The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
finanrml
ronicb
^
INCLUDING
& Quotation
6ank
Railway Secsaod
State and City SecftOGIf
Industrial Section
Electric
Bankers* Convention Section
Railway Earnings Section
VOL.
&
Railway
Section
SATURDAY, FEBRUARY
114.
NO. 2954
4, 1922
Week ending January
28.
Clearings atInc. or
PUBLISHED WEEKLY
Terms of Subscription Payable in Advance
I
—
$10 00
For One Year
6 00
For Six Months
(fnciuding
postage)
13 50
European Subscription
7 75
European Subscription six months (including postage)
Canadian Subscription (including postage)
11 50
NOTICE. On accouat of the fluctuations in the rates of exchange,
remittances for European subscriptions and advertisements must be made
In New York Funds.
SubscriptUm includes following Supplements
—
—
Railway & iNDnsTBiAL(semi-annually)
Bank and Quotation (monthly)
Railway EABmNos (monthly)
Electbic Railway (semi-annually)
Bankers' Convention (yearly)
State and Citt (semi-annually)
Terms
On
45 cents
request
Chicago Office 19 South La Salle Street. Telephone State 5594.
London Office Edwards & Smith, 1 Drapers' Gardens, E. C.
—
—
DANA
WILLIAM
Frortt,
B.
COMPANY, Publishers,
Pine and Depeyster Streets, New York.
Published every Saturday morning by
WILLIAM
B.
DANA COMPANY.
Cincinnati
Cleveland
Detroit -
-
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids
Dayton
Presi-
Springfield. lU...
Young.stown
Fort Wayne
Lexington
Akron
RocRford
South Bend
Canton
Qulncy
Springfield, Ohio.
dent, Jacob Selbert Jr.; Vice-President, Arnold G. Dana; Business Manager. William
D. Rlggs; Secretary, Herbert D. Seibert. Address of aU, Office of the Company.
Bloomlngton
Clearinos
—Returns bv Telegraph
Week eruHns Feb.
Per
1922.
4.
New York
Philadelphia..
BoetoD
Kanaaii City..
St. Loula
San Francisco.
Plttaburgh ...
Detroit
Eleven cities, 5 days
Other citlca. 5 days
Total
all cities.
cttlee, 1 day
-1-3.2
—4.3
a
107,700,000
•87,500,000
66,990.689
54,600.000
48,292.111
112,500 000
125,026 .675
75.164 .241
70.569 ,742
40,215 ,486
— 3o!o
— 10.9
$5,198,107,564
7.S7 014 810
$5,546,198,813
o/wiAoraiR
950.407.218
—6.3
—20.3
$6,496,606,031
1,299.321.206
—8.3
—8.3
New Orlcana.
AU
—5.0
—8.6
—9.5
$3,893,685 933
453,605 660
381,937 ,386
258,885 418
134,608 .272
a
Baltimore
S days.
I
$5,955,122,374
1.191.024.474
Danville
Lima
Lansing
Owensboro
Ann Arbor.
Adrian
—24.0
+ 20.1
Tot. Mid. West
San Francisco
Los .\ngeles
Seattle
Portland
Lake City...
Spokane
Salt
Oakland
Sacramento
San Diego
I
ai.230.7.'51'
U/O.....
•
.'i'-
."•r
ir
—
3.936.7711
1<T...
7,140.502
7H.fi.'>.'>.:iS7
39.244,620'
14,090.344
20..1S3,H!t.'i
I4,71M.:t27
3.H27.221
7,263,192
4.r,fl8.743
10,130.350
3'.807',«36l
-8.5
2.2I0.6I7
4.568.667 —14 6
4.005.028 Not InrludMl In total,
3_0«VKi('.
ii,)'ti.>;
.f30
2.080.000'
a.OOO.Hll
Lancaster...,,,.
1.^
York
1,0,
2,543,012!
3.000.000
1,933.832
'2',fl8V,858i
2,220. Will
6,845.360
6,11».78S
Total .MIddIr
ri'i-it'iii
....
_
I
447,970
494,307
169,112
—
—
119,500,000
86,887,000
30,051,652
24,574,504
10,410,471
—9.2
+ 1.8
+ 10.2
+ 16.2
—1.7
—19.3
9,141,332
4,959.523
2,261.418
4„349,200
3.324,628
3,053.737
1.524,281
902,994
+ 22.4
—6.7
+ 20.2
—55.5
+ 7.1
+ 9.4
+ 14.9
+ 15.4
9,182,129
5,083,618
2.599,910
5.404.000
4.728.195
2,069,679
1,648,351
1,336,792
8,057,851
3,523.055
1.717.888
1,607,903
2.329.227
1.125,621
878,659
753.882
a
a
336,250.230
250,249,565
121.917,570
151.378.429
61.242.728
36.490.989
29,672,921
18.865.469
11.811,645
7,437,376
10,578,273
6,148,213
5.744,695
3,038.082
2,607.759
1,925,705
1.187.718
1,235,320
728.410
778,113
1.6S2.000
233.612,358
179,949.833
35,538,415
53.284.373
14,987.306
Minneapolis
.52,903. .574
Omaha
31,698,751
25,279,164
18.168.322
10.431.549
Paul
St.
Joseph
7..591,890
10,4.54,515
3.5.'i7.793
4.574.685
2,492.490
I.lriroln
oi>cka
Ci'dar Rapids...
2.5.';0..579
WaK-rloo
,020.368
2.614.245
'I
l.ASl.S.-iO
1
Ilclrna
olonido SprlORS.
(
rui'hio
I'argo
750.143
613,675
1.342,0.-10
— 19.4
— 13.6
— 13.1
—42.2
—20.4
+
1,821.737
2,'223,.5.30
+ 4.2
1,1.52.781
698,063
400.000
034,013
2.498,131
1.258,804
080.802
1,022,000
422,207
836.884
2.600,000
— 10.3
— 15.8
1,0.57.711
lliLitlncs
428.7.32
428.721
—27 3
+ 0.002
301.766.043
365,403,030
—16.2
447,614,549
378.046,087
40,830.285
22.241.245
46,018.706
23.810.421
—0.6
+ 1.7
09,010,510
16,005,103
63,148.060
27.458,644
Tot. Other West
385.031
7.50.0 10
I0.(K(M.558
ll.(K)0.000
—0.2
—20.3
10,710,063
0.540.70H
10.:i6I.I1M
Norfolk
Iilrriilnuhani..
20.I''.0.')'.'7
I7.r;::,n
1
Hf
.920.000
1,386,9.53
714,272
1,099.070
I
N.
I."
1.
708,153
4I0.0H3
«. Ill',
7H2..'..i7
.Mi'trilihls.
335. KS
Korl VVtirth
Hiiviiiifmh
.Sanhvlllo
.-i
^U8.50.'<.4ni
-10.0
-lA.I
n
lloijnt'Ui
.3.600.543
. . .
.
.
.
..
•
I
..
4
1
i
7.H46.,',4H
2.24l.:i7:i
n
'.1
21*1
(MR
lintlnlllMIM
.
AiiaUn
*"l
ri'l')
i
I
jii
i
i
/
'
'
fl'.VsV.-ioo
"3.0'70.566
74.230,835
63.103.303
67.858,013
10,025.327
13,873,662
7I.7I'>.7.'.4
31.519,210
21,430,437
"l'(
1
(t
IT -'^V
'l
i r.i\i
li'i
.6
I
III
I
5..-il'-..'.M'>
:i,(l'.n,r2;i
12,004,127
8,687.336
II.S.-.M,I04
11,0.111,470
O.AAX,A7S
H.670.:u.o|
a,4.i7.ft«i
3,178.002
2,100.033
.,11
c
18.104.373
i.ii
-14.4
H.232.H:t(;
23,703,188'
I
;.'.'.'n,<HU
'•
Y.SRSJOS
AiiioMta
6.686.730
4.728.200
ClC. k7
'.'
'
Jitrkwinvill*..
R,348.IAfl|
-118
n
2..5.'59,871
885,025
324,007
640.260
I'rcmont
4:i,7.^M.4.15
••.
2,987.258
Illllln«i
16.010. 6.'10
I0,032,0(M)
a
I'.ivi'
8,611,041
4.954. .585
—21.2
—20.3
Alliiiila
— J0.7
-16.5
— 17.8
'
8.487,2,54
10.6.10.027
1,4.50.984
1,400.«KX)'
123. 210
19.299.713
.0
1 1 1
16
—82.7
'.
20.078."285
9.701,729
3.733,469
2,162,397
1,805,481
1,470,477
— 18.0
—2.2
— 19.5
— 14.1
—Vo.7
— 11.8
1
57,373,833
16,621.643
21.324.915
19.688,125
10,299,987
13.604,104
5,947.341
10.085,468
+ 2.1
—
1.2
46.144.799
i,:'i;
.36,213,751
—14.8
—3.7
—11.7
7,ftl7.8.50
on
46,068
810,260,852
123,821,061
34,449,000
33,003,094
27,399,497
14,000,000
859,968,441
117,300,000
78,822,000
25,850,093
24,987,298
12,906,416
38.660,634
38. 828. 70S
J
1.813.555
273.262
400.000
200,000
964,545,591
149,756,578
71,341,000
36,127,070
27,088,235
17,000,000
nirlimoDd
3.0W,017
""844'689
731,188
1,055,151
1,988,163
1,290,043
2b'.3
+ 34.6
+ 54.1
4.3
+ 9.6
(inlvniton
4,700.616
4,0'J0.447
A
•
/Ml,,
I.-7
000,380{
2.:;
M?
I
3<
I
:
'
J'Hr
' U'J
r
spfiiiij
Ui m|.i<«U)
!<.r
ritcurra.
.
I
>!.>•.<
,
'
1111)
«i7
.
dolilU.
as
ot
wn spfily I'l 1»«l
shown by Um detila.
I.'lft
III
'I'l
III
.
BO
b
'10
11
I
il'i'l
....,
>r.,' ,-.1
1,415,958
467,419
+4.4
«
Hf
""76b",f)30
807. HfK)
2. 537. .'.24
.101
I
1.278,960
1,861,306
1,350,000
293.162.018
1.405.671
,r
951,354
548,499
1. 620.000
305.935.652
2,7.-.7.777
.
""l,396",956
1,317,639
1.084,0001
a.f.HT.Ol.-i
3. .162. 'Ml I
,
1,759,201
—8.6
1,013,377
253,033 —32.9
+ 1.8
7.M>o.'i:i.',
I;
—23.7
780,000
053.758
436.002
«.in7
1,287,054
1.803..VHH
852,080
304.016
1.
"5",792';o66
i
—7.1
—0.4
2.286.5'JH
I
<«..
11,142,000
1,894,159
1,346.357
4,119,914
1,635,961
-22.6
,
.
l.ftOO.'XW
nm
'in
'
—18.1
—17.6
—15.9
—30.4
—7.3
l.HU.'JJi,
'
804,400,
1,010,021
6,005,000
1.730,991
1.500,000
3,916,349
1.070,573
1.941.941
3,522,397
1,116,747
I
CbfMer
rilri»?i^iriU)0.....
'«
"3V754,96§
2.815.750
2,620.200
1.200.760
2, 130.434
,
Erie
781,184,427
Abenlccn
—2.1
—1.8
in
trre.b.
4,749,800
2,223.987
4,597,724
1,649.017
13.8
'l.l85".777
Kansas City...
$
i
82.9.13.570
I.fll
-14.8
3.(M8.831|
2.174,8121
——5.5
—6.3
2,890,673
Moines
Wichita
Oululh
Sioux City
'•,!
2,»8A.007
2.I36.0S4
3,617.978
2.036,721
4.397,481
1.612,291
+15.4
+12.8
Total Pacific.
1910.
$
+ 0.6
IA,<I«4.012>
y.lmi,,
It',
36.090,244
4,.540,058
3,115,607
663,491
St.
4.675,633.8.5.'; 3.697.873.504
43.1.0.V1.S2S'
377.:iO!l,SI.-,
147.14(1.04:;
1.30. i.t.'t.iin
—24.2
—13.8
'5",3"54'266
a
Denver
1920.
—30.0,
7....W7.H11
'
3,587,395
748,914
Dm
Dee.
%
Pltt/4TjurcIi.b...
5,045,123
6,228,996
Long Beach
Santa Barbara...
Yakima
Reno
Inc. or
—8.8
—7.0
N««r York
+ 30.5
+ 5.8
—
Stockton
Fresno
I
<
—15.0
498.021.624
64,271,519
93,229,040
62,341,784
30,678.553
11,736,000
10,276,300
11,192,815
4,629.448
2.719.026
1,935,900
3,560,291
3,343,178
1,752,498
1,642,560
Pasadena
San Jose
Week endlne Januaru 28.
1921.
—26.3
571,850,945
65,845,428
115,609.963
100,000.000
26,381,894
16,911,000
13,065,200
I
I
1022.
926,258
170,007
a
606,808
1,906,282
690,590
473,466
185.415
Tacoma
Total all cities for week.
$7.146.146.848
—8.3
$7.795.927,2.37
• No longer furnish returns of clearings. * Estimated.
The fxjll details of the week covered by the above will be given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing bouses
•t noon on Saturday, and hence In the above the last day of the week has to be In
rll cases estimated, as we go to press Friday nlxht.
Detailed figures for the week ending Jan. 28 show:
Cteartntt
+ 1.0
+ 13.8
—14.3
1919.
1*K% VH'H
Cera.
1921.
$3,699,200,000
414,590,923
346,000,000
267,000,000
106,233.839
Chicago
—11.5
—11.1
—34.5
1920.
c
Jacksonville, HI..
The following table, made up by telegraph," 4c., indicates that the total bank clearings of all the clearing houses of the United States for the week ending to-day have
been $7,146,146,848, against $6,069,020,681 last week and $7,795,927,237 the corresiKinding week last year.
3,850,451
4,423,274
38,250,090
1.926.381
2,470,310
1,510,390
c
4,901.000
1,426,623
l,261,o54
2,726,842
992,162
a
982,375
Mansfield
Decatur
CLEARING HOUSE RETURNS.
517,767,038
58,064,370
108,149,814
81,081,326
27,115.125
13,073,000
13,473,200
a
Evansville
of Advertising
Transient display matter per agate line
Contract and Card rates
S
458,378,319
51,651,464
70,827,197
81,854,259
23,249.230
14.885,000
9,925,000
a
3,230,292
5,776,813
Chicago
Dee.
1921.
1922.
Tntnl •1-i|thrrn
307 r.
1
.3
lO
0
THE CHKONICLE
442
[Vol. 114.
would be kicking their own shins as well as
those of others. Submission of all disputes to the
Board, said Mr. Hooper, "is compulsory; there can
be no strike by the employees and no arbitrary disposition of a dispute by the carriers until their re-
try and
THE FINANCIAL SITUATION.
Speaking, on Monday, to the annual meeting of
the National Civic Federation, Mr. Ben. W. Hooper,
formerly a Governor of Tennessee, and now member of the "public" group in the Railway Labor spective representatives have attempted to negotiBoard and Vice-Chairman of that body, criticised ate an adjustment of the dispute, and in case of the
once more the law of 1920, under which that Board failure of such negotiations have submitted it to the
was established, as useless, because leaving it with- Labor Board." This is a correct statement of the
out power to enforce its decisions and findings upon intent of the Act, which does declare it to be the
anybody. Several months ago, he made the same "duty" of all parties to use every effort and means
criticism substantially, saying that when the Board "to avoid any interruption to the operation of any
has agreed upon something it cannot do more than carrier growing out of any dispute" but no statute
point a finger at any recusant offender and try to has attempted to estop railway strikes by a barrier
turn upon him the power of public opinion now, he of penaltv'. Mr. Hooper proceeds to say that roads
says, any violator of a Board order '^may place his and employees are not on an equal footing as to freethumb on his nose and wiggle his fingers at the dom of action. The employee can violate a Board
Board."
decision only by quitting his job, but a carriar may
It is true, as the "Chronicle" pointed out when refuse to reinstate an employee wrongfully disMr. Hooper first complained, that Title III of the charged, or may cut wages without authority, or igTransportation Act is not well toothed; it provides nore a working rule promulgated then the Board is
that all Board decisions shaU be put on record and powerless, and the employees have no remedy "excopies shall be communicated to the parties to the cept the doubtful one of a strike," and if they resort
dispute, the President, each Adjustment Board, and to that "they probably receive the condemnation of
the Inter-State Commerce Commission, "and shall the public for interrupting traffic, when, as a matter
be given further publicity in such manner as the of fact, the carrier is responsible for the trouble."
Labor Board shall determine." It is also true that The record does not confirm this. Heretofore (and
the Federal Trade Commission, after discovering notably in 1916) the public declined to concern itsome real or imaginary facts and issuing "cease and self about anything except train operation, demanddesist" orders, can only take the case to a specified ing that there be no interruption and that the execuFederal court and leave it there. The members of tives do anything and concede anything necessary
the Commission have been troubled with the uneasy to keep the men from carrying out their awful
lying of the head which besets crown- wearers yet threat; did not Mr, Wilson urge the executives to
this has not visibly made them take themselves less yield everything, for the country's sake, was not
seriously and has not lessened their fussy activity. Congress openly terrorized, and was not the AdamThe only practicable, just, and effective method of son law the end of the line-up, for that particular
handling railway labor controversies, said Mr. time? "The condemnation of the public" has been
Hooper, "is adjudication by a competent tribunal ready to vent itself upon the carriers, and not on
whose decisions shall be enforceable by suitable the employees; but a change has occurred in this
penalties." The Transportation Act, in his opinion, public attitude, and the strike fizzle of last October
will never be repealed, "for it has already accom- shows it.
plished a world of good and has prevented railroad
Mr. Hooper did not attempt to explain how the
strikes for nearly two years it has settled 1,222 dis- law could or should compel the employees to respect
putes of all sorts, and if the disputes from the vari- the Board, but he sweepingly condemned the carous carriers as to wages and working rules are con- riers as disobedient. The power of compulsion
sidered as separate disputes, which in fact they are, which he says the Board should have is needed "a
the Board in about 22 months has disposed of 6,678 hundred-fold more on account of the carriers than
disputes between carriers and employees the coun- on accouut of the employees." There have been
try will never go back to a system that has no tribu- practically no violations by the latter, he declared,
nal of any character for the adjustment of railway but "the instances in which the carriers have ignored
;
;
;
;
;
;
labor disputes."
aud flouted the decisions are too numerous to menThis is of course Mr. Hooper's opinion, to which tion." He could recall only one instance of violahe is entitled, but he will not expect the public (the tions by employees, and he did qualify his condemfinal arbiter in every matter) to fully agree with nation of the carriers by saying that their offenses
him. He permitted himself to follow the Gompers have been by small or second-rate roads, while
habit when he suggested that "Congress may not see "nearly all the large roads have shown commendfit to amend the Transportation Act so as to affix able zeal in their co-operation with the Board." He
penalties to violations of the Board's decisions until then qualified again by adding "I said, nearly all."
something has happened that will convulse the coun- The "Chronicle" is compelled to regard this fling as
try from shore to shore." Something capable of unwarranted. Railway executives are not miraclecausing such a convulsion has been threatened again Avorkers, and they have been variously accused, but
and again, very notably near the end of 1916 and nobody has imputed to them a lack of practical wisalso only about three months ago. Was that last dom, or questioned their ability to see the line of at
threatened strike one of those which the Act has least temporary expediency or their readiness to
"prevented"? Mr. Hooper may think so, but the take that line. They fully realize that their sole
record shows that the old bluff threat failed, this support is in public opinion, and they would neither
time, because the long-suffering and long-scared risk alienation of that opinion nor increase hostilpublic at last "called" it and the mutineers realized ity to them in Congress by antagonizing a statute.
that they could not fight successfully the whole If they do not quite approve the Esch-Cummins Act
country, especially since they are a part of the coun- they are too shrewd to openly disobey it. Mr. Hoop-
Feb.
4:
THE CHRONICLE
1922.]
448
er says "nearly aU," and possibly he is thinking of
the Pennsylvania, which is making the very strong
British feel that an American refusal to participate
in the Conference would be something that France
contention that the Board has been trying to intervene, and with disturbing consequences, in a matter
would have to answer for. Officials here admitted
also that it would be very regrettable if President
Harding refused to accept the Genoa invitation, but
wholly beyond its authority.
Mr. Hooper thinks that ''if Congress would confer upon the Railroad Labor Board the power to enforce its decisions there is not a railroad in the
United States that would not be brought into
prompt compliance with the rulings of the Board"
but he does sav some more reasonable things, as that
''the employees do not desire an enforceable law,
they mistakenly think it would work a hardship on
them," also that he cannot sympathize with the notion that the right of railway employees to strike
'outweighs the right of the men, women, and children of this nation to be protected against the disastrous results of railway strikes." His address will
not tend to lessen the doubts of the practical value
and expediency of Title III of the Act, and experience continually shows that outside intervention
heightens and promotes industrial disagreements.
Mr. Plumb, following him as a speaker, condemned
the Act broadly. Giving such a Board control over
the destinies of two million workers and their dependents, "is unsound and unworkable," he said.
This was in the vein of Mr. Gompers himself, who,
when his own turn came to speak, stormed away in
the oratory "piece" which he never varies much except to change his adjectives a little; but Mr. Plumb
came clo.se to a truth when he said that "inevitably
the three railway managers on the Board stand for
nearly all confess that they appreciated his delicate position and the reasons for his reticence. It
was hinted that this situation would be used to
impress France how her 'extravagant claims' make
difficult any broad adjustment of affairs." He added that "no further meetings will be held between
Lord Curzon, British Secretary of State for Foreign Affairs, and Comte de Saint Aulaire, French
Ambassador here, on the Anglo-French pact. Probably there will not be any further discussion of this
subject by them until after the Paris conference
next week between Lloyd George, Premier Poincare
and others of the Supreme Council."
The Paris correspondent of the "Herald" in a
dispatch the same day outlined what he said were
"the outstanding points in France's attitude" in
part as follows: "1. The development of quasi-approval of the American attitude; that many issues
are just as vital as that of recognition of Russia in
a world council, and a demand for unanimity betv\'een France and England before they enter at
Genoa upon a series of difficult financial negotiations, in which forty-three nations wUl strive to get
the biggest piece of the settleemnt pie. 2. The growing evidence that Premier Poincare considers a definition of the terms of the Anglo-French pact a most
important step toward the achievement of a basic
three
and
the
formula whereon the Genoa Conference could hope
management
demands
of
maximum
the
labor men for the maximum demands of labor, each to succeed. 3. The tendency on the part of France
side hoping that it will benefit by the inexperience to draw out the conversations with Mr. Lloyd George
of the inexpert three representing the public." How and Lord Curzon, in Paris and in London respecMr. Hooper took this was not reported. But the tively, beyond the date originaDy set for the Genoa
practical inability of any three (or more) men to Conference, thereby warranting an excuse which is
represent the public in such centralized attempts to expected from France that she is too busy with
The other negotiations, whereon the Genoa Conferhandle industrial problems has been shown.
immovable defect is that labor is too large and too ence must base its decisions, to participate in that
complex to be handled from one room and by one
«fct of men, however amiably disposed they may be;
also that tliose
who
get into disputes
must
settle
sooner and more completely the outsiders are barred away the sooner and
the better they will do it.
them by themselves and
th(*
meeting
in
any capacity other than that
of
on
ob-
server."
Germany's position was given as follows by the
Associated Press representative in the German capital
"In the absence of specific infornuition to the
:
contrary, official quarters in Berlin assume that the
fJenoa Economic Conference will be convoked ac-
Reports that the economic
was made clear coiding to schedule.
again this week tliiit the .Mlied Powers were eager parley might be in jeopardy through the attitude of
to have the, (.'nit<Mj States j)artif'i])iite in the Genoa the United States is just reaching the attention of
In some circles grave German newspaper readers. They also are fiirnish^'onference, if it is held.
In all the Eurf)pean advices it
doiiblH rfjntinued lo
l»e
e.vpressed as to
whether
it
would accompliKh much of importance withotit the
United States taking an active j)arl. It was assertJ'fl,
in
Hritisii r|iiartfrs,
as
it
has been
all
along,
whether or not
this c«)untrv was n'jiresented.
For instance, a spefial rorrespondent of the New York "Herald" in
Ixindon fabled a week ago this nH)rning that "if
that the gathering
would be
.\merica dcfidfs not to
held,
j»art icij)ate
in
Genoa
This was
the
ing Reichstag circles with material for speculation."
added that "political quarters are agreed that
Chancell(>r Wirth was fortunate in having effected
a Iruce with (lie Majoi'ity Socialists and the j)arties
lie
of
Centr<' on the taxation issues before the re-
th(^
p(ulH reached Berlin of Ww. likelihood of a postponement of the (Jenoa (Conference, as the so-called tax
coniproniise arranged by him in a large measure was
piislu'd
lo
lliroii;^di
stand on'
in
order to give llic Chancellor *a
case he sluMild become a dcU-gate
^'onference it will be held just the hhuw.
Mtatpd at the Hritish Foreign Office, it Ix-ing added
that the(ienoa meeting was eHHcntially a lOnrdpcan
li'g
affair anyway,
A<"cording to an AsRociated Tn-Hs dis[>atrh from
.Moscow last Satunlay morning, "Xikcdai Lenin. Ilu^
Molshevisl I'remier, lias been appointed to head the
S(»vi<'t <l(d«'gation t(» the Genoa lOconomic Confereiiee."
This brief aiiiioiiiiceiiieiit was followed, a
few days later, by a dispatch from the New York
till-
and that njuch coubl be done? along
linos
a'Irnit
factor,
oriKinnlly |»ro[M»sc(|.
that -\rneri(an inlhu-nce
whether «he
P.nf
is
orficials
licrc
liabh' to be a vital
sits at the council table
or
The intf'rnntifmal tangles are sf) intiTwovrn
America rnnst Io»tm big in the backgroiiiid.
n<»t.
ilia
I
TIk'
in
to (}enoa."
"
THE CHRONICLE
444^
"Times" special correspondent at Moscow, saying
that "iu the historic hall where the Supreme Court
of the Czar's regime once gave judgment, the Executive Council of the Soviet Government, sitting beneath a huge white bust of Karl Marx, ratified by
unanimous acclamation the list of the Genoa delegation presented by Foreign Minister Tchitcherin.
They are: Lenin, President; Tchitcherin, VicePresident, with the same powers as Lenin in the
latter's absence; Krassin, Litvinof, Joffe, Vorovsky,
Rakofsky, Narimonof from Azerbaijan, Medivany
from Georgia, Begzadian from Armenia, Khadjalef
from Bokhara, Yansen from the Far Eastern Republic, Schiiapnikof and Sapronoff, trade union leaders, representing the metal workers and building
trades respectivley, and Rudzutak, General Secretary of the Federation of Trade Unions." He added
that "full plenipotentiary powers are given to the
delegation to negotiate, conclude and sign the treat-
agreements that may be reached. Though border States of the Russian Federation are sending
delegations, it was decided that the delegation
should be a unit representing Russia, and that all the
delegates be a part of that unit and not representatives of different sections. Russia will go to Genoa
with a detailed statement showing the position of
industry, commerce, the railroads, agriculture, the
budget, etc., and an estimate of the figure required
ies of
to set
them on their
feet again."
The latter assertion was made by Assistant Finance Minister Sokolnikoff in the course of an interview with foreign newspaper correspondents. He
was reported to have declared also that "at the same
time we propose to put forward a statement of the
compensation due Russia as a result of the armed
intervention undertaken or fostered by the foreign
Powers. It is well that Russia should claim war
reparations.
upon Russia
This will be set against the demands
for compensation for confiscation
and
Before completing his interview
he outlined the Soviet economic policy as follows:
"1. Complete liquidation of gratuitous service by
utilities State controlled or supported by the State
itself.
2. Rigid economy and limitation of the budnationalization."
[Vol. 114.
Even early in the week some of the advices from
European capitals indicated that the Genoa
Allied
Conference might be postponed for a time at least.
The London correspondent of the New York "Times"
sent a cablegram to his paper Monday evening, in
which he said that "Lord Curzon will not leave for
Paris to-morrow [Tuesday] as was intended, and
the conference with Premier Poincare and Marquis
Delia Torretta, the Italian Foreign Minister, to discuss the problem of the Near East, has been postponed, as a result of the receipt from the French
(lovernment of a memorandum which demands time
for examination.
This memorandum explains the
French point of view in Eastern matters, and is in
the nature of a reply to an earlier British memorandum on the Near East that had been communicated
to Paris and Rome.
It is understood that Lord
Curzon has placed the French memorandum before
the Cabinet." On the other hand, the Associated
Press representative in Rome said that "the Italian
Government is continuing its preparations for the
organization of the Genoa Economic Conference as
if all the countries that have been invited, including
the United States and France, had unqualifiedly announced their intention to be represented. Furthermore, the New York "Times" correspondent in London said in a cablegram Wednesday morning that
"rumors of postponement of the Genoa Conference
until Easter have reached London only in newspaper dispatches from Paris. In London and Rome
nothing is known of the desire for postponement,
and March 8 still remains the official opening date."
He added that "all the invited Powers, except the
United States, have accepted the invitation.
The
American reply has not been received, but it is taken
as certain that it will be one of non-acceptance."
Continuing to outline the situation, he said: "Much
depends upon the form the American refusal will
take. It is thought probable that the State Department will embody in its reply a considered state-
ment of its attitude toward the general problem of
European reconstruction, and that such a statement
might have almost as profound and beneficial an
effect as actual participation.
The opinion is exgets of the different Ministries. 3. Development of pressed that France has it in her power to make or
the State Bank with large and small credits." The mar the whole Genoa plan, that she makes no secret
explained that "foreign of her reluctance to participate in the Conference
banks would be allowed to do business in Russia in except in the most formal sense, that she is eager for
participation with the State. Thus an American an Anglo-French compact but is otherwise unaccombank might open with half its own capital and half modating."
It seems that Turkey feels greatly hurt over not
that of the Soviet Government or other proportions and carry on usual banking business, includ- having received an invitation to the proposed Genoa
ing foreign exchange. 4. Admission of foreign and gathering. In a dispatch from Paris Wednesday it
private native capital in banks of industry, com- was stated that "Ferid Bey, Turkish Nationalist
merce, agriculture, etc., will be permitted, and even representative in Paris, to-day sent a letter to Prein T^ey' industries like mines, railroads, etc., re- mier Bonomi of Italy, expressing 'profound surprise
tained in the Government's hands in principle. 5. and keen regret' that his Government was not inDevelopment of the taxation and tariff systems on vited to send representatives to the Genoa Confera gold basis. This will imply considerable modifi- ence. The letter asked the Italian Premier to take
cation of the present Government monopoly of for- whatever steps he could to bring about such an ineign trade, which is already being prepared on lines vitation, and added that 'to exclude Turkey from inindicated in a previous dispatch. 6. Removal of the vitations addressed to the Mediterranean Powers is
financial burden of private enterprises from the more than injustice.'
shoulders of the State. This is already being done.
Enterprises started by State capital are being reCommenting upon the French note relative to the
quired either to show they can run at a profit and Near Eastern situation, to the dispatching of which
pay State interests, and a sinking fund to liquidate reference already has been made, the London corre"The
the original capital, or cease business unless they spondent of the New York "Herald" said:
find private support."
Paris conference of Foreign Ministers to discuss the
Near Eastern situation originally scheduled for to-
speaker
—
(Sokolnikoff)
—
THE CHRONICLE
Feb. 4 1922.]
morrow [Weduesday] now seems
poned
likely to be post-
indefinitely, instead of only a
.stated this
morning."
He added
few days, as
that "it
445
siderable danger unless the Allies agreed in advance
on a common attitude towards the Soviet delegates."
is indis-
became known in Paris a week ago last evening
that the German Government had delivered at the
Berlin office of the Reparations Commission its replayed a distinct resentment against the French, ply to the request of the Commission for a statewho had waited until the last minute before deliver- ment of the Government's position on the question
ing the note, which, it is said here, reopens questions of meeting future reparations payments. The reply
thought settled. There is no information available was telegraphed to the French capital promptly. In
as to the note's contents except that it is of a long a dispatch from Berlin Sunday morning, a detailed
and controversial nature. It was hinted, however, outline of the German reply was given. In the first
that the apparent necessity of placating anti-Turk- place, it was stated that "the German note requests
ish opinion in France, which it is felt here is con- that Germany be relieved of all cash payments in
siderable, is at the bottom of the latest communi- 1922. It also asks for a general reduction in cash
cation."
payments and an increase in payments in kind."
liutable that the latest French note, which was delivered here yesterday, has not fostered accord, and
in official quarters this afternoon there was dis-
In a Paris cablegram Wednesday evening the Associated Press stated that "the Xear Eastern question was considered bv Premier Poincare and a number of experts at a conference in the Quai d'Orsay
last night, which lasted until an early hour this
morning." It was added that "the conference originally was called to prepare for the meeting of the
British, French and Italian Foreign Ministers,
which was to have been held here to-day. It was
found that the circumstances surrounding the postponement of the Foreign Ministers' conference only
made it more necessary to examine in what respects
the British and French viewpoints differ, and as to
the aims of the two Governments."
The positive assertion was made in an Associated
Press cablegram from Paris Thursday evening that
"France will be officially represented at the international economic and financial conference in Genoa
early next month." It was added that "the assurrance of France's attendance was given in a communique from the Foreign Office which does not say
directly that France will be represented, but lets it
be understood that she is already committed as a
meml)er of the Supreme Council. In political circles it was explained that the communique was intended to show that France was already bound under former Premier Briand's action at the Cannes
conference of the Supreme Council. No postponement of the Genoa meeting is looked for here, notwithstanding the attitude of several Governments
in thi.s r.sepect.
M. I'oincare
careful study of the
is
program
planning to make a
for
tlie
conference,
with the assistance of experts."
The Jyondon correspondent of the New York
"Times" cabled yesterday morning that "the AngloFren(;h negotiations have reached a turning point.
Britain has again expres.sed her views a.s l)eing vt.'ry
definitely and «lecidedly against any agrcfments
that would tend to give the Anglo-French compact
the character of a military instrument. Two comrniinifations havf been rereived from J^roinifr Toiii
rare by the British Government. One related to the
compact and the other to the Near Fast. Hcplies to
•with either have been delivered or arc on
lie way.
The ItritJHh answers, it Ih understood, makf it perfectly clear that the French viewpoint on iiilcrmitiorial affair« is not shared by Britain.
The French
argninpnt tjpon the compnct is not known in de
tail."
.\crording to nn Associated Press dispatch
last evening, "the note prepared by I'renjier I'oin
cnre defining the conditions nn<Ier which, from the
French viewp(»int, the international ecoiunnic con
ference at Genf»a should open, declnrcH that the in
elusion of Soviet Kinisia might be fraught with con
I
It
Secondly, the note suggests that "the Allies take
measures to restore Germany's internal and external credit and thereby facilitate the floating of a big
It announces that
international reparation loan.
Germany will raise an internal loan in 1922 independently of the forced loan, in order to reduce the
floating debt." In the next place, it was asserted
that "the German Government recognizes that economic and financial considerations must yield to
It refers to the figures taken
political necessities.
into consideration at Cannes by the Allies, namely
720,000.000 gold marks in cash and 1,450,000,000
gold marks in kind, and requests a reduction in the
cash payments, increasing, if necessary, the payments in kind." The note also provides that "the
costs of occupation should be credited to the total
sum in cash and kind paid in 1922 and that the
other ot)ligations in foreign currency arising from
the Peace Treaty, especially clearing-house obligations, should be mitigated." The note concludes by
the declaration that "the recurring monthly or quar-
payments in foreign currency greatly hamper
Germany's efforts to put her finances in order, and
terly
that the restoration of the world's confidence in Germany's credit is a prerequisite condition for the complete discharge of her reparations payments."
came from Paris Monday morning that
reached
there
the
by
before
afternoon
Word
the note
special
courier.
became known here Monday evening through
cable advices from Paris that "the Allied Keparalions Commission decided to-day [Monday] to transmit Germany's latest reparations proposals to the
.\llied (lovernments and await their decision as to
It
whether they will treat the (piestion with Germany
llicniselves or refer it back to the Coniniissiou to
handle."
It was added that "the French ])resa is
practically
unanimous
in the
opinion that the Ger-
reply to the Reparations Commission's demand
for a plan of fiscal reforms in Germany and assurances regarding future reparations payments is un-
man
sal isfaclory."
.\ccording to a I'aris cablegram Tuesday morning
majority of the Reparations Commissiuu was
swinging around lo the idea thai a big loan to Germany offered the only solution of her finan<*ial prob;i
IcniM. It
was expected (hat the various
udiild not jiroceed
lo <liscuss direclly
proposals, which had
Commission, but
(
I
been referred to
would
ccfcr
lluni
iovj-rnnients
lie
German
them by the
l»:nk
lo
Hint
bf.dv.
Speaking at a Tnionist Council luncheon in I'.elfast, a week ago yesterday. Sir .Inmes Craig. Pre*
THE CHEONICLE
446
[Vol. 114.
mier of Ulster, gave the most definite and detailed Gordon, departed for Dublin to-day to confer with
account of the conference that he had in London Joseph McGrath, Minister of Labor in the Dail Eiwith Michael Collins of the Irish Free State, that reann Cabinet, regarding the railway situation."
has come to hand. It will be recalled that at that The Associated Press correspondent added that
meeting the two men reached an agreement as to a "this is the first instance of a conference between
boundary between Ulster and the Free State. Sir Ministers of the Northern and Southern GovernJames observed at the outset of his speech that ments since the recent meeting between Sir James
"when he entered into the discussion he had no idea Craig and Collins." Dublin dispatches on Tuesday
of arriving at a specific agreement about anything, and Wednesday stated that Premier Craig of Ulster
but that as the conference proceeded both partici- would arrive there the next day "for another conferpants saw the oi^portunity to arrive at a useful un- ence with Michael Collins."
derstanding." One of the most gratifying features
Evidently the results of the second conferof that gathering was that when they "saw the op- ence between Premier Craig and Michael Colportunity" they seized it and proceeded to "arrive" lins were not favorable.
The Dublin represpeedily. In a statement of his own attitude
and sentative of the New York "Herald" cabled
that of Collins to some extent during the negotia- Thursday night: "A serious hitch in the negotiations, Sir James said in part: "I can promise you tions between Sir James Craig, Premier of Ulster,
that he and I will be faithful to the bargain we en- and Michael Collins, head of the Irish Free State
tered into, and there will be no disturbance of those Government, occurred to-day. Following the meetpeople who desire to remain with us any more than ing of the two Irish leaders it was stated officially
there will be any disturbance of those desiring to that the discussion was confined to the subject of
go from under our flag into the Free State. That the boundary commission, which Sir James and Mr.
seems to me to be a fair bargain which will close a Collins agreed two weeks ago to remove from Britdifficult matter
difficult from his point of view, ish hands. A grave situation has arisen. The offibecause he wants peace, and difficult from my view- cial explanation is that Mr. Collins insisted on the
point, because I will never give in to any re-arrange- turning over to the Free State of certain territories
ment of the boundary that leaves Ulster's area less in Ulster which are involved in the settlement of the
than it is under the Act of 1920." Keferring to the boundary under the scheme for the commission and
agreement tiself, the Ulster Premier said
"I think, the agreements made between Lloyd George and the
for the credit of our land, we were able to put our Irish delegation to London. Sir James, on the other
names to a document which contains an admission hand, insists that he understood from private conby the Free State that Ulster is a separate entity versations with several British Ministers and the
with a head with whom they can in all events confer. statement in the House of Commons by Mr. Lloyd
Level-headed men throughout the country should George that the decision involved only the detailed
rally to that Government, which, in all events, is en- location of the boundary line." The Ulster Premier
deavoring to restore order and stave off separation, issued a statement yesterday, which showed clearly
and a Republic which is the party cry of the other that he had not reached an agreement with Michael
side." Going a step further, the speaker observed: Collins. He said that he had "suggested to Mr. Col"The fact that the boycott has been abolished is lins a week's adjournment for consideration of the
proof of the sincerity of Mr. Collins to carry out his situation regarding the boundaries between Ulster
part of the agreement. With regard to the boundary and South Ireland," but that "Collins had replied
agreement, we satisfied each other that it was far the differences separating them were so wide that
better that the two controlling interests should meet postponement would be useless."
to work out a boundary which will be agreeable to
those living on the boundary, rather than have an
In a wireless dispatch to his paper Wednesday
artificial line which may leave constant irritation morning, the New York "Times" representative ir
and a great deal of the trouble with which we have tlie German capital averred that the day before
been afflicted in the past."
"the Reichsbank asserted that it had only 75,000,000
Ireland is having fresh labor troubles.
Word gold marks' worth of foreign exchange on hand.
came from Dublin Tuesday morning that "Ireland is This is the first time the Reichsbank ever made pubup against the unemployment problem. She is just lic its foreign exchange holdings. It was only done
now emerging from war conditions, and her fight- in answer to a peremptory question by a Democrat,
ing men, as well as those M^ho kept at work for pa- Dr. Pachnicke, in executive committee of the Reich
triotic reasons, find themselves hard put in the gen- stag."
The correspondent further declared thai
eral economic depression.
Despite the successful "this committee, after hearing Reichsbank Presiefforts of the Provisional Government to postpone dent Dr. Havenstein, approved the draft of a law
the general rail strike, a sporadic outlaw strike is which will permit the Reichsbank to deposit anj
now paralyzing much of the South of Ireland, Cork part of its gold reserve in the Bank of England as
being practically isolated. No trains are running collateral for temporary foreign exchange loans,
from Dublin south of Mallow. Communications these in no case to be used for reparation payments,
from England are still maintained by way of Ross- Havenstein told the reactionary doubting Thomases
lare and the sea."
on the Reichstag committee that the Bank of EngIn a cablegram from London Tuesday morning it land pledged itself that Germany could, at any time,
was stated that official reports had been received on demand, obtain an export license and get its gold
there from Dublin that "the committee appointed back from England, and that the name and honor of
by the Provisional Government expects to complete the Bank of England and its directors stood behind
the draft of the Constitution by Feb. 3." A hopeful this pledge."
and significant message came from Belfast. It
stated that "John Miller Andrews, Ulster Minister
The German Government also has a railroad
of Labor, accompanied by Parliamentary Secretary strike on its hands. It began at midnight Wednes-
—
—
—
:
THE CHRONICLE
Feb. 4 1922.]
The
day.
on
the
vote
of
the
Executive
men going out was twenty
Committee
to
said that "for the Premiership those named most
frequently are Orlando, Giolitti and de Nicola. It
is considered probable that the next
Government
will be an Orlando-Giolitti coalition, which would
be perhaps the strongest combination
possible.
There is no probability of the reins of Government
being taken up by Nitti, who has not succeeded in
fifteen.
It was stated in a Berlin dispatch Thursday morning that "the strikers, led by the locomotive engineers, include the firemen, conductors, brakemen
and station-masters. Whether other categories of
uncertain." The New York
"Times" correspondent observed that "this strike
railroaders will join
447
is
obtaining a large following, despite the influence on
public opinion of several large newspapers throughout Italy which he owns." In a news agency dis-
has the peculiarly interesting character of a supreme
show-down and a great test of power between the
Government and radicalized union labor. The Government, fully realizing the magnitude of the issue,
has taken radical and active measures to break up
the strike, and a rough time, marked by violence,
may be looked for." The Government took vigorous
steps in advance to maintain absolute control of the
situation.
Notwithstandin these precautionary
measures, the Berlin advices yesterday morning
stated that "Germany is completely tied up by the
railroad strike to-night" (Thursday). The situation
was further outlined in part as follows: "The cessation of traffic is complete, not only in the Berlin
district, but in the Ruhr, Essen, Elberfeld and Munster, likewise in Central Germany, in Halle, the 'red
heart of Germany' also in Saxony, Leipsic and Dresden. It is the completest railroad tie-up Germany has
experienced, not excepting the railroad strike in defense of the republic during the Kapp counter-revo-
London from Rome last evening,
was said that "the Presidents of the Italian Senate and Chamber of Deputies have advised King Victor Emanuel to ask former Premier Giolitti to form
a Cabinet in succession to the Bonomi Ministry."
patch, received in
it
European centres continue to be quoted at 5% in London, Berlin and Belgium; 534% in Paris, Denmark and Sweden; 6% in
Rome, Norway and Madrid; 4J^% in Holland and
4% in Switzerland. In London the open market discount rates have been reduced to 3^% for short bills
and 3H@3 9-16% for three months, as against 3 9-16
and 3 11-16% last week. Money on call was also
easier, and is now quoted at 2%, in comparison
with 334% a week ago. In Paris the open market
discount rate remains at 5%, unchanged, but SwitOfficial discounts at leading
;
zerland
2}^@S%,
having been reduced to
is easier,
The authorities are making heroic efforts
man the milk train with strike breakers, run them against 4 3^% the previous quotation.
lution.
to
in the first line, to be followed if possible by food
trians, then coal trains.
Strikers, however, laugh
at the idea of high Government officials of the rail-
Another increase in gold was reported by the Bank
England this week, namely £305,158. Note circulation, however, was increased by £1,381,000, so
of
way service being turned loose in the locomotives
with the intent to pilot strike-breaking trains. The
railroad strike spells a stroke of paralysis to Germany's economic life which it can ill afford even
temporarily. The first noticeable result is that Berlin hotels are almost deserted, as most visitors departed yesterday, though not a few are mournfully
marooned in Berlin to-night" (Thursday). The asseration was made in an Associated Press cablegram
from Berlin last evening that "Germany's railway
strike became even more complete to-day, when the
Berlin branch of the railway union joined the ranks
of the strikers." The Philadelphia "Public Ledger"
representative in the (ierman capital claimed that
"the Government has public opinion solidly on its
side in its struggle with the National Railwaymen's
organizations."
Another FJnrf)pean Ministry has gone down. The
resignation of Premier Bonomi of Italy and his Cabinet was announced in the Chaml>er of Deputies
Thursday afternoon. It was hh'u] that it "was received by the Chambiir in absolute silence." In explaining the situation the Associated Press correMponrlent in the Italian capital said: "The Ministry at an early hour to-day found itsflf in a precarious Hitiiation as it facod the convening of Parliament. The Df-mocratK, iifjon which the Government
had counted for
riH
cialistH.
did
comparison with 18.23% last week. This was
due primarily to a heavy increase in deposits. In
the corresponding week of 1921 the reserve ratio
stood at 11.54% and 223/^% the year before. Public deposits registered a gain of £1,122,000 and other
deposits £23,821,000.
Loans on Government securities increased £29,125,000.
Loans on other securities were reduced £3,078,000.
Gold stocks on
hand now stand at £128,752,275. A year ago the
total was £128,292,398 and in 1920 £103,108,139.
Reserves aggregate £23,615,000, which compares
with £17,142,018 in 1921 and £32,235,094 a year
earlier.
Loans total £80,589,000, as against £78,690,717 and £82,451,421 one and two years ago, respectively.
Circulation is £123,586,000, in comparison with £129,600,380 a year ago and £89,323,045
1920.
ill
Clearings through the London banks for
the week were £765,075,000, compnring with £764,814,000 a week ago and £830,973,000 last year.
Tlie Bank's minimum discount rate has not been
eluinged from 5%.
We append a tabular statement
of comparisons of the i)rincipal items of the Bank of
in
I'Ingland returns:
HANK OK
r.NOI.AN'D'a
Iii2:<.
r€i>. 1.
had passed
opposi
tion over ni^ht, while the Fascisti and the NationalistH maintained their strong opi)ONition. The Cafli
olic i'nrty remained firm for Premier I'.onomi, how-
wer,
that total reserve declined £1,076,000, while the proportion of reserve to liabilities was reduced to 14.70%,
l.")0
voten,
to the
own
.mn;ill group n[ Keforrn HoThe Cabinet Connril met this morning tr»
al.Mo liin
discusH the Hitnation created by the altitude of the
Parliament, sayx the statement, and hh a rewidt the
Governrrirrit'H derision to n'Hign was reached."
cable advices from Rome yesterday morning it
In
was
c
C
I
nil
IllllMiill
I
lo
I'.aiih
t.'
r
I
16
IK.ilHfi,'>:ii,
la
1.71m
r.;i.'.i'.i).i.'-i^
.
1 •.'(•.
Hf.
-•i
t
-.1
7-t. 1^(1.1.0(10
7(1.(121,1(1(1
•I(l,,-.IM.7I
m),r>Nii.()(io
7H,mm,7i7
I7.M2.0IN
H2.<M.r.'i
in
;t2,2;t/..(iiM
IH(1
i3H.7A3.il7a 138,303.a<m
lll.'t.lOH.I.'IU
UM%
2J <:.
n..
2»,(iir>,(Rio
^r
7(1%
ft'-t,
The
lOIN.
AV6. a.
r
iN.(i(i:i.r.i:i
U
II
Ml its
I.
1010.
Fib. 6.
i/v.imi.iKKi
ti
olii
I.
Kii.:i2:i.(ii'i
1
I'miKiri ..,.,f
11120.
ym
i2(i.nrif).;iH0
in.TAi.noo
11'
:OMPAUATIVn STATI'.MKNT.
.123./iH(l.(K)0
.
1
f
1021.
Fih. 2.
T",
I
hl.44.i,(lti<
iiH.dOW.Mlt
20 Ml'
f.',.
Hardc of I'lance continues to report small
IS.fiOCn
B%
g:i,ins
gold item, the increase this week beintr lOS.CMlO
[Vol. 114.
THE CHKONTCLE
448
ratio declined 1.0%,
changes above noted the reserve
and 4.8 /o, to
The
francs.
for the combined system
76
2%
to
5,501,with
comparing
York Reserve Bank.
up to 5,524,830,900 francs,
84 8% in the case of the New
5,580,with
and
year
last
941 164 francs at this time
of the foregoing
previous;
Clearmg House
59^^953 francs the year
Saturday's statement of New York
abroad
held
were
down ot
am'ounts 1,948,367,056 francs
members again indicated a material drawmg
francs
1,978,27^,416
were also
blh 1922 and 1921, and
Coincidentally with this, deposits
loans
registered
were
increases
During the week
1920
Member banks, however, apparently are
reduced.
bills
francs;
Silver, 3,000
indebtedness at the
the various items as follows:
endeavoring to reduce their
ur^
^^^^^^^^f^
discounted, 428,389,000 francs; Tref
the result was a sharp cut
230,21b,0UU Reserve Bank and
deposits,
general
were re6,799,000 francs; and
Actual figures show that loans
reserves.
Advances, on the other
francs.
J^^^ «J^ duced $27,969,000. Net demand deposits dechnecl
^^f^f
173,8bi,uuu
of
expansion
This is exclusive
23,351,000 francs. An
$3,861,394,000.
the total $22,887,000, to
bringing
circulation,
deposits. Net t^ime
francs occurred in note
of $58,362,000 in Government
conThis
francs.
outstanding up to 36,606,710,000
w;re reduced $16,071,000, to $219,690,000^
the correspond- deposits
on
francs
38,205,387,420
trasts with
Cash held in own vaults by members ^^f^^^f^lf
francs
889,730
38,041
$360,000, to $63,612^00,
ing date last ^ear and with
the Reserve Bank decreased
1914,
war,
oi
outbreak
the
Just prior to
1920
«^_^^^^„"
as reserve. I\f
Compari- but this is not counted
francs.
^J^f^
6,683,184,785
fell
$57
/ OOU,
only
vaults
in own
amount was
with banks and trust companies
return
week's
this
in
depositories by btate
sons of the various items
the reserves kept in other
and
dates
ihe
and correspondmg
the statement of last week
and trust companies decreased $406,000.
banks
the Federal Reserve
both 1921 and 1920 are as follows:
STATEMENT.
reserves of member banks with
BANK OF FRANCE'S COMPARATIVE
feature
brought down $21,414,000, a
were
Bank
iJ-i-^l
Fet>.
for Week.
Francs.
p^^ncs
and served to
offset the reduction in deposits
which
Gold Holdings3,553.574.108 3,602.316.537
^'"""o
^ (li^TeZ Sii
nnn
Inc.
Ir,^Franco
^,^108^00^
_1W67^056 1.078.27^16
of $18,890,020; thus
bring about a loss in surplus
900 5.501,941,164 5.580.5||||
reserves on hand to
Totai:-'_\';.'--rn"-1^00 5,524 830
reducing the total of excess
week ago. ihe
2, |:
| 3,317704191 2,119,3
K^unte.:::|c:42s.38
$20,735,950 from $39,625,970 a
33:205 3^^ 38,041.|89.|
reserves of 13 /c
e^-^uia.on:::f^ll
figures for surplus are based on
brought
Bank's gold holdings are thu^
m
m
m
m
'
m
m
m
^S^Sg
,
:
:
IS
30:1|:|:S
Srrdfp^?tr-:S^c:23S:ro 2,6fl:S00
The Imperial Bank
of
3,619.931.198
Germany
3,160.836.408
above
member banks
over legal requirements for
not includmg cash
Federal Reserve System, but
held by these
vault to the amount of $63,612,000
ot
tlie
m
in its statement,
the following changes:
issued as of January 23, showed
increase
A decline in gold of 1,000 mks., and an
m
inks.
Treasury certificates of 1,297,869,000
sum oi 5
discounted were reduced by the huge
Bills
1 2.,-
banks on Saturday
^'
last.
latest issue o
Coincident with payment of the
and the interest
Treasury Certificates of Indebtedness
heavy calhng
and dividend disbursements on Feb. 1,
the ocal
and call money
of loans was reported
the last half of the
market advanced to 6%. During
downward although
week the trend was moderately 5i^%.
Betore tne
was
the renewal rate yesterday
however, it dropped to
close of the business session,
attributed
The higher rate at midweek was
fell off 4,247,156,000
318 000 mks., while deposits
reduction,
mks Note circulation again registered a
advances also there
namely, 704,331,000 mks. In
Other secAinties
was a decrease, 6,781,000 mks.
other liabilities
were reduced 1,276,158,000 mks.,
3,981,000 mks.
371,553,000 inks, and investments
as 995, 391,The Bank's gold holdings are reported
mks. last year am.
to which reference
000 mks., as against 1,091, 554,000
largely to the special developments
now
circulation
Note
1920.
striking ehange in he
1 089 820,000 mks. in
has been made and not to a
compares
which
mks.,
that the
stands at 111,889,569,000
monetary position. The veiy fact
general
35,984,620,000
off ermgom^^^^^^
with 66,018,450,000 mks. in 1921 and
subscriptions to the '^400,000,000
practically $600, 000, Ot^
mks. a year earlier.
Certificates amounted to
abundance of funds
that the banks have an
statement,
indicated
Bank
Reserve
Analysis of the Federal
The prevaihng opinfurther seeking short term investment.
a
showed
afternoon,
Thursday
issued late on
some circles money is spoken
of $7,000,000, ion is that, although in
system,
whole
the
for
gold
in
gain
probabih y ot
rather firmer, there is Uttle
being
of
bank
as
of
York
New
the
notwithstanding a loss by
future
in the immediate
showed
real stringency developing
a
banks
reporting
twelve
$41,000,000. The
anything of this land is,
of Govern- It is pointed out that
rediscounts
in
$3,000,000
of
an increase
long as conditions re$16,- fact, practically impossible so
ment paper, but a reduction in "all other" of
been for several month.
as they are and have
increased
main
market
open
the
in
000,000. Bill purchases
draw special attention
reduced Those making this observation
were
hand
on
bills
Total
$8,000,000.
business m
dulness in most lines ot
total earning assets to the continued
in
increase
large
A
000,000.
$5
improbability of Europe becomthis country and the
expanded
deposits
while
$50,000,000—
and
was reported—
until political, economic
cir- ing a much larger buyer
actual
in
notes
Reserve
Federal
$62 000,000.
on the other side of the Atlaiti^
In the New York financial conditions
would
culation' declined $6,000,000.
m
4U%
m
Governments
more settled. European
bank increases were shown of $9,000,000 in Govern- are
sums of money m the United
like to borrow large
approximately
of
decrease
and
a
paper
ment secured
but events
which to meet their obligations,
Bill purchases were States with
other."
"all
in
amount
resigsame
the
been noted this week, namely the
have
as
such
hand
on
bills
all
of
total
the
000,000 larger, and
railroad
$8
against
increased $9,000,000, to $155,772,000, as
also
$954,897,000 in the same week of 1921. Here
increased, the
total' earning assets and deposits were
former $53,000,000 and the latter $15,000,000.
local
Federal Reserve notes in circulation by the
the
institution expanded $9,000,000. As a result of
the general
nation of the Italian Cabinet,
continued uncertainty
in Germany and the
strike
Conference and
Genoa
relative to the holding of the
not furnish good material
the reparations situation, do
our market.
to offer foreign loans in
on which
Bankers feel that
it
a
might be just as well to wait
THE CHKONTCLE
Feb. 4 1922.]
449
little
while before making offerings of large domestic
corporate issues. Otherwise it is probable that the
Sterling exchange displayed a soaring tendency this
week, and rates, under the impetus of a moderately
Great Northern Ry. bonds would have been put on
bounded upward to 4 30 15-16, which
the highest point touched since August 1919, and
more than 10 cents above the low level of a week ago.
Improvement in the international situation and a
more hopeful feeling over the domestic and foreign
outlook undoubtedly played some part in strengthen-
the market before this.
is
Referring to money rates in detail, the range for
call loans this week was 4:}A@6%, which co mpares
was the
with 4(g)y5}/^% last week. Monday
high, 5% the low, with renewals at the latter figure.
On Tuesday there was no range, a single rate of 5%
being quoted. Renewals were still negotiated at 5%
on Wednesday, but for a brief period the call rate was
advanced to 6%; the low was 5%. On Thursday the
renewal basis was 5}/2%, which was also the maxi-
oH%
mum
An easier tendency was
the min imum was 5%
noted on Friday and there was a decline to 43^%.
Renewals, however, were still put through at oJ^%,
the high. Funds were in fairly liberal supply. The
figures here given apply to loans on mixed collateral
and on all-industrial securities alike. For fixed-date
maturities the situation remains about the same.
Owing to the month-end settlements lenders were
unwilling to put out funds in large amounts and the
range was slightly firmer, at
for all periods
from sixty days to six months, against 4^@43^%
a week ago. Only a very limited volume of business
was transacted, as borrowers did not show any
disposition to raise then bids above 43/2%Mercantile paper rates continue to be quoted at
4^@,5% for sixty and ninety days' endorsed bills
receivable and six months' names of choice character,
with names not so well known at 5@534%, unchanged. A good demand was noted for the best
names. Country banks were the principal buyers and
most of the trades were made at the outside figtfre.
Banks' and bankers' acceptances remained at the
.
:
4^@5%
levels previously current.
A
fair
amount
of business
was transacted, but some authorities were responsible
for the statement that offerings were in excess of the
demand. For call loans against bankers' acceptances
the posted rate of the American Acceptance Council
remains at 414% The Acceptance Council makes the
discount rates on prime bankers' acceptances eligible
for purchase by the Federal Reserve Bank 4]/^% bid
and 4% asked for bills running for 120 days; 4 3^(^,4%
for ninety days; 4K^4% for sixty days and
4H@4%
for thirty days.
Open market quotations follow:
•
HPrrr
dklivery.
30
PrtMaUslMe MUa
4>4fc43H
/)C(/,t.
\Viii.3Vi
FOR DFXIVKBY WITHI.V THIRTV DAYS.
BHglbte MmtMr bMka
BUflbto MMi-inanbcr bMika
iMllClbl*
...4H hitl
..AV, l)l«l
...*M bid
bMik blU
There Lave been no changes
this week in Federal
following i.s the schedule
of rates now in effect for thevariou.s cl.'us.ses of paper
at the different Reserve Banks:
niHCOUNT RATES OF THE WMmKl. RKHKRVE BANKH
Reserve Bank rutes.
active inquiry,
The
IN BFKIXJT KKUUI/AKY
3 1022.
ing price levels, but in
factor in the rise
acute
shortage
all
probability the prime
was what amounted to an almost
of
commercial
bills
offering,
also-
buying by dealers to cover short commitments. It i&
understood that certain interests who had been confidently looking for a sharp recession in sterling, havebeen badly "squeezed" and are being compelled totake heavy losses.
According to bankers usually well informed, the
volume of business was comparatively small, and
some irregularity was noted in the early part of th e
week, although the trend for the most part was upward. Cable quotations from London were strong
practically throughout, which, of course, exercised a
strengthening influence on the market here.
Some banks are said to have been actively converting dollar balances into sterling during the past few
days. Later in the week a lessening in the demand
was noted, while at the same time offerings were
larger; hence there was a slight recession; but at the
extreme close prices stiffened again and the final
range was at the top.
Referring to the more detailed quotations, sterling
exchange on Saturday of last week was strong and
higher, with an advance to 4 243^@4 24 13-16 for
demand, to 4 245^@4 25 5-16 for cable transfers and
to 4 22i^@4 22^ for 60 days; a better inquirj^ was
noted, while offerings were still light.
On Monday
prices shot up to the highest point touched since
Aug. 1919, namely, 4 27 13-16 for demand; the low
was 4 2434; while cable transfers ranged between
4 24;^^: and 4 28 5-16 and 60 days 4 2234@4 25 13-16;
good buying coupled with a scarcity of commercial
bills was mainly responsible for the rise.
Increased
strength developed on Tuesday, which carried de-
mand
to 4 26@4 21%, cable transfers to
4 27;^s@4 2^y^, and 60 days to 4 24@4 25>g; the
volume of business, however, was not large. WednesIjills
up
day's market was strong and more active; quotations
again touched new high levels on the present movement, namely. 4 21]4@4 28^ for demand,4 273^®
4 29 J/4 for cable transf(^rs and 4 2r^l4@A 2b% for 60
days.
A slight roacilionary tendency was witiu^ssed
on Thursday, and
th(!
range for
demand
declined to
26fe4 27, cabl(! transfers to 4 27(^44 28 and sixty
4 25; a lessening in activity is noted.
On
i-'riday Ihe undertone was firm and rates moved upward; demand was (i noted at 4 29>2C"i4 30 l.VKi,
cable transfers at 4 30@4 31 7-l() and sixty days at
4 2iy2
4 28 15-16.
(Closing
were
(flotations
28 l.'')-Hi for sixty days, 4 30 15-l() for demand and
131 7-H» for cjibh' transfers. ( 'ojiiniercinl sight
I
(lays to
@
WUtrtn 00 tayt )lwl mrm-'
^*f banW IV<{iv eoltatrrat HanJtrf'
naUM{ §tewa bv aa*^
~
9f~
TrMtMT)
lAhtrpf
•KH/j anti
bnmtt
rrrntinar
and
9/
tmfM-
Vtnory
naUt
Wtmum
*H
*H
F>.
Rl''hrn»mf
•
4H
<H
«**
I
\
]
Olhrrvtt«
irrurrit
ft
111
i
lancu
autp-
dUc'ltd
Uinrif
f,n
mr-'n'irr
banU
WWWM'ftf
*H
V^
1
AffTtml-
TtoA*
luriit
atui
Unit
lltt
ttnffrr
mnturing maturing
uUhtn 111 la m(i
U<J<<<IV«
l.ills finJKhed at 4 30 7-16, sixty (hiys at
I 26
l-Hi,
ninety dayH at 4 25 l-Ki, dociinienis for jiayment
at 4 26 5-16, and w^ven-day grain bills
29 15-16, Cotton and grain for payment closed
(.sixty (lays)
«H
«H
<H
4H
«W
4K
<H
<4
r,
at.
at
t
131 7-16.
,
r,
A
fHj,...
ao
rraiiel«ao.
*H
iH
4K
4H
f*2.«l'J.">.(l(K)
/I
oil
A
A
A
frrdn
tliii
K<M
The week's gold arrivals inciinicd
Mm Z.-nlunil from Kn»;l/nnl. *'.HI.(KK>
l.iirM oil
f'arnmiiia from KiikIiiikI, fJ((l,(KH) on
(lii«
Toiiniino
Kraiicc, $1 ,1.'».''»,(HM) on f.hn lf<-lli(,r Olav from Norway
H} r'a«««M of mjIvit valiK'M n\ .S.fXKI.fKMJ iirippr innrkH on
A
aiul
I
4W
fhn
MaiiHa fmin IfarnhiirK.
.Smaller armiuniM from HoiiMi
Aiiieriean jiointw wi'r« reeniviMl on fo!!own: t7().(KK) on
Mm
THE CHEOlSnCLE
450
Grove from Colombia, $19,130 on the Zulia from the Danish
West Indies, $12,000 in currency on the Pastores from Costa
Rica; 9 cases of gold and gold coin on the Tivives from Cartagena, and $17,440 on the Tosto from Colombia.
Gold is
said to be on its way here on the George Washington and the
Baltic.
The Swedish steamship Gustafsohn arrived in
Baltimore yesterday with $1,328,000 in gold bars for the
National Bank of Commerce.
The Continental exchanges
[Vol. 114.
Last week the close was 0.49^ and
Austrian kronen, which ruled weak at very
close to last week's levels, finished at 0.02^4 for
checks and 0.0334 for cable transfers, as against
0.023^2 and 0.03 last week.
Lire closed the week at
4.66 for bankers' sight bills and 4.67 for cable transfers, which compares with 4.43^ and 4.44^ the
week before. Czecho-Slovakian exchange finished
at 1.9134) against
Bucharest at 0.83,
1.933^2;
mittances.
0.503<4.
followed the lead of"
sterling and sharp advances took place in a number
against 0.75; Poland at 0.0305, against 0.0310, and
of the leading European currencies, thereby establishFinland at 2.02, against 1.93 the week preceding.
ing new high records on the current upswing in both Greek exchange remained almost stationary until
French and Belgian francs, Italian lire and some of Friday, when it advanced and closed at 4.43 for
the Central European exchanges. The underlying checks and 4.48 for cable transfers, against 4.35 and
same as those operating
the sterling market, and on the surface at least
the rise was partly the result of attempts to cover
short commitments in a market practically bare of
offerings and a more optimistic feeling regarding
factors were substantially the
4.40 last week.
in
Movements
on the former neutral centres
closely paralleled those in sterling and on the other
Continental exchanges.
Trading was inclined to be
deal- "spotty" with spurts of feverish activity and long
European developments. As a matter of fact,
ers were somewhat at a loss to assign any really adequate reason for the advance in price levels. Almost from the start strength developed and exchange
on Paris rose steadily from 8.183^ for checks to 8.383^,
on moderate buying. Antwerp francs moved in
sympathy and registered a gain of 17 J^ points, to
8.01
Italian lire sold up to 4.72, an advance for the
week of 29 points, and also a new high on the present
movement. A certain amount of irregularity was
noted and fluctuations were quite pronounced.
Francs, for instance, showing on some days a range
Later
of as much as 12 points and lire of 14 points.
and
the
close
was
lost
gains
were
of
these
on some
below the best in some instances. Reichsmarks
failed to participate in the general firmness and
the quotation was heavy throughout, at or near
0.49K for checks. This was attributed to un.
over the financial outlook. Dispatches
from Berlin stated that Germany had asked the
Reparations Commission to be relieved of all cash
payments in 1922, also that the Allies take
easiness
in rates
intervals of intense dulness.
Here, too, the trend
was upward and marked gains were noted in guilders,
some of the Scandinavian currencies and Spanish
pesetas.
Dutch exchange sold up to 37.13 for checks
on good buying, ostensibly for German account.
Copenhagen remittances gained more than 25 point-s
and Swedish exchange over 49 points. Norwegian
exchange, which has been under pressure lately, also
recovered to 16.23, an advance of 34 points for the
week. Pesetas were 27 points higher at 15.35. At
the close, however, a slightly reactionary tendency
developed and minor losses were noted.
Bankers' sight on Amsterdam finished at 37.10,
against 36.69; cable transfers at 37.15, against 36.74;
commercial sight at 37.05 against 36.64, and commercial sixty days at 36.69 against 36.28 last weekClosing rates for Swiss francs were 19.53 for bankers*
sight bills and 19.55 for cable transfers, against 19.46
and 19.51 a week ago. Copenhagen checks finished
at 20.25 and cable transfers at 20.30 against 19,97
and 20.02. Checks on Sweden closed at 25.49 and
measures to restore Germany's internal and external cable transfers at 25.54 against 24.95 and 25.00,
News that German manufacturers exporting while checks on Norway finished at 16.02 and cable
credit.
to Italy are contracting only in terms of Italian lire transfers at 16.07 against 15.67 and 15.72 a week ago.
for the purpose of eliminating the risk of declines in Spanish pesetas closed at 15.30 for checks and 15.35
the value of German currency attracted attention. for cable remittances. This compares with 15.03 and
The recent warning of the Bureau of Foreign and 15.08 last week.
Domestic Commerce at Washington against investWith regard to South American rates, further imments in securities of foreign countries, the principal provement has been noted in Argentine currency, and
and interest of which are payable in greatly depre- the close for the check rate on Argentina was 35J^
ciated currency, also a statement by the head of the and cable transfers 36, against 34^4 and 34% the
Inter-American High Commission to the effect that previous week. Brazil was a trifle higher at 12 J^
no stability of exchange need be looked for until for checks and 13 for cable transfers, against 12%
Chilean exchange was firmer
there is a cessation of inflation at leading Continental and 12J/8 a week ago.
centres, are believed to have had the effect of ren- and advanced to 10, but finished at 9H, against 93^^
dering dealers, if anything, even more cautious in last week; Peru is still quoted at 3 55, unchanged.
Whattheir attitude toward trading in exchange.
Far Eastern exchange was as follows: Hong Kong
ever activity has taken place this week is accredited 5534@553/^ against 5434@55; Shanghai, 76M@77
either to covering of shorts or else buying for reparations purposes.
The
official
rate on Paris closed at
at 8.34, against 8.163^, and commercial sixty days at 8.28, against 8.1034 last week.
Final quotations on Antwerp francs were 8.01 for
bills
checks and 8.02 for cable transfers, as compared with
7.833^ and 7.8434 the previous week. Reichsmarks
closed at
0.48^
76M@7634; Yokohama, 473^@47K
47K@47K;
London check
Sight bills
51.32, in comparison to 51.85 last week.
finished
centre
at
8.36, against
here on the French
against
at
transfers
8.37,
cable
8.193^; com8.18J4;
mercial sight
against
for checks
and
0.493/8 for cable re-
Manila,
4934@49K
against
(unchanged); Sing-
apore, 50@50}4 against 4934@493^; Bombay, 28%
29 against 283^@28%, and Calcutta, 29@29M
against
28%@29.
Pursuant to the requirements of Section 403 of the
Emergency Tariff Act of May 27 1921, the Federal
Reserve Bank is now certifying daily to the Secretary
of the Treasury the buying rate for cable transfers
on the different countries of the world. We give
below the record for the week just past. The Federal
THE CHRONICLE
Feb. 4 1922.]
Reserve Bank does not proclaim the rates until the
NO PROSPERITY WITHOUT LIBERTY AND
of the following day, and therefore the latest
figures it is possible to include in our table are those
morning
for
Thursday noon, announced on Friday:
Rate for Cable Transfers in New York.
Value in United States Money.
OouHtru and Monetary Unit.
Feb.
Feb. 2.
1.
S
.000352
.0792
.00695
.019469
$
.000309
.0795
.007042
.018613
S
$
$
*
.000308
.000294 .000292 .000314
.0796
Rplgliim tTATin
.0784
.0790
.0785
.007083
BulgarlA, lev
.006957 .007029 .00695
.018484
.019306
Ciecho-Slovakla. krone
.019416
.019294
.2020
n<>Timark kronfl
.2019
.2019
.2004
.1996
.1996
4.2878
4.2980
4.2767
4.2646
England, pound
4.2396
4.2486
.020136 .020129 .020014
FtDland, markka
.018871 .019817 .0199
.0831
.0835
.0830
.0828
France, frane
.0820
.0818
Germany, relchamark
.004963 .004991 .004991 .004958 .004914 .004SS5
.0442
.0443
.0444
.0441
Greece, drachma
.0440
.0440
.3694
.3699
.3701
.3681
Holland, florin or guilder.. .3662
.3672
.0C1467
.001522
.001425
.001509
Hungary, krone
.001427 .001431
.0466
.0465
.0454
.0459
.0447
Italy, lira
.0442
.003322 .003314 .003282
Jogoelavla, krone
.003294 .003281 .0033
.1587
.1587
.1591
.1580
.1570
Nwway. krone
.1568
.000305 .000307
Poland. Polish mark
.000303 .000296 .000306 .0003
.0771
.0769
.0749
.0771
Portugal, escuda
.0781
.0766
.007396 .007504 .007442 .007442
Rumania, leu
.007375 .0074
.RjThlft
ritnar
.01325
.01332
.013183
.01329
.013225 .01322
.1520
.1512
.1518
.1527
Spain, peseta
.1504
.1507
SwiHipn, krnna
.2544
.2542
.2550
.2511
.2523
.2504
.1949
.1950
.1950
Switzerland, franc
.1948
.1952
.1951
Aufltrla.
i
krooe
ASIA—
China. Chefoo tael.
Hankow
tael
Shanshai tael
Tientsin tael
Hong Kong
Mexican
"
dollar.
dollar
dollar
Yuan dollar
India, rupee
Japan, yen
Singapore, dollar
NORTH AMERICA—
PHnart.i
rinllar
Cuba, peso
Mexico, peso
Newf oun dland
.7850
.7850
.7404
.7900
.5475
.5370
.7850
.7850
.7408
.7892
.5454
.5377
.7883
.7883
.7428
.7917
.5503
.5389
.7858
.7858
.7424
.7892
.5529
.5422
.7867
.7867
.7418
.7900
.5505
.5415
.5542
.5458
.2766
.4749
.4817
.5475
.5496
.2769
.4750
.4817
.5550
.5458
.2784
.4749
.4817
.5542
.5508
.2786
.4750
.4829
.5583
.5600
.2774
.4735
.4858
.5508
.5533
.2784
.4733
.4800
.952813
.997085
.951458
.954375
.997085
.4868
.952292
.9550
.9971881
.4863
.953125,
.956641
.997501
.48675
.954896
.956406
.997501
.4870
.954375
.955938
.997918
.486725
.95375
.8010
.8231
.12.56
.12.59
.7.582
.8308
.1261
.7642
.8212
.1263
.7617
.8105
.1261
.7561
.8099
.1266
.7571
.4871
,
dollar
SOUTH AMERICA—
Argentina, peso (gold)
BrazU, mllrels
Uruguay, peso
.7431
1
represent an annual stock-taking of the rewards of
sable contribution to our national welfare. Regardless of price, they do assert our independence, our
strength, our recovery.
Banks' Interior movement.
Gain
to
or Loss
Banks.
S924.000Gain 3^.524.190
S4.448,1P0
And as all agricultiiral increase in
surplus readily transforms into other forms of
production, the while it sustains life itself; transforms into all that we term capital; the harvest is
an original talisman of our certain though slow restoration. To this integral element of our advance
we add another the undying spirit of betterment.
Nothing long satisfies the imperious ambition of
man. High above all "acquisition" is this desire for
a more perfected life. AU the material in which
man works has within it the spiritual the aspirastore by labor.
INSTITUTIONS.
Out of
Banks.
have never in an access of fury and insanity
burned a single crop entire. But in a blind madness (we speak in the abstract-general) we engaged
war that consumed and destroyed years of the saving of labor. That we must replace. That we must re-
OUHREXCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
Into
Banks.
We
in
in their
operations with interior banking institutions, have
gained 83.524,190 net in cash as a result of the currency movements for the week ending February 3.
Their receipts from the interior have aggregated
14,448,190, while the shipments have reached §924,000. as per the following table:
3.
their influence is so great, they
labor, that a people should rejoice in their indispen-
The New York Clearing House banks,
Week ending Ptb.
And
prosperity.
.7796
.7796
.7382
.7829
.5494
.5358
Tientsin or Pelyang
'•
have advanced the thought that every harvest
United States marks a milestone in our recovery.
Harvest is not only the garnering of the
work of man but that of Nature. In production, by
field and farm, is the primal source of wealth. Happily this form of production is perennial. Yet agriculture, because of price, seems to find little comfort in this obvious truth. Abundance is measured,
not by good to mankind, but by its relative value in
commerce. We have plenty in greatest measure;
recent years have been indulgent and kind. What
would now be our fate if to the toll of war we had
been compelled to live under years of recurrent failure of crops? The marketable value, the price
value, of our plethoric harvests, should not blind us
to the fundamental part they play in our return to
in the
Noon Buving
\Jan. 27. Jan. 28. '^Jan. 30. Jan. 31.
LABOR.
We
CABLE BUYING RATES FIXED BY FEDERAL RESERVE BANK.
JAN. 27 1922 TO FEB. 2 1922. INCLUSIVE.
EUROPE
451
its
—
—
conquer and enjoy.
tion to achieve, to control, to
As
the Snb-Treasury
was taken over by the Fed-
If
the bounty of the harvest is beneficent, this aspira-
eral Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government opera
tions on the Clearing House institutions. The Fed
eral Reserve Bank of New York was creditor at the
j)]ishment.
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
find everywhere evidence of the travail of the spirit
AT CLEARING HOUHE.
tatardan.
Jan. 28.
Mandav.
Tmudav,
Jan. 30.
Jan. 31.
Wednesday.
ra>.
I.
Thuriday,
Feb.
2.
TlHr forecolnc
We
Friday,
Feb. 3.
mind
heavy
spirit
The following table indirales the amount of
Hon in the principal lOiirofjean banks:
rttnmy 3
Its,
nrtMMl
rr
\7mv:rrv
.
Gold.
ratal.
auter.
Toial.
t
£
£
1?^ ?n?.i'>s
i28 7.W.27-, I2«.202.30a
ii.;.(tr,r,
.
\
<»r
All
.
II,
•
,
•.77.'WK»
Ill li-Wi
1
I'l
^f«'
'KKI
Denmark
Ncnray
TiH'^l
Thongh downcast, though depressed, the
man was never more active than now. The
of man never envisioned more of labor and
of
lures
:i!
I'll
1
1
.
.-
1
,.ii ii)
I.IJO.OfMI
I.HKI.IXKJ
confcM'ences are at work, but that
I07.0rir>
Uft.OOO
whole
atti-
tude of Ihe peoples of earth is eagiM", alert, e.xpecThis is true despite all ])essimi«in. Never was
Isint.
way out of a morass more steadfastly .sought. .\
high official in goverunicut finance, t(»urliiiig on
tlic niiiuy proposals I'or lh(> steadying of exchange,
the n-juvenation of international credits, and the
restoration of fofcign trade, fiiuls that Iohh doidd
e.vi.sts i\n
to
,1
1
1
/
III tit
Vll
IWMI
•
.'..,
.
irs.lMHl
our
y to solve these jirobleniN MatiH.\iid his feeling is a niarUt'd tribute to
.liiilit
the power, undying, in nuin to eoiit
iiiiioiisly
advance.
nuwe
jtalience
This condition siiggeKls the ne<'d of
IJ,7HH,0Ol»
.'inti
greater roncenlrat ion.
It.
|)lae«'M
the
stamp
of
>*.iir,.(KNi
w
;
000 r,:?-, K7H,im:i
n.r,\2
.
b*(<l *),r<i<w1
tlic
ir,.ii7o.o<Ki
1
1
1
1
It is not only that legisla-
that popular and quasi-governm<Mit-
jM-e active,
fjictorily.
lUly
H».
MWMlcJl
and
.
Hp«li.
Nr"-'
present trial and
look over the world in
;i
1
•
:
bni-
Felmiarv3 1021.
1032.
mm.
its
It never rests.
love than at this hour.
;
<Mt.
instru-
with new accom-
plenty.
Aggrfoate
for Week.
<tmI1ix rffl<<i thf hiigr- m.-uw of rhc-kR whlf-h conic
u> t\\<- New York RcMTve Bank from nil p.-iriH of the roiuiiry. In the oiicrntlnn of
die 1 i<l»Tal Il«iprvo Hyiit<>m'i< [mr rollirllon tclii-rnc.
Thtw htruc crc<llt liuhiiicitt.
however, show iinthlnir :ui t/> the maiWx of llic Hcwrvc Miink'H opcriillons with llir
Oharlng Mmuie la^tltiitlon<<
'Vh-v n-proK'nl. only one Hide of Ihi' iiccount, ni check
ftavo on the Rnwrve Uiitik Itwlf are iiriwenterl directly Ui the bunk itnd ncvi'r
go ttarouxh th« r.'IcarlnR IIoiuv
_
new
life
to luing forth n(!W life of order, peace, liberty
•1,100.000 63.400.0nOl4n .800.000 47.700.000 71 .300.000 64.500.000 Cr. 324,800,000
Smr
tion to construct, enlarge, environ, with
ments and agencies, croWns
i.K.OKJ
(•(•tifidenee
hope.
II
upon
all
leaches
K
effort.
nol
only
which brought death and
fillH
the iMVirt with
ii'nuncia.t,ion
(b'Nlruclifui.
but
of that
s(»l4>.nui
:
THE CHRONICLE
4^52
consecration to the instrumentalities of progress
we now possess. And it forever exalts the spirit of
"onward and upward" in the human race. More
than all these things, it suggests the wisdom of progress, recovery and restoration, not through new and
untried ways and means, but through the old. These
will in themselves change as we proceed, but the old
must guard us from the untried new, until we are
able to try it, without loss to the momentum of our
advancing endeavor. No Utopia is in sight. No
revolution in government is justified.
No new
politics should imperil our old economics. No class
or country should seek domination. No present
problem is incapable of solution.
Our great fault at present seems to be that we too
often take a part for the whole. We attach too much
importance to the single step. We magnify the results of a single restoration. Commerce, Credit, Exchange, Money, Economy, Legislation not one of
them acts alone, not one is, itself, able to wipe out
the effects of war. We are slowly advancing, recov-
—
though we haste too much after results. Impatience is a poor guide. Intolerance is a poor
helper, humanizer, organizer.
Within the blended
and blending activities of mankind, myriad minds
are at work, each concerned with a minute part of
ering,
the universal problem. Better, therefore, that the
individual flock to himself, than that attracted by
the fanfare of miraculous interventions he forget
or forego his own work, come under the mesmerism
do
it
[Vol. 114.
by seeking class or national privilege or prow-
No man or people is exempt from the universal
calamity. No man or people can alone, by any act,
ess.
thought, or plan, restore the world.
Conferences
concentrate. The great desideratum is as much liberty as it is peace, liberty to follow, if you will put
it so, the innate
"propensity to acquire," which
translated properly is the universal individual de-
make
the best and most of the personal life,
conscious that all effort intermingles and that
through the material we mount to the spiritual.
sire to
—
THE CONFERENCE ON AGRICULTURE.
We have been disposed to favor "conferences,"
in
a general way, on the ground that they represent a
voluntary get-together spirit. But even so, judging
them by the same test, not all of them may be counted successes. The recent "Conference" on Agriculture, held at Washington, hecause it was not wholly
of farmers, promised, as events have turned out,
more than it performed. It was not a harmonious
meeting. A portion which derisively called itself
"the agricultural bloc of Secretary Wallace's conference" split off from the main body and flocked
alone. According to reports this "meeting adopted
resolutions calling for immediate stabilization of
the price of wheat, corn, cotton and wool, and the
establishment of a Government agency to control
and bakers, so that there will
It also faof proclaimed depression, and join the rush toward be no profiteering in wheat products.
vored
Governmental
a
agency
similar
that proto
the prophets of prosperity that must prove in the
posed in the Norris bill to finance the purchase here
end only a painful mirage.
We read, on the one hand, that a proposed Foreign and sale abroad of farm products." Thus the radiFinance Corporation of a hundred millions capital cal seems always to be followed by the more radical.
The Associated Press, marking the close of the
to deal in foreign credits has been abandoned for
want of sufficient stock subscriptions, but that the main Conference on Friday of last week, said
"agitation" nevertheless accomplished a measure of
"Enactment by Congress of laws providing intergood. It was projected upon tried banking princi- mediate credits for farmers through commodity fiples. It was well worthy of trial. We read, on the nancing, continuation of the War Finance Corporaother hand, that "agriculture" is "up in arms," thun- tion pending such action, amendment of the Fedand Farm Loan Acts, Congressional indering at the doors of national legislation for favors, eral Eeserve
privileges
and protection.
would
the work of
"Agriculture"
have been the first to feel the effects of
this proposed credit organism. It could easily have
subscribed the hundred millions corporate stock, but
did nothing. It is now clamoring at the banking interests for enlargements of credits in its own special
without contributing a dollar of creditinterests
—
power thereto in the sense of new capital. It is
drunk with financial desire, deceived by political
promise.
This is but an incident a straw that shows which
way the wind blows. When we did have what we
call prosperity all the interacting forces of the ma-
—
terial advance were following, save for well-known
obstructions, their natural course, and in and by the
intermingling there was a harmonious and puissant
whole. War shattered the harmony, but did not kill
the spiritual power in mankind to so order the material as to triumph in the spiritual
the spiritual
of patience, aspiration, toil, construction and enlargement. There was no selfish attack upon Government, no political fear in representative councils,
no sectional hate in a common country. And when
we reach true "prosperity" again there will be none
of these. Out of the infinity of the little triumphs
in life is the large.
Let him who denies his own
mentality deny that of the race. We will work out
from under the consequences of war, but we will not
—
elevators, flour mills
vestigation of the subject of crop insurance, a constitutional amendment prohibiting issuance of taxfree securities except bonds and other obligations of
Federal Farm Loan banks, re-enactment of an excess
profits tax, and equal consideration for agriculture
with other industries in any tariff policy, were recommended by the Conference last night with adoption of the reports of its Committee on Agricultural
Credit."
"The Conference went on record at
the day session in adopting its Transportation Committee's report as favoring participation by railroad
labor and railroad corporations in the general price
'deflation,' after it had stricken from another committee's report a recommendation for repeal of the
Adamson 8-hour law and the 'bringing down' of
wages of railroad labor to a parity with the returns
received by farmers."
.
.
.
There were many other general and special recommendations, including: "repeal of the 6% guaranty
clause of the Transportation Act"; "reduction of
freight rates on farm products, livestock and products of allied industries to the basis prior to the increase of August 1920": "appointment of a commission ... to work out a national land policy"; in-
dorsement of a "proposal that the St. LawrenceGreat Lakes waterway- project be completed, after
one committee's recommendation to this effect had
been lost" completion of the Muscle Shoals projects
and acceptance of the Henry Ford offer; development of the Mississippi River; development of navi;
I'^ion.
THE CHRONICLE
4 1922.]
on the Missouri, Ohio and Ked rivers opposing' repeal of Panama canal tolls: development of
hydro-electric power to the small consumer on the
farm. ''Stoppage of forest devastation, development
of effective methods of fire prevention, increase in
jjatinn
;
reserves
and extension
subject or section,
tion.
was asked." No
conclude, escaped atten-
of research
we may
Thomas Nelson Page
in
an
article
complains
that the ''Press'' has not given proper attention to
the valuable papers produced .save in the case of the
But, surely, the mere itemized
account, which we have epitomized above, sufficiently indicates the scope of the Conference
Two inferences, we think, are justified concerning
this Conference.
First, there is an overwhelming
appeal to legislation for relief. Second, the very
multiplicity of recommendations proves the fact
that agriculture does not stand alone, is an integral
part of industry, and that all our activities as a
people are inextricably interwoven. The "program-'
here indicated would tax the acumen and labor of
Congress for many years to come, if such process
conld be deemed effective. There are unmistakable
President's address.
evidence.s of selfishness, for special
immunities and
The influence
privileges are sought.
of "labor" is
plainly indicated in a refusal to ask for the direct
repeal of the 8-hour law, though the farmer knows
that he cannot suffer him.self to be bound by it, since
own work
peculiarly seasonable and the influence of the law on the labor he employs is distinctly
liis
is
to his general disadvantage.
And
lastly
many
of
the general recommendations concern great internal
improvements which, though admittedly in his in-
known, are colossal undertakings,
requiring years and billions to complete.
As we reflect upon these proceedings there is little to .show that the farmer is conscious of the
strength of his own credit power. There is less to
show that he understands the real nature of credit
that it is not a power that can spring full-armed
from tlie Government as Minerva from the brain
of Jove. There is a leaning upon legislation for
support, a demand and command issued to a mysterious hidden power to do all things
much as some
fablf'd king might command Ihf winds and tides to
do his bidding. For, if natural and economic law
were counted in the "scheme of things," many of
the "recommendations" would be foregone as worse
than useless. True enougli that the improvement
of our internal waterways is a good to production
and commerce. True, that in time forgotten trans
terest, are well
—
—
—
[Kiitation, in the natural course of coniinercial prog-
be resumed on our great river highways.
\ot even the "muddy Missouri" is beyond "improve
menf and commercial navigation. But liow long.
rwiK, will
how many
take to accomplish this?
reasons w(! percfive that a negative
jjofxl will flow from this "Conference" in that as time
\t»nHOH Hgrietilture will \<-.iivu tf) know that conditions
'•Hiinot be changed by hurrifd legislation and that
true relief cannot eome by the men- nunf)uricetn(nt
of "things to l)e rloue." This meeting was herai(le<l
a* oni» to deal with the "[jractieal." Perhaps it was
frno to ilH ptirjiose.
p.ui the "practical" is seen to
hp everything. And everything c(unprisj\s all the di
millions, will
it
It is for tlifse
visions of
our hutnnn activities. When altein|)lN
«hall be made to carry out niany (»f these suggestions it will be found that they .ho impinge upon
other indnKfrie.H that if time be not allowed for grad
nnl growth. roaleHcence and a<lvance. tlu-re will be
friction
453
and
revolt.
The sowing and cultivation
of
the next crop impends. What can mitigate this necessity? Credits, co-operative marketing, prices
that are sustaining, all these are important but
—
must thev not work out
their
own
deliverance as the
restoration of a whole world proceeds?
man's poorest dependence.
Magic
is
GOING BEYOND THE BUDGET—PARTY
RESPONSIBILITY.
When
was adopted
the budget system
last year
the country confidently hoped that at last the National Government would formulate a financial program and adhere to it throughout the year. "Bal-
anced statements of receipts and expenditures/' actual and prospective such is the reading of the
budget law.
Under this system President Harding submitted
It was a monumental
his first budget on Dec. 6.
document, giving for the first time in the country's
history a complete business analysis of the finances
It showed that
of the vast Federal organization.
for the fiscal year beginning July 1 1922 the total
estimated expenditures for current operations would
be $!3,.505,000,000, and the total estimated revenue to
meet this was $3,338,000,000, leaving an estimated
deficit at the close of the fiscal year of .$107,000,000.
Since this revenue estimate was made there has been
a further shrinkage in the values of imports, in the
—
profits
from business and
in the higher personal in-
comes. If Congress appropriated the exact amoimt
estimated by the President and made no changes in
the existing tax laws, the deficit at the close of the
fiscal year would be much more than -f 107,000,000.
So far as the budget proper is concerned, Congress seems likely to give the President about ^100,000.000 less than he asked for.
If the matter
stopped here the taxpayer would have reason to feel
gratified.
But there is already abundant evidence
that the financial program of the Government for
the next fiscal year Avill go beyond the budget, in
fact, has already gone beyond it.
Secretary Mel.
Ion's letter of last
week
to
Chairman Fordney was
a startling revelation of the condition of the TreasI'ry.
It is a warning to Congress of the absolute necessity of keeping within the budget figures.
The
authorization of new expenditures at this time can
only mean a further increase in the public debt or
the imposition of new taxes.
Secretary Mellon's letter, as we pointed onl in our
lemarks on the subject last Saturday, shows that,
tiie budget for 1923 the following expenditures are in prospect: 150,000,000 for tlu' Shipping
!?oard; 97,000,000 on account of Russian relief;
.•<.">.on0.000 to be paid as an installuMuit on the C^o'oniobian treaty: and a possible ,^.")0, 000, 000 additional <'onipensation to Government employees
a
outside of
total of 1^112.000.000.
The financial situation
is
further cojuplicated by
the necessity for vast refunding operations to meet
••(:,-0(>.00(»,o'oO
of the public debt
which
falls
.lue
uilhin the next sixteen months. To this stnp«'n(louK
i.'isiv the Trc'asury will have to devote, as is well said,
c\cry <mnce of its energy and its finaiu'ial strategy
during the
n«'xt
fiscal
year.
Additional
exp«'iuli-
tnres, not contem]>Iated in the budget, re(|uiriiig
new
public debt operations to meet them, wctuld <'iu>r
rnoiiHly complicate the sit nation for the Ti-casury.
Secretary Mellon has therefoi'e clearly i;ii'l down
the prihciph- thai .ill expenditures of l.irge pro|i(»r-
;
THE CHRONICLE
454
tions not included in the budget, should be
the imposition of
new
met by
taxes.
doctrine cannot be questioned. How can a Government, facing a deficit in
its normal current operations, with a Treasury
struggling to meet billions of dollars of public debt
The soundness of
this
about to fall due, enter upon vast new expenditures
without finding new sources of revenue? Nevertheless, it is apparent from the announced legislative
program of Congress that this very thing is about
to be attempted. With a deficit already in sight of
from 1250,000,000 to $300,000,000 at the close of the
fiscal year June 30 1923, there is in prospect the
early passage of the soldiers' bonus bill, making a
total charge of from |2,000,000,000 to |5,000,000,000
on the public Treasury, |500,000,000 of which would,
according to recent estimates, have to be paid during
the fiscal year 1923. This would increase the probable deficit to about |750,000,000.
These charges are in immediate prospect with
only two months of the session of Congress gone by
and with the beginning of the fiscal year five months
away! Strong demands are being made on Congress
for other large expenditures outside of the budget.
There is the St. Lawrence-Great Lakes project to
give the Middle West a northern outlet to the sea
the Muscle Shoals project to furnish to the farmers
cheaper fertilizer; a demand for a large loan to the
farmers from the Treasury; and a ship subsidy
through which the Treasury would enable the American merchant marine to meet foreign competition.
Add to these the deficiency and supplemental appropriations which are always made to meet unforeseen
and emergency expenditures (we hope the budget
system will reduce these items to a minimum) and
we face a gloomy prospect for the fiscal year 1923.
Instead of a reduction how can we escape an increase in taxation?
It is true that the adoption of partial naval disarmament will ultimately lead to great reductions in
expenditures, but the full effect of this reduction
will not be felt until after the expiration of the fisThe Government contracts on new
cal year 1923.
construction will have to be adjusted.
It seems
hardly probable that there will be a serious reduction in naval expenditures for the fiscal year 1923
as compared with the figures carried in the budget.
The adoption of the budget system was a great
step forward. Its complete operation, however, depends upon the financial education of Congress and
of the country. Its logical development should lead
to party control and party responsibility for the
business policy and business management of the
Government. Congress has heretofore taken a nonpartisan and a bi-partisan view of the expendiIt is even a point of
tures of the Government.
pride with the members of the appropriating committees that in their work party affiliation is totally
lost.
This point of view may have been justifiable when
the committees of Congress undertook to pass on the
utmost details of the business administration of the
Government, but now, since the Budget Act centres
responsibility for administration on the President,
Congress is supposed to devote itself to the great
questions of policy only. Here is where party solidarity is essential. Under a proper budget the President, as leader of his party, would bring together
the plan to finance all of the policies which his party
desired to put in effect for the coming year. This
[Vol. 114.
plan would be approved by his party leaders in the
House and Senate. The budget would thus be a
great party instrument, embodying all of the projects which it was proposed to undertake. It would
be the business of the minority to criticise, but responsibility for action would be squarely on the majority.
We see no other manner by which the budget can be accorded the respect and the dignity
which
it deserves.
THE SOLDIER BONUS AND THE COURAGE T0>
OPPOSE IT.
The Washington representative
"Herald"
of the
sent word, on Jan. 30, that tremendous opposition
to the bonus is developing through the country and
Congressmen "were bombarded,
to-day, with pro-
pointing out that to provide the bonus will
paralyze industry in this country for years, regardless of what method of financing is adopted"; also
that commercial and trade organizations are joining the protestants, and even the farmers have started a fight against the folly. This is pleasant and
cheering news, and the same correspondent reported,
two days later, that protests from trade and commercial bodies continue to pour in, also that many
ex-service men are individually writing to Congressmen in indignant opposition. One writes a letter
jointly to five Senators (two of them members of
the Finance Committee of that body) to state the
conclusions reached by a dozen of his former comrades at a recent social gathering. The notable feature of his letter is that it does not merely condemn
the bonus per se but does so from the viewpoint of
This group of them,
ex-service men particularly.
says the writer, regards it as "objectionable and
highly unacceptable to the rank and file of ex-service
men who have studied it in its various aspects,"
because it is a gratuity; it offers no soluamong
tion of the problem of unemployment
them but will intensify that problem by further addition to the public debt; the salestax method will further load an over-loaded
tests,
public and bring into disrepute the ex-service men
"as beneficiaries of a taxation method long anathema" the three billions given the ex-soldiers wiU
in three months' time have gone the way of aU appropriations, leaving them "exactly where they are
now and the stone wall of unemployment more un;
yielding than ever." Whatever method is chosen
for raising the money, says this letter, "it will react
upon the men to whom it is given ... in the course
of six
months the reaction
will be in full
swing and
they will be the first to feel its brunt."
This letter is printed with the name and service
rank of its writer and his address in this city. He
proves his sincerity by confessing that he has himself been out of employment nearly four months and
has had to borrow for present subsistence. "I appeal to you, Senators [he writes] to offer the most
effective resistance to this gross imposition upon an
already much-bedeviled public that you are capable
of."
The men, he
says,
want work, not gratuities, and
were spent on seme great public
the three billions
construction like irrigation they might be really
helped. As the final objection to the bonus, he says
"it restores to activity and a position of undeserved
prestige an institution that is doing more to misif
represent and cast odium on the ex-service
men than
THE CHRONICLE
4 1922.]
FiflB.
other factors combined. ... I refer specifically
to the American Legion." That organization has
certainly kept up its begging clamor. The issue of
its organ, "the Stars and Stripes," for Nov. 13 1920,
was full of exulting cries over the referendum vote
in this State on the previous Tuesday and of reports
all
of the triumphant progress of the bonus campaigns
in other States. The Legion is now busy in Albany,
disapproving, as too doubtful and too slow, the en-
amendment which Gov.
abling constitutional
Miller
and ready to push along any of sevpropositions
eral
now pending, such as a bonus payment from current revenues, a direct tax of |2 per
11,000, and a plan to get around the decision of the
Court of Appeals by creating a reserve militia and
is said to favor,
hold another referendum on another bond issue.
The determination to have that apple off the tree,
even if the tree comes down, still persists. The "national commander" of the Legion pettishly says that
instead of putting himself in the way Secretary Mellon might have done better by finding and suggesting proper modes of raising the money, and he adds
the childish assertion that trade and national welfare would be stimulated instead of hindered by the
bonus, for the beneficiaries would spent the money
in house-building and other good work and would be
made
better citizens.
Well, the Secretary "might have" advanced some
suggestions on ways and means, as that a blanket be
spread under the sky to catch falling money, or that
a vacuum might be coined wherever discovered; or
he "might have" pulled the needed funds out of Wall
Street, or out of his own pocket. The rising swell of
public opinion must be reaching Washington, for
the Senate Finance Committee has been granting
the Secretary a hearing in person. But, on the other
hand, we were previously told that Chairman Fordney had assured the Legion that the bonus shall pass
and payments may even be "expected" by mid-summer; the Washington stories have also been that the
members of the committee had not found time to
even look at the Secretary's letter of last week the
bill has been indorsed in caucus, and the signals
whereby it wa.s to have the right of way are sup;
posed to have been set and locked.
A city Afisemblyman has dropped into the hopper
of the
bill
Albany
a possibly sarcastic
hypocrisy, punishable
legislative mill
declaring
"guilty
of
"Times" a
query as to whether "the
bonus beneficiaries or the taxpayers will elect the
next Congress." Against the politician's assumption that four millions of beneficiary votes will send
him back to Washington, Mr. Fish says there are
some 5% millions of income-tax contributers, some
millions of owners of company stocks and life insurance policies, and an enormous mass "who get their
medicine in an enhanced cost of living." This is
to the
letter of
generalizing, of course, yet suggestive.
And
is
there
anybody, anywhere, who would like to be taxed a
little more, or anybody conscious of being a taxpayer who does not want his load lightened? Even
with that pestilent notion that the rich do the taxpaying, there is probably some slow progress in
a comprehension of this subject by the ordinary
voter.
There
is,
however, no safety in trusting to the
patriotism, the sense of duty, or even the sense of
personal political expediency, in Congress; there-
making itself heard.
which
is
not impertinent
question
Moreover, a
arises what will the President do? It would be discourteous and unfair to doubt either his perceptions
of public duty or his courage and independence he
is under bonds to obey the one and use the other.
But it may not be improper to assure him that godliness is profitable in politics, as elsewhere, and to
recall to mind the time, now thirty-four years past,
when Grover Cleveland was asked what he thought
a certain course of action would do to the Democratic party he tersely said it could go to the ditch
as compared with the country. It is grimly suggesfore the country should keep
:
;
1887 Mr. Cleveland found
what he deemed an embarrassing sui-plus in the
Treasury, something which is not embarrassing Secrotary Mellon. Grover Cleveland got the nomination in 1888, but lost the election; however, he regained his loss and won his second term in 1892.
tive to recall that in
History,
we
say, repeats itself.
At
least, it is full of
lessons that the right thing with the courage to do
that thing pays in the end.
LONDON AND NEW YORK—A VISION AND A
CHALLENGE.
Now
that the time has
come when some, at
least,
of this city's greater problems. Schools, Transporta-
Housing, Harbor, Zones, etc., must be taken
up, no more valuable book has appeared than London of the Future, the beautiful volume produced by
The London Society, and recently brought out by
as a misdemeanor," "any persons who, for pay or
reward, gift or other valuable thing, shall advocate
and support any legislative measures calculated to
infringe upon and restrain the free exercise of perIxigislators who vote for things
sonal liberty."
tion,
which they do not inwardly approve, even though
doing HO for such a "valuable thing" as control of the
next elections, might be deemed guilty of hypocrisy;
at least, they should be very sure that the sounds
wliirli fome along the ground to their strainc^l ears
are not wrongly generalized. The shallows ninnnnr.
the deeps are dumb, and a minority always makes
the loudcHt racket, (ispe<!ially if it is seeking some
selfish end for itw.lf. Th(!re is rnnch room lor doubf
by some of London's most
distinguished citizens, seeking to view as a whole,
and meet the needs of that great city. Nothing
daunted by the difficulties created by present conditions, and they are such as exist more or less in
all great cities, the bold and intelligent effort is
made to show how, starting with things as they are,
both good and bad, so closely interniingle<l, it is still
by
vantages and beauties of the past shall be |)reserved,
and yet to obtain conditions in which the health
;ind comfort of all its citizens shall be Hecured,
wliilc al llie same lime enlarging the commercial
ami industrial opportunities; and <M)ncurrently to
prodn<-e such creations of beauty as shall be a per
wlu'flifT the
ex-wrvice
uirTi sire
jiinMy
the bonuH Hhriekers, and tlu'refore
of the "Holdicr vote"
I
455
is
;ih
labor and the farmor vot/v
for thin thing, as haH b<?en
WiTe, and
bonus
if
flu;
n'Iativ(; size
niicertain as that of the
'i'hr?
soldier
is
not a unit
shown; and even
he could carry his rehitives with
;i[»f)rov;il
certain.
n'[)r«'S('iil(Ml
l)y
t.ln>
nuijority
would be
f;ir
if
lie
iiini.
frctni
Mr, HtuyvcHunt Fish, for example, writes
K. r.
Dutton & Co.
It is a series of studies
[xiHsible to create
a new Loiulon,
in
which the ad-
petnal joy. enhancing the pride of tin' citizens, ami
maliing it for hem, as it was for (Chaucer and Isaac
I
!
[Yoi. 114.
THE CHKONICLE
456
increase of the
regarded as far too large. Further
its disadvantages.
city as it is will only increase
development of "satelRelief may be found by the
self-supporting, having their
lite towns," largely
perhaps, also by
industries, garden cities, and,
own
conproblems
the
Decentralizing inthe points that are made, and
detached dormitory suburbs.
enable workers to live near their
of London dustries would
taken
be
to
is
view
of
Primarily a large
and would diminish the difficulty
employment
cannot
aU
that
recognizing
present waste of transas a whole, that, while
part transport. Reducing the
be
shall
done
is
what
be undertaken at once,
reduplication and thus econocomplete- port in unnecessary
and
unity
securing
for which there
of one great scheme,
the use of existing facilities,
mizing
and
imagination
lack
service.
ness. While plans should not
field, would be of great
is now a very wide
propositions,
"business
warehouses are
idealism, they must be
London's markets, factories and
finance.
impracticable
and
avoiding speculative
volume of heavy cartage through
City trans- supplied by a
vital.
are
Traffic
and
Streets
with this otherRoads,
miich-frequented streets; to deal
cost
the
than
more
the
port costs London to-day 30%
relieve the congestion and
prob- wise would greatly
whole
the
involves
It
any other large town.
railways have rendered valuable
can only cost Some of the
but
stations,
underground
and
lem of tubes
for both passengers and
service by their low rates
dethe
with
connection
be properly dealt with in
suburban centres^ on their
o-oods, building up new
KingUnited
whole
the
of
policy whervelopment of the roads
This has proved a far-sighted
to the Unes.
adjustment
careful
also
requires
dom It
ever it has been introduced.
is therefore
and
public;
the
of
demand
novel suggestion
and
wish
\n important and not altogether
different
the
of
location
intimately related to the
attention to the folly of a com-
successors, "the
Walton and the long line of their
city that I dearly love."
-^
+^ be
how it is to i.^
The scope of this great task, and
glance at some of
accomplished are suggested by a
•
|
m
is^found in calling
to having its ofmunity consenting year after year
with the business of a great
fices which are charged
them.
rewards, or stepping-stones
citY used as political
gradube
can
proper,
city"
"the
of getting into
Rightly handled,
enterprising young men desirous
fo;
of
homes
the
and
ally and conveniently enlarged,
be made worth while for
the Legislature. It should
larger
far
a
over
spread
lives to
the people of every class
officials to devote their^
trained
highly
and
their health
efficient municipal serarea than at present, greatly to
one aim of rendering
the
the
increased
London's population
happiness.
its railway vice
writers, says
two decades, 1891-1911, by 29%, while
What Raymond Unwin, one of the
number
the
and
grew
142%,
degree of every large
travel on the local lines
is true in varying
London,
of
242%
increased
as the abode
its passengers by train and bus
and the best posclasses of buildings and business,
people engaged
sible means of transport of the
m
m
wonderful phenomenon,"
York, and city; is is "a
New
to
significance
length ot
much
of
statement
A
of men who for a
of a great aggregation
busiof
trend
the
which
in
to Producing both
indeed to all great cities
have bent their energies
time
with the
ness and population is now universal.
society in connection
human
and
wealth
public
of
Much attention is given to the question
associated life and the
pleasure that is found in
embankments
and
structures, notably the bridges
work.
nrofit acquired by associated
are
docks,
the
with
connection
in
inevitable conges^
of London. These,
conditions created by the
'The
is
as
and,
held to be great permanent investments,
can rarely be measured or
tion and a gi-owth, which
public
and
churches
are snre to ta^
true of the parks, squares,
it. ultimate demands,
in
anticipated
positively
and equally to
buildings, should be made to contribute as
resources of its best citizens,
the
all
and
industry
plan which w>ll meet
to the city's beauty as to its actual
a unity and boldness ot
compel
given
is
routine occupations. Much consideration
requirements.
over the the new
accurate
to the early removal of great bridges
comes, intelligence and
day
that
When
unas good-will and
Thames, which are eyesores, like the mighty and
are quite as necessary
l-nowled^e
bridge
railroad
sightly London, Chatham & Dover
blundering experimenting
sh cifeenship. The
tnsel
concenof
possibility
less disasat' Charing Cross; and to the
the Bolsheviki is hardly
by
affairs
vil
n
c
in cerof well-totrating several of the great railway stations
are some of the performances
than
trous
of
creation
conduct importain still greater union stations and the
uninformed citizens called to
Tbut
the
all
up
take
to
line
an electric underground belt
of
;
tant urban enterprises.
suburban railway travel and deliVer it at concommunity ^^ "'
The welfare of the whole
stations.
f»^^'
tube
underground
placed
veniently
is
*.<!
the co-operation of all
and
all
but
projects,
*^/„"„"t
»f
this is not
These are great and very costly
of the new task. If
performance
cessful
probable
stupid ignorance
are discussed from the standpoint of their
selfish interests or
often
too
ound
condevelopment so effecimprovement of contiguous property and the
of even normal
way
the
block
of
that
from
sequent offset to the cost, as well as
to enduring intolerable
^"^
'
their great benefit to the public.
The distressful crowding and
the city
ever heavier taxation.
ills while incurring
the book may well be
The closing injunction of
important to remember
"It is upremely
heeded
limited-and for a long time
that when funds are
on no
is wise to embark
they w 11 be limited-it
for^
which can hamper or even
tively as to
monotony of
exist-
dealt with in
ing houses for working people are
The
ways that are surprisingly novel and bold.
sweatpresent lack of provision for children, the
unchecked
shops and low wage for women, and the
"casual"labor, are all involved in the housevil of
and
ing question of to-day; and the extensive
it will
with
beautiful plans proposed for dealing
who are considerbe a surprise to men and women
ing the problems.
The city as a whole is kept in mind throughout.
is
London as a single aggregation of population
really
condemn
piecemeal changes
which our wise
improvements on a great scale
welcomed. We ought not
formatters would have
we can advance with reverence
to tand still; but
immemorial spirit of London
ind see to it that the
the rush and
York] does not suffer amid
bid
[New
stress of
modern
life."
Feb. 4 1922.]
THE CHKONICLE
THE INSOLVENCY RECORD FOR 1921— MERCANTILE AND BANK FAILURES.
Many
combined to bring about heavy
mortality among commercial concerns in the United
influences
457
noted above, the highest amount, .1121,541,239, being
second quarter of 1893.
The average amount of liabilities to each failure
has also been exceptionally heavy during the past two
years, exceecHng .1530,000 for each failure reported in
six of the eight periods of three months.
An average
in excess of $20,000 for each failure is quite the exin the
during the calendar year 1921. An era of
falhng prices had gotten well under way before the
close of the preceding year, resulting in hea\y losses ception in the past thirty years
^in fact, prior to the
to many firms, who had been carrying large stocks of second quarter of 1920 only twice was the average to
merchandise. These stocks had been purchased in each failure in excess of .120,000.
anticipation of a continuation of the period of inflaBelow is given the statement of the number of
tion, which marked the closing of the war and the failures quarterly for the past two years; also the
years succeeding.
In some instances these firms had amount of liabilities reported, and the averages for
been in existence for a few years onlj-, and were each quarter:
without sufficient capital to sustain their business. DISTRIBUTION OF MERCANTILE FAILURES IN UNITED STATES BY
QUARTERLY PERIODS.
When the pinch came they found it impossible to
States
—
meet the emergency and were forced to the wall.
Restrictions to credits, which were more or less severe
throughout the entire twelve months of 1921, were
especially marked during the early months of the
\^ear, thus adding to the difficulties that many firms
and business houses were compelled to contend with.
In farming communities, especially in the cottongrowing sections of the South, and the grain growing
sections of the Northwest, unsettled conditions, due
to smaller crops and lower prices for farm products,
brought about manj^ failures, particularly among the
smaller traders.
Curtailment of operations in the
mills and factories resulted in a considerable increase
in insolvencies in the manufacturing districts, and the
purchasing power of the people was so reduced that
many traders were unable to continue.
R. G. Dun & Co.'s, report of commercial failures,
on which this statement is based, shows a total of
19,652 defaults during the year 1921.
Only in one
other year in the past thirty, has this aggregate been
exceeded, and that was in 1915, the year following the
declaration of war in Europe, when the number was
22,150. In 1920 there were only 8,881 commercial failures reported, and nearly 40% of these occurred in
the fourth quarter of that year.
The fact is that the
period of financial disturbance, which caused such
great distress in the business world last j'ear, and
resulted in such a large number of business failures,
started in the final quarter of 1920, when there were
;i,498 insolvencies reported.
It continued throughout 1921, the number reported in the first quarter
4,872, and in the last three months 6,145.
During the past thirty years, the last mcmtioned
figure has been exceed only once in any period of
three months, and that was in the first quarter of
1015, when the number was 7,216.
}>oing
The
involved in the mercantile failures of
1921 w(;re in excess of any |)reviouH year, the aggregate hxjing 8627,101 ,883.
This contrasts with .S295,121,805 for the pntceding year.
In 1914 the amount
liabilities
1921.
1920.
Average
•
No.
.
.
.
_
Year
is
Liabll.
4.872 $180,397,989 837,038
4.163 130,273,615 31.293
4,472 122,699,399 27.440
6,145 194,030,880 31,575
First
Second
Third
Fourth . .
LiabUUies.
19,652 $627,401,883 $31,926
Averaje
LlabU.
No.
LiaMlUtes.
1,627
1,725
2,031
3.498
329.702,499 SIS. 256
57,041.377 33 067
79,833,595 39.308
128.544,334 36 747
8.881 5295.121,805 S33.231
Divided by classes the record of defaults last year
Failures in manufacturalso very unsatisfactory.
ing lines
faulted
numbered 4,495, and the amount of dewas $232,907,185. Numeri-
indebtedness
department of trade constituted 22.9% of the total in all commercial lines,
whereas in the preceding year manufacturing defaults
were 30% of the total and in 1919 they constituted
cally, the failures in this
same proportion, being 29% of the
aggregate of all failures. The defaults in the trading
class were very much more numerous, actually and
practically the
proportionately
—
in fact it is in the trading class that
the losses last year were exceptionally heavy, both as
to
number and
The
amounts involved.
as to the
trading failures were 13,999, while the
liabilities in-
volved were $2.54,794,285. It is very unusual for the
aggregate of indebtedness in the trading lines to
exceed the aggregate of indebtedness in the great
manufacturing industries investments and the volume of business for the latter being naturally very
much larger than in the former. The trading failures
last year constituted 71.2% of the total of all commercial defaults.
In the preceding year the corresponding figures were 62.3% and in 1919 practically
the same, being 62.2%.
As to the third class into
which these records are divided, agents and brokers, or
firms and businciss houses engaged in lines not
properlj^ cla.ssed as manufacturing and trading, the
percentage of defaults last year to the total of aU
failures
was somewhat reduced, being onlj' 6%,
wli(!reas in the two preceding years it was in excess of
7%. This emphasizes more particularly the unusually
heavy insolvency record shown by the trading class.
—
The amount
of dcsfaulted ind(!l)t(!(lness in this class
was $357,908,859, the record figures up to that time,
and in 189.3, the year of a serious panic in the financial markets, the aggregate was .$346,779,889.
lor
was $254,794,285, nearly thnu; times as great as that
of i]n'. pre(;eding year and constituting 40% of the
each quarter of 1921, the drjfaultefl indciblcdncs.s exceeded by a considerable amount §100,000, 000; in
fact the liabilities reported even in \\u: fourth fjuartcr
of 1920, were in excess of that sum, and in the final
quarter of 1921 they reached §194,030,880.
Only in
failures,
three periofls of three rnontlis r-ach during the preceding thirty years, di-l flic liabilitif.s of ronimcrcial
failurcH exceed $100,000,000,
in t^je .second {luarlr-r
total of all defaulted in(l(>l)t(Mlne.ss of all conmicrcial
whcTcas in IIk; preceding year th*^ liabilities
reported by tiu^ trading class were under 30'/e of the
tfital
of
all
default(^d
manufacturing failures
in
iri(l(!l)le(lneHS.
in 1921
w(Te
Liabilities
82% greater
of
than
1920; of trading failures 187.7',;, in excess of the
pn'c^eding year,
and
of
the
third chtss, comprising
agents and brokers, the iiK-rease
over 1920 was 77.8';,',.
in
li:iliilil
ies in
1921
second qtiarKir of 1914 and Mm; first quarIn the following table the statement of failures for
ter of 1915.
In each instance, the aggregate of three years, dividcMl as to lie Ihn'c classes, is comdefaulted in(lebtedne«.M was very little larger tli.iir par<-d; ;i separate line is given showing the niwnber of
of 1893, the
I
THE cheo:nicle
458
banking defaults, and the amount of liabilities, the
latter figures as to the banks not being included with
strictly commercial lines:
DISTRIBUTION OF FAILURES IN UNITED STATES ACCORDING TO
[Vol. 114.
FAILURES IN UNITED STATES ACCORDING TO GEOGRAPHICAL
SECTIONS.
CommeTcial Failures.
Number.
1921.
CLASSES.
New
Liatiiimes.
Number.
1921.
1921.
1920.
1919.
1920.
1919.
Manufacturing
4,495
Trading .
13,999
Agents and brokers.. 1.168
2.635
5.532
714
1.865 3232,907,185 $127.992.47l! $51,614,216
37,670,443
88,658,347
4.013 254,794,285
78,570.987
24.006,578
573 139.700,413
Total commercial- 19,652
383
8,881
119
6,451 ¥627,401,883 S295.121.805 S113.291.237
50 $167,849,555 $50,708,300 $16,520,862
1
1
Banking
T^ngland
Middle Atlantic
South Atlantic...
Soutbern Central
Central Eastern
Central Western
Western...
Pacific
United States
883
4.810
2.694
3.067
3.337
1.855
714
1,473
2,644
941
1.038
1,370
713
19,652
The many
1920,
1.702
315
977
Banking, 1921.
Liabilities.
1921.
No.
1920.
$20,334,092
3
136,289,875
5
22,203,693 72
20,765,115 78
48,771,314 19
18,582,300 119
5,784.601 69
22,390,818 18
$44,629,101
230,599.813
60.939,878
71,574,682
106,598.941
67.529.098
14.427.169
31,103.201
lAaMlUies.
$16,622,245
14,103,471
20,493,553
37,937,586
7,997,714
29,434,246
28,101,790
13,158,950
8,881 $627,401,883 $295,121,805 383 $167,849,556
failures last year of
unusual size is of
mercial defaults shows that by far the larger number course responsible for the very large aggregate of
of trading failm-es were in the South, where conditions defaulted indebtedness. In manufacturing lines there
were very trying owing to the difficulty in marketing were 410 insolvencies where the liabilities in each
the cotton crop of 1920, the reduced production, and case exceeded $100,000 and the aggregate of liabilities
In was $162,495,458, an average of nearly $400,000
the great decline in the price of that staple.
Georgia there were 697 trading failures with $12,318,- to each failure. In no year of the preceding nine
673 of defaulted indebtedness. Texas reports 690 years has the record of 1921 been approached, not
similar insolvencies with liabilities of $13,907,223. even in the disastrous years of 1914 and 1915.
An examination
of the detailed statement of
com-
In some of the Western States there were likewise
heavy losses in the trading class, but relatively not so
great as in the South.
The insolvencies reported in
Ohio of traders were 720 in number with a defaulted
indebtedness of $14,890,417 and in Illinois 603 with
$11,610,919. Minnesota, Iowa and
Missouri report a considerable number, and the liabilities are large, but not nearly so heavy as in the
other States mentioned. There was an unusually
liabilities
large
of
number
of general stores included in the 1921
returns of insolvencies, 2,277 comparing with 618 for
the preceding year, while the reported indebtedness
placed at $43,059,785, which compares with $10,143,829, for the year 1920.
A considerable number
of these failures of general stores occurred in the States
is
referred to above, especially in the
Southern States mentioned.
There were
many
fail-
and in clothing and dry goods.
The defaulted indebtedness of these four important
departments of the trading class, including such allied
lines as would properly be placed with them, was
$135,000,000 in 1921, which is about 53% of the total
of all defaulted indebtedness for the trading classesin 1920 the corresponding figures were $39,000,000.'
among manufacturers were
the
third
is
true of the trading defaults and those in
class,
as usual largely
comprising
agents
and brokers.
There were 343 of the larger insolvencies in the trading
class and the defaulted indebtedness was $88,337,955,
average indebtedness of each trading default
being $258,000, while in the third class, the increase
in the number and the amount of indebtedness is
considerably less than for the two leading classes.
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 $100,000 WITH THE AMOUNTS INVOLVED,
the
Manufacturing.
two important
ures in the grocery line
Failures
The same
No.
1921
1920
1919
1918
1917
1916
1915
1914
1913
1912
....
....
Trading.
No.
Liabilities.
410 $162,495,458
230
89,933,982
343
29,644,087
44,171,393
43,435,232
29,257.548
58,700,533
93,548.237
74,134,110
41,854,150
38
46
53
54
$88,337,955
34.609,853
8,156,247
13,780,850
13,678.534
14.467.600
38.986.288
72,805,493
36,421,367
16,104.893
100
132
147
116
163
216
213
146
Liabilities.
139
111
136
101
77
Agents
No.
&
Brokers.
LiabilUies.
120 $124,292,740
67.264,207
84
53
18,186.209
23.610,722
52
24,747,252
50
46
22.782.441
57
25,053,086
44,362,217
57
26,348,438
65
18,619,043
53
BANKING SUSPENSIONS.
Suspensions of banks and other strictly financial
institutions in the United States during 1921 were
unusually numerous, but in the main the banks were
Massachu- very small and unimportant and were located very
setts and Connecticut, the amount of defaulted in- largely in a certain restricted territory in the South
debtedness in the latter being heavy, owing to certain and the West. The number of such defaults, with the
insolvencies of exceptional size; in the Middle Atlan- amount of indebtedness for each of the eight geotic States, the losses in New York and Pennsylvania graphical sections into which the country is divided, is
exceedin g by a wide margin similar figures for pre- shown in one of the preceding tables. There were 383
£l4iPS...years ,_andjn__the Central Eastern States, such failures in the United States in 1921, and the
particularly in Ohio and Illinois.
Not a single line liabilities were $167,849,555; in 1920 there were 119
in the different classes of the manufacturing indus- banking suspensions, while the aggregate indebtedtries, separately tabulated, but shows an increase in ness was only $50,708,300.
In 1921, the South supthe number of defaults, though the noteworthy in- pUed 39.2% of the total number of banking suspencreases are in clothing manufacturers, machinery and sions, and more than one-third of the total intools, printing and engraving and chemicals and drugs. debtedness, and the States west of the Mississippi
As to the failures among agents and brokers. New (excepting the three Pacific Coast States), 49.
1%^^
York leads all other States in the number of defaults of the number of such defaults, and practically the
and in indebtedness by a wide margin as is usual. same percentage of liabilities. In all of the other
There were some large failures in this department of States of the United States, in which by far the
trade in Missomi, Nebraska, Colorado, Oregon and in greater banking interest is centred, the number of
Tennessee.
banking defaults comprised only 11.7% of the total,
In the following table the total number of failures in a clear indication of the strength of the banking
the eight different geographical divisions of the coun- interest as a whole. In Texas there were 48 defaults
try, with the total of defaulted indebtedness, is con- of banks, with an aggregate indebtedness of $25,trasted for the last two years.
The figures showing 724,168; Georgia ^reported 40 banking suspensions in
banking suspensions last year by sections are also 1921 with an indebtedness of $10,478,937; North
given; the latter are naturally not included with the Dakota 35, with Habilities of $8,456,159; Nebraska
oomraercial defaults:
In Idaho
27, and the indebtedness.was $8,280,863.
in the
New England
States, especially in
THE CHKONICLE
Feb. 4 1922.]
there were 22 such defauUs with an indebtedness of
$12,098,048 and in Minnesota, Iowa and Missouri
13, 17 and 15, respectively, with an aggregate of
indebtedness of 2 to 3^ niillion dollars for each State.
A
failure of a trus.t
company
in Boston early in the
459
The bill creates a commission of five
hill.
members, headed by the Secretary of the Treasury, which
will have authority, subject to the approval of the President,
to refund or convert, and to extend the time of the payment
opposing the
or both, of the foreign
debt.
The date of the maturity of the obligations accepted
by the commission can not extend beyond June 1.5 1047,
and the interest rate can not be less than 4J4%- Bonds of
one foreign Government can not be accepted for those of
another, nor can any part of the foreign indebtedness be
cancelled.
Two efforts to attach to the bill soldier bonus
legislation were made in the Senate on Jan. .31, but both
were unavailing. Senator Simmons of North Carolina proIX)sed to make part of the debt refunding measure his soldier
bonus bill calling for payment to the soldiers of the interest
collected on the foreign debt, and providing for the issuance
of bonds of indebtedness if needed to meet the required
bonus Senator Watson of Indiana moved to lay the amendment on the table, and the motion was carried by a vote of
42 to 28. Another proposal by Senator Jones of New Mexico,
which would have authorized the payment to soldiers from
money in the Treasury Department, was defeated by a vot«
Two Republicans La Follette and Norris
of 42 to 21.
of the principal or the interest,
year added about 815,000,000 to the amount of
defaulted indebtedness, and the suspension of
a private banking concern during the closing days of
the year at New York Citj^ caused a further addition
As an
of about $12,000,000 to the year's figures.
indication of the true situation regarding these defaults, it appears that the defaulted indebtedness of
102 of the banking institutions so reported for 1921,
or 26.7%, had in each instance less than 8100,000 of
Uabilities; 135 or 35.3% reported from 8100,000 to
$250,000 of liabilities. There were 38 such failures,
or 9.8%, that reported Uabihties in excess of 81,000,000 each, the average amount of defaulted indebtedThere were 45
ness of the latter being 82,373,916.
National banks which suspended with an indebted- voted for the amendment, while two Democrats Meyers
and King voted with the Republicans. During the course
ness of 828,059,917; 305 State and private banks with
of the debate Senator Simmons offered an amendment
an indebtedness of 8109,188,713; 18 trust companies, stipulating that the interest on the foreign debt could not be
with an indebtedness of 826,347,900 and 15 savings deferred longer than three years. It was rejected, 41 to 27.
As to further amendments proposed, the New York "Times"
banks owing 84,253,025.
said:
CANADIAN FAILURES.
The next amendment, offered by Senator Jones, of New Mexico, proMercantile failures in Canada in 1921 like those in vided that the accrued interest should bo transformed into prindpaJ. The
note by which this amendment was defeated was 44 to 26.
the United States, were very numerous, and inThe next amendment and the only one of any importance to be agreed
volved a very large sum. They numbered 2,451 with to was offered by Senator Walsh, of Montana. This anoeudment strikes
from the bill the provision which gives the Commission the power to "settle
a defaulted indebtedness of 873,299,111; this con- any and all claims not now represented by bonds or obligations which the
United States now has or hereafto" may have against any foruign Governtrasts with 1,078 similar defaults in 1920 for $26,494,- ment and to accept securities therefor."
This amendment was carried by a vote of .39 to 35, thirteen Republicans
301 of liabilities. Only in 1914 and 1915 has the
Borah, Brandegee, Cummins, Johnson, La FoUetto. Lonroot, Norris,
number of defaults reported for 1921 been exceeded, McNary, Jones of Washington, Poindexter. Willis, Sterling and Townsend
while the amount of indebtedness reported for 1921 — voting with the Democrats.
Senator Shields, of Tennessee, offered an amendment prohibiting the
advancement of any further funds to forelga Governments. This was
ha.s never previously been approached in any single
—
—
—
,
The
year.
number
increase in the
of failures in the
trading class was relatively greater than in the other
classes in Canada, just as it was in the United States,
but the liabilities reported for failures in manufacIn
turing lines exceeded those of the trading class.
Ontario and Quebec the number of defaults and the
amount of defaulted indebtedness are very much
Canada. Clothing
manufacturers and traders both show a considerabh^
increase in number of defaults and in the amounts
larger than in other sections of
involved.
Th(;re
is
also a considerable gain in the
lumber manufacturing
and in milling. The
Canada were very much
line
failures of general stores in
more numerous in 1921 than in the preceding years,
and the same is true of dealers in drj' goods. Below
w(; compare the C Canadian figures as to number and
liabilities for
three years:
CANADIAN FAILURF» FOR LAST THRRE CALKNDAR YKAR8.
UabUUtu.
»rumli*r.
ni'j.
MuKifiirturtng ...........
Trwiing
A»fiiiU
6u0|
1,780
2ii
I53|
S3
»w! bmkart
771
2
1021.
1
^
2.4Bl' 1.078
1010.
1
110234 177
7.701 Mr,
1
ToIa! ffimrnrrrini
1030.
'l/'..S7l.2ln
1
17.'.
'1
irjH
defeated, 38 to 30.
By a vote of 42 to 27, the Senate rejected a snbstitnt<i bill
by Senator Norris, Republican, Nebraska, authorizing the
Secretary of the Treasury alone to refund the debt under the
terms of the Liberty Loan Acts. On .Jan. 31 the Associated
Press in Washington dispatches said:
Only members of the Cabinet and of Congress will bo appointed on tho
Foreign Debt Refunding Commission, accoi'ding to Senator Wataon,
Republican, of Indiana, who told the Senate during dchoto to-day that
although he was not authorized by the President to make such an announcement, he nevertheless know that this was tho President's intention.
The life of the Commis,sion would bo three yoars from tho date of the
approval of the Act and the members other than tho S(KT<'t;iry of the
Treasury would be appolnt<;d by tho President, HUbJoct to confirmation by
the Senat«.
During its life the ComnilK.ston woukl bo required to make
annual
report.s to
Congress at the begiunlug of each regular session Id
December.
Tho
adopted an amendment by Sonadar Walsh, Democrat, of
tho Coniminsloh after the conclusion of inch refunding niyotialion to report the results to tho Souato. Senator Walsh
.Senate
M.iss,-ichiisotts requiring
explained that tho object
was
to give "pitlK«s publicity" to the
work
of the
Com mission.
Aside from the scclion proposing that intero«t on the rcfuiidtxl d<'bt bo
not l<is.s than ! 'i'7, which was addcHi as an anidiulintMil from the KInanru
f'ommllteo, th(^ only Important change made in the bill by llie S<'nal<> Wa.s
tln' elimination of a provision which would have given tho C'oniiniKslon
aulliorily to witio and refund any claims which tho United Ht*tc« horeoftur
might havo had against "any foreign (Jovernnient."
During mofi' than a wis'k of dchate It w.-\.s cliargtvl from both Kidtvi
of till' ('hatnl)iir that It was the piirpoNii to defer ln(<<r<»it iia.vmcntN for a
niunIxT of yivirK In tin- lnt.<Ti-Kt of privaU' hi>ld(r.s in Uili ronntiy cif T.I.IHMI.OOO.Otrt) worth (if ImndH of some of the debtor natloiis.
It uIko wax charged
that If tho IntoroKt paymontN could ho difon-od for a niiniluT of yi.irs th«
way might he rhairod for tlwi cancollng of tho whole dobt. iirlnrliMti and
,
lnl<Ti*t.
1
78«!f7!»,200.iii 120. -101. no
1
tiic,.iv.n.;:.vi
ThiTHo rontnntionii wwe denhyl hy tho«i> In charge of the m«\iKure. who
that It wad nociwiiiry to give the ('oniml.iNliin Inllludo In tho mntUr
of till- timii of lnt<T<*nt pnymeiitN, beoniiKo all of the rtolilnr nnlloiw could
not liKKin piiymontM at tho Kunio ttmr-.
The Hotinto «iui t4ihl thnl tlip
Tri-jiHury Drpnrlmont oxpccliHl (irmit MrllAln l»> liitfln Itn Int^in'ht pnymrai(«
In .1 i.hnrt llmo. hut that in tlio cumo of hoiuc of the nowly rrtwli-d nntlona
lnli^i>«t pnymonta nilglil liavo to ho dufirnxl for t\n long tut ton yonrs.
>itiili'<|
Current
HI I.I.
Thr
whifh
hy iJu-
3Cx)cnts ixnCL
giscussious
FOR HI'IFVNDINO OF ALLIED
f!Oi:S TO PRESIbllST.
hill ftufhori/.iny
hfti!
finMwrl
.SrnAt«i
l«Tduy (Kcih.
fJi..
the nfiindinfr of
i|(,iiM«>
on TuiM«liiy
WAR
Thf
tlu- Allii-d
on Ocl.
of thin w«'«'k
hhini'S
wur
<lcl»ts,
whh imsM^d
ami y«'HIhf Smati- anund-
'24
laHl,
Man.
.'{!),
llonm- fonfiirrcfi in
Ik inir hnmirlif
''»
'he I'n-Hidciil for
Thi- hill, whi«-li aiifhori/.cH the n-fiindinsr of lli«t
apiiroval.
$lfl,CKX),0()(),0(K) foniiifTi 'l<l)l info HiciiritirM rnfiliiriru^ in
not morr than fwi7ity-fivi- y»arH. i»as>u <l ilu. K<nali' on ./an.
hy a vot*« of .'iO to 1^'». Thm- |{«inihli.anM. Hf»rali. f^a
Follotto and Norriji, join* d with the Duniorratio minority m
mi'<x\\M,
M
fh*!
'A)
hill
ihi-
thuN
am«'n(imont. proviiiin^ that
not
lii-ar int<T<'Ht
iirr
by
(feNlfd
IIm'
at
.S<<na!«<
by Henat.or
I«'kh
on
than 4
'
i
.Ian. 27.
Siniinon.s.
llu'
'/|.
rerundinfr Ik)u<In kIioiiM
writ (en into (lie rneaH-
wan
Tln' luuiudnmnl. wiw niik('arolina, oh a
Dtunocmt, North
'onmiifttM- aniendnient
which would have providid llial IIk' riil4< of inNiiMl Hhoiiid
l)«' not Ii'HH Mian
In \\^^
ili;i(
provid(><t for by rxiHlinj; law.
a'li«)n on llic hill on ,l;iii.
\\\^< Ht>na(^' irjislfd by a \«il«< of
'It lo .'{li an anu'iidini-til orr<r< d by H<.<nal.or .lohnHun, California, i>ro|>oHini; approval by Con^rroiiH of tho bond i-onvrrniou ai^evmcntH.
Thi' Hmalo alfto <»n lh<' Hanic day rojivtod.
Hiili.slitiilc
for tho
orijifiniil
'.',()
KIiuhkm*
(
THE CHRONICLE
460
49 to 32, an amendment by Senator Simmons, Democrat,
North Carolina, proposing that interest on the converted
bonds be paid semi-annually or annually. Senator Reed,
Democrat, Missouri, proposed that the Commission be
prohibited from deferring the interest payments by any
country for a period longer than two years; this also was
voted down, 44 to 34. Senator Simmons offered an amendment limiting the time for deferring interest payments to
This was
three years without the consent of Congress.
pending when the Senate finally went into a brief executive
session preliminary to taking a recess until 11 a. m. tomorrow. The recess plan was agreed upon after a motion
On
to adjourn had been defeated on a roU call, 44 to 32.
Jan. 31, as stated further above, the Simmons amendment
was
rejected, 41 to 27.
On Feb. 2
Associated Press accounts from Washington
stated:
Objection by the Administration to the Allied debt refunding
bill
as
amended by the Senate was encountered to-day by the House Ways and
Means Committee when it took up the measure in executive session. Chair-
man Pordney
said action would be deferred until he could confer with
President Harding at the White House, probably to-morrow.
Secretary Mellon, who was before the committee, said he would rather
bave had a bill without the 25-year maturity and 4J4% minimum interest
rate lijuitation, but that it would be feasible to go ahead with the refunding
negotiations, and if these limitations proved insurmountable in the case
of some countries additional authority could then be asked of Congress.
It was understood that the President objected to these limitations as
written in the Senate measure following agreement on them by the Republican majority in party conference. It was said attention of the committee
had been called to the statement that in the case of some of the debtor
nations, particularly the smaller and the newly-formed ones, it might be
necessary to defer maturity of the refunded obligations for fifty years instead of twenty-five years, and then wheie the loans were to extend over
such a long period it might be desirable to fix an interest rate as low as 4%.
The same advices last night (Feb. 3) said:
Administration objections to the Senate requirements that the refunded
obligations mature not later than June 30 1947, and that the minimum
interest rate be 4 H
were withdrawn after White House conferences
between the President and Chairman Fordney of the House Ways and
Means Committee and Secretary Mellon of the Treasury Department.
Neither the Administration nor Republic n leaders of the House favored
the Senate changes, but it was expla'ned that they had dec'ded to accept
them because there would further delay in final enactment of the legislation
If the bill were sent to conference.
%
In disposing of the bill yesterday, the House accepted
on a separate record vote the amendment as to the date of
maturity and the minimum interest rate by a vote of 299 to
26, with both RepubUeans and Democrats supporting it
and opposing it. The other amendments were agreed to
en bloc without a roll call.
SUBSCRIPTION LIST FOR DEPARTMENT OF SEINE
(FRANCE) BONDS CLOSED.
Kuhn, Loeb & Co. of this city, announced on Jan. 31
that the subscription lists for the $25,000,000 Department
of the Seine (France) 20-year 7% external gold bonds had
been closed. The bonds, offered on Jan. 23, were referred
to in our issue of a week ago, page 356.
PAYMENT BY FRANCE OF $10,000,000 TO U.
ACCOUNT WAR SUPPLY PURCHASES.
[Vol. 114.
The burdens on production and consumption will be increased, and, in
addition, the increased customs dues will be collected on a gold basis.
The
entire burden Imposed on consumption, it is asserted, is at least equal to
that in other countries.
In explanatioi) of Germany's financial position, the note states that
energetic measures will be taken against the removal of capital abroad and
the evasion of taxation, such as the abolition of the obligation to secrecy
imposed on banks, and control over the ownership of securities deposited
with banks. It explains that the railway rates, compared with pre-war
conditions, had been increased nineteen-fold for passengers and thirty-twofold for freight.
The postal and telephone rates were increased twenty-onefold.
The food subsidies for 1922 will amount to only 1,000,000,000 paper
marks, as compared with 2,250,000,000 previously. The price of bread
will shortly be increased by 75%.
A system for insurance for the umemployed at the expense of employers and employees will be introduced, to
replace the existing relief system.
The ordinary budget shows, with a revenue of 103,200,000.000 marks and
expenses of 86,700.000.000 marks, a surplus of 16,500,000,000 marks available for reparation payments.
With the object of reducing the floating
debt, the Government will raise an internal loan this year apart from the
compulsory loan already agreed upon. The compulsory loan will be nonrecurring, and is intended to finance the reparations due in 1922 without
increasing paper circulation.
It is absolutely necessary, if the matter is viewed from an economic standpoint, the note continues, that Germany should at least for 1922 be relieved
of all cash pajTnents on account of reparations.
The German Government recognizes that economic and financial considerations must yield to political necessities.
It refers to the figures taken
into consideration at Cannes by the .\llies, namely 720,000,000 gold marks
in cash and 1,450,000.000 gold marks in kind, and requests a reduction in
the cash payments, increasing, if necessary, the payments in kind.
It also proposes that the costs of occupation should be credited to the
total sum in cash and kind paid in 1922 and that the other obligations in
foreign currency arising from the Peace Treaty, especially clearing house
obligations, should be mitigated.
Germany reaffirms her readiness to collaborate, by all the means in her
power, in the restoration of the devastated regions. The Weisliaden agreement was concluded in this spirit. Germany also is prepared to conclude
agreements with the other Allies regarding deliveries in kind.
The note concludes by the declaration that the recurring montlhy or
quarterly payments in foreign currency greatly hamper Germany's efforts
to put her finances in order, and that the restoration of the world's confidence in Germany's credit is a prerequisite condition for the complete discharge of her reparations payments.
The German Government, therefore, is of the opinion thatthe settlement
of the reparations payments for 1922 is only the first step on the way to a
solution of the entire problem.
If this does not receive consideration, the
uncertainty regarding 1923 will exercise a paralyzing effect also on the economic and financial position of the Allies.
The Gei'man Government begs the Reparations Commission to note par"
ticularly its concluding remarks, so that a way to restoring Germany's
internal and external credit may be found and a big reparation loan made
possible by the International Corporation.
The note includes four appendices with data respecting the German
taxation system, the budget, the abolition of food .subsidies and reform of
the postal and telegraph ser\'ices.
The
following was contained in Paris cablegrams (Associated Press) of Jan. 30:
The Allied Reparations Commission decided to-day to transmit Germany's latest reparations proposals to the Allied Governments and await
their decision as to whether they will treat the question with Germany
themselves or refer it back to the Commi.ssion to handle.
In a letter transmitting the German note to the Allied Governments, the
Commission asks them to decide as soon as possible whether they will pass
judgment or leave the matter entirely in the hands of the Commission. The
letter makes no recommendations, it is understood, but merely recalls the
agreement recently reached at Cannes providing for the payment of 31 ,000,000 gold marks by Germany every ten days, pending a decision by the Allies on the whole reparations issue.
Members of the Commission this evening refused to make any comment
The only
as to whether the note from Germany was satisfactory or not.
in reparations circles was an expression of i egret that the Germans
did not state the exact ength of time dxrring which they desire freedom from
cash payments and the actual amount of money they would be able to pay
this year.
A copy of the note was given imofficially to Roland W. Boyden, the
American unofficial representative on the Commission, for transmission to
the United States Government, as the Commission is anxious to keep America in closest touch with the current reparations situation.
The German Government sent five lengthy annexes with its note, exThe anplaining in the greatest decail the points made in the note itself.
nexes have not yet been given to the Allied Governments, because of the
time involved in translating them into French.
comment
S.
Press dispatches from Washington Feb. 1 stated:
Payment of $10,000,000 on surplus supplies bought after the war was
made to this country to-day by France. The payment was the third installment of semi-annJal interest on the $400,000,000 debt created by the
Liquidation Commission after the war when army supplies in France were
disposed of to the French Government,
GERMANY, IN NOTE TO REPARATIONS COMMISSION, SEEKS REDUCTION IN CASH REPARAGERMANY PAYS SECOND INSTALLMENT UNDER
TIONS PAYMENTS.
ARRANGEMENT FOR PROVISIONAL DELAY IN
On Jan. 27 announcement was made in Associated Press
REPARATIONS PAYMENTS.
advices from Paris that Germany's reply to the request of
(Associated Press) Jan. 27 said:
cablegram
A
Paris
the Reparations Commission for the German program of
reparations deliveries was handed to the Berlin office of the
Commission on that date. Details of the reply were furished by the Associated Press in the following advices from
Berlin, Jan. 28:
The German note to the Reparations Commission in response to the
Commission's demand for explanations of Germany's alleged inability to
meet her obligations for January and February requests that Germany be
relieved of
in
all
cash payments in 1922,
cash payments and an
It also asks for a general reduction
increase in payments in kind.
The note
The German Government has notified the Reparations Commission that
31,000,000 gold marks have been deposited in various banks in compliance
with the ten-day payment schedule adopted by the Oonunission at the
recent Supreme Council meeting at Cannes.
The first payment of 31,000,000 gold Marks on .Jan.
18 was referred to in our issue of Jan. 21 page 242.
,
REICH SB AN K TO SEND GOLD TO ENGLAND AS
COLLATERAL FOR EXCHANGE LOANS.
suggests that the Allies take measures to restore Germany's
credit and thereby facilitate the floating of a big International reparation loan.
It announces that Germany will raise an internal
loan in 1922 Independently of the forced loan, in order to reduce the floating
debt.
We reprint from the New York "Times" of Feb. 1 the
following cabelgram to it (copyi'ight) under date of Jan.
31 from Berlin:
The Reichsbank to-day asserted that it had only 75,000,000 gold marks'
It is pointed out in the note that the Allied experts at the Brussels Conference in 1920 recognized that German direct taxation was incapable of
further augmentation, but that nevertheless bills were now before the
worth of foreign exchange on hand. This is the first time the Reichsbank
It was only done in
ever made public its foreign exchange holdings.
answer to a pereniptory question by a Democrat, Dr, Pachnicke, in executive committee of the Reichstag.
This Committee, after hearing Reichsbank President Dr. Havenstein,
approved the draft of a law which will permit the Reichsbank to deposit
Internal
and external
Reichstag to provide further increases in property tax, as well as taxes on
and corporations. The turnover tax will be increased from 1 H
2% and the coal tax from 20% to 40%.
capital
to
%
THE CHRONICLE
Feb. 4 1922.J
any part of its gold reserve in the Bank of England as collateral for temporary foreign exchange loans, these in no case to be used for reparation
payments. Havenstein told the reactionary doubting Tliomases on the
Reichstag Committee that the Bank of England pledged itself that Germany
could, at any time, on demand, obtain an export license and get its gold
back from England, and that the name and honor of the Bank of England
and its.directors stood behind this pledge.
BERLIN MARKET AND THE NEW LOAN PLANBOURSE TO RESUME DAILY SESSIONS.
•
The following Berlin cablegram
the Xe'w York "Times" of Jan. 30:
The agreement in favor of a forced internal loan
(eopyriglit)
marks has had the
effect of temporarily stabilizing
is
taken from
of 1,000,000.000 gold
mark exchange, which
has been falling slowly since the early part of January, owing partly to
unfavorable expectations regarding the Genoa conference, and partly to
fear of the Wirth Ministry's resignation if its tax program were not agreed
to.
The prospects as to Genoa are still regarded gloomily, however;
feeling on this market being that the French attitude will certainly prevent
concrete discussion of the reparations problem and that America's absence
would deprive the decisions of the conference of moral force.
The effect of the forced loan is itself largely sentimental. It is estimated
that in paper marks the proceeds of the loan would yield 50.000,000.000.
and that would exceed only to a slight extent one-quarter of the estimated
1922 deficit, which is e.xpected to be 180.000.000.000. Wirth's taxation
reform as submitted in the autumn is also weakened. That reform undertook three direct property taxes and numerous indirect taxes. Instead
of Erzberger's emergency lei-y of 45.000.000,000 marks, whereof one-third
had already been collected. Wirth proposed first a permanent property
tax on the basis of recurring triennial assessments with a maximum rate
of 10 per mille. this rate to be trebled for the first 15 years in order to
compensate for the abandoned emergency levy. Second, the direct impost
was made permanent, with a triennially assessable tax on increment of
wealth, and. third, there was proposed a non-recurrmg tax on post-war
increment of wealth between 1919 and 1921.
Old and l^ew Tax Plans.
Under the present new agreement. Wirth gets 1.000,000,000 gold marks
but abandons about 30.000.000.000 of paper marks which would have been
received from the part of the emergency levj' not yet paid.
The plan also
abandons altogether the post-war increment tax and reduces the triple rate
on the property tax to a double rate.
Further, it proposes a 2% rare for the originally proposed 3% on the sales
tax and agrees to the Reichstag's reduction of the proposed sugar tax from
100 marks pa- 100 kilos to 50 marks.
These concessions by the Ministry will probably far exceed the ultimate
gain from the forced loan.
But the loan project has the advantage of being
immediate. On the other hand, the plan of the Allies to compel Germany
to abolish deficits on State services is badly shaken by the announcement
th:it since postal charges were trebled. on Jan. 1, the State's receipts from
lett-ers and telegrams have fallen about 50%.
Course of the Grrman Paper Money.
last weekly stai,ement aza^n shows sharp decline in note
circulation, which dropped another 704.000.000 marks in the week ending
Jan. 2.3. The cause of this decline is apparently the increasing abundance of
money, which ha.s enabled the Bank to dispose of di.^counted Treasm-y bill?
to private banks and the public.
At any rate, the Relchsbank's holding
of such bills has declined from 1.32.000.000.000 at the end of December to
1 17,000, 00<),00<') by this late statement.
The decline in the note circulation since the year-end. however, means no
improvement in State finances. During the second ten-day period of January, 4, ISO. 000. 000 fresh Treasury bills were discounted.
As a matter
of fact, the early weeks of 1921 also witnessed a similar decline in the inflated currency, owini; to the same cause.
The Reichsbank's
Bourse
to
Resume Daily Session.
The Committee of the Berlin Stock Exchange has decided to keep the
Boone ot>en In Febnjary during all week d;jys. except Saturdays. Their
reason Is that since the time of the November boom the stock market has
befln Inactive.
Stockt ended last week without any settled tendency. The
PLANS FOR INSURING CONTINUED ACTIVITY OF
DISKONTO AND REVISIONS BANK OF
COPENHAGEN.
Definite arrangements have been made to pi ce the
Diskonto and Re\asions Bank of Copenhagen, Denmark, on
a sound foundation and insure its continued activity, according to a cablegram received on Feb. 1 by the Ir-ving National
Bank from A. E. Lindhjem, its representative in Scandinavia.
Action of this kind was foreshadowed in an Associated Press
dispatch from Copenhagen, dated Jan. 30. According to
the cablegi'am, the Danish National Bank has agreed to
new
subscribe for
The
shares to the
amount
of 14,000,000 kroner.
and reserves of the bank will then amount to
38,000,000 kroner. Three leading private banks have also
capital
agreed jointly to deposit 20,000,000 kroner without colsecurity, which shall be repayable at the rate of
4,000,000 kroner a year.
Under date of Jan. 30, the Associated Press reported the
following advices from Copenhagen:
The Copenhagen Diskontobank and Revi.sionsbank, with a share capital
of 48,00,000 kroner, is in difficulties, having financed weak conceras with
large holdings in German marks.
The Minister of Finance met the directors
lateral
Copenhagen banlcs yesterday to consider joint action to
guarantee the depositors from loss.
Investigation showed that the bank had lost 50.000,000 kroner.
The
directors of the other banks agreed to continuance of the institution on
condition that its share capit.al be reduced from 48,000.000 to 22,000,000,
and its reserve fund from 16.000,000 to 2,000,000,
The Danish National Bank will guarantee a new share emission of
14,000,000 kroner, deemed necessary to cover the balance of the 50,000,000
lost.
In banking circles it is believed that these measures will re-establish
the Diskontobank and Revisionsb.inlc on a sound foundation.
of the other
/.
P. MORGAN & CO. TO RECEIVE TENDERS FOR
AMORTIZATION OF $452,200 ARGENTINE PESOS.
J. P. Morgan & Co. are instructed to give notice that they
are prepared to receive tenders for the amortization on or
before March 1 1922 of $452,200 Argentine gold ^^esos.
Tenders with coupons due Sept. 1 1922 and subsequentlj'
at a price to be stated in the tender must be lodged not later
than 12 o'clock noon on Feb. 11 1922 with J. P. Morgan
Tenders will be received
Co., 23 Wall Street, New York.
also in London by Baring Brothers & Co., Ltd., and in
Buenos Aires by the Credito Publico Nacional. The ten-
&
In its notice
ders will be opened in London on Feb. 15 1922.
the Morgan firm states:
Each £200 bond has a par value of S973 U. S. gold dollars, and tenders
must bo made at a flat price under par expressed in dollars per bond.
Tenders must be made on a form obtainable on application and be accompanied by a deposit of bonds of the above mentioned loan at the rate
The Deposit
of not less thanS97 30 per «973 nojninal capital tendered.
and tender must be securely enclo.sed in an envelope marked "Tender of
Argentine Government 5% Internal Gold Loan 1909 Bonds for Uedemption."
In the event of the bonds tendered not being lodged with Messrs.
Baring Brothers & Co., Ltd., by April 28 1922, the deposit will be forfeited.
The tenders will be opened in London on Feb. 15 1922 and the result will
be notified as soon as possible (hereafter.
Fornis of tender may bo obtained on application to Messrs. J. V. Morgan
& Co., 23 Wall Street, New York, who reserve the right to reject all or any
tenders.
one oxceptlon U the securities of the ix>ta.sh companies, which are enjoying a lx>om owing to the struggle for control of minor concerns by the leading companies, which already control about one-third of the output of the
Hyndicate.
Wlnter^hall concern, which owns most of the cheaply workable mines,
ia agitating for reduction of oxpfjrt prlrcs, but this Is poposed by the other
lance lnterc«(t In the bmilnesH— the Deutsche Kallwerke.
Most pf)tash
took* are at present hIghfT than during thfi early November boom. In face
of the con.tldorablo depreciation In other stocks.
The Pedfjral Economic f'ouncll ha* passed a resolution favoring repwil of
the law of 1919, which rofjulrcs deposit^! of stocks and bonds with Ijunk.s as
pmtertlon agalnKt tax evasion.
461
PRESIDENT ZAYAS OF CUBA EXTENDS TIME
FOR INVENTORY AND CLEARANCE OF
WAREHOUSED MERCHANDISE.
prita^ih
The
An. extension of time
merchandise warehoused
Washington, on Jan. 30,
"Journal of Commerce,"
same
and clearanco of
was made known at
by Department of Commerce, the
of Jan. 31, giving an account of the
for tlie inventory
at C^uban ports
—
as follows:
extension of two months within which goods held in Cuban warohoimnH may bo nvexportod. and thus be .savod from sale by tho (iov«rnniont
An
WALTER RATH EN AV APPOINTED FOHEICN
MINISTER IN CHANCELLOR WIRTH'S CABINET.
DH.
Dr. Walt<?r Rathnnau, former Gflrman
'"
'
••
'
;,
with
Oerman
Mini.st«'r of lico.on-
Dcmiaii ropn-si-ntativc at various
tin-
Allirs,
}ia,s
Ixnifi
apj)(»int»!(l
Announcement
of this was
tnvLt\n in .\
'I
I*r«;.H.4 fiiMftframs frotn
Rcrlin Jan. 31,
which alfiri
out that lli«' po.st of Ger/naii MiniHtcr
had b*H«n held by Dr. Joseph Wirth, in addition to the
'"^
llomhip. iinco the reorganization of the Cabinet last
Mini.stfr.
Korfiiji^n
I
to BatlMfy duty payments. Iiiui bcien docrecHl by I'rcsldctit Z.-iyiis of Cub.-*,
.iccordlng Ui a cnbW^gratn riicclvod by Hccrotury of Coimiierci' Hoover today from ConinnTClul Attache JoncH at tliivniia, Tlio volume of Imported
goodn affectiul by th<! decision Is eslimuted to bo between 8ixt.v and clKhly
riilllion dollars, most of which In owned by .American lii(<<ri'NlM.
•The withholding of tills decrei^ iiuthorlzlng public ii:ilen of undelivered
nierchiindlnp and the granting of the time neressiir.v for n tliorouKli lnventor.v
to bo inodu'lliu cublegruin declared. "openH the way for ii cImirliiK up of tho
whole Rlluutlun through tho uxuul
Tho
^
'
to the AfiHo<iiat4-d
'
ri
'1
fmnrn.
Th.
boii'l
Pel).
Tiie a/lvie«<w
I.....,i.
«iii
more
I'resH
advices from H«Tne,
,(KK).fKK) rrnnIdiv.'
for the .Swi.xs inleniul loan of 100 .()()'), (KK)
.,„„,
1,
lluin
2.S.*
a'l'l:
Mm
|nt"r.wt »t fiV^';;.
Tho iit^iwunl mirr. .i« „f
if-n\ laraxlf to thr Ur«»i ninount
of iini-iii|>loyr<l
-i. du« to Influatrlnl 'l"i>rnwlrin.
rabloRriim
decliiriMl:
i.-i
'iilmn
riifitoinnrii.
•Idenl 'Aiiyn* I* report,e<l to hiivii clerl(ire<l timt he wouM nilthorlre iho
ejctriiKlon of the diMTiM* of Dor. fi, which perinlltiH! the re-export of un
fir Uvere<l niirclianclliio within 120 dayn wKhoiK. the piiytiieiit of duty, (or ii
fiir(.li>'r iMirUrtl of two inontlm, or for unch fiirthnr time iw may be nere»Me
oMie to tm nifreetnenl.
oiiry to enivlije (he roiMlKtiom iiiid c.
'ry of (he goodn In the wnrenlao di<-I>ire«l hliimelf iiKreenlili- In
hoilKen Im'Jiik ninde iit llie expeniie ol n.. iii'.iiriitice iinderwrltera
•
C
rommerclnl ndjujitnionl,"
to
•'tlndellviTiihln mercliundliie warelioused at the varl<Min fiiimn poru
be griintiMl nil exteimlim fur Inventory iind cleiiriuiee. Tbo vnliie of (ho
lijiportivl kihmIn :iff«<'t<Hl by IIiIh declHlon In eNllniated tri be bet.wi-eii JdO 000,00(1 nnd SSO.OOO.OOO. ti large part of which In naiil to belong U< Amerlciiii
ifiiTftiniilii who havo not yet been able to effwl i» nuttlrninnl with llielr
(
HWISH LOAN OYERSVliSCRIHED.
procciis of
Rzlension (Irantrd.
I'r.
.
"riie extt^nalon Kninttw) u eii|>e<-te<l to iifford eoimldemlil" rollof Ui thn
Ariierlenn owneni of Rood* iitx>r«<l In Cubiiii port*. In view of the propimral
de<T»v of Ji»ii 'i which nuthorlxixl the « 'nlinii ruatonm mithorK \<m U> nell nil
datnaffnd gntttU In l>oti>te>l wnreliouaex In tirdw to rix-over the nuntiiin*
I
.
THE CHRONICLE
463
charges due, and then to proceed to sell all other undelivered merchandise
which had been stored over six months as soon as the decree allowing reexportation had expired.
"The present congested condition of Cuban ports, particularly at Havana,
is the result of the heavy deliveries of about a year ago on the orders placed
during the preceding boom time period, which the consignees found it
difficult to accept because of the deijression that had set in in the meantime,
particularly the drop in the price of sugar, the principal Cuban export
product.
Goods in Ti'arehouses.
"In order to relieve the congestion on wharves and docks, the undelivered
merchandise had been consigned last summer, at the direction of President
Zayas, to some seventy bonded warehouses of various descriptions, many of
them hastily created for the purpose.
"As a result of representations made by Commercial Attache Jones on
behalf of American interests, a decree was published on Dec. 5 permitting
imported goods which had not been cleared through the Cuban customs to be
returned to the port of origin within a period of 120 days without the pay-
ment of the duty.
"The situation was
in the meawhile complicated, however, by the fact
the hasty consignment to the many bonded warehouses made the location
of particular packages difficult to ascertain.
The efforts of both the American Charge d'Affaires and the American Commercial Attache were being
directed towai-d arrangements for an inventory to be made of just what was
on hand and where, when the CJuban Government, impelled by the financial
necessities of the public treasury and the difficulty of maintaining these
warehouses, issued the drastic decree on Jan. 21
"Upon instructions from Washington protest was immediately lodged
against the proposed action."
C. E.
MITCHELL ON PROSPECTS OF CUBAN LOANSUGAR SITUATION, &C.
Charles E. Mitchell, President of the National City
of
New
last
week
Jan. 30.
Bank
Cuba was
referred to by us
(page 358), has returned, having arrived home on
With his return Mr. Mitchell indicated to news-
York, whose
trip to
trip, and the "Journal of
reporting
him as asserting that
Commerce" of Jan. 31 in
"Cuba is on the mend," quoted him in part to the following
paper nen the impression of his
effect:
situation is better.
No estimate of the size of the new crop
possible until the grinding season is over, but there is no necessity for
laws in Cuba restricting the amount of the crop. The fact that the mills
started grinding later than usual, that the cane is not so well cleaned, that
there has not been so much replanting and that a number of Spaniards
employed as cane cutters have left the island all tends to curtail the Cuban
crop this year.
Regarding the recent extension of a $5 ,000,000 loan by New York bankers,
Mr. Mitchell stated that there was some slight dissatsifaction, but that no
developments which could not easily be "ironed out" need be feared. That
a substantial loan will be made later this year was the opinion of Mr.
Mitchell, although he refused to name a figure.
The reports circulated here recently have it that the loan will be for
350,000.000 and will be offered to the public for subscription. Mr. Mitchell
He said that
said the loan ought to eventuate within the next six months.
it was unlikely that in making the loan bankers would specify that the
funds received would have to be used in this country.
"The larger loan is bound to come and will come when the Cubans have
Regarding the
further set their house In order," Mr. Mitchell declared.
work done by General Crowder, Mr. Mitchell expressed the belief that
real progress had been made by General Crowder, acting under direct
orders from Washington. With respect to the methods which President
Zayas has adopted for balancing the Cuban budget, Mr. Mitchell pointed
to the following accomplishments:
1. The elimination of a number of Government employees.
2. The reduction in recent activities of some of the departments.
3. The eUmination of waste and the stopping of all leaks in revenue.
Mr. Mitchell, praising the accomplishments of President Zayas. stated
that the latter had the situation well in hand but that further necessary
progre.<« would naturally be more difficult.
On the subject of the tariff
Mr. Mitchell said proof that the situation had improved was seen in the
fact that there was no distress Cuban sugar on the market at the low
prices which it had been predicted would be realized.
"The old crop .sugars are moving as fast as ships can take them," he .said.
"Practically all of the old crop has been moved from the factories to seaboard. Some of this sugar is moving to England, but the greater part of
the old crop is coming directly to this country."
Discussing recent reports of sugar mergers, Mr. Mitchell said that it
was inevitable that there should be such talk in the natural evolution of
any industry. He cited the case of the copper industry as proof of this
phase. Mr. Mitchell expressed the belief that during the course of the year
there would be effected consolidations which would link up the industry
from production to the actual selling of the product to dealers.
"Cuban sugar properties to-day need equity money," asserted Mr.
"Operators capitahzed at between $1,000,000 and $3,000,000
Mitchell.
have no way to get their stocks active or stimulate demand, but if a group
with $2.5,000.000 or $30,000,000 is organized there will be ample opportunity to intcjest investors in the United States, with the result that there
will be a rollback of equity money."
One result of the "collapse of prosperity" in Cuba, Mr. Mitchell explained,
has been the liquidation of labor on that island. Against a "boom" rate
of $5 per day average Cuban labor is now receiving $1 per day.
And this
despite the fact that there is a scarcity of labor in some industries at the
present time. Mr. Mitchell expre.ssed surprise at the apparent abruptness
with which the collapse came. Houses, almost entirely completed, were
still in the same state of incomplction as at the time of the depression.
The fact that prices in agriculture aro below those in merchandise means,
Mr. Mitchell assorted, that American prices for merchandise must drop to
a point whore American goods sold in Cuba will be commensurate with
prices there.
Mr. Mitchell summed up his observation regarding the
general Cuban situation with these words:
"If let alone the economic law will carry Cuba around the corner."
Asked concerning suggestions that the Federal Reserve System or some
similar banking system be introduced into Cuba, Mr. Mitchell said the
Cubans already have a committee going carefully into all phases of the
banking situation there. No report has as yet been presented and Mr
Mitchell expects none for some time.
In answer to a question as to whethw his trip to Cuba meant that there
would be any change in the policy of the Natiocal Olty Bank there, Mr.
The sugar
is
[Vol. 114.
Mitchell said that numerous branches of the bank had been opened there
in 1915 and that this work was done with rapidity, due to the change in
conditions forced by the war.
He stated that some of the branches which
had been organized might be abandoned upon proof that the work in a
given section could be as efficiently handled b another branch, and he
suggested that in some cases it might be found advisable to create new
branches.
Bank Not
to
Withdraw.
Mr. Mitchell emphatically denied that there was any chance that the
National City Bank would withdraw all of its interests from Cuba. Ho
said that with the branches of the Royal Bank of Canada and the National
City Bank all other banks in Cuba had been closed and were now in process
of liquidation.
Private banking interests local to Havana are now carrying
on this business and some of these private institutions are powerful, he said.
On the question of linking up the sugar industry from production to
selling, Mr. Mitchell emphatically expressed the opinion that such action
would not result in the construction on that Island of refineries.
The
new crop sugars will still be shipped to the United States for refining. The
present refineries on the Atlantic seacoast are ample, he asserted, to take
care of this work.
Mr. Mitchell said that he did not believe that the consolidation movement
would result in the operation by the combines of their own ocean fleets,
since the present supply of bottoms was more than sufficient to meet
any possible demand for space.
SENATOR FRANCE ON AMERICA'S CALL TO
LEADERSHIP.
Speaking at the annual banquet of the Pittsburgh Real
Estate Board, at the Schenley Hotel, Pittsburgh, Pa.,
on January 31 1922, Senator Joseph Irwin France said that
armaments and wars are but the ourward symptoms of imperialism which is thedeadly malady from which the world has
"This last was the final and
long and grieviously suffered.
absolute proof that the clashing rivalries and conflicting
ambitions of empires must ever make wars inevitable. Permanent peace cannot be achieved by new deal?. It ean come
only through new ideals, those ideals which have been
wrought into the indestructible framework of America and
Americanism." Senator France spoke of the demoralization in Europe and said:
The more one studies the great truths enunciated in the Declaration of
Independence an in the constitution the more apparent becomes the need of
their application to the international problems of the present.
Every farmer, worker, manufacturer and business man in America is
suffering because of the financial demoralization in Europe.
The budgets
Europe owes us more than fifteen
of European countries will not balance.
Foreign exchange markets are disordered. Europe
billions of dollars.
cannot buy from us as she would. Our export trade was three billions of
dollars less in 1921 than it was in the prevlotis year.
How can Europe pay her debts to us ? Can we trade as usual with Europe and can Europe send us in addition one-half a billion of dollars of gold
annually to pay the interest on the debts of European countries to us. It is
impossible.
The present gold reserve of the United States is in excess of
England has but $763,749,000, France $690.three billions of dollars.
158,000 and Italy $209,698,000 in gold, all of these countries together havIf the European
ing gold little in excess of one-half of our gold reserve.
countries begin paying us this interest on their debt in gold and something
each year on the principal in less than three years we would drain from
Europe every ounce and grain of gold. Germany's reparations. Europe's
debt to us, all international obligations must be paid either In goods or
If Europe pays her interest to us by
liquidated otherwise than with gold.
shipping us five hundred millions of dollars more goods than we ship to
Europe, our industries will be utterly demoralized.
Because of all of these problems which must be met I have advocated the
These problems can and must be
calling at once of an economic conference.
solved, under American leadership, by the application of the reconciling,
healing and upbuilding truths, principles and ideals of Americanism.
The problems of these debts owed by certain of the nations to certain
other nations and of the huge total debt of the world are most serious ones.
Liquidation of World's Debt.
Before the war the total debts of the countries of the world were about
45 billions of dollars. Now the debts of the countries amount to the inconceivable and staggering total of approximately 265 billions of dollars
which sum carries an interest charge in excess of nine billions of dollars
Prosperity can not return to America until there has been
annually.
adopted some plan for the reduction or liquidation of those international
obligations which act as impassable barriers, blocking the normal circulaThe nations must become insolvent under such a
tion of conunercc.
crushing load of debt unless means are found for the increasing of national
incomes, the elimination of deficits and the balancing of budgets.
It must be apparent to all that the solution lies in the increasing of the
total producing power of the world by the rational, practical and humane
development of its vast, undeveloped human resources of energy and proInternational coductive power and its largely unused natural wealth.
operation would find vast virgin fields for helpful ondcr.Tor in upbuilding
and developing Rus.sia, China, Africa and other less important, but extenI never advocate a policy simply
sive backward portions of the world.
because it is ideal. I insist that every policy must combine the ideal with
proposal for a voluntary concert of effort by all the
the practical.
nations for the common recognition and affirmation of the principles upon
which our government has been founded, for the promotion of general
justice, for the solution of these common and grave economic problems,
looking to the general enrichment and prosperity as well as to the permanent peace of the world, is one which is in harmony with sound morals.
international righteousness and sound and profitable business principles.
resolution providing for an international conference, looking to such
a concert of action between the nations has been before the Foreign RelaIt has been commended
tions Committee of the Senate for many months.
by some of the most eminent students of international relationships. It is
The fatal blunders at Paris and
the plan which must be ultimately adopted
the failures at Washington may be attributed to the tragic fact that, at these
conferences, no effort has apparently been made to formulate plans in harmony with the American ideals of universal justice and liberty and the
general welfare, all of which would be promoted by such a conference as I
My
My
.
propose.
THE CHRONICLE
Pkb. 4 1922.]
ANDERSON'S MEMORIAL TO INTERNATIONAL
BGONOMIC CONFERENCE—ARTIFICIAL EXCHANOE
STABILIZATION CONDEMNED.
H M.
Economic ConIn a memorial to the next International
of the Chase
Economist
Jr.,
Benjamin M. Anderson,
ference,
stabiliNational Bank of this city, condemns the artificial
conhe
what
of
outline
zation of exchange and submits an
reciting
in
Anderson,
Mr.
siders a fundamental solution.
at an early
that drastic currency reform is called for, aimed
in Great
restoration of actual gold redemption, states that
should
be
Britain a restoration of the old gold parity
belligerents
looked for, but that most of the Continental
gold pars.
lower
much
and
new
establish
best to
wUl do
of
other things he suggests that the Government
States
United
the
of
Government
Great Britain and the
Continental
agree to cancel the debts due them from their
of the
cancellation
the
involving
aUies. this however, not
Treasury.
States
United
British Government's debt to the
Mr. Anderson, "a rational economic settlement
Among
According
to
German indemnity question must replace the
settlement dictated to Germany in the spring of
of the
cal
politi-
1921,"
made
and trade relations within Europe, must, he says, be
proposals
far freer than they now are. A summary of the
em'.wdied in Mr. Anderson's memorial follows:
problem
Any fundamental solution of the forei^ exchange problem or tie
Continent of
with Europe must involve drastic reforms on the
are
items
main
Europe itself. The
of
trade
1.
Public FinancM.
public expenditures greatly
(a) Taxes must be jreatlv increased and
current expendidiminished so thnt current revenues will not only meet
This
amortization of public debt
tures, but also suffice to permit some
since the terai
balanced,
be
must
"budgets"
that
merely
does not mean
items of expendi"budget" is often a misleading term which omits major
nire.
issues.
(b) Floating debts must be funded into long-term
2.
Currency.
early restoration of
Drastic currency reform is called for, aimed at an
currency in gold
local
the
of
redemption
of
(or
jctual gold redemption
parity should be
pichange). In Great Britain a restoration of the old gold
Most of the Continental belligerents, however, will do best to
looked for.
gold pars
wtablish new, and much lower, gold pars. Restoration of the old
such
would involve such heavy increase in the burden of public debts, and
almost impossible to
\-ioIent declines in commodity prices, as to make it
More is to be ^i'med by early restoration of stability than by
iccomplish.
and "improoable restoration of the old pars. Fluctuatremote
iming at a
industrial proging paper money is the most serious single impediment to
rcM in Europe.
3.
German Indemnity.
must
rational, economic settlement of the German indemnity question
oJ 1921.
replace the political settlement dictated to Germany in the spring
Germany should be- made to pay what she can, but France, Belgium and
Great BriUin have nothing to gain by a continuation of the present demor-
A
Germany.
ilizatioD of
4. Trade Barrltrx.
Trade relations witliin Europe must be made far freer than they now are,
and in particular tariff barriers among the ffmall States of Eastern Europe
must be moderated very greatly.
5.
Indwilry and Outride Capital.
It can be made to revive, however, if
Industry in Europe must revive.
the reforms above Indicated are accomplished, and if outside help in the
If the reforms are accomplished, moreform of new capital i<. obtained.
over, the outilde help will be readily forthcoming.
Finance Mini«ter« in Europe appreciate the need for these reforms. They
They need outfind it politically almost impo«ible to bring them about
The reluctinee of taxpayers to asfid* encouragement and ouUidp help.
new burdeni, on the one hand, and the pressure upon the treasuries
for continued extriordlnary expenditure for pensions, reconstruction, bread
«ib«fdie«, unemployment lubuldles. increa.'ie<l public payrolls, military expenditures, and the like, leave the Finance Minister in an almost hopeless
position.
He ha* to depend upon temporary majorities In his Parliament,
jnd he lacks the courage to take a strong stand for financial reform. Given
maM
proper outsidf support, however, he could do so.
A comprehensive settlement
The following plan might be considered.
might he worked out In thi- form of a compact between the Governments
"
Tnitf-d .Stati-^, tog'-ther with the bankers of Great
of Great Br
••
and .Japan as the party of the first part, and
Britain, tli'
•'• as the party of the second part.
The
llie former
•
•
'
'
pompsct
"
form
ri'
r^
and the Government of the United
^
•» dtie them frrrm their Continental alllM. and
iir.K.T^ rii ir,..-d Htatcs, Great Britain and Japan undertake
</,
British and Japanese Int/> IM« their b*<it efforts to place with American,
-TV.
'Tcks of Continental securities, providing new funds for
'
,,
.
i.-
I
(
-
•
jiritsin
'».
in-
.'•rations,
made contingent upon, and conditioned on,
without which th»y would do harm, rather
of Europe undertake* to accomplish the financial and
reformn lndlrTat<*d alxn-e, accepts
rational »ettl»m^nt of the QerIndemnity qui-^tlnn. and Intro^luce* the proper degree of freedom of
The Continent
fimmry
man
The tender* of th* new fands retain supervision over the spending of
•
fiindi, »/. m.iV* sure thst they are nvn\ for vwunitlal piirpos*** only.
Th' n''-- .,1'y r,f ').\i |j«t provUlon la •mpha«lwd whi-n wp rrfle' t that Kur
"
h»i\ from thr United Hl«ti>« tinre thp nrinNtlrr much
\j
.<h Tnimry to have afV'ompll«hed her rehahllHallon lind It
•'
'.v»T
i-i
K'
the ezpondlture of the
only In the omintry
new funda does not mean that th*y
whirh lend* them.
Thi« Imrrowcrs
•hntiM he fr«» to tniy In the rh^spest market, wherever that market l«.
It
la world revival that we are aiming st.
Nsrrow »nd selfUh nationalistic
-
'1
sume
it.
scheme for an international foreign exSuch a bank could accompli>h its purpose only so long as its American stockliolders or its American depositors
provided unlimited dollars for the purpose of purchasing European exThe bank would be increasingly a bank with American liabilitie*
change.
and European as-^ets— a mere device for pegging through foreign loans in a
Simiiarl}' to be ruled out i.s the
change bank to stabilize exchange.
different guise.
Essentially the
same may be said for the proposed foreign exchange clearing-house
It could function
a clearing-house which would not "clear."
only if the United States Tre.nsury or American bankers continually made
good the debits of the European members of the clearing-house.
Measures designed to help the exchange problem may properly be made
part, however, of the more comprehensive settlement above outlined.
Part
of the proceeds of the new loans made by the United States might well
take the form of gold to increase the reserves of the authorities in Europe
issuing paper money (chiefly central banks), so a-s to facilitate their resumption of actual specie payments. A specific gold loan to Great Britain
might be Included.
—
CANADIAN COURT RULES THAT CITY OF REGINA
(SASKATCHEWAN) STERLING BONDS MUST
BE MET AT PAR.
Concerning an important decision on this point the "Finanpost" of Toronto in its issue of Jan. 27 had the follow-
cial
ing to say:
After two years
of discussion the legal position of holders of Regina
sterling debentures has been established
at least for the present
by
the Saskatchewan courts. The decision is in favor of the bondholders,
«p»r)t
—
—
If the case is appealed to the Sureversing the contention of the city.
preme Court of Canada, definite decision will be deferred, of course, but
the bondholders have won the first round and are confident that their
claim has received final recognition.
The Regina case first attracted widespread attention in January 1920.
The City Council, on the advice of its solicitor, decided to par interest coupons on its sterling bonds at current rates of exchange rather than at the
par rate of S4 86 to the pound. The bonds amounted to £710,904, and are
expressed in terms of sterling. Each coupon attached to a bond was for
£2 10s. payable in Canada or London. When the pound sterling sunk
to low levels the bonds came out to Canada in large quantities and the new
Canadian holders expected and demanded 34 86 2-3 for each £1. But
the Regina city solicitor con.strued the words to mean that each coupon was
worth that amount of Canadian money which was in value equal to £2 lOs.
of British funds.
In January 1920 this would have been about S8 75 or
S3 50 to £1. The value of the coupons, it was contended, fluctuated with
the rate of exchange.
The bondholders object to this mling. They contended that the Canadian Currency Act provided that $4 80 2-3 of the currency of Canada
should be the equivalent of £1 sterling. They demanded par of exchange
for the coupons.
Eventually the ca.se came Into the courts through the
action of the Toronto General Trusts Corporation In bringing action against
the city for the difference between the amount of Interest paid by the city.
an<l the amount that would have been paid under the contention of the
bondholders.
The decision is of great importance as many other cities have Issued
boncLs under similar terms.
It will proliably bring wid(»pread approval
in the F^ast and In PinKland.
At the time the C^lty of Koglna eatablishod
Itji policy such influential paper* ;ih the London "Times" voiced strenuou*
disapproval.
ADVANCES APPROVED BY WAR FINANCE CORPORATION
The War
from
.IAN. 2G
TO JAN.
28.
Finano<» (^orjuiralioii .aiiuoiincod
.Ian. 2(5
to Jan.
oflvanoes, agprcKatiiiff
2S
l\Y2'2,
iiiclusivo,
8.5,74.'>,()00,
on
it
.Ian.
.'?()
th.it
ai>i)r()vwi
210
and
live
for atrricultural
Btofk purposes as follows:
Srri.OdO in Cfilor.ulo
IT.fMlO In <'oIornd(i
$.(00,000
on llvosUirU
iNr» ^'ork
North Ciirollnrt
North Dnkotnl
Ohio
722.000 hi
111.000 In
151,000 In Oldahonm
KO.OOO In Orogon
35H,000 In Sciuth Cnrullna
575,000 In .^iiulli Daknl.'i
171.00(1 in Ooorgla
Ki.tVWI In Idaho
I7;>.0(i(i In
III
7.'>,000 In
In
NehrnHka
are to be
the V
than g')','i
t.
The control should merely
purposes must be rigorously frowned upon.
make sure that the funds are really used for Europe's rehabilitation.
Xo proposal is here made of the cancellation of the British Government'*
With the world revival which should
debt to the United States Treasury.
come from the carrying out of this comprehensive plan, Britain could pay
Her own finances are sound ; her diffiher debt to us without question.
culties arise primarily from her relations with Continental Europe.
Schemes for stabilizing the exchange rates which do not strike at the
Exchange can be "pegged"
underlying difficulties are futile and harmful.
through borrowing in the American market, so long as American lender*
This was done during the
will supply unlimited dollars for the purpose.
war and for five months after, the greater part of the dollars reqiiired beIt was necessary during the
ing supplied by the United States Treasury.
European moneys, validated by
After the war it did great harm.
war.
the pegging process, were spent extravagantly for American products, inThe recluding luxuries, chiefly designed for immediate consumption.
vival of European exports was hampered at the same time that imports to
Europe from the United States were incre.nsed. Francs and lire would buy
more in the United States than they would buy at home. Industrial reThe burden upon the United State*
vival in Europe was hampered by this.
Treasury was unendurably great, and it is impossible to siippose that either
the American Government or American banking interests will again as-
i
'
r
463
llllnolN
r,,nOO In Indhinii
VOH.iiOO In town
HV.fKid In K:in>iir'
I
CO, 000 In ToiiiwiKMW
;i-tO.(K)0 In
Minnowttii
.'(7(1.000
Miri.nOOIn
MImiurl
Ti'sns on llviwIncK
Ni'« .Mntico
I'l.l.OOO In WiM'oiiNin
27.000
on llveMnck
Nciw Mexico
.Montnnn
in MlNtwiurl
:ir,2.()fH)
In
271.000
In Nibr.iMU;!
In
III
1(1,000
III
70.000
In
'riuiui
in
WyuinlDR
DuririK tlio wcMtk iindini: Jan. 2H l\Y2'2 the Wnr KiiiaiKto
ron>oratioti ajiprovod u total of '.U\H ndviiiicim, nKkT«Katin(;
Tho
$1 l.WK'i/KK). f(.r mrrif till lira! aii<l livo Htock luirp'iHOH.
.
THE CHKONICLE
404
Board
also
institution
approved an advance of $150,000 to a banking
organized to promote export trade, for the
purpose of financing the exportation of cotton.
[Vol. 114.
Deans, Vice-President of the Merchants' Loan & Trust Co.,
Chicago; J. T. Holdsworth, Vice-President, the Bank of
Pittsburgh, N. A.; J. L. Hibbard, Managing Director, the
Cleveland Tractor Co., Windsor, Ontario, and H. C. Robinson, Vice-President, the Guardian Savings & Trust Co.,
Cleveland.
CO-OPERATION BY OHIO BANKERS IN AGRICULTURAL WORK OF WAR FINANCE CORPORATION.
The Board of Directors of the War Finance Corporation OFFERING
OF CENTRAL IOWA JOINT STOCK
conferred on Jan. 20 with C. W. DuPuis, President, W. H.
BANK BONDS.
Secretary of
Yeasting, Vice-President, and S. A. Roach,
the Ohio Bankers' Association, in connection with the financial needs of the agricultural interests in the State of Ohio.
The officers of the Ohio Bankers' Association expressed a
desire to continue to co-operate in the work of the Agricultural Loan Committee of the War Finance Corporation
in Ohio, and expressed themselves as ready and wilhng to
consider all situations in the State of Ohio Avhich the farm
organizations might bring to their attention as worthy of
assistance on a business basis.
The mid-winter meeting of
the Ohio Bankers' Association will take place on Feb. 17 at
Columbus. The agricultural conditions of the State wiU be
fully considered at this meeting.
LINCOLN-ALLIANCE BANK OF ROCHESTER, N. Y.,
NAMED AS AGRICULTURAL AGENT BY WAR
FINANCE CORPORATION.
Lincoln-Alliance Bank of Rochester, N. Y., announced
on Jan. 25 that they have been appointed Trustee Custodian
and Agricultural Agent by the W^ar Finance Corporation to
act for it and to receive applications from banks in New
York State for advances under the Agricultural Credits Act
pased Nov. 1 1921. This is an amendment to the War
Finance Corporation Act extending and enlarging its powers
to provide credit for farm operators. The money is obtained
through the rediscount by banks of the State with the War
Finance Corporation of such notes as it has covering advances
The Law also provides for advances to be made
to farmers.
It is intended to assist those
to co-operative associations.
engaged in such pursuits and in the raising and distribution
of live stock.
Up to the present time the War Finance
Corporation has approved about $60,000,000 of applications
These applications are mostly from
for such advances.
sections West of the Mississippi River.
The bank states
that the War Finance Corporation does not deal directly
with farmers but it is arranged that the farmers apply to
their bank* for advances from the War Finance Corporation.
The forms covering such applications can be obtained from
the Lincoln-Alliance Bank, Rochester, N. Y. This bank
acts as the intermediary for the country banks of the State
and forwards such applications to the War Finance Corporation at Washington for their approval. There appears to
be no reason why, the bank states, at least $50,000,000
should not be distributed among the farmers of New York
State to assist them in the present chaotic condition of
this trade.
The
PLANS FOR LIVESTOCK LOAN COMPANY IN OREGON.
W. B. PoUman, President of the First National Bank of
Baker, and President of the Baker Loan & Trust Co. of Baker,
Ore., has been conferring with the War Finance Corporation
concerning the livestock needs of Eastern Oregon and Southern Idaho. As a result of the conference, Mr. PoUman ^\^ll,
upon his return to Oregon, undertake to form a hvestock
loan company with substantial capital for the purpose of
assisting in the financing of sheep and cattle in Oregon and
Idaho. It is proposed to form a company with an authorized
capital of at least $2,50,000.
ANNUAL CONVENTION
OF BANKERS' ASSOCIATION
OF FOREIGN TRADE.
The
annual convention of the Bankers' Association of
Foreign Trade will be held in Cleveland, Ohio, at the Hotel
Cleveland, next week, Feb. 9 and 10. At the meeting,
_^"''/-''""^ '^,1^.^'^
which will bo »**^
first
'
'
"^—
NH
plans, a
*•
^'
foreign departments c f ; *ff
.W&*1Jr^^^,^v5
of foreign trade business.
D. C. Wills, Chairman of the
Board of Directors of the Federal Reserve Bank of Cleveland,
will be one of the speakers at the convention.
Others who
are expected to address the meeting are E. C. Plummer.
Commissioner of the United States Shipping Board Emergency Fleet Corporation; O. F. Towers, Superintendent of
Foreign Trade, the Royal Bank of Canada; Dr. .Julius Klein,
Director of the Bureau of Foreign and Domestic Commerce
of the United States Department of Commerce; H. G. P.
"
I_ ^.."
_
'.
A new $1,000,000 issue of
Central Iowa Joint Stock Land
LAND
5%
was
Farm Loan bonds of the
Bank of Des Moines, Iowa,
week (Jan. 30) at 1013^ and interest (to
about 4.80% to 1931 and 5% thereafter) by the First
Trust & Savings Bank of Chicago and Stevenson Bros. &
Perry, Inc. of Chicago.
The bonds are dated Nov. 1 1921
and are due Nov. 1 1951. They are callable at 100 and
interest on Nov. 1 1931, or any interest date thereafter.
Principal and semi-annual interest (May 1 and Nov. 1)
are payable at the First Trust & Savings Bank, Chicago, the
Equitable Trust Co., New York, or the Central Iowa Joint
Stock Land Bank, Des Moines. The bonds are in coupon
form in $1,000 denomination, and are fully registerable and
interchangeable. They are e.xempt from all Federal, State,
municipal, and local taxation, excepting inheritance taxes.
It is pointed out that the United States Supreme Court has
sustained these tax exemption features in a decision rendered
Feb. 28 1921, which confirmed the constitutionality of the
Farm Loan Act, under which the bonds are issued. The
bonds are acceptable at par as security for Postal Savings
and all other deposits of Government funds and legal investment for all fiduciary and trust funds under Federal jurisoffered this
yield
diction.
The official announcement also states:
These bonds are a direct oblif?ation of the Central Iowa Joint Stock Land
Bank, Des Moinas, Iowa, and are secured by deposits of an equal amount
of first mortgages on farm lauds situated >n Iowa and Minnesota. The
loans
made
and 20%
are limited to 50% of the appraised value of the farmland
of the appraised vplue of the permanent insured improvements
The average appraised value of the land underlying the bonds
thereon.
of this bank is $196 8G per acre, while the averaga amount loaned is S78 57
per acre.
By Act of Congress these bonds are declared instrumentalities of the
United States Government. Every farm has bern appraised by an experienced land examiner appointed by the Federal l<"arm Loan Board, and
this appraisement, passed upon by the Land Bank, has been reviewed by
the Appraisement Division of the Federal Farm Loan Bureau.
The
mortgages are deposited ivith the registrar of the Farm Loan Bureau of the
United States Treasury Department.
page 18, reference was made to an
Iowa Joint Stock Land Bank
bonds by Halsey, Stuart & Co., Inc., and Wilham R.
Compton Co.
In our issue of Jan.
7,
offering of $890,000 Central
OFFERING OF BONDS BY FIRST JOINT STOCK LAND
BANK OF FORT WAYNE, IND.
Brooke, Stokes & Co., of Philadelphia, Washington and
Baltimore, announced, on Feb. 1, a new issue of 5% farm
loan bonds of the First Joint Stock Land Bank of Fort
V/ayne, Ind., at 101
and interest yielding 4.80% to the
callable date and 5% thereafter.
The bonds are dated
November 1 1921, are due November 1 1951 and are callable
at par on November 1 1931 or any interest date thereafter.
They are in denominations of $1,000 and $500. Interest
May and November 1, is payable at the First Joint Stock
Land Bank of Fort Wayne. The bonds are exempt from
Federal, State, municipal and local taxation.
The official
announcement says in part:
These bonds are issued under the Federal Farm Loan Act. Under decision of the Supreme Court of the United States, handed down February
K
28 1921, the constitutionality of the Act and the tax exemption feature of
these l)onds were fully sustained.
They are secured by deposit of Farm Mortgages with the Federal Farm
Loan Registrar representing the United States Treasury Department, and
are the obligation of the .Toint Stock Land Bank that has is,sued them.
The farms on wliich the mortgages are placed are within a radius of fifty
This
to seventy-five miles of Fort Wayne. Indiana, and Western Oliio.
section is one of the riche.st agricultural territories in the United States,
where farm lands have a high and very stable value.
The average appraised value per acre of land underlying the bonds of this
bank is $162.50, while the average amount loaned per acre Is $68.00, or
percentage of loans to appraised land value is only 41 .85%
All the bonds of the bank are protected by an equity represented by at
\....«v •<«»<» 17. of additional
value, and also by the paid-in capital stock of the
->•>*•>?» s^dl the accumulated surplus and reserves.
» .fi wouca by the Tri-State Loan and Tru.st Co.,
._ ^ ,
which latter has deposits of nearly .510,000,000, and is the second largest
bank in Fort Wayne. This in.sures wise management of the First Joint
stock Land Bank. The bonds are engraved by the Treasury Department,
and it is stated on the face that they "Shall be deemed and held to be instiaimentalitios of the Government of the United States, and as such they
and the income derived therefrom shall be exempt from Federal, Stat«,
municipal and local taxation." They arc legal investments for all fiduciary
and trust funds imder the jurisdiction of the Federal Government, and are
acceptable at par for deposits of Government fu"<ls.
A
previous offering of bonds of the First Joint Stock Land
of Fort Wayne by Brooke, Stokes & Co., was noted in
our issue of Nov. 12 1921.
Bank
Feb. 4
THE CHRONICLE
]J)22.]
OFFERING OF LINCOLN JOINT STOCK LAND BANK November
An issue of So, 000, 000 Linroln Joint Stock Land Bank
bonds, issued under the Federal Farm
(Lincoln, Neb.)
Loan Act, was offered this week (Jan. 30) by William R.
Compton Co. and Halsey, Stuart & Co., Inc. The bonds
are dated Nov. 1 1921, are due Nov. 1 1951, and are optional
5%
They were offered at 101 J^ and accrued in1931.
terest, to yield about 4.80% to optional maturity and
thereafter.
The Iwnds are in couiwn form, fully registerThey are in denomination of
able and interchangeable.
Int-erest is paj-able semi-annually. May 1 and
.$1,000.
Nov. 1, and principal and interest are paj'able at the Lincoln Joint Stock Land Bank or through the houses offering
The bonds are legal investment for all fiduciary
the bonds.
and trust funds under the jmisdiction of the Federal Government and are acceptable as security for postal savings and
other deposits of Government funds. Thej- are exempt from
all Federal, State, municipal and local taxation, excepting
only inheritance taxes. The bonds are obligations of the
Lincoln .Joint Stock Land Bank and are eoUateraUy secured
by either first mortgages on farm lands or United States
Government bonds or certificates of indebtdeness. The UaNov.
1
5%
bihty of the bank's shareholders is double the amount of
their stock.
The Lincoln .Joint Stock Land Bank operates
The follo^ving information regard}n Iowa and Nebraska.
ing it, taken from official soxirces, appears in the cii-cular
announcing the offering:
The Lincoln Joint Stock Land Bank is no-vr the second in size in the
entire system.
The capital stock of the bank is 51 .000.000 on
been regularly paid. The surplus is S35,20.5.
which
8%
dividends have
Including the bonds now cffifred there nrill be S15.160.000 bonds outstanding.
The bank lends on farm land only in Iowa and Nebrask.i, one
of the richest agricultural sections in the country.
.All loans have been
made on the amorticat.on plan, which provides for the paymsnt of substantially equal amounts each six month":, a portion of each payment
being interest and the balance reducing the principal of the loan, which is
entirely retired at the end of the period.
Statement
of the
Lincoln Joint
Land Bank As
Stock
Reported
Officially
Xovember 30 1921.
Acres of real estate loaned upon
131,368
Total amount Irja nod
. .S8, '93,150 00
Appraised value of real estate security
20,771,627 00
Appraised value per acre
$158 12
Amount loaned per acre
.$66 93
Percentage of loans to appraised v?lue of security
42.33%
A number of farnn.s have been sold since the loan.s were made. From
official rec-irds of sales we have compiled the following summary:
ToUl
acres .sold
_ .26.801
Total consideration
_.
.$4,881,88400
AppraLs.!c) value of land sold
4,269.501 00
Total amount loaned on land
1,873.500 00
Average sale price per acre
..
S182 15
Amount loaned per acre on land sold
S69 90
Percentage loaned to .Silling price
38.30%
Percentage lo»Ded to appraised value
43.87%
The .S'.<;urUy for the bonds is con.>-t.intly increpsing by reason of the
partial paj-ments that are being made upon the loans .securing them, which
partial payments do not release any of tho- oriirinal .security.
The percentage of loan to appraised value of land is constantly decreasing by
rea»f>n of such payments.
....
...
Ut
bonds by the Lincoln Joint Stock
by Brooke, Stokes & (Jo., was referred
these columns D:c. 3 l:'.-t.
Sl,(J<;O,0(rJ i:isu(! of
.V
I>and
in
Bank,
offorc^J
SENATE RESOLUTION CALLING FOR COPIES OF BIDS
SUBMITTED FOR BUILDING OF FEDERAL
RESERVE BANK OF
Without debato the
NEW
YORK.
Sc^nate on Jan.
2S adopted the followinji resolution, intrwluced by Senator Ileflin, calling upon
the Fe<|ernl F(«-H»Tve Board to fnrni.sh to the Senate copies of
all l)id.s flubmitti'il and of the contract made for the confitruction of thn projKwe*! building of the
Bank of
York.
Federal Itesrsrvo
New
KES.
|.S.
22H.I
confu«lng NUtt'Tncntt madf In the vntm and In
DxardlMK »hi! amount of moni-y to bo expanded In thn constnicKrd.ral K<«M!rv« Hank building or buildlnsn In iho f;ity of Nirw
Whir>-;i"i. th<Tfi luivi? Inx-n
ihn
H.-ti.u<
Uon
of
York.
ih»'
,in<!
'''
'I
"'
•'•"d
have
Ihr-
l»-<in
mad"
fontriifl
ri'K.irdlng the
li-t
'
il
Iti
'"
"'
pr<.t««.xi K.rlnri,| Uiw,Tvi!
Mnnk
York.
manner
for tin- rrmHtriicllon
lit»nk liiilldInK or biiilfllngt. ihiTi-foni
bn
substantial profit each year since its oi'Kanization.
These bonds are direct obligations of the First Texas Joint Stock Land
Bank, the shareholders' liability being double the amount of their stock.
In addition to which, the bonds are collaterally secured by the deposit with
Registrar of the Farm Loan Bureau of the United States Treasury Department of United Stales Government Bonds or first mortgages upon improved farms, the amount of the mortgage in each instance being restricted
to 50% of the appraised value of the lands, and 20% of the appr:iised value
of permanent insured improvements thereon.
Over 95% of the loans made
by the First Texas Joint Stock Land Bank are made on far.TTis in the blackland district of Texas, one of the richest agricultural sections in the country.
By Act of Congress, these bonds, prepared and engraved by the Treasury
Department, are declared to be instru.mentalities of the United States
Government, legal investments for all fiduciary and trust funds under the
jurisdiction of the Federr.l Government and acceptable at par as security for
postal savings and all other deposits of Government funds.
OFFERING OF 8500,000 BONDS OF BANKERS' JOINT
STOCK LAND BANK OF MILWAUKEE.
A syndicate consisting of the following Milwaukee investment houses—First Wisconsin Company, Henry C. Quarles
& Co., Bankers' Finance Corporation, Morris F. Fox &
Co., Marshall & Ilsley Bank and Edgar Ricker & Co. of-
—
fered on Feb.
Land Bank
of
1
a block of $500,000 Bankers' Joint Stock
Milwaukee
5% Farm
Loan bonds (due Nov.
1
1951), at 101.50 and interest, yielding 4.80% to the optional
thereafter.
The mortgages, it
date, Nov. 1 1931, and
is stated, are on some of the best farm lands in the States of
5%
Wisconsin and Minnesota.
BANKING CONDITIONS IN CALIFORNIA.
is the only State in the American Union, says
Dodge, Superintendent of Banks for California,
that has conquered the evils of inflation and the numerous
It has surdisturbances that followed the World War.
mounted every obstacle in the path of its prosperity, and the
Its proState has returned to its normal basis of trading.
ductive acti\'itics are in full swing and it is accumulating
wealth in a m.anner that is absolutely astonishing. Con-
California
Jonathan
S.
Mr. Dodge
tinuing.
says:
hesitate lo u.se words of the superlative, but the facts and figure disdo.sed
v/ith reference to the condition of our State banks on December 31 1021 as
compared with that condition as reflected on Sej)t ember 6 1921 sllenro any
I
,
.
thought of exaggerated expression or of an opiimisni that
founded
is not.
abs-)lu'ely on conditions e\'slcnt and reflected in our banking institui ions.
In th's State, as in every oth-^r State of the Amorienn union, this is a
The figures of the State banks, (herefore,
period of financial deflation.
cannot under any po.ssible circumstance disguise an inflated condition.
Kvery dollar that is now represented in the a.s.sets of these banks is a dollar
When I record, therefore, that in tin- period
•if actual, economic increase.
to December 31 1921 the as.sets of our State bank.'«
the aRgregatc more than sixty-seven million dollars, reailiing
total of innrc than SI .57S.00O.O( 0. the; largest in the history of the Stale.
I
am stating a fact that Is supperltid by induliitable figures. During that
lime otir banks lncrcase<l their loans in the su.m of more than thirl .v-fi^e
in lUon dollars.
The indi\idunl deposits in the State banks increased more
.">7'j million, an Incr.Mst; in the coni/iicrrial di'pirtnient of our Stale system
of more than 2H million dollars and an iiierea.se in the savings deposits of
more than 31 millions of dollars. The giMss deposits of the State system
lncrca.s4Ml more th.m H'Jt'-i million dollars; of this Immense aKuregate Iho
conunerelal dep.trlinent Increased 3i> million dollars wb'le the hK-reaso In
These
the navingt dep.-irl incnt was even greater, being o\<t .3(1 millions.
nmazhiK figures (ell the story nf our prosp«'rlty.
Ak I have Indlrnted, we are derialiiwc we are seeking to return to normal
eondillons.
This finds evidrnce, if ll Is normal, in payment by lie li.'Hiks of
ihi- money they owe.
We find. (Iu'n^r<ire, that, our hankn have Uniildiiled In
blllM piiy.'ibln during thi- period conipiiratlvely represented as between
.Sfpl.iiibfT 11 and Deci-inlMT 31
11 iiilllloii dollarH that they owi'il and liavo
ndii I'd their riMllKeoiintH 2.:!0(t.n00 tlollnm. and Incre.iM.-d their cu«h and
from Scpiember 6 1921
.
,
iniTc.i.sod in
I
I
I
IRST Ti:\.\S .lOlST STOCK
LAND BANK.
thenufler.
W. A. Hnrrinmn &
('<..,
•.oml.M i.^su•^|
First
iiiidiT
o'liiiiiKK
lirlii
\.W)%
Ine..
lo 1931
».r
2.'.
uri<!
Mn.;id
on K.h. 3. *l ,2.';<).(KH) .',';, funti lo/in
T.xn« Joint Htoek I>iind Bunk. 'I'li-He
the K.-derjd F:trm Louti A<-t, m>- d.itid
III
flk-uri'M lill
n'Mlori'd IheiiiM'lveN
iheiii.
Thi>y
liiive
million dollarH.
'I'hi'.v Imve
theslory of our Htutj< banking InsMlullniiN
l<i n normal rdutlon In llln I'liiniiiimllleM depi'nilenl upon
KiniimiH new
lli|iild:il< (I rro/.cii liiiitiM anil have nmil
Our thrifty piMiple
iirodiicl Ive lUtlvKles «( the Htal".
hnlr "lavlriK" In IheMe liiiiikN iiliilie III the riKirnioUH iiKKreKalo
iilri-iidy ImlliMleil.
WliiiteviT dnulit Iheri' iniiy liavi> li<><'ii wllh n-feri'iiee li»
Wi- li.i\e pjiMned l»>yotid
111!' •u'lUnit vnllliH nf (iiir iTcpi Imve dlMiippeari'd.
iin<« ri"|illre<l
ha'
Ihn
llie
<•
by the
lriirciiHj.<|
ri'iiKili'Ht
I
HUKIO'Nl Ion
iif
ilaUKer mid
we
nIiiimI iiiiIm"'' (iiiioiik
thn
Sliiteit
of
I'lilrin
thl« gnnenil tlimmht of pronperlly ll U Interenlliig lo obwrvo
are doltiK wllh ri'reriiiri' to Iminx upon rcil i"«(iile. lho«elonnn
ilmi ifii'iiri Ml much lownrd thn uiiliiillillnic of niir <i)iiiniiiiillli-" In the »im|uIiiIllxii nf li'iiiic*. Ill Iho ili'Velnpiiii'iil of priiiliiellvn mil properly.
rind Ihdt on UrcrnilMT 31 I'I2I. I hn iiiivlim<i liiuiUn nf ('nllfnnila with,
r
f SI fUJfXin.OOn, Imvr Innneil 5.'..ll .(MKl.tlflO. iipprimlMinlely U|)on
III!
Htre«'t. thiM fily. offered
(h..
•
Thi-w
rvn Hoard be. and 11 l<i hiTi-by, dlnirU^d
'. U» th" H«inal«'. ropiiw of all birl* mib'rarlM mntU< Tor the ronMtrucllon of thn
bu.ld ng or bulldlngi In llio City of New
l(M).7.'>an«l inl<Tii<t. to yield ulK)Ut
lx)n»!s of
1931.
are payable at the National Bank of Commerce or the Equitable Trust Co., in New York City, or at the First Texas Joint
Stock Land Bank in Houston, Texas, at the option of the
holder.
The bonds are exempt from all Federal, State,
Municipal and local taxation, excepting only inlicritanee
taxes.
The official announcement also says:
The Joint Stock Land Banks are organized under Federal charters and are
operated under Government supervision. All of the mortgages talvcn by
them must be approved l)y the Federal Farm Loan Board ba.sed upon invesciirations and appraisals made by its own agents operating in their respective territories.
The First Texas Joint Stock Land Bank has shown a>
It
.r
OFFERING OF HOSDS OF
6%
1
and are registerablo as to principal and interest.
Principal and semi-annual interest (May 1 and November 1)
of .$1,000
.
I.'inli
At
November 1 1941; they areThey are in denomination of
1921 and are due
1
November
optional
BONDS.
405
wh
Idem III Ut
ll iiiir
,
liiiilk*
I
,
II
Imiik*
'
V r.r ri'iil p«tiil«.
liiniiiMl
upon mil
ThU
mtnl4'.
In iiliiin«t .'il';, iif
II In
Hm
the iinwolanf Ihioie
lnrK<'«l p<>rcenl»(io In
Mvlngn
any Hlato in
:
THE CHRONICLE
466
[Vol. 114.
Ajnerica.
If we look at iMs from a point of view, that of the relation of the
loans on real estate in oui- saAings banks to the total loans in the institution,
we find that the loans on real estate are 85% of the whole. Our savings
banks are entitled to the highest possible need of praise for their activity in
this direction.
They ha^'e also at their command the privilege of investing
in .$100,000,000 of real estate bonds, certified by this department.
In the loaning upon the security of real estate, and in the investment of
bonds having first liens upon real estate, the savings banks of California
recognize their full responsibility to the people of the State. There are in
California, as you are aware, many departmental savings and commercial
banks, and our bankers recognize fully the distinction as between a sa\angs
department in a departmental bank and a commercial department in a departmental bank with that reference which has application to Ihe necessity
of complete liquidity in the commercial department.
We have, therefore, the disclosure in this latest report of condition of
State banks the fact that in the commercial department of our syslcm
$10,800,000 has been loaned on real restate as against total commercial
resources of 8524,000.000, leaving the percentage of real estate loans in our
This committee was called upon to adjust and settle the innumerable delicate questions arising out of the closing of the Exchange at the
outbreak of the war, and its duties were performed so efficiently that the
crisis was tided over with a minimum of loss and confusion to the members
and their clientele and with dignity and prestige to the Exchange itself.
Resolved, That the Governing Committee desires to place on record this
brief summary of the services rendered by Mr. Geddes to the Exchange; to
express its sincere appreciation of the intelligent, conscientious and able
manner in which he always performed his duties; to voice its profound regret that the Exchange is to lose the benefit of his active participation
in its affairs and the wisdom of his counsel, and at the same time to extend
to Mr. Geddes its cordial good wishes for his welfare and continued success.
Therefore, be it further
Resolved, that these resolutions be suitably engrossed, and a copy thereof
be presented to Mr, Geddes.
commercial departments only 2%.
The trust departments and trust companies of California have responded
According to the news dispatches of Wednesday last
new capital aggregating more than a million
dollars has been put into the business of Baboock, Rushton
& Co., of ,that city, about $400,000 doubtful securities have
been taken over by a syndicate for liquidation, and the firm
has been refinanced in a manner entirely satisfactory to the
officials of the Chicago and New York stock exchanges.
There had been rumors of the embarrassment of the firm for
nearly two weeks, it is said. The Chicago Stock Exchange
committee, which arranged the plan of refinancing the company, gave out the following statement at 12 o'clock Tuesday
splendidly to the demand for real estat* loans.
With assets of ten millions.
they have loaned almost t^vo millions on real estate. The relationship becomes more illuminating when we recall that all of the loans that the trust
departments have made are on real estate securities.
With this very remarkable .showing of oin- banks, we go forward with
splendid confidence.
Reports from every part, of California record progressive conditions with reference to our crops.
The manufactturers are expanding; our banks are able to meet every situation and our people are absolutely
sure of prosperity.
California is economically .sound and its banks are safe.
The State has
passes successfully through the crisis of deflation and its banks, having met
the enormous credit strain of the prriod, are distributing new credits, upon
which is being built new prosperity. Our wonderfully varied wealth of the
field and farms and orchards, of the mines and the products of our industries
and manufactures, of our domestic and foreign trade, is upon a firmer and
sounder foundation than since the beginnir.s of ihe World War.
Our producing and di.stributing communities are entitled to the full confidence of our banlcs and oui- banks merit the complete reliance of those who
demand a just and an adeciuate distribution of credit.
A new business career for California begins with the year, a career with
lessened costs and larger production; a decline in the cost of living, a return
to normal consumption and employment, and a re-establishment of trade
and industry upon a new plane.
California begins this new era of economics and of finance with an ability
to supply many of the necessary need of the world.
We have new standards of living; we are .producing .«!plendidiy; our resources arc expanding,
and we have before us immense new opportunities for our industry and our
Our bankers recognize that dead as.sets should be written off: they
trade.
are liabilities.
The people of California know now as they never knew
before, that when production is at its height and exchange is equable, prices
are of no concern.
Our wonderful natural resources demand exploitation, and as we stand at
the door of new opportunities we must suffer no deviation from our purpose
to command for the people of the State the prosperity their energies and
environment merit in the highest measure.
We face the year with an optimism that is justified by accomplishments
and
fortified
by tremendous
facts
and accepted
potentialities.
STATE BANKS OF CALIFORNIA.
Commercial Banks
Scpt.6'2l.
3l
Assets.-
...)01,759,000
Loans
292.656,000
Bonds
76,790,000
Cash & sight exchange. 102,430, 000
Bills payable and re-
Savings Banks
Dec. 31 '21. Sept. 6'2l. Dec. 31 '21
#
S
$
524,169.000 998,802,000 1,044.037.000
305,309,000 597,082,000
619.465,000
299,297,000
76,830.000 291,011,000
106,432,000 72,801,000
88,003,000
bers.
FINANCIAL AID GIVEN BABCOCK, RUSHTON &
CO.
last (Feb. 2),
night, Feb.
1:
A
syndicate composed of stock exchange houses has purchased from
Babcock, Rushton & Co. a large block of securities. The effect of this
purchase restores to Babcock, Rushton & Co. freedom of capital assets,
which removes any apprehension which may have been felt regarding their
condition.
WALTER
S.
BREWSTER,
President Chicago Stock Exchange.
The firm
one of the oldest of Chicago's stock and bond
brokerage houses, and is composed, it is said, of Orville E.
Babcock, Joseph A. Rushton, J. H. Holden and Oscar
Riggs. A special dispatch from Chicago to the New York
"Times" under date of Jan. 31 says that "it is understood
that the new money does not constitute a liability of the firm,
but is given to the partners and is to be repaid by them personally when and if they are able."
EDWIN
E.
is
KOHN &
HANDS
CO., PHILADELPHIA, IN
OF RECEIVERS.
Edwin E. Kohn & Co., brokers, of 1522 Walnut Street,
Philadelphia, with a branch office at 55 Broadwaj-, this city,
went into the hands of reeeiA^ers on Jan. 21, imniediately following the firm's suspension from the New York Consolidated Exchange, according to the Philadelphia "Ledger"
Charles Auerbach, manager of a disinfectant
of Jan. 22.
company, through
his lawj^er.
Edmund W.
Kirbj-,
it is
said,
discounts
53,000
70,000
29,408.000 13.112,000
Capital and surplus--- 69,971,000 71,264,000 61,021,000
62,153,000
Gtoss deposits
971,674,000
384,690,000 420.992,000 925,470.000
Summary of Commercial Savings and Trust Combined.
Assets, $1,578,390,000; loans, $926,708,000; bonds, $.382,462,000; cash
and sight exchaii^o, .15195,039,000; bills paytible and rediscounts, $13,182.000; capital and surplus, $142,484,000; .gross deposits. $1,392,667,000.
signed the petition in bankruptcy against the firm in Common Pleas Court No. 5, and stated that his own investment
was S58,000. Following the filing of the petition. Judges
RESOLUTIOX OF NEW YORK STOCK EXCHANGE
GOVERNORS EXPRESSING APPRECIATION
OF D. G. GEDDES.
000.
Last week in these coluinn.s (Jan. 28, page 3G1) reference
was made to the ivftsolivtion of the Governing Committee of
fihe New Torlc Stodc KKchange, whepejn was recorded ap-
Donald C. Geddes, with his resignation as a ineiubor of the Oomnwttee, after serving there-
jireciation of the scrvicos of
on for eighteen years.
The Committee appointed
Wo
give herewith the resolution
the meeting of January 11 1922, in the
matter of the resignation of Mr. Donald G. Geddes, as a member of the
Governing Committee, present the following:
Wlipreaj?, the resignation of Mr. Donald G. Geddes, tendered on January
11 11)22, be and the same is hereby accepted by the Governing Committee
with sincere regret, and
Whereas, Mr. Geddes was elected a member of the Governing Committee
in March 1904, and served continuously and with distinguished efficiency
During this entire period Mr.
until his resignation on January 11 1922.
Geddes devoted in unstinted measure his high abilities and sound judgment
to the welfare of the Exchange, ever ready to give his time and thought
His services covered an unusiially broad scope of
to its many problems.
activity in the affairs of the Exchange, as he was a valued member, from
time to time, of almost all of its important standing committees:
The Arbitration Committee, from May 1904 to May 1909.
Committee on Securities, from May 190.5 to May 1906.
Committee on Clearing House, from May 1906 to May 1913.
Committee on Admissions, October 1908 to May 1917.
Committee on Insolvencies, from May 1912 to January 1915.
Committee on Business Conduct, of which he was Chairman, from March
1913 to January 1915.
Committee on Library, from February, 1913 to June 1921.
Law Committee, from May 1917 to January 1922.
In addition, Mr. Geddes was appointed to serve on the special committees
selected from time to time to deal with special subjects and gave to these
The most
committees the s.ime measure of intelligent personal attention.
important of these committees was the Special Committee of Five, appointed
at the outbreak of the European war on July 31 1914, which committee
bad authority to decide all questions relating to the Exchange and its mem.Tt
Monaghan appointed David M. Phillips and
Thomas M. Hyndman receivers, fixing their bond at $20,Staake and
Mr. Phillips, according to the "Ledger," issued a
statement in which he said that every effort would be made to
protect the creditors and that all costly overhead expendiHis first move after gaining postures would be cut down.
Walnut
Street offices of the firm, it is said, was
to close the branch offices of the company in this city, Pittsburgh, Easton, Trenton and Wilmington. After the failure, it is understood, warrants were issued for the arrest of
session of the
Edwin E. Kohn and George Harold Kohn, both members of
the firm, by Magistrate Carney for alleged embezzlement.
According to the Philadelphia "Ledger" of Feb. 2. Ed-^in E.
Kohn, the head of the bankrupt firm, who had been missing
for ten days, was airested in a rooming house in Philadelphia
on Feb. 1, where he had been living under an assumed name.
He was arraigned before Magistrate Renshaw and bail
placed at .S35,000. This he was unable to obtain, it is said,
and he was taken to Moyamensing Prison. It is said that
the firm's liabilities thus far amount to SI, 250 ,000 and the
It is further stated in the
assets are almost negligible.
"Ledger" that Federal Judge Thompson on Feb. 2 had ap-
pointed David
M.
Phillips
and Thomas
M. Hyndman, who
as equity receivers have been in charge of the affairs of the
company, to take over all its affairs as receivers in bank-
ruptcy.
EUGENE
J.
CALLAHAN BANKRUPT.
America" of Feb. 1 an involuntary
According
has
been filed in the U. S. District
bankruptcy
petition in
trading as the Eugene J.
Eugene
J.
Callahan
Court against
brokerage house susBroadway,
a
stock
32
Callahan Co.,
Exchange
on Monday (Jan.
Consolidated
pended from the
to "Financial
«
THE CHEONICLE
Feb. 4 1922.]
the creditors, it is said, are Hays &
Place.
Judge Jidian Mack on Jan. 31 appointed Manfred W.
Ehrich, under a bond of $2,500, receiver for the failed firm.
The attorneys for
30).
Wadhams, 43 Exchange
WILK &
CO.,
NEW
What
YORK, BANKRUPT.
m
Federal Ileaerve Board,
Wculiinijton, January 11 1921.
Dtar Mr. Chairman: I acknowledge receipt of your letter of the 6th
irjtarit, indcninj: copy of propo.sed amendment by Senator Harris to the
amendment propoaed by Senator Smith to Senate Bill 2263 to amend the
Federal Reserve Act.
The Federal Reserve Board is unanimous in the view that the proposed
amendment is unwise.
It proposes to amend various paragraphs of the
Federal Reaerve Act so iis to require that aU discount rates in effect at
the Federal Reaerve banks should be the same and that the interbank disoount rate ihonld also be the tame for each Federal Reserve bank.
Paracrrapb (b) of .Section 11 of the Federal Reserve Act already providea that the Federal Reserve Board shall fix the rates of interest to be
rhargH by Federal R«aer\°e banks In rediscounting the disrounted paper of
other Federal Reterve banks.
No Federal Reserve banks are at the present
thn* redlacouritlng with other Federal Reserve banlu, but hitherto in flxIrm dl^.-fjurit ratei for theae int<frbank transactions the Board has adhered
to two principle*: (1) A borrowing Fed'-ral Reserve bank .should not be
p»nnitt»d to rediscount with another F>^Jeral Reserve bank at a profit;
and (2) a Federal RcMrve bank sliould not be rt^juired to lend indirectly
to member banks In another district, by means of redincounts for the Federal llff^ry Unk of that dlntrlct, at a rale of Interest lower than that
rhargeil lt» own Binnb«T brifik--.
An the diseuunt rati* of j borrowing Federal IU**rT« bank have rarely be<n lower than those of a lending bank, the
sprpllraHfm of s njl» to these principles has unjally resulted in having the
hmT'im\nti Fodrral R»a*rTe burjk pay to thi- Inndlng bank the Hanie rate of
•
4U'-.
the
U
'~'
«W»m»
l,'.rr»r*ltig
Bi:i
'ry
p-i/Ti'l>'d
and nhould
I,
Imd
itself rlinrg>d its member Ijanks.
'liscount rat«i Jiould Iw uniform throiigbflxwl by On Ontral B<jard In Washington.
ink
tii.il
l»e
th« earlkr 'Irifi4 uf the Kideral rUmervt? BUI provided also Ihat
rau. .r,,,.!,! ha uniform and that they «hould !><• fiiwl by the Fi-deral
He•'
'o' •'h r«l<Tal RiiM^ve hank.
The propovi'd .ini'TKlin-nl <if
***
•''• s'l'l* I" 111" t#xl of paraip-aph ?. of Hectlon 18 <ti the Fi.<d•ral R«wnr« Art, after "the Ffd«T«l K^.erw Ikjurd
to hive lh<' right to <le'-'
' "'• fharactJ>r of the paprr thus eligible for discount.
» "* •''!« Art," the words (lines K. and Ifl. p. 2 of tint
bl
... rates of dlsz-ounl which shall Iw the liiniifor rixTy Knd
r.f
J^"
"
er
bank
At Ihr njma time
•'
lli* pruiXMcd Il«rrl« nmcrilmrnt,
raph (<l) of .action 14 of the F-doral ll««••rve Aef, „
il
Reserve hanks "(d) to witnhll.h fr<mi
tfm* to t\m
and (Ic'iTminatloM of Dm F^ItuI Ilrsarvd Board, ''
chargrd by tha Federal Hr^rsr hank
for ' II \
!jt.
'I' f>" fixed
«llh a view of acf/rnmodatlng
em
10 to 20. p 8 of bill*.
The Acting Atlor""•'" '" "•<^"'•»^ H»H», rendered an opinion
-..!_....' V
.y.K
l«
fh. -ffert
that the faderal Re^rT« M.-Kl.
on.I.r lU p.«r.r of rl^l«r.
ha :(.'•
- -i»» ol
foi;
.
,,,.
'""
'
'
'
'
charged by a Fe<l»ral Jtefjie UNird r/f dlrertors of
'**'• " "^^^ mituvH-wnry to amend
"."Z"y
'**^ '* "'"^'"" 'h* »''"l"al IC^-rvr
B'«rd t„ fU tlH
•
Ih
•...M...
1.
rate*
1
if
disrognt.
y^ Z
irf
_.
.1
t|i»coiin»
to I,*
Initiative of
'« the
'" *'** "*
must be the same
to
particularly
is
for every Federal Reserve bank.
financial centres.
In many of the States rates of interest ranging from 7 to 12"^ are permitted by law, either as the legal rate or as tlae contract rate, and some
States have no restriction upon the rate of interest that may be charged.
6%
all States except those which have a maximtmi rate of
the average
rate chai-ged by member banks to borrowers has always been greater than
the average rate of discount charged by the Federal Reserve bank.
During the last half of the year 1920 and in the early months of 1921,
the Federal Reserve Banks of Boston, New York and Chicago had a flat discount rate of 7%, charged on all classes of paper. At the same time the
Federal Reserve Bank of Philadelphia, Cleveland, Riclunond, St. Louia,
In
GOVERNOR HARDING OF FEDERAL RESERVE BOARD
OPPOSED TO EFFORTS TO REQUIRE UNIFORM
DISCOUNT RATES.
of establishing discount rates with the directors of the
banks in the different districts and has the benefit of their
independent judgment. To impose upon the Board the sole
power of fixing discount rates, as provided in the amendment under consideration, would," he continued, "be a step
toward furtlier centralization of authority, and any requirement that the rates fixed be uniform throughout the country, would be a grave complication which would often ren-der it impo.ssible for the Board to do justice to all sections
alike, and the Board's unanimous opinion is that the establishment of discount rates under such an arbitrary plan
would be unscientific and dangerous and would result in
the establishment of a higher level of discount rates rather
than a lower." As was stated
our reference Jan. 21
(page 247) to the bUl which the Senate passed on Jan 17,
enlarging the membership of the Federal Reserve Board, an
effort of Senator Harris to incorporate therein a provision
fixing the maximum discount rate at 5% on all transactions was defeated by a viva voce vote.
The following is
the letter of Governor Harding as inserted in the "Record"
Board objects
the provision that discomnt
Presumably the
object of tiie proposed amendinent is to prevent the establishment of
liigher rates by Federal Reserve banks located in agricultural districts than
prevail in those batilcs located in districts which are mainly industrial or
commercial.
In the Board's opinion, based upon actual experience, the
proposed amendment if adopted would operate in such a way as to be especially harmful to the very districts which it is designed to aid; that is,
the districts in which the banks habitually borrow from other banks in
rates
According to the "Wall Street Journal" of Feb. 1, an involuntary petition in bankruptcy has been filed in the Unittd
States District Court against David J. Blum individually and
trading as Wilk & Co., a stock broker at 50 Broadway.
There was no declaration of assets and liabilities, it is.aid.
During the debate in the Senate on January 17 on the
bill amending the Federal Reserve Act so as to increase the
membership of the Federal Reserve Board, a letter in which
Governor Harding of the Board declared to be unwise a
proposal to further amend the Act with a view to requiring
that all discount rates in effect at the Federal Reserve
banks should be the same, was incorporated in the "Congressional Record" at the instance of Senator Kellogg. Mr.
Harding, in his letter, which was addressed to Senator McLean, under date of January 11, referred to the fact that
"under the present law the Board shares the responsibility
the
467
Kansas City and San Francisco maintained a 6% rate. For a part of the
time the Federal Reserve banks of Dallas and Atlanta had a normal 6%
rate, but had also the progressive rate, just as the Federal Reserve Banks
of St. Louis and Kansas City did.
Later on the Federal Reserve Banks
of Dallas and Atlanta abolished the progressive rate and substituted a
7%
flat rate, but it is interesting to note that the average rate charge on all
borrowings by all four banks or any of them which adopted the progressive
rate amounted to considerably less than 1%.
For a time the strain upon
the Federal Reserve Banks of Boston, New Yrk and Chicago was just as severe, if not even more so, than upon the other Federal Reserve banks,
and If
the Baird had been obliged to establish a uniform rediscount rate in all districts the result would have been that the banks in agricultural districts
would have been obliged to pay a higher rate than they actually did. As
the money tension relaxed, discoimt rates were reduced beginning in April,
1921.
The Federal Reserve Bank of Boston has had four and the Federal
Reserve Bank of New York has had five successive reductions from 7%
down to the present iV2'yo. The Federal Reserve Bank of Chicago has
made three successive reductions from 7% down to the present rata of 5%,
and at the present time no Federal Reserve bank has a discount rate higher
than 0%,
It should be borne in mind that in all Federal Kcserve districts there
are minor financial centres which have banks which rediscount at times
very heavily for the accommodation of their customers.
Banks in these
centres are not depeiiedent entirely upon their local Federal Reaerve bank.
They liave maintained their connections with correspondents in the major
financial centres, and while it may be more convenient for them to rediscount with the local Federal Reserve bank, they naturally borrow in the
cheapest market.
It developed, therefore, after the rates had been reduced
in Boston, New York, Philadelphia, Chicago and St. Louis that many banks
in otlier sections of tlie country found that they could rediscount a Httla
more cheaply with coiTespondent banks in these cities than they oould witk
their local Federal Reserve bank.
The result was that the pressure on Federal Reserve banks, such as Richmond, Atlanta, Kansas City and Dallas,
was relaxed and they were able to reduce their rates, thus giving the
.smaller member banks a direct benefit wiiich they miglit not otherwis*
have been able to receive.
As is well known, when the Federal Reserve BiU was being drafted much
consideration w.is given to the question of wliether there should be one cectral bauk with branches or a regional (system composed of several independent banks located in various parts of the country. The regional system was
adopted, because it was thought that this country, with its wide expanse
of territorj- and its varied and diversified inferests, was not suited
to a
central banking system under the niiinagement of a single board of diTC<tors.
It is generally recognized now, even by those who originally
advocated a central bank, that the decision was a wke one. Should the amendment in question be adopted an initial step will be taken in destroying tb*
regional character of the Federal Reserve System and there would be imposed upon the Federal Resen'e Board the difficnlt task of fixing rates of
discount to be uniform and apply universally throughout the entire country
without regard to temporarj or seasonal conditions prevailing in the various
sections.
The Board, under its power of review, already has the power to
fLx discount rates, which are first proposed by the
directors of the various
Federal Reserve banks, and while at the present time the rates do not vair
greatly
may
in
the different districts,
it
is
ern^Uy
conceivable
that conditionB
which would render greater differentials advisable.
Under the
present law the Board shares the responsibility of establishing discount
ratcH with tha directors of the banks in the different districts
and has thr
benefit of their independent judgment
To impose upon tlie Board th»
sole power of fixing discount, rates, as provided in
tlic amendment under
coosideratioii. would be a .step toward further centralization
of authority,
and any requirement that the rates fixed bo uniform throughout the coun
try wouhl be a grave complication which would often
render it impossible
for tlia Board to do justice to all sectionH .ilikc,
.and tlie Board's unam
arise
mom
opinion
tliat
the eiiUbliHhnipnt
of discount rates iiiiilcr uuch an
uns<'ientific and dnngerouf .ind would result In tl»«eHtahlUliment of a higher lev.d of discount rates r.ifher than s lower
It WHMM1 proper to note that Senator
Harris's .imendment does not pro(lOfcc to rff^il that part of
paragraph (d) of Section 14 of tlia Kcdcrsl Re.i-rviAct. which authorizci tlic eslnbliHhnicnt of rat<M "graduiitcd ar proireMed on the b.isis of Ih" amount of the advanocH .\u<i (iiKCouiit arcommo.litlons extended hy the Federal Res. rvo bank
to the borrowing hank."
The progroK^Ive rutan are not In "ffect at tlir pr.-nent tlina in iiiiv dlmrict.
md the only Federal Re-a-rve lianka at which Uiey have ever been applied
ire iha Federal Reserve Bunka of
AUanta, St. Louis, KaiiKss City and
Dalla-.
I'nd-r Uie terms of this paragniph, .is it is prnpokcd to he amendnd,
progret, Ive rates would «till be permiHsihlc. but
applied at all would
If
lune to b«- applied by ul| Keder.il Reserve liankM.
K* a practical matter.
.irbitrary plan
I.h
would be
If unlveraally applied, the effe,.t wniilil
not be felt tiearly so much la
principal fiiianclul centres, wliero there are many hariki having vary
luriee drpo*lt*. and whlrh would eonse<|Ui'iillv h;iv» « very large haiila
«f»«Mi
the
Hm
redlt with Uia Federal Uewrva b.ink. iwi would be the rase In tha acrleullursl dl»trlcts. In which Ihey were Inruierly «pi>lled for a short time.
Tha horrowlngr, of memlwr lunks In llie Lirger IIouik ial conl.res from tholr
K"deriil Ifrterve banks have not at any Hum hivn as heavy In prop.irtioD
to
Iheir nvrn ciplidl and surplm unci riwtrvr deponlls as havn Iwen
tha lx)rrow
o(
.
meinla-r hanks In the agririilliirnl dlslrh In of the coutitry from Utslr
l(mH>r»a banks.
all of theie reaaotia tha Fe<ler*l Reaervr Board believes thai the
pi«(>owd anienilnient la unnar«i«arv and unwise.
iiiK« of
Keilrral
Vm
Vitry truly, yours.
HON-
nr.tnutK f
W.
!•
irviIDINO. Hooormor.
McLKAN.
r/Ktirm.in i'„nMnilif on lla<iHiig
and Curran«y,
VnUttd NIntft
Hftiatt.
—
THE CHKONICLE
468
REPORT OF FEDERAL RESERVE BANK OF
FOR
NEW YORK
1921.
In making? public on Tuesday, Jan. 24, details of its
operations lor the fiscal year ending Dec. 31 1921, the Federal Reserve Bank of New York issued a more comprehensive
statement of its earnings and conditions than is customary in
the presentation of its annual figures to the stockholders.
In commenting upon this the New York "Tribune" of
Jan. 24 said:
The New York Federal Reserve Bank yesterday placed the facts and
its operations before the public in a siaiement presenting an
itemized balance beet, a detailed profit and Iok.s account, and an analysis
of operating expenfiw. de.«'i[^od o;pecially for the ccmprehenficn of the
average non-technical man. No tiiniilar Ktatenicnt regarding i'..s business
lias ever previously been compiled by a Federal Reserve banlv. the action
toeing calculated <o clear up much of the mystery that has .surrounded Ihe
activity of these institutions and to .'^et at re^t popiilar mi' concep' icns of
their functiors.
The tatirJic.; of the bank's business are submitted to stockholders by
Governor Benjamin Strong merely as the seventh annual statement. They
are not officiHlly presented as an answer to critics of the bank hxii. in the
view of the financial district, their issuance in such detail for tne first
time is associated vrixh the recent and persisting attacks upon the execu ive
and the conduct of the bank's business. It is believed that they will
confuse those crii ics who have depended for the .vuccess of their propaganda
largely upon public ignorance of the Federal Reserve System's workings.
figures of
:
;
Prior to the details which were ejven out last, week, the
bank issued a prehminary statement of the year's eariiirgs,
to which we referred in our issue of Jan. 7, page 21. The
total earnings for the late vear were $34,767,288, as compared with $60,525,322 for the year ended Dec. 31 1920.
Current bank operation in the .year .iust closed absorbed
$7,076,187; $1,091,592 was required to cover the cost of
printing new Federal Reserve currency and replace worn
notes in circulation, while $505,677 was applied toward
self-insurance and other reserves, depreciation, &e., making
the total deductions from earnings $8,673,456, leaving a
net income for the year 1921 of $26,093,832, as against
$53,128,131 for the year ended Dee. 31 1920. Out of the
net earnings for 1921, $1,608,721 was paid in dividends;
$3,782,071 was added to the surplus, and $20,702,440
represented the amount paid by the bank as franchise tax
to the Government.
The percentage earned on caoital was
97.3% in 1921 as oompared with 215.7% in 1920;" the Dercentage earned on capital and surplus was 30.8% in 1921 as
againat 71.7% in 1920, while the percentage earned on
capital, surplus and deposits was 3.4% and 6.3% in 1921
and 1920, respectively. The following is the profit and loss
account for the tAvo years:
Earnings
PROFIT AND LOSS ACCOUNT.
—
From Loans
to
Dec.
Member Banks and paper
discounted for them
From Accepl-ances Owned
#rom United States Government
'SI
1921.
«30.762.021 40
1,829,665 00
Dec. 31 1920.
Securities
Bank nolo
1,978,433 39
197,168 98
1,975,648 96
«34,767.288 77
$60,525,321 77
.
Total Earnings
Deduclioiis from Earnings
387,439 92
—
For Current Bank Operation.
(The ex-
preciation. &.c
505,677C3
Total Deductions from Earnings
.$6,3.50,862
58
397.936 09
$7,397,191 13
$53,128,130 61
—
Dislribulion of Nel Iricomc
In dividend-- i)aid to member banks, at the
rate of 0% on paid-m capital
,$1,608,721 10
In additions to surplus
an amount equivalent, to the increase in the bank's sul>
srriiKd capital during the year, plus 10%
of file remaming net income, as provided
bylaw
3,782,6711'!
In payment to the United States Government, representing the entire net income
of the bank after paying dividends and
making additions to surplus. (Federal
Reserve nrites are not taxed, and t.his jiaymont is in lieu of taxes on notes and other
Federal taxes)
20,702,439 94
March
AprU
May
June
July
August
September
October
November
December
$26,093,832 20
--
2.085.282
1,071,003
1,448,915
1,194 074
1,323,770
18
19
87
82
25
$34,767,288 77
Deposits
Gold and Gold Certificates m vault.
Gold in the Gold Settlement Fund
$283,141,669 40
$132,723,247 12
lodged wi'h the Treasiu'er of the
United States for the imrpose of
settling current transactions between Federal Reserve districts, _
Gold with Foreif^ Agencies
Gold Held by the Federal Reserve
Agent as part of the collateral deposi'ed by the bank when it obtains Federal Reserve notes. This
gold is lodged partly in the vaults
of the bank and part ly with the
Treasurer of the Uni ed States. _ _
Gold Redemption Fund in the hands
of the Treasurer of the United
S'ates (o be used to redeem such
Federal Re erve notes as are presented to the Treasury for redemp-
99
45.901.896 46
1.211,100(0
653,004,078 28
254,575,330 89
1.30,0.58,226
tion
15.000,000 00
Legal Tender Notes, Silver, and
.39,000,000
0ft
Sil-
ver Certificates in the vaults of
the bank (available as reserve only
agamst deposits)
Total Cash Reserves
50,335.84100
144.7.59,116 20
$1,131,539,815 67
$618,170,689 67
Loans and Investments:
Loans to Member Banks:
On
the security of obligations of
the United States
By the di." count of commercial or
agricultural paper or acceptances
Acceptances bought in the open
market
$156,013,679 05
$454,751.722 52
53,006.308 08
416.680.474 82
72.593,292 33
113,740.374 53
103.525.400 00
61. 184. .'505 55
United States Government bonds,
notes and certificates of indebtedness (including certificates securing Federal Reserve Bank notes).
Total Loans and Inve:>tments (or
Earning Assets)
$385,198.679 46 $1,046,362.877 42
Miscellaneous Resources:
I'*emi;es
Redeinp ion Fund
$6,647,92186
84,092,497 3«
hands
of the Treasurer of the United
States to be used for redeeming
such Federal Reserve Bank notes
(mostly in $1 and .$2 denominaas
tions)
are
in the
presented
to
the
1.603.300 00
2.766,36C 00
103.362.74174
2.851.8-48 89
141.346.433 94
1.431.316 02
Total Miscellaneous Resources...
$114,465,872 49
$149,636,607 26
$1,031,204.367 62 $1,814,170,174 35
Liabilities.
Dec. 31 1921.
Currency
Dec. 31 1920.
in Circulation:
Federal Reserve Notes in actual circulation, payable on demand.
These notes are fecured in full by
gold and discounted and purchased paper
$603,363,18100
Federal Reserve Bank Notes in actual circulation, payable on de-
$807,480,030 06
These notes, mostly for
$1 and $2. are seciu-ed by Treasury
certificates issued under the PittTotal Ciu-rency in Circulation...
20.559,200 00
38,833.200 06
.$683,922,38100
$906,313.830 06
$726,097,832 01
$702,431,237 92
32,610.43048
11,297.89588
Deposits:
Deposits
Reserve
maintained
by
member banks
as legal re.'^crves
against the deposits of their cus-
39,318,51( 65
.$53,128,130 64
tomers
United States Government Deposits
carried at the Restive Bank for
current reciuiremcnts of the Ticas-
ury
Other Deposits includmg foreign deposits,
5.4S7.120
5. '."29 776
5.777,295
5 567- 154
5,732,024
99
97
19
47
98
$60,525,321 77
banks,
deposits
of
non-member
11,450,428 68
12,133,377 48
$773,164,691 17
$725,862,511 28
$83,847.856 21
2,958.462 It
$93,318.90111
.
. .
$86,806,318 31
$99,206,727 03
$27,113.85000
$26,372,650 00
60.197,127 14
56,414,45604
$87,310,977 14
$82,787,106 04
&c
Total Deposits
Mi'-cellaneous Liabilities:
Deferred Hems, composed mostly of
uncoiled I'd checks on lianlcs in all
Such items
parts of th(> country.
are credited as deposits after the
average time needed to collect
Ihem elapses, ranging from 1 to 8
davs
All O'ther Miscellaneous Liabilities.
Total MLScellaneous Liabilities.
banks
1921.
1920.
215.7%
71.7%
6.3%
5.887.825 92
Capital and Surplus:
Capital paid in, eriu.il (o 3% of the
capital aiKl surplus of member
Surplus
97.3%
30.8%
3.4%
in the reserves of the bank
Checks and Other Items in Process
of CollecMon
All Other Miscellaneous Resources-.
12,332.523 41
RATIO OF NET EARNINGS.
Per Cent Earned on Capital
Per Cent Earned on Capital and Surplus..
Per CTent Earned on Capital. Surplus ,and
Dec. 31 1920.
la'ion:
man Act
figures show in comparison the gross earnings of the
for the years 1921 :ind 1920:
1921.
1920.
$5,3;i5,895 85
$3,999.906 01
4, 703, 396 65
4.206,984 48
4, 090. 542 45
4.791,127 :i5
.:.
3.70r).0:iO43
4,433.0,53 25
3,,5;i7..521 77
!, 8.38. 821 60
_
2, 652. 085 72
•'.980.885 14
,2:^50.879 .59
5,395,165 28
---
Dec. 31 1921.
Cash Reserves held by this bank
against its deposits and note circu-
mand.
$1,477,090 58
GROSS EARNINGS BY MONTHS.
:
Resources.
Total Re.soiu-ces
$8,673,456 57
January
February
STATEMENT OF CONDITION.
048.392 46
Net Income available for dividends, additions to surplus, and payment, to the
Uni'cd States Government
$26,093,832 20
Total Net lucomo Distributed
Governor.
following are the statements embodied in the circular
addressed to the stockholders:
Treasury for redemption. This
fund may not legally Ix; included
penses for ]921 include expen.=«s incurred
as fiscal agent of the United Stales from
July I to Dec. 31 1921. Prior to July ]
1921, such exi^enses were reimbursed by
the Treasury)
$7,070,187 58
For Federal Reserve Currency, mainly the
cost of prin ling new notes to replace worn
notes in circulation, and to build up supplies unissued and on hand
1,091,591 96
For Sclf-Jnsurance and Otiher Reserves, De-
The fallowing
bank by months
BENJ. STRONG.
The
5%
cu-culation
annual
We hand you herewith a condensed statement of the condition of this
bank at the close of its fiscal year, Dec. 31 1921. and of the Profit and
Loss Account for that year, showing the disposition of net profits.
For convenient comparison, the relative items for the previous vear,
1920, are al.so chown.
Supplementing the Profit and Loss Account Is a statement showing the
size and cost of the various operations conducted by the bank in 1921.
We trust that you will find these various statements of iniere-,t. jjending
receipt of the more complete report of the year's operations cwntained in
the report of the Chairman to the Federal Re-;erve Board, now m preparation, a copy of which we thall send you as soon as it is published.
Very truly vours.
Bank
owned, including United States Treasury
certificates which secure Federal Reserve
Other Earnings
Governor Strong, in submitting the seventh
statement to the stockholders on Jan. 23 said:
To the Stockholders of the Federal Reserve Bank of New York:
S49, 839,182 52
8,323,050 37
[Vol. 114.
net earn—Transferredandfrom
this year..
ings in past years
Total Capital and Surplus
Total Liabilities
_
$1,631,204,367 62 $1,814,170,174 35
THE CHRONICLE
Feb. 4 1922.]
EXPENSES OF OPERATION DURING
1921.
incurred in carryng out functions prescribed by law or in performing services to member
banks and through them to the whole business, agricultural and industrial
•community, which the legally prescribed functions imply. About onethird of all the banking resources of the country are within this Federal
Reserve District, and the New York Reserve Bank conducts about onethird of the business of the entire Federal Reserve System. At the close
of business on Dec. 31, the total personnel of the New York Reserve Bank
Including the Buffalo Branch, numbered 2,907 persons.
The expenses for carrying on the work of the Bank, divided according
to function, and with miscellaneous items of overhead apportioned among
the various functions, were as follows:
1. Maintaining the Accounts of the Bank.
This work includes making about 12.500.000 entries a year in the accounts maintained with
member and other banks, and the current determination of reserve balances, which are
reiuired by law
8260,111
2. Supplying Currency and Coin.
The principal expenses of the Federal Reserve Bank are
Paying Out, Receiving and Redeeming Currency,
involving the count of about 687,000,000 individual notes during The year
81,247,912
Paying Out and Receiving Coin. This service
was formerly performed largely by the SubTreasury, and is now entirely in the hands of
the Federal Reserve Bank. Receipts and issues amounted to S164.000.000 for the year..
Currency and Coin Shipments to and from outof-town banks. There were 175.000 such
shipments in and out during the year
Cost of Printing New Federal Reserve Currency
to reolace worn notes in circulation and to
build" up supplies unis.sued and on hand, including cost of transportation
193,572
209,826
1,091,592
Tax on Federal Reserve Bank note
circulation,
and
the -SI
mostly
.S2 denomination.
(Federal Reserve note circulation is not taxed)
of notes in
136,310
Supplying Currency and Coin
3.
$2,879,212
Making Loans.
Making Discounts and Advances to Member
Banks. The number of items handled during
the year was 149,151. aggregating 830,767,-
Making Loans
$516,402
4. Collecting Checks. Drafts. Notes and Coupons:
Collection of Cash Items, mostly checks. The
average number of checks handled was 346.100
a day. or 104.519.000 for the year, aggregating
$36.100.000.000
$121,309
Telegraphic Transfer of Funds. This service is
nerformerl over the telegraph wires of the
Federal Ht-acrva System, awd is uswl by the
Trca.sury Department at)d member banks.
It
Involves making an average of Uti'J transfers of
funds to all pa'ts of thi; country each day,
amounting to about .?()0.133.000. and aggregating for the year S18.160..>M.000
amounting
:
$352,550
-
District
the
•
Tho
tti<
:
(XJNt
to
was
1
$672,748
lions
I
for the
other work
'1
'
'
'
'
r
•
I
_
Till-
ti.rn
0<m«irfi
<l
ri
•
nor. four
or the bank,
i.iri
T or the
$200,385
.
m
.................
Audit
lioviilinK RsprniMM
tho Kxpeiiv><« of hn Kivinral
426.0.33
320.H2H
1
32,101
1
202, HOI
or Hupnrvliiory
Kxpfimm
•1.ID7.04H
ToUl
.
N. Y. ClfAMfifiR
OF ('OMMKRCF.
Tho ChanihiT
viown "with
mandatory
SF n
i
of ('onuiuu-r of
tfTftvn
Uw
HI-:
nonrnTn any
pompf.-iilion of
-HJMflf.THf)
OI'POHICS Kri'OliTS TO
/•;
ho a h i>
tin-
OF
75,000
25,000
377.953
500
110.012
25.000.
Third National Itiink of l'liil:i<li'lplii:i. i'<'niisylvunlii.
('Itlziins' National lliiiik of I'riiK'cton. llliiiolH.
'
known
reMervcd to llin
noteH up Ui
oiK-liiiir that uMioiinl to thee,xtent dial puyim-nt in tendered
in Victory iwiteM, Iuin been «>verMiiliMiTilH«»l, uiid that total
(MKI.noO,
or
(hereuboutM,
Kr.l.rnl
.
,
.
\i>rU
to lutiUf
Hiwrv*. Flounl."
Nlate<! thul the total
allotted will
(NN).(MN)
will
with
the
to allot
ri>,'lit
nil<Iili<tnal
It
whh hIho
over .<! ,2tM),(KM(.(MK)
iioteH
of
TnnHiir.s
of
thiK
Herien
unionni
.<<tiO<),IKM).<M)0,
of
about
wlii<'h
be uboiil
$2(N),be additional notcM allotted on HiiliNcriptionR
HiibHeriptioiiH utrirre^fuled
.
Stuh- of N<\v
ftll«riipl
ili.
la.
No. 9
HMTi'tiiry of the 'I'reuHiiry
MAKE MANhATOHY COM I'OSITION
FK 1)1-: HA I,
115.414
ttt
(he ornriiig of -1?^% U. H. Treasury
us SvrieH A-102.'>, cloHed at noon on Fob. 1, the
'lute of isHiie, aceordidg to lUi uiiiKiiinceiiM'iit by the Seeretary
of IIk! TreiiHiiry.
The orferiiig wa.s refi rred to in lluHe eolunuiH lant. week, page .'MK.
It whh Htaled on the IkI InHt.
that |)reliruiiuiry reitortH rceeived fmm the twelve Kcdcr.-il
({iMcrvc li/iiikH iiidicute that the isHne, which wjih for ^100,-
iiot«'H
.itlOIl
.'
4
r»l
6,000
Siib.stTJplion.s
of
*
r
30,000
TUFA SURY NOTF OFFFRINd OVFRSUBSCRI BFI).
.Ii,r,11
'
—
Hiirfiilo
Itr
W,,-,
w
No. 7
The Hc<Mirlty National llanU of Hhrboyftan. Wisconsin.
The Fintt National Hank of (iutlirle, OUIalioinii.
The Cliy Nntlonni llanU of Minglianiton, Now York.
The rirst National Hank of Hi-d Wing. Mli\ni>sota.
I.O
IKjrtlonod
ail
$819,661
148,552
T\u\ Federal R(>.servo Board has grant(>d ])ermission to
tho following iuslitiitious fo exercise trust i)owers:
The First National H:iiik ofOci-an ("Ity. Ncw.lorsey.
Till- Central Nation.'il Hank of IMilL-idilplila. I*i>nnsylvaniii.
Tlic
7.
$25,000
6.000
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
BOARD TO EXERCISE TRUST POWERS.
July 1
miscellaneous
'd to the bank
by
Total
Surplus. Resources.
,1
I'rior lo
''o-.
lt<T-
common
Bank, Whitecastle,
Mellette County State Bank, White River,
So. Dak
1
i
Planters'
The Wayne County State Bank, Corydon.
to
exch.'iiijfMl
or
HI coniiecllf)!) with regis-
•
&
I-a
District
were
'•.---:
'
•
in
District A'o. 6
94,034
tration, and the i»a>rnonl of 26.125.000 individual roii[)on« on f;overnm'>nt. h')')'!" notes
-
Capital.
Columbia County Trust Co., Bloomsbm-g,
Pa
$125,000
OrrstownBank.Orrstown.Pa..
_.
25,000
Servlcen In ('oniiof:tion with Government J>oans.
This work Included during 1921 the receipt or
dHlvpry of 10 .ViO 094 Indlvldu/il Liberty
corj
No. 3
Merchants'
notes,
Chamber,
LEWIS E. PIERSON
Committee on Finance & Currenc!:.
As stated in our issue of Jan. 21, page 247, the Senate in
passing the bill on .Jan. 17 increasing the membership of the
Federal Reserve Board modified the proposal of the "farm
bloc" to make mandatory the naming bj' the President of a
District
Supplementary Services
li
this
business men generally throughout the country, have viewed with
concern the introduction into the Congress of various bills, the intent of
which would be to compel the appointment upon the Federal Reserve
Bo.Trd of members representing particular interests in the industrial life
of the country.
Specifically, one or more of the.se bills seems to provide
that the next appointee on the Federal Reserve Board mu.st be a farmer.
The whole Federal Reserve System was originally devised to meet the
non-partisan demand for the establishment of a sound and comprehensive
banking and currency system for this country that might be closely and
officially connected with the Government and yet, through the system of
regional reserve banks, have the advantage of independent initiative and
management. The Federal Reserve System has, through a most trjing
and critical period, proved its soiindness and its extraordinarj' value to the
commercial and agricultural community generally. In the difficult period
of the war and since the armistice, it has proved a bulwark of strength.
L^ndoubtedly a large part of the System's effectiveness has been due to
the non-partisan character of the membership of the Federal Reserve Board,
representing no one interest, no one section, but made up of men of high
character, experience, capacity and patriotism.
We repeat, therefore, that we view with grave concern any attempt, no
matter how well intentioned, to make mandatory the composition of the
Federal Reserve Board upon any basis other than that of the qualities that
we have Just described as inherent in the original scheme of the Federal
Reserve System, and as marking the composition of the Federal Reserve
System, and as marking the composition of the Federal Reserve Board,
as it has been from the start, and is to-day.
Respectfully submitted,
The following institutions were admitted to the Federal
Reserve System during the two weeks ending Jan. 27:
137.207
•
—
wth
STATE INSTITUTIONS ADMITTED TO FEDERAL
RESERVE SYSTEM.
ties...
Ix)-
of this week, Feb. 2:
Chamber of Commerce
The members of
representation of the financial, agricultural, industrial, commercial interests and geographical divisions of the country."
Mr. Lamont, according to yesterday's "Journal of Commerce" said that although the mandatory proposal had been
modified he thought it quite proper tho Chamber should still
express its position-in the matter.
$2,389,709
Supplementary Services.
Custody of Securities.
.$2
the
621,024
This service involves
holding in safekeeping on the average about
$%00. 000 .000 of sc<nirities for the United States
Government. $30fi.000 OOO for the War Finance Cort'oration and SiOO.000,000 from other
sources
Pur<-ha,se and Sale of Bankers' Acceptances and
o'her .securitir-s for member banks and foreign
banlu amounting to $115,256,000 for the year,
and receiving atid dfliverlng securities for the
account of mornbcT banks, amounting for the
In addition the
year to about $lfK) 12.j.ii00.
bank has acted for the Treasury Department
in the purcha.se and sale of Government securi-
6.
To
farmer to the extent of requiring that the President in selecting the appointive member "shall have due regard to a fair
&c
Collecting Checks,
Thursday
$1,768,685
$1,580.000,000
6.
by compelling the appointment thereon of members representing particular interests in the industrial life of the eountrj'.
A report to this effect, presented by Thomas W.
Lamont, Chairman of the Chamber's Committee on Finance
and CuiTency, was adopted by the Chamber, follows on
THOMAS W. LAMONT, Chairman PAUL M. AVARBURG
OTTO T. BANNARD
JAMES S. ALEXANDER
HERBERT K. TWITCHELL
GEORGE F. BAKER, .)R.
000.000
$428,720
Purchasing Acceptances and Treasury Certificates for the account of this bank and other
Federal Reserve banks. The items purchased
during the year aggregated 83,479,000,000- - 87,682
Collection of Non-Cash Items, including drafts,
notes and coupons, aggregating for the year,
469
THE CHEONICLE
470
for
which payment was tendered
in Victory notes pursuant
to the terms of the offering.
DATE FOR PURCHASE OF VICTORY NOTES BY
FEDERAL RESERVE BANKS EXTENDED.
Secretary of the Treasury Mellon on Feb. 1 announced
that the authorization of Jan. 26 1922 to the Federal Reserve
banks to purchase on or before Feb. 1 Victory notes at par
and accrued interest direct from holders up to an aggregate
amount not exceeding $100,000,000 has been extended to
Feb. 16.
SECRETARY MELLON OPPOSES SOLDIERS' BONUS—
COUNTRY'S FINANCIAL POSITION.
In an extended analysis of the country's financial position
Secretary of the Treasury Mellon again indicates his opposition to proposals to impose on the Government the burdens
which a soldier bonus would entail. Mr. Mellon's advices
are contained in a letter to Chairman Fordney of the House
Ways and Means Committee made public on Jan. 24.
Secretary Mellon states that the overshadowing problem of
the Treasury at this time is the handling of the public
debt, "and particularly the conduct of the refunding operations which will be necessary within the next year and a
half on a scale unprecedented in times of peace."
He points out that
"The gross public debt of the
of daily Treasury statements,
Government on Dec. 30 1921, on the basis
amounted to $23,438,984,351, of which
almost $6,500,000,000 falls due within the next 16 months, over $3,500,000,000 of it in the form of Victory notes, which mature May 2 1923, about
$2,200,000,000 in the form of Treasury certificates, which mature at various
dates within a year, and nearly $700,000,000 in the form of War Savings
certificates, which mature Jan. 1 1923, or may be redeemed before that
time. The refunding of this vast maturity will require the Treasury's
constant attention from now on. Altogether it makes up an amount
almost as large as the Fourth Liberty Loan, and considerably more than
the First and Second Liberty Loans combined.
Mr. Mellon states that the estimates "as to the prospects
for the fiscal years 1922 and 1923 and the program which has
been outlined for the refunding of the short-dated debts do
not make allowance for any extraordinary expenditures
within the next few years for a soldiers' bonus or so-called
'adjusted compensation' for veterans of the world war.
The
figures show that there will be no available surplus, but more
probably a deficit, and that with the enormous refunding
operations which the Treasury has to conduct it would be
dangerous in the extreme to attempt to finance the expenditures involved in the bonus through new borrowings.
The position of the Treasury' remains unchanged, but if there
is to be a soldiers' bonus it is clear that it must be provided
for through taxation, and through taxation in addition to
the taxes imposed by existing law."
In the most conservative estimates, says Mr. Mellon, the cost of a soldiers'
bonus in the first two years would probably be not less than
$850,000,000. In observing that "this would necessitate
additional levies to a corresponding amount during the same
period," Mr. Mellon added:
The taxes already in force are too onerous for the country's good and
are having an unfortunate effect on business and industry. The field of
taxation moreover hq^ already been so thoroughly covered, owing to the
extraordinary revenue needs growing out of the war, that it is exceedingly
difficult to discover new taxes that could properly be levied to yield as
much as .$850,000,000 within two years.
Secretary Mellon states also that "it would be futile, as
well as unwise, to attempt to provide for the bonus through
the use of the principal or interest of the foreign obligations
held by the United States, or through the sale of any such
obligations to the public."
For the most part, he says, "the
foreign obligations are still in the form of demand obligations
and
it is impossible in the present state of international
finance and in advance of funding arrangements to estimate
what may be collected on them in the near future by way of
principal or interest."
The following is Secretary Mellon's
letter to Representative Fordney
a similar letter was
addressed to Senator McCumber, Chairman of the Senate
Committee on Finance:
—
i
TEXT OF SECRETARY MELLON'S LETTER.
—
Dear Mr. Chairman: I received your letter of Jan. 21 1922 and am glad,
in accordance with your request, to present the latest figures as to the
probable receipts and expenditures of the Government for the fiscal years
1922 and 1923, and to Indicate In that connection what public debt operations the Treasury wUl have to carry on between now and June 30 1923,
In order to finance its current requirements and provide for maturing
obligations.
1 am at the same time transmitting for your Information the
four attached statements as to receipts and expenditures and the public debt.
It appears from these statements that for 1922 the budget estimates
Indicate a deficit of over .$24,000,000, and for 1923 a Uoficit of over $167,000,000. These figures make no allowance for expenditures not covered
by the budget,
as, for example, $50,000,000 already requested by the
United States Slupping Board for the settlement of claims, $7,000,000
to be spent by the United States Grain Corporation on account of Russian relief under the Act approved Dec. 22 1921; $5,000,000 to be paid
as the 1923 Installment under the treaty with Colombia, and a possible
[Vol. 114.
$50,000,000 on account of additional compensation to Governmen* employees a total of $112,000,000, chiefly for 1923.
The results of the first half of the fiscal year 1922, after making due
allowance for extraordinary items. Indicate that the budget estimates for
the year are substantially correct.
It is still too early to say whether
deficits can be avoided, but it is almost certain that In neither 1922 nor
1923 will there be any surplus.
At any rate, it is clear that, in order to balance the budget, expenditures
must be still further reduced, rather than increased, and that the net reductions below the budget figures within the two years must aggregate
about $300,000,000 in order to overcome the indicated deficits. At the
same time, the Government faces a heavy shrinkage in receipts, and internal
revenue collections in particular are subject to great uncertainty. Ab a
matter of fact, in view of the depression in business, there is grave doubt
whether the estimates of receipts which appear in the budget can be realized.
and up to date the shrinkage has rather more than kept pace with the
shrinkage In expenditures.
It is clear that under these conditions there is no room for new or extraordinary expenditures and that, if new items should be added which are not
Included in the budget it would be necessary to make simultaneous provision
for the taxes to meet them.
One of the chief factors in the gradual return to normal conditions throughout the country has been the marked reduction in Federal expenditures
which has already occurred, and this has In turn permitted the lightening
What has been accomplished along these lines
of the burdens of taxation.
within less than a year, through the co-operation of the Congress and th«
Executive, makes a concrete record of achievement in economy which is
worthy of our highest efforts to maintain.
—
The economies
any way the
effected, moreover,
have been made without stinting la
veterans of the late war, for the figures show
that the Federal Government spent for this purpose in the fiscal year 1921
about $380,000,000 and will spend for the same purpose in the fiscal year
1922, and again in the fiscal year 1923, about $450,000,000 a year, or more
than wiU be spent for any other one purpose except interest on the public
debt.
The overshadowing problem of the Treasury at this time, of course, is
the handling of the public debt, and particularly the conduct of the refunding operations which will be necessary within the next year and a half on
a scale unprecedented in times of peace. Some progress has been made in
these operations, but the great bulk of the refunding still remains to be done.
The gross public debt of the Government on Dec. 31 1921, on the basis
of daily Treasury statements, amounted to $23,438,984,351, of which almost $6,500,000,000 falls due within the next sixteen months, over $3,500,000.000 of it in the form of Victory notes, which mature May 20
1923; about $2,200,000,000 in the form of Treasury certificates, which
mature at various dates within a year, and nearly $700,000,000 in the
form of War Savings Certificates, which mature Jan. 1 1923, or may be
redeemed before that time.
The refunding of this vast maturity will require the Treasury's constant
Altogether, it makes up an amount almost as large
attention from now on.
as the Fourth Liberty Loan, and considerably more than the FHrst and
Second Liberty Loans combined. The Liberty Loans were floated during
the stress of war, through great popular drives and with the help of a
country-wide Liberty Loan organization that comprised perhaps 2,000,000
persons.
To conduct refunding operations on a similar scale in time of
peace, to the amount of $6,500,000,000 is a task of unparalleled magnitude, and it is of the utmost importance to the general welfare that it be
accomplished without disturbance to business or Interference with the
normal activities of the people. This cannot be done If the refunding is
embarrassed by other operations.
The greatest problem Is the Victory Liberty Loan, which amounted to
$3,548,000,000 on Dec. 31 1921. A maturity of this size is too large to
pay off or refund at one time. And it is accordingly necessary that the
Treasury should adopt every means at its command to reduce the outstanding amoxuit in advance of maturity. To this end it will be the
Treasury's policy to continue to issue short-tsrm notes from time to time,
when market conditions are favorable, and to use the proceeds to effect the
retirement of Victory notes, accomplishing this. If they cannot be had
otherwise, through the redemption of part of the notes before maturity.
It
will likewise be the policy, so far as possible, to apply the sinking fund and
other special funds available for the retirement of debt to the purchase or
redemption of Victory notes.
The $2,200,000,000 of Treasury certificates outstanding and the $700,000,000, or thereabouts, of War Savings Certificates raise similar problems
and will likewise require refunding operations on a large scale during the
next year and a half. The Treasury has ah-eady placed on sale, on Dec. 15
1921, a new issue of Treasury savings certificates which are designed to
provide in part for the outstanding savings certificates to be redeemed.
It is clear, however, that an Important part of the maturity on Jan. 1
1923, will have to be refunded, at least temporarily, into other obligations.
The bulk of the Treasury certificates of indebtedness will also have to be
refunded, probably Into other Treasury certificates, for It Is almost necessary, while Government expenditures are so large and tax payments so
heavy, to float a substantial amount of Treasury certificates in order to
carry on current operations without money strain.
If the situation continues to develop in an orderly way and no complications are introduced in the form of extraordinary expendituj*e which
would force new borrowings, the Treasury expects to be able to proceed
with the program already outlined and such other refunding operations as
may prove to be advisable within the limits of its existing authority and
without interference with the business of the country or disturbance to the
investment markets. The time is coming, perhaps in the near future, when
It will be possible to undertake refunding operations for a longer term, with
a view to the distribution of the debt among investors on a more permanent
relief of disabled
basis.
It is
important in this connection, however, not to overlook one special
characteristic of the Treasury's public debt operations since Aug. 31 1919.
when the gross debt reached its peak, namely, that the operations since that
date have been accompanied by gradual but steady debt retirement, and that
even the refunding operations now in prospect will not increase the public
debt. Generally speaking, the Treasury has been floating a constantly decreasing total volume of securities, and its borrowings have accordingly
not taken new money or absorl)ed funds th.Tt would otherwise go into business.
If the Government, on the other hand, were increasing the public debt,
Treasury offerings would then take
quite different problems would arise.
up new money, and there would be danger of inflation, of higher rates for
money and of strain on the investment markets, with consequent prejudice
to the Government's own inevitable refunding operations and to business
and industry generally. The whole character of the operations would be
altered.
i"'^
estimates which have been given as to the prospects for the fiscal
years 1922 and 1923 and the program which has been outlined for the refunding of the short-dated debts do not make allowance for any extraordinary expenditures within the next few yeai-s, for a soldiers'^bonus or' so
The
Fm.
THE CHKONICLE
4 1922.]
The figures
callod adjusted componsatiou for veterans of the "World War.
show that there will be no available surplus, but more probably a deficit,
aud that with the onormoos refunding operations which the Treasury has
to conduct it would be dangerous in the extreme to attempt to finance the
•xpenditures involved in the bonus through new borrowings. The position
of the Treasury remains unchanged; but, if there is to be a soldiers' bonus,
it is clear that it must be provided for through taxation, and through ta.xation in addition to the taxes imposed by existing law.
It is difficult to estimate how much additional taxation would be necessary
for the last bonus bill considered was S 506, reported by the Committee on
From the report of the committee
Finance of the Senate on June 20 1921
and the estimates of the Government actuary, it would appear that the total
cost of the bonus under this bill would be about $3,330,000,000. of which
at least .$850,000,000 would fall in the first two years of its operation, with
varying amounts over intervening years and an ultimate payment in the
.
twentieth year of over 82,114.000.000.
The minim um cost would apparently be about $1,560,000,000, in case
substantially all the veterans should take the cash plan, and the maximum
cost about S5. 250. 000.000 in case substantially all of the veterans should
If an unexpectedly large
elect to take the certificate loan in lieu of cash.
proportion of the veterans should choose cash, the cost within the first
two years might run well over $1,000,000,000. It would seem reasonably
certain, however, that at least one-half would elect the cash payment plan,
in which event the cost in the first two years would be about 3850,000,000
and the total cost would faU between the two extremes, or at about $3,330.000,000.
These estimates take no account of expenses of administration or the
possible cost of vocational training aid, farm or home aid, or land settlement aid to veterans who elect such benefits, which would involve subThe expenditures involved, moreover, would be
stantial additional cost.
In addition to already substantial expenditures on account of veterans of
the World War, chiefly for relief to disabled veterans, which amount to
about §450,000,000 a year, according to the estimates for 1922 and 1923.
The Government's obligation to the disabled veterans is continuing and
paramount, and heavy expenditures for their relief will be necessary for
many years to come.
On the most conservative estimates, therefore, the cost of a soldiers'
bonus in the first two years would probably be not less than 8850,000,000.
This would necessitate additional tax levies to a corresponding amount
during the same period. The taxes already in force are too onerous for the
country's good, and are having an unfortunate effect on business and
industry. The field of taxation, moreover, has already been so thoroughly
covered, owing to the extraordinary revenue needs growing out of the
war, that it is exceedingly difficult to discover new taxes that could properly
be levied to yield as much as 5850,000.000 within two years.
In these circumstances, should Congress determine to adopt the policy
nt paying a soldiers' bonus, it would become necessary to impose general
For
taxes on broad classes of articles or transactions in order to pay it.
such taxes, in their nature of wide application, much might bo said as
substitutes for existing taxes, but the Treasury would hesitate to recom-
mend them
as additional taxes, except to meet some extraordinary purpose.
Whatever additional taxes might be levied, pro\'ision for them would have
to be made in the same bill with the bonus.
The budget system is now
firmly established, and the budget already submitted has pointed out the
relation between receipts and expenditures for this year and next year.
If the Congress decides to authorize large expenditures outside of the
budget It is fundamental that it should make simultaneous pro'^'irton for
the additional taxes necessary to meet them.
It is also well to keep in mind that no indirect means of financing the
bonus could make it any less an expense that will have to bo borne in the
long run by the taxpayer. Thu.s it would be futile, as well as unwi.se. to
att*-mpt to provide for the bonus through the use of the principal or interest
of the foreign obllgation.s held by the United States or through the sale
of any such obligations to the public.
For the most part, the forei^rn
obligations arc still In the form of demand obligations, and it Is impossiblo
In the present state of International finance and In advance of funding
arrangements to estimate what may be collected on them in the near
future by way of principal or Interest.
The obllgation.s arc not In shape, moreover, to sell to the public, and to
offer them to Investors with the gruarantoe of this Government would
tierlously Interfere with our own refunding operations, upset the security
markets and In th<! Ions; run prove more <!xpen.sivc to this Government than
would the sale of Its own direct obligations. At the same time, it would
•mormoasly compllcaf" the tntcTnational situation and certainly embarrass
Even If enough could bo realized on the foreign
the funding negotiations.
dfJbt in time to pay the bonuf>. It would accomplish nothing to .sut It aside
for that purpose.
As the law now stands, and m ju.stiee to the millions
Iff I^ii«!rty bondh<ildi-n>, the Oovernmeiit Is hound to apply anj- principal
payments by fordgn (Jovcrnmcnts, as well as any proc<«xls of wtlo. to the
retlr<ra<:nt of out/iUndUig LlbfTty bonds, about $10,000,000,000 of which
were iMued In the first Instance to provide for the advances to foreign
(joTcmmentA.
Intnr««t c<»llcct«l on th«: foreign obligations .should liki'wlse go to provide
for the intemnt on LIlMirty bonds, and it hiis b»«n the Trc.asur>''8 plan in the
fiuxUng to adjust tho dat<f. .-md amounts of the Intcn-st i)aymcnts as nearly
on may be to the Intpn-st paym<-nts on our own bond.s.
In any event. It Is
cl«ar that If thfl prrK-<'<'<l.s of the fordgu obllKatlons should l>c appllr<l to
different purpofMai. lli<! Government of the L'niUMl .Stuti.-s to that extent
would havfi to provldt- for paymiml of Ihn principal and liitcri'st of the
l.lb«>rty Imnrls from othiT M>urri«, which moans that the iM'jipIc would have
'" pay tax<* for thi.n purpos'' that would othorwlw; be unncci»«:iry.
The
plan to uim; thn fori-lgn obllK'ttlontt to pay a Holdlem' bonus, therefore,
wcmld Htill l<-.'ivii the liiirdcii 'iii tin- Hluiiildcni of tliii AmiTri<::in tax|>ay)!r.
I havd madn thin •xt<ind<-d iinalyHis of thn country's flnnarlul
position
and of th<i Tr's-vsury'ii plans and prcmpccts for \9'22 and U)23 In ordi-r that
tba f'ontfrnut may have bt-fom It In dirflnlte form the farts a» to what
ftnanrlal <-on<w'|ij<inr»'». th«- loldicru' boniu would unlall. and what itddod
l>urd«>m l» wMMJd lni>v it.ib'r <i!ic.- upon thr rountry.
"
I
*''<n
i»
'
'
ropy
<
r
-
:m\Uf4,,,:,
r
iif
to Hi-nalor
th<!
McCumbor
for the Informa-
SiinnU^.
Vtiry truly youni.
\
W. MKIJ/>N.
.Irrretary nf Ihv
Tr*aturu
471
Chamber's endorsement was recorded
tion which it adopted:
in the follo'wing resolu-
To
the Chamber of Commerce:
Whereas, Within the next sixteen months approximately one-fourth of the
total national debt matures and must be refunded, and it is therefore evident
that any action resulting in an increase in the heavy load now being carried
by the structure of public credit Is to be avoided if possible; and
Whereas, From those who are totally or partially incapacitated as a result
of injuries received diu-ing the period of service in the Army or Navy, pecuniary support ought not to be and will not be withheld, but any expression
of appreciation in the form of money or the equivalent of money to those
whose earning power was not impaired (a proposal as to which this body has
repeatedly expressed opposition) should be delayed untU such time as the
nerves of commerce have recovered from the shock from which they are now
suffering; therefore,
Resolved, That the
be
it
Chamber
of
Commerce
of the State of
New York here-
emphatic and unqualified approval of the stand taken by
the Secretary of the Treasury, with regard to the proposed bonus to exservice men, as set forth in his recent letter to Representative Fordney.
with expresses
its
PRESIDENT HARDING URGES FEDERAL DEPARTMENTS TO AID IN ALLEVIATING UNEMPLOY-
MENT—COMMENDS WORK
OF MUNICIPAL
BODIES.
Co-operation of the various departments of the Federal
Government in efforts to give work to the unemployed was
asked by President Harding in a letter sent to the Secretaries
of War, Na-vy, Agriculture, Treasury, Interior and Commerce on Jan. 27. Pointing out that City and Btate authorities have generally organized to provide work and prevent
or alleviate distress due to lack of employment, the President in his letter said: "Of course I do not need to urge upon
j'ou the vital importance of having the Federal Government
also do everything possible in a sound way to ameliorate
the situation." The President requested the department
heads to aid in pro'viding work by pushing ahead all repair
and construction plans which othei"wise would not be undertaken until later in the year. The letter read:
The response of employing interests throughout the country to the apjjeal
for special effort to afford employment to the greatest possible extent
during the winter has produced highly gratifj-ing results. Thanks to this
fine co-operation, the situation has been much less difficult during the
ivinter thus far than it might otherwise have been.
The most difficult period of the winter, however, is still 'before us, and
I am therefore writing you to bespeak the utmost co-operation that your
department may be able to afford in extending further employment.
States and cities, as well as private companies and individuals, have taken
more comprehensive and effective measures than probably have ever been
taken before In such a situation. The natural self-reliance of the American
citizen has been supplemented in these times by neighborly help, by p.iTttlme work, by odd jobs; employers have, to a marked degree, exerted themselves to find work for employees and have anticipated repair and construction operations which otherwise would have remained to be taken up
later.
City and State authorities have generally organized to provide work and
prevent or alleviate distress due to lack of employment. In substantially
every city where the need has appeared the Mayor has appointed emergency
committees to lead the community's action. Municipal bonds have been
sold to an unprecedented degree to provide for construction as early as possible of needed municipal work.
In this way much wbiter work lias been
provided.
Of course. I do not need to urge upon you the \ital importance of having
the Federal Ciovernment also do everything possible, in ;i .soimd way, to
ameliorate the situation.
purpose in writing you now is to ask you to
have a thorough examination made forthwith, of all repair and construction
pl.ins in j'our department, to determine what necessary work, which otherwise would not have been inulertak(!n until later in the year, might bo
advanced so as to provide employment during the month,s immediately
ahead of us. and to suggest that si> far as is po.ssible and practicable such
work Hhould bo undertaken at once.
The response of the general public to appeals for the widest po.ssible employment has been so generous and effective tlxat I think wo shc.uld be the
more concerned to have the agencie.v of the Federal Go^ernnieut do their
very utmost share In this humane effort.
My
Novel means are being eni])loyod by various cities and
towns throughout the United States to provide work for the
jobless, a(^(:ordiiig to rei)orls conoctod by (\)lonel Arthur
Wood.s, Iwad of the organiziition fhar^ed with <'arfying on
work started by the recent luitional conferenct! on unemployment. Summaries of these rei)orts. ])ul)lishod on Jan. 14,
show the varied nature
of these efforts as follows:
houw-to-house caiiva-ss under the diroctlon of
twonty-three battalion fire rhlefs, to compel hnusohnldcrs to remove from
their premlws all comhustlhle niaterlal and i-efuM-. us a fire ppfvontlon
inoasuro.
This campaign Iihm crcatrd many Khorl-tliiii" Jolw.
DiilliiH, Texan, took a church rcnsus of Its population and each hoiwehiild<T was (iHk<-d If sonii" spci-lal mid Job, painting, carpentry, gardening or
I'lciinlng, could be furnlNhi'il for thi> iiiiemployrd, and u record wuh kept
of the ri'pllcM iind iiddresscH with ihi' re.-iult that a large nunilK-r of days of
wrjrk wcni olil.iliii'd for lli(< iiminI ni^fd.v.
In Kort Wi«yn<'. Ind.. iidviTtlscmciitH were putillNhed In tho ni'WHpiii)i«ni
and thn uniMiiplnycd witi' iinlinl to fill out and m-imI In liljiidiH. TheiiK wit«
lurriixl iiviT to Ihr liirul employment agency and local liiilunlrU* ol>taln<<d
Chlcngo
h;iN
made
a
iK'lp Ihny nm><led.
Ki'urny N J.. Uiim an i>Ki<nt out every afternoon. r<m ring tln> town, with
wviTiil hi-liM-m, In iiul.<iniol)ll.'«.
They \ ImIi buildings under <i>iiHlru<tlon,
look over nlri-<-ls IM-Ing piived anri cull iit all IndiiNlrlal t>li>iilN and riillniiul
kIioihi, (iffiTlnK the i-o openillon of llie lociil nnployjUPtil burrnu and ii»ccrIbIiiIiiK >'>n<-t|y wiml klriil of InlMir In n<<(vlc<l.
lti<'
S. Y. CIIAMI'.l.li
SECHfCTAH)
OF COM MERCK KShORSKS
M/:fJ/}.\'S
.
STAN If OX
SOLDIER BONUS.
'V\\r,
th«>
Sfl
f'hamh«T
in.1t.,
of ('omnH-nM! of tim Htato of Ni'W Y(»rk,
()Xpnmx<i(l its "«>mi)liati')
and
iiiu|iialifi<'d
on
ai>-
proval of tho iitnnd takon hy th*- H«fTr>tary «»f tlit) Tn-iwiiry
with rojjarfl N> thn i>roj>f>Hf<l homiH to ox-fHTvift' nu'U an But
for-^ in hia rocont letter to UopnRrntativ*- Fonliu-y."
Thn
.
In Nnw York City l(i:i wmIiiI iiKeiii'lea luiTe ro-<i|M<ratr<l In relief work for
urinniiloyiiK-nt itti<t havf cMlrililUhed ii cenlrni bureau of reKlMtmtlon to
ik'l n« n 'li'iirlriK Iioiim'.
I'liijiliiirKh i-oiitriKtom ami i/iiployi'm have Ikvii urged to keep one or
two Minn III ra'h rniiilly on III'- pnyroll and to tlirn to n Urirn kxIimiI (horn*
llvliiir III the city wIki hiive d"|M'ndnrit.«.
tin-
.
THE CHRONICLE
473
Each ward in Rockford, 111., has a committee with the two Aldermen as
Chairmen. These committees In turn have organized precinct committees
with a member in charge of each city block. Personal contact like this has
resulted in a very successful campaign to provide jobs and relieve distress,
the report said.
Schenectady, N. Y., has taken care of its problem by bond issues for
public improvements, and the city officials are enforcing rigidly such ordinances as snow removal, which is done under city supervision and charged
on the tax bills of all derelict property owners.
Atlanta has formed a club of 500 citizens, each of whom has pledged the
building of a dwelling, to be rented at a reasonable figure, thus giving
employment to many workers and also helping the housing situation.
Boston has asked all employers to increase the number of their employees
by at least one, and as many more as is possible.
New London, Conn., runs special entertainments in the theatres with
The unemployed are allowed to sell tickets and retain a good
local talent.
percentage of the proceeds.
Civil service rules are suspended in Cambridge, Mass., so that many
persons can rotate in the same jobs.
Houston, Texas, maintains a gang of laborers, ranging in number from
200 to 600, paying them $1 25 a day, and, if they have dependents, supplementing this by charity. Employers are urged to apply to the city for
labor, which is supplied from this gang.
NEW YORK CHAMBER OF COMMERCE FOR
PREVENTING STRIKES AND LOCKOUTS.
BILL OF
At Thursday's meeting (Feb. 2) of the Chamber of Commerce of the State of New York, a bill to prevent strikes
and lockouts was embodied in a report presented by Irving T.
Bush, in behalf of the Executive Committee, and was
unanimously approved by the Chamber. The report, which
recommended the
bill
for introduction in the
New York
State Legislature, follows:
—
To the Chamber of Commerce: A report on settlement of industrial disputes, presented by the Executive Committee at the monthly meeting of
the Chamber of March .3 1921 was adopted with the follovnng resolution:
"Be It Restolved, That the Chamber of Commerce of the State of New
York appeals to the Legislature of the State of New York to enact legislation
to give effect to the recommendations of Governor Nathan L. Miller in
his annual message, to reform the orfanization and powers of the Industrial
Commission so as to provide for a single-headed commission, with a board
of three, to be empowered to discharge exclusively quasi-judicial and
legislative functions, and to be clothed with authority to investigate labor
Condi cions and to deal ivith labor disputes; and to accomplish this purpose
the following Iegi.slation be enacted:
"1. That any volimtary association of seven or more members may
sue or be sued in the name of the Association, service of process upon
any officer, manager or business agent of such association to constitute
service upon the association; and that the Industrial Commission shall
have power to prescribe and supervise the accounts and records of such
association with the same authority now given the Public Service Commission over the accounts and records of street railways and similar corpora tions
"2. That the authority of the Industrial Commission to deal with labor
disputes should include the duty to make inquiry concerning the matters
in dispute with the right to subpoena witnesses, examine them imder
oath and require the production of bocks and papers in order to enable it
to ascertain all facts material to the dispute and to furnish the public and
every employer and employee entitled to vote uponi the questions of strikes
and lockouts involved, with a copy of its report.
"3. That notice of the intention to strike or lockout must be made to
the Indu.strial Commission at least 14 days before action.
"4. That every ballot cast for strikes or lockouts shall be so safeguarded
as to preserve the freedom of the voter and the decision at which he has
arrived, and to that end that the Industrial Commission shall be charged
with the duty of supervising the coimt of the vote so as to insure a secret
ballot free from intimidation or misrepresentation, and its honest count."
Your Committee now recommends the approval of the following draft
of a bill, for introduction in the Legislature of the State of New York, in
order to carry out the foregoing recommendations of the Chamber:
,
AN ACT
to Prevent Strikes and Lockouts and for Other Purposes.
Chapter thirty-six of the Laws of one thousand nine hundred and nine,
entitled "An Act relating to labor, constituting Chapter thirty-one of the
Consolidated Laws," is hereby amended by adding thereto a new section
to be designated as section one hundred and forty-nine which shall be
as follows:
"Section 149. \. Wherever used in this Act the term 'voluntary
mean any combination, union, organization or association
of five or more persons eniployed, or seeking to be employed, in the same
industry, or in like or related industries, or at work of the same trade or
craft, or of like or similar trades or crafts, or at work of like or similar
character, which shall have been organized, or .shall hereafter be organized
or maintained, for the purpose of influencing the rates of wages received
or to bo received by its members, or any of them, or the conditions of
employment of its members, or any of them, or which shall, at the time
of the eiyactment hereof, be a party to, or shall hereafter make or enter
into, any contract, with any employer of labor, in respect of wages or
compensation, or in respect of hours of labor or conditions of employment,
or shall offer or undertake to make any such contract, or to represent any
persons employed or seeking employment as aforesaid for the purpose of
making or attempting to make such a contract.
"B. Every such voluntary association may .sue or be sued in its common
name and the service of process upon the presidenl,. secretary, treasurer,
manager or business agent of any such voluntary association shall be
service upon such voluntary association, and all .such voluntary associations
shall be subject to all the provisions of this Act.
"C. Within thirty days next after the passage of this Acti, or within
thirty days next after its organization, every voluntary a.ssociation subject
to this Act shall file with the Industrial Commission, created by Section
forty of the Lalwr Law, a copy of its charter, or constitution, or articles
of association, and copies of all its by-laws, i-ulcs of order, and all other
general understandings or agreements between or among its members
which in any manner define, control or affect its powers, duties, functions
or methods.
"D. The visitorial power of tho State of New York, in respect of each
and every voluntary association subject to this Act, is hereby conferred
upon said Industrial Commi.ssion, which shall exercise such power in the
interest of the peace and order of the State and in such manner as it shall
determine to be best calculated to promote the public welfare by preventing
Industrial discord and interruptions of industry in consequence of labor
disputes, lockouts or strikes.
It shall bo the duty of each such voluntary
as.sociation' shall
[Vol. 114.
association and its officers, members and agents, to reply, fully and under
oath, to all inquiries concerning the operations of affairs of any such voluntary association or its officers as such, propounded by said Industrial
Commission, and said Commission shall require regular monthly statements
of the financial condition and revenues and expenses of each such voluntary
association.
All such monthly statements shall be made in the form and
manner prescribed by said Industrial Commission, shall be verified under
oath by the proper officers of such voluntary association, and shall be filed
within fifteen days next following the last day of tho month for which
rendered.
The Industrial Conunission may, at any time, inspect all
accounts and records and audit all accounts of such voluntary associations,
and it shall be unlawful for any person to destroy any such records or
accounts, or to forward or transport the same to any point outside the
State of New York, except that said Commission may make regulations
permitting the destruction of accounts or records in which no entries have
been made during a period of not less than fi^'e years next preceding such
destruction.
The Industrial Commission may prescribe the form and
manner in which all records and accounts of voluntary associations subject
to this Act shall 'be kept, and no officer, member or agent of any such
voluntary association shall keep any records or accounts of or for such
voluntary association except in tho form and m.anner prescribed.
"E.
be unlawful for anjr employee in any industrial establishfive or more employees, to combine with
for the purpose of interrupting or impeding
ajiy act or process of production, or transportation, or communication, or
any act or process incidental to either thereof, whether by concerted or
concurrent action in ceasing to work or abandoning employment, or otherwise, and every contract, agreement or conibination between any two or
more persons in violation of this section is hereby declared to be a conspiracy in restraint of trade, and every person who shall make any such
contract or enter into any such agreement, combination or conspiracy, or
do any act in furtherance thereof, shall be giiilty of a misdemeanor and
shall be liable to fine or imprisonment as hereinafter provided. Provided,
howcrcr, that no strike or agreement to strike shall be held to be within
the proliibitions of this paragraph if, previous to such sirilce or agreement,
the Industrial Commission has rendered its decision with reference to the
matter or matters in dispute, or having had such matter or matters in
dispute under consideration for more than six month.s from the filing of a
complaint covering such disputed matter or matters, has not rendered its
decision and if, in addition thereto, previous to such strike or agreement,
the parties thereto, or a majority of them, have voted to strike or to enter
into such agreement, the question having first been submitted to them in
a forin determined by the Indu.strial Commission, and. Provided, further
That it shall bo the duty of the Industrial Commi.ssion on the ^Tritten
request of any party or parties in interest, submitted not more than sixty
days after the rendering of any opinion involving a dispute as to rates of
wages or hours or conditions of employment or service, or within sixty days
after any such complaint has been before said Industrial Commission for
more than six months without decision, immediately to define and submit
for the vote of the employees interested therein, the question whether they
shall strike, or enter into an agi'eement to strike, and thereupon the said
ejnployees shall be permitted to vote, by secret ballot, 'yes' or 'no,' upon
the question so defined, and the taking and counting of every such vote
shall be under the super\ision of tho Industrial Commission, which shall
forthwith announce the result. Any person or persons voting or attempting
to vote fraudulently upon any question so submitted or who shall attempt,
by bribcrj-, intimidation or any corrupt m.eans whatsoever, to influence
any result of any such ballot, or who shall in any way contribute to. or
participate in, any fraudulent statement of the result thereof, or disclose
the manner in which any person or persons voted, shall be guilty of a
misdemeanor and upon conviction thereof shall be liable to fine and imprisonment as hereinafter provided.
"F. It shall be the duty of the Industrial Commis.sion, upon the complaint of any voluntary association subject to this Act, or of any person
or persons in interest, forthwith to investigate, in such manner as it shall
determine, any controversy or dispute which threatens, or seems to threaten,
to interrupt any industrial activity within the State, and it shall be its
duty, as promptly as practicable, and not in any case more than six months
from the filing of such complaint, to make and publish a report and opinion
which shall present a summary of the facts and shall contain the recommendations of the Commission for the settlement of such controversy or
It shall
ment or undertaking which has
any other employee or employees
dispute.
"G. Any person who shall violate any of the provisions of this Act shall
be guilty of a misdemeanor and upon conviction thereof, in any court of
competent jurisdiction, .shall be punished by a fine of not exceeding ten
thousand dollars, or by imprisonment at hard labor for not more than
five years, or by both said puni.shments in the discretion of the court."
NATIONAL AGRICULTURAL CONFERENCE FAVORS
PARTICIPATION BY U. S. IN EUROPEAN CONFERENCE—CREDIT REQUESTS— OTHER RESOLUTIONS.
on Jan. 27 of the National
Agricultural Conference, which opened at Washington Jan.
23, a resolution favoring participation by the United States
"in a conference for economic and financial reconstruction
In its declaration, the National
in Europe" was adopted.
Agricultural Conference, we learn from the New York
At the concluding
"Times"
session
said:
We trust that it may'not seem inconsistent with prudent policies of State
United States at the proper time to participate in a conference for
economic and financial reconstruction in Europe to the end that we may
counsel with the principal customers for our products concerning their
present difficulties and future needs, that they may understand our situation, that we may understand theirs, and that we may ascertain what we
may expediently do within the limitations of our Constitution and our
established American policies to accommodate them and ourselves through
sound credit arrangements, by international financial institutions or otherwise, in helping to stabilize exchange and thereby to stimulate international
trade, which is one of tho chief factors in determining the value of our products and in restoring the normal commerce of tho world.
The National Agricultural Conference, at its final session,
for the
adopted resolutions urging Congress to enact legislation providing for sliort term credits of from six months to
three years on agricultural paper to meet farmers' requirements now temporarily available through the War Finance
Tho "Journal of Commerce" (Washington
Corpor'ation.
dispatch), from which this is learned, also,^stated:
also
THE CHEONICLE
Feb. 4 1922.]
If sucb an agency is not created by Congress, the conference requests
extension of the life of the War Finance Corporation for as long as necessary
Amendment of the Federal Reserve Act was asked to
after July 1 1922.
give authority to the Federal Reserve banks to deal in, with or without
endorsement of member banks, notes secured by warehouse receipts covering
readily marketable, non-perishable staples, or by live stock, of the kinds
»nd maturity now eligible for rediscount under the Act.
Appointment of a farmer to the Federal Reserve Board and due representation on the directorships of Federal Reserve banks also was asked.
It was recommended that the borrowing limit of the Federal Farm Loan
System be raised from SIO.OOO to S2.5,000 by appropriate amendment to
the Farm Loan Act. and that Congress also amend the Act to permit the
Joint Stock banlcs to issue bonds in the amount of 20 times their capital.
Congress also was advised to investigate the subject of crop insurance with
the ^^ew of creating a crop insurance bureau.
A constitutional amendment prohibiting the issuance of tax free securities
was recommended. If the Government requires more revenue the excess
It protested any conprofits tax on corporations should be re-enacted.
sumption, sales or manufacturer's tax. and asked that agriculture receive
the same just and equitable consideration as industry in framing the tariff.
In our issue of Saturday last (page 368) we refen-ed to
the resolution adopted on Jan. 26. and also noted that the
Conference had on Jan. 27 \'oted to strike out of a committee report a recommendation for the repeal of the Adamson Ei':jht-hour Law. Regarding the action of the Conference
on this and other matters on Jan. 27, the press dispatches
from Washington
said:
The Xational
Agricultural Conference went on record to-day in adopting
its Transportation Committee's report, as favoring participation l5y railroad labor and railroad corporations in the general price "deflation" after it
had stricken from another committee's report a recommendation for repeal
of the Adamson eight-hour law and the "bringing down" of wages of railroad labor and other industrial labor to a parity with the return received
by the farmer.
The debate on the question of wage "deflation" to-day was long and at
times vehement. The proposal was strenuoasly fought bj- Samuel Gompers. President of the American Federation of Labor, who was a delegate
to the conference.
Several farmers who opposed reduction in wages and
helped to defeat the first recommendation supported the proposal finally
adopted that both railroads and their employees shall be included in the
readjustment.
Lawrence Plan Indorsed.
SI.
The conference
also indorsed a proposal that the St. Lawrence- Great
Lakes waterway project be completed after one committee's recommendaAction for the repeal of the d'v'c guaranty
tion to this effect had been lost.
clause of the Transportation Act, defeated during the labor debate, also
received favorable action on a later report.
Completion of Muscle Shoals Projects.
The conference recommended completion of the projects at Muscle
.Shoab. Ala., and urged that the Government accept the offer of Henry
Ford to lea.'^ them. Reduction of freight rates on farm products, live
stock and products of allied industries to the basis prior to the increase
of Augu.-t 1920. also was urged as well as the restoration of certain ratemaking powers to State railroad rommi.ssions. Readjustment of rates
affecting other commodities shou!d follow as quickly as possible, it was
I.<siglat!on to prevent the railroads from including the "land
added.
multiple" in making uri -heir revaluations was further recommended.
\tufissippi River Dsrelopment.
Development of the Mississippi River as an artery of commerce was
advocated with the adoption of a report which declared that "during and
since the war there has been a great increase in navigation in the lower
MUslssippi River and on the Ohio River."
"Barges are operating from St. Louis to New Orleans," It was said, "in
crimpftition with railroad lines, and have demonstrated, not only their
ncy. but also their ocrjnomy as carriers of freight."
the Missouri, Ohio and Red Rivers also
waft suggrste I In this report, as well as Joint water and rail rates
and terminals.
The ronf.Tcnce went on record as opposing repeal of the Panama Canal
tolls. Haying "the people of Ihe United States have invested a large sum
of money In the Panama Canal "
473
fight against this resolution as being
a direct demand for a cut of railroad
wages.
The labor leader won a partial victory in tho morning session, when he
gave notice that a resolution urging tho repeal of the Adamson eight-hour
iaw and an amendment calling for wage cuts for railway workers and minonswould be looked upon as a hostUe act by organized labor. The recommendations as to the Adamson law was stricken out by a vote of 83 to 64.
Resolution Revised
and Passed.
Later the resolution was reported in a revised form, calling upon the railroads and the rail workers to share in the "deflation," and this was adopted
with Gompers casting the only vote against it.
According to the farmers' view there was nothing inconsistent In supporting Mr. Gompers in the morning and shouting him down in the afternoon. They were opposed to singling oat labor for bearing tho burden of
lowered rates without calling for a liks sacrifice from capital.
In general the resolutions adopted and the speeches made reflected the
opinion of the farmers that there were three classes in this country capital,
—
and
labor
agricultiu-e.
For themselves and their efforts to force agricultural prices up to a level
commodities, the farmers passed a resolution favoring the limitation of crop acreage uhtil agricultural conditions in this country and
Europe were improved.
The Committee on TVater Transportation submitted a report that opposed free tolls through the Panama Cajaal, recommended improvements at Muscle Shoals, called for fuiliher Improvements to navigation of
the Mississippi, and endorsed the St. Lawrence watarway project. Representative Peter G. Ten Eyck of New York submitted a minority report,
opposing an appropriation for the St. Lawrence waterway, but this was
voted down overwhelmingly.
The Conference passed the Muscle Shoals report and then another resolution, offered by Herbert W. Myrick of Springfield, Mass., favoring
acceptance of Henry Ford's offer to take over the Government plant, was
adopted.
vrith other
Labor Wrangle Starts Suddenly.
The
lively discussion over labor started in the first session when tho
Committee on Costs, Prices and Adjustments sprung a sutTJrise in a report
containing clauses that many speakers thought lay within the province
of the Committee on Railway Transportation.
Objection was taken to these paragraphs in the report:
"It
is
imperative that the farmers have reduced transpoi^ation costs.
To accomplish this end, we recommend: (a) The immediate repeal or amendment of the Adamson law covering the national agreements, the savings
thus effected to be immediately reflected in reduction of freight rat^;
(ft) the repeal of the guarantee
lauseof the Esch-Curamins law: (c) the improvement of farm-to-market roads; and (d) the development of inland
waterways, especially the St. Lawrence deep waterways project."
Following the reading of this report, W. H. Stackhouse, President of the
National Implement and Vehicle Association, offered an amendment
urging wage reductions for mine workers and railway union labor. This
brought Mr. Gompers to his feet with a protest.
"You repeal the Adamson law," he said, "and, believe mo, you are not
going to do away with the eight-hour day. Between the committee report
and Mr. Stackhouse's amendment, I rather would see you adopt the real
sting of the amendment, rather than tho more subtle report.
"You farmers have allowed bankers, manufacturers and implement makers to play monkey-shines with you.
Now you are being patted on the head
and called good boys. But go and organize. Follow the advice in this
matter given you by tho President of tho United States and others tho
first day of the conference.
Organization means power; exercise that power
normally and you viiU face the criticism as labor has done.
"You can't, get away from it. Tho interests will drive you as they have
driven labor. Adopt Mr. Stackhouse's amendment, and you will ally
yourselves with the greatest exploiters that tho world has ever known.
Labor is ready and wants to help the fai-mers, but adopt either the Stackhouse resolution or the committee report and we can't help but regard you
as enemies to the working class of the country.
If low wages mean success, then Chin.a would bo at tho head of civilization."
•ffi'if
Development of navigation o
Other Rrrommendtillons.
OthiT rt'crinunendations included:
I'nt of hydro-<!l(rctrir jhiwct projects to
I
make
current available
ronHUm<r on the firm and in th<? vIll.Tgc.
ii,:rT co-<irf|lnatlon of railway, wat<Tway and highway transportation.
.\lJl«.;iiiriiin' (,r .1
iinnlssion to work out a n-itlonal land policy. IncludJ.
liW r«
grazing and colonization prublem-s In co-operaUon w
the varloUH Staten.
ig of any more land for fanning puiT)OK"s pending
U)
;
<
<•
'
I
'
in at'f ic
f'-'i
ilt
ijr*v
.''i.
it rjf i-ffirctlvo
pT'
.
From c morn
Man. 27;
n;<
J
.11
methods of
flri)
of n-Hcarch,
dftailod account of tho day's prococdinps
^ivcn in the
Now York
"Times," wc take
th<'
••l<Tn«^«« In tho Vrit'onnl AKrIcultural
on
(.r
or
'i
'.rt
A.!
•«l
t(>-<lay
fl
liilior
!f!ir
and
ciipiliil
Howard I/eon;irr|. IVcsldr-nt of the Illinois Agricultural AsHoolallon, olforIng riioircs from his St.ite Uy nIiow tli;it an Illinois f.-irmor w(irke<l sixteen
hours a d.vy for fnur days to i):iy lor the labor of one laborer In Chicago
for one hour, and that a railroad etiglneer'H mnnthl.v wages miunlled tho not
return of 10 arrcs of llllnol'i r-irni lanil.
"I hold n brief for (1.000. ono firm LilMin-rM. " H:ii(l .1. It. Howard. I'nvsldent
(if '111' \iM'Tiiiii I.'.ipin l''od«'r,itlon.
"'riio iivoriiK" '""'Iroad worker rccclviw
Vet
coiiiis to Ihe farmer.
i> ire<l with SlOO to S.'iOO lh.il
'!
iv the srijno cliiihliig and the Kami) fui-l as the lulxirer.
W"'
fair lialaiico hot ween the two."
'I'l'
II
r.t'lro/ids, wllh the oxcepMoil of llio conti-Mli'd puragrulill,
H'ldN In part:
'
.
t'rU'i-n
Conffrcnce, miinH up
ttii-
of
«l
Conferonre foPKot imml
and united In denunclatloiiN
If comiiioii eiii-iniiM.
of llm (?orninltt<i«i on CrmlH,
»iy
.\n amendment was offered to strikt; out from tho report the four recommendations of the committee. This was supported by Gifford Plnchot,
who .said. "Don't .attempt t,o rise by dragging any others down."
W. C. Lansdon of tho Kansas Fanners' Union .supported the amendment,
saying that the farmers of his State did not want to take advantage of labor
in readjustment matters.
"L"t's adjust the prices of farm products upward." ho s:itd, ".and not
throw anybody down. Instead of asking that crcfllts bo roadiasted to lift
these people, you are trying to pull labor down to their conditions."
The Conference voted to strike out tho recommendations and refer the
repfirt hack to the Comniitteo.
Hut. when the report, came back in the ;il'tcrnoo!i w!;h tho stction declaring
for deflation by both railroad corporations and nilro.id workers, Mr.
fJompers moved to strike this out ami started another storm.
"It would seem that If any cla.ss is to be dcflati'd," Mr. Gompers remarked, "lalKir already h.is boon doflTttHl.
Hotwo<Mi -1.000.000 and
000, 000 are unoniployo<!.
Think of the w.aste. Millions of days of non••.'nploymont and iioii-proilucMon."
and
l\u< Ki'tiir.'t!
•
'
•
Nluiring In lh<'
lii'lmlry.
•<i., ii..
both
ritv nritll
wi.K'-^
'h<- f.
I-
"l'<
of (irescnt iigriciillural priccH «<xl»llnK levels of frrlKliI t:\U-h
tho
liiir^l I'oiiiiiiodltli-'i oonHUliile all oxroKslvo liurdeii
i-iMitilry. mid If loiix i-oiillinied will riwiilt In rofnoiillng
priiiliH'iliiii wllh ('o(iHoi(Ui)iil modlflralioii of riill-
upon
•'ii'l
'111-
I
ii;
iiriMliii-iiiK
uMiiiii'iiili'il
lis
"
ri-nlrns
rnlloWH-
.-l-jl
'
riitcs on farm iiroiliicls. llvestorU and Ihn priiililrlJt
'.'.'»
liii ri'diK'i-d III iliK r.ilc'i In i-ffi'i't Ann
11120. iiiid Mint
I'l- I 'iiiiiiiiTri' ( 'oiiiimIsmIoii put 111" ilinvii rediicllons Into nfrect
nxpeiiHCN
upinilliiK
furl her ri'diif-lloiM im niplilly lui riMlurtloliN In
.'111.
fit
(til
f
Tm' ^l|ttil-l•|
.1
xitKniric rniMtlutlon
'
>i)Mlon
on
»f
II.
1.11'
I
IntHtr
I
ImiIIcvii
I lie
prii
In
t.<.
dir
III.
IIS
Ifiii
I
p<i..iii|.-
lit
MM
I
An nf
Mm
ri«sl
Mil
ho IntiT-Htate CoimniTrii Art,
nf ri'liini Mi:ii niiisl ho
of r.-kllrimd prupiTlhsi.
oinnlally iinnoiiiid, and wo
ikiiiniitit
liiK
nf Mil- I'ronoinic coiuli'
«ii
Its liiiiiiiMlliilit ri'pi'il
full tii,wi<r« (if
K..llr.>>il <
Htiili
Iii>iim'|i[it4-ty priiir to I lie l'*ii«|f<riil riiiit.i'nl nf r.illi
trol find ilUtrlliiitloii of cars In Irit.'S' st ite i-oin
I
Hi
Hi;
.'.
r
'rfnp«T». I'rxalrtitnt of th« Amnrlnri KiHlmttinn of Laltor
and thn
>'iT« of nrttanliiml l«bor In lh« Contvmnrp. mud" n futllo
rill'
by Act nf Coniirms nt th"
Mm
«virll«s<t posullilo
.
dnUi
'
...
.
UN Mic'v I'xlsl.isl
lis to Mn< ctinli« riwlorn
III
-itiiuld
.
.
—
THE CHEONICLE
474
HOWARD. OF A MERICAN FARM BUREA U FEDERATION, COMMENDS NATIONAL AGRICULTURAL
/. R.
GONFERENCE.
In a statement issued at Washington, Jan. 28, J. R. Howard, President of the American Farm Bureau Federation,
characterized the National Agricultural Conference (held
at Washington last week) as "the most far-reaching conference of farmers ever held." In his statement Mr. Howard
said:
The Farm Bureau -wiU undertake to organize all the farmers of the
nation and unite them into strong commodity marketing associations which
will improve the distribution of food to the lasting benefit to both consumer
and producer. We want to bring the eater and the grower closer together.
The National Agricultural Conference will go down into liistory as the
The topmost feature,
miost far-reaching conferenct- of farmers ever held.
of course, was the address of the President of the United States and the
commitments which it contained of the Administration's attitude toward
agriculture.
Probably no Chief Executive of the nation has previously
President
indicated so deep and int^e^ligent interest in the farmers' affairs.
Harding recognized the bad state of agriculture at the present time; stressed
the outstanding importance of agriculture in our national life; showed that
the farmer must have a credit system adapted to his needs; asserted that
lasting improvement is to come only to the development of co-operative
marketing; favored a scientific limitation of production and pointed out the
dignity of the profession.
The co-operative marketing movement, as fostered by the American
Farm Bureau Federation, is a protest expressed in action against excessive
margins and distributive costs. It is no new thing. It has been carried
on successfully
in
Europe
for
hundreds of years.
Within
less
than
fifty
years Denmark, through co-operative marketing, has reduced distribution
costs so that the producers receive 72 cents of the consumer's dollar, more
than twice as much as wo get here, and through co-operative marketing has
rebiiilded her entire national prosperity.
Secretarj' Wallace comes out of the National Agricultural Conference
with his hands greatly strengthened to perform a real and definite service
for agriculture and the nation.
Particularly notable in the endorsements
of the conference is the farmet's' demand for early completion of the St.
Lawrence deep waterway, the development of Muscle Shoals by Henry
Ford, the building of a credit machine adapted to a farm turnover at
reasonable rates of interest, and the farmers' demand that both capital
and labor must share aUke in the readjustments wJiich have already hit
agriculture.
The endorsement by the conference of the agricultural bloc is significant.
The conference would probably never have been possible except for the
work of the Congressional Joint Commission
of Agricultural Inquiry under
the progressi^'e leadership of Gliairman Sidney Anderson. To President
Harding. Secretary Wallace and Chairman Anderson the farmers of Ameria
are to-day rendering a sincere vote of thanks for this opportunity to present
their case to the nation and to seek a just and lasting remedy for the benefit
of both agriculture and the nation.
[Vol. 114.
I shall make the effort to state succinctly its purport.
With respect to
capital ships, while there are certain changes in detail, the integrity of the
plan proposed on behalf of the American Government has been maintained
and the spirit in which that proposal was made and in wh'ch it was received
has dominated the entire negotiat ons and brought them to a very successful
conclusion.
This Treaty is in three parts or chapters; first, a chapter containing the
general principles or provisions relatin? to the lim tat on of naval armament; the second chapter contains the rules for the execution of the agreement; and the third chapter, certain miscellaneous provisions.
It is not my purpose to present the substance of the Treaty in the order of
th s arrangement, but rather to submit it to you in what I conceive to be a
manner better fitted to the full unde-'standing of it.
The f rst subject w'th which the treaty deals is that of the limitations as
to capital ships.
The Treaty defines a capital sh'p. The Treaty snecifies
the capital sh ps wh ch each of the five powers may retain.
Thus the
United States is to retain 18 capital ships, with a tonnage of 500,650 tons;
the Brit sh Emp re. 22 capital sh'ps, with a tonnage of 580.450 tons; France
10 sh ps of 221,170 tons; Italy, 10 ships of 182,800 tons; Japan, 10 ships of
301,320 tons. The Treaty provides that all other capital sh'ps of these
powers either built or bu'lding are to be scrapped as provided in the Treaty.
It is provided that the present building programs are to be abandoned
and no building of capital ships hereafter, except in replacement.
Let me pause a moment to make a comparison with the proposal made
Nov. 12 on behalf of the American Government in respect to capital ships.
That propo.sa! set forth 18 ships to be retained by the United States, with a
tonnage of 500.650 tons. In this Treaty the same ships are to be retained.
In that proposal there was set forth 22 capital ships to be retained by the
British Empire.
Under the Treaty, the same number of ships is to be
retained; in fact, the same ships, vrith the single subsMtution of the Thunderer for th9 Erin, with a tonnage of 580.450 tons as against the calculation
in the proposal of 604,450 tons for ships retained.
In the case of Japan,
the proposal set forth 10 ships to be retained.
By the Treaty, the same
number of ships is to be retained, the difference being that the Mutsu is to
be retained and the Settsu scrapped. The tonnage obtained by Japan as
indicated in the proposal was 299,700.
The tonnage retained imder the
treaty is 301,320.
The effect of the retention of the Mutsu, a ship just completed, on the
part of Japan, was to make necessary certain changes for which the Treaty
provides.
Those changes are these: In the case of the United States of
America it is provided that two ships of the West Virginia class may be
completed, two ships being now under construction, and that on their comiiletion, two of the ships wliich it is provided may be retained, to wit. the
North Dakota and the Delaware, are to be scrapped. In the case of the
British Empire, it is provided that two new ships may be built not exceeding
35.000 tons each. And on the completion of these two ships, four ships,
the Thunderer. King George V., the Ajax and the Centurion, shall be
scrapped.
In the case of Japan, as I have said, the difference is that the Mutsu is
retained and the Settsu is scrapped.
Four General Principles.
If you will permit me, for the sake of the comparison that very likely you
will be attempting to naake, to refer to the proposal of the American Govern12, I may recall to you that four general principles were then
stated as the principles which, in the opinion of the American Government,
the limitation should be effected. Those were these:
(1) That all capital ship building programs, either actual or projected,
should be abandoned.
(2) That further reduction should be made through the scrapping of certain of the older ships.
(3) That in general regard should be had to the existing naval strength of
the powers concerned; and
(4) That the capital ship tonnage should be used as the measurement of
strength for navies and a proportionate allowance of auxiliary combatant
craft prescribed.
Those principles have been applied and govern the agreements set forth in
the treaty, with these exceptions;
That, in the case of capital ship building programs, all programs are abandoned by the United States of America, the British Empire and Japan, save
for the completion of the two ships of the West Virginia class, in the case of
the United States of America, and the building of two ships as stated, in the
case of the British Empire, upon the completion of which, iu the one case,
two of the old ships retained by the United States are to be scrapped, and.
in the other case, four ships retained by the British Empire are to be
scrapped.
There is another exception in the fact that there is no provision in the
treaty for the allowance of auxiliary combatant craft; but with respect to
the capital ship program, it is in its essence maintained, and those principles
have been applied.
Let me further call your attention to this and I state it merely to avoid
any possible public misapprehension and in order that discussion of the
In the proposal that I had the honor
matter may proceed intelligently.
to make on Nov. 12, I said this:
ment on Nov.
COMMUNIQUE DETAILING PROVISIONS OF
POWER NAVAL TREATY.
One
FIVE-
more important of the objects sought through
the Washington Conference on Limitation of Armaments
was effected this week, when the naval limitation treaty
was approved by representatives of the five Powers in attendaof the
ance at the Confer0nc^^ The text of this treaty, as presented at tlie Fifth Plenary Session of the Conference on
Feb. 1, and agreed to by the delegates representing the United
xStates, Great Britain, France, Italy and Japan, is given
elsewhere in to-day's issue of our paper. Wednesday's
session was the first open session of the Conference since
Dec. 10. The treaty, which is to remain in force until
Dec. 31 1936, embodies agTeement for the limitation of
capital ship fleets under the five-five- three, 1.66-1.66 ratio.
Rules for the replacement and scrapping of capital ships
are also provided therein; it likewise prescribes the total
tonnage for aircraft carriers, proposes various restrictions on
and armament of other types
establishes a status quo with I'egard to
the size
of warcraft,
fortifications
and
and
naval bases in the Pacific Ocean. Seei-etary of State
Charles E. Hughes, Chairman of the Conference, in explaining the provisions of the treaty at Wednesday's session, declared that "no more extraordinary or significant treaty has
ever been entered into.'' "It is extraordinary," he continued,
"because we no longer merely talk of the desirability of
diminishing the burdens of naval armaments, but we actu-
them.
extraordinary because this limitation
which nations have been most
jealous of their power and in which they have hitherto been
disposed to resent any intorforence with their power." He
added that "this treaty ends, absolutely ends, the race in
competition in naval armament. At the same time it leaves
the relative security of the great naval Powers unimpaired."
The remarks of Secrqtary Hudges on the treaty at the
Conference were contained in the communique covering the
Fifth Plenary Session of the Conference on Feb. 1 from which
wo quote the folloAving:
I now report, on behalf of the comm'ttee of the Conference dealing with
the subject of armament, that the proposals of the Amer can Government
in relafon to
mitation of naval armament have been considered and an
agreement reached whch is embodied in a Treaty now presented for your
ally limit
is
It is
effected in that field iu
,
1
adoption and later for signature.
The Treaty is a long doowment. I shall not attempt to read it. It is
before you In English and French version.
With your permission, howovar.
—
United Stales Proposals.
"The United
States proposes, if this plan is accepted:
" (1) To scrap all capital ships now under construction. This includes six
battle cruisers and seven battleships on the ways and in course of building
and two battleships launched. The total number of new capital ships thus
The total tonnage of the new capital ships when
to bo scrapped is 15.
completed would be 618,000 tons.
"(2) To scrap all of the older battleships up to but not including the
Delaware and North Dakota. The number of these old battleships to be
Their total tonnag*
is 227,040 tons.
capital ships to be scrapped by the United States,
if this plan is accepted, is 30, with an aggi-«gate tonnage (including that of
ships in construction, if completed) of 845,740 tons."
Under this arrangement as made, instead of the 15 ships under construction being scrapped, there are 13 of those ships scrapped ©r disposed of.
and the total number of »hips to be scrapped or disposed of. instead of 30.
is 28.
The tonnage is substantially the same ^a Tery slight difference.
scrapped
is
15.
"Thus the number of
—
Great Britain's Proposals.
In the case of Great Britain the proposal was this:
"The plan contemplates that Ore:>t Britain and Japan shall Lake action
whieh is fairly commensurate with this action on the part of the United
It is proposed that Great Britain
States.
"(1) Shall stop further couslructione of the four new Hoods, the new
capital ships not laid down but upon which money has been spent. These
four ships, if completed, would have tonnage displacement of 172,000
tons.
"(2) Shall, in addition, scrap her pre-dreadnoughts, second-line battleships and first-line battleships up to but not including the King G«erge V.
class.
THE CHRONICLE
Feb. 4 1922.]
"These, with certain pre-dreadnoUKhts which it is understood have already
been scrapped, would amount to 19 capital ships and a tonnage rduction of
411.375 tons.
The total tonnage of ships thus to be scrapped by Groat Britain (Including the tonnage of the four Hoods, if completed) would be 58.S.375 tons."
Now, the fact is that under the present Treaty, Great Britain, as stated
in the first paragraph I have just read, has stopped the further construction,
has abandoned the construction of the foiu- new Hoods which are mentioned,
Great Britain is permitted under the Treaty to have two new ships. Ijut
these are not ships of the size contemplated by the four Hoods, which was
in the neighborhood of 48.000 or 49,000 tons, and. as I have said, there are
four ships to be scrapped when these two new ships are completed.
And the provision for scrapping the pre-dreadnoughts second-line battleships and first^line battleships are substantially unaffected, the fact being
that there wUl be, I think, under the Treaty 20 ships scrapped, instead of
the 19 moitioned in the proposal.
Japans Proposals.
In the case of Japan the proposal was this:
"It is proposed that Japan
"(1) Shall abandon her program of ships not yet laid down, viz. the Kii,
Owari, Xo. 7 and No. 8 battleships, and Nos. .5, 6. 7, and 8 battlejcruisers."
I should say that that is carried out and that program is abandoned by
,
exceedlDg six Inches, except anti-aircraft gans aod gruns not exceeding five
inches, cannot
certain provisions of a protective nature, that is, to protect
the faithful execution of tho agreement. The first Is that no vessel of war of
any of the contracting Powers, hereafter laid down, except a capital ship
which is under the limitations I have stated, shall carry a gun in excess of
<"ight inches;thut no ship design;ited in the present treaty to be scrapped may
be reconverted into a vessel of war; that no pivparation shall be made in
merchant ships in time of peace for the installation of war-like armament,
for the purpose of converting such vessels into vessels of war, other than the
necessary stiffening of decks for the mounting of guns not exceeding six
inches.
Then, with respect to foreign Powers, there are certain provisions. No
vessel of war constnicted within tho jurisdiction of any of the contracting
Powers for a non-contracting Power shall exceed the limitations as to displacement and armament prescribed by the present Treaty for vessels of a
similar type which may be constructed by or for any of the contracting
Powers, provided, however, that the displacement for aircraft carriers constmcted for a con-contracting Power shall in no case exceed 27,000 tons
Then
a provision for Information to the Powers in case orders are
received from foreign Powers for the buUding of vessels of war
There is the
further provision that in the event of a contracting Power being engaged in
war. such Power shall not use, as a vessel of war, any vessel of war which
may be under construction witliin its jurisdiction for any other Power, or
which may have been constructed within its jurisdiction for another Power
is carefully provided for in Part 2 of the Treaty under
"Itules for scrapping Vessels of War."
In other words all
vessels I have referred to as vessels to be scrapped are to be disposed of in
accordance with the rules provided In this article.
First.
A vemel to be scrapped must be placed In such condition that it
cannot be put to a combatant use.
Second.
Thi* result must be finally effected in any one of the following
ways: Permanent sinking; breaking the vessel up. This shall always Involve the dcstnictlon or removal of all machinery, hollers and armor, and
all dock, idde and bottom plating, converting the vessel to target use
•^cliurively.
tn such case the pertinent portion-s of the paraPTapb relating
to the denaturing. If I may use that expression, of capital ships, are to be
applied, and only one xhip cnv\ bo retained after this process has been
finlahed for the purpone of target practice.
—
—
Re.plarrmenl Proclrions.
Th«) Treaty provlds thf replacement llmtln.
Article IV. sots forth the
Ujtal capital «hlp rnplacemcrnt tonnage: that is the maximum limit.
It
provldoi that It «hall not <'xce<!<-l In Ktandard dlsplac'Tncnt for the United
Sutes. 525.000 ton«; for the British Kraplre. 525.000 tons; for Franco.
175, OWj tons: for Italy 175.000 tonn; for Japan. 315.000 tons.
Aircraft Carriers.
It It important
Ylth U aircraft carriers.
to note tho definition of .ilrcraft r.irrlars; that Is. the definition In the
Treaty. An aircraft carrl'T In (l>^lni)rl as a vessel of war. with a dlHi>l:icnment In ftcnm of 10.000 ttinn Hlandird dlxplacomont, deslgnc-d with lh«
p«elflc nd cxchjilvc purixim^ of rarrylng aircraft.
It must bo no constructed that alrrr«ff can bij laijnche<l Ihtrt'trtiin and landwl thiToon. and
not dMlsuM] and constructor! t» curry .i mnro powerful arm;iment than
that allownd to It und<T Artlrlii X. or Article I.\'.. ss the c-ik.' may b«.
If you rt^KT to Articles VM.. VIII.. IX.. .-ind X. ot tli<- Tnaty. you will
find mtrt-^nl provision* relating tfi nlrcrnft carriers.
Thus tlm tot.il tonnagn
of nsrh nf th<i rontrarting jkiwith for aircraft carriers shall not (iinyd fcir
tlM Unlt«l HtaKw l.l.'>.fKK) l<inn. tor thn llrltNh Kmplro, ].'.,.l)0() Umn. for
rr»nc«. fi().(KX) tons, f<ir Itiily. 00,000 tons, and for Japan, Hl.mK) U,ns
In Tisrw of th« oxi»<Tlm»^tal nattirx of cxhting aircraft carrlfTn ownivl by thn
»"""'. that fart l< r«ir<;gnlwf| and thini li provUlon for rniilari'ment
with/iiii rrvar'l U) hun.
It Is provld<:'l that thin- shall t)ii a limit on the
«1l«i of p^rtx itlrrrsft rnrrUrr
Th'Ti; 1m. howrviT. a Hp<»-lal
ut l!7.0fK) Ions.
cnrnptlon which ixrmlt^ iho r/mtrnrtlng powirs to bnll'l not
than
two alrrraft rjurl'Ts. narh of a tonnai(« o' n<,t mori- than
.tKK) Ums.
And what I hsvo said with rxKarrl l/> lh<i dls(Mmlllon of iiilsllng rapltnl
hips «nd thnir srrspplnc l« to Ix- rnrKllflx'l or rjiialinrvl »»y th<- *ljit«in>'nl tliat
In iitnm to iffact •OOOomy any of th" rrintracting iiowiti may wv, fur Iho
piiriKisC of OOOHtriMllug alrTaft rarrliTs as ilcflnixl. any l*o of lln'lr shItM.
wh«-»h«r OOMtnirtml or In course of ronstriirt.lon. which woul'l hUktwIso
• >«•
vrrappad nndnr tho Trnsty. and thi*Mi may bn of a U)nna«>- of not
morn than 3.1.000 Ums. It U provliltwl. how^vrr. '.hat thn arniamrnt of any
•Ircraft rnrrirr mrrmUng 27.000 U.ns ahnll tm In srrordnnrr with thn rrajulriv
msnts of thn cnnrrsl srtlrin In which I shall prr«».'ntly r"f<T. «nr.'pl that thn
I'.UI n'itnt>««' ..f (iins to t»o rarrlo<l In rssr any of surh
suns l»«i of a raljbrc
Tbo next ub)oct thr Tr«aty deaU
mom
.'i.'i
is
and not dehvered.
Pacific Fortifications.
There
is
a further article with respect to fortifications In the Pacific Ocean,
XIX, which has been publLshed in full in a special agreement between
the United States of America, the British Empire and Japan. They agree
that the status quo at the time of the signing of the present Treaty, with
regard to fortifications and navaJ bases, shaU bo maintained in their respec(Hero Mr. Hughes deecribed
tive territories and pos,sessions specified.
Article
Article
XIX.)
The Significance of
it
All.
May I say, in conclusion, that no more extraordinary or significant Treaty
has ever been entered into.
It is extraordinary because we no longer merely talk of the desirability of
diminishing the burdens of naval armaments, but wo actually limit them.
It is extraordinary because this limitation is effected in that field in which
nations have been most jealous of their power, and in which they have
hitherto been disposed to resent any interforenco with their power.
I shall not enlarge upon the significance of the engagement.
Of course, it
is obvious that it means an enormotis saving of money and the lifting of the
very heavy and imnecessary burden from the peoples of the countries who
unite in this agreement.
This Treaty ends, absolutely ends, tho race In competition in naval armament. At the same time it leaves the relative security of the great naval
Powers imimpaired.
The significance of the Treaty is far more than that. In this Treaty
wo are talking of arms in the language of peate. The best thing about the
engagement is the spu-it which has been mauifcsted throughout our negotiations, and to which is due our ability to rea«h this fortunate conclusion.
In other words, we are taking perhaps the greatest forward step to establish
the roign of peace.
M. SARRAUT OF FRANCE.
Mr. ''hairman, I bring the adh&sion of tho French delegation to the
Draft Treaty on the reduction of naval armament. This adhesion is sincere
and confident. Under other cirtnunstanccs, no doubt, I might have been
I should add that there are special provisions relating to the scrapping.
That matter Is not left to conjecture, or to the decision of each of the powers
II:
there
.
Scrapping.
taken separately, but
'^
standard displacement.
ping of 10 older ships, with a total tonnage of 159.828 tons.
The result is the same, that ten ships are scrapped, including the Settsu instead of excluding it, and the fact is that all the ships mentioned as ships to
be scrapped are to be scrapped, except the Mutsu, that is. six instead of the
seven there mentioned.
I should refer at this point to the statement made on Nov. 12 with regard
to the case of France and Italy.
May I repeat the words then tised? I said:
"In ^-iew of the extraordinary conditions due to the World War, affecting
the existing strength of the navies of France and Italy, it is not thought to
be necessary to discuss at this stage of the proceedings the tonnage allowances of these nations, but the Unit-ed States proposed that this matter be
reser\-ed for the later consideration of the conference."
The matter has been considered in committee. In view of the reduced
condition of the na\'ies of France and Italy, it was recognized at the outset
that they could not fairly be asked to scrap their ships in the proportion in
which the United States of America, the British Empire and Japan were to
scrap their ships. In
the case of these three powers, the scrapping roughly
amounts to about 40% of the capital ship strength, and it was not thought,
in view of the reduction of the navies of France and Italy, that they could be
asked to scrap in anything Like that proportion.
The result of the Treaty is that France and Italy retain the ships that they
have now. which are in the sche«lule relating to the retained ships, from
which it appears that France retains ten .ships, three of which I believe are
very old. and pre-dreadnoughts. of the total tonnage of 221,170, ;ind Italy
retains ten sblpe with a total tonnage of 182.800.
Chapter
eight.
Provisions for Faithful Execution of Agreement.
That was the proposal. Japan is to scrap all the ships mentioned with the
exception of the Mutsu. to which I have referred.
The third item of the proposal was this, that Japan should scrap all predreadnoughts and battlesiiips of the second line. This would include the
scrapping of aU ships up to but not including the Settsu. that is, the scrap-
to
number more than
Then we have
Japcin.
"(2) Shall scrap three capital ships (the Mutsu, launched, and Tosa and
Kago in course of building) and four battle cruisers (the Amagi and Akagi
in course of building and the Atoga and Talaio not yet laid down, but for
which certain material has been assembled). The total numl)er of new
The total
capital ships to be scrapped under this paragraph is seven.
tonnage of these new capital ships when completed would be 289.100 toils."
Prorisions as
475
with merely affirming this, while expressing the satisfaction of
France at having co-operated in an undortaldng which, alleviating the
burden of military expenditure that weighs upon the peoples, foretells
the happy future tijue when a lasting peace will be built in the world on the
con.scious and imiversal consensus of nations.
But if I were to-day to limit myself to a short statement, I would feel
that I did not answer the expectations of those that are now listening to me,
and that I .should be equally failing in the total fulfillment of the duty which
content
It Is
my intimate desire to discharge:
For. Iinlced, protracted controversies,
which h-ivo been echoed everywhere by public opinion, and Mieconunontaries
with which the mighty voice of the press has accompanied its preparation to
the last moment, have created around tho Tr«\aty that wo are now bringing
Into full daylight an uncertain and troublous atmosphere.
There are still
ml.sts hanging around, .and perhaps there nuiy be some darkness left in
which doubt, skepticism ;md afterthoughts m.ny Htill bo ob.scuroly lurking.
This Is prr-cisely what should not bo. For If (hat sort of Ijnprossion were
to jM^rslst. It would l)o tho woi"st thing for tho grand deed of considerable
political and human inipoi-f.inco that to-dny wo submit lo tho meditations
of the world.
When tho example of such a deed Is notifliKl to nations at
large. If It Is tfi oxrerise its full offfH-t. if It is to keep all its force. Influence
and |)erKuaslon on thcJr minds, It must appear highly upheld, vivified.
anlmat.<«l with a i)owprful spirit of hope ;ind faith by the moral value arising
from the full ac<iulescence, thn loyal conviction, the unreserved .isscnt of
thos*' that have slgniHl It.
Nobody must bo ,iblo to think lh.it this contract
h;u4 Is-on won from some of tis through a kind of restraint, and accepted by
thejn against their own wlshirs.
It must not. apixiar Ihrcaloiicd with n pr^
carious existence and i^xposod In tlw future to tho road ion and fcrmrntatlo
of lll-dlKgulsod illHai)polntm(<ntM or ix'rslst^mt spi(,f.
I have risen t^) state dearly, so that ovcrylM)dy jnay know, that thp minds
Dcflnltlcy and
of the French dolegaUvi are fr<<o from any such ri<<>llngs.
without any inrntid rosiTVatlon. do wo now hrliig our NlK"iiMir«« U> this
Tri-aty.
W(! did not r<M-<Hvo It with rloK<'<l ey<M,
Wo liavn wclghivl Its
i-rrc«-l«. roNUlts :ind obligations.
Wo h.tvi< dlncusm^l Ihr sulist.iiiro and thn
form.
Nor did wo nwich the <-oni-|u.skin willioul. ojpiTlcndnK dlfricultli-H or
i'n«iountiTlnK olmtac|(.»i
Wo did not conoMit wlllmnl dclmllng or cvon
without flghllng thn wtIoiim •uiiTirii'iw lh.it I'Vanco Is nmUIng anil itl corlaln
hum wn did not try lo diwwwnlilo (tin Hiirprlso folt iit Ihr rnndlllons uiiiirr
whlrh she was aski*<l Ui ronwnt,
Wn did It Immihihii ll waM our iliily lo do
t
;ind iilni-o It wim our duly, wo rogri-l. nnlliliiK of what «o h:ivr done.
Tho Kronch dnlt<ffallon ylc<l<li<<l what tlioy folt thry shoiilil ylold and re
slst'xl on the |M)lnlii whiiro thoy had to lUi It.
Wn niarkiHl tho llni' to show
how far wnr^iild Ro anil tramd Iho limit which wn would not iiam. and l.lirrnfiirn whi'U to day wn oonin anil say "I awuMit," ovnrylmdy must know that
what Kranrn has sIkiiioI nhaJI Im< roipi-clivl ami ilnfoiidofl liy hnr with th«
siiinn slnriirlly and thn sainn will
llownvor Kmat may l>n this 'I'roaty. as I ihull provn. Imwnvrr trrnnt thn
rontrlliiltlon of I'rancn to thn nolilo work of naval illiinrniainmil. and al
thoiiKh this ronlrlbutlon linn li<-i>ii sn Ki-iMToiinly iflvnii luTniisi' wo had such
n dnnp fmllnic of trust and affiH-tlon for our Aiiinrli-an frW'iids who wnro sskln« It of IIS. s<imn iM-opIn linvn rmirli'd that Franco miKliI go fiirtlinr and
should yinid still morn
TliH Ihoiighl s as not oonrnnlnl froin ns, II vsa
I
.
.
THE CHRONICLE
476
even stated, in the leading papers of this country, in vigorous terms which
frequently assumed the greatest freedom.
If I recall the fact, it is not in
order to complain or to express any astonishment. I may have at times
For if I
regretted the misuse of this freedom, but it leaves mo no concern.
were to take offense, in a democracy, at the frankness of pen and word, even
drawn to extremes, I should not be the son of Republican France, who
has suffered and struggled so much for the liberty of the press and of the
platform; nor do I wonder at the mistakes which may have been committed
by our critics, for the most obvious trutlis will often escape the most experienced eyes, especially if the translucent atmosphere where they should
appear has already been clouded and darkened by the fumes that transform
or distort the natural aspect of things.
I have met, in the distant colonies under my administration, with instances of that optical illusion called mirage, which, under the clearest sky,
turns upside down or disfigures the images of reality.
The true position, the exact attitude of France, in the naval debate carried on hero also strikes me as having been submitted in surroundings now
nebulous and now overheated to those distorting effects whicti were all the
more calculated to take by suri>riso bona-fide spectators, as they were only
recently informed on the matters which they were called upon to consider.
And now, in this open session, there would be indeed for me a favorable
and tempting opportunity to address myself direct to the American nation,
to the great American public, to our friends of the United States, in order to
try to dispel before them all deceitful mirages and set up again in their true
light the imperative reasons which inspired our attitude and justified our
decision.
But, however strong the temptation may be to do this, I will
resist it, like all other splendid opportunities offered by your beautiful
country. I do not want to reopen here the ample debate which has found
its conclusion in the Treaty that we are going to register to-day. If that
debate has left in American public opinion impressions or shadows which
we Frenchmen may rightly regret, I am deeply convinced that on the other
hand it has sown in the sincere conscience of your people germs of truth
which will grow and ripen one day. In this as in everything we must allow
time to do its work without trying to force or precipitate its march. Reason
and jiLstice will sometimes go along slowly but surely through the temporary
obstacles raised by error.
On the path we were following to come here, with a cheerful feeling of
confidence which needed to throw no light in advance on the bounds or
curves of the road, we suddenly found ourselves in the dark at the cro:?sing
of the ways; and there the old German spirit, in order to deceive and frighten
credulous souls, had cunningly concealed for us to strike against it the
old scarecrow of French imperialism.
Time will promptly dispose of this
ghost of a legend, of whinh it is difficult to say whether it is more absurd
than it is despicable. Time will do full justice, as it has done for other
legends, and particularly to that of light and frivolous France, v/hich
nobody dares mention any more since the Marne and Verdun. On this
point we can also trust to the future; we have full trust in all our friends,
here and elsewhere. And if public opinion has been insufficiently informed,
we can serenely appeal to a better informed opinion, and peacefully await the
not. distant hour v/hen, after ti^ne and meditation have permitted them to
see things in their true perspective, those that know who we are and love us
will soon have discerned the obvious tiniths that have been temporarily
darkened to their eyes.
The camouflaged ghost of imperialistic France may have still deceived a
few artless minds. It will soon evoke nothing but smiles. There is no
more room for any form of imperialism in the world, which has been liberated by our common effort; the hateful criminal dream of supremacy
which the herois.m of the Allies' soldiers has broken down. The destruction
of German amoition has cost France the lives of 1 ,500,000 of her best sons
and the devastating ravage of her most prosperous regions.
Shill France have made, to save the world, such a frightful sacrifice, in
order to be charged now with wanting to recommend the crime which she
has helped to chastise? If she kesps a strong enough ai-my, which she is
now reducing; if she must still fear the crushing burden of military charges,
is it not becau.se her territory, twice invaded in fifty years by the sarne
enemy, still rem?Jns exposed to the insolent threat of revenge, and because
the world is menaced along with us? And if, together v>rith this army,
France needs an adequate na^'al strength, is it not because without those
naval means she cannot maintain her army, she cannot muster on her
frontiers effectives that are not all found within the mother country, but
are scattered abroad in distant colonies? Nor can she without warships
insure the safety of transport vessels that bring to the assistance of the
forces the indispensable colonial contingents, which during the last
war supplied the mother country in its hour of peril with nearly a million
men, a figure probably unknown, hastening from all French possessions
beyond the seas, through the dangers of oceans infested by German pirates,
whom we could find (here again if wo did not take proper precaution.
Serious therefore were the reasons, from the point of view of national
safety, that justified our need of naval forces.
Powerful arguments be.sides
might have been drawn from the pressure of material and moral interests,
hardly negligible for a country which after having ranked as the fourth
naval power of the world, still remains the second colomi'l nation in the
univ(irse.
But so great was the desire of France to co-operate in the great
work initiated by the Washington conference that she did not recoil before
sacrifices the extent of which should not pass unmentioned here in a day
home
like this.
Tfio figures just two figures more eloquent than any words
.vill allow
you to appreciate tlio importance of her sh; re in the reduction of naval
armament. In 1914 on the eve of the war Prance was fully occupied in
carrying out a naval plan through which if war had not intoferrcd, -she
Would now possess 700,000 tons of capital ships.
Instead of this, by reason of the Treaty which the French delegation are
country reduces to 17.5.000 tons her strength in
prepared to sign,
capital ships namely a reduction of three-fourths of her program.
To state the facts more definitely still, France, had it not been for the
War, would possess since the first of Novcmljer last, 28 capital ships; with
—
—
—
my
the Treaty of Washington, she is now content with five. Thus does
France, represented as an imperialistic country, abandon the very weapon
of attack, the essential arm of aggro.s.sive millt.arism.
Even before the conference, and without waiting for its suggestions, France had spontaneously
eliminated, given up or scrapptid more than .500.000 tons of capital ships.
Henceforth she will not oven have ships enough to form a squadron. So
much for naval imperialism.
She has only preserved, she only wishes to keep a defensive force for the
prot ction of her coasts, her colonies, ports and lines of communications
with her distant possessions, and even in this it is only a possibility, an
opportunity, which she eventually reserves. She tloes not assert her
It is certain she will not
intention, her will, to build such defensive force.
want to incur the burden, if circumstances turn out so that she can give it
up without danger. She would await the bettor hour when to-day's scrapping will be only the preamble to the destruction of arms with which men
kill each other.
Besides. Prancj gives a spontaneous adhesion to the resolutions so loft ly
expressed by Senator Root's clear conscience. Those resolutions, as you
know, brand the abominable use made by Germany of offensive weapons in
[Vol. 114.
naval and submi-rine warfare, and unite all of us in a gentlemen's undertaking, binding each to repudiate those infamous practices forever.
Thus, and to th#last act of the highly humane work that is being accomplished here, France deems it an honor to have been able to second and
support the noble initiative taken at Washington. And so intense is her
pride ?t having thus effectively co-operated that, in the depths of her inner
conscience, it overrides the painful surprise she felt at sometimes seeing
her sentiments and scrifices misunderstood.
True, it is not the first time
such astonishment has been caused her.
TEXT OF FIVE POWER NAVAL TREATY AGREED ON
AT ARMAMENT CONFERENCE.
Elsewhere in to-day's issue of our pamper we refer to the
sive power naval limitation treaty adopted on Wednesday
(Feb. 1) at the plenary session of the Conference on Limitation of Armaments at Washington.
The following is the
text of the treaty as presented at Wednesday's session, and
accepted by the representatives of the United States, Great
Britain, France, Italy, and Japan.
DRAFT TREATY.
The United
States of America, the British Empire, France, Italy
and
Japan,
Desiring to contribute to the maintenance of the general peace, and
to reduce the burdens of compecition in armament.
Have resolved, with a view to accomplishing these purposes, to conclude
a treaty to limit their respective naval armament, and to that end have
app linted as their plenipotentiaries:
The President of the United States of America: Charles Evans Hughes,
Henry Cabot Lodge, Oscar W. Underwood, Elihu Root, Citizens of the
United States;
His Majesty the King of the United Kingdom of Great Britain and Ireland and of the Briti-sh Dominions Beyond the Seas, Emperor of India:
The liight Hon. Arthur James Balfour, O.M., M.P., Lord President of
his Privy Council; The Right Hon. Baron Lee of Fareham, O.B.E., K.C.B.,
First Lord of his .\dmiralty; The Right Hon. Sir Auckland Campbell
Geddes, K.C.B., his Ambassador Extraordinai-y and Plenipotentiarj' to the
United States of America; and for the Dominion of Canada: The Right
Hon. Sir Robert Laird Borden, G.C.M.G., K.C.; for the Commonwealth
of Australia: Senator the Right Hon. Geoi-ge Foster Pearce. Minister for
Home and Territories; for the Dominion of New Zealand: the Hon. Sir
John William Salmond, K.C., Judge of the Supreme Court of New Zealand
for the Union of South Africa: the Right Hon. .'Vrthur James Balfour, O.M.,
M.P.; for India: the Right Hon. Valingman Sankaranarayana Srinivasa
Sastri, Me'nber of the Indian Council of State;
The President of the French Republic: Mr. Albert Sarraut, Deputy,
Minister of the C.ilonies; Mr. Ju'.es J. Jusserand. Ambas-sador Extraordinary
and Plenipotentiary to the United States of America, Grand Cross of the
National Order of the Legion of Honor;
His Maje.sty the King of Italy: The Hon. Carlo Schanzer. Senator of the
Kingdom; the Hon. Vittorio Rolandi Ricci, Senator of the Kingdom, his
Ambassador Extraordinary and Plenipotentiary at Washington; the Hon.
Luigi Albertini, Senator of the Kingdom;
His Majesty the Empcrcr of Japan: Baron Tomosaburo Kato, Minister
for the Navy, Junii, a member of the first class of the Imperial Order of the
GranrT Cordon of the Rising Sun with the Paulo wnia Flower; Baron Kijuro
Shidenara, his Ambassador Extraordinary and Plenipotentiary at Washington, Joshii, a member of the first class of the Imperial Order of the
Rising Sun; Mr. Masanao Hanihara, Vice Minister for Foreign Affairs,
Jushii, a member of the second class of the Imperial Order of the Rising
Sun;
who, having comjuunicated to each other their respective
to be in good and due form, have agreed as follows:
Chapter
General Provisions Relating
to the
full
powers, found
I.
Limitation of Naval Armament.
Article J.
The Contracting Powers agree
to limit their respective naval
as provided in the present Treaty.
armament
Article II.
The Contracting Powers may
retain respectively the capital ships which
On the cojning into force of the
are specified in Chapter II., Part 1.
present Treaty, but subject to the following provisions of this article, all
other capital ships, built or building, of the United States, the British
Empire and .Japan shall be disposed of as prescribed in Chapter II.. Part 2.
In addition to the capital .ships specified in Chapter II., Part 1, the
United States may complete and retain two ships of the West Virginia
On the completion of these two ships the
cKiss nov«- under construction.
North Dakota and Delaware shall be disposed of as prescribed in Chapter
II.,
Part
2.
Empire may, in accordance with the replacement table in
construct two new capital ships not exceeding 3.5,000
Part
On the completion
tons (.35, ,560 metric tons) standard displacement each.
of the said two ships the Thunderer, i\ing George V., Ajax and Centurion
shall be di.sposed of as prescribed in Chapter II., Part 2.
The
British
Chapter
II.,
.'{,
Article III.
Subject to the provisions of Article II., the Contracting Powers shall
abandon their respective capital ship building programs, and no new capital
sliips shall be constructed or acquired by any of the Contracting Powers
except replacement tonnage which may be constructed or acquired as specified in Chapter II., Part 3.
Ships which are replaced in accordance with Chapter II., Part 3, shall be
disposed of as prescribed in Part 2 of that chapter.
Article IV.
total capital ship replacement tonnage of each of the Contracting
Powers shall not exceed in standard displacement, for the United States
525,000 tons (533,400 metric toas); for the British Empire 525,000 tons
(533,400 metric tons); for France 175,000 tons (177,800 metric tons); for
Italy 175.000 tons (177,000 metric tons); for Japan 315,000 tons (320,040
The
metric tons)
Article V.
capital ship exceeding 35,000 tons (35,560 metric tons) standard displacement shall be acquired by, or constructed by, for, or within the juris-
No
diction of,
any of the Contracting Powers.
Article VI.
capital ship of the any of the Contracting Powers shall carry a
with a calibre in excess of 16 inches (406 millimetres).
No
gun
THE CIIKONICLE
Feb. 4 1922.]
Article VII.
tonnaKC of aircraft carriers of each of tlie C7ontracting Powers
shall not exceed in standard displacement, for the United States 135,000
Tho
total
tons (137,100 metric tons); for the liritisli Empire 135.000 tons (137,100
metric tons); for Krance 00,000 tons (00,900 metric tons); for Italy 60,000
tons (00,960 metric tons); for ,Japan 81,000 tons (82,296 metric tons).
477
and possessions above specified. This restriction however does not preclude such repair and replacement of wornoiit weapons and equipment as
is customary in naval and military establishments In time of peace.
rules for determining tonnage displaomjnt prescribed in Chapter
11., Part 4, shall apply to the ships of each of tho contracting powers.
Ariicle VIII.
Chapter
of aircraft carriers shall be effected only as prescribed
in Chapter II., Part 3, provided, however, that all aircraft carrier tonnage
in existence or building on Nov. 12 1921. shall be considered e.-cperimental
and may be replaced, within the total tonnage limit prescribed in Article
The replacement
VII., without regard to
age.
its
Article
IX.
No
aircraft carrier exceeding 27,000 tons (27,432 metric tons) standard
displacement shall be acquired by or constructed by, for, or within the
jurisdiction of, any of the Contracting Powers.
However, any of the Contracting Powers may. provided that its total
tonnage allowance of aircraft caiTiers is not thereby exceeded, built and
more than two aircraft cairiere. each of a tonnage of not more than 33,000
tons (33.528 metric tons) standard displacement, and in order to effect
economy, any of the Contracting Powers may use for this purpose any two
of their ships, whether constructed or in course of construction, which would
otherwise be scrapped under the provisions of Article II. The armament of
any aurcraft carriers exceeding 27.000 tons (27.432 metric tons) standard
displacement shall be in accordance with the requirements of Article X..
except that the total number of guns to be carried in case any of such guns
be of a calibre exceeding 6 inches (152 niUUmetres) except anti-aircraft
,
guns and guns not exceeding 5 inches (126.7 millimetres), shall not exceed
eight.
Article
X.
No aircraft carrier of any of the Contracting Powers shall carry a gun with
Without prejudice to
in excess of 8 inches (203 millimetres)
the provisions of Art icle IX if the armament carried includes guns exceeding
6 inches (152 millimetres) in calibre, the total number of guns carried,
except anti-craft guns and gims not exceeding 5 inches (126.7 millimetres),
shall not exceed ten.
If alternatively the armament contains no guns
exceeding 6 inches (152 millimetres) in calibre, the number of guns it not
limited.
In either case the number of anti-aircraft guns and of guns not
exceeding 5 inches (126.7 millimetres) is not limited.
a calibre
.
.
,
Article
XII.
Article
of any of the contracting Powers hereinafter laid down,
other than a capital ship shall carry a gun with a calibre in excess of 8 inches
(203 mill metres).
Article XIII.
Except as provided in Article IX., no ship designated in the present
Treaty to be s -rapped may be re;onverted into a ve->sel of war.
XIV.
Article
No
preparations shall be made in merchant .ships in time of peace for the
Installation of warlike armaments for the purpose of converting such ships
in'o ve-Lsels of war. o her than the necessary .stiffening of docks for the
mounting of guns not exceeding &-inch (1.52 millimetres) calibre.
ArtUle
No
XV.
of war constructed within the Jurisdiction of any of the contracting Powers for a non-contracting Power shall exceed the limitations
as to displaccm'!nt and a.-mament prescribed by the pre-iont Treaty for
vessels of a similar typ*) which may bo constructed by or for any of tho
contracting Powers; p-ovid«?d. howcvor, that tho di-iplacoment for aircraft
rarrif-rs rxiKMryir.wA tar a non-contracting Power shall In no case exceed
27.000 toa-s (^7.4.32 metric tons) standard displacement.
ves.sel
XVI.
Article
l.s
In
iTVcnt
th»:
<.f
XVII.
a rimtractlng I'owiT bi;lng engaged In w.ir, such
Power
hall not iiw a* a
of war .-iny v<-«.<U'I of war which may hi- 'iiuIit ron•tnirtlon within Iti JiirlM'llcil in fjr any othirr Pownr. or which m.iy havibceo c«a<truct«;d within IIh Jiirlsdl'-tloii for anothi-r Power and not delivered
vc?ih<-I
XVIII.
Ariicle
Each of thn ronlracllng
Powi-rs undcrtakt^ not to dixixmc by gift. Kalu
of trannfirr of any V(«h'4 of war In mirh n manni-r that such
vuMcl rn.iy li.vi.iui! .i vtaoel of war In tho navy of any foreign powiT,
or any
mtt<\>-
XIX.
Ar'ir'f
ami .Japan
'I
'!""
tlonn nn'l riiv.ii
•nd
p<.'s.--|.,r,
.
aicrnii
|,
.
nh.'iii
ti.i
h.r.i-ilr
ri.-l
now holds
'
'*•'
I
rrmsi
tm,
r,f
ami th" Tannmi
Aliisk.i
iti.|
I.
fli.-
II ,\:- ill ifi
I
I
<
mi
-'anal
•
I
may
Ihn
/ono, not Includ-
Definition of Terms.
1.
Capital Ships Which May Be Retained by the Contracting Powers.
In accordance with Article II.. ships may be retainod by each of the
contracting Powers as specified in this part.
Shins which may be retained by the United States:
Tonnage.
Name.
Name.
Tonnage.
|
Ma-ylaud
32,600|New York
C:ilifornia
32,300
32 300
32,000
32,000
32 000
31. 400
Tennessee
Idaho
Now Me-dco
Mi si-sippi
Arizona
Pennsylvania
27,000
27,000
20,000
26.000
21.825
21,825
20 000
20,000
Texas
Arkansas
Wyoming
Florida
Utah
North Dakota
31 ,400 Delaware
Oklahoma
Nevada
27. ,500
Total tonnage
27.500
500,650
On
the completion of the two ships of the West Virginia class and the
scrapping of the North Dakota and Delaware, as provids^d In .\rticl9 II.,
the total tonnage to be retained by the United States will be 525,850 tons.
Ships which may be retained by the British Empire:
Tonnugf
Nunc.
Name.
Tonnage'
25.750 Iron Duke
Royal Sovereign
25,000
Royal Oak
25 7.50 Marlborough
25 ,000
Revenge
25,750 Hood
41, '00
25 7.50 RonoMTi
Re xlution
26,500
Ramillies
25,7.50 Repulse
26 .500
Mtlaya
27.500 Tiger
28 500
Valiant
27 500 Thunderer
22.500
Barham
27 500 King George V
23.000
Queen Elizabeth
23 000
3f,500 Ajax
War-pi^e
27. .500 Centurion
23 ,000
Benbow
25 000
Total tonnage
Emperor of India
25 000
580. 450
On the completion of the two new ships to be constructed and the scrapping of the Thunderer, King George V.. Ajax and Ganturion. as provide in
Article II.. the total tonnage to be retained by tho British Empire will be
558.950 tons.
Ships which may be retained by France:
Name.
Tonnage (^Metric Tons).
Name.
Tonnage (.Metric Tons).
Bre agae
23,500 Coui-l3et
23, ,500
Lorraine
23 ,500 Condorcet
18 800
Provence
23 500 Diderot
1 8 .890
Paris
23 ,500 Voltaire
18,890
France
23, 500
Jean Bart
Total tonnage
23 500
221.170
France may lay down new tonnage in the years 1927, 1929 and 1931 as
provided in Part 3. Section 2.
Ships whicli may bo retained by Italy:
N.ime.
Tonnage (Metric Tons).
Name.
Tonnage (Metric Tons).
Andrea Doria
22.700 R)ma
12,')00
Caio DuUio
22,700 Napoli
12.000
Co'todi Cavour
22,500 Vittorio Emanuele
12 600
Giulio Ce.sare
,500
Elena
22
Regina
12.600
Leonardo da Vinci
22,500
Dante Alighic:-i
19 500
Total tonnage
182.800
Italy may lay down new tonnage in the years 1927, 1929 and 1931, as
provided in Part 3, Section 2.
Ships which may be retained by Japan:
Name.
Tonnage.
Name.
Tonnage.
Mut,su
33 .800 Ki'-i liima
27.500
Nagato
33,800 Haruna
27. 500
Hiuga
31 2(i0 Hiyei
27 .500
|sc
31.260 Kon go
27 500
Vamashiro..
30,000
Eu-.So...
Total tonnage
30.000
301,320
,
Part 2.
Scrapping Vessels of War.
The following rules .shall bo observed for the scrapping of vessels of war
which are to be dispo.sed of in accordance with Articles II. and 111.
A voss
I
to bo scrapped must be placed in such condition tliat It
cannot bo put to combatant use.
II. This rivsull must bo finally effected In any one of tho following ways:
Ilnlea for
'I
(a)
Pirmanent sinking of tho
vo.s.sol.
Breaking the vessi-l up. This shall always involve the destruction
or removal of all machinery, boilers and armor, and all deck, side and
(b)
bottom plating.
(c) (Convening the vessel to target uso exclusively.
In such case all the
provisions of Paragraph III of this I'art. oxfop!. sul>-p;iragi'aph (6) In so far
as may Ixi noi'os.sary lo enaliie llie shij) (o be usixl as a mobile targot, and except su'> paragraph (7), must lxi previously coiniilicd with.
Not more than
ono capital ship may be rotalnod for this purpose at ono tinio by any of Iho
,
contracting Powers.
fell Of the c:ipltal shljis which would olherwise bo scra|)p«d under tho
present treaty In or after lh<< yo;ir 1031 Kr.iiic-o .'itid Italy may each roliiln
two Hiiagiiing voshoIh for training purposes exclusively; (hiil l.s, iis gimiicry or
torpedo schools. The two vessels retained by Kraiico .shnll \x\ <ir the Jotin
Hurt class, and of llumo retjiined by Italy ono shidi Im the Danio AllKlilerl.
tho ollior of llm liliillo (Vwaro class.
On rol:ilnliig lluvso sliliw for Iho purIHme jiImivo stated. Krance atid It.ily respocllvely undorliik<< lo remove iitid
ilcHlroy their coimlng l<iwor». .iiid not to uso tli(t said ships as vosnoIs of wiir.
III. (a) Hubjoct lo thesiiecliil except Ions i-oiilaliiisl in ,\ril<de IX., when ii
vo'isi'l Is duo for scrapping. Ih<< first singe of scrapping, which i-oiih1.sIh In
rciid'Tlng the ship Incapable of further w.irliko stirvlco, nIiuII Is< linnic
,
dialoly
(b)
A
undcrlaki'ii.
Vi'iM'l hImII Ih!
consldcnxl
liicrip!il>l(<
of riirlher wnrllko service
when
have Is-cri rtmiovi-d and lan<lisl. nr ehi" di-stroytsl In the ship:
(I) All guns iiiid o«s<<ii(lal isirMonn ofgilns, fire cniilrnl tops iind revolvluK
pnris of ill liiirls'iicM and iiirrots;
'.'i Ml iMiichlnnry for working hydra idle or oloclrlc niountlng''.
\ll rir<»-i'i(ntrol liistriinn'nls mid n<iige flridi'is;
1)
t> All iiininiinltlon, nxploslM's and niiiics:
f.'i)
All torpjslons. war lii'id'i mid (orpiHlu IiiIh<«;
thiTii shull
ifids;
Mil"
:
or
iidj'iciint to
Itrltlsh Kniplri'
now
miTliJtnn
\r.f\}i \;\i tlioso ndj/ircnt to Itm count of
of Aiistrnllii and Its lorrltoriiMi, nrul (n
in. i-asl
of
that tho stulus
TriBity, with ri«»{,ird to fnrlirica
mrkintalniyl In tbiilr rtMp<)Ctlvo turrltorliw
It.
i,.i ii-«
Part
.
war for a non-contracting Power Is
und'Ttaki'n within the lurlsdlcllon of any of the contracting Powers, such
Powi-r shiill promptly Inform tho othiT contracting Powers of tho date of
the Kignlng of th<- contr.ict and the date on which the keel of tho ship
Jald; and nhiill hIko cimmunlGitc to them the particulars relating to the
Bhlj) prf«T|l>ed in Chapter II., Part 3. Si-ctlon I (b;. (4) and (5).
If thf! coairtriirtlon of .iny v»w.sel of
Article
II.
Rules relating to the execution of the treaty.
I
XI.
No vessel of war exceeding 10.000 tons (10.160 metric tons) standard displacement, other than a capital ship or aircraft carrier, shall be acquired
by or constructed by. for or within the jurisdiction of the Treaty of the contracting Powers.
Vessels not specifically built as fighting ships, nor taken
in time of peace under Government control for fighting purposes, which
are employed on fleet duties or as troop transports or in some other way
for the purpose of assisting in the prosecution of hostilities otherwise
than as fighting ships, shall not be within the limitations of this article.
No vessel of war
XX.
Article
Tho
iif
tliii
'
(
ilowlnit Insular t'tTlt4ir|p<i aii'l pntwr^lons of .I.ipnn In Him
to wit the Kiirlln Islands, tho llonln tslnnds. AinninlT-oorhixi Isl.inds
Korm(»s« and thn I'l-scadnn-s. nnd any
Vn<
Osi
•I
no
'IT
priKs.'mslons In
thn Pacific ()R<!an which
Jiipiiti
in>iy
hrr
(7i
I
,
ixtoKt
•listing
^l„\*
n.'»v:«l
^l»^ ,U-i\.
f;irll|i|.«
and Uial do Inmuisn
Kmt
f.ir
sh/ill
iifi
thn
iiM-nsiirin shnll lio tiiUcn
ri-piilr
bo madn
In
and
t<i
liicri'no-
m;ilnl..>miiicn of n.iv.il
thn c«ia«l dcrnnsisi of llm
tl|i<
fi.r.;.is
t<Tr|i<>rl<ii
wln-lms
Tim
t«li<'<ni|>liy liintiillal Ions;
<-<iiiiilnK
pnlllni? iniichlnnry;
lownr
iiiifl
nil
nldn uriiior,
«ir
nllrrnntlvoly
nil
main pru-
and
lodlrit iind flying off pi iifuruis and nil othnr nvlntlnn iiccnssiirlod.
IV. Tho imrloels In which scrnpplnu "f vnsniiU In to Im efriii-iod urn as
follows:
(ni In Iho cftso of vossols lo Iw scnipp''<l under lln< first pnriigrii|ili of
Artlrin II., ihn Work of rnndi>rliiK llm vo^xnls Iticnpitlilo of furllmr wiirllkn
snrvlcn, In acmrdanco with imriigrnpli III. nf this I'art, simll lio coinplnlixl
tsi All
that no
and
(0) All
I
—
.
within six months from the coming into force of the present treaty, and the
scrapping shall be finally effected within eighteen months from such coming
into force.
(b) In the case of the vessels to be scrapped under the second and third
paragraphs of Article II., or under Article III., the work of rendering the
vessel incapable of further warlike service in accordance with paragraph
III. of this Part shall be commenced not later than the date of completion
of its succe-ssor, and shall be finished within six months from the date of
such completion. The vessel shall be finally scrapped, in accordance with
paragraph II. of this Part, within eighteen months from the date of comIf, however, the completion of the new vessel be
pletion of its successor.
delayed, then the work of rendering the old vessel incapable of further
warlike service in accordance with Paragraph III of this Part shall be commenced within four years from the laying of the keel of the new vessel, and
shall be finished within six months from the date on which such work was
commenced, and the old vessel shall be finally scrapped in accordance with
Paragraph II. of this Part within eighteen months from the date when the
work of rendering it incapable of further warlike service was commenced.
Part
,1.
The replacement
of capital ships and aircraft carriers shall take place
according to the rules of Section I. and the tables in Section II. of this Part.
SECTION I.— RULES FOR REPLACEMENT.
(a) Capital ships and aircraft carriers twenty years after the date of their
completion may, except as otherwise provided in Ai'ticle VIII. and in the
tables in Section II. of this Part, be replaced by new construction, but
within the limits prescribed in Ai'ticle IV. and Article VII. The keels of
such new construction may, except as otherwise provided in Article VIII.
and in the tables in Section II. of this Part, be laid down not earlier than
seventeen years from the date of completion of the tonnage to be replaced,
provided, however, that no capital ship tonnage, with the exception of the
ships referred to in the third paragraph of Article II., and the replacement
tonnage specifically mentioned in Section II. of this Part, shall be laid
down until ten years from Nov. 12 1921.
(6) Each of the contracting powers shall xommunicate promptly to each
of the other contracting powers the following information:
(1) The names of the capital ships and au'craft can-iers to be replaced
by new construction;
(2) The date of Governmental authorization of replacement tonnage;
(3) The date of laying the keels of replacement tonnage;
(4) The standard displacement in tons and metric tons of each new
ship to be laid down, and the principal dimensions, namely, length at
waterline, extreme
beam
at or below waterline.
mean
draft at standard
displacement:
(,5) The date of completion of each new ship and its standard displacement
in tons and metric tons, and the principal dimensions, namely, length at
waterline, extreme beam at or below waterline. mean draft at standard
displacement, at time of completion.
(c) In case of loss or accidental destruction of capital ships or aircraft
carriers, they may immediately be replaced by new construction subject to
the tonnage limits prescribed in .Vrticles IV. and VII. and in conformity
with the other provisions of the present Treaty the i-egular replacement
program being deemed to be advanced to that extent.
(d) No retained capital ships or airci-aft carriers shall be reconstructed
except for the purpose of providing means of defense against air and submarine attack, and subject to the following rules: The Contracting Powers
may, for tliat pin-pose, equip existing tonnage with bulge or blister or antiair attack deck protection, providing the increase of displacement thus
effected does not exceed .3,000 tons (3,048 metric tons) displacement for
each ship. No alterations in side armor, in calibre, number or general type
of mounting of main armament shall be permitted except:
(I) In the case of France and Italy, which countries within the limits
allowed for bulge may increase thoir armor protection and the calibre of
the guTLs now carried on their existing capital ships so as to exceed sixteen
inches (406 millimetres) and (2) the British Empire shall be permitted to
complete, in the case of the Renown, the alterations to armor that have
already been commenced but temporarily suspended.
SECTION II.—REPLACEMENT AND SCRAPPING OF CAPITAL SHIPS.
United States.
SMvs
Retained,
SummaTV
Fre-Post-Jutland
(Age in Parentheses.)
Maine
(20), Missouri (20), Virgiuia (17),
Jersey
(17), Georgia (17),
(17), Rhode Island (17), Connecticut (17),
Louisiana (17), Vermont (16), Kansas (16),
Minnesota (16)
Hampshire (15) South
Carolina (i:5). Michigan (13), Waslihigton
New
Nebraska
New
,
,
1
North Dakota
15
3
\I5
C.
E,
D
3
H,
I
F
J
K, L
M
N,
Delaware
CD
E, F
G
H,
O
Q
I
(12),
(12)
15
15
15
Florida (23), Utah (23), Wyoming (22)
12
Arkansas (23) Texas (2 1) New York (21) . . 9
Nevada (20), Oklahoma (20)
7
Arizona (21), Pennsylvania (21)
5
,
.
4
.T
MLsslsslppl (21)
K, L
New Mexico
2
Tennessee
1
M
O
Q
N,
P.
(21), Idaho (20)...
(20)
California (20), Mai-yland (20)...
ships West Virginia class
Two
3
r>
7
S
10
11
13
14
15
15
—
British Empire.
Commonwealth
(16),
Agamemnon
(13),
Dreadnought
(15), Bcllorophon (12), St. Vincent (11), Inflexible (i:5). Superb (12), Neptune (10), Hercules (10), Indomitable (13),
Temoraire (12), New Zealand (9), Lion (9),
Royal
(9),
Conqueror
Monarch
(9).
Orion (9), Australia (8), Aglncourt
Erin (7) 4 building or projected
(9),
(7),
21
,
1922
1923
1925
1926\
1930)
1931
1932
1933
1934
A,
Bx
C,
E.
G
B
King George V.
(12), Thunderer
(13),
(13)
AJax
(12),
1
17
3
in
3
Centurion
P,
17
17
17
F
C.
D
H,
O
Q
K, L
M
P,
Barbara
Malaya
I
J
N,
(20)
.
5
4
Valiant (23), Repulse (23)
Ramilles
A
Iron Duke (20) Marlborough (20)
of India (20), Benbow (20)
,
,
7
8
10
11
13
14
15
15
P
7
(20)
(20) Royal Sovereign
Revenge (21), Resolution (21)
Royal Oak (22)
.
Renown
O
Q
Summary.
Warspite
2
(24)
(24). Hood (21).
(17)
1
B
(17),
* The BrltLsh Empire may retain the Colossus and CoUingwood lor non-oombatant
purposes, after complying with the provisions of Part 2, III. (b).
X Two 35,000-ton ships, standard displacement.
Note.
A, B, C, D, &c., represent individual capital ships of 35,000 tons standard
displacement laid down and completed In the years specified.
—
France.
1922\
1926/
1927 35,000tons
1928
1929 35,000tons
/
*
7
n
n
7
7
35,000 tons Jean Bart (17). Courbet (17)
1931 35.000tons
1932 35,000 tons 35.000 tons France (18).
1933 35,000 tons
1934
35,000 tons Paris (20), Bretagne (20)
1935
35,000 tons Provence (20)
1936
35,000 tons Lorraine (20)
1937\
1942/
1)
f.
*
5
4
4
2
*
*
*
*
1
.
/
I
Within tonnage limitations: number not fixed.
France expressly reserves the right of employing the capital ship tormage
—
Note.
may consider advisable, subject solely to the limitations that the displacement of individual ships should not surpass 35,000 tons, and that the total capital ship tonnage should keep within the limits imposed by the present Treaty.
allotment as she
Italy.
1922\
1926/
1927 35,000 tons
1928
1929 35,000ton8
1930
1931 35,000 tons
1932 45,000 tons
1933 25,000 tons
1934
1935
1936
1937
*
/
•
6
I
<i
6
6
6
35,000 tons Dante Alighiert (19)
5
S
35,000 tons Leonardo da Vinci (19)
4
•
•
*
•
4
3
35,000 tons Gulllo Cesare (21)
45,000 tons Conte dl Cavour (210, DuiUo (21)
25,000 tons Andrea Doria (21)
Within tonnage limitations: number not
«
'
1
*
fixed.
— Italy
expressly reserves the right of employing the capita! ship tonnage
allotment as she may consider advisable, subject solely to the limitations that the
displacement of individual ships should not surpass 35,000 tons, and the total capital
slilp tonnage should keep witliln the limits imposed by the present Treaty.
Note.
Hizen
Katori
Japan.
(20), Mikasa
(20),
Kashima
(16).
.Satsuma (12). AkI (11), Settsu
(10), Ikoma (14), Ibuki (12), Kurama (11).
AmagI
Takao
(16).
Akagi
Atago
(0),
(0).
8 ships not laid
19221
1930/
1931
1932
1933
1934
1935
1936
1937
193S
1939
1940
1941
1942
(0),
(0).
Kaga
(0),
Tosa
(0),
Projected program,
down*
8
/
2
2
8
\
A
B
C
D
E
F
G
I
Kongo
D
Fuso (22)
Yamashiro
H
I
E
F
G
2
2
8
A
B
O
H
2
8
8
•
7
5
(21)
Hiyei (21). Haruma (20)
Kirishima (21)
.'5
4
.4
5
6
3
2
(21)
7
Hluga (22)
Nagato (21)
S
9
9
Mutsu
9
Ise (22)
1
(21)
Japan may retain the Shiklshlma and Asahl for non-combatant purposes, alter
complying with the provisions of Part 2, III. (b).
Note. A, B, C, D, (fee, represent Individual capital ships of 35,000 tons standard
displacement laid down and completed in the years specified.
*
—
NOTE APPLICABLE TO ALL THE TABLES IN SECTION
II.
are to be scrapped is in accordance with their age. It is understood that when replacement begins
according to the above tables the order of scrapping in the case of the ships
of each of the contracting Powers may be varied at its option; provided,
however, that such Power shall scrap in each year the number of ships above
stated
Part 4 Definitions.
A
capital ship. In the case of ships hereafter built, is defined as a vessel
of war, not an aircraft carrier, whose displacement- exceeds 10,000 ton.'»
(10.160 metric tons) standard displacement, or which carries a gun with
a calibre exceeding 8 Inches (203 millimetres)
Aircraft Carrier.
An
3
3
.
5
in
X
.
,
CHAPTER HI.
Miscellaneous Provisions.
Article X^CI.
during the term of the present treaty, the requirements of the national
security of any contracting Power in respect of naval defense are, in fb€
If.
13
war with a displacement
Standard Displacement.
The standard displacement of a ship is the displacement of the ship complete, fully manned, engined and equipped ready for sea, including all
armament and ammunition, equipment, outfit, provisions and fresh water
for crow, miscellaneous stores and implements of every description that ar«
intended to be carried iu war, but without fuel or reserve feed water on beard
The word "ton" in the present Treaty, except in the expression "metric
tons," shall be understood to mean the ton of 2,240 pounds (1,016 kilos).
Vessels now completed shall retain their present ratings of displacement
tonnage in accordance with their national system of measurement. However, a power expressing displacement in metric tons shall be considered
for the application of the present Treaty as owning only the eqtiivalent
displacement in tons of 2,240 pounds.
A vessel completed hereafter shall be rated at its displacement tonnage
when in the standard condition defined herein.
3
Emperor
aircraft carrier is defined as a vessel of
excess of 10,000 tons (10,160 metric tons) standard displacement designed
for the specific and exclusive purpose of carrying aircraft.
It must be so
constructed that aircraft can bo launched therefrom and landed thereon,
and not designed and constructed for carrjing a more powerful armament
as the case may be
than that allowed to it under Article IX or Article
\
D
H.I
1
1
21
21
^
A,
N,
3
3
* The United States may rc-taln the Oregon and Illinois tor non-combatant purposas, after complying with the provisions of Part 2, 111. (b).
X Two West Virginia class.
Note.
A. B, C, D, &c., represent Individual capital ships of 35,000 tons standard
displacement, laid down and completed In the years specified.
Princeiis
M
(20).
G
K. L
1936
1937
193S
1939
1940
1941
1942
Ships Retained.
Pre-Jtalandr-Post
Capital Ship.
tution (0), Constellation (0), Saratoga (0),
17
(0), United States (0)*
Range
Bx
British Empire (Concluded)
Ships
Ships
Ships Scrapped
Year. Laid Down. Completed.
(Age in Parentheses')
1935
J
E, F
Tiger (21), Queen Elizabeth (20),
For the purposes of the present Treaty the following expreRSions ar* to
be understood in the sense defined in this part;
South Dakota (0), Indiana (0), Montana (0), North Carolina (0), Iowa (0),
Massachusetts (0), Lexington (0), Consti(0),
A,
[Vol. U4.
The order above prescribed in which ships
Rhips Scrapped.
Ships
Ships
Year. Laid Dtncn. Completed.
P.
..
1930
Replacement.
G
.
THE CHRONICLE
478
1922
1923\
1930/
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
.
THE CHRONICLE
Feb. 4 1922.]
opinion of that Power, materially affected by auy change of circumstances,
the contracting Powei-s will, at the request of such Power, meet in conference with a view to the reconsideration of the provisions of the treaty and its
amendment by mutual agroemont.
In view of possible technical and scientific developments, the United
States, after consultation with the other contracting Powers, shall arrange
for a conference of all the contracting Powers, which shall convene as soon
as possible after the expiration of eight years from the coming into force of
the present treaty to consider what changes, if any, in the treaty may be
necessary to meet such developments.
XXII.
Article
become engaged in a war which,
naval defense of its national security, such Power
may, after notice to the other contracting Powers, suspend for the period of
hostilities its obligations under the present treaty, other than those under
Articles XHI. and XVII., provided that such po>-er shall notifj' the other
contracting Powers that the emergency is of such a character as to require
such suspension.
The remaining contracting Powers shall, in such case, con,sult together
with a view to agreement as to what t-emporary modifications, if any, should
be made in the treaty as between themselves. Should such consultation not
produce agreement, duly made in accordance Avith the constitutional methods of the respective Powers, any one of said contracting Powers may, by
giving notice to the other contracting Powers, suspend for the period of
hostilities its obligations under the present treaty, other than those under
.Articles XIII. and XVII.
On the cessation of hostilities, the contracting Powers will meet in conference to consider what modifications, if any. should be made in the provisions of the present treaty.
Whenever any contracting Power
shall
in its opinion, affects the
AriicleXJCIIJ
The present treaty
remain in force until Dec. 3i 1936, and in case
none of the contracting Powers shall have given notice two years before that
shall
date of its intention to terminate the treaty, it shall continue in force until
the expiration of two years from the date which on notice of termination
shall be given by one of the contracting Powers. whereui)on the treaty shall
terminate as regards all the contracting Powers.
Such notice shall be communicated in writing to the Government of the Unit-ed States, which shall
immediately transmit a certified copy of the notification to the other Powers
and inform them of the date on which it was received. The notice shall be
deemed to have been given and shall take effect on that date. In the event
of notice of termination being given by the Government of the United
States, such notice shall be given to the diplomatic representatives at Washington of the other contracting Powers, and the notice shall be deemed to
have been given and shall take effect on the date of the communication made
to the said diplomatic representatives.
Within one year of the date on which a notice of termination by any
Power has taken effect, all the contracting Powers shall meet in conference.
ArticleXXilV.
The
present tn^aty shall be I'atified by the contracting Powers in accordance with their respective constitutional methods and shall take effect on the
date of the deposit of all the ratifications, which shall take placs at Washington as soon as possible.
The Government of the t7nited States will
transmit to the other contractinK Powers a certified copy of the proces\'erbal of the deposit of ratifications.
The present treaty, of which the English and French texts are Ix)th authentic, shall remain deposited in the archives of the Govenimont of the
United States, and duly certified copies thereof shall be transmitted by th,it
Government to the other contrarting Powers.
In faith whereof the above-named plenipotoutiaries have signed the pres*-nt treaty.
Done at the City of Washington the first day of February one thousand
nine hundred and twenty-two.
.
479
It undertakes to prevent temptation to the violation of these rules by the
use of submarines for the capture of merchant vessels, and to prohibit that
use altogether.
It undertakes, further, to denounce the use of poisonous
gases and chemicals in war as they were used to the horror of all civilization in the war of 1914-1918.
Cynics have .said that in the stress of war these rules will be violated.
Cynics are always near.sightod, and often, usually, the decisive facts He
beyond the range of their vision. We may grant that rules limiting the
use of implements of warfare made bet^veen diplomats will be violated in
the stress of conflict.
We may grant that the most solemn obligation assumed by Governments in respect of the use of implements of war will be
violated in the stress of conflict, but beyond diplomatists and beyond Governments there rests the public opinion of tlie civilized world, and the
public opinion of the worid can pimish.
It can bring its sanction to the
support of a prohibition with as terrible consequences as any criminal statute of Congress or of Parliament.
This treaty is an attempt to crystallize, in simple and unmistakable
terms, the opinion of the civilization that already exists.
This treaty is
an appeal to that clear opinion of the ci\'ilized world, in order that henceforth no nation shall dare to do what was done when the women and children of the Lusitania went to their death by wanton murder upon the high
seas.
SECRETARY HUGHES.
May
be permitted to say that I think that the fact of the naval agreement, which has been reached in respect to capital ships, and the public
opinion that has so manifestly supported it throughout the world, will make
it very difficult for any to engage in a very serious competition in the production of the craft which unfortunately are not covered by the terms of
this naval treaty.
The resolutions adopted on Jan. 5 and G in the Committee on Limitation
of Armaments in relation to submarine warfare and the resolution adopted
by the same committee Jan. 7 in respect to the use of poisonous gas and
other gases and analogous liquids, are presented here and will be regarded
as having been read.
I ask you now to approve and adopt these resolutieoe
as recommended by the committee, and al^o to record yeur approval of
the treaty which has been presented by Mr. Root.
I
The United States of America assents.
The Chairman The British Empire?
—
—Assents.
The Chairman — Prance?
M. Sarraut—Assents.
The Chairman — Italy?
Senator Schanzer—Assents.
The Chairman— Japan?
Baron Kato— Assents.
The Cliaii-man — Unanimously
Mr. Balfour
adopted and .ipproved.
Cliainnan [Secretary Hughes]
With your permission the meeting
of the Conference will stand adjourned, subject to the call of the Chair.
Whereupon at 2:40 p.m. the fifth plenary session of the Conference for
the Limitation of Armament adjourned .subject to the call of the Chair.
—
Tlie
The following is the treaty on submarine and poisonous
gas warfare, approved on Feb. 1
The United States of .\merica, the British Empire, France, Italy and
Japan, hereinafter referred to as the signatory Powers, desiring to make
more effective the rules adopted by civilized nations for the protection of
the lives of neutrals and non-combatants at sea in time of war and to prevent the use in war of noxious gases and chemicals, have determined to conclude a treaty to this effect and have appointed as their plenipotentiaries:
(Here appear the names of the delegates of the signatory Powers),, who
having communicated to each other their full powers, found in good order
and in good form, have agreed as follows
Seel ion
ICPOWKR SUJiMAIilXE AXD POISON GAS TREATY
A F PROVED AT ARMAMENT CONFERENCE.
ri\
At the fifth plenary senaion on Fob. 1 of the "Washington
Jonforem-e on Limitation of Arniument, a treaty under
which the five oontra<.*ting Powers pletlgo themselves
againHt unrestricted submarine warfare and the use of
I»oiHon xas, wa.s approvtKl.
At the same session there were
al.so adopte<l rhe KfK»t resolutions, strengthening the laws
jjovemlng sulimarine warfare, wliir-h had i)oen adopted by
fhe Comndttec on IJmitation of Annauiciit on Jan. 5 (given
The
—
Karcli to determine
<
tbeHC folumns Jan. 14, jiage l.'iS) and the re.solution l)arrinz the u.se of |»oisonous gas in warfare, adopted by the
'•ominlttee on Jan. 7 and referred to in these columns Jan.
14, page IWJ.
The action of the plenary session on tin? 1st
.V
to
inst. rf<*[i«*ctlng
My
to
(lics<;
communique
in the
two
pha.s<'s of
of the l«t
Inst.,
was
warfare,
which
liad the
detaile<l
following
'
-
ri. r»Tir«>.
irn-
iiliall
1
J>k.
Mr, ftoot In
prir<riit
that treaty.
MK. ROOT.
Chairman «nd O'^tlemen
Tlil« trruty upplemciilii the trmty whirl)
lloilti amumrnlM hy mtpUiylng crrtnln liinltatioiii upon th« unn of grmaro«nU.
(II»ri> Mr.
Hoot rrad Uie Klvi»-l'ow»r Treaty on iuhmarltiwi and
Mr.
Tou
:
which we
(lm>ji
...
r<<«p<HH of vlult,
-*
'loe
doi
-
clo
ti)
-
'>y
furtiiir
«
•
l>el<;w.
tfjty 'Inm not
March or
iiti>|erlake
«eleijrr of
to rorllfy
merrhant
vcwu-j".
Intwrna-
What
It
the moat Important and effrctvie proviiMotiii in rejj.ird to the treatment of mnrrliaiit vc»*el«
and to derlare that milimarlnen arr under no clrm theiM humane rulen for the protection of llio life
In
to
*tJtt«
.'antt,
'
H
to «ti(rTnatlie violation of Ihewr nilen and the doing
lo death of women nnd 'tuMrr-n and noridrmhiitatibi by the wanton de4tnirtlon of merchant ve-n'-U up'iii whirh Itiry are pa>«'MKerR and hy n violation of the law* of w.ir, '(lii'M, aa betwem thrne five Kreut f'ower* and
all olh«^ cIvtIUed nation* j< aiLill give their adhi-rence, nhall l>e h»nc'forth
punched «• an art of pir»<)
'r-i.^^.^,
after
warning, or
it refuse to submit
proceed as directed after
to
;
Section
The aignutory Powers
II.
other civilized Powers to express
asRent to the foregoing Ktatemctit of established law so that there may
dear public understanding tlirongliout the world of tlie standards of
durt by which the public opinion of the world is io pass judgment
future bFlligerchlM.
invite
all
their
he a
con-
upon
The kignatory I'owerK, de.siring to insure the enforcement of the humane
mien of existing law decjareil by tlirm with respect to attacks upon .md
the M-l/.uru and doatruction of merrhant .sliipn, further d(>rlare that any
piT-.iim in the •ervioc of any Power who shall violate any of tliese rulea,
wlii-llier
or
not
U
oriIer>i of u (;oviTninenfal wipcrlor,
the laws of war, and hImiII be Unhle *o
trial
if for iiii act of piracy, and may bo brought to
Irliil before the civil or military uuthorKlea of iiny Power within tho JurUdlclion of uhlch he m.iy Im' found.
xucli
p<*rMin
have
and punMiinent iih
lie
diTini'd
to
uniler
\iiil.iled
SccUoii /r.
the
|
,
•^'i
0*
(fivp
ftb««rve that lhi»
wilt
'...
.search
can be seized.
.\ merchant \L'.ssel iiui.-.t not be destroyed unless the crew and pasKongers liavo been first placed in safety.
(-)— Belligerent submarines are not under any circumstances exempt from the universal rules above stated and if a submarine cannot capture a merchant vessel in conformity with Uiese rules the eidstiiig law of nations requires it to desist from attack and from seiwre
and to permit the merchant vessel to proceed unmolested.
kIiiiII
pniaon Kan,
and
it
Srclion. HI.
Th« Oimmlttcc on Limitation of Arnuunciil hax uijopted rciolutionj with
—,r tuhniBriiiM in war and with regard to um of poUon
hav* Ijwn wnlwdird in a treiily which in now to b«
Thcw T'
Ca«.
prtiHTitH In
vi.sif
character before
must not be attacked unless
matter:
SECRKT.\KV IIUGUKS.
rrgard to the
its
raercliant vessel
seizure.
in
Id the
I.
Powers declare that among the rules adopted by civilized
nations for the protection of the lives of neutrals and non-combatants at
sea in time of war the following are to be deemed an established part of
international law
(1)
merchant ves.sel must be ordered to .submit to visit .ind
-^
.signatory
.;i..tory
I'liuri.
the pruellcal linp<)»«tlillity of u»lnR subvlohillng, :i« tlicy were vtohited
In the «,jr of 19H-1()1H, the reriuirinncnl* unlverwlly uroepleH by rivlllwd
ii.itioiia for llie priitpcllon of the ll\c« r.f neutniN and non-(xinibHliiiil«, and
lo llip end that the prohibit Ion of the um> iif auiiiniirinr* an onmnier<<e deKluijern ah.ill bo unlverNiilly accepted no a part of thi> law of natloni, ther
now Mcippt that prolilliitlnii at liiiii nforth lilndInK «• between 1hern»elve«,
and lliov |iiv|t» nil nihcr nutioim to adhi-rc Ihrrfto,
iiurlni-
:
.1
commerce
reoiKiilr.e
ile«lriiyrr»
ulllioul
,,i,wir.r,
Hri'tlou
I
III'
'1..^
Ill
\Mir
III
;iNj>)i\ xi.it iMir,
I
polhiiiiiMm
nr
iitiiii
^.4
r* unit
ull
.inulu-
materlnl* or i|r\ iK'n having Jiittly li««n condemned by the
jiiilillc opinion of th» civlliwd «orld on.
n prohlMllon fif nueh iiae having
lie«-n deiluretl
In trentip* lo «lii<h
m.ij'>i jty of the
Iv Hired |'«wnrt are
Koii«
li'pilda,
I
>
.
THE CHKONTCLE
480
the signatory Powers, to the end that this prohibition shall be
universally accepted as a part of international law, binding alike the conscience and practice of nations, declare their assent to such prohibition,
agree to be bound thereby as between themselves and invite all other civilized nations to adhere thereto.
Section VI.
parties,
The present treaty shall be ratified as soon as possible in accordance with
the constitutional methods of the signatory Powers and shall take effect
on the deposit of all the ratifications, which shall take place at Wushin.!?ton.
The Government of the United States of America will transmit to all the
signatory Powers a certified copy of the proces verbal of the deposit of
ratifications.
The present treaty, in French and in English, shall remain deposited in
the archives of the Government of the United States of America, and du'y
certified copies thereof will be transmitted by that Government to each
of the signatory Powers.
Section VII.
The Government
of the United States of America will further transmit
each of the non-signatory Powers a duly certified copy of the present
treaty and invite its adherence thereto.
Any non-signatory Power may adhere to the present treaty by communicating an instrument of adherence to the Government of the United States
of America, which will thereupon transmit to each of the signatory and
adhering Powers a certified copy of such instrument of adherence.
In faith whereof the above-named plenipotentiaries have signed the
to
present treaty.
THE BLIZZARD OF JAN. 27-28 AND THE KNICKERBOCKER THEATRE DISASTER IN WASHINGTON.
A snow storm which swept upward from the South, beginning on the night of Friday, Jan. 27 and continuing for
practically the whole of the following day, Saturday, Jan. 28,
enveloped the Middle Atlantic section of the country,
causing damage estimated at several million dollars, tying
up facilities for travel in many cities and impeding operation
of railroad traffic from New York and the surrounding
district to Washington and intermediate points.
The Nation's Capital was most seriously affected by the
bUzzard, the precipitation there being estimated at 29 inches.
At Baltimore the fall was 2G.5 inches, while in New York,
although the hea\'iest fall of the year, it was but 7 inches.
The Weather Bureau at Washington described it as the worst
storm in 23 years. The most disastrous consequence of
the storm was the loss of 95 lives in the Knickerbocker
Theatre, a moving picture house in Washington, the roof of
which collapsed on Jan. 28 under the weight of the accumulation of snow.
In addition more than 125 persons were
injured in the accident, which called forth from President
Harding on Jan. 29 a public expression of sorrow. The
President said:
I have experienced the same astounding shock and the same inexpressible
6orro<V which has come to all of Washington and which will be sympathetically felt throughout the land.
If I knew what to say to soften the sorrow
of hundreds who are so suddenly bereaved, if I could say a word to cheer
to the maimed and suffering, I would gladly do it.
The terrible tragedy, staged in the midst of the great storm, has deeply
depressed all of us, and left us wondering about the revolving fates.
Characterizing it as one of the '"most severe stt.rms in
decades," press dispatches of .Jan. 29 gave the
folloAving account of its scope and its effects:
Buried under from one to more than two feet of snow, the Middle Atlanseveral
tic section of the country spent Sunday in valiant
to resume the actlviti(s susj)ended Friday night,
up from the South.
The storm to-night had passed out to sea and
some distance north north(!ast of Bermuda.
but mostly 'vain efforts
when the storm swept
its
centre was said to be
Washington, as the centre of the storm area and the centre of the storm's
strength, suffered the most severely.
Even aside from the Knickerbocker
Theatre disaster, the capital was hard hit, and although the snow stopped
falling a few hours after midnight, it was not until long after day had
dawned that the full effect was seen. Daybreak found the city without
any sort of street car service, the streets blocked to impassability with snow,
the suburbs completely cut off, deliveries of bread, milk and other perishable foodstuffs greatly curtailed and many buildings endangered by the
load of snow
The hours of Sunday were spent in attempts to restore a semblance of
normal conditions, and though aided by favorable weather sunshine and
thawing temperature the city to-night was still in the grip of the snow.
Other portions of the Middle Atlantic section experienced similar condiMaryland felt the effect of the storm almost
tions to a lesser degrco.
as much as the District of Columbia, and in Baltimore the snowfall was almost as heavy as in Washington. Southeastern Pennsylvania and the region in and al)out Philadc^lphia were covered with from a foot to a foot and
a half of snow, and Eastern Delaware and New .Jersey were heavily covered.
The coastal region, in addition to the snowfall, was swept by gales which
crippled shipping. The Hampton Roads district was hammered by neavy
A forty-two-mile gale and a dense mst of
seas along its waterfronts.
snow and sleet kept the area within the Virginia Capes closed to maritime
traffic and made navigation extremely perilous to the few vessels moving.
—
DEATH
—
COLONEL SHAUGHNESSY, SECOND
A SSI STAN T POSTMASTER-GENERAL.
OF
Colonel Edward H. Shauglmessy, kSecond Assistant
Postamster-General, died at the Walter Reed Hospital in
Washington on Feb. 2 from the injm-ies receiA^ed in tho
Knickerbocker Theatre disaster of last Satm-day, Jan. 28.
He leaves a wife and daughter, 10 years old, who are both
in the Emergency Hospital from the injm-i(>s received in the
same disaster. Colonel Shaughncssy had had charge of the
[Vol. 114.
Railway Mail Service and the Air Mail Service, the transportation systems of the Postal Service. He has been parieularly successful in building up the Railway Mail Service
by sectiring the loyal co-operation of the personnel of that
service.
Colonel Shaughnessy, before becoming Second
Assistant Postmaster-General, was a transportation expert
in the employ of the Chicago & North Western RR., with
which company he became attached in July 1899 as a telegrapher and remained with that company until May 23 1917,
when he entered the military srevice. During his connection wilh this railroad system he was promoted and served
in many operating capacities, being last engaged as its
trainmaster with offices at Chicago. He rose from the rank
of First Lieutenant to full Colonel in his service in France.
With the 13th Engineers under him they took over the
operation of an extremely important network of the railroad
in the Verdun sector, v/here they remained until well after
he armistice, being one of the very few units that remained
under French command during the entire time. He was
intimately associated with General W. W. Atterbury of
ihe Pennsjdvania RR. System in the operations of the railroad system in France. Colonel Shaughnessy saw active
and was awarded the Distinguished ServHe was especially commended by the General
service at the front
ice
Medal.
Staff for conspicuous service diu"ing criticial operations at
Chateau Thierry, and also during the St. Mihiel and Meuse-
Vrgonne offensives, and also was further honored by being
initial eligible list which is a selected group
included at the
of officers
who by
virtue of meritorious service are declared
competent for General Staff duty without taking the
prescribed course of training.
Colonel Shaughnessy was a
member of the American Legion, the New York Post Military Order of the World War and a member of the New York
Post Society American Military Engineers, a member of
the 13th Engineers Officers Group and a member of the
American Association of Railroad Superintendents. Colonel
Shaughne.«sy was 39 years of age.
to be
COPPER OUTLOOK— RECORD FOR
One could hardly ask
1921.
more convincing proof of the
which
over the sentiment of the
improvement
came
great
during
the
12
months
of 1921 than was
copper market
seen in the relative cheerfulness and confidence "nath which
it viewed the two outstanding events of the opening of the
new year events that under less favorable conditions might
have proved to be more or less depressing.
for
—
We refer first to the resumption of preliminary operations
on Jan. 16 at the mines and smelter of the Anaconda Copper
Mining Co., and also of the mines of sm.aller companies, at
Butte, Mont., looking to a considerable production at no
distant day;
and the announcement that the Calumet
&
Hecla Mining Co. will start v.ork in some of its. principal
mints about April 1. Both thcso companies participated in
(he great copper shut-down of last spring, which had the
effect of cutting the country's total production of crude
copper from 91 million pounds in March 1921 to 47 millions
in April, and to amounts ranging from 22 to 28 niihions
pounds during the remaining months of the year. It has
also been announced since Jan. 1 that mining would shortly
be resumed bj' the Old Dominion Copper Co., United Verde
and at two mines, one in Mexico and one in Arizona, belonging to Phelps Dodge & Co.
'I'he other principal copjier producers, which shared in this
effort to relieve a market staggering under excessive production and huge accumulations of copper, fonoAAing the collapse of a boom period, Avere and still arc the Caiuraet &
Arizona and its subsidiary, the New Corneiia, Inspiration,
Rajs Nevada, Chino, Utah, Shattuek & Arizona, Magma and Consoli. Arizona an 1 C uanea. None of these other
companies has as yet signified its intentions as to renewang
operations, but presumably they will heed the warning of
President Douglas of the Phelps Dodge Corporation and
resume production gradually as conditions may warrant.
The Utah Copper Co. is cleaning up its works so as to be
ready for production when the proper time arrives.
The other event referred to above, which under less
aus])icious circumstances might have had a decidedlj^ .unsettling iufluenee, was the purchase of a majority, amounting
Fob. 3 to oA^er 98%, of the $15,000,000 capital stock of "the
greatest of the Avorld's copper consumers," the American
Brass Co., by the Anaconda Copper Mining Co., "the
greatest of the domestic producers of copper." What it means
to the market to haA-e a great producer hke the Anaconda
diA'ert to itself the hon's shai-e of the copper needs of this brass
1
i
THE CHRONICLE
Fkb. 4 1922.]
in the "ChronAnaconda can
the
that
capacity
at
icle" of Jan. 7 (p. 74)
while
the Ameriproduce in a year 27.5,000,000 lbs. of coi)per,
copper
fabricated
can Brass Co. has produced since 1910
pounds
in
and brass varying in amounts from 234 million
manufacturer appears from the fact quoted
1911 to oOo millions in 1918 and 405 millions in 1920
("Chronicle" Jan. 21, p. 309). As brass runs as high as
two parts of copper to one of zinc, it is supposed that this
output of brass must in some years have required copper
to an amount "well over 350 million pounds."
The price of refined copper closed the j^ear 1921 at about
13 J^ cents a pound, the year's ma.ximum, contrasting ^^^th
cents in August, "the bluest month of the year." In
11
part this advance in price was due to the marked decrease
in the "billion pounds" of copper on hand, refined and
crude, -wdth which that year began. The preliminary figures
of the United Slates Geological Surv-ey, given below in tabular form, indicate the aforesaid supply to have been cut
down from 1,124,000,000 pounds on Jan. 1 to 793,000,00-0
on Dec. 31, while the available stock of refined copper had
been brought down from 659 to 496 million pounds.
The Copper Export Association, it will be remembered,
was organized to take over and market abroad 400 milUon
pounds of refined i^-opper at not less than 1234 cents, and
on this issued .$40,000,000 8% gold notes. It is interesting
to note that on the 15th of this month these notes, allowing
for the §1,000,000 pre\-iously called and paid, the S7 ,000 ,000
now being called in and the 85,000,000 matm-ing on that
date, will have been reduced to 827,000,000, leaving slightljless than 300,000,000 pounds of copper in the possession of
Deducting from the countiy's total estithe Association.
refined
copper as of Jan. 1 1922 this 300,mated supply of
which
"earmarked"
is
for shipment abroad,
000,000 lbs.,
would leave ava,ilable for domestic production less than 200
million pounds on the first of last January.
But another reason for the better sentiment prevailing in
copper circles, notwithstanding the rather dull market and
slight yielding of price in more recent weeks, attributable in
some measure to less promising political conditions abroad,
was to be found in the surprisingly good domestic buying that
developed during the last few months of the year, aggregating, it is estimated for the half-year ended Dec. 31,
possibly 500 million pounds or more, wiih relatively heavy
The exports in November aggregated 72^4
exports.
million pounds, contrasting with only .35 3^ millions in May,
and for the 11 months to Nov. 30 showed a total of oi)?)%
Included in this last figure there was no less than
millions.
pounds of refined copper that went to Germillion
211^
the
Lnited Kingdom took 61, France 90 and
while
many,
millions.
Japan 47
As 1922 hi.^ progressed, the copper market has become increasingly qui't and prices have shown less firmie s,
the little business offering having been done at prices on a
sliding scale from about 13. .50 cents for electrolytic copper
M
"New York
net refinerj" (13.75 cents delivered) at the
the year to 13.25 cents (13. .50 delivered) on Feb. 1.
The larger j>roducers continue out of the market and it is
HuggeHt«;d by a leadirig authority that a buying movement
might readily cause a reaction to the 14-cent level.
Copper movements for Dec. 192 1,; sestimated in tho"Boston
NewH Bureau" of ViA). 3, would indicate that tlie requirements for that month were largely in excess of the out])ut,
Production of new refined copper from domestic and
viz.:
imported onrs ('oslimafrd; .VJ,0tK),0fK) pounds; domestic
con.sumption 70,(KXJ,fJ(XJ ))ounds, and U. S. exports 02,(;0!J,fXX) i>ound.s; balance, excess requirements over i)roduction
first of
.52,fXXi.0fK) jKjutids.
The
&
"Kngirieering
Mining Joiirnal"
writing
as
Tho
t'l'.k
tit
in of a'jiKnnliori,
It woiil.l h.-.-ui tluit
thu
ami
tin Iniiirovi*-
K.uropiitii nrfiilrN ri-inain
liiliiri'.
i
Krn'liiiil Iriiiirovi-nii-nt
whii'h
monllm nf \<.i.ii In nt tin irnil for tin- lliin' tulnu,
linpruvoiniiit In cjumand U llkitly, for (ircMcnt miK« do not
ini (liirlfiK th<r rlimlriK
i
wim"
'i«ijrii|>il'in.
Mfwl
of th»' lurK" rotilKT IT'.
market, up
Tho^n
fivrti
t*>
Mr
'l"llwr<><l.
wlllliiK to s.ll
fnr 'I'II-.t-,
.
'
ullriiii!
to
f|iiol<!
|irlri!M (iliovii
no
prr doltiK |>rii''l|rally
••
tH.7f>r, h»vi> had no IImId troul>l« In Ki-li
,rr rm th- ^.' r,,ni] f|unrtiT, anr| In witiii- U
It.
'.
th'"'
(tri'l
hi-
>l
i.
'T, anri
<f.f
..f
lot* of llpOl
f!
r!7.',c
r.
nip'l.
'iK
OKitiMi* of
..rfrn''tiU
on
business,
That the prices of copper have in the past undergone
extraordinary variations will bo rocallod from tho following:
NOTABLE HIGH AND LOW POINTS I.V PltlCli OF COPPKH SfVCK 1830.
ris.
1021 1020 1919 1918 1917 lOK. 1915
1914 1912 1910 189t 186-t 1860
High. ..1374 Id'-i 23'4 21
3^
33.07 20 133 14.19 18
ll<4 lOJi 55
21
Low ...113f 12!^ 14.37 23H 23,4 23.805 13.041 11.74 14!4 12)-<S 9
39
19Ji
The pi-ehminary figures issued by United States Geological
Survey, sUghtly rearranged, afford the following exhibit
showing the refinery production in 1921 to have been about
60% that in 1920 and the total supply of refined and blister
copper on hand Jan. 1 1922 to aggregate 793 million pounds,
contrasting with 1,124,000,000 on Jan. 1 1921, while the
refined copper on hand was 496,000,000 lbs. on .Jan. 1 1922,
against 659,000,000 the year before:
—
Primary Refined Copper, Output, Etc., f >r Cileidjr ysars. Pa-'tly Bitiinated.
The quantity of primary refined copper witidrava oa dora3stic account
during the year was about 572,000.030 lbs., cilcilatad [on basis of other
linoivn data in the fii'st table given above. ^Ed.)
(/n Pounds.)
Refinery production from domestic sources
Refinery production from foreign sources
Imports of refined copper (Dec. estimated)
Stocksof new refmed copper Jan. 1 1921
1921.
6.59,000.000
1920.
1,182,000,000
341.000,000
109.000,000
631.000,000
Total available supply of refined copper
1.655.000.000
to Jan. 1 1922
Exports (exclusiveof manufactured copper)
587.000.000
Total withdrawn on domestic account
572,000,000
2,266,000,000
553.000,000
1,051,000,000
601,000,000
320,000.000
75.010.000
Total withdrawn for export and domestic acct. 1.1 59, 000. 000
.Stoclts on hand refined copper Jan. 1 1922
496,000,000
Blister copper, including material in process
and in transit
297.000,000
1.607,000,000
659,000,000
465.000,000
'
Total refined and crude Jan. 1 1922
793.000,000 1,124,000,000
The domestic imports and exports of primary refined CDpper in December,
1921, are assumed to be about equivalent to tie avera?9 monthly imports
Disregardino; the imports and exports for
for the first eleven montlis.
December the quantity of primary copper withdrawn oa domestic account
would amount to about 614.000.000 lbs.
The following tables show the monthly exports and imports of refined and other copper as reported by the United
States authorities and also the crude copper prolustion as
compiled by the "Engineei'ing & Mining Journal":
Exports of Refined
It
Copper
— Impirls
fined Copper
— Exports to
Win
Kingdom.
January
February
8.6f)8 000 15 012.000 18.802.000
18.970 100 10 243.000 20.725.000
7,407 .000 2 92'i.OOO IS. 02 1. 000
7,970 000 10 soo.ooo! 15,833.000
6,7R5 ,000 4 455.0001
7.074.000
2,82fi .300 7 ,.310.000 22.485.400
1.597 100 4 ,710.400 23,087.800
,or.i.4no! Hi,42S.IO0
1,234 400
2,088 000 7 ,I00.200| 24.999.400
449 ,000 8 ,4C3..iO0 15,455.100
2.67G 124 12 ,813.094, 27.3()2,1
Mar.h
April
May
June
July
August
Sopi.ember
..
October
Novembei
11
..
R
&
Or(, Matter
fin'd
Blisur.
&
Canon's
54.855,390
02.489.000
31,136. 000
.38.720.000
41.4 95.000
9,
805,917
0,
.539.005
35.378.000
50.109.400
12.808, OOO!
2S..5'->9, OOO!
12.089, 0001
15.838, 000|
51.771,.S00
21.340, 000
10,
8,
634,206
30,0.50, 000 10, .580,011
42,891,000
03.717.700
.52.48'i,.500;
72,785,9071
072,707
129,065
924.973
13.2.38, 00010, 888.426
ir..lfi8 000' 0, 208.635
24.122, 0001 8, 445.551
20,525, OOOl 7, 297,583
3,
5,
month-S 01,158.224 89,925,194.211.877.915 566.750,706 230,495,000 87,646,679
Avg. monthly:
1921
.5..5.59,839
Pre-war
5,583,000 11,530,000
8.175,018' 19,201,628
IS, 300,000
51,522.7911 20,9.54,000! 7.967.880
67,200,000 28.350.000
U. S. Compiralice Monthli/ Produilion nf Crude Cjpper ("ICno1918.
1919.
January
165,431,.5fi8
I-Vbrujiry
160.011.354
135,733.511
11,549.512
102.010,410
98.818,998
March
185..525.Ifi8
April
103,207,09,'5
-May
June
181,070,350
100,723,599
July
1.59,329,031
Aiieii'ft
165.5.50,799
.September
157.992.487
108.038,775
S5,856.570
100,309.217
107,994,040
108,703,075
115.143.143
1.59.217.588
117.289.7.35
tJrlobpr
VovemlMT
December
Total
ICI.800.910
Annual Mine Production
Yi'ir.
inn
1912
1913
i
I-
Thn
"Ml nl tiKi
92,'i.52,975
I02,99<
&
Mil).
121.903.714
90.5S'?.597
117,4">0.000
8i.032.941
120,3T(,3I6
110,078.871
114.9 54.207
110.107,855
109,729,510
91,04fi„345
112,400,6,50
23.248,398
104,919.262
105.231.571
101.700.178
95,709,009
23.231,572
28,341.442
,0.33
40.G46,.523
25,310,511
24,023,693
22,033,7:19
23,8.55.316
of Copper in V. S., 1911 to 1921 (in IM.).
/•ir/.iriir,
Pri.War,
)'tiir.
1915.
1,423. COS. 100 1919..
191(1
1,942.770,309 1920
1.922. 55.1. 1K)3 1921-.
«•.
d'. D'.f ritid
It
TTi
<uuiry
.
to liuy OK.ro at pDwnt. 'I
|.|MT
inlnr<n. and Itm inp<Tljd
..
coll•Ufnrr* t«i wall. In thn ho|#»> ilml •\t^lrfn^•^•^ pririn will nxiilt.
•
K«p«rl liiMlnt-^* hafl nl«o l>i-«'n <|id<'l. Tli<> 'opp'T Kxport Aiwiorlmlon
(•till kcmpInK around Iho I '<<, 1-1.1260. loyol f«ir Kuropt-an p<irU. I»iil otliitni
i
<
1
I
l:iHt fiffiircrt
CopIxT," by
Jo8<)|)li
./.")
1921.
1920.
1,083,850.371
1.241,770,508
1,226,735,834
llV'r PrrliHl.
\
V.'/r.
.
1917
1918
(?)
.
1,209.014,818
1,270.841.670
475.000.000
(exilnuilod)
I,937,iKI0,S.S7l
103
arc from an
on the "On
;irtifl»)
("Icndeiiin, SaloH M;Miiig««r of
i">.k
lor
Guggcn-
IJrotherfl, Now York, in the ifi.sun
S<(«
"Joiirnur' for Jan. 21, p. 130 to 132.
HJimo JNNiU' (p. SI to N2) by II. A. ('. Jenison, gi'oJDgiHt in
Mr.
chargo of coppiT lor tho U. S. (Jeologioai Survi
of
hciin
tho aforesaid
also articlo in
.,
,
roiiijirlvH:
prnHent prodiicllvn cnpai'lty of donnwtle inlnon In at Imxt ^,000, 000.Thn exi-enii
eapaclty nf. Uvinl 2. 500 .000, 000 Ibn.
of reflniTy «'iip;ic|ly In for copper from foreign iiiliii* which nri> llUely to
If iiiliKw iiii'l reflnerliii
o|MTiil<i nl UN full e.ipiuliy hn Ihn doiiieNlIc iiiln<*i
op>TnN< nt full rupiiilly In MI2'.i or 1023, nlioiil ,40().0(I0.(1((0 Mm. will l>o
nviil|!ilil« for i'«port
iiiori- limn our forelKO niurkelJi nn- llU-ly to nlmorli
ih-Ti-fort', Ihiil rnvlviil of
II. iipiHiirN.
itninially for n loiiK tliii" U> roiii".
thn iloinmllr nilnInK nixl iiK'tJillurifleal IndiiNtry will li" Krnduul.
(WlO ll>«.,.nnd III" n-flniry
1
I'-r.
1
(TIhso
"ti
fiii.Ty.
'
&c.
,tc..
All
Conntri'S.
Gfrmnmi.
France.
I
,
Ore,
Imporis
Incl
T'lial,
1921.
Copper
Also
Refined:
of
i
IT* houK'it hi'yond llulr Irn-
i'.l,:
-1-/
th<- r|-|-i/
tho
Ihi-.
l.u
CoppiT could
ry nn fir
I
much
however.
Annual nvor. 1,183.787.571 Annual avur. 1,800. 732, 8151 Annual aver
lf»ral n.
In n pitiful r»n<liri>iii
aro cutting these prices considerably, wittiout attracting
of
.Jan. 2.5 said in brifT:
fn<Tnt cjin Ui-
481
n m|»iIiii« "copin r in l',rj|," givon
lo the prrnH by the U. H. (leological Survey, Deimrlnieiit of
'i'lii'
pri'liiMJiiury n'|)oii
the Indrior,
m of Jan.
.1
1922, fiirtluT hIiows:
,
THE CHEONICLE
483
—
COPPER IN
1921.
Domestic Productimi. The smelter production of copper in 1921 from ore
mined in the United States, as shown by the actual production for the first
eleven months and by estimates made by smelting companies for December,
was about 461,000,000 poimds, according to a report by H. A. C. Jenison
of the United States Geological Survey, Department of the Interior.
The refinery production as similarly shown was about 601,000,000 lbs.
from domestic material and about .320,000,000 lbs. from foreign material.
According to the records of the DeImports and Exports for 11 Months.
partment of Commerce the total imports of copper for the first eleven months
of the year in ore, concentrates, matte, lilister, and refined copper were about
.318,000,000 lbs., of which about 68,000,000 lbs. was refined copper and
—
1.57,000,000 lbs. was blister copper.
The exports for the first eleven months totaled about .567,000,000 lbs., of
which about .538,000,000 lbs. was new refmed copper and 29,000,000 lbs.
was manufactured wire, rods, pipes, tubes, sheets, etc.
The total new supply of primary refined copper for the
Slockx on Hand.
year was about 989,000,000 lbs., which includes refined copper produced
from foreign and domestic material as well as imported refined copper. The
stocks of refined copper iu the hands of domestic refineries on Dec. 31 1921
excluding those in transit, as estimated bs' the refining companies, were
—
—
about 496.000,000
lbs.
The
stocks of blister copper on Dec. 31 1921, including material in
process, in the hands of smelters, in transit to refineries, and at refineries
were estimated by refining and smelting companies at about 297,000,000 lbs.
[Compare also tables of prices and output in "Chronicle" of Oct. 15.
1921, pages 1639 and 1640].
THE OIL SUPPLY OF THE UNITED STATES AS
ESTIMATED BF LEADING OIL GEOLOGISTS.
The results
and possible,
of
an investigation
of the producing, probable
oil-bearing regions in the United States
by a
joint committee composed of members of the American
Association of Petroleum Geologists and of the United
States Geological Survey was made public Jan. 20, together
with an inventory estimate, which would indicate that
9 billion barrels of oil recoverable by methods now in use
remained in the ground in this country Jan. 1 1922. An
official
summary
says in brief:
reserves of the country, as the public has frequently been warned
appear adequate to supply the demand for only a limited number of years.
The annual production of the country is now almost half a billion barrels
but the annual consumption, already well beyond the half-billion mark, is
For some years we have had to import oU, and with the
still growing.
growth in demand our dependence on foreign oil has become steadily
greater, in spite of oiu" own Increase in output.
The oU
Co-operation of American Association of Petroleum Geologists.
Fortunately estimates of our oU reserves can be made with far greater
completeness and accuracy than ever before. During the last eight years
a large part of the territory in the United States that may possibly contain
oil has been studied in great detail by oU geologists; wildcatting has spread
through "prospective" into many regions of "possible" and locally even into
regions of "impossible" territory; old fields have been definitely outlined
and new ones discovered; and, finally, improvement in methods and special
training in the calculation of oil reserves and of the depletion of oil properties have been developed to meet the requirements of the tax laws.
In order that the public may get the fullest benefit of this newly available
information, the United States Geological Survey in March 1921 invited
the American Association of Petroleum Geologists to co-operate with it
in a review of the producing, probable and possible, oil territory of the
This Invitation was promptly accepted by the Association,
United States.
which designated a number of its ablest members of well-known wide experience, good judgment and high professional standing to serve with the
oU geologists of the Survey as members of a joint committee. ju^SBlSS ^a^
Committees Entrusted
icith Investigation-
The committee responsioie for the original preparation of the estimates
and finaUy for the adjustment and revision of the results in joint conference
Representing the American Association of Petroleum GeoloF. W. DeWolf, State Geologist of Illinois; \V. E. Wrather of Dallas,
gists
Tex.; Ro.sweU H. Johnson of Pittsburgh. Pa.; Wallace A. Pratt of Houston,
Tex.; Alexander W. McCoy of Bartlesville, Okla.; Carl H. Beal of San
Francisco, Calif.; C. T. Lupton of Denver, Colo.; Alexander Deussen of
Houston, Tex.; IC. C. Ileald of Washington, D. C. and G. C. Matson of
Tulsa, Okla.
(2) For the Federal Survey
David White, Chief Geologist,
Chairman; W. T. Thom Jr., A. K. Fath, lOrtly F. Mather, R. C. Moore,
State Goologi.st of Kansas, and K. C. lleald. Mr. Heald represented both
the Survey and the Association.
These men were assisted in svibcommittees by a largo number of the
leading oil geologists of the country, including oil-company geologists,
comprised:
—
(1)
—
directors of State geological sur\e3"s and consulting geologists, who were
especially familiar with the regions considered.
All these co-operated
whole-heartedly in the c^mvass of our oU reserves, and many oil companies
also furnished confidential data for use in the preparation of estimates.
—
Life of Various Pools Will Vary Greatly Dependence on Foreign Oil Will
Increase.
The estimated reserves are enough to satisfy the iirosent requirements of
the United States for only twenty years, if the oil could be taken out of the
groimd as fast as it is wanted. Should these estimates fall even so much
as 2 billion barrels shoro of the actual recovery, that error of 22% would
be equivalent to but four years' supply, a relatively short extension of life.
However, the committee expressly decries the too frequent assumption
that inasmuch as the estimated reserves appear to ))o sufficient to meet
the needs of the country at the present rate of consumption for twenty
years, therefore the reserves will be exhausted at the end of that time or.
at most, a few years later.
Tills assuini>tion is absolutely misleading, for the oil pools will not all be
found within that length of time, drihing will be spread over many years,
as the iK)ols are found, and the \\eUs can not be pumped dry so quickly.
Individual wells will yield oil for more than a (juarter of a century, and
some of the wells will not have been drilled in 1950. In short, the oil
can not all be discovered, much less taken from the earth, in twenty years.
The United States is already absolutely dependent on foreign countries
to eke out her own production, and if the foreign oil can be procured, this
dependence is sure to grow greater and greater as our own fields w.ane,
except as artificial petrolotim may be produced by the distillation of oil
shales and coals, or some substitute for petroleum may be discovere<i.
[Vol. U4.
Improved Methods Should Greatly Increase Percentage of Oil Recoiered.
one region, noted below, include only
the oil recoverable from the ground by present methods, but it is practicaUy
certain that the percentage of oil to be recovered from the American oU
fields will be vastly increased by the application of new and improved
methods of recovery. At present, however, this phase of production may
be regarded as in the experimental stage. Little has been definitely determined as to the applicability of "air pressure," "water drive," "gas presAll the estimates except those for
"vacuum extraction," and other new methods to different regions,
with their variation in conditions, or to the increase in production to be
counted on from the use of these methods. The committee, therefore, feels
that at present any estimates of such possible additional recoveries would
probably contain errors enormously greater than those inherent in the
estimates made on the basis of methods now in use.
In only one region are the geologic conditions so well known and the
experience with improved methods on a commercial basis so extensive and
so long continued as to justify the formulation of estimates based on the
results obtained.
Tliis is the region in Northwestern Pennsylvania and
Southwestern New York where the "water drive" is now employed to obtain
oU from the Bradford sand, which was supposed to be largely exhausted.
Under the peculiar conditions there the use of this method will result in the
recovery of a large quantity of oil that can not be recovered by ordinary
methods of production. Allowance for the additional oil thus recovered
has, therefore, been made in the estimates.
It has already been found,
however, that this method is not applicable to some other districts, and
accordingly no allowance has been made for possible additional recovery
through its use where its suitability to the local conditions has not been
actually demoastrated.
sure,"
Conclusion.
In the light of these estimates as to the extent of our supplies of natural
petroleum, the joint committee points out the stern obligation of the citizen, the producer and the Government to give most serious study to the
more complete exSraction of the oil from the ground, as weU as to the
avoidance of waste, either through direct losses or through misuse of crude
oil or its products.
Nature and Extent of Investigation.
oil reserves in the proved and discovered fi^ds
are reasonably reliable, and those for regions regarded by the geologists as
embracing "probable" future oil fields are based on all the available data
and are entitled to liigh respect, but the committee wishes it most clearly
understood that the estimates of oil in "possible" territory are absolutely
speculative and hazardous and that, although they represent the best
judgment of the geologists, they nevertheless may be, at least in part, wildly
erroneous. The questions involved are not only how much a particular
doubtful region will yield, but whether it will furnish any oil whatever.
On the whole the estimates are undoubtedly the best that have ever been
made for the United States and better than have hitherto been prepared
for any oil country or district of the world.
The estimates for local areas, fields or districts have been consolidated
by States, groups of States or broad regions in the case of non-productive
The
calculations of the
States.
Estimated Oil Reserves of the United States by States or Regions.
_.
...Barrels. 100,000,000
Pemisylvania
260,000,000
West Vu-ginia...
200,000,000
Ohio
190,000,000
Indiana and Michigan
70,000,000
UUnols
440,000,000
Kentucky, Tennessee, No. Alabama and N. E. Mississippi.. 175,000,000
Missouri, Iowa, North Dakota, Wisconsin and Minnesota..
40,000,000
Kansas
425,000,000
Oklahoma
1,340,000,000
Nort.hern Louisiana and Arkansas
525.000,000
Texas, except Gulf Coast
670,000,000
Gulf Coast, Texas and Louisiana
2,100,000,000
Colorado, New Mexico and Arizona
50,000,000
Wyoming
525,000,000
Montana, Nebraska and South Dakota..
100,000,000
Utah, Nevada, Oregon, Washington and Idaho
80,000,000
California
...1,850,000,000
Eastern Gulf Coastal Plain and Atlantic Coast States
10,000,000
New York
Total
..9,150,000,000
Total United States production, 1857-1920...
*5,430,000,000
Total world production, including United States, 1857-1920. *8,745,000 ,000
* Insert by Editor of "Chronicle" from statement compiled by the Survey in 1921. See V. 113, p. 2379.
The New England States are regarded as too unpromising to deserve
consideration.
Most of the northern i)eninsula of Michigan and the State
of Minnesota are placed in the same categorj'. The small quantities allocated to some other States indicate how little hope these geologists have of
finding extensive oil fields in them.
Some of these very doubtful regions
The estimates
will give no oil, but others will make good the deficiencies.
are as a whole distinctly conservative.
Of the total estimated oil reserves of the United States, amounting in
round numbers to 9 billion barrels, 5 bilUon barrels may be classified as
oil in sight and 4 billion barrels as prospective and possible.
Rather more than 4 bUlion barrels should be assigned to the heavy-oil
group. These oils will be recovered mainly in the Pacific Coast, Rocky
Mountain and Gulf States. The contents of the Lima-Indiana region,
which yields oil of a distinctive type, are estimated at 40 million barrels.
In general the so-called paraffin oils of moderate and high grade, as contrasted with the heavier oils, amount in aU to about 5 billion barrels. The
estimated reserves of high-grade oils of the Appalachian States are about
725 million barrels.
For the calendar year 1921 the Survey on Jan. 31 reported:
Petroleum Production. Consumption. &c.. for
Exports
Imports
Domestic
Crude.
Crude.
Production.
S.940,000
469,639,000 125,307.000
1921
8,757,000
443,402,000 106,175.000
1920
U.
3.
—
Calendar Years In Bbls.
Stocks
Estimated
Consumption. Dec. 31.
525,407,000 183,890,000
530,474.000 123,291.000
COAL LABOR BOARD AND THE INCORPORATION OF
COAL LABOR UNIONS ADVOCATED IN SENATE
BY MINGO INVESTIGATORS.
A Coal Labor Board, modeled after the United States
Raih-oad Labor Board and hke it depending on public
opinion for the enforcement of its edicts, is the main recommendation of the report made to the Senate at Washington
THE CHKONICLE
Fhb. 4 1922.]
on Jan. 27, as Ms individual opinion, by Senator Kenyon, Chairman of the Labor Committee, which reeentlj^ ininvestigated disorders in the West Virginia-Kentuekv coal
fields.
The
report holds that both the coal operators and miners
were responsible for the recent fatal conflicts and property
destruction in West Vii-ginia, since, (1) on the one hand,
the operators in this particular section of West Virginia
openly announce that they vrill not employ men belonging
to the unions," and will exercise the right, if they so desire,
to discharge a man if he belongs to the union.
(2) "On the
other hand, the United ^line Workers are determined to
unionize these fields, which are practically the only large
and important coal fields in the United States not unionized."
The proposed Government Coal Board would be made up
of three representatives each of the employees, the employers,
and the
public, appointed by the President, and its poUcy
would be governed by an industrial code which would be
enacted by Congress as part of a measure shortly to be introduced by Senator Kenyon. The proposed code is outlined
as follows:
CD Coal is a public utility and
public interest is predominant
iu its production
and distribution the
(2) Human standards should be the constraining influence in fixmg the
wages and working conditions of mine workers.
(3) Capital prudently and honestly invested in the coal industry should
have an adequate return sufficient to stimulate and accelerate the production of this essential commodity.
Free Field for All. Whether or \ot Organized,
The
right of operators and miners to organize is recognized and
This right shall not be denied, abridged, or interefered with in
affirmed.
any manner whatsoever, nor shall coercive measures of any kind be used
by employers or employees to exercise or to refrain from exercising this
right.
'•5)
The right of operators and of miners to bargain collectively through
representatives of their own choosing is recognized and affirmed.
.'6) The miners who are not members of a union have the right to work
without being harrassed by fellow workmen who may belong to unions.
The men who belong to a union have the right to work without being
harassed by operators who do not believe in unionism. The organizations
have a right to go into non-vmion fields and by peaceable methods try to
persiiade men to join the unions, but they have no right to try to induce
employees to violate contracts which they have entered into with their
employers, and the operators, on the other hand, have the right by peaceable
me^ns to try and persuade men to refrain from joining the unions.
i)
Right to Earn Living Wage.
right of all unskilled or common laborers to eai-n an adequate
llTlng wage, sufficient to maintain the worker and his family in health and
reasonable comfort, and to afford an opportunity for savings against unemployment, old age, and other contingencies, is hereby declared and affirmed.
Above this basic wage for uniikiUed workers, differentials in rates of pay
for other mine workers shall be established for skill, experience, hazards of
(7)
The
employment, and productive
efficiency.
to engage in industrial occupations is recognized
and affirmed. Their rates of pay shall be the same as those of male workers
for the same or equivalent service performed.
9) Children under the age of sixteen shall not be employed in the
Industry unless permits have been issued under State authority.
The
'H)
right of
women
483
lic, to accede to their unreasonable demands that would be immediately
forthcoming. Tho fight for the maintenance of the checkoff system is for
the purpose of furnisliing funds with which to accomplish this result.
COAL MINERS SEEK TO POOL INTERESTS WITH
RAILROAD LABOR IN FIGHT AGAINST WAGE
REDUCTIONS.
With a \'iew to uniting the 2,000,000 coal miners and railroad workers of the United States "in resistance to proposed
attacks on wage scales," John L. Lewis, International President of the United Mine Workers of America, on Feb. 1
sent letters to officers of si-xteen railroad unions, inviting
them to confer with the miners' officials "at the earUest
The in-vitation, which suggested no date
possible date."
or place for holding the meeting, declared in brief:
The railroad workers have been compelled to accept inequitable wage
reductions and propaganda is now being conducted on a gigantic scale to
It is likewise apparent that
enforce further unwarranted cuts upon them.
certain interests are seeking wage reductions in the coal mining industry.
Successfully to combat this frenzied hysteria, the miners are willing to
The 1919 convention of the miners
join hands with the raih'oad workere.
directed that steps be taken toward the promotion of a closer understanding
between the coal workers and the railroad men, and it is believed the time
is now opportune for the holding of a meeting of accredited representatives
of each organization for the above-mentioned purpose. AVe would respectfully request that, as representing your organization, you give immediate
consideration to the suggestions contained therein.
Mr. Lewis
is quoted as expressing the belief that at least
will rally to the call, there being, he says,
workers
2,000,000
500,000 union coal miners and from 1,500,000 to 1,750,000
union railroad workers. In a formal statement Mr. Lewis
asserted that the United Mine Workers of America were
willing "to unreservedly pool their interests with the railroad organizations and stand with them 2,000,000 strong in
resistance to the proposed attacks on their wage schedules."
E. F. Grable, President of the United Brotherhood of
of Way Employees and Railway Shop Laborers,
has expressed his intention to attend the proposed meeting
of miners and railroad workers' union officials, saying he is
"in hearty accord with the plan as proposed by Mr. Lewis."
E. H. Fitzgerald, Grand President of the Brotherhood of
Railway and Steamship Clerks, Freight Handlers, Express
and Station Employees, also said that he would attend the
conference called by President Lewis. E. J. Manion,
President of the Order of Raih'oad Telegraphers, told the
Associated Press he favored the conference, as the proposal on
the surface appeared "very good." Thomas C. Cashen,
President of the Switchmen's Union of North America,
stated he would accept the invitation with an open mind
on the proposed pooling of interests to maintain wage sched-
Maintenance
ules.
(lO) Six days shall be the standard work week in the industry with one
day's rest In aeren. The standard work day shaill not exceed eight hours a
The miners, it is said at international offices at IndianapoUs, will not accept wage cuts, but will ask for substantial
increases.
That the Federal authorities appreciate the significance
day.
of this
Punitive overtime shall be paid for hours worked each day in excess
of the standard work day.
'12) When a dispute or controversy arises between operators and mine
workers thia-e should be no strike or lockout, pending a conference or a
taKu-ing and dct<Tmination of the facU and principles involved.
the
— Punllite Ocerlime.
Eight-Hour Van
(11)
The Kansas
Industrial Court idea, involving compulsory
Kenyon
arbitration, Senator
"cannot be a succeas because
says, ha.s proved futile,
it
and
has no underlying code of
rules or principles."
Hitchman
.Speaking of the famou.s
deci.siou of the Sui)rc'ino
that an employer has a constitutional right to di.scLargf union employees, Senator Kenyon
';ontfnd.s that thw deci.sion was rendenxl because Congress
has 'jnact^xl no lawf eit h'r forbidfling such f)ra<^!tioeH, or recognizing th«! principle of collective bargaining.
which
^>»urt, in
HfiTtSkton
it
wa.«
f'hipjw,
hdd
Warron and
St<'rling,
his
associates,
niado Hoparatc rcpfirtn inviting conHideration of the
cod« without endrjfHing
Kenyon
and expn.-.HHiiig doubt whether
induHtrial conditions would improve until Congress n(|nires
thu
it
union organization.s.
<'hairman itt the l.,alM>r ('ommltt«<i of
tho William«on Oial Opt-ratorn' AsHo*;iation, conmic^nting on
.S^-nator Konyon'R refHjrf, i.s qurjt^id &h Haying in piirt:
incorfKjration
Harry
of
(Jlnintead,
havfl t)4yfn abln to li-arn. t(i<i oinT:it<>r« nf llin Wllliaiiiiwiii fli'ld
arti HittUirt'd with Ihn flndlnir« of thf rtiltwl Hlnl<« Hrnnt«i i.-oiiirnltum rrlatl»« to thn •Twtwhllf liitxir troiihU* In thl< fifld.
Tlu-y do n'lt, liowi-vnr,
liMlorvi thn riplnlnrM or ''liolrnion Kenyon iifK>n f»r»ii>«rfn-<l r'-nn-'lliii fur Inhor
.So r,ir
ui
I
t.hn rf>»l fli'l'l.«. nor do they ffx-l thnl liln iir>i|i<«.ilH of (invi-rtimnntal i»iiiKTvl<l<,n roiild Jiwf ify or rlKhtfiilly fj<i iippiUvl to tlirlr IhkiIii'
Ml of Mi«^ .11 <» fit vidli'ru"- '-hitriC'l l>y S<iiiiil«ir K''My<i(i nKnioiii. lli"
nji''!
Minn Work'Tm in Mlntco < ounty and whlrli hit n.iyit an^'ntltlml to ninpliallt:
oomlnmnation. happrnfxl l)crnii»»i Ihn ornfiril/.i-nt. «iff|riTii itrid ii«riit* of thn
Unlt«d ,Vlln#i Worknrn opiXMnd and rlolAt«M| thn n«tnl>lliih>'<l IndUKtrial prlii
dtoturhnrin-n In
.
I
.
etplvn.
ThnwHn objf-/^, of thn
fnlt.wl VI Inn V\ orknni orKnnl/.nMon In to Knln rontrol
thl nnn-iinloii roal flnld* for thn v\irinmp of monopoly, which. If nuiynw
ful. woiiKl plnrn thnm In • poailinn to form th^i trrnat third party. th«» juib-
'rf
movement appears from
the following dispatch to
"New York Tribune" from its Washington correspondent
under date of Feb.
2:
with u Joint strike of coal miners and ralhoad workers
on .\pril 1 as proposed by laiders of the mine unions, are being worked out
l)y the Department of Justice, Attornoy-Oenoral Daughorty said to-day.
Ho .said he wa.s giving careful attention to tho situation.
Tho Attornoy-(JeneraI said ho was watching both the thruatened coal
PlaiLK for dealing
,
and tho movement for joint resistance to wago cuts, and was .sati.sfied
that tho Government had adequate legal authority Uj haniUo the situation
at the proper time.
He di)clined to indicate what direction tho Uoviwunient's plans were taking.
While tho exact legal procedure which the (iovernment will take In tho
event of a great coal strike Is not known, thore Is rca.son to believe that
efforts will be made to enjoin the mhuirH and tie uj) thc^ir strike funthi.
This courst) was adopted by the pr('C(!(llng Administration anil tho (Jovernmnnl was able to Kustaln In court the doctrine that a grual coal Mtrikc was
lnUnli-al t<i the public welfares to thu luialth and life of the people, and that
tho public Interest had to be considered.
.\ttorney-Oeueral Daugherty made It plain that the long-MufferlnK public
is to have a volci- and some consideration In th<( <lls|iutes between the
nilniTk un<l the operalor.K.
"Tlie people of the country." he siild, "aro
Thoy
KetlhiK tlr««l of Htrlki.-M unil <iiiarn'lM und buiug forcibly fo<l on both,
want fuel to kiHip warm and food when they are hungry, und they can't
liavcr either without work."
riiionn, he ruild, c-Liinot do atiylhlng an IndlvUluiil 1h not periiiltteil t<> do.
and he douK not think It lawful for a man or Net of men to pr<<v»nt othura
IMirforming wirvlcea l<i their employern untler coiitriirt.
strike
The
position of the American F(<lcration of
Iv.'ibor iih
to
radical nieusiinfM ajiix-ars froni tiie following Htntenicnt made
by it« President, Samu«'l Compora, on Jan. 'M at the aninml
convention of the National Civic FiKlc«rati(»n, wiiich whh l»>ld
,
thin
My
w«*«-k-
at the
lloti-l
Aslor,
New
Yorlc City:
are i|i'«lKn;ite(l by wimii piitrlotM na moht nidlenl and
liy rii'iii.ilx ni renetlonury and eotmerviitlve.
Aa ii nmltiir of fjiet, tho
Ainnrir.tn labor inovenienl In flKhMiiK riidleal pro|mi;unila and nii>vemiint«.
A propimandii Ima henu
l/'-t no otie liiiKalne th.it we are entirely mifn hiTo.
f.irrlr«| on to (tiMtrtiy the AmiTli-aii Ui-pn'Ole and to di"«lroy the Amnrlean
dent to II.
Not only la It dlreeted
KivliTutlon of Labor aa a eondltloii pr
from tliiMtIa, Init from thronuhoul the world. More than ri.OtlD.IUHl workltig
{HKipIn urr unemployivl In llm eountry iml wliicn have we hiaril a word
Whnn rm-n and women
of onnMlructlvn (xitlcy to rnllnvn thl« alluation''
.e.'XM-liiteM
iind
I
,
THE CHEONICLE
484
willing and able to work cannot find work to support themselves and sustain their dependents it is well for us to consider and ask ourselves.
Whither are we dr fang?
The attack on the toilers Is surcharged with propaganda that has been
going on against the men and women of toU, and particularly directed at two
branches of industry— the railroad men and the coal miners. The coal
minors have worked less than four days a week in any part of the country,
with wages about $1 40 and SI 50 a ton and coal sold to the consumer at
$15 a ton. I wonder if it is generally known that the railroad managers
have placed to the labor wages cost of the railroad employees $1 ,250,000,000
more than was paid for wages for labor in the railroad service in their
presentations to the Board.
RAILROAD RATE REDUCTIONS IMPRACTICABLE AT
PRESENT BECAUSE OF SMALL EARNINGS.
Walker D. Hines, former Director-General of the Railroad
Administration, asked to represent the public before the
Interstate Commerce Commission in its exhaustive investigation of transportation rates, testified on Jan. 31 that in
his opinion raih'oad earnings are too low to allow general
reduction of freight charges and that business activity
would not be stimulated by such a step if taken. Mr.
Hines in support of this opinion said in part:
Looking over the statistics of railroad earnings during 1921, we can take
for granted that general rate reductions arc not called for on the ground
We must all admit railroad rate are high now,
that earnings are too high.
but in my opirion current business depression is not due to that fact but to
conditions that are fundamental and world-wide.
Chiefly, it is the effort
of people to get to a normal adjustment after the strain of the great war.
Considering the effects of a possible general reduction, we must conclude
first that it would further deplete the financial reserves of railroad companies, which are alre^idy weakened, unless it stimulated business sufficiently to produce traffic which would make up the loss.
Second, we
must conclude that it would reduce the purchasing power of the railroads
themselves, which is an importnt factor in the fabric of commercial organization.
1 doubt that a reduction wouid stimulate business.
Depression is due to the absence of demand for commodities, which
demand cannot be created by slight price reductions, which rate reduction
would allow. It would be doubtful v/hether the effect of the reduction
would ever reach those sections of the community which need support
because the benefit would be monopolized by those classes which are most
highly organized.
Transportation service costs are not the real cause of trouble now. A
far greater burden on consumption and production to-day is that placed
by the existing s.vstem of distribution.
In the public interest it is probably necessary for the railroads to spend
on betterments and facilities at least a billion dollars a year for some time
it
to
come.
On cross-examination Mr. Hines said that "great caution''
should be exercised with reference to rate charges, but
he lacked the information on which to base an opinion as to
whether any reduction should be made.
Asked if all other industries had not had to face losses and
depleted surpluses during 1920 a.nd 1921, he said:
No doubt that is true. But looking at it from a public service standpoint,
railroads are public utilities which have no opportunity to pile up funds
during periods of prosperity upon which they can depend in lean times.
For instance, during the war nearly every industry accumulated immense
profits, some of wJilch were held back to tide tbem over.
The railroads
were unable to secure anythmg but normal returns and their rates and
revenues alike were held down.
RAILROAD MANAGEMENT UNDER FEDERAL CONTROL DEFENDED BY WILLIAM G. McADOO,
EX-DIRECTOR GENERAL.
William Q. McAdoo, Director General of Railroads during the war, appearing before the Senate Committee on
Interstate Commerce on Feb. 1 made a vigorous counter act
on the Railway Executives who had eritized the Federal
administration and maintenance of railroads, charging them
with failure prior to the war to provide capital for needed
improvements and failure also to pay adequate wages. (The
effect of the Adamson law as well as the World War demoralization due to
them on the
speaker apparently
left
cost
and
efficiency of labor the
out of account.)
Mr. McAdoo asserted that-in 1917, prior to the Government taking over the railroads, the railroads had been
brought to such a "deplorable condition as to be a menace to
thecountry. Thecollapsoof the railroads under the burden of
traffic had almost cut the line of communication between
the American army at the front and its base of supplies," he
added. On the other hand he claimed that the roads were
turned back to their owners with 2,G06 more locomotives,
26,815 more freight cars and 1,051 more passenger cars than
they had possessed at the beginning of F(>deral control, and
"were in condition to meet the heaviest traffic demands in
war
their history."
Extracts from Mr. McAdoo's remarks follow:
"The
issue, is inescapable that
if
there wa.s in I<)I8 extravagance and in-
efficiency thi^o railroad executives were guilty of it, and if the.v were not
guilty then, they are now, for their own purpo.ses, guilty of an attempt to
besmirch the record.
"Having failed so signally to raise capital to provide the necessary capital
expenditures and the wage increase neccs.sar.v to retain sufficient skilled
labor to efficiently operate the roads, by what right do they now criticise the
Railroad Administration which established a credit of a billion of dollars
and more for capital expenditures, brought order out of chaos, got the
transportation ,9yste.m of the country functioning, opened
up the
line of
com-
[Vol. 114.
munication between the soldiers at the front and their base of supplies, and
made possible the early ending of the gruesome and awful war?
"The outstanding fact is that after private operation of the railroads had
resulted in bringing them in 1917 to such a deplorable condition as to be a
'menace' to the country, the Government operated these roads for the year
191S with 'practically the same plant' as in 1915 the same lack of locomotives, the same poorly repaired freight cars, the same inadequate facilities
and terminals and out-of-date roundhouses and repair .shops and broke up
the congestion of traffic, met every demand upon the transportation system
of the country, paid a living wage to labor, paid to the owners over .$900,000,000 in rentals, which they could not possibly have earned under private
—
—
control.
Message From British, French and Italian Prirne Ministers in February, 1918.
"To cite an instance, it will be recalled that in February, 1918, the situation was extremely black for the Allies.
On the 8th day of that month the
President of the United States sent to me a collective message from the
Prime Ministers of Great Britain, France and Italy .saying:
"First
That the bread cereals sent from North America were in December. 1917, 500,000 tons below the amount fixed by the Paris conference; and
in January more than 400.000 tons below the adopted program.
"Second That this deficit of 900,000 tons had been caused by the congestion of the railroads and the lack of cars and coal and would result in a
condition especially seriotis throughout the allied States.
"Third That instructions be issued for absolute priority to be granted in
the United States to those products until the cr:s''s was passed; that the
matter be submitted to the President of the United States in order that he
should be informed that, in the opinion of the three Prime Ministers, the
need of cereals in Europe could not be exaggerated; that measures had been
taken for supplying the necessary tonnabe, and that the interested countries
had been able to take those measures only by reducing their importations of
ammunition in a degree justified solely by the critical character of the food
situation; and finally that, in the opinion of the Prime Ministers, the dearth
of these cereals, with the effect it might produce on the morale of the poptjlation, and the important part it played-in the Russian collapse, 'is at the
present time the greatest danger threatening the allied nations of Europe.'
Means Taken to Overcome Blockade of Food and Other Supplies.
"You will observe that the dispatch stated that 500.000 tons less than the
amount jjromised for December had been delivered in December, 1917, and
400.000 tons less than promi-sed in January, 1918. The railroads were
exclusively in the hands of their private owners throughout December, 1917.
"There was but one way to get the necessary food supplies to the seaboard
and that was to do one of the most drastic things ever dsne in the history of
American railroading, send empty box cars from the East to the West and
bring them back as swiftly as possible loaded with the necessary food
—
—
—
supplies.
"It was necessary to absolutely arrest the domestic commerce of America
until this emergency could be met, and no authority except that of the
Federal Government could have met the emergency.
The success of the operation saved the war for America and the Allies, because a failure to meet the food crisis at that time would have been an irretrievable disaster, and on the 15th day of March, 1918, one month and one
week after the meeting of Feb. 8, I had the pleasure of addressing a letter to
the Ambassadors of Great Britain, France and Italy, informing them that
loaded cars of food had accumulated to such an extent at the leading Atlantic seaports that it would be necessary to seriously consider an embargo
against t he food movement unless immediate relief in the way of ships could
be afforded, so that the cars could be unloaded and put back into the e.ssential commerce of the country, where they were desperately needed.
"In the words of the seven patriotic railroad men who assisted me as Regional Directors: 'The efficient operation of the railroads in support of the
Government during the war justified every act of the Administration during
that period.'
"
RAILROAD RATE HEARINGS— SHIPPERS URGE
REDUCTIONS.
The
rate hearings before the Inter-State
Commerce Com-
mission from Jan. 19 to Jan. 28 v.'^ere devoted to testimony
of shippers as to particular commodities, beginning with
coal and coke on Jan. 19 and 20; ore, furnace materials and
iron and steel articles on Jan. 21 and 23; sand and gravel,
brick, lime, cement, gypsum and asphalt on .Tan. 24 and 25;
lumber and forest products on Jan. 26 and 27; fertilizers,
The testisulphuric acid and phosphate rock on Jan. 28.
mony of Walker D. Hines andW.G. McAdoo, ex-DirectorsGeneral of Raih-oads, occupied the attention of the Commission from Jan. 29 to Feb. 2 inclusive.
At the opening of the commodity testimony, Commissioner Hall asked the witnesses to bear in mind that the investigation is not being held for the purpose of going into
questions of relationships, differentials, &c.
J. D. A. Morrow, Vice-President of the National Coal
Association, representing, it is said, approximately 2,000
operators, producing 60% of the aggregate bituminous output of the country, in his testimony urged a heavj', nationwide cut in freight rates on coal as a means of lowering the
cost of coal to the ultimate consumer and improving the
economic position of the nation. Mr. Morrow's statement
is briefly outlined as follows:
"Inflated railroad rates on coal must come do^vn if costs to the ultimate
consumer are to bo substantially lowered, both
m.inufac'ured from co: 1.
in coal itself
and
in products
"Wo foel that a ma erial reduction in these rates would act in some degree as a .stimulus to business, and, therefore, should reduce the operating
expenses and tend to n--reaso the revenues of the carriers.
Estimated Goo I Effects of Rcducinti Railroad Rates on Coal.
"In the twelve months c>nded Sept. 30 1921 the carriers purchased a little
over 1.30, 0)0, 000 to::s of fuel coal. The reduction in cost under the average for this period reached 90 cents per ton in October 1921. With a furthc'- e.sli.aiated rodui t'on after April 1 next, the total sa^'ing to the carriers
would approximate $215,000,000 under the railway fuel cost for the twelve
months wided Sept. 30 1921.
"If this S2I5,0J0,00() saving in railway fuel cost should be translated into
a reduction in freight rates on bituminous coal and allowance made for
the saving to the carriers by reduced rates in the freight charges on their
THE CHKONICLE
Feb. 4 1922.]
fuel Poal, the totnl saving to the c-arriers on their fuel coal costs would
coinpoiisato for an averaKO reduction of 75 cents per ton on the bituminous
coal rates of the country.
"Wo are not sH(?<;eslinK 75 cents as an average reduction which should bo
arc merely pcilnting out the fact that by April 1 1922 such a
made.
reduction in all probability would be fully compensated for by the lower
fuel costs of the carriers alone, to say nothing of any other reductions in
railroad operating expenses.
"The savings in the cost of bituminous coal to users, from substantial coal
rate reductions, would add greatly to the purchasing power of the people.
For example, an average reduction of even 60 cents per ton on bituminous
coal would release nearly SI, 000. 000 a day to be spent in other ways.
There is no need to enlarge upon the effect of such an addition to the daily
own
Wo
purchasing power of our people, but
it
would be a powerful stimulus
to
during the last quarter of 1021, but permission to continue this rate after
December 1921 was denied tho carriers, presumably because of this general
investigation.
Julius Kruttschnitt, Chairman of tho executive
Conflicting Testimnnij.
recently .stated in a published article
committee of tlie Southern Pacific
"that freight rates on all railroads declined about 1% between the years
1900 and 1917, and that tho total freight rate increase to date was about
74%." It was also stated by Howard Elliott, Chairman of the Northern
Pacific RR., before this Commission "that there was practically no inflation in the transportation business during tho war."
These statements are not correct so far as they relate to freight rates on
coal, coke, limestone, iron ore, iron and steel products, as may be easily
ascertained by reference to freight tariffs issued for tho Youngstown territory on iron and steel products for the years 1000 to 1917. It will be observed that freight rates increased from
to 40% and that the total average increase from 1900 to 1921 on inbound freight was about 90%.
For the Birmingham district tho increase on inbound raw materials was
over 300%. On the other hand, outbound freights on iron and steel in
the central traffic territory from 1900 to 1917 increased to principal points
about 30% and from 1900 to 1921 from 1227o to 1607o.
It may be assimied, perhaps, that the claims made by the gentlemen mentioned had reference to the average of all freight rates being substantially
unchanged during the period referred to, but even so, only one conclusion
can be reached. Iron and steel products, and raw commodities required in
their manufactiu'e, have carried a disproportionate share of the transportation burden as compared with other commodities.
Railroad Wages. The problem is largely a labor question, for labor is
the big item of cost, as it represents about 60% of the cost for conducting
transportation, and yet this item of cost has hardly been touched, the reduction effected amounting to only about 12% whereas the wages of other
—
freights on bituminous coal will reduce the cost of coal delivered
at factories, and should tend thereby to lower the production cost and market price of commodities.
In this way the consumer would directly benefit.
All railroads, also, would benefit in the reduced cost of materials, supplies
"Lower
and equipment which they buy."
Effect of High Railroad Rates on Cost of Coal.
As indicating the excessive freight charge on haulage of coal to-day^
Mr. Morrow pointed out. from records of the carriers before the Inter-
State Commerce Commission, that the average rate per ton is .82 27, as
against an average sales price at the bituminous mines of S2 13 a ton, or
The freight rates, Mr. Morrow
14 cents higher than the cost of the coal.
went on to say. have advanced from 75 to 200% and even more since 1914.
"The freight charge of S150 or .$200 on a car of coal, which can be bought
at the mines for .?50 to $100, shows on its face the disproportion between the
transportation cost and the market value of the commodity: 4814% of
each dollar paid for coal ordered by the manufacturer goes to the operator,
goes to pay the freight
out of which all his costs must come, while 51
on the coal.
H%
Necessity for Further Reducing Cost of
Mining
Coal.
may
be urged that lower costs of coal .should be obtained by reducing
the wage scales at the mines. This is true, and we admit that inflation
in the wages of the bituminous coal mining industry muse be read'usted.
In this connection, however, we must point out that wages have already
been reduced to the approximate level of November 1917, throughout the
mJning fields which are not controlled by the United Mine Workers of
Ajnerica.
In some of the union fields also wages have been reduced to
that approximate level.
In the remaining fields wages must be reduced on
April 1 next, although to what extent the National Coal Association cannot attempt to say."
Mr. Morrow quoted from reports just obtained by the National Coal
Association from operators with 55,460,000 tons of bituminous tonnage
during the seven months from April 1 to Oct, .31 1921, showing that during
those mom hs there was an average loss of two cents a ton, while the reports
for November and December showed even further losses.
While wage
cuts in the union mines would, he said, result in some lowering of the mine
price of coal, still the effect of such reductions already has been discounted
in several fields through reductions in the mine price to meet lower wage
and mme prices in competing non-union fields.
A
revised schedule of dates for the hearing as to various
comraoditios sets aside Jan. 30 to Feb. 4 to testimony of
the ]jublic and shippers as to general aspects of the case,
Feb. 10 and 11 for the railway labor organizations, and further do,tf'S for commodities as follows:
Feb. >i. vegetable oil and soap; Feb. 9, grain, flour and agricultura!
produTf;: Feb. 15. canned goods and wholesale groceries; Feb. 16, fruits?
and v(-;i-'ables; Feb. 18, milk, cream and dairy products; Feb. 20. beverages and l>everage containers; waste m-terial; Veh. 21-22. live stock and
packing-house products; Feb. 2.3-24, petroleum and petroleum products:
Announferr.ent will be made later of dates for carriers'
rebuttal evidence and for oral argument.
RA ILKOA I) RA TES FOR THE STEEL A XD IRON INDUS
TRY MUST HE REDUCED, SAY
A. TOPPING
AND OTHERS.
./.
flepnvsj-nfatives of the iron and steel industry at the hearing bcfon; the Inter-State Commerce Commission on th
general rate situation were unanimous in their demand fo*a substantial reduction in the freight rates on iron and steel
and the materials and supjjIieH used in the production of
the samo.
.John A. Top[)ing, Chainnan of the Itepublic Iron & Steel
Co., ill his testimony said in substance:
LituidriHrm.
Iron and rto*;! pricett during th(! year 1921 declined over
50%, whilo d'rm.ind, at the low (Kiint, did not C)xc<vkI 20%. In fact., t'lo
Iron and it'»'l indastry l« Hiiffixlnx Dm worst fl'pnrHsion In Its history, lut
avcragr; jirrKluctlon for 1021 d.d not fxi:>;<A W'o, wiieniriH. follo^iim tli"
jmnlc of KJ07, prcKluction waa at 70% and .iftor tho piinic of 1!»01 a.<r.iit<«l
>
—
(*.'»%.
A* n
conMv|iinnc<! of thram odvrrriwi condltlunM, during 1921 lowtfls Ijocamo
»o pronounrr<l th.it r.imt roductioiM wcr<s mandatory, and wage rtxluctloHM
of ab<iut Ki'/o followwl.
Thi- - .1......,.:
.„ |„ connw^lon with olhiir ••t'onomlcM, r<>«iult<Hl In
'''''
'' 3.1%. whllr Iron and hUhA N<:llhiK prii- •», lit prc'
'""
ilKiut r,()7o. whlcfi di'clinn romp ibly with
*hn N
i^t. rlivlliio In farm pro»liirlH of nlM,
,
.
I
'•''•
—
Willi rntlglil rtiiirgi-H ri)pri«('iii m j; .i'p
or
norm.ll rnnniimptlon iind movdmitiil of IhiMn
;
Iron i-i'l If
mf>'IIM<4 .iri'
»»f
Not
„
rtalmi of any
Ki'i t'l point OH'
cini.
morn
c«m-
pnrt.lciilnr dlntrlct,
,
.
;;
,
,
,
labor have been reduced from 30% to 50%.
If the Adamson law stands in the way of reasonable adjustment in the
hovu-s of work or the rates of pay, its repeal should be urged in the pubUc
interest.
—We
Outhok for Iron and Steel.
are of the opinion that fair readjustments
of freight rates will gradually restore normal conditions of demand for iron
and steel, and bring about normal traffic conditions. While production
has increased during the past 20 years about 320% and present steel ingot
capacity is over 50.000,000 tons, yet the normal consumptive requirements
of the country have also gro^vn; in other words, tlie per capita consumption
of steel has increased from 300 pounds in 1900 to 834 pounds in 1920, or
about 178%, while the population of the country increased nearly 60%.
During this period our exports increased over 300%.
Under normal conditions, the "Iron Trade Review" estimates, assuming
we have the same ratio of gain in the future as in the past, tliis country will
require by 1926 a productive capacity of not less than 51,000.000 tons, as
agaln.st our record production for the year 1917 of about 45.000.000 tons,
or ,as compared with oiu- present indicated output for the year 1921 of about
20,000,000 tons.
Production throughout the world estimated for tho year 1921 was less
than 59% of normal; current selling prices are low. as are stocks on hand;
current purchases are believed to be considerably below the upkeep requirements of the country' and of the world.
Conclusion.
Therefore, the demand for iron and steel should be accumulating and this ciunulative demand can at least be partially, it not wholly,
released through adjustments in transportation costs and reductions in
freight rates, and the return of normal conditions of business and transportation, certainly considerably hastened thereby.
.
—
The present freight rates on iron and steel products and
materials were also sharply criticized bj^ a representative
of the operating subsidiaries of the United States Steel
Corporation, by F. A. Ogden, General Freight Agent of the
•Tones & Laughlin Steel Co., and others.
RAILROAD RULES FOR CLERKS, STATION
EMPLOYEES, ETC.
The United States Railroad Labor Board on Jan. 23
handed down a decision in the case of A. T. & S. F. Ry.
Co. et al. vs. Brotherhood of Railway and Steamship Clerks,
F'reight Handlers, Express and Station Em])loyees et al.
This decision extablishcs a new set of rules effective Feb. 1
for about 300,000 railroad employees of the classes above
named, amending or su])erscding for them the old National
Agreement of Jan. 1 1920, made by tho United States
Fiailroad Administration during Federal control.
Seventytwo carriers and subsidiary companies are affected by the
decision.
Tho decision expressly recognizes the principle of tho
eight-hour day for al! i>iirposes of eoinputation and administration, but provides that the ninth hour sliall \n) paid for
at tho pro rata or regular rate,
in oilier words, i)ay at tiio
time-and-onrvhalf, or "])enalty" rate, wliich u]) in this (imo
was allowed after S hours service, will not }M>gin til! !• hours
have
elap.sed.
Sunday and
holidiiy work will be ])!iid at straigiit tinie,
except wIkto the niilroad iigrees to do otlierwis(>. Also ni(>iil
Th(\se
I)eriodM worked will bo paid for at the i)ro rata rate.
periods form<!rly were paid for nl. liiiK! and om'-lmir.
Tho new
authori/.e the so-called "split trick"
work, in |)la('t( of com))elliiig overtiniK or
nioro than eight hours.
Am to this last and
riih^s
al.so
for iiitermittont
two
but for puriKuww
•'
of IIIUAtr^ktloii. ,..
!, which crMtN our company
about %i 2.'i iHT u,tt t... mhi.'. and In
r tho II. A \,. K. Ky. and
n. & () UK a diRluu- i,f
,,, fri.lght chargo Ik $1
.lO (xt
ton; ron«ii|Umitlv Ir »Fm;.<.rt
.< about 7.1',;, of llin roni co«t;
on Iron nm, whrirn thn miii.. ...
.,,, ;,.,,,! |1 to %2 pnr ton. varying with
thii rh ir i<-t«T of thn inlM« o|H'ri>M»ii. iho tri'h'.Ul fh;»rgii, I>uwmI
on an aviTago
noovrmruit. from f.ho MmabI Katigi' of ftlMiiil 77 mlli-^, In 11 jmt ton. or apprnxlmatxly (1(1
,{% t^ tho avorogn ro«l of orn. Th<i lower InUn rnt" on
oro In no |i-Hq ii«r'«Mivf. nm th<< rat., on Iron orn for dln-j't ntilpiiiKiit from
fTlAvnlniul to Yituiw.vU,mt\. a ill«tirirn of alioiil r,7 inl|o«. In 09 ij n-tit* por
•otiThis rato the carrloni voliintarily nvjiirtwl to 71 ctmin |xt ton, ofTiMnlvo
t.j
.
—
Feb. 25. other commodities.
mtxiul
KR
3%
basiness revival.
"It
485
Hhiffs
<»r
other
i)ro visions pro.ss reports say:
Thin rulo. It U wild, will do much to Improve ncrvlcn and glvn oinploymiMil to many mim Ihroiigli itm riwipoiiliig
by tlio IImcn of niiniy Hiniill
•Iniloiin do* «| Imdmumi of llii> c'li'iM.lvK <'<iKt of niiildliiliiliig (li«iii undiT llii'
ii/illnnil nirrra'iMiKit,
rcipotiallilii
nil
''
'
and
''iitt
II will
.lUo
niiili"
pimillil(< for llii< roiidn lo di'liill
II
i<(|i«rliinc«<l i>nipioyi>iM for
inlriui
Mm
<<(pi<(iiui
now
mtvIci' at
rlaliiind
itn
iiui'li
nldlloiiH diirltig
proliililtlvK, iind onil
rif di'li'giiiliig Janilorn it nil oiIhm' i'iii-i<liik«rii Ui i-ovi'r IIikmi ponIji
of (|ll> llilV.
TliK nnw ruliw aUo provldn that right lioum' nctiiul tlino on duly wlllilii a
proud of Iwolvn houm iilmll ronntltiil.x a day 'd worU with I'inployiiiw on «ui;h
III
III
,
,
THE chkoot:cle
486
jobs reimbursed for overtime for all time actually on or held for duty in
excess of eight hours within the twelve-hour spread, and overtime for all
periods In excees of twelve consecutive hours, computed continuously from
first moment of report for duty.
Time under this rule is to be computed as
continuous senrloe in aU cases where the interval of release does not exceed
one hour.
Where all the work at a station due to the arrival and departure of trains
only in the morning and evening comes'within'a sperad of twelve hours, such
an employee under the new rule would work in the morning, be released in
the middle of the day without pay and report in the afternoon for the remainder of the day's work. Under the old rule he was paid overtime for the
evening work or two shifts employed, which latter was generally done.
The new rules allow straight time for the daily work period to employees
traveling on company boarding cars to assignments away from their regular
places, but eliminate the provision for payment of half time between the
hours of 10 p. m. and 6 a. m., which was the rule under the national agreement.
The new code leaves the matter of sick leave and vacations for employees
up to the men and the managements entirely. Under the national agreement there was no rule sexjuring these advantages for the employees, previous
practice being continued.
Students and apprentices qualifying for specific clerical work or as operators of office machines, such as typewriters and adding machines, are ex-
empted from the terms of the agreement.
A large number of rules on discipline, grievances and seniority, over which
there were disputes on some lines, were remanded to the men and the
managements for further negotiation.
The rule covering the scope of the agreement to include personal office
forces, over which several cases have already come before the board, was also
remanded for further consideration.
Some
provisions of special importance follow verbatim:
Article I.
— Scope—Employees
Included.
These rules shaU govern the hours of service and working conditions of the following employees, subject to the exceptions noted below:
(1) Clerks: (a) Clerical workers: (6) machine operators.
(2) Other office and station employees, such as office boys, messengers,
chore boys, train announcers, gatemen, baggage and parcel room employees,
train and engine crew callers, operators of certain office or station appliances and devices, telephone switchboard operators, elevator operators,
office, station and warehouse watchmen and janitors.
(3) Laborers employed in and around stations, storehouses and wareRule
1
.
houses.
Exceptions.
These rules shall not apply to laborers on coal and ore docks: or to laborers
on elevators, piers, wharves, or other waterfront facilities not a part of the
regular freight station forces: or to individuals where amounts of less than
$30 per month are paid for special services which take only a portion of
their time from outside employment or business; or to indi'V'iduals performing personal service not a part of the duty of the carrier.
Tntermiltent Service.
Rule 49. Where service is intermittent, eight (8) hours' actual time on
duty within a spread of twelve (12) liours shall constitute a day's work.
Employees filling such positions shall bo paid overtime for all time actually
on duty or held for duty in excess of eight (8) hours from the time required
to report for duty to the time of release within twelve (12') consecutive
hours, and also for all time iu excess of twelve (12) conseoitive hours
computed continuously from the time first required to report until final
release.
Time shall be counted as continuous service in all cases where the
interval of release from dutj- does not exceed one (1) hour.
Intermittent service is understood to mean service of a character where
during the hours of assignment there is no work to be performed for periods
of more than one (1) hour's duration and service of the employees cannot
otherwise be utilized.
Employees covered by this rule will be paid not less than eight (8) bom's
within a spread of twelve (12) consecutive hours.
Reporting and Not Used.
Rule 50. Employees required to report for work at regular starting time,
and prevented from performing service by conditions beyond control of the
carrier, will be paid for actual time held, with a minimum of two (2) hours.
"^ Tf worked any portion
of the day, under such conditions, up to a total
of four (4) hours, a minimum of four (4) hours shall be allowed.
If worked
in excess of four (4) hours, a minimum of eight (8) hours shall apply.
All time under this rule shall be at pro rata.
This rule does not apply to employees who are engaged to take care
of fluctuating or temporarily increased work which cannot be handled by
tdio regular forces; nor shall it apply to regular employees who lay off of
their own accord before completion of the day's work.
Notified or Called
Rule
Except as provided
—Provision
If Not Used.
employees
notlfiecl or called to
before, or after t'lc regular work period
shall be allowed a minimum of three (3) hours for (2) hours' work or less
:ind if hold on duty in excess of two (2) hours, time and one-half will be
-.orform
,58.
in rule 59,
work not continuous with,
allowed on the minute basis.
Rule ri9. Employees who have completed their regular tour of duty, and
have been released, required to return for further service, may, if the
conditions Justify, be compensated as if on continuous duty.
[Vol. 114.
We
dissent from decision No. 630, Docket 475, of a majority of the members of the Board with respect to rule 57, which provides punitive payment
for service rendered beyond the ninth hour, for the following reasons:
Prior to Federal control of railroads, clerical forces generally were paid
on a monthly-rate basis which covered all service rendered.
Other classes of employees covered by the clerks' agreement, including
freight-house laborers and other station employees, generally worked ten
hours per day and were paid at pro rata rates for all time worked; ordinarily
the same hours of service per day are now required to meet business needs
throughout the country along the lines of the carriers.
The clerks' rules govern a large class who are not clerks either by training
of special skill required such as yard clerks, messenger boys, chore boys,
laborers, students, apprentices, et cetera.
The work of all classes covered by this agreement is to an extent intermittent and does not require constant application. With a lesser day than
ten hours the carriers cannot, with economy and efficiency, meet the
demands of the public.
—
—
"Punitive payment has but one jtistiflcation namely, preventing the
worldng of unreasonable hours. Therefore, it is our judgment that the imposing of rules requiring punitive payment for any service rendered by
employees covered by this dicision within the ten-hoiu* period is unjust, unfair, and unreasonable and burdens the carrier with an uneconomical condition."
While concurring in the decision as a whole, A. O. Whargroup members, appended a statement
asserting that time and one-half should be allowed after the
ton, one of the labor
eighth hour.
Although
it is
admitted that the decision
will
mean much
save the roads a largo sum
the first report that this sum will aggregate anything like
$50,000,000 is pronounced prepostreous, $15,000,000 being
thought by statisticans attached to the board a more con-
for efficiency in service
and
"will
servative estimate.
Concorning the false report, chairman P. M. Barton said:
"The statement referred to was not made by nor authorized by the board.
We have no means of knowing with any accuracy what the saving would
amount to. Various parties have made guesses but they are mere guesses.
"When the Railroad Administration entered into t'ae so-called National
Agreement, Dec. 16 1919, covering Maintenance of Way Department employees, of whom there are approximately 378.000, and, effective Jan. 1
1920, with the clerical forces and common labor in freight houses, store
rooms, &c., of whom there are approximateb" 230,000, they estimated that
the total increase labor cost would be $25,000,000. The Director General
repeated that estimate when testifying before the Appropriation Committee
of Congress, in April, 1920.
"It is palpably unwarranted to estimate that a revision of only a portion of
the rules, applying to less than 38% of the employees covered by the S25,000,000 estimate, should result In saving double the amount of the increases
attributed to all the changes in both departments."
E. H. Fitzgerald, President of the Clerks' Organization,
commenting on the new rules, declared in substance:
in
The abolition of time and one-half for the ninth hour virtually has created
a nine-hoiu- day, contrary to the intent of the Transportation Act. The
members of our organization are greatly disappointed over the decision,
considering it a hard blow, especially in view of the proposed further wage
reduction to be sought. We are also opposed to that part of the decision
covering intermittent service because it pro%'ides split tricks whereby
employees are required to available for duty twelve hours in order to gain
pay
for eight.
similar revision of rules for the shop crafts and main"
tenanee of way men will be found in "Chronicle," V. 115, p.
1731, 2370, 2575, 2682.
Following a two weeks conference at Chicago, a committee
of one hundred, representing the six federated shop crafts,
voted on Jan. 24 to open a fight on the overtime provision
of the new shop crafts working rules, in the first instance
with the railway managements, and then, if no agreement is
reached, before the Labor Board again.
The
RAILROADS' PHYSICAL CONDITION— REPLY TO
MR. HINES.
In reply to the testimony of Walker D. Hines, former
Director-General of Railroads, last week as to the condition
of the railroads at the end of Federal control, a statement
issued Jan. 27 by the Association of Railway Executives
says in part:
The material point
three last named submitted a detailed answer to the dissenting opinion. H. W. Phillips, labor member, did not
participate in the deliberations, owinp to illness.
The three board members representing the railroads,
Samuel Higgins, .J. H. Elliott and Horace Baker, dissented
What was the condition of tho railat is.sue is this:
roads at the end of Federal control, as compared to their condition at the
beginning of Federal control ? This is not a matter of opinion but of record.
At tho beginning of Federal control 17.5% of the locomotives of the
After twenty-six months of Government
railroads were in bad order.
operation, 25.6% of the locomotives were In bad order.
At the beginning of Federal control, there were in use by the carriers
about 2,253,000 freight cars, of which 5.7%. or 128.780 cars, were reported
At the end of Federal control the railroads had 2,307,000
in bad order.
cars, of which 6.7%. or 1,53,727 cars, were in bad order.
Cross-tie renewals in 1918 and 1919 (the period of Federal control) were
25.000.000 tics be-low the test period average (191.5-16-17), a number of
tie.s sufficient to lay nearly 9,000 miles of track.
Rail renewals during the two years of Federal control were 440,230 tons
below the aver.ige of tho tast period.
The amount of ballast used during tlie period of Federal control was
1,816,100 cubic yards less than the .Tver.Tgc used in the test eriod.
The greatftst danstcM- which the railroads faced during tho period of
Federal control was the iinj>airment or destruction of their earning power
by an increase of expenses not compensated by an adeqtiate increase in
The Director-General had control of both expenses and rates.
rates.
The railroads have a just cause of complaint against the Director-General
for refusing to recognize at least the moral obligation to m.Tintain, as far as
possible, the proper relationship between railroad revenues and railroad
from the majority opinions saying:
expen.ses.
Article
VIII.
—
Sutidaii
and
Holiday
Work
— Full-Day
Period.
Rule 04. Except as otherwise provided in these rules, time worked on
Sundays and the following holidays, n.amely. New Year's Day, Washington's Birthday, Decoration Day, Fourth of .luly. Labor Day, Thanksgiving Day, and Christm.as (provided when any of the above holidays fall
on Sunday the day observetl by the State, nation or by proclamation
shall be considered the holiday) shall bo paid for at the pro rata hourly rate
when the entire number of hours constituting the regular week-day assign
ment are worked.
["Railway Review" of .Ian. 28 and Feb. 4 gives the decision in full. Ed.l
.
—
was signed by R. M. Barton, Chairman W. L. McMenimeni, labor sToup member, and Ben W.
Hooper and G W. W. Hanfjer, publif pfroup members. The
The
prevailing; opinion
.
,
THE CHRONICLE
FmB. 4 1922.]
We
NEW YORK STATE FULL CREW LAW— REPEAL
SOUGHT.
An
effort
is
being
made
487
to secure public support for the
repeal of the New York State Full Crew Law, which, it is
claimed, has cost the railroads of the State, and through
them the public, more than $16,000,000 since its enactment
in 1913.
The Associated Railroads of New York, in a statement issued .Jan. 27, further contends that the Public Ser^^ce Commission is the logical body in which to vest the power
understand clearly that there must be some proper means of adjusting
these disputed questions and we believe that on a road of our sine where the
general officers can be in constant touch with the employees and where ths
employees have an open door to come to the general officers at nny tims
and in any way, the employees and the management will be best served and
best satisfied to handle these subjects with our own committees constituted
as thej' are.
dollars a year may be effected
without hardship or increased danger to traveler, shipper or employer by
the repeal of the Full Crew Law and placing with the Public Service Commission, a body composed of men with a practical knowledge of railroad
operating conditions, the authority to determine whether or not a train is
Action looking to the carrying out of the plan for regional
conferences was taken by the Eastern railroad presidents
at the Bankers' Club in New York City on Jan. 31.
At the annual convention of the National Civic Federation at the Hotel Astor in New York on Jan. 30 Ben W.
Hooper, Vice-Chairman and public member of the United
States Railroad Labor Board, took the ground that a competent tribunal should have power to settle railway disputes
and that its decisions should "be enforceable by suitable
penalties."
Speaking of the work of the Labor Board he
added:
undermanned.
"With the installation of automatic couplers, air brakes, automatic signals and interlocking plants and track facilities, providing for the separation
tt traffic running in opposite directions, the work required of trainmen has
been materially reduced. To disregard such facilities and prescribe the
railroad strikes for nearly tvo
It has settled 1,222 disputes of all sorts, and, if the disputes from
the various carriers as to wages and working rules are considered as separate
disputes, which they in fact are, the Board in about twenty-two months has
disposed of 6,678 disputes between carriers and employees. The country
to pass on such questions, sajdng:
"In 1921 the New York railroads paid S2. 175,900 to unnecessary trainmen whom they were compelled to hire and transport. This cost, of course,
was ultimately paid by the people.
"A saving of between two and three miUion
number of cars in a train as the sole mea.sure
numbex of men necessary to operate each
the
to be applied in determining
train, without regard to such
mentioned above, as well as physical characteristics of grade
with the attendant conditions surrounding oi)eration upon different roads or part* of the same road, is obviously without reason or justififacilities as
and
line,
cation."
The New York Farm Bureau Federation announces that it will co-operate to secure the repeal of the New York State Full Crew Law.
S. L. Strivings, President of the Federation, in a statement issued at Syracuse, says
that advices received from the railroads show that the unnecessary expenses
incident to this law in New York State amount to S2, 000, 000 yearly, or to
$3,000,000 when freight traffic is heavy. During the 7 years and 5 months
that this law has been in effect, the railroads have been put by it to an imBecessary expense of about $16,000,000.
RAILROAD LABOR MATTERS— EXECUTIVES AGREE
TO FORM REGIONAL COMMITTEES.
Members
Railway Executives, it is
in Chicago on Jan. 21 to
accept the proposal of Secretary Hoover for the formation
of regional committees, representing the carriers and the
of the Association of
announced, voted at their meeting
train employees' brotherhoods, to negotiate disputes as to
wages and working conditions.
-Acceptance of the plan, it is stated, does not involve
abandonment by the carriers of their efforts to obtain wage
reductions.
Each road will follow its own volition in the
matter; meantime the carriers wiU go ahead with their
individual conferences.
It is proposed that eacli road shall
certify its disputes to the Railway Labor Board as soon as
p>ossible.
In the event an agreement is reached in the
regional conferences the individual road's dispute could be
withdrawn from the Labor Board's docket.
Thomas De Witt Cuyler, Chairman of the Association of
Railway Executives, on Jan. 23 issued a statement which,
after referring to Secretary Hoover's proposal, quoted this
resolution a/lopicd by the executives:
Resolved, That it ia the aense of this association, as one of the methods
proiMiaed by Hcctlon 301 of the Transportation Act, that conference commltt«<>«. rcprefKrntlng the railway managements In the Eastern. Southeastern
and Western uarltorWa of this association, similar In nature to those which
In some tcnitorits bandied negotiations with the four brotherhoods llocomotlve pnglnKia^, l»comotJve firemen and englntimcn, railroad conductors
and railroad trainmoni prior to Fwieral control, be coodtltuted and be
authorizwl to mt^rt with the four train and engine service brotherhoods. In
a fair >^fort Uj conii(>oae and adjust all points now at issue, no restrictions
to be Imponiyl upon the consideration of any and all questions of wages and
mloa KovRrnlng wr>rklng conditions.
In d>-fault lit an undtrittundlng mutually agreeable in any territory,
r«courM) to b<- lia<l to the Labor bfjartl In the refular manner provided by
Um Transportation Act.
The rtwiliilloo shall not b<» «y)nstnj<w! no as to prercnt separate noRottatlons In additional tarlUirlia not montlontKl above. If dcwlrud by the roads
to such t<TTlt<jry, nor nhall It b« conHtruixl as prfivrntlng rullroails Individually fr(/m fXC«|illnK Ihrmwrlvcii from such gimcral n(«otlall(iris. Hul>tllulUiK thrri-lnrr: Individual nt'CotLitlons with th«:lr own men."
W.
Bi«rd, I'n'«id«!nt of thr) ('liifo^o & Alt<jri lili., in
is cit<;d in thn "Ituilway Age" of Jan. 21
(p. 22() and 221), preHentH forcibly the reotujii why llie rnanagemont of hi.n road dJHapjirovfH of Huch hoarrl.s and an'
therefoH! unwilling to join in the HUjjport of the Train Service Board of Adjuwtnmnt rf>r thf; WchUtu Territory.
Mr.
Bierd savB in briff:
Thr prli..
<-tion of thn iitt\rrTH of tills ronipany In Hint thrwi
a
(i.
letter,
bour'I
1
which
>.r
,1.
latior tioiird*. r<irnmIitNl<ins
n oinployiM-a
and
(•oiiiniitt»M-«,
ulln-r
ofrioTd. PMrrvn only Ut furllmr nriinrul.r: lliii
"'
'Kid llin <'iin,l(iy(«« and brInK about ftilnuiidi'nt.iiidlMKii.
in'ii< .M .,r 1.. ri »»ln«
undiimt.kiidliiKx
Tln'r<'for". tlm ofrii:<T« of tills rorn1'"'
'I t*> nvory form of lionr<l iwljiiittmriit tlint lodK<« our tiwn
'
"•'
•:^ with any b<Kly of mon otliiT than Alum offlri-ni and
'^'
for no net of m«n, no nintt<'r who thoy may l»n. ci»n dnal
with th.H.' miUiiftM as fairly. InlnlllKsntly and honmtly ut the irniployona
and ntdrt-n thrriiwlvra.
Wn i»rri <i(|ii.-»ll>- rii>p<M<v| t<i Uiri prlnrlpln of tlio Labor Hoard l»«-«au»«'
that no.«r(l
hnlp«<d Ui pull apart thr? nfTlrrni and omploynm of thr railroad, and It will alnayn Ixi m, U,ng as thrro am such iKianln fonilKri itntlrnly
to the fallroad company lt«rair.
tf'
'
'
itiid
The Transportation Act has prevented
years.
will never go back to a system that has no tribunal of any character for the
adjustment of railroad labor disputes.
President Samuel Gompers of the American Federation of
Labor replied that organized labor would never submit to
a proposal for compulsory labor adjustments, as "it is a
resuscitation of a barbaric condition under conditions of un-
He
freedom."
further said:
wages and conditions fised by a Government agency
shall be employed, that Is not a new Ideal.
Why, we might as well endeavor to stifle the yearning and aspirations for
better conditions in any walk of life.
Let me say this also, that you cannot
enforce compulsory labor upon one part of the people of the United States
and let the other free. If there is going to be compulsory labor then w«
shall endeavor to help enforce it upon all
If compiilsory labor,
is
means by which labor
to be the
Glenn Plumb, as the representative of B. M. Jewell,
President of the Railway Employees Department of the
American Federation of Labor, argued for the abolition of
the Railroad Labor Board.
COAL WAGE REDUCTIONS IN BITUMINOUS FIELD.
Aroused by the fact that the non-union coal fields with
wages are getting the lion's share of the greatly
depressed bituminous coal business of the Eastern part of
the country, the coal operators in the unionized fields have
taken the bull by the horns and without waiting for consultation with the miners have themselves "for the first time in
thirty years" promulgated new wage scales.
These are to
take effect April l,when the present union contracts expire.
their lower
How pressing the situation must be for the operators
appears from the fact that the average daily production of
bituminous coal in the United States in 1921 was only
1,326,000 tons, against 1,805.000 in 1920, and yet th«
retailers and the storage facilities generally are over stocked.
Instead of acting together the leading fields are acting
independently, each on its own behalf, but, broadly speaking,
the wage reductions proposed range from 30 to 45%, but
even so it is claimed the scales are left materially higher than
before the war.
Press reports give the facts for the principal fields as
follows:
Ktan/lnnd-Oeorgcs Creek,
a.i
Slioum by Baltimore
"Sun"
of Jan. 27.
The
M.nrj'land Coal Co. having been "practically Idle for some month.'
and dosirlng to resume work made a proposal which was voted down Jan. 27
by a majority of lus .'500 cjnployct* at lyoiiaconiiig.
The union rate Is SI ;il a ton. The Maryland Coal <'o. offorfd S.'i ccnM
or r> cents morn than the reduced scjile recently Kubniittcd u( I'VosthurK
by thr ('onsolldution <'oal Co. It also offi-nnl iW> I'i'iils for niachlne mining
whlln the KroMtburg re<luccd s<-nlo calls for !>7.
For Inside l.alxir the Ixinu
coiling sTjilo Hubinlltcd to.diiy calls for from i-i t<i $1 04 a day or on nn
avcniKr of $.1 a day less than lli<> present union sciilc.
Opinion was (cenoral Ih.it a larg"' majority of llio minrrs will 8C>'<«p«
work nt a conxldpnilili' rr<luctli)ii from th" prrsont wage sr.ili' of .$1 .'M »
Uin for pick mln(T« and $7 26 a day for drivers, Htom necessity Is the n-nson.
I'iUihurgh.
Pa
.
Coal
Firlil.
an Reported
l>u
I'lttsburgh "IHnimlcti" of Jim. 26.
Thi" prriduccm utalo that i.hn si-ali- fijcixl is :ifi to 10'':, hlghiT than llii< wngiw
I)iild »i
Iho oudircnk of lhi> World War ,iiid hlwhiT also than thai, paid
for llin s.imi^
work
In oMiorrllsl.rlrtN.
Tlii'y (•<int<Mii|
llici
nnw
si-alr Is iK't-iwiary
now pn-TalllnB
wllh lllr aiiiinuiicTiiiriit was that no
"rh<-»U-«rr' ao'ouiit of jnino Workers' orKaiil/ai Imm will ln' niadn,
Tim pP(i|HiMM| walii p«T (.on of J.ono |>oiinds mini' run Is as fsllows: (o)
I'll k inlnInK
thin
Ihlii vi-ln 77 conls, and thlrl< v<lii r,K rrnts, (h) Cutting
vrtri. 10 n-nls ind Ihirk vnin 7'j r«>nts; iri l.<iadlnK
thin vrlti ,'iO c^mU.
ihirk vHn V\>, roiila; irl) Yardaitf and dead work ,Hia Im.Iow Kl'JI.
vfltl
KollowInK M:nln Is for K-hour day
(I) Moliiriiif'n, niol.<irni«n hnlpori,
<klll>«| wlrpiiirn. Irnrk Inyirtt, IstlUitti cnicm. ilrlvrrs, trip rldi«r». i»bI4W
and injii hlmi haiili'rs. nnil tlinlwrnirn, whrro <<nipl<>yr4l, $'l AO. C2) il<-l|M'n<
Ui wln-nixn anri Irnck Inynrs, $4 'Jli.
','<) ripriiii'ii fur conipnwMcMl nir plnnln
irxrri)t frappjT*. $2). Jt,
(fil
Ml DuniiHTs niul ram oiM'nil'irs. S'l
i<>
allow
An
thi-f'i t<i olilalii
a slian- of llir Hiiillcd
r<i,il
liiislniss
liii|H>rtnnl iiotlri< In connri'tlon
,
r,,
hM
'.III
Pi,
iiiliiInK
iMlmr.
it: t
'.'fi
ff Jan. 3W).
i:tihii:
Tim Houtlmrn Ohio Coal
pi'k
•,
-
t
Ktrliaiitfn ynatonlny
WBfoi ZlTo, miM:lilno mliiluK
30%
adiipl<xl a M'air
and day labor
rutMns
17';'«.
.
THE CHRONTCLE
488
The Exchange
April
asks that miners accept
its
proposal by
March
1, effective
The proposed
mining
77 cents per ton, against $1.11 at
present and about 70 cents before the war. For machine mining the proposal is 60 cents a ton, against 94 at present and r>0 cents before the war.
The reduction in day labor is from $7 .'50 at present to $4 a day.
The check-off system of taking out union dues also is abolished, effective
April 1, by the Southern Exchange operators.
The new wage proposal is not for a definite term of years, as former
agreements with union, but "until further notice."
"In arriving at this new scale," said the Southern Coal Exchange statement, "due consideration has been given to present economic conditions,
wages paid in otlicr industries ,the reduction in the cost of living, and the
scale for pick
mining scales now
is
West Virginia and Kentucky coal fields.
further given due regard to the welfare of the three
interested groups, the public, the miner and the operator.
This scale
provides for higher wages than those paid in other districts, and is an advance of 30 to 35% over the wages paid in southern Ohio prior to the war
(which were the highest wages the miners ever received up to that time)
It provides a higher wage comparatively than tlio reduced wages for some
time effective in other districts."
in effect in
"The operators haev
30%
Report from Tcrre Haute {"Boston News
Bureau" of Feb. 1).
Indiana operators will seek a reduction of at least 30% in rates of mine
pay. In some non-union districts wage scales are now less than half the
rate of the Indiana field.
Approximate rates for Indiana union fields and
a specimen non-union Eastern Kentucky district follow:
Union. Non-union.
Engineers (a month)
$233 42
$11,5 20
Indiana
[Compare "Coal Mining a Spend-thrift Industry," by Dr. George Otis
Smith, Director of the U.
1.
Cut Coal Wages
to
men (a day)
men (a day)
Outside day
Inside day
Pick mining and loading
(a ton)
6 85
7 50
2 72
3 20
108
65
Machine cutting and loading (a ton)
96
61
One of the leading Indiana operators estimates labor cost, including
supervision, as
80%
of the total production cost.
Government intervention already begun by Secretary Hoover, will be
welcomed by operators only if a wage revision is effected. Operators here
oppose another two-year contract, saying they cannot conunit themselves
to the union scale in face of non-union competition. Miners stand pat for
the two-year agreement.
"We must have a showdown," said a leading operator. "Miners and
trainmen are blocking revival of business, and the two problems are closely
We
related.
paid inside men $2 56 a day in 1908; $3 in 1916; $5 in November, 1917; $6 in 1920 and now $7 50.
They must return to the 1917 level,
as have other workmen."
By April 1 it is expected there will be 90 days' supply of coal above ground
and with warmerWeather the country will be in good condition to stand a
protracted shutdown of the mines.
The statement
of the Pittsburgh producers says in part,
The
operators realize the country is in a period of wage liquidation and
readjustment; that wage scales fixed to meet the highest living cost ever
known in this country and still in effect in the union mining fields must be
materially reduced; (hat the wages paid in the mining industry must be
reduced in comparison with the wage reductions in all other industries; and
that under present economic conditions there can he no coal business in
this district, either for the operator or the miner, unless this policy is pursued.
They also have been prompted to take this action because of the
general policy announced by the officers of the U. M. W. of A., that there
shall be no wage reductions, but that wages must be further increased.
President Lewis of United
Mine Workers
Quoted.
of the U. M. W. of A., in defining the policy of his union,
in his report to the biennial convention of the U. M. W. of A. at Indianapolis, Ind., Sept. 20 1921, stated:
"Demands for wage reductions have been filed by the operators o
District No. 2. I'enn.sylvania; District No. 10. Washington; District No. 13,
Iowa; District No. 14, Kansas; Di.strict No. 15. Colorado; District No. 17,
West Virginia; Di.strict No. 19. Kentucky and Tennessee; District No. 20,
Alabama; District No. 21 Oklahoma, Arkansas and Texas; District No. 25,
Missouri; and District No. 30, Kentuclcy.
"In each of the foregoing instances the officers of the various district
organizations, excepting Di.strict No. 10, have refused the demand for a
modifi(-ation of the wage scale and are standing uncompromisingly upon
the policy of the international union.
This policy must be continued and
the rre-'om-ces of our organization made availalile for its application. The
fact that wage reductions have taken place in other industries and vocations
The President
,
will not affect the
mining industr.v."
He
further is reported as stating at the tri-district convention of the
anthracite mine workers on Tuesday, Jan. 17, at Shamokin: "Bituminous
coal miners expect not only what, they have gained, but will demand an
increase in their basic wage rates.
In no event will wo consider or compro.mise on a wa.ge reduction.
They (the miners) can not take one step
backward, even if it requires industrial conflict to avoid it.
do not
expect to follow the non-union mine workers down the ladder of wage
roduclion."
The.^e statements regarding wage reductions have been accepted by the
U. M. W. of A. and clearly indicate the policy of the organization. The
operators bereve that these .statements of a determined policy demonstrate
the futility of any nicetings wilh the U.
W. of A. The operators lieliexe
the scale posted and ofiOred is eminently fair to the miners and as high a
83ale of wages as can be paid under present economic conditions.
We
M
.
W.
Savage, Ohio Secretary of the United Mine
quoted in the "Cleveland Plain Dealer" by W. C.
Howells, writing from Columbus, O., Jan. 30, in substance
George
Workers,
is
as follows:
We were not consulted. If we had been, wo never could or would have
agreed to the scale agreed upon by the Southern Ohio operators. The
scale provides for what is virtually a 50% cut.
The genera! slump in business and industry has affected the coal business
everywhere. In tlio meantime, acl ual starvation seems just ahead of nearly
17,000 miners and their families in southern Ohio.
Wlicn the men get a day's work, it is true tliey got a fair wage, but cut
their wages in two and don't give them any more work tlian they are getting now and where will we be'i"
Even in normal, prosperous t'mes miners
average only 180 days a year, and somef imos, in tlie l)o-st mines, may get
200.
But when a man can work only throe days a week, at the most, what
has ho loft oven at $7 50 a day ?
C:;onditlons have boon bad and are getting worse; men are deeply in debt,
and stores have carried tliom on credit nearly as long as they can afford.
In ray opinion, the men will never submit to the new scale. If they are
going to starve, thoy might as well starve idling.
[Vol. 114.
S. Geological
Survey, in "Chronicle" of Dec. 17,
p. 2573.
Non-union coal, according to Ohio operators,
60 to 65 cents a ton cheaper than union coal.
sells
for
For coal in storage Nov. 1 1921 by States, aggregating for the entire
country 47,400,000 tons, as shown by joint investigation by U. S. Census
and the Geological Survey, see "Coal Trade Joiu-nal Dec. 14, p. 1313.]
"
HOUSING EMERGENCY STILL EXISTS IN NEW YORK,
LOCK WOOD LEGISLATIVE COMMITTEE REPORTS.
The emergency in housing accommodations that existed
at the time the emergency rent laws were passed by the
State Legislature, mainly for the relief of this city, still
acco?-ding to the Loekwood Joint Committee on
Housing which made its preliminary report to the Legislature
on Jan. 30. There is a shortage of 80,000 apartments, the
report states, as compared with the pre-war supply of
housing facilities. "The congestion among the masses of
people in the great cities, and particularly' in the City of
New York," it says, "is increasing to such an extent that it
has become a menace to the lives, health, morals, and safety
of the entire community.
In many districts there are from
three to four times as many human beings housed in the same
number of cubic feet of living as before the war." According
to the report, the stringency in apartments of the type used
by the poor is greater to-day than it was when the emergency
rent laws were enacted.
There was practically no new construction in buildings of this class, owing to scarcity of labor
and high wages, as well as the high cost of building materials.
exists,
Builders generall}'^ are turning to the construction of business
structures or expensive dwellings as affording a better return
on
their
money.
One recommendation
of the committee would permit life
insurance comi^anies under certain conditions to invest up to
10% of their assets in housing projects in cities of the first
class.
A bill was introduced to carry out this recommendation.
This measure, according to Senator Loekwood, would
enable the Metropolitan Life Insurance Co. to go ahead with
a $10,000,000 housing project now under contemplation.
The report reads in part as follows:
Your committee finds overwhelmmg evidence that the emergency in
housing accommodations that existed, particularly in the City of New York,
at the time the emergency rent laws were passed still exists, and that with
re-pcct to the cheaper class of tenements and houses that formerly rented at
from .$1 to $1 1 per room the emergency has grown and is to-day more acute
than it was at the time the laws were passed.
Your committee further finds that, owing to the high prices of labor and
materials and to other economic conditions, no houses of the character last
described are being constructed or arc in prospect, while, on the other hand,
many of the older tenements of this class have become obsolete and uninhabitable, while many others have been torn down to make room for business liu Id ngs that are encrcaching upon these nei.ghlK)rhoods.
The present costs ha^e d^i^en bu'lding activities into the construction of
business and residential properties and of the more expensive apartment
houses to the exclusion of reasonably priced tenements.
Meantime the congestion among the masses of people in the great cities,
and particularly in the City of New York, is increa.sing to such an estent
that it has become a menace to the lives, health, morals and safety of the
entire community.
In many districts there are from three to four times as
many hu.man beings housed in the same number of cubic feet of living space
as before the war.
Such is the condition of this class of property that in the Borough of Manhattan alone there are said to be about 100,000 violations against the sanitary and building laws now on file in the public departments, upon most of
which no action has been taken.
The congestion, both in these departments and
in the courts that
have
to deal with these violations, is so great that the public officials, notwithstanding the commendable efforts they are making, are swamped with them
and have practically been unable to enforce the laws.
Your committee is satisfied that as a result of the shortage in this class
of living accommodaiions. the lives and health of the population of the City
York are in grave danger from the results of contagious diseases,
of
apart from the perils that lurk in the unheaUhfuI surroundings in which the
poorer (Itisses of our population are comp;lK-d to live.
There is no relief in sight from the ordinary activities of competitive buildestimate that there is a shortage of
ing, for the reasons above .stated.
New
We
about 80.000 apartments, as co.mpared with the normal supply that existed
-Vs the average apirtnient of this class
in the years preceding the war.
was formerly occupied by five persons, the accommodations required to
remedy this shortage would be for about 400,000 people in the City of New
York.
Inasmuch as our labors are still far from completed, in many of the ramifications of this subject upon which we have entered and should enter,
there has not yet been the time or opportunity to examine into conditions
that are said to bo alnio.st, if not entirol.v. similar in other cities of the State.
Unless the State or the city, assuming that eith;>r can .secure the necessary
constitu'ional power, will undertalce to .supply this pressing need (as to the
advis:ibility of which the committee cxpros.ses no opinion at this time), the
only way we see in which the necessary capital may bo promptly secured
would bo by enl.arging the powers of investment of the life insurance companies so as to permit them (but only during the existence of this emergency) to invest a small proportion of their capital in the constniction of
tills class of buildings and the purchase of the land necessary therefor, subiect to the linutati;)ns contained in the accompanying proposed amendment to the insurance law.
Your committee regards this form of investment as entirely safe for these
Our investigations have satisfied
corporations under existing conditions.
us that if the work of con.st ruction is conducted on a largo scale by the building of unit.? of square blocks at one time, .substantial concessions from the
ruling prices of labor and jnaterlals can be had that \rill permit of the con-
THE CHRONICLE
Feu. 4 1922.]
struction of healthful model tenements, in ?:ood neighborhoods, adapted to
the use of families of workmen, mechanics, laborers, clerks and others of
very limited incomes, at rental prices of not to exceed S8 to $9 per room,
and still leave for the companies .safe returns of 6";; upon their inve.stment
after making liberal allowances for depreciation, vacancies, reserves and
the like.
In makinjr the.=ie estimates yotu- comtnittce is supported by the opinions
of the most important building experts in the City of New York of vast
experience.
Included in these figuies ia fixing the rental basis your committee has also calculated as an item of annual expense the amount of taxes
that wou'.d normally be assessed against these properties, but from which
they will be exempt for nine years. Estimating the total saving through
this exeir>pt:on on the basis of eight years' exemption from the date of the
completion of the buildings, we have a total of 20':i which would be set aside
by the owners and credited against the or'ginal cost In addition to the
aimual depreciation allowance, thus insuring an additional margin of safety.
The plan as outlined, provided the propo.sed amendment is enacted,
contemplates that, in retiu-n for conces.s;ons to be made belo"" the prevailing
wage scale by mechanics and laborei-s who work upon these buildings, they
would be afforded by the owners a preference over the tenants in hiring
apartments in the building, the hope and expectation being that by these
means the men will feel that they are constructing their own homes and that
added labor efficiency will thus be seciu-ed. which is regarded as an important
item by way of reduction in costs.
In view of the exi.siing cris's and the constantly increasing urgent need
for housing accomjncdations of the character above described, your committee earnestly recommends the passage of the accompanying amendment
at the earliest opportunity consistent with its pr,3per consideration.
The report was signed by Senatoi* Loclvwood and Assembly2SIcWhinney. Chairman and Viee-Chairman
man Thomas A.
Committee, respectively; Senators Ward V. Tolbert,
of the
Wilham A. Carson, Salvatore A. Cotillo and John J. Dunnigan, and Assemblymen James H. Caulfield. Jr.. Peter J.
Hamill and Peter A. Leininger.
The lawmakers were informed that a further report, with
recommendations and probably additional legislation, which
now is being drafted, would be presented to the Senate and
Assembly about Feb. 15.
The bill introduced to carry out the recommendation of
the Committee permits life insurance compani<'S until March
1 1924 to invest up to 10% of their assets as of Dec. .31 1921
for the purchase of land in any first-class city and the erection
thereon of apartment houses, tenement houses and other
dwellings, not including hotels.
To in.=ure action by the coinpanios it is provided tha.t uidess
the purchased land is improved with dwellings of the type
provided for, the companies would not be permitted to list
it as an asset.
To prevent profiteering, it is provided that
the properties sliall not be recognized as an asset unless at
the commencement of construction the rental value is
estimated at S9 a room or less.
The bill is offered as an amendment to the Insurance Act.
It was referred to the Committee on Insurance in the Senate.
fLEA RI.\(, /forSKL'XA M I .\ A TIOS SYSTEM A DOPTED
BY hOSTOS CLEAhlSa HOUSE ASSOCIATION.
The Boston Clearing
clearing
Hou.se Association has adopted the
of examination, according to the
Section of the American Bankers' Associa-
systtjm
hou.se
House
and D. ('. MuUoney, formerly Chief National Bank
Kxaminer for the First Federal Reserve District, has been
upfxiinted examiner.
On Jan. "^7 the Boston "Transcript"
('learing
tion,
Htated:
A» a means of
Incrca-sinK
It.'*
Uo8ton Clearing House
activitlcH, the
.\sso-
ciatlon to-day vot<*J unanimounly to Invite all the trust companies and
national bankM. which an; not niirnibcrs, to join the a.sHo<riatlon.
It w.-i.-i
«l<icid(;(l alwi tii.it a Ij.ink examiner Hhould be (employed.
The AKSoriation
haji hlthiTlf)
.-If, with the i;xception of iho Old Colony Trust Co..
v.ii. Ui national bank.s of a certain kIzc.
a<linltt<;<l w.
'
A
NXCALCOS
Howard
VE:\
TIOS OF A SSOC! A TIOS OF RESERVE
a TV
Marfield,
I'reHJdent
of
lln-
I
Mav
C'ilv
21,'
;ui.|
'Ji',.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC
.\o salfx of liaiik
and only
W('<k,
thi.M
wf»rn
-.to'-l..-*
in truHt
I-..
I
10 I'n.f
^
.\
for
l^,u
100
.New
Vurk
Irnn.Mfcr
|H0,(KK).
wi-ri^ iiuidr
l(.n .sharc-i
no tranHoctionfl
Shnrrf
un
fran<*nction
.
wrre
at
srjld
company
High
Clmr
100
100
(Ik-
Stfx-k lv\chaii(;<'
at auction
Tlnrc
HtockH
ImiiI
.Stock
served as Chairman of the Committee on Internal Trade and Improvements
from 1896 to 1907. as Chairman of the Executive Committee from 1907 to
His
1910, ar Vice-President in 1910. and as President from 1910 to 1912.
active interest in the affairs of the Chamber did not end with his ser-tice as
As ex-President, he was ex-officio member of the Executive
President.
Committee, -nd up to the very last was a frequent attendant at the meetings
of this Committee, and active in the discussion of all problems which came
before it.
Always' a friend of progress, he held very close to his heart the sound
education of yoimg men seeking a commfrcial or ank ng career. He was
anxious that such men should have an opportunity to acquire a sound
educational foundation, and in furtherance of this desire he presented to
the Chamber some years ego, higl>-class securities yielding a return of over
S8.000 a year, the income to be used to train and examine yoimg men and
women desiring to secure the credentials of the Chamber. His interest in
this
work w?s continuous and
unfailing.
In his death we have lost not only a member who gave time, strength
and money to thp Chamber, but we have also lost a great and simple
fellow-citizen.
His quiet, sustaining courage in times of difficulty, his
high standards cf commercial morality, his trained intellect, his sjonpathy
and tenderness in dealing with the hiunan relationships of life, all endeared
him to an unusual degree to those who served with him in the conduct of
the affairs of the Chamber: Therefore, be it
Resolved. That the Chamber of Commerce of the State of New York
hereby records its appreciation of the long, faithful and effective services
which Mr. Hepburn gave to this organization and to the business community of New York, and to the nation; and, be it further
Rexolted. That a copy of ^he-se resolu ions be suitably engrossed and sent
to Mrs. Hepbm-n, as eviderco of our deep sjTiipathy in her great bereavement and as an expression of our admiration and affection for Mr. Hepburn, our benefactor and our leader.
Eulogies of
Mr. Hepburn by Otto H. Kahn, Thomas W.
Alfred E. MarUng also featured Thursday's
meeting of the Chamber.
At a special meeting on Feb 1 of the Clearing House Committee of the New York Clearing House Association, the following minute in recognition of the worth of the late A.
Barton Hepburn, and expressing the sense of loss suffered in
his death, was unanimously adopted by a rising vote.
The Clearing House Committee, representing the Associated Banks of
New York, desires to expr&ss the deep regret which is felt by theentire
Lamont and
banking community, at the demise of their late associate, A. Barton Hepburn formerly President of the Chase National Bank of tho City of New
York, and later Chairman of its Board of Directors.
Mr. Hepburn became prominent in tho affairs of the Association when
,
member of the Clearinf* House Committee in 189.5. He served as
member of that Committee during the j'cars 1896 and 1897 and again dur-
elected a
a
ing the years 1908 and 1909. after rendering valuable and conspicuous service to the membership of the Association during the trying times of 1907 as
member of the Loan Committee.
He was elected President of the As.sociation in 1910 and was re-elected
the following year.
In all his relations with the .Association, Mr. Hepburn was conspicuous
for the clearness and decision of liis opinions, his ability in handling difficult
situations, his courtesy to his associates and the w,irmth of his personal
character.
He was ever ready to give his time and talent-s to the inlerasls of
the financial institutions of the country and these were always given
promptly and without hesitation, jind with a thought fulnt«B and courtesy
which endear.'d him to his friends and co-laborers.
His labors in every department of finance and general buKlness were so
varied and important, that it is difficult for us to fully express our appreciation of the ability and oxi)eriin(!t! of our deceased friend.
are, therefore,
compelled t-o confino our comniend:>tion to his activities in this /Vssociation.
\ii a friend, as a wise and conservative advisor, and ns .a skillful and
honored banker, his death Is a distinct loss, not only to tho business community of tliis city, but to the entire banking frate'rnUy of which ho was
Huch a hrilli.'tnt and honored member.
His character and actions furnish a striking example of citizenship, buslnr<« wisdom and patriotic service.
On behalf nf the Associated Hanks, the CotnnilttcHi b(>gs to tender to the
family of Mr. Hepburn and his a.ssociatiw its deep sympathy In the loss
We
which
llu-y
have Kustalned.
IIINE, Chairman,
I,.
HAKKH.
WIIJJAM A. HIMONSON,
SKWAKD
(i.»TICS
PUO.SSKU,
W. MrCAUKAII,
WALTKU
IC.
KKKW.
I'r.vsldent,
CleurlnR House Aiwoclatlon.
WILLIAM J. OILI'IN. Htvrotary.
Mr. Hepburn's death was roferrtui
day,
last, paifo
to in our issuer of Satur-
370.
&
Co., N(<w York. Boston and Chicago,
1922, the following «liiiiigi's in their
firm:
I'hilip <'al)ot retires as a general i»artner to lH<coni(<
a Mpecial partner; W. .McM. Uiilttr, nx-eiitiy a special
partner, and Martin Lindsay have been a<liiiitt(>d to geniTul
While, Weld
anntiunce as <if
Ki-h.
I
also annoiinr-e the opening of an office
in the Borland IJnihliiig. 137 South La Salle St., Chicjigo, 111.
|)arlnerNhi|).
They
—
pretlouM laU.
l')xcliuiig<
nninlMr-<lii|i wjih po^lid
w<«k, the coimifleration luing Htated iu*
unchanifd ri^uro from tho ioitt preceding
thi.n
The death of Mr. A. Barton Hepburn has taken from thf^ Chamber of
Commerce of the State of New York a man who for nearly thirty years
was active in its councils. Mr. Hepburn joined the Chamber in 1893,
STK.l'IIKN
Association of
l{<««Tve City Bankeru and Vici?-PreHi(U nt of tho Stfaboure
National iJaiik. \'i v.- York, armoiirifeH tht-l fh«i board of
Hircfior.'* of the .\.- *,'i;ition of l{< Hcrve City BankcvK at tht'ir
mid-wint«T meeting in New OrleunH on Jan. 27 decided to
hold th'ir .•:ii;iii.'i.! fonventioii of he AnHociution in KanHaH
('.
At the meeting of the Chamber of Commerce of the State
of New York on Feb. 2, tribute to the late A. Barton Hepburn, Chairman of the Advisory Board of the Chase National
Bank of this city, was paid in a minute presented by Irving
T. Bush, Chairman of the Chamber's Executive Committee,
and adopted as follows:
rUANCIS
BASKERS.
489
*
-
-
Although nothing in more a))parenl than tin- mcd (tf inlernutionui economic co-ordination, hidf of the natioiiH of tho
world an- breakirg thiir necks in iiiirfeeliial effortM to establiNh thcniNelveH in poi^itioiiM of iii<lc|iend<<iM'i< froni whicrh
they h«»p«' to win trade advantJureM, dedaroH the American
Kxehange Natioind Hank
and economic cotrlilioiiH.
in itH F'ebriiary
review of financial
THE CHRONICLE
490
"All the world," it says, "aspires to produce goods and sell them to the
rest of the world while buying nothing.
The struggle for gold, the symbol
of frugality and thrift, is on with a vengeance. The fight is being waged
from the fancied security of tariff walls, or over the treacherously smooth
roads of subsidies. The campaign is being conducted on artificial economic
Imperial preferences,
foods which cannot sustain it tlirough to the end.
national protective tariffs and subsidies, in fact all of the machinery of
economic fakerism and mock wizardry, are being employed by the nations
which are ready for the struggle, while others labor under divided counsel
The world
to entrench themselves behind similar protected positions.
perhai)s does not realize the petrifying effects of all these protective meas
ures.
It would be hard to Imagine anything more detrimental to the
interests of co-ordination, the goal which our civilization must attain if it
The
to live, than a reversion to more intense economic nationalism.
difficulties in the way of the immediate realization of co-ordination mainly
arise out of the fact that the industrial world is over-developed in some
fields and under-developed in others.
Protective tariffs mean that this
obstruction to co-ordination will be enlarged and that when the world
finally comes to consider co-ordination, if it ever does, it will find its difficulties even greater than they are now."
The Columbia Trust Co., of New York, has been appointed depositary for Mercantile Trust Co. stock under the
plan of merger with the Seaboard National Bank:.?> The committee representing Mercantile stockholders consists of:
KUiott Avwett. Vice-President United Cigar Stores Co.
Herbert P. Howell, Vice-President National Bank of Commerce.
John McHugh, President Mechanics & Metals National Bank.
The Columbia Trust Co. has
^^
^
also been appointed deposi-
taiy for the proxy holders tof he stockholders of the Seaboard National Bank. The proxies consist of:
Wlllard V. King, President Columbia Trust Co.
B. L. Allen and George E. Warren, Vice-Presidents of the Coltunbia Trust
Co.
The proposed merger of the Seaboard National and the
Mercantile Trust Co. was referred tojn these columns last
week, page 377.
[Vol. 114.
and a little later Vice-President of the Oregon & TransContinental RR., and a director of the Oregon Railway &
Navigation Co. and the Northern Pacific RR. Mr. Hoyt
was a member of the syndicate which in 1884 procured
control of the Wisconsin Central Ry. and made it a through
line from Chicago to Milwaukee and St. Paul.
He was a
Vice-President of the North American Co. until 1889.
Paul E. Bonner, President of the North Side Bank of
Brooklyn, N. Y., died on Jan. 20. He was 54 years of age.
Mr. Bonner had been connected with the North Side Bank
since Feb. 1 1890.
On June 1 1901 he became Cashier of
the institution, and on April 17 1906 was made its President.
Besides his connection with the North Side Bank Mr. Bonner
was a trustee of the Williamsburgh Savings Bank of Brooklyn
and a member of the Executive Committee of the Association
of State Banks of the State of New York.
Daniel J.
Hegeman
of
Sea
Cliff,
formerly Treasurer of
Nassau County, was elected Vice-President of the Glen
Cove Bank of Glen Cove, N. Y., at a meeting of the board
of directors on Jan. 24.
Mr. Hegeman succeeds the late
Edward T. Payne, who died on Jan. 18. Benjamin W.
Downing was elected a director to fill the vacancy on the
board caused by Mr. Payne's death. Mr. Hegeman has
been a director of the bank since Oct. 13 1904. He also
succeeds Mr. Payne as Chairman of the Executive Committee.
According to Boston daily papers, of Feb. 1, the Suffolk
at a special session devoted to an ex-
County Grand jury
T. Monahan has been appointed a Vice-President of the
Metropolitan Trust Co. of this city. ,#;;;|;jt4:^
•SB.
J.
"ifviiaftifci
At a meeting of the board of directors of the Fifth Avenue
Bank of this city on'Feb7l, Alfred H. Smith, Preident 'of
the
New York
Central Railroad Lines, was elected a director
of the bank, to fUl a vacancy.
|?Geoi^e M. Halsey has been elected President of the Seamen's Bank for Savings, of this city,^suceeeding Daniel
Barnes, who retires because of advanced age. Mr. Halsey
has been with the bank fifty-four- years, having entered its
employ as a junior clerk in 1868. Prior to becoming President he had for many years been Cashier.
The State Superintendent of Banks has approved the
application of the Corn Exchange Bank of this city for
permission to open a branch at the corner of Jerome and
Burnside avenues in the Bronx. The Corn Exchange now
operates about fifty branches in this city.
__Alfred S. Heidelbach, senior member of the firm of_Heidelbaeh, Ickelhoimer & Co., died in Paris on Febri in his 71st
Born in Cincinnati, Ohio, where he received his
year.
early education, he came to New York and attended ColumHis studies were completed in
bia Grammar School.
Europe, more especially at the University of Zurich. On
his return to New York he entered the banking business
that had been established by his father and was elected to
membership of the New York Stock Exchange in 1876. He
was a director of the Hebrew Orphan Aslyum fi-om 1895 to
1899, as well as of the Association for Instruction for Deaf
Mutes. Latterly Mr. Heidelbach spent a great portion of
his time abroad and was conspicuous in the activities of the
American Chamber of Commerce in Paris, having served on
many committees
and
President. Mr.
Manhattan and Reform
the New York Chamber of Commerce and
there
Heidelbach was a member
also
as
its
of the
Clubs, as well as
other local organizations.
haustive investigation into the affairs of the failed CosmopoUtan Trust Co., of that city, on Jan. 31, returned five
indictments against Max Mitchell, the former President of
The following day (Feb. 1.) Mr.
the defunct company.
Mitchell surrendered himself to the authorities and was
arraigned, it is said, before Judge Bishop, in the Suffolk
Supeiior Criminal Court. He pleaded "not guilty" to the
indictments and was released on $50,000. One indictment,
it is said, contains 56 counts of larceny, charging the defendant ndth the stealing from the trust company, Sidney V.
and Samuel L. Dana, of amounts totaling more than
The same indictment, it is said, includes 51
$1 ,.500,000.
counts charging him, as President of the CosmopoUtan Trust
Co., with the alleged fraudulent lending, appropriating and
converting moneys of the trust company, and 51 counts with
alleged fraudulently converting monej^s as an officer of th«
bank. Mr. Mitchell, in a statement issued on the night of
Rintels
Jan. 31 denied all charges against him.
printed in the Boston "Herald," of Feb.
His statement, as
1, is as follows:
"I never took a five-cent piece for myself in aU my transactions as President of the Cosmopolitan Trust Co. I have been the victim of a oodspiracy, which, if successful, means the loss of over 153,000,000 to the depositors of the Cosmopolitan Trust Co.
"I have worked for one year and a half to bring about the situation which
This afternoon Bank Commissioner Allen adveris now coming to fruition.
tised for sale at auction 16 moving picture theatres belonging to the bank.
"I am jast bringing to completion financing by which these theatres will
bring over $1 .000,000 to the depositors. The negotiations for financing the
If they are upset it means a losF
Siegel building are practically completed.
of another million to the depositors.
"The Mayflower Photoplay Corporation owes about $1,000,000 to the
bank. Within a short time this will be paid in full and stock at a par value
of $2,000,000 will be turned over for the benefit of the depositors, if I am
allowed to complete my present plans.
"The fact is, the attorney-general is a tool in a gigantic conspiracy against
me, of which he has no conception. I ask the public to hold their verdict.
I do not think that 30 years of right living in Boston, the last year and onehalf of which has been devoted against great obstacles to my depositoi-s will
go without liublic appreciation.
"I am unhappy to-night because of the destruction of my plans for my deIn the last year and one-half
positors more than for myself and my family.
whenever matters have been shaping right, the groimd has been taken from
under my feet. 1 know in the long run t hat the people of Massachusetts are
going to insist on a square deal for my depositors and myself.
"So long as 1 live I am going to work and strive and dedicate my best
efforts to my depositors, who have trusted mo in tJie past, and whose future
confidence
I
know
I stiall
deserve.
"In the last 48 hours my friends have been rallying to
has touched my heart."
^
me in a way which
Colgate Hoyt, senior member of the Slock Exchange firm
Hoyt & Co. of this ci(y, died at his country home
at Center Island, Oyster Bay, L. I., on Jan. 30 of a complication of diseases. Mr. Hoyt, who Avas in liis 74th year, had
The Cosmopolitan Trust Co. was closed by State Bank
Commissioner, Joseph C. Allen, on September 25 1920. We
last referred to the affairs of the institution in these columns
in our issue of Nov. 5 1921.
been prominent in Now York financialcirclcs for forty years.
He was born in Cleveland and educated in the pubUc schools
of that city and at Phillips Academy, Andover, Mass.
Subsequently he engaged in business in Cleveland. In 1881
he came to New York and entered the banking and bullion
firm of James B. Colgate &. Co., as a partner. The following year he was appointed a Government director of the
Union Pacific RR, Resigning in 1884, he became a director
The Industrial State Bank of Lynn, Maes., an institution
which on Jan. 7 took over the business of the West Lynn
State Bank, has been converted into the Sagamore Trust
Co. and the West Lynn State Bank has become the West
Lynn Branch of the Sagamore Trust Co. It was recently
decided to increase the capital of the institution from $100,000 to $125,000 by the issuance of 260 additional shares of
of Colgate
THE CHRONICLE
Feb. 4 1922.]
It has
stock, which are to be sold for cash at par, $100.
The officers of the
surplus and undivided profits of $27,000.
Sagamore Trust Co. are Charles A. Littlefield, President;
Philip E. Bessom, Vice-President, and Harold A. Johnson,
491
and a surplus of $100,000. The officers
Perry J. Darling, President; John Anisfield and D. J.
Champion, Vice-Presidents; E. H. Dailey, Secretary, and
N. J. Shehan, Treasurer.
capital of $250,000
are:
•
Treasurer.
A. King Aitken, of the Aitken-Kynett Co., has been elected a director of the Republic Trust Co. of Philadelphia, Pa.
A. B. Dauphinee, Treasurer of the Franklin Trust Co. of
Philadelphia, Pa., and Arthur Kitson, Jr., Trust Officer,
have been elected Vice-Presidents of the Franklin Trust.
Joseph H. Lyndell has been elected an Assistant Treasurer.
Messrs. Dauphinee and Kitson will continue in their former
offices.
Charles D. Zell, former Treasurer of the Agricultural
Trust Co. of Lancaster, Pa., whose defalcations of more
than $200,000 caused the closing of the institution on June
23 last, was sentenced to 223^ 5'ears at solitary confinement
in the Eastern Penitentiary by Judge Landis, according to
an Associated Press telegram from Lancaster on that date,
printed in the Pittsburgh "Gazette" of Jan. 20. Fines
aggregating $7,500 were also imposed by Judge Landis.
Zell pleaded guilty to 15 counts of embezzlement and keeping
fraudulent accounts. Robert Robinson, a local stockbroker,
who was accused of conspiracy with ZeU in defrauding the
bank, was acquitted. It was further stated that Frank E.
Herr, formerly Assistant Treasurer of the bank, found guilty
on Jan. 17 of conspiracy, would appeal for a new trial. We
last referred to the affairs of the Agricultural Trust Co. in
our issue of Sept. 17 1921.
At the annual meeting of the shareholders of the Commerce
Guardian Trust & Savings Bank of Toledo, Ohio, L. C.
Wallick was elected a director to fill the vacancy caused by
the death of M. V. Barbour.
Percy C. Jones was also
elected a director, increasing the total
number
of directors
from 23 to 24.
At
the annual meeting of the stockholders of the Ohio
National Bank, Columbus, held on Jan. 10, a proposed increase in the capital of the institution from S600,0()0 to Sl,000,000, recommended by the directors, was approved. The
new stock (par value $100) is being offered to stockholders of
record as of March 31 1922 at $250 per share. When this
financing is completed the institution will have a capital of
$1,000,000 with surplus and undivided profits of S1,8(X),000.
capital will go into effect May 15 1922.
At the
same meeting Edwin G. Buchanan, Vice-President and heretofore Cashier of the bank, was elected a director to succeed
At the annual meeting of the direcJ. M. Bobb, resigned.
tors held on the same day, Alex. W. Krumm, formerly an
Assistant Cashier was elected Cashier to succeed Mr. Buchanan in that capacity; August Lorenz, the Manager of the
Bond Department, was given the title of Assistant VicePresident and Fred E. Zuber was appointed an Assistant
Cashier.
Emil Kiesewetter, the founder of the Ohio National Bank, is Chairman of the Board of Directors and Frank
The new
L. Stein
is
President.
Elwood S. Bartlett, member of the Executive Council of
the American Bankers Association, is now director of The
Union National Bank, Atlantic City, N. J. He recently
resigned his position with the Atlantic City National Bank.
Julius A. Reif, Assistant Sec'y. and Treas. of the Provident
Savings Bank & Trust Co., of Cincinnati, Ohio, was elected
a director of that institution at the annual meeting of the
stockholders on Jan 18.
At the annual meeting of the stockholders of the Mellon
National Bank, Pittsburgh, held Jan. 10, William C. Robinson, President of the National Metal Molding Co., was
The surplus was increased the same day
elected a director.
from $.5,000,000 to $6,000,000 by action of the Executive
Committee.
Under date of Jan. 16 the Comptroller of the Currency
authorized the National Bank of Logan, Ohio, to change
ts name to "First National Bank in Logan."
At a meeting of the directors of the National Bank of
Baltimore, Baltimore, Md., on Jan. 25, Snowden Hoff,
heretofore Assistant Cashier, was elected a Vice-President
and director. Mr. Hoff came to the bank at the time of
of its merger with the Third National Bank in 1911.
He had
previously served in the Third National for eleven years in
various capacities, and was its Assistant Cashier several
years prior to the merger.
Announcement wa.s made in Cleveland on Jan. 26 of a
proposed coniiolidation of three important financial institutions of that city, namely that of the Lake Shore Banking &
Trust Co. (capital $l,fXX),0(XJ; and the Garfield Savings Bank
Co. (capital $6fX).00O; with the Cleveland Trust Co. (capital $4, .500, 000;.
The resulting institution will continue
under the title of the Cleveland Trust Co. and will have a
oorabinwl capital and surjjlus of $13,0(X),0(XJ; deposits of
apjjroximat^-ly S145,fXX),(XXJ (of which tlio savings doT>o.sits
will a<f^f«gatfj about $85,(XX),(X)0; and total resources of
$H>.5,(XXJ,(XX}.
In announcing the merger (which iti subject
U» ratification by the ntocklioldftrs on Feb. 7), V. II. (ioff,
Prf*ident of tht« Cleveland Tnist Co., said in part as follows:
It fflvm mn Krf^at i>rl(l<- .iri'l pWouiurR Ui havu Joliii M
iiindry iind finrrlH
.
<
''(vwch. hiKUla of Much Pii^lon'll'l h.-inkd which h.ivit hi^iii f>iitfit.:iriillii(( in HxrvinK
thr community for many yara, and Ihoir orKanlzatlona JulnlnK forc<« with
th«i fJleTfllarid
Trudt
<'n.
my aim and
[iijr(MM<; for thtt lout t«n yoarH t<i cury compli'to
to the outlylnK dlntrlrtii, not only rf!fiidcni.i;Ll msrHmim liiit
IndiMtrlal na Wdll. and thia coruiotldatlon will mako avalliiblo tho Dnlln'
fartlltlnt <if th«' < :|iTV<-l.-tnd Truat ' 'o throilKhoiit tin- rlly
" M-ntliiiitntii of Mr. (iiindry and Mr ''r<'wh whttn I
I kn/iw I ani
ril of atronK community tiarikx la an Idiwil that wo
••y that th<! »•
It
haa iMvti
^anklnK
i%<rr\U:i-
Approval on Jan. 16 of a change in the name of the
Merchants National Bank of Dayton, Ohio, to "The Merchants National Bank & Trust Co. of Dayton" is announced
by the Comptroller of the Currency.
The Comptroller of the Currency announces that a change
name of the First & Hamilton National Bunk of Fort
Wayne, Ind., to "First National Bank of Fort Wayne"
was approved .Jan. 20.
in the
W. F. Wall, former President of the First National Bank of
Rosedale, Miss., and his brother, R. F. Wall, former Cashier
of the institution, when on trial in the Federal Court at
Clarksdale, Miss., on a charge of using the mails to defraud
in connection with tho alleged embezzlement of .$150,(X)0 of
tho bank's funds, on Jan. 27 -withdrew their pleas of not
guilty and entered pleas of guilty, according to a ])ress disI)atch from Clarksdale under date of Jan. 28, i)rinted in the
Nashville "Banner" of tho same date.
W. F. Wall was sentenced to five years in tho Atlanta ])enitcntiary and R. F.
Wail was fined .$1,000, it is said. Wo referred to tiio closing
of tho First National Bank and tho arrest of its former I*resi(h'lit an<l Cashier in these columns in our issue of .Hily 30 and
Aug. 20 1921. We (juote from tlie tlisijutch, ;is follows:
Thn two formw hankcrn riwoniod thoir plcofl nftor a national bank oxumlncr had
nxnmlnntlnn of thn affiilrs of thn IJoaixlnln Inclosed Inst HuninuT lndlcuti'<l llii' nxlKtoncc
(if :i|ii>roxlmat<!ly SlTiO.OOO In "dummy" notes iHNUi<<l llirouKh the bank, and
ua^l In HiH-urlnK rc<liMCounlH from the Kederal Reserve Hank.
W. K. WiiU.
at thn timo tho hank waa closed, decl.'ire<l Hint he held "oillaUTal" for
thfwo "dummy" notca In it tin box at his lionie.
hneHtlKation of thin collaU-ral, bank nxamlneni teatlflml, revealed that a i>art of It ooniilRlecl of
chi'cka and not<>«i alKncd by Wall lilinNolf anil lncludi«l one lot of lauixlry
tt<ntifl<yl
Ktitiition bofon- ItN
that
iin
doom with
ch«cka.
'
havn \fiT> t|<Tviic.|,in;' inr yxam. With f<irty-nln»' liramhit wn Ixwomn ovnn
more rompliTf'ty Hh iKopl<'» tiank which hail Imwmi th<< Koiil of each Inatltution.
In d«Tri|opina iinlKlilKirhno«l
rcrmhiiM thn
hanka wn carry the bank
Kmatmt conrnnionce with aafnty.
to Ihn
|mhi|>Iii
BanklnK & Trust
oponed it* doom for
Th»t Corn moil wealth
iiiAtitution,
Hanoa
Ituilding
c,ri
I)<k-.
.'{].
Tho now
('«>..
((•iitnil .Niil ioiuil Uniik of SI
"The
(
1 1
if
'Ifix'lnnd'ii
buNini>4<N
irmtitiition
In
thn
a
haii
.
I'l
('i-iilnil Natioiiiil liiiiik
lii-hliurg,
mid
Triisl
Klorida, lias
(
'
puny of
upprovul of the chunge by the
Ciirn-iicy on Jiiiiiuiry 16.
Ht. I*cl«'rHburg," following the
Comptroller of
Thft i>ro]nininl rni-rgfr will become effective on K«0>.
Apiirovfjd by tho Ht^Kikholdeni,
n«woBt
and
The
becoino
llie
*
'
JaiiKw P. Butler, Jr., I'reHideiit of the ('anal-('umiM<ir(ial
TriiHt & HaviinjH I'wuiL of New Orleaim, and its IS lir;inrh«««i,
wiiK el«><'t4!<l I'nsidfMit of the New OrleuiiH ( '!i<uring IIouhu
AnNocJation, at iIh anniinl iiiKxIjng.
K. H. IIih'IiI, of tho
llilx-niia Bank, won e|iM>t«'<l Vicft-l*r«'Hi<li«iit, .Fohii K. Hoiideii,
THE CHKONICLE
49^
of the
Whitney Bank, L. M. Pool,
of the
Marine Bank, and
Charles J. Theard, of the Citizens' Bank, Avere elected as the
Committee on Management, the President and Vice-Presi-
dent completing the Committee. J. H. Peterson was reelected Bank Examiner and Charles A. Morgan was reelected
manager
of the Clearing
House
«
A
special dispatch to the Dallas
"News" from Gorman,
Tex. dated Jan. 26, reports the voluntary closing on that day
of the Farmers' State Bank & Trust Co., of Gorman for the
purpose of liquidation. The bank, it is said, has a capital of
$65,000 and deposits aggregating 3?320,O0O.
,
Resignation of James E. Fickett, as Vice-President in
charge of the Credit Department of the Bank of Italy, San
Francisco, to become General Manager of the David Eceles
interests, with headquarters at Ogden, Utah, effective
March 1, is announced in current dispatches, by officers of
L. L. MuUt, for many years First Vice-President
the bank.
director
of the Northwestern National Bank of Porta
and
who has been associated -with the Bank of
and
Oregon,
land,
will succeed Fickett at the bank's
months,
several
Italy for
in
the Eceles' interests of which FickIncluded
Head Office.
are: Amalgamated Sugar Co.,
Manager,
General
ett will be
Raih-oad, Sumpter Valley
Central
Utah-Idaho
Lion Coal Co.,
Railroad, Oregon Lumber Co., and their allied industries.
Prior to his association with the Bank of Italy, Mr. Fickett
was Chief Examiner for the California State Banking De-
partment.
,
[Vol. 114.
Oct. 1 last, was elected President to succeed Leroy D.
Walker, who became Chairman of the Board of Directors.
The roster of the bank is now as follows: Leroy D. Walker,
Chairman of the Board; Conrad P. Olson, President; E. T.
Gruwell, Antlion Eckern, and Maynard Redmond, VicePresidents; Hugh C. GruweU, Cashier; H. O. Voget, S. H.
Slocum, A. H. Herndobler, and Waldemar Spliid, Assistant
Cashiers.
The 51st annual report of the Dominion Bank (head office
Toronto) for the 12 months ending Dec. 31 1921, presented
to the shareholders at their annual general meeting on Jan.
25, shows net earnings, after deducting charges of management and making full provision for bad and doubtful debts,
of $1,125,182.
When to this amount the balance to profit
and loss brought forv/ard from the preceding 12 months
($669,218) is added and $108,919 deducted from the sum thus
obtained to cover Dominion and Provincial Government
taxes, $1,685,481 is shown available for distribution.
This
folloA\-ing
the
manner:
of
in
amount was disposed
$780,000
to pay four quarterly dividends at the rate of 12% per
annum ($720,000) together with a bonus of 1% ($60,000);
$40,000 contributed to officers' pension fund and $1.50,000
written off bank premises, leaving a balance of $715,481
to be carried forward to next year's profit and loss account.
Total assets of the institution are shown at $131,335,943
The capital of the
of which $60,109,668 are liquid assets.
Dominion Bank is .$6,000,000 and its reserve fund $7,000,000.
Sir Edmoud B. Osier is President and C. A. Bogert General
Manager.
«
election of four additional Vice-Presidents was announced by A. P. Gianniui, President of the Bank of Italy,
folloAving the annual meeting of the Bank's stockholders.
The
Dunning Rideout of Marysville, Louis
Benz
and J. S. Hen ton of Bakersfield. In
E.
V. Olcese, W.
Giannini
called especial attention to the
President
his report,
year and the unusual deposit
the
past
progress made during
The new
officers are:
growth the bank had experienced, saying:
"Deposits have increased during 1921 to more than $177,000,000, a gain
During this same period surplus aud undivided profits
of over $.37,000,000.
have been materially augmented, the total banliing capita! now amounting
to .$15,036,000, an increase of nearly three million dollars over la.st year.
The number of dep-isitor.=i is now 291 ,000, a gain of more than 70. COO."
Dr. A. H. Giannini, President of the East River National
of the Board of Directors of the Commercial Trust Co., of New York City, has been succeeded as
a director of the Bank of Italy by L. M. Giannini, assistant to
The Stockholders' Au.xiliary Corporation at
the President.
its annual meeting also reported a highly successful year.
The capital was increased to $1,000,000 from $900,000;
surplus to $1,800,000 from $1,050,000, and undivided profits
The officers and directors of the
to $221,000 from $7,000.
Corporation
are: Officers
^A. P.
Stockholders' Auxiliary
Assistant
to the PresiGianniui, President; L. M. Giannini,
dent; P. C. Hale, J. A. Bacigalupi, and W. W. Douglas,
Vice-Presidents; E. C. Abel, Secretary and C. P. Cuneo and
Howard Park Assistant Secretaries. Directors A. P.
Giannini, P. C. Hale, Jas. J. Fagan, J. A. Bacigalupi, W. W.
Douglas, L. M. MacDonald and John Brichetto.
Bank and Chairman
—
—
A. P. Giannini, President of the Bank of Italy,
will leave
San Francisco to-day, Feb. 4, en route to Paris, from which
point he will begin an eight months' tour of important
European and Asiatic commercial centres. According to
present plans Mr. Ciannini will go from Paris to Rome and
spend two months in Italy visiting points of interest there,
as well as inspecting the branches of the Banca d' Italia
Meridionelle, returning to France for May and June. DuringJuly and August he will visit London and other commercial
Leaving London the latter part of
centres of England.
August or early September, he will return to the United
States by way of Russia and Siberia to Vladivostok, or
through the Suez to India and the many places of interest
Mr. Giannini said that he would take this
in the Orient.
opportunity to secure a vacation, although a great deal of
As head of the
his time would be devoted to business.
institution that has championed the cause of state-wide
branch banking in this country, he is especially anxious to
observe the oi>erations of the larger Continental banks
where this same method is pursued.
At the annual meeting of the directors of the State Bank of
Portland, Portland, Ore., on Jan. 12, Conrad P. Olson, a
Vice-President of the institution since the People's Bank of
that city was merged with the State Bank of Portland on
The sixty-sixth annual report of the Bank of Toronto,
covering the fiscal year ending Nov. 30 1921, was submitted
to the shareholders at their annual general meeting on Jan.
11 and makes a favorable showing despite the tr\ ing business
Net profits,
conditions which prevailed during the year.
after the usual deductions, are given in the report as $926,125,
which, when added to $986,354, ])alanee to credit of profit
and loss brought forward from the preceding year, made
$1,912,479 available for distribution. This amount was
appropriated as foUo^vs: $600,000 to pay dividends (12% per
annum); $100,000 reserved for taxes; $25,000 transfen*ed to
officers' pension fund and $150,000 written off bank premises,
leaving a balance of $1,037,479 to be carried forward to next
W. G. Gooderham is Presiyear's profit and loss account.
dent.
According to a press dispatch from^Montreal, under date of
Jan. 13, appearing in "Financial America" of this city of the
same date, Fred W. Molson has succeeded W. Molson
Macpherson as President of the Molsons Bank, Montreal,
The dispatch
the latter's retirement being due to'.ill health.
further stated that W. A. Black, Managing Director of the
Ogilvie Flour Mills Co., had become Vice-President of the
institution in Ueu of S. H. Ewing who has also retired.
Ewing, it is said, is more than eighty years of age.
Mr.
of the Banque d'Hochelaga (head
Montreal) for the fiscal year ending Nov. 30 1921 was
submitted to the shareholders at their annual meeting on
The 47th annual report
office,
Not profits for the period covered, after the
Jan. 16.
were $630,902. A balance of $83,804 to
deductions,
usual
the
previous j'ear's profit and loss account
credit
of
the
made
this
sum
$714,707 available for distribution.
added to
amount
the
following
appropriations were made:
From that
quarterly
dividends
at the rate of
$400,000 to cover four
pension
fund;
$40,000 reserve
per annum; $20,000 for officers'
reserve
for bank
for Dominion Goa ernmeut tax and $70,000
premises, leaving a balance of $184,707 to be carried to
1922 profit and loss account. Total assets are shown in the
report as $75,956,846 of which $28,852,714 are liquid assets.
The decrease,
In 1920 the liquid assets totaled $29,315,275.
however, is more than counterbalanced by an increase of
almost $1,000,000 in the bank's loans to municipalities and
school cori)orations, Avhich total $3,390,722 for 1921, as
compared with $2,403,228 in 1920. During the year the
9%
bank opened seven new branches in Canada (three of them
in the City of Montreal) and converted ten sub-agencies
At the annual meeting a pension
into regular branches.
fund for tlio employees was announced.
The annual report of the Bank of Nova Scotia (head office
Hahfax) covering the year ending Dec. 31 1921, is printed
elsewhere in our columns to-day, and is the 90th annual
statement put out by the institution. Net profits for the
THE CHRONICLE
Fkb. 4 1922.]
period, after providing for estimated losses by bad debts,
were S2, 111, 733, which when added to $982,595, representing
balance brought forward from the preceding year, made the
sum
available for distribution.
of $3,094,329
From
this
sum, the report shows, appropriations were made as follows:
$1,522,000 to cover dividends for the year at the rate of
16%; $97,000 to pay war tax on circulation; $80,000 contributed to officers' pension fund; $300,000 written off bank
premises and $1,000,000 added to reserve fund, leaving a
balance of $65,329 to be carried forward to 1922 profit and
loss account.
Total assets are shown in the report as
Total deposits are shown as $176,539,792
$225,306,399.
and current loans and discounts in Canada (less rebate of
interest) stand at $71,663,385.
The reserve fund of the
bank is now 819,900,000 and its paid-in capital $9,700,000.
Charles Archibald is President and H. A. Richardson (office
at Toronto), General ]^.Ianager.
The amiual report of the National Bank of Scotland, Ltd.
(head office Edinburgh), for the fiscal year ending Nov. 1
1921, and which was presented to the proprietors of the institution at their annual general meeting on Dec. 22, has
just come to hand.
Net profits for the 12 months, after
providing for all bad and doubtful debts, the report shows,
amounted to £285,458, which when added to £64,203, the
balance to profit and loss brought forward from the preceding year, made the sum of £349,661 available for distribution.
Out of this sum it was resolved, the report says, to
appropriate the following amounts: £123,200 to pay a dividend of 16% per annum (this being exclusive of income tax
of £.52,800); £20,000 to the heritable property account;
£25,000 to the officers' pension fund; £15,000 to the bank's
annuity fund, and £100,000 to the reserve fund, lea\ing a
balance in the sum of £66,461 to be carried forward to next
Total resources are shown in
year's profit and loss account.
the report as £44,9.59,788. The subscribed capital of the
bank is £5,000,000, of v/hich £1,100,000 is caUed up, £900,000 uncalled and £3,000,000 reserve liabihty. The Duke of
Montrose, K.T., is Governor of the National Bank of Scotland, Ltd.; the Marquis of Zetland, K.T., Deputy-Governor,
and William Carnegie, General Manager.
The
Bank, Ltd., announced on Jan. 6
that, after payment of salaries, pensions, staff bonuses and
allowances, other charges and expenses, and the annual contribution to the proAident and insurance fund, and making
full pro\ision for rebate, income tax, corporation profits
tax, bad debts and contingencies, the available profit for the
past year is £2..529,124.
To this has to be added £543,864
brought forward from the previous year, making a total f
£3,072,988. Out of this total, an interim dividend of
dirctors of Lloyds
i
Is.
8d. per share, being at the rate of 16
2-3%
per
annum,
and amounting, less income tax, to £838,422, was paid r
the half-year ended June 30 last; £200,00(J has been applied
in writing off the bank }>urchase account; £2.">0,(XX) has been
placed to thf bank roniLses a<!count, £200,fX)0 to income tax
reserve; £l(XJ,fXKJ to the staff widov.s and orphans fund, an
£Kyj,fXXJ to the pensiot s fund.
After mal ii g these apprupriation.s, then; is a balance of £1,384, .566 remaiiing, and
the directors have de<'ided to recommend to the shareholders
at the ensuing general meeting that a di\i<leri<l at the same
f<
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular
Samuel Montagu & Co. of London, written under date
amounting, less income tax, to £838,422, l)e paid lor
the past half-year, leaving about £546,144 to bo carried forward to the jirofit and Iohs a^rcount of th(' curnMit year.
The available profit for the j>r<jvious year was £.3,237,742, to
which was abided £5^)5,420 brought forwar<i, making a total
of £3.743,162.
Out of this, £1,(^9,298 was paid in dividcndx (at the name rate), £2'>0,()(H) was \\ritten off th(! bank
premifMrH account, £'A},(HHi allofat('<l to the widows and orphans fund, £1,2.V),'KK) j>laee<l to the H)>ecial contingency
af.cjmiti for writing down investments, and £.>1.'{,S<>1 curried
forward.
rate,
of
GOLD.
The Bank
as
England gold r&scrve against
of
note issue
its
is
£126,618,780,
compared with £126,617,700 last week.
Owing to the late arrival of the boat from South
Africa, there has not
been a large amount of gold on offer. The bulk of the available supplies
was taken for India, who would have used considerably more than the
quantity available.
We have been favored by a responsible authority in matters connected
with the mining industry of South Africa with the following interesting information regarding the strike in the Rand. The movement is regarded
as of a sympathetic character, follomng a reduction in the wages of the
coal miners in the State.
Some effect upon the production is certain,
equivalent at least to the loss of one month's output.
Unfortunately there
is risk of permanent injury to mining interests, owing to the narrow margin
of profit in the case of low-grade mines.
A cessation of activity will
jeopardize the future of some of the mines, and Government help may perhaps have to be invoked to remedy the disastrous effects of flooding the
workings, in consequence of the temporary stoppage of pumping operations,
which the mine officials and clerical staff are now attempting to carry on.
Owing to powerful economic factors working adversely to tlie men, the
strike is not likely to be of long duration.
AVe append statement showing Indian net imports and exports of gold
and silver during the eight months ending November 1921:
(In Lacs of
Gold
Silver
Rupees.)
Net Imports. Net Exports. Net Imports. Net Exports.
April
257
165
May
...
56
137
. .
Juie
._.
227
94
Julv
.-186
61
August
--373
91
September
160
96
October
-..
192
141
November
203
64
•
It
months
worthj' of note that the figures for the first six
is
an
reveal
exchange of gold for silver, while the two last show a net, and not inconsiderable, import in the case of both metals.
According to the "Narodni Listy" of Prague, gold deposits have been
found in Czecho-Slovak Silesia. Experts report that gold is found there in
three forms; in gold washings, quartz and in combination with pyrites and
marcaeite.
The yield of the seams has been tested by two analyses carried
out by the district mining authorities of Moravska Ostrava. The first
and second experiments ijroduced respectively 36 and 52 grams of gold per
toil
of ore.
The "Times"
hears from a well-informed source in Sweden that the gold
deposited at Stockliolm by the Soviet Government of Russia now amounts
to about £9.000.000.
This sum, it is thought, will probably be exhausted
by April. When the revolution broke out in Russia in November, 1917.
the State treasure in the vaults of the Kremlin at Moscow amounting, it
is said, to some £1,50.000.000. was seized by the Bolshevists.
They also
captured from Admiral Koltchak most of the 63.000,000 which he carried
about with him during his unsuccessful campaign against the Soviet forces.
Besides this, the Bolshevists obtained possession at Moscow of the Ru.
manian gold which had been sent there for safety when Rumania joined the
Allies in their struggle with the Central Powers.
SILVER.
The market has been
during the week. This has arisen more
from poor supplies than from ab.scnce of demand. Inquiry there has been,
but mainly at lower limits, which could not be reached with offerings on
so small a scale.
Hence a sluggishness, which has kept prices round about
the same level, though with slight daily fluctuations.
India has been a
fair buyer provided prices eased a little; meanwhile, bears have been willing
to take the moderate amounts available day by day.
(Jhina does not
figure as a favorable factor just now.
Sales have been made on account of
that <iuarter, and .substantial quantities are reported to be forthcoming
should prices materially advance. The Continent has been a .seller almost
daily, and there have been some Indian sales.
America has done very
less active
liule.
We are advised
by mail from Bombay under date
demand was exi)oi-led to become less keen
of the 30th ult. that the
for a while, becau.so no
marria.;e ceremonies would take place for about four mo.itlis, ;iiid the anticipation was that, if siipi)ort failed. to come from China, India would not
be 111 a position to maintain the level of prices (wliich was 34Hd. at time
of writings
Iiullan
INDIAN CURRENCY RETURNS.
{In Lacs of Rupees.)
Dec. 22.
Dec. 31.
17322
7406
17!53
7397
17307
2432
2432
2432
Notes in circulation
Silver coin a;id bullion in India
Silver coin and bullion oui of India
CioUl coin and Ixillion in India
Gold Coin and bullion outof India
Jan.
7.
7351
(Indian rsovernmcnt)
6S10
6840
69:"i9
Government)
584
585
584
Thr> coinage during the week endliiK 7th Inst, amounted to 1 lac of rupees.
The stock in Shanghai on the I4th Inst, consisted of about ;i3.000.()()0
ounces In syree. 22,000.000 doll;irs, and I ..iOQ sihor bars, as compared with
about 32.200,0f)0 ounces in sycee. 23,000.000 dollars, and 3,830 siUi-r bars
H<!.-urlll<>s
Securilitis (IJriiish
on the
71
h Inst.
The Shanghai exchange
(Juotallona
Jan. 13
Is
quoted at
—
—
Jan.
Jan.
Jan.
Jan.
14
in
17
18
J.in, 10
38. 6d. the tael.
per Oz. Std.
Cash.
2 Mos.
35 ',d.
.35»id.
35 ',d.
35»4d.
liar Si Iter
.35l(;d
ATiA.
WrtVilX.
—
liar
Gold per
Fine.
():.
97s. 4d.
»7h. fid.
97s.
7d.
»7n. lid.
.3.5(1.
31, (I.
3.5d
O.'VH.
0(1.
34', d.
3l\d.
»7h. Sd.
31.!t79d.
35.1 Kid.
Till! ullvor iiUotatlnriM Uvday for ••iish and forward delivery are ruMpin-tlM'ly '4'J. and Vi'X. bi'low IIiom- ri\i-i| ;i ui-ck .'igo.
Avi-raKi!
ENGLISH FINANCIAL MARKETS
The
of
Jan. 19 1922:
j
1
493
I'HH CAIILE.
The
Stockholm,
Kronur,
after writing off 2(),5.'>.'»,33.'> Krorior in ba<I deblK and invefilmentji in xhan*, ncfording to a cablcgrarn received by
the Irving NntionnI liank. from Mr. A. 10. I<itidlijiin, ilH
.SkandiriavJNka
Sweden, han reported a
Kn<lituktiel»r»lagel,
i<rofil
in
Hr21 of
1
of
daily closing jpiotations for securilics, iVc, at London,
OH reported by cable, liavct Iweii a.'i follows the past W(<««k:
8, 703..I* »9
Scandinavia. TIhi l)ank dcflured a divi<\i<ni\ of 17.6%. or 2ii Kronor a nhare.
The .SkaridinaviMka
Kreditaktieholnget in one of the Htrongest bankH in Scandinavia.
It yuan extabliMhed in
IH(>.'{
and o|>erat<'H 110
branches in .Swe<len.
Jan.2i\. Jnn.'M). Jiin.M.
lyomlon,
Wr,k
rndtiut f'b. 3
'OH
s.'.s
<i
riiiroiinrn
.
IN
I
Mm.
Sal.
I)7k
.'iiir
3ft*i
4(1.
,.'
i>
'
ir<i
'I
r
Im
j.i
Hllvnrin N.
r-.'
I'
...
Y.
•.!
^ii
p«roa.
«
.
III
I
aril*
Il7il.
IMIit
A2
ril»i
()»'«
oaK
rei»r»ji*titative in
H7»<
Ao 40
Ml ;;i)
,\<'W ^'ork
Fiti.l.
W'kI.
run.
K7
nn
:i.'.'i
nd.
IHIn
.'4il
HO 20
on the
frh.3.
:»r.s
.v.ti
lin*
fld
fil.
<mi<
r.l»i,
ftll't
APt
<):>
<):i>k
ii;<
H7'»
nn no
7n on
H7U
H7
.in
frii.'j.
Tfiiirt.
m
v,
mw
saiiHi
mi fn
7H.nri
dayN has been:
(ota.):
.
..
(los
nni)
gtis
nn't
(Mi'»
nnii
wo«i
nrnt
Hd
oos
«uiit
o«s
nns
-
-.
—
-
H
H
K
THE CHRONICLE
494
[Vol. 114.
CHARTERS ISSUED.
— President.
12100 The National Bank of Winter Haven, Fla
$75,000
Roswell C. Martin Cashier, C. E. Reed
Jan. 23 — 12101 The Follett National Bank, Follett, Texas
25,000
Conversion of the First State Bank of PoUett, Texas.
President. W. E. Stuart Cashier, A. W. Kincade.
Jan. 26 — 12102 The First National Bank of Kenofick, Okla
25.000
Succeeds Kcnefick State Bank, Kenefick, Okla.
President.
R. McKinney Cashier. H. P. Watklns.
Jan. 27 — 12103 The First National Bank of Locust Grove, Okla... 25,000
Conversion of the First State Bank of Locust Grove, Okla.
Jan. 21
Jr.
The Curb Market.
—From a weak and
listless
condition
Curb Market
at the opening of the week
improved until to-day when one of the most active sessions
Prices reached high levels for
of the year was recorded.
Philip Morris figured prominently in the trading
the year.
and advanced from 9^ to 13 J^, the close to-day being at
Lincoln Motors was subject to pressure and dropped
133^.
from 6 to 4M but renewed buying to-day advanced the
trading in the
Intercontinental
the final figure being 5^.
to 11^ and at 11 ^^
Rubber v/as strong, selling up from
Hudson Co.'s pref. Avas conspicuous for a loss of
finally.
about a point to 73^, then a recovery to 9}4 and finally a
Cleveland Automobile weakened from 3034
drop to S}4to 293^ and sold up to-day to 32, the close being at 31 K.
Tobacco Products FJxports advanced from 4 to 5 Ji and ends
Carib
Oil stocks were less conspieuoUvS.
the week at 5^.
Syndicate, after fluctuating between 3'K and S^4 during the
week, jumped to 4 34 to-day with the close at 4. Gilliland
and finished
Oil moved up from .53ij to 8%, reacted to
to-day at 73^. Internat. Petroleum rose from 14^ to 153^
and closed to-day at 153^. EJrby Petroleum gained almost
two points to 21. Bonds were less active and changes small.
A complete record of Curb Market transactions for the
week will be found on page 510.
price to
5^,
9^
J.
Jan.
President, Wallace B. Kane Cashier, J. E. Mann.
28—12104 The State National Bank of Depew, Okla
Conversion of the First State Bank of Depew. Okla.
President, .7. L. West Ca.shier, H. G. Merryman.
25,000
CORPORATE EXISTENCE EXTENDED.
Until Close of Business
The
The
The
The
The
The
National Bank of Collinsville, 111. .
Jan.
.. ..
National Bank of Tvler. Minn. ..
Jan.
National Bank of Port Clinton, Ohio
Jan.
National Bank of Zelienople, Pa
Jan.
National Bank of Portales, New Mex_.
...Jan.
61.30
National Bank of Hugo, Okla._.
Jan.
G139 State National Bank of Mt. Pleasant. Tex
_. ...Jan.
6179 The Fir.st National Bank of South River. N. J
Jan.
6125
6203
6227
6141
6187
First
First
First
First
First
First
CORPORATE EXISTENCE RE-EXTENDED.
2C44 The First National Bank of Newton. Iowa
1942
1942
1942
1942
1942
1942
29 1942
29 1942
23
23
24
26
26
28
Jan. 29 1942
VOLUNTARY LIQUIDATIONS.
Capital.
—Effective
11637 The Citizens National Bank of Tyndall, So. Dak...S25,000
Jan. 21 1922.
Jan. 27
Liquidating agent. Geo. E. Pfoffle, Tyndall, So. Dak.
Business acquired by the First National Bank of Tyndall.
No. G792.
4095 The First National Bank of Stephenville. Tex
75,000
Effective Jan. 10 1922.
Liquidating agent. J. J. Bennett, Stephenville, Tex-.
Assets purchased and liabilities assumed by the Farmers'
Guaranty State Bank of Stephenville, "Texas.
6%
—
Jan. 28
—
New York
City
Canadian Bank Clearings. The clearings for the week
ending Jan. 26 at Canadian cities, in comparison with the
same week in 1921 show a decrease in the aggregate of
Banks and Trust Companies.
All price* dollars per sbaro.
Baoks— A^ Y
America*
Amer Exoh. 248
225
AtlanUo
Battery Park. 135
4,(0
3owery*
Broadway Cen 120
•Bor
80
Bronx
150
Bronx Nat
Bryant Park* 146
Butoh 4 Drov 130
Cent Meroan. 175
285
Ciiase
Ohat A Phen. 225
80
Cbelaea Excb*
515
Obemlcal
Ooal 4 Iron-. MO
Colonial*
360
Columbia*
155
248
Commerce
Oom'nwealth* 215
130
Continental.
Corn Excb*.. 350
90
OosmoD'tan*.
Bast River... 170
182
150
First
930
Qarflem
215
Gotbam
190
240
825
Hanover
388
Harrlman
Imp 4 Trad.. 510
Greenwich* .
.
Industrial*...
*
N Y
253
Bit
of
194
240
342
500
140
317
City
INat
jNew Netb*-. 120
New York... 455
300
iPaclflo*
404
Park
235
Public
265
Seaboard
Standard*
230
245
State*
Tradesmen's • 200
Manbattan *.
145 Mecb 4 Met.
450 Mutual*
140 |Nat American
90
160
166
140
190
292
233
90
620
210
...|23d Ward*.-. 190
166 lUnlon Excb.. 195
252 Dnlted States* 165
225 Iwasb H'ts*.. 326
145 YorkvlUe*.-. 420
360
100
....
160
940
225
First
250
Greenpolnt...
175
165
260
185
100
Askeo
380
3U5
135
305
273
455
210
260
208
Montreal
Toronto
Winnipeg
Vancouver
Banks marked wltb
I
Ottawa
Quebec
140
16«
..
265
Hamilton
John
London
2,514, 949
2,620, 303
4.243, 348
1,954 ,347
3.529 ,133
31.
Calgary
Victoria
126
Edmonton
---.
Lelhbridge
Saskatoon
IJrantford
...
220
People's
300
_--
Kitchener
i:.
206
165
Prince Albert
Moncton
(*) are State
banks,
t
New stock,
City Realty
Amer Surety
Bond A M G.
70
07
230
Olty iQvestlni?
.-
AUlan B'lt7-.
Preforrefl
--.
98
Alk
80
70
Kingston
Lawyers MCg<> 135
Mtge Bond-. 90
---- ;Nat Surety.. 211
{N Y Title 4
100
Mortgage.. 146
TltleAMG
Ask
By
112
Shares.
165
90
1,375 Bos.
7
145
249
1S6
40
—
National Banks. The following information regarding
is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
First National Bank of Sumner. Wash
—The
Correspondent. Chas. P. Jenks. Sumner, Wash
APPLICATIONS TO ORGANIZE APPROVED
Jan. 24 — The Uichfiold National Bank, Richfield, Minn
Correspondent,
W. Black, 618
Jan. 24
Jan. 28
—
Jan.
—The
Texas National Bank of Beaumont. Tex
Conversion of the Texas Bank & Trust
$25,000
APPLICATIONS TO CONVERT RECEIVED.
.1250,000
'
t
—
New York. N. Y
1,000,000
Conversion of the Mercantile Trust Co., New York, N. Y.
Correspondent, Chellis A. Austin, 115 Broadway, N. Y.
APPLICATIONS TO CONVERT APPROVED.
—Conversion
The American National Bank of Pryor Creek, Okla
$25,000
of the American State Bank of Pryor Creek.
Correspondent, American State Bank, Pryor Creelt, Okla.
Jan. 28— The American National Bank of Reynolds, No. Dak
25,000
Conversion of the State Bank of I{eynolds, No.
Jan. 24
Dale.
Daii.
(Correspondent. .State Bank of Reynolds, No.
Farmers National Bank in Vinita, Okla
Conversion of Farmers State Bank. Vinita. Olda.
Correspondent, Farmers State Bank, Vinita, Olda.
The American National Bank
823,695
572.088
404,139
732.055
904,944
—5.6
1,080,579
2,532.536
367,737
373.916
+ 0.4
290 317
321,595
958, 594
194,225
667, 317 Not Incl. In
—9.7
—3.6
558,436
409.975
298,933
631.459
624.671
561,764
1,242,498
316.010
288,011,852 307,755,129
totals.
—6.4
353.001.5.52 238, 183,685
of Vinita, Okla
Conversion of First State Bank. V'inita, Olda.
Correspondent, P. W. Samuel, Vinita, Okla.
50,000
60,000
Messrs. Adrian H. Muller
&
Price. Shares.
Stocks
Cape Cod
& N. Y
Sons,
New
York:
Slocks.
Price.
Canal
26 Flanlgan-Dodge. pref
209 Flanlgan-Dod«e. com., $10ea>S100
Tide Water OH, com. $128 75 persh
175 Beaver Rub. Mfg., pf .$10 eai lot
Pueblo Realty & Dev., pref..1
075 Beaver Rub. Mfg.,com.,$.") eaj
Land & River, 1st pref
10 Progress Nat. Uank...S100 per sh.
Land & River, 3d pref., and J $6
Bonds.
Price.
$97 50 scrip
lot $100,000 Cuban Dominican Sugar
Laud & River, com., and|
Devel. Synd.. 83H% paid .$43,000 lot
1524 39 scrip.
ISundry notes aggreg'n $213.990 82
United Public Service, pref. $425
(llstat.A. H. Muller & Sons, N.Y.)
Imports Advance't Corp. SI persh.
$50,000
International Oil & Gas
512 lot!
1
I
)
50
2.000
1,000
By
Messrs. Barnes
&
Lofland, Philadelphia:
Sharts.
Stocks.
$ per sh
2 West Phila. Bank. S50 each... 60
282 Bank of North America
55-55H
100 Phlla. Co. for Guar. Mtges
125 ^i
16 Commercial Trust Co
327-330
5 Peoples Trust, S50 each
5034
20 Cuar. Trust of Atlantic City.. 218
25 .\lllance Insurance, SIO each.. 20
15 Scran ton Life Insurance
lO.H
5 I'enn. Academy ol the Fine Arts 31
50 Riverside Traction, common.. 15
7 De Long Hook & Eye.
30
1 J. B. Stetaon Co., preferred... 125
100 Amer. Plpe& Constr. Co, $50 ea 15H
Co. of Beaiunont, "Tex.
Bank & Trust Co. of Beaumont.
The Skagit National Bank of Mt. Vernon, Wash
50,000
Conversion of he Skagit County Savings Bank & Trust Co.
Correspondent. Skagit County Savings Bank & Trust Co.,
Mt. Vernon, Wash.
The Mercantile National Bank & Trust Co. of the City of
—
Jan. 27
880,236 + 15.5
588,505 —25.2
454.404 —42.2
824,595 —27.4
058,663 —25.1
916,567.
68.096.816
—30.8 4 1.891. 3.') 1 33.759,119
—3.1 15,032.332
9,288.592
-10.3 7.818,575 6.370,573
—26.0 6.154.720 4,290,544
—22.8 3.664.093
4,028.111
—9.1
5.901.890
4.572.673
—15.9 3,073.710 2.474,659
—9.9 3,142,221
2,167,531
—40.2
7.361,910
4,810,659
—10.7 2,341.956
1,673,645
—18.7
4.573.374
2,867,827
—28.9 3,156.393 2.707.819
—26.1
535.227
446,901
—24.5
028.798
581,773
—11.7
1.551.877
1,380.916
—17.3
1,126,980
762,617
—31.6
1.377,605
1.307,298
I
10
Capital.
.
$25,000
J.
Builders Exchange,
Minneapolis. Minn.
First National Bank in Blair, Okla
25,000
Succeeds the Blair State Bank, Blair, Okla.
Correspondent, R. R. Jackson, Blair, Okla.
"The First National Bank of Bingcr, Okla
25,000
Succeeds the First State Bank of Bingor, Okla.
Corre.spondent. C. G. Kern, Binger, Okla.
Jan. 26
IOB.405.344
S5 per sh.
national banks
Corre.sponflent. the Texas
+ 21.1
—
8
2.3
$
—10.8 129.845.123 81.953,866
New
Aik Realty Assoc Bid
145
107
(Brooklyn)
100 U S Casualty. 155
216 U 8 Tit! Guar
80
West 4 Bronx
162
%
1919.
Auction Sales. Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in
York, Boston and Philadelphia.
and Surety Companies.
eiil
152.077
1920.
z Ex-dlvldend. vEz-rlgbta
All yrlca* dollars per share.
BU
.355,607
792, 139
864, 801
2.383, 878
Windsor
Total Canada..
New York
,525.391
927 418
1,010, 657
425, 852
262, 473
598, 568
Fort William
New Westminster.
Brookli/n
125
IH'-
1,345, 598
951, ,880
Moose Jaw
Medicine Hat
Peterborough
Sherbrooke
96
2,683 878
462, 416
429 061
Brandon
315
320
275
154,719
838,564
152,976
903,242
786,763
096,249
188,718
342,362
775,698
626,011
568,363
4,552 ,681
2,962 ,662
4,682, 991
Regiua
600
312
Title Gu A Tr 310
D 8 Mtg 4 Tr 265
United atates 950
January 26.
Dec.
1921.
%
S
90.560. 496 101 621,678
104.361, 639 86, 151.527
.34.292, 951
49, 574.959
12.234, 953 12,1632.032
5,1698,487.
5,1U7, 869
Halifax
165
155
1922.
Canada
Life Ins
Trust
Trust...
endlrig
Inc. or
420
80
90
Week
—
Clearings at
333
Brooklyn Tr. 410
Kings County 680
Manufacturer 215
Homestead*..
158 Mechanics'*..
260 Montauk*
835 iNassau
395 iNorth Side*..
520 People's
N Y
4
J^ Y
j
Brooklv*
.-._ Coney Island* 145
6.4%.
Aat Trust Co.'a
BU
.V«u) York
197
American
--250
Bankers Trust 327
347 Central Union 370
Columbia
295
160 Commercial
105
290
321
Empire
Equitable Tr. 268
135
.-.* Farm L 4 Tr. 430
Fidelity Inter 200
409 Fulton
240
__ Guaranty Tr. 204
300 Hudson
170
260 Law Tit A Tr 130
260 Lincoln Trust 1 55
Mercantile Tr 270
Metropolitan. 260
.
205 Mutual (West
175
Chester
110
!
FUtb Avenue* 925
Flftb
Banks
Irving Nat
Ali
Bta
176
By
Messrs.
R
Shares.
Stocks.
10 Citizens National
10
13
50
10
5
7
10
10
14
50
>j
23
5
L.
Day
<t
.
Co., Boston:
$ per sh.
Bank. Boston. 110
Nat. Sbawmut Bank, Boston. ..235^i
Boylslon Nat. Bank. Boston
140
William Whitman, pref
97
Bates Manufacturing Co
235
Peppercll Manufacturing Co
179
AcadIa Mills
103
Columbus Manufacturing Co
165
Dartmouth Mfg. Co.. common. 260
West Point Mfg. Co..
107-107^
Old Colony Woolen Mills, $10 ea. 4
Bates Manufacturing Co
ll'Zii
U. S. Worsted, Ist pref
lOM
Great Falls Manufacturing Co-.H3H
2 Arlington Mills
110
25 Gillette Safety Razor, ex-dlv...l85
177
15 Plymouth Cordage.
4 Merrlmac Chemical, $50 each.. 83
12 American Glue, common
112
24 Big Sandy Co., 1st pref
60
31 Big Sandy Co., common
6
Bonds.
Per cent.
5 American .\cademy of Mij3lc..520
$33,000 Potts. & Phoenix. Ry. .55,
1942
$300 lot
$1,000 Second Ave. Trivc. 58, 1934. 67X
$2,000 United Rys. 48, 1949
55J4
$7,000 Harlelgh-Brookwood Coal
6S, 1928
98
51,000 Eastern Pet. 6s, 1927
73
$1,000 Penn Seaboard Steel 73, 1923 74
$1,000 Hale& Kllburn 6s. 1939
84
S500 Schuylkill Ilav. Bor. Gas
6 Water .53, 1950
90
$500 Caddo Oil & Ref 6s, 1930
44
Shares.
Stocks.
S persh.
33 Converse Rubber Shoo, pref..90-90K
50 Orpheum Circuit, pref
82)4
20 Hood Rubber, pref., ex-dlv
93M
383 Commouwoalth Fisheries
1
5 Converse Hubbcr Shoo, pref
91
15 Boston Woven Hose 4 Rub., pf . 95K
30 Draper Corporation
147-147H
5 Suffolk
Real
Estate
Trust,
$1,000 each..
400 flat
3 Bost. Woven Ila-w 4 Rub., com. 102 J^
50 Lowell Gas Light...
..185
1 New Kag. Storage Warehouse.. 50
10 Merrimack Mfg., common
99
6 Ipswich Mills..
61
4 American Glue, preferred
122>4
15 Sullivan Machinery
45^;
Bonds.
Price.
350.000 rubles Imperial Russian
Govt. 6Ks. 1916
4
$1,000 Greelock coll. trust 7s, 1925. 97
THE CHRONICLE
Feb. 4 1922.]
By
Hobbs
Messrs. Wise,
&
Shares.
Stocis.
$ por sh.
2 Acushnet. Mills
157
5 U. S. Wors(e(l, 1st pref
10 ><
1 Ludlow Mfg. Associates
128
25 Converse Rubber Sho<!. pref. 91 5^
4.334 Stollwerek CliocoUite, iom__
Hi
2 American Mfg.. pref
77
Arnold, Boston:
Per
Shares.
Stocks.
S prr sli
5 Electric Bond & Share, prel. 91
160
1 Edison Klec. Ill
10 Greenfield Tap &. Die pref-. 85
Atlantic Coa.st
1
19J-S
21 American Glue, common
Laconia Car. pref
112
CO
DIVIDENDS.
we
In the
.
the dividends announced the curThen we foUow with a second table, in which
rent Aveek.
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
bring together
all
Xaine of Companu.
Railroads (Steam).
Buffalo Rochester «fe Pittsburgh, cam
Preferred
Connecticut & Passumpsic. pref
Cripple Creek Central, pref. (quar .)....
and
Street
When
CeiU.
Payable.
*3
1
preferred
*1^ Mar.
*Ui Mar.
Co com
.)
,
.
.
com
(in
.
stk.)
Hodgman Rubber,
preferred (quar.)
Holt Manufacturing, first pref. (quar.)..
Original preferred
Inland Steel (quar.)
Intemat. Combastion Engineering (qu.)
Intemat. Harvester, pref. (quar.)
J«lfer3on A Clearfield Coal & Iron, pref.
Uggetti MyeraTob.,
com.<fccom.B(qu.)
Inc., com.(qu.)
Uma Locomotive Works,
& Taylor,
preferred (quar.)
Majttomet Mills (quar.)
liar Department Stores, com. (quar.)..
Preferred (quar.)
Merchants Refrigerating, com. (quar.)..
Common
first
50/
2
15i
3H
*25c.
*50c.
Holders
Feb.
Feb.
Feb.
Feb.
Holders
Holders
Holders
Holders
Mar.
Holders
Holders
IH Mar.
Holders
Holders
Holders
Holders
*1H Mar.
Holders
2
»2
Feb.
Holders
Mar.
Holders
Holders
*IH Apr.
Feb.
Feb.
Feb.
Feb.
(ilH
Holders
Feb.
Feb.
Feb.
Holders
Holders
Holders
Holders
Holders
Mar.
Mar.
Holders
Holders
Feb.
Feb.
Feb.
Holders
Holders
Holders
*l% Mar.
Holders
IM
S2
SI. 30 Feb.
Feb.
Holders
Holders
Holders
Holders
Feb. 28
Feb. 5
Mar.
Holders
Feb.
Apr.
July
2
3Jic.
3Jic.
IK Mar.
Preferred (quar.)
Western Grocer, common
White (J. G.) Co., preferred (quar.)
White (J. G.) Manag't, pref. (quar.)...
Will & Baumer Candle, com. (quar.)
Worthington P. A .Vfach.. pf. CI. A. (qu.)
Preferred Class H (quar.)
WrlKht Aeronautical Corporation
15i
•2
Mar.
Feb.
Apr.
Apr.
Feb.
•IH
25c.
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
rec. Mar.
rec. Mar.
rec. Feb.
rec. Jan.
rec. Feb.
rec. Feb.
rec. Feb.
rec. Jan.
rec. Jan.
rec. Jan.
rec. Feb.
rec. Jan.
rec. Feb.
rec. Feb.
rec. Feb.
rec. Feb.
rec. Feb.
rec. Jan.
rec. Feb.
rec. Mar.
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
to
to
18
13
31
27a
3
20
9
10
31
15a
15
10
16a
20
20
10
27
of
Cnmpany
Railroad! (Steam.)
Alal>%ma fJn-at H«nj'.b«-rn. preferred
I A Banta Kp. mm. (quar.).
A'Ohio,
I:
Cbj'-
-.r
nui
•
pri-ferri-fl
Minn. A
(.(mabjt,
,,..,...
.
'r,. (quar.)
RK.ACoai.
>l
pf.
A
LouUvlilii
31a
20
24
7
7
25
10
1
28
of rec. Mar. 10
of rec. Mar. 10
Holders of rec. Feb. 15
fyimi-K't
Pmn'ylv-tnla
rotn. (quar.)
ad], pref. (quar.)..
''indr.)
I-
Va prrf. (quar.)...
-../. oommon (quar.)
Ojmpnny, flnrt prff. (qnar.)
I
R'
-
..
Kcfuliiig
Mar.
3H
Feb.
Feb.
l>i
.Mar.
1
Mar.
Mot.
Mar.
IK
'
7'
I
M«
•3J<
«1
fiOc
qiuir.)
not. (quar.).
'rir.
I
T>W««i. i-r,,n
J>
t
liiuiu.i
Mp. Trun
r. A Wafir
MIntMiAp.. iwiin,
.
I
7'rriiTTr*i (aaet.
Ilolrlirfi
Holders
Holders
Holders
HoldcTH
hhU. 2
Mar.
lIoldfTH
Holrt'TS
KcU.
Feb.
Feb.
Fib.
Id).
Feb.
Feb.
Mold'TM
Holdt-m
20 •MokliTH
2H|
10
2H
y
Mar.
Mol'I'TX
•Moid.TK
MriMiTii
of rec. Jan. 20
of reo. Jan. 31a
of rec. Feb.
«a
of rec. F«b.
la
rir.
Feb.
of
la
of rec. Fco. 18
of rec. Fob. I0«
of rec. Feb. lO'J
of rec. Feb. 2.la
lo
FdI). 14
of rec. Feb,
:ia
of rec. Jan. Kid
of rec. Feb. 2 Ha
of roc. Jan. 31a
of rec. Feb.
H
of tPC.. Job.
la
of riT. J nil. rn
rec.
of
Feb. la
lluUlm of
Holdom of
rec.
rer.
Jan. 1 7a
Fob. 17a
illwny*.
Apr
i
I
IH Mar.
.
'
'
Holders
Holders
Holders
HoldtTB
2)i
60c. iFeb.
flOc
valUv
y
Feb.
1« Mar.
3
I'ow.. prrf. (qu.)
aoeumulalod dlvn )...
Feb.
Feb.
Fob.
Fob.
Fab.
Kab.
Feb.
Feb.
Feb.
Feb.
Feb.
2
IH
1
*1H
(quar.)
Dominion Bridge. Ltd. (quar.)
Dome Mines (capital distribution)
Dominion Oil (quar.)
Dow Chemical, common
Common (extra)
&
pref. (quar.).
IH
Inc.,
com.
common
(qu.)
(quar.)
Liberty Match Co
Lit Brothers Corporation
Extra
Madison Safe Deposit
Extra
Martin-Parry Corp. (quar.)
Massachusetts Cotton Mills (quar.)
Mexican Seaboard OH
Feb.
to
Fob. If)
I
Iloldrm of rnr. Jan. :)la
Holdi-m of rec. Frii.
la
.')«
Iloldora of rer. lob.
Holden of reo. Jnn. in
Ifoldrrn of reo. Jan. 10
pref. (quar.)
(quar.)
(quar.)
(quar.)
Ontario Steel Products, com. (quar.)l.Unlarlo Steel Products, pref. iquar.) ..
froferred (quar.j
Pacific Gas & Elec. 1st pf.&orlg.pf.(qu.)
Pcnmans, Ltd., com. (quar.)
Pennsylvania Coal A Coke. com. (quar.)
I'resHcd Steel Car, pref. (quar.)
Procter A Gamble Co., common (quar.).
I'roduccn."
Refg. Corp.. pref. (quar.).
Pullman Co. (quar.)
<iuaker Oata. prof, (quar.)
Ranger Texas Oil (quar.)
A
pref. (quar.)
IH
A
I
.
Wrhiir
A
preferred
hn
hi
pri'riirriHl
ll('lll)ronpT. prof,
(quar.)
•
.
.
AlnAkuVart
'
»
A
.
A /iff
rommoD
rorri,
A
"t<<.
— rom
junr
Aji.
Ainrrlraii
I
f
.hi",
IH
>
(quikr.)
.
liM.,rxilB.(ga.)
'In
(guar.)
Fab. 10
Fi-b.
fqiinr ).
(quar.)..
""n (quar.)..,...
'
3
3
•I
* yrnnrr firo f'na
Ar
A'
(quar.).....
..•! Iril
Inromc)
rofri tii'in "lunr )..
I'fi
"•
A.
Am
• I'roiii iinorrirlnl
nu*.
'
.
2
Apr.
VfU.
\r,\
f-U
I
V-i>
a!
noldmii or ree. Jan. ni
Ilolrtem of reo. Jan. ai
MoldfTn of rnc. Jan. 24 a
lloliU-m of r<w, Jnn.
Mr)IO''rii Mf rnr. Jnn.
"' '
• ItII
'
Muz
•I
Vrh.
|M«r.
II(j1/1.th
IH
IH
IKrh.
'Fob.
Il»lr1<<ra of rrr
iloldcra of rrx
3Afl
i
i.f
!>'
•
'
ir
.
1)
Ur
r<i).
'.'Ha
ai'i
la
la
I.'.a
I
'I
Jan. aia
mmirm.
Holders
t
1
Holders
Feb. 28
Feb. 2K
Holders
Holders
Miu-.
1
Mar.
1
IIoidiiTn
Holders
Holders
HolderH
Apr.
I
Apr.
Feb. 15
IIolderH
Mar.
HolderM
1
Feb.
1
\r,
Miir. 15
Fob. :'Feb. 27
Mar. U.
Mar.
1
15
l'**»l).
Apr.
1
May
1
Juno
1
July
Apr.
1
1
1
3
Mar.
Mar.
1
IK
Feb. in
IK
lloldci-s
15
K)
Fob. 21
Fell.
F-eb.
Ai>r.
...
W'oolworth (F. W.) Co., com. (quar.)..
Yrllow Cab Mfg., Clnjoi I» (quar
)
M
1
16
16
Mar.
2
(quar.)
IH
Standard (Jil (Ohio), prof, (quar.)
.stiTii Mros.. pref. (quar.)
2
.Stewart Wuriier Speedometor (quar.)
.50n.
Superior Hiecl. Ist
2d pref. (quar.)
2
Hh ft I n ternallonal
SI. 20
Trxatt <,lilcf Oil (quar.)
3
TlioiniiMoii .Stiirrcll Co., pref
4
'loijarco I'rodiiins Corp., com. (quar.).
IH
Union Tank Car, <iom. and prof, (quar.)
IH
L'nited Karbrr Hliopn, Inc., pref. (quur.).
IH
XJuMnti Ga# Inipiovemenl. prof. (quar.).
87 He
L'ulK^I Iloyaltlisi (monthly)
3
i;xlra
1
11 H. Cimt Iron Pipe A I'dy.. pf. (quar.).
l<im
\'an Riialtii <.'c., iHt A 2d priif. (quar.)..
IH
Vlritlala Iron. Coal A Coke, common
50*
Wahl <:o com, (quar.)
•si.r,o
< >>mMi(in
(iiionihly)
•fKIO.
( oiiiiiiiiii
(montlily)
............ •fiOo.
(U>iiiMi>iii (iiiotiUily)
......... •AOc.
firii
1
Apr.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Holders
Holders
Holders
25
•3H
•ft2
25 Holdti-8
21 Holders
SI
2
15 Holders
16 Holders
IH
1%
28 Holders
IH Mrr. 15 Holder;
25c. Feb. 20 Holders
Feb. 10 Holders
2H Flab. 16 Holders
SI
Mar. 1 Holders
1
Feb. 15 Holders
IH Feb. lo Holders
IH May 15 Holders
l^i Feb. 15 Holders
2
Feb. 16 Holders
2
Feb. 10 Holders
IH Fob. 28 Holders
5
Feb. 15 Holders
S7>A Feb. B Holders
2
Feb. 15 Holders
IH Feb. 28 Holders
3
Apr. 1 Holders
Holders
SI .824 Feb. U
2
Feb. 28 Holders
I'referrwl
.
1
1
Feb.
Feb.
Feb.
Feb.
Apr.
Feb.
S2
Southern Pipe Line (quar.)
Standard .Milling, com. (quar.)
liron
1
2
New York Dock, common
Horoml
June
1
Mar. 16
SOe. Feb. 15
I
Feb. 15
National l^ad, pref. (quar.)
New Cornelia Copper
New Jersey Zinc (quar.)
Wnm-n
Mar.
SI
Mobile Electric Co.. preferred
Preferred (account accum. dividends).
Mohawk Mining
Montreal Light, Heat & Power (quar.)..
common
1
15
Feb. 16
Feb. 10
rec.
rec.
rec.
roc.
ree.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of reo.
Feb. 10
Holders
1
15 Holders
1
28 Holders
15
Holders
\%
16 Holders
S2
2
16 Holders
2
15 Holders
2
16 Holders
2)4 Mar. 1 Holders
500. Mar. 1 Holders
$1
Feb. 18 Holders
5
Feb. 15 Holders
50c. Feb. 20 Jan. 27
25c. Feb. 20 Jan. 27
Feb. 16 Holders
3
I
Feb. 15 Holders
60o
Mar. 1 Holders
3
Feb. 10 Holders
Lee Tire & Rubber (quar.)
Lehigh Coal & Navigation (quar.)
OH.
1
15
Mar.
$3
Secur. Corp., pf. (qu.)..
Indiana Pipe Line (quar.)
Iron Products Corp., prof, (quar.)
Kaminlstlqula Power (quar.)
Keliy-Springfleld Tire, pref. (quar.)
N. Y. Shipbuilding
Fet).
1% Mar.
1% Apr.
—
Preferred
Mar.
Feb. 15
Mar. 2o
Feo. 15
Apr. 20
Apr. 1
13i
Holders
Holders
The Now York Hloek
of rec. Feb. 28
of rec. Feb. lOo
of rec. Feb.
la
to
Feb. 10
of rec. Feb.
4
of rec. Feb. 4
of rec. Mar. 14a
of rec.Mar.dl4o
of rec. Mar. 14a
of rec. Mar. 14a
of rec. Feb.
8a
of rec. Feb.
la
of rec. Mar. 20
of rec. Feb. 17a
of rec. Feb. 21a
of rec. Feb.
la
of rec. Feb.
la
of rec. Feb. 28a
of rec. Jan. 31
of roc. Jan. 31a
of rec. Feb.
la
of rec. Jan. 31a
of rec. Jan. 30
of rec. Jan. 31
of rec. Jan. 31
1
Mar. 16
$1
lioldere
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Inclusive.
15 Holders of
25 Holders of
16 Holders of
15 Holders of
15 Holders of
IM Mar.
IM Feb.
Debenture stock (quar.)
Gillette Safety Razor (quar.)
National Biscuit,
15
15
15
15
16
15
15
15
15
15
15
Feb. 15
IH Feb. 15
*26o. Feb. 6
Foulds Milling, com. (quar.)
General Asphalt, pref. (quar.)
General Cigar, pref. (quar.)
Miami Copper (quar.)
Middle West Utilities,
1
IJi
Hosiery Mills, pref. (quar.)
Elsenlohr (Otto) & Bros., com. (quar.)..
Firestone Tire & Rubb., 7% prel. (qu.).
Lancaster Mills,
1
I
IM
Durham
& Power
1
2
$1
30c.
(quar.)
Preferred (quar.)
du Pont Chemical, com.
Sinclair Consoi.
2
SI
1
Royal Dutch Co
3M
Mar.
15
15
Holders
Holders
Dai/s Inclusive.
S6
2
1
(quar.)
Feb. 13
Payable.
2
Feb.
Feb.
Feb.
Feb.
Feb.
A Marx,
Mar. 9a
June 7a
Mar. 2
Cent.
Diamond Match
Haiders
1
1
I'A
•$1
Copper Range Co
Corr Mfg. (quar.)
Davis Mills (quar.)
Holders
1
1
5i
Mills,cm.)qu.)
1
Mar.
2H
Elec. (quar.)
15
15
Holder?
Holders
Holders
Feb. 1
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
IH Mar.
IM Apr.
Ilium.
5
15
15
31
la
31
Bnokf Closed.
3K
.".a^tivliiJ-
A VifnXtTn.
A Wfvurrn.
A HymrMW
Class B (quar.)
California Packing Corp. (quar.)
Bag
Feb. 15
Feb. 10
Hart, Schaffner
Mar.
When
1«
II
Norfolk
Norfolk
Brooklyn Edison Co. (quai.)
Buckeye Pipe Line (quar.)
Burns Bros., Class A (No. 1)
&
IK
Hamilton Mfg.
31
31
31
Per
com
PrcfCTTWl
Cln. .\. O. A Tfx. Pac.. pref. (quar.)...
Oeveland A rittii., Rpec. guar. (quar.).
Res. guar. 'quar.)..
jj...
Brier Hill Steel, pref. (quar.)
Continental Paper &
Preferred (quar.)
1
1^-4
Apr.
25
Apr.
liiv Apr.
4
Feb.
4
Feb.
*l% Apr.
2
Mar.
Mar.
$2
S2.5C Feb.
50c. Feb.
S1.50 Mar.
Ui Feb.
1% Feb.
(quar.)
Celluloid Co., prel. (quar.)
Central Arizona Lt. & Pr., com. (quar.).
Preferred (quar.)
Champion Chopper
Chicago Yellow Cab (quar.)
Colorado Fuel & Iron. pref. (qnar.)
1
Mar.
3
114
non-cum. pref. (quar.)
Bond & Mortgage Guarantee (quar.)..
Borden Co., common
Books Cloned.
Days
1« Mar.
31a
Below we give the dividends announced in prr\ious weeks
and not yet paid. This list docs not include dividends
aoDOUDced this week.
Name
8%
7%
When
Payable
3
Stock dividend.
•«2H
Goodrich (B. F.) Co., pref. (quar.)
I5i
2
Great Lakes Dredge & Dock (quar.)
Hamilton Bank Note Eng. & Printing..
IJic
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Jan.
Feb.
Jan.
Feb.
Feb.
Feb.
Feb.
Jan.
Feb.
Feb.
Jan.
—
American Telegraph & Cable (quar.)
American Tobacco, com. &com. B. (qu.)
Amer. Water-VVorliS & Elec, pref. ((lU.)
Amparo Mining (quar.)
.\8sociated Dry Goods. 1st prel. (quar.).
Second preferred (quar.)
Bethlehem Steel, com. (quar.)
10
8
15
15a
18
of rec. Feb. 20
Holders of rec. Feb. 15
Holders of rec. Feb. 15
Holders of rec. Feb. 1
IK Mar.
IJi
•25c.
•IJi
of
of
of
of
of
Jan. 24
to
Jan. 24
to
Jan. 24
to
Holders of rec.
Mar.
Mar.
Mar.
IH
Soncook Mills (quar.)
Troy Cotton A Woolen Mfg. (quar.)
United Profit Bharing (quar.)
United Profit BharioK. (quar.)
U. S. Steel Corporation, com. (quar.)
Mar.
Mar.
2H Feb.
3
Mar.
1% Mar.
Pnre Oil, common (quar.)
50c.
Renfrew Manufacturing (quar.)
preferred
(quar.)..
Smith (A. O.) Corp..
Southern California KdLson. com. (quar.)
2
*$1
Standard Oil (Califomiii) (quar.)
«4
Standard Oil of N. Y. (quar.)
Standard Sanitary Mfg.. com. (quar.)..
2
(quar.)
Holders
Holders
Jan.
2
•2
Stewart Manufacturing, pref. (quar.)
Studebaker Corp.. com. and pref. (quar.)
Holders
Holders
Holders
Feb.
Feb.
dl^
(quar.)
Mills (quar.)
Grocer,
common
National
Pittsburgh Steel, preferred (quar.)
Preferred
Nashawena
of rec. Feb.
of rec. Feb.
Jan. 16
to
Jan.
Holders of rec. Jan.
Holders of rec. Feb.
Mar.
2
(exixa)
Preferred
Feb. 10
Feb. 10
Jan.
1
Feb. 15a
Holders
Holders
Feg.
Feb.
Feb.
Apr.
2
3
Butler Bros, (quar.)
*3H
*25c.
Connor (John T.) Co., com. (quar.)
Consolidated Gas of New York (quar.).. *1'A
Consumers Co.. preferred
*3K
Continental Mills
S3
Coeden & Co., preferred (quar.)
I'A
*%
.Deere & Co., pref, (quar.)
Lord
rec.
rec.
rec.
rec.
of rec. Jan. 25
•Holders of rec. Feb. 10
Mar.
*S1.25
Amer. Smelt. * Ref.. pref. (quar.)
BatchelderA Snyder Co., pref. (quar.)..
Bourne Mille
W
of
of
of
of
Cent.
Miscellaneous (Concluded^
Columbia Gas
Miscellaneous.
Tea, Ist & 2d pref. (quar.)
.
Iticivsivc.
Holders
Haddineton Pass.Ry. *$1.40Feb.
o%
Philadelphia Co.
Helme (Geo
Days
Feb. 15 Holders
Feb. 15 Holders
Feb. 1 Holders
Mar. 1 Holders
3
Company.
of
Canada Cement, Ltd., pref. (quar.)
Canadian Con%'erters, common (quar.)..
Casey-Hedges Co., common
Cedar Rapids Mfg. & Power (quar.)
Books Closed.
Electric Railways.
&
Fairmount Park
Acme
Per
2
Name
(Common B (quar.)
cum. conv. pref.
Dividends are now grouped in two separate tables
first
495
1
I
lloldcr.s
lldldiTH
Holilei-H
Feb.
Feb.
la
6a
Jan. 31a
Feb. 8
Feb. 8
Feb. 1
Jan. 23a
Mar. 11
Feb. 28a
Jan. 31a
Mar. 31o
Mar. 10
Feb. 4«
Feb. 4a
Feb. 4o
Jan. 26
Feb. 20a
Feb. la
Feb. la
Feb. la
Feb. 140
Feb. 21a
Mar. 25a
Jan. 31
May
1
Mar. 22a
Feb. 15
of reo. Jan. 310
of rec. Jan. 28a
of reo. Feb. 16a
of reo. Jan. 31
of reo. Jan. 24
of rec. Feb.
la
of rec. Jan. 31a
Feb.
la
of reo.
of rec. Feb. 20
of reo. Feb. Ida
of rec. Jan. 310
of reo. Jan. 16
Feb. 19
to
Feb. 19
to
of rec. Feb. 10
of reo. Feb. 10
of rec. Feb. 16a
of rec. Jan. 23a
of rec. Jan. 10
of rec. Feb.
la
of rec. Jan. 31
of rec. Jan. 31
of reo. Jan. 31
of rec. Feb.
la
of rtc. Jan. 31a
of rec. Mar. 31a
of reo. Feb. 14a
of rec. Feb. 24a
of roc. Feb.
3a
of reo. Jan. 31
of rec. Feb.
6a
of reo. Feb.
9a
of rec. Jan. 31
to
of rue.
of roc.
of reo.
of roo.
of rec.
of rec.
of reo.
of rec.
of reo.
of reo.
of rec.
of roc.
ol rec.
of rec.
of rec.
of reo.
of roc.
of roe.
ol rec.
of reo.
of roc.
of roc.
or rec.
of reo.
of rec.
of reo.
of ICC.
Jan. 31a
Apr. 29a
Jan. 31o
Feb. 4
Feb. 6(1
Feb. 7a
Jan. 25a
Jan. 27a
Jan. 310
Feb. lo
Mar. 10
Jan.
Feb.
Feb.
Feb.
Fob.
Jan.
IVb.
Jan.
Feb.
J:ui.
30a
15o
16
170
17a
27
15a
31a
I
21a
Mar. 10
Mar. 20
Jan. Ula
I'ob.
Oa
Feb
I
Feb. 2H0
lloldirs
I
lloldiTH 1)1 ror. Fob.
I
IIolderH of ri'O. Feb.
llcilders of roc.
Holder!* of riM).
lloldiiB ol rro.
•MoUliTH of roc.
•MoldiTH of reo.
Ilolileni of reo.
•llril(lrr.-( of rec.
IIdIcIitm ol ree.
llolrtom of roo.
Miir.
I
Fob. 18a
Fob. Ilo
Mar. 23
Ai>r.
May
22
22
.rune 22
Jiui. 10
Jan. 10
IIiilderD of rrc. I''eb.
llolderit of roo. Feb.
lloldem of roe. Foil.
ISO
10
la
:«eli»iiKo Iiuk ruled llinl iilook
Im ijiioto<| oiwllvldend on till* datn mill not iin'll Innlxi imilre. a rrntmfer
d « •iirrrllon.
txHiliii nut olodid
lor HiIk dividend,
I.enn llrllluli Inroiiio tn\
ft
A On aor I'ayaliln In nlook
<; ravolile In itorlp.
/ rnynblr In roiiiifinii n'oek.
l.<iau lionda.
eoiinl of noriimiilatod dlvldondn.
I rnynlilr In Liberty or Vlrtory
/ I'ayabln In N. Y. fiinda.
York Hlork FirlianKo ruled thol V». Iron. Cloal A <:oke lio nnt QUotod
I .New
o« ilip Mt'r nUirk divldoiid on Fob.
iitid not until I'oli. 17.
m Morltirod four quarterly dlvldendn of 4 oneli, flrnt payment on Maroli 16.
will not
I
1
r
liiotJillniriiiji
nf
l«j:i lo liiildor»
•;;,
and H"-;, prrf iilork, paynlilo In qiinrlorly
!<»'.;, niid 2"',, ri«i|ieellvolv. on April I, July 1. <»ol. 2 and Jan, 2
of rrrord on Mnr
16 aod Doc. 16. roopeetlvely.
1. Juno Ift. Hopt
llerliifrd aniiilBl
dlvldendn on both
1
7';;
.
.
—
.
THE CHKONICLE
496
Transactions at the New York Stock Exchange daily,
weekly and yearly. Brought forv/ard from page 500.
—
Week ending
^589.000
79,052,800
3.282.321 ?307. 532. 1.50
S35,127..500
$40,886,700
43,200,900
39,179.000
39.079.000
60,073,7.50
Weekending Feb.
Sales at
New York Stock
Exchange.
1922.
shares
Par value
4,875.200
3,715,000
Jan. 28
1922,
1921.
18.114,406
81,492,062,750
$244.447.7.50
3213,418,700
20.329,500
109,577,500
$349,325,700
shares, par
Bank
Fed. Res.
Dec.
Dec.
Dec.
I
632 000 Dec.
521,000
1.055,000
1,153,000
Bonds.
(Itir,.
Goveromcnt bonds
State, mun & for'n bda.
RR. and misc. bonds..
.
Total bonds
$33,853,750
»8, 180,000
$46,246,100
5,040,000
35,127,.500
18,3.50.000
39.123.000
174.397.000
877,161,250
$70,236,100
$457,967,750
•Includes $136,000 State and municipal bonds.
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
PhUadfUvMa
Boston
Statement of Nev/ York City Clearing House Banks
and Trust Companies. The follo-«ing detailed statement
—
shows the condition of the New York City Clearing House
members for the week ending Jan. 28. The figures for the
separate banks are the average of the daily results. In the
case of totals, actual figures at end of the week are also given:
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
BaltimoTe
(Staled in thousands of
Week ending
Saturday
Monday
.
.
Tuesday
Wednesday
Bond
Shares.
Feb. 3 1922.
_
Tluirsday
Friday
Shares
Sales
Bond
11.886
17.035
15.553
11,816
22.120
20,380
$49,950
255,550
136,600
47,450
80,950
37,000
5,907
6,448
12,127
14,507
14,354
24.030
$20,500
80,000
98.790
$607,.500
77,493
Bond
Shares
Sales
152,100
160,400
39,600
2,222
2,098
1,892
1,189
2,313
SH..500
48,900
38.000
55.000
69,000
212,000
$547,650
11,311
$435,000
1..597
95,0-50
Total.
dollars—thai
CLEARING
HOUSE
Net
Capital. Profits
\
MEMBERS
omined)
Nat't,
Dec.31
Week ending State,
Tr. COS.,
Nov. 15
Nov. 15
$
$
(.OflO
Jan. 28 1022.
Members of
Bank
of NY, NBA
New York
City
— Following
Non-Member Banks and Trust Comis
the report
made
House
to tlie Clearing
clearing non-member institutions which are not included
in the "Clearing House Returns" in the next column:
by
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
{Stated in thousands of dollars
that is, three ciphers
Capital. Profits.
Jan. 28 1922.
StalebksNovlS ments,
Tr. cos. Dec 31
&c.
Members of
Fed'l Res. Bank.
Battery Park Nat.
$
1,500
1,453
200
500
200
813
1,094
838
Mutual Bank
W.R. Graced Co.
Bank
Yorkville
Total
2,400
.
tsith
Nafl
Net
Demand Time
Legal
in
Vault. Deposi-
De-
De-
Circu-
posits.
posits.
lation.
tories.
Average Average Average Average Aicrage Average
S
$
S
$
$
S
8,123
198
10,451
160
1,337
196
2,55
11.037
1,554
11,096
582
21
1,200
4,582
370
1,343
489
18,218
8.760
9.585
1,479
4,199 44,288
925
29,322
4,740
11,565
100
600
Total
196
700
1,085
500
225
5.000
7,754
25,000 34,763
1
.OOOi
436
1,716
3,774
16,718
2,153 20.492
466
219
3,439
2,145
1,276
17,761
2,611
30
1,500
30
Federal Reserve Bank
2"0
.
"200
555
9,569
555
9,569
393
393
Hf
Grand aggregate.
3,300
Comparison prevlo U5 week
6,907 74,349
Gr'd
Gr'd
Gr'd
Gr'd
6,907
6,954
6,954
6,963
3,300
3.300
3,300
3,300
+ 424
73,925
73,324
72.208
73.001
3,929
245
245
5,577
5.577
4,077
—
17,172
a55,«29
854,879
17.148
17.031
16,894
16,692
6,592
6,543
6,545
6,488
a.54,988
a54,012
196
—
+ 24
1
197
197
196
196
10,8.50
843
Commouweaitb
400
896
Garfield Nat...
Fifth National.
l.OOOj
l.OOOi
1,535
Seaboard Nat..
Coal & Iron Nat
Union Exch Nat
3,000
4,973
1.304
1.410
2,773
20.408
4,324
16,552
1,689
7,777
2.107
16.996
Co
Tr
J
,.5oo:
1,0001
1.500j
1„500'
Columbia Trust
6,000]
Peoples Tni.stNew '^'ork Trust
Lincoln TnigtMetropolitan Tr
No.ssau Nat, Bk
1,.'^00
Farmers Ln & Tr
Columbia Bank
Equitable Trust
6,480 a54.599
1,030
—01 —112
3,990
4,302
4,291
4.229
4,077
8,.500
22,894
751
41,292
21.104
5001
2,339
Fifth Avenue-
Fidelity-Int
21,200
1,495
1,727
8.182
7,ooo!
3,000| 21,314
9,7,58
7„500
National Par'K.
10.000
1.000
East River NatFirst National-- 10.000
Irving NBtional 12,500
Continental- _
1,000
Clmse National 20,0001
-
Mech .Tr .Bayonne
Jan. 21
Jan. 14
Jan.
7
Dec. 31
Nat Butcn & Dr
Amer Exch Nat
Nat Bk of Coram
1,000|
Bankers Tr Co 20,000
3,000
S MtKC & Tr
Guaranty Tr Co 25.000
Trust Companies
Not Members of the
aggr.
aggr.
aggr.
aggr.
Nat
U
Bank
Total
Atlantic
Bklj'n Trust
State Banks.
Not Members of the
Federal Ri .vrve Bank
Bk. of Wixsh. Hts.
Colonial
Cash
(OOOl omitted.)
Reserve
Loans,
Discount,
Cash
Invest-
in
with
Leonl
10,000
2,000
2,000,
708
1.236
3.418
1,525
5,000, 12,641
1,743
2,000
12,000 16.502
Time Bank
De- Circuposits.
torie s.
Average Ave^ane Avcraoe
$
S
S
3.8.59
30,394
621.
1.765' 13.083
116,760
151,814
7,516, 17.707
53.640
6,851
1,267
488.944 7,5321 57,943
112.117
1,304 13.347
15.517
1,951
377
5,391
631
105
88.152
1,177 10,475
301,903
1,107 .33,379
22.314
995 3,277
128.916,
5,849 15.330
112.121
5511 13,436
165.874
6,170 23,028
35.939
3,678
681
1.57,625
1,131 16,958
1,4541
14,871
313
238,944
478 22,090:
192,335
4,.566 25,213
0,931
909
118
320.849 6.431 40,414
19,6d9
725 2,710
1,225
8.418
470
15,933
465 2,228
1,797
13,701
297
49.044
932
6,050,
l,7I7l
15.128
501
16,481
2,3841
528
35,781|
248,0961
8,59
4,3,50
1,002 29,156
6.464
5.56
1.483 39.354
348 2,461
51,442
378,104
19,503
72.440
38.033
139,796
21.402
28.341
882
1,146
9,248
3,780
409 16,226!
4011
471
309
554
607
14.8591
1,000
Net
Demand
Vault. Depost- Deposits.
ments,
&c.
I
2,000
7,478
Bl! of Manhat'a
5,000 17,520
Mech & Met Nat io,ono 16. .523
Bank of America 5.500 5.8.55
Nat City Bank. 40.000 61,082
Chemical Nat.
4,.500 15,746
Pncifie B2nk._
Chat &Phen Nat
Hanover Nat..
Corn ExchangeImp & Trad Nat
omitted.)
Net
Reserve
Dis-
covnts.
Nat.bkp.Dec.31 Invest-
Week ending
[000]
Loans
Net
CLEARING
—
three ciphers
I
Fed. Res.
Bk
panies.
is,
Sales
1^
'
$
S
6.000
2,129.000
2,133,000
2.868.000 523,190,000 511.905.000
13.794.000 414.083.000 396,440,000
2,009,000 97.658.000 103,324,000
458,000 22.281.000 22,.500.000
744,000
9.359.000 11.677,000
5,928.000 20.420.000 17.573,000
9,457.000 58.104.000 58,763,000
558. 00 45.143.000 44,073,000
298,000,
7,332.000
7,909,000
Inc.
.615 000 Dec.
,492 000 Dec.
.647 000 Dec.
,585 000 Dec.
,034 000 Dec.
Ca.sh in bank and F. R. Bank
Reserve excess in bank and
Federal Reserve Bank
Jan. 14
1922.
Jan. 21
1922.
$
2 .123 000 Dec.
Loans, disc'ts & investments. 520 .322 000
Individual deposits, incl. U.S. 400 .289 000
Due to banks.
.559 .000
Time deposits
,739 000
Re.serv(' in
18,444,038
31,679,713,550
Changes from
previous week.
S
Circulation
United States deposits
Exchanges for Clearing House
Due from other banks
Feb. 3.
1 to
1922.
3,282,321
2,696,230
8307.532,150 SS210 096 500
5,025,6.50
$8,180,000 $33,853,750
Jan.
all
BOSTON CLEARING HOUSE MEMBERS.
S
$5,429,000
7,791,100
6,417,800
1,690,000|
3.
1921.
U
—
We give below a sumthe items in the Boston
weekly statement for a series of weeks:
Boston Clearing House Banks,
marj-^ .shoA^ing the totals for
Bonds.
1,669.000
1,234,000
1,511,000
1,487,000
Friday
Bank
Bonds.
5.025.000
5.419.500
5.308.000
6.310.000
9,226,000
Tuesday. _.
Wednesday
Thursday
— No.
and Foreign
Bonds.
Slate,
.$3.8.33.000
441.200
449,300
420,160
415.100
709,071
846,890
Monday
Total
Mun.
Railroad,
*c..
Par Vatue.
Shares.
Saturday
[Vol. 114.
Clearing House
Stocks.
Feb. 3 1922.
Storks
..
125.131
23,8071
2,967
3,130
l,-294
13,446l
3.4521
1,699 20,131
132,720
Atcrago
$
26,529;
lation.
Average, Avge.
S
9
888] 1,935
96,709 12.6451
2,191
134,696,
884
51.9061
*536,303' 34.153
9F,,0.55|
1,839
14,718
4.168
77.794
2.57.650
23,252
110,228
529
75
1,395
3.987
422.051
18,567
69.966
37,064
120.240
20.482
23.736
12,766
350
235
297
4.898
219
35
28,177
129,877
2,589
13,427
1 ,382
3,.586
169.131
3,602
190,904
100
5,841
300,904 n,291
20,328
8,798
45
15,473
493
13,548
78
44,534;
900
12,749
342
17.239
3,096
31,826
48.391
lji9
16,596 4.746
100
99,010'
157,656! 17",223
232,041
"»95
"50
5,413
50
7,075
2,517
l",d92
397
349
67
412
392
14,741
1.524
15,262
616
2,521
1,297
1.888
712
1,187
50
278
98.828 18,540
24,783
846
171.489
4,669
Average Jan. 28 272.900' 138, 120 4,235.380 64.758 498, 589c3,756.961 185,013 33,039
Totals, pctual co ndition 'Jan. 28 4,229,146 63,612514,30Gc3,761,419 171,1,5933,325
Totals, actual condition jJan. 21 4,254.903 63.972 535,720c3,7Rl,885, 187,097 32,947
Totals, actual C0|ndlt!on Jan. 14 4,308,842 67 ,693,520,348 c3,840,081 191,472 33,251
State Banks
Not Members of\
|
a U. S. deposits dwiucted, $1,028,000.
Bills payable, rediscounts, acceptances and other Uabilitiea, $1,233,000.
Excess reserve, S9,930 increase.
Fed. Reverie Bank]
2.500
4.351
18,538
5,478
77,496
3,184
1,952
18,837
5.287
27,973
3,750,
7,179
101,512
5,374
4,229
62,097 47.314
actual CO ndition Jan. 28
Totals, acttial condition ]Jan. 21
Total actual condition Jan. 14;
101.381
101,654
101,833
5,576
6,105
6,0871
4,274
4.373
3,960
52,252 47,261
52,289 47,4311
51,862 47,620
Greenwich Bank!
Bowery Bank..!
State
—
Philadelphia Banks. The Philadelphia Clearing House
statement for the week ending Jan. 28 A\ath comparative
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank.
"Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve System the reserve
required is 10% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Trust
Ciphers (00) omitted. Members of^
F.R. System Companies
Capital
Surplus and profits.
Loans, disc'ts & Invcstm'te
Exchanges for Clear. House
$33,475.0
93,753,0
593,797,0
21,443,0
S4„500,0
13„507,0
32,976,0
773.0
Due from banks
79.473,01
105,787.0
452,824,0
14,495,0
573,106,0'
364,0
18,021,0
400,0
19,385,0
Bank
deposits
Individual deposits
Time deposits
Total deposits
U. S. deiHwItfl (not Incl.)..
Ros've with legal deposit's
Reserve with F. R. Bank.
Cash In vault*
Total reserve and cash held
Reserve requl red
_
Excess res.
:_ *
Cash
<t
cash In vault
In vaults not
13,0
2,584.0
47,452.0
8,915.0
56,307,0
47.438.0
8.929.0
"844',6
3,428,0
2,749,0
679.0
818
Tot.'ils,
,
1,544
1,960;
646
317
501
47'',264
-.
Trust Go's
Not Members. of\
j
Fed. Reserve Bank]
6,000' 13,566
0,053
4,000,
46,319
25,813
1,351|
3,245
1,831
30,530
17.630
865'
859
19,619
72,132
2,210
5,076
48.160
1,240
Totals, actual CO ndition Jan. 28
Totals, actual CO ndition Jan. 2Ii
Totals, actual CO ndition Jan. 141
71.738
73,677
72,102
2,176
47,723
2,'224
S.087
5,394
2,316
5,000]
48,459;
1.270
1,233
1,214
Title
Guar &
Lawyers Tl
Trj
& Trj
Average Jan.
28]
10.000,
—
Jan. 21
1922.
Jan. 14
1922.
Total.
$37,975,0
107,320.0
626,773,0
22,216,0
79,486,0
100,131,0
471, +15.0
14.895,0
592,491,0
9,121,0
2,584,0
47,452,0
9.757,0
59,795,0
50,187,0
9,608,0
Average Jan. 28
2,008
2.50
,50,.307|
375
Gr'd aggr. avRe.]286,650 464,919 4.409,024 72,342507,894 3,857, 21.S|233,5fl7 33,039
-82
320 —50.087—2.148
51,862
1.506|
Comparison, previous week
Wtek ending Jan. 28 1922.
Two
Bank
1,000
$37,975,0 $37,975,0
107,320,0 107,320.0
625,918,0 628,929,0
25,508,0
25.292.0
84,786.0
88.729,0
107,222,0 109,607,0
481,466,0 482.453.0
14,482,0
14,399,0
603,170,0 600,459,0
9,7.53.0
12,591,0
2.3.t3.0
48,7.53,0
10,006,0
61,162,0
50.683,0
10.479,0
coimtod as reserve lor Federal Reserve members.
2,'287,0
48.128,0
10,388.0
60,803,0
50,928,0
9,875.0
—
—
Gr'd aggr.. act'ljcond'n jJan. 28jl,402,265 71.364|523,667 3.861,394 219.690 33,325
937]-21,820 —22,887-16,071 f37S
27,969
Comparison, previous w^eek
—
—
Gr'd aggr.. .ict'ilcond'n 'j.an. 214,430,234 72.30l!545,487
Gr'd .iggr.. acflcond'n ;Jan. 14 4,482.795 76.090,.")29,314
Gr'd aggr., act'ljcond'n 'Jan. 7,4.404,910 82.69.5:.5G7,259]
10")l,525,009|
Gr'd aggr.. oct'llcond'n Dec. 3l|4..508,417 S2
3,884,-281 235.761 32,947
3,940.102 240,306 33,25i
3.926.047 23;),.525 33.180
3,904.9371233,2.57 33.289
V. S. deposits deducted from net demand deposits in the general tota'
jVo/f,
above were as follows: Average (or weeK Jan. 28. $58,206,000; actual totals Jan. 28.
$58,302,000; Jan. 21, $.58,512,000: Jan. 14. $76,3.|i8,000; Jan. 7, $87,489,000; Dec. 31,
$87 582 000. Bills payable, redi-siounts, acceptances and other liabilities, average
tor "the week, Jan, 2S. S:<25,705.(;00; acHial totals Jan. 2S, $391,097,000; Jan, 21,
$412,107,000; J.in. 14, $.384,9.52.000; Jan. 7. $420,205,000: Dec. 31, $428,543,000.
• Includes deposits in foreiun branches not included In total footing as follows:
National Citv Bank, $103,060,000: Bankers Trust Co.. $12,321,000: Guaranty Trust
Co., $97.S4;j.OOO: Farmers' Loan A Trust Co.. ¥200.000; Equitable Trust Co..
$22 980 000. Balances carried in banks in foreign countries as reserve for such
deposits' were: National City Bank, $35,831,000: Bankers Trust Co., $551,000
Guaranty Trust Co., $16,136,000: Farmers Loan <& Trust Co., $269,000; Equitable
Trust Co., 52,763,000. c Deposits In foreign branches not included.
I
THE CHRONICLE
Feb. 4 1922.]
STATEMENT OF RESERVE
OF CLEARING HOUSE BANK8
POSITION'
497
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
AND TRUST COMPANIES.
Loans and
Demand
Investments.
Deposits.
$
5.035 166,100
5.077 382,800
5,054 812,500
5,082 494,800
5,129 ,620,700
5,108 037,500
5,139 521,900
5,110 207,100
5,098 705,600
5,038 302,500
$
4,412 077,700
4,476 178,000
4,432 387,300
4,490 114.200
4,488 ,903,800
4,479 192,900
4,594 091,300
4,560 220,000
4,525 120.000
4,467 360,600
Averages.
Cash
Reserre
(n Vault
Members Federal
Total
Total
Total
Total
Total
Reserve
Reserve
Surplus
ReQUlred
Reserve
S
$
Resen-e banKS
State banks'
Trust companies
4,229,000]
5,076,0001
2,210,000
Jan. 28...
Jan. 21...
JHn. 14...
Jan. 7...
7,584.000
8,353.000
8,703,000
8.863.000
Week endcdNov. 26..
Dec.
Dec.
Dec.
Deo.
Dec.
Jan.
Jan.
?
4,633,680
225,540
62,000
498,589.000 408.589.000 493,955,320
5,374,000,
9,603,000,
9.377.4fiO
7,286,000
7,224,000
4,921.220
.507,894.000 515,478.000 510,556,780
.508.214.000 516, .567,000 517,100,100 Def533.I00
5.56.386.000 .565.089.000 .520.615.670 44,473,330
566,027,000 574,890,000 523,576,960
Cash
Members Federal
Reserve in
DeposMTies
.
.
17..
24
31
7
14
21
28
.
.
$
590 .401,500
595 033,000
578 ,899.700
608 686,200
104.005,900
104.664,200
lOr.,038.300
109,700,300
114,718,800
601 ,032,500
110,207,300
007 052,000
103,995,400 zOOl 340,400
104,881,900
644 736,100
95,694,700
591 642,500
93,598,200
592 588,600
* This Item Includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes, z Corrected figures.
b
Reserve
In
Depositaries
Total
Reserve
Reserve
Surplus
Reiulred
Reserve
Condition
of
the Federal Reserve
Bank
New
of
York.
—The following shows the condition of the Federal Reserve
S
$
S
514,306.000 514.306,000 494,119,240 20,186,760
444.040
O.SiO.OOOi
9,405.360
4.274.000|
5,576,000,
7,158,4501
104,550
5,087,000
7,263.000
2.176,000,
S
Reserve banks
State banks*
Trust companies
3 .
10..
Jan.
Jan.
51,313,000
Actual Figures.
Reserve
in Vault.
*Tofnl Cash
in Vaults.
a
Reserve
in
Depositaries
Bank of New York at the close of business Feb. 1 1922, in
comparison with the previous week and the corresponding
..
date last year:
20.735.950
39 625.970
16,158,300
56.744,170
7,752,000 523,667,000 531,419,000 510,683,0.50
8,329,000 545,487.000 5,53,816,000 514.190,030
8.403.000 529,314,000 537.717,000 521.558.700
9,191,'JOO 567,2.59.000 576.4.50,000 519.705„S30
Total Jan, 28
Total Jan. 21
Total Jan. 14
Total Ji'n. 7
Resources
of Federal Reserve Bank.
the reserve required on net demand deposits in the case of State banks
and tru.=t companies, but In the case of members of the Federal Reserve Bank Includes also amount of resen'c required on net time deposits, which W!>s ,is follows:
Jan. 28. 85,550.390: Jan. 21. 55,609,280: Jan. 14, 85,743,380; Jan. 7, 55,573.880.
b This Is the re.'=erve required on net demand deposits in the case of State banks
and trust companies, but In the cass of members of the Federal Resei've Hank Includes also amount of reserve required on net time deposits, which was as follows:
Jan. 28, $5,134,720: Jan. 21. $5,612,910; Jan. 14, §5.744,160; Jan. 7, S5, 717. 070.
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
Is
Total gold reserves...
Legaltender notes, silver,
Total re-serves
Bills discounted:
— The
Fumislttd
l>y
—
RESERVE.
Cash
$71,184,800
19.86%
.'MIothcr
City.
— The
New
l)anks and
companies combined with those for the State banks
and trust companies in Greater New York City oulsidf of
the Clearing Hou.i", are as follows:
York City Clearing House
averages of the
trust
1,000
210,685,088 1,015,431,000
6,924,512
4,238.000
1,040.060
2,666,000
104,124,667
132,763,000
1,541,301
2,185,000
26,349,000
56,414,000
20,957.8.50
20,9.57,8.50
60,197.127
109,805
60,197.127
95,178
50,254.909
602,370,687
15,203,236
40.919.999
652,341,404
13,030.047
22,520,000
670,954.000
14,041.000
727,828,833
614, >30,882
712,291,451
605,082,200
21,494,200
76,603,502
3,081,794
707,515,000
796,492,000
35,810,000
74,415,000
10.640.00
20.518,200
75.373,730
2,8 88,222
Total liabilities
1,527,964,650 1,505,783,303 1,707.635,000
.^=
Ratio of total reserves to deposit and -=
89.6%
38.1%
84.8%
F. R. note liabilities combined
Contingent liability on bills purcn..sed
12,000,771
8,098,684
12,006.660
for forehin corrf3DOndent3
•Vo^e.
=
=
-
with the Federal Reserve Bank of New York, which for the
bank.s and trust companies combined on Jan. 28 were $55,825,400.
Banks and Trust Companies in New York
59,276,000
=====
Total deposits
F. R. notes In actual circulation
F. R. bank notes In clrcul'n— net luiblllty
Deferred availability Items
All other liabilities
• Includes deposits
.'itatc
35,400.000
27.901,000
857,750
1,527,964,050 1,505,783,303 1,707.6.W,000
—
Member banks— Reserve account
—
5,74%
35,400,000
47,6 95.000
1.650.000
115,237,390
2,4 68,378
Government.
20,588,400
954,897,000
1,257,000
--Caplual paid In.
Surplus
Re.served for Government Franchise Tax
Deposits:
Dec. 7,672,900
Inc.
675,600
—
21.59%
$34,766,000
Total
Dec.
146,.526,938
6,9:37,147
Liabliitiiis
9.500
581.000
1,.577, 200
8,892.600
Inc.
155,772,017
24,713,750
.-
Total resources
Trust Companies
$.50,596,400
14.12%
^late Banks
$26,485,200 16.46%
5.13%
8.280.800
vault.
Deposits In banks and trust cos
In
Dec,
Dec.
424,726,000
520,290,000
9.881.000
redemp. fund agst. F. R. bank notes
Uncollected Items.
All other resources
Differences from
previous meek.
Dec. S6, 541, 100
Jan. 28.
$629,278,500
Ijoana and Investmenta
Gold
4,877,000
16.379.200
Currency and bann notes
55,825,000
T)eposlt8 wiih Federal Reserve Bank of New York..
Total depo^lta
650, .560. 500
Deposits, eliminating amounts due from reserve depositaries and from other banks and tru.st companies la N. Y. City exchanges and U. S. deposits. 610.142.600
105,950,800
•Reserve on deposits
Percentage of reserve, 10.4%
83,077,966
35,217,113
28,231,858
263,580,797
Bank premises..
5%
550,352,000
92,442,392
26,769,956
36,559,698
.—
Total earning assets
Banking Department.)
State
395.S54.000
154,498,009
1,138,060,275 1,180,867,073
All others
B.\NKS AND TRUST COMPANIES IN GREATER
NEW^YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
{Futures
1,089,447,511 1,130,485.384
48,612,763
50,381,689
U. 3. certificates of Indebtedness
One-year certificates (Pittman Alt),.-
NUMMARY OF STATE
S
99.063,000
47,611,000
1,211,000
147,88';, 000
206,060,000
41,000,000
10,000.000
Ac
Feb. 4 1921.
403,355.308
712,130,078
15,000.000
Total bills on hand
U.S. bonds and notes
State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
House.
3d7, 480,533
711,9')8.978
ernment obligations for members
All other
For members
Bills bought In open market
and Trust Companies Not in Clearing
Jan. 25 1922.
$
288.706.899
114,648,407
1922.
Secured by U, S, Gov-
—
State Banks
I
s
289.058.245
78,412,287
—
Not members
*
a This
Feb.
—
Gold and gold certificates
Gold settlement fund F. R. Board
Gold with foreign agencies
— In conformity with the practice of the Federal Reserve Board at Washlne
of computing ratios of reserves to liabilities was changed betflnnlng wltL
the return for March IS. Instead of computing reserves on the basis of rjtl deposits
that Is, Including In the total of deposits "deferred av.nllablllty Items" but deduction
"uncollected Items"
the new method Is to dKsrcgard both amounts and figure thi
percentages entirely on the gross amount of the deposits. For last year, howover.
method
ton,
—
the computations are on the old basis; that Is, reserve percentages are calculated
basis of rut deposits and Federal Reserve notes In ciroulatlon.
or,
—
Following is the weekly statement issued by the Federal Reserve Board on Feb. 2
Tixe Federal Reserve Banks.
figures for the systt^m as a whole are given in IIh; following table, and in addition we present the results for seven preeodThe second table shows the resources and liabilities sepa-Ing we*:kB, together with those of corresponding weeks of last year.
The Federal lie.servo Agents' Accounts (third table following) gives details regarding
rately for each of the twelve bank.s.
The
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal
Reserve banks. In commenting upon the return for the latest week the Federal Reserve Board says:
Attgrfignt*
IncroitiK*!)
of t.S0..300.000 In total curnInK assetn, duo liiritcly
h:iril< Irj .icrcptunrcH, Trc.isury
t«mporai^ invr-<itm'-nf<( hv the Vf.v York
notPii anfl Tnto
noronnpnnlr'l
'•
I
IncrciWH
Uewrrvi-
il
*
I'-'
..
.
on
I'.i
In <li-posltii,
rif)l<' rlrc-u-
wf«'kly
roii.'«>ll(l.itc<l
Fiib
H»22
1
«i<>l(l
r<»-
r.-iHli
ro-
lO.eoo, whlli) oth«T
rvi- ratio. Ill r()IIH<-'|tl<-|IC<!
k rr>im 77 2 tci 7*p -'
of
',.
.:
m^nl
obliB-itioin
hllK
roiinf«-'l
I,
Ir.
I
;
o'l
i;iilt.<.<l
vm.k
•
'""
I
.Miin
.
I
•Mvrrii-
ln-r,-
whll
-
In
ronsoqunnco of
by Ihi! Now York and Cllovcland Reserve hanks
consoiiucnco of the clianK<\s ml Ira ted. wcrii $,')n,300. -
piirchiusos
Tcit.il o:iriilnK iuistits. In
I
000 lar,«T than the wn-k
Ix-rorc,
.i
larw'r
Incri'a.sti
undiT
tlii.s
liivul Ix'liiK
shown
.New \<>rU lirscrvcr l':ink.
or the total liolclluKs of rJ'U.'-'OO.nnO of bills siviircd by linltofl States
(iiivi-rninunt nbllKatloiiH. S'J7.'1.0()0.000, or 7.') (!'/.. wiirc wi-urrd by l.iborty
and othiT 11 H bonds. $:t7.«00,000. or 10 ,5%. by Victory noti's. «i;MOO,000. or .1 0%. bv Tnvisiirv iioI.'m. aiid «:i7.:i0().O0O. or 10 ;»';,. by Tn<.i,Mirv
rcrtlllcanw, coiiip.ir.'d with $2,S_'.r.00.00(). $:»7.S00.000. $1 ,4()l),()0() and
for
111-
I
1
00.000 ri'portnd
w(M>k hrloic.
All rljiKMi-d of dfixmllH hIiow l.irKur totals than tbo wi-nlt l)i>riirn: fli>vornnii-ii( d'-poHlfM hv «IK..SOO.OOO. nwrvc dcpoHllH by $:I7. 100.000. and iillior
iPKi-ly of iioii-iiioiiibcrK' i-li<arliiK iiccoimt« and cniih-
3J(1,
1
tlici
I
I
I
,
,
,
K'll-r tllln
r
"
ll<-,i<l
111
of tlm ItoMTvi'
'
•
>.!.i.<.|IMl.OI|ll,
li;iiik<< lit f
'
'
'li-vcland,
..-..!
i
r
ivy
i,'
OTlirU^^Un Uiow
iiii
Chl-
|„.„,| rty
i,r I'litlilc llrillt-
I
ingN of
hllllll Rlll>-
liu:r4>.uui
of |.iO. lUIJ.OOO, luriCly
000
fur
till-
wi'ck of
$.'). (too,
000
III
KnliTiil
>n lit, II. Ill
nl
r-
.....
lu.ard....
Oold
Oold with foreign •crnrloa ......
Oolfl
«'>I1
faltlAin'rit. K
Tool
OoM
Ool<1
tfild
II
hold hy t)»nk»
.
innnt
•oMJ
rmm rv ....
1022,
JIH.1,(H4.000
509, 103,000
Jan 21 1032 Jin l«
I
1037.) Jan
II
l032.\jaH. 4
}|IM.MI.O(i''
4H3,na.n<xi,
U)i,UIU,000
lOUS, DtC. 38 1031
•
377.87B.OOO
•
Hfui.uii.oon
fi07,iua,ooo
U4,oira,iiui)
.
nn.
1
1922.
31 1031. D»«. 14 loai. Pab. 4 1911.
I99,7SO,000
.IHO vnx.noo
rir>n,n2t,(M)0
430,S(H),onn
aa4, 744,000
4Ki,l'i,'.nnn
iKti)
ua.^..'ii)t iiiio
6fin,i4;,oo»
.t,.luo.oon
.
witk F'-'lTKl rt'arrv* aamM
rKdxmciil'in fuod
.......
T«UI
1
no(<>
The
liiK
CoMniVKD HrHOORCBH AND LlARILITIKH Or THK KKDKnAL RrHRRVB BaNKS AT THK ClO«B OF BUHINKBH FkH.
Ftt,
Hiwrvo
U
-.liiiwii, ciiinpaniil with a rioliicl Ion of alimil $1 .'i, 000. 000 diirthi! c<irr«iipiiiii|liiu wi'i-k In l'.)'2|.
liiiiikM :ilsii rcpiirt ii (Iimti'iikh of
$1,000,000 III Ihi-I
-ill- lint ll:ibililli'N on I'Vil.Tal UiviiTvn bank noti*
In i-lriiilalloii. n,
iili a (luclliii' nf oviT $2,000,000 fur tlir- wrok III
tlir <iiiiiMiiil of 111'
oiitHtaiKllntt, ri?porto<l by llin Tri'HHiiry Dnpnrt^
1
"IHI I.HIS
HH.H.Z.OIHI
2, 9ii.hn,om2..u.
1
--.
,..-l,lBJ!i
..•,....u..
^.-Ul ...J...
^.nl.OW
':--•
12i Olio l,;74.747,0n»
*<7. 00(1
IM,11H.00»
2.MWJ7MOO
3,lll,947,»0«
12(1,
.iifiii
——
THE CHRONICLE
498
Feb. 1 1922.
Jan. 25 1922. Jan. 18 1922. Jan. 11 1922. Jan. 4 1922 Dec. 28 1921 Dec. 21 1921. Dec. 14 1921
149.990.000
.
Total reserves
Bills
1921.
1
152,811,000
145,106,000
134.604.000
122.600.000
122,066,000
132,413,000
214,180,000
3.061,518,000 3,058,855,000 3,051,503,000 3,041,294,000 3,009,802,000 2,992.200.000 2,993,060,000 3,001,686,000 2,326,127,000
:
discounted:
Secured by U. 8. Govt. cbllKatlona.
A!l other
Bills bougbt In
927,845,000
90,709,000
932,882,000 1,008.766,000 1,074,248,000 1,239,432,000 1,294,073,000 1,361,228,000 1,262.568,000 2,600,891,000
60,128,000
62,150,000
65,761,000
48,675,000
59,472,000
51,084,000
43,576,000
25,868,000
113,000,000
101,702,000
206,000
113,000,000
71,278.000
206,000
-
Total earning assets
Ban^ premises
redemp. fund agst. F. B. bank
Dncollectcd Itema
All other resources
427,476,000
560,018,000
86,754,000
357,921,000
492,252.000
82,709,000
C7. 8. certificates of Indebtedness:
One-year certificates (Plttman Act)
Another
Municipal warrants
388,672.000
525,150,000
94,944,000
361,167,000
476,651,000
90,027.000
open market
Total bills on hand
O. S. bonds and notes.--
8%
154,607,000
Feb.
$
.$
.S
Legal tender notes silver ,Ac
[Vol. 114.
113,000,000
53,847,000
216,000
113,000,000
64,040,000
385,000
477,466,000
635,111,000
126.865,000
113.000.000
69,435,000
379,000
487,193,000
692,640,000
114,240,000
119,500,000
62,472,000
334,000
503.770.000
720,933,000
126.625.000
119,500,000
41,127.000
334,000
459,630,000 1,017,152,000
693,203.000 1,415,921,000
99,736,000! 167,818,000
119,500.000
66.710.000
273.000
259,375,000
595,000
1,233,462,000 1,183,127.000 1.235,957,000 1,293,823,000 1,470,921,000 1,635,851.000 1,563,273,000 1,482,626.000 2,886,729,000
35,720,000
35,019,000
36,199,000
36,407,000
35.203.000
35,015.000
34,879,000
34,336.000
18,244,000
7,871,000
notes
7,870,000
7,939,000
7,855,000
7.926.000
7.896.000
7,880,000
7,889.000
12,868,000
554,362,000
481,7.54,000
548,436,000
498,220,000
638,462.000 669.766,000 692,172,000 629.790.000 595,291,000
12,677,000
12,811,000
12,719,000
14.460,000
14,103,000
20,678,000
19,920,000
20.209.000
7,794,000
4,851.922,000 4,780,524,000 4,988,090.000 4,939,322,000 6,176,417,000 6,151,306,000 6,211,184,000 6,176.436.000 5,847,053,000
Total resourcea
LIABILITIES.
Capital paid In
Surplus
Beserved
Deposits
for
103,020,000
103,067,000
103,204,000
103,203,000
103,190,000
103,186,000
103,167,000
103.130.000
100,228,000
215,398,000 215,398,000
215,398,000 215,398,000
215,523.000
213,824,000 213,824,000
213.824,000
202,036,000
996,000
1,332,000
853,000
416.000
1,250,000
67,444,000
65.982.000
56.080,000
77,734,000
95,915.000
15,289,000
114,744,000
68.307.000
71,634,000
54.875.000
69.407,000
"48,V7y,666
,689,422.000 1,652.304.000 1.673,824,000 1,735,563,000 1,731,374,000 1,666,018,000 1,703.601.000 1,645,610,000 1,742,762,000
33,337,000
30,578.000
26,065,000
29,457,000
36,304,000
26,872,000
26.274,000
27,743,000;
26,243,000
-
Govt, franchise tax
— Government
—reserve account
Member banks
Another-
1,840,470,000 1,778,797,000 1,784,895,000 1,776,907,000 1,829,138,000 1,764,624,000 1,784,750,000 1,742, 760.000; 1,81 7,378, 000
Total
2,178,053,000 2,184,001,000 2,229,677,000 2,293,799,000 2,405,316,000 2,443,497,000 2,447,660.000 2,393,777.000 3,075,750,000
F. B. notes In actual circulation
84.878,000
84,876.000
83,977,000
83,880.000
83,888,000
84,548,000
82.747,000
F. B. bank notes In circulation net Ilab.
78,309.000
197,210,000
463.826.000
449,455,000
414,475,000 397,763.000
523,293,000
458,960.000
Deferred availability Items
497,205.000 662,974,000 433,633,000
15,400,000
15,290.000
15.729,000
16,648,000
15,198,000
llabUItUes
26,323,000
25,949,000
other
26,682.000
AH
30,818,000
—
--- 4,851,922,000 4,780.524,000 4.898,090.000 4,939,322,000 6.176,417,000 6,161,306,000 6,211,184,000 5.176.436.000 5,847,053,000
Total liabilities-Batlo of gold reserves to deposit and
72.2%
73.3%
liabilities
combined
71.1%
72.4%
67.9%
note
68.2%
67,8%
F. R.
69.3%
43.2%
aatio of total reserves to deposit and
76.0%
-77.2%
76.2%
74.7%
71.1%
71.1%
70.7%
72.6%
F. R. note llabllltlea combined
47.5%
Batio of total reserves to F. R. notes In
36%
aside
after setting
BgalHHt deposit liabilities
circulation
111.0%
—
IHttJO>umn by Mataritiei
1-15 days bills bought In open market.
1-15 days bills discounted
1-15 days U. 9. certlf. of Indebtedness.
$
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
Municipal warrants
16-30 days bills bought In open market16-30 days bills discounted
16-30 days U.S. certlf. of Indebtedness.
Municipal warrants
81-60 days bills bougbt In open market.
81-60 days bills discounted
81-60 days U. 8. certlf. of Indebtedness
Municipal warranto
91-90 days bills bougbt In open marketBl-90 days bills discounted
81-90 d.T.yB U. 0. certlf. of Indebtedness
Municipal warrants
Over 90 days bills b ought In open market
Over 90 days bUls discounted
Over 90 day f certlf of Indebtedness...
Municipal warrants
10,187,(00
91,344,000
3,200,000
51,000
366.000
47.352,000
148.193,000
.
Federal Reterte Notei
108.8%
106.5%
46.045,000
480.944,000
1,150.000
13,000
16,316.000
86,170.000
4,364.000
2.000
32.210.000
569,318,000
2,000,000
143,918.000
20.765.000
141,000
7,346,000
83,947,000
8,501,000
50.678.000
622,081.000
11,013.000
19.000
19.966.000
92,021.000
415.000
6.000
14,573,000
146,787,000
12,971,000
140,000
9,384,000
93,766,000
3.810,000
169,000
55,194,000
149.498,000
50,000
345,000
69,177,000
136.638,000
61,000
3,000
60,858,000
126,440,000
51,000
98.5%
97.2%
96.8%
69.629,000
654.126.000
6.719.000
211.000
31.620,000
111.915.000
2.600.000
26.000
19.629.000
167.695.000
12.541.000
142.000
6.173.000
118.138.000
28.634.000
68.306.000
708.361.000
13.687.000
34,000
24.743,000
116,690.000
2,600,000
182,000
26.062,000
161,202,000
10,763,000
23,000
5,114,000
131,936,000
28,163,000
95,000
16,000
61,644,000
126,869,000
78,082,000
735.869.000
12,092,000
99.9%
54.9%
$
12.8.33,000
25,621,000
95,071,000
"""isV.ooo
16,773,000
152,155,000
17.377,000
150,000
12,147,000
110,092,000
21.223.000
14.000
60,693.000
133,041.000
65.469.000
56,559,000
696.923,000 1,456,476,00»
29.490.000
5,823,000
T8,43T666
Y4'.8"l6^666
'38,y4"9^00a
127,721,000
2,020.000
211.000
25.718.000
171.131.000
10.749.000
28.000
4.279.000
129,361,000
24,073,000
95,000
16,000
60,621,000
111,693,000
123,164.000
1.500.000
32.000
14.034.000
167,762,000
2,600
194,000
6.401.000
106.217.000
11.869.000
47.000
16.000
58.777.000
140.861,000
338,301,000
2,000,000
56, 23 3^ 000
407,392,000
9,955,000
Y6",777^66»
283,855,000
11,511,000
47,049,000
230,681,000
—
2,559,656,000 2,604,957,000 2,666,397,000 2,732,861,000 2.786,114.000 2,796,640,000 2,772,812,000 2,726,176.000 3,400,093,000
436,720,000
439,062,000
380,798,000
420,956,000
363,043,000
381,603,000
325,252,000 332.398.000
324,343,000
—
Outstanding.Held by banks
111.6%
2,178,053,000 2,184,001,000 2,229,677,000 2,293,799,000 2,406,316,000 2,443,497,000 2,447,660,000 2,393.777.000 3,075,750,000
In actual circulation
Amount chargeable to Fed. Bes. agent 3,515,117,000 3,630,013,000 3,571,248,000 3,611,486,000 3,631,389,000 3,650,376,000 3,624,622,000 3,671,335,000 4,215,527,000
904,851,000
878,675,000
846,275.000
925,056,000
853,835,000
955,461,000
861,810,000 845,160,000
815,434,000
10 bands ot Federal Reserve Agent
2,559,656,000 2,604,957,000 2,666,397,000 2,732,861,000 2.786.114.000 2,796,540,000 2,772,812,000 2,726,176,000 3,400,093,000
Issued to Federal Reserve banks
—
BotD Secured
By
Hj
349.013,000 349,013,000
349.012.000
349,013,000
349,013,000 349,012,000 460,063,000
344,013,000
227,386,000
717,740,000 822,300,000
883.202.000 950,171,000 939,704,000 912,753.000 2,125,346,000
605,165,000
631,237,000
128,523,000
120,434,000
127,943,000
120.962.000
116,832,000
123.471.000
116.301.000
122,166,000
103,412,000
1,462,240,000 1,462,836,000 1,471,121,000 1,441,114,000 1.432.938.000 1,381,624,000 1.360.625.000 1,247,058,000
943,949,000
gold and gold certificates
eligible paper
Gold redemption fund
With Federal Reserve Board
Total
-
Eligible paper delivered to F.
2,559,656,000 2,604,957,000,2,666,397,000 2,732,861,000 2.786.114.000 2,796,540,000 2.772,812,000 2,726,176,000 3,400,093,000
R. Agent.
891,648,000
902,998,000
I
964,640,000 1,027,469,000 1,195,183,000 1,246,607,000 1,302,674,000 1,201,743,000 2,554,001,000
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OF EACH OF THE
Ttro ciphers (00) omuted.
Federal Reserve Bank of
12
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB.
—
Boiton.
New
York
RKSOURCES.
PhUa.
Atlanta
Chicago
22,281,0
88,557,0
S
289,068,0
78,412,0
$
13,266,0
44,877,0
2,823,0
27,157,0
5,136,0
21,423.0
Total gold held by banks
Gold with F. R. agents
Gold redemption fund
367,480,0 51,024,o' 58,143,0
711,967,0 138,823,0 186,306,0
5,684,0
8,307,0,
10,000,0
29,980,0
31.877.0
6,677,0
26,559,0' 110,838,0
202,520,0 1,089,447,0 198,164,0 250,133,0
Total gold reserves
9,865,0
8,497,0
48,613,0
Legal tender notes, silver, &o... 23,564,0
226,084,0 1,138,060,0 208,019,0 258,630,0
Total reserves
Secured
discounted
U.S. Govt, obligations
All other
Bills bougbt In open market
:
50.082.
137,929.0
14,509,0
S
2.037.0
48,987,0
Cleveland Richmond
7.672,0
Gold and gold certificates
Gold settlement fund— F. B. B'd 42,410,0
Bills
St.
LouU Mtnneap. Kan.
Citv
$
Dallas
SanFran.l
Total
S
9,241,0
28,249,0
2,551,0
42,911,0
S
8,259,0
11,185,0
33,145,0
72,967,0
1,743,0
37.490.0
24,021,0
2,141,0
43,462,0
32,159,0
2,736,0
19,444,0 64,590,0
894,237.0
10.822,0 217,223,0 1,928,419,0
88,872,0
2,084,0
5,065,0
68,534,0
7,260,0
82,960,0 448,688,0 107,855,0
4,338,0 15,979,0 13,720.0
63,652,0
654,0
80.357,0
6.943.0
32,350,0 286.878,0 2,911,528,0
149,990.0
5,947,0
4,610,0
62,314,0 312,011,0
4,087,0 25,839,0
S
19,199,0
45,391,0
s
385,044,0
509,193,0
75,794,0
87,298,0 464,667,0 121,575,0
64,306,0
87.300.0
38,297,0 291,488,0 3,001,518,0
36,444,0
18,468,0
51,138,0
2,819,0
43,237,0
81,207,0
15,247,0
15,232,0
26,179.0
303,0
6,073,0
34,387,0
14,139,0
40,250,0
61,0
7,675,0
37,346,0
15,0
21,169,0
43,536,0
4,962,0
361,167.0
476,651,0
90,027,0
72,425,0 139,691,0
2,829,0 15,166,0
41,714,0
1,714,0
40,460,0
220,0
54,450,0
9.038,0
45,036,0
2,630,0
69,667,0
11,417,0
927,845,0
90,709,0
12,667,0
18,806,0
6,.569,0
4,450,0
380,0
5.320.0
42,0
1,900,0
7,880,0
113,000,0
101,702,0
206,0
by
92,442,0
26,770,0
30,560,0
58.934,0
19,073,0
15,857,0
44.305,0
3,275,0
45,.5n0,0
61,084,0
Total bills on band
3,449,0
U. S. bonds and notes
U. S. certificates of Indebtedness:
1.55,772,0
93,864,0
11,765,0
79,144,0
0,534,0
84,538,0
1,233.0
8,450,0
25,581,0
35,400,0
47,695,0
10,000,0
27,0
191,0
8,040,0
8,870,0
3,760,0
otts.
1922
S
3,511,0
29,634,0
31, .504.0
One-year
1
I
(Plttman Act).
All other
15,8.50,0
26,810,0
8,424,0
24,714,0
Municipal warrants
Total earning assets
Bank premises
5% redemption fund against Fed
eral Reserve bank notes
Uncollected Items
All other resourcea
Total resources
2,504,0
1.0
300,0
15,0
88,564,0
4,858,0
263,681,0 115,847,0 102,588,0
600,0'
6,967,0
4,140,0
89,.531,0
422,0
44,668,0
422,0
1,651,0
115,237,0
2,469,0
188,0
39,174,0
274,0
700,0
42,610,0
608,0
8,564,0
539,0
40,041,0
223,0
2,568,0
83,819,0 186,330,0
7,084,0
1,055,0
50.297.0
643,0
45,525,0
828,0
68,850,0
4,740,0
49,566,0
2,090,0
88.964.0 1,233,462,0
36,407,0
834.0
1,664,0
63,867,0
516,0
523,0
26,980,0
194,0
220,0
13,239,0
974,0
916,0
32,452,0
294,0
136,0
22,033,0
2,349.0
394,0
30,725,0
5,986,0
602,0
21,194,0
151,0
7,855.0
498,220.0
14,460.0
365,018,0 1,627.965.0 368,384,0 412,161,0 207,629,0 194,019,0 724,128,0 200,212,0 125,092,0 194,5.52,0 114,471,0 418,391,0 4.851,922.0
LIABILITIES.
7,956,0
16,483,0
Beserved for Govt, franchise tax.
7,0
11,745,0
Deposits: Government
Member bnk reserve aco't .. 116,250.0
All other
1,076,0
8,748,0 11,134,0
60,197,0 17,945,0 22,509,0
170,0
122,0
142,0
50,255,0
504,0
5,455,0
662,370,0 103,999.0 134,800,0
15,203,0
1,006,0
760,0
5,458,0
11,030,0
162,0
5,425,0
53,348,0
444,0
4,201,0 14,439,0
9,114,0 29,025,0
114,0
242,0
3,872,0 10,744,0
42,317,0 239,541,0
5,218,0
452,0
4,606,0
9,388,0
72,0
4,946,0
63,708,0
822,0
7,468,0
140,0
4.603,0
41,000,0
609,0
69,015,0
693,0
103,190,0
7,370,0
215,398,0
15,199,0
1.250,0
9,0
114,744,0
2,148,0
9,453,0
1,689,422,0
42,929,0 120,145,0
36,304,0
608,0
9,453,0
Total depoelti..
F. R. notes In actual circulation.
F. R. bank notes In circulation
net liability
727,828,0 105,569,0 141,015,0
614,031,0|181,448,0 192,826,0
59,217,0 46.641,0 255,603,0
96,944,0 110,835,0 362,961,0
69,476,0
86,089,0
46,112,0
52,639,0
75,302,0
62,676,0
45,685,0 139,051,0 1,840,470,0
31,247,0219,678,0 2,178,053,0
7,843,0
60,320,0
3,923,0
4,003,0
26,013,0
566,0
3.829,0
10.328.0
1,024,0
9,607,0
31,882,0
792,0
2,667,0
21,696,0
1.691.0
Capital paid In
Surplus
—
Delerrert availability Itema
AU
other llablUtles
Total
liabilities.
129,071,0
106,679,0
26,958,01
3.5.52,0
4,577,0
9,646,»
70,0
5„')94,0
4,191,0
7,394,0
4,889,0
31,019,0
1,176,0
83,888,0
414,475,0
16,198,0
365.018,0 1,527,965,0 368,384,0 412.161.0 207.629.0 194,019,0 724,128.0 200.212.0 125.f>92.0 l<>4.fiK2.0 114.471 .0 418.391 .0
*Mi^ .097."
7,984,0
36,018,0
820,0
20,518,0
75,374,0
2,889,0
6,883,0
47,231,0
438,0
6,761,0
38,068,0
706,0
3,127,0
31,019,0
672,0
6,777,0
15,507,0
702,0
r HB. 4
±it^^.]
LIABILITIES (Concluded)—
Two
New
BottOB
ciphers (00) omitted.
York
Cleveland Richmond
PftiJa.
Memoranda
«vv
VJriXi^l>IXUl^X!j
XXLJl/
S
AUanta
CMcaoo
I
$
$
St.
Louis Minneap. Kan. City
Ban Fran.
DcUlat
I
S
Total
%
BAtIo of total reaorvea to deposit
&Dd F. R. DOte liabilities com76.4
84.8
72.5
77.5
48.5
55.4
75.1
78.2
65.1
63.3
49.8
81.3
76.2
2,336.0
12,007,0
2„500,0
2,624.0
1.568,0
1.152.0
3.808,0
1,504,0
864,0
1,536.0
832.0
1.472.0
32.263,»
bined, per cent
Contingent liability on bills purobased for fcrelgn correspood'ts
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS
—
New
Boston.
Federal Reterv* Affent
Keaonrees
(/n TTtousande of Dollars)
%
129.240
Federal Reserve notes on hand
174,076
Federal Reserve notes outstanding
Collateral security tor Federal Reserve notes outstanding:
5,600
Gold and gold certificates
12.329
Gold redemption fund
Gold fund Federal Reserve Board
120.000
36.147
E^Uglble paperlAmount required
14,937
/ Excess amount beld
York PMla.
Cleve.
Ricfim'd'
St.
1922
1
Minn. K.Cuy. Dallas San
L.
%
8,875
Fr.
Total.
S
S
S
360,710 49,760 39.000 28.575 75,581
802,095 202,930,217,643 103,021 116,653
$
S
155,280 25.460
406,067 106.551
55,657
S
13,440
69,855
S
S
21,240 48,300 9.55.461
34,901,270,207 2,559,656
296.925
13,.375
34.042 13,434| 12.931
381,000 125.389 160,000
90.128 64,107i 31,337
48.8691 15.182 47,807
15,367
296,644
94,056
45,635
5,960
4.307
62.700
33,584
8,124
13,052
1,769
9,200
31,636
7,520
1,799
30,360
37,696
16,676
344,013
122,166
15,055
1.484 202.168 1,462,240
24.079 52,984
631,237
20,751i 16,507
260,411
I
—
CMcago
Atlanta
FEB.
3,582
28,295
71,144
10,654
2,400
4,914
45,000
64,339
7,749
6,701
2,637i
492,329 2.013,769 470,802 522,093 245,271 310,636 1,013.049 246,686 127,709 169,826 111,7931605,221 6,335,184
Total
UaJyauies—
Wet amount of Federal Reserve notes received from
Comptroller of the Currency
303,316 1,162,805 252,690 256,643 131,596 192.234
137,929
Collateral received fromlGoId
711,967:138,823,186,308 31.877 52.314
I
Federal Reserve Bank/Eligible paper
51,084
81.798
138,997| 79,289| 79,144
561,347 132,011
312,011 72,967
139,691 41,708
72.088
64,532
24,021
39,156
83,295
32,159
54.372
56,141 318,50713,515.117
10.822 217.223 1.928,419
891,648
44.830, 69.491
492,329 2,013,7691470.802 522.O93I245.27I 316,636 1,013,049 246,686 127,709 169.8261111,793 605,221 6,335,184
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks.
174,076
7.397
802,095 202.930 217.643,103,021 116,653
188,064 21,482, 24,817
5,818
6,0771
406,067 106,551
43,106 20,462
55,657
3,018
166,679
614,031 181,448 192,8261 96,944 110,8351
362,961
52,639' 62,676
Federal Reserve notes In actual circulation.
86,089
69,855
7,179
34,901 270.207 2,559.656
3,654 50,529
381,608
31,248 219,678 2,178.06
—
Member Banks
Following is the weekly statement issued by the Federal Reserve
of the Federal Reserve System.
items of the resources and liabilities of the Member Banks. Definitions of the different itoms
In the statement were given in the statement of Dee. 14 1917, published in the "Chronicle" Deo. 29 1917, page 2523.
Board
gi^ving the principal
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKS IN FEDERAL RESERVE
BANK AND BRANCH CITIES AND ALL OTHER REPORTING BANKS AS AT CLOSE OF BUSINESS JAN 25 1922.
Aggregate reductions of about S96,000,000 in loans and discounts offset
by further increases of 319.000,000 in investments, largely in
United States and corporate securities, and commensurate decreases in
demand deposits and borrowings from the Federal Reserve banlis are
indicated in the Federal Reserve Board's weekly consolidated statement of
condition on Jan 25 of 804 member banks in leading cities.
These reductions are due apparently to a large extent to the normal seasonal return
flow to the banks of Federal Reserve notes and other currency, the amounts
in question after being credited to customers' deposit accounts being
used by member banks to reduce their own borrowings from the Federal
Reserve banks
All classes of loans show smaller figui'es than the week before: loans
secured by U S Government obligations by $19,000,000. loans secured
by corporate obligations by .333.000. and other, largely commercial, loans
and discounts by $45,000,000
Corresponding changes for member banks
in New "V'ork City comprise reductions of S16.000.000 in Government paper
of $48,090,000 in loans secured by corporate obligations and of S12.000.000
In commercial loans proper
As against an increasa of SIO.000.000 in the holdings of United States
bonds, the reporting member banlts show but nominal changes in their
holdings of U S Victory notes and Treasury notes and a reduction of
$6,000,000 in their holdings of Tre:isury certificates
For the New York
City banks ^n increase of SI. 000. 000 in U S bonds, as against nominal
changes in other Government securities, is shown. Investments incorporate
and other securities show a total increase of $ 1 7 .000 .000 of which .$ 1 3 .000 .000 represents an increase In New York City. Total loans and investments.
Duta
tor all reporting
member banks
because of the return flow of currency during the week, shows a reduction
from S468.000.000 to $409,000,000. or from 3 2 to 2 8% of t'ne banks'
total loans and investments.
For momber banks in New York City a
decrease from S84.000.000 to $(52,000,000 in total accommodation at the
local Reserve bank and from 18 to 13% in the ratio of accommodation
is noted.
Since Jan. 28 of the past year total loans and investments of the
reporting members have decreased by $1,720,000,000, their borrowings
at the Reserve banks by $1,499,000,000, and their ratio of accommodation
from 117 to 2 8%.
Government deposits of all reporting institutions show a decrease tat
the week of $18,000,000, other demand deposits fnet) declined by abont
For the
$61,000,000, while time deposits show an increase of $3,000,000
New York City banks reductions of $7,000,000 in Government deposits
and of $40,000,000 in other demand deposits, as against an increase of
S3. 000. 000 in time deposits are noted.
In keeping with the further reductions in demand deposits and borrowings
from the Reserve banks, the reporting institutions show a further decrease
of $17,000,000 in their reserve balances, all outside of New York City.
Ca.sh in vault shows a further decline of $10,000,000. the total of .S278.000.000 being 2
of the net demand deposits of all reporting in.stitutions.
Member banks in New York City report a reduction of S2.O0O.OOO in their
cash holdings, their total holdings of $78,000,000 being 1.9% of their
net demand deposits.
7%
Bosum.
Federal Reserte District.
Number
of
reporung banks
Nets York PhUadel. Cleveland
49
(llficouDted witb F. R. bank:
Loans sec. by U. 8. Govt, obligations..
Loans secured by stocks and bonds
All other loans and discounts
Total loans and discounts
O. 8. bonds
C a. VlcUiry notes
.
O. a. Treasury notes
C. a. certificates of Indebt<^nee8
Other bonds, stocks and securities
Total loans, rllsc'ta <t: Investments. Inel.
bills redlBCdinted with 1". R. Bank...
Reserve balance with F. R. Bank
Cash to vault
Net demand de[>a*lta
Timedepoalu
Ooremment
depostts
Bills payable with Fodrral Reserve Bank:
Secured by U. 8. Govt. obllKatlons...
All other
Bills redlscouoted with P. II. Bank:
Securwl by U. B. Oort. obligations...
Data of
AUanta.
Rlchm'd.
58
85
82
$
S
27.26.5
164.197
221.626 1.329.101
554,514 2.467.120
S
47.451
205.221
319.051
S
45.833
320,111
615,453
803,405 3,060,418
47,985 .395.761
103.600
3.8S2t
4.576
82.323
6.628 128.9.36
144.533 746.649
571.728
47.684
15.099
5.187
6.885
165.483
981, .397
118,130
18.367
2.768
7.825
268.984
Chicago
43
107
(000) omitte<i.
Minneap. Kan. CIW Dallas.
Louis.
St.
Three ciphers
San Fran.
Total.
804
66
110
37
35
79
53
$
18.572
108.515
315.538
s
67.181
435.471
292.:{49 1.062.618
16.767
123.211
S
9,797
32,332
204,019
S
15,078
63,649
353,676
$
5,422
39,783
189,846
S
S
19,428
4.50,892
141.579 3,074,170
725,225 7,393,467
442.625
61.665
359.818 1.565,270
26.967
79.777
1.151
21.907
7.575
"V.iso
14.691
35,270 382.457
434.036
27.247
3.476
547
246,118
18,620
710
235,051
32,973
1,242
886.232 10,918, .529
104,655
997.i;j3
13.685
188.076
1,207
4,216
20,767
432,403
35,669
2,922
618
3,486
47.275
1,592
3,204
9,090
174.006^ 2.111,963
424,395 2.071.677
28.001
164.347
9,316
49.160
222.9.53 1,260,480
143,321 048,472
4.251
20,713
538.992
43.593
6.631
155.196
4.177
291,668
18,895
6,412
175,030
76,205
4,760
522,273
40,909
11,870
372,034
105,020
3,969
283,213 1.202.183 14. .533. 744
80.298 1.2.50,355
20,597
278,480
21.992
9.332
603,719 10,270.792
190. 99S
61.486 564.239 3. 021. .337
108,402
7,266
3.684
20.697
52
5.894
1,037
3.719
1.898
1.161
.34.1.57
16.173
S
13.898
S
53..571
2.0.3fi|
4.0881
2.280
48,419
294.0.58
4.6.57
69.029
10.049
13.556
120.4;J0
197.613
1
812.061 1.397,471
62.232
86,177
14. .561
25.935
622.056 770.217
47.308 425. .5.39
1. 01
1.000 5.417.687
596. 0.U
19.261
89.611
7.56.517 4.682.791
77.302
561.112
33.973
14.068
.304.679
183.565
12.753
480.013
66.00.-;
17.701
18,236
4.689
62.784
19.892
14,259
27
20.105
2.077
39,199
1.210
All other
2.
eacb Federal Reserve District at close uf business JAN. 25 1922.
In
than the
less
week before, the corresponding decrease for the member banks in New
York City being $59,000,000.
Accommodation of all reporting banks with the Reserve banks, mainly
.
t.
consequence of the changes indicated, were $7.7000,000
in
in part
1,018
187
5,331
14.024"
26.0201
8,982
member banks
reportlotf
Nea YorkCUv.
CUy
i
130.973
4.897
.
2.104
17.822
23. .305
In Federal Reserve
of Chicago
5.407
Bank and branch
.309.318
'
2.218
84
cities
and
325
745
50
5,008
all
52
5.145
19,307
0.890
349
170,651
382
16,215
12,H8
837
221.59
other roportlntl banks.
\aU F. R. Bank CUiet F. R. Branch CUtesJOtherSelecUdCllies.
Total.
TTtru cipher § (000) omiUeA.
Jan. 25.
1
Jan. 18.
Jan. 25.
|
of reportloK banks
land dlsroufiM. Inrl hllbi rodl*-'
eouoted wttb K
K
by U S riovt olillK'ns,
by vtnrku <fc lionils.
All other loans and dlw:oiinis
60
275
276
I4r,.r,05
161 211
52,156
31.3.007
50.255
320.200 2.1-
331.01151
.1
t
'!in,62n
.74,400
i
,
.
.
I
.
1
Oov»imrii>irit d«it»<>«IU.
............
BUIs pn/kiiln with P R Rank';
Hnn'd by I/. 8 OoTt. obll«aUoM..>
All oth»r
BUIs rMllnrottntjyi with P U llaiik:
1
l.y IJ
.)i).i.l2.i
!t8.6f«;
7H,282
Jan. 25.
Jan. 18.
2I.4HH
7. 787]
10.717
3.024
1..
7.22i,..(H»
547.:«57|
l2'H.7n7
9().(H)3
tVM
Jan. 18. yaa.26'22.|/a».18'22.|yan.28'ai.
Jan. 26
1
.,>...,,.
190. 3H9
2;i.4;.o
3n..5H7
156.537
Ifll.lin'
.5-.M5'r
H70.ri20
H7'..,'^it
..!'iH.(K)S
7.:tl2.ii
312.4 l(»
15,431
.11 t. I'tS
,4l)H,lnl
i.ioi.r
10.512
127.6UH
139, Hit.
I.3II0
1.103
A3
67
Ho.on?
63
107.300
57
I0,(M1
l,33«
U.OAfl
1.535
I7,«»7
0.389
103.755
10,031
131,1701
I.R'
l.a
in
3.1
r,7.»%i
A
mdlarmiriM
.
I'lirilpnK
laMiu
S
%
76.977
454.481
62,2.37
1.907.255 1.918,072 1.782.774 •I7S52.S7 10.918.5211 •110151.58 12.907.702
9S7.495
888. KA4
997.i:i3
223,218, 224,.332
228,.558
i25.712
IHII.302
201.736
188.078
132,025
39,634
I9.5S2
37,695
19,675
I2ll.:i'.ll
to
4
1
20.
00.279
17,684
III.
058
17,056
12. .563
I5'l..5<<0'
203.764
342.040
2i.n I'l'
I9;.8I3
22, .392
2I.7'.»2
22.078
H 1,475
,111.983 2.094.853 2.031.764
357,484 355.950
1135,6041
552.507,
70.7341
820
537.4511
»I4,6I7
763.11, .
808
7..1I1.7II1I
I2I.0HI
|-,l
804
317
317
»
s
s
470.439
8I0,64S
4.50.892
•02.407
153.4.50
424.180 427.503 3.074,170 3,106,892 3,064,302
1/9.147 1.388.614 1.298„3.57 1,295,377, 7,393,467 7,437,827 9.032,847
113,7(11
r.rA.<
1
214
f
74.058
H.-, It
r,
•
All ot.hxT
of bills prtyahl<i
212
II
'It
40,005
23.120
3.076'
123, 7'n
t
•
67H.6.'.<1
1.016,182 i,rvio.iii
342.569
.
,
H ttovt ohllaatlon*
with P. K (lank to toul loans
SPd Inv^wlmoni* p«»f eent ......'
•Rnvlwwl
Jan. 18.
07
Total loans and dlaoounU
O. 8. botida
...........|3, ,4HH.si():i
O. H. Victory ootsi
347.044,
ij. H. Trrtutiiry noUm
96.207
V. H. r«Tilfl' ai.-K of Indobfdnww."
77,«30
Other txjD'H iri.r-tti tnd •nnirlllm. .1 I23.9H0
t,
Total I'll
A inrwrt'ts.l 570.0't:!
Inrl Mil.
.If.h K
ft l»k.
.v
aeanrvn Imi.^..
If. B. Bank. .'4, 704,0814
Cash In vftuU
....
653. 2«
N»rt d»>m«rid dnpo^lls. ...<... .....|
7<l.)7'i
aMn
Jan. 35.
67
'
hunk:
jrnrt
Herd
Jan. 18.
'
Number
3 5
.;.
022,2,421, 1.30 •24.M370 14,533,744 •14810983 10,253.776
1.250.355 1.267.135 1. 310. HOI
I ..SSO
185,051
I45.34',l
.•7S.IMII
,••.•11
28H,2:i8
.51 m.-l
33/. 188
rm 1st'
10.331.712 10.84.1.500
-.III.
I
I
i
.
.
I.,
i
...
I,
w.
.
;
3.lll/..'i8l
-.1 .-
188,084
2.9I.S.IM0
I
1.5,
9116
53,H46
5T,042
31,738
34,005
170,051
108,403
582,44«
440
475
3.36
5:18
837
1,0118
1,471
a.aofl
4.153
03,203
3,160
03,070
•3,ltN<
10,215
63.806
67.601
Xil.b'tO
•17,373
350,983
•300,8 1 r>
I.II4,3(NI
40
4 4
H
3.3
11.7
4
1
4.5
3
M
.
1
H
W
.
.
THE CHKONICLE
500
[Vol. 114.
STOCKS.
3.
\
Week.
i
Wall Street, Friday Night, Feb. 3 1922.
Railroad and Miscellaneous Stocks. The security markets were unusually dull and featureless during the earlj^
The transactions in stocks averaged little
part of the week.
more than 400,000 shares and prices scarcely changed at all
until Thursday, when the volume of business increased to
730,000 shares and a long list of a<;tive stocks advanced a
j)oint or more.
The outstanding feature of the week has been the foreign
exchange market. Demand Sterling bills sold at $4 30 on
Thursday and French and Italian exchange was quoted at
correspondingly high figures. How much of this advance is
duo to a speculative demand and how much to other causes
it is, of course, impossible to estimate, but there seems little
doubt that the Washington Conference, now drawing to a
close, has created a bettor understanding and more intimate
and friendly relations between the participating nations
which may soon result in enlarged commercial and financial
relations of more or less importance.
To-day's stock market was the most active of the v.^eek
—
and the upward movement
of prices, begun yesterday,
continued, carrying Steel Common up to 87 and some of
the rails to new high figures, notably Missouri Pacific and
New
Lowest.
Par. Shares, S per share.
Third Avenue RR_..10O 11,000 19% Jan
Temtor C & F CIA...* 5,200 3A Jan
Tide Water Oil.
200 130
Jan
100
Union Tank Car
Jan
100
200 96
Preferred
100
900 103K .Ian
United Drug 1st pref-50'
100 46
Jan
Van Raalte 1st pref. _ lOOt
100 92
Feb
Weber & Heilbroner
Jan
*j
300
West'h'se E &
1st pf50!
200 65
Feb
Wilson & Co pref
Jan
lOOi
100 72
UK
M
*
No
Range since Jan.
Lowest.
Highest.
1.
Highest.
S per share.
30 23 A Feb
30
5
Feb
31 130
Jan
28 97
Feb
30 104
Jan
31 46
Jan
2
92
30
12
S per share ;S per share.
14
Jan| 23H Feb
2
3% Jan 6H Feb
31 130
Jan 134
Jan
2
3
96
31 103
31 44
Feb
Feb
Feb
A
65
31 72
2
Jan 97A
Jan 105
46 K
A
Jan|
Jan;
Jan!
Jani
Jan'
92
IIK
2:
65
66
2j
Jan 31
i
Jan
Jan
Jan
Jan
Jan
Jan
Jan
92
12J
65
72
par value.
For volume of business on New York. Boston, Philadelphia and Boston exchanges, see page 496.
—
State and Railroad Bonds. No sales of State bonds
have been reported at the Board this week. The general
bond market has been relatively quiet, transactions at the
Exchange averaging only about $13,000,000, as against a
recent average of .$18,000,000 or more.
Prices have, however, been generally maintained, while some of the Liberty
issues reached new high quotations and more than half the
active list of 20 railway and industrial bonds has advanced.
—
United States Bonds. Sales of Government bonds at
the Board include .$10,000 4s reg. at 105, $10,000 2s reg. at
iind the various Liberty Loan issues.
102
M
Haven.
Call loans were again at 4J^% after the momentary ad'
early in the week.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
vance to
6%
STOCKS.
Week ending Feb.
Lowest.
100
preferred
Amer Wliolesale pref. 100
pref
300
Ann Arbor
Atlantic Refining
Preferred
.? per
S per share.
300 57 H Feb 1 58 H
1,700
7H Jan 31 9H
300 82
Jan30 83
1,900 112
Jan 30 125
l.GOO 54
Jan 28 58 Jf
200
Feb 1
TA
700 21
Jan 28 22
100 89H Feb 3 89"^
187 28 K Jan 30 29
40 990
Feb 1 9:)5
2001 14 M Jan 28 115!^
Austin Nichols
2,200
Pdry..*
American Chicle
.American Radiator
American Snuff
'
25
100
Amer Sum Tob pref. . 100
100
Am W W & Klec
6%
50
Auto
Sales
rjarnett Leather
Preferred
Barnsdall Corp CI
Batopilas Mining
100
B..25
20
British Empire Steel. 100
1st preferred
100
100
Second preferred
Brooklyn Union Gas..
Brown Shoo
Preferred
lOo!
300
100
300
300
200
400
500
100
800
300
400
13J^ Feb 1 165-S
3K Jan 28 3 'A
Jan 31 47
40
90
Feb 1 90
21
20!^ Feb
Jan 28
A
.Ian
31
95^
9H
63
Jan 31 66
•''. '^
Jan 31 23
Jan 31 70
70
Feb 3 47
46
Feb 3 90
!0
50 H Jan 31 50H
29
Jan 28 31;;;
Feb 3 91
91
Jan 28 34
30
Jan 31 53
53
Jan 31 59>^
59
13!^ Feb 3 14
H
Buff Roch & Pitts... 100
Burns Bros "B" w 1
1,100
Bush Ter Bldgs 7s..
Butterick Co
100 3,400
100
Canada Southern
100
Calumet & Arizona
10
300
Carson Hill Gold
1
3,200
100
Case J (Plow)
3K
Case J (Tlir Mach) pf 100
100 71
Certain-Teed Pr 1st pref
10 895/5
Chicago & Alton
100 3,0.50
2%
Preferred
100 2,300
4
Cluett, Peabody
100 7,800 51 J^
*
De Beers Consol
100 16!.i
Detroit ICdIson
100
100 102 V^
Eastman Kodak
100
1 680
Elec Storage Battery .100 17,600 139K
Emerson-Branl'ham.lOO
500
3
Fisher Body pref
100
100 101
*
Gen Amer T Car
900 50
Goodyear Tire & Rubb.*
400 98 H
* 2,200
Gray & Davis.
11%
Guantanamo Sug rights. 9,500
Yi
Habirshaw Klec Cable." 2,100
Homestakc Mlnl«g..l00
100 57
* 5.200 28
Internat ( emcnt
Internal Nickel, pref
800 69 !4
Kayser (Julius)
100 1,400 80!-^
Kelly-Spring T 6% pflOO
200 74 H
Kresge (S S) Co
8,200 117
Lima Locom Power.. 100 1,500 93
*
Malllnson & Co
1.3001 19
nnn r<s
Manhattan Shirt
25 R OOOi
38 xa
•
Martin-Parry
15,400 30)^
Matheson Alkali
50
300 23!^
Feb 3 3«
Feb 3 71
Feb 3 896/S
Jan
Jan
Jan
Jan
Jan
28
28
28
GOK
31
16
Feb
1
Maxwell Motor
Mclntyre Por
M
400 12%
9,700
2M
100 67K
63,700
8
6,.500 24 H
100
300 24 V^
300 loo;-;;
100 18
6,700
5K
K
3%
Jan 31 101
Jan 30 53 K
Jan 28 98>S
2
18Ji
%
Jan 30
Feb 2
VA
Jan 30 57
Jan 30 31
Feb 3 71
Jan 28 90
Jan 28 74 «
Jan 28 131 ^i
.Tan 30 99
Feb
3
Jan
Jan
Jan
Jan
Jan
31
31
19
40 Ji
32 H
30 24
28
35i
Street Ry...l00 1,500
3H
Prior preferred
100 4.800 37
31
100
Preferred
300 175i .Ian 31
Second preferred.. 100 1,100
7K Feb 1
Market
3H'
6
30 102;<S
Feb 2 680
Jan 30 148
Feb
41H
18
8H
Jan 30 13%
Feb
2
2K
Jan 30 68 »4
Mo Kan & Tex w 1
Jan 30 9J^
Preferred wl
Jan '28 2b%
Warrants Ist as paid.
Jan 30 1014
Mulllns Body Corp
Jan 28 25K
Niagara Kalis Pow, pf.
Jan 31 101
N Y Shipbuilding
Jan 31 18
Nortli Amor rights
Jan 28 7
Norfolk Southern... 100 1,100 10!^ Jan 28 IIM
Ohio Body &. Blower..
200
Jan 31 11 H
Ontario Silver Mln..l00
100
Jan 30 4H
Otis Elevator
lOO 2,3,36 120
Jan 28 126
100 94
Jan 30 94 H
Preferred
Pacific Mall
5
800
Feb 2 12
Phillips -Jones
Jan 30 98 K
3,100 82
Pure Oil pref 8%..
Feb 1 100 W
600 100
*
Rand Mines
800 19K Feb 3 20A
*
Jan 28 9
Robt Rels 2d pref
100
9
Rem Type 1st pref. .100 200 63 Jan 30 65
Sears, Roebuck, pref. 100
Feb 1 91 H
200 Ul
Shattuck Ariz Copper. 10
300
8H
85i ,Ian 31
Stern Bros 8*^^ pref.. 100
200 97Ji Jan 31 97 M
Soutli Porto Rico Sug 100 1,100 40
Feb 2 53 H
Superior Stocl
200 28 ^.r Jan 30 30
100
Texas Gulf Sulphur. . . 10 57,300 40 K Jan 28 45
TolStL& Weetctf...
900 16
Jan 28 18H
Ctf B
600 16 H Jan 31 19
Preferred
51.000 27Jli Jan 28 31H
B preferred
8001 29
Jan 28 33
<t
St Louis pref..
n%
im
Lowest.
Highest.
Par. Shares
Am Brake SIi &
Range since Jan.
Range for Week.
Sales
for
3.
Week
Minn
Range for Week.
Sales
for
!
Weekending Feb.
share.
Feb
7
3
Jan 30
Feb
Feb
Feb
Feb
82
H
A
3 109
3 52
1
6
1
17 H
Feb
89 A
Jan 30 283^
Jan 31 975
Jan
Jan
Jan
Jan
Jan
Jan
Highest.
1 1 }<;
86
125
71
8
22 5i
Feb 95
Jan 30 A
Jan 1020
Feb
113
iJan 115^^
Jan 30
Jan 17
9'A
Jan 28
Jan 4
3A
Feb - 40
Jan 47
Feb li 89H Jan 90
Feb
19M Jan 21
Jan 28
A Jan
%
Jan 28
SA Jan 9%
Jan 28 58 }i Jan 67
Jan 31 21 A Jan 24 Ji
Jan 31 70
Jan 74
Feb 3 42
Jan 47
Feb 3 90
Feb 90
Jan 31 50
Jan 53
Jan 31 29
Jan 325^
Feb 3 87"
Jan 91J«
Feb 3 283-^ Jan 34
.Ian 31
52
Jan 53
Jan 28 58
Jan 60 A
Feb 3 11
Jan 14
Feb
3A Jan 4
Feb
69Ji Jan 72
Feb
85
Jan 895-^
Feb
IH Jan 5
Feb
Jan
3A
6V<
Feb
43
Jan 60 ^
Jan 31 15^^ _„.
Jan 16 H
Jan 30 lOOH .Ian 106
Feb 2 600
Jan 700
Feb 2 125
Jan 148
Feb 3
Jan 3%
2
Jan 31 100 M Jan 101
Feb 3 45
Jan 54 A
Jan 30 98% Jan 9851
Feb 3 12
Jan 19
Feb 3
A Jan
%
Feb 3
^ Jan 1 'A
Jan 30 55
Jan 59 J<
Feb 3 26
Jan 31
Jan 30 60
Jan 85
Feb 1 81
Jan 90
Jan 30 71J< Jan 74 K
Feb 2 110
Jan 174
Jan 28 91
Jan 100 >4
Feb 3 15A Jan 19Ji
Feb
33 Ji Jan 415i
Feb
20Ha Jan 32%
Feb
22
Jan 25 A
Feb
3% Jan 3 A
Feb
35A Jan 41
Jan ISA
Feb
17
Feb
5%
Jan
8A
Feb
llj^ Jan 15»i
Jan 30
Jan
2A
2A
Jan 30 67 H .Ian 68 H
Feb 3
7A Jan 9%
Feb 3 24><; Jan 26 A
Jan 30 \0A Jan 1 A
Jan 30 19 A -Ian 26
Jan 31 100 Hi Jan 101
Jan 31 13
Jan 18
Ian 31
3 A Jan
8A
Jan 30
8A Jan
Jan 31 11
Jan 13 H
Jan 30
4H Jan 5H
Jan 31 116
Jan 126
Jan 30 93
Jan 95
Feb 1 11
Jan 12
Feb 2 82
Jan I05K
Jan 30 100
Jan 100 K
Jan 31 19A Jan 22
Jan 28
8 A Jan
9
Jan 28 55
Jan 65
Feb 1 91
Jan 94 Ji
Jan 30
Jan
8
9
Jin 31 97 A Jan 97 A
Jan 31 43
Jan 55
Jan 31 26
Jan 31
,
UA
Feb
Feb
Feb
Feb
Feb
3
3
2
38 M
3
23
22 K
1
13
14
.Ian
.Ian
45
\SA
Jan 19
Jan 31 A
Jan 33
First Liberty
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
.Ian
Jan
Jan
Jan
Jan
Jan
Jan
95.80
95.30
95.46
476
96.40
96.40
96.40
1
1
1
96.92
90.40
96.60
53
96.70
96.20
96.20
153
99.10
99.00
99.00
96.46
96.18
96.40
93
98.90
98.90
98.90
96.76
96.34
96.76
Close
Total sales in SI ,000 units
4H%
bonds High
4^8) Low.
of 1932-47 (First
Close
Total soles in $1 ,000 units
Second Converted
bonds of 1932-47
Second 4Ji3)
iA%
(First
High
Low.
Close
4%
fHihg
Low.
bonds of 1927-42
(Second 4s)
Close
31
2
95.80
95.80
95.80
96.00
95.60
95.86
20
96.12
95.74
96.06
1,319
97.18
96.74
97.10
803
96.20
95.86
96.18
2,373
100.28
100.16
100.26
1.446
100.28
100.20
100.28
1,160
100.30
100.26
100.28
140
95
Total sales in SI .000 units
1
Converted 4\4% bonds of High
1927-42 (Second 4 >is)- Low.
96.12
95.90
96.10
759
97.20
97.02
97.12
Close
Total sales in $1 ,000 units
Third Liberty Loan
4:A%
High
Low.
bonds of 1928
(Third 4 lis)
Close
Total sales In $1 ,000 units
Fourth Liberty Loan
490
96.30
96.04
96.28
1.464
100.28
100.14
100.28
High
4H % bonds of 1933-38.. Low.
(Fourth 4 Ms)
Close
Total sales in SI ,000 units
High
Victory Liberty Loan
4M%
notes of 1922-23.. Low.
(Victory 4?48)
Close
Total sales in SI ,000 units
High
notes of 1922-23
(Victory 3 MS)
^Low.
Close
Total sales In $ 1 ,000 unl 'S
1,395
100.26
100.16
100.24
3M%
Note.
11 1st
43 2d
96.08
95.80
95.86
1,195
97.12
96.92
96.98
1.212
96.28
95.90
95.90
2,571
100.28
100.26
100.26
1,829
100.28
100.24
100.24
151
2. Feb.
96.05
95.60
95.70
3.
96.50
95.40
96.50
121
96.30
96.30
96.30
349
1
96.76
96.60
96.70
111
96.76
96.48
96.50
178
96 .40
96.40
96.40
2
96.70
96.40
96.42
900
97.50
97.40
97.40
560
96.76
96.50
96.60
1.515
100.30
100.28
100.28
1,275
100.28
100.28
100.28
10
96.50
95.72
96.40
610
97.46
97.30
97.40
440
96.72
96.40
96.56
1,004
100.30
100.24
100.24
901
100.28
100.24
100.24
402
—The
bonds.
80 1st
327
95.70
95.20
95.60
373
96.40
96.40
96.40
244
98.60
98.60
98.60
9
96.24
96.00
96.06
7
96.46
98.00
98.42
822
97.50
97.14
97.50
623
96.54
96.16
96.52
2,150
100.32
100.22
100.32
Total sales in $ 1 ,000 units
Second Liberty Loan
95.56
95.26
95.30
164
96.00
96.00
96.00
Feb.
1.
96.30
95.76
95.90
421
4%
Converted
.Ian
Jan
Jan
Jan
Jan
Jan
[High
1932-47.. (Low.
(First 3Ks)
lose
1
Total sales in $1 .000 units
bonds of High
1932-47 (First 4s)
Low.
Converted
Feb
Jan
Jan
Jan
Jan
Jan
Loan
3H% bonds of
1.
S per share. $ per share.
Jan 62 M Jan
51
Jan 28
Daily Record of Liberty Loan Prices Jan. 28 Jan. 30 Jan. 31 Feb.
above table includes only sales of coupon
Transactions in registered bonds were
3Hs
4^8
4AS
.95.22 to 95.50 151 3d 4\is
95. SO to 96.46 1.53 4th 4^s
95.80 to 96.40 132 Victory 4Aa
Quotations for Short-Term U.
S.
Govt. Obligations.
Int.
Rate.
Bid.
Mar. 15 1922
Mar. 15 1922
Mar. IS 1922
S5i%
6Ji%
5%
lOO'^ii
1922
4Ji%
100
lOO'sj June 15 1924
lOO'sj Sept. IS 1924
lOO'fs
100%;
Maturity
96.72 to 97.44
95.70 to 96.50
100.00 to 100.14
Asked.
Maturity.
lOOH
100'!.
Sept. 15 1922
lOO'j;
lOOifel Sept. IS
Int.
Rate.
Bid.
AllU6.
J.an
Jan
Jan
Jan
Feb
Jan
Jan
Jan
-Vpril
1
bA%
5H%
June 15 1922
Aug. 1 1922
5^% loo'v;
iA% lOO'-fc
5A% 1025^
^AVo 102^1?
1A% WOA
1922
I3ec. 15 1922
100 « June 15 1922
Mar. 15 1925
lOOH
4Ji%| 100
mv.i looK
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
.Tan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
The Curb Market.— T/ie
1005i
100<ii
102 K
102 H
lOOH
100 K
100 H
review of the Curb Market is
given this xoeek on page 494.
—
Foreign Exchange. Sterling exchange ruled strong and
established a sharp advance, bringing the quotation to the
In the Continental exhighest point in a year and a half.
changes also, though trading %yas quiet, strength developed
and quotations advanced materially, in all but rciehsmarks,
which remained
hea\'3'.
To-day's (Friday's) actual rates for sterling exchange were 4 27W@
4 28 15-16 for sixtv days and 4 29)^ @4 30 1.5-16 for ciieques and 4 30@
(Commercial on Ijanks. sight 4 29@4 30 7-16, .sixty
4 31 7-16 for cables.
days 4 2A%@4 26 1-16, ninety days 4 235^ @4 25 1-16, and documents
Cotton for payment 4 29@
for payment (sixty days) 4 24%(H)4 26 5-16.
4 30 7-16 and grain for payment 4 29(§>4 30 7-16.
To-dav's (Friday's) actual rates for Piiris bankei-s' francs were 8.22@8.29
German banlters' marlcs are not yet
for long "and 8.28(®8.3554 for short.
quoted for long and short bills. Amsterdam bankers' guilders were 36.56®
and 36.92(3)37.02 for short.
Exchange at Paris on London 51. 32 francs; week's range 51.32 francs
high and 51.73 francs low.
The range for foreign cxcJiange for the week follows:
.J6.69 for long
—
Sixiy Days.
Sterling Actual
for the week
Low for tlie week
High
Pans
High
Low
Bankers' Francs
for the
for tlie
—
week..week.
Germany
High for the week
Low for the week
Bankers'
--
—
-
Marks
Am.'ilcrdam Bankers' Guilders
High for the week
Low for the week
Boston,
$1,000 premium.
4 24>i
8.375i
8.18)^
8.3S5i
0.49?i
0.48>i
O.SOA,
-
—
4
Cables.
8.29
8.10J4
36.88
36.27
Domestic Exchange.
discount.
—
Cheques.
'«) 15-16
4 28 15-16
4 22>^
37.10
36.68
4 31 T-l'e
4 24J^
8.19K
048^^
37.15
36.73
Chicago, par. St. Louis, 15(^25c. per $1,(JOO
p.ar.
S.an Francisco, par.
Montreal, $45 00 per
Cincinnati, par.
Ne'A York Stock
Exchange— Stock
501
Record, Daily, Weekly and YearJy
OCCUPYING THREE PAGES
For sales during the week of stocks usujlly inactive, see preceding pniie
PUR SHARE
Hian AND LOW SALE PRICE— PER SHARE. NOT PER CENT.
SiUurilay,
Jan. 28.
Mitnd'Uj,
Jan. 30.
Tw sdmi,
$ per shar'
971
97
•StiU 8710
•1
II4
•86
8712
3358 337s
S per share
Jr95l2
957s
87I4
87I4
Jan. 31.
Feb.
Frldau.
Feb. 3.
Thursday,
Wednesday.
Feb. 2.
1.
9TOCK3
Sales
/or
the
Ranie since Jan.
NEW YORK STOCK
On
EXCHANGE
Week
1
PER .SHARE
Ranae
1922.
for previous
year 1921
basis 0/ 100-share toll
Lowest
Lowest
Highest
Highest
I
S per share
9658 97
87
87
•1
J'2
•86
33S4
87i2
3334
54
54
54
9U
9'4
8I4
I23I4 123 14
•5538 56
13
327g
1478
I8I2
3034
63^8
103
103
•3OI2
85^8
7218
•53»4
31I2
8578
•76
77I2
•3812
•5512
•45
109
73
55
39
56
50
109
73
73'j
3178
3178
•0I2
534
•1718 19
100^4 1003:1
2i«
214
6*4
7
•22I2 23
•54
•10
•27
30
58!4
112
43
OOl''
127,
33
321;
61,
578
1478
•534
14l2
1434
•1434
ISU
17%
IS
18
307s
30I4
6I4
•534
1434
177g
3OI4
3078
85% 86
72I4
72'
54I2
763.
381561
•54I4
771'.
*76
*3Sl4
•55I2
39
3SI4
56l2
.56
*45
108
112
50
110
111
•2l8
•3I2
8l2
1234
*8l2
72I2
112%
31%
•514
1718
8%
31%
8I2
I2I2
•8I2
7234
3!l2
519
I7I4
5I4
5'
1734
173^
7
22»4
54
100
134
1618
161
1618
44I4
4412
44I8
I6I4
16
4312
•3
44%
111
'110
44
46
334
2
441
33
73I2
73%
73>4
•5514
•7OI2
•6OI2
1.5%
74
62I2
I5I4
•2OI4
22
]53g
•20
163g
.341
343,
34%
341.)
.'141,.
20
64
55
1934
1934
1978
1«7,
'li^t
21i»
2118
•37
39
2II4
34I4
27g
•>4
SOSg
17>4
•48'4
2«5g
•35
2 Us
4812
2h
S2I4
•«lt
•13
•24
•4734
26l2
49
'.35
40
•35
40
127
127
8
•12H
15
•13
19i«
8'4
•54
•71
75
j
76%
r33%
77
34
20
20
65
55I2
.551
23 '2
•75
231
71'4
72
SO34
1712
18
•13
12'-
15
I312
61.
13
6%
26
•13
•24
27
62I2
•61
521
11%
•II
IP,
34
•34
36
•ttOI»
337|
.-t37|
'2
•%
7.
.3211
3-i
fi7«4
ft7^»
3«i4
3«t>i
•02
82
*l%
M.-i
U.,'4
IIH>« llU'l
IOl|
IU7,
I'm
42':
»t
S»»
•II
5
126*4
67
•47
3 1 1:
•62
.36
3ll|
38 >t
05
.Til;
rx,
HH
00
1*U
71
40'«
40>4
7Ai«
4II4
OS
OS
81
.11
OS
in
4i»
I
4'»
»»*
0'<
t6<i
00
• I1OI
•V)
IT.
1
1
OS
4
0'«
46
90
I
.
9
23
23
6'i
61;
lO'-,
It)';
20.3>,
13
12%
13
S':
•13'.
16'4
161;
52I4
53
6';
13
'.)n
153,
83S
343,
67',
r,H
3*11,
;oi?.
67
35
163,
5',
I27S •I27S
14%
14',
1.33
l.'i'l
"4'
son
2,10:
70
1
,000
700
200
2.4011
33.2011
30!)
jr,
401,
91,
31',
40',
401]
OS
01,
31
W\
r,7'r
irxi
4.'0I,
34
•87
•35
•62
35
145
1
•MS
3,.'>00
Amcr
58',
1,10)
l>o
Do
9.'.',
21%
44
6,61)0
400
1,500
134't
81)0
4,11)0
15',
l.iVI
I)."J
7.-.'i
417,
4IS
42',
OS
0',
\fi
33't
50',
3',(<4
58'3
ifr.
108
113'J
IM
4OI4
HO
I
iMir iirinrn
I
III)
'
'
l)'i
Do
5%
29
59
100
30.94
83I4
7OI4
54
7234
3S
55
49
10634
11134
2%
334
7
11%
7%
70'4
31%
5
16
22 's Jan 11
Oicm
<t
Dyo.
ARrlcultural
pref
Huuar.
lti<ot
...
iircf
Chem.
8973
%
1'2
16
44
3
547s
7234
51%
72
613,
1212
1934
96I4
74I4
33 14
19
63
50%
23
76
.
.
71%
prpf
20'% .Ian
l)>i
AinTlmn
'>"
'
loo.
'..
("•'f
''•'nmioniil Corp
M'l
2IH)
rtifif.n I'V
Am
46%
O.OIH)
Am.-'
8!i'?
S'l',
8(H)
alinrM.
100%
Mlil!i
*
6
91,
llv|.|im<|
In nt/i'-k
47
6
12.5% Jan 20
5734 .I.an 18
14% Jan 6
34i2 Jan 16
6-34 Jan.
3
161. Jan) 18
101
Jan
65% Jan[19
33
2
22% Mar
2S
2
68-34
19
13
56% June
32
June
20
60
27
49
42
90
93
Feb
50
110% Jan 18
11934 Jan 5
2% Jan 27
41.
1034
16
11
74
3
Jan
6
6
1% Jan
Feb 3
Feb 3
48% Feb 3
3
18
:il
111
Jan
Jim
Jan
II)
II.-.':
.lull
I)
lO'i
Jim
Jau
Jan
o:i>4
41
I
'3
127-3« I'i'O
12
IK)
ftH
(Ml
78
72
5
a
III
1
i:t
I
Jnn 18
Jan 3
Jan 12
Jnn 1:1
3H<, .Ian
5
0', .Ian 16
20s Jnn
56
lOi
112
pnr\
III
J nil
4
Jnn
Jnn
5
12
3*1
Inn
.11
ft'l
Jim
a
4.1% Juii
N6>, Jnn
6
4
< Ki-<llrl<l«fld.
Jan
Jan
71
110
35
Sept
Dec
Dec
57% Dec
75
Dec
8934
77
4673
110% Nov
May
4% Jan
7-33
39
58
July
54
June
12
16
Nov
Mar
1573
118
July
June
June
14'4
74% Nov
Nov
3% Nov
5.34
61% Sept
71
Dec
68% Sept
23% Jan
32 '4 June
15% Mar
50
Apr
35
23
70
Jan
Oct
Mar
60S June
36% June
38% Aug
4134
2378
32
Jan
80
Dec
89% Jan
55
Feb
Aug
Nov
Jan 18
22% Jan 19
19% June
35I4
Jan 18
28
41
19% Mar
2773
J.an 19.
31
18
Jan IS
19
50% Jan 18
17
Jan
Jan
MI2 Jan
16*8 Jan
Jan
54
7I4 Jan
13% Jan
28% Jan
ir.
Jan
3
Dec
67% June
17% June
June
16% Jan
31 '8 Dec
ill. June
42
31
Feb 3
39'. Jan 23
130% Jan IS
74 'e J.an 18
9I4 Jan 13
24% Jan 13
6% Jan
June
June
2% Oct
62'4 July
Aug
Aug
6% Dec
18
Mar
12% Mar
8% Dec
6
17
5
Jan
May
65% Dec
6634 Dec
39
20% Jan
Jan
23% Jept
88% June 104% Feb
% June
Jan
88
Ifil
<'
May
9334
57%
25S
39%
30%
56
Jan
79% Dec
34% Nov
11% May
61
Jan 27
Jan 20
Feb
6
82% Jan
Jan
May
2234 May
15%
23% May
49% Nov
6% Feb
77% Feb
76
Dec
fi
48% Jan 18
51% Jan 20
22% Jan IS
3%
Nov
Dec
55% Nov
59
Mar
33% Mar
2% Dee
3
Jan
May
Jan
May
12% May
7I4
101
2473
60
Jan
Jan
Jan
27% Dec
,55%
13178
Apr
Nov
74% Deo
12% Mar
Mar
26
9
May
24% May
1.5"8
Nov
11%
May
May
May
21
3078
19
19
16
14% Doc
15
Dec
51% Doc
6 '4 Deo
I2'2 Deo
23
Oct
37% May
1
26's
Jan
53S Dec
10',
l)i.O
4
23
24
70% Jnn
11
'8
May
19% May
12
Ki:t>
3'.l2
.1111127.
31% Dec
IDS Jnn
52% Fob
5(1
l.\'l)
3
Jan 9
Jan 23
30
50
17
I.
l.'l
1
Jan
46% Jan
58% Jan
19
Feb 2
Jan 18
9
1
Apr
20
Jan
May
Dec
5% Dee
63
Aug
83 Aug
1
Dec
2
Dec
64% June
I.)'4
:!
Dec
Dec
10
73% Jan 20
Jan
Dec
June
46
13
4
10
00
l*"
653, Feb
5553 Jan 30
25I4 Jan 19
07s
.12 '4
20
27
1
Mar
16
100% Jan
78^4 Feb 3
75
2078
97
32
^-S
'8
-Apr
4-34
3
Jan 18
17
.Jan
Jan
Jan
7534 Jan
5073 Jan
Jan
72
Jan
62
Nov
Nov
9% May
1678
Aug 249
15
Feb
51?
65% May
9
17
20
61
Jan
Jan
Nov
1473
18
23
Ifi
14
90
10
12.378
26
Feb
85% Mar 100% Nov
I's Dec
578 Jan
3I4 Dec
16
Jan
18% Feb 2878 May
45% Jan 55 Nov
10
Mar 14% Jan
17% .Aug
30
Dec
47% June 60S Dec
5513
65%
Jan
Jan
Jau
25% June
102% J.an 17
3I2 Feb 3
9% Feb 2
23% Jan 16
Jan
Jan
2934 Jan
60% Jan
115.34 Jan
49% Jan
Mar
Nov
10
Dec
15% Dec
Feb 3
20
July
1=8
353
Jan 13
Jan 3
Jan 3
Jan 3
Jan 18
33% Feb
21
Jiiu 10
Ol'i .Ian
95
19
Jan.^i
Feb 2
,".61
7% Jan
Nov
42% May
56% No/
31
IS
I
Dec
Nov
91
June
17% Dec
29% Dec
60% Apr
Jan
Jan
Jan
56
Jan
771. Jan
J.an
40
3234
,So%
74'4
per share
94
88
37
Feb
104
i
13% Dec
33% Dec
6% Dec
14
19% Jan,20
34
4
Dec
June
June
46
I
3
3
Mar
3% Sept
.
10
17
Jnn 12
Jan 10
31% Jan 12
451. Jan
13's Jan Hi
'l Jan
% Jan .'I
55% Jan
Jim
101
37.14 Jan
86
Jan
29.I4 Jan
Jan 16
56
.1
:t
34 Jan
Jan II
61
2ft
kn.l ru'a*.
'\ii(. 33).
10
48
1
Feb 3
12% Feb 2
978 Feb 2
18
l.'eb
25
100
KM)
too
ion
|i
a lU
Fcl)
13
100
100
I!
141.
51%
30% Mar
18
5-578
16%
Jan
Jan
Jan
Jan
35% Jan
22 14
123, .Ian
8I4 Jan
10
Va
'"'ifTim
10
4
7'2 ,lan
100
100
100
100
I
2.S
2OI4 Jan
10
I
1)1
lirrf
Aiiirrlrun I.<HV)tnotlve
Do prnf
Amnrlran Hafmy llAlor..
46
llvldninl
|.
l.liiiHirNt
I
I,
....,...,,
10
13
781s Jan 10
17I4 Jan 10
Jan 10
40
24% Jan 5
Jan 12
34
Jan 10
125
7114 Jan
100
par
50
I
10
2% Jan
4% Jan
1(K»
prrf
16
17
16
5
Feb 1
20% Jan 3
32% .Jan 10
6
19
$ per share
S per .share
Jan 16
7713 June
100
75% Jan
88% Jan 18
2S
1'2 Jan
1
Dec
18
Jan
77
Apr
90%
6I4
36
100
100
prnf
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jau
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan 27
45
i()0
.
3
44I4 J.an
..100
.
Feb 2
108
35
5
63
i()0
pref
Jan
10
56% Jan
.Vo par
.
Mfg
52-34
28I4 Jan 17
100
100
."
pref
l.ri
8,8"0
11)0
I4I2
I7I4
Ilrovidiilii Hyndlontn.
10
AtMcrtrun Mxprmx ...
100
AiniTlrnn llldn A I^ntlior 100
fi.fMM)
mrl o(
32
MIn'R 10
Amnr
3.100
I^M, thnn
No
Atnrrlcan fVitton Oil
4',
87«
4
12%
1
5',
5'«
54
5.000 Amcr llowli ,Ma8noto...Vo iinr
48,770 A'nnrlcnn C»n
100
.525
Do prof
100
1.200 AmiTlrnn <,'or A Foundry 100
Mil)
44
(
Allh f.'lialmcni
67
146
pref...
700 Am'Tlnin
7ft
Ki-nchU.
o. nt tn
Do
34%
mxi
8S
451,
I>o
OOii
1,71)0
2.' ^
,-.8
Allli'd
.V)l|
HO.
.•«Z',
Do
Air Rwlu'.tloii. Inn
A lax Hublicr Inc
Ala^ika CJolfl .Mines
AliiHka .luncaii Gold
800
371
38i|
pref
Jan 5
0%
llO's
Wlconsln Central
...100
IndtiHtrlal 8c MUceliaiicoui
Adams Fvpress
loO
Advance Rurnely
100
lO.dOD
O'l'.
108
•11,1
lit
37,
4
Do
Ry
3I2
6
100
lOO
100
100
I
Lake Erie
Wh'-i.lliig /k
l.-,.3,
20',
147,
7<l,
02-,
59'
I0.)% io:t%
A
profn
pref
J.an 10
5212
Wextorn Maryland (new). .100
Do 2d pref
100
wp«tern Pacific
100
Do pref.
..100
1
s
64',
04',
(KV«,
(
1434
M<4
741,
''o«l
.V!
133
02
AM' n
53
'MM,
5',
t
,70(
12
0512
Wl
I
fi'2
lliUdar.
Do
Do
r,()
1
35.34
37S
38'
7I'«
41
0*4
««:'-<• '"1
53I2
90',
20',
42>;
46',
HHI,
I3'i
117,
I.
42':
«s
Wab,a3h
26
•34I2
20
44<4
121.
pref
2,I0r
l.lO'i
6V
63
117,
42 14
«7«
6%
•23',
26
Do
3.,30i
1
.33I2
Do pref
I. .100
United Railways Invest... 100
,001
15
16':
52
20'4
3S
.SI4
1
40'
601
63,
02
',
of 'll«n
•8
23
42",
114
39
73%
20
113
31
129'i
64
08',
75
3*4
H7,
29I4
•32
200
1441.
•II5I4
I
49
97I2
Jan 9
Jan 27
Jan 1
Jan 4
Jan 11
Jan 6
Jan 10
Jan 25
Jan 30
Jan 11
Jan 31
Jan 9
Jan 10
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan 27
Jan
Jan
Jan 9
Jan 10
Jan 10
Jan 6
Jan i
Jan 5
Jan 3
83
RR..100
1.600
Do pref
100
8..500 Chicago Milw
& St Paul.. 100
10.700
Do pref
100
8,900 Chicago & North Western. 100
400
Do pref...
100
7.401 Chic Rock Is! & Pac
10^
1.200
100
7% preferred
1,400
100
6% preferred...
_
300 Clev cin Chic & St Louis.. 100
Do pref
100
500 Colorado & Southern
100
100
Do Istpref
ion
100
Do 2d pref
100
800 Delaware & Hudson
100
2,300 Delaware Lack & Western. 50
D'll'ith S S & Atlantic
100
Do pref
100
. _
0,700 Erie
100
. .
3,600
Do 1st pref
. 100
400
Do 21 pref
100
7.700 Great Northern pref
100
8,690
Iron Ore properties..Vo par
300 Gulf Mob <fe Nor tr ctfs...l00
30T
Do pref
100
1,800 Illinois Central
100
22.C00 Interboro Cons Corp...Vo par
12.540
Do pref
100
4,100 Kansas City Southern
100
1,600
Do pref
100
400 Lake Erie & Western
100
Do pref
100
3.300 Lehigh Valley
50
800 Louisville & Nashville
100
6.300 M.anhattan Rv guar
100
2,400 MInneap & St L (ne>o)_ . 100
Minn St P & S S Marie... 100
Do pref
100
45.400 Missouri Kansas & Texas. 100
3,100
Do pref
100
7.000 Missouri Pacific trust ctfs.lOO
18.900
Do pref trust ctfs
100
2.100 Nat Rvs of MeK 2d pref
100
1.600 New Orl Tex & Mex v t c.lOO
22,400 New York Central
100
200 N Y Chicago & St Louis... 100
First preferred
100
100
Second preferred
.100
35.400 N Y N H <t Hartford
100
700 N Y Ontario & Western.. ,100
1,100 Norfolk & Western
100
18.400 Northern Pacific
100
11.900 Pennsylvania
,50
3, ,500 Pere Marquette v t c
100
200
Do prior pref V t c
100
800
Do pref vtc
100
1.400 Pittsburgh & West Va
100
200
Do pref
100
18,300 Reading
,50
500
' 50
no 1st pref
600
Do 2d pref
50
2,900 St Louis San Fran tr ctfs.. 100
1,600
Preferred A trust ctfs... 100
2. .500 St Lolls .Southwestern.
100
1,900
Do pref
..100
1.900 Seaboard Air Line...
100
2.300
Do pref
100
18.000 S.Tithern Pacific Co
100
36,000 So'ithorn Railway
100
7.000
Do pref
100
57,300 Texas A P.aclfic
lOO
Twin City Rapid Transit.. 100
10,000 Union P.acific
100
12,001'
3134
50
49
&
Ohio
RR
•s
37
06
31',
18'
7312
15
•62
lor.i,
6
82'
1778
&
100
Atlantic. 100
soo
Do pref
903 Chicago Great Western. ..lOn
68>4
371,
10.-.
5%
81%
pref
Baltimore
^>
.33'
»r,r,
33,
Do
50'
58
102'; 10.":
44'. 4.M,
36%
fl3"4
38
22
35
127%
8':
5'
33':
ni
fll
221
3
nO'.
33
67
36
67
HH'»
nnd H«k«4 p«1w n
HOOk
90%
50
73''
8'4
•s
•%
10.'%
41',
127*4
14
114
3*4
1
u
%
•6
32
•11,1
34I4
S'r
52'..
057, W\
'M3ii 144',
10 7,
43':
211.
33.3
•3414
'II6I2
56',
I'HI, IO,V|
<•'«
,>iarn (or ibnrn. 10
•341.
•62
37
21'
S|3
18
MS
68
57
M>t
31
i
143,
67
.-,8-,'
.1
•fKt
40
11%
33
'•'I
74I4
.'/O
Wj
131
14
•50S
88
•62
1 1 III
733,
453
•48%
21%
361.
2'
•I2I2
36
50
43I;
100
783
727s
4534
21":
6
32
102%
32>4
37'
O.Vi
I44<4
76
52
%
321,
5H'
•31
106
116
46
1,
14
14
H'l<2
1
•5
126
I'l
niif
44 If
•4
1.11
60S
r.H
U.'ii|
1
'117',
101,
44
M
H't
60
Of/-,
3."f|
76
•I3I2
16
•51 '2
13
o7S
103
103
42
4.1
•W)>2 01
77
•23
i
57S
241:
26
•%
I.
55
•24
111,
14':
•S
•%
.'>7l2
1441, I4.V4
117
421,
130
MS
15>.
•"»
57«, is:.
103'j 10.T2
411,
42
•(K)li
n2«4
58
36
67'!
37,
65!.:
55
24%
•8
15
13'2
J
6534
23.'>
• 12'..
S'l
nij
W
21
6%
•6»,
50
343f
20%
73l2
13
•34
161;
211.
34I4
I9I2
14
It
I6I2
21
20
64
55
I9I2
147,
34
611:
Ifil.
211.
34.3
6l.»
51%
•5 1
•II
55
75
I9I4
•8
•22
14*1
511?
55
•71
•61
48l2 48.3
277, 28-3
•35
40
127'?
127
9
23
61%
•23
581751-
77I4
21's
333,
27,
•4*4
81'2
40
143,
26
48%
3%
34%
17S
52
0'
135
99
77
•21
•35
2812
•8
•13
H'
18
7434
99
231;
49
•8
•22
I'.ih
16-%
747.
I
2II1
321,
278
5'2
81
*6'«
I9's
•12',
3
77.--
•98
•7.5I2
•8
•22
6 '8
8':
II2
2I4
I
I26I2 1271,
73I4
73 14
22':
6':
68
58
621.
•83
•53
2II2
3612
27I4
6I4
59
72% 727,
44% •»4% 45
49I2 •4S% 50
•35
46
3%
56
75
2034
II3I9
45I2
37,.
•61
16
79
I3»4
41'.
Ull;
•««if
451
•334
•51
6I2
imij
4A
44I2
5
15i|
41
•11,1
4434
521;
6*4
•tin
•ftfl
Ifil.
I26I1 127
73 14 731
I01«
I2I4
8'4
15
2
59Vi
5
•63
51
74I4
12
29
43I2
68
16%
•57
53%
54I4
112.34
49'
2'
57I2'
7334'
23%
5812
11.
2%
16%
9%
2278
•10
*2>
112
•63
3I2
9
58'
5I2
66
14I2
7;
31
•25
52
5«l2
74'«
29
10
29
163.
N
•M»I«
533.
10
4834
7
3
95.
112
33%
20
20
100% lOO's
3-
53%
5I4
9
74
•5
5'-
12
48%
I312
8%
73I4
3178
19
5778
9%
834
1278
22"
111
•48
27'
10812 109'j
11334 113.34
3I2
*2l2
•313
412
73'
313.
54
52',
6»,
•H
*H
•12«
•18
6-V
193s
127,
»»4
50
9
57I2
I
221;
58
*45
1003.
100
3
8%
27,
•434
51:
48l2
273g
8
22
6
77
38I4
•5514
8''
221
36
807
18
4812
2618
73%,
•76
•38%
127<
5I2
278
•21
•321,
3
1734
I4'4
•67
•34 >1
361-.
8f>%
36
50
134*
.331
18
73I4
77
38'
8"-.
*17lo
100
44%
2|i
80*4
I9I1
12',
81;
•HI2
•34
•4«
33
*54l4
4lr
3' 38
6
49I"
•21
211.
I712
61;
•I2I2
8l«
•13"2
16
721.
45
4S1'
803g
221
•eig
•19i«
78'
45
•5
73'2
5412
3I2
723,
19
•63
64
56
24
481«
2118
361;
21
•234
278l
5I4
5I4
73I;
•8
22 >4
2I»8
33I2
.33'8
27
401;
126«4 1273(
•73U
38
211
341
278
512
8034
173l
•35
4812
88
73
50
8-34
16%
20
63
••
4«
50
12%
2OI2
98l2
r>87
72I4
8712
72
112
*2l2
*3l2
8I2
12-%
1534
771
•44
•48
3l2
41,
8^8
104
86
541.
50
6478
321,
IO7I2 1071;
2OI2
»8l»
76%
30% 32
63
104
S P<^ Share
9134 Jan 3
84% Jan 3
S Jan 14
Railroads
Par
AtcU Topeka & Santa Fe..lOn
lon
Do pref
100
BrookljTi Rapid Transit.. 100
8.50!)
Certificates of deposit..
10.600 Canadian Pacific
100
8011 Chesapeake & Ohio
100
i.son Chic & East III
(new)
6%
313.J
54I4
112
]63>
9812
767g
79
1834
72
112
20
76I4
7112
16
86
56
50
109
5612
77
64
15%
I8I4
31.3)
38
6212
76*8
3418
•231;
78I4
7112
1.3
18%
31
•551'
»61
20
55% •52
32
6
*76
•55
•71
22
2312
32
6
3118
62 12 63 '8
104
104
74
98l2
•76
31
6212
621
981»
5..%
23I2
•7612
7II2
30%
3II2
4414
•3I2
57I4
73=4
561-
98^ 98H
2411
70'2
72»4
6
15
18
2
16
16K
581'
•7OI2
31%
578
I5I2
'4
•55
•*;oi2
33
•63
57I9
•54
13%
57I2
5734
57I2
55
74
.5fil2
13%
•22
*53
*10
•25
66
134
6212
55%
I2I4
12
2
•7OI2
•6OI2
56
I2I4
2%
7%
53'"
IOI2
58
1534
'5
•17
100
125%
124
56
•oig
•63
I23I4 12419
934
1278
9
31I0
II2
56
7278
3112
29
»4
•3
31s
9%
'8ij
71,
22i>
66
1^
12%
72I2
3112
518
•63
1^
•1214
7I2
•110
44
5.578
12
9
2218
53I2
46
55I4
978
77
12'-
100'
57%
54%
12%
9I4
73I4
22 14
54
29
541s
III2
38i2
8I2
2%
5734 58
•11034 112
54%
4.501
1.900
21.600
•76
8-
2%
*10
•25
500
34%
*2l2
*3l2
312
212
712
12
88I2
*38l4
•5512
107
112
112
*3i'>
100%
10038
214
50
108
•2I2
1278
8^4
73I4
88
34
18
45
3i2
41-
74
55
74
I
Sol'.
72
54
'2
55
85I2
Atlantic Coast Line
871;
3412
IO2I2 104
31
31
8534 86
7134 713.1
•5414 54I2
311;
Atlanta BIrm
•1
87l2
113;
62 14
62i'>
100
34
1214
1021-
72
54
*76
68
73I2
102
•31
3II4
3118
1.
3
•55
2984
6218
62 U 6334
•10218 104
70;i
34
11
•31
87I4
871
12212 123I2
I21'>
32
1
8714
II2
834
123% 123%
87
87
91
55I4
•42
66
10%
•.30"
5I8
•63
10%
13
•10
•25
12
54I..
97s
8I4
•>
56
54I4
58
•110
43
54
•45
•107
II2I4 II2I2
•2I2
315
•3I2
43.
8I2
12 12 123;
8S4
•814
54
•1
8712
337g
54'8
I'l
871
12%
6U
•I7I2
30'4
63I4
34
II4
•5538
13
3278
•5»4
I4S4
331
•86
9^8 lO'j
8I2
8I2
12318 12418
87
87
95.34
Shir s
5,800
9534
S per share
S per share
95I2 96I4
S per share
""
95I4 951
7,
50%
10.-.
4534
Jnn
3
10|
J;in 18
Jiin 14,
l.-.'t)
Jim
Jan
Jan
Jnn
64 >: Jan
.3.8 '» Jan
37
Jan
07% Jan
147% .Ian
02
3 134
50',
371,
1
I18'4 .Inn
6'J
Jnn
Inn
15',
I'VI)
65
|.-.,|>
00'
|.-.,|.
7fi'j
|.<i|)
67I2
26
2<i'2
2.S'4
51
I',
I'pl)
IS
I'ob
Aug
.59%
JniK^
I03-'l
Doc
Doo
Dec
Doc
Aug
Aug
Aug
Aug
3934
90
65% Jan
00
Jnn
Fob
Jnn
24',
Oi-l
54.34
1
.10
20 '« Aug
65
26
2;ii, liinr
35% Doo
16
16
76% liino
11.'.'i Iiiiir
20
|IIN
Mnv
Doo
!><«•
Don
114
Julv
H
Apr
40', Kcl.
137
731
Nov
53 S
Mny
Aug
7.1 'j
Itinr
UN', June
.1',
«'4
Aug
Aug
l.-,|
i,,i
I
)c«c
IIS Apr
62% Jnn
03
Jnn
no Doo
lift
10
14
471«
IM)
(Junn
I>nr
HH'j
307,
6
16
62%
Dor
Doo
Jan
21% Aug
7'« Aug
17% Aug
O'l Jnn 10
Jnn I'*
4N
01% Jnn 18
Apr
8S Jnn
.Inn
Ian 17
» Ki-rlghta
07
151 14
IWI'b
Mny
24% Nov
roll
Jnn 21
a
67
ftO's
4% Jnn
1
l..% liinc
3:)'«
,1
51
74',
35', July
4
June
42
57
Jnn 25
)i.i'
I08'| ,lnn IH
II.'.
Mpc
30% Jan
26
21
42', Full
III
34
83
3
10
22 'g Jan 17
Jim 5
44
1.161,
Juno
I5'4 Dec
U IVo
% o<t
Doo
Jnn
Jnn
Doo
Don
•iiliaorll)''
"
50^
New York Stock Record—Continued— Page
2
For sales during the week of stocks usually Inactive, see second page preceding
HIOH AND LOW SALE PRICE— PER SHARE, NOT PER CENT
Salurdai/,
Monday,
Jan. 30.
Tvesdav,
Jan. 31.
Wednesday,
Jan. 28.
S per share
S per share
•87
90
$ per share
•87
90
$ per share
8684 90
*87
30^s
*92
6412
*90
89
31i8
•91
64I4
31
04
G5
92
2912
92
32
nCs
1167g
132
29I2
II6S4
13218
•9934
12834
132
9934 10012
12812 128'8
81 13 82
«I04
40
*37
1278
40
•75
•75
*99
77
77
100
537g
77
77
•76
•75
99
lOOls
3ls
3%
3I8
3I2
2812
21
22I2
2434
281s
2OI2
23I2
9618
IO6I2
65I3
COI2
22
•37
47
4818
5434
27%
21
I9I2
•22I2
*3
2438
•G»4
107
lie
6I2
7
107
*5Vi
25
•1012
68"g
4«
•85
C8'8
463^
87
92
3612
37
47%
48I4
5434
36% 37
48% 4834
40
4738
5438
54
•76
3I4
3I4
3I4
3I4
90%
3%
99%
335
2538
2534
I9I2
22I2
9434
26%
25I4
26%
2684
27%
99I2
69I4
69I2
4634
6934
70
48%
70
48
70
4938
86
86
87
86
86%
69
68»4
69
4534
45I4
45l->
80
65
33I2
68
59
62
17
I6I2
27
26l8
44I2
43*1
*25l2
6734
27
*25
6858
j66lg
2%
2%
10
64%
653s
27
27
63
2
8I2
66I4
11
66
27l2
*25
•61
•26
*60
63
85
51;
3li
OSig
33I2
59I8
61
167s
27
437s
27
667g
23s
878
6734
271;
62I2
*45
*85
5%
31%
*65
*33l2
5734
•59
161->
26I2
43S4
2514
67
2%
8I2
67%
•26
60
•'2
%
'2
h
•l-i
Br
*'4
88»4
8512
9OI3
86I4
9034
I3I4
1238
1318
I2I2
9OI4
12-%
10234
1137g 11378
33% 351s
5912 6II2
8178
80
9I2
988
2118 217g
I8I4
18
58l2 6O34
2II2 22I2
*14l2 IS
79I4 79%
107
7878
9
•38
85
"
80
82I2
•I2I4
1334
I2I21
15
'«
5684
•9OI4
68I2
•97
142
92
9
5712
92
68I2
9812
95
6812
97
•6812
•69I4
•8OI4
*36l4
71
6934
81
*69
•82
•28
•26
8
66
85
30
27
6884
84
Slig
•I6I2
1684
8l8
14
98
8I4
90
67l2
67l2
97
I42I2
142%
8I2
8l8
*69i4
*80l4
*36l4
8534
2984
71
69I2
81
3734
8534
2934
•26
27
*8l4
90
8Sg
%
••4
1234
12%
9084
1258
54I4
81%
9%
938
21%
21%
17%
98
142Ss
8I2
6934 6934
69% 6912
8OI4 8OI2
*36i2 3734
85
85
2714
27li
26
26
8
7%
15
92
38I4
38I4
86
1334
14I4
»..-.
97
69%
15%
9138
92
68I4
68
68%
97
98
8I4
^ 8%
•69%
71
9
Sig
9I2
3678
367s
2%
684
234
III2
48
3578
678
36l2 37
93
2888
9978
2884
16%
17%
46
46
46
•44
2738
27%
160
160
•10812 109
•37I4
•100
•146
•107
• Bid
40
110
150
110
and aued
37%
83%
15
67S4
"15%
15%
15%
68%
68I4
69
29%
71%
3II4
30%
31%
72%
60
72
5934
72I'
5934
107
107
30
72
60
71% 71%
57% 57%
I2I4
12%
12U
I2I4
I2I4
12%
1234
47% 48%
4734
48
69
48%
61
50
51
70
12
•69
70
1434
69
"15"
3OI4
•58
•69
70
69
14%
15
15
1584
28%
2334
11%
27%
2%
11%
I2I4
12%
2-''4
2%
284
III2
11
48
•47
481:
36%
3584
3684
67s
6%
6%
16««
•100
148
•107
37%
83%
8334
27
47
111;
110
l2^
39
110
148
110
prioas.
•47
•36
6%
14
2%
48% 49%
37
3534
6%
36I4 3634
36%
99% l91 100
27% 28
27% 28%
•91 14
36
37
93
15%
45%
44
10
4534
47
27%
163%
100% 109%
11
11%
11% 11%
160
•35
39
'100
110
14784
usu
109
100
1584
•46
•44
27
160
284
11%
48
6%
27% •27
lOSij
•37I4
37%
1334
4534
11
36
83
25% 25%
2% 2%
1578
12lg
9I4
14
4534
I2I4
9I4
30
9{)7g
11%
39I4
884
1334
37
10%
39
3%
30
2812
121s
8
734
26
.3612
27I4
28I4
2738
1416
28
•166
•109
107
8%
27%
67% 68%
4812
•44
3%
3%
38% 38%
8
8%
35% 36
81% 82
8
28I4
30%
48I4
93
9%
7134
69I4
*58
6I2
14734
SI4
2934
70
36
•97%
145%
95
69
98
67%
71
2I2
69
Ys'lj
60
12%
lHo
90
>106l2
15
1218
47
%
59% 60%
3%
37
•11
•47
35l2
12%
14%
13%
•8
•36
26
14
3% 3%
38% 39
12%
•25
12%
131
3812
14I4
83% 83%
75
39
I37g
83
7484
•3812
70
•82
74%
13%
7334
69
1378
25
38% 3S%
1084
13
6978
9
•15%
73
6978
93%
9
1634
*15
1634
1284
48% 49
80V,
73I4
73
68
107
70%
93I4
70%
13
I2I4
107
82%
7434
73
59
15
8158
22I4
15
7I84
1284
I2I4
•22%
2334
18%
61%
27
71%
71 84
6II4
27
8
I3I8
3I2
59
10
27
8
76
1284
68I4
29I2
9%
23%
18%
69% 69%
•79
80%
36% 37%
•82% 86
1234
312
67I2
2884
71
84
•69
12%
6712
2934
7134
82
72
72
66
29
35%
6234
69I4
72
14% 'hYi
115%
69I4
73
I4I2
IO334I
3434
6II4
3734
857s
23I4
15%
82
103%
114
37%
1684
•81
104
8573
23I4
*ir>i2
82
54In
100
851;
281;
784
12
37
6%
37%
97
28% 28%
1084
3684
7
37% 38%
92
28%
98
29
17
I6I4
1684
16%
46%
47%
46% 47
•44
27
2734
•160
47
28
37
110
38
•100
149
150
110
•107
« iiu-dividend and ngata.
•45
•27I4
163% •160
•108% 110
III4
1114
11%
11%
10% 11%
37
•100
107
6%
53
I6I4
IO9I4 IO9I4
11%
51%
36%
2%
47
47
164
& Miscell.
(Con.) Par
38
109
III4
11
163%
109
11%
11%
38% 38%
110
•100
148% 149
150
109
110
70
28
110
151%
109
« Aasoaa man i paid,
American Tobacco.
..100
Do pref (new)
1,100
...100
3,600
Do common Class B . 100
11,000 Amer Woolen...
100
520
Do pref
100
500 Amer Writing Paper pref 100
1,500 Aner Zinc. Lead & Smelt 25
600
Do pref
25
16,a00 Anaconda Copper Mining. 50
7,300 Associated Dry Goods
100
Do 1st preferred..
100
100
Do 2d preferred.
100
400 Associated Oil
.100
900 Atlantic Fruit..
No par
31,100 Atl Gull &
I SS Line
.100
Do pref
1,600
..100
300 Atlantic Petroleum.
25
33,700 Baldwin Locomotive Wks.lOO
Do pref_.
200
100
1,100 Bethlehem Steel Corp
100
Do Class B Common.. 100
17,400
Do pref
300
100
Do cum conv 8% pref. 100
600
1,400 Booth Fisheries..
No par
128 Brooklyn Edison, Inc
.100
4,300 Burns Bros
_ 100
2,400 Butte Copper & Zinc vt cl 5
10,700 Butte & Superior Mining
10
2,100 Caddo Central OIl&Ref No par
1,500 California Packing
No par
10,300 California Petroleum
100
Do pref
300
100
2,800 Callahan Zinc-Lead.
10
7,000 Central Leather
II"I"l00
Do pref...
1,410
100
1.800 Cerro de Pasco Copper.ATo par
40,300 Chandler Motor Car. .No par
2,200 Chicago Pneumatic Tool. 100
18,500 Chile Copper
25
5,200 Chino Copper..
5
9,800 Coca Cola
'..No par
600 Colorado Fuel & Iron.
.100
9,900 Columbia Gas & Electric 100
29,600 Columbia Graphophone No par
Do pref
6,800
100
10.900 Computing-Tab-Record No par
300 Consolidated Cigar
No par
400
Do pref...
100
300 Consol Distributors, IncJVo par
12,000 Consolidated Gas
Y)
100
5,300 Consolidated Textile .No par
6,400 Continental Can, Inc
100
Do pref
..100
56.800 Corn Products Refining . 100
1,000
Do pref
100
16,900 Cosden&Co
No par
19,200 Crucible Steel of America. 100
Do pref...
1,400
...100
8,600 Cuba Cane Sugar
No par
10,400
Do pref
100
6,600 Cuban-American Sugar
10
75,100 Davison Chemical v t c.no par
6,600 Dome Mines, Ltd
10
400 Elk Horn Coal Corp
.
50
13,700 Endlcott- Johnson
50
"'"100
Do pref
200
42,700 Famous Players-Laskv.ATo par
Do preferred 8%)
1.900
100
200 Federal Mining & Smelting 100
400
Do pref
100
40
Fisher Body Corp ..
No par
900 Fisher Body Ohio, pref
100
"""25
3,400 Fisk Rubber
9,300 Freeport Texas Co.. No par
100 Gaston,
& W, Inc .No par
43,100 General Asphalt
loo
Do pref
1,300,
.
100
800 General Cigar, Inc.
100
Debenture pref
loO
'6"400 General Electric
lOO
61,900, General Motors Corp No par
Do pref
100
100
Do Deb stock 6%)_ .100
1,500
Do Deb stock 7%) .100
1,100|
300 Goodrich Co B F)... No par
Do pref...
500
100
400 Granby Cons M, Sm & Fowl 00
300 Greene Cananea Copper 100
2,000 Guaatanamo Sugar. . . No par
52,300 Gulf States Steel tr ctfs .100
200 Hiiskell & Barker Car..iVo par
Hendee Manufacturing
100
"2".56o' Houston Oil of Texas
100
3,800 Hupp .Motor C.ir Corp
10
6,400 Indiahoma Refining.
5
2,200 Inspiration Cons Copper. I 20
1,100 Internal Agrlcul Corp . 100
Do pref
1.200
100
1,500 Internal Harvester new).. 100
Do pret )neie
lOO
'6";260 Int Mercantile
Marine.
100
39,200
Do prer
..100
11,200 Internat Motor Truck. .A^^o par
800
Do 1st pref
lOO
270
Do 2d pref.
.100
8,900 International Nickel (The) 25
6,600 International Paper
100
300
Do stamped pref
100
22,300 Invincible Oil Corp
50
3,700 Iron Products Corp
No par
22.500 Island Oil & Transp V t c. . 10
2,700 Jewel Tea, Inc.
100
800
Do pref
100
3.500 Jones Bros Tea, Inc
100
7,500 Kansas A Gulf..
10
3,600 Kelly-Springfield Tire
25
100
Temporary 8% pref
100
19,200 Kennecott Copper
No par
12,600 Keystone Tire & Rubber.. 10
1,600 Lackawanna Steel
100
Laclede Giis (St Louis)
100
'
V.OOO Lee Rubber & Tire
No par
100 Liggett & Myers Tobacco. 100
400
Do pref
100
11,400 Loew's Incorporated
No par
13,300 Loft Incorporated
No par
700 Loose-Wiles Biscuit tr ctfs. 100
Do 2d preferred
100
2,500 Lorillard (P)
100
300
100
Do nref
N
85
*27
•26
1634
•81
•io<;%
8%
%
91
13
SO
•I5I2
821s
98
144% 148
27
60
80
7OI4
821s
•IO6I2
•I3I2
58
2I4
37I4
•234
39
12%
14%
69
37I4
67I4
3%
3814 38%
8 9%
35% 35%
85
83I4
57%
90%
69%
79% 80%
7OI2
3%
9
41
"57"
69
66
3%
107
I4
73
3I4
1S%
6138
22I4
82%
83%
12%
14%
142% 144
8I4
9%
23%
81%
•38
*82
82I4
12%
34%
02 14
84
14%
7
9
12%
IO3I4
78% 8038
92% 93%
7834
8
90
60%
22%
104
108
54%
114% 115%
34%
60%
8II4
56%
•26
60
104
1784
9%
67% 68%
I3I4
15
67
6858
2
9
91
79%
76%
69
27
62
•'4
81
105
2%
9%
90
33%
59% 61
•82
82
55% 56%
I
68I4
*26
•59
34
92
%
9
26
69
91%
22%
-.-
2
6834
27I2
22
141;
*67l2
67%
2I4
8I2
I4I2
141s
*90
26
I4I4
I2I4
1418
66I2
25I2
22
81
h
173s
26% 26%
44% 44%
26% 26%,
17%
12%
6334
6434
64%
2684
6034
81
60
44%
17%
•82
34I4
17%
59I4
93
9
39
86
34
2684
443s
18M
91
9
39
534
32%
66%
44%
5978
22I2
IO7I2
7734
534
32%
66%
27
18
7612
87
I7I4
114%
14
85%
49%
64
113
21
534
53j
54
•100
IOII2 102% 102
9I4
534
6I34
581s
12'4
142
37
91s
2112
I2I4
I42I2
8I2
838
935
213g
5834
104
Indus.
i Es-rUnta.
W
» Es-dividend.
»
PER SHARE
PER SHARE
Range since Jan.
On
1922
basis 0/ 100-share Ids
Lowest
W
60
17%
100
81
82
SSIfi
j
80
66
34
534
31% 32%
65% 65%
33% 33%
58% 60
53I2
53
78% 79
40!2
851s
h *—I
80
*104
7838
92
*2
1234
54
104
10218 IO3I4
11234 11412
3354 34
59I2 6OI2
107
7718
•38
85
•80
41
85
53
•100
100%
108
2
55
104
5%
51
32I2
60
13
52
•100
534
68
863^
9U2 S3
3I4
1188
64I4
•106
78
0934
27%
27g
12^8
21I2
15
797g
9934
9934
1084
165g
26S4
43»4
6 Ha
75
76
2684
23s
11!8
9%
55%
III4
68I2
21«4
1838
54%
75
•72
28%
68I4
21^8
1818
6OI4
•2II4
•1414
78=8
77
77
49
11%
59
*59
9I2
5434
4838
27
60
63
10138 IO2I4
11478
3314 3414
6II2
61
S112 82I2
54
76
75
77
77
75
13
III4
34
10834
29
•103% 105
•27
28
13
13%
•36% 39I4
26%
3334
59I2
55I2
105
6%
5I2
104
26
13434 13634
10084
I3I84 13234
8284 833s
1084
3138
5334
104
82%
13
1278
EXCHANGE
•'^,800
98%
*26l4
534
•100
81 84
99
131%
13I4
1333
77
77
99
133% 134%
99
130
534
3II2
65lo
3412
6OI4
•61
92
11
534
27
94
26 ig
311s
65I2
*33i2
2678
44I2
94
65
1038
534
44
•26
94
6414
2434
65
167s
263j
94
65I4
12
3114
I7I4
Shares
26
5S4
65
•59
$ per share
NEW
STOCKS
YORK STOCK
Am Smelt Seeur pref ser A- 100
89
89% •87
4.500 Am Steel Fdry tem ctfs.33 1-3
31% 32%
31% 32
90 95%
100
Pref tem ctfs
94
100
94
66I4 67% 16,500 American Sugar Refining.. 100
6684
65
900
Do
pref
93
92% 94
100
92
28% 29% 28% 29% 38,100 Amer Sumatra Tobacco ..100
118 118% 14,400 Amer Telephone & Teleg-.lOO
117% 118
86%
24I2
•IOI2
6834
4534
578
31
5^8
i per share
534
578
III2
Week
6%
634
II6I2 117
6
25
Feb. 3.
56%
90
no
•107
II6I2
Friday,
Fet>. 2.
I9I4
21
21
19
21
19% 21
22I2
23I2
•22
22% 22% •22% 24
95I2
94I2 95I4
97% 9814
95% 97%
IO6I2 •105
10^2 •105 106%
106
106 •105
66I2 5GI2
56
56
57%
59
57%
59I8 60
6II4 62
6II2
61
61
61%
92I2
92I2
92
92 92%
*92
92%
106% 10678
107
107
107
107
108 108
7I2
7I4
7I4
61•6%
678
7
108
108
108 •105
108 •105
108 104
II5I4 11684
115
117
11778 .TII534 IIOI2 115
90 18
9478
IO6I2
107
•SSIj 57
55
595g
fiO's
61
92 14 92 14
*92
9214
111
108 108 •108
95
•105
32
25
28
47I8
53I8
S3I2
31%
2934
2838 29
11078 11718 II7I2 118
I32I4 1331
13378 134%
9934 100
99
99
12834 I29I4 130
131%
8OI2 8138
SOI2 82
10412 104I2 •10384 105
2034 28I4
29
13234
ICOI2
12878
8178
14
3II2
Thursday,
1.
28
117
13
47^ 48
5134
30
I3I4
283.1
*75
•75
•99
04
105
1314
31
»91
6334
•91
65I4
92I4
•104
•20
105
*26S4
•37
8H2
3II4
Feb.
Sales
for
the
84
28
114%
129%
96%
126
78%
102%
22%
12%
36
47
43
75
76
99
2I4
2434
19
21
93%
104
61
55%
91%
104
434
100
113%
5%
20%
IOI4
68
43%
83
5%
29%
63%
3284
4734
60
15%
26%
41
24
6484
1'4
6%
55I4
21
68%
%
85%
12%
4584
l00%
91%
ill
31%
57I4
80
8%
I5I4
14%
4384
18%
14%
76%
104
75%
91%
9
38
75
76%
11%
I2I4
%
55%
90
67%
94
l36
8%
69
69%
79%
34%
80%
26%
26
8
447g
76%
15
70
10%
3I4
38
7%
33
79%
10.584
I3I4
62%
25%
69%
54
11%
4658
67%
12%
24
2I4
10
38%
35%
6%
34I4
90%
25%
15%
44%
43
26%
168
108
11%
9
36
147I4
109
4
Range for previous
year 1921
Highest
Lowest
Highest
S per share
87% Jan 27
3084 Jan 26
94
Jan 25
54% Jan
1
S per share
% per share 3 per share
Jan
Dec
89
Jan 19
63
88
Aug 36 Dec
33% Jan 20
18
Aug 95I4 Dec
96% Jan 17
78
6884 Jan 20
4758 Oct
96
Jan
9434 Jan 18
67% Oct 107% Jan
Jan 3
Jan 30
3534 Jan 9
Jan 4 118% Jan 18
Jan 6 13634 ~
Feb 3
Jan 3 100% Jan 26
Jan 3 13134 Jan 16
Jan 10
84% Jan 8
Jan 11 105 Jan 17
Jan 13
29% Jan 25
Jan 3
14% Jan 19
Jan 18
39% Jan 24
Jan 31
50% Jan 25
Jan 5
55% Feb 3
Jan 6
76% Jan 20
Jan 17
77
Jan 19Jan 31 IO2I4 Jan 20
3
Jan
3% Jan 23
Jan 30
31% Jan 3
Jan 31
23
Jan 14
Jan 10
22% Jan 19
13
Jan
98% Jan 20
Jan 13 106% Jan 30
Jan 10
57% Feb 2
62 Feb 3
Jan 3
25
Jan
92% Jan 30
Jan 4 109
Jan 20
Jan 10
8% Jan 19
Jan 3 108
Jan 31
Jan 10 119% Jan 14
6I4 Jan 25
Jan 9
Jan 4
28% Jan 24
Jan 11
12
Jan 18
Jan 11
Jan 18
71
4938 Feb 3
Jan 10
Jan 3
Jan 20
87
Jan 9
6% Jan 20
Jan 10
33% Jan 20
Jan 6
67% Jan 18
3.534 Jan 21
Jan 4
6334 Feb 3
Jan 6
6434 Feb 3
Jan 14
5
I8I4 Jan 23
Jan
Jan 5
2884 Jan 19
Jan 5
4534 Jan 16
Jan 10
2934 Jan 20
4
Jan
69% Jan 18
Jan 26
2% Jan 5
Jan 14
12% Jan 28
Jan 3
Jan 20
70
Jan 5
30% Jan 9
Jan 25
64
Jan 9
84 Jan 9
Jan 17
Jan 30
94% Jan 20
1484 Jan 13
Jan 30
55% Jan 26
Jan 4
Jan 14 100% Jan 14
Jan 4 10334 Feb 3
Jan 10 115% Jan 13
Jan 10
3684 Jan 3
Jan
67% Jan 3
Jan
85% Jan 6
1034 Jan 24
Jan
24^8
Jan 24
Jan
21
Jan 20
Jan
Jan
62% Jan 27
23
Jan 17
Jan Jan 25
16% Jan 3
82% Feb 2
Jan 10
Jan 5 109 Jan 20
Jan 10
84% Jan 16
Jan 14
Jan 2°
99
10
Jan 12
Jan
41
Jan 25
Jan 17
Jan
85% Jan 30
Jan
84% Jan 16
Jan 10
12% Jan 20
Jan 24
14% Jau 27
Jan 20
% Jan 20
6584 Jan 3
Jan 2b
10
103
Jan 3
Jan
Jan 3
73% Janil7
Jan 4 IO2I4 Janlis
Jan 9 148 Feb 2
Jan 3
10
Jan 5
7284 Jan 9
Jan 24
Jan 12
73
Jan *
85 Jan 10
Feb 1
4
38% Jan 20
Jan
87
Jan 18
Jan 7
3034 Jan 25
Jan 5
28% Jan 20
Jan 12
10
Jan
Jan 26
76 Feb
Jan 9
8434 Jan 1
Jan 5
17% Jan 18
Jan 12
77% Jan 16
Jan 9
6
I4I4
Jan 19
Jan
Jan 2/
3% Jan 5
4i
Jan 23
Jan 10
9% Jan 26
Jan 6
16
37% Jan 27
Jan
8558 Jan 20
Jan 3
IIOI4 Jan 18
Jan
15% Feb 3
Jan
(i9
Feb 3
Jan
34
Jan 20
Jan
Jan 20
74
Jan 12
6934 Feb 3
Jan
25
Jan
12%
Jan
Jan 3
62
Jan 17
Jan 5
71
Jan
16% Jan 16
Jan 20
19
Jan
30
Jan
Jan 25
3
Jan 20
13% Jan 17
Jan 4
63 Feb 3
Jan 4
3
Jan 14
39
Jan
7% Jan 3
J.in 17
43% Jan 3
Jan 4
94
Jan 16
Jan 4
4
29
Feb 3
Jan
Jan 3
18% Jan 17
50
Jan 20
Jan 4
48
Jan 19
Jan 13
6
2884 Jan 17
Jan
Jan 19 I6384 Jan 11
Jan 10 11134 Jan 25
13% Jan 23
Jan 26
11% Feb 3
Jan 9
Jan 7
4I84 Jan 21
.
I
28% Dec
Jan
111% June
Aug
86
no Jan
9584
Feb
Feb
57
93
20% Aug
684
227s
3184
Sept
Aug
Aug
Jan
Jan
Jan
Sept
91
184 Oct
18 June
1584 June
24
5584
45
Aug
10
62% June
June
96
39% June
41% June
87
90
June
June
3
Aug
Jan
81% Jan
88
3I4
Aug
10>4
784
June
Aug
63% July
Jan
25
Par value $10 per share.
1517g
110
Feb 3
.Jan 17
Mar
39% Jan
1438 Dec
4078 Dec
SO's Dec
50% Dec
7684 Dec
Dec
78
107% Mar
9
76
Jan
Jan
44% Jan
2558 Dec
10038 Deo
Dec
zlOo
62% May
65
9314
112
May
Jan
Sept
7% Dec
101
I>ec
122% Dec
6% Deo
22
Dec
19% Apr
74
Nov
50% Dee
Dec
88
68% Jan
384 Aug
22% Aug
57% Aug
43% Jan
Mar
36% Dec
38% Oct
Aug
47
Apr
70% Jan
1678 Dec
29% Dec
43% Dee
23
Mar
19% Mar
9
19
Feb
22
52
June
July
2% Aug
8% Deo
2884 June
13% Dec
Dec
53
%
7% Jan
96
3284
6784
12S4
May
Dec
Jan
62% Feb
58'8 Dec
59% Jan
80
Feb
|.i
10
95
S.
Jan
86
77% Jan
1284 Aug
34% Aug
82% Aug
Mar
Nov
21% Jan
66
JaB
Dec
99% Dec
69 June
112
Dec
96 June
22% Aug 4384 Apr
A
107% Jan
49
IOO84
June
91
5% Oct
26
77
Jan
Feb
13% Dec
10% Oct
68% Feb
23
5963
21=4
2534
Mar
10% Jan
Jan
Jan
Jan
16
52
87
4458 July
7484 July
5% Ju"e
21
76
57
«'-i'
June
Sept
Aug
9% Aug
8'4
33% Feb
Nov
Apr
May
Dec
106% Dec
82% Apr
Dec
97
13»4 Dee
43% Dec
81
90
84
19%
Jao
Dec
May
20% Jan
6% Jan
Aug
78% May
39%
Aug 117% May
77
Jau
70% Dec
64
80% Apr 95% Dec
14384
Deo
109% Aug
9% Aug 16% Jan
75
Dec
63 June
Aug 73% Dee
60
85
Dec
Au_
69
26% June 44% Jao
62% June 86 Dee
Aug 34% Nov
15
July
29% Dec
19
16% Jan
6% Dec
50% Deo
25 June
60% June 82 Nov
25% Apr
13 June
40% Aug 86 May
% Oct
1684 May
10% June
June
7% JaD
2
29% Mar 42% Doe
1384
Jan
Aug
6
67
Jan
Deo
31
67% Aug 100% Feb
Jan
9914 June no
17% J&Q
7% Aug
Aug 6734 Dee
36
25% Oct 42 May
76
Jan
63% Oct
Oct
64% Apr
64
17 May
11% Aug
38% Aug
Aug
67
6% Aug
22% Sept
73S4
May
76% Nov
26
40
Jan
Jan
Jao
Sept
484
Jan
3% Jan
14% Jan
4% Oct
4684
3S84
9
Nov
32% Aug
64%
May
7014
May
94
Mar
27% Dec
2
4
16
8% Jan
June
Jan
17% Jan
138% Jan
97% Jan
10 June
32
40
7»4
30
Aug
Aug
94% June
Jau 6
Jan 13
88
119% Nov
13684 Dec
99% Dec
131% Deo
83% Deo
104% Dec
136
100
Feb
Jani
12% Dee
1778
Dec
Nov
Jao
May
58% Jan
67% May
Deo
30
Dec
164
no Nov
21% Mar
1234
Jan
Jan
42
100
Mar
I64I7
111
Feb
Deo
New York
Record—Concluded— Page
Stock
503
3
For sales during the ^cck of stock usually InactlTc, see third page preceding
PER SHARE
HIGH AND LOW SALE PRICES— PER SHARE. NOT PER CENT
Saturday,
Jan. 28.
Monday,
S vcr share
•78
80
•60
61
42>j 43
i per share
23I4
105
•100
Jan. 30.
79
423,
2318
23I4
108
112
107
IIII2 11284
•27I4 2738
1158 11^8
2978 3OI4
•68
•103
13
•IVz
23
105
*110
:
110
no's 112
70
2718
271.>'
1134
29I4
11%
30
6734
67S4'
1
1258
*n84
I2I4
121.
121;
I3OI4 130>,
135
II9I2 II9I2 •119
121
•2658 28S4 *261'> 283,I
85
•73
*l's
ih
•3534
•8534
8678
36I4
•110
115
1478
58'4
33I2
5478
•57
62
•3II4
33I2
55
55
*52
54
40l2
25lg
4038
*23l2
7I2
1>,
'8
4OI2
25i8
•9I2
2l2
•25
9I2
238
13"8
1058
2518
10
25s
I3I2
1058
25I2
51
45I2
8I4
IOI2
834
9
69
6912
325g
691;
3212
287a
29
29
•884
6884
32I2
2878
16
16
1534
163j
J4
34
336g
671j
5934
93
•143$
•6312
•92I2
64
95
1
1434
1
5878
•91
•143g
•6312
•92I2
27
39>2
79I2 80
11178 112
361. 3658
337, 34>8
9534 9534
•110 111
147g
1478
3II2 32
31
3138
6II4
51
•82
8412
7858
11234
36I4
3.334
9.512
IIOI2
5914
93
1434
30
•5OI2
175,
1
10
10
10
4.V4
237,
633,
445,
24'i
B3«4
44
»4U"
70
71
127
5.y-,
•i«i2
.vji,
57
•«H
67
7
I
y-B
70
70
1277, 128I2
*!0
•33I1 if,
•427^ 44",
8Al4 V.h
Il7>t 117*2
«2S B2'4
lOlz
33la
30
•«7
707,
«|lj
•77I3
SOIj
•««ti
Ufi
37U
77,
W-s
«<*
,
•I5I2
2
2'4
90
•70
93
•174
93I2
90
9312
177
11434 ll.5lg
173
114-'<8
•75
80
76
76
26I2
36l2
885g
26I2
261.
371,
8O34
3612
8712
37
8914
3«2
53,
934
4.334
"41".
.37i
r^
34
•«8
101,
14
•76I4
62
•89
t
97,
32»8
1
•08
1
lOli
433,
2434
•26'.
271.
71?;
241,'
I281|
63
•89
62',
96
1
03,'
95,
323,
•32'4
•2fl'4
271.
69
69
1341.
1.1.51.
131
1317,
.527,
/-..-(l,
A3
.551.
.55
17
•563,
173,
17'%
181,
67
67
67
10
581.
61]
6I2
44I4
447,
A9«4
64
•.»4'-.
.5*4
441.
08
06
1
•341.
1
•41%
42', 427,
8484 8AI4
llOir 117
01 7, 02H'
in'»
lou
33
r,H*,
67
«J8
HO
801}
HI
«»»
81
W,
37>i
14*,
Al4
lA
71,
A
»H
•78
Ofll.
8(1':
00
021,
02U
.50*,
37»«
Al
37»,
7*
.'.•«
•27li 28l«
2«»» 27s,
•31
Vi
.12
32
1431] 144
•143
148
•117
'117
110
no
7H
131,
A',
•2M,
3H,
•«»,
•78
004
All,
38>4
K.
•80
Oil]
•(f2
77,
14
A3,
27lj|
8AI,
117
,1l«,
117
Mm,
<7lt
'*r,
•83
47'i
8H
•H.I
88
•K3
r.H3,
•f.8
flMi
•r.
7
8,500,
200
3,800
12,300
5,300
9,800
800
900
46^
<•.',
••kiol uria— •0 Mto
117
03
10%
03',
100
2,900
2.900
132,000
7
81
Wl
12>;
081,
08',
^1
Al*4
021,
A|7,
30
30
7^
2,200
4,
l.mxi
.KM)
All]
.'.2'-.
7. .100
.30 '4
301;
10
2.A00
0.700
I,2'0
0*4
01,
14%
14%
A',
Al,
lAI;
Al,
27'j
271,
271,
4,2(M)
,500
32%
32
32
I.HdO
IA27,
i.lHH),
27'!
:ir;
M.'l», III*,
•20%
.11%
47
47
118
MO
•117
1
fl'l
•01,
N
day.
1
4fll,
•83
•00
H
lA')
I.M
UN', •117
471,
NH
70
H
40',
•83
OH
71-
1^m thui KXl I hara,
200i
110
47
I-
I
Do
iirrf
(jq
l»o
Cbnin..lOO
pri'f
"
Vlrvlnln Iron,
VIviuldU (V)
CAC
.
.
l>"
pfl
3.2()Ol UorlliliiiUin
""
88
OH
vrrt
P*
A
M
KKl'
V
I 0.
'1
7'I
100
2S
'
25
100
Steel A Tube of Am pref
100
Swwart-Warn Sp Corp No par
Stromhcrg Carburetor. jVo par
.Studcbaker Corp (The)... 100
Do pref
100
Submarine Boat
No var
Superior on
No par
Tenn Copp A C tr ctfs.A'o par
Texas Company (The)
25
Texas Pacific Coal A Oil
10
Tobacco Products Corn
100
Do pref
100
Transcontinental Oil. ..No par
TninsucA WllllumH St. A^o par
I 'nion Hag A Paper
Corp 100
Inion Oil
atq par
Inited Alloy Steel
No var
lJnit«.<l Drug
100
I'liitMl
mil
100
Initcd Hclail Stores
No par
U H Cast Iron Pipe A Fdy. 100
Do pref
100
U H rcxprem
nio
I' H rood PrfKlucts Corp
100
V H In«liiHirlttl Alcohol
100
I>o
rrf
100
H
1'
Keally A ImprovementlOO
ITiltMl Htntm Kulibir.
lOO
Ho iMt prif .
100
I'HHnx.llInu, HofAM..;
60
100
100
'.No par
Wi.|i« r unto Kxprnm
100
W'-ilrrii I'niiiti 'I'Hrwriiiih 100
W <<.iliii.rlm
Air llriikf
AO
U<-'liii;lmiiiM' I.Ipc A Mfij. AO
V, lilK< Motor
Mt
WlilH" (III (nninrntlun A'o par
Wl'knlrc HpriiriT Hl«wl. . A
Wilivii ((vrrluiiil <Tlir)...
26
l"i
lirrf irifll)
IQO
«ll>"iii A Co, Itir, V Ir No par
W.K.iw.irUi Co (K W)
100
81,
.51,
•83
88
«03/ •Ofl
thla
OA
pref
l.omi
I4'«
llt»
m
7
821;
01';
shares)
V irtiliilH C'lirolUiB
I,:t00
•
Y
.'l.2(Mi
1
A^,
•117
f,7.
•02
1
.
N
70,700 IJiilUd Htntfli 8I0CI Corp" 100
Do pri'f
2,700
100
A, 700 I'tiih Copiicr
....
10
I'tiili
HrciirllliK V IO...""l(MJ
0,700
20.000 \nfiiulliiiii «'(jrp
No pur
M'»'
•20*4
3i«,
47^
01 J
.
700
KM)
rs.M,
02
20,AOOi
,36
12',
AM,
2,700
34';
'!!%
an'r
8
200
400
5,000
000
2,400
10.700
1,200
80U 81
•80
Oil;
OH] OH,
OH]
7..300
4,400;
12.200,
121,
"oh
0,000
6,000
100
00%
3(1*1
"«%
33,100,
AA',
34%
•
84
6.060
3,700
5.300
00
33%
no par
Bi)-l1«(IU.
ii'ill/'dl
d i^t <ll>. >iMl ricnu.
Nn
161.
Not
43
Aug
Dec
Dec
1514
92% Oct
12% Dec
10% Dec
2938
9
64
91I4
2418
66
IO5I2
31
3318
94
IO8I4
1418
24
25I2
4984
83>8
7
47I2
7
6
4
31
10
23
6
6
3
27
2
27
8
Jan 18
13% Jan
137
16
Jan 20
I1912 Jan 25
2678 Jan 3
5
26
89
15I4
127,
2778
Feb 2
2484
878
Jan 19
Jan 20
4
Dec
46% Jan
62I2
33%
5478
66
4158
287,
10
2%
66
17
4
23
3
14
3
16
Jan 17
13
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
20
20
63%
93
38%
IOOI2
13
3
3
687, Feb
lin.% Jan
6OI4 Jan
Jan
Jun
60
6
Feb
47, Jan
37
Jun
00
Jan
66
Jan
61% Jan
OOI4 Jan
33'; Jan
161,
427g I'd.
82
113%
00%
li'n
SOU
98>2
79
29>2
43%
02
100
47,
0»8
10%
46
26%
6AI2
93
11
34%
71%
2058
29
1
72%
4
6
13
i:;6l2
1
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jnn
Jan
Jan
Fob
1
Jan C
3
Jan A
Jun 18
.liui 10
27', Jan 10
07
Jan 3
.'3
19
20
17
3
16
16
21
A
Jun
201, Jun
3714 Jun
137
117
4
25
20
Inn
4
100
nnr'
Inn 27
I ICi-dlirMniiil.
5
Dec
4012
Oct
10% Aug
1% Oct
8% Oct
2% Oct
64% Deo
24I2
6978
Jan
Jan
May
14% Dec
6% Feb
23% Jaa
6% Apr
98% Jan
Mar
25% Nov
Oct
16% Aug
3218 June
28% May
1284
3078
68%
June:
49
50
75
Mny
Jan
Nov
6734 June
98% Deo
124% June! 192% Dec
105% JanI II4I2 Deo
Jan
Oct
83
3
3% Aug
6% Auk
June
29
6
Aug
3
1584
72
10
28 Juno
67 Sept
15% Aug
20
19
June;
17
40
Hcpt
106
19584 Juno
407, Aug
207
17
5
17
3
70
Jftii
12;
.'1
II'.
88
fi.%
Jun
1
4l>ii
M:ir'
401;
A UK
Aiigi
74
Apr
20
Aug'
37
70>4Jnni>
lOA J 11 IK-
4II, AiiK
Auk;
2A1, .hino
203, .)„|v
A73« July
60
Auk
6% Mnr
40% Jun
A UK
8li?H<.|iii
I'Vli
8
3H% Auk
40
20'4 Juno
July
7
N% Niiv
4% Nov
10
3
10
n
Aiiu
27% Nov
lOA
IDA
Aiw'
17
Jiinr
.'10% AiiK
70', A UK
64
AiiK
18
0%Jiiiir
2(1
IN
iiMUlii
ul
Jon
Jaa
Jon
02% May
10
Mny
7
Jan
27% Jan
Nov
A2',
1
Mny
Juno
Jul.v
70
25%
34
Jan
Apr
Apr
Jan
67% Nov
84
7
75
Jan
Sept
Aug
8'. Sept
3.51
.Taa
Apr
93% Apr
10384 Deo
10% .Tan
13% Jan
11
Deo
48
Deo
91
13
44 13
3
< lUxl iiooU Ui
Mar
May
73% Jan
96% Mar
36'g
111.
Jiui
3912
Aug
Mar
31%
Jnn
IA2', Knh
Jnn
IN
4N% Jun
RA>4 Jnn
0» J»n
8% Jnn
16
Jan
Doo
Dec
38% May
June
Jan 18
61
Jan 3
A0% Jun 20
101
Jan 14
Janl.Sj
37
44
Jnn 12'
88 Jan 20!
UN Jun 10
051; Jnn .'1
12'; IVb 3
.177, Jnn 20
1127,
109
761:
A',
Jnn 12
04% Jnn B
Mar
17% June
1 8
June
41% June
75% Oct
17
95
30
H4
Apr
11
51I2
4038
99'b
45
3
Jnn IN
4.1%
98
Jan
Jan
34% Dec
70% May
20
J111120
too'
OctI
May
I6I2
85% Dec
1(1%
IIMi;
Jan'
Jan
Dec
Dec
37
46
10%
11
8278
Sept
II
Jun
Jnn
52
June
.10
4
Mar
14% Nov
25% Aug
42% Jan
Jnn Ml
Jnn n
.10
88
21
Jan 4
OO'c Jan A
2
<li
02
1
Oct
5% Aug
3OI2 Aug
66
Jnn
H.1I4 Jnn IH
02', Jnn I7i
0:1% Jnn 10
40', Jnii
HA', Jnn
71, Jnn
18'g Jun
Jan
18
3
18
26
3
0',
(Mil,
3512
34% Dec
42% May
26
041, .Inn IH!
Jail
0>, Jail
64% Dec
July
23
78
Jan
67
Jan
Jan
l>l.
21
Dec
17
Aug
Feb 3
31
914
Jan
7134
13I2
Aug
June
16
50% Dec
7938 Feb
2434
21I2
IOIn
n
Aug
Jan
Jan
19% Jan
68
Dec
16
5458
89% Augj 114% Nov
451H
8
26I2
30% Apr
64
6
9
1
June
33% Jan
678
4
18
3
60% J.-in20
21
Jan 25
6OI4 Jan 26
fi.%
Mar
38% Aug
34% Aug
Aug
6
Jan
Jan
1278
25
.30
1
27I2
Nov
Nov
Nov
Mar
39
27
16
6478 Jan 12
2314 Jan 3
381. Jan 12
21% Jan 14
11534
8
Dec
4112
96
104
2% Jan
183
Mar
1% May
Dec
46
12% Mar
48 Aug
83 June
20% Oct
Feb 3
16% Jan2»
32% Feb 3
33% Jan 25
5312 Feb 3
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
8I2
14
May
5712 May
16
17
3
18
2% Jan
Jan
Dec
Feb
15=8
93
112
44
75
89
39
78
66
17% Jan 31
Jan 21
60% Jan 27
I6I2 Jan 3
3568 Jail 30
1884 Jan 10
35
Jan 3
69I2 Jan 4
9184 Jan 10
I69I4 Jan 5
113% Jan 7
76
Jan 1
24I2 Jan 5
35I4 Jan 5
791, Jan 5
101
Jan 20
3I2 Jan 31
5I4 Jan 13
9% Jan 13
42I4 Jan 10
23
Jan 9
61% Jan 4
88I4 Jan 3
9% Jan 6
Jan 16
33
67i2 Jan 18
17I2 Jan 5
25
Jan 1
Mar
Aug
20% Feb
9
47I2
Dee
May
Jan
20
8712 Jan
June
Jan
Feb
Mar
July
16
19
11. Jan 10
lUs Jan 4
2I4
67% July
100
20
31% Jan
12
71
65
95
87
108
45
Jan 4
10% Jan 3
70
Jan 20
34I4 Jan 13
36%
5
Aug
32% Aug
3178 Aug
20% Nov
I212
1714
Sept
June
.'8
20
20
26
47% Jan
53% Jan
48
58
27
12% Jan 9
1
Jan
Jan
May
3
30
23
Jan
79%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
I5I2
Dec
3558
Feb
94I4
12812
Oct
91
I1212
May
Sept
4184
II2
Jan
25
30
Aug 120
447,
8I2 Jan 3
6284 Jan 16
1312 Feb 3
Feb
Jan
102
105
15
Jan 20
Jan 19
79
3O84
801.
1135g
3984
1318
167% Jan
28
Dec
33I2
6458
101
10
5934
3II2
28I4
Jan
June
15
8'4
834
Aug
20
66
93
44
1584
Feb 2
105% Feb 2
12
5
4438
4878
8412
21
69I2
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
60
20
July
Feb 2
212
123s
Highest
10
22
14I4
9I4
9Ss
50
50
Jan
Jan
Jan
32% Jan
63
22I2
year 1921
Lowest
11514
277,
1384
5878
9018
38
2478
7
Standard Oil of CaL
3.400 Standard on of N J
Do pref non voting
2, .5001
00'4
30)4
.
58
297s
53I4
4418
Range for previous
Ms
$ per share
% per share t per share
81
Feb 1
5912 Jan
72
Deo
62% Jan 24
55 June
62
Dec
60 Jan 26
21
Oct
8912 Fel>
27
Jan 3
12% Aug
3078 Nov
IO914 Jan 18
651, Jan 114
Dec
108
Jan 5
95 Mar 109
Dec
Jan 11
Jan 3
Jan 5
Jan 17
Jan 4
Jan 7
Jan 4
Jan 11
Jan 20
Jan 6
Jan 7
Jan 27
Jan '7
Jan 30
Jan 10
Jan 11
Jan 10
Jan 31
Jan 19
Jan 4
Jan 4
Jan 11
Jan 5
Jan 4
Jan 20
Jan 11
Jan 30
Feb 3
1414
25
Electric... .100
Pet
!
PER SHARE
1922
Highest
i per share
Jan 6
72
67
Jan 13
3014 Jan a
2258 Jan 6
101
Jan 3
10712 Jan a
IO684 Jan 10
2618 Jan 7
116g Jan 11
26I2 Jan 6
Jan 4
63
100 Is Jan 6
I2I4 Jan 31
10% Jan 9
I23I4 Jan 4
II312 Jan 4
Jan 17
26
Jan 6
69
Us Jan 16
3984 Jan 1
8238 Jan 18
85 Jan 12
Jan 10
108
par
PhUiips Petroleum
No par
Pierce-Arrow
Car. .No par
Do pref
.
.
100
Pierce Oil Corporation...
25
Do pref
lOO
Pittsburgh Coal of Pa
.100
Do pref
100
Pond Creek Coal
10
Pressed Steel Car
100
Do pref..
100
Producers & Refiners Corp. 50
Public Ser\'lce Corp of
J 100
Pullman Company
100
Punta Alegre Sugar
50
Pure Oil (The)..
25
Railway Steel Spring
100
Do pref
Iioo
Ray Consolidated Copper. 10
Remington Typewriter v t clOO
Replogle Steel
No par
Republic Iron & Steel
100
Do pref
loO
Republic Motor Truck-A^o par
Do
" "5"„566
503,
A43,
87
1
.
No
lO
ic.No par
Savage
Arms
200
Corp...
lOO
1,200 Saxon Motor Car Corp. /Vo par
17,000 Sears, Roebuck 4 Co
100
5,800 .Seneca Copper
No par
Shell
Transp
3.000
& Trading
£2
19,000 Sinclair Cons Oil Corp No par
500 Slos.s-Sheffleid Steel & Iron 100
39,700
..
A
14,200 Royal Dutch Co (N
600 St Joseph Lead...
1,300 San Cecilia Sugar v
07,
A',
IIOl]
02'4 031,
50
National Biscuit
100
Do pref
100
National Cloak A Suit
100
Do pref
..100
Nat Conduit A Cable.. A^o par
Nat Enam'g & Stamp'g
100
Do pref
100
National Lead..
100
Do pref
100
Navada Consol Copper
5
New York Air Brake.
100
New York Dock...
100
Do pref
100
North American Co
. 50
Do pref
50
Nova Scotia Steel & Coal. 100
Nunnally Co. (The)...Aro par
Oklahoma Prod A Ref of Am 5
M
100!
8OI2
NatlonalAcme
G
10,250
9.300
10,600
1,000
400
113%
100
MontWardAConisCorp iVopar
t c iVo par
People's
L A C (Chic) . . 100
Philadelphia Co (Plttsb)
50
105
•41%
44'.
80',
117
,511,
A>,
I4A12 t4/>H
1
207,
81';
30
pref
Penn-Seaboard Sfl v
100
6,700
68lj
451,
100
A Trans
Do Class B
Panhandle Prod A Ref.
600
700
.14,000
57,
44
•104
06
no
3H'3
•14
;
A%
Do
Pan-Am
1
553,
10'.
•0%
67,
64%
00% 00%
30
32»4
20»4
80
34%
27
70
.Ml 2
OOI2
6H-H
•32
97,
2OI2
0912
A8»,'
M}
084
2«I. 201.
087, 70
1281. 13II.
A3',
00'.
331;
34%
90
IOI2
•03
863,
97,
641,
70
A8
8A
•021;
90
101,
S3«
447,'
25
63
00
A
.34
247g
64',
1084
451,
25ig
10
43I4
1
5%
101.
447,
60
00
1
r,vs
007,
08
5%
4.5
1.87,
69
A2I.
"a
"5""
IOI4
«2
38
8
""47,
51.
103,
I8I2
18'.
10',
MU
78
28I4
3712
0084
•70
90
94 14 9.5%
179
181
11434 IIS
•7«l2 78
"484 '47;
44
<;3i2
OOlj
95I2
181
115'8
92
61]
.53,
(•»,
34
70
I8I4
MU
23S
32*4
203,
Ofl
90
17
9084
89
'"4"7il
II7>,|
001]
36
287,
4078
37I2
A8I1'
81
01
62I4
28
39
27
I
181 1
128
5I4
IOI4
1334
117
78
6134
161.
pref...
Mexican Petroleum
IOC
Miami Copper
S
Middle States Oil Corp
10
Midvale Steel A Ordnance. 50
Montana Power
IOC
Pacific Oil
.
11',
80
2%
4184
•39
•70
94
179
A7,
433,
ni.
171,
2I4
41
61
Hr.i,
8.'^
1171. II71J
n\
2
•I84
•151.
238
2
17
41
101,
1
7
5018
I3I2
3934
2»S
1
84
•39I1
42
33',
nit
131.
31
5288
8334
7
481.
I3I2
36
20
61
1
HO
7I2
141.
3284
3158
531.
1958
33',
• nfi u>o
2
18
8334
481.
112
1934
2«H
7
I4I4
32I4
1684
lOS
flO
143s
32
31
53
19%
337«
301
•n
1438
32
98
36
101,'
00
•96
112
ig-T,
33I2
•44',
<".2i,
112
8OI2
IIII4 113
3Sl2
3738
3434 3513
1478
ft3i
3^
7978
111
3778
3484
96
29I4
2812
7912
32I2
291.
42
08
2812
17
I0<,
••»8
112
95
36
WIS
••{•v-,
37I2
3334
95I2
1478
64
95
•93
lOO
100
pref
500 PaciflcGas
9018
19
A234
•42'<
110
9OI3
1434
6378
167,
.V)3,
»»<»»(
1
27I2
7958
•65
60
36
mf»t
M
0034
1478
6412
93
1938
6HN
r^i
I4I4
5988
I7I2
363,
•03
A8l2
OMt
3378
187,
.'.812
B3lt
33
67,
fll2
427,
•03
3312
.7,
47,
,
3184
9I2
•63,
421,
98
1578
3078
Do
5,700
4,400 Orpheum Circuit, Inc.
4,200 Otis Steel...
6,700 Owens Bottle
1,200 Pacific Development.
300
700
I0I4
68
•
68
60
1538
34
9I2
800
300
10
30
984
200
10,200
3,100
22,900
12,200
8,300
100
2.000
3,400
2,700
1,300
13,900
4,800
7,200
1438
18
A7
f.7,
4612
515s
30
64
2I4
8I2
64
6912
3338
301.
.531,
43 Ij
"78
33I4
65
95
71.
12
27
69
171.
AA",
fl3,
•101.
26 's
33I4
•90
8412
978
25s
1378
9
69
.523,
M
978
9
6978
I8»,
.'#4
7
6434
4658
5184
4618
600
1,400
5534
4984
27I2
3«
05,
2«i34
21.
131.
2,000
55
6238
17
366,
10
181.
267,
2I2
I3I4
IOI4
2778
•65
5II4
Uh
59-3s
96
70
407s
26'4
101.
200
3284
•53
55
4058
261.
5,200
60
32I4
55
620
92
112
1458
*56
60
32
55
93
15
r2fii2
1
9034
•110
1478
68
60
2'4
1147, 11.5
!
91
112
90
62 14
173
'
700
9,700
lOls
•93
'"266
II2
9
59I4
600
4184
901-
•8I2
I3I4
2
•Mlj
lAt
958
,300
II2
46
I3I4
•161.
1
4OI4
IOI2
918
48
2
3,100
30,600
17,000
400
700
11,800
100
138
641.
4634
521.
4658
47I2
173,
212
97
*2^(,
•93
•68
77,
235,
6134
M
7
6434
4638
5114
4558
*8l8
29I2
5II2
8318
7
4734
•1318
•83
•7
84
233,
rtllj
:f4H
141.
311.
28I2
5084
48I4
1358
24
.331,
•63
•93
29
6.3314
1734
1
147g
233,
.iliS
if>
•5884
•9012
»14i4
93
63 12
1«'4
1
•66
60
•184
92I2
80
••>!,
12fl
6738
17%
•39
•70
9312
I72I2 I73I4
114l« 115
•68
958
958
93"
I9I2
<^4
1014
1
33
3CSj
1
28
6834
19
'Vli
•MU
68I2
3W8
"4>2
'
69
321.
83»4
•7
473,
•I3I2
t
;
68I2
3212
6II2
17
"V&;
18*4
87i
9'
6212
90^
70
884
2I1
'iH
5OI2
4584
*81.
6418
4578
5II4
46I4
101.
8I4
2I4
8814
IS'j
451b
5II4
46I4
45
631.
18
28'4
3834
•68
6418
25I4
8I4
2'4
61 '2
171,
•021,
•634
65
93
1
13l8
2I2
371,
10
25
8
13
10
27I4
86
«0
3.'.
25
5&54
•70
93
R3I4
*9l2
2I2
50
763,
•32I2
934
21.
I3I4
IOI4
5114
41
1
934
21.
I3I4
lOis
212
13is
101.
253,
738
31
•39
97
26
I4I2
40
•92
26
*23
26
32,
40
"414
•5'«
5378
4OI2
141,
in\
89l4
4OI4
3OS4
28I4
17»4
377,
883,
55
54
27I4 27I2
27I2
79I4
7934
7753 791.
79
1101. 109
11278 illO
110
35lg 36
361.
3658
i;.Vs
3318 3334
337,
331.1
3384
95lg 953g
95I4 95I4
9534
II2I4
112 ,•111
.... •111
1434
•75
•27
53I2
40
•5834
*90i8
•1438
631.
28I4
1914
1
1
65
95
•367,
39
54I8
55
884
67
6712
62l2
28'i
1
*56
31
*53
401.
32
I7I4
28'?
3834
3II2
3058
62
,
57
3II2
•52
1458
1478
57
321.
33
T>s
937s 94
178
178
115
116
•70
80
*110
62
54",600
4II2
9012
138
911.
112
9l8
48'i
•70
141.
9I2
•7'8
25,
'
90
3358
48
IVh
•23,
1
9OI2
905s
I4I4
317,
•15,
46
'
88
I5I2
I4I2
•17
5038
1
40
11.
29
7I2
2ig
7%
•64
45
3738
1518
3234
6034
133,
18
13
•114
3578
•851.
(Con.) Pai
Mackay Companies
Do
112
11278 11438
2638 2718
1173
1218
301.
30
•68
6912
•118
119
119
119
*26l2 29I2 •2612 2838
75
75
•73
73I2
112
.
212
3OI4
73I2
29
7"2
1»4
.
i
29I2
IVllscell.
1
basis 0/ IQO-share
Lowest
&
Indus.
Manatl Sugar
100
Marland Oil
no par
5,800 May Department Stores.. 100
'
13018
29I4
1538
S0»4
•16
11.1
12
On
Werk
6912
69
10358 10358 *103l2
1234 133s
1238
13
121.
121. *1134
•1184
I32I2 1321. 133
131
I2I4
121.
33
29
31
•80
!
lOis
8
•92
5338
4OI4
2534
25I4
4534
•5834
*52
11
60
9
•65
'SS
131a
*7
• 13
130
119
II4
251.,
45I8
5038
4512
39
1218
*12
130
I2I2
68I2
1178
Range since Jan.
EXCHANGE
the
IO6I2 IO7I2
•103
112
II2I2 113
2678
27
1218
2938
80
'
21s
60
9I2
1
9^2
4534
5134
4612
10'2
•65
13
46
24
•110
*73
26
65
914
29
67
•103
90
64
IO6I2 IO7I2
111
*26l2
321.
55
4513
5134
•4S>2
•8'4
8»4
7I2
1
63
44
•llSl. 119
29I4 •261. 291.
1
553s
40«j
•64
3258
1
1178
35I2 36
3534 363s
8758 875,) *85
90
8-34 881,
8SI2 9OI2
II2I2 1121; •110
115
I4I4 141.
1458 143.J
90
87
14^8
I3I4
lOBg
1
85
130
118
•79
•60
43
24
80
Friday,
Feb. 3.
STOCKS
YORK STOCK
NEW
S per share Shares
•79
82
400
•60
62
'
'5^966
45
4612
5,600
241s 25
S per share
11058 11134
2612 2634
i
58I4
*31
o4U
•I
•110
1
Feb. 2.
1.
short.
23
2318
10534 10534
2312
107
112
10934 11058
2718 2738
12ls
1178
2884 29I4
67I2 67I2
13
•130
•73
$ per
80
•60
42
4238
.... •103
•103
I3I4
1212
42I4
4284'
231
1091,
*100
Feb.
$ per share
79
79
•60
64
79
64
60
Thursday,
Wednesday,
Tuesdav,
Jan. 31.
Sales
for
•i6 IMf.
74 'r .May
102
Mar
OS's
7ll'4
10.'<%
Do*
Apr
JuD
3N% DoO
44ir
Jnn
N0'2MiiF
11.5
0'1'Vl
12%
1)00
»(»0
Mw
Jan
Jnn
102% Jau
05
Jun
41
42']
0% Mny
72
04
0«7,
A2>,
44
17%
IH%
101;
42
Jnn
Apr
Jun
Doo
Mny
.Inn
Dim-
Muy
Mny
47
Jnn
1311%
Dri'
113% Nov
litiU
Mny
HA
lino
70
Nov
Nov
•»%
————
504
Jan.
1
U
U
.
BOND Record.
Friday, Weekly and Yearly
New York Stock Exchange—
aoa vten
now— "aad (merest" —
Ooadt.
oX
bonOi wcu aim
1909 (he Sjeiaaw netltoi of Quoting
8H%
ol 1932 1847
OODT
of 1933 1947
Oocv «>i% of 1932 1947
2d ooov i>i9i o; 1933 1647—
6%
8«cond Liberty Loan
4% 0» 1927 1942
Oonv 4M % of 1937 1843
Third Liberty Loan
of 1928
Poarth Llfterty Loan
4H% of 193S 1938
4M%
3W%
00.50 Sale
9:>.20
te rejtlBterea
<B 80UP0B
-
97.40 Sale
A O
Registered
96.56 Sale
1926
1925
QM
U
100.1!
101
101
10458
1045s
lOO^s
1021.1
J
A
I*
.1941
D
Brit
&
76
JuW^l
783j
108
95I2
IO5I2
1051s
S:ilc
Sale
97'4 Sale
96-% Sale
98^8 rJHle
100% Sale
100^8 Sale
lOOU Sale
103
9718
981.1
981s
lOOlp
IOOI4
100
44I2
IO6I2
S! le
J t 45
10712 Sale
8818 Sale
86^4 Sale
81^8 Sale
78
A 77
107
Sale
A
107
IO712
A!
A ©> 1C9 Sale
88 Sale
r A
S IOOI2 Sale
OS's Sale
J
J
J
-1925 J
1831 I
1984
4y«B
Sterling !oaa 4s
Lyons
ity of) iS-y? 88
Marseilles (City of) lO-yr f.H.1034
Mexico — Exter "oan fl I'o of 18D;
Gold dfim 49 of 1906
1964
Norway erternni s i 89
1940
Queeutiiaud (State) est a f 79.1941
Rio de Janeiro 25-ycar e 1 83.. 1946
San Ppulo (State) sit s f 83- 1936
Sweden ZO-year 68
193U
J|
O
o
A o
A o
i
J
J
u
J
J
SwlssOonfO(le:alton20-yraf a3'40
^5 s
Tokyo City 68 los^a of 191S
Uruguay ftopiib est Sa
IHIG P A
Zurich .City of) 8 t 3b
1945 A o
i
niiu
ort vrioti
oti
It*
bane
83
82
182
12s
27
185
112
131
IO4I8
9812
9713
9S78
10138
101
101
76
29
63
Stil4
87
81^8
88
77
106i:>
1061s
108
88
100
981.1
87 14
86I2
73Ss
Sale
8134
Sale
81 84
Sale
55I4
Sale
4II2
Sale
Sale IO9S4
aale 106
99
Sale
Salt lOO's
96
Sale
Hale 113
Sale
68M
Sale !lC3i8
Sale 1075s
1.
II4I2
OS'.i
103 12
10S38
I
1
401s
103
49
81%
1
7434
83
7734
IO7I2
12
38
88I2
300
9H
844|
93I4 S98
602
549
578
9834
1023g
101
83
N6
91
92I2
88
83
57I2
4434
IIOI4
107
88
75lfl
8712
n<s
75
741s
!>0»4
74
40
90"4
,
!9
9638
9912
97'4
10034
231i
101
140 95
214 81»4
75 10278
971s
II4I2
68I4
104
IO8I2
51!
Mo
CM
«>
Y City— 4Ms
4ka
W
H
19rt4 ns
f-
Corp eicok.igflO
Corporatcs
etoct
190S ft O
1971
4^8 Coporate stock
4Hb Oorwrato stooS July 1967 J -•
1965 i C
tMs Corporate gtook
1953 jlW f
4H8 Corporate atock
1959, M >
4% Corporate atook
1958iM^
4% Oorporote stock
.1957i!'.'! •^:
4% Corporate stock
4% Corporate stooS reg,...196« >'
4>»s Corporate atoot
M
Corporate Btock...:i957
Corpornta 9^o<3k...l954;
8X1%
(f
MN
Y
1981
State— 40
1961
Oanal Improvement 4s
136C
^iinal Improvement 4a
Highway Improv't 4Ha.-196r'
Hl^tiiray Improv't 4M«..198?
Vlr«lnla funded debt a-Ss...l991
Sa aeisrred Brown Broa etfa.
Iff
l^J
«
e
J
J
J
i
M
m
S
f
I
J
Railroad.
tl995
Ann Arbor let g «9
*tch Top A S F^— Oen k «« - -1996
Realoterofl
Aaiustment gold 48
Stamped
Oonv gold 4a
Vo\
ilfes;
N'ov
K
M
M
MK
W
W
W^
PJunc4M
W
MN
MN
M
PL E4 Vaay9ref4a-.1941
•outbw Dlv lat gold 8H9.. 1925 J J
S
Cent Ohio lat
g 4'-<a...l93C
oon lot p 6!i..ie3S A O
CI Lor &
W
Ohio River RR lat c 6a.. .1936
1937
General gold 68
Pitta Clev 4 Tol lat g 6a.. 1922
Tol 4 cm dlv lat ret 4g A..1959
R&
IO4I2
10438
104
104
94
94
Sale
94
*93
Sale
94
9434
9334
.lan'22
94
94
94
Jau'22
1037s 10334
10334
104
85
90
89
84
93
66%
881s
9378
871
106
84
Registered
General gold
Reglatered
3Hb
6
I
I
"6
51
7114
75IJ
Oct'20
Deo'20
2
144
60
88I2
70%
80's
SU
Jan'22
Jau'22
17
..
81I2
8678
.
.,
871;
106
Jan'22
86
.
78l2
79
Jau'22
06
I
Nov'20
.
.
"
75
Jan'22
107
7ri
I
77
96
112
.1
90
48'
66
60
7912
80
68»4
79
89
75
61% 70U
877s
73»4
.88%
seu
"9114
"
Mar'20
an'22
86
84
Feb2ll.
901.
100
79I1
641t
04»4
68'%
87%
101
95%
92U
791I4
S7l2
9812 100
89I2 Sale
7714
100
89
Jan'12
Dec'21 .
11
64
2
98% Dec'21
STl.l
25
89
SOU Dec'21 .
03I4 Sale
781j
80
97 U
122
9634
»2t4 Sept 21
84
99
63
6638
87's
78
8912
7234
88I2
86
92
S4.% ...
94i.>
76%
82
91
Jan'22'.
7834 isij
75I2
90
107
R51.
95I2
8912
91
73I2 Sale
8733 Sale
9212
8578
91
95% Dec'21
88I4
86I»
73t»
721."
8973 Sale
87
88%
.
78
9734
82I4
77
.
87
771s
1007a
Sale
92
76
95ta Dec'21
96
kl6i|
80
80
93
7'2%
99
I
Aui,''15 .
757s Sale
77I2 Sale
79
S3
66
-.
112978
7678 Sale
68
fl7lj
1
Jan'22
92I5 Ueo'21
104%
S6I2
8212
7912
75
O7I4
J;in'22
Jan'22
No once Friday: latMt blA and aeked. oDue Jan, #Due
April.
.
,
92U
79
71
71
82U'
J
79% Jan'22
76
69
MH
80U
i
J
J
8
J
10234
C
102
104
K
100%
80%
1
1
32
103%
J
J
J
i
D
J
J
i
.*
,
63»4
6O34
s.^lj
09%
70
Sale
54
56
92%
63%
94
93
64
87
87
102
79
Nov'21
65
lOOls
I
83H
53% CS
80% 72%
11
2
74%
84% 93
84
82%
81l;>
10034
IO2
81
3
I
Dec'21l
82ts
'
C
83U
9
^3
Jan'22;-...
83
S8n(
9334
Sale
91% Fob 20]
90%
98%
Feb'21
Dec'21|
....
1
2
IS
29
84
98
87
81
82
91
99
95
87 U
79%
7o'>s
102%
92%
75%
M
j
101
lOS
Oot'lO
Jan'22
98S»
90
93««
i;9J4 108li»
--
iiomi io5%
70
70
M&r'2i
:
.i.a3*21
ll
fiO%
II
91
09
Juae'2l
Mar'2'
1
^0234,
66%
B3%
99
28% 90%
83%
74
1
86%
^i'
80%
96
»»
931^ 109
I
83U' 34
Jan'22
77%' 164'
76%
77
77% 31
9534 Deo'2l|
97U Feb'19 .
90
Nov'2l|.
80
Jan'22 .
10
76
78
joo
Jan'22
4
8790
91%
91%'
1
lis
Nov'ial
95 M:iyl8:
2
75%
75%
103
Jan'22
89
71%
73U
101%'
S4
100
79% Nov'21l
88
Mar'17
81
4,u.-'21
9
78
76%
10
87
86
86% Jan'22
75
96
97U'
o
83
83
77
J8n'22
1:
78%
78%}
77 June'2i
78
Nov'21
80% Deo*2l'
941s
I
e-
:
a7v
Sl%
73%
84
79
04
80
I
35% 98
79I1
90
62%
01% 80
I
97»; 104%
81% 89
I
79
91
64
721%
,
97% 103%
71%
63
1
937, 102»4
7a«4 79%
;
'
87
67
86
J
D
J
8634
O
96
'
77%
87
95
Sale
85U
7SU
78% 78U
81%
78 U
8234
J
J
7S
J
83^8
F
7638
75U
71% 72
I
;
A
23
93
24
94
91% Sale
84
Sale
23
94
91
81%
100
Nov'211
72
88
90
62%
65%
1
76
81
78
73
I
71%
81
65^4
SI
86«8
'
82% 3>.>i'19
94U .94
Jan'22
107%
103 U
Jan'22
104
O,
O
A
N
Sale
5)7
,i7Jj
1
87
J
J
78%
71% Sale
S
D
O
?7%
104 U 10634
S434
91% »3
103
N
96 'i
84%
85%
96
98% Jan'22
85% Jan'22
10234
70
711.
'
106
66%
73%
6"
j.^r,
1
Nov'21
105%
106%
70
93«4
S7U 100%
98% 102
10034:
103
98
77 U Sale
77U Sale
D
70>i
73% 81%
si% 84%
78
3
94
.''j9%
Dec'21
69% _.
95% -..-
O
683<
8919
92
75
70
77
10034
100^4
J
J
J
63%
351,
101%
S
80
Jan'22,
_- -. 105%
I
70
',
Jjly'2i
84% Jan'21
A O 106%
71%
S
72
60
49
46
93I4
106 U SAle
106% Salo
J
66
71«s
95
F A
799i
93U 95
's
J
77
67»4
157
3ei)i.l9
72U
76%
S3% 76
6
64
97%
79%
72
77»i
PS
78
77
78
76%
83
85%
93»s
98»i
lOOU
'I
1!
76
75
64
IR
76
28
79
90%
77
72
92
I
7134
23
Jan'22
I
10
91%
84U
44
85%
103%
98
Dec'21,.
30
76% Sale
7634
77U
77% 78
Jan'22
78
99U 991 99
Jan'22
98%
98
98U 98
1923 w»
Term A Improve 48
Dec.
cDueMay. jDuaJune. SDue July. *Du6 Aug. oDue Oct. pDue Nov. ,Due
90%
ll
20
i
89
70
66
68
70
78
1
62
60
79-2
9011s
31% 108
2
Jan'2Z
Jan'22 ...
81%
84.8
lat 60-year 6a g.. 1963 J
411: lat BOUHBaOOO J
1923 F
59
Lack
7S
415 "68" "72%
65 47% 63
26
81
Jl
W
103<«
82l|
'
65
48
A O 101%
A O 96 14
A O 91
96
J
J
'8
3.51*
50
57
10U34 Sale
101% 103
mN
MN
D
M S
M S
357«
'
81%
82% 83
A O
87
2s
26
yO% 101%
79 103%
80%
54%
.82%
A
1961
89%
75%
Sale
Sale
Sale
Sale
Sale
97
82 U
MW
F
1987 M
1987 M K
1987 M N
1879-1929
1870-1923
1879-1929
1879-1929
1933
1933
Jan'22
89
88
7434
1
73%
63%
i
28
I
73
05
70
55
92
D
D
Q
103
78t5
86% 94
73U Sale
603.1
J
plOSr
CO'4
41^
307*
(,iU
77»4
76
81
J
80»4
C37i
67%
81% 85
81%
57
63
J
J
71
75%
63
D
D
f3ii
78
69
41
i7
31
Mar'l7
60
90
89
75
Jl
80
]
70%
7078 Sale
6OI4 dale
S
76%
70
93
69
90% Nov'21,
j
N
71
102
IO4I4 Dec'2l'
103
Jan'22
8434 Jan'22
1938
76
82
5
20
95U
9473
907«
70%
2
52
28
88I4
Oct 19
86% Sale 86 U
88
-.1 34U Doc'21
»..- 33% 33% Jan'22
Ist prof
W
95I4
95
.N
J
..,
56%
39%
79%
54%
3712
7yu 78
86% 89
88%
MH
MS
4
5612
Sale
7834
N
1|
I
87
79
67
63
7»
1
21}
jl
ADr'21
8034 Dec'21
55
39
1929 F
Sou Ist g 4b
1935 IH
Refund 4 Ext 4Ha
1921 J
4 Den C iBt g6B
Ft
A
4e...l943
Conn 4 Paa Rlvs Ist g
XY
70% Sept
8334
8
O
4
DL&W— M
NoV21
71
M
RR
80
82 U
59...tfl938Q J
Peoria A Eaat lac cons 4s.. 1940 A O
1990 Apr
Income 48
Ouba
Dec'21'
8234
W
95
95U
60% 6512
89% 98%
76
I
778
76
/tl938 g F
Renlatered
CIn 8 A CI cons lat g 69. ..1928 J J
O C C A I gen cons g 68.. .1934 J J
1940 A O
)Ht pre! 4a
Ind B A
Colorado
8312 .Salo
85 Sale
7638
7434
/a
F
01eve9hortLl3tgn4HB
10 71% '84%
8278
82%
86% Nov'21
88% 86%
8212
83% 147 7i% 85%
82
WW
84
99
^
J
M
94
97%
',\
J
MN
W
78
9; 79
87
94U
7II2
Ohio T H A 80 East lat 6b..1960,J
Chio A West Ihd gen g 63..«1932',(1
1952 J
Consoi oO-year 49
...1935 M
15 ye:'.r 9 r '/•is
1937 J
CIn H A D 2d gold 4Ha
C Find A Ft W iBt gu 4e g.l923
Day A Mich Ist cons 4 Ha. 19311 J
Clev CIn Ch A St L gen 49..1993'J
1931iJ
20-jear deb 4^8
1993 J
General 59 Series B
1929
Ret A Imptfis Series A
1939,J
Cairo Dlv 1st gold 4fl
Dlv lBtg4fl...l991 J
CIn
A
1990
St L Dlv lot coll trg 4a
1940
Opr A Col Dlv 1st B 4e
1940 J
Val Dlv Ist g 4b
*1930(>
A
lstg48
StL
01
C
A
8434
85I2
88
':
Cona 6a reduced to 3 Hs.. 1930 J D
1930, M B
Debenture 5e
1930 J
North Wlaoonsln IstCe
Superior Short L lat6Bg..tl930iM S
Ind
78 '8
Jan'22
Juue'20
84
8234
O
O
W
1962 (M N
ChOklaA Goons 68
A
O
Keofe A Des Moines iBt 68.1923
etPaulA K est Llat4HB."41iF A
1930 J D
Ohio St P M A O cons «b
O
IOII2
i
87lj
|!
84%
Ashland Dlv 1st g 6a. ..1926 M
Mich Dlv let gold 6s_..1924 J
Mil Spar 4 N
Ist gu 48.1947 IW
Bt L Poo 4 N
lat gu 68.1948 J
1988 J
Chic R I A P—Sv gen ts
1988 J
Registered.
1934 A
Rafuuding gold 48
.1934
IM
a I Ark A Louis lat 4^8..
1934 A
Burl C R 4 N 1st 6b
C R I F A N 1st gu 6B-.192I1A
W
Sale
101
95
Au^'21
J
J
W
W
101
7312
-.
94
80
94
J
J
J
I
lOOU JuaCi;:'
J
Man G B
IBt 3He.l941
Mtlw A 8 L lat gu 3>is...l941
Mi! L S 4 Weat Imp g 6S..1S29
84
14
D8C'2i ..
100
7e»4
I
D
D
J
Mc
4N W
60
..
deb 5b
'!
IO5I2
IO512
83%
A O
19.30
10-year seoured 7b g
16-year Hecu.-ed 6 Hjs g
1936
Des Plainea Va! lat gu 4)^s..'47
V let GS..1933
Freni Elt 4
94
50
Jan'22
89% 88
7778
EJInklaB fund
Reglatoreci
93I2
78U 9334
81ij 87»4
87U IO3S4
80'4 104
Nov'21
8II2
85I4
I
104
104
109
101
100
100
80
1S80-1926
1987
4e
Keglitored
ainklag fund 58
ReglBtered
78I4
8014
8SI2 87I4
IOOI2IIO5
9834
95I2
10412
72
94
SO
Dec'21
Mr.y'18
Dec'2i;
Aor'2l'
88I2 Jan'22
10478
t*
Geaera! 53 stamped
eiiikin;; fund 68
99
79
104»»
19»4 j
Cons extended 4^9
Ohio & N'west E3 4b..-188(S-'26 F A
Sepf20
OS
79
97
92
87I2I
9712
8434
11158
77I2
11
10334
10334
87-%
Sale
801s
SO'8 Sale
77I2 79
9218 97I2
92I4 93
8018 ...
83l2 87
4,1
I
Jan'22
Dec'20
60
(1134
I
July"20
Jau'22
July'20
110
110
<)9l8
M
MN
Jan'22
Dec'21
IO4I4 104
.041s 104
94
94
88
S
1937
1957
All 4 West lat g 48 gu
1998 A O
Clear A Mab let cu g S8...1948 J J
Pitta
Soeb 4
COD lat g 8a )929 J O
PgenRBs
Oouaol 4ViB
•
104
104
104
82
199f
tieoc
m
Buffalo
I04'
01
88
196( i £
!»«( i IOonv 4s taauo of 1610
ii
192^
East Ol^la Dlv 1st g 4a
J
19ftf J
aooXy Mtii Dlv lot 48
J
J
l^b^
Qhort
L
Ist
4s.
Trana Con
D •'.*.•
;1932
Oal-Arli let A ref 4,4
S
a Fe Prea 4 Pb 1st g Oa... 194;
S
cibh'x
Atl Coan L lat gold 4a
St
N
193C
tO-year aaoured 78
19M J D
Qea unified 4>ifi
192^
Ala Mid lat gu gold 88
}
lat RU gold 48.. 193^ S
BniUB A.
J
3
7(i..l83r
Obarles «i Sav lat gold
?4N
al9S2
ooll
gold
48
L
(i.
O
lat gold 86
Sav F *
19.34 A
lat gold fla
J
Wlc.
Bait ft Ohio prior 8Hb
»l»2f Q
Beglateroa
»194f A
lat SO-year gold «b
«;1S4S Q
aoglaterod
1933
10-yr oonv «Hb
j'b
A..19Br
5»
aerleo
aefund 4 gen
1929 1 i
Temporary lO-yr fin
1922 i i
Pltte Juno lat gold Ga
Dlv lat fr 3^9.1926
&N
1041;.
1967!WN
New 4Hb
4H%
99
99
9738
9733
82I4
8212
82I4
5 IO4I2
24 87l2
25 8734
191 8734
90
92if(
Q J
J J
K. S
J J
MUw ANor l8text4>43.--1934
43
30
98l2
761.
IO6I4
J
26-year ilebentore 4a
J
Chic A
Riv Dlv 69
J
4 Puget3dlBtgu4B-.1949 i
1924 J
Fargo 4 Sou assum g 6a
Stamped
9812
9934
951s
;1
J
J
1932
1926
1934
1928
General 48
983j
87
gS
7034
87 14 "8934
N
IW
A O
c2014 F A
Permapenc 4e
4334
llOls
IO884
10234
1031s
97I4
II4I2
of i
Ctntx ond City SseurUIej
V
c;.014
4H9
Couvortlblo
69
68
981? 104
94 10812
1
35
ll
771.
Oep
Gan4relSer A4H9
Qen rel oouv Set B 5b
98
847s
0718
83
M
9514
87l
otfa ol
23
9
8334
1949 A
1960 3
C By iBt 63
Ind
86
86U 101
SOU 9GU
88
88
111 KRcnew CO) gen 59...195l'M
Chicago Great West iBt 48
1959|M
Chio Ind 4 Loulav— Ref 6a.. 1947 j
1947 j
Refunding gold 68
1948 j
Refunding is Series C
1958 J
Ind 4 LoulET l3t gu 49
1968 J
Ohio Ind A Sou 50-yr 49
Cblo L S A East lat 4Hs..-19e9 J
A Br. P ffen g 4s oer A.fl989i J
Cb
el989 J
Gen'lgold3HBSo:E
el989 J
Gei:eral4>:ieeerleeC
9738
9973
10014
125'
4
C&E
101»4
81
75>a
180
69
58
199
439
33
97
82^8
Guar Tr Co
Chio
68
'">
3
J
Btamwd
70% 87
^1
9534
85I4
77»4
85I2 1081a
951 2 IO8I3
9512 1091a
24
100%
90
63
125'
73m
10
99
lOllj
27
74
5738
4434
IIOI4
10634
1005s
99
99
l'J8«s
94>4
IOOI2
10038
92I2
104
95
98
9975 112
961s 1091*
90
F A
O—
64
100
6
IIOI2
10978
8412
951.
9278
951.
Htclt
89%
Xattwav 1st lien 3>iD
Chic Bm! *
lU Dlv 3H8.i949 J
IlliuolB Dlv 48
1949]j
Ne!>rii2ka E.t&anelOE 4B...1927JM
Rcslstsrsd
1927 M
195Slm
GeneraUs..
Cbio 4 E 111 ref 4 Imp 49 g. .1955 J
U SMtgA Tr Cootsof dep
1930 A
lat conso! gold ea
1937 M
Genera! oonsol lat 6s
S
Mtg
Tr
otle
of
dep
4
Co
U
87% 98
•^2
High NO. Low
9514
26 sua
J
20-year coovortlble 4H8.-1930
30-year oonv eecured da
1946
Big Sandy lat 48
1944
..1945
Coal River Ry lat gu 4b.
C-alg Valley 1st 8 59
1940
1948
Potts Greet Br let 4^
B 4 A Dlv lat oon is 4>)...1989
1989
2a oonsol gold 48
Greenbrier Ry 1st gu g 4s. 1940
Warm Springs V lat g 59. .1941
A Alton RRrefgSs
Sale
1921.
74I4
MN
mN
iw B
M K
4Ka
92I4
95
1939
1939
1992
1992
Chic
96»4
9634
3518
831-
94 »4
72
76
107
109
fie. 1937
1987
8412
951.
92I2
Year
'
«)
Last Sale
Sale
95I2
92I4
Rmgt
'
I Si
or
D
6ii..I949 J
1947 i
1946 j
Resls'i,ered
105
97
04
M
41987
Regist«red
General gold
031. 78
951s 106*4
97S4
87
9634 107U
«3I< L>7
93?« 108»4
9034
74
U3
8678
83
N3
12
86^1 Sale
8I34
Q
10334
4512
10712
S812
a
—
aeitec
106
106
1945
golc: 03
iBt couso.! gold 68
100 100
7 61 J 83
79'!
75
102
3S2
73
14
84
A
N
lat 30-yr 5B.38 .1
let gold 68
i)1945 i
CbosaA Ofuud41mpt6s...l929
9
D
Ohio
Registered
102»t 104iSg
7958
IO7I2
9612
8134
S2i2 dale
103
IrsJar.a
Second
(
Deo'21
80
(U K oO—
9334 Sale
20-ycar goia bead 6Hfl..l987 F A
10-reor oonv O^a
1929 F AI 1021,1 --^v't101
Sale
3-vear ccav 8 Ma
P1922 y Ai
i)2i2 Sale
Itali' (Klngdcta of) 2sr A 6Ha."33 r A|
Japauosc Govt £ Joan 65^8.1925 r A- 87^3 Sale
Gt
83
lOSU
O
M
Oa
1921
Am Dock * Imp gu 68
N Y 4 Long Br gun g 4a.— 1941
105U
104
J.ll.v
01)
106 Is
MN
20-yoar ext8"D loan 7><8
&
Central of
Mobile Dlv lat K 09
Cent RR * B of Ga coll «
Gout ol N J gen gold Sa
S5 34 98.14
"10
105
Jair22
IO4I4
Sale
no's Sale
lor>i8 Sale
ICo^s Sale
MNj
110/7|
lOO'i June'ii
10i;l2
M
MN
Denmarli -utrsmal n i «g
1946
Dominican P.^-p Cons Adm isr 63 58
French K«publiii 2.i-yr ext 88.1945
Car Clincb
Mac 4 Nor Dlv Ist g
Mid Ga 4 Atl Dlv 6s
100 32 8006 ^5.56 100 20
100 30 1125 J5.80 lOO.Os
10 100 100
IO2I4
10
79
D
96.76
Range
Feb. 3
3
gS
WeeVs
Price
Fridav
lO-jr temp oeour Cs June. .1929
Chatt Dlv pur money s 48.1951 i
97.50 4138 S8.00 98 24
100. Id
823j ._
8234 .-
8
Argentine Interna! 5» os' 180B. .. Ml
Belgium 151-71: nr.t « f 7Vi s g.lfliS 3
5-year &% note*
Jaa 1925 i
1941 F
20-ycar g : 8i
1345
Bergen <Norwar) z ! Hi
1946
Berne iCi';7 of) S i *a
Bordeaux (City of) 16 ir 88.1934
-lG4t i
Brazil, u Saltern 8a
Canada (Dominion of.) Bfia-.192B A
5s... 1931 A
do
do
10-year 5H>>.-..
19;:9 F
Chile t:-Di;bIl!c) est af Sv— 1941 F
External S-year a f 83
1928 A
25.year a f 8fl
1946
Chinese 'Buiuaog Hy) in of 7.911 J
Christlania (0!ty) « f 89
1946
Copenhagen 20 yr o f (5)<i8..I944
Cuba t.iternal ibt Ca ol. 1904
Exter dt of 9fi 1914 KM A.1949!F
External loan &yie
1849
Danish i.u Maoietpaj 8s "A"194tl F
Series B
1948 V
30 85.34 9760
96.705601 05 30 97.80
95 86
ae/asJ»«l
Cid
Ask Low
94I2 Sale
Canada Sou cons so A iM
1982 A O
94
Canadian North deb a f 73.-1940 j r> 110 IIO14 110
194i'
10934
110
2.')-,\e;ir3 f .h'bOHa
1109
J
J
Higlt
96.40
96.74
100.
Sale
100 16 tJalc
1991
1961
Week ending Feb.
1921.
90.50 1904 186.00 98 80
4! 86.24 97 98
98.10,
95.92i 832, 85.40 98 00
42. 94 00 100 50
99.10
95.00
96.40 dale' 95.32
MN
MS
H93e
Pan CanaJ 10-80-yr 38
Canama Can%i 8l E
BOND&
aroCK EZCH.4NGE
Y.
Consol
— MN
<1030
41930
ooupoD
S
Year
irteomt
except for
Range
C>on
Htgh No. LotB
ASk Low
95.20
9J.00
Loan
ta eonsol reglstarefi
Last Sale
90 50 3alo
Noces of 1922 192S
Notes of 1923 1022
2a oonsol
Feb. 3
98.60
«X%
VIotory Llbertjr
Week's
Ranoc or
But
U. 9> Govarnmmt.
mrst Ubariiy Loan
=>s
So
Price
FTiAay
^1
BONDS
B. Y. STOCK EXOHANGiC
Wtek endiag Kcb. 8
are
"tf
5978 'so'"
22
,
I
i3
66U
96
99
91
96%
.Option
sale.
New York BOND Record— Continued— Page
ONDB
Friday
Week's
Range or
Feb.',
Last Sale
Price
iTOOK KXaHAKOE
Y.
no.
Week eudins Feb.!
N. Y. STOCK EXCHANOB
Week ecdlnK Feb. 3
Year
1921.
High NO. Loxo High
Bid
Ask Low
Del Lack * Waetern (CoacJ.)—
Warren lit relgu g 3HI-.--3000 ? A
0958. . . 10218 Feb'OS:
Delaware A HudMD
96lj 99^8
99^8 093j 97-%
let Uan eculp 8 *H9
1833 J J
6,
-
MN
4
Ut rel «a
l()-year ooov Os
1843
183S A
193C J
lO-year seonrea 7S
89I2 8SI4
9II4
Sale
1071; lOQi; 108
7734
7734
SSSg
U
Alb A Biua ooov 8M9
lOM A O
BenM 4 Saratoga 20-yr 01.1641 M N 10W4
7312
9«n A B Or— 1« OOD! B £E..i93e J J
7634
Oonsol gold *H8
2930 J
7812
ImproTement gotC C(
i92i J
4612
lit A refunding 9fl
I96£ F
43
Tnut Co certlfs ol depoal*..
Bto Or Juno lot go Ss
:.1936
Bio Or Sou l6t scia 4e
1940
Oaaranteed
19«C
aio Or West lat colfl 4«-..1936
Mtge. A ooUtruet 4b a.. 1949
Dec * Mask— lif !lan £ 4g...l99e
GoM
J"
J
J
J
MN
M
NY*
M
M
W
M
D
MM
MN
NY*
M
W
H
M
t
M
W Dee erii "A*
Bay *
I
Oebentnrs
78
81
52 12 '55
rgimawifl Hnea IHa
» O * Texaa (oM 4a
1963'j
Bailiiaawi.
16-T9U
m*
'
16-year aee
.-
1
_
19841 J
I'lrv j
--.1050
J
.II. 89
IO5I4 lOSM 1051s
99
•_.-
80
j
D
sr
<iit 71. _lU'i,
i»
•
atiar 1 a«
lu a
4hi
R'.
'
*l
RN
mi
22
"8'>'
76'>2
871a
99
'
'SSlj
76
11
53
61?4
40
40
50
8212
88
88>4
eoii
6912
715s
6912
71
66
84
66
61^s
80
fi2i4
88
no's
89
77
I
99''2
'i
1031a
26
Jan'22
86
OU
75
80
03
90
94I4
65
70
90
67g
-ii
'^*
81a
74
S3
65
8713
'1"
;
;
S934I
Nov'21
871.
70ia
70
80
81l2
mil
;ig
es
Xiuv'ld
72"
Ocf21
78I4
78>«
64
Oec'2u
...I
7712
1
)H!i
.^
1
OHI4
I00<4 IW134
811
83>8
781a
'
li
~
*
70
*
8718
657fc
.
..
.
6S
70
ei
Jaii'22
De<)'2l|
80»ii Nov'lr.i
60
&Q>4
681a
74i«
Ocl'2l
Nov'lO
W^4 IIII
U2
94
.Mi»y'2;l
h.V,
7;)
Mar' 111'
Tl'* • •
• .
Ml,
-
.
.
»'•«
03
70
It
MM
A .!,<
'8OI4
'»4
31
j
J
J
A
3
N
D
S
Jl
O
S
3
J
D
BeI4ext50-yr5eSerA...1962Q F
Des M 4 Ft D lat gu 4S...1936 J J
Iowa Central
Ist gold 68.. 1938 J
48
1951 M
M St P 48 S Mgold
oon g «a Int ga'33 J
Refunding
lat oona 68
D
S
J
1938
ic-year coll tr eijs
1931
ChU- Term s f 48
19.II
S 8
4 A iBt g «8 tnt su'20
Mississippi Central iBt 68... 1949
Kan 4 Tex 1st gold 48.. 1990
3d gold 48
tfl990
Trust Co otfB ol deposit
1st ext gold 5s
1944
Ist 4 refunding 48
2004
Trust Co certfB of deposit
...
Gen sinking fund 4 He
1938 J J
Trust Co oertfB of deposit
8t Louis Dlv iBt ref 4a
2001|A O
5% secured notes "ext". ..1818
Dal! 4 Waco 1st gu gEfl... 1940
W
li-t
M
M
—
Mo
73I2
73%
SI
9014
95I2
811s
911a
Oct 21
Dec'21
9612
Sale 107 14
95
"97I2 IIII
10
80
25
79^8
I>cc'2l
W».»17
f,ft*4
n''^4
Olla
'76"
'«(•'
ftsu
KMia
7fl'4
78
03
M
06
•a
:
ieii
70
14
h6i|
N114
K714
7^'
l>
n
N
e
194rA e
7H1,
I.".'*.
»*
«7««i
'•I
i
17',
«7«4
tib't
II7I2
00i«
IM
ioni lOPi
'MopfleerrVlayJatMtbM and aakrd thtowaek.
iriO'i
Jarr22'
Mar'13
102
eDii«Jan.
.. 31
'
ft
fl7'i
Sherah4 8o I8tgug5s...l942
Texas 4 Ukla Ist gu g 68.. 1943
Mo K A T
Wi/— p 158 Ser
J
64
7711
84
83
87
S3
7558
631a
77*1
80
100
78I4
89I4
78
73
93
109
93i|
lOlij
76
82i|
SOU 61
15
82
691a
GOS4
90»4
100
100
70
83
80i«
90
84 14
Sll
9413
78
90'
91>>
81
91
97
94I4
95Si
801s
64I4
77
70
33
Sale
31 12 Sale
36-8 Siile
70
70^8
33
S7I4
9S
102
Sale
8712
9838
Sale
S5I2
95
96
8118
7412 Sale
5012 Sale
5034
,
I
D
A
40-year 4a Series B
10-year 6s Series C
IIIIIIII
Cum adjust 58 Series A
Missouri Pacific (reorg Co)
Ist 4 refunding Ca Ser A. 1906
1st 4 refunding 6b Ser n-al923 F
1st 4 refunding 68 Ser C..I928 J"
General 4a
1076
Missouri Pac 40 year 4a
'l946
3d 7seiC(;Qded at 4%.. . 1938
C«nt Br U P 1st g 48
1948 J
FacRof Mo 1st ext g 48... 19381
2d extended gold 6b
1938 J
BtL Ir .M 4 8 gen con g 68.1931 A
Oen con stamp gu g 6b..193I|A
Unified 4 ref gold 4s
1929
Rfglstorod
1920 J
M
MM
BIT
4
Verdi
V
Dlv
W
4
lat g 4s
let g 5d
1933l«
.
"
N
84*8
1928
Mob 4 Ohio new gold 8a
1927
lat ext gold 6a
»1927
Ooiioral gold 4a
1938
Mootgouiory Dlv let e 6b-1947
St Louis Dlv 68
.. -1927
Pt
tlalroguar g 4i.II'l931
(?a*hv Chatt 4 at Llat B8...J92H
JftHpflr llrancb Ist g Os
1923
1
Not Hys
of
Mf t
pr lion 4
Hs.
New
fi,
.,„
N<J'.
'62
io6bA
lt*36
7«..-
1080
1008
.2018
I" A
-A"..
-.B
,4 UuflBlTW—
V.
1997
.1007
DoIm
Id 4a
.1084
i(.
.1034
»!)->.
.^
.1048
I
iJiLii llH.rnnollgSHa.
.1000
Ill-lf |HI«T«<<1
.1008
Mlrh ' ont <k,|1 (old 8Hl. lOOH
ItovUtitrnrt
H«ttt«
(
<
r
4
fwk
la
lit
RxylnUirnd
Id Himr
ita
4«.
.
U'lld
Ai
.
Hhorr
flmilalnrfid
3*
e»is irn
Mob
|>f>i.<-riiiirr-
I
iu,t
OHO
1088
83
84U
06
W)
71
87
-10f.8iJ
76li
73
87l|
• • ->
H3I4
73l»
M
84
00
07
03
71
« • .
^
I
.
•Ua
HO
78ia
7nii
IIIRfllJ
.
Witt
7H
ni'.'x
7:114
M
nDiiannpt.
78
Nov'ai
U2»»
U3>4
Ulli«
III
atmeOfli.
•
"i»tlon »«l«.
no
AOli
H3I|
fl3>i
-...
..
.
>
. » .
•4*1
08«t
I
NAli Jiilv'2t
Hlh Jitir33
N3<4
* ixie July,
SOh
I'ln
^ ^
1
DlMJaoe.
27
60l|
ltiU7iJ
ttoW 4a
-41
2illt
86*4
6I«4
73
|ii*
irolfl
30>»
71
t a^i tiunilA
Cart A Ad 1(1 an 4s.
lOMl J
A (i«we lit go I Aa. .1043 i
^ A (I i( lit an g r>R. . l!i:iftlJ
BeocTi r?r Kti
19
iHia
82)1
itniN
Htur lat gu
•»H
88l|
98l|
90>|
um
.
'
BaM<b
78«»
86
liO
HU convdab8a...l036
"Oil tr
7514
77
76it
OHi«
671.
68it
lOOti
N7
98 10«»4
jHna
1926
o lit OS
T 'Vni
lO-vmr
Wfw
i„t4,
00
80
7V1
19571
4 Impt 4HsA
N'Kli,. r«f
lOPt
OUn
riuaraoteed Keneral 4a... 1077
Naiof Mpj prior lien 4>j9... 1028
lltconoul4s
1961
78l|
9U
90
94
00
67
LA
U2
Diie Feb.
57la
86
79
M K & Okia lat guar 6b.. .1942 W N
M S 4 T of T 1st gu g 58..1943 M ?
771a
H«l|
7'i'i
tXI'«
<2l4
ti8
M
!.j4.';i
70<t
63
Jaly'20
101
101
'
Jill
78
Mar'iu
Hov'lO
'
104' J
981]
KunClty 4PaolBtg4a...l990 F A
Mo K4 E l8tgug6s
1942 A O
l(i<Ulnt«rfMl.
'
114
68
91
8518
Nov'21
100
Dec'21
71>a
91
83*4
100
80
98
Feb'05
Oct '21
100
70
85I2
82I4
90
58
lOS
9378 95
Otis
941s
IO2I2
100
Oct :;i
9658
100
Feb'20
8O34 ...
80
Jan'22
5912 61
61
61
Si '4 82"s 82 14. Jan'22
9534
9034 Nov'2i
IOII4 ...
100 Sept 21
81
8OI4 Deo'21
83
9413 95
96
Jan'22
86%
84»4 N0V21
7612 79I2 7Si2
7812
94I8
77^8
25
2i
J&n'li
July'21
ADr*21
S9'2 Jan'22
80
Jan'22
99 13 INOV'/O
96I4 Dec'21
89I2
108
"83'4 '8334
Jan'22
77
0614
I
July"2I
77
High
9138
82I4 Juue'21 ...
78I4
78I4
98li N0V21
9924 Oot'06
73 14
71
10
8312 Dec'21
im
8912 Sale
86
98
M
M
M
C'<>'"
OM«ii
7Hi8
07'i
O--'
.1941
.104/
j
Low
4
M'lrluuun 3 Ha.......
94
72
64
1,1.
n
'98 li
d
41952
—
If
_• 1
I
HO
H.
77
SQis
1983 A
1946 IH
Mex Internal let oona g 4a 1977
S
Stamped guaranteed
1977
S
Midland Term let b ( s 63.. 1925 i a
Minn St Loula Ist 78
1927 J
lat oonsol gold 68
1934
N
iBt 4 refunding gold 4s
1949
S
H<'
26
1
70
1)4
Hn«4
'
"hi'i Hnlf
%
J
Noil
Hr;;:.-.;;
'
9OI4 ...
88
971s
95
87
S3
88% ...,
j
4Mlatg4>^s.l946
Gee cons gu 60-yr 69
La 4 Jef Bdge Co gu g 4a
8212
9112 -84I4
78I4 7812
99
99»4
SI'S
89I2 90
87
..
7612 77
73% 7378
f
Q
N Fla 4 8 Ist gn g 6s
1937 F
N 4 C Edge gen ga 4>is...l945 J
8 4 N .Ala oona gu g 68
1936 F
WO *
64U 76
nM« Dec'21
-
681a
64la
76
H7"';
00
KUiii 10h»4
7314 ' 6
(
HO 211
e.»3«
8.1
7«'i4
Det'2ll
Jajr22
70
66
747,
7214
fill*
81
ecu 81
43 '86«4
'•8>t 8flpl'2l|
•;
66
Jan "22
1
C
M
L 4 N South M Jolat 4a... 1962
72
'71«4 's.Jij
1
9^34
(111.
ll
31
831s
.
8
M
Reslstered...
Oot'13
Oct 21
70
98
mK
n
MN
L4N4 M
105
78
S
M
m
M
9338
9112
82
79
80
99I2
99
9012 10312
.
78
Dec'2l
82I4
89
85*4
9
NY
High,
S
d
s
D
8
d
n
m
M
N
60
9934 111
95 IOOI2
7a
1937 ih
Guar refunding gold 4s
1949 m
Registered
1949
YB4
B let eon g 6S.1936 a
4RBl8tgold5s
1927
Nor 8h B Ist oon g gu 08.81933 Q
Louisiana * Ark 1st g 68
1927
Louisville 4 Naflbv gen 8s
1930 j
Oold 68
1937 M
Unined gold 4a
1940 j
Reslstered
1940 j
Collateral trust gold 0b
1931
10-pear seoured 7b
1930 m
L Cln 4 Lex gold 4H8
1931
N O 4 l9t gold 8b
lOSOil
2d gold 68
1930 J
Paducah 4 Mem Dlv 48
1948 f
St Louis DIv 2d gold 3b... 1980 w
Atl Knoxv 4 Cln Div 48
1966 tti
Atl Knox 4 Nor iBt g 68.. .1946 J
Hender Bdgo lat a I g 8s... 1931
Kentucky Central gold 48.1987 J
Lies i East lst60-yr 5aga-1966 A
Ask Law
97
8518
M
S2I4
8 11
"7
<»6
.i»4i|a
8S
77
97
July'09
81
803,
05^11 8cpi'19
84 1«
861a
08
\m»A
-;
10/W
m-Vt'^ii'im' •I0»S
4578
Dec'21
78I4
79I2
7812 Halo
76>i
.
••M VTarm Ry laiiagSa..
'•* Va
rt6l|
... . ....
IMI J
.tnv m
I'a)
*i
37
76
UH'<i
nrms g 4a..
fimnrrt} nnnt ti^»
.. .3na la
Aaftlc:i
341a
Jan'2l
84
72
80
lat 4«
19«
Mliifta.. .in:
:
3(J
32.
Jan'22
767«
lOV
bak'
7812
40I4
Mar
Mai '20
815s
<'>ld8a..l(|.v
Apr
47»J
72I2
35I4
21:
83<8 Sept 21
7812 Jaii'22
'>•
r.0
kan
86
39I4
47
82^8
8312
73I2 Jane'l:>>
95
55
39
Jan'22
Dec'21
Jan'22
70
95
er-a
55
73
Jau'22
Sale
78
96"
92
51
Sept 20
9
701j
8^3^
y-j^
9334
39
136I4 Moy'OO.
8
75
6412
9212
8758
;
93U Dec'21
Hii
•f*tfaDi6i
irni; Trrm
OU
84
39l«
8912I
90
65
Jut 4«..lb/'.
<
50
249
los
97is
S«l8
7Bii 78
70*» _
.
•
I
Oct '21 .-.;; 8214
Dec'21 ..--u 81«4
96
841a
7»l4
.
I
•
6212
64
11034
10312
Jan'22
..
57
I
Mt«-'2i|
..1061
f
78
Jan'22
lO'Ji
Sale
65
...I
54
Apr'2i
99
83'^
1434
77
131
IO6I2
....
10
6II2
47'«
87
861a 93
O412 101
\i
SS
09
90
85
j
-' "•^ariaiA.lOA?
iohit •• '-'
Mni'
1061
g4«
1061
I
I'l KO I 41 .. i'j;-i
'•t a <• ... .13V
W
9 lis
88
8SI4
^
tie
tmtam
95I2
II
95
"sosi '83>»
aUarAOar 1st
..ion
It (Old 4a. .1083
OMoSl L * N O gold Oa....1041
.1061
OeM SHsT!
1061
IM
I
77
HO
oou sm.
.1061
•pna«1 JMir lat g a Ha... ..1061
VaMam Uoaa lat g 4a.. ..1061
Oa>b * Bbai*
4134
-4US 21
"9"
8718
8812
JH.-lBtli .
'D«T* iMcuiiaxa.i063|j J
DIvlitgoklSa
lOAllK A
0«I/oalaD1v*T<rBig8<..lfiAl J j
aclRcred
80
72i8
8618
4OI2
10734 Sale 10714
8SI4 89I4 88I2
82I4
19661m N
.
78
84
36
Nov"21
78
S9's 8S
110-*8 llOij 110
10214 dale 102
1068|M M
1908>m h
t»
>l
84
70
83
m
M
mounn
8312
72'8
a
1901
1983
1063ia
R
..
19341 j
76
3Si2
3Sl2
8212 AUi'21
72
Nov'iei
53
53
23I2 Jan'17l
8M
Apr'2i
6912 Apr'21|
6912 ADt'2i>
8414!
83^3
Apr'21,
66
42
391s
194e'Ffl
401*
'91"
Dec-21
54
40
Sale
Dniriofl gold 4b
Debenture gold 6b
20-year p m deb 6b
Jaii'20
971-
55
Gold 4s
1922
1932 J
97
J
j
J
j
j
m
4He
79
-I
9434 Nov'lfi
98l2 Aug'19
55I2
56
41
75:1,
62
75I2
7838
5OI2
4818
I
I
78
78
M
86I2
35
8018
Jan'22
3612
3512 Sale
35 Salej 3412
36
35I4
38
3is
Sale
8534 86I2 8512 Jan "22
90I2
9058 Jan'22
79I2
8134 Sale
S134.
S5I4 80
80
SO
10218
97 Jun 21I
8818
Janis
103
86"8
8312 Dec'21
8038 82
Jan
18
85
l»4a a
I960 F
0i.l037 j
Mtaola Centra) lat coid 4a.. .1861 j
Betlatrred
1961 j
lat goia 8Ma
1901 j
BedBtereo.
1961 j
extended 1st gold 3Ma
1901 a
OS's
Lab4N
11714
Jan"22
102
97I2
39
SO
35
"94li
92
iO
13!
S3is
831s
95»8 Jan'22
93IJ Dec'21
IO5I2 MaruS
8634 Jan'22
92
104
8712
78
I033ij
Retilatered
lat Int reduced to 4b
10331 j
Y l8t guars 4s
1946;
Long laid let oons gold e8..ftI931,Q
lat consol gold 4a
ai931:Q
Qenoral gold 46
19381 j
168
476
40;
Apr'll
1434 Dec 21
75 12
74 Is
62I4
64
6212 Oct'21
50 May '21
95
102
80
4134 Sale
Ool
Ool
1901'
48
Nov'21
6II4
89
10991 j
Be«latered
latgoid3aetert)Dg
OollatBral trost gold 4l
Batfatered
IM rafandlni 4s
77
79
47
44
lOig "17I2
lO'a 40
10034
66 Sale
Fe
* B V lat ext g 4a
* Tot iBt ext 4a
•Baton Belt 4 Term lat
76i2
7612
77
9612
lOl's 103
77-% ....
9712
Ott * B Hat ref * t g 68..S1002 j
oaklns Va. lat eona g 4>ii--1999i j
egWt«red
73
4OI4
46
81% 87
F^'
"B"
ot«a
4;
7334
77
54
743g
lOOU 10913
4;
78
42
94I8
D
n
7734
Sale
Sale
96
MN
N
Sale
7438
6312 Sale
6718 78
5738
83 14 'S3>s
J
199i J
Det BIT Tun Ter Ton «Hfl— 1981
Dal MlgaatM * Nor sen fig...l94i J J
D«l A Iron Bonge lat fia
1937 A O
Begtoteroa
...1937 A O
Dal Bou Shore * Atl g Se
1937 J J
Blgln Jollot & EMt 1st g 00.. 1941 M N
Srle lat cduso: goli 78 est ..193C
S
Erl3 iBt axt g 4s
1947
N
8rd eit gold 4^8
...1943
S
4tb ext soM 08
193C A O
5th ext gold 4a
1924 J D
N Y L S; & 111 78 ezt ..193L
S
Brie Ist ooas g 4t prior
199e J J
BeglBtered
199«
lat ooasol eon lien g 45..I99e
Hogliterefl.
1998
Peaa o(dl trost gold 4a.. 1051
SO-ysM oonv 4a Ser A. ..1963
Oo aerlea B
...1963
Gen eonv 48 Seriea
1963
Que A Erie 1st gold Sb
1982
dere A Mahon Va'l g 0s..l93i J J
ftle A Jersey 1st s t 6b
1966 1 i
OeneeBee River is: s t es...l907 J i
Lon* Dock ecnsci z 6s
193t A O
Oa»! 4 EB lat onr go 8s.. .1922
Doek 4 Impt Ist ext 6s
1»43 J J
Oreen L ga g 0b
1946
N
N Y a-jsa * 1st rel 08...1O37 J J
Id gold 4H9
1937 F A
Geoeral gold 09
1940 F A
Terminal is; so!3 eB..1942
Mid oJ J lat ezt ft
1940 A O
Wllk * East let gn g 3a
1941- J D
Cv * Ind iBt sons ca g 8a
I92e J J
tTAna * T E lat sen g 0a...l942 A O
Mt Vs^DOQ ic: gold 8i...l933 A O
am C<) Bcaoeb lat K 6a
1930 A C
rtoriaa K Coaat lat 4Xs
1969 J D
#0»t at U
Co Ift g 4Ka...l941 J
Wortli * Blc Of I:,t 3 4s.. 1928 J
OaiT Houa * Hena Ist
1983 A
Otand Tnink ol Can dek 7«..1940 A
10-yeiir a 1 da
1936
Oreat Nor Oeo 7a aer A
193e J
lat*ref4XBSme8A
19«I J
Beslatereil.
1981 J
Paoi
* Maa 4i
1933 J
lit oonaol g 88
1933 J
u UnaraO.
1933 J
eflooea to sola 4MI...1938 J
Basktered
1933 J
Mont ext lat gold 4i.IIIl937 J
Beslftered
1937 J
Faotae e:t cna? 4t »
1940 J
E Minn Nor DIt in g 4a.. 1943 A (
Mlno Union lat g 6a
1022 J
Mont C lat go g 8e
1937 J
aeglftored
1937 J
lat gnar fioUX S«
1087 J
Win* a F lat goM 0a.. .1981 J I
9;
44
917s
IOSI3
Leb ValCoaIColBtgae68..1033!j
Ferry gold
74
A
ta
8SI2I
9U2
O
BONDS
Range
§>§
72 83
3H| 7iia»
HO
70«l
•
77
7:i'4
04l|
•1
•w
j
"
506
New York BOND Record -Continued
BONDS
N T Gent A H H BB (Of*)—
Mabon CI BB l8t Ca
1934 J J
MioblKSD Central Oa
1931 M S
1931 Q M
BeglBtered
1940 J
1940 J
4e
BeglBterefl
iLASlatgoldSHB
lBtsold3«B
ao-year debenture 4b
1961
1952
1929
M
J
S
A O
88
73
75
t
MN
MN
M
W
TO*
j
J
68I2
CO
50
701s
68
9218
77
8718
70»4
70
96
68
77l2
9714
7018
6Si8
9968
751a
661a
50
76
50
811s
8634
83
66
99
84l8
90
66
81
78
777»
87
7038
Tllj
85
6778
10;
8312
M
M
W
M
M
M
N
N
A
j
4Hb
QeneraUHa
General 5b
10-year secured 7b
16-year secured OHa
Valgenguarg4B
OBBBft
ZHa
8Hs
3HS
3 Hs
reg A. 1937
Ber B.1941
trust ctrs O
1942
trust otf
1944
1 6-26- year goBd 4a. ..1931
40-yDar guar 48 otfslSer E..1952
Oln Leb ft Nor gu 4o g
1943
Olft Mar l8tgug4Ha
1936
D
CI4 Pgengu4HBBer A..19i^
M
Aab
V 4
J
S
8
j
D
S
S
S
D
J
75
Jan'22
2,
89
IO5I3 107
104
F
D
M
J
J
S
mN
MN
N
M
OStLft P lBtonnBgOa...l932 A O
Bait A W iBt s 4B...1948 M N
4 Sou latg 68.. 1924 J J
O R J BR 4 Can gen 4b. ..1944 IN
Pmia
BodUB Bay
3
IPfio'j
J
and asked,
58
1
8358
Jan'22
Jan'21
IO2I3 Deo'21
86I2
84
84
60
8738
61
May'21
July'21
75U May'21
76
Dec'21
Sept 21
78
79
76
Jan'22
79I8 Jan'22
96S4 Jan'22
88
Jan'22
loaifl
Sale
IO5I8 Sale
106 Sale
86I2
837g
74I4
73I2
7312
73I2
87l2
80i8
79I8
873^'
9612
88
'.1434
961c'
Feb 20
72
Nov'21
7238
7513
70
871?
79
80
3
10
42
77I8
9li8
92I2
9114
IO6I2
IO6I4'
Jan'22
Jan'22
Apr'21
87I2
6V
85
91
88^8
84
80
84
84
88I2
9178 Sale
99
Jan'21
54I2
80
29
48
60
39
73
647«
80
74
75
8358
8018
9234
96
90
90
99
10658
70»4 8312
9858 9018
73»4 83
73
741a
52»4
85
82
6238
04 14 6078
IO9I4
9688
8734
73
88
88
9618 109
9858 IOOI4
9912 100
911s 92
75I4 75I4
78I4
68
83
041a
74%
89
99
80
84
72
72
677«
721s
68
67
69
70
76»s
09*4
8558
79
881a
91
67
07
Apr'20
78ii
Mar'lO
July21
Dec'20
8ept21
84
84
88
84
80
88
821a
84
761)1
77
Jan'22
Jan'22
Sept 21
821s
881s
85
88611
83I4
84
Nov'21
Nov'21
82
84*4
751a
88
Jan'22
May'21
917s
80
81
8838
Dec'21
831s
9312
Aiiu 21
92
961s 96
81
80
79
Due Feb.
10
801a
7718
63
36it
f
80
00
76
50
Due June.
8234
717a
73
70
88
73
16
Aug'21
8518
J
3
i
129
J
J
J
J
66
54
475
632
69
A O
Oct
J
J
J
67
08
7OI4
7OI4 86
846g Oeia
61»4 74
446s 69ti
93l« 1007a
1
1
87
95
77
77
92<4 101*4
M Bft B letgu6B..1929 A
W Ist g 4b bond otf8...1989 M ON
37
L8
62
78
76««
87i8
50
627a
J
S
37
25
60
77
66
M
J
J
8
O
O
A
©
39
97
S
j
J
J
D
D
D
A
O
J
N
N
N
J
N
6b
General 6e
Va 4 So'w'n lat gu Oa
lat cons 60-year 6b
Ist oy gu 4s
O4
W
W
Spokane Internat
Term Asan
J
J
a
Due
Oot.
98
92
97
97
95
85
75I4
7812
94I2
94
8934
5612
»S»t
80
87
90
934
83
86S4
85
80
90I2
80
87I4
86<8
90
881a
84
92
964
04
80
78
04
87
88
226
731*
87<a
22
lis
68
80
83
66
817t
140
69l2
921a
064
88
Sep/2i
62
82
86
84
2
84I2
93I2
72I2
961s
75I8
63
Deo
781s
953a
S478
Jan'22
Jau'22
90
58
571a
Dec'21
Jan'22
Dec'21
Jan'22
Au
Nov'21
68
S8I4
8412
947s
70
57I2
9612
95I4
64
67
67
21
9978
9878
7648
9318
96I4
Jan'22
88
Jan'02
Jan 22
94
91
88
06
60
9014
76I4
774
63
674
02
934
93
82
69
60
06 14 lOOlj
»7l4
96
'21
75s,
70
88
68
86
Dec'21
Apr'^i
9534
95*4
9318 Dec'21
9078 Dec'21
92I4 Dec'21
8UI4 Oct'21
94
95
704
70
934
00
OOI4
9318
934
90
907,
8«l4
924
8 14
80
601a
76
86
74
Jan'22
86 14 Mar'21
S514
864
751s
727«
Nov'21
68/8
727,
96
Jan'22
82
01
94'-8
8318
7768
67
04
80
77
804
00
66
60
75
78
0634
7812
9178
7753
87 14
95
81
July'20
9078
91
50 Sep 21
47
8134
"85"
7934
Jan'22
IO6I2 Nov'04
91
Jan'22
911s
9134
941s
25
86
69
3658
5934
7634
90
Jan'22
85
78
85
Jan'22
9194
94
231a Dec'21
86
8718
32
53
59
I6I4 Juu< '21
2734
30
771s Jan'22
".id"
85
89
53I4 651s
9OI2 Sale
8512
9134
91
86
65
9OI2
,
88
I
66
90
62
"68
9153
6568
62 14
7OI2
75
83
65
75
Feb'21
Jan'22
5til}
Alit'^ll
"72
40
65
1
'16
46
86
f
jan'22
76
Jnne'21
Due Deo.
23lfl
234
824
15
14
63I4
76
62
78
771g
81
73
60
104
20
70
86
60
93
814
924
841a
97I4 103
76
85
97»4 lOOla
86lj 1021a
77»4 90
89
99
797,
721*
704
764
724
72ia
23
20
43
33
787a
827|
014
904
18
72
87
5
60
84
i
Sflia
607s Dec'21,
6
78
774
76
92
'18
91
a»
7612
Due Nov.
Au
f,r,is
681a
80»4
46
Jan'22
I
91
73
69
91l8
8118
001a
70
2
15
91 14
0214
22
Dec'21
Dec'21
9158
86
8434 Sale
103
10212 Sale 10-'
S6i2
8S'2
8512
851s
9978 Jan'22
9973
9612
98 Sale
981s
88I2
8818
88I2 Sale
961s Jan'22
907s 98
7y'» Se,) '211
8Ci8
78I4 Jan'22
8634
8 134
721a Jan'21
2604
2634
2634 Sale
tiO
9OI2 91
91
95
96
9512 96
85I4
81
84I2 Sale
72
l>
82<t
76I4
6718
92^
734
73
29U
F A
Mar' 19
100
7018
86
87
96
87
MN
N
94
72
881«
841a
9312
29I4
IN
Oct'21
80I(
77I4
78
3
Mar'21
90
80
86^
88
82
'88"
8178
MN
59
eOOa
H81a
761a
80
88
90
J
6614
68la
901a
8918
81l«
00
77
91I4
J
86
69I2
9078 Sale
J
48
60
5894
631a
80
67
9434
8
89ia
7618
8734
6712
M
89
Jan'22
Jan'22
Dec'21
83
61
99
J
124
12
Jan '22
841s
79»4
8912
Sale
Sale
92
J
67
131a
31
38
7534
77
83S4 Sei i'21
75
Mar
I
8634
6118
MN
717,
601a
89
87
MN
68
53
49I4
89
92
8
I
101
1031s Jan'22
9612 97 12 9734 Jan'22
99I8 10234 94 June'21
88i« J an '22
8878
8834 9138 9OI4 Jan'22
6ll8 Sale
6912 7012
W
Due Aug.
92
80
90
M
t
8912
8434
lat cona gold Ob
July,
87I2
8OI2
99
1st g 6s
of St L 1st g 4HB.1939
M
W
86
80
96
13
87'4
96 14
9612
82I4
8314
8212 Sep '16
86 12
87I2
8OI2
8OI2
90 14
8234 Sale
J
MN
WMln W AN W
96
O
1920 IW S
1920 IW 8
1930
2003 J J
1968
1924
1966
1804-1944
Oen refund sf g 4b
1903
Bt L
Bridge Ter gu g 6e.l930
Texas A Pac lat gold Oa
2000
2nd gold Income 6s
i;2000
La Dlv B L 1st g 68
1931
Istgu 08.1930
Tol A Oblo Cent Ist gu 6a...l936
Western Dlv 1st g Oa
1930
General gold 6s
1935
Kan A
Ist gu g 4a
1990
2d 20-year Ob
1927
Tol P A
1917
1st gold 4a
Tol St L A
pr lien g 8 Ha. 1920
00- year gold 4s
1900
Ooll trust 48 g Ser A
1917
Truat 00 otfs of depoalt
Tor Ham A Buff 1st g 48...itl940
1928
Ulster A Del Ist cons g Oa
1962
Ist refuDf^lng g 4s
1947
Union Pacific 1st g 4a
1947
Registered
20-year oonv 4o
1927
refunding
;2008
iBt A
4b
10-year perm secured 0B..1928
Ore RR A Nav con g 4a. ..1940
1922
Ore Sbort Line lat g Oa
1946
lat consol g 6s
1929
Guar refund 48
1920
Utah A Nor gold Oa
1938
1st extended 4e
1906
Vandalla cons g 48 8er A
1967
Console 4s Serlea B
Vers CruB A P 1st gu 4Ua...l934
1902
Virginian 1st Os series A
1989
WabaBb lat gold Oa...
1939
2d gold 5a
1939
Debenture aeries B Oa
1954
lat lien 60 yr g term 48
1941
Det A Ch Ext latg 6b
DeaMolneaDIv lat g 4s... 1939
1941
Om Dlv Ist g 8^B
1941
Tol * Ch Dlv g 48
1946
Wash Terml l8t gu 8HB
1946
1st 40 yr iriiar 48
..--
9018
90I4
8234
8712
8634
MN
Mid Ser E
F 6b
79
72
SaleJ
88I2 Sale
A
D
731a
7eia
731a
68*8
88>s
871a
J
J
J
8
62
93
84
j
—
Virginia
Serlea
20
216
S
MN
Blob 4 Dan deb Os atmpd.1927
Blob 4 Meek lat g 68
1948
80 Car 4 Oa Ist oxtd 6 Ha. 1929
60U
D
MN
W
W
2
D
M
M
Da«
874
K O Ft 8 4 M By ref g 4a.. 1930 A O
1932 J
iBt terminal 4 unifying 08.1902 J
Qray'sPt Ter Istgu g6B..1947 J
8 Aft A Pass latgu g4B
1948 J
Seaboard Air Line g 4b
1960 A
Gold 4b stamped
1950IA
Adjustment 6a
01049 F
Eelundlng 4a
.19e9'A
lat 4 cons Os Series A
1945
Atl 4 Blrm 30-yT lat g 48.(1933
Caro Cent lat con g 4s
1949 j
FlaCent 4 Pen latezt 0a..l923 J
let land grant ezt g 6B..1930 J
Coneol gold 6a
1043 j
Oa 4 Ala Ry Ist con Oa... 01946' J
Oa Car 4 No Istgu gOa... 1029! J
Seaboard 4 Roan Ist 0b...I926{J
Soutbern Pacific Co^
Gold 48 (Cent Pao ooU).. 11949' J
Registered
41949 J
20-year oonv 4a
01920
20-year oonv Oa
1934 J
Cent Pac 1st ref gu g 4a.. .1949 F
Registered
1949 F
Mort guar gold 3H8...tl929 J
Tbrougb St L iBt gu 4a.. 1904 A
08.. . 1931
2d ezton Os guar
1931 J
Olla V G 4 N Ist gu g 68.. 1924 M
H0U8 E 4
T lat g 08
1933 IH
iBt guar 6b red
1933 M
H4TClatg68lntgu
1937 J
Waco 4 N
dlv lat g Ob.. 1930 IW
A4N
lat gu g 6a
1941 J
No of Cal guar g 68
1938 A
Ore 4 Cal Ist guar g Oa
1927 J
So Pac of Cal— Gu g Oa
1937
So Pao Coast lat gu 4a g...l937 J
Tex 4 N O con gold OS
1943
So Pac RR lat ref 48
1960
San Fran Terml lat 48
1960
Soutbern lat oona g Os
1994
Registered
1994
Develop 4 gen 4b Ser A
1900
Mob 4 Oblo ooll tr g 4b.. .1938
Mem Dlv Ist g 4Hs-0e
1990
Bt Louis dlv 1st g 481961
Sou
Ala Qt
Ist oona A 6b.. 1943
Atl 4 Cbarl A L 1st A 4^8.1044
iBt 30-year 6a Ser B
1944
Atl ft Danv lat g 48
1948
2d 48
1948
Atl ft Yad lat g guar 4a.. .1949
B T Va ft Oa Dlv g 6a
1930
Cons lat gold 6b
1966
B Tenn reorg Hen g 68
1938 IW
Qa Midland 1st 3b
1940
Oa Pao Ry lat g Oa
1922
Knoxv A Ohio iBt g Oa
1920
Mob 4 Blr prior lien g 0a..l94G
Mortgage gold 4b
1940
791«
76»4
91
61
Dec'17
KOft
St
High
81<4
1
Soutbw Dlv iBt g 6a
1947 A O
K C Ft S 4 M oona g 0a...l928 IW N
70
98
85
87
Jan'22
Bept'20
6
09
491a
86
80
93
84
82
77
91
91
96
32
69
May' 19
83U
>19fl0
QH48AM4Plat
79I4
91
81
8ept21
9OI4 91
102
Jan 03
87I4
8OI2 June'21
S9I2
"oOis
S9is
903,i
7734 77I4 Jan'22
4412 411s
43
4431
Due Jan.
61
39I4
7018
Di'(*16
Feb' 12
Deo' 12
87 14
o
58
8OI4
881s
Nov'21
9OI4
OOis
70
74I2
81
75 100 IO7I4
157 94I2 107
Nov'21
Feb'20
91
104
93
93
41
6314
151'
88I2 Deo'21
88
45
30
80
8OI2
83
8212
7278
7612
9358
•JO
Jan'22
,
5Ha
65
8712
IO5I2
10553
871?
Oa
June'21
J
StL4 SFRRoon8g4a...l990 J
IO4I2 1061a
50 671s 80
I
96
49Ia
92S4 1(16
IOIJ2 lOlJj
97I8 10212
39 7378 861s
71
8512
Jan'22 '"55
100
92
8878
9638
8712
8734
94I4
87I4
86
J
11
Nov '20
6078 Dee'2l
59^8
"'19
IO7I2
10658 107'4 11)7
8712 8812 88
885s
87I2 Oct'21
8512
107 Sale 106 li
10734 269
1!
IOOI4
lOOU 100=4 IOOI4
96 14
7658
84
82
IO7I2 109
78 Sale
76I4 79
8138 82
97I2
8734
45
60
36
35
1921.
High No. LotB
J
W
106
106
Sale
381a
26I4
Jan'22
Feb" 18
Deo' 19
70
Oct'20
85
84
Jan'22
7Gl2
80 Sei)i 21
9234 ADr'21
89
90
9118
Apr'21
86
105 Sale 10458
100
86I2 8112 Jan'22
84
99I4
99
Dec'21 """9
8534
89
85
8534
J
MS
MN
309
3978
74
86
60
J
8358
8634
F
F
D
13
5678
Oct '21
5812
59
68I2 Sale
84I4 Sale
J
26
83
J
lat 30- yr a f 4si927
4218
lOll
58 's
J
J
J
45
34
296
46
401a
Sei)t'17
883s
74I2
6JI4
59I2
70
34 12
12
Dec'21
"70
Sale
O
O
M
price Friday: latest bid
52
70
69li
86I2
M
M
By
5634
45
J
A 68.1960
58
37
IO412
1933 J J
O 48
1942
S
O C ft 8f T. go 4H8 A. ..1940 A O
Berlea B 4'38 g uar
1942 A O
Berlea C 4ias guar
1942
N
1940
Series D 4b guar
N
Berlea E 3 Ha guar gold.. 1949 F A
Berlea F guar 4a gold
1963 J D
Berlea G 4e guar
1967
W
Berlea I oona guar 4HB..19e8 F A
General Ca Serlea A
1970 J D
4n
Sale
Sale
8H2
A
O
A
D
D
A O
J
July'18
Jan'22
5618
J
Ogu4KB A...1931
f>
75
67
1940 J
B 4Mb
Pore Marquette let 8er
41
911s
9OI4
7578
7578
757s
7612
7612
lat gu 4a
1943
iBt oona 0a..l927
60
39
75
59
8338
J
Oblo Connect
40
j
F
J
Oofl7
8
N
O
O
N
A
OfBft lexlBtgag4Ha..l94l
50
3812
37
36
6912
Aug'H
J
BorleaC
39I2
6234
3458
BcrlesB
1942 A
Intreduoed toaHB...1942 A
Serlea C 3Hb
1948
Series D 8Ha
1960 F
Crle4Plttagug8HaB...1940
49
45
3938 Sale
7758
0518
j
j
J
M
45
July'14
J
IW
4S78
83
M
Co—
4OI2
70
1900
1908
1908 J D
1930 A O
1930 F A
1942
B
coll trust
ooll trust
4OI2
6212
O
B'gel8tga48e.l030 F A
Pennsylvania
51
80
87
D
J
MN
MN
MN
F A
J D
Oonsol
39I2
Jan'22
44
Jan'22
j
A
Q A
BB
44
Sale
Sale
J
MN
BeglBtered oertlfloate8.-1928
8t Paul 4 Dulutb lat 0B...1981 Q
lat consol gold 4a
1908 J
Waah Cent let gold 4a
1948 Q
NOiPaoTerm Co latg eB...1933 J
oneon-Wasb lat ft ret 4b
1901 J
FaeUlo Coast Co lat g Oa
1940 t
Paduoabft Illslstaf 4Ha...l90e J
Pannaylvanla
iBt g 4a.. .1928
Oonsol gold 4a
1943
Ooneol gold 48
1948
4613
44
Last Sale
J
Conaol gold 4b
14
Ranet
Year
A O
St Louis 4 Sao Fran gen Ob.. 1931 J
General gold 6s
1931 J
85U
93
A
Serlea
or
1040 a O
1948 J j
1997 j j
1997 J j
Registered
Jeraey Central ooll g 48
1961
Atlantic City guar 4e g
1961
St Job 4 Grand lal latg 48.. .1947
St Louie 4 San Fran (reorg Co)
Prior lien 8er A 4a
1900
Prior lien Ser B 08
...1960
Prior lien Ser C 08
1928
Cum adjust Ser A Ob
tl9e0
^S
Week's
Range
ca.
2d g 4b Income bond cttB.DigSO J
5
81l4
8634
Pitta Sb ft L E lat g Oa
lat conaol gold 6b
lUadlng Co gen gold 4b
Income
99»4
Nov'17
85
A
D
A
MN
N
*No
83
811s 82
8634 Sale
MN
mn
Phllllppiro
9934
81
5838
Feb'21
85I4 Dec'21
79I2
103
8O34
Nov'16
99I2
99>4 99^8 99I2
90 May'21
go's ...
103ig ... 13018 Jan'09
99I2 ...
95U June'20
79I4 80
80
79U
7658 Jan'22
78
79
9912 Feb'19
67I2 June'20
85I4 Jau'22
85
87
48
47
44
69
mN
Im. Serlep
78
66
48i8
4234
3418
BANT
P
9768
7934
m
M
1947
1047
1004 A
1900 j
1960
Oonv debenture S^b
1960 j
Ooov debenture Ob
1948
Ooni By non-oonv 48
1930
Ifon-conv deben 4b
1000 Non-coov deben 4b
1900 j
4% debenturea
1957 M
aft?lein B-Pt Cbea lot 4a.. 1904 m
Air Line lat4B...ie60,F
Cent New Eng lat gu 4a...l901ij
HousatoDlo By ooos 3 Ob.. 1937
Naugatuok BB let «b
1904
If Y Prov * Boaton 4ii
1942 A
If TW'otie8ftBl8tBerI«H8'40 J
Hew England oona Oa
194e'j
Conaol &B
1946'j
Providence Seour deb 4e
1967 M
Providence Terra lat 48. ..I960
ft Con East lat 4 Hb
1943 J
Wref l8tg4s
N
«1992
Registered S6.000 only.. .#1992
Oeneral48
1960 J
Norfoik Sou let ft ret A 0a...l9ei F
Nortoli 4 Soil iBt gold 08
1941
Nort * West gen gold Oa
1931 M
Improvemeot ft ext g Oa
1934 F
New River lat gold Ob
1932 A
N ft
By iBt oonB g 4a.. .1990 A
BeglBtered
1990 A
Dlv'l iBt lien ft gen a 4a.l044 j
IO-20-year oonv 4b
1982 J
10-20-year oonv 4b
1932
10-26-year oonv 4HB...1938
10-year oonv Ob...
1929
Pooah C 4 C lotat 4B...1941 J
O Oft T iBtguar goldSa..l922 J
BdoVft N E latgu g4a..l9Sl9
Rortbern Pacific prior lien ral vay 4 l&nd grant g 4b
1997 Q
BeglBtered
1997 Q
General lien gold 8b
02047
Registered
...«2047 Q
Belilmpt OsaerB
2047 J
Bel*lmp4HBaer A
2047 J
It Paul-Dulutb Dlv g 48..ig9a J
N P-Gt Nor Joint 0^8
1936 J
8t P ft N P gen gold Os
1923 F
Y ft
89
'74'"
Harttord—
ft
NOD-oonv deben 4b
Non-<x>nv deben 8HB
Non-«onT deben 8HB
Non-oonv deben 4a
Non-«onv deben 4a
W
62
74
Jan'22
88
88
7034 Aug'21
68 June'21
95
Dec'21
77I2 Jan'22
113 May'15
9934
lBtgu4Bg.I943'
Bat-Canada Igt gu g 48.1949 J
Lawr A Adlr iBt g Ob. ..1990 3
2d sold Ob
1990 A
UUca A Blk Blv go g 48.. .1922 J
Pitts & L Erie 2d g SB
41928 A
FIttB MoK & Y let gu 08. .1932 J
2d guaranteed Oa
1934 J
Vest Sbore lat 4b guar
2301 J
BeglBtered
2801 J
N T O Lines «Q tr Ob... 1920-22
BqulD trust 4HB... 1920-1920 J J
If T CblO « St L Ist g 4B
1937 A O
BeglBtered
1937 A O
Debenture 4b
1931
N T Connect Ist go 4Hb A. .1903 F A
'72IJ
.Jan'22
9018
8eDf20
Mar'20
7684
102U
OgALCbaro
Berlea
Series
6111s
7778
WAOoon
Pitta
8214
74I4
8238
High
Page 3
R. T. STOCK EXCHANGE
Week ending Feb. 3
Year
1921
High No. Lom
Ask Low
93i4May'20
00
OO's June'2I
9812 Nov'18
9334
94I4
MN
Pine Creek reg guar Ob
1932
lBtextfiB...*1922
B
Botland iBt oon g 4H8
1941
Tol
Last Sale
J
JJiuioBBguarl8t48...1936 F A
N 7 <fc Harlem e 3Kb
2000 iW N
R T & Nortbern iBt b SB..1923 A O
N.Y4 P'l 1st consgu g 4b. 1993
Guar
Guar
Guar
Guar
Guar
Range or
Feb. 3
Bid
ZV
Alleg
Friday
'
BONDS
Rarige
Week's
Price
«. T. BTOCK BXCHANQB
Week ending Feb. 3
R T If H
—
1
61^ 61
714
6598
66I4
09
79
794
I
(
02
904
664
Option
aale.
New
T.
BONDS
STOCK EXOHANQB
Week'*
Mano4 0T
Price
rriday
Week eodlDB Feb 3
Wtn MarrlADfl Ist g 4a
Weet N Y 4 p« lit a Sa
Qen
goia
Income
4ii
Pm
lat aer A Sa
Wbsellng & L
iBt g Sa
Wheel DIv tat gold Sa
Wenero
A O
E
J
J
A
O
S
A O
J
1930! f
Bxteo A Impt gold 5e
RefuDdlDg 4Hii3erleaA
72
74
m
J
A
1900
S
BB lat oonaol 48..
1949:m s
Winston Salem 9 E lat 4a.. .1900 J j
Wia Cent 60 yr lat gen 4:
1949 j j
DaldiT A. term let 4a'3e,M N
ap&
Street Railway
BfOoUrn Bapid Tran g Se...l946'A O
in refund oonv gold 4(
2002 j j
• yr 7% aeoored notes. ..tl931!j j
CartUloatea of deposit
.1
Oertlflcatea of depoelt atmpd..{"
BklTn Un El lat g 4 6a
1960 f
Stamped guar 4 Sa
1960 f
Kings Countj E lat g 4a. .1940 f
Stamped guar 4a
1949 f
IVaaaau Eleo guar gold 4c.. 1951 j
OUoago Ryi lat 5b
1927 f
Conn R7 <b L lat dt ret g 4He 1961 j
Stamped guar 4V<a
1961 j
D«t United lit eoas g i Ha.. 1932 j
Vt Smltb Lt ± Tr Ist s Sa...ig3«
A Manbat Sa ser A
1067 f
AOJust Insome 6a
1067
* Jersey lat 8«
1033 f
iBterboro Metrop eoH 4He..I960 a
Ortlllcatee oi OepoaJt
latarboro Rap Tran let 5a.. 1900 j
fAUbat Ry (N Y) oons s 48. .1990 A
Stamped tax exempt
19G0 a
2d 4a
2013 J
E!ee Ry * Lt a f 6B..1062
Market 8t Ry Ist cons 58
1924
6-yea.- 6% notes
1924 a
Metropolitan Street Ry
Bway 4 7tlJ A V let g 8«. .1343 j
Ool 4 gtb At l9t gu g Sa..l993
Lex
P P let gu g 5s. .1993
a.,
S El (Cblo) let g 4J-.I938 r
Qeo Ry A L: eooa g 5e.l920 f
Befonding & exten 4HS...1931 j
Montreal Tram 1st 4 ref 5e-.1941 j
Orl By <fc L: gee 4 Ha.. 1935 j
MoDlalp By lats 8s A. 1900 j
T By* lat B * ref 4a.. .1042 j
Oertlfloatea of depoBJt
10 year ad] Ine Sa
alMS A
CertUIcatea of Oepoalt
T Stau Rya lat Bona 4Ha.i902
Portland Ry let 4 ref 5i
1930
Vertid By Lt 4 P let ref 6a..ie42 F
iBtArefund 7!^!3er A
1946
FDrttend Oen Eleo lit Sa. . 1935 j
Paul City Cab com g 6a..l937 j
TWrd Ave let ref 4a
1000 j
.
Sale
...
84''8
55
75%
77
35lj
Anna
m
M
40
39
66
66
62
Sale
Sale
Sale
O
;
M
m
Av*
W
MDw
D
S
S
A
•w
T
B
28^8
70
mn
MN
M
M
Ad] Income 5a
alOOO
A
1937
rtl aty By 4
t Si.. 1933
OaOergr of London 4Wi
1033
laeome fla.
1948
OMtted Bya Inv Si Pttte In. .1020
Ontted Bya St L let g 4a
1934
St Lotila Transit gn 8e
1924
Ta By Pow lit 4 ref 5a
1034
Qat and Eiactrfc Light
•klyn Ed^aon Ino gen Sa A. .1940
0«n«m 6a aenea B
igao
Oanerml 7a aertea O
1030
Ganeral 7i series D
1940
•kiTn Un Oaa 1st ooim g 5e..l946
Otaieln Oaa 4 Elee In 4 ref 5i 1950
Columbia O 4 E lit 5t
.1927
Stamped
1927
CMomboi Gaa lat gold 5a...I932
Oonaol Oaa 5 rt eonv 7a
1025
Datrolt City Oaa gold Ss
1923
Datrolt Edison lat aoll tr Sa..l033
Itt 4 rer fle ler A.
.tl940
lat 4 ref Qa terlaa B
ai940
Oaoaaana Lt lat 4 ooU ea..ie40
Blae oonaol g sa
1953
Oo Gaa lit g
i»49
aty (Mo) Gaa Itt g Sa..ie22
Co El L 4 P g Sa
1037
PtvebaM Bonoy fla
1007
OoaTcrtlble Oeb ««
102S
Rl
Bkn lit eon a 4i.l03e
ftM Gaa L of St L Bef 4 ert 6i '34
Mnwuikee Oaa L lit 4a
1927
•«ark Con Oaa 3
.
.
1048
j
mrd
Ave Ry
let g Sa
Lt lat a
bruA
U
I
1
I
0
m
M
H y F>llv>n Itt* rrfe-^BA.. 1941
TaBL4Pg Sa
i^
Jf
j
A
j
j
a
••elflo
O 4
iMDton
OMon
El«r
Rt Itt g St
r.t
4 P
lai «
Afnndtnt * »f'»Tnlon
OlttAd Piwl
Olal)
OW'u
Pow^r
)'i/^
OtiAa 'lu
r.
4
<iiui ic4r
• r
St
Os.
mn
A O
J
j
4''>'-
'1
M
34I2
5114
2
38
4
60%
66
6OI4
66
54
78
63
95
215
261
4
7834
79's
221f
25
40«i,
Jan'22
27
69
Jan'22
61
June'2l
Jan'22
63
7OI2
J
J
6912
7234
18
2934
58
fi7»»
72
61
62
57
64»4
65
6J34
6278
^^
621s
Jan'22
Jan'22
Sale
81
82%
46
9134
6
55
21%
19%
58%
62
80
84%
82
00
61
20
21% 40
'
'93
71% 75
15
6712
50
35
148
192
105
56
19
17%
16
3%
3
46l2
2
69
66
98
45
27,
74%
156 40>4
J36!
84
50
37%
27%
27%
9
77.
6434
83%
80
104
8II4
80
47%
25
88%
75
"eel 88% 96 14
Jan'22
32% 68
Jan'22
62%
51
10
79
80%
65
Jan'22
51%
47
1
—f
Mttr':^l
72 '4
72^
90
01
5
I
I
30
as
j
j
F a
mn
A O
A O
A O
36
79
1
9.33;
103
93
94%
93
92
lOOU Saie
lOI'i Saie
85% Sale
86 12
95
lOOU
83
A
O
86%
J
D
80%
...litM.J
8«
m
94%
11
92
91-4
IOOI4
101
I
55
94
101
10234
<
85%
86%
86
10.0% .Sale Il0.vr,
01%
0434
77"4 77
76
6
-
2
-I
95
77%
03% 93
87%
Sale
89I4
6
87»4
l'i5
8fl>2
»<"% 10
101
85
Wl
89
00
87%
70
78
1
'4
32
88
Jaa'22
I
July'17
Juir22,
85
89
90%
75
98% 105
89% »«%
87% 93>4
7(i% 91%
86
101
88
ee
75
87
101%
03
109%
C'S
73
100
S2
70
01
80
81%
0412
88% 89%
78%
81% 90
0414
827,
WH%
7.',%
01
78««
90
ii' 161%
03% ««%
8(1
79«t
87%
J 011*32
88
I
•J
70
Uoc'3l
M
Ontario Tranamlaslon 68
1946
N
PanAmer. P.&r.lst )0-yr7al930
Pub Serv Corp of N J gen 5a.. 1969 a" O
Sinclair Con OH conv 7%8
1925
Standard Oil of f'al 79
al931 F A
Tennessee Cop let oonv 0a..l926
Tide Water Oil 6Hb
1931 F
Union Tank Car equip 7a
1930
Wash Wat Pow a f 58
1939
West Penn Pow ser A 68.. .1946
lat series C 63
1958
1st series
cl946
7a
Wilson 4 Co lat 26-yr a f 6e..l941
10-year conv 8 f 8b
1928
MN
M
D
Am Agrlo Chem lat c Sa
16 ;a a O
Ist re! s
-1941 F A
7%8g
Am Cot Oil debenture 68
1931 m N
Am Sm 4 R l3t 30-yr 5s aer A 1947 a O
Am Writ Paper a 7-8a
1939 J J
Atlas Powder conv 712S g
193*1 P A
Baldw Loco Works lat 6a
1940 M N
Cent Foundry Ist e f Os
1931 F A
Cent Leather 20-year g 6a. ..1926 A O
Corn Prod Refg a t g Sa
1931 M N
...1934 IH N
Cuba Cane Sugar oonv 78
1930 J J
Conv deben stamped 8%
Cuban Am Sugar lai coH 8s 1931
S
Diamond Match 8 f deb 7i^s.l036
Distill Sec Cor oonv let ? 6a. 1927 A O
E I du Poet Powder 4^8. ..1930 J D
du Font de Nemours 4 Co 7Hs '31 M N
Flak Rubber let s f 8s
1941
S
General Baking lat 26-yT 88.. 1936 J D
Gen Electric deb g 3Ha
1942 F A
Debenture 6e
1962
S
20-year deb 6a
Feb 1940 F A
Goolyear TlreA Rublat 8f8a'1941
lO-year ef deb g 83
«193l F A
Int Agrlo Corp Ist 20-yr 6a.. 1932
Intemat Cement conv 8s
1926 J D
International Paper 68.. ..1947 J J
Kelly-Sprlngfleld Tire 8a
1931 M N
Liggett 4 Myera Tobao 7-- ...1944 A O
68
1961 F A
LoriUard Co (P) 7a
1944 A O
6a...
1951 F A
Nat Enam 4 Stampg lat 6g..l929 J D
Nat Starch 20-year deb 6a... 1930 J J
National Tube 1st 6s
1952 IM N
N Y Air Brake lat oonv ea..I938 IVI N
Packard Mot..r Car 10-yr83.I931 A O
Porto Rlcan Am Tob 8s
1931 M N
Sharon Steel Hoop Isj 88 aer A "41 Kfl 8
Standard Milling lat Sa
1930,M N
Steel 4 Tube gen a f 7a ser C. 1951 J J
Union Bag 4 Paper lat 6a. ..1930 J
M
M
MN
MN
1
SUmped
7a
HH
|7«
81
U
«7l4
u';%
Hale
H.V»4
0,1%
.
Hept
111
b.!%
'/J
95
7S
SaIs
78
73
01%
MU%
17
Nov'18
MAy'3l|
7S%'
Jao'23
79
73
8*)
80
HI
ll'l-i|
78
80%
M
M
H
10
n
7
77
'*
F4
M
4 Ooonv a f 6b l9:in|M
Pleaiunt V al < ;o»l I it t f St . . 1 928, J
Po«'«h fVin CoIIlpm Itt » f r,B. 195711
R'
^ 10 30-yr fits f..I!M0 A
M1...1.,
77
.
10
I
"*«
O
tJ
1
I
nry
I'll'
M"i
Tnlpp
4
111%
HO
alJ^
rtiJ'JO
-
.-,(
r
April. CU..I
Week'!
Range or
Feb. G
Last Sale
Bid
112
90
112
Atk Low
Sale
Sale
112
90
112% 112%
101 14 Sale
8634 Sale
92% 92%
80
81
8684
90
87
87
l(»5|lj
MN
MN
11(63 J
J
lat g Os.1040 M 8
Year
1921.
Biah
112%
Vo Low
90%
39 77
34 101
40 00
242 00
IOII4
86
87%
10)%
41
I3I4
101
I
92I92%
8OI2 Dec'2l
95
86
95
Rann
II
3
91%
99
99%
47
IOOI4
91
96
64
22
77I4
78
77
9634
Jan'22
97
Sale'
101%
101%
95
95
95
88%
91%
89%
99%
95
82%
101%
94
89%
91
Sale
92
8434
95I4 Sale'
79
100
Sale
10584 Sale
88% 100
101% Sale
102% Sale
83%
78
.
I
25
105%
lOOis
10634
9478
Jan'22
96
87
8738
91%
I
87
76%
tieiif
102 101
107^
84
94%
46 90% 101%
38 !00 104%
83
9538
5
67
84%
84
85I4,
5i|
93I4
95
93%
100%
83%
Sale 100%
Sale
81%
88I4 Sale
87%
82 Sale
80%
103 2 10334 103
78
73%
9434
95%
100
96
97% '99%
98%
70%
75
74
Sale
7184
Sale
103% 10334 103
10734 Sale 107
34
35
85
76
76
97
Sale
10534 Sale
111% Sale
97% Sale
72% Sale
10434
111%
97%
72%
10414 102
84% 86
102%
10234 Sale
II5I4 Sale
93% 94
115%
5
2
116
75
74
37
138
131
I
9984 Sale
96
102
86
.03%!
I
11514
115%
115%
I
96
100%
103%
98
85
S9
105% Sale
9684
99%
97%
98
9878 Sale
97
Jan'22
100
Jan'22
84
Ucf21
86%
Jari'2I
104
I
Feb'21|
100
88% 90% 88%
88
105
96
95
93
10234
105
'
06
95
97
I
98
06
92
98
06% 95%
Sale
02
88
78
iod"' 8184
8234
1
8284
7184
88% 96
79%
03 14
04
80
08
98%
82%
87%
85
hS
uiilu
09^
I
8434
70
80
91
03%
88%
07%
98%
82%
Safe"
Sale
9884
Sale
93l2
80
U6
100% dAlo
03%
87»a
87%
i»4% 101
104
101
96
91% 101
90
80
!<3% 84
100
96
85
35
89% 98%
89% 95%
98%
8f)
5
00
8712
92»s
100
<
>«.|:4
lUSTl
100
8fli4
100
I
74% 91
78
78
8114
f>^
71',
881a
717»
62»4
72
04%
89%
08
I
3
25
0834
3
8:i34
14
Nov'2l
85%
99
Jiily'-,«l
Jun'22
93%
88
91
8.-i
78
70
80%
80
'
9.1
6'.!
lit
87%
81
87%
M
1033
IU40 J
.
.
70
88
I
"n
f
78
r
1»
70
70
<17l.
'Ii'.
"I 611
a
n*
f
.
i:'-.'4
r
4 t^a
Kr;
K'llil 'in
lat 7a A
Inl lal 6a
I
lal a f Aa
'tfill
I
W'
1
'
our 6a
N
«Ki..
ADiis July.
08%
Juii'2l
Oa
...1038 I
r>a f 7a A... 1 046 A
lal 30 ynur St
IP43 J
'- lal
2.)M7|<J
« 4t
V urn 6a
i);i7!j
'.
88
8«
80
H7
01
75
112% too
IlOSO'M
tr ftfl...
il
80
97
KS% 0S%
I
ilr
ri>..
79%
94%
07%
70% 88
7(1%
15
355
84
7<.
I
4a
-'it
<»77i
00
Taltpl na
Tnlnoll tr 4s... 1030 J
Jk
86l|
106
79% 04
91% 102
87
75
l»5«8 108
98
Apr'il
83
72
Oct '2
De<-2I
101
52
97
Autt 21
100%
»0«4
100%
3
21
Jan 22
Jan 22
73
88
87
86
89
82
07
0034
88
93%
I
113
..
109
31
09
00
02
3
15
92
41
13
I0til4
104
77% 98
03' 118
02%
78
87% 92%
16
....
9984
105%
99 Is
72
95%
'.J
99%
88% Sale
83%
"8238
7134
•»
C3% Jan'22
92%
4
Sale
1
57
...
52
25
86
95
9934
90
91%
92% lOS
,S8%
106
101%
92%
76%
2
12
32
48
86%
106
,
I
93%
Sale
Sale
Sale
94
Sale
7»1|
IOII4
90f|
80
1
100%
94
5! 08
20
48
22
10084 lOl
87 Sale
95
77
10S%
21
15
94
99
104% 103
96% 96
63
lOS
.
92%
93
92% Jan'22
102
98«l
781i
041|
99% 107%
112
228 97% 111
98% 470; 98% lOQ
72%
II
78
71
114
93
9684
86
-„
84
I
54
10534'
88
S938
89%
JaJtt'22
76
98
86
01% 108%
44
79
96
99
I
104
102
9234 Safe"
9234
96%
51
96
31
5
1087s
80
lOfi
54% 82
85
„45
104
841j
80%
89% 98
89% 98
Jan'22 ...J
90
99
17
963g
91
70
15
74% Sept 21
103% Sale 103%
101% Sale 100%
94% 96% 93%
66
78
16
98%
98Ii
92% 102%
III
5
147
22
81%
88%
9538
100
98% 103%
82% 99
77% 80
93%
102
82
104
100
Dec 21
97
"si"
90
91% 02%
103%'
'98""
987|
57»4
94%
33
04
90
90%
103%
9434
96
101
223
Sale
Sale
'75'
76%
'
103% 104
95
85
16
i
'
10184
04%
71%
75% 92
67% 81
3
i
82
00
83
76
12
!
90
97
82
S6%
6
8
103
Jan'22
Deo'2l|
98
94
92t|
90>4 100
9284 103%
1
9514
10238
9W|
87
77%
I
92
Jan'22
76
101
78
82
I
5
121
94%
9934
00
112
80% 88
..I
98% 99
99% Sale
95% Sale
82% Sale
96
Sale
77
Hidk
llfl
Apr '20
83
95
92
95
92
.
C]>jkr
1^'^
;i4%
13
&t..
1
ao-yB.'
./..n
a 1(03
dlOi.l
<;.inv.irrll.lfi
.;7%
Brt/i^,,
4<
)>ii
-i-
Valronrv 14
raUqraph
Am
4 P 0t«lmpd.M»66'J
f 11'
VIotor
l!<*4
lO
..-;„„-; .^:.ra.
r
'I
V
*t% 78
'
'j
MN
M
I
7%
192:{ J
A
1947 J
10-year 7Hs
...1930 F
V 8 Smelt Ref 4 oonv Os. . 1920 F
Va Caro Chem lat 16-yr 6g..l923 J
Conv deb Oa
el924 A
r2-yoara '7^8
iy.<2
West Electric lat 68 Deo
1922 J
Weetlngh E 4
7s
1931
Wlokwlre 8pen Steel lat 78.. 19361...
Coal, Iran A StttI
Bstb Steel lat ext a f Sa
1920 J J
Itt 4 ref 6b Ruar A
1942 M N
20 yr p m 4 Imp a f Sa
1930 J J
Buff * Suag Iron a I 6a
1932 J D
Debenture 5s
al920 M 8
Colo
I CoRenef 6a
1943 F A
Col Indua lat 4 coll 58 gu. .1034il''
C<jne Coal of Md lat 4 ref 68.l950'j
Elk Horn Coal oonv Os
ie2S'j
Illlnolt 8toel deb 4Hs
1040 A
Indiana Steel lat 6s
1063
L.-xrkftWfinna Steel lat g SS..1023 A
H iMrrlet A
1960 IM
I>
"^nv t f 4V4t A.. 19541
7
.
1
6- year see 7a
ref 5h serlea
•0-y<
76
Both T«rmlr»l
4
Tr
7H% 83%
Ju/i'22
89
06
H7
77
68%
June'^ll
311
80
8 Rubber
lat
t
83% Hept
1930'
Union Oil Co of Cal lat 6a...l93l|j
United Drug conv 88
I94l|j
U S Realty 4 I oonv deb g Sall924 J
84)
M%
6a
f
M
F'
irx)
02
WJ
M
let 25-year 9
Pttee
Friday
96%
i
89%'
87% nec'21
Mar'17'
89
7'^%
011%
00%
7
933»
87
92%
a275 ioeif 100%
7
U4
81
1U<)>4
89% AUii'2l
78% MAy-aO
O3I4
02
90
81% 88
104% Apr 17
05%
86%
O
IO3I4 138
Jaii'22 '"'2
Jan'22
97% dn'.'/l
Oct 21
83
100
109
10«%
lOI
Jan'22
85
81% Jau'22
87% 87
87%
89%
00%, 89%
OOI4
I0«l2
J
J
IO8I4
I
Sale
8
J
107
92%
100%
05% 107%
95% 108%
1
30
89
88%
71
92
Jan'22 ..:t\ 83%
49
89>4
Sale
90%
146 80%
Sale
90
88%
81
..' 75
Sep 'jl
75
92I4
893^
8934
J
A
100%
1U6
89
88%
M
MN
151
4: 76
87
N
1939
f
1
12
76%
4 Ha
50 yr lat g 4a
let a
Manufacturing and Industrial
fi8»4
01%
r>)f)»-
66
6334
37
Dec '21
100% 100%
106% 1O6
HI.
4'..
751j
66%
48-%
6334
42%
9CI4
3'.
67
76
92
1133: 6
1317! 481,
4 Co
O
Bef 4 gen 6a
01932
Nlag Lock 4 O Pow 1st 6a. ..1954
N
Nor States Power 35-yf 6s A. 1941 A O
Ontario Power N F Ist 6a. ..1943 F A
49%
17
8s with war'tal93l A
Petroleum s I 88...1936il«l
Power lat 6a A
1943
tillj
5634
6II2
6OI4
7812
5312
53
9034
8
Mexican
N
a O
Oa. .1941
1961
Niagara Falls Power lat 68.. 1932
76
1912
(
N
O
j
N
M
N
N Y Dock
39
37
68
63
63
53
Jan'22
a
j
j
j
35
40
79
I4I4
III2
60
7834
7812
80
M
M
Meroan Marine
Inter
MarlandOUat
6Ui|
fiO
22
65
Jan '20
73
JO
i*4t
78'.
434
7
Sale
66I4 Sale
66
60%
84
8312 85
85
83'4
82% 82I4 82
IO4I4
IO4I4 Sale 103 14
92
90«4 Feb'17
"85' 87
8II4 Dec'21
59I2
62
62 Sale
5634
53
5534 9alf
89»4
Jan'22
8812 91
O8I4 Sale
9838
98
...
t«
n-^ 1» A
66
6%
103'
ft
<>oll tr ^
li,
47
1
40
Oeo'll
Sept"21
75%
71I4 June'2l
8438
84
oO
Feb '21
34
Dec'2l
27
32%
27
32
7%
6
712 Sale
J
ll«c«ll«n««ut
kmt Ki
7734
5412
94
80
84
43
43
32 14 Sale
;--:
',i
77
15
A
r.ti K'.io
78
40
64
Q
It
.lOM
6318
14%
10734 Sale
3
f,
5734
6412
7812
374i
J
.
R*
6fi
4834
64l2
56'8
103
M
M
aiauusr UOit 4 Pownr
5
22
61
IOOI2
1
rwlOM
VMMMpMA
90
46
53
j
J
(a ( fl<i.ig37 J j
»u g 6^ 930 J J
Wat
lad
Uaa 4 f»l 30 yr Ss. I(«fl
M
Ifa
Itt go t St. .1047 M N
Co eoo* g St. ..1032
N
MaiMl 0*» * Bl eon* a f aa. ..103«J O
naniiae LlgMtM lat g Sa -IBSI J D
III
1 it
56l2
00
Oorp UDlfyInt 4 ref Si
1037 M N
••alflnO 4 Egeo 4 ref Sa...l04a J J
»«ePow4 r.t Ut 4f«,f aoyrSi 30 K A
rat 4 PMsalo O 4 El Sa
1040 M H
Vaop Oaa 4 C lat aooa g Aa. . 1043 A O
cf'indlna (Old fla
1047 M •
G L4 r>>k>t
Oon O f;o of f.Ti
1
78
76
6234
8II2 Sale
9OI4 9134
j
Itt
Oil
^ale
Sale
62
61
49
67
J
OODI SI..10S0 F
* K r>,_Ca Q 4 E—
O
86%
{
104A J
1040 F
a
64%
72
PortAiaae okooey g 4a
Elaelll lit oonaa Sa...l09S J
VT4Q PnL4P
Sale
68 >8
MN
88
82
80
55
62
64
68
78
53
93
65
75%
j
75»4
7734
74I2
7034
3II4 Bale
O
4,
66% Jan'22
1618 Sale
S
;
77 12
6534
7878
19
9
15
93 18
Jaa'22
Mar' 17
34I2
3712
36
WY
O
o
85I4
Morris
78S3 Sale
56 12 Sale
D
67
IS""' j
Oerro de Paaoo Cop 8a
Ohio Ud SU'n lat gu 4Ha A.19e3 J
Ut Ser C evis (otfa)
1903 j
Chile Copper 10 yr oonv 7b. .1023 m
Co tr 4 conv Os aer A
1033 A
Computing Tab Reo a f 0a..l941|j
Qranby Con8MS4P oon Oa A 1928 m
Stamped
1928 fM
Conv deben 83
..1925 M
Qreat Falls Pow lat af 6s
1940JM
Montana
64
56
j
6OI4
63% 62
Sale
Sale
Sale
6712
66»4
2812
69i2
6312
6912
|
66I4
Dec'21
Oot'17
feS;
Bigh
51ij 6312
91%
53
Sale
62
78
38
83
93I8
91I4
90'4
93'8 Sale
9I«8 93
7814
78I4
m
od
"is
BONDS
91% Dec'2l
36
85
Nov
M
No Low
6OI2
60
Sale
933j
507
Page 4
H, T. STOCK EXCHANQB
Week ending Feb. 3
1921.
Aik Low
Bli
60
Record -Conciudfid
Range
Year
I
Latt Sale
1062
1937
1943
pl943
1940
1920
1928
6»
BOND
York
opltiin tale
"
1
508
1
BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOW SALE PRICE— PER SHARE, NOT PER CENT
Mondm/,
Saturday,
Jan. 28.
•134
Jan. 30.
135
7814
95I2
*15
*20
•134
78
100
I6I2
24I2
1512
*20
•134
130
1534
•70
*60
75
•14
*78
4934
•
•.02
16
*14l2
90
50
59
•78
16
4934
59
*.02
16
114
8334
•12
•15
•.35
S4''78
• 14I0
"
16
90
50
59
•76
89
50
8312
*.02
3I2
I5I4
11678 II7I4
114
IISI2
8334 8.'?34
I412
•I2I4
I4I2
•15
16
•15
16
1
•35
*.35
78
no
59
S4i2
28
t
,
•3
•9
4734
4578
*.05
20
2OI2
1958
3I2
934
*3
•9
3I4
48I4
4578
47
46
55g
1314
.50
.50
1912
•1212
*.50
22I2
28I4
2II2
2914
28
•32
4I8
1012
2I2
534
1034
2I2
•5l2
1034
•314
ISi"
Jan'22
4
3I2
312
115
*83
83
64
83
64
6618
66I2
138
29
28
8fi
C6I2 66I2
'138
139
139
22
III4
Ills
"
64
49
9I2
49
45I2
I59I4
45I2
160
I
.88
2318
63
934!
41,
I2I2
2418
»82i2
•3
412
•1214
4=8
I2I2
.99
24%
*.90
2334
2812
28
y7i2
•32
•75
•32
77I2
•312
ilSi'i lYs'iB
II4I2 115
8312
8312
Last S'de 10 June'21
Last Sale 13I2 Dee'21
116
84
I4I2
115
1334
15
83
1478
50
1
50
Mar'21
10
83
64
83
64
66I2
66I2
137
138
*21i^>
22
2II2
lOU
11
IO34
2134
11
4
4
I6OI2
5I2
1
24
30
T.,ast
13^8
14
•.75
23I2
24
30
3OI2
Sale 32
1
IOI4
238
6I2
IOI4
5I2
86
64
67
139
10
S7i2
64
68
138
64
68
139
2II4
IOI2
55s
10
83
S7i2
137
2II2
IOI2
5I2
558
lOis
10
83
64
67
65
68
I4II2
2II4
1018
2134
1034
22
1034
4
I
5
5
II4I4 II4I4
•III2 13
*13l2 I4I4
16912 I69I2
•13
4
11414 II4I2
•III2 I2I2
*13l8 14
I69I2 I69I2
*13
1334
13
•3"
100
4
IOOI2
66
6312
1334
*
434
13
*3
4I2
100
IOOI2
63l->
65
I2I2
14
3884
I
•12
----
39
3812
2618
22
29I2
•7
38
29
29%
8
875s
•7I2
•8
.60
6412
•.50
.50
.20
278
914
1334
.06
273
1338
•13
64
2S4
•1314
1334
.03
272
275
I3I4
8 Is
8
lUs
•I84
2I4
III2
*158
214
3
2I4
2
2
•134
.75
8434
90
26
3I2
II2
234
44I2
•184
•318
1
89
90
25
89
89%
24 14
24I4
25
•38
•75
6
•31s
3I2
II2
II4
II2
2
3
*2l2
•184
*ll4
278
2V8
2I2
•2
67
57I3
ISl;
134
18
.50
2I2
134
l-'4
3
1
•6
1284
.40
212
2
134
3
3
1814
2I2
57I4
I8I4
".75
1
J-5634
78
6 '4
1284
.20 .40
•2 Hi 2i2
121
77I2
6
6
I2I2
1234
.40
2l8
2l8
45I2
45I2
•34 12
46
•45
II4
Us
ll8
•1
11.1
.75
.05
45I2
•1
•.50
*.02
35
46
46
.75
.05
.50
.03
.75
.05
•284
3
.50
.05
284
*.C0
*.03
3
284
I'.u
3
II4
45
II4
Cne 1K«
3
2'?-re
.66
278
•184
3
•184
2
2
.60
•27,
•184
.50
11
•40
.."iO
112
*.40
11
•.40
and aaked
3
1
2I2
.60
278
•184
II4
1
'.40
•11
278
.S5
284
1
1
258
.60
3
2
•184
IKc
2I4
2I4
.40
IOI2
.45
III2
.,50
..iO
no
sales
*.60
3
2I2
.50
11
prices:
25s
11
• .40
on
26
35
46
47
this day.
30
275
275
44%
44
'>
141s
1312
4514
l^S
8I2
Ills
8%
11%
878
iHs
Last Sale 134
Jan'22
Last Sale 214
Jan'22
134
2
2
Last Sale .50
Jan'22
mu
85
89
86I4
87
88I2 891*
89
2434 243. 24I4 24S4
Last Sale 312
Jan'22
11"
II4
>Ii.i
2
2I2
234
284
J 84
•184
134
2
Last Sale II2
Jan'22
2I2
212
27g
27s
2%
2 '8
3
iMSt Sate 2I2
56
571"
18
18%
6
61,,
3%
4
Jan'22
5714
68
18
18%
•.75
I
75
1
77I2
78
•6
6I4
I2S4
I2I2
1284
Last Sale .25
Jan'22
•2
2I2
21"
Last Sale 26
Jan'22
45 1"
1
35
46
461"
1
•3434
•43
•46
1
35
45
47
1
•.60
.60
.75
Last Sale .02
Jan'2i
•284
3
3
.60
284
II4
Il8
Us
II4
1'4
234
.62
2%
2%
2%
.63
.6;i
3
3
2I2
.62
•284
1»4
1
•134
I
'A.
134
2
.45
.45
60
I
85
"45
598
8
1,097
1,363
442
2,455
1,152
385
435
11
40
3
2
Us
2
.45
111"
.6(1
1'4
•.40
•11
40
Leas than 100 sbares.
.62
3
178
II4
2
.60
III2
.60
No
pref
100 Adventure Consolidated.. 25
206 Alimeek
25
,
25
Algomah Mining
176 Allouz
--- 25
160 Arcadian Consolidated
25
90 Arizona Commercial
5
30 Bingham Mines
10
Butte-Balaklava Copper.. 10
84 Calumet & Hecla..
25
6,780 Carson Hill Gold
1
185 Centennial
2
881 Copper Range Co
25
50 Daly-West
20
2,249 Davis-Diily Copper
965 East Buite Copper Mining
Franklin
Hancock Consolidated
50 Helvetia
Indiana Mining
668 Island Creek Coal
220
Do pref
461 Isle Royale Copper
Kerr Lake
10
Keweenaw Copper
50 Lake Copper Co
150 La Salle Copper
Masou Valley Mine
30 Mass Consolidated
70
,520
Nipissing Mines
1,520 North Uuttc
1
1
25
6
26
25
25
25
100
.100
6
15
25
25
North Lake
Ojlbway Mining
Old Dominion Co
55
26
95
290
350
25
25
25
25
25
Michigan
Mohawk
New Cornelia Copper
New Idrla Quicksilver
New River Company
Do pref
10
10
25
2,605 Mayflower-Old Colony
147
455
25
26
Osceola
2
Qulucy
25
25
St M.ary'8 Mineral
Land
Shannon
10
South Lake..
South Utah
M&S
25
5
50 Superior
25
350 Superior & Boston Copper. 10
2,415 Trinity Copper Corp
5
1,4.50 Toulurane Copper
6
2,250 Utah-Apex Mining
5
100 Utah Consolidated
1
1,121
Utah Metal
2,310
450
40
100
Victoria.
t Bx-rlghts
13014
75
95
14
20
125
Jan
Jan
Jan
Jan
Jan
Jan
4
II
12
10
135
SO
98
1612
24I2
9
12
140
384
Jan 26
Jan 19 130
130
8II2
8OI2 Jan 9
27I2 Jan 30
33
16-8
I214 Jan 3
75
Jan 10
69
17
Jan
59
58
8t7g
Jan 6
67
Jan '20
16
15
78
J an 23
78
6
61
4812 Jan
Jan 111 60
68
& Tunnel
Winona
Wolverine
Wyandotte
a Bx-dlvldend and rights.
1
25
25
25
25
Jan
Jan
Jan
Jan
20
119
18
16
6178
20
I3I4
I6I2
78
Feb 2
Feb 1
Feb 3
2584
30
June
.26 Jan
.75 Jan
314 Jan
130
Feb
6312 June
133
Feb 3
Feb 2
Jan 27
Jan31
Feb 3
12
60
Apr
61
Nov
60
Oct
Apr
69
40
Jan 20
40
.04
2
8I2
7i
16
50
Jan 21
Jan 20
17
Jan 9
Jan 20
Jan 16
Jan 10
Feb 2
Jan
Jsn
Jan
Jan
Jan
Jan
Feb
Jan
Jan
42
Nov
11
I42I4
Oct
3
Nov
9% Sept
1
19I4
Jan 31
60
Jan 31
66 Jan 25
Jan 6
.20 Jan 13
Jan 13
321? Jan 20
Jan 9
22
314 Jan 3
234 Jan 11
934 Jan 25
884 Jan 6
14
Jan21
5
Jan
13
.03
Jan 26 .03 Jan 26
265 Jan 5 285 Jan 23
14i8 Feb 3
1084 Jan 4
1312 Feb I
912 Jan 16
46I4 Jan 25
3712 Jan 3;
Jan 11
2
134 Jan 9
6I2 Jan 3
914 Jan -26
I2I4 Jan 26
IOI2 Jan 5
Jan 19
IS4 Jan 10
2
_
234 Jan 30
2
Jan 13
2% Jan -23
184 Jan 10
.87 Jan 18
.26 Jan 10
8718 Jan 18
8II2 Jan 10
91I2 Jan 10
S8I2 Feb 3
2612 Jan 24
2212 Jan 11
312 Jan 24
10
318 Jan
II4 Jan 6
1% Jan 3
2% Jan 10
288 Jan 27
JanlO
2
1»4 Jan 4
II2 Jan 4
138 Jan 4
Jan 4
3
212 Jan 9
384 Feb 3
214 Jan 20
212 Jan 23
II2 Jan 10
Jan 25
69
5312 Jan 7
Jan 23
17I2 Jan 3
19
Jao 18
1
1
Jan 18
Jan "23
38
Jan 6
37
771.
1
Feb
73
Jan 7
7
Jan 4
684 Jan 20
I414 Jan 21
I2I4 Jan 10
.26 Jan 10
.'25 Jan 10
2I4 Jan 16
2i8 Jan 20
27
Jan 26
Jan 4
23
3712 Jan 26
3012 Jan 6
47
Jan 26
4212 Jan 4
41% Jan 9 4612 Feb 2
II4 Jan 23
Jan 3
1
60 Jan 16
50 Jan 31
.06 Jan 6
.02 Jan 9
Jan 17
212 Jan 9
3
II4 Jan 7|
.92 Jan 11
212 Jan 31
312 Jan
60
84 J an
Jan 30
3ig Jan
19
212 Jan
II2 Jan IS
Jan
2
II4 Jan
V/(t Jan 26
212 Jan 30
5
I',f, Jan
.45 Jan 261
.25 Jan 16
Jau25|
12
lOis Jan 7
50 Jan 31
50 Jan 31
1912
109
84I4
.16
Dec
Dec
Feb
Sept
20
Apr
4
lis
Jan
Jan
Jan
Jan
1778
412
Dec
Feb
23
42
45
Jan
Dec
Dec
Dec
16512
17
Jan
23I4 Apr
8
Jan
29
Nov
2878
4II2
Dec
86
Mar
19
Dec
Dec
2
5
2
Sept
13
Nov
32
5I8
Dec
Dec
June
Sept
Nov
16
32
74
73
47s
Feb
Jan
Jan
Mar
Jan
13
18 June
9212 Feb
Jan
5334 Sept
5812 Oct
86
64
May
Sept
136
Nov
117
Jan 20
Jan 21
Jan 28
Jan 19
Jan 6
Jan 14
Jan 24
Jan 4
Jan 19
1
July
0814
Feb 3
Feb 3
Deo
Dec
Jan
Jan
Jan
.95
28
20
Feb
3
16 July
30
Dec
584 Dec
15% Nov
6i8
.<an
Jan
Jan
Jan
Jan
Feb
Feb
Dec
Dec
Dec
Deo
Dec
Oct
Oct
Deo
Feb
61
5112
Mar
16
Jan 27
Jan 6
Jan 13
Jan 9
J an 24
Jan 6
Jan 16
Jan 25
Jan 19
21
78
414
9I8
19
31
3
75
12»4
.16
3
1312 Sept
35I8
Apr
Dec
9I4
Jan
Aug
6
Apr
14% Nov
Dec
3
24
214
Aug
95I2 Jan U2S4 Dec
1134 Dec
July
7
iU Dec 3014 Apr
Dec
Jan 171
146
78I4 Nov
Feb
87
4
121'
88I2 July
50
60
47
10
June
.33
Sept
Dec
2214
Apr
I6I4
1678
July
Jan
6
Dec
fe
Sept
9I4
Jan
Mar
May
IO684 Jan
61
Feb
22
Jan
Jan
3914
2512
2412
2978
Dec
Dec
Dec
17
jan
17
Feb
2211 Apr
3312 Dec
3534 Dec
Apr
17
16
Aug
8
July
I8I4
Jan
Mar
Aug
.75
Mar
63
Oct
.4
.15 July
ia
Anr
Us Sept
678
8
.03
210
Old stook.
14
11
40
.20
Par value $100.
Jan
Jan
Jan
Jan
Nov
Nov
23 14 Jan
75
Feb
76
Jan
Aug
.0312 Oct
912 July
Feb 2
8212
4312
Jan
Jan
96 Is
74
73
Feb
12
J an 20,
130
Nov
Feb 3
.07
Jan
.25
.99
384
Dec
Dec
16
Jan 23
133
79
100
Dec
30
.05 Jan 25
Jan 271
4I4 Jan 27
Jan 5
17
Jan 16
Jan 3
Jan 3 II8I2 Jan 18
Jan 10 117 Jan 24
104
Z8OI2 Janl7i
85 Jan 16
13
Jan
Jan
Highest
Nov
Jan 4
.04
312
1412
11458
25
Apr
110
Jan 27
Jan 19
18
Jan 18
.05
.05 Jan 20
21
1534 Jan 4
4
312
Jan
3
9I4 Jan 19
1012
54
3812 Jan 4
46
Jan 7
42
Jan 30 165
169
20
6%
4% Jan
14
Jan 12
10
Gorton-Pew Fisheries
50
1
.35 Jan27
Greenfield Tap & Die
25
2438
Jan 26
19
Internat Cement Corp.A^o par
30ii
Jan 20
20
50
Intcrnat Cotton Mills
32
30 Jan 16
Do pref
100
7812
Jan II
77
Internat Products
No par
3I4 Jan 9
6
Do pref
100
10
Jan 6
7
Island Oil & Transp Corp. 10
2i8 Jan 6
3
Libby, Mc.N^elli & Libb.. 10
6
Jan 4
6
25
Loew's Theatres
8I2
13
3
McElwaln (W H) 1st pref. 100 81 Jan
87I2
Jan 24
Massachusetts Gas Cos
100
66I2
Jan 3
63
-.100
Do pref
68
Jan 3
62
100
Mergenthaler Li notype
Jan 3 14112
Mexican Investment Inc.. 10 130
2II4 Feb 2
23
National Leather
10
1158
Jan 4
8
New England Oil Corp
358 Jan 6
New England Telephone. . 100 109 Jan 4 1155
No par III4 Jan 11 12
Ohio Body & Blower
1
Orpheum Circuit Inc
15
13
Jan 10
Pacific Mills
Jan 6 17'2i2
Plant (Thos G) pref
100 166
80
7812 Jan 5|
10
Reece Button Hole
I3I2
Root& VDervoort.cLAA'^o par 13 Jan 5
Simms Magneto
5
17
Jan
4
Swift & Co
100
92I4 Jan 3
Torrington
25
Jan 3
60
6
Union Twist Drill
Jan 3
11
United Shoe Mach Corp.. 25
Jan 6
37
25
Do pref
25
Jan 3
Ventura Consol Oil Fields. 5
2178 Jan 27
10
Waldorf System Inc
2612 Jan 4
Waltham Watch
100
Jan 3
7
Walworth Manufacturing. 20
778 Jan 4
SO
Warren Bros
I7I2 Jan 3
Do 1st pref
.-.. 50
3012 Jan 4'
50
Do 2d pref
Jan 3
34
Wtckwire Spencer Steel
6
I4I2 Jan 31
Mining
2
44
ins
470
217
Jan'22
1
I2I2
341"
1'^ v/.
Hz
.40
62I2
Jan'22
44
Last Sale
77I2
•.20
.75
62I2
13%
121
n.
55
1,124
115
110
701
1,015
10
131?
8'8
III4
225
658
580
15
*12l2
14
60
141"
278
234
234
•884
884
9
I3I2 *13
1334
Last Sale .03
Jan'22
272
415
4,688
4,150
4,060
573
115
.50
&
par
16
Anglo- Am CommlCorp.jVo par
Art Metal Construe Inc.. 10
305 Atlas Tack Corporation No par
10
100 Beacon Chocolate
BIgheart Prod & Refining. 10
1,500 Boston MexPetTrustees/Vopar
Century Steel of Amer Inc. 10
10
V.ioo Connor (John T)
East Boston Land
10
'"'825 Eastern Manufacturing
5
25
4,846 Eastern SS Lines Inc
Do
pref
50
165
100
465 Edison Electric Ilium
No par
2,520 Elder Corporation
No par
1,138 Gardner Motor
36
30
31
Do
50
Teleg_.100
par
No
pref
Amer Telephone
460 Amoskeag Mfg
27I2
32I4
Do
1,946
32
35
278
884
I3I2
.75
•38
•38
75
284
35
•45
L •SO
* Btd
3I2
35I4
45I2
!L^.63
2I2
.75
35
45
•4484
•1
I,
HO
Ul
8
8
184
2512
36
45
2S4
284
26I2
•35
•1
2
25I4
3I2
2
•184
•2512
261
••284
2I4
2
81?
115s
2
1
•.20
II2
.60
62
13I4
Amer Oil Engineering
10
525 Amer Pneumatic Service,. 25
8
2812
La.1t Sale .20
•
85
581s
1«1r
•2'^
25I2
8
III4
44
S434
3
2
I2I2
j:43
• 11,
13I4
I3I2
261s
•25I2
....03
44I2
.50
272
272
I3I4
I3I2
50
2I2
45
1312
.06
.75
•2
21;
I3I2
8413
114
13
".20
1334
.06
272
2712
32I4
3534
15
32 14
31
8438
*2l2
278
0l8
1318
.40
9
27«
.50
1*8
•38
•75
6
31
.75
31s
2634
62
858
1312
7I2
8
8
8
.50
2
1
1
.55
62
847s
3
3
18
.50
6112
*.20
•184
•212
284
2
32 14
3OI4
•284
2
*1H
I8I2
2684
32I4
9
8l8
1158
134
21
134
I8I2
•1
.50
8
3
57I2
24I2
1312
1358
7I2
»'2
I4I2
•II2
2
59
7
»'2
14
45
2
2I2
I
29I2
7
*13l2
12
•21"
2'M6 278
22
I4I2
I3I2
*2l2
•184
•2
•5734
I
38l2
2684
35
12
4334
112
2I4
I
36
272' 272
1118
10014
64
14
115
Last Sale I4I2 Nov'21
Last Sale 4I2
Jan'22
100 IOOI4 100 IOOI2
62I2
•6212 64
64
14
11
I4I4
14
3812 3812
38
3812
26
2618 *25l2 26
22I4 22I2
22I2
22
29 14 29I2
29% 29I2
32I2
I3I4
2
25
•S58
•1314
13
36
1368
8l8
111?
2
284
*.S0
8412
•88I2
3II2
.50
3II2
278
234
9
25
62
32I2
iHs
3434
.50
8I2
62
234
858
31
45
£.•50
I4I2
•.20
31I2
.50
•13
2I2
2412
3II2
•31
.60
62
44I2
•2
lU
38
I3I4
1312
14
2134
29I4
31
•2%
100
63
14
3812
26
I5I4
*3l8
•II4
38
•26
65
29I2
8
•I4I2
25I4
14
22 14
1434
•89
100%
*63l2
169
•4"
4
115
4
114
Last Sale III4 Jan'22
Last Sale 13% Jan'22
I6912 16912 I6912 I69I2
Last Sale 80
Jan'22
1334
1310
2684
1414
1318
4l'>
2I84
36
273
100
14
13
22
2618
•32
•234
•884
•I3I4
•3"
29I2
2434
*31l2
30
»13
22
25
32
36
S212
^•.20
12
261s
•32
e •.50
114
22
30
884
25I4
32I4
2334
3II2
114
*11
•11
12
•13
1334 •13
I69I2 16912 •166
11314 II4I4
4
114
4
•378
2618
778
884
•8
I
I
295
S2
Jan'22
75
7712 7712
78
Last Sale 4
JaD'22
Last Sale 10
Jau'22
2I2
2I2
3
3
4I4
10
160
I6OI2
5
13
24
Y8'
21I2
53I2
46
4I2
1278
281"
I
49%
4
.*75
10
*S3
64
67
*137
50
46
160
1
238
I
.18
.25
.18
Jan'22
Last Sale .05
2OI2 2084
1978 21
Last Sale 3I4
Jan'22
978
IOI2
10
105s
2438
2812
*9
1012
212
534
1038
2I2
510
.17
.25
.15
1934
314
978
5OI4
45S4
15973
4I2
I3I4
•3I2
414
•9
541
100
300
15l!>
11734 II8I4
I912
3I4
45I2
"78
4I4
IOI2
534
534
IOI2
•5I2
5I2
lOlo
.17
.15
8OI2
16
100
100
100
Boston & Maine.
100
Do pref
100
Bcston & Providence
100
Boston Suburban Elec.Vo par
Do pref
No par
Bost & Wore Elec pref.-Vo par
Cbic June Ry & U S Y
100
Do prer
100
Maine Central
.-100
N Y N H & Hartford
100
Northern New Hampshire. 100
Norwich & Worcester pref, 100
Old Colony
100
Rutland pref
100
Vermont & Massachusetts, 100
West End Street
50
Do pref50
Miscellaneous
115
•83
*.17
*.05
20
•3
*9
159
1
*T7l2
*3l2
*9l2
.17
48
13
•32
V8"
*77l2
*3l2
•9
•2112
984
49
46
159
160
4!2
5
160
5
•I2I2
I
.25
.15
20
1934
160
*.17
*.05
.25
.15
10
179
2,436
84
" Jan'22
80
Last Sale 410
*.17
*.05
1678
75
80
15
15
11678 11734
•1214
1334
*.35
I
8412
28
16%
Last Sale .04
.10
358
312
64
*16l2
16
Last Sale 78
Jan'22
51
51
5012 5OI2
*57l2 59I4
00
00
5034
*.02
3341
I5I4'
*12l4
1.5l'>
*S7l2
.10
15
16
1
74
81
*15
5OI4
5OI4
UiSs
*
497
Jan'21
Feb'21
Jan'22
Jan'22
Sale .25
Sale 75
Sale 334
Sale 1.30
30
I6I4
Lowest
5
Last Sale 59"
81
59
114
83
26
•59
16
.10
334
114
•83
72
72
86
358
I5I2 16
11684 II7I8
ll65g 117
8312
•71
*59
82
"
Last
Last
Last
Last
1638
73I2
1612
140
140
30
16
I6I4
year 1921
EXCHANGE
Week
24I2
24I2
140
1578
1638
98
•16
lOVi
241"
*
28
79I2
98
98
1534
•130
*83
I6I4
71
4
•334
98
•20
140
79I2
Range for previous
Shares
Railroads
134 Boston & Albany
135
79I2
361 Boston Klevated
Do pier
146
135
79
134
134
•334
*
28
*70
•59
79
.10
I6I4
24I2
I35I2 13612
*81l2
79I2
71
98
16
•130
*8Il2
27I2
16
30
1512
96
•334
•130
*81l2
7812
Feb. 2.
1.
13434 135
7834 79
135
78I4
*20
*334
•334
113
7812
*96
16
23I2
135
135
1.S5
7814
95I2
Feb.
STOCK3
BOSTON STOCK
Sales
for
the
Friday,
Feb. 3.
Thursday,
Wednesday,
Tncsday,
Jan. 31.
S«« B«ze pasa
11
7
27
Jan
Mar
Jan
Jan
Jan
Mar
Aug
1% Apr
II2
Sept
1
June
.25
48
75
I6I4
384
10
14
.08
Mnv
Jan
Apr
Oct
May
10
Jan
40'4 Dec
414
7I2
II84
3I4
312
278
Jan
Jan
Den
Jao
Jan
Nov
Mar
.95
May
Jan
Jan
Jan
8812
9012
24i«
Dec
Dec
Dec
4
Sept
2
Dec
Dec
2% Msr
.98
9-lU
Dec
A;*
Apr 280 Dec
Dec
161$ Jan
1% Nov
6I4
7
.60
Sept
II4
II4
Jan
Jan
Jan
3i2
214
.65
Apr
3% Jan
2
2% Aug
II4 Aug
2
514
Feb
Sept
Jan
Nov
SijMay
Dec
18»4 Dec
2
Dec
40
74
Feb
Dec
57
96
4
8
July
4312 Jao
I214
Sept
.40
1
Mar
Nov
Aug
1688
Jan
21
3312
Aug
Aug
28
Jan
Jan
.12
.75
.04
Nov
Mar
2
Sept
1
June
.3.'i
iVC.July
.34 Aug
I84 Aug
II2 Nov
.95 Jan
.40
.35 Jan
8i2 July
May
25
June
59
8it
1414
.60
212
2534
3512
46
46
1%
2
.12
412
214
4I2
.85
3I2
5
May
Mar
Jan
Dec
Jan
Dec
Nov
Dec
Dec
Dec
Dec
Jan
Jan
Feb
Feb
Nov
Dec
Oct
Jan
2U» Jao
214 Feb
.80
14
.48
x-l videDd.
Mar
Feb
Jan
THE CHRONICLE
Feb. 4 1922.]
509
Fridau
Outside Stock Exchanges
Sale.
Stocks
—Transactions
Boston Bond Record.
Stock Excliane^e
2S to Feb. 3, both
.Jan.
Priday
Bonds
U
Ub
S
Loan 3 Us. 1932^7
W
95.04
95.84
95.94
95.26
96 .64
95.64
100.04
96.64
2.500
95.24
200
96.84
4,8.50
96.26
8.900
97.54 10.350
97.16 41.800
100.26 322.3.50
94.64
95. S4
95.94
95.26
96.24
95.64
99.82
94 H
88 W
100 '4
96 1.1
102
91 Vi
89
WOH
S7
92
N
94K|
9iH
41
105
91
98
91
98
93
'
95 '-^
oi-A
88 H
100 »i
97
104^
92
90
95
41
105
9m
98
93
93
Chicago Stock Exchange.
'
1.000
19,000
1.000
12,000
34,300
94,000
6,000
12,600
11.000
4.000
2,000
3,000
16,000
5.900
.52!^
88 H
100
9534
101
85
88
93
41
105
91
98
90
-Umour & Co. pref
.\rmour Leather
Beaver Board
100
15
*
95 H
"6%
Booth Fisheries, pref. .100
Bunte Bros
10
Case (J I)
Chic Clty&Con Ry. pref
Chicago E'.ev Ry. pref. . 100
Chicago Rys Part Ctf Ser 1
D
96 K
13 H
lOi
Util.
5H
com. 1001
10
Peope's Gaa Lt A Cotte. 100
•
Pick fAIb«Tt) 4 Co
Plifgly Wlggiy Storea. Inc
69 H
23 V4
•
35 Jf
82
.Nor
III.
comioo
lOO
100
Quaker Oata Co
Preferred
lOO'
Reo Motor
lo
com
Sears-Roeburk.
•!
Standiird (;aH A r:iectrlc.50i
Stew Warn Speed, com. 100'
Swift A Co
100
Swift International
15
Temtor Prod C 4 K "A". .«
Thompson. J R. com... 25
Union Carbide 4 Carbon. 10
United Iron Works v t c 50
United LIrM
lOOK
20 hi
4«
41H
46 )i
4 Railway
hsM
Pref »rre(J
76
67 K
4 Co
20
WfMtfni KnItilneMlli!!
Wrigley Jr com
Yellow .Mfg
13
5H
•
25
,
108
10
Yellrrw Ta.il...
"mi
Bond*
Chicago
f
.1927
i5«'27
.1927
...1927
.
.1927
'i
':
39 ji
70
4(t
3H
98
';t.l923
'or
M»-ti
.
-
•
:
*
A
No
'
par value,
z
'.,'
27
•.1.1
,
H
i.W
.
Mwlfl
4M
2%
10^
10%
11
69 W
69 J^
23 «
1
1,250
186
114K
W Penn Tr & W P,
2}ii
180
50
6.960
2.050
100
5,127
110
35
61
105
60
910
82
4
5,690
2.630
65
1.165
5.995
100
28
40
15
'.I
H
OIH
62 H
19
25
80^
82 J4
143
94)-i
13 Ji
1.985
3,560
1.275
2.600
8,545
150
91
495
275
20
.50
13
13.3S5
50
3H
40 K
44 W
42 4
48 Ji
7
7
35
75 H
38 H
76
H 13H
65 U
68
I3H
Feb
13
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
24
20 K
3H
40
43
«
7IK
H
5H
3.49S
900
12H
110>i
13.S45
197
224
61
97 H
59
2.2.52
7.310
Jan
Jan
Jan
Jan
Jan
Jan
59 K
\0(i
12Mi
5Vi
Jan
Jan
5
170
57
H
Jan
Jan
Jan
Jan
Jan
95 H
95 ^i
19
64
16 Ji
29H
102 >i
23 H
5H
43 H
47 H
a
38 H
76 4
7
14
08
15H
7
llOJi
224
61H
1055
We5t Penn Rvs
193l'
5s
a9}i
.394
69 j
49 H
38
08 3»-
70
40 V
70
'
$9,000
9.000
4,0WJ
Stock*—
Manb
'
'•
07
40H
38
98 H
95 H
49H
1.000
12.000
57
54
85
57'.'
7.0(KJ
33
9S!«
93 H
52
MVi
SOH
01
S.OOO
2.000
6,500
8A
H
6.000
.50
85
00 ?<
Jan
Jsn
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Fob
Feb
72
414
71W
SIM
Stocks
•\rMndelSand& Grav.'I.lOO
Baltimore Tube. pref. .100
*
I Benes'h* Sons..
1
Cel?stineOil
Cent Teresa Sugar
Pref '•rrr-d
Commer'-ial Credit
54
"
1!
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
.Inn
Jan
Jan
Jnn
Jnn
Jim
Jan
Jan
Jan
9S>4
9.-.>i
57'.
54 I,
H«
02
100
100
pf.lOO,
•m
71).,
'(7
I0<»
10
. rota.
iW)
«H4
H7
lUO
»H
OH
3
3
Z'i
nr,
BO
..
m
100'
i>r»f
i^i
ir%r, jtr*t loni
JH
70
WMt.
.
.
Uy
'K.
rotn.
.Ml
.
i
I
70 H
H7
General 4^3
Consoi Gas E L
7
44
19.54
St Paul Cables 5s
6%
Was B4.\.5s...
• No par value.
70
7
7
afi
7
24
47
iH.
420
317
30
7
OAO
2H
«H
irs
\hH
«74
17
«H
Ift'.
21
•'(
"
01
10
40
'
II
4AH
3W
<IH
Ifl
444
100
»x
III
10
MK
10
26
30
55
50
26
1.246
.35
400
715
50
205
100
536
768
190
111
80'^
44
78 5f
43
24
10
104
44
20
444
74)4
Low.
3.115
60
8S
.
1
1
.11
1
I'l
J...,
Jan
Jan
Jan
Jan
Jnn
•
.
..
41
24
80
88
Jnn
Jnti
.''»
Jnn
Jnn
IS';
Jn
.)an
Jl
Jan
Jan
flU
»a
Jnn
Jan
Jan
!'••(
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
.Jan
Jan
Jan
264
100
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
111
Feb
.45
1%
3M
514
36
264
834 Jan
44
15
Jan
Jan
Jan
Jan
Jan
Jau
Jan
Jas
Jan
Jan
Jan
Jau
31
Feb
90\i
97 'i
99 J^
95
S3
Feb
884
Feb
107 Vf
Jan
Jau
Jan
Jan
84
43
24 >i
88
Jan
12
44
20
.Ian
45
20
76
117
1,110
100
72
25
29
15,003
1.003
2,003
1.000
7.030
2,000
3.000
88
95
Jan
Jan
9
14K
1.
29
54
10
924
in-
High.
Jan
Jan
Jan
Jan
Jan
Jan
1
89
97 4
90'.^
95
83
88
95
83
88 U
107
107
100 's
97
>-i
89 4
99
100
955-4-
72 4
84 4
83 Ji
80
76'4
86
90
70
70
49>g
89 H
994
104
96
73
84'':
83 IS
80
76 'i
S'3
90
70
494
49
67
67
98 ••i
78 4
from
7i4
954
104
9..500
15,000
21.000
209.000
3.000
3.030
1.030
1.000
1,000
2.000
3,000
2.000
60,000
12,003
1,000
8,000
19.00')
984 Jan
93
82
88,4
103
99S'
865-4
99
96 if
94 H
72 4
84
83 H
80
75
89 «
66 ?i
40
66
98
7S
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
J.m
.IJUI
Jan
Jan
.Ian
Jan
1004
894
100
104
96
73
85 4
83 K
80
Feb
Jan
Jao
Jan
Jan
Jao
765-4-
F<!b
86
90
70 4
Jan
Jan
Jan
Jan
Jan
Jan
Jan
58
674
99
78 Vi-
official sales lists:
Friday
StocksAmerican
Par.
N J.
G.-u of
.\miTlcan Hallways...
.Stores
iBt preferred
Hank
No Am war w
of
fPllt.^)
(5%)
Pref r.-iimiilatlvu (I'i )
of
I'hii.i i;|r.. .,f
Pa war w
Pa
Phi In
Iniiil
PI"
'•
.
.30 Ji
.31
374
84
67 Ji
70
324
UM
37
.55
2.50
H
10
IIS
31
27
73
'i
8
4
S
69
130
5
10
1.375
734
1.090
06
57
48
.574
50
15
88
55
6
69
70'.i
3t'.;
2,031
.13
10
32
31
003
:in
Ij
4
4
4
I'l
25
3,S72
23X1,
-•7'»
24 »f
27 ^f
50
2.101
274
,50
334
17H
28
50
24
.50
6S
H
IH
14
30 4
.50
40
AO
514
MM
n
65
80
80
6'f
\M
14
3.5
ISO
3H
IS
1*1.
37 M
11)11
101,
51
33
07
.'j!)|
32
33
<I7
104
13
33
3.1
98
30.425
455
200
25
820
30
34
in
A, 1115
177
3S
1.085
10
10
.-.11
10
't
•7:.
07
soa
4
39
Jan
Jan
Feb
J:m
Jan
Jan
Jan
Jim
Jan
Jan
73!.j]
JiUl
5
II
:i\U
147)i
37
65
Ian
Jail
Juii
Jan
Jan
Jnn
Jnn
Jul!
Jan
Jan
Jan
Fob
Jan
Feb
Fob
Jan
J.an
Ian
•44
Fob
Feb
14
174
58
56
6?4
93
122
62
38
.12
I'li
50
I.
High
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jnn
Jnn
Jnn
Jun
Jan
1,350
1 ,00s
4
84
27
69
60
50
Feb
Jan
Juu
Jnn
Jan
Jon
Jnn
Jan
Fob
72
34 U
;13K
31
374
Jau
Jao
Jau
Jau
Jao
Jan
Jan
F(<l>
354
284
M)4
Jnn
Jnn
Jan
3«
Fnb
65
OH
Jan
I->b
Fob
30
14
Jan
I'l.
JOil
4
Knb
:»7
IIK)
\-\yl>
•»4
Fnli
51
34
70
Jan
Jan
Jan
124
K0h
33
Jan
IV
llnnd*
I. II,
1
,1
-•XV
Hir
.(1.:,
n", I's
'1
1300
:'s
.
150
N.7(MI
\:
.
I'l.'
I'l
Vl
.
'
,
V
.
,
:
,
WI4
•
AhH
An.
;.
(M 32 Jnn
im .' 1
VI.-, 70
Juii
1'.
.1
r,.
K.
-iiiiiii
N3t4
M.',
W\
I.
L
1
1
,000
M,WMI
1
'
Inl
<"hlr4
i,r
Pk
A Hon !
,-
Jnn
Jan
N<l>t
.r»n
N4
1051.
'
,
1....
.JU
JU
JU
1
.000
till
Jau
00 Jnn
us
Jun
OS 20 Jan
ns 10 Jnn
mil 30 Jnn
117
U
Inn
Kill
Jan
Fob
Fob
Jnn
Fob
Fob
3U
Vob
Jnn
1,1
on
HI
s:;;.
Itxluhim Hn
Mrll
4
4
5,5'<0
100
••
1
44
120
37
55 J i
30
36 4
27 4
4
1
rri'M
4.171
31
4
\\
ii
60
147?.-
74
xmn
x33H
-...1
v..
ITi
1.187
15
37.4
2
50
w
5S
38
44
304
14
1
.r
200
31
Dovfii
pd
'-J
40
31
36
2
24
2.942
4 374
.5754
.50
Mliilnc
1>
30
274
73
50
50
...
139K
37
55 H
•
'UTII
42
38
44
93
122
4
.50
25
25
I'rfiriion
Irac. $17
'Vt- <if V
1184
1444
70
1
Transit
83
114
46
38
91
50
50
50
Wlrn
1
6
122
57
.50
rri'liTrnil
47
*
4
Low
Shares.
340
75
5
87
.50
•
.
High.
«
10
I'enn t'ent I, 4 P prof
I'lnnHyl .Salt .Mfn
IMW.
56
100
50
100
100
50
Lehigh Valley
I'liM.i KI1.C
Week.
100
X
I'l-iinHylvniiln
of Prices.
37
InHiirancp Co of
A
J
Brill Co
Key.s'onii Telep, pref
Ki'vsi>,im Wntih Cafle
l.iiki- Sup Tlor Corp. .
l.elileh .Vuvlgatlon
G
for
Sale.
Price.
53
100
50
100
100
1
f^ambrla Iron
Consoi Trac of N J
lOlec S'oroge Battery.
.New w
fJcncral AMphalt...
Range since Jan.
Week's lange
50
American
Stiles
TmsI
53 Ji
100
.1,111
i4
7
44
78 H
1
20
104
1
24
49,4
25
25Ji
91
105
83
22
29
'
1
Feb
Jan
Ranoe sines Jan.
Shares
100
24
85
9SJi
78
inclusive, compilod
I..I,
Jnn
4
...IR4I
1
HO
600
610
70
3
85 4
—
7'l
10
70
2K
Jan
Jan
Feb
Jan
Philadelphia Stock Exchange. Record of transactions
at Philadelphia Stock P^xchonge, Jan. 28 to Feb. 3, both
J.in
aMk
HO
95
83
noto-i
r..
80
69
88
26'-^
994 994
89 If
99 's'
1
I'lii'fvi
30
2.100
m
«
.
'
Kill
rli
4H
1004
Unitei ^ T, .t p 443.1920
U"'*" T)y 4 E 48
949
Income 43
1949
Funding 5s
1936
Jun
Jan
Jnn
4
4
14 5i
31
& P 4>is'35
I.ui-.l
riiiiiiiiciiiiniii
1
Jan
Jan
14
34
10
14?i
31
'i
14 ?i
4 Ala cons .5s. 1945
Ga Car 4 Nor l^t 53.-1929
Ga Sou 4 Florida .5s..l94">i
Ma?on Ry 4 Lt 5s... 1953
Monon V T>ac .5s
1942
8N
100
3H
67
50
25 4
74 '4
94 «4
Georgia
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
24
.40
94
103
95
H4
07
33
28
54
26 4
2S4
10
Davidson Sulphur 6s. . 1927
Elkhorn Coal Corp 6s. 1925
1'"
Jim
Jnn
28
5t
9VA
107'
I4A
10
$1,003
.Ian
J.tn
— Record of transactions at
High.
43
notes...
_
6% notes
Consoi Coal ref 5s
1950
Cos'Icn 4 Co conv 6s
Union
4
Jan
1.0')9
Low.
784
'•2'^
roiiiipiili
3
K
10
12 Ji
110
72
Sales
for
80
44
90
Jnti
320
35«
23
1.
High.
III4-
Jan
Feb
Feb
Jan
Jaa
29o
138
30
10
Week.
losy
80
Bait Kiec stamped Ss. _ 194
Bait Traction 1st .5s. .1929
("I'y 4 Suburban 1st 53192?
Consolidated Gas .5s .1939
70
»H
34
24
130
3o
Bond<i
J Ml
OftO
494 Jan
20
of Prices.
26
96
97
31
644
"H
3
M\
500
2.5c
41
85
95
52
74
Week's Ringe
3J^
50
25 4
.50
Prpferred
!/
law.
Jan
Jan
Jan
69
SS
'"3H
111
Preferred v t r
100
Xorfolk Ry & Light. ..100
Xorthern Central
50
Perns vl Water & Power 100
United Ry & Elec
50
Wash Bait & Annap
50
fWO
50
100
Kano* Hnct Jan.
180
40
83 >i
92
69
88
.35
100
Preferred
1'
234
40 V«
•ui
of f ran.su^ilioas at
3. both inciuHivo.
aaiM
tar
Feb
Jan
93
51
72
'.40
Mer & Miners Trans. ..100
Mt V-Wood Mills V t r.lOO
Prcfi-rr.-d
Wuk-i Ranet
115^
14
10
10
25
PretTr3i
25
Pref->rred B
25
Consoi Ga<-. ELiS;Pow..lOO
Preferred
lOD
Con'o'idaiion Coal
100
Coslen & Co pref
..5
Houston Oil pref tr ctfs.lOO
Mfrs Finance
100
40
Last
Sale.
Far.' Price.
I'hMndfltililaCo
High. Sltaru.
••
.35 Vi
1. 000
of Pr e*»
1-
67
S4
100
10
10
Fridau
I
Jan
160
400
Baltimors Stock Exchange.
69H Feb
37
82
83
High.
OH
7,100
268
1,000
1.
Baltimore Stock E.xchange, .Jan. 28 to Feb. 3, both
clusive, compiled from official sales lists:
12H Jan
Jan
35 W Jan
9
Jan
3H Jan
6'/<i3 Jan
2
iJan
1 1
fjan
1 H
Jan
115
Jan
Jan
6
55
Jan
sjan
6
62
Jan
108
Jan
102
Jan
li'A Jan
Jan
54
5H Jan
27 H Jan
60
Jan
85
Jan
Jan
4!-i
2-14
Jan
11
Jan
1\H Jan
28
Ind>p Brewing 6s
Rs.<Uvl<teti<l.
IjtlM
ohi-
8 Hi Jan
6.3.55
ytiling
Ulir
Feb
4
27
53
100
100 V4
20!^ 21!^
•!
An,
1-
lOH
lOH
50^
14 '4
59 W
f:Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
r26H 28 H
W
^Jan
Jan
tJan
81 >A
200
50
185
14
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
pref. 100
Low.
6'i
118
41
85
95
52
72
85
52
Range since Jan.
Week.
Sh!r s.
Bon 4s—
High.
Feb
Feb
54
55
2..300
Pittsburgh Stock Exchange. -Ili-fonl
I'ltLsburich .Stot;k K
.Jan. 28 to Feb.
oompilf'd from offi
s liHts
Am
%
1
375
HJ<
33 H 36
82
82
82 H 82 M
159
160
944 94 '-4
\fi'4
18?^
04H
.1043
4» Vt
•
I
3
375
456
5=4
9H
OH
Soles
/or
Jan
Jan
Feb
Jan
27c
138
3«
118
41
1
f;hlc f;it>
'-'hIr.iR'j
10 H
27 H
60
85
13
•
When Imued
250
IJ-4-
27
.59
14Ji
28!^
United Pap Board, com. 100
Wahl Co.
Ward, .Montgomery
4 '-S
H'
13*1
22J-J
35 H
8
60
11
-
6H
175
1,000
50^
2H
10
Vew
Preferred
150
50 H
4
91
12 y^
5T4
12?.«'
84
Preferred
"A -..
Pub Se.'v of
8
61
61
107
107
94 H 102
5H
Low.
3H
3H
100
Xatlonal Leather
35H
7K
1141^ 115
6
554
55
55
3
D
Prelerred
Prior preferred..
Mitchell Motor Co
6Ji
35)^
8
3Vf
5?i
IH
OH
Range since Jan.
1.440
98
555
25
IH
Inland Steel
loo|
Llbby. McNeill & Libby.io;
Middle West
H 95^
12 K
10'-<
Part Ctf Series 2
Commonwealth Edison. 100
Continental Motors
10
Cudahy Pack Co, com. 100
*
Earl Motors
Deere & Co, pref
100
Diamond Match
100
Great Lakes
<t
lOOi
Hupp Motor
93
Sales
for
Week.
High. Shares
I
Par. Price. \Low.
1
West'houso Air Brake
50
W'housc El & Mf?, com. 50
Jan
97.72 Jan
97.44 Jan
Feb
98.0-1 Jan
Jan
Jan
97.86 Jan
Jan
98.10 Jan
Jan
98.24 Jan
Jan 100.50 Jan
Jan
955-5
Jan
Jan
55 H Jan
Jan
88!^ Jan
Jan lOOH Feb
Jan
97 H Jan
Jan 104 Hi Feb
Jan
92
Jan
Jan
Jan
90
Jan
95 H Jan
Feb
43 H Jan
Jan 110
Jan
92 'i Jan
Jnn
Feb
Feb
98
Jan
93 H Jan
Hlr/h.
26c
132
3o
100
S Glass
100
S Steel Corp, com.. .100
U
U
High
of transactions at
Chicago Stock Exchansre .Jan. 28 to Feb. 3. both inclusive,
compiled from official sales lists.
Stocks
27c
138
Silt Creek Consoi Oil
Tklal-Osa'je Oil.
,
— Rer-oTd
Friday.
Last \Week's Range
Sale.
of Prices.
Low.
Prlcr.
Union Natural Gas
Low
95 H
53
Pnr
(Concl.)-
& Mt
Pitts
Shuta Cop. . . 1
Pltt.sbnr^h Plate Glass. 100
H05sM& M.
Range since Jan.
HiQh. Shares.
53
Boston
Week.
ces.
Low.
95.04
2d Lib Loan 43. 1927^2
1st Lib Loan 41^5 1932-47
2d Lib Loan 41^3 1927-42
3d Lib Loan 4 'f 3 ..1928
4th Lib Ln 4'43. 1933-38
Victory 45-4 3
1922-23
AmerTel & Tel 5s. ...1946
At! G &
I SS L 53. . 1959
Bethlehem Steel 5g . . . 1936
Carson Hill conv 73 ...193*5
Hood Rubber 7s.. ...1936
Intemat Cement S3_.1926
Mas3 Gas 4Ks
...1929
Miss River Power 5s .1951
N E Teleph 5s
...1932
Y H & H deb 43. 1956
Seneca Copper 8s. ...1925
Swift & Co 53
...1944
Warren Bros 7 VJs .
Western Tel i Tel 53-1932
N
ofPr
in bondL! at
inclusive:
Sales
for
Week's Range
Last
Sale.
Price.
Week's Ranoe
Last
.I'J
Hfl
—
—
AH
.
.
THE CHRONICLE
510
[Vol. 114.
Friday
Friday
Last
Week's Range
Sale.
Bonds
FHce. Low.
{Conclvdei)-
El & Peop tr ctfs 48 amall'45
Eqult 111 Gas 5s
1928
iBter-State Rys coll 4s 1943
Keystone Telep 1st Ss. 1935
Lehigh Vail coll tr 6b. . 1 928
2003
Gon consol 4s
Y Cent Hud R 6s_.1935
Fhila Go cons & coll tr 5s'51
1966
Phlla Eloclst 5s
1966
small
do
1966
lstsf48
1941
6s
68
do
small
101 J< 101
78 H
99
88
96
K
ioill
_-
tr ctf 4s "49
Rys gold
United Rys Invest 5s. 1926
York Rys
•
No
1937
5s
1st
63 ^
98
45
73
63
98
45
72
N
TTnlted
High.
K
78!-^
96
96
76
99
88
97
96
76
102
102
102 Ji
58
58
78)^ 79
86
86
WIK
Range since Jan.
Sales
for
700
5,000
2,000
4,000
2,000
2,000
1,000
3.000
30,100
37K
72
101
77
99
SUM
93
95
1.000
72
1.800
1,000
22,000
2.000
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
63
98
500
89,000
High.
Low.
Week.
H
100%
1005i
55
7m
86
Week ending Feb.
3
Last
Week's Range
Sale.
of Prices
Par. Price. Low.
High
Stocks
IK
1
10
*
Allied Packers
Allied Packers certificates
Amalgam I.eath com
Amer Hawaiian S3
10
31c
Bradley Fireproof Prod.
8
22>^
1
13
10
Mfg
cl
A 10
12%
12H
55€
2J^
2K
com
100
100
172
65c
2%
2H
2H
54
H
31K
29K
76c
61c
11
IOC
10
com
5H
3M
Davies (Wm) Co, Inc..
Denver & Rio Gr, pref . 100
50c
Durant Motors
Durant Motors of Ind w iio
10
Eastm Kodak new com ..
"87""
Electric Stor Batt, new w i*
Tel
0«ldwyn
*
Pictures
T & R oom..l00
m Preferred
100
Grant Motor Car
10
Griffith (D W) Inc cl A.
Guantanamo Sug pf w 100
Havana Tobacco com. . 100
100
Heyden Chem
Hudson Cos
100
& Man RR eomlOO
Preferred
Inland Steel
Intercontinental
Int Combustion
100
26
»
Rubb.lOO
*
Eng
2H
26
50c
22^
WH
32
80e
12
15c
4
29
50c
24
0% lOH
69 ^ 70
36 >i
37
15,650
47,000
150
200
100
200
118
100
43,700
Allied
Jan
Jan
Jan
Amer Fuel
Feb
Atlantic Lobos Oil.
Jan
Jan
Jan
Feb
Jan
Jan
Boone OH
Boston-Wyoming
88
97 H
96
76
102
102 Ji
58
79
86
5
27
46
5H
2,700
871
750
5,800
2.700
3,500
700
2.000
2,200
1,200
1,000
100
2,200
1,600
300
850
1.
High.
8K
m
4'A
25
49 J^
27
11^
21)^
9H
21
1.600
10^
5
Ranger Rubber Inc
Reo Motor Car
...10
Reynolds (R J) Tob B..25
Swift International
lA
3
2%
39K
I'A
20 'A
Tenn Ry, L & Pow com 100
Tob Prod Exports Corp. . *
*
Todd Shipyards Corp
Union Carb& Carb
Un
Retail Stores Candy..*
S DIstrib Corp, com.. 50
S Light & Heat com.. 10
Profprred
10
U. S. Ship Corp
10
S Steamship
10
U
V
8H
5M
'92c"
45
Warren Bros
*
•
Wayne Coal
5
1
West End Chemical
1
Willys Corp 1st pref... 100
Former Stnndard Oil
72c
9
Subsidiaries
Anglo-American Oil
£1
Buckeye Pipe Lino
50
Crescent Pipe Line
.50
Eureka Pipe Line
100
Galena-Signal Oil com. 100
niinols Pipe Line
100
Indiana Pipe Line
SO
National Transit
12.50
90
100
100
160
101
New York Transit
Northern Pipe Line
Ohio Oil
Pcnn-Mcx Fuel
Prairie Oil & Gas
Pipe Line
RouthPennOll
Southern PIpp Line
175^
41
...25
25
100
100 239
100
100 "96"
3
6
13 H
11
3
6%
1%
i%
I
18-34
59,900
18,300
300
100
1,700
40
23,200
4%
2
40c
iy>
2
2%
6
5%
8%
2
6K
80c
2%
2A
2
IH
18%
36
108
75c
Preferred
Arkansas Nat
Brazos Oil-
8A
^A
13
80c
93c
m
lOc
15c
45
21,000
100
9.700
400
31,000
41.100
200
265
101
268
18
18
530
235
530
239
190
98
190
89
25
27
30
100
25
190
20
140
Feb
6H
4Ji
29
60c
26 J^
im
73
37 H
^A
UA
16
17
187
49M
6
12H
m28A
1%
7A
91
lOe
65c
Jan
J an
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
)an
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
8A
Jan
Jan
Jan
9)4
Feb
1
14
5A
Jan
Feb
27
54
in^
23 >^
Jan
Jan
Jan
69 H
Feb
Jan
65c
Jan
Jan
1
6A
8%
Jan
IH Feb
ZH Feb
3A
6
13JI
Jan
Feb
Feb
IIH
Jan
3%
7%
Jan
2
3!^
Jan
4%
ZA
Jan
Jan
Jan
Jan
Jan
Feb
VA
18%
Z9A
110
Jan
Jan
13}^
1'4g
Jan
79
48
lA Fob
1%
7%
4H
13
75c
1
8c
10c
i2A
71c
101
12
15c
Feb
Jan
Jau
Feb
Feb
Feb
Jan
Jan
I
300
2.600
1 5
9
185
100
10
125
100
Feb
Jan
5A
3,500
17Ji
32
SI
23^
1%
76c
9Va
17%
/an
Ian
fan
Jan
Jan
Jan
20
95
93
32 H 34
84
90
41
41
168 5i 168 Ji
89 'A 90
2HA 28 M
160
14S
21^
1
100
1,800
9
55 >^
3
70
44
27^ 27K
1
IH
72c
197
Jan
Jan
Jan
Jan
Jan
Jan
Jan
16
H
84 14
28
79
40
161
84
28
142
90
257
17
520
224
ISl
77
H
IH
2%
8A
5H
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
*
Britiish-American Oil
Car) b Synd icate
Continental Petrol
&
25
lie
15c
45
27
M
1^
S7c
9
-A
V7%
95
34
90
42
170
90
28
160
101
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
H
Jan
Jan
Jan
Jan
Feb
Feb
5
5
5
5
Co. pref
Creole Syndicate
Cushing Petrol Corp
Denny Oil
I^eferred
Imperial Oil (Canada) coup
*
Internat Petrol
Petrol
Lyons Petroleum
Magna Oil &
20c
70c
Refining
1
National Oil of
New York
5
10
10
10
10
4J4
4c
5c
8
50c
59c
50c
50c
7c
N J, com
Oil &
Oil
1
Gas
10
10
1
Sapulpa Refining
Simms Petroleum
& Gas
Woodburn Oil Corp.
"Y" Oil & Gas
Mining Stocks
Wilcox Oil
Alaska Brit Col Metals.. .1
Alvarado Min & Mill. ..20
Belcher Divide
10
Big Ledge Copper Co
5
Boston & Montana Corp..
Boston & Montana Dev..5
Caledonia Mining
1
Canada Copper Co
Candalaria Silver
Cash Boy Consol
Consol Cooper Mines
Cortez Silver
Cresson Con Gold
Crystal Copper, new
Divide Kxtension
Cons
G
Howe Sound Co
9H
lA
H
13
16c
13
13c
72C
6c
70c
5A
5
5%
"iA
3
Jerome Verde Uevel
Jim Butler Tonopah
Kerr Lake
Knox Divide
Mac Naniara Crescent
1
"eoc
50c
23%
2H
70c
31c
ZA
ZA
50c
19c
2'5<6
5c
21c
1
16c
.
40c
1
34c
12c
4%
7A
1
10c
10c
ZH
5c
1
1
5
ZQA
1
4c
5
Jan
Jan
Nipi8.sing Mines
Ohio Copper
Feb
Pitts
Jan
Ray
Ray
& Mt Shasta Cop... 1
5
Hercules
Hercules Mines Inc w
1
14
I9e
8>i
52c
35c
30c
2H
133
2%
60c
28c
2A
2%
17c
4c
4c
4c
20c
60C
15c
4c
15c
40c
9c
29c
12c
4H
7%
2H
9c
12c
ISc
6c
3,^
4c
2c
7c
29
4c
7H
50c
30C
2c
30c
US
214
133
5
1V<«
86c
5%
6
5%
28c
50c
35c
lA
2'c
65c
12%
6
lOc
3c
VA
Sc
95c
50c
28c
32c
IS
5
2A
llA
1C
100
10
5
12
6
85c
60c
2SC
23
IH
Mizpali Extension
Feb
1
20c
40e
3
1
Mohican Copper
*
Mother Lode Coalition
50c
National IMn Corp
1
Nevada Ophir
Nevada Silver Hills
Nevada Wonder
lA
42
4M 4%
14%
2% 3
9% 10%
4% s
2H 3
1
5
5
10c
19,000
2,900
13%
86c
24c
Magma
New Cornelia
New Dominion Copper
New Jersey Zinc
N Y & Hond Rasario
23c
60c
35c
Mac.N'amara Mining
Copper
Marsh Mining
Valley
Ma.<;on
Mines
VA
5
5%
26c
2C
iMi
6,500
1,600
3,200
2%
1%
89c
Independence Lead Min..
International Sliver
Iron Ulossom
5%
2A
2%
9
8
200
70c
lA
29
3%
5%
4%
1%
3c
3c
8
23%
2%
80c
38c
ZA
3,200
500
600
2,000
290,200
350
700
200
2,000
300
7,700
3,050
618,000
3,400
200
2.000
63.500
28c
749,300
5
65c 7S6.000
7c
2,000
32,100
27c
10.500
26c
15,000
24c
14,000
5c
9,700
^-A
17,500
89c
11,400
3
500
55c
ISc
18,500
5,000
4c
17.500
5c
2.000
5c
27c 193.600
100
60c
2.000
15c
4c
3,000
21c
12,500
1.000
40c
He 15.000
38c 134,000
20.000
13c
8
2%
12c
12c
19c
3%
6c
ZA
5c
2c
Sc
31
5c
1%
4c
39c
8%
55c
30c
2c
35c'
18A
2%
133%
5
&A
10c
27c
7c
m
1.200
600
400
40.000
1.000
3.000
3.300
2.000
600
12,000
5,000
11,000
10.000
2,000
1.400
1.000
28,000
19.800
87,300
18.500
1,000
2,000
200
6,400
40
100
2,250
2,000
3,000
83,100
3,600
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
2%
.Ian
1
4
900
66
Fek
88%
JaD
Jan
Jan
368
340
4c
48c
3
11
9
29c
78c
Jan
Jan
Jan
Jan
Feb
Jan
Jan
2M Feb
30
Jan
4% Jan
15% Feb
4%
2%
6c
10c
9
2%
57c
74c
7c
1'^
11%
6
1%
3%
20g
Tao
Jan
Jan
Jan
Jan
Jan
Jas
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
212% Feb 212% Feb
8% Jan 10% Jan
Jan
Jan
6
101
14%
Ian
76c
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
14%
5c
1%
68C
1%
18
H
1%
2
9c
8%
1%
31
1%
9%
6%
2%
13
13e
1%
200
1,000
26,100
2,100
1,000
1.200
94.000
1.200
1,500
3,500
1,100
19,500
8,800
Jan
Jan
Jan
Jan
6C
5c
1.
High.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9%
400
5,925
43,600
3,100
10,100
100
1,600
186,400
8
2c
4%
2%
48c
60c
300
lie
93€
lA
11
600
510
900
200
lA
iH
IVA
10
M
9c
9
6c
10c
25c
5
70c
m
32
..
.
lA
lA 1%
21% 22%
lA
1
1
1
14,600
8,900
26,900
2,000
1%
55c
Eureka Croesus
First National Copper
Gold Zone Divide
Hard Shell Mining
6c
10
20,200
6A
7A
102
105
18%
100
100
97,000
1,100
30,800
3,500
53,900
13,700
700
78,300
WA
2
lOc
1
M&M
Harmill Divide
Hecla Mining
"22%
5
El Salvador Silver Mines. 1
Ely Consolidated
Florence Silver
Gold field Consol
Goldfleld Florence
Golden State
212M
9%
26c
M&M.l
3M
212!^
5
1
1%
20c
8
2c
22c
3
42c
6c
15c
25c
22c
4c
& Jerome Cop..l
8A
98c
21
5c
9%
VA
2A
1
m
75c
*
*
7c
UA
76c
21
13%
5
7,000
2.000
15H
10
5
Skelly Oil
10
South Petrol & Refin...
Southern States Cons Corp
Spencer Petroleum Corp. 10
Sunstar Oil..
Texon Oil & Land...
i
Tidal Osage Oil
*
Victoria Oil
1
Vulcan Oil
5
Western States Oil & Gaa.l
White Eagle Oil & Ref...*
2J-
13c
66c
2c
40c
2,700
6c
5c
2%
98c
3
"lA
3.100
40.400
47.100
3,100
800
12,400
10,8.50
14%
24c
Salt Creek Producers
4H
15K
1
Red Bank Oil
Red Rock Oil & Gas
Ryan Consol
Hoillnger
7H
105
5A
Premier Ref & Mfg
Producers & Refiners. ..10
Dome L.ake
K
10
83%
800
15Ji
5'A
•
5
Fennok
Calumet
Z'A
17c
10
Oil
Noble Oil & Gas...
North American Oil
Ohio Ranger
Omar
7H
52
341
299
200
lA
90c
Low.
1.000
50c
59c
9%
11
6.000
4,500
700
2A
4%
2%
"'in
20
40
29H
2%
6c
5c
95
10 H
9
Range since Jan.
Sftares.
18,100
4c
42c
3
1%
4A
2A
36
10
10
66
87 J
361
330
22c
74c
29
15K
66c
Maracalbo Oil Explor
Marine Oil
Marland Refining
Meridian Petroleum
Merritt Oil Corp
Mexican Pauuco Oil
Mexican Seaboard Oil
Mexico Oil Corp
Mountain Producers
Mutual OIL.
18
Feb
9H
9
20c
71c
2
.....
1
Oil
10
Oil
_.l
Edmonds Oil & Refinmg. . 1
Engineers Petrol Co. . .1
Ertel Oil
5
Federal Oil
5
*
Fensland Oil
Gilliland Oil, com
..*
Glenrock Oil
io
Granada Oil Corp, Cl A. 10
Hudson Oil
_l
Humble Oil. . _
Imperial Oil (Del)
25
280
98
2%
9A
8%
Dominion
Duquesne
555
239
195
3c
40c
3c
3%
Jan
Jan
Jan
Feb
Jan
Jan
Jan
49.900
i'A
13
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
1
84c
Feb
1)4
1,400
Jan
Jan
Jan
Jan
Oil
Livingston
2A
3%
2A
75 ?i
46
Feb
Feb
6
Feb
2%
3H
2%
57
360
328
10
10
Gas, com. 10
com..*
High.
84%
S6A
com
10
1%
IH
66
1
Oil
Keystone Ranger DeveL.l
Kirby Petroleum
Lance Creek Royalties..
9H
22 A
114
Feb
Feb
z%
1
8c
12c
42!^
100
700
400
200
92,100
200
800
200
300
500
1
67H
20 A
5%
IH
VA
300
6
21
600
200
21.700
580
200
300
1
7 -A
500
4H
33,100
21M
4
1
""Sc"
13c
SH
38/4 39)4
OS
110
75c
lA
3
3M
45
2
IH
2%
71H
*
United CiRar Stores of Can5
United Profit Sharing.. 25c
United Profit Sliar new w II
U
U S Tobacco new
bVi
5H
4i4
20^15
4
9%
24
4,700
2'Af.
IK
42
21Ji
'2H
7,%
189i
100
15
2H
6}4
*
Southern Coal & Iron
5
Sweets Co. of America.. 10
WA
15ii
169
im
SVs
North Amer Pulp & Pap.*
Packard Mot Car com.. 10
Parsons Auto Accessories.
Perfec'n Tire & Rubber..*
*
Radio Corp of Amer.
11
14
25
49 H
•A
H
69 A
36 H
514
200
300
69,000
27
50
28,400
13
Jan
5H
6!^
50c
10
25
38c
22'^
S'4
4
40c
National Leather new
2»A
1,500
12,600
5%
'A
5A
Feb
10
1,600
•i%
6
9V*
6c
9,800
1
1%
11
91
10c
68 M
*
Mercer Motors
Voting trust certificates.
Metropol 5-50C Stores. 100
Morris (Philip) Co.. Ltd. 10
20
55c
20c
91c
1,600
1
5H
17
600
300
m
158
51
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
100
6h;
91
lOo
SA
9K
5H
2%
2A
2%
Oil
13H
13%
7
7
Low.
Vacuum Oil
100
Other Oil Stocks
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
70c
Ian
Jan
1
200
7H
55c
6
900
IVA
27
65c
70c
100
1,000
170
2,400
5
10 «i
6
91
lOc
60c
950
1
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
27
im;
6K
113K
10
600
800
600
44 H
5
5
8
19 M
25
3,100
200
22,600
14
14
16
16
16 »f
16M 16M
1180
185
1835i
46
IH
25c
12%
I2H
68 H
Pr.iirle
Low.
1.300
16,100
Lake Torpedo Boat pf.io
Preferred
South West Pa Pipe L.lOO
Standard Oil and)
25
Standard Oil of N Y...100
.Tan
Week.
Lehigh Val Coal Sales. . .50
Llbby. McNeill & Llbby.lO
Lincoln Motor Class A.. 50
*
Locomobile Co com
Maxwell Motors undeposlt
Preferred
Price
78 H'
Range since Jant
Shares
4,700
97c
Preferred
Hudson
Sales
for
6K
i
Preferred
3H
6
12!^
16
6
*
Gardner Motor Co
*
Georges Clothing cl B
Gibson-Howell Co. com. 10
Gillette Safety Razor...
•
Glen Alden Coal
Goodyear
18
2H
172
55
167
M
15^
55c
Cleveland Automobile..
M
I'A
10
19
Continental Candy
Continental Motors
Curtlss Aeropl &
22}^
13
l^'A
10
Cities Serv Bankers' sh.
Colombia Emerald Synd..
*
Conley Tin Foil
8
95c
*
"B"
5J;
VA
1
Carlisle Tire
47c
6
113M 114
Brlt-Am Tob ordinary.. £1
Ordinary bearer
£1
Carbon Steel common. .100
Car Lighting & Power.. 25
.
25c
6
1-K
5H
Amer Light & Trac com 100
Audubon Chemical
1
&
Subsidiarie.'i (Con.) Par
99
& MlsceU
Acme Coal
Acme Packing
Federal Tel
Week.
Cosden
Friday
stock.
Cities Service
Preferred
Sales
for
of Prices.
W2H
New York Curb Market. — Official transactions in the
New York Curb Market from Jan. 28 to Feb. 3, inclusive.
Chicago Nipple
Week's Range
Sale.
Jan
Jan
Jan
Jan
Jan
65
98
45
73
par value.
Industrial
Last
Former Standard Oil
1.
5c
70c
4%
4
5
23c
30c
4%
12%
2%
9%
4%
2%
28c
1
20c
10c
10
6Ic
60c
25c
28
2%
60c
26c
1%
6%
Ic
22c
3
42c
6c
13c
25c
19c
4c
1
84c
2%
5.5c
17c
2c
4c
4c
18c
600
15e
3c
Feb
Jan
7%
108
16%
10c
1%
84c
1%
24%
VA
2%
12c
10%
2
42
1%
12
6%
3
14
19c
2%
.fan
Jan
Jan
Jan
Jau
Jan
7c
87c
Feb
35c
65c
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
6
5
6
6%
3%
12%
5%
14%
5
35c
1%
20c
75c
12%
51c
32c
Feb
24%
Jan
Jan
Jan
80c
38c
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3%
8
2c
29c
5
94c
7c
27c
40c
24c
6c
1%
89c
3
55e
21c
4c
6c
6c
Jan
32c
60c
22c
J.-in
5c
28c
15c
Jan
40c
9c
Feb
Feb
40c
15c
lie
38c
12c
Jan
Jan
Jan
Jan
Jan
Jan
Feb
l.^'c
Feb
32c
4%
7%
2%
6c
2%
6c
3%
3c
2c
5c
26A
4c
lA
.3c
32c
6%
50c
30c
2c
30c
17%
2
124%
5
6
9c
25c
2c
Hi
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jun
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jas
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jas
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3% Jan
Feb
Feb
Feb
Feb
13c
16c
4%
S
3
14c
12c
3%
6c
3%
5c
4c
10c
31
6c
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
1% Jan
4c
47c
9;s
57c
46c
3c
Feb
35c
Jan
Jau
Jan
Jan
Jan
Jan
Jan
Jan
Jan
18%
2%
136
5%
6%
10c
29c
13c
1%
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
THE CHRONICLE
Fed. 4 1922.]
Friday
Week's Range
Last
Mining (Conct.)—
Sale.
Price.
Par.
ISc
San Toy Mining
!
Simon Sliver Lead
1
South Amer Gold & Plat..!
Standard Silver-Lead
1
5
1
Tpmiskaming
1
610
IH
I'A
*>3^
55c
1
United Eastern Mining.. 1
United Verde Esten...50c
Unity Gold Mines
5
West End Consolidated..
White Caps Mining
10c
WUbert Mining
1
Yukon Gold Co
5
l'V«
9
99
lOOH
1923
Anaconda Cop Min 73 1929
6% notes Series A.. 1929
-inglo-Amer Oil 7KS..1925
102 ii
101 >^
985^
103'^
102
73
Co 7%
<fe
notes. '30
BarnsdaU Corp 8s
1931
Beaver Board Cos 8s. . 1 933
Beth Steel 7% notes. 1922
98K
1923
100-^
Equipment 73
1935
Canadian N'at Rys 73.1935
Canadian Pac Ry 63. . 1924
lOVA
notes
69
105
Cities Sen,- deb 7s SerD '66
Col Graphophone 8s.. 1925
Consoi Gas N Y 78... 1922
32 M
lOlK
Cons Gas EI L & r Bait 7s '3
Consoi Textile 8s
97
1941
Copper Exp Aasn 8s.. 1922
8% notes
1923
8% notes Feb 15... 1924
8% notes Feb 15.. .1925
Cuban Tel Ist 7H8...1941
Cudahy Pack
102
103 H
103
M
1923
1931
73
& Co 7^8
DuquMne Light 7^8.1936
Gair (Robert) Co 7h.ui.'37
103 5i
96
C-aiena-Slgnal Oil 78.. 1930
General Asphalt 83... 1930
ios;^
Deere
95M
H
n
Co 73. 1925
GrandTrunkRy 6H3-1936
Goodrich 'B
Gull Oil Corp 78
2^i
600
4H
Ic
ic
IH
VA
1,300
12.800
1.000
1.000
1.300
85c
4c
I'viJ
28
34
74c
4c
Ic
iVii
Co
103>i
103
I93C
Hood Rubber 7% notes '36
Humble on 4 Ref 78.. 1923
Interboro
78
1921
88 J F Morgan receipts..
J)
78
97
100 W
87 M
RT
83 H
102 H
Keonetoct Copper 78.193C
Light 7s
TfR'-lf^'* f'-nf
99 M
90 H
96
Libby McNeill* Llbby7B31
Manitoba Power 73... 1941
Marland 0117ViB
1921
& Co 7H8
193C
Nat Acme Co 7!^s...l93l
Nat Cloak & Suit 88.. 193f,
98 Ji
National l^eather 8a..l')2.'Y N H & Hartf 43.. 1922
Ohio Cities Gas 78
1922
7s
1925
Philadelphia Co 68... 1944
Pblla Ller-trif; 63
1941
Phillip* Petrol 7'Xs...l&31
N
& Gamble
75H
99%
94 H
Co
lOfJ
Oct
i5';^.-i
99
rB...193l
Sketly Oil 7>is » I...193Q
102
Public Sorv
8caP! r
7n.
f ;orp 7^
.<..
7':;
w
.
97 H
1
Shaw-:
Solvay * Cl»8«
South :•- '" -
-.
"^"-^
-
W
lOOH
I02H
HI2^
:
-i
WA
101
i
1064
BUnd'
KOUl (1< Ij..
'.*<:./,
gold deb...l92fl|
If:.-
7% wr
7% -'
''
''
104>i
'-71 106
7^.
7";
^
-
.
..
Ban CO
7i
_ ...»
-
-
JOSli
.,^, .^,
„^t,
,
io.-,.'f
lO'.i-i
10.-,
4
w.l
Jf,l
WH
i»ai
I04H
IM'A
106 4 107
107^4 lOH
U)H>4 10S4
•
'
101'.
lO'JS
105
104 i-i
104
1
.
50 ?i
100 '4
102 K
93
96
99 H
A Co
7»
lfKI'4
|f»2'.
.
A
'
7:
f.
99^
102H
1014
98
67
99>g
100 '<
100 )i
105
99-^
984
975i
86
22 4
102 4
102^
l"-i6
1%
Jan
Jan
3
)an
89c
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4
29 4
4H
2
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
85c
5c
2c
IH
99 H
99 H
76
72
1014
95 >i
99
89
96 '
102 '4
98^
95
95 4
68 4
99 'i
99 Ki
93
4
1014
101 4
100
OfJJi
98 4
97
101
100
1024
994
lOO'i
I
01
104
104
9,'f'
6
H'f
'.
l.i
3
'
,„'.'
h'.r
.
i
y/
1
101 '4
101 Jl
Feb
Feb
108
Jan
Jan
Jan
1014
1004
Jan
Jan
Jan
99
88
40
Jan
Jan
Jan
Feb
Jan
Feb
76^-5
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
100 4
100
Feb
Jan
95 H
Jan
Feb
Jan
Feb
101 '4
103 4
4
98
1014
103
103
104 ?i
103
lOOJi
H
Feb
Feb
Feb
96
1044
96 Ji
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
102
104
4
98 4
104
103 H
1004
104
98
101 Ji
88
84
4
103
Feb
97 4
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
99H
91
96
104 4
98}i
100
97 4
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Kcb
Keb
Jan
Jan
102
103
102
98^
1004
994
Jun
Jan
Jan
103
.Ian
101
Jan
Jan
Jan
104
1004
103
IOS'4
I05!i
lOfl
106
106
4
H
1074
108
Jiin
Jan
Jun
Jnn
Jan
Jan
Jao
Jan
Kol)
1104
.Inn
Jan
Jan
lib
Jan
101
F<l>
100
!M
4
Jnn
4
F-1)
1014
Jn>i
Jul.
iu.i
Jin
J02
Jnn
,
l->i,
1054
Kelt
97
1
'1)0
100
1
'I'Ki
11.1.
Jnn
Jan
Jan
Jan
Veb
Jnn
Jnn
Jnn
Jnn
Jnn
y<u
Jnn
'
'
:-,
lOOK
Kel)
,
'•
72
,
V,
.1.'
99
101
Id','
07
103
Jan
Jan
101
|0',
1
1034
'lO
100
IO<l'.
'
102 4
102 '.«
99 4
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
<•!
.
.
KM
w..,
,.,,
,
W)
1
'.'-o'i
»y>
i
II..;
IM'i
1
i
1')')
10P4
Jan
Jan
103 H
95
S.tXX)
29. (XX)
101 5i
Feb
102
96 Ji
102
102 ?i
Feb
93
100?i
100 '4
1024
1004
W.(HK)
102
102 J^
103^^
100 li
95 K
103 Ji
96 >4
9f),000
604
101
102 )i
96 4
99-^
Jan
Jan
Jan
Jan
71
Jan
Jan
Jan
Jan
Jan
'
1'
^101
1
•|
Vr
75c
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
!<>«>
fla
1
IH
Feb
101
101 >^
100 !4
96 ii
M
102
1925
194
7» '22
7«
Tci-i
Feb
2%
Jan
Jan
Jan
Feb
59
H
Morrifl
8wl(i.
27c
54
J.in
55c
^
97
1933
1923
6s
Heinz (U
..
4O0
12c
Jan
Jan
Jan
Jan
Jan
Jan
5Sc
Jan
Jan
T/fe
Feb
Feb
3c
IH Feb
K
Central Steel 83 w 1...1941
/ Chic Burl & Q 59 w 1. 1971
^
Feb
60c
lom
100 H
1924
68
.'^..
27c
15^5
118,000
70
55!^ 571^ 57.000
101?^ lOlH 19.000
102 H 102 4 37.000
1.000
93
93
100'^ 48.000
99
76.000
100 ii 100
98.200
1005/^
101
3,000
lOlK
'4
102!^ 102 H 19.000
1015^ lOlK 47.030{
98.000
98^ 99
103!^ 1035^ 32.000
101^ 102 H 74,000
98y> 116.000
98
12.000
69
71
3,000
lOOJi lOOJi
113,000
100 V^ 101
101^ 10 H 144,000
13,000
106
105
41.000
101
101
31.000
9S'A 99H
5S0.0OO
97 Ji 99
4.000
86
86
29
39 U 1-50.000
24.090
lOlJi 101
6,000
102 J4 103
97
97 K 3S.000
99^ 99 H 3.000
27.090
103
102
13.000
102H 103
32.000
103*^ 104
103K 103 ?< .38.000
100'4 100'^ 12.000
95 Ii 95 ^i 16.000
8.000
lOZH 104
96}4 9<i% 12.000
7,000
101
101 )i
12.000
103>i 104
97 H 55.000
97
103 '-< 50,000
103
102 H 103 '^ 58.000
100 H 10.000
100
36.000
104
104
9aK 97 178.000
lOOJ^ 100 '4 82.001
87 H 48.000
85
81
S3K 495.000
102 i-J 102!^ 40.000
95 H 16.000
95'<f
99 K 99^ 14.000
90 '4 28.000
90
1.000
96
96
12.000
102 '4 103
9HM 9H'4 26.000
99 4 45.000
98
96
98H 9.000
76 >A4' 267.000
73
10.000
100'
100
3.000
99!^ 99 Jf
79.000
94','
94
75.0.JIJ
101 H 102
13.000
101 >i 102
1 .000
102
102
97 >4 73,000
97
100 H 31.000
100
65. (XX)
9H'4 '.m
U)]'A 102 ,' 21.0(J')
17. (XX)
IfXl'j
100
7.000
102 4 103 U'
U)0", 21.000
H
lOlH
102 H
55
American Tobacco 7s. 1922
7/i
10c
Jan
Jan
Jan
Jan
Jan
1 '4
6.620
35.300
2%
.ran
50c
4'4
64
70
7s... 1925
1933
Cotton Oil 6s... 1924
Light & Trac 63.1925
Tel & Tel 68
1 922
soutt,
1.800
14c
7c
21c
,»<•
W-l
1
.
.is.i))'),
y/jj
1014
107
4
OAH
ion
100
nt
1
Ar
VTH
.
.
07 U
72
6
7»
"^
73',
r,
07
72
Jan
Jan
fi
Kcl.
'j.:''irri
ORW Jnn
734 J""
Irli
ft
1
004 BOS 'ini.fKX)'
10A2*
i'
!
7H
T
ft
ft
;
OOH
jm,
J«n
Jan
84
AM
11.-
If.-
J
m
boada prices are "and Interest" eicept where marked "f.'
Staadard Oil Stock* Piir Hit, Alt. lolat Stk. Laad Bk. Boadal
Anglo Amarloan Oil new. £1 '1712 17'<4 C lie Joint tJtk Liud Bk 58 '39 99I2
All
s
Aluminum Mfrs
U.-r
1'16
O 3^
29!f
iH
"39
Certificates of deposit. .
Pro-
900
70c
I'^Ts
iH
AUied Pack conv deb 6s
Armour
I'^i
28Ji
4
76c
4c
29
Bonds
7%
64c
60c
Trinity
Amer
Amer
Amer
I '6
1
Tuolume Copper
78
I'A
14
Feb
Ic
1.000
2.200
1.000
2.000
100
2.200
30,800
IOC
27c
2%
1%
1
2.1391
5%
IH Feb
14c
5c
16c
4.000
2%
.
1
Tonopah Extension
Tonopah Mining...
100
1.000
32.000
1
14c
7c
19e
3c
52c
27c
27c
Tin tic Stan Mining
Tonopah Belmont Dev
Tonopah Divide
i
1
Quotations for Sundry Securities.
1.
High.
Low.
Shares.
Hioh.
14c
6c
18c
3c
50c
5
lOC
Range stnce Jan.
Week.
of Prices.
Low.
IH
Relda Peak Mining
Re3cue-Eula Mlnlnu
1
Res Consolidated Mln.-.l
Rochester Silver Corp
Safes
/or
Jnn
Jnn
Jnn
Borne Sorymser Co
.100
Buckeye Pipe Line Co... 60
Ohwabrotigh Mfg new. -.100
Preferred now
100
.
i\
«
•
.
'
A
07
3«0
vr
aOr
r,
,
Jnn
I
"
.
Zl
'
4
'
|
I
I
Tobacco Stock*.^
American Cigar oommoo.lOO
>"
72
8->
8fi
17.5
119
122
Preferred
100|
sorip
Brltlah-Amer Tobao ord..£l
Brit-Amer Tobao, bearer. .£1
no par
Cooley Foil (new)
Helme (Geo W) Co. com. 100]
Preferred
.100
Imperial
Tob
of
GB*
•12f4
•12^4
•11
1334
1334
14
190
108
ISO
104
•1034
Ire
III4
JohnsoQ Tin Foil * Met. 100 85
MaoAndrewg & Forbes.. 100 104
92
Preferred
100
27
iOO
Meng.-I Co
03
Porto Rioan-Amer Tob. .100
•75
Scrip
Reynolds (R 3) Tobaooo. 26 •60
B common stock
25 •3S
Qs
W
Equipment
4 64s
8s
Chicago R I 4 Pac 4 4s. 5^.63
Colorado 4 Southern 5a, 68.
Delaware 4 Hudson 88
Erie
443. 59
4
6s
Great Northern 63
Hocking Valley 448. 684118'
Illinois Central 44s. 63 4 6s.
Equipment 7s 4 648.. .
Kanawha 4 Mloh 44*, 6a..
Louisville 4 Nasb^lUeOa
Equipment 63 4 643
Michigan Central 5a, ds
Minn St P 4 S S M4494 58
Equipment 8I29 4 78
Missouri Kansas 4 Taxaa ft].
100
%
•
No
p«/ VkJiM.
dand.
t>rr
praf.
»
<M«1 l„Ml.
t
tnLnmr'Utm
Ki-rl«M«
l.OflO rnnrk.
OD Jan
I<t.
,-
will
I
t
1
Mal«<1
n
'.
8s
Northern Pacific 78
Paeirio Fruit Express 78
Pennsylvania RR4s4 44s--
Equlpment
6b
4 Lake Erie 6s& OHJ'
Reading Co 449
St LoulB Iron Mt 4 Sou OS-St Louis 4 San Franolsos 5s.
Seaboard Air Line 4 4s 4 59.
Southern Paolflo Co 449
Equipment
il5
Paolflo 79
Ry 88
Virginian
97
108
31
67
S5
67
40
79
Southern Railway 4 49. 5s463
Toledo * Ohio Csutral 48..
Union
yMarV,
3rK)»t aou
-r. .'ui
*
WMUl crrur.
.»r
.'.(iWi; ll.J.-i;l, 'i.ii
<
1
lr.i
1
Eleo.
A
136
44
114
60 •42'->"
Amer Lt 4 Trae, oom
100 112
91
Preferred
...IOO
Amer Power 4 L?, oom. .100 78
94
80
87
10
2S
35
172
8412
7
99
22
32
171
6.-S
5514
lO's
9I2
85
s:)
i:>>2
I7I2
42
44
UOi;
13
92
15
7S
SO
75'i
76 14
89
99
90
171a
101
6
.5
111
20
69
90
82
83
89
33
92
104
94
106
17
87
.s8
79
80
88
83.1
30
32
97
il.'ii
lOS
111
II
42l«
•i:t
•41l2
I
731-'
39
75
30
33
37
I
77 12
791,
Cimi\
•
Am
MAN
MAN
Induatrlal ft MUcallanaou*
A mnrlrnn llr»iw
20,'i
, IQO 200
Amnrlrtn llnrdware
100 lb& 168
Amnr 'ryitofiiunder*, corn. 100 46 4H
Prcfwrr*!
87
93
IOO
"1. aew..no p«r •23
•,'.6
60
(fl
<ltll| 101
.'ly. <!iiin..l(X)
I'rnfnrrnd
04
IOO
C/ompaor
fMlul'ild
IIH>
DdnNnmAC'iliio
77
•irn itork
ol>n<oo C.i
l-r.
I
,
liio
.
rr..'l
(.
lOTi.
I
Mill
I ft
23 JADl/i
D.l.
7%
I
KlOr
(lOe
l.ntiluli
»(,:.'
,.,
.
•
•»• 7"
Jnn IU20
I'ow Hivitta IU27
N
,.
.
J
I'r, fnr'od
...
Inn ifn"»'ir1tie
Hlni rr
•
*
f
•
Par
a'lara
lat prire.
I
l>
.
.
Itiwla.
l.Mt «!•.
tin
....
IIHI
U4
(IH
iim
IK)
Ull
(-4
l(K)
4
,.,
I
,
KKIiji
UlUi UK)
(ltli<
100
lll(l"«
101
nil
III! la
•iX
117
IIHI.1
'
r.iliT
I
llM'-a
H4
s:t
i
KHI'n
I(I03||
1(12
K4A
PAA
MAf
r.i.ll
M.IB
In IMlt,
,\A(J
pay* nrinind dlvl'lnnd.
» l:i tiRtiU.
f Ki dlvld nd.
I'lirrlina'r mkmt
UN<4
9714
lINlj
|ii:i
"•
HCi'
ii.'.i,
I
na°2U. .I'AA
,
Noinliiat.
Uh'll
101 'a
10312 I0334
102
1021]
Kll'li
Hftl«
7a22 MAH
IU-.'2..
\r,r,
I'.iw, niiiti
102 .'4
..,
II
f
AAOIS
linking
lOlU lOlb
I(l2'i
AAO
MAH
.
031,
lOO'a
10U<,
1U1''M
11(0 'li
J'lie
llH
Both Mt
I
70
.
.
l«t t A*. Iiinn
Iti'. f.,.ift..ii,l
IOO
IOO
lA l>
l.'>
U.bdH Jno
i.a<i|i«l<-
'no
Kll
1
J'lin
D.bllH
711]
1102
112
1
AAO
'22 .JADlf.
04
HO
«(»
mil
I'mfr-Tfl
4"'2A
Arm°rA<>i7aJulylA30J4Jl£
J.il»If.
Ift '24
J'lly 16 '23 JA JIB
<;nii«(1liiM I'nrita WViK ^1ASa
Kixl.irnl HiiK llcf (la III24MAN
(loodrlrhdl K)C<i 7»'2ft
M.w-Vdm Valley Mb 1(124
7» lU'Jl- .MA.H
11
lly nn 'iJi.MANIB
JAJ
,ly II II
nil)
iMld«'oiorn
Aiu(lo-Ani)ir Oil 7
'3
lOU
'
Unl.lMr
IovpIkkI Aill'itmtlill".
00 •134
ooa
Preferred
M
rn
l/^.i^ra
6..50
6.00
6.75
5.66
6.60
6-60
5.75
5.80
6.60
6.10
6.55
6.75
6.60
5.50
6.60
6-60
5.50
5.60
6.76
5.85
6.00
6.00
Public Uttlltlet
Amer Gas 4
m
ll(i>iil
«i><k
5.75
6.40
6.60
5.00
8.50
5.87
6-15
6.20
6.60
6-50
6.25 5. 80
6.20 5 75
6 85 6.50
5.87i 6 60
6.75 6.00
5 75! 5.60
5.80 6 60
5.85 6 60
6.75 6 70
5.85! 6.60
5 95 6.60
5 87, 6.60
6.85, 6 60
7.00 6 00
7 00 6 00
6.50 6.00
5 75 5 60
5.70 5.60
6.15! 6.75
8.10 5.76
5.75; 5.40
6.15 6.65
Eqalpmont 6s&64s
4 Ohio 448, 68
New York Cent 44i, 8s
Equipment 8s 4 78
N Y Ontario 4 West 448...
Norfolk 4 Western 4Ha
Equipment
.l.iO
580
Mobile
Jnd
:ir|.
5.»i0
6.60
M4N
J"-i
.
UmnA
\m
6.8.-,
5.87
7.00
6.45
6 70
5 87
5.90
7.50
5.75
7 00
6.12
6.00
5.85
6.85
6-10
6.10
5.75
8.50
6.75
6.20
5.85
5.75
5.85
5 85
Missouri Pacific 53
Preferred
IOC
107>2l09l2 Amer Public Uill. ocriu...l08
102
aorlp
Tobacco Prod Corp 8
Preferred
IOC
*99 101
Carolina Pow 4 LJ, oom. 100
7% scrip
Wey man-BrutoD Co, eomlOO 175 18O Cities Service Co, oom 100
Preferred
100 105 108
Preferred
100
90
80
Young (J S) Co
100
Colorado Power, oom
100
90
100
Preferred
100
Preferred
100
Rubber Stockt (Cl«fel and pT ices) Comwth Pow, Ry 4 Lt.lOO
52
5712
Firestone Tire ft Rub, 00m 10
Preferred
...100
8II4
100
6% preferred
Eico Bond 4 Share, pref.lOC
74I4 SO
100
Federal Light 4 TraoUon.lOC
7% preferred
Oen'l Tire * Rub, 00m. ..100 195 205
Preferred
100
85 100
Preferred
100
Mlssiaslppl RlT Pow, oom IOO
IOI2 III4
Goodyear Tire 4 R, 00m. 100
Preferred
IOO
2OI2 2738
Preferred
100
First Mtge 68, 1961--. J4J
64
67
Prior p.-ef..
S
100
t g deb 78 1935..
OoodvearTARof C.in pf 100 45 65 Northern Ohio Eleo. (no par)
70
75
Miller Rubber
Preferred
IOO
100
88
90
Preferred
North'n States Pow, oom. IOO
95
100
Mohawk Rubber
100
Preferred
100
Portage Rubber, com
100
North Texas Eleo Co,oomlOO
Prt'f erred
100
Preferred
!00
40
Bwlnebart Tire 4 R, oom . 100
Pacific Gas 4 El, iBt prel.lOO
Pnget Hiiund Pow 4 Lt..lOC
.Suftar Stocka
•10
15
6',
Caracax Sugar
Preferred
100
•65
06
Cent Aguirrc Sugar com .2
7 48 1941 ...M4N
Gon
>2 Republic Ry 4 Light
Central Sugar Corp. (no par)
100
6
Preferred
IOC
100
Preferred
50
70
Cupey au<ur common
100
South Calif Edison, com. 100
40
liO
l'r<!f erred
100
Preferred
100
52
51
Fajardo Sugar
100
Standard Gas 4 El (Uel)..6U
Federal Sugar Rof, oom.. 100 100 105
Preferred
60
Preferred
100 100 105
Tenneasee Ry, L 4 P,coml(MI
15
Oodchaiix Hug Inc.. (no par) •10
100
Preferred
63
67
Prcferrir.1
100
United Lt 4 Rys, oom... 100
Great WuHttrrn Hub, oom. 10(1 120 126
1(H;
iHl proferrivl
r.-.-fniTLil
100
100
lOU
Weeiern Power Corp
14
Holly H'lK ;«rp, com (CO par) •12
100
Preferred
39
41
Hrefcrrocl
IOO
Short Torin Soi'iirltlc* — /'»
JiincoH Oiilral Hugar
60 100
Cot Oil Oa 1024. .M4.S'«
100
Nallrnnl Hiignr Refining. 100 108 111
Amor Tel * Tel Oa 1924 PAA
17'«
17
AAO
Hnnta Cecilia Hug CNirp, pflOO
6% notes 192a
Hnv ujrnili H igar, com (no pir) •27
30
Amer Tob 7 % notoa'XJ
7)
Pr'-frrrt-d
75
Kjo
7% nouw 1923
Wrwt India Hug Flo, oom. 100 «0 110
AnanooduCop Mlnfl8'20.J4J
prrfi-'red
7..
JAJ
HO
100
7b 1929 Hiirira B
Preferred
6-70 5.41
5.80 6.60
a. 15 6.76
5.65 6.25
Chicago 4 Alton 4 45. Oa...
Chic Burl 4 Qiilnoy 6s
Chicago 4 Eastern .^11 3Ha-.
Chic Ind 4 L0UI37 448
Chic St LoulB 4 N O SB
Chicago 4 N
«4a
.
•1ilit|nnal
10.512104U
BatU.
Per Ct
PIttsb.
67
Amer Machine 4 Fdry..lOO, li5
American Tobaooo
Equipment
IOOI4
101
I
Central of Q8orgla443
Central RR of N J 68
Chesapeake 4 Ohio 61&.6I23
i
flu '.,•, HI-:
Ju/i
40 '42
105 109
100
103
100;
172
100! 168
91
50 'SO
.
Jun
ft
'7
35
155
90
Pipe Line
Indiana Pipe Ltns Co
Incemaclonal Petrol. (no par) •1434 15
29
National Transit Co. -.12.50 '28
New York Transit Co. ..100 155 165
Northern Pipe Line Co. .100 100 103
26*268 272
Ohio Oil Co
19
Penn Mex Fuel Co
26 '17
Prairie Oil A Gas
100 530 540
Prairie Pipe Line
100 237 240
Solar Refining
100 370 380
95
97
Southern Pipe Line Co. .100
100 1S7 192
South Penn OH
66
Southwest Pa Pipe Lines. 100 63
94
Standard Oil (CaUfornIa) 25 '93
Standard Oil (Indiana) .. 26 •8634 87
570
Standard Oil (Kansas). -.100 550
Standard Oil (Kentucky). 100 460 470
Standard Oil (Nebraska) -100 165 175
Standard Oil of New Jer. 28 178 179
100 11434115
Preferred
Standard Oil of New Y'k. 10(1 35S 36
100 380 390
Standard Oil (Ohio)
Preferred
100 115 116
45
35
Swan * FInoh
100
98
96
100
Union Tank Car Co
Preferred
100 lOSijlOSS^
336
Vacuum Oil
109, 332
28
32
Washington Oil
iO
Otber Oil Stock*
26*103i2
IO4I2
Imperial OU
Magnolia Petroleum
100, 155 160
Merritt OH Corp
*9h 9U
10;
*16i2 I7I2
Mexican Eagle Oil
S;
Midwest Refining
B0,*165 175
.
J.tii
1.32
...100
Illinois
'
u.
112
Qdleaa SUnal Olloom...l00
Preferred old
Preferred uew
195! opt 1931
512S 1951 opt 1931
Atch TopekaA Santa Fe63..
Atlantic Coast Line 6s 4 6 49
B'ilttmore4 Ohio 4 4a& 63..
Burr Rocb 4 PIttsb -1:3 4 4 48
Squlpmant 63
Canadian Pacific 4 Ks 4 68..
Caro Cllnehfleld 4 Ohio 6J-.
1 '0
,
.13
RR. Equipments
350
94
325
*92
180
109
Continental on
100, 128
*33
Crsreent Pips Line Go... 50,
Cumberland Pipe Line. ..100, 145
87
Eureka Pips Line Co
100
1
ii;.
100 9S5 1000
100 115"2 118
Atlantic Refining
Prelarred
r
-,
511
1
(Pi
I
(III
MWh.
KHi'l 101
inl'a IO2I4
ml
HI
li.l
'
NuW
',
III .'I
Itork.
.
.
513
—
,-..
1
Itmtsimait un& '^-^1x^0^^
|txtelligfeticf«
RAILROAD GROSS EARNINGS
STEAM
roads from which regular weekly or monthly returns
following table shows the gross earnings of various
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railway$
are brought together separately on a subsequent page.
The
Latest Gross Earnings.
Ijan. 1 to Latest Date.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Alabama & VIcksb- November
Amer Ky Express.. Dccoiiiber
3(1 wk Jan
Ami Arbor
Atch Topeka & S Fe December
Gulf Colo & S Fe.
Panliandle S Fe. .
Atlanta Birm & Atl.
Atlanta & \Vest Pt.
Atlantic City
Atlantic Coast Line.
Baltimore & Ohio..
B & O Chic Term.
Bangor & Aroostook
Bellefonte Central..
Belt Ry of Chicago.
November
December
December
November
December
December
November
December
November
Noveml)er
December
& L. Erie. . December
Bingham & (Jarfield December
Boston & Maine
December
Bklyn E D 'I'erm
December
Buff Koch & Pittsb- 3ci wk Jan
Buffalo & Susq
December
Canadian Nat Rys. 3d wk Jan
Bessemer
Canadian Pacific
3cl wk Jan
Oaro Clinch & Ohio. November
Central of Georcia.. December
Central RR of N J.. December
New England. November
Cent
Central Vermont
November
Charleston &
Car December
Ohes & Ohio Lines.. Novemberl
Chicago & Alton
November
Chic Burl & Quincy. December
Chicago & East 111.. December
Ohlcago Great Wesi! November}
Chic Ind & Louisv
December
Chicago Junction.. December
Chic Milw & St Paul December
Chic & North West- December
Chic Peoria & St L. December
ChicR I & Pacific. December
Chic R I & Gulf. December
& Om_ November^
Chic St P
OInc Ind & Western December
Southern
Colo &
3d wk Jan
& Den City. December
Ft
Trin & Brazos Val Novembers
AVichita Valley
December
Oumb Val & Martin Novembers
W
M
W
Delaware & Hudson
Del Lack & Western
Denv & Rio Grande
Denver & Salt Lake
Detroit & Mackinac
December
December
Novemberl
November!
December
Detroit Tol & Iront. November
Det&ToI Shore L.. December
Dul & Iron Range. _ December
Dul Missabe & Nor. December
DulSouSh& Atl._. 3d wk Jan
Duluth Winn & Pac November
East St Louis ConnEastern S S Lines..
Elgin Joliet & East.
El Paso & Sou West
Erie Railroad
Chicago & Erie
N
N
V HR...
J &
Florida East Coast.
Fonda Johns & (ilov
Ft Smith & Western
December
December
Decemljer
December
November
November
November
November
December
December
November
November
November
Galveston Wharf
Georgia Railroad
Georgia & Florida..
Grand Trunk Syst.. 3d
wk Jan
& St Lawrence November
ChDetCanGTJct November
Det G H & Mllw. November
Atl
Grand Trk West.
Great North System
Green Bay & West.
Gulf Mobile & Nor.
Gulf & Ship Island.
Hocking Valley
Illinois Central
Internat & Grt Nor.
Internat Ry of Me. .
Kan City Mex & Or
K C Mex & O of Tex
Kansas City South.
Texark&FtSm..
Total System
Kansas City Term . .
KanOkla&
Gulf...
Lake Sup &• Ishpem.
Lake Term Ry
Lehigh & Hud River
Lehigh & New Eng.
Lehigh Valley
Los Ang & Salt Lake
Louisiana & Arkan.
November
December
November
November
December
November
November
December
December
December
December
December
November
December
November
December
December
December
Decemlier
December
December
November
Deceml)er
Ry & Nav November
Louisville & Nashv. December
Louisv Hend & St L November
Louisiana
Maine Central
Midland Valley
Mineral Range..
Minneap &
December
December
3d
St Louis 3ih
MinnStP&S S M.
Mississippi Central.
Mo & North Arkan.
wk Jan
wk Jan
December
December
November
302.980 330.022 3. 126. 156 3,306,382
14ti24 283 21001 807' 160035 162 1,54749 712
335, .503
244.515
S(i,7«i0
07.0.50,
13(i45 2S2 18.5.50 914' 189217 520 21.5444414
2,220.272 2.931,188 27.276.814 24,858,806
814,502 9,531.957 S9,355,874
681 .722
300.200 447,305 3,201,634 5,829,849
248,202, 2,299.018 2.772,045
l'Jl).974
245,4621 4.615.848 4,067,007
23»i.747
6.07.'). 017 8, 067, 545'66..5.52,681 74,121.937
210869 619
232803.521183117810
l.->901094
208,890 255.106! 2.628,783 2,318,294
70().r)10
692. ,589 6.710.685 6,138,468
69.489
112,737
12.6161
6.812
43(),432
472.868 5.495.789 4,704,324
697,074 1.260.641 13,.534 .011 15,883,839
178.322 1,399,493
11,380
32,421
6,141,.'")92 7.199.9.58
107,0.")9
263,128
163,773
78,289,7.50 86,6.52,744
105.088
357,949
296 ,385
Week or
Month.
Previous
Year.
Current
Year.
Previous
Year.
Weekly Summaries.
week Nov fl9 roads)...
Kd week
4th week
to Latest
Date.
1,318,072
791,793
2,0.52.732
1,1 93,.520
1,073,848
3,107,467
5,979.277
9,775,000
6.826,777
25,082,290
51.989,303
6,836,247
6.553,213
4,696,709
2,614,000 3,196.000 7.564.000
6.889.058
770.606
670.005
l,(i0.'),li
1,943,798 22.185.359
4,136,735 4.961.689 52. (-.(lO. 997
789,935 872.013 7, 753. .574
686.536 639,241 6.103.930
255,304
301.277 3, 276. .543 3. .504, 899
6,602.125 8.500.831178.174.054 81,644,944
2, .540, 952 2.966,589 28.575,703 27,641,791
13315,581 15271910 168643 539 185270 768
2,()2().8<t3 .i. 087. 976 27,099.14( 31,307,447
1.955.118 2.162,164 22.586.248 21,802,409
1.210,256 1.337,949 15.162.870 15.952.5.53
439,973 395.634 5.261.832 3.614.122
11347 782 13106 676 146765766 1681587.34
10578 608 13098 752 144775476 16.5692 399
197,358 236,828 2.113,416 2.776.278
100002.58 11879492 139272 023 1420261.52
469,930 692,509 7,510,255 6,883.934
2,247,142 2,955,413 25,914,370 29,315,270
388.643 3,716,572 4,512,465
321.5.34
418,200 599.810 1.167,910 1,689,955
828.039 1.298,737 11.334.9.56 13,149,248
464,646 273.206 3.040.232 1,963,354
127.004
194,086 1,723,109 1,838,144
95.466
95.970 1,266.896
811.590
3,730.725 4.7.57.831 45.718.029 45.289,014
6.619.9.54 8.4.84.847 86,243,394 83 ,.593,3 15
2.828.226 4,077,095 30,246.118 36,533,707
307.485 301.334 2,730,866 2.687,870
125,471
146.4.S5 1,972,441 2,077,931
681,0.52
481,032 6,634,658 4,711,939
231,669 247,489 2,807,447 2,385.942
96,507
157,411 4,972,514 11.075.9.52
135,510 2.58,711 12,374.949 19.623.476
64,619
90,068
198,165
269.160
180,919 251,586 2,169,652 2.284.598
116.7.34
1.54,400 1.,598,645 1.512. ,565
255.725
182,046 5,207,441 4,661,355
1..591, 021 2,ti63,893 19. .3.34. 942 25. 689. .586
787,030 1,293.510 10.910,087 14.872,614
8.520.387 11289247 95.815,443 99,160,255
1.023.958 1,246,684 10.046.176 11,804.481
119,528
124.798 1,367.299 1.229.608
900.836 1.071.613 12,337,720 12.203,783
11 3..596
123.0,56 1,355.6.59 1.431. .562
135.83
213.009 1,773,094 2.045.504
188.1.54
249,3.59 2,471,663 1.733.468
398,625 662,731 4,781,734 6.086,465
103,513
145.425 1.273.992 1.388.357
1.7,55,834 1.907.473 4.851.865 5,9.54,605
237.411
396.924 2.521.404 2.943.483
153.675' 2.55.777 1.793.213 1.824.743
454,264 582,730 4,117,322 4.665.641
1,246,424 1.306.154 13.521.493 15.891.748
7,675,481 9.778,045 101317 204 124897 865
110,101
117,484 1,285.700 1.179.967
340,142
453.449 3.749,332 3,703,810
229,921
247,176 2.852.960 3,081.128
1,142, .583 1.849.730 13.222.248 15. .551. 771
11124067 133301.30 130040639 132036726
1.192.146 2,066..t.-5 17,»i.3<1.782 19.514.092
310.737
390.330 2,808,902 2.890.171
113,776
164,843 1,789.64:'. 1,714,891
165.009
247.173 2.199.355 2, 001, .506
1.419.918 1,810.488 19.609,283 19.762.433
167,231
255,378 2,026,960 2,069,376
1 ,,582,747 2,035.517 21,768,140 22,3.55.226
144,676
139,809 1.486,011 1,467.164
210,705 314,847 2.330.969 2.803,056
7.259
11.4.59
411.615 1.659,705
92.001
168.911 1.201.902 1,449,021
255.917 315.335 3.242.290 3,177,571
308,712
514,155 4.866,692 4,820.406
5,317,267 7,275,295 74.929.913 75.223.862
1,602.761 1,876,113 18,105,921 18,747,862
246.212 400.291 3.380.764 4.295.0.53
272.918 411,568 3.615,415 3.918.131
8,405,120 11313873 117149124 1279.58737
216,5.33
281,836 2.641,457 2,895.817
1,517„535 1.893,682 30.590.064 21. 3.57. .508
346.217 497.382 4.162,7.58 5.191.843
3.162
9.898
8.657
29,.59 9
321 .5"9
300.933
S52.287 1.113.475
3.108,623 3,849,697 42,938,421 49,162,796
117,469,
74,655 1,198.143 1,047,364
815!], 201. .5.50
662,473 1.931.235
1,58,5,23) 1,996,701
Kan & Tex N ovember
T Uy ofTex November
Nov
Nov
(20 roads)
(17 roads)
1st week Dec (19 roads)...
2d week Dec (19 roads)...
8d week Dec (17 roads)
4th week Dec. (20 roads)...
1st week Jan. (12ro.ads)...
2d week Jan. ( 1 3 roads) . .
3d week Jan (20 roads)
Current
Year.
Previous
Year.
S
16,831.129
15,121.666
Mo
Monongahela Conn. December
Montour
December
Nashv Chatt & St L December
Nevada-Calif.Ore . . 3d wk Jan
Nevada Northern.. November
Newburgh & Sou Sh December
New Orl Great Nor. December
,
NO
Te.xas
Beaura
St
& Mex.. November
13.245.646
13.637. .534
IS. .549. 807
12.981,310
18.070.117
7,088.258
10.374.306
11.726.774
17.143.966
22.881.014
9.400.099
13.088.878
13.906.6()0
-3.746. 690 19.14
-3.982, 401 20.84
-5,750. 515'23.65
-5.399 241 28.96
-4.912. 273126.48
-4.162 6.56124 28
-4,813, .897 21.04
-2,311, 841 24..59
-2,714. .572 20. 74
-2.179, SS6ll5.67
Previous
Year.
Current
Year.
Previous
Year.
S
3
%
$
SL&
L Brownsv
&M
RR
November
December
December
December
November
December
November
November
November
December
December
December
December
November
November
December
December
December
December
November
December
November
November
November
November
W Jersey && Seash
St L.
Pitts
CC
Pennsylvania Syst..
Peoria & Pekin Un.
Pere Marquette
Perkiomen
Phila & Reading
Pittsb
Pittsb
& Shawmut.
& West Va..
-
Port Reading
KC.
Quincy Om&
Rich Fred & Potom.
Rutland
St Jos & Grand Isl . .
St Louis San Fran..
& Rio Grand
Ft
W
StL-SFofTexas.
St Louis Southwest.
StLS Wof Tex.-
Total Sj'stem
St Louis Transfer-.
San Ant & AranPass
San Ant Uvalde & G
Seaboard Air Line..
Southern Pacific
Southern Pacific Co
Atlantic SS Lines.
Arizona Eastern.
Galv Harris & S A
Hous & Tex Cent.
Tex.
Hous E &
Louisiana Western
Morg La & Texas
Texas & Now Orl
Southern Railway..
Ala Great South
Cm N O & Tex P_
Georgia Sou & Pla
W
55960543 75243486 611764658 673897626
148.601
164,082 1,696,110 1,674,010
2.644.110 3,022,102 38,161,240 40,372,815
124.461 1,285,803 1,272,285
109.385
6,825.184 9,992.766 84,924,227 94,819,755
122,231
191.220 1,182.147 1.634.816
2^1.240 1.850,822 2,335.878
192.637
274.309 2,236,444 1,9.54.470
162,9,56
96,389
125,875 1,306,820 1.366.645
871.662 1.0.36.048 10.002.075 11.049.884
531.265 5,811,556 5.979.621
437.797
309.190 3,104,965 3.1.58.785
2.57.337
6.157,005 8,313. .595 81,851.289 93.743.863
195.840 1.618.889 1.799,392
168,060
192.012 1.772.281 1.035.940
1.56.288
1,654,242 1,982.512 15,847.634 19.476.030
683.396
836.409 7,079.971 8,427,227
3d wk Jan 397.810 471.351 l,2O4..540 1.425,802
129..542 1,111,430 1,392. .581
December
81.005
December
480.723
558.623 6.322.114 6.042.948
99.034 1.088. .564 1.365.364
71.686
November
November 3.608.176 4.277,095 39.143.763144. 705. 786
November 21939010 26651 805 249272 295' 257264 2.59
20222070 25005245 269494365 282269 504
December
November
November
November
November
November
November
November
November
wk Jan
3d
December
December
December
New Orl & Nor E_ December
December
Northern Ala
Spokane Internat. December
Spok Portl & Seattle December
December
Staten Island R T
Tenn Ala & Georgia 3d wk Jan
Tennessee Central.. December
.
Ter RI4
St
.\ssn of St
L Mer
Bd'.,'e
I.
D<>cember
T. Deeemlier
Texas & Pacific
Toledo St L & West
Ulster & Delaware..
Union Pacific
Total system
Oregon Short Line
3d
wk
Jan
November
December
November
November
November
Ore. Wash HR&N November
Union RR (Penn).. December
December
Utah
VIcks Shreve & Pac. November
Virginian Railroad. December
November
Wabash RR
Western Maryland. 3d wk .Tan
December
Western Pacific
Wastern Rv of Al.a . November
Wheel & Lake Erie- December
Wichita Falls
Yazoo
& Miss
.<t
NW
Valley
November
November
February
Ciirr.Yr. Prev.Yr.l
.
July
..235.653
..234.832
..220.340
..235.333
..235,208
..230.991
August
September
..2.33.815
..2.35.155
March
April
May
June
1,057,650 1,062.175 9.769.554 6.365.941
425.617 2.508.850 3.795.271
193,871
2.089,180 2.767,270 23.123.085 24.7.52.216
1,571,653 1.249.101 13.067.576 10.925.940
299.896 2.745.297 2.795.193
272.689
3.37.941
510.180 4,055,487 4.944.678
843.685 944.097 8,103,837 9.479.751
977.653 7,926,492 9.208.319
742.434
2.913.081 3.187.162 8..363.261 9. ,596, 848
828.93 21.045.01 39.542.224 11. .588.805
1.366.412 1.741.727 17.170,444 20. 888. .5.59
464.145 463.1,59 4.586.771 5.330.811
497.999 661.428 6.329,.587 7.728.116
908.335 1„501,881
119.217
98.5.57
153.458 1.300.060 1„566,775
96.212
663.319 1.0.52,047 1.959.290 9,449,743
202.745 2.511.467 2,417,058
181,749
5,.584
5.041
2.302
1.603
222,514 2.338,816 2.926.860
168,578
4.()49.623
370,148 2S1.159 4.527.866
400,644 3.6.58.660 4.305.491
291.9.88
609.331
804,381 1.748,784 2.41 5. .503
940,838 1,077,100 8,717.980 10.831.429
102,673 1.713.601 1.486.612
105,513
9,732..v)3 12480 8.54 106414 523 120714 119
15669468 19.5471.52 167721378 1926.54110
3,402,320 4,174.174 33.975.014 41.371.322
2, .534, 305 2. .892. 123 27.331.840 30. .568.636
702,817 1,049.066 9.435.212 10.977.141
191,165 1.213. .535 2. 009..520
97.644
384.748 3.814,177 4.2.54.466
347.023
1.165.946 1. 718.095 18.024.3.57 IS. 1.58. 853
4,787.294 5,713.019 54.769.861 54.838.932
940.321 1.1.56.389
405.661
.375.682
775.210 778.109 12.100.611 15.612.842
226.765 2.329.207 2.552.036
199.451
938.199 1.,5,56,7 14 14,770,707 17.9.52.2.57
210,443 2,.57 7. 000 2.4-19.694
197.723
1,978,751 2,206,987 18,988,366 26.041.651
and Monthly.
Month hi Summaries.
Mileage.
824.143 2,944.686
1.408.939 1.677.351
20,924,603 24,481.6.34
17.480
12,084
323.944 1,511.694
1,496.821 1.920.237
2.546,145 2.670.578
2,4.50„^'!6 2.776.612
1.978,752 2.092,676
5,494,548 6,986,535
322538 217 372961 666
9. 034, .538 9.615.785
9.061.493 11,970,927
72,911,8.52 87,790,799
79, 793, .593 88.862.078
6.030.609 7.435.118
.301,762 3.544.6.56J 3..366.2S2
295.836
1,908.146 3,604,822 23.226,0.59 35,740,951
710.145 1,346.089 10.711,986 13„548,.570
283.341
465.351 4.785.161 5.404.656
2.245.0.52 3.117.873 27.030.664 28, 6.55. .548
263,538
297,236 3.081,926 1.477.766
9.899.414 10309.563 116405233 123512310
992.837 1.139, .548 14.127.867 13.1.54.689
334,623 419,933 3.931,019 4.173.272
680.846
631.099 8.0.56.795 7.7.50.826
7.218.894 8.440.933 80. 760, .590 88.489.355
7. .500.813 9.099.880 94. .538. 0,59 113084 408
,526.365 8,609,732 7,850,607
.569.462
42043790 68164188 460692 166 516661 471
101.513
133. .588 l,(i0<),419 1,672.960
142.031 1,127.383 1,219,532
153.838
894.918 1.047,264 8.137.4.58 8.9.58.305
2.009.384 1,931,299 28.720.911 25,797,110
107,828 1,251,171 1,338,518
89. .386
622,845 4,394.105 4.676,500
387,323
629.990 731,581 5,776,641 7.412,857
159,0,53 1,692,410 2,090,667
163.434
802.665 1,054,411 12,206,974 13,046,548
8.682.091 11386174 89,647,693 100586945
Ches& Atl.. December
& Nor.. November
Grand Rap & Ind November
Del & Va..
Monongahela
N Y Phila & Norf
Tol Peor & West.
190,996
5.826
81.218
234.420
202.782
403.149
267.592
699,931
5.8.57.005 6.797.69'
Bait
Mary
4.747
33.044
104,011
423.982
26340 8S7 32010481
683.384 736.449
662.712 1.022.632
Cine Leb
Long Island
139.936
163.331
1.5-12.897 2.001.8.50
148.140
November
_
Pennsylv
96.876
89.401
229.9.55
W.. November
New York Cent ml D cceni ber
Ind Harbor Belt. December
Lake Erie & West December
Michigan Central December
ClevCC&St L.. December
Cincinnati North. November
Pitts & Lake Erie December
Tol & Ohio Cent. December
Kanawha & Mich December
N Y Chic & St Louis December
N Y Connecting November
N YN H &Hartf-.. December
N Y Ont & Western December
N Y Susq & West.. November
Norfolk Southern. December
Norfolk & Western. December
Northern Pacific
December
Northwestern Pac. December
%
S
19. .577. 819
19.107,127
24.319.654
18,644.887
18,669,1.39
Increase or
Decrease.
Current
Year.
2.810. .564 3..53 4. 378 30,939.8.50136,936,228
K *i
2.1.53.402 3.140.631 25.004,681 J26.992,739
Total system..
November 5.101.689 6.900.224 58„521..537 66.399,781
Missouri I'acific.
December 7.725.2.56 100.53 227 109745 072 118721428
Mobile & Ohio...
889,188 1.095,771
3d wk .Ian 312.047 .364.095
Columbus & Gr..l December
153.409
198.812 1,.594. 291 1,881,560
Missouri
AGGREGATE OF GROSS EARNINGS— Weekly
3d
Jan. 1
K0.4DS.
234.510
233.839
219.743
234.916
235.0.59
230.410
233.067
October .. ..236.228
234. .559
234. 6S6
November
2.34.972
.-236.043
Current
Year.
Previous
Year.
Increase or
Decrease.
S
S
S
405.001, 273 424 172.348 —19.171,075 4.63
453.078, 910 45S 462.330 —1,483,390 0.33
411.279, 831 381 112.814 +30.166.987 7.&1
444.028 885 157 243,216 -13.214.331 2.8«
460.582 512 494 164.607 —33,582.095 6.79
460,989. 697 ,527 .396.813 —66.407.116 12. SC
501,599 ()64 554 718. SS2 —50.119.218 g.oa
400, 7 '<1 097 617 ,537,676 -120,7.53.579 19.58
.534,332, 833 640 255,263 —105922 430 16.54
464,440 498 590 ,468,164 —126027666 21.34
THE CHRONICLE
Fed. 4 1022.]
Latest Gross Earnings by Weeks.
Slim up separately the earnings for the third week
The table covers 20 roads and shows 15.67%
Januarj-.
of
the
aggregate over the same week last year.
decrease in
Third Week of January.
1922.
—Gross from RaUway^ —Net fiom
— In the table which
we
follows
1921.
S
1920.
1921.
$
S
Delaware Lack &. Western
December.. 6.619,954 8,484,847
900,788
From Jan 1.86,243.394 83.593.315 17,865,874
Detroit
Railway
Net
1920.
s
after Taxes
1921.
& Toledo Shore LineDecember..
231,669
247,489
2,701,035
4,563,823
— 105,.508
14,733
206,309
-96,116
—147,989
3,732
68,217
—281.046
39,848
1.101,645
111.516
652.076
25,848
915,573
101,516
502.292
146,485
2,077,931
125,471
1,972,441
1920.
S
2.557.924
—95.512
9.125,895 12.516,049
& Mackinac
December.
FromJaul.
Increase. Decrease.
1921.
513
Detroit
11 roads reported
week
la.st
._ _.
Ann Arbor .
Colorado & Southern
DulutU South Shore & Atlantic,
86.770
418.200
64.019
10.2S0
181.610
25.449
321.529
4.747
1.603
375.682
5.826
2.302
405.661
29.979
11.726.774 13.903.660
2.179,886
iliueral iianee
.3.162
Total (20 roads)
:N''et decrease (15.67f^)
1,854.6.50
97.050
599.810
90.068
9.898
390.933
_
Minneapolis & St Louis
. .
_
Iowa Central
Nevada-California-Oregon
Tennes.see Alabama & Georgia-.
Western Marvland- _
S
S
S
$
10.450.462 12.305.112
1
1.079
699
—
—Gross from
RallKa'j
1921.
s
and
railroad
1920.
$
Net from Ratlway
1921.
s
Net after Taxes
1920.
1921.
1920.
$
$
s
14.624.283 21.001.807
160035,162 154749.712
1
401.615
480.540
3.541.733-40.026.935
201,859
269,125
1,680,783-41,821.394
1.011.092
26,177,862
—31,503
—748,977
—108,088
-1.335.515
Atlantic City
December..
236,747
4,615,848
FromJanl.
245,462
4.667,067
—28.092 —131,049
669,999
434,085
-146.799
255,711
r.434
441.176
Line-
Atlantic Coast
December.. 6.075.617 8.067.545 1,087.234 2.201,137
812.388 1.943,475
From Jan 1.66.5.52.681 74.121,937 7,897.097 5,128,074 4.725,768 1,758.308
Bait & Ohio Chic Terminal
December..
208.890
—72.448 —33.421 -110,806
255,106
—65.372
From Jan 1. 2.628.783 2.318,294 -161,972—1,132,665 —621,124—1,512.797
Belt
Ry
of CTilcaso
December..
From Jan
436.432
5.495.789
1
472,868
4.704.324
Beaeemer * Lake Erie
December..
697.074 1,260,641
From Jan 1.13.534.011 15.883.839
132.014
1.467,029
69,581
185,659
255.587
2.234.634
121.797
3,357.151
—24.162
—9.458
-268.618
293,363
44,814
98,763
1,126,708
Garfield
December..
11.380
From Jan 1 .
178.322
222.226—1.058.367
1,830,073
2,0>t.047
32,421
1.399,493
—31.850
—342,280
—52.955
171,718
* Maine
Boston
December.. 6.141.592
From Jan
7.199.958
78.2^9.750 86.652.744
I
E D TerminalDecember..
107.0.59
105.088
From Jan 1 1.318,072 1.193.520
34.368
— 19,075
1,714
—215.360
444,569
Eastern Steamship Lines
December..
255.725
From Jan 1 5.207.441
182.046
4,661,355
—26,669
—47,091
-180,881
1,099,524
287,476
698,803
-70.684
50
Eastern
2.863,893
1.19,334,942 25.689,580
606,362
5,721,903
872,427
6,583.720
609.674
4,753,338
731.277
5.860,638
213.009
15,716
—12.527
2. 045, .504
70,510
84,778
Buffalo Rochester & Pittsburgh
Decemt)€r.. 1.2.39.678 2.095.715
From Jan 1.14.399,526 21.733.723
Buffalo & Suaquebanna
December. .
163.773
296.385
From Jan 1. 2.052.7.32 3,107.467
Cana/llar; Pacific—
DecemtH-r . 15.7.56.923 20.604.167
23,479
—82,453
27.505
325.946
17,129
—157,321
December.. 1.591.021
From Jan
Ft Smith & WesternDecember..
135,837
FromJanl-
318,842
606,100
176,539
133.146
-5.787
19.857
— 332..529
—298,982 —167,310
—19.187
-117.622
-2,9.54
21. .591
-259,551
December.. 7.675.487 9.778.045 1,736,171
FromJanl 101317204 124897 865 30.820.291
& Ship IslandDecember.229.921
247,176
51,042
RR
—
—
—
I
t
271.910
1
2.731.215
—199,990
—.563.638
1,.587,014
88..552
—
1.230,732
—111,732— 1.434..581
0.206.015—6.407.942
—39.428
—247,460
—14.438
—453.625
1,988.429 -I,502..523
.-'70.768 40,227.194 2I,263,.180 30,430.729 12,355,720
Chi-
I.:
.
I:.
<;t,;.
I
..-,
J
:
;
,-,
:
.
:
iJwemlxT
From Jan
I
I,93S,f;81
418..VJ0
383,021
2.072.200
320..')fl9
37.1.56
2,234,206
125..W8
'
,.,•173
I
214,159
—12.114
I.M0.43&— I.6S1.034
188.509
1.193.631
— 1,004,710
106.676
1.206.840
1.100.622
M5«.734
IH. Win. 764
3..367.8O0
03<.8.'.3
447.252
9.763.12(1-8.624.971
395.634
3.014.123
A
.«»
('•Ml
—
1
II
M'i
—'
Kron.
Chlcaxo
1,,543,997
I.59. S3
85,865
712.600
/1.37.«49
....'jr,2,l,r,3
.
.
'>.2i,\.<i32
1
Chtciwo Mllw
f'^'irla
iMcrmtxT
From Jan
Ctalraso
I)fr>— >-r
Krot
A
:'
.'.2
flj..145
46.1.734
ISK -.70
1!W
l5.nM.(MH
8.582,199
7.20I.HM3
l.<iiil*
— Sl.giS
107 35
1
;>•;
:.nn.2i>\
Ilo'-k l"i
I,.
fir
.
.
i.i
.
.
-353.346
-17,096
-465.605
-167.115
3,061,128
Great Northern
December.- 1.192,146 2.066.455
From Jan 1 17.639.782 19.514,092
,,
I
-
—00.743
— flS.3.17
—408.334 —483.543
—73.794
— S80.00<)
-
I.H7U.402
1.776.630
1.340,383
M2036.1S3
Ry
International
—8,689
—166,911
56,505
297.410
—4,753
—440.363
93.579
1,384.835
262,049
—523,953
December..
in
50,138
920.087
—895,932
89,545
209,924
—552,521
63.470
6,849
—718,781
390,330
310.737
December..
113.776
1.789,643
FromJanl
231,844
Maine
FromJanl 2,808.902 2,890,171
Kansas City Mex & Orient
164,843
1.714.891
28,854
6,494
—38,235
4,108
—46,778
—7,411
—202,539 —689,114 —299,554 —785,397
Kansas City Mex & Or of Te.xas
December.165.009
247.173
1,509
59,040
—5,458
63,233
From Jan 1 2.199.355 2,001.506 —261,220 —632,175 —332,842 —698,057
Kansas City SouthernDecember.. 1.419.918 1.810.488
164,845
434,951
67,937
361,277
From Jan 1 19.609.283 19,762,433 5,008,988 3.578,201 4.007.802 2,723,072
Kansas Oklahoma & Gulf
December..
210,705
314,847
53,218
38,070
43.257
21.375
From Jan 1 2,330.969 2,803.056
207,651
—85,990
97.605 —210,451
Lake Superior & Ishpemlng
December..
7,259
11.459
—29.086 —42.301
—34.445 —234,171
—
FromJanl
411.015
1,659,705
—143,947
735,709
— 209,210
480,742
168,911
1,449,021
41,594
213,908
24,138
-109,581
10,427
114.581
—182,222
9,308
812,447
90,149
402,029
—2.337
667.138
81.419
278.120
44,730
156,667
899,282
22.666
844.514
100.089
671.487
Ry
Lake Terminal
December,.
92.001
1.211,902
FromJanl
Lehigh & Hudson RiverDecember. .
255,917
315,335
From Jan 1 3,242,290 3,177,571
Lehigh & New EnglandDecember..
368,712
514,155
From Jan 1 4.866,692 4,820,406
Lehigh Valley
RR—
December.. 5,317.267
From Jan
7,275,295
74,929,913 75,223,862
1
1,070,951
918,570
119,465
7,399,899 -5,091,234
15,815
769.628
4,843
5,434,671 -7.409,231
Arkan-'as
&.
December..
From Jan
248,212
3,380,764
1
i
400,291
4,295,053
29,348
651,854
95,138
953,403
1.343
53,699
724,730
422.187
Na.shvllle
December.. 8.405.120 11.343.873
i'rom Jan 1 117149.124 127958.737
Maine Central
DecembcT.. 1.517.535 1.893.682
From Jan 1 20.590.064 21, 357. .508
497.382
4.462,758 5,191,843
Minneapolis A St Louis
December.. 1,171.238 1,565,152
FromJanl 16.171,727 17.137.ii77
Minn St Paul A .Sault Ste Mario
December.. 3.108.623 3.849.097
From Jan 142.938.421 49,102,796
MlHHlmlppI Central
Docember. .
117,469
74,655
FromJanl 1,198,143 1,047, .304
—
Dwi-uibcr
.
From Jan
1
—403.744
4,016.531
—
14,518 —259,144
1,056.712--1,317.615
109.292
688,003
1.249,748
—120.859 —363,417
—210.179- -2,485,330
1.055.9.57
109,130
904,158
158,462
979.624
241.401
.297.893
125.740
—665.085
200.592
61,033
485,299—1,405,005
1
179.924
3,494,827
— 173.129
40,370
659.007
4.554,453
—32.621
—2.632 —463.996
151
7,725,266 10,653.227
109745,072 118,721428
k Ohio
l)cc<'nil>(T
From
72,536
785,086
—528,733
763.346
—3,480 —52.628
—77.841 —534.487
136.361
13,304.877
1.464,184
—705.371
1
.
.Ian
,,505.323
1.589.0,').l
18.190.178 18.796,153
A (Jrconvlllo—
DcccinbiT .
15.1.400
198 812
From Jiui 1 1,594,291 1.881.560
.MoMonKiihcIa
IX^onilMT
387.233
022,845
FromJanl 4.394,105 4,670,500
Mononsahola ('onnoctInK —
I)«*"i*mbcr
90.876
139,936
From Jan 1
824.143 2,944,580
1
244.420 -178,873
2.005,650- -1,070,043
1.428. 143
30.634.000
RA4.7H3
4.850.555
H.7.37
1.732.327
.
151.
'1.276
'.41
l.052.'»s:,
1.60
1.
7:.
I
I
I'.,
710
M7j.r,S2
.
-
'.43
10.161
loa
—Ml. 564
«.70O.*70
233.054
'
-2.773
—498.320
11.770
586,020
46.035
001.330
43.803
3.000..330
3.0.''.l.447
1.0:42.715
— 10.443
-7fW.707
73H.63M
3,708,526
DwnmlMT.
From Jan i
89,401
1,408,930
..iW.Til
'ISO
Ii4
i04,M>4
3,033.761
37.
W
035.133
"31
32n.r>i4
'•14
7,(M3^aS
A
100.200
1.061.076
140,000
3.4.34.UM
32.021
3^1. 'I'll
.IVI.IW
5.M.»i;,((
oio.imt
3.374.713
rn
m
6,U.'>2.3t2
55,048
1.362,207
.•J
II
..
MOO
I.'.U
103.331
1,077,351
Ht I,^
Dwfmlirr.
1,542,807 2.001.850
From Jim I 20. 924.003 24.481.034
Nowburuli A Soiilh Hhorit
l>rrrrnlMT
1..
n
234,420
From Jan I
I.U20.4P7
.
1
.
150,029
1.385,585
300,020
752.142
7,392
10,700
I
679
0.797
— 236.036
—
187.0.33
227,896
1,325,983--1,779,135
From Jan
•
i
I'JO.'.I'JO
3.540.145
1
202. 7H2
2,070.578
277.012
062.204
-089
6.036
678,701
—4.477
50.087
480.184
— 10,724
—35,805
—2.023
—32.485
— 13.003
—06.000
—276.352
—68.061
758,030
006.4.^3
76,335
343,308
44,008
72,818
51,960
17,080
108,331
—63.016
30.338
230.105
-127.805
--150,457
44,884
44.771
— 176.778
— 340.HI7
2,0,30,504
11,224,280
-
-
'
^H? 32,010,481
Kr
.'17
tmllatia Harbor licit—
iMvPtlilmt .
0S.13>H
From Jan
F.rln
'<
I
7.30,440
0,615,785
\
1.223.023 —183,047
3,053, 4)M—I,07O,36i
1.107,331
IH4.5H3
0.047.001
—103.034
3,783.187—1,800,814
A
)«i<rnilMT
•,...;
.
/
I
.:
I
>n-ntlllK<r
Fr<»i»» Ji»n
12.405.001
372901000 74,.357,223 22.084,110 54.85.8,007
1,022,032
From Jan
0,001.403 11,070.927
MlrhUan Oniml
I
10.445
133.129
1.288,670
<Tn
I>.
I
61.268
—83.276 —400.056
16,366
10.130
t
(.i'
21,445
1.317.320
i
Orlnana
I Jivombor
\Akr
A U. 140.340
—349,739
Montour —
.N>w
<
44,113
40,801
—
Npw
.
.
511,473
2.852,980
Najahvllln ChatlnnofjRn
flilI
229.3S3
869,535
('oluiiil)iui
*•* *-'i.U>r
'-
169.096
.:.,,.
>r>/m Jiin
Chlcaf''
235, .'163
.-..
;
fr.,'r.
289,251
3.154,741
1.216.730
10.'950,751 12,480,988
&
International
Mobile
3.087.976
31,307.447
16
21.524
MI.HHOurl I'ttclflc-
<>
li
968,231
—18.904
8,429
2,427
Gulf
FromJanl
—
.
—
MIdlaad Valley—
Decemb-r..
346.217
1.917.781
2.222.072
FromJanl 193.021.854 216641.349 34.201.740 33.153.044
Central of fJcorKli
December
1.605.673
1.943.798
136.129 -565.8.30
From Jan 1 .22.IS.J.359 25,082.290 2.151,803 —651.078
Central
of New Jr^scy
—23.273 1.072.978
December.. 4.1.-56.7.35 4.961.689
From Jan 1.52.600.997 61.980,.'i03 9.039,301- 3.022.972
Wrat
*
Caro
CbarlexUin
304
D«''mb<T
301,277
47.941
13.794
143.355 —297.433
<
1.773.094
Great Northern Svstem
Louisville
174.368
482.494
—21,939
—246,878
&
Elgin Jollet
Louisiana
33.799
404,862
3,057,625
508. 442
415,794
162,823
1.780.528 -7.385.901
Brookl>-n
303,788
1.512.565
—122.777
A
Bingham
4.675.222
1,598.645
FromJanl
FromJanl
98,074
181.966
602,989
East St Louis ConnectingDecember..
116.734
154,400
Ann Arbor
December.
430.332
570,558
128.143
115,574
90.168
From Jan 1- 5.139.215 5,385.992
920,404
432.331
663.679
Atchison Topeka <t Santa Fe—
December.. 13.645.282 lS.o50.S44 2.643.518 1.945,605 1.593.847
From Jan 1 189217.520 215444.414 58,443.353 37,352,017 44,693,067
Panhandle Santa Fe
—22,860 —111,469
December..
681,722
814,502
—72,505
From Jan 1 9,531,957 9,355,874 2,533,718 —577,062 2,256,787
Atlanta Blrm & Atlantic
December..
.306,200
474.305 -116,628
—61.812 —145,871
From Jan 1 3,201,634 5,829,849 -1,459,030 -1,096,238 -1,697,428
—240,588 —307.485 —224.025— 1.3.52, .528
Duluth Mlssabe & Northern
December..
135.510
258.711 -318.784 —494.244 —433,059—3.385,747
From Jan 1.12.374,949 19,023,470 5.063.338 9.745.222 3.682,576 5,839,102
American Railway Express Co
October
From Jan
2,385,942
157,411
4,992,574 11,075.952
FromJanl-
companies
industrial
2,807,447
1
Duluth & Iron Range
December..
96,507
(i.7:i(i
69.404
Net Earnings Monthly to Latest Dates. The table
follo'W'ing shows the gross and net earnings with charges and
surplus of STEA^I
reported this week
From Jan
00.240
360,0,10
9;,'.i,;iii
7.'n.sl3
327,074
..33
.
I
301.238
7
.'78
53,000
130.208
200.670
7.710.006
ci.
m..-, trio
2.1i>,-.005
I>.
Fi
.,
„,,.,
..IM 3,300.037 l,.133,OHI 3.084.830
038.012
-- -.i,078 16.387.471 14X20.800 11.308.700 10.060.017
— ————
————————————————————
— Oross from Railway—
1921.
1920.
S
S
Concluded.
Central
Pittsburgh & Lake Erie
December. 1,908,146 3,604,822
From Jan 1 23,226.059 35.740,951
New York
Toledo & Ohio Central710,145 1,346,089
December. .
From Jan 1 10,711,986 13,548,570
Kanawha & Michigan
283,341
465,351
December. _
From Jan 1 4,785,161 5,404,656
-Net from Rallway1921.
$
1920.
$
Net
$
St LouisDecember.. 2,245,052 3,117,873
From Jan 1 27,030,664 28,655,548
NYNH&
1920.
S
1,065,643
2,885,623
2,231.677
2,278,092
1,082,355
—371,764
—906,456
584,951
2,286,689
308,889
1.542,921
528,303
1,591,223
141,331
—7,236
24,655
78,344
39,712
115.143
—45,048
—343,427
435,534
5.')6,785
579,648
6,417,071
457,174
5,368,360
3.50,579
4,592,717
911,840
245,191
3,721,725
Hartford
1,309.129 -1,012,863
5,513.942 -7,349,936
December.. 9,899,414 10,309,563
From Jan 1 116405,233 123512,310
Norfolk Southern
December..
680,846
From Jan 1 8,056,795
—60,286
—523,253
170,632
937,852
—86,416
—776,293
Northern Pacific
December.. 7,-500,813 9,099,880 2,436,245 1,298,432
From Jan 1 94,538,059 113084408 16,907,192 12,000,534
1,634,776
7,875,176
585,705
1,973,379
Northwestern Pacific
569,462
December..
From Jan 1 8,609,732
—63,904
—13,421
—88,055
1.447,679
1,760,435
1,109,447
4,103
-133,226
—20,630
4,103
55,898
—180,531
631,099
7,750,826
181,310
1,304,286
526,305
7,850,607
42,986
2.244,268
133,588
1,672,960
—20.266
1,931,299
28,720,911 25,797,110
70,827
5,538,926
1'enn.sylvania
&
Bait Ches
Atlantic
101,513
1,606,419
December..
Jam
Long Island
December.. 2,009,384
From Jan
1
Maryland Del & Virginia89,386
107,828
December..
From Jan 1 1,251,171 1,338,518
Toledo Peoria & Western
163,434
159,053
December .
From Jan 1- 1,692,410 2,090,667
Peoria Union & Pekin Union
164.082
148,601
December..
From Jan 1. 1,696,110 1,674,010
Pere Marquette
December.. 2,644,110 3,022,102
From Jan 1.38,161,240 40,372,815
Perkiomen
December..
109,385
1,285,803
FromJanl.
Philadelphia
December
From Jan
&
124,461
1,272,285
101,878
—229,513
535,210
—50.206
—22,401
—33,728 —258,116
December
274,309
1,954,470
-161,863
-350,753
50,047
-326,227
—190,363
55,160
144,216
—13,599
—312,435
43,456
—28,690
——30,755
434,091
333,877
7,881,666
264,869
3,640,859
235,356
6,279,369
159,706
2,581,264
54,174
619,952
66,107
581,441
69,101
550,540
63,035
548.673
74,819
1,028,385
1,120,029 2,612,745
5,333,516 14,820,302
143,142
436,426
—472,753
887,968
2,796,665
74,379
875,106
132,045
329,412
Quincy Omaha & Kansas City
125,875
96,389
December..
From Jan 1 1,306,820 1,366,645
—37,171
—101,528
—63,137
—365,431
—35,548
—141,511
——67,390
414,968
Richmond Fred & Potomac
871,662 1,036,048
December..
From Jan 1.10,002,075 11,049,884
187,739
2,143,071
142,517
172,817
2,614,828 1,740,930
21,658
2,151,029
47,994
308,914
——14,-551
474,316
Rutl.and
December..
FromJanl-
437,797
5,811,556
531,265
5,979,021
St Louis-San Fr.inclsco
December.. 6,157,005 8,313„595
From Jan 1.81,851,289 93,743,863
St Louis-San Francisco System
December.. 6, .501, 767
From Jan 1 85,812,595
St Louis Transfer
129,542
December.81,005
FromJanl 1,111,430 1,392,581
San Antonio & Aransas Pass
558,623
480.723
December..
FromJanl- 6,322,114 6,042,948
"Southern Pacific Co
December.. 20. 222, 070 25,005,245
From Jan 1 269494,365 282269,504
Juthern Railway
December.. 10,504,258 12,579,431
FromJanl 128,715,150 151864,390
Alabama Great Southern
828,932 1,045,013
December..
FromJanl. 9,542,224 11,588,805
Cine New Orl & Tex Pac—
December.. 1,366,412 1,741,727
From Jan 1.17,170,444 20,858,559
Georgia Southern
464,145
463,159
December .
From Jan 1. 4,586.771 5.330,811
New Orleans «& Northeastern
497,999
661,428
December..
From Jan 1. 6,329,587 7,728,116
83,493
607,849
40,852
-176,221
—52,835
950,759 —729,488
1,134,367
21,674,704 12,430,205 18,078,976 8,989,469
1,317,771
17,680,986
1,265,495
21,767,222
FromJanl.
98.557
908.335
119,217
1,501.881
Spokane International
153,458
96,212
December..
From Jan 1 1,300,060 1,566,775
Spokane Portland & Seattle
663,319 1,052,047
December..
From Jan 1 7,959,290 9,449,743
Staten Island Rapid Transit202,275
181,749
December..
FromJanl.
2,511,467
Tennessee Central
168,578
December.From Jan 1 2,338,815
Terminal RR Assn of St
370,148
December..
From Jan 1 4,527,866
St Louis Mercb Bridge
291,988
December-.
From Jan 1 3,658,660
2,417.058
222,514
2,926,860
35,094
504,679
42,083
371,371
23,792
487,099
43,279
367,623
119
295,346
—63.158
—140.872
—63,746
—71,239
—298,412
& Delaware-
105,513
December..
From Jan 1 1,713,501
Union RR (Perm)—
702,817
December.-
FromJanl-
102,673
1,486,612
FromJanl.
Virginian
Latest Gross Earnings.
Month.
Adirondack
Pow &
Lt Decomlaer
Jan.
Current
Year.
Previous
Year.
$
490,078
446.699
Bangor Ry & Elec Oo November
129,057
^Barcelona Tr, L cfe P December 3820,393
Baton Rouge Electric December
50,628
Heaver Valley Trac. December
90.2.')5
Binghaniton Lt Ht&P November
Balckstone Val G&E December
345,354
Bradford Elec Co
November
66,269
rSrazilian TrL&P,Ltd November 145550UU
Bklyn Rap Tran Syst
oBkln City RR (Re c)Septem'r 968 ,124
aBkIn Heights (Re c)Septem'r
5 ,924
Bkln QueensCo&Su bsSeptem'r 212 ,307
Coney Isl & Brookl ynSeptem'r 248 ,766
Coney Isl & Graves dSeptem'r
18 ,057
Nassau Electric.
September 419 ,589
New York Consol'd September 1816 ,972
South Brooklyn
September
97 ,317
Cape Breton El, Ltd December
63 ,748
Central Miss Val Elec December
46 ,753
Chattanooga Ry & Lt November
128. 929
Cities Service Co
December 1193 449
Clt Trac Co & subsid. November
78 ,701
City Gas Co, Norfolk November
77 387
Cleve Painesv & East November
56. ,771
Colorado Power Co-- November
70, ,579
Columbia (i-\s & Elec December 1524 ,504
Columbus Elec Co
December
167. 388
CJoti'vv'lcii 1', Ry & Lt December
2S33 \\)F>
Connecticut Power
December
115, 296
Power Co December
Detroit Edison
Co
December
Co. November
Uuluth-Sup "Trac
Duquesne Lt Co subs
120,190
3147,789
47,650
68,138
80.2H5
290,909
60,346
12199000
—213,480
92,146
475,121
2,767
1,130,722
41,888
—68,658
—107,898
594,253
69,032
207.447
30,984
270,305
65,545
164,126
31,680
220,695
10,947
338,115
63,468
662,281
1,801
245,728
55,206
493.194
266,559
2,838,118
511,740
2,660,650
226,508
1,815,642
1,595,093
—
—21,694
—28,625
40,049
—29,091 —313,988 —226.223
481,285
——39,546
475,405
—30,547
—18,908
-135,615
-114,707
—24,632
—31,812
—179,533 —182,772
122,073^.-136,045
1,294,440
379,192
75,285 —196,481
-124,578
688,330
72,484
767,461
—34,673
—345,143
—16,260 —240,465
137,845 —475,291
191,165
2,009,520
16,803
203,199
24,231
531,975
—960,020 —824,618
4,013,846
82,4.57
889,512
—23,260 —256,583
55,187 —547,234
29,373 —100,946
433,897 1,342,040
878,814
—49,214
—524,320
1,095
86,054
1,781
293,305
71,217
796.245
<
Havana iMec l?y & Lt NovGiiibor
Haverhill Gas Lt Co. December
T Laud
Houghton Co El Lt..
Houghton Co Trac Co
Hudson & Manhattan
Hunting'n Gas & Dev
Idaho Power Co
Honolulu K
i^fe
122,939
5,618,629
426,718
5,249,871
73,562
4,575,084
213,599
4,133,169
4,714,526
Naveniber
687,723
562,589
155462000 122306000
134,888
,259,375
57,612
,290,838
,762,923
113,064
,554,605
,647.009
,167,283
54,239
364,644
695.737
632,007
490,984
.521,020
I
12nS, ^93 13 II 3 fl 14 0/-3.293|I4 .1,57,4.53
266,5821
273, 127 261 046
,090,578
434, 939 400 660 4 183,953 3 ,734,487
2370, 594 2329, 727 23, 382,898
,990,351
141. 366 154, 760 1, 622,824
.753,745
1
S
I
1142 ,1*W
42
3
16,092,270
3,467,684
470,143
1,670,328
1,256,549
347,737
2,290.405
901.963
1.006.947
4 -8.'2. 4
2,165,936
3,679,867
1071) 6>t3 10.413.75
.428
766
6,698,858
149 112 1.247.782
io3r 3 ">2 11,731,928
521,071
39 704
7'l, 245
8--)S.9()S
68. 058
551,694
206.992
23, 282
9M .181 10,515-711
102 ,579
960,084
,701
77 171
December
Co. December
Paducah
Penn Cent Lt & Pow- November
I'enii Edis& Sub Cos.. Novemb T
•1.417,059 1.246.620
37,700,430 32,078,222
471,186
557,190
663.431
726,715
826,916
677.054
3,647,791 3,266,907
29H2 95i 31 3 19.2.59131 .285,981
134 371 1 ,499,153: 1 ,473,151
52 ,502
Ociober
16 629
9i5 417
December
November
98 512
November 190 734 181 ,607
Illinois Traction
November 1951 046 1914 .2
[nterboro R T System September 4191 645 4326 560
Keokuk Electric Co. . December
32 239
31 803
Keystone Teleoh Co. December
164 277 169 631
21 .817
26 ,007
Key West Elec Co... December
Lake Shore Elec Ry.. November
187 203 232 563
Ix)ng Island Klectric. September
36 306
30 ,1,54
Lowell Elec Lt Corp- December
117 385 107 377
Manhat Bdge 3c lAt\e September
23 33
26 982
Manhattan & Queens September
7 100
30 53
December
Manila Elec Corp
316 238 315 ,397
November
Street
774
195
tMarket
Ry..
November 231 408 20T ois
Melrop Edison Co
Milwaukee El Ry&Lt October
1510 370 1690 570
230 171 249 131
Miss River Power Co. December
November
214 104 240 755
Co
&
subs
Munic Serv
NashviUe Ry & Lt Oo November 338 616 319 044
254. 554 276 711
Nebraska Power Co. . November
215 185 205. 052
Nevada-C.ilif Elec... November
November
699 499 050
481,
New Eng Power Syst.
.>5, 386
45 716
New Jersey Pr&Lt Co November
103 561 230 151
Sevrp N & H Ry G&E November
New York Dock Co.. December 377 nto 518 971
N Y & Queens County September 113, 465 110. 690
N Y & Long Island-. September 56. 704 49, 233
6New York Railways. September 843. .598 813 816
September
feElghth Avenue
105. 256
95 374
September
bNinth Avenue
45 484
40, 931
No Caro Pub Serv Co November 101, 1.58 89- 730
Nor'n Ohio Elec Corp November
700, 149 852, 222
36. 279
North w Ohio Ky & lY Noveaiber
41 254
December
Texas
Elec.
Northern
277, .531 343 770
September
38, 1S8
29, 079
Ocean Elet;tric
Pacific Gas & Electric November 3035 040 3103 524
271 040 2.56. 116
Pacific Pow & Lt Co. November
Electric
RR
16,659
885,452
118 ,487
,368.006!^1 ,321,129
1826 ,493
,461,770-24 698.039
90 ,730
859,6751
905,262
89 .148
826,300
806,282
61 ,464
705,714!
735.344
104 ,407 *1 ,011,403'^1 ,106,567
1458 145 15 1.56.284|14 ,616,742
122 083 1 ,807,298i 1 ,547,353
710 ,975
128 ,938
—290,366
4,817,225
762.600
694.596
11)13 ,l»'t
—82,440
—275,209
2,645,639
Previous
Year.
38 ,315
68 ,748
44 ,915
;asiVKK<cSub(;os iVoveuibor
<ieii
48,490
138,528
—789,165
Latest Date.
1 to
Current
Year.
,699,639
,142,686
Great Western Power November
Harrisburg Ry Oo
September
G8,890
$
,502,504
108,235
3,324,837
24,997
-18,356
$
53 ,462
64 ,819
2 ,59
135 ,54
1334 ,403
204,789
1,729,575
108,241
Taxes
1920.
after
347 ,763
4 ,810
124,656
4,297,-538
—
1921-
Alabama Power Co. December
431,77fi 394,373 4,542,357 4,190,495
aAmer Pow & Lt Co. November 2109,416 2202.187 24687 159 21154468
Appalachian Pow Co December
225,450 213,798 2,487,606 2,265,611
.VrUansa.s Lt & Power November
» 1,349
91,313
990,078 1,094,080
Atlantic Shore Ry.
October
15,423
16,455
191,311
188.363
277,898
2,381,208
122,681
1,724,417
December-- 1,165,946 1,718,095
l^rom Jan 1 18.024,357 18,158,853
of Road
Company.
226,033
2,031,981
1,049,066
9,435,212 10,977,141
97,644
1,213,535
or
319,221
1,017,483
UtahDecember-.
Name
241,192
2,522,647
763,385
868,511 2,408,992
2,884,080
22,886,143 22,998,942 18,218,807 18,282,014
—Net
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
353,855
1,345,906
267,612 4,651,630 -1,097,225 3,820,083
56,922,102 40,155,714 41,258,067 25,250,705
Texas & Pacific
December.. 3,078,318 4,210,456 —855,001 —606,971
From Jan 1.35,600,474 42,000,474 5,462,028 2,228,983
Ulster
$
—
1920.
$
light and power cos December 1456 ,881 1386 .585
E St Louis & Suburb November 302 ,339 416 547
Kast Shore Gas & El Novemoer
50 051
46 779
Eastern Texas Elec- December
138 .972 145 .204
Edi-son El 111 of Brock December
125 347 109 .654
ElecLt& Pof Ab& R December
32 ,311
30 125
December
El Paso Elec Co
196 .778 196 .319
Krie Liiiht Co & suhs- November
96 .134 119 .338
Fall River Gas Works December
82 .410
84 .647
Fedor,.l Lt & Trac Co Docember
441 5)2 455 .489
Ft Worth Pow& Lt-. November
225 .676 281 .536
Galveston-Hous Elec. December
283 ,386 342 133
124,435
Terminal400,044
4,365,491
S
Cumb County P & Lt November
Dayton Power & Lt.. December
Louis281.159
4,649,023
S
—
Railway
— Deficit.
Co.isunier.s
Alabama
December..
1921.
—21,714
—50.512
—58,244 —285,792
Reading
162,956
2,236,444
1920.
* The company has issued the following explanatory statement:
"The income
account as per statement attached does not reflect the actual result of operations
for the month and year ended Dec. 31 1921, for the reason that the accounts aa
stated Include e.-itimates of unaudited items such as loss and damage claims and
reparation claims appertaining to operations during the guaranty period (March to
August 1920, inclusive). In the case of many of the.se claims the company's liability cannot be definitely determined in advance of final decision by the courts,
the Inter-State Commerce Commission or State Commissions. They are included
In the current accounts because the Inter-State Commerce Commission decided on
Dec. 15 1921 that the income accounts for the guaranty period should be closed as of
Dec. 31 1921, and that no Item will be considered In connection with the company's
claim under the guaranty provision of the Transportation Act of 1920 unless taken
into the accounts as of that date upon an actual or estimated basis.
If these guaranty period Items were eliminated from the income accounts for the month and year
ended Dec. 31 1921 the net railway operating income would be as follows:
Month of December 1921.. $1,581, 102-22 Year end. Dec. 31 1921.539,823,085-94
"It should be understood that these guaranty period lap-over items, while reducing
the net railway income, will not, however, affect the total Income account for the
year because they will result in a corresponding Increase in our claim against the
Government on account of the guaranty."
—80,197 —285,922
—777,656
Port Reading
FromJanl-
1921.
Western Maryland
December.. 1,406,716 1,902,348
357,449
300.752
193,-588
From Jan 1 17,643,054 20,205,687 3,776,525 —169,105 3,069,827
Western Pacific
December.775.210
778,109 —231,279 —196,098 —537,758
From Jan 1 12,100,611 15,612,842 1,674,942 3,359,394
388,743
Wheeling & Lake Erie
December..
938.199 1,556,714
94,768
—32,028
108,928
From Jan 1.14,770,707 17,952,257 3,104,257 1,826,258 2,035,748
3,969,289
57,589
-208,670
6,825,184 9,992,766 2,255,868
1.84.924,227 94,819,755 16,562,919
[Vol. 114.
— Gross from Railway— —Net from
after Taxes
1921.
N Y Chicago &
.Northern
•
THE CHKONICLE
514
From
—
—
15,005,173
3.926,050
456,831
1,619,242
1.302,700
336,978
1,931,629
1,105,283
909,699
4,60i,421
2,348,809
3,808,953
10.282.361
5,874.325
1.314.011
10.366.709
450.642
764,238
572,156
264,194
9,220.266
1.385.517
2,288.226 2,282,153
18.823,429
40,310.386 39,720,756
373,851
356,842
1.739.043 1,7.58.231
263.667
260,003
2.363.867 3,039,263
295.258
2,58.057
1,180,510 1,235,878
213.194
205,629
252.696
169,290
3.677.506 3,417,366
6.276,650
2.416.012 2,5T5'ro,59
18399 282 18435 239
2,742,621 2,827,964
20,0.'->7.439
2,491,367 2,477,076
3,502,898
32,812.544
178.382
5,395,027
441,141
2,379,604
5,478.562
961,988
4.54,679
3,340,138
2,599,104
3.057.898
5,937,539
416,980
2,534,758
6.836,931
890,876
398,183
6,297,190
745.755
7.219,010
901 ,6.56
404,929
283,060
1,126,723 1,014,154
7,858,361 10,161,183
436.416
432,0.39
3,538,729 3,951,650
262.407
216.409
37550,563 34209.973
2,735,919
2,415.205
529,886
483,570
118!
48 791
210, 576. 215 506 2,3.55,338 2,295,239
219- 743 2.55 371i 2. 181. .581 2,002.016
-''2,
1
I
THE CHRONICLE
Fkb. 4 1922.]
Latest Gross Earnings.
Name
Road
Company.
vr
of
Month.
Philadelphia
Co and
Natural Oas Cos_. December
Current
Year.
Previous
Year.
Jan.
1 to
Latest Dale.
Current
Year.
Previous
Year.
1168.41-1 1313.377 10,209.563 14,709.363
Philadelphia Oil Co.. December
December
Phlla & western
Phlla Rap Transit Co December
December
Pine Bluff Co
Portland Gas & ("oke November
132.102 231,457 1,118,168 1.880,487
801.162
812.240
67.959
68.181
3801 .097 3889,911 42,440.60.5 38.807.354
762.087
790.039
67,880
69.587
261,428 247,186 3,130,211 2,352,270
820.146 856.586 9,035,323 8.6.50.658
Portland Ry, Lt & P. November
943.939 939,901 10,038,544 10,000,430
Puget Sd Pow &. Lt.. December
November
23.5.273 235.402 2,728.944 2.762.21i
Read Tr&Lt Co&Sub
Republic Rv & Lf Co. Novemt)er
607,171 742.156 *7,433,634 *8,302.21?«
533.065
480,889
82,315
Richmond Lt & RR.. [September
69,240
514.479
512,648
51.269
Rutland Ky Lt & I'r. November
46.289
662.985
620.579
85.505
69.038
Sandusky Gas&El Co November
151,744
172,022
November
18.220
16.848
Sayre Electric Co
634.687
747,546
September
88.063
Second Avenue
95.004
41.319
41.301
4,048
17th St Incl Plane Co November
3.662
779,244
872,729
December
68,579
Sierra Pacific Co
71.852
14.338.986
1285.4581
16,440.571
November
1397:113!
Calif
Edison
South
71.777
65.188
South Canada Power. November
Southwest P& Lt Co. November 850.4071 965, .528 *10034 629 *9,015..374
Tampa Electric Co.. December 1.58.650, 144.934 1.715.904 1.473,650
Tennessee Power Co. November
209.529 221.419 2,192.398 2,251.950
Tennessee Ry, L & P. November
584,793 567,436 6,040,299 5,860.99?
November 240.003 313.1461*2.932,699 *3,4S3,418
Texas Electric Ry
November 414.516 542,725 *4,946, 033 *4, 745. 304
Texas Power & Lt
Third .\ venue System. December 1179.560 1101.396 14,382,451 12,437,982
November 116I.22>|11>2.517|12.616.740 11,732.21;;
Twin Ciry R T 'n
United Gas & El Corp December 1142.173 1090.2.54 11.898,645 11.445.925
TTtab Power & Light. November
594,029 690,992 6.137.4621 6.044.44Vi
729.425 843.500 *8,626,583 *8.4.53.325
J Utah Secijrities Corp November
526.699
477,160
Vermont Hy-El Corp November
.52,891
52.354
Virginia Ry & Power. November
846.1.38 899.931 9.296.909 9,043.682
Winnipes Electric Ryi November
481.818' 483,098 5,032,068 4,768.915
515.720'
Youngstown & O Riv' November
50.719
i
<
a The Brooklyn City RR. is no longer part of the Brooklyn Rapid Transl'
System, the receiver of the Brooklyn Heights RR. Co. having, with thf
approval of the Court declined to continue payment of the rental- therefore
Bince Oct. 18 1919, the Brooklyn City RR. has been operated by its owners
& The Eighth Avenue and Ninth Avenue RR. companies were formar'j
eased to the New York Railways Co., but these leases were terminated oe
July 11 1919. respectively, since which dates these roads have been operated
dTv
separately, c Includes Milwaukee Liebt. :Teat and Traction Co.
e Includes constitueat or subsidiary companies
eludes all sources.
Earnings given in mlireis. g Subsidiary cos. only, h Includes Tennssee
Railway. Light & Power Co.. the Nashville Railway & Light Co., thi
Tennessee Power Co. and the Chattanooga RaUway & Light Co. » In
dudes both subway and elevated lines, j Of Abington & Rockland fMas^ .)
/ These were the earnin'^s from operation of the rirop. ii Given in pesetas.
• Earnings for twelve months,
ties of subsidiary companies.
t Started
,
operations April
1
1921.
515
INCOME ACCOUNT ELEVEN MONTHS
& Rio Grande
Western RR. from August to November.)
July to Nov. 11 Mos. to
6 Mos. to
June .30 "21. Incl.. 1921. Nov. SO '21.
$14,214,839 $15,998,483 $.30,213,.'i21
Operating revenue
12,667,944
13,139,699 25,807.644
Operating expenses
$1,546,894 $2,858,783 $4,405,677
Net revenue
Tax
881,622
5,157
$660,115
1,547,830
$2,207,945
accruals
Uncollectible revenue
INCOME
TO
1901
1920, INCL.,
[Denver
-Gross Earnings-Net EarningsCurrent
Current
Previous
Precious
Companies.
Year.
Year.
Year.
Year.
$
$
$
$
Barcelona Tr, Lt & Pr.Dec. 43.820.393 i3, 147.789 2:2.561.712 i2,042,640
Jan 1 to Dec 31.
z37.700,430z32,078.222i24.025.3.37220. 790,538
z Given in pesetas.
Gross
Earnings.
S
Appalachian Power
Dec
Co
12
mos end Dec
2
'20
'
31 '21
•20
'
12 mo.s
RR
'20
ending Dec 31
New England Co
Nov
Power Syntem
12
mos ending Nov 30
Pine Bluff
Co
Dec
'21
•20
'21
'20
9'>4.181
10.515,711
9,220, 26f;
484,699
499.0.5<')
'21
'20
5.395.027
'21
'20
69.587
67.880
790.039
762.087
'21
1,1 79. .500
5.937..539
•20
12
moH ending Dec 30
Third Ave
Ry
Dec
Sys
'21
•20
6
mos end Dec
31 '21
101.30.'
7, 126,
KM
•20 6.741,959
Wantjington Watt-r Pow<r Co
12 mow ending Dec 31 '21 4. 778. .5.5-1
'20 4.604.893
X After allowing for other
Taxes.
S
j-110.153
225,450
213.798
187.624
2.487.606 Jl. 119.709
2,265,610 zl. 000, 550
Federal Light &.
Dec 21
441. .562
20
Traction
4.55,489
12 raos ending Dec 31 21 4.822.242
20 4,606,421
Hudson &
Doc '21
965,417
Manhattan
\et after
175.167
168.798
1.494.207
1
.408.37>4
421.116
415,081
4. 4 13. 4 85
3.760.800
103.461
171.207
1,348.147
1..585.809
27,177
22,441
FiTCl
Charges.
$
JiaJame.
:iurplus.
S
52,586
.56.,543
669.213
4.50.496
6.52,081
348,469
,55,3.56
119,811
111,168
695,381
601,028
.57.567
31,081
.57.630
79S.826
807.3.50
337. .535
83,.581
3.50..595
65.086
4.081.661
4.094.993
75.336
60,875
880.321
—331,824
:«4.193
28.125
101 ,332
467,826
784,879
800,930
10,419
6,175
121.373
16.7.58
z 1.33 .6 1
zl. 372,476
l,:i36,632
16.266
190..579
144.797
16.523
K8.819
35.844
Z961.177
1,335.104
—373.027
1,361,714
1,101.2.56
233
973 ,,503
311.9.52
235,551
1230.309
2,462,970
2,299.737
90.7i5-t
222,786
222,437
J. 326.
—
Income received.
$2,071,613
834,295
$2,905,908
1,067,246
$1,838,662
1,.366. 558
650,267
1,4,39,149
275,541
641,667
$2,328,106
1.58,247
291,667
$628,078
ON FUNDED DEBT.
APPLIC. TO INT.
&
1.666,968
6,981
$2,731,728
2.382.125
$5,113,853
2,07 9,174
$3,034,680
3,006,428
1,823
Rio Grande RR.)
In the following balances, dividends, except dividend on Rio Grande
Junction Ry. stock, interest on securities, and interest on bank balances
have been excluded, and taxes have been included.
al901. S5..529. 075 al907. $6,966,586 al913, $6,370,762 bl918,c6,226,565
al902. 5.9S3.801 al908. 6, 3.36, 526 al914, 6,046.219 bl919, c5, 683, 479
al903. 5.883,873 al909. 5,437,017 al915, 6,369.084 bl920. c7,081,952
al904. 5,582,770 al910. 6,626,930 al916, 8,818.575
al905. 5,968,685 al911. 6,340,527 bl916, 9,262,536
al906. 6,694,154 al912. 5,213,180 bl917, 7,028,298
a Fiscal years ended June 30. b Years ended Dec. 31. c Figures for
1918-1919 and two months of 1920 are consolidated corporate and Federal
Include Government earnings net: do not include pajTnents
operations.
in excess thereof under Government control or guaranty.
CONDENSED BALANCE SHEET AS OF AUGUST
[Denver
&
1921.
1
Rio Grande Western RR.]
Liabilities.
Investment in road & equip. §181.523,042
179,722
Improv. on leased ry. prop..
639
Other assets at date
Deposits in lieu of mortgaged
property sold
Misc. physical property
Investment In affil. cos
Other investments
Cash
Special deposits
Traffic and car services, &c.
Misc. acc'ts & rente receiv'le
Material & supplies, and
other current assets
Deferred
—
785,346
Operating Income
Non-operating income
Total income
1,01 1 ,927
Income charges
Bal. applic. to int. on funded debt. $1,196,018
1,639.870
Intereston underlying bonds
788,882
Interest on 1st & Refunding bonds..
117.294
Sinking fund 1st & Refunding bonds.
350.000
Interest on 7% .Adjustment bonds
$1,700,028
Deficit
a.sset.s
Unadjusted debits
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 A\dth
charges and surplus reported this week:
1921.
[Operated by receiver from January to July and by Denver
3,466
274,774
923.081
9.626
885.949
398.076
1,181.064
1 ,570.353
xCapltal stock
$.58,011,411
y Funded debt unmatured.. 120,601,000
& car service bal. pay
Audited acc'ts & wages pay.
Misc. accounts payable
Interest matured unpaid
Traffic
Unmatured Interest accrued
Unmatured rents accrued
Other current liabilities
Depos. for constr. of tracks.
Tax liability— accrued taxes
Accrued deprpc'n equlpm't
Other unadjusted credits
—
3,978,503
80,737
193,639
5191,202,672
Total
325,970
2.590,688
195,604
1,195.845
692.798
316.205
48,4i9
83.565
1.024.923
5.76S.379
347,866
Total
8191.202,672
are stated and entries made, by
—The assets and
adoption of results of figures set up on books of the Denver & Rio Grande
Note.
liabilities
RR. and the receiver. They are in ali respects subject to re\ision with
approval of competent authority and are not to be deemed representation
of value or admission of liability by this company.
X Common stock not held by company, 300,000 shares. This book value
of capital stock is obtained by the adoption of the difference between book
assets and book liabilities (other than capital stock) and is not a representation or admission on the part of thi.'J company.
y The debt in this account represents mortgage bonds charged upon the
property by predecessors (in ownership) of this company, and subject to
which this company acquired the property, but such debt has not been
as.sumed as any part of the debt of this company, except as the property
so acquired is charged therewith.
Estimated Expenditures Necessary for Rehabilitation and Improvement of System.
J. H. Jones, Pros, of the Denver & Rio Grande Western
RR., reported to the directors of the Western Pacific Railroad Corporation, under date of Oct. 27 1921:
It will be neces.sary to expend during the next five years upon road,
structures and equipment, including a relatively small oxi)enditure for
extensions, not less than the srnn of 520,670,237.
It would be desirable, in
my judgment, to expend more than that amount, but in naming that figure
I confine myself to a .sum which I regard as es.sontiaI. speaking with respect
both to the safety and efficiency of operation in the interest of the public
and to profitable operation in the interest of it.s security holders. My
estimate is based upon the following requiremonts:
Charge to
Charge to
Total
Description
—
Operation.
Capital.
Cost.
River protection, channel chang&s,
widening roadbed and ballasting.. $2,427„500
Rail and other track material
4,561,000
.$2, 097, .500
S3:i0.000
1,650,000
2.911,000
2,065,037
1,,'^08,000
7,57,037
708,600
634,.500
1,6,53, .500
816,000
74.100
807,500
6.151,600
6,1.54,600
3,100,000
3,100,000
Bridges and culverts, tunnels and subways, grade crossings, signals .and
inti-rlockcrs. I'cru-cs and snow sheds,
st.ilions, fuel and water facil., &c_.
.Shop buildings, shop fixlurutiand tools
and engine houses
K(|Ui)>menl: llettermonts to oquipm't
do .New oquiiJinent
Urgently no<-<'s,s;ir.v additions to and
Improvements of trackage
.$20,670,237 $1 5.790,600 $ 1 ,879,637
forngolng cwtlm.itod expondlturtw will bo required during the yoArs
1922 to 192tJ, Inclusive. There aro also olli(>r Items of lmi)rovoinrnl which
No
are highly dcMlrablo and for which this estimate <'OTitains no provision.
ailowaiicd Ih made for shops other than the Improvement of existing r.iclllllos.
It must 1)11 uiidorMl^iod that oilier v(>r.v siibstaiit l.il expondllures must bo
made iliirliig the yiuirs liiiiiieill.ilely following 1".)2(1, and thai also .is expeudlturcN arrt liiiide ex|)erleii<-« may liidieale soiiiewliat din'ereiil siibdivl.slonii
of the exoendliiireN now foroHecii, ultlioiigh a reduclioii of the aggregate
Total
The
FINANCIAL REPORTS
Financial Reports. -An indrx to annual reports of Htoain
.strfd riiiiw;i\ and riiis<(IIarnous conip.'inicH whiffi
hav*' b«Tii piibli.Hhi-d during the impeding inuiith will Ix- giv<ii
on iIk- lawt Saturday of i-,u-\i month. This ind«x will not
rnilro?i<I.M.
include ri'portH in lh«; i.ssiK^ of ihe "(,'hroni<-lf" in whicli it i.s
published.
Tho lat<mt indr^x will bo founrl in fho isHUo of
Jan. 28. Ttsc n«!Xt will apjMrur in that of K«b. 2.0.
HMiniN hlglily Improbable.
Ciiinpai inon iif Sew anil Olil Ciipitatizatiiin
(I)
&
Arrompnnyinf/ Rrindtiinznlion I'lan.)
Tht' D«'nv«T & Kir* (Irandc KU. wuh Hold und<T fon-'-losuri'
in Nov. MJ'JO and fnk<-n over by
lie Denver &, Kio (Jraiide
VVeHfern \i\i. at the end of ./wly ill'-'i and llie pn)i)er!ieM have
sinee been operated by the nev eotiipany.
TIiIh Ih the firMl
time a re<)rgani/.alif)n plan Iuih been form u luted.
In fonneeiion with the reorganization plan. eit«'d fuil> on
SBUbHerjuent i>aKe (wh) aNo advert iMing pagen;. tin- following
31.111000
arr'
Fiefu riding
Mortgage
aftjiended
.'i.s:
by the eornrniiiee
for the
IhI
&
Fixed Clmrge.
Kefiiiiding
$3,279,7^40
>0
.j.i.iU.iMH)
1
KefutKlInK botuU In Hliiklng fund.
$1
•>U
Mortgage
NJiilting
fund
-.
aiinuiil
,.5.55.700
700,000
.
TolAl In hnndn of public
Keriiiidlng
lOO.OOO
bonds
10. (Kid 0(11) .VilJilHtiiieiit JMiiidH
$5,635,440
111.500
lni(t*lljll't
120,000
Total bonded debt
$.5,H|MI.IM0
O IVi'Terrml sloeU
< 'oniiiioii
hloeU
''•)
.,(1
I
•tatement.q
and Fixed Charges.
Vrinrtjml.
Rio Grande
{Hlnlf-mentn
Company —
S79. 1 12.000 Underlying bond*....^
2.000.000 l(. (!. Jiiiiciloii Klrnt Mortffago t>ondfi
*l
Denver A Rio Grande RH. Denver
WeBtern RR.
Old Drnrer
Total
no
....
i'ii|ilijill/jit|on
(2) iVri/1
fiimpany upon ('omplrtion of I'lan
$70,tr.'.0<KI UnderlviiigltoiidN
2,(KK(,000 l( <1, Jiinetloii I'lr'.t MwlKn^e l."twl
.
('nlfyhig iMoriciige ImiiuIh. . .
$3.'279,71()
.
1 1
,
10.
000
.
20,557,000
Hliikliig
HIiikliiK
$10|,nfl»,000 Tollll
•20.5/'.7.0fKI
fund bondN
fund itiinuni
I
'
205.570
limliillnieiii
.$i,ui:i.ioo
l.ollde.1 .lelif
IVrfcrrr.! MioeU
Coininoii Mioi k
lOO.lMMl xliarrw
.0.>7.Hft6
wtlhnut p*r
TftlUa)
—
.
THE CHRONICLE
516
SUMMARY OF OPERATINO REVENUES FOR TEN YEARS 1911
Reduction in Bonded Debt and in Fixed Charges.
Bonded Debt.
Old Denv«- company bonded debt & fixed chges..$125. 056.000
New company bonded debt and fixed charges
101,669.000
Total reduction in bonded debt
[Vol. 114.
Fixed Chgs.
$5,896,940
4.613.160
& fixed
chges.. $23,387,000 $1,283,780
The capitalization of the new company Is made up as of the date of the
consummation of the plan, upon the theory that all of the refunding bonds
are exchanged as contemplated by the plan and that all of the adjustment
bonds are also exchanged upon the like ba.sis, but without making allowance
for additional sinking fund bonds and preferred stock which may be issued
In adjustment of accrued and unpaid interest upon the adjustment bonds.
In addition to the foregoing, the Old Denver Company was liable on the
judgment recovered by the Equitable Trust Co. of New York, amounting
For this judgment the new
at the date of the .sale to about $35,224,493.
company is not liable. But taking this judgment into consideration as a
capital charge of the Old Denver company, the amount of the indebtedness
of a capital nature will on the completion of the reorganization have been
reduced by a total of $58,611,493. V. 114, p. 305.
—
Carolina Clinchfield & Ohio Railway.
{lOth Annual Report— Year ended Dec. 31 1920— A^'oi 1921.)
The report for the year 1920 is dated at New York,
April 30 1921, but is only now made public. It is signed by
President N. S. Meldrum, who says in substance:
Results.
The board of directors did not accept the Federal guaranty
—
for
the half-year ended Aug. 31 1920 [following the termination of Federal
control], with the result that the net railway operating income for such
pei-iod exceeded the amount that would have been received under the guraanty by $417,086, after making allowance for the increases in wages fixed
by the U. S. RR. Labor Board, under date of July 20.
These increases, which were made retroactive to May 1 1920, were included in pay-rolls for August and subsequent months.
The increase in freight and passenger rates allowed by the Inter-State
Commission did not become effective until Aug. 26 1920.
Notes Extended. The 5% Elkhorn First Mortgage Gold Notes .dated
Feb. 1 1917. due Jan. 1 1920, were extended to .Tan. 1 1922 at 6% and semiannual interest dates changed to Jan. 1 and July 1.
[On Dec. 29 1921 the Inter-State Commerce Commission approved a loan
of $6,000,000 to enable the company to pay off the $5,000,000 Elkhorn 1st
Mtge. notes due Jan. 1. and a Government loan of $1,000,000 also due
Jan. 1.— V. 113, p. 2818.— Ed.]
Loans from United States. On July 9 1920 a loan of $2,000,000 for ten
years at 6% was obtained from the U. S. Government under Section 210 of
the Transportation Act, 1920. This loan was used to take up $2,000,000
Ten-Year 5% Coupon Notes dated July 1 1909. and due by extension on
July 1 1920. These notes, together with $3,000,000 of same issue held in
Treasury, total $5,000,000. which were extended to July 1 1930, were
pledged as security for the loan of $2,000,000.
On Oct. 11 1920 a loan of $1.000. 000 for one year at 6% was obtained from
the U. S. Government under Section 210 of the Transportation Act, 1920.
This loan was used to purchsae $1,000,000 5% Elkhorn First Mtge. Gold
Notes. These notes, together with $.500,000 1st Mtge. 5% Gold Bonds,
were pledged as security for the loan of $1,000,000.
Income Debentures. On June 24 1920 the board of directors authorized
an issue of 6% Cumulative Income Debentures, not to exceed $6,000,000,
said debentiu-es to be dated July 1 1920 and payable July 1 1935, and to
bear interest at the rate of 6% per annum if, when and as earned, and
when and as declared by the board. An agreement dated July 1 1920 was
entered into with New York Trust Co., trustee, covers the issue of said de-
—
—
—
Of the amount authorized $4,324,000 were .sold on Dec. 31 1920, the
proceeds being used to redeem .$4. 124.000 loans and bills payable of Carolina
& Ohio Ry. and $200,000 loans and bills payable o IHolston
Corporation, guaranteed by the railway.
EQuipment and Equipment Trtists. The U. S. RR. Administration allocated the following equipment to this company, which was received and
placed in service during 1918 and 1919, and accepted by the board at a
meeting held on Feb. 10 1920: 1.750 55-ton all-steel hopper cars; 300 50-ton
steel-underframe box cars; 10 Mallet locomotives.
Equipment Trust Agreement No. 11, dated Jan. 15 1920. amended
Sept. 1 1920, covering the above-named equipment, was executed by the
Director-General, the Railway Co. and Guaranty Trust Co. of New York,
trustee.
The total cost of the equipment was .$6,211,779. To equalize
the annual installments required oy the agreement, a cash pasrment of
$1,779.48 was made. Equipment Trust Notes were issued, totaling $6.2l0,O0O, bearing 6% interest and payable in 15 annual installments of
$414,000 each, commencing Jan. 15 1921 and ending Jan. 15 1935.
Payments were made during the fiscal year on account of principal of
Equipment Trust Notes, aggregating $386,000. viz.: Series B (final),
$50,000: Series C, $100,000: Series D (final), $50,000; Series E. $26,000;
Series P, $76,000: Series G, $84,000.
During the years preceding Federal control, the railway purchased cars
and locomotives costing in the aggregate $9,238,602. for which it made
cash payments amounting to $2,128,602. and issued Equipment Trust
Notes in the amount of .S7. 110. 000. There has been paid on account of
these notes .$5,766,000. which leaves $1,344,000 Equipment Trust Notes
outstanding Dec. 31 1920, exclusive of the notes issued for equipment allocated by the Government, referred to above.
Clinchfield
—
TO
INCL
1920.
.
Total
Years Ended
Merchand'e
Coal
Dec. 31
Freight.
Freight.
Passenger.
1911
$502,952
$1,378,134
$167,833
1912
1,585,709
697,729
182,114
1913
831,591
1,693,459
224.117
1914
1,364.330
736,467
203,674
1915...
784,470
1,483.576
194,157
1916.
1,783,739 1,147,917
253,985
1917
2,217,198 1.639,312
322,119
1918
2,972.225 1,508.955
441,727
1919...
3.906.669 1,815,700
440.684
1920
4,478.865 2,371,384
546,480
—
Mail
&
Express.
Miscellan's.
$21,275
23.447
25.876
26.185
27.016
37,721
46.554
36.588
45.022
97.692
$30,721
26.651
30.279
27.964
25.853
53.125
60.207
62.890
69,752
66.458
SUMMARY OF OPERATINO EXPENSES FOR TEN YEARS 1911
Maim.
Ended of Way &
Years
Dec. 31
1911
1912
1913
.
185.164
194.337
193.738
286.890
289.720
426.170
684.515
966,414
1,050,185
-
2,100,915
2.515.650
2.805,322^
2,358,621
2,515,071
3,276,487
4.285,390
5.022,385
6.277,826
7,560,880
1920,
Malnt.
of
Siruclures Equipment.
$259,333
$1.56.617
1914...
1915
1916
1917
1918
1919
1920
TO
Operatino
Reoenues.
INCL
.
Total
Transporfn
$80,618
$444,702
Traffic.
248.079
301.330
307.661
303.090
447.318
635.480
1,171,405
1,524,824
1,915,918
92,815
100.792
102.685
113.005
221,017
227,980
110.363
70,045
221.020
Operating
Expenses.
General.
$103,638 $1,044,908
92,646 1,075.509
122,785 1,224,066
126..509
1.193,185
126.669 1,284.731
147,773
1.742.278
179.023 2.450.310
163,390 3.748.030
176.507 4,702,571
259.762 5,991.271
456,806
504,822
469.694
467.423
647,025
986,370
1.621,288
1,966,366
2,546.886
RATIO OF EACH CLASS OF OPER. EXPENSES TO TOTAL OPER. REVENUES.
1911. 1912. 1913. 1914. 1915. 1916. 1917. 1918. 1919. 1920-
Maintenance of way
and structures... 7.46
Malnt. of equip
12.34
7.36 6.93 8.22 11.41
8.84 9.95 13.63 15.39 13.89
9.86 10.74 13.04 12.05 13.65 14.83 23.32 24.28 25.34
3.84 3.69 3.59 4.35 4.49 6.75 5.32 2.20
1.11
2.90
21.17 18.16 18.00 19.92 18.58 19.75 23.01 32.28 31.32 33.68
4.93 3.68 4.37 5.36 5.04 4.51 4.18 3.25 2.81 3.44
Traffic
Transportation
General
Total
49.74 42.75 43.63 50.59 51.08 53.18 57.18 74.63 74.91 79.24
SUMMARY OF INCOME ACCOUNT
FOR TEN YEARS
Years Ended Net Oper. Non-Oper.
Gross
Dec. 31
Revenues.
Revenues.
Income.
1911
$1,056,007
$24,433 $1,080,440
1912
1,440.141
151.483 1,591,624
1913
1,581.256
338.360 1,919,617
1914 1,165,436
247,326 1,412,763
1915
1,230,340
222,166 1.4.52,507
1916
1,534,208
398,684 1,932,892
1917 -.
1,835,080
567,436 2,402,517
1918
1.274,355
229.648 1,503,696
1919
1,575,255
132.298 1.707,553
1920 -.
1,569,609 1,167,933 2,737,543
—
Taxes.
$81,308
88,637
115,978
161,322
164.267
155,280
226,877
208 .-458
226,523
370,750
1911 TO 1920, INCL.
Fixed
Charges
Surplus.
$1,022,484
*S23,352
974.179
528,808
926.052
877,586
934.083
317,357
209,886
1 .058.003
587,719
1.189.893
1,275,846
899,794
1,618,274
z748,518
z Compensation due from the Government for January and February
($347,403 42) exceeded the net Income of the railway for those months by $136,705 88
thus increasing the surplus for the year to $885,224 35, aa shown above.
Note. The annual compensation received from the Government In 1918 and 1919
* Deficit,
—
was $1,804,970.
GENERAL BALANCE SHEET DECEMBER
Assets
—
Investment
1919.
$
1920.
S
LiabilUiesCConcl)-
31.
1920.
S
-
10-year gold notes. 2.000,000
(a) Road
43 ,282,429 43,059,139 U. S. Govt. 1-year
loan
5,491.219
1,000.000
(6) Elkhorn Ext. 5 ,491,159
(c) Equipment .15 ,355,846
9,146,481 B. M. Ry. bond
1st M. bda., C. C.
purchase notes.
&0. Ry.,S.C.. 3 ,000,000 3,000.000 Equipment trusts. 1,344,000
Miscellaneous
,396,481 4,398,551 U. S. RR. equip.
Equipment funds
trust notes
6,210,000
on deposit
88.015
88,015 Loans & bills pay.
Cash
1 ,216,319
1,078,014 U. S. RR. Admin.
general account. 1,911,957
U. S. Comp. acc't.
717,915
Other curr. assets. 1 ,377",588
72,927 Interest accrued..
600,169
xDeferred assets..
847,633
358,141 Traffic & car serv.
Int. on bds. owned:
balance payable.
282,658
Aud. accounts &
C. C. & O. Ry.
of 9. C.
wages payable.812,852
1 ,512,500
1,362,500
Black Mtn. Ry.
5,000
5,313 C. C. & O Ry. of
S. C. dep. acct.
71,500
Unadjusted debits 3 ,380.872
76.599
In:
Funded debt mat'd
11,038
79.953.842 68,854,815 Other curr. liablL.
Liabililiei—
Acer, depr., equip. 1,405.765
Common stock 251,000,000 25,000.000 Other unadj. cred. 716,930
Preferred stock..yll .500,000 11,500.000 Add'ns to property
thro. Inc. & surp
19,645
1st M. bonds, '38zl3 ,950,000 13,950,000
L. C. &L. E.
195.000
195.000 Profit* loss. bal.. 3,598,328
Elkhorn gold notes 5.,000,000 6,000,000
Total
RR
15-yr.6% cum.
debentures
1919.
S
2,000,000
425,000
1,667.000
3,674,000
371.429
364,467
8,304
6,909
63,000
2,836
593,246
37,979
19,645
2,975.999-
Inc.
Total
4,324,000
.79,953,842 68,854,815
X Deferred assets In 1920: Holston Corp. advances. $574,860; Black Mountain
Ry. Co. advances, $178,140: Erwin Electric Light & Power Co. advances, $26,788:
working fund advances. $2,777 Insurance paid tn advance, $17,115: value of rail
leased to industries, $36,374: Southport Harbor Co., $11,579.
y P*ref stock, $13.z After deducting amount held In
500,000; less amount In treasury, 82.000,000.
V. 113. p. 2818.
treasury, $350,000, and amount pledged as collateral, $700,000.
;
.
RESULTS FOR CAL. YEAR
1920 (.Road Oper. by U. S. Govt,
Operating revenues
Operating expenses
Taxes (additional to .$60,000 shown below)
Uncollectible railway revenues
Net, after taxes
Hire of equipment
Add
till
Feb. 29).
Federal
2 Months.
Corporate
10 Months.
$1,036,126
1,009.150
5,749
186
$6..524.755
4,968,206
305,000
759
.$21,039
$1,250,790
Cr.$1.52,262Cr$1.151.910
- Dc6. 2,457
Deb.9,987
39,984
133,872
132
--
—
.lolnt facility rents
Miscellaneous income
Interest on overcharge claims
—
United States Steel Corporation.
(Results for Quarter and' 12
Months ending Dec. 31 1921.)
the operations for the quarter ended Dec. 31,
as presented to the directors' meeting Jan. 31, compare as
The results of
follows:
PRELIMINARY EARNINGS FOR QUARTERS ENDING DECEMBER
1921.
Net Income
$210,698
TOTAL CORPORATE INCOME,
Total as above
Compensation due from U.
Total.
S.
12
JOS.
RR. Admin.,
$2,526,585
JANUARY TO DECEMBER.
Jan.
&
$2„526,.585
Feb. 1920--
347,403
.$2,873,988
Corporate expenses Jan. and Feb. General expenses, $13,915;
taxes, $60,000; uncollectible railway revenues, $7; joint facility
rents, $75
73,997
Intere.st charge. &c.. viz.: Interest on funded debt. $1,187,904;
interest on equipment trusts. $430,371; interest on unfunded
debt, $275,290; miscellaneous, $21 ,203- 1 ,914,767
Income
-
—
—
carried to prof it
and
$885,224
loss
TRAFFIC STATISTICS FOR YEARS ENDED DEC.
1920.
Average miles of road operated..
291
648.485
15,039.868
31.
191g.
of passcDKers
291
546.048
16.794,878
1917.
291
519.045
oncmlle
12.941,082
do
do
B.93 cts.
2.63 cts.
Avge. receipts per pas. per mile.
3.13 cts.
2.49 ct3.
S1.5223
Pass, train, rev. per train mile..
$1.2222
S1.8921
S1.6626
3,877,502
Tons of coal carried (revenue)... 4.201.427
2.966,917
2,547,222
do
one mile
do
689.740,530 617,124.116 556.901,016 477,133.155
0.63 cts.
Averase receipts per ton mile
0.53 cts.
0.65 eta.
0.46 ots.
Tons of rev. merchandise carried. 1.628,709
1.495,177
1.255,153
1.546.280
do
oncmlle
215,025,243 174,145.264 145.004, ,505 149,058.595
do
l.Otcts.
Average receipts per ton per mile.
1.04cts.
l.lOcts.
l.lOcts.
Tons of revenue freight carried.. 5.890.136
5.372.679
4,222.070
4, 093. .502
do
do
onemllo
904,765.779 791.569.380 701.905,521 620.191.750
A vge. received per ton per mile .
0.72 cts.
0.64 cts.
0.62 cts.
0.76 cts.
Gross oper. rev. per mile of road.
$21,572
817,258
$14,726
$25,981
Netoper. rev. per mile of road...
$5,413
$4,379
$6,306
$5,393
Number
291
729,370
17.432,414
1919.
1920.
1919.
31
1918.
„„„„^
Unfilled orders Dec. 31,
7,379,152
8,265,366
8,148,122
4,268.414
tons.
Net earnings (seo note). $19, 612, 033 $43,877,862 835,791,302 330,354,165
—
Deduct
Sinking fund on bonds of
subsidiary cos., depreciation & reserve funds
Int. on U. S. Steel Corp.
-bonds
Prem. oni)ondsredeem'd
Sink.fds.U.S. Steel Corp.
6.031.657
10,016,636
10,729,256
8,947,273
4.878.304
147,462
2,258.364
4,986,675
200,611
2.158,410
5,090,100
254,879
2.021,771
5,187,162
153,816
1,969,699
$13,315,787 $17,362,332 $18,096,006 816,257,950
Total deductions
$6,296,246 $26,515,530 $17,695,296 $20,096,215
Balance.
Add Net bal. of sundry
charges and receipts,
incl. adjust't in acc'ts,
„_
642,767
624,018
185.694
1,081,555
inventories, &c
—
$7,377,801 $27,140,148 $17,880,990 $20,738,982
Total
Preferred divs. (1M%). $6,.304,920 .$6.:i04,920 $6,304,920 $6,304,920
6,353,782 11.436,807
6,353.782
6.353.782
Common dividends
(n^%)
Per cent
(1H%)
(1M%)
(2M%)
Balance for quarter. def$5,280.901 S14.481.446 $5,222,288 $2,997,255
The net earnings for the quarter ending Dec. 31 1921 (and also
j\\,le.
see below) shown after deducting all expenses
for the 12 months period
incidental to operation, comprising those for ordinary repairs and maintenance of pl.ants, 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.
on
The directors on Tuesday declared the quarterly dividend of 1H% the
the Preferred stock, payable Feb. 27 on stock of record Feb 4, and
March
30
regular qu.arterly dividend of 1 H % on the Common stock payable
to stock of record Feb. 27.
—
—
Feb.
THE CHRONICLE
1922.]
4:
NET EARNINGS FOR CALENDAR
—
YEARS.
1920.
1921.
Cash, <&c. .Sundry debtors, less provision for doubtful debts and debit
balances, now stand at £2.108.140. or a reduction of £423.035. Generally,
less money is owing to us by our customers than last year.
Cash. £2.520.980. shows a reduction of £335.139.
Issued Capital, &c.
The i.ssue of Ordinary shares is increased from
16.002.523 to 16.015.645. or an addition of 13.122 shares, partly due to
belated acceptances of the various issues, but 10,000 of it Is due to the
issue to two directors of shares in pursuance of a resolution of May 19 1919.
Creditors and credit balances is increased to £6.239.843. representing
£560.904 increase, mainly accounted for by increased provision for income
1918.
1919.
$13,503,209 $12,240,167 $13',176,237
12.880,910 11,883,027 17-.313.883
9.390.190 26.471.304
J._5,TO4^qO
$42,0'8'9,019 $33,513,384 856.961.424
$12,190,446 $11,027,393 $20,644,982
15.205,518 10.932.559 21.494.204
12,371,349 20,418,205
15,759,741
$43,155,705 $34,331,301 $62,557,391
$5,1,57,395 $16,436,802 $13,567,100 $15,261,10"
,uly
-6,502,976 15,440,416 14.444.881 14.087.613
iugiist"
13.612.869
12,165.251
7.257.687 16.174.322
Jeptember
Total (third quarter). x$18. 918.058 $48,051,540 $40,177,232 $42,961,589
$8.204,3.58 $16,775,443 $11,109,586 $13,659,932
October
6,440,438 15,002,919 11,768,914 11,859,351
November
4.967.237 12.099.500 12.912,802 11,350.993
December
Tetal (fourth quar.).xS19, 612,033 $43,877,862 .$35,791,302 $36,870,276
$92,708, 829$177, 174, 126$143,813,219$199,350,680
rotal for year
X Totals inserted by editor.
Interest charges of subsidiary companies deducted before arriving at
iforesaid net earnings above are as follows:
$14,387,474
January
10.157,896
•ibruary
II
7.741.352
narch...'/Total (first quarter). x8.32. 286. 722
$7 ..336.655
»Dril
7.731.649
Way
-I
6.823.712
^elllll
Total (second quar.).x$21, 892,016
1921.
January
February
March.
\pril
Vfay
June
luly
iVugust...
September.
-.-
October
N'ovember
December
—
ta.x.
—
Results.
The net profits for the year, after deducting all charges and
expen.ses for management, &c.. and providing for income tax and corporation profits tax [of over £4,300,000. as stated at annual meeting. Ed.],
amounted to £4.323.481. less the Preference dividend of £25,000 and the
four interim dividends, amounting to £2,561,227, which leaves a disposable
balance of £3,171,454 added to the profit and loss balance of £1,634.200.
Out of this sum the directors recommend the distribution on Jan. 18 inst.
of a final di\'ldend (free of British income tax) on the issued Ordinary shares
of 8%. amounting to £1.281.266. leaving £1,890,188 to be carried forward.
This final di-vidend of
wll make 24% for tiie year upon the Ordinary
shares.
The net profits for the past year show an increase of £1,229.000 over the
average net profits for the preceding seven years, 1914 to 1920, even including the record year of 1919-20.
Outlook.
During the past year we have passed through a period of great
difficulty and depression, more particularly in Jan.. Feb. and March.
—
$726,892
724,867
724.848
739,069
762,202
762,859
755,784
748,047
746.289
745.898
744.730
748,959
$738,506
738,449
738.988
732,882
731.578
724,580
719.894
715,230
715.358
713,472
709.780
722,365
8%
—
Since that time conditions in our business have gradually improved and are
still imp^o^^ng. and during the first three months of our current year this
improvement lias been maintained. I see no reason why the steady
growth of our business should not continue. I feel that we are in a very
sound and promising financial position, as all our stocks of tobacco and materials have been written down to or lielow to-day's market value.
Proposed Diridends. In addition to pa.ving on Jan. 18 a final dividend
of 8% upon the issued Ordinary shares, free of British income tax, the
directors have declared for the year 1921-22 an interim dividend of 4%,
free of British income tax, also payable on Jan. 18, so that the shareholders
will receive on that date 12%.
[At a meeting of the Ordinary shareholders held Jan. 11 1922, it was
INCOME ACCOUNT FOR CAL. YEARS {PRELIM. FIGURES FOR
1921).
1919.
1918.
S
S
$
$
Net earnings (see above) 92.708.829 176.686.898 143.589,063 199.350,680
—
Deduct
For deprec.
&
—
1920.
1921.
res. funds]
f
& sub. co.s- sink, fund 36, 729. 707{ 38.245,602
Sink, fund on U. S. SteeU
8.4.38.762
Corporation bonds.. .J
19.679.581 20.105.560
fnterest.
747,462
835,333
redeemed
Prem. on bds.
Add Net bal. of charge
632.586
including adjustments 1 ,081 .555
37,608.819
[
7,937.107
20,509,321
933,451
—
—
Reserves.
Special reserve has increased from £1.198.727 to £1,254,230.
General war reserve still stands at £1 ,500,000. In respect of the amount
due on loans and current accounts from Germany, we only received a small
part prior to Sept. 30, but since then a further .sum, making a total of
£1.246.565 up to date. This item will have to be dealt with in our balance
sheet a year hence, as al.so with the balance of the £1,500,000.
1918.
1919.
1920.
$707,938
707,065
707,998
706.005
704,048
702,793
699,918
697,968
695.875
695.093
688,467
693,857
$685,593
684,135
685,556
674.320
672,873
672,712
667,043
665,169
666,228
660.515
660.289
666.284
517
40.718.824
voted to allot 20,000 of the unissued Ordinary shares, at the price of 30s.
per share, to certain directors (Messrs. Neale. Alexander and Maconochie),
and also, when the board shall deem expedient, to allot such further Ordinary shares, not in the aggregate to exceed 180,000, to such directors, officials, or employees of the coriipany or of any company in which the company ovms shares as the board in its absolute discretion thinks fit. but in
no case at less than par. upon each of the said persons entering into an agreement on substantially similar terms.]
The usual comparative income account was giv en in V. 1 14
20.891.116
837,816
Cr.629 .454
Cr. 194. 219
57.156.750 67.625.257 66.98H.698 62.447,756
36,633,634 109,694,227 76,794,583 137,532,377
Dividends— Pref. (7%). 25,219,677 25,219,677 25,219,677 25,219,677
25,415,125 25.415,125 25,415,125 71,162.3,50
Common
(5%)
(5%)
(5%)
(14%)
Per cent
8urpJas net income
59.059.426 26.159,781 41,150,350
on
Less For erpcnd.
auth. approp. for add'l
property & construc'n.
30,000.000
Balance for year
defl4.001,168 29.059.426 26,159,781 41.150,350
Note.
These amovmts for the year 1921 "may be changed somewhat
ipon completion of audit of accounts for the year. The Corporation's fiscal
rear corresjwnds with the calendar year, and complete annual report com)rl.sing general balance sheet, financial statements, statistics. &c.. will be
[ubmitted at the annual meeting in April 1922. or earlier." This applies
ilso to the quarterly Income statement given above.
V. 114. p. 207.
Total deductions
Balance.
p. .302, 83.
—
Endicott-Johnson Corporation.
{Report for Fiscal Year Ending Dec. 31 1921.)
—
Gross sales
Oper. exp.. depr.
depr
70.597.327
52.495,020
46,764,088
$7,839,529
$4,372,775 $10,218,019
40,935
$5,076,558
86.211
Total profits
$7,839, .529
Retire, of Pref. stock. __
450,000
Int. on notes pay. &
incorp. exp. charged off
Pro\ision for taxes
1.230,5.52
Profit-.sharing plan
1 ,9.52,246
Add profit -share
13.843
$4,372,775 310,258,954
450.000
5.162,769
profits.
Other income
The Pullman Company, Chicago.
from Operating Cars for Year Ending Dec. .31 1921.)
filed with the I.-S. C. Commission shows:
7AB AND AUXILIARY OPERATIONS {NOT INCL. MFG. DEPT).
[Renults
A
1918.
1921.
1920.
1919.
$58,892,347 $74,970,102 .$62,713,039 $51,840,646
inv.
51,052.818
Net
—
&
statement
764,582
467.374
2,331.008 (Present
company
2 ,,505. 286
.incorporated
1,003,852 (7)1,042, 125(5,"f)787, 500 March 31
1,400,000
1919)
1,686,790
1,601,750
.
-Calendar Year-
-Deceinber-
Preferred dividends
Common divs.
1921.
1920
1920
1921
$61,286,880 $73,667,962 $4,475,348 $5,432,162
8.840.198
9.906.378
678..560
734.892
:; barter of cars...
8-10,339
],.326,819
27. .308
85.663
Vliscellaneous revenue..
63,621
57.131
5.002
4.400
Dar mileage revenue
def82.490
482,921
315.874
40.026
[Contract account Dr. .
7.079.16 6 13.134,259
2.434.259
71.855
Toral revenues
$64,434,793 $72.1.39,906 $5,154,388 $.3,740,366
nceofcars
$31,537,723 $27. .500, 805 $3,466,127 $3,562,816
nalntenance. .
333.756
380.601
39.0.50
28.239
^.Kcaroperafns 28.095.197 30.810.845
2.276.4.55
3.554.099
[general expenses
2.041.2 49
2.080.966
207.8 94
173.9.58
Total czpcnaea
$62,007,925 $60,773,216 $5.9'44,780 $7,363,860
Set revenue (or dencit). $2,426,867 $11,366,689 def$790.392df$3.623.494
Auxiliary OperaUont
Total rfvenues
$1.144.9.'M
$991. .595
$85,673
$92.24!
Total ••xpensCB.
1.067,200
9ti6.388
99.809
91.695
Net rev (or deficit) .
$77,734
def$14.l36
$28,207
$.546
Total net rov (or dcf ) .
$2. .504. 601 $11,394,897 dcf.$789.846df33.r,37.630
Taxes accrued
3.112.183
2. :,-/). h32
83.704
11 2.219
Oper Income (or Iom) liv.naiy .582 $8 .844 .065 def$902 .064 df$3 .72 1 .334
.'ilatitlicii of Car Operations
No ofrev paM berth.. 19.470.872 25.176.186
1,460. .501
1.766.2.53
do
neat
0n8.'130_
11.7.54.452
14. 077. .575
993.189
.Total
31.225.324 39.2.53.701
2.759.442
No offarmlle«
799. .572.465 811.177,219
/
71.252.127
Berth revenue
Jeat revenue.
Dis. retired Pref. stock..
Deduct: Com. stock div.
.
(10%)
irp«rdA7
A.tseu
oal pMNMBT.
;;«!r car rnHB...
I.
$1570
$1166
$3
$0 75
$080.59
$2 93
V) 70
$3 Ofi
$0 75
$12 93
$3 07
$0 7 i
$07763
$05249
1
$08893
illojigf
1921
V. Hi
1
on which
.
with
ll8.(i.rj
It
w;ui op<.Tatlng
mlint on Oct
Oct
Oood
I
1
1
,
»n\<\ in ^ul,
lunc*- (r-<)m|)an'
V. Ill, p.
A
k<hmI-h
iJI
v.-iliic iit
381.876
244.088
.\.
II.
'
AfliT
.
11
I
(
o»r'
band
064,375
626,057
506,566
623,846
0,024, .526
450,000
1,364,835
1
14. p.
cMMitrol.
Dirl'i:'
(
1!IJI.)
during
nel redurllon In .surplus
liUHlnrwH for Ihn yccir 1021 was ilun to the Inipnlrinimt of
<'auN<vl by uliHiirdly high ungi-s and unnriM'ssiirlly
lni|H>HiM| ii|Min the rallwiiyn during (lovernincnt
'111'
\iir
wero palil on llic Fir I ntid .Socond Proof tlid KIrst PrefiTrisI nIiii'U wen- iii-c|iilri'i| for
irim of (Niininon slick were pur<'li.is<M| for lln'
<tUld<'tids
Ti'II
wftd wicurml
>
'
off
l<i
reliiln
ull
-i
1
1
liiiporlnnl
mpmbeim
of th«
In hiirliKMN. Die liulldtnu«. niachlnory, nnil
'l order, and nro In I'luidltldn to meet all
n IxM-n (-«rliri<«l lo U1 ns lo iitiiinllty liy ri>«tMin«ll)lo
'Ttrilni *I *'v tit !o h'i*f* K-on
ity. and Ii'm c N-i'ti
i.|
Ui« »UHik» of t<«r on
6.34,101
rulim,
•
••ItliO.irfJi
5 ,950,000 10,000,000
343,728
101,104
'
"^ ""''"^'
Notes payable
1('.,379,090
iliiKt.
i.iinir
'
""*''
il6 .8.50,.S25
Sundry creditors..
rhargeNnnd dividends. Ihe
all
'
rout or
>hn tm«f
nro lorgnr Vh-in
.stock..
Mullikon, I'rcKident, reports in 8ul),staneo:
"•"I of your company haw shown a very largo decrcasn
work
wo hnvc
Preferred slock..yl4 .100.000 14,.550, 000
Common
Pettibone Mullikon Co.
(Annual Report for Year c.ndid l>tc. .'A,
'.l(Y2):
V» r
rm
S
$
310.
rrcnt nccoiintu with (i>i'«k'I.iIc<I
TntI ,1 't-rr. ,,
-if
rl <; 17 "71
<i',H
LtaMlUlfs—
(thariK of $.50 each. $16,890,000: less stock In troasury. .$:i:i.l7fi.— V.
rmr
nilMii^iw
r4
1920.
1921.
1920.
S
$15 (MMl.nOO: iHMnd.
$15,000,000 Icks mlrcd and <anci4«l, 5900.000.
par Mihii- $100. z Coniinnn stoc-k aulhorl/.i'd $21 .OOO.IUIO: issued. ;t.'i7.SO0
I li
ir,
$4,891,088
31.
Total
62,.332,.301 51,823,396
Total
52,332,301 51,823,308
X .AdflltlonH of $1.2(i3.909 were made on property account during 1921.
against di-nrcclatlon amount In/ to $2,018,221.
y Pref. stock .lulhorlzisl
.31
114
ji
$7,900,835
Water
1
h).
"241 1 961
notes roc
'''
pur
$1,364,825
7 ,000.000
7.000,000
10 ,749,757 14,608,911
Workd f'o
Df-frrrMl rhargrs..
-<(rK»l-wlll. trxido-mnrlcH and r''itfMls |h
Wii hnvi. >|iirlnv Oi" iih'I \i--t 'IK-
I
8.523
23.225
Iras rraerve
/(K)
1)1 i.ff rroHi
/KK). yet Kjc
$4,398,187
643,721
l>lvs. p;iyat)lo
609,000
0.137,094 10.220.190 Acoounts payable.
«83,4'J2
Kmpl. Htk. Biibscr.
434,.'104
10.760 Accoptancos pay..
IT«'f. stk. a<.-q. In
Proflt-Hlmrlnx plan 1 ,952,240
untie, of char.
Reserves for taxes. 1 ,230,552
rwi
55.000
Initial giirpluH
6 ,024,526
Workcm' bouiiee..
17.'"). 836
305.241
Approp. surplus ..
900,000
.Sundry dcbtoni
73.903
103.840 Current surplus
2 ,887.022
.Sundry Investm'ta
16.600
^..^OO
( "iLsh
.
,588.631
5.888.056
Arcta.
Britigh-American Tobacco Co., Limited.
(Report of Chairman at Wth Annual Meeting, Jan. 11 1922.)
Chairman Kir Hiipo f 'iiiilirf<-f)w«ii, at th«- anniKil nucfinK
in Iy)rulf)n .Jan.
will.
Irivontorlcs
1920^^
.11
$2,887,630
1921.
S
—
Kndlrriit
$1267
4.891,088
1.490.000
Land,
buildings.
marhlncry, &c.xl3 ,778.408 13.348.381
1
"i j tweng u
•52.767.780
890.210
BALANCE SHEET DEC.
—
.
$.56. .567
1.876.300
1.329
Balance, surplus
—
.
(10%)..-
Balance
$1,502,246
Previous surplus
1,3(54,834
.\(ld prem. on Com. stk.
Over-provided taxes
19.221
623.846
506.566
91.921
,
iif
,.
whli
(
.11
l<
I''
pliiiii
...1
:•,,
1.,
"•1
k
ihruuib
-
THE CHEONICLE
Mfg.
Years—
profits,
taxes,
local
1920.
1919.
.?879,182
Cr. 10,912
$254,199
Cr.28,878
65,126
26,586
91,643
25,814
1921.
1918.
less maint.,
selling,
&c.
a$l, 566,364
expenses
Other income
First Pref. divs. (7%)
Second Pref. divs. (7%)
55.830
24,885
102,645
159,776
214,292
64,031
20,160
Depreciation
Res. for excess prof, taxes
Pref. stock sinking fund
bl41,280
.S933,741
De6.5,348
70,000
33,127
90,510
256,688
338,202
$73,908
$139,866
$332,666
$1,350,893
a Net income for year $18,644; surplus as of Jan. 1 1921 is $1,547,720.
b First Pref. stock to the extent of $27,900 par value was canceled through
tliis sinking fund, compared with $210,500 par value in 1920.
Balance, surplus
BALANCE SHEET, DEC.
1921.
Assets —
1920.
S
Kealest., bldgs., &
equip., less res.. 1,679.378
Patents & good will 5,847.428
Cash
1,033.043
a90,392
Lib. bonds at cost.
Notes receivable.
113.970
Accounts rec
Inventory
Treasury stock .__
Total
368,-329
569,616
475,257
31.
S
761,600
750,000
7,000.000
1,736,713 2d Pref. stock
5,990.948 CorDmon stock
272.948 Accounts payable90.392 Reserve Jor taxes.
112.385 Surplus
1,155,382
747,661
380.077
Total
.33.920
281.000
1,.350,893
1920.
S
789,500
750,000
7,000.000
239.286
160,000
1,547, 20
10,177,413 10,486,506
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
—
General Railroad and Electric Railway News. The
following table summarizes recent railroad and electric railway news of a more or less general character, full details
concerning which are commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
—
Eastern Rail Heads Favor Hoover's Regional Labor Tribunal.
Name Committee to ascertain how many companies would join regional conferences.
"Times" Feb. 1, p. 23. President of Chicago Great Western objects.
•'Ry. Age" Jan. 21, p. 220.
Gompers Rejects Railuaii Tribunal. Tells Hooper of Labor Board that
project would renew borl:aric cocditions. "Times" Jan. 31. p. 19.
General Cut in Rail Rates Not Warranted, Says Former Director-General
Hines. Earnings do not indicate that roads can stand a reduction now;
doubtful if business would be stinnilatcd; world suffers from war shock.
"Post Jan. 31, p. 1; "Times" Feb. 1, p. 21; "Wall St. J." Jan. 31, p. 10.
Roads Under Good Control, Says Hi7ies. Former Director-General thinks
legal machinery as constituted is ample: rate readjiistment bound to come,
he tells Bond Club, but the difficulties confronting the railroads are indescribable. "Times" Jan. 28. p. 17.
Rejoinder of RR. Executives to Hi7ies's Testimony as to Physical Condition
ofRRs. "Bad order" locomotives, they as.sert, increased from 17.5 to 25.6%
under Federal control; short 9 miles of ties; failed to renew 440.230 tons of
rails needed and skimped ballast.
See "Current Events" and "Times"
Jan. 30, p. 12.
Railroads Arc Ordered to Turn Over to Goivrnmenl Half of Profits Over
6% Per Annum for Portion of 1920. -See "Current Events" and "Times"
Jan. 29, Sec. 1, p. 10. Also analysis showing seasonal (monthly) variation
of railroad operating income diu-ing year 1920, as prepared by Bureau of
Statistics of i.-S. C. Comm'S'sion for the several districts of U. S., and by
chart quarterly for years 1912 to 1916. "Ry. Age" of Jan. 28, p. 273.
December Rail Earnings Distorted by Adjustments. Closing of books for
end of year makes unusual and deceptive variation in month's net results.
In some cases bookkeeping imposed by Commerce Commission's rules produces exaggerated profit for December, which disappears in figures for 12
months; other adjustments make deficits for others. "Wall St. J. "Jan. 31, p. 1RRs. Ask Repeal of N. Y. State Full Crew Law Said to Have Cost $16.000,000.
N. Y. Farm Bureau Federation approves repeal. "Times"
Jan. 30, p. 12; Jan. 28, p. 12.
Fight fur Full Crew Law in Maryland.
Rail unions oppose proposed repeal of statute. "Times" Feb. 1, p. 21.
Farmers' National Conference Demands that RRs. and Railroad Labor Share
See "Times" .Ian. 28, p. 1.
in Deflation.
Erie RR. Shops at Hornell Leased to Semipole Construction Co., a private
corporation made up of prominent Buffalo business men.
"Post" Jan. 30, p. 2.
Eastern and Western Sugar Interests Clash on Rates.
Rail tariffs from California to Missouri points less than to Chicago, despite greater distance.
Western manufacturers' sales show gain in 111., Iowa and Mo. from 54.000
tons in 1914 to 148,000 in 1920, owing, it is charged, to inequitable rates.
"Wall St. J." Jan. 28, p. 3.
N. Y. City Seeks Right to Run 201 Bus Lines. Elimination of 15 surface
car lines proposed by Whalen in $25,000,000 bus plan. "Times" Jan. 28,
—
—
—
—
—
—
—
—
—
—
—
—
—
No More N. Y. City
for Private Trqnsit. — Controller Craig
against appropriations for new
not run by City. Condemns Transit
Jan.
Act. "Times"
29; Sec.
22,
p.
Introduced bv Assemblyman John W. Slacer of Buffalo. —
Fire Cent Fare
p. 24.
.idviscs
Ca.'sh
lines
p.
2,
1.
Bill
Would apply
to street surface railroads of a city of the first or second class.
"Sun" Jan. 31. p. 9.
New Jersey Senate Gets Fire Cent Fare Bill. Measure would make trolley
rate mandatory Gov. Edwards .supports it. "Times" Jan. 31, p. 8.
—
—
Montevideo Seizes Two Foreign-Owned Tramways, Following Refusal to
"Post" Jan. 28. p. 3.
Grant Iliaher Wages.
Touri.sts and other persons flee
Big Railroad Strike Ties Up Germany.
from Berlin. Wireless to "Times" Feb. 1, p. 11; Feb. 2, p. 1; Fob. 3, p. 1.
La FoUctte Memorandum on Alleged "Secret" Conference of Dec. 9.
"Congressional Record" of Jan. 23.
Articles in Current Journals.— (.1) "Railway Age" Jan. 28: (a) Can the
railroads earn a fair return, a world question (Sir William Acworth), p. 261;
(6) Walker D. Hines reviews Federal control period, making lengthy
answer to critics, p. 287; (c) Interchangeable mileage bill passed by Senate
despite strong objection as favoring a class that can b<?st afford to pay
full rates, p. 267; (d) Proposes a Commissioner-General of Transportation,
P. 37.3; (e) President Harding discusses transportation, p. 276; (.0 Labor
Board announces new rules for clerks, p. 277; (ff) Automatic train stops in
use on American railroads, p. 279.
(/!) Shippers urge reductions in freight rates, p. 281; (i) I.-S. C. C. finds
hardwood lumber rates unreasonable, p. 283; (j) Freight car loading in 1921,
p. 284; (*) $45,000,000 electrification disapproved by Canadian Commission, p. 286 {1} Seasonal variation of operating income, p. 274 ("!) RRs.
decline to reduce export coal rates, p. 295 (n) Maine RRs. other than
B. & M. not included in agricultural rate reduction, p. 295: (o) Regional
labor plan, p. 293 (p) Five-day week not a violation of rules, p. 297 (q)
Extra gangs refuse overtime work at straight rates, p. 297 (r) Sunday held
a holiday within 48-hour liability, p. 296.
(2) .st(>el going into railroads directly a nd indirectly estimated as normally
7,118,000 to 7.6-28,000 tons per annum, or 19.86 to 22.47% of U. S. normal
output 7iot 30%. (editorial). "Iron Trade Rev." .Ian. 20. p. 238.
N. Y. Port Plan Ez-Gov. Smith Lauds Ports Authority Measure and
Attacks Hylan Plan.
Eugene H. Oulcrbridge, Chairman of the Port
Authority, puts the cost of the so-called "middle belt line," including the
proposed Greenville-Bay Ridge tunnel and all connections, and of the
proposed automatic electric freight subway for Manhattan at S329.000.000.
But this, he estimated, would .save annually in freight charges $13,800,000
after taking care of all operating expenses and all fixed charges, including
interest at 5% on the investment amortization and taxes. "Times" Feb. 1,
—
—
—
—
p.
1.
Mc.Adoo Declares Government
Guaranty Period
— "Sun" Feb.
Was
2, p. 2;
B"—
—
—
—
—
B"
—
—
"Times" Feb
p
McAdoo Defends War Rail
— See "Current Events" above and
"Times" Fob
p 10
Western Maryland Railway has Let Out On Contract All Work
— "Phila. Elkins,
W. Va., Shops
W. K. Hosier— 100 Workmen are
N. B."
—
Erie RR. Lets
To Youngstown Equipment Co. to operate
car shops at Brier
and round houses at Brier Hill
Kent,
19.
2,
Control.
Affected.
to
Contract.
Hill
(1)
and
O. "Post"
For maintenance of way and repair work on the Ohio
region, covering 400 miles of main track, to the Dickson Construction &
Repair Co
This completes the contracting for all the maintenance work
of the Erie RR covering the entire system. "Ry. Review" Jan. 28, p. 137.
China Needs Railroads
Former Finance ]Minister speaks of opportunities
for Americans "Times" Feb. 2, p. 21.
Cuban RR. Rates Reduced About 20% Effective Jan. 1. This puts the
rates back to the ba.sis prevailing before the advance of Dec. 12 1920.
Some interior plantations are said to have paid nearly $1 a bag on sugar
for hauling cane to the mills and sugar to the ports "Post" Feb. 1, p 11.
Cars Loaded
The total number of cars loaded with revenue freight
totaled 738,275 during the week ending on Jan. 21, compared with 720,877
the previous week. This was 29,617 cars more than in 1921 but 66,591
less than in 1920.
Changes as compared with the week before were as follows: Merchandise
and miscellaneous freight (incl. manufactured products), 428,178 cars,
increase 13.097 (and 36,544 cars over 1921. but 34,132 less than in 1920):
grain and grain products. 52,181 cars, increase 1,994; coal, 164,091, In-
Feb
2, p. 10.
(2)
—
—
659.
•
—
at Its
1921.
—
a Liberty bonds at market in 1921 397,500; in 1920, $100,750.—V. 112.
p.
President Underwood of Erie RR. Replies to Mr. McAdoo.
"Wall St J "
Feb. 3, p. 9.
Repeal of New Jersey Full Crew Law Urged.
Associated Railroads of
New Jersey in a statement to pubUc urge repeal of full crew law, stating
that law in that State has already cost $5,500,000 and last year, with
reduced ser\'ice took $629,000
Similar laws were repealed Ln Pennsylvania
and Indiana last year. "Phila. N.
Feb. 2, p 2.
New Rules for Clerks. Station Men, &c Decision of U. S. Labor Board.
See "Current Events" above.
New Rules for Clerks, Station Men, Lc. Decision of U. S. Labor Board.
See "Current Events" above.
600 Ch R I. c^ Pacific Employees Walked Out at Shawnee, Okla., Because of
Rulings by Labor Board.
"Phila. N.
Feb. 2, p 3.
Roads Discuss Japanese Shipping Contracts
-"Times" Feb. 3, p. 27.
Miners Seek Union with Rail Workers. See "Current Events" above and
2,
Liabilities
1st Pref. .stock
10,177,413 10.486,506
•
[Vol- 114.
—
INCOME ACCOUNT FOR CALENDARR YEARS.
Calendar
—
—
.
518
Heavily Bled by Lines During the
"Times" Feb. 2, p. 10
—
crease 4,846; coke, 7,267, increase of 9 cars; ore. 4.269, decrease 182; live
stock, 31,961, decrease 4,204; forest products, 50,328, increase 1,838.
Loirer Passenger Rail Rates Adrocaied bti Kansas Utilities Chairman as
Present Charges Discourage Travel on Roads.
"Post" Feb. 3, p. 2.
Matters Covered in" Chronicle" of Jan. 28.
(a) Equipment trusts; further
large sales by United States.
Amendment greatly increases their salability, p. 374.
(b) Artificial barriers to railroad progress (E. .T. Withers,
Asst. to Vice-Pres. of Pennsylvania RR., in charge of personnel), p. 347.
(d) Railroads were in poor
(c) Agreement on railways in China, p. 361.
condition prior to Federal control in opinion of cx-Dlrcctor-General Hines,
p. 373.
(e) Railroad freight rates on hardwood lumber ordered reduced by an
amount supposed to represent about 10%, p. 374. (f) Jerome J. Hanauer
on the needs of the railroads, p. 375.
—
—
American Cities Go. So.le of Collateral.
The Whitney-Central Trust & Savings Bank, New
—
Orleans, as trustee
imder the indenture, dated July 1 1911, securing the 8-Year 5-6-Year
Collateral Trust bonds, acting under the written request of holders of
75% of the bonds outstanding, will offer for sale at public auction at the
Exchange Sales Rooms, 14-16 Veset St., New York. City on Feb. 23 all
the securities pjed.ged under the indenture as follows:
(1) $2,770,700 Preferred stock and $3,475,200 Common stock Birmingham Rv., Light & Power Co.
(2) $1,500,000 Canital stock of Houston Lighting & Power Co. 1905.
(3) $2,049,100 Capital stock of Knoxville Ry. & Light Co.
(4) $600,900 6% Cumulative Preferred st«ck and $1,500,000 Conmion
stock of Little Rock Ry. & Electric Co.
(5) $2,208,700 Preferred stock of the Memphis Street Ry. Co. and
Common stock of Memphis Street Ry.
$8,757,000 Preferred stock and $19,255,700 Common stock of
Orleans Ry. & Light Co. Compare reorganization plan in V. 114,
$2, 153. .500
(6)
New
p. 76, 195.
—
—
—
Atlantic Shore (Electric) Ry. Wages Fares.
The company announced a flat wage reduction of 10%, effective
About 75 employees will be affected.
31 1922.
In Biddeford, Keunebunk and Sanford zone faros will be cut from
to 5c. Feb. 11.— V. Ill, p. 2040.
Bangor & Aroostook RR. Traffic Movement, &c.
An authorized statement (much condensed) says: The company
—
Jan.
10c.
—
last
Dec. 31 1921 hauled out more potatoes than ever before in
a similar neriod. with the exception of one season 8 or 10
years ago. The movement of lumber and other commodities, e.xcept poThe last potato crop in Aroostook aggrotatoes has been very sluggish.
gated about 37,000.000 bushels. There still remains in Aroostook a very
large quantity of seed potatoes to be shipped.
Standardization of wages under Federal control, and perpetuated after
Federal control, imposed upon Bangor & Aroostook a serious burden, much
Previously
greater than upon any other railroad in the United States.
it had been able to obtain much of its labor at the going rate for that part
of the country. The labor was largely recruited along the road: wages
were lower because the cost of living was lower. Then along came standardization of wages and working conditions decreeing that the crossing tender in a Maine hamlet should get the same wage as in New York.
Yet Bangor & Aroostook is the one New England railroad, outside of the
Boston & Albany, still paying dividends. It also showed the dividend
earned in 1921. not fully from operations but -vvith the help of other income" and certain adjustments of lap-over items with the Railroad Administration, which added substantially to income for the past year.
(Boston "News Bureau.") ^V. 104, p. 1700.
Ohio RR. Equip. Notes Sold.
Baltimore
SS "Chronicle" Jan. 28, p. 374. V. 114, p. 403.
fall and up to
its history for
—
—
—
&
—
Boston Elevated Railway.
Calendar Years
—
Ope?lung revenue
1921.
—Earnitigs. —
1^18.
1919.
1920.
S32,853,0.'>3 $,33,751,079 .$29,404,592 $20,976,965
22,843,057
1,546,758
25,769.122
1,142,987
23,700,340
1,045,502
17,996,098
917.515
$8,463,238
Operating income
423,972
Non-operating income..
$6,838,754
280.773
$4,658,750
93,991
$2,063,352
8o,728
$8,887,210
Gross income
Miscellaneous deduc'ns. 6,192,397
.1,523,367
Dividends paid
$7,119,527 ^.752,741
5,730,871
6,003,026
1,403,970
1,463,668
$2,149,080
5,1.35 786
^58,235
Operating expenses
Taxes.......
Balance def. or sur.-.suiii, 171.445 defS347.l67df$2,382,100df$3,644,941
V. 114, p 197.
—
Brooklyn Rapid Transit Co.— Obituary.—on
Colgate Hovt. a director, died at Oyster Bay. L.
I.,
Jan. 30.
Mr.
and director in the St. Joseph. Soutli Bend &
the Cuba Copper
Soiithorn RR.. and director in the Canada Copper Corp.
Co., the Dome
Co tho Phoen-x Mines U. S. Cast Iron Pipe & Foundry
Heights
^Hnes^ ufe To'iedo^ St!^i^uis & Wastern Ry. ^o-: *]»« Brooklyn
304.
408,
t^orp.—
V. 114, p.
RR. Co. and the N. Y. Municipal Ry.
Hovt was
also a Vice-President
Buffalo Rochester
&
Pittsburgh Ry. —Dividends.
—
\ semi-.iniuial dividend of 2% has been declared on the Commori stock
on the Preferred stock,
in addition to the regular semi-annual dividend of
was
both payable Feb. 15 to holders of record Feb. 10. In Feb. 1921
paid and in -Vug. 1921 1%.— V. 113. p. 2718.
3%
Canadian Northern
3%
Ry. — To Redeem Bonds. —
at
Notice is given that the company intends to redeem on April 18 next,
then
par and interest, the [? 1.285. 287] First Mtge. Land Grant bonds
IIJ, P\
outstandmg. (London "Stock Exchange Gazette Jan. 19.)
2078.
Quincy RR. Bonds Sold.
Chicago Burlington
—
&
—
•
—
Morgan & Co., First National Bank and National
City Co. have sold at 97 and int.. to yield about 5.17%,
$30,000,000 1st & Ref. Mtge. 5% Gold Bonds, Series A.
J. P.
Fkb.
THE CHKONICLE
Dated Au(j. 1 1921. Duo Fob. 1 1971. Int. payable F. & A. in Now
not
York City. Kert. on 60 days' notice, as a wliole only, on and after, but
On Fob. 1 1912 or on any int. date tliorobefore Fob. 1 191i; as follows:
any
mt.
on
atter prior to Fob. 1 1952 nt 107 !^i and int.. on Fob. 1 19.52 or
or on
dat« thi-rcaftor prior to Fol). 1 19t)2 at 10.5 and int., on Feb. 1 19(>2
Denom. .$1 .000.
,ny int. date tlicrcafter prior to maturity at 10:{ and int.
1500 and SlOO (c*&r*). $1,000, $5,000 and .SIO.OOO. First National Hank
of the Oil V of
New
—
YorI<, trustee.
I.ssuaneo authorized
.
.
C. Commission [and
by the I.-S.
Authnri-alion.
approved by the stockholders Jan. 18 1822].
Hale
Holden, Chicago, Jan. 27.
Data from Letter of Pres.
In order to provide for the refunding of the entire bonded
This Issue.
debt under one mortsage and to provide means for raising part of the
capital needed for additions and betterments to the property, the company
bonds
is about to execute its 1st & Rcf. Mtge. under which the Series A
(above) are to be issued.
...
acquisition
the
for
bonds
Under the terms of the mortgage the issue of
of properly and for additions and betterments to the company's property
in no event can exceed the actual cost of the property to be placed under
The authorized issue is limited to an amount which, tothe mortgage.
gether with all other then outstanding prior debt of the company, after
deducting therefrom bonds reserved to retire prior debt, .shall never exceed
three times the par value of capital stock then outstanding.
PurDose.— Proceeds of this present is.sue ivill be used for additions and
betterments during the year 1922, including about $15,000,000 to he
expended for equipment.
,,.
Securilij.
The lien of the 1st & Ref. Mtge. will cover (directly or collaterally) 8.998 miles of road, on which the company's total outstanding
mortgage inde'ntedness, including the present issue of bonds, will be about
$22,628 per mile. The 1st & Ref. Mtge. -will cover 496 miles by direct
first lien 5.3S4 miles by direct second lien, subject to the lien of the Gen.
Mtge. under which bonds are outstanding at the rate of about S7.700 per
mile on the mileaire covered by that mortgage, and 3.118 miles by direct or
Xo more of the
collateral lien .subject to the Gen. Mtge. and prior Hens.
underh-inc mortgage bonds, including the Gen. Mtge. bonds, may be
issued except for the purpose of pledge under the 1st & Ref. Mtge., but the
company reserves the right to sell about 812,000,000 of underlying bonds
—
—
,
now
held in its treasurj'.
Gross Operating Rerenues. Net Income
Gross Oper.
Revenues.
&
Interest Charges for Calendar Years.
Interest On
xNet
Balance.
Income. Funded Debt.
$109.191.204 540,010,38.3 .$6.980,493 533,049.890
6.790,177 29.461,405
122.342.707 36.251.582
6.750.463 22.8^18.29.;
1918
...
al44. 172.769 29. .598.7.55
r
1919..-'""!
6,669,-587
23, .599. 182
.lal.5-1 ,011 .438 30.268.769
29.798,140
6,816.006 22,982,134
1920
.
. .bl85..586,287
.
..."/..'.."..".
31,002.405
24,195,271
6,807,134
1921c
168,410,473
1916...
1017..
-
a 17. S. RR. Administration, b U. S. RR. Administration 2 months
c Preliminary
(guarantee period 6 months corporate period 4 months,
figures.
X Net income after deducting rentals and miscel. income charges.
CavilaiUalion. <!tc.^I!ompany has now outstanding .5170.839.100 stock.
97.09" of which is owned in equni narts by the Northern Pacific and
Great N'orfhern Ry. companies. Durin.g the period (since 1901) in which
the Burlington has been controlled by the Northern Pacific and Great
Northern Ry companies, the Burlington's surplus income and miscellaneous
profits have amounted to aoproximately .5406.000.000 after charges, of
winch it has paid out in cash dividends on its .stock about S22S.000.000
and has adderl approximately S178.000.000 to its surplus. Company's
total funded de'it outstanding in the hands of the public on Dec. 31 1921
was S9,442,400 less than on June 30 1909.
Listinq.
The New York .Stock Exchange has admitted the bonds to
the list "when issued."
V. 114. p. 304. 408.
.
—
—
Chicago Elevated Railways Collateral Trust.
An advertisement of this concern sets forth that the Chicago & Oak Park
Elevated RR.'s proportion of cost of the Lake Street bridge was $197,694
and the reason why this has not yet been paid is shown b.v the following
statement of earnings and expenses of the Oak Park Ele\'ated:
Gross
Earnings.
Year.
1919
Operating
Exp., not
Incl. Int.
Deficit.
S960.874
..1,241,446
1,.594, 042
"•"'
-
.'11 month-s)
(Chic/igo "Kconomi.st
"
$1,009,507
1,365.050
1,800.079
1.5.33671
1.647.660
Jan. 21.)
V. 113. p. 2501.
S39.633
123.604
206.037
113,989
—
&
Chicago Indianapolis
The
Louisvile Ry.
Loan Repaid.
—
Finance fVjrp on Jan. 20 announced that the advance of
11.400.000 to the company made on March 14 1919 and of $2..'i55.000 to
the Southern Ry. made on Dec. 30 1918 under the war powers of the
Corporation, has been repaid in full. V. 114. p. 408. 77.
W.-ir
—
—
Chicago Surface Lines. Fire Loo.-:.
The D<:von Ave. car barns and 80 cars were destroyed by
at a loss of .Sl.OW.OOO— V, IM. p. 304. 197.
Columbus
&
Columbus &
—
—
—
Co'"^
'
!..:]
Town
Coulroct—Rrrmucs.—
Lt. Co.
have apnro\<.<l ihf fontrart for the purcluise of 6 mill's
"laware & Marion i;i<<lri<- Co. ira<k, making jjossible
)f citv jar Hervjce as far north as Worthlngfon whenever ncetlefl.
-;irt alvi provlden that the C<ilunii>u.'. Delaware & Marion may
LlKhl trackfl from Arcadia and Indlanola Avck. to Third and
Sfd.
I'l
In
&
Ry, Power
'.H
;.-•••
91
h-'"
I
Oil
70
19.0
the
:|-,
.
In
V
company
85.446.483 pa.Hsengcrs. comparofl with
revenue was »«4.1«S more in 1921 than
C9rrif<J
1920.
PamcriKcr
114. p. 409.
Dayton Toledo & Chicago Ry.
Thf!
I
H
(••«,niml'-'.|«,ti
<
hv^ flcriid
—
Denver & Rio Grande
pluri
thf
i,[
nortjjirii/w'irioii
W«'Hl«Tii
r>aiiy;,
iJfiiicd.
—
:'<Tio(l
of I920on the »rr<iiind that It Is
Section 209 of the Inler-
rirovldi-<l In
.-
'EiB..~-Hf organization
on lined b«-low
I
Uuilrottd
Iiuh agrr « .| (o
hiiH
hcou
Corporutioii
\,f
Uiiitid
by
Plan.— The
proi»«)s«'<l
(\\,i-
llic
l>v
lioMiiiu'
provJHioiis
plan. unH Ii;lm b«iii H[)i)r(jv<<l luid ufhjplid l)y the
ffiitlic for
lie FirHt <t I{. fiiii/liriK .Mtj,'*-. .',h, of wiiifli
n Hfiiry Hjinuriorul jh C'liainiiun.
I'ikIit thfj pl»n the
holders of the ImI & iMninHng .'^h are lo receivo in «'X<di)iiiKf
f'-- their l)ond.M
.V)';; in TV, ('\nu. I'n f. Htoek und .'()'; in
Sinkinif Fund Mfffo. r>% bond.n.
Three alternatives are
'"ii:i;est,»'d for the Adjiittment, .Mtije. bondH rsei)
below).
Tlie VVeHti rn I'.uifie |.'K. Corp. u lii.h owtiH more tii.-iti
jority of lli.«;|f),(K)<).0(K)oiilstnn(liiiir A<|jiiHt tri.iil
U'<
'i'-
I
,
M
Ii r»f
I'M'J. iioiiliiH all tilher
UoUUth
.
of Hueh bondu llial
^ reH<rved the riffht lo offer to nil liolderM of AdjiiHtnienl
. iMjndH parIi.ii)ation in the benefiiH of the plan, if
Kfl into effeel, and han agreed in that event, lo a<<epi
i" pi -If as Iheov.ii. r«if a niajoritv of lie i';Hiie
the Ham*! terniH
wtiuli
hall be offerefl to other holdern.
The holders of |[,e on I.standi ni,' lO-vear
H4'eiired NoleH
'^ the VVeHtern I'aejfie |{U. ( 'tirp riHMlled
ill
exehaniT" for
eiii, Mlire. bondR
V. IM.p. IMItJ) are notified lluit,
;.!
the plan in earned into effeei the VVeslern Pacific
I
4%
,
or other\\dse.
The Preferred and Common stock holders
under the plan receive nothing and are therefore entirely
wiped out. [A statement of earnings, estimated cash requu'ements, &e., may be found under "Financial Reports."]
The committee says in part:
It is expected that the consummation of the plan will result in:
(1) The furnishing of such amount of cash toward the rehabilitation of
the property as is now absolutely necessary and working capital urgently
needed. The cash is to be supplied by the Western Pacific Corp. and represents a substantial portion of the amount recovered from the old company
on the judgment in favor of the Equitable Trust Co., New York. For it
the reorganized Co. will issue only common stock.
(2) In a financial readjustment which should adequately provide for the
financing of the future requirements of the system.
(3) Reduction of the bonded debt and fixed charges.
Committee for 1st A. Ref. 5s. John Henry Hammond, Chairman; Bertram
Cutler, Charles Hayderi, Andrew J. Miller. Frederick Strauss, Melvin A.
Traylor, with B. W. Jones, Sec, 16 Wall St., N. Y. City.
Devositary.
Bankers Trust Co., 16 Wall St., N. Y. City.
Sub-Depositaries.
First Trust & Savings Banlc, 68 West Monroe St.,
Chicago: Provident Life & Trust Co., 4th & Chestnut Sts., Phila.: Mercantile Trust Co., St. Louis, Mo., and International Trust Co., Denver, Colo
Plan of ReoFEranization Dated Jan. 27 1922.
Bonds Which May Be Deposited Under the Plan. The 1st & Ref. Mtge.
Gold
Bonds
of the Denver & Rio Grande RR. with coupons maturing
5%
Feb. 1 1922, and subsequent coupons attached. Holders of these bonds,
not heretofore deposited, may become entitled to the benefits of the plan
by depositing their bonds with coupons payable Feb. 1 1922, and all subsequent coupons attached, with one of the depositaries, on or before March 1
Conditions of Participation in Purchase of Feb. 1 1922 Coupon.
Holders
of certificates of deposit already issued under the deposit agreement dated
Ma.v 28 1917 may participate in the benefits of the purcha.se by The W'estern
Pacific RR. Corp. of the coupon on the Refunding bonds payable Feb. 1
1922, only upon signing and filing with the depositary a wi-itten assent to
the plan containing a waiver of all right of withdrawal. Holders of Refunding bonds, not yet deposited, will be entitled to participate in the benefit
of such purchase merely by the deposit of their bonds.
Sale &c. of Old Company.
Transfer to Denver & Rio Grande Western RR.
Sale of Old Company.
The raih-oad properties of the old Denver company
and various treasury securities were sold Nov. 20 1920 (V. 111. p. 2139)
and, with minor e.xceptious (consisting principally of securities of the Rio
Grande Southern Ry. Co. which have been transferred to the Western
Pacific Corp.), together with the railroad seciu'ities remainis^i in the
treasury of the old Denver company, were .sold to and have been transferred
to the new company
[The Denver & Rio Grande Western RH., incoporated in Delaware Nov. 15 1920 with an authorized capital of 500,000
shares Pref. stock par SlOO, and 1.000,000 no par value Common shares.]
The.se properties (so far as subject to liens) were acquired subject to the
liens which e.xisted at the date of sale and no further liens have been created.
Transfer to New Company. The transfer took place at the end of July
1921 (V. 113, p. 531) the completion of the sale having been delayed, first
by litigation (instituted by a committee representing certain stockholders
in the old Denver company [headed by Jefferson M. Levey. V. 113, p. 959.1
and eventually decided adversely to that committee's contentions) (V. 113,
p. .531) and subsequently by the necessity of obtaining the approval of the
I.-S. C. Commission of the issuance of stock essential to the acquisition of
the properties by the new company (V. 113, p. 292). This stock has now
been is.sued to the Western Pacific Corp. and consists of 300,000 shares of
Common stock without par value, being the only stock of the now comjiany
outstanding.
Pueblo Flood Damage.
Sub.sequently to the confirmation of .sale there
occurred heavy floods in the Pueblo District and elsewhere in Colorado,
which occasioned interruption of traffic and extraordinary and very heavy
damage to the physical properties of the system, which it is estimated h.ave
required and will require in the aggregate an expenditure, estimated to
amoani, to §2,075,000 during 1921 and the early part of 1922, for extraordinary maintenance purposes.
Future Requirements to be Financed Through Bonds of New Company.
The funds neces.sary for the purposes 6f rchabilitatian, &c. (.see under
".\nnu:U Reports" aljove) it is believed, should bo raised through the
medium of a bond is.sue of the new company.
Funded Debt Which Remains Undisturbed in Hands of Public.
(None of this debt has been assumed by the new company.)
D. .V; R. (J. RR. 1st C^)ns. Mtge. 4s. 1936.
.834.125,000
I), ."k R. a. RR. 1st Cons. Mtge. 4;is. 1930
6,.'i82,000
1). fc R. G. UR. Improve. Mtge. .5s, 1928
K„335,000
R. (i. W. Ry. iKt Trust Mtge. 4s. 1930
15.190 700
U. <;. W. Ry. lst(V)ns. Mtge. Is. 1919..
15,080,000
The $2,000,000 Klo (irandn Junction Ry. 1st Mtge. .•>% bonds are added
lo tli(' funded debt statement b(M-ause that compai.v owns a lino of railway
coiisUtulInK an Inlegrul part of the Denver & Rio Grande system.
.V.I/- Company Owes Western Pacific $f(29,000.
The new company owes
the Ui-,tern I'.iclflc Kl{. ('or|). about .$629,000 for money iid\aii('t<<l loeiiablo
ttir urw coriipaiiy to pay tli(> InslalliiK'tit of iiiloreslon the Refuniling bonds
wlildi fell i\iu- .\ug.
MI21, and for organization (xi)en.ses.
This indc^blod-
—
— —
—
—
—
—
—
,
,
—
ho claim of thiH company for a
ili
.'..•;7.
[Vu-ifi(-
whifh
Clnim
were exchanged.
The Western Pacific Corp. has offered to purchase the
Feb. 1 1922 coupons of the 1st & Ref. 5s, but this offer is
open only to those holders who irrevocabl.y assent to the
plan.
The Perkins committee (see below) has arranged to
advance the amount of the Feb. 1 coupons to the bondholders who deposit their bonds as requested, but this offer
does not bind the depositing bondholders to assent to plan.
The plan provides that the Refunding Mortgage and the
Adjustment Mortgage shall be extinguished by foreclosure
—
C. ''ommi-.kion has i)la<fc<l a tentative valuation of $4,678,545
kH of June 30 101.5 on the Southfrn Ry. Co. In Mississippi enow known as
the Oilunibus &. Greenville KK.— V. 112. p. 25.36.
I.-H.
Tr
Corp. will afford the note-holdors severally the same privilege
of exchanging their notes for sccuritie.s to be issued pursuant
to the plan as they would have been accorded had the.v continued to hold the Adjustment Bonds for which their notes
—
fire Jan. 26,
Ma.rion Electric Co.
Contract.
Sc Light Co
V 112, p 2747.
Greenville RR.
Teula'irp Vnli/niinn.
Del.
Hen Columbus Railway Power
The
519
rt\
1922.]
4:
1
and
urcit
nes.H Is uii
rests In
open acconiil.
Jan. 7. The new roiupany, on .Ian. 7 1922 had on hand
Iraimlt. uvnilnhio rr)r interest upon imderlving IioikIs, taxes and
wnrkliiK i-.Tiiltal only the sum of approxliiialelv S7S0.()0O.
It Is certain,
llifiiriiri'. lliiil (afiiT providing for the cxir.-iordinary nialiitcMiani'o cli^irKes
iH-i'a>.iiini'<l by flood diun.'iKel the Insliillnient Intercsl upon the Uefuridlng
iMmdM railing due Keb. 1 |9'J2 will not huvi- been earned, and thai the
Cn.ih
and In
nil
Hand
new
I'onip'itiy will tiot have uvllable fundK wherewith to meet It.
Rrfundiny and Adlu.ilmrnt MmlynyiH of I). <V- H. <!. UR. lo be F.jlinuuished.
Till' ICiTundlMK bonds and Ihc Adjuslnienl bonds will be extlngnlshi'il by
Utri"
—
.11,,
'
,.
|,,,| nil ,,(• 11,,, |)|(,|„,|.| y ,,r III), i.xisling iii'W I'oni//!(/.
Wr-ilmi nil
InriiKlliiK |ir(>|><Tl v uol I'nciini.lied v.iluc ?.'t..5(HI. 00(11 will (»• ri'lalncd l,y It or
vc'.U'l III .1 III A ciiiiiii.iiiy Id Imi fornii'd for
III
I'lllior cuho
lull puriHisn
fi''"' rriiin till' lien of the two ;ibovi< iiiiirlgiigi'H, or MiilmlJint liilly tliiil result
111will
brfiiiKliI iiboul by hoiiic iiiKlliod tn lii< agrei'il iiiioii by tlio Wi>sinrn
I'iK-lfIr < 'iirp mill llii> coinnillli'n.
I'endliiK tlir <<xi>i-iit Ion or aliiiiKliiMiiii'iit
.
}>'
I"
.
'
.
I
'
I
Iff lliK
by
till'
fur
li'i
pliin, i-itrnliigs of the I'liiiipanv nliall iiol bi> illNirlliiiti-il or wlllidrawn
VV«"«liTii I'liriric Corp lliroiiKli tile medliiiii of tllvldi'iidn or olliurwiNO
iiH n IxTuTII
/ViirltloM
Tl
Caih llrfiilrrmrnts
fur
Wmtrrn
Pacific to
Adraurr
.flO. 000 .00(1.
rei|u|rrnii-iil'i of Ilic plitii urn SIO.OIIO.OIIII
II
In
i"illiiiiil<'d lliiil IIiIh iinioiliil •.liiiiilrl III' niailx iiviilliibln for il-«- iin <°o>il<<inliliiii'd hiTiiby, In nddllliin lo pri»«>nl wnrkliig niliHiil. In nidi-r that Iho
riillrimil |iroiMn'>li<« of the
cotiipitiiy iiiav bi< I'rriilKiitly and iT<iiiiiiiili'a||y
>i|»'riit<i|
In tlin I'veiit tliiil lliW pliiii lu 1*11111 rmi .iiiiiniiili'<l llir Wi'mIitii
I'li'irii- I 'orp It 111 Nii|i|i|y itil-i iiiiiiiiiiil ill
I'll iir |irii|H'rty or In wiiirll lew
«lliiiiil<il
i-iiMli
new
,
I
l<i bii
fiiiiverhil
lli;iii
l.'>.(IIHI.ri(l(l
.1'. hi'ii liiiirii'r iinivldnl. mil Ikhn
to IIik iikw riiiii|iitliy wlllilii olin
Inn of III" reorK'Hil/nl Inn; lint Ii'km Until
' 'I'I'I » II hill tun vir'i frn ni ruil'l dilv iiiiil lint |i"<« limn
I'KI wHIilM lliif<i> >(.iri( fiftlil itillil il;il4<
In rnimlilnriiIs nqillviili'iil Ki iiiip|illi«l III!' WoMlcrn I'nrlfjr < 'nrp.
liil<i <'ii»||.
hIiiiII
yiiir fniiii tlip i|ai<. nf
nil
''
'
'
'
'
'
III!
ll'i'i
«liall.
Iik
of
ulili'li. i'«i'i'|ii
iiiiidK
viiiiIIiiIiIk
i||it i'iiin|i|('l
I
ai
piiyiiiiwil
;
are innd)'. rfwrlvr
<
'niiiinon nteiek of
llii<
imw
cninp.'iiiy
,
THE CHEONICLE
5:30
^The
Western
Right to Utah Fuel Co. Dividends Not Yet Established.
Pacific Corp. now holds on deposit cash and securities, subject to an agreement that it will continue to hold the same or equivalent substitutes until
its right to the dividends which it has already received from Utah Fuel Co.
If the right of
shall be definitely established, amounting to $2,925,000.
the Western Pacific Corp. to these dividends is not finally established at
the time of the installments of cash above is to be paid, payment of a
portion of such installment is to be postponed until such right is finally
established.
The amounts so to be postponed shall be $1,000,000 in respect of first
installment and $500,000 in respect of each of the other installments. If
this plan be consummated, the Western Pacific Corp. will, immediately,
upon the final establishment of its rights to said dividends, add to the deposit
to bejmade by it with the Equitable Trust Co., New York, the amount of
said dividends ($2,925,000) in cash and [or] readily salable securities
equivalent market value.
Further Transfer of Property to New Company.
In addition to the
$10,000,000 to be supplied, the Western Pacific Corp. will, upon the consummation of the plan and previously to the actual exchange of securities
(1) Transfer to the new company the work equipment purchased
by it (and now leased to new company) at a cost of
$143,004
(2) Transfer to the new company Rio Grande Junction Ry. stock
heretofore purchased at a cost of
64 ,063
(3) Cancel and release or transfer debt of the new company to it
amounting to about
629,000
On account of the $10,000,000 to be supplied by the Western Pacific
Corp. it will, upon the consummation of the plan, transfer outright to the
—
(new company:
(4) Entire Capital stock of Western Realty Co., which shall represent the assets of that company substantially as the same now
exist, save for ordinary operations, such assets being estimated
[and to be accepted as equivalent to that sum as payment of
account of above $10,000,0001 to have a value in excess of
that company's indebtedness of at least
$1,000,000
(5) 700 70-ton coal cars now under construction (contract price
all
and
same,
with
the total co.st of completing
$1,389,500)
specialties attached, estimated
1 ,500,000
(6) Coupons appertaining to Refunding Bonds to be purchased
which will represent an investment of at least
622,000
(7) Any and all additional shares of stock in Rio Grande Junction
Ry hereafter acquired by Western Pacific Corp The corporais entitled imder an existing aiTangement to acquire the remaining shares of stock not already owned by either the new
company or that corporation for approximately the sum of-41,500
It will at the same time deposit with Equitable Trust Co., New York,
cash and for] readUy salable securities having an aggregate realizable value
•of $3,500,000; less: (o) any amount by which the cost of the said coal cars,
the surrendered coupons and last mentioned Rio Grande Junction Ry.
stock shall exceed $2,163,500, and (6) any amounts additional to the
foregoing which the Western Pacific Corp. shall have paid out as contemplated hereby and for which it shall be entitled to credit hereunder upon its
To this deposit
•obligation to supply $10,000,000 to the new company.
will be added the amount of the Utah Fuel Co. dividedns when and as
above provided.
The principal of the fund so to he deposited with Equitable Trust Co.,
will be held for the sole purpose of seciu-ing its payment to the new company
The same shall be
•at the times and in the amounts required by this plan.
•invested and reinvested in securities approved by the Equitable Trust Co.
the
Western Pacific
and
the
Corp.
acting
unison,
and
Western Pacific
in
Corp shall be entitled to all mcome and gains, if any, derived therefrom and
responsible for all losses incurred up to the time at which the same shall
be paid over to the new company.
At the time of the final payment on accoimt of the $10,000,000 to be
supplied by the Western Pacific Corp., an adjustment shall be had and the
Western Pacific Corp. shall pay to the new company any amount by
which the aggregate of the sums paid or accounted for hereunder by it shall
be less than $10,000,000, and shall be entitled to the repayment to it from
said deposited fund or by the new company of any amount by which such
aggregate shall exceed $10,000,000.
.
.
—
—
SECURITIES TO BE AUTHORIZED BY THE
—
NEW COMPANY.
Unifying Mortgage Bonds. Authorized Amount Unlimited.
Secured by a mortgage which will be a lien (subject only to the existing
'liens of underlying bonds) on the properties and railways of the new company (including now xmencumbered physical properties) and after-acquired
branches, extensions and property integrally connected therewith, and all
property acquired by use of the proceeds of the new bonds or against which
new bonds shall be issued, subject, however, to the other provisions hereof
with r^ard to said mortgage and the lien thereof.
Whenever stock of the Rio Grande Junction Ry. shall be released from
the liens of the Refunding Mortgage and the Adjustment Mortgage, the
same shall be pledged as part of the security under the Unifying Mortgage,
or the property of the Rio Grande Junction Co., subject only to the liens
•existing thereon, shall be subjected to the lien of said Mortgage.
The amount of bonds which may be issued under the Unifying Mortgage
will be unlimited.
They may be issued in separate series, matiu-ing on the
same or different dates and bearing the same or different rates of Interest
and any series may be made redeemable in whole or in part at times, on
notice and at premiums, and may have such conversion privileges and other
provisions, as directors may determine at the time of issue of such series.
The Unifying Mortgage will contain a provision to the effect that in the
«vent that (a)Donds of this issue are used to refund the bonds of the Rio
Grande Western Ry. Co. 1st Consol. Mtge., which is thereupon satisfied,
and at the time of such satisfaction the stock of Utah Fuel Co. shall be
subject to that mortgage, or (b) Unifying Bonds may be issued to supply
cash to redeem such Utah Fuel Co. stock from the lien of the Rio Grande
Western Ry. Co. 1st Consol. Mtge. or to acquire the Rio Grande Western
Ry. Co. 1st Consol. Mtge. Bonds used to effect such redemption, the Utah
Fuel Co. stock shall forthwith be pledged under the Unifynig Mortgage.
but in either event shall be subject to release from the lien of that Mortgage
(a) on tiie payment to the trustee hereunder of $6,000,000 in cash, or (6)
on the surrender and cancellation of bonds secured by the Unifying Mortgage
of the face amount of $6 ,000 ,000 theretofore actually issued and outstanding
or (c) on the pledge under or subjection to the Unifying Mortgage of other
securitias or property (not otherwise subject to encumbi-ance) having a
value of at least $6,000,000; such substituted property in turn to be redeemable in any manner in which the Utah Fuel Co. stock might have been
redeemed from the lien of such mortgage.
Unless and until Unifying Mortgage Bonds or the proceeds of such bonds
shall be used for the purpose of refunding the Rio Grande Western Ry. Co.
1st Consol. Mtge. Bonds, no right to or lien or charge uiK>n such stock shall
be deemed to exist or to bo created in favor of the trustee or the holders
•of Unifying Mortgage Bonds or of the trustee imder the junior Sinking Fund
Mortgage (see below) or the holders of bonds to be issued hereunder.
Purposes for Which Unifying Mortgage Bonds Will be Reserved.
(1) To refund Underlying Bonds and Rio Grande Jet. Ry. Co.
1st Mtge. Bonds to a principal amount equal to the principal
amount of the bonds refunded (including redemption of Utah
Fuel Co. stock)
$81,112,000
(2) For betterments, improvements, branches and extensions,
including the acquisition of bonds and stocks of other railway
lines or interests in other railwaylines, and the extinguishment
of liens thereon issuable to a principal amount equal to entire
cost of bettei-ment s .etc
20 ,000,000
(3) The remainder to be issuable for the same purposes, but to a
principal amoimt equal to 85% of cost of betterments, etc.
No bonds are to he issued under the Unifying Mortgage except
Note.
for refimding purposes or for redemption of Utah Fuel Co. stock, imtil all
of the cash to be supplied by the Western Pacific Corp (above) has been
paid in.
Authorized, $20,557,000 [but see x below.
(2) Sinking Fund Bonds.
An issue of 5% Sinking Fimd Bonds to bo limited to the total authorized
$20,557,000 maturing on Aug. 1 1955, intere.st payable semi-annually
from Feb. 1 1922; or from Aug 1 1922, in case the coupon on the Refunding
Secured by a junior
Bonds due on that date shall be purchased (as below)
mortgage subject and subordinate to the Unifying Mortgage and co-extensive therewith as to property and rights covered.
t The i^inking F'und Mortgage will provide that if a charge or lien upon the
stock of the Utah Fuel Co. shall arise in favor of the trustee imder the
Unifving Mortgage (by reason of the provisions of that mortgage and the
usellof bonds Issued theroimder to refund Rio Grande Western Ry. 1st
•Consol. Mtse. Bonds or to obtain the release of said stock from the said
1st Consol. Mtge) then such Utah Fuel Co. stock, while subject to the lien
of such Unifying Mortgage, shall also be subject to the Skining Fund
—
—
.
,
[Vol. 114.
^
''"*
*^® ^*°c^ ^^y
redeemed from the lien of the Sinking
¥^°^^^^PI<und Mortgage**J^*
by compliance with the provisions for release
the Unifymg Mortgage without any payment to or action oncontained in
the part of
the trustee under the Smking Fund Mortgage
The Sinking Fund Mortgage will further provide(a) That said Sinking Fund Bonds shall be redeemable all
or part at any
time prior to a date six years from and after the date of said mortgage
at
par and int. and thereafter at 105 and int.
(6) For the payment by the new company of 1
each year on the aggregate face amount of the maximum number of Sinking Fimd Bonds at any
time issued as a sinking fund the same to be payable onlv out of the earnings
of the year but next after payment of interest upon the Sinking Fund Bonds
and applied to the pm-chase, either at public or private sale or by call at a
price not exceeding their then callable price, of bonds of this issue all bonds
purchased or called for the Sinking Fund to be kept alive and the interest
paid thereon from time to time to be added to the Sinking Fund and applied
in the same manner, which sinking fund payments shall become cumulative
at the expiration of three years from the date of the Sinking Fund Mortgage
(c) That in the event that the Utah Fuel Co. stock shall be
redeemed by
the use of moneys derived from the sale of Preferred stock of the new company, with the result that the IJenefit arising therefrom shall accrue to
anyone other than the new company or a successor or subsidiary thereof
the new company shall pay annually into the Sinking Fund out of its net
earnings, over and above amounts thereof required for pajTnent of dividends
upon Its Preferred stock, an additional amount of $240,000, the obligation
to make such payment to be cumulative.
id) That the new company shall not effect the redemption of the stock of
the Utah Fuel Co. from the lien of the Rio Grande Western Ry. 1st Consol.
Mtge.. with the result that the benefit arising from such release shall accrue
to anyone other than the new company (except as above provided) save
by means of moneys which would otherwise be distributable consistently
with the provisions of this plan as dividends unon Common stock of the new
company or by use of moneys to be supplied by the Western Pacific Corp.
(or a .successor in interest or subsidiary thereof) in addition to the moneys
to be supplied as hereinabove provided, which additional moneys so suppUed
shall be capitalized, if at all, in common stock of the new company.
How the $20,557,000 Sinking Fund Bonds Will be Applied.
In exchange for Refunding Bonds (maximum)
x$15,557,000
Tilaximum permitted to be used in whole or in part in exchange
for Adjustment Bonds
x 5,000.()00
But Sinking Fund Bonds may be issued only to an amount not exceeding
50% of the face amount of the Refunding Bonds and Adjustment Bonds so
exchanged and interest upon Adjustment Bonds accrued and unpaid.
X These amounts may be increased by any amount of Sinking Fund Bonds
allowed in satisfaction of accrued and unpaid interest upon Adjustment
%
,
Bonds.
Preferred Stock. Authorized Issue $50,000,000 (par $100).
(3)
Authorized .$50,000,000 par $100 Entitled to cumulative dividends at
rate of but not exceeding 7% per annum, payable quarterly, in preference to
Common stock. Cumulative dividends upon the Preferred stock shall
begin to accrue from Feb. 1 1922 or from Aug. 1 1922, in case the coupon
on the Refunding Bonds due on last mentioned date shall be purchased.
In the event of the dissolution, liquidation, &c.. Preferred stock shall be
entitled to par and dividends thereon accrued and unpaid and an additional
amount equal to a dividend at the rate of 7% per annum from the last
dividend date to the date as of which distribution shall be made, before
any distribution shall be made to the holders of the Common stock.
The Preferred stock is to be redeemable all or part, upon 60 days' notice
at any time prior to Jan. 1 1926, at par and div. and thereafter at 110,
and in any case with an additional amount equal to a div. at rate of 7%
per annum from the last div. date to the date of such redemption.
Voting Rights of Pref. Stockholders.
—The Preferred stock
shall at all times
have the right to vote on a parity with the Common stock (each share oj
either class being entitled to one vote) upon (1) any proposition to sell,
pledge, or in any manner dispose of any part of the stock (except directors'
shares) of the Rio Grande Junction Ry. owned by the corporation, and (2)
on any proposition to lease, sell or create a mortgage (not including, however,
the mortgages contemplated by this plan) upon the railway system of the
new company or any essential part thereof, or (3) upon any proposition tc
increase the authorized amount of Preferred stock.
In case the new company shall on any quarterly dividend date fail to pay
a quarterly installment of dividend no the Preferred stock and such installment shall remain unpaid for a period of one year thereafter, the holders ol
Preferred stock shall have the right at all stockholders' meetings to vote oe
a parity with the holders of the Common stock, which right shall continue
until all accrued dividends on the Preferred stock in default and the two next
subsequent quarterly dividends shall have been paid or set aside in cash
for payment.
Provision will be made that during any period when th€
holders of the Preferred stock shall have the right to vote upon the election
of directors, such elections shall be by a system of cumulative voting.
How the $50,000,000 Preferred Stock is to be Applied.
(1) To be issued in exchange for Refunding Bonds (maximum). $15, 557,000
(2) Maximiun permitted to be used in exchange for principal of
Adjustment Bonds. (Amount will be diminished b.v amount
of Sinking Fund Bonds issued in exchange for Adjustment
I0,000,00C
Bonds.)
(3) To be reserved for adjustment of interest upon Adjustment
24,44.i,00t
(minimum)
Bonds and for future corporate purposes
Common Stock, Authorizjd 400,000 Shares.
Authorized 400,000 shares with or without par value, which may be
increased only in consideration of money or property, paid or transferred,
to the new company, in excess of money and property already paid ano
tran.sferred as required by this plan.
^
» ,^ty
In the event that it shall prove impracticable legally or inconsistent wltE
the purposes of this plan to issue stock of the new company without par
value, the Western Pacific Corp. shall have the right, subject to the limitation of the number of shares above provided, to cause Common stock ha^^ng
a par value of $100 per share or any less par value to be issued in place ol
the Common stock without par value issuable as provided for herein, anc
in that event each share of such Common stock, although of Par valuj
less than $100, shall have the same vote (whenever shares of Preferred
stock shall be entitled to vote) as any share of Preferred stock, although the
suce
latter be of greater par value than such shares of Common stock,
be issued to sucB
Common stock may, subject to the limitation aforesaid,
aggregate amount as the Western Pacific Corp. may determine, with the
approval of such governmental bodies as may have jurisdiction.
How the 400,000 Shares of Common Stock are to be Applied.
consideration
(1) To be issued to the Western Pacific Corp. in
of the acquisition by the new company of the properties of the
,
existing
existing
The Denver & Rio Grande Western RB. (or if said
companv be employed as the new company, the shares
thereof already issued to the Western Pacific Corp. will be
30U.UUU sn.
retained by it)
for cash to be
(2) To be issued Vo" "the" Western "p"acific Corp.
1UU,UUU sn.
supplied by it as provided above
Treatment of Refunding Bonds and Adjustment Bonds.
Holders of Certificates of Deposit for Refundinf
Refunding Bonds
Bonds for each $1 ,000 thereof will receive (a) $500 5% Sinking Func
Bonds and (b) i'^SOO 7% Cumulative Preferred stock.
^ ^.
^viU pay in cash the amoun
Upon such exchange the Western Pacific Corp.exchanged
may hav<
which
Bonds
Fund
of any coupons on the Sinlcing
to credit for anj
become dile on or prior to that date, and shall be entitled cash
to the ne^
paid on account of its obligation to supply
—
,
,
amount
so
be made to holders of AdjustmenI
Pacific Corp.) (a) a like offer of the prnileg
<'ncl"?.„
of exchanging their bonds in the .same event for 50% tti<ireof and oO%
princippl pnd interest accrued and unpaid) in Sinking Fund Bonds
in
thereof
1 referrec
unpaid)
and
(including principal and interest accrued
stock
stock or (ft) an offer of Preferred stock only, or (c) an offer of suchPacifi<
together with less than 50% of Sinking Fund Bonds, as the Western opnat
Adjustment
Corp ma V elect provided, however, that the holders of
ot tm
shall not "receive securities of a par and lor face value in excess
mteresi
principal amount of the Adjustment Bonds so exchanged and of the
'"A^n^^n^Vr^ndf^Theve may
Bonds (including the Western
thereon accrued and unpaid."
,„ r.
-m^*,^
Pacific Corp. has issued its 10-year 4% Promissory Note
simul
exchange for .Adjustment bonds (V. Ill, p. 1816). and upon or
plan wU
taneouslv with the exchange of the Refunding Bonds under this Preferrec
con^•ert such Adjustment Bonds into Sinking Fund Bonds and or
Adjust
holders
of
stock of the new company as may be permitted to other
ment|Bonds.
,,
The Western
in
|
THE CHRONICLE
Feb. a 1922.]
—
It is expected that the money required to pay
sharos of non-assenting Refunding and Adjustment lionds
theretor
l->y an Underw riting Syndicate, which may receive
11 be furnished
stocic of the new company to which the
e amounts of bonds and Preferred
entitled under the plan
ilders of such non-assenting bonds would have been
payable by the new company, as may be
,d •iiich syndicate compensation,
Members of
ree upon bv the Western Pacific Corp. and the committee.
respectively belong, as well as
B committee, or the firms to which they
BWe-itern Pacific Corp., may participate in any such syndicate, and in
y compensation, commission, profit or other benefit accruing to such
adicate or in connection with the formation or management thereof.
In case default shall be made in the payPurchase of Defaulted Coupons.
nt of the coupons upon the Refunding Bonds due on Feb. 1 1922, the
aitern Pacific Corp. will on that date purchase or cause to be purchased
have
ch Feb. coupon belonging to each Refunding Bond which shall then
come bound by or shall have been deposited under this plan, and from
ae to time thereafter as further Refunding Bonds shall become bound by
te deposited under this plan, will purchase or cause to be purchased such
lb. coupons belonging thereto.
In case the plan is declared operative and default shall occur in the paythe
ait of the coupons upon the Refunding Bonds due Aug. 1 1922,
BStern Pacific Corp. will, on that date, purchase or cause to be purchased.
requested
if
Bond,
:h Aug. coupon belonging to each deposited Refunding
to do by the Committee.
The monevs so exoended shall be deemed a cost incurred for the purposes
the plan and the Western Pacific Corp. shall be entitled to credit therefor
accoimt of the first installment of cash to be suppUed by it to the new
mpany as provided above.
irndenvritino Si/ndicate.
5tributivi<
1
The com1 1922. $5,000,000 of the 3-year 6% Secured Notev.
offered as security $1,000,000 General Lien 4s, $7,000,000 Ref. &
Impt. Mtge. 6s and $600,000 Colixmbus & Erie 1st Mtge. 5s. V. 114, p.
197. 78.
on April
pany
—
—
&
A
Ref.
letter sent out to holders of the 1st
Mortgage 7s says (see adv. pages):
Ref. os regard the provision
'Holdersof large amounts of the present 1st
their bonds in this plan as entirely inadequate and believe more liberal
atment can be o^tained for their bonds, and holders of large amounts
the Adjustment 7s regard the indefinite pro-s-isions of the plan for their
in (see advertising pages)
tge. OS and the Adjustment
.
&
nds as unsatisfactory and as offering alternatives which would be
idequate.
'At the request of such bondholders the undersigned have agreed to act
a committee for the protection of the interest of the 1st & Ref. 5s and the
Ijustment 7s. The purpose of the committee will be to secure the best
ssible result for the depositing bondholders, either by an independent
>rganization of the Denver company or by arrangement with one or more
inecTing lines. The committee, after conference with other interests,
lieves that other proposals for reorganization can be obtained which are
ndedly more favorable to the holders of these two issues."
The new committee announces that it has arranged with the Farmers'
an k Trii«t Co. to advance the amount of the Feb. 1 int. coupon on the
& Ref. 5s to depositing bondholders who may indicate their desire to
reive such advance at the time they turn in their holdings for deposit,
is pointed out by the conunittee that the offer of the Western Pacific
purcha.se the Feb. 1 int. coupon on the 1st & Ref. 5s is open only to
•b bondholders as irrevocably assent to the plan and that the expenditures
the Western Pacific for this purpose are to be reimbursed by the reor:
Denver company.
lized
rhe committee requests that holders of the above two issues who desire
(»-operate to deposit their bonds prior to March 1 next with the coupon
rable Feb. 1 1922 and subsequent coupons attach<xl. with Farmers' Loan
Trust Co. as depositary. The Farmers' Loan & Trust Co. will also
eive and is.sue appropriate transferable receipts of the committee against
josits of certificates of deposit in negotiable
form heretofore issued by
nkers Tru.st Co.. depositary for the Denver 1st
nmittee headed by John Henry Hammond.
&
Ref. Ijondholders'
—
Committee for Adjustment Mtge. 7s Also Active.
The commlttt* headed by Richard .Sutro, representing the 7% Cumulative
justment Mortgage bonds 'V. 114. p. .30.5; has announced the receipt of
etter from .Samuel t'ntcrmyer, counsel for the committee, relative to the
in approved by the Hammond committee representing the 1st & Ref. 5s
"- f'ntermyer states that pending an analj'sis of the plan "it would be
ly for the committee of which you are Chairman to permit the
under the Adjustment Mortgage to consent to the plan or to
any 1st i Ref, bonds thereunder: nor do I believe that any other
the 1st &. Ref. bond.s would wish to secure payment of his Feb. 1
ci
-upon, regardless of the ultimate result.
It seems to be paying too
;h a prif< for a leap In the dark at this time.
They should at least know
facts h'forf they act."
Mr.
.-r advises the Chairman of the committee to notify the
'w ^
'-'o. as trustee under the Adjustment Mortgage that under
1
T
.
>
1
'
''r'
'
I
!
h
i-
't^
should
.
,'
il
at this staire rons<-nt to the propos<Kl plan or
it
It any of the $7.00.i.000
Adjustment Mortgage.
'•
& Ref. l)onds held
(See adv. pages.)
1st
ni.'i' -'.he
Hammond
mmittee
Committee Replies
&
for the Ist
Ref.
by
It
as
—
Perkins Committee.
The
.John Henry Hammond,
to
.5s,
lairman, has issued a statement saying in substance (see
K> adverti.sinfi^ pa^es):
The Perkins mmmi'tf* has expressed the opinion that the plan Is uni.t... .,,...
., ,1 .1
.
u jg thgtj. purpose to obtain better terms fiv arrango-< connecting lines, and that If they are unable to ()t>hem more favorable than the Western Pacific plan,
'ill
ri;iurned to depositors.
To this the Hammond committee
.
'
U
hi..
r,.r, Tni.i.*. V,!..
"—ommendwl
a definite and constructive plan
the Wwitcm Parlflr of JlO.OOO.Ofm for
ovfT to the rw)rganlz«l ff>nii)any of all un<T <ompany. for all of thlcii there will Iw
t>y
I"
'!i<- i,n.T« and promises no plan.
It hopes to
.n« or more cmni-'-tlng lln«-s.
The connecting
rr^iTn \n im^'K-^tlonably the Mlwtf)url Pacific.
''-(n aware for ni'ire than two y<v-ini
iig to arrange a plan.
They have
- a ]iroi)Osal to this comniltlcc and
'«
.,
h»vn «ny Intnntkin of wnhmlttlnR a
».-......
,.
.
;,rnlt It promptly.
If not
'y to pnivi'Ml the di'[Ki<ilt
,
'
plan of this cf.mmltteesfiould
'""'''
"—
'-'^
1 )
and thUH cuuM- the
.
thn Perkins rommll tec
fsll.
•-
rrh
I
^rivc
f'l
no planal
Iciifl
'T
i)ii
all
li>indh(i|(|<TH $2.1
Ir IviridN
I'ndiT
whcih<T thd
utl
-
1
I
<nf
*-
Thii llkf offer
>
''
'
^
iiil/.K llin sAiita
..;.::
nwent HTfimitUy
lo
Rlo Orande Western RR.
nif. f,r ,„.|..
Kit
,1,,,;,.
,,l
.,
i.:.,:,.
u> Ibn plan pro[MMH«l
1
Phm.
iiMiiclnl UpiK>rl«
Ifr,,/
itt
'«.«ll
'
'
•
—
&
Federal Light
— Dividend. —
Traction Co.
—Earnings. —
December and Twelve Months ending Dec. 31.
Results for
1921—Dec— 1920.
1921— 12 Mos.— 1920.
266,395
$455,489 $4,822,242 $4,606,421
286,691 3,328,035 3,198.043
$175,167
Interest and discount
55.356
Cent. Ark. Ry.&Lt. Corp, div.
7.000
Springfield Ry.&Lt. Co. div.
4.377
$168,798 $1,494,207 .$1,408,378
57,630
662,295
670,850
7.000
84.000
84,000
4.375
52.531
52,500
Gross earnings
Operating e.'cp., taxes, &c--.
$441, .562
Net income
—Surplus
V. 114,
$99,793
$108,434
$695,381
p. 305, 197.
Great Northern Ry.
Bonds Authorized.
$601,028
—
C. Commission has authorized the company to issue and sell
at not
than 93H. S30,C00,0C0 55^2% 30-year gold bonds, payable
Jan. 1 1952.
The road proposes to use $15,000,000 to pay off a loan
made to it by the Government, $7,000,000 for additions and betterments,
84,000,000 for new equipment and $3,800,000 to redeem Minneapolis
Union S-atiou bonds due July 1 1922.— V. 114, p. 306, 198.
The
I.-S.
less
Hagerstown
&
—
Frederick Ry.
To Increase Capital.
on increasing the preferred stock from
SI ,500,000 to $5,000,000, and on increasing the preferred dividend rate from
The stockholders
6 to
7%.—V.
will vote Feb. 7
113, p. 2504.
—
Hudson & Manhattan RR.
Bond Interest.
President Oren Root, Jan. 2, says in substance: "The directors have
declared the payment of 3!^ % interest on the $33,102,000 5% Adjustment
Income bonds, payable April 1 1922. This represents the regular 2Yi%
semi-annual pajTuent and an additional 1% on account of interest heretofore accumulated and unpaid.
After this pajTueut there will still remain
2% of such accumulated interest unpaid." V. 113. p. 532.
—
Illinois Central
RR.
Equipment Issue.
—
The company has applied
to the I.-S. C. Commission for authority to
issue $3,255,000 equipment trust certificates to finance the pitrchase of
new equipment. It is proposed by the carrier to piu-chase 350 refrigerator
cars from the General American Car Co 2 ,000 gondolas of which 500 would
be piu'chased from the American Car & Foundry Co., 700 from the Pullman Co.. 400 from the Western Steel & Foundry Co. and 400 from the
Standard Steel Car Co.
. .
,
C. R. Phoenix, general Eastern agent of the road, announced Jan. 24
that on 1921 basis the saving to the public resulting from the elimination of
the transportation tax of Jan. I 1922 will amount to $2,960,200 on freight
and $1,940,000 on passenger traffic. The tax amounted to 8% on passen^
ger traffic and 3% on freight.
(N. Y. "Times" Jan. 25.)— V. 114. p. 409.
—
—
Plans for Chicago Improvements Saving to Public.
The company, it is stated, will start laying a new track between Matteson
and Kankakee April 1, and plans two additional tracks between Matteson
and Monee of six miles and one between Monee and North Jimction.
In connection with its electrification project at Chicago, Vice-IYesident
is quoted:
"The company has an opportunity here at Chicago for the largest railroad
terminal development in America and is planning accordingly, developing
a scheme of construction and operation which will take care of anything
we can conceive in Chicago's industrial and local transportation development
"Our experts recommend advantages and conveniences to the public
which the New York Central and Pennsylvania provide and have plaimed
for New York City.
We plan a long way in the future, and after Chicago
and suburbs are supplied with electrified rapid transit lines will be electrified,
Baldwin
,
Champaign, 111.
"Our designing staff is committed to intensive development. They
would build a new city above the tracks In 70 acres north of Randolph St.
and over train-sheds south of the terminal station proper. At Roosevelt
Road they have planned an office building. There will ne 27 tracks on one
level there, with a level below devoted to baggrage, mail, parcel and other
train commodities.
The third level will have sufficient space for 23 tracks
to be laid as needed.
There will be 13 approach tracks on main right of
way 200 ft. wide, three of them devoted to freight exclusively."
to
Interborough Rapid Transit Co. Venner Withdraws
The suit in equity instituted in the
Federal Court on Aug. 27 last by Clarence H. Venner,
individualy and as Pres. of the General Investment Co.
and Continental Securities Co.. for the appointment of a
receiver for the company was withdrawn by the petitioners
on .Jan. .30, when hearing on the petition was resumed before
Frderal .Judge Mayer.
Petition for Receiver.
—
The petitioners claimed that when the .suit was Instituted they actually
connection with the financial affairs
of the company and did not believe that it would be possible to obtain an
extension from the holders of the dcfaultitl bonds.
The petitioners held, however, that despite belief that the crisis had
pas.sf.d. great danger still remains and they asked the Court for pormlsslon
to file an Interrogatory which would permit renewal of the application If
the AJtuatlon demanded.
yuiwtloned by the Court In connection with the pre.scnt financial condition of the company and the amount of the notes that had been deposited
for exl<'nKlon, James L. Quackenbiish, counsel for the coinpanv, disclosed
that on .Ian. 30, at the close of the buslncws day, $3(1,5.5-1,000 had boon
deposit. •<1 for extension. leaving a balance of $1,580,800 outstanding.
To permit the petitioners to file their propo.sMi Interrogatory and to pas.s
upon other motions that might be lnterpos(><l the hearing was adJouriuHl
until Feb 2S.
Compare V. lit. p. 403.
(Jraynon M. P. Murphy has l)«eii elected a director, succeeding Morgan
J. OUrlen
V.
M. I). i03. 306.
iK-lleved that a great crisis existed in
I
International
iznlioii.
&
Great Northern Ry. —P/ans ReorganChainnau of the prottH'tivo com-
Fnxlcrifik Strau.s.s,
mittee ot the .'{-Year Notes, after a moetiiig of tlu> coinniittet*
the arinoiinec'mont that Do Witt Millliausor of
Speyer & ('o. had l)een elected a inenibtT of the comiiiittt^o
and that the committee luui requested .1. & \V. Selignian &
Co. and Speyer «fe (^o. to formulate and .submit lo the c<>mniittee a plan of reorganization of tlm I, it (J. N. j)roi)ertieH.
V. li:i. p. •ZlKi.
aiitliori/.ed
—
tliU roiid
Utilllllle'l
- -r<»'"i
Kanaas City
H..-,
f'lr
''omtnlsslon f<rr » Oovnrnmmil
the purpOMi of pnylng off at rnnlurU>
'..''*
'
.
Pacific
:i\
ihiit
HR. -Aug.
Coupou.i Paid.
lO'il
I
llie liilerent clui"
\\IK
I
I'.l-'l
on
III!'
First
.Mtge c; 100 yeiir gold l.onil'.. diii' l!»!t(l would be piti<l on iircwenliitloii
of coupons nl ttii' office of ihe iiKent for the r
Iver. til Itroadwiiy. N. V,
''lly,
Int du.' Kel) l IK.'j h.is been defcrnsl.
V. ll.l, p. I'll).'..
Kannas City Southern Kj. —Equip.
'
lin.n,,
.I.,n
I.
^'S.
p
,J7.J
V
.
I l."?.
IVotrn
p. U.'»l
Sold.—
.
—
Maine Central RR. -Equip. Nolm Offered. Kidtler,
I'eiibody & Co, ami UrirriH, Forlies
Co. aro offering at
priecH ranging from 1(K».1H to lO'J.'J? ami int,, vi«>l<ling from
r,.rA)';'„ lo r,.7r,% a<'e()rding to nuiliirity. $(K).1,.''»(K) K(|uij).
&
(\%
'/""
&
Nritl.i. V.I.N nlveri .Inn
^•-
Srmp H„nd
'nt
''
rominlllre
ih >tf rtTlit\<nUt<
K.nn,.
iit,.|.r
Duluth A Northern Mlnnenota RR.
-In -V. ii.i:p.VM>,:
Weoffer
illly.
'•nd
&
Ry.
semi-annual dividend of -SI 50 per share (loss 10 cents to defray legal
expenses in defending suit) has been declared payal>le Feb. 4 to holders of
record Jan. 25. V. 110, p. 261.
4
'
-_A
IMT
the
pl.-in
II'
I'ioM III then o(><Tiil Ue.
(irlnriiMil nnd future InKTMit
li
.i---..
«ro su»iordlruit«(l to the
may
& Haddington Pass.
Fairmount Park
they
i>r*)I)osnl
—
A
—
Independent Committee for 1st & Refunding Mtge. 5s and
djustment Mtge. 7s Seeks Better Terms Than Those Offered
nder Plan
To Take Up Feb. 1 Coupons on 1st & Ref.
mds Deposited With It.
kn independent committee, headed by James H. Perkins, Pres. Farmers'
an & Trust Co.. has been formed to represent holders of 1st & Ref.
tge. o% bonds and the Adjustment Mortgage 7s opposing the above
521
gt.ld not*>ji.
r)nir<l .Inn
\tjMX itnU
ir.
Uauad.
I«20
Dun M-l.TiOOiwrh Jnn
tl,20.'i,00<), nistun'tl
nnd
7r,.
retlrnT,
lOaa to
$lm)
HKJf.
Aul|«.r-
UK), held l.y Dln-c-
—
THE CHEONICLE
5Z2
tor-General of RRs. and to be stamped as subordinate to remaining notes,
$347,100.
Interest payable J. & J. in New York City.
Guaranty Trust Co. of
New York, trustee. Denom. $100 (c*). Red. as a whole only on any
int. date on 60 dayr?" notice at 10,3 and int.
Through a suppJementary agreement, 33 1-3% of the notes of each maturity, held by the Director-General, are to be stamped as subordinate in
lien to the notes now offered.
Upon this subordination the unstamped
notes are to be outstanding to the extent of but 58% of the original cost of
the equipment on which they are secured. The unstamped notes are secured by a prior lien on the following standard railroad equipment: 30C
50-ton capacity box cars; 6 light Mikado locomotives; 2 light switching
locomotives, costing approximately .$1,212,000. V. 114, p. 410.
—
—
—
—
Market Street Ry. City Plans Purchase Earnings.
A committee, composed of Mayor James Rolph, City Engineer M. M.
O'Shaughnessy, City Attorney George I^ull, Supervisor Ralph Mcl^eran and
members of the Public Utilities Committee, who are Supervisors Edward I.
Wolfe (Chairman), Joseph Mulvihill, Margaret Mary Morgan and Eugene
E. Schmitz, has been appointed to confer with the street railway officials
on the proposed purchase of the San Francisco traction lines.
There are tliree things to be considered at the conferences:
(1) If the street car company will sell on the pay-as-you-go basis.
At what price will the company sell?
Will San Francisco have to guarantee certain siuns
(2)
(3)
annual pay-
in
ment.
Results of
December and Nine Months Ending Dec. 31 1921.
9 mos.
Dec. '21.
$815,276
577,332
Railway operating revenue
Railway operating expenses
Net revenue from railway operations
'21.
187,091,927
5,312,922
Taxes
$237,943
51,000
$1,779,005
456,000
Operating income
Non-operating income
$186,943
3,717
$1,323,005
30,492
Gross income
$190,660
64,070
.$1,353,497
Bond
&c
interest,
*Net income
591,111
$126,590
*No provision
ments.— V. 113,
is
included for Federal income
p. 2819.
$762,-386
tax, sinking funds or better-
—
—
Missouri Kansas & Texas Ry. Time Expires Feb. 4.
& W. Soligmaa &. Co. and Hallgarten & Co., reorganization managers,
J.
the fact that the extended period for the deposit of the
various securities of the "Katy" system expires (to-day) Feb. 4.
A few holders of certificates of deposit, the statement says, for the "Kat.v"
2d Mtge. 4s (Central Union Trust Co. certificates); the "Katy" 1st Extension 5s (U. S. Mtge. & Trust certificates); the Missouri Kansas & Eastern
1st Mtge. 5s (^Columbia Trust Co. certificates), and the "Katy" of Texas
1st 5s (Empire Trust Co. certificates) are still under the raisappreliension
that they need take no affirmative step in order to participate in the reorganization plan, when, on the contrary, it is necessary for them to present their certificates of deposit to be stamped as assenting to the plan.
V. 114, p. 410, 198.
call attention to
Mobile
Ohio RR.- -Equipment Notes
&;
374.— V.
Seo "Chronicle" Jan. 28, p
New
The
York Ontario
&
Sold.
— Tentative
Vahiatio?i.
Corami.ssion has announced the tentative valuation as of
I.-S.
June 30 1916 at .$45.051 .370.
The company. It is announced, will protest as insiifficient the valuation
announced bv the I.-S. C. Commission. A claim will be filed for approximately $20,()00,000 additional, including about $12,000,000 for trackage
rights over the West Shore RR. and about $8,000,000 further value claimed
on equip., &c., and on the company's dock at Weehawken. V. 113, p. 1471.
—
—
—
Northern Ohio Trac. & Light Co. Extends Franchise.
The Akron City Council has passed an ordinance without requiring a
referendum vote to give the company a flat 5-cent fare for 3 months until
May
1
'The 5-cent fare
next.
been extended from time to
was
—
originally granted a year
114, p. 198.
— V.
time.-
ago and has
—
Pere Marquette Ry. Voting Trust Expires.
of voting trust certificates for Prior Preference
ferred Stock, and Common Stock, are notified that the voting
The holders
Stock, Pre-
trust agreement dated March 1 1917 expires March 1 next, and the holders thereof,
trust
certif
icat&s
at
the
office
of
Guaranty
voting
of
their
siuTender
upon
Trust Co., 140 Broadway, N. Y., will receive stock certificates for their
voting trust certificates on or after March 1. V. 114, p. 410.
—
Philadelphia Rapid Transit.
— Profit-Sharing Plan. —
President Thomas E. Mitten, at a meeting of the employees Jan. 30,
proposed a, profit-sharing flan which was promptly adopted. Explaining
the plan, Mr. Mitten said:
"The plan which I propose to submit for approval of P. R. T. stockholders provides that co-operating employees receive in recognition of cooperative accompli.shment, a co-operative dividend, limited to the added
net income produced, but not to exceed in amount, 10% of P. R. T. pay-roll.
Payment ot 6% P. R. T. dividend is to be first accomplished, followed by
co-operative dividend to P. R. T. employees.
'"This plan will in effect make P. R. T. a stock of preference, the 6%
dividend on which is underwritten by men and management, who must
reduce 1922 operating costs not less than $1,500,000 in order to make
possible a co-operative dividend to employees equaling 10% of P. R. T.
pay-roll.
"The co-operative plan of 1918 provides wages based upon the average
of foiu- cities Chicago, Cleveland, Buffalo and Detroit, which assures
proper comparison with wages paid elsewhere. The four-city average will
continue as the wage ba.se, and this would be quite all right in payment for
ordinary service; but to my mind, P. R. T. employees, having put P. R. T.
again on the map, as a re.sult of ten years' co-operative effort, are now
entitled to participate in the financial result of further co-operative accom-
—
plishment.
"P. R. T. men and management can undoubtedly repeat the good work
of 1921, and produce net income of $1,800,000 for 1922, which is the
amount required to pay a dividend of 6% on P. R. T. capital stock.
"Operating costs of 1922 can, I am sure, be reduced at least $1 ,500,000
by extra effort of men and management and this without any lessening
of service."
Proposes
Bureau"
6%
Dividend for 1922.
—The Philadelphia "News
says:
of the Milton plan for profit-sharing by the stockproposed to pay a 3'^,, semi-annual dividend next July for the
This information was confirmed
six months' period ending June 30 1922.
at the P. R. T. offices. The resumption of dividends at the rate of 6%
per annum will be an increase over the former rate, which was 5% or 2 M %
semi-annually. Since Jan. 1920 no dividends have been paid.
With the approval
holders,
it is
,
Two Groups
Seek Proxies for
Annual Meeting.
—
Proxies for the annual meeting March 15 were sent out Jan. 31 and run
to T. E. Mitten, Pres.; W. C. Dunbar, V.-Prcs., and G. A. Richardson,
The last two names supplant the names of W. J. Montgomery
V.-Prcs.
and Frank Buck, in wlioso favor the proxies awere made out last year.
In a statement Feb. 3, signed by Jeremiah J. Sullivan Charles J. Matthews, William Y. Trlpplo, Frank Buck and William J. Montgomery, the
stockholders are asltcd to withhold their proxies for the present. The
statement says In part: "A more complete statement regarding the affairs
of the company will be sent about. Feb. 21 the date the transfer books are
closed prior to the annual meeting, March 15 1922, with a request for your
proxy. Meanwhile you are earnestly requested to \vltliholQ your proxy
and await our further communication." V. 114, p. 410.
.
—
Richmond Terminal
Ry.^
— Reorganization Plan. —
—
St. Louis-San Francisco Ry. —
Payment. —
Rio Grande Junction Ry.
See Denver
&
Rio Grande RR. above.
V. 105, p. 2457.
Interest
dii'ectors have declared a semi-annual interest installment of
S*"; oj
^J^^
the
Cumulative Adiustment Mtge. 6% gold bonds. Series "A," due
1955
payable April 1. V. 114, p. 411, 80.
—
St.
Louis Springfield
The company has applied
&
RR.— JSo^Tdl'
Peoria (Electric)
to the Illinois Commerce
1st & Ref. Mtge. 57o bonds.
for au
— V. 103, p. 1302.
Seaboard Air Line Ry.— Baa' Condition
of Rolling Stocl
thonty to issue $2,272,000
When
Commission
Returned from Federal Control Necessitates Expenditures:
of Large Sum of Money
New Company, Seaboard-BayLim
Co., to Issue $4,600,000 Equip. Trusts at Par.
The company
has taken steps to reheve the condition in which its rolling
stock Avas returned from Federal control.
In a statement
issued Feb. 3, President S. Davies Warfield points out that
over .5,000 cars, or 30% of the Seaboard's freight car ownership, were returned unfit for use, v,-ith Uttle progress thus
far niade with the U. S. RR. Administration in recognitioE
—
—
of this condition.
A corporation known as the Seaboard-Bay Line Co. is being
organized by Seaboard interests to pro\i'de the means foi
purchasing, rebuilding or otherwise acquiring or providing
for the reconstruction of cars and equipment for the railway
and equipment for the Baltimore Steam Packet Co. (Olc
Bay Line), the stock of which is owned by the Seaboard.
The new company will have a capital of SI, 500,000 paid
from the resources of the two companies by which the
stock will be owned.
President Wai'field (also President of the new company;
further savs in substance:
About 5.000 freight cars were returned from Federal control unfit foi
in
This road has thus been compelled to pay per diem charges o:
over $1 ,500.000 per annum for the use of foreign cars because of this condition.
This has been reflected in operations and has resulted in heavj
market depreciation of the securities of the company.
In addition the RR. Administration during Federal control divertec
more locomotives from this raiIro;:d to other roads than from all railroad;
of the South combined. By this diversion which included 26 new locomotives then being delivered tho.se remaining were not given classifiec
repairs.
During Federal control over 100,000,000 tractive ton miles wen
run out of the road's locomotives without substantial repairs, in excess o
the mileage run out when taken over. No adequate adjustment has yei
been offered by the RR. Administration for either their use or repairs
About .$1 .,500.000 had to be spent to quickly repair locomotives in outsidi
shops to enable the road upon its return to begin to perform its duty to thi
public.
These conditiohs have otherwise had to be relieved.
New Equipment Company Formed To Issue $4,600,000 Equipment Trusts
Arrangements have been completed to reduce or wipe out per dien
charges, also to provide the Baltimore Steam Packet Co. with two steamers
one additional steamer to be added to the fleet, the other to replace the on
destroyed by fire during Federal control through what Circuit Court Judg
Rose termed gross negligence. The Steam Packet Co. was returned wit!
two steamers only, no relief steamer, and the property otherwise set bad
under Federal control.
The new company the Seaboard-Bay Line Co. will issue and ha
arranged to place $4,600,000 6% 15-year equip, trust certificjites at par
The proceeds, together with the other resources of the new company, wil
pay for, viz.: (a) 3,000 of the 5.000 damaged or bad order freight cars tbe immediatel.v reconstructed by the Chiclcasaw Car & Shipbuilding Co
at Birmingham, Ala., also (b) 1,750 new steel under-frame freight cars
25 Mikado locomotives nearing completion by American Locomotive Co.
(c) 2 twin-screw, steel, combination passenger and freight steamers orderei
from Pusev & Jones Co., Wilmington, Del., for the Baltimore Stear
Packet Co." for use between Baltimore and Norfolk, Va. These steamer
will be delivered in the fall.
Delivery of the 3,090 reconstructed cars will begin in 60 days and com
pleted in 6 months.
To reconstruct these cars and complete necessar
work on others would require 214 years in the Seaboard's own shops, whic,
compare favorably in capacity with shops of similarly situated railroads
Per diem charges against operation will thus cease two years earlier and th
work done at greatly reduced cost. Locomotives will be repaired in Sea
board shops, V. 114, p. 411.
service.
—
—
—
113, p. 2819.
Western Ry,
[Vol. 114.
— New Financing. —
The conipunv. it is stated, has sold to Kuhn, Loob & Co., New York, at
92.75 and int. "$3,380,000 5% 30-year 1st mtge. bonds. The transaction
The bonds are guaris subject to approval by the I.-S. C. Commission.
anteed by Atlantic Coast Line and the Richmond Frederick.sburg <fe Potomac Rii. and are issued to cover the construction of the new passenger
terminal at Richmond, Va., which is used by the roads named. V. 112,
p. 1283.
—
—
—
—
Southern Pac. Co.—Earns,
for Dec.
1021— CoZ.
Yr. &(
In connection with the results for Dec. 1921, and the 12 months endin
Dec. 31 1921 (see "Railway Earnings Dept." on a preceding page) th
substance:
company says
,
^
"The income account does not reflect the actual results of operations fc
account
the
that
reason
for
the
the month and year ended Dec. 31 1921,
stated includes estimates of unaudited items such as loss and damage claim
and reparation claims pertaining to operations during the guaranty perio
(March to Aug. 1920, inclusive).
^,
,.
.,.^
"In the case of many of these claims the company s liability can not c
definitely determined iii advance of final decision by the court, the I.-S. C
Commission or State Commissions. They are included in the currei
accounts because the I.-S. C. Commission decided on Dec. 15 1921 Jha* th
income accounts for the guarantv period should be closed as of Dec 31 192]
and that no item will be considered in connection with the company s clam
under the guaranty provision of the Trans-portation Act of 1920 unlef
taken into the accomit as of that date upon an actual or estimated basL
If tho.se guaranty items were eliminated from the income accounts for tu
month and the year ended Dec. 31 1921, the net railway operating incoDD
would be as follows: Dec. 1921 81,581,102: year ended Dec. 31 S39.823 06(
"It should be understood that these guaranty periods lap over iten
while reducing the net railway income will not affect the total mcon
account for the year because they will result in a corresponding increase
om- claim against the Government on accoimt of the gua,ranty.
The companv has atinouiiced a plan, effective Feb. 1 whereljy employee
on application oltB
mav become stockholders. The plan pro\ides that
emjjloyees the company wll buy the stock in the open market, deductin
Bnefl
the purchase cost, in small amounts, from their monthly pay.
stated, the plan provides that any employee may apply for the purchase <
then
for
to
pay
ability
his
to
from one to 15 shares of stock, according
than 1,5 shares a
If after having begun the purchase of a smaller number
employee desires to buy additional shares to the limit of 15 it wiU be mad
m
.
i
,
i
,
unt il th
will be paid'for at the rate of $.5 a month on each share
purchase is completed. Employee.? will have the privilege, however
any tim(
paving off in lump sums the unpaid balance of their stock at
of the stoc
Tlie company will charge employees 6% interest on the cost
the shar
on
dividends
with
them
purchased for their account but will credit
shar
held for them which for some time have been at the rate of .$6 a
annually.— v. 114, p. 307. 199.
^°The stock
Southern Rj.—Loan Repaid.—
See Chicago Indianapolis
&
Tennesee Alabama
Louisville
&
—
v
.
114, p. 411, 30/.
Georgia RR. — Sale PostponcdrTh
sale of this road has again
original upset price of .$400,000 has
114, p. 199.
The
Ry. above.
—V.
Tennessee Central Ry.
been postponed untU March IS.
been reduced by court order to $200. 00(
—
Officers
—
Directors.
—
The ro.id, it is undor.stood, was turned over to its new owners Jan.
The capital of the new company is fixed at $3,000.0(50.
H. W. Stanley, Receiver for the Tennessee Central RR. since 1917
,
3]
ha
with oiau
been elected I»resident of the reorganized Tennessee Central Ry.,
as Vice-K'es
K. Boettcher and George C. Morse, both of Denver Colo.,
Jr., Sec
Hale,
W.
T.
William M. Mooney will be Comptroller,
dents.
and P. D. Hou.ston, Treasurer.
.^ n, tt,i„
,
t,
t>
r
The following directors have been chosen so far: \\ i naie •"^"d
,«
Kl"
Houston, Claud K. Boettcher, George E. Bennie, Robert Orr.
.
.
THE CHRONICLE
Feb. 4 1922.]
R Freeman,
Je George G. Moi-se, B. P. Morse. H. AV. Stanley. W. 307.
»rkc A. Shwab and H. W. Stanley. See V. 111. p. 411.
Terminal RR. Association of
taranty — Equipment
Xolcs.
St.
—
Louis.— Six Months'
Commi.ssion has issued a certificate staling the final amount
months
the Kuaranty to this company and its subsidiaries for the six
rlodof 19'0 amouting to $1,093,960. of whichS287.960 is now payable.
V. 114. p. 307.
3oe "Chronicle" Jan. 28. p. 374.
The
-S
I
C
—
& Light Co. Stockholders Offered
Exchange Stock for Cities Scrrice Co. Stock. Hemy
Dohertv & Co. say in substance:
During the last several years many holders of the Capital stock of Toledo
lilways & Light Co. asked if there was not some plan through which their
whereby they
Toledo Railways
—
ght to
could be exchanged for securities of Cities Service Co.,
ght receive some income on their holdings.
In response to such requests, we have extended to many holders the privholdge of an exchange on the basis outlined below, and the remaining
Toledo Rys. & Light Co. are given the prnilege
i of the Capital stock of
such e.ichangc as follows:
.,,
_
i_
For each SI 00 par value Toledo Rys. & Light Co. stock we will exchange
par
StocK
SIO.
B
Pref.
Cumulative
6^^
e share Cities Ser\ice Co.
Cities Service Co. 6% Cumulative Pref. B stock (Jan. 281 is bid at oi-sjgular monthlv divs. are being paid on this stock in scrip, there being an
tive market for the div. scrip, which is bid at 79^1.
Holders of Toledo Rvs. & Light Co. stock desiring to avail themselves
this pri^-ilege of exchange should forward their stock to Henry L. Uorty & Co.. 60 Wall St.. New York.— V. 113, p. 1676.
ick
,
Earnings
City Rapid Transit Co.
Twin
—
Suit.
1918.
S9.69o.579
1919.
1920.
1921.
Years Endina Dec 31.
•S^revenu2^. . ...:$13:86.5.581 $12:986.406 SU, 442.444
:her
income
$1.791. 141
Total income
&c
terest
..$1,093,837
210.000
•eferreddifidends(7%)
>mmon dividends... .(2%)440.000
Surplus
\.,anb^A
51,034
15.215
Sl.922.081
S2. 114.397
81.115.298 $1,133,729
210.000
210.000
(3)660.000 ( 2^)550.000
Sl.770.769
SI .079 467
210.000
(2)440.000
828,352
$41,302
$129,099
$47,304
-
l,Sam(
2,030.065
84.332
1,735,409
55.732
after taxes
;t
—
A
citizen on Jan. 28 filed a complaint as intervenor in the recent suit
the city against the comnany. with a view to compel the Minneapolis
V. 114, p. 411, 199reet Ry. Co. to reduce its fares to 5c. untU July 1923.
Also Liberty bonds, stock in Rio Grande Junction Ry., work equipuse by tho Denver & Rio G. We-t. RR ). mLscellanoous bonds and
stock of other corporations (principally underlying bonds of the Old Denver
Company), and cash and receivables all told, e.stlmated to represent an
additional value of approximately $6,650,000. most of which is readily
(6)
ment
(in
realizable
(7) It is the owner of $5,175,000 Adjustment Mtge. bonds of the Old
Denver Co which are pledged to ecure an equal amount of the 4% 10Year Secured notes of this corporation, but may be withdrawn, pari passu,
,
as notes are surrendered for cancellation.
(8) It owns a relatively small amount of stocks and notes of this corporahaving, however, a subtion and bonds of the Western Pacific RR. Co
stantial value, also various stocks, bonds and claims against subsidiary
and other corporations to which no value can now be assigned
Ulah Fuel Stock. This stock was sold under execution in 1918 (ha-ving
been attached in 1917), and was purcha.sed for the benefit of this corporation subject to the conditions of the pledge above mentioned.
Title to
the stock, however, is still called in question by Bankers Trust Co. and
New York Trust Co trustees of the Refunding and Adjustment mortgages
The execution of the plan of reorganization will remove any doubt to the
,
—
,
title
—
Sacramento Northern RR
The securities of this road were purchased by
this corporation for transfer to Western Pacific
Co Bonds of the
Western Pacific company have been sold and the cash with which to reimburse this corporation is held available and transfer wiU be made when ap-
proved by the
Electric Co., Inc.
o%
&
—
.
—
INDUSTRIAL AND MISCELLANEOUS.
Holders of
Light Co.
Coll. Trust 5s Due June 1
pringfield (III.) Ry).33 Given Right to Exchange Their Bonds for Illinois Poicer
Pres. Geo. E. Hardy says in substance:
0. Bonds.
The Springfield Rv. fc Li^ht Co. Coll. Trust l)onds are part of an auorized issue of S5. 000. 000. of which S4. 175.000 are issued (.SI. 100. 000
ereof being held by Union Ry.. Gas & El. Co. and .S3. 075. 000 out=;tandg in hands of the public) secured by depo.sit and pledge with the Fidelity
Columbia Trust Co. of Louisiille. trustee, of securities of the Illinois
>wer Co. (a consolidation in Dec. 1921. see V. 114. p. 306). as follows:
F»ref. stock (7% cumul.)..
t Mtge. .5s. Ser. A. 19.33 -S3 .075.000
.S262.000
•ef. stock (6% cumul.).. 1..500. 000; Common stock
2.89S.900
Subject to the $4,175,000 above bonds, the securities depo.sited and
edged as collateral thereto have been assigned to and are now owned by
The Union Ry. Co. is willing to surrender for cane Union Ry. Co.
llation the -SI. 100. 000 above bonds which it owns upon acceotance by
e remaining bondholders of the offer of exchange given below.
Ezchanoe Offer. $1,000 of 1st Mtge. 59c gold bond of the Illinois Power
J.. Scries A. due June 1 19 J3. is offered in exchange for each SI. 000 of
Those who desire to sell their bonds for SSOO ca.sh and
)ringfitld bonds.
t. for each $1 .000 bond are requested that an option be given.
The abov!,- 'iff^.-r expires Feb. 15 and the holders are requested to deposit
iintly with ono of the following depositaries: Fidelity &
eir
olun
Co.. Louisville. Ky.: Louisville Trust Co., Louisville. Ky.'
—
General Industrial and Public Utility News. The
table summarizes recent industrial and public
utility news of a general character, such as is commonly
folloA\-ing
treated at length on preceding pages under the caption
"Current Events and Discussions" (if not in the "Editorial
Der.artment"), either concurrently or as early as practicable
after the matter becomes public.
!
—
'•
'
[>ram.
.-
...
Co.. Philadelphia, Pa.
.-j.st
.
For desrription of
.306.— V.
Illinois
p. 2.506.
11.3.
Power Co.
United Rys. Co. of
properties, earnings. &c.. see V. 114,
St. Louis.
Earnings.
—
rfvi-nue for the ye;..- ended Dec. 31 1921 amounted to S19.>7.015. Cfjmpare<l with $20.11,3.779 for 1920. according to recnivers'
port.
In 1921 revenue passeng«Ts totaled 282. '1-17. 190 as compared with
Transfer paassengers numbered 150,562,354, against
17.405.8.17 in 1920.
y.404.7.35 in 1920.— V. 114. p. 411.
I'.issf-ngfT
U. S. Railroad Administration.
The U.
'
'
'
'
.S.
K.iilroad .Vdir.irji^iration
••
'
"
-
-
the 26
<"
"^
— Settlements. —
announces that
final settlement of
months of Federal control has been made
& Texas
Pacific, $.525,000: Delta Southern,
Ky.. 8l.i0.000: Monson RH. Co.. 8800:
Carolina i Northwestern. $95,000: Uliie
alU Ry.. $3,000; Pacific Coa.st RR., $25,000;
ion Co.. $10.0(J0.
il RR. has paid the Director-General $3,000 as a
n- of Us account with the AdmhiLstratlon.
V. 114.
illey
1
Mil' oi
.
'111-
.I'lju.'ir,'
m.
—
Western Pacific RR. Corp.
)inve.T
'
Plan of Reorgnnizntion for
Crnudi' RH.
\\'(-<tern Pnrific
NotchoUUrs
Tfrmn in Plan an Denver Adjustment Mtge.
Rii,
(t
d Same
rit>h.r< -Other Data.
4%
—
RU, alKtve (nee alHO that company under
and ad^ertlfilnK page*.).
To hf-rlure Stork Dividend if Denver Plan Becomes Operative
Rio r;rande
'•-
•t"
—
-SfcuntirH Owned, Ac.
Chairman .Mvin W. Krfch in
ircular to tho Htofrkholdfrs (lat«d F« I). 1 says that: "It
it<;nfir-d. ir fh«-
nortfanizatioti (of
lh«- I)»tiv«'r
&
ji
i.s
Fiio firaiiric
shall b«) »rrw!t«'<l. that adflitiori;!! ['nfcrrrd and CoinJ
lon Htor-k of thi.s <-onK>rafion will be <listrilnit<r| to it.s kIocI.olrbr.s at tho rati; of ono Mharo of I'rcf. and on(« Khan; of
ortimon .ntof^k for <afli it HharcH of I'rff.or
stofk
utMlandinK', I'rcfcrrfd and
Htofk KJiaririj; alike
|hiM dividind i.n for th«> puriK»H«- of n-roKnizinj? tin- rij,,'ht.s of
'ommon HlookhohhrH in any furr<-nt b«n«-fitH ari.sirit,' from
tic.
Common
Common
d<rivfd from rfrovcriiH aj^'ain.st th*; Old Denver
i.rnpanv anfi the e(,ii;i| right.s of I'refem-d Hlo«;kholders in
he fund arinini; from ^iiefi reeoverieH "
<'hainnan Kreeh, touehes on tho hiKtorv of tho Denver
oinpanv and tfives a brief outlino of tlio reor^anizati^.n
ilan.
Ho flirt hrr Hays in BubHfanco:
fif-
and Iron Production, Prices, &c.
Age" Feb. 2 says in
"As January ends, the amount and character
Steel
AXD
— IRON MARKETS.— ''Iron
STEEL
—
—
Fabricated Steel. "Activity in fabricated steel is still the brightest
Besides 20.000 tons placed with the American Bridge Co. for the
Chicago Union Station, other awards totaled more than 21,500 tons. The
volume of new work appearing was about 13.500 tons.
•"Infiuiries from Gre;it Britain for a round tonnage
(4) Foreign Hu-iiness.
of .\merican sheet bars and for 12.000 tons of re-rolling billots are taken to
indicate that German or Belgian mills have been unable to make deliveries
on some of their contracts.
"On a foreign bar imiu'ry 1..30c., PitUsburgh, has been
(5) Prices.
quoted.
"Wire prices show little variation, but in nails ret-cnt reports of slight
concessions for $2 .50 per keg are confirmed.
"The plate orders placed for the latast oil t.ank work in the Central West
indicate that several mills are willing to go to 1.40c., l'itl«burgh, for attrac(3)
spot.
—
—
tive biLsiness.
"Sheets have been the chief exception to recent reports of irregular prices.
particularly cautious and in the past week
3.90c. on galvanized sheets has been established, or S2 per ton umler the
usual market.
In blue annealed sheets tho competition of plate mills has
been felt and In some ca.ses a 1.50c. plate base has boon u.sod, resulting in
But sheet buyers have been
1
No.
.HOc. for
Af.
Oirntd hu Wrtlrrn Parlfif ntt f'l.rp
nUick of Wi«t4Tn Pnrlflc HR Cornpnny
price coticesslons freely
—
"
"
'
riltsliiin'h
Inal !
1
XI
<3ommon
ahnrr*.
no par
v.-iliic,
for
"
.
•
"
Imm-ii
'I
htlll pr<H'r<'<llnK.
.iri<
ii'ii
I
III Ihi- I'lllsliiirKli ilUtrlct
liaNe<l oil u rule iii'iiriy l<lenll<-al
for Ihlii vein (•o;il ami ••Si- for llileli
iiKMlinei^ ikIiiiiIiiI a ii"w Hi.ile providing for ii <'iil
li
off Ik I'liilioilli'il III liol h
.\l>ollll<lll or tlle I'll!
all'
r lovliiir .<l
t<i
4*1
Ohio
2 1'
-M.
-
---
-
-
r
-
-
'
I."for
1
.
'J"
I.I,
'Kin
II,
I,, Hi,
or
III
(,oi,.l,
"f ^" "' "" '"""'" »"«! tUHik of
which" tU^oV:
^
thii
luni-
'
'
.
.,IM
t
«'
of
HtOekM
,1.,
-l-fl-
U
,.,
'
iiiiy
lieell
cor-
lllt|l|ll
1
,«
'<
IIMl<4l
f.. .......
,
.
.
l.-.iii (J
Uii i;. prior
aiiMclpnllDii of
(iji
ill
.
relnlll'l
rl
.1
•
A Klo
rig
M
2. p.
i|iorluni-iv
'0.
OI
Feb.
Iron Age'
Cnal Production, Prices, &c.
nFA'lhW.
"('oiil Age," New ^'orli. rep'TlN In lirli-f:
"lli'VKlotiiiixnlii liiitt Wf>ok 111 the liniien<llnK wag" I'oiitrovorny
-
II
'
i,i>:oi lat
,
iilerii
(op«!riilliiK
of Dnnvi-r
'
Ml cost tlir»vil<'ns llielr I)UhIiu»>k.< 'oniinisslon ctiargrs di.'.criin
com pel It ion. ""rinii's" Jan. HI p. 28; "Post Jan. 2.S. p. <).
iunuil Iron
New ^ ork and New Jerwoy Conimlshlon ruloK
Tiiii. s
Feb. I p. :{.'..
Still in I'roorrss.
Wall St. J. Jan. .'^l, v 1.
n.'iv<«
IiomIiI
Still On
Althoiiuli Ni'veriil proiioMllloiis
M fair
/
-
•'•
10.
made on pig Iron at Buffalo. Chic.igo and
other Northern I'lmtres. and with .\lal)anKi iron outside of the inmuxliato
liirniingham distrU't selling at S15 .50, furnace, the market is wi-ak, and.
with tho exception of about 10,000 tons inciuired for by Kastorn heater
manufacturers, no tonnage of considerable size Is potiding.
"The week shows a further recession in tho composite prices of "The Iron
Age." That for st<>el Is now 2.0ISc. per lb. .against 2.()t)2c. a month ago.
3.057c. a year ago and l.iiSlc. averaged for the ton yoars before the war.
Th<! pig iron composlt^o Is $1H :tl p(!r gross ton, ng:iinst SIS tiO a month
ago. $:{() ;i5 a year ago and $15 72 the 10-yoar pro war average."
(6) '/. S. Strrl Eitrnino^
"The Steel Corporation's statement for the
la^it quarter of 1921, Hhowing net earnings of $1 .700.000 gn-aler than in (he
thlrfl quarter. refhs-lH the 40'';, lncroa.M! In output in the List <iuarter, with
the ittf'.fi of lower prices than the .'iverago for the thiril quarter.
iSeo
Ki-|>ortH
above.)
Pitlxhuryh Plan .Strct /^rifrs.— Federal Trido (lornminHion holds hearing In
.MIlH.'iiikec at which We«l<Tn buyers assert thai the u<l(lliig of rail rate to
"With
.
1
brief:
Outlook.
of new
demand for steel products is somewhat better than at any time in the
month. The larger amount of new construction work ahead, not omitting
a belter prospect here and there for shipyards, accounts in the main for the
improvement, but there is also a healthy volume of replenishment buying.
Chicago rather than Pittsburgh sees conditions in a more favorable light.
Operations in the Chicago district are at a higher rate, bringing the Steel
Corporation's average for all districts up to 46%.
In the past week the American Sheet & Tin Plate Co. (U. S. Steel Corp.)
has added to its active tin plate mills, the industry as a whole being on an
80 7o basis
Of tho Illinois Central rail order 16.000 tons was
(2) Railroad Orders.
divided between Chicago district mills, while 20,000 tons went to Ensley.
Ala. Car builders have given Western mills some good specifications, and
8()0 new freight cars and the repair of 500 hopper car bodies are included in
the week's new business.
(1)
aHJMjtH
'•"'''•-
RR
I -S. C. Commission.
Western Pacific RR. Co
Like all lines similarly situated, the Western
Pacific Company has suffered seriously during the past year by reason of
the general business depression and of water-competition through the
Panama Canal. However, it has earned the interest on its bonds and car
trust certificates and a substantial amount applicable to dividends upon
this cciTJoration's Preferred stock.
During 1921. however, di\'idends upon Preferred -stock have been paid
largely out of the earnings of previous periods for which dividends thereon
had been earned but not paid, in wohle or in part. At the end of the year
1921 there remained dividends accrued and unpaid upon Preferred stock,
to which available earnings of previous years wexe applicable, aggregating
It is expected that, if and as required, this reserve will be
about 5 'i
used, supplementing earnings, for the payment of dividends on the Preferred
stock now outstanding.
The Western Pacific company now has outstanding $26,946,500 1st
Mtge bonds. $3,000,000 bearing 6% intere.st and the remainder 5%.
It has on hand, in excess of all .existing capital commitments, including
pavment for Sacramento Northern securities, cash amounting to more
than $6,000,000— V. 114, p. 412, 80.
—
Union Railway, Gas &
523
,r
.-
f
Ill
•<!
Ih-
uinl'T
Hiirrnmmifo
"•""'"' <.PPro«lm.l«.|y
r
ciuotntlonii,
which to Uatn, huwvvor,
.
THE CHRONICLE
534
"The spot market is stimulated by a better domestic call as winter
temperatures continue. This In turn has relieved the scarcity of fine
coals and lower steam quotations have offset the improvement in prepared
coal prices.
—
—
dominated.
"Coal Age" Index Bituminous Coal Prices 1922.
Jan. 2. Jan. 9. Jan. 16. Jan. 23. Jan. 30Average spot price
$2,325 $2,290 .12.294 $2,219 $2,200
Index
190
183
192
189
182
"The feature of the anthracite market is the strength
(3) Anthracite.
of the steam grades. An actual shortage is near, as the curtailed production
of late has made the supply inadequate. This is due not so much to
increased commercial demand as to the necessity steady consumption of
steam coals by the collieries. With winter weather prevailing, family
sizes, are, of course, in much better position.
While retailers have enjoyed
better trade, they have not placed orders in proportion to their outgo and
it is evident that many intend to greet April wage readjustments with
stockpiles reduced to the minimum.
Anthracite production dropped to 1,443,000 net tons during the
week ended Jan. 21, a decline of 200,000 tons from the week preceding.
More collieries are resuming and the slump is thought to be only temporary.
Orders to the mines have not kept pace with retail distribution, as retailers
are endeavoring to reduce their present supplies before April 1.
"New England all-rail movement of bituminous coal
(4) Shipmenls.
increased perceptibly during the week ended Jan. 21 1922, when 2,970 cars
were reported through the gateways, as compared with 2,233 the previous
week. This tonnage is mainly made up of railroad fuel and orders on old
contracts, as the all-rail territory has been greatly reduced by the inroads
of water-borne coals. Stocks are still heavy. Coastwise freights have
advanced with the better inquiries, although recent bad weather conditions
also have been a factor in this.
"The severe weather reduced Hampton Roads dumpings to 235,807
tons during the week ended Jan. 26 1922, a decline of 30,000 tons from the
previous week. The export market is inactive, except for a few cargoes
to the West Indies.
"Northwestern docks are busily engaged in filling rush domestic orders
brought by the colder weather. The steam coals are still sluggish. The
Midwest is better able to absorb the heavy shipments of Eastern prepared
coals that have been flooding that market this season. This has kept
Illinois and Indiana producers from securing much additional business on
the better domestic market, although they have been able to dispose of
—
—
heavy
'no-bills.'
Estimates of Production (Net Tons) U. S. Geological Survey.
Bituminous Coal
AnthraciteCoke
End. 1921-22.
1920-21.
1921.
1922.
1922.
1921.
7-b7,476,000 9,633,000 1,242,000 1,597,000
14-b8,.304,000 10,763.000 1,643,000 1,895,000 bll9,000
266,000
21.a8,838,000 9,936,000 al,443,000 1,819,000 all6,000
258,000
—
Week
Jan.
Jan.
Jan.
•
b Revised from last report calendar year.
Urges Regulation of Coal Industry. Senator Kenyon wants Federal Tribunal to administer a code of laws. "Times" Jan. 28, p. 12.
Members of Senate W. Va. Coal Investigating Committee Favor Incorporation of Unions.
"Times" Jan. 28, p. 12.
Southern Ohio Coal Operators Order Cut in Miners' Pay. of From 31 to
46 2-3%. See "Current Events" and "Times" Jan. 29, p. 18.
Indiana Coal Operators to Cut Mine Pay 30% or More. "Wall St. Journal" Jan. 30, p. 9.
French Drop Tax of 10 Francs per Ton on Coal Imported. "Times" Jan 29,
a Subject to revision,
—
—
—
—
—
.
Sec. 2, p. 11.
Coal Operators Dispute Miners' Statements. Insist users of domestic
sizesof hard coal would have to pay wage increase.
"Times" Feb. l,p. 31.
Pennsylvania's Anthracite Coal Tax Upheld by Dauphin County Court.
—
"Post" Feb. 2, p. 1.
Coal, Wages, &c.
See "Current Events" above.
Oil Production, Prices, &c.
1921 Oil Output Made Xew Record. Production of United States wells
estimated at 469,369,000 barrels. Value put at $753,300,000. American
consumption for the year exceeded production by 55,768,000 barrels.
"Times" Feb. 1, p. 30.
U. S. Oil Output. The daily average production of petroleum in the
United States for the week ended Jan. 28 was 1,415,950 barrels, against
1,418,200 barrels for preceding week. "Ain. Petroleum Institute" Feb. 3_
Prices, Wag^es and|Other Trade Matters.
Prices.
On Feb. 2 new high prices for 1922 were made at wholesale in
N. Y. by wheat No. 2 red at $1 32 and on corn No. 2 vellow at 67KC
and on Feb. 1 for flour at $7 75, contrasting with $1 19". 64!^ and $7 25
on Jan. 3. On Feb. 2 lard also reached 10.90, against 9.40 Jan. 3.
On the other hand, cotton midland, upland on Jan. 30 fell to 16.45,
against 19.05 Jan. 4; copper on Jan. 27 touched ISH, again.st 13.62!.^ on
Jan. 3; print cloths (64x64) 5 '4c., against 6H in Feb. 1921, and on family
beef $15 Feb. 1, against $16 Jan. 3, 1922.
The Federal Sugar Refining Co. on Jan. 30 reduced the price of refined
sugar to 5c. a pound. The price was recently increased to 5.10 c.
Cuban Raw Sugar Again Declines.—Cuhan raw sugar on Jan. 28 suffered
another decline to 2 l-16c., on sales of about 8,800 bags of Cubas for
prompt shipment to American Sugar Refining Co., being 1-16 of a cent
less than previous sales. "Wall St. J." Jan. 28, p. 1.
Price of linseed oil advanced by leading crushers on Jan. 31 2c. a gallon
—
—
—
—
—
to 76c.
St. Louis Papers Reduces Price.
"The Globe-Democrat" and "The PostDispatch" reduce from 3 to 2c. for daily and from 10 to 5c. for Sunday copy.
"Times" Jan. 29, p. 3.
Paris Bread Price Cut.
The price of bread is to be reduced 2 sous to 1
franc per kilogram (about 2 2-10 pounds) beginning Feb. 10. "Times"
Jan. 29, p. 21.
Ford Tractor. Price changed from $625 to $395. "Times" Jan. 28. p. 6.
Lines on Pacific Offer Rates to Far East $2 to $3 Under Charges for Shipping
"Fin. Am." Jan. 27, p. 1.
by Way of New York.
Clothing Prices to Stand. Makers Say.
Producers find Spring levels 20%
under those for 1921 season. "Fin. Am" .Tan. 31, p. 7.
More Cuts in Woolens. Prices made in semi-staples and fancy worsteds
by American Woolen Co. for the fall 1922 season show general reductions
of from 5 to 53-2 cents a yard. "Times" Feb. 2, p. 28.
Wool Gains 25% in Month. Government sells 7,000,000 pounds in
Boston. "Times" Fob. 3, p. 20.
Dodge Car Cut Retroactive to Jan. 1. Range from $85 on the road.ster
to $345 on the sedan. "Times" Feb. 2, p. 30.
The Metal Market. Striking weakness has developed in the London
tin market, spot being £2 10s. lower at £l,'j6. "Post" Feb. 2, p. 8.
First Krupp Dividend Since War.
Fried Krupp,
Essen announces
a dividend of 4% to shareholders and of 6% to B and C shareholders, the
first since the war; total of 14,500,000 marks.
For year ended June 30
1921 net profits were 97,905,893 marks, $590,000 at current exchange.
Gross manufacturing profits, 155,863,281 marks, against 159,041,914
marks 1920. "Iron Tr. Rev." Feb. 2, p. 329.
Paclcers' Walkout Ended in Chicago. Ac.
.\11 unions affiliated with the
Amalgamated Meat Cutters and Butcher Workmen of North America were
advi.sed on Jan. 31 by Dennis Lane, Secretary of the Union, to declare off
immediately the strUce of packing house employees, against open shop.
The strike .started on Doc. 5. "Times" Jan. 31, p. 10.
Cleveland Printers Cut Wages 10% Feb. 1.
Compositors and pressmen
have been averaging .S45 for a 48-hour week, it is said.
American Woolen Plants at ThamcsviUe and Yantic, Conn.. Go on a 55-Hour
Weekli/ Basis. Jan. 30, u-ith No Cut in Wages.
"Boston Fin. News."
Consolidated Textile Corp. 20% Wage Reduction.
See that company
below and "Boston N. B." Jan. 30. p. 5.
Mills of U. S. Finishing Co. in Eastern Connecticut were to start work
"Boston
Jan. 30 with wages reduced 20% but still 10% higher than in 1914.
—
—
—
—
—
—
—
—
—
AG.
—
—
—
—
—
—
Pin.
News"
.Tan. 27, p. 3.
New
York Cut 5% and 10%. Effective Feb. 1.
Pay of 5,000 Shirt Workers at
Dr. William M. Loiserson, as arbitrator between the United Shirt Manufacturers' Association and the Joint Board of Shirt RIakers' Unions. Alamgamated Clothing Workers of Anjerica, wipes out all increases granted
—
"Times" Jan. 30. p. 25.
Windoio Glass Workers and Manufacturers Agree on Wage Reduction of
At Cleveland, Jan. 28, representatives of National Window Gla.ss
Workers' Association and National Association of Window Glass Manufacturers signed an agreement carrjing a 30% wage reduction for window glass
workers In every part of the country. The manufacturers at first asked a
last .Tune.
30%.
—
reduction.
The Association
mills had been idle since Jan. 4. "Tlmei
Landis Stays Arbitrator .—Declines to resign at request of
26 '-uiv-<*t
Chicat
labor unions.
"Times Jan. 29. p 5
Rhode Island Textile Strike.— The strike of textile operatives in
the
PaT
tUMet Valley spread to four more plants Monday and at noon ten cotto
mills and a bleachery were closed as a result of the
pay cut made
week ago. About 4 ,000 operatives in that part of the 20%
State are out ofworl
Printers and engravers
finslhing plants in Providence, Pa^vtucket
an
Apponaug also struck Monday morning when the companies put a lo"
wage reduction into effect and went back to a 54-hour schedule i»u"i
from ic
4J
Boston News Bureau Feb. 1.
General Textile Strike Possibly Impending in Rhode Island against
Waa
C!^Zs.--Thomas F. Monnahon Pres. of United Textile Workers, order
a meeting of tlie Rhode Island Textile Council for Sunday "to complet
plans for a fight in Rhode Island."
"Post" Jan. 31 p 8
Chicago Building Trade Wages.— JnAge Landis's award to be extendet
for one year from June 1 1922 at rates for the last four months if
mei
'
"The true gauge of the future industrial activity is more encouraging.
January saw many conflicting drifts in trade, but favorable factors pre-
their
45%
[Vol. 114.
m
assent as expected.
—
Semi-Annual Bonus to Employees. The Alexander Smith & Sons Carpe
Co. on Feb. 1 were to distribute among 5,944 employees bonus check
amounting to more than $371,000. making the total amount distributa
among the employees for 1921, $747,000, and bringing
toiai sinu
i^ the total
sinci
- s up
June 1911 to $3,633,000. "Times" Feb. 1.
See"Cottoi
vyuuuoi
^ ,^,°''?'^''^ ^'^ England Mills Cut and Some Increase Wages.
—
Mills
below.
Standard Oil Wages Cut. Wages of common laborers employed at refineries of Standard Oil Co. of Indiana in Rocky Mountain region, includine
Casper, GreybuU and Laramie, Wyo., and Florence, Colo, were reduced
from 60 cents to 50 cents an hour
2,500 men affected. "Bost N. B "Feb 3
Reply of Farmers' Conference to Mr. Gompers
Railroad labor averages
$1,640 a year; the farmer's family working 13K hours a ' day ,,$460 ."Bostor
N. B. Feb 3, p. 4.
Copper Mines Starting Up. See "Current Events" above.
..Ji^^eral Sugar Refining Co. Estimates Cuban Sugar Crop at 3,500,000 Ton
Wall St. J." Jan. 28, p. 3.
—
—
.
—
Legal Matters, Leg^islation, Taxation, &c.
50 Indictments Found Against N. Y. Heating and Ventilating Corporations
and Individuals Accused of Restriction of Trade. Forty-five of the indictments cover violations of the State Donnelly Anti-Trust Law, Sections
340 and 341 and five charge conspiracy under Section 580 of the Penal Code
all on evidence given
to the jury by Samuel Untermyer during the
last three weeks.
Those accused include, with others: (a) On conspiracy
charge, Charles G. Witherspoon of Baker, Smith & Co.; John T. Hettrick.
lawyer (now serving a prison term in connection with similar activities
and three business agents for United Association of Plumbers and Steamfitters, Local 638.
(ft) Under Donnelly Law, W. L. Fleisher & Co., Inc.,
31 Union Square; Johnston Heating Co., &c. "Sun" Jan. 30 p. 1.
Tax on Gifts on Eve of Death Is Upheld in U. S. District Court in Brooklyn.
Jury sustains collection of $92,000 from estate of Anson Wales Hard.
Seven children got $875,000. "Times" Jan. 28, p. 18.
Reparation Dye Dispute.
Hughes asked to decide whether delivery of
American share of German dye should go to Textile Alliance or the so-called
minority dye interests. The Alliance on Dec. 14 1921 ceased to be the
—
,
—
—
unofficial
American agent.
"Times" Jan. 29,
N. Y. Customs Comparative
p. 19.
—
Values Bureau under Inquiry.- Special committee investigates charges that the Comparative Value Reports Bureau
of the Customs Service at the Port of New York has exceeded its authority
as appraisers. Chairman of investigating committee, George W. Aldridge
Collector of Customs at New York.
"Times" Feb. 1, p. 21.
Sterling Bonds of Canadian City Must Be Met at Par if Pauable in Canada
as Well as London.
Judgment is handed down in case of Toronto General
Trusts vs. City of Regina. "Financial Post," Toronto, Jan. 27, p. 12.
Foreign Debt Bill Passed by Senate; Bonus Rider Fails.See "Current
—
and "Times" Feb. 1, p. 1.
Tariff Haste Asked by N^at. Assn. of Manufacturers.
Industrial convention meets in Washington to get Congress to act.
U.S. Valuation is favored.
"Times Jan. 29, Sec. 2, p. 5.
Protests Against High Tariff on Cuban Sugar.
Czarnikow-Rionda Co.,
which markets about 40% of the sugar crop grown in Cuba, Jan. 27 issued a
statement showing the danger of a higher tariff. "Times" Jan. 28, p. 19.
Importers Protest U. S. Valuation Plan.
National Council of American
Importers & Traders declares that Fordney bill will create monojKJlies and
Increase prices.
Predict trade decrease. "Times" Jan. 31, p. 25.
Hearing on Constitutional Amendment to Make State and Municipal Bonds
Subject to Taxation.
"Wall St. J." Jan. 30, p. 11.
Internal Revenue Bureau Begins Series of Articles to Elucidate the Federal
Tax LaiD. "Times Jan. 29. p. 6; Feb. 1, p. 35: Feb. 2, p. 23.
Would Cut in Half N. Y. State Income Tax. Bill of Assemblyman DonoEvents
'
—
'
—
—
—
—
'
—
hue. Minority Leader. "Times" Jan. 30. p. 6.
A^. Y. City Short 80,000 Homes for 400,000 Residents (Lockwood Committee).
"Times" Jan. 31, p. 1.
St. Lawrence Route's Promised Saving Deceptive.
J. G. White, Acting
President Merchants' Association of New York. "Fin. Am" Jan. 31, p. 2.
Radio Monopoly Charged. Senate Committee is told of alleged attempt
at control.
"Times" Jan. 31, p. 8.
To Cut Federal Inquiries. Attorney-General Daugherty says that many
were started as result of spite work or by individuals against competing
concerns under war conditions. "Times" Feb. 3, p. 4.
Secretary Weeks
Congress Gets Ford Muscle Shoals Bid as Signed.
advises .$40,000,000 or $50,000,000 appropriation will be necessary.
Ford
to pay 4% interest for 100 years.
Referred to Military Affairs Committee. "Times" Feb. 3, p 17.
New Jersey's Dry Law Declared Invalid by Vote of 8 to 4 by Court of Errors
and Appeals, Highest Tribunal in State. "Times" Feb 3, p. 1.
Inquiry as to International Harvester Co.
U. S. Senate adopts a resolution
offered by Senator Norris of Nebraska, directing the Attorney-General
to inform the Senate what action, if any, is contemplated by the Department of Justice to bring about a modification of the decree of the Court
so as to procure complete separation of the McCormick and Deerlng
interests or otherwise to restore competitive conditions between the various
corporations of the International company. "Iron Age" Feb. 2, p. 325.
Nebraska's 1-cent Gasolene Tax Bill Defeated
"Fin. Am." Feb 2, p. 3.
All Federal Income Tax Forms for Individuals Received- Those for Corporations Due Feb. 15
"Wash sales' losses not deductible. "Times" Feb.2,p.23.
'By.
U. S. Senator Harris's Bill Would Prohibit V^ooden Passenger Cars.
Review" Jan. 28, p. 135.
Matters Covered in "Chronicle" of Jan. 28.
(a) New capital flotations for
December and the 12 months, p. 348 to 352. (b) Chica.go Stock E.xchange
record of prices for 1931. p. 353.
(c) Proposed increase in Cuban sugar
tax, p. 358.
(d) Washington proposals in behalf of sugar industry, p. 358.
(e) National agricultural conference. President Harding, &c.. p. 363 to 365.
(f) E. D. Dier & Co., J. D. Sugarman & Co. and Childs & Joseph, p. 361.
(g) American Tobacco Co. and two former constituent concerns charged
with separate efforts to keep up prices; denials, p. 370.
(h) The Antliracite Mine Workers' demands, official data, p. 3(2.
—
—
—
—
—
—
—
—
—
—
—
—
—
Alameda Sugar Co.
— Sale of
Stock.
—
directors on Jan. 17 announced that they had passed resolutions
ordering the sale of any stock delinquent under the assessment of $2.50
per share levied uvwn the Capital stock on Nov. 14 1921. All delinqiient
stock will be sold at auction unless payment is made prior to Jan. 28. The
The sale date was origisale of this stock is to be extended accordingly.
(San Francisco "Chronnally set for Jan. 3 and then extended to Jan„ 18.
icle," Jan. 18.)— V. 112, p. 1400.
The
Allied Packers, Inc.
—Earnings— Transfer
Agent.
Oct. 29 '21.
Years ending—
$237,630
Profit from operations
937,573
Interest on lionds and other interest
Sundry losses and claims, bond discount and organization expenses
—
30 '20.
$422,214
l,/09,19o
Oct
_
<89,00.^
$699,943 $2,075,984
Loss for vear..The balance sheet as of Dec. 31 1921 shows: Cash. $3,330,043; notes and
accounts receivable, $2,207,052; inventories. .$4,406,600; marketable securities. $1,383,203; bank loans, &c., $2,527,411; accounts payable and accrued
accounts. $1,147,701; common stock, $3,854,956 (represented by 100,500
shares of no par value outstanding)
The Equitable Trust Co. of New York has been appointed Transfer Agent
V. 114, p. 309.
of new issues of the company's stock.
—
American Brass Co. — Deposits— Earnings. —
Charles F. Brooker. Chairman of the stockholders' comnuttee, has an1 between 98 and 99% of the stock-
nounced that at the close of business Feb.
Feb. 4 1922.]
ilders
hnd turned
Inliik'
Co.
In their stock for tho
Years—
merger with the Anaconda Copper
$3,354,564
1,800,000
(10%)
Balance. sun5lus..-def$3.081.855
V. 114, p. 413, 309.
CaU-iular
profits...
|vl(l'-nds
Rate per cent
American Chicle Co.
1018.
1010.
$2,8.56.140
1020.
1021.
loss$l,581.855
1.500.000
jt
CMKOJNICLE
Tli-hJ
1,800.000
$3,002,219
^""
3,000,000
(12%)
(12%)
(26%)
$1,554,564
$1,056,140
$992,219
—
—
American Gas Co., Phila. Results for 1921.
says
A puhlishcd statement, officially confirmed for the "Chronicle,"
will show
substance: "The company for the year ending Dec. 31 1921
profits of S496.826, after allowance for all charges includmg taxes,
A substantial portion of these
aortization, maintenance and discount.
rnings was made in the la.^t three months of the year. For the year
-20 net profits were S12,352 and for 1919 .§344.489.
"Gross earnings of the company's subsidiary properties for 1921 were
1.708.236. an increase of .?901.447 over 1920. while operating expenses
The company's 1921 net mcome
jre S7 071.946, a decrease of ?278,S66.
SI 380.398 was more than double the amount required for interest on
>nds and loans and after deducting this item, amoimting to S65o.003,
ere remained gross profits of $725,394. less $228,568 deferred charges,
net profit .?496,826.
^
t.
...
,
"Sales to domestic consumers have been about on a par with those of
e preceding year while a few months ago industrial consumption of
jctric current was running only 10% tmder that of 1920. and of gas
Jy 6%."— "Phila. News Bureau" Jan. 28.— V. 113, p. 1890.
Arsenic
.
&
Traction Co.
—Annual
Report.
—
Gold
Ferromanganese
1920.
$2,463,565
1,096,712
_
1919.
S3,35o,055
1.006.490
.„ 1?18;,,
$3,732,941
593,426
Gross earnings .
ipenses
.$4,278,876
.
407.975
$3,560,277
323.746
$4,361,545
218,682
$4,326,367
311,565
Net earnings
.$3,870,901
$3,236,531
185.037
$4,142,863
$4,014,801
360.000
x$3,510,901
9,036,335
$3,051,493
10.324,745
$4,142,863
11,869,329
iterest
6%
on
notes.
.
Balance for year
& res. prev. year
ir.
$4,014,801
13,089,479
$12,547,237 $13,376,239 $16,012,192 $17,104,281
Total surplus
$854,172
$854,172
$854,172
ish divs. on Pref. stock. $854,172
1,115.374
1.642,542
2,416,637
2,190,390
stock
ish divs. on Com.
2,190,390
1,843,188
2,416,637
ock divs. on Com. stock 1,115.374
I
Surplus balance Dec. 31.$9.462, 317 $9,036,335 $10,324,745 $11,869,329
xThe net earnings for the 1st quar. were $259.S85; 2d quar., $966,617:
quar., $1,032,683; 4th quar.. $1,251,716; total, $3,510,901.— V. 114, p.82
— Creditors
American Motors Corp.
Accept S200.000.
stated, have agreed to accept an offer of S200.000 for
© personal property of the company, tendered by the .American Motors
sorganization Syndicate, represented by Comus B. Penney, Greenboro,
C. An initial payment of $25,000. it is said, has been made, and the
mainder will be made on Feb. 15. March 15 and April 15. with amounts
$60,000, $85,000 and $.30,000. respectively.— V. 113. p. 1159, 2821.
The
creditors,
it is
&
American Pipe
Construction Co.
— Redemption. —
000) American Pipe Mfg. Co. 5% CoU. Trust Ctfs..
due Feb. 1 1929. and ten certificates of $500 each, were called
ries "B.
r payment Feb. 1 at 1023-i and int. at the Girard Trust Co.. trustee,
(.$4.').
'
liladelphia. Pa.
Series "A" certificates previously drawn for payment
e Nos. 195. 209. 713 and 813. for $1,000 each, and
.00 each.— V. 114. p. 201.
—
American Pipe Mfg. Co.
See American Pipe k Construction
and still outstanding
Nos. 1008, 1055 for
Certificates
Co. above. V. 114. p. 201.
—
—Bonds
Ounces.
6,7.50,000
SoloOO
—
Armour &
Co.
—Annual Report. —
INCOME & SURPLUS ACCOUNT FOR FISCAL YEAR.
For Years ending—
29 1921 Oct. 30 1920 Nov. 1 1919 Nov. 2 1918
&
%
%
^
600,000,000 900,000,000 1038000.000 861 000 000
Income for year... def.31.709, 818 *5. 319. 975 14.09.S,,'-,06 15 247*837
Previous surplus
80,711,494 80,479,183 69,366.799 56.126,680
Reappi-aisal of plant, added to surplus account i20. 000, 000
Oct.
Gross sales
Total surplus
Com.
div.
69,001,676
85,799,158
83,465,305
71,374 517
2.000,000
3,546.970
2.000,000
3.087.664
2,000.000
986,123
2,000 000
63,454,697
80,711,494
80,479,183
69,366,799
(2%) to Dec.
29 1920
Balance, surplus
7 718
* Earnings and reserves acctunulated by the foreign connections and not
included in previous annual reports were brought into the statement for the
year 1919-20 to offset losses in the United States, x Compare text of report
and balance sheet in V. 114, p. 303.
Atlantic Mutual Insurance Co.
The
—Earnings— Dividend.
1921 shows assets aggregating $12,636,572, of which
$6,355,090 is in United States and State of New York lx)nds. city bank
and other securities; cash. $1,324,643, of which $134,503 is in hands of
foreign bankers for pajTnent of losses: premiiun notes. S161.482; bills receivable. $804,112; notes receivable. S3. 194; funds ad^-anced to American
Marine Sj-ndicate. $13,051, and real estate $3,900,000.
The total marine premiums for the year were $5 545 Interest Payments.
327. including $1,224,325 not terminated Jan. 1 1921.
A dividend of
interest of 6% on the outstanding certificates of profits will be paid on and
Fifty per cent of the outstanding certificates of the
after Feb. 7 1922.
issue of 1920 will be redeemed and paid to holders thereof on and after
Feb. 7 1922. and no further interest will accrue on the amoimt so redeemable.
The certificates to be produced at the time of payment and cancelled
to the extent of the amoimt paid.
A dividend of 40% is declared on the earned premiums for the vear ending
Dec. 31 1921. for which, upon application, certificates will be issued on and
V. HI, p. 1755.
after May 2 1922.
report for
—
—
Calendar Years —
(The) Baldwin Co. (Cincinnati).
Total sales
Earnings
Common
310,379
128,391
119,963
697.445
62,908
118,051
n
89,227
319,210
769.083
48,000
108.386
133,820
123,063
10%--
div., extra.
to reserves
Added
—Earnings. —
1921.
1920.
1919.
1918.
$9,004.699$10, 5.34.647 $9,074,906 $8 150 897
6%
8%
Preferred dividend.
Common dividend,
Carried to surplus
def$27,202
Sotck div. of 5% out of accu.
sur. of date July 1 1912--V. Ill, p. 1280.
—
Called—
Pounds.
185,000,000
100,000,000
30,000,000
2,000,000
9,163,274
constitute the principal items of output, but there haValso
been a considerable production of coal, lumber, brick, sulphuric acid,
superphosphate, manganese ore and commercial quantities of platinum,'
palladium, selenium and other metals. V. 114, p. 413.
.
Forty-five
Long Tons.
The foregoing
Preferred div. (7%)
1921.
calendar Years—
irns. onstks. of sub.cos.$2,985.532
isceUaneous earnings.. 1.293.345
cos., entirely owned.)
-E.ilimalc Current Yr.-
1914-
14
@FedFRASER