island Seattle December
697.894 684,959 7.344.072 7.980.930
R T..- December
329,086 310,737 2.658.610 2,898.902 Tennes
Kan City Mex & Or
193,649 181,724 2,422,
2,511.
see Central__ December
140,168 113,776 1,375,952 1,789.643
IC C Mex &0of Tex December
227,662 168.578 2.518.259 2.338.441
TermRRAssnofStL December
908
815
195,968 165,009 1.600,
Kansas City South_ December
386,373 370,148 4,498.456 4,527,866
St L Mer Bilvo T. December
December 1,747,621 1,419,018 18,221 627 2,199.355
Texark & Ft Sm. Decem
434,586 291.98
.027
Texas
205,994 150,795 2.140,153 19,609,283 Tel St & Pacific__ 3d wk Jan 596,486 613,18 8 4,118.951 3.658,660
Total system.-- December
2.177.755
L
8 1.832.003 1,872,563
Kansas Okla & Gulf December 1.953,614 1,582,747 20.361,17921,768.140 Ulster & & Western.. November 1.178,151 940 838 10.410.124 8.717.980
287,555 217,263 2,933,928 2.337.527 Union Delaware... December
Lake Sup dr. Ishpem. November
116,651 1 .
1,747,
1.652.
Pacific
ber
November 10634353 9,732. 46 98.335 803 106414 687
45.279
Lake Term Rv
25.828 1,065,616
404,356
St Jos & Grand Isl November
843
523
.449
December
50,273
Lehigh & Hud River December
92,001 1,012,304 1,201,902
306.217 257.337 2,900,458 3.104.965
Oregon Short Line November
211,189 255,917 2,412,760 3,242,288
Lehigh & New Eng_ Decem
3,618,886 ,
Total system_ _ _ November
, 5 014
ber
547,4611 277,757 4,597.073 4,775.737
Lehigh Valley
Ore
-Wash RR & N November 18650233 17272'219 1A738990 185827'299
_ Les Ang & Salt Lake December 5,494.765 5,312,289 62,418.889 74,997
2,442.394 2,534.305 25,845,127 27.331.840
November
.799
- Louisiana & Arkan_ December 1,954,600 1.602.751 18.101,935 18.105.921 Union RR (Penn).- December
844.912 702,817 11,184.564 9,435.212
304,352 246,212 3.294.233 3,380.764 Utah
Decem
Louisiana By & Nay
182,529
Vicks Shrev & Pac Decem ber
97.644 1.769.642 1.213.535
November
380.058 272.918 3.269.840 3.615,415
Louisville & Nashv- Decem
ber
373.655 345.955 3,717,
Virgini
Loulsv Bend & St L November 10370586 8,405,120 121140207 117149124 Wabas an Railroad.. December 1,489.473 1.165,946 19.049 970 4.151,552
h RR
ber
,444 18.024.357
256.742 216,53
ber
Maine Central
December 1,636.965 1,517, 3 2.980,217 2,641.457 Western Maryland_ December 4.835,046 4,447.831 57.62,496 59.217,692
Decem
Midland Valley
535
1,805,479
December
388.935 346.217 20,387,172 20.590.064 Western l'acific
December 1,021.503 1,403.140 18.575.350 17.619,972
Mineral Range
4,661,004 4,462,758 Western Ry of Ala
3d wk Jan
775.210 12.494.040 12,100,611
8,730
November
Minneap & St Louis December
3,162
291,481 199,45 2.487.
24,586
8,657 Wheel & Lake
Minn St P & SS M_ November 1.274.170 1,171,854 15,551,248 16.185.130 Wi-hita F il1 Erie_ December 1.040,812 938,191 13,153 852 2.329.207
9
& NW December
.888 14.770,707
4,579,916 3.935,114 42.902,214
140.485 157,864 1,575.260 2,734,870
39,829.798 Wichita Valley
Decem
189.900 127,004 1,415.488 1,723.109
Yazoo & Miss Valley December
ber 2.072.391 1.771.044 19,914,961
20.759.409
AGGREGATE OF GROSS EARNINGS
-Weekly and Monthly
Weekly Summaries.
Current
Year.
Previous
Year.
2d week Nov 18 roads)_ _ _ _ 17.716 169
.
3d week Nov 18 roads)---- 16,860.574 15.810.145
4th week Nov 15 roads)---- 15.338.192 15,153.422
1st week Dec 17 roads)---- 15,442,132 13,967,120
2d week Dec 17 roads --- 15,477.466 13,397,109
3d week Dec 14 roads).-..- 13,924.548 14.922.832
4th week Dec 14 roads)-.... 10.977.911 13.021.648
1st week Jan 17 roads)........ 13.055.010 9,873, I
2d week Jan 17 roads)...... 13,413,517 10.608,7I
3d week Jan (17 roads).- 13,209,182 11,169,766
11,735.734
•Grand Rapids & Indiana and Pitts. Cin.
Chic. & Si
Increase or
Decrease.
Current
Previous
Monthly Summaries,
Increase or
Year.
Year.
Decrease.
Mileage. Curr.Yr, Prev.Yr
3
.1
$
1,886,024 11.87 February....--235.625
234,880 400,
1,707.152 .26 March
430.580405.283,414 -4.772,834 1.18
234.98 234.202 473,43
1.334.972 .95 April
3.886 457.37
234.955 234.338 416.240,237 432.10 4,460 +16,059,426 3.51
5,023 15.26 May
8.647 -15,866.410 3.67
234.931
+554.634
235,310 234.051 447,299.150 443.229.399 +4.069.751 0.92
234.568 472.383,903 460.007.081 +12.376,822
+902,900
iitilli;
2.69
235,082 234,556 442,736,397,462.69
+1.104,408 1.02 August
6,986 -19.960.589 4.31
+2.448.304 2.30 September-235:280 235,090 472.242.5611504,154,065 -31.911,054 6.35
235,2051498,702,275,496.978.503 +1.723.772
+2,243,811 2.01 October
233,872
+1,473,448 12.50 November..-235,748 232.882,545,759.206,532.684.914 +13.074.292 0.33
2.45
235,6791523,748,4831466,130,328 +57.61
8,155 12.35
Louis Included in Pennsylvania RR. z
Lake Erie & Western Included in New York
Central.
12,04
114
82
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the third week
of January. The table covers 17 roads and shows 12.50%
increase over the same week last year.
Third Week of January.
1923.
1922.
$
$
Previously reported (8 roads)_ -_ 7,700,375 7,093,215
76,548
98.636
Ann Arbor.
64,619
101.308
Duluth South Shore & Atlantic_
3,162
8.730
Mineral Range
342,196
396.384
Louis
Minneapolis & St
313,315
452.210
Mobile & Ohio RR Co
4,354
4,881
Nevada California & Oregon_
3,471.272 2,884,851
Southern Railway System
613,188
596,486
Texas & Pacific
340,286
378,900
Western Maryland
Total (17 roads)
Nat increase (12.50%)
Increase. Decrease.
$
651,497
22,088
36,689
5,568
54,188
138,895
527
586,421
$
44.337
16,702
38,614
13.209.182 11,735,734 1,534,487
1.473.448
61,039
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies
reported this week:
_Grossfrom Railway- -Net from Railway- -Net after Tares
1921.
1922.
1921.
1922.
1921.
1922.
$
Akron Canton & Youngstown
14,686
47,007
58,008
24,689
129,574
December.. 198,836
392.604
742,349
501,607
865,091
From Jan 1 2,209,489 1,658,542
Alabama di Vicksburg
27.320
59,279
47,940
35.092
273,033
December.. 303,506
231,931
224,148
461.607
459,617
From Jan 1_ 3,063,635 3,397,144
American Ry Express
201,860
73,268
401,615
255,067
October._ _13,344,143 14,624,283
919,871 1,680,783
From Jan L125206 735 160035162 2,799,410 3,541,733
Ann Arbor
90.168
2,297
128,143
24,737
430,332
December_ _ 432,983
663,679
672,719
920,404
933,770
From Jan 1_ 5,053,161 5,139,215
Topeka Jr Banta FeAtch
December_..19,091,741 13,645,282 6,034,900 2,643,518 4,057,437 1,593,847
From Jan 1 191506,230 189217.520 51,149,722 58,443,353 34,062,108 44,693,067
Gulf Colorado & Santa Fe
38,019
104,336 1,028,386
December.. 2,690,963 1,932,410 1.121,084
From Jan 1_24,392,120 29,209,224 5,878,988 7,845,111 4,954,460 6,991,082
Santa Fe
Panhandle
202.776 -72,505
271,255 -22,866
681,722
December _ _ 801,755
637,974 2,256,787
992,145 2,533,718
From Jan 1_ 8,119,141 9,531,957
Atlanta Birmingham & Atlantic
-7,851 -116,628 -12,715 -145,871
306,200
December__ 391,850
From Jan 1_ 4,017,228 3,201,634 -219.906 -1.459,030 -379,661 -1,697,428
City
Atlantic
236.747 -60,721 -28,092 -80,858 -47,734
December.. 259,025
441,176
292,287
669,999
533.399
From Jan 1 4,626,752 4,615,848
Atlantic Coast Line
838.313
December.. 7,077,193 6,023,453 2,065,747 1,099,959 1,258,583
From Jan 1 70,823.346 66,730,768 18,789,898 8724,935 14,433,025 5,580,285
Baltimore & Ohio.20,949,106 15,504.563 5,708.507 2,540,101 5,619,333 2,021,738
December.
From Jan 1 200843,170 198622,373 35,821,795 32,165,349 28,966,881 24,886,985
Ball & Ohio Ch Terminal
13,388 -149,546 -39,427 -194.730
208,890
December._ 269,316
266,643 -239,069 -325,935 -705,047
From Jan L 3,116,202 2,628,783
Bangor & Aroostook
194,455
238,648 -18,465
10,875
638,024
December._ 507,674
From Jan 1 7,436,968 7,348,709 1,935.291 1,510,257 1,397,596 1,095,782
Belt Ry of Chicago
98,763
180,782
147,193
436,432
132,014
December_ _ 594.121
From Jan 1 6,184,668 5,495,789 2,091,413 1,467,029 1,673,817 1,126,708
Erie
Bessemer & Lake
239,554
272,985
696,441
138,155
255.443
December... 1,116,657
From Jan 1 14,511,803 13.527,593 4,432,208 2,264,350 3,873,122 1,875,097
Boston & Maine572,036
903,940
533,902
698,699
December-- 6,793,630 6,444,565
From Jan 1-79,800,123 78,477.418 12,745.726 5,318,533 10,159,955 2,583,028
Brooklyn E D Terminal27.505
55.673
33,799
20,960
107,059
December-- 122,875
325,946
656,026
404,862
550.927
From Jan 1 1,573.325 1,318,073
Buffalo Rochester & Pittsburgh
257,088
176,539
174,368
235,946
December.. 2,098,487 1,239,678
482,494
133,146
412,955
41,692
From Jan 1 16,756,681 14.399,526
Buffalo & Susquehanna
44,759
163,822
-3,242
37,987
-5.950
December_ _ 240,620
-314 -299,145 -61,669 -332,817
From Jan 1 1,675.822 2.052,782
Canadian Pacific
3,464.805 1,917,781
December_ _17,365,639 15.756,924
From Jan 1186675,036 193021,854 36,301,691 34,201,740
Carolina Clinchffeld & Ohio
178,044
153.446
172,823
112,823
575.054
December_ _ 648,997
From Jan 1 7,608,602 7,464,112 2.592,815 2,143,941 2,027,036 1,702,140
Georgia
Central of
20,982
388,538 -51,988
506,008
December._ 2,184.168 1,477,813
From Jan 1 23,263,021 22,057,499 5,321,625 2,036,656 4,084,809 1,090,192
Central New England
199,499
36,896
127,888
78,418
629,216
December.. 585,247
From Jan 1_ 6,790,751 8,382,790 1,573,515 2.360,303 1,285,071 2,062,215
Central RR of New Jersey
313,784 -23,273 -180,050 r-111,732
December.. 4,585,612 4,136,735
From Jan 1 49,488,471 52.660,997 7,291,049 19,039,301 3,718,391 6,206,016
Central Vermont
89,706
126,830
98,016
157,045
566,253
December._ 758,781
881,374 --414,469
From Jan 1 7,626,626 7,135,753 1,106,525 -178,806
Charleston & West Carolina
54,899 --33,884
65,538 -42,994
254,549
December.... 267,406
618,155 --165,793
750,757 -64,389
From Jan 1 3,221,243 3,282,057
Chicago Burlington & Quincy
December_ -15,061,251 13,384.310 4,138,445 3,000,000 3,282,712 2,310,055
From Jan 1164916,470 168712,268 38,138,767 40,495,979 27,217,422 30,752,354
Chicago & Eastern Illinois
120,000
115,000
289,251
December... 2,523,000 2,020,893
551,172
From Jan 124.731,348 27,099,146 3,596,615 3,154,741 2,435,876 1,938,681
Chicago Great Western
393,053 -219,048
December.. 2,148,750 1,687,405
498,607 -135,679
From Jan 1_24,224,788 24,273,653 2,950,553 3,283,672 1,961,900 2,382,086
Chicago hillw & St Paul447,252
December__13,966,658 11,347,782 2,186,071 1,206,849 1,390.454
From Jan 1156960,628 146765,766 27,353,932 18,808,764 17,692,660 9,763,128
Chicago & North Western
December._11,990,925 10,578,608 1,773,720 -92,345 1,020,722 -488,570
From Jan 1146100.437 144775,476 26,909,303 15,684,048 17,877,373 7,201,883
Chicago River & Indiana
171,596
138,295
December.. 589,143
1,577,381
1,267,362
From Jan 1_ 4,299,810
Chicago Rock IV & Pacific
Chicago R I & Gulf
90,695 -20,615
78,041 -20,076
469,930
December.. 551,133
922,860 1,574,402
From Jan 1- 5.881,674 7,510,255 1,071,545 1,702,975
Chicago St Paul Minn a: Omaha
692,861
107,960
615,615
336,354
December._ 2,375,828 2,106,305
From Jan 127,801,007 28,047,675 5,503,956 3,528,252 3,944,933 2,232.481
Cincinnati Ind & Western19,161
11,770
61.820
43.087
321,534
December.- 406,303
390,253 -585,920
588,993 -431.564
From Jan 1- 4,363.694 3.716.572
[VOL. 116.
THE CHRONICLE
508
---Net from Railway- -Net after Taxes
-Grossfrom Railway
192L
1922.
1921.
1922.
1921.
1922.
$
$
$
5
$
Colorado hi Southern
46,625
44,189
43,892
144,981
December._ 1,245,200 1,023,230
From Jan 1_13,196,236 13,223.220 2,301.571 2,699,330 1,468,057 1,932715
Ft Worth & Denver City
164,804
218,017
146,099
247,962
828,039
December_ _ 913,211
From Jan E 9717,037 11.334,956 2,991,147 3,822,751 2,474,289 3,434,988
Trinity & Brazos Valley
78,202
46,500
75,627
58,376
460,679
December._ 209,371
711.744
415,183
630,272
504,730
From Jan 1_ 2,777,179 3,501,011
Columbus & Greenville
46,381
50,456
11,737
54,492
153,412
December_ _ 161,742
43,129
319,669 -122,796
376,371
From Jan 1 1,581,751 1,594,294
Delaware & Hudson
173,281
45,214
93,781
123,111
December.. 3,432,888 3,740,129
From Jan 137,722.123 45,723,398 2,236.725 7,225,812 1,361,367 6,255,944
Delaware Lackawanna & Western
589,738
906,788
204,290 -95,512
December._ 6,761,151 6,619.954
From Jan 1 74.873.605 86,243,394 10,727,792 17,865,874 5,797,588 12,510,049
Salt Lake
Denver &
49,808 -20,769
40,736
148,192 -22,945
December._ 172.999
43,589
From Jan 1 1,580,509 2,879,058 -74.408 145,867 -177,277
Detroit & Mackinac
14,733 -14,940
-4,928
3,732
125.471
December._ 130,192
206,309
57,599
68,217
178,239
From Jan 1 1,875,664 1,972,441
Toledo & Ironton
Detroit
337,449 --216.597
313,985 --231,300
337,380
761,611
December._
888,152
From Jan 1_ 9.004,474 6,453,669 1,500,832 1,046.908 1,337,500
Duluth di Iron Range
96,507 -180,770 -240,568 -232,176 -224,025
December_ _ 146.747
602,969 1,650,869
303,788
From Jan 1_ 6.818,658 4,972,514 2,169,795
Duluth Missabe & Northern
135,510 -378,890 -318,784 -388,988 -433,069
163,270
December.
From Jan 1_14.976,811 12,374,949 7,425,327 5,063,338 6,615,360 3,682.576
East St Louis Connecting
34,368
78,209
1,714
117,178
116,734
December._ 205.700
508,442
960,221
444,569
From Jan 1_ 2,099,554 1,598,645 1,112,123
Eastern
Elgin Joliet &
459,790
606.362
649,659
609,674
December.. 2,161,187 1,591,021
From Jan 1-21,483,415 19,334,942 7,785,524 5,721,903 6,630,827 4,753,338
El Paso & Southwestern
447,584
262,213
164,342
470,395
787,030
December._ 1,170,017
From Jan 1 10,421,837 10,910,087 3,405,249 2,489,414 2,471,652 1,403,140
Florida East Coast
381,558
99,303
210,191
428,330
December.. 1,274,968 1,220,293
From Jan 1.13,427,625 13,558,013 3,995,800 2,254,586 3,220,341 1,449,628
Fort Smith & Western
15,716
26,816
8,429
32,816
135,837
164,921
December._
268,312
2,427
70,510
339,724
From Jan 1 1,692,267 1.773,094
Galveston Wharf
52.651 -231,049 -12,570 -251.549
136,622
135,117
December._
141,649
700,880
487,663
392,724
From Jan 1 1,597,862 2,608,285
Georgia & Florida20,300 -18,714
26,725 -26,754
115,686
124,398
December_ _
169,865 -147,157
245,864 -68,380
From Jan 1_ 1,362,046 1,389,678
Great Northern System
December._ 8,533,565 7.675,481 1,777,935 1,736,171 1,196,075 1,216,730
3,816,899 20,820.291 15,703,640 12,480,988
FromJanl 103.452,937 101317,204 2
Green Bay & Western
75,678
2,003
10,162
60,887
109,876
December.. 106,395
318,717
185,945
282,355
222,498
From Jan 1_ 1,349,240 1,395,576
Gulf di Ship Island
640,141 -647,157
693,293 -648,949
229,921
December.. 249,625
From Jan 1_ 2,947.651 2,852,960 1,444,478 -188,618 1.180.081 -404,252
Illinois Central
December._14,415,811 11,085,427 3,718,211 8,085,865 2,746,683 7,753,300
From Jan 1_154860387 141127066 35,731,118 31,129,275
Illinois Central System
3,464,357 1,398,371
December_ _16,488,201 12.857,471
26,752,737 18,570,261
From Jan 1 174765,348 161886,474
International RY in Maine
89,545
63,470
77,192
66,963
310,737
December.. 329,086
209,924
6,849
320,410
140,181
From Jan 1_ 2,658,610 2,808,902
Kansas City Mexico & Orient
27.791 -,46.778
22,752 -38,235
113,776
December.. 140,168
From Jan 1_ 1,375,952 1.789,643 -67,510 -202,539 -152,183 --299,554
Kan City Mex & Orient & Texas
29,363
-1,509
-5,456
35,382
165,009
December._ 195,968
From Jan 1 1,600,627 2,199,355 -69,437 -261,220 -143,034 -332,842
Kansas City Southern
164.845
67,937
481,415
550,829
December... 1,747,621 1,419,918
From Jan 1_18,221,027 19,609,283 4,434,436 5,008,986 3,270,367 4.007,802
Texarkana & Ft Smith
24,465
47,282
-3,868
35,428
150,795
December.. 205,994
774,544
686,153
715.168
843,284
From Jan 1_ 2.140,153 2,177,755
Kansas Oklahoma & Gulf
64,478
60,466
52.824
70.045
217,263
December.. 287,555
218,913
717,677
107,173
835,160
From Jan 1_ 2,933.928 2,337,527
Lake Terminal Ry41,594 -51,746
10,427
92,001 -44,692
50,273
December.
213,908
117,440
114,581
183.339
From Jan 1_ 1,012,304 1,201,902
& Hudson River
Lehigh
9,308
33,523
-2,337
51,454
255,917
December._ 211,189
812,447
301,700
667,138
465,032
From Jan 1 2,412,760 3,242,288
Lehigh & New England
163,215 --268.289
202,382 --46.219
277,757
December.. 547,469
079,996
713,584
753,559
933,034
From Jan 1 4,597,073 4,775.737
Lehigh Valley
921,280
453,071
749,071
501,851
December.. 5,494,785 5,312,289
5,692.959
From Jan 1 62,418,889 74,997,799 3,394,949 7,759.731 1,408,999
Louisiana & Arkansas1,343
29,348
55,969
100,572
246,212
304,352
_
Decemberr.
422,187
651,854
704,255
990,160
From Jan 1_ 3,294,233 3,380,764
Louisville & NashvilleDecember...10,370,586 8.405,120 1,714,030
From Jan 1 121140,207117149.124 21,540,182
Maine Central
664,391
December._ 1,636,965 1,517,535
From Jan 1-20,387,172 20,590,064 3,943,789
Minneapolis dc St Louis
December.. 1,274,170 1,171,854 -118,541
From Jan 1_15,551,248 16,185,130 2,220,539
Mississippi Central
34,389
117,469
,December.. 132,987
226,668
From Jan 1_ 1,502,610 1,198,143
Missouri Kansas & Texas
December. 3.056,252 2,648,741 1,038,150
From Jan 1.31,991,331 33,488,591 10,591,674
Mo Kan & Tex Ry of Texas
278,056
December.. 1,946,705 1,792,834
From Jan 1_21,469,110 26,797,515 4,473,309
Missouri Kansas & Texas System
December.. 5,143,443 4,499,438 1,348,113
From Jan 155.035.702 63,020,975 15,352,001
Missouri Pacific
December.. 8,726,795 7,725,256 1,055,406
From Jan 1 99,921,331 109745.072 15,262,416
•
Mobile & Ohio367,544
December.. 1,585,542 1,505,324
From Jan 1 17,878,005 18,190,180 4,043,784
Montour
1,925
89,401
December.. 141,415
167.717
From Jan 1 1,138,757 1,408,940
-27,168 1,318,110 -403,744
8,192,000 16,840,333 4.616,531
576,626 -120,859
--14,818
1,056,712 2,761,245 -210,179
243.787 --191,618
1,423,001 1,389,754
202,873
621,895
30,405
154,946
-3.480
-77,841
151
--2,632
181,521
873,876
264,499
6,724,223 8,467.537 4,891,212
200,105 -307,655
-283,048
5,326.804 3,779,522 4.702,844
100.081
2,084 1,095,667
12,965,191 12,425,624 10,352,728
136,361
997,106
540,059
17,702,616 1E206,433 13,364.877
187,632
291,517
244,420
2,065,650 3,280,909 1.325,983
679
6,798
10,622
132,382
-2,623
-32,485
FEB.
31923.]
THE CHRONTCLE
•
509
_Gr..e from liall,
ray- -Net from 11711.m-- --Net after Taxes
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1921.
1922.
1922.
1921.
1922.
1921.
1922.
1921.
1922.
1921.
1922.
1921.
$
5
.
S
Nashv Chattanooga & St Louis
Southern RailwayDecember _ _ 2,000.862 1,542,897
478,496 -235,036
443.390 -275,252
December.
.12,224,292 10,504,258 3.472.60
From Jan 122,353,763 20,924,603 3,146,075 11,317,326 2,709,084
758.639
From Jan 1_128489847 128715150 31,319,71 9 2,884,080 2,957,090 2,406,992
4 22,886,143 25,466,204 18,218,805
Nevada Northern
Alabama Great Southern
December..
44,272
21,120
13,495
-1,400
5,990
-7,563
December _ _ 867,211
828,932
From Jan I_ 575,771
345,084
308,457
353,855
251.425 -26,286
319,221
259,926
172,240 -123,323
From Jan 1_ 8,524.804 9,542,224
1,959,044 1,345,906 1,464,596 1,017,483
Newburgh & South Shore
Cin New On & Tex PacDecember._
183,359
164,041
23,725
76,335
-7,815
38,669
December_ 1,733,743 1,366,418
From Jan 1 1,950,343 1,496,821
580,817
462,659
277,898
534,169, 204.789
343,398
292,925
185,031
From Jan 1.16,801,374 17,170,444
3,470,110 2,381,208 2,681,154 1,729,575
New York Central
Georgia Southern & Florida
December _ _34,979,130 27.458,262 6,782,171 11,898,65
9
December._ 403,060
From Jan 1_363122527 339475455 53,716,459 59,031,276
464,145
122,201
108,241
120,629
88,890
From Jan 1_ 4,518,016 4,586,771
Cleve Chi Chic & St Louis
773,805 -82,441
568,279 -290,366
New Orleans & Northeastern
December._ 7,874,097 6,030,609 1,502,166 3,390,03
December._ 583,296
From Jan 1_84,665,690 79,793,593 19,807,377 15,387,47 7 1,502,902 3.084,830
497,999
153,328
92,146
123,665
41,888
1 15,569,599 11,398.706
From Jan I_ 5,506,622 6.329.587
Cincinnati Northern
510,016
475,121
74,577 -107,898
Northern Alabama
December _
345,621
213.057
82,323
129,974
67,397
42,589
December.. 157,105
From Jan 1_ 3,505,287 3,757,713
98,557
78,458
807,551 1,115,422
69,032
78,792
65,645
623,084
840,448
From Jan I_ 1,443.503
908.334
Pittsburgh & Lake Erie
551.411
207,746
507,464
164.125
Spokane International
December._ 3,735,190 1,908,146
836.178
844,066 2,278,092
December._
110,769
From Jan L29,570,983 23,226,059 4,490,970 1,065,643
96,212
35,021
10,947
27,970
2,885,623 3,392,865 1,682,355
1,801
From Jan 1_ 1,229,532 1,300,060
N Y Chicago & St Louis
404,450
335,424
338,115
245,728
Spokane Portland & Seattle
December_ _ 3,682,446 2,907,764
734,143
880,886
761,974
601,215
December._ 697,894
From Jan 1 39,406,081 36,092,157 8,991,02
684,959
257,185
277.213
195,420
2 7,340.832 6,986,721 4,920,391
237,162
From Jan L 7,364,072 7,980,930
2,648,616 2,848,772 1,752,965 1,826,296
New York Connecting
Tennessee Central
December._ 219.494 -139,604
165,478
December.. 227,862
46,211
127,605
2,531
168,578
From Jan!. 2.929,211 2,942,321 1,958.42
66,342 -30,547
38,174 -31,812
From Jan I_ 2,518,908 2.338,815
9 2,264,841 1,487,490 1,811,399
232,872 -135,615
175,797 -179,533
N Y New Haven & Hartford
Term RR Assn of St Louis
December.10,817,569 9,899.414 1,688,969
__
December.. 386,373
1.484,519
370,148
175,362
122.073
FromJan 1123,246,641 116405,233 23,257,7 10,002,93 1,363,803 1,309,129
73,687
75,285
From Jan 1- 4,498,456 4,527,866
85
8 18,640,902 5,513,942
1,460,764 1,294,440
728,907
588,330
N Y Ontario & Western
St Louis Merch Bridge Ter
December._ 1,005,439
December.. 430,586
992,836 20,006
93,156 -77,989
291,988
33,672
158,656
72.484
From Jan 1 12,341,912 14,127,867 1,356,365
79,580
24,231
From Jan 1_ 4,118,952 3.658,660
2,060,781
901,080 1,603,349
1,289,963
767,461
961,826
531,975
Norfolk Southern
Texas & Pacific
December_ _ 734,487
December.. 3,268,051 3,078,318
680,846
213,519
152.151
181,310
170,632
885,884 -855,991
From Jan 1 8,412,957 8,056,795 1,817,522
805,828 -960,020
From Jan 1_31.381,795 35,600,474
1,304,286 1,413,673
937,852
5,887,709 5,462,028 4,648,370 4,013,846
Norfolk & Western
Ulster & Delaware
December._ 6,960,753 7,218,894
December... 116,651
849,907
399,362 1,792,976
105,746
178,529 -30.147
From Jan 1 90,314,743 80,760,590 22,337,541 2,218,174
171,528
From Jan E 1,652,803 1,747,687 -24.144
16,754,419 16.328.683 11,993,834
72,224
367,872
120
285,213
Northern Pacific
Union Pacific
December._ 8,342,182 7,500,813 2.519,173 2,436,24
Total System
2.071,03
From Jan 1.96,076,067 94,538,059 23,421,357 16,907,195 14,965,79 3 1,634,776
December_ _17,138,131 15,142,920
2
1 7,875,176
4,379,90
From Jan 1_192877122 200970219 49,030,8 9 3,525,080 5,701,653 2.876.762
Northwestern Pacific
92 52,957,824 35,766,067 40,071.156
December._
Union RR (Penn)
587,302
589,462
99,914
42,986
49,031 -13,421
From Jan L 8,008,843 8,609,732 2,302,909 2,244,268 1,727,218
December.. 844,912
702,817
1,760,435
129,934
122,681 -43,689 -160,94
From Jan 1_11,184,564. 9,435,21
Pennsylvania RR & Co
2 3,271,759 1,724,417 3,003,391 1,342,046
0
December_ .57,444,562 47,857,940 8,838,512 2,806,182 6,980,20
Ute,11From Jan 1_646352108 615723905 112233424 75,110,49 83,302,997 1,010.188
December_ _ 182,529
97,644
2
8 48,207.493
42,011
18,803
36,649
1,095
From Jan 1_ 1,769,642 1,213,535
Pennsylvania System
472.259
203,199
397,965
86,654
December_ _61,198,185 50,992,145 9,341,946 2.571,884 7,258,879
665,799 Vicksb Shrevep & Pact(1c
From Jan 1696599,768 662756,803 122972,712 82,445,964 90,808,2
December _ _ 373,655
345,955
80 52,675,497
117,945
108.418
91,598
88,948
From Jan 1. 3,717,970 4,151,552
Baltimore Ches & Atl701,710
8.54,296
468,616
642,368
December_ _
100,471
101,513
20,458 -20,266
20,405 -20,266 Virginian RR
From Jan 1 1,564,866 1,606,419
December._ 1,489,473 1,165,948
33,741
101,878 14,074
55,898
315,122
122,939
170,600
73,562
From Jan 1_19,009,444 18,024,357
Long Island
6,570,053 5.618,629 5,040,846 4,575,084
December. 2,378,441 2,009,38
348,693
149,256
70,827
-5,857 Wabash RR
From Jan 1_30,951,540 28.720,91 4 7,777,721
December.. 4,835,046 4,447,831
1
5,538,926 5,951,290 3,969,289
921,050
318,283
731,914
Maryland Del & Virginia
135,266
From Jan 1_57,662,496 59,217,6
92 9,621,199 8,711,523 7,334,653 6,846,804
December._
89,453
89,386
8,792
8,825 -22,401 Western Maryland
From Jan I. 1.173,967 1,251,171 -71,632 -22,401
December.. 1,805,479 1,403,140
-33,728 92,008 -58,244
291,469
Toledo Peoria & Western
343,360
235,941
278,028
From Jan E18,575,350 17,619,972 3,845,193
December._
3,799,308 3,239,665 3,020,245
143,374
163,434
37.291
57,589 52,626
50.047 Western Pacific
From Jan 1_ 1,705,418 1,692,410 55,035 -208,570 -191,877 -326.227
December_ _ 1,021,503
West Jersey le Seashore
775,210
232,162
162,743 -537,758
From Jan 1_12,494,040 12,100,611 2,667,326 -231,279
December. _
970,794
1,674,942 1,704,319
723,732
66,998 --186,952
66.998 -187,254 Wheeling & Lake
388,743
FromJan 1_14,018,091 12,929,706 2,441,679 1,246,058
Erie
1,540.574
533,779
December _ _ 1,040,812
Pere Marquette
938,199
223,688
94,788
140,620 -32,028
From Jan 1_13,153,888 14,770.707
December._ 3,390,331 2,647,094
2,007,181 3.104.257
592,655
347,792
776,591 2,035,748
421,134
254,036
From Jan 1_38,397,934 38,303,0
29 9,486,670 8,266,729 7,684,739 6,853.552 Wichita Falls & Northwestern
December... 140,485
Perkiomen157,864
31,906
20,634
19,657
24,123
From Jan 1_ 1,575,260 2,734,87
December._
_
113.710
0
287,017
109,385
914,165
59,911
147,210
54,174
38,285
746,371
69,101 Wichita Valley
From Jan 1_ 1,293,261 1,285,803
629,218
619,952
551,822
550,540
December.. 189,900
Philadelphia & Reading
127,004
98,821
37,881
94,970
33,951
From Jan 1_ 1,415,488 1,723,109
December. 8,858,626 6,825,184 3,055.736
936,304 1,097.986
400.344
2,255,86
554,660
From Jan 1_81,934,751 84,924,227 19,879,429 16,562,91 8 1,901,158 2,612,745 Yazoo & Mississippi Valley
9 16,622,251 14,820,302
December.. 2,072,391 1,771,044
Pittsburgh Shawmut & Nor
612,565
171,199
548,486
87.168
From Jan 1_19,904,961 20,759,4
December _ _
09 3,060,346 2,231,884 1,696,943
149,191
110.179
-2,107
875,325
6,688 -210,780
From Jan 1_ 1,271,751 1,195,797 -168,720 -207,254 -470,688 -199,376 -498,953
ELECTRIC RAILWAY AND PUBLIC UTILI
Pittsburgh & West Virginia
TY CO'S.
December.. 282,465
307,239
49,252 --107,639
4,924 -144,791
From Jan I_ 2,835,601 2,798.255
Latest Gross Earnings.
598,778 --887,390
233,475-1,193,558
Jan. 1 to !west Date.
Name of Road
Port Readingor Company.
Week or
December _ _ 240,627
Current Previous Current
162.956
130,851
Previous
74,819
129,968
74,379
From Jan!. 1,898,438 2,236,444
Mcmth,
Year.
Year.
Year.
841.086 1,028,38.5
Year.
677,841
875,106
Quincy Omaha .S, Kansas City
December.
S
Adirondack Pow & Lt November
S
S
557:786 458.8137 *5,610,166 *4,77:3.846
From Jan 1_ 1,242,291 1,306,819 -52,827
3
-101,528 96,457 -141,511 Alabama Power Co__ December 583,624 431,776 5.745.32 4.542.35
Richmond Fred & Potomac
1
7
Amer Pow & Light Co Novemb r
2592,269 2327,660 27837695 *27226412
December._ 1,067,430
American Tel
871.662
438.463
187.739
350.019
172,817 Amer Water & Tel__ November 5755,222 4998,041 59.463,547 53,123.388
From Jan 1.10,975,812 10,002,075 3,740,90
Wks Elec October
8 2,143,071 3,107,632 1.740.930 InAm
Rutland
Wat Wks & Sub November 2483.730 1632.392
2550,142 1691.541 23,404,182 19,824.936
Appalachian Pow Co_
December.. 500,265
437,797
276,111 225,450 *2.949,602 *2,487.606
58,563
83,493
36,188
47,994 Arkansas Lt & Power December
From Jan 1. 5,803,168 5,811,556
708,337
98.899 85.177 *1,278,391 *1,113.097
807.849
445,492
308.914 Asheville Pow & Lt__ November
St Louis-San Fran SystemNovemb
76.284 70.605 *896,448 *851,354
Associated Gas & Elec Octoberer
December.- 7,328,001 6,502,76
174.672 146.408 *1.922.575 *1.694,931
7 1,732,089 1,265,496 1,620,009 1,317.772 Bangor Ry & Electric
From Jan 182,570,845 85,812,5
95 20,205,008 21,767,222 15,552,855 17,680,986 kBarcelona Tr, Lt & P November 136,363 129,057 *1.484,078 *1,417.059
November 4678,2463661,205 42,193,291 33,880.037
St Louis-San Francisco
Raton Rouge Elec Co Novembe
r
December._ 7,001,090 6,157,00
49,691
579.435
46,508
554,213
950,759 Beaver Valley Trac__ December § 62,727
From Jan 1_79,170,251 81,851.2 5 1,657.633 1,134.367 1,453,058
642,711
663.431
89 20,026.483 21,674,704 16,357,765 18,078,979 Binghamton Lt IMP_ November 100.856 55,814
90,2.55 1,007.644
904,235
Ft Worth & Rio Grande
Blackstone Val G & E November
371.976 346,964 *3,951,027 *3.593,346
December.. 144,195
Boston "L" Railway_ Novembe
152,372
12,808
r 31488700 29175959 z145166757 z13591897
47,130
6,085
46,182 [Brazilian Tr
From Jan 1_ 1,407,622 1,771,261
-100,463
23,570 -147,938 -17.575 Bklyn Rapid Lt & P_ November 17735000 14555000 179876000 155462000
St Louis San Fran of Texas
Transit_ Novembe
Bklyn City RR (Roc) October r 2943.069 2738,946 /115083247 z14240242
December._
157,449
165,717
1036,964 992,530 9.886.134 9,495,034
70,078
75,852
65,911
75,178 Bklyn Heights (Rec)_ October
From Jan 1_ 1,709,052 1,937,998
7,727
299,039
6,073
73,910
60,312
133,696
273,279
111,136 Bklyn Q C& 8ub(Rec) October
St Louis Southwestern
225,860 216,017 2,139,748 1,915,656
ConeyI& Bklyn(Hoc) October
December.. 1,983,049 1,618,498
233,921 223,031 2,346,328 2,365,717
Coney Island & Gray_ October
896,235
720,300
806,061
633,607
From Jan 1_18,548,233 17,366,132
6.756
6.160
127,431
141.048
7.159,092 6,738,461 6,246,748 5,905,623 Nassau Electric (Hoc) October
453,200 416,352 4,301.848 3,970,957
St Louis South West SystemN Y Consul (Rec)_ _ _ October
December.- 2,711,764 2,212,559
1988.296 1863,684 19.585,653 18,510,693
737,398
739,580
628,025 South Brooklyn
591,149
October
From Jan 126,159,924 25,140,164
991.919
846.212
6,155,348 6,050,605 4,921,884 4,927,841 CapeBretonElCo.Ltd November 102.546 83,612
61.213 63.426 *625,024 *699,598
St Louis Southwest of Texas
Carolina Power & Lt.. Novemb
December_ _ 728,716
Cent Miss Val El Co_ November 197.782 158,444 *1,961.842 *1.666.468
694.062 -158,836
er
19,281 --214.912
--5,581
48,427 46,995 *542,189 *519,182
From Jan I_ 7,761,691 7,774,033-1,003,
Co_
744 --687.855--1,324,865 --977,782 Cities ServiceNorfolk._ December 1287,670 1193.449 *14658970 '14461771]
City Gas Co.
St Louis Transfer
December
86.373 82,388
911.951
908.686
CitizensTracCo&Sub December
December._
76,540
81,005
23,406
84,316 71,051
817.343
35,094
772,048
23,792 Cleve Planes./ & East Novemb
29,815
From Jan 1_ 759,648 1,111,430
er
56,885 56,771
169,999
667.774
705,712
504,679
166,388
487.099 Colorado Power
Decembe
San Antonio Uvalde & 094,885 90,160 1.028,079
998,844
Columbia Gas & Sub specemb r
er 1949,429 1524,504 18,620,9
70,039
December.60,879
-6,601
2,311
--9,861
-2,737 Columbus Electric_ _ _ November 188,697 167,020 *1,961.3 44 15,235,44f
From Jan 1_ 1,033,309 1,149,443
177,940
215,361
139,682
178,951 Com'w'Ith Pow Corp_ November 2186.785 1999.391 21.327.141 *1.761.998
Southern Pacific
80 20,411.241
Com'w'Ith Pr Ry & Lt Novembe
r 2932,07,5 2726,494 29.243.806 28.476.062
December. _15,780,061 13,247,384 4,709,782
Conn Power Co
991,636
168,826 Consume
November
148,575
From Jan 1_183675381 189996741 55,901,117 48,707,940 3,018,263
rs Power Co November 166,009 1240,054 *1,710.599 *1.518,228
40,338,362 35,975,085
*14835852 *14105815
1389,097
Cumb Co Pow & Lt Novembe
Arizona Eastern
r 284,069 273,127 *3,456.872 *3.266,582
Dayton Power
December._ 297,311
138,653
79,356
29,213
311.857 295.485 2.508.362 2.380.509
54,305
1.929 Detroit Edison& Lt July
From Jan 1_ 3,175,311 2,647,503 1,191,365
380,679
899,021
103,311 Duluth-Superio Co__ _ December 2765,095 2370,594 *26408159 *23382891
r 'Frac September 146,6.59 143.220 1.293.94
Atlantic Steamship Lines
DuquesneLtCosubsid December 1626,691 1456,882 16.928,7 1 1,340,Mc
December._ 1,121,883
866,524 -154,215 -374,144 -167,91 -387.56
46 16.092,279
6 East St Louts & Sun
3
From Jan 1_12,030,072 10,656,078 1,535,909
September
213,537 1,387,706
69,238 EastSh G&E Co& Sub November 333.243 287,201 *3.611.154 *4.130.596
48.560 43.621 *498.652 '485,179
Staten Island Rapid Transit
East Texas Elec Co_ _ November
158,097 130,152 *1,766.146 *1,676,561
December._
193,649
181,724
17,332
--9,251 --39,789 Edis El Ill of Brock'n November 130,749 115.998
From Jan 1_ 2,422,259 2,511,441 -154,624 --21,358
--28,756 --381,204 --225,944 El Paso Electric Co November 191.292 192.317 *1.368.782 *1.240.856
*2.283.212 *2.289.946
•
510
Latest Gross Earnings.
Name of Road
or Company.
Week or
Month.
Jan. 1 to Latest Date.
Current Previous Current
Year.
Year.
Year.
Previous
Year.
Elec Lt & Pow Co of
37.152 32,219 *3',4,705 *345,551
Abington & Rockrd November
Erie Ltg Co & Subs_ - December 132.167 169.449 1,175.155 1,011.414
88,821 83,810 *1,002,139 *1,009,184
Fall River Gas Works November
Federal Lt & Trac Co November 458.316 437,854 4,517,039 4,391,718
Fort Worth Pow & Lt November 234.815 225,676 *2.504,045 *2.646,757
Galv-Hous Elec Co__ November 282,511 278,253 *3.305,202 *3,738,615
Gen G & El & Sub Cos November 1183,891 1013,489 12,276,344
Georgia By & Power_ November 1341.989 1330,328 *14817677 *14367442
Great West Pow Syst December 665,395 600,842 7,683,123 7,299,701
Havana El Ry,Lt&Pr November 1992,363 1142.168 11.780,735 11,734,928
49.827 45,620 *542,451 *518.074
Haverhill Gas Light__ November
939.624
973,129
88.324 80,716
Honolulu Rap Tran-- December
51,436 51.421 *547,391 *567,350
Houghton Co Bloc Lt November
Hudson & Manhattan December 983,675 965,416 10,996,713 10,515.711
Hunt'g'n Dev & Gas.. November 109.486 98,512 *1,191,367 *1,071,442
Idaho Power Co-.--- November 199.406 190,733 *2,432,747 *2,288.226
November 2095.594 1951.046 20.433.196 20.057,439
Illinois Traction
Inter Rapid Transit October, 4740,651 4607,809 52,373,120 44,918,195
3069.900 2948,69936.740,359 28,562,945
Subway Division October
1670,750 1659,110 15,632.761 16.355,250
Elevated Division_ October
Kansas City Pr & Lt.. November 760.856 661,648 *7.742,801 *6.783.558
34.648 33.488 0384.978 *373,416
Keokuk Electric Co November
Kentucky Trac Term November 129,275 114,381 *1.613.326 *1,627,218
Keystone Telep Co..- December 168.833 164,277 *1,703.274 *1,739,043
22,223 22.834 *248,365 *267,8.57
Rey West Electric__ _ November
Lake Shore Electric November 216,884 187,203 2.284,817 2,363,867
91,704 82,393 *1,112,838 *1,092,730
Lexingt'nTJtilCo&Sub November
325,248
331.450
30,783 29.990
Long Island Electric_ October
Lowell El & Lt Corp_ November 148.900 110,615 *1.320,041 *1,170,502
237,763
237.177
24,980 24,569
Manhat Bdge 3-C L... October
283,319
34,957 30.623
321,370
Manhattan & Queens. October
December 838,821 815,276
Market Street Ry
Metropolitan Edison.. November 311,332 231,408 2.915.842 2.674.814
Milw Elec Ry & Light November 1782,534 1612,237 *19187968 *18801165
Miss River Power Co_ November 241,685 233,076 *2.897,887 *2,761.581
Munic Serv Co & Subs November 410.221 214,103 *3.397,539 *2,491,367
325.355 310.854 *3.975.128 *3,743.143
Nashville Ry & Lt Co June
Nebraska Power Co November 334.683 254.5,4 *3.447,852 *3,100.859
Nevada Calif Electric November 218.962 215.185 *3.327.976 *3.178,382
2,997,502
New Bedford G & Lt_ November 310,181
New Beg Power Sys_ September 477.737 455.221 *5,596.282 *5,439.828
489.896
672.911
71.756 55.682
New Jersey Power...._ November
Newpt News & Hamp
By. Gas & El Co.._ November 165.435 163.561 1,910,213 2,379,604
New York Dock Co.... December 275,910 344,020 3,825,826 5,116.210
831,143 782,497 7,874,615 8.001,507
October
N Y Railways
106,564 108.066 1,013,239 1,009,722
October
Eighth Avenue
453,559
426,665
45.836 48.630
October
Ninth Avenue
835,716 1,077,714
60,320 115.726
N Y & Queens(Rec)_ _ October
138.970 137,642 1,285.381
NY& Harlem (Roc)._ October
506.242
483,468
46,090 51,563
N Y & Long Island October
Nor Caro Public Serv December 118.003 104.434 1,233,987 1,135,354
November 820.109 704.940 8.474.839 7.911.068
Northern Ohio
Nor Ohio Elec Corp December 880.126 761,010 9,354,964 8,672.078
814.834 694,002 7.569.543 7,144,204
Nor Ohio Trac & IA_ October
471,491
476.342
45.008 36.279
Nor'west Ohio Ry&Pr November
North Texas Elec Co_ November 256,055 270,870 *3,071,620 *3,604.968
Pacific Gas & Elec Co November 3280,274 3035,040 35,748,172 34,272,147
Pacific Power & Light November 272,709 258,916 *3,003,039 *2,852,627
50.265 45.831 *557,145 *526,557
Paducah Electric.. _ _ _ November
49,033 51.958 *579,689 *578,193
Palmetto Pow&Lt Co November
Penn Central Lt &
Power Co & Subs.. _ December 258,198 207,168 2,494,343 2,231,492
Pennsylvania Edison_ November 263.764 219.743 2.611.769 2,491,531
Phila Co Subs and
Natural Gas Cos.._ December 1417,216 1168,415 13,662,351 10.209,564
912,391 1,118,169
77.343 132,102
Philadelphia Oil Co.._ December
812.240
825,459
72.863 68.181
Philadelphia & West.. December
November 3694.545 3487.908 38.647.717 38.619.508
Phila Rapid Transit
71.965 34,467 *832,441 *339,629
November
Pine Bluff Co
Portland Gas& Coke_ November 280,803 261.428 *3,377,108 *3,391.265
Portland By,Lt & P_ November 882,197 820.146 *10084 228 *9,949.281
Pub Ser Corp of N J November 6950,081 6463,674 118179368 f75283802
Puget Sound Pow&Lt November 927,472 870.781 *10407905 *10034506
Reading Transit & Lt November 238,725 235.273 2,937.788 2,993,283
Republic By & LtCo_ November 770.268 607,171 *7,956,505 *7.433,634
542,298
671,998
64,223 61,409
Rich L & RR(Rec) October
564.686
569,676
46.116 46.289
Rutland By Lt & Pr_ November
423,634 277,037 1,522,444 1.912,798
St L Rocky Mt & Pac June
763.676
700,942
74.130 69,038
Sandusky Gas & El November
Savannah Elec & Pow November 132.969 139.081 *1.605,991
833.131
834,816
86,824 85,585
Second Ave (Roe)...... October
44,133
38.168
2.906
,832
17th St Incline Plane_ December
80,925 40,363 *901,556 *417,386
Sierra Pacific Electric November
Southern Calif Edison November 1443.498 1397.1136,754.458 16.440.571
77.890 73,490 *923,252 *824.401
South Canada Power_ November
Southwestern Pr & Lt November 925,546 851,392 9,748,243 *10049797
Tampa Electric Co__ November 158,742 135,590 1,795.808 *1,702.188
s2.646,659
706,779
Tennessee El Pr & Lt.. October
Texas Electric Ry___ December 247,181 245.941 2,709,393 2.889,838
14
Texas Power & Light_ November 469.134 414.516'1,847,066 *4,946.033
Third Ave Ry System December 1202,559 1179,558 *7,257,161 *7.126,162
Twin City R Transit_ November 1133.413 1158,652
United Gas & El Corp December 1233,701 1093,963 12.488.623 11.448,920
UnitedLt&Rys&Subs November 1024,253 961.473'11648359'11407983
United Rys & Electric November 1370,680 1305.093 14.861,079 15,039,479
Utah Power & Light_ November 666,741 594,029 *7,030.806 *6,822.973
Utah Securities Corp_ November 806,937 729.425 *8.748,349 *8,626.583
520,938
571.925
53.726 52.354
Vermont Hydro-Elec. November
Virginia Ry & Power_ December 936.449 876,425 9.513.095 10,173.334
704,681
891.804
West Va Utilities Co_ November 100,105 83.975 96.331,336 95,410.878
Western Union Tel Co November 9004.149 8164.997
West Penn Co & Sub.. November 1822,579 1212.882 *16639884 '14244524
000 389 5,032,068
,
Winnipeg Elec Ry___ November 489.662 481.818 4I
Yadldn River Pow Co November 101.869 101,705 *1.219.513 *1,047,085
•The Brooklyn City RR.is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court.declined to continue payment of the rental; therefore
since Oct. 18 1919 the Brooklyn 0 ty RR. has been operated by its owners.
b The Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co., but these leases were terminated
on July 11 1919, respectively, since which dates these roads have been
operated separately. f Earnings given in mike's. g Subsidiary companies
only. i Includes both subway and elevated lines. j Of Abington & Rockland (Mass.). k Given in pesetas. 1 These were the earnings from operation of the properties of subsidiary companies. m Includes West Penn Co.
*Earnings for 12 months. • Six months ending Dec. 31. z Earnings
for 10 months. y Earnings for 11 months. s Five months end. Nov. N.
3Four months.
Electric Railway and Other Public Utility Net
Earnings.—The following table gives the returns of
ELECTRIC railway and other public utility gross and net
'earnings with charges and surplus reported this week:
—Gross Earnings— —NetEarnings—
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Companies.
*16,794
*18,557
55,814
67.727
Beaver Valley Tract Co_ _Dec
*87.950
663,431 *152.360
642.711
Jan 1 to Dec 31
'48.049
'49,548
90,160
94.865
Dec
Colorado Power Co
*472,178 *408,987
998,844
1,028,079
Jan 1 to Dec 31
Duquesne Lt Co & Subs_Dec 1,626.691 1,456.882 *589,745 *565.305
16,928.746 16,092,270 *6.599,956 *5.762,954
Jan 1 to Dec 31
344,838
385,960
600,842
Great Western Pow Syst_Dec 665,395
7,683,123 7,299,701 4,641,998 4.618,847
Jan 1 to Dec 31
[VOL. 116.
THE CHRONICLE
Companies.
--Gross Earnings— —Net Earnings—
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Honolulu Rap Trans Co_ Dec
88,324
Jan 1 to Dec 31
973,129
Philo, Co and Subsids___Dec 1.417,216
Jan 1 to Dec 31
13,662.351
Philadelphia 011 Co
Dec
77,343
Jan 1 to Dec 31
912,391
17th St Incline Plane Co_Dec
2,906
Jan 1 to Dec 31
38.168
* Net after taxes.
Gross
Earnings.
Dec '22
Citizens Traction
84,316
Co & Subs
'21
71,051
12 mos end Dec 31 '22
817.343
'21
772,048
Erie Lighting Co
Dec '22
132.167
Subsidiaries
'21
109,449
12 mos end Dec 31 '22 1,175,155
'21 1,011,414
Dec '22
North Carolina
118.003
'21
Public Service Co
104,434
12 mos end Dec 31 '22 1,233,987
'21 1,135,354
Dec '22
Northern Ohio
880,125
Electric Corp
'21
761.010
12 mos ending Dec 31 '22 9.354,964
'21 8,672,078
Penn Central Light Dec'22
258,198
'21
& Power Co
207,108
12 mos end Dec 31 '22 2,494,343
'21 2.231.492
Texas Electric Co Dec '22
247.181
'21
245,941
12 mos end Dec 31 '22 2,709,393
'21 2.889.838
Third Ave Ry Sys Dec '22 1,202,559
'21 1,179,558
6 mos end Dec 31 '22 7,257.161
'21 7,126.162
United Gas & E Corp Dec'22 1,233,701
'21 1,093.963
12 mos end Dec 31 '22 12.488,623
'21 11,448,920
23,222
26,801
N,715
303,636
322,253
939,624
1,168,415 *584,759 *416.224
10,209,564 *5,180,190 *2.626.327
*48,257 *102,173
132,103
1,118.169 *629,144 *651.769
*1,837
*184
2,832
*16,124
*1,199
44,133
Balance,
Surplus.
Net after
Taxes.
Fixed
Charges.
38,201
35,970
336,231
291.979
58,946
52,564
482,769
391,133
35.067
27.215
332,475
319,795
218,738
185,179
2,457,190
2,136,748
116.414
98,810
1,071.710
923.198
112,851
106,580
1,057,866
1,163.646
263,577
239,300
1,529,710
1,372.476
448,014
394,290
4.372,923
3,775,824
22,066
9,824
20,369
9,639
136,483
81,526
112,633
63.948
44.980
13,966
36,877
15.687
312,425
170,343
205,884
185,249
20,205
14,862
13,219
13,995
173,815
158,660
167,609
152,186
165,299
53.439
155,344
29,835
1,974,646
482.544
1,894,489
242.259
85,998
30,415
30,359
68,451
358.547
713,163
346.401
566,798
39.836
73,015
39,382
67,198
460,857
597,009
473,737
689,909
222,989
40,588
222,787
16,523
1,346,185
183,525
1,336,632
35.844
141.463
305,551
141,864
252,426
1,716.697 2.656,226
1.699,729 2.076.095
FINANCIAL REPORTS.
Annual, &c., Reports.—The following is an index to all
annual and other reports of steam railroads, street railways
and miscellaneous companies published since and including
Dec. 30 1922.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Bold face figures indicate reports published at length.
Page.
Page.
Steam Roads—
Buffalo & Susquehanna RR. Corp__ 405 Keystone Telep. Co., Phila., Pa__ 184
Chicago Rock Island & Pacific RR._ 75 Lawyers Mortgage Co.(New York).. 184
77 Libbey-Owens Sheet Glass Co
02902
Mexican Railway Co
303, 418
N. Y. New Haven & Hartford RR_*2906 Lindsay Light Co
Loew's Boston Theatre Co
Electric Railways—
303
'2901 (H. R.) MallInson dc Co., Inc
292
Interborough Rapid Transit Co...... _ 4
42916 Manati Sugar Co
73, 174
Mexico Tramways Co
292 Manhattan Shirt Co.(New York)._ 173
Northern Ohio Electric Corp
411 Merrimac Chemical Co
*2912
Philadelphia Rapid Transit Co
411 Mexican Light & Power Co., Ltd__*2903
Ban Antonio Public Service Co
411 Nash Motors Co
473
Twin City Rapid Transit Co
Washington Railway & Electric Co._ 411 Nashua(N.H.) Manufacturing Co 185
297 National Biscuit Co.(N. Y. City)._ 292
York (Pa.) Railways Co
Naumkeag Steam Cotton Co
304
Industrials—
2903
Adirondack Power & Light Corp..___ 412 New Niquero Sugar Co
412 New York Transportation Co
*2913
Alaska Packers' Association
2907 Niagara Falls Power Co
419
All-America Cables, Inc
84
Alliance Realty Co., New York... .. 298 North American Co
173
-*2902 Northern Securities Co
American Ice Co
179 Norton Co., Worcester, Mass
186
American Rolling Mill Co
419
179 Old Colony Woolen Mills Co
American Safety Razor Corp
186
American Vitrified Products Co........ 80 Otis Co., Boston
186
298, 413 Pacific Gas & Electric Co
American Wholesale Corp
2908 Pacific Mills
84
Arizona Copper Co., Ltd
408 Packard Motor Car Co
*2913
Bethlehem Steel Corporation
British-American Tobacco Co., Ltd. 73 Page & Shaw,Inc., Cambridge,Mass. 420
180 Pan-American Petroleum & Trans..
Calaveras Copper Co
port Co
420
181
Caracas Sugar Co
Central Mfg. District, Chicago......_'2908 Paper Board Corp. of Tonawanda,
300 N.Y
*2913
Cities Service Co
Cleveland Electric Illuminating Co... 415 Paragon Refining Co., Toledo, Ohio_ 293
Columbia Gas & Electric Co.& Subs. 415 Penn Seaboard Steel Corporation... 305
*2909 Pressed Steel Car Co
85
Commonwealth Power Co
(John T.) Connor Co., Boston.*2909, 181 QuIssett Mill(New Bedford, Mass.)_ 187
Consolidated Gas Co., New York__ 405 Reynolds Sodas Co
306 421
292
Continental Motors Corporation__ 301 R.J. Reynolds Tobacco Co
182 Sagamore Mtg. Co., Fall River
85
Cosden & Co
*2901 Salem (Mass.) Electric Lighting Co.*2914
Cudahy Packing Co
De Beers Consolidated Mines, Ltd.... 182 Santa Cecilia Sugar Corporation__ 174
301 Sears, Roebuck & Co., Chicago
408
(Alfred) Decker & Cohn, Inc
301 Southern Ice ex Utilities Co., Dallas,
Detroit Edison Co
416 Texas
*2914
Dome Mines Co.,Ltd
182, 292 Spicer Manufacturing Co
421
Dominion Bridge Co
182 Sterling Products, Inc.(Incl. Subs.). 422
Dryden Paper Co., Ltd
Endicott-Johnson Corporation__302, 409 Stutz Motor Car Co. of America__ 306
82 Superior & Boston Copper Co
Fleischmann Co
422
183 Swift & Co., Chicago
73
General Tire & Rubber Co
417 Tonopah Belmont Development Co_ 86
Great Western Sugar Co
417 Union Oil Co. (of Delaware)
*2915
Gulf States Steel Co
Hamilton-Brown Shoe Co., St. Louis 302 United Gas & Fuel Co. of Hamilton,
Ont., Ltd
*2915
Hart, Schaffner & Marx (New York
174
408 United Paperboard Co
and Chicago)
423
183 Virginia Iron, Coal & Coke Co
Hartman Corporation
West Point (Ga.) Mfg. Co
86, 307
Hudson Motor Car Co., Detroit,
*2902 White Oil Corp. & Subdis. Coe
Mich
0
- 2915
82 Whitman Mills (New Bedford)
190
Illinois Glass Co., Alton, Ill
International Shoe Co., St. Louis,
73, 408, 418 •Volume 115,
Mo
Southern Railway Company.
(Preliminary Report for Calendar Year 1922.)
.
INCOME STATEMENT FOR YEAR ENDED DECEMBER 31.
1921.
1922.
$
128,419.847 128,715.150
Grass operating revenues
97.170.133 105,829.007
Total operating expenses
31,319.714 22,886.143
Net revenue from operation
4,667,336
5.853,511
Taxes and uncollectible railway revenue
4,993,425 4.247.025
Equipment and Joint facility rents
20,472,778 13,971,782
Railway operating income
4,483 467 4.239,193
Other income
24,956,245 18.210,975
Total gross income
16,132,449 16.191.605
Interest and rentals
Balance of income over interest and rentals____ 8,823,797 2.019,370
1.500.000
Dividend of 2 % on Preferred stock
Balance of income carried to profit and loss-- 7,323,797 2.019.370
—V. 115. p. 1733. 1727.
FEB.3 1923.]
THE CHRONICLE
American Light & Traction Co.
(Annual Report Year ended Dec. 13 1922.)
President Alanson P. Lathrop Feb. 1 wrote in brief:
Notes Rttired.-On Nov.1 1922.$3,000,000 of the total issue of$6,000,000
6% gold notes, due May 1 1925, were retired.
-Gross income of the operating companies amounted to $29,Results.
015,393, an increase over 1921 of 31.744.821. or 6.4%.
Of the above, the gas sales produced 73.78%; electric sales produced
18.08%; traction receipts produced 6.54%; miscellaneous income producedk1.60%
GasTand Electric Sales.
-Gas sales amounted to 23.902,137,100 cu. ft.,
an increase over
of 2,701,943,700 Cu.cu. ft., or 12.75%.
1921
ectric sales
amounted to 114,973.674 k. w. hrs., an increase over l
1921 of 13,358,453
k. w. ins., or 13.15%.
OP Traffic.-Pevenue passengers carried,25,426.804,a decrease of 1,553,801.
or 5.76%.
P. Funded Debt, &c.
-Funded debt of operating companies increased
$6,559,000. Floating debt of operating companies decreased $3,713,200.
Funded debt of American Light & Traction Co. decreased $3,000,000.
Expenditures for new construction amounted to $4,677.330.
Dividends.
-The directors on Jan. 2 1923 declared the regular quarterly
cash dividend of 1 35% to holders of Preferred stock; a cash dividend of 1%
to holders of Common stock, and a stock dividend to holders of Common
stock at the rate of one share of Common stock on every 10, shares of
Common stock outstanding; all payable Feb. 1 1923 to holders of record
Jan. 12 1923.
INCOME ACCOUNT 12 MONTHS ENDED DEC. 31.
1922.
1921.
1920.
1919.
•
Earns, on stocks of sub.
companies owned.,__ $3,636.335 $2,985,532 $2,463.565 33,355.055
Miscellaneous earnings_ - 1,276,201
1,293,345 1,086,713
1,006,490
Gross earnings
34,912,536 84.278.877 33.560,278 $4,361,546
Expenses
529,986
407,975
323.746
218,683
Interest on 6% notes
31..000
185,037
360,060
Or Balance, surplus
$4.052,550 $3,510,902 $3.051,494 $4,142.863
Previous surplus
9.462.317 9.036.336 10,324,745 11,869,329
Total surplus
813.514,867 $12.547,238 813.376.239 816.012,192
Preferred di vid ends_ _
3854.172
$854.172
$854,172
$854.172
Common cash diva
1,160,884
1.115,374
1.642.543 2.416.638
Stock divs. on Cc m.stk- 1,160,889
1.115,374
1,843,189 2.416,638
Surplus and reserve_ _310,338,927 89,462,317 39,036,336 $10,324,745
BALANCE SHEET DEC. 31.
1922.
1921.
1922.
1921.
AssetsMangles
3
Investment acct. _35,474,003 35,471,459 Preferred stock...14,236,200 14.236,200
Temporary invest. 1.285,978 3,178,287 Common stock_ _ .29,445,100 28,286,800
Earns., sub. cos...10,411,288 9,355,220 5-yr.6% gold notes 3,000,000 6,000,000
Bills receivable- 5,851,992 9,393,992 Warrants
180,718
183,917
Accts.receivable._
98,909
90,659Miscellaneous.139,215
2,957
Miscellaneous ____
18,079
10,593 Accrued taxes
331,911
318,679
Note discount_ _ _ _ 281,426
402,037 Interest accrued on
& dive. rec....
25,263
56,279 5-Year 6% notes
30.000
60,000
Cash & U.S.Treas.
Accts. payable.
4,220
certificates
4,986,397 1,304,663 Divs. accrued_ _
731,264
708,098
Surplus & reserve.10,338,927 9,462,317
Total
58,433,336 59,263,189 Total
58,433,336 59,263,189
-V. 116, p. 79.
Boston Elevated Railway Co.
(Report of Trustees
-Year ending Dec. 31 1922.)
The board of trustees, appointed by the Governor pursuant to Chapter 159 of the Special Acts of 1918, report
in substance:
P Result of Operation.-The fourth calendar year of public operation shows
ay balance remaining after providing for all costs of service. $1,545,056,
after making allowance for delayed charges and credits.
Reserve Fund Restored-Refund to Towns on Account of Deficit.
-In July
the trustees having restored the reserve fund to $1,000,000. as required
by law. paid $517.196 to the cities and towns on account of their loan to
meet the deficit of the first year of public operation. The unpaid balance
of that loan is now $3,462,955. A. substantial surplus is expected to be
available next July for the second payment to these cities and towns.
Railway Costs.
-The succession of storms during the
weeks has
already cost more than 3200.000. Change of a dollar inpast 6of
coal makes a difference of $275,000 in onerathag expensepricethe a ton of
for
year.
• Fares.
-The 5
-cent fare has been extended from time to time under plan
adopted for its development. As soon as practicable this service should
completely cover transportation between community centres and their
adjacent neighborhoods. It must be borne in mind ,however, that the
5
-cent fare cannot now nor in the future become a general
or an active competitor with the higher basic fare whether substitute for
that be as at
present 10 cents or as it may be later a lower charge. No substantial
invasion of net revenue can be allowed until cities and towns have been
reimbursed, nor wherever such invasion would unreasonably postpone
reduction in the higher fare.
Any substantial reduction in the 10
-cent fare must still await repayment
of the loan to cities and towns, and legislation that will remove certain
burdens that are unjust to the car rider.
Rolling Stock.
-During the year. with a view to more efficient
additions have been made to rolling stock. 36 new steel cars service,
for the
elevated service have been placed in commission. Additional flat cars and
snow sweepers have been purchased. In April. 100 semi-convertible cars
of the most modern type were ordered and 71 of them are
now in use.
Those cars may be operated by either one man or by
with the latest safety devices, and as a one-man car two men,are equipped
are far better adapted
to the service than the light weight one truck Birney
two-man cars which have been converted for one-man type, or any of the
operation.
Recently 100 more of this type of cars have been ordered
For train service in the East Boston tunnel 40 steel cars for early delivery.
have been ordered.
Track. de.. Improvements.
-During the year approximately 21
track have been rebuilt and 734 miles improved by substantial miles of
repairs.
The new elevated car repair shop at Forest Hills is about completed and
ready for use. The first unit of the new store-house at George St. in
Charlestown for the use of the maintenance
and the construction of the second unit under department is nearly complete
way.
Though the railway is not yet in the
operating condition
progress has been steadily made toward goodgoal. Improvements material
the
must be
gradual.
One-Man Cars.
-The trustees believe that
need of the most drastic economy the generalwhere there is no compelling
substitution of
car is.not desirable. They are convinced, however, that the the one-man
one-man car
has its proper place upon this railway, as proper
as that
the train or the
individual two-man car or the motor omnibus; that its ofmeans
use
quent service and often makes possible the development of the 5 more ft e-cent fare.
They do not agree that it is suited to conditions of heavy traffic, for the reason that its use interrupts schedules, causing delays that interfere with convenient and efficient service.
Penecr.-The 35,000 kilowatt generator at South Boston
reconstructed and again placed in service, and a new boiler house has been boilers
and two
are under construction at that station.
-The first unit of the modern system of repair shops now
New Shops.
under construction at Everett will be ready for use before the end of the present year. No want of facilities has been so conspicuous as that of proper
equipment for painting, repairing and maintaining cars. When funds
from the sale of the Cambridge Subway became available, the work of erecting suitable shops was promptly begun and with the completion of this first
unit a long step wilt have been taken toward removing tier waste and ending
the evils of attempting to take care of modern rolling stock with obsolete
equipment originally designed for horse car operation.
-The changes at the Maverick Square TerRapid Transit Development.
minal of the East Boston Tunnel are nearing completion.
At Harvard Square the work of extending platforms is now in progress and
should be complete at an early date.
511
One of the most important railway measures before the Legislature last
winter proposed the extension of the rapid transit fat Bides
Square to Fields Corner, in connection with the put chase or from Andrew
taking
Shaw-mut branch of the New York New Ha yen & Hartford RR. A. of the
bill
carry out this plan, based upon the previous study and recommendation to
of
the Department of Public Utilities, is before the present Legislature. The
trustees have favored this project as the only one that will effectually relieve the congestion at Andrew Sqnare , where in rush hours passengers
crowd the cars and the cars crowd the tracks.
Consolidation of West End with Boston Ekvated.-On Juno 10 1922 the
railway property of the West End Street Ry. which had been operated since
Oct. 1897 by the Boston Elevated under lease was consolidated with the
Boston Elevated. The consolidation was effected as provided in the
statute by an exchange of the outstanding Preferred and Common stock Of
the West End at par for an equal amount at par of First Preferred and
Second Preferred stock of the Boston Elevated (V. 114, p. 2578).
Future Development.
-At a hearing before the
Utilities in Sept. the trustees sbumitt,ed an outlineDepartment of Public
sketch
tensions of service, calling attention to the present need ofof possible exsome comprehensive and harmonious plan to which individual extensions of
should hereafter conform. One feature of the sketch proposes this railway
an independent trunk subway in Huntington Ave. which would provide a future extension to the north of Boston. This would bring additional rapid transit
where the need is imperative. It would also provide a permanent improvement in place of makeshift changes at Park St.. making
less of a terminal station and a more adequate way station. the station there
Another
of the sketch proposes an extension of rapid transit to the north of feature
Boston
through use of the Saugus Branch of the Boston & Maine RR.in connection
with the elevated line that now has a temporary terminal in Everett.
Traffic Statistics-Year ending Dec. 31.
1922.
1921.
1920.
1919.
Round trips operated_ _ _ 6.059,531
5,773,684 5.764,347 6.578.069
Passenger revenue
$31,834,023 832,253.630 333,108,946 828,767,544
Pass. rev, per car mile
62.94 cts. 64.89 cts. 64.62 cts. 53.74 eta.
Pass, rev, per car hour
$7.09
$7.36
$7.16
$6.06
Pass. revenue mileage 50,575,088 49,706,697 51.237,527
Pass. revenue car hours_ 4,487,400 4,381,815 4,627,295 53,533,522
4.749,318
Revenue pass. carried- -356,593.942 337,522.080 335,526,561 324,758,685
Rev. pass. carr' p. car m.
7.051
6.785
6.548
6.066
Rev.pass. carr. p. car hr.
79.47
76.97
72.51
68.38
COMPARATIVE DIVISION O' RECEIPTS AND EXPENDITURES
YEARS ENDING DEC. 31.
1922.
1921.
1920.
1919.
Total receipts
$32,699,176 $33,277,026 334.031,636 829.498.583
Operating exp.-Wages. 14,772,340 15,563,256 17,216,445 15.539,106
Material and supplies_ 2,903,651
3,093,935 3,310,859 3,640,066
Injuries and damages_ _ _
555,356
518.249
640,165
701.907
Depreciation
2.004,000 2,004.000 2.004,000 2,004,000'
Fuel
•
1,853,112 1,663.617 2,597,653
1,815,261
Taxes
1.587,187 1,546,758
1.142,987
1,045.502
*Rent of leased roads_ _ _ 3,727,859 4.203.062 4.102,230 4,002,657
Subway and tunnel rents 1,927,151
1.963.738
1.790,432
1.516.047
Int. on borrowed money 1,891,316
1,494.258
1,514,964
1.555.790
Miscellaneous items_ _
65,016
54,708
59.068
60.347
Total cost of service_ 331,286,987 332.105.581
331.880,683
Balance, sur. or def__sur.$1,412.189 sr$1,171.445 334.378,804df$2.382.100
df.3347,167
* Incl. div,rental under Chap. 159. Acts of 1918.-V. 115, p. 2904,
2789.
Pennsylvania Water & Power Company.
(13th Annual Report-Year ended Dec. 31 1922.)
The report of President C. E. F. Clarke with profit and
loss account and bal.sheet will be found on a subsequent page.
COMPARATIVE INCOME,PROFIT AND LOSS ACCOUNT.
1922.
1921.
1920.
Gross Inc. (all sources)-- 32,003,478 81,962,252 $1.867,869 1919.
$1,823,068
Exp., maint., taxes,&c__
547,078
595,837
523.910
523,810
Net earnings
31,456,400 $1,366,415 $1,343,959 $1,299.256
Interest on bonds
535,144
524,938
528A50
532,850
Dividends
(7%)594,650 (7)599,650(634)552,175 (6)509,700
Balance, surplus
$326.606
$246,827
8263.234
1256,706
Total all, prey.surplus
329,860
248,379
266.551
263.317
Deduct
Contingent fund
$80,000
$95,000
$150.000
Depreciation fund
173,210
170,125
170,000
Sluicing fund
75.000
75,000
75,000
Red Cross & United WW
35.000
Surplus Dec.31
$1,650
tr3,254
$1,551
$3.317
BALANCE SHEET DEC. 31.
1922.
1921.
1922.
1921.
Assets
Property account-17,916,M 17,830,539 Capital stock
8,495,000
Secs:of othEr cos__ 3,388,034 3,177,434 151 mtge bonds..a11,039,000 8,495,000
10,724,000
Loose plant and
Accounts payable.
63,484
272,816
equipment
87,051
92,137 Contingent fund.. 721,540 1,004,440
Bills receivable-25,000
8,000 Depreciation fund 985,104
833,249
Accounts reedy-le 282,119
482,105 Tax reserve
163,307
Cash
265,195
162,018 Res. for sink. fund
25,000
25,000
Cashforbd.redemp
75,097
75,165 Sinking fund
550,000
475,000
Prepaid charges__
• 5,378
5,360 Profit and loss__ _ _
1,650
3,254
Total
22,044,065 21,832.758 Total
22.044,065 21,832,758
a First mortgage 5% bonds are,after deducting $546,000 bonds,redeemed
by trustees or canceled for Sinking Fund investment, and $450,000 held in
treasury.
-V. 116, p.187.
United States Steel Corporation.
(Results for Quarter and 12 Months ending Dec. 31 1922.)
The results of the operations for the quarter ended Dec. 31,
as presented to the directors' meeting Jan. 30, compare as
follows:
PRELIMINARY EARNINGS FOR QUARTERS ENDING DECEMBER 31.
1922.
1921.
1920.
1919.
Unfilled orders Dec. 31,
tons
6,745,703 4,268,414 8,148,122 8.265,368
Net earnings (see note)_327,552,392 $19,612,033 $43,877.862 $35,791,302
Deduct
Sinking fund on bonds of
subsidiary cos., depreciation & reserve funds 9,833,230 6,031,657 10,016,636 10.729,256
Int. on U. S. Steel Corp.
bonds
Prem,on bonds redeemed 4,764.386 4,878,304 4,986.675 5,090,100
275,079
200,611
147,462
254,879
Sink.fds.U.S.Steel Corp_ 2,349,333 2,258,364 2,158,410 2,021,771
Total deductions
317,222,028 313,315,787 $17,362,332 $18,096,006
Balance
810,330,364 $6,296,246 $26,515.530 $17,695,296 .
Add-Net bal. of sundry
charges and receipts
incl. adjust't in acc'ts
inventories, &c
952,982
624,618
1,081,555
185.694
Total
$11,283.346 $7,377,801 $27,140,148 $17,880,990
Preferred diva. (14%)- $6,304,920 $6,304,920 $6,304.920 $6,304,920
Common dividends
6,353,782 6,353,782 6,353.782 6,353,782
Per cent
(131%)
(134%)
(134%)
Balance for quarter.def$1,375,356df$5,280,901 314,481.446 35.222,288
Note.
-The net earnings for the quarter ending Dec. 31 1922 (and also
for the 12 months period-see below) shown after deducting all expenses
incidental to operation, comprising those for ordinary repairs and main-
512
[VoL. 116.
THE CHRONICLE
tenance of plants, also estimated taxes (including estimate for Federal
income taxes), and interest on bonds of the subsidiary companies.
See also footnote following the annual figures below.
The directors on Tuesday declared the quarterly dividend of l3% on
the Preferred stock, payable Feb. 27 on stock of record Feb. 3. and the
regular quarterly dividend of134% on the Common stock, payable March 30
to stock of record Feb. 27.
NET EARNINGS FOR CALENDAR YEARS.
1922.
1919.
1921.
1920.
January
$4,654,134 $14,387,474 $13,503,209 $12,240,167
February
6,180,685 10,157,896 12.880,910 11,883,027
March
8,505.166
9,390,190
7,741,352 15,704,900
BAL.SHEET AS OF DEC.31 1922 (After Giving Effect to Proposed Financ'g)
AssetsLiabilities
Property account
y81,575.000
x55,568,992 Prior Preference stock
Pat's, tr.-mks., g'd-will, &c_ 5,000,000 Pref. stock (par $100)
10,000,000
Inv.in & adv. to affil.,&c.,cos. 117,972 Common stock
1,250,000
Cash in banks and on hand__ 1,332,846 One-year 6% notes
3,500,000
Inventories
4,200,000
10,595,425 20
-year 8% debentures
Notes & accts. rec., less res've 1,813,807 Accts. pay.,seer. pay-rolls,&c. 1,358,217
Miscell. Inv, and deposits___
108,600
62,014 Customers' deposits
Prepaid insurance., int., &c_
50,000
452,845 Reserve for compen.insurance
75,000
Reserve for contingencies__
2,827,084
Surplus
Total
$24,943,901
$24,943,901
Total
Total (first quarter)_ _$19,339,985 $32,286,722 $42,089,019 $33,513,384
After dedunting 33.212,366 depreciation reserve. y 15,750 shares of
April
$7,750,054 $7,336,655 $12,190,446 $11,027,393 noxpar value
at the retireable price of $100 per share. z 250.000 shares
May
8,824,887
7,731.649 15,205,518 10,932,559 (no par value) at declared value
of $5 per share.
-V. 116, p. 420.
June
10,712,004
6,823,712 15,759,741 12,371,349
Total(second quar.)_-$27,286.945 $21,892,016 $43,155,705
July
S9,833,664 $5,157,395 $16,436,802
August
10,615,085
6,502,976 15,440,416
September
7.019.590
7,257.687. 16,174.322
$34,331,301
$13,567,100
14,444,881
12,165,251
Total (third quarted_$27,468,339 $18,918.058 $48,051,540 $40,177,232
October
$8,566,354 38,204,358 $16,775,443 $11,109,586
November
9,663,351
6,440,438 15,002,919 11,768,914
December
9,322,687 .4,967,237 12.099,500 12,912,802
Montgomery Ward & Co., Incorporated.
(Annual Report Year ended Dec. 31 1922.)
President Theodore F. Merseles, Chicago, Jan. 26, wrote
in brief:
ResuUs.-After providing for taxes, bad and doubtful accounts and depredation on capital assets and inventories, company made a net profit of
$4,562,607.
Out of net profits earned in 1922, the company has paid its Preferred diviTotal (fourth quar.)- -$27,552,392 $19,612,033 $43,877,862 $35,791,302 dends for the five quarters ended Dec. 31 1922, and in addition has provided
Total for year__.
$101.647,661 $92,708,829$177.174.126$143.813,219 for charter requirements in regard to reserves for sinking fund for the years
Interest charges of subsidiary companies deducted before arriving at 1921 and 1922 and for surplus for the years 1920, 1921 and 1922, leaving a
balance in undivided profits of $2.717.988.
aforesaid net earnings above are as follows:
Sales.
-Sales have shown a gratifying increase over last year, the number
1922.
1921.
1919.
1920.
of orders received being the largest in the history of the company.
$656,248
January
$685,593
$738,506
$707,938
Assets.
-At Dec. 31 1922 current assets amounted to $26,524.220 and
656,958
February
684,135
707.065
738.449 current liabilities $8,195,866. a ratio of 3.24 to 1 as compared with a ratio
March
650.441
685,556
707,998
738,988 of 2.75 to 1 at Dec. 31 1921.
April
649.506
674,320
732,882
706,005
-Company ended the year owing nothing for
Excellent Cash Position.
688,051
May
672.873
704,048
731,578 borrowed money and is in excellent cash position.
June
705,753
672.712
702,793
724,580
July
711.010
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
667,043
699,918
719.894
August
708,974
665,169
697,968
715,230
1922.
1921.
1920.
1919
September
708,131
666,228
895,875
715,358 Net sales
$84.738,826 $68,523,244$101,745,271 $99,336,053
October
708,437
660.515
695,093
713,472 Net, after deprec'n
a4,562,607df.d9887,396df$7,855,278 $5,094,170
November
708,639
660,289
688,467
709,780 Reserve for war taxes_
900,000
December
707.458
666,284
693,857
722.365 Preferred dividends_ _ -344,619
220,017'
546,345
541,794
1,066,035
INCOME ACCOUNT FOR CAL. YEARS(PRELIM. FIGURES FOR 1922). Class "A" dividends_
Common diva.($5)
1,500,000
1922.
1921.
1920.
1919.
$
$
$
$
Bal., sur. or def____sur$4,217.988df$10107,413 df$9467,658 sr$2,152,376
Net earnings (see above)101,647,661 92,726,058 176.686,898 143,589,063 Previous surplus
see note (b) 2,429,772 12,342,932 13,068.404
Deduct
For deprec. & res. funds
$4,217,988df$7,677,641 $2,875,274 315.220,780
Total
& sub cos. sink. fund_ 33,479,344 27,905,045 38,245,602 37,608,819 Deduct surplus_ -Taxes paid:
Sink,fund on U. S. Steel
0445,501
Fed'I tax,adjustment_
Corporation bonds_ _ _ 9,305,885
8.863,180
8.438,762
7,937,107
Taxes paid & accrued_
32.277,849
Interest
19,232,304 19,679,582 20,105,560 20,509.321
Prem.on bds.redeemed_
875,079
747,462
835,333
933,451
c$4,217,988bdef$7677641 $2,429,772 $12.942,931
Total
-Net bal. of charge
Add
After providing for taxes, bad & doubtful accounts and
including adjustments
952,982
1.086,230
632,586 Cr.194,219 onacapital assets and inventories. b Adjustment of Commondepreciation
stock from
of $10 par value was made in Feb. 1922,
Total deductions
61.939,630 56,109,039 66,992,671 66,794,419 no par value to a basisdeficit of $7,677.641 at Dec. 31 1921 and resulting in
creation of
Balance
39,708,031 36,617,019 109,694,227 76,794,583 extinguishment of the
Dividends-Pref. (7%)_ 25,219,677 25,219.677 25.219,677 25,219,677 the surplus of $9,189,738 as shown in the balance sheet below (V. 114. P.
635, 856). c Made up of: (1) Reserved for sinking fund for Pref. stock,
Common
25,4/5.125 25,415.125 25,415,125 25,415.125
years 1920, 1921 and 1922, $600,000; (2) reserved as per charter requirePer cent
(5%)
(5%)
(5%)
(5%) ments for surplus for 1920. 1.,21 and 1922, $900,000: (3) leaving a balance
of undivided profits of 82.717.988. d Taxes for 1919. $360,326; additional
Surplus net income_
59,059,426 26,159,781 for 1917. $478; less adjustment of taxes. 1917 and 1918. $415.303. •Made
Less
-For expend. on
up of: (1) Loss for year, $2,954,370: (2) depreciation and loss in Inventory,
auth.approp.for add'l
$4.725,929: (3) depreciation in factory plant, $361,000; (4) loss in value of
property & construc'n
' 30,000,000
securities held in the treasury, $562,437' (5) loss on and allowances for acBalance for year _ _ _def10.926,771 d114,017,784 29,059,426 26,159,781 counts receivable, $890,000;(6) deferred reorganization expenses, $170,575;
miscellaneous adjustments, $223,086.
Note.
-These amounts for the year 1922 "may be changed somewhat (7)
-There are arrears or dividend on the Class A stock for the last
Note.
upon completion of audit of accounts for the year. The Corporation's fiscal quarter of 1920, all of 1921 and 1922, amounting to $3,228,750.
year corresponds with the calendar year, and complete annual report comBALANCE SHEET DEC. 31.
prising general balance sheet, financial statements. statistics, &c., will be
submitted at tho annual meeting in April 1923, or earlier." This applies
1922.
1921.
1921.
1922.
also to the quarterly income statement given above.
Liabilities5
Assets-V.116, p. 306. 189.
Preferred 7% cum.
Real est., bldgs.,
pref. stock
4,249,800 4,249,800
15,374,506 15,614,269
plant, &c
Pierce-Arrow Motor Car Co.
.
200,000 Class "A" stock...y5,594,037 5,594,037
Sink, fund pf. stk. 607,308
3,897,975 1,497,531 Common stock....z11,412,510 28,279,889
Cash
(Statement Issued in Connection with Proposed New Financing.) Marketable secur_ 308,686 290,904 Acc'ts payable--- 7,252,371 4,566,998
Not payable__
tis
In a letter to the stockholders dated Buffalo, Jan. 27, out- Acc'ts receivable 3,212,793 3,955,384 Accrued taxes__ _ 943.495 2,972,500
332,763
920,857
286,741
Notes receivable
2,063,553 1,977,714
2,417,458 1,843,211 Reserve
lining the proposed financing plan (see under "Industrials" Investments
382,500 Surplus created(see
Notes rec,sub.cos. 100,000
below and advertising pages), Chairman Charles Clifton and Inventory
9,189,738
18,718,024 16,767,593 "b" above)
7,677,640 Earned surplus
4.217,988
President M. E. Forbes state in substance:
Deficit
Earnings
.-From July 1 1911 to Dec. 31 1921 the annual net ear
Total
44,923,492 48,561,795
44,923,492 48.561,795
Total
the company and Its predecessor company, after deductions for
-a
and State profits taxes but before deduction of interest paid, were as follows:
x The stockholders in Feb. 1921 reduced the authorized Prof. stock from
$10,000,000 to $4,249,800 by the cancellation of the unissued $2,000,000
Net Depv.,tAtitor.
Average 1134 Years.
stock, as well as the $3,750,200 stock held in the treasury (V. 114, p. 635,
Earnings.ofFixedAss'ts. Balance. Net earnings
$2,080,068 859). y 205,000 shares of no-par-value Class "A" stock ($7 per share
Depr.& amort.of fixed assets_ 592,447 cumul.) on liquidation or dissolution receives $100 per share, subject to
1912_2_2,654,723
409,784 2,244,939
rights of prior stock. z Common stock represented by 1,141,251 shares of
1913_a_2,199,787
6.50,284 1,549,503 Balance
1,487,620 $10 each (after all of Class "B" shares have been exchanged for Common
1914_b_2,352,034
510,444 1,841,590
stock): there are 120 shares of Class "B" still to be exchanged; see note (b)
1915 _c_4,817,541
352,545 4,464,997 Or, Omitting the Abnormal Year 1921, the above.
1916 _c_4,505,944
352,545 4,153,399
Average for 1034 Years Was
-Contingent liability in respect to guaranty of mortgage bonds of
Note.
1917_c_3,845,766
487,560 3,358,206 Net earnings
$3,027,559 $810,000 now outstanding, issued by Montgomery Ward Warehouse Corp.,
1918 _c _4,412,497 1,599,408 2,813,090 Depr.& amort. of fixed assets_ 584,653 Portland, Ore., and of mortgage bonds of $335,000 of Eagle Paper Co.,
1919 _c_3,146,232
501,326 2,644,905
Joliet. 111.-V. 116, p. 83•
1920 _c_2,575,574
567,677 2,007,897
1921c d7,868,589
674,294 d8,542,882
United Retail Stores Corporation.
1922 c e1,279,271
707,281
571,991 Balance
2,442,906
a Years ended June 30. b 18 months ended Dec. 31. c Calendar years.
d Loss, incl. provision of $4,464,993 (after determination of actual loss in
1922) for losses in connection with inventories, adjustments In respect of
obsolete parts and in connection with changes in models. e Company's
figures: audit not completed.
Outlook for 1923.
-It will be observed that with the exception of the year
1921, when a large loss was incurred, every year shows substantial earnings.
Estimates made by President Forbes based upon operations of the last
6 months of 1922 and upon current demand for passenger cars and trucks
indicate that for the calendar year 1923 earnings, after deduction for depreciation in accordance with the company's standard practice, will be in excess
of 234 times all interest requirements under the financing proposed, and
that the balance available for dividends on the new Prior Preference stock
will be in excess of 7 times such dividend requirements. Before such deductions for depreciation earnings so estimated would be in excess of 4 times
said interest requirements.
Bank Loans
-The loss of 1921 compelled the company to incur
-Assets.
bank loans which early in 1922 amounted to $8,150.000, and which have
since been reduced to $7,150,000. These bank loans will be paid off by
the issue of $3.500,000 1-year 6%, secured notes which have been sold and
l y the proceeds of the present offering of securities to stockholders. After
giving effect to the proposed financing, company as of Dec. 31 1922 will
nave net current assets of $12.337,274 (whereof $1,332,846 cash), subject
only to the deduction of the 1-year 6% notes, and plant, machinery and
equipment of a book value of 35.568.992. It has always been the company's
practice to apply full depreciation rates to its fixed assets, with the result
that the book value of plant, machinery and equipment is, without question, exceedingly conservative.
-Inventories are now balanced and are carried on the
Inventories, &c.
books at or under conservative market values; the volume ofsales is showing
satisfactory growth: the factory and sales organizations have recently been
so well co-ordinated that they are to-day more efficient than ever before
in the history of the company. In the judgment of the officers, the prospects for the future are bright.
The company's passenger cars and trucks are admittedly the best that
even the Pierce-Arrow Co.. with its great reputation, has ever placed on sale.
(Report for Fiscal Year ending Dec. 311922,)
INCOME ACCOUNT FOR YEARS ENDING DEC. 30 1922 AND DEC. 31
1921, 11 MOS. TO DEC.311920,AND 6 MOS.ENDING JAN.31 1920
12 Mos. to 12 Mos. to 11 Mos. to
6 Mos. to
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20. Jan. 31 '20.
Dividends rec, less exp_ - $1,397,729
$3,534.409 $5,705,057 $4,706,332
Net profits
98,895
Reserve for Federal taxes
920,818
31,397,729 $3.435,515 $4.784,239 $4,706,332
Balance, surplus
.
Add previous surplus_ _ _ 4.001,516
4.130,352
3,031,285
85,399,244 $7,565,867 87,815,524 $4,706,332
Total
Common cash divs_
($2)1,585,554343.03564351(10)3685,172(83)1675,047
•
x396,389
Candy stores div
Loss on securities sold-- 1,487,112
Profit & loss surplus_ $1,930,190 $4,001,516 $4,130,352 $3,031,285
x Dividend of 36 share U. R. S. Candy Stores, Inc., founders' stock,
(V.115,p.2280
on each share of Common stock outstanding paid Dec. 30 1922
BALANCE SHEET DECEMBER 31.
1921.
1922.
1921.
1922.
$
$
Assets$
8
Liabilities1,000
1,000
Stocks in other cos.36,314,029 39,212,040 Preferred stock__ _
800,000
297,001
544,051 Corn.(found.sh.)_ 800,000
Cash
Accounts and bills
Cora. stk.(Cla8sA)32,653,973 32,653,973
receivable
543,902
581,006 Accts. & bills pay_ 1,719,114 1,611,953
49,744
14,881
Furniture, &c__
4,747 Interest payable__
98,950
35,775
Unexpired MaurTax reserve
1,188,312
ance
49 Dividend payable_
1,930,190 4.001,516
Organization exp_
63,554 Surplus
37,154,932 40,405,447
Total
-V. 115, p. 2280.
Total
37,154,932 40,405,447
FEB.3 1923.]
THE CHRONICLE
Phillips-Jones Corporation (Shirt, &c., Manufacturers)'
(Reportfor Fiscal Year ending Dec.31 1922.)
Year End,
Years Ended June 30.
Dec. 31'22.
$11,135.417 $10,317,396 97,258,759 $7.064,567 $7,212,132
Sales
Prof.befFed.tax 1,067,157
771.240
181,729
850,424 1,172,328
676,240
Prof.aft.Fed.tax
932.157
161,729
660,424
642,328
CONSOLIDATED INCOME ACCOUNT FOR STATED PERIODS.
Year End.
Dec. 31 '22.
Years Ended June 30.
1922.
1921.
a20.
Sales
$11,135,417 $10,317,396 87,258,759 $7,064,567
Cost of sales
6,905,740 6,595,467 5.116.242
5,184,835
Gross profit
$4,229,676 /3,721,930 $2,142,516 $1.879.732
Gen.admin.& sell. exp.- 2,812,771
2,619,606
1,830,115
996,336
Net
$1,416,906 $1,102.324
$312,401
$883,396
Other income
63,347
65,226
39,217
18,994
Total
$1,480,253 $1.167,550
$351,618
$902,390.
Interest & discount, net.
402,560
386,556
157,716
29,154
Corporation taxes
10,536
9,754
12,174
22,812
Fed.inc.&exc.orof.tazes- 135,000
95.000
20,000
190,000
Preferred dividend
146.806
Balance, surplus
$932,157
$676,240
$161,729
$513,618
CONSOLIDATED BALANCE SHEET.
Dec. 31'22 .19014 30'22.
Dec. 31 '22 June 30'22
Assets$
Liabilities
Cash
478,721
322,794 7% Cum.Pf.Stk__ 2,350,000 2,350,000
Ace't.rec., cust'rs_ 1,575,713 1,975,727 Common stock__ _y2,000,000 2,000,000
Notes receivable
33,830
41,644 Notes payable__ _ _ 2,752,500 3,350,000
Miscall. accounts_
48,009 Trade accept
45,983
79,135
Inventory
5,496,737 5,238,984 Accounts payable_ 506,796
322,589
Insurance
104,850 Royalties pay &
104,850
Investment x
17,155
40.543 payroll
125,585
207,019
Due to officers _
16,011 Dividends payable
27,417
27,417
Adv. to salesmen_ 138,795
89,739 Fed. &c. taxes pay 193,454
139,084
Deferred assets_ _
. 357,993
334,432 Deposits on leases
Real est.,b1dg.,&c 2,068,613, 2,126,008 & rents perpald.
22,057
25,033
Good will, &c
1 Deposit accounts_
1
11,253
Surplus
2,261,448 1,906,349
Total
10,318,391 10,338,742 Total
10,318,391 10,338,742
x Includes mortgages receiveable, $15,820; investments in various companies, $1,335. y Authorized 100,000 shares outstanding, 85,000 shares
without par value.
-V. 115, p. 642.
513
American Steel Foundries.
(Report for Fiscal Year ending Dec. 31 1922.)
CONSOLIDATED GENERAL PROFIT AND LOSS ACCOUNT.
1922.
1920.
1921.
Earnings from oper., after deducting
mfg., selling and admin. expenses_*$4,481,840 $1,428,188 $6,915,734
Deduct-Depreciation
945,626
669,238
512,735
Net profit from operations
$3,536,214
$915,453 $6,246,496
Miscellaneous income
552,678
424,498
325,885
Total profits
$4.088,892 $1,241,339 $6,670,994
Interest charges
379.026
440,303
924,952
Federal taxes
See *
1,249,600
126,026
Balance, surplus
$3.709,866
$675,009 $4,496,442
.
* After deducting manufacturing, selling and administrative expenses
and Federal taxes.
-V. 115, p. 2689.
Saks & Company, New York.
(Annual Report-Year ended Dec. 31 1922.)
President Isadore Saks, New York,Jan. 24 1923,reports:
All inventories have been priced at cost or market, whichever lower, and
ample provision has been made for the depreciation and amortization.
Accounts receivable have been shown net of reserve, which reserve includes
all doubtful accounts.
Our new building on Fifth Avenue is progressing according to schedule
and has been contracted for upon a most favorable basis.
Sales for Years Ended December 31.
1922
815,301,250 1917
$6,715,000
1921
14.922,000 1916
6,163.000
1920
13,496,000 1915
5.443,000
1919
10,886,000 1914
5,134.000
1918
7.147,000 1913
5,244.000
INCOME ACCOUNT YEAR ENDED DEC. 31 1922.
Net operating profits, $1,363,529; interest earned on trust fund,
$103.202; total
81,466.731
Bond interest, Including amortization of bond discount
203.526
Reserve for Federal income tax (estimated)
143.000
Net profit
$1.120,205
Previous surplus (adjusted)
3.554,319
Total surplus
84.674,524
Adj. to bring value of Govt.securities to market value
9,854
Stock dividend paid (2,000%)
4.000,000
United Cigar Stores Co. of America.
Profit and loss surplus
$664.670
Note.
-The company in November last increased its Common stock
(Report for Fiscal Year ending Dec. 31 1922.)
[A large majority of Common stock (254,684 shares) is owned by United from $200,000 to $4,200,000 by the payment of a stock dividend of 2,000%.
Retail Stores Corp. See that company above and compare V. 109, p. 807,
BALANCE SHEET DEC. 31.
279, 585, 1994.1
1922.
1921.
1922.
1921.
Assets
INCOME ACCOUNT FOR CALENDAR YEARS.
Liabilities$
Fifth Ave. building
Calendar YearsPreferred stock
1921.
1922.
1920.
300,000 300,000
1919.
under construc'n__ 223,723
Net profits
Common stock
$5,059,806 $4,901,657 $6,004,005 $5,921,368
4,200,000 200,000
Autos.,
Floor taxes
46,089
584.889 Cash fixtures, &c- 120,145 149,225 Accounts payable... 719.125
Federal taxes, estimated
700,000
800,000
975.000
900,000 U.S.Govt.securitles 1,169,358 1,560,970 Insurance fund
72,850 762,675
Preferred dividends(7%)
x1,255,375 282,250 Fed'I taxes (est.)_ _ _ 143,000 300,000
316,890
316,890
316.890
316.890 Acets rec.. net of
Common dividends
res. 699,695 609.554 7% s. f. mtge. bonds3,500,000
1,642,836 3,942.426
492,745 2,852,010 Inventory
Per cent
2,718,537 2,417,605 Surplus
(5%)
(12%)
664,670 3,584.217
(1% %)
(103i%)
Advances against import trading
Balance, surplus
33.328
82,346
$2,400,080 der $157,660 $4,219.371 $1,267,579
Goods in process__
Previous surplus
6.772
62,338
4,117,991
4.275,651
5,759.628 5,067,761 Unexp.Insur.. &e...
34,353
28,693
Total
96,518,072 64,117,991 89.978,999 • $6.335,340 U.S.Govt.securities
with trustees
Stock diva, paid in Com _
3 000.000
(20%)5703348
Fed'l taxes, 1918
__
575,712 Cash with trustee_be 86.798
Bond discount, to
amortized
Profit & loss, surplus- $6,518.072 $4,117,991 $4,275,651 $5.759,628
251,56
Total (each side)_ _9,599.645 5,192,982
x U. S. Govt. securities ($1,200,000 par amount) at...market. value and
CONSOLIDATED BALANCE SHEET DEC. 31.
accrued interest.
-V. 115, p. 2390.
1921.
1922.
1922.
1921.
Assets$
Liabilities$
$
Real eat., leasehold
Preferred stock_ _ _a4,527,000 4,527,000 Chicago City & Connecting Railways Collateral Trust.
interest, &c____b5,183,972 4,754,807 Common stock__a32,865,348 32,865,348
Good-will, &c._21,400,000 21,400,000 6% Sinking Fund
(Report for Fiscal Year Ending Dec. 31 1922.)
Stooks and bonds_ 550,998
475,067 debentures
6,000,000
Stock for profit-sh. 942,974
1922.
1921.
671,076 Bills & accts. pay_ 4.782,376 7,964,762 Dividends received
1920.
1919.
Cash
81,215,514 81,290,514 81,316,514 $1,170,635
8,288,649 5,008,152 Rents rec. In adv._ 792,954
740,689 Interest received
Bills dr accts. rec 2,124,942 2,111,631 Reserved for taxes c832,637
42,323
90,007
92.962
96,715
905,251 Other income
Mdse. & supplies_11,215,468 10,399,188 Prov.surplus res__ 3.717,780 3,685.677
34,518
38,467
20,100
33,027
Equipment, &c.__ 4,446,630 4.365,548 Surplus
6,518,072 4,117,991
Gross income
Impts. to leaseh'ds 4.395,704 4,375,863
81,292,354 $1,418,988 81.442.503 81,287.450
Other deferred.... 1,486,830 1.245,384 Total (ea.side)60,036,166 54,806,718 Bond interest
$1,051,800 81,057,050 81.062,300 $1.067,550
105,000
105,000
105,000
a Authorized capitalization: Preferred, $5,000,000. par $100: Common, Bond redemption
105,000
General expense, &c _ _ 1,
23,696(
37,620
64,132
48,288
$60,000,000. par $100. b Real estate, leasehold interests. &c.. $6,916.222. Interest on bills payable.,
leas mortgages, $1,732,250. c Res. for taxes accrued in 1922, incl. Federal Taxes
2,123
19,778
18,657
9.240
taxes (estimated)
12,504
.-V. 115, p. 2696.
Balance, surplus
893,200
$50,768
$207,954
8194,633
Autosales Corporation.
STATEMENT OF CURRENT ASSETS AND LIABILITIES.
(Annual Report-Year ended Dec. 31 1922.)
Assets1922.
1921,
1921.
Liabilities1922.
Cash
8486,763 8350,962 Accrued int. payable...8262,950 8264,263
President Ralph Ia. Coburn, Feb. 8 1923, said in part:
Bills receivable
317,000 267,000 Reserves
5,302
8,277
Other Investments (at
The various candy stores heretofore operated have
Excess over current in
cost)
and loss incurred deducted from this year's earnings been discontinued
203.700 274,183 liabilities
744.190 650,918
The indebtedness was reduced from $135,000 to $50,000. after purchasing Accrued int.receivable 4,705 26,823
Accounts receivable__
and paying for in full $100,0008% I'ref
249
1,516
Total (each side).31,012,417 8920,484
Co In addition to cash dividends, thestock of Peerless Weighing Machine
Peerless company declared a stock
FINANCIAL STATEMENT DECEMBER 31 1922.
dividend of 12% on their Common stock
Sinking fund 5% gold bonds outstanding, $21,036,000 (see page 27.
"Electric Railway Section"): Preferred Participation shares, 250,000. and
INCO fE ACCOUNT CALENDAR YEARS
Common participation shares, 150,000, having no par value.
1922
1921
1920
1920
Earns after cost of goods $1,226,640 $1,330.700 $1,547.236 $1,739,206
Assets (pledged to secure said bds.)-Stocks (par). Of Total las. Bonds (par).
Oper ,gon ,&c expenses 1.194,292
1.251,505
1,409,340 1,386.454 Chicago City Ry
$16,971.900 $18,000,000
Calumet & South Chicago By
10,000,000 10.000.000
Net earnings
$32,348
$79,196
$352,751 Southern Street By
$137,896
2,400,000 2.400.000
Other income
47,655
67.838
28,227 Hammond Whiting & East Chic. By
1,000,000(a11)1.000,000
74.141
1,000,000
Chicago Ss Western
72,000
72,000
Total income
$80,003
j
$147.034
Outstanding ,bonds not pledged to secure aforesaid bonds, viz.:
$212,037
$380,978
boiNis
Federal taxes
4,940
6,635
50,000
10,000
x. $33.926,000;
$5,393,000.-V. 114, p. 624.
Other charges
40,482
44,088
22,021
66,430
xPreferred dividends
(4%)110,838 (6)159.180 (6)159,180
Detroit Edison Company.
Balance, surplus
$34,581 def $14,527 def $23,573
$149,777
(Annual Reportfor Fiscal Year ended Dec.31 1922.)
Previous surplus
adj 219,810
237,841
123,964
264,067
President Alex Dow,New York,Jan. 15,says in substance:
Profit & loss surplus.. $254,391
$223,315
$273,741
$240,494
The past year
x Preferred dividends paid in Pref stock in 1921, 4%. on full shares although retarded was one of better business, continued during the year,
in the middle 6 months by the national fuel and transand in 1920 paid 15-6% in cash, 839.795. and 4%. 8119,385,in Pref. stock
portation troubles.
BALANCE SHEET DECEMBER 31
Territory Serred.-We did not
our boundaries during the year
and we have no present decire to enlarge The territory within the present
1922.
Assets
1921.
do so.
Liabilities1921.
boundaries continues to grow in population, and to change its status in
961,393
Cash
889.444 Pref.6% non-cum, 1922.
many localities from rural to suburban and from suburban to urban. Our
58,344
Accts.& notes rec.
128,703 stock
x22.886,514 82,886,514
232,777
Inventory
285,332 Common stock.. _y4,029,570 4,029,570 estimate of the population to-day is 1,500,000. The rural extensions are
a problem. Company has heretofore been liberal in this matter of rural
Inv. P'less Weigh'g
Accounts payable_
70,514 extensions, but we will
63,972
Machine Co_ __ _ 702,886
presently be either encouraged therein or be checked
602.950 Notes payable_ _ _ _
50,000
135,000 by the answer which the
106
M heed. Inv
State must soon give to the economic question.
106 Weigh. & sales co.
The
business within present territorial limits is well indicated
mach.,
Real est.,
bonds
90,400 by thegrowth ofin the
87,900
Increase
number of electric meters. The number of these
&a., less deprec_ 1,128,044 1.133.326 Fed. taxes & other
meters at the
Pats.,leases & contr 5,191,427 5,192,177 conting. (eat.)..
13,655 At the end ofend of 1922 was 336.910. At the end of 1921 it was 307,491.
10,240
1917 it was 200,874 and at the end of 1912 it was 70,763.
7,610
16.929 Surplus
Deferred charges
223,315
254,391
Output.
-Output far the year reached a total of 1.105.211.100 k.w.
hours, of
produced by steam
$7,382,587 87,448,967 Total
k.w.
Total
87,382,587 97,448,967 remainderwhich 1,089.678,800 waterhours was The corresponding and the
by the Huron River
powers.
figure for
x Pref. stock authorized 60,000 shares, par value $50 each, $3.000.000. 1921 was 897.980,200 k.w.
hours, and for 1920 1.002,306,000 k.w. hours.
less in treasury, $113,486. y Common stock authorized 90,000 shares,
Construction.
-The most important single item of construction was the
par value $50 each, $4,500,000. less In treasury, 8470.430.-V. 116, p. 413. Marysville power plant,
which went into commission in November with one
514
THE CHRONICLE
10,000 k.w. and one 30,000 k.w. turbine and the necessary boilers. Another
10,000 k.w. turbine which has been in use temporarily at Conners Creek
(in place of the 20,000 k.w. turbine being overhauled) will presently be
moved to Marysville, completing that installation for the time being.
The net addition to the plant investment account
-that is to say, the
total construction and reconstruction during the year, less the value of
property taken out of service-was $9,153,549.
We are proceeding with the construction of the Trenton Channel plant.
The first two steam turbine units will each be of 45,000 to 50,000 k.w. capacity, and we think we will want the output of one of these within 12 months.
Capital Increase.
-Capital stock outstanding was Increased from $28.012.700 to $34.454,900. Of this increase $1,786.800 results from the conversion of debentures and $4.655400 from sales of treasury stock. Of
the stock $1.231,500 was bought in 1922 in small lots, not exceeding 10
shares, by customers and employees.
No. of Stockholders.
-Total number of stockholders is now 7,953. Of
these there are 4,744 resident in our service area-that is to say, they are
our customers, and of that number 395 are employees of our company.
Debentures.
-Outstanding convertible debentures were reduced during
the year by $1,786,800, the amount converted into stock, and were increased
by the issue as of Dec. 15 of $6.550,900 6% series of 1932, authorized by
stockholders Nov. 10. (V. 115, p. 2798.) The conversion of the 7% debentures continues steadily. The 8% series of 1931 are now convertible
and are also subject to call.
Outlook.
-We think that the expression with which we closed the 1921
report is once more in order, as follows: We do not think that further
progress will be sudden or rapid-we think it will be cautious. On the
other hand, we think that it will be sure and we are warranted in expecting
and preparing for a healthy growth of our company's business.
CONSOL. INCOME ACCOUNT (INCL. ALL CONSTITUENT COS.).
Calendar Years1922.
1921.
1919.
1920.
Gross revenue
$26,408,159 $23,382,898 $21,990,351 $16,498,391
Oper. and non-oper. expenses and taxes
x16,823,614 15.639.063 17,056,658 11,428,073
Depreciation reserve_ _ _ - 2,415,000
1,460.000
860,000
400,000
Net income_ _ _
$7,169,545 $6,283,836 $4.533,693 $4,210.318
Interest paid & accrued.. 3,556,381
3,433,665
2.462,757
1,721.583
Dividends (8%)
2,599,278
2,234,339
2,201,627
2,058,531
Balance, surplus
Previous surplus
$1,013,886
1.965,843
$615,832 def.$130,691
1,653,687
2,659,75E1
$430.204
2,401,213
Total
$2.979,729 $2,269,519 $2,529.067 $2,831,417
Adjustments
Dr.$9,454
Cr.$1,185 Cr.$59.037
$19,447
Renewals, &c. (addl)700,000
Insurance reserve
32.584
Extinguishment of disc't
on securities, &c
272.276
353.743
152,212
234.415
Total surplus Dec. 31- $2.616,534 $1,965,843 $1,653,887 22,659,758
- x Statistics furnished to New York Stock Exchange for years ending
Nov. 30 1919 and 1920 show that for those years the Federal and other
taxes included in operating and non-operating expenses amounted to $973,850 and $1,127,350 respectively; for the calendar year 1921. $1.524,000,
and for the 12 months ended Oct. 31 1922, $1,725,800.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1922.
1921.
1922.
1911.
AssetsLiabilities$
$
$
Property
95,316,391 86,162,841 Capital stock___z34,454,900 28,012,700
Investments and
Inst.pd.on cap.stk. 483,342
special advanc's 4,016,934 3,595,018 Funded debt___x69,062.900 64,298,800
Cash
801,700 Inst.pd .00' debs. 142,950
2,469,335
Notes& accts. rec.4,614,687 3,897,868 Notes, &c., pay_
2,950,000
Materials& supp. 2.922,587 4,111.622 Dividends payable 688,326
560,254
Special deposits_
. 78,973
73,742 Accounts payable 2,035,516 1,096,634
Deferred charges_ 4.954,896 5.099,631 Accrued liabilities 2.346,844 2,241,329
Prepaid accounts 586.906
564,251 Perm.& corp. res. 104,163
55.765
Insurance InvestOperating reservey4,362,831 3,551; 6
997
76
meats
437,597
426,650 Surplus
2,616,534 1,965,843
Total
116.298.306 104,
733,322 Total
116,298,306 104733,322
x See itemized statement of funded debt on p. 102 of Nov. 1922 Issue of
"By. & Indus. Section." y Includes (a) renewal, replacement and contingent depreciation reserve, $3,704.068; (b) casualty insurance reserve,
$445,071; (c) other reserves, 4213,691. z Capital stock authorized, $60,000.000.-V. 116, p. 301, 182.
Childs Company, New York.
(Report for Fiscal Year ending Nov. 30 1922.)
[VOL. 116.
Study of NatiotVs Transportation Problems.
-U. S. Chamber of Commerce
leads in bringing about conference between railroad men and shippers.
"Times" Sec. 1, Part 2, p. 7. Jan. 28.
I.
-S. C. Commission Orders Restoration of Interchangeable Mileage Books.
Sale of books for 2,500 ndles at 20% reduction of regular rate required on
March 15. "Times" Feb. 1 p. 28.
.
Western Roads Heard on COnsolidation Plan-Proposed Union PacificNorth Western, Southern Pacific-Rock Island and Santa Fe Systems.
-"Railway Age" Jan. 27, p. 269.
Railroad Committee Opposes Car Pooling Plan-Suggested Ways of Improving Coal Transportation Discussed in Report to U. S. Coal Commission.
"Railway Age" Jan. 27. p. 293-295.
Car Surplus.
-Surplus freight cars of all descriptions and in good repair
totaled 28,282 cars on Jan. 15, an increase since Jan. 7 of 7.856 cars. Surplus box cars numbered 7,588. an increase within the same period of 897.
while there was an inrcease in the number of surplus coal cars of 665, which
brought the total to 6,155. Surplus stock cars increased within a week
2,518, the total on Jan. 15 being 6,283.
Car Shortage.
-The shortage in freight cars of all descriptions amounted
to 73,342 on Jan. 15. or 57 cars above that on Jan. 7. The shortage in
box cars amounted to 28,283, a decrease within that period of 2,612, while
the shortage in coal cars totaled 37,014, or an increase within the same
length of time of 2,771. The shortage in stock cars amounted to 2,085.
which was an increase of 34 cars over that on Jan. 7, while refrigerator cars
declined 139. which brought the total shortage to 1,972 cars.
Car Repairs.
-On Jan, 15 162,832 freight cars were in need of heavy repairs. This was a reduction since Jan. 1 of 1,209. Due principally to
weather conditions, a small increase in the number of freight cars in need
of light repairs was reported during the same period. On Jan. 15 54,368
freight cars were in need of such repairs, which was an increase of 2.398
since the first of the year. This makes a total of 217,200 freight cars, or
9.6% of the number on line in need of repair on Jan. 15, compared with
216.011, or 9.5%, on Jan. 1. Cars in need of all kinds of repair on Jan. 15
1922 totaled 319,512, or 13.9%.
Car Loadings.
-Loading of revenue freight for this time of year is running
far ahead of the corresponding period in previous years. The total for the
week which ended on Jan. 20 amounted to 875,578 cars. This was an increase of 134,469 cars over the corresponding week last year and an increase
of 156,920 cars over the corresponding week in 1921. It was also an
increase of 60,712 cars over the same week in 1920.
The total for the week of Jan. 20 this year. however, was a reduction of
7,673 cars compared with the preceding week this year.
More cars were loaded with forest products during the week of Jan. 20
this year than ever before during any one week in history. The total for
the week was 70,066 cars, which was an increase of 1,434 cars over the week
before and an increase of 20,074 cars over the same week last year.
A new record for this time of year in the number loaded with merchandise
and miscellaneous freight, which includes manufactured products, was also
established. The total for the week was 495,901 cars, 3,060 cars in excess
of the preceding week. Compared with the same week last year, this was
an increase of 72,500 cars.
Loading of grain and grain products amounted to 48.280 cars, a decrease
under the week before of 2,754 cars and a decrease of 3,935 cars compared
with the same week last year.
Live stock loading totaled 36.790 cars. This was a decrease of 3.710
cars compared with the week before, but an increase of 1,980 cars over the
same week last year.
Coal loading totaled 192.824 cars, 5,862 cars below the previous week.
This was an increase of 30.705 cars over the corresponding week in 1922.
Coke loading amounted to 13.817 cars. 22 cars above the preceding week
and 6,548 cars in excess of the same week last year.
Ore loading showed an increase of 137 cars over the preceding week, the
total being 10,900 cars. This also exceeded the same week last year by
6,597 cars.
Matters Covered in "Chronicle" Jan. 27.-(a) Railway engineers as bankers, p. 335; (b) A new high record for railroad tonnage, p. 353; (c) Large
additions to railroad equipment. p. 376. (d) Pooling of freight car equipment invites Government ownership of the railroads, says Donald D.
Conn. Manager of the Public Relations Section of the Car Service Division,
American Railway Association, p. 376.
-Stock, cfcc., Authorized.
Alabama Traction Co.
The Alabama P. S. Commission has authorized the company to sell
-year 6% 1st Mtge.
$50,000 Common stock and to issue $150,000 of 20
bonds. The bonds, it is stated, will be used in acquiring the property of the
-V.116. p. 74.
North Alabama Traction Co., under the court's approval.
-New Name.
American Electric Power Co.
See American Rys. Co. below and V. 116, p. 293.
American Niagara RR.
A bill which would authorize the company to construct a bridge across
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING NOV. 30 the Niagara River has been passed by the Senate and sent to the House.
-V. 113, p. 291.
(Including Childs Dining Hall Co. and Childs Company of Providence.)
American Rys.-Approves Plan.
1921-22.
1920-21.
1919-20.
1918-19.
Gross profits
$2,067,648 $2.139,523 $2,392,107 $1,658.005
The stockholders on Feb. 1 changed the name of the company to American
Dividends. pref.(7%) 311.149
307.091
307,091
307.090 Electric Power Co. and approved the financing plan outlined in V. 116.
xdo Common
(8%)319.992 (8)319,992 (8)319,997 (4)159,998 p.293.
Dividends sub companies
408
655
358
-Cent Fare.
Binghamton (N. Y.) Ry.-To Continue 6
Balance, surplus
The Common Council of Binghamton, N. Y., have authorized the com$1.436.507 $1,512,033 $1,764,364 $1,190,559
-cent fare.
Previous surplus
-V.114, p.1532.
3,420,959
2,865,755
2.125,260
1,342,853 pany to continue until Jan. 15 1924 the present 6
Total
14,857.466 14,377,788 $3,889,624 12.533.412
Boston Elevated Ry.-Must Accept Wage Cut.
Reserve account
146.785
180,836
123,112
20,178
As a result of a decision of the trustees of the road, employees must accept
Depreciation account_.
533,200
525,993
400,757
387,973 the 2 cents an hour reduction in their wages, effective Jan. 1. The carmen
Reserve for contingencies
250,060
250,000
500,000
had petitioned for a deferment of this wage cut on the ground that living
costs had gone up since July, whot the joint agreement reducing the wages
Total surplus
$3,927,480 $3,420,959 $2,865,755 $2,125,260 had been entered into. With the cut in effect, the motormen and conducx Dividends totaled $831,142; divided by Editor as shown above.
-V. 115, p. 2904.
tors will receive a wage scale of 61 cents an hour.
CONSOL. BALANCE SHEET NOV. 30(INTER-CO. ITEMS ELIM•TED).
-New Officers.
Boston Revere Beach & Lynn RR.
1922.
1921.
1922.
1921.
Karl Adams has been elected President succeeding John A. Fenno, who
Assets5
Liabilities$
i
a
has been elected Chairman of the board. Charles J. Curtaz, Cashier,
ReeVmnts. plants,
Common stook_ 3,999,900 3,999,900 succeeds Mr. Adams as Treasurer.
-V. 115. p.1941.
leaseholds, &e..:11,020,401 10,022,547 Pref.(7% cum.)stk 4,613,300 4,387,100
Res. (real estate
Common serip..___
100
100
Buffalo & Lake Erie Traction Co.
-Construction.
and cash on dep.) 1,333,165 1,186,379 Other capital stock
1,200
1,200
The company, it is stated, is preparing plans to build an extension in
Cash
1,481,595 1,439,421 Notes& acets.pay. 1,483,806 1,304.989 Erie, Pa., which will provide transportation facilities for the new annexed
Stocks owned
181.153
181,622 Reserve for taxes_ 602,478
714.017 section southeast of the old city. It is proposed to form a holding company
Notesrec.acc.,&a
708,150
408,531 Reserve account... 1,333.165 1,186,379 which will install the extension and lease the line to the traction company
Govt., State and
750,000 until the latter can assume title to it.
Res. for coating__ 1,000,000
-V. 115, p. 1836.
Ry. bonds
573,651 1,190,291 Surplus
3,927,480 3,420,959
Mdse. inventory__ 241.275
227,157
Buffalo Rochester & Pittsburgh Ry.-Regular Dividend
Real est..lessmtils. 1,422,038 1,108,697
-To Be Paid from
Declared.
Total
16,961,428 15,764,644
16,961,428 15,764,644
Total
x After deducting $4,152,434 depreciation.
-V. 115. P. 1637.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
mterest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Accumulated Surplus.
-Will
Report Deficit of About $1,000,000 for 1922.
-
The directors have declared dividends of $3 per share on the Preferred
stock and $2 per share on the Common stock. payable Feb. 15 to stockholders
of record Feb. 10.
An official statement says: Dut.to the practical suspension of coal mining
in central Pennsylvania for 5 months combined with the strike of shopmen, the road suffered a serious decline in its tonnage and will report a
deficit of about $1,200,000 for the year. Equipment and other property
has been well maintained, however, and during the last quarter of the year
the road has been able to handle a maximum volume of tonnage with
satisfactory net results. Dividends will be paid out of surplus accumu-V. 115, p. 2793.
lated in previous years.
Carolina & Yadkin River RR.
-Sale.
-
The road will be sold at public auction on Feb. 19 by order of Judge
Stack of the Superior Court at Queensboro, No. Caro.
-V. 115, p. 2045.
Chesapeake & Ohio Ry.-New Control.
-
I.
-S. C. Commission Gives Permission to Merge Lines.
Control of the company having been acquired the following new directors
-New York Chicago
& St. Louis RR. and other lines in Middle West to take over control of have been eicted: 0. P. Van Sweringen. as Chairman; M. J. Van SwerChesapeake & Ohio RR.by assuming 7 out of9 places on board of directors. ingen. Otto Miller, J. J. Bernet, J. R. Nutt. C. L. Bradley and H. M.
"Philadelphia News Bureau" Jan. 31. p. 3.
-S.
Hanna. The first six named directors have been authorized by the I.
Rate Reduction.-gpecial permission for reduction of rates was granted by C. Commission to hold the positions of directors of the Chesapeake & Ohio
I.
-S. C. Commission to all railroads routing freight via Kansas City Mexico Ky. and of certain of its subsidiaries while continuing to hold positions
& Orient to and from Southern Texas. "Philadelphia News Bureau" with the New York. Chicago & St. Louis RR. Co. and other carriers.
Jan. 26. p. 3.
The retiring directors are: H. E. Huntington, C. E. Graham, 11. 0.
U. S. Railroad Labor Board Grants Eight-Hour Day to signalmen.
- Ferguson, Robert Gibson, A.C. Rearick,0.B. Wall and It. T. Wickham.
"Times" Feb. 1, p. 28.
V. 116. p. 175.
FEB.3 1923.]
THE CHRONICLE
Chicago Aurora & DeKalb Electric Ry.-Sale.The road was recently sold to Israel Joseph of Aurora, Ill., at a mortgage
foreclosure sale in Geneva for $90,000. The line Is 31 miles long and runs
between Aurora and De Kalk.-V. 115. p. 1837.
Chicago Elevated Rys. Collateral Trust.
-Equipment.
New equipment costing $3,230,000 will be received by the company
between Feb. 1 and April 30. The order for these cars was placed during
the latter part of last fall. One hundred new steel motor cars of special
design, costing $22.000 a piece, will be placed in operation in April. See
V. 115. P. 1531. 2476. 2577.
Chicago Milwaukee & St. Paul Ry.-New Director.
-
515
Georgia Railway & Power Co.
-Initial Dividend.
-
An initial dividend of 1% has been declared on the Common stock,
payable March 1 An Initial dividend of 4% on the 2d Prof. stock has
also been declared, payable in quarterly installments of 1% each, beginning
March 1.-V. 115. p. 2905.
Green Bay & Western RR.
-Annual Dividends.
-
The directors have declared dividends of 5% each, payable on the Class
"A" debentures and capital stock and ;If of 1% on Class "B" debentures,
all payable Feb. 10 to holders of record Feb. 9. In 1922 an annual dividend
of X of 1% was paid on the Class "B" debentures.
-V. 115. IL 1631.
Hartford& Springfield St. Ry.-To Continue Operations.
John McHugh,President of the Mechanics & Metals National Bank, has
Harrison B. Freeman, as receiver, has been directed to continue operabeen elected a director to fill one of the two vacancies on the board.
- tions for another four months from Dec. 19 1922.-V. 115, P. 183.
V. 116, p. 409. 75.
Helena (Mont.) Light & Ry. Co.
-To Abandon Service.
-
Chicago North Shore & Milwaukee RR.
-Bus Lines.
- The company recently applied to the Montana P. S. Commission for
The company has established a feeder bus line from Waukegan, Ill., to authority to abandon service on its Kenwood and State St. trolley lines.
Kenosha. Wis., a distance of 16 miles. The railway started a bus service -V. 113. p. 2311.
on Aug. 12 between Lake Geneva and Kenosha and the establishment of
other feeder lines is under consideration.
-V. 115, p. 2904.
Hocking Valley Ry.-New Control.
0. P. Van Sweringen. as Chairman,: M. J. Van Sweringen, J. R. Nutt
Cincinnati Traction Co.
-Tax-Payment Deferred.
Otto Miller, C. L. Bradley. J. J. Bernet and W. A. Colson. The I -S. C.
The City Council of Cincinnati, 0., on Jan. 10 passed an ordinance de- Commission has approved the application
ferring for six months payment of the $350,000 franchise tax provided for to hold such positions while also holdingof the new directors for authority
similar positions with the New
in the service-at
-cost franchise granted the Cincinnati Traction Co.
- York. Chicago & St. Louis.
V. 115, p. 759.
The retiring directors are: H. E. Huntington, C. E. Graham, H. L.
Ferguson, Robert Gibson. A. C. Rearick, G. B. Wall and H. T. Wickham.
Danville (Va.) Traction & Power Co.
-Fares.
-V. 115. p. 1428.
A7
-cent cash fare became effective Jan. 1 last and will remain in force
for 234 years. Ticket fares will remain at 6 cents.
Indiana Columbus & Eastern Traction Co.
-V.95, p. 749.
-Interest.
The May 1 1922 coupons pertaining to the Dayton Springfield & Urbana
Dominion Power & Transmission Co., Ltd.-Ry. Service By. Co. 1st Mtge. 5% 30-Year gold bonds due Nov. 1 1928 are being paid
Service on the Hamilton & Dundas.Street Ry. was not discontinued on at their face amount, together with 6% interest thereon, viz. $113 per
Jan. 31. The Dundas Council on Jan. 29 approved of proposals made by coupon, upon presentation thereof at the New York Trust Co.. 100 Broadthe company and agreed to workmen's single fares being increased from 631 way, N. Y. City.
-V. 116. p. 76.
to 10 cents for a period of 6 months.
-V. 110. p. 764.
Indianapolis Union Ry.-Bonds Authorized.
-S. C. Commission has authorized the company to issue $4.000,000
The I.
East Jersey Railroad & Terminal Co.
-Notes Authorized.
The I.
-S. C. Commission has authorized the company to issue, payable Gen. & Ref. Mtge. bonds, Series "B,' to be sold at not less than 9634 and
to the order of American Car & Foundry Co., 24 promissory notes not ex- int. and the proceeds used to retire $4,000.0006% notes maturing Feb. 1 '23.
The Commission also authorized Pittsburgh Cincinnati Chicago & St.
ceeding in the aggregate $187.938; said notes to be delivered to the American
-V. 116. p. 295.
Car & Foundry Co. in procurement of 26 50
-ton, 10,000-gallon. type 20, Louis Ry. to guaranty the bonds.
class 3, tank cars; 3 40-ton, 8,000
-gallon, 3
-compartment. type 20, clam 3.
Interborough Rapid Transit Co.
-Report for Dec. and
tank cars (with steam coils); 36 56
-ton, 10-000-gallon, type 20. class 3.
tank cars (with steam coils) 25 50
-ton, 10.000-gallon, type 20, class 3, tank 3 Months ended Dec.31 1922
-Suit byManhattan Stockholders.
cars. and 25 50
-ton„ 10,000-gallon, type 20, class 3, tank cars (with steam
Month of Three Mos.
coils). The Tide Water Oil(Jo. owns the East Jersey RR. & T3rminal Co.
December. end.Dec.31.
Total revenues
$4,959.770 $14,539,959
Eastern Wisconsin Electric Co.
-Bonds Offered.
-Hill, Operating expenses, taxes, &c
3,402,784 10,158.491
Joiner & Co., Paine, Webber & Co. and Halsey, Stuart &
Balance
$1,556,986 $4,381,468
Co., Inc. are offering at 92M and int., to yield over 6.65%, Interest charges
1,010,799
3.033,418
$1,917,000 1st Lien & Ref. M. 6% gold bonds, Series A. Miscellaneous deductions
51.940
151.600
Dividends on Manhattan stock
150,000
450,000
(See advertising pages.)
Dated Dec. 11922. Due Dec. 11942. Int. payable J. & D.in Chicago
Balance
$344.247
$746,450
or New York without deduction of the normal Federal income tax now or
An official statement says:
hereafter deductible at the source not in excess of 2%.
"Total accrued preferential up to Jan. 1 1923 was $9,536,069. which the
all or part,
on or after Dec. 1 1932 and prior to Dec. 1 1937 at 105 and int., and there- Interborough failed to earn and must be paid before any money goes to
Red..
after prior to Dec. 1 1941 at 10234 and int., less M of 1% per annum for N. Y. City. The preferential for the month of Dec. 1922
each year or fraction thereof elapsed after Nov. 30 1938; if redeemed on amounted to $48,837 and would have applied to the city ifwas earned and
everything was
or after Dec. 1 1941 at 100 and int. Donom. $1,000. $500 and $100 (c*) on an even keel, but for the three months ended Dec. 31 1922 the
InterTax refund in Pennsylvania, Massachusetts and Connecticut.
borough failed to earn the preferential by $117,188, as compared with an
Issuance.
-Approved by the Railroad Commission of Wisconsin.
earned preferential of $13,931 for the same period 1921.
"The increase in the operating expenses, taxes and rentals paid the city
Data from Letter of Pres. Marshall E. Sampsell, Chicago, Jan, 22.
Company.-Incorp. in Wisconsin in 1917. Now serves, directly or indi- was largely attributed to the higher price of coal. Coal was obtainable
rectly, 25 communities, with one or more classes of service, namely, electric during the quarter ended Dec. 31 1921 at $6 25 per ton and for the same
light and power, street and interurban railways. Among the more impor- period of 1922 $7 50 was paid. As the Interborough uses approximately
tant cities served with one or more classes of service are: Sheboygan, Fond du 70,000 tons a month, the total amounted to $892.500 for the last quarter
Lac, Oshkosh and Neenah. Population estimated at 110,000. Company of 1921. compared with $1,575,060 for the same period of 1922, an increase
owns and operates interurban electric railways connecting the city of She- of $672,500.
"The net corporate income, as reported to Transit Commission for three
boygan with Elkhart Lake and the city of Fond du Lac with the cities of
Oshkosh, Neenah and Omro. Company has two central electric generating months ending Dec. 21 1922, was $216,555, as compared with a deficit of
stations located at Sheboygan and Fond du Lac, respectively, which are $194,603 for the last quarter of 1922."
See also Manhattan Ry. below.
connected by its new 66,000-volt, double circuit, high tension, transmission
The company has filed a judgment for $6.935,467 against the New York
line. Company's gas plant at Fond du Lac is of modern and recent construction, especially designed for economical and efficient operation. This & Queens County Ry. Co.for material supplied and labor and maintenance.
The claim is based upon a series of promissory notes some of which date
plant has a rated capacity of 600,000 cubic feet of gas per day.
back to 1909.-V. 116, p. 410, 295.
Capitalization After This FinancingAuthorized. Outstand'g.
Preferred 7% stock
$5,000,000 $1,340,000
International Ry., Buffalo.
-Adopts Mitten Plan.Common stock
a2,000,000
700,000
The company has adopted and will operate under the Mitten Co-operative
Underlying bonds
63.847,000 Plan.
1st Lien & Ref. M., Series A (this issue)
1,917,000
In accordance with decision of the general committees, which are coma Company has recently been authorized by the Wisconsin RR. Comm. posed of 50% employer and 50% employee, the basic maximum wage
to Issue and sell, at par for cash. S300,000 additional Common stock. of 55c. per hour has been set for one year from Dec. 31 1922. Thereafter
13 Of this amount $1,182,000 East. Wis. Ry. & Lt. 5s, due Oct. 1 1923, the basic hourly maximum wage paid trainmen, with corresponding adjustwill be retired on or before that date through further issuance of Series A ments in the wages of employees in other departments, will be determined
by the general committees, with due consideration of the rate of wage
bonds already authorized by the RR. Comm. for that purpose.
paid in similar cities, changes in the cost of living, and the ability of the
Purpose.-Procceds will be used to retire the 3
-Year 7%
notes, due March 1 1923, to retire certain of the underlying Gen. M. gold company to pay.
-V. 115. p. 2267.
bonds, and to
reimburse company for additions and betterments heretofore made.
Security.
Inter-State Public Service Co.-BondApplication,&c.-A direct lien on all of the property, rights and franchises of
the company now or hereafter owned subject to $3.847,000 underlying
The company has applied to the Indiana P. S. Commission for authority
bonds. Further secured by the deposit with the trustee of $1,852.000 to issue at not less than 89 $7,192,000
-year 1st & Ref. Mtge. bonds
6% 25
1st & Ref. M. 5s, due 1947. 1st & Ref. M. will on
become a to be dated Feb.
to be
first mortgage on all of the property owned, except theOct. 1 1923 properties by the company, 1 1923.retire used in retiring $4.048,000 of bonds issued
Sheboygan
and to
$3.144,000 of outstanding bonds of underand the interurban line from Sheboygan to Elkhart Lake, formerly owned lying issues on properties bought by
the company. It is understood that
by the Sheboygan Electric Co.
Halsey, Stuart & Co. may offer the bends if approved.
Maintenance & Renewal Fund.
The underlying issues assumed by the company, which it now wishes to
-Mortgage provides
endar year. beginning 1923, company shall expend an that during each cal- retire are as follows:
less than 10% of the grass earnings from operation of amount equal to not
Bedford
erties, to (a) the making of repairs, renewals and the mortgaged prop- $39,000. Light, Heat & Power Co., 1st & Ref. 5%.. due Jan. 1 1933.
replacements; (b) the
making of extensions, or the acquisition of
Northern Public Service Co. of Indiana; 1st & Ref. 6%.due Dec. 1 1933.
properties on account of which
the company would otherwise be entitled
$20,000.
(c) the redemption and cancellation of any to receive additional banks; or
Lebanon Heating Co., 1st Mtge. 6%,due July 11932. $28,000.
bonds issued under and secured
by this mortgage.
Citizens' Electric Light & Power Co., 1st & lief. 6%, due Oct. 1 1923.
$33.600.
Earnings for the Twelve Months ended Nov. 30 1922.
Newcastle Light. Heat & Power Co., 1st Mtge. 5%, due Jan. 1 1929,
Gross earnings, including other income
$1,533,949 $328,800.
Operating expenses, including maintenance and all taxes
995.768
Seymour Public Service Co., 1st Mtge.6%,due Dec. 11928, $163.700.
Louisville & Southern Indiana Traction Co., 1st Mtge. 5%, due Sept. 15
Net earnings
$538,181 1923, $999.000.
Annual interest on all bonds outstanding in
the hands of the
New Albany Water Works, 1st Mtge. 5%, due Jan. 1 1925, $150.000.
public, including this issue, requires
$307.370
New Albany Water Works, 1st. Mtge. Consolidated Mtge. 5%.due April
Franchises.
-Operates in Wisconsin under indeterminate permits created
1 1924, 5356,000.
the statutes of the State. Under the Wisconsin
by
law company is assured
Southern Indiana Power Co.. 1st Mtge.6%.due Jan. 11931. $553,000.
necessary rights to do business without
competition at rates which shall
Hawks Electric Co., 1st Mtge.6%,due Oct. 1 1935,$200,000.
be fixed to earn a fair return on the capital invested so long as its service
Hawks Electric Co.._. Gen. & Ref. 6%, due April 1 1929, $117.500.
conforms to the reasonable requirements of the RR.
Commission.
Winona Electric Light & Power Co.. 1st Mtge. 55, due Sept. 1 1933.
Management.
-Is now controlled by the Middle
West Utilities Co. $156,000.
-V. 116. p. 410.
The Commission authorized the company to merge the following subsidiary companies: Southern Indiana Power Co.. Hydro-Electric Light &
-To Extend Bonds.
Erie RR.
Power Co., Hawks Electric Co., Winona Electric Light & Water Co.,
The company has applied to the I.
-S. C. Commission for authority to
extend for ten years from March 11923. the payment of $4.617,000 New Middlebury_ Electric Co. and the Electric Transmission Co. of Norther
Indiana.-V. 115, p. 2684.
York & Erie RR. 3d Mtge. Extended 434% bonds.
Drexel & Co. announce they are prepared to deliver 5% Equipment Trust
Johnstown (Pa.) Traction Co.
-Operates Bus Lines.
certificates. Series "II H," in definitive form in exchange for their interim
The company through its subsidiary. the Traction Bus Co.. on Jan. 21
certificates. (For offering of aforesaid certificates see V.
114, p. 2378.) placed the second trolley feeder bus line in operation in Cambria County.
-v. 115. P. 2793
.
-cent fare is charged. A few weeks ago the traction company
Pa. A 5
opened the first bus line.
-V. 115, p. 543.
Escanaba & Lake Superior RR.
-Notes.
-C. Commission Jan. 23 authorized the company to issue $355,The I.
-S.
Kansas City Mexico & Orient RR.
-State Ownership.
-Year 6% promissory notes: said notes to be exchanged at par for
000 5
A memorial from the Texas State Legislature, requesting the Federal
certain maturing notes or sold at par and the pfoceeds used in retiring
Government to relinquish its lien on the Orient. so that Texas may take
matured notes.
-V. 114. p. 2823.
over and rehabilitate it, was presented to the House of Representatives
Fort Smith & Western RR.
-Receiver Discharged.
Jan. 27 by Representative Hudspeth. Under the plan the State would be
This road sold at public auction Jan. 16 for approximately $900,000 permitted to specify rates on the road at
a level which would "save it from
to A. C. Dustin of Cleveland, former President of the road, as a repre- the scrap pile."
sentative of his own interests and the bondholders has been discharged
The memorial set forth a plan of Lieut.-Gov. Lynch Davidson of Texas
from receivership.
-V. 116, p. 295.
for saving the railroad from abandonment under which Federal and State
516
THE CHRONICLE
[VOL. 116.
laws would be relaxed, 50% of the net profits would go to repay money Iron Co. for the sum of $8,000.000 to be paid by the latter to the former,
due the State and 50% to reimburse the Federal Government for any funds the Iron Co. having first paid a dividend of $6,000,000 out of the surplus
advanced. A pioneer section of Texas is traversed by the road, the memo- earnings to the Reading Co.
The plan now submitted does not differ in any other material respect
rial says, and discontinuance of operations would be disastrous. The
from that which was approved by the U. S. District Court in June 1921
memorial continues:
"Proper maintenance can come only through united action of the Federal (V. 112, p. 745. 306). The rights of both the Preferred and Common
-S. C. Commission permitting the road to be taken over stockholders of the Reading Co. to purchase certificates of interest in 1,400,Congress and the I.
and operated under such conditions as will permit it to continue as a factor 000 shares of no par stock of the new coal company are unchanged. Such
in development of that section through which it has been constructed." 1,400,000 shares will be sold to the Reading stocicholders for $4 a share.
As there are 2.800.000 shares of Reading stock, this means the payment of
-V. 115, p. 2905.
$2 a share on Reading stock outstanding.
Lafayette •(Ind.) Street Ry., Inc.
-Stocks-Bonds.
A supplement to the plan offers the holders ofthe General Mtge. bonds the
The Indiana P. S. Commission has authorized the company to increase privilege of receiving in exchange for each 51,000 of bonds surrendered
its authorized Common stock from $125,000 to $200,000 and to issue $200,- as follows: $100 cash. $600 4% 74-Year General (or, if and when practi-year 7% bonds. The corporation will cancel its $125,000 of Pref. cable, First) & Ref. Mtge. gold bonds, Series A, of the Reading Co. and
000 of 20
stock, which was authorized but never issued.
-V. 115, p.1321.
$300 43 % 50
-Year Ref. Mtge. Sinking Fund gold bonds of the Coal company, total $1,000. This offer is conditional upon the acceptance by the
Lehigh Valley Transit Co.
-Sued for Dividends.
holders of at least 75% of the amount of the bonds.
A dispatch from Norristown,Pa.,says a suit has been filed there to tequire
The full text of the modified segregation plan is given
the company to declare a 5% dividend on its Preferred stock. A dividend
under "Current Events" on a preceding page.
of 1 tI% was paid on this issue in Feb. 1918: none since.
-V.114, p. 1765.
-V. 116, p.
Manhattan Ry.-Stockholders Bring Suits.
-
177, 70.
Two suits by stockholders to compel the Interborough Rapid Transit Co.
Richmond Fredericksburg & Potomac RR.
-Div., dec.
to pay dividends suspended in Oct. 1921 were filed in the New York SuThe
preme Court Jan. 29. Stephen Peabody. owner of 1,100 shares, demands of the stockholders will vote Feb. 5 (1) on acting upon the recommendation
directors with respect
$11.550 as the sum due in quarterly dividends since that time, and Nina tions to the extent of 100% ofto the proposed issuance of dividend obligathe
H.Peabody asks $1.417. The complaint in each case alleges that when the teed stock, the Common voting amount held by each holder of the guaranstock and dividend obligations, and (2)
Interborough leased the elevated lines from the Manhattan Ry. in 1903.
it agreed to pay not less than 6% nor more than 7% dividends, but has on increasing the authorized Capital stock to $15,000.000.-V. 116, p. 296.
refused to pay since Oct. 1921.-V. 116, p. 296, 176.
St. Joseph (Mo.), Ry., Lt., Ht. & Pow. Co.
-Wages.
The
has reduced the wages of
Minneaplis St. Paul & Saulte Ste. Marie Ry.-Equip. 5 centscompany effective Jan. 1 1923.-V. its railway employees 3,4 and
an hour,
116, p..78.
The I.
-S. C. Commission has authorized the company to issue $2,360.000
Equip. Trust certificates, dated March 11923. to be issued by Pennsylvania
St. Louis-San Francisco Ry.-Certificates Soon Ready.
Co. for Insurance on Live & Granting Annuities, Philadelphia. The cerThe Series "AA" Equipment Trust certificates dated Sept. 1 1922 will
tificates are to be sold at not less than 97.9% and proceeds used for the
be ready in definite form for delivery in exchange for outstanding tempurchase of certain equipment.
-V. 115. p. 2905.
porary certificates at the Guaranty Trust Co., 140 Broadway, N. Y. City,
Morris County (N. J.) Traction Co.
-Bonds Authorized. on and after Feb. 5. (See offering in V. 114, p. 1211.)-V. 116, p. 78.
The New Jersey P. U. Commission recently authorized the company to
Salt Lake & Utah RR.
-To Sell Preferred Stock.
execute a $5,000.000 mortgage and issue $1,600.000 of the bonds. The
The Utah Securities Commission has granted the company a license
mortgage is dated July 15 1922 to the Peoples Savings & Trust Co., Pittsto sell 550.0007% Cumul. Pref, stock, par $100, at a discount of$5 a share.
burgh, trustee.
-V. 115, p: 74.
-V. 115. p. 2581.
New Orleans Ry. & Light Co.
-Further Timefor Deposits
The committee for the $5,020,000 Ref. & Gen. Lien 5% gold bonds
(George K. Reilly, Chairman), in a notice to the holders of these bonds and
depositors under bondholders' agreement dated Jan. 21 1919, states that
over 94% of the bonds have been deposited under the plan and agreement
for reorganization (see plan in V. 114. p. 2823). A further extension of
time within which to make deposits will be granted to and including March
19 1923, after which date no deposits will be received. The notice further
states: Non-depositing bondholders will receive no benefits from or distribution of securities or cash under the reorganization plan, and, as holders
of such non-deposited bonds, eventually will receive only a small cash
distribution from certain moneys held by the trustee under the mortgage
securing: said bonds and certain moneys held by the court from the proceeds of the purchase by the committee under the foreclosure proceedings
of $958,000 Gem. M. 434% gold bonds of the railway company theretofore
held by the trustee as security for the said bonds. This sum, in the case
of non-deposited Series A bonds, will amount approximately to $129 50 per
bond of $1,000, and in the case of non-deposited Series B bonds will amount
approximately to $6 10 per bond of the principal amount of 516 francs.
These estimated sums are subject to change, as court charges and costs
have not yet been determined. Accordingly, bondholders who have not
yet deposited their bonds are urged promptly to do so.
-V. 115, p. 1632.
New York & Queens County Ry.-President Resigns.
William 0. Wood has resigned as President and General Manager.
Lincoln C. Andrews was recently appointed receiver and E. A. Roberts as
general manager to the receiver.
-V. 116. P. 296.
Northern Massachusetts St. Ry.-Receivers' Certifs.-
The company has been authorized to dispose of $25,000 of receiver's
certificates.
-V. 115, p. 1321.
Northern Pacific Ry.-Bonds Authorized.
The I.
-S. C. Commission has authorized the company to issue not exceeding $17,859,000 Ref. & Impt. Mtge. 5% bonds, $10,000,000 of which
to be sold at not less than 963. and int. and $7,859,000 to be placed in the
company's treasury. See offering of 510.000,000 of bonds in V. 116, p. 410.
Peninsular Ry., Calif.
-Abandonment.
The California RR. Commission has authorized the company to abandon
its franchise and remove its equipment in Bird Ave., Coe. Ave. and Lincoln
Ave. between the intersection of Lincoln Ave. & Willow St. and to operate
its cars between San Jose and Los Catos by way of Campbell over Willow
St. and Delma.s Ave. The order requires that the consent of the local
authorities must be obtained for the relinquishment of the street railway
franchise.
-V. 114. p. 2241.
Peoria & Eastern Ry.-Proxies Asked.
-
Brown & Coombe, 100 Broadway, are asking stockholders for proxies
in the names of Thomas Denny, W. A. Carnegie Ewen and H. Bernard
Coombe for the purpose of voting at annuarmeeting. In a circular the firm
says that differences have arisen as to the management of the company by
the Big Four, especially in the disposition of a cash fund now of about
$800,000 belonging to the Peoria & Eastern and held by the Big Four for
depreciation and retirement of the Peoria & Eastern equipment.
-V.
114. p. 2470.
Public Service Corp., New Jersey.-Gets Back Taxes.
Officials of the company have announced the receipt of a check for
$265,997 from the 1reasurer of the United States, reimbursing the company for taxes illegally levied and collected by the Government. The
taxes were assessed for the years 1909 to 1912 inclusive, as Federal excise
imposts on certain leased utility companies which were not actually
operating companies.
-V. 116. p. 411, 296.
Public Service Ry.(N. J.).
-Fare Appeal Delayed.
The U. S. Supreme Court recently granted an indefinite delay foc the argument of the appeal of the New Jersey P. U. Commission against the
-cent fare order made over a year ago by the special Federal tribunal
8
sitting at Trenton, N. J. The appeal was to have been argued Jan. 10,
but by agreement of counsel for the State and counsel for the Public Service
Ry. Co. it was put over to a date undetermined.
Concluding argument will be held Feb. 6 in Newark, N. J. In the proceedings before Special Master Thomas G. Haight, on appeal ' the trolley
of
company to determine if the rate of 7 cents with 2 cents for transfer, fixed
by the Utilities Board, Is confiscatory.
-V. 115. p. 437.
Reading Co.
-Second Modified Segregation Plan Filed with
Court
-Divides Liability of Gen. Mtget 2-3 to Reading Co. and
1-3 to Coal Company-Iron Company to Go to Coal CompanyPhila. & Reading Ry. to Merge with Reading Co.
-Stockholders'
Right to Purchase New Coal Co.'s Stock of No Par Value, at $4
for Each Two Shares of Reading Co. Held
per Share, One Share
Gen. Mtge. Bondholders Offered Right to Exchange Bonds .for
-The company on Jan. 30 filed a
New Bonds and Cash.
second modified segregation plan with the U. S. District
Court at Phila. for the carrying out of the decision of the
U.S. Supreme Court rendered last June.
The plan contemplates dividing the liabilities of the Reading Co. (with
which will be merged the Philadelphia & Reading Ry.) and the Philadelphia
& Reading Coal & Iron Co., on the $94,627,000 (joint) General Mtge. 45
outstanding, in the proportion of two-thirds to the Reading Co. and onethird to the Coal Co. In pursuance of an intimation contained in the decision of the U. S. Supreme Court the plan further contemplates the transfer
of the equity in the stock of the Reading Iron Co.. subject to the General
Mortgage, from the Reading Co. to the Philadelphia & Reading Coal &
San Francisco-Oakland Terminal Rys.-Bonds Auth.-
The California RR. Commission has authorized the company to issue
-Year 7% Serial Equipment Trust notes at not less than 99
$175.000 10
and interest. The proceeds are to be used to pay in part the cost of 15
new cars.
-V. 115, p. 1839.
South Carolina Gas & Electric Co.
-Railway Lines.
The South Carolina RR. Commission has taken over the company's railway lines at Spartanburg, S. C., for operation. The city has been without
railway service for several weeks. The Commission plans to supervise
operation of the railway system temporarily to learn whether the road should
be kept in full operation. See also V. 116. p. 177. 78.
Southern Indiana Gas & Electric Co.
-Bonds Offered.
-National city Co., New York, is offering at 92 and int.
$1,000,000 1st Lien & Ref. Mtge. gold bonds, Series "B,"
6%, due 1947. A circular shows:
Dated Oct. 1 1922. Due Oct. 1 1947. Interest payable A. & 0. in
New York without deduction of the normal Federal income tax up to 2%.
Pennsylvania and Connecticut State taxes refunded. Denom. $100, $500
and $1,000 (c* and r*). $1,000 and $5,000. Redeemable on any interest
date on 60 days' notice at 105 during first 5 years, the premium decreasing
1% each 5 years thereafter. National City Bank, New York, trustee.
Issuance.
-Subject to authorization by Indiana P. S. Commission.
-Owns and operates without competition the electric light
Company.
and power, gas, street railway and steam heating properties in Evansville,
Ind. and conducts the electric light and power business in nearby communities. Business of the company is well diversified and has grown
steadily. Both the sales and the number of customers of the electric
department have more than tripled in the past 9 years.
Earnings
-Years ended Dec. 31.
1920.
1921.
1919.
1922.
Gross earnings
$1.881,708 $2,283,157 $2,278,684 52,337,741
621,511
668,651
772,994
Net earnings
785,855
300,333
Mortgage bond interest..
328,290
297,966
342.280
Capitalization Outstanding (Upon Completion of Present Financing).
$3,000.000 1st Lien & Ref. Series"B"
Common stock
6s (this issue)
51,000,000
Pref., paying 6% divs- - 2,208,700
576,000 1st & Ref. 68, 1929
do paying 7 1 diva_ _ _
x2.838,400
6% Debentures, 1942_ - 335,000 Evansville Gas & El. Lt.
1st & Ref. 5s
1st Lien & Ref. nis, 1941 1,169,500
1,150,000
x Does not include $1,260.900 pledged under 1st Lien & Ref. Mtge.,
which amount will be increased to at east $2.169,500 upon the authentication of this issue: in addition, $94,700 are held in general reserve fund of
1st & Ref. Mortgage.
-Proceeds will provide for refunding underlying bonds and for
Purpose.
,
partially reimbursing the company for property expenditures heretofore
unfunded, including new 10,000 h. p. steam turbine generating unit,
recently installed.
Sinking Fund, &c.
-In addition to a strong sinking fund, the mortgage
provides for a general reserve fund for the primary purpose of adequately
maintaining the company's property, the value of which is substantially
-V. 114, p. 2580.
in excess of the mortgage debt.
-New Equipment.
Southern Pacific Co.
The executive committee has approved plans for the construction of
new freight and passenger train equipment to cost approximately $12,000,000.-V. 115, p. 2794.
Springfield (0.) Terminal Ry. & Power Co.
-
Efforts made to purchase the line between Christiansburg and Troy, and
,
keep it in operation, have been abandoned by the Christiansburg, Troy
and Casstown committees, the latter two failing to raise their quotas.
The $30,000 option expired at midnight Jan. 19 without action being taken.
-v. 115. 1:1. 2268
.
Springfield (0.) & Washington Ry.-Dismantling.-
Work of dismantling the line between Springfield and South Charleston.
0., was started Jan. 2. The order permitting the company to discontinue
service on the line Dec. 31 was issued by the Ohio P. U. Commission. All
of the material with the exception of 3 miles of track will be sold as junk.
These 3 miles of track will be used by the Baker Wood Preserving Co. to
provide switching facilities.
-V. 115. p. 74.
Terre Haute Indianapolis & Eastern Traction Co.
-
The Indiana P. S. Commission has granted a certificate of convenience
and necessity to this company, which has made plans for an expenditure
of between 56,000.000 and $7,000,000 in the development of the West
Tenth St. power plant in Indianapolis and in the construction of transmission and distribution lines. In and out of Indianapolis -V. 115, p. 760.
Tiffin & Fostoria Ry.-Property Transfer Made.
-
See Toledo Fostoria & Eastern Electric Ry.-V. 115, p. 1322.
Tiffin Fostoria & Eastern Elec. Ry.-Transfer.--
The company on Jan. 8 transferred its property to the Tiffin & Fostoria
Ry., which was organized in June 1922 to take over the line. C. F. M.
Niles, Toledo. 0.. is President of the row company and Samuel B. Sneath,
Tiffin, 0.. is Secretary. 'The considt:ation was 175,000.-V. 115. p. 74.
Toronto Railway.
-Price F xed.-
The Board of Arbitrators has fixed on $11,188.500 es the price the city
of Toronto, is to pay for the properties of Toronto Railway Co. system.
The city offered $44.000,000 and the company fixed the valuation at $22.000,000.-V. 115, p. 2159.
FEB.3 1923.]
TH l
CHRONICLE
United Power & Transportation Co.
-Dividend.
A
517
cents per ton. The average minimum spot price
on
was 33 29 last week, a drop of 40 cents: the average the coals listed below
14 cents under the maximum for the preceding week.maximum, $4 15, was
For the week ended
Jan. 28 1922 the average minimum was $1 96
and the average maximum
Waterloo Cedar Falls & Northern Ry.-Bus Service.
- 6230 per ton.
The eompany has taken over the Johnson bus line, doing business be"In spite of the growing coyness of the
larger buyers, transportation
tween Waterloo and Cedar Falls, Iowa, and will go into the motor
bus difficulties still continue to take the greatest toll upon production east of
transportation business, operating busses in connection with its
regular the Mississippi
service. It will continue to maintain its electric interurban service between weakening and River. West of that stream the market has been steadily
the "no
the two cities. Transfers will be issued without charge to and from these minor factor. the highest market" losses increasing. Labor losses are a
for any district
busses.
-V. 115,•p. 2794.
"Anthracite production declined about being leas than 10%.
5% during the third week in
January, when a strike tied UP one of
Wisconsin Public Service Corp.
-Sub. Company.
for the week, however, was above the the major operations,. The output
The Oconto Service Co. and the Pesiatigo Electric Co. ,both
2,000.000
-ton
Wisconsin domestic sizes reveals no let-up in so far as company mark. Demand for
corporations, have been merged in the Northeast
sales are concerned.
ern Power Co., a sub- but the disinclination to pay top premium prices,
sidiary of the Wisconsin Public Service Corp.
noted in the preceding
Issue. is gaining ground. No. 1 buckwhea
-V. 115, p. 1634.
t is also in strong demand as a
domestic fuel."
Worcester Consolidated Street Ry.-Bonds Paid.
Oil Production, Prices, &c.
The 380.000 5% bonds of the Uxbridge & Blackston
e Street By., due
The American Petroleum Institute estimates
Feb. 2 1923. are being paid off at Old Colony Trust
the daily average gross
Co., Boston. In con- crude oil production in the 'United
nection with this payment the company will
States for the week ended Jan. 27 as
issue no new securities.
-V. follows:
115, p. 2795. 1101.
(In Barrels)Jan. 27 '23. Jan. 20 '23. Jan. 13 '23. Jan. 28 '22.
Oklahoma
York (Pa.) Railways.
-New Directors.
405,950
407,850
401.950
325,350
Kansas
George E. Baker, Gordon Campbell, L. B Harvey
81,800
83,200
84,150
and Joseph W. Swa in North Texas
83,100
have been elected directors.
53,900
-V. 116, p. 297.
57,400
58,550
60,350
Central Texas
125,800
127,700
128.800
216.350
North Louisiana
73,000
72,000,92,450
Arkansas
109,550
INDUSTRIAL AND MISCELLANEOUS.
118,000
121,150
36,700
Gulf Coast
c_
126,250
123,700
125,800
107,450
The following brief items touch the most important devel- Eastern
114,000
114,000
113.500
115,800
Wyoming & Montana
115,050
103,050
opments in the industrial world during the past week,
117.350
53,400
to- California
550,000
530,000
525,000
325,000
gether with a summary of similar news published in full
Total
detail in last week's "Chronicle" either under "Editori
1.755,300
1,736,900
1,751,350 1,415,950
al
Crude Oil Price Advances.
-The following companies have announced
Comment" or "Current Events and Discussions."
advances: Prairie Oil & Gas Co., 10c. per
Jan. 27. p. 5). Texas Co.. 10c. per bbl. bbl.(Boston "Financial News")
("Financi
Steel and Iron Production, Prices, &c.
P. 4), Standard 011 Co. of Louisiana. 10c. per bbl.al America" Jan. 27.
The "Iron Age" Feb. 1 said in brief:
(Philadelphia "News
Bureau" Jan. 27. p. 2).
Operations.
-"In the Pittsburgh and adjacent districts the steel industry Journal" Jan. 27. p. 1). Tide Water Oil Co., 20c. per bbl. ("Wall Street
Magnolia Petroleum, 10c. per bbl. ("Financial
as a whole is still averaging an 80 to
857 operation, while the average for America" Feb. 3).
the plants of the Steel Corporation in all
Sinclair Crude Oil Purchasing Co. met advance with 10c. per
"With works under such strain to districts exceeds the latter figure. crease
bbl. inproducers can make little response to meet the domestic demand, steel bbl. ("Sun" Jan. 29, p. 22). Joseph Seep Purchasing Agency, 10c. per
that have come in upon them in the the flood of offers of export business have("Sun" Jan. 29. p. 22). Midwest Refining and Ohio Oil companies
past week.
increased price 10c. per bbl. (Boston "Financial
In default on deliveries of steel to various countries, Germany has long been
and the further shortages p. 7). Cat Creek advanced 10c. to El 80 per bbl. and News" Jan. 30,
that will result from the siege in
Corning 15c. to
to this country and to England. the Ruhr have caused many buyers to turn 32 15 per bbl. ("Financial America" Jan. 31, p. 2). Standard Oil Co. of
Louisiana again advanced 10c. per bbl.("Financial America".Tan.
"Under present conditions the leading steel export companie are
31, p. 2).
s
having Magnolia Petroleum posts prices ranging from 70c. to $2 30, according
difficulty in taking care of their
gravity ("Financial America" Jan. 31, p. 2).
low rate of shipments in recent regular foreign customers, even at the toCanadian
months. Japan and South American
Crude Oil Price.-Achance of 10c. posted. Now $2
countries have been most active in seeking steel
68 per bbl.
Inquiry has been larger than in many months. in this market, and Chinese "Financial America" Feb. 1, p. 1.
-Standard 011 Co. of N. J. advanced tank
Inquiries also, one from Denmark beg for 3,000There have been European in Gasoline Prices.
tons of wire rods.
North and South Carolina. The price varies from 19 to wagon price
"With the shutdown of Lorraine and Luxembur
22c, per gal.
added to the throttling of German production. g iron and steel works, "Philadelphia News Bureau" Jan. 30. p. 3.
British steel has been
Bunker Fuel Oil Price Advanced.
-Standard Oil Co. of N. J. advanced
in great demand. Holland wants 10,000 tons of ship plates, but British price 10c., to 1.66'4
in N: Y. Harbor. "Wall St. Journal" Feb.
plate and sheet mills are filled up for three months."
1, p. 5.
Pennsylvania Crude Oil Price.
-Advanced to
Prices.-' Inereased
costs in Great Britain have put up pig iron will be given under name of pipe line company$3 80. Hereafter quotations
and steel prices. At fuel same time owners
serving each district. New
the
starting up under present chaotic conditions. of Idle plants are chary of prices are: New York Transit Co. and Bedford district, 33 Si) a bbl.,
an advance of 25c. National Transit Co.,
"The feature of the domestic pig iron market this week
is the sale of Eureka Pipe Line Co., Buckeye Pipe Line Southwest Penn Pipe Line Co..
20.000 tons of Nova Scotia basic pig iron
CO., $3 6.5, an advance of 10c.
in Philadelphia
several dollars a ton below the price of Pennsylvania iron. territory at Cabell, $2 51: Somerset, $2 30: Somerset light, $2 55, an advance of 10c.
This com- There was no change in Corning or Ragland. "Eve.
petition comes just as the invasion of British
Post" Feb. 1. p. 12.
and Continental irons, which
Standard Oil Employees Win Wage Increase.
was so marked last year, was considered
-Adjustm
to be over.
creases will cost company 6100.000 for employees at ents made. In"A northern Ohio steel company has bought a round tonnage
Bayonne (N. J.)
of basic. refinery. No decreases made. "Times" Jan.
In foundry iron, sales have been of
31, p. 31.
only moderate size. Chicago prices
on foundry and basic irons have advanced 50c.
Prices, Wages and Other Trade Matters,
and in the South an advance
of $1 is being asked for delivery after
Refined Sugar Prices.
-On Jan. 27 the follovrnig companies reduced
the first quarter. Accumulations
of foreign pig iron, estimated
price
at from 20.000 to 30,000 tons, have not 20 points to 6.50c. a pound: American. National, Warner Sugar
yet been moved from Boston on account of
Refining
the crippled condition of the companies and Arbuckle Bros. Pennsylvania Sugar Co. announce
railroads.
"
d that
while no change was made in list prica of 6.70c.,
orders for immediate shipOrders.
-"Following purchases of 60 .
ment would be filled at
ago, the Illinois Central has bought locomotives and 500 cars a week Edgar Sugar Co. also 6.50c. per pound. The Revere Sugar Refinery and
reduced price
total 1.200, and fresh car inquiries 3,625 more cars. Other car orders
On Jan. 30 the following.companie20 points to 6.50c. a pound.
call for 1,950. In locomotives 43
s increased price 10
were ordered and the Great Northern has entered
pound: American. Arbuckle Bros., National, Warner, points to 6.60 a
the market for 50.
"A new Equitable Building, 18,000 tons,
and the Roosevelt Hotel, sylvania companies. The American Sugar Refining Bever eand Penn11,000 tons, in New York account for three-four
and Pennsylvania
Sugar companies made a further advance of 10
ths
points to 6.70c. a pound.
work closed in the week, the other Jobs coming of the fabricated steel
Further advances were made as follows: Federal Sugar
to light averaging 640
tons apiece.
Refining Co., 20
points, and Revere Sugar Refinery 10 points
"Firmness is more marked hi sheets and prices
Also American Sugar Refining, 10 points: to 6.70c. a pound.
Arbuckle Bros., 20 points:
advances have been made in blue annealed sheets. tend upward. Some Franklin. McCahan.
A shortage in autoNational,Pennsylvania,Federal and Warner.
mobile body sheets has led the leading
10 Points.
all to 6.80c. a pound.
seek second
reservations subject to the prices that are builder tod. January quarter
Sugar Equalization Board to Pay Losses Incurred
specifications for sheets and tin plates were much establishe
During Shortage.
-House
of Representatives directs 61,700,000 be paid
"The week has brought a considerablein excess of shipments.
de Ronde & Co.. and $2.250.American Trading Co. and B. H. Howell
tightening
finished steel and a number of producers are holdingin the supply of semi- 000 to by importing
Son & Co.. for losses sustained
for higher prices
Argentine sugar in 1920 at instance of Governme
"Owing to their inability to buy
nt to'
break apparent sugar shortage. "Boston
consumers are depending more on steel from mills for prompt shipment,
News Bureau," Feb. 1, P. 3.
Copper
in January show a large increase overwarehouse stocks and jobbers' sales Journal,"Price-Advanced to 15c. per pound. "Eingineering & Mining
the average for recent months."
Feb. 3. p. 250. Sales of copper were
made at 15Ho. per pound.
"Financial America" Feb. 2, p. 2.
Coal Production, Prices, &c.
Automobile Price Advanced.-Locomo
The U. S. Geological Survey Jan. 27
bile Co. of America announces in1923 estimated average production crease of about $2,000 on each model,
as follows:
owing to rising production costs.
"Financial America," Jan. 30, p. 7.
"For the third week in succession
Blanket Prices Adrance.-Amory Brown
stationary at about 11.000,000 tons.the production of soft coal remained
& Co., open fall lines at prices
Revised estimates for the meek of about 5% higher. "Boston
Jan. 20 place the total at 10,868,00
Price of Paper Increases. Financial News," Jan .30. P• 3.
coal mined-mine fuel, coal coked 0 net tons. This figure includes all soft
-High grade bond and linen papers marked up
at the mine and local sales in addition 1 to 2c. per pound, owing to
to shipments.
rising
Carpet Employees Receive Bonus. costs. "Financial America." Jan. 31.
"Preliminary reports for the present. week,
Jan. 22-27. indicate that distributes semi-annual bonus -Alexander Smith & Sons Carpet Co.,'
loadings on Monday were less than
of about $400,000 to 6,000 employees.
on Monday of the week before. The "Boston News Bureau."
rate of decline from day to
Feb. 1, p. 3.
day,
Tug-Boat
total loadings for the first four however, was less than in that week and
Win
days showed a slight increase. The indica- demands forMen per wage Increase-Independent tugboat owners meet
tions are that total output will again
$15
be in neighborhood of 11,000,000 tons allowance for meals. month increase, six-day week, ten-hour day and 85c.
"Production of bituminou
"Financial America,' Feb. 3.
Shoe Industry.
past 6 coal years has been as s coal during the first 248 working days of the
-At Haverhill
follows, in net tons (coal year begins April 1):
two-year agreement proposed by , Mass., two unions vote against plan of
1922-1923.
manufacturers. "Boston Financial News,'
1921-1022.
Jan. 30, p. 3.
1920-1921.
1918-19.
1,:19-1920.
313,662.000
330,026,000
At Lynn, Mass., labor troubles no
448,395,000
472,392.000
381,067,000
"Thus it Is seen that the coal
longer threaten and production is
nearing 100%. "Boston News Bureau."
the four preceding coal years, year 1922-1923 stands considet ably behind
Feb. 2, p. 1.
Textile Situation.-Naumkeag Steam
being even 5% behind 19214922, a year of
acute business depression.
Cotton Co. workers in Salem , Mass.,
strike for one day because of employme
"The production of anthracit
nt of non-union frame fixer who
refused to join the union. "Boston
e
News Bureau," Feb. 1, p. 10.
at 2,010,000 net tons, including in the week ended Jan. 20 is estimated
Matters Coveted in "Chronicle" ./an. 27.-(a)
dredge output This estimate is mine fuel, local sales and washery and Incident)",
"Does this close the Herrin
p. 337. (b) New capital flotations during December and
based on reports from the nine principal
carriers, showing a total of
the
12 months, p. 343-348. (c) Corporati
on bonds in 1922,
as compared with the week 38,429 cars loaded. This is a decrease of 5% gasoline output,
preceding.
p. 353. (e) Advances in fall fabricp. 351. (d) Heavy
"Preliminary reports for the first
lines of American
Woolen Co., p 354.
half of the present week indicate a
slight increase over last week and
(f) Newsprint paper review for
that the total production for the week
will be about 2,100,000 tons.
(g) Output of copper increases in December and the 12 months. , 35 .
1• 4
1922.'p. 355. (I) Milk price cut 1922, p. 355. (h) Iron ore output in
Estimated United States Productio
lc. by Dairymen s League, p. 356. (i)
n in Net Tons,
Sheffield Farms also cuts milk
Bituminous
Week-I923
-Cat,Yr.toDate,
price,
Week-I922
(k) Benjamin Schlesinger resigns p. 356.
-Cal.yt.ioDate
Jan. 6
10,993,000
10,993,000
7,476,000
7,476,000 Garment Workers' Union, p. 356. as President of International Ladies'
Jan. 13
11,217,000
22,216,000
8,302,000
(I) Associated Dress Industrie
15,778.000
Jan. 20
10,868,000
s
33,078,000
8.782,000
24,560,000 p. 356. (m) First conference held make David N. Mosessohn dictator
Anthracite
in Paterson (N. J.) on conditions in
silk industry, p. 356. (n)
Jan, 6
1,725,000
1,725,000
1,242,000
1,242,000 for wage advance. p. 357.Fall River Cotton mills reject workers' demands
Jan. 13
2,113,000
3,838.000
1,643,000
2,885,000
(,e) Offering of $1,000.000 Midwest
Jan, 20
2,010,000
5,848,000
1,443,000
4,328,660 P. 363• (n) Senate passes bill providing Joint Stock Land Bank bonds.'
Beehive Coke
for taxation by States of national
banks, p. 367.
Jan. 6
309,000
309,000
108,000
108,000
(9) Secretary of Treasury Mellon
Jan. 13
323,000
632,000
119,000
227,000 taxation of stock dividends, p. 368. in reply to Senate resolution regarding
Jan, 20
328,000
(r) Stock dividends
960,000
115.000
342,000 dollars declared in 1922-Senate resolution regarding of over two billion
The "Coal Trade Journal" reviews market conditions as follows:
taxation of stock
dividends, p. 368. (s) Allotments
"Reports from all sections of the country show
of U. S. Treasury notes, p. 374. (t)
that plans for building House of Representatives passes Representative Green's resolution to
up storage reserves have been abandoned as the
restrict
result of the tri-State wage tax-exempt issues, p. 374.
agreement that was signed up in New York last
(u) Bituminous miners and operators
week, and that industrial
buying has reverted to the hand-to-mouth basis.
reach agreement in New York
conference-renew wage contract for another
'Spot prices continue to decline, but the recessions
year, p. 375.
fail to bring the averages within calling distance of those prevailing at
Alabama Power Co.
this time last year. Com-Bonds Offered.
-Harris, Forbes &
pared with the preceding week, spot quotations
for the week ended last Co. and Coffin
Saturday showed changes in 60.5% of the
& Burr, Inc. are offering at 89M and int.,
87.6% were reductions ranging from 10 cents tofigures. Of these changes to yield about
53 %, S4,70'0,000 1st Mtge. Lien & Ref.
4
per ton. The advances ranged between 10 and and averaging 31.3 cents
50 cents and averaged 28 Gold bonds,
dividond of $1 94 per share was payable Jan. 31 to holders of record
Jan. 16. In Jan. 1922 the company paid 31 85 per share.
-V.114, p.411.
5% Series, due 1951.
TUE CHRONICLE
518
Dated Dec. 1 1922, due June 1 1951. Int. payable J. & D. in New
York without deduction for any normal Federal income tax not exceeding
2%. Callable all or part on any int. date on 30 days' notice at 105 and int.
to and incl. June 1 1932, and thereafter at a premium reducing 3 % per
annum. Denom. $1.000 and $500 c*&r*, $1,000 and multiples. U. S.
Mortgage & Trust Co., New York, trustee.
-Subject to the approval of Alabama P. S. Commission,
Issuance.
for such bonds not already so approved.
Data from Letter of Pres. Thos. W. Martin, Birmingham, Jan. 30.
-Serves directly and indirectly over 80% of the urban populaCompany.
tion and practically all of the large industrial power requirements of the
State of Alabama outside of the city of Mobile. Does, directly, all the
electric light and power business in some 40 cities and towns, all the street
railway business in Anniston, Gadsden and Huntsville, and the gas business
in Anniston, Selma, Decatur and Albany. Furnishes under contract all
the current used by the Birmingham Ry., Light & Power Co. in greater
Birmingham and Bessemer and all the current used by the local public
service companies in Tuscaloosa, Alexander City. Tuskegee and Cordova,
and by the municipalities of Opelika, Sylacauga. La Fayette and Piedmont.
Also serves under contract a number of large industrial power consumers.
Recent Acguisitions.-Company recently contracted to purchase the electric lighting, power, street railway and gas systems serving the district of
Montgomery.
Capitalization after this financingAuthorized. Outstanding.
Common stock (all owned by Ala. Tr. Lt.& P.Co.)$40,000,000 918,751,000
xPreferred stock
10,000,000 4,881.000
Income debenture certificates
yl2,l7O.000
$9,000,000
, 1st Mtge. Lien & Ref. 6s, 1951
a
do
5% Series, due 1951 (this issue)
4,700,000
1st Mtge. 5s, due 1946
b10,221,000
b
Outstdg. bonds on prop, owned or being acquire& (Closed)
2,443,600
x Partly represented by no par value shares. y These debentures are a
non-foreclosable security having a contingent interest in the balance
available after the.
payment of Pref. stock ,dividends. They represent
part of the original investment in the property over and above that represented by the outstanding bonded debt.
a Limited only by the conservative restrictions of the indenture. b $12,000,000 additional will be pledged under the indenture securing the 1st
Mtge. Lien & Ref. bonds. No additional 1st Mtge. 5% bonds may be
issued except for pledge hereunder.
Earnings Years ended Dec. 311921.
1922.
Gross earnings
$7.118,199 $4,542,357
Net, after operating expenses & taxes
3,137,880 2,379,885
Annual Mt,on fund. debt with public (incl.this iss.) 1,411,730
Balance
$1.726.150
x Includes earnings of the utility properties in Montgomery, which
company has contracted to purchase.
Physical Property.
-Company owns the"Lock 12" hydro-electric development on the Coosa River, 45 miles southeast of Birmingham. Installed
capacity of plant, recently completed by the installation of the 6 and final th
unit, 110,000 h.p. Company also owns a steam turbine station of 15,000
h.p. capacity located at Gadsden, 60 miles northeast of Birmingham, and
a second steam turbine station located 25 miles northwest of Birmingham
on the Black Warrior River. This second steam station has been operated
up to its present capacity of 35,000 h.p. for about 3 years.
Company recently constructed a complete 45.000 h.p. addition to the
Warrior Reserve Steam Plant, under a plan of financing arranged with the
U. S. Govt. during the war. In addition, company owns the hydro-electric
development of 2,000 h.p. capacity at Jackson Shoals, about 40 miles east
of Birmingham. These stations are connected with each other and with
Bkmingham and other markets by acomprehensive system of steel-tower
transmission lines, the transmission lines now in operation aggregating
about 1,500 miles in length.
Company completed construction in 1921 ofa transmission line connecting
itssystem with that of the Georgia R. Power Co.,and the latter company
&
is connected by means of transmission lines with the systems of all the
major power companies in the States of Georgia, Tennessee, North and
South Carolina. Company in 1922 leased from the U. S. Govt. for a
period of one year, subject to termination. its 60,000 k.w. steam plant
constructed during the war at Sheffield in connection with Nitrate Plant
No. 2. It is anticipated that the new Mitchell Dam power plant will be
ready for service in the early part of this year.
Company will shortly complete the construction of a second large hydroelectric development to be known as the Mitchell power plant, which will
have an initial generating capacity of 72.000 h.p. and an ultimate capacity
of 120,000 h.p. This addition will increase the present hydro
-electric
capacity by over half and will increase the total installed generating capacity
to 242.000 h.p., of which over 75% will be hydro-electric.
-V. 115, p. 2796:
V. 116, p. 178.
Aluminum Manufactures, Inc.
-Stock Decreased.
The stockholders on Jan. 31 voted to decrease the authorized and issued
Capital stock to $4,000,000 Prof. stock and 325,860 shares of Common
stock, no par value, by retiring shares now owned by the corporation.
116, p. 298.
American Cyanamid Co.
-Shipments, Sales,
Net value of shipments of the various products for November 1922
totaled $729,072. Sales of the various products for November represented
a value of approximately $556,000.
The company has in hand as of Nov. 30 1922 contracts for various
products for delivery prior to June 30 1923 of a sales value of approximately
$3,920,000.
-Compare V. 116, p. 179; V. 115, p. 1944.
American Gas & Electric Co.
-To Change Par Value.
The stockholders will vote Feb. 20 on changing the par of the Common
stock from $50 to no par. It is proposed to issue 5 shares of no par Common
stock from $50 to no par. It Is proposed to issue 5 shares of new no par
Common stock for each share of old Common stock now held.
-V. 115,
p. 2796.
American Ice Co.
-To Receive Dividend in Stock.
The Boston Ice Co. has filed a certificate with the Massachusetts Commissioner of Corporations showing an increase in Capital stock from 4500,000
ill outstanding and all owned by American Ice Co.) to $1,500,0610, par
100. by the issuance of 10,000 additional shares, to be distributed as a
00% stock dividend to holders of record Jan. 16.-V. 116, p. 179.
f American
-New President dec.International Corp.
Matthew C. Brush, Senior Vice-President, has been elected President
and Chairman of the Executive Committee. Charles A. Stone has resigned as President and Frank A. Vanderlip has resigned as Chairman
of the Board. Gordon H. Balch has been elected Vice-President.
Reports state that the corporation has sold 20% or more of its holdings
of International Mercantile Marine Co. Preferred stock. The company
owned at the close of 1921 a total of 105,000 shares.
-V. 115. p. 2382.
111 American
Locomotive Co.
-Locomotive Orders.
-
The company last week received orders for 30 locomotives from the
following companies: Central of Georgia Ry., 5 Mountain type; Chicago
& Eastern Illinois RR., 10 Mikado type, and Illinois Central RR., 15
Mountain type. See also V. 116, P. 413.
[VoL. 116.
delivered three-tenths of a share, par $100, (30%] of Prior Pref, stock
and eight-tenths of a share par $100) 180%1 in Participating Pref. stock,
or a total of one and one-tenth shares (par $110) ofPrior Lien & Participating
Preferred stock.
Where the holders of the present Issue of 6% Pref, stock are not now
the owners of the scrip notes issued for dividends, amounting in all to
$7 50 per share, maturing April 1 1923, and thereafter, they shall pay
$7 50 in cash, in lieu of the scrip or notes.
The present financial condition of the company is such that when the
new stock is issued and the exchanges made, the payment of dividends on
the new issues will be resumed.
The Prior Pref. stock shall be entitled, from its issuance as of April 1
1923 to cumulative dividends, payable Q.
-J. of 7% per annum.
The Participating Pref, stock shall be entitled to cumulative dividends
of 4% for the first year, following its date of issuance, April 1 1923; 5%
for the second year, 6% for the third year and 7% for the fourth and each
subsequent year, payable Q.
-J. It shall also be entitled to an additional
1% in any calendar year wherein the total cash dividend paid on the Com,
stock shall exceed $6 per share.
The existing 6% Pref, stock shall be subordinate to the rights of the
Prior Pref, stock and the Participating Pref. stock, and shall be entitled
to dividends, cumulative, from April 1 1923, at the rate of 6%, payable
quarterly, after payment of dividends on the Prior Pref, stock and, the
Participating Prof. stock.
The company controls through Common stock ownership, WisconsinMinnesota Light & Power Co., Central Indiana Power Co., Utah Gas
& Coke Co. of Salt Lake City, Elkhart (Ind.) Gas & Fuel Co., Jackson
(Miss.) Public Service Co., Albion (Mich.) Gas Light Co., Holland (Mich.)
Gas Works and Boise (Idaho) Gas Light & Coke Co. These utilities
operate in 7 States and serve populations exceeding 1,500,000.
Capitalization When Exchanges Under This Plan Are Completed.
7% Prior Pref. stock
$1.340.000 Common stock
$2,995,000
Participating Prof. stock_ 3,570,000 20
-Year 6% bon
bonds
,
1
6% (present) Pref. stock_
30
-Year 5% bonds
456,300
Earnings for 12 Months Ended Nov. 30 1922.
Gross earnings from operations
$9,708,769
Operating expenses, including Federal taxes
6,051,488
xInterest on bonds & other obligations of sub. cos., incl. divs.
on Preferred stock
2,721,757
Int. on Amer. Public Utilities Co. Coll. Tr. bonds outatdg.
Nov. 30 1922
125,235
Miscell. requirements, Amer. Pub. Utilities Co. for 1923 (est.)100,000
yRemainder for depreciation and dividends
Annual requirements for Pref, stock diva, under plan proposed
for 7% Prior Pref. stock, $93,800; for Particip. Pref. stock,
first year. $142,800
Balance
$707,289
236,600
$470,689
x Includes one year's interest on bonds of Central Indiana Power Co.
recently issued and outstanding Nov. 30 1922, and actual interest paid by
other subsidiaries. y In arriving at amount available for depreciation and
dividends 1922 net earnings have been used and no consideration given
to possible increases due to increased business in 1923.-V. 115, p. 1431.
-Definitive Bonds Ready.
American Republics Corp.
The Guaranty Trust Co. of N. Y. will be prepared commencing Feb. 7
-Year 6% gold debenture bonds, due 1937, in exto deliver definitive 15
change for outstanding temporary bonds. See V. 115, p. 547.
American Smelting & Refining Co.-Replys to Senator
Pittman.
The company made public Jan. 31 an abstract from a letter written to
Senator Pittman by V. Pres. Francis H. Brownell, in reply to the Senator's
recent allegation that smelting companies are not directly interested in
the price of silver and have given no aid toward the formation of a silver
selling and credit organization.
-V. 116, p. 413, 298.
-New Treasurer.
American Tobacco Co.
John R. Taylor has been elected Treasurer, succeeding J. M. W. Hicks,.
-V. 115, p. 1841.
Mr. Taylor has also been elected.a, director.
-Injunction.
Anaconda Copper Mining Co.
Federal Judge Bourquin at Butte. Mont., recently granted an injunction
restraining Davis
-Daly Copper Co. and Anaconda Co. from abstracting
ore in the disputed territory until the case is settled. Both sides may
conduct work in this territory for litigation purposes. The hearing before
Federal Judge Bourquin on the application of Anaconda Co. for an Injunc-Daly from mining any more ore from the disputed
tion to restrain Davis
Original No. 2 vein resulted in the filing of a large number of affidavits from
geologists and other mining experts representing both sides.-V.116,p.406.
-Notes Called.Anglo-American Oil Co. Ltd.
Certain 5
-Year 7 Si% Sinking Fund gold notes, dated April 1 1920.
aggregating $1,228,000, have been called for payment April 1 at 103 and int.
at J. P. Morgan & Co., sinking fund trustees, 23 Wall St., N. Y. City.
Certain of the above notes, aggregating $247,000, previously drawn for
payment are still unredeemed -V. 115, p. 2796.
-Meeting Postponed.Assets Realization Co.
-V. 115, p. 1841.
The postponed meeting has been deferred indefinitely.
-International Barnsdall Corp.Barnsdall Corp.
In reference to the recent increase in the capital stock of the International
Barnsdall Corp., Mason Day, Presidentef that corporation, says in part:
"The Barnsdall Corp., has retained a substantial interest in the stock
of the International Barandall Corp. and has disposed of a block of stock
to a group which has agreed to finance the initial undertakings of the
International Barnsdall Corp. to carry out its contracts with the Russian
Soviet Government for the drilling and operating of certain territory in
-V. 116, p. 413.
the Baku oil fields."
-To Create Issue of 7%
Bayuk Bros., Inc., Philadelphia.
Preferred Stock-Present 8% Holders to Be Given Opportunity
to Exchange.
The stockholders will vote Feb. 13 on creating an authorized issue of
$10,000,000 7% First Pref. (a. & d.) stock. The directors have decided to
redeem the present outstanding 8% Prof. stock on April 15 at 110. The
holders of toe 8% stock may convert their stock at any time up to ten
days before the redemption date into the common stock at the rate of two
common shares for one share of 8% Prof. The holders of the 8% Pref.
stock will be given an opportunity to acquire the 7% stock by exchanging
their holdings in the ratio of 10 shares of8% Prof. stock for II shares of 7%
-V. 115, p. 2796.
Pref. stock.
-Bonds Called.
-Bell Telephone Co. of Pennsylvania.
-Year 7% Sinking Fund gold
All of the outstanding 1st & Ref. Mtge. 25
bonds, Series "A," dated Oct. 1 1920, have been called for redemption
at 107 and int. at the Bankers Trust Co., 10 Wail St.. N. Y. City.
April 1
See V. 116, p. 180.
Bethlehem Steel Corp.
-Federal Trade Commission Files
American Pneumatic Service Co.
-Resumes 2d Pf. Divs. Complaint Against Merger-Statement by President Grace
The directors have declared a dividend of 1% on the 2d Pref. stock,
par $50, payable June 30 to holders of record June 9. This is the first To Proceed with Midvale Merger--Bonds Sold.
dividend declared on the 2d Prof. stock since March 1918. when a diatributionofl3i% was made.
The regular quarterly dividend of $1.75 per share on the first Pref. stock
has also been declared payable March 30 to holders of record March 10.
-V. 115, p. 1734.
American Public Utilities Co.
-Plan to Exchange Present
6% Pref. Stock for New Preferred in Order to Resume Dividends.
In order to provide for the resuming of dividends from current earnings
and to make it possible to obtain additional capital as needed, the directors
recommend that the following plan be adopted by the shareholders:
Two new classes of Pref. stock, viz.: Prior Pref. stock and Participating
Pref. stock shall be created into which the present 6% Pref. stock shall,
be converted as follows:
• For each share, par $100, of 6% Pref. stock with (22)4%) accum. diva
and $7 50 par value of div. scrip or iiv. notes, or $7 50 in cash, there will be
The Federal Trade Commission issued a challenge Jan. 25 against the
Bethlehem-Lackawanna-Midvale steel merger and drew up a complaint
alleging that such a combination would stifle competition in the steel industry in that section of the country north of the Potomac and east of
Johnstown. Pa., and Buffalo. The Commission allows 30 days to the
cited corporations to file an answer. following which a date for a hearing
will
formulating this new complaint against the independent steel companies the Commission dismissed without prejudice an earlier complaint
it had made last year against the Bethlehem-Lackawanna merger. This
steel merger was investigated last summer by Attorney-General Daugherty,
who after no one appeared to oppose the combhaazion at Department of
Justice hearings, informed the Senate that the merger was within the provisions of the law.
The Trade Conunission's new complaint alleges that the merger is in
violation both of the Clayton Act and the Federal Trade Commission Act.
It specifically cites the following corporations: The Bethlehem Steel Corp..
FEB.3 1923.]
UTE CHRONICLE
Bethlehem Steel Co., Bethlehem Steel Bridge Corp., Lackawanna
Co., Lackawanna Bridge Works Corp., Midvale Steel & OrdnanceSteel
CO.
and Cambria Steel Co.
The Bethlehem-Lackawanna-Midvale merger involves an aggregate of
46 companies comprising these three groups, divided as follows: Bethlehem
group. 11 companies; Lackawanna group, 13 companies; Midvale
group.
22 companies.
Each of these three groups is described in the complaint as
Integrated concern, each having subsidiary companies engagedforming an
coal, iron ore and limestone and in transporting and assemblin in mining
g
materials. It declares that each of these three groups thus ownsthese raw
and controls all stages of the production of iron and steel products
in a competitive
field embracing that territory north of the
line drawn north and south through Buffalo,Potomac River and east of a
N. Y., and Johnstown, Pa.
Statement by President E. G. Grace, of Bethlehe
m Steel Corporation.
The complaint of the Federal Trade Commission was
expected and toe
news is no surprise to us. It will be remembered that
Lackawanna merger and the proposed Midvale-R when the Bethlehem-Inland merger
were announced two investigations were institutedepublic
at the request of the
U. S. Senate. one by the Department
Trade Commission. The Departmeof Justice and the other by the Federal
nt of Justice in their report to the
Senate declared both transactions to be free
The Federal Trade Commission, however, feltfrom any taint of illegality.
bound to institute a formal
proceeding to test the legality of the two
mergers and filed complaints
against each.
Bethlehem proceeded with the acquisitio
n of
relying upon the report of the Attorney-General the Lackawanna properties
and the advice of its counsel
that the transaction was entirely legal.
Before the public announcement
of Bethlehem's proposed acquisition of the
formation was given, as courtesy required, Midvale property advance inboth
and to the Federal Trade Commission, The to the Department of Justice
Federal Trade Commission,
as was expected, advised us that, pursuant
to the policy they had adopted,
they would in due course amend the
the legality of the Bethlehem-Lackawa proceeding already pending to test
nna
hem's acquisition of the Midvale properties merger so as to include Bethle. The complaint now announced
was accordingly fully expected.
Bethlehem is proceeding with the acquisitio
n of the Midvale property
just as it did with the acquisition
upon the report of the Department of the Lackawanna property, relying
confident that the legality of both of Justice and the advice of its counsel,
[The $25,000,000 Consol. Mtge.transactions will be sustained.
20
-Year S. F.
% bonds. Series B,
have been admitted to trading
on the New York Stock Exchange on a
when-Issued basis.]
Guaranty Co. of New York and Bankers
Trust Co. announce that the
Issue of $2,000,000 Consol.
M. 30
-Year Sinking Fund 5A % gold bonds.
Series "B," has been oversubscribed.
[See offering in V. 116, p.413.408.1
Borg & Beck Co. of Illinois.-Stock
Offered.
Burnham & Co., Chicago, have sold at $24 per share-John
shares Common stock (no par value). A circular 60,000
shows:
Listing.
-Listed on Chicago Stock Exchange.
Capital.
-Common
no Preferred stock orstock (no par value), 100,000 shares. Company has
bonds. George W. Borg, Pres., will retain 40,000
shares of the total of 100,000 shares
for himself and associates.
Company.
-Organized in 1913. Is engaged in the manufacture
and
sale of friction clutches for gasolene
engines, and supplies over 90% of
the requirements of those companie
s which
Customers include Chandler, Cleveland do not make their own clutches.
, Franklin, Moon, Nash, Oldsmobile, Stutz, Willys Overland
passenger
Stewart trucks; Cleveland and J. I. Case cars; Federal, Indiana, Service,
tractors, &c., &c.
Diridends.-Dlreetors have designated their intention
of immediately
Placing this stock on an annual dividend
basis of $2 per share in quarterly
payments beginning April 1 1923.
No. of Clutches Sold and Net
Earnings after Deprec. ct Federal Taxes.
Calendar Years• 1921.
1920.
1919.
No. clutches sold__ __ 1922.
1918.
226,728
128,395 337,108
243,329
Net earnings
106.656
$485,480 $102.769 $592,545 $499.907 $256,366
Balance Sheet Dec. 31 1922 (After New Financing
).
AssetsLiabilities
()ash
ll. S. Govt. securities._ _ $43,273 Accounts payable & se350,663
crued expenses
Notes & accts. receivable_
157,274 Income & profits taxes $93,380
Inventories
494,555
(reserve)
140,000
Prepaid expenses
,426 Cap. stk. represented by
Investments
119,792
100,000 shs., no par val.. 1,755.675
.
Physical properties
773,546
Patents
36,523
Total (each side)
$1.989,054
(Daniel) Boone Woolen Mills,
Inc.
-Increase, &c.The stockholders on Jan. 25 increased
49,000 to 125,000 shares, par $25. It is the authorized capital stock from
proposed to distribute part of the
Increase as a 25% stock dividend and
to offer new stock pro rata to stockholders at $40 per share.
-V. 115, p. 1945.
(J. G.) Brill Co., Philadelphia.
-Equip
ment Order.The company has received an order
Transit Co. for 576 new cars, to cost from the Philadelphia (Pa.) Rapid
approxima
order, 520 cars will be of the regular passenger tely $6,500,000. Of the
sweepers, 20 construction and supply cars, one type, 34 snow plows and
crane car for subway (elevated operation) and one crane car
Co. will commence delivery at the for surface operation. The J. G. Brill
rate of three a day on June 1 next.V. 116, p. 299.
Brooklyn Edison Co.
-Earnings.
-
Calendar YearsTotal revenue
Expenses, taxes, &c
1922.
1921.
1920.
1919.
$19,326,489 $16,515,098 $13.308,868 $10.850,1
14
13,097.326 11,689.762 10.225,919
7,499,102
Gross income
$6,229.163
Interest and discount_ _ _ 2,123,755 $4,825.336 $3,082,949 $3,351.012
2,052,915
1,420,333
1,088,448
Dividends
1,805,831
1.389.702
1,387.366
1.381.650
Balance, surplus
$2,299.595 $1,382,719
$275,250
$880,914
-V. 116. p. 300.
Brooklyn 'Union Gas Co.
-Annual Report.
-
Calendar YearsOperating revenue
Operating expenses. taxes, &c
1922.
1921
1920
$20,259,802 a$14,109,663 $15,894,532
15,743,150
17,841,158
17,341.773
Net operating surplus
$4.516,652def$3,731.495 def$1,447,241
Other income
Cr.637.214
Cr.462,465
Cr.380,785
Balance,
sur. $5,153,866 def$3,269.030 def
.
$1,066,456
Interest on funded debt, &c
1
11,300,997
1,074,504
Reserve for renewals & replacemlsI 1.493,235
1 208,133
236.976
Balance, surplus or deficit_ _ _sur.$3,660,631
def$4,778,160def$2,377,936
a Does not include $5.730,458 (approximate) excess
80
-cent rate collected during 1921 by parent company. collections above
-V. 115, p. 2584.
(P.) Burns & Co., Calgary, Ont.-Bonds Sold.
-Dominion Securities Corp., Ltd., Montreal, has sold $3,500,000
(35% 1st Mtge. 20
-Year Full Sinking Fund gold bonds. A
oiroular shows:
Dated Jan. 1 1923. Due Jan. 1 1943. Interest payable J.
Toronto, Montreal, Winnipeg, New York and London, Eng., & J. in
exchange. Denom. $1,000, 800 and $100 (c*). National at par of
Co.,
Ltd., Toronto, trustee.
Capitalization (When Present Financial Plans Completed).
driiital stock- -- rr ----- -- -- -- --------------$5,500,000
00). outstanding (this issue)
Bonds (authorized $5U0,0
3,500.000
lp The remaining $1,500.000 of bonds can only be issued against 60%
of cost of additions to property and plant.
-An annual sinking fund has been provided, beginning
pr. Sinking Fund.
one year from the date of issue. which will redeem the full amount of
outstanding bonds by maturity. The bonds will be purchased in the
open market if obtainable at or below the call prices; if not, they will
be called at the following prices: $104 and int. from 1924 to 1928 incl.;
519
103 and int. from 1929 to 1933 incl.; 102 and int. from 1934 to maturity.
Bonds are callable either for sinking fund purposes
or as a whole at the
above prices.
Company.
-Had its inception at Calgary in 1890. Owns valuable
properties at Calgary, Edmonton, Vancouver,
Prince Albert,
Lethbridge and Vernon, at which points it operates abbattoirs Regina,
, packing
houses, yards, &c., for the manufacture and distribution
Owns approximately 20,000 acres of ranch and farm of its products.
Alberta, which are used for farming and as pasturage lands, mostly in
Also operates 94 retail stores in important centres in and feeding camps.
Alberta and British
Columbia.
Purpose.
-To redeem existing securities amountin
$930,000 and to practically retire existing bank loans.g to approximately
Earnings.
-Net earnings available for bond interest after giving effect
to the new financing, and after paying all
repairs and replacements, and interest on bank operating expenses including
loans, but
and Federal taxes, are as follows: Year ending June before depreciation
30
average annual earnings, 5 years and 9 months, $609,161;1922. $703,151:
average annual
earnings, 10 yearss. 9 months, $663,861.
Earnings for 4 months from June 30 to Oct.
Annual interest charge on $3,500,000 bonds 31 1922. $325.000.
at 6;i% requires $227,500.
Balance Sheet Oct. 31 1922 (After New Financing).
AssetsLiabilities
Fixed assets
$7,252.867 Capital stock
$5,500,000
Current assets
5,803,488
% 1st Mtge. bonds--- 3.500,000
Inv. in sub. companies
717.700 Current liabilities
1,561.692
Deferred charges
570.684 Deferred liabilities
94,983
Reserved for depreciationL 1.996,829
Total (each side)
$14,344,739 Surplus
1,691.235
-V.92. p. 958.
•
Butler Brothers, Chicago.
-Report.
-
The report for the year ended Dec. 31 1922 shows net earnings of
$2,715.684, contrasted with a loss of $3.605,207 In 1921.-V. 114, p. 742. 732.
Butte Copper & Zinc Co.
-Resumes Dividends.
-
A dividend of 50 cents per share has been declared on the stock.
March 1 to holders of record Feb. 15. An initial dividend of like payable
amount
was paid in July 1918; none since.
-V. 115. p. 2689.
California Petroleum Corp.
-Resumes Common Dividend.
A quarterly dividend of 1H % has been declared on the outstanding
$14,877,005 Common stock. par $100, payable March 1 to holders of record Feb. 20. Dividends of 15(% each were paid on the Common stock
on Jan. 1, April 1 and July 1913; none since.
-N. 115. p. 2689.
Calumet & Arizona Mining Co.
-Obituary.
-
Peter Rupp°, Treasurer and director of this company and
Cornelia Copper Co.. died at Calumet, Mich.,on Jan.26.-V. 116,the New
p.300.
Campbell Soup Co.
-Initial Preferred Dividend.
-
The directors have declared a quarterly dividend of 1H% on the Pref.
stock. payable March 1 to holders of record Feb. 15. See offering
in
V. 115, p. 2481.
Canadian Car & Foundry Co.
-Orders
-Few Director
.
President W. W. Butler announced on Jan. 25 thaI the company orders amounting to $10,364,614, compared with $818.745 a year had
ago.
For the first three months of the current year $3,000,000 business had
been
handled, and even if no more orders were received the company,it is stated.
would do a business in excess of $13,000,000 this year. Other substantia
l
orders, however, are in prospect.
Colonel 0.F. Harvey has been elected a director to represent the American
Car & Foundry interests, the latter company holding
shares of 125,000 shares outstanding in Canadian Co. more than 30.000
-V. 116. p. 415.
Chicoutimi (Quebec) Pulp Co.
-Award.
-
A board of arbitrators named to determine the value
pulp belonging to the company destroyed by fire at Portof 28,130 tons of
has awarded the company $651.500. The company filedAlfred en July 8
a claim against
31 insurance companies for $1,020,800, basing the value of the destroyed
pulp at $37 a ton, but the board found that there was 27,227 tons
of pulp
destroyed and that it had an average value of$23 93 per ton.-V.10
.8,P.2332
Cities Service Co.
-New Director.
-
John Gribbel of Philadelphia has been elected a director.
-V.116. p. 300.
Citizens Gas Co. of Indianapolis.
-Tenders.
The Bankers Trust Co., primary trustee, 10 Wall St., N.Y. City, will.
until Feb. 21, receive bids for the sale to it of 1st & Ref. Mtge.
Sinking
Fund gold bonds dated July 1 1912 to an amount sufficient
to exhaust
$24,425 at a price not exceeding 108 and interest.
-V. 115. P. 441.
Connecticut Light & Power Co.-Pref. Stock Offered.Estabrook & Co., New York; Charles W. Scranton & Co.,
New Haven; Hincks Bros. &
Bridgeport, and Putnam
& Co. Hartford, are offering at 100 and. divs. $4,500,000
Co.,
Cumul. 7% Pref. (a. & d.) stock. (See advertising pages).
Dividends payable Q.
-J.
Redeemable all or part at 120 and dividends.
Data from Letter
V.-Pres. Irvin W. Day, Waterbury, Jan. 81.
Capitalization To Be Outstanding Upon Completion
1st & Ref. 7s, series" A"_$6,500,000 Pref. stock, of the Present Financing.
8% Cumul_ _$4,500,000
New Milford Pr. Co. 1st
2d Pref. stock,8% Cumul. 2,500.000
Mtge. 54
1,000.000
8,486.000
Pref. stock,8% Cumul_ _ _ 4,500,000 Common stock
Comparty.-Supplies electric light and power
300,000 in an important industrial section of to a population of about
cities of Waterbury. New Britain and Norwalk.Connecticut. including the
and the Naugatuc
district. Owns and operates 2 hydro-electric properties aggregate k Valley
,
capacity
34,600 h. p., 86 miles of high-tension transmiss
ion lines and various important substations. In addition operates
on a 999
-year lease a steam
electric generating station at Waterbury
of 33,000 h. p. capacity and 34
miles of transmission lines. A new tide-water
station is being constructed at Devon. Conn., steam electric generating
which'as now planned will
have an initial installation of 3 units
having an
100.000 h. p., thus more than doubling present aggregate capacity of
plant capacity. The
construction program includes also 75 miles
-tower
of high-tension steel
transmission lines as well as the necessary substations to connect the
new Devon power station with the company' distributi systems. The
on
s
company has already contracted for the sale and delivery of large amount
a
of the power which will be available upon
the completion of the Devon
station.
Purpose.
-The present issue of
2d Pref. stock is for the purpose84,500.0007% Pref, stock and $2,500,000
of retiring
the construction program. The 2d Pref. floating debt and carrying on
stock will be paid for in cash at
par, thus providing substantial additiona
l equity behind the present
Preferred stock.
Earnings 12 Months ended Oct. 311922.
1921.
Gross operating revenue
$4,293,856 $3,965,799
Net after operating expenses
1,746,233
1,672.955
Non-operating income
137,917
57.251
a
Gross income
$1,884,150 $1,730.206
Present annual fixed charges
907,354
907,354
Annual dividends 8% Preferred stock
320,0001
320.000
do
do
7% Preferred stock
315.0001
Balance
$341,796
$502,852
Balance Sheet as of Oct. 31 1922 (After Present
Financing).
AssetsLiabilities
Plant 8: property owned412
Plant & property leased.. ,936,767 Pref. stock. 7% cumul- $4,500,000
do 8% Cumul
4,000.000
Miscellaneous investm'ts 6,530,243
53,663 2d Pref.stock 8% cumul- 2.500.000
Cash
8,486,000
U. S. Treas. certificates_ 6,833,073 Common stock
585,000 Funded debt7.500,000
Accts. & notes roc
663.792 Accounts payable
.1,024,312
Materials & supplies_ _ _
525,311 Accrued liabilities
395.241
Prepaid accounts
47,206 Reserve accounts
76.810
Unamort. disc., &c
741,177 Profit & loss
508.870
Bond sinking fund
75,000
Total
$28,991,234
Total
$28,991,234
-V. 113, P. 1637*
520
[vol.. 116.
THE CAIRCSICLE
-Sells Dictaphone Dept.
Columbia Graphophone Mfg. Co.
-V. 115. p. 2690.
See Dictaphone Company below.
--Registrar.
Columbia Textile Co., Lowell, Mass.
The New York Trust Co. has been appointed registrar of $2,000,000
-V. 115. p. 2797.
8% Cumulative Preferred stock.
-Further Data from
Consolidated Gas Co., New York.
-The annual report for 1922, published in
Annual Report.
"Chronicle" Jan. 27, also contains the following in regard
to gas standard and rates:
-Hearings were continued beAdoption of a Thermal Standard for Gas.
fore the Commission during 1922 on the subject of adopting, for New York
City, a modern thermal unit standard for measuring the quality of gas, in
-candlepower standard.
place of the obsolete and costly 22
On Aug. 30 1922 the Commission adopted and order based upon the
testimony in the hearings held before it, which prescribed for gas companies
operating in the City of New York a monthly average standard of not less
than 537 British thermal units per Cu. ft. of gas, with a prohibition against
a daily average of less than 525 British thermal units for any three consecutive days in any calendar month. This order became effective on Oct.
1 1922.
The results from the change of standard thus far have undoubtedly been
a more economical and efficient use of gas throughout the territory of this
company and its affiliated gas companies. At the same time, every
consumer has been given the full benefit of the resultant economies in the
cost of manufacturing gas, through a reduction in rate, on this account
alone, of 5 cents per 1,000 Cu. ft. of gas used.
-The investigation
Reductirns Aggregating $3,177,727 30 in Gas Rates.
instituted by the P. S. Commission in 1921. as to the rates charged for gas by
this company and its affiliated gas companies within the City of New
York, continued during the first 7 months of 1922. Numerous hearings
were held as to the rates of each of the companies, and a great quantity
of statistical data relating to the operating casts and properties of the
resnective companies and of the system as a whole were submitted.
When the work ofchecking and verification of this data neared completion,
the Commission notified the companies and the representatives of the City
that it had reached the conclusion that a great deal of time and expense
might be obviated if an effort were made to deal with the matter through
informal public conferences, at which reprmdntatives of the companies
and of the municipalities could be present and give aid to the Commission
in developing the pertinent facts.
When the conference called by the Commission was convened, the
representatives of the City of New York refused to take part in anything
which promised so quickly to bring about a termination of the matter
through reductions in rates. The conferences nevertheless proceeded, but
soon developed the fact that the Commission sought a reduction in the
rates below the point permitted by operating costs at that time and a
continuance of the rate of return upon Investment which has been held by
the courts to be the constitutional right of the company.
On Aug. 30 1922 the Commission unanimously adopted an opinion and
a series of orders which prescribed rates to be charged or gas for a period
of one year, generally dating from Oct. 1 1922, for every gas company in
N. Y. City. As to this company and its affiliated gas companies, the
rates prescribed by those orders were in every instance a reduction (see
V. 115, p. 1104).
The opinion of the Commission also gave frank recognition to the right
of the companies to have their rates such as to yield a return upon at least
the amount of the actual investment in their useful Ras properties, and the
Commission determined this investment as of July 31 1922 to be the
following sums:
Consolidated Gas Co. of New York
$56,597,758
Astorial Light, Heat & Power Co
28.703,682
New Amsterdam Gas Co.(Incl. East River Gas Co.of L.I. City) 27,042,854
Central Union Gas Co
11,319,495
Northern Union Gas Co
5,305,115
Standard Gas Light Co
14.748.192
New York Mutual Gas Light Co
11,057,916
is $6,000,000 (par COO). Proceeds will be used to provide for necessary
extensions and to meet company's debt. Payments may be made in four
installments as follows: Four payments of $33 75 each on April 2, July 3,
Oct. I 1923 and Jan. 2 1924. Shareholders may pay for stock in full on
any of the dates mentioned. Shareholders will be entitled to dividends
on the amount paid In, beginning April 2. Any portions of stock not accepted by shareholders on or before March 21 1923 will be offered to the
public.
-V. 115, p. 2476.
Craddock-Terry Co., Lynchburg, Va.-Production.-
In 1922 the company produced about 6,000,000 pairs of shoes. an increase
of about 1,711.070 pairs, over 1921. Shipments totaled about $19,000,000.
an increase of about $2,000.000 over 1921.
• John W. Craddock, who has been elected Chairman, has been succeeded
as President by Charles G. Craddock. Dexter Otey and C. 0. Chapline
-V. 114, p. 2822.
have been elected Vice-Presidents.
-To Issue New Stock.
Cushman's Sons, Inc., N. Y.
The stockholders on Jan. 29 approved the authorization and issue of
40.000 shares of $8 cumulative dividend Pref. stock, no par value, and
200.000 shares of Common stock, no par value. Of this new stock respectively 22.560 shares Pref. and 90.240 shares Common shall be issued in
place of the outstanding 30,080 shares of Common stock, par $100, in the
I
'
ratio of , of 1 share of the new Pref. and 3 shares of new Common for each
share of outstanding Common stock, par $100.
Holders of the new $8 Pref. shall be entitled to voting power whenever
any quarterly dividend upon that stock shall have been in default for a
-V. 116. p. 415.
period of 6 months.
-Guaranty, &c.
Davis Coal & Coke Co.
-V. 105, p. 1423.
See Orenda Smokeless Coal Co. below.
-Injunction.
Davis-Daly Copper Co.
-V. 116, p. 182.
See Anaconda Copper Mining Co. above.
Depew & Lancaster Light Power & Conduit Co.Bonds.
Arthur Perry & Co., Boston, recently recommended this company's
1st (Closed) Mtge. 5% 40-Year gold bonds of 1914 due Aug. 1 1954 at
94 and int. A circular shows:
-Does practically all the retail electric light and power business
Company.
in Erie County (outside Buffalo) and in three townships in Wyoming
County, N. Y. Population, 76,000. Company's transmission and distribution lines serve a territory including 18 townships and 30 villages and
hamlets, and covering a total area of 622 sq. miles. 'Electrical energy from
Niagara Falls is purchased from the Niagara. Lockport & Ontario Power Co.
Lancaster,
and is distributed through 4 substations located attransformer Gardenville.
capacity of
Hamburg and East Aurora, having a combined
6,000 h. p.
Months ended Oct. 31 9122.
-12
Earnings & Expenses
(Including East Aurora Elec. Lt. Co., merged as of Jan. 1 1923.1
$392.489
earnings
Gross
211,530
Operating expenses and taxes
$180,959
Net earnings
$51,175
Annual interest requirements on $1,020,500 bonds
Authorized, Outstanding.
Capitalization Jan. 11923$139,375
$300,000
Common stock (paying 8%)
854.000
3.000,000
Preferred stock (7% Cumulative)
(Closed) x1,000,000
1st Mtge. 5s, 1954 (incl. $41,900 In sinking fund)
5,500
Elec. Corp. 1st 55. due April 1 1933- (Closed)
Inter-Village
15.000
East Aurora Elec. Lt. Co. 1st 6s, due Sept. 1 1925_ - (Closed)
drawing
xIncludes $41,900 non-negotiable bonds held in the sinking fund
Interest.
capital stock was increased as of Jan. 1 1923 from $250.000
The authorized
Prof.
Common and $1,000,000 Pref. to $500,000 Common and $3,000,000
V.
- 116, p. 81.
-New General Manager.
Total
$154,825,011
Detroit Edison Co.
the
The figure of $154,825.011 does not include the New York & Queens
Alex Dow. President and Gen. Mgr., has resigned as Gen. Mgr, of
will succeed him as Gen. Mgr..
Gas Co. or Bronx Gas & Electric Co. The investment of these two com- concern. Alfred C. Marshall. V.-Pres.,
-V. 116.p. 301, 182.
panies were determined by the courts in recent litigation. Nor does this while Mr. Dow will continue as President.
figure include the investment in gas ttropertles in Westchester County or
-Merger Rumors.
the investment, as of that date, of the Westchester Lighting Co. in gas
Detroit Pressed Steel Co.
property within N. Y. City. There is likewise excluded in the case of the
According to teports in the financial district negotiations are under way
Detroit Pressed Steel Co. and
Consolidated Co., land and plant not claimed to be presently used in its for the merging of Parish & Bingham Co.,
gas business(including the 44th St. plant taken by the city in condemnation Hydraulic Steel Co. The companies aro credited with being large proused in the
proceedings) representing an investment of approximately $3,452,000.
ducers of frames, while also manufacturing other products
As to the action of the Commission, it may be stated that the revenues motor-car industry. Combined assets of the three companies are approxiof this company and its affiliated gas companies, under the reduced rates mately $40,000,000. Economy of operation is said to be the object sought.
fixed by these orders, will boat least $3.177,727 less than they would have - 113, p. 75.
•
V.
been, during the prescribed period, if the same quantity of gas sold had been
-Takes Over Columbia GraphoDictaphone Co. N. Y.
billed at the rates In force at the time the Commission's order was made.
Stock Allotments to Pref. Stock Subscribers.
-
Department.phone's Dictaphone'
The company has made its definite allotment of shares of its 6% Cum.
Panic. Pref. stock to 57,283 individual subscribers to the shares. There
were 33,377 who subscribed for from one to six shares and to those has been
allotted the full amount subscribed for; 682 subscribed for 7 to 9 shares,
to these have been allotted 6 shares; 9,192 subscribed for 10 to 15 shares,
to each of which was allotted 7 shares; 5.730 asked for 16 to 20 shares and
the allotment to this class is 8 shares. Those who subscribed for from 21
to 30 shares numbered 1,805, each of whom will receive 9 shares, and 10
shares have been allotted to each of those 1,355 subscribers who asked for
from 31 to 40 shares. To the 1,893 wno subscribed for 41 to 50 shares,
11 shares each have been allotted. The 2.364 persons who subscribed for
51 to 100 shares will each receive 14 shares. Subscriptions for from 101
to 200 shares were made by 611, to each of whom will be allotted 16 shares.
106 subscribed for from 201 to 300 shares and to each of these have been
allotted 18 shares. 20 shares, the maximum number, were allotted to 169
who subscribed for 300 shares and upward.
While the Pref. stock issue represented only $15,000,000, the subscriptions totaled $48,477800.-V. 116, p. 405, 415.
with an authorized
This company, recently incorporated in New 'York
$1,400,000 is outstandcapital of $2.000,000 8% Preferred stock, of which value, of which 93.333
par
150.000 shares of Common stock, nodictaphono business of the
ing, and
shares are outstanding, has taken over the
through Swartwout
Columbia Graphophone Mfg. Co., recently purchased
& Appenzeliar, New York, for more than $1,000,000.
Richard H. Swartwout,
The directors of the Dictaphone Corporation are:
Marsden J. Perry.
Chairman; C. K. Woodbridge, President; George A. Ball,Clarke, and Albert
Russell
R. J. Scoles, Paul Appenzellar, H. R. Swartz, J.
C. Andrews, Vice-President.
Treasurer.
L. C. Stowell is Secretary and Morgan L. Mercer,
dictaphones nad dictaThe new corporation will manufacture and sell
Ai
their offices lathe U. S. and Canada,83 heretofore.
phone supplies from
-Status
-Directors, &c
Consolidated Steel & Iron Corp.
Electric
that formerly
The plant of the company has been acquired by interests been changed
has
controlled the Atlas Crucible Steel Co.. and the nameformerly President
to the Hunter Crucible Steel Co. Arthur H. Hunter, F. D. Lounsberry,
of Atlas Co., has been elected President and Gen. Mgr. B. Smythe, Treas.
and A.
V.-Pres. & Works Mgr.; L. H. Vinnedge, Sec.,Electric Steel & Forge Co..
W. D. Wells, formerly V.-Pres. & Mgr. of the Asst. Sec. The new comand Fred Beebe is
is 2d V.-Pres. & Asst. Treas.,
It is now
and
line of
pany will manufacture a complete expectstoolhave alloy steels.
all departments in full
to
Placing its plant in operation and
company formerly known as the Crucible
operation by March I. The
1918.
Steel Forge Co., was absorbed by the Electric Steel & Forgo Co. in
-V. 109, p. 2360.
("Iron Age").
This company,incorporated in Delaware in 1921. owns in fee the Hoosier
Rolling Mill CO.. Terre Haute. Ind.. Missouri Iron & Steel Corp., St.
Louis Iron & Steel Co., Terre Haute Auto Spring Co., Jefferson Iron Co.,
Carson Iron Mine Co. and Kingsbury Mining Co. Company manufactures
pig iron, iron and steel products. Properties located at Brandsville, Mo.;
Mointain Home, Ark.; Chapin, Mo.: Williamsville, Mo. Plants located
at Terre Haute, Ind.; Steelton, Ind.; Stuart, Mo.; Carson. Mo.
Company has an authorized capital of $2,000,000 8% Cumul. Preferred
stock, par $100, and 600.000 shares of Common stock of no par value,
of which $1,123.300 Pref. and 317.968 shares of Common outstanding.
The Preferred stock is redeemable at any time at 103 and dividends.
Directors are: F. J. Stuart, Walter R. Mayne, Thos. Pechan, St. Louis,
Mo.: J. R. Finkelstein, H. A. Brereton, S. C. McKeen, Terre Haute, Inc.;
E. J. Schroeder, Breese, Ill.; A. T. Hollenbeck. Jefferson City, Mo.;
F. F. Rimsa, Belleville, Ill.; Ames B. Pitcher. F. C. Pitcher, New York;
A. B. Fraser, Cleveland, Ohio; H. A. Sicker, West Lafayette, Ohio; Aug.
Borchelt, St. Peter, Ill,, and E. E.Gates, Indianapolis, Ind.
Officers are: F. J. Stuart, Chairman; J. R. Finkelstein, Pres ,.• E. J.
Schroeder, V.-Pres.; F. J. Buckley, Treas. (N• Y.): M: C. Walsh, Sec.:
F. F. Rimsa, Asst. Treas. Executive office, St. Louis, Mo. Fiscal
office. 62 Cedar St., N. Y. City. Pitcher & Co.. New York, are company's
bankers.
-V. 113. p. 1578.
-Listing.
Edison Electric Illuminating Co. of Boston.
additional
The Boston Stock Exchange has authorized for the list 54,067
shares of capital stock, par $100.-V. 115, p. 2799.
-Acquired.
Steel & Forge Co., Cleveland.
--Report for Calendar Years.
Eureka Pipe Line Co.
Profits for year
Dividends paid
1919.
1920.
1922. ' 1921.
$362.334
$543.218
$426,339
$632,603
.
z(10%)400.001 (10)500,001 (13)650,001 (17)849 999
sur.$232.602 def.$73,662 def.$106,783 def.$487,665
Balance
are
x According to U. S. Treasury ruling $100,000 of these dividends
earnings.
from 1921
Balance Sheet Do.31.
1921.
1922.
1921.
1922.
$
$
LiabilitiesS
g
-Lease of Coal Properties.
AssetsConsolidation Coal Co.
10,813,420 10,792.496 Capital stock_ 5,000,000 5,000,000
The company has leased to J. A. Paisley and associates of Cleveland, 0.. Plant
1.895,160 1,167,610 Depreciation _ 4,322,616 3.933,511
approximately 12.000 acres of coal land in Marion and Monongalia Counties, Other invest
431,527
260,240 Accts. payable 395.150 3.546,369
W.•Va.. on which are two operating mines which develops approximately Accts. receiv. 251,302
Profit and leas 3,778.971
400 acres of the tract. The remaining acreage is undeveloped coal land. Oil pur. & sale
99,854
190,243
conting'cies
The royalty rentals will amount to approximately $14,000,000 to be paid
346,612
591,205 Tot.,eachside 13,496,737 12,911407
Cash
In quarterly installments over a period of 40 years.
The entire issue of Conv. 6% Secured gold bonds, due Feb. 1 1923. are -V. 116, p. 416, 82.
now being paid off at the Equitable Trust Co., trustee, 39 Wall St., N. Y.
-Consolidation.
Elizabethtown Consolidated Gas Co.
City.
-V. 114, p. 1657.
The New Jersey P U Commission recently approved the merger of the
--Rights.
Rahway Gas Light Co . the Metuchen Gas Light Co , the Cranford Gas
Co., Toronto.
Consumers Gas
company of the
The shareholders of record Feb. 3 are given the right to subscribe on or Light Co and the Elizabethtown Gas Light Co into a
to issue
before March 21 at $135 per share for $2.000,000 new stock in the ratio of above name The Commission also authorized the new company
one new share for every three shares held. Present paid-up capital stock capital stock of $3,875,000
PM.3 1923]
THE CHRONICLE
The value of the property of the four gas companies as of Oct 31 last
is placed at $4,783,498 91, subject to liabilities amounting to $557.739 72.
Including current liabilities of $357,739 72 and $200.000 funded debt
-Merger.
Elizabethtown Gas Light Co.
See Elizabethtown Consolidated Gas Co above -V 111, p 2428
-Yonkers Plant Reopens.
Federal Sugar Refining Co.
The company resumed operations at its plant in Yonkers on Jan.,27
after a 3 months shut-down. At the same time the company announced
a price of 6.50 for refined sugar, prompt delivery and without guarantee
of any kind.
In making this announcement President Pierre J. Smith, Jan. 27. said:
"Our reason for closing the Yonkers plant last October was the conviction
that the price of raw sugar was artifically high, and the light demand for
refined sugar prevailing at that time did not warrant the risk involved.
Until now we have noted no new factor in the situation that would have
justified reopening the plant. The recent break in raw sugar price, however, marksa turn in the right direction and the company is again in the
market, and to
-day [Jan. 271 we are offering refined sugar for prompt
delivery at 6.50 without guarantees. While competitors prices are nominally 6.70 it is understood that lower prices are being made privately. and
buyers are guaranteed against any decline."
-V. 116. p. 183.
Fisher Body Corp.
-Notes Sold.
-Bankers Trust Co.,
Guaranty Co. of New York, Union Trust Co., Pittsburgh,
and Hallgarten & Co., New York, have sold $20,000,000
13% Serial gold notes dated Feb. 1 1923 at the following
prices: $2,500,000 due Feb. 1 1924, at 100.48 and int., to
Tield about 534%;$2,500,000 due Feb. 1 1925,at 100.47 and
int., to yield about 53 %;$2,500,000 due Feb. 1 1926, at
4
100 and int. to yield about 6%;$2,500,000 due Feb. 1 1927,
at 99.56 andint.to yield about6
$10,000,000 due Feb.
1 1928, at 98.94'and int., to yield about 63%. (See advertising pages.)
Interest payable F. & A. at Bankers Trust Co., New York, without
deduction for normal Federal income tax up to 2%. Denom. 91,000 (c5).
Redeemable as a whole only on Feb. 1 1924,or or any interest date thereafter
on 30 days' notice at the following prices and interest: 102 for notes then
having 3 years or more to run; 1013 for notes then having 2 years or
.more but less than 3 years to run; 101 for notes then having 1 year but less
than 2 years to run; 100% for notes then having less than 1 year to run.
except that notes then having less than 6 months to run shall be paid
without premium. Bankers Trust Co.. trustee.
Data from Letter of Pres. F. J. Fisher. Detroit, Jan. 27 1923.
Company.
-Incorporated in New York Aug. 21 1916 to acquire the
assets and business of Fisher Body Co. (incorporated 1908) and Fisher
.Closed Body Co.(incorporated 1911). and the entire capitalization (except
directors' qualifying shares) of Fisher Body Co. of Canada. Ltd.(organized
1912). Has since acquired additional body building capacity through
ownership of the entire outstanding stock (except directors shares) of the
Fisher Body St. Louis Co. (Incorporated 1922) and 0. J. Beaudette Co.
(incorporated 1903). Also owns a majority of the Common stock of
-Fisher Body Ohio Co. Controls through entire stock ownership (except
directors' shares) the following three companies, which manufacture plate
glass, metal stampings and automobile hardware: Ternstedt Mfg. Co.
(incorporated 1917); Shepard Art Metal Co. (incorporated 1919); National
Plate Glass Co. (incorporated 1920)•
Corporation is the largest manufacturer of automobile bodies in the
world. Plants of the above companies are located In Detroit, Flint,
Lansing, Pontiac and Saginaw. Mich.; St. Louis. Mo.: Cleveland and
'Cincinnati. Ohio; Buffalo, N. Y.; Oakland, Calif.; Blairsville. Pa.; Ottawa,
Ill.; Janesville. Wis., and Walkerville, Can. The present management has
directed its affairs continuously since 1908. General Motors Corp. owns
an interest of 60% in the Common stock.
Purpose.
-(1) To retire all outstanding funded debt and Preferred stock
as follows: (a) 33,000,000 6% serial gold notes dated Aug. 1 1919 and
(b) $2,653.800 7% Preferred stock of Fisher Body Corp.: (c) $3,050,000
National Plate Glass Co. 6% serial gold notes; (d) $750.01141 Federal Plate
•Glass Co. (subsidiary of National Plate Glass Co.) 7% Mtge. bonds.
(2) To pay bank debt and (3) to provide additional working capital.
Stock Issue.
-In addition, corporation has arranged to issue and sell
an additional 100.000 shares of no par value Common stock for cash at
$75 per share, to provide additional manufacturing facilities.
Capitalization (After Proposed Financing)
-Authorized and Outstanding.
43% serial gold notes (this issue)
$20,000,000
'Corn.stk. of no par(60% owned by General Motors Corp.)600,000 shs.
Earnings.
-Earnings of tho corporation and the enterprises controlled
by it through entire stock ownership (except directors' qualifying shares)
.applicable to interest, after depreciation and amortization of existing debt.
but before U. S. and Canadian Government taxes (years ended April 30)
have been as follows:
1918
$4,352,0781921
$7,373,541
1919
3,534,853 1922
8.306,974
1920
6.484,86711923(8 mos.to Dec.31'22) 8,532,160
Corporation owns 97% of the outstanding Common stock of Fisher
Body Ohio Co. earnings of which are not included above. Estimated
'earnings of Fidler Body Ohio Co. for year to end April 30 1923, after
Federal taxes and provision for $800,000 current Preferred divideds, are
approximately 92,000,000.
Consolidated Balance Sheet Dec. 31 1922 (After Proposed Financing).
.[Fisher Body Corp. and Fisher Body Co.of Oen.,Fisher Body St. Louis Co.,
0. J. Beaudette Co., Ternstedt Mfg. Co., Shepard Art Metal Co.
and National Plate Glass Co.]
Assets
Liabilities
Property accounts
425,897,400 Common stock (no par)
'Goodwill
y2.589,884
500,000 shares
$29,711,325
Patents
do 100,000 shs., add'l
143,997
Inv. in & adv, to affil.
at $75
7.500,000
companies, &c
3,206,106 6% serial notes
20,000,000
Inventories
15.240.372 Accts. pay., accr.int., &c 6,442.906
Note reedy., Chevrolet
Prov. for Federal & Can.
Motor Co
taxes, accrued & due
1,000,000
585,525
•Customers' accts., notes
do accrued in current
receivable, &c
10.951.767
fiscal period
1,015.899
'Cash for addl work. cap- x7.500,000 Res,for rod, of inventory
506.271
U. S. Treas. ctfs. of Ind_
100.000 Reserve for repairs
145,883
'Cash in banks & on hand 8,883,113 Reserve for contingencies 1,097.598
Deferred charges
1,511.351 Surplus
10.038,585
Total
$77,023,991
Total
$77,023,991
x Land, buildings, machinery, tools, dies, patterns & other equipment
333,024,227; less reserve for depreciation & amortization, $7.126,826:
y Going values of subsidiary companies purchased for cash. z To be
received through issuance of an additional 100,000 shares of Common
stock (to be expended for additional manufacturing facilities).
[W C Durant, President of Durant Motors, Inc on Jan 26 issued a
circular to purchasers of Fisher Body Corp units at $40 per unit, in which
he states: "If any purchaser of Fisher Body Corp units at $40 per unit is
at all concerned about the future and stability of the investment, the Durant
'Corp will, upon the endorsement and surrender of the contract, return all
money paid on same. plus $3 per unit-equivalent to $215 per share for
Fisher Body Corp. stock This offer is good for 90 days from this date "I
-V. 116. p. 416.
-Orders.
General American Tank Car Corp.
-ton composite
The company has received the following orders: 750 50
gondola cars for the Illinois Central RR. and 100 express refrigerator cars
-V. 116, P. 183.
'for the Pacific Fruit Express Co.
-To Re-Incorp.
General Fire Extinguisher Co.(N. Y.).
The stockholders will vote Feb. 7 on transferring all of the assets to
the General Piro Extinguisher Co. of Delaware, upon the offer or consideration of the Delaware corporation to pay to the New York'company
its entire outstanding capitalization of $9,000.000 Common stock and
31.000,000 Debenture stock, and the Delaware corporation to assume all
.the liabilities.
-V. 115. v. 2691.
521
General Motors Corp.
-New Sub. Co. Officer.
Fred W. Ayers has been made Vice-President of the Klaxon Co.
V. 116, p. 417. 183.
General Petroleum Corp., San Francisco.
-Earnings.
[Including General Pipe Line Co. of California.1
Earnings 6 Months ended Dec. 311921.
1922.
Gross earnings
-oil & transportation
$8,352.123 $4.483.997
Depletion of oil lands
404,161
Depreciation of equipment
865.182
1.006.117
Selling and marketing expenses
180,922
279,966
General expenses
507.431
805,471
Taxes (except Federal income tax)
206.102
271.282
Net profits
Other income
35.694,494 32.320.199
153.499
269,538
Gross income
Deduct
-Bond interest
Other interest
Abandoned leases
Unproductive drilling
Drilling labor-new wells
Other deductions
35.964.032 $2.473,698
$346.852
$382,487
16.428
17.781
22.864
65,364
12.570
72.234
372,477
1,141,153
48,831
36.869
Net income before deducting Federal taxes__ __ $4,248,145 31,653,676
The consolidated balance sheet Dec. 31 1922 shows total assets of
$83,301.338. This includes plant property & equip.. 964.263.931: sinking
funds. $2,625; current assets. 318.203,789, and deferred debit items.
3830.992. Offsets include Preferred stock. $3,212,200; Common stock.
322.723.471: 10
-Year 7% gold notes of 1931. 39,215.500: 5
-Year 6%
Cony, notes of 1927. $4,993,300; notes called for redemption. $2,500:
current liabilities. 34.076,146; deferred credit items. A3,498,369; reserve for
depreciation, 37.036.077. and a surplus of 328,543,773.-V. 115, p. 2911.
General Railway Signal Co., Rochester, N.Y.
-Report.
Calendar Years1922.
Net earnings
• 4,S340,379
Preferred divs. (6%)
120,000
Common divs. (6%)_ _
Inventory adjust.. &c_ _
43,922
Federal taxes paid
Other taxes
28,358
Int. paid & accrued.. _ - _
79.386
Bd.disc. & tax chgd.off_
12.628
Reserve
38,806
Miscellaneous
2,078
Balance. surplus
Total surplus
-V. 115, p. 651.
1921.
9146,575
120,000
89.505
43.427
22.571
99.102
12.628
168,904
11,493
$15,202 def$421,05.5
$569.831
3554.629
1920.
$748.358
120.000
180,000
95.182
48.016
42,104
75.177
1919.
$658,438
120,000
180.000
44.114
52,127
9,454
.
160.152
1.820
222.252
925.907
9975.684
930,491
$949.777
Genesee Lt. & Pow.Co., Batavia, N. Y.
-Acquisition.
-
The company has acquired all of the outstanding stock of the Le Roy
(N. Y.) Hydraulic Electric & Gas Co. The latter company is now being
operated by the Genesee Co.
-V. 115, p. 2163.
Giant Portland Cement Co.
-Earnings.
Calendar Years1921.
1922.
1920.
1919.
Gross receipts
52,471,431 *2,070,673 *2.865,943 32,010,487
Operating revenue
x190,952
287.452
312,516
459.665
Bond interest
24,750
27,750
30,750
33.750
Deprec.. tax, &c., res've
141,936
110,337
135.753
152.790
y Preferred dividend- (2%)37,600 (4%175.200
(3%)65,800
Adjust. Gov't claim
Cr73,831
Inventory adjustments_
104.873
Balance, surplus
def.$13,334
$43.123
$146,013
$207,325
x After deducting manufacturing and operating expenses. taxes, &c.
y Dividends on Pref, stock outstanding at Jan. 15 1923 are in arrears
to the extent of 36%.
The balance sheet of Dec. 31 1922 shows total assets of *4.031.431
(against $4,177,500 in 1921). This includes property account. $3,320,747:
current .assets, notably cash. $126,722, and inventories. $363.944. Offsets include with other items: (a) Current liabilities, $112,488; accounts
payable, $88,069 (against $40,912 on Dec. 31 1921), and outstanding securities, viz.: (b) 1st Mtge. bonds, $400,000; (c) Prof. stoic. 31,880.00C:
(d) Common stock,91,110,000; and also (s) profit and loss surplus. $464,234
(against $477,568 on Dec. 31 1921).-V. 115, p. 2911.
Glidden Co., Cleveland, O.
-Earns. 10 Mos. ended
Oct. 311922.
514.113,491 lInt, on bonds, money_ __ $626.182
Net sales
Gross profit
4.291.399J Prov. for depreciation_ __
251,823
Profit-before int. depr. &
Net profit
192.725
other deductions
1,070,730
The balance sheet as of Oct. 31 1922 shows total assets of 318.385.769.
This includes property account. 97,771,062 and goodwill, &c., 9438,711:
accounts rec.. $2,919,731; cash, 3561.512. and inventories. $4.938.831.
Offsets include with other items, accounts payable,3744,420; notes payable.
$3.093,000; 1st Mtge. bonds, $3,349,500; Preferred stock, $6,804,500:
Common stock (represented by 322,973 shares, no par value). 31,614.865.
and also p. & I. surplus, $2,063.504.-V. 115. p. 1327.
-1% Cash Dividend.
Great Northern Paper Co.
A dividend of 14 was payable Feb. 1 last on the outstanding capital
%
stock, par $100. The company on Dec.4 last paid a 200% stock dividend.
-V. 115. p. 2273.
-Report.Hibbard, Spencer, Bartlett & Co., Chicago.
President J J Charles says: "Our earnings for 1922 will enable us to
pay a cash dividend of 94 20 a share from the profits of 1922 to shareholders
of record on dates previous to which our books close each month for payment
of each dividend Directors recently voted that a div of 35c per share
should be paid on Jan 30. for which div the books will close on Jan 20.
It was also voted that 35c. per share should be paid on the last Friday of
each succeeding month during 1923, for which divs. the books will close on
the previous Friday. We have considered it advisable to follow the plan
of monthly dividends, which has been our practice since our first incorporation in 1881."
Calendar Years1922.
1921.
Gross profits
33,876,150 $3,364,153
Other income
185.785
220,529
Total income
Expenses and local taxes
Federal taxes
Other charges
34,096.679 33,549.938
12,813,384 32.655.553
39.347
134,581
93,536
149,021
Net profit to surplus
$761.499
$999,692
Balance Shhet as of Dec. 30 1922.
Assets.
Liabilities.
Real est., bldgs. & equip_ $3,866,188 Capital stock
35.000.000
U. S. Govt. securities_ _ _
572,990
350.875 Ace La pay. & accr. exps_
Notes & sects receivable 2.996,379 Accr. taxes, local & Fed_
254,179
Inventories
531.188
3,324,913 Reserve for depreciation.Prepaid expenses
177.464
9.230 Other reserves
Offic-rs' and employees'
5.019,451
Surplus
notes receivable
603.578
Stocks of affiliated cos
$11,555.272
Total (each side)
58,500
Officers are: Pres., J. J. Charles; First V.-Pres., F. L. Macomber;
V.
-Presidents, Frank Hibbard. Pritchard Stewart, II. B. Lyford. C. J.
Whipple; Sec., E. A. Burke; Treas.. F. D. Hoag.
-V. 116, p. 417.
Hamilton Woolen Co., Boston.
-To Increase Capital.
The stockholders will vote Feb. 7 on increasing the authorized capital
stock from $2.500.000 to 53.000,000. par $100. If the increase is authorized
it is the intention to declare a 10% stock dividend on the outstanding
$2,350,000 stock.
522
THE CHRONICLE
Balance Sheet Nov. 30.
1921.
1922.
Assets1921.
1922.
$2,845,288 $2,652,597 Capital stock
Plant
$2,350,000 $2,350,000
Matls. & supplies_ 1,857,212 1,916,664 Notes& accts. pay. 1,788,920 1,984,830
70,500
Cash & accts. rec.. 1,822,618 1,542,009 Div. pay. Jan. 10_
70,500
54,344 Res, for deprec..._ 499,767
54,472
Prepaid Items-381,167
Res. for taxes......
96,778
Tot.(each side).$6,579,390 $6,165,614 Surplus
1,773,425 1,370,117
-V. 115, P. 188.
Hunter Crucible Steel Co., Cleveland.-Acquisition.
-
See Electric Steel & Forge Co above
Hupp Motor Car Corp.
-To Increase Common Stock
Stock Dividend of 10% Proposed.
The stockholders will vote Feb. 12 on increasing the authorized capital
stock of $6,100,000, consisting of 9.079 shares of Preferred stock, par
$100 each, and 519,210 shares of Common stock, par $10 each, to $10,907,900, consisting of 9,079 shares of Preferred stock, par $100 each, and
1,000,000 shares of Common stock, par $10 each.
Pres. Chas. D. Hastings says: "In view of the present prosperous
condition of the company, and the increase of its assets, the directors
have deemed it advisable to increase the authorized capital stock. The
directors contemplate that out of the new stock authorized there shall be
declared a stock dividend of 10%. The remaining stock is reserved for
any proper corporate purposes.
-V. 116, p. 302.
Hydraulic Steel Co.
-Merger Rumors.
-
See Detroit Pressed Steel Co. above.
-V. 115, p. 1939.
-Valuation of Property.
Idaho Power Co.
-
The Idaho P. U. Commission, for rate-making purposes, has placed a
value of $11,638,495 upon the property. The original valuation arrived
at by the company was 122,567,890.-V. 112, p. 657.
Inland Steel Co., Chicago.
-Earnings.
-
Calendar Years*Net income
Depreciation.&c
Bond interest
Dividends
1922.
1921.
1920.
1919.
$2,434,023 $1,728,031 $6,066,560 $6,830,146
1,004,336
911.11,93
1,424,052
1,634,388
288,510
305410
325.110
340,981
1,014,009
1,013,964
2,763,905 2,001,560
Balance, surplus
$127,168def
.$503,236 $1.343,156 $3,063,553
* After reserve for Federal and other taxes.
-V. 116. p. 82.
International Lamp Corp.
-Stock Offered.
-Fred C.
Bristol & Co. Chicago, are offering at $28 per share $1,500,000 capital stock (par $25). A circular shows:
Capitalization (No Bonds)Authorized.
Outstanding.
Capital stock, par value $25
$2.000,000
$2,000,000
Company.
-Has been incorporated In Illinois to acquire the assets, business and good-will of the International Lamp Mfg. Co. Superior Furniture
Mfg. Co., Standard Lamp Mfg. Co. and the Garden City Upholstering Co.
Company manufactures furniture, all kinds of floor, table and other ornamental lamps, lamp shades, mirrors and other articles of glass and wooden
construction. Maintains 5 factories located in Chicago, which, with the
additional plants being equipped with the proceeds of this financing, will
give them a combined floor space of approximately 7 acres.
Purpose.
-Additional working capital and the equipping of additional
plants to be installed at Jackson. Mich., and in Central Mfg. Dist., Chicago.
Sales and Earnings.
-It is estimated that sales for 1923 will be in excess
of $3,000,000, which will show a net profit of more than $6 per share on
the entire outstascling capital stock. Consolidated net sales for the 12
months ended Dec. 15 1922 were in excess of $900.000, with a net profit
of 8122.043. Net sales for 1921 were in excess of $800,000, with a net
profit of 893.972.
Diridends.-Stock is on a dividend basis of $3 per share por year, pa y
able 25 cents monthly.
Balance Sheet Dec. 15 1922 (After Present Financing).
AssetsLiabilities
•
Cash
$912,574 Capital stock
$2,000.000
Accounts & notes receiv__
664,360 Accounts payable
123,337
Inventories
705.610 Accrued expenses
603
Prepaid expenses
6.528 Special reserves
18,671
Machinery & equipment99,441 Surplus
245.903
Total
0.388,515
Total
82.388,515
Directors
.-D. W.Baird, Pros.; Wm.J. Casey, V.-Pres.•, O. A. Christensen, Treas.; Nathan Manilow, Sec.; Oscar Gumbinsky, Chairman; Charles
Mitchell. Michael Rosenberg, M. Kraus, D. Stone.
Iroquois Gas Corporation.
-New Name.
-
See Iroquois Natural Gas Co. below.
Iroquois Natural Gas Co.
-Changes Name.
-
The company has changed its name to Iroquois Gas Corp.
-V.116. p. 82,
Jones
Laughlin
[Vol.. 116.
Lincoln Motor Car Co.
-Tax Litigation is Settled.
-
An agreement was reached Jan. 29 between Federal Judge Tuttle and
officials representing the United States Attorney-General,fixing the amounts
that the Detroit Trust Co.as receiver for the company will pay the Government to close its claim for $9,188,561, the amount the War
stated was owing for alleged ovrepayments on war contracts. Department
It is stated that the settlement of the Government's claim at $1,550,000
will permit a payment of 47 cents on the dollar to the several hundred
creditors of the company.
-V. 116, p. 184.
McIntyre Porcupine Mines, Ltd.
-Earnings.
wIncome
Costs
Reserves & approp
6 mos. end.
Years ended June 30
Dec. 31 '22.
1922.
1920.
1921.
$1,215,386 $2,103,897 12.177.278 82,315,894
653,773
1,242,537
1,088,231
1,088,764
33,864
308,614
409,642'
272,984
Net profit
$527,748
$552.747
$815,530
x Includes non-operating revenue -V. 115, p.
1949.
018,021
Magor Car Corp.
-Equipment.
-
The company has received orders for 133 flat
or
20 tons' capacity for the United Fruit Co. and 35cars as follows: 100for
of 33 tons' capacity
the Ulen Contracting Co.
-V. 111, p. 2430.
Mason Tire & Rubber Co., Akron, Ohio.
-Earnings.
-The company reports sales for 1922 of $10,500,000 and net profits
,
taxes of about $1.200,000. In 1921 sales were $8,586,167 and net before
profits
8437.350.-V. 115, p. 1540.
Massachusetts Cities Realty Co.
-Bonds Offered.
fl D. Parker & Co., Inc. Boston, are offering at 100 and
.
int., $500,000 30
-Year lsi & Ref. Mtge. Sinking Fund 7%
Series "A" gold bonds.
Dated Jan. 2 1923. Due Jan. 11958. Callable as a whole only on any
interest date upon 60 days' notice at 105 and interest. Interest payable
J. & J. at Old Colony Trust Co.. Boston. trustee. Denom. $1,000, $500
and $100 (c*). Free from Massachusetts income tax. Company agrees
to pay the normal Federal income tax not in excess of 2%. Authorized
,
issue. $4,000.000, of which $550,000, designated Series A." The deed
of trust will provide that the company shall make to the trustees annual
sinking fund payments (payable monthly in advance) of the following
percentages of the greatest amount of bonds that shall have been issued:
1% for 9 years beginning Jan. 2 1923 and 13i% thereafter is to be used
solely to buy bonds of this issue, if such bonds can be bought in the open
market at 105 and interest or lass: otherwise the funds are to be invested
in securities legal for savings banks in Massachusetts having one year
or less to run and approved by the trustee, or in the bonds of this issue,
whichever may yield a higher return to the company.
Company.
-Was incorporated in September 1922 in Massachusetts.
Owns 367,354 sq. ft. of land with 15 buildings thereon, 10 of which are of'
modern reinforced concrete and brick fireproof construction and 5 are of
brick or concrete modern mill construction. These buildings contain
1,353,614 sq. ft. (over 31 acres) offloor space. Three buildings are situated
In Boston, 3 in Haverhill, 1 in Lowell, 5 in Springfield and 3 in Worcester.
The company receives its income from the rental of floor space and
from the sale of power, light and heat, and other services. Its 69 tenants
are engaged in widely diversified lines of retail, wholesale, industrial and
warehouse activities.
Listing.
-Application will be made to list bonds on Boston Stock Exchange.
Purpose.
-To retire all current obligations, to make necessary Improvements to the property and to provide working capital.
Balance Sheet as of Sept. 18 1922 (After this Financing).
Assets
LiabilitiesLand, bldgs. & equip--- -$3,387,650 13,275 shs. Pref. stk (no par value)
Cash
63.756 13,274 she. Corn. stk. (no par value)
Impt. fund (cash)
36,000 1st & Ref. 7s
$500,000
Accts. & notes receivable_
40,314 1st Mortgage 5s
2,186,000
Sinking fund
155,782 Reserve for contingencies.. 107,500
Ins. fund & securities_
3.695 Surplus
994,266
Prepaid expenses
100,569
Total
$3,787,766
Total
13.787,766
-The company has 13.375 shares of Preferred stock of no par
Note.
value and 13.274 shares of Common stock of no par value outstanding.
May Department Stores Co.
-Dividend Increased.
-
The directors have declared a regular quarterly dividend of 23on the
Common stock, payable March 1 to holders of record Feb. 15. This is in
accordance with a resolution of the board adopted on Nov. 8 Increasing
the rate on the issue from 8 to 10% per ann. (V. 115, a. 2165.) A stock
dividend of 30% was distributed on the Common stock on Dec. 20 last.
See also V. 115, p. 2165, 2589, 2693.
Metropolitan 5-50c. Stores, Inc.
-Gross Sales.
-
&
Steel Corp.
-Earnings.
-Dec.
14)22
-1921.
Increased 1922
-Year---1921.
Increase.
Net earnings for the year ended Jan. 1 1923 are reported as 810.580,983
11,208.667 11301,449
$107,2181 $6,234,201 $5,392,939
$841,262
after taxes. Interest charges amounted to $1,140.611; depreciation and -V. 115, p. 2276.
depletion charges, $4,026,469, leaving a surplus of $5,413,903.-V. 116,
p. 184.
Middlesex Water Co., Elizabeth, N. J.-Bds. Approved.
The New Jersey P. U. Commission has
Kansas City Power & Light Co.
-Permanent Certificates. $200000 of Cense]. Mtge. bonds, proceedsauthorized the company to issue
to be used to pay for extensions
Permanent engraved certificates of the 1st Pref. Series "A" stock are
now ready for delivery at the company's office, Kansas City. Mo., the and improvements already reade.-V. 105. p. 185.
Continental & Commercial Trust & Savings Bank, Chicago, or at the
-To Build New Gas Plant.
Midwest Refining Co.
-V. 116. p.418.
.Guaranty Trust Co. of New York.
The company has awarded contracts for the construction of the third
unit of its natural gas plant in the Salt Creek field of Wyoming. Wills
-33 1-3% Stock Dividend-Dividend this addition, it is stated, the plant will have a capacity
(S. S.) Kresge Co.
of 30,000,000
on Common Stock.Declared at Rate of8% per Annum-Lease.
- of natural gas a day, and will produce 99,000 gallons of gasoline cu.ft.
daily.
V.
The directors on Jan. 30 declared a 33 1-3% stock dividend on the - 115, P. 2387.
outstanding $18.228.200 Common stock, par $100, payable March 1 to
Minneapolis Gas Light Co.-Valuation.--Rates.holders of record Feb. 15.
The U. S. Circuit Court of Appeals on Jan. 9 handed down a decision
A quarterly cash dividend of 2% has also been declared on the Common
fixing the value of the company at $9,255,216, and ordering the price or
stock.
On July 1 and Dec. 30 last semi-annual cash dividends of 33% each gas to be fixed to yield 7.5% annually on this amount. This will result
were paid on the Common stock. On Dec. 31 1921 the company paid in a slight increase in the price of gas in Minneapolis, it was said. The dea semi-annual cash dividend of 3% and a 54% stock div. on the Common. cision was written by District Judge Munger of Nebraska, and concurred
The company has leased the southwest corner of 63d and Halsted Sts., In by Circuit Judge Stone. Presiding Judge Sanborn dissented, saying
Chicago, for 99 years at an annual rental of $35,000 for the first 5 years, he did not believe the valuation should be fixed above 88,500,000.-V. us.
$40,000 for the second 5 years, $45,000 for the third 5 years and $50.000 p. 185.
for the remaining 84 years. The lease commencing Feb. 1 1923, provides
Minnesota Gas & Electric Co.
for the purchase of the present improvements for $70,000 and for the
-Successor Company.
erection of a new building within a specified time at a cost of not less
See Southern Minnesota Gas & Electric Co. below.
-V. 107, p. 1842.
than $200.000.
Montgomery Ward & Co.
-Annual Report-Sales.
Results for Years ended December 31.
For annual report see under "Financial Reports" above.
1922.
1921.
1920.
1919.
Month of January-1923.
Stores
1922.
1921.
213
200
176 Sales
188
18,477.239 $5,594,153 0,721,486
Sales
$65,191,452 $55,859,011 $51,245,311 $42,668,061
V.
- 116, p. 83.
Net income x
6,616,417
3,402,033
2,753,506
2,280,201
Pref. dividends (7V)
141,445
141,446
140,000
140,000
Montreal Lt. Heat & Power Consolidated.
-Ann. Rept.
Common diva., cash_(7%)1,168,557 (6)600,590 (6)600,000 (6)600,000
Years endedDec. 31 22. Dec. 31 21. Dec. 31 20. Apr.30 19.
Balance, surplus
$14,431,323 $13,289,965 $12,748,410 110.939,272
15.306,415 12,65,),997 $2,013,506 $1,540,201 Gross revenue
Expenses and taxes
6,504,717
6,549,933
6,810,287
5,357,493
Deprec. & renewal res
x After providing for Federal taxes & contingencies.
1,443,132
943,927
1,328,996
1,055,167
-V. 116. p. 184.
Fixed charges
1,214,786
1,032,670
1.188,293
1.078,450
Lehigh & Wilkes-Barre Coal Co.
-Attorney-General Asks
Net earnings
0,268,688 14,222,742 $3,804,506 13.605,182
Court to Review Reported Sale to the Reynolds Syndicate.
(5%)3,336,467(5)3,227,689(5)3,220,739 (4)2,562,291
A petition by Attorney-General Daugherty was filed in the U. S. District Dividends
20,000
20,000
20,000
20,000
Court at Philadelphia Jan. 31 raising the question whether the reported Pension fund
sale of the Lehigh & Wilkes-Barre Coal Co. to the Reynolds syndicate of
Balance,surplus,subj.
New York was made in good faith and in accordance with the decree of the
ject to income tax.._ $1,912,221
$563,767 $1,022,891
$975.053
court in the Reading dissolution case. The Attorney-General asks the
The company recently announced a reduction of 11 2-5% in electric
court to hear all the evidence bearing upon the matter.
-V. 116, p. 419; V. 115.
There is no definite date fixed for the hearing, but it is understood it will lighting rates to become effective immediately.
take place some time about the middle of February. The Attorney- p.867; V. Ill, p. 2144.
General states that,from information received by the Department of Justice
Montreal Insurance Exchange Building.
-Bonds Offrom various sources, the question whether the sale was made in good
faith has been raised. V. 116, p. 303, 83.
-S. W.Straus & Co., Inc., are offering at par and hat.
fered.
FEB.3 1923.]
THE CH_RONICLE
523
$2,200,000 1st Mtge. 63/2% serial coupon bonds dated Jan. and the security holders thereof will receive new
securities
231923. Due serially. Safeguarded under the Straus plan. of the Refining company as outlined below.
A statement
The bonds are a first mortgage on the land, building and equipment by the
committee says:
located at Montral and a first lien on the net annual earnings estimated
at $290,300.
(William F.) Mosser Co.
-Notes Called.
Seven
hundred fifty-one 8% 10
-Year Sinking Fund gold notes dated
Oct. 11920. of $1,000 each, 490 notes of $500 each and 455 of $100 each
(total $1,041,500) have been called for redemption April 1 at 107 and int.
at the Continental & Commercial Trust & Savings Bank, trustee, 208 South
La Salle St.. Chicago,
111, p. 1284.
Mutual Oil Co.
-Dividend to be Paid March
1.
Through an inadvertence, the circular letter of Jan. 13 1923
116.
p. 304) to the stockholders of the Merritt Oil Corp. containing (V. offer
the
of this company to exchange Merritt Oil stock for stock trust certificates
representing stock of Mutual Oil Co. erroneously stated that the
next
quarterly dividend of this company will be payable to
record Feb. 1. Merritt Oil stockholders were requested stockholders of
to deposit their
Merritt Oil stock certificates on or before Jan. 31. The company desires
to correct this error.
The next quarterly dividend of this company
holders of record March 1 and the New York will be payable to stockTrust Co.. 100 Broadway.
N. Y. City, has been instructed to accept Merritt Oil stock for exchange
on or before Feb.28 1923. For terms of exchange, Sze.,see V. 116.
p.304.
The company has extended time for conversion
of
Corp. into voting trust certificates of Mutual 011 to stock of Merritt Oil
Merritt
stock so exchanged will participate in the regular Feb. 28. dividend Oil
quarterly
of
Mutual Oil
payable March 15 to holders of record March 1. See
V. 116, p. 304, 185.
Co..
National Cloak & Suit Co.
-Report.
-
The company reports for the year ended
Dec. 28 1922 net
$45,357,566. Net profits for the year after deducting bonuses to sales of
officers
and employees were $1,790,000. Total surplus
amounted to $3,007,521.
-V. 116, p. 83.
National Coal Corp., N. Y.
-Incorporated.
-
This company was incorp. in New
capital stock of 500.000 shares of Jersey Jan. 26 1923 with an authorized
Common stock of no par value and
$10,000,000 8% Preferred stock, par $100. The company, it Is said, will
become the parent organization to Burns Bros.,
of Chicago and the Metropolitan Co. of Boston. the Consumers' Coal Co.
The
has been practically completed, it Is understood. Plansnecessary financing
for the exchange of
stock are being worked out and may be announced shortly.
Proposals, it is said, have been made for the retirement of both Burns
Bros. Preferred issues and an arrangement whereby Class "A" Common
stockholders would be given the right to subscribe to the Preferred stock
of the new company. Class"B" stockholders, under the plan, it is stated,
will be alowed to subscribe to the Co mmon stock of the National Coal Corp
National Department Stores, Inc., New York.-Pref.
Stock Sold.
-Blair & Co., Inc., have sold at 100 and div.,
$5,000,000 7% Cum. 1st Pref. (a. & d.) stock. (See
advertising pages.)
Dividends payable Q.
-F. Red. at $115 and div.
fund for the purchase or redemption of 1st Pref. stock A cumulative sinldng
at not exceeding $115
and divs. Is to be created by setting aside semi-annually from profits on
Feb. 1 and Aug. 1, commencing with
1924, a sum equal to 134
of the greatest amount of 1st Pref. Feb. 1 theretofore issued-that %
stock
is,
at the rate of 3% per annum.
Data from Letter of President Victor W. Sincere New York, Jan. SI.
CapitalizationAuthorized. Outstanding
1st Pref. stock 7% Cum.(par $100)
$10,000,000 $5,000,066
2d Pref. stock 7% Cum.(par $100)
7.500,000 x3,300,000
Common stock (no par value)
725,000 shs. 300,000 shs.
x Convert. into Common stk. at $100 per share on or before Jan. 11929.
Company -Will acquire the assets and business of the following oldestablished concerns, operating modern department stores:
(Cleveland), Rosenbaum Co. (Pittsburgh), B. Nugent St Bros. Bailey Co.
Dry Goods
Co. (St. Louis), Geo. E. Stifel Co. (Wheeling) and Geo. R. Taylor
Co.
(Wheeling). Business of these concerns was established at various dates
back to 1847, and they now rank among the leading
their communities, with combined sales for the 12 department stores in
1923 (one month estimated) of over $33,000,000. months ended Jan. 31
Combined Saks and Net Profits of the Above Mentioned Companies.
Yrs. end. xflec.31'22. Jan. 31 '22. Jan. 31 '21. Jan. 31 '20.
Jan. 31 '19.
Sales
530,484,532 $32,663,263 $39,981,093 $29,243,950 $20,899,145
y Net profits 1,935.560
934.467
1.181,987
2,152,543
1,288,141
x 11 months. y Net profits after deducting Federal taxes computed at
1922 rates.
Net profits for 5 years and 11 mos. ended Dec. 31 1922 averaged 51.445.211 per ann., or 4.12 times annual div. requirements on 1st Pref. stock
outstanding, and for the 11 mos.ended Dec.31 1922 were at the annual
of $2.111,520, or more than 6 times such annual div. requirements. rate
Assets.
-Combined total net assets of the constituent units on
1922 (exclusive of good-will, trade-marks and leaseholds), based Dec. 31
appraisal aggregate $13.339,000 or the equivalent of $266 per on recent
share on
the let Pref.stock. Combined net quick assets alone on
that date amounted
to $6,374,204.
Listing.
-It is expected that application will be made to list stocks
on New York Stock Exchange.
National Grocer Co.
-Resumes Common Dividend.
-
The company has declared a cash dividend of
3% on the Common stock,
payable March 1 to holders of record Feb.
17. The last dividend was 2%,
paid March 16 1922.-V. 114. 635.
P.
National Licorice Co.
-Balance Sheet Dec. 31.-
AssetsPlant Investments_
Trade marks,goodwill.&a
Cash
Ti. S.and Canadian
Govt. bonds
Accts. receivable
Inventories
Deferred charges__
1922.
x323,986
1921.
MOM Vs-1921.
1922.
338,209 Preferred stodk._ $500,000 $500,000
Common stock- 1,000,000 1,000,000
y954,125 1,204,124 Current liabilities_
811
1,688
137,934
160,399 Div. pay'le Jan.9. 125,000
25,000
Bad debts reserve.
4,167
3,765
200.135
127,245 Taxes (Incl. est.
55,539
40,242
Federal taxes)_
64,842
67,828
150,889
163,421 Surplus
448,115
z132,047
7,721
9,295
Total
$1,830,328 $2,042,935 Total
$1,830,328 $2,042,935
x Plant investments at book values,
$158,035. y Trade marks, good-will, $482,020, less depreciation reserves,
&c., at book values, $1.204.125. less
amount transferred from surplus, $250,000.
z Surplus, $507,047: less dividend payable Jan. 9 1923. $125,000, and
ducted from trade marks, good-will, &c., also amount transferred and de8250,000.-V. 115, p. 2802.
"
•
National Supply Co. of Delaware.
An initial quarterly dividend of 134% has -Initial Dividend.
standing 512,125,000 Common stock. par $50, been declared on the outpayable Feb. 15 to holders
-See also V. 116, p.304.
of record Feb. 5.
National Surety Co.
-Stock Certificates
Ready.
Certificates covering the stock dividend to stockholders
of record Dec. 29
are now ready for distribution.
-V. 115, p. 2912.
New Cornelia Copper Co.
-Obituary.-
-y. 116, v. 84.
See Calumet & Arizona Mining Co.
New England Oil Corp.
-Preliminary Readjustment Pain.
-The protective committee for the 8% Convertible gold
Hart, Chairman, has approved a prenotes, Francis R.
liminary plan of readjustment for the New England Oil
Corp. and its subsidiary, the New England Oil Refining Co.
Under the plan the Oil corporation will be eliminated entirely
A syndicate has been formed for the purchase of $5,000,000 of
Mtge. bonds and 560.000 Common shares(no par value) of the Newthe Gen
England
Oil Refining Co.,for the price of $850 and Interest for each $1,000 bond,
112 shares of Common stock. Malcolm G. Chace, Francis R. Hart and
and
Daniel G. Wing are syndicate managers. The syndicate has been completed and all of the bonds and shares subscribed.
The committee by arrangement with the syndicate managers has obtained for each holder of 5
-Year 8% Cony, gold notes of the New England
Oil Corp. who has or shall deposit his notes with Old Colony
Co..
depositary, the right to participate in this syndicate upon the Trust basis
same
as the original syndicate subscribers. The syndicate
committee reserve the tight to reduce any application managers and the
and allot a lesser
participation for an amount not less than 25% of the principal amount
of 5
-Year 8% Cony, gold notes held by the applicant and deposited with
the committee. Those desiring to participate in the syndicate should
forward applications to S.•Parkman Shaw Jr., Sec., 17 Court St., Boston.
Mass., on or before Feb. 5 1923.
Present Debt of New England Oil Corp. as of Aug.311922; Total 511,593,112.
(1) New England Oil Corp. 5-Yr. 8% Cony. gold notes: outstanding. $5.762,000: held by New England 011 Ref. Co.,
$322,000
(2)• New England 011 Ilefining Co.: (a) 5-Yr. 8% Cony, gold 85,440.000
notes, $322,000;(b) demand note secured or partially secured,
41.250,328: (c) unsecured account, $3.225,372
4,797,700
(3) Note payable to France & Canada Oil Transport Co.: face
amount, 3200.000: credit, say $15,000
185,000
(4) Judgment in favor of Island 011 Marketing Corp. (subject
to adjudication)
1,161,000
Miscellaneous direct liabilities (other than accrued int. and excl.
of about $5,000 of items incurred by receivers)
9,412
x The security for this demand note consists of all the stock and a $344,377
note of New England Oil Corp., Ltd.
In addition to the foregoing the New England Oil Corp. is indebted
for large amounts as guarantor of obligation of, or as joint obligor with,
the New England Oil Refining Co. and is also liable as guarantor of notes
for $517,000 of New England 011 Corp., Ltd.. of Canada. The Oil corporation Is also subject to a claim by the Sun Oil Co. on account of alleged
breach of contract.
Prfsent Outstanding Stock of Noe England Oil Corp.
Preferred stock (par $100)
$1,949,700
Common stock (no par value)
540 000 shs.
Assets of New England Oil Corp.
-In addition to the stwk of the Refining
company, the only important asset of the 011 corporation consists of all
the stock and certain debt of the Canadian company, es follows: (1) stock
.
of Canadian company, SHOO,: increase arising through appraisal. 51,525.844; total stock, $1,535,844; (2) indezotedness for advances, $557,361 •
total, $2,093.205.
Of this item, all the stock and $344,377 of the debt is pledged to the
Refining company.$168,615 of the debt is pledged to secure the $517,000
notes above mentioned, $44,369 of the debt is unpledged.
Proposed Capitalization of New England Oil Refining Co.
let Mtge. bonds
-closed Issue
-now outstanding
54.715,000
G-en. Mtge. 8% Sinking Fund gold bonds, to be presently
Issued
•
5,000,000
7% Pref, stock to be presently issued
10,000,000
Comn.on stock to be presently issued
1,600,000 abs
Description of New Securities.
(1) Gen. Mtge. Bonds -The Initial issue of85.000.000 will be dated Jan. 1
1923, payable Jan. 1 1943; red, on any int. day on 90 days' notice at 105
and int. Int. payable without deduction for Federal taxes up to 2% at
Old Colony Trust Co., Boston, trustee, and Continental & Commercial
National Bank, Chicago. Pennsylvania 4-mill tax refunded.
Each 31.000 of the initial issue will be accomparied by stock warrants
evidencing the right of the holder at any time up to Jan. 1 1933, to buy
100 shares of the Common stock of the Refining company at $10 per share.
Authorized issue of Gen. Mtge. bonds. $20.000,000.
Security.
-Covers all real estate now or hereafter owned by the Refining
company within Massachusetts, subject to the first mortgage. Company'
will subject to the,lien of the general mortgage, as additional security,
Its present and future property to such extent as may be permitted
by
law and by the provisions of the first mortgage.
The stock of and all claims against the Canadian company held by
Oil corporation (except in so far as such claims shall be discharged), the
the
other assets of the 011 corporation (except in so far as disposed of
with the
approval of noteholders committee) and a site of
acres on the Taunton River, will be subjected to the approximately 497'
lien of the general
mortgage as a first lien: and such stock, other assets and site will
thereafter,
and subject to such lien, be transferred to the Refining company.
Other Provisions of Mortgage.
-The general mortgage will
20% of the net earnings ofthe Refining company (as defined) provide that
dividends in 1923 and each calendar year thereafter will, available for
May 1 of the next following year be applied to the purchase not later than
of bonds of this issue. The Refining company will not pay or redemption
which would leave net quick assets at less than $5,000,000any dividends
or
plant investment which would leave net quick assets at less than make any
33.000.000.
These minimum standards are to be increased by the amount of
any bonds
issued for additional working capital. The mortgage will
also
release of the stock of the Canadian company for $2.500,000 permit the
cash to be
applied to the purchase or redemption of these bonds, or on
any other
terms as shall be approved.
Of the authorized issue $4,715,000 are to be available
par to refund the 1st Mtge. bonds, and the balance of for issue par for
810.285,000 are
to be available for issue for working capital, &c., as defined in the indenture
(2) 7% Pref. (a. c*, d.) stock (par $10G) authorized
lative from Jan. 1 1926. Red. on 30 days' notice at810,000.000, cumuany time at 10234
and dividends. Company in each calendar year shall set aside as a sinking
fund to be applied to the purchase or redemption of the Prof. stock a sum
equal to 10% of the aggregate amount of the dividends paid upon the
Common stock during the preceding year.
(3) Common stock, authorized 1,500,000
par value). Of
this amount 500,000 shares will be reserved shares (noagainst the stock
for issue
warrants above mentioned; 560,000 shares will be sold with the initial
Issue of the Gen. Mtge. bonds.: 250,000 shares will be reserved
for the
corporate purposes, including issue to officers and employees of the refining
company upon such basis as shall be approved by the noteholders,
committee, and the balance may be issued so far as required to make
provisions
for existing debt and stock of the oil corporation.
Terms of Exchange of Old for New Securities.
WilIReceive
Existing SecuritiesOutstanding.
Pref. Stock.
Corn. Shs.
New England Oil Cony. notes..$5.440,000
$5,440,000
54.400 shs.
Each $1,000
10 shs.
10 shs.
Fr.& Can.Oil Tr.Co.notes pay. 185,000
185,000
1.850 shs.
10 shs.
10 shs.
Island Oil Mk. Corp. judgm't- 1,161,000
'
x1,161,000
x11,610 shit
Each $1,000
10 shs.
10 shs.
Other direct creditors of oil
(I)
corn.
(7)
(7)
Each $100
1 sh.
1 sh.
Contingent creditors of oil corp.
(7)
(7)
(7)
Each $100
1 sh.
1 sh.
Pref. stk. holders of oil corp._ _y1,949,700
19,497 shs.
Each $100
1 sh.
Corn. stkholders of oil corp.__ _ x540,000 shs.
54,000 shs.
Each 10 shares
1 shS.
x This stock of the Refining company to be placed in escrow
with the
transfer agent of the Refining company,
settled and the amount, if any, due theand when by final judgment is
Island Oil Marketing
finally determined, the shares to be' delivered to the Island Oil Corp. is
Corp.. or to whoever shall be entitled to receive the same. Marketing
Any stock
not so delivered to revert to the Refining company.
y Preferred stockholders to have
share of Preferred stock to purchase the further right in respect of each
one share of Preferred
share of Common stock of the Refining company for $80. stock and one
z Common stockholders to have the further right in respect of
shares of Common stock to purchase one share of Preferred stock each 10
and one
share of the Common stock of the Refining company for $80.
524
THE CHRONICLE
If the rights of purchase shall be exercised by the Preferred and Common
ptockholders to such an extent that the Refining company shall be called
upon to deliver more than $7,000,000 of Preferred stock, including all
amounts presently to be issued under the plan, or more than 701,350 shares
of Common stock presently to be issued under the plan, the noteholders
committee either may require the Refining company to issue an additional
amount of Preferred stock and to increase the authorized amount of Common stock, or may itself furnish all or any part of the caress amounts of
Preferred and Common stock 'necessary to meet the subscriptions to
purchase at and for the respective prices above fixed.
-In consideration of the other advantages to be derived by the
Note.
Refining company under the nlan no provision is made for the debt of the
Oil corporation held by the Refining company and the It?finin't company
will dispose of such debt as the noteholders' committee may direct to
facilitate the consummation of the plan.
Management.
-All the Common shares of the Refining company shall
be held by certain trustees for five years, until Dec. 31 1927, and for
a further period of five years if the said trustees shall so decide. The
original trustees are to be Malcolm G. Chace, Francis R. Hart, Bradley
W. Palmer, Alexander Smith and Daniel G. Wing.
-V. 116. p. 419.
New England Oil Refining Co.
-Reorganization Plan.
See New England Oil Corp. above and V. 116, p. 419.
New England Tel. & Tel. Co.
-Annual Report.
Calendar Years
-1922.
1921.
. 1920.
.0per. & non-oper. rev_ _$42.320,746 $37,312.788 $34.273,897 $13,919;903
1 58 9
9,397,457
Operating expenses
30,671.126 27,320,288 25,151,030
Operating revenue__ _$11,649,620 $9,992,500 $9,122,867 $4,192,446
Cr2,835,125
U. S. Govt. compon_
919.299
Taxes & uncollectibles__ 3,110,274
2.613,397
2,066,884
563,078
1,959,448
1,012.449
Interest
588,535
120,260
386,730
Rent. &c., accts
380,259
329,902
Cr47,933
143,051
4.561
43,460
Misc. deductions
4,651,927
5,317,886
5,317.816
4,984.208
Dividends
$820,940
$870,720
$522,524 $1,109,878
Balance, surplus
The balance sheet as of Dec. 31 1922 shows total assets of $161,090,028
(against $13,500,256 in 1921). This includes property account„ $144.361.835; cash, $915,101, and inventories, $1,982,208. Offsets include
with other items. accounts payable, $2,391,901; 1st Mtge. bonds. $35.000.000; debenture notes, $11.000,000: capital stock. $66,476,200; P. & L.
surplus. $6.780,716 (against $6,809.995 on Dec.31 1921).-V. 115, p. 2485.
-Earnings.
New Jersey Zinc Co.
Results for 3 months and 12 months ending Dec. 31.'
1922-3 Mos.-1921 1922-12 Mos.-1921
$1,678,835
$705,374 $6,214.648 $2,390,628
Income
s
40,000
40,000
160,000
160,000
Int. on 1st M. bonds_
360,000
360,000
Empl. profit sharing_ _ _
10,677
50,791
2,839
34,384
Accr. in on stk. subscr_
Dividends
y(4%)1.929,412 (2)909,328(10)4768,152(4)1,818,656
Balance
def$653.415 def$254.631 sur$892,112 sur$361.182
x Income (incl. divs.from sub. cos.) after deductions for expenses, taxes,
maint., repairs and renewals, betterments, depreciation & contingencies.
y Includes extra dividend of 2% payable Jan. 10 1923 and 2% payable
Feb. 10 1923.
June 30.
Dec. 31.
Sept. 30.
1922 Quarters ending- Mar. 31.
$1.086.080 $1,597,161 $1,732,571 $1,638,835
Net income
115. p. 2912.
-Dividend of 2%.
Newmarket Mfg. Co.
The company has declared a quarterly dividend of 2% on the capital
stock, payable Feb. 15 to holders of record Feb. 1. This is the first dividend
since the payment of the 50% stock dividend, which increased the capital
stock from $1,200.000 to $1.800,000, par $1CO. The rate on the old stock
was 10%.-V. 116. p. 85.
-Bonds.
Newport News Shipbuilding & Dry Dock Co.
The $2,000,000 First Mtge. 5% bonds, due April 15 1990. were stricken
from the list of the New York Stock Exchange on Jan. 24 last. The aforesaid bonds. It is stated, have been exchanged for new Ftrst Mtge.6% bonds.
-V. 109. p. 1798.
-Production.
New River Co.
The company in December last produced 130.000 tons of coal, as compared with 111.000 tons in November last and 118,000 tons in October.
I
-V. 116. p. 419.
New York Telephone Co.
-Telephone Rates Revised.
-
rVm..
dividends of 5% each, together with extras, have been paid since 1915.
For complete dividend record (since 1915)see V. 115. p. 2486. V.116.P.186.
-
Ohio State Power Co.
-Bonds Offered.-Bonbright &
Co., Inc., are offering at 9732 and int. $290,000 1st Mtge.
6% gold bonds of 1915, due June 1 1935. A circular shows:
Issuance.
-Authorized by the Ohio Public Utilities Commission.
Company.
-Owns and operates a 15,000 k.w.steam-electric power station
and a 3,000 k.w. hydro-electric power station, both located on the Sandusky
River near Fremont, 0. Entire output of plants has been sold under a
contract running until 1967. to Ohio atower Co., a subsidiary of American
Gas & Electric Co., and Lake Shore Electric Ry.
Capitalization
Authorized. Outstanding.
First Mortgage 6% gold bonds
$964.000
$3,000,000
Preferred stock, 6% Cumulative
s4C0,000
Common stock
x600.000
0
, 00
, .
R y0
80
x Owned by Ohio Power Co. and Lake Shore Electric0
Earnings 12 Months ended Nor. 301921.
Gross earnings
$652,282
1912
$678,016
Net, after expenses,maintenance and taxes
121,548
120,638
Annual interest on First Mtge. 6% gold bonds._ _
V. 101, p. 2076.
-
Orenda Smokeless Coal Co.
a
-Bonds Sold.L--Brinklmn
& Co., Inc., Union Trust Co., Baltimore, and J. H. Holmes
& Co., Pittsburgh, have sold at 9732 and int., to yield about
5.85%, $1,378,000 Purchase Money Mortgage 5%% Sinking Fund gold bonds of 1918. Due April 1 1933 and guaranteed principal and interest by Davis Coal & Coke Co.
A circular shows:
Tax-free in Penna. Union Trust Co., Pittsburgh, trustee. Denom.
$1.000 (c5). Callable all or part on any Int. date on 30 days' notice at
1023 and int. Int. payable A. & 0. Originally issued, 1918. $1,500.000;
retired by sinking fund to date. $122,000; at present outstanding. $1,378,000.
Orenda Smokeless Coal Co.
-Located at Boswell, Somerset County. Pa.
Consists of approximately 2.800 acres of unmined coal of the "C" prime
seam, and 1.000 acres of the"E"seam. containing a total of about 32,500,000 tons; 665 acres of surface land; steel tipple, mine buildings, plant equipment, &c. Since property was purchased by Davis Coal & Coke Co. in
1918 over $500.000 has been spent in improvements and betterments, as
provided in the mortgage.
Sinking Fund.
-Provides payment of 12 cents per gross ton monthly on
all coal mined and shipped, minimum amuont being $30,000 each for first
five years and $45,000 each year thereafter, whether there Is any coal mined
or not.
Earnings.
-Earnings of Davis Coal & Coke Co. average 8809,177 for
past five years. which is over lO% times the interest charges on the outstanding bonds of this issue. The net tangible assets of the Davis company
re 313,442.194, or equal to approximately 9% times the amount of outa e
.
standing bonds of this issue.
-Application will be made to list bonds on Baltimore Stock ExListing.
cahng
Owens Bottle Co.,
-Extra Dividend.oledo, 0.
An extra dividend of 1% has been declared on the outstanding $16,537,975
Common stock. par $25, In addition to the regular quarterly dividend of
2%. both payable April 1 to holders of record March 16.-V. 115, p. 2055.
-Merger Rumors.
Parish & Bingham Co.
-V.116, p. 84; V. 115. P. 82.
See Detroit Pressed Steel Co. above.
-New Director.
Pennsylvania Water & Power Co.
Howard Murray of Montreal has been elected a director.
-V.116. p. 187.
-Annual Report.Peoples Gas Light & Coke Co.
1920.
Calendar Years1922.
.921;064 $31,236,335 $24,5499 8
Gross earnings
$29.645.778 $3119 7
1913;7
19,890,396 21,488,548 26,081,384 20,253,356
Operating expenses
1,117,187
Depreciation
1,155,332
330,2041 2,409,879
Uncollectible opr. rev_ 218,187
1,859,085
1.649,462
Taxes assn. to taper
2,001,895
Net operating income.. $6,379,968 $7,341,663 82,745.073 $2,431,357
992.947
918,027
Other income
Total
Deductions
Interest
Dividends paid (6%)
$7,297,995 $8,334,610 82,745,073 52,431,357
1,490,062
1.678.148
2,360,538
2,364,321
2,357,850
2,366,150
1,924,980
8380,752
565,207
Net income
$1.337,017 54.484,009
The Now York P. S. Commission has handed down its final order revising rates and charges of telephone service throughout New York State, -V. 116. p. 84.
effective March 1. The order provides for the revision of all rate
-Bonds.
Reading Coal & Iron Co.
Philadelphia &
schedules in New York City. This affects decreases estimated at $250.000
The Philadelphia Stock Exchange on Jan. 22 reduced the amount of
for small users,increases rates for large users amounting to about 82.500,000.
Mtge.4% bonds, due Jan. 1 1997, on the regular list from $94,236,000
decreases flat rates in effect in Brooklyn by about $75.000, increases Gen.
the long-haul inter-zone toll rates in Greater New York to equalize dis- to $93,875,000-$361,000 reported purchased and cancelled on Jan. 10
-V. 115, P. 2803.
parities in existing rates, and makes a decrease in toll rates to suburban 1923 for account of the sinking fund.
areas adjoining Greater New York, with consequent elimination of the
-Financing Unnecessary.
Phillips Petroleum Co.
Federal tax on such messages, estimated to be about $300,000. Message
rates in New York City and in the rest of the State are put on a monthly
Official announcement is made by the company that no financing of any
basis of settlement.
kind is contemplated by the management of the corporation, which is conRevision of the rate schedules for exchange areas in the State, outside trary to reports that have been circulated in the financial district for some
of New York Olty is made, with decreases affecting business and residence weeks past. The official statement says: "The company is not anticiservice. Buffer zone toll rates similar to those put in effect in and around pating financing of any kind. It has at this time in permanent storage.
New York City, between various up-State cities and adjoining communities, which was accumulated at lower prices, sufficient high-grade oil and gasoline
are directed.
to more than liquidate obligations maturing this year. This oil, against
The company is allowed a 7% return on the value of its property, which which the company has no commitments or obligations, will probably be
Is placed at 5167.153.634 in New York City and $68,531,357 in the rest marketed during the year, and it is anticipated that all current liabilities
-V. 116. p. 84.
and bank loans will be made as they mature.
pf the State.
J. S. McCulloh, Commercial Vice-President, has issued a statement
Phoenix Silk Manufacturing Co., Inc. New York.expressing the company's disagreement with the findings made by the
New York P. S. Commission. The company declares that the valuation Bonds Sold.
-J. & W.Seligman & Co. and Hemphill, Noyes
of its property as fixed by the Commission at $246,182,491 is $53,000,000
% and int. $1,500,000
below that stated by the Federal Court in its opinion last year. Since then & Co. New York, have sold at 99
improvements costing more than $50,000,000 have been added to the 1st Mtge. 20
-Year 7% Sinking Fund gold bonds.
'
system.
-V. 116, p. 185.
Dated Feb. 1 1923. Due Feb. 1 1943. Int. payable F. & A. without
deduction for Federal income taxes not exceeding 2%. Penna. and Conn.
North American Oil Co.
-New Officers, &c.
Maryland securities tax not in excess
Lawrence Chamberlain of Lawrence Chamberlain, Inc., has been elected 4-mills taxes and on int. not in excess of6% per annum, of 4% mills, and
tax
refunded. ChemChairman of the board. succeeding Clay J. Webster. M. J. Beaty. former Mass. incomeBank, New York, trustee. Red. all or
partSt any time upon
Vice-President of Union Oil Co. of Delaware. has been elected President, ical National at 110 and int. if called on or
before Feb. 1 1928: at 107%
30 days' notice
succeedinK C. F. Golcord, who still remains a director. G. H. Hutchins,
thereafter
formerly Treasurer of American Linseed Co., has been elected Treasurer. and int. if called and on or and on or before Feb. 11933; at 105 and int. if
before Feb. 1 1938: at 102% and Int. if called
Messrs. Chamberlain, Beaty and Hutchins have been elected directors, called thereafter
thereafter. Denom. 81.000. $500 and $100 (c5
).
Directors retiring are C. J. Webster. M. H. Warren, Wm. Pohlman and
Data from Letter of President Ben lamb n B. Tilt, New York, Jan. 33.
D. I. Johnston, leaving one vacancy on the board.
-V. 116, p. 305.
-Business originally established In 1824 as a cotton spinning
Company.
Northern New York Telephone Corp.
-Capital Increase mill. Now operates 2 silk weaving mills at Allentown, Pa., for broad silks
The company,formerly the Mountain Home Telephone Co.,has increased and ribbons, a throwing and weaving mill at Pottsville. Pa., and a finishing
Its authorized capital stock from $1,000.000 to 53,000,000, Par $100. plant and testing laboratory in N."Y. City, having an annual capacity of
6,000.000 yards of finished product. Company's mills are located on a
-V. 115, p. 2803.
total area of about 9 acres, with actual floor space of over 425,000 sq. ft.
Ohio Body & Blower Co.
-Sells Plant.
The machinery installed includes approximately 1,740 broad looms, 140
The Orville. 0., plant has been taken over by Swartwout Co. of Cleve- ribbon looms and 69.000 throwing spindles.
Company manufactures and sells a variety of broad silks, including crepe
land, which recently was organized by D. K. Swartwout, former President,
and W. E. Clement. former Secretary of the Ohio Body & Blower Co. In de chine, medium priced dress silks, tailors' linings, tie silks and ribbons.
addition the Swartwout Co. has acquired the metal stamping business of Its output is divided approximately as follows: Skein dyed.dress silks,35%;
.
the Blower company and has established a plant in the building formerly crepes, 35%; tailors' linings, 12%; ribbons, 10%; tie silks, 8%•
occupied by the Cleveland Milling Machine Co. In Cleveland. The SwartCapitalization After This FinancingAuthorized. Outstand'g.
wout company has a capital stock of $500,000 8% Prof. stock and 50,000 1st Mtge. 20
-Year 7s (this issue)
$1,750,000 $1,500,000
shares of no par Common. The Blower company, it Ls said, will continue Preferred stock. par $100
800,000
800,000
the manufacture of automobile bodies while the Swartwout Co. will make Common stock (no par value)
40,000 sh. 40,000 sh.
ventilators, core ow ns, enameling ovens, metal buildings, steam specialties, Net Profits Applicable to Interest, Federal Taxes, Deprec., &c.. Cal. Years.
exhaust heads,steam and oil separators, steam traps and feed water heaters.
$355,161
1916
3759,310 1920
-V. 115, p. 1950.
332,557
1917
501,807 1921
91,044
1918
522,680 1922(9 months)
-Quarterly Dividend of 3%.
Ohio Oil Co.
1.353,851
The company has declared a dividend of 3% on the outstanding $60,000.- 1919
estimated that earnings for the full year 1923 will be in excess of
payable March 31 to holders of record Feb. 24.
It is
(100 capital stock, par $25.
In Dec. last the company paid a 3001 stock dividend. Regular quarterly 3500,000.
FEB.3 1923.]
THE CHRONICLE
-Proceeds will be used to liquidate completely the company's
Purpose.
debt to Greeff & Co.,for many years the company's factors, to retire a small
issue of first mortgage bonds and to provide additional working capital.
-A sinking fund of$N.000 per annum,commencing Mar. 1
Sinking Fund.
1923 and operating monthly, will be used to purchase bonds at not exceeding the current redemption price, or, if not so obtainable, to call bonds at
that price.
Balance Sheet Nov. 30 1922 (After This Financing).
Assets.
Liabilities.
Real estate, buildings, hc-$3,214,490 7% preferred stock
$800,000
Investments
69,500 Common stocks (40,000
Inventories
2.385,323 shares no par value)_
_2,610,204
Notes & accounts recehele
31,840 First Mortgage 7s
1,500,000
21,821 Deposit on real
Advs. to officers & empl-_
1,000
2,800 Notes & acceptances pay- 989,907
U.S. Liberty bonds
estate__303.283 Accounts payable
Cash
307,163
Deferred charges
179.217
Total (each side)
$6,208,275
Pierce-Arrow Motor Car Co.
-Financing Plan.
-The
stockholders will vote Feb. 19 on approving the proposed
financing, adopted by the directors. Reference to the
proposed plan was made in V. 116, p. 420. (See also the
advertising pages in this issue.)
A circular letter to the stockholders dated Buffalo, Jan.27,
and signed by Chairman C. Clifton, and Pres. M.E. Forbes
states in substance:
New Securities To Be Authorized
-To Increase Common Stock.
(1) Company is to create an issue of $6,000,000 1st Mtge. gold bonds
to bear interest at such rate and contain such provisions as to sinking
fund, maturity; call prices, &c., as directors may determine. They will
be secured by a first mortgage on the entire plant and fixed assets. None
of these bonds shall be sold at the present time, but $4,200,000, bearing
7% interest, are to be pledged to secure $3,500,000 1-Year 6% notes.
(2) Company is to create an issue of $4,200,000 8% Debentures, dated
March 1 1923, due March 1 1943. Interest payable M. & S. without
deduction for Federal income tax not exceeding 2% per annum. Penna.
and Conn. 4-mill taxes, Maryland 434-mill securities tax and the Mass.
6% income tax refunded. A sinking fund to retire by purchase or redemption $250,000 of debentures annually will be provided, first payment
into sinking fund will be on April 1 1926, in respect of year 1925 and
annually on April 1 thereafter for the year ending the preceding Dec. 31.
Sinking fund installments shall be payable only out of net earnings of the
previous year, but payments shall be mandatory to the extent to which
earned and any amount not paid in any year must be paid up before divs.
can be paid on any class of stock. Callable on any interest date on 30
days' notice, all or part, or for the sinking fund at 110 and interest. Company may tender debentures to sinking fund at par in lieu of cash. No
dim may be declared that will reduce net current assets below twice the
face amount of debentures then outstanding, and no dividends may be
declared except from earnings after Jan. I 1923. No mortgage or other
lien (except purchase money mortgages on property that may hereafter
be acquired and the above mentioned first mortgage) may be placed upon
any fixed property unless the debentures are equally secured thereby.
(3) Company is to create an issue of 15.750 shares of Prior Preference
stock of no par value, which shall be preferred both as to assest and dividends
to the Preferred stock and the Common stock, and which shall be repayable
in liquidation at $100 per share and dividends. It shall bear dividends
at rate of $8 per share per annum, payable quarterly, which shall be
cumulative from April 1 1923. Shall be convertible at any time up to
date of redemption into Common stock of no par value, at the
shares of Common stock for one share of Prfor Preference stock. rate of 5
Callable
all or part at $100 per share and dividends on 60 days' notice.
(4) Company is to authorize 78.750 shares of additional Common stock
to be used for the purpose of the above described conversion privilege.
Retirement of Bank Loans.
-The $4,200,000
together with
the 15.750 shares of Prior Preference stock aredebentures, for $4,200,000
cash plus interest on the debentures. Of the to be sold $3.650,000 are
to be applied to the payment of bank loans, theproceeds. $3,500,000 of
remaining
bank loans being met by the sale of $3.500,000 1-Year 6%
notes.
Rights To Subscribe to $4.200.000 of 8% Debentures
-Underwritten.
Holders of the existing 100,000 shares of Preferred stock and of the
existing 250,000 shares of Common stock will
scribe to their pro rata share of the $4,200.000 be given the right to subdebentures
shares of Prior Preference stock for the sum of 14.200,000 and the 15.750
cash and accrued
interest on the debentures, and will also be given
scribing for such further amounts of the securities the privilege of subas they may desire to
the extent that such securities are not taken by stockholders
under their
initial rights, as follows:
Holders of Preferred or Common stock Of record Feb. 23 will be entitled
to subscribe for debentures and Prior Preference stock
at the following
rate, per 100 shares of Preferred or of Common stock: $1,200 debentures
and 434 shares Cony. Prior Preference stock for $1,200
cash, plus accrued
interest on the debentures from March 1 1923.
Checks covering the first payment of 25% of the
the subscriptions or payment in full must be made to Chaseamount ofBank,
National
57
Broadway, New York, on or before March 12. The balance
of 75% of the
purchase price will be payable in three installments amounting
per $1,000
debenture to $250 each on March 30 and April 20, and
which includes accrued interest on the installments from $259 on May 14.
March 1 1923.
The above offer to stockholders has been
Seligman & Co., Hayden, Stone & Co., Chase underwritten by J. & W.
Securities Corp., O'Brian.
Potter & Co. and associates. Directors of the company
are interested
as underwriters.
Fixed Charges.
-Under this plan, the fixed charges of the company will
be as follows: 6% interest on $3.500,000 1
interest on $4,200.0100 debentures. $336,000: -Year notes, $210.000: 8%
fund on the debentures will require not tototal. $546.000. The sinking
and the dividends on the Prior Preference exceed $275,000 additional,
stock
making the requirements as above to and including $126,000 additional,
Prior Preference stock, $947,000, whereof $275.000 the dividends on the
will be for debenture
redemption.
Listing.
-Application will be made to list the new debentures
and Prior
Preference stocic on the New York Stock Exchange.
525
The company has applied to the Illinois Commerce Commission for authority to %sue $5,000,000 534% First Lien & Ref. bonds, proceeds to be
used to retire $1,750,000 collateral notes due Feb. 1 and to provide funds for
additional construction.
The stockholders will vote Feb. 26 on increasing the authorized capital
by the addition of 100,000 shares of no-par Common stock and 35,000,000
ofadditional 6% Preferred stock. If the Increase is authorized the company
will later ask permission for the issuance of 52,980 of the additional
stock, which it is expected will be offered to Common and Preferred no-par
stockholders.
Gross revenues were approximately $14.000.000 in 1922. Since 1914
gross revenues have increased more than 125%.-V. 115, p. 1641.
Pure Oil Co.
-Changes in Distributing Organization.
-
N. H. Weber, formerly Vice-President in charge of refineries, has been
made Vice-President in charge of the distributing business.
President B. G. Dawes announces: "The motor oil division, instead of
being operated as a separate organization, has been consolidated
with
the distributing division. The San Francisco, Kansas City and
Chicago
districts will operate under the direct supervision of the northwestern
division, with headquarters at Minneapolis; the Atlanta district
the Central division, with headquarters at Cincinnati, and thewill be under
Philadelphia
and Boston districts will be under the Eastern division, with headquarters
at New York."
-V. 116. p. 306.
Ranger Refining & Pipe Line Co.
-
In a schedule of its property filed at Abilene, Tex., by
this bankrupt
company. liabilities are given at $1,757,624 and assets at
$3,959,240.
-V.112, p. 2544.
Republic Iron & Steel Corp.
-Listing.
The New York Stock Exchange
admitted to trading $10,000.000
Ref. & Gen. Mtge. Sinking Fund 30 has 5 Ms, Series "A,"
-Year
due Jan. 1 1953.
"when issued." See offering in V. 116. p. 421.
Reynolds Spring Co.
-Additional Stock.
-
The stockholders will vote Feb. 14 on authorizing the
of 73,500 shares of the Common stock (no par value) at Issuance and sale
$12 per share,
order to provide funds for further buildings. equipment, machinery in
and
working capital. The stockholders
Mar.
purchase one share of the additional of record every 1 will have the right to
issue for
share of Common stock
held, to be paid for at $12 per share on
ican Trust Co.. 135 Broadway, New or before Mar. 16 1923 at the AmerYork. The issue has been underwritten.
-V. 116, P. 421. 306.
St. Mary's Mineral Land Co.
-Larger Dividend.
-
The directors have declared dividend of $3 a share,
payable March 5
to holders a record Feb. 6. a
The last previous disbursement was $2 a
share on April 27 1922.-V. 116. p. 306.
St. Maurice Power Co., Ltd.
-Stock Distribution.
It is announced that 10.000 fully paid Common stock, par $100.
will be
distributed to shareholders of the Shawinigan Water & Power
Co. on the
basis of one share of the new company's stock for every 20
gan held. The St. Maurice Power shares, or certificates shares of Shawinicovering frictions
thereof, will be deliverable on March 1 to Shawinigan shareholders
of
record Feb. 20. It is provided that all fractional shares of the St. Maurice
Co. must be adiusted by the purchase or sale of other fractional shires
on
or before May 31 and fractional certificates aggregating one or mere complete shares must be surrendered to the Montreal Trust Co. on
May 31 1923, to be exchange for certificates covering one or more or before
complete
shores.
The capital stock of the new company issued is $7.200,000. of which
Shawinigan holds over half in its treasury. A large amount of the balance
of this stock, after the distribution of$1,000,000 to Shawinigan shareholders.
goes to the International Paper Co.. which owned part of the water powers
which are being developed and which was one of the reasons why a new
company had to be formed.
-V. 116. p. 421.
Sagamore Manufacturing Co.
-Balance Sheet Dec. 30.
AMU-1922.
1921. I Liabilities1922.
1921.
Real est.& mach_ $2,628,958 52.478.8511 Capital stock
Cash rec.& invent. 783,728 1,014,381 Surplus & reserves33,000.000 51,800,000
1,936,991 2,997,392
U.S. Govt. occur_ 1,524,305 1,304,160 Total (each side)_54,936,9 $4,797,392
91
-V. 116, p. 421.
Sears, Roebuck & CO., Chicago.
-Sales.
-
Month of JanuarySales
-V. 116, p. 408.
1923.
1922.
1921.
518.930.082 314.1.
88,422 515,597,766
Shattuck-Arizona Copper Co.
-Obituary.
-
President Thomas Barden died Feb. 2.-V. 114, p. 1543.
Shawinigan Water & Power Co.
-Stock Distribution.
-
See St. Maurice Power Co.. Ltd., above.
-V. 115, p. 2390.
Sinclair Consolidated Oil Corp.
-Soviet Concession.
-
The corporation has received the following cable
from the Russian
Government announcing the signing
in the northern half of the Islandof the concession for oil development
of Saghalin:
former Far Eastern Republic and your company"Agreement between
concerning Saghalin •
exploration signed Jan. 7 1921. as well as supplementar
date, ratified by Gogernment of the Russian Federative y agreement same
Republic, Jan. 23.
Deposit according to Clause 36 should be paid
Lloyd's Bank. London
account of Russian State Bank. (Signed)
Acting Commisar Foreign
Affairs. Litvinoff."-V. 115, p. 2914.
Sinclair Crude Oil Producing
-New
Tanks.
The company has placed an order with the Co.
Chicago Bridge & Iron Works
for 30 additional 80.000
-barrel oil storage tanks to be erected at Clayton.
Wyo.-V. 116, p. 421.
Southern Minnesota Gas & Electric Co.
-Bonds
Offered.
-A. C. Allyn & Co. New York, and Chicago, are
offering at 9854 and int. $1,i75,000 1st Lien & Ref. Mtge.
Compare also statement of earnings for 111 years ended gold bonds, series "A,"6%% Sinking Fund.
'
A
Listed.
-Bonds listed on the Chicago Stoek Exchange.
Dec. 31 1922 and projected balance sheet as of Dec. 31 1922
Dated Dec. 11922. Due Dec. 1 1942. In*. payable .1. & D.at National
under "Annual Reports" above.
City Bank of Chicago, trustee, or Equitable
-V. 116, p. 420.
Trust Co.. New York. withnet
deduction for normal Federal
in excess of2%.
Pittsburgh Plate Glass Co.
-30% Stock Dividend, &c.- and Connecticut 4 mills taxincome tax nots income tax notFennsylvan`o
Massachusett
in excess of
The stockholders on Jan. 29 increased
6% on income
derived from
the
.
$37,500,000 to $50,000.000, par $100, and authorized capital stock from Denom.51.000. $500 and the bends,and Maryland securities tax refundr•
authorized the payment of a
$100(e5
). Redeemable all or part on any interest
30% stock dividend on Jan. 31 to holders of record
Jan. 29. [For dividend date upon 30 days' notice at 10734 and interest to and incl. Dec. 1 192":
record on Common stock (since 1899) see V. 115, p.
thereafter at 105 and interest to and
2486.)-V. 116, p.420. 5%
decreasing 34 of I% on each June I incl. Dec. 1 1932, this premium
thereafter.
Pittsfield Electric Co.
-Stock Application.
Data from Letter of Pres. A. W. Higgins,
Albert Lea, Minn., Jan. 24
The company has petitioned the Massachusetts Department
Company.
of Puolic
-W111 own and operate gas and electric properties loc.ted in
Utilities for authority to issue 1,250 additional shares
of capital
$100. The stock is to be offered to stockholders at $115 a share,stock, par southern Minnesota and north central Iowa. Company furnishes without
capital from $875.000 to $1,000,000. The proceeds will apply increasing competition gas, electric and central-station heating service to Albert Lea
for new construction now in process and any balance to the to payments and Owatonna, gas service to Rochester and electric servicefto more than
reduction of 40 other cities and villages in
obligations incurred subsequent to Nov. 30 1921 for
southern Minnesota and northern Iowa.
additions to plant. Population, about 85.000.
-V. 112, P. 1747.
Company was organized in Delaware in 1919
to take over
previously owned and operated by Minnesota Gas & Electricthe properties
Price Bros. & Co., Ltd.
-Bonds Called.
Co. of Minn.
All of the outstanding 1st Mtge. 5% bonds, dated Nov. 1 1910, have (V. 107, p. 1842). which had succeeded Albert Lea Light & Power Co.,
been called for redemption May I at 10234 and int. at the Montreal Trust incorporated in 1902, and Albert Lea Electric Co.. incorporated in 1893.
Bank of Montreal, both of Montreal, Canada, or at the agency atOwns two modern, completely equipped electric power plants located
Co. or the
Albert
of the Bank of Montreal, N. Y. City, or at I'arr's Bank, Ltd., London, tonna andLea and Owatonna. Minn.. and gas plants in Albert Lea. OwaRochester. Owns and operates over 400 miles of 33.000
England -V. 114, p. 2023.
13.000
-volt transmission lines, 35 substations, and local distributing and
and
municipal lighting systems in practically all of towns served with
Producers & Refiners Corp.
----To Offer Common Stock.
electricty.
- Security -Secured by a direct mortgage on all property now or
hereafter
The corporation will off. r to stockholders 150,000 shores of Common owned, subject
to
stock at par, $50. The offering has been underwritten by Blair & Co.. bonds. Further the lino of certain underlying and divisional mortgage
secured by deposit of 5558.300 underlying bonds.
Inc C. 11) Barney & Co., F. S. Smithers & Co., Dominick & Dominick
Sinking Fund.
--Company covenants to pay each year in cash as a
and'Otis
& Co. n`meeds will be used for additions and improvements to sinking fund beginning
with June 1
amount equal to 2% of the
plants. See also V. 116, p. 305, 187.
amount of bonds of this series then1924, an
outstanding. to be payable 1% on
June 1 and
1 of each year and to be applied only
Public Service Co. of Northern Illinois.
-Notes Paid. redemption Dec.cancellation of bonds of this aeries. to the purchase or
and
The $1.750,000 6% notes due Feb. 1 were paid off at office of Illinois
Purpose.
-To retire ,certain 7%,73 %
, bonds now outstanding,
,
Trust & Savings Bank, Chicago.
and to reimburse company in part for:[the and 8'7,its new properties.
cost of
•
THE CHRONICLE
526
Capitalization after Present FinancingCommon stock (no par value)
7% Cumul. Preferred stock
7% Convertible gold notes
1st Lien & Ref. series"A" 6145
Divisional & Underlying bonds
Outstanding.
Authorized.
11,000 shs.
'11,000 shs.
$540,000
$1.500,000
500,000
600,000
1,275,000
x
y1,525,800
3.800,000
Balance for depreciation, dividends, &c
$158,223
[VoL. 116.
-Earnings.
(John R.) Thompson Co., Chicago.
The company reports for the year ended Dec. 31 1922 net earnings after
taxes of $1.303.972, compared with 31,291.121 in 1921.-V. 116, p. 86.
-Acquisition.
Transcontinental Oil Co.
The company has acquired the holdings of the Rockwell Oil Co., consisting of 54 oil wells in Beggs pool. Okmulgee County, Okla., together with
x Issuance of further bonds limited by restrictions of trust indenture. gasoline plants, pipe lines and 8,000 acres of leases scattered in Okmulgee,
y Total authorized issue of divisional and underlying bonds originally Creek, Hughes, Okfuskee, Tulsa, Wagoner, Payne and Muskegon counties.
$3.800,000. $65.900 of bonds originally issued have been retired; $558,300 -V. 115. p. 2696.
are pledged to secure 1st Lien & Ref. Mtge. bonds. No additional bonds
can be issued unless such bonds are likewise pledged as collateral security
United Alloy Steel Corp.
-New Director.
for the 1st Lien & Ref. Mtgel bonds.
David B. Day has been elected a director, succeeding Harry Ross Jones.
Earnings-Year ended Aug. 31 1922.
-V. 115. p. 656.
$851,253
Gross earnings
United Electric Light & Power Co.
-New Director.
332,646
Net after operating expenses (incl. maintenance and taxes)
Percy A. Rockefeller has been elected a director to succeed the late
Int. on underlying bonds, $91,548; int. on 1st Lien & Ref. Mtge.
174,423 W.G. Rockefeller.
-V.116, p. 306.
bonds. $82,875
-Dividend Increased-Report.
Southern Pipe Line Co.
A quarterly dividend of 4% has been declared on the outstanding $10.000,000 capital stock, par $100, payable March 1 to holders of record
Feb. 15. This compares with 2% paid quarterly from Sept. 1921 to
Dec. 1922 inclusive.
Results for Calendar Years.
1919.
1920.
1922.
1921.
Calendar Years$982,239 $1.090,997 $1.315,181 $1.685.995
Profits for year
Dividends paid
(8%)799.999(10)1000.002(17)1699,999(20)1999,999
Balance, sur, or def....sur$182,240 sur$90.997 def$384,818 def$314,004
Balance Sheet December 31.
1922. . 1921.
1921.
1922.
$
$
Ltalittlaes$
Assets$
10,000,000 10,000,000
5,966,988 5,974,155 Capital stock
Plant
Other investments. 7,771,217 7,441,671 Deprec'n reserve 2,162,946 1,990,669
238,386
43,302
222,342 Accts. payable
Accts.receivable_ _ 297,069
577.753 Profit and loss. _ _ _ 2,169,105 1,986,866
340,079
Cash
14.375,353 14,215,921
Total
-V. 116, p. 421.
Total
14,375,353 14,215,921
-Cons.Bal. Sheet Dec.311922.
Southern States Oil Corp.
-Cash, $820,132; acets. rec., $830,172; notes rec., $191,Assets
$1,994,668
910; oil uncollected and in storage, $152,454
120.545
Furniture,fixtures and lease equipment
Developed and producing leases, $5,374,521; non-productive
5,374,522
or undeveloped leases, $1
37.489.733
Total assets
Liabilities
-Capital stock auth., $20,000,000; issued & outst'g_ _$2,246,400
Reserve for depletion
4,852,154
Surplus
$7,489.733
Total liabilities
-V. 116. p.85.
-Report Dec. 31.
South West Pennsylvania Pipe Lines.
Calendar YearsProfits for year
Dividends
1921.
1920.
1919.
1922.
$161,970
$356.149
$250,312
$315.871
(7%)245,000 (6)210.001 (8)279.999 (12)419.999
Balance, sur. or def__sur.$70,870 def.$48,031 sur.$76,150def.$169,687
Balance Sheet December 31.
Liabilities1922.
1921.
Assets1921.
1922.
Plant
34,140,77954.142.682 Capital stock_ _$3,500,000$3,500,000
Other investm'ts1,338,391 1.236,891 Depreciation _ - _1,385,603 1,285.755
Accts. receivable 298,211 296.446 Accts. payable__ 223,064 214,587
Oil purchased &
011 purchased &
sale conting__
2,267
sale conting__
9,986
Cash
28,633 Profit and loss__ 772,914 702,043
94.213
Total
$5,881,581$4.704,654
-V. 116, p. 422.
Total
35,881.58135.704.654
Southwestern Bell Telephone Co.
-Notes Called.
All of the outstanding 5
-year 7% Convertible Gold notes, dated April 1
1920. have been called for redemption April 1 at 102 and int. at the Guaranty
-V. 115, p. 769.
Trust Co., trustee, 140 Broadway, N. Y. City.
-To Increase Preferred.
Sperry Flour Co.
The company proposes to call a special stockholders' meeting to ask
approval to increase the new Preferred stock from $3,000,000 to $3,600,000
with the object of converting the Portland Flour Mills 8% bonds and the
old Sperry Flour $600,000 Preferred outstanding.
-V. 115, p. 2592.
Standard Bolt Corp., Columbus, 0.
-Bonds Called.
All of the outstanding 3575.000 1st Mtge. 8% Serial gold bonds dated
Oct. 1 1921 have been called for payment April 1 at 10714 and int. at the
Ohio National Bank of Columbus, 0. Holders have the option of presenting bonds for payxnnet any date prior to April 1 and will receive 10755
and interest to date of presentation.
-V. 113. p. 1897, 2512.
Standard Oil Co. of N. Y.
-Dividend of 35 Cents.
A quarterly dividend of 35 cents per share has been declared on the outstanding $225,000,000 capital stock. par $25. payable March 15 to holders
of record Feb. 23. This is equivalent to $16 80 a share per annum on the
old $75,000,000 capital stock. par $100, compared with $16 paid last year.
The capital stock was recently increased from 375,000.000 to $225,000,000
by the payment of a 200% stock dividend. The par value was also re-.
duced from $100 to $2.5 per sh. Compare V. 115, p. 2057, 2168, 2391, 2488.
Standard Sanitary Mfg. Co.
-Extra Dividend.
The directors have declared an extra dividend of 3% on the Common
stock in addition to the regular quarterly dividend of 2%, both payable
Feb. 15 to holders of record Feb. 7.
On Nov. 15 1922 the company paid on the Common stock a 40% stock
dividend and an extra of 3%,in addition to the regular quarterly 2% div.
For complete div. record on Common stock see V. 115. p. 2057, 2168.
-Directors Approve Sale
Steel & Tube Co. of America.
to Youngstown-Pref. Stock to Be Retired at 110.
The stockholders will vote Feb. 28 to ratify the contract of sale to the
Youngstown Steel & Tube Co. already approved by the directors. President H. H. Springford in a letter to shareholders says in part:
"The contract provides for the assumption and payment by the purchaser
of all the debts, obligations and liabilities of the company and, in addition,
the payment in cash of a sum equal to $110 and accrued dividends for each
share of Preferred stock outstanding in the hands of the public (being full
amount to which Preferred stockholders would be entitled if the Preferred
stock were called for redemption), and 314,509.953. being equal to $15 a
share, of Common stock of your company outstanding.
"By the terms of the charter, Preferred holders must be paid the full
amount of the above redemption price and accrued dividends before any
distribution can be made to Common stockholders.
"Your board Is of the opinion that the price to be received on the sale is a
fair one and that the carrying out of the contract lain best interests of corporation and its stockholders. The board consequently recommends the
-V. 116, p. 422. 188.
transaction to the approval of the stockholders."
-2M% Common Div.
Studebaker. Corp. of America.
The regular quarterly dividend of 214% has been declated on the outstanding 375,000.000 Common stock. par $100, payable March 1 to holders
of record Feb. 10. In Dec. last a like amount was paid on the then outstanding $60,000,000 Common stock. A 25% stock distribution was made
Dec. 29 1922. In Sept. last the company paid an extra of 1 %% in addition
to its regular of 234%. (For company's dividend record to and including
Sept. 1 1922, see V. 115, p. 642).-V. 116, p. 306.
-Swartwout Co., Cleveland.-Organized.
See Ohio Body & Blower Co. above.
United Fuel Gas Co.
-Bond Redemption.
The Secured 734% gold bonds called for redemtpion Feb. 15 may be
presented at the Guaranty Trust Co. of N Y. any time before Feb. 15
or payment at 10714 and int. to date of presentation.
-V. 115. p. 2805.
United Oil Producers' Corp.
-Tenders.
The Coal & Iron National Bank, trustee of the 8% Guaranteed and
Participating Production bonds, will until March 1 receive bids for the sale
to it of sufficient bonds for cancellation as will exhaust $50,090 now in the
-V. 116. p. 306.
sinking fund.
-Rights.
United States Glass Co.
The stockholders of record Jan. 26 have the right to subscribe at par ($25)
on or before Feb. 26 for 40,000 shares of new stock.
-V. 116, p. 189.
-Earnings:
U. S. Hoffman Machinery Corp.
Earnings for the 11 months ended Nov.30 1922 aggregated 11801.000 after
depreciation and Federal taxes and profits for the entire year it is announced, will approximate $6 per share on the outstanding 150,000 shares
-V. 115, p. 2391.
of Common stock, of no par value.
-100% Stock Dividend, &c.
United States Lumber Co.
The company has declared a 100% stock dividend, payable March 1 to
holders of record Feb. 1. The stockholders on Jan. 26 increased the authorized capital stock from 37,000,000 ($6,000,000 outstanding) to $12,000.000. Par 3100.-V. 116. p. 86; V. 106. p. 1809.
-Status-Outlook.
United States Radiator Corp.
President Henry T. Cole, in a statement Jan. 23, says:
"For the year ending Jan. 31 the corporation figures will show an increase
in gross sales and production of approximately 50%, with better than a
proportionate increase in net earnings. The corporation is still from 30 to
60 clays behind in delivery of radiator orders entered for immediate shipment. The tremendous building expansion throughout the country during
the past year produced requirements for heating equipment beyond the
existing capacity of boiler and radiator manufacturers, the shortage of
foundry labor being the principal limiting factor permitting operation of
properties not to exceed 80%.
"The building program for 1923 indicates a total demand for heating
apparatus equal to or greater.than during 1922, with labor supply still
inadequate. Nevertheless the corporation is now making additions to
three plants for increased manufacture of radiators, with further additions
to its Geneva, N. Y., plant for the manufacture of additional round boilers
of which there was a shortage in supply during 1922.
"Net earnings for the year just closing will show an amount the total of
which will be from 3 to 4 times the annual dividend requirements on its
present $4,000,000 Preferred stock. With the volume of business indicated for 1923 earnings for the coming year should be equally good or
better, if operating conditions get no worse and the volume of prospective
-V. 115, p. 2696.
building materializes."
-Bonds Called.
Valparaiso Lighting Co.
All of the outstanding 1st Consol. & Gen. Mtge. 5% gold bonds dated
Oct. 1 1905 have been called for tedemption April 1 at 103 and int, at the
115, p. 2280.
Central Trust Co. of
-Approve Plan.
Wells, Fargo & Co.
The stockholders on Feb. 1 decided to accept the provisions of the Colorade general laws by incorporating in that State, thus clearing the way for
the declaration of a $50 a share liquidation dividend on Feb. 6. Such a
distribution will amount to 312,000.000.-V. 115, p. 2806, 2915.
-Sales in 1922, &c.
Western Electric Co.
President Charles G. DuBois says in substance: "The sales for 1922
were approximately $210.900,000. This is an increase of $4,800,000 over
the former record year of 1920 and Is $21,100.000 larger than sales for 1921.
"Orders received during the last 3 months of 1922 aggregated $63,000,000
or $5,000,000 more than same period of 1921. At the close of 1922 orders
on hand totaled approximately 362.000.000. The outlook for 1923 is for
a larger volume of business than in 1922.
On Dec. 31 1922 number of employees on company's payroll was 51,162,
compared with 45.243 end of 1921 and 39,650 end of 1920."-V. 116, p. 190.
-Bookings, &c.Westinghouse Electric & Mfg. Co.
Billings for the nine months ended Dec. 31 1922 totaled about $88,000,000
and bookings about $105,000,000.
Dec. 31 '22. Sept.30'22. June 30'22.
Three Months ending(est.)$35,000,000 $337,353,000 $32,118,924
(eat.) 32.000,000 30,637,548 25.713,707
Bc
Biralas
ngs
Bookings in the quarter ended Sept. 30 1922 showed an increase over
1921 of 318,542,107, while billings increased $3,496.001.
The full year's requirements of approximately 36,000.000 was earned in
the first six months of the present fiscal year, which ends March 31 1923.
-V. 116, p. 307.
Westinghouse Traction Brake Co., N. J.
-New Officer.
S. G. Down has been elected Vice-President in general charge of sales, &c.
-V. 112. p. 478.
-Earnings.
-White Eagle Oil & Refining Co.
The preliminary report for the fourth quarter of 1922 shows earnings of
approximately $740,000 as compared with $533,580 for the fourth quarter
of 1921. Earnings for the year 1922 were approximately 83.400,000 as
compared with 31.528.417 in 1921 These results are beforq depreciation,.
depletion and Federal income taxes and book adjustments. Profits for 1922
were therefore about $8 50 per share as compared with $3 82 per share in
1921. based on 400.000 shares of no par value capital stock now outstanding.
Total sales for the year amounted to 137.321.358 gallons, having a value
of 313.834.818. as compared with 119.110.711 gallons in 1921, having
-V. 116, p. 307, 190.
a value of $9,251,382.-
White Motor Co., Cleveland,0.
-New Officers.-
Robert W. Woodruff has been elected Vice-President in charge of distribution and Chairman of the sales committee. With him in Cleveland
as a member of that committee will be Vice-President George F. Russell.
V. 115.P. 1544.
-Resignation.
(C. H.) Wills & Co., Marysville, Mich.
John R. Lee has resigned as Vice-President and director. This action, it
s stated, is one step in the reorganization of the company, which now is
-V. 115, p. 2489.
in receivership.
Willys-Overland Co.
-Sale of Property.
-
The company has sold to the Studebaker Sales CO.,for $275,000 cash, the
entire block facing Federal St., between 24th and 25th Sts., Chicago.
The property, with a frontage of 600 ft., is improved with a 4-story brick
service station containing 120.000 sq. ft.
-V. 116, p• 8 .
6
Yadkin River Power Co.
-Bonds Sold.-Bonbright
& Co., Inc., W.C. Langley & Co. and Spencer Trask & Co.,
New York, have sold at 89 and int., to yield over 6%,
$4,000,000 1st Mtge. 30
-Year 5% gold bonds of 1911, due
April 1 1941 (see advertising pages).
FEB.31923.]
THE CHRONICLE
Int. payable A. & 0. at office or agency of company in Boston without
deduction for any Federal income tax to be deducted at the source up to
2%. Penna. 4-mills tax refunded. Old Colony Trust Co., Boston, trustee.
Denom. $1.000. c* & r• $5,000 and multiples thereof. Red. all or part
out of improvement fund moneys on any int, date on 4 weeks' notice at
105 and int.
Data from Letter of Vice-President Wm. Darbee. New York. Jan. 25.
amipany.—Incorp. March 1911 in North Carolina. Is about to acquire
the electric power and light properties of Palmetto Power & Light Co.,
which company it has controlled through stock ownership. These combined properties, now physically inter-connected, constitute an extensive
hydro-electric generating and transmission system serving an active and
growing industrial section of North and South Carolina.
With the acquisition of the latter company will own and operate the electric power and light systems in Rockingham, Hamlet and Wadesboro,
N. C.; Cheraw, Florence. Marion, Darlington. Bishopville, Mullins. Hartsville, McColl and Timmonsville. S. C., and electric power systems in Lumberton and Lilesville, N. C., and Camden. S. C. It will also supply under
contract the entire requirements of the privately owned electric power and
light systems in Maxton, Laurel Hill and Laurinburg, N. C., and of the
municipal lighting systems in Lumberton and Lilesville. The properties
of the company are located in the Carolina industrial field. A large part
of the electric energy sold by the company, other than that sold to the
Carolina Power & Light Co., is supplied to cotton mills, cotton gins. cottonseed oil mills, fertilizer works, brick plants and other manufacturing
establishments.
Capitalization After This Financing—
Authorized. Outstanding.
First Mortgage 30
-Year 5% gold bonds,due 1941_ _$15.000,000 $7,500,000
7% Cumulative Preferred Stock
2.000,000
1.555.800
Common stock (owned by Cam. Lt. & Pow.Co.)_ _ 4,000.000
3.835.000
Purpose.—Proceeds will be applied to the purchase of properties of Palmetto Power & Light Co. and to the retirement of the $3,000.000 Carolina
Power & Light Co.—Yadkin River Power Co.—Palmetto Power & Light
Co. 1st & Joint Mtge. 6s (called for payment Feb. 26 at 100 and int. at
Bankers Trust Co., New York.)
Earnings Years Ended Dec. 31—
1920.
1921.
1922.
Gross earnings
$1,265.504 $1,465,651 $1,601,936
Oper. exps., maintenance and taxes
636,505
757.530
819.905
Net earnings
$628.999 $708,121 $782,031
Annual interest on First Mortgage 5% gold bonds
$375,000
Improvement Fund.—Indenture provides for an improvement fund which
requires company to pay to the trustee on Aug. 1 of each year sums equivalent to the following percentages of the aggregate amount of all outstanding 1st Mtge. 5s and any outstanding bonds of corporations two-thirds of
whose outstanding capital stock is at the time owned and pledged: 1% in
each of the years 1921 to 1925, incl.; 1;4% in each of the years 1926 to 1930.
incl.; 2% in each of the years 1931 to 1940, incl.
The indenture provides that this improvement fund shall be used for improvements and betterments to the property or for the purchase of these
bonds at not exceeding 105 and int. or their redemption at that price.
Property.—Owns and operates the Biewett Falls hydro-electric development, located on the Yadkin River near Rockingham, N. C., which has a
present installed capacity of 24,000 k. w. Steam electric stations of 1.950
k. w. capacity are owned by the Palmetto Power & Light Co. and operated
as reserve stations. Combined companies own and operate 360 miles of
high-voltage transmission lines (of which 235 miles are erected on steel
towers), located on private right-of-way, and 195 miles of electric distributing lines.
The Yadkin company has a contract, extending until 1949. with the Wateree Power Co. for the purchase by the Yadkin of 14.000 k.
of hydroelectric energy from the 70,000 k. w. hydro-electric plant of w. Wateree
the
company located about 8 miles northwest of Camden, S.C. The transmission lines of the Yadkin company and the Carolina Power & Light Co.
are inter-connected and this system is connected with the plant of the Wateree Power Co. This service gives the Yadkin and Carolina companies.
together with their own installed generating capacities, a present aggregate
available power supply of 47.425 k. w., of which 85% is hydro-electric.
The transmission lines of the Yadkin and Southern Power companies are
also inter-connected.
The Yadkin and the Carolina companies, it is expected, will obtain an
additional 10,000 k. w. of electrical energy when there is completed a 62
mile 110,000-volt steel-tower transmission line, not owned by the Carolina
company, but connecting its transmission system through that of the Yadkin company with the hydro-electric plant of the Tallassee Power Co. at
Bodin, N. C. This transmission line will be completed and in operation
shortly. The transmission systems of the Yadkin, the Palmetto and the
Carolina companies. together ,now have a total of 627 miles of lines.
Control.—Yadkin River Power Co. is controlled through stock ownership
by the Carolina Power & Light Co. and is operated directly under the supervision of that company and the Electric Bond & Share Co.—V. 116.
p.
423; V. 106, p. 819.
CURRENT NOTICES.
—C.E. F. Hetrick, President of the New Jersey League of Municiaplities.
Mayor of Asbury Park and President of Asbury Park Chamber of Commerce is a guest of A. E. Fitkin for the ten-day trip of inspection which
the
latter is making with a party of bankers in his private car to the properties
of the Tide Water Power Co., Wilmington, No. Caro., St. Petersburg
(Fla.) Lighting Co. and other public utilities belonging to the group
for
which A. E. Fitkin & Co. are bankers. The party includes C. E. Gardner.
Hemphill, Noyes & Co.; F. A. Yard, P. W.Chapman & Co.; H. P. Pennell.
Coffin & Burr; S. W. Noyes. Vice-President New York Trust Co.;
W. P.
Fairman, Fairman & Co., Philadelphia, Pa.; B. T. Clarke,
R.
Co., Chicago; T. R. Crumley, President General EngineeringE. Wilsey &
& Management Corporation. New York. and W. C. Harty, F.
H. Richmond, J. W.
Carpenter and A. E. Fitkin of the Fitkin organization.
The boards of trade
and chambers of commerce in several Southern
cities have arranged to
entertain the visitors en route.
—Answers to many problOms which may vex the
individual and business
concerns in making up the annual
income tax returns this year are furnished
by the 1923 edition of "Practical
Questions and Answers on the Federal
Tax Laws," just issued by the Irving
Bank, New York. The book, which
has been published as an annual for several
years, has an unusual value
because of amendments and provisions
in the Federal Income Tax Law
which became effective first on incomes
in 1922. The book consists of 144
pages, divided into three parts. The
first section includes a review of
changes affecting returns for the first time
this year. The second section
covers in question and answer form a
wide range of knotty problems. In
the third section is printed the complete text
of the law with amendments,
The book has been prepared by experts on
income tax laws.
—"Investments" is the title of a new monthly
publication issued by Nesbitt. Thomson & Co., 145 St. James St., Montreal. Canada.
Tae first
number, dated January, 1923, is devoted chiefly
to brief discussions of
Canadian public utility companies and also
contains a concise and easily
read tabulation of the range of bond prices both in 1921 and
Separ1922.
ate tables are furnished for War Loans, Victory bonds, public utility and
industrial bonds, giving maturity date, interest rate, yield, high and
low
and the net change during 1922. All of the articles and tables are designed
to be of real value to investors. Copies of the new publication will be sent
free on request.
— premium Bonds" published by Hamilton
.
A. Gill & Co., 7 Wall St.,
Now York. is a brief consideration of some of the advantages and disadvantages of securities of this description as compared with bonds selling at
a discount. Bond holders will find food for thought in this circular, which
will be sent free on request. In writing for copies reference should be made
to circular T-4 to insure delivery of data above described.
—Under date of Jan. 29th, Edmund D. Fisher, President of the Hamilton
National Bank, 130 W. 42nd St., New York City, announces that W. W.
527
Townsend, formerly sales manager for Blair & Co.. Inc., and recently
manager of the bond department for Edward B. Smith & Co., has become
associated with the Hamilton Corporations and has been chosen a VicePresident of the Hamilton National Bank of New York.
—The investment business heretofore conducted under the name of the
Youngstown Securities Co., is being continued as a partnership under the
firm name of Wick & Co., with offices in the Wick Building, Youngstown.
Ohio. The partners are Philip Wick, E. E.Swartswelter, who is a member
of the New York Stock Exchange; Philip H. Schaff and Robert Wadworth.
—The Seaboard National Bank has been appointed transfer agent for
the 8% cumulative preferred stock of J. E. Curran Corporation, and registrar for Guaranty Trust Company's certificates of deposit for first preferred. second preferred and common stock of the New York Chicago dc
St. Louis RR. Co. and for preferred and common stock of the Toledo
St.
Louis & Western RR.Co.
—Hodgson, Benjamin & Healey, 135 Broadway, New York, have issued
a 16
-page booklet entitled "Should French and Belgian Bonds be Bought
or Sold?" Information is given concerning these bonds. The financial
resources of their respective Governments, and the probable market post_
tion of the bonds. Copies of this booklet will be sent to investors on request.
—Charles H. Gilman & Co.. 186 Middle St., Portland, Me., are distributing "Selected Investments." a booklet containing brief descriptions of
fourteen bonds which are offered subject to sale and change in price. Eight
odd lots of bonds are also listed, together with a list of bonds recently
called for payment. Copies of this booklet will be sent free on request.
—Mr.Edward Stotesbury Lewis has been admitted to partnership in the
firm of Paul & Co., Investment Bankers. Morris Building, Philadelphia.
Mr. Lewis was recently Secretary & Treasury of the N.& G. Taylor Co.
and formerly cashier of the Farmers' & Mechanics' National Bank.
—Roosevelt & Son, 30 Pine St., announce that P. E. Grannis, for many
years a specialist in bank stocks, has become associated with them and will
have charge of their department dealing in the stocks of the highest grade
banks and insurance companies.
—After twelve years with Lee. Higginson & Co.. Philip W.
Hobart
has become connected with Brown Brothers & Co., as a salesman in
Boston.
—Prince & Whitely announce that John H. Baker has been
appointed
sales manager. effective Feb. 1.
—Prince & Whitely, members of the New York Stock
Excahnge. and
flounce that from Feb. 1 their uptown office will be at 5 E. 44th
St., under
the direction.of James R. Branch of their firm, with whom are
associated
Thomas D. Hooper and Nicholas Engalitcheff.
—The firm of Myron S. Hall & Co., members of the New
York Stock
Exchange, has been organized as of Feb. 1. with offices at 100
Broadway.
to conduct a general investment and commission business. The
partnership comprises Myron S. Hall. Frank I. Tomlins, La Motte T.
Cohu,
board members, and Henry Wallace Cohn.
—Guaranty Trust Company of New York, has been appointed
transfer
agent for the stock of the Peer Oil Corp., consisting of 1.000,000 shares
of
Common stock without nominal or par value and 50,000 shares of
Preferred
stock, par value $100.
—beorge B. Robinson, formerly General Sales Manager of Henry
L.
Doherty & Co., is organizing a business in high-grade securities to
be
conducted under the name of George B. Robinson & Co., at 67
Wall St.,
New York.
—Clark, Dodge & Co. have issued a special circular describing various
investment securities, including railroad, equipment, public utility
and
industrial bonds, and preferred stocks of important public utility and
industrial companies.
—Arthur C. Keck Co. have opened an office at 50 Broad St.. New York,
to transact a business in investment securities, specializing in all
issues
listed on the London and Paris Stock Exchanges.
—Alfred Codman. formerly associated with Mann, Pell & Peake,
has
assumed merge of the investment department of J. P. Benkard &
Co.
members, N. Y. Stock Exchange, 61 Broadway. N. Y.
—Maxwell B. Smith, formerly of Smith & Ruth, has opened an
office at
74 Broadway. N. Y., and is trading, through Secor, Reynolds
& Co., in
bonds and unlisted stocks.
—Vilas & Hickey, members, New York Stock Exchange, announce
that
C. F. Anderson has become associated with them as manager of
their public
bond department.
—C. E. Danforth & Co., members of the New York Stock
Exchange.
announce that James G. Marshall has been. admitted to general partnership in their firm.
—Redmond & Co. announce that Herbert G. Wellington. who has
been associated with them for the past ten years, has been admitted
to
partnership.
—The Mechanics' & Metals National Bank of the City of New York,
has been appointed transfer agent for the Preferred
and Common stock of
the Dictophone Corporation.
—Philips B. Sawyer has formed an organization under the name of Philip
B. Sawyer & Co.. at 24 Milk St., Boston,
Mass., to deal in bonds,and Preferred stocks.
—Daniel J. Haggerty, for the past ten years connected with the
bond
department of Solomon Bros. & Hutzler, has become associated
with the
bonds department of Pask & Walbridge.
—J. Raymond Jones. formerly with F.
B. Keech & Co., is now associated
with Charles D. Robbins & Co.. 120
Broadway, New York, in their bond
department.
—Gilbert Elliott & Co., members New
York Stock Exchange, announce
that Mr. E. Allan Reinhardt has been
admitted to partnership in their firm.
—Brown & Coombe, Members, New
York Stock Exchange, 100 Broadway, New York,state that Clem B.
Mears has become a partner in this firm.
—Cnester H. Pease has opened offices
at 97 Exchange St., Portland,
Me.,to conduct a genera, bond business.
—Miller & Company announce
the removal of their branch office from
212 Fifth Ave.. to 234 Fifth Ave., corner
of 27th Street.
—James J. Mahony,formerly with Wm.
West & Co., has joined the sales
Organization of the Royal Securities Corporation.
—Kent S. McKinley, formerly with Halsey. Stuart
& Co.. Inc.. has
become associated with the bond department
of Lansburgh Brothers.
—Tobey & Kirk announce that Oliver
P Cooke has become associated
with the stock department of the firm.
—Columbia Trust Co., has been appointed transfer agent of the
Class"A"
and Class"B" Common and Preferred stock
of the Ascher Theatres Corp.
—W.W. Walton, formerly with Goodbody & Co., has
become associated
with Sutro Bros. & Co. and will have charge of their Canadian
Department.
[VOL. 116.
THE CHRONICLE
528
sports and Documents.
PENNSYLVANIA WATER & POWER COMPANY
OF
REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR 1922, SUBMITTED TO THE STOCKHOLDERS
COMPANY AT THE ANNUAL MEETING HELD ON FEBRUARY 13 1923.
The Board of Directors of the Pennsylvania Water & coal, has made available over 50,000 tons of anthracite coal,
Power Company have pleasure in submitting to the Stock- which, after removal from the river bed was cleaned, preholders a statement of the Company for the fiscal year end- pared and shipped to a number of cities.
.OPERATION AND MAINTENANCE.
ing Dec. 31 1922.
all sources amounts to--$2,003,478 33
The total revenue for the year from charges, taxes, operation
Your Company has been giving its usual care to the operaAfter making provision for interesta surplus of
924,509 96 tion and maintenance of its property and continues to spend
and maintenance there remains
which has been disposed of as follows:
148,662 50 generously to maintain its quality of service and keep its
Dividend of 14% for quarter ending March 31st
148,662 50 equipment up to the highest standard of condition which it
Dividend of 1%% for quarter ending June 30th
148,662 50 has set in previous years.
30th
Dividend of 1%% for quarter ending September31st
148,662 50
quarter ending December
Dividend of 1%% for
Transferred to Depreciation Reserve
Transferred to Reserve for Sinking Fund
Transferred to Cintingent Fund
Balance carried to Profit and Loss
173,210 10
75,000 00
80,000 00
1,649 86
INCREASING NUMBER OF' STOCKHOLDERS.
It is gratifying to record the widening distribution of the
shares of your Company. Your stockholders' lists now shows
A comparison of the gross income for 1922 with 1921 shows nineteen hundred and twenty-six stockholders, residing in
a gain of $41,225.99; a like comparison of net revenue shows twenty-five different States of the United tSates and in
eight foreign countries.
a gain of $79,779.15.
RIVER FLOW.
Your Company's reserves (exclusive of $550,000 in Sinking
Fund) show an increase over 1921 of $32,262.56 and now toThe past year has been one of extremely low river flow,
lasting for a number of months. The results of this merely
tal $1,894,951.12.
GROWTH OF CUSTOMERS' LOAD,
emphasize the wisdom of the policy which your Company
When your Company went into operation in the Fall of has been pursuing for many years past, I. e., that of mathe1910, the Consolidated Gas Electric Light & Power Company matically determining from the records of river flow gangof Baltimore had a load of 19,000 kilowatts, and the Edison ings extending over a long period, a practical and adequate
Company of Lancaster had a load of 6,000 kilowatts; to-day equalization plan, to the end that a very ample contingent
the peak loads of these two Companies are respectively 101,- fund might be sdt up to vThich is credited the sales of the
overplus of energy during the years when the river flow is in
000 kilowatts and 21,000 kilowatts.
excess of normal and from which withdrawal can be made
DEMAND FOR HYDRO ENERGY.
during the years when lower flow than normal necessitates
The load of the Public Utility Companies in Baltimore and additional steam generation. Therefore, during this year of
Lancaster, to whom your Company wholesales energy, has low flow, your Company is in position to withdraw from this
now increased to such an extent that there is a demand for fund the sum of $362,900.00 with the assurance that in the
energy far exceeding the amount which can be produced by long run the earnings from the periods of low flow will be
water power from the machinery at present installed in the
by the earnings during the periods of excess flow.
hydroelectric development at Holtwood. The balance of the balanced
Your Directors are pleased to express their appreciation
energy is being produced by steam.
of the loyalty, zeal and effi Aency of the employees of the
As a result of the scarcity in the supply of hydro 'energy,
company.
and as a consequence of the continued high price of coal, the
CHAS. E. F. CLARKE,
output of your plant is much sought after; nevertheless, your
President.
Company is maintaining its policy of keeping its power rates
well under the cost of generating steam. The beneficial'reSTATEMENT OF CONDITION DECEMBER 31 1922.
sult of this policy has been clearly exhibited from its effect
ASSETS.
in encouraging the use of hydro energy by your Company's Plant, Property and Power Development
$17,916,192 05
other Companies
3,388,033 55
customers in the past, even during the then prevailing pe- Securities inand Stores
Loose Plant
87.050 78
riods of industrial depression. In this present period of busi- Prepaid Charges
5,378 30
282,119 05
ness recovery the demand for hydro energy has been intensi- Accounts Receivable
25,000 00
Bills Receivable
fied. In addition, there are many cities lying within easy Cash in Hands of Trustees for Bond Redemption
75,096 57
265,194 86.
transmission distance of your hydroelectric plant, certain of Cash in Banks and with Agents
which cities would welcome hydroelectric service from your
822,044,065 16
LIABILITIES.
development.
EXTENSIONS.
So great has the demand for energy become that your Company, which has made no major additions to its generating
capacity since 1914, now feels it expedient to consider the
advisability of installing two additional generating units at
Holtwood and is also looking into the question of building a
steam plant at Holtwood for use during the periods of low
river flow, availing itself of the exceptional opportunity of
utilizing the great amounts of river kcoal which have accumulated in the basin formed by the dam.
This river coal is at present being hauled to nearby cities
to be burned under boilers for power generating purposes.
However, at Holtwood it would seem possible to accumulate
and store on the property of the Company, a stock of such
coal that might, by being burned under boilers at Holtwood,
prove of benefit in the event of coal strikes or railroad transportation difficulties, in which ease, energy generated from
this coal might be transmitted to the cities nearby over the
transmission lines of your Company. It would seem such
stock of reserve coal might easily be accumulated during
normal times by a short rail haul of only five miles along the
lake created by the dam, provision being made for barging
the coal down the lake, if, and when railroad transportation
proved insufficient.
A chart is shown indicating the location of cities within
reasonable transmission distance of your hydroelectric plant,
some of which cities are negotiating in connection with obtaining a portion of the hydroelectric energy supply of your
Company. Your Company is adhering to its principle of
avoiding going into the distribution business and contents
itself with selling energy in bulk to Public tUility Companies,
depending upon the quality of its service and the value of
its product to establish a permanent market for its energy,
and so it avoids the difficulties incident to retail selling. Instead of competing in territories where Public Utility Companies are already established, it seeks to bring to such Companies an important supply of energy, and endeavors to be
of assistance to them in the industrial development of their
territory.
RIVER COAL.
$8.495,000 00
Capital Stock
$12.035,000 00
First Mortgage 5% Bonds
$450,000 00
Less held in Treasury
Less Bonds Redeemed by Trustees or Cancelled for Sinking
546,000 00
Fund Investment
996,000 00
11,039,000 00
63.464 18
Accounts Payable
550,000 00
Sinking Fund
25,000 00
Reserve for Sinking Fund
16.3,307 37
Reserve for Taxes
985,104 20
Depreciation Reserve
Contingent Fund
721.539 55
1.649 86
Profit and Lass Account
$22,044,065 16
Certified correct,
JAS. L. RINTOUL, Treasurer.
Audited,
SHARPE, MILNE & COMPANY,
Chartered Accountants.
January 12 1923.
PROFIT AND LOSS ACCOUNT.
By Income from all sources
82,003,478 33
8136,980 71
To Operating Expenses
138,094 84
To General Expenses
125,000 00
To Taxes
147,002 30
To Maintenance
547,077 85
By Balance Brought Down
81,456,40048
on First Mortgage Bonds
To Interest
535.14446
Net Revenue
921,25602
Balance from 1921
3,253 94
Total
$924,50996
Distrinuted as follows:
Dividend 1 % for quarter ending March 31st
Dividend 1%% for quarter ending June 30th
Dividend 1 ki for qua'ter ending Sept. 30th
Dividend 1% o for quarter ending December 31st
To Depreciation Reserve
To Reserve for Sinking Fund
To Contingent Fund
Profit and Loss Account
$924,509 96
Certified correct,
JAS. L. RINTOUL,Treasurer.
Audited,
SHARPE, MILNE & COMPANY,
Chartered Accountants.
During the past year the dredging concern with which
your Company made arrangements for the delivery of river January 12 1923.
$148,662 50
148.662 50
148,662 50
148,662 50
173,210 10
75.000 00
80,000 00
1,640 86
THE CHRONICLE
FEB.3 1923.]
The Tounnarial
gimes.
COMMERCIAL EPITOME
(The introductory remarks usually appearing here will be found
to•day in an earlier part of the paper, immediately following the
editorial matter, in a new department headed "INDICATIONS
OF BUSINESS ACTIVITY.")
COFFEE on the spot has been firmer with more snap in
/
the demand. No. 7 Rio, 123s ®12Mc.; No. 4 Santos,
%
153 ®16c.; fair to good Cucuta, 163 @174c. Futures
%
have advanced sharply. The spot market has been rising.
Brazilian quotations have advanced. Cost and freight
prices advanced. And the technical position here was evidently better. The short interest was large. Too many
had evidently assumed that there was only one side to the
market, and that the selling side. In one day nearly 30,000
bags were switched from March to May at 45 points premium
on March. Prices reached a new "high." Large local
operators, it is said, took a big block of March. Rio continued to rise. Coffee has attracted more attention. Only
the scarcity of soft Santos and No. 7 Rio checked business
in Brazilian coffee here on the spot. Mild coffee was also
in fair demand. On Tuesday the trading here in futures
was estimated at 75,000 bags. Shorts covered freely.
March was strong on the small stocks of contract grades.
Some sold March and bought May. Attention is being
drawn to the tight situation in the near months, owing to a
large short interest and the scarcity of available coffee on
the spot for exchange delivery. Besides, Brazilian markets
are strong. The market here looks to many to be sold outand oversold. On Feb. 1 prices again moved up 5 to 22
points to a new "high" on this month. The supply of spot
Rio coffee is said to have almost disappeared with only
80,000 bags of Rio and 4,000 Victoria afloat for New York.
Santos was 125 reislower to 25 higher, but Rio made a clean
rise of 125 to 159 reis. To-day prices moved up to a new
"high" and then became somewhat irregular. But the spot
situation is strong, and it was said that No. 7 Rio has sold
ex-ship at 123 to 12%c. One estimate of the world's visible
%
supply is 7,660,000 bags against 7,877,000 on Jan. 1, and
9,293,000 a year ago. The ending here was at an advance
for the week of 32 to 47 points, the latter on March.
529
tongues, $55®$6.5 nom. per bbl. Cut meats quiet. The
Chicago stock increased sharply in January. The total of
out meats on Feb. 1 was 102,181,000 lbs., against 83,368,000
lbs. on Jan. 1 and 71,346,000 lbs. on Feb. 1 1922. Of dry
salted meats the stock in Chicago on Feb. 1 was 33,424,000
lbs., against 32,370,000 lbs. at the same date last year and
of pickled meats 68,757,000 lbs., agPinst 38,976,000 lbs.
last year. Evidently there is no lack of supplies. Pickled
hams, 16% ®18%c.; pickled bellies, 15 to 16o. for 6 to 12
lbs. Butter, 44M ®48c. Cheese,flats, 263/2 ®29%c. Eggs,
fresh seconds to extra, 33 to 40c.
-Linseed quiet. Foreign offerings small. Spot,
OILS.
carloads, 90®93c.; tanks, 890.; less than carloads, 93 ®96c.;
less than 5 bbls., 96@199c. Cocoanut oil, Ceylon, bbls.,
93e.; Cochin, 10% ®10%c.; corn, crude, 97®10c.; refined, 12%@13c.; olive, $1 15(01 17. Lard, strained,
14e.; extra, 13 2c. Cod, domestic, 58c., nominal; Newfoundland, 63c., nominal. Spirits of turpentine, $1 43@
$1 46; rosin, $5 85®$8. Cottonseed oil sales to-day, 9,400
bbls., including switches. Crude, S. E.. 10e. Prices
closed as follows:
March _ _ _10.93010.941.Tune
April
11.00011.08 July
May
11.17011.18
11.20011.30rugust _ _ _11.30011.31
11.3111.33 September.11.25011.28
0
-Attention has been riveted on crude oil,
PETROLEUM.
which has been advancing. A sale of a cargo of 50,000
barrels was reported, of new navy gasoline to go to England.
The output of crude oil is larger but this fact is offset by a
good demand. It is of interest to notice, however, that the
official figures just published for November show that there
was an excess of domestic production and imports over the
indicated domestic consumption, including exports in November, of 2,502,033 barrels, or at a yearly rate of 30,441,365
barrels. In October the excess of output over consumption
was only 478,340 barrels. For the week ending Jan. 27, the
daily gross production of crude oil of 1,755,300 barrels,
against 1,736,900 barrels in the preceding week, an increase
of 18,400 barrels. In the week ending Jan. 28 1922, the
average daily output was only 1,415,000 barrels. These
figures bear striking testimony to the growth of the industry.
The increasing consumption of late is probably due in part at
least to the scarcity and dearness of coal. Of course there is
also a growing tendency to use oil as fuel on ships. Kerosene
has been firm with a rather better demand for export. Oil
Spot, unofficial c 12ti 6,111May_ _c_ 10.84010Sa'Rept _ _ _ _c_ 50'a 0.51 City, Pa.. wired: "In January 1878 oil wells were completed
March
11 46011.471July -- 10.26 10.281December- 9.150 9.16 in the fields east of the Rocky Mountains, a gain of 297 over
•
SUGAR.
-Spots raws advanced on a larger demand. December, according to the "Oil City Derrick." Initial
Of comRefined, too, was steadier at 6.50c., though some refiners production was 770,274 barrels; increase, 46,355.
241 were gas wells and 507 dry holes. There were
raised their price to 6.60e. Prompt Porto Rico sold at 5.21c. pletions
3,358 rigs and drilling wells on Jan. 31, a gain of 19."
to. i. f., or about 33'c. a. i. f. for Cuba. Two cargoes of San New York prices: Gasoline, cases, cargo lots, 26.75c.; U. S.
Domingoes have been sold to Canadian refiners at 3lie, Navy specifications, bulk, 153/2c.• export naphtha, cargo
-66-deg., 21.00c.; 6e-68-deg., 22.00e. Keroc. i. f. There are 161 Centrals grinding in Cuba or about lots, 18.00e.; 63
98% of the total. Later Cuban raw was in demand at 3Me. sene, cases, cargo lots, 16 Mc.; motor gasoline, garages (steel
and 35 3. asked. February shipment sold 33/2c. first half. barrels), 22c.
4
$2 07
Si oe nunots
53 80 Ragland
1 45
Some refiners advanced their price on granulated at 6.70c. Pennsylvania
2 20 CI ichton
2 00 Wooster
Corning
2 30
2 28 Currie
2 51 Lima
/
to 6.80c. Spot Cuban raws were held to-flay at 38 0., Cabell
I 45
2 07 P1 mouth
2 30 Indiana
Somerset
1 90
2 07 Mexia
with 35 c. bid. Porto Rico, 5.52c. One refinery advanced Somerset, light ...._ 2 55 Princeton
%
its price to-day 20 points, making it 6.80c. Another
RUBBER, after a in. rise on Monday, declined on Tuesquotcd 6.70c. Futures to-day advanced 12 to 13 points. day with London decidedly lower on that day. Trade here
And it was stated that operators and refiners paid 35
%43. for has been less active. Manufacturers as usual in a falling
for
175,000 bags for February shipment. Europe was reported market have withdrawn. Prices on Jan. 30 were 353c.
March,363o. for April-June,
c.
2
/
as a heavy buyer. It was said, too, that 33 0. was paid spot and February, 351 for 371 for July-December.
/
c.
2
/
-September and
here for Cuba to-day, the big sales mentioned above having 37c. for July a drop to 34%0341 for spot and Februe.
2
/
Later there was
taken place late on Thursdny. Prices show a rise for the ary, 34,%®343 0. for March, 351@,353 0. for April-June,
2
/ 4
/
week on futures of 21 to 22 points. A bullish factor was the 363c. for July-September and 370. for July-December.
At these prices the tone became steadier with London also
persistent reports of big buying by Europe.
irregular; 17 Md.
i
sgkhunornet1 4111
0
2
/
. :(
c 3.7703.781September_c_3.96ft3.97 steady in the main, though somewhat
July
3.S83.89 December
was paid there. London cabled early in the week that rubber
LARD.
-Spot lower and rather quiet; prime • Wes'ern was again active at rising prices, i. e., 17%d. for plantation
was paid. The
4
11.85®11.95c.; middle Western, 11.70@11.80c. Refined standtrds on the spot, but later 173 d. 403 tons for the
73,402 tons, an increase of
to the Continent, 12.75c.; South America, 130.; Brazil, 14c. London stock is
week, and compares with 67,375 tons a year ago and 56,277
Futures rallied, owing to higher prices for hogs and grain, tons two years ago at the corresponding time. It is said
and good clearances. On Jan. 30 they were 5,132,000 that there is much alarm among the small holders or rubber
pounds. Eastern interests and packers, however, sold, and lands in the Federated Malay States in connection with the
If the rules
prices reacted later. Chicago's stock of lard is 8,190,000 working of the Rubber Restriction Enactment. them. The
mean ruin to
pounds, a decrease in January of 24,000 pounds. It is, are enforced, they declare, it will to sell, they claim, will
quantity of rubber they are allowed
however, 10,751,000 pounds smaller than a year ago. To- not enable them to live and their holdings will be seized
day prices reacted and they closed at a net decline for the by the money lenders. It is declared that the Duncan scale
of yields per acre should be revised; also the exportable
week of about 20 points.
acreage. The British accuse
DAILY CLOSING PRICES OF' LARD FUTURES IN CHICAGO. quantity allowed as to a small
Fri.
Sat.
Mon. Tues.
Wed. Thurs.
the American trade of mere Aelfishness in desiring a larger
11.25
_cts_11.25
11.30
11.30
January delivery_
production. As it is, some planters are said to be evading
11.30
11.40
11.45
11.37
11.40
11.45
May delivery
11.40
11.50
11.50
11.50
11.55
11.55
the restriction plan.
July delivery
Rubber production in the Dutch East Indies is making
' PORK quiet; mess, $27(028; family, $30@$32; short strides year by year. Cut 0 a total world's output in 1914
clear, $27(028 50. Beef quiet but firm; mess,$16 50@$17; of 71,380 tons of plantation rubber, 10,286 tons were propacker, $17@$17 50; family, $19@$20 50; No. 1 canned duced in the Dutch East Indies. In 1920 it was 90,201
roast beef, $3 25; No. 2, $2 35; 6 lbs., $15; sweet pickled tons out of a total for the world of 304,816 tons.
530
THE CHRONICLE
[VoL. 116.
HIDES early in the week were in rather better demand
and steady. The River Plate reported 5,000 frigorifico cows
sold at 163'c. cost and freight. Here city packer hides
were quiet, yet a car of branded steers sold, it is said, at
1834c. for butt brands and 173c. for Colorados. Country
hides were quiet but steady. Buyers think they are too
high. Dry hides were firm and in moderate demand;
Bogota, 19Y to 20
Later Chicago reported a good
demand and prices firm. January all-weight cows and steers
there sold at 15c., it was stated; country all weights at
123 c.;low-grade patent leather at 28 to 33e. per foot. Hero
A
Orinocos sold at 19c. Puerto Cabello at 1814c., and at the
River Plate 21,000 frigorifico steers sold to the U. S. at
$57, it is stated, or 233'c. e. & f. Brooklyn butts, 16c.
OCEAN FREIGHTS have been in moderate demand with
grain rates steady. Some look for a good supply of British
tonnage in the Eastbound coal trade and are holding aloof.
this country owing to the French occupation of the Ruhr
Valley. Imports from the Continent seem to be out of
the question. This includes Belgium. Chicago has advanced prices 50c. Foundry there is $29 50 to $30. Philadelphia reports a good demand. All over Europe there has
been a marked advance in prices of iron and steel.
COAL prices weakened early in the week as supplies
increased. Cars were more plentiful. And there is to be
no strike. That fact also counted. Prices went back to
last fall's level. Pool 2 quality was $7 75 f.o.b. piers,
which some asserted was below the equivalent of the mine
prices for the same grade at West Virginia producing points.
London cabled on Jan. 29 that coal was active especially in
east coast centres, on German, French and Belgian demand.
A sharp rise in prices was reported in Northumberland,
Durham and Yorkshire coals. They were up is. 6d. to
2s. per ton. Coke was quoted at 1 to 10s. a ton higher
Charters included: Grain, North Atlantic range. 19c.; Greece, February. than last week. Later coal
contract prices dropped below
Grain, Atlantic range. 19c., Adriatic, prompt (London). Grain, Atlantic
range, 4s, Greece, February (London); time charter, West Indies trade. $4 00 on best grades of soft.
90c. one round trip, prompt delivery; time charter, West Indies trade.
95c. one round trip, prompt delivery. Coal. Hampton Roads, $1 45.
COPPER has been in fair demand and firm after the recent
Havana, prompt; Oilcake, Gulf. $6 25 one. $6 50 two ports, Denmark.
Feb. 10 cancelling. Steamer, 2.189 tons net. grain. Atlantic range. 1936c. big business and electrolytic has been at 15c. with rumored
,
one. 20,4c. two ports, Greece, February. Steamer. 2.473 tons net, grain. sales now and then at 15%c. There is a Aeady demand
Atlantic range, 193ic. one. 204c. two ports, Greece, February. Steamer, from the electrical,
automobile and building trades, all of
3,550 tons net, grain, Philadelphia, 19c., Atlantic range, 19c. basis.
Greece, February. Steamer, 826 tons net, time charter, West Indies which are remarkably active. A large business has been
trade. $1 40 one round trip, prompt. Steamer 1,929 tons net, time done in copper wire. With one company all
brass products
charter, trans
-Atlantic trade. Si 15 trip across. February delivery at
Charleston. Steamer,2.792 tons net. sugar. Cuba, 19s., United Kingdom, have risen Yo.', except tubing. The talk in the copper
early Feb. Steamer Manchester Civilian, 2.927 tons net, sugar. Cuba, 19.5., trade is that the tendency of prices is upward with
iron and
United Kingdom. early Feb. Steamer, 3,379 tons net, lumber. Gulf. 165s..
River Plate, March (London). Steamer. 2.159 tons net, linseed, Rosario, steel.
$6 25. New York. Feb. 10
-March 10 (London). Steamer, 3,530 tons net,
TIN, after falling here and in London, has latterly been
time charter, three ports United Kingdom or Continent,lump sum,$20,000,
San Francisco or San Pedro, loaded and discharged free (London).. Grain. firm at 403'c. here for Straits on the spot and 38
for
Atlantic range, 11c., Rotterdam. prompt. Time charter, inter-coastal
trade, $1 50 one round trip, early February delivery in the Gulf. Time nearby futures. The tone was strengthened late in the
charter, West Indies trade, El 25, 6 weeks period, prompt delivery.. week by a rise in sterling exchange. The deliveries of tin
Grain, Atlantic range, 1934c.. Greece, early February. Grain, West St.
John. 19c. west coast of Italy prompt. Sugar. Cuba, 19s. 3d.. United in January were 6,625 tons, an unusually large total. Of
Kingdom (London). Ore, west coast of South America. $5 60, New this 6,500 tons were at Atlantic ports and 125 tons at Pacific.
York. March-April. Time charter, West Indies trade, $1 50 4 months'
period. February delivery. Time charter, trans-Atlantic trade, at or London has latterly declined sharply, i. e., £2 or more, and
at one time Straits here was 40c.
about 4s. 6d., trip across, January delivery at Savannah.
LEAD has been firm but quiet, though London prices
TOBACCO has been in fair demand and steady, with
supplies not at all burdensome. Quite the contrary. It is have dropped noticeably. On Jan. 31 prices there fell
intimated that more Wisconsin tobacco could have been sold, 12s. 6d. New York and East St. Louis prices have been
had supplies been larger. Not a few dealers report their held in check by the fact that 5,000 tons of Mexican lead
stocks of tobacco as only moderate,if not small. Naturally, have come into the New York field. East St. Louis dealers,
this tends to brace prices, while it quite as clearly tends to on the other hand, however, are carrying but small stocks.
keep business within rather restricted limits. Meanwhile, New York, 8.25c.: East St. Louis, 8.10@8.150. The conthe weather has been in the main favorable, so that some sumption is naturally large, with so much activity in the
look for a somewhat larger crop next time than that of 1922. industries.
Washington, Jan. 31.
-Stocks of leaf tobacco held by
ZINC at one time was 7.10c. prompt. though London
manufacturers and dealers on Jan. 1 were smaller than a year advanced 12s. 6d. Later London dropped 7s. 6d. Later
ago, the total quantity being 1,491,300,988 pounds, com- there was a drop to 7.05c., with London still weak, though
pared with 1,561,848,372 a year ago, and 1,547,439,314 on some continued to quote 7.10c.
Oct. 1 last. Chewing, smoking, snuff and exports types
WOOL has remained firm with a fair amount of business.
totaled 1,068,041,784 pounds, compared with 1,174,807,983
a year ago. Cigar types totaled 346,603,961 pounds, com- Naturally, American markets have been braced by the rising
pared with 313,315,823 a year ago. Imported types totaled prices in England and Australia. The Boston "Commercial
Bulletin," in its issue of Feb.3, will say of the wool market:
76,655,243 pounds, compared with 73,724,566 a year ago.
The wool market has shown increased momentum during the past week
and the
STEEL has been stronger and the demand outruns the tendencymarket is continuing to strengthen. There has been an especial
on the part of the
wools,
greasy, to
production. The British trade is very active because of the appreciate, and the market low-grade beyond both scoured andupward all
tendency
any question is
shutdown in Lorraine and Luxemburg. The U. S. Steel along the line, reflecting a healthy tone in the market for goods and a
Corporation is said to be working at 90% of capacity. general belief that the position of raw materials must force prices higher.
The wool consumption in December decreased, according
Others, 85%. Some Pittsburgh mills seem none too anxious
for new business. There is a big demand there for steel to the Census Bureau, the total being 50,754,888 lbs.,
pipe. At Youngstown one independent pipe maker has against 55,316,531 in November, but only 42,164,000 lbs.
withdrawn from the market. Philadelphia reports trade in Dec. 1921. In Adelaide, South Australia on Jan. 26,
very active. One maker there of sheets and plates has with- 25,000 bales were offered and practically all sold. Comdrawn. Also there is a steady export demand. Germany pared with the December sale at Adelaide merinos advanced
has long been much in arrears on its deliveries. That is well 10% and crossbreds 10 to 15%. The highest price for fleece
A
known. Europe is turning to England and the United States. was 303 d. The next sale at Perth, Australia, will take
It is not easy to meet foreign demand from new sources place on Feb. 6, when 20,000 bales will be offered. In
Japan and South American want a good deal of American London on Jan. 26 joint offerings totaled 12,900 bales.
steel. Even the Chinese demand here is better than for a Demand brisk, mostly from British and American operators.
long time. Denmark wants American wire rods. Of Prices stronger. Sydney-4,006 bales, chiefly greasy
course it is all traceable to the trouble in the Ruhr. Mean- merinos, 23 to 32d. Queensland-975 bales; scoured
while, a Youngstown maker has stopped work at eight sheet merino, 43 to 55d.; pieces, 383'2d. Victoria-2,304 bales;
mills and another at a bar mill. Others may do the same. greasy crossbred, 7 to 19d.; scoured merino, 3414 to 53d.
The shortage of common labor interferes with production. Adelaide-335 bales; greasy merino, 205 to 27d. New
Yet mills at Pittsburgh and other centres have imported large Zealand--4,407 bales; crossbreds, greasy, 8 to 20d.;
numbers of negroes from the South in a determined effort to slipe, 103/i to 273/2d. Cape-530 bales; mostly withdrawn
overcome this difficulty. Some producers, however, have owing to firm limits.
At Invercargill, N.Z., on Jan. 27, 16,500 bales were offered
withdrawn from the market because of uncertainty about new
business for the second quarter of the year. British steel and practically all sold. The merino selection was poor.
Merino, half bred, 50-56s, good to super. 22@26d., low to
markets are rising. •
medium, 17(i121d.; cross breds, fine, good to super 46-48s,
PIG IRON has'been firmer and, so far as basic is con- 163'2@18d.; low to medium, 14@t16d.: 44-46s, good to super,
cerned, active. Sales have been reported of 12,500 tons, 14@15Md.• low to medium, 11©133,1d.; 40-44s, good to
partly at $27 75. 20,000 tons of Nova Scotia pig iron at a super, 11 ©12%d.; low to medium, 9(i)10
'
3/2d.; 36-40s, good
cut under American prices of about $6 a ton delivered in to super, 10C/1134d.; low to medium, 8 et 9141. In
Philadelphia. In the New England field the sales of iron London on Jan. 29 offerings were 13,900 bales. Less achave latterly, it is said, reached 10,000 tons. The freight tivity. Continental operators bought less. Numerous
embargo of the Maine Central RR. on the Boston & Maine withdrawals of medium and inferior merinos. Prices were
freight hits Maine foundries pretty hard. The Ruhr struggle irregular but the best merinos and crossbreds sold quickly
is, of course, sharply watched. It is telling on both the at about steady prices. Sydney, 601 bales; greasy merino,
German and the French iro'n interests, but on the German 18d. to 283d. Queensland, 600 bales; greasy merino,
the most, as Germany's output has fallen off, it is said, 18d. to 273/2d.; scoured, 48 to 52d. Victoria, 2,643 bales;
40% on coal, 30% on pig iron and 25% on steel, as com- greasy merino, 26M to 33d.; crossbreds, 9d to 213/2d.; comepared with the totals before the French invasion. One back, 18 to 314. Adelaide, 1,200 bales; scoured merino,
estimate is that it cuts down German and French output of 2134 to 454.; pieces, 1434 to 364. West Australia, 2,389
pig iron in all some 200,000 tons monthly. Germany, it bales; greasy merino, 1734 to 25d. New Zealand, 5,748
is reported, has bought 100,000 tons of coal within a week bales; crossbreds in demand with active buying by America;
from England. Meanwhile, foreign pig iron is scarcer in best greasy, 24d.; slipe, 27d.; scoured, 37d.
FEB.3 1923.]
531
THE CHRONICLE
In London on Jan. 30 joint offerings were 12,700 bales.
Selection good. The better grades of merino and all
crossbreds were in demand from British and American
buyers at full opening prices. The Continent bought the
other qualities of mermos at irregular prices; now and then
/
5% easier. Sydney, 1,599 bales; greasy merino, 211 2d. to
28d.; scoured, 223/2d. to 41d. Queensland, 2,399 bales;
greasy merino, 243'd. to 32d.; scoured, 303/2d. to 5234d.
Victoria, 2,057 bales; chiefly greasy crossbreds, best 21d.
New Zealand, 3,616 bales; greasy crossbreds, best 24d.
West Australia, 2,725 bales; greasy merino, 193/2d. to 26d.;
scoured, 31d. to 45d. In London on Jan. 31 13,350 bales
were.
offered. Greasy and scoured merinos plentiful. The
best in good demand from home and American operators at
full recent prices. The Continent bought cautiously, owing
to the political situation. Merino irregular; many withdrawals. Crossbreds firm. Sydney, 2,657 bales; merinos,
greasy, 23d. to 30d. Queensland, 3,762 bales; 21 Md. to
31 Md.for greasy merinos; scoured, 42d. to 534d. Victoria,
2,911 bales; greasy merinos, 193,d. to 31d.; scoured, 33W.
to 50d. New Zealand, 3,044 bales; crossbreds, bulk to
Yorkshire, all suitable lots to America; best greasy, 23d.;
shpe,28 Md. In London on Feb. 1 14,000 bales were offered.
Full attendance. Withdrawals numerous, due chiefly to
the high limits. British demand good. America bought
freely. The Continent bought on a larger scale. Prices
firm except on inferior merinos. They were lower. Sydney,
5,192 bales; greasy merinos, 19W. to 31d. Queensland,
1,806 bales; greasy merinos, 15d. to 2834d. Victoria, 1,800
bales; greasy merino, 25 Md. to 32d.; scoured, 39d. to 52d.
New Zealand, 4,794 bales; crossbreds, best greasy, 24d.;
shpe, 27d. Puntas, 1,490 bales; crossbreds, best, 19d.;
slipe, 23d.; showing a rise compared with December of 10%
and 20%, respectively.
The exports for the week ending this evening reach a total
of 132,322 bales, of which 73,475 were to Great Britain,
9,147 to France and 49,700 to other destination. Below
are the exports for the week and since Aug. 1 1922.
Week ending Feb. 2 1923.
Exported toExports
from
-
Great
Great
Britain. France. Other. Total. Britain. France.
Galveston __
Houston ___
Texas City_
New Orleans
Mobile
Jacksonvill
Pensacola
Savannah _ _
Brunswick _
Charleston _
Wilmington.
Norfolk
New York_ _
Boston
Baltimore _ _
Philadelphi
Los Angeles
San Fran_ _ _
Seattle
Total_
Other.
Total.
12,436 3.870 15,656 31,962 375,210 257,509 772,137 1,404,856
17,453 5,077 7,935 30,465 218,789 128,016 256.067 602,872
1,415
1,415
14.569
19,672 34,241 142,867 49,230 314,238 506,335
1,523
4,645 20.107 46,867
1,523 22,115
__
650
575
75
---- --7.873
710
7,163
2,850
2,287 5,137 116,499
4.269 56,092 176,860
6.650 25,618
18,968
33,592
6:66i
6,001 22,271
1,094 10,22
49,800 61,400
11,600
11,;60
623 19,492 97,169
1,600 13,050 . 77,054
6,193 -Zoo 1,119 7,512 46,260 31,395 119,384 197,039
500
4,084
1,826
2,258
500
167
646
479
291
291
1,725 10.666
1,200
7,741
500
64,577 64,577
-666 900
7,377
7,377
531 • 531
73,475
9,147 49,700 132,322,1,069,349 477,981 1.702,8573,250,187
Total '21-22 45,579 9,391 74,320 129,290J 946,283 428,952 2,079,3793.454.614
Total '20-21 63,581 13,397 123,574 200,552 1,116,083 392,296 1,554,224 3,062.603
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
On Shipboard, Not Cleared for
Feb. 2 at
Galveston
New Orleans_ _
Savannah
Charleston*
Mobile
Norfolk
Other ports *_ _
COTTON.
From Aug. 1 1922 to Feb. 2 1923,
Exported to
-
Great
Ger- • Other CoastBritain. France. many. Congnt. wise.
4,660
4.703
2,000
3,115
5,000 33.583
4,474 14,916
Total.
8,000 53,243
8,973 36,181
500
500
Looting
Stock.
283.630
171.419
59,355
68,249
4,104
98,279
120,307
436
5.398
64 5.898
Friday Night, Feb. 2 1923.
850
850
THE MOVEMENT OF THE CROP,as indicated by our
3.400
500 3.000 3.600
500 11,000
telegrams from the South to-night, is given below. For the
Total 1923_ - 13,199 5.615 12.474 57,497 18,887 107.672 805,343
week ending this evening the total receipts have reached
Total 1922_ _ 20,624 14,659 14,779 45,518 4,585 100,165 1.038,847
Total 1921.... 19,475 3,630 16,652 46,265 8.405 94.42711.317,867
135,820 bales, against 101,479 bales last week and 92,238
bales the previous week, making the total receipts since the
*Estimated.
1st of August 1922, 4,510,748 bales, against 3,872,584 bales
Speculation in cotton for future delivery has latterly been
for the same period of 1921-22, showing an increase since
less active and prices have drifted downward under the
Aug. 1 1922 of 638,164 bales.
Receipts at-
sat. I
Galveston
Texas City
Houston
New Orleans_ _
Mobile
Jacksonville
Savannah
Brunswick
Charleston
Wilmington
Norfolk
New York
Boston
Baltimore
Philadelphia
6,747
8,239 14,918
9,132
4,932
8,721
6,615
840
Totals this woelr
Aron.
Tues.
Wed.
Thurs.
6.864
6,365
12.612
4,768 14,649
79
238
605
1,388
837
300
20
1,238
1,897
761
670
921
48
481
620
133
1,061
696
178
960
412
96 . 252
959 1,857
30
580 1,092
75
75
200
93 7021 27.152 23.898 39.9531
210
50
Total.
Fri.
3,988 47,121
10
10
30,465
4,004 35,573
2 1,159
1
1
346 5,899
850
850
556 3.769
45
594
1,559 7,155
30
38 2.584
210
400
9,625 11,399 135.820
The following table shows the week's total receipts, the
total since Aug. 1 1922 and storcks to-night, compared with
the last year:
Receipts to
Feb. 2.
1921-22.
1922-23.
This Since Aug This Since Aug
Week. 1 1922. Week. 1 1921.
Stock.
1923.
1922.
Galveston
47,121 2,035,438 32,880 1.784.716 336.873 315,084
15,998
203
18,184
Texas City
12,722
68.275
10
266,674
Houston
30,465 605,184
10,305
Port Arthur, &c
2,000
New Orleans
35,573 963,349 16,092 740,651 207,606 291,849
8.123
3,834
Gulfport
90,021
Mobile
10,002
72.005 1,184
19,024
1.159
500
Pensacola
7.873
1,885
7.284
8,949
Jacksonville
1,648
1
59,855 152,432
Savannah
5.899 288,880 6,967 469,040
15.951
Brunswick
200
2,211
27,298
1,742
850
53.796
665
68,249
Charleston
91,169
77.684
3.769
Georgetown
70,925
19,247
309
74.484
Wilmington
27,675
594
Norfolk
99,129 138,380
7,155 228,451 2,101 243,847
583
N'port News, &c_
New York
767
9.172
70,269
72,933
4,621
30
Boston
19,444
427
9,057
29,259
6,328
2,584
Baltimore
42,686
397
1.957
12,682
1.666
210
26,081
527
Philadelphia
5.284
4.316
6.360
400
Totals
12.8890 4.810.748 66.553 3.872.584 913.015 1.139.012
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts atGalveston_ _ _ _
Houston, &c_
New Orleans_
Mobile
Savannah,._
Brunswick_ _ _
Charleston _
Wilmington_ Norfolk
N'port N.,&c.
All others_ ___
Total this wk_
1923.
1922. 1
1921.
3,255
5.952
68,500
18,085
35.017
2,717
8,142
100
2.558
593
5,249
48
8.428
135,820
66,553
149.437
32,850
47,121
203
30.465
16,092
35,573
1,184'
1,159
6,9671
5,899
200
850
6651
3,769 •
309
594
2,1011
7,155
1920.
1919.
1918.
71,699
10.091
39.006
5,049
30,603
4.000
3.056
1,040
8,006
302
6,763
39,618
5,550
34,670
2,110
13,827
817
26,500
3,226
45,464
3,270
14.991
1,500
2,345
392
4,931
264
11,021
179,885
107,571
113,914
2,281
1,243
7,455
Since Aug. 1_ _ 4.510.748 3.872.584 4.100.172 4.824.870 3.453.021 4.200.482
pressure of steady liquidation. Also, there has been more
or less pressure of short selling. It has dislodged a good
many old long accounts. In the parlance of de trade they
are called "stale" accounts. And they were quite numerous,
far more so, indeed, than the generality of people had suspected. But after a bull campaign lasting six or seven
months it ought not to surprise anybody that the long account should have reached very large proportions. And latterly a number of things have conspired to give bull speculation in cotton a check. The Ruhr question was one of
them. Nobody knows how the French occupation Of the
Ruhr Valley will turn out, or in other words, just what the
consequences, political and economic, will be to Europe and
the rest of the world. Moreover, there is the Turkish question. At times it has seemed to threaten war between England and Turkey, though at other times the outlook has apparently cleared up somewhat. But the Ruhr and Mosul
questions are, after all, still unsettled. It is said that war
risks on shipping bound for German ports have latterly risen
5 to 25 cents per hundred. Also, turning to the cotton trade
itself, Liverpool has latterly been less active and more or
less depressed. It has been affected by the agitated state of
Continental politics and also by the Turkish question. Moreover, at times sterling exchange has declined. Francs have
reached a new "low." Marks have dropped. The spot trade
In Liverpool has become less active. For some days in succession the spot sales there were only 6,000 bales, as against
10,000 recently. Liverpool reported that Southern •selling
there was rather free and suspected that it meant Southern
farm bureaus were selling their holdings and that the buyers were hedging In Liverpool rather than in New York.
And in Manchester the situation has clouded over. Whereas
recently it was doing a good business with India and the
Continent and some other parts of the world its trade has
suddenly fallen off. On this side of the water Fall River
has been handling a smaller business. Worth Street has
shown less snap. Spot markets at the South have been quiet
and more or less depressed when it came to active business.
Daily sales have at times been oly 5,000 to 7,000 bales, whereas recently they were twice or three times as much. Another
factor inimical to prices was better weather at the South.
That is to say, rains fell in Texas, Oklahoma and Arkansas,
not to mention the eastern Gulf States and the Atlantic region. The rains in Texas, where they were particularly
wanted, naturally increased the store of sub-soil moisture.
In other words, they tend to put a good "season" in the
ground. It is well known, of course, that the crop in Texas
depends largely on the rains of the previous winter. That
State is apt to have rather protracted spells of hot dry
. 532
THE CHRONICLE
(Vol.. 116.
weather in the summer. It is important, therefore, that it
MARKET AND SALES AT NEW YORK.
should have a good supply of sub-soil moisture to fortify it
The total sales of cotton on the spot each day during the
against drouths. One trouble last summer was the hot dry week at New York are indicated in the following statement.
weather in Texas and elsewhere west of the Mississippi For the convenience of the reader we also add columns which
River. But not only have there been good rains of late west show at a glance how the market for spot and futures closed
of the river, but numerous reports are to the effect that the on same days.
South will make every effort to plant a big acreage and raise
a big crop. It certainly has every incentive to do so. Some
Spot
SALES.
Futures
Market
Market
Texas reports say that the acreage will be greatly increased
Closed,
Closed,
Spot. Contr't. Total.
in Western Texas and Eastern New Mexico. They even take
the ground that the weevil is going east and that Texas has Saturday_ _ Quiet, 5 pts. dec_ _ _ Steady
Monday __- Steady,
pts. adv_
7,200 7,200
a greater future than ever before for the raising of cotton. Tuesday _ -- Steady, 30 pts. adv_ Steady
10
Steady
1,000 1,000
It seems to be a fact beyond question that the Texas growers Wednesday_ Quiet, 60 pts. dee__ Easy
1,900 1,900
Thursday -- Quiet, 10 pts. dee__ Steady
300
300
have learned to fight the weevil better than some of the Friday
Steady, 35 pts. adv. Steady
farmers east.of the Mississippi to whom the pest is very
Total
10,400 10,400
much of a new experience. •Not only will there be a large
acreage planted, but it will be heavily fertilized as one
FUTURES.
-The highest, lowest and closing prices at
means, perhaps, of fighting the weevil. And every effort New York for the past week have been as follows:
will be made to secure an ample supply of calcium arsenate
with which to fight the pest. The Government has other exSaturday, Monday. Tuesday, IVed'day, Thurscry, Friday,
Jan. 27 Jan. 29 Jan, 30 Jan. 31 Fib. 1 Feb. 2
Week.
periments in view, one of which has to do with poison gas
what it will amount to remains to be seen. But one FebruaryJust
.
Range
thing is clear. The need of a remedy, at once effective and
27.53 -27.80 -27.85 -27.29 -27.17 -27.54 -- Closing
cheap, is so imperative that efforts will be persistent to find March
27.55-9027.19-100 27.65-109 27.39-17 26.93-157 27.15-.65 26.93409
Range
it and perhaps before long successful. Meanwhile there is
Closing
27.63-.68 490-.91 27.95-101 27.39-41 27.27-.29 27.64-.65- steady liquidation of long holdings here. The South is a April
Range
daily seller. The West and Wall Street have been persistent
27.74 -28.00 -28.0b -27.49 -27.40 -27.77 - - Closing
sellers. Latterly Liverpool has sold to a certain extent. A May
good deal of selling has been done on stop orders, and this
27.75-109 27.45-122 27.80-129 27.58-100 27.22-.78 27.46-.95 27.22-129
Range
Closing._ 27.88-195 28.11414 28.15-.18 27.58-63 27.52-.58 27.90-.92--has had a telling effect from time to time.
June
On the other hand the statistics remain strong. That is
Range
27.73 -27.87 -27.90 -27.38 -27.31 -27.66 - Closing
Indisputable. Stocks are dwindling, consumption is liberal,
July
foreign mill stocks are to all appearance small, Manchester
27.45-.79 27.10-.90 27.51-.94 2738-.60 26.77-136 27.02-.48 26.77-194
Range
27.57-.61 27.70-.74 27.77-.83 27.18-.23 27.08-.12 27.42-.43- Closing
has resumed full time and the Liverpool stock the other day August
was reduced 40,092 bales by a revision, so that it stood some
26.95
26.52,73 26.56 -28.50 -26.50-.95
Range
- - Closing ____ 27.07 -27.19 -27.27 -26.52 -26.40 -26.72 225,000 bales less than at the same tithe last year. Spinners'
takings are on a large scale. The fear is very general that September
Range
Closing _ _ 2.....60 -25.70 -25.58 -25.50 -25.40 -25.57 - -there will be an acute situation as regards supplies later in
the season unless there is a marked falling off in the de- October
25.10-.52 24.80-M9 25.00-.60 24.95-136 24.74-119 24.85-117 24.74 Range
25.15-18 25.25-.30 25.43-.47 25.00-.01 24.90-.98 25.07 -- Closing
mand. Some indications have been reported now and then
of the resistance of buyers to current high prices, but in the November
24.62
Range
24.62 main they have been accepted. There is nothing like a buyClosing ____ 24.99 -25.07 -25.25 -24.84 -24.80 -24.90 - -ers' strike. In a word, the point has not yet been reached December
24.88-120 24.52-113 24.68-129 24.67-107 24.50-.85 24.55-.80 24.50-120
Range
where a check is imposed on consumption by the high price.
24.88-.90 24.90 bid 25.08 -24.68 -24.68-15 24.72 - Closing
For that matter wool, too, has been rising. Employment is January
24.50 -24.50 -24.50 'Range
24.51 -2452 ---- __ general throughout the country. The buying capacity of a
large section of the population is good, especially the artisan
;28.00e. 125.00e. 127.00e.
population, which is receiving very high wages. Also, the
THE VISIBLE SUPPLY OF COTTON to-night, as made
trade is a Etteady buyer of cotton. Japanese interests have
and telegraph, is as follows.
been buying. The yarn trade in Japan has improved. Jap- up by cableafloat, are this week's returns,Foreign stocks, as
and consequently
well as the
anese takings of American cotton thus far this season show
all foreign figures are brought down to Thursday evening.
a large deficit. It is possible that this gap may be in
a But to make the total the complete figures for to
-night
measure closed up during the next few months. The
de- (Friday), we add the item of exports from the United States,
crease thus far, as compared with a year ago, is about
300,- including in it the exports of Friday only.
000 bales. And spot holders at the South declare that they
1922,
1923.
Feb. 2.
1921.
1920.
will not accept prices commensurate with the recent
bales- 812,000 1,002,000 1.024,000 1,067,000
Stock at Liverpool
decline Stock at London
11,000
2,000
5,000
10,000
In futures. They still have their eyes fixed on 30 cents and
71,000
Manchester
69.000
88,000 180,000
Stock at
even higher as the ultimate goal. To-day prices
advanced
887,000 1,075.0001,117,000 1,257,000
Total Great Britain
on scarcity of contracts, a better demand from shorts, trade
35,000
2,000
Stock at Hamburg
demand, strong spot markets, and more favorable
110,000
287,000 152,000
Stock at Bremen
political Stock at Havre
180.000 197,000 231.000
196,000
news and rumors from the Ruhr and the Near East.
9,000
6,000
The Stock at Rotterdam
13,000
Japanese were said to be trying to buy heavily in
146,000
107.000
87.000
Stock at
90.000
Galveston Stock at Barcelona
Genoa
44,000
39.000
46,000 147,000
and New Orleans. Spinners' takings showed some
decrease, Stock at Antwerp
2 000
but this attracted little attention. More notice was taken
16,000
3,000
29,000
of Stock at Ghent
a rise in stocks in New York and London, an advance
in
473,000 709,000 524,000 468,000
Total Continental stocks
French bonds and francs and higher rates for other Conti1 360,000 1,784,000 1,641,000 1.725,000
Total European stocks
nental currencies. In spite of the rise to-day, however,
Europe.... _ 165,000
67,000
66,000
57.000
prices show a decline for the week of 6 to 25 points. Spot India cotton afloat for for Europe 352,000 321,000 433,377 699,339
American cotton afloat
cotton closed at 27.75c. for middling, a decline compared Egypt. Brazil. &c.,afloat for Eur'e 99,000 105,000 67,000 99,000
307,000 332.000 218,000 224,000
Stock in Alexandria. Egypt
with last Friday of 10 points.
598,000 1,118,000 973.000 750,000
Stock in Bombay, India
913,015 1,139,012 1,412,294 1,404,240
Washington wired on Jan. 29 that the boll weevil fight is Stock in U. S. ports
in U. S. -Interior
to be taken up by the Chemical Warfare Service of the War Stock exports to-day towns_ _ _ _1,150.906 1,488,284 1,738,118 1,264,216
2,200
7,148
U. S.
30,700
20,719
Department. if Congress sustains the recommendation of the
4,947,121 6,361.444 6,579,489 6,243,514
Total visible supply
Senate Appropriations Committee. It added $50,000 to the
Of the above, totals of American and other descriptions are as follows:
1924 appropriation bill to permit the military arm to underAmerican
bales_ 469,000
Liverpool stock
591,000 648,000 859,000
take experiments to see if gas ean be used to exterminate the
46.000
Manchester stock
53,000
78.000 136,000
cotton destroyer in the Southern States. Announcement Continental stock
42$1,000 603.000 459,000 398,000
351,000
321,000 433,377 639,339
was made by the Southern Senators that the War Depart- American afloat for Europe
913,015 1,139,012 1,412,294 1,404,240
U. S. port stocks
ment had decided to postpone until Feb. 20 the sale of the U. S. interior stocks
1,150,906 1,488,284 1,738,118 1,264,216
2,200
28.000 tons of surplus sodium nitrate which had been sched- U. S. exports to-day
7.148
30,700
20,179
uled for January in New York. The nitrate is to be offered
Total American
3,359,121 4,202,444 4.799,489 4,781,514
In 20
East Indian. Brazil. ctc.-ton lots in order to permit the farmers to purchase it
Liverpool stock
343,000 411,000 376.000 208,000
for use in fertilizing their fields.
• London stock
6,000
2,000
10,000
5,000
Manchester stock
23,000
18,000
44,000
10,000
The following averages of the differences between grades, Continental stock
47,000
70,000
106,000
65,000
from the Feb. 1,1923 quotations of the ten markets India afloat for Europe
asfigured
165,000
67,000
57,000
66,000
99,000
99,000
67.000
105.000
designated by the Secretary of Agriculture, are the differences Egypt, Brazil, &c., afloat
Stock in Alexandria. Egypt
307,000 332,000 218,000 224,000
from middling established for deliveries in the New York Stock in Bombay. India
598,000 1,118,000 973,000 750,000
market on Feb. 8, 1923.
•
Total East India. &c
1,588,000 2,159,000 1,780,000 1,462,000
Middling fair
n9 on
Strict good middling
75 on
Good middling
51 on
Strict middling
28 on
Strict low middling
35 off
Low middling
.74 off
*Strict good ordinary
1.26 off
*Good ordinary
1 84 off
*
Strict good mid."yellow" tinged .38 on
Good middling "yellow" tinged
.03 of.
Strict middling "yellow" tinged
.40 oif
*Middling "yellow" tinged
1 15 off
*Strict low mid."yellow" tinged_1.63 off
*Low middling "yellow" Unged..2.13 off
Good middling "yellow" stained_ .7t off
*Strict mid."yellow" Stained. ._1.43 off
*Middling "Yellow" stained
1.95 off
*Good Middling "blue" stained_ _1.00 off
*Strict middling "blue" stained__1.45 off
*Middling "blue" stained
1 90 off
• These ten grades are not deliverable
upon future contracts.
Total American
3.359,121 4,202,444 4.799.489 4,781,514
Total visible supply
4,947,121 6 361,444 6,579,489 6,243,514
Middling uplands, Liverpool
8.35d. 27.'72d.
15.28d. ' 9 35d.
Middling uplands, New York- _ -- 27.75c.
37.80c.
13.85c.
17.20c.
.
Egypt, good sakel, Liverpool_ _ _ _ 19.154,
19.254. 20.00d. 83.51kl.
Peruvian, rough good. Liverpool_ 18.50d.
13.00d. 16.004. 46.50d.
8.50d. 24.354.
Broach fine, Liverpool
8.70d.
13.154.
Tinnevelly, good, Liverpool
8.904. 24.60d.
9.70d.
14.90d.
Continental imports for past week have been 70,000 bales.
The above figures for 1922 show a decrease from last week
The official quotation for middling upland cotton in the
of 144,336 bales, a loss of 1,414,323 bales from 1922,a decline
New York market each day for the past week has been:
of 1,632,368 bales from 1921 and a decrease of 1,296,393
Jan. 27 to Feb. 2Sat. Mon. Tues. Wed. Thurs. Fri.
27.80 28.00 2$.10 27.60 27.40 27.75 bales over 1920.
Middling uplands
THE CHRONICLE
FEB. 3 1923.]
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Feb. 2for each of the past 32 years have been as follows:
1923
1922
1921
1920
1919
1918
1917
1916
27.750.
17.20c.
14.15c.
39.15c.
27.85c.
31.50c.
14.30c.
11.90c.
1915
1914
1913
1912
1911
1910
1909
1908
8.60c.
12.75c.
12.95c.
10.00c.
14.85c.
14.80c.
9.900.
11.650.
1907
1906
1905
1904
1903
1902
1901
1900
10.00c.
11.450.
7.45c.
16.75c.
9.05c.
8.250.
10.00c.
8.25c.
1899
1898
1897
1896
1895
1894
1893
1892 - ._
6.38c.
5.94c.
7.25c.
8.25c.
5.62c.
7.94c9.44c.
7.44c.
Week ending
Feb. 2.
533
Closing Quotations for Middging Cotton on
-
Saturday, Monday, Tuesday, Wed'day. Thursd'y.1 Friday.
Galveston
27.85
New Orleans_ _ _ 28.00
Mobile
27.50
Savannah
27.88
Norfolk
28.00
Baltimore
Augusta
27.88
Memphis
28.25
Houston
27.75
Little Rock--- - 27.50
Dallas
26.80
Fort Worth......
28.10
27.88
27.50
28.00
28.00
28.50
28.00
28.25
28.00
27.50
27.10
27.15
28.20
27.88
27.75
28.10
28 13
28.50
28.00
28.25
28.00
27.75
27.10
27.15
27.60
28.00
27.50
27.50
27.63
28.50
27.63
28.25
27.50
27.50
26.60
27.65
27.50
27.62
27.50
27.38
27.63
28.25
27.56
27.88
27.50
27.25
26.50
26.55
27.85
27.62
27.50
27.72
27.88
28.25
27.88
28.13
27.65
27.50
26.85
26.85
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and singe Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
NEW ORLEANS CONTRACT MARKET.
corresponding periods of the previous year-is set out in
-The closing
quotations.for leading contracts in the New Orleans cotton
detail below:
markets for the past week have been as follows:
Movement to Feb. 2 1923.
Towns.
Receipts.
Week.
1 Ship- Stocks
ments. A b.
Season. Week.
2.
Movement to Feb. 3 1922.
Ship- Stocks
ments. Feb.
Week. 'Season. Week.
3.
Ala.,Blrming'm
284
35,529
509 7,258
345
23,90
5941 12,526
Eufaula
8,3371
100 4,700
50
5,248
100, 3,750
Montgomery
95
53,489
302 16,713
95 43,404
3311 29,939
Selma
138 52,2781
123 5,446
138
37,050 , 430 14,016
Ark., Helena_
32.5361
101
817 14,572
75 30,030
5471 15,043
Little Rock
1,307 162,5531 2,373 53,022 2,437 140,654 5,288 62,003
Pine Bluff
1,011 114,3881 2,153 57,519 1,324 102,997 1,661 61,817
Ga., Albany
6,2181
12
250 2,615
3
5,852
157 3,940
Athens
1,029
36,0851 2,467 25,666
78,4 1
582
1,220 46,489
Atlanta
6,067 229,390 8,254 79,491 2,334 172,717 7,009 50,619
Augusta
5,481 218,307 6,478 83,063 3,942 246,858 6,952132,144
Columbus_ _
2,295 102,464 2,184 13,212
298
41,35
677 26.271
Macon
257 35,928
811 15,117
28
27,437
439 14,121
Rome
890
36,4281 1,800 6,739
103
27,39
261 11,285
La., Shreveport
70.3001
100
11 i
800 11,800
53,913 1,700 44,700
Mbs.,Columbus
23,0561
235
829 4,560
17,121
451
463 5,346
Clarksdale
48 123.8161 2,812 54,649 1,167 124,307 2,279 68,394
Greenwood. _
644 104,032 3,011 48,944
81
85,
3,050 45,638
Meridian._ _ _
120
450 7,720
27,96
21.
221 17,434
31,4561
Natchez
31,0201 1,672 8,804
186
28,428
477 12,203
58
Vicksburg_ _ _
194
22,1801
663 7,529
24,924
484 12.379
86
Yazoo City
59 27,772
29,598
503 19.493
159
810 17,185
Mo., St. Louts_ 14,970 522,8351 14,751 19,720 19,76
588,066 19,226 29,401
N.C,,Gensboro 1,849
78.8941 2,333 33,759 1,328
38,066 1,198 23,640
Raleigh
9,554
268
250
7,303_ __
323
8
307
Okla., Altus_ _ _
59,038 1,932 18,319 1,117
62
73,9 l 2:828 16,930
Chickasha...
365
52,64
954 8,299
1,183 9,128
761
79.9l
Oklahoma._ _
76,024 1.637 15,104
246
917
54,19
1,638 22,564
S.C.,Greenville 4.254 111,227 7,120 50.360 2,18' 111.77
5,2781 39,707
Greenwood._
-___
7,692
___ 10,218
11,62. 2,16
9,247
108
Tenn.,Memph
6,468 860,387 25.730146,446 9,871 659,026 19,205234.203
Nashville_ _ _ _
-___
____
242 -__
86
30:
__
830
Texas. Abilene. . 251
44,213
521 1,252 1,00
75,28
1,452 1,076
Brenham
_
202
18,892
11,03:
1
129 4,284
lOt 4,479
Austin
34,932
25,358
951
109
__
903
___
Dallas
55,287 1,903 16,041
472
1,7.1 147,336 3:618 53,618
Honey Grove
110
19,700
___
_
.
Houston
33,7682.450,275 68,056285,985 41,42 1,983,296 29,seb 298,900
Paris
71,115 1,060 4,482
274
45,80
18
2501 10,598
San Antonio_
700
57,189
700 1,600
--Fort Worth
52,732
3011 58,790
256
659 7,935
884 14,048
Total:41 towne 00.561a 1/24 1 IS 157.9351150906 95.346 5.333.032 123.81 1488284
1
Monthly, 1 Tuesday, 1Wednesday, Thursday,
Jan. 29.
Jan. 30.
Jan. 31.
Feb. 1.
1Saturday,
Jan. 27.
Receipts.
Friday,
Feb. 2.
January..---------24.17 bid - - - - February _ 27.3727.5027.6027.00- - - 2727
March_ __ _ 27.40-27.44 27.57-27.58 27.65-27.68 27.07-27.15 27.08-27.10 27.37-27.39
May
27.41-27.44 27.60-27.62 27.63-27.67 27.05-27.16 27.60-27.08 27.35-26.38
July
27.25-27.28 27.41-27.42 27.46-27.49 26.88-26.92 28.80-26.83 27.11-27.14
October..... 24.78-24.80 24.86-24.00 25.04-25.08 24.58-24.60 24.59-24.61 24.71-24.73
December_ 24.53 bid 24,61 bid 24.83 bid 24.37 bid 24.35 bid 24.45 bid
January .... - - - - --i
- - - - 24.18 bid 24.26 bid
1
Tone
Spot -_..1
Dull
Quiet 1
Quiet 1 Steady I Steady
Steady
Options. Steady iVery st'dy Barely st'y Irregular
Steady
Steady
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph from the South this evening indicate that
as a rule milder weather than usual for the season still prevails. Rainfall has been scattered and precipitation light.
Rain. Rainfall.
1 day 0.01 in.
5 days 2.68 in.
1 day 0.02 in.
1 day 0.02 in.
4 days 0.26 in.
1 day 0.74 in.
4 days 0.59 in.
3 days 0.13 in.
1 day 0.02 in.
2 days 0.46 in.
dry
2 days 0.00 in.
dry
dry
Galveston. Texas
Abilene
Brownsville
Corpus Christi
Dallas
Del Rio
Palestine
San Antonio
Taylor
Shreveport
Mobile, Ala
Selma
Savannah. Ga
Charleston, S. C
Thermometer
high 72 low 62 mean 67
high 74 low 36 mean 55
high 80 low 66 mean 73
high 78 low 64 mean 71
high 76 low 42 mean 59
high _- low 58 mean _ _
high 76 low 52 mean 64
high 82 low 56 mean 59
high ._ low 56 mean _ _
high SO low 41 mean 61
high 76 low 43 mean 63
high 77 low 35 mean 58
high 77 low 41 mean 59
high 75 low 39 mean 57
The following statement we have also received by telegraph, showing the height of rivers at the pointsnamed
at 8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge..
Above zero of gauge_
Above zero of gauge..
Above zero of gauge..
' Above zero of gauge..
Feb. 2 1923.
Feet.
5.4
27.6
36.8
14.1
28.7
The above total shows that the interior stocks have decreased during the week 73,153 bales and are to-night 337,378
bales less than at the same time last year. The receipts at
all towns have been 4,215 bales more than the same week
last year.
Feb. 3 1922.
Feet.
10.4
29.6
10.9
8.2
25.7
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
OVERLAND MOVEMENT FOR THE WEEK AND gone out of sight, for the like period.
SINCE AUG. 1.
-We give below a statement showing the
Cotton Takings.
1922-23.
overland movement for the week and since Aug. 1, as made
1921-22.
Week and Season.
up from telegraphic reports Friday night. The results for
Week.
Season.
Week.
Season.
the week and since Aug. 1 in the last two years are as follows: Visible supply Jan. 26
5,091,457
6,448.285
----1022-23---Since
Week. Aug. 1.
14,751 523.596
2,880 195.568
50.
6,834
1.366
46,983
3,684 101.662
12.463 257,208
Deduct Shipments
-
Overland to N. Y., Boston, &c
Between interior towns
Inland, &c.,from South
-----1921-22----• Since
Week. Aug. 1.
19,226 467,419
7,872 254,287
310
7,527
1.973
49,110
3.924 146,551
10,782 251,271
35,194 1,131,851
Feb. 2ShippedVia St. Louis
Via Mounds, Ste
Via Rock Island
Via Louisville
Via Virginia points
Via other toutes, &c
• Total gross overland
44,087 1.276.165
_ 3,224
671
15,302
50.778
15.681
299,686
2.118
649
8,405
Total to be deducted
19.197 366,145
Leaving total net overland t
15,977 765,706
t Including movement by rail to Canada.
11,172
370.757
32,915
905,408
102,383
15,968
252,406
Visible supply Aug. 1
American in sight to Feb. 2......
Bombay receipts to Feb. 1
Other India shipm'ts to Feb. 1....
Alexandria receipts to Jan. 31
Other supply to Jan. 31_ t_b_ _
Total supply
Deduct
-
3.760.450
161,664 8,133.369
157,000 1,457,000
11.000
182,550
31,000 1,034.800
10,000
143.000
6.111,250
148,996 7.072,038
157,000 1.697,000
1,000
85,000
12,000
502.750
14.000
162,000
5 462,121 14,711,169 6.781;281 15,630.038
Visible supply Feb.2
4.947,121 4.947,121 6,361.444 6,361.444
Total takings to Feb. 2.a
515,000 9,764,048 419,837 9,268.594
Of which American
256,060 6,738,498 268,837 6,947,824
Of which other
259.000 3.025.550 151.000 2.320,770
t Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 2,2?2.000 bales in 1922-23 and
bales in 1921-22
-takings not being available-and the aggregate 1.923.000
Northern
amounts
and foreign spinners. 7,542,048 bales in 1922-23 and taken by bales in
7,345.594
1921-22. of which 4,516,498 bales and 5,024,824 bales American.
b Estimated.
The foregoing shows the week's net overland movement
RECEIPTS FROM THE PLANTATIONS.
-The folhas been 15,997 bales, against 32,915 bales for the week last
year, and that for the season to date the aggregate net over- lowing table indicates the actual movement each week from
the plantations. The figures do not include overland reland exhibits a decrease from a year ago of 139,702 bales.
ceipts nor Southern consumption; they are simply a state-----1922-23----- -----1921-22
In Sight and Spinners'
Since
Since ment of the weekly movement from the plantations of that
Takings.
Week.
Aug. 1.
Week.
Aug. 1. part of the crop which finally reaches the market through the
Receipts at ports to Feb. 2
135.820 4,510.748
66.553 3,872,584 outports.
Net overland to Feb. 2
15,997
765,706
905,408
32,915
Southern consumption to Feb. 2-a 83.000 2.222,000
78,000 1,923,000
Total marketed
234 817 7,498,454 177,468 6.700,992
Interior stocks in excess
t73,153
634,915 t28,472
371,046
Came into sight during week-- _161.664
148,996
Total in sight Feb. 2
8.133.369
7.072,038
Nor, spinners takings to Feb. 2__ 53,878 1.536,653
58,229 1,499,892
t Decrease during week. a These figures are consumption; takings not
available.
Movement into sight in previous years:
Week1921-Feb. 4
-Feb. 6
1920
-Feb. 7
1919
Bales.
Since Aug. 1221,000 1920-21-1eb.4
278,947 1919 -Feb.6
-20
217.112 1918 --Feb.7
-19
Bales.
7,197.981
8,107,167
7.314.910
Week
md Lag
Receipts 01 Ports.
Stocks at Interior Towns. Receipt:from Planta:tom
l922-23 1621-22 1920-21 1022-23 1921-22.
1920-21. 1922-23 1921-22 1920-21
--
s
17.. 251,578 170.422 214,110
M 1.423,547304.298224,701
24 . 217,983 137.225 219.756 1361.010,520,601.483.140241.626159,695 284.076
1:484.6621.542,6
279.349
Dee
I.. 215,436 167,931 231,762 1,457.15811.1H6,81 1.543.053,242.942 172.082291,676
1
5.. 158.801118.1)86 210,301 1,445,00511.576
1.586,723 146,650145,579 253,971
IL- 138,941 113.815 189,042 1.426.3301,593 304 1,640,145 120.26 130.692
243,064
.
387
22..136,866 141.588,178,079 1.384.1301,608,3831,686,965 94.6 166,790224,898
29.. 113.035 122.0361143,230 1,391.87 1,622,819
1.734,703 120,7771135.312 136,472
Jan.
6.. 94,39a 78.581 127.162 1.355.8941.614.00 1,743,741 68.412 67,769186,190
12_ 123.952 93.515 124,488 i,303.285$1.595,58811,743.903 68.343 75.096 124.632
19_ 92,238 103,607 125.041 1.26 S.R28 1,555,07 1,757,995 57,781 63.097139,131
26_ 101,479 92,471 141,858 1,224 03911,516,756 1,753,910 59.710 54,140137,773
Feb.
QUOTATIONS FOR MIDDLING COTTON AT
2.. 138.820 66,553 149,437 1,150,906 1,488,284 1.738,118 65,6671 38,081 133:645
-Below are the closing quotations for
OTHER MARKETS.
middling cotton at Southern and other principal cotton
The above statement shows: (1) That the total receipts
markets for each day of the week:
from the plantations since Aug. 1 1922 are 5,213,874 bales;
in 1922 were 4,272,102 bales, and in 1921 were 4,978,349
bales. (2) That although the receipts at the outports the
past week were 138,820 bales, the actual movement from
plantations was 65,667 bales, stocks at interior towns havLast year
ing decreased 73,153 bales during the week.
receipts from the plantations were 38,081 bales and for 1921
they were 133,645 bales.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1922-23.
Feb. 2.
Receipts at
Week.
Since
Aug. 1.
1920-21.
1921-22.
Week.
Since
Aug. 1.
Week.
Bombay
For the Week.
Bombay
126,000
6,000 120,
1922-23_ _
42,000
121-.22
14,000 26,
2
1920-21__________ 72,000 72,000
Other India
11,000
1922-23_ _ 4,0(.0 7,000
1,000
1,000
1921-22_ _
8,000
8.000
1920-21_ _
Total all
1922-23_ _
1921-22.. _
1920-21_ _
981,000
Since August 1.
Japan &
China.
Great I ContiGreat Conti- Japan&
neat.
Britain. nest. China. Total. Britain.
137,000
4.000 13,000 120,
2,000 15,000 213.111 43,000
- - 8,000 72,111 80,000
Total.
59,000 291,500 776,5001,127.000
808,0001,042,000
12,000 222,
606,000
15,000 305,000 286,0
25,000 134,550
4.000 73,000
13,111 118,000
84,111
16, II
28,111
Bales.
-Median, 9,132-Jan. 27
HOUSTON-To Liverpool-Jan. 26
16.876
Steadfast, 7,744
577
-Jan. 27
-Steadfast, 577
To Manchester
To Bremen-Jan. 27-Glucksburg, 400_ _ _Jan. 31-Confess
5,988
Peak. 5,588
5,077
-Jan. 31-West Manham, 5.077
To Havre
1,747
To Ghent
-Jan. 3I-West Munham, 1,747
200
To Rotterdam-Jan.31-Conness Peak, 200
NORFOLK
-Tolosa, 8,250_ _Jan. 31
-To Liverpool-Jan. 27
9.250
West Quechee, 1,000
1.600
To Bremen-Feb. 1-Emden. 1,600
2.200
To Manchester-Feb. 2
-West China, 2,200
531
PORT TOWNSEND-To Japan-Jan. 25-Hokata Maru, 531_ _ _
900
SAN FRANCISCO-To China-Jan. 27
-Esther Dollar, 900
Since
Aug. 1.
157.000 1,357.000 157.000 1,697,000 100,000
Exports.
[VoL. 116.
THE CHRONICLE
534
159,550
8.000 85,000
26,000 157,000
426,050 776, 111,286.550
295,000 816,0001,127,000
423,000 312,000 763,000
According to the foregoing, exports from all India ports
record an increase of 94,000 bales during the week, and
since Aug. 1 show an increase of 159,550 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
132,322
Total_
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c., at that port:
Feb. 2.
Jan. 12. Jan. 19. Jan. 26.
33,000
47,000
51,000
31.000
Sales of the week
16.000
23,006
17,000
25.000
Of which American
4,000
5,000
6.000
Actual export......
8.000
61,000
54,000
59,000
54,000
Forwarded
858,000 843,000 854,000 812,000
Total stock
496.000 474,000 479,000 469.000
Of which American
69,000
65,000
42,000
50,000
Total imports
18,000,
38.000
26,000
Of which American
211.000 215,000 200,000 231,000
Amount afloat
125,000
107,000
91.000
104,000
Of which American
The tone of the Liverpool market for spots and futures
each .day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Monday.
Saturday.
A fair
business
doing.
Marker, f
12:15 3
P.M. (
Tuesday. Wednesday. Thursday.
Friday.
Quiet.
Quiet.
Quiet,
15.57
15.28
5,000
5,000
Alexandria, Egypt,
February 1.
1922-23.
1920-21.
155,000
5,745,649
Receipts (cantors)
This week
Since Aug. 1
1921-22.
100,000
3,876.363
135,000
2.730.081
Since
Week. Aug. 1.
Exports (bales)-
SinceSince
Week. Aug. 1. Week.lAug. 1.
144.437 8.000 105,397
To Liverpool
To Manchester, dm
97,862
-__- 80,414
To Continent and India- 8,000 178,144 1.200 118,484
156,192 8,750 114,897
To America
7,250
4,756
2,900
4,750
62,197
50,777
66.361
22,800
8.000 576.635 17.950 419.192 19,650 202,135
Total exports
-A cantar Is 99 lbs Egyptian bales weigh about 756 lbs.
Note.
that the receipts for the week end ng Feb. I were
This statement shows
155.000 cantars and the foreign shipments 8,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market for
both cloth and yarns is easy, in consequence of Liverpool
news. We give prices to-day below and leave those for
previous weeks of this and last year for comparison.
1921-22.
1922-23.
323 Cop
Twist.
5% lbs. Shirt- Cog'n
ingo, Common M
Upt's
to Finest.
d, s. d.
Dec. d.
1 21
22 16 2
8 20
@ 21)4 16 0
15 20
20H 15 7
22 20)4
20% 15 7
29 21
22)4 16 3
@
„Tan.
22 16 3
5 20%
22 16 4
12 20%
2234 16 5
19 21%
26 2255
234 172
Feb.
(4 23 17 2
2 22
32. Coo
Twist.
83‘ lbs. Shirt- Corn
Olga. Common Mid.
to Finest.
UP1'8
d
©17 9
(417 9
(4170
017 3
017 3
ci
10.67
10.95
10.56
10.87
11.36
e. d
(416 7
(416 5
(4164
(416 4
016 7
II.
d.
d.
14.74 18
@ 21
14.30 17% @20%
14.56 17% 0 2ox
@ 21
14.96 18
15.16 18%
20%
©16 7
(417 0
017 0
@175
17 011.04
15.06 183( © 20% 16 0
17 010.71
0 20 16 0
15.6') 18
10.18
16.20 1734 0 1934 155 (4165
9.26
ig 19 153 (4163
16.3117
417 5
15 28 1634 (4
16 9
16 9
166
16 3
16 3
1834 15 3 (416 3
9.35
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 132,322 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Bales.
-Madras City,' 2,227
-To Liverpool-Jan. 24
NEW YORK
-Celtic. 1.868
Jan. 26
4,095
2,098
To Manchester-Jan. 26-Archtmede, 2,098
To Antwerp-Jan.24-Huronian, 100
100
-Giuseppe Verdi, 219- __Jan. 30-Lupalle,
To Genoa-Jan. 26
•
419
200
-Vincent, 100
100
To Dunkirk-Jan. 30
500
To Danzig-Jan. 30-Orbita. 500
-Jan. 31-ChIcago, 100
100
To Havre
100
To Bremen-Jan. 31-Yorck, 100
-Mar Caribe, 5.315
-To Genoa-Jan. 26
5,315
NEW ORLEANS
-West Chatala, 100
100
To Barcelona-Jan. 27
-Jan. 26-Svartfond, 200- --Jan. 31-Helgay,
To Vera Cruz
1,745
100, Feb. 1-Yucatan, 1.445- _
-Selma City, 650_Jan. 30
-Tacoma,
Tb Japan-Jan. 29
4.000
Maru,875; Victorious, 2.475- -To Liverpool-Jan. 30
-Nubian, 6.415W
NEW ORLEANS
12,925 •
Jan. 31-Eldena,6,510
-Nubian. 335 --Jan. 31-Eldena,
To Manchester-Jan. 30
1,644
1.309---- --To Bremen-Jan. 30-Evanger. 5.878-Jan. 31-West Ivar,
_
------------7.815
1,937
647
697
To Rotteiciam-Ian.
GALVESTON-To Genoa-Jan. 26-Calameris, 887
887
-Jan. 26-Dio, 100.
100
To Lisbon,
3,770
-Jan. 26-Dio. 3.770
To Oporto
125
To Bilboa-Jan. 26-Dio, 125
-Federal, 1,000_ _ _Jan. 31-West
To Rotterdam-Jan. 27
2.000
Norranus. 1,000
11.148
To Liverpool-Jan. 31-Median. 5.524; Steadfast. 5,624
1,288
To Manchester-Jan. 31-Steadfast, 1,288
3,870
-Jan. 31-Hegira, 3,870
To Havre
620
-Jan. 31-Heriga, 620
To Ghent
450
To Antwerp-Jan. 31-Hegira. 450
GALVESTON-To Bremen-Jan. 31-West Norranus, 5,249_
6,454
Jan. 31-Glucksburg, 1,205
•
1,250
To Hamburg-Jan. 31-Glucksburg, 1.250
1,737
SAVANNAH-To Genoa-Jan. 29-Collingswor•th. 1.737
2,850
iro Liverpool-Jan. 31-Mamgeric, 2,850
300
To Rotterdam-Feb. 1-Taurus. 300
250
To Bremen-Feb. 1-Taurus. 260
-Bolivian, 500
-Jan. 18
500
BOSTON
-To Liverpool
-Tulsa,6,001
6,001
CHARLESTON-To Liverpool-Jan. 30
-Jan. 25-Cla varack, 1,523
1.523
-To Liverpool
MOBILE
Mid.Upl'd
15.98
1.5.86
15.71
Sales
8,000
6,000
Quiet.
6,000
Quiet, Barely st'y,
Futures. HOLIDAY Quiet but
st'dy, 224 25429 pts. 20514 pts.
Market I
decline,
25 pte. dec. advance,
f
opened
Steady, Barely WY,
Weak,
Market, 3
571462 pts. 25430 pts. 13425 pts.
3
4
decline,
advance,
decline,
0 .• I
Quiet, Barly st'y,
1(46 pts. 16(419 pts,
advance.
decline.
Quiet,
Steady,
31
410 pts. 2413 Me.
decline.
decline.
Prices of futures at Liverpool for each day are given below:
Sat.
Jan. V
to
Feb. 2.
Tues.
Wed.
Thurs.
Fri.
12% 12% 12% 4:00 12)4 4:00 123‘ 4:00 125i 400 123‘ 4:00
D. ril. IL 111. P. m. p. m•P. m• P. m• 1:.• m• P. m P• m• e• m• IL m• P• m•
d,
d.
d.
d.
d.
d.
d.
d.
d.
d.
15.68,15.3115.6615
5Aiii
if.i 14.875:03 41.65i
15.54-. lIii 15iif i iiiii 1- 15.46115.1 15.37,15.38 15.27 15.15 15.1715.06
15.34-14.9!,15.26 15.27 15.18 15.05115.09 14.9 14.7Q 14.91
15.2614.9115.1815.1 15.11 14.98 15.02 14. 14.72 14.86
BOLT- 15.13114.7615.05,15.0 14.98 14.85 14.89 14.77 14.59 14.72
. 14.7414.7814.6614.4814.61
. ' .
DAY 15.0114.6
14.7514.3814.67,14.67114.61 14.48 14.53 14.41 14.2414.35
14.3013.9 14.22114.22 14.2014.08 14.13 14.03 13.85 13.92
13.95 13.62 13.87 13.87 13.85 13.73 13.78 13.68 13.51 13.57
13.77 13.44 13.69 13.6 13.67 13.56 13.61 13.51 13.33 13.40
13.61113.28 13.53 13.54 13.52 13.41 13.45 13.36 13.20 13.23
I ....J l3.4013.30 13.36 13.27 13.1012.15
d.
January
February
March
April
May
June
July
August
September
October
November
December
Mon.
d,
BREADSTUFFS
Friday Night, Feb. 2 1923.
Flour has been quiet but in the main steady, partly owing
to a rather firmer market for wheat, as talk at one time of
possible war was heard between England and Turkey. Yet
export demand has been light, and where there were any
at all the bids were too low for business. Foreign buying is
held up by the foreign political situation, especially on the
Continent of Europe. The situation in the Ruhr Valley has
been a disturbing factor. The demand has been slow In
Kansas City as well as at. New York. Toledo has reported
some demand for export, including, it seems, several large
inquiries from Europe. Some shipments have been made
from there to Glasgow. But at Minneapolis trade has been
quiet. Buyers there have evidently been looking for a decline. Besides, the car shortage there has been rather worse.
If anything, and this of itself, of course, hampered business.
Within a few days it is said, however, some 15,000 barrels
have been sold to Mediterranean markets, including Canadian as well as American flour. Also, there has latterly
been rather more export inquiry in general, even if actual
sales have not as a rule been large. Finland has been buying. Kansas City prices for carlots were as follows: Bulk
basis, hard wheat, short patent, $6 to $6 25; long patent.
$565 to $5 95; straight, $540 to $5 65; first clear, $440 to
$4 75; second clear, $330 to $3 55; low grade, $3 to $3 25.
Lamson Bros. & Co.. of Chicago. had a Minneapolis dispatch
saying: "Mills are sold ahead for three to four months and
flour buyers are carrying so much of their hedging load on
the Northwest that it keens any pressure from our pit even
with large stocks and a heavy increase." The "Northwestern Miller" says: "Despite the continued reports of dulness.
Minneapolis mills seem to have enjoyed another good week."
Wheat. though lower early in the week, rallied later, partly
on talk of possible war between England and Turkey, a moderate advance in Liverpool, covering of shorts and buying
by Eastern operators and prominent Western traders. But
most people were skeptical as to the likelihood of a sustained
advance at this time. The visible supply in the United
States increased last week 2,778,000 bushels, in very striking contrast with an increase in the same week last year of
only 51,000 bushels. The total is now above that of the coresponding date last year. That is something new. It is 45.505,000 bushels, against 43.871,000 bushels a year ago. Also,
Broomhall now estimates the world's surplus as up to 906.000,000 bushels and the world's carryover at 224,000,000
FEB.31923.]
THE CHRONICLE
bushels. And export demand lagged. Foreign competition
in the European market cannot be ignored. The domestic
cash demand, too, has been small. Rains have fallen in the
Southwestern drouth area. Berlin cabled: "Russia and
Argentina offering cheaper." Liverpool cabled on Jan. 31:
"Wheat declined in anticipation of large Argentine shipments." On the 31st inst. wheat declined in spite of a momentary advance in Liverpool. That market, by the way,
declined later %d.to 14d. per cental and Buenos Aires 1 to
A
%c. Further rains in the Southwest offset decreased receipts. The Near Eastern news, too, seemed more pacific.
More rain or snow is needed west of the Mississippi River,
but with Liverpool weak, export demand disappointing and
more rain in parts, at least, of the Southwest, the tone was
weaker. On Feb. 1 prices advanced after some early decline
due to big exports from Argentina-5,500,000 bushels for the
week it was estimated-rains there, and a decline in Buenos
Aires and Liverpool. Shorts grew nervous later when selling
died down and the technical position looked better and there
were reported sales to Greece of 925,000 bushels. To-day
prices declined at one time and then rallied, owing to the
fear of a cold wave'in the Southwest and the firmnss of corn.
Last prices show a rise for the week of 1 to 1%c. The receipts to-day were smaller, and this factor was not without
its effect. Also, Liverpool and Buenos Aires were somewha
t
higher.
DAILY CLOSING PRICES OF WHEAT IN
YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 red
cts_1304 1294 1304 1304 1314 1314
DAILY CLOSING PRICES OF WHEAT FUTURE
S
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts-116% 1164 1174 116% 118
118%
July delivery in elevator
111% 111% 1124 111% 1124 1124
September delivery in elevator_ _ 109
1094 110
109% 109% 110%
NEW
IN CHICAGO.
Indian corn has fluctuated within very narrow bounds.
ending higher, however. Yet there has been much of the
time a lack of incentive to trade aggressively either way.
Demand has, in a word, been lacking. This has offset the
smallness of the country offerings. Export business has
been poor. On the 29th inst. 160,000 bushels were taken for
Europe. Needless to say, it evoked no comment. The visible
supply in the United States increased last week 400,000
bushels, as against 656,000 in the same week last year, and
the total is still only 20,594,000 bushels as against 26,730.000
at this time in 1922. But this had no effect one way or the
other. Nothing, indeed, seemed to rouse the market from its
lethargy. Not even a sharp advance on the 30th inst. at
Buenos Aires had much if any effect. Yet it seemed to indicate a continuance of hot dry weather in Argentina, which
must, if it had persisted much longer, have bade a more or
less serious effect on the corn crop of that country. Liverpool on Jan. 31 advanced %d. per cental. Primary receipts
in this country were small, or at best but moderate. Farmers evidently balk at the ruling prices. And the feeding demand at the West, where the number of hogs is far larger
than a year ago, has been fair. But nothing had the effect
of really lifting the market out of the rut into which it
had
fallen. Later Argentine prices fell without reported change,
however, in the crop outlok there. About 100,000 bushels
were sold here for export. On Feb. 1 prices weakened early
on a decline of 1 to 2c. in Buenos Aires, rains in Argentin
a
and liquidation. But later corn rallied with wheat, accompanied by covering of shorts, with primary receipts small.
To-day prices advanced, but the rise was checked,
for the
time being at least, by a decline of lc. at Buenos Aires.
Yet
the last prices, aftr all, show a rise for the week in
Chicago
of about 112c. Offerings have latterly been more
/
readily
taken.
DAILY CLOSING PRICES OF CORN IN
YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
90
ss% 89% 894 90
904
CORN FUTURES IN
Sal. Man. Tues. Wed. Thurs. Fri.
724 72% 72% 73% 73% 74%
72% 72% 73% 734 73% 74%
72% 724 73
734 73% 744
NEW
No. 2 yellow
eta_
DAILY CLOSING PRICES OF
May delivery in elevator
cts_
July delivery in elevator
September delivery in elevator__
-
CHICAGO.
535
Rye declined for a time with other grain. The fact that
rumors of export business were not fully confirmed was not
without its effect, although it is true that on the 29th inst.
240,000 bushels appear to have been taken. The visible supply in the United States, however,increased last week 245,000
bushels, though it is true that the increase in the same week
last year was larger, or 352,000. But the total is now up to
11,116,000 bushels, against 7,266,000 a year ago. Trade and
speculation have been in the main slow. Later in the week
100,000 bushels were taken, it was said, for Norway. Germany was reported to have bought 800,000 bushels in Russia.
To-day rye advanced slightly, partly owing to the firmness
of other grain. No striking features of any kind were reported. Final prices show a rise for the week of % to %c.
DAILY
CLOSING PRICES OF RYE FUTURES
IN
Sat. Mon. Tues. Wed. Thurs. Fri.
cts. 864 8634 86% 8634 874 8734
834 83
834
CHICAGO.
May delivery in elevator
July delivery in elevator
The following are closing quotations:
Wheat
No. 2 red
No. 2 hard winter_
Corn
No. 2 yellow
Rye
-No.2
Spring patents
Winter straights, soft
Hard winter straights
First spring clears
Rye flour
Corn goods. 100 lbs.:
Yellow meal
Corn flour
GRAIN
Oats
No. 2 white
No. 3 white
Barley
9034
Feeding
$1 00
Malting
$1 31 4
1 2934
554
53 to 53
Nominal
78(479
FLOUR
$6 35056 75 Barley goods5 900 6 25
No.1
$575
6 000 6 40
Nos. 2.3 and 4 pearl_ 650
5 50(4 6 on
Nos. 2-0 and
5 75© 590
4904 5 50
Nos. 4-0 and 4-0
600
Oats goods-carload:
1 900 2 05
Spot delivery
2 850)2 924
1 90(41 205
The statements of the movements of breadstuffs
to market
indicated below are prepared by us from figures collected
by
the New York Produce Exchange. The receipts
at Western
lake and river ports for the week ending last Saturda
y and
since Aug. 1 for each of the last three years have
been:
Receipts at
Chicago
m inneapolisDuluth
Milwaukee._ _
Toledo
Detroit
Indianapolis_
St. Louis_ _ _ _
Peoria
Kansas City_
Omaha
St. Joseph__
Tot. wk.'23
Same week '22
Same week '21
Flour.
Wheat.
Corn.
Oats.
Barley.
ass.
is.1961bs.bush.60 lbs. bush.56 lbs. bush. 32 tbs. bush
.481bs bush.56lbs
.
.
254,
480,000 2.472.000 1,265,000
182,000
242.000
3,274,000
276,000
527,000
528,000
.
900,000
6,000
5,000
8,
507,000
6,000
78,000
482,000
441,000
218,is
117.000
38,000
93.000
18,000
5,000
39,000
50,000
82,000
105,000
579,000
336.000
82,000
717,000
967,000
966,000
24,6
11,000
45,000
18,000
763,000
364.000
10,00s
22,000
1,354,000
508,000
279,000
434.000 1,003,000
286,000
149,000
333,000
58,000
387,00
380
366
7,586,000 7,532,000
5,060,000 14,535,000
6,722,000 11,722,000
4,627,00
4,213,000
4,487.6
799,
1,432,000
639,000
234,000
936,
533.000
Since Aug.11922-23. _ 13.444.111 290,965,000179,603,000132,305,
1921-22_ _ _ _ 11,391,000 235,712,000204,880,000116,538,000 24,508,
16,324,
1920-21_ _ _ 7,110,000216,739.0004108,814.000153,849,00926,879
32,009.000
11,448.000
25,538,000
Total receipts of flour and grain at the seaboard
ports for
the week ended Saturday Jan. 27 1923 follow:
Receipts at-
Flour.
Barrels.
New York_ _ _
160,011
Portland,Me_
43,000
Philadelphia__
57,000
Baltimore__ __
13,000
Newport New
2,000
New Orleans* • 75,000
Galveston_
Montreal ____
55,000
St. John_ _ _ ._
75,000
Boston
25,000
Wheat.
Corn.
Oats.
Bushels.
1,193,000
1,460,000
842,000
949,000
Bushels.
728,000
10,000
418,000
475,000
240,000
237,000
344,0
315,000
182,000
549,000
99,000
221,000
28,000
Rye.
96.000
10,000
56,0001
1,0001
Barley.
Tot. wk.'23
505,000 5,762,000
SinceJan.1'23 2,253.000 26,609,000
Bushels.
Bushels. Bushels.
148,000
61
17,5000
130,000
26,000
46,000
212,000
28,000
2,000
903,000
2,747,000
'
796,000
8,249,000 3,112,000
21,000
67,600
2,000
262,000
7,000
153,111 1.585,000
822,0's 5,786,000
Same week '22
334,000 3,691,000 4,861,000
772,006
139,11i
298,000
SInre.Tnn 1 '22 1 713 00 1E1_517.600 15.732.0001 2.449.000
622
i micoon
• Receipts do not include grain passing through New th leans for
foreign ports
on through bil s of lading.
The exports from the several seaboard ports'for the week
Oats have also moved within a narrow groove
ending Saturday, Jan. 27 1923, are shown in the annexed
for lack of
factors to set a quicker pace
statement:
- New features, new incentive and make a .broader market.
s, have been lacking. The reWheat,
Corn, 1 Flour. Oats,
ceipts have been moderate and cash
Rye, ! Barley, Peas,
Ex
Exports frommarkets have shown a
Bushels. Bushels. Barrels.'Bushels. Bushels. Bushels. Bushels.
certain steadiness. Oats have
been influenced more by New York
wheat and corn than by anything
805,905 312,5651152,205 446,740 589,4161 26,330
1,460,000
10,000 43.000 130,000
26,000
Under the circumstances it has affecting its own situation. Portland, Me
Boston
582,000
been almost entirely a trad- Philadelphia
ing, or what is termed a
1,455,000 291,000 8,000
94,000 23.00e
professional, affair. The visible Baltimore
44,000 528,000 11,000
supply in the United States increase
1,630.661
Newport News_
d last week only 99,000 New Orleans
2.000
bushels, against an increase in
101,000 235,000 14,000 4,000
51.000
the same week last year of Galveston
984,000
346,000 bushels. That still leaves
St. John, N. II_ _ _ _ 315,000
1
56,000 75,000 221,000 262.0001 07,000
bushels, or less than half what it the total only 31,000,000
was a year ago, when the
Total week 1923_ 5,746',705 1,432,565
total was 67,423,000 bushels. But this
306,205 801,740
137,330
passed almost unno- Same week 1922... 3,057,561 5,515.603 242.509 511,109 2,652,416 204,188
89,000
ticed. The market has become
accustomed to such statistics;
The destination of these exports
has seemingly discounted them;
for the week and since
certainl
to them. In other words, it has been, y pays no attention Jan. 27 1923 is as below:
on the whole, a dull,
listless and uninteresting affair.
Later the receipts in- Exports for
Flour.
Wheat.
Corn.
creased somewhat. Cash markets
Week
weakene
and Since
1Veek
Since
more pressure to sell. To-day prices felt d with rather
Week
Since
Week
Since
July 1 to
Jan. 27 July 1
Jan. 27
July 1
Jan. 27
July 1
other grain and advanced somewhat after the strength in
1923.
1922.
1923.
1923.
1922.
a slight early de1922.
cline. The ending is at a net rise for the
week of % to %c.
Barrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels.
United Kingdom_
DAILY CLOSING PRICES OF OATS
IN
YORK.
Sal. Mon. Tues. Wed. Thurs.
No. 2 white
cts- 524 55
55
55
55
DAILY CLOSING PRICES OF OATS
FUTURES IN
Sat. Mon. Tues. 1Ved. Thurs.
May delivery in elevator
cts_ 44% 43
44% 444 444
July delivery in elevator
42
414
September delivery in elevator_ _ _ _ 40% 40% 424 424 424
4134 ____ 4134
NEW
Fri.
554
CHICAGO.
Fri.
44%
424
4134
137,170 3,377,583 1,372,851 66,210,748 529,000
Continent
153,885 3,899,642 4,135,854 154,580.719 896,565 20.786,877
37,644,416
So. At Cent. Amer_
2.000
301.332
145,000
34,000
West Indies
11,000
743.800
3,000
31,000
7,000
972,700
Brit.No.Am.Cols.
2,000
3,700
Other Countries
2,150
472,605
235,000 1,293,705
13,500
Total 1923
306,205 8,796,962 5,746,705 222,261.072 1.432,565
Total 1922
243,509 8,255,091 3,057,561 197,733,805 5,515.603 59,455.193
70,351,000
S
THE CHRONICLE
536
{voL. 116.
by
THE DRY GOODS TRADE.
The world's shipment of wheat and corn, as furnished
New York, Friday Night, Feb. 2 1923.
Broomhall to the New York Produce Exchange for the week
1921,
Trade in practically all textile markets was well mainending Friday, Jan. 26, and since July 1 1922 and
tained during the past week despite the fact that the downare shown in the following:
ward tendency of cotton had a tendency to check aggressive
Corn.
Wheat.
buying of cotton goods. Both jobbers and retailers are re1921-22.
1922-23.
plenishing stocks, and judging from the extent of the de1921-22.
1922-23.
Exports.
mand, it is quite evident that supplies in the hands of disSince
Since
Week
Since
Since
Week
July 1.
July 1.
tributers have been greatly reduced. The free buying of dry
Jan. 26.
July 1.
July 1.
Jan. 26.
goods is also taken to indicate more confidence in the staBushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
growing belief that present
1,466,000 63,22.5,000 77,211,000 bility of prevailing prices, and a
North Amer_ 6.168.0410 295,580,000277,647,00C,
3,676 lii 10,716,000 levels are reasonable in view of production costs. Advances
3,983,000 2,976,0004
Ruas.&Dan.
2,993,600 56,097.000 22,457,000 1,900,00 88,024 III 85,710,000
Argent!na___
have been named in many instances, but the advances thus
Australla____ 3,168,000 18,588.600 54,032.060
712,000
far have not shown any widening of the profit margins above
1,136,060 .5,772,000
India
4.521.011 8,354,000
0th. countr'
what the trade considers manufacturers are entitled to re46,000178.091,000 ceive. Re-order business in cotton goods is steadily increasTotal_____ 13,465,000 377.260,000357.824,000 3,366,000159,4
ing, while there is also considerable new business coming
•
The visible supply of grain, comprising the stocks in gran- forward, particularly from the agricultural sections. Should
ary at principal points of accumulation at lake and seaboard the rate of buying which is now seen in many of the Western
markets be maintained through February, there will be every
ports Saturday, Jan. 27 1923, was as follows:
GRAIN STOCKS.
reason to feel the degree of confidence exprssed by road
Barley, salesmen who have been out since the first of the year. BuyRye,
Corn,
Oats,
Wheat,
bush.
busk
bush.
bush.
bush.
United Statessome extent, no doubt, is being stimulated by the fear
361,000 ing, to
223,000
812,000 1,782,000
800,000
New York
of still higher prices later in the season. Demand for higher
29,000
2,000
Boston
3,000 wages have already been made upon cotton and woolen
16,000
627,000
698,000
553,000
Philadelphia
61,000
406,000 1,418,000
, 709,000 1,271,000
Baltimore
and this, together with pros12,000 manufacturers in some sections.
89.000
185,000
2,244,000 1,145,000
New Orleans
140,000
1,956,000
Galveston
pects of continued high prices for raw materials, is not very
676,000
980,000
445,000
936,000
2,913,000
Buffalo
holding off for lower prices. 'Staple
250,000 encouraging to anyone
2,696,000
Afloat
13,000
117,000
284,000
990,000
cottons have figured largely in the business done lately, and
Toledo
40,000
39,000
41,000
162,000
Detroit
have operated conservatively, the volume
314,000 while many buyers
334,000
1,927,000 10,725,000 8,440.000
Chicago
223,000
752,000
85,000
of new business received for deferred delivery has been much
Afloat
312,000
275,000
258,000
159,000
731,000
Milwaukee
than primary merchants had expected. The business
97,000 larger
12,000
638,000 4,737,000
4,903,000
Duluth
amount of business in
4,000 already booked supplements a good
485.000
148,000
19,000
1,129.000
St. Joseph, Mo
329,000 11,613,000 2,195,000
965,000 hand, and it would appear as if producers have proceeded
13,330,000
Minneapolis
6,000
892.000
560,000
10,000
1,074,000
St. Louis
along on plans which must ultimately dispense with the talk
5,964,000
852,000 1,143,000
132,000
Kansas Clty
3,000
321,000
378.000
Peoria
of scarcity of merchandise. On the other hand, however, It
2,000
320,000
373,000
440,000
Indianapolis
experienced and well informed mer28,000 is quite clear enough to
231,000
2,200,000 1,296,000 1,931,000
Omaha
10,000 chants that values must remain high until there is some re46,000
459,000
541,000
414,000
Sioux City
32,000
10.000
381,000
On Canal and River
lief in the raw material situation and the high wage scales.
DOMESTIC COTTON GOODS: Although there continues
Total Jan. 27 1923_45,505,000 20,594,000 31,003,000 11,116,000 3,094,000
Total Jan. 20 192342,729,000 20,194,000 30.904,000 10,871,000 3,210.000 to be a god demand for domestic cotton goods, the easier
Total Jan. 28 1922_43,871,000 26,730,000 67,423,000 7,266,000 2,669,000
cotton markets during the past week has had a
bushels: trend of raw
aggressive. The decline in
-Bonded grain not included above: Oats, New'York, 219,000
Note.
Buffalo. afloat, 1,160,000: tendency to make buying less
Boston, 3.000: Baltimore. 50.000: Buffalo, 871.000:
cause hesitation only on the
Duluth, 24.000: Toledo, 587.000: total. 2,914.000 bushels. against 985.000 bushels cotton, however, appeared to
101,000 bushels; Boston, 7,000: Buffalo, 644.000:
In 1921. Barley, New York,
part of minor speculative factors, as it failed to divert the
Buffalo, afloat, 788,000: Duluth. 57.000: total, 1,597,000 bushels, against 360.000
extent, of large users of goods from
bushels in 1921. Wheat, New York, 2,115.000 bushels; Boston. 185.000: Phila- attention, to any great
Buffalo, 5,905.000; Buffalo, afloat, 14,delphia, 1.119.000: Baltimore, 2,232,000:
'the fact confronting them of the difficulty in securing spot
105,000: Duluth, 115,000: Toledo, 892,000: Toledo, afloat, 1,350,000; Chicago,
and nearby goods which they need to meet their require262,000: total, 28,286,000 bushels, against 16,178,000 bushels In 1921.
ments. The attractiveness of new lines of napped goods has
Canadian
156,000
206,000
522,000
328,000
1,767,000
buyers to place advance orders, while the rise in
Montreal
2,769,000 encouraged
3,655.000
000
Ft. William & Pt. Arthur_24,429,
bleached cottons has stimulated purchasing on the part of
163,000
Afloat
1,197,000 many who had been neglecting these staples in their stocks.
1,319,000
9,247,000
Other Canadian
manufacturers were look206,000 4,122,000 In the markets for sheetings, bag
328,000 5,496,000
Total Jan. 27 1923___ _35,606,000
210.000 3,925,000 ing for any soft spots, and in some cases, not finding con340,000 5,070.000
Total Jan. 20 1923____35,693.000
2,537,000
7,000
Total Jan. 28 1922_ _ _ _31,419,000 1,315,000 8,150,000
cessions possible, they purchased moderately. Jobbers are
Summary
goods on a liberal scale, while retailers are buying
45,505,000 20,594,000 31,003,000 11,116,000 3,094,000 moving
American
206,000 4,122,000 freely. The latter had a good January, as they sold a great
328,000 5,406,000
3.5,606,000
Canadian
many staples in the clearance sales, and are now in the marTotal Jan. 27 1923_ _81,111,000 20,922,000 36,499,000 11,322.000 7,216,000
stocks. A good trade is going on in
Total Jan. 20 1923._ _78,422.000 20,534.000 35,974,000 11,081,000 7,135.000 ket to replenish their
75,290,000 28,045.000 75,573,000 7,273,000 5,206,000 many of the 'wash fabrics and white goods departments are
Total Jan. 28 1922
Some departments
WEATHER BULLETIN FOR THE WEEK ENDING doing better in many of the staple lines.
and fine draJAN. 31.
-The general summary of the weather bulletin in the larger print works engaged on cretonnes
During the latter
issued by the Department of Agriculture, indicating the peries are said to be operating overtime.
decline in raw cotton,
influence of the weather for the week ending Jan. 31, is as part of the week, owing to the further
there was easing of prices for popular constructions of gray
follows:
of holders to maintain a firm marModerate precipitation occurred during the week ended Jan. 30 on the goods, and the attempt
districts
Many merchants were of the opinion,
Pacific coast, in the central and lower Rocky Mountain Plateau
d. ket was unsuccessful.
and from the Central Mississippi valley eastward and northeastwar
and however, that this easing of prices would prove to be only
Little or no. moLsture was received in Florida, and in the Central
lower Great Plains States, although there was need for a considerable temporary. Print cloths. 28-Inch. 64 x 64's construction, are
normal.
amount in these regions. The temperature averaged above the in parts
quoted at 8%c. and the 27-inch. 64 x CA's, at Sc. Gray goods
except in the Northwest and Far West. A glaze storm occurred
-inch, 80 x 80's, at 141 c.
the first of the week.
of North Carolina, South Carolina and Georgia wires.
39-inch. 68 x 72's, 12c.; 39
with some damage to teleovaph and telephone most districts from the
WOOLEN GOODS: The volume of business booked on
There was sufficient rainfall to delay plowing in In the preparation of
woolens and worsteds since the naming of new prices is said
Ohio valley southward, but good progress was made
and on the Pacific
the ground from the lower Great Plains States westward
to be of a very substantial character. In fact, some of the
coast.
in the Lake region new lines that are being constantly displayed have been purConditions were very favorable for logging operations
for handling tobacco in
and New England. The weather was favorable condition of the roads.
chased more freely than some of the agents expected. The
but deliveries was retarded by the bad most districts from the
Kentucky,
forward with confidence to the openings in
Dirt roads were in rather poor condition throughout being impassable in trade is looking
d,
Central and lower Mississippi Valley northeastwar
fancies in worsteds and woolens scheduled for next week,
eastern Arkansas. Snow caused considerable
some parts of Ohio and in
business is predicted. There are some conservastill closed in the centraffic delay in New York State, and many roads were The highways were and a good
tral and northern portions at the close of the week. were closed in the tive merchants who express the opinion that buyers in many
overland trains
mostly open in Wyoming, although
taken on more goods than they should have taken,
part. Some
extreme west Portion, as was also Birdseye Pass in the central marketing cases have
The
mountain roads were passable in Montana with due care.
but in view of the strength of the raw material situation,
and Montana.
of grain was continued by sled in North Dakota
threatened wage advances, there appears to be no
continued
Weather conditions during the week in the principal wheat belt and were and the
confidence in transactions thus far made.
very similar to those that had prevailed for several weeks past,
western locali- lack of
generally favorable, except where drouth persisted is some
FOREIGN DRY GOODS: An active demand continues
the end
ties. The extreme northern portion of the belt was snow covered at
districts.
of the week, but the ground continued bare throughout all central damage for linens, and there appears to be a general effort to anticiThe weather remained mild, however, and there was no material
pate requirements. Prices have been maintained, and retailfrom low temperatures.
such
States and
Wheat continued in satisfactory condition in the Ohio Valley very little ers are pressing importers for prompt deliveries of
mild, rainy weather was favorable In Tennessee. There was
bleached and unsufficient for present needs goods as crash towels, damasks, napkins,
precipitation in Missouri, but soil moisture was
snow bleached linens and dress goods. The urgency of the demand
in that State and wheat was benefitted by moisture In Iowa. The
white sales,
was too light to be of much benefit in Nebraska and the week was generally
condition in Is attributed in part to the successful January
mild and dry in Kansas. Wheat was in good to excellent
There is no denortheastern and south central Kansas and fair in the north central and germ- which depleted the stocks of many retailers.
had
trade
western portions, but poor in the southwest, where very little
sire to move prices up any faster than necessary, as the
does not want to
northfurther in central and western Oklahoma and in and in Is well satisfied with current business and
it deteriorated
check sales.
western Texas, but made satisfactory progress elsewhere in Texas
do anything which would have a tendency to
eastern Oklahoma.
as bag manufacfor winter grains in the central plateau districts Burlaps have ruled quiet during the week,
Snowfall was beneficial
in
only in a moderate way.
and the far Northwest and fields were amply protected by snow .over,
east- turers have been making purchases
light weights
the more northern States from the extreme upper Mississippi Valley
The undertone has been slightly easier, with
ward.
East
Winter cereals made wstisfactorY progress in South Atlantic and
quoted 7.25 to 7.30c. and heavies 8.90 to 8.95c.
Gulf districts.
Some spring oats were seeded in Southeastern Kansas.
THE CHRONICLE
FEB.3 1923.3
ffitatt anti Tit
partment
NEWS ITEMS
537
though, as averred, it has for many years been the custom of assessors in
the County of Schuylldll to value real estate for assessment and taxation
with little or no regard to the requirements of the law."
-On Jan.
Tennessee.
-Governor's Message to Legislature.
17 the new Governor, Austin Peay, sent a message to the
Legislature. He pointed out that on Dec. 1 1922 a deficit
of $2,586,596 69 existed, and warned that the State was
getting deeper in debt at the rate of $1,000,000 annually.
Referring to the propaganda for a road bond issue circulating
throughout the State, he made known his opposition to the
issue and also declared he would not approve any bill for
bonds unless provision was made for a referendum. Reduction
of land taxes, adoption of a gasoline tax, an excise tax on
corporations and a tax on incomes were also advocated by
Governor Peay.
-Since the Legislature
-Governor's Messages.
Alabama.
convened on Jan. 9 (V. 116, p. 315) the retiring governor,
Thos. E. Kilby, and his successor, Wm. W. Brandon, have
sent messages to the law makers.
Most important of Governor Kilby's recommendations
was the one suggesting that'Section 214 of the Constitution
be amended so as to limit the tax rate that may be levied
by the State to 0.65% of the taxable property, except as to
payment of debts outstanding. As it now stands, Section
214 limits the rate to 0.65%, this including all purposes.
Speaking of the State colleges and their need of funds,
BOND PROPOSALS AND NEGOTIATIONS
he mentioned that a bond issue has been suggested, but this week have been as follows:
that a millage tax would be a
offered his own suggestion
ALMONT, Lapeer County,
-The $25,000 5%
-BOND SALE.
better solution. • He recommended that a tax on gasoline gold coupon sewer bonds offered Mich.
awarded
on Jan.
be levied for the purpose of maintaining the roads constructed it is reported, to Joel L. Stockard & Co.23-V.116. p. 317-were100.3464,
for $25,080 60. equal to
by the people last January a basis of about 4.917. Date Feb. 11923. Due $5.000 yearly on Feb. 1
under the program approved
in the form of an amendment to the Constitution authorizing from 925 to 1929. ince.
ANDREW-NODAWAY DRAINAGE DISTRICT, Nodaway and
$25,000,000 bonds for roads and bridges. The Governor Andrew Counties(P.O. Guilford), Mo.-BONDS AWARDED INPART.
said that the Constitution of the State is out of date and -Of the $200.000 drainage bonds offered on Jan. 24-V. 116. p. 20198.28.
not fitted for the conditions now existing, acting to prevent $197,000 were awarded as 5s to Ford & Porter of St. Joseph, atserially
Denom. $500
much needed legislation and making necessary the submission 1 to 20 years:and $1.000. Date Feb. 1 1923 Int. F. & A. Due
$27.000 being optional Feb. 1 1925.
of constitutional amendments at almost every general
ANNISTON, Morgan County, Ala.
-Ward. Sterne &
-BOND SALE.
election. He suggested that the remedy might be found in Co., of Birmingham, have purchased $56,000 6% storm and sanitary sewer
would be drafted. bonds at 102.50. Denom. $500 and $1,000. Date Oct. 1 1922. Int.
a convention at which a new constitution
A. & 0. Due Oct. 1 1932; callable 1-10th yearly.
He also endorsed the recommendation of the Tax ComARLINGTON COUNTY (P. 0. Roslyn), Va.-BOND SALE.allow a
mission that the Constitution be amended so as to place of Bumpus. Hull & Co. of Detroit. have purchased $275,000 01% school
bonds at par, plus a premium of $2,550, equal to 100.92. Denom. $1,000.
system of graduated taxes on incomes to take the
Date Jan. 26 1923. Int. M.& S. Due in 30 years, optional in 6 to 30 Yrs.
the income tax provided for by the 1919 Legislature, but
-The
-BOND SALE.
ASHEBORO, Randolph County, No. Caro.
which was declared unconstitutional by the courts.
$7.500 5% coupon (with privilege of registration) sewer bonds of 1920
offered
Governor Brandon, in his inaugural address and the mes- field on Dec. 19 (V. 115. p. 2710). were awarded at par to W. J. Armand
of Asheboro. Date
sage to the Legislature, concurred in his predecessor's on Dec. 1J. S. Lewis,to 1952. inclusive. Dec. 1 1922. Due $250 yearly
from 1923
recommendation of a tax on gasoline for highway main-Caldwell & Co.
ATHENS, Limestone County, Ala.
-BOND SALE.
tenance, and in addition urged taxation of property .now of Nashville, have purchased $20,000 5% school bldg. erection bonds at
exempted by special laws, and an increase in the taxation 91, a basis of about 5.62%. Denom. $500. Date Jan, 1 1923. Int. J. &
J. Due Jan. 1 1953.
of mortgages. The new executive was unreserved in his
ATLANTA Fulton County, Ga.-BOND
-The following 5%
recommendation that the schools of the State be improved coujpon or registered bonds aggregating $75.000SALE. on Jan. 18 (V. 116,
offered
and asked for a three-mill tax and a poll tax for their support. p. 317z were awarded to the Citizens' & Southern Co. of Atlanta, at a premium of $2,113 35. equal to 102.79:
-Court Sustains Increase in $5.000 Barnett St. bonds, Denom. $1.000. Due $1.000 on Jan. 1 in
Schuylkill County, Pa.
1932.
-The County Commissioners 1,500 each of the years 1926, 1927, 1929. 1930 and$500 on Jan. 1 in each
Assessment of Coal Lands.
De Leon St. bonds. Denom. $500. Due
were justified in increasing the assessed valuation of the 3,000 of the years 1927, 1930 and 1932.
Virginia Circle bonds. Denom. $1,000. Due $1,000 on Jan. 1
county's coal lands from $85,900,000 to nearly $500,000,000
in each of the years 1926. 1929 and 1932.
was the decision of the State Supreme Court in an opinion 4,000 Clermont Drive bonds. Denom. $1,000. Due $1,000 on Jan. 1
handed down on Jan. 29. The suit had been brought in 2,000 In each of the years 1927. 1929. 1930 and 1932. on Jan. 1 in each
Greencove St. bonds. Denom. 8500. Due $500
of the years 1928. 1930. 1931 and 1932.
the Schuylkill County Court by the coal land owners against
East P
the Commissioners to prevent the latter from revising the 1,500 each ofivilion St. bonds. Denom. $500. Due $500 on 'Jam 1 in
the years 1928,
assessors' figures, which placed the valuation at 5,900,000. 3,000 Battlefield Ave. bonds. 1930 and 1932. Due $1,000 on Jan. 1
Denom. $1,000.
The County Court denied the application for an injunction 2,500 in each of the years 1928. 1930 and 1932.
Walthall St. bonds. Denom. $500. Due $500 on Jan. 1 in each
then carried their petition to the
-and the complainants
of the years 1927. 1929, 1930. 1931 and 1932.
Angier
State Supreme Court. That Court has now concurred in 3.000 each Ave. bonds. Denom. $low). Due 81,000 on Jan. 1 in
of the
one, maintaining that in an Act of 9.000 South Ave. years 1926. 1929 and 1932.Due on Jan. 1 as follows:
the action of the lower
bonds. Denom. $1.000.
$1,000. 1927;82.000, 1928:81,000, 1929:82,000. 1930:81.000,1931.
1842, relating to assessments, no particular method is out-.
property valuations. 2.000 and $2,000. 1932.
lined for revising, raising or equalizing
Sidney St. bonds. Denom. $1,000. Due 81.000 On Jan. 1 in 1929
and 1932.
We quote the Philadelphia "Ledger" of Jan. 30 as follows:
An increase of nearly $500,000,000 in the assessed valuation of Schuylldll
County coal lands is sustained by the State Supreme Court in an opinion
handed down yesterday by Justice Alexander Simpson, Jr.
Schuylkill County, one of the leading anthracite producing regions in
the dtate, will receive millions in additional taxes by virtue of the decision.
Philadelphia capitalists own most of the coal tracts in the county, the
assessment of which was increased from $85,900.000 to nearly $500,000,000,
the biggest ever attempted in the anthracite region.
Joseph Davenport, W. It. Adamson and Peter Cuff. Schuylkill County,
Commissioners, with their counsel, Charles A. Snyder, State Treasurer,
ex-Judge A. L. Shay and Captain E. D. Smith. were exultant over the
action of the Supreme Court.
"It means millions in additional taxes to this county," they declared.
"It means public Improvements long contemplated, but which could never
'be realized because of inadequate taxes on coal lands, the chief source of
wealth in this region.
"It means public parks and playgrounds and, In general, the making of
the coal region a more desirable place in which to live."
The issue before the Supreme Court was raised by Calvin Pardee and
about 40 other big coal land owners in Scnuyikill County. They previously
appllad in the court house at Pottsville for an injunction restraining the
county and the County Commissioners from sitting as a board to "revise.
'raise arid equalize the valuation of property." after the valuation had been
fixed by the tax assessors. The Schuylkill County Court dismissed the
application for an Injunction. The coal land owners then appealed to the
Supreme Court.
Back of all the litigation was the action of the assessors who were alleged
to have grossly undervalued the taxable value of the coal lands. Instead
of basing their valuation estimated on the price at which the coal lands
could be sold after full public notice, as the law provides, the assessors, it
was alleged, valued the lands at from only 15 to 50% of their real valuation.
The County Commissioners, in revising the assessors' figures, adopted
a valuation fixed by experts. The use of experts was declared by the coal
land owners to have been "unconstitutional, irregular, illegal and void.
They contended the Commissioners either should have compelled the local
assessors to value property, if the latter had disobeyed statutory requirements, or else should have sat to hear complaints against any assessments
deemed too small.
Justice Simpson, in his opinion, said the question raised "is a public one,
of great future importance, alike to the various counties and the taxpayers.
"We are clear, he continued, "the Commissioners sitting as a board of
revision had a right to pursue the course they did."
Justice Simpson then referred to the Act of 1842, which, he said, did
not indicate any particular method to be used by the Commissioners in
revising, raising or equalizing assessments or were they required to have
personal knowledge of the subject.
"It necessarily follows," he continued. "that they are vested with a
reasonable discretion in adopting such necessary and appropriate methods
as will enable them to perform the duty imposed upon them, being responsible, of course, for any abuse of the powers. . . . Itis clear that
it cannot be said, as a matter of law, that the employment of those who
know what the property would bring separately, after full public notice at
a public sale, is not a reasonable method of obtaining the necessary information.'
Justice Simpson said further that, "If the local assessors are intentionally
disobeying the law, in not making the assessments at the actual value of the
properties, they can be and probably should be indicted under Section 3.
of the Act of May 16 1841. but this wrongdoing on their part furnishes no
reasons for preventing the Commissioners from obeying the statute, even
24,000 South Gordon St. bonds. Denom. $1,000. Due $3,000 on Jan. 1
from 1925 to 1932, inclusive.
10,000 McPherson Ave. bonds. Denom. $1.000. Due on Jan. 1 as follows: $2.000. 1927: $1,000, 1928; 82.000, 1929; 81.000, 1930, and
• $2,000, 1931 and 1932.
5,000 Fitzgerald St. bonds. Denom. $1,000. Due 81.000 on Jan. 1 in
each of the years 1927, 1928, 1930. 1931 and 1932.
Date Jan. 11923.
ATLANTIC COUNTY (P. 0. Atlantic City), N. J.
-BOND OFFERING.
-Sealed proposals will be received until 3 p. in. Feb. 10 by Enoch L.
Johnson, County Treasurer, for the purchase of $50,000 4;4% coupon (with
privilege of registration) temporary road inapt. bonds. Denom. 81,000.
Date Dec. 30 1922. Int. semi-annually. Due Dec. 30 1926. Certified
check on an incorporated bank or trust company for $1,000, payable to the
above official. required. Purchaser to pay accrued interest. Legality
approved by Clay & Dillon of New York.
-TEMPORARY LOAN-On
ATTLEBORO, Bristol County, Mass.
Feb. 1 a temporary loan of $50,000 was awarded to the First National
Bank of Attleboro on a 4% discount basis plus $2 premium. Date Feb.
2, 1923. Due Nov. 2 1923.
-Until 12 m.
AUBURN, Cayuga County, N. Y.
-BOND OFFERING.
Feb. 5 A. D. Stout, City Comptroller, will receive sealed proposals for
$276,140 68 4.If% public impt. bonds. Denmo. $1,000. except first bond.
Prin. and semi-ann. int. (F. & A.) payable at the U. S. Mtge. & Trust Co.,
N. Y. Due approximately one-tenth yearly from 1924 to 1933, incl.
Bonds may be registered. Legality approved by Reed, Dougherty & Hoyt
of New York. Bonds prepared by Chemical Bank Note Co.
AUDUBON COU1:1
-Y (P. 0. Audubon), lowa.-BOND SALE.Geo. M. Bechtel & Co. of Davenport, have purchased 819.800 534%
Drainage District No. 3 bonds at a premium of S255. equal to 101.28.
Denom. $1,000. 5500 and 8100. Date Feb. 1 1923. Int. J. - J. Due
on Feb. 1 as follows: $1.800 1927 and 83,000 1928 to 1933. Inclusive.
optional serially.
-The
AUGUSTA, Richmond County, Ga.-BOND ELECTION.
-Manufacturers' Record" of Jan. 27 reports that an election will be held on
Feb 8 to vote on issuing $98,000 refunding bonds.
-A propoAUDOBON, Audubon County, lowa.-BONDS VOTED.
sition to issue $50.000 community Memorial hall building bonds was sanctioned by the voters at a recent election.
BARNEY, Brooks County, Ga.-BOND ,SALE.-The"Manufacturers'
Record" of Feb. 1 reports the sale of $20,000 school bonds to the flanchett
Bond Co. of Chicago at par and accrued interest.
BASIN, Big Horn County, Wyo.-BOND OFFERING.-Our Western
representative advises us in a speci-ii tAegram that bicLs will be received
until Feb. 17 for 8150.000 refunding bonds.
-BOND
BELL SCHOOL DISTRICT, Los Angeles County, Calif.
.
OFFERING.
-Sealed proposals will be received by L. E. Lampton, County
Clerk and ex-officio Clerk. Board of Supervisors,(P.O. Los Angeles),until
11 a. m. Feb. 5 for $52,000 5% school bonds. Denom. $1 000. Date
.
Feb. 1 1923. Prin. and annual int, payable at the County Treasury, in
lawful money of the -United States. Due $2.000 yearly on Feb. 1 from 1924
to 1949, Incl. A cert. check or cashier's check for 3% of issue, payable
to the Chairman, Board of Supervisors, required. The assessed valuation
of the taxable property In this School District for the year 1922 was
538
THE CHRONICLE
52,093,385, and the amount of bonds previously issued and now outstanding
is $52.000.
BENTON HEIGHTS SCHOOL DISTRICT, Union Ccunty, No. Caro
-BOND SALE.
-The 525.0006% coupon (with privilege of registration as
to principal and interest) school bonds offered on Jan. 25 (V. 115. p. 2928)
were awarded to W. L. Slayton & Co., of Toledo, at 105, a basis of about
5.50%. Date Jan. 1 1923. Due $1,000 yearly on Jan. 1 from 1926 to
1950. inclusive.
BLACKWELL, Kay County, Okla.
-BONDS VOTED -An issue of
$50,000 park bonds has been voted.
BRADLEY BEACH, Monmouth County, N. J.
-BOND SALE.
On Jan. 30 the Union National Corp. of New York was the successful
bidder for the 555.000 5% funding and improvement bonds offered on
that date
-V. 116, p. 317
-at 100.50, a basis of about 4.94%. Date
Feb. 1 1923. Due yearly on Feb. 1 as follows: 53,000, 1925 to 1941
inclusive, and $4,000. 1942.
BFtAWLEY UNION HIGH SCHOOLDISTRICT, Imperial County,
Calif.
-BOND OFFERING.
-Sealed proposals will be received until 2 p. m.
Feb. 5 by C. G: Mousseau, Clerk Board of County Supervisors (P. 0.
El Centro), for $39.000 5% school bonds. Denom 51,000. Date Dec. 20
1922. Prin. and semi-ann. in, payable in lawful money of the United
States at the County Treasury. Due on Oct. 1 as follows: $1,000 1924
and 52,000 1925 to 1943, incl. A certified or cashier's check for 5% of
amount of bonds bid for, payable to the Chairman Board of Supervisors,
required.
[VOL. 116.
COLUMBUS CITY SCHOOL DISTRICT(P.O. Columbus),Franklin
County, Ohio.
-BOND SALE.
-The $400.000 55' coupon school building
bonds offered on Feb. 1 (V. 116, p. 262) were awarded to Barr Bros Sc Co.,.
Inc., of New York,at 105.7836, a basis of about 4.44%. Date Feb. 11923.
Due yearly on Feb. 1 as follows: $16,000 1925 to 1940, incl., and $18,000
1941 to 1948. inclusive.
CONCORD, Merrimack County, N. H.
-Bids
-LOAN OFFERING.
will be received by the Town Treasurer until 12 m. Feb. 3 for the purchase
at discount of a temporary loan of $75,000, dated Feb. 6 and maturing
Aug. 15 1923.
CORNWALL, Orange County, N. Y.
-BOND SALE.
-The 522,000
5% coupon bonds which were offered for sale on Jan. 30-V. 116, p. 433
were awarded to D. T. Moore & Co. of New York at 102.78 and int,
a basis of about 4.45%. Date Feb. 1 1923. Due $2,000 yearly on Feb.
1 from 1924 to 1934 inclusive.
•
COVINGTON, Kenton County. Ky.-BOND OFFERING.
-Sealed
proposals will be receievd until 9 a. m. Feb. 8 by Geo. F. Frocking, City
Recorder, at the office of the Commissioner of Finance, for $100,000 refunding bonds. A certified check for um.payable to the City of Covington. required. Date March 1 1923. Interest rate not to exceed 5%.
Interest semi-annual. Legality to be approved by John C. Thomson,
New Y9rk City.
CROWN POINT, Lake County, Ind.
-BOND SALE.
-The Harris
Trust & Savings Bank of Chicago was the successful bidder on Jan. 27
for the 515.000 water works and $10,000 funding 5% bonds, offered on
that date-%. 116, p. 318--for $25.945, equal to 103.78. Date Aug. 21
BRISTOL COUNTY (P. 0. Taunton), Mass.
-TEMPORARY LOAN. 1922. Due in 10 years.
-A temporary loan of $150,000 dated Jan. 31 1923 and maturing Nov. 1
•
1923 offered on Jan. 30 (V. 116, p. 433) was awarded to S. N. Bond & Co.
CUYAHOGA COUNTY(P.O. Cleveland), Ohio.
-BOND OFFERING.
of Boston, on a 4% discount basis plus $2 premium.
-A. J. Bieber, Clerk of the Board of County Commissioners, will receive
bids until 11 a. m. Feb. 14 for the purchase at
par
BROCK, Nemaha County, Nebr.-BONDS VOTED.
the election of the following coupon special assessment bonds,not less than Sec. and int.
-At
issued under
6602-20:
held on Dec. 18 (V. 115. p. 2603) the proposition to issue $6,000 electric
$60,000 43
.4% County Sewer District No. 1 Water Supply Impt, No. 23
distributing bonds carried by a vote of 65 to 37.
bonds. Date April 1 1923. Due $3.000 yearly on Oct. 1 from
BROUSSARD, Vermilion Parish, La.
1924 to 1943. inclusive.
-BOND DESCRIPTION-The
530,000 6% refunding bonds awarded, as stated in V. 115. p. 2928, are 100,000 5% County Sewer District No. I. Watcr Supply Impt. No.16 bonds.
Date Mar. 1 1923. Due $5,000 yearly on Oct. 1 from 1924 to
described as follows: Denom. $500. Date Jan. 1 1923. Principal and
semi-annual interest (J. & J.) payable at the Continental & Commercial
1943, inclusive.
National Bank, Chicago. Due on Jan. 1 as follows: $50C, 1925 to 1927.
Denom.$1,000. Prin. and semi-ann. int.(A.& 0.), payable at the Couninclusive; 51.000, 1932 to 1937, inclusive; $1,500, 1938 to 1942, inclusive; ty Treasurer's office. Cert, check on some solvent bank other than the
$5,000, 1943: 52,000. 1944, and 51,500, 1945.
one making the bid, for 1% of amount of bonds bid for, payable to the
required. Bonds to be delivered and paid for within
BRYAN VILLAGE SCHOOL DISTRICT (P. 0. Bryan), Williams County Treasurer, of award, at the County Treasurer's office. County
County, Ohio.
-BOND SALE.
-The $25,000 554% coupon refunding 10 days from date
will furnish the bond forms.
bonds offered on Dec. 22-V. 115.
2711-have been awarded to W. L.
Slayton & Co. of Toledo for $25.773 50 (103.09), a basis of about 5.07%.
p.
-BOND OFFERING.
-Bids will be
DE BEQUE, Mesa County. Colo.
Date Dec. 10 1922. Due yearly on Sept. 10 as follows: 51,500, 1924 to received until Feb.6 for $35,000 65 water extension bonds by C. S. Odere,
7
1929, incl.. and 52.000, 1930 to 1937. incl.
Town Clerk. Denom. $1.000. Date Jan. 1 1923. Int. semi-ann.
BUFFALO, Converse County, Wyo.-BOND SALE.
-The Interna- Bonds are payable at Kountze Bros.. N. Y. City. The official circular
tional Trust Co. and the Bankers Trust Co.. both of Denver, jointly pur- states that there is no litigation concerning the validity of these bonds and
no previous issue has ever been contested, also int. on all bonds previously
chased $48.000 5. % 10-30-year (opt.) refunding bonds at par.
3
4
issued has been promptly paid.
BURLINGTON, Des Moines County, Iowa.
-BOND OFFERING.
DENVER (CITY AND COUNTY OF) SCHOOL DISTRICT NO. 1,
J. H. Johnson, City Clerk, will receive sealed bids until 11 a. m. Feb. 5
-BONDS TO BE OFFERED ABOUT APRIL 1.-A special wire
for $129.000 city hall bonds. Denom. 31.000. Date Dec. 11922. Inter- Colo.
est rate not to exceed 434%. Due on Dec. 1 as follows: 520.000. 1927; front our western correspondent advises us that bids will be called for
55.000, 1928; $6,000. 1929; $5,00C. 1930; 56.000, 1931 and 1932; 57,000. about April 1 for the $2,000.000 4 It% school bonds. Notice that bids
1933 to 1935, inclusive; $8.000, 1936 to 1938, inclusive; 59,000. 1939 and would be called for as soon as the approving opinion of Wood & Oakley
1940:510,000, 1941. and $8,000, 1942. A certified check for $150 required. of Chicago had been obtained was given in V. 115. p. 2820.
Legality approved by Chapman, Cutler & Parker, of Chicago.
DIXON COUNTY SCHOOL DISTRICT NO, 70 (P.O. Allen), Nebr.
BUTTE, Boyd County, Nebr.-BOND OFFERING.
-Sealed bids will -BOND SALE.
-The Peters Trust Co. of Omaha has purchased $23,600
be received until 8 p. m. Feb. 5 by C. J. Tomek, Village Clerk, for $1.675
% school bonds at 100.21, a basis of about 5.48%. Denom. $600 and
6% coupon intersection paving bonds. Date Jan. 1 1923. Int. annually. 51,000. Int. M. & S. Date Mar. 1 1923. Due Mar. 1 1943. Notice
payable at the County Treasurer's office. Due Jan. 1 1943. A cert. check of this sale was given in V. 116. p. 318; it is given again as additional data
for $10, payable to the above official, required.
have come to hand.
CAMPBELL COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Adon),
-BIDS REJECTED.
DOUGLAS COUNTY (P. 0. Rosenburg), Ore.
Wyo.-BOND OFFERING.
-Bids will be received until 3 p. m. Feb. 10 by All bids received for the $35,000 4H% road bonds on Jan. 20 (V. 116. D.
C. K. Christenson, Clerk of the School Board, for $5.000 6% negotiable 203) were rejected.
coupon school bonds. Date Dec. 16 1922. Due Dec. 16 1932. l'rin. and
•
semi-ann. int., payable at the County Treasurer's office. A cart, check
DOUGLAS COUNTY SCHOOL DISTRICT NO. 33 P. 0. Valley),
for $300, required. Denom. $1,000.
Neb.-BOND ELECTION.
-An election will be held on Feb. 5 to vote on
-E. B. the question of issuing $85,000 school bldg. bonds. Anthony Parsons,
CANASTOTA, Madison County, N. Y.
-BOND OFFERING.
Roberts, Village Clerk, will receive sealed bids until 2 p. m. Feb. 6 for the Director.
purchase of $12,500 registered fire apparatus bonds, at not to exceed 64"
-BOND
DRESDEN (P. 0. Clemens), Washington County, N. Y.
interest. Denom. $500. Date March 11923. Int. M.& S. Due yearly
-The $7,500 6% bridge bonds which were offered for sale on Feb.
on Aug. 1 as follows: $3,000, 1923 to 1925, incl.. and $3,500, 1926. Certi- SALE.
-were awarded to the Merchants National Bank of
1-V. 116, p. 434
fied cheek for 5%, payable to Fannie Cowan. Village Treasurer, required.
Whitehall at 101.50, a basis of about 5.75%. Date Feb. 15 1923. Denom.
CARQUINEZ SCHOOL DISTRICT, Contra Costa County, Calif.
- $500. Prin and semi-ann. int. (F. & A.) payable at National Bank of
BOND OFFERING.
-Bids will be received until 11 a. m. Feb. 19 by J. 11. Whitehall. Due $500 yearly on Feb. 5 from 1924 to 1938 inclusive.
Wells. Clerk. Board of County Supervisors. (P. O. Martinez) for $240.000
-The
5% school bldg. bonds. Denom. S1,000. Data Mar. 1 1923. Int. M. &
DU BOIS COUNTY (P. 0. Jasper), Ind.-BOND SALE.
S. Due on Mar. 1 as follows: S10,000, 1924 and 1925; 511,000, 1927 815,000 4% M. D. Lemond et al. I'atoka Township road improvement
-were awarded to the Huntingburg
bonds offered on Jan.27-V. 116. p. 203
512,000, 1927, 1928 and 1929; 513.000. 1930: $14,000. 1931 and 1932
$15,000, 1933; $16,000, 1934 and 1935; $17,000, 1936; $18,000, 1937 Bank of Huntingburg at par. Date Feb. 1 1923. Due 8750 each six
$15,000. 1938 to 1940, incl., and 55,000. 1941. A cert. check for 5% of months from M:ly 15 1924 to Nov. 15 1933 inclusive.
amount of bonds bid for. required. The legal opinion of Goodfellow,
-BONDS VOTED.
-At the special
DURANT, Bryan County, Okla.
Moore,F.ells & Orrick of San Francisco, as to the validity of said bonds
-the propcsition to issue $125,000
will be delivered to the bidder free of charge. The official circular offering election held on Jan. 23-V. 116, p. 318
"
these bonds state that there is no controversy or litigation pending or auditorium construction bonds carried by a vote or "for" to 26 against.'
threatened affecting the corporate existence of the boundaries of the school
-BOND SALE.
-We are
EAGLE PASS, Maverick County; Texas.
District or validity of these bonds, and no previous Issue of bonds has ever informed by J. L. Arlitt of Austin that he has purchased the following two
been contested. Prin. and Int. on all bonds previously issued have been Issues of 69' funding bonds:
paid promptly at maturity.
$14,971 54 bonds. Denom. 51,000 and 1 for $971 54. Due on Dec. 1
as follows: $1,000 1923 to 1936 incl., and 8971 54 1937.
CHARLOTTE, Mecklenburg County, No. Caro.
-BOND SALE.
14,922 91 bonds. Denom. $1,000 and 1 for $922 91. Due on Dec. 1
The two issues of registeredimprovementbonds offered on Feb. 1-V. 116,
to Go
e
co
as follows: $1,000 1923 to 1936 incl. and $922 91 1937.
. B Gibbons &
) 433
11 -were awarded
Inc., of New York, as
Date Dec. 1 1922. Prin. and semi-ann. hat. (J. & D.) payable at the
00 street impt. bonds awarded as Via at 100.41. a basis of about National Park Bank, New York City.
$0070
s
4.72%. Due on Feb. 1 as follows: 550.000 1925 to 1934, kin.,
EAST CLEVELAND SCHOOL DISTRICT (P. 0. East Cleveland),
-BOND
$22,000 1935 to 1942, incl., and 524,000 1943.
-A special election will
• Cuyahoga County, Ohio.
question of
100,000 sewerage bonds awarded as 4 Hs at 100.03, a basis of about be held on Feb. 2'7 to vote on the ELECTION. issuing $875,000 school
4.49%. Due on Feb. 1 as follows: 52.000 1926 to 1945, incl.; building bonds.
83,000 1946 to 1957. incl., and $4,000 1958 to 1963, incl.
EAST HAMPTON UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
Date Feb. 1 1923.
-BOND SALE.
-Rutter & Co. of New York
East Hampton), N. Y.
CHENANGO COUNTY (P. 0. Norwich), N. Y.
-BOND SALE.
- purchased the following two issues of 434% coupon bonds at 102.42, a
The 5100,000 4 % coupon (with privilege of registration) bonds which basis of about 4.25%, on Feb. 1:
were offered on Jan. 27 (V. 116, p. 317) have been sold to Wm. R. $190,000 bonds. Denom. $1,000. Date July 1 1922. Duo 810,000 on
Compton Co. of New York at 103.81 and int., a basis of about 4.035%.
Feb. 1 from 1924 to 1942, incl.
Date Feb. 1 1923. Due $20,000 yearly from 1931 to 1935 inclusive.
50,000 bonds. Denom. $500. Date Jan. 1 1923. Due $500 yearly on
CHIPPEWA COUNTY (P. 0. Sault Sainte Marie), Mich.
Jan. 1 from 1924 to 1943. incl., and $4,000 on Jan. 1 from 1943
-BOND
OFFERING.
-Sealed bids will be received until 4 p. m. March 14 by the
to 1953, incl.
County Clerk for the purchase of $100,000 43-i
or 5% coupon memorial
Prin. and semi-ann. int. payable at the East Hampton National Bank.
hospital bonds, issued under Act No. 350, P. A. 1913. amended by Act The bonds are now being offered to investors at prices to yield 4.05%
231, P. A. 1917. Denom. $1,000. Date April 10 1923. Prin. and semi- and 4.10% •
ann int. (A. St 0.) payable at the County Treasurer's office. Due in 1 to
EAST OMAHA DRAINAGE DISTRICT
(P 0. Council
15 years from date. Bonded debt (including this issue), $507,500; sinking Bluffs), Pottawatomie County, Iowa. NO. 21 OFFERING.-Geo.
-BOND
fund $238,072. Assessed valuation, 527,752.377. Population, 1920 Sparks, County Auditor, will sell at public auction at 2 p.m. Feb.7 approx(Census), 24,818; present population (est.), 30,000.
imately $44,000 6% bonds. Denom. to suit purchaser A cert. check
CHIPPEWA TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. for 5% of amount bid required.
-BOND OFFERING.
Doylestown), Wayne County, Ohio.
-Bids will be
REGISTERED.
ELECTRA, Wichita County, Texas.
received until 1 p. m. Feb. 21 for the purchase of $60,000 5% coupon The State Comptroller of Texas registered -BONDS serial incinerator
87,500 6%
building bonds. Auth. Sec. 7630-1 of General Code of Ohio. Denom. bonds on Jan. 26.
51.000. Dated Feb. 15 1923. Int. payable semi-annuajly(M.& S.). Due
ELMWOOD VILLAGE SCHOOL DISTRICT (P. 0. Cincinnati),
$3000 yearly on Sept. 15 from 1924 to 1943 incl. A certified check for 2%
-BOND OFFERING.
-Sealed bids will be
Hamilton County, Ohio.
of amount bid for is required. Purchaser to pay accrued interest.
received until 12 m. Feb. 23 by W. L. Morton, Clerk of the Board of
,CHISAGO COUNTY (P. 0. Center City), Minn.
-BOND SALE.
the purchase of $10,500 59' heating and ventilation bonds.
offered on Jan. 30 (V. 116, p. 318) were awarded Education, for
The $65,907 675% bonds
Secs. 7629-7630 of the General Code. penom. 15 for $500 and 15
to the Wells-Dickey Co. of Minneapolis. as 4s,at a premium of 51,160. Auth..
$200. Due $700 yearly from March 1 1925 to 1940. Prin. and semiequal to 101.76. Date Feb. 11923. Due on Feb. 1 from 1933 to 1942,incl. for int. GM. & S.) payable at the First National Bank of Elmwood Place.
ann.
-BOND OFFERING.
-David R. A certified check for $500. payable to Board of Education, required.
CLINTON, Vermilion County, Ind.
Lewis. City Clerk, will receive bids until 7 p. m. Feb. 21 for $337,500 5% Bonds will not be sold at less than par and interest.
coupon refunding bonds. Denom. 70 for $500 each, and 10 for $250 each.
-CORRECTION-In our issue of
EL PASO, El Paso County, Texas.
Date Feb. 21 1923. Int. F. & A. 21. Due 53,750 yearly on Feb. 21 from Jan. 27, page 434, we stated that R. Tal. Grant Sc Co. of Chicago had pur1924 to 1933. Bonds will not be sold at less than par.
chased $90,000 5% refunding bonds. We now learn that this is incorrect,
-NO BIDS RECEIVED. the real purchaser of the bonds having been W. M. Grant & Co. of Fort
COLUMBIANA, Columbiana County, Ohio.
$1,009. Date
-No bids were received for the 2 issues of 5% street improvement bonds, Worth. The bonds are described as follows: Denom.
aggregating $32,889 35, which were offered for sale on Jan. 19-V.116, p.98 Feb. 1 1923 Int. F. & A. Due serially.
1
FEB.3 1923.]
THE CHRONICLE
The following is a complete list of the bids received:
Premium.
BidderBidderPremium.
W.M. Grant & Co., Ft.W..$3,753 00 Stern Bros. & Co., K. C.__$2,106 00
Halsey,Stuart&Co.,Inc.,Ch. 3,744 00 Hanchett Bond Co., Chic_ 2,065 00
Prov.S.B.&TeCo., Cincin_ 3,249 00 J. S. Curtiss, El Paso
2,052 10
Well. Roth &Irving. Cincin 3,033 00 Sidlo,Simons,Fels&Co.,Den. 2,043 00
R. M.Grant & Co., Chic__ 2,86600 Hall & Hall, Temple
1,91250
Seasongood & Mayer, Cin_ 2,711 00 Crosby, McConnell & Co.
G.L.Simpson & Co., Dallas 2,62800
and A. C. Allyn & Co.__ 1,87000
Harris Tr.& Say. Bk., Chi. 2,511 00 Craven, Dardens & Rob'ns 1.86300
Breg, Garrett & Co..Dallas_ 2.36000 H. L. Allen & Co.. N. Y. 1,467 00
Kauffman, Smith, Emert az
Nat. Bank of Comm.. alt.L. 1.301 00
Co., Inc.. St. LOUP,
2.34000 H. C. Burt & Co.. Austin_
301 00
Mortgage Inv. Co., Denver 2,250 00 Bonbright az Co., Inc.,
Bankers Trust Co., Denver 2.124 90
N. Y. C.
*797 GO
• Discount bid for 4% bonds.
ENGLEWOOD, Arapahoe County,.Colo.
-BONDS DEFEATED.
A special telegraphic dispatch from our western representative advises
us that a proposition to issue $250,000 water bonds failed to carry when
submitted to a vote of the people.
ESSEX COUNTY (P. 0. Salem), Mass.-TFMPORARY LOAN.
-The
following is the complete list of bidders for the 3 temporary loans aggregating $730,000 awarded as reported in V. 116. p. 434:
$100,000 Gleucester.Rockport Highway Temporary Loan Renewal:
*Gloucester National Bank, Gloucester
3.96 discount
Merchants National Bank, Salem
4.12 discount
Warren National Bank, Peabody
4.12 discount
Salem Trust Co., Salem
3.98 discount and 51 25
Naumkeag Trust Co., Salem
4.05 discount
Beverly National Bank, Beverly
3.98 discount
Commonwealth Trust Co., Boston
4.06 discount
Security Trust Co., Lynn
4.25 discount
Gloucester S. D.& Trust Co., Gloucester
4.05 discount
Haverhill National Bank, Haverhill
4.04 discount
Cape Ann National Bank. Gloucester
4.12 discount
$20.000 Glouces(er-Rockport Highway Temporary Loan:
*Manchester Trust Co., Manchester
3.90 discount and $1 00
Merchants' National Bank Salem
4.12 discount
Warren Nattonal Bank, Peabody
4.12 discount
Salem Trust Co., Salem
3.98 discount and $1 25
Naumkeag Trust Co.. Salem
4.05 discount
Gloucester National Bank, Gloucester
3.96 discount
Beverly National Bank, Beverly
3.97 discount
Commonwealth Trust Co., Boston
4.06 discount
Security Trust Co., Lynn
4 25 discount
Gloucester R. D.& Trust Co., Gloucester
4.05 discount
Haverhill National Bank, Haverhill
4.04 discount
Cape Ann National Bank, Gloucester
4.12 discount
$10,000 Industrial Farm Loan:
•Sagamore Trust Co.. Lynn
4.10 discount
Merchants' National Rank, Salem
4.10 discountcif Cert.)
Warren National Bank, Peabody
4.10 discount
Naumkeag Trust Co., Salem
4.29 discount
Securita Trust Co.. Lyn
4 25 discount
Manchester Ti ust Co.. Manchester
4.18 discount
* Successful bidders.
EVANGELINE PARISH (P.0. Ville Platte), La.
-BONDS VOTED.
A special wire from our Western representative advises us that the proposition to issue $800,000 road bonds carried at the election held on Jan. 25.
-V. 116. p. 318.
FAIRFAX SCHOOL DISTRICT, Mann County, Calif.
-BOND SALE.
-On Jan. 9 an issue of $10.000 6% school bonds was awarded to Wm.
Cavalier & Co. of San Francisco at a premium of $410. equal to $104.10.
Denom. $1,000. Date Dec. 1 1922. Int. J. & D. Due 1932.
FLOYD COUNTY (P. 0. New Albany), Ind.
-BOND SALE.
-On
Jan. 17 the issue of $22,360 431% road bonds offered on that date
-V. 116.
p. 203
-was awarded to Peoples' State Bank of Detroit. for $22.695 (101.005) and int., a basis of about 4.64%. Date Nov. 15 1922. Due $559
each 6 months from May 15 1924 to Nov. 15 1943. inclusive.
BOND SALE.
-The $26,920
% Mount Tabor Free Gravel bonds of
New Albany Township offered on Dec. 20 (V. 115, p. 2604). were sold to
the People's State Bank of Indianapolis. Date Nov. 15 1922. Due $673
each six months from May 15 1923 to Nov. 15 1942, inclusive.
.
FORT EDWARD, Washington County, New York.
-BOND SALE.
An issue Of 58.000 5% paving bonds, which was offered on Jan. 15, has
been purchased ba the Fort Edward National Bank at par. Date Jan. 1
1923. Due 1924 to 1927, inclusive.
FOUNTAIN, El Paso County, Colo.
-BOND .ALE -Heeler Bros. ar
CO. of Denver have purchased $55,000 .5M% serial refunding water bonds
at 98.10.
FOWLER. Clinton County, Ind.
-BOND OFFERING.
-Bids will be
received by William R. Bolder, Town Clerk, until 1:30 p. in. Feb. 3 for
the purchase 56.500 5% refunding bonds. Date Nev. 17 1922. Due
Nov. 17 1932. Int. payable semi-annually.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BOND SALE.
The following two issues of 5% bonds, aggregating $16,100. which were
offered on Jan. 29-V. 116. p. 203
-were awarded to the Provident Savings
Bank & Trust Co. of Cincinnati, for 516,230 (100.807) and interest, a
basis of about 4.84%:
$8,600 sewer bonds. Denoms. $1,000 and $600. Due $600 Dec. 1 1924,
and $1,000 yearly on Dec. 1 front 1925 to 1932. inclusive.
7,500 water main bonds. Denoms. $1,000 and $500. Due $500 Dec. 1
1924, and 51,000 yearly on Dec. 1 front 1925 to 1931, inclusive.
Date Dec. 1 1922. Prin. and semi-ann. Int. (J. & D.), payable at the
County Treasurer's office.
Other bidders were:
Well, Roth & Irving, Cincin_816,10210hio Nat. Bank, Columbus_ _$16,130
FULLERTON, Orange County, Calif.
-BOND OFFERING.
-Sealed
bids will ho received until
Heymalhalch, City
F.
Clerk and ox-official Clerk 7:30 p. m. Feb. 6 by for C.
of Board of Trustees,
$175.000 outran sewer
bonds not to exceed 5% interest.
$1,000. Date March 1 1923.
Prin. and semi-ann. int. payable inDenom.money
United States
lawful
the City Treasurer's office. Due $7,000 yearly onof the 1 from 1924 at
March
to
1948, incl. A certified check for 5% of issue, payable to the City Treasurer, required.
FULTON COUNTY (P. 0. Rochester), Ind.-NO BIDS RECEIVED.
-No bids were received for the
$12,200 43i% road bonds offered on Jan.
25 (V. 116. p. 318)
GARDEN GROVE SCHOOL DISTRICT, Los Angeles County,
Calif.
-BOND SALE.
-Bond & Goodwin
Witter & Co., both of San Francisco, jointly & Tucker. Inc. and Blyth,
purchased 595,000 5% school
bonds at a premium of $4.012. equal to 100.01.
GARY SCHOOL CITY (P. 0. Gary), Lake County, Ind.
-BOND
-Stacy & Braun of Toledo have purchased an issue of
SALE.
5150.000 435%
school bonds at par plus a premium of $2,655. equal to 101.77. a basis of
about 4.28%. Date Feb. 1 1923. Due Feb. 1 1943.
GIBSON COUNTY (P. 0. Princeton), Ind.
-BOND SALE.
-The
$7,600 5% Wilard Kalb road bonds offered on Jan. 25 (V. 116. p. 318)
have been purchased by the Farmens' National Bank of Princeton, at a
premium of $100 (101.31) and int., a basis of about 4.745%. Date Jan.
15 1923. Due 5380 each 6 months from May. 15 1924 to Nov. 15 1933, incl.
The following bids were also received:
Premium Offered.'
Premium Offered.
City Trust Co.. Indinnapolis_5117 00 Thos. Emerson, Princeton_ _51- 4 50
0
Thos. D. Sheerin & Co., Ind- *92 001Peoples' Am. Nat. Bk., Peri_ *7500
* And accrued interest.
GILLIAM COUNTY (P. 0. Conlon), Ore.
-BOND OFFERING...
J. C. Sturgiel, County Clerk, will receive sealed bids until 10 a. m. Feb.10
for $125,000 531% road bonds. Denom. 51.000. Date Jan, 1 1923. Int
J. & J. Duo Jan. 1 1943. A certified check for 5% required.
GLOUCESTER COUNTY (P. 0. Woodbury), N. J.
-BOND OFFERING.
-Bids will be received until 10 a. m. Feb. 13 by Chester N. Steelman,
Clerk of the Board of Chosen Freeholders, for the purchase of an issue of
539
% coupon road bonds, not to exceed $475,000, no more bonds to be
awarded than will produce a premium of $1.000 over S45.000. Denom.
$1,000. Date Dec. 15 1922. Prin, and semi-ann. int. (J. & D.), payable
at the Farmers & Mechanics National Bank of Woodbury. Due $.31,000
yearly on Dec. 15 from 1923 to 1927, incl.. and $32,000 yearly on Dec. 15
from 1928 to 1937. incl. Certified check on an incorporated bank or
trust company for 2% of amount of bonds bid for, payable to the County
of Gloucester, required.
GONZALES, Gonzales County, Tex.
-BOND ELECTION-An election will be held on Feb. 20 to vote on the question of issuing 525,000
funding street improvement bonds. These bonds were voted on Dec. 5
election was declared invalid (V. 116, p. 319). necessitating a new
but the
election.
GRAFTON SCHOOL DISTRICT (P. 0. Grafton), Walsh County,
No. Dak.-BOND AND IVARRANT SALE.
-The $15,000 funding bonds
and $25,000 warrants recently voted (V. 116, p. 319) have been sold.
GREELEY, Wild County, Col.
-BOND ELECTION.
-A proposition
to issue $201,300 sewer bonds will be submitted to a vote of the people on
April 2. C. D. Todd, Mayor.
GREENFIELD TOWNSHIP SCHOOL DISTRICT NO. 2, Wayne
County, Mich.
-BOND SALE.
-The $40.000 bonds offered on Jan. 20V. 116, p. 319
-were awarded ,according to reports. to the First National
Co. of Detroit, on a bid of $42.113, equal to 105.2825. for 431s. which is
on a basis of about 4.42%. Date Aug. 15 1922. Due Aug. 15 1952.
GREENLAND TOWNSHIP CONSOLIDATED SCHOOL DISTRICT
NO. 47 (P. 0. Marion), No. Dak.-BOND ELECTION.
-A special
election will be held to-day (Feb. 3) to vote on the question of issuing
$11.000 531% 20
-year refunding bonds.
HAMILTON, Butler County, Ohio.
-BOND SALE.
-The $650,000
5% coupon electric light works improvement bonds, which were offered
for sale on Nov. 1-V. 115, p. 1655
-have been sold to Stacy & Braun and
Sidney Spitzer & Co., who are now offering the bonds to investors at prices
to yield 4.50% and 4.40%. Date April 1 1920. Due $32,500 yearly on
April 1 from 1925 to 1944, inclusive.
HAMILTON COUNTY (P.O. Noblesbille), Ind.
-BOND OFFERING.
-Bids will be received by A. G. Finley, County Treasurer, until 10 a. m.
Feb. 10 for the purchase of $10,000 43a %, John Rupe road, White River
Township, bonds. Date Feb. 10 1923. Due each six months, beginning
May 15 1924. Int. payable semi-annually (M.& N. 15).
HARRISONVILLE, Cass County, Mo.-BOND SALE.
-The 560.000
5% negotiable coupon sewer bonds offered on Jan. 31-V. 116. p. 435
were awarded to the Brown-Crummer Co. of Wichita at pra plus a premium
of $102 30. equal to 100.17, a basis of about 4.98%. Date Feb. 1 1923.
Due on Feb 1 as follows: $15,000. 1928, and $3,000, 1929 to 1943, incl.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 25, Nassau
County, N. Y.
-BOND OFFERING.
-Sealed proposals will be received
until 8:15 p. m Feb. 15 by Wm.S. Christy, District Clerk (P.O. Merrick),
for the purchase at not less than par and accrued interest of $175,000
454%
coupon (with privilege of registration as to principal only, or as to both
principal and interest) school bonds. Denom. 51.000. Date March 1
1923. Prin. and semi-ann. int. (M. & S.) pyaable in lawful money of the
United States of America at the Central Union Trust
N. Y. Due
yearly on March 1 as follows: $5,000, 1927 to 1951. incl.,Co..510,000. 1952
and
to 1956, incl. Certified check on an incorporated bank or trust company
for 2% of the amount of bonds bid for, payable to the District Treasurer.
required. Legal opinion of Hawkins, Delafield & Longfellow of New York
City will be furnished the successful bidder. Bonds will be prepared under
the supervision of the Central Union Trust Co., N. Y.. which will certify
as to the genuineness of the signatures of the officials and the seal impressed
thereon. Total bonded debt (including this issue), $176.500; total assessed
valuation, $1,538,622; tax rate (per 51,000). 1922, $7 70.
HILLSBOROUGH COUNTY SPECIAL TAX SCHOOL DISTRICT
NO.4(P. 0.Tampa),Fla.
-BOND SALE.
-On Jan. 23 an issue of
6% school bonds was disposed of at 104. Denom. $400. Date$10,000
Jan. 1
1923. Interest J. & J.
HOMER TOWNSHIP RURAL SCHOOL DISTRICT (P.O. Medina),
Medina County, Ohio.
-The $8,000 534% school bonds
-BOND SALE.
which were offered on Jan. 24 (V. 116, p. 203) have been sold to W. L.
Slayton & Co. of Toledo at about 5.46%. Date Jan. 1 1923. Due 51,000
on Oct. 1 1930 and 1937 and $500 on Oct. 1 in each of the other years from
1924 to 1936 incl.
HOMESTEAD,Allegheny County, Pa.
-BOND SALE-The 5285.000
4 % municipal coupon bonds which were offered for sale on Jan. 29V. 116. p. 203-Fave been purchased by the Mellon National Bank of
Pittsburgh for $302.166 66, equal to 106.023, a basis of about 3.97%•
Date Feb. I 1923. Due Feb. 1 1953.
HUBBARD COUNTY SCHOOL DISTRICT NO. 83 (P. 0. Park
Rapids). Minn.
-BOND OFFERING.
-Bids will be received by Carl
Scher°, District Clerk, until 10 p. m. Feb. 5 for $4,500 7t7 school bonds.
a
Denom. 5500, Date Jan, 1 1923. Prin. and semi-ann. int. (M. & S.)
Payable at the Northwestern Trust Co.. St. Paul, Doe Jan. 1 1933.
it ceigded check for 2% of amount bid, payable to the District
re ur fi
.q
.
Treasurer,
HUNT COUNTY COMMON SCHOOL DISTRICT NO. 3, Texas.BONDS,REGISTERED.-On Jan. 24 the State Comptroller of Texas registered 51,500 5% serial bonds.
INDIANAPOLIS SANITARY DISTRICT (P. 0. Indianapolis), Ind.
-BOND OFFERING -Proposals will be received until 12'm. Feb. 20 by
Jos. L. Hogue. City Controller, for the purchase of all or any part, at not
less than par and int., of $375,000 43•6 % coupon bonds,second issue of 1923.
Denom.$500. Date Feb 151923. Int. semi-ann.(J & J.). Due $7.500
yearly on Jan. 1 from 192.5 to 1974. incl. If bonds are not sold on Feb. 20
the offering will be continued from day to day until the entire issue is disposed of. Bonds shall be negotiable as inland bills of exchange and shall
be payable at the office of the County Treasurer or one of the authorized
depositories of the city.
INDIANAPOLIS SCHOOL DISTRICT (P. 0. Indianapolis), Marion
County, Ind.
-BOND OFFERING.
-Sealed bids will be received until
10 a. m. Feb. 20 by Walter J. Tvriname. Business Director. for $110,000
4 4a % coupon school building bonds. Denom. 51.000. Date Feb. 20
1923. Prin. and semi-ann. int., payable at the Treasury of the School
Board. Indianapolis. DIIP yearly on June 20 as follows: 55,000 1924 to
1938, incl.. and 57.000 1939 to 1943. incl. Certified check on a
bank or trust company in Indianapolis for at least 3% of the responsible
face value
of the bonds bid for, payable to the Board of School Commissioners required.
INGHAM COUNTY (P. 0, Mason), Mich.
-BOND ELECTION.
On April 2 an election will be held to vote on $50,000 tuberculosis
hospital
bonds. Interest rate not to exceed 6%. Due not later than 10 years.
ISLE, Mille Lacs County, Minn.
-BOND ELECTION.
-A proposition
to.issue $17,000 negotiable coupon electric lighting system
interest at a rate not to exceed 6% will be submitted tobonds, bearing
a vote of the
people at a special election to be held on Feb. 13. Wm. Conner. Village
Clerk.
ITA.SCA. COUNTY(P.0. Grand Rapids), Minn.
-BOND OFFERING.
-Bids will be received by Thomas Erskine, County Auditor. until 10
a. m•
Feb. 6 for $38,000 5% road bonds. Date Oct. 1 1922. Denom. 31.000.
Int. semi-ann. Due on Oct. 1 as follows: $10,000, 1932 to 1934,
and $8.000, 1935. A cert. check for 5% of issue, payable to the County
incl..
Treasurer, required.
JACKSON, Breathitt County, Ky.-BOND OFFERING.
-Sealed
bids will be received until 7 p. na. Feb. 5
Price Sewell. City Clerk,for
525.000 6% gold water works bonds. Dateby
Jan. 11023. Due
optional after 5 years. A certified check for $500 required. in 20 years.
KILLBUCK SCHOOL DISTRICT (P.O. Killbuck), Holmes County,
Ohio.
-BOND SALE.
-The $90,000 5% 1-24-year school
on Jan. 27-V. 116, p. 204-have been purchased by A. T. bonds offered
Toledo for $91,221 30, equal to 101.357. Date March 1Bell & Co. of
1923. Last
bond matures Sept. 1 1946.
KIMBALL SCHOOL DISTRICT (P. 0. Kimball), Brule County,
So. Dak.-BONDS VOTED.
-An issue of 590.000 school building bonds
has been voted.
540
THE CHRONICLE
-A
KIRKWOOD, Saint Louis County Mo.-BOND ELECTION.
special wire from our Western representative advises us that an election will
held on Feb. 10 to vote on issuing $105,000 water bonds.
be
LA CROSSE, La Crosse County, Wis.-NO BIDS RECEIVED.
-The following
PORTION OF BONDS AWARDED SINKING FUND.
-were
three issues of 4% coupon bonds offered on Jan. 26-V. 116, p. 435
not sold as no aids were received. M. R. Birnbaum, City Clerk, says:
"No bids received, a portion of bonds awarded to the Sinking Fund of the
City of La Crosse."
LAKE CORMORANT DRAINAGE DISTRICT, De Soto and Tunica
-BOND OFFERING.
-Bids will be received until 11 a. in.
Counties. Miss.
Feb. 15 by L. A. Gerard, Secretary of District (P. 0. Hernando) for 6%
drainage bonds amounting to from $110,000 to $150,000. A certified
check for $2,000 required.
LEES SUMMIT SCHOOL DISTRICT NO. 79 (P. 0. Lees Summit),
Jackson County, Mo.-BOND OFFERING.
-Sealed bids will be received
until 8 ,p. in. Feb. 15 by W. R. Duncan, Secretary Board of Education, for
$95,00 431% coupon high school building bonds. Denom. $1,000.
Date April 1 1923. Prin. and semi-ann. in (J. & D.) payable in St.
Louis. Due April 1 1943; optional any interest paying date after 5 Years
from date of Issue. A certified or cashier's check (or cash) for $1,000
required.
-ADDITIONAL DATA.
LIBERTY COUNTY (P.O. Liberty), Texas.
-We are now advised that the Stifel-Nicolaus Investment Co. and Stix
& Co., both of St. Louis, were in joint account with Caldwell & Co. in the
% road bonds on Jan. 9-V. 116, p. 320.
purchase of the $500.000
The bonds are described as follows: Denom. $1,000. Date Feb. 15 1923.
Prin. and semi-ann. int. (April 15 and Oct. 15) payable at the Chase
National Park Bank. N. Y. City. Due yearly on Feb. 15 from 1924 to
1962 inclusive.
-BOND OFFERING.
LINCOLN COUNTY (P. 0. Ivanhoe), Minn.
Bids will be received until 10 a. m. Feb. 5 by Al. Swenson, County Auditor,
for $16,155 public drainage ditch bonds. A certified check for 5% of
amount of bid, payable to the County Treasurer, required.
LINDENHURST FIRE DISTRICT (P. 0. Lindenhurst), Suffolk
-All bids received for an issue of
County, N. Y.
-BIDS REJECTED.
$35.000 5si% fire house bonds offered on Jan. 30 were rejected. Denom.
$1,000. Date Dec. 1 1922. Due $5,000 yearly on April 1 from 1926
to 1932. incl.
LOCKPORT, Niagara County, N. Y.
-BOND OFFERING.
-Sherwood & Merrifield of New York, have purchased $21,980 39 6% paving
bon. Denom $2.442 26, and one for $2,441 31. Date Jan. 30 1923.
ds
.
Prin. and annual int. (Jan. 1). payaole at the City Treasurer's office.
Due yearly on Jan. 30 from 1924 to 1931, inclusive.
LOS ANGELES, Los Angeles County, Calif.
-The
-BOND SALE.
First Securities Co. of Los Angeles has purchased $96,000 53' city improvement district bonds at a premium of $1,410, equal to 101.67.
BOND OFFERING.-Sealed bids will be received until 10.30 a. m. Feb. 13
by Robert Dominguez, City Clerk. for $2,000,000 water works bonds.
Denom. $1,000. Date Jan. 1 1923. Interest rate not to exceed 431%.
Prin. and int. payable at the City Treasurer's office or at the Guaranty
Trust Co., N. Y. City. Legality approved by Jno C. Thomson, N. Y.
City. A certified check for 2% of amount of bonds, payable to the City
Treasurer, required. Apparently, these bonds are part of the $5.000.000
water department bonds voted at the election held on Nov. 7-V. 115.
p. 2404.
BOND OFFERING.
-A special wire from our western representative
advises us that bids are now being received for $1,000,000 fire Ponds.
LOS ANGELES CITY SCHOOL DISTRICT, Los Angeles County,
Calif.
-BIDS.
-The following is a list of the bids received for the $2,500,000
431% school building bonds on Jan. 8:
Guaranty Co. of N.Y., et al *$77,925 Citizens National Bank of
I Los Angeles, et al
Harris Trust & Savings Bank.
$65,925
et al
70,107 Anglo-Callf. Trust Co., et al_ 57.031
Drake, Riley & Thomas.et al. 66,425 lEldredge & Co., et al
48,351
* Successful bid; for previous reference see V. 116. p. 204.
LOS ANGELES CITY HIGH SCHOOL DISTRICT, Los Angeles
.-BIDS.-The following bids were received for the $2,0100.County, Calif
000 431% school building bonds on Jan. 8:
GuarantyCo.ofN.Y.,et al.*_$62.340 I Citizens National Bank of
Harris Trust & Savings Bank,
I Los Angeles, et al
352.740
55.540 Anglo-Calif. Trust Co., et al_ 45.631
et al
Drake, Riley & Thomas.etal. 53,140 Eldredge & Co., eta!
39,081
* Successful bid; for previous reference to same see V. 116, p. 204.
LUCAS COUNTY (P. 0. Toledo), Ohlo.-BOND OFFERING _
Adelaide E. Schmitt. Clerk Board of County Commissioners, will receive
sealed bids until 10:30 a. M.(Eastern Time) Feb. 19 for the following seven
Issues of 5% bonds:
$30,769 22 Washington Township Stone Road Improvement No. 194
bonds. Denom. 31,000, except 1 for $769 22. Due yearly
on Sept. 1 as follows: $2,769 22, 1924; $3,000, 1925 to 1928
inclusive, and $4,000, 1929 to 1932 inclusive.
7.179 48 Washington Township Stone Road Improvement No. 197
bonds. Denom.
except 1 for $1,179 48. Due yearly
on Sept. 1 as follows: $1.179 48, 1924; $1,000, 1325 to 1928
$1.000.
inclusive, and 32.000, 1929.
20,717 93 Maumee Village Stone Road Improvement No. 198 bonds.
Denom. $1,000, excdpt I for $717 93. Due yearly on Sept. 1
as follows: $1.717 93, 1924: $2.000, 1925 to 1929 inclusive.
and $3,000. 1930 to 1932 inclusive.
20,512 81 Washington Township Stone Road Improvement No. 199
bonds. Denom. $1,000, except 1 for $512 81. Due yearly
on Sept. 1 as follows: $1,512 81. 1924: $2,000, 1925 to 1929
inclusive, and $3.000. 1930 to 1932 inclusive.
17,230 76 Washington Township Stone Road Improvement No. 202
bonds. Denom. 31.000, except 1 for $1,230 76. Due yearly
on Sept. 1 as follows: $1,230 76, 1924; $2.000. 1925 to 1929
inclusive, and $3,000, 1930 and 1931.
*49,876 17 bonds to provide a fund for the _purchase and acquisition of
Water Supply Line No. 67, in Lucas County. Main Sewer
_o. I. Denom. $1,000, except 1 for $876 17. Due
District N
yearly on Sept. 1 as follows: 84,876 17, 1924. and $5,000, 1925
to 1933. incl.
6,769 22 Washington Township Stone Road Improvement No. 196
bonds. Derwin. $1.000, except one for $769 22. Due yearly
on Sept. 1 as follows: $769 22 1924, $1,000 1925 to 1928.
inclusive, and $2,000 1909.
Date March 1 1923. Prin. and semi-ann. int. (M. & S.) payable at
the office of the County Treasurer. All of the above bonds, with the
exception of those marked (*) are issued under authority of Section 6929
of the General Code. The bonds marked with an asterisk are issued under
authority of Section c,602-32 of the General Code, as found in Vol. 108,
Ohio Laws, Part 1, at pages 378 and 379. Certified check (or cash) on a
hank doing a regular banking business in city of Toledo, for $500. required.
with each issue. Bonds will be delivered at the Court House in Toledo
on March 1 1923. Purchaser to pay accrued interest.
-The $40,000 5%
LUDLAW, Kenton County, Ky.-BOND SALE.
fire department and city building bonds offered on Jan. 25 (V. 116, p. 320)
were awarded to the Ludlow Savings Bank, Ludlow, at a premium of $405,
equal to 101.01, a basis of about 4.80%. Denom. $500. Date Feb. 1
1923. Int. F. & A. Due $4,000 yearly on Feb. 1 from 1924 to 1933 incl.
-BONDS VOTED.
-At the election
McKINNEY, Collin County, Tex.
held on Jan. 20-V. 115, p. 2821-the proposition to issue $100,000 junior
high school building bonds carried.
-BOND OFFERING.
-Until 7;30
MADISON, Morris County, N. J.
p. in. Feb. 12.3. H. Talmadge, Borough Clerk, will receive sealed proposals
for the purchase at not less than par and accrued interest of an issue of
431% coupon (with privilege of registration as to principal only, or as to
both principal and interest) grade crossing and improvement bonds not
to exceed $47,000. no more bonds to be awarded than will produce a premium
of $1.000 cr. er $47,000. Denom. $1,000. Date Sept. 1 1917. Prin. and
semi-ann. int. (M.& S.). payable at the Madison Trust Co. Madison.
Due yearly on Sept. 1 as follows: $2,000 1943. 35,000 1944, $8,000
1945
to 1950, incl„ anct $4,000 1951. Certified check on an incorporated bank
or trust company for 2% of the amount bid for, payable to the borough of
Madison, required. Legality to be approved by Hawkins, Delafield &
[VOL. 116.
Longfellow of N. Y. Bonds have been prepared undert he supervision of
the U. S. Mtge. & Trust Co., N. Y., which certify as to the genuineness
of the signatures of the officials and the seal impressed thereon. The
bonds for sale are part of a larger issue; the earlier maturities have been
sold previously.
MARTIN COUNTY (P. 0. Shoals), Ind.
-BOND' OFFERING.
Bids will be received by William Dustin. County Treasurer, until 1:30
p. m. Feb. 19 for the purchase of 375.000 431% coupon highway construction bonds. Date Feb. 10 1923. Due in 20 equalpayments.
MATAGORDA COUNTY ROAD DISTRICT NO. 8, Tex.
-BONDS
REGISTERED.
-The State Comptroller of Texas registered .$110,000
5%% serial bonds on Jan. 23.
MIAMI, Dade County, Fla.
-According to the
-BOND ELECTION.
"Manufacturers' Record" of Jan. 27, an election will be held on Mar. 20
to vote on the question of issuing $2,730,000 improvement bonds.
MIAMI COUNTY (P. 0. Peru), Ind.
-BOND OFFERING.
-Bids will
be received by C. E. Reyburn, County Treasurer, until 11 a. m. Feb. 15
for the purchase of 34.100
% road bonds. Denom. $205. Date
Jan. 15 1923. Due $205 May 15 1924 and $205 each six months thereafter.
Int. payable semi-ann.(M.& N.). Purchaser to pay accrued interest.
MIAMI SCHOOL DISTRICT (P. 0. Miami), Ottawa County, Okla.
-BOND SALE.
-The First National Bank of Miami has purchased
$100,000 school-building bonds.
MICHIGAN (State of).
-BOND OFFERING.
-Frank F. Rogers, State
Highway Commissioner, is receiving bids until 1:30 p. m. Feb. 8 for the
following three issues of road assessment district bonds, issued under the
Covert Act:
$20,000 Assessment District No. 326, Branch County, bonds.
21,000 Assessment District No. 283, Hillsdale and Branch counties, bonds. '
23.000 Assessment District No. 384, Calhoun and Branch counties, bonds.
Int. M. St‘N. Due serially in from two to five years. Bidders to name
rate of interest, not to exceed 6%. Certified check for 2% of amount of
bonds bid for, payable to the State Highway Commissioner, required.
MIDDLEBURGH, Schoharie County, N. Y.
-BOND SALE.
-The
$12,000 5% bridge bonds offered on Jan. 27-V. 116, p. 320
-have been
purchased by the First National Bank of Middleburgh at a yiremium of
$275 (102.19) and interest, a basis of about 4.60%. Date Feb. 1 1923.
Due $1.000 yearly on Feb. 1 from 1924 to 1935 incl. The following bids
were also received:
•
D.T. Moore & Co., N.Y_ -$12,240 001 Stephens & Co
$12,066 84
Farson, Son & Co., N. Y_ 12,123 60 Schoharie Co. Bk., Schoh_ )2,250 00
Union Nat'l Corp.. N. Y- 12,148 00 Sherwood&Merrifield,N.Y.12.280 00
MIDDLETOWN SCHOOL DISTRICT (P. 0. Middletown), Butler
-BOND SALE.
-On Feb. 1 N. S. Hill & Co. of Cincinnati
County, Ohio.
were awarded the $210,000 5% coupon high school building bonds, offered
-for $216:588. equal to 103.13, a basis of
-V. 116. p. 99
on that date
about 4.63%. Date Feb. 1 1923. Due yearly on Sept. 1 as follows:
$11,000, 1924 to 1933 inclusive, and $10,000, 1934 to 1943 inclusive.
MILBANK, Grant County, So. Dak.-BOND ELECTION.
-Our
Western representative advises us by wire that an election will be held on
Feb. 27 to vote on the question of Issuing $100,000 school bonds.
MILBANK INDEPENDENT SCHOOL DISTRICT (P. 0. Milbank),
--A special election will
Grant County, So. Dak.-BOND ELECTION,
be held on Feb. 27 to vote on the 'question of issuing school bonds in an
amount not to exceed $70,000. A. rt. Allen. Clerk.
-BOND OFFERING.
MINNEAPOLIS, Minn.
-J. A. Ridgway, Secretary of Board of Park Commissioners, will receive sealed bids until 3 p.
Feb. 14 for the following two issues of park bonds:
$100,000 5% bonds. Date May 1 1922. Int. M. & N. Due $10,000
yearly on May 2 from 1922 to 1931, had. Although the first
maturity date seems to be in error it was taken from an official
notice.
285,000 434% bonds. Date Oct. 1 1922. Int. A. & 0. Due $28,500
yearly on Oct. 1 from 1923 to 1932, incl.
Prin. and int. payable at the fiscal agency of the City of Minneapolis in
N.Y.City or at the City Treasurer's office, at option of holder. A certified
check for 2% of amount bid for, payable to C. A. Bloomquist, City Treasurer, required.
MOBILE COUNTY (P. 0. Mobile), Ala.
-BONDS VOTED.
-The
"Manufacturers Record" of Jan. 29 reports that Mobile County has voted
$1,051,000 bonds, including $350,000 for warrant and $700,000 for school
purposes.
MONESSEN SCHOOL DISTRICT (P. 0. Monessen), Westmoreland
-BOND SALE.
-The 3150.000431% bonds offered on Dec. 12
County,Pa.
-have been purchased by the Bank of Charleroi & Trust
-V.115, p. 2404
Co., of Charleroi, at 102.65, a basis of about 4.29%. Date Dec. 1 1922.
Due on Dec. 1 as follows: $5,000, 1924: $10,000, 1927, 1930 and 1933:
315.000, 1936 and 1939: 320,000, 1942 and 1945; 825,000. 1948, and $20,000,
1951.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND OFFER-Bids will be received by F. G. Hilmar, Clerk, Board of County
ING.
Conunissioners, until 10 a. in. Feb. 13 for the purchase of the following
coupon bonds:
$138.0g0 531% Lakeside water system inapt. bonds. Denom. $1,000,
Due $6,000 on Feb. 1 1935 and 1945. and $7,000 in each of the
other years from Feb. 1 1926 to 1945, incl. A cert. check for
$6.000 is required.
260,000 5%% Westwood water supply impt. bonds. Denom. $1,000
Due $13,000 yearly on Feb. 1 1926 to 1945, incl. A cert. check
for $10,000 is required.
2,000 5% Manor Place water supply inapt. bonds. Denom. $100.
Due $100 yearly from Feb. 1 1923 to 1944, incl. A cert. check
for % is required.
$50
Westwood Sewer District No. 1 bonds. Denom. $1,000.
40,000
Due $2,000 Feb. 11027 and 1939, and $3,000 in each of the other
years from Feb. 1 1925 to 1938, incl. Cert. check for $1.000.
required.
Date Feb. 1 1923. Int. payable semi-ann. (P. & A.). Purchaser to
pay accrued int. Checks must be on a solvent bank or trust company, and
be made payable to the County Treasurer.
MONTICITO VALLEY WATER DISTRICT,Santa Barbara County,
-An election will be hold on Feb. 27 to vote
-BOND ELECTION.
Calif.
on the question of issuing $850,000 water bonds.
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Port-BIDS REJECTED.-LUMBERMENS' TRUST COMPANY
land), Ore.
OF PORTLAND, GETS CONTRACT TO SELL BONDS.
-All bids received
for the $1.000.000 school bonds offered for sale on Jan. 24 (V. 116, p. 436)
were rejected. The "Oregonian" of Jan. 25 had the following to say regard
Ing the rejection of all bids and the letting of a contract to the Lumbermens
Trust Co. of Portland. to sell the bonds:
"At the close of a debate peppered with decimals and percentage !WmWs, and further enlivened by semi-personalities, the District school
board last night confirmed Its contract with the Lumbormens Trust
Company as fiscal agents for the sale of bonds, and rejected all bids upon
the first $1.000,000 of the $3,000.000 Issue.
"The gathering was almost entirely a financial one. Grouped before the
board were representatives of all Portland bond houses, varying somewhat in their individual tenders but of one mind in their attitude toward
the appointment of an agency for the retailing of the securities.
"The expressed opinion of the majority of the board was that the fisfiscal agency could obtain a better price than that offered, and that in
the event it did not do so its services would be dispensed with. Under
the terns of the agreement the Lumbermens Trust Co.. represented
at the session by Robert E. Smith, President, must secure sales at not
less than par, and at not more than 431% interest, over and above the 34%
commission to be paid the fiscal agent.
"In communication to the directorate, the Lumberrnens Trust Co.
set forth its estimate of the market and the value of the securities. On
a basis of 4.40%. which would yield to the District $100 89, the estimate
declared that the bonds should net the District $100 39 at 434% interest,
after the 34 e;', commission had been paid to the fiscal agent."
-BOND SALE.
MUSKEGON HEIGHTS, Muskegon County, Mich.
-A block of $25,000 6% 5
-year Jefferson Street improvement bonds
has been sold over the counter to local investors.
BOND ELECTION.
-On Mar. 7 an election will be held to vote on the
question of issuing $35,000 5% sewer bonds.
FEB..3 1923.]
THE CHRONICLE
NACOGDOCHES, Nacogdoches County, Tex.
-BOND SALE.
The $225,000 5% 40
-year serial street impt. bonds offered on Jan. 26 (V.
116, p 436) were awarded to the Stone Fort National Bank and the Cornmercita Guaranty State Bank, both of Nacogdoches, at a premium of 81,000,
equal to 100.44. Due serially for 40 years,optional after 10 years from date.
Denom. $1,000. Date Jan. 30 1923 Int. J. & J.
NAVAJO COUNTY SCHOOL DISTRICT NO. 6 (P. 0. Taylor),
-BONDS VOTED.
-At the election held on Jan. 6
Ariz.
115. p. 2741)
the question of issuing $14,500 6% 20
-year school building bonds carried
(V.
by a vote of 30 to 3.
NEOSHO, Newton County, Mo.-BOND SALE.
-According to the
'Manufacturers' Record" of Jan. 31 Breg, Garrett & Co. of Dallas have
purchased $65,000 5% sewer construction bonds. These bonds were
offered for sale on Jan. 20-V. 116, p. 436.
NEW ALBANY SCHOOL CITY (P. 0. New Albany), Floyd County,
-BONDS RE
Ind.
-OFFERED.
-Due to an error In the advertisement of the
offering on Jan. 3 of $25,000 434% school bonds
-V. 115, p. 2930
bonds are being re-offered on Feb. 9 at 1:30 p. m. Denom. $500. -the
Feb. 9 1923. Int. F. ,St A. 9. Due $5,000 yearly on Feb. 9 from Date
1933
to 1937. Incl.
NEWAYGO COUNTY (P. 0. White Cloud), Mich.
-BOND ELECTION.
-On April 1 an election will be held to vote on the proposition of
issuing $15,006 jail bonds.
NEW BOSTON, Portsmouth County, Ohio.
-BOND OFFERING.
Bids will be received by Russell Middaugh, Village Clerk, until
m.
Feb. 3 for the purchase at not less than par and interest of 355,000 124%
5
street improvement assessment bonds issued under authority of
„Code. Prin. and semi-annual Int.. payable at the Portsmouth the Gen.
Banking
Co. of Portsmouth. Denom. 31,000. Due $6,000 yearly on Feb. 1 from
1925 to 1932. incl., and $7,000 Feb. 1 1933. A certified check for 2% of
the amount bid for, payable to the village required. Bonds to be delivered
and paid for at New Boston.
NEW CASTLE COUNTY (P. 0. Wilmington), Del.
-BOND OFFER/NO.
-Sealed bids will be received by H. Stewart, Chairman of the Finance
Committee, until 12 m.Feb.20 for the purchase of all or any part of $50,000
% coupon highway improvement bonds. Denom. $1,000. Date
June 1 1922. Prin. and semi-ann. int. (J. St D.) payable at the Farmers'
Bank at Wilmington. Due 35.000 on June 11936. $15.000 on June 1 1937.
$25,000 on June 1 1938. and $5,000 on June 1 1939. A certified check for
2% of the amount bid for, payable to the Treasurer of New Castle County,
required. The legality of this issue will be examined by Caldwell & Raymond of New York, whose favorable opinion will be furnished
chaser. The bonds will be prepared under the supervision of to the purStates Mortgage & Trust Co., New York. which will certify as the United
to the genuineness of the signatures of the county officials and the seal impressed
thereon. Bids are desired on forms which will be furnished by the U. S.
Mtge. & Trust Co. or by the Chairman of the Finance Committee.
Financial Statement.
Assessed valuation of taxable property
3169,052,082
Bonded debt, exclusive of this issue
4.224,000
Population, Census of 1920, 148.239.
NEWMAN GROVE, Madison County, Nebr.-BOND OFFERING.
Sealed bids will be received by F. H. Price, City Clerk. until Feb. 9 for the
purchase of an Issue of paving bonds amounting to from $60,000 to $70,000.
Probable rate of interest 5%.
NEWTON COUNTY (P. 0. Kentland), Ind.
-BOND SALE -The
$24,000 5% Jackson Twp bonds whcih were offered for sale on Jan 25
(V. 116, p. 204) have beezi sold to A. P. Flynn of Logansport at a premium
of 8345 001.44) and Interest, a basis of about 4.74%. Date Dec. 15 1922.
Due $1,200 each six months from May 15 1924 to Nov. 15 1933, inclusive.
The following bids were also received:
Premium.
Premium.
J. P. Wild, Indianapolis_ _3336 00 Bankers Trust & Say., Ind_ .$343 00
Sherwin & Co., Indianapolis_ 302 50 Meyer-Kiser Co., Indianap__ 343 00
Fletcher Trust Co., Indln'lls_ 303 20 Fletcher-American Co., Ind- 316 00'
N.P. Flynn, Logansport__-- 345 00
NEW YORK CITY, N. Y.
-TEMPORARY LOANS.
-During the
month of January the city Issued $43,325.000 short-term securities, consisting of revenue bills and bonds, assessment bonds and corporate stock
Revenue Bills-of 1923.
Amount. Rate. Maturity. DateSeld.
$5,000,000 01% July 27 1923 Jan.
3,500,000 434% Aug. 1 1923 Jan.
3,500,000 43.4% July 2 1923 Jan.
6,000.000 434% July 13 1923 Jan.
1.000,000 434% Aug. 9 1923 Jan,
1.000,000 434% June 14 1923 Jan.
75,000 434% Apr. 12 1923 Jan.
75,000 434% Aug. 10 1923 Jan.
50.000 434% June 15 1923 Jan.
1,800.000 434% Aug. 1 1923 Jan.
2.000.000 434% July 13 1923 Jan. 1
2.000,000 434% Aug. 1 1923 Jan. 1
2,500,000 4.31% July 21 1923 Jan. 1
1.000,000 434% Aug. 30 1923 Jan. 1
Special Revenue Rills of 1923.
$1,500.000 434% Jan. 10 1924 Jan. 1
k1.000,000 4% fOn or beforelJan. 2
1Dee.3119241
Corporate Stock Notes.
Various Municipal Purposes.
Amount. Rate. Maturity. DateSold.
$1,000,000 431% Mar. 16 1923 Jan. 5
1,850,000 434% Aug. 8 1923 Jan. 5
2,350,000 434% Sept. 28 1923 Jan. 9
500.000 434% Aug. 1 1923 Jan. 10
500,000 43.1% Dec. 14 1923 Jan. 19
250,000 4% JOn or beforelJan. 3
1Ja 31 19241
Water Supply.
$500,000
% Aug. 8 1923 Jan. 5
1.000.000 434% Aug. 30 1923 Jan. 10
Rapid
$25,000 434 %•Jan. 20 1924 Jan. 20
275,000 434%*Jan. 26 1924 Jan. 26
225,000 44%*Jan. 26 1924 Jan. 26
Dock Purposes.
8150,000
% Sept.28 1923 Jan. 9
200,000 431%*Jan. 26 1924 Jan. 26
Assessment Bonds.
*Due on or before said dates.
32,500,000 4% 'Jan. 2 1924 Jan. 31
NILES, Trumbull County, Ohio.
-BOND OFFERING.-13ids will be
received by Homer Thoma.4. City Auditor, for the purchase of 314,000
535%
municipal water-works bonds. Dated Oct. 1 1922. Denom. $1,000.
Due 81,000 yearly Oct. 1 1924 to Oct. 11937, inclusive. Interest payable
semi-annually. Auth., Sec. 3939-3942. Gendral Code
check for 2% of the amount of bonds bid for, payable of Ohio. A certified
to the City Auditor,
required. Purchaser to pay accrued interest.
NOBLES COUNTY (P.O. Worthington), Minn.
-BOND OFFERING.,
-Bids will be received until 10 a. m. Feb. 15 by C.J. Hall, County Auditor
for the following two Mmes of bonds:
$8.000 Judicial Ditch No. 45 bonds. Duo on Feb. 1 as follows:
$500.
1929 to 1942, inclusive, and
43.000 Judicial Ditch No. 26 bonds. $1,000, 1943. 1 as follows: $2,000,
Due on Feb.
1929 and 1930 and $3,000. 1931 to 1943, inclusive.
Date Feb. 1 1923. Interest rate not to exceed 5%.
terest payable at some bank in Minneapolis, Chocago Principal and inor St. Paul. A
certified check for 5% of the par value of
each issue, payable to the County
Treasurer, required.
NORTH BEND SCHOOL DISTRICT (P.O. North
Bend), Hamilton
County,Ohio.
-BOND SALE -The 82.5006% bonds offered on March 30
(V 114, p 1332) have been sold to the
National Bank of Cleves at liar.
Date Jan 2 1922 Duo $250 yearly on Jan
2from 1923 to 1932, inclusive.
NORTH DAKOTA (State of).
-BOND SALE.
-C. W. Whias & Co.
and Clark Williams Sz Co., both of New
offering to investors at prices , yieldYork, have purchased and are now
to
4.50% 31.650.000
% coupon
(or reg.) gold real estate Series '0" bonds
(part
Denom. $1,000. Date Nov. 1 1922. Prin. of a total of 82,00(,090).
and semi-ann. hit. (J.
-J.).
payable in New York or Bismarck. Due on Jan.
1 as follows: $650,000.
1945, and 81.000,000, 1948.
NORTH VERNON, Jennings County,
SALE.
Ind.
-The
$20,000
% refunding bonds which were offered-BOND 26, were
on Jan.
_purchased by several citizens of said city at par and accrued interest. Date
Jan. 1 1923. Due $10,000 Jan, 1 1928 and $10,000 Jan. 1 1933.
ONAMIA, Mille Lacs County, Minn.
-BOND ELECTION.
-A special
election will be held on Feb. 13 to vote on the question of
negotiable coupon bonds bearing interest at a rate not issuing $18,000
to exceed 6%•
Pearl B. Gravel. Village Clerk.
ORANGE CITY, Sioux County, Iowa.
-BOND OFFERING.
-F. J.
Lohr, Town Clerk, will sell at public auction. on Feb. 9. $45,000 electric
light bonds. Interest rate not to exceed 534%. A good faith deposit of
81,000 required.
OREGON (State of).
-BOND SALE.- A syndicate composed of the
Bankers Trust Co., E. H. Rollins & Sons, Ames, Emerich & Co., and
Marshall Field, °lore, Ward & Co., all of New York; John E. Price &
Co.and Carstens & Series, Inc., of Seattle, and the Ladd & Tilton Bank of
541
Portland, has purchased the 35.000.000 gold coupon (with privilege of
registration) Oregon Veterans' State Aid bonds offered on Jan. 31-V.
116. p. 100
-at 100.029, taking 84,000,000 as 434s and $1,000,000 as 4s.
equal to a basis of about 4.24%. Date March 1 1923. Due $125,000
on.April 1 and Oct. 1 from 1933 to 1952 incl. The syndicate Is now offering
the bonds to investors as follows: 4% bonds to yield 4.15%,
% bonds
to yield 4.30%.
PACHECO SCHOOL DISTRICT (P. 0. Hollister), San Benito
County, Calif.
-BOND SALE.
-The 320,000 6% school bonds offered
on Dec. 4-V. 115, p. 2404
-were purchased by C. F. Overfelt, of San
Jose at a premium of $700, equal to 103.50. Due $1,000 yearly on Jan. 1
from 1924 to 1943 inclusive.
PALESTINE, Anderson County, Texas.
-BONDS DEFEATED.At the election held on Jan. 20-V. 115. p. 2930
-the proposition to issue
378,000 paving and $22,000 park bonds failed to carry.
PALO ALTO, Santa Clara County, Calif.
-BOND ELECTION.
An election will be held on Feb.9 to vote on the question of issuing $160,000
serial water and sewer extension bonds.
PARKER (P. 0. Parker's Landing), Armstrong County, Pa.
BOND SALE.
-The $19,000 434% coupon (with privilege of registration)
tax-free bonds offered on Oct. 5-V. 115. p. 1454
-have been sold to
Redmond & Co. of Pittsburgh for 819,025, equal to 100.13, a basis of about
4.49%. Date Oct. 10 1922 Due on Oct. 10 as follows: 84.000, 1927;
$5,0M, 1932. 1937 and 1942%
PARMA, Monroe County, N. Y.
-BOND SALE.
-An issue of $24,000
5% bonds has been purchased by Myron W. Greene of Rochester. Due
32.000 annually April 1 1925 to 1936 inclusive.
PARSHALL, Mountrail County, No. Dak.-BOND SALE.
-Kalman.
Wood & Co. of Minneapolis have been awarded an issue of 330.000 6%
20
-year bonds at $31,330, equal to 104.43.
PAULDING COUNTY (P. 0. Paulding), Ohio.
-BOND SALE.
-The
867.600 5% road improvement bonds which welt:, offered for sale on Jan. 29
-V. 116, p. 436
-have been. purchased by the Provident Savings Bank &
Trust Co. of Cincinnati for 367,843 36. equal to 101.258, a basis of about
4.71%. Date Feb. 1 1923. Due yearly on Feb. 1 as follows: $ 7,600.
1925.and $10,000, 1926 to 1931,incl. The following also submitted bids:
W. L. Slayton St Co., Toledo; Weil, Roth & Co.. Cincinnati; A. T. Bell &
Co.. Toledo, and Citizens Trust & Savings Bank, Columbus.
PEMISCOT COUNTY (P. 0. Caruthersville), Mo.-BONDS NOT
TO BE SOLD.
-In answer to our inquiry regarding the result of the offering of the $150,000 5% court house bonds on Jan. 24 (V. 116, P. 100).
A. A. Correll, County 'Treasurer, says: "The new County Court that came
into power the first of the year cancelled the order to sell the court house
bonds and we will not sell them."
PERRY COUNTY, (P. 0. Cannelton), Ind.
-BOND SALE.
-The
335,000 5% road bonds which were offered for sale on Jan. 26 (V. 116. p.
321) have been sold to the City Trust Co. of Indianapolis at a premium of
$527 (101.50) and int., a basis of about 4.69%. Date Jan. 15 1923. Due
81.750 each 6 months from May 15 1924 to Nov. 15 1933 incl. The following also submitted bids: J. W. Wild St Co., State Bank, Meyer
Kiser Bank and Fletcher-American Company.
PISGAH, Harrison County, Iowa.
-BONDS DEFEATED.
-At a
recent election a proposition to issue $12,500 electric light bonds failed to
carry by a vote of 61 to 64.
PLAQUEMINE, lberville Parish, La.
-BOND OFFERING.
--According to the "Manufacturers Record" of Jan. 29 bids will be received
until Feb. 20 by Fritz P. Wilbert, Mayor, for 8150.000 6% public utility
bonds. Denom. 81.000.
PLEASANTVILLE SCHOOL DISTRICT (P. 0. Pleasantville),
Fairfield County, Ohio.
-BOND SALE.
-An issue of 8100.000 5% school
bonds was purchased by the State Industria. Commission of Ohio at par
on Dec. 12. Due Dec. 12 1944.
POMPTON LAKES, Passaic County, N. J.
-BOND OFFERING.J. Frank Cornelius, Borough Clerk, will receive sealed proposals until
8 p. m. Feb. 15 for the purchase at not less than par and accrued interest
of an issue of 5% coupon (with privilege of registration as to principal only
or as to both principal and interest) water main bonds not to exceed $25,0W
no more bonds to be awarded than will produce a premium of $500 over
325.000. Denom. $500. Date Dec. 1 1922. Prin. and semi-ann. hat.
(J. & D.) payable at the First National Bank, Pompton Lakes. Due
$2,000 Dec. 1 1923 and Dec. 1 1924 and $1,500 yearly on Dec. 1 from 1925
to 1938 incl. Cert, check on an incorporated bank or trust company for
20/ of the amount of bonds bid for, payable to the Borough of Pompton
Lakes, required.
PORT HURON, Huron County, Mich.
-BOND OFFERING.
Clinton J. Rathfon, Commissioner of Finance, will receive sealed bids
until 11 a. m. Feb. 13 for the purchase of the following 5% public improvement bonds:
$5,100 street bonds. DenoMs. 3 for $1,000 and 3 for $700. Due $1,700
yearly on Feb. 1 from 1924 to 1926. inclusive.
484 sewer bonds. Denom. 844. Due $44 yearly op Feb. 1 from 1924
to 1934, inclusive.
116,600 paving bonds. Denom. 110 for $1.008 and 11 for $600. Due •
$10.600 yearly on Feb. 1 from 1924 to 1934, inclusive.
5,490 curbing bonds. Denom. 3 for $1.000 and 3 for $830. Due
$1,830 yearly on Feb. 1 from 1924 to 1926, inclusive.
14,980 sewer bonds. Denom. 14 for $1,000 and 7 for $140. Due $2,140
yearly on Feb. 1 from 1924 to 1930, inclusive.
Date Feb. 1 1923. Prin. and semi-ann. hit., payable at the City Treasurer's office.
BOND OFFERING.
-The above official will also receive sealed bids until
11 a. m. Feb. 13 for $1,200 serial public improvement drainage bonds.
Prin. and hit., payable at the City Treasurer's office.
PORTLAND, Ionia County, Mich.
-BOND OFFERING.
-Bids will
be received by Chas. F. Gilder, Village Clerk. until 7:30 p. m. Feb. 14 for
the $12,500 50/ coupon oil-burning engine purchase bonds recently voted
(V. 115, p. 2930). Denom. $500 each. Dated Mar. 11923. Prin. and
annual int. (Oct. 1) payable at the Weber State Savings Bank of Portland.
Due serially. A certified check of 2%, payable to Chas. F. Gilder, Vlllage
Clerk, is required.
PORTSMOUTH, Rockingham County, N. H.
-TEMPORARY
LOAN.
-The Shawmut Corp. of Boston has been awarded a temporary
loan of $100.000, dated Jan. 30 1923 and maturing July 31 1923. on a
4.09% discount basis.
RAIVLAPO UNION FREE SCHOOL DISTRICT NO. 7 (P. 0. Spring
Valley), Rockland County, N. Y.
-BOND SALE.
-The 3290,500 4,4
coupon (with privilege of registration) school bonds which were offer
on Jan. 30-V. 116. p. 321
-were awarded to Rutter & Co. of N. Y.
at 103.083 and int., a basis of about 4.23%. Date Feb. 1 1923. Denom.
$1,000, except 1 for $500. Due yearly on Feb. 1 as follows: $7,500.
1924; 88,000, 1925 to 1929 hid.; $10,000, 1930 to 1950 incl., and 311.000.
1951 to 1953 incl.
These bonds are being re-offered to investors at prices to yield 4-10%.
.RANDOLPH TOWNSHIP SCHOOL DISTRICT (P. 0. Dover
R. F. D.), Morris County, N. J.
-OFFERED.
-BONDS TO BE RE
-The
$30,C00 school bonds for which no bids were received when offered on
Jan.20 as 434s
-V.116, p.436
-are to be re-offered in the near future as 5s.
READING, Berks County, Pa.
-The $300.000 431%
-BOND SALE.
school bonds offered on Jan. 25 (V. 116, p. 205) have been purchased by
the Reading National Bank of Reading at a premium of 84,908 (102.67)
and interest, a basis of about 3.12%. Date Jan. 1 1923. Due yearly on
Jan. 1 as follows: $10,000 from 1924 to 1926, $15,000 from 1927 to 1930,
$20,000 from 1931 to 1934. 325.000 from 1935 to 1939, $9,000, 1940. The
following bids were also received:
Biddle & Henry
$304,047 00 Reilly. Brock & Co
$302,022
Battles & Co
302,012 77 Lewis & Snyder
302,820
GuarantyTrust Co.,N.Y. 302,121 00 Robt. Glendinning
303,051
Frazier & Co.. Inc
303,330 00
RICHLAND COUNTY (P. 0. Mansfield), Ohio.
-BOND SALE.
The 8226,000 5340/ Richland County bonds which were offered for sale on
Jan 8(V 115, p. 2930), have been sold to Prudden & Co., of Toledo, and
Seasongood & Mayer, of Cincinnati, at $102 7$ and interest, a basis of
about 5.08%. Date Dec. 1 1922. Due $26,000 Oct. 1 1924 and $25.000
yearly on Oct. 1 from 1925 to 1932, inlcusive.
542
THE CHRONICLE
ROCHELLE SCHOOL DISTRICT (P. 0. Rochelle), Wicox County,
-An issue of $60.000 school bonds has been disposed of.
Ga.-BOND SALE.
-BONDS VOTED.
-By a vote
ROCK VALLEY, Sioux County, Iowa.
of 160 "for" to 95 "against" a proposition to issue $60,000 electric light plant
bonds carried at a recent election. This proposition was defeated at an
election held during the latter part of September last.
-On
ST. IGNACE, Mackinac County, Mich.
-BONDS VOTED.
Jan. 23 an issue of $27,500 city electric light plant bonds was voted. The
vote stood 456"for" and 55"against.'
ST. THOMAS SPECIAL SCHOOL DISTRICT (P. 0. St. Thomas),
Pembina County No. Dak.-BONDS OFFERED.
-Sealed bids were received by Thos. Whalen, Jr., Secretary Board of Education, until 1 P• m•
Jan. 31 for *50,0005% school house erection bonds. Denom. $1,000.
-j. L.
-BOND SALE.
SAFETY HARBOR, Pinellas County, Fla.
Arlitt of Austin Informs us that he recently purchased an issue of $35,000
6% paving bonds. Denom. $500. Date May 1 1922. Prin. and semiann. int. (J. & J.) payable at the Mechanics & Metals National Bank,
N. Y. City. Due Jan. 1 1947.
-The MerSALEM, Essex County, Mass.
-TEMPORARY LOAN.
chants National Bank of Salem has been awarded a temporary loan of $150.000 maturing Nov. 5 1923 on a 3.96% discount basis, plus a prem. of $260.
-An
SAN DIEGO, San Diego County, Calif.
-BOND ELECTION.
election will be held on March 20 to vote on the question of issuing the
following bonds, aggregating $1,570,500:
$100,000 new paving
$495,500 pier bonds
c 400,C00 Otay pipe line
325,000 water main extensions
250,000 library enlargement
-BONDS VOTED.
SAN DIEGO COUNTY (P.O. San Diego), Calif.
Our Western representative advises us in a special telegraphic dispatch
-the $1,000,000 paving
that at the election held on Jan. 26-V. 116, p. 100
bonds were voted.
-BOND OFFERING.
SANDUSKY COUNTY P.0.Fremont),Ohio.
Bids will be received until 12 m. Feb. 10 for the purchase of $72,000 5% I.
C. H. No. 22, Sec. S-2 road impt. bonds issued under auth. of Section 1223,
of the General Code of Ohio. Denom. 31,000. Date April 1 1923. Due
yearly $8,000. 1924 to 1932, incl. Int. payable semi-ann. A.& 0. A cert.
check for $2,000. required. Bonds to be delivered and paid for within 30
days from date of award at the County Auditor's office. Purchaser shall
pay accrued interest.
SAVANNAH-CLEAR CREEK RURAL SCHOOL DISTRICT (P. 0.
-BOND SALE.
-The $65,000
Savannah), Ashland County, Ohio.
%
school building bonds offered on Jan. 27 (V. 116, p. 100) have been purchased by Bumpus, Hull & Co.of Detroit for 867,179 50, equal to 101.814,
a basis a about 4.84%. Date Jan. 1 1923. Due yearly on Sept. 1 as follows: $2,000 1924 to 1927 incl. and $3,000 1928 to 1946 incl.
SHERMAN COUNTY SCHOOL DISTRICT NO. 82 (P. 0. Loup
-An election will be held on Feb. .5
City), Neb.-BOND ELECTION.
to vote on the question of issuing $2,000 school building bonds. Oaka
H. Clark, Director.
SIOUX FALLS INDEPENDENT SCHOOL DISTRICT (P. 0. Sioux
Falls), Minnehaha County, So. Dak.-BOND SALE.
-The $300,000
-were awarded
5% coupon school bonds offered on Jan. 26-V. 116. p. 322
to A. C. Allyn & Co. of Chicago at par plus a premium of $19,081, equal to
106.36. Due in 20 years. The following is a complete list of bids received:
A. C. Allyn & Co., Chicago_ 419,081 Hanchett Bond Co.. Chic_ _ 416,836
WilliamR.Compton Co ,Chi. 10,833
Bolger. Mosser & WiHaman,
16,650 Minton,Lampert & Co., Chi. 14.015
Chicago
. W.Trust Co., St. Paul__ _ 11,451 N. S. Hill & Co., Cincinnati_ 7,401
14,758 A.G.Becker & Co., Chicago_ 14,401
Stacy & Braun, St. Paul
Wells
-Dickey Co., Minneap_ 17.885 Continental & Commercial
Trust & Savgs. Bk.. Chic_ 13.680
McNeal'. Hester & Co., Mpls. 15,333
Eldredge & Co., Boston
14,580
S. F. Trust & Savings Bank.
14,011 Omaha Trust Co., Omaha _ _
Sioux Falls
6,010
Northern Trust Co., Chicago 16.890 Bonbright & Co., Chicago__ _ 10.265
16,683
Prudde & Co Toledo
All of the above bids included accrued interest.
SPARTA, Monroe County, Wisc.-BOND OFFERING.-L. R. Moore,
Chairman of the Finence Committee, will offer for sale at 2 p. m. Feb. 8
$14,000 5% impt: bonds Denom. $1,000. Date Oct.2 1922. Int. M.
-S.
STANTON INDEPENDENT SCHOOL DISTRICT (P. 0. Stanton),
-BOND SALE.
-The $40,000 school building
Martin County, Texas.
bonds recently voted (V. 116, p. 322) were purchased by J. L. Arlitt of
Austin.
STATESVILLE, Iredell County, No. Caro.
-BOND SALE.
-The fol% bonds offered on Jan. 23-V. 116, p. 206
lowing two issues of
-were
awarded to N. S. Hill & Co. of Cincinnati at a premium of $2,550 55,
equal to 103.267, a basis of about 5.11%.
$50,000 local impt. bonds. Due on Jan. 1 as follows: $2.000. 1926 to 1933.
incl.; $3,000, 1934 to 1939. incl., and 84.000, 1940 to 1943. incl.
25,000 assessment bonds. Due 32,500 yearly on Jan, 1 from 1926 to
1935, incl.
Date Jan. 1 1923.
STEPHENS COUNTY (P. 0. Duncan), Okla.
-BONDS OFFERED
BY BANKERS.-Kauffman-Smith-Emert & Co.. Inc.. of St. Louis, are
offering to investors at prices to yield 4.70%, $200,000 5% road bonds
(part of an $800,000 issue voted on Oct. 20-V. 115, p. 2076). Denom.
$1,000. Date Dec. 1 1922. Prin. and semi-ann. int. (J. & D.). payable
at the fiscal agency of the State of Oklahoma in N. Y. City. Due $40,000
on Oct. 1 in each of the years 1927. 1932, 1937, 1942 and 1947.
STEUBEN COUNTY (P .0. Bath), N. Y.
-BOND DESCRIPTION.
highway bonds awarded to Remick, Hodges & Co. and
The $300,000 4% %
Roosevelt & Sons, both of New York. at 103.157, as stated in V. 116, P.
437, are described as follows: Denom. $1,000. Data Feb. 1 1923. Int.
F. & A. Due $30,000 yearly on Feb. 1 from 1928 to 1937, incl.
-Bids will
STEWART, McLeod County, Minn.
-BOND OFFERING.
be received by Emil Leistico, Village Clerk, until 8:30 p. m.Feb.6 for $5,000
5%% village hall bonds. Denom. $1,000. Date Jan. 1 1923. Prin. and
send-ann. int. (J.
-J.), payable at the First National Bank, Minneapolis,
Due Jan. 1 1943. A cert. check for 10% of amount bid, payable to the Village Clerk, required.
-NO BIDS RECEIVED
STOCKTON, San Joaquin County, Calif.
-The $54,665 41 7% imBONDS TURNED OVER TO CONTRACTOR.
-were not sold at
437
provement bonds offered on Jan. 30-V. 116, p.
the time of offering, as no bids were received. The bonds were later
turned over to the contractor at par.
-On Jan.
-BOND SALE.
SUMMIT COUNTY (P. 0. Akron), Ohio.
30 the $26,000 5% coupon Sanitary Impt. No. 14. Contract No. 2 Main
Sewer District No. 4-A. bonds offered on that date (V. 116. p. 206) were
awarded to W.L. Slayton & Co. of Toledo.for $26.408 20, equal to 101.57.
a basis of about 4.75%. Date Jan. 11923. Due *2.000 yearly on Oct. 1
from 1924 to 1936. incl. The following are the bids received:
Premium
offered.
$408 20
'Per. L. Slayton & Co., Toledo
345 00
Well, Roth & Co.,Cincinnati
308 00
Richards, Parish & Lamson, Cleveland
205 40
Tucker. Robison & Co.. Toledo
325 00
Co-operative National Bank. Cleveland
366 60
The Lewis S. Rosenstiel Co., Cincinnati
130 00
The Ohio State Bank & Trust Co., Akron
245 00
Seasongood & Mayer. Cincinnati
397 80
The Provident Savings Bank & Trust Co., Cincinnati
286 00
Sidney Spitzer & Co.. Toledo
293 80
A. T.Bell & Co., Toledo
351 00
N. S. Hill & Co.. Cincinnati
-BOND
SUNNYSIDE VALLEY IRRIGATION DISTRICT, Wash.
SALE.
-The Yakima Trust Co. of Yakima purchased $195,000 6% refunding bonds at 98 on Nov. 14. Denom. $500. Date Jan. 1 1923. Int.
J. & J. Due on Jan. 1 from 1927 to 1943.
-NOTES SOLD.
-An issue of
SWAMPSCOTT, Essex County, Mass.
840.000 notes has been drarded. it is reported, to the Manufacturers
National Bank of Lynn,
a 3.99% discount basis. Due Nov. 10 1923.
-BOND OFFERING.
-Sealed
TALLADEGA, Talladega County, Ala.
bids will be received until 12 m. Feb. 20 by M. It. Joiner. Presiding Corn-
1
[VoL. 116.
missioner and ex-official Mayor,for $239.000 5% water works bonds. Date
July 1 1917. Int. semi-ann. Due July 1 1947. A certified check, or
cash, on some reputable bank in Alabama for % of 1% of the amount of
bonds bid for, provided that in no event shall there be required to be
deposited more than $1,000, payable to the City of Talladega, required.
TALLAHASSEE, Leon County, Fla.
-B. H.
-BOND OFFERING.
Bridges, City Auditor, will receive sealed bids until 12 m. March 6 for
the following .5% coupon bonds:
.
$125,000 street paving bonds. Due on Feb. 1 as follows: $5,000. 1928
to 1937 inclusive; $7,000, 1938 to 1942 inclusive, and $8,000
1943 to 1947 inclusive.
12,000 sewer system extension bonds. Duo Feb. 1 1938.
8,000 septic tank oond.s. Due Feb. 11938.
Denom. $1,000. Date Feb. 11923. Prin. and semi-ann. int.(F. & A.)
payable at the Chemical National Bank, N. Y. City. A certified check
for 2% of amount bid for, required. Separate bids for all or any of said
Issues will be entertained.
TIMBER LAKE, Dewey County, So, Dak.-BOND OFFERING.
Sealed bids will be receieved until 8 p. us. Feb. 5 by Geo. H. Puder, City
Auditor, for $16,000 6% sewer bonds. Denom. $500. Due serially from
1 to 9 years. Bonds will be sold subject to the legal opinion of G. N. Williamson of Aberdeen Bids for less than par and accrued Jut will not be
considered. A cert. check for 2% of amount bid, required.
TULARE,Tulare County, Calif.
-BONDS VOTED.
-By a vote of 669
"for" to 79 "against" an issue of $50,000 fire department and city hall
improvement bonds was sanctioned by the voters.
TUSCAMBIA, Colbert County, Ala.
-BOND ELECTION-The
"Manufacturers' Record" of Jan. 27 reports that an election will be held on•
Feb. 27 to vote on the question of issuing $25,000 paving, $125,000 school
and $50,000 indebtedness bonds.
TWIN FALLS, Twin Falls County, Idaho.
-BID REJECTED.
Our Western correspondent in a special telegraphic dispatch to us says:
"Twin Falls City rejected Drake-Ballard Company's bid of 101.15 for
-20
approximately $70,000 5% 10 -year refunding bonds."
UPPER ARLINGTON, Franklin County Ohio.
-BOND SALE.
The following 2 issues of 53 % coupon special assessment sewer bonds,
offered on Dec. 12 (V. 115, p. 2296) were awarded to the Citizens' Prust
& Saving Barik of Clumbus, for $92,450, equal to 100.48, a basis of about
5.385%:
$10,000 bonds. Due $1,000 yearly on Oct. 1 from 1923 to 1932. inclusive.
82,000 bonds. Due yearly on Oct. 1 as follows: $8,000. 1923 to 1926,
incl.: $9,000, 1927:$8,000, 1928 to 1931, incl., and $9,000, 1932.
Date Oct. 2 1922.
VAN METER CONSOLIDATED SCHOOL DISTRICT (P. 0. Van
-BOND SALE HELD UP.
Meter), Dallas County, Iowa.
-Regarding
the sale of the 8126.0005% school bldg. bonds on Jan.26-V. 116, p. 322A. M.Compton,Secretary, Board of Education says: "Sale of school bonds
held up on account of injunction filed by individual on afternoon of sale."
-CITY TO VOTE ON ANVENICE, Los Angeles County, Calif.
-An election will be hold on Feb. 20 to
NEXATION TO LOS ANGELES.
vote on the question of whether or riot the City of Venice shall become a
part of the City of Los Angeles.
-TEMPORARY LOAN.
WALTHAM, Middlesex County, Mass.
-The
Old Colony Trust Co. of Boston, has been awarded a temporary loan of
$250,000 maturing July 1 1923 on a 4.02% discount basis plus SI 25 prem
WAPAKONETA, Auglaize County, Ohio.
-BOND OFFERING.
Bids will be received by F. W. Nester, City Auditor, until 12 so. Feb. 15
for the following 534% bonds:
$9,000 special assessment South Williple St. pavement bonds. Denom.
$1.000. Due $1 000 yearly Oct. 1 1924 to Oct. 1 1932 inclusive.
10,800 (city's portion) South Williple St. pavement bonds. Denom. 9 for
$1,000 each and 9 for $200 each. Due $1.200 yearly Oct. 1 1924
to Oct. 1 1932 incisive.
14.400 (special assessment) North Wood St. pavement bonds. Denom.
9for $1,000 each:9for $500 each, and 9 for $100 each. Due $1.600
yearly Oct. 1 1924 to Oct. 1 1932, inclusive.
7,700 (city's portion) North Wood St. pavement bonds. Denom. 8 for
$900 each, and 1 for $500. Due yearly $900 Oct. 1 1924 to 1932,
incl., and $500 yearly Oct. 1 1924 to 1932, in,clusive.
Dated Nov. 1 1922. Int. semi-ann. Cert. check for 10 o of amount
to pay
bid for , payable to the City Treasurer is required.
accrued interest.
WARREN TOWNSHIP SCHOOL DISTRICT NO. 1 (P.O. Mieland,)
-An issue of $30,000 5%% school
-BOND SALE.
Midland County, Mich.
bonds offered on July 26 has been purchased by Hanchet Bond Co. of
Chicago at a premium of 750 (102.50), a basis of about 5.13%. Date
Dec. 1 1922. Due 1939.
WARREN WATER DISTRICT (P. 0. Warren), Mass.
-BOND SALE.
_The 15175,000 434% coupon bonds offered for salon Jan. 26-V. 116. p.
-have beenpurchased by R. L. Day & Co. of Boston at $103.20 and
322
int., a basis of about 4.22%. Date Feb. 1 1923. Dueyearly on Feb. 1
a follows: $7,000, 1926 to 1932, incl., and $6,000. 1933 to 1953, incl.
'I he following bids were also received:
?
R. M.Grant & Co.. Boston_ _ _103.02 E. H. Rollins & Sons, Boston_102.11
102.68 Curtis & Sanger, Boston
Grafton & Co.. Boston
101.52
F. S. Moseley & Co., Boston_ _102.50 Harris, Forbes & Co., Boston_101.10
102.26 Merrill, Oldham & Co., Bost _ _100.67
Eldredge & Co., Boston
Blake Bros.& Co., Boston--- _102.20
WASHINGTON TOWNSHIP RURAL DISTRICT (P. 0. Center-The $35,000 5%%
ville), Montgomery County, Ohio -BOND SALE.
school bldg. iponds which were offered for sale on Jan. 22-V. 116, p.=have been sold to the Detroit Trust Co. of Detroit, at a premium of $1,561
(104.46) and int., a basis of about 4.73%. Date Jan .21923. Due $2,000
yearly on th t. 1 from 1924 to 1940, incL,and $1,000, 1941. The following
bids were also received:
$1,503 00 Richard, Parish & Lamson_ $1.136 10
Stacy Broun
1,410 00 Gran Todd & Co
Seasongood & Mayer
980 00
1,267 00 Well, Roth & Irving Co--- 906 50
Sidney Spitzer Sz Co
1.239 50
W. L. Slayton
WATERTOWN, Middlesex County, Mass.
-TEMPORARY LOAN.
The temporary loan of $200,000, dated Jan. 31 1923 and maturing Nov. 28
1923,offered on Jan. 30(V. 116, p. 438), was awarded to the Union Market
National Bank of Watertown on a 4% ascot= basis plus $5 75 premium.
WEBB, Tallahatchie County, Miss. PRICE
-DESCRIPTION.
-The
price paid by the Commercial Bank & Trust Co. of Atlanta for the $40.000
school bonds awarded to it, as stated in V. 115, D. 2931, was Dar plus a
equal to 100.375. Interest rate 6%. Int payable
premium of $150.
3. & I. Due from 1924 to 1949.
-BOND OFFERING.
WEST VIRGINIA (State of).
-Wm.S. Johnson,
State Treasurer (P. 0. Charleston) will receive sealed bids until to-day
(Feb. 3) for $5,000,000 coupon or registered road bonds. Denom, comaon
bonds $1,000, registered bonds $20,000. $10,000, $5,000 or $1,000. Date
April 11923. Interest rate not to exceed 4%%. Due on /Trill 1 from 1929
to 1948. Legality to be approved by Jno. C. Thomn
so, . Y. Cita%
WHITE TOWNSHIP (P. 0. Indiana R. D.), Pa.
-BOND OFFERING.
-J. M. Brown, Secretary Board of Directors, will receive sealed bids
until 1 p. m.Feb. 26 for $65,000 434% coupon or registered highway bonds.
Denom.$1,000. Date March 1 1923. Prin, and semi-ann Int.(M.& S.)
payable in Indiana, Pa. Due $5,000 yearly on March 1 from 1926 to
1938 inclusive. Certified check for $3,000 required.
WOOD COUNTY (P. 0. Bowling Green), Ohio.
-BOND SALE.The $37,000 5% road and bridge bonds which were offered on Jan. 29
(V. 116, p. 438) have been purchased by the Provident Savings Bank
& Trust Co. of Cincinnati for $37,066 60, equal to 100.17, a basis of about
Date Mar. 1 1923. Due yearly as follows: $9,000 Sept. 1 1924
4.97
and $7,000 Sept. 1 1925 to 1928 incl.
WORCESTER, Worcester County, Mass.
-TEMPORARY LOAN.
A temporary loan of $500,000 on Feb. 1 was awarded to the First National
Boston on a 3.93% discount basis plus $12 premium. Date
Bank of
Feb. 2 1923. Due Nov. 11923.
YONKERS, Westchester County, N. Y.
-BOND OFFERING.
Robert D. Ferguson, City Comptroller, will receive proposals until 12
m. Feb. 15 for the purchase of the following coupon (with privilege of
registration as to principal and interest) bonds:
FEB.3 1923.]
543
THE CHROWOLE
and Blyth, Witter & Co., all of New York. The other bid was 93.727 from
a syndicate composed of Wood, Gundy & Co., Harris, Forbes & Co., the
National City Co., A. E. Ames & Co., the Dominion Securities Corp., the
Guaranty Trust Co., the Bankers Trust Co.. Dillon, Read & Co. and the
Continental & Commercial Trust & Savings Bank.
MONTREAL ROMAN CATHOLIC SCHOOL COMMISSION (P. 0.
-Bids will be received until 12 m.
Montreal), Que.-BOND OFFERING.
Feb. 8 for the purchase of $2,000.000 5% or 5t% bonds. Dated Feb. 1
1923. Payable in Montreal. Ayme Lafontaine, Secretary. Due in 20
years.
-An issue of
-BOND SALE.
NORTH VANCOUVER DIST, B. C.
-year installment bonds has been purchased by Gairdner
$50,000 6% 20
Clarke & Co.of Toronto, at 96.861. a basis of about 6.29%•
-NOT TO BE
NORTH YORK TOWNSHIP, Ont.-BONDS VOTED
ISSUED NOW-An issue of $125.000 water works bonds was voted on
1. They will not be issued until next fall, after the work is completed.
Jan.
according to FL D. Goode, Township Clerk.
-The total
ONTARIO (Province of).
-TOTAL ISSUE 320,000,000.
amount of bonds issued by the Province during December of last year was
$20,000.000, or $15,000,000 over the $5,000,000 for which bids were asked.
The entire block of bonds bears 5% interest and matures in 20 years. payable in gold, and was taken by Wood, Gundy & Co., A. E. Ames & Co.
and Aemilius Jarvis & Co.syndicate at the price of 99.59 bid for the original
- $5.000,000 offering.
ALBERTA SCHOOL DISTRICTS, Alta.
-DEBENTURE SALES.
The sale of the additional $15,000.000 bonds:without call for tenders has
On Jan. 19 the Deputy Minister of Finance offered for sale the following
caused considerable criticism, according to the Montreal"Gazette," which
nine issues of 8% Installment debentures:
on Jan. 26 published the following as a statement taken from the Toronto
Rural
Years- Amt. of Issue. "Evening Telegram":
-15 Years- Amt. of Issue.
-10
Rural
Antelope Cut S. D. No. 4076_$1.400 Little Prairie S. D. No. 3790_31,000
"The latest financial venture of Hon. Peter Smith. Provincial Treasurer,
2,000 has excited a good deal of comment and resulted in the placing of questions
Evansburg S. /3. No. 2902___ 7.000 Lambert S. D. No. 3932
2,200 on the Legislature's order paper by representatives of the Liberal Party.
Limeson 8. D. No. 4083
1,500 Delayed S. D.No.3764
500 On Dec.6 last advertisements were published advertising for sale a $5.000.:Venice S. D. No. 4102
750 Darwell S. D. No. 3987
Rural
-5 Years
-year gold bonds issue. In spite of a rising market this issue
000 54% 20
Fairmount S. D.No. 1651---- $500 was extended to 820.000,000, the additional $15.000,000 having been sold
Of these the Evansburg, Limeson, Venice, Darwell and Fairmount Dis- without a call for tenders, and without notification to the public that such
trict debentures were sold, there being no bidders for the others. In the an issue was to be made. The $15,000,000 worth of additional bonds
following table we list the bids received, the successful tenders being given were taken up by the same brokers who bought the advertised issue of
In bold face:
$5,000.000. The whole $20,000.000 was bought at 99.959 and inside of
Name of
Venice, Darwell, Fairm'nt, three weeks commanded a price of 102.37. That increase in the final selling
Evansburg, Limeson,
1651.
Bidder3987.
price of the bonds to the public meant a loss of half a million dollars to the
4102.
2902.
4083.
100.25 Province of Ontario."
G.D.Rutherford, Castor
Runnalls, Rouse & Co.,
QUEBEC, Que.-BOND OFFERING.-Bids will be received until Feb.
99.10
Edmonton
101.24
Par 15 for the purchase of $1,800.000 5% bonds.
Par
L. Creighton, Stettler_
Par
Par
Par7Si%
-An issue of 83,000 7%
J. W.Caswell, VeteranRADISON, Sask.-DEBENTURE SALE.
locally.
BURNABY,B.C.
-BONDS VOTED.
-At the election held on Jan. 13 the 1-5 installment debentures has been sold
-An issue of $200.000
issue of $70.000 54% sidewalk bonds was voted. The result was 1,066
-BOND SALE.
ST. BONIFACE, Manitoba.
"for" to 590 "against." Due Dec. 31 1937. Bids for the above bonds 6% 20
-year bonds has been purchased by the Bond & Debenture Corp.
will be invited at an early date.
-An issue of 8480,000 54%
ST. CATHARINES, Ont.-BOND SALE.
-A block of $30.000 54% 30
DRUMMONDVILLE, Que.-BOND SALE.
-year serial bonds has been awarded to the Imperial Bank of St. Catha30
-year bonds has been purchased by the Municipal Debenture Corp. at rines at 101.58. a basis of about 5.34%. Other bids, according to the
also received: Toronto"Globe," were: Dominion Securities Corp..Ltd,101.19; A.Jarvis &
95.92, a basis of about 5.79%. The following bids were
94.07 Co., 101.17; Nesbitt, Thomson & Co., 100.57; Bell, Gouinlock & Co.,
L. G. Beaubien & Co
94.45IA. E. Ames & Co
Dominion Securities Corp
94.27 McLeod, Young, Weir & Co.... 93.83 100.56; United Financial Corp., 100.54; Macneill, Graham & Co.. 100.53:
Co.. 100.527; R. C. Matthews & Co.,
reported that an Murray & Co. and Air& McLeod & McLeod,
EAST KILDONAN, Manitoba.
-It is
-BOND SALE.
Young. Weir & Co.. 100.45:
issue of $46,000 6% bonds has been purchased by Wood. Gundy & Co. 100.50; Gairdner. Clarke & Co. and
Co., 100.415; Wood. Gundy &
of Toronto at 99.31, a basis of about 6.07%. Due Dec. 15 1942. The National City Co. and liousser, Wood &Stewart,
Scully & Co., 99.96.
Co., 100.288; A. E. Ames & Co.. 100; and
following bids were also received:
Imperial Bank
SASKATCHEWAN SCHOOL DISTRICTS, Sask.-DEBENTURE
98.50[Bond & Debentures Corp__ _ _98.276
97.29
Bell, Gouinlock & Co
-The following, reports the "Monetary Times," is a list of debenSALES.
98.50k. E. Ames & Co
-annual tures sold by the Local Government Board from Dec. 30 1922 to Jan.
-An issue of $90.000 54% 20
EASTVIEW,Ont.-BOND SALE.
13 1923: School Districts: 'field, $1.500, 64%. 10 years,
installment bonds has been awarded, according to reports, to Bell, Guin- Crooked River, $1,500. 74%, 10 years. to Regina Brokerage & locally;
Investlock & Co. of Toronto at 97.50, a basis of about 5.81%.
ment Co.; Utopia. 93,800. 74%. 15 years, to Waterman-Waterbury Co.:
GRIMSBY,Ont.-DEBENTURE SALE.
-On Jan. 25 a block of$30,000 Bresaylor. $800, 74%. 10 years. to Regina Brokerage & Investment Co.;
6% 15
-year installment water works debentures was awarded to C. H. Dysart. $1,800, 74%, 10 years. to Regina Brokerage & Investment Co.
Burgess & Co. of Toronto at 101. Int, annually in January.
SHAWINIGAN FALLS, Que.-BOND SALE.
-An issue of $28.300
LONDON,Ont.-BOND SALE.
-year school bonds has been purchased by L. G. Beaubien & Co.
-An issue of $673.000 5% 1-year bonds 54% 14
has been purchased by Wood, Gundy & Co. of Toronto at 99.81, a basis of Montreal, at 97.11, a basis of about 5.80%.
of about 5.20%.
SIOUX LOOKOUT, Ont.-BONDS VOTED.
-On Jan. 1 an issue o
The same company has also purchased $170,000 54% 1, 2 and 3 Yearf
$5,000 6% hospital debentures was voted. The vote stood 85 "for" to
bonds at 100.10.
33 "against."
-We are unofficially
MANITOBA (Province of).
-BIDS REJECTED.
TRAIL, B. C.
-BOND OFFERING.-Bide will be received by W. E. B.
informed that all bids received on Jan. 31 for an issue of $2,000,000 5%
Moneypenny, City Clerk, until 5 p. m. Feb. 19 for the purchase of $11,980
25
-year bonds were declined.
6% local impt. bonds. Due in 20 years.
MONTREAL, Que.-CITY REJECTS BIDS FOR $16,000.000 LOAN.
WELLINGTON, Ont.-BOND SALE.
-The $12,000 54% 30-year
The city on Jan. 30 rejected all bids tendered for the purchase of the $16,installment
school bonds, which were
000,000 5% gold bonds offered on that date-V..116, p. 438. According Ian. 29-V.consolidated-have been purchased, it is offered for silo on
116, p. 438
reported, by R. C.
to newspaper reports, there were only two bids rebeived. The higher was
94.117 from a syndicate composed of Hanson Bros., Rene T. Leclerc, Inc., Matthews & Co. of Toronto at 99.55, a basis of about 5.52%. The folL. G. Beaubien, Nesbitt. Thompson & Co., R. A. Daly & Co. W. A. lowing bids were also received:
99.1991McLeod, Young, Weir & Co_ _96.23
Mackenzie & Co., all of Montreal, and E. H. Rollins & Sons, the Equitable A. E. Ames & Co
98.66 I
Trust Co., W. R. Compton Co., Kountze Bros., W. A. Harriman & Co. 0. H. Burgess & Co
$280,000 44% water bonds. Due $7,000 yearly on March 1 from 1924
to 1963 inclusive.
316,000 44% refunding bonds. Due yearly on March 1 as follows:
$16,000, 1924 to 1939 incl., and $15.000, 1940 to 1943 incl.
195,000 44% refunding bonds. Due $13,000 yearly on March 1 from
1924 to 1938 inclusive.
230,000 44% assessment bonds. Due $23,000 yearly on March 1 from
1924 to 1933 inclusive.
27.00044% Fire Bureau equipment bonds. Due $3,000 yearly on
March 1 from 1924 to 1932 inclusive.
30,000 44% Dept. of Public Works equipment bonds. Due $5,000
yearly on March 1 from 1924 to 1929 inclusive.
180,000 44% local improvement bonds. Due $30,000 yearly on March
1 from 1924 to 1929 inclusive.
Denom. $1,000. Date March 1 1923. Prin. and semi-ann. int. (A. &
0.) payable at the City Treasurer's office in U. S. gold coin of the present
standard of weight and fineness, or in N. Y. Exchange. at holder's option.
Certified check on a solvent bank or trust company for 2% of amount of
bonds bid for, payable to the City Comptroller. required. Purchaser to
ality to be approved by Hawkins, Delafield
nongferied ilreres orl 7
a
ow,
w
'
i
t
CANADA, its Provinces and Municipalities.
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Bonds of Texas. Dealers' Inquiries and offerings
solicited.
Circulars on request.
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TEXAS
economic conditions affect
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Your services can be announced to these readers at
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CITY OF MINNEAPOLIS
SPECIAL STREET IMPROVEMENT
BONDS.
Proposals will be received by the Committee
on Ways and Means of the City Council of the
City of Minneapolis, Minnesota, at the office
of the undersigned, WEDNESDAY. FEBRUARY
14TH, 1923. at 2:30 o'clock p. m.for $914,890.25
Special Street Improvement Bonds. 'these
bonds are to be sold at a rate of interest not exceeding Five(5%)Per Cent per annum,and to be
dated Nlarch 1st, 1923, and to be payable one
tenth and one-twentieth each year thereafter,
as the case may be, the last one being payable
March 1st 1913.
Sealed bids may be submitted up to 2:30o clock
P. m. of the date of sale. After that hour open
bids wilt be asked for and all bids must Include
accrued interest from date of said bonds to dale
of delivery.
The right to reject any or all bids Is hereby
reserved. A certified check for Two (2%) Per
Cent of the par value of the bonds bid for, made
to C. A. Moomoulst, City Treasurer, must accompany each bid.
Circular containing full particulars will be
mailed upon application.
DAN C. BROWN,
City Comptroller.
Minneapolis, Minnesota.
BALLARD & COMPANY
.1Iembers New York Stork Exchange
HARTFORD
Connecticut Securities
544
THE CHRONICLE
[VOL. 116.
jSantterfs anb 3Ikotter55 Outoibe Si/etu pork
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