Full text of Commercial and Financial Chronicle : January 13, 1923, Vol. 116, No. 3003

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The

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Oflflflt!f(jtl !r I rontrie
Bank Sr Quotation Section
Railway Earnings Section
VOL. 116.

INCLUDING
Railway & Industrial Section
Bankers' Convention Section

SATURDAY, JANUARY 13 1923

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CLEARING HOUSE RETURNS.
Returns of Bank Clearings heretofore given
on this page now appear in a subsequent part
of the paper. They will be found to-day on pages
146 and 147.
THE FINANCIAL SITUATION.
A recent incident in the course of'determining the
still unfinished question of what are individual
rights and whose shall predominate is worth a passing comment. The owners of a forging plant in
Springfield, Mass., being among the few who think
they have had enough of labor troubles and therefore
accept as theirs the open-shop idea which Mr. Gompers insists means closure to unionism, decided in
1921 that men who wanted employment with them
must absolve unionism in writing. So the local
unions took up the gage and began persuading in
the well-known drastic fashion; the firm obtained an
injunction against this interference, and now the full
bench of the State Supreme Court has sustained
them. The Court finds that "the plaintiff was entitled by law to make it a condition that those entering its employment should not remain members of a
labor union, and is entitled to be protected by the law
and to receive whatever benefits may accrue from
such a contract," and adds that the right to take the
benefits of a contract can be lawfully interfered with
only when such contract conflicts with a superior or
equal right of some other person."
Whoever can make himself consider this without
reference to some individual application must admit
that it is good sense, and therefore (would we could
always use "therefore"in such a connection!) is good
law. The benefits of the stipulation of hiring in this




Electric Railway Section
State and City Section
NO. 3003

instance the Court did not assume to measure, and
they may well be deemed very questionable; yet when
one has been filled full of a particular plague he is excusable for rising in wrath and vowing he will not let
it come near him again. It is a long lane that has no
turning. Why should not a man who would hire labor, in the open market, make his own conditions?
The employee has long obstreperously and violently
insisted upon his right to name the conditions on
which he will work; he has also gone much farther,
by attempting to name the conditions on which other
men shall work and the employer may hire; witness
the long-fought Danbury Hatters case, in which the
Loewe shop was to be unionized anyhow, though fortunately the final tribunal upheld its freedom. If the
right to be hired, on a basis of liberty, must be preserved, why is not the right to hire equally fundamental?
We are gradually learning that "equal rights" do
not sustain one-sided contracts. Another instance in
point is furnished by a man who vehemently writes
to the "Herald" that at least one part of the housing
laws of this State should be made permanent: the
part which forbids a landlord to displace a tenant
"without just cause, purely as a matter of caprice."
He knows of a man, he says,living in a flat, whom the
owner wished to displace, although he has been a
model tenant for years, because (the owner says) he
wants the premises for one of his own employees. So
the housing laws are the only protection. It may be
that this tenant would be inconvenienced by being
obliged to find a place elsewhere; but there may also
be some unusual considerations in the case and the
owner may have good reasons for wishing to aid his
employee or even for locating him in that particular
place. If the owner wanted to occupy the premises
himself, or if he proposed to tear down and rebuild,
the inconvenience to the present occupant would not
be less because of the particular reason; yet this indignant correspondent thinks that in this city "a
landlord should be practically a common carrier in
respect to all tenants who pay their rent and otherwise behave as good tenants should," and he would
have "this sort of thing" (the right to displace a tenant) declared against public policy. But if a landlord ought to be in law a common carrier, who could
claim exemption from being so held, and where is the
landlord's "franchise" as a carrier? It used to be
deemed self-evident that private ownership included
the right to decide its inoffensive use; further, our
"emergency" assailants of landlords forget that to
pile restrictions upon use and net yield tends to
diminish supply, in a market which calls for more
and more. And,frankly, are we not becoming just a

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[VOL. 116.

little too much regulated and ligatured and tethered the Rhineland to hold all troops ready for immediate
as to our movements, and can there be progress and action and cancel all leaves. Troops absent from
their stations are being recalled by wire." He made
national welfare without freedom of action?
it clear that France would have the support of two
There have been only a few outstanding definite of her allies, when he declared that "Italy and Beldevelopments in the foreign situation, in comparison gium have aligned themselves with France in the
with the great flood of rumors. Secretary Hughes measures the Paris Government is taking against
announced on Wednesday after a conference with Germany, subject to certain minor conditions which
President Harding that it had been decided to with- were accepted by Premier Poincare. Belgium agreed
draw the American troops from the Rhine at once. to assist French military attion in a limited way."
The French forces entered Essen early Thursday
At that early date the British Government apmorning. According to cable dispatches from that
centre and Berlin, workers in the coal mines and in- peared inclined to await France's next move, without
dustries in the Ruhr District decided to go on strike further making known her own policy. In some Britin order to prevent the French from continuing the ish circles the opinion was said to have existed that
operation of them. Announcement was made that the United States would act promptly. In a Berlin
the British would not withdraw their military forces dispatch to the New York "Times" the day after the
from the west bank of the Rhine. There was a great breaking up of the Paris conference a special correamount of speculation from day to day as to the next spondent of that paper said that "interest in the genimportant development in Europe. Premier Poin- eral German crisis to-day largely resolved into four
care, on Thursday, received a strong vote of confi- leading questions: 'What will England do? What
dence. As the week closes no one is in a position to will America fdo? What ought Germany to do?
make a definite forecast of the ultimate outcome. What can she do' The only certainty is that the GerPresident Harding was generally commended for man Government will continue to do nothing and
withdrawing the American troops. The most impor- say nothing for the present. It has even been decided
tant development at the Lausanne Conference was an not to make public for the present Germany's mysapparent yielding on the part of the Allies to the tery plan which Herr Bergmann took to Paris for
verbal presentation." He added that "French occuTurks with respect to the minority peoples.
pation of the Ruhr has practically been discounted
Following the breaking up of the conference of by German public opinion, which, with remarkable
Allied Premiers in Paris on Jan. 4, there were unanimity, sees in this move a continuance of a conmany and conflicting reports from that and other sistent, sinister French policy to annex the RhineEuropean centres as to what the French Government land and the Ruhr and compass Germany's complete
intended to do in the way of enforcing reparations economic and financial ruin. There is an uncanny
penalties. During the early part of the week prac- calmness of momentary public opinion in the face of
tically nothing that was apparently authoritative or what is believed to be the certain menace of French
definite came to hand. It did become known here a occupation of the Ruhr and a policy of annihilation.
week ago this morning, however, through an Asso- The hysterical note is hardly heard. There are few
ciated Press dispatch, that the day before in Berlin frantic outbursts in the press or on the _part of the
the German Government had "admitted its inability public. One sees a semblance of a lull before a
to meet the payment of 500,000,000 gold marks which storm."
Outlining the attitude of the Harding Administrawill be due Jan. 15 in accordance with the London
reparations schedule, as it naturally assumed that tion, the "Times" correspondent at Washington said
the whole question of reparations would be subjected that, "convinced that it would be useless at this
to overhauling after the German payment of Treas- juncture of the reparations crisis for the American
ury bonds to Belgium." In a Paris cablegram to the Government to make any proposal for settlement to
New York "Herald" the same morning it was as- the Allied Powers, the decision has been reached by
serted that "Vie French program for action in the the Harding Administration that the next move must
• Ruhr and the Rhineland, consequent upon yester- come from Europe." He further suggested that "the
day's rupture of the conference with Great Britain, Hughes suggestion that a commission of financiers
is virtually completed. It will be put into execution be created has been brought to the knowledge of the
in the early days of next week. The French have de- French Government. That Government has the
cided, apparently, that they may as well act quickly, right to deal with the Ilan as it sees fit. If it does
and will not wait till Jan. 15, when rlermany's next not care to accept the suggestion it would, according
, payment falls due, but will act upon information to Administration officials, be unwise and futile to
from Berlin that Germany will announce she is un- sound other Governments to ascertain whether the
able to pay the 500,000,000 marks gold due then and project would be acceptable to them." In his outline
upon Germany's three defaults in furnishing wood, of the Administration's ideas, the "Times" correcoal and fertilizer." The New York "Times" repre- spondent also declared that "the key to the situation
sentative at the French capital said that "there is is in the attitude of the Poincare Government—
reason to believe that the French Government will whether it can yet be convinced that moderation will
not confine its action in the Rhineland and the Ruhr be wiser than marching troops into the Ruhr and the
to the limits indicated in the plan which was laid Rhineland to seize productive guarantees and put
before the Premier's conference this week." That pressure upon Germany."
the French Government was making actual preparaAdvices last Saturday afternoon from Paris inditions for invading Germany with t,dlitary forces was
indicated in a Paris dispatch to the New York "Trib- cated that certain preliminary steps would be gone
une" as early as last Saturday, in which it was as- through with before definite invasion of the Ruhr
serted that "the French War Office has tclegraphed District. The Associated Press correspondent at
headquarters of the French army of occupation in that centre cabled that "Germany will be given a .




JAN. 13 1923.]

THE CHRONICLE

hearing by the Reparations Commission before any
action is taken on the French proposal to have her
declared in default on coal deliveries, the Reparations Commission decided to-day. Berlin was immediately notified and asked to send experts so they
can be heard by the Commission next Monday." The
New York "Times" representative in the French capital cabled that "Premier Poincare is going to wait
and see whether Germany will buy -France off with
a firm and definite offer which will contain guarantees and so prevent him from taking them. That is
the situation as it is to-day forecast in French political circles. There may be truth in it, though news
from Berlin gives no indication that such an offer is
likely to be made. In the meanwhile Premier Poincare is keeping his intentions a close secret. Neither
the date at which he intends to take action nor the
means which will be employed are being divulged."
Apparently this decision was reached at a meeting
of the Cabinet held earlier in the day, and which
lasted three hours. According to a Paris dispatch to
"The Sun" of this city, that body "approved the policy of Premier Poincare." President Millerand presided. Word came from Rome that Premier Mussolini had urged Premier Poincare to wait until after
Jan. 15 before acting finally.
Quick action was taken by the United States Senate last Saturday with respect to the withdrawal of
American troops from the Rhineland. A dispatch to
the N'nv York "Times" stated that"by a vote of 57 to
6 the Senate late this afternoon adopted the amended
resolution of Senator Reed, of Missouri, favoring the
immediate withdrawal of American troops stationed
on the Rhine." It was explained that "there is nothing mandatory about the resolution. The President
can do as he pleases about the matter. Some Senators seem to think he will take cognizance of the resolution. Others are inclined to think he will ignore
it." The very next day the same correspondent
said that,"while there is no authoritative indication
of the effect of the resolution on President Harding,
there is a feeling that he will be obliged to take notice of the agitation now in progress to have the Government lay down a more definite policy with regard
to Europe's troubles or withdraw entirely from participation in the Europet-n situation. The surface indications are that the Administration has been
strongly impressed with the belief that the proposed
invasion of the Ruhr by France constitutes a menace
to the continuance of American military representation in the occupied portions of Germany."
In spite of the reports from Paris at rather frequent intervals that the French Government would
pursue at least a moderately conservative policy relative to invading Germany, the press dispatches
made it pretty clear that she was going straight
ahead with her preparations for such a step. In a
Paris dispatch Monday morning it was claimed that
"France's Rhine army is gathering to be ready to
march when Premier Poincare gives the word for the
carrying out of his still secret plan for seizing the
Ruhr and the Rhineland. Trains were crowded tonight [Jan. 7] with officers and men hurriedly recalled from leave, and M.Poincare conferred this afternoon with M. Le Trocquer, Minister of Public
Works, on final arrangements for the transportation
of the civil and military forces." He added that "the
French troops on the Rhine have been ordered by




105

General Degoutte to remain in their quarters wherever there appears danger of clashes with the Germans. There are several times the number of French
forces in the Rhineland that would be required for
the Ruhr operations, but all the troops will be held in
readiness for instant service. The details of the
French plan remain a mystery, but M. Poincare has
repeatedly described the proposed entrance into the
Ruhr as chiefly the work of engineers and customs
collectors. The military support required necessarily depends upon the French estimate of what resistance the Germans may offer. While the Premier's original idea was modified to make it attractive to the British, now that France is going in alone
she is under no such restraint."
Paris sent word Monday evening that "the Allied
Reparations Commission gave the German experts
a hearing lasting nearly three hours this afternoon
on the subject of the German default in coal deliveries. The Commission then adjourned until to-morrow morning. It expects to take a vote about noon
to-morrow on the French demand that Germany be
declared in voluntary default." The vote was taken
on Tuesday and "Germany was voted in willful default on her 1922 coal deliveries." Sir, John Bradbury, the English representative, voted in the negative. He was reported to have taken the position that
"he was unable to vote for the proposition because
he felt that this action took the matter out of the
hands of the Commission and placed it under the
jurisdiction of the Governments." Italy and Belgium voted with France. Roland W. Boyden, the
American observer at the sessions of the Commission, was said to have held that the Commission was
correct in declaring the default, but to have "severely criticised the workings of the Treaty of Versailles in certain respects." The Associated Press
correspondent cabled that "Mr. Boyden's strictures
created much surprise and hardly less interest than
the formal declaration of Germany's default." The
session was secret, but some of those who heard Mr.
Boyden's statement were quoted as characterizing it
as "a condemnation of the whole Treaty of Versailles
and a suggestion that it should be revised as soon as
possible in the interest of the economic revival of
Europe."
According to a wireless dispatch from Cologne to
the New York "Times," dated Jan. 8, the French concentration of troops for occupation of the Ruhr began at an early hour that morning. It consisted of
five divisions of 4,500 each—two divisions from the
Rhine and three from Lorraine—under general command of General Weygand. The troops were to be
concentrated on the west bank of the Rhine near Dusseldorf and the movement was to be completed Thursday. No troops would be drawn from the American
area, it was stated, and the movement through that
area was to be kept at a strict minimum. The Berlin
representative of that newspaper sent word that
"passive resistance is the policy which the German
Government will suggest to the German nation. The
Cuno Government's immediate foreign policy will be
based on the proposition that independent French
occupation of the Ruhr tears up the Versailles Treaty
and that consequently all reparations arrangements
will be off." He added that "Berlin showed no fear
to-day in the face of reports of French army preparations for occupying the Ruhr. The country's uncanny calm continues, but the mark broke all low

106

TILE CHRONICLE

[VOL. 116.

records, touching 9,700 to the dollar." From the Rhine, with France seriously determined upon a miliWashington bureau of the New York "Times" came tary invasion, and with Great Britain equally deterthe assertion that "the most important development mined not to take any part in the undertaking. The
here to-day with respect to the European situation. decision of President Harding to withdraw the
was the disclosure that in reaching its determination troops was made known through the following brief
to invade the Ruhr region the French Government statement by Secretary Hughes, without comment,
was aware that this plan was in opposition to the immediately after a conference with the President:
.view of the United States. The dispatch added that "We have concluded that the time has come to com"the Government has no intention of protesting to plete the withdrawal of the Army of Occupation, and
France should the Ruhr be invaded. This is because the President has given instructions to the Secretary
it is realized that a protest would not cause the of War to act immediately."
The cable advices early in the week stated that
French to change their plans and probably would
already the French troops were "at the gates of
arouse ill-feeling."
Cabling from Paris Monday evening, the New York Essen" and were also concentrated "in the vicinity of
"Tribune" correspondent said:"With French troops Dusseldorf." According to Berlin dispatches Wedand technical experts concentrating in Dusseldorf nesday evening, employers and labor unions in the
ready to step into the nearby Ruhr District on receiv- areas into which the French were expected to come,
ing the command from Paris, Premier Poincare to- had decided to go on a general strike to prevent th9
day told the Cabinet he would he ready to appear be- invaders from • continuing operations of the coal
fore the Senate and Chamber Thursday to make a mines and other industries. Word came from the
brief declaration of facts on the situation. This can German capital the following morning that, in acbe interpreted as meaning by Thursday, when the cordance with this program,"the Rhenish WestphaPremier speaks, the Ruhr entry already will be an lian Coal Syndicate has moved its headquarters and
accomplished fact, although official information to all papers from Essen to Hamburg." The New York
this effect is lacking to-night." The Associated Press "Herald" correspondent added that "it was Hugo
correspondent in London, in a dispatch the same af- Stinnes who turned the trick in the removal of the
ternoon, asserted that"the present French movement coal syndicate's headquarters. The organization is
into the Ruhr, involving Dusseldorf, will terminate composed of the owners of all the coal mines in the
at Essen, according to information received in Brit- Ruhr District. It controls every phase of the coal
tish official circles from their own observers in the industry, and one of its chief tasks has been the colRhineland. The British maintain they are still lection of coal for reparations deliveries. There had
without official knowledge of the French plans." been discussion about removal among the members,
According to a dispatch from Brussels that afternoon but some were doubtful of the wisdom of this course
also, "Premier Theunis formally announced to the and apparently feared any move to hamper the
Chamber of Deputies the Belgian Government's de- French."
termination to stand beside France in the occupation
Advices on Thursday morning stated that the
of the Ruhr District. He regretted that the Allies
French troops had entered Essen unresisted at 4.45.
were moving without England."
In a later dispatch it was stated that martial law
The outstanding developments with respect to the was declared in Essen immediately after the entry of
foreign situation on Wednesday were the order of the troops. Announcement was also made in Berlin
President Harding withdrawing the American troops that Germany had recalled her Ambassador at Paris
from the Rhine country and the announcement in and her Minister at Brussels. Chancelor Cuno made
Paris that the French Government does not plan a statement before the Foreign Affairs Committee of
military operation of German coal mines, nor polit- the Reichstag during the day in which he announced
ical occupation of German territory. The Paris dis- that "Germany's reparations obligations would cease
patches also stated that the French intended to send to be discharged in further direct dealings with the
only sufficient troops to safeguard its mission of en- 'treaty-breaking Powers.'" He was reported to have
gineers, who are to take over control of coal move- added that "Germany could not resist actively, but,
ments in the Ruhr District. The French Foreign on the other hand,she would not bow her head volunOffice formally notified the German Embassy in tarily." He announced that "the Government would
Paris at 4 o'clock Wednesday afternoon "of the pros- leave the German officials at their posts in the occupective seizure of the Ruhr District." Assumption pied area out of consideration for the welfare of the
of control was to take place on Thursday. The Asso- population and the conduct of the Government busiciatal Press correspondent said that "Belgium will ness." In an Associated Press dispatch Thursday
simultaneously send to Germany notifications iden- evening from its representative with the French army
tical with those of France. Italy, although partici- in the Ruhr District it was stated that it "is encirpating in the economic measures to be applied, it is cling the heart of the Ruhr valley, having marched
explained, will not give notification to Germany, be- into Essen this morning. Up to this afternoon the occause she will not send troops to Essen and the neigh- cupation had been carried out without any loss of life
boring territory." This program was carried out. or even the firing of a single shot."
It was made known in Washington that the French .Premier Poincare made a statement before .the
Government.had known the position of the United Chamber of Deputies on Thursday of what the
States Government for some time. This being so, and French Government had done thus far with respect
no reply having been received to the proposals of this to invading the Ruhr District and said that "the GovGovernment for an international financial commis- ernment's plans provided for the eventual occupation
sion to consider and try to find a solution of the rep- of Bochum if Germany failed to carry out the French
arations and other problems, it was assumed in demands." It was added that "the occupation of
Washington that the Administration could not see Bochum, which is the site of the iron and steel works
its way to continue the American troops on the of Hugo Stinnes, is said to be set for Saturday [to-




JAN. 13 1923.]

THE CHRONICLE

day], although this was not officially confirmed."
The French Premier was supported in the Chamber
of Deputies by a vote of 478 to 86.
The dispatches from the leading German centres
yesterday morning did not disclose any new or particularly striking developments in the Ruhr District.
They all stated that there had been no disorder incident to the French invasion. According to a cablegram from Coblenz, the Germans were sorry to hear
that the American troops had been recalled. The
Head Burgomaster, in the name of the people, sent
the following message to Major-General Henry T.
Allen, the American Commander: "We are sorry to
see you leave; we do not know how we can do without you, nor what will happen to us soon. We are
sorry to see the Americans go, leaving us so excited
and at such a dreadful time. However, we trust matters will right themselves, and we wish all the best
things to General Allen and his troops." The transport St. Mihiel, which will bring the American troops
home, sailed from New York yesterday for Antwerp.
A small force will be left at Coblenz to dispose of
American property. On Thursday Dr. Otto Wiedfeldt, the German Ambassador, called at the State
Department "and left there a formal protest against
occupation of the Ruhr by France."

107

home. On the contrary, they had said there should
be no question of inserting the Armenian home arrangement in the Lausanne treaty. They had merely
asked that Turkey, for humanitarian reasons, give
her earnest attention to the question of allocating
some corner of Turkey to the Armenians, where they
would enjoy some degree of local autonomy under the
sovereignty of Turkey and be given certain guarantees
concerning the privilege of guarding their national
language and customs." He also stated that, "according to the Turkish account of the incident, which
produced a sensation in Conference circles, Chairman Montagna of the sub-commission on minorities
read a statement favoring the ArmenianS home, and
was followed by Sir Horace Rumbold, of England,
who spoke in advocacy of establishing the home in
Cilicia, Turkey."
In a dispatch filed at Lausanne Sunday evening,
the New York "Times" correspondent reviewed
briefly the work of the Conference up to that time
and asserted that "the Near East negotiations will
drag into their eighth week to-morrow, with nothing
officially accomplished." He further asserted that
"no final agreement has been reached on any issue,
and on the vexed question of Mosul, England and
Turkey are absolutely at loggerheads. On the surface it looks as if the European diplomats took on an
impossible job when they started to try to bargain a
settlement out of the Turks." Continuing to outline
the situation as he saw it, the correspondent said
that "however, things are not so bad as they look.
The saving factor is that while the Turks are not
backing down so far as one can observe, they certainly are showing no disposition to break up the
Conference. Although they are sure America will
not fight them and believe France and Italy will not,
they know England will if they try to throw the British out of Mosul and Constantinople. And if Europe
and America get a decent settlement from the Turks
it will be because Great Britain has a fleet with guns
that will shoot. While, so far as the gallery iá concerned, the Conference has stood still for two weeks,
there have been many daily conversations among the
diplomats, in the course of which, largely through
the work of the Italians, the two sides have been
brought nearer together on a number of issues."
For several days little or nothing appeared in the
Lausanne dispatches relative to the Russian delegation at the Near East Conference. The New York
"Herald" correspondent cabled Sunday evening,however, that, "after a silence of many days the Russian
delegation came very much into life to-night by officially menacing the Near East Conference with a refusal to subscribe to any settlement of the problem of
the Straits unless the Conference altered its attitude
toward the Soviet delegation." M.Tchitcherin sent a
communication to the Conference in which he said
"the Russian delegation desires to emphasize that all
Straits negotiations carried on outside the regular
commissions aggravate the existing divergencies and
lessen the possibility of a general accord. In bringing these points to the attention of,the Conference it
frees itself from responsibility for the failure of the
work of the Straits Commission, which is certain unless the Conference alters its attitude toward the
Russian delegation."

As to the Lausanne Conference, the hope had been
expressed in dispatches from Lausanne for several
days before the conference of Allied Premiers in
Paris broke up that its end would hurry negotiations
at the Near East Conference. That the contrary was
proving true was asserted by the New York "Times"
representative who, in a cablegram last Saturday
morning, declared that "ill luck appears to follow the
Near East Conference. It had been hoped that the
end of the Paris conference would bring progress
here, but 24 hours after the end of the reparations
negotiations the Lausanne meeting remains deadlocked and facing postponement of the latest effort
to force decisive action." He added that "this morning the heads of the Allied delegations, Ambassador
Child attending, held a meeting, at which it was decided to call the three full commissions next week for
a review of their discussions of the past weeks. On
all important issues except that of the Straits regime
the two sides are at loggerheads, and the Turks say
that their acceptance of the proposed Straits rules
does not count unless England gives back Mosul."
From time to time it had been hinted in Lausanne
cable dispatches that more progress was being made
in private negotiations between the Allied representatives and those from Turkey than was indicated by
the proceedings at the formal gatherings. The
"Times" representative said, however, that "of
course, it is difficult to say exactly what progress
has been made in piivate conversations in the last
ten days during which the Conference has appeared
to stand still, but the best indications are that little
progress has been made."
The very next day fresh trouble developed. The
Associated Press correspondent cabled that "the
Turkish delegation to the Near East Conference left
the meeting hall to-day as a protest against the Allied insistence upon the establishment of an Armenian national home in Turkey." The correspondent
asserted that the accounts of the chief cause of the
rupture, as given by the two opposing sides, differed
In a cablegram filed Tuesday evening the represenmaterially. He said that "the Allied spokesmen declared they were far from insisting on the Armenian tative of the New York "Times" at Lausanne said




108

THE CHRONICLE

•

that "having failed to frighten the Turks into granting the guarantees they asked for the protection of
minorities in Turkey and, like the United States, being unprepared to do more than 'insist,' the Allies
showed to-day at the meeting of the Conference as a
committee of the whole that they would back down
to the extent of accepting the Turks' paper promises.
The net result of eight weeks' discussion of the minorities—their tragic past and dark future—a discussion marked by several 'ultimatums' to the Turks
—is that the minorities will get just what the Turks
proposed before the Lausanne Conference met;
namely a pledge to accord them the same privileges
as those written into the treaties of the Allies with
the Central European countries." He added that
"Ismet Pasha to-day thanked the Conference for its
reasonableness and promised that Turkey would
carry out all her promises, but would accept no supervision of the execution of them, because that
would be an admission that her word was not good."
Ismet said that "while we cannot grant any national
home to Armenians or any one else, Turkey will show
herself such a model of justice and conciliation that
in a few years the whole world will see there was no
necessity for any such thing."
Announcement was made in Paris on Tuesday that
at a meeting of the Cabinet that morning it was decided "to increase all direct taxes, except those on
salaries, by 20%, as the only means of meeting the
deficit in this year's budget." The Associated Press
correspondent added that "this measure, it is unofficially estimated, will yield probably 3,000,000,000
francs." He also said that "this increase was discarded as altogether impracticable when it was suggested some time ago, but it was endorsed at the
Council of Ministers to-day and a law embodying the
increase will shortly be sent to the Chamber of Deputies, it was announced by Finance Minister de Lasteyrie this evening. The budget deficit was 4,000,000,000 francs when the Government presented it to
Parliament, but several months of study and several
peremptory demands by the Chamber's Commission
that the Government trim its sails to the hard financial winds brought only a few economies."
The features of the British trade statement for December were a decrease in all exports of £8,288,912,
compared with November 1922, and an increase in imports of £9,788,848 over December 1921. There was
an increase in the excess of imports in December 1922
of £7,598,769 over the previous month and of £11,017,189 over the final month of 1921. The results for December 1922 and for the full calendar year compare
as follows with the corresponding periods of 1921:
Imports
Exports
Re-exports

BRITISH EXPORTS AND IMPORTS.
—Month of December—
—Jan. 1 to Dec. 31-£94.910,000 £85.121,152 £1,003,941,435 81,086,687,213
59,374,750
58.880,000
720,493,394
703,196,282
9.203,591
8.470.000
103,768,805
107,052,072

Total exports
Excess of imports

£67,350,000 £68,578,341
£27.560,000 £16,542,811

£824,262,199
£179,679,236

£810,248,354
£278,438,859

There has been no change in official discount
rates at leading official centres from 10% in Berlin,
532% in Madrid, 5% in France; Denmark and Norway; 432% in Belgium and Sweden; 4% in Holland,
332% in Switzerland and 3% in London. Yesterday
both the Bank of Bombay and the Bank of Bengal
raised their rates of discount from 7% (the rate
put in effect Dec. 29) to 8%. Further slight easing
was noted in the open market discount rates in




[voL. 116.

London and the range was 21
/@2h% for short
bills and 2 5-16@23
/
8% for three months, as against
23.'1@2 5-16% for long and short bills last week.
Money on call, however, was a trifle easier, closing
at 13/%, against 131% a week ago. Open market
discounts at Paris continue at 432%, and at Switzerland 2%, unchanged.
Although a small decline in gold (£6,973), was rereported, the Bank of England statement for the
week just ended incl.cated recovery from the recent
strain. This was evident, not only in a reduction
in note circulation of £1,599,000 and consequent
addition to toal reserve of £1,592,000, but by an
advance in the proportion of reserve to liabilities
of no less than 3.35%, to 17.22%, as against 13.87%
a week ago. In the corresponding week of 1921
the ratio stood at 16%, and a year earlier at 123/
8%.
Important changes were 1.kewise shown in the loan
and deposit accounts. Public deposits gained 057,000, but "other" deposits fell £22,125,000. The
Bank's temporary advances to the Government expanded £6,014,000, but loans on other securities
were reduced £29,031,000. Threadneedle Street's
gold holdings aggregate £127,486,217. A year ago
the total was £128,452,733 and in 1921 £128,280,219.
Total reserve amounts to £23,479,000, as against
£23,275,743 in 1922 and £16,895,954 a year earlier.
Loans stand at £65,172,000, in comparison with
£85,162,490 and £80,791,567 one and two years ago,
respectively.
Note circulation is £122,454,000.
This compares with £123,626,990 last year and £129,834,265 in 1921. At the weekly meeting of the
Bank Governors the 3% minimum discount rate was
continued. Clearings through the London banks
for the week amounted to £686,019,000, as against
£791,662,000 a week ago and £754,764,000 last year.
We append herewith comparisons of the principal
items of the Bank of England returns for a series
of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1921.
1923.
1920.
1922.
1919.
Jan, 14.
Jan. 12.
Jan. 11.
Jan. 15,
Jan. 10.
122,454,000
Circulation
13,573,000
Public deposits
121,734,000
Other deposits
65,672,000
Gov't securities
65,172,000
Other securities
Reserve notes& coin 23,470,000
127.488,217
Coin and builion
Proportion of reserve
17.22%
to liabilities
3%
Bank rate

123,626,990
15,602,120
129,886,571
55,003,686
85,162,490
23,275,743
128,452,733

129,834,265
15,883,853
123,137,108
59,240,506
80,791,567
16,895,954
128,280,219

88,249,635
18,657,215
127,434,212
54,709.925
84.780,535
24,487,470
94,287,105

69,698,840
28,168,380
124,797,382
62,666,244
78,886,493
29,295,376
80,544,216

18%
5%

125%
7%

185(%
8%

1936
5%

The Bank of France in its weekly statement
reports a further small gain of 81,800 francs in its
gold item this week. This brings the Bank's total
gold holdings up to 5,535,061,950 francs, comparing
with 5,524,455,893 francs at this time last year and
with 5,501,051,861 francs the year before; of these
amounts 1,864,367,050 francs *ere held abroad in
1923 and 1,948,367,056 francs in both 1922 and 1921.
During the week silver gained 48,000 francs, advances
rose 56,973,000 francs and Treasury deposits were
augmented by 4,632,000 francs. On the other
hand, bills discounted fell off 767,608,000 francs,
while general deposits were reduced 251,601,000
francs. Note circulation took a favorable turn, a
contraction of 38,867,000 francs being recorded.
The total outstanding is thus brought down to
37,387,727,000 francs, contrasting with 37,123,676,640 francs on the corresponding date last year and
with 38,482,935,925 francs in 1921. Just prior to
the outbreak of war, in 1914, the amount was

JAN. 13 1923.]

THE CHRONICLE

only 6,683,184,785 francs. Comparisons of the
various items in this week's return with the statement
of last week and corresponding dates in 1922 and 1921
are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Chances
StaSus as of
for Week.
Jan. 11 1923. Jan. 121922. Jan. 13 1921.
Francs.
Gold Holdings—
Francs.
Francs.
France.
Inc.
81,800 3,670,694,900 3,576,088,837 3,552,684,805
In France
No change
Abroad
1,864,367,050 1,948,367,056 1,948,367,056
Inc.
Total
81,800 5,535,061,950
Inc.
48,000
Silver
289,706,000
Dec. 767,608,000 1,676,627,000
Bills dIscounted
Inc. 56,973,000 2,165,105,000
Advances
Note clrculatlon Dec. 38,867,000 37,387,727,000
Treasury deposlts_Inc. 4,632,000
68,657,000
General depos1tsDec.251,601,000 2,222,045,000

5,524,455,893
280,072,510
2,446,978,933
2,323,611,513
37,123,676,640
41,685,377
2,467,510,477

5,501,051,861
264,583,755
3,044,789,403
2,281,949,024
38,482,935,925
87,659,527
3,463,288,723

The Imperial Bank of Germany in its statement,issued as of Dec. 30, revealed the same general tendencies as in recent weeks, namely huge increases in
nearly all items and continued enormous expansion
in note circulation. The last named registered an increase totaling 143,185,049,000 marks, which brought
the already stupendous sum outstanding up to 1,280,094,822,000 marks. The previous year circulation
stood at 113,639,464,000 marks Ind in 1921 at 68,805,008,000 marks. Other notewor hy changes were an
expansion in discount and Treasury bills of 212,892,997,000 marks; an increase in deposits of 95,404,537,000 marks and of 28,787,027,000 marks in bills of exchange and checks. Increases were likewise shown
of 119,716,000 marks in investments, 11,710,055,000
marks in other assets and 10,886,517,000 marks in
other liabilities. There was an addition to total coin
and bullion of 1,354,000 marks; but gold declined
2,000 marks. Treasury .nd loan association notes
were reduced 2,595,172,000 marks, notes of other
banks 11,074,000 marks and advances 11,428,800,000
marks. The Bank's stock of gold was 1,004,843,000
marks, which compares with 995,392,000 marks a
year ago and 1,091,553,000 marks in 1921.
Late yesterday (Friday) another statement was rereceived by cable, issued as of Jan. .6, which showed
rather less sensational changes than those of recent
weeks. There was an additional expansion in note
circulation of 56,405,694,000 marks. Treasury and
loan association notes increased 52,743,913,000 mks.
Large increases were also reported in bills of exchange
and checks, 13,375,072,000 'mks., other assets 12,067,995,000 mks., and other liabilities 4,518,056,000
inks. Notes of other banks were 5,774,000 mks.larger,
and investments 16,473,000 mks. A feature of the
statement was a sharp reduction in deposits, amounting to 70,833,033,000 Inks. and in discount and
Treasury bills of 87,992,383,000 mks. Advances
declined 126,166,000 mks. With the expansion
just noted, outstanding note circulation now aggregates 1,336,500,516,000 mks., in comparison with
113,139,872,000 mks. in 1922 and 67,976,386,000
mks. a year earlier. The German Bank's gold
reserve stands at 1,004,843,000 mks., unchanged.
The Federal Reserve Bank statement, issued on
Thursday afternoon, formed a rather sharp contrast
to the statements of the two preceding weeks, in
that it showed a big decrease in the borrowing by
member banks, together with a large increase in the
gold holdings. For the system the gold reserve
expanded $13,000,000. Rediscounts of Government
secured paper and "all other" were reduced, as also
were bill purchases in the open market, and the net
result was a curtailment in the bill holdings of no




109

less than $145,000,000, to $737,809,000, which
compares with $1,074,248,000 a year ago. Earning
assets fell sharply, more than $93,000,000, and
deposits decreased $5,000,000. At New York very
similar conditions prevailed. A gain in gold of nearly
$10,000,000 was reported, while bill holdings declined
$31,800,000, to $205,575,684, as against $186,952,000
last year. Here also earning assets were reduced,
though to a lesser extent—$6,600,000. Deposits,
however, increased $20,500,000. The combined
System showed a contraction in the amount of Federal
Reserve notes in circulation of no less than $88,000,000. Increases were again shown in the member
banks' reserve account, namely '$18,000,000, to
$1,960,346,000 for the twelve reporting banks, and
$21,000,000, to $762,803,000 in New York. As a
result of the additions to gold reserves and reduction
in deposits, reserve ratios increased. For the system
there was an increase of 2.3%, to 73.6%, and at the
local bank of 1.5%, to 76.5%.
Saturday's statement of the New York Clearing
House banks and trust companies was featured by
the conversion of the previous week's surplus into a
heavy deficit. This, however, was not regarded as
a subject for uneasiness, since it represented merely
financing operations on a large scale, including the
shifting of funds to and from interior points and to
and from the Reserve Bank. The deficit occurred
in the face of a reduction in loans of $31,772,000 and
a decline in net demand deposits of $37,746,000, to
$4,004,973,000, which total is exclusive of $130,371,000 in Government deposits, a falling off in the
latter item of $51,519,000 for the week. Time
deposits were reduced $10,567,000, to $405,268,000.
Cash in own vaults of members of the Federal Reserve
Bank showed a gain of $1,036,000, to $59,978,000
(not counted as reserve). Reserves in own vaults of
State banks and trust companies increased $180,000,
but the reserves of these same institutions kept in
other depositories declined $107,000.
Member
banks drew down their reserves at the Reserve Bank
to the amount of $67,227,000, and this, notwithstanding the contraction in deposits, resulted in
producing a deficit of $37,012,940. So frequent
have these "deficits" been of late, that they fail to
arouse even widespread interest. The above figures
for surplus are based on 13% reserves above legal
requirements for member banks of the Federal
Reserve System, but do not include cash in vault
amounting to $59,978,000 held by the Clearing
House banks on Saturday last.
The Federal Government withdrew more than $75,000,000 from local depositaries this week. The offerings of new securities were on a considerably larger
scale than for some time. Reports relative to business in this country continued favorable. Still both
call and time money were easy. Toward the end of
the week the only rate for the former throughout the
business session was 4%,and the offerings were said
to have been large. For a day or so time money
firmed up to the extent of% of 1%, but soon receded
again. Following the deficit in last week's bank
statement, and in advance of the large Government
withdrawals, call money was higher temporarily, but
as the week progressed, the trend was in the opposite
direction, funds being offered freely at 3/
1
2% yesterday afternoon. Nothing new nor novel was forthcoming in explanation of this situation. It is still

110

maintained that Wall Street loans are on the increase and that the grand total is well up to the highest level in the last month or six weeks. There has
been considerable speculative activity this week in a
goodly number of industrial stocks. The suggestion is
offered that as the trading has been, to a great extent, in a class of stocks that are not bought ordinarily for investment, the operations in them easily
may have involved new borrowing of funds on a fairly
good-sized scale. The offering of $300,000,000 Oh%
Treasury notes attracted attention, but caused no unfavorable comment. The financial district believe
implicitly in the soundness of Mr. Mellon's judgm
regarding all financial matters. There was special
interest also in the outcome of the bidding by several
syndicates of prominent New York banking houses
for the Cuban loan of $50,000,000, which had been
under consideration, on and off, for a long time.
That a powerful syndicate was willing to bid 96.77
for a 5/
1
2% bond was taken as indicating that bankers expect a continuance of easy money and a, good
investment demand. Naturally, by reason of the latest developments in Europe, nothing was said about
the probability of early financing for any nation over
there. The strength of foreign exchange, notably
sterling, and of foreign bonds, except the French Government and city issues for a day or so, caused considerable surprise and comment to the effect that a
settlement might be reached sooner than generally
expected. It was agreed that such a happy outcome
of the present state of chaos would give great impetus
to business in this country.
Referring to money rates ih detail, the range for
loans on call during the week was 332@5%, which
compares with 332@532% a week earlier. On
Monday the high was 5%, the low 43% and 414%
the rate for renewals. Tuesday, while the range
was 43'4@434%, the renewal basis was advanced to
43
4%. A low quotation of 4% was established on
Wednesday, although renewals were again negotiated
at 43
4%; which was the maximum. Thursday there
was no range, a flat rate of 4% being quoted. Increased ease developed on Friday and a minimum
quotation of 332% was reported; renewals, however,
continued to be put through at 4%,and this was the
maximum. The above figures are for both mixed
collateral and all-industrial loans alike. In time
money little or no change was noted. The market
was a dull affair, with no important trades reported,
and the range remains at 43/2@4%%for all maturities
from sixty days to six months. Toward the latter
part of the week offerings were freer, but as there
was no increase in inquiry, trading was restricted.
Commercial paper was quiet but steady. Most of
4%, though
the business is being put through at 43
the range is still 43'2@4%% for sixty and ninety
days' endorsed bills receivable and six months' names
of choice character, with names less well known at
4%@6%. The bulk of the inquiry is from outof-town institutions.
Banks' and bankers' acceptances were in fair
demand and this was reflected in a larger turnover
than for quite some time. Both New York and
country banks were active. The undertone was
firm, but quotations remain without quotable change.
For call loans against bankers' acceptances, the
posted rate of the American Acceptance Council is
3M%, the same as last week. The Acceptance
Council makes the discount rates on prime bankers'




[VOL. 116.

THE CHRONICLE

acceptances eligible for purchase by the Federal
Reserve banks 4M% bid and 4% asked for bills
running 30, 60 and 90 days; 43i% bid and 4% asked
for bills running for 120 days and 432% bid and
43% asked for bills running 150 days. Open market
quotations follow:
SPOT DELIVERY.
90 Davis.'
44(54

Prime eligible bills

Eng'

30 Days;
434(54

64
0HDavis.S21

FIR DELIVERY WITHIN THIRTY DAYS.
anks
member banks

434 bid
44 bid

There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve Banks:
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT JANUARY 12 1923.

loteral Reser,.
Bank of—

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Of. 1.not5
MInneaDolln
Kansas City
Dallas
San Francisco

D'ecounted bills maturing
within PO days (mat. member banke lb-day collateral
tunes) stewed bp—
Bankers'
dreadarreyTrade turd and
Tref ssury
buttes
aerey- live-stont
note. and U. S.
Other- disemosted lances
payer
for
maturing maserms.
carafebonds
tease
secured member
and
cares of
within 91 to 1013
and
tartsatVictory
basks
90 days
days
edness
notes unsecured
4
4
4%
434
414
434
43.4
43.4
4%
43.4
4H
4

4
4
434
44
43.4
4%
4%
434
414
43.4
43.4
4

4
4
434
434
414
43.4
4%
43.4
414
434
414
4

4
4
4%
434
4%
43.4
43.4
43.4
4%
4%
4%
4

4
4
II4
434
43.4
414
4%
44
434
4%
4%
4

4
4
434
414
44
414
4%
434
44
4r
e
4
. ...

While the week's developments abroad have been
distinctly unsettling in the foreign exchange market,
sterling has given a good account of itself and rates
have been not only firmly held, but have, advanced
% touched
several points, with a high level of 4 681
in the later dealings. Almost from the start it
became evident that British currency values were
not particularly disturbed by the contemplated
Ruhr invasion and when on Wednesday advices
were received that France was actually carrying out
its announced program and had already occupied
Essen, the price level for sterling in contradistinction
to a sharp drop in Continentals, moved up about
PA cents in the pound. This unwonted strength
in the face of what was regarded as a serious situation replete with dangerous possibilities, was attributed largely to the presence of the British Funding
Commission at Washington. Reports of the progress
made by this body in settling points at issue regarding war debts, coupled with President Harding's
recommendation for a longer funding of outstanding
debts and lower rates of interest, created a good
impression and led to the belief that an early and
satisfactory adjustment was in sight.
It should, however, be noted that trading was comparatively quiet, and restricted for the most part to
the barest routine requirements. Large operators
are almost a unit in holding aloof from the market
pending a decision in the important problems now
awaiting solution. Speculative interests took only a
minor part in the week's dealings. In some quarters
the action of the sterling market is taken to indicate
that gold exports to Europe are not far distant. On
that point a factor considered likely by some to loom
large in the future is the export tax placed by the
British Government in the Straits Settlements on
crude rubber. The estimate has been made that
Great Britain should be able to realize not far from
$100,000,000 yearly from this export levy; and while
this is thought by others very much exaggerated,

JAN. 13 1923.]

THE CHRONICLE

111

the feature is deemed one that cannot be altogether and touched a new low of 0.0092. At one time it
disregarded. Talk is also again beginning to be was reported that in London marks were selling at
heard of the "invisible balance of trade," which con- somehwere around 10,000 to the dollar and at Berstituted so important an influence on the course of lin around 11,000 to the dollar. For a while moveprices in pre-war days. Nevertheless, sharp fluctua- ments were erratic in the extreme and nervousness
tions are considered practically inevitable at times, predominated, with the undertone confused and exowing to the complex conditions existing in European cited. All this, however, proved of short duration,
political affairs and the improbability of obtaining and after the first shock had passed prices began to
any real relief from reparations troubles for quite a rally moderately. Advices from London indicated
while to -come.
that French authorities were using Government funds
As to the more detailed quotations, sterling ex- to support the franc in the world markets, which soon
change on Saturday last was a shade easier, but led to substantial recoveries. Considerable amounts
ruled without important change, at 4 643@4 65 for are said to have been expended for this purpose;
demand, 4 643'@4 653( for cable transfers and dealers regarded the movement with disfavor, on the
4 621
%@4 62%• for sixty days; trading was quiet. ground that artificial support is almost always folMonday's market was inactive and weak and de- lowed by sharp reaction as soon as the "peg" is remand sagged off to 4 643@4 641%, cable transfers moved. It is, moreover, pointed out that no finanto 4 643/2@4 643
4 and sixty days to 4 621%@4 623
%; cial benefits are likely to be reaped from the Ruhr
this was largely the result of the Ruhr invasion occupation, at least in the immediate future. Modand consequent lowering of cable quotations from erate improvement was also noted in Reichsmarks.
London. Substantial improvement took place in Lire followed the course of the other Continental
price levels on Tuesday and demand bills moved exchanges and moved erratically, breaking 21 points
up to 4 649@4 655
%, cable transfers to 4 65@ to 4.85, then recovering to 5.014
1 before the close.
4 65% and sixty days to 4 625
%@4 631
/
2; no increase The weakness was attributed to fears of international
in activity was noted, however. On Wednesday, complications likely to accrue as a result of the failalthough the volume of business continued small, ure of reparations adjustments and a possible reopena further advance took place on better prospects ing of European chaos. Improvement in the latter
of a settlement of the debt funding problem; the part of the week was in some resPects regarded as senrange was 4 6532@4 66% for demand, 4 653
4@ timental, since it was due in the main to rumors of
4 671
% for cable transfers and 4 63%@4 64% for some sort of settlement favorable to the future of
sixty days. Dulness was in evidence on Thursday, exchange. Greek exchange and the mid-European
but increased strength developed, and demand ruled currencies followed the other exchanges, only to a
at 4 673@4 67%, cable transfers at 4 67%@4 681
% lesser extent. Trading, except in the case of francs,
and sixty days at 4 65%@4 653
4. On Friday the marks and lire, was narrow and featureless, and rate
undertone was still firmer and quotations ranged at changes continue to reflect the movements at Euro4 6734@4 681
/
s for demand,4 673/@4 68% for cable pean centres.
transfers and 4 65%@4 66 for sixty days. Closing
The London check rate in Paris finished at 66.65,
rates were 4 651
/
8 for sixty days, 4 673 for demand in comparison with 66.90 a week ago. In New York
and 4 673 for cable transfers. Commercial sight sight bills on the French centre finished at 7.01,
bills finished at 4 67, sixty days at 4 643', ninety against 7.061%; cable transfers at 7.02, against 7.071%;
days at 4 63 8, documents for payment (sixty days) commercial sight at 6.99, against 7.041%, and comat 4 645
%, and seven-day grain bills at 4 663.I•
mercial sixty days at 6.96, against 7.013/2 in the preThe week's gold movement included the arrival ceding week. Closing quotations on Antwerp francs
of $1,175,000 in bar gold on the Lapland from were 6.411
% for checks and 6.421% for cable transSouthampton and $2,430,000 on the Homeric from fers, which compares with 6.53 and 6.54 last week.
England. The Greek steamer King Alexander from Reichsmarks finished at 0.0098 for both checks and
Piraeus brought four packages of currency valued cable transfers, as against 0.0141
% on Friday of a
at $53,900.
week ago. Austrian kronen, which have remained
steady at the nominal levels current for many weeks
The Continental exchanges were less favorably past, closed at 0.000141%, unchanged. For lire the
situated and violent fluctuations with occasional close was 4.97 for bankers' sight bills and 4.98
sharp losses occurred as a result of the militant policy for cable transfers. Last week the close was 5.083
adopted by the French Government regarding Ger- and 5.093. Exchange on Czechoslovakia finished
many's failure to fulfill her coal obligations. French at 2.87, against 2.93; on Bucharest at 0.48, against
and German currencies naturally suffered most se- 0.58;on Poland at 0.000543', against 0.00055, and on
verely. In the case of the former, early firmness, Finland at 2.48, against 2.50 the week previous.
with a quotation of 7.021%, was followed by a slump Greek drachma closed at 1.20 for checks and 1.25 for
to 6.62. Subsequently there was a recovery to 7.073. cable transfers, in comparison with 1.12 and 1.17
Belgian francs also broke sharply, touching 6.09 for last week.
checks after an opening quotation of 6.481%. As to
Reichsmarks, the loss was even more spectacular.
As to the former neutral exchanges there is very
News that French troops had commenced their march little new to report. No increase in activity was
upon the Ruhr Basin was immediately followed by a noted in any direction. In keeping with this, changes
rush to sell. Timid holders began to unload and the in rates were not particularly important. Guilders
result was a flood of offerings on a totally unpre- and Swiss francs were well maintained, as also were
pared and unresponsive market. The bulk of the pesetas, but the Scandinavian exchanges were easier,
selling appeared to be on the part of foreign interests, with Danish and Norwegian currencies sharply down.
with local speculators largely out.of the market for The latter was attributed to selling for German account
the time being. Under the pressure Berlin marks
Bankers' sight on Amsterdam closed at 39.59,
broke through the one-hundredth of a cent point against 39.51; cable remittances at 39.68, against




112

THE CHRONICLE

39.60; commercial sight at 39.54, against 39.46, and
commercial sixty days at 39.23, against 39.16 last
week. Swiss francs finished at 18.89 for bankers'
sight bills and 18.91 for cable transfers, which compares with 18.93 and 18.95 a week ago. Copenhagen
checks closed at 20.01 and cable transfers at 20.05,
against 20.43 and 20.47. Checks on Sweden finished
at 26.90 and cable transfers at 26.94, against 26.86
and 26.90, while checks on Norway closed at 18.68
and cable transfers at 18.72, against 18.88 and 18.92
the week before. Spanish pesetas finished the week
at 15.72 for checks and 15.73 for cable transfers
(unchanged).
In South American exchange the situation remains
quiet and practically unchanged. Check rates on
Argentina closed the week at 37.80 and cable transfers at 37.90, as against 37.62 and 37.67. Brazil was
a trifle easier, finishing at 11.45 for checks and 11.50
for cable transfers, in comparison . with 11.60 and
11.65 the previous week. Chilean exchange was
firmer and finished at 13.78, against 12.80; but Peru
has not been changed from 4 19.
Far Eastern exchange is as follows: Hong Kong,
%@
531A@55A, against 53%@54; Shanghai, 723
2@72A; Yokohama, 483/
8@493 (un73, against 723/
changed); Manila, 50A@503/ (unchanged); Singapore, 543'@55, against 541/@54%; Bombay, 313/
2
2@313
@31A (unchanged), and Calcutta, 313/
%(unchanged).
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is
now certifying daily to the Secretary of the Treasury
the buying rate for cable tranfers on the differeni
countries of the world. We give below the record Jo]
the week just past:
FOKEIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE'
BANK TO TREASURY UNDER TARIFF ACT OF 1922,
JAN. 6 TO JAN. 12 1923, INCLUSIVE.

Country and Monetary Unit.

Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Jan. 6. Jan. 8. Jan: 9. Jan. 10. Jan.!!. Jan. 12.

$
EUROPES
8
8
$
Austria, krone
.000014 .000014 .000014 .000014 .000014
Belgium, franc
.0641
.0628
.0612
.0632
.0630
Bulgaria, lev
.007071 .007057 .0068
.0068
.006586
Czechoslovakia, krone
.028895 .027935 .02799 .02855 .028745
Denmark, krone
.2044
.2036
.2026
.2024
.2025
England, pound sterling 4.6461 4.6462 4.6514 4.6638 4.6758
Finland, markka
.024767 .024733 .024733 .024722 .024761
France, franc
.0694
.0683
.0671
.0692
.0686
Germany, reichsmar1c
.000116 .000103 .000098 .000095 .000095
Greece, drachma
.011588 .01175 .011813 .012188 .0122
Holland, guilder
.3959
.3969
.3961
.3905
.3972
Hungary, krone
.0004
.000401 .000399 .000394 .000389
Italy, lire
.0505
.0498
.0486
.0499
.0496
Norway, krone
.1891
.1873
.1864
.1860
.1870
roland, mark
.000053 .000054 .000053 .000053 .000052
Portugal, escudo
0479
.0455
.0461
.0465
.0461
Rumania,leu
.005644 .005528 ,.005350 .005392 .005433
apain, peseta
.1571
.1569
.1570
.1571
.1574
43weden, krona
.2687
.2684
.2691
.2691
.2694
Switzerland, franc
.1893
.1892
.1892
.1895
.1894
'Yugoslavia, dinar*
.01066 .010715 .010715 .010695 .010643
ASIAChina, Chefoo tael
.7433
.7417
.7383
.7442
.7392
" Hankow tael
.7375
.7433
.7383
.7425
.7408
" Shanghai tael
.7170
.7163
.7182
.7155
.7130
• " Tientsin tael
.7475
.7450
.7467
.7488
.7425
" Hongkong dollar
.5343
.5358
.5340
.5310
.5310
" Mexican dollar
.5227
.5227
.5208
.5215
.5206
" Tientsin or Peiyan
dollar
.8379
.5404
.5398
.5371
.5408
" Yuan dollar
.5246
.5246
.5267
.5279
.5267
.3119 ..3115
India, rupee
.3119
.3123
.3124
Japan, yen
.4886
4891
.4878
.4869
.4479
Singapore (S. S.) dollar_ .5400
.5388
.5392
.5396
.5383
NORTH AMERICACanada, dollar
.993611 .996181 .996097 .993958 .992917
Cuba, peso
99937, .99925 .9990
.99925 1.00
7.Iexico, peso
.48575 .486458 .4900
.492331 .489875
Newfoundland, dollar
.992031 .993438 .992813 .991094 .990313
SOUTH AMERICAArgentina, peso (gold)
.8528
.8510
.8514
.8519
.8547
.1144
Brazil, milreis
.1127
.1119
.1122
.1133
.1296
.1269
.1308
Chile, Peso (Paper)
.1314
.1328
.8496
.8495
.8505
.8539
Uruguay. Peso
.8553
•4 kronen equal 1 dinar.

$
.000014
.0644
.000629
.028678
.1998
1.6773
.024789
.0704
.000094
.012263
.3967
.000349
.0498
.1813
.000051
.0497
.0055)4
.1573
.2692
.1892
.01051
.7400
.7392
.7120
.7442
.5315
.5196
.5373
.5258
.3139
.4442
.5396
.991552
.2990
.448594
.98875
.8549
.1132
.1332
.8564

The New York Clearing House banks in their
operations with interior banking institutions have
gained $3,647,300 net in cash as a result of the currency movements for the week ending Jan. 11.
Their receipts from the interior have aggregated




(VOL. 116.

$5,034,640, while the shipments have reached $1,387,340, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending January 11.
Banks'Interior movement

Into
Banks.

Out of
Banks.

$8,034,640

$1,337,340 Gain 53,647,300

I

Gain or Loss
to Banks.

As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday,
Jan. 6.

Monday,
Jan. 8.

Tuesday, 1Vednesd'y, Thursday, Friday,
Jan. 9. Jan. 10. Jan. 11. Jan. 12.

Aggregate
for Week.

$

I

3
77,000,000 72,000,000 51,000,000 57,000,000 58,000,000 55.000,000 Cr. 370,000.000
Note.-The foregoing heavy credits relies the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, show nothing as to the results of the Reserve Bank's operations with the
Clearing House institutions. They represent only one side of the account, as checks
drawn on the Reserve Bank itself are presented directly to the bank and never
go through the Clearing House.

,The following table indicates the amount of bullion in the principal European banks:
January 11 1923.

January 12 1922.

Banks of
Gold.
England_ 127,486,217
France a.,146,827,796
Germany _ 50,110,580
Aus.-Hun 10,944,000
Spain
100,990,000
Italy
35,241,000
Nether Ids. 48,483,000
Nat. Bela_ 10,663,000
Switeland. 21,444,000,
15,222,000,
Sweden
Denmark _ 12.085,0001
Norway __ 8,115,000,

Total.

Gold.

L
127.486,217 128,452,733
11,580,000 158,387,796 143,043,554
7,257 200, 57,367,780 49,769,700
2,369:000; 13,313,000
,944,000
25,824,000126,814,000100,515,000
3,031,000, 38,272,000 33,895,000
728,000, 49,211,000 50,497,009
1,620,000, 12,283,000 10,663,000
4,164,000 25,608,000 21,981.0001
15,222,000 15,265,000i
197,000 12,882,000 12,865,000;
8,115,000 8,115,0001

Silver.

Total.

.128,452,733
11,200,000154,243,554
606,500
.376,200
2,369,000 13,313,000
25,002,000125,517,096
2,970,000 36,865,000
658,000 51,155,000
1,620,000 12,283,000
4,330.000 26,311,000
_____ 15,265,000
197,000 12,882,000
8,115,000

Total week 588.211,5931 56,750,200644,981, 93585,825,987! 48,952,500634,778.487
Prey. week 587,459,394 57,283,400644,742,794585,613,742 49,24 .260.634,061,992
a Gold holdings of the Bank of France thI3 year are ex-duzive of £74,574,682
held abroad.

THE 1924 BUDGET IN CONGRESS-UNUSUAL
SPEED IN ACTING ON APPROPRIATION BILLS.
It is the legislative practice of Congress to divide
the Budget, as submitted by the President, into
eleven appropriation bills, one bill for each chapter
in the Budget. Congress met on Dec. 4 1922 and at
the present writing three appropriation bills have
passed both Houses and have become law; three others have passed both the House and Senate and'are
either in conference or in the hands of the President;
three others have passed the House and are before
the Appropriations Committee of the Senate. This
leaves only two appropriation bills not yet acted
upon by the House. This is the most remarkable record of legislative dispatch ever made by Congress.
It has been the common experience for many years
past to see appropriation bills before Congress
throughout the length of the session. During the
long sessions of Congress the failure to pass several
appropriation bills before the commencement of the
fiscal year was a frequent occurrence; and during the
short session it had been found practically impossible to dispose of the annual supply measures within
the three months preceding March 4. It became necessary, therefore, for the President, every alternate
year, to call an extraordinary session of Congress in
order to obtain appropriations for those departments
covered in the bills which failed to pass.
Advocates of the budget system for the I.Ettional
Government may well congratulate themselves upon
this new achievement by Congress,for it is due solely
to the fact that the Bureau of the Budget, through

• JAN. 13 1923.]

THE CHRONICLE

careful scrutiny and review of the departmental estimates, had already gone over the ground ordinarily
covered by the Congressional committees. These
committees were therefore relieved of the necessity of
minute examination of all of the administrative details regarding the financial operations of the Government. A new element has entered in—that of
Presidential responsibility for business administration. The President having demonstrated in no unmistakable manner his sincere desire for a businesslike and economical administration of the Federal
Government, the detailed financial program submitted by him in the form of the Budget was received by
Congress with a degree of confidence which augurs
well for the future of the Budget. In a large number of cases, as the published hearings on the appropriation bills themselves will show both the Appropriations Committee of the House and of the Senate
, accepted the decisions arrived at in the Budget without further investigation. On the whole the totals
carried in the bills are very close to those carried in
the Budget. For example, the Budget carried $294,800,000 for the Navy,and the current naval appropriation bill carries $294,400,000.
Heretofore it has been the custom for Congress
greatly to reduce the estimates of appropriations in
the appropriation bills and thereby to claim credit to
themselves for saving money to the Government.
There was in fact much to be said in this direction,
because Congress was the only Governmental agency
standing between the taxpayer and the Treasury.
The executive departments were wholly without restrain in their demands for public funds. However,
this year the Budget had already reduced the departmental estimates of appropriations to a figure so
low that it was not possible for Congress to reduce
any further—unless they desired to abolish some services entirely. Granted that the existing services
must be maintained, Congress will not this year show
the accustomed reductions from the estimates of appropriations. The chief reductions from the Budget
figures will be in the nature of postponements of certain large expenditures. It seems to be the policy of
Congress—ill-defined, it is true—in many cases to
grant a department a portion of the funds necessary
for current operations, knowing that they must at a
later date during the session grant additional funds.
This practice enables Congress to make a showing in
the early months of the session. Nothing is said,
hawever, of the deficiency estimates which must necessarily dribble in later on.
There is no Federal statute nor any rule of the
House or the Senate which requires the Committees
on Appropriations to take the Budget figures as the
maximum to be expended. Last year Mr. Madden
and Chairman Warren both stated that it would be
the practice of these committees so to regard the
Budget figures, but that the committees would not be
bound in every case by them. There were a few increases last year above the Budget, the most notable
of which was the addition of about $15,000,000 to the
rivers and harbors estimate. This year there have
been a number of small increases here and there and
some considerable increases in the Agricultural ApRropriation Bill, particularly in those services which
have to do with the eradication of diseases and pests
and other agricultural work in the States. The most
glaring of these is the increase of the Budget estimate for the destruction of the barberry bush (which
is the host for wheat rust) from the Budget estimate




113

of $200,000 to $350,000 by the House and to $500,000
by the Senate. Last year we discussed this particular appropriation at length es being based upon an
erroneous conception of the functions of the Federal
Government. It is with regret that we see another
increase in the use of public funds for a purpose in
which there is no national obligation.
The status of the appropriation bills on Jan. 11
was as follows: The Treasury Department, and the
State and Justice Departments bill were approved
by the President on Jan.3; the Commerce and Labor
Departments bill was approved by thb President on
Jan.5; the Navy Department bill has passed both the
House and the Senate, the conference report having
been agreed to on Jan;9, and is now in the hands of
the President; the Department of Interior bill has
passed both the House and the Senate and is now in
conference; the Department of Agriculture bill. has
passed the House and has reached the last stages of .
Senate debate; the Post Office Department bill
passed the House on Jan.3 and is in the Senate Committee on Appropriations; the District of Columbia
bill passeds the House on Jan.8 and has been sent to
the Senate; the independent offices bill passed the
House on Jan.11 and has been sent to the Senate. In
addition to these, the Second Deficiency Bill has
passed both Houses and is now. in the hands of the
President.
There remains to be considered by the House only
the Army bill and the bill for the support of the Legislative Establishment. The estimates for this last
named bill, although included as a chapter in the
Budget, are not subject to revision by the Bureau of
the Budget,and are therefore seat to Congress by the
President without modification.

THE "WANTS" OF THE NEW YEAR.
The great newspapers carry pages filled with
"Wants." Meticulous, varied, often appealing, always suggestive, in the aggregate continuous, and
apparently never met
In one aspect they picture the "Discard" of the
passing year,in mechanics the "Scrap-heap," defined
by a late president of the American Society of Civil
Engineers as "that inarticulate witness to our blunders, and the sepulchre of our blasted hopes; the best
but most humiliating legacy we are forced to leave to
our successors."
The Old Year with its futile controveries, its
sharp antagonisms, its Conferences and Congresses,
its unsolved political and economic problems, has
accumulated an unusual pile, to which the engineer's
description will apply. Whether it will justify his
added comment, "It has always been to me brimful
of instruction," remains to be seen. The contributions to it of the different nations are sufficiently
recognizable and protruding to need no advertising.
Russia with her Bolsheviki; Turkey with her Kemalists; Greece with her tragic defeat and revolutionary
uprising; Italy with her Socialists and her Fascisti;
Poland and Germany with democracy tempered by
assassination; France with her fears and her overheated republicanism; with various forms of which
all Central and South European States are struggling; England with Ireland and the claims of her
restless Empire; not to forget South American Republics and their revolutions; even America with her
destructive strikes and the dangerous folly of her
Ku Klux Klan; all are more or lees conscious of the

114

TRE CHRONICLE

"Scrap-heap," to which they have contributed their
share and from which, as the New Year opens, all
must hope to draw some instruction.
The "wants" are varied; but certain common and
wide-felt needs run through them all, which can be
readily traced.
The first is the need of Peace. The efforts to se-cure it have been exhausting, beginning with the
War itself. Everybody clamors for it now,and everybody sees that it is the one condition on which all
else turns. The "Scrap-heap" has the debris of many
devices that have been tried for securing it; "Preparation," armed forces, battleships, explosives, poison gases, secret treaties, "direct-action," organized
force to supersede constitutional methods, martial
law, and peace societies of many kinds; and the goal
is still unattained. The spirit of peace is nowhere
controlling. On the contrary, the spirit of revolt
against law and restraint of any kind speaks in art,
literature, music, where freak forms and degrading
and retrograde conceptions are everywhere prominent. Familiarity with savagery and cruelty has
hardened people, and the world has grown tolerant
to wholesale criminality.
The futility of attempts to win peace by schemes,
however elaborate and imposing, makes a backward
look instructive, and will prepare the way for effort
in a different direction.
Another need is of Lower Prices. This extends in
many directions. It implies increased production,
improved and extended means of transportation,
greater freedom of travel,all of which involves widely
reduced cost of living, and close application of knowledge and thrift to ways of expenditure. Effort has
been largely directed to making life easy, securing
exemption from physical and mental effort, shortening hours and restricting the amount of work. To
this Science has contributed with her improved methods, her labor-saving machines and her prepared
foods. Long ago Renan said he believed in indefinite
progress, but he feared that when Science made life
easy men would lose the faculty of physical and mental labor; that when want ceased, labor would cease.
Earth would come to be "tenanted by idiots warming
themselves in sordid leisure in the sun with no incentive to effort beyond providing for their bodily
wants." Were he alive now, while he might find
specimens of the type he pictured, the overwhelming
vicissitudes of recent years have kept the world far
from realizing either the progress or the possible danger he foresaw. Progress as well as evolution, has
her path marked with many blind alleys and abortive
growths; she still has everything to learn to determine her real line of future attainment and perfection.
The very amplitude of our powers is our peril.
Bergson says that the underlying cause of the Great
War was the fact that man's physical power has increased so much faster than his spiritual power that
no adequate control existed. "The brutehood had
outgrown the manhood." In quite a different line but
to the same end, Paul Bourget, the veteran French
author, writes of the glorified individualism in which
our young people rejoice to-day. "Exaggerating the
consciousness of one's own personality ends by making one mentally stereotyped, never seeing anything
but one's own ideas. It is the most morbid variety of
individualism, lessening the sense of character, and
marking the absence of large contact with life, while
claiming a passion for largeness."



[VoL. 116.

Despite the millions which have become the common term, we want more money and more of things it
will buy, while we have yet to learn how and to what
end they are to be used.
A third "want" is Protection. On all sides this is
the cry of the nations; protection of their rights;
their territory, their property, their trade. It voices
also the need of the people; protection of life, of
home, of business, even of freedom and of pleasures.
This also is a want underlying and universal. Its
forms are multifold and it has always existed. It
would seem that society in its progress should long
since have satisfied it; the discard is.full of the attempts, clubs, bows and arrows, and guns, then laws,
and governments, and police, and public opinion; all
have been tried, and still the need is constant and at
times excessive and urgent. The New Year has the
old job still cut out for it. We are discovering
startlingly new and efficient forces in nature until
the air and even stones hear and talk; forces hitherto
equally unrealized in the realm of man wait to be used
The lesson of the dump may send us to them. The
forces of the spirit as they appear in the power of
personal influence, of character, of morals, and of
religion, are known, but how little used in these
larger relations. The churches have been sharply
criticized and are little regarded as controlling
forces; and men of character, even when sought for
high position, are easily discredited. The prizes of
life have never been distinguishingly theirs; nor have
we been watchful of the destructive effect in the
realm of the spirit of the tremendous development of
material force. A noted philosopher was asked some
years ago what that effect is and he answered: "An
increasing deterioration in human character." And
another described it as "the progressive enfeeblement
of the human will." The eyes of the world are turned
to possible new sources of wealth to be made available for strength and protection, it may be that in
quite another realm the resources that will suffice to
save humanity are waiting to be uncovered. Moral
and spiritual forces brought into action may prove
as startling in their effect as are thermo-dynamics.
There may be mentioned one other "want" to-day,
namely Justice. It is a badly worn term, but the
thing is hard to get, and the need is constant. Many
substitutes are offered; money, work, sympathy,
pity, even charity and advice. It was earnestly
sought at Versailles, and is pleaded for at Lausanne,
it is pursued in the courts, is clamored for in assemblies and is travestied on the lips of the powerful
and the rich. It stands erect before the New Year
demanding attention and care. It challenges suspicion and mistrust. It says to the nations, to corporations and to men: You cannot have peace, or
prosperity, or protection, apart from me. You cannot build except on my foundations, or grow, except
I supply the soil; you cannot have comfort or pleasure; you cannot sustain morals or manners, apart
from me; your schools and your churches are vain
without me.
This "want," at least, is inexorable. As the generations before us, we still have to ask: Do we deal
justly with others, and with ourselves? Are we giving to God His own; and to our neighbor what is
rightly his? Do we practice what we profess, and
judge ourselves accordingly?
A new Age as well as a New Year has come. It is
full of promise. It was said in England the other
day, "What the people of this country demand is

JAN. 13 1923.]

THE CHRONICLE

115

ship of all coal-mining properties, both developed
and undeveloped, in the public, and controlled and
administered by Governmental bodies," is the declared solution of the United Mine Workers. The
report estimates the sums involved in the taking-over
as two and a half billions for the investments of bituminous and anthracite operators respectively, and
Ring out false pride in place and blood,
The civic slander, and the spite;
another two billions for royalties to owners of coal
Ring In the love of truth and light,
lands which would have to be bought up, on the basis
Ring in the common love of good.
of expected production, and it estimates that one
Ring out old shapes of foul disease;
Ring out the narrowing lust of gold;
year's bituminous output would pay nearly one-half
Ring out the thousand wars of old,
of
this total investment.
Ring in the thousand years of peace.
The
Mining Commission is to consist of eleven,five
Ring in the valiant man and free,
The larger heart, the kindher hand;
appointed by professional societies, and six by the
Ring out the darkness of the land,
President, its function to include scientific research
Ring in the Christ that is to be.
and cost-finding, with price-fixing and budget deterTHE COAL MINERS PROPOSE "NATIONAL- mining; it would safeguard the industry for the public by having the last word on price and quality of
IZATION."
December gave touches of real cold and made city fuel and on expenditures. The wage-measurement
dwellers who are their own landlords think some- bureau, established under this Commission, would
what ruefully of their cellar coal-bins which used to deal impartially with wage questions, but the miners'
be well filled. A snowfall added its interference with union "would, however, insist on retaining its right
the movement of heavy loads, and there came dolor- to collective bargaining by its representatives." Nothous tales of a week's stock having shrunk to a couple ing is said about the right to strike, but the union is
of days', so that we were still led to think of "substi- to continue as "an independent organization of initutes," and of some doubts of surely obtaining even tiative and defense."
Waiving other objections for the moment, it is
those. We shall, of course, rub through the winter
somehow; but shall we have gained anything thereby plain that so involved and cumbrous a scheme could
towards a permanent peace, or will the revolt break not possibly operate; in the nature of things working
out anew the coming April and the coming Septem- would be prevented, as progress would be prevented
ber (the anthracite agreement runs to Aug. 31 1923), for a big locomotive whose pairs of driving wheels rejust when the next year's supply should be in steady volved in opposite directions. Other objections are
that the effect would be to prolong the present entanproduction?
The fact-finding commission has not yet discovered glements and keep up wages and the cost of fuel, to
any new facts; but now, under the guise of aiding it, the burdening of all consumers, unionists included;
the United Mine Workers of America have a "plan" the lion and the lamb can lie down together forthto offer. The plan comes from the "nationalization with and a temporary quiet be had, if the lamb goes
committee," and is, of course, the old familiar propo- inside of the lion, where the latter wants to put him;
sition. Unionized labor chafes under private owner- there can be a sort of peace (if quiet is peace) proship and is always ready to suggest "taking-over" as vided the miners have their own way about wages
the infallible cure-all. The reason is on the surface; and working conditions, which this plan would give
"Government is such an easy boss," and is delightful them. Another objection which must be mentioned
to work for, because then the worker can name his but should not need to be argued, is that taking-over
own terms. So now the scheme begins with a Secre- and nationalizing have been proved to be aggravatary of Mines in the Cabinet, as though it were not tions and not cure; they are like the attempts to heal
already more than sufficient to have a Secretary of burned tissue by applying hot irons.
The Fact-Finding Commission last week took
Labor there, and as though ostensibly broad supervision of great subjects (as Agriculture and Com- pains to send a message to representatives of bitumerce) did not tend strongly to narrow down to the minous employers and employees, urging some
apparent interests of one minor faction. Next, this agreement whereby the mines may not be closed by
plan proposes a Federal Commission of Mines, "to differences after April 1. Failure to accomplish this,
control the budget and the policy, on the basis of con- said the message, will cause serious injury, and an
tinuous fact-finding," a suggested outlook that is of agreement "will spare the Commission the necessity
itself ominous of perpetual trouble. Next comes a of fixing blame for failure to adjust your. differNational Mining Council, "to administer policies, ences." Yet one is not precluded from condemning
with miners, technicians and consumers represent- some proposal as impracticable and destructive, aled"; this recalls to mind the three-party industrial though he does not offer any counter proposal as bepacificating bodies of the past which failed either to ing practical and constructive; it is therefore no anpacify or to help. Next comes "the safeguarding of swer to criticism of this miners' plan to say, "well,
collective bargaining through joint conference." Pro- what have you to offer?" To such a rejoinder the
duction is to be freed from wage squabbles and sales answer must be,"nothing specific," since there is no
problems, but this is to be attained "by making wages prescription which will cure industrial ills by "takthe first charge against the industry and therefore ing" it, like a medicinal compound. The one thing
making wage measurement one of the functions of which stands out, both by the nature of men and the
the Federal commission under the principles of col- situation and by lamentable past experience, is that
lective bargaining, which will be safeguarded by an "nationalizing" is a quack specific and must not be
independent joint wage-scale committee."
risked, whatever follows and however long a term of
The operators, according to this committee report, suffering may confront us.
have annually a fresh explanation, but have offered
Coal operators are not better than business men
no "thought-out" plan and remedy; "vesting owner- generally, but are not yet proven worse; coal miners

character, first, last, and all the time. The 'public'
have actually come to the conclusion that an ounce
of character is worth all the first class brains in the
Kingdom." The New Year has need of both, and is
for all. The "wants" are in the way of hopeful settlement, and every man has his part to play.




116

THE CHRONICLE

[Vols. 116.

of November.
1922.
1021.
Inc.(+)Or Dec.(—).
are condemned by the record of their, own making. Month
(194 Roads.)
$
t
8
%
If they feel a momentary throb of commiseration for Miles of road
235,748
235,879
+89 0.00
Gross earnings
8523,748,483 8488,130,328 +857,818,155 12.35
outsiders (even members in good standing in other Operating expenses
410,085,498 388,313,391
+41,772,105 11.34
unions) they have not shown any; whether the coun- Net earnings
5113.662,987 897,816.937 +815,846,050 16.19
try is doomed by their act to cold and hunger they
The addition to the gross earnings would have
apparently deem no concern of theirs. Further, they been larger except for the lower schedules
of rates in
are like the rail unions in making fear of that suf- effect. It will be recalled that last May
the Interfering their own winning argument. Human nature State Commerce Commission
ordered a horizontal
being as it is, we must expect that one would just a cut in freight rates of 10% and that
this has been in
little rather somebody else than himself had an ache; effect since July 1. Furthermore
, in the case of
yet a total indifference about the sufferings of others grain, grain products and hay in Western
territory a
is a moral phenomenon of which organized labor has reduction of about 16/
1
2% has been operative since
given some startling examples. Back in 1916 the rail Jan. 1 1922 by order of the Commission.
In a statebrotherhoods openly threatened to tie up all rail ment issued on behalf of the railroads
at Washington
transportation, intending that a frightened country with respect to the November
figures, it is pointed
should compel the rail executives to surrender to out that the effect of the rate reductions
is seen in
them; the coal miners try the same coercion through the fact that while the freight traffic of the
railroads
suffering and fear of suffering in the people.
measured in net-ton miles, that is, the number of tons
The phenomenon which proves how blind selfish- of freight multiplied by the distance
carried, inness has made them all is that they have always tried creased 31% in November 1922 over
November 1921,
to represent themselves as the under-dog in a strug- gross revenues increased, as already shown,
only a
gle with greedy capital and to win sympathy, while little more than 12%. In the same
circumstance
their own conduct tends to destroy sympathy. It has doubtless is found explanation of why the 1922
inbeen apparently a slow course, yet the mills of the crease in the gross is so very much smaller than
was
gods do grind. Public sympathy with the sets of the decrease in November of the previous
year, the
strikers who take turns with one another is being shrinkage then having been in the prodigious
amount
replaced by a concern in the public for its own right of $126,027,666, of which only $57,618,155 has
now
to exist. As for the fuel situation, present and fu- been recovered.
ture, while nobody can devise a sure and speedy cure
That the augmentation in the November 1922 exthere are some signs of ways of relief; for instance, penses, though of considerable magnitude,
should
lightening the pressure upon anthracite by greater have fallen well within the amount of the
addition to
use of soft coals; greater use of substitutes for both; the gross for that month, thus producing a
gain in
greater utilizing of the almost immeasurable natural the net, is certainly a decidedly encouraging
feature.
forces which the sun is running off to waste by moving It shows that the carriers are at length again
getting
water, before our eyes. The truth is (and in a large control of their expense accounts, and
that better
and most encouraging sense) that while the unions discipline and a higher state of efficiency is
being atare vainly hating and fighting against abundance tained, notwithstanding the carriers
unquestionably
there is a world of new abundance and resource cannot yet have fully recovered from the
effects of
which we have only begun to discover and do not the shopmen's strike, not a few of the roads
still findeven now fully believe in.
ing themselves hampered in their shop work because
The way out of industrial troubles is through the of the change in the personnel of the shop
forces and
prevailing of the Open Shop and its breaking of the the lack of sufficient time since the
reorganization of
bonds of the rank and file of union membership; also these forces for the removal of the friction
incident
through discovering and using new materials and to the installation of new bodies of men On
that
methods of abundance of the things necessary for life point, however, it is pleasing to observe that
the reand progress.
ports from Washington say that expenditures for
maintenance of equipment during November totaled
$122,012,900, an increase of 17% over the same month
RAILROAD GROSS AND NET EARNINGS FOR
of 1921, while expenditures for maintenance of way
NOVEMBER.
amounted to $61,517,500, or a decrease of 1.1%, unAs the country gets further away from the disturb- der the same month in 1921. As indicating that
reing influence of the coal miners' strike of last spring sults have been obtained from this increase in
expenand summer and of the coincident railway shopmen's ditures for maintenance of equipment, it is
pointed
strike, the returns of earnings for the railroads of out that during the month in 1922 the number
of
the United States are becoming better. Accordingly, freight cars in need of repair was reduced by
23,672,
the compilations which we present below for the while there was a reduction of 357 in the
number of
month of November 1922 in comparison with those locomotives needing repairs. The cut of
7@8% in
for November 1921 are a decided improvement over the wages of the maintenance of way men and
in that
the comparative figures for the months immediately of the shop crafts employees, in effect
since July 1
preceding. The ratio of gain in the gross revenues is 1922, served, of course, to that
extent to hold exlarger and hence more nearly in accord with the ris- penses down—though it is a question if
the nominal
ing tide of activity in business, while there is also this saving in that regard was not offset by extra expenses
time an increase in the net as against the larger or arising out of the disorganizing influence of the
strike.
smaller losses in net in previous.months. Stated in
At all events the improvement in the net is a decidbrief, our figures show an increase of $57,618,155 in edly encouraging circumstance, as already
observed,
the gross revenues, or 12.35%, and an addition of and it assumes additional significance when the fact
$15,846,050, or 16.19%, to the net earnings before the is recalled that it follows some improvemen
t in the
deduction of taxes. Expenses were heavier in amount net in 1921 and likewise in 1920. In 1921, which
was
of $41,772,105, or 11.34%, as will be seen by the fol- a period of great trade prostration, the shrinkage in
lowing:
the gross revenues, as noted further above, reached




1
JAN. 13 1923.]

THE CHRONTCLE

117

very compreno less than $126,027,666, but by forced economy and Commerce totals, which then were on a
we give the
years
preceding
drastic cuts in every direction the saving in expenses hensive basis, but for
each year
tables
own
our
by
registered
was made to reach a yet larger sum, namely $144,- results just as
becountry
the
of
mileage
railroad
the
of
962,518, leaving, therefore, $18,934,852 increase in —a portion
earin
these
totals
the
in
unrepresented
always
ing
the net. November of the previous year was one of
of the roads
the few months of the year 1920 that netted fairly lier years, owing to the refusal of some
for publicafigures
monthly
out
give
to
time
that
at
satisfactory net results, our compilations for Novemtion.
in
ber 1920 having registered $154,239,572 increase
of the
gross (mainly because of the higher schedules of • With the general results good the returns
charsame
the
much
of
transportation chargse put into effect a few months separate roads are, of course,
rule.
the
that
prove
before), and $37,533,530 of this having been carried acter—with a few exceptions
record
increases
everywhere
nearly
forward as an increase in the net. The gain in net Gross earnings
for November 1922 is additional to these gains in and in the case of many important systems, particuNovember 1921 and November 1920. In the years im- larly among the Eastern trunk lines, these increases
mediately preceding 1920, however, the November reach large proportions. Somewhat more than half a
of
showing had been bad, large losses in the net having dozen roads have fallen behind in the gross, most
strangely
and,
Southwest;
the
in
found
being
these
piled up in 1919, 1918 and 1917. In 1919, particuthe
larly, the showing was extremely poor. This will ap- enough, two of the anthracite carriers, namely
obliged
also
are
Lackawanna,
the
and
Valley
Lehigh
of
pear when the reader recalls that it was the period
bethe strike at the bituminous coal mines. This strike to report decreased gross. We say "strangely"
with
market
to
had the effect of very materially contracting the coal cause anthracite coal has been rushed
this very cirtraffic over the railroads and proved a highly dis- great speed, though it is possible that
need of supthe
in
urgency
turbing influence in other respects. The result was cumstance, that is, the
move other
to
impossible
it
made
that our tabulations recorded a loss in gross and net plies of hard coal,
diminishing
thereby
volume,
full
in
earnings alike for the month—only $2,593,438 in the classes of freight
the two
former, but (owing to a coincident large augmenta- both gross and net returns. In any event,
Lackathe
mentioned,
already
carriers
tion in the expenses) $26,848,880 in the net earnings, anthracite
&
Ontario
the
also
as
Valley,
Lehigh
and
the
wanna
or over 35%. Added emphasis attached at the time
net
the
of
reductions
heavy
suffered
have
Western,
to this large loss in the net because it came on top of
a considerable shrinkage in the net in November of as well as the gross. There are also over a dozen
the previous year. In November 1918 a tremendous other roads obliged to report decreases in net, and
augmentation in expenses had occurred owing to the doubtless in those instances heavy maintenance outprodigious advances in wages made in that year. lays on equipment, following the shopmen's strike,
These wage advances, with the great rise in operat- played their part in swelling the expense accounts.
Among the Eastern trunk lines heavier expenses
ing cost in other directions, so expanded railroad expenses that the increase in the latter far outdistanced are quite a feature of the returns. The New York
the gain in gross revenues, large though these were Central, with $7,366,049 addition to the gross (mainby reason of the higher rates put in force a few ly a recovery of the previous year's loss) was able to
months before. In brief, though the gain in the add no more than $598,341 to the net, though this is
gross then reached $82,163,408, or 23.06%, the aug- not surprising, seeing that the present increase in
mentation in expenses amounted to no less than the net follows a very large increase in November
102,091,182, or 39.16%, leaving the net reduced by 1921, the road then having added $4,127,869 to its
$19,927,774, or 20.80%. The year before (1917) a net in face of $6,941,358 loss in the gross. These figclosely similar situation existed. In other words, ures relate to the New York Central itself. If we inour tabulation for November 1917 recorded $33,304,- clude the various auxiliary and controlled roads, like
905 increase in gross earnings, but $20,830,409 de- the Michigan Central, the "Big Four," etc., the whole
crease in the net. It is in the prodigious expansion going to form the New York Central Lines, the result
of the expenses in these early years that is found the is a gain of $12,321,268 in the gross and of $3,141,basis for the retrenchment and economies now being 100 in the net. The Pennsylvania on the lines diestablished, this previous situation having been ab- rectly operated shows $6,825,938 addition to the
normal and the effort now being to get back to some- gross, but accompanied by a loss of $395,450 in the
where near normal. In the following we furnish the net. For the entire Pennsylvania System, including
all roads owned and controlled, the result is an inNovember summaries back to 1906.
crease in gross of $7,230,365, and a decrease of $205,Net Earnings.
Gross Earnings.
664 in the net. In the following we show all changes
Year.
Year
Year
Inc.(+)or
Inc.(+) or
Year
Year
for
the separate roads or systems for amounts in exGiven.
Preceding. Dec.(—).
Given.
Preceding. Dec.(—).
cess
of $100,000, whether increases or decreases, and
$
$
$
$
$
$
Nov.
1908- 140,697.123131.123,621 +9.573.502 48,065,287 48,508.160 +1,589,127 in both gross and net:
46,113,471
39,171,387
+4,794,859
—8.942.084
133,284,422
1907- 138,079,281

1908_ 211.597,792220.445,47. —8,847,873 74,511,332 88,294.998 +8,218,338
, , : 74.556,971 +19,974,158
1909_ 248,087,561 211,784.357 +36,303,204
+994,850 83,922,437 94,383.397 —10,480,960 PRINCIPAL CHANGES IN GROSS EARNINGS IN NOVEMBER.
1910- 248.559,120247,864,47'
1911- 241,343.763243,111,388 —1,707,825 79,050,299 82,089,186 —3,018,867
Increase.
Increase.
1912_ 276,430.016244,461.84. +31.968.171 93,017,842 80,318,771 +12,701.071 New York Central
b$7,366.049 Minn St Paul & 85 M. $ 644,802
1913_ 269,220.882278,364,475 —9,143.593 78,212.988 93,282,861 —15,089,894 Pennsylvania (1)
625,080
a6.825,938 Elgin Joliet & Eastern_ _
77,587,898
87.989,51.
—32,848,340
—9.578,383
82.
.
11
240,235,8
1914_
620.883
Baltimore & Ohio
3.943,956 Central of New Jersey_ _
1915_ 396,733,317240.422,695 +68,310,822 118,002,02 87,999.131 +50,002,894 Illinois Central
619,741
Indiana
&
River
Chicago
3,297,484
+323,090
1916_ 330.258,745306,606,471 +23,652,274 118.373,536118,050.446
615.285
Chicago Milw & St Paul_ 2,741,523 Seaboard Air Line
98,272,218
117,102,82
—20,830.409
+33,304,905
360.062.052326,757,14
1917_
524 27
Maryland
Michigan
Western
Central
2.035,075
1918_ 438.602,283356.438.87' +82,183,408 75,882,188 95,809,982 —19,927,774 Southern Pac System (8)_ 2,020,628 Northern Pacific
514,067
1919_ 436.436,531439,029,989 —2,593,483 48.130,467 74,979,34 —28,848.880 Chicago Burl & Quincy
421,024
Georgia
of
Central
2.013.073
48,244,641
+37,533.530
85,778,171
+154,239,572
048
1920_ 592,277,82d1438.038,
351.849
Lake_
Salt
&
&
Chicago
Angeles
Los
North
West
1.992,853
1921_ 484,440,498 590,488,184 —128,027,686 97.386,28 78,431,412 +18.934.852 Atch Topeka & S Fe (3)- 1,979,438 N Y Chicago & St Louis_
330.324
+15,848,050
97,818,937
+57,618,155
113,662,987
523.748,483466,130.328
1922_
327.391
Pittsburgh & Lake Erie
1.531.850 Mobile & Ohio
308,083
was 97: Erie (3)
1,343,858 Cin New Ori & Tex Pac_
Note.—In 1908 the number of roads Included for the month of November
298.278
In 1909, 239,038: Cleve C C & St Louis_ _ _ 1,203.625 Wabash Ry
In 1907,87: In 1908 the returns were based on 232,577 miles of road;243,745;
297.950
1914,
In
Pa
of
RR
Union
&
1912,
In
1913.
237,376;
1,128.417
Reading_
In
234,209;
Philadelphia
1911.
In 1910, 241,272; In
275.724
1918, 232,274; In Buffalo Roch & Pitt8---- 1,108,820 Nashville Chatt & Tenn_
246,497; In 1915, 246.910; In 1918, 248,883: In 1917. 242,407; In
273.760
&
Grande__
Denver
Rio
Southern
1912,
235,748.
In
1922,
Ry
235,213;
1,017.360
238,043;
In
1920,
In
1919, 233,032;
270.472
Duluth Miss & Northern
972,887 Boston & Maine
267.268
Union Pacific (3)
926.165 Western Pacific
261,102
Atlantic Coast Line
788.916 Duluth & Iron Range
249.368
_
_
&
Nashville_
Louisville
782,414
Bessemer & Lake Erie...
241,075
N Y N H & Hartford_
671,466 Hocking Valley

It is proper to state that for 1910,for 1909 and for
1908 in the foregoing we use the Inter-State




118

THE CHRONICLE

[VOL. 116.

Increases.
Groups IV. and V. combined include the Southern States south of the Ohio and
Increases.
St Louis Southwestern(2) $240,574 Maine Central
$112,441 east of the Mississippi River.
Toledo St L & Western...
237,313 Louisville Ry & Nay._ _ _
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
107,140
Hudson.._
__
Delaware &
230,729 Pere Marquette
106,792 Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
Long Island
226,624
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
Central Vermont
224,640
Representing 79 roads
and Nebraska, together with Colorado north of a line parallel to the State line
Internet Gt Northern_ _ _
222,588
in our compilation- _$58,041,374 passing through Denver.
Chesapeake & Ohio
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
198,945
Chicago Great Western_ _
195,468
Decreases. Indian Territory, Missouri south of St. Louis and Kansas City, Colorado south
Lehigh & New England_ _
195,325 Lehigh Valley
$733,783 of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
Chicago Ind & St Louis_ _
188,584 Missouri Pacific
410,297 Mexico north of a line running from the northwest corner of the State through
El Paso Southwest
189,291 Del Lack & Western_ __ _
325.546 Santa Fe and east of a line running from Santa Fe to El Paso.
West Jersey & Seashore_
Group X. includes all of Washington, Oregon, Idaho, California, Nevada, Utah
185,700 Trinity & Brazos Valley_
248,988
Indiana Harbor Belt_ _ _ _
175,505 Norfolk & Western
223,384 and Arizona, and the western part of New Mexico.
Yazoo & Miss Valley_
167,811 Colorado Southern (2)
174,985
Grand Trunk Western_ _
147,138 Great Northern
It is proper to point out that in the movements of
170,301
Belt Ry of Chicago
143,653 Chicago R I Lines (2)
166,489
Rich Fred & Potomac
140.908 Central New England_ _ _
123,631 the leading staples Western roads in November
had
Mo & North Arkansas
132,794
St L Merch Bridge Term
124,369
Representing 11 roads
the advantage of a larger grain movement and a
Kansas City Southern.._ _
119,396
in our compilation._ $2,577,404
Note.-All the figures in the above are on the basis of the returns filed larger livestock movement and Southern roads benewith the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the sepa- fited by a larger cotton movement. For the four
rate roads so as to make the results conform as nearly as possible to those
weeks ending Nov. 25 the receipts of wheat at the
given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, Pittsburgh Cincinnati Chicago & St. Louis and Western primary markets were 38,475,000 bushels in
Grand Rapids & Indiana), the Pennsylvania RR. reporting $6,825,938
Increase. For the entire Pennsylvania System, including ail roads owned 1922 as against only 23,475,000 in the corresponding
and controlled, the result is an increase In gross of 87,230,365.
b These figures cover merely the operations of the New York Central four weeks of 1921; the receipts of corn 21,974,000
Itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the New bushels against 14,154,000; the receipts of
oats 21,York Central System, the result is a gain of 812.321,268.
088,000 bushels against 10,205,000; of barley 3,594,PRINCIPAL CHANGES IN NET EARNINGS IN NOVEMBER.
Increases.
Increases. 000 bushels against 2,062,000, and of rye 6,087,000
Southern Pacific (8)$2,014.178 Galveston Wharf
$132,973
Chicago Mllw & St Paul.. 1,864.096 West Jersey & Seashore_
132,646 bushels against 1,520,000. In other words, the reBaltimore & Ohio
1,832,557 Duluth & Iron Range.._ _
131,388
Chicago & North West
1.382,092 Yazoo & Miss Valley_ _ _ _
130,889 ceipts of the five cereals combined in 1922 were 91,Union Pacific (3)
1,344,565 Internet & Great North..
123,164
Illinois Central
1,242,234 Florida East Coast
122,383 218,000 bushels against 51,416,000, being an increase
Michigan Central
1,123,972 Seaboard Air Line
113,992
Chicago Burl & Quincy
1,082,506 Boston & Maine
113,268 of almost 40 million bushels. The details of the
Philadelphia & Reading.. 1,078.390 New Orleans & Nor East
103,049
Pittsburgh & Lake Erie
1,025,632 Detroit Grd Hay & MUw
100,759 Western grain movement in our usual form are
Duluth Missabe & North
720,468 Cincinnati Northern......
100,559
Atlantic Coast Line
668,034
shown in the table we now present:
Central RR of New Jers_
Representing 65 roads
617,596
New York Central
b 598,341
in our compilation.-S24,508.945 4 Wks. end. Flour.
Wheat.
Corn.
Oats.
Barley.
Rue.
Bessemer & Lake Erie_ _ _
576,541
Nov. 25.
(bush.)
(bbls.)
(bush.)
Decreases.
(bush.)
(bush.)
(bush.)
Chicago R I Lines (2)...._
519,262 Norfolk & Western
$1,944,441 ChicagoSouthern Railway
486,533 Delaware Lack & West
1922____
1,718,000
2,761,000
10,503,000 7,915,000
1,435,512
905,000 1,421,000
Louisville & Nashvllle__ _
1921___. 882,000 1,005,000 6,598,000 3,142,000
408,457 Lehigh Valley
964.492
442,000
455.000
Erie (3)
407,636 Missouri Pacific
629,440 MinneapolisBuffalo Roth & Pittsb
1922....
362,237 NYNH& Hartford
13,227,000
372,000 2,278,000 1,240,000 1,013,000
615,976
Central of Georgia
1921____
324,481 Great Northern
9,386,000
574,000 1,853,000
598,857
520,000
522,000
Cinc New Orl & Tex Pac
303,624 Colorado Southern (2).._
499,939 DuluthCleve C C & St Louis_
260,389 Pennsylvania_a
6,493,000
46,000
81,000
395.450
322,000 3,090,000
Atch Top & Santa Fe (3)
1921..___
248,222 Texas & Pacific
4,951,000
265,000
201,000
395.168
849,000
458,000
Mobile & Ohio
244.240 Chesapeake & Ohio
329,669 MilwaukeeChicago River & Indiana
1922.... 403,000
237,210 N Y Chicago & St Louis_
251,000
662,000 1,593,000
299,449
978,000
370,000
Minn St Paul & 8 S M.._
1921_
155,000
219,978 Wheeling & Lake Erie_ _ _
124,000
607,000
1,281.000
235,829
395,000
70,000
Nashv Chatt & St Louis..
200,340 N Y Ontario & Western_
214,891 ToledoLehigh & New England
1922..
196,720 St Louis Southwest (2)...
1,064,000
373,000
238,000
206,276
1,000
99,000
Maine Central
1921___
_
190,316 Hocking Valley
1,681,000
190,000
126,000
200,887
64,000
1.000
Western Pacific
185,610 Wabash Railway
200,514 DetroitPittsb & West Virginia
1922._
183,654 Trinity & Brazos Valley_
184,000
210,000
250,000
134,813
Alabama Great Northern
1921._
173,044 St Louis South Western..
83,000
114,000
183,000
133,001
Missouri ICan & Tex (2)
164.321 New York Connecting
122,080 Omaha & IndianapolisElgin Joliet & Eastern
1922..
2,776,000 3,929,000 2,616,000
157,811 Detroit Toledo & Ironton
120,129
Grand Trunk Western
1921__
146,379 Minneapolis & St Louis
664,000 2,450,q110 1,314,000
110,096 St.
Chic Dot Can & Gr Trk _
Louis139,546
El Paso & Southwestern_
1922__ _ _ 367,000 4,219,000 2,259,000 3,042,000
138,622
Representing 23 roads
79,000
45,000
Los Angeles & Salt Lake_
192l...... 420,000 1,597,000 1,646,000 1,000,000
134,101
In our compilation.- 419,786,909
68,000
6,000
Peoria,a This is the result for the Pennsylvania RR. (including the former
1922_ ___ 161,000
261,000 2,233,000 1,572.000
69,000
49,000
Pennsylvania Company, Pittsburgh Cincinnati
1921_ _ _ _ 194.000
82.000 1,315,000
808,000
24,000
8,000
dyliTaanas
Rapids
Indiana),
Kansas CityChicagoER!rertrngSti39
crease.
1922.......6,256,000
the entire Pennsylvania System, including all roads5,450
838,000 1,371,000
owned
1921____
and controlled, the result is a decrease in net of $206.664.
8,000 3,902,000
365,000
297,000
b These figures merely cover the operations of the New York Central St. JosephItself. Including the various auxiliary and controlled roads, like
1922..
983,000
549,000
132,000
the
Michigan Central,the"Big Four,"&c.,the result is an increase of$3,141,100.
1921...
of AllArranging the roads now in groups or geographical Total
1922____ 2,649,000 38,475,000 21,974.000 21,088,000 3,694,000
1921____ 1,659,000 23,475,000 14,154,000 10,205,000 2,062,000 6.087,000
divisions, acording to their location, in our usual Jan.
1,520.000
1 to
Nov. 25fashion, additional testimony is furnished of the gen- Chicago
1922.....12,173,000 54,091,000 171,022,000 77,054,000 8,774,000
eral nature of the improvement. For it is found that 1921____
9,914,000 44,527,000 161,548,000 77,530,000 7,120,000 5,118,000
4.091,000
every group, without any exception, records improve- Minneapolis
1922__
102,105,000 13,623,000 25,480,000 10,792,000
1921____ 162,000 99,994,000 12,356,000 26,739,000 8,596,000 7,901,000
4,998,000
ment in the gross, and every group also improvement Duluth1922._
48,255,000 12,384,000 4,105,000 4,239,000 34,816,000
in the net with the single exception of the New Eng- 1921__
48,738,000 5,884,000 6,433,000
4,416,000 8,980,000
land Group, where the net falls slightly behind, due Milwaukee
1922.... 2,255,000 2,341,000 21,795,000 19,092,000 8,976,000
1921.___ 1,342,000 19,763,000 22,730,000 17,905,000 8,382,000 2,332,000
3,137,000
mainly to losses on the New Haven road and the New Toledo1922__
6,538,000 3,573,000 3,034,000
9,000
547,000
6,479,000 2,538,000 4,883,000
York Connecting. Our summary by groups is as fol- 1921__
180,000
3,000
Detroit1922.......1
,661,000
2,228,000
lows:
2,289,000
2,000
1921
1,589,000 1,372,000 2,684,000
Omaha & IndianapolisSUMMARY BY GROUPS.
1922_.
25,942,000 46,532,000 21,317,000
Gross Earnings
1921_
31,551,000 34,108,000 21,307,000
Section or Group.
1922,
1921.
Ine.(±)orDec.(-). St. LouisNovember$
1922.... 4,134,000 34,362,000 30,072,000 25,179,000
Group 1 (9 roads), New England
662,000
22,514,130 21,206,966 -I- 1,307,164 6.16
495,000
1921_.... 4,870,000 50,895.000 24,704,000 24,645,000
Group 2(34 roads), East & Middle 169,008,526 146,151,367 +22,857,159
702,000
324,000
15.63 PeoriaGroup 3(26 roads), Middle West
44,450,058 36.805,102 +7,644,956 20.77
1922...... 2,147,000 4,019,000 22,251,000 14,132,000
Groups4& 5(34 roads).Southern
405,000
68,457,851 61,387,685 +5,070,166
143,000
1921____ 2,252,000 1,917,000 14,974,000 9,568,000
Groups6& 7(29 roads), Northweet......101,204,075 86,861,251 +14,342,824 8.25
554.000
389,000
Kansas City-Groups 8& 9(50 roads), Southwest... 97,530,537 93,105,401 +4,425,136 16.50
4.75
73,955,000
53,000
1922____
14,677,000
7,133,000
Group 10(12 roads). Pacific Coast
3,000
22,583,306 20,612,556 +1,970.750 9.56
1921..., 1,008.000 95,959,000 13.273,000 6,451,000
50,000
St. JosephTotal(194 roads)
523,748,483 466,130,328 +57,618,155 12.35
1922.___
10,434,000 8,698,000 1,175,000
1921....
Net Earnings
Oar-Mileage
1922.
1921.
Inc.(+)orDec.(-), Sioux
19,000
1922__
233,000
1922. 1921.
$
102,000
g
1921..
• Group No. 1
7,462 7,522 3,784,977 4,066,900
-281,923 1314
No.
Group
2
34,504 34.468 31,272.033 29,424,922 +1,847,111 6.28
Total of AUGroup No. 3
15,519 15,589 10,757,108 7,918,552 +2,838,556
1922-20,762,000 363,722,000 347,088,000
Group Nos.4 & 5..... 39,061 39.067 13,183,975 11,601,077 +1,582,898 35.84
33,860,000 51,354,000
13.63
1921...J9,548,000 401,412,000 293,487,C00 200,092,000
Group Nos.6 & 7_ _ _ 63,639 63,700 21,837,372 15,313,361 +8,524,011 42.60
198,145,000 30,000,000 21.922,000
62,139 62,047 25,672,418 24,299,672 +1,372,748 5.65
Group Nos.8 & 9
as
far
the
As
Western
13,424 13,286 7,155,104 5,192,453 +1,962,651 37.79
Group No. 10
livestock movement is conTotal
235,748 235,679 113,662,987 97,816,937 +15,846,050 16.19 cerned, the receipts at Chicago comprised 26,671 carNoTE.-6trost,I. Includes all of the New England States.
loads in November 1922 against 24,461 in November
Group II. includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo, also all of New Jersey, Delaware and Maryland, and 1921; the receipts at Kansas City 14,224 cars against
the extreme northern portion of West Virginia.
Group III.includes all of Ohio and Indiana, all of Michigan except the northern 9,872, and the receipts at Omaha 8,198 cars against
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
6,800.
Pittsburgh




JAN. 13 1923.]

THE CHRONICLE

119

has been a rally from this of about 16%. But the regrettable
thing is that the buying power of the'chief farm products of
the country in October 1922 was only 65% of what it was in
1913. It is not at all surprising that emphatic protests are
heard against the attempt§ of organized labor to regain the
highest wages of the bbom period. It is nothing less than an
attempt to continue an unjust advantage at the expense of
the farming population of the country, and, it may be added,
RECEIPTS OF COTTON AT SOUTHERN PORTS IN NOVEMBER AND
the salaried workers of the big towns and cities of the counFROM JANUARY 1 TO NOVEMBER 31 1922. 1921 AND 1920.
try, whose pay has not been increased in anything like the
November.
Since January 1.
same ratio as that of the artisan population. Meantime, the
•
American people are still suffering from the scarcity and
1920.
1922.
1921.
1920.
Porn.
1922.
1921.
the
451,919 347,597 479,843 2,569,359 2,834,531 2.212,665 costliness of coal brought about by an unjust strike of
Galveston
46,915
75,064 768,739 509,206 447,249 mine, workers last year. Civilization will yet deal with quesTexas City, eic
260,028
1,274,455
1,280,4t
6
New Orleans
252,966 153,732 275,768 1,248,313
Mobile
21,029 138,248 129,726 122.946 tions of this kind in a more efficient way than it does now.
17,130
12,847
19,954
19,121
Pensacola, &c
21,491
4,917
1,740
258
Savannah
69,975 105,889 605,192 740,804 794,417 It will not always be possible for a mere fraction of the
40,325
75,554
39,975
16,822
Brunswick
2,300
880
3,213
people as to the
96,057 297,930 population to dictate to over 100,000,000
Charleston
13,061 156,696
15,728
5,573
87,301 supply of fuel and the prices to be paid for it. Fall River
Wilmington
14.857 106,401 109,460
19,204
13,079
Norfolk
58,242 283,570 334,605 241,688
55,775
72,063
3,746 manufacturers have thrown down the gauntlet and notified
1,621
Newport News,&c_
249
109
submit
Total
1.135.160 710.555 1.046.560 5.938,4846.087.241 5,583,017 labor that they would close their plants rather than
to a raise of nearly 30% in wages.
Meantime employment is almost universal throughout the
country. Building total for December was a new high record. That was the case also for the calendar year of 1922.
The State of Trade-Commercial Epitome.
Lumber is remarkably active. The furniture trade is brisk.
Friday Night, Jan. 12 1923.
New England jewelry manufacturers are doing a good trade.
With iron and steel and the textile trades as the leaders, Automobile manufacturing in Detroit is at the peak. Taking
American trade is making a better showing. The holiday American business as a whole, it is believed to be in promislull is passing off. Higher prices prevail for pig iron and in ing shape, although it would be better if-there were a readsome cases for steel. There is a renewal of the activity of justment of prices so that the farming community would not
last fall in more than one line of trade. It is believed that be at such a disadvantage. It would also be better if the
the railroads will be large buyers of materials as the year margin of profit in trade could be increased to a fair return,
advances. The retail trade is better than it was a year ago, in whereas now, as already pointed out, it is reduced by the
spite of the fact that the weather at the West and at the Swollen costs of labor.
The Fall River, Mass., Cotton Manufacturers' Association,
South has been rather mild. Here in the East the winter thus
far has been severe, with storms of rain or snow every few as noted above, has notified the textile unions that their cotdays, but with temperatures above the normal for the sea- ton mills will be closed rather than submit to the demand for
son. The retail sales of 1922 were over 10% greater than in an increase of wages of 29%. The Association points out
1921. It is true that the rise in grain has been in a manner how vital the continuous operation of the textile industry is
halted, owing to the falling off in export business traceable to the welfare of the city, declaring that when working full
partly to Argentine competition and partly to political dis- time the mills pay the operatives over $21,000,000 annually
in wages, "while the stockholders cannot expect to receive
turbances on the Continent of Europe.
A striking incident of the week was the invasion of the more than $3,000,000 in the same period." Answering the
Ruhr valley by France. It declared martial law in the statement that "increased living costs require a return of
Ruhr to-day. The United States Government has ordered wages to the war period rate," the manufacturers say: "It
the withdrawal of American troops from the Rhineland. fs clear that those figures do not justify the contention as a
The feeling in this country is that Germany should pay am- reason for a return to the war scale." The statement quotes
ple reparations, but at the same time there is doubt whether statistics showing that wages paid to-day as compared with
It is going the right way about it to get them. It is believed $1 paid in 1913 place the textile industry well above steel,
that President Harding's suggestion of a commission to look building trades, coal mining and farm labor, the figures beInto the ouestion and decide just how much Germany is able ing respectively $2 10, $1 80, $1 73 and $1 38. No figures can
to pay would have been a better way of arriving at the solu- be found to justify the statement that "the same kind of
tion of an admittedly knotty question, than by the use of work is generally paid from 10 to 33% higher in other textile
force by the French Government. The action of France centres of New England than in Fall River," the mills add,
tends, it Is feared, to isolate her. It is suggested that the ex- and they state that textile wages in Rall River are about
penses incurred by France in the invasion and occupation of 40% higher than are paid by its Southern competitors. The
the Ruhr will prevent its realizing its claims, or at any rate, mills further deny that "the present condition of the industry
in the near future. The invasion of the Ruhr valley has been enables it to make the increase demanded. Unless the mills
a disturbing influence in business both at home and abroad in normal times can pay reasonable dividends, there is an
during the week, although in accordance with the curious end to the growth of the industry in Fall River," the manupsychology of business men, when the event actually occurred facturers say, and add that "capital will not take the risk of
It to all intents and purposes fell flat. The markets at home business depressions, Southern competition, and other vicisand abroad had largely or wholly discounted it. That was situdes unless it may reasonably anticipate such a return on
the case in stocks, cotton, grain and other commodities. Lon- the investment." If this 29% added burden is placed upon
don has been noticeably calm and to-day was cheerful, with the mills "they must go out of business," the manufacturers
the stock market steady. The stock exchanges of Paris and declare. They take up and point out how impossible are the
Berlin, moreover, have not been seriously disturbed. Francs suggestions that the increased wage might be met by increasafter an early break have advanced, though marks have ing the price of goods. A "buyers' strike" would inevitably
reached a new "low." Sterling is higher.
follow, the mill men maintain. The communication is accomIn this country the trend of trade is towards greater activ- panied by a chart and statistics covering practically every
ity, although it is not denied that profits In many lines are phase of the industry, the cost of living and other elements
rather small, owing to the high costs of production. These that must enter into the fixing of a wage scale in Fall River.
high costs are traceable largely to costly labor. Yet textile It looks unanswerable. Fall River cotton mill firemen have
workers in New England, for instance, now demand an in- joined the textile workers in demanding a wage increase of
crease of 29% in wages. It is pointed out that in the textile 29%. The Pacific Mills at Lawrence, Mass., on Jan. 9 asked
Industries outside of the Southern States there has been only employees below the rate of second hand to appoint delegates
one general reduction from the top wages of the boom period, to confer with the management on wages and other matters.
1
2% in December 1920. The average hourly wages Talk from Pawtucket, R. I., is that cotton mill workers
namely 22/
of all labor in 23 leading industries covered by the investiga-' everywhere in New England will try to get higher wages. It
tions of the National Industrial Conference Board was, cu- does not look as though they can get the 29% demanded, but
rious as it sounds, 108% higher in September 1922 than in Co some it does look as though wages will be advanced someJuly 1914. It is pointed out that the farmers have had no what and that some mills will make separate terms with
such increase in pay for their services to society. On the their employees.
contrary, they have had to submit to a price reduction averDavid N. Mosessohn, a lawyer and a director of the Assoaging 50% from the high point of 1920. To be sure, there tinted -Dress Industries of America, was unanimously Sc-

As regards the Southern cotton movement, the receipts at the Southern outports aggregated 1,135,160
bales in November 1922 against 710,555 bales in November 1921; 1,046,560 bales in 1920 and 1,181,606
bales in November 1919, as will be seen by the following:

AnditationsofPUStlICSS




Attivitg

120

THE CHRONICLE

Fol.. 116.

lected to fill the post of supreme arbiter of the dress indus- was substantially larger than
in the corresponding month of previous
try at the annual meeting of the Association on Thursday years, altough 5% less than in October. The decline in the demand for
cars
and
a
further
decrease
in
the
proportion of cars out of repair have
night. The powers conferred on Mr. Mosessohn will be simresulted in a considerable reduction in the freight car shortage.
ilar in scope to those granted Will H. Hays in the moving
Demand for labor continued to increase, as shown by the volume of
picture field and ex-Judge K. M. Landis in baseball. It was employment at industrial establishments. Local shortages of labor were
reported that Mr. Mosessehn will receive a salary of $50,000 reported by steel mills, textile mills, and building contractors in Eastern
districts, but some surplus of common labor was reported from agricultural
a year. The dress industry is one of the five leading indus- districts.
tries in the United States in the volume of merchandise hanWholesale Prices.
Wholesale prices advanced during November and reached the highest level
dled. The wholesale value of the manufactured products
since March, 1921. The rise of two points in the Bureau of Labor Statishas been placed at between $750,000,000 and $1,000,000,000
a tics index to 156 was due chiefly to advances in the prices offarm products,
year.
foods and clothing, which rose to the highest points of the year. These
A Montreal wire on Jan. 8 said that the pulp and paper advances more than offset declines in the prices offuels and mekals.
Volume of Trade.
manufacturing firm of Price Bros., now one of the largest in
Wholesale trade in lines reported to Federal Reserve Banks was substanCanada, is to expand its output of newsprint to equal what
tially larger during November
for the corresponding month last year.
was the total for Canada a decade ago. A three-year pro- Sales of department stores andthan
mail-order houses during November were
gram of enlargement is planned, which will bring the present also larger than a year ago,and reports of Christmas trade thus far received
sales larger than in either 1920 or 1921. The volume of payments
daily output of 300 tons up to 900 tons, or 280,000 tons yearly. indicate
by check was 7% smaller in November than in October. due partly to
the
Despite a big drop in lumber production for the week end- smaller number of business days, but was 10% larger than in
Nov., 1921.
ing Dec. 30 1922, as compared with the week immediately
Bank Credit.
During the period between November 22 and December 20 Federal Repreceding, it was far above the Christmas weeks of many
banks have been called upon to supply the extra currency needs of
previous years, according to figures just published by the serve
holiday trade, and this demand is reflected in an increase of $157,000,000
in
National Lumber Manufacturers' Association.
Federal Reserve note circulation, bringing the total to the highest point
The weather here in the fore part of the week was stormy, for the year. A decline of $43,000,000 in gold reserves was also largely
due to increased use of gold for currency purposes. The total earning
either raining, hailing, sleeting or snowing, and always raw. assets
of the Federal Reserve banks rose during the period $145.000,000.
It snowed and sleeted again on the 9th inst. here. On the 8th partly in response to the demand for currency and partly in consequence of
heavy
Government operations on December 15.
Inst. heavy snows fell and blocked the roads up the State,
In the four weeks prior to December 13 the loans and investments of memstranded autos and delayed trains throughout the eastern ber banks in leading cities were
little changed, though in the latter part of
and northern sections. Real winter arrived. State roads the period a renewed demand was manifested for commerical loans, offset
some
decline
to
extent
by
investments.
a
in
from Albany northward were kept open with difficulty, and
so with steam and electric roads. Rochester, N. Y., on the
Federal Reserve Bank of New York on Banking
9th inst. wired that snow again was falling in western New
Conditions in December.
York, adding to the huge drifts already piled high by the
blizzard of last week and the heavy storm of the 8th inst. A
The Jan. 1 number of the Monthly Review of Credit and
driving wind added to the discomfort. State highways
in Business Conditions of the Federal Reserve Bank of New
the Rochester section were virtually impassable. In the
resi- York has the following to say regarding bank credit and
dential sections there the fall ranged from one and one-half banking conditions during December:
to three feet, completely covering hedges and in some
Bank Credit.
cases
fences. To-day it has been clear and warmer here.
During the period between Nov. 22 and Dec. 20 Federal Reserve banks
Summary of Business Conditions by Federal
Reserve
Board.
Beginning with January, a national summary of
business
and credit conditions is to be prepared etaeh month
by the
statistical services of the Federal Reserve Board
and the
Federal Reserve Banks, and will deal with the latest
available facts regarding production, prices, trade and
bank credit.
The summary will be published by all the Federal
Reserve
banks in their monthly business reviews each month.
This
summary is of interest, showing as it does an
increasing
volume of trade, an increased demand for labor,
a greater
estimated crop yield, &c. From the summary as given
in
the January number of the Federal Reserve Bank
of New
York, we quote as follows:
The figures for banking will be those of the current
month, but the
other figures will relate to the preceding month.
The index of production includes these 22 series:
Pig iron
Cattle slaughtered
Leather
Steel Ingots
Calves slaughtered
Newsprint
Cotton (consumption) Sheep slaughtered
Cement
Wool (consumption)
Lumber
Petroleum
Wheat flour
Bituminous coal
Cigars
Sugar meltings
Anthracite coal
Cigarettes
Hogs slaughtered
Copper
Manufactured tobacco
Zinc
In combining these series In a single index the different items
have been
weighted in accordance with their relative importance. Allowance
has
been made for seasonal variation,so that the index does not reflect
changes
due to seasonal causes. The combined production index
compares current
output with the production in 1919. The wholesale price index is
prepared by the Bureau of Labor Statistics, and uses 1913 as a base.
Summary of Business Conditions in the U. S.
The volume of production and employment continued upward
in November, and prices registered a further advance.
Production.
Contrary to the usual trend at this season of the year,
production in
basic industries in November continued to increaes. Since
July 1921,
when production was lower than at any time in recent years,
there has
been an almost uninterrupted rise month by month. The
index, illustrated in the charts in which allowance has been made for
seasonal changes,
shows that production in basic industries during November
was 52%
higher than in July 1921. and 7% higher than in October
1922. The
chief advances from October to November were in mill
ocnsumption of
cotton, which reached a monthly total exceeded only once
since 1917,
and in the production of pig iron, which was larger than at any
time in
the past two years. Building operations were maintained on a
large
scale, despite the approach of winter.
Final estimates for the year place the yields of all principal crops
ahead
of 1921. except that of corn which was unusually large in 1921. As a
result of these larger yields, and of higher prices as well, the total
farm
value of crops grown in 1922, based on prices received at the farm as
of
Dec. 1, is estimated to be 25% larger than in 1921, but 17%
less than
In 1920.
Increased production Was accompanied by continued heavy freight
movement. The total number of railroad cars loaded during isioyember




have been called upon to supply the extra currency needs of holdlay trade,
and this demand is reflected in an increase of $157,000,000 in Federal
Reserve note circulation, bringing the total to the highest point for the
year. A decline of $43,000,000 in gold reserves was also largely due to
increased use of gold for currency purposes. The total earning assets of the
Federal Reserve banks rose during the period $145,000,000, partly in
response to the demand for currency and partly in consequence of heavy
Government operations on Dec. 15.
In the four weeks prior to Dec. 13 the loans and investments of member
banks in leading cities were little changed, though in the latter part of the
period a renewed demand was manifested for commercial loans, offset to
some extent by a decline in investments.

Banking Conditions.
In this district financial developments during the month centered around
the operations in the Government debt on Dec. 15. The chief of these
was the redemption of the called series of Victory notes, of which about
$250,000,000, it was estimated, would be presented for redemption in this
district. Both here and elsewhere, however, the volume of Victory notes
presented on Dec. 15 was relatively light, and up to Dec. 27 somewhat
less than $125,000,000 had been received by the New York Reserve Bank.
The delay in presentation was owing largely to the very wide distribution of Victory notes at the time of their sale in May 1919. Previous action
on the part of the Treasury had resulted in the earlier retirement of large
blocks of Victory notes held by banks and other financial institutions,
corporations, and large investors, and the amount remaining outstanding
on Dec. 15 is believed largely to represent notes held by individuals in
comparatively small amounts. Though interest has ceased, these widely
scattered individual-holdings of called notes are being presented for redemption very slowly.
In consequence, the amount of money in this district available for reinvestment on Dec. 15 was from $125,000,000 to $175,000,000 less than was
anticipated. On previous quarterly tax dates disbursements made by the
Government in this district have ordinarily much exceeded, for a few days
at least, the amounts available from collected tax checks, and ease in the
money markets has ordinarily resulted. On Dec. 15 the excess of Government disbursements over collections was smaller than usual, and this excess
was largely employed by the banks in paying a heavy withdrawal of Government deposits called on Dec. 15. Thus, contrary to recent experience, the
quarterly tax day and a period thereafter were attended by stiffer rather
than easier conditions in the money markets.
While the now Treasury issues dated Dec. 15 wore oversubscribed, the
oversubscriptions were smaller than usual. The offerings included $300.000,000 or thereabouts of 2 -year Treasury notes bearing 4 % interest,
and $400,000,000 or thereabouts of Treasury certificates, in two series, one
maturing In three months bearing 34i% interest, and the other maturing in
one year bearing 4% interest. Total allotments amounted to $780,164,100.
of which $348,993,700 was in this district. Subscriptions for certificates
were allotted in full. Cash subscriptions for notes were scaled, with
preference to the smaller subscriptions, but exchanges of Victory notes and
certificates for the new offerings were accepted in full.
There was little change from a month ago either in the volume of loans
by this bank to its members or in the loans of member banks to their customers, except that member bank commercial loans have recently tended
again to rise, continuing a tendency noted in the early fall, but thereafter
Interrupted.

Postal Receipts in Fifty Selected Cities Highest on
Record in December.
Despite the enormous handicap of five Sundays, December postal receipts in fifty selected cities were the largest in
the history of the service, jumping from $26,727,276 for

THE CHRONICLE

JAN. 13 1923.]

December 1921, the previous high record, to $29,150,025,
a gain of $2,422,750, or 9.6%, according to figures received
at the Post Office Department on Jan. 6. The statement
issued by the Department says:
One more city was added to the "million dollars a month" class, when
St. Louis, with a gain of 15.03% over last year, reported December receipts
of $1,104,297. New York, Chicago, Philadelphia and Boston are the other
cities in this class.
Richmond, Va., with an increase of 21.46%, reported the largest percentage of gain for the month. Detroit was second with 17.85; St. Paul
third, with 17.65; Brooklyn fourth, with 17.64; Dallas fifth, with 17.52;
Hartford, Conn., sixth, with 17.26; Minneapolis seventh, with 16.82;
Providence eighth, with 16.60; Los Angeles ninth, with 16.17; and Kansas
City tenth, with 15.86%•
Only two of the fifty cities-Jersey City, N. J., and Jacksonville, Fla.reported decreases, the former of 14% and the latter of 4.65%•
The largest gain in dollars and cents was reported by Chicago, which
Increased its December 1921 receipts by $39J,996 91, although the percentage increase was only 8.77.
Tabulated figures showing comparative receipts follow:
STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES FOR
THE MONTH OF DECEMBER 1922.
OFFICES.

December
1922.

December
1921.

Increase.

Per Ct. Per CS. Per Cs.
1922 1921 1920
over over over
1921. 1920. 1919.

New York, N.Y $5,490,027 75 $5,282,418 22 $207,609 53 3.93 5.87 9.78
Chicago, Ill_ __ 4,850,094 57 4,459,097 66
390,996 91 8.77 8.24 *1.15
Philadelphia,-Pa 1,749,459 86 1,576,472 79
172,987 07 10.97 *1.39 16.07
87,796 53 6.47 8.50 2.12
Boston,Mass.__ 1,445,723 56 1,357,927 03
959,943 38
144,353 76 15.03 12.66 3.63
St. Louts, Mo.... 1,104,297 14
648,305 51
102,833 09 15.86 5.48 3.73
KansasClty,Mo.
751,138 60
618,126 17
53,080 91 8.59 2.40 7.78
Cleveland, Ohio.
671,20708
San Francisco,
695,275 84
12,450 28 1.79 19.60 7.34
Calif
707,726 12
645,644 09
113,962 47 17.64 *4.82 14.62
Brooklyn, N.Y..
759,606 56
615,243 85
109,881 84 17.85 2.19 6.62
Detroit, Mich
725,125 69
61,224 00 10.57 *4.60 1.821
579,265 91
640,489 91
Pittsburgh,Pa
107,686 19 16.17 18.23 32.49
665,479 34
LosAngeles,Calif
773,165 53
Minneapolis,
88,896 47 16.82 12.83 13.48
617,441 74
528,545 27
Minn
490,599 86
61,223 54 12.48 7.86 12.05
Cincinnati, Ohio
551,823 40
23,400 14 4.96 8.19 9.06
471,434 65
494,834 79
Baltimore, Md_
35,212 90 7.65 12.21 5.55
460,181 37
495,394 27
Washinston,D.0
55,374 22 15.09 0.15 7.29
366,937 95
Buffalo, N. Y
422,312 17
390,827 50
30,889 95 7.90 10.71 15.46
421,717 45
Milwaukee, Wis.
22,294 75 7.15 13.01 11.30
311,880 82
334,175 57
Indianapolls,Ind
57.213 76 17.65 17.22 15.66
324,198 22
St. Paul, Minn_
381,411 98
36,875 25 14.14 *0.75 0.06
260,829 36
Atlanta, Ga
297,704 61
35,473 76 12.83 9.94 7.23
276.544 85
Denver, Colo__ _
312,018 61
11,512 55 4.47 11.38 1.59
257,606 10
Omaha, Neb_ _
209,118 65
272,895 66
30,895 79 11.32 5.51 17.22
303,791 45
Newark, N. 3
249,986 13
43,805 23 17.52 8.84 *9.20
Dallas,Texas__ _
293,791 36
265,684 90
38,139 52 14.35 *5.03 7.17
Seattle, Wash
303,824 42
252,738 22
2,46729 0.98 14.06 1.45
New Orleans, La
255,20551
24,352 47 11.43 23.23 6.84
213,112 30
Rochester, N.Y.
237,464 77
Des Moines, Ia..
237,500 87
15,935 09 6.71 508 20.61
253,435 96
233,754 23
34,926 11 14.94 4.85 19.65
Portland, Ore
268,680 34
209,20932
6,45886 3.09 9.27 10.96
Louisville, Ky.. _
215,668 18
210,182 66
14,905 62 7.09 6.58 11.74
Columbus,Ohio.
225,088 28
169,023 33
11,183 43 6.62 0.46 11.93
Toledo, °Mo.__
180,206 76
151,113 42
Richmond, Va....
32,438 19 21.46 13.69 9.15
183,551 61
166,843 80
27,704 95 16.60 4.46 4.62
Providence, R.I.
194,548 75
Memphis,Tenn_
143,790 44
19,662 35 13.68 0.30 18.74
163,452 79
Hartford, Conn_
140,798 08
24,284 78 17.28 1.70 14.72
165,082 86
131,047 81
4,92859 3.76 0.64 14.85
Houston,Texas_
135,976 40
138,960 71
Nashville, Tenn.
6,942 16 4.99 4.42 12.89
145,902 87
Ft. Worth, Tex_
149.022 06
10,474 12 7.03 ____ __ _
159,496 18
14,968 28 11.60 0.42 11.63
Syracuse, N. Y_
129,092 09
144,060 37
New Haven. Ct.
132,670 89
1,30685 0.98 11.07 4.64
133,977 74
126,800 55
9,079 87 7.16 21.50 6.89
Dayton, Ohio
135,880 42
Grand Rapids,
125,295 07
3,19879 2.55 13.05 19.89
Mich
128,493 86
*20.21342 *14.00 2.63 59.17
144,367 66
JerseyCity,N.J.
124,154 24
Salt Lake City,
Utah
14,242 38 14.17 *1.45 10.97
114,822 26
100,4579 88
105,815 14
12,986 05 12.27 0.58 11.73
118,801 19
Springfield,Mass
Akron, Ohio_
101,408 71
11,580 74 11.42 12.92 *20.91
112,989 45
94,704 90
6,95982 7.35 7.52 5.24
Worcester,Mass.
101,664 72
88,091 11
Jacksonville,Fla.
*4,094 13 *4.65 12.82 3.45
83,996 98
Total
529.150.025 33 526.727.275 68 52.422.749 65 9.06 6.66 8.13
•Decrease.
Per cent of increase: Sept. 1922 over Sept. 1921, 11.55%; Oct. 1922 over Oct.
1, 14.34%; Nov. 1922 over Nov. 1921, 13.79%.

Views of George M. Reynolds and John J. Mitchell.
George M. Reynolds, Chairman of the Board of the Continental & Commercial National Bank of Chicago, and
John J. Mitchell, Chairman of the Board of the Illinois
Trust & Savings Bank of Chicago, express themselves
optimistically as to business activity in interviews in the
Jan. 4 issue of the semi-monthly "Business Review" published by Albert Frank & Co. We quote their view as
follows as published in the "Review":
George Reynolds Sees Sober Progress Ahead.
"With strong bank reserves, moderate interest rates and a plentiful supply of loanable funds for legitimate enterprise, and with the knowledge that
the present business revival is only a year old, there is ample reason for
conservative optimism," said George M. Reynolds, Chairman of the Board
of the Continental & Commercial National Bank of Chicago, in discussing
the present and developing situation with a representative of this publication.
"But," he added, almost in the nature of a warning against unhealthy
and too rapid expansion,"I see no indication of a boom."
"Although there were many obstacles In the path of business during 1922,"
continued Mr. Reynolds, "the general trend was upward. Not until
toward the closing months did active paying and merchandise buying on
the part of the farmer materialize. The foreign situation and the coal and
railroad strikes had a sobering effect upon what otherwise might have
developed into over-optimism."
Pointing out that the farmers'condition, due to favorable crops and better
prices, had improved, Mr. Reynolds said that the farmer had become
more of a positive factor in the present cycle of prosperity. Though there
was some talk of another period of inflation he felt sure that one was not
likely to occur until the purchasing power of the farmer got to be much
broader than it was to-day. Though better than a year ago, according to
Mr. Reynolds, the farmers' income is too meager to permit him to do his
slu.re toward sustaining inflation. Mr. Reynolds also believes that the
whole country too well remembers the experiences of the latter part of 1920




121

and the whole of 1921 to start another orgy now that would lead to a recurrence ofthose troubles.
"Recent quotations for exchanges for some of the leading European
countries," Mr. Reynolds went on, "point to the efforts that have been
made to restore economic soundness abroad. We need international trade.
It is not up to what it used to be, but it was large enough in 1922 to help
tremendously. No doubt it will be sufficient in the coming twelve months
to furnish a considerable outlet for our surplus raw materials and farm products. But the recovery which has been on the way proves that we need
not wait for complete restoration in Europe."
Confidence Returning says John J. Mitchell.
John J. Mitchell, Chairman of the Board of the Illinois Trust & Savings
Bank of Chicago, in discussing the business and financial outlook for 1923
with a representative of the "Business Review," said that for the first time
In four years merchants, manufacturers and investors approached their
inventories this year with confidence. For the first time in this period,
he said, inventories would show satisfactory profits instead of heavy losses
to be written off later on.
"These things give confidence," Mr. Mitchell added. "and as confidence
is the life of trade they augur well for business in 1923."
"However." continued Mr. Mitchell, "nothing in the nature of a boom
either is to be desired or anticipated. For that matter, any real prosperity
with industry at capacity production is not likely until Europe, our best
customer, has materially improved her financial and economic situation.
We need the European market for our surplus production and Europe needs
our merchandise and foodstuffs. But until at least a basis for a settlement
of the reparations question and the war debts has been determined Europe
has neither the cash nor the credit to purchase the supplies she needs and
we wish to sell."
Mr. Mitchell expressed the opinion that such a settlement might be
brought about sooner than appears possible on the surface just now. While
he said that the various dispatches from Washington, New York and the
European capitols probably were based on little more than unconfirmed
reports, he added quite significantly, "where there is so much smoke there
must be a little fire."

Frederic H. Curtiss of Federal Reserve Bank of Boston
on the Situation.
Taking the view that "the majority of business men and
bankers in New England are looking forward hopefully yet
cautiously to 1923, especially the earlier part of the year,"
Frederic H. Curtiss, Chairman and Federal Reserve Agent of
the Federal Reserve Bank of Boston, in his Monthly Review
issued Jan. 1, adds in part;
The sudden end of the last period of prosperity In 1920 has not been
forgotten, and, as a consequence, business men are more cautious than at
that time. Manufacturers, jobbers and retail merchants alike have
operated on a hand-to-mouth basis throughout the past year, keeping their
stocks as small as possible. Actual consumption of goods, on the other
hand, has been large, and is at present exceptional, as is shown by the
enormous total of holiday purchases. The annual consumption of merchandise continues year after year at very nearly a constant rate. With
retail merchants' stocks low and their outstanding orders small. it would
seem that merchants must call on wholesale jobbers and manufacturers
for large quantities of goods during the next few months. This in turn
would result In a high rate of manufacturing activity, inasmuch as manufacturers' stocks, too, are generally small.
The year 1922 will go down in business history as one of exceptional building activity. Many projects which were postponed during the war period
and later, when construction prices were so extremely high, have been
started during the past year, and, judging by the large number of contracts
awarded even during the past few weeks of cold weather, the building
industry should be busy again next spring. It is difficult to estimate how
much impetus this boom has given to other industries, but it must have
been large. Recent activities have tended more to residential construction
than to factories and business buildings, and that in itself may be construed
as a healthy sign. There is a shortage of building mechanics in many
sections of New England, as in some other parts of the country, and wages
are consequently high. The building industry will probably have to watch
construction costs more closely during the next year than it has in 1922,
because they are considerably higher than they were a year ago.
The credit situation has undergone considerable change during the past
twelve months, largely as a result of the increase in business activity and
some increase in confidence, as well as higher commodity prices. A year
ago, interest rates were falling, and the volume of bank loans declining,
but even at that time an improvement in business was noticeable. It was
not until midsununer that interest rates ended their drastic decline of the
previous year and a half and that credit liquidation came to an end. Late
in August money rates became stronger, and bond prices were soon affected.
starting to decline in the latter part of September. The year ended with
money rates firm and higher than in midsummer, although not high enough
to cause any apprehension nor to check business expansion. Indeed, the
Improving volume of business in 1922 caused no strain on the credit resources
of the country, but rather induced a healthy increase in the volume of
loans of banks to their customers. While the member banks made some
recourse to the Federal Reserve System to finance the larger volume of
loans, redisoounts have been of moderate proportions and there remains
both within the banks themselves and in the Reserve System ample credit
for the requirements of business during the coming months. . . .
Looking ahead into 1923, the prospects seem to be good, contingent,
among other factors, on the willingness and ability of merchants and
consumers to buy merchandise at the higher prices necessitated by increasing
wholesale quotations, and also on that other important factor, the foreign
situation. In all probability the impetus given to general business by the
activity in the building industry will continue well into the coming year.
Undoubtedly one of the most optimistic factors in the whole situation is
the sound condition of the banking system of the country.

Prediction of Thornton Cooke of Kansas City for 1923.
The January 1923 number of the "Trans-Mississippi
Banker" prints the views of Thornton Cooke, President of
the Columbia National Bank of Kansas City, Mo., on the
question of the continuance of present prosperity, in which
he hazards the view that "prosperity can be predicted for at
least the first half of 1923, and will continue beyond that if
the crops are good." The following are the questions put to
Mr. Cooke and his answers thereto:

122

THE CHRONICLE

[vol.. 116.

Q. Do you believe that it would be advisable at this time for the banks nation of a distraught world and that we want to continue to do business
to encourage expansion of credits?
with these debtor countries.
A. To a moderate extent, yes.. The Federal Reserve Bank has deeply
We seem to have every incentive, therefore, to at least "sit in on the
modified our credit system, and it is bound to become the normal course, if, creditors' meeting," as it were, and participate in the working out of a
indeed. it is not already normal, for many banks to rediscount at the practical and concrete plan looking towards a rehabilitation of the economic
Federal Reserve during the seasons of business activity.
and industrial life of the principal European countries. Nor do we believe
Q. What is the outlook for prices?
that these intricate problems will ever be solved until an international
A. So long as the Federal Reserve Bank maintains a large reserve ratio economic and financial conference is held in which the United States is
75%—there
reservoir
is
now
of potential credit. This credit is properly represented and will lend its best efforts to bring about a settleis a
—it
bound to come into use. Some of It will be absorbed indirectly by loans ment of these international controversies, which
ever since the signing of
to European governments and industries—that is, such loans will be the armistice have prevented international trade from resuming its normal
floated here, will absorb capital now used or that might be used in American flow and have closed to American exporters some of the best markets for
business, and so will lead American business to apply through member their products.
banks for Federal Reserve credit in larger volume. This movement will
We cannot help but repeat,therefore,that it behooves us to lend a helping
go side by side with the tendency of many business men to bid up a little hand in curing some of the economic ills of
Europe, because upon its resfor commodities when credit is available to pay for them. After all, a toration depends in a very large measure the
return of real prosperity in
price is merely the amount of gold, or of some representative of gold, that our own country. Until these problems are solved it is hardly time for
will exchange for a given article, and when there is a lot of gold not in use, going "full steam ahead" and we think it Is highly
essential that optimism
as is the case now in this country, one may be sure that the time will come be tempered with caution and conservatism, lest we
drift into a second
when more gold will be given for goods. Of course some articles may fall in period of inflation without the fundamental economic facts to
support it.
price while others rise, but the general tendency will be upward.
Q. What is the position of the farmer in respect to other members of the
Detroit's Bank Deposits Point to Prosperity.
community?
A. The farmer is still at a disadvantage because the average of the
reporting a gain of $96,788,000 in the deposits of 16
In
prices of what he has to sell is still low compared with the average of the
prices of.the things he has to buy. His disadvantage has rapidly lessened downtown Detroit banks during 1922. with the People's State
in recent months, and the farmer who remained conservative during the war Bank heading the list with an increase for the year
of $19.did not load himself up with high-priced land equities and has arranged
his business so as to employ his time for twelve months a year in raising 125,000, the Detroit "Free Press" of Jan. 4 has the following
hogs and in dairying instead of in raising grain alone, is getting ahead. to say:
The disadvantage of the farmer will not, however, wholly disappear until
Despite unfavorable business conditions, with extensive unemployment
his European markets are restored to a considerable degree. That time early in the year and various serious handicaps which retarded
progress
cannot come until our statesmen learn that steamboats have been invented, through succeeding months. Detroit achieved considerable prosperity in
that communication is now so rapid that Western .ivilization is now one 1922.
whole. Europe and America one economic entity, and that it would not be
This is substantially borne out by an increase of $96,788,000 in total
wise and is in fact impossible for this nation any longer to escape all the deposits of the sixteen downtown banks of Detroit as revealed in comparing
responsibilities of the major problems of civilization.
their published statements of condition at the close of business Dec. 29.
Q. Do you favor amendment of the present immigration laws in view with the figures presented in their similar reported on Dec. 31 1921.
of the growing shortage at labor?
The sixteen banks show total deposits of $531,290,000 on Dec. 29 1922.
A. No. We do not get the best of Europe as it is. An apparent increase Furthermore, it is a matter of interest that each of the sixteen institutions
of prosperity could be built up by letting the bars down again, but it would reports figures indicating a substantial increase in deposits during the year.
be at the expense of our race, our country and finally of our prosperity.
The deposits of each of the banks, with the amount of the increase for
The original American stock will people the country and do its work if not each, are presented in the table below:
subjected to the competition nethe low standards of living that immigrants
Deposits
Increase
from southern and eastern Europe would bring. Americans will do the
Dec.291922. for Year.
Banks—
work with Yankee inventions, and more efficiently than the riff-raff of Peoples State
$105,335,000 319,125,000
Europe can do it. We must disregard temporary advantage to preserve First National
81,846,000
8,955,000
our racial integrity.
Wayne County Home
76,787,000
9,556,000
Q. Is the tariff based so as to help or hinder business?
Dime Savings
46,030,000
11,252,000
A. The tariff hinders business and the farmers of the Central West are Peninsular State
34,202,000
6,401,000
not being fooled by the tariff on Canadian wheat either, knowing that if National Bank of Commerce
31.592.000
3,480,000
Kansas wheat doesn't meet Canadian wheat at Minneapolis, it will meet it Bank of Detroit
26,322,000
5,401,000
at Liverpool. American capital and labor are employed in those things Detroit Saving's
26.118,000
4,280.000
they can produce to the best advantage, and it is foolish to try to divert Merchants National
25,440,000
8,617,000
them from this profitable production into lines that have to be subsidized Central Savings
22,525,000
7,736,000
by tariffs.
18,853.000
American State
3,590,000
Q. Do you consider the railroads to be in a fundamentally sound position? First State Bank of Detroit
12,761,000
2,277,000
A. The railroads in general are under able management, but a condition Commonwealth-Federal Savings
10,299,000
2,197.000
in which they are short of equipment, short of trackage, and with income United Savings
8,608,000
1,720,000
on their invested capital averaging less than 5% can hardly be called a Commercial State Savings
3,011,000
1,584,000
sound position. The Government limits their income and they now face Continental Bank
1,561,000
617,000
a rising tendency of wages. Certain of the roads are in splendid condition
and able to make good returns to their shareholders in 'the face of these
$531,290.000
Totals
$96,788,000
difficulties, but it can not be said that the railroad problem as a whole
It is of interest also to consider that the total for Greater Detroit as a
has been solved.
whole undoubtedly was substantially greater than the foregoing total as
Q. What is the general present outlook?
the list does not include the six trust companies in Detroit nor any of the
A. It is good. We have had excellent agricultural production. The many banks in the outlying parts of the city, or in its environs and suburbs.
price ratios between our different products are coming into better adjustment: we bid fair at last to take an effective interest in those European
problems whose solution is essential to the completer adjustment of our
Secretary of Agriculture Wallace on Prospects for
trade: the Inter-State Commerce Commission is giving attention to the
Agriculture in 1923.
better correlation of our railroad facilities, and our labor is well employed.
Prosperity can be predicted for at least the first half of 1923. and will
In reviewing agricultural conditions of the past year and
continue beyond that if the crops are good.
indicating the prospects for 1923, Secretary of Agriculture

Wallace, in a statement made public Dec. 31, says:
Views of R. S. Hecht of Hibernia Bank & Trust Co.
Briefly reviewing the business situation as seen at this
time, R. S. Hecht, President of the Hibernia Bank & Trust
Co. of New Orleans, in the 52nd annual report to the stockholders, under date of Dec. 30, refers to the fact that 1922 has
been a year of readjustment and of substantial progress. He
points out that the period of over-expansion, which terminated in 1920, was followed by an era of deflation which ran
its course in 1921, and during 1922 we have traveled very far
towards a return to "normal" business. Indeed, he says, "if
the fluctuation of bank deposits may be considered as a reliable barometer of fundamental business conditions, we have
concrete evidence that our rate of progress has been very satisfactory, for the comparison of present Southern bank deposits with the same month last year shows a remarkable upward movement.' As to the outlook for 1923, he says:
So far as the outlook for 1923 is concerned, we are of the opinion that
business generally will continue to show improvement as compared with
1921 and 1922. On the other hand, we cannot subscribe unreservedly to
the optimistic predictions made in many quarters, to the effect that the
coming year will bring us a complete return to normal conditions and
full
prosperity throughout the country.
If we were to consider the domestic business situation alone we might view
the outlook in the same enthusiastic manner, but we feel that the unsettled
haternational conditions will continue to have a far-reaching effect on American business, and that we cannot have real prosperity anywhere until the
tangled affairs of Europe have somehow been adjusted and a stable basis
for international trade worked out.
If we expect in future to play an important part in the world's trade we
cannot now refuse to contribute something towards world rehabilitation.
Of course, no one in this country wants to mix in Old World politics, but
we cannot escape the consequences of the fact that we are the creditor




Twelve months ago most of the six million farmers of the United States
were starting on the long hard climb out of the valley of economic depression.
They have not yet attained the heights which are bathed in the grateful sunshine of prosperity. Some, indeed, have fallen by the way. Others are still
in the valley. Nevertheless, as we stop a bit and look backward we can see
that very considerable ground has been gained by the great majority, and we
can enter the New Year with renewed hope and with that courage which
comes from the realization that we are really making progress.
A year ago, when speaking of the prospects for farming in 1922, I said that
while there was no reason to expect boom times for the farmer in the near
future, there was promise of better times, both for the farmer and for those
whose business is largely dependent upon him. The year has brought fulfillment of that promise. Speaking generally, times are better, much better,
than a year ago, both for agriculture and for industry.
Crops have been good, on the whole. Prices of the major crops are mostly
considerably higher. While there has been a corresponding advance in the
prices of the things the farmer must buy, the total sum which farmers will
receive for the crops of this year is greater by a billion and a half dollars or
more than that which they received for the crops of last year. This will certainly mean better times on the farm, and farm folks will be able to ease up a
little on the grinding economy they were forced to practice the preceding
year.
The labor cost of producing the crops of 1922 was still further reduced.
There were some substantial reductions in freight rates. Much helpful legi,
lotion has been enacted and more will be this winter. Interest rates are lower
and the credit strain has been eased. This has made it possible for many
farmers who were rather heavily involved, to refund their obligations and
get themselves in condition to win through.
There are still some dark spots. In some sections weather conditions were
unfavorable and crops were short, and farmers in these sections are having a
very hard time of it. Freight rates are still too high, especially for those who
must pay for a long haul to market.
Taxes are high, but this is largely due to the increase in local taxes, over
which farmers themselves must exercise control.
There has been gratifying growth in farmers' co-operative marketing associations, and more of them are being organized on a sound business basis.
Aside from the help which has been given by legislation and by Administration activities, strong economic forces are at work to restore a more normal relation between agriculture and other industries.

JAN. 131923.1

TTTE CHRONICLE

The peril in the agricultural depression is more keenly realized by other
groups than ever before, and on every hand a sincere desire is being evidenced
to do what can be done safely to help the farmer better his condition.
Everything considered, we have good reason to expect still better things
for agriculture in the year 1923.

Lead and Zinc in 1922.-Good Gain in Lead and Large
Gain in Zinc.
The mine and refinery output of lead in the United States
in 1922 each made a good gain, and the mine and smelter output of zinc each increased about 70%, according to a statement by C. E. Siebenthal and A. Stoll, of the United States
Geological Survey, Department of the Interior, compiled
from reports and estimates by producers and others. Data
for the Western States are taken from the advance statements issued by the Geological Survey's Western offices.
Statistics of imports and exports are taken from the records
of the Bureau of Foreign and Domestic Commerce; the imports include only those for the period before the new tariff
went into effect (Jan. 1 to Sept. 21), but the exports include
the actual exports for 10 months plus an estimate for November and December. The statement of the Geological Survey says:

123

as compared with 198,232 tons from domestic ores and 2,268 tons from foreign ores, a total of 200,500 tons in 1921. In addition to primary zinc there
was an output of about 24,000 tons of redistilled secondary zinc, as compared
with 17,573 tons in 1921, making a total supply of distilled zinc and electrolytic zinc in 1922 of about 363,000 tons, of which 95,000 tons was high
grade and intermediate, 46,000 tons select and brass special, and 222,000 tons
prime western. The output of the corresponding grades in 1921 was 29,080,
47,814 and 141,179 tons, respectively, a total of 218,073 tons. Of the total
output of primary zinc in 1922, about 77,000 tons was made in Illinois, as
against 48,885 tons in 1921; 64,000 tons in Oldahoma,'as against 41,244 tons,
and 73,000 tons in Pennsylvania, as against 38,378 tons.
The imports of foreign slab zinc up to Sept. 21, when the new tariff went
into effect-no later statistica•being available-amounted to 45 tons, as compared with 6,739 tons in 1921. No American zinc was returned in 1922, as
against 731 tons in 1921. Not included in the imports given above is 415
tons of sheet zinc imported and entered for consumption in the first nine
months of 1922, as compared with 6,688 tons in 1921.
The exports of zinc made from foreign ores were about 2,600 tons, and
those of zinc made from domestic ores were about 28,000 tons, as'compared
with exports of 1,256 and 3,569 tons, respectively, in 1921. The exports of
domestic zinc included about 3,000 tons of sheet zinc, as against 1,816 tons in
1921. The stock of zinc at smelters and in warehouses at the end of November was about 15,500 tons, as against 70,452 tons at the end of 1921. The apparent consumption of primary zinc in 1922 was thus about 363,000 tons, as
compared with 203,600 tons in 1921 and 323,043 tons in 1920.
At the end of November 74,692 retorts were reported in operation out of a
total of about 150,000 retorts at active plants, as compared with 42,200 retorts in operation at the end of 1921. Advices in December put the number
expected to be in operation at the end of the year at about 77,000 retorts.
The average quoted price for prime western zinc for immediate delivery at
St. Louis in 1922 was slightly above 5.7 cents a pound, as compared with an
average selling price for all grades of 5.0 cents in 1921. The price of prime
western zinc at the beginning of the year was 4.85 cents in the St. Louis market and after declining to 4.5 cents through February, it rose steadily until it
reached 7.35 cents about the middle of November. The price at the end of
the year was about 7 cents.

Mine Production of Lead.
The output of soft lead by mines of the Mississippi Valley (including the
small output of the Eastern States) was about 256,000 short tons, and that of
argentiferous lead by mines of the Western States was about 208,000 tons, a
total of 464,000 tons. The corresponding figures for 1921 were 237,209 tons
from the Mississippi Valley and 172,491 tons from the Western States, a total
of 409,700 tons. The southeastern Missouri district made the largest output,
nearly double that of any other. Its output was 184,000 tons, as compared
with 175,160 tons in 1921. The Coeur d'Alene district of Idaho came next
with about 98,000 tons, nearly the same as in 1921. Utah made an output of Wholesale Meat Prices Close to 1913 Levels Says Presiabout 67,000 tons, a gain of 50% over 1921. The imports of lead in ore undent of American Meat Packers.
der the old tariff from Jan. 1 to Sept. 21, inclusive, the only period for which
The wholesale prices of beef, pork and veal have become
figures are available, were 6,368 tons, furnished chiefly by Canada, Mexico
and South America, and those of lead in bullion were about 52,000 tons, al- Virtually stable at levels close to those which prevailed in
most wholly from Mexico, as compared with a total of 42,984 tons in 1921.
1913, according to Charles E. Herrick, President of the InstiThe lead content of lead ore and base bullion in bonded warehouses on Jan. 1
tute of American Meat Packers, in a statement issued Jan. 1
was 19,186 tons, all of which was withdrawn before Sept. 22.
Mine Production of Zinc.
The recoverable zinc content of ore mined in 1922 was about 442,000 tons, as
compared with 256,746 tons in 1921. The output of the Eastern States was about
90,000 tons (80% from New Jersey), that of the Central States about 272,000 tons, and that of the Western States about 80,000 tons, as compared with
67,711, 175,262 and 13,773 tons, respectively, in 1921. The upper Mississippi
Valley region is credited with an output of about 18,000 tons, and the Joplin
district with an output of about 254,000 tons. Oklahoma made the largest
output, about 186,000 tons, more than twice as large as that of any other
State. In 1922 Montana (almost wholly the Butte district) apparently produced about 57,000 tons, as compared with 11,638 tons in the Butte district
In 1921.
The imports of zinc in ore for the period Jan. 1 to Sept. 21, inclusive, were
1,810 tons, as against 2,705 tons in the entire year 1921, most of which in
both years was imported from Mexico. The zinc content of zinc ore in bonded
warehouses on Jan. 1 was 14,292 tons, all of which was withdrawn before
Sept. 22.
Early in January zinc concentrates containing 60% of zinc were selling in
the Joplin district at $28 a ton, having risen from $20 a ton in August 1921.
The price receded to $25 through February and then by a steady climb rose to
$45 a ton by the middle of November. At the end of the year concentrates
were selling at $40 a ton.
If the output of refined lead made from domestic ores, 461,000 tons, is
subtracted from the recoverable lead content of ore mined in 1922, 464,000
tons, we have left 3,000 tons to cover the lead content of pigments made from
domestic ores. The margin of recoverable tine in ore mined in 1922 over the
output of domestic slab zinc is estimated at 104,000 tons, available for zinc
pigments and salts. But the quantity of lead in pigments made from domestic
ore in 1921 was 9,989 tons and that of zinc in zinc pigments and salts made
from domestic ore was 55,836 tons. There was great activity in the pigment
industry during the year and the marketed output was very large, possibly
twice as large as in 1921. Therefore, smelter 'stocks of lead and zinc ore and
concentrates were probably each reduced during the year.
Refinery Production of Lead.
The output of primary domestic desilverized lead in 1922 was about 181,000 short tons, of soft lead about 204,000 tons, and of desilverized soft lead
about 76,000 tons, making a total output from domestic ores of about 461,000
tons of refined lead, AEI compared with 398,222 tons in 1921, which was made
up of 187,962 tons of desilverized lead, 157,513 tons of soft lead and 52,747
tons of desilverized soft lead. The output of lead smelted and refined from
foreign ore and bullion was about 70,000 tons, as compared with 50,367 tons
in 1921. The total lead smelted or refined in the United States was thus
about 531,000 tons, as compared with 448,589 tons in 1921. The output of
antimonial lead is reported to be about 6,500 tons, as against 10,064 tons in
1921. The exports of lead of foreign origin were about 35,000 tons and of
lead of domestic origin about 5,500 tons, as compared with 34,369 tons and
1,624 tons, respectively, in 1921. The imports of refined pig lead of which
statistics are available for the period under the old tariff only (Jan. 1 to
Sept. 21, inclusive) were 2,500 tons, as compared with 31,301 tons in 1921
and 35,719 tons in 1920. From a total supply of about 533,000 tons of refined lead (exclusive of stocks) there was withdrawn for export about 88,000
tons, leaving 495,000 tons available for consumption in the United States, all
against 444,872 tons in 1921 and 538,020 tons in 1920.
The average quoted price of lead for prompt delivery at New York for the
year was a little under 5.7 cents a pound, as compared with an average selling
price of 4.5 cents in 1921. At the beginning of 1922 the price was 4.7 cents,
and it remained at that figure through the first three months. By early June
the price had risen to 5.8 cents, and it stood slightly under this figure until
the latter part of August. A gradual rise brought the price to about 7.25
cents at the end of the year.

by the Institute reviewing the meat trade during the year
just closed. Two other important elements in the present
situation, Mr. Herrick said, are that domestic consumption
of meat per capita in 1922 shows an increase and that the
British pork market, an important export outlet, shows a recent and present slump in values. "Although prices continue
to move up and down," said Mr. Herrick, "fluctqating with
supply and demand, the price range is not nearly so wide or
so violent as It was two years ago, or even during the last
year." In commenting on the present relatively low prices of
meats, Mr. Herrick pointed out that, in the case of fresh pork
cuts, light pork loins were selling at wholesale at Chicago
during the week of Dec. 16 only two cents a pound higher
than during the same week in 1913; fresh hams, four cents a
pound higher, and leaf lard, spare ribs and skinned pork
shoulders, only one cent higher. "During this same week,"
continued Mr. Herrick, "carcass beef prices were only
slightly, on an average, than during the same week in 1913.
Prime beef was about four and one-half cents a pound
higher; medium beef was exactly the same, and beef from
cows was three cents a pound lower. Carcass veal from a
good grade of calves was selling about five cents a pound
lower than in 1913. Although these examples do not take in
all of the cuts of the various meat animals, I believe that
they are typical and thoroughly representative of the present market. As a rule, such cuts as loins, ribs and fancy
hams and breakfast bacon are somewhat higher now than in
1913, but many other less known cuts are lower, the average
of the whole being but slightly higher than in 1913. Operating expenses are very considerably higher than they were
before the war." Mr. Herrick continues as follows:
The stabilization of the wholesale prices of meat and by-products naturally
has been beneficial to the industry, although it still is difficult enough to sell
the finished products at a price covering the cost of live stock plus expenses
and a modest profit. This difficulty is aggravated, in the case of pork and
hogs, by the slump in the British market.
Moreover, the rate of meat consumption, which has been declining somewhat during the last decade or two, now seems to be increasing.
Production, as represented by the slaughter of animals under Federal insx2c1t.ion, has been noticeably greater than in 1913 and also than in 1920 and

The fact that storage stocks are relatively light at this time and have been
for the last several months is indication that the large volume of production
was moved into consumptive channels.
The export trade held up fairly well, on the whole, until the last of the
year. The European countries, which represent our principal foreign markets
so far as meats are concerned, purchased American meat products in relatively
large amounts, despite the fluctuations of exchange and the lack of money.
The tonnage of meat products exported during the year just closed exceeded
that of 1913 by more than 30%. The value per pound of the meat exported
was only about two cents higher than in 1913-another convincing indication
of the fact that wholesale meat prices, abroad as well as at home, are pracSmelter Production of Zinc.
tically at pre-war levels. The fact should not be disguised, however, that the
The output of primary metallic zinc from domestic ores in 1922 was about present slump in the British pork market is a serious factor and a depressing
tons,
ores
339,000
foreign
about 1,000 tons, a total of
influence.
338,000 tons and from




124

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Glass Workers Get Increase in Wages.
A new wage agreement for the period begining on Jan. 29
and ending June 11 was effected at Cleveland on Dec. 29 by
representatives of the National Window Glass Workers Association and the National Association of Window Glass
Manufacturers. Tjnder the agreement workers in all hand
plants in the country will receive a 13% increase in wages
over that granted last September for the period ending Jan.
27. The increase, however, includes a 10% raise which became effective on Dec. 1, when the price of window glass was
advanced 10%. A clause in the agreement provides that
when the price of glass goes up the workers' wages must be
increased.
$16 Minimum Pay for Women in California.
The $16 minimum wage scale for women in the California
mercantile industries was sustained in an order entered on
Dec. 30 by the California State Industrial Welfare Commission at San Francisco. Almost 30,000 women workers were
affected by the decision. Minors receive less than $16 as
registered apprentices. In 1914, the telegraphic dispatches
say, more than 52% of the women mercantile workers received less than $10 a week.
Lockout

in Children's Clothing Industry Called Off—
Union Assisting Contractors to Secure Higher
Prices from Mnaufacturers.

A rather uncommon condition in industry was revealed
in the lockout of 10,000 workers in children's clothing industry of New York, which was called off on Jan.9 after having been in force approximately two weeks. The lockout
tied up the shops operated by contractors who make clothing for the manufacturers, the sole purpose being to secure
for the contractors higher prices for their service to the manufacturers. Due to a succession of bankruptcies in the contracting branch of the clothing business recently, the contractors declared that wages must be reduced, as they could
no longer, under current conditions, make any profit on the
basis on which they operated. The only alternative, they
pointed out, was an increase in prices for their service to the
manufacturers. The Amalgamated Clothing Workers, the
union, declined to consider a cut in wages, but advised the
contractors to declare a lockout, thereby tying up production
and making it impossible for the manufacturers to deliver
merchandise, the object being to force the manufacturers to
accede to the demand for higher prices. The decision to call
off the lockout was reached after conferences between the
officials of the Amalgamated Clothing Workers and the contractors' associations. It was decided to resume work in
all shops and then call strikes and stoppages by small groups,
in this way hoping to force the manufacturers to increase
their prices to the contractors and prevent a complete tieup of the entire industry. To prevent a lockout of the 50,000
workers in the men's clothing industry, it was decided also
to apply the group system of strikes and stoppages in an effort to get the manufacturers to adjust prices in this branch
of the garment trade. As the first step, the Joint Board
of the union in the men's industry called strikes in nineteen
small shops. When adjustments are made in these shops
other groups will be called.

Current Xuents and Miscnssions
The Week With the Federal Reserve Banks.
Further gains of $24,300,000 in cash reserves and a total
reduction by $98,400,000 of Federal Reserve note circulation
are shown in the Federal Reserve Board's weekly bank
statement issued as at close of business on Jan. 10 1923.
and which deals with the results for the twelve Federal
Reserve Banks combined. Discounted bills on hand show a
reduction of $115,600,000, acceptances purchased in open
market declined by $29,400,000, U.S. bonds and notes fell off
$6,600,000, while Treasury certificates, including special
certificates held by the Reserve banks to cover temporary
advances to the Government, increased by $58,200,000.
Deposit liabilities declined by $4,900,000, while the reserve
ratio shows a rise from 71.3 to 73.6% for the week. After
noting these facts the Federal Reserve Board proceeds as
follows:
Gold reserves of the system increased by $13,300,000. The New York
Reserve Bank reports an increase in its gold reserves of $9,900,000, Kansas
City shows an increase of $8,500,000, Cleveland an increase of $6,700,000.




[VOL. 116.

and Boston an increase of $5,400,000. Smaller increases in gold reserves,
totaling $2,800,000, are shown for the Dallas, Minneapolis and Atlanta
banks. The largest decrease in gold reserves for the week, amounting to
over $8,000,000, is shown for the Chicago Bank; decreases of $6,000,000 and
$5,200,000 are shown for the Philadelphia and San Francisco banks, while
nominal decreases are reported for the Richmond and St. Louis banks.
Holdings of paper secured by Government obligations show a decrease for
the week from $351,500,000 to $282,000,000. Of the total held on Jan. 10,
$140,400,000, or 49.8%, were secured by U. S. bonds,$1.900,000, or 0.7%.
by Victory notes; $111,300,000, or 39.4%, by Treasury notes, and $28,400,000, or 10.1%, by Treasury certificates, compared with $195,600,000,
$1,500,000, $125,500,000 and $28,900,000 reported the week before.

The statement in full in comparison with preceding weeks
with the corresponding date last year, will be found on
subsequent pages, namely pages 155 and 156. A summary
of changes in the principal assets and liabilities of the Reserve
banks on Jan. 10 1923 as compared with a week and a year
ago, follows:
Increase (+) or Decrease (—)
Since
Jan. 3 1923. Jan. 11 1922
Total reserves
+824,300,000 +8145,900,000
Gold reserves
+13,300,000 +167.100,000
Total earning assets
—93,400,000
—47,800,000
Discounted bills, total
—115,600,000 —475,500,000
Secured by U. S. Govt. obligations—69,500,000 —145.500,000
Other bills discounted
—48,100,000 —330,000,000
—29,400,000 +139,000.000
Purchased bills
securities,
total
United States
+51,600,000 +289.000,000
Bonds and notes
—6,600,000 +123,600,000
+58,200,000 +165,400,000
U. S. certificates of indebtedness
—4,900,000 +243,000,000
Total deposits
+17,600,000 +224,800,000
Members' reserve deposits
—400,000
Government deposits
—9,100,000
—22,100,000
Other deposits
+27,300,000
—98,400,000
Federal Reserve notes in circulation
+18,900,000
F. R. Bank notes in circulation, net liability_
—81,100.000

The Week with the Member Banks of the
Federal Reserve System.
Aggregate increases of $179,000,000 of loans and investments, accompanied by net withdrawals of $120,000,000 of
Government balances and increases of $272,000,000 in net
demand deposits and of $40,000,000 in time deposits, are
indicated in the Federal Reserve Board's weekly consolidated statement of condition of Jan. 3 of 783 member
banks in leading cities. It should be noted that the figures
of these member banks are always a week behind those of the
Federal Reserve Banks themselves. In place of the single
item "United States bonds" shown last year, the statement
introduces three new divisions, viz.: "U. S. pre-war bonds,"
i. e., largely bonds securing national bank circulation;
"U. S. Liberty bonds" and "U. S. Treasury bonds."
Of the total increase of $261,000,000 in loans and discounts, over one-half, viz.: $134,000,000, is shown for loans
secured by stocks and bonds. The corresponding figure for
the New York City banks is $139,000,000 out of a total loan
increase of $212,000,00% These increases are offset in part
by net liquidation of $4,000,000 of Government and $35,000,000 of corporate securities, chiefly by the banks outside
of New York City.
Borrowings of the reporting institutions from the Federal
Reserve banks show an increase from $369,000,000 to
$390,000,000, or from 2.3 to 2.4% of their total loans and
investments. For member banks in New York City an
increase from $82,000,000 to $128,000,000 in total accommodation at the local Reserve bank and from 1.6 to 2.4%
in the ratio of accommodation is noted. Further comment
regarding the changes shown by these member banks is as
follows:
Reserve balances of the reporting institutions, in keeping with the
substantial increase in net demand and time deposits, show an increase of
$64,000,000. while cash in vault, composed largely of Federal Reserve notes
declined by about $32,000,000. Corresponding changes for the Now York
City banks include an increase of $28,000,000 in reserve balances and a
reduction of $22,000,000 in cash on hand.

On a subsequent page—that is, on page 156—we give
the figures in full contained in this latest weekly return of
the member banks of the Reserve System. In the following
is furnished a summary of the changes in the principal items
as compared with a week and a year ago:
Increase+ or Decrease—
Jan. 4 1922.
Dec. 27 1922.
Loans and discounts—total
+$261,000,000 +$384,000,000
Secured by U. S. Govt. obligations
+16,000,000 —192,000,000
Secured by stocks and bonds
+134,000,000 +725,000,000
All other
+111,000,000 —149,000,000
—83,000,000 +1.174.000,000
Investments, total
U. S. bonds
+20,000,000 +555.000,000
U. S. Victory notes and Treasury notes- —44,000,000 +480,000,000
—4,000,000
—24,000,000
Treasury certificates
—35,000,000 +143,000,000
Other stocks and bonds
Reserve balances with F. R. Banks
+64.000.000 +144,000,000
—32,000,000
Cash in vault
+95.000.000
—120,000,000
Government deposits
+272,000,000 +1,111,000.000
Net demand deposits
+40,000,000 +737.000,000
Time deposits
+21,000,000 —257,000,000
Total accommodation at F. R. Banks

JAN. 13 1923.]

THE CHRONICLE

125

an example to the
J. P. Morgan & Co. Get Cuban Loan with Bid of 96.77. magnitude," said the Chancellor, "will be
nations and a long step forward in effecting a solution of the
The following from Havana appeared in the "Wall Street
economic troubles of Europe." According to a statement
Journal" of last night:
reviewing Secretary Mellon's remarks to the British mission,
Syndicate headed by J. P. Morgan & Co. were successful bidders at 96.77
for the $50,000,000 531% 30-year Republic of Cuba bonds: Speyer & Co. Mr. Mellon indicated his realization of the magnitude of the
96.57, and Lee, Higginson & Co. 93.35.
negotiations, and evinced the desire of the American mission
The same paper added:
"of
effecting a definite settlement of the financial relationThe Cuban law authorizing the new $50,000,000 loan provides daft
ship
of the two countries upon a basis entirely just to both."
the
money
realized
of
is to be placed at the disposal
$24,000,000 of the
Department of Public Works. Of this amount, $12,000,000 is to meet All the members of both of the commissions were present at
obligations of the Department incurred previous to July 1 1922, while the opening session. Prior thereto the members of the
$6,000,000 will go for reconstruction and repairs. An additional $6,000,000
will be at the disposal of the Department after obligations of other branches American commission—'-Secretaries Mellon, Hughes and
of the Government have been met and the Ministry of the Treasury has Hoover, Senator Smoot and Representative Butron—held a
been provided with funds to meet the expense of auditing Government
session which lasted half an hour beyond the hour fixed for
accounts and collecting sales and gross receipts taxes.
Not more than $9,000,000 will be deposited in the treasury to replace the opening of the joint meeting. After the British mission
the "fund of special accounts." The $5,000,000 loan obtained from had presented its views the Americans again continued conJ. P. Morgan & Co. January 1922 wlll be liquidated.
President Harding was
Interest and sinking fund on the new loan will be met from sales and sideration of the general situation.
gross receipts taxes, amounting to 1% on gross sales, or receipts of mer- advised of the progress of the negotiations, Secretary Mellon
chants, manufacturers, hotel keepers, public utility corporations and and Senator Smoot spending half an hour with him at the
others.
funding
Loan is payable in United States gold coin, and will be forever exempt White House. It is pointed out that under the debt
from Cuban taxation of any kind.
law all negotiations entered into by the commission are subject to Executive approval. A Washington press dispatch
D. R. Crissinger Named for Governor of Federal Reserve (Jan.8)published in the Philadelphia "Record" said:
While discussion of terms may embrace propositions more liberal than
Board.
the limitations in the American law, members of the American commission
The name of Comptroller of the Currency D. R. Crissinger said a settlement would be made within those limitations if possible. In
gradual
was yesterday (Jan. 12) sent to the Senate by President this connection, it was stated that it would be possible to arrange a periodirate of interest beginning at a figure below 431%. but increasing
Harding to be Governor of the Federal Reserve Bank. At the cally beyond that so that the
general average over the period the debt
same time the President named James G. McNary of Las Ve- payments would run would comply with the minimum fixed by Congress.
Attention
fact that all principal payments could
also
was
called
to
the
gas, N. M., to succeed Mr. Crissinger as Comptroller of the be deferred until the end of
the 25 years' period, but it was explained that
Mich.,
to
be
Coldwater,
of
Currency, and Milo D. Campbell
this was not the usual method in liquidating a debt of such proportions:
the "dirt farmer" Reserve Board member. Mr. Crissinger that an amortization plan was customary. In this situation, it was indicated
a chief problem before the commissions was a determination
succeeds W. P. G. Harding, whose term as Governor expired of howthat
much Great Britain would be able to pay annually without seriously
some time ago, and who, it is stated, will become head of the disturbing trade relations between the two countries and imposing too great
a strain upon the British treasury and people.
Boston Reserve Bank.
The following statement as to the representations of the
Conferences Between U. S. and British Debt Missions— American debt commission at the first joint meeting was issued:
Modification of Debt Funding Act Favored.
Secretary Mellon extended official greeting in most cordial terms and
Formal discussions between the British Debt Funding expressed particular appreciation of the courtesy of the British Government
in having designated as its delegates gentlemen so notably distinWar
Mission and the United States body—the World
It was the first time, he believed, that a Chancellor of the ExDebt Commission—were brought under way this week; the guished.
chequer had left his country to participate in a mission of this nature.
• first joint meeting of the members of the two commissions
It indicated clearly to his mind a realization of the magnitude of a negoopened in Washington on Monday last (Jan. 8) and further tiation or transaction, not merely of the utmost importance in itself, but
bearing with it possible consequences so far-reaching that they could
joint sessions were held on Wednesday (the 10th inst.), hardly be computed.
Thursday (the 11th) and yesterday (the 12th inst.). The
He begged to assure the distinguished visitors that the United States
British mission, headed by Stanley Baldwin, Chancellor of commission, of which he had the honor of being Chairman, was no less
sensible than themselves of the extreme desirability, amounting to a virtual
the British Exchequer, and Montagu C. Norman, Governor necessity, of effecting a definite settlement of the financial relationship
of the Bank of England, arrived in New York on the steamer of the two countries upon a basis entirely just to both.
The purposes of the conferences and the conditions bearing upon them
Majestic on the 4th inst. and was welcomed by a committee were
so well
that he saw no necessity of stating them in detail.
headed by Assistant Secretary of the Treasury Wadsworth. He wished atunderstood
the moment only to say that the prompt payment by Great
They reached Washington late that night, and on the 5th Britain of $100,000,000 of interest during the past three months, pending a
right spirit
inst. visited Secretary of the Treasury Mellon and Mr. definite arrangement, was, to his mind, conclusive proof of thealways
aniof fincnaicl integrity which he was proud and glad to say had
Wadsworth, respectively Chairman and Secretary of the mated both of the two great English-speaking nations.
The Chairman also called attention to the fact that the commission had
U. S. Debt Funding Commission, after a formal call on
authority under the applicable statutes.
President Harding. Chancellor Baldwin in an address at a limited
After an informal discussion the British mission retired and the American
the first joint meeting on Monday stated that the British commission continued its consideration of the general situation.
It was stated after the meeting that the British mission has Ai course of
delegation had come "with the express intention of repaying
submitted.
our debt,and it is owing to the practical difficulties of making preparation further data with reference to the general statement
Chancellor Baldwin's address follows:
international payments that we are about to consult with you
On behalf of the British delegation, I take this opportunity of expressing
in order to accomplish the end which we both have in view." to the American Government and people our heartfelt appreciation of the
He argued that "this debt is not a debt for dollars sent to warmth and courtesy of our reception—a reception so characteristic of the
generous hospitality of the great nation.
Europe; the money was all expended here, most of it for cotWe have come with the express intention of repaying our debt, and it is
ton, wheat,food products and munitions of war. Every cent owing to the practical difficulties of making international payments that we
used for the purchase of these goods was spent in America; are about to consult with you in order to accomplish the end which we both
have in view.
American labor received the wages; American capitalists
We meet to-day under extraordinary circumstances. We meet to settle
the profits; the United States Treasury the taxation imposed the largest single financial transaction, I believe, between two friendly nain the history of the world. We are here to arrange the terms of the
on these- profits." He further said "these goods were sup- tions,
payment of the British debt to the United States. That debt was conplied in war time at war prices. Prices have fallen so far tracted in comon cause. It was the first contribution made by the United
that to repay four billions of dollars Great Britain would States to save civilization from being engulfed and free peoples being brought
the destructive rule of a military autocracy;it was followed by the conhave to send to America a far greater bulk of goods than she under
tribution of the man power of the United States, whose soldiers fought so galoriginally purchased with the money loaned, and, laying lantly with ours and with those of our allies for the same purpose.
Then we were enlisted in a common cause; we still have common ecoaside all consideration of the tariff barrier, would it be posnomic interests. The payment of our debt to you involves much more than
sible for America to accept repayment in coal, iron, steel, the transfer of huge sums
from London to Washington. It must effect the
manufactured goods and so forth—a method of payment future well-being of both countries and on their prosperity depends to a large
extent
that
of
the
entire
world.
The settlement we make here will determine
which would affect the employment of her people for years the condition and material
welfare of the great mass of wage earners in Great
come?"
to
Britain and the United States, their wives and children. I do not,I believe.
Adding that "our wish is to approach the discussion as exaggerate. I state this as my deliberate opinion after having given the subject
matured consideration.
business men seeking a business solution of what is fundaThe payment of our debt to you will impose upon us the necessity of levycontinued:
business
problem,"
he
ing heavy taxes to meet those payments. From the beginning of the war we
mentally a
We intend to pay, but how best can international credit be made liquid
when the creditor nation is unwilling to permit liquidation through the
direct delivery of goods and is also unwilling to see the current sale of her
products to the debtor nations interrupted, and when the debtor nation is
unwilling to be put in the position of being unable to buy the products
of he creditor nation?

"The cordial and prompt agreement of the two greatest
democraoies of the world on a question of this intricacy and




were the heaviest taxed nation in the world. We financed our military
operations to a greater degree than any other nation by making the present
generation pay. It is our way to pay as we go so far as we can. From that
fixed principle we have no intention now depart.
The total annual per capita taxation in Great Britain is to-day still greater
than that of any other piople. It amounts to more than SIGO per head of
the population.
I invite you to consider my views as to what this means and how I fear it
will effect your own wage earners no less than ours. Further taxation would

126

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[VoL. 116.

decrease the purchasing power of the British working man and reduce our
Nearing an Agreement.
consumption of American products. There would be a diminishing export
There was no discussion at to-day's meeting of cancellation or reduction of
demand of the soil, the mine and the factory. Desirous as we are to mainthe debt. It was said both commissions confidently expected to arrive at
tain the socialscale ofourown worker,the effect ofadditionaltaxation would
a solution which would be recieved favorably by a substantial majority of
be inevitably to depress. From the consequences of that I do not see how
Senators and Representatives who would be asked to alter the law to permit
America can escape. The social condition of the American working man,
easier terms than those now,provided, namely, bonds maturing in not more
raised to its present level in some measure as a result of the war, is now the
than twenty-five years and payable at not less than 4g% interest.
highest in the world, but if we are unable to purchase from you, if we are
That Congress will be asked to modify the law seems certain in view of the
forced by stern necessity to economize still further, to buy from you only
statements at the White House yesterday and developments to-day. Senathose things we must have, but even these in greatly reduced quantities,the
tor Smoot of Utah, a member of the American Debt Commission and also
Amercian farmer, as well as the American working man, will feel the pinch.
of the Senate Finance Committee, told that committee in executive session
He likewise will be compelled to economize; he will have to do with less; he
to-day that such a request would be made of Congress, possibly within a
will be brought down to alower standard ofliving. Our modern civilization
week or ten days. It is understood that he expressed conviction that setdoes not permit of economic isolation. Economic relations are too closely
tlement with any debtor country under the terms of the present legislation
interwoven for one nation to be prosperous when other nations are suffering
was impracticable and undesirable. The Senate Committee heard also
Speaking broadly, if I may use the phrase, "spotted prosperity" is impossithat following the American commissions' report a message might be exble. If on the economic map of the world there is a spat of prosperity surpected from the White House within ten days. Recommendations as to
rounded by distress, that spot will not spread to bring health, but it will be
modification, they were told, were being worked out by the commissions.
wiped out by the poverty and misery that surround it.
One suggestion was that Congress be asked to allow our Debt Commission
In this spirit I address myself to the task before us. I shall now consider
to arrange funding agreements on the terms it thought most advisable
the subject more in detail.
subject to final ratification by Congress. Another was that Congress be
Had it been possible to find in the world a nugget of gold worth four
asked to lower the minimum interest rate and provide for maturities running
billions of dollars, we would have spared no sacrifice to secure it and we
up to fifty years.
would have brought it with us, but unfortunately the limitations of nature
One way to lighten the burden of Great Britain that has been discussed
put such a simple method of payment out of the question and we have to
is to reduce the interest rate to a low figure and provide no immediate sinkexplore other means.
ing fund to reduce the principal. It even has been suggested that a graduLet us examine how the debt came into being and see if that will help ated
scale of interest rates might be established with the rate for the first
us to a solution. This debt is not a debt for dollars sent to Europe; the
few years at less than 3%, to be made up in later years by a rate of more
money was all expended here, most of it for cotton, wheat, food products
than the minimum fixed. By some such program the British debt could be
and munitions of war. Every cent used for the purchase of these goods
funded without placing any severe burden on taxpayers for several years.
was spent in America: American labor received the wages; American capiThe same principle, it was felt, might be applied with variations to debtor
talists the profits; the United States Treasury the taxation imposed on those
countries in a less favorable financial position than Great Britain,
profits.
At the time these goods were bought, we were associated in a great war.
Expect To Win in Congress.
Out of seven billion dollars worth of goods bought after the United States
Administration leaders were more hopeful to-day that favorable action
came into the war, we paid for three billion dollars worth, leaving four could be obtained from Congress.
Their position was that the country
billions which were supplied on credit. Now, seeing that the debt is a would back up such action, especially if it were
demonstrated that the
debt for goods supplied, it would be natural to ask. Why not repay with British had no intention to escape payment, and
that industry and agrigoods?
culture at home and abroad would be injured by insistence on the funding
A moment's consideration is sufficient to answer that question.
terms now laid down by law.
These goods were supplied in war time at war prices. Prices have fallen
Representative Theodore E. Burton, a member of the American Debt
so far that to repay four billions of dollars Great Britain would have to
send Commission, called at the White House to-day and conferred for about
to America a far greater bulk of goods than she originally purchased with half an hour with Ambassador Harvey concerning the
general financial
the money loaned, and, laying aside all consideration of the tariff barrier, condition of Great Britain.
would it be possible for America to accept repayment in coal, steel,
Committee
Finance
Senate
The
to-day started consideration of the
iron,
manufactured cotton goods, and so forth, a method of repayment
which Harris bill authorizing the President to appoint three Democrats to the
would affect the employment of her people for years to come?
Debt Funding Commission. Many Republicans think that Democrats
We have now seen that immediate repayment by gold is impossible
and should share the responsibility and Senator Calder of New York has
that an equivalent transaction in direct repayment by goods is
full of diffi- suggested a bill authorizing two Democrats, a Senator and a Repreculties, so we shall have to explore what remaining methods of international sentative, as a compromise.
payment are presented by the markets of the world.
A letter from Secretary of the Treasury Mellon to Senator McCumber,
Here attention will have to be paid to several considerations.
We lent Chairman of the Committee, was read. It Is understood that the Secretary
large sums to and established large credits for our European
allies, so that, opposes the proposition on the ground that enlargement of the Commission
while we are dealing with our liabilities, we find a large proportion
of our would make it cumbersome and might hamper its work. The Secretary
assets temporarily frozen.
apparently has failed to influence Republicans who want the Democrats
To balance our annual accounts in times of unexampled difficulty
we have to share the problem. A subcommittee was named to study the question
made great sacrifices. We are affected by the terrible economic
situation in and report soon. The members are Senators McCumber and McLean,
Europe and are passing through the worst period of
unemployment in our Republicans, and Simmons, Democrat.
history.
I have already referred to the weight of our taxation,
Following the continuance of the discussions between the
which with the prolonged unemployment is already bearing cruelly on our women
and children. two missions on Thursday, it was stated that the conversaSo far from the war having left us richer by the acquisition
of new territory, tions had not progressed to the point of consideration
of
the acceptance of mandates in some of the most disturbed
parts of the
world has involved us in vast unproductive expenditure
in policing and specific terms. The Associated Press advices from Washpatrolling territories in which we have no economic right
and are not open ington that day stated:
equally to other nations.
One of the factors known to be receiving considerable consideration is
Having regard to all these circumstanes, the British
Government has to that the money which Great Britain is to repay was spent in this country
consider very carefully the terms ofthe liquidation ofthe debt,
lest an annual with a profit to American business and labor and a large income to
the
obligation be assumed which it might be impossible to
meet in years of bad United States Government through taxes.
trade and falling revenue.
chief
controlling
and
negotiations,
in
factor
the
The
however, will be
In common with the rest of the world, we have
watched with admira- the amount of money that Great Britain will be able to pay annually.
tion the open-handed charity of America to the stricken
countries of Europe,
Figures of British expenditures supplied by the Commission show that
to the peoples of Belgium,of France, of Russia.
The generosity of America In the budget for this year is included approximately
/20,000,000, which
Is proverbial, but we are not here to ask for favors
or to impose on gen- already has been paid to this country on account of interst on the
debt.
erosity.
total
British
debt
The
£7,700,000,000.
was
stated
The percentage
to
be
We want, on such terms as will produce the least
possible disturbance in of the total expenditure this year on account of interest on that debt
the trade relations of the two countries, a fair business
settlement, a square was placed at 37.8.
deal,a settlement that will secure for America the
repayment to the last cent
Expenditures for this year for the fighting forces, army, navy and
of those credits which the United States Government established
in America Air Service, are placed at 16.7% of the whole, as compared to 24% for
for us,their associates in the war.
America's fighting forces.
Our wish is to approach the discussion as business men seeking a
business
solution of what is fundamentally a business problem.
From the New York "Times" we quote the following reMay I put it in this way? We intend to pay, but how
best can inter- garding the discussions of the 11th:
national credit be made liquid when the creditor nation is unwilling
to permit
liquidation through the direct delivery of goods and is also
The American and British Debt Commissions continued their deliberaunwilling to see
giving particular attention to interest payments and amortizathe current sale of her products to the debtor nation interrupted, and
when tions to-day,
provisions which might be included in a tentative agreement to be
the debtor nation is unwilling to be put in the position of being
tion
unable to
submitted to Congress. The British also submitted a detailed statement
buy the products of the creditor nation?
The cordial and prompt agreement of the two greatest democracies of the of their financial position, showing the tax measures to which the British
nation has resorted in an effort to balance the national budget.
world on a question of this intricacy and magnitude will be an example to
the
nations and a long step forward in effecting a solution of the economic
In this connection the British developed the point that their populace
much more heavily taxed than the American people, and that additroubles of Europe. Let us never forget that until these troubles are
solved was
there can be no general revival of international trade.
tional severe tax burdens to meet heavy interest and principal payments
debt to America at this time would inflict great hardship on the
For myself, I look forward to the meetings of the Commission with
hope on the
and confidence. I believe that I shall not be disappointed.
family of the British workingman. It was shown for instance, that taxearning
as little as $1,250 paid $56 annually in income tax to the
payers
As to the next joint session, on the 10th inst., we quote the
Government, and that the payments on larger salaries were at a much
following from the Washington dispatch to the New York
higher rate than imposed by American laws.
"Times":
The point was made also that in order to balance the British budget for
There was a long session of the two commissions this afternoon,
but no 1922-1923, even with heavy tax provisions, the Government probably
definite results had been reached when it adjourned until to-morrow.
Much would be forced to suspend payments to the national sinking fund for the
time was devoted to study of the British financial position,
including com- reduction of the public debt,a step without precedent except in war times.
merce, the budget and taxation.
Secretary Mellon was represented to-day as believing that an agreement
The initial point was made, it is understood, that the British
nation was would be brought about before Jan. 20, the tentative date set for the sailing
solvent. The stability of the pound sterling and the payment
thus far of of the British mission. It is thought probable that such an agreement will
$100,000,000 to the United States on account of interest on wartime
obligacall for low interest rates for the present and abandonment of any proposal
tions were cited in evidence. But it was argued that a further
heavy burden for amortization through establishment of a sinking fund for a term of years.
on British taxpayers to meet increased interest payments and
establish a The fact that Great Britain is contemplating suspension of payments this
sinking fund to liquidate the principal at this time not only would
work year to the sinking fund to pay off her public debt would appear to forecast
severe hardship but would have its effect upon American industry
and all such an arrangement in connection with her war-time debt to the United
foreign trade.
States.
The problem, said one spokesman, was to reach a funding
The Commissions will continue their meetings to-morrow, and it Is
agreement
which would make the immediate burden as light as possible and still
that a definite proposal by the British representatives will be made
expected
leave
Great Britain in the position of a nation willing and able to meet all just within the next few days. It was said
the Commissioners hoped to have
liabilities.
ready a report for President Harding next week.




JAN. 13 1923.]

THE CHRONICLE

On Jan. 9 President Harding was reported as favoring a
modification of the Debt Funding Act. Regarding a debate
in the House on that date, giving indication that such modification was favored, we quote the following from the New
York "Times" of the 10th inst.:

127

dent and the President will present it here for the approval or the disapproval of Congress. The questions involved are of such complication that
It naturally belongs to an executive body in the first instance to make its
proposition here, and then Congress can either approve or disapprove."
Both Mr. Burton and Representative Mondeh, the Republican floor
leader, opposed cancellation of the war debts. Both, however, agreed with
Mr. Fees that the restrictions placed on the Commission should be modified.
A debate in the House of Representatives to-day furnished interesting Mr. Burton said:
and encouraging information for the British Debt Funding Commission,
"It is entirely probable that in a short time some proposition will come benow in Washington,and showed that the Harding Administration has reason fore the House with reference to the settlement of the British debt."
for its hope that Congress will modify the terms of the restrictions placed
Governor Norman of the Bank of England in the course of
on the American Debt Commission in its dealings with debtor nations.
Democrats Joined with Republicans in expressing the belief that the terms a talk to newspaper men on the 6th inst. expressed the
of the debt funding law, which require that each debtor cotintry shall liqui- hope of an early agreement on British funding questions,
date its obligations to the United States in twenty-five years at the rate
of4 % interest, should be modified to give the commission greater latitude adding that if it so happened it would be a great step toward
in making arrangements with the Governments which owe money to the solution of existing world problems. He was also quoted as
United States.
saying:
While it appeared to be clear that the generality of opinion in the House
We view the situation as a great 'vicious cycle of debts, and it looks like
favored this modification, it was equally clear that the House was opposed
to giving the commission any authority to negotiate with respect to a here in Washington, D.C., is the place to make the first break in that cycle.
If we can make a settlement, then other settlements will follow. It
reduction of the principal of the debts. Sentiment was also very general
that the commission should not be invested with power to make binding will be like knocking a nine-pin: it is a start.
arrangements with debtor nations as to time of payment and rate of interest,
Regarding a previous visit of the Governor of the Bank of
but should permit Congress to pass upon any tentative understanding upon
England
we take the following from a special dispatch to the
these points that it might reach with the debtor nations.
New York "Times":
President Favors Changes.
It was learned here to-night on high authority that Montagu Norman,
What was said in the House was an echo of opinions expressed at the
White House offices earlier in the day. The President was convinced, it Governor of the Bank of England, who is coming to the United States with
was said, that it would be impossible to make a settlement with the debtor the British Debt Funding Mission, was in this country about last April and
nations under the terms of the Debt Commission Act as it now stood. It discussed with President Harding and several Government officials and
was said also that the President was looking for some suggestions from the financiers the question of debtfunding and the financial situation in Europe.
It is understood that during his visit to Washington Mr. Norman saw In
American Debt Commission within a week and that he had hopes of an
agreement between the American and British Debt Commissions very addition to the President, Secretary Hoover, Secretary Mellon, Governor
soon, perhaps in the course of three weeks. The President, it was said, Harding and other members of the Reserve Board.
One report is that he urged that the United States interest itself in the
was confident that Great Britain would pay her war debt to the United
affairs of Europe,fearing that the situation there would become increasingly
States.
The White House view of the situation, as it was outlined to-day, was that dangerous from the financial viewpoint unless something was done quickly.
Mr. Norman also spent some time in New York City, where he is said to
When the American Debt Commission had discussed the debt situation with
the British Commission, it would make a report to the President, giving its have conferred with J. P. Morgan and other bankers concerning the Euroviews as to the modifications necessary to make the British debt fundable. pean crisis.
Information concerning the visit of Mr. Norman to the United States and
This information will be transmitted to Congress by the President to serve
as a basis for consideraing modifications in the present law creating the the nature of the discussions he had here has been withheld up to this time.
Reports are that the British banker was anxious to have the United States
debt commission.
Sentiment toward modifying the debt commission law is notso favorable in use its good offices, either by calling a conference or by suggesting some
the Sainte as in the House,but it was apparent to-day from statement made course to European Powers, which would lead out of the tangle in which
by Senators that there is a growing disposition to give the commission greater the political and financial leaders there had become involved.
Unusual interest is now being shown in the visit of Mr. Norman because
latitude. Some Senators were positive that no arrangement reached between the Debt Commission and any debtor nation should become effective of the recent activity of the American Government in endeavoring to place
before the European nations suggestions which might aid in the solution of
until it had received the sanction of Congress.
the reparations problem, among them the selection of a committee of interExtended Debate in House.
national bankers to canvass the situation in Germany and make recomToday's debate in the House was begun by Representative Garner. the mendations for a settlement. Official comment as to any part that the visit
acting Democratic floor leader, in asking Representative Fess, Republican might have played in influencing Administration opinion is not obtainable
Senator-elect from Ohio, whether he had favored Allied debt cancellation in to-night.
a speech in New York on Saturday. Mr. Fees denied Mr. Garner's inferThe same paper on the 2d announced the following adence, but explained that he favored modification of the law to permit an extension of time for payment and a reduction of the rate of interest. Ques- vices from Washington:
tions and answers brought on a discussion of the Allied debt situation which
At the White House,the State Department and in other off:cial quarters
Indicated the sentiments of the House.
to-day there were denials that any mystery attached to the visit to WashThe most interesting contribution to the debate was made by Representa- ington
last April of Montagu Collett Norman, Governor of the Bank of
tive Burton of Ohio, a member of the American Debt Commission. He was England.
In favor of the payment of the debt, but desired greater freedom for the
The belated disclosure that Mr. Norman had been in America at that
American Commission than the law permitted. He indicated that he fav- time and
had seen prominent officials of the Harding Administration
ored leniency toward Great Britain and pointed that a settlement of the Allied aroused
much interest, which has been emphasized by the fact that Mr.
debt was necessary to American prosperity.
Norman is on his way to this country with Stanley Baldwin, the new
"I may say," said Mr.Burton,"that in the forefront of this question is the British
Chancellor of the Exchequer and head of the British World War
settlement of the debt of Great Britain to the United States. It is two-fifths Debt
Commission.
of the whole foreign indebtedness, about $4,166,000,000 of principal out of a
At the White House it was said that Mr. Norman had called on President
total of $10,150,000,000. Again Great Britain is the only country which
Harding last spring but had not discussed official matters. It was indicated
has balanced its budget, which has imposed taxations sufficient to meet its at the State
Department that Secretary Hughes had met Mr. Norman in
current expenses, and the people of that country are entitled to the greatest a social
way while he was in Washington and that they had not conferred
credit because they have stood, as it were, with their backs against the wall officially on
international questions. The understanding of State Departand with a desire to meet their credits and meet their expenses.
ment officials, it was explained, was that Mr. Norman's only official busi"It is entirely probable that in a short time some proposition will come ness in
Wasoington had to do with legislation pending in Congress for
before the House with reference to the settlement of that debt. I have extending the time
within which the Government of Austria was pledged
always maintained,first, that the debt should be paid. I so expressed my- to repay the
United States for relief expended through the shipment of
self in a prominent foreign capital in the month of September last, where the grain
supplies. This legi.lation was subsequently adopted.
audience was made up mostly of those who were interested in the cancellation
An item regarding the British Financial Mission appeared
of the debt, and, having so spoken there. I certainly feel free to say here that
it is.not for us to cancel these debts. But with a full appreciation of inter- in these columns Dec. 30, page 2843.
national friendship which should exist, with a remembrance of the frightful suffering which those countries had, I believe that we should make the
French Note on Gold Advanced to Great Britain and
terms as modernte as we can consistent with international interests.
"If I may call attention to the fact it is not merely for the interest of our
Deposited in the United States.
foreign debtors that leniency should be shown to them,but even appealing to
The French Government issued at Paris on Jan. 4 a note
the selfish elements here, it is of interest to us because our trade, our international prosperity, is very seriously hampered by financial conditions in Eu- respecting the £50,000,000 in gold advanced to Great Britain
rope. watch I am afraid are going from bad to worse.
"I remarked in an address a few days since that when the financial history by France during the war, and the retention of which by the
of this late colossal struggle and its aftermath is written by a master hand, British was proposed by Prime Minister Bonar Law in setthe most startling end of that history will be that the worst inflation, the tlement of the French
war debt. This proposal was rejected
the worst fiscal policies, the greatest blunders were perpetrated, not while
the armies were in the field but since the armistice of Nov. 111918. I do not by France at the Premiers' Council, which ended on the 4th
pretend to speak for the Commission, but I want to say if the proposition in inst. The Fench statement follows:
regard to this English debt is to be made, it will not be made in the form
An accord signed at Calais on Aug. 25 1916, between MM. Briand and
of a request for a general revision of the statute. We do not want to take Ribot (French Premier and Finance
Minister) and Messrs. Asquith and
the responsibility in regard too this $4,000,900,000 of making a decision McKenna (British Prime Minister and
Chancellor of the Exchequer)
which will be final. I do not regard that as quite fair to the Congress and placed credits in sterling at the disposition
of France for a total of £150,the legislative power. If there is a change in the terms fixed by the general 000,000. Article 2 reads:
statute, that change will be made here in the congress of the United States."
"The French Government, in exchange for the advance of the Z150,000,Asked whether he would enlarge the Debt Commission by appointing 000 stipulated in Article 1, engages itself to request the Bank
of France to
Democrats as members, Mr. Burton said:
place at the disposition of the British Treasury £50,000,000 gold, constitut"Of course, the Commission would be glad, as a social Latter, to have ing a loan to be repaid by the British Government three years after the
Democrats as part of it. That is a social matter. Three members of the termination of the war, at the same time as will be repaid
the advance
Cabinet are on that Commission,and the natural appointments are Republi- provided for in Article 1."
cans from the Senate and the House. I do not know that Republicans had
The placing of this sum under the above conditions at the disposition of
any representation when the more than $10,000,000,000 was loaned to these the British Government did not relieve it from the obligation of repaying
foreign countries."
in gold. The English Government on several occasions has manifested a
Representative Gaerner asked: "Does the Commission desire to take the desire to relieve itself of this obligation. It asked M. Ribot
on March 13
responsibility with reference to the settlement of this debt? And does the 1817, in agree that the gold could be placed in credit against the French
gentleman go to the extent of saying that he prefers that Congress should debt to Great Britain, on account of "the French Government bonds
Indicate its wish as to the rate of interest and the time limit?"
discounted in virtue of these accords." M. Ribot refused.
"No," Mr. Burton answered. "Naturally the Commission would make a
When M. Loucheur visited London in 1919 it was desired to insert in
recommendation and that recommendation will be presented to the Presi- the draft of an agreement that the French Government "would not ask for




128

THE CHRONICLE

[VOL. 116.

repayment of the gold detained in execution of the Calais accord until the tion which they may consider it necessary to demand. They will have the
moment in which was paid the total of the French debt owing to the English right to circulate throughout the whole occupied territory and enter offices,
Government." M. Loucheur reserved his adhesion and upon his return mines, factories, railroad depots, &c., and there consult all documents and
statistics.
to Paris the French Government refused to accept the article.
"The personnel of the German administration and representatives of inThe accord of 1916 (drawn up at Calais) remains therefore the only one
governing the legal status of the gold transferred to the British TreasurY, dustrial and commercial bodies must under pain of severe penalties place
and, conforming to these stipulations, this sum of gold continues to figure themselves entirely at the disposal of the mission for the accomplishment
of their service and subsequently obey orders received from the chief of the
in the balance of the Bank of France.
The Associated Press cablegram from Paris in reporting mission. The latter will have authority to decree modifications in the distribution of fuels and in the routing of railroad trucks and barges carrying
the above, states:
fuels.
The French gold deposit was sent to the Bank of England to help maintain
"The engineers and officials of the mission will carry special written orders
the exchange value of the pound sterling during the war when Great Britain delivered by the military authorities which will serve as identification
•
was acting as a sort of clearing house for Allied payments in the United papers."
States, and the statement that it was handed over as a guaranty for loans
made by the British Treasury is incorrect, it was explained at the Bank of
France this morning. The gold is carried in the Bank's statement as
"gold abroad."
There was no connection between credit opened by the British to the
Allies and the gold deposit, it was asserted, other than a desire to avoid
depreciation of the pound sterling through its use in paying for Allied
purchases. Officials said that Great Britain's action in taking the gold to
pay balances in the United States was not only regular but was exactly
what the Allies loaned it to Great Britain for. It was understood that gold
to an equal amount should be returned to France by the Bank of England
when the transaction involved in making payments for Allied war purchases
were finally liquidated.

Orders to the Coal Syndicate.
Annex No. 2 reads:
"Asfrom Jan. 11 1923,the schedules of distribution of coal and coke established or executed by the Kohlensyndikat will be submitted for approval of
the Industrial Mission to the Ruhr, which can modify them if it thinks
necessary.
"These schedules must in particular comprise complete delivery of the
quantities provided:
"For the countries of the Entente;
• "For the occupied territories on the left bank of the Rhine;
"And must allow for the needs of the newly occupied territories.
"With these exceptions there is in principle no modification of the general
distribution of fuels now in force.
"In case of violation ofthe above restrictions on the part of the Kohlensyndikat ofthe mines being established or if the quality delivered is of an inferior
nature severe penalties -will be imposed independently of a change of destination of trains or barges which may be ordered by the Industrial Mission.
"The engineers of the mission will make frequent investigations to ascertain whether the orders to the Kohlensyndikat have been correctly given and
strictly executed."

Invasion of Ruhr Region by France and Belgium—
Reparations Commission Declares Germany
in Default.
Following the failure of the Allied Premiers' Conference
in Paris last week to bring about agreement on the German
In referring to the proposed action of France, Associated
reparations question, events respecting Germany moved Press advices from Paris Jan. 10 said:
France, with Belgium at her side and supported by Italy, will begin
speedily this week. The threatened invasion of the Ruhr
morning her long-talked-of "separate action." The decision of
territory of Germany by France, was carried into effect on to-morrow
President Harding to withdraw the American troops from the Rhineland
the 10th inst., following the decision of the Allied Repara- immediately came as a blow to the pride of France and to the French sense
tions Commission on the 9th inst. that Germany was in of right, although there is no word of official criticism—only regret.
The French people, however, are standing behind their Government at
default as to its 1922 coal deliveries. Previously (on the what
is frequently described as the most critical moment since the end
5th inst.) Germany had admitted its inabilityh to meet the of the war. 54. Poincare expects not the slightest difficulty in getting
payment of 500,000,000 gold marks, due Jan. 15. The Parliament's approval to-morrow. It has repeatedly endorsed his plan for
seizing "productive guarantees." although then there was no chance for
issuance of orders by President Harding for the immediate immediate
action. The Deputies and Senators in their group talks to-day
withdrawal of the United States troops on the Rhine was voiced the sentiment that it is every Frenchman's duty to support the
also witnessed during the week; this is referred to in another Government, and only the customary opposition from the extreme Left is
item as is also a protest by Germany against the invasion by expected.
The Premier,after his announcement, will ask that there be no discussion
France of the Ruhr region. On the 10th inst. Germany and that eight pending interpellations on the Ruhr plan be deferred. The
recalled her Ambassador to France, Dr. Wilhelm Mayer, and Chamber loaders have promised that this would be done. M. Poincare
will make it a question of confidence in the Government on his demand for
her Minister to Belgium, Dr. Landsberg. Coincident with delay in the discussion of the interpellations.
the action by France, the Belgian Government on the 10th
The calm firmness of the French note to Germany is indicative of the
revealed by the newspapers and
nst. began the movement of its troops to Germany for feeling of the Government and people as they
are going into the Ruhr to
individual expressions. The French feel
occupation with France of the Ruhr territory. The de- make the Germans do what they agreed to do, and although great disapjoin
with them and America's
England's
refusal
to
cision of the French and Belgian Governments to move on pointments, such as
for the withdrawal of troops, reaching them the night before they
to the Ruhr was made known in notes delivered through ordertheir
last card, may amaze or grieve or anger them,they, nevertheless,
play
their embassies to Germany. The following is the text of are going into the Ruhr to-morrow."
the French note as given in a copyright cablegram to the
Dusseldorf and Paris Associated Press dispatches on Jan.
Mew York "Times" Jan. 10:
reported that French troops had begun marching on
11
Owing to defaults recorded by the Reparation Commission as com'Tribune"
mitted by Germany in execution of the schedule laid down by the Reparation Essen early that a. in., and a copyright Chicago
Commission for deliveries of timber and coal to France and in accordance cablegram from Chicago Jan. 11 stated that according to
with the stipulations of Paragraphs 17 and 18, Annex 2, Part 8, of the
the War Ministry the advance guard of French troops had
Treaty of Versailles, the French Government has decided to dispatch
to the Ruhr a mission of control composed of engineers and having the entered Essen at 4.45 a. m. that day. Yesterday (Jan. 12)
necessary powers to supervise the acts of the Kohlensyndikat and to it was announced in Associated Press cablegrams from
assure by virtue of orders given by its President either to the latter syndiEssen that Gen. Degoutte had issued a proclamation from
cate or to the German transport service strict application of the schedules
fixed by the Reparation Commission and take all necessary measures for Dusseldorf establishing a state of siege throughout the
the payment of reparations.
newly occupied territory. The German laws, it was stipuThe Italian Government has also decided that Italian engineers shall
would remain in force. The same cablegrams said:
lated,
participate.
This mission will have powers defined by the two annexed documents
which the German Government is requested to communicate to the authorities concerned, giving them the necessary instructions enabling them to
conform exactly to the prescriptions contained therein.
The French Government desires to declare that it has no intention to
carry out at the present moment an operation of a military nature, nor
an occupation of a political character. It is merely dispatching into
the Ruhr a mission of engineers and officials whose object is clearly defined.
Its duty is to assure respect by Germany of the obligations contained in
the Treaty of Versailles.
It is only sending into the Ruhr those troops which are essential to
safeguard the mission and guarantee the execution of its mandate.
No dislocation and no change, therefore, is made in the normal life
of the population, which can continue to work in order and peace.
It is to the greatest interest of the German Government to facilitate
the work of the mission and installation of the troops destined to protect it.
The French Government relies on the good-will of the German Government and that of all authorities whatsoever they may be.
In case the activities of the officials of the mission and the installation
of the troops accompanying it are hindered or compromised by any manoeuvre whatsoever, and In case local authorities, either by their action
or by th3Er abstention, cause any disturbance whatsoever in the material
or economic life of the region, all coercive measures and all penalties which
may be deemed necessary will be taken immediately.
Powers of Control Mission.
Annex No. 1 reads:
"The default of Germany recorded by the Reparations Commission with
regard to deliveries of timber and coal due in conformity with the schedules
established by the said Commission and with a view to future strict execution ofthe clauses of the Treaty of Versallles regarding reparations,a mission
of control of mines and factories in the occupied territories, composed of
engineers and officials, is created asfrom to-day.
"The engineers and officials belonging to the mission will have full power to
collect from administrative bodies, chambers of comm Tee, employers or
Workers' unions, businessmen, traders, &c., all statistical or other informa-




Passive resistance by the Germans to the occupation of the Ruhr has
brought about a deadlock in the negotiations whereby the occupational
authorities are trying to bring pressure through the German officials on
the mining and industrial operators in order to obtain compliance in their
demand for reparations deliveries.
The Germans hold that they are unauthorized to act in regard to the
administration of the mines and industrial works or the distribution of
their products.
According to information here, Germany no longer considers bound to
deliver coal to France and therefore will not recompense the Ruhr operators
for further deliveries. Since enforced deliveries would thus leave the
operators without means for paying their employees for an output bringing
in no monetary returns, it is feared general unemployment, involving
considerable danger, may follow within a fortnight if the occupational authorities enforce the deliveries.
In general, Essen was transacting its usual business to-day without interruption, as the French arrangements for control do not affect the ordinary life of the town, which at present feels only the inconvenience caused
by the commandeering of the main buildings.
It is thouglit that the critical day will come to-morrow, when tho miners
will receive their pay and when it is asserted many of them will also receive notice from the employers to quit.
All the factories will close next Monday morning from 11 to 11:15 o'clock
in protest against the occupation. The committee directing the demonstration represents all political parties.
Railway traffic will stop for ten minutes at the same hour. The ringing
of church bells and the blowing of factory whistles will voiee the city's
indignation.
The 40,000 employees of the Krupp plant here went to work this morning
as usual, according to information officially supplied to the French Economic Mission in Essen by the German authorities.
Strikes are reported in Bochum, but the percentage of strikers is small,
it is declared.

The New York "Evening Post" last night (Jan. 12)
printed the following from Berlin:

JAN. 13 1923.]

.

THE CHRONICLE

129

Bradbury May Vole with Others.
The directorate of the German Railwaymen's Union has issued a protest
To-night it is stated as possible that Sir John Bradbury, after making
against the French occupation of Essen. The statement urges the workers
a
statement,
will
record
his vote with the other members of the Comto remain calm, saying: "Since we are defenseless, we must submit to
force in the expectation that a protest to the conscience of the world will mission to the effect that there has been willful shortage of 14 or 15% in
coal deliveri s. Even, however, should he not take part in the vote.
obtain our aim."
Count Gunther von der Schulenburg, a supporter of Dr. Joseph Smeets, it is now certain that the Belgian and lalian delegates will side with the
done
the Rhineland separatist leader, was reported here to-day to have been French, and the decision will be taken by a majority. If this is
to-morrow the troop movement will begin Wednesday morning, or at
arrested by German police while in occupied territory.
the latest Thursday at dawn, and Essen will be occupied.

As to the admission by the German Government of its
On the 9th inst.,in referring to the vote of the Commission,
inability to meet the reparations payment due Jan. 15, we the "Times" cablegram (copyright) said:
quote the following from the Associated Press advices from
To-day's events have been of importance far beyond their appearance.
What happened was simply that five representatives of as many different
Berlin Jan. 5.
The German Government to-day admitted its inability to meet the
payment of 500,000.000 gold marks, due Jan. 15, in accordance with the
London reparations schedule, explaining that it naturally assumed that the
whole question of reparations would be subjected to overhauling after the
German payment of Treasury bonds to Belgium.
When the brief moratorium was granted to Germany the Government
believed the Reparations Commission would devise a new schedule which
would become effective with the new year.
Confirming the inability to meet the January payment, official quarters
say the reparations plan of Premier Poincare designates as indispensable a
two years' moratorium for Germany.
The Government apparently is awaiting some notification from the
Reparations Commission and may counter an ultimatum from France by
referring to the treaty proviso, which prescribes that the reparations
demands must be authorized and supported unanimously by the Commission. It is admitted that a paragraph of the treaty entitles France to
proceed independently, or with the consent of Italy and Belgium, in event
of a German default, as cited in connection with the timber and coal
deliveries.

nations, seated in the Hotel Astoria, having heard the explanations of the
German delegates, decided by three votes against one, and with one of their
number taldng no part in the vote, that during 1922 the coal deliveries by
Germany fell short by 2,000,000 tons of the amount demanded by the Reparation Commission, and that the default was willful. By so doing they set
in motion machinery provided by treaty for the taking of whatever measures
the Powers involved may consider necessary in the circumstances.

Germans Conclude Explanations.
The proceedings began with a continuation of their explanations by the
German delegates as to how the shortage occurred, and of its inevitability.
Yesterday the absence of Herr Lubsen, Director of the Rhenan-Westphalian
Coal Syndicate, had prevented these explanations being complete. He
arrived this morning at 7 o'clock, and at 9:30 began his explanations, but
for all the influence it had on the finding of the Commission he might as
well have stayed in Germany. The case had been judged weeks ago.
One of the most important arguments advanced by the German delegation was made by Herr Richter, the legal expert, who asserted that the
only penalty which it was within the power of the Commission to impose
was that implied in their letter of March 21 last, which provided that in
On the 5th inst. a copyright cablegram from Paris referring case of failure in deliveries in kind "supplementary cash payments should
made equal to the value of the deficit."
to the calling of a special meeting of the Reparations Com- beThis
point had the strong support of Sir John Bradbury, and it was for
mission to discuss the coal and coke deliveries said:
that, among other reasons, that the British delegate opposed his vote to
For to-morrow M.Barthou has called a special meeting of the Reparation the majority.
In the rest of the proceedings there was only one departure from the cutCommission to discuss the situation with regard to German coal and coke
deliveries. M. Barthou will ask the Commission to register the voluntary and-dried procedure and decision which had been forecast. It came from
failure of Germany to deliver the supplies of those fuels asked for in the Roland Boyden, the American observer at the Commission's meetings.
Though he is without a vote and without official power in the decisions
same way as was done on Dec. 26 with regard to timber deliveries.
In an official statement issued to-day by the French delegation on the of the Commission, Mr.Boyden had never been without influence. To-day
been
short
deliveries
have
that influence could not be exercised.
Commission it is stated that the coal and coke
Mr. Boyden himself has maintained the strictest discretion as to what
every month except one since the treaty came into force, even though the
quantities demanded were smaller than were due under the treaty. Dur- attitude he took and what he said. But from other sources his speech as
ing 1922 the program of deliveries fixed by the treaty stipulated 19,500,000 disclosed appears as an indictment of the Treaty of Versailles and especially
tons. The Reparation Commission asked for 13,800,000 tons, but the of its too literal application. Like Sir John Bradbury and other delegates,
actual deliveries amounted to only 11,700,000 tons. The actual shortage Mr. Boyden admitted that from the technical juridical point of view
is not enormous, but it is large enough to give M. Barthou all the pretext Germany was in default. But for the shortage Mr. Boyden indicated that
in his opinion Germany Was less to blame than were the Commission and
he needs for obtaining another declaration of voluntary failure.
Contrary to expectation, Sir John Bradbury will attend to-morrow's meet- the Treaty itself in placing an impossible task on Germany's shoulders.
Commission.
some
continue
for
time
at
least
to
serve
on
the
He took exception, too, to the manner in which the Treaty made little
ing and will
This decision was taken to-day when the British delegate had an interview or no provision for discretion on the part of the Commission, but obliged its
members to report any such failure on the part of Germany to the Governwith Premier Boner Law before the latter left for London.
On the same date the Associated Press in advices from ments, which had the power to impose penalties that the extent of the
default did not seem to warrant. The effort Germany had made to supply
Brussels said:
the coal orders and the extent to which she had succeeded were too great,
The Council of Ministers to-day unanimously approved the Belgian Mr. Boyden insisted, to deserve the application of such penalties as were
delegation's attitude at the Paris conference, after statements had been intended.
made by Premier Theunis and Foreign Minister Jaspar.
Further, the failure was in itself but a small one in the immense question
The Council was in session for four hours and discussed also measures for of reparations, and to his mind it seemed a wrong proceeding to consider
the execution of the French plan agreed upon at Paris.
this question in detail and not as one great whole.
Two Belgian divisions will assist seven French divisions in the occupation
Bradbury Defends Berlin Government.
of Essen and the Ruhr district, says the "Soir." It adds it has reliable
Sir John Bradbury's point of view corresponded closely to that of Mr.
information that an agreement to this effect has already been made between
the French and Belgian delegates. The arrangements must be referred to Boyden. The deficit, he pointed out,was only 16 3 % ofthe whole program
the Parliament and the King, the newspaper states, but in any event Bel- and making allowance for the amount of that deficit which was due to causes
gian participation in the military occupation has been agreed to in principle. which neither the German Government nor German coal owners could
control Germany was only I13% 1i defatIt.
A Paris Associated Press cablegram the same date stated:
The real question for the Commission to decide was how far she was really
Officials of the French Foreign Office say they cannot comment on the responsible for this shortage. In his opinion it was mainly due to the
Brussels report respecting the reinforcement of "seven French divisions" of enormous confusion of German conditions during the year. and the fact
the occupation of German territory by two Belgian divisions. nothing what- that during 1922 a much greater percentage of the program had been
ever of the arrangements between the Belgian, Italian and French delegates delivered than was the case during 1921 reflected credit rather than otherafter the departure of the British from the Paris conference, it is explained, wise on the German Government and on those responsible for delivery.
may be discussed.
He took the view that the Commission was bound by the letter of March 21
The opinion, however, is that effectives of nine divisions referred to in the to accept payment of the deficit in cash, and that the penalties which he
three
than
rather
large.
It
is
understood that no more
Belgian dispatch seem
understood were to be imposed were not either warranted or strictly legal.
divisions will be employed, according to the present plan.
One fact in the situation which he stressed was that the price of the coal
which Germany had delivered was when translated into paper marks more
On the 9th inst. the Allied Reparations Commission, by than
the total revenue of the German Government during the year.
a vote of 3 to 1 (Sir John Bradbury dissenting), declared
Louis Barthou, the French delegate, who was supported by both the
Germany to be in default as to its 1922 coal deliveries. The Belgian and Italian members of the Commission, insisted throughout his
t pooch on the "bad will" of Germany in the matter, and he called down all
decision of the Commission, which had been expected on the the
powers of the treaty on the defaulter's head.
8th inst., had been deferred by reason of the action of the
After these speeches, as indeed before, the voting was a matter of pure
German delegates, a copyright cablegram to the New York form.
During the afternoon notice of the decision was, in conformity with the
"Times" from Paris indicating this as follows:
treaty regnlations, sent to the various GovernmentS, but in this case no
French action in the Ruhr was to-day delayed for at least twenty-four recommendations were mada as to the course which should be followed.
hours by talking tactics of the German delegates to the Reparation ComOn Jan. 10 a copyright cablegram from Paris, published
mission. With their arguments they held up the decision by the Commission until to-morrow on the question of whether there has or has not in the New York "Times," said:
been voluntary failure on their part to deliver sufficient supplies of coal,
It is expected that discussion of the German demand for a moratorium for
and so prevented release of the order for the troop operations, which will this year and next will come up before the Reparation Commission Friday
the
moment
this
begin
decision has been taken.
afternoon. If the Commission refuses a moratorium. Germany will bounder
With Messrs. Fischer and Meyer, President and Secretary of the German obligation to pay 500.000,000 gold marks Jan. 15. If she fails, then the
section of the Reparation Commission, there attended the meeting to-day rest of the French program for seizing guarantees can be put into operation.
It is anticipated that the Commission line-up will be the same as on the
ten experts, among wile p. were the presidents of several Ruhr coal companies. They arrived together at 3:30 o'clock, and the presentation of two questions of timber and coal deliveries. Sir John Bradbury of the
their case lasted till 6 o'clock, without even then having reached its British delegation will refuse to vote Germany in deliberate default. Mr.
conclusion.
Boyden may be expected to renew his indictment of the Treaty of Versailles
The question of whether or not they would attend at all to-day was as too burdensome on Germany, while the French. Italian and Belgian
now
from M. Barthou to Herr Fischer informing him delegates will pronounce the failure of Germany and the necessity of
settled by a sharp
that if the German delegates were not promptly on hand at the appointed taking guarantees.
time, the Commission would proceed at once, and without giving them
Associated Press advices from Paris on the 7th inst.,
an opportunity of being heard, to declare that voluntary default had
indicating that Germany had disputed the contentions of
occurred.
This note provided for their appearance, but even M. Barthou could France regarding coal deliveries, said:
not prevent long explanations on matters about which the Commission
Germany delivered 89% of the 13,600.000 tons of coal demanded for
was already fully informed, and at 6 o'clock it was decided to postpone French reparations last year• or 4.6% more than is estimated in the memothe conclusion of the meeting till to-morrow. The Germans will again randum which France submitted to the Reparations Commission relative
be heard, and it is the intention afterward of each delegate to explain to Germany's alleged default in deliveries under the peace treaty, according
his vote.
to an official reply to that memorandum.




130

THE CHRCI:ICLE

It is pointed out in the reply that the peace treaty stipulated maximum
deliveries, and that these were to be made only in so far as was compatible
with Germany's own requirements in providing her people with the necessities of life. It is declared that the deificit such as has occurred was due
primarily to the refusal of the French to accept certain qualities of fuel.
'especially coke, and a demand for a better quality than even German consumers used.
Other causes given for the lack of fulfillment are strikes, transport diffi•culties and frost. The reply also calls attention to the fall in Germany's
total coal production from 12,100,000 tons in May of last year to 10,500,000
'tons in November.
Relative to the French contention that while the French foundries are
able to use only 50% of their yearly capacity of iron, and the German foundries are able to utilize 80% of theirs, the official statement says that this
ls due to the fact that Germany lost a number of furnaces in Lorraine and
Luxembourg, and thus more work has been thrown on the others.
It is declared in the memorandum that economic experts believe the only
permanent way of satisfying the French demand is for Germany to deliver
coal and coke in the open market against cash payments,and thus obtain the
means necessary to buy imported coal required in Germany.

Chancellor Cuno Declares Germany is Determined Not
to Yield to Coercion.
The German chancellor, Wil,helm Cuno, in declaring on
the 9th inst. the action of France in seizing the Ruhr to be
a breach of the Versailles Treaty, asserted that "in the same
measure as we were and still are, willing and ready to go the
limit of our economic and financial capacity in rendering
reparations, so are we alSo determined not to yield to coercion
in any form." The Associated Press accounts from Berlin
report him to the following effect:

[VoL. 116.

and that "of the deliveries of wood to France for 1922, only
20,000 cubic meters sawn wood and 135,000 telegraph poles
are missing." The text of the protest, dated Jan. 10,follows:

The French Ambassador and immediately afterward the Belgian Charge
d'Afflares in Berlin have this afternoon informed the German Minister
for
Foreign Affairs in writing and orally that France and Belgium, because
of
the defaults declared by the Reparations Commission as committed by
Germany in execution of the deliveries of wood and coal, have decided
immediately to send into the Ruhr control missions, composed of engineers
and accompanied by the troops necessary to control the management
of the
coal syndicate, to guarantee the strict execution of the program of the Reparations Commission and to enforce the payment of reparations. The control missions will be placed under Gen. Degoutte, who will have full dictatorial powers. Any local disturbances will be punished with the most
severe coercive measures and penalties.
The German Minister for Foreign Affairs has lodged a protest with
the
two foreign representatives against the action contemplated because
this
action represents a breach of the treaties and of international
law.
Owing to the declarations made by France and Belgium
there is no
longer any doubt that to-morrow at the latest a Franco-Belgian army
will
occupy gssen and parts of the Ruhr territory. This happens four
years
after the signing of the peace treaty and is directed against
a defenseless
and peaceful nation.
The reason given for the procedure is that Germany is in
default in her
deliveries of wood and coal in 1922. The default in the case
of coal represents a deficit amounting to less than 4% of the deliveries of
coal to the
Entente Powers since the signing of the armistice. Of the deliveries
of
wood to France for 1922 only 20,000 cubic meters sawn wood and
135,000
telegraph poles are missing. France and Belgium justify their
action by
asserting that Germany Is in voluntary default and that this voluntary
default Justifies one-sided coercive measures directed against Germany
on
the part of these two Powers.
The existence of such a default on the part of Germany is not only denied
by Germany alone but, entirely apart from that, the Franco-Belgian action
represents a breach of the Treaty of Versailles in a threefold manner:
1. Germany's defaults in her deliveries of wood and coal would, according to the note of the Reparation Commission of Mar. 21 1922, always
only justify demands for subsequent payments.
2. The Treaty of Versailles does not admit any territorial sanctions.
3. The measures allowed by the Treaty of Versailles against Germany
can only be applied by the Allied Powers as a whole and not by single
Powers of their own accord.
The German Government herewith enters a protest against the oppression applied toward Germany in contradiction with the treaty and international law. The German Government does not intend to meet violence
with violence nor to reply to the breach of the treaty with a withdrawal
from the treaty. However, as long as the state of affairs contrary to the
treaty exists Germany is not In a position to make actual reparations to
those Powers, who have brought about this state of affairs.

Wilhelm Cuno, the Chancellor, declared that Germany would regard
the application of arbitrary force as a breach of the Versailles Peace Treaty
and as "the use of might against a defenseless people."
"France," continUed Herr Cuno, "is trying to'cloak her contemplated
action with the appearance of Justice, in that she spreads sanctions and
pledges which are supposed to have basis in the stipulations of the Versailles Treaty. Yet even as nionstrous as this instrument is, it does not
go so far as to permit the Allies optional Impingement upon German
sovereignty or vrillful encroachment on German territory.
"As a pledge to 'their demands under the Treaty, or as security for
reparations, the Allies are occupying the Rhineland for a specific period,
thus holding a guarantee which is more secure and more crushing in its
final working out than any yet incorporated in any peace treaty between
civilized peoples. If France on her' own responsibility fails to recognize
the limitations established in the agreement governing the rights of occupation, or if she actually proceeds 'to impinge upon Rhineland territory
outside the established'tone 'or oeeupation, then such procedure ceases
German Foreign Minister Baron von Rosenberg Says
to be a mere exercise of'her treaty privileges and becomes a violent breach
French Invasion Is Violation of Versailles Treaty.
of the peace against a defensekes People."
Calling attention to the faefr that the Premiers would not listen to or
In a statement to the press on Jan.9 Baron von Rosenberg,
receive the German reparations proposals at the recent Paris conference
and that they could not`reaCh an agreement of their Own making, Chan- the Foreign Minister, declared that if France carried out
cellor Cuno declared the solution of the reparations problem had been her invasion plans a gross violation of the Peace Treaty
postponed anew.
"France." he added,"appears determined to force her claims by the appli- would be committed. He is also reported to the following
cation of coercive nteasures. It would therefore appear that certain quar- effect in Berlin Associated Press advices Jan. 9:
In the first place, said the Foreign Minister, the decision of the Reparation
ters in France still believe fulfillment can be obtained from us by such procedure. In my speech at Hamburg I declared that the policy of unctions Commission regarding deliveries of coal and timber would not justify the
of any other steps against Germany than those stipulated in the
taking
spelt death to economic recuperation; and to-day I can only reiterate this
with increased earnestness and emphasis.
Allied note of March 21 last.
"For in the same measure as we were, and still are, wiling and ready
In the second place, he declared, the Peace Treaty does not allow any
to go the limit of our ecunondc and,financial capacity in rendering repara- penalties of a territorial character, even if any default on the part of Gertions, so also are we determined not to yield to coercion in any form.
many should be established.
"We have given tangible proof of our,readiness,voluntarily to fulfill to
In the third place, he contended, any measures which might be formally
the extent of our ability the demands upon us. If need be, the German peo- admissible to be taken against Germany could only be
applied after such
ple will show equal firmness in further following the path of Its affliction.
measures had boon agreed to by all the Allies concerned.
"There can be no negotiations in an atmosphere of presusre and threats.
We cannot oppose violence with violence. We are determined, however,
and in this we have the concurrence of the German people, to expose in
Manifesto of President Ebert Denouncing Ruhr
Its true light before the:world at large the economic folly and complete ilInvasion.
legality of the French intentions."
The Chancellor said Germany's offer of an anti-war pact, based on a
According i to Associated Press cablegrams Jan. 9 Presiplebiscite, still held good. Fie added that the German Government was
willing to double, even to treble, the number of years informally designated dent Ebert, in a manifesto issued that date, exhorts the inin the original proposal.
habitants of the Ruhr Valley to remain calm despite the
"We are ready," said the Chancellor, "so to constitute it that whenever
continuation
of French injustice and force, which constitutes
or
war
dares
hydra
again
to raise its head the question, yes or no shall
the
be decided, not in the secret conclaves of diplomacy or through the whim of a breach of the Versailles Treaty, committed against a disa ruler, but at the family fireside. The final decision shall rest with fathers, armed and defenseless nation. He is also reported as
saying:
mothers, sons and daughters.
The policy of force which has violated treaties and trampled the rights
"Could anything be more democratic or serve more effectively to make the of humanity now threatens the key district
of the German economic world.
world safe for democracy or democracy safe for the world?"
The execution of the Peace Treaty thus becomes an absolute
The German anti-war proposal, the Chancellor stated, primarily was in- and at the same time the living conditions of the suffering impossibility,
German nation
tended to placate French apprehensions with respect to France's Rhineland are disorganized.
•mtlers and to afford France guarantees which would run for a period greatGermany was ready to fulfill all the obligations within her power. She
ly in excess of the present term of occupation.1110MinallU at kb mew has now'been attacked without being given a hearing.
We lay this act
of force before the forum of Europe and the entire world.

Protest to United States by Germany Against FrancoBelgian Occupation of Ruhr.
Germany Figures Debt to Thousandth of Cent.
A formal protest to the United States against the invasion
From a Washington dispatch to the "Journal of Comby French and Belgian troops Of Essen, in the Ruhr zone merce" Jan. 5, we quote the following:
of Germany, was made by Germany on the 11th inst., when
As a striking example of Gellman exactitude In details, an official stateDr. Otto Wiedfeldt; the German Ambassador, called at the ment of the German republic's floating debt received by the Department
Commerce with other statistical exhibit gives the debt figure as of
State Department at Washington and presented the German of
Nov. 30 at 1,166.046.034,044.96 paper marks, which means that the
protest to Under Secretary of State Phillips. In it Germany calculation has been carried out to decimal portions of one thousandth
declares that the action of France and Belgium in invading of an American cent.
the Ruhr territory "iepresents a breach of the treaties and
of the international law." Referring to the fact that "the Russian Press Sees Sign of a New War as Result of
reason given for the procedure is that Germany is in default
Ruhr Occupation by France.
in her deliveries of wood and coal in 1922," the German
In a cablegram from Moscow Jan. 10, the Associated
protest says that "the *default in the case of coal represents Press said:
•
TIM Russian press generally views France's action with regard to the
a deficit amounting to Less than 4% of the deliVezies bf coal Ruhr,
together with the breaking up in disagreement of the Paris conference
to the Entente Powers since the signing of the armistice," of Premiers, as threatening
a new war.




JAN. 1 1923.]

THE CHRONICLE

The Communist leaders always have taken the stand that Premier
Poincare's policy was the very thing to drive Germany to revolution, and
they therefore are watching the situation intently. Russia repeatedly has
reiterated her peaceful intentions, but some months ago Minister of War
Trotzky, in an interview with the foreign correspondents, replied pessimistically to a question by one of them as to what would be Russia's attitude in the event of a new European war,saying that if France invaded the
Ruhr, thus precipitating war, and Poland Joined France, he doubted if
Russia could remain neutral.
The "Isvestia" refers hopefully to the recent conference of Communists
in Essen, which was attended by French Communists, and which passed
resolutions opposing a French invasion. The newspaper declares this conference may play a serious role in the situation, adding. "We know that
the Communists are people of action, who seriously want a struggle with
the bourgeois in all walks of life."

President Harding Orders Return of U. S. Troops
from Rhine—Secretary Hughes Says France Knew
Attitude of U. S. on Forcible Measures for
Reparations.
On Jan. 10 President Harding ordered the return to the
United States of the American forces on the Rhine. This
action by the President followed the adoption by the Senate
on Saturday last (the 6th inst.)" by a vote of 57 to 6, of a
resolution offered by Senator Reed of Missouri, urging the
recall of the troops by the President. The resolution reads:

131

The Department of State said that it could not credit such a report and
believed that there was some inaccuracy in its transmission.
It was further said that the suggestion that financial experts should be
called in order to advise the Governments with respect to what Germany
could pay and what financial plans would be advisable was taken up by
Secretary Hughes directly with Ambassador Jusserand some time prior to
the Secretary's address at New Haven; that the matter was discussed with
the French Ambassador, who, it is understood, transmitted it to his Government.
The French Ambassador presented to the Secretary the observations of
The view of the two Governments were exchanged
M. Poincare in reply.
in this way. Subsequently, when Secretary Hughes made his speech at
New Haven, he delivered a copy of it to the French Embassy for their information.
With regard to the taking of forcible measures for the purpose of obtaining reparations, it is not doubted that the attitude of the American Government is well understood.

Reply of British Experts to French Objections to
British Plan for Settlement of Reparations
Question.
Extended mention was made in these columns last week
(page 15) of the Allied Premiers Conference in Paris last
week, which failed of its purpose to effect agreement on the
question of German reparations, and of the British and
French plans (pages 19-2t) looking to the settlement of
the reparations issue. According to a London cablegram
Resolved, That it is the sense of the Senate of the United States that the
4 (copyright by the Chicago Tribune Co., and printed
Jan.
return
immediate
the
all
to
of
States
United
the
order
President should
-troops of the United States now stationed in Germany.
in the New York "Times" of Jan. 5) the detailed reply of
In giving this expression of its opinion,the Senate disavows any unfriendly
the British experts to the French objections to the British
or partisan attitude toward any nation or nations of Europe.
was
Regarding the President's action an Associated Press proposal for the settlement of the reparation question
cablegram published in the "Journal of Commerce" Jan. 11 given out at London on the 4th. As given in the copyright
cablegram it reads in part:
said:

Thefirst criticism advanced by the French Government is that the British
American troops were ordered home from the Rhine to-day, with every
indication that the Administration's purpose was to emphasize its disap- proposals are a direct infringement of the Treaty of Peace, which is one of
proval of the French reparations program. They are expected to be back those documents known in international law as perpetual treaties which cannot be modified.
in the United States by Feb. 5.
It may be said at once, without hestitation,that on the points on which the
Official explanation of the withdrawal order, issued immediately after
proposals are thus attacked neighing is proposed in the British plan which is
Hughes
a morning conference between President Harding and Secretaries
indeed, adequate
and Weeks, was confined to the statement that the President deemed it not within contemplation of the Treaty and for which.
expedient at this time. There were intimations which appeared authori- machinery is provided in the treaty itself.
the
treaty fall under
contravene
alleged
is
it
which
proposals
British
The
tative, however, that France had been informed that perseverance in her
plans for forcible measures in Germany would result in American with- two heads. First, they provide a reduction of the German debt as already
drawal from the Rhine, but no inkling was given as to when or how diplo- fixed under a schedule of payments,and next introduce certain modifications
In the functions and composition of the Reparation Commission.
matic exchanges of such a nature had been transmitted.
On the first point Article 234 ofthe treaty expressly provides for a commisAmbassadors of the Allied countries here,including the French,and American Ambassadors in Europe were promptly informed by the State Depart- sion after the schedule of payments is fixed to consider the resources and
ment of the order. A cable message from the War Department to Major- capacity of Germany,and it shall have the discretion to extend the date and
General Allen, commanding the American Army of Occupation, gave him modify the form of payments, the only limitation on the action of the compreliminary instructions to prepare for withdrawal, while orders also were mission being that it was not to cancel any part of the German debt except
issued for the transport St. =Mel to sail from New York Friday. She will with specific authority from the several governments represented on the
pick up about forty officers and more than 1.000 men, comprising the commission.
The Governemtns have thus reserved themselves with co-operation with
American force on the Rhine, either at Hamburg or Bremen, as General
the commission, which is in this respect a common agent with the right of
Allen elects.
Actual movement of the troops from Coblenz. it was said, would begin reducing the German debt, and the commission has full discretion as to the
form which the payments are to take, subject to certain restrictions on its
Just in time for them to embark directly from trains.
dependent action as to the postponement of installments.
At the same time the "Journal of Commerce" printed the own in
So important was this power of modification considered at the time when
following special advices from Washington:
the treaty was negotiated that it formed a subject of special reference in reply
Failure of the French plan for the collection of the reparations from made by the Allied and Associated Powers to the German Government,
Germany through the occupation of the Ruhr by force of arms was expected transmitted In M. Clemenceau's letter of June 15 1919. The Allies there
to-night in official circles, although the view was advanced in some quarters said: "The powers of.modification accorded by Article 234 is expressly
that the move would serve to clear the air, and that after the impossibility designed to permit a modification in Germany's interest of the schedule of
of obtaining the payment of indemnities as now fixed by the adoption of payments, which the Entente may demonstrate are beyond Germany's
military tactics had been demonstrated the question might eventually reasonable capacity."
be settled through the united efforts of the Allied nations.
The second crticism under this head is to effect that the British plan
Despite the strong disapproval of the United States toward the occupa- modifies the rights and composition of the Reparations Commission. The
Secretary
the
to
French Government by
tion of the Ruhr, made known
Constitution of the Reparations Commission was a matter for the Allied
Hughes, the Government held off from signalizing its feelings until the and Associated Governments(see Article 240 ofthe Treaty) as was embodied
determination of France to order her troops forward was definitely known, in an annex to Part 8. This annex contained a speical clause (22) to the
and early to-day President Harding ordered the withdrawal of the re- effect that it might "be amended by the unanimous decision of the Governmaining American soldiers on the Rhine.
ments represented from time to time upon the Commission." Considerable use has already been made of this power of amending the treaty, which
No More Offers By United Stales.
was thus made expressly subject to modification.
As the reparations situation now stands from the viewpoint of the
Thus, a committee on guarantees was constituted in May, 1921, to which
was
that
is
Administration
all
United States, the
declared to have done
was assigned specifically the powers to examine the German fiscal system,
possible to bring about an adjustment of the German indemnities by under Paragraph 12, Annex 2, and secure the application of Article 248.
Peace-time discussion and hoped until the last that Secretary Hughes' This committee was from the outset empowered to co-operate with the
hint for the creation of an impartial commission might be taken. But members of neutral nationality. Thus one of the powers,removal of which
since France has seen fit to ignore the friendly gestures of this country, from the Reparations Commission was made on the ground of complaint
it is believed that in the future all overtures will have to come from abroad against the
British proposal, has already been taken away from that body.
before American assistance can be obtained in straightening out what may
Further, the French Government has agreed with the British to introduce
be a still more complicated question if the French plan for collection an
amendment to Annex 2, by which certain in the power of interpreting
proves fruitless.
Part 8 of the treaty without appeal and with binding effect on all parties.
In some official quarters it is contended that the failure of the French
including Germany, perhaps the most important of all the powers of the
to obtain reparations by occupying the Ruhr is a virtual certainty. AcCommission, may be developed upon an arbitrator, nominated by a Council
quisition of the mines and mills of Germany. it is argued, will not produce
of the League of Nations.
dividends unless they can be operatea. and even though the man power
Again, the power of modifying Annex 2, has been used by the Allied
is available, either in the shape of German workmen or imported French Governments to
introduce a provision to Paragraph 19, this compelling the
labor, the wheels of industry cannot turn without capital. Government
German Government to make certain deliveries in kind, the value of which
experts in close touch with the industrial conditions in Germany hold is to be fixed
in case of dispute, not by the Commission Itself, as is the case
that the French will be able to find little in the way of capital to finance with all other
deliveries in kind contemplated by the treaty, but by a referee.
they
plants
seize and the movement of the troops alone is counted
the
Yet, these amendments to the treaty made,as it were, in pursuance of the
upon to result in a further inflation of French currency.
powers which the treaty itself contained,do not seem in the past to have been
If the French plan should prove a success, which is generally doubted, held to require reference to the French Parliament.
one bone of contention among the Allies will have been put out of the
Lastly, before passing away from these juridicial questions, it may be reway, according to *well informed officials, and very beneficial results In marked that the scheme proposed by the French Government itself is contheir
economic
international
basing
situation
the
should obtain. But
templated to give powers to the Committee on Guarantees, including, as
views on the conditions in Germany as they see them the observers look already remarked, the neutral members, which goes far beyond anything
for the outcome of the movement into the Ruhr merely to be a proof included in the treaty, and comprises the right not to allow the expenditure
conclusive that indemnities as now demanded cannot be realized.
proposed in the German budget and to prescribe an increase in German taxes.
second French criticism is that in the British proposal the total debt is
On Jan. 9 the State Department issued the following notThe
definitely fixed. This is perhaps true ofthe second series of bends, But
statement relative to reports from Paris that the French the real objection to absence of a definite total is that the old total was
new
Foreign Office had denied that Secretary Hughes's plan for much too large to make it possible to restore German credit. If the
total, including the second series, is a reasonable maximum,and the British
an international commission to aid in solving the reparations
proposal at least fixes a maximum,it will not militate against the restoration
problem had been submitted to France.
of German credit and, therefore, against the possibilities of raising loans in




132

THE CHRONICLE

[VOL. 116.

an international market. Moreover, if this maximum should in fact be treaty, and has always been followed
by the Reparation Commission.WAs
reduced the security of the lenders would improve and not diminish and already pointed out, it Is essential
to consider what maximum burden Gertherefore, the element of contingency of the new proposal is in favor and many can stand without frustrating
its hopes of balancing its budget. It is
not against the reestablishment of German credit.
from this point of view that the proposed deliveries in kind must be considThe next criticism is with regard to the constitution of the proposed finance ered.
council in Berlin, and particularly with regard to the vote of its President.
So far as the British Government can estimate the deriveries in kind asked
It seems essential in order to secure the effective working supervision con- for by France during the
moratorium, with the cost of the armies of ccoupatemplated that the German representative be associated with the committee. tion and other miscellaneous
treaty charges, Involve payment by Germany
Under the British scheme the German representative will not even be present of something between
£70,000,000 and £80,000,000 sterling in 1923. This
when the question of whether Germany has failed to carry out its engage- sum would be in excess of the
total payment by Germany for all purposes in
ments is under consideration. He would only have the right to vote on a 1922. Such proposals, therefore,
are the negation of a moratorium.
choice between two different matters; the method of achiving and balancing
Moreover, the French proposal suggest that certain German revenues
inthe German budget or whether taxes are to be raised in a particular form tercepted by the Allies be only released
when Germany raises a loan. A loan
or any particular form. Moreover, his vote will not only be given when the could obviously not be raised
immediately. The effect on the German budvotes of the other members are aqually divided.
get by depriving It for the time being of the rrevenues interecepted would
The purpose of the council is to give authoritative advice on German therefore be an increase of its burden
from the above figures of £70,000,000
finance. Should it happen that the expert advisers are equally divided it to £80,000,000 sterling to something
in excess of E100..100,000 sterling.
would not seem unreasonable to give the deciding vote to the minister responsible for carrying out the decisions. In effect, his powers of voting
would simply enable to choose which of two alternative opinions equally Offering of
St. Louis Joint Stock Land Bank Bonds.
authoritatively supported he should adopt. It seemed necessary to make
An issue of $1,500,000 St. Louis Joint Stock Land Bank 5%
a provision for a decision where the votes were equal.
But the British Government would be prepared to consider any other prac- bonds, issued under the
Federal Farm Loan Act, was offered
ticable suggestion.
With regard to the addition of American and neutral European nations it on Jan. 8 by William R. Compton Co. and Halsey, Stuart &
may be pointed out in the first place that the constitution of the existing Co., Inc., at 103 and accrued interest, yielding over 4.60% to
Committee on Guarantees not only provides for the appointment ofan Amer- the optional date
and 5% thereafter. The bonds are dated
ican representative, but further empowers the committee to co-operate with
the representative of the non-Allied Powers, who may be as many as three. Jan. 1 1923, are due Jan. 1 1953 and optional after Jan. 1
In the second place the French Governinent itself proposes to add to its 1933. They are coupon bonds, fully registerable and
intercommittee control the representatives of the lenders. This would surely changeable,
and are in denominations of $1,000 and $10,000.
include America and neutral representatives.
It may be added that the annual charge fixed by the schedule of payments Interest is payable semi-annually Jan. 1 and July 1, and prinItself covered not only the reparations debt proper, but also reimbursement cipal and interest are payable at the American Trust
Co., St.
of the Belgian debt, with the main other charge, while the modified schedule
Louis, or coupons may be presented for collection through
of payment for 1922 fixed by the Reparations Commission covered also the
charges for the Army of Occupation. The course proposed by the British any office of the banking houses offering the bonds. The latplan is not only essential to a satisfactory scheme, but has already been ter are acceptable as security for postal savings and
other deaccepted as falling under the treaty and acted upon.
If it is admitted that a moratorium is necessary with the object of balanc- posits of Government funds and are exempt from Federal,
ing the German budget and restoring Germany credit it follows that deliv- State, municipal and local taxation. As stated in our issue
eries in kind, which require payment from the German budget to German of Nov. 18 (page 2212) wherein we
referred to an offering of
nationals, be included in the maximum German burden. To demand ex$1,000,000 of bonds of the St. Louis Joint Stock Land Bank,
clusive deliveries in kind must destroy the object of the plan.
It is said the moratorium is to be granted without any gags or sanctions. the bank was chartered by the Federal Farm Loan Board on
The British Government is prepared to enforte sanctions of a most drastic Mar. 27 1922 and has a
capital of $500,000 and a surplus of
kind including forcible seizure of German revenue, assets and even military
occupation of German territory outside of the existing zone of occupation $50,000. Its operations are confined to the States of MisIn the event of the foreign Financial Council reporting at any time that Ger- souri and Arkansas. William R. Compton is Chairman of
many is not taking proper steps to stabilize the mark or reform the budget.
the Board, L. L. Beavers is President and David M. Harding
and also, from the financial program, in case of any default by Germany of
payment due with respect to the new bonds. The sanctions which the is Secretary. The following is the statement of the St. Louis
British Government contemplate in the event of German default, therefore, Joint Stock Land Bank as ofifcially reported Dec. 31 122:
are of a most drastic character.
Acres of real estate security
114,575
It is alleged that the total credit on reparations, excluding other peace
Total amount loaned •
$3,505,000
treaty charges, would be reduced to 20,000,000.000 gold marks (about $5,- Appraised
estate
real
value
of
security (land only) ...$7,37l,725
000,003). This makes two impossible, inconsistent assumptions:
Appraised value of improvements
904.935 8,276,660
1. That in 1923, during which the French Government is agreed that a Appraised
value per acre (land only)
$64 34
moratorium is necessary. Germany will be able to raise in the market the
Amount loaned per acre
30 57
colossal sum of £1,250,000,000 sterling.
Perepntage of loans to appraised value of land
47.50%
2. That in this event the second series would not be Issued.
But it is clearly impossible for Germany to raise a loan of this magnitude
and the German burden will, therefore, be larger. Moreover, considering Offering of Bonds of Chicago Joint Stock Land Bank.
the burden upon German finance, regard must be had not only to that porAt 102 and interest, to yield 432% to 1932 and 44
tion of the bonds which.can be identified with reparations payment proper,
3 %
but to the total of all charges under the treaty. On this basis what are the thereafter, Kissel, Kinnicutt & Co.of New York and Chicago,
real figures?
offered on Jan. 10 $5,000,000 Chicago Joint Stock Land
On the 5% table, the present value of the 50,000,000,000 gold marks
0 Farm Loan bonds. They are dated Nov. 1
(about $12.500,000,000) of the first series of bonds, arter allowing for defer- Bank 437
ment of interest, is 39,500,000,000 gold marks (about 39,875.000,000), and 1922, are due Nov. 1 1952, and are redeemable
at the
of the 17,300,000,000 gold marks(about $4,325,000,000) of the second series
of the bank at par and accrued interest on Nov. 1
of bonds, commending in 1933, is about 10,500,000,000 gold marks (about option
1932, or on any interest date thereafter. The bonds are
$2,625,000,000), a total of50,000,000,000 gold marks.
On any probable hypothesis of progress, redemption at the present value in coupon form, in denominations of $1,000 and $10,000,
may be taken as about 34,000,000,000 gold marks (about $8,500,000,000)
for the first series of bonds and about 8,000,000,000 gold marks (about $2,- and are fully registerable and interchangeable. Principal
000,000,000) for the second series of bonds, a total of 42,000,000,000 gold and semi-annual interest (May 1 and Nov. 1) are payable
marks (about $10,500,000,000).
at the bank of issue or at the Continental & Commercial
These figures will be found to coincide closely with the estimate of the real
value of the German obligations under the schedule of payments given by National Bank in Chicago, or at the Chase National Bank
the reporter of the Budget Committee in the Chamber of Deputies last July. in New York City, at the holder's option. The bonds are
It will be found that they represent the middle figure between the highest issued under the Federal
Farm Loan Act, and are exempt
and lowest figures which he gives on the value of the German obligations.
Value of Existing C Bonds.
To take the existing C bonds as having real values is notoriously contrary
to facts. The reporter of the Budget Committee in the Chamber of Deputies, working on an hypothesis which he himself described as very optimistic,
estimated the present value of the 70,000,000,000 gold marks (about $17,500,000,000) in C bonds between 7,300,000.000 gold marks (about $1.825.000,000) and 15.000,000,000 gold marks (about 3,875,000,000), and decided in order to be on the safe side to take an intermediate figure of 10,000,000,000 gold marks (about 52,500,000,000)•
The C bonds can only be regarded as a bad debt which must be written off.
Writing off the C bonds is imposed by the realities of the situation. Until
this is done German credit cannot be estimated, and the value of the A and
B bonds will suffer accordingly.
Again, what are the facts? The proposal of the British Government is to
exact from Germany the maximum, which, it is thought. Germany can pay.
It is useless to complain if larger sums cannot be obtained.
Further criticism advanced is that the 50,000,000,000 gold marks which
"represent" the existing A and B bonds under the schedule of payment is
replaced under the British plan by bonds to the present value of 37,000.000,000 gold marks. The correct figure, according to the 5% table, is 39,500000,000 gold marks, and not 37,000,000,000 gold marks.
In any case
the schedule of payment of 50,000,000,000 gold marks,the A and B bonds do
not represent the present value of the 50,000,000,000 gold marks. Their
value was estimated by the reporter of the French Budget Committee last
July at 39,000,000,000 gold marks, and having regard to the subsequent
determination of the financial position, their value to-day must be put at a
perpetually lower figure.
Deliveries in Kind.
The British Government would have it supposed that it is not out of any
consideration for Germany that they propose that deliveries in kind should
be reekee2ed against Germany's total debt. This principle Is that of the




from all Federal, State, municipal and local taxation. This
exemption was confirmed by the United. States Supreme
Court in its decision of Feb. 28 1921. Thus these bonds are

as completely tax-exempt as the First Liberty Loan 332%
bonds. By Act of Congress these bonds, prepared and
engraved by the Treasury Department, are declared instrumentalities of the United States Government, legal investment for all fiduciary and trust funds under the jurisdiction
of the Federal Government; acceptable at par as security
for Postal Savings and may be accepted as security for other
deposits of Government funds. The Chicago Joint Stock
Land Bank operates in Illinois and Iowa. The bank was
chartered on July 25 1917. According to a letter from Guy
Huston, President of the bank, it is the largest and one of
the oldest Joint Stock Land banks, and represents about
20% of the entire system with total assets in excess of
$45,000,000. The bank's statement as of Dec. 30 1922,
after giving effect to the sale of this bond issue, shows a
paid-in capital stock, surplus and reserves of $3,822,159,
and the bank has paid regular dividends since 1919, now
paying 10%. The stock, it is stated, is quoted 150 bid.
The following is the bank's financial statement as of Dec. 30
1922, revised to give effect to the sale of the present issue
of bonds:

JAN. 13 1923.]

THE CHRONICLE

Total Chicago Joint Stock Land Bank bonds in hands of public_$3
9,407,300
(Maturing 1937-1952)
Current assets:
Cash and duo from banks
$1,908,370
U. S. Government bonds and certificates of
indebtedness
2,539.427
Farm loan bonds (par value)
592,7(5)
Accrued interest on bonds and loans
847,091
Accounts receivable and miscellaneous
38.937
Total current assets
$5,926,525
Less current liabilities, including interest accrued
but not due
527,092
Net current assets

5,399,433

Net indebtedness
$34,007,867
The security for this indebtedness is as follows:
U.S. Govt. and ctfs. of indebtedness aggregati
ng_ $2,539,427
Direct first mortgages aggregati
ng
39,182,025
$41,721,452
Less amortization payments received on
account
of principal
719,715
$40,001,737
which in turn are secured on farm lands
and
buildings in Illinois and Iowa, appraised by
Federal District Appraisers of Federal Farm
Loan Board at over
393,000,000
Equivalent to over 273% of net indebtedness.
Capital stock paid in (carrying double liability).
- $3,000,000
Legal reserve
$600,000
Other reserves and undivided profits_ _ _
222.159
822,159
$3,822,159
Note.—On the basis of actual sales of land on which the above mortgages
have been issued the average sale per acre has been $224 07, whereas the
average amount loaned per acre has been $86 22. or less than
3814% of
the actual sale price.
GUY HUSTON, President.

Offering of Fremont Joint Stock Land Bank Stocks.
Brooke, Stokes & Co., of Philadelphia, and Harris, Forbes
& Co., of New York, offered on Jan. 10 a $2,000,000 issue of
Fremont Joint Stock Land Bank bonds at 103 and interest,
to yield about 4.62% to the redeemable date and 5% thereafter to redemption or maturity. The bonds will be dated
Feb. 1 1923, will become due Feb. 1 1953, and are redeemable
at par and accrued interest on any interest date after ten
Years from the date of issue. Principal and interest (Feb. 1
and Aug. 1) are payable at the Fremont Joint Stock Land
Bank, Fremont, Neb. Coupons are payable at Brooke, Stokes
& Co., Philadelphia, Pa., or may be presented for collection
through Harris, Forbes & Co., New York City. The bonds
(coupon) are fully registerable and interchangeable in denomination of $1,000. The bonds are exempt from Federal,
State, municipal and local taxation and are acceptable as
security for postal savings and other deposits of Government
funds. The Fremont Joint Stock Land Bank is restricted
by
its charter to loans on farm land in Nebraska
and Iowa, the
heart of the corn belt. It is stated that:
The policy of the bank in placing mortgages
has been conservative, as the
loans average but 39.6 of the appraised
value of the land.
The average earnings of the bank since
date of organization have been
among the best in this banking system. For the
calendar year 1921 the
bank earned 15% on its capital stock. For he
ten months ended Oct. 31
1922, the bank reports earnings equal to 20.58%
on the average amount of
stock outstanding during this period. The present
dividend rate is 9%•
Out of the annual earnings 25% must be carried
to reserve account until
the latter equals 20% of the capital stock. Thereafte
r 5% of the earnings
must be added.

Dan V. Stephens, President of the Fremont State Bank
and President of the Hamond & Stephens
Co., wholesale educational publishers, is President of the Fremont Joint Stock
Land Bank. A previous offering of bonds of
the bank was
referred to in our issue of July 29, page 492.

from all Federal, State, municipal and local
except
inheritance taxes. This includes Federal and
coil
taxes, making them as fully tax exempt as the Li
By a decision of the Supreme Court of the United Sta
dered Feb. 28 1921, the constitutionality of this Act and
tax exemption features were fully sustained. The bonds are
legal for investment of trust funds in Wisconsin, and are also
a legal investment for trust funds under the Jurisdiction of
the Federal Government, and acceptable as security for
postal savings and other deposits of Government funds.
The
Bankers' Joint Stock Land Bank of Milwaukee was organized in 1918. Earle M. Pease, President, says:
This bank is engaged in making loans in
Wisconsin and Minnesota and
up to the present time these loans have been
confined to lands within the
great Dairy Belt of the Middle West, namely
Southern Wisconsin and
Southern Minnesota. At December
30th 1922 first mortgage loans in an
aggregate amount of $7,823,900 had been made.
Appraised value of land mortgaged is about $100 per acre, based
on average figures by Federal appraisers, and
the amount loaned per acre is only
about 40%. which is well within the 50%
maximum authorized by the Federal Farm Loan Act.
All of these farms are appraised by inspector
s appointed by the United
States officials, and each loan is accompan
ied by a certificate from an attorney approved by the Government that
the mortgage is a first lien on the
premises.

The following statement of the Bankers' Joint Stock Land
Bank as at Dec. 31 1922 is presented by Preside Pease:
nt
Assets—
Mortgage loans
Liberty Bonds, par value
Farm mortgage bonds on hand
Cash in banks and with registrar
Accounts receivable
Accrued interest receivable
Furniture and fixtures
Farm Loan bonds sold but not delivered
Other assets
Total
Liabilities—
Capital stock
Reserve
Undivided profits
Bills payable
Farm Loan bonds sold
Accrued interest on Farm Loan bonds
Reserve for unpaid coupons•
Deferred loans
Other liabilities
Total

$7.686,228 28
300,500 00
6.00000
175,692 93
7,967 64
171,125 36
2,538 15
200,00000
21.754 39
$8,571,806 75
$50000000
20,00000
81.016 02
600,000 00
7,203,100 00
59.162 05
5,721 75
81,056 46
21,75047
$8,571.806 75

A previous offering of $1,000,000 of bonds
of the Bankers'
Joint Stock Land Bank of Milwaukee was referred
to in our
issue of Nov. 4, page 1995.
Offering of Bonds of the First Kansas-Oklahom
a
Joint Stock Land Bank.
HornblOwer & Weeks of this city offered this week, at 103
and accrued interest, to yield over 4.62%
to the optional date
and 5% thereafter, $500,000 First Kansas
-Oklahoma Joint
Stock Land Bank 5% bonds. The
bonds, issued under the
Federal Farm Loan Act, are dated Nov. 1
1922, are due Nov.
1 1942, and are redeemable at par
and accrued interest on
any interest date after ten years from
the date of issue.
They are coupon bonds fully register
able and are in denomination of $1,000. Principal and interest
(May 1 and Nov. I)
are payable at the bank of issue. Principa
l and interest of
these bonds are exempt from Federal
, State, municipal and
local taxation, except inheritance taxes.
This exemption includes all Federal income taxes and
personal property taxes
In every State in the United States.
The bonds are a legal
investment for all fiduciary and trust funds under the Jurisdiction of the Federal Government and acceptable
as security
for postal savings and other deposits
of Government funds.
This bank may be designated by the Secreta
ry of the Treasury
as financial agent of the Government and deposita
ry of public funds. By Act of Congress these
bonds are declared instrumentalities of the Government of
the United States and
are prepared and engraved by the Treasur
y Department. By
a decision of the Supreme Court of
the United States, rendered Feb. 28 1921, the constitutionality
of this Act and the
tax exemption features of these bonds
were fully sustained.
The following information is taken
from the official circular:

Offering of Bonds of Bankers' Joint
Stock Land Bank
of Milwaukee.
A $1,000,000 issue of 5% farm
loan bonds of the Bankers'
Joint Stock Land Bank of Milwauk
ee was offered on Jan. 9
by the First Wisconsin Co. of Milwauk
ee, Morris F. Fox &
Co., Henry C. Quarles & Co., Edgar, Ricker
& Co., the Marshall & Ilsley Bank, the Second
Ward Securities and the
Bankers' Finance Corporation, all of
Milwaukee. The bonds,
issued under the Federal Farm Loan
Act, are dated Nov. 1
1922 and become due Nov. 1 1952; $500,000 are redeema
ble
at the option of the obligor at par and accrued interest on
Nov. 1 1927 and $500,000 are redeemable at the option
of the
The First Kansas-Oklahoma Joint Stack
Land Bank was organized in
obligor at par and accrued interest on Nov.
1 1932 or any in- July 1922 with a capital of 8250,000. Its cff:cers and directors are prominent and successful citizens of the district
terest date thereafter. Principal and semi-annual interest
in which the Bank operates, all
is
them are familiar with land values in the
payable May 1 and Nov. 1. The bonds are in denominations of
territory in which loans are
made, and all are stockholders in this bank.
of $1,000 and $500. The prices at which they
Obligations of the issuing bank, and collateral
are offered are
ly
by first mortoptional maturity 1927, 101.65 and accrued interest, yielding gages on farm property in Kansas and Oklahoma,twosecured
of the richest farming
States in the United States. Those
mortgages are limited by law to 50%
approximately 4.625%; optiodal maturity 1932, 103.00
and of the value of the land and 20% of the
t, insurable, value of the
accrued interest, yielding approximately 4.60%; the bonds improvements. In addition the hank ispermanen
required to build up from earnings
a
surplus
of
20%
of
its
capital.
will yield 5% after the optional date. The bonds
The stock carries double liability similar
are exempt to shares in national banks.




134

VTR CHRONICLE

Finding of Special Committee of New York Stock
Exchange on Trading by Specialists.
Regarding a meeting on the 10th inst. between President
Seymour L. Cromwell of the New York Stock Exchange
and about 150 specialists of the Exchange anent the findings
of a committee which has been "looking into any possible
causes of criticism that might have been aimed at the
methods adopted by specialists," the following statement
has been issued by President Cromwell:

[Vol,. 116.

Johnston & Co., Louisville, Fail.
The stock brokerage firm of Johnston & Co. of Louisville,
failed on Dec. 30 with liabilities of 8200,000 and assets
of half that amount, according to a special telegram from
Louisville on that date to the New York "Times." The
failed firm consisted of J. Stoddard Johnston (an associate
member of the New York Curb Market) and Arthur B.
Zubrod. The firm's troubles, it is said, were brought
about by an inaccurate reading of the ticker tape, which
led the firm to purchase stock in an oil corporation under
the impression that the price was 30 cents a share, when
in reality it was 830 a share. The transaction was explained
by C.B.Dunkerman, Chairman of the Creditors Committee,
in a statement reading as follows:

yesterThe President of the New York StocklExchange called together
to the number of
day the specialists of the New York Stock Exchange
subrecently
a
report
about 150 for the purpose of discussing with them
been caremitted by a special committee that has,for the past four months,
have been
fully looking into any possible causes of criticism that might
aimed at the methods adopted by specialists.
might be
there
The President of the Exchange has long felt that while
Information last Summer of negotiations by a large oil corporation for
has been unjust,
some just causes of complaint, that much of the criticism
the purchase of a smaller one, with the latter's stock thought to be quoted
have
to
public,
the
to
and
s
specialist
the
to
both
fair,
and that it was only
at 30 cents, seemed to members of the firm to offer a good investment,
all the light possible thrown on the matter.
and customers were notified and orders for approximately 10,000 shares
The findings of the committee are to the following effect:
were received to be purchased the following day at the market.
be
only
must
account
own
their
for
s
That buying or selling by specialist
When these purchases were made the firm's New York connection
by the Governing Committee for
done under regulations clearly laid down were
set forth in the report of the called for additional margin. At the price at which the firm was under
the protection of the public, which rulesyesterday
the
at
President
the
by
the impression the purchase had been made their marginal requirements
committee and were explained clearly
were sufficient, but it then developed that the price was $30 a share instead
meeting.
responsithe
to
regard
in
ents
Arrangem
to the New York connection
A ruling of the Committee of
control of the book of another of 30 cents, and the firm found itself indebted
bilities of brokers who may temporarily be in beyond
the possibility of mis- to the extent of more than $300,000.
broker was made clear and was emphasized
was 30 cents, Johnston
the
price
As the customers had been advised
understanding.
for prompt service and were
The specialists were reminded of the necessity
Co. assumed the obligation and a member of the firm immediately went
&
and
office
sufficient
and
proper
d
Instructed to see that they maintaine
to New York. convinced their connection that they had made an error
business.
clerical facilities for the expeditious handling of their
was made to sell out. They succeded in disobligations of the special- and an immediate attempt
the
to
as
discussion
general
a
ensued
There
one half at a loss of $15,000 before filling the
tely
approxima
of
posing
public.
to
the
houses,
price of this
ists and their relationship, through the brokerage
market with all it would absorb. Subsequent decline in the
that it was
stock reduced the value of their collateral to such an extent
larger
for Josephthal & realized that immediate action was necessary and a meeting of the

Court Declines to Appoint Receiver
creditors was called.
do business
Co.—Firm Gives Bond of $1,000,000.
During the late Summer and Fall the company continued to
the price of the
e
Court
in an effort to build up its impaired capital, hoping that
Justice Gavegan of the New York State Suprem
such an extent
balance of the unfortunate purchase would increase to
(First District) on Dec.30 denied the application of Henry J. that its sale would restore the lost capital.
Co.
$200,000 and
&
hal
tely
of
of
Josepht
approxima
firm
liabilities
the
At present the company has
Schnitzer, a former partner in
in the purchased stocks.
firm
the
for
a
receiver
of
assets of $100,000. Of the total assets. $50,000 is
ment
appoint
the
for
city
this
of
pending his suit for an accounting. In order to avoid a
receivership, which they contended would be ruinous to State Institutions Admitted to Federal Reserve System.
their business, the firm, it is said, offered to give a bond
The following institutions were admitted to the Federal
in any amount. This offer the court accepted, fixing the Reserve System during the two weeks ending Jan. 5: Total
amount of the bond at $1,000,000. In his decision (as
Resources.
Surplus.
Capital,
District No.6—
printed in the New York "Times" of Dec. 31) Justice Gave- Farmers & Merchants Bank, Batonton,
$28,257
$25,000
Ga
gan said:
able to res are amply
I am impressed with the fact that the defendant
found due plaintiff. It also
spond in any amount which might ultimately be
if not ruined by a
appears that the business here would be greatly injured
and the inferreceivership. The confidential nature of the accounts handled
a
by receivership would load
ences usually connected,at least in the lay mind.
good-will,
The
accounts.
of
number
to the certain withdrawal of a great
loss would be great
apparently a valuable asset, would be impaired and the
as to the contentions and
and irreparable. If I were thoroughly satisfied
be protected
assertions of plaintiff, I should still feel that his interests can
would be entailed by the
which
without the very serious injury to the business
appointment of a receiver.

District No.8—
200,000
City Trust Co.. St. Louis, Mo
200,000
Laclede Trust Co., St. Louis
District No. 12—
0
Union Trust Co., San Francisco, Calif_ _1,200,00

845,000
35.000

1,820.518
1,693,849

1,975.000 38,903,541

Institutions Authorized by Federal Reserve Board to
Exercise Trust Powers.
Board has granted permission to the
Reserve
Federal
The
Reference was last made to the suit brought by Mr. following institutions to exercise trust o,powers:
N. Y.
National Union Bank of Monticello, Monticell
'Schnitzer against Josephthal & Co. in the "Chronicle" of
Ohio.
Commercial National Bank of Columbus, Columbus.
Dec. 9, p. 2525.
Bank of Ford City, Ford City, Pa.
Chandler Bros. & Co.'s Creditors Receive 33% of
Their Claims.
Creditors of the failed brokerage firm of Chandler Bros.
Co. of Philadelphia, which closed its doors in July 1921,
have received 33% of their claims, according to newspaper
advices from that city. A few of the larger creditors, it is
said, agreed to accept a smaller percentage in order that the
others might receive 33%. This payment, it is said, is the
result of a settlement effected with the firm of Clark, Childs
& Co. of New York, who managed the Chandler business for
three months prior to the failure.
Justice Benedict in the Supreme Court in Brooklyn, it
is said, recently held that Clark, Childs & Co. were equally
'liable, civilly, for the losses. It is estimated that the amount
paid over by the firm in settlement was about 81,000,000.
Announcement of the settlement was made on Jan. 4 by
J. Howard Reber, counsel for the committee of creditors in
Philadelphia. Mr. Reber issued a statement which read
as follows:
Childs & Co. of

First National
ft. Pa,
Citizens National Bank of Vandergrift, Vandergri
at East Chicago,Indiana
United States National Bank of Indiana Harbor
Harbor, Ind.
Rockford, Ill.
Forest City National Bank of Rockford,
Chippewa Falls, Wis.
Lumbermen's National Bank of Chippewa Falls,

New Offering of United States Treasury Notes.
U. S. Treasury Notes was
A new offering of 5-year 4
announced by Secretary of the Treasury Mellon on the 8th
inst. The new notes, offered to the amount of $300,000,000,
they will be
or thereabouts, will be known as Series A-1927;
be payable
will
and
1923,
15
Jan.
from
interest
bear
dated and
Dec. 15 1927. Interest (at 4M% per annum) will be payable June 15 and Dec. 15. Secretary of the Treasury Mellon reserves the right to allot additional notes, beyond the
4% Victory Notes,
.$300,000,000, to the extent that 43
or unregistered War
on',
redempti
for
called
whether or not
Savings certificates of 1918 are tendered in payment. There
are, he announces, still outstanding, about $200,000,000
Victory notes called for redemption Dee. 15, and nearly
matured
$400,000,000 of War Savings certificates which
The Committee has made a settlement with Clark,
nt
stateme
s
Mellon'
e.
ry
Committe
Secreta
the
by
ed
ding.
Jan. 1 1923 still outstan
New York, for all of the creditors represent
ng in connecClark, Childs & Co. deny any legal responsibility or wrongdoi
follows:
relations with Chandler Brothers & Co., and have effected
of 434% Treasury

tion with their
lengthy and expensive
this settlement for the solo purpose of avoiding
litigation.
ed by the Committee
represent
creditors
largest
By reason of certain of the
the balance of the
agreeing to accept a smaller percentage of their claims,
net, through this
creditors represented by the Committee will receive
Checks will
claims.
settlement, 33% of the amount of their respective
days.
few
be mailed to the creditors in a

According to a press dispatch from Philadelphia printed,
5, in addition to the
in the "Wall Street Journal" on Jan.
present payment,"Chandler creditors will later receive what
d from settlement of the
is described as a substantial dividen
ings."
:firm's affairs through bankruptcy proceed




The Treasury is to-day announcing a new offering
than five years,
notes, dated Jan. 12 1923, and .maturing in a little lessthereabouts, with
on Dec. 15 1927. The offering is for $300,000,000, or additional notes
allot
the right reserved to the Secretary of the Treasury to
called for redempto the extent that 4%% Victory notes, whether or not
Series of 1918, are
the
tion, or unregistered War Savings certificates of
redemption on Dec. 15
tendered in payment. Victory notes called for
$200,000,000 and War
1922, are still outstanding to the amount of about
still outstanding to the
Savings certificates which matured Jan. 11023. are
of notes afford a particuamount of nearly $400,000,000. The new offering
Victory notes and War Savlarly favorable opportunity to holders of these
Victory notes maturing
ing certificates, as well as to holders of uncalled
for. now notes maturing
holdings
present
their
exchange
to
1923,
May 20
attractive interest return.
in a little less than five years and yielding an

JAN. 13 1923.]

THE CHRONICLE

135

The present offering is intended, with the balances already on hand, to
• provide for the called Victory notes and 1918 War Savings certificates
which still remain to be presented, and at the same time, to cover the
Treasury's current cash requirement between now and the March installment of taxes. There are no large payments of interest on the public debt
falling due in either January or February and no additional maturities of
principal of the public debt until March 15, so that in the ordicnary course
of events the proceeds of this offering of notes should carry the Treasury
until that date.

On the whole, however, the outlook for a peaceful settlement
is bright,
and there are plenty of indications that the danger of a
serious interruption
of traffic during the spring will be passed.
This hope was expressed by W. S. Carter, who for
many years was
President of the Brotherhood of Locomotive Firemen and
Enginemen. and
was selected by William G. McAdoo. when Director-General
of Railroads,
as his Director of Labor. He is acting here at present as
spokesmen for
the brotherhoods.
•
"Since the abandonment of the labor policy of the Association
of Railway
The new rates will be accepted in payment of income and Executives, when jurisdiction over labor matters
was returned to the
profit taxes. The following is the text of the official offering: operating officials upon each railroad system,- said Mr. Carter, "the
The Secretary of the Treasury offers for subscription, at par and accrued outlook for industrial peace is promising. Already most of the larger railInterest, through the Federal Reserve banks, Treasury notes of Series A- roads are meeting and agreeing with committees of their employees as to
1927. of an issue of gold notes of the United States authorized by the Act wage and working conditions for the coming year. Already a splendid
of Congress approved Sept. 24 1917, as amended. The notes will be dated spirit of co-operation is being built up on such great systems as the New
and bear interest from Jan. 15 1923, will be payable Dec.15 1927, and will York Central Lines In their entirety, the Baltimore and Ohio and other
bear interest at the rate of 4M % per annum payable June 15 and Dec. 15 property controlled by such operating officials as A. H. Smith and
Daniel Willard.
In each year, on a semi-annual basis.
"But there remains a large number of railroad 6.fficials
Applications will be received at the Federal Reserve banks.
who seem to
believe
that the Cummins-Esch law was intended only to increase
Bearer notes with interest coupons attached will be issued in denomfreight
rates
for the railroadsland reducd wages of employees.
inations of $100. $500. $1,000, $5,000, $10,000 and $100,000. The notes
Some of these
are not subject to call for redemption before maturity, and will not be issued roads are of considerable importance and will press their demands upon
the Labor Board.
In registered form. The principal and interest of the notes will
be payable
"If these railroads' demands are complied with, I fear another
in United States gold coin of the present standard of value.
railroad
strike
In the immediate future, but not a nation-wide strike. My
The notes of said series shall be exempt, both as to principal and interest,
knowledge
of
the situation and of relationebetween the officials and the
from all taxation now or hereafter imposed by the United States, any State.
employees on
or any of the possessions of the United States, or by any local taxing au- certain railroads leads me to fear that the men on such roads will refuse
thority, except (a) estate or inheritance taxes, and (b) graduated additional to work under the conditions'demanded by the officials.
"Unfortunately for the people, there are those who had been
Income taxes, commonly known as surtaxes, and excess-profits and warpersuaded
profits taxes, now or hereafter imposed by the United States, upon the in- that the prosperity of the country depends upon a rapid and enforced
come ot profits of individuals, partnerships, associations, or corporations. deflation, with the result that in the presence of an orgy of profiteering, the
Notes of this series will be accepted at par, with an adjustment of accrued real producers of the cuontry were made to suffer. Many now believe that
interest, during such time and under such rules and regulations as shall the treatment of the farmers has been nothing short of an economic crime.
be presecribed or approved by the Secretaty of of the Treasury, In payment The financing of food speculators without stint and denial of reasonable
of income and profits taxes payable at or within six months before the ma- credit to the farmer quickly forced them back to normalcy.
turity of the notes. Any of the notes which have been owned by any person
Roads to Drop Demands.
continuously for at least six months prior to the date of his death, and which
The latest information available as to the roads which
have withdrawn
upon such date constitute part of his estate, shall, under rules and regula- their application for wage reductions
and changed working conditions and
tions prescribed byfthe Secretary of the Treasury, be receivable by the United have either completed or are negotiating
individual agreements include
States at par and accrued interest in payment of any estate or inheritance the following:
taxes imposed by the United States under or by virtue of any present or
Atchison Topeka & Santa Fe, Atlantic Coast Line, Belt
RR.of Chicago.
future law upon such estate or the inheritance thereof. The notes of this Buffalo Rochester & Pittsburgh,
Baltimore & Ohio, Boston & Albany,
series will be acceptable to secure deposits of public moneys, but do not Boston & Maine, Cumberland &
Pennsylvania, Central of Georgia,
bear the circulation privilege.
Chicago, St. Paul,Minn.,& Omaha. Central RR. of New
Jersey, Chicago
The right is reserved to reject any subscription and to allot less than the Junction, Chicago Rock Island & Pacific,
Cleveland Cincinnati Chiamount of notes applied for and to close the subscription at any time with- cago & St. Louis, Cincinnati Northern.
Louisville & Jeffersonville Bridge &
out notice. The Secretary of the Treasury also reserves the right to make Terminal, Delaware Lackawanna &
Western,
allotment in full upon applications for smaller amounts, and to make re- including Chicago & Erie and New Jersey El Paso Southwestern, Erie,
& New York RR.; Evansville
duced allotments upon, or to reject, appprications for larger amounts, Indianapolis& Terre Haute,Fort
Worth & Denver City,Florida East Coast.
and to make classified allotments and allotments upon a graduated scale:
Great Northern, Gulf Colorado & Santa Fe. Indiana
Harbor Belt. Interand his action in these respects will be final. Allotment notices will be sent national & Great Northern,
Jacksonville Terminal Co., Kansas City Terout promptly upon allotment, and the basis of allotment will be publicly minal, Kentucky & Indiana
Terminal, Lehigh & New England,Lehigh Valannounced.
ley, Long Island, Mobile & Ohio. Monongahela,
Minneapolis St. Paul &
, Payment at par and accrued interest for notes allotted must be made on Sault Ste. Marie, Mississippi
Central. Michigan Central.
or before Jan. 15 1923, or on later allotment. After allotment and upon
New York Central, New York New Haven & Hartford,
including Central
payment Federal Reserve banks may issue interim receipts pending deliv- New England, Nashville
Chattanooga & St. Louis, Norfolk Southern,
ery of the definitive notes. Any qualified depositary
will be permitted to Northwestern Pacific, New York Chicago & St. Louis,
Pennsylvania,
make payment by credit for notes allotted to it for itself and its customers Pittsburgh & West Virginia,
Philadelphia & Reading, Pittsburgh &Lake
1113 to any amounts for which it shall be qualified in excess of existing de- Erie, Rutland, St. Louis San
Francisco, Southern, Southern Pacific (pacific
posits, when so notified by the Federal Reserve bank of its district. Un- System), Terminal
RR. Association of St. Louis, Toledo & Ohio
Central.
registered War Savings Certificates, Series of 1918, will be accepted at their Kanawha & Michigan,
Zanesville & Western.
maturity value, and Victory notes of the 4U % series, whether or not called
Union Pacific System, Western Maryland. Western Pacific
& Wheeling
,for redemption, will be accepted at the Federal
Reserve banks at par, and Lake Erie.
with an adjustment of accrued interest, in payment for any Treasury notes
of the Series A-1927 now offered which shall be subscribed for and allotted.
Unregistered War Savings certificates must be drily receipted in the name
Death of Constantine, Ex-King of Greece.
Inscribed thereon. Victory notes in coupon form must have the May 20
Former
1923 coupon attached, and if in registered form must
King Constantine of Greece died at Palermo,
be duly assigned to
-the Secretary of the Treasury for redemption, in accordance
with the gen- Sicily, on Jan. 11. At his bedside were his wife, the former
eral regulations of the Treasury Department
govrrning assignments; in no
event, however, will interest be allowed on called Victory notes surrendered Queen Sophie, and his three daughters, the Crown Princess
in payment, interest on such notes having ceased
Helen of Rumania and Princesses Irene and Catherine.
on Dec. 15 1922.
The amount of the offering will be $300.000.000, or thereabouts, with the That Constantine
died of a broken heart was the lament of
grigth reserved to the Secretary of Treasury to allot additional notes to the
extent that payment is tendered in Victory notes of War Savings certifi- his eldest daughter,Princess Helen, upon her father's demise.
cates pursuant to this circular. As fiscal agents of the United States, Fed- The end came to the royal exile after an unexpect
ed cerebral
eral Reserve banks are authorized and requested
to receive subscriptions hemorrhage on the eve of the family's departure
for Naples
and to make allotments thereon on the basis and up
to the amounts indicated to stay at
the Palazzo di Capodimonte, at the invitation of
by the Secretary of Treasury to the Federal Reserve
banks of the respective
districts.
the Duke of Aosta, later going to Florence to make their
A. W. MELLON, Secretary of the Treasury.
permanent,residenc

Applications for Hearing on Wage Reductions Before
Labor Board Withdrawn by Many Railroads.
Many of the more important railroads have withdrawn
their demand for a hearing before the Railroad Labor
Board at Chicago on Jan. 15 on the reduction of wages and
on changes in working conditions involving the brother-hoods, it became known on Jan. 7, and have complete
d
-or are negotiating individual settlements.
In the original application practically all of the great
systems asked for wage reductions, elimination of the
punitive rate of overtime obtained by the employees during
Federal control, the adoption of a requirement that enginemen and trainmen work eight hours within a spread of
twelve hours and the abolishment of a large number of
-working rules that had been in effect for many years. With
regard to the withdrawal of the applications, Washington
dispatches of the 7th inst. to the New York "Times" said:
More recently, it now develops, about half of the original applicants, including the New York Central, Pennsylvania, Now Haven, Lackawanna,
Santa Fe and Southern Pacific, have withdrawn their complaints, and
representatives of the brotherhoods believe that more will withdraw before
the day of the hearing. The brotherhoods, however, are preparing to present their case before the Labor Board, and some predictions are heard
that there will be some strikes in the event that the Board grants the
'demands of the roads which remain in the fight.




e.
It may be recalled that Constantine's military forces were
defeated overwhelmingly in September 1922 by the Turkish
Nationalists in and.around Smyrna. This disaster caused
widespread revolts in Greece, both civil and military, against
Constantine. His Ministry resigned in dismay, and on
Sept. 26 the King abdicated his throne for the second time,
on the present occasion in favor of his son George. He was
presently escorted out of the country on a warship of the
Greek navy, and made a temporary home in Sicily.

Howard Elliott Describes Railroad System as "Powerful
Engine of Civilization."
The railroad system of the United States was described
as
"a powerful engine for civilization" by Howard
Elliott,
Chairman of the Northern Pacific Railway and member of
the executive committee of the New York New Haven
& Hartford RR. and Chicago Burlington & Quincy RR.,
in an address broadcasted from the Grand Central Palace
Dec. 28.
It is, it is stated, the first railroad
address that has been
broadcasted in this country. According to Mr. Elliott, "the
next 25 years in this country should be the
most glorious in
the history of the world, if all are patient,
prudent and industrious, if our national vigor is not sapped,
and our institutions, which have stood the test of more than a
century, are

136

THE CHRONICLE

sm,
not destroyed by the poison of Socialism and Communi
ignorthat is working constantly and insidiously among the
ant and unthinking." The address was as follows:

engine for civillzaThe railroad system of the United States is a powerful
had the marvelous develoption. Without it our country could not have
ment of the last sixty years.
Railroad °timers and Ownership.
money
It was created by the courage, foresight, energy, ability and
Under the laws of the
of many individuals who are the railroad owners.
owners,
these
of
land, it is their property. There are perhaps 2,000,000
in the country interested
but there are at least 50,000,000 other people
insurance
indirectly as owners, because the safety of their bank deposits and
the earnings
policies depends to a very large extent on the work done by and
of this engine for civilization.
ownerThis wide distribution of ownership is a far better form of public
ownership. The
ship for the country than to have so-called Government
best results have been obtained and can be obtained again if the country
be exercised'
will permit the initiative, energy and ability of the individual to
subject
in maintaining, operating and adding to our great railroad system,
to reasonable Governmental regulation.
who care
Then, there are from 1,500,000 to 2,000,000 railroad employees
it in
for and operate this engine. They are vitally interested in keeping
by
living
their
earn
they
good order and adequate in every way, because
ity of producing
working upon it and upon them devolves the responsibil
the people, inthe enormous amount of transportation service used by all
his last annual
cluding themselves. Secretary Hoover says of them in

[VOL. 116.

there would be added to the Government payroll from 1,500,000 to 2.000,000
names.
Starvation Policy.
3. The railroad users can continue a policy of rates and regulation that
does not permit adequate support of their railroad system. The result of
this will be that there will not be enough transportation produced for the
necessities of the country, and our march forward to a still higher and
better civilization will be checked.

Growth of Country.
The country is growing rapidly. Its industrial facilities are said to be
sufficient to double the output prior to the war; yet there is less railroad
mileage, fewer cars and fewer locomotives than in 1916, because the railroad
business has not attracted enough new capital. The transportation service
has grown enormously. In 1920, seven times as much freight was carried
as in 1890, three times as much as in 1900 and 70% more than in 1910.
To-day not all of the railroads have been able to furnish cars and locomotives
at the moment when they were needed. In spite of the coal and shop
strikes, the railroads in 1922 have, with the exception of coal, carried more
freight than over before in their history.
Need of Co-Operation.
If the railroad users keep cool, are patient and realize that perfection
cxnnot be obtained;if they do not,in this period ofreadjustment,try foolish
experiments; if all will do their best to work, save and remember their
obligation to their neighbors, then railroad users, employees and owners will
find a way to keep this great engine for civilization in prod condition and
running without friction.
There should be co-operation and co-ordination between steam railroads.
report:
electric railroads, waterways, both coastal and interior, and with motor
of
tests
the
by
all
to-day,
railways
"The management on our principal
It will, however, do no good in the long run to
dm. is the most transport on highways.
administration, of load factors, of mechanical efficiency,
form of transportation for the benefit of another.
as it is not limited destroy or weaken one
far
so
in
world,
the
in
machine
tion
transporta
efficient
The Next Twenty-Five Years.
by causes beyond the managers'control."
most glorious
The next twenty-five years in this country should be the
Railroad Users.
s, if our
United In the history of the world if all are patient, prudent and industriou
the
of
people
00
110,000,0
users—the
railroad
the
are
Then, there
s, which have stood the test
success and prosperity national vigor is not sapped, and our institution
and
Socialism
States. Their daily lives, health, comfort, pleasure,
of
, day and of more than a century. are not destroyed by the poison
all depend upon having this engine running smoothly, ceaselessly
constantly and insidiously among the ignorant
is
working
that
sm
Communi
civilizacomplex
our
for
forms
countless
night, producing transportation in
and freeze and unthinking.
tion. This engine must never stop. If it does, people will starve
Value of Radio.
of Russia,
and civilization go backward. Look at the deplorable condition
information
for
needed
work
The dissemination of good, homely truths and accurate
where this engine is in poor condition and unable to do the
The railroad permitted by the wonderful radio is one thing that will help to prevent
the people of that great country, so rich in natural resources.
rights and foolish action.
owners, the railroad employees and the railroad users all have
The New Year.
duty in
duties, and must respect the rights of one another and do their full
do his best to so act
country.
co-operation each with the other to obtain the best results for our
A New Year is here. Let every good American
nation what all surely want it to be. Let each
this
of
make
will
he
that
tion.
Need of Transporta
Year so that this old sentiment will
and who can hear my voice act in the New
The people of the United States use more transportation, both freight
be absolutely true now and forever:
is
fact
That
nation.
other
of
any
the
people
than
passenger, per capita
A Union of lakes, and a Union of lands,
one reason for the wonderful and rapid development of our natural resources,
A Union of States none can sever;
for the growth of our country in every way, and for the comfortable and
A Union of hearts and a Union of hands.
healthful living conditions that the great majority of our people enjoy.
And the flag of the Union forever.
be
This great engine for civilization must be kept in perfect order, must
capacity
maximum
its
to
work
can
it
so
supplies,
and
other
fuel
with
fed
when the "peak" load of business is here, and at all times with maximum
n's
were to Erie Railroad Signs New Agreement With Shopme
efficiency. It is to the people of the United States what the oxen
wise
The
teamster.
to
the
horse.s
dray
the
Union.
stout
the old-fashioned farmer,
farmer and teamster made sure that their animals were well fed, well shod
a new
the
The Erie Railroad and its subsidiaries have signed
and well cared for. Only by so doing could they succeed. So with
Unions, exUnited States railroad system. The railroad users who need the trans- wage agreement with the Federated Shop Crafts
States Railportation produced by this great engine for civilization In constantly intending the wage rates authorized by the United
creasing quantity, must see to it that it is nourished, well cared for and
working conroad Labor Board and union recognition and
kept in first-class condition.
n of the
ditions to their 20,000 shopmen, John Dowd, Chairma
Adequate Rates and Earnings.
anDistrict,
itan
Metropol
tion
the
of
Central Strike Committee
How can this be done? The railroad users must pay for transporta
enough to pay the wages of the railroad employees—now practically fixed nounced on Jan. 9. The new contract, he said, runs until
by
by the United States Government—for the fuel and other material and
after that date is subject to cancellation
supplies, prices for which are largely beyond the control of the railroad Nov. 1, and
restoring full seowners and managers; for the interest on borrowed money and a fair return either party on 30 days' notice. Besides
can
on the value of the property of the railroad owners, so that new capital
privileges to workers who went on
a niority rights and other
be obtained for increasing the capacity of the system. This plan means
said the agreement provided thoucontinuation of ownership by individuals with such rates and reasonable strike last July, Mr. Dowd
10,000 shopmen
regulation prmitted by the Government, that there will be justice to the sands of dollars back pay for the 8,000 to
it
Labor Board
Railroad
railroad owners who have created the plant and must add to constantly
the
than
less
g
who have been receivin
the railroad users.
to make it adequate for de service of
returned to work
they
since
much
hour
as
an
the
earned
have
railroads
cents
1916)
70
(in
of
m
1911
since
minimu
year
one
In only
were
In 1921
as 6%. From 1916 to 1921 the railroads earned less each year.
The negotiations with the Erie Railroad
war profits. For the 24 last October.
Newsces.
conferen
they earned less than 3%. They received no
of
a
less completed after nearly three months
months frank Sept. 1 1920 to Sept. 11922. the railroads earned little
year of 1922, notwithstanding paper accounts say that preliminary conferences have also
than 334%. Their earnings for the entire
will be something less than 4%. As
the very great volume of business,
Lehigh Valley officials and the shopthe railroads have not been earning been held between the
4% is a common savings bank rate,
reported that the Central Railroad
the
was
risks
taking
it
4%
without
get
and
can
leaders,
Capital
men's
enough to attract new capital.
their emof New Jersey might soon begin negotiations with
of railroad business.
says:
Uniou leaders
denied.
Listen again to what Mr. Hoover
ally
emphatic
was
this
but
ployees,
our
to
maintain
tion if, we are
"We must have increased transporta
in this
however, find a way out of the cycle say that approximately 20,000 shop men are still out
growing productivity. We must,
our mileage and the denudation
of
part
large
nt with the Erie management
agreeme
the
•
While
district.
of systematic starvation of a
responsibilities and initiative."
on this road have been
of our railroad managers of their
which is the one under which has just been signed, the shop men
If the country does not adopt this plan,
the Erie agreed to neare
three
there
when
created,
was
n
back at work since last October,
this really marvelous engine for civilizatio

ns on the basis of the Baltimore agreement, reached

gotiatio
Deficits to be Met by Taxation.
with a number of railroads through the efforts of B. M. Jewnt
to
given
their
nourishme
of
amount
1. Railroad users can reduce the
and passenger, ell, national head of the shop craft unions. The new agreefreight
both
rates,
of
payments
direct
railroad system through
that way make certain that ment, it is said, extends until Nov. 1 1923, when it automaticand make up the shortage by taxation; and in
growing country are made. This
ed by either party on 30
the additions to railroads needed for the
and immediate benefit ally will continue unless terminat
plan appeals to many because they see the temporary
throughout the Erie
nt
applies
the
agreeme
see
not
The
indirect
do
notice.
and
rates,
days'
passenger
and
of the reduced freight
include, it is
features
Its
ies.
its
subsidiar
taxes.
and
of
Railroad
burden
during the war of GovernThis country had an experience of 26 months
to the conclusion that reported:
ment operation of the railroads. The people came
to from 8,000
operation is to succeed,
The road will give back pay amounting to about $200,000
been
they preferred private operation. But if private
been the case for to 10,000 of the former strikers who since their return last Fall have
not
has
which
capital,
the
on
made
be
must
Labor
a fair return
than 70 cents an hour—the United States Railway
less
receiving
years.
of
term
a long
Board's minimum rate.
Straight Government Ownership.
half for overtime,
The men win the eight-hour day, with time and a
the railroad owners their property.
from
take
can
users
railroad
The
2.
and Sundays when it is their
holidays
half
for
rate
flat
the
only
can
be
only
done
get
course,
but
of
This,
but under the law they must pay for it.
with court proceedings and ultimately by turn to work.
shopmen men to take
by a long process of negotiation,
nt halt. No one will
The road will not penalize overtime by forcing
condemnation. Meantime, progress and developme
after sixteen hours.
to be taken from him in a few equivalent time off. Double time is to be paid bulletined five days before
is
which
enterprise
an
into
money
put more
All new jobs the road may offer are to be
add to our already heavy national debt,
the road until shops have been
years. To buy the railroads will
e billions of dollars. This means filling. Layoffs must not be ordered by
probably between twenty and twenty-fiv
-hour basis.
40
a
In
on
to
put
e
all.
addition,
burdensom
so
are
that
taxes
a still further increase in

other sources.




JAN. 13 1923.]

THE CHRONICLE

137

dividual carrier so that each carrier would supply itself
with cars to meet its necessities, with due regard for the
necessities of other carriers, preventing duplication or
deficiencies in any class of freight car equipment. A large
President Besler Denies Jersey Central is Negotiating part of the 350,000 bad order cars of the summer of 1922,
he contended,could have been rebuilt, largely avoiding
With Striking Shopmen.
William G.Besler,President of the Central RR. of New Jer- car shortage, through the present Service Corporation withsey, stated on Jan. 10 that reports that road is negotiating out calling on the.carriers for cash, the ownership of such
with former shopmen are false, and have been periodically cars continuing to be vested in the railroads after rebuildcirculated by strike leaders in attempts to combat successful ing. He averred that standardization could be secured and
reorganization of shop forces. "The Jersey Central has been extended use and wider distribution of certain classes of
particularly successful in rebuilding its shop organization in interchange freight cars attained through pooling.
It is his view that the railroads have competent presithe form of guilds, covering the several crafts," he said.
"These crafts have been adopted by a vote of 98% of all em- dents and operators and he ascribed existing conditions
ployees and the shop strike is a thing of the past so far as to the lack of co-operating clearing house agency to knit
Jersey Central is concerned. New forces, with old employees together inter-carrier relations with the benefits of adminwho remained loyal to the road, are producing with greater istration of transportation as a whole, without encroaching
efficiency than the former forces. Having failed in the upon any individual railroad's rights. "You have your
strike, leaders are engaged in a program of propaganda con- central organization," he said; "Cincinnati,its Chamber of
cerning inability of the roads to function properly, particu- Commerce, its banks their clearing house, so have all large
cities. The country the Federal Reserve System, a national
larly with reference to coal."
E. M. Rine, Vice-President of the Delaware Lackawanna & clearing house, preventing financial panics. What have
Western Railroad, repeated his denial that the Lackawanna the reailraods," he asked, "they have greater need of such
a clearing house agency to prevent car shortage panics."
was negotiating.
The Board of Trustees of the Service Corporation would be
S. Davies Warfield, of Railroad Owners Security Asso- composed of railroad officials selected by and from the four
ciation, Urges a Central Clearing House Agency
groups of railroads•in the four rate-making districts of the
country, together with others such as manage the present
as a Remedy for Car Shortage.
Declaring that the main reason for railroad car shortage Service Corporation, officials of large public investing inis largely financial and will recur at periods of sudden busi- stitutions—life insurance companies and savings banks.
"Having since 1919 endeavored to bring about a general
ness revival until a central clearing house agency, of and by
the railroads is established and authenticated by Congress survey of car service and equipment conditions of the counto supply, among other purposes, the means to give financial try," said Mr. Warfield,"on Nov. 20 1922, I wrote to Comeffect to the power now granted the Inter-State Commerce missioner Aitchison, Chairman, Car Service Division,
Commission to require all railroads to supply their quota the Inter-State Commerce Commission, calling attention
of equipment to properly conduct transportation as a whole, to their power to ascertain the causes of the car shortage,
S. Davies Warfield of Baltimore, President of the National reminding the Commission of our continual suggestion that
Association of Owners of Railroad Securities and also the a survey should be made such as would reveal equipment
Seaboard Air Line Railway, discussed at length yesterday and car service conditions." "On December 27 last,"
(Jan. 12) at Cincinnati, the subject of "Car Shortage— he said, "the Commission directed questionnaire to all
The Permanent Remedy." Railroads that are unable to the railroads, requesting data in repsect to equipment along
finance their requirements in freight cars of the class and num- extensive lines never before attempted and as the first
ber determined to be their proportion of the whole amount step in a general survey of car service." President Harding,
essential to the conduct of transportation, cannot be required in his annual message to Congress, Mr. Warfield pointed
to supply them unless the financial means is provided which out called attention to car shortage, and in advocating
neither the Commission nor the existing ear service agency, car pooling of certain classes of equipment for its relief,
the American Railway Association can supply," said Mr. referred to the report of the Commission of Agricultural
Warfield. The address was delivered at the third day's Inquiry, composed of member of both Houses of Congress,
session of the 31st Annual Convention of the National League who unanimously recommended car pooling under a cenof Commission Merchants, to which had been invited mem- tral agency. The President also recommended to Congress
bers of the Chamber of Commerce of Cincinnati, the Chamber of establishing a Division of the Inter-State Commerce Comhaving asked Mr. Warfield to also appear before that body. mission to hear questions of railroad wages and working
Impressing upon his audience that no domestic business conditions. Recommendations of the Association of Securproblem so intimately affects the American people as car ity owners in all these respects were made, he declared,
shortage, reaching into every business and agricultural en- as early as 1919. He also says that President's position
terprise and raising prices on the consumer. Mr. Warfield regarding transportation necessities was endorsed by the
outlined what he termed the "underlying, fundamental Chamber of Commerce of the State of New York and other
causes for these conditions," which threaten, he claimed, bodies and shippers in various sections of the country.
Mr. Warfield criticises a paper, recently issued by a comif not permanently relieved the continuance of private operation of the railroads. "There are five fundamental causes mittee of the existing railroad car service agency, which
that produce car shortages," said Mr. Warfield, "they are stated that the proposals of the Association of Security Owners, would take over car shops of the railroads and do other
largely of financial origin and are as follows:
"1. That each carrier has not furnished, both as to class and amount. things which would take from the railroad managements
Its quota of car equipment in proportion to the total requirements
of trans- their property. He
that no such purpose was ever
portation, as a whole; 2. that every.carrier has not secured as high efficiency
contemplated in any suggestions made before Congress
out of the cars it operates as other carriers operating under like
conditions:
3, that there has never been put in effect standardized plans under
which or elsewhere. "The sole answer to our insistence that
freight cars shall be purchased, rehabilitated or rebuilt;
4, that methods these matters be subjected, through a central clearing house
are not practiced that will produce a better supply, more extended
use and
railroad agency such as suggested, to a definite study along
wider distribution of certain classes of interchange freight cars now
in service or to be put in service; 5. that freight yard and terminal facilities
are lines of our general recommendations to be conducted by
not used or being constructed such as will jointly operate to quickly
handle those who would be considered the most competent car
and unload and return cars for reloading."
"Failure to provide for any one of them," he declared, service and transportation men in the employ of the Amer"may create car shortage, but failure in all produces and has ican railroads and who would be available under the proposals
continued at times to produce through series of years demor- made," said Mr. Warfield, "is merely that of opposition
and what appears to be a fixed determination to misunalization and loss among shippers." The remedy, as Mr.
Warfield sees it, is through the central clearing house agency derstand the proposals we have made." No important
proposed—the National Railway Service Corporation—for policy of the Service Corporation could be put in effect,
he said, unless with the approval of the Commission.
the Federal incorporation of which a bill is now before the
He pointed out that "any operating condition which fails
Senate Committee on Inter-State Commerce. He outlined of
purpose in giving the public what they have a right to
how this agency of the railroads would finance rebuilt as
demand means a hostile attitude toward the railroads,
well as new equipment, supply the means for a comprehen- and
consequently those who own their securities, resulting
sive survey of the equipment and car service of the country in drastic
action by Congress or regulatory
bringing
and make effective determined necessities. A determina- depreciation in security values and finally agencies,
receiverships."
tion can only be reached, he said, through a careful survey
In closing, Mr. Warfield warned his hearers that failure
of the needs of transportation as a whole and of each in- by the railroads to produce the central clearing house railAll rating lists are to be open for periodic inspection by the unions.
Full recognition of the shop unions was subscribed to and permanent
arrangement was made for appointment of regional grievance committees
and holding of local shop conferences.




aeclared

138

VITT; CHRONICLE

road agency, by Act of Congress, under their own auspices
and so manifestly essential, must inevitably result in its
establishment under Government direction which meant
Government operation and finally ownership, with all its
ills. He urged the shippers to co-operate with'the Association of Security Owners to avoid this.
Indictments Returned Against Members of Window
Glass Blowers' Union and Manufacturers'
Association.
The past few weeks have witnessed a number of important
decisions and decrees bearing on various phases of the Sherman Anti-Trust law. One of these, the gypsum industries
case, which was settled in the U. S. District Court in New
York, is referred to at length elsewhere in these columns today. Proceedings by Attorney-General Daugherty under the
Sherman Act against member of the wage commitees of the
National Association of Window Glass Manufacturers and
National Window Glass Workers and more than 100 corporations making hand-blown window glass, resulted on Jan. 5 in
the return at Cleveland of 16 indictments and the issuance
by Judge John M. Kililts of Toledo of a temporary order
against carrying out the terms of a. wage contract alleged to
be in violation of the Sherman Act. The men indicted are
members of the wage committees of the National Association
of Window Glass Manufacturers and of the National Window Glass Workers. They are alleged to have entered into
a contract which has substantially curtailed the production
of hand-blown window glass in the United States. Those indicted are:
Wage Committe of Manufacturers—Frank Bastin, Chairman, Vincennes,
Id.; William E. Smith, Secretary, Clarksburg, W. Va.; H. R. Hilton, Port
Allegheny, Pa.; John B. Scoby, Sistersville, W. Va.; Charles H. Harding,
Fort Smith, Ark.; William S. Phillips, Brownsville, Pa.; Harry L. Everts,
Utica, Ohio; Amour Loriaux, Caney, Kan.
Wage Committee of Workers—John M. Steimer, President, Cleveland;
Arthur Pierce, Sistersville, W. Va.; Marion Clark, Independence, Kan.;
George Amami], Clarksburg, W. Va.; Thomas Gray, Fort Smith, Ark.; Arthur Wittebort, Pennsboro, W. Va.; Luther Dulaney, Utica, Ohio; Harry C.
Parker, Sandusky, Ohio.

Attorney-General Daugherty said that the evidence which
he had caused to be presented to the Grand Jury showed that
the alleged unlawful contract was agreed upon by the two
wage committees on Sept. 16 1922. He said that under its
terms and provisions approximately one-half of the companies having plants for the manufacture of hand-blown window glass were granted a wage scale to operate a single factory from Sept. 25 1922 to Jan. 27 1923, constituting the socalled first period, the companies which remained idle during the first period would be granted a wage scale to operate
a single factory from Jan. 29 1923 to June 11 1923, constituting the so-called second period, and no company would be
granted a wage scale to operate the same factory during both
periods. The net result of this contract would be that every
hand-blown window glass factory in the United States would
be forced to remain idle between 7/
2 and 8 months of the
1
year, he said.
John M. Siemer, President of the glass workers' organization, made the following comment on the indictments:
We cannot conceive how, upon the facts as we know them, there can ever
possibly be a conviction on the indictments that have been returned. Should
there be a conviction it would simply be a form of judicial determination
that our two-period system of issuing a wage scale is a breach of the Sherman Anti-Trust law.
Inasmuch as the question has been at issue for so long, we are quite as
interested in determining this matter as those who are responsible for the
indictments being returned.
We consulted competent legal counsel before adopting our policy, and resting upon this advice and a clear consciousness of the propriety of our efforts
we proceeded without fear in an endeavor to conduct our affairs in a manner
to obtain the very best results possible for our members and their employers,
and we willingly invite the test of the court's consideration of our conduct.

With regard to the case referred to, press dispatches from
Washington said:
The indictment of 16 men, composing the wage committees of the National Association of Window Glass Manufacturers and the National Window
Glass workers, and the application for an injunction restraining these committees and the companies they represent from putting into effect a wage contract agreement, was necessary, according to Government officials, to prevent "irreparable injury" to the Industry and to the public.
According to information in the hands of the Department of Justice, and
which was laid before Judge Killits, in support of the petition, the two committees would have met at Cleveland to make effective an agreement which
would have bound certain specified companies to close their plants for extended periods, in order to curtail production and thus maintain prices.
The 100 concerns named in the restraining order, according to the petition,
control the hand-blown glass industry of the United States. Their alleged
agreement to act in concert to hold down production, was declared by the
Government to have already resulted in "substantial curtailment" of window
class production, suppression of competition among the producers and material restrain of trade in that commodity.
"The necessity for seeking a temporary injunction did not become apparent
to the applicant until Jan. 3 1923," the petition filed by the Government
declared in explanation of the request for immediate action from the court.




[VOL. 116.

"Each year for a number of years," the petition declared, "it has been the
practice of the defendants to appoint or elect wage committees to agree upon
a wage contract for the hand-blown window glass industry for the ensuing
years, or for such period thereof as it may be determined to allow factories to
operate. The contract so agreed upon is enforced against all of said defendant corporations, regardless of whether they belong to the National Association of Window Glass Manufacturers."
At a meeting in Cleveland on Sept. 18 1922, the Government alleged, the
wage committees designated certain factories which would be permitted to operate from Sept. 25 1922 to Jan. 27 1923 and others from Jan. 29 to June 11
1923, the conferees deciding further, however, "that none of the defendant
corporations would be permitted to operate the same factory during both periods."
The Department was advised that Judge ICBMs has issued. subpoenas
against all officers and directors of the National Association, officials of the
National Window Glass Workers and members of their wage commissions in
connection with the hearing on the motion to make the restraining order permanent. In addition, about 75 manufacturers with plants scattered throughout the country will be summoned to answer the allegations made in the Government's petition. It was understood here that these witnesses would not be
required to answer under oath at the time of this hearing.

Decree Entered Against Gypsum Industries Association
in Anti-Trust Case--Acts Prohibited by

Sherman Law Defined.
A consent decree setting forth what a trade association
may or may not be permitted to do under the Sherman
Anti-Trust Law was signed by Federal Judge Knox on
Jan. 4 in the U. S. District Court for the Southern District
of New York. The decree, which dissolves the Gypsum
Industries Association, an organization of gypsum manufacturers whose operations were investigated by the Lockwood Housing Committee, is considered of especial importance to all trade associations in that for the first time, it is
said, in the history of the enforcement of the Sherman law
a code of acts or principles is set forth to govern such trade
associations. This method of restraining corporations from
fixing prices, restricting product, blacklisting dealers or
doing any one of the other many things frequently charged
against defendants in Sherman law proceedings, is new,
it is pointed out. It grew out of many conferences here
between United States Attorney William Hayward, David
L. Podell, a special attorney for the Government, and
Assistant United States Attorney Susan Brandeis, and one
conference in Washington where the plan received the approval of the Attorney-General. .The inquiry into the
gypsum trade was one of the many growing out of the
building situation. This industry is scattered throughout
the United States and the purpose of the inquiry was to
obtain, if possible, facts disclosing that the dealers, through
their association, were committing all of the well-known
acts that constitute violations of the Sherman law. The
gathered facts were presented to a Grand Jury in this juriqdictidn, but no indictment was returned.
Colonel Hayward explained that failure to indict was due
to agreements with the prosecution under which counsel for
the various controlling concerns in the gypsum industry
had assisted the Government in framing a satisfactory
consent decree. Out of this grew the idea that if such a
decree could be prepared other firms in the building trades
and in other activities, now under suspicion or which might
fall under the scrutiny of Federal officials, might consent
to similar decrees. Colonel Hayward, in explaining the
terms of the decrees, stated:
The decree is important because for the first time in the history of the
Sherman Law there is clearly set forth a code of principles governing
trade associations and providing for what they are prohibited from doing,
with certain provisions in this specific case for what they may be permitted
be do.
The method devised is unique in the respect that It practically destroys
the trade association and its regularly weekly or monthly meetings at which
opportunities were afforded, as the Government contented, for open or
illicit price fixing by the group, for arrangements for the curtailment and
limitation of production and for defining and devising the many other
abuses that have resulted from such trade association meetings. In the
place of the trade association the decree substitutes a non-profit makingcorporation for the joint welfare of the members, with powers limited ex
pressiy by the decree, and by its charter or articles of incorporation to
certain well-defined and concededly lawful activities.
While this decree represents only the views of the Department of Justice.
it may be well taken as a guide for the thousands of trade associations
throughout the United States as to what the Sherman Law clearly prohibits.
Generaly speaking, it may be said that the decree discourages the existence of a trade association as such because of the many opportunities
afforded at the regular meetings of the association for price fixing, curtailment of production, division of territory and the many other abuses devised
illicitly either formally or informally at these regular meetings. The
decree favors the organization of a non-profit making corporation for the
general welfare of the members, with its powers clearly and definitely defined In Its charter, those powers being limited expressly to things that are
clearly lawful and that will not cut corners In the effort to circumvent
the Sherman Law.
These specific powers in this particular Catie are set forth in the decree
and will have to be included in the charter or certificate of incorporation,
so that that corporation will not have the legal right or power to engage in
any activities outside of what its charter distinctly sets forth.

JAN. 13 1923.1

THE CHRONICLE

What Decree Prohibits.
The injunction provisions of the decree are as follows:
(A) Agreeing to fix or establish by agreement among themselves the
prices to be charged for said gypsum products.
(B) Agreeing among themselves in any manner whatsoever to charge
purchasers of said gypsum products uniform prices, or doing by agreement
any act or acts which will result in maintaining uniform prices.
(C) Agreeing among themselves in any manner whatsoever to advance
or decrease prices for their products to purchasers thereof.
(D) Agreeing among themselves in any manner whatsoever to advise
or
communicate with one another as to proposed advances
or decreases in
prices for their products to purchasers there, or agreeing among themstive
s
in any manner whatsoever to circulate among themselves in any
way.
information concerning or relating to such proposed advances or decreases,
or to the prices charged or to be charged.
(B) Doing any act or acts by agreement among themselve which will
s
result in advising or communicating with one another as to proposed
advances
or decreases in prices for their products to purchasers thereof, or In
circulating by agreement among themselves information concernin
g or relating
to such proposed advances or decreases.
(F) Agreeing among themselves in any manner whatsoever to limit, curtail, restrict or otherwise control the amount of said product to
be produced
for manufacture at any time by any or all of the defendants or by doing
by
agreement among themselves any act or acts which will limit, curtail, restrict or otherwise control the production or manufacture of said products
by any or all of the said defendants, such as the withdrawal of salesmen
from a certain territory over stipulated periods.
(G) Agreeing among themselves in any manner whatsoever as to the territory in which any or all the defendants may sell or otherwise dispose of
their products.
(H) Agreeing among themselves in any manner whatsoever to effect any
discrimination of any character, wkether in prices charged or otherwise in
favor of or against any purchaser of their products by reason of the fact
that such purchaser is a mail order house, purchasing agency, co-operative
buying association or so-called "dealer." or for any other reason or doing
any act by agreement among themselves to effectuate any such discrimination in favor of or against any purchaser for any reason,except of course that
each defendant may independently of other defendants select his or its
own customers and dispose of his or its products to such persons and on such
terms as he or it may choose.
(I) Agreeing among themselves to use a published credit list and credit
information for the purpose of blacklisting an undesirable purchaser or for
the purpose of putting the name of the purchaser on such list with the intent
of the manufacturer who submits the name reserving the purchaser's business for himself.
(J) Agreeing to fix, establish, or maintain by agreement among themselves the terms, differentials, discounts or prices which should be followed
by a dealer, jobber or other middleman upon his resale to a consumer or by
any such agreement the uniform discounts which should be subtracted by
each manufacturer, as an inducement for cash payment.
(K) Agreeing among themselves to adopt or follow any price list, published or compiled, or caused to be published or compiled by themselves or
by any newspaper, trade paper or periodical as a fixed price.
(14 Agreeing among themselves to enforce any arbitrary freight rates
In excess of those lawfully made.
(M) Agreeing among themselves that certain individual manufacturers
engage In the manufacture of a certain gypsum product of a certain
definite
composition, and that all other manufacturers desist from manufactu
ring
a product of such composition.
(N) Aiding or abetting or assisting individually or collectively others
to do all or any of the matters herein set forth and enjoined and restrained
herein.
The activities which in this specific case are held to be lawful and permissible and to which the corporation is limited by its charter, are set forth
in the decree as follows:
(A) To advance or promote the use of gypsum products by all legitimate
and lawful means, including research, publicity, advertisement and
any
other activities of like character.
(B) To deal with engineering and trade problems pertinent to the
industry for the purpose of advancing the use of gypsum products.
(C) To carry on educational work pertinent to the industry by fellowships in various schools and colleges for research; experimental and research
work in and through institutions of learning, scientific bureaus and
societies;
and to provide for lectures and the writing and reading of papers
upon
subjects pertaining to the Industry.
(D) To maintain a traffic bureau to furnish traffic information
upon
Specific requests in each case from published freight tariffs lawfully
issued
by the carriers and to assist the industry In transportation questions
before
Federal and State commissions and other bodies dealing with questions
of
transportation and with common carriers.
(13) To deal with improved methods of plant and mine operation,
including sanitation, safety appliances, accident prevention, labor, plant
and
mine development, housing conditions,insurance and methods
ofaccounting.
(F) To maintain a credit bureau for the sole purpose of furnishing
credit
information.
When all the manufacturers in a given industry throughou
t the country
combine they are unquestionably in a position to exact
arbitrarily the price
they demand. The public is helpless, particular
ly in a situation where the
tariff prevents competition from abroad.
New York City and this immediate vicinity,
by reason of the congestion
of populatien, has suffered particular
ly. It is the largest consumer of
building materials in the country.

The corporations and individuals consenting to
the final
decree are given as follows in the daily papers:
Acme Cement & Plaster Co.
Wasem Plaster Co.
Centerville Gypsum Co.
Gypsum Industries Association
American Cement Plaster Co.
Ray
C. Haynes
HIggInson Manufacturing Co.
J. A. Henley
Joseph C. Beeline
W. E. Shearer
./. B. King & Co.
W. Vennel
Alabastine Co. (trading as the Michigan Grant
A. M. Lamphere
Gypsum Co.)
Augustus
A. Wolfe
H. C. Hamilton
James Leenhouta
American Gypsum Co.
W. L. Ellerbeck
Connecticut Adamant Plaster Co.
M. A. Reeb
W. H. Kellogg, Jr.
L. J. Holiday
Dakota Plaster Co.
Richard
Vaeth
Empire Gypsum Co.
L. E. Armstrong
Grand Rapids Plaster Co.
F. A. Wilder
Nephl Plaster & Manufacturing Co.
T. W. McGahan
Niagara Gypsum Co.
R. M. Bear
Overland Cement Plaster Co.
0. M. Knode
Pacific Coast Gyikillm Co.
Adam F. Wasem
Plymouth Gypsum Co.
H. W. Blocksom
Southern Gypsum Co., Inc.
Herschel H. Macdonald
Texas Cement & Plaster Co.
Rock Plaster Corp.
U. S. Gypsum Co.
D. L. Haigh




139

Text of the Consent Decree in the Gypsum Industries
Case.
The consent decree which was signed by Federal Judge
Knox and entered in the U. S. District Court dissolvin
g
the Gypsum Industries Association, as noted elsewhere in
these columns to-day, in full is as follows:
This

cause came on to be heard at this term,
and upon consideration
thereof, and upon motion of the petitioner by
William Hayward, United
States Attorney for the Southern District
of New York, for relief in accordance with the prayer of the petition,
and no testimony or evidence
having been taken and all the defendants therein
having appeared by their
attorneys, Scott, Bancroft, Martin & MacLeish,
Lyman M.Bass, Montague
Lessler, George A. True, Roger I. Wykes, and Frederic
J. Powell, and having consented thereto in open court; and upon
the reading and filing of the
petition herein, and upon the consent of the
several defendants, and upon
motion of the petitioner for relief in accordanc
e with the prayer of the
petition;

Now, therefore, it is ordered, adjudged, and decreed
as follows, viz.:
(I) That the combination and conspiracy in restraint of
trade and commerce, the acts, regulations, rules, resolutions,
agreements, contracts and
understandings in restraint of trade and commerce
and the restraint of
such trade and commerce obtained thereby as
complained of in this petition to declare Illegal and in violation
of the Act of Congress approved
July 2. 1890, entitled "An Act to Protect
Trade and Commerce Against Unlawful Restraints and Monopolies" and the
Acts amendatory thereof and
supplemental or additional thereto:
That
(2)
the said defendants and their officers, agents, servants,
and
employees and all persons acting under,
through, by or in behalf of them
or any of them, or claiming so to act, be and
hereby are ordered and directed
to dissolve and forever discontinue said Gypsum
Industries Association
and be and hereby are perpetually enjoined,
restrained, and prohibited
directly or indirectly from engaging in
or forming any like association or
from making any express or implied agreement
of association or arrangement similar to or like said agreement or
arrangement the effect of which
would be to restrain or monopolize said
trade and commerce in gypsum
products among the several States of the
United States or in the District of
Columbia, and from carrying out or
continuing in effect the agreements
described herein or making any express or
implied agreements or arrangements together or with one another.like those
hereby alledged to be Illegal,
or using any other means or methods the effect
of which would be to prevent
the free and unrestrained flow of such interState trade and commercenn
said gypsum products or to monopolize the
same.
the said defendants are not restrained or enjoined Provided, however, that
from Jointly organizing
and maintaining a corporation, the charter or
articles of incorporation of
which shall be expressly limited to the following
defined objects and purposes or any of them:
(a) To advance or promote the use of gypsum
products by all legitimate
and lawful means, including research,
publicity, advertisement, and other
activities of like character.
(b) To deal with engineering and trade
problems pertinent to the industry
for the purpose of advancing the use of
gypsum products.
(c) To carry on educational work pertinent to
the industry by fellowships in various schools and colleges for
research: experimental and research
work in and through institutions of learning,
scientific bureaus, and societies; and to provide for lectures and the
writing and reading of papers upon
subjects pertaining to the industry.
(d) To maintain a traffic bureau to furnish
traffic information upon
specific requests in each case from published
freight tariffs lawfully issued
by the carriers and to assist the industry
in transportation questions
before Federal and State commissions and
other bodies dealing with questions of transportation and with common
carriers.
(e) To deal with improved methods of plant
and mine operation.including
sanitation, safety appliances, accident
prevention, labor, plant and mine
development, housing conditions, insurance, and
methods of accounting.
(j) To maintain a credit bureau for the
sole purpose of furnishing credit
information.
(3) That the said defendants, their officers,
agents, servants, and
employees and all persons acting under, through,
by, or in behalf of them
or any of them, or claiming so to act, be
perpetually enjoined, restrained
and prohibited directly or indirectly from—
(a) Agreeing to fix or establish by agreement among themselve
s the
prices to be charged for said gypsum products.
(b) Agreeing among themselves in any manner
whatsoever to charge
purchasers of said gypsum products uniform prices or doing
by agreement
any act or acts which will result in maintaining
uniform prices.
(c) Agreeing among themselves in any manner
whatsoever to advance
or decrease prices for their products to purchasers
thereof.
(d) Agreeing among themselves in any manner
whatsoever to advise or
communicate with one another as to proposed advances or decreases in
prices for their products to purchasers thereof or agreeing among
themselves in any manner whatsoever to circulate among themselves
in any
way information concerning or relating to such proposed advances
or
decreases, or to the prices charged or to be charged.
(e) Doing any act or acts by agreement among themselves which will result in advising or communicating with one another as to proposed advances
or decreases in prices for their products to purchasers thereof or in
circulating by agreement among themselves information concerning or
relating
to such proposed advances or decreases.
(f) Agreeing among themselves in any manner whatsoever to limit,
curtail, restrict, or otherwise control the amount of said product
to be produced
for manufacture at any time by any or all of the
defendants, or by doing by
agreement among themselves any act or acts which
will limit, curtail. restrict, or otherwise control the production or
manufacture of said products
by any or all of the said defendants, such
as the withdrawals of salesmen
from a certain territory over stipulated periods.
(0) Agreeing among themselves in any manner whatsoeve
r as to the
territory in which any or all of the defendant
s may sell or otherwise dispose
of their products.
(h) Agreeing among themselves in any manner
whatsoever to effect any
dhscrimlnation of any character, whether in prices charged
or otherwise.
in favor of or against any purchaser
of their products by reason of the fact
that such purchaser is a mall order house,
purchasing agency, co-operative
buying association, or so-called "dealer," or
for any other reason, or doing
any act by agreement among themselve
s to effectuate any such discrimination in favor of or against any purchaser
for any reason, except, of course,
that each defendant may independently
of the other defendants select his
or its own customers and dispose of his
or its products to such persons and
on such terms as he or it may choose.
(i) Agreeing among themselves to use a published
credit list and credit
information for the purpose of blacklisting an undesirable purchaser
or her
the purpose of putting the name of the purchaser
on such list with to

140

THE CHRONICLE

[VoL. 116.

intent of the manufacturer who submits the name reserving the purchaser's Lockwood Committee, an appeal will be immediately made to Congress
to remove the subject of legislation from the jurisdiction of the Department
business for himself.
(I) Agreeing to fix, establish, or maintain by agreement among them- of Justice to confine its activities to the enforcement rather than the nullificaselves the terms, differentials, discounts, or prices which should be fol- tion of the laws of the land.
lowed by a dealer, jobber, or other middleman upon his resale to a consumer s, Congress will be asked to stay the hand of the Federal authorities in
or by any such agreement the uniform discounts which should be sub- carrying out the implied threat to deal in a like fashion with the many
tracted by each manufacturer, as an inducement for cash payment.
other combinations connected with the building trades that were exposed
(k) Agreeing among themselves to adopt or follow any price list, pub- by the Lockwood Committee and in which prosecutions have been vainly
lished or compiled, or caused to be published or compiled by themselves urged for more than a year past and in which a few have been indicted
or by any newspaper, trades paper, or periodical as a fixed price.
and are awaiting trials.
(1) Agreeing among themselves to enforce any arbitrary freight rates in
In the present state of the law and in the absence ofan administrative body
excess of those lawfully made.
such as has been proposed by me in the form ofa State trade commission law.
(m) Agreeing among themselves that certain individual manufacturers I regard the decree as vicious and dangerous and as amounting to a virtual
engage in the manufacture of a certain gypsum products of a certain de- repeal of the anti-trust laws. It is the worst blow that has yet been struck
finite composition, and that all other manufacturers desist from manu- at the enforcement of those laws. For all practical purposes it is worse than
facturing a product of such composition.
worthless. It points the way and is almost an incentive to law breaking. It
(n) Aiding or abetting or assisting individually or collectively others to do prohibits the members from doing nothing that is not already prohibited by
all or any of the matters herein set forth and enjoined and restrained herein. existing law.
(4) That nothing herein contained shall be construed to restrain or inBy expressly permitting the guilty parties to combine in a trade associaterfere with the action of any of the said defendants acting with respect to tion without administrative supervision it is encouraging law violations.
his or Its own corporate or individual business property or affairs, or from Judge Knox with his usual acumen hit the nail squarely on the head when he
furnishing necessary information to their own customers in connection Is reported to have said:
with bona fide sales of such products; or from doing individually any of the
"The Court wanted to know how the corporation was to be supervised
said act or acts done in good faith to meet competition when such action or so that the Government might be sure it was keeping within the provisions of
the furnishing of such information is not made or done in concert or as the the decree. Colonel Hayward replied that the injunction would accomplish
result of any agreement among themselves; or to save any patent rights of this (demonstrating how little he knows about the subject,for the injunction
any of said defendants; and that this decree and any of its provisions or the prohibit nothing that is not already prohibited), but the Court thought that
entry thereof shall be without prejudice to the rights or interests of any some supervising agency would be necessary and that so far as was known
of the said defendants in any proceedings which may be brought by or there was no such agency."
against them or any of them, except only any proceedings in this cause to
If the threat contained in this public statement that the other cases
enforce the terms of this decree.
turned over by the Lockwood Committee a year or more ago (in many of
(5) That jurisdiction of this cause be and hereby is retained for no which nothing has been done) are to be given the same sort of immunity is to
purpose of enforcing this decree, and for the purpose of enabling the par- be carried into effect, the sooner Congress stops this attempt at a wholesale
ties to apply to the court for modification hereof if it be shown to the satis- jail delivery and furnishes legal machinery similar to that outlined in the
faction of the court, that by reason of changed conditions or changes in proposed State trade commission bill, the better it will be for the country.
the statute law of the United States or in the interpretation of said law This policy will sound the death knell of the enforcement of the law as a
by the courts, or by reason of any new of different activities other than criminal statute. The Attorney-General, instead of enforcing the law, has
those hereby specifically authorized to be maintained and deemed necessary usurped the law-making function of Congress.
or desirable by the said defendants for the welfare of the gypsum indus- Unless he is promptly stopped by Congress or by the force of an aroused
try or for any other reason, the injunctions hereby allowed have become public opinion, I take it that his statement is notice of his intention to abaninadequate, the provisions hereof have become inappropriate or unneces- don the criminal prosecution of the Cement Trust case that we were promsary to maintain competitive conditions in inter-State trade or commerce ised would be re-tried last October. but in which nothing has been done;the
in gypsum products, or have become unduly oppressive to the defendants Glass Manufasturers"rrust Case, as a result of which the price of glass has
and no longer necessary to secure or maintain competitive conditions in been artifically increased about 400%, which we were first promised would
such inter-State trade.
be tried last June, then that it would be tried in October and lastly in January; the cast iron pipe manufacturers' case, where the manufacturers are
still holding the public as firmly as ever in their grip; in short, all of the few
criminal prosecutions that we have been able to force and the many that
Samuel Untermyer's Views on the Gypsum Industries should
have been and have not been begun are to be abandoned.
Decree—Attack on Attorney-General Daugherty
And yet it seems only yesterday that Colonel Hayward stood up in court
in the terra cotta and tile cases, also resulting from the committee's investiand Attorney Hayward—Hayward's Reply.
gation, in sympathy with my point of view,and urged and insisted that crimThe consent decree entered in the U. S. District Court inal prosecution and jail sentences furnished the only way to exterminate
our business life.
in the case of the Gypsum Industries Association, which these dangerous excrescences onnaive
in the following statement reported to
There is something positively
has been looked upon as a constructive and forward step have
been made by him yesterday in open court:
in the interpretation and enforcement of the Sherman Anti"In place of the trade associations the decree substitutes a non-profitwelfare of the members, with powers limited
Trust Law, was attacked by Samuel Untermyer, Counsel making corporation for the joint
by the decree and by its charter or articles of incorporation to certain
to the Lockwood Housing Cpmmittee on Jan. 4. The de- well-defined and concededly lawful activities."
cree, Mr. Untermyer maintains, is "almost an incentive to
Is he, then, unaware that the most glaringly illegal of the trade associawere "non-profit-making," and that their worst feature
lawbreaking," prohibiting the members of the gypsum indus- tions are and always
is that they are "for the joint welfare of the members"—regardless of the
try from doing nothing that is not already prohibited by rights of the public? The more they contribute to the "Joint welfare of the
law. He asserted that the policy of Attorney-General members" the more the public suffers. Is he not yet aware that the powers
associations as expressed in their articles of association under which
Daugherty in permitting such consent decrees would "sound of these
these illegal acts are being perpetrated are now and always were limited to
the death knell of the enforcement of the law as a criminal "concededly lawful activities"?
Is he ignorant of the fact that as a result of the "zeal" of the Federal austatute." Instead of enforcing the law, Attorney-General
thorities in these cases the prices of cement, window glass, cast-iron pipe
Daugherty has "usurped the law-making function of Con- and
gypsum fluctuates up and down on the same day and day by day with
gress," Mr. Untermyer stated, and promised an immediate mathematical uniformity all over the United States as though directed by
grossly exorbitant and are the
appeal to Congress to remove "the subject of legislation from some occult power, and that these prices are
worst handicap against which the building industry has to contend? Does
the jurisdiction of the Department of Justice and to confine he
not know that there was nothing in the articles or by-laws of the many
its activities to the enforcement rather than the nullification associations, which were forced by the committee to disband from the
of prosecution and of those whose members
of the laws of the land." In the absence of an adminis- witness stand under threats
have been convicted in the State courts in prosecutions conducted under the
trative body, such as a State Trade Commission, Mr. Unter- disection
of the Lockwood Committee, that was in itself illegal? Does he
myer regards the decree as the "worst blow" that has been suppose that these associations announce their illegal activities in print or
struck at the enforcement of the anti-trust and monopoly from the housetops? decree accomplish beyond encouraging the criminal
"What end does this
laws. Chairman Charles C. Lockwood also attacked the practices that should be exterminated? It simply furnishes the medium
decree, saying that the Gypsum Trust was the most flagrant for further law violations by giving to the creation of the association the
of the Court and prohibits the companies from doing acts that
violator of law exposed by the committee. "They profiteered sanction
are already criminal.
to the extent of 400% on the building industry in one Of
Rather than permit such transparent camouflage, the anti-trust law
the most important of all the materials required in the in- should be wiped off the statute books without further delay.
The Attorney-General, reluctantly and timidly acting under the proddustry—plaster," he said. "The committee protests against ding
of the committee, prosocuted and sent four of the little fellows to jail
this action and against any such precedent being set. It for a few months, and, having secured the fining of others, now, when it
amounts to the dropping of all criminal prosecutions and comes to pursuing the big fellows whom we have been all this time unsucurging him to prosecute, such as the members of the cement,
practical immunity to the lawbreakers. I am amazed at cessfullyglass,
gypsum, cast-iron pipe and two dozon or more like concerns
window
the turn of events." Mr. Untermyer's statement follows:
connected with the building industry. he pats them on the back and furcontinue their
The form of the decree in the gypsum case is most disquieting and dis- nishes them with the machinery under cover of which to
stopped.
couraging, and the announcement of the Government's future policy in criminal practices. The whole performance is pitiful and must be
Since the Federal prosecuting officials can not or will not enforce these
dealing with these dangerous lawbreakers is very much more so. The
that is
and
solution,
combination of gypsum manufacturers is one of the most vicious of those laws as criminal statutes, there is only one remaining
form of a State
that were exposed by the Lockwood Committee,although Colonel Hayward pointed out in the report and proposed legislation in the
to the LegisIn his announcement was careful to omit mention of the trifling details— trade commission bill, now in print and about to be submitted
(I) that this was one of the cases exposed by the Lockwood Committee in lature by the Lockwood committee.
The report recommends, as did the last report, among other things, that
the testimony taken in Buffalo more than 18 months ago, and (2) that it
was one of the thirty-odd cases in which no action has been taken, although Congress be memorialized to take like action, and the bill provides that
Attorneythis case was brought to public attention by wide publication of the facts the prosecution of the trusts be taken out of the hands of the
Gereral and placed under the exclusive control of the Federal Trade Comin June 1921.
The proofs there showed that under the benign guardianship of this mission, where it belongs. This decree furnishes the most conclusive argufar
outlaw band of profiteers the cost of plastering materials had been increased ment for such action and will, I believe, for that reason unwittingly go
tbe Lockmore than 300%. The combination should long since have been criminally toward stimulating the solution of the trust question on which
prosecuted and put out of business, and this would have been done if the wood committee has been insisting.
the
The Court did its full duty when it pointed out the inefficacy of
offenders could have been reached in the State courts, where the Comdecree due to the failure of the law to furnish the legal machinery for it.
mittee has had the co-operation of the State Attorney-General.
these
If
beginning.
In view of the implied threat that criminal prosecutions are to be aban- enforcement. That has been our position from the
vigor, there would be
doned in the cases brought to the attention of the Attorney-General by the violations had been criminally prosecuted and with




JAN. 13 1923.]

THE CHRONICLE

141

no need for this administrative machinery. They would have disappeared
in the face of prison sentences.

and your officers and directors are not unmindful of the opportunities and
responsibilities in connection with this important
subject.
After charging to earnings account all expenses and extra compensation
to employees, and after charging off all known losses and
setting up proper
tax and other reserves, we have made disposition of the balance of earnings
as follows:
I have read Mr. Untermyer's criticism of the gypsum decree in the after- 24% dividend
to shareholders
$1.080,000
noon papers, and wish to state that the only thing omitted from the decree Added to
undivided profits account
365.597
Is the only thing that could have given it the slightest merit or value
in his Added to special reserve
250,000
eyes, to wit: the glorification of Samuel Untermyer. With the exception
There are at present 26 officers, 439 employees and
1,320 shareholders.
of the omission of Mr. Untermyer's name, the decree is all right and a
Your institution is now entering upon the final year of a century bankbig
of
step forward toward control and curbing of these trade associations. The ing. The
same
conservati
ve
measures,
the
adoption
of which in the past
difference between Mr. Untermyer and myself in most of these matters
is has accounted for those traditions of which we are justly proud, will control
that he is running a publicity bureau and I am running a law
our policy of the future.
office.
In dealing with these combinations under the Sherman
law we have
two, and only two,remedies. One is a criminal prosecutio
n, and the other
is an injunction on the equity side of the court.
In the gypsum case we
A special meeting of the stockholders of the Fidelity-Interpresented every shred of evidence obtainable after
diligent And painstaking
national Trust Co. of this city will be held on Jan. 17 to vote
effort. The Grand Jury heard evidence for several
weeks, more than a
month, I believe. The defendants were denied permission
to present their on the question of increasing the capital of the bank from
side of the case, and after full consideration the Grand
Jury refused to $1,500,000 to $2,000,000,
recently recommended by the.direcindict by unanimous vote, or practically so. The
only things we did not
present to the Grand Jury were Mr. Untermyer's speeches
tors. If ratified, the 5,000 shares of new stock will be offered
on the subject,
which we assumed they had read. Anyhow,
you cannot indict people on to shareholders of record Jan. 17 at par ($100) on the basis
speeches.
of one share of new stock to every three shares now held.
Failing to obtain an indictment, we did the only
thing left to do—that is,
we secured an injunction, which. I think, will
effectually prevent the
slightest wrongdoing by these gypsum people in the future. Mr.
UnterThe Imperial Ottoman Bank of London announces that its
myer talks about going before Congress in this matter.
That makes me
Smyrna branch resumed normal service on Jan. 1.
laugh when I think how he turned pale and ran the last time he
was asked
to appear before Congress or a committee of Congress, but,
of course, what
the committee wanted was his testimony under oath, and not
a stump
speech or a sensational self-serving newspaper interview. Mr. Untermyer
Fewer changes than usual occurred at the annual meetings
would like to substitute himself for the Department of Justice,
the Federal of the local banking institutions this
week, either as to
Judges, the Grand Jurors and the District Attorney, but it would be
a officials or
among the directorates. The week's happenings
dreadful place to live in if he did.

Colonel William Hayward, United States Attorney, on
Jan. 4 issued the following statement after reading Mr.
Untermyer's comment:

Mr. Untermyer replied on Jan. 5 to Mr. Hayward with are indicated in items below.
this statement:
Colonel Hayward's attempted defense is most conflicting and bewildering.
At the annual meeting of the American Exchange National
In the same breath he says that the gypsum decree was consented to because
Bank all of the directors were re-elected. At the meeting
the jury refused to indict the gypsum manufacturers, and this is followed
by
the authoritative statement by him and from Washington that this same of the board of directors, Howard
Marshall, Assistant Vicecourse 'will be pursued in the cases of all other criminal trade associations, President,
was made Vice-President. Two new Assistant
the prosecution of which has been insisted upon by the Lockwood committee. This will include indictments against hundreds of corporations Cashiers were appointed, George A. Polsey and Knight
and individuals connected with the cement trust, the window glass trust, Woolley.

the cast iron pipe trust, now pending, and that should be tried.
If the decree was consented to only because an indictment could not be
found in that case, why should it furnish a precedent in the cases in which
indictments have been found and in the thirty-odd cases in which the committee has been for more than a year asking the Department of Justice
to
present the evidence and ask indictments.
I pass by the personalities in which Colonel Hayward has seen
fit to
Indulge without comment further than to suggest that it is unworthy
of so
good-natured a fellow, even though he does find himself in a tight place for
having done and getting ready to do under orders things that cannot
be
Justified. To the initiated who know and humor his peculiar obsession,
and especially to the newspaper men in the Federal Court
Building, his
Pious dissertation on publicity will prove amusing reading.

The Bank of America, of this city, at the annual meeting
of the directors, on the 11th inst, appointed Assistan
t
Cashier Edward S. Blagden to the post of Assistan Vicet
President in charge of the Madison Avenue office of the bank.
At the annual stockholders' meeting of Bankers Trust Co.
of this city on the 11th inst., the retiring directors were
re-elected.

Two additional members—J. Brooks Nichols and George
A.
Zabriskie—were elected to the board of the Battery
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
National Bank.
Four New York Stock Exchange memberships were reported posted for transfer this week, the consideration being
Alverton H. Aseltine was made Assistant Cashier of the
stated as $98,000,$97,000,$97,000 and $95,000,respectively. Chase National
Bank of this city on the 10th inst.; at the
The last previous sale was at $95,000.
same time Luke A. Margraff and Edward A. Reynolds were
made assistant managers of the foreign department, and
Mr. F. W. Vanderpoel was made Asst. Vice-President Henry L. Nichols assistant manager of the Hamilto Trust
n
of the National Park Bank of this city at this week's annual Branch.
meeting.
At the annual meeting of the Chatham & Phenix National
Tfie annual report of the Chemical National Bank of New Bank, Harvey H. Robertson, formerly Assistant Cashier,
York, for the year 1922, in pamplet form, has just been re- was elected a Vice-President and Warren W. Lamb and
ceived. It shows total resources of the institution at the Abner Jackson were appointed Assistant Cashiers.
close of business Dec. 30 1922 as $161,870,949. In submitting the bank's statement to the shareholders, Percy
At the annual meeting of the National City Bank the
H.
Johnston, its President says:
resignation of Edward H. Peaslee as Vice-President was
The general strain and readjustment
experienced in 1921 was greatly accepted and William S. Lambie, heretofo
re Assistant Vicelessened in 1922, although large problems
resulting from the period of President,
great inflation were still to be encounter
was elected Vice-President. G. Edwin Gregory,
ed during the year just closed.
Due to marked improvement in the
general business and financial situation a Vice-President, was elected Vice-President and Comptroller
large banks as a rule have experience
d a healthy thawing out of their to succeed James Addison
.
frozen loans.
Your bank as well as ad other
important banking institutions has experienced much lower rates for funds
during 1922 than in the past three or
four years, and in consequence
the net earnings have been materially
affected. One of the chief
problems has been now to keen the surplus
funds safely and profitably employed
and during this year we have added
largely to our holdings of Government
securities and high-grade short time
securities of well-known and well-seasoned
corporations.
Your bank is being steadily and conservati
vely developed in all departments. . . •
During May of last year the New York
Clearing House Association materially lessened the rates of interest that
associated banks could pay on
deposit accounts. In the face of low rates
for funds this was unquestionably sound banking and would have caused
little inconvenience or hardship had the other principal money contras
done likewise. Unhappily
they did not, and in consequence large dormant
deposits have gone to
other centres, attracted by a higher rate. We
estimate the deposits of
this institution to have suffered about $10,000,0
00 from the change. Notwithstanding this, our total deposits stand at
$132,634,912 88, showing
an increase of more than 931 millions for the year.
The growth of branch banking in New York City
has been very pronounced during the past year and this question has
been receiving study
and serious consideration by your officers and
board of directors. The
trend of bank development in New York City is to
large units with branches,




Moise L. Erst,ein and Louis A. Fahs were elected directors
of the Fifth National Bank in place of R. Bloom and B. W.
Hollander at this week's annual meeting. Max Yankauer
has retired from the directorate of the bank.
George R. Fogarty was elected a director of the Garfield
National Bank to succeed the late Robert J. Horner.
Thomas C. Meeks was elected a Vice-President of the
Greenwich Bank of this city on the 9th inst. and A. G. King
became an Assistant Cashier.
Eustis Paine was elected to the board of the Hanover
National Bank of this city at the annual meeting on Tuesday. James P. Gardner was elected an additional VicePresident.

THE CHRONICLE

142

At the annual meeting of stockholders of the New York
Trust Company on the 10th inst. the retiring directors were
re-elected.
Horace A. Saks of Saks & Co., New York; Howard W.
Charles, President of Charles & Co. of New York,and Julius
Lichtenstein, President of the Consolidated Cigar Corp.,
have been elected directors of the Harriman National Bank
of this city. Max Landay, President of Landay Bros., Inc.,
has been appointed a member of the bank's advisory board.
The Harriman National Bank pursues the policy of selecting
its administration largely from neighborhood interests in
the terminal zone. On the 11th inst. Marshall Sheppey,
President of the Berdan Co., of Toledo, the largest wholesale
grocery house in the Middle West, was elected Vice-President Of the Harriman National Bank. He will devote his
time to the bank's interest with particular attention to mercantile business in large cities.
At the annual meeting of the stockholders of the Pacific
Bank of this city on Jan. 10 the following were unanimously
re-elected directors for the ensuing year:
T. H. Banks,
W. H. Bennett,
W. H. Browning,
Frederic C. Buswell,
0. H. Cheney,
Lewis L. Clarke,

James W.Cromwell,
John F. Degener,
Herman W. Hoops,
George Legg,
Francis R. Masters,
W.R. Rose,

William Skinner,
James A. Smith.
Daniel G. Tenney,
John T. Terry,
Carl Vietor,
J. H. Walbridge.

At a subsequent meeting of the board of directors, 0. H.
Cheney was re-elected President and William Skinner and
J. S. Hamilton were re-elected Vice-Presidents. F. E. Goldmann was re-appointed Cashier and J. C. Lawrence, E. R.
Lawrence, Harry Van Brunt, C. M. Becannon, M. F.
Bauer, A. G. Irvine, J. W. Konvalinka, Louis K. Hyde,
Barrett D. Swain and Fred K. Teipel were re-appointed
Assistant Cashiers. Hugh T. Owen, J. H. Meinke and
J. E. Lewis were appointed Assistant Cashiers. Louis A.
Mignot was re-appointed Auditor.
At this week's annual shareholders' meeting of the National Bank of Commerce in New York all the members of
the board of directors were re-elected and Charles B. Seger,
President of the United States Rubber Co., and George E.
Roosevelt of the banking firm of Roosevelt & Son of New
York City were elected directors of the bank. Reviewing
the operations of the National Bank of Commerce in New
York at the annual meeting on Jan. 9, James S. Alexander,
President, said:
The result of our operations in 1922 has been satisfactory. The bank
has consistently rendered full service to businesses still in the process of
readjustment. Because of limited commercial requirements for funds, the
bank made large investments in United States short-term securities, which
yield a satisfactory income and are readily salable.
The result of operations of the National Bank of Commerce in New York
for the year ended Dec. 31 1922 is as follows:
Profits after expenses and full provision for bad and doubtful
$7,228,877 93
items
1,218,200 00
Provision for Federal and other taxes
Net profits
Applied asfollows:
To payment ofregular dividends of 12%
Extra dividend of4%

$8,010,877 93
$3,000,000
1,000,000

[VOL. 116.

nation was founded no man did more in developing a suitable government
and in planning fundamentally for the financial and economic development
of the country. As is well known, Hamilton was a rare combination of
financier, economist, and statesman, qualities of which in action there Is
little evidence to-day. In his plan for a national bank he initiated principles that are now incorporated in the Federal Reserve System, of which
the Hamilton National Bank is a member. In his reports in relation to
public credit, he formulated plans which might now well have the attention
of European statesmen. In relation to debt verging on the borders of repudiation, he said: "Those who are most commonly creditors of a nation,
are, generally speaking, enlightened men: and there are signal examples
to warrant a conclinion, that when a candid and fair appeal is made to
them, they will understand their true interest too well to refuse their
concurrence in such modifications of their claims, as any real necessities
may demand." This statement might very happily be read by the members of Congress, now studying the problem of Allied debt. If there
was justification in authorizing the loans to the Allies as a measure of
"national defense," as the measure stated, as part of an adjustment, we
might now consider a bill for our share before we entered the war. Those
who are trying to straighten out the world to-day are thinking in financial
terms when they should really be thinking in economic terms. We do not
care to have the debt paid from an economic standpoint, yet want it paid
from a financial standpoint. Europe has workmen—America has raw
material. I have a notion that Hamilton would have found some way to
bring them together. Iris method was to very carefully analyze the basic
facts before formulating a conclusion. The trouble to-day is that war
propaganda has developed a technique of falsification to a lamentable
extent, to such an extent that when actual truth is told it is rarely believed.

The directors of the bank are Irving T. Bush, Henry J.
Davenport, Archibald C. Emery, Edmund D. Fisher,
Arthur F. Hebard, Leonard A. Hockstader, John Markle,
Charles Miner, Homer W. Orvis, Frederick W. Prentice,
Elmer A. Sperry, Frank D. Waller, Archibald R. Watson,
Lewis E. Williams, H. Parker Willis. The officers are:
Edmund D. Fisher, President; Lewis E. Williams, VicePresident and Cashier; Stanley J. Lathrop, Assistant
Cashier; Sidney W. Guttentag, Assistant Cashier; Manager
of the Women's Department, Miss Anne Seward. A detailed account of the organization of the bank and its affiliated companies—the New York Hamilton Corporation and
the Hamilton Safe Deposit. Co.—appeared in our issue of
Nov. 25 last, page 2346.
The Morris Plan Insurance Society has completed its fifth
year, having issued 34,200 policies in the year 1922 for an
aggregate amount of $8,223,600. Since November 1917 it
has issued 139,000 policies for $27,853,600. The Society's
capital is $100,000, and on Dec. 31 its surplus, undivided
profits and reserves amounted to $279,000, of which $69,000
had been accumulated in 1922. The Society was organized
primarily for the purpose of insuring borrowers from the one
hundred Morris Plan banks and companies in the United
States for the amount of their loans so long as they are
outstanding—usually fifty weeks.
The New York Chapter Alumni Association of the American Institute of Banking has elected the following officers
for the ensuing year: President, Wm. M. Rosendale ; First
Vice-President, E. K. Dimock; Second Vice-President,
Charles Shoeh ; Secretary, C. A. Brophy; Treasurer, F. I.
Collins. The new executive committee has been appointed
as follows: C. Quattlander, M. L. Wicks, M. Gehringer, F. S.
Parker, M. F. Bauer and 0. R. Kelly.

The American Acceptance Council will hold its annual
dinner at the Hotel Biltmore, Friday evening, Jan. 19. The
82,010,877 93
To addition to undivided profits account
entire program will be given over to a discussion on CoThe number of stockholders is 5,598, an increase for the year of 1,872.
Operative Marketing and Agricultural Financing. The
shares.
44
more
than
little
a
is
holding
The average
principal speakers will be Hon. John H. Howard, President,
Farm Bureau Federation, Chicago, Illinois; Paul
American
At the annual meeting of the stockholders of the Seaboard M. Warburg, Chairman of the Board, International AccepNational Bank of this city on the 9th inst. for the election tance Bank, Inc., New York City, and Fred I. Kent, Viceof directors, the present board was unanimously re-elected President, Bankers Trust Co., New York City.
to serve the ensuing year. At a regular meeting of the directors of the bank on the 11th, the entire staff of officers was
Announcement has been made by A. E. Duncan, Chairman
re-elected.
of the Board of Commercial Credit Co., of the completion of
a thorough reorganization of the Continental Guaranty CorThe officers and directors of the Hamilton National Bank poration, New York, the capital stock of which was recently
of New York gave a reception on the 11th inst. to the purchased by Commercial Credit Co. The Continental Guarstockholders of the institution and its friends. The bank anty Corporation will continue to be operated and financed
began business on Monday last, Jan. 8. The reception was in every way as an independent corporation. The new offiheld in the new quarters of the bank on the first and second cers of the Continental are: A. E. Duncan, Chairman of the
floors of the Bush Terminal Building at 130 West 42d St. Board; H. L. Wynegar, President; S. G. Rosson, Vice-PresiPart of the space was formerly occupied by the Buyers' dent; B. A. McDonald, Vice-President at Toronto; J. G. JarClub, and was finished in English Gothic style of architec- vie, Vice-President at London; C. L. Mathews, Vice-Presiture when the building was constructed, which has been dent; D. R. Dills, Secretary; Angus Fraser, Treasurer. The
adapted for banking purposes. During the course of the new board of directors of the Continental company consists
reception a protrait of Alexander Hamilton and a reproduc- of General Samuel McRoberts, President, Metropolitan Trust
tion of Trumbull's "Hamilton" at City Hall, was unveiled. Co., also Chairman of the finance committee of the Armour
In unveiling the portrait, Edmund D. Fisher, President of companies; E. C. Delafield, President, Bank of America; H.
the new bank, said in part:
M. Walker, Vice-President, Equitable Trust Co.; Charles P.
in banking organizaThe name of Alexander Hamilton is an inspiration
Howland, Attorney, of Rushmore, Bisbee & Stern; H. L.
to efficient service in banking practice. When the
4,000,000 00

tion, and a stimulation




JAN. 131923.]

THE CHRONICLE

Wynegar, President; D. R. Dills, Secretary, all of New York,
together with A. E. Duncan, Chairman of the Board; William H. Grimes, President, and S. F. Rosson, Vice-President
of Commercial Credit Co., R. Walter Graham, of Meyer, Pitts
& Co., and J. C. Fenhagen, of Robert Garrett & Sons, all of
Baltimore. A syndicate composed of Robert Garrett & Sons,
Baltimore; Cassatt & Co., Philadelphia, and Spencer Trask
& Co., New York, offered the preferred stock of the Commercial Credit Co., the parent concern, last October.

143

Among the stock and bond investments of the trust company,
as set forth in the statement, are $2,000,000 par value in various United States Government bond issues, $1,325,000 of
various New York City issues of corporate stock, $250,000
United Kingdom of Great Britain and Ireland 5/
1
2s of 1937,
and $250,000 of Province of Ontario, Canada,6s of 1925. The
holdings of railroad securities number more than 35 issues
of equipment trust certificates and bonds, while the list of
industrial bonds includes the issues of six leading corporations. The trust company carries also 8,400 shares of stock
J. H. Perkins, President of the Farmers' Loan & Trust
Co., of the Federal Reserve Bank of New York.
of this city, issued on Jan. 6 the following announc
ement
relative to the broadening of the company's facilities
for the
Charles Jerome Edwards has been elected a Vice-Presihandling of business by it in France:
dent of the Roosevelt Savings Bank of Brooklyn. Mr.
To broaden and perfect facilities for handling the business of its
customers Edwards is a charter member of the board of trustees of the
In France, the Farmers' Loan & Trust Co. has establishe
d relations with the
Banque de Paris et des Pays Bas, one of the leading financial
institution, which was organized in 1895. He is a director
institution
s of
Paris.
of the Mechanics' Bank and of the Morris Plan Company,
After Mar. 1 the office of the company's representative in
France, Mr. which has a Brooklyn office. He is also a Vice-Presid
James R. Barbour, will be located in the building occupied
ent
by the Banque de
Paris et des Pays Bas at the corner of the Rue
d'Antin and the Rue des Petits and director of the Manhattan Bridge Three-Cent Line,
Champs. This convenient location is one block from the
Avenue de l'Opera Vice-President and director of the New York Plate Glass
and the Place Vendome.
Insurance Co., and is Brooklyn manager of the Equitable
The Farmers' Loan & Trust Co. has maintained an office
years, and the relationship now established is a developme in Paris for 15 Life Assurance Society.
nt
in
of the French business of its customers which has grown out the handling
of this long experience.
Martin F. Shea, 100 Broadway, New York, has been
Customers of this company will hereafter enjoy the advantage of
having
their business in France transacted through a French institution
possessing elected a director of the Bank of Sheepshead Bay.
the advantages of extensive connections, experience
and information.
Foreign exchange and letter of credit transactions, collections
and other
banking business in France can thus be accepted by
A merger was consummated on Jan.2 1923 of the Vermont
company with the assurance of prompt execution through an institutionthe
Nationa
best
l Bank and the People's National Bank of Brattleequipped
to
render
entirely satisfactory service.
boro, Vt., under the title of the Vermont People's National
The company welcomes the opportunity to place at its customers'
disposal
the facilities of the Banque de Paris et des Pays Bas in addition
to the facili- Bank. The new institution has a capital of $400,000 and
ties heretofore provided for the transactio
n of business in France.
surplus and undivided profits of $913,600. The officers are
It is stated that the Farmers' Loan & Trust
Co. was the James M. Tyler, President; J. Gray Estey, Vice-President;
first American trust company to establish an office
in Paris, Charles G. Staples, Cashier; Robert C. Clark, Clarence L.
which it has maintained for some 15 years. About
a year Stickney and L. Guy Tasker, Assistant Cashiers.
ago it sold this office to the National City Bank,
which assumed the banking functions of the Farmers' Loan in
Paris.
Waldron H. Rand, Jr., Vice-President of the CommonThe company, however, continued to maintai
n an office in wealth Trust Co., was elected President of the Massachusetts
Paris for the accommodation of its America
n customers. Trust Companies Association at the annual meeting and
The negotiations looking to the affiliation
of the Farmers' luncheon on Dec. 27. H. L. Sherman, President of the MerLoan & Trust Co. with the Banque de Paris
et des Pays Bas chants Trust Co. of Lawrence, was elected Vice
-President;
were referred to in our issue of Dec.
16, page 2650. Through A. J. Meserve, Vice-President of the Brookline Trust Co.,
such a relationship, it is pointed out, the
company is able to Secretary-Treasurer. The following were elected to the execgive to its customers in France the
complete facilities of a utive committee to serve ontil 1925, Allan Forbes, Preside
nt
leading French bank, having all of
the relationships and ad- of the State Street Trust Co.; to serve until 1926,
A. C. Ratvantages accruing to a native institut
ion.
shesky, President of the United States Trust Co. of Boston
and Leland H. Cole, President of the Naumkeag Trust Co. of
Harry E. Ward, President of the Irving Nationa
l Bank of &dent
this city, issues the following notice incident
to the proposed
merger of the Irving National and the
At the annual meeting of the directors of the Morristown
Columbia Trust Co.,
reference to which was made in these
columns Nov. 4, page Trust Co. of Morristown, N. J., on the 9th inst., the board
1912, and Dec. 30, page 2870:
was increased from 13 members to 16 members. The old
January 5 1923.
To Our Depositors:
directors were re-elected and the following were elected to
You are doubtless aware from the announcem
ents which have appeared in the board: Douglas S. Bushnell, President of the Buckeye
the public press of the forthcoming merger
of the Irving National Bank, New Pipe Line Co.; William P. Jenks
York, and the Columbia Trust Co. As a prelimina
of the banking firm of
the Irving National Bank at the close of businessry step toward this merger, Jenks, Gwynne & Co. of New York, and Phillip G. Gossler,
Jan.
6
1923
will
adopt
a
charter under the laws of the State of New York and
will operate temporarily President of the Columbia Gas & Electric Co. of New
under the name "Irving Bank, New York."
York, all except Mr. Gossler being residents of Morristown.
The broad services, including deposit, credit-loan,
trust, securities and foreign exchange at present afforded to all of our
customers
will be in no way af.
fected by this change. The same personnel will
At a regular meeting of the board of directors of the Ninth
serve you as in the past and
membership will be continued in both
New York Clearing House Association.theInFederal Reserve System and in the Title & Trust Co., Philadelphia, on Jan. 4 1923 a dividend of
so
cerned, the change, therefore, is in name only. tar as our customers are con- 2% ($150 a share) was declared payable Jan. 15 1923 to
Your checks drawn upon the Irving National
Bank will be honored after stockholders of record Dec. 30 1922. This is the first divithe change of name, and check books now
in your possession may be used un- dend
til exhausted.
paid by that company, which opened for business Oct. 7
At a later date you will be advised when the
merger of the Irving and the 1920. Its deposits now total $1,350,000.
Columbia Trust Co. will become effective.
erate as "Irving Bank-Columbia Trust Co." The combined institution will opA. W. C. Calloway, President Davis Coal & Coke Co.,
Yours truly,
and M. C. Kennedy, Vice-President Pennsylvania RR. Co.,
HARRY E. WARD, President.
•---.
have been elected directors of the First National Bank of
The United States Trust Co. of New
York in its statement Philadelphia.
of condition as of Jan. 1 1923 gives some
interesting figures
bearing upon its holdings of investm
William M. Anderson was this week elected to the board
ent securities. The
statement itself is unique in that it
presents in detail all of of Drovers & Merchants National Bank of Philadelphia.
the varied assortment of security issues held
for investment The par value of the stock was increased at the annual
by the institution with the present book value as compare
d meeting from $50 to $100 a share.
with the par value. The trust company
reports total resources of $74,454,670, compared with $70,718,
442 a year ago,
Nathan T. Folwell has resigned as director of the Union
with cash in its vaule and in banks of $9,076,143, collateral
National Bank of Philadelphia and has been succeeded by
loans of $39,831,155, United States Treasury three-year
notes his son, P. Donald Folwell.
of $4,000,000, real estate owned of $1,000,000, stock and bond
investments of $13,066,420 carried at book value,
bonds and
H. E. Gerhard retired this week as a director
mortgages of $4,314,045, and bills purchased of $2,664,5
of the Cen66.
Capital, surplus and undivided profits stand at $18,524,569, tennial National Bank of Philadelphia and Charles L.
Bone Jr., of Zantzinger, Bone & Medary
, was chosen to
compared with $17,521,207 a year ago. The company's
de- succeed him.
posits at the beginning of the new year stood at
*54,834,244.




144

TUE CHRONICLE

[VoL. 116.

thousands of radio fans in Ohio and nearby States, the Union
Trust Co., Lincoln G. Dickey, Manager of the Cleveland Public Auditorium, and Edwin Arthur Kraft, organist and choirmaster of Trinity Cathedral, Cleveland, arranged a Christmas night radio program. Mr. Kraft took his entire choir
down to the Public Auditorium on Christmas night and a
program of Christmas music was rendered, includSamuel S. Fretz Jr. has been elected to the board of the complete
a dozen old-fashioned Christmas carols. Four
about
ing
George
of
place
in
Philadelphia
of
Bank
National Security
WJAX broadcasts market reports and financial
daily
times
B. Allen, who declined re-election.
length of 485 meters, but two evenings a
wave
a
at
news
sday and Thursday night—WJAX puts
regularly—Tue
week,
The stockholders of the Central National Bank of Phila- on a concert at a wave length of 360 meters.

Gustav Rumpf, President of the Hancock Knitting Mills
and the Fidelity Knitting Mills, and Ernest A. Wright Jr.,
President of E. A. Wright Company, were elected to the
board of directors of the National Bank of North Philadelphia, Philadelphia, at this week's annual meeting.

delphia on the 9th inst. re-elected the directors and ratified
the plans to increase the capital from $1,000,000 to $1,250,J. Wachenheimer,formerly Vice-President of the Commer000. As indicated in our issue of Dec. 23,.page 2759, the
National Bank of Peoria, Ill., the largest bank in Illinois
cial
par
at
to
subscribe
right
present stockholders are given the
for the new stock in proportion of one share for about four outside of Chicago, has been elected President of that institution to succeed John Finley, who recently died. William
now held. The new capital will become effective Feb. 28.

Hazzard, formerly Cashier, has been elected Vice-President.

William B. Read, Treasurer of the E. G. Budd ManuAt the meeting of the board of directors of the Union Trust
facturing Company, was this week elected to the board of
the National Bank of Germantown, Philadelphia, succeeding Co., Chicago, on the 9th inst., immediately following the
annual meeting of the stockholders, the bank's surplus was
M. L. Finekel, retired.
increased from $2,700,000 to $3,000,000, making the comJohn H. Cowperthwait was elected to the board of direc- bined amount of capital and surplus $5,000,000. Of this
tors of the Broad Street National Bank of Philadelphia total amount $3,875,000 has been earned since the bank
this week, succeeding Harry Brocklehurst, resigned. The was chartered in 1869 under the management of Stephen
proposal to increase the capital of the bank from $250,000 W. Rawson, the father of Frederick H. Rawson, who has
to $375,000 has been duly approved by the Comptroller of been President since 1905.
the Currency and took effect Jan. 9. At the stockholders'
The election of J. Fletcher Farrell as director adds to the
meeting on the 9th inst. the articles of association were
to
from
$50
stock
the
of
of the Continental & Commercial National Bank of
value
par
board
the
changing
amended,
Chicago a man of wide experience in the banking field. Mr.
$100.
Farrell is Vice-President of the Sinclair Consolidated Oil
A new bank opened for business in Philadelphia on Dec. Co., was formerly connected with the Third National Bank
27. It is known as the Mechanics & Merchants Bank and is of St. Louis and as Vice-President of the Fort Dearborn
located at 3347-49 Market Street. It has a capital of $50,000 National Bank of Chicago. Prior to entering the financial
and surplus of $5,000. The officers are E. M. Blose, Presi- field Mr. Farrell was Assistant State Treasurer of Missouri.
dent; S. H. Randall, Vice-President, and Wm. E. Zecher, C. A. Birdsall and A. J. Stilwell were elected Assistant
Cashiers. Both come from the New Business Department
Cashier.
of the bank. Wm. G. Mackintosh, for a long time in active
A merger of the State Bank of Philadelphia with the Peo- charge of the Foreign Department as assistant manager, was
ples Bank was consummated on Jan. 1 1923, the combined appointed manager.
institutions to operate under the title and charter of the
Peoples Bank. Upon the completion of the necessary legal
technicalities the capital of the Peoples Bank will be $500,000 and the surplus $250,000. To the following list pf the
officials of the Peoples Bank there will be added upon election by the reorganized board the name of Harold C. Krauskopf as Vice-President. Charles Lipshutz, President; Maurice L. Wurzel, Chairman of the Board; Morris Haber, VicePresident; Anthony G. Felix, Vice-President and Cashier;
Albert N. Grayev, Emanuel M. Oliner, A. Reed Engle, H.
Carlton Antrim and Louis M. Klingsberg, Assistant Cashiers.
The directors of the Peoples Bank are Morris Haber, Samuel
Haber, Chas. Lipshutz, Maurice L. Wurzel, Jacob C. Reinish,
Mayer Lichtenstein, Harry Sacks, Lewis Shubin and Louis
A. Schneyer.
•i_

irg

The stockholders of the Continental & Commercial Trust
& Savings Bank of Chicago elected Edward F. Carry, President of the Pullman Company, to the board. Mr. Carry is
also on the board of the National Bank. E. D. Brooks
of the Bond Department was made manager of sales and
Ray L. Junod and George A. Waldorf assistant managers
of the department.

Three new names were added to the board of directors of
Noel State Bank, of Chicago, at this week's annual meeting:
Bernard Brozowski, Attorney; John S. Edwards, President,
Armitage Clothing Co., and Ole Gullicksen, President,
Churchill Cabinet Co. Otto J. Hartwig was re-elected Chairman of the Board. Two additional Assistant Cashiers were
appointed, namely Peter I. Bukowski and Wm. H. Oellerich.
A consolidation of the Standing Stone National Bank and Erazm Oulashin was appointed Manager of the Foreign Dethe Union National Bank of Huntingdon, Pa., under the title partment. Joseph R. Noel is President of the bank.
of the latter institution was consummated on Jan. 1. The
enlarged institution has a capital of $175,000 and surplus and
On Dec. 30 1922 the First Wisconsin National Bank of Milundivided profits of $133,000. The officials are: President, waukee transferred $1,000,000 from undivided profits to surJohn White; Vice-President, J. B. Kunz; Cashier, R. M. Wat- plus. By this addition the surplus is increased to $4,000,son; Assistant Cashiers, A. P. Silverthorn and A. V. Shaff- 000, or double what it was in 1919. The combined capital
ner.
and surplus of the bank is now $10,000,000.
At the close Of the year John B. H. Dunn severed his connection with the Merchants' National Bank of Baltimore, of
which institution he had been a Vice-President since 1918.
He had been connected with the bank since early in 1892,
when he entered its employ as a runner. Eight years later
(1900) he was elected Assistant Cashier of the bank and in
1903 its Cashier. Mr. Dunn is a director of the Savings Bank
of Baltimore and is Treasurer of the Export & Import Board
of Trade of that city.
A unique radio program was broadcasted on Christmas
night by WJAX,the radio broadcasting station of the Union
Trust Co., Cleveland. The Union Trust Co. has a private
telephone wire from its radio sending room to the Cleveland
Public Auditorium. This auditorium contains what is probably the largest and finest organ in the world. To bring the
Public Auditorium organ and Christmas music to the many




The American Exchange Bank of Bristow, Neb., failed to
open on Jan. 2, according to a special dispatch from Lincoln,
Neb., printed in the Omaha "Bee" of the following day. The
reasons for the failure were given as "withdrawal of outside
deposits and frozen real estate securities." The bank had a
capital of $25,000 with surplus and undivided profits of
$4,000.
Tile Berwyn State Bank, a small Nebraska institution,
with capital of $15,000, was closed on Dec. 26 by order of the
State Department of Trade & Commerce, according to a special press dispatch from Lincoln on that date, printed in the
Omaha "Bee" of Dec. 27.
Mrs. Emilie N.Plack of Norfolk, Va.,has been elected VicePresident of The Morris Plan Bank of that city—the oldest

1

JAN. 13 1923.]

THE CHRONICLE

145

of the Morris Plan banks and companies now in operation Co., have been elected to the board of directors of the
in over 100 cities. Mrs. Plack retains the position of cashier, Hibernia Securities Co. to succeed the late P. H. Wilkinson
and Adolph Katz.
which she held for several years before her promotion.
The Commercial National Bank of Wilmington, N. C., was
closed on Dec. 30 by W. P. Folger, a National Bank Examiner, who had been examining the books of the institution for
several days prior to that date. A notice posted on the door
stated that the institution had been closed by order of the
Comptroller of the Currency and that the bank examiner had
taken charge. The latest statement of the failed bank, it is
said, showed a combined capital and surplus of $225,000 and
resources of $3,000,000.
Benjamin Lloyd Gaddis, Jr., former President of the defunct Merchants Bank of Montgomery, Ala. (which closed
its doors on Dec. 24 1921) recently pleaded guilty to an indictment charging the making of false entries and was sentenced by Judge Jones in the Circuit Court to serve from four
to six years in the penitentiary, according to a press dispatch
from Montgomery, printed in the Birmingham "Age-Herald"
of Dec. 21. The dispacth further stated that since the bank
was closed the State Banking Department had paid to depositors 37%% of the amount of their claims.
R. S. Hecht, President of the Hibernia Bank & Trust Co.
of New Orleans, in the annual statement to the stockholders,
under date of Dec. 30, reports that the increase in the bank's
deposits during the year amounted to about 25%, having
risen from $40,344,221 on Dec. 31 1921 to $50,563,421 on Dec.
30 1922. He adds:
Our total loans are somewhat greater just now than they were in December
1921. However, there were several months during the summer when the demand for loans was very limited indeed, with the result that interest rates declined to lower figures than we had experienced for several years. But, notwithstanding the material decrease in the total amount of interest collected,
the total earnings of the bank were very satisfactory and showed a substantial
increase over the year 1921.
The usual dividend of 24% has been declared and all losses ascertained during the year have been charged off. In addition, we have written off on our
building and fixture account the full amounts permissible under the United
States income tax regulations, and have transferred a substantial amount to
contingent account to provide for possible losses not yet ascertained.
At the time of our last annual report we had just moved into our handsome
new building, and we then expressed the belief that the greater facilities we
could offer our clients in our new surroundings would mean increased business
to us, and that the upper floors of the building would be filled up with tenants within 12 months. It is pleasant to be able to report that our expectations in this respect have been fully justified by the progress of the year.
When we moved into the new building our deposits were $36,863,408 as
against $50,563,421 to-day. Our customers numbered 48,998 when we started
in the new building. To-day this number has grown to 53,913, notwithstanding the fact that the recent Clearing House rule imposing a service charge of
50 cents a month on accounts averaging less than $100 has caused a considerable number of small accounts to be closed.
The Hibernia Securities Co., whose common stock is carried by five trustees for the pro rata benefit of the bank's shareholders, has also had a very
prosperous year and has declared the usual 20% on its common stock of $10
par value, thus bringing the total disbursements on the bank's stock to 26%.
In addition to the New York office, which is growing in size and importanoe, the Hibernia Securities Co. during the year has opened offices in Atlanta and Dallas in order to enable it to better serve the needs of the Southeast and Southwest sections of the country, whence we have been getting a
steadily increasing number of clients each year. The results so far accomplished in both cities have been highly satisfactory, and this increased field
of activity will mean, of course, greater distributing power and a broader
market for high grade Southern securities.
The gratifying results of the year are due in no small measure to the wholehearted co-operation of our shareholders, whose numbers increase from year
to year. We now have 769 stockholders, of which 413 are men, 344 are women,
and 12 corporations. The largest number of shares owned by any one holder
is 536 shares, and the smallest holder has one share, or an average holding of
about 26 shares; indeed a rather unusual distribution of ownership and a very
good illustration of the popular and democratic spirit of our institution.

The name of the Dallas County State Bank of Dallas, Tex.,
is to be changed to the Mercantile Bank & Trust Co. and the
capital will be increased from $250,000 to $500,000. Action
on these proposals will be taken at the annual stockholders'
meeting in January. The institution will add a trust department to its business under the proposed plans.
Los Angeles will have its first Women's Banking Department, directed by a woman—Miss Grace E. Stoermer, Secretary of the Senate of California—with the removal of the
Bank of Italy into its new building at Seventh and Olive
Streets. Under Miss Stoermer's supervision this department
is being organized to furnish complete banking service exclusively for women, and the staff will be entirely of women.
Every feature of banking, including savings, commercial,
trust and investment service will be offered through this department, as well as the more specialized subjects, such as
home management and personal or business budgets.
Declaration of a 12% dividend by the Stockholders Auxiliary Corporation, an affiliation of Bank of Italy, of San
Francisco, has been announced by its board of directors.
This action places the stock of both the Bank of Italy and
the Stockholders Auxiliary Corporation on a 12% dividend
basis. In a letter to stockholders, P. C. Hale, Vice-President
of the Bank of Italy, pointed out that the combined capital
and surplus of both organizations, is now $25,500,000 and the
number of shareholders 16,000. The resources of the Bank of
Italy have increased more than $50,000,000 during the past
year, the figures at present being in excess of $245,000,000.
The growth during 1922 is greater than that shown in 1919,
when the "Wall Street Journal" credited the institution with
the greatest deposit increase of any bank in the United
States.
Five new units joined the First National-Pacific-Southwest
Banking Group on Jan. 2. These are the Ocean Park Bank,
with branches at Venice and Santa Monica,the San Fernando
National Bank and the Community Bank of Whittier.
Through the method of decentrarized control, these banks
will remain independent units, with the same officers, directors, stockholders and employees. As a result of the merger
they will be known as the Ocean Park Branch, the Venice
Branch, the Santa Monica Branch, the San Fernando
Branch and the Community Branch, Whittier, of the PacificSouthwest Trust & Savings Bank. An announcement in the
matter says:
None of the transactions entailed an outright purchase of stock. The stockholders of each of the banks, through an exchange of shares in the First National Bank of Los Angeles, the Pacific-Southwest Trust & Savings Bank and
the First Securities Co., become co-partners in the entire business of the
First National-Pacific-Southwest group. Through the merger agreements
there will be in each case continued local control. The benefit to the communities represented by the merging banks will be felt through the added
capital placed at their disposal.
Under the statement of condition of Sept. 15 last, the aggregate resources
of the First National Bank of Los Angeles, the Pacific-Southwest Trust &
Savings Bank and the First Securities Co., were in excess of $200,000,000.
Under the same call for statements the Ocean Park Bank, with its branches
in Venice and Santa Monica, showed resources of $3,174,087 05; the San
Fernando National Bank $883,445 98, and the Community Bank of Whittier,
$903,180 83.
The officers of the merging banks, who will remain in control of the institutions, are: Ocean Park Branch, T. H. Dudley, Vice-President and Supervising Directors, Santa Monica Bay District; Venice Branch, Herbert H. Hertel, Manager; Santa Monica Branch, Mrs. E. Vejar, Manager; San Fernando
Branch, Fred W. Prince, San Fernando, Vice-President and Manager, and
Community Branch, Whittier, Fread Pease, Whittier, Vice-President and
Manager.

The Hibernia Bank & Trust Co. of New Orleans announces
the promotion of William B. Wisdom to the post of Publicity
Manager of their institution. Mr. Wisdom entered the
employ of the bank in August 1921 and has been a member
of the advertising staff since Janus,* I922. At the annual
The sixty-seventh annual statement of the Bank of Tomeeting of stockholders (held Jan.9 1923) of the Hibernia
Bank & Trust Co., the following directors were re-elected ronto, covering the fiscal year ended Nov. 30 1922, makes a
very encouraging showing, notwithstanding the trying genfor the ensuing year:
eral
business conditions prevailing during the period. The
Geo. J. Glover
C. E. Allgeyer
Bernard McCloskey
bank's total resources are given as $94,456,242, of which $40,H. R. Gould
Gus B. Baldwin
Hugh McCloskey
R. S. Hecht
A. Brittin
752,532 are quick assets, or equal to 49.46% of the bank's liaJ. S. Otis
Alvin P. Howard
E. J. Cairo
W. L. Richeson
bilities to the public, as against 47.42% in the preceding year.
Paul F. Jahncke
R. E. Craig
E. G. Schlieder
Net profits for the 12 months were $878,762 (being equal to
Ferdinand Katz
H.Generes Dufour
W.P. Simpson
Frank L. Levy
Peter F. Dunn
17.57% on the paid-up capital), which, when added to $1,Hugh E. Vincent
Ernest M. Loeb
C.P. Ellis
Frederick Wilbert
037,479, the balance to credit of profit and loss brought forJ. J. Manson
F. W.Ellsworth
R. W. Wilmot
ward from 1921, made $1,916,241 available for distribution.
D. B. Martinez
F. W. Evans
S. Zemurray
John T. Gibbons, Jr. C. S. Mathews
After appropriating from this amount $600,000 to pay the
Mr. Wisdom succeeds William Edward Brown, who has usual dividend of 12% per annum; $80,000 reserved for acbeen promoted to the sales force of the Hibernia Securities crued taxes; $25,000 transferred to officers' pension fund,
Co., Inc. H. R. Gould of H. R. Gould & Co., and F. W. and $150,000 written off bank premises, there was left the
Evans, President and General Manager of D. H. Holmes sum of $1,061,241 to be carried forward to next year's profit




146

THE CHRONICLE

[Vol,. 116.

and loss account. Total deposits are shown in the report as
The Curb Market.
$73,678,757 and current loans at $49,550,374. The bank's
There was no uniformity to price movements in the Curb
capital is $5,000,000, with a rest of $6,000,000.
Market this week, though the undertone was firm. Quite
a number of high points were reached, especially among the
The forty-eighth annual report of the Banque d'Hochelaga industrials, of which the motor shares were conspicuous.
(Montreal) covering the 12 months ended Nov. 30 1922, Durant Motors, after early loss from 75% to 74, ran up to
shows net profits for the period, after the usual deductions, 82% and closed to-day at 81%. Durant Motors of Indiana
of $604,830, which, when added to $184,707, representing the sold down at first from 21% to 203 then up to 249/i and at
balance to credit of profit and loss brought forward from the 233' finally. Hayes Wheel gained over three points, to 43.
preceding 12 months, $789,537 is obtained as available for Stutz Motors made a substantial gain, advancing from
179/g
distribution. From this sum, the report shows, the following to 23%, the close to-day being at 223/s. Fleischmann
appropriations were made: $400,000 to cover four quarterly common eased off from 33% to 31%,recovered to 33% and
dividends; $20,000 contributed to officers' pension fund; ends the week at 333j. Glen Alden Coal rose from 56 to
$75,000 reserved for Government taxes and $100,000 written 61 M. Intercontinental Rubber was comparatively active and
off bank premises, leaving a balance at credit of profits and gained over 2% points to 63/8, the close to-day being at
loss of $194,536, to be carried forward to next year. Total 69.i. Amalgamated Leather Corn. improved from 14%
assets of the institution are shown as $67,531,053, of which to 163', reacted to 16 and moved upward again, reaching
$25,558,886 are quick assets, while tOtal deposits stand at 173. The closing transaction to-day was at 17. Oil
$53,570,031. J. A. Vaillancourt is President and Beaudry shares, while fairly active, show small price changes. SouthLeman, General Manager.
ern Pipe Line advanced from 1003' to 1043/2 and sold
The agent of the Hongkong & Shanghai Banking Corporation is in receipt of a wire from the head office of the bank
stating that subject to audit, dividend will probably be three
pounds per share—bonus in addition two pounds per share;
place to silver reserve Hongkong dollars one million; write
off property Hongkong dollars, one million; carry forward,
about Hongkong dollars, three million, three hundred and
fifty thousand.
The annual report of the National Bank of Scotland, Ltd.
(head office Edinburgh) for the fiscal year ending Nov. 1
1922, and which was presented to the proprietors of the institution at their annual general meeting on Dec. 21, has just
been received. Net profits for the 12 months, after providing
for all bad and doubtful debts, the report shows, amounted
to £291,063, which when added to £66,461, balance to credit
of profit and loss brought forward from the preceding year,
made the sum of £357,524 available for distribution. Out of
this amount, it was resolved, the report says, to appropriate
the following sums: £128,263 to pay a dividend at the rate
of 16% per annum (this being exclusive of income tax of
£47,737) ; £20,000 to the heritable property account; £30,000
to the officers' pension fund; £15,000 to the bank's annuity
fund and £100,000 to reserve fund, leaving a balance in the
sum of £64,261 to he carried forward to next year's profit
and loss account. Total resources are shown in the report as
£42,080,599. The subscribed capital of the institution is £5,000,000, of which £1,100,000 is called up; £900,000 uncalled
and £3,000,000 reserve liability, while the reserve fund is now
£1,200,000. The Duke of Montrose, K.T., is Governor of the
National Bank of Scotland; the Marquis of Zetland, K.T.,
Deputy-Governor, and William Carnegie, General Manager.
The annual report of the Commercial Bank of Scotland,
Ltd. (head office Edinburgh) for the fiscal year ended Oct.
31, and which was presented to the proprietors of the bank
on Dec. 18, is at hand and shows satisfactory results for the
period covered. Net profits for the 12 months, after providing for rebate of discount and interest and for all bad and
doubtful debts, the report shows, amounted to £349,599 10s.
To this sum was added £57,817 10s., representing the balance
to profit and loss brought forward for the preceding year,
making together 1407,417. Out of this amount, the report
states, there was applied in July in payment of the halfyear's dividends on the "A" and "B" shares at the rate of
15% and 10% per annum, respectively, £84,115 (under deduction of income tax, 134,635), leaving a balance of £323,302,
which the directors recommended be appropriated in the following way: £89,062 (under deduction of income tax, £29,687) to pay the second semi-annual dividends (payable Jan.
2 1923) on the "A" and "B" shares; £9,108 (under deduction
of income tax, £3,392) to pay a bonus of 1% (payable Jan. 2
1923) on the "A" shares; £125,000 to be placed at credit of
reserve fund; £25,000 to be added to officers' retiring allowance fund and £20,000 to be applied in reduction of the cost
of the bank's properties, leaving a balance of £55,132 to be
carried forward to next year's profit and loss account. Total
assets of the bank as of Oct. 31 1922 are given as £49,091,595,
while deposits on the same date are shown as £40,071,556.
The institution has a paid-up capital of £1,750,000, with a reserve fund of £1,600,000. The Earl of Mar and Kellie, K.T.,
is Governor of the bank, and Alexander Robb, General Manager.




finally at 104. Standard Oil (Indiana) fell from 62% to
603, recovered to 63% and ends the week at 623/8. Standard Oil (Nebraska) sold up from 189 to 208 and at 207
finally. Standard Oil (Ohio) after a gain of four points
to 309, dropped to 300 with the final transaction to-day at
306. Vacuum Oil advanced from 4432 to 47, the close

to-day being at 463/8. Mammoth Oil rose from 499' to
53, the final transaction to-day being at 523/2. Maracaibo
Oil Exploration weakened from 13% to 11% and finished
to-day at 113. Gulf Oil of Pa. lost about four points to
573, recovering finally to 58. Bonds fairly active and
firm.
A complete record of Curb Market transactions for the
week will be found on page 169.
Course of Bank Clearings.
Bank clearings continue to show an increase over a year
ago, though for the current week the ratio of gain is rather

moderate. Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ending to-day, Saturday Jan. 13,
aggregate bank clearings for all,the cities in the United States
from which it is possible to obtain weekly returns will show
an augmentation of 8.8% as compared with the corresponding
week last year. The total stands at $7,911,898,738, against
$7,271,912,785 for the same week in 1922. Our comparative
summary for the week is as follows:
1923.

1922.

Per
Cent.

New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans

$3,462,000,000
538.012,752
383,000,000
308,000,000
125,121,869
a
142,400,000
123,153,559
94,547,388
73,965,115
59,721,681

33,431,500,000
436,852,823
337.000,000
253,000.000
119,539,644
a
128,600,000
*101,500.000
82,700,816
55,104,277
49,071.635

+0.9
+23.2
+13.6
+20.9
+4.7
a
+10.7
+21.3
+14.3
+34.2
+21.7

Ten cities, five days
Other cities, five days

$5,307,922,164
1,285,326,785

$4,994,868,995
1,065,058.326

+6.3
+20.7

Total all cities, five days
All cities, one day

8,593,248,949
1,318,649,789

6,059,927,321
1,211,985,464

+8.8
+8.8

Total all cities for week

87.911,898,738

$7,271,912,785

+8.8

Clearings—Returns by Telegraph.
Week ending January 13.

Complete and exact details for the week covered by the
foregoing will appear in our issue of next Week. We cannot
furnish them to-day, inasmuch as the week ends to-day (Sat- •
urday) and the Saturday figures will not be available until
noon to-day, while we go to press late Friday night. Accordingly in the above the last day of the week has in all cases had
to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
resultsfor the week previous—the week ending Jan.6. For that
week the increase is 17.0%, the 1923 aggregate of the clearings being $8,426,743,959 and 1922aggregate $7,199,947,140..
Outside of this city, however, the increase is 21.7%, the bank
exchanges at this centre having recorded a gain of only 13.9%.
We group the cities now according to the Federal Reserve
districts in which they are located, and again the noteworthy
feature of the return is that every one of these Federal Re-serve districts record an increase as compared with the corresponding week last year. The Boston Reserve District
shows an improvement of 32.2% the New York Reserve
District (including this city) of 13.9%,and the Philadelphia.
Reserve District of 25.4%. The Cleveland Reserve Dis-

JAN. 13 1923.]

THE CHRONICLE

trict records a gain of 6.3%; the RichmondlReserve District
of 33.5%, and the Atlanta Reserve District of 16.1%. In
the Chicago Reserve District the clearings total is larger by
27.7%; in the St. Louis Reserve District by 33.3%, and the
Minneapolis Reserve District by 19.6%. The Kansas City
Reserve District has an increase of 8.8%; the Dallas Reserve
District of 15.5%,and the San Francisco Reserve District of
15.1%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.

Week ending Jan. 6. 1923.

1923.

1922.

Federal Reserve Districts.
$
$
(1st) Boston
10 cities 449,927,472 340,390,426
(2nd) New York
9 - 4,949,621,826 4,344,500,460
(3rd) Philadelphia
9 "
542,389,887 427,300,115
(4th) Cleveland
9 "
364,748,391 343,219,304
(5th) Richmond
5 "
180,294,840 135,000,308
(6th) Atlanta
12 "
191,080,160 164,567,535
(7th) Chicago
19 "
860,343,858 673,681,960
(8th) St. Louis
7 "
75,385,189 56,564,730
(9th) Minneapolis..__.. 7 "
114,511,079 95,718,058
(10th) Kansas City_.._ _11 "
246,669,642 226,802,815
(11th) Dallas
5 "
64,552,229 55,897,087
(12th) San 3'raneiseo
14 "
387,20,386 336,304,342

Inc.or
Dec.

1921.

1920.

II
$
%
+32.2 450,403,567 450,364,285
+13.9 5,647,891,573 5,635,526,443
+25.4 554,236,482 512,893,567
+6.3 465,891,845 425,275,589
+33.5 191,666,911 204,049,386
+16.1 187,011,886 270,429,665
+27.7 876,234,422 903,847,381
+33.3 65,353,205 86,556,031
+19.6 138,729,713 90,027,007
+8.8 225,327,168 414,061,170
+15.5 64,194,968 92,537,315
+15.1 394,356,589 376,552,992

Grand total
117 cities 8,426,743,959 7,199,947,140 +17.0 9,261,298,329 9,462,080,831
Outaide New York City
3,555,730,8172,922.576,958 +21.73,685,092,960 3,904,118,64C
Canada
20 ettlaa..348 981m, 141 919 OCIA 4-1 4 1RA 4111-1 004 £47 547W

We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending January 6.

Clearings al
1923.

1922.

3

3

Inc. or
Dec.

•%

First Federal Reserve Dist rict-BostonMe.-Bangor__ _
1,018,075
974,869 +4.4
Portland
3,648,827
*3,000,000 +21.6
Mass.-Boston _ _ 408,000,000 304,000,000 +34.2
Fall River. _
2.188,105
1.845,264 +18.6
Holyoke
a
a
a
Lowell
1,268,413
1,022,344 +24.1
Lynn
a
a
a
New Bedford
1,348,215
1.299,595 +3.7
Springfield _ _ _
6,590,149
4.738,638 +39.1
Worcester
4,793,363
3.975,811 +20.6
Conn.-Hartford.
15,486,313
13,038,034 +18.8
New Haven__ _
5,586,012
6,495,871 -14.0
R.I.-Providenc
a
a
a
Total(10 cities) 449,927.472 340,390,426 +32.2

1921.

1920.

$

3

1,212,562
3,200,000
41)5,733,370
1,829,684
a
1,560,167
a
1,662,774
6,541,755
5,657,246
15,199.779
7,806,230
a

942,392
3.100,000
410,623,218
3.480,052
a
1,527,249
a
2,436,372
5,242,697
5,046.722
10,871,441
7,094,142
a

450.403.567

450,364,285

Second Fede al Reserve D Istrict-New York- N. Y.-Albany_
6,161,453
5,305,864 +16.1
5,000,000
6,170,468
Binghamton_ __
f1,456,700
1,197,600 +21.6
1,250.000
1,428,200
Buffalo
045,481,847
37,038,304 +22.8
44,093,754
50,404,786
Elmira
685,308 Not Included in total
Jamestown_ _ _ _
d1,064,541
835,137 +27.5
New York__ _ _ 4,871,013,142 4,277.370,182 +13.9
5,571,205.369 5.557,962,191
Rochester
14,601,002
14,673,449 -0.5
16,974,861
12,465,572
Syracuse
6,470,745
5,404.457 +19.7
6,556,254
7,080,816
Conn.-Stamford
d2,898,670
2,134,698 +35.8
1,730.420
N. J.-Montclair
473,726
540,769 -12.4
556,353
538,972
Total(9cities)- 4,949,621.8264.344,500,460 +13.9,647.891.5735,
636.626,443
Third Federal Reserve Dist rIct-Philad elphlaPa.-Altoona___
1,289,038
908,153 +41.9
1.271,145
994,985
Bethlehem_ 4,042,883
*3,800.000 +6.4
4,504,279
Chester
a
a
a
a
a
Lancaster
3.361,923
2,310,344 +45.5
2,935,833
2,400,000
Philadelphia__
513,000,000 408,000,000 +25.7 532,913,711 496,422,540
Reading
3,669,286
3,030.268 +21.1
3,524.504
3,943,088
Scranton
6,608,397
5,341,679 +23.7
6,589,749
7.263,744
Wilkes-Barre
03,474,375
*3,448,000 +0.8
3,591,174
3,089.678
York
1,647,640
1,840,913 -10.5
1,600,000
1.699,616
N.J.-Trenton_
5,296,345
3,962,437 +33.7
3,842,164
4,397,332
Del.-WilmIng'n
a
a
a
a
a
Total(9 cities)
542,389,887 427,300,115 +25.4 554,236,482 512,893,567

147
Week ending January 6.

Clearings at1923.
Seventh Feder
Mich.-Adrian _ _
Ann Arbor
Detroit
Grand Rapids_
Lansing
Ind.-Ft. Wayne
Indianapolis__
South Bend _ _ _
Wis.-Milwaukee
Ia.-Ced. Rapids
Des Moines_
Sioux City_ _
Waterloo
Ill.-Bloomington
Chicago
Danville
Decatur
Peoria
Rockford
Springfield _ _
Total(19 cities)

1922.

Inc. or
Dec.

1921.

1920.

$4
al Reserve D 'strict-Chi cago256,979
206,431 +24.5
265.031
250,000
887,083
888,598 -0.2
668,720
650.000
118,705,681
91,262,000 +30.1
92,000,000 110.000,000
6,157,293
6.025,281 +2.2
7.233.416
7,313,496
1,889,424
1,575,476 +19.9
2,103,468
2,073,862
2,231,474
2,044,685 +9.1
2,381,908
2,200,206
21.363.000
18,852,000 +13.3
18,852,000
18,984.000
2,683,050
1,882,465 +42.5
1,500.000
1.800,000
034,245,000
28,140,229 +21.7
35,291,268
32,949,975
2,765.457
2,250,298 +22.9
3,014.291
2,959,476
11,137,846
10,396.403 +7.1
12.270,784
14,633,771
5.790,981
4,611,3
+25.6
6.200.000
12,866,474
1,606,344
1,241,636 +29.4
1,756,898
2,122,189
1,584.295
1,180,236 +32.5
1,724,380
1,950.017
634,947.251 494.024,236 +28.5 678,323,745 679.175.180
a
a
a
1.272,841
1,308,690 -2.7
1,385,268
1,664,171
4,722,342
3,581,540 +31.9
5,525,012
6,031,293
05,576,573
1,938,354 +187.7
2,566.849
3,054,314
2,540,914
2.272,019 +11.8
3,171,384
3,1213.948
860,343,858 673,681,960 +27.7

876,234,422

903.807,381.

Eighth Federa Reserve Dig trict-St. Lo ulsInd.-Evansville.
6,358,126
5,814,434 +9.4
Mo.-St. Louis_ _
a
a
a
Ky.-Louisville_
31,434,901
24.973,177 +25.9
Owensboro_ __ 697,995
849,835 -17.9
Tenn.-Memphis. 023,236,000
14,681,000 +58.3
Ark.-LittleRock
11,674,363
8,743,310 +33.5
419,438
299.482 +40.1
Quincy
1,564,366
1,203,492 +30.0

5,052,295
a
29.777.583
882,251
17,000,000
10,551,676
416,166
1,673,234

21,054,896
1.690.051
41,884,051
12.892,695
647,503
2,083,126

65,353,205

86,556.031

7,354,415
83,133.062
40,859,035
2,430,087
1,250,558
1.276.642
2,425,914

7.359,072
52,522.256
20,939,354
3,100,000
1,973,404
1.639,771
2,493,150

138,729,713

90,027,007

514,38.5
449.057
4,581,910
45,227,118
2,743,730
10,637.031
107,213.291
a
24;33.247
a
1,328,750
26,690,654
1,107,995

971,789
875,545
6,264,925
64,279,490
5,896,300
19,476,396
272.798,399
a
a
16,565.969
a
1,302,217
24.620,319
1,009.812

225,327,168

414,061,170

1,501,807
36,586,344
13,757,519
8,049,298
a
4,300.000

2,800.000
49,340.544
26.099.567
7.686.683

-15.5
64,194,968
Franel sco+11.4
33,212,857
a
a
a
+0.2
1.568,640
+9.4
31,269,701
+22.8
17.000,000
a
a
a
a
+25.4
4,138,290
+139.0
4,786,946
96,289,000
+16.7
+14.6
12,330,893
+45.5
3,871,598
+12.0
7.232,002
a
a
+12.3 175,900,000
+20.5
2,609.999
+35.5
942,513
+34.7
3,204,150

92.537.315

Total(7 cities) _
75,385,189
56,564,730 +33.3
Ninth Federal Reserve Dl,['let-Minn espolis
Minn.-Duluth..
06,517,039
3,873,767 +68.2
Minneapolis 65,527,477
57,034.500 +14.9
St. Paul
34,913,818
28,086,886 +24.3
No. Dak.-Fargo
2,028,542
1,653,849 +22.7
So. Dak.-Ab'd'n
1,261,678
1,080,325 +16.8
Mont.-Billings _
553,311
688,919 -19.7
Helena
3,709.214
3.299,822 +12.4
Total(7cities). 114,511,079
95.718,058 +19.6
Tenth Federal Reserve Di,trlet-K a n s as City
Neb.-Fremont.._
0405,717
354,152 +14.6
549,130
512,836 +7.1
Hastings
Lincoln
4,778.430
3,497,102 +36.6
Omaha
41,769,579
36,557,665 +7.1
Kansas-Topeka. 03,501,402
2,918,842 +20.0
Wichita
09,784,000
9,184,452 +6.5
Mo.-Kan. City. 138,081,026 131,825,380 +4.8
St. Joseph_ _
a
a
a
Okla.-Muskogee
a
a
a
Oklahoma City 023.951,371
20,312,150 +17.9
Tulsa
a
a
Colo.-Col. Sega.
1,127,248
971,397 +16.0
Denver
21,837,104
19,675,607 +11.0
Pueblo
f884,635
993,232 -10.9
Total(11 cities) 246,669,642 226,802,815 +8.8
Eleventh Fede ral Reserve District-Da IlasTexas-Austin _
1,573.842
1,532,000 +2.7
Dallas
35,575,714
28,593,622 +24.4
Fort Worth _ 011,616,949
10,867,386 +6.9
Galveston _ _ _
9,646,648
10,162,737 -5.1
Houston
a
a
La.-Shreveport_
6,139,076
4,741,342 +29.5
Total(5 cities)64,552.229
55,897,087
Twelfth Feder al Reserve D Istrict-San
Wash.-Seattle _ _
32,853,144
29.483,215
Spokane
a
a
Tacoma
a
a
Yakima
1,528,215
1,524,868
Ore.-Portland_
28,850,408
26,378.073
Utah-S. L. City
15,782.438
12,849,777
Nev.-Reno
a
a
Ariz.-Phoenix __
Calif.-Fresno_ _
04,609,142
3,675,705
Long Beach__ _
7,169,243
4,243,206
Los Angeles_ _ _ 112,867,000
96,720,000
Oakland
15,651,539
13,652,710
Pasadena
5,054,091
3,472,661
Sacramento..
6,361,436
5,678,516
San Diego_ _ _ _
a
San Francisco _ 150,200,000 133,700,000
San Jose
2,966,450
2,460.966
Santa Barbara _
1,102,980
813,745
Stockton
2,223,300
1,650,900
Total(14 cities) 387.219,388 336,304,342
Grand total (117
000cities)
8,428,743,959 7,199,947,140
Outside N. Y_
3 555.730 817 2 922.578.958

6,303.709

6.610.521

38.250,515
a
2,021.950
35,073,357
19,161,665
a
a
6.549,700
3,573,927
74,053.000
10,572.470
2,409.435
7.688.460
a
168,094.537
2,916.076
6.187,900

+15.1 394,356,589 376,552,992
Fourth Fede al Reserve D istrict-Clev elan d Ohio-Akron_ _
06.253,000
5,401,000 +15.8
+17.0 9,261,298,329 9.462.080,831
13,375,000
8,505,000
Canton
5,333,321
3,224,984 +65.4
+21.7 3.690.092.961 8.904.118,840
6,215,302
4,879,191
Cincinnati
067,387,000
53,494,314 +26.0
73,629,771
70,635.626
Cleveland
0108,721,000
90,517,935 +20.1 142,410,896 148,937,725
Week
ending
January 4.
Columbua
14,690,500
Clearings at13,362,300 +9.9
17,996,800
15,265.100
Dayton
a
a
a
a
a
Inc. Or
Lima
708,934
933,850 -24.1
1,349,093
1923.
1,356,821
1922.
Dec.
1920.
1921.
Mansfield
CC
c
c
c
Springfield_
aa
Canadaa
a
a
$
$
i
%
Toledo
aa
Montreal
a
a
114.458,853 117,917,753 -2.9 133,097.889 168,240,896
a
Youngstown
04,469,939
4,339,659 +3.0
107.198,244
.7,646,202 Toronto
8,000,000
99,477,306 +7.8 100,209,008 114,948,191
Pa.-Erie
Winnipeg
aa
a
a
52,577,898
a
57,924,387
49.941,367 -1-5.3
63,557,417
Greensburg _ _
CC
Vancouver
c
c
13,226,484
c
13,084,814 +1.1
16,632,863
13,998,522
Pittsburgh
153,067,463 *167,600,000 -8.7 202,711,066 157,815.791 Ottawa
5.985,163
6,908,423
13,484,676
11,291,909
-13.4
W.Va.-Wheeiiis
4,117,234
4,345,262 -5.2
5,371,861 Quebec
5,492,321
6,066,189
5,491,934 +0.0
5,686,252
6,735,830
Halifax
3,020,820
3,381,681 -10.7
4,551,178
7,012.988
Total(9 cities)
364,748.391 342,219,304 +6.3 465.891.845 425,275,589 Hamilton
5,081.397
8,032,426
5,280.858 -3.8
7,204,570
Calgary
8,424,545
5,940,219 +8.2
9,383,343
10.230,689
Fifth Federal Reserve Dist rict-Richm
St.
John
ond2,557,048
2,175,910 +17.5
3,996,327
3,478,420
1V.Va.-Hunt'to
d2,005,262
1,415,260 +41.7
1,995.205 Victoria
2,019,264
2,083,886
3.199,206
2,191.492 -7.9
3,119,206
Va.-Norfolk._
03.309,294
6,544,717 +27.0
15,742,239 London
3,811,141
8,928,873
4,839,871
4,060,535 -11.1
5,348,877
Richmond
_
50.240,563
37,862,000 +32.7
75.647,315 Edmonton
4.897,878
52,196.167
4,889,972 --6.2
8,098,997
5,571,449
S.C.-Charlesto
C
c
Regina
c
4,404,129
c
e
4,835,434 -8.9
6,189,988
5.286,026
Md.-Baltimore
97,839,372
70,186,111 +39.4 106,959,078
91,776,037 Brandon
880,279
650,851 +4.5
998.388
843,153
D. C.-Wash'to
21,900,349
18,992,220 +15.3
18.888,590 Lethbridge
821,825
21,498,907
645,643 +27.3
1,065,809
882.539
Saskatoon
"2,000,000
2,722.941
2,021,580 -1.1
2,319,631
Total(5cities)
180,294,840 135,000,308 +33.5
Moose
Jaw
1,581,934
191,668,911 204,049,386
1,819,030 -2.3
2,261,300
1,773,326
Brantford
1,162,458
1,212,993 -4.2
1,560,573
1,526,604
Sixth Federal Reserve Dist rict-Atlant aFort William _ _
852,147
852,302
1,340,257
-0.0
1,184,357
Tenn.-Chatt'ga
06,361,282
New Weetminster
4,701,146 +35.3
6,540,101
8,984.289
465,538
530,290
-12.2
845,219
684,007
Knoxville
3,740,733
3,425,623 +9.2
3,582,611 Medicine nat.__
333,915
4,148,664
377,036 -11.4
672.348
541,437
Nashville
20,326,187
16,555,405 +22.8
20,000,000
687,011
33,283.004 Peterborough
835,121 -17.7
961,709
1,318,371
Ga.-Atlanta
52,765.035
44,501,072 +18.6
93.989,361 Sherbrooke
895,265
58,239,665
977,849 -8.4
1.167,124
1,580,995
Augusta
2,021.687
1,869,565 +8.1
Kitchener
985,483
3,009,141
6,199,542
1,057,777 -6.8
994,845
1,250,000
1,784,599
Macon
1,350,000 +32.2 • 1,700.000
3,191,224
•1,900,000 Windsor
2,763,227 +15.5
2,557,712
2,095,812
Savannah
aa
Prince Albert _ _ _
a
338,418
a
a
442,303 -23.5
679,929
575,448
11,447,777
9.442,056 +21.2
Moncton
826,184
12.776,101
963,435 -14.2
12,431.101
857.596
Ala.-Birm'ham
32,061.789
22,185,471 +44.5
687,039
22.486.701 Kingston
22,216.056
884,871 -22.4
2,403,595
Mobile
2,118.734 +13.4
4,024.137
2,683.654
NIlas -Jackson _
1,082,872
970.282 +11.6
TOtal(29 cities) 345.083.701 341.212.006 4-1.4 368400.004 447_957.560
1,009,840
942.812
Vicksburg
521,385
527.276 -1.1
517,628
538,984
a No longer reports clearings or only gives debits against Individual accounts, with
La.-N. Orleans
56,563,239
56,920,905 -0.6
52.830,553
83.407.606 no comparative figures for previous
years. b Report no clearings, but give comparaTotal(12 cities
191,080.160 164.587,535 +16.1 187,011,886 270,429,665 tive figures of debits; we apply to last year's clearings the same ratio of decrease
(or Increase) as shown by the debits. c Do not respond to requests for figures.
d Week end. Jan. 3. e Week end. Jan. 4. f Week end. Jan. 5.
Estimated.




S

148

THE CHRONICLE

THE ENGLISH GOLD AND SILVER MARKETS.
circular of
We reprint the following from the weekly
date of
Samuel Montagu & Co. of London, written under
Dec. 13 1922:
GOLD.
0
The Bank of England gold reserve against its note issue was £125,619,16
Wednesday.
on the 6th inst., as compared with £125,617,935 on the previous
record
low
further
a
-is
To-day's price for exportable gold-88s. 5d.
bulk of
since a quotation per fine ounce has been fixed for such gold. The
of America.
the available supplies have been taken for the United States
from
Gold valued at $6,472,000 has arrived in New York, $5,622.000
London and $850,000 from France.
durgold
of
exports
and
imports
The following were the United Kingdom
ing the month of November 1922:
Exports.
Imports.
E2,450
France
4,500
Netherlands
E15.981
Sweden
120
Belgium
25
113.270
West Africa
1,813,740
9.866
United States of America
1,511
Central America and West Indies
1.200
South American countries
76,762
Rhodesia
3,955,673
Transvaal
506,237
British India
1,150
Straits Settlements
8,611
10,816
countries
Other
£2,336.713
£4.185.199
Total
in
The value ,of the net imports of precious metals into India (expressed
am of rupees) since Jan. 1 1922 was as follows:
Silver.
Gold.
Silver. I
Gold.
1922
137
514
166 July
82
January
53
159
184 August
110
February
79
311
ber
2021Septem
276
March
127
236
October
203
182
April
109
350
May
1326
2565
Total
66
345
June
November 1922 amounted to 764.476
for
output
The Transvaal gold
and
fine ounces, as compared with 778.159 fine ounces for October 1922
704,236 fine ounces for November 1921.
to
of
continues
Wales
star
the
Notwithstanding the change of Premier,
of a rich vein
be in the ascendant, for it is reported that a new discovery
of gold, averaging from two to ten feet wide, has been made at Bontddu,
near Barmouth, North Wales, in three lines of reef coming from the Clogan
gold mines. Near this discovery recent floods have disclosed a reef of goldbearing quartz over thirty feet wide.
SILVER.
The price of cash silver, sustained by purchases for the Indian Bazaars
steamer, and assisted by a measure
settlement
week's
this
by
shipment
for
of bear covering, remained fairly steady the larger portion of the week,
although some sales of forward silver were made by some of the Indian buyers of cash silver. When, however, the Indian prompt demand was practically completed, and forward selling still came from that quarter, the weak
tendency of the market reasserted itself, and a sharp fall ensued on the
12th inst. of %d. for cash and 7-166. for 2 months' delivery. The strong
appreciation of sterling in terms of the U. S. dollar conduced to this result
by making American sales more enticing. Absence of buyers to-day carried
the price to 30 15-16d. for cash and 30 9-16d. for 2 months, the lowest
quotations since March 5 1921.
Referring to our paragraph last week about Dutch coinage, we have been
informed that the alloy of the florin, % florin and the 23's florins (under the
regulations of the bill of November 27 1919) has been reduced to 720-1000,
both for circulation in the Netherlands and in the Dutch East Indies. Of
the above coins, all the 34 guilder pieces and more than 2,000,000 florins
have been sent to the Dutch East Indies, and 3.000,000 guilders have been
deposited with the Netherlands Bank for circulation in Holland itself.
Shipments of silver from New York during November were quite large.
The amount has been cabled as 5,190,000 ounces.
INDIAN CURRENCY RETURNS.
Nov. 22. Nov. 30. Dec. 7.
(In Lacs of Rupees.)
17647
17730
17761
Notes in circulation
8889
8972
9002
Silver coin and bullion in India
Silver coin and bullion out of India
§i5§
§:15§
2432
India
in
bullion
and
Gold coin
Gold coin and bullion out of India
5742
8'
;i§
5742
Securities (Indian Government)
584
584
585
Securities (British Government)
inst.
7th
ending
the
week
during
reported
was
coinage
silver
No
The stock in Shanghai on the 9th inst. consisted of about 34.000.000
ounces in sycee. 36,000,000 dollars and 400 silver bars, as compared with
36.100,000 ounces in sycee, 35.000,000 dollars and 240 silver bars on the
2d inst.
The Shanghai exchange is quoted at 3s. Id. the tael.
Bar Gold per
-Bar Silver per Oz. Std.Oz. Fine.
2 Mos.
Cash.
Quotations90s. Id.
314cl.
31 M d.
December 7
90s. Id.
31%d.
31 13-16d.
December 8
31 9-16d.
3l 4d.
December 9
90s. 3d.
3134d.
31 13-16d.
December 11
89s. 7d.
31 1-16d.
7-164.
31
December 12
89s. 54.
309-166.
30 15-16d.
December 13
89s. 8.2d
31.302d.
31.6254.
Average
each
The silver quotations to-day for cash and forward delivery are
1 7-164. below those fixed a week ago

fixed
The cash price quoted on the 15th inst.-30%d.-is the lowest
the lowsince July 29 1916, while that for forward delivery-30 1-16d.-is
delivery
months'
two
est since May 9 1919; on that date quotations for
were resumed for the first time since July 30 1914.
The coinage of silver dollars is very active at the U. S. Mints. During
the last three months the following numbers were coined: September.
8,310,000; October, 11,660,000; November. 13,860,000; total. 33,830,000.
It is probable that no subsidiary coins will be struck during the current
year.
INDIAN CURRENCY RETURNS.
Nov. 30. Dec. 7. Dec. 15.
(In Lacs of Rupees.)
17557
17647
17730
circulation
in
Notes
8799
8889
8972
Silver coin and bullion in India
Silver coin and bullion out of India
ibi
.
2452
2432
India
in
Gold coin and bullion
Gold coin and bullion out of India
5742
Securities (Indian Government)
584
584
584
Securities (British Government)
15th inst.
ending
week
the
during
reported
No silver coinage was
The stock in Shanghai on the 16th inst. consisted of about 32,000,000
ounces in sycee, 35,000,000 dollars and 370 silver bars, as compared with
34,000.000 ounces in sycee, 36,000,000 dollars and 400 silver bars on the
9th inst.
The Shanghai exchange is quoted at 3s. Oct. the tael.
Bar Gold
-Bar Silver per Oz. Std.per Oz. Fine.
2 Mos.
Cash.
Quotations104.
88s.
9-166.
30
30
15-16d.
December 14
885. tid.
31) 1-161.
30%d.
December 15
1-16d.
30
7-166.
30
16
December
88s. 66.
30 1-16d.
30%cl.
December 18
88s. 96.
30 3-16d.
30%d.
December 19
44.
89s.
30
5-166.
3034d.
December 20
88s. 9.4d
30.2086.
30.645d.
Average
are,
respecdelivery
and
forward
cash
for
to-day
The silver quotations
tively, 1-16d. and Md. below those fixed a.week ago.

We have also received this week the circular written under
date of Dee. 20 1922:
GOLD.
The Bank of England gold reserve against its note issue was E125.620.695
Wedneson the 13th inst., as compared with £125,619.160 on the previous
of
day. A fair amount of gold has been on offer, and with the exception
York.
New
for
taken
been
has
account,
Indian
on
a few small purchases
The speculative character of gold mining in Ontario is shown by a recent
report that one of the chief producing mines encountered a small pocket
containing some of the richest ore yet found in that country. The first
the ton. The
500 lbs. of ore is said to have borne gold at the rate of £8,000
whole pocket is expected to yield E10,000 worth of gold.
SILVER.
on account
The soulket has continued to show a weak tendency, mainly
n of sterling in the United States
of easier etes in China and the appreciatio
been buying for shipment, but to
of Amerilla. The Indian Bazaars have
been made at the same time for two
a large extent sales of silver have
carried out rather reluctantly
been
has
covering
months' delivery. Bear
The substantial discount at which
In view of the doubtful outlook ahead.
the little confidence which
the price for forward delivery stands indicates
and supplies are fairly
obtains as to the future. The Continent has sold
prices.
ree, notwithstanding the lower level of




[VOL. 116.

We have also received this week the circular written under
date of Dec. 27 1922:
GOLD.
0
The Bank of England gold reserve against its note issue was £125,623,14
with
£125,620.695 on the previous Wednescompared
as
on the 20th inst.,
available this
day. *Owing to the Christmas holidays, gold will not be
week until Thursday.
rupee paper
The following figures, in lacs of rupees, include bullion and
movements, and show the Indian monthly balance of trade.
("+" denotes balance in favor of India and "-" adverse balance.)
1920-21. 1921-22. 1922-23.
1920-21. 1921-22. 1922-23.
+417 October __ -1032 -865 -386
+1387 -685
April
+596
-1107 -922
November
-348
+574 -200
May
-82 -167 -111 December -902 -255
June
-712
-897
January...
+32
+135
-314
July
-59
+296 February _ -705
+234
-936
August
+142
+10 March _-- -486
+93
September -469
SILVER.
holidays,
The market has naturally suffered from the proximity of the delivery
for the price for forward
responsible
though that can hardly be held
on the 224 inst.
creating a fresh low record for the year, namely 29 15-16d.
date quotations for
This quotation is the lowest BRIM May 9 1919; on that
July 30 1914.
since
time
two months delivery were resumed for the first
from San Francisco
During the month of November exports of silver
to China amounted to 4,154,096 ounces.
to a statement by the
In our Bullion Letter of Oct. 26 last we referred
American Mining Congress of a discovery of silver near Fitzgerald, Alberta.
this discovery is of
that
us
The Canadian authorities, however, inform
small importance.
No fresh Indian currency returns have come to hand.
of about 28.300,000
The stock in Shanghai on the 23d inst. consisted
silver bars, as compared with
ounces in sycee, 26.000.000 dollars, and 10
and 370 silver bars
dollars.
35,000,000
sycee,
about 32,000,000 ounces in
on the 16th inst.
The Shanghai exchange is quoted at 3s. the tael.
Bar Gold,
Bar Silver, per Oz. Stnadard.
2 Mos. per Oz. Fine,
Cash.
Quotationsd.
89s. ld.
%
30
303jcl.
Dec. 21
888. 9d.
29 15-164.
30%d.
22
884. 84.
30 1-164.
15-164.
30
27
88s. 10d.
30.041d.
Average of the above three days_ ---30.770d.
delivery are respectively
The silver quotations to-day for cash and forward
ago.
1-164. above and Md. below those fixed a week

ENGLISH FINANCIAL MARKETS-PER CABLE.
, &c., at London,
The daily closing quotations for securities
as follows the past week:
as reported by cable, have been
Frt.
Wed. Thurs.
Mon. Tues.
Sat.
London,
Jan. 6. Jan. 8. Jas. 0. Jan. 10. Jan. 11. Jan. 12
Week ending Jan. 12.
31%
311%
311% 313
311% 32%
Silver, per oz
89
89.6
89.4
88.9
89
89
Gold. per fine ounce
58%
58
58
asq
5544
Consols, 2% per cents
10034
100%
10034
10034
10034
British, 5 per cents
95
95X
95
95,1f,
95
per cents
British,
58.50
58.30
58.30
58.45
58.45
French Rentes (in Paris) Jr. 58.75
78.20
78.50
78.20
78.20
78.35
Parb00.
Loan(in
French War
The price of silver in New York on the same day has been:
Silver In N. Y., per oz.(eta.):
9934
9954
9934
9934
9934
9934
Domestic
6434
6534
8554
66
6534
6534
Foreign

TREASURY CASH AND CURRENT LIABILITIES.
The cash holdings of the Government as the items stood
figures are
Dec. 30 1922 are set out in the following. The
States
taken entirely from the daily statement of the United
1922.
30
Dec.
for
Treasury
CURRENT ASSETS AND LIABILITIES.
GOLD.
LIABILITIES.
ASSETS.
708.130,32900
outstanding_
82
cats.
Gold
309,443,630
Gold coin
2,974,981,344 41 Gold fund, F. R. Board
Gold bullion
(Act of Dec. 23 1913,
esamendedJune2V17)2,235,480,674 65
152,979,025 63
Gold reserve
Gold In general fund.__. 187,854,945 95
3 284,424,975 23
3.284.424,975 23 Total
Total
of Treasury
NOTs.-Reserved against $346,681,0113 of U.S. notes and $1,484,883
secured by silver dollars
notes 01 1890 outstanding. Treasury notes of 1890 are also
in the Treasury.

JAN. 13 1923.]

THE CHRONICLE
SILVER DOLLARS.

ASSETS.

LIABILITIES.
$
373,561,62000 Silver certs. outstanding 344,286,893 00
Treasury notes of 1890
outstanding
1,484,883 Ob
Silver dollars In gen. rod 27.790,044 00
Total
373,581,620 00
Total
373,561,62000
GENERAL FUND.
ASSETS.
LIABILITIES.
$
Gold (see shovel
187,854,945 95 Treasurer's checks outst.
2,854,897 07
Silver dollars (see above) 27,790,044 00 Deposits of Govt. off'rs:
United States notes
3,853,756 00
P. 0. Department_._
10.782,28579
Federal Reserve notes
2,636,090 00
Board of trusteesRwt. bank notes
1,190,308 00
Postal Savings SysNational bank notes_ _ _ _
17,553,571 04
tem-5% reserve,
Subsidiary silver
__
12,876,042 81
lawful money
6,670,992 80
Minor coin
2,812,162 40
Other deposits
76.636 21
Silver bullion
27.539,13519
Comptroller of the
Unclassified (unsorted
Currency, agent for
currency, &c
3,045,673 67
creditors of insolvDep in led. I and liank8
500,000 00
ent banks
1,783,740 71
Deposits in F. R. banks 34,162,029 14
Postmasters, clerks of
Deposits In special decourts, disbursing
positaries amount of
officers, &ct
36,080,124 55
sales of Treas'y bonds
Deposits for:
Treasury notes, and
Redemption of F. R.
certify. of Indebt'ness_ 469,557,000 00
notes (5% fund, gold) 186,495,302 09
Deposits In foreign dep.:
Redemption of F. It.
To credit Treas. U.S_
88,782 70
bank notes(5% Id.,
To credit other Govlawful money)
2,115.026 55
ernment officers_
228,917 94
Redemption of nat'l
Deposits in Nat. banks:
bank notes(5% fd..
To credit Treas. U.S.
8,469,056 17
lawful money)
30,028,776 15,
Tocredit other GovRetirement of addiernment officers.... _ 22,311,750 34
tional circulating
Deposits in Philippine
notes, Act of May
Treasury:
30 1908
24,130 00
To credit Trees. U.S.
1,083,917 32
Exchanges of currency, coin,
8,780,727 88
lever dollars-

285,692,639 80
Net balance
537,861,121 73
Total
823,553,761 53
Total
823,553,761 53
NOTE.-The amount to the credit of disbursing officers and agencies to-day
8784,895,958 27. Book credits for which obligations of foreign Governments was
are
held by the United States amount to $33,236,629 05.
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for the
retirement of outstanding national bank and Federal Reserve bank notes are paid
Into the Treasury as miscellaneous receipts, and these obligations are made under
the Acts mentioned a part of the public debt. The amount
of such obligations
to-day was $85,993,907 50.
$356,265 In Federal Reserve notes,$1,027,229 In Federal Reserve Bank notes.
and
$17,521,571 in national bank notes are in the Treasury in process of redemption and
are charges against the deposits for the respective 5% redemption funds.

GOVERNMENT REVENUE AND EXPENDITURES.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for December 1922
and 1921, and the six months of the fiscal years 1922-23 and
1921-22.

149.

PRELIMINARY DEBT STATEMENT OF U. S. DEC. 30'
1922.
The preliminary statement of .the public debt of the
United States for Dec. 30 1922, as made up on the basis,
of the daily Treasury statement, is as follows:
Bonds:
Consols of 1930
Loan of 1925
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings bonds

First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938

$599,724,050 00
118,489,900 00
48.954,18000
25,947,400 00
50,000.000 00
28,894,500 00
11,851.000 00
$1,951,812,350 00
3,289,148,800 00
3,448,273,900 00
6,330.860,300 00

8883.861.03000

15,000,095,350 00'
763,861.100 00
Total bonds
$16,647,817,480 00
Notes:
Victory Liberty Loan--4M%, maturing May 20 1923
854.359,40000'
Treasury notesSeries A-1924
$311,191,600 00
Series B-1924
390.706,100 00
Series A-1925
601,599,500 00
Series 11-1925
335.134.510 00
Series 0-1925
435,740,209 48
Series A-1926
617,769,700 00
Series B-1926
461,939,900 00
8,154,081,509 46
Treasury Certificates:
Tax
*1,073,485.20000
Special Issue
17,000,000 00
1,090,485,900 00
War Savings securities (net cash receipts)
$594,132,476 31
Treasury Savings securities (net redemption
value of certificates outstanding)
135,593,858 49
729,726,334 80
Total interest-bearing debt
822,476,470,8
24 26
Debt on which interest has ceased
.248,101,000 26
Non-Interest-bearing debt
261,746,393 57
Total gross debt
S*2 986,318,01809'
•Includes $230,520,800, principal amount, of
% Victory notes celled for
redemption Dec. 15 1922.
Treasury bonds of 1947-1952

TREASURY MONEY HOLDINGS.-The following
compilation made up from the daily Government statements,
shows the money holdings of the Treasury at the beginning
of business on the first of October, November and December,
1922, and January 1923.
Holdings in
U. S. Treasury.

Oct. 1 1922. Nov. 1 1922. Dec. 1 1922.
Jazz. 1 1923.
$
$
$
$
Net gold coin and bullion- 356,044,945 351,021,212
373,538.557 340.833.972
Net silver coin and bullion
53,733,589
55,196,922
60,270,205
55,329.180
Net United States notes...
2,141,595
3,695,423
2,769,917
3,853,756
Net national bank notes__
17,481,690
21,405.128
19,383,499
17,553,571
Net Ferri Reserve notes._
2,099.710
Receipts.
2,875.198
Dec. 1922. Dec. 1921. 6 Mos. 1923. *6 Mos. 1922. Net
2,408,913
2,636,090
Fed'I Res. bank notes
Ordinary1,334,943
1,072,587
$
833,491
• 1,190,306
$
$
$
Deposit in Fedi Land bks.
Customs
37,502,448 26,155,151 248,924,389 147,008,361 Net subsidiary
500,000
silver
Internal revenue:
18,584,585
16.831,701
15,152.103
12.870.643
Income and profits tax_ _ _ _279,092,227 523,973.741 672,891,941 1,239,418,131 Minor coin,&c
10,628,030
19,450,428
5,240,392
5,867,837
Miscell. internal revenue 69,345,290 106.733,180 497,538,718 685,745,603
Total cash In Treasury- 462,049,087 471,808,599
Miscellaneous receipts:
479,595.077 440,631,355
Less gold reserve fund
Proceeds Govt. owned sees.:
152,979,020 152,979,026 152,979,020 152,979,026
Foreign obligations:
Cash
balance
in
TreasurY.
309,070,061
Principal
318,629.573 326,616,051 *287,652,329
480,004
997,8P2
450;500 Dep. in spec, depositories:
Interest
357,682
115,362,437
13,174,635
Acct. certs. of indebt
164,851,000 287,384,000 220,933,000 489,557,000
Railroad securities
32,747,126
79,128,229
Dep.
in
Fedi
Res
banks..
33,477,959
All others
59.207,901
0149,650
41,286
56,410,445
34,162,029
30,153,159
25,464,552 Dep. in national banks:
Trust fund receipts (reTo credit Treas. U. 5_,
9,323,372
appropriated for invest't) 1,736,590 3,658,473
8,203,540
8,556,545
8,469,055
20,471,603
13,039.527
To
credit dish. officers_
Proceeds sale of suro. prop_ 4,179,371 6,495,875
17.434,872
19,355,873
19,206,691
22.311,750
35,848,789
41,965,361 Cash in Philippine Islands
Panama Canal tolls, &ct_ _ _ 1,273,000
1,463329
1,091,912
1,286,584
891,429
1,083.917
6,982.838
6,037,530
Deposits
in
foreign depts..
Receipts from misc. sources
920,060
394,550
338,417
317,680
credited direct to appro's 4,017,138
37,378,807
Net
cash
in
Treasury
• Other miscellaneous
c35,692,209 d72,345,860 c132,803,233 d131,728,780
and In banks
538,540,453 694,267,349 633,347,733 823,553,761
Total ordinary
456,273,493 740.292,801 1,871,049,949 2,314,463,057 Deduct current liabilities- 279,700,723 281,921,809 294,437,453 285.692.640
Available cash balance_ 256.839.730 412_345.540 255 Gin oon 527_881_122
Expenditures.
Ordinary (Checks and war•Includes Jan. 1,327,539,135 99 silver bullion
rants paid,&c.)not Included in statement 'Stock of Money." and $2,812,162 40 minor eoins,&c.i
General expenditures
176,088.459 172,839,867 1,002,759,008 1,123,956.221
Interest on public debt
98,484,627 144,169,239 472,808,890 508,238,058
Refund of receipts:
TRADE AND TRAFFIC MOVEMENTS.
Customs
1,919,482 2,1137,923
21,990,925
15.689.772
Internal revenue
3,799,441
5,304,923
STEEL PRODUCTION IN DECEMBER.-The Ameri49,500,620
15,784,488
Postal deficiency
22,201,089
33,115,893 can Iron & Steel
Panama Canal
Institute has issued a
312,304
298,355
from which
1,639,597
2,039,310
Operations in special accounts:
it appears that the production of steel statement
in December 1922 by
Railroads
13,056,698 827,812,539
67,748,403
1,905,090
30
companies
, which in 1921 made 87.50% of the steel ingot
War Finance Corporation_ 88,152,107 19,750,387 563,359,946
19.343,452
Mitering Board
3,473,257 8,957,530
26.460,327
80,146,218 production in that year, amounted to 2,779,890 tons. This
Alien property funds
6453,150
433,592
190,137
217,327
contrasts
with only 1,427,093 tons for the same month in
Grain C wporation
25,000,000 1921.
Sugar Equalization Board_
The production for the 12 months of 1922 aggrePurchase of obligations of forgated
29,116,453 tons, as against 16,826,946 tons for the
eign governments
Loans to railroads
calendar year 1921. By processes the output for 1921 and
400,000
4,183.587
Investment of trust funds:
1922 was as follows:
Govt. Life Insurance Fund 1,715,579 3,616,504
12,057,976
12,083,387
Months
Civil Service Retire't Fund 572103
Open Hearth,
Bessemer,
9,053,428
AU Other,
263,274
Total,
District of Columbia Teach1921,
Gross Tons.
Gross Tons, Gross Tons.
Gross Tons.
January
ers' Retirement Fund__ _
21,011
39,989
1,591,281
81,551
608,276
104,982 February1921
3.629
2,203.186
1,295,863
450.818
2,796
1,749,477
Total ordinary
289,943,929 329,765,751 1,628.230,650 1.837,907,433 March
1,175,591
392,983
2,404
1,570,978
April
1,000,053
211,755
2,150
1,213,958
May
Public debt retirements charge1,047,810
216,497
1,543
1,285,850
June
able against ordinary re808,286
193,644
1,476
1,003.400
July
Mots:
689,459
113,312
575
803,376
Sinking fund
48,947,950 52,802,700 223,460,750 228,046,700 August
915,334
221,116
1,021
1,138,071
Septemoer
Purchases Vom foreign ro..
908.381
265,152
1,207
1,174,740
October
payments
386,000 15,614.850
1,269,945
953.400
if,147,350 November
345,837
1,028
1,616,810.
Received for estate taxes
895,150
1,823,200
1,294.371
1,829,700
363,9'12
12,316,650 December
1,718
1,660,001
Pu:chases from franchise tax
1.129,174
296,380
1,539
1,427,693
receipts(Fed.Res. Bans)
2.619,000
2,619.000
Total
Forfeitures, gifts, &c
2,500
13,125,578
5,000
3,679,682
15,500
21,686
22,000
18,828,948
1922.
50,231,600 72,564,750 226,259,650 259,151,700
Total
January 1922
1,260,809
331,851
822
1,593,482
February
1,395,835
Total expenditures chargeable
343,571
610
1,745.022
Marco
1,918.570
against ordinary receipts_ _340.175,529 402,630,501 1,554.490,300 2.097,059,133 April
451,386
795
2,370,751
1,997,465
445,939
expenditu:es
for
June reaching the Treasury in July are included. May
1,109
2,444,513
•Receipts and
2,214,774
494,893
1,474
2,711,141
a Counter entry (deduct).. b Excess of credits. c Includes $10.550,605 received June
2,143.708
487.851
2,918
2,634,477
from Federal Reserve banks as franchise tax, Dec. 30 1922. d Includes $59,974.486 July
2,020,572
404,047
2,485
2,487,104
received from Federal Reserve banks as franihise tax. Dee. 31 1921.
August
1,807,310
404.379
2,893
2,214,582
NOTE.-The analysis of receipts and expenditures for the fiscal year 1923 is on September
1,911,147
460,127
2,505
2,373,779
the same basis as the Budget, with necessary adjustments to cover receipts credited October
2,352,207
518,010
2,198
2,872,415
to appropriations, including particularly proceeds of railroad securities. The November
2,360,903
525,946
2,449
2,889,297
analysis for the fiscal year 1922 is on the Budget basis, without adjustment. The December
2,241.104
530,214
2.572
2.779,890
figures given for operations in special accounts ere net figures and make allowance
or receipts and deposits credited to the account concerned.
Total
23,624.404.
5,489,213
22.836
29,118,453--




[vol.. 116.

THE CHRONICLE

150

The destination of these exports for the week and since
UNFILLED ORDERS OF STEEL CORPORATION.
1 1922 is as below:
July
issued
10,
Jan.
on
Wednesday,
Corporation
Steel
S.
U.
The
its regular monthly statement showing unfilled orders on
Corn.
Wheat.
Flour.
the books of the subsidiary corporations as of Dec. 31 1922 Exports for Week
,Since
Week
94,a
is
of
This
n-e
tons.
.3
decrease
Week
Sin-e
6,745,703
Week
of
Since
and
amount
to the
July1
Jan. 6
July 1
Jan. 6
Jan. 6 July1
July1 to539 tons from the unfilled tonnage on hand Nov. 30 last,
1922.
19.3.
1 ,z2.
19 3.
1921.
19_3.
and contrasts with 4,268,414 tons on hand at the close of
Bushels.
li-staels
Thr-ets
Bushels.
give
comparisons
we
the
following
In
1921.
December
United Kingdom_ 100,450 3,007.214 2.246,430 59,931,035 404,182 19,239,000
with previous months:
92,795 3,464.689 3,527.894 140,790,189 596.592 34,832,600
Continent
Two.
Dec. 31 1922_ 6,745,703
Nov.30 1921_ __ 6.810.942
Oct. 31 1922... 6,902,287
Sept. 30 1922_6.691,607
Aug. 31 1922... 6.950.105
July 31 1922... 5,776,161
Jung 30 1022._ 5,635,531
May 31 1922... 5.254.228
Apr. 30 1922_ 5.094.917
Mar.31 1922_ 4.494.148
Feb.28 1922_ 4.141.0119
Jan. 31 1922_ 4.241.678
Dec.31 1921... 4.268,414
Nov.30 1921... 4.250.542
Oct. 311921... 4,2813.829
Sept.30 1921- 4.560.670
Aug.31 1921_ 4,531,926
July 31 1921_ 4,830,324
June 30 1921._ 5.117.888
May 31 1921... 5.482.487
Apr. 30 1921_ 5.845,224
Mar.31 1921_ 6,284.765
Feb. 28 1921_ 6.933,867
, Jan. 31 1921_ 7.573.164
Dec. 31 1920_ 8.148.122
Nov.30 1920.... 9.02E481
Oct. 31 1920... 9.836,852
Sept.30 1920...10.374.804
Aug.31 1920_10.805.038
July 30 1920...11.118.498
June 30 1920...10.978.817
May 31 1920_111.940.466
Apr. 30 1920_10,359.747
Mar.30 1920... 9.892.075
Feb. 28 19/0_ 9.5414081
Jan. 311920... 9.285.441
Dec. 31 1911).... 8,265.366
Nov.30 1919.... 7.128.331,
Oct. 31 1919_ 6.472.668
Sept.30 1919... 6.284.638
Aug.31 1919... 6.109.10:4
July 31 1919_ 5.578.661
June 30 1919... 4,892 855

Tons.
4.282.310
May
Apr. 30 1919... 4.800.685
Mar.31 1919_ 5.430.572
Feb. 28 1919_ 6.010,787
Jan. 31 1919_ 6.684.268
Deo.31 1918_ 7.379,152
Nov.30 WM__ 8.124.663
Oct. 31 1918.._ 8.353.298
Sept.30 1918_ 8.297.905
Aug 31 1918_ 8.759.042
July 31 1918_ 8.883.801
June 30 1918_ 8.4118.8614
May 31 1918... 8,337.623
40r. 30 1918- 8.741.882
Mar.31 1918_ 9.066.404
Feb. 28 1918_ 9,288,453
Jan. 311918... 9.477.853
Dec. 31 1917_ 9,381,718
Nov.30 1917... 8.897,106
Oct. 31 1917_ 9,009.675
Sept.30 1917_ 9.833,477
Aug.31 1917...10.407.049
July 31 1917_10.844.164
June 30 1917...11.383.287
May 31 1917_11,886,591
Apr. 30 1917-.12.183.083
Mar.31 1917...11,711,644
Feb. 28 1917.._1l.576.697
Jan 31 1917_11,474,054
Dec.31 1916_._1I.547.286
Nov 30 1916...11.058.542
Oct. 31 1916_10.015.260
Sept.30 1916_ 9.522.584
Aug. 31 1916... 9.660.357
July 31 1916_ 9.593.592
June 30 1916_ 9.640.458
May 31 1916_ 9,937.798
Apr. 30 1916... 9.829.551
Mar.31 1916_ 9,331,18)1
Feb. 29 1916_ 8,568.966
Jan. 31 1916_ 7.922.767
Dec. 31 1915_ 7,806,220
Nov.30 1915___ 7,189,489

Tons
Oct. 311915... 6.165,452
Sept.30 1915... 5,317.618
Aug. 31 1915_ 4.908.455
July 31 1915... 4,928.540
June 30 1915_ 4.678.196
May 31 1915_ 4,264.598
Apr. 30 1915... 4.162,244
Mar.31 1915_ 4.255.749
Feb. 28 1915... 4.345.371
Jan. 311915... 4.248,571
Dec. 311914... 3.836.643
Nov.30 1914... 3.324.592
Oct. 31 1914... 3.461.097
Sept.30 1914_ 3.787.667
Aug.311914... 4,213,331
July 31 1914_ 4.158.589
June 30 1914_ 4.032.857
May 31 1914_ 3.998,154
Apr. 30 1914_ 4,277,068
Mar.31 1914_ 4.653,825
Feb. 28 1914... 5.026.440
Jan. 31 1914_ 4.613,680
Dec. 31 1913... 4,282.108
Nov.30 1913_ 4.396.347
Oct. 311913... 4,513,767
Sept.30 1913._ 5.003.783
Aug.31 1913_ 5,223.464
July 311913... 5,399,358
June 30 1913._ 5,807,317
May 31 1913.... 6,324.322
Apr. 30 1913_ 6,978,762
Mar.31 1913.- 7,488.950
Feb. 28 1913... 7.656,714
Jan. 31 1913_ 7.827.364
Dec.31 1912_ 7,932.164
Nov.30 1912_ 7,852,883
Oct. 31 1912_ 7,594.381
Sept.30 1912_ 6.551,50;
Aug.31 1912... 6,163.376
July 311912... 5.957.073
June 30 1912.... 5.807,344
May 31 1912_ 5,750.986
Apr. 30 1912_ 5.664.885

ger unrrctaI a nttPitiscellanconsgtoxit
Breadstuffs figures brought from page 198.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug 1 for each of the last three years have been:
Receipts at-Chicago
Minneapolis._
Duluth
Milwaukee
Toledo
Detroit
Indianapolis
St. Louis... _
Peoria
Kansas City..,
Omaha
Bt. Joseph..,
Total wk. '23
Same wk. '22
Same wk. '21

Flom'.

When.

Corn.

Barley.

Oats.

• I% g i - yr 85. on ,. ,,sr, 1- r . •• 3° I°•. ns't 4" 4
244.000
646,001 4.221.0 1 1,528,000
285,000
617,
190.111
430.11
3,997,111
10,00
9.04
1,004
934,00'
164,001
381,4' I
470,1
81,001
22,000
28.111
77.011
97,060
130,000
66,
34,001
518,111
192,000
95.000
32,0 5
788,1 I
837.111
862.001
69.000
430, I
9,000
571.111
37.000
35.00C
209.111
355,1 1
2,033.000
240.000
615,111
51.0,011
24,011
242.000
258,0
411.000
307.004'
236,000

9,564.000
2.498.(0t
4,646,000

8,172,000
7,305,001
4,677,000

Rue.
I q
pt
179,000
522.000
644.000
143,000
8,000
11,000
16,000

1,000
So. & Cent. Amer_
18,000
West Indies
Brit.No.A m .Cols.
Other countries... 24,780

Total receipts of flour and grain at the seaboard ports for
the week ended Saturday Jan. 6 1923 follow:

1,049,973

The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ending Friday, Jan. 5 1923,and since July 1 1922 and 1921
are shown in the following:
Corn.

Wheat.
1922-23.

Exports.

Wees
Jan. 5.

slyve
July 1.

I 1921-22.
Rfn'e
July 1.

New York_._
Portland. Me_
Philadelphia .
Baltimore.... _
Newp't News_
New Orleans.
Galveston
Montreal. .
St.John.N.B.
Boston
Total wk. '23
EanceJan.1'23

IVhest.

Corn.

13,-ele
235,000
2.000
96,000
20.000
3,000
69.000

Bushes
ls
B qh,
24,000
2,205,0001
51,000
744,00
117,000
1,81S,00
271.00
626,0

75,000
65.0001
24,0001

11,000

589.000
589,000
1
451,00011
454,000

178,0001
507.000
178.00
420.000
463,0
7,223,00C
7,223,000

373,000

850.00
850,00

Rye.

Barley.

Oats.

Boshos
B.shels
145,00
286.000
45. II
115.001
2,0
25,001

Br s'els.
105.000
145,000
87,000
858,000

718.000
718,000

12,0
15.000

130,000
68,000

171,000 1,323,000
174X00 1.323,000

565,000
84,000
516.000
4.281.000 2,547.000
565,000
84,000
516
2,547,000
4,281.
for
ports
Orleans
foreign
• Receipts do not Include grain passing through New
on through bi Is 01
ading.The
the several seaboard ports for the week
exports lfrom

Same wk. '22
Since Jan.I '22

Week
Jan. 5.

1921-22.

Sfnre
July 1.

Total

vinee
July 1.

112,012,000 335,737,000317.293.030 5,153.000144,004,000162.690,000

BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor.
National Bank Circulation
Afloat on-

Amt. Bds. on Deposit to
Secure Circulation forFed. Res.
National
Bank Notes. Bank Notes.
Dec. 30 1922..
Nov.30 1922._
oct. 31 1922..
4ept.30 1922..
'lug 31 1922._
lune 30 1922May 31 1922..
A prIl 30 1922._
NI ar. 31 1922.
Feb. 28 1922._
Ian, 31 1922._
Dec. 31 1921._
Nov 30 1921._
Oct. 31 1921._
4ept 30 1921._
Aug. 31 1921._

I

Legal
Tenoers. I

735,281.275
738.065.3115
734,520,475
734,465.2831
733,623,525
732.585.640
730,203.870
729.526,135
727,838.9011
727.465.523
724.480,758
724.205.815
723,023.965
716.304.820
795.836.355
711,nunitts

I
$
26,846.812
25.433.762
26.1541.712
211.285.914
26,082.024
25.616.387
25.696.4132
25.096.414
24.840.522.
24.569.1)59'
25.130.609
25.932,109
26,283.132
26.984.017
27.402,759
31,) 14.669

Bonds.

738.257.440 7,968.700
739.018.64)0 31.468.718)
737,660.690 46.468.700
737.501.940 56.768,700
735.460,690 67.518.700
734,546.300 84.218.700
733.876.590 87.218.700
731.693.690 95.568.700
730.018.940 102,303,700
729,702.240 110,350,700
729.425.740 126.393.700
728.523.240 126.393.700
728.351.240 139.393.700
727.512.490 149.768.600
727,002.490 185,768.700
724.770.490 208.355 200

Total.
762,128,087
761,499,127
760.679,187
760,751.197
759,705.549
758,202.02,
755,900,704
754.622,54'
752.679.429
752,035,482
749,611,362
750.167.92;
749,307,09Z
743.288.84.;
743.239.11,;
739.148,87'

a

$43,013,065 Federal Re r•rve bank notes outstanding Use. 30 tot watch 34,1338,784
3116,secured by United States bonds and $39,275,181 by lawful money), against
670,400 Dec. 3,2 1921.

The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve Bank notes and national bank notes on Dee. 30:
Bonds on Deposit
Dec. 30 1922.

On Deposa to On Deposit to
Seeure
Secure Federal
Reserre Bank National Bank
Notes.
Notes.

2s. U. S. Consols of 1930
4s, U.S. Loan 01 1025
2s, U. S. Panama of 1936
28, U. S. Panama 01 1938

Total
Held.

5,813.400
1,768,000
257,000
130,300

581.827.700
82.994,900
47,894.240
25.540,600

$
587,641,100
84,762,900
48,151,240
25,670,900

7.968.700

738.257,440

746,226,140

The following shows the amount of national bank notes
afloat and the amount of legal tender deposits Dec. 1 and
Jan. 1 and their increase or decrease during the month of
December:
National Bank Notes-Total AfloatAmount afloat Dec. 1 1922
Net Increase during December

21.'''
48.00t
157,
21,III

1922-23.

Bosh^le. In she's
s'arls.
R shale Iit :evils
noehele
North Amer_ 9,252,000 269.750,000j254,398,000 2,020,000 58,714,000 65,445,000
25,000 3,601,000 10,440,000
Russ.& Dan. 224,000 3.447.000l 2,832.000
Argentina.-- 1.568010 47,364,000I 17.359.000 3,108,000 78,324,000 69,065,000
640,00C 11,356,000 41.992.000
Australia.712,000
328,000 3,820,0001
India
3.365,000 7,640,000
0th. countr'

Totals
Flour. I

34,000
901,700
3,700
13,500

48,000

U. S. Bonds Held Dec. 3)to Secure-

Since Aug.112,310,000 266.644,1 5155.524,C 1117.129,1,122.168, s 27,557.000
1922
10,298,000 222,63.8,000164.463.1, 103,899.1 1 14.567,00010.745,000
1921
6,181,000 195,347,1 1 78.460,001 10.4,30.7,00023,823.1 23.862.000
1920

Receipts al-

110,000
28,000

7,000

237,025 7,890.945 5,781,324 201,909,197 1,048,774 55,024,610
165,471 7,629.947 4.829,034 183,351.205 2.402,032 60,560,903

Total 1923
Total 1922

888,000 1,523,000
176.000
244.0C1
663.000
481,000

4.575.1 1
2,5,50,11
2.464,111

293.332
681,800
2.000
441,910

2761.499327
628,960

Amount of bank notes afloat Jan. 1 1923
Legal Tender NotesAmount on deposit to redeem national banks Dec. 1 1922
Net amount of bank notes retired In December
Amount on deposit to redeem national bank notes Jan. 1 1923

2762,128,087
325,433,762
1,413,050
326,846,812

Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
ending Saturday, Jan. 6 1923, are shown in the annexed
By Messrs. Adrian H. Muller & Sons, New York:
Price.
Price. Shores. Stocks.
statement:
Shares. Stocks.
Indies...1m' per share
$25
Exports from-

Wheat,

Corn.

Flour.

Oats.

Rye. 1 Barley.

Peas.

Boshels. BrshOs. Bor'e's Bushels. B-shels. Boshele, Bushels.
39.774 87,205 367,873 285,467 480,509
2,122,324
New York
____
4.5,000 145.000
54,000 2,000
744,000
Portland, Me
2,000
440,4700
Boston
20,000
26.000
606,000 172,000 13,000
Philadelphia
66,000 535.0001
565,000 215,000 5,000
Baltimore
3,000
Newport News_ _
12,000 51.000
364,000 568,000 60,000
New Orleans
_
43,000
306,000
Galveston
60.000
157,000
65,000
St. John, N. B_ _ 420,000
Port Arthur, Tex.. 214,000
tTotal week 1923_ 5,781,324 1,048,774 237,205
Same week 1922... 4,829,034 2,402,032 165.471




647,873 1145467 500.509
414.799 400.696 288,074

lot
98 Lake Side Mfg.& Storage
200 N. Y. Plate Glass Insurance.
$50 per sh.
$25 each
373i Textile By-Products Corp.._820 lot
510 Gore Aeroeraft Construction,
$10 lot
common, $10 each
1,150 Mojave Tungsten, common.
4c. per sh.
$2 each
$80 lot
1 Open Stair Dwellings

750 United West
Price.
Bonds.
$3,400 West Virginia Metal Prod$360 lot
ucts Corp. let M, bonds

2,000 General Mines Corp. of
$26,000
Bolivia. $25 each
lot
$52,000 General Mines Corp. of
Bolivia 7% gold bonds

By Messrs. Wise, Hobbs & Arnold, Boston:
Price.
Shares. Stocks.
316%
5 First National Bank
180
8 Commonwealth Trust Co
I wampanuag Mills (1-3 share).- 35
41i
pref
1st
Co..
Worsted
20 U.S.
1021
26 Nashua Mtg. Co.. Peel

Shares. Stock,.
8 Quissett Mill
5 Great Falls Mfg. Co
IC Low611 Electric Light Corp
1 American Mfg. Co., pref
2 Griffin Wheel Co., peel

Price.
210
773
184
85
100

JAN. 13 1923.]
Shares. Stocks.
Prix
5 Jones, McDuffee & Stratton
Corp.. common Class A
60
18
20 Mass. Lighting Cos
20 Lincoln Co. P. Co.. Incl.. pref..$30 lot
50-9 Lawrence Gas Co. warrants_ 134
"SO
14 Tennessee El. P., 7% pref
523.
50 Liggett's Int.. Ltd., pref

THE CHRONICLE
Shares. Stocks.
Price.
500 U.S. Worsted Co
Sc.
1 unit Charles Weeghman, shares
Of pref. and 1 share of common
85
200 Ludlow Mfg. Assoc'n rights... 5%
Bond?.
Price.
$500 Yarmouth Lt.& Pow.7s, 1924 8924
• And dividend.

By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
Prix.
2 Bates Mfg. Co. (34 share)___12031-2(
10 Pepperell Mfg. Co
16734
1 Lowell Bleachery (24 share)
6734
3 Mass. Cotton Mills
17434
1 Saco I.owell Shops, 2d p1(34 sh.)_ 5234
375 U. S. Worsted Co
12c.
6
lot pre
do
434
1 WaMpitII0lig Mills (1-3 share)._ _ 35
32 York Mfg. Co
11734
.
9 Lawrence Mfg. Co
10724
27 Quincy Market Cold Storage &
Warehouse Co
14234
4 Waltham Watch, pref
144
100 Geo. E.Keith Co., 1st pref
x9934
5 Merrimac Chemical (7o
9134

Shares. Stocks,
Price.
6 Library Bureau, pref
104
6 Haverhill Electric Co
173
5 Washington Water Power Co_ _.109
5 Draper Corporation
166
100 Atlantic Coast Co
234
10 Cass & Daley Shoe Co., pref_ _- 5524
36 Adirondack Pow.& Lt. Corp_ _ _ 2334
5 U.S. Worsted Co., 1st pref
4
1 Boston Athenaeum
600
5 Androscoggin Mills
17021
25 Tampa Electric Co
136
400 Crowell & Thurlow SS--331-'25-16
Bonds.
Price.
$6,000 Boston & Worcester St. Ry:
424s, 1923
7734

By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
Price.
1224 Van Blerck Motor Service___350 lot
30 Philadelphia Traction
6634
10 Nat. Bank of Royersford, Pa_ _10024
75 Schwenkville Water, par $10___ 10
51 Amer. Telegraphone, par $10._812 lot
334 Denver Suburban Homes
$1 lot
334 So. Denver Water, Par 816-.42 lot
25 Mutual Trust, par $50
53
4.58 Pratt Food.
170
45 Kensington Nat. Bank, par $50_118
2 Corn Exch. Nat. Bank
422
5 Quaker City National Bank
16034
7 Bank of North America
305
6 Chester National Bank
195
6 Swedesboro Nat. Bank, N.5_ _300
5 Commercial Trust Co
377
20
do
37534
5
do
375
24
do
374
15 Camden Safe Deposit & Trust...113
1 Real Estate Title, Ins. & Trust_450
7
do
442
10 Penna. Co. for Insur. on Lives
& Granting Annuities
57034
6 Provident Trust
510
7 Tacony Trust
270
5 Broad Street Trust, par $50
70
6 Delaware County Trust
93

Shares. Stocks.
Price.
10 Victory Insurance. par 550
10034
20 German Theatre Realty, par $10 7
2 Chestnut Hill RR
63
2 Norristown Passenger RY
20
5 L. H. Gilmer Co., prel
754
10
do
Common
1224
12 Phila. Bourse, corn., par VA_ 1234
9 Thomas Devlin Mfg
7534
20 Enterprise Mfg. Co.
49
9 Fire ASSOC. of Phila., par $50_ __ _325
5 Abbotts Alderney Dairies, 1st pf- 9124
20
do
9134
20 United N..1. RR. & Canal____200
60 Riverside Traction,common_ __ _ 1424
10 Penna. Warelfs'g & Safe Dep..102
Bonds.
Price.
$1,000 Perklomen RR.Co. 5s, 1938 100
WO Schwenkville Water 534s, 1939100
31,250 So. Denver Water 65, 1923_83 lot
81,000 Roanoke Tr.& Lt. 511, 1958. 85
$100 Nat. Gas, El. Lt. & P.65,'31_ 5534
$1,000 Electric Co.of N.J. 55. 1947 6734
$13,000 Bergner & Engel Brewlog (Is, 1921
4814
$56 Ohio & Little Kanawha P.R. 5s
(1st mortgage serif))
$1 lot
$3,000 Buffalo & Lake Erie Treetion 5s. 1936
12

National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:

151

CONSOLIDATIONS.
Jan. 2-4,965-The Union National Bank of Huntington. Pa_- $125.000
and 6090-The Standing Stone National Bank of Huntingdon,Pa
50,000
Consolidated under the Act of Nov. 7 1918. and under charter and corporate title of "The Union National Bank of
Huntingdon," No. 4,905, with capital stock of $175.000.
Jan. 2-36-The First National Bank of Findlay, Ohio
150.000
and 3729-The American National Bank of Findlay, Ohlo
150,000
Consolidated under Act of Nov. 7 1918 under charter of The
First National Bank of Findlay, No. 36. and under the corporate title of "The American-First National Bank of Findlay.' Capital $250,000.
Jan. 2-1,430-The Vermont National Bank of Brattleboro. Vt_ 250.000
and 2305-The People's National Bank of Brattleboro. Vt.
200.000
Consolidated under the Act of Nov. 7 1918 under the charter
of the Vermont National Bank of Brattleboro, No. 1,430.
and under the corporate title of"Vermont-Peoples' National
Bank of Brattleboro," with capital stock of $400.000.
APPLICATION FOR PERMISSION TO ESTABLISH AN
ADDITIONAL OFFICE.
Jan. 2-1,918-The Second National Bank of Saginaw. Mich., at No. 115
North Hamilton Street, Saginaw, West Side. Mich.

DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.

When
Per
Cent. Payable.

Books Closed.

Days Inclusive.

1111Iroods (St'ee-6.
Connecticut & Passumpic Rivers, pref._
Feb. 2 Holders of rec. Jan. 1
3
M ass.twippi Valley
Feb. 2 Holders of rec. Jan. 1
3
Mine Hill & Schuylkill Haven
•224 Feb. 1 "Jan 13 to Jan. 31
Nashville Chattanooga & St. Louis
334 Feb. 1 Holders of rec. Jan. 20
Pitts. Cin. Chic. & St. Lout
Jan. 2(1'Holders of roe. Jan. 10
'2
Reading Company, 1st preferred (guar.) "500. Mar. 8 'Holders of rec. Feb. 16
Public Utilities.
Columbus Ry.,Pow.& L., corn.(special) 234 Jan. 20 Jan. 11 to Jan. 23
Preferred series B
124 Feb. 1 Jan. 11 to Jan. 23
Dallas Power & Light, preferred (auar.)
134 Feb. I Holders of rec. Jan. 20
Dominion Telegraph (guar.)
134 Jan. 15 Jan. I
to Jan. 7
Electric BOnd & Share, preferred (guar.) •14. Feb. 1 "Holders of rec. Jan. 13
Ft. Worth Power at Light, pref. (guar.). 134 Feb. 1 Holders of rec. Jan. 15
Georgia Ry. & Electric, pref. (guar.).- _
134 Jan. 20 Holders of rec. Jan. 10
Illinois Northern Utilities, pref. (guar.). •134 Feb. I 'Holders of rec. Jan. 15
Montreal Tramways (guar.)
234 Feb. 1 Holders of rec. Jan. 19
Philadelphia Company, common (guar.) 750. Jan. 31 Holders of rec. Jan. 15a
Southern Calif. Edison, orig. pref.(gu.). 2
Jan. 15 Holders of rec. Dec. 31a
Texas Light & Power, preferred (guar.). 154 Feb. 1 Holders of rec. Jan. 17

APPLICATIONS TO ORGANIZE RECEIVED.
Capital.

Jan. 2-The First National Bank of Carney. Okla
$25,000
Succeeds the Carney State Bank,Carney, Okla. Correspondent,
Geo. J. Jonas, Carney, Okla.
Jan. 2-The First National Bank of North Girard, Pa
25,000
Correspondent, George Hawkes, North Girard, Pa.
Jan. 4-The First National Bank of Harvard, Ill
75.000
Correspondent, H. H. Antrim, Freeport, Ill.
Jan. 5-The First National Bank of Glencoe. Okla
25,000
Correspondent, James E. Berry, Stillwater, Okla.
APPLICATIONS TO ORGANIZE APPROVED.
Jan. 2-Cordell National Bank,Cordell, Okla
30,000
Succeeds the Cordell State Bank, Cordell, Okla. Correspondent, F. G. Kliewer, Cordell, Okla,
Jan. 2-State National Bank in Cordell, Okla
30,000
Succeeds the Oklahoma State Bank,Cordell, Okla. Correspondent, I. L. Hull, Cordell, Okla.
APPLICATION TO CONVERT APPROVED.
Jan. 5-First National Bank in Quanah. Texas
100,000
Conversion of the First Guaranty State Bank of Quanah. Tex.
Correspondent, First Guaranty State Bank, Quanah, Tex.
•
CHARTERS ISSUED.
Jan. 2-12,288-The American National Bank of Pontiac, Mich
200,000
Conversion of American Savings Bank of Pontiac, Mich. President, H. S. Chapman.
Jan. 2-12,289-State National Bank of Alpine. Texas
30,000
Conversion of Alpine State Bank, Alpine. Texas. President,
Beni. F. Berkeley; Cashier. H. W. Ferguson.
Jan. 2-12.290-The First National Bank of Fries, Va
40,000
Conversion of Washington Banking & Trust Co., Fries, Va.
President, T. C. Vaughan; Cashier, F. L. Elkins.
Jan. 2-12,291-The Citizens' National Bank of Harrison, Ark.. 50,000
Conversion of the Citizens' Bank of Harrison, Ark. President,
T. E. Milburn; Cashier, W. S. Pettit.
Jan. 2-I2,292-The Puget Sound National Bank of Tacoma,
Wash
300.000
Conversion of Puget Sound Bank & Trust Co., Tacoma, Wash.
President, H. N. Tinker; Cashier, W. W. Newschwander.
Jan. 2-I2,293-The Third National Bank of Ashland. Ky
Conversion of Ashland Day & Night Bank, Ast.land. Ky. 100,000
President, John W. Woods: CaShier, L. E. Davies.
Jan. 3-12.294-The Ilewlett-Woodmere National Bank of Woodmere, N. Y
50.000
President, Carleton Macy; Cashier, John J. Leugers.
Jan. 5-12,295-The Harlan National Bank,
Harlan, Ky
Conversion of the Harlan State Bank, Harlan, Ky. President, 100.000
P. V. Cole; Cashier, .1. R. Weiler.
CHANGE OF TITLE.
Jan. 2-3.923-The Commercial National Bank of Boston, Mass., to
The Commercial Security National Bank of Boston."
VOLUNTARY LIQUIDATIONS.
Capital.
Jan. 2-5,318-The Lowry National Bank of Atlanta, Ga
Effective Jan. 2 1923. Lin. Committee, H. Warner Martin,$1,000,000
H. W. Davis, E. W. Ramspeck, Atlanta, Ga.
by the Trust Company of Georgia, Atlanta, Ga. Absorbed
Jan. 3-11,186-The Farmers' National Bank of St. Marys, Kan. 25,000
Effective Dec. 291922. Lig. Agent, H.S. Ludwig,St. Marys,
Kans. It is understood that the national bank has been
absorbed by a State bank.
Jan. 4-1,675-The National Security Bank of Boston, Mass.- 250,000
Effective Dec. 31 1922. Lin. Agents, The Commercial Security National Bank of Boston (formerly the Commercial
National Bank of Boston). Absorbed by the Commercial
Security National Bank of Boston. Not Section 5223,
U. S. R. S., case.
Jan. 5-11,419-The First National Bank of Byron, Okla
25,000
Effective Dec. 28 1922. Liq. Agent, Board of Directors, First
National Bank of Byron.
Jan. 6-345-The Irving National Bank, New York, N. Y
12,500.000
Effective Jan. 6 1923. Liq. Agent, Irving Bank, New York,
N. Y. Absorbed by the Irving Bank, a State bank to be
organized for the purpose of taking over its business.
CERTIFICATE ISSUED AUTHORIZING ESTABLISHMENT OF ADDITIONAL OFFICE.
Jan. 2-36-The American-First National Bank of Findlay. Ohio, Permit
52,at southwest corner Main and West Crawford Streets, Findlay,O.




Banks.
Continental

Home

*4

Feb. 1 'Holders of rec. Jan. 27

Fire Insurance.
9

On dem

. 30
Holders of rec. Dec.

stocellooenus.
Amer. Radiator, new corn. (guar.)
Mar. 31 Holders of rec. Mar.15a
Preferred (guar.)
134 Feb. 15 Holders of rec. Feb. la
Amer. Soda Fountain (guar.)
Feb. I. "Holders of rec. Jan. 31
Amoskc.ag Mfg., common (guar.)
4,75c Feb. 2 *Holders of rec. Jan. 9
Pre.errecl
"62.2 Feb. 2 *Holders of rec. Jan. 9
Brill (J. G)Co., pref. (guar.)._ ...... •15,1 Feb. I 'Holders of rec. Jan. 24
Buda Company, common (guar.)
1% Jan. 1 Jan. 6 to Jan. 16
Common (payable in common stock). P13 1-'
Holders of rec. Dec. 29
Burns Bros., A stock (guar.)
S2.50 Feb. 15'Holders of rec. Feb. 1 ;
B stock (guar.)
•50e. Feb. 15'Holders of rec. Feb. 1
California Packing Corp.(qua,'.)
o$1.50 Mar. 15'Holders of rec. Feb. 28
Canadian Converters (cmar.)
1% Feb. 15 Holders co rec. Jan. 31
Central 011 & Gas Stove, common
Feb. 1 Holders of roc. Jan. 25
$2
Preferred (guar)
Feb. 1 Hollers of rec. Jan. 25
2
Chic. Wilm.& Franklin Coal, pre_ (gu.) 134 Feb. 1 Holders of re .Jan. 150
Cleveland-Cliffs Iron
50c. Jan. 25 Jan. is to Jan- 25
Collins Co. (guar.)
Jan. 15 Holders of rec. Jan. 2
2
Consolidated Ice.
Pref. (guar.). 1% Jan. 20 Holders el rec. Jan. 100
Daniels Motor, preferred
Jan. 15 Holders of rec. Dec. 30
2
Pittsb..(guar.)
Dominion Stores, Ltd., common (No. 1) 50c. April 1 Holders of rec. Mar. 1
Common
50c. Oct. 1 Holders of rec. Sept. 1
Prefert ed. Class A (guar.)
Jan. 1
2
Preferred, Class B (guar.)
134 Jan. 1
Durfee Mills On stock)
Holders Of tee. DEC. 29
4,200
Durham Hosiery. Preferred (guar.)
•1N Feb. 1 *Holders of roe. Jan. 20
Eisenlohr (Otto) & Bros., corn.(guar.).Feb.
12(
15 Holders of rec. Feb. 1
Elgin National Watch (guar.)
Feb. 1 'Holders of rec. Jan. 19
Exchange Buffet Corp. (guar.)
50c. Jan. 31 Holders of rec. Jan. 20a
Fair (The), preferred (No. 1)
•1% Feb. I *Holders of rec. Jan. 20
Federal Motor Truck (guar.)
Dec. 25 to Jan. 1
Jan.
2
Federal Sugar Refining, pref. (guar.)...
124 Feb. 1 Holders of rec. Jan. 19a
Franklin (H. II.) Mfg., pref. (guar.)_
•11.i Feb. 1 *Holders of roe. Jan. 20
General Cigar, Inc., common (guar.).- 134 Feb. 1 Holders of rec. Jan. 23
Preferred (qulf-)
•1f1 Mar. 1 *Holders o. roc. Feb. 21
Debenture preferred (guar.)
•13.4 Apr. 2 *Holders of rec. Mar. 26
General Motors Corp., pref. (guar.).-- 134 Feb. 1 Holders of rec. Jan. 18
Six per cent debenture stock (guar.)._
124 Feb. I Holders of rec. Jan. 18
Seven per cent debenture stock (guar.) 1% Feb. I Holders of rec. Jan. 18
General Tire & Rubber, common (guar.) *75e Feb. 1 *Holders of rec. Jan. 20
Gillette Safety Razor (guar.)
*Holders of rec. Feb. 1
Mar.
.$3
Stock dividend '
Juno 1 'Holders of rec. May 1
Hollinger Consolidated Gold Mine
Jan. 29 Holders of rec. Jan. 12
1
Hupp Motor Car, common (Qum.)
250. Feb. 1 Holders of rec. Jan. 20
Common (payable in common stock)_ .110
Subject to sto:kholders' meeting
Indiana & Illinois Coal Corp pre!
Jan. 15 Holders of rec. Jan. 8
7
Internat. Combustion Engineering (gill *50e.
• 1 *Holders of rye. Jan. 22
International Nickel, preferred (guar.).. 134 Feb.
Holders of rec. Jan. 18
(7)Jefferson & Clearfield C.& I.(In stk.) "e150 Jan. 1 *Holders of rec. Dec. 30
Kress (S. H.) & Co., common (atiar.) - •1
*Holders of rec. Jan. 20
Feb.
Nash Motors, common
Holders of rec. Jan. 19
$2.50 Feb.
Preferred (guar.)
1% Feb.
Preferred A (guar.)
$1.75 Feb. I Holders of rec. Jan. 19
N. Y.& Honduras Rosario Mining (g11.) 234 Jan. 23 Holders of rec Jan. 13
Ohio Fuel Oil
•50c. Jan. 20 *Holders of rec. Jan. 15
Penn Traffic
10c. Feb. 1 Holders of rec. Jan. 15
Pierce, Butler & Pierce, common
Jan. 15 Holders of rec. Jan. 15
81
Plant (Thos. G.) Co., 1st pref. (guar.)_. 1% Jan. 31 Holders of rec. Jan. 17
Postum Cereal, common (guar.)
111.25 Feb. 1 "Holders of rec. Jan 20
Preferred (guar.)
Feb. 1 *Holders of rec. Jan. 20
112
Producers de Refiners Corp.,corn.(No.1) $1
Mar. 15 Holders of rec. mar. 1
Russell Motor Car, preferred (guar.).- 13( Feb. 1 Holders of rec. Jan. 15
Seaboard Oil & Gas(monthly)
2%c. Feb. 1 Holders of rec. Jan. 15a
Monthly
224c. Mar. I Holders of rec. Feb. 150
Monthly
214c. Apr. 1 Holders of rec. Mar. 15a
Sinclair Consol. 011 Corp.,com.(luar.)- *50c. Feb. 15 *Holder* of rec. Jan. 20
Preferred (guar.)
"2
Feb. 28 *Holders of rec. Feb. 15
Shell Transport & Trading, ordinary
•9224( Jan. 24 *Holders of rec. Jan. 16
Standard 011 (Ohlo). pref. (guar.)
134 Mar, 1 Holders of rec. Jan. 26
61% Jan. 27 'Holders of rec. Jan.10(6)
Union 011 of California (guar.)
Union Tank Car,common (guar.)
31.25 Mar. 1 *Holders of roe. Feb. 5
*IA Mar. 1 *Holders of rec. Feb. 5
Preferred (eltlar.)
United Cigar Stores of Amer.,corn.(au.) 2
Mar. 1 Holders of roe. Feb. 15a
United Eastern Mining (qua,'.)
15e. Jan. 27 Holders of rec. Jan. 8a
U.8.Glass
*50c. Jan. 27 *Holders of rec. Jan. 20
Woolworth (F. W.) Co..common (guar.) *2
Mar. 1 *Holders of rec. Feb. 10

•

Below we give the dividends announced in previous weeks
and not yet paid. This list Soes not include dividends
announced this week.
Name of Company.

When
Per
Cent. Payatle.

-

Railroads (Steam).
Alabama Great Souther, pref
Atoll. Topeka & Santa Fe. corn.(guar.).
Preferred
Baltimore & Ohlo, preferred
Boston Revere Beach & Lynn (guar )..
Canada Southern
Central RR. Of N. J.(guar.)
Chicago & North West, common
Preferred
Chic. St. P. Minn.& Omaha,common
Preferred
Cleve. Cin. Chic. & St. L., common
Preferred (guar.)
Cuba RR. preferred
Delaware Lackawanna & Western (go.).
Detroit River I onnel (unar.)
Georgia RR.& Bkg.(guar.)
Great Northern, t,referred
Illinois Central, corn. (guar.)
Preferred
Kansas City Southern, pref.(guar.).Little SehuyikIll Nay. RR.& Coal
Louisville & Nashville
Mahoning Coal RR., common
Michigan Central
Extra
New York Central RR.(guar.)
Norfolk & Western. adj. pref.(guar.).Northern Central
Northern Pacific (guar.)
Pere Marquette. prof. (guar.)
Preterred (acct. of accum. div.)
Prior preference (guar.)
Pittsburgh & I ate Erie
Pittsburgh & West Virginia, pref.(guar.)
Reading Company,corn.(guar.)
Toledo St. L.& West.. corn.& pref
Troy Union

334 Feb. 16
1.3,5 Mar. 1
23.4 Feb. 1
Mar. 1
2
I% Jan. 2
134 Feb. 1
2
Jan. 15
234 Jan. 15
334 Jan. 15
234 Feb. 20
334 Feb. 20
Jan. 21..
1
134 Jan. 20
Feb. 15
3
Jan. 20
3
3
Jan. 15
Jan. 15
3
234 Feb. 1
13$ Mar. 1
Mar. 1
3
Jan. 15
1
$1.25 Jan. 15
334 Feb. 10
$10 Feb. 1
4
Jan. 29
6
Jan. 29
134 Feb. I
11 Feb. 19
Jan. 15
$2
li$ Feb. 1
134 Feb. 1
Feb. 1
62
134 Feb. 1
22.50 Feb. 1
134 Feb. 28
Feb. 8
$1
Fen, 20
4
Jan, 15

Books Closed.
Days Inclusive.
'
Holders of reo. Jan. 19
Holders of ree. Jan. 26 1
Holders of rec. Dec. 290
Holders of rec. J. 13a
Holders of ree. Dec. 29a
Holders of rec. Jan. 97
Holders of rec. Dec. 140
Holders of rec. Dec. 140
Holders of rec. Feb. la
Holders of rec. Feb. la
Holders of rec. Dec. 291
Holders of rec. Dec. 297
Holders of rec. July 200
Holders of rec. Jan. 61
polders of rec. Jan. ha
Jan. 1 to Jan. 14
Holders of rec. Dec. 290
Holders of rec. Feb. 2/
Holders of reo. Feb. 2.
Holders of rec. Dec 30a
Dec 19 to Jan. I5a
Holders of rec. Jan. 152
Holders of rec. Jan. 15a
Holders of rec. Dec. 29a
Holders of rec. Dec. 290
. 30 to Jan. 24
,
De
Holders of reo. Jan. 31a
Holders of rec. Dec. 301
Holders o. rec. Dec. 29/
Holders of rec. Jan. 15a
Holders of rec. Jan. I5a
Holders of rec. Jan. 15a
I tooders of 1 ec. Jun. lb
Holders of rec. Feb. la
Holders of rec. Jan. 160
Hollers of re,. Jun. 30a
HOlders of rec. Dee. 29a

Public Utilities.,
134 J, 15 Holders of reo. Dec. 30a
All-America Cables, Inc. (guar.)
134 Feb. 1 Holders of reo. Jan. 15
Amer. Gas & Elec. Pref. (guar.)
1
Feb. 1 Jan. 13 to Jan. 25
Amer. Light & Traction, com.(guar.)._
Feb. 1 Jan. 13 to Jan. 25
1
stock).
common
in
(payable
Common
Feb. 1 Jan. 13 to Jan. 25
Preferred (guar.)
American'relepbone & Telegraph (guar.) 234 Jan. 15 Holders Of reo. Dee. 20o
••
Apr. 16 Holders of reo. Mar.16
234
Quarterly
234 fly 16 Holders of rec. June 20
Quarterly
Jan. 15 Holders of rec. Dee. 30
Appalachian Power. pref.(quar.)(NO.1 )
1
Feb. 1 Holders of rec. Jan. lu
Bangor By.& Elec., corn. (qua,'.)
2
Jan. 15 Holders of rec. Doe 23
Bell Teter.. of Canada (guar.)
1 Holders of rec. Jan. 15
Feb.
334
pref
Gas,
Cense'.
Boston
California-Oregon Power, pref. (guar.). 134 Jan. 25 Holders co. rec. Jan. 15a
P, Feb. 1 , o,ers oi r,....1Ari. it
Carolina Potter 4 Llgat, corn. (quar.)_.
Central Ills. Public,Service. Pref.(qoh).- 134 Jan. 16 Holders of rec. Dee. 30
Jan. 16 Holders of rec. Dec. 3I0
Central Power. pref. (quar.)
CheeaPeake& Potomac Telep..17f.(qu.). 134 Jan. 15 Holders of rec. Dec. 30
Feb. 1 *Holders of rec. Jan. 13
*2
Commonwealth-Edison Co.(guar.)
Commonwealth Power Corp.. prof.(ati.) 134 Feb. 1 Holders of rec. Jan. 107
2
Jan. 15 Holders of rec. Dee. 30a
Consolidated Traction of N.J
2
Jan. 15 Holders of rec. Dee. 20
Detroit Edison(man)
Dominion Power & Transmission, pref._ 334 Jan. 15 Dee 16 to Dee. 31
134 Feb. 1 Holders of rec. Jan. 1
Duquesne Light, pref. (guar.)
EastBayWater(Oastand,Cal.)Pf.A.(qu.) 131 Jan. 15 Holders of rec. Dee. 30
134 Jan. 15 Holders of rec. Dee. 30
Preferred class B (guar.)
Feb. 1 Holders ot rec. Jan. 15
3
Edison Elec. Ill. (Boston) (guar.)
Electrical Securities Corp., pref. (guar.) 134 Feb. 1 Holders of rec. Jan. 190
1tt Jan. 15 ..0 ders of rec. Jun. 1,
Electrical t, i lilile. • urn.. pref. (quar.)
Kentucky Securities Corp., pref. (guar.) 134 Jan. 15 Holders of rec. Dec. 290
960. Dec. 30 Holders co reo. De . 28a
Lancaster Co. Ry. & L., corn
134 Dee. 31 Holders of rec. Dee, 28a
Preferred ((luar.)
134 Jan, 15 Holders of rec. Dec. 30
Laurentide Power (guar.)
(qu.).
pl.
Ky.,
of
Elec.
At
134 Jan. 15 Holders of rec. Jan. la
Louisville Gas
Jan. 16 Holders of rec. Jan. 2a
Manchester Trac., Lt. & Pr. (guar.)... 2
Jan. It Holders of rec. Dec. 3ua
Manufacturers' Lt.& Ht.(Plttsb.)(qu.). $I
Jan. 15 Holders of ree Dec. 300
$I
Extra
Massachusetts Ltg. Cos.6% prof.(qu.). 13$ Jan, 15 Holders of rec. Dec. 26a
2
15 Holders of rec. Dec 26a
Jan.
8% preferred (guar.)
Michigan Gas dz Cleo., Prof.(guar.).- 134 Jan. 20 Holders of reo. Dec. 310
Jan, 15 Holders of rec. Dec. 31
Prior lien stock (guar.)
Milwaukee Elec. Ry. S. L., pref. (qu.)... 134 Jan, 31 Holders of rec. Jan. 20z
2
Jan. 15 Jan. 1 to Jan. 15
Montreal Telegraph (guar.)
134 Jan. 20 Holders of rec. Deo. 30a
Mountain States Power, pref. (quar.)
mimeerf Gas & EL serv , prior lien (qu.) 134 Jan. 15 Holders of rec. Dec. 31a
134 Jan. 30 Dec. 31 to Jan. 7
Nevada-Califernes Elec., pref
1
Jan, 15 Holders of reo. Dec. 20
New York Telephone, pref.(guar.)
134 Jan. 15 Holders of rec. Dec. 310
Niagara Falls Power. Pre:• (guar.)
April 1 Holders of reo. Mar. 20
134
pref.
(quar.)
Gas,
North Shore
134 July 1 Holders of reo. June 20
Preferred (guar.)
Oct. 1 Holders of reo. Sept. 20
Preferred (guar.)
Feb. 1 Holders of rec. Doe. 31)
2
Northern States Power, com.(quar.)
Jan. 21) Holders of rec. Dec. 30
Preferred (guar.)
15 Holders of rec. Dec. 30
Jan.
(guar.)
134
pref.
L.,
&
Ry.
Ottumwa
134 Jan. 16 Holders of rec. Deo. 300
Pacific Gas & Electric. corn.(quar.)
$1.25 Mar. 1 Holders of rec. Feb. 10
Pbiladelphla Co., preferred
750. Jan. 30 Holders of rec. Jan. 151
Philadelphia Rapid Transit (guar.)
Philadelphia & Western Ry., pref.(qL). 6234e Jan. 15 Holders of rec. Dec. 31a
Feb. 1 *holders of rec. Jan. 15
*134
III.,
No.
com.(qu.)
of
Corp.
Service
Pub.
•Ii, Feb. I 'Holders of rec. Jan. 15
Preferred (wear.)
13$ Jan. 15 Holders of reo. Dec. 310
Public Service Co.of Quebec(quar.)
Jan. 15 Holders of rec. Dec. 20a
Puget Sound Power & Lt., 00M.(qu.)... $1
134 Jan. 15 Holders of rec. Deo. 200
Preferred (guar.)
Jan. 16 Holders of rec. Dec. 20a
131
(guar.)
Prior preference
134 Jan. 15 holders of rec. Dee. 31
Southern . amnia 1 ott er, pref. (guar.)._
*134 Jan. 15 *Holders of rec. Dec. 31
Southern Wisconsin Elec., pref. (gu.)
The Jan. 15 Holders of rec. Dee. 360
United Gas 'mot., common (guar.).- gni('
mar. 16 Holders of rec. Feb. 25a
Preferred (guar.)
Jan. 15 Holders of rec. Dec. 30a
preferred.234
Co..
Electric
&
Gas
United
1 Holders of reo. Jan.15a
Feb.
(guar.)...
134
United Light & Rys., common
1$ Feb. 1 Holders of ree Jan. 151
Common (extra)
Holders of rec. Dec. 31
20
Jan.
3
preferred
Power,
Virginia Ry. &
July 20 Holders of rec. Deo. 31
3
Preferred
Holders of rec. Dec. 29
15
Jan.
(gu.)
Spokane
Pow.,
Water
Washington
Jan. 15 Holders of rec. Dec. 22
Extra
134 Jan. 15 Holders of res. Dec. 360
Western Power Corp.. Prof. (puma
of reo. Dee. 30
Western Stated Gas & Elec.. pref. (Qtr.). 1% Jan. 15 Holders
lft Jan. 15 Dooters of tee. Le.. 260
Western union .1 elegratin (guar.)
of roe. Feb. 1
Holders
15
Feb.
134
(Qual.)
pref.
Co..
Wed Penn
134 Feb. 1 Holders of rec. Jan. 16
West Penn Power Co., pref. (quar.)
of rec. Dee. 31
Wisconsin Power & Light, pref.(quar.)- •134 Jan. 20 *Holders
50o. Jan. 25 Holders of reo. Jan. 15
York Railways,corn
62340. Jan. 30 Holders of rec. Jan. 20
Preferred

134

134

134

134

134
134

134
1

Banks.
Commonwealth
Corn Exchange (guar.)

5
5

Miscellaneous.
$1
Abitibi Power & Paper. corn. (quar.)
2
Mining
Acme Coal
$1
Air Reduction (guar.)
2
Alliance Realty (guar.)
Allis-Chalmers Mfg.,Inc., own.(guar.). $1
Preferred (guar.)
I%
Amer.Art Works,corn.& pref.(quar.)
American Bank Note. common (quar.) _ $1




[VOL. 116.

THE CHRONICLE

152

134

Jan. 15 Jan. 1 to Jan. 14
Feb. 1 Holders of rec. Dec. 30a
Jan. 20
Feb. 5
Jan. 15
Jan. 16
Feb. 15
Jan. 15
Jan. 15
Feb. 15

Holders of rec. Jan. 10.
Holders of rec. Jan. 25
Holders of reo. Dee. 30a
!holders of rec. Dec 25o
Holders of rec. Jan. 24a
Holders of rec. Dee. 23a
Holders of rec. Feb. la

Name of Company.

Per
When
Cent. Parable

Books Closed.
Daps Inclusive.

Miscellaneous (Continued).
American Can,common (guar.)(No.1)_
Feb. 15 Holders of rec. Jan. 310
American Cigar, corn. (guar.)
Feb. 1 Holders of rec. Jan. 15a
A m-rtean I oat (guar.)
Feb. 1 Jan. 12 to Feb. 1
American Glue, prof. (guar.)
Jan. 17
Feb. 1 Jan. 14 to
American lee, common Muer./
Jan. 25 Holders of rec. Jan. 10o
Preferred (unar.)
Jan. 25 Holders of rec. Jan. 100
Amalgamated Oil (guar.)
Jan. 15 Holders of reo. Dec. 30a
Amer.La France Fire Eng.,corn.(qual.)
Feb. 15 Feb. 2 to. Feb. 15
Amer. Laundry Machinery, pref. (guar.)
Jan. 15 Jan. 6 to Jan. 15
Amer. Rolling M111,common (guar.)
Jan. 15 Holders of rec. Dec. 30a.
Jan. 15 Holders of rec. Dec. 300
Preferred (guar.)
American Sales Book, common
Jan. 15 Holders of rec. Dec. 16
Jan, 15 Holders of rec. Dec. 300
Amer.Seeding Machine,common (guar.)
134 Jan. 15 Holders of rec. Dec. 300
preferred (guar.)
american Shipbuilding, common (quar.) 2
Feb. 1 Holders of rect. Jan. 16
IS
May 1 Holders of reo. Apr. 14
Common (guar.)
2
Aug. 1 Holders of reo. Jul, 14
Common(guar.)
1% Feb. 1 Holders of rec. Jan. 15
Preferred (quar.)
750. Jan, 15 Holders of rec. Dee, 810
American Steel Foundries. com.(qua,'.).
Jan. 15 Holders of rec. Jan. 10o
Amer. Type Founders, corn.(Oiler.)..,. 1
Jan. 15 Holders of reo. Jan. 10a
Preferred (guar.)
Jan, 16 Dee, 16 to Dee. 26
American Woolen,cora,and pref.(guar.)
Jail. 15 Bottlers of coup. No. 24
A no,- :inert,an 1.(11 (Interim)
Jan. 31 Holders of reo. Jan. 120
Art Metal Construction, corn. (guar.)._
Jan. 15 Holders of rec. Jan. 2a
Asbestos Corp. of Canada,coin..(qu.)...
Jan. 15 Holders of rec. Jan. 20
Preferred (guar.)
Feb. 1 Holders of roo. Jan. 16a
Associated Dry Goods, corn. (guar.)...
Mar. 1 Holders of rec. Feb. 100
First preferred (guar.)
Mar. 1 Holders of reo. Feb. 100
Second preferred (guar.)
Jan. 15 Holders of rec. Jan. 134
Aaso,staten Industrials, 151 pref. (guar.).
Jan, 25 Holders of reo. Dee. 30a
Associated 011 (quar.)
Feb. 1 Holders of rec. Jan. 15a
Atlantic Refining, pref. (guar.)
Jan. 15 hollers of rec. Dee, 300
Atlas Brick, Prof. (guar.)
Feb. 1 Holders of rec. Jan. 20
A las Powder, preferred (guar.)
Feb. 1 Holders of rec. Jan. 150
Austin, Nichols & Co., pro.(guar.)._
pr. 2 Holders of rec. Mar. 20
Babcock & Wilcox (guar.)
Feb. 1 Holders of rec. Jan. 26a
Barnhart Bros& Spin-1st& 2d pref.(qu.)
Jan. 16 Holders of rec. Dec. 30o
Bayuk Bros., 1st & 2d pref.,(quar.).
Jan. 15
Beach Royalties (monthly)
Feb. 1 Holders of reo. Feb. 1
Beacon 011, pi el. (guar.)
Jan. 1 Holders of reo. Dee, 30a
Beech-Nut Packing, pref. B (quar.)____
Feb. 1 Holders of rec. Feb. la
Borden Co., common
Mar. 1 Holders of reo. Mar. la
Preferred (guar.)
June 1 Holders of rec. June la
Preferred (guar.)
Jan. 1 Holders of coup No 93(8)
British-Amer. Tobacco,ordinary
Jan. 1 Holders of coup No 94(8)
Ordinary (interim)
Holders of rec. Jan. 130
Feb.
British Empire Steel, pref. B (quar.)
Holders of roe. Jan. 20a
Feb.
Brown Shoe, prel.(guar.)
Holders of roe. Jan. 200
Feb.
Burns Bros., prior pref. (guar.)
Jan. 1 Holders of reo. Jan. 8a
Bush Terminal, common
Jan. 1 Holders of rec. Jan. 8a
Preferred
Jan. 1 Holders of reo. Dec. 310
Canada Cement (guar.)
Jan. 3 Holders of rec. Dec. 310
Canadian Explosives, corn.(guar.)
Jan. 1 Holders of rec. Dec. 310
Preferred (guar.)
Jan, 1 Holders of roe. Dee, 30a
Canadian Fairbanks-Morse, preferred....
Jan. 1 Holders of reo. Dec. 30
CanadianIndustrial Alcohol (guar.).- 1
Feb. 1 Holders of roe. Jan. 31
1
Canadian Oil, corn
134 Jan, 31 Jan. 16 to Jan. 31
Canter, Ine , preferred (mar.)
Central Coal & Coke, preferred (guar.)- 1% Jan. 15 Holders of roe. Deo. 31a
Dec. 8 to Dec. 14
2
Feb.
On:anon Mills (quar.)
1
Jan, 25 Holders of rec. Jan. 15a
Chit-ag, Pneumatic Tool (guar.)
Cities Service-Common(monthly,pay.in cash scrip). •911 Feb. 1 *Holders of rec. Jan. 15
Common (payable in coin.stk.scrip) _ •13,4 Feb. 1 *Holders of reo. Jan. 15
Pref. and Prof. B (payable In cash).- •t Feb. 1 *Holders of rec. Jan. 15
Jan. 15 Holders of reo. Jan. 8
ClInchfield Coal Corp., COM.(guar.).Feb. 1 Holders of rec. Jan. 20
Cluett-Peabody & Co., corn. (guar.)._
Jan. 15 Holders of rec. Jan. 12a
Congoleum Co. (guar.)
Jail, 31 lid I. rs of rec. Jun. 16a
, ...et ... lot oal (mar.)
Jan. 15 Holders of rec. Dee. 300
Consolidated Car-Heattng (qum.)
Jan. 2. Jun. 16 to Jan. 20
onsoinlaied Royalty oil (guar.).....
Feb. 15 Holders of rec. Feb. 5
Continental Can, common (guar.)
Jan. 15 Jan. 4 to Jan. 17
Continental Motors. pre/.(guar)
Jan. 20 Holders of rec. Jan. 20
Corn Products Refining,common (guar.)
Jan. 20 Holders of rec. Jan. 20
Common (extra)
Jan, 15 Holders of reo. Jan. 20
Preferred (guar.)
Feb. 1 Holders of rec. Jan. 3a
Costlen & Co., common (guar.)
•3
Feb. 1 *Holders of rec. Dec. 13
Cuba Company. preferred
Jan, 15 Holders of rec. Dec. 30
$3
Davis Coal & Coke
15 Holders of ree. Dec. 30
Jan.
$1.25
Delaware. Lack. & West. Coal (guar.)._
Jan. 15 *Holden of ree. Dee. 30
*2
Detroit Motor Bus (guar.)
.61
Jan. 15 *Holders of rect. Dee. 30
Extra
Jan. 15 Holders of rec. Dec. 310
Dictograph Products, pref.(guar.)
Jan. 20 Holders of rec. Dec. 30a
Dome Mines, Ltd. (guar.)
Feb. 1 Holders of rea. Jan. 12
t.
ltotttlttiot Qui. pref. (quar.)
Jan, 15 Holders of roe. Dee, 31
Dominion Linens, Ltd., pref
Feb. 1 Jan. 10 to Feb. 1
Dominion Steelorp. pref. (guar
Jan, 15 Holders of rec. Dec. 30a
Dominion Textile, prof. (guar.)
Jan, 25 Holders of rec. Jan. 100
duront(E.1.)defsern.f/Co..deb.stk.(qu.)
Jan. 11 Jan. 7 to Jan. 15
Eagle-Pleher Lead. preferred (guar.)Holders of rec. Jan. 310
Mar,
Eastman Kodak, common (extra)
Holders of rec. Jan. 15
Feb.
Eureka Pipe Line (guar.)
Jan. 3 Holders of rec. Jell. 200
Exchange Buffet Corp. (guar.)
Holders of rec. Janall6a
Feb.
Fajardo Sugar (guar.)
Holders of rec. Jan. 15a
Feb.
Famous Players-Lasky Corp., pref.(qu.)
Holders of rec. Jan. 190
Feb.
Federal Sugar Ref., corn. (guar.)
Holders of rec. Jan. 19a
Feb.
Preferred (guar.)
Jan. 1 tioater, of rec. Jan. la
Fed-rat '.et ep:a lee Corp., Pref.(qual.).
Feb. 15 Holders of rec. Feb. 1
Fifth Avenue BIB
Feb. 1 Dealers of rec. Jan. 200
FIsher t.otly Corp., corn. (quar.)
Feb. 1 Holdels of rec. Jan. 20a
Stirred (gnarl
Jan. 15 Holders of roe. Jan. la
Firestone Tire & Rubber 8% pref.(qu.)..
Feb. 16 Holders of reo. Feb. la
Seven per cent pref. (guar.)
Feb. 20 Holdem of roc. Feb. 106
General Development (qual.)
Jan. 15 Holders of rec. Deo. 70
General Electric, common (guar.)
Jan, 15 Holders of rec. Dee. 70
Special stock
Jan. 1., Dec. 31 to Jan. 15
Glam I t.rt tam! Cement, preferred
Feb. 1 Holders of reo. Jan. 15a
Gimbel Brothers, preferred (guar.)
Jan. 15 Holders of reo. Dee. 310
Globe Wernicke, prof. (guar.)
Ian. 31 Jan. 25 to Jan. 31
Buie Iron. i it., in At 20 pref. (quar.)__
Jan. 20 Holders of rec. Jan. 100
Harbison-Walker Refrao., pref. (guar.).
Feb. 1 *Holders of reo. Jan. 10
Harris Bros.. pref. (guar.)
Jan. 15 Holders of reo. Dec. 300
fillIcrest Collieries, corn.(guar.)
preferred (guar.)
Jan. 15 Holders of rag. Dec. 300
Jan. 25 Jan. 16 to Jan. 25
HllIman Coal & Coke, let prof.(qual.)..
Jan. 25 Jan. 16 to Jan. 25
Second preferred (guar.)
Jan, 25 *Holders of rec. Jan. 20
Homestake Mining (monthly)
Jan. 15 ii to,iers of we. Jan. 3
whoa,. rick (guar.)
Feb. 15 Holders of rec. Jan. 16
Indiana Pipe Line (guar.)
Jan. 15 Holders of reo. Dee. 230
Internat. Harvester. corn. (guar.).
Jan. 25 Holders of rec. Dee. 236
Common (Payable In common stock).Feb. 1 Holders of reo. Jan. 160
Internat. Mere. Marine, pref.(guar.)._
Paper,
preferred (guar.).laterlau Moat
ian. 15 Holders of ree. Jan. 80
International Shoe,common
April 1
Jan. 15 Holders of reo. Dee.d260
Jones Bros. Ten, corn. (guar.)
Kaministiqua Power (guar.)
Feb: 15 *Holders of rec. Jan. 31
Feb. 1 hollers of rec. Jan. 201
Kelsey Wheel. pref. (guar.)
Kill.-Springizeld Tire, 8% Pref. (girl_
Feb. 15 Holders of rec. Feb. la
Jan. 16 Holders of rec. Dee. 220
Kennecott Copper Corp. (guar.)
Kerr Lake Mines. Ltd. (quar.)
Jan, 15 Holders of rec. Jan. 20
Jan. 15 Holders of reo. Jan. 106
Leasing's Incorporated (guar.)
1
Feb. 15 Holders of reo. Feb. 200
Loew's Boston Theatres. coin.(qu.)...
pref.
2d
(annual)._
Biscuit,
Feb. 1 Holders of rec. Jan. 3I0
Loose-Wiles
Jan. 16 Holders of rec. Dec. 316
MazzAndrews & Forbes, common (guar)
Jan. 15 Holders of reo. Dec.
Common (extra)
Jan, 15 Holders of reo. Dec. 316
Pref.(guar.)
130
Feb. 1 Holders of rec. Jan.
Macy (It. H.) & Co., Inc., Pref.(qum.)
corn.
Jan. 18 Holders of rec. Jan. 30
Leaf
Milling,
(guar.)
Maple
30
Jan.
rec.
of
Jan, 18 Holders
Preferred (guar.)
150
Mar. I Holders of rec. Feb. 29a
May Department Stored, corn.(quar.)_.
Dec.
rec.
of
Holders
Jan. 2e
Mexican Petroleum. corn. (guar.)

Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Cencludall•
50c. Feb. 15 Holders of rec. Feb. la
Miami Copper (guar.)
Michigan Limestone & Chem., pf.(qu.). 134 Jan, 15 Holders of rec. Dec. 31a
•214 Jan. 25 *Holders of rec. Jan. 15
Michigan Stamping (guar-)
*1
Jan. 25 *Holders of reo. Jan. 15
Extra
50e. Jan. 16 Holders of rec. Dec. 30
Midway Gas,common (Soar.)
31.40 Jan. 15 Holders of rec. Dec. 30
Preferred (aum%)
4
fan. 15 Holders of rec. Jan. 20
Midwest 011, ern & pref.(quar,)
3714e Feb. 1 Holders of rec. Jan. 15a
Moon Motor Car. common (suer.)
1234e Feb. 1 Holders of rec. Jan. 15a
Common (extra)
11.4 Feb. 1 Holders of rec. Jan. 15a
Preferred (guar.)
Feb. 6 Jan. 16 to Feb. 5
Marls Canal & Bkg., Consolidated-- 2
Preferred
5
Feb. 6 Jan. 16 to Feb. 5
Motor Products Corp.(guar.)
*134 Feb. 1 *Holders of rec. Jan. 20
Mullins Body Corp., pref. (guar.)
2
Feb. I Holders of rec. Jan. 18a
National Biscuit, new common (quar.)_
750. Jan. 15 Holders of rec. Dec. 300
National Fuel Gas(guar.)
234 Jan. 15(6)Dee. 16 to Jan. 1
National Paper & Type,com.& pf.(qu.) 2
Jan. 15 Holders of rec. Dec. 300
New Fl [Ion Publishing Corp.,Pr.(Qua. 2
Jan. 15 Holders of rec. Dec. 31
New Jersey Zinc (guar.)
2
Feb. 10 Holders of rec. Jan. 31
New Orleans Cold Storage & Warehouse 5
Jan. 15 Holders of rec. Dec. 13
New York Dock. preferred
231 Jan, 15 Holders of rec. Jan. 51
New York Transit
Jan. 15 Holders of rec. Dec.
3
New York Transportation
500 Jan. 15 Holders of rec. Jan. 20
Nipissing Mines(guar.)
8
Jan. 20 Dec. 31 to Jan. 17
Extra
Jan. 20 Dee. 31 to Jan. 17
3
Nova Scotia Steel & Coal, prof. (cuar.)_ 2
Jan. 15 Dec. 31 to Jan. 1
Ohio Brass,common (quar.)
31 Jan. 15 Holders of rec. Dec. 3I0
Preferred (quar.)
111 Jan. 15 Holders of rec. Dec. 31
Ohio Fuel Supply (guar.)
2S4 Jan. 15 Holders of rec. Dec. 300
Extra (in 4)49 Liberty bonds)
i2
Jan. 15 Holders of rec. Dec. 30a
Jan. 20 Holders of rec. Dec. 26a
Oklahoma Natural Gas
1
Otis Elevator, cons. (guar.)
Jan. 15 Holders of rec. Dec. 300
2
Preferred (guar.)
133 Jan. 15 Holders of rec. Dec. 30a
Packard Motor Car, corn. (guar.)
Jan. 31 Holders of rec. Jan. 15a
2
51.50 Jan. 20 Holders of rec. Deo. 15a
Pacific Oil
Pan Amer.Pet. dr Transp.,corn. A & B. e20
Feb. 8 Holders of rec. Dec. 290
Pan-Am. Petrol.& Trans..cm.A&B(qu.) 52
Jan. 20 Holders of rec. Dec. 300
2
Feb. 15 Holders of rec. Feb. 5
Penmans, Ltd., corn. (guar.)
1.A' Feb. I Holders of rec. Jan. 20
Preferred (guar.)
Jan. 15 Holders of rec. Dec. 308
Pennsylvania Salt Mfg.(nmar.)
2
Phillips-Jones Corp.. bred. (guar.)
114 Feb. 1 Holders of rec. Jan. 200
81.50 Feb. 1 Holders of rec. Jan. 151
Phila. Insulated Wire
50.3. Feb, 1 Holders of rec. Jan. 15s
Extra
1
Jan. 25 Holders of rec. Jan. 5a
Pittsburgh Coal, common
134 Jan. 25 Holders of rec. Jan. 5a
Preferred (quar.)
Jan. 20 Holders of rec. Jan. 5a
5
Pittsburgh Plate Glass (extra)
•e30 Subj. to st'kh'rs meeting Jan. 29
Stock dividend
1
134 Jan. 20 Holders of rec. Jan
Plymouth Cordage (quar.)
•e100 Subj.to stkholders meet's Jan 20
Plymouth Cordage (stock div.)
e. Dee. 118
Jan. 16 Holders of r,
25
Potomska Mills
2
Jan. 31 Holders of reo.Deo.(6)307
Prairie 011 & Gas(guar.)
Jan. 31 *Holders of rec.Def..(6)27
*2
Prairie Pipe line (g(Iar.)
2
Procter & Gamble.8% prof.(quar.)
Jan. 15 Holders of rec. Dec. 23
2
Pullman Company (lum%)
Feb. 15 Holders of rec. Jan. 31s
Quaker Oats, common (quar.)
214 Jan. 15 Holders of rec. Dec. 303
Preferred (quar.)
Feb. 28 Holders of rec. Feb. la
a
Realty Associates
Jan. 16 Holders of rec. Jan. 5
Extra
2
Jan. 15 Holders of rec. Jan. 5
Rickenbacker Motor Co.(No.1)
*5 . Feb. 1 *Holders of rec. Dec. 30
Salt Creek Producers (quar.)
*30e. Feb. 1 *Holders of rec. Jan. 15
St. Joseph Lead (guar.)
25c. Mar .20 Mar. 10 to Mar.20
Extra
25e. Mar. 20 Mar. 10 to Mar.20
Santee Cotton Mills
*5
Jan. 15
Stock dividend
*850
Securities Company
214 Jan. 15 Holders of rec. Dec. 30
Shaffer Oil& Ref.. pref.(quar.)
134 Jan. 25 Holders of rec. Dec. 30
Smith (Howard )Paper Mills, cons.(qu.) 114 Jan. 20 Holders of rec. Jan. 10a
Preferred (guar.)
2
Jan. 20 Holders of rec. Jan. 10a
Southern States 011 (monthly)
Jan. 20 Holders of rem Dec. 304
1
Southern States 011 (payable in stock)
Jan. 20 Holders of rec. Dec. 31
e8
Spalding(A.G.)& Bros., corn.(quar.)_ _ $1.50 Jan. 15 Holders of rec. Jan. 6
First preferred (guar.)
14 Mar. 1 Holders of rec. Feb. 100
Second preferred (guar.)
Mar. 1 Holders of rec. Feb. 10
2
Spanish Riv.Pulp & Paper Mills(guar.). 114 Jan. 15 Holders of rec. Jan. 2
Preferred (guar.)
154 Jan. 15 Holders of rec. Jan. 2
Steel Co. of Canada, corn. & pref.(qu.)
134 Feb. 1 fielders of rec. Jan. 9
Stetson (J. B.) Co., corn
•15
Jan. 15 *Holders of rec. Oct. 31
Preferred
Jan. 15 *Holders of rec. Oct. 31
*4
Sullivan Machinery (guar.)
750. Jan. 15 Jan. 1 to Jan. 15
Superior Steel, let & 2d pref. (guar.)... 2
Feb. 15 Holders of rec. Feb. a
Thompson (John R) Co.,eom.(monthly) 25c. Feb. 1 Holders of rec. Jan. 230
Common (monthly)
25e. Mar. 1 Holders of rec. Feb. 2.50
Tobacco Products, class A (quar.)
134 Feb. 15 Holders of rec. Jan. 318
Truseon Steel, common (guar.)
(9) Jan. 15 Holders of rec. Jan. 5a
'Thekett Tobacco, corn. (guar.)
Jan. 15 Holders of rec. Dec. 30
1
Tucketts Tobacco, pref. (guar.)
114 Jan. 15 Holders of rec. Dec. 311
'Turman 011 (monthly)
1
Jan. 20 Holders of rec. Dec. 30
Union Bag & Paper (guar.)
114 Jan. 15 Holders of rec. Jan. 120
Union Natural Gas (guar.)
214 Jan. 15 Dec. 16 to Jan. 1
United Drug, 1st pref.(quar.)
134 Feb. 1 Holders of rec. Jan. 15a
Second preferred (quar.)
134 Mar. 1 Holders of too. Feb. 15
2
Jan. 15 Holders of rec. Dec. 208
United Fruit (guar.)
2
Jan. 15 Holders of rec. Dec. 200
Extra
United Profit Sharing (quar.)
150. Jan. 16 Holders of rec. Jan. 30
United Verde Extension mining WILL - 50c. Feb. 1 Holders of rem Jan. 2a
50c Jan. 15 Holders of tee. Dec.d30
U.S.Can,common (quar.)
114 Jan. 15 Holders of rec. Dec.d30
Preferred(guar.)
U.S. Industrial Alcohol, pref. (quar.)„ 113 Jan. 15 Holders of rec. Dec. 30a
U.S.Radiator. pref.(acct. accum.diva.) 814
Jan. 15 Holders of roe. Dec. 15
U.S. Realty & lmot.(quar.)
114 Mar. 15 Holders of rec. Mar. 88
U. S. Rubber, lid prof. (quar.)
2
Jan. 31 Holders of roe. Jan. 15a
U.S.Smelt.&Ret.& Min., pref.(qu.)... 8734c Jan. 15 Holders of tee. Jan. 52
Ventura Consolidated 011 Fields(qu.)_
750. Feb. 1 Holders of rec. Jan. 15
Victor Talking Machine, corn. (guar.)._
$2 Jan. 15 Jan. 1 to Jan. 5
Preferred (quar.)
134 Jan. 15 Jan. 1 to Jan. 5
Vulcan Detinning. pref. & pref. A
134 Jan. 20 Holders of roe. Jan. 9a
Wahl Co., cow.(monthly)
•500. Feb. 1 *Holders of rem Jan. 20
Common (monthly)
•50e. Mar. 1 *Holders of rec. Feb. 21
Common (monthly)
*500. Apr. 1 *Holders of rec. Mar. 22
Preferred (guar.)
*134 Apr. 1 *Holders of rec. Mar. 22
Warner (Chas.) Co. of Del.,corn.(111.) 50o. Jan. 15 Holders of rec. Dec.135a
& 2nd pref. (quar.)
114 Jan. 25 Holders of rec. Dec.d301
Wtber & Helibronne., nrt f (quir.)
134 Mar. 1 Holders of rec. Feb. 23a
Western Grocern,Ltd.(Canada),Pf
134 Jan. 15 Jan. 1 to Jan. 5
Westinghouse Air Drake (Soar.)
$1 75 Jan. 31 Holders of rec. Dec. 30
Stock dividend
'
1..35 Subj. to stockholders' meet. Mar.2
Westinghouse Elec. & Mfg., corn.(qu.) $1
Jan. 31 Holders of rec. Dec. 291
Preferred (guar.)
Jan. 15 Holders of rec. Dec. 291
81
White Eagle 011 & Ref. (guar.)
500. Jan. 20 Holders of rec. Dec. 31a
Wurlitzer(Rudolph)Co.Eightper cent preferred (quar.)
2
Mar. 1 Holders of rec. Feb.19'23
Elghtper cent preferred (guar.)
2
June 1 Holders of rec. May 2223
Seven per cent preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 22
Wyoming Associated Oil (quar.)
*2
Jan. 12 *Holders of rec. Dec. 15
•From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until urther notice. a Transfer
books not closed for this dividend. b Less British income tax. d Correction.
•Payable In stock. /Payable In common stock. g Payable in scrip. rt On
account of accumulated dividends. t Payable In Liberty or Victory Loan bonds.
Payable In New York funds.
Payable In new Class"B"common stock.
y The New York Curb Market Association has ruled that stock will not be quoted
ex-dividend on these dates and not until further notice.
(6) N. Y Curb Market has ruled the following stock shall be ex-dividend on the
Gated mentioned: National Fuel Gas, Jan. 16; Prairie Oil & Gas and Prairie Pipe
Line, Jan. 10; Union 011 ot Calif., Jan. 10.
16.
(7) Subje Ito stockholders' meeting Jan,
fi 8 Transfers received In London up to Jan.2 will be in time to enable tranafereis
dividend.
receive
to
(9) Dividend of 2% rescinded and a Cash dividend of ift% declared Instead.




•

THE CHRONICLE

JAN. 13 1923.]

153

Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Jan. 6. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers 10001 omitted.)
New 1
Reserve
Capita1.1Profits. Loans,
Time Bank
with
No!
Discount. Cash
Week ending
De- CtrcuLegal Demand
in
Jan. 6 1923. Nat'l, Sept.15 Invest3tate, Nov.15 ments, Vault. Pepost- Deposits. posit. 10ticm.
tortes.
&c.
(000 omitted.) Tr.Cos, Nov.15
Members of Fe I. Res.
Bank of N Y &
$
Trust Co.._ _ 4.000
Bk of Manhat'n 10,000
Mech& Met Nat 10,011
Bank of America 5,500
Nat City Bank_ 40,000
Chem Nat Bank 4,500
Nat Butch & Dr
500
Amer Each Nat 5,000
Nat Bk of Corn_ 25,000
Pacific Bank __ _ 1,001
Chat&PhenNat 10,500
Hanover Nat Bk 5.000
Corn Exchange_ 9,075
Imp & Trad Nat 1,50
National Park__ 10,0
East River Nat_ 1,00
First National__ 10,000
Irving National 12,500
Continental Bk. 1,000
Chase National. 20,11 I
Fifth Avenue__
501
Commonwealth
400
Garfield Nat... 1.000
Fifth National_ 1,200
Seaboard Nat__ 4,000
Coal & Iron Nat 1.500
Bankers Trust_ 20,000
11 S Mtge dr Tr_ 3.000
Guaranty Trust 25.00#
Fidel-InterTrust 1.500
Columbia Trust 5,000
NY Trust Co__ 10,000
Metropolitan Tt 2,000
FarrnLoan&TrI 5,000
Columbia Bankl 2,001
Equitable Trust 12,000

Bank.
$
11,841
12,500
17,847
4,551
50,929
16,004
214
7,846
37,778
1,701
9,810
20,529
11,920
8,627
23,757
834
47.398
11,027
921
21,787
2,431
975
1,621
1,058
6,934
1,339
25,039
4,419
17,654
1,866
8,003
17,696
3,804
15,065
2,145
15,754

Average Averag Averag
$
$
s
704 7,11#
67,466
133,920 2,492 15,712
175,362 4,563 20,881
68,556 1,555 9,877
539,502 6,70 66,631
125,728 1,251 13.476
607
96
4,843
112,185 1,38. 12,684
883 34,154
351,084
24,006 1.363 3,637
149,849 5,959 19,777
421 15,706
124,481
169,93: 7,416 23,665
482 3.801
36,500
166,547 1,003 18,095
.361 2,044
13,809
49 23,386
373,609
195,626 4,26 27,114
132 •
915
7,828
327,909 4.49 43,211
726 3,186
23,077
523 1,321
9,086
14,524
474 2,285
275 2,218
17,165
76,435 1,161 10,165
15,377
615 1,940
289,180 1.06. 33,928
56,596 1,001 6,032
373,043 1,292 40,677
19,758
385 2.694
892 10,470
80,062
449 16,231
139,763
493 4,508
39.047
132,065
49: 13,669
30,402
818 3,502
189,970 1,607 22,89

Average

$

Accra° Argo.

50.456
112,23
160,099
71,758
595,112
102,732
3,911
95,15
262,128
24,453
124,367
112,38
156,147
26,26
136,700
12,148
173,391
200,846
6,20
301,540
22,212
8.92
'14.080
16,659
74,728
13,151
.266.202
48,770
*388,426
19,564
77,159
123,878
33.322
*913,931
29,540
'198,284

s

$

6,4
17,025
5,239
2,7.'
55,941
11,14
10
7,479
13,424
962
23,905
_ -- 22,509
966
4,693
2,142
28,299
7,777
365
28.715
---137
26
842
1,605
827
18,253
3,792
30,170
677
5,852
9,869
3,753
25,0::
2,28
13,011

992
2,120
348
298
4.955
5,960
100
51
5,563
50
7,426
1,086
...-397
248
64
421.
---------_----_---

Total of average 280,175143,636 4,674,298 58,297 538,20 c3,933,337 355,791 30,079
Totals, actual co ndltion Jan. 6 4,633,774 59,978 180,146 c3,900,8! a 348,82530,447
Totals, actual coindition Dec.3i 1,665,501 58,942 547,373c3,940,33' 359,74630,437
Totals, actual co nditton Dec. 23 1,525,097 67.459 518,298c3,766,467 360.72231.976
State Banks Not Members of Fed'I Res've Sank
50
GreenwlchBankl 1,000 2,119
18,75: 1,767 1,681
19,26
Bowery Bank__
250
877
5,845
2,922 2,126
345
47
State Bank_ _ _ _ 2,5i i 4,684
83,642 3,458 1,84
29,196 52,481 _Totaiofaveragesl

3,751

7,681

108,245

5.570

4,003

51,381 54,656 --

Totals, actual co ndition Jan. 6 108,601 5,685 4,07,
Totals, actual condition Dec. 30 108,807 5,784 4,123
Totals. actual condition Dee. 23 108,463 5,918 4,262
Trust Compan Ies Not Memb ars of Fe d'I Res'ye Bk
Title Guar & Tr 7,501 15,066
51,976 1,542 3,663
LawyersTit&TI 4,001 6,832
25,767
929 1,576

52,068 54,55
51,9 I 54,201
51,77' 53,89

Total of averages 11,500 21,899

77,743

2,471

5,23.

51,121

1.898 --

Totals, actual condition Jan. 6
Totals, actual coinditlon Dec. 30
Totals, actualco ndition Dec. 23

78,015
77,855
78,150

2,631
2,352
2,407

5,21
5,26
5,343

52,015
50,401
50,384

1,886 -1,888 -1,737 ----

9
94:

34,520
16,601

--------

-

Gr'd aggr., avg 295,42 473,217 1.860,286 66,338 547,44 4,035,83' 112,34530,079
Comparison wl h prey. week. _ +111,271 7,632 +18021 +119,89 -2,976 1,555
Gr'd anr., act'l cond'n Jan. 6 4,820,390 68,294 189.426 4,004,973 105.26:30.447
+10
Comparison witlh prey. week _. --31,772 +1,216 -67,334 -37,746-10.56
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd

aggr., act' cond'n
aggr., calcond'n
aggr., aa' cond'n
aggr, act'l cond'n
aggr., cullcond'n

Dec. 30 1,852,16
Dec. 218.711.710
Dec. 16 1,652,208
Dec. 94.553,783
Dee. 24.5112.898

67,078556,761
75,784 527,90.3
68,791 549,553
66,621 522,791
64.247500.971

4,042.719 415,83 30,437
3,868.628 416.356 31.975
3,865,98 427,61932,365
3,791,481 433,18632,159
3,858.04 134,96 32,112

Note.-U. S. deposits deducted from net demand deposits In the general total
above were as follows: Average total Jan. 6, 3162,959,000; actual totals. Jan. 6.
3130,371,000: Dec. 30, 3181,890,000; Dec. 23, $236,375,000; Dec. 16, 5136.882.000:
Dec. 9, 357,029,000. Bills payable, rediscounts, acceptances and other liabilities,
average for the week, Jan. 6, $481,219,000; Dec. 30, 5459,150,000; Dec. 23, S470.049,000: Dec. 16, $501,788,000; Dec. 9,5498.375.000. Actual totals, Jan.6,8449,730,000;Dec. 30, 3493,859,000; Dec. 23, 5448.147,000; Dec. 16, 3499.895.000:
Dec. 9, 8503,707,000.
• Includes deposits in foreign branches not Included in total footing as follows:
National City Bank,$108,380,000; Bankers Trust Co., 311,513.000; Guaranty Trust
Co., $79,104,000; Farmers' Loan & Trust Co., $23,000; Equitable Trust Co., 829,501,000. Balances carried In banks in foreign countries as reserve for such deposits
were: National City Bank, $21,218,000; Bankers Trust Co. $987,000; Guaranty
Equitable Trust Co..
'
Trust Co., $5,470,000; Farmers' Loan & Trust Co., $23,000:
$3,584,000. c Deposits In foreign branches not included.

The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following two
tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
in Vault.
Members Federal
Reserve banks....
State banks
Trust companies._ _ _
Total Jan. 6....
Total Dec. 30...,
Total Dec. 23_ _ _ Total Dec. 16

$
5,570,000
2,471,000

Reserve
in
Depositaries

Total
Reserve.

a
Reserve
Required.

Surplus
Reserve.

$
538,205,000 538,205,000 522,007,540 16,197,460
324,420
4,003,000 9,573.000 9,248,580
42,000
5,239,000 7,710,000 7.668,000

8,041,000 547,447.000 555,488,000 538,924,120
8.389,000 529,427,000 537,816,000 523,437,660
8,167.0q0 519,3e5.000 527,532.000 515,9118370
8.053.000 613.169,000 521,222,000 510,125,660

16.563,880
14,378,340
31,543.830
11,096.240

▪ Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank
includes also amount in reserve required on net time deposits. which was as follows:
Jan.6,810,677,730; Dec.30,$10,784,7012; Pcc.23,$10,914,090; Dec.16. 511.283.640,

154

THE CHRONICLE
Actual Figures.
Cash
Reserve
in Vault.

Members Federal
Reserve banks_ _
State banks
Trust companies___ _
Total
Total
Total
Total

Jan.
Dec. 30
Dec.
Dec. 16....

Reserve
in
Depositaries

Total
Reserve.

Reserve
Rewired.

Surplus
Reserve.

$
480,145,000 480,146,000 517,580.450 -37,434,450
5,685,000 4.070,000 9,755,000 9,372.210
382,760
2,031,000 5,210,000 7,841,000 7,802,250
33,750
-8,316,003 139,426,000 497,742,000 534,754,940 -37,012,940
8,131,000 556,760,000 164,896,000 539,952,870 24,943,130
8.325,000 527,903,000 536,223,000 517,338,930 18,839,070
8,037,000 519.553.000 557,590.000 517,219,970 40,320,030

• Not members of Federal Reserve Bank.
b This is the reserve reitilred on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as toll ws:
Jan.6,310,464,750; Dec.30, 10.792,380: Dec.23,310,821,660: Dec. 16, 311,164,770.

[VoL. 116.

Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
J e. 10
1923.

Changes from
previous week.

Dec. 27
1922.

Jan. 3
1922.

$
$
$
$
Capital
$59,000,000 Dec. 8100,000 $59,100,000 59,100,000
Surplus and profits
84,176,000 Dec.
843.000 85,024.000 85,928,000
Loans. disc'ts & investments_ 851,584,000 Dec. 1,119.000 852,753.000 350,468,000
Individual deposits, incl. U.S. i30.915,000 Dec. 8,323.000 639,243,000 315,751,000
Due to banks
143,657,000 Inc. 10,820,000 132.837,000 119,001,000
Time deposits
112,134,000 Inc.
625,000 111,559,000 110,563,000
United States deposits
9,723,000 Dec. 4,931,001) 14,665,000 19,770.000
Exchanges for Clearing Rouse 23,743,000 Dee. 9.882,000 38,625,000 22,308,000
Due from other banks
73,430,000 Dec. 9,794,000 83,224,000 72,145,000
Reserve In Fed. Res. Bank__ 73,878,000 Inc. 1.527.000 72,351,000 69,968,000
Cash in bank and F. R. Bank 10,658,000 Dec.
235,000 10,943,000 12,524,000
Reserve excess in bank and
Federal Reserve Bank. _ _ _ 'I 111 000 -1vv.
550.000 3.444.0fin 9 IAA noes

State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.--The Philadelphia Clearing House
figures showing the condition of State banks and trust comthe week ending jAn. 6, with comparative figures
panies in New York City not in the Clearing House as follows: return fortwo
weeks preceding, is given below. Reserve
for the
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
(Figures Furnished by State Banking Department.)
Differences from vaults" is not a part of legal reserve. For trust companies
/an. 6.
previous tveet.
$770,284,400 Dec. $193,400 not members of the Federal Reserve System the reserve
Loans and Investments
4,206,600 Inc.
33,500 required is 10% on demand deposits and includes "Reserve
Gold
20132,900 Dee.
Currency Ind bank notes
970,100
Deposits with Federal Reserve Bank of New York_ 69,305,500 De... 3,131,400 with legal depositaries" and "Cash in vaults."
834,799,600 Inc. 17,157,700
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y. City exchanges and U.S. deposits 768,559,700 Inc. 9.971,700
133,272.500 Inc. 4,765,600
Reserve on depo,
its
Percentage of reserve, 21.3%.
RESERVE.
-Trust CompaniesState Banks
$86,119,600 14.48%
*327,526.400 16.50%
Cash in vault
30,418,800 03.66%
Deposits in banks and trust cos
9,207.700 05.52%
$36,734,100 22.02%

Total

$96,538,400 21.14%

•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Jan. 6 was 339.303,500.

Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

Week endedpt. 16
pt. 23
p1. 30
:t. 7
;L. 14
:1. 21
5. 28
39. 4
w. 11
w. 18
w.25
no. 2
3C. 9
to. 16
to. 23
)c. 30
n 6

Loans and
Investments.

Demand
Deposits.

I
*Total Cash
in Vaults.

Reserve in
Depositories.

$
5,297,399,200
5,333,205.100
5,317,017,500
5,326,359,700
5,305,281,600
5,397,918,900
5,402,991,200
5,394,373,600
5,343,72.5,300
5,331,439,900
5,314,689,500
5,327.903,200
5,309,438,800
4,793.475,400
5,523,709,500
5,519,496,000
5.630.574.400

IS
4,615,831,300
4,643,919,500
4,634,691,500
4,649.378,900
4,628,334,800
4,699.067,600
4,650,020,500
4,523,416,200
4,573,740.400
4,569,953.000
4,562,416,100
4,592,129,500
4,542,829,600
4,545,721,000
4,594,948,100
4,733,584.900
4.802.407.700

$
90,326,700
86,359,200
83,271,200
85,018,300
90,351,200
89,798.300
88,434.300
87.350,900
91,084,000
89,243,900
87,309,000
88,954,800
91.414,200
93,839,300
100,766,600
100,243,100
90.677.500

$
625,919,600
680,815,100
616,428,800
624,721.000
623,563,900
642,922,400
616,221,400
623,119,700
614,915,700
617,659.300
613,970,600
612,033,200
609,230,700
609,293,500
618,154.200
632,127,830
656.380.000

New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(States in thousands of dollars-that is, three ciphers (0001 omitted.)

I

Net
Loans
CLEARING
Capttal.Profits. MsReserv
Net
Net
Nat'l
Rank
NON-MEMBER.
counts, Cash
with •emus, Time
De.
De- Circuin
Legal
Nat.bks.Sept.15 InvestWeek ending qtatebks.Nov15 meats. Vault. Deposi posits. posits. lation.
Jan. 6 1923. Tr. cos Sept.15 ,Svc.
tortes.
Members of
Fed'i Res. Bank.
Battery Park Nat_
IV. R.Grace & Co.
Total

$
1,500
500

Average Average Averag Average Average Average
$
$
$
$
$
3
8
8,278
444
195
1,219 11,502
162 1,232
1,339 8,579
23
447
1,662 5,589

2,00

2,559 20,081

1,67.

9,941

6.033

Not Members of Fed Jtes've Bank.
State Banks
Ban k of Wash.Flts_
200
329 5,493
829
295
800 1,879 18,515 2,400 1,237
-Jolonial Bank..

4,920
19,600

817

1,532

24,5201

817

Crust Companies ot Members of Fed.Res've Bank.
2i 1
VIech.Tr.,Bayonn
667 9,013
405
141

3,513

5,564

3,513

5,564

Total

1,001

2,208 24,008

185

3,229

405
3,819
+16

3,352 237,973 12,414
-5
+839 -121

195
-3

3,803
3.689
3,797
3,791

3,357
3,509
3,682
3,827

198
197
198
____

h.'d agar., Jan. 6
3'd aggr., Dec.23
It'd avg.. Dec.16
led agar.. Dec.

3,200
3,200
3,211
3.211

667

5,435
5,435
5,435
5.290

52,748
52,726
55,494
56,622

a37,134
236,962
a37,550
1138,034

12,535
12,601
14,982
16,358

a U. S. deposits deducted, $237,000.
Bills payable, rediscounts, acceptances and other liablittles, $2,417,000.
Exeess reserve, 891,170 decrease.




Capital
Surplus and profits
Loans, dIsc'ts & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S deposits (not incl.)
Reeve with legal deposit's
Reserve with F.R.Bank_ _
Cash in vault•
Total reserve and cash held
Reserve required
Excess res. & cash in vault_

$35,375,0
100,855.0
658,666,0
35,482,0
112.927,0
132,580,0
545,561,0
22,139,0
700,280,0
57,170,0
10,510,0
67.680,0
56,645,0
11,035,0

$5,00.0,0
14,117,0
41,898,0
1,282,0
32,0
725,0
28,626,0
552,0
29,933,0
12.398,0
4,428,0
1,397.0
5,825,0
4,234,0
2,938,0

Dec. 30
1922.

Dec. 23
1922.

340,175,0
113,103,0
696,493.0
35,377,0
106,880,0
126,292,0
560,919,0
21,972.0
709.183,0
16,474,0
3,295,0
55,895,0
12,942,0
72,131,0
59,342,0
14,252,0

$40,175,0
113,056,0
700,914,0
30,575,0
100,498,0
122,199.0
553,958,0
21,626,0
697,783,0
2,965,0
3,077,0
54,619,0
13,829,0
71,525.0
58,673,0
14,369,0

Total.
340,375,0
114,972,0
700,564,0
36,764,0
112,959,0
133,305,0
574,187.0
22,721.0
730,213,0
12,398,0
4,428,0
57,170,0
11,907,0
73,505,0
60,879,0
14,023.0

•Cash in vault not counted as reserve for Federal Reserve members.

Condition of the Federal Reserve Bank of New York
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Jan. 10 1922 in
comparison with the previous week and the corresponding
date last year:
Jan. 10 1923. Jan. 3 1923. Jan. 11 1922.
ResourcesGold and gold certificates
Gold settlement fund-F. R. Board

123,101,921
201,557.498

117,647,650
198.383,959

289,021,000
134,751,000

Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund

327,662,420
658,705,728
8,059,588

319,034,609
658,892,328
9,533,020

423,772,000
682,628,000
15,000,000

Total gold reserves
Reserves other than gold

994,427,735
30,623,811

981,514,958 1,121,400,000
29,055,079
51,058,000

1,025,054,547 1,013,570,037 1,172,458,000
Total reserves
12,851,813
11,529,833
'Non-reserve cash
Bills discounted:
154.575,110 169,694,810 138,965,000
Secured by U. S. Govt. obligations._
13,277,034
15,883,806
35,311,000
All other
37,723,540
51,791,573
22,676,000
Bills bought in open market
Total bills on band
U. 8. bonds and notes
U. S. certificates of indebtednessOne-year certificates (Pittman Act)_
All other

205,575,684
33,683,950

237.380,189
44,163,450

186,952,000
838,000

109.795.000

77,205,000

35,400,000
29,427,000

Total earning assets
Bank premises
5% redemp.fund agst. F.It. bank notes_
Uncollected items
All other resources

352,054,634
10,100,625

358,748,639
10,109.562

123,183,455
2,043,901

178,108,214
2,038,301

252,637,000
6,619,000
1,622,000
114,749,000
1,495,000

1 525,295,018 1,574.115,639 1,549,610,000

Total resources
LiabilitiesCapital paid in
Surplus
DepositsGovernment
Member banks-Reserve account_ _ _
All other

28,690,400
59,799,523

28,688,450
59,799,523

27,114,000
60,197,000

375,685
762.803,571
11,821,007

241,010
741,929,357
12,284,305

2,426,000
708,588,000
12,575,000

775,000,235
Total
565,213.139
F. R. notes in actual circulation
F. It. bank notes in circu'n-net liability
94,252,761
Deferred availability items
2,338,928
All other liabilities

764,454,673
597,350,378

723,589,000
626,329,000

131,992,299
1,860,314

NZ,
g::
3,273,000

1 525,295,018 1,574,145,639 1,549,610,000

Total liabilities

76.5%
12,465,851

75.0%
12,130,376

86.9%
12.036,481

• Not shown separately prior to January 1923.

9,013

201

Two Ciphers (00) omitted. Afembersof, Trust
F.R.Systeni• Companies

Ratio of total reserves to deposit and
F. It. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents

3,201 5,435 53,102
;„rand aggregate
:lomparison with p reviou week_ _ +354

Total

141,

195

•

Week endtng Jan.6 1923.

CURRENT NOTICES.
-Bankers Trust Co. has been appointed Transfer Agent for the Capital
stock of Lamont, Corliss & Co.
-The New York Trust Co. has been appointed Transfer Agent of the
Textile Banking Co.'s stock.
-8jostrom & Cryan, dealers in high-grade investment bonds, have moved
Into larger offices at 63 Wall St., N. Y. City.
-Ogilby & Austin announce that Harold McGay has become associated
with them in their trading department.

JAN. 13 1923.]

THE CHRONICLE

155

WEEKLY RETURN OF THE FEDERAL RESERVE BOARD.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Jan. 11,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the return for the latest
week appears on page 121, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE
OF BUSINESS JAN. 10

1923.

Jan. 10 1923. Jan. 3 1923. Dec. 27 1922. Dec. 20 1922. Dec. 13 1922. Dec. 6 1922. Nov. 29 1922 Nov. 22 1922. Jan. II 1922.
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R. Board

281,300.009
543,338.000

5
272,504,000
550.126,000

273.825,000
509.580.000

291.081.000
582.494,000

$.
304,810,000
598,851,000

298.094.000
616.574,000

303.219.000
644.959,000

289,750.009
651,802.000

382,138.000
502,010,000

Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund

821,638,000 822.830,000 783.405,000 873.57500 901.661,000 914.668,000 948.178.000 941.612.000 884,148,000
2,183,194,030 2,165.627,000 2,198.816.000 2,117.688,000 2.103,069.000 2,045.210,000 2,048,084.000 2.077,582,000 1,910,561,000
51,873,000
61,194,000
58.188.000
54.647,000
56,493,000
85.914.000
76,596,000
69,131.000 100,880,000

Total gold reserves
Reserves other than gold

3,032,705.000 3,019,451.000 3.040,419.000 3,015,910.000 3,031,223.000 3.045,792.000 3,072.858.000 3,088.325,000 2,895.589.000
121.509.000 113.412.000 108.398.000 110.799.000 123.665,000 127,189.000 129.902.000 130.358.000 145,705,000

Total reser4es
3,187,214.000 3,162,893,000 3,148,837,000 3,156,709,000 3,184,888.00 3,172.981.000 3,202.810.000 3.218.633.000 3,041.294,000
*Non-reserve cash
94.442,000
92,165,000
Bills discounted:
Secured by U. S. Govt. obligations__ 281,996,000 351,483.003 316.495.000 314.851.000 344.793.000 374,409.000 315.240.000 307.976.000 427,476,000
Other bills discounted
230.053.000 276.162,000 313,300.000 300.707.000 314.9115,000 330.538,000 334.816.000 303,215.000 560,018,000
Bills bought in open market
225,760,000 255,182.000 246,293.000 251.728.000 262.572.000 266.827.000 259.226.000 257,405.000
86.754,000
Total bills on hand
U. S. bonds and notes
U. S. certiBeates of indebtedness:
One-year certificates (Pittman Act)_
Other certificates
Municipal warrants

737.809,000
175,709,000

882.827.000
182.315,000

878,178,000
179,192.000

867.286,000
174,958.000

922.330,000
170,020,000

971,772,000
169.413.000

909.322.000
162.336.000

871,596.000 1,074,248,000
52.150,000
151,731.000

332,487,000
24,000

274,239,000
39.060

12,000,000
266.691.000
40.000

14,000,000
242.282.000
26,000

18.500.000
118,718.000
34,000

21,500.000
120,889.000
26.000

23.500.000
118,625,000
24,000

28,500.000
114.888,000
27.000

113.000,000
54,040.000
385,009

Total earning assets
1,216,009,000 1.339,420,000 1.334,101.000 1,298,552,000 1,229,602,000 1,283,600.000 1,213,807.000 1.166,742.000 1,293,823.000
Bank premises
45,281,000
45,521.030
47.227.000
47.181,000
35.121,000
46.455,000
46.394.000
46.292.000
46,204.000
5% redemp. fund agst. F. R. bank notes
911.003
2,097,000
2,520.000
2.625.000
7,939,000
2.680.000
2,780.000
3.130,000
3.410.000
Uncollected items
603,541,003 770.070.000 757,500,000 759.392,000 709.289,000 660,119,000 599.806.000 684.519.000 548.436,000
All other resources
15,008,000
14.894.000
15.228.000
14,840,000
15,729.000
12,709,000
15,379,000
15.050.000
14,605.000
5,193,255,000 5,429,709.000 5,305.411,000 5,279.299,000 5.188,643,000 5.181.253.0005.080.905,000 5.134,163.000 4,939,322,000

Total resources
Un811.1TIES.
Capital paid in
Surplus
Deposits-Government
Member bank-reserve account
Other deposits

107,485,000 107,450.000 107.253,000 107,281.000 107,244.000 107,265,000 107,207,000 106,495,000 103,204,000
218,369,000 218,339,000 215.398.000 215.398.000 215.398,000 215,398.000 215.398.000 215.3915.000 215,398,000
8.630.000
7.809,000
6,193,000
6,715,000
23,138.000
15,289,000
46.978.000
33.449.000
45,198,000
1,930,316,000 1,942.749,000 1,861,281.000 1,840,205.000 1,817,744,000 1.843,601.000 1.807.631.000 1.829.069,000 L735,563,000
75,394.000
53.337.000
31,165,000
35,039.000
20.230,000
19,527.000
26,055,000
19,143,000
20.721,000

Total deposits
2,019,876.000 2,024,773,000 1,900.255.000 1,881,959.000 1,861,110,000 1,910,104.000 1.860,223,000 1.894.988,000 1,776,907,000
F. R. notes In actual circulation
2,312,674,000 2,411,058.000 2.484.121.000 2,456,711,000 2,379.185.000 2.361.222.000 2,329,814,000 2.299.391,000 2,293.799,000
2,947,000
F. R.bank notes In circulation-net Bab.
2,866,000
10.632.000
12,499,000
16,497.000
19,259.000
83,977,000
20.868.000
26,220.000
Deferred availability Items
521,667,000 655,532,000 578,502,000 576,997,000 580.883,000 540.233,000 520.497.000 564.794.000 449,455,000
All other liabilities
9,580.000
10,338,000
29.247.000
28.474.000
28,326,000
27.772,000
26.898,000
16,582.000
26.875,000
Total liabilities
5,193.255,000 5,929,709,000 5,305,411,000 5,279,299,000 5,188,643,000 5,181,253,000 5.080,905.000 5.134,163,000 4,939,322,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
69.6%
68.7%
70.2%
70.6%
72.1%
71.7%
73.3%
71.1%
73.6%
Ratio of total reserves to deposit and
F: R. note liabillI les combined
71.3%
72.8%
72.1%
73.6%
75.1%
74.3%
76.4%
74.7%
76.7%
Distribution by Maturities.1-15 days bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days muniripal warrants
16-30 days bills bought In open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness
16-30 days muninipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness
31-60 days municipal warrants
61-90 days bills bought in open market_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
61-90 days muni-ipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness_
Over 90 days municipal warrants

72,452.000
353,518,00
145,787,000
17,000
48,561.000
34,678,000

97,524,000
443,297.000
100,385,000
26.000
45.049.000
43.826.000

1.000
61.891,000
51,690,000

68.300,000
61,399,000

5,000
35,375,000
43,339,000
81,919,000
1,000
7,481.000
28,821,000
104,761,000

6,000
37,180.000
49,550,000
66,616.000
6.000
7,120,000
29,573.000
107,238,000
1,000

83,210,000
436,465,000
103,595.000
14.000
50,737,000
48,609,000

72,811,000
419,329,000
76,670.000

18,000
69.053,000
63.372.000
76.000
8.003
38.033,000
50,059,000
62,670.000

65,693,000
49,405.000
500,000
28
70.654,000
66,519,000

73,985.000
462,861,000
225.000
8.000
56,344,000
54.663.000
1,720,000
26.000
78,029.000
65,992,000

34.461,000
48,794,000
62.383,000

45.649,000
45,942,000
76,000

83.830,000
69.028.000
1,000.000
26.000
47.247,000
48,689.000
576.000

5,207.000
31,380.000
112.350,000

8,109,000
31,511,000
113,729,000

8,246.000
30.619,000
135,197,000

10,681,000
28,715,000
137,835,000

71,874,000
499,882,000
2,258,000

60,451.000
445,401,000
3.484,000

61,797,000
418.313,000
2,471,000

32.210,000
569,318.000
2.000,000

53,195,000
58.631.000
720,000

44,747,000
56,419.000
1.007,000

42.774-,600
.
50,636,000
507 111

25,621,000
95,071,000

88,869,000
73,103.000
1,720.000
24.000
47.121,000
45.218,000
76,000

92.385,000
74,195.000
4.220.000
27,000
49,383,000
42,694,000
76.000

18,038,000
29,955,000
135,835.000

11.127.000
28.348,
136.114.000

184.000
16,773,000
152,155.000
17,377,000
150,000
12,147,000
110,092,000
21,223,000
3,000
60,858,000
126,440.000
51,000

Federal Reserve NotesOutstanding
Held by banks

2,747,705,000 2,810.254,000 2.835.092.000 2.818,805.000 2,775,320,000 2.730.882.000
2,732,861,00
435,031.000 399,196.000 370,971,000 362,094.000 396,135,000 389,660.000 2.718,471,000 2,694.644.000 439,062.000
388,657,000 395.253,000
In actual circulation
2.312.674.000 2,411,058,000 2,464,121.000 2,456.711.000 2,379,185,000 2,361,222,000
2,329,814,000 2.299.391,000 2,293.799.000
Amount chargeable to Fed. Res. Agent 3,850,303,000 3.683.857.000 3,679,280.000 3,666,113,000 3.640,536.000
3.606313,000
3,583,482,000 3,611,486,00
3,609,182,000
In hands of Federal Reserve Agent
902,598.000 873,403.000 841,168,000 847.308,000 865,216,000 875,231,000
890.711.000 888.838.000 878.675,00
Issued to Federal Reserve banks
2,747.705,000 2,810,254,000 2.835.092,000 2,818,805,000 2,775,320,000
2,730,882,000 2,718,471,000 2.694,644,000 2,732.861.00
flow SecuredBy gold and gold certificates
352,462,000 353.462,000 353,657,000 346,292,000 348.292,000
349,013,000
By eligible paper
561,511,000 644,627,000 636,248,000 701,117,000 672,251.000 346,292.000 346.317.000 376.317.000
Gold redemption fund
122,876,000 130,431,000 133,090,000 137.454,000 131,365,000 68.5.672,000 670.387,000 617,062,000 822,300.00
120.434.000
With Federal Reserve Board
1,710,856.000 1.681,734,000 1,712,099,000 1,633,942,000 1,625,412,000 131,716,000 131,560.000 12/1,489.000 1,441,114.000
1,567,202,000 1.570.207,000 1.572.776,000
Total
2,747,705,000 2,810.254,000 2,835,092,000 2,818,805,000 2,775,320,000
2.730.882.000 2.718.471.000 2.691.644.000 2,732.861,000
Eligible paper delivered to F. R. Agent_ 2.186,194.000 850.750,000 838,933.000
832.130.000 887.347.000 924.788.0011 867.683.000 835.515.000 1,027.469.000
*Not shown separately prior to January 1923.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13
Two ciphers (00) omitted.
Federal Reserve Rank of-

BMWS. N410 Yon.

Phila.

FEDERAL RESERVE

N

USINESS JAN.10 1923

Clesalanil Richmond Atlanta. Chicago. St. Loris.
Mimosas. Kan.Citg. Dallas. San Fran
Total.
RESOURCES.
$
$
$
$
$
$
$
$
$
$
$
$
$
16,731,0 123,104.0 19,928,0 13.625,0 5.925,0 5.742,0
Iold and gold certificates
7rold settlement fund-F,R1Frd 29,122,0 204,557.0 15,826,0 72,153,0 20,843,0 19,771,0 51,130,0 2,990,0 7,575,0 2,735.0 11,152,0 20,663,0 281,300,0
51,933,0 22,760,0 23,789.0 37.991,0 10.409,0 34.184.0 543,338,0
Total gold held by banks
45.853.0 327,661.0 35.754,0 85,778.0 26,768.0 25,513,0
103,063,0 25.750,0 31,364.0 40,726.0 21.561,0 54,847,0 824,638,0
169,452.0 658,705,0 185.004,0 192,576,0 66,314.0 107,624.0
lold with F. R. Agents
411.660,0 79.670,0 47.424,0 53.145,0 18,680,0 195,940,0 2.188,194,0
8.180,0
;told redemption fund •
8,080,0 3,84.5,0 6,017.0 3,771.0
1.768,0 3,772,0 3,761,0 3,836,0 2,401,0 1,883,0 4,579,0
51,873.0
223,485,0 994,423,0 224,603.0 284,371.0 96,853,0 134,905,0
Total gold reserves
8,551,0
30,628.0 13.302,0 8,239.0 10,832,0 6,315,0 518.495,0 109.181,0 82,624.0 96,272,0 42.124.0255.306,0 3,063,705.0
Reserves other than gold
22,982,0 11,239,0
672,0 2,933.0 4,647,0 4.169,0 124,509.0
232,036,0 1.025,054.0 237,905,0 292,610,0 107,685,0 141,220,0
Total reserves
541,477,0
14,027.0
1on-reserve cash
12.855,0 4,421,0 6,803,0 4,478,0 10,823,0 15,354,0 120,420,0 83.296,0 99,205,0 46.771,0 259.535,0 3,187,214,0
.5.487,0 3,205,0 5.178,0 4,816,0 4.718,0
92,165,0
01115 discounted:
Secured by U.S.G0v1.016 61
'
64 15,334.0 154,575,0 32,625,0 14.252,0 15,407,0 2,10.0 22,105.0 7,282,0
11386,0 8,380,0 1,706,0 6,456,0 281,996.6
22.898.0
13277,0 6,949,0 14,270,0 27,512.0 20,335,0 42,372,0
Other bills dLscounted
7.837,0
16,666.0 13,640,0 26.418,0 230,05311
19,906,0
37,724,0 20,074,0 46,641,0
Bills bought in open market
962,0 9.875,0 16.055,0 13.820,0 17.879,0
111,0 23.506,0 37,086,0 225,760.0
58,138.0 205.576,0 59,648,0 75,163,0 43,881,0 32,398,0
Total bills on hand
80,532,0
19,560,0
28,939,0
25,157,0
38,852,0 69.960,0 737.809,0
6,890,0
36,684,0 24,344,0 11.862,0
LT. S. bonds and notes
1,291,0
302,0 7,392,0 16,866.0 12.314,0 27,519,0
175,709,0
J. S.certificates of indebtedness_ 31,806,0 100,765,0 15,256.0 33,903,0 8,000,0 9,140.0 63,353,0 8,845,0 3.495,0 15,595,0 2,629.0 27,616,0 332.487,0
11,129.0 22,150,0
dunicipal warrants
24,0
24,0
rnnt•I aernIncr104111t4
96.834.0 352.05511 99.248.0 120.928.0 63.172.0 41.80 1.1 141 977n Ad ngn A gq /04 n AR 071 n 49 gin A 110 791ln 1 9414 nno n

6




156

THE CHRONICLE

omitted.RESOURCES (Concluded)
Two ciphers (00)
Bank premises
'5% redemption fend
F. R. bank notes
Uncollected items
All other resources

Boston. New York.
$
4,434,0

against

53,409,0
344,0

Total resources
LIABILITIES.
Capital paid in
Surplus
Deposits: Government
Member bank-reserve acc't
Other deposits

For... 116.

Phila. Cleveland Richmond Atlanta. Chicon. M.Louis. Mintmay. Kan Obi. Dallas. Ban Fran.
$
640.0

$
10,101,0

$
7,202,0

$
2,617,0

$
1,964,0

S
8.288,0

$
911,0

$
946,0

$
4,702,0

$
1,937,0

2
1,779,0

Total.
$
45,521,0

665.0
911,0
48,0
200.0
123,186,0 50,390,0 56,882,0 54,186,0 23,797.0 75,039.0 38,647,0 15,301,0 41.604,0 28.407.0 45,693.0 606,541.0
2,043,0
416,0
305,0
673,0
724,0
455.0
460,0 1,831,0
14.894,0
996,0 1,918,0 4.729,0

401.084,0 1,525,294,0 393,020,0 485,098,0 222,593,0 219,949,0 792,824.0 220.575,0 139,977,0 220.158,0 136,500,0 436,180,0 5,193,255.0
8,127,0
16,312.0
362,0
129,267,0
3.466.0

28.690,0 9,327,0 11.716,0 5,597,0 4,310,0 14,778,0 4,830,0 3,533,0 4,617,0 4.195,0 7,745,0 107,485,0
59,800,0 18.749,0 23.495,0 11,288,0 8,942,0 30,398,0 9,665,0 7.473,0 9,488,0 7,496,0 15,263,0 218,369,0
376,0
761,0
656,0
886.0
82,0
516.0
424,0
342,0 1.181,0
6,193,0
155,0
452,0
762,804,0 113,878.0 151,715,0 63,290,0 59,300,0 276,817,0 73,758,0 49,372,0 83,377,0 55,227,0 141,535,0 1,960,346,0
11,820,0 2,478,0 8,094,0
814,0 3,012,0 2,448,0 1,655,0 5,578,0 7,709,0 1,810,0 4,453,0
53,337,0

Total deposits
133,095,0
F.R.notes in actual circulation 201,717.0
F. it. bank notes in circulationnet liability
Deferred availability items
41.571,0
All other liabilities
262,0

775,000,0 117,117,0 160,465,0 64.186,0 62.834,0 280,151,0 75,837,0 55,292,0 92,267,0 57,489,0 146,143,0 2,019,876,0
565.213.0204,617,0 238,215,0 93,899,0 122,950,0 406,086.0 89,533,0 58,742,0 68,532,0 36.782,0 226,388,0 2,312.674.0

Total liabilities
Memorundr.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
Contingent liability on bills purchased for foreign corregonnd'ts

2.092,0
2,886.0
774,0
94,253,0 42,879,0 50.413,0 47,179,0 20,274,0 60,346,0 40,005,0 14,113,0 42,679,0 28,297,0 39,658,0 521,667,0
2,338,0
331.0
639,0 1.065,0
794.0
444,0
705,0
824,0
481.0 1.472,0
10,338.0
983.0
401,084,0 1.525,294.0 393,020,0 485,098,0 222,593.0 219,949,0 792.824.0 220,575,0 139,977,0 220,156,0 136,505,0 436,180,0 5,193,255,0

9

69.3

76.5

73.9

73.4

68.1

76.0

473 n

19 am n

9 711 n

9 772 n

1 nal n

1 907 n

d

678.9

72.8

73.0

61.7

49.6

69.7

73.6

022 n

1 mo2 n

olc n

1 097 n

441 n

1 cch n

ao ncn n

STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS JANUARY 10 1923.
Federal Reserve Agent at-

'
Boston. New York Phila. '
C'kee. Richned Atlanta Chicago. &Louis Minn. H.City. Dallas. Ran Fr.

Resources(In Thousands of Dollars)
S
Federal Reserve notes on hand
84,900
Federal Reserve notes outstanding
219,839
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
15,300
Gold redemption fund
11,152
Gold Fund-Federal Reserve Board
143,000
Eligible paperfAmount required
50,387
'Excess amount held
7,751

Total.

$
3
$
$
$
398,690 47,520 34,140 29,260 80,744
770.251 239,771 235,573 107,313 128,299

$
$
$
$
$
$
$
87,950 28,540 9.055 21,360 18,344 64.075 902,598
461,155 108,535 63,510 76,421 41,489 265,549 2,747,705

283,184 7,000 13,275
2,400
34,521 14,115 14,301 1,519 4,724
341,000 163,889 165,000 64,795 100,500
111,546 54,767 72,997 40,999 20,675
75,917
807 1,981 2,034 11,717

6,471
11,780 13,052
352.462
16,016 4,390 1,372 3,785 2,709 14,272 122,878
395,644 63,500 33,000 49,306 9,500 181,668 1,710,856
49,495 28,865 16,086 23,278 22,809 69,609 561.511
30,988
69 2.789 1,881 15,870
301 152,105

Total
532,329 2,015,109 527,859 567,267 245.920 349,059 1.041,258 243.679 138,874 176,083 117.192 595.474 6,550,113
LiabilitiesNet amount of Federal Reserve notes received from
Comptroller of the currency
304,739 1,168,941 287,291 299,713 136,573 209,043 549,115 135,075 72,575 97,781 59,823 329,624 3,650,303
Collateral received fromf Gold
169.452 658,705 185,004 192,576 66.314 107.624 411,660 69,670 47,424 53,145 18,680 195,940 2,186,194
Federal Reserve BanklEllgible paper
58,138 187,463 55,574 74,978 43,033 32.392 . 80,483 28,934 18,875 25,157 38,679 69,910 713,616
Total

532,329 2,015,109 527,869 567,267 245,920 349,059 1.041,258 243,679 138,874 176,083 117,192 595,474 6,550,113

Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Reserve notes in actual circulation

-119,830
18,122

770,251 239,771 235,573 107,313 128,299
205,038 35,154 27,358 13,414 5,349

461,155 108,535 63,510 76,421 41,489 265,549 2,747,705
55,069 19,002 4,768 7,889 4,707 39,161 435,031

gni

040 Olq Onn nt, no° otc

Ana nRA

717

rig 40010004n

RO All

45 749

AR 5.
19

RA 752120 2052212074

WEEKLY RETURA FOR THE MEMBER BAA KS OF THE FEDERAL RESERVE SYSTEM.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources Itnd
liabilities of the 783 member banks,from which weekly returns are obtained. These figures are always a week behind those
for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement of Oct. 18
1917, published in the "Chronicle" Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures for the latest
week appear in our Department of "Current Events and Discussions" on page 124
IL Data for all reporting member banks in each Federal Reserve District at close of business January 3 1922. Three ciphers (000) omitted.
Federal Reserve District.

Boston. New York Philadel.Cleseland. Ricbm'd

Number of reporting banks
46
106
Loans and discounts. gross:
3
$
Secured by U.S. Govt.obligations . 16,741 106,358
Secured by stocks and bonds
247,259 1,858,419
r All other loans and discounts
592,989 2,298,977

20,324
251,320
323.060

Total loans and discounts
U. S. pre-war bonds
U.S. Liberty Notes
U.S. Treasury Notes
U.S. Victoryanotes dc Tress' notes_
U.S. Certificates of Indebtedness
Other bonds, stocks and securities

594,704 1,038,421 454,474
11,493
30,491
47,183
47,428 118,635
30,629
4,931
11,076 . 4,794
6.294
41,050
48,860
3,010
3,577
14,764
55,500
183,650 299,772

856,989 4,263,754
12,475
48,878
80.323 486,784
8,608
50,924
28.497 458.188
5,315 113,301
173,284 766.779

Total loans &(Meta & Investmls, 1,165,491 6,188,608
Reserve balance with F.R.Bank- _ 85,934 668,380
Cash In vault
21,164
92,364
Net demand deposits
849,079 5,048,206
Time deposits
240,037 769,864
Government demposIts
16,137 183,161
Bills payable and rediscounts with
, Federal Reserve Bank:
Secured by U.S.Govt.obligations
9,248 148,809
All other
92740
1A455

$

56

$

84

31,886
364,038
642,497

886,833 1,578,711
74,059 121,351
17,653
36,813
704,381 877,421
63,657 569,781
21,580
26,673

$

Atlanta. Chicago. Si. Louis. Mintiest). Kan. CM( Dallas. Sourran.

12,157
125,941
316.376

585,192
37,510
16,045
346,231
146,992
7,279

16,774

13,114

12,451

0 070

10004

17017

Mal.

109

37

30

79

52

II
2
49.290
8,075
56,286 544,665
341.649 1,079,348

$
19,732
138,757
295,253

$
8,408
45,931
189,500

$
10,460
73,503
359,448

$
6,278
49,466
206,098

783
2
8
16.196
305,905
153,807 3,909,392
729,762 7,374,957

406,010 1.673,303• 453,742
23,424
15,412
13,859
26.189
13,236 108,089
10,511
27,686
2,244
87,153
20,067
6.204
34,079
5,269
7,091
36,435 368,029
89,536

243,839
8,939
18,538
3,410
15,099
1,642
30,042

443,411
12,364
45.191
5,264
18,755
4,792
61,987

261,842
19,056
15,180
2.729
13,374
6,583
9,111

899,765 11,590,254
31,706
275,280
93,664 1,083,886
14.147
146,324
37,792
781.333
15,005
214.428
165,177 2,239.102

620,726
44.237
10,346
375,142
179,973
8,830

321.509
24,665
6,874
208,885
85,451
4,759

591.764
51,535
13,254
445,346
123,619
5,845

327,875 1.257.256 16,330.807
24,274
91,847 1,457,931
11,018
23,967
326.250
237,040 657,245 11,527,350
76,953 581,690 3,748,208
10,025
18,535
351,373

14,904
7.550

41

78

485.079 2,321.763
35,862 198.277
64,670
12,082
284,412 1.493,962
104,084 746,107
39,877
8,672

11

72
062

18,247

7,256

1,398

12728

01189

2_900

400
2.728

66

11,107
12 076

253,784
125 411

2. Data of reporting member banks in Federal Reserve Bank and branch cities and all other reporting banks.
New York City.

City of Chicago.

Three ciphers (000) omitted.
Jan. 3. Dec. 27. Jan. 3. Dec. 27.

All F. R. Bank Cities.P. It. Branch Cities AllOtherReport.Bke.
Jan. 3.

Dec. 27.

Jan. 3. Dec, 27.

Total.

Jan. 3. Dec. 27. Jan. 3'23.Dec. 27'22 Jan. 4'22.

Number of reporting banks
631
50
50
6
261
209
262
311
311
209
78.
782
808
Loans and discounts, gross:
$
s
s
s
s
s
s
s
a
$
$
$
S
Secured by U.S. Govt. obligation
96,9201 85,602 40,282 37,499 213,672
197,818
51,344
51,010
40.889 41,433
305,905 290.261
498,405
L Secured by stocks and bonds
1683.03 1,544,413 409,345 408,470 2,915,114 2,773,950 539.084 544,217 455,194 456.600 3.909.39 3,774,775 3,184,299
Ali other loans and dLscounts
2,010.86 1,949,205 635,122 629.277 4,521,88 4,449,842 1,522,062 1,480,513 1,331,010 1,333,580 7,374,95 7,263,941 7,523.065
Total loans and discounts
3791,4223,579.220 1,084,74 1,075,240 7,650,671 7,421,610 1.112,4902.075.740 1,827,093 1,831,610 11,590,254 11,328,977 11,205,769
U. S. pre-war bonds
1,736
38.73"
97,485
74.300
103,495
275,281
U. S. Liberty bonds
51,465 59,291
416,745 497,331
660,964 832,001 251.075 353,212 171,847 299,794 1,083,886 1,485,007 950,145
U. S. Treasury bonds
20.481
39,41
89,384
30,861
26,079
146,324
U.S. Victory notes& Treasury not
433.31: 438,855 49,932 82.048 603,142 638,181 112,311 120,441
300,859
65,880 '137.114
781,333 825,736
Li. S. Certificates of Indebtedness_ - 108,147 118,863 24,448
20,911
154,306
172,240
218,296
45.120 46,688
19,021
15,002
214,428 237,956
bonds,
stocks
and
555,838
Other
189,843 193,538 1.219.987 1,206,599 601,780 638,444 417,535 429.102 2,239,302 2,274,145 2,096,071
securities.- 566,741
Total loans de disets & Investla,5,394,52 5,190.107 1,422,653 1,431,038 10,475,939 10,270,645 3,227,9373,234,525 2,626,931 2,646,651 16.330,807 16,151,821 14,771,140
Reserve balance with F. R. Bank.. 617,01 590.613 136,54. 141,011 1,032,020 999,391 253.424 231.065 172,487 163,300 1,457,931 1,393,755 1,314,021
35,95
76,37
98,498
Cash In vault
40,540
326,748
169,163
198,265 69.744
71,590 87,343 88,594
326,2.' 358,449
Net demand deposits
4 533,67 4,402,65: 1,018,25 1,008,717 7,972,587 7,787,181 1,880,191 1,834,240 1,674,572 1,634,004 11,527,3 1 11,255.425 10,416.467
531,88 530,110 364,68 361,271 1,809,744 1,792,77 1,148.646 1,138,312 789,818 777,377 3,748,208 3,708,466 3,011,212
Time deposits
Government deposits
175,481 235,95: 25,424
30,347
256,930
268.754
77,694 25,849
358,727 65,770
351,373 471,209
34,788
Bills payable and rediscounts with
F. R. Bank:
124.10!
Govt.
obligations
75.846
3,69'
3.127
289,997
Sec'd by U.EL
206.253
56,764
171.430
52.818 25.59' 33,096
120,339
253,784
6,11:
2,59
3,90
11.636
All other
163,322 356.908
69,931
31,69
35,521
91,843
136,411
34.781
35,955
Ratio of bills payable & rediscoun
with F. R. Bank to total loan
2.
1.6
0.4
1.,
2.3
4.4
2.7
2.7
2.3
2.
2.1
and investments, per cent
2.3
2.6
•Revised figures.




JAN. 13 1923.]

THE CHRONICLE

in 11 ors'• OTiazette
Wall Street, Friday Night, Jan. 12 1923
Railroads and Miscellaneous Stocks.--Wall Street has
been little if any disturbed this week by what some well
informed writers regard as a very serious situation in Western Europe. In Stock Exchange circles the opinion seems
to prevail that Germany is playing a game Of bluff, so to
speak, that France by sending troops into the Ruhr has called
the bluff and that a compromise will be the outcome. Otherwise how could the renewed advance in sterling exchange be
maintained at or near the highest quotations in several years
past, and the prices of French and Belgian bonds advance
as they have here this week? True,Germany has recalled her
ambassadors from London and Paris, but this may be only
another step in the game. Business at the Stock Exchange
has been exceptionally limited in volume throughout the
The amount of bonds traded in daily averaged less week.
than
$13,000,000 and only about 700,000 shares of stock changed
ownership. A considerable list of the'latter have declined
about a point, but the market for bonds has been strong,
suggesting that the seasonal investment demand is begin
ning to make itself felt.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on
the
pages which follow:
STOCKS.
Week ending Jan. 12.

Sales
for
Week

Range for Week.

Range for Year 1922.

157

TRANSACTIONS AT THE NEW YORK STOCK
EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week ending
Jan. 12 1923.

Stocks.
Pox Value.

Railroad.
dre.,
Bonds.

$49,580,000
63.410.000
65,584.000
65,326,000
67,350,000
67,120,000

$3,461,000 $1,274,500 $1.766,500
6.193,500 2,259,500 5,558,700
6.673.500 2.250,000 3,743.000
6957.500 2,381,000 3.912.500
6,284.000 2,121.000 3,670,550
7,995,000 1,779,000 3,332,000

Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.

529.790
686,835
735.310
715,166.
791,800 1
782.000 1

State. Mrs.
and F0f01021
Bonds.

U.S.
Bonds.

4,240,901 $378,370,000 $37.264,500 $12,065,000 821,981,250
Week ending Jan. 2.
1923.

1922.

Stocks-No. shares_ _
4,240,901
3,338,509
Par value
$378.370,000 $303,608,500
Bonds.
Government bonds_ _ 821.981,250 $81,380,000
State. mun..dte., bolas 12,065,000
8,497,000
RR.and misc. bonds
37,264,500 40,267,350

Jan. 1 to Jan. 12.
1923.

1922.

8,248,500
3695953,000

6,903,156
9801.412.300

841.982,750
19,776,500
51.562,000

$118,757,000
14,733,000
66,956,950

Total bonds
872,310,750 5130,144,350
5113,321.250
5200,446.950
DAILY TRANSACTIONS AT THE BOSTON, PHILADE
LPHIA AND
BALTIMORE EXCHANGES.
Week ending
I n. I2 1923.
3aturday
Monday
Tuesday
Wednesday
Thursday
Friday

Boston

Philadelphia

Baltimore

Shares. Bond Sales Shares. Bond Sales Shares. Bond Sales,
18,157
23,204
22,075
18,186
18.841
17,069

20,700
27,900
82,400
30,250
38,750
25,000

4,657
8,629
12,176
12,966
11,633
7,227

10,500
142,300
34,900
35.500
458,000
93,000

714
1,223
1,684
1,074
724
1,064

14,500
38,500
67,900
28,300
31,200
69,500

Highest.
Lowest.
Lowest.
Highest.
Railroads Par. Shares S per share. $ per share. IS Per share. 3 Per
share.
Bangor at Aroos, pref.10
Total
641 94
Jan • 9434
117,532
9294 Nov 94
223,000
Oct
57,288
774,200
8,483
247.900
Ches & Ohio, pref._ _100 1,101 92% Jan 11 10214 Jan
840031 D 10534 Oct
Colo& South,2d pref 100
8rey. week revised 145,890 '238.150
101 55
Jan 11 49
Jan 11 55
Jan 5934 Sept
38.057
313.300
189,400
7.098
Interboro Rap Tran (WI) 2.901 1631 Jan 11 19
Jan 5 18
Int At Gt No Ry (w1).100 1,900 224 Jan ii 23% Jan 6 213.4 Nov 314 Aug
Dec 261( June
Daily Record Off). 8. Bond Prices, Jan,
ManRyEeTrCONYcd
901 3814 Jan ii 39
Jan.8 Jan,9 Jas, 10 Jan. 11 Jan. 12
Jan 6 393.4 Per 5534 Aug
Michigan Central__ _100
8 350
Jan e 1120
Jan 6 350
Fe. 330
Dec
First Liberty Loan
Morris & Essex
5
1 yn
(High 101.30 101.28 101.38 101.24 101.20 101.18
Jan 1 78
Jan 101 7634 Fe. 7914 Oct
314% bonds of 1932-47_1Low. 101.16 101.16 101.16
New York & Harlem_ _50
101 182
Jan 8162
Jan 8 100
101.14 101.12 101.08
Jan 160
Dec
(First 3%s)
N Y Lack & Western_ _(Close 101.24 101.20 101.22 101.16 101.12 101.08
51 1004 Jan 1210034 Jan 12 993.4 D 102
Oct
Total
sales in $1,000 units__ _
Tol St Louts & Western_
141
301 62
145
Jan 8 6534 Jan 6 224 Jan 6734 Dec
254
337
234
72
Converted 4% bonds of(High
Preferred
10C 55
___
Jan 8 33
Jan 8 55
_ __
-- -_ ___
98.90 98.64
Fe. 5814 Sept
1932-47 (First 43)----1 LowIndustrial & Miscell's.
-_-_
____
____
98.64
____
98.90
All American Cables_100
(Close
____
Jan 10 107
10C 102
____
Jan 10 102
-Jan 125
____
98.90 98.64
Dec
Total sales in 01,000 units__ _
Amer La France Fire Eng
___ _
_ ___
_ _ -1
1
__-Converted 434% bonds(HIgh 98.90 99.04
7% cum preferred_100
101 96
Jan e 96
Jan 6 93
99.04
____
Dec
98.90 99.00
Sept
1013.4
of 1932-47 (Flat 4%5)(Low_
Amery & G stamped-.
101
98.94
54 Jan 9
98.96
% Jan 9
98.90
% Dec
____
98.74 98.82
34 Dee
Am Metal temp etre...* 5,701 524 Jan • 5434 Jan 11 44
(Close 98.94 99.04 98.90
____
Sept 52% Sept
98.74 93.54
Total sales in 111,000 anus_
Am Metal tern err pf.100
12
501 115
Jan 6 116
26
Jan 12 107
Au • 115
28
93
Dec
Second Converted 41(%(Bleb
AmWholesaleCorppf.100
201 95
Jan 8 86
Jan • 95
---------___
Oct
____
98.80
95
Jan
bonds
of
1932-47 (Fireti LowArt Metal Construc'n.10
10C In% Jan 9 163.4 Jan 9 15
------Feb mg Aug
---Second 41(e)
---Amer Roil P, w I
---- 98.84
100 100
Jan 12
Jan 12 100
Total sale.. in 81,000
All Fruit Col T C ctf dep
411 14 Jan ii 114 Jan 8 14 Dec
/
234 July Second Liberty Loan
Bayuk Bros, let pref.100
(High
200 1164 Jan 8120% Jan 1
____
98.44
____
98.44
9% bonds of 1927-42_ _ 9Low.
Beech Creek
50 40
____
98.34
Jan 11 40
Jan 11
____
98.34
(Second
4a)
Beech-Nut Packing-2034,100 514 Jan • 63
(Close
_ .. _
98.34
Jan 121 4834 Dee 53% Dec
____
98.34
Total sales in 41,000 units...
13eth Steel, pref, new.100
__ _ _
800 9534 Jan 6 9534 Jan 121 94
No 101
Oct
Converted 434% bonds(HIgh 98.56 98.60
Booth Fish, 1st pref.100
10i 354 Jan 11 354 Jan iii 30
98.58
98.30
98.42 98.38
1).48
Aug
of
1927-42 (Second (Low_
Brown Shoe, Inc, pf.100
98.40 98.44 98.46 98.30 98.32 98.14
200 9814 Jan 12 984 Jan 121 9034 Ap 99
Nov
434s)
Burns Bros, pref...A00
(Close 98.44 98.54 98.46 98.30 98.34
100 1054 Jan 10105% Jan 101 94
98.22
Fe. 103% Nov
Total
-sales
Cluett, Peab & Co,0100
in
41,000 units_ __
471
300102% Jan 12 103
468
242
Jan 6 85
270
396
Jan
232
Coca-Cola, prof'
(High 99.00 99.08 99.08 98.88 99.04
100 2,000 93% Jan 10 9414 Jan 11 9314 Dee 1034 Dec Third Liberty Loan
99.00
97
Dec
434%
bonds
Corn Solv A
of
1928
i
Low_
• 400 4214 Jan 9 4514 Jan 121 44
98.90 98.90 99.02 98.86 98.98 98.74
D
50
Oct
(Third
Conley Tin Foil
4%.)
(Close 98.98 99.06 99.04 98.86 99.02 98.82
• 800 18
Jan 9 184 Jan 61 1334 No 1734 Dec
Total sales in 21,000 anits___
Consol Gas, w I
231
*38,800 60% Jan 8 624 Jan 121 5734
646 1,337 1,988 1,569 1.469
Dc 6234 Dec Fourth Liberty Loan
Cont Can,Inc, pref__1 1 i
(High 98.92 99.00 98.96 98.86 99.00 98.74
Jan 8 100
400106% Jan 10 107
Fe.
115
Oct
14%% bon& of 1933-38_ _ 1 Low_
Cont Can,new
98.80
*46,000 4534 Jan 6 47
98.88
98.80 98.76 98.68 98.50
Jan 12 100
Fe. 115
Oct
(Fourth 41te)
Continental Motors
(Close 98.86 98.90 98.80 98.76 98.74 98.50
• 15,900 103.4 Jan It 114 Jan 9
1134 Dec 1834 Dec
Total sales in $1,000 WSW__
Coaden & Co. Pref
536 1,071
2,300 102
1,194
Jan it 1034 Jan 10 9534 Jul 1023.4 Sept
419
850
774
Victory Liberty Loan
Deere & Co, pref____100
(High 100.26 100.30
100 7234 Jan 10 7234 Jan 10 61
Fe 80
554% notes of 1922-23_1Low_ 100.24 100.22 100.20 100.26 100.28 100.211
May
Elk Horn Coal Corp.pf50
200 33
100.24
Jan 11 38
Jan 6 34
100.22
100.20
100.22
Ma
41
Dec
(Victory 4%0
Emerson-Brant, pref.101
(Close 100.26 100.28 100.20 100.22 100.24 100.20
200 28
Jan 9 2834 Jan 1 23
Feb 4434 July
Total
Exchange Buffet
* 7,600 2634 Jan 0 31
95 2,246
163
241
Jan 10 274 Dec 314 Oct Treasury sales in $1,000 units__ _
104
154
Fifth Avenue Bus
• 6,175 8
(High 100.00 100.02 100.00 100.04 100.00 100.0(
Jan 9 9% Jan 6 834 Dec 1034 Dec
434., 1947-52
Fidel-Phenix Fire Ina_25
(Low. 99.96 99.96 99.98 99.96 99.96 99.99
430 102
Jan 9103% Jan 8 100% Dee wag Dec
GenAmTkCar7% pf.100
(Close 99.98 100.02 100.00 100.00 99.96 99.99
200 101
Jan 0 101% Jan 11 96 Jun 10534 Oct
Toad sales In 81.000 units__
General Baking Co
• 1,775 77
232
893
479
Jan It 89
548
341
Jan 9 102
533
Jan 175
Dec
Preferred
100 108
Jan 8 108
Jan 8 105 Jun 11214 Dec
Note.
-The above table includes only sales of coupon
Gen Cigar, Inc, pref_100
300104% Jan
104% Jan 9 10034 Ma 110
Nov
General Electric spl-10 2,700 11% Jan 8 1134
bonds.
Transactions in registered bonds were:
Jan 6 104 Oct 12
Sept
Gimbel Bros
* 1,400 41
Jan 11 43
Jan 12 3814 Oct 454 Oct 37 1st 314a
101.00 to 101.12 82 3d 44/1
'Preferred
100 1,100 97
08.7080 08.20
Jan 6 9834 Jan 12 933.4 No 102%
82 let 4s
98.40 to 98.68 78 4th 4345
Oct
Goldwyn Pictures
• 2,800 6
98.60 to 98.88
Jan 6 64 Jan 8 4% D
2 2d 45
184 Oct
97.84 to 97.86 19 Victory 4,0
Gulf States. 1st pref.100
100 101
100.00
Jan 11 101
to 100.041
Jan
60
11
95
2d 4)0
Ma 101
Dec
98.24 to 99.06
Hartman Corp .
100 4,900 8314 Jan 9 904 Jan 12 81
No 103
Mai
Hudson Motor Car_
• 17,200 25% Jan 1 2734 Jan 12 1934 No
Quotati
ons
for
U.
S.
Treas
Ctfs. of Indebtedness, dso.
2614 De(
Hydraulic Steel, pref_100
100 34
Jan 10 34
Jan 10 30
AP 60 Junt
1 YU.
Ingersoll-Rand, pref.100
15 105
int.
8 105
Jan
1034 No 10414 De.
Maturity.
Jones & L, pref. w L-100 900107% Jan
Rate.
Bid. Asked.
Rate.
Maturitg.
Bid. Asks*:
Jan 6 10734 Jan 8 108
D 10914 De,
Ligg&MyersTobSerB100
100 210
Jan 9 210
Jan 9 100
June 161924... 59(% 101% 102
Ja. 220
Sepi
Loose-Wiles Biscuit
Mar.
1923._
15
2,700 54
44%
100
Jan 8 5934 Jan 12 36
1003
Sept.
654
Jan
151924...
Oc
511% 101% 101%
First preferred....100
309 107
Jan 12 107
Jan 12 105% Dee 1053.4 De.
Mar.I5 1925.__ 494% 100% 100% June 15 1923._ 314% 9954 100
Macy(R II) Co
Dec. 15 1925... 434% 99%
• 1,600 6134 Jan 8 6234 Jan 11 59
0104
Mar.
No
62
151926...
De
Preferred
434% 100% 10034 Sept. 15 1923... 31(% 9954
100
40011334 Jan 011434 Jan 911034 Dee ill% No.
100
Magma Copper
Rent 15 1026
• 3,4.1 29% Jan 8 31% Jan 12
dtlik 99
NW
27
Dee 3534 Sep
May Dept Stores, p1..100
351 117% Jan 12 119
Jan 12 106
Fe. 11714 De
foreign Exchange.--Sterling exchange ruled quiet but
Met Edison. prof
• 300 9334 Jan 9 07% Jan ii
Montana Powr, pref.100
firm
and slightly higher. The Continental exchanges, on
10108
Jan 9 108
Jan 9 1003.4 Ja. 110
Aui
Moon Motors
• 4,700 18% Jan 1, 1934 Jan : 13
the other hand, were irregular and weak,
Au • 1934 De
Mother Lode Coal
• 24,401 11
with new low
Jan 8 1134 Jan 8 914 Nov 1234 De
Mullins Body. pref _100
records
100 90
established in marks and francs.
Jan 6 90
Jan 6 90
1)4 90
De
Nash Motors Co
• 8,800 90
Jan 6 1144 Jan 12 70
To-da
y's (Friday's) actual rates
Dee
Jul:
Preferred A
1,91 99% Jan 1 i 100% Jan 12 1014 Au 525
days, 4 67%@46834 for checks for sterling were 4 65%@4 66 for sixty
108
De
Nat Bk of Commerce.100
10 299
Jan 11 299
mercial on banks, sight, 4 6704 and 4 67Si(414 88% for cables. ComJan 11 264 Jun 304
De
Nat Cloak & Suit, pf.100
67h;
101 102
Jan 8 102
Jan 8 69
days, 4 63%04 64%, and documents sixty days, 4 64%04 6534; ninety
Jan 102
De
North Amer B rights....
for payMent (sixty days) 4 6414(4
109. 18
Jan 8 18
Jan 8 17% No
67
CAt.
ton for payment, 4 6704 67%, and grain
No•
NY Air Brake A
• 1,700 46
for payment.
Jan, . 49% Jan 12 454 No 1134 Oc
4
t;(1.4
5034
Packard Motor
1131.19, 104 Jan • 1034 Jan 12 10
To-day's (Friday's) actual
Dee 21
No•
rates for Paris bankers' francs were 6.920
Preferred
1 . 600 93 Jan 6 9314 Jan 6
7.0234
for
D
9134
long
92
De
and 6.9507.05% for short. Germany bankers' marks are
Panhandle P & 11, pf_100
100 68
Jan 12 68
Jan 12 61
not yet quoted for long and short
D
80
Ma
bills. Amsterdam bankers' guilders were
Pittsburgh Steel, pref 111
210 92 Jan 11 92
Jan 11 85
3,1.20039.25 for long and 39.5103,1
Ma 97% Or
Philadelphia Pr
.56 for short.
50
1 1 i 45
Jan P 45
Jan 9 41
Exchange
No 43% No•
at Paris on London, 66.65 fr.; week's
Porto Rican-Am Tob....*
range, 66.65 fr. high and
100 6734 Jan le 074 Jan 10 65
69 fr. low.
Dee 96% Oc
Prod & Ref Corp. pref.
.1. 46
Jan 12 47
Jan 6 36
The range for foreign exchange
Ma
49
Se
for
the
week
follows:
PS Corp of NJ. prof... 1,500 106
Jan e 107
Jan 8 75
Stet ling ActualOct 106%
ys.
ye
Da
2s
Reynolds Spring Co._ _• 3,800 2034 Jan 12 22% Jan 6 1234 No 5014 De
C4
het3c
:3
54
.
High for the week
Jun
Sixt44 66
•13.100 12% Jan 8' 13
Shell-Union Oil
4 68%
Cables.4.
7 68
6408r
u
i
Jan 12 1214 D
Low for the week
12% De
100
700 92
Preferred
Jan 9 934 Jan 12 90
Paris Bankers' FrancsDec 964 Sep
Clnelair Cons OIL pt-100 1,300 d84 Jan 12 99
Jan 8 9734 Sept 102
High for the week
Or
7.02%
311 9214 Jan le 94
So Porto Rico Bug,Pf 100
7.07 X
Low for the week
Jan 12 1234 Jan 96
6.63
Sterling Products rights_ 11,601 14 Jan e 214 Jan 10 • 1% Dee 13.4 Jul
6.68
6.69
Germany Bankers' MarksDe
10 5,20' 120
Tidewater Oil
Jan 41133
Jan 12 109% May 154
High
for
the
Oc
week
0.0120
t Low for the week
Timken Roller Bearing.* 26.200 3314 Jan 8 35% Jan 12 284 Sept 35
0.0120
Or
0.0091
Underwood Typew'r_100
200 137
0.0091
Jan f 138
Jan 9 125
Feb 14534 Oe
Arn.sterdam Bankers' Guilders100 116
Jan 8 116
Un Cigar Stores, Pr- -III
High for the week
Jan 3 104% Fe. 120% No
39.32
39.68
39.77
U S R & Imp ars, Prof.; 4,60010331 Jan 4110434 Jan 8 100% Dec 101% De
Low for the week
39.51
• 100 57
39.60
Jan 1 57
US Tobacco
Jan 12 4534 Ma 6331 Sep t
Domestic Eschange.-Chicago, par. St. Louis.
. • 600 5914 Jan 9 6034 Jan f 57% Oct 67%
yam Raalte
15@)25c. per $1,000
No it discount. Boston, par. San Francisco, par.
Jan (113% Jan 12 107
West Elm 75.; cum pf 100 1,200 113
Montreal. $31 75 Per
Dee 11231 No it 21,000 discount. Cincinnati
, par.
Weet'h E & M, 1st pf..5i
100 72 Jan V 72
Jan 12 6234 Sep 75
a....-.--44. iv vin ..t IAA
100 101 Ai j,n1 9 104 A, Tnn a 1,,,,, .I.o. 19c La Au
The Curb Market.-The review 'of the Curb Market is
IN..
*.ble par value.
given this week on




page 146.

158

New York Stock Exchange-Stock Record Daily, Weekly and Yearly
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page. .

HIGH AND LOW SALE PRICE-PER SHARE. NOT PER CENT.
Saturday. I Monday,
Jan. 8.
Jan. 6.

Tuesday,
Jan. 9.

Wednesday. Thursday.
Jan. 10.
Jan. 11.

Friday,
Jan. 12.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
limp for year 1922.
On basis of 100-share tots
LOWE81

Railroads
Par $ per share
Ann Arbor
100 10 Jan 3
Preferred
100 277 Jan 26
600
4,000 Atch Topeka & Santa Fe 100 9134 Jan 3
Do pref
100 8438 Jan 3
1,500
34 Jan 14
300 Atlanta Birm & Atlantio.._100
100 83 Jan 9
600 Atlantic Coast Line RR
100 334 Jan 27
11,900 Baltimore de Ohio
Do prat
100 5213 Jan 11
1,000
Buffalo Roth de Pitts
100 50 Jan 4
8 Jan 4
100
43,000 ,irooklyn Rapid Transit
538 Jan 11
Certificates of deposit
13,500
100 119% Jan 6
7.500 Canadian Pacific
Central RR of NJ
100 184 Mar 31
100 54 Jan 10
12,700 Chesapeake & Ohio
134 Jan 2
100
900 Chicago & Alton
Preferred
318 Jan 25
100
200
124 Jan 25
900 Chic & East III RR Neu)
314 Jan 25
Do pre!
1,100
334 Dee 29
600 Chicago Great Western___100
7 Dec 20
Do pref
100
1,100
12,400 Chicago Milw & St Paul 100 174 Jan 9
100 29 Jan 10
Do pre:
10,900
2,700 Chicago & North Western_100 59 Jan 9
100 100 Jan 9
Do pref
100 304 Dec 19
9,800 Chia Rock Isl de Pao
7% preferred
100 8314 Jan 10
300
100 7014 Jan 9
460 8% preierred
100 51 Jan 10
100 Chic St P Minn & Om
200 Clay CM Chic d3 St Louls 100 54 Jan 4
100 7234 Jan 3
Do prat
100 38 Jan 10
*39
41
200 Colorado & Southern
Do 1st pref
100 55 Jan 16
*58
62
100
100 106% Jan 4
11114 113
10,300 Delaware & Hudson
124 128
3,900 Delaware Lack & Western_ 50 108 Feb 14
253 Jan 27
Duluth S S & Atiantic____100
*234 314
100
354 Jan 7
Do prof
*413 5
100
7 Jan 9
104 11
4,600 Erie
153 157
100 Ills Jan 9
Do 1st pref
3,800
74 Jan 10
100
1133 1112 1,300
Do 2d pre:
100 704 Jan 10
7333 7414! 6,000 Great Northern pref
31341 3,800
Iron Ore propertiee.Na par 2818 Nov 17
31
5 Jan 4
1234 1234
500 Gulf Mob & Nor If cUs 100
100 18 Jan 5
Do pref
45
4578
500
100 9713 Jan 3
111 111
100 Illinois Central
4 Dec 28
38 1,000 Interboro Cons Corp._No Par
*14
38 Dec 29
100
Do pref
509
34
"8
1812 1834 1,090 Kansas City Southern....100 17 Nov 27
100 5214 Noy 27
Do Peet
5318 54
709
5 Jan 17
Keokuk & Des Moinee___100
"3
10
100 10 Feb 2
600 Lake Erie & Western
'30
33
100 2618 Feb 8
Do pre:
"67
734
800
50 56% Jan 3
67
6812 7.600 Lehigh 'Valley
100 108 Jan 9
600 Louisville & Nashville
136 137
100 35 Jan 6
*4614 477
100 Manhattan Ry !mar
100
318 Jan 28
'8)4 98g
200 Market Street Ry
100 17 Jan 9
Do pre
'404 42
100 35 Jan 3
Do prior pref
6734 6734 • 900
558 Jan 9
100
Do 2d pref
*24
25
5 Jan 6
600 Minneap & St L (new).......100
*534 64
100 55 June 29
62
200 Minn St P dr 85 Marle
"61
97
97
38 Jan 16
100 Missouri Kansas & Texas 100
713 Jan 11
1334 131
6,300 Mo Kan & Texas(new)
244 Jan 27
"3658 38
1,800
Do pref (new)
16
164 3,600 Missouri Pulite trust otfs_190 154 Nov 22
100 40 Nov 25
Do pref trust ctts
4278 437
3,100
100
238 Nov 22
100 Nat Rys of Mel 2d pref
*234 34
'86
8612 1,800 New On Tel & Max v t o 100 5478 Jan 10
100 7284 Jan 4
94
9412 14,400 New York Central
N Y Chicago & St Louis___100 5118 Jan 5
'78
7913
6134 Jan 5
Do 2d pref
400
•83 85100
100 1213 Jan 5
1858 204 17,000 N Y N H & Hartford
100 184 Dec 27
1914 1938 1,000 N Y Ontario dr Western
100
834 Jan 3
Norfolk Southern
*13
15
100 9614 Jan 9
1104 11012 1,100 Norfolk & Western
100 72 Jan 9
Do per
80
"76
100 73 Dec 29
74
744 10,009 Northern Pacific
50 3314 Jan 3
4612 4634 10,800 Pennsylvania
100 1034 Jan 14
1212 1213
400 Peoria & Eastern
100 19 Jan 10
37 3814,200 Pere Marquette
100 63 Jan 17
:7312
100
Do prior prat
100 501g Jan 6
Do pref
69
100
100 23 Jan 27
3533 3512 2,400 Pittsburgh & West Va
ref
100 76 Jan 13
'90
50 7118 Jan 3
7713 91D
7838 9,500 Reading
50 43 Mar 27
Do 154 prat
"52 53300
50 45 Jan 27
2d prof
"52 36Do
53
100 1712 Feb 6
Rutland RR pref
033
21
2114 2,100 St Louis-San Fran tr otfs 100 2014 Dee 1'
100 3434 Nov 22
Do pref A trust otts
'36
37
500
100 2038 Jan 3
2834 2834
900 St LOUIS Southwestern_
100 32% Jan 10
Do pref
*56
5611
100
53
4
*514 914
100
258 Jan 4
Air
f Line
800
300 Seaboard
eDo ryreA
014
44 Jan 13
100
100 7818 Jan 10
88 8834 11.000 Southern Pacific Co
100 1714 Jan 10
2533 2618 26,800 Southern Railway
100 46 Jan 10
65 6512 2,800
Do pref
100 18% Nov 27
2012 2034
500 Texas & Pacific
100 13% Nov 27
147 15609 Third Avenue
*58
60
200 Twin City Rapid Transit...100 34 Jan 12
100 125 Jan 10
13638 1371/ 6,300 Union Pacific
100 7114 Jan 7
'7512 76
1,000
Do pref
712 Jan 6
•124 13
1,200 United Railways Inve8t-100
100 2014 Jan 9
*2714 2914
200
Do pref
6 Jan 30
100
9
9
1,400 Wabash
100 19 Jan 25
2313 2414 2,600
Do pref A
pref100 1214 Jan 31
*1613
814 Jan 30
(nero) 100
1034 18D
B
1034 1,700 Western Maryland
100 13 .Pin.17
2218 22%
100
Do 2d pref
100 1334 Jan 31
•17
18
3,300 Western Pacille
100 5113 Mar 2
574 5712
Do pref
700
6 Feb 2
838 858 1,900 Wheeling & Lake Erie Ry_100
100
94 Jan 4
•15
16
prof
Do
200
100 25 Jan 10
2734 28
1,800 Wisconsin Central

per share 3 Per share
per shire $ per shire
per share $ per shaer
18 '14
18 '14
18 *14
18
18 *14
11114 • 18 *14
34 '32
34
324 3212 "32
*33
34 *33 3312 3234 33
10038 100% 10012 100% 1004 100%
10114 10112 101 10118 le012 101
8912 8978 8978 894 8912 8978 8914 894 8934 8934 89% 90
*112 134 '113 14
112 112
1% 1% *112 13
1% 1%
*112 114 *112 11312 11278 11278 11278 11278 *111 11212 112 113
40% 413
4112 4212 4112 41% 4112 4134 4114 4178 4218 421
594 60
5958 597s 5978 597 35934 593
60
6014 60 60
70 *63
70 '63
70
*63
70 '63
70 *63
70 '63
1038 1134 11
113
14% 14% 1418 14% 12% 1418 1058 121
918 1014
812 913
9
93
*1158 1214 11% 1112
9% 1114
14314 143% 143 14314 142% 14312 14214 1431 14212 1434 143 14358
*210 230 *215 230 '208 225 *200 225 '200 228 "210 225
73
72
74% 72
7478 72
72% 72
72%
73
744 73
212 212
213 212
214 212
212 24
212 24
2% 24
34 313
3% 338
*312 3% *314 334 *313 334 *312 334
2712 *27
28
27 2718 82713 2812 *2634 27 *2612 27% 27
54
5234 5234 '5214 5234 *5214 53
53
53
5213 53 '52
414
418 418
4% 414
414 414 *4
414 414 *44 5
9
9
9% 918
834 9
834 834
9
9
834 834
224 2213 2178 22
2112 2214 2114 2134 2034 21% 20% 21%
3414 33 3378 32% 33% 3258 3312
34
3414 33% 3414 33
79 '78
79
79
7914
78
7912 7814 79
79% 80
79
*114 119 *113 119 '113 119 "115 119 *115 119 *115 119
31% 32
31% 3214
32% 3234 32% 3213 3134 3214 31% 32
9112 *9034 9112
91
91 '91
91
91
91
9018 9018 '90
82 '8214 83 *8214 8234
82
8213 83 *8213 83
*8212 83
75
71
*7014 75 *7014 73 *71
72
71
*71
75 *71
*724 76 *7212 76
76
*7212 76 "7213 76
76
*7213 76
2 ;45- "I" 40
40
•41
411 -4014 1614 ;45- 11-162
62 *58
60 '58
*5812 62
581y 5813 '58
103 10612
11334 11414 112 114
113 114
11234 116
12234 12312
12414 1245s 12312 1244 123 124
12412 125
*234 314 *234 414
*234 314 *234 314 *234 3
*412 434
5
*412
*413
5
*4%
5
*434 5
1078 11
1118 11% 1078 1118 1118 1118 1078 11
157 16
*1534 16
16
1618 1618 1578 1614 16
12
11% 1134 113 1134
1134 1134 *1134 1214 12
74
7434 7313 74
7434 74
-7434 75% 74% 75
3134 3134
31
3113 3114 3138 3114 3112 31% 32
1314 *1218 13 .1218 13
*1218 1234
13 '12
13
45
4413 4412 *44
46
45
*44
45
4512 *44
*110 112 *110 112 "109 112 *110 111 *1094 111
*24
38
*14
38
•4
14
,
t1
38
33
14
7
78
34
34
*34
'133
%
5s
34
34
19
185 1834 '1813 1912
1914 1934 *19
1934 19
5312 5313 '5212 54
*5213 54 '5213 54
3.6212 54
"3
10
10
*3
10
•3
10
'3
*3
10
3213
34
34
*3212 3313 32
*3213 34
*324 34
66
684 6818 66
"7014 77 *7018 75 *69% 75
68 69
6712 68
6714 6738 6612 6738 6612 67
135 135 •I35 137 136 138 *135 136
*134 135
47 47 •4614 51
*47 50
*4614 48 "4614 4778
*834 9
934
9
9
'834 934 *9
934 *9
*40
42 '40
42 *40
42
*40
43 •401i 42
es ssla "6713 68 67 6778 6678 67 6734 6734
27 *24
25
*24
25
25 '24
*24
274 *24
638 638
618 6%
'534 612
534 534
534 6
*61
62
62
*61
6134 6134 "604 6112 6118 6118
11
"10
11
1013 '10
1012 '10
*104 12 '10
1334 14
1334 1418 1334 14
1334 1373 13% 1378
374
3712 374 3712 37
374 3713 3714 3713 37
1614 16
1618 16
1612 Ms 16
16% 1618 1614
4212 437
4214 4214 4138 42% 42
4234 42% 4214
*27s 318 *3
34 *24 3'4
3
3
*234 74
864 8613 8634 8634 8613 88
86
8613 854 86
9334 9418 9314 9413 9314 9414 93
9338 9313 94
*81
82 '80 82 •79
80 *79
80 "78
7913
83 83
8113 8112 8512 8512
82 82 '83 85
2014 2013 2013 2012 20% 21
2014 2012 2014 2012
.
2013 2034 2012 2012 *2014 2012 2014 2014 20 2012
*13
14 '13
*13
14
14 *13
14 *13
14
11112 1117 11034 11114 1104 Ill
10934 1094 110 11018
78 •76
80 '76
"75
80 "76
80 *76
80
7412 7412 737 7412 7333 737
7434 7533 7433 75
463 4634 4638 4634 4612 4634 4613 4638 4638 4712
15
*13
15 '1314 14 '13
13
13 *121? 13
37 3714 3638 364 36
367
88
388 3738 38
76 '74
76 "74
75 '73
75
7312 7312
*73
"69
71
69
704 '69
7012
7012 701p 7013 "69
35
3514 *3414 3514 "3414 35
3412 3514 345 3533
93 93 *8912 93 '90
*89 94
91
*8712 91
7713 7818 77
7734 77 7734 77
774 7718 78
52
53 53 '52
53
5233 "5212 5378 52
*52
052
534 '52
5313 "51
53 *5112 53 '52
53
38 *31 '38 '34
36 "32
37
38 "31
•35
2134 2134 214 2134 218 2134
217g 2178 2134 22
39
38
38
3712 37% 37
37
381 384 *38
2914 2914 29
29
*28
2812
2913 2912 2934 29
561 *56
*56
57 *55
5612 561 *55
5614
57
512 51
514 514
514 514
514 511
54 514
914 914
g
g
*9
914
*812 912 *914
8814 87 871
8712 88
87
8734 881, 87% 88
2434 25
2434 2512
25
258
253
25
2454 25
6434 65
6512 65 65
65 6514 6434 654 65
21
*20
21
21
*20
2012
213
*21
2034 21
157 '15
*1413 16
144 1438 15
15
16
*lb
60
5934 5812 581 *57
59 59 "57 59 *58
13714 13818 137 1374 1364 13712 13634 1367 13612 1374
7538 757
7534 754
7614 7614 7578 757g 7513 76
*1212 13
1217 1212 '1212 13
134 13% 1234 131
29
291
'27
'274
'27
30
291
2914 2914 *2712
838 8%
834 9
933
9
0
9
4 914
24
24
2378 23% 231 238 2334 24
*2334 24
*1613 1812 *1613 1812 *1612 18 "164 18 • •1613 18
"1034 11
1034 11
1078 104 1078 11
1078 11
24
24 *22
24 '22
2314 *22
*2213 2312 *22
l74 1718 1712
1713 1734 "17
18
17
17
17
5734 577 *5714 58
5818 5612 5613 58 58
*56
81
9
9
838 87s
9
938
9
*834 9
1534 1534 *1512 16 *154 16
1653 *1534 16
•16
271 *2612 28
2734 26
27
28 I 27
26
27

Sale,
for
the
1Veek.

Bi.

Shares

Highest

PER SHARE
Range for
Year 1921
Lowell

Higlisst

$ per share $ per share $ per share
24 Aug 30
8 Mar 12% Feb
20 Apr 324 Dee
52 Aug 25
7718 June 94 Dec
10813Sept 14
954 Aug 21
754 Jan 88 Nov
74 Jan
$13 Apr 17
1 Dec
12478 Sept 11
77 Apr 91 Nov
42%
May
Mar
6014 Aug 21
8
303
6814 Aug 23
47 Mar 5658 Nov
73 Oct 4
4912 Dec 7253 Mar
29 , June 30
6 Dec 1473 Jan
2478June 30
34 Sept 10 Jan
15138 Aug 31 101 June 12371 Nov
245 Oct 23 186 Oct 209 Mar
79 Aug 21
46 June 654 May
1254May 26
4 Nov
8% Jan
2078May 25
Ps Dec 12 Ain
4354 Aug 21
134 Dec 16% Nov
644 Aug 22
334 Dec 87 Nov
1034May 27
64 Dec
94 Mar
2412May 29
14 June 2078 MAY
3638 Aug 22
174 Dec 31 Jan
5514Sept 11
2913 Dec 484 Jan
9518 Sept 11
6018 Apr 71 Jan
125 Aug'21
95 July 110 Jan
2258 Mar 35 Sept
50 Sept 14
8834 Mar 89% Dec
105 Sept 14
5613 June 77 Dec
95 Sept 14
90 Sept 15
50 June 63 Jan
32 June 5715 Dec
804Sept 18
10013 Oct 17
60 Feb 75 Dec
5313 Apr 24
27 Jan 46% Nov
66 Mar 23
49 Jan 59 Dec
1414Sept 8
90 Apr 11013 Nov
143 Oct 4
93 Aug 249 May
1% Mar
6 Apr 25
44 Jan
358 Nov
1013 Apr 18
755 Jan
1834May 23
10 Dec 1514 May
1518 Dec 2255 May
2812 Aug 21
10 Dec 15% Jan
2014May 23
80 June 7914 Dec
95% Oct 18
45% Apr 13
25% June 3413 Nov
4% Dec 1113 May
19 May 22
15 Dec 26 Feb
47 Oct 19
11554 Sept 15
851s Mar 10012 Noy
Ils Dec
6 Apr
5% JO
1234 Apr 8
314 Dec 18 Jaa
184 Feb 284 Mal
3014 Apr 25
5912 Apr 26
4513 Jan 55 Nor
413 Nov
%%June 6
612 May
8978June 6
10 Mar 1413 Jan
1758 Aug 80 Dec
77 Sept 27
474 June 60% Dec
72 Sept 9
97 Apr 118 July
1447s Oct 17
32 Dec 584 Jan
58 Aug 30
Pe Dec
11 Mar 14
7 May
12 Aug 1815 May
5014 Apr 11
27 Aug 4513 May
76 Nov 9
44 Aug
32 Apr 10
8% May
5% Dec 14% May
143 Apr 29
63 Aug 74% Nov
7534 Oct 19
1 Dec
15% Dec 26
31s Nov
1954 Aug 25
8 Dec
9% Dee
2234 Dec 2838 Dec
55% 0n23
18 Mar 2314 May
254 Apr 18
334 Mar 4918 Nov
631 Sept 12
254 Dec
714May 27
858 Feb
46 June 774 Feb
8733 Deo 14
6418 June 76 Deo
10118 Oct 17
39 June 8158 Sept
9113 Oet 16
54 June 8813 Sept
93 Sept 15
12 Nov 234 Jan
38 Aug 23
16 Mar 234 Sept
3013 Apr 6
2213June 6
814 Sept 134 May
88% June 1044 Feb
12518 Sept 9
82 June 7454 Dec
82 Oct 6
9038 Aug 24
6114 June 88 Jan
3214 June 4154 Jan
49% Oct 26
2638 Aug 23
8 Nov 12
Jan
1634 Mar 237s May
4058 Aug 21
60 Apr 6513 Doe
82 Aug 21
85 Jan 6634 Dec
7454 Aug 23
23 Oct 32 Jan
4158 Aug 8
70 Mar 80 Dee
95 Nov 1
8718 act 25
60714 June 894 Jan
364 June 55 Feb
57 May 31
5912May 31
3818 Aug 5754 Jan
....„
5314June 1
1918 Mar 25% Aug
3238 Aug 21
2773
June 3913 Nov
56 Aug 21
191$ June 3013 May
36% Nov 3
28 June 41
51)% Nov 3
Jan
2% Oct
10 Apr 15
74 May
1484 Apr 15
3 Dec 1218 May
6713 June 101
964 Oct 16
Jar
2858 Aug 21
17% June 24% Jan
42 June 110 Jan
71 Oct 17
30 Apr 21
1618 Jan 27% Dot
2538 Apr 25
1213 Aug 2038 Mar
6212Sept 15
3118 Dec 554 Apr
15-134Sept 11 ill June 13178 Nov
80 Aug 30
6214 July 744 Dec
19% April
6 Aug 124 Mar
3811 Apr 11
17 Aug 26 Mar
1438 Mar 20
053 Dec
9 May
35% Dec 2
18 Mar 244 May
24% Aug 21
12% Mar 1578 NOV
174 Aug 30
8% Dee 1118 MAY
2813 Dec 7
1414 Doo 21 May
2478 Apr 24
15 Dec 30% May
647g Sept 13
514 Dec 704 Jan
514 Dec 1113 May
164June 7
2953June 7
1213 Dec 1912 MAY
3314 Mar 13
23 Oct 3713 Mar

Industrial & Miscellaneous
100 48 Jan 12 83 Out 6
7113 7112
309 Adams Express
2813 Jan 5334 Dec
100 1078 Jan 19 23 Aug 18
*1312 144
1013 Dec 1954 Jan
709 Advance RumelY
100 31% Jan 12 304 Aug 18
"46
49
314 Deo 524 Fob
Do pref
5713 58
600 Air Reduction, Ins....No Par 4513 Jan 3 13.1 Oct 7
30 June 50 Dee
50
94 July 28 1854 Apr 25
134 137
1514 Dec 3913 Jan
7,300 Ajax Rubber. Inc
113 Feb
10
14 Dec
18 Dec 28
78May 10
12
900 Alaska Gold Mines
*38
154 Feb
4 Oct
38 Jan 24
118 lls 2,000 Alaska Juneau Gold Min__ 10
2 May 17
744 7514 21,000 Allied Chem do Dye- _No par 55% Jan 3 91348ept 5
34 Aug 894 Dee
11013 31012
100 101 Jan 3 11512Sept 19
83 June 103% Dee
Do pref
900
46
100 37% Jan 4 5934 Sept 7
2814 Aug 39% Des
4613 4,400 Allis-Chalmers Mfg
674 ALes 90 Dec
100 8613 Jan 5 104 Sept 21
96
96
Do pr .f
200
100
314 3118
Cbem
Agricultural
264 Aug 654 Jan
1
2714
Nov
4278June
27
Amer
800
100 56 Jan 16 7214 Sept 11
51 Aug 90 Jan
400
6912 5913
Do peel
50 58 Jan 3 91 Dec 13
461s Jan 5613 Dee
'76
78
100 American Bank Note
434 .1an 804 Dee
50 51 July 12 554 Dec 13
"5412 5818
Am Bank Note pref
244 Oct 61 Feb
100 3134 Jan 3 49 .111011 9
38
38
500 Amertcan Beet Sugar
54% Dec 74% Jan
'73
100 61 Jan 11 804 Oct 17
76
100
Do pref
2015 Aug 6515 May
414 4234 5.500 Amer Fin.ch Mimeo._No par 314 Jan 31 49 Apr 11
•Bid and asked prices no males on this day. f Er-rights. 5 Less than 100 shares. a Ex-dividend and rights a Ex-dividend. 0 Ex-rights (June 15) to meson.
for share to stock of Glee Alden Coal Co. at $5 per stutre and ex-dividend 100% in stock (Aug. 22)

71
70 70
71
14
•13
13
13
*48
49 *46
49
584 5812 *5813 59
13
13% 13
1314
*14
38
*4
38
•118 114 514 114
7634 7718 7614 77
*111 112 *111 112
48
48% 464 47
*951y 97 "95
97
3014 3014 3113 311
*59 61 '59 61
77 *77
77
80
*6412 5513 *5413 55%
'38
39
384 3878
80
•7312 80 *74
394
3912 3934 38




'70
14
*46
•58
1212
52
lle
7334
11012
4613
97
3014
5918
"76
*5412
38%
7311
37

73
1414
49
59
131s
32
118
7614
11178
4714
97
3014
6012
80
5518
39
7312
'38

76
'70
141
•I4
49
"46
5718 58
*12% .123
14
14
118 11
73% 751
111 111
461
45
97
'96
"3012 311
60
60
80
*76
*5412 3.515
37% 37%
79
*73
391
38

74
'71
•1312 1412
'46
49
*5712 58
1234 1312
38
*14
*118 114
7314 7412
111 111
45
4534
'96
97
3058 30%
6012
'59
78
'76
5412 5518
*3712 3912
79
*73
40
41

New York Stock Record-Continued-Page 2

159

For sales during the week of stocks usually Inactive, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Jan. 6.

Monday.
Jan. 8.

Tuesday,
Jan. 9.

Wednesday. Thursday, I !Wag.
Jan. 10. I Jun. 11. ' Jan. 12.

Sales
for
the

STOCKS
NEW YORK STOCK
EXCHANGE

egle M1.410,
R trig,for year 1922.
On basis of 100-share lots
Lowest

_Highest

PER SHARE
Range for
Year 1921
Lowda,

14 4iaoal

$ Per share S per share S per sivre S per share I 3 per share. S Per share Shares Indus. & Miacell. (Con.) Par
per share I $ per share
5 per share 5 per share
•7014 75 .7214 7313 7214 7214 *704 72 I 7034 71
1,100 Am Brake Shoe & F ___.:
7214 75
v
50
0/7
1:
:: 51 Jan 4 8812Sept 12
Jan 5632 Dec
42
1
4 .10812 109141.10813 109 *10812 109
•108% 10934 10812 10812 10812 108/
Do pref
300
100 9814 Jan 18 113 Oct 16
8834 Jan 100 Deo
79% 8214 7912 8234 80
8038
83
8034 8334 8134 83
94,60 American Can
10
Jan 5 110 Sept 1
3214
2313
35% Dec
June
112 112 *112 11258 11258 11238 •11238 11241 11212 11212 *11238 11258 1,000
Do pref764, June 97 Dec
9314 Jan 3 113% Dec 13
18112 18112 .181 18112 182 18214 182 183
1804 18014 *178 182
800 American Car dr Foundry_100 141 Jan 10 201 Oct 10 11514 June 1.514 Dec
.
122 125 .122 125 *12212 125
123 123 *123 126
Do prof
200
12314 12314
100 11513 Jan 6 12818 Nov 6 103 May 11612 r3'e
634 6% .04 712
6/
1
4 612
612 612 0612 712
1,000 American Chicle
718
7
5 Nov 14 14 May 5
612 Nov 29 Jan
181, 1812 1812 1858 18
18
1814 184 1818 18
18
1812 1,300 American Cotton 011
10
1434 Nov 22 3012May 31
1578 June 24% Nov
38
*35
38
*34
36/
1
4 38 .35
38
Do pref
*3514 3612 34
900
3512
100 3312 Nov 27 61 May 31
3513 July 67 Apr
6/
1
4 658
613 7
Amer
14,603
64 7
Druggists
68
4
631 678
Syndicate_ _ 1
64
634 63
413 Jan 13
714 Aug 15
4 June
8/
1
4 Jan
•136 14012 14112 14113 *138 141 .137 141
13712 13713 *137 140
203 American Esti!ess
10 126 June 23 162 Oct 13 114 July 137 Dec
11
11
.1112 12
11
114 *1112 1212 11,46
H
1112 *1113 121 00 American tilde
& Leather0
_1
104 Dec 18 1738 Apr 13
8 Apr 18 Dec
.
66
6712 6713 6712 67
67
*66
68 .66
67
Do pref
67
500
67'8
10
58 Jan 3 7434Sept 13
4013 Feb 6258 Dee
105 10512 104 10434 103 10614 010213 10212 10212 10234 10234 103
3,000 American Ice
10
78 Jan 12 122 Sept 8
42
Jan 8312 Dec
4.8614 8713 .8613 8712 *87
8712 .85
8712 *8512 87 .85
Do pref
87
100
Jan 13 9514 Aug 4
Jan 7314 Nov
57
2538 26
2534 2678 2618 2613 2534 2638 2638 2613 2612 264 4,300 Amer International Corp .j00 72 Dec
24
2438
5058Juno
2114
2
Aug
533r May
1113 1112 1113 1113 1114 Illi 1112 111
/
4 113s 1138 1112 113 1,100 American La France F E__10
77 Aug
918 Jan 16 14 July 26
113* Ant
3018 304 30
30
2934 3013 *2912 301
/
4 .30
31
909 American Linseed
3014 0012
100 28 Nov 23 4212 Oct 14
Aug
1714
624
Jan
53
53 .52
53 ' *51
53
51
51
.51
400
51
53
51
Do Prof
100 48 Nov 25 6412 Oct 16
397k Aug 93 Jan
1
125 12612 1234 12518 12312 12512 12118 12418 124 12512 12112 12514 17,003 American Locomotive
100
1363
Jan
4
102
Oct
5
7313
14
June
Dec
110
120 120 ,*11912 12012 11912 11912 11912 11912 .11912 12012 .11913 12012
Do prof
600
100 112 Jan 12 12214 Dec 7
9814 June 115 Dec
83
8312 82
83 . 81
8314 81
81
81.
8013 8013 2,403 American Radiator
81
25 82 Jan 30 129 Oct 11
6838 Jan 91 Nov
67
718
678 7 ,
67s 714
6.3 7
37,703 American Safety Razor
7
812 9
834
33 Jan 31
25
313 Aug 10
Jan
83* Oct 23
2058 21 1 20
207' 1912 2013 1934 1934 1912 1912 1938 20
7,703 Am Ship & Comm
No par
512 Jan 3 2414May 31
Jan
414 Aug 14
5513 56
5518 56 I 55
56 1 5414 5518 5478 5518 55% 56
3,600 Amer Smelting dr Refining_100 4358 Jan 6 6712May 19
295* Aug 4714 Dec
9912 93% 9878' 9312 991
99
. 9914 9912 *99
9912 .9938 9312
Do pre
703
100 8/1 18 Jan 4 10413 Oct 23
6314 Aug 90 Dec
.10014 103 1.10312 103 .•10014 103 ..1004 10053 ____ ____ .100 103
Am Smolt &tour prof ser A_100 87 Feb 8 10138 Nov 9
Jan 88 Dec
63
•142 14312 *140 14312 *140 143 I 140 140 1.140 14413 .140 143
103 American Snuff
100 10912 Jan 3 159 Sept 5
114% Dec
9163
367 37 1 3678 37 1 3613 3678. 36
3614 364 3614 3618 363* 6,200 Am Steel Fdry tern ctfl_ 33 1-3 303 Jan 26 4.113 Sept 11
Aug
.
103 104 .103 101 ' 103 103 1 10312 10312 *10313 10113 .1034 10412
Do prat'torn etts
303
100
91
Fob
pe°
ee
9
35
514 D
8
Oct
1084
1.6
Aug
78
7812 7853 7712 79141 7738 7312 7712 7773 7712 771
/
4 7778 7938 3,803 American Sugar Refining_100 541e Jan 4 857 Aug 21
4758 Oct96 Jan
•108 10913 *108 10814' 108 103 1.107 103 i 5.107 108 *107 10713'
103
Do prat
100 84 Jan 3 112 Aug 18
Oct
6713
28
28
28
2838 *2734 28
2738 2778 *277 2812 '
2813' 409 Amer Sumatra Tobaeco
528
100 2314 Fon 14 47 May 29
jaar
n
08
74 M
3813 Dec 18
*553* 59
*5538 58 1 .5538 53
*5538 5712 .5338 5912 .5518 5712
Do pref
945 Nov 9134 Feb
12334 12378 12234 12313 1234 12338 123 12338 12258 12318 12278 12314 10,803 Amer Telephone dr Teleg 100 5214 Feb 13 71 Jan 16
100 11412 Jan 4 13358May 23
Nov
11912
Jan
953
4
15214 15312 153 153 1 151 15334' 151 15114, 15214 152781 15213 15312 3,800 American Tdbacco
100 19
26
9;
1 Jan 5
3 11.0
68
9318
3Se
)
pitt 23
1 11112 June 1361 Dec
•10312 104
10312 10353 103 10312 103 103 1.102.2 103 *10212 103
507
Do prof (new)
100
36 Aug 9913 Dec
15053 1504 15053 15012 148 15012 143 14313 14914 14912 14912 151
4,400
Do common Class B
100 126 Jan 3 16534Sept 5 14
10
8 SeptJan 13112 Dec
.
2714 2814 2818 25's *27
2814' .27
23 1 28
28141 *27
2814, 2,109 Am \Vat Wks & El v t /3_100
6 Jan 7 3314 Nov 3
e
t
4 Sept 366412
861
/
4 8714 .87
894 *8712 8934' *8712 8914' *8312 8914 8914 90
Do 181 prof(7%) v t 0.100 67 Jan 4 937 Sept 13
503
Dee
50
50
4358 4858 .4812 50
49 1 4918 4938 49* , 1
49
2,690
Do parte pf(6%) v t a 100 1714 Jan 4 554 Oct 5
818 Sept 20 Dee
9434 9514 9413 9538 94
951
. 97
9434 941
/
4 9438 9153 9734 9,003 Amer Woolen
100 7814 Jan 10 111 Oct 19
57 Feb 8312 Dec
.
110 112 •110 112
11013 11118 .110 112
11034 11034 11114 11114
400
Do prat
100 991 Oct 19 11114 Dec 13
93 Feb 10412 Dec
2814 2814 5.27
28
2812 2734 28
*28
277 277
2714 277
1,200 Amer Writing Paper pref100 2218 Feb 18 55148ept 25
2012 Aug 3912 Jan
•11314 17
*1512 17 •16
16% .
1673 1678 .15% 1634
167s 17
100 Amer Zinc. Lead & Sme1t___25 /218 Jan 3 21 Sept 20
634 Sept 1438 Dee
50
50
*48
52
51
*48
52 .48
52 .48
.48
52
100
Do pref
25 36 Jan 18 57 Sept 40
2278 Aug 40% Doe
48% 4913 4812 4914 4812 4914 4813 49
13,400 Anaconda Colmar Minhig...50 43 Nov 27 87 3.49v 91
432 4913 404 49
31% Aug 50% Dec
6278 62% 6358 6434 64
16,900 Associated Dry Goods
644 0353 644 647 6614 56
71
100 43 Jan 5 7078 Dec 15
24
Jaa 50% Dec
•80
84
*82
84
84
81
84
84 .83
84/
1
4 *83
100
85
Do lot prof
100 75 Jan 6 86 Oct 5
5534 Jan 763.4 Deo
.87
90
*88
884 89 .88
89
•88
89
8812 897
89
500
Do 26 pref
100 78 Jan 17 9112 Oct 6
45
Jan
78 Dee
125 12538 124 125
124 125
128 133
124 13012 12834 134
14.700 Associated Oil
100 99 Jan 31 13512May 3
91 Sept 10713 !Am
173 1% *2
178
214
21
I%
13 214 .14 2,4
21
400 Atlantic Fruit
Vs par
112 Dec 18
513 Apr 17
a4 Oct
Jan
9
.
22
22% 2238 2258 2113 2112 .2113 2213 2114 2112 2134 2212 1,100 Atl Gulf & W IS S Line___100 1953 Dee 27 4314May
29
18 June 76
Jan
17
17 •16
18
1613 1,930
1612 1678 *1614 1612 1614 1614 *13
Do pref
100 15 Dec 27 3114May 29
1534 June 4412 Jan
131 132
132 140
142 160
14934 15312 14878 14878 147 147
5,310 Atlantic Refining
1.00 1117 Dec 30 1575 Oct 10 a820 June 01125 N4117
•11913 11934 .11913 11934 *11913 11934 1193
,119% *11912 120 *11912 120
Do prof
400
100 113 Jan 9 1191 Dec 29 10333 July 11312 Nov
1813 19
1918 1812 181
1812 1953 19
/
4 *1818 19
1814 1934 2,200 Atlas Tack
1312 Feb 28 22127Iay
12% Dec 20 Apr
32
3234 32
3114 32
32
31
3214 35
32
3414 3512 13,200 Austin Nichols & Co
No par
914 Jan 5 4038Sept 20
818 Jane 1314 Jan
•88
9013 89
89
9012 *87
9012 .88
*88
9012 •88
Do prof
901
30
100 68 Jan 9 91 Sept 12
Jan
5053 Aug 70
4
.21
'24 4
.2% 4
Auto Sales Corp
50
2 Nov 14
84 Des
7 Mar 17
212 Sept
•1134 15
*1134 15
1' .12
*12
15 .12
*12
15
15
prof
Do
50 1012July 27 15% Mar 18
Apr
Jan
10
15
13318 136
13134 13414 13114 13514 1313* 13378 17,234 13514 13438 13614 126,103 Baldwin Locomotive Wks.100 9313 Jan 13 14518
Sept 13
6214 June 1004 Deo
.
112 117 *112 117 *114 116'2'113 116'2'114 1161'
Do prof
2 114 11612
100 104 Jan 13 118 Oat 19
Dec
95
2105
June
.42
50
*42
50 .42
48 i .42
48 1 .42
44
48
47
600 Barnet Leather
m
No par
40 Jan 19 6753Sept 11
29
Jan 41 Aug
*9413 100
*9412 100
*95 100 ; .95 __' •95
*9412 _._- ------ I
Do pref
89 Apr 12 97's Sept 13
70
Jan 88 Dee
3234 3334 3238 3213 3138 32141 3112 3134 3132 314 3112 3213 3.200 Hamadan Corp. Class A.25 193
2
Jan 16 5614 Apr 28
20 Dec 27 Ma7
O19
2013 .18
19 .19
20 •184 19 1 19
21
.19
100
21
Do Class B
25 17 Nov 17 39 Apr 27
Jan
14% Jun
35
52
*13
492
.22
*13
1.1
12
58
*1253
58
58
200 Batopilas Mining
20
14Dee 1
158 Mar 23
1
Jan
12 Aug
.
54
55
5612 5612 *55
53
5918
60%
591
593
Bayuk
4
1,600
60%
Bros
58
No par 33 Apr 28 65 Sept 22
June
27
29
Jun
63/
6313 6313 •62
*6012 62% *GO
1
4 *60
62
621 *61
100 Bethlehem Steel Corp
63
100 51 Jan 1
79 May 12
3913 June 6211 May
6253 64
6234 64
6214 8318 6212 63
6214 64
6234 634 19.600
Do Class 13coinmon
100 5512 Jan 3 8214May 12
41% June 65 May
*94
973 *94
974 *94
973 •9412 9734
Do prat.
9734 .954 957 *94
100 9078 Mar
106
Nov
25
Jun
87
934 Jan
10938 10953 1084 10814 *108 110
108 10814 109 110
110 110
1,000
Do cum cony 8% prat 100 104 Jan
11658.1une 14
90 Jun 112 Sent
558 6
534 534
538 538
638 63
6
534 61
4,600 Booth Fisheries
67
No par
4 Nov 22 104 Aug 30
718 Dee
1
Aug
3
.8
9 4 91
*812 9
9 1 *812 9
.813 93
.812 9 .
100
812 Jan 9 15 Sept 15
. 100 British Empire Steel
84 De
9 Dec
O70
75
*71
74% •71
•70
73
73 .____ 73
Do lot Prof
747 .70
100 68 Mar 2 76% Apr 15
Dec
55
58%
Dec
•24
20 *25
26 .25
26
*25
26's 26
27 .25
100
27
Do 26 prat
100 1918 Mar 17 39 Sept 14
22 Dec 23% Dee
113 113
11212 113 *112 113
11234 1124 *113 113/
1
4 113 113
600 Brooklyn Edison, Inc
100 100 Jan 3 12458 Aug 30
Dee
Jan 101
88
.
111 114
111 111 .110 112
111 111 .110 112 •110 112
200 Brooklyn Union Gas
100 70 Jan 31 12413 Nov 2
Jan 7613 Nov
51
60
60
5.57
61
.57
61
60
61% 6014 6014 .5912 6112 3,300 Brown Shoe Inc
100 42
Tan 16 64% Sept 11
.Nov
463
33 Fe
•134 214 •134 2
*14 2
•134 2
•134
.134 2
2
Brunswick Term & Ry Se: 100
112June
22
5381uno 6
213 Au
514 Jan
14134 1421z 142 14213 14113 142
141 14134 14134 14213 14212 1424 2,100 Burns Bros
100 11312 Jan 10 197 Dec 7
8114 Jan 1224 Dec
40
4012 3918 3914 3914 40
39% 3912 39% 40
40
4012 2.103
Do new Class B corn
2838 Jan 19 53 0t 19
3324 Dee
314 De
•9634 100
*904 100
*9634 100
.9634 100 .97 100
*97 100
Bush Term Bidgs, prof.,. _ _100 8714 Jan 3 1011
:Nov 6 2874 Dec 90 Nov
934 101
1014 1012
913 1013
978 1018
10
1014 10
104 13.000 Butte Copper & Zinc v t c___5
1018 Dec 12
514 Mar I
614 Dee
314 Au
21
21
.2012 21 1 2012 2012 2053 208 20
20
19
SOS Butterick
1912
100 15 Nov 27 34 Feb 3
1412 Jan 33% Des
*3113 32
3112 3112, 3114 3153 303* 31
1,400 Butte & Superior Mining_ _ _10 20% Jan
304 304 3034 31
Dec
Oct
22
354
5
Jun
1014
74 *7
*7
8
714
712 858
7
7
812 814
812 5,300 Caddo Central 011&Ref No par
6% Dec 29
1513 Apr 15
7% Au
1938 Apr
*8214 83
82
8214 8112 8218 8134 82 I *8112 82
82 . 1,300 California Packing
82
No par 68 Jun II 8112*Sent 12
535 July 74 Nov
708 7234 8958 7412 7158 7414 723s 7658 76
805* 8013 8312 228,100 California latroleum
100 4318 Jan 10 7178 Jan 5
Jan 503* Dec
25
98
9818 9712 98
9678 97% 9634 97
9713 9814 94
9338 3,003
Do prof
100 83 Jan 3 9812 Apr 17
6812 Jan 88 Dec
1014 1058 1014 1012 10
1012 10
1014 10
1014 10
103* 18,500 Callahan Zine-Lead
I
54 Feb 14 114May 27
713 Jan
Aug
334
*5712 6018 *55
57 .56
60 .56
60
.56
5712 *55
Calumet Arizona alining
60 I
I
50% Nov 14 6612June 1
4112 Jan (10 Dee
7
8
.718 8
753 •7
503 Carson Hill Gold
.
74 8
7/
1
4 734 *73g 8 I
614 Dec 16
11
Dec 1513 Nov
3
3
314 *3
1638 Mar 29
*3
353 *3
318 318 .3
313
200 Case (J I) Plow
313
No par
3 Mar
912.1une 6
1014 Apr
•70
3 Nov
79 .70
79
7513 7512 75
75 '575
300 Case (J I) Thresh M,pf ctf 100 68 Feb 8
7612 7612
78
21 934 Aug 23
63 Dec 8538 Feb
33
3358 3214 33
3253 3313 3258 324 33
3313 3338 34 1 5.700 Central Leather
100 2938 Jan 10 4418 Sept 13
Aug 434 Jan
2218
08
69
67% 6738 6814 694 • 6738 6814 .68
684 6814 6914 1,000
Do prat
63% Jan 6 8234Sept 14
Jan
5718 Aug 96
4312 44
4314 44
4334 4334 454. 14.993 Cerro de PaSCO Copper_No 100
43
44
433* 4334 43
par 3234 Jan 4
.
41
23 Mar 3612 Deo
46
*41
46
4114 4114 .4114 46
.41
451 *41
4513'
100 Certain-Teed Prod_ _ _.No par 34 Feb 14 4638 Dos 18
Jan
44
87
53.8June
Aug
6834 8638 6813 6658 68
22
7
6618 6778 674 6818 6718 691
/
4 18,300 Chandler Motor Car__.No par 47% Jun
Apr
*83
5 7914 Apr 6
381* Oct 86
84
84
85
85
8258 814
85
8318 823* 8258' 2,100 Chicago Pneumatic 'Fool 100 60
Jan 14 8958Sept 9
27% 281 1 2818 2918 2834 2912 2914 2913 828
Am; 704 Jan
47
29
140.500
30
304
::.93
4
Chile Copper
25 1518 Jan 5 2 114 Nov 91
263 2753 2534 26
9 Mar 1678 Dec
2638 267
2512 2614 26
2613 2534 2638 4,000 Chino Copper
5 2214 Nov 27 335,June I
674 6734 6714 6714 66
1912 Mar 2912 Dec
6618 66
6613 6612 66% 604 87141 1,909
7858 7953 7734 784 77% 7934 7773 7914 787 7984 7734 7912' 14,300 Cluett, Peabody dr Co__._100 43 Jain II 7014 Dee 301 3614 June 6212 Jan
Coca Cola
No par 41 Jan 5 8234 Oct 141
2634 27
19 Feb 43% Dec
26
26
2512 26
2513 3512 2553 251_ 26
900 Colorado Fuel & Iron
26181
100
1053 107
105% 106
104:/
1
4 106
10413 105
105 1054 10512 10778! 8,700 Columbia Gal & Electric_ _100 24 Jan 10 37 May 18, 22 July 32134 Nlay
64%
1147
218 2,4
Jan
3
4
Juno 67% Dee
141
211 214
Sept
52
24 2,4
213 214
24 25*
212 2341 13,300 Columbia Graphophone No par
114 Jan 26
912 1053
1234 Jan
238 Aug
912 912
534June 5
912 938 *934 10
10
115
1,900
, 12
12
Do prat
100
5
Feb
21
June
9
69/
1
4 1393o 69
3
Dec (12% Feb
312
6914 6918 6914 .69
70
6918 7012 71
7138 1,400 Computing-Tab-RecordNo par 5514
Jan 3 7934 Apr 2611 2834 June 58% Dee
3714 3758 3634 375
.3618 37
36
384 3714 36
37
3758 2,400 Consolidated Cigar.,,,_No par
1832 Feb 10 4234 Oct 5
82
*72
*81
13% Dec 59% Jan
81
.81
82
82
82
81
8212 81
800
81
Do prof
47 Feb 27 8714 Nov 10
I.
12
.311
•53
63 Dec 89 Feb
I2
032
*38
323
Consol DIstrIbutors.Inc No par
4 .
12
*38
12
14 Feb 17
Mar
4
12112 12212 121 1224 123 12412 123 1234 124
4 Sept 10 Mar
16
2,
4
2,900 Consolidated Gait (N Y) 100
124 .123 124
Jan 50 14534 Sept 15, 7712 Jan 95 Noy
1134 1238 1134 12
12
1214 114 1214 12
12% 124 1213 32,100 Consolidated Testile___No par 8512
9 July 25 1538 Apr 20
Jan
12%
Aug 21
120 12112 120 12112 12078 12214 1204 122
122% 12338 12312 12414 6,900 Continental Can, Inc
100 453 Jan 4 11114 Dec 15
.91
92
9412 .91
Jan
34% Aug 66
92
94
.91
94 .91
100 Continental Insurance
94
94
.91
25 66 Jan 20 933* Aug 22
12412 12618 12514 12573 12438 12658
Dec
12518 126
73
Aug
.5853
126
8
127
17,110
1267
Corn
12538
Products Refliaing___100 91,4 Jan 4 1345 Oct 21
1194 120 .11814 120
59 Juno 9914 Dec
$119 120
120 120 .120 12114 12012 12013
400
Do pre(
100 111 Jan 10 12234 Nov 14
96 June 112 Dec
5058 5153 5058 5214 524 5318 5218 .5518 5412 5573 553 565* 190,500 Cosden dr
Co
"Jo
3138 Jan 1
51 Dec30
22% Aug 43% Apr
68
694 7134 8712 70
7014 6734 6914 68% 6938 6934 715* 34.700 Crucible Steel of
Ameriea_ia)Or
lp
'524 Feb 27 984Sept 5
9053 9058 93
49 Aug 10718 Jan
93
•92
93 .92
93
*92
92
93
300
92
Do pref
100 80 Jan 17 100 Sept 6
1313 1312 1314 14
Jan
77 June 91
1358 1358 13
1313 1338 1314 134 138 4,400 Cuba Cane SugarNo
par
ills
Jan
11
1934
39
Mar
3938 39
5% Oct 36 Feb
4012 3814 3978 38
15
3814 38
3853 3812 3978 13,000
Do prof
100 1514 Jan 3 4178J1ly 27
6812 Dec 1318 Feb
25
2453 2514 2438 25% 24
24
2413 243* 2458 2412 25
15,500 Cuban-American Sugar____10 1412 Jan 3
28 Aug 4
1078 Oct 3334 Feb
101 101 *100 101 *100 101 .100 1003* 10012 101
101 101
530
Do pref
100 784 Jan Il 10212 Dec 13
68
Oct 95 Feb
3212 3234 324 3314 317 3314 3253 3318 3278 334 4,500 Davison
34
*32
v t c_No par 2312 Nov 25 6538 Ayr 6
23 Mar 59% Nov
2438 2438 2438 2138, .24
2438 2412 245 .2438 24% 244 244 2,200 De BeersChemical
Cons Mhacs_No par
1512
Jan
3
283
Jan
8may
13%
21
2
June
10712 10712 10678 1067e'108'2 109 .10612 109
109 109 *10612 1004
300 Detroit Edison
100 10038 Jan 11 1102 Aug 30
Oct
9313 Nov 100
4358 4358 4338 4358i 4334 4313 427 43
4234 4234 434 4312 1,500 Dome Mines Ltd
10
Nov
104 Jan 2114 AD:
9334 9453 9414 98331 908 9918 96
97
15,700 Eastman Kodak Co___ _No par 70
9618 964 96
97
812Julyy
j
11;2
3
21
_
11218 115
112 113781 Ill 11414 110 1124 1104 112
5,100 El du Pout de Nein & Co_100 105 Dec 29 16934
112 113
*551, 8614 .834 8412 *83
Nov 10
811
88
8513 86
nor. cumul nroterred
11)11
8412 8412 8412
100 80 Juno 12 an view 8
_
_
•Bid and asked prime; no gales On BM day. 4 FIX-01v. and Manta
Assessmeat paid. z Ex-rights
Lx-div. 1E2-900% stk. div. 3 Par value $10 per share.




811e

160

New York Stock Record-Continued--Page 3
For sales during the week of stocks usually Inactive, see third page preceding.

HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Monday. 1 Tuesday. !Wednesday. Thursday.
Jan. 11.
Jan. 10.
Jan. 9.
Jan. 6. ' /op. 8.

SCUUrdaY. 1

Friday,
J7n. 12.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
R7nge for year 1922.
On haste of 100-share lots
Lowest

Highest

PER SHARE
Range for
Year 1921
Lowest

HIgheet

8 per share $ per 'hare 8 per share $ per share
4012June 17 5834 Des 4
Jan
2534 May
1414 Jan 25 2412 Dec 1
16
9% May
213 Dec
253 Jan 4 1113June 5
Dee
Jan 81
52
7614 Jan 10 9473 Dec 30
Jan 10613 Dee
104 Jan 5 109 Dec 8
87
754 Jan 10 107 Sept 6
44% July 824 Apr
74% July 97 Dec
9113 Jan 28 10738 Sept 5
9 Jan 3 161zMaY 17
51a June 13% Dec
3712 Mar 14 6234Sep 20
21 Sept 4312 Dec
75 Jan 5 218 Dee 22
Jan
75 June 90
7613 Jan 5 10314June 14
57 Sept 84 Dec
lO38Nov27 1912 Apr 25
8% Aug 19% May
912 Aug 204 Jan
1214 Jan 24 2714 Oct 14
We Jan 1
80 Oct 23
3973 Oct 5913 Dec
3714 Nov 25 733 July 20
3913 Aug 78% May
69 Nov 22 111 July 20
77 Aug 1171s May
65 Mar 3 3434 Dec 9
54 Jan 7032 Dec
94 Jan 4 109 Oct 25
804 Apr 954 Dee
136 Jan 9 190 Dec 19 1094 Aug 143% Dee
814 Jan 6 1514 July 15
9% Aug 1614 Jan
145 1434 1414 1458 1414 1438 1413 1438 144 1412
1434 147
69 Jan 24 86 Sept 2
63 June 75 Dec
8414 8458
84
*8334 8412 *8334 8112 84
*8312 8.5
85
85
60 Aug 734 Dee
6734 Mar 6 9614 0..t 13
84
84
*8334 84
8312 8313 *8312 84
84
8412 841y 81
69 Aug 85 Dee
7914 Mar 8 100 Sept 1
97
9714 961 974 9634 9634 97
9712 9712 971p 9712 97
9% Nov 16 1814June 2
•1013 11
11
117 1174 1114 1114 1114 1112 *1012 1113 11
2812 Nov 25 4473May 31 '265,June 4413 Jan
3633
35
3514 3412 3514 3138 35
3534 35
35
3513 38
6213 June 86 Dec
7912 Nov 13 91 Apr 22
8614
• 8412 8413 8412 8412 *8414 8412 8114 8-133 8412 8412 85
15 Aug 344 Nov
22 Nov 14 35 May 24
2414 2414 25
2614
25
*2434 2512 245* 2478 2412 2412 *24
94 Jan 1634 Mar
8 Nov IS 1973May 31
1314 *1212 13
13
1234 133* 125* 1314
*1212 13
*1212 13
19 July 294 Dee
29
8May
1
Nov
22
345
27
25
26
27
*25
27
*24
255*
27
*24
28
*25
54 Dec 1678 Jan
7 Feb 10 1453 Mar 15
1013 1033 1018 1018 *1018 1012 •1013 1012
10
*958 1012 10
25 June 5074 Dee
4473 Jan 9 9473 Oct 9
7912 7812 7912 794 8112
8034 7812 8034 78
7812 8114 79
3% Mar 18
34 Jan 20
13 Nov 1333 Jan
24 212
133 *114
112 *15*
13
122
133 138 *133 112
13 June 2513 Apr
15 Jan 12 2884 Sept 16
*1873 19
20
*19
20
1912 2014 *19
188 20
*1834 20
Mar 61 May
15
Nov
82
494
14
Jan
55
3
79
*79
79
4
3
79
4
793
80
*79
80
79
*79
•7912 80
404 Aug 86 May
6114 Nov 27 9134 Oct 9
7258 7212 7514
694 7112 71
717
6912 7034 70
70
70
101s June 1634 May
1078 Jan 6 2618 Dec 11
23% *243*
225* 23
245* 2434 2412 2434 2214 24
25
25
6 Dec 2034 Jan
312 Feb 9 1413.1une 3
412 45*
412 45*
411 45*
612 612 *458 5
514
5
2 June
74 Jan
1518 1512 1512
34 Jan 27 1.534 Dee 11
1514 15
1412 1434 1414 1414 1412 14% 15
813 Dec 1584 Jan
5 Jan 20 1153June 7
7
*614
612 712
*614 7
614 614
64 612 *64 7
Mar
29%
1
Dee
June
45
4214
27
Nov
31
3112 3134 35
354 3.54 3453 3453 3412 3434 344 343* 34
6 Aug 1334 Jan
5% Dec 14 1134May 4
712 712
712 713 *712 812
812 *7
714 37
74
*7
Deo
31
Jan
57
14
Mar
434
27
Nov
2813
33
3212
327
*32
4
323
317 3213 32% 3234 3212 3212 *32
21 June . 29 Nov
8,200 International Cement__No Par 26 Jan 23 3834May 8
3712 3733 37% 38
39
3612 3612 3612 3714 37
3612 37
No par 2013June 30 30%Sept 20
2414 23% 237
2418 2428 247 2578 4,300 Inter Combus Eng
2434 2434 2412 24341 24
67% Aug 1001, Feb
8933 2,200 Internet Harvester (new)_ _ 100 7933 Jan 3 11578 Aug 14
89
89 I 8834 89
8814 *8858 89
88
89
89
89
9914 June 110
Jan
100 10513 Feb 14 119 Sept 18
Do pref (new)
100
116 •____ 11612 *112 116
11614 11614
*116 117 *116 118
74 Aug 1714 Jan
8% Dec 27 2712May 3
600 lot Mercantile Marine..__100
1014 *1014 1012 1014 1014
1014 10
1012 1012 *97 1012 *10
Aug
Doe
4
673
36
28
Dee
41%
873
100
8MaY
prof
3
Do
4.700
4412
4412
4
433
2
44
455*
4
454 4412 4514 433
4412 4513 45
11 13 Aug 17 May
154 5,100 International Nickel (The) 25 1114 Jan 9 5413Sept'12
15
1434 15
1434 1512 1414 15 I 1473 1514 147 15
60 Dec 85 May
60 Jan 4 85 Jan 20
Preferred
7712 774 *7512 77100
700
*7712 78
77
75 I 77
75
*7114 75
Aug 7334May
38%
10
Oct
s
7
8
Mar
4313
I
63
7
100
Paper
International
52
53
13,800
53
5112 51
5114 5112 51
5114 62
52
61
67 Aug 75% Nov
100 69 Mar 9 8013Sept 11
Do stamped pref
200
71
7112 71
571
72
72
73
74 I *71
7412 *71
*73
Aug 20
54
17
Apr
Jan
24
2014
Corp
1218July
50
011
Invincible
8,000
15
1453
1514
15
1514
15
153
15
*1512
1512
1534
15
2213 Sept 40
Jan
900 Iron Products Corp_ ___No Par 24 Jan 19 534 Oct 16
4214 4214 4214 43
44
*42
44
4312 *42
444 *40
44
2 Sept
4% Jan
3 Jan 25
14 Nov 18
10
a
t
v
Tramp
4:
Oil
Island
4,200
3
3
2
3
8
3
%
3
3
14
%
3
3
3
3
%
38
4
4
Dee
1213
Jan
2
2212May
4
Jan
10
100
Inc
Tea,
Jewel
19
1.800
1914
19
19
19
194 194 1912 1912 1912 1912 1912
8% Jan 46% Nov
3812 Jan 4 76% Dec 18
Do pref
72
*7012 72100
72
600
73
*71
7313 7312 *7213 76
73
071
1912 Jan 3834 Dee
100 344 Feb 11 5773Sept 21
5112 5112
800 Jones Bros Tea, Inc
5073 5114 5112 513
*5012 5112 *5034 5138 5011 51
3
9 Nov
26
Dec
14
Jan
712
10
Gulf
44 Oct
25
25* 23
25* 25*
3'l 11.600 Kansas &
214 212
214 25*1
4 284
_
_
34 May 1 4853 Aug 3
4114 4134 4333 4.900 Kayser (J) Co, (flew)__No Par
421, 4034 41
41
91
41
40
4014 41
9
par
_No
10612June
1
May
94
(new).
preferred
1st
103
*101
102
300
102
104.
103,*102
103
103
*102
O103 105
Aug 54's May
25 3414 Jan 4 5334May 5
4812 504 43,100 Kelly-Springfield Tire
4834 4712 4734 49
4834 4838 4612 47341 4612 48
7014 May 94
Jan
Temporary 8% pref.__ _100 9012 Jan 4 10784May 9
200
106 107
10453 10438 105 105 1.'104 106 *104 10534 *10434 106
70
5
June
86
80 June
3
May
Jan
7113
preferred
90
*8312
6%
90
100
*8312
*8312 90
*8312 90 I *834 87
*8312 90
35 Mar 69 Nov
100 61 Feb 9 11513 Dec 19
1,100 Kelsey Wheel, Inc
103 108 *103 107
107 ' 11212 *10812 110
106 106
*105 108
16 Mar 2773 Dec
No Par 2513 Jan 4 3958May 31
3634 3612 367 17,600 Kennecott Copper
3613 3611 3553 3813 357 3633 36
3633 367a
814 Jan 1774 Mal
434 Nov 13 243sMay 4
11.200 Keystone Tire & Rubber__ 10
94 10
912
94 934
9
0% 9%
8% 914
9% 10
Jan 177 Dec
100 109• Oct 4 18913 Nov 10 130
500 Kresge (9 9) Co
183 183 *180 185
183 185
183 18312 •183 185 *183 185
32 June 5813 Jan
100 44 Feb 27 85 Oct 10
Lackawanna Steel
77
*75
40
Jan
28
574 May
Aug
43
9412
13
Jan
Louls)____100
iii100 Laclede Gas (St
85
-1 -id ii- .-0.85- -8:4- *84
-8:6-1 ;81
-1i5
;"85174 Jan 30 Dec
2813 2813 284 2878 2934 3,000 Lee Rubber 4: Tire_ ....No par 2414 Nov 28 3513 Mar 16
28
•275* 2812 27% 2834 *2712 28
164
Jan
13814
18
Oct
Dee
235
100
18
Feb
153
Tobacco.
Myers
&
Liggett
218
*208
500
21712
215
,*206
210
21712
210
1
220
4
2187
220 220
9733 Jan 110 Nov
108 Jan 10 12312Nov
Do pref
300
*11713 11814 11813 11813 1174 1174 *11312 1164 11613 11613 •115 117100
5914 6014! 594 60 I 5934 6034 597 6012' 60
6034 11.100 Lima LocoWkstempctfsNo Par 52 Nov 25 11773May 25
597 61_
874 Aug 166i4 Dec
100 93 Jan 30 12518 Aug 30
____ *112 ----------Preferred
__,*112 ____I 123 123 *112
_ *112
*112
10 June 214 Mar
10% Jan 28 23%Sept 18
al Incorporated_ _ _ No par
Local's
195a 1913 1934' 1913 1938 19% 1912 19
197s 8
1913 1933 -1912 -7
12%
4
8
Jan
Aug
3
par
No
1414MaY
9
Jan
9
Incorporated
1114
11
1114
Lott
2,100
1134
1112
114
1112'
8
*115
1112
1112,
4
113
1153
100 14714 Jan 6 180 Sept 8 136 Feb 1644 Feb
165 165900 Lorillard (P)
16114 16114 1634 18312 183 163 *162 165
16312 164
Jan 111 Dee
100 104 Feb 4 121 ()et 28 MO
Preferred
*116 121 *116 121 •116 121 *118 121 *118 121 *118 121
5915 Jan 72 Dec
100 72 Jan 5 117 Det 18
Mackay Companies
•104 1053* •105 108 j*105 10712 *10512 108 *105 108 *105 107
55 June 62 Dee
100 57 Jan 13 70 Nov 6
Do pref
469% 6938 *69
30
693
6933 •69
695* 69331 .6914 69%
69% *69
264 Oct 42 May
11
Sept
8
617
13
Jan
2513
par
No
Inc
Trucks,
Mack
36,900
3
693
6713
I
69
6312
4
633
6214
64
8
5
62
4'
3
63
6213
6412
625*
634 Oct 78
Jan
100 68 Feb 10 9412 Dec 13
9414 1,200
Do 1st pref
94
934 93
94 I 9334 9334 94
*93
93
94
94
Oct 6413 Apr
54
100 54 Jan 6 87%Sept 19
Do 2d pref
864. 8612 8712 2,000
8812 8.534 8534 *8512 8812 86
*86
8.512 86
Jan
10
28
Aug
18
Sept
40
16
Jan
1512
E)&
(H
Mallinson
Co_
Par
_No
304.000
384
38
53:
38
37
3
373
3614
3712
4
3
35
3,
3612 374 3633 377
Oct 8912 Feb
21
100 3014 Jan 3 52 Mar 13
44 I *44
700 Menet!Sugar
45 1 *4312 45 I 44
44
5 I 44
45
45
45
92 Jan 93 Jan
100 734 Apr 3 8414Sept 13
Preferred
*7758 93
*7758 83
*775 83 I *77% 83
83
*77
83
*77
24
Apr
7
69%
par
No
Supply
13
Mar
41
Elea
I
1.720 Manhattan
56
55
55
53
65
*53
53
6673 *52
534 54
*52
18 June 3834 Dee
25 32 Mar 6 6834 Oct 25
4612 4534 46
2,700 Manhattan Shirt
4641 46
4612'4612 *45
47
4834 4714 46
124 Aug 3073 Noy
22% Jan 6 463sJune 19
oo
19,100 Marland 011
2812 2814 29
29
30
28
285* 29141 29
2714 2833 28
27
6 Oct 1913 Jar
Mar
3
263
4
Mar
par
512
No
-Rockwell
Marlin
*913
12
12
•912
*911
12
12
*912
100
12 I 1014 1014
•I0
13 Sep
22 Dee
100 Martin-Parry Corp.. No Par 2014 Jan 4 3614June 3
*2834 2914
303* *2834 29
*2834 29
3012 *29
2912 29121 *28
Ills Aug 24 Nov
4
Nov
54
11
Jan
22
50
Works__
Alkali
Matbleson
61
50
2,700
5314
I
•48
50
50
*48
60
50
50
5014 5014
17
4May
June
38
743
4513
28
Nov
14
41
100
Dee
A
Class
Mot
52
3,100 Maxwell
527
517 52
52
5134 52
5212 5114 5214 .52
52
8 June 15% Dee
II Feb 15 2573June 8
1653 1714 1658 1673 1614 1658 1612 1712 7,500 Maxwell Mot Class B..No par
1653 17
164 17
12
Dee
Jan
654
179
16
Dee
6515
114
100
Stores..
Dee
Department
7112
754
7314
May
7212
7333
704
684
44,700
6912
7014
6838 6712
68
_
10% Jan 10 2153 Mar 23
1814 17% 1814 1818 1812 184 18'4 1814 1812 3.200 McIntyre For Mines
1814 1814 18
8413 Aug 16714 J$5
322 Dec 21
10
Jan
4
1063
295100
Petroleum
Mexican
290
*280
*280
290
*280
285
270
320
*280
290
*275
100 7914 Jan 12 108 Dec 20
Preferred
*100 106 *100 106 0100 107 *100 106 *100 106 •100 108
15 Oct 7 3412July 13 1614 1673 4,000 Mexican Seaboard 011__No par
17
1633 1653 1634 1634 1612 1713 1634 1734 17
13
3218July
5
Oct
12
attar
trust
Voting
1512
16
6,600
16
153
1612
8
157
157
157
1614
1578 1614 1.573
6 25 Nov 15 3I%May 31 Ids; -111; -11- -nee
27
2678 2714 271z 2712 1.900 Miami Copper
2714 2773 2713 2714 2712 274 27
10 July 164 Nov
10 11 Nov 15 16 Apr 17
Corp
115* 1178 1112 1178 115* 1178 1153 11% 1112 1218 1173 1214 40,000 Middle States OilOrdnance. 50 2613 Dec 28 4514May 17
22 June 334 Jan
&
Steel
28%
2814
28
Midvale
273.1
13,100
2814 2814 2812 273 2838 2778 2813
28
43 Aug 6438 Dec
100 63 Jan 4 763813ept 1
*6614 6714
67
500 Montana Power
•66
66
6812 66
6633 *66
69
*6712 69
1258 Dec 25 May
10 12 Feb 11 25% Aug 11
2112 2153 2134 2134 2114 2134 7,900 MontWard dr Collis Corp
2213 2153 224 2138 217
22
1714 Dec 4 34 Mar 31
m
No parer
1734 July 2871 Jan
24
244 *20
Mullins Body
no
24
*20
25
*20
25
*20
50
*20
913 Nov 14 2114 Apr 25
104
Dec 30
1112
Acme
Illy
National
Jan
700
1112
*1114
12
*1114
1112
*1114
12
•1114
3
115
1112
100 3678 Dee 30 270 Dec 2 102
Jan 1284 Dee
9034 .58,100 National Biscuit39'2 39
3838 3912 3834 3958 3873 3953 3834 3914 39
100 11312 Jan 4 128 Oct 20 105 Aug 120 Jan
Do pref
500
1214 12114 121 12114
*119 122 *117 120 *117 122 0119 122
100 26 Jan 17 667*Sept 13
15 Sent 85% Jan
6114 6114
800 National Cloak & Suit
•61% 65
65
5.131
63
65 • 63
64
*8112 65
1 Dee 18
413 Apr 13
5 Jan
600 Nat Conduit ee Cable__No 2.ar
% Sept
112
112 *114
113 112 *14
I% *114 112
112 14 *114
11
Jan
30%
684 Oct 21
20 Aug 65 Feb
654 6638 6514 6613 6578 6612 6612 6814 6712 6853 15,700 Nat Enam's & Stampl__ _100
67
66
85
100
12
Jan
Dee
12914
11
Dec
July
Lead
87
126
12414
6754
8
National
1247
3
1247
2,100
125
12412
125
*12412
12513
126 1264 125
100 108 Jan 10 117 Oct 5 100 June 108 May
Do pref
500
11312 11312 114 114 *11312 11412 11353 114
.11312 114 *11312 114
1533 Dec
5 134 Nov 15 1913June 1
Mar
Consol
9
Conner
1512
15
1512
Nevada
15
3,400
155*
1514
154
1514
1512
1512
4
3
15
4
153
2914 1.400 N Y Air Brake (new)--NO par 244 Nov 27 4153Sept 2
28
*27Iz 28
271z 2734 28
27 .27
27
*2712 28
1110 20 Nov 25 46 June
2053 Feb 39 May
600 New York Dock
2212 2212 2212 *2112 24
224 *21
225s 2212 2218 2212 22
100 46 Nov 25 684June
Jan 5712 May
45
60
4
*483
Do pref
65
*4614
65
*4614
65
04614
65
*4614
*4614 65
1173 Dec 28 23 Feb 2
Shipbuilding
Par
No
13 Dec 53 Feb
14
*12
14
N Y
*12
14
*12
14
•12
14
*12
14
*12
50 444 Jan 4 10124 Dec 3
5 15,000 North American Co
3214 Aug 46 Dec
104
10312
104
3
1023
3
1027
101
4
1033
10112
104
10214
104
102%
W 38 Jan 7 4714 Aug 2
3173 Aug 414 Nov
Do pref
454 4514 *4413 4514 2,500
4514 44.54 45
4514 45
45
45
45
13 Dee
is Dec
313 Jan 13 29 Oct 1
*284
Rights
_100
Coal_
4
203
Feb
2018 Nov 39 Mar
&
28
Steel
40
28
4
0263
Scotia
1
Sept
ii"
Nova
200
iiii..
"i"
W
'lir:
iii
iil If- ,iii" If3 Jan
127
par
Mar
_No
14
(The)___
July
8
84
3
Mar
Co
4
123
200 Nunnally
1012
1012 *9
*9
10
*9
10
10
10
*9
*9 .10
5 Nov 15 1414 Apr 1
714 Nov 1133 Dec
7
7
7
7
74 913 3,100 Ohio Body & Blow... NO par
712
07
8
*7
8
*7
Jan
4
May
134
5
4
13
Am
of
17
&Ref
Dec
19
Prod
433June
2
2
Oklahoma
3,400
3
17
s
17
8
17
I%
17s
173 2
178 2
0 May
312 Aug
412 Jan 6
900 Ontario Silver Mining__ _.100
9% Mar 2
*512 612
5
5
613
513 *434 613 *5
5
514
5
30% Apr
Dec
14
1
28
3
123
Oct
Inc
6
Jan
Circuit,
19
19
1914
3,400
Orpheum
19
4
3
18
1812
1813
1813
1712 19
*1712 18
87 Aug 148 May
100 118 Jan 4 16834 Oct
15012 151
1,300 Otis Elevator
15034 15034 *14934 151
15012 15012 15034 152
15212 153
Jan
16
8 Nov
No par
6 Nov 29 1612 Apr II
83* 838 2,800 Otis Steel
84 814
818
8
8
812
gis
8%
828
822
24/14 Nov 5433 Jan
25
Jan
3
247
26
42%Sept
27
4312
425*
4112
Bottle
Owens
29,900
8
423
418
3978 3958
3814 38
3812 38
38
Jan
1914
Deo
4
13
27
Apr
Deo 28 1418
84
78 12.700 Pacifica Development
NI
114
88
*12
02
*12
58
12
34
Ina
34
4614 Jan 68 Dee
AO Jan 30 9114Sept 15
5,300 Pedlar claw A Electric..
8012 81
gist 795, 8012 8012 8134 8011 8112 8073 81
81
"Ex-right..
•Ma and Raked prices: no eake On this Gay. 8 Lees than 100 Owen. a Ex-dividend and rightn. •Ex-dividend.
'sh:re $ ,,, sh Ire
per sh7re $ per sh7re 8 ner shire 8 ne,
per share
557 56
554 557
5514 56
5513 56
55% 5573 5512 56
19
1914 19
19
19
19
20
•1913 2014 1914 191y *19
4.6%
612 812 *612 812 *612 812 *612 812 *612 812
9113 8312 9114 90
9154
9053 91% 9114 9212 9034 9214 90
*116 119 •115 118 •____ 11758 *115 1175* 1175* 11734 11714 11734
8914 9014 897s 9014 8912 904 8812 8934 8612 8912 884 8938
99
998 984 99
9814 9812 9814 9813 *984 99
*984 99
*834 1012 *834 1012 *834 1013 *834 034 *834 934 *834 1012
4712
47
47
46
47
46
48 I 47
47
*4812 4934 48
20114 20114 20212 2124 208 208
204 20412 201 201
20.5 205
9714 *97
9714 97
9712
9714 *97
9714 *97
*9714 977g 97
1418 1458 1414 1434 1412 155*
1312 1334 1333 1412 1414 15
194 1958 195* 19341 1912 2114 2034 2134
20% 1912 20
20
*674 68
*6634 .68
68
*67
68
68
6614 6812 6712 68
4614 4711
4734 4612 481g 464 48% 454 4713 4512 47
46
80
418
7834 80
7734 78
80
81
8012 80
80
•79
85
8413 8412 85
86
84
8234 848 8334 84
83
83
105 105 *103 105 *103 105 *103 105
*105 115 *103 10.5
182 183
179 18018 180 181
18134 18134 18012 18114 181 181




Indus.& Miscell.(Con.) Par
Electric Storage BatteryNo par
50
Elk Horn Coal Corp
Emerson-Brantingham___ _100
Endicott-Johnson
50
100
Do pref
Famous Players-Lasky-No Par
Do preferred (8%)- -- _100
Federal Mining dr Smelting 100
100
Do pref
1.200
No par
'2,300 Fisher Body Corp
700 Fisher Body Ohio, Ore!..... _100
No par
21,600 Fisk Rubber
No par
14,200 Freeport Texas Co
No par
900 Gen Am Tank Car
100
53,600 General Asphalt
100
Do pref
.
100
6,500 General Cigar, Inc
100
Debenture pref
200
100
2.300 General Electric
43,900 General Motors Corp_ _No par
100
Do pref
600
Do Deb stock (6%)__.I00
1,500
Do Deb stock (7%)_..100
1,900
No par
700 Glidden Co
No par
4,400 Goodrich Co (B F)
100
Do pre!
1,100
2.100 Granby Cons M,Sm & Posv100
No par
2,909 Gray ds Davis Inc
300 Greene Cananea Copper_ _100
500 Guantanamo Sugar_ _ _.No par
10,300 Gulf States Steel tr ctfs_ _ _100
3,100 Barbi:thaw Elea Cab..No par
700 Hendee Manufacturing_ _100
100
200 Homestake Mining
100
16,000 Houston 011 of Texas
6,500 Hupp Motor Car Corp_ _ _ 10
No par
1,100 Hydraulic Steel
5
2,300 Indiahoma Refining
10
1,200 Indian Refining
20
2,100 Inspiration Cons Copper
100
200 Internet Agricul Corp
100
Do pref
1,100

Shares
4,200
1,100
100
28,500
400
14,400
1,200

New York Stock Record-Concluded-Page 4
For sales durtog the week of a tucks 08ual1y Inactive, see fourth page preceding.
HIGH AND LOW SALE PRICE-PER SHARE. NOT PER CENT.
Saturday.
Jan. 6.

Monday. I Tuesday.
Jan. 9.
Jan. 8.

Wednesday. Thursday.
Jan. 10.
Jan. 11.

Friday,
Jan. 12.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
RariPe fo' ye ,r 1922.
On Oasts of 100-share lots

161
PER SHARE
Range for
Year 1921

Lowest
Highest
Highest
Lowest
Per share 5 per share $ per share 3 per share 5 Per shire 6 ner shire Shares Indus.& M1scell.(Con.) Par $ per share
Per chard
per share $ per share
14
.12
14
•12
•1112 14
.11% 15
*12
Pacific Mall SS
14 .12
14
5 11 Jan 18 19 June 3
8 Aug 1714 Jan
463 4734 4614 48
4634 4814 464 47
4634 4778 47
4734 46,000 Pacific 011
4212 Nov 23 693sMay 4
2712 Mar 50% Dec
89
86
88
8614 8814 8634 89
85
8634 84
89
9038 97,500 Pan-Am Pet & Trans
50 48% Jan 11 10172 Dec 7
Aug 7932 Feb
381s
8278 8014 817s 81
79% 8112 7812 8212 80
Do Class 11
8333 107,100
8253 82
50 4012 Feb 8 95% Dec 7
3418 Aug 7134 Jan
43
•412 5
.4
*412 .5
412 41. •414
43
600 Panhandle Prod & Ref_No par
434 434
3 Dec 28 1212 Jan 4
6
Aug
1313 Dec
.12
14
•12
14
14
*12
*12
.12
Pariah & }Bochum
13
13 .1213 13
No par
97 June 1513 Apr
712 Nov I
17 Apr 12
312 35
312 35
328 3l
312 3%
313 312 8,900 Penn-Seaboard St'l•t c No par
312 3%
238 Dec 28 1353Nlay 24
June 17
Jan
653
9114 9112 9114 92
91 14 92,4 *9112 92
*9134 92
92
2,100 People's G. L & C (Chic)_ _100 5934 Jan 4 99 Sept 15
92
335* Jan 6432 Dec
4234 44,4 4318 4312 43
4234 4314 43
4334 4234 43
43
5.200 Philadelphia Co (Pittsb)
50 31 12 Jan 4 4538Sept 21
2612 Aug 3512 Jan
78 .76
79% *78
*76
80
*76
79
76
100 Phillip-Jones Corp
•75
76
78
'Jo par 734 Oct 30 10518 Jan 3
3713 Apr 10518 Dec
47% 4812 4713 4914 48
5214 5138 5212 64,900 Phillips Petroleum
4912 511
507
51
No par 2814 Jan 11 5914June 7
16 June 3414 Dec
1334 1334 135 151
13% 14
14
141
1334 1438 14
1434 13,600 Pierce-Arrow M Car -..No Par
8 July 24 24% Apr 25
914 Aug 424 May
32
3134 3114 33
32
347
3312
12,100
3312
Do
351
34
pref
33
3453
100 1872July 24 49 Apr 15
21
Oct 88 Mar
412 433
414 41
414 41
4% 41
438 438
43, 412 5,100 Plerce 011 Corporation
25
3% Dec 28 12 Jan 12
54 Aug 14% Nov
424 43
43
42
41
421 •41
43
4312 *41
Do pref
43
4312 1.300
100 32 Sept 27 71 Jan 3
3012
Aug
Jan
78
5512 5673 56
5512 56
3
57
5534 563
5513 5612 55
7,800 Piga Wittg Stor Inc"A" No par 39 Nov 21 591s Dec28
57
59
59
59
59
59
59,
5812 581 *5812 59
59
5912 1,700 Pittsburgh Coal of Pa
100 55 Nov 18 7238Sept 15
62 July 61 Dec
991 .98% 991 *9812 991 *9812 991
*98
99
Do pret
300
9913 9912
99
100 9018 Feb 3 10012Sept 13
82% Jan 93 Dec
39% 401
40
40'2 4012 41
40
4012 401
4012 4012 4012 10,900 Pond Creek Coal
10 1414 Feb 2 41 Dec 29
1212 Mar 1612 May
113 113
113 113
114 116
11334 12153 12214 12612 121% 12514 19,700 Postum Cereal
No par 65% Apr 19 120 Oct 18
•111 -___ *111
____ •111
____ 112 11212 11212 11212 *11212 113%
8% preferred
300
100 10513 Apr 29 112% Oct 16
_
73
74
72
72
71
71
71
7012 71
7112 7212 72% 3,000 Pressed Steel Car
100 63 Jan 12 9.514 Sept 13
48 Aug 96
Jan
*95
99% 96
99% *95
96
*90
Do pref
96
98
100
96 1 *92
*90
100 91 Feb 18 106 Sept 12
83 June 104
Jan
48% 5012 4812 49
Producers
92.800
4738 49% 4738 49
&
5014
49
49141
48%
Refiners Corp_ 50 241s Jan 10 51 Sept 12
2032 Oct 3412 Dec
9334 9412 95
9534 95
96
95
9534 9518 97 1 9638 9738 11,400 Public Service Corp of N 3.100 60 Jan 7 100 Nov 20
Jan 7014 may
54
130 13178 130 13014 12953 13078 12914 130
130 13034 130 130% 8.300 Pullman Company
100 10512 Jan 6 13934Sept 12
8918 Aug 11414 Nov
46
4618 4538 4612 46
464 4514 46
4514 4512 453 4612 6,600,• Punta Alegre Sugar
50 2938July 14 5314June 9
21%
Oct
51% Jan
2918 2813 29
29
2818 2812 2734 2813 273 2818 2818 2812 7,4001 Pure 011 (The)
25 2612 Nov 27 38% Jan 3
2112 Aug 40% Det
*9934 100
9934 997
..993 100
8% preferred
500
9934 9931 *99 100 I *9914 993
100 94 July 20 10254 Apr 25
11434 11434 11714 11712 11412 11434 114 114 *11412 1152 11414 114121 1,100 Railway Steel Spring
100 94 Jan 10 12614 Sept 13
67 July -9-91-2 Dec
•33
3378 3234 3234 .313 33
300 Rand Minot Ltd
*3314 3414 *3313 3412 333 3334
No par
1913 Jan 26 3612Sept 7
19 Apr 26114 Sept
1413 1434 1414 1412 144 1414 1418 1414 133 1418 1378 1418 6.300 Ray Consolidated Copper_ 10 12% Nov 16 19 May 31
11 Mar 16 May
3712 3712 3612 3612' 36
9001 Remington Typewriter•t c100 24 Jan 6 42 Mar 14
36
3312 3414 35
35
35
35
17% June 3834 May
.101 103
*95 103 i •98 102
lot preferred v to
.98 102 *_
102
*98 102
100 55 Jan 12 105 Dec 6
474 Nov 80
Jan
.78
8353 *79
8.5 I .78
82•78
2d preferred
I
83
82
82 .78
.78
100 5012 Feb 23 80% Dec 6
4734 Nov 75 May
2753 29
273 2812: 2638 2812 27
42S78 19,600 Replogle Steel
277
2814 27
No par 21 Nov 27 3812Nlay 18
18 June 39,2 Jan
49% 5014 4914 50 I 4718 493
4713 4778 48
4832 483 51 1 11,200 Republic Iron & Steel
100 4313 Nov 27 78%May 29
41 18 June 7314 Jan
89
90
90
90
89
89 .89
8934 8934. 1,000, Do pref
90
90
90
100 74 Feb 24 9534May 31
7514 Oct 9614 Mar
____ ____ ____ ____ ____ ____ __ ____ ____ ____ ____ __ _ .1 ------ 1 Republic Motor Truck_No par
112 Nov 14
1438June 2
6 Dec 24% Jan
4712 4772 4738 473
3
4714 47
4818 48
47
4812 48% 4938' 28.4001 Reynolds(R J) Tob Cl B. 25 43 Mar 27 63% Nov 21
•...... 116 *___ 116 *112 116 *112 116 *112 116 .•114 116 I
1 7% preferred
100 111 18 Apr 11 118% Oct 19
51
5112 50
5114 5134 1 5112 5232 16,500 Royal Dutch Co(N Y shares)- 47% Jan 21 663sMay 3
5012 5012 51,4 5114 52
4013 Oct
1812 1812 1818 181, 18
18
18% : 0 StJosepb Lead
18
1818 18
18
18
10 1253 Jan 9 20)4 Sept25
1012 Aug 1418 Dec
.214
253
214 214 .2
aat) San Cecilia Sugar•t o_No parr
212
238 233 .2
212 .214 212
g VI
1)
(113 Alaun
C'
,Mar 21
14 Oct
.5% Feb
*1813 19 I . 19
2038 1934 20% 20
2012' 2,600 Savage Arms Corp
2018 20
2014 20
24% Apr 1
8% Oct 23% Jan
Saxon Motor Car Corp_ No par 33,8
1 *138
112
1 18 Feb
veb 23
1
514June 2
24
634 Apr
Oct
87
-i,6T4 -8738 -8 ,-,;s 161; -gs.ii, 8754 8634 8734 10,800 Sears, Roebuck &Co
s
100
94% Aug 14
5414 Dec 9834 Jan
•107 112 *10612 111 14 .108 111 *108 111 *10812 111 ,M0812 111
Preferred
100 91 Jan 5 112 Aug 22
Nov
85
June
104
77
8
77
8
8
8
700 Seneca Copper
8%
No par
778 •77
8
8
6 Oct 13 2314 Jan 3
78
1234 Mar 2512 Nov
900 Shattuck Arizona COPDer-_ 10
•834 9
813 813
9
*834 9
813 813
9
6% Nov 2 12 June 2
478 Jan
9%
Dec
- a'7i4 1
/34 .3613 3734 37% 375* 3738 383, 38
38% 3812 2,000 Shell Tramp F, Trading__ £2 3413 Dec 6 4812May 3
38
30% Oct 49 May
3314 3413 321s 3378 3318 3438 331g 3378 3314 3438 3378 3438 46,700 Sinclair Cons 011 Corp_No p% 1%
3834June 9
,
8
4 Jan
16% Aug 28% MAY
lips 1038
lirily
61,2g
.lo
so
e
if
in
(
e
1114
mii 1018 10
1018
1018 10
i
i
1014 1018 1014
oI,2
(
3
) 1178 Oct 4
42
42
42
42
4253 42
42
h
42
.40
42
43
id Steel & Iron 100 34% Mar 7 5412May 13
42
:Jai; 16- Jan
*60
69 I 70
Do pref
70
100
*85
68
*65
70
68 .65
70 .66
100 66 Mar 21 80 Aug 29
681. June 75 Nov
•40
43 I .40
4213
So Porto Rico Sugar
4212 .40 . 43 .40
4212 .40
42% .40
100 33 Nov 17 5714 Star 3
26
Jan
Oct) 103
20
2018' 20)8 2058 2014 21
201g 2014 2018 2058 203g 2053 5.900 SPleer Mfg Co
No par
15 Nov 27 24 June 5
.88
93)4
94 1 .88
94 .88
Preferred
934 *88
93 .88
*88
94
100 84 Apr 28 96 Sept 16
.85
8714! 87
•85
87
400 Standard Milling
8712 8513 8513 8834 86% *8612 87
100 8434 Dec 27 141 Sept In
88 Aug 119 Dec
5814 6053 58
5878 6053 5812 5934 5958 61 18 6018 62)4 51,500 Standard Oil of Cal
60
25 914 Jan 11) 135 Oct 4
6734 June 9812 Dec
40% 417g 4013 4153 4118 42
49)4 99.300 Standard 011 of NJ
41
41s 4114 4214 42
25 3812 Dec 28 25012 Oct 10 124% June 19214 Dec
11678 117% 117 117
116% 11714 117 117
Do pref non votIng
117 11714 117 11714 3,600
100 11318 Jan 7 120 Nov 18 10518 Jan 11412 Dec
96
9814 9711 100
100 104
101,4 10212 101 1027s 104 107% 23.600 Steel & Tube of Am pref 100 68 Mar 10 90 May 25
88 Sept 8514 Dec
61
61 I 6114 6113 61
el% 0138 64
64
63
62% 6338 5,9(10 Sterling Products
No par 4513May 4 6334 De. 5
*115 ____'.115
____ •115 11634 115 115 *11412 120 *11412 _._
200 Stern Bros pref(8%)
100 81 Jan 3 109 Jan 5
83
Oct 119 Aug
7934 81 I 7913 82 I 8138 82141 81
8378 861
: 11,200 Steaart-Wkru Sp Corp_No par 2412 Jan 5 79 Dec 30
83)s 83% 85
21 June 37 Jan
6312 64
63
6515 63
6312 6214 133t4 6378 661
6614 6834 9,100 Stromberg Carburetor_No par 35,4 Jan 6 71 Dee 27
2514
48 Apr
Aug
11334 11638 11314 11514 11334 11633 113 1141
, 11334 115% 115% 117% 215,500 Studebakei Corp (Tbe)
100 7918 Jan 5 1413 Dec 27
4238 Jan 9314 Apr
.110 116 *112 116 .112 116 .11212 114 •11212 116
100
Du pref
11212 11214
100 100 Feb 17 11814Nov 2
10334
Dec
Jan
83
7,4 7,2
712 738
714 712
713 734
738 73
713 81s 13,800 Submarine Boat
No par
312 Jain 31
853 NOV 23
Oct 1032 Jan
3
55
53
512 5%
5% 512
53, 538 1,800 Superior 011
538 51
*512 51
NO par
4 No v 27 1014June 7
Jan
384
1314
Aug
2913 2912 *2914 30% 3018 3012 •2953 30
Superior
29% 30 .2914 30
900
Steel
100 26 Jan 3 3913 Apr 7
26 June 48
Jan
238 253
214
213
238 2%
2% 2%
2% 6,100 Sweets Co of America
253 253
25
10
138 Nov 25
5 Mar 14
Temtor
C&
F
Cl
P.
_No
*14
par
A_
38
14 Oct 21
54 Feb 1
2 Dec 2o34 Jan
-3-134 -121134 12
"1134
-1-1-7S 11* -1-21
10,600, l'enu Copp & C tr ctfs_No par
4 1178 12
83
,Nov I.' 1234May 19
11
Dee
632 Aug
49
4753 4838 4712 4834 48
4778 48% 4734 48% 43
4813 31,600, Texas Company (The)_ _ _ 25 42 Mar 27 524 Oct 10
29 June 48 Dec
5938 5978 5911 5913 5938 60
587 5912 *59
6014 593 62,4 17,900' Texas Gulf Sulphur
10 3812 Jan 4 67% Nov 6 272% Dec 4218 Dec
2078 2114 2058 21
2078 21
2034 21
2058 2114 2114 2153 4,900 Texas Pacific Coal & 011_ 10
181
Nov
22
32301111V
3
124 Aug 3672 Jan
5312 5412 5334 5414 5338 5358 52
5312 5213 5312 53% ,5338 7,700 Tobacco Modulen; Corp_ _ _100 4914
Nov 17 8414June 26
817g 8234 81 13 83
8113 827
8013 81% 8114 8233 82
Do CIA (slime July 15) 100 76% Aug 2 89%Sept 13 - - ---8234 13,200
-_-_
•103 109 *106 109 *104 109 .103 107 .103 10734 010314 10834
Do prof.
100
a
87
813 amla r 3
2 12105,,,m23e.pyt
Jan
7613 June 91
1312 137
12% 1312 1078 1212 11.53 12,4 12
1212
1 154 1214 39,200 Transcontincuta. 011
No par
8
6 Aug
13 Apr
.3314 35
334 33,4 *33,2 35
*311 3412
*3314 35
100 Transit() & Williams St_No par 32 Nov 21 4518 Apr 22
*3213 33
4
28 June 4412 Apt
.66
68
6614 6614 .66
67 .66
67
66
8812 .643* 68
300 Union Bag & Paper Corp_ 100 55 Mar 25 78 Sept 12
Jan
1
4
67 Sept 75
*1814
*---*la
14
015
100 Union 011
14
14
14 •1 12
No par
18 Der 30 25 lone 3
15,8 Aug 2512 May
*831.1
8434 84
84
8434 .80
84
84 .82
83
400 Union Tank Car
8334 83
100 85 Dec 30 13434 Dec 18
87% Sept 1(17 Mar
•10913 110 .109 110
110 110' .10912 110
110 110
11012 11012
300
Preferred
104 102 Feb 9 113 Sept 8
Oct 104 Nov
92
34
5331 35 .3312 35
34
*3314 35
*3312 35
100 United Alloy Steel
.3312 35
No pa, 25 Jan 11 414Mav13
Jan
19 June 34
80
81
.79
80
*70
79
80
80
8034 8238 .80
8178 4,1011 dulled Drug
ILK
607
3
Mar
85
a
Oct 5
Jan
48 Sep 106
•4712 48
4713 47% •4738 48
*47% 48
04734 48
*473 48
lot preferred
200
51
41 13 Feb 18 5178 Oct 5
47
Feb
July
36%
153 15512 154 154
153 15414 *153 154
1537 154 •153 155 I 1,200 United Fruit
10 11934 Jan 4 162 Oct 18 19534 Jun 207
Jan
•I613 1812 •1812 181.1 •1612 1812 .1612 1812 *1612 1812
United Paperboard Co_._ 100 14 Nov 10 2014 Aug
14
-7513 7778 76
7878 7314 7612 7114 744 7214 7312 73
7378 19,400 United Retail Stores.. _No pa
4312
Fel)
6214
28
87%
Aug
May
27
30
4.1
3
30% 30
%
3014 3014 3214 3034 32
32
3238 311, 3253 9,100 13 S Cast Iron Pipe & Fdy.10(
161s Jan 13 39 Aug 29
I I% Jan
72
*713
10 May
.69
70
6912 71
71
71
71
71
.69
71
700
Do met
10(
50 Jan 11 78 Aug 29
.6% 7% *634 7% *634 7%
5713 No•
38 Au
718
*7
7
7
738
200 U S Express
10(
5 Feb 1
8 Aug 14
4% 4% .413 5
Jan
5% Jun
7
*412 6
*412 47
*413 5
413 47
U
1,000
8
Food
Products
Corp..
100
234 Feb 8 1018 Jau 3
020
2114 2034 2034 21
2714 Jan
21
811 Sep
.2014 21 1g •2012 2118 2078 2136
800 USIloff man:Mach('orp No pa
1.12
Nov
2578Mto
66% 67,4 6514 67
11
27
6538 6638 0413 66
6518 6738 67
6S12 26.600 1) S Industrial Alcohol __ 100 37 fan
3514 Nov
6 7278 Oct 16
•97 100
/41-2 .117
I44ti
•9813 99
99
.9612 9814 98
9818 .9712 9814
200
Do pref
7'212 Dec 29 1(12 Oct IS
93
94
93
9414 9114 9312 92
947
84 July 102 Mar
9312 9438 9378 9512 10,600 118 Realty & improvement 101
100
59
Jan
3
92%
5534 57% 5514 57,4 5534 5718 55
Oct
10
6312 Dec
41 18 Ma
5614 56
5714 5714 59% 52,300 United States Rubber
10(
46 Nov 25 11712 Apr ,7
10014 10012 10014 100,2 101 10112 10138 10112 10134 10212 103 104
4012 Aug 79% Apr
3.400
Do lot pref
10(
.39
91 Sept 14 107 July 11
40
40
103% Jan
74 Au
40,s 4018 4018 *39
3953 03912 40
.3913 4014
400 0 S Smelting. Ref & M
5(
384 Dec
33 Feb 27 4834 Oct 4
*46% 46% .46% 40% 46% 46% 4712 4719 •4618 4634 .
26
AD
300
4653 4634
Do
pref
5(
4214 Feb 9 49 A IIK 16
4413 Jan
Au
10618 107
100 106% 10512 106% 105% 10634 10618 10634 1065* 10714 97.933
37
*12218 12234 12214 12232 12214 12238 122 12213 12154 12212 122 12278 2,300 United States Steel Corp..10*) 82 .lan 6 III% Oct 16
Jun
8612 May
7014
Do pref
10( 1133s Feb 3 123 Sept 19 105 Jun
6412 65
64% 6312 611 4 6312 64
64
Dec
115
637g 6458 6438 6514 4,400 Utah Copper
I(
5' Nov 27 71%8.1)1 5
1714 1714 •1612 16%
6632 Dec
16
41 18 Au
1613 1612 1612 16
16
•16,4 1612
600 Utah Securities
100
972 Jai, 18 2318 8ept 20
36
7 Au
3712 35% 3672 36
12% Mar
3678 36
3614 3618 3638 36% 3738 11,900 Vanadium Corp v t o
NO pat
304 Jan 10 SA Aug 30
2518 Jun
9512 9512 •8812 97
Jan
59512 98
41
*90
98 .90
98
•90
98
100 Van Raalte lot pref
10(
92 Jan 17 100 Oct 7
72 Mar 8812 Dec
2518 25% 2413 243 • •2438 25
.2434 25
2334 2334 .2378 25
1,400 .irglula-Carollua Chem_ ...100 2314 Nov
23
3672
63
83
Jan
63
64
.62
Mar 13
2034 July 4213
.6214
64 .62
.62
64
6218 7218
300
Do pref
100 58 July 28 83 Oct 18
•54
57
57 .53
.54
.54
573 July 10'2% Jan
57
5478 547g .54
57
57
50 Virginia Iron. C & C
10
43 Mar 27 902 Jai, 18
85
•80
•80
Jan
83
85
.80
•79
85 .79
59 Aug 95
83 .80
85
Preferred
86
3
10
66
Mar 13
_
*1512 15% 1513 1513 1534 1614 5,900 V1vaudou
164
31
16
15
1512 16
16
(V)
No pa
618 Jali 6 16 Dec 29
1213 1253 *1212 1253 12% 1238 •I212 13
914 Ma,
553 Mar
1253 127
.12
1234 1,100 Weber & Hellbroner
No pa
10% Oct 19 17 41., 24
92
95
13)3 Oct
92
812 Jan
94
9334 9534 *94
9434 94
9412 9434 2,600 Wells Fargo
92
Express
100 6614 Jan 4 9824 Oct 18
4913 Jan 72
Jan
110 110
11012 113 .11112 112
111 11112 11012 11034 110 110
1,800 Western Union Telegraph.100 89
Ain, gp
Feb
1214
8
76
Aug
94
Apr
109 109
108 108 .109 110
110 110 .108 110 .108 109
500 Westinghouse Air Brake
5
80 Mar 16 114 Dec 19
81 12 Sept 9672 Jan
59% 59% 5912 604 60
60% 6034 5934 6014 5934 60
6038 5.6110 WeitInghouse Elec &
Mfg_ 5
4918 Jan 4 6518 Aug 22
2534 2513 26
2534 253 26
3872 Aug 521, Dee
25
25
26
26
2512 26
5,900 White Eagle 011
No pa
514 ()et 25 34 Dec 2:
5012 5014 4913 4934 4913 4912 494 5112 513 52
50
503
8,300 White Motor
3618 Jan 11 54 Sept 12
2914 June -44 - Stay
312 312
312 3%
3% 3%
3% 353
3,2 3,2
312 35
2,200 White 011 Corporation_No 5
218 Dec 27 12 Slay 5
7 July 17% Jan
11 18 11
11
Ills 11 14
11
11
11
1134 *1112 117
11
1,600 Wickwire Spencer Steel.. pa
77
812 Nov 15 217sMay 12
75
1834 Dec
732 8
812 Nov
713 8
7% 734
7% 8
7% 8
22,600 Willys-Overland (The).
412 Feb 17 10 May 211
47% 45
432 Nov
46
45% 4712 4612 48
1012 May
4672 46
47
44
4734 8,300, Do Preferred (new)._ _ 2
_100 24 Feb 17 4912 Joiy 19
23 Aug 42 May
37
36
37 .36
37
37
*36
3612 3612
37
37
•36
600, Wilson & Co, Inc, v t c_No
Pa
2714 Jan 4 5012Sept 15
Jan
2712 Nov 47
97
•80
90 .80
87
*80
87
87
•80
87
.813
87
100
Preferred
100 66 Jan 10 91 Sept 7
Oct 89% Feb
65
220 22314 216,4 22312 217 218
219% 22214 222 223
21913 221
3,800 Woolworth Co (F
10 137 Jan 8 2:3 Nov 20 105 Aug 139% Dec
W)
3213 3212 3212 3213 323 33
33
3312 33
3314 3314 33
1,3001 Worthington P AM
•
t
c_100 2672 Nov 28 5378J uuc 2
3011 Aug 5514 May
•
•____ 84
___ 84 •- . 82 •____ 82
Do pref A
100 83 Mar 31 95 A pr 24
7012 Au
85 Dee
67
67
- 6712 67
68
09 .65
67 .82
•_
67,2
300
Do pref B
100 63 Nov 27 89 Oct
54 Aug 70 Nov
.812 0
834
012 .813 9
•812 9
700 Weieht 4ei
•812 9
834
.nninitleal _Nn nn
ft
Ian 27 11 Aug 22
93 No•
$18 tune
•Ind and staked Price... no aales on tills day. I Less than 100 snares. I Ex-rights
Ex-dividend and (Ulna. s Ex-divldend. e
Reduced to Deals of $25 Dar.
1 Range elope merger (July 15) With United Retail Store, Corp. 0 Ex-d1v. of 25% In Common
stock.




162

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly

Jan. 1 1909 the Exchange method of rioting bonds was changed and prices are now-"and interest"--except for income and defaulted hands.

BONDS
N. Y. STOCK EXCHANGE
Week ending Jan 12

a3

Price
Friday
Jan 12
11.60

U. S. Government.
First Liberty LoanJ D
834% of 1932-1947
J D
Cony 4% of 1932-1947
J D
Cony 435% of 1932-1947
2d cony 435% of 1932-1947.... J D
Second Liberty LeanMN
t% of 1927-1942
N
Cony 435% of 1927-1942
Third Liberty LoanM
434% of 1928
Fourth Liberty LoanAO
434% of 1933-1938
Victory Liberty LoanJ D
4'4% Notes of 1922-1923
Treasury 4101 1947-1952
25 consol registered
41930 Q J
le coneol coupon
61930 Q J
41) registered
1925 Q F
1925 Q F
le coupon
Panama Canal 10-30-yr 26_21936 Q F
1961 QM
Panama Canal 3s gold
1961 QM
Registered

Week's
Range or
Last Sale

Ask Low

101.08 Sale
98 64 Sale
98.64 Bale
98.80 Bale

;

Range
Year
1922

BONDS
N.Y.STOCK EXCHANGE
Week ending Jan 12

r
V:

Bid

High No Low MOD

101.14 101.38 1183 94.84 103.02
98 64 93.90
95.70 101.68
98 62 99.04 252 6.04 101.78
1 96.82 102.00
98.80 98.80

98.22 98 36 98.34
98.22 Sale 98.14

98.44 10 95.76 100 80
98.80 2106 95.82 101.60

98.86 Sale 98.74

99.08 6240 96.74 10198

98.28 Sale 98.50

99.00 4794 95.86 101.88

100 20 Bale 100.20 100.30 3005
99.86 Sale 99.94 100.04 3033
10212 Apr'22
10314 Mar'22
10213 Dee'22
1033$ Dee'22
---- 100 July'21
___- 93,2 93% Dee'22
93% 94 93%
9313

10002 101.00
98.50 100.34
10214 10334
10314 10314
102%105
102% 105%
9284 93'2
79 7915

Foreign Government.

Atl Coast Line 1st gold 4*...21952 M
10-year secured 7s
1930 MN
General unified 43415
1964 ID
Ala Mid 1st guar gold be_ _,1928 MN
Bruns & W 1st gu gold 4s_ _1938 J J
L & N coil gold 4e
a1952 MN
Bait & Ohio prior 334e
1925 13
k1925 Q J
Registered
1st 50-year gold 42
*1948 * 0
Registered
21948 Q J
10-year cony 430
1933 M
Refund & gen bs Series A__1995 J o
Temporary 10-year Os
1929 J J
PJunc& M Div ist g 310_1926 MN
PLE&W V31 Sys ref 4s_1941 MN
Southw Div 1st gold 334s 1925 JJ
Clay Lor & W con 1st g ba 1933 A0
Ohio River RR 1st g Ss_.1938
General gold 55
1937 *0
Tol & Cin Div 1st ref4s A_ _1959 33
Buffalo R & P can gold Ss__ ..1937 MS
N
Consol 445
1957
Alla;& West let g 48 gu
1998 * 0
Clear( & Mah 1st gu g 5s.._1943 Ii
Hoch & Pitts Con 151 g 65_1922 JO

Wean
Range Of
Lass Salo

Pyle.
Friday
Jan 12

451 Low

8712 8814
10814 107
6714 Bale
9934
8774 _
8212 Sale
9412 9414
9014 9434
78 Sate
--- 7874
7912 Sale
84 Sale
101% Sale
__
4
1
90/
76% Sale
9134 Sale
96/
4 9813
1
9814 89
4 96
/
941
6514 66
10114 --.9114 Sale
8314 86
9673 _
-

1111

Raises
Year
1922

High No.1 Loto High

211
87
89
2 10412 10834
107
107
10 8312 0134
88
38
9924
3, 98% 10033
9918
91
Oct'22 -;.;31 86 9114
82
83 "
.
I 77 8614
8814 96
9412
9412 NOV
4212
'
9
2 -2
. ! 91
-9
4
78
79% **, 7612 8814
7814 Jan'23 ----1 75 84
81% 188 74 8784
793
8413 72 77 93
8314
0012 10175 138 941 102
5 87 9424,
01140
9114
78 I 43 7224 65
7612
7711
998
9
42 se
12
%
DF
N
9
959:258 9
8
- 9
6
..
..
22 .
2E8
2
:
2.
49111•
S,914
9
6,.%
6714•
0034 Dee'22

26 6274 73
98% 103

3
81
93
1113
3
90
9
8
1 9
5
24 D
21
80
9
9
ee
jan
; 5
.
2
.
:1272:0314 Aug'22

9974 10055

_ 93 102
_5
Canada Sou cons gu A bs____1962 A 0 9914 9934 9914 10013 2
4 11234 1'341 6
1
Canadian North deb e f 73__ _1940
D 113 113/
0 108
26
.
71
1 1
5
144
1•1
3 11134 Bale 1114
112
25-years f deb 634e
1946
Canadian Pao Ry deb 4s stock__
J
D
Car Clinch & Ohio 1st 3-yr 5s 1938
979112
SaleSale109
811324 Dec
729272
9'
41 -71
1 9
-3
137
512 In
% -Central of Ga 1st gold 5&._p1945 F A 100
- - 72
tl
9734' 36
15 8
i
01114
4% 101
99
Control gold be
1945 MN 9614 9634 97
4 101 i
/
10-year temp secur 6s_June 1929 D 101 Sale 1001
D 78 .
Chatt Div pur money g 45_1951
81_81_ 11448 tie
rapIgl :..-:: s7;134 Up
s.
Mac & Nor Div let g 58_1940
J
_ 9513 June'22 ----.. 95
9512
Mid Ga at AU Div be
J 9314
1947
3 8813 97%
J 93% 94 92%
MN
92%
937 Q
192
Cent RR dr B of Ga coil g 5s:
J 10714 108 108 Jan'23 ---- 10374 11072
1987
Central of NJ gen gold bs
102 106 109 Bept'22 ---- 105 110
Registered
91
N Y dr Long Br gen g 4s._ 1941 M 5 8.14 --__ 91 July 22 ---; 91
Ches& Ohio fund & impt 58_1929 .1 J 9412 96% 99'3
994 ii :2112 13
1939 1,4 N 101 Sale 101
102
let consol gold be
4
4 100 Dee'22 ---- 100 100
/
1199,329 M N * 9914 1031
Registered
86% 266 easi 91
13614 86
86
mi
General gold 41411
80 Nov'21 -2Registered
1992 M 8
897 232 821j 92is
8812
20-year convertible 4338_1930 F A
9634 588 8414 9918
30-year cony secured be......1946 A 0 9514 Sale 944
7612 8613
3 _83.1 8
14
23
93
D e:2
.7
672:
,
2
,
22
Big Sandy 1st 45
1944 D 8
841:
83
84
Jan'23
-- 78
8712
Coal River Ry 1st gu 45_1945 D
8874 8874
1940 J J
Craig Valley let g bs
79
Potts Creek Branch 1st 4s_1946 J .1 7754 i8) 1 79 June'22 -- 71
8414
6134
80
81 12 Dee'22 -- 81
R& A Div 1st con g 4s
1989 J J
1939 J J 7518 7012 7712 Dee'22 -- 75% 80122d consol gold 4s
Greenbrier Ry 1st gu g 4s 1940 M N 8314 __-- I 69 Apr'21 -_I 80% Dec'21
Warm Springs V let g 5s
1941 M 8 9314 _
5212 10 51
67
Chic & MI.00 RR ref g 3s__1949 A 0 52 5212 5214
7
10
4
131
3
8
2
0
4
1
/
26
i
28
27
2314 52
J
Railway let lien 3As
1950
77% 85
Chic Burl de Q-Ill Div 3%5_1949 J
93
87
1949 J J
Illinois Division 4e
93 98
Nebraska Extension 4s_ _ 1927 M N 898967123 9°87;3%24
61 113
170
98
4 00:1
99 139
34 - •2
-42
1927 M N
Registered
554
59141 22 WI; 93
General 4s
1958 M 13
10118 80 96% 1021s*
1971 F A 10012 Sale 997s
1st & ref 55
Chic & E
4
1
1934 A 0 106 107 105111 Dee'22i-,102 109/
come! gold 65
104 429 98 106%
79%
80%1 Mil 68 86
11514 1760 9884 115
C & E Ill RR (new co) gen 55_1951 MN 7934 Sale 9
712
0 48% 841a51 42
11521
57
9
14 Sale12 50
,
9
M S 5
7414 70 68 9114 Chicago Great West 1st
101 115
9613 354 96 96% Ohio Ind & Loulsv-Ref 68_1947 J .1 107 10734 107
571f 9975
6 92% 96/
85
1947 J J
Refunding gold .55
4
1
17221---: 75 86
821: 84 86 800
93% 57 8658 9512
1947 J
Refunding 4s Series C
8314 81%
83 I 14 79 8612
9354 89 86% 9534
General 55 A
1968 M N 5174
9712 9713
9713
2 97 102/
4.
1
81% 248 72% 83%
General (39 B
21966 J J 16%
75 79
7874 92 74 90
Ind & Louisville 1st gu 411_1956 J J
4 87 74 90
1
78/
7 D°e
4
:
7
912 8
76
434 8
74
3 2
°;2
8413 87
5314 66 471: 70% Chic Ind & Sou 50-year 45_ _1956 J J 8
98 91% liept'221---- 87 91%.
3612 12 34% 62
_1969 J D 88 7414
Chic L & East let 4 Ne
72
47 6912 80
73i
4
/
721
91% 35 89 9413 Ch M St P gen g 4s Ser It_e1989 J J 6314 Bale 6314
63141 10 6054 7113General gold 3335 Ser B...41989 J
9834 416 9214 9913
81241 33 78% 90
J 791 Bale 790s
21989
General 4335 Series C
51 19734 115
112
Gen & ref Series A 4 Ns-a22014 A 0 5734 dale 56 - 5924 329 54 697a.
4
1
h9 99 100/
100
62 SO
9913 14 97 106
a2014 F A 65
Gen ref cony Ber 13 5e
4
66
Sale 63
12' 1
47
58
16
7 60 77
43 10574 11214
19323 D 6334
Convertible 41415
109
78
78%1 176 69% 87
1925 J D 7614 Sam
45
102% 41 99 105
86 i 177 5312 69
5413 Bale 54
1934
25-year debenture 4s
20 93% 10514
99
9513 977 974
974
3 80 9774,
Chic & Mo My Div be__ _1926 J J
31 94 10513
97
6313 6455 65
66. I 12 62% 77
97% 42 93% 10478
CM & Puget Sd lst gu 4s-1949 J
90
4
1
/
92
87%
90
3 8413 9224,
99
1934 J D go 924 92
14 96 106%
Milw & Nor let ext 4346
Dee'22 ---- 88 921,.
19343 D
Cons extended 433e
9934 2I 95% 106
96
4
1/81
4
1
/
90
---Jan'23
925* 98
_
45_
Fat
A
N'west
F
_1888-1926
88% 217 81 98
Chic &
9414 Dee'22 ---- 93% 95%.
1886-1926 F A * 9414
Registered
69 400 70 74
511 D40
,
752728
4121 7
3 8
7218
.4_1_4 75
34.
71
1987 18 N ._7
General gold 3345
63 76 84%
78
p1987 Q F
Registered
10584 101 94 107
87
19 8214 91
1987 M N 85 87 i 85
General 4s
11914 99 11212 123
88
19871M N 66 Sale I 86
Stamped 45
72% 13 67 76%
t)93
ter742 110
1987 M N 105 1055* itS
General ba stamped
10624 13 102% 108%
4 Jan'23 ---- 102 105
/
1879-1929 A 0 10313 10434 1031
Sinking fund 6s
34 106 115
112
152
09
19
% D
0
0044
eo
Ap
r:222
3
19
0141,4
0 72
1879-1929 A 0 19
Registered
1879-1929 A 0
Sinking fund 128
9514 100
1879-1929 A 0 98 ---- 100 Aug'22
Registered
DaY22 --- 96 Om,
1933 M N 100 ---- 10013)4
Sinking fund deb 55
State and City Securities.
_
_I
---- 9812 10024
1933 M N 1(7414
Registered
10813
10934
10934 14 105 1101,•
1001
5
D
J
1930
101 10018 10072
10-year secured 71 g
N Y City-44s Corp stock 1960 MS
98 10312
1094 Sale US
10174 102 101/
4 1021s 26 9712 104
1
15-year secured 63311 g----1936 M
4355 Corporate stock
1964 M
93% Sep
nt9
2 ---9
212
- 1914 193
4 10214 10034 Jan'23
/
154
Des Plaines Val 1st gu 434s 1947 M
99 105
11356 Corporate stock
1966 *0 1011
10
17
1
761;
1 746e
3.
012
4 1071
1
10:74
1
11%
4
/
Frem Elk & Mo V 1st 80..1933 A 0 107
103% 10914
434s Corporate stock
1971 3D 107 10734 107/
10 103/
107
Man OB&NW 1st 3349..1941 .1 .1
634e Corporate stock _July 1967 Ii 11684 10714 107
4 10872
1
3
669,4 Oct'22Arl
10 103 108%
107
Milw & L 1st gu 3345_ _1941 J .1 75 86 9
434s Corporate stock
1965 3D 10634 10714 107
A
106/
4 10714 107
1
10714 is 103 11212
Milw L 8& West imp g ba.1929
434e Corporate stock
1963 M
100
1
1 N
17
0
0
Doe8
:
v:22
S
M
_1925
10112 1002
3
_
6s__
g
lst
Div
10013
9313
Ashland
4% Corporate stock
1959 MN • 9934 10013 9934
4
'993
4 9934
1
4 93% 101
9934
---- 10114 10114
Mich Div 1st gold 0... .1024 J J 110°0U7s8
4% Corporate stock
1958 MN 9913 99/
Stils 8874 89
89
3 13514 93
1 93% 100%
6% Corporate stock
Mil Spar & N W 1st gu 45_1947 M
1957 MN 9912 9974 10014 10014
10234 - 101% Dee'22
- 96 10512
4 Dee'22
1
gu 5s....1948 J
4% Corporate stock rely...1956 MN 991 99% 98/
94 100%
St L Pao & N W
Oct'22
New 414a
103% 108
1957 MN 10682 10634 106
.3
81 Bale 7834
57
82
7 103% 108
634% Corporate stock_1957 MN 106% 107 10613 10624
ChM RI& P-Railway gen 4s 1988 j
791: -- - - 78%
2 78
1 82 931
787
'1988
71
8
4
80
901:
834% Corporate stock
912 1,90
4
Registered
1954 MN 9012 9112 9012
:
83 297
1934 A 0 8214 Sale 81,2
New York State-as
10234 Nov'22
1961 M
4
1
102% 102/
Refunding gold 413
0 04
9%
8
0
0 8
1%
80
9
9014
809012 20
4335..1934
102
1st
Louis
June'22
-- 102 102
Canal Improvement 4s___ _1961 J J
R I Ark &
10912 Apr'22 ---- 109% 110
A 08
Highway Improv't 430_1963 MS
Burl C R & Nor 1st 50_ _ _1934 M
9815 Oct'22
4 Apr'22 -___ 10413 104%
1
104/
97914 8614
806
Highway Improv't 43:e_ _1965
B
Choc Okla & Gulf cons 55_ _1952 N 97%
92
92
6 72 9412
Keok & Des Moines 1st 58.1923 A 0 90 91
4 78 8834
81%
St Paul& K C Sh L lstaNs 1941 F A 81 Sale 804
5 10412 10912
1939 J D 10612 Sale 10612 10618
Chic StP.N1 drOcons6s
Railroad.
Cons (le reduced to 3335_1930 J D 895* ---- 92 liept'22 ...- 87 92
2 9114 98
9612
1930 M S 95/
4 ---- 96%
1
Debenture bs
65%
4 65
1
4 ---- 118 MVPS
1
21995 Q J 6514 68/
Ann Arbor 1st g 45
5814 SCI
North Wisconsin let Os__ --1930 J 1 104/
4 Bale 8934
1
901s 133 85 9514
Atch Top & 8 Fe--ritm g 4a_ _ 1995 A0 89/
Superior Short L 1st 556._21930 M S 9514 ---- 95 May'18
18 733g 861i
81
Registered
1995 A0 8714 88,4 86 Dee'22
8574 9212 Chic T H & So East let 515.-1960 J D 79 80 79
9112 35 8713 9455
4 Sale 9038
/
6 771: 86
8213
Adjustment gold 411
S1995 Nov 8214 Bale 82
Chic Un Ste'n 1st gu 4335A 1963 ▪ J 911
21 1111 117%
1963 J J 11434 115 11412 115
8234 23 7812 8612
Stamped
£1995 Nov 821: Sale 82
1st Eler C 6346 (ctfs)
n
e ve Io
22 --ae lr
444
'
7
81%
404 Deo
75
10
1 76 88
81%
Cony gold 44
1955 D
Chic & West Ind gene fis---21932 @ M
1952 J .1 754 Sale
Cony 45 issue of 1910
1960.1 D 1001s 151" 0014 100% 89 9114 10774
Consol 50-year 45
1
s
1027
s
Sale
997
4
_.
1023
94%
2
102
95
9534
4
1023
95%
1936
17
M S
East Okla Div 1st e 45
1928 M
91% 97%
15-year a f 7
9113 Nov.22 ---- 85 91/
4.
1
1937 J J 8812 91
1965 J J 8274 8312 8114 Jan'23
Rocky Mtn Div 1st 4s
78 8514 CM H & D 2d gold 4345
----------Mar'17
85
88
_
9_1923
48
gu
1st
35 88 85
W
Ft
M
Trans-Con Short L 1st 4s 1958,J
7954 90
N
&
Find
C
93
ee
8
15 80% 9454
93
Cal-Mix lot & ref 4345"A" 19621M 8 9214 9314 92
Day & Mich 1st cons 414e.1931 J J 9134 ---- 9015 D'22

1927 FA 101 Sale 10034
Argentine (Govt) Is
Argentin • Treasury 5s of 1909_ _ MS 80% 81% 82
Belgium 25-yr ext 82 7345 g_1945 J D 9914 Sale 9374
5-year 6% notes
Jan 1925 J J 9614 Sale 96
-years 1 8e
20
1941 FA 9312 Sale 93
1945 MN 108 Sale 108
Bergen (Norway)a I 85
1945 MN 11112 Sale 1113s
Berne (City of) s f 85
Bolivia (Republic of) 85
1947 ▪ N 9354 Sale 92%
Bordeaux (City of) lb-yr 6s 1934 MN 77 Sale] 76
Brazil, U El external 8s
1941 J D 9812 Sale 9814
75
1952ID 85 Sale 85
734s
1952 AO 97% Sale 97
4
1
Canada (Domb2lon of) g 5e 1926 AO 99% Sale 99/
do
do
do
be__1931 *0 99% Sale 9378
Sale
102
01%
FA
514s
10-year
1929
58
1952 MN 9913 Sale 9914
Chile (Republic) ext a 1 86_1941 FA 103 Sale 0234
External 5-year a 1 Se
1926 * 0 10218 10214 02
75
1942 MN 902 Sale 96
25-years f 8s
1946 MN 104 Sale 0274
Chinese (Ilukuang HY) be of 1911 ID 5114 52 51
:945 AO 10914 110 0812
Christiania (City) 5 I gs
Colombia (RepublicY 1333s_ _1927 AO 9214 Bale 9112
Copenhagen 25-year a f 534e__1944 Ii 9114 Sale 9018
9513
92
Cuba be
1944 M
Eater debt of bs 1914 Ser A _1949 FA 9314 93% 82
External loan 434s
1949 P A 06 Sale 82
Czechoslovak (Repub of) 8s_ _1951 * 0 88 Sale 87
Danish Con Municipal 83"A"1946 FA 10,12 Sale 0712
Series B
1946 FA 10712 Sale 0/12
Denmark external e f 8s
1945 AO 110 Bale 07%
20-year 62
1942 J J 9812 Bale 98,4
Dominican Rep Cone Adm e 15838 FA 95% ---- 9514
4 Sale 84
1
534s
1942 MS 84/
93% Sale 9314
Dutch East Indies ext 6s
1947 .)
40-year Os
1962 MS 93 Bale 9234
French Republle 25-yr ext 811_1945 MS 0534 Sale 9414
4 Sale 91
1
20-year external loan 7345_1941 J D 92/
Great Brit dr Ireland(UK of)20-year gold bond 533e
1937 FA 10354 Sale 10314
10-year cony 534s
1929 FA 11514 Hate 114
Greater Prague 734s
1942 MN 7314 Bale 7214
Haiti (Republic) Os
1952 AO 9614 Sale 96
Italy (Kingdom of) Her A 63481925 FA 95 Sale 95
4 Sale 92
1
Japanese Govt-4 loan 430_1925 FA 93/
4
1
Second series 4146
1925 JJ O 933 Sale 92/
Sterling loan 4s
1931 JJ 8112 .04 8114
Lyons (City of) 15-year 65_._1934 MN 7734 Sale 77
Marseilles (City of) 1.5-yr 66_1934 MN '11 Sale 7613
5114
5e
Mexico---Extern loan £ be of 1899 Q J Si
35
Gold debt 4+1 of 1904
1954 JD 0151526
Montevideo 76
9013
1952 3D 9118 9854 Bale 98
Netherlands a 1 6s
1972 M
112 111
Norway external 15 f818
1940 A0 11112
Os
1952 A0 9911 Sale 9914
9914 99
Porto Alegre (City of) 8e_ __ _1961 ID 96
Queensland (State) ext s f 7s_1941 * 0 109 Sale 10712
10212
10134
Sale
26-year 6s
A
1947 P
Rio Grande Do Sul 82
1946 * 0 88 9813 98
Rio de Janeiro 25-year a f8s 1948 AO 96% 864 9612
618
ota 97
9634 Sale
8s
1947 *0 9112
San Paulo (City) a I 8e
1952 M
San Paulo (State) ext a f 80_1936 I J 9134 Bak 96
8512 Sale 84/
4
1
Seine (France) ext 7s
1942 I
Serbs, Croats & Slovenee tle_ _1962 N 83% Sale 62
Sotssons (City) 6s
1936 MN 7714 Bale • 77
Sweden 20-year Os
1939 3D 10514 Sale 105
Swiss Conferer'n 20-yr a f Ss_ _1940I, 119 Sale 11812
Tokyo City be loan 01 1912
MS 7112 721k 7112
Uruguay Republic ext 8s_ _1946 P A 104 10514 106
Zurich (City of) e f 8s
1945 *0 111 112 111

1011s
82
100%
97
9934
10813
112
94
78
99
86
9934
1004
10014
102
9912
10313
10214
9613
10312
5112
10914
9312
9112
92
86
86
8824
108%
10334
110
9874
97
86
4
1
93/
93%
4
1
97/
93%

*No price Friday; 'Meet bid and MM.opus Jail. &Due AprU




126 99 102%
10 77 8714
362 98 10913
165 9413 10434
119 98 108%
20 105 112
25 106 115
114 9
0112
212 190
74
85
226
68
91 8
93:
974
9
96
9
:16
4
63;8
125 96 1011
4
/
101 9587
1:2
040603
4 10
02
9994148
186
394
51 10014 106
66
2/4 9614 96%
33 100 106%
9 44 58
16 10512 11212
60 95 9812
124 8511 9534
1 84% 103
5 77 90
139 76 8512
83 8412 100%
19 10512 114
9 10
172:22
13
9
712 1
805
110
153 90% 100,4
6
44 88 9312
121 91 97
514 9012 9714
93% 108%
979 91 10434

:1

-gi

eDue May, eDu amts. imps July. Wu.Aug. IIDge Oot. pDue NOV. aDue 1200. 80911k1n OW%•

New York Bond Record-Continued-Page 2
BONDS
N Y. STOCK EXCHANGE
Week ending Jan 12

44'

•
Prize
Friday
Jan 12
Bid

Week's
Range or
Last Sale

Ask Lou

ey,

I

Range
Year
1922

High No. Low High

BONDS
N. Y.STOCK EXCHANGE.
Week ending Jan 12

163
Week's
Range or
Last Sale
Low

Range
Year
1922

High No Low High

Cleve On Ch & St L gen 48-1993 3D 80% 81% 8134
81% 40 7618 8414 Illinois Central (Concluded)
20-year deb 4440
1931 J J 92 Sale 9112
1 85 9254
9134
.)maha Div let gold 3s_ ___1951 FA 6S78
General 5e Series B
5034 6834
1993 J D 9934 10012 10018 Dec'22
68%
4 es 71
8614 102
St Louis Div &'rem g 3s__1951 3, 7014 -Ref & impt 6s Series A
8934 Nov'22 -- 635s 764
1929 J
101% 0018 10112 102
32 95 1034
Gold 333e
1951 • J
Cairo Div let gold 48
7712
7712
1939 ▪ J 8213 91
2 7612 80
8613 Dec'22
7934 92
Springs
Div
lot
g
354s
1951
Cin W& M Div lot g 49
J J 7718
_ - 7812 July'22
11191 J J 7918 89 80 Dec'22
7812 7812
76 8213
Western Linea let g
_1951
8318
St L Div let coil tr g 48__ _1990 MN 7714 803a SO
P
A
66
83
Nov'22
82 8614
Jan'23
7718 84131
Registered
1051 P A
Spr & Col Div let g 4s
5,213
92 Nov'10 -1940
S 8258 t5
2 8512 3513
8212
tlellev
&
Car
let
69
1923
W W Val Div lst g 4s
-- 10018 Oct`22 -- itisi
1940 J J 8238
8138 Nov'22
81 854
Carb & Shaw let gold 40.__1932 3D
MS 8718 90
C I St L & C let g 4s
9212 Sept'22 ---- 921s 9211
81936 Q F 834 ---- 8734 Dec'22
83 9112
Chic St L & N 0 gold ed_1951 3D
10014 10314 01 g Jan'23
Registered
81930 Q F
9012 oct'22
981a 1043e
8618 904
Registered
1951
Cin S & CI cone lst g 5s___1928 JJ 9812
3D
---- 99
99 Aug'22
99
94
Gold 3148
eCC&I gen cons g 68____1934 J J 106 16332 10518 May'22
1951 in 7312
. 6534 We• e'21 -107
104
Jointlet
ref
58
Series
4_1963 J O 908 9712 9714 Jan'23.--- 901i j66Ind B & W tat pref 4s
1940 * 0 8468 Sale 90 June'22
90 oa
Memph Div lot g 45._ 1051
Peoria & East let cone 48._1940 * 0 7512
O
8214
74
21 70% 84
7834 8214
76
St Louis Sou let gu g 4s__ _1931 J
Income 48
M S 8660 __-- 8612
1990 Apr, 25 2812 27%
20 2278 3912 ind III & Iowa
861s Nils
284
1st
g
45
Cleve Shor Line let gu 4348_1961 AO 1,814 97
1950 .1 .1 854 ---- 8855 De• c'22 ---- 84•3 88/
11 go 99
96%
9714
1
4
Int & Great Nor let g ext 7s 1922 MN
Cleve Union Term 540
908 Nov'22
1972 * 0 10518 Bale 10412 10512
gra* loll,
um% 107
Adjust60
Colorado & South let g 4s
1952 J , 44 Rate 4312
354 46is 551
1929 FA 92% 9.78 92%
47
92%
84%
:
94
lames
Frank
& Clear let 48 1959 3D 87 Sale 87
Refunding dr exten 415e
1 804 89
1935 MN 87 Sale 86%
87
07% t9 8118 92
Kansas City Sou let gold 38_1950 A0 6812 Sale 68
Ft W & Den C ist g 510_1961 J o 103 10412 1031s Dec'22
6834 32 63 72
10118 10012
Ref & impt 58
Cuba RR let 50-year 58 g__ _1952 13 8412 8414 84
4pr 1950• 3 8,12 Sale 8612
53
8813
84 9411
8178 20 77 8812
alms City Term lot 4s:___1980 33 82 8214 82%
Kt ref 73443
83
1936• D 104 165 105
1 100 10712 Lake Erie & West
105
79311 8833
let g Re__ _1937
D L & W-M & E let gu 3158 2000 3D
9414 96
95
4 85 99
95
_ 7612 8112
77 7814 7778 Jan'23
26
gold
5s
Y Lack & Western 58__ _1923 FA 99% 100 99h Dec'22
1941 J
8512 8632 85 Jan'23
y2
2
77 875s
9812 10378
North Ohio let guar g 58_ _1945 A0 7518 8518
Terminal& Improve't 48.1923 MN 99% 110
1914
734
3 97 997s Leb Val NY let
68 78
9914
gu g 435e
Warren let ref gu g 33.58__ _2000 FA 7413 ---- 744 Nov'22
97
1940 ii
Jan'23
9032 97
7414 78
Registered
Delaware & Hudson90 __ _ _ 80 July'ffl ---1940
Lehigh Val (Pa) cone g 413_2003 33
let & ref 40
MN 14114 814 81
1943 MN 87% 88 87%
814
5 "7734 90
8914 85 83% 94
General cons 4153
913
80-year cony 5s
2003 MN 0034 91
1935 AO t57 Sale 95
9134
1 85 96
9734 34 89% 10378 Leh Term Ry 1st
gu g 5s_1041 A0 101 ____ 10314 Dec'22
51514
1937 MN 10,.
2J 99 10312
4 &Ill 10.414
98ls 1034
102
Rein
'eretri
IO-year secured 78
1941 A0
113 Mar'12
1930 in lollg 11114 11134 11134 10 107 1134 Leh Val RR
10-yr coil 68...n1928 MS l03g 10434 10458 105
Alb & Susq cony 334s
16 idol: WI;
1946 AO 82 8,1514 81) Dec'22
7632 84
Leh Val Coal Co 1st all g Se_ _1933 33
Renee & Saratoga 20-yr 6e _1941 MN 10918 100 Jan'23
9028 102
Registered
Den & R Or-let cons g 4e__1936 • J 7,514 Sale 7512
1933
'
3
...-- 105 tyet'13
7534 57 72 8214
let Int reduced to tis
Console gold 4148
1933• J
8318 Oct'21
1936 ii 7 58 7978 80
80
7912 84
. .
Leh
&
N
Y
1st
guar
g
Id
4s_ _1945
Improvement gold 50
513 Bale 85
8014 8714 86 Aug'22
22 7412 85
1928 in
57
831s 86
Long Isld 1st cone gold 53_51931 M S
let & refunding 5e
951 100
1955 FA 56 Sale 54
@ J
8
973
4.1E1080;22
561z 437 42 6218
let consol gold 4.5
____
Trust Co malts of deposit. _ _
61931• J
53
2 4014 48%
un '2
89/
53
1
4 90
General
gold
45
Rio Or June let gu 5e
8,51, 8314 Dec'22 -- 70113 104
1938 3D 85 88 8512
114
1 77 8934
1939
851
Gold 4e
Rio Or Sou let gold 43._ _1940.7' 1014 1932 J D
81 Nov'22
1012 Dec'22
81 8414
1012 1012
Unified
gold
45
Guaranteed
1949
B 80 83 8013
104 Feb'22 - - Iola 1012
1940 J J 1212 •
804
1 7314 82
Debenture gold 53
Rio Or West let gold 43
1934 3D 84 Sale 94
78
3
16
3 7384 8612
1939 3, 78 Sale 7518
Jan'23
83% 984
20-year pm deb Sit
Mtge & coil trust le A._1949 AO 66 6612 6614
1937 MN 84 844 84
84
6612
I 7544 8714
13218
71
Guar
refunding
gold 4e__1949 M
Des & Mack-let lien g 4s__ _1995 in 7318 80
8014 Sale 8014
81
70
J Sept'22
72
84se
74
78
NYB&MB letcong5s..1935 AO 955 -_-_ 9613
Gold 40
78 7018 051'22
1995 ,ID 63
Sept'22 -- 954 964
67 7018
NY&RB 1st gold 541_ _ _1927 M S 9618 ._-. 96
Oat Rh, Tun 4355
1961 MN t812 9012 8934
9034 15 82 93
Dec'22,--96
99%
Nor
Sh
B let COD g gu 58
Oul Missabe & Nor gen 5s
9934 Dec'22
89% 94
1941
'
32 Q J 9314 9412 95 Nov'22'
3 9834 160
95% 100
Louisiana & Art Ist g 5s --a10
Out & Iron Range let 544
1027 M S 9218 94 92% De422
1(1 93% 1024 Louisiana
1L0
1937 AO 9934 10012 100
78 984
& N W 5e
Registered
_ 981% 9812
76
1935 * 0
1
1937 AO
9812
76
7218 78
Louisville
& NashvilleDul Sou Shore ar Atl g 5s_ _ _1937 ii 75 so 75
2 7712 51
79
Gold 5s
103
coffin Joliet & East 1st 2 55..1941 MN 9934 100 100 Jan'23
MN
_
1937
._. 101 Nov'22 ---- 0812 1024
95 Atm,*
Unified gold tis
Erie let consold gold 74 ext_ A930 MS 10413 Sale 103% 104% 25 wogs 108
1940 33 901 9114 904
91
35 8712 95
Registered
NY & Erie lot ext e 4e _ _ _1947 MN
1940 .1 .1
9013 June'22 ---- 8814 904
87 July'22 -- 8032 87_
_
Collateral
trust
gold
M.__ 1931 MN 97s:::: 101 Dec 22 ---- 954
gra ext gold 4148
9914 Dec'22-- 96/
1943 MS
1
4
9912
••••
10
-year secured 7s.._ ____1930 MN 10732 10834 10812
4th ext gold 5e
914 Nov'22 -- 9012 95%
1930 AO
108%
4 1043a 110
let ref 534s
ith ext gold 444
2003 * 0 14)414 1045 10334 10434 67 101 107
9434 Nov'16 -1928 in
7s
L
Chi
&
Leo
1
gold
415s
Y LE& W let 7s ext___1930 MS
1931 MN 94 9818 97
10312 Jan'23
97
kali 10312
2 964 Ws
N 0& M 1st gold 63 __.l930
10134 104/
grie let cone540 prior-__19913 ii
1
4 10132 10132
5i
57
24 5312 71
1 102/
1
4 1057s
26
gold
60
10012
____
1930
Registered
57 Mar'22 -1996 33
67
Paducah & Mem Div 42_ _1946 FA 8318 88 101 Dec'22 ---- 984 101
43%
let consul gen lien g 48_1996
44% 74 3912. 58
'
3
St Louis Div 26 gold 314_1980 MS 6'1 61% 86 July'22 ---- 80 914
Registered
60%
1996
'
51
63
3
4 68 6713
51
At
Know
&
Cin
Div 4s...._1955 MN t514 Sale
Penn coil trust gold 4s...1951 FA 821* 85 83 Jan'22 -- 79 91
8514
4 796k 88
Atl Knox & Nor 1st g 58_ _ _1946 3D 98% ---- 8514
50-year cony tle Ser A__ _1963 *0 44% 3412 44
42914 May'22 ---- 9834 9914
44 20 3414 57
443
Render
Bdge
1st
f
g
6s
1931
MS
do Series B
4 32 55
104 July'22 ---- 103 104
4438 45 4414
4
1953
Kentucky Central gold Is_ _1987
.414 84 Dec'22 ---'
Gen cony 48 Series D__ _ _1953 A 0 4634 Sale 45
3 8234 8
9 3434 59
795 86
9
4712 45
Lox & East let 50-yr 5582.1965 A0
Chic & Erie let gold 6s_ _ _1982 M N 90 . 614 98
99
80
L&N&M
dzM
1st
Cleve dr Mahon Vail g M 1938 .1
93% i512 9212 Dec'22
34%3_11345 MS
-I 9012 924
L & N South joint 131 48. _ _ 1952
Eris & Jersey lot of Os__ __1950 Ji 88 Sale 88
8814 .
3
_ 8712 084
Registered
Geneesee River lot oft%
-.:
98
h1952 Q J _997_68311_ .
91"
l
'
9
a
_ 9
8618 83 8712
79839
541: D
1957 J
88
F"
eec
i
b 5
97%
2
812 il
:
64I 7994231a 1986044
NFla&Slstgugror
Long Dock consol g (4..-1935 A 0 104% 110 10812 Nov'22 -- 79% 109
1937 FA 98% _ ___
10813
N & C Bdffe gen gu 415e._1945 33 8914 --,- 14712 Nov'22 -Dock dz Impt let ext 5a_1943 J
924 Dec'22
8914
i, 8
159
74 161
9218 9218
93:1
S & N Ala eOne CU g 5e__1936 FA 10 t 103 8914
3
N Y& Green L gu g Se_ _ _1946 M N
884 Nov'22
994 Jan'23 ----1 96 1021s
as
86
Gen cons guar 50-yr 58_1963 AG 97% 98% 087
N Y Susu & W 1st ref be__ _1937 J
54 Bale 54
8
54
99
1 54 72
71 954 1004
Lou & Jeff Bdge Co gu g 4s_1945 MS 80 81
2d gold 435e
1937 F A 45 48 4814 Dec'22
Dec'22 ---,1 77 86
56
Manitoba Colonization 5s_ 1931 3D 9614 97 824
General gold Se
96's
1940 F A 45 4718 45 Jan'23 -- 3811 (so
9714
0 9012 99
Manila RR (Southern Line3)_1939 MN _6_4_ _ _IT: 6
Terminal let gold lis
77
4% mar
61
4102
2_ 59 70
1943 M N 8414 90 8418 Dec'22
83% 90
Max
Internal
let
eons
g
Mid of N J 1st ext 53
4s
_
1977 MS
9/ 95 Nov'22
1940,A o
93
Minn
95
& St Louis 1st 75
oink & East 1st gu g ffe__1942 J D 59 Sale 57 Dee'22
1927 3D 101 165 104 June'22 ---,I 101 104
53 73
let
consol
gold
58
Evans & T H let gen g 5s__ _1942 A 0
_
MN
38
1934
7
38
814 3
..- 88 Apr'211---78
4%
3
78
512
4
31 695 83
lot & refunding gold M.__ _1949 MS
Mt Vernon let gold (33.__1923 A 0
694 Apr'21
31 5012
•••
Ref & ext 50-yr 5e Se A_ _ _1962 Q F
Sul Co Branch let g 5s___ _1930 A 0
6913
___12_, 30 60
'
,peel
Dee M & Ft D let gu 48_ _1935 J
Florida E Coast let 41514._ _1959 J D 8712 -8914 88 Jan'23
3
44234 3
43
814 43
33
Jan3'62143
36
02
Iowa
1151-2 -6113
Central let gold 5s
Fort St U D Co 1st g 4%8_1941J J 7734 ---- 60 A222.
1938 3D 72 7814 714 J8.11'23 -- 70 33
_
Refunding gold 40
Pt Worth & Rio Or iota 40_1928 J J 83/
1951 MS 3512 38 374
37%
1
4 85 8384 Nov'22-..
4 32 5013
31.
78
863
4
36
Gals,nous& IIend lot 50._ _1933 A 0 851, 8618 8513 Dec'22
StP&SSMcong4sIntgul938
8
99
9:
11 filit__I_e_ 0
88
81
3
07
8%
98 19
83 90
17 n
4' :
8
9912
lot cone Ss
Grand Trunk of Can deb 714.._1940 A 0 11314 11234 113
1938 -114 , 71 10818 115
10-year coil trust 6158
15-year eI 65
1931 M S 10412 IOWA 1045s 10012
1936 M S 10438 Sale 10418 105 1 11,5 799 108
5
1001
lot
2
10
7.
Chicago Term of 4o__ _1941
Great Nor Gen 741 tier A
8234 ---- 9213 Dec'22 ----1 8813
19363 J 11014 Sale :11014 11034 04 7071* 11384
90
M SS M &A 1st g 4s1nt gu.1926 M N
let & ref 4340 Series A___1961 J J 834 9212 92
J 3 96% ---- 974 Dec'22 ---, 944 98
0212 14 88 96
Mississippi Central let 5*
Registered
1949 J .1 8838 92 1838
1961 J
8838
1 82% 88%
Mo Kan & Tex-let gold 441_ _1990 J D 7978 Sale 7812
se
504
1952 J J l02I Sale 102
26, 73 854
106
I1.
3's N
4
1
231
2d gold 45
81, Paul M & Man tie
31990 F A
8814 Aue'22 ---,I 4838 6814
19333 J 92% v3 93 Nov'22 -904 ova
Trust Co cent% of deposit_ _ _
let consol g 60
2::::
1933 J J 10812 111 10734 Dee'22
Iowa 111
1st
&
refunding
43
Registered
MS
2004
9
70
1933 J J 107 116 99 Sept'20 -u38 Nov'22-.oo/
--;..l
4
2 4812 "1
Trust Co cent% of
4
Reduced to gold 4155-1933 J J 9734 98 99
:
78 Sale 6
8914
99%
6
89914 __2
6 931
.
12
.. 8
58
214. 9
4 1001,....n
2
4
Gen sinking fund 4158deposit__ _ JJ
Registered
. ____ 644 June'22 ---- 5214 6412
1938
1938.7 J 97 98 147 Aug'22
97
Trust Co certifs of deposit_
Mont ext let gold 40....1937 J D 944 92 9114 Jan'23 -- 95
_
88 92%
5% secured notes "ext"
Registered
7012 - - - - 83
1937 J D
80 Mar'21t---0(4'22 ---- 684 _vo_
M K & Okla let guar
.Pacific ext guar 46
54_1942 MN 94 --- - 834 Dec '22 ---- 7814 .
1940 .1 J 844 -.-. 85 Dec'22 -- fa 85
141
Sher
Si] at SO 1st gu g 5s___1942 J
E Minn Nor Div let g 43 1948
_ _ _ _ 42
O 3514 iiSalle_
8918 ___- 89 Jan'23 ---- 88 89%
Aug'22,--- 34% 42
A
0
Texas &
Mont C let gu g ile
8
32
31s Dec'22'
1937 3 .1 114 ____ 114 Jan'23
8322 --, 7/
7994 11412 Mo K & T Okla let an g 24_1943 M S 33
1
4 3612
Registered
Ry-Pr153
Ser 4_1982 33 6
86
212
84 76% 88%
1937 .1 J
01014 May•00
40-year 48 Series B
let guar gold 53
e 681
/
4
1011* 1021; 101
1962 J J
1937
6634 58 62 75
Jan'23 ---i gg - jai"
10-year 68 Series C
Will & S F lot gold 5e-__1938 3 J 10118
564
9 sai
'
Sale
9
e 9
3 9
56
1932
5
g9
63: 5
20
73
6 8
43
101
9/
1
4 66
994
9918 10214
101
Cum adjust 55 Series A_._ _1967
Green Bay & W Deb We "4"--__ J D 61 103
'
3
70 70% Are'22
Feb
8712 7018 Missouri Pacific
Debenture et% "B"
(reorg
1084 1212 12%
2 .612 1788
7213
let & refunding 52 SecGo)
Gulf & El I let ref & t ff 514_341952 Feb 84
84
9312
A
1965 FA 8612 8634 864
8514 8118
J J
8678 19
8118
72 8614
1st & refunding fts Ser e
Hooking Val let eons it 4348._1999 J
96% 27 9512 100
1926 FA Nag Sale 96%
48 87% 90
J b412 Sale 8413
8818
6e,Series D
Registered
111 98 1034
1999 J .1
99
1949 FA 9812 Sale 984
-78112 June'18
••
General
Col & H V 18t ext g tle
48
1948 A 0 -82% 88 8313 Nov'22
1975 MS 6214 Sale 6118
6212 297 5934 6934
78 • 854 Missouri PacificCol & Tol let ext 4s
1955 F A 82 8584 82 Dec'22
7812 83
3d 79 extended at 4%
Houston Belt & Term let 58.1937.7
1938 MN 8213 82% 81% Nov'22
5 80
.1 2481g 9513 92
7838 854
92
/
1
4
Cent
96
Hud & Manbat 59 ser A
Br II P let g 40
1948 3D 71% 7334 70% Dec'22
1957 F A 8414 Sale 8334
70% 77/
847 142 75 8812
1
4
Pac RR of Mo let ext g 44_1938
Adjust income Evi
P A 8.811, Sale 86%
1957 A 0 6312 Sale 63
146 474 9
1 83 89
86%
84
_6
211
24.
N Y & Jersey 1st 53
extended
gold 58
1932 F
1938 J J 9412 -- 93 Dec'22
97% 9834 971*
3 92 0.11
get 100
98
St L Sr M & 8 gen con g 50_1931
Illinois Central let gold 43_1951 J A
AO
9714
977
941
904
/
4
s
98
10
.1
96
96 Sept'22
915%
9972
8318 96
Gen con stamp gu g Ss_ _1931 AO
Registered
1951 J J
102
Unified & ref gold 48.._ _1929 33 89 Bale 8834 July'14 -165
let gold 3150
1851 J J 84 841480
8982 Pa
89%
'fi7
-82%
l:Z:2221 ---.
8 921*
Riv & G Div 1st R 4s
Registered
1951 .1 J
75%
▪
N
8538
1933
55
85
88%
92
86
80 Oct'22 -- so BO
Verdi V I & W 1st g 5s
Extended let gold 8158____1951 A 0
•B 9632 98,2 98 Sept'22
7838 ---- 8012 00511 ---907s 98
Mobile & Ohio new gold es___1926
Registered
1951 A 0 .78 82
_1927 3D 10414
-- 104
2 1001g 105
10412
let ext gold (te
let gold 3s sterling
1951 M
1011,
51927 Q J
102 101
61
7513 RO July'09
3 974 103
101
General gold 45
Collateral trust gold 43_ _ _1952 M S 85 07
1938 MS 7514 _ _ _ _ 7478 Nov'22
2 uoia -111C67% 7812
8478
85%
Montgomery Div 1st g 5e 1947
Registered
1952 A 0
F). 9234 95 924 Nov'22
8612 97
951 Sepr'141 _
St
Louis
Div
tot refunding 45
56
1055 M N 88 Bale 88
' 1927 J D 9414 98
87% 96%
9412
Dec'22
"lit;
56
-We
8816
St
L
& Cairo guar g 41931
Purchased lines 334e
19523 J 70 - - - 80 Dec'22
J 8814 9012 90 Jan'23
76% 81
81 93
Nasbv Chatt dr St L let 53_1928 J
L N 0& Texas gold 40---1953 M N 8134 8284
A0
9934 100 10014
10014 16 97 103%
8134
21 7812 8438
82
Jasper Branch let g 6s
Registered
1953 M N
'
3
10034 July'22
82
100 10034
82 82
Nat Rys of Mex pr lien 410 19233'
15-year secured 5340
1934.8 .1 10214 Wife- 102 Ana'22
1957
- 22
22
1 2118 45
10234 49 9634 10384
Guaranteed general 40
15-year secured 6148 g
1936 J .1 110% Bale 110
1977 A.0
2912
Feb'22
---9 99% 113
2912 33
11
Nat
of
Mex prior lien 4348_192
Cairo Bridge gold 481950 J D 86
'
3 ---6
344 Dec'22
- 87
28 3412
Jan'23
8134 93
let consol 43
Litchfield Div let gold 38_1951 1 J 72 73
1951 A0
244 Jan'23
2712 33%
73 Dec'22
63%
747
2
NO&NEIs
tref&im
Loulav Div & Term g 3340.19533 J 7614 7713 77
8112
4 79 86%
7912 14 7374 8118 New Orleans Term letp 4304'52'.7 S1' 82 81%
4s_195333 78 Sale 7713
7934 11 7012 8112
_-_-

-

_•

--

•-

uilli

• No pries FM= latest bid and asked tlds week. a Due Jan.
3 Due Feb. S Due June, 6 Due July. a Due Deb& 0 DWI00. I
094122




164
BONDS
N. T. STOCK EXCHANGE
Week ending Jan 12

New York Bond Record—Continued—Page 3
Price
Friday
Jan 12

Week's
Range ar
Last Salo

Ask Log

Range
Year
1922

Nigh No Luis

High

10018 10012 33 9512 10112
N 0 Texas & Mexico let 68_1925 3D 10012 11)r34
7934 43 62 8012
Non-cum income 55 A____1935 AO 7914 Sale 794
10412
1054 414 98 10812
1947
8
Sale
65___1935
MN
cony
deb
Cent
RR
NY
8218
8238 39 78% 8678
805
8
.
7/
1998 FA
Coneol 45 Series A
884 33 8514 92
2013 AO 8'.34 8.& 8712
Ref & Impt 434s "A"
974
973
3
Sale
9834 702 9334 99%
2013
AO
Ref & impt 5a
N Y Central & Hudson River—
14 744 8314
77
1997 33 7638 76% 7612
Mortgage 334e
78 Dec'22
744 7713
19973 J
Registered
91
93
91
9114 14 84
1934 M N
Debenture gold 45
8912
894
664
Nov'72
1934
M
--N
Registered
9112
1942 33 -8618 897s 88 Dec '22 ---- 83
80-year debenture 4,3
4 694 7934
74
734
7_ 14 74
Lake Shore coil gold 3349 1998 FA
747
70%
72
715
8
72
Jan'23---1998 FA
Registered
7
072
18
14, 981
97 1%
4
75's 79
75 Dec'22
Mich Cent coil gold 334e 1998 FA
1
75
75
79
75
1998 F A
Registered
J.113'22
60
62
60
-Battle Cr &Stur 1st gu 38..1998 J O 6014
7 9114 83811 Dec'22 -1936 33 59
Beech Creek let gu g 45
8712 ---- 7012 July'21 -1936 3
Registered
9412
____
134 May'16
1936 33
2d guar gold 56
_ _ 60 Juiy'22
"66- -66.Beech Cr Ext let g 3348_61951 AO
8113 90
8312
8113 Dec'22
1981 J O
Cart & Ad 1st gu g 4a
Ka A & G R let gu g 5a_1935 33
11 74 8112
774
Sale
78
7_
12
1997 3D
Lake Shore gold 330
711, 8034
1997 J D 70 ____ 7114 Dec'22 -Registered
13 8014 96
95
945
1928 M $ 9414 95
Debenture gold la
47 88 2 9534
927
8
9213
9214
927
s
1931 P4 N
25-year gold 48
854 July'2
1931 MN
Registered
834---- 82's 85'i
834
Mob & Mal 1st gu g 4e_1091 MS
96 10212
Mahon C'I RR 1st 5'
1934
J 100 ____ 9984 Dec'22
100
Oct'22 -- 100 100
Michigan Central 5e
1931!M S 99
9812
Nov'18
Registered
1931,Q M
88 ---- 9012 00'22-- 8214 9014
48
194(0 J 86%
____ 7414 Sept'20
Registered
1940.3 J
82 6618 Mar'20
8
IL & 81st gold 334e19511M S
-411:
Jan'23 -8212 82
let gold 345
1952 MN 81
.
132 8
92
.
9
138 j
.
Ja
an:2
13
3:L
- _got 9.4_
8
9
2
1
20-year debenture 4s._ 1929 A 0
N J June RR guar let 4e_ _1986IF A 77%
___,. 80 Nov'22
99
1
7
98
9% 8
NY&Harlemg 33,e
2000M N
99
Oot'22'---N Y & Northern let g 50_1927 A 0
82% 85
77% 854
85 Dee 22
N Y & Pu let cons gu g 45_1998 A 0
8 s614 854 dept'22
8513
119,
78
Rutland let con g 43.29._ 1941 J
4 66
754
6912
71
Og & LCbam let gu 4s 9_1948 J J 694 71
69
75
72 Dec'22
673, 7314
Rut-Canada let gu g 45_1949 J J
v. 18 gos 96 dept'22
..
96
.
8913
.
St Lawr & Adir let g 5s
1996 J J 9618
____ 103 Nov'16
2d gold 1313
1996 A 0
5
99 Nov'294
97
99
Pitts & L Erie 2d g 5s__a1928 A 0
Pitts Mc% & Y 1st gu 69_1932 J J 10134 ____405 Dec'22---- 105 11034
_ I 9514 June'20
26 guaranteed 65
1934 J J 99's
49 -784 87
8212 8 34
West Shore let 4s guar
2381
J 82
82471
82
7638 84
Registered
2361
J
9
89
913 j
lr'l
e :13
9
NY C Lines eq tr 5e_ _1920-22 MN
6712 Jone'201---Equip trust 43413._ A920-1925 1 J 1
92
Y Chic & St L 1st g 48_1937 A 0 8i 013 90 4 Jan'23
864 Dec'22 ---- 8612 9134
1937 A 0
Registered
867s
5 80 8934
Debenture 45
1931 M N -86 7 Sale 86%
884 8878 8812
8841
9 8112 94
NY Connect 1st gu 434a A1953 F
NYNH& Hartford—
61
57
59% Nov`221---- 45 6314
Non-cony deben 45
1947 M 13
56
47
52
4612 Jan'23 ---- 44
Non-cony deben 34s
1947 M
46
46
1 381s 5512
46 1
Non-cony deben 3325
1954 A 0 44
5934 50
50 1
9 41.314 60
Non-cony deben 48
1955 J J 48
27 41
50
60
52
501
Non-cony deben 48
1956 M N 50
1
4513
1 3788 5413
1956 J J 4512 salc 45 3
Cony debenture 334a
4if_ 7.18
854
73
48 V
Cony debenture 65
1948 J J
54 NON'22 ---- 50
64
Cone Ry non-cony 45
1030 F A
I/0 July'18 -Non-cony deben 45
19553 J 5,4
49
Dec'22
-381
2
-5612
Non-cony deben 48
1956 3 J
57
41 , 21 31
1957 M N 4012 Sale 40
4% debentures
7812 8 s, 78 Dec
71
8214
Harlem R-Pr Ches 1st 48..1954 M N
Oct'22 ---- 59
76
B & N Y Air Line let 45_1955 17 A 57,8 7814 78
5613 Sale 584
5..58
4 5114 6812
Cent New Eng let gu 4s...._1961 J J 833
4 ,5
80
•
Housatonic Ry cons g 5e...1937 MN
-814
Naugatuck RR let 45
1954 PA N
83
7 j
Autilg
o:
_1942 A 0
NY Prov & Boston 4e
4934 90 33
47
5914
N Y W'ches& B let Ser'00'49 J J 4. Sale
n914
27 9384 9334
199
1945 J J 8 l2 95
New England cons 5.8
75
.9
89
89
1
2
7
19453
Coneol 4s
513 52 38,8 384
i(3.- 66
Providence Secur deb 46.__1957 P4 N
884 Feb'1.8j-Providence Term let 49_1956 M
65
6218
May'221--60
65
1943 J
W & Con East let 434e
8 67
70%
604
71
79
91992 M
Y 0& W ref 1st g 4e
094
Nov'20
--Registered $5.000 only,. 91992 M S
65 I 11 -fig - "idia1955 .1 D -(341-2 13:11-e- 6412
General 45
4
65
71
631
Norfolk Sou let & ref A 5e......1961 F A 6 14 66
4 79% 95
90.83 94
9014
904
1941 MN 10812
Norfolk ,k Sou let gold 5s
.___ 10812 1J312,
1 104 109%
1931 M N
Nord dr West gen gold 6s
1934 F A 10834 ____ 107 Nov'22 ---- 107 1094
Improvement & fang
1932 A 0 1094 ____ 109 Dec'22 ---- 1044 1119
New River let gold
9334 9018
9 34 29 84% 9112
NA W Ry 1st cons g 4a_ _ _1996 A 0 91
1996 A 0 81 _
Registered
8
8613 Jan 23 ----11.8313 -91,
.612 92
1st ilen & gen g 48.19443
108
.
Jan'23
924 106
S 102
10-25 year cony
1243
4
12
112
113
1113
4
11
37 10314
1929 M S
10-year coley 6s
891s
8833 8714
874 11 84
Pocah C & C joint 43_1941 J D 87
437 Dec '22 ---- 8314 91%
Selo VA NE let gu g 4s_ _1989 Si N 86 88
1
A,
Northern Pacific prior lion rail8512
8612 .88 84
914
1997 Q i 5514 56%
way & land grant g 45
84 Dec 22 ---- 84 89
1997 @ 1
Registered
4,
62
61,
8
"Ji"
Q
F
a2047
General lien gold 3e
5914 Dec 22 ---- 58 62
a2047 @ F
Registered
ro.,.714 10812 1094 328 1054 1108
2047 3 1
Ref & impt fle ser
9
5
5
'14
8)8
9014 1
86
g3
9 147 J J
Ref & Imp 445 Ser A
9,34
997
/3.7 9614 100%
_2 47 J J 99 100
52
8412 May'22,---- 7914 8412
196
J
O
Dly
g
St Paul-Duluth
10338 Joly'22'---- 1034 109
N P-Gt Nor joint 6325_ _1030 J J
100
Jan'23,---- 100 101
St P & N P gen gold 65_ _ _1923 FA
101) Dec'_2'---- 100 10.1
Registered certificatee__1923 Q A
99% 100
100
June'221---98% _--.
St Paul & Duluth let 5a..__1931• F
844 Dec'22
824 8
_6
1968 3D 8.18
let coneol gold 4e
84
6514
May
82
'221-8'
86
Wash Cent let gold 46
1948 QM
,4
1933 33 10938 --- 1084 Jun(022 ---- 107 1083
Nor Pao Term Co let g 68
817s 12
. 77 „
88..,'2
Oregon-Wash let & ref 45
1961 33 8 78 Sale 8 fs
7913 Jan'23 ---- 75
83
11.'8
Pacific Coast Co let g 5a.......1946 3D 78
908 Nov'22--- 90 93
Ulla 92
Paducah & his let of 434a...._1955 J J
7234 (203 6914 85
.7g 70
Paris-Lyons-Med RR 65
1958 FA
Pennsylvania RR 1st g 45_1923 MN 0938 9912 9984 Dec 22 ---- 9634 9084
95 Dec 22 -- 874 9
_5.
1943 MN 9214
Consol gold 4a
o 12 91
8913
90
6 854 9391
1948 MN
Coneol gold 45
6 93%1103
9818
9712
Conso14348
1960 P A 9713 98
95
927, 1J0 89
1965 3D 9212 3aie 92
General 432s
10184 Lai 93% 103%
1968 JO 19118 Sale 101
General 55
11013
110
III
1.4
19512
Sale
113
,4
1930
AO
-year
secured
75
10
11112 1.9 193/2 11214
1936 FA 11034 dale 1104
15-year secured 6345
90
91
Jan'23 ---- 86
94
1942 MS 90
Alleg Val gee guar g 4s
87
87 May'22
87
DR RR & Bdgelet gu 4e 4_1936 FA
Pennsylvania Co—
Nov'22
844
814
8412
811
4
A.I937
MS
coil
trust
reg
3340
Guar
724 85
Guar 334s coll trust Ser B_194I FA 80% - -- 8244 Oct'22
83 July'22
754 83
Guar 3344 trust cite C__1942 3D 81% 85
834 Nov'72
82 844
Guar 334s trust ctfe D....81944 JO 814 82
92
92
2 84% 9334
Guar 15-25-year gold 4e__ . 1931 AO
87
Jan'23
89
9013
87
87%
MN
1952
Ser
E
4actfs
guar
40-year
86% May'22
804 86%
ClnLeb&Norg$45g_, 1942 MN

2:

'NO prioe Friday; latest bid and asked this week. aDua Jan. bDue Feb




BONDS
N. Y. STOCK EXCHANGE
Week ending Jan 12

Price
Friday
Jan 12

Week's
Rang. or
Last Sate

Ask Los

891

High

.34
CQ

Range
Year
1922

No,

LOW High

03

Pennsylvania Co (Concluded)
95
95
95 Dec'22
1.;13t Mar 151 gu g 43,5_1936 MN
CI & P gen gu 43,11 Sec A..._1942 J J 96
974 91 Nov'21
Series B
1942 A0 97
,
4 ---- 104 Deo'16
lot reduced to 33,e
1942 A0 ---- - - 964 Feb.12
9018 Dec'12
Series C 332e
11995408 MN 814
67
Jan'21
Series D 334e
J A
87
84
8414 Dec'22
Erie & Pitts gu g 33,e B
1940 33 8414 88
Series C___
1940 33 8413 1712 7914 Ma4'19
-9-i-'Or
9314 Dec'22
Gr & 1 ex let gug 4349_1941 33 904 93
98
98
98 June'22
Pitts Y & Ash 1st cons 58_1927 MN 9918
9418 9614 951 Nov'22
924 954
Tol WV & 0 22U 430 A
1931 J J
9318 9713
Series B 434e
1933 3.3 937 9814 934 Dec'22
_ 867s Nov'22
86% 86%
Series C 4s
MS 8618
5 881, 98
9518
P C C & St L gu 43,8 A
1940
2 A0 947 Bale 9518'
Series B 4,31e guar
11994422 AO 944 964 934 Nov'22
8838 98
95 Nov'22
Series C 434e guar
891a 9534
MN
84% 9112
Series D 4s guar
MN 894 ._-_ 8312 Dec'22
8912 91
Series E 334e guar gold 1949
5 FA 6638 ___ 91
Aug'22
9218
Series 17 guar 4s gold
1953 J O 8 1s __ 8713 Nov'22
84
874 Sov'22
8714
Series G 4e guar
85
MN 8314
9313 Dec'22
8918 9818
Series Icons guar 44s-1
19
96:0
3
7 FA
1/814
9 .18 19 90 10114
General 5s Series A
J D 9812 99
997
1181 May'22
99 10034
C St L & F' 1st cons g 55
1932 A0
9212 Jan'23
Phlia Bait & W let g 45_1943 MN 8918
8818 93
8012 Juee'21
N J RR & Can gen 413.....1944 MS 8934 .
97 Sale 96,
4
9734 46 8813 10113
?ere Marquette let Ser A 55._1956 J
1 75
5218
85
1956 3, 82 83 8, 2
let Series B 4s
2 4118 59
494
Philippine Ry let 30-Yr s f 48 1937 33 4512 49% 48
_ 99 Nov'22
9534100
1940 A0 99%
Pitts Sti & L E let g 5e
9714 Dee'17 -1943 33 9812 .
let consol gold 5s
85% 8612 8512
99 gd - 8754
86
J
5 82
8484
gold
4°
D
ro
e
d
gen
1
99
9
97
7
• J
Nead
Reg
ligte
2 811, 90
8534
88
1951 AO 855 86
Jersey Central coil g 4s
74 Dec'22
6678 78
St Jos & Grand lel let g 4(1_1947• 3 744 77
St Louis & San Fran (reorg Co)—
7058 172 68
7878
Prior lien Ser A 4s
1950 J J 6912 Sale 694
8414
9113
85,4 48 82
1950 3 J 8412
Prior lien Ser B 5e
9234 41 914 98
19423 J 9214 Sale 924
5348
6,1 9438 102%
100
Prior lien Ser C 65
1928 J J 997 • 1.• 9954
flE118
7712 101 71
Cum adjust Ser A (le
61955 A 0 7614 Sale 76
791,
5918 dale 53
595 287 54
61960 Oct
Income Series A 139
10212 1044
10334 ____ 10034 1334
St Louis & San Fran gen 65 1931 J
994
984 13 95
General gold 5s
1931 J 3 9834 ____ 9814
St L & S F RR cons g 40..„1996
J 8218 ____ 6714 Oot'20
9) Feb'22
Southw Div let g 5e
1947 A 0
4 101 104
10212
C Ft 8 & M cons g 13a _1928 M N 10218 10313 1024
7912
K C Ft S & M Ry ref g 43..1936 A 0 7 4 793 79
95
KC&MR&Bletgu5a1929 A 0 95,8 96 1 95
10
°7- 728
87 2:1
14 80
:
98548
8 774
7812 13
12
4
St L S W let g 4s bond otfe_1989 MN 7718 77,
6488
73% 7012 Dec'22
862
4
74
278
6414
2d g 45 Income bond ctfe_p1989 J J gg
77,
4 93
1932 J D 7612 77 I 77
Consol gold 4s
8 13 195: 1 7
33
413
11
312 8
let terminal & unifying 58_1952 J J 82 Sale 8134
75
753, 7512
11
7512
71
32
5
70 8
S A & A Pass 1st gu g 4e
19433 J
53% Dec'22
Seaboard Air Line g 4a
1950 A 0 5314 58
534 524
5413
Gold 4s stamped
1950 A 0 53
25
2478 Sale 234
01949 F A
Adjustment 55
311 31% 48%
42
Refunding 45
1959 A 0 4038 4.14 404
64 ! 41
59
Sale
4
6112
7354
603
I
1945 M S
let & cons 6s Series A
67
654 6914 67
Atl & Birm 30-Yr 1st g 411-61933 M
1'
59127
7
5
1134
751
704
Dec'22
70
Caro Cent 1st con g 4s_ _ 1949
J
1 8
9.13 ---- 10..
99
31
1
1 0
96
9 9
Fla Cent & Pen 1st ext ele_1923 J J 89
8372 Aug 22
1st land grant ext g 58_1930 J J
14
_
9114
Nov'22
Conan!gold 58
1943
J 8052
Er, 85 (09122
Gs & Ala Ry 1st con 5e
01945 J J
9111 Sept 22
8
784
%
213
4 9
8
71
51;
Ga Car & No let gu g 58_1920 J J 9038 95
934
-9312 Dec'22
Seaboard & Roan let 5s, 1926 3 J
Southern Pacific Co—
9412
8178 13 78
Gold 45(Cent Pac coll)._81949 J D 844 8412 8414
924 412 86
9954
91929M 8 92 s1.0. 91%
20-year cony 49
1014 10 7s 100,2 1 013
1 951
:
1 1Z4
20-yea( cony 5e
8734 33 81
39
43
F D
A 87 Salo 8612
Cent Pao let ref gu g 45_ _1194
93
8 86
91'
, 914
Mort guar gold 334e_k1929 J D so', 9
---- 7814 8714
I
83
Dec'22
84
8
14
Through St L 1st gu 45_ _1954 A 0
3 9414 9914
994
1,612 ---- 9838
OhI&SAM&PlstSs,.1931MN
964. 955 '0.'2: ---- 92
6
98
1931 J J
gd exten 5s guar
99 __98.'8 Dec'2297 991,
Gila V G & N let gu g 5e_ _1924 M N 95
984 94% may'221- - -- 94
9413
Howl E & W T 1st g 5e_1933 M N
1)5 ____I
Mar'211---1st guar 5e red
8
933, 9354
H & T C let g Saint
7.7 N
J 9734 ____ 93 4 Apr'22
1933
- 66 SePt"2
8634 98
2 9512
A 0j
A & NW 1st gu g 5135,,..„111923
994871 3
Jati'23
1,.1
0212 102
96 1034
,g 54
No of Cal go.
9954
100 I 31 954 101
9934 109
Ore & Cal let guar g
810,4 J 08'22 ---- 10012 10311
So Pac of Cal—On g 5s_ .....1937 M N 101,
So Pao Coast 1st gu 45 g
1937 J 3 9014 0.4 9011 Dec'22 — 8812 9218
89
9614
I943 J J 90% ____ 914
Tex & N 0 con gold 5e
n-98is 8713
8812 I. 0 83% 9213
8
So Pac RR 1st ref 4s
8214 8 34 8212
83 i
4 80
86%
950
5 Ij
A
San Fran Term' 1st. 49....._1195
98
9.84
• 814 79 1 87% 1004
1994 .1 J
Southern—let cons g Is
5 Dec 22
8814 90
Registered
•
08
4 1r17 614 7238
9941
43
A 0
3 -17814 1117 68
Develop & gen 45 Ser A„.119
4111c 101
10134 81 9414 105
138:
1
1956 A 0
Temporary 61411
2 664 80
78 Dec 12
Mob & Ohio roll tr g 4s
1938 M S •.718 79
96
97'
4 89
9812
1996 J J 96%
Morn Div 1st g 43059
.94
80
9 73
7912 81
89
St Louis dly 1st g 49
96
96 I
94
6 6412 98
3 93
43
i 3 1:1
195
Ala (It Sou let cons A 5e. _1
90
Dec'22 ---- 87
94
AU dr Charl A L 1st A 43413_1944 J J 9134 ,3
9812
99 1
3 91 101
1944 J J
let 30-year 5s Ser B
71i3-4 7738 Dec 22 .--. 72
77
8213
1948 J
Atl & Dana 1st g 4e
7.4
6434 .
72%
60
2d 48
90 Dec'22
7534 82
3 ,712 80
A 0
83
Yad let g guar 4s
194
949
Atl
100
,
4
.
_
uv.
.2
9354
10014
J
J
99
9
1930
E T Va & Ga Div g 5a
3 93
9813 987, 98
9913
9938
Cons let gold 5s
_ 934 No,'22
93% 9514
M N 934
19
9 3
56
8 MS
E Tenn reorg lien g 58
6214
6414
1,4%
8478
A O
58
63
45
6 JJ
92
Gs Midland let 35
lulls
10 18
101 18 10 98% 10114
1
Endxv & Ohio 1st gas
7538 A'. 21
Mob & 1311 prior lien g 55 1945 J J 9 14
747
8
Nov'22
73i 77
Mortgage gold es
1945 3 3
74
71 .
Oct'22
78
66
1948 M N
RIch&'.eckls g 5a
994 994 094
9934
6 94 101
So Car & Oa let ext 5368_1929 P4 N
83, ;102 9713 Nov'42
97 100
_I926 M S 9784
Virginia Mid Ser E
____ 9914 084'22
95% 994
General -38
Dec'22
80
97
J 937s
3M
3 N
10
90
36
Va & So'w'n St gu 58_ .2
1958 A 0 8034 834 803 Dec'22
74
8912
let cons 50-year to
964 _ _
9714 A99'42
944 9714
W 0 & W let ay gu 4s .1924 F A
Sevr22
7718 9214
1955 J J 85
Spokane Internal 1st k
95
94
Dec'22 -- 92
9773
Term Assn of t L 1st g 4348.1939 A 0 90
8838 100
1944 F A 9714 10014 994
1st CODS gold 55
Sale
8
D
e
c
'
2
8
15
82
7612
8313
J
19533
g
48
s
f
refund
Gen
98
8 08
3 4313 97%
98
St L M Bridge Ter gu g 55_1930 A 0 96,
954
96
3 874 1004
2000 3 D 9514 97
Texas & Pa st gold 5e
8
- 4u
Dec'22-- 40
50
/2000 Mar 43,
2d gold Income 58
8918 I 314 90
001'22
7918 9314
La Div B L 1st g
767
s
46
8013
Dee'
2
---804
90
A
1
3
F
&
N
W
58_19
9
3
0
W
let
gu
Min
W
.•7l4
4 91 100
Tol & Ohio Cent let gu 50_1935 J J 974 ____ 9714
Dec'22 -- 90
9512 ---9584
1935 A 0 8
Western Div 1st g 5a
9
9
8
4
9012
889422
-.—
81% 901,
J
5
:
1935
yold
ar 5
a0.g
nder2
Ge2
79%
3 754 88
1990 A 0 784 7971 784
Kan & M let gu g 46
1,6% 712 964 Dec'22 _— 91
994
1927 J
93'3
9318
1 84
94
20
5 JA 0 937s 95
Tol St LAW pr lien g 330_ 195
74% 75
73 2
75
8 50
78
50-year gold 48
lb% 2nae'21
1917 F A
Coll trust 4e g Ser A
3135 Feb'22
24 -11114
Trust co otN of depOelt
82
2 774 8814
4 82 82
Tor Ham & Buff let g 4a..—k1946 J D 8f1•

•

ODue June. hDue July. kDue Aug. oDue Oct. pDue Noy, ((Due Dee. /Option sale

New York Bond Record-Continued-Page 4
BONDS
5. Y STOCK EXCHANGE
Meet ending Jan 12

14.3

Prto
Friday
Jan 12
Bed

Week's
Range or
Last Sold

Ask Low

w.i
fa

Range
Year
1922

High No. Low

165
V,

N.

BONDS
STOCK EXCHANGE
Week ending Jan 12

Price

Wears
Range or
Last Hale

Fria
Jan 12

High

gig

Ask Low

ovg

Range
Year
1922

High No. Low High

Havana Else canard g ba____1952 F A
774 924
Havana E Ry L & P gen 5.3 A_'54 M 15 87
3% Sale 8
89
2 -18A
213
4 34 79
8.
3
13814
104mon Co Gas let g 5a
944 --__ 92% Jan'23
14612 us
1949 M7
Kings County Lighting 5s.__ 1954 3 J
8, .8
81
Dec'.1
81
81
834 a
9914 9914 9914
99 13012
9914
RIngt. Co El 1. & Big 54
0
b
1 991g __-9
28
21
/
NOV24
1 ft
9112 99%
Purchase money fla .
1.074 Sale 1107
2 10812 1114
111
Convertible deli Os '
102% ..... 1u5/
19 111
1
4 Apr'22
98 117
Ed El III Bkn let con g 48_193
814 80
89% 87 Dec'22
J 71 88
1999
7 A
Lac Gas L of St L ref & ext 54 1934 AC 65 Sale 935
9513
00
146
954
104
10314
104
1 984 1013
10413
xkir Ed Ist&rcf g 6s Ser B___1052 F A
974 9913
99
5913 99
1037 105 103% 104% 26 97 1.••
ditsvaukee Gas L 181 48
93
914 1.
9478 94
7 8713 9414
93
9214 Sale 92
9234 51 8613 954 vluntana Power let 5ti A_ _1 43
9812 9814
I\
J 98
1. 93 991s
29 7
9834
994 10014 9912 Nov'22 -- 9618 100% V 'V Edison let & ref 1314ti-A.1941 A 0 11,
/
1
4Sale 1,,934 1121.
19534 11281
9112
- 8612 8b22 _ 8812 8612 9 YGEL&Pg 53
9938 9912 9914
997.
8 34 92% 101%
1948
J
17
8558
88
Apr 22 _- 7814 84
Purchase money g 41
8314 8214 Dec'22
713
8514
8538 8712 854 Nov'22 ---- 85% 88
E4 Elec Ill let cons g 54_..1995 r' 1024 -___ 10134 Dec'22 -- 1404 01%
-_ 324 Dec'22
_
28
4714 N Y Q El 1. & P 1st g 44
1634 ---- 944 .1....•22
9413
1930
9
F
A
412
967 Sale 96%
9734 72 8814 100
Niagara Falls Power 151 58_11132 i .1 10014 Sale 12.14 10024 1
1)4 131134
98 Sale 98
98% 26 9318 101
Ref & gen 64
10474 Sale 10412 105
8 luul3 11.15
90
92
89%
89%
3 814 93'2 (lag Lock & 0 Pow let 53.
. 98 Dec'22
96
_ _ 96 9915
'
1
5
32
1
6812 72
71
574 71% Nor States Power 25-yr 54 4_194)
Oct'22
61 881s 95
93
A 0 9212 9.34 9212
954 9734 95 Dec'22
91
9814
1st & ref 25-year as Ser 13...1
9 98 103
s 10134 102 10112 10.12
6
7
A O
1
9
1
4
5
1
7314 79
744 Nov.21
7512 No Amer Edison Se
74
44 Sale 9418
98
191 90
961R
65 8612 85
5 6828 72
65
Ontario Power N F let 64_1943 F A 9518 u538 95%
9634 2, 90
99
774 ---- 77/
1
4 Dec'22
81
69
Ontario Transmission
:038 9434 9434 Dec'22
79
_1945
933
4
M
N
79% ---- 7938
1 72% 84
793e
Pacific G & E Co-Cal0
5s....313E8414 _
8434 Nov'?
8412 89
Corp unifying & ref 54
93 984
97
9;14 984
984
7
1937
M
N
83 Sale 63
6334 70 6818 69
Pacing0& El gen & ref S&_.1942 J J 9.34 Bale 9234
9413 106 87
117
99% 9834 Jan'231---- 95 10112 Pac Pow & Lt lat & ref 20-yr bs.30 F
9234
A 9.14 94
87/
1
4 964
9234
79
78
78 Deo'221.724 8113 Pat A- Passaic G & Eleougg 5331949 M
9.
8312
Nov'17
-8
8_34 Sale 824
8311' 99 79% 8814 Poop Gas & C 1st cons g 64_ _ 1943 A 0 10818 10712 107
107 I
1 101's 110
8 12 Bale 9734 Jan'23'...-- 924 101%
Refunding gold 58
9234 9318 92
93 1 19 86
961)9418 9538 953s
054
1 8934 9711
Ch G L & Coke IN gu g 54.19
9518
9514
89 99
Jan'23
---93
4
7
J
M
S
J
924 1,714 94",. Selilt.24
89 94%
Con COO of CD 1st gu g 56_1936 J j 9513 98 1 92 Dec'22-..- 92 99
8113 04 6112
81%
3 52 72%
Mu Fuel Gas 1st cu g ba 1947 56 N 9413 ____ 9412
9412
4 7812 96
834 84
62
7634 Philadelphia Co 68 A
1944 F A 10. Sale 10014 10112 98 9612 1024
8 12 Sale 8114
814, 2 77
84
itand Gas & El cony s f 64._ _1928 J
994 10e
9934
9934
5 924 1014
81 . 14 7412 3812 iirracuse Lighting
1st g U._ _1951 J D 9314 9112 93 Dec'22
86
9428
79/
1
4
34 80
804g 15 2512 844
9'1
/
14
4 80
14
.8 __
Light & Power Co col Ire 15s54 ▪
9313 Dec'22
8513 94
Toledo Edison 74
10712 Sale 10734
111712 48 10412 109
1941 M
Prenton 0& Ni 1st g 54
1949 5.1 8 :5 _--- 73 June 21 ---Street Railway
Union Elec Lt & P 1st g 56._ _1932 M S '.64 98
92
9e
1 skit: WI;
1
United Fuel Gas lets f 334_ _ _1936• j 9712 98
9712
98 ! 16 934 9934,
Brooklyn Rapid Tran e 54_ _ _1245 AG 61 Sale 55
604 40
Utah Light & Traction &L....1941 A0 8712 84
s7
5713 89/
1
4
6112 20
Trust certificates
57 Sale 54
Utah Power & Lt 1st 5s
914 Sale 6
95
112 31.2
F
92
20
8112 94/
1
4
let refund cony gold 4s_ _ _2002 J J 61 Sale 54
5812 13 3
3
6 6
3112
864
477s Utica Elec L & Pow ist 4f 54.1195
__
40
4J J
3-yr 7% secured notes_ __.k1921
9212 123 68 96
.1 9212 Sale 1:8
Utica ()as & Eiec ref ba
y
9.58 94
9,4
9134
1 844 "tifb;
92 I 2771 5812 95
Certificates of deposit
9e34 gale 8513
Wash Wat Power s f 54
_ 98 Dec'22 - --9934
1195
37
9 j j 9812
Certfa of deposit_
88 Sale 8214
88341 394 54
92
0714 Jan'23 ---- 9614 1004
We...Aches Ltg g 513stropd gt,d _1950 J D 9.12 99
Brooklyn City RR 5s tam9e919:111
- - 90 Dec'22
75
91
-r
West Penn Power Sec A 54
M
u.!,e 9274 9212
93
av
7
954
1948
Elkin Qu Co & Sub con gtd 54_1941 MN
4
5912
59 5913
8912
41
let 40-year Be Series C
10414 la 994 106
1958 J D 10-14 40-34 102
let ba
7912 Nov'22
78% 7012
1941 3, 794 it
list series D 7s
2 .02/
10412
1
4 100
21948 F A 1L4 • 10412 1041s
8114 84 8212
Liklyn Un El let g 4-54_ 1950 FA
8212
4
893
1
1
0
874613 9
75
8114 83 8212
Stamped gum 4-54
8212 16
1958 F
Manufacturing & Industrial
I
Kings County E let g 44 1949 FA
75
76 Dec'22
77
Ajax Rubber 84
964 10 9534 10314
1936 J D 9614 0612 96
76
72%
7512
Stamped guar 46
Jan'23
1949 FA
68
82
Am Agrio Chem let 54
100 , 19 5313 101/13
1928 A 0 IOU 1004 997
Nassau Elm guar gold 4.4._1951 J J 6018 Sale 58
8013 87 6
27 6
Sale
10318
85
1st ref 4 f 7344 g
103
F
10334 95 100 10534
1941
78% 78
Chicago Rya let be
78
7812 73
1927 FA
.934 SU%
Am Cot Oil debenture 54
8012 13 184 9.3
1931 M N 79
Conn fly & L let & ref g 444e 1951
84% -- 81 Nov'22
82
038/
1
144
75
e. 103
Am Dock & impt gu 64
0.5% Di
e05
c'2,2
3
10411 10813
1938 3 j 10
Stamped guar 44s
1961 I, 844 ---- 84 Dec'22
7034 84
American Sugar Refining334 1937
197 97/
1
4 104/
1
4
Denver Cons Tramy 58
June'20
974
-1933 AO
e 8414
Am Writ Paper a f 7-8s
J
8512
22
tiu1
1939
/
4 88
Det United lift cone g 444_ _1932 33 83I 86 8234
8134
s -861; Armour & Co let real eat 43441939 J D 89 Bale 884 81 180 8613
1 -edi
94
Ft Smith Lt & Tr let g 54_1936 MS 71
85
bs
Jan'20
Atlantic Fruit cony deb 74 A_1934• D 3.3
3814 281.3 Deo'22 --- 2315 50/
1
4
913 1012 10
Interboro Metrop eoll 444 11156 AO
10
3
21
Baidw Loco Works
1
4 103/
1940 M N 10214 10412 102% 10213 14 99/
1
4
913 1012 812
Certificates of deposit
612
4 734 1834 Booth Fisheries deb let Ss
ad0
1:17% OCV21.
a 1 Os.._1926 A 0 11.)
interboro Rap Tran let ba_ _1066 .1 .1 71 Bale 7u
72
346 54
7512 Bush Terminal let 44
8612 Dec'22 -- 7714 861
A
88511
1952
/
4
69 Sale 8812
10-year Se
9e 72$4 8312
73
Coneol 54
8914 1 82/
1955 1 J 894 894 89
1
4 94
7e
624 Sale 904
934 175 9313 9878
1932
Building ba guar tax ex_
9214 17 8614 953e
1960 A 0 9234 92 924
Manhat fly(NY)cons g 413_1990 AO 61 Sale 61
6112 52 6712 7211
1
4 1,8
Ms
Camaguey Silk let a f g 74 _
9774 70 97/
1
4 99
1942 A 0 97/
_ 87% May'22
Stamped tax exempt
1990 AO
5711 694 Canada SS Lines let collo f-7341942 M N 9412 9514 944
4 94 9613
9412
2d 4‘..
67 6312 Oct'22
2013 ID 56
8812 Sale 88 Dec'22 ----I 78
4834 6312 :Ant Foundry 1st 4 f 13s
0
A
9213
Manila T.Ilec fly & Lt af 5s 1953 MS 803s 85 87 Dec'22
6112 84
99 1 52 9514 9914
Cent Leather 213-year g 54_ _..1925
1931 A 0' D9 Sale 9812
Market St fly let cons be__ 1924 51
9212 Sale 92
9212 41' 81
9512 Compania A zucarera Baraqua
1
1
5-year 6% notes
Sale
9512
181
951
95
29 9034 97
1924 *0
10013
1st a f 15-year g 7344
98 103
1937J .1 100 Sale 100
Metropolitan Street flyComputing-Tab-Rec a f 64_1941 J J 9714 9.4 97.34
35 89 100
98
Sway & 7th As let c g 54_1943 3D 87 8812 66%
5 50
881
78
995 --- - 102 Dec'22 ----' 93 100
Corn
Prod
MN
Refg
a
f
g
Is
1931
1318
20
Col & Otis Av 1st gu g 54_1992 MS
1512
151
99
31: 19
00
4110
2 144 25
91
318
05
Ist 25-year a f 54
101
2 96 10134.
Lex Av & P F let gu g 5a 1993 56 S
45
67% Oct'22
57% Crown Cork 6: Seal Co of Balt11
I
-934 M N
Milw Elec fly & Lt cons 858.1926 FA
isirs _
_ 99 Dec'22 ----:39
---- 9134 99
more
1st
11
at
A
-1943
F
9212 98/
20-yr
g134.1
4
Refunding & exten 4344_1931 3, 9014 (Ili
- 8812 Jan'23 ---- 7914 90 Cuba Cane Sugar cony 74_ _1930 1 3 8614 8712, 8542 873g 32 60
91
Montreal Tram let & ref 6s 1941 J
8834 Sale 8218
37 83 9258
89
9113 9212 9412
Cony deben !tamped 8%
92%
4..1930
162
3
854
3
New ON fly & Lt gen 41144..1936 J 1 6034 50 Feb'21
Deny
Corp
D
G
let
a f 20-yr
I
I
N Y Mimic fly lete 168 A _1988
34 Dec'3
J
.
9941 98
99
9812 19 97/
7s
011s1
4195
Y Rya let It E& ref 44._ _1942 J
3418 35
64 .3
32%
35
.St2 4411 Cuban sro Sugar let coil 84
/
4 107
10734 82 1014 108
19
94
32
1M
M S 10713 10.1
32 Sale 304
Certificates of deposit
3278 37. 24
44
1014
10712 10714 10713 35 10624 1104
Diamond Match a I deb 7%8_1936 MN
612
7
/
1
4
80-year ad1
ba
38
5
74
AO
15
al942
8
Distill Sec Cor cons let g 54_111119
4912
Fmr O
7 33 (Ws
AAS 4914 54 1 49
0222 A
4557
904902
434 5
434
Certificates of deposit.......
512 101 84
112 7
1313
3
E I du Pont Powder 4344__ _1936 J 13 89
1,5 I 90 Dec'22 ---- 871s 95
X Y State Rya let cone 434_1962.
67
14-N 67 Sale 6612
du Pont de Nemours & Co 7-344'31 M N 1084 1084 10774 10812 1.4 1034 1084
Nor Ohio Tree & Light 8s _1947 MS 9534
_ 9334
95
3a 8
92
1
97
1112 East Cuba Sug 15-yrs f g 7%41937 M S 9634 Sale I 36,2
973A .54 9314 1004
Portland fly let & ref 5s_ __1930 MN 87
90
86
Jan'23
Fisk Rubber 1st a I 8.3
1941.M 8 10.18 1,814 107% 10812 55 995* 10612
Portland fly Lt& P let ref Se1942 FA 8418 8434 8418
841s
784 On
Frame,lc hid & Del: 20-yr 7344'42 J J 8812 8918' 8912
90 , 8.3 8512 103
let & refund 71Is Ber A_ _.1946 MN 10838 107 1,43a
111 188
107
9812
0% Francisco Sugar 734e
0212 10
163 I t3 9914 103%.
1942 M N 10238 Sale 1024
Portland Gen Elec let 59_1935
j 0314 Sale 9314
9314
Generil Baking let 25-yr 69- 1936 J D 10i .... __ 10012 peva ____ 9312 1004
Pub Bets Corp of NJ gen 58_1959 A0 8458 Sale 844
81514 so
Gen Electric deb g 3.3.45
764 Dec'22-- 7034 82
F A 774 80
Third Ave let ref 44
00 dale 80
8134
1980 .1
Debenture 54
102 ogie 10112 10214 41 95 195
AdjIncome ffs
2
,4
3. +
5914 194
1
78 2 9
a1960 A 9 5812 Bale 58
8
138
9
8
:
/
34
5
4
3
1054 Bale 105
20-year deb fig
s
1054 42 1024 109
68
ser
F
A
ely
..
Third Ave fly let g 54
9314
1937 J J 94 95 95
GenRefr 1st a f
101 Sale 10.)
101 I 15 97 100
TolTrac, L & P Ss
984
42' 9818 100
99
1925 FA 1858 99
Goodrich Co (4144
1191511/44
1
1
0
1
5
1
4
1
1
01
53
73
4'
1947
TM City fly & Lt let s I Se...,l923
J
J
100
AO 100 10014 100
8 98 100% Goodyear Tire & Rub (clef 83'41 MN
Sale
1L
7
.
4 19
b17
-'4
10
71
.84 l
Cindergr of London 432s
1933 ▪ j 8972 9614 88 Dec'22
10-year a f deb g 84
1
4 100 1 211 90% kag4
9934 Sale 99/
41931 F A
Income (is
-68
-744
Nov'22
1948• J
70
3 7
84
8% Gray dr Davis 1st cony 4 f
-. 6
United Rye Inv be Pitts Issue 1926
88
904 97 75
91
MN 8712 89
98
94
gold 7s
07 98
10 9512 too
United Rya St L let g 4s..1934
61
6414 6111
63
I
5113 6914 Hershey Choc Ist s f g Ils
99:3
90
9s44 186
,1 2
A 9812 Sale 88
94
.
,
32 MN
11.14
St Louie Transit gu
4 844
9834
1
19
68
62
63 Dec'72
66 63
Holland-American Line 14_ 1947 MN 9,u, Sale
Vs fly Pow let & ref ba 54_1924 A0 8438 - - - 84%
8512 16 72
gals Ingersoll Rand let gold M__ 10353 J
1934 ii
96 Nov'22
1st Agri° Corp let 20-yr Se..1932 M N
.812
Gas and Electric Light
Internet Cement cons 84._ _1928 J D libi2 Sale 180
09
75111 18
4
7/
1
4I
34 6
8)
4
9 -103f8811! Vil at8;34.
i
Inter Mercan Marines f 84._1941 A 0 9,02 male
Am Wat Wks & Elec ba
* 0 8412 Sale 8334
38 70 98
85
034
International Paper 5a
sale
Bklyn Edison Inc gen 5s A. 1934
8634
8
80
8
80
8
8
63$
8341 4
812
.7
:
76 8
089.
J
,
83
4
76
444 901
7
1,4
9 .1
9714 Sale 974
'
98
_1949
3
867
a
1004
lat & ref 54 B
General(law:ries B
6, 100 1044 :urgent! Works 6a
103
1930 .1 J 192 .03 1027
General 74serles C
10814 42118
1930 J J 10718 Sale 10644
07
5914
12
1 Kayser 43 Co 7a
211 1
190
5 126
07
106 Sale 105
108 I 20 102 108
General 74 series 1)
10E02 Sale 108
1940 J
10834
Kelly-Springfield Tire 84._ _.1
Bklyn Un Gas let cons g S& 1945 M o 100 Sale 99
A.' lows
141 1
1 'I
Ls 11
F
MN
31 , 104
10
99
918
)
119
87114
01
9494
988%
327
"8 Sale
Bale 98
10.1
Ktnney Co 744s
gcnis tu0
74
1
4 114/
1932 MN 11334114's 113/
1
4 66, 110 120
Liggett & Myers Tobao 7s.....1
8
1164 11714 0
16
8
713
938
3
1.
O
D
1944
let lien & ref 6 Serles A __1947 M
10412 .05 10438
10514
2! 1024 10434
be
1951 F A 0712 Bale
Canada Gen Eiec Co 6e
1942 FA 103 Sale 103
10314
100 10512 Lorillard Co (P) 78
11612
Cincin Gas& Elec let & ref ba 1958 * 0 9814 994 9814
' 1944A 0 115 116 115
9, 112 11914
2, 92 101
9814
54
97 Sale 961
/
4
32; 921s 100
97
511% Ber B due Jan 1 _ -1981 AO 9813 Sale 9814
9813 4l1 97 101
Maned Sugar 7444
98 Sale 9712
Columbia G & E lit 64
92 96/
98
1
4 101
90% Sale 9614
1927 .1
44 884 9712 Merchants & Mfra Each
97
70_1
.1 D
8
97
0A
1194
87184
95
41
21
Stamped
8
99
71: 12
3 7
98
8 8
99
114
1927 J J 9613 Sale 9612
27 RA
97
97
Morris & Co lets f 430
8612 87
Columbus Gas let gold 54.- _1932 J J 9112 93
9412 Dec'22
9112
934
Mortgage
Bond
44
.5
70
1939
:
A0
e3 Atir'14
D0
1
Commonwealth Power 134
1947 MN 88 Sale 8712
39 874 93
88
Is
92
Jan'23
9.'12 92
Consumers Power lien & unifying
1
Nat Enam & Stamps let 5a-1
94 Dec'22
54 Series C interim certifs. _1952 MN 92 Sale 92
992
36i
9212 47 92
9318 Nat Starch 20
95 Sept'22 __-- 95 98
Dens Gas & ELM AL ref at g 68.51 MN 87
844 914 N Y Air Brake-year deb Se...1930 J J 9334
SO
8352 Jan'23
let cony
102
2 97 10215
Detroit City Gas gold 54
1923
'
3
9918 Jan'23 -- 93 1004 N Y Dock 50-yr Ist g 448.4-1928 M N 10212 -- -- 102
7.12 80
1951 F A
78
74 I
Detroit Edison let coil Or 58_1933 J J -35678 Sid-e- 9814
4 74 624
100
8 93 10113 N Y Steam let 25-yr fla Ser
A_1947 MN 97
977s $7
977g
12 964 98
let & ref 134 sec
21940 MS 98 Bale 9554
9614 5.5 8914 99
Packard Motorcar 10-yr 84,_1931 A 0 108 Sale 107/
1
4 198 I 101 98 10814
let & ref 64 series B
21940 MS 1034 Sale 10312 104
40 994 10813 Porto Rican Am Tob tki
103 104 Nov'22,____ 99 10434
1931 MN
Duquesne Lt let & coll 84_1949 3' 104 Sale 1033
10412 69 100 10534 Punta Alegre Sugar 71
1937
Sale
107
.1
1
10734 79 1014 111/
107
Debenture 734a
1938 J J 10838 107 10634
1
4
.
1074 28 1004 10834 Remington Arms es
96 Sale 95
913 i 16 934 99
Empire Gas & Fuel 7Hs
1937 MN 9318 Sale 9334
9412 184 6112 6834 Robbins & Myers let 25-year 4
193
f
7
M
N
Gas& El of Berg Co cons g 5s .1949 ID
100 Feb'13
gold coupon 74
mD
18
e 9834 Sale 9814
982
52 1
98381
Great Falls Power let e f 54_1940 MN 99 100
3 98
9913
9834
100 '10. 9412 100
Saks Co 7s
101 Sale 1007e
10111 11 98 10334St Joseph Stk Yds lat g 434a_1930 J J
8518 Dec'22
8814 86%.
Ulster & Del let cons g Se... _1928 J D
let refunding g 4e
1952 A 0
ilalon Pacific 182 g 4s
1947 J 1
Registered
1947 J J
20-year cony .4_
1927 J 1
let & refunding 44
92008 M S
10-year perm secured 13s .1928 J J
Ore RR & Nav con g 44_ _1946 J D
Ore Short Line1st coneol g 54
1946 J 1
. Guar con 54
1946, J
(tear refund 44
1929J D
Utah & Nor gold 54
1926 J .1
let extended 44
1933 J 1
Vandalla cons g 44 Set A __ 1955 F A
Consol 44 Serfes B
1957 M N
Vera Cruz & I. let gu 4314_ _1934 J
Virginian let As Series A__ 1962 M N
Wabash let gold 54
1939 M N
20 gold As
.
F
7 A
7
let lien 50-yr 2 tern' 44._ _119549
93
Del & Ch Ext 1st g 54„._1941 J .1
Des Moines . Iv 1N g 44
1939 J J
Om Div let g 3%4
1941 A 0
Tol & Ch Div g 4a
1941 M 13
Wash Term 1st gu 3401
1948 F A
let 40-year guar 44
1948 F A
est • aryla d let g 44
1982 A 0
eat N I' & Pa let g bit
19371 .1
Gen gold 44
A 0
Western Par. let Ser A bs.... _1946 M El
Wheeling & 1. E let c 54
1926 A 0
Wheeling Div let gold 54_1928 J J
Exten & Inipt gold 53
1930 F A
Refunding 44e Series A. _ _1966 M 6
RR 1st cornet 43
1949 M S
Winston-Salem S B let 44
I goo J J
Ms Cent 50-yr let gen 45._ _ _1949 J J
Sup & Dul dly & term let tis'38 MN

9512 _
9512
6512
3 89
98
66
69
66
67
70
3 85
9.78 Bale 911g
9214 154 86
9634
9474 "0 Dec'22
88
1134
Sale 95
9838 125 89
97
854 86
86
8112 100
104 11,8 10334 10
88
5/
4
1 3
29
9 102 100
88
8814 88
1 834 9312
88

7

ta.

421

:

•No price Friday; latest bid and asked. aDue Jan. dDue April. eDue Mar. 4Due May. oDue
June *Due July. kDue Aug. oThle Oct.(Dna Dec. *Option sale.




166

THE CHRONICLE

New York Bond Record-Concluded--Page 5

[VoL. 116.

Quotations for Sundry Securities

All bond prices are "and Interest" except where marked "L"
:Is
Standard Oil Stocks Par Bid, Ask. RR. Equipments-Per Cl. Bails.
ta
;
Range
Week's
Price
BONDS
1914 Atian Coast Line (is & APIs 5.65 5.05
Anglo-American 011 new_ El •19
Year
Range orgl
at
Man
N.Y.STOCK EXCHANGE.
Atlantic Refining new _100 14) 145 Baltimore & Ohio 4345 & 08- 6.6(1 BM
,-,a32
Last Sale
Jan 12
1922
Week ending Jan 12
Preferred
104) 11912 120 Buff Roth & Pitts 48 & 434.5 5.10 4.60
5.35 6.10
100 110 1.5
Equipment Os
Bid
Ask Low
High No. Low High Borne Scrymser Co
94 Canadian Pacific 4345 & Os_ 5.08 5.00
Buckeye Pipe Line Co.__ 50 •93
10012 32 94 103
South Porto Rico Sugar 76-1941 J 1) 10012 Sale 100
Chesebrough Mfg new--100 2.0 220 Caro Clinchfield & Ohio 55.. 6.10 6.50
1923 J .1 914 -. _ 112 July'08 _ _. _ __ _ _ _ __
South Yuba Water On
100 111 115 Central of Georgia 43424.___ 5.5 6.20
Preferred new
97
97
25 96 100
1930 M N 9612 97
Standard Minna let 58
100 157 159 Central RR of N J 65
Continental 011
91
98
14 97
Sugar Estates (Orient!) 75_1942 m S 984 9712 9112
25
'10
5.
45 Chesapeake& Ohio as& 0353 60
Crescent Pipe Line Co__ 50 043
5:670 6
Sale
108
9714
9
101
10334
s
1013
J
1931
D
178
8
eroducts
Tobacco
163 167
Pipe
Cumberland
Line__100
Equipment 55
88% 10472
Union Bag & Paper let 58.. 1930 j I --- -- - 1.0434 Ance'r3
87
40
stock
Chicago & Alton (59
New
;Sale 9712
9838 38 9614 101
1942 yd N 977
6s
ll
e ) ii
Cli Chicago Burl dr Quincy 6s
Eureka Pipe Line Co_ _100 5105
104
31 10134 106
193U F A 10334 104 103
Union Tank Car equip 7&
60 Chicago & Eastern III 5359_ 8.10 5.50
Galena Signal 011com_100 59
11312 36 104 113
1941 j D 11234 Sale 1123s
United Drug cony 88
110
100 108
Chicago Ind & Loulsy 4345_ 5.60 5.60
Preferred old
Copen(The)
Ltd
Co
55
United
100 105 108 Chicago 5t Louis & N 058. 5.25 5.00
Preferred new
hagen (lit rcts 15-yr of 65_1937 M N --- - 9134 9112 Dec'22 ____ 8934 9512 Illinois Pipe Line
75
4.05
20 5
.65
5.
100 168 ¶68 Chicago & N W 435s
United Stores Realty Corp 20-yr
98
Line Co.__ 50 *06
Pipe
Indiana
Equipment Os & 634s_ _ _ _
103
4
993
4
207
993
0
1014
A
Sale
1942
101
s f deb gold gs
6.10
5.70
82114
2112
par)
(no
&
I
Petrol
R
68_
Chic
Pac
55.
International
4455,
1932 1 J 10314 10434 103% 10314 21 98 Ina
U 14 Hoffman Mach 88
National Transit Co....12.50 .2612 21 Colorado & Southern Is, Gs_ 6. 5 6.25
99%
997
26 92 101)
U S Realty et I cony deb g 69_1924 j j 9934 100
4
Transit Co__ _100 131 135 Delaware
l8.
58Hlid688on 68
1923 j D ------ 102 Nov'22 . __ 1094 104,2 New YorkPipe
U 5 Rubber 5-year sea 7s
g
10
52...!g
g: 2
2.5
Line Co_ _100 197
Northern
92
8834 185 86
1947 j j 88 8812 884
let & ref 68 series A
25 *76
78 Great Northern 65
new
011
Ohio
1
104
46
11012
4
100
1930
10814
F A10-year 748
1
g..2
19
17
.
Valley
25
08
Hocking
&
Co
As
Fuel
4355,
Max
Penn
10014 44 93 10112
Va-Caro Chem let 15-yr 614_1923 j D 10014 10012 10104
.0
33 Illinois Central 435a. 5s & 65 6.
Prairie 011 & Gas new_ _100 230
10014 12 92 102
e1924 A 0 1004 Sale 100
Cony deb 68
Equipment 7s & 63.5s____ 5.25 5.00
Prairie Pipe Line new _ _100 112 114
1947 3 D 93 Bale 97
98
103 9412 997
78
6.15
6.76
Mich
180
&
100
85
Kanawha
69...
435s,
Refining
Solar
35 90 10734
94
1937 j j 934 9.13 93%
12-year a f 7355
Line CO. 100 103 104 Louisville & Nashville 5s__ _ 6.22 4.76
8714 16 82
9814 Southern Pipe
without warrants attached. j j 8012 8134 86
Equipment Os & 634s____ 5.00 5.00
100 105 170
.j D 103 Sale 10412 106
Nal
55 9912 10412 South Penn Oil
Warner Sugar 7.1
. Michigan Central As, 6s_ _ 5. 5 5.02
Lines.100 67 69
Pipe
gg 10(02 Southwest Pa
West Electric 141 55___Dec 1922 j 3 -- - - -- - 997s Dec'22 __
0
15
5.2
5 6.
113 6
11 ME
76_4
5 1618
i44
25
2
.
1 P8
4355
1,
16
5
.
1 5r
_ 5.60
178
!As
..
8213g8
04
(California)
011
Standard
Bale
4
3
107
10712
108
1.1'
109
105
1931 MN
Westinghouse E di M 7e
New stock
102
52 93 1024
Wilson & Co let 25-yr a f 613_1941 A 0 10174 Sale 101
6234 63 Missouri Kansas & Texas As 6.65 6.30
.
93
35 84 10011 Standard 011 (Indiana)._ 25
1928 y D 9, Sale 92%
10-year cony 5 f 138
6.50 6.10
Standard 011 (Kan) new 25 *43 44 Missouri Pacific 55
103
92 944 110
1931 p A 10234 Sale 102%
Temporary 7448
94
.91
Equipment Os & 634s_ _ _ 5.80 6.25
10-12 26 10013 10412 Standard 011 (Kentucky) 25 207 210
1941 A 0 10-12 Sale 100%
Winchester Arms 7345..
6.60 6.25
Mobile & Ohio 434s, 5s
Standard Oil(Nebraska) 100
Standard 011 of New Jer_ 25 *4233 43 New York Central 434e, Si. 5.20 6.00
I
Oils
5.60 5.10
Equipment ffs & 75
100 .11334 117%
Preferred
9912 136 9712 1044
1937 j j 9912 Sale 99
Atlantic Refg deb 55
4834 49 NY Ontario & Western 414s 5.45 5.00
021- 10212
7 997 107% Standard 011of New Y'k. 25 .
Barusdall Corp a f cony8% A.1931 j j 10212 503
5
50
.0
4.
3,6
2 5
.20
5.
6
310
&
445s
new___
Norfolk
Western
(Ohio)
Oil
Standard
; Dec'22 ____ 101 108
1931 j ,y ---- ---- 017
Series B
100 117 119 Northern Pacific 7s
Preferred
99
125 9714 100%
Humble Oil& Refining IlHe _1932 j j 99 Sale 9812
24 Pacific Fruit Express 7s_ _ _. 531., 5.15
2
20
8
Finch
&
Swan
10
Nov'22 ____ 00 110
1931 m s ---Invincible Oilita
1042 Pennsylvania RR 4s & 430. 6.10 4.75
100 70912 18
Union Tank Car Co
1 8484 526
Mariana Oil a t 88 with war'nta '31 A 0 11212 Sale 11 12 11212
5.-.8 6.00
Equipment65
Preferred
1 91% 106
10278
A 0 100 103 1027
without warrant attached_
25
47
4
Pitts & Lake Erie Os & 6358. 5.40 6.10
*463
new
011
Vacuum
155i F A 102 Sale 102
102
5 9712 1204
4.75
7348 Ser B
5.15
23
*2_5
10
Reading Co 4348
Washington 011
1087
53 99 109
Mexican Petroleum s I 8s__1938 ea N 10814 Sale 107
... St Louis Iron Mt & Sou 5s.. 6 00 5.25
Other 011 Stocks
103
46 944 10312
Pan-Amer P & T let 10-yr 75_1930 yr A 102 Sale 1...-2%
5.10
6.50
55
Francisco
/4
,.
_.,_
St
San
par)
Louis&
(no
011
9612
1 9412 102% Atlantic Lobos
1931 ; D 9534 9.,'. 9612
Pterce 011 a f 88
50 -2° .61 Seaboard Alr Line 4304 55. 6.00 540
Preferred
124
9 99 12375
1) 124 Bale 123
Prod & Ref at 8.9(witt warlite).31
4 Southern Pacific Co 4Sie-... 6.15 4.75
593
05914
(new)
Salo
Oil
Gulf
10,34 10834 84 99 103
without warrants attached. _ _ j Ey 10734
6.30 5.00
Equipment 7s
.
ne
efm
leu
troR
lle&
Sinclair Con 011 cony 7348_1925 go N -----1027 Nov'22 ____ 98 1107a Humble Op
.75 5
5.
0
10
5..3
Southern Ry 4 34s, 55 4 6s.. 6
Imperial 011
1937 IN s 1014 Sale 10634 10112 131 98 102
15-year 75
_
Gs
Central
Ohio
&
Toledo
987
w.:1022085
9878 134 97
Sale 9812
4 vtrtninioinniPaancRif 0
9
1925 A 0
9334 Magnolia Corporation_
Sinclair Crude 011 5348
6.25 5.00
5
76
10 *01;4363,2:1/4
011
Merritt
6.72 5.30
Sinclair Pipe Line 20-yr erg As
11
5 39% 114631245641
Ry Os
Mexican Eagle 011
89
200 8734 95
1942 A 0 8 3 Sale 881s
due
14
117%
1 2
71
11
Tobacco Stocks
Mountain Producers Corp__ *2
4
1
10534 111 10412 106%
a1931 p A 10534 Sale 105/
Standard 011 of Cal 7a
76
common.100 73
Cigar
American
Producers
Creek
Salt
Sale
10415
103
103
A
g
105
1931
20 100
side Water 011 6315
92
100 89
Preferred
Public Utilities
95 Dec'22 __
518 90
9412 95
1931 j j
Union 011 511
0 0143 145 Amer Machine & Fdry_ _100 95 05
50
tom_ _ 5
Elec.
&
7
Gas
Amer
5
101
1033
4
3
10.
10234
18
101's10214
1942 F A
6a
334 147
10
„,... American Tobacco scrip- _ 14
rn
Preferred
2034
MAN
3 4 British-Amer Tobac ord. El
"
Deb (is 2014
Mining
8 Brit-Amer Tobac, bearer £1 *1914 2034
36 1136
194
_100
tom
'frac,
&
Light
Amer
14
1
634
7
7 512 1212
6
6
Alaska Gold M deb 68 4....._1925 al 8
17, 83
com.101
Co,
W)
100
(Geo
Hahne
Preferred
614
814 6% 64
1
1926 IS s
51$ 1078
Cony deb 6s series 13
6
32
4 8
16
i
,
100 p
28
400 18
Preferred
Avner Power & Lt,com--100
9234 190 8612 96
Am.Sm & R 1st 30-yr Sager A 1947 A 0 92 Sale 911
imperial Tab of G II & herd
Preferred
9912 30 93 10014
Braden Cop M coil tr at 6a_1931 F A 9914 9934 9914
45
6
U
18
M453 93 9312 Int. CIL MaehlnerY
Deb 6s2016
1931 j j 13.12 Sale 13212 1347 173 110 13812
Cerro de Pasco Cop 8s
Al Johnson Tin Foil & Met_100 80
1
12
90
Amer Public UM,com_100 3
12 34 2150 99 116
Chile Copper 10-yr cony 7a 1923 MN 1.:912 Sale 113
21)
12/
Forbes__100
&
100
MacAndrews
g
Preferred
38 Sale 0614
9874 717 84 9734
1932 A 0
Coll tr dr cony 68 set A
78
100 39912 102
Preferred
BlackstoneVaIG&E,com 50 .76
94
95 9112 Jan'23 ___ 87
Granby CnnaM 8& P eon 62A '28 MN 88
31
100 23
Carolina Pow & Lt,com_100 63 85 Mengel Co
99
92 Nov'22 ____ 87
1928 IS N 92 9.1
Stamped
78
65
-100
Tob.
Rican-Amer
175
4
Co,
4.
1
com__100
Porto
Cities Service
9
9 86 102
1926 M N 9758 98
Cony deben 88
*80 90
97
100 'I
Scrip
1
Preferred.
Sale
114%
11178
1154
ion%
11
123
Magnm Cop 10-yr cony g 7s_ _1932 J D
*2012
51
.51
par)
Stores.(no
Ret
Schulte
BankersSharff
14
2
Service
Cities
100
5 9212 101
Tennessee Cop 1st cony 65-1925 51 N 9912 100 100
20 21
1 10 115
100 .
101
24 9512 103% Colorado Power, com._ _100
U 5Smelt Ref 4 M cony ils 1926 F A 100% Sale 100
8
15
0pr 10
19
9
.
I ob com_ 10
00 and
wf T
Lea
errled
100 24
Iveefrsa
2 2ii
UnPr
Preferred
103
6712
*103
100
66
Preferred
00
1
Lt..1
&
Com'w'th Pow,Ry
'
Coal. Iron and Steel
(J 5) Co
Young
,,
Preferred
4
83
9
991
_Sale
4
/
25 9512 100%
1928 j j 9914
Beth Steel let est ty f 5a
100 100 106
''.
Preferred
Elm Bond & Share, pref_100 22712
9628 21 834 100
Wes)
lat & ref Is guar A
1942 MN 9. bale 95
5
Rubber Stocks (Cleve,
Federal Light & Trac_ _ _100 49
76
..,55
20-5r pm & imp at roc __ _1938 J J 9
93% 38 86
,11 .,_,6111.,.
95
Tire & Rub,com.10 72
Firestone
___
101
see
ow
pecl
err
f
8
10112
99
9934 215 98
99
97
Si A
31134 21L
1948 F A 1.314 `'.". ....99%
100
preferred
,,
,
611
(no
par)
9714 359 91 1004 Lehigh
93
Brier Hill Steel 1st 5345
9112
1942 A 0 9612 Sale 961s
100
0
00
7% preferred
Mississippi Riv Pow,com110
1032 j n 9114.- 78 Aug'2 ._ _ _ __ -Buff 413usq Ironer 58
2 Gen'l Tire & Rub,com_ _100 --- - --Preferred
82 14
9
2 !
6 14
9
84
9
2
89 8/514 Jan'23 ____ 82 9212
NS
Colo F & 1 Co gen a f 58
1943 F A
.
i1.4
4 -i
100 % Preferred
First Mtge 55, 1951_ _J&J
734
8212
71
6
77
7612
77
Col Indus 1st & coil 65 _
F
I934
A
10.12 Goodyear Tire& R,com.100 101
St g deb 78 1935_ _ _M&N 9912
91 86
93
90
31
29
Cons Coal of Md let &gutel 55_1950 jD 8978 Sale 89
41
3912
100
Preferred
cominnoo
Pow & L,
71
Donner Steel 1st ref 20-yr St 7s
I Nat
.100 69
par) 8014 8 12
Prior preferred
Preferred
90
13 88
9812
1942 J 11 8913 90 90
jAj 89 90 Goody'r T&R of Can, pf.100 82 87
Seiler) AA
Inc 78 1972
Elk Horn Coal cony 65
1921 J D 99 100 10234 Dec'22 _ __ 9612 10234
.0
*13
t
Rubber
par)
Miller
N
or hern Ohio Elec (no
9412 119 8612 9312 I
199 17
07 1g
27
Illinois Steel deb 435s
1940 A 0 92 Sale 92
Preferred
100 25
.
Preferred
10112 84 9614 103 1
100 17
18
1952 M N 10, Sale 10034
Indiana Steel let 55
'
94 :,11
3 Mohawk Rubber
997
100
31 932410012 North States Pow, com_100
75
68
95
Lackawanna Steel 1st g 65_1923 A 0 100 Sale„,
9212
100
Preferred
Preferred
917s 36 82 9434
84 Swinehart Tire& R,com_10
81
1950 M 5 90,2 9134 9033
let cons 58 series A
0
0
5
_100
corn
Co,
Elea
Texas
Nor
94
81
Lehigh C & Nay s f 435a A _1954 j j 100 ---. 942 June'24 ..__ 90
Sugar Stocks
101 78
Preferred
9234
808 193 81
2
15
*3
4
4
15
90
91
Mldvale Steel &0cony e f 58_1936 M $ 8.12 Sale 8834
Caracas Sugar
10113 23 9434 1014 Pacific Gas& El, let pref 100 54
56 Cent Aguirre Sugar com_ 20 *844 85
1952 MN 10 ,Ig 101 10,34
National Tube halls
00
1
Lt..1
&
Pow
Sound
Puget
9812
•14 1/
99
6 9615 103
4
1
1941 F A 9312 ,,t,
84
81
Otis Steel 88
par)
Central Sugar Corp.(no
1 9312
ed
erred
7 preferr
7/
6
6 02 96%
931
100 104 106
1st 25-yr s f g 734s Ser B_ _1947 F A 93 93
Preferred
80
80 41)
1.22 -- 80
'
105
103
Pleasant Val Coal 1st as f 56_1928 J J 83 90
_
3
1
5
256
594
35
0:0
56
7
11
common
6
1
050
3
Olney
.
_
12
Sugar
_M&N
_
1041.
Gen M 734s
15
Pocah Con Colliers 1st a f 58_1957 3 j 9212 9,33 9253 Dec'22 ____ 8714 95
100
100 13
Preferred
98% Republic Ry & Light9614 23 90
44 Fajardo Sugar
42
Repub 1 & 13 10-30-yr As s L _1940 A 0 994 Sale 95
Preferred
05
104
Rogers-Brown Iron Co 20-year gen
65
Federal Sugar Ref, com_100 6.1
100
Calif Edison.com..1
South
93
93
95
1
93
93
100
N
M
1942
124
121
7s
gold
& ref mtge
Preferred
Preferred
88
85 pe.3.22 ___ 78
St L Rock Mt & P 50 strand_ _1955 J J 8434 5_12,
18
.1812
194
*15
par)
(no
Inc_
Godchaux
Bug.
(50
(Del)
El
Standard Gas &
98%
99
21 93 102
812
45
4
so :
Sharon Steel Hoop lst 8s tier 41941 M a 98,2 `.'.'
85
Preferred
Preferred
107 97 106
186
104%
*1412 1512 GreatWestern Bug new25 1ST; "
Steel & Tube gen s f 7s act C_1951 J .1 10 34 Sale
82
*78
Par)
(no
Pow
Eiec
Sale
Tennessee
10013
2 9613 10634
445613
Tenn Coal I & RR gen 58_ _1951 J j 190% Sale 10012
Preferred
(no par)
100 107 08
2d preferred
10313 104
273 9913 10412
41963 MN 10,12
.,13 7781
70
U 5 Steel Corp'coup
21
Holly Bug Corp,com.(nopar) *20
00 7
100
103
1 oo 10415 United Lt & Rye, com-1
103
•
41963 MN -,-,
a f 10-60-yr 551reg
3 65
Preferred
56 Nov'22 ____ 56 6524
5
1953 J J 0634 7.
Victor Fuel Co 1st St 66
, Juncos Central Sugar__ _188 650
ji
Corp__ __100 2; t
00
er
ed
93
w
rr
o
re
P
e
r
95
rn
lj
e
t
18t
Wes
93
93
s
87
9534
1
55_1949
IS
Va Iron Coal & Coke 1st g
08
National Sugar Reflning _100 106
Preferred
9714
98
78
78 91 10114
15
Wickwire Open Steel lot 7819353 J 9,12 '
SantaCccillaSugCorp.pf.loo 10
1,17,14 Savannah Sug,com_(no par) .
63
51
17e r
Term SecuritiesShort
Telegraph and Telephone
04
102
10(
1924...M452
Os
go
8014
Am Cot 011
14 76
81
80
1j1 10,14
Adams Express coil tr g 4s_ _ _1948 61 5 80
Amer Tel & Tel 6$ 1924.F&A 10132 10172 WesPrtetlen71185aSug Fin,com_100 40 60
5,11e 81
92% 176 8814 94
Am Telep & Teleg coil tr 48_1929 J J 9235
11
0
653
4
1
0
605
3
Anaconda Con Min613.29J&J 101
8634
1 8014 93
1936 IS 5 8634 8,4 864
133112
4 ir4i
Convertible 45
oler
ultarn
ialtaiirtjw
scao2181_a_n el_1
0 _
8 9534 1044
1933 M 8 102 103 10t12 10212
0314 104033/44
2
1
20-year cony 4348
10118
A&O
0117%9'25
Angio-Amer
100%
9834
101
Sale
9912
223 914
1946 J D
30-year temp coil tr 58
15j 10514 10512 Amer Typefounders,com.100
ly1B5•30J:
ies
gju
Be
:07
92
s'r1&
m
Ari
11612 73 108 120
1925 F A 119 Sale 116
00
7-year convertible fie
Preferred
100 98
Deb 138 J'nc 15'23 345)15
10734 108
128 107 112
Bell Teleph of Pa a t 78 A_ __ _1945 A 0 10734 Sale- 100
4tlas Powder
1524.345)15
J'ne
5
100 150 64
6s
Deb
100
--2 97% 10014
10512
10638
Cent Dist Tel 1st 30-year 6s_ _1943 J D 100
a,
•35
15'23Jd.J15
75
Bliss(EW)Co,new_ Om par)
75
Beth St 7% July
75
74
I 72
78
101%
Commercial Cable let g 48_2397 Q J
M4S2
681924
Pat
Preferred
Canadian
4
96
923
8812
94
2
9334
9234
4 101%
5
17
0 16
15
Cumb T & T 1st & gen 58._ _1937 J 3
16
0 8
56
Federal Sug Ref 135'24..M&N 1003 „, Bo ee2n ompany,com_ _10
_
1935 J J ---- --- - 9412 July'21 _
102
0 102
Keystone Telep Co lst 5s
Preferred
100 100
Hocking Valley 6s 1924 M&S
991 9934 9934
4 i; iii4i1716
I924 F A
prd4.
102
1641 869.7.44 Celluloid
Mich State Teieph let 5s_
:
a
&
i
1922.M
8s
100
Company
98
T
R.
Interboro
Sale
99
100
240 975k 100
New England Tel & Tel 15a 1952 J D 9934 Sale 9334
T
110
K
100 106 C
Preferred
erm Ay 6s'23 M&N15 10034 101
94
9334
42 5814 9714
10212 1011 Childs Co,common
N Y Telep let & gen s t 430.1939 M N 10
100 124 127
6355 July 1931
13 Sale
1083s 70 10134 10878
12
5 16
30-year deben s f 68.__Feb 1949 F A 10611 10 18 10718
08
16
0
0
0
10
20-year refunding gold 68._1941 A 0 10734 Sale 0812 10714 85 1017s 10814 Lehigh Pow5
A 1q34 11
FL
7:F
22
021
9
)
5:2
68
,11 HePr
eC18
78
s
errVowder
ufle
rce
114 11012 109
074
108
F A
103
101
Northwest'n Bell T 1st 75 4_1941
9
100
'29_F&A
(3).
1
&
8
Shen
Preferred
Sloss
107 j j 9 12 99
0812
99
18 9173 100
Pacific Tel & Tel 1st As
100 83
Swift & Co 73 Aug 151931.. 10214 10214 International Salt
9212 108 90
95
1952 MN 9113 Sale 91
65
1930.F&A 108 109 International Sliver, pf_ _100 100
95
98
9534
8 93 9934 U S Rubber 754s
85
South Bell Tel & T 1st of 58_1941 .3 J 9 .
60 •82
Bonds
Bk
Sales.
1
Land
p
r
a
o
sh
C
c
Stk
Joint
9912 18 204 501
101
Western Union coil tr cur 58_1938 J J 9912 101.,38 99
7 165
100 1:0
4 8 12 945s Chic Jt Stk Land Bic 58_1939 9934 10034 Phelps Dodge
9215
93 9212 92
Fund & real estate g 4348_1950 IS N
120 127
com.100
102%
1931
1021Pow.
opt
Baking
Royal
--.
1951
55
11134 64 10_12 114
1936 F A 11 34 111 111
15-year 634s g
103 1034
Preferred
55 1952 opt 1932
Mut Un gtd bdsext 5%.-- 1941 MN 9178 --- 10l1 Sept17
10612
2 Singer Manaffientring. - - iliT) 103 110
5345 1951 opt 1911
94
NorthW T let id g 4345 gtd1934 J J 9's 9335 94 Aug'22 ___ 94
•Per share. 8 Basis. d Purchaser also pays accrued dlyldend. a New stook
Flat price. X Last sale. p Ex-special dividend of Ill. a Nomsral. x Ex-olly.
*NO price Friday:latest bid and asked. aDue Jan. ODue Apr11. cDua March. a Due p Ex-rights. 1Ex-stock dly. 14E5 cash and stock dividends. ,Ex-l00% stock
May. //Due June. bDue July. *Due Aug. uDue Oct. 'Due Dec a Option sale.
dividend




lei'

BOSTON STOCK EXCHANGE-Stock Record &Mtg.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Jan. 6.

Monday,
Jan. 8.

Tuesday,
Jan. 9.

Wednesday. Thursday,
Jan. 10.
Jan. 11.

Friday,
Jan. 12.

STOCKS
BOSTON STOCK
EXCHANGE

Shares
Railroads
148 148
1484 14812 148 1481: 148 1481:
149 149
s1 Boston & Albany
100
8212 82 82
82
81
82
8114 82
270 Boston Elevated
8114 8112
100
98 98
97
97 *____ 9712 *_ _ _ _ 9712
Do pref
8
100
120 120 +120 ____ *120 ...___ *120
34
Do let pref
ii6" fi6100
103 103 103 103
102 102
103 103 103 103
131
Do 2d pref
100
•17
1714 1714 *17
18
1734 *1714 1734 *171 173
10 Boston & Maine
100
*24
30
+2212 _ _ _ _ *23 _ _ _ _ *2212 -----------_
_
Do pref
45
100
2812 29
29
29
29
29
28
281: --------123
Do Series A let pref-100
*45
45
45
45
45
*45
44
Do Series B 1st pref
100
*40 116_ 41
41
40
40
40
40
Do Series C 1st pref
33
__... ---100
*58
58
5834 58
58
58
581 --------63 Do Series D 1s1 pref
100
160
*160
- -2_
Boston & Providence
100
2014 21
21
21
20
21
*2014 22
180 East Mass Street Ry Co 100
7112 7112 71
71
71
71
*7012 711
Do let pref
101
"if 100
60 604 •591, 62
81
59 60
61
615
Do pref B
--100
3812 39 •36
40 *36
40
5
Do adjustment
100
*44
--- 45 *___ 45 *43
45
Maine Central
100
2038 2038 -2038 203
204 2012 *20
204 1878 20 ---iii N Y N H & Hartford
100
82 82 *81
24 Northern New Hampshire_100
;Ogi2 -9.
9.-, *9814
13 Norwich at Worcester pref-100
78/
1
4 78%, *78
80 •78
79 I 79
79121 78
113 Old Colony
784
100
_ *351,-1
iiii_ ____ ____ ------ Rutland prof
100
96'2 wili" ."Ii" ;51
wie- -61
55 Vermont & Massachusetts-100
1 ____ ____
97

148 148
82
8214
*9712 9812
*120 122
103 10434
*1712
25
25
29
29
*45
-*40 -.
58 -y15912
2113 -ifa".
711:
• 71
6112 6112
41
.
38
45
*20
201:
82 82
99
99
7714 7714
96

&WI
For
the
Week.

161

Range for Year 1922
LOteeft
13014 Jan 4
7312 Feb 20
9414 Mar 1
118 June 22
1014 Nov 20
14 Jan 10
20 Jan 9
22 Jan 5
36 Jan 17
30 Jan 9
40 Jan 12
125 Jan 12
18 July 13
66 Aug 14
51 July 13
28 July 14
274 Jan 30
121
/
4 Jan 3
69 Jan 10
58 Jan 17
57 Jan 6
15 Jan 20
78 Jan 23

Highest

PER SHARE
Range for
Year 1921
Lowest

Highest

152 May 22 119 Apr 133 Nov
891*Sept 12
6172 Jan 79 Nov
105 Sept 13
78 Jan 100 Dec
126 Sept 27
109 Sept 13
13/
1
4 Dec
5* Feb25
3112May 20
16% Nov 30 Jan
37 Apr 8
19 Aug 33 Jan
441: Apr 26
27 Nov 47 Feb
62 May 20
24 Nov 40 Jan
54 May 25
77I2May 1
36 Nov 58 Jan
163 July 17 110 June 133 Jan
2658Ju1y 31
77 July 14
60 Nov 16
47 Aug 17
55 Oct 21
c • Ire;
30 -fte34%May 22
12 Dec 2314 Jan
60 Apr 75 Feb
96 July 19
1038 Dec 22
51 Nov 76 Jan
984May 23
Jan
50 Oct 75
5278June 5
15 Apr 21
Jan
100 Aug 7
69 Nov 78 Doe

Miscellaneous
Amer Pneumatic Service__ 25
lis• Dee
4/
1
4 Jan 27
212 Dec 29
Js
an
811: .ise
91
1.312
Do peel
60 13 Feb 20 2014 Aug 10
1558 Nov
2,625 Amer Telephone & Teleg_100 1143: Jan 3 12814 Aug 31
11918 Nov
3,031 Amoskeag Mfg
No par 104 Jan 10 121 Dec 18
n 109 Dec
74 Jan
Do pref
No par 80 Nov 6 91 Aug 24
78 Feb 8414 Dec
Art Metal Construe Inc- 10 14 Nov 16 goizmay 19
12 Jan 16 Sept
Atlas Tack Corp
No par 13 Jan 7 22 May 4
1234 Dec 20 Apr
Beacon Chocolate
10
.05 Dec 12
4
.75 Feb 21
Jan
Dec
;.-172 "-AO
.15
Boston Me:Pet Trus__No par
.10Sept 14
.50May 4
..115
.95 Jan
3 July
Century Steel of Amer Inc_ 10
14 Jan
.05 Jan 20
.20 JulY 17 .0812 Oct
21 "if1"2 "ii" -21-14 "ii" 11-174 "20 "
8
i1-1
8 "iii4 -if"
167Connor (John T)
10 153* Jan 4 307 Dec 26
: Dec
94
3 July 177
.313 . 413 .
334 4
*334 412 *3% 4
354 354
East Boston Land
10
3 Jan 4
44 Feb
6 Apr 21
Oct
814 814
8
834
814 832
814 814 *8
84
Eastern Manufacturing.-- 5
84 8,4
7 Dec 6 1414 Feb 10
Oct 23 Jan
94
821 8212 814 8214 8214 8214 82
83 8314 83 83
82
Eastern SS Lines Inc
25 3812 Jan 4 8912 Oct 21
16 Jan 42 Dee
Do pref
50 42 Jan 7 48 Sept 1 142
421, Nov 45 Doo
17012 iii" iii"
16913 17112 170 17134 1714 17112
171 171
414 Edison Electric Ilium
100 156 Mar 2 185 Sept 1
Oct 1654 Dee
•10
11
11 •104 11
1014 1014 *10
11
.10
10 Elder Corporation
3 Mar 14 13 May 17
No par
Nov 17 Jan
*Ms 2812
*261: 2812 *2712 2812 *2713 2812 -2
53 272
12 Galveston-Houston Eleo_100 28 Dec 19 39 Aug 15 _ _3_ _
11% 123: 12
123* 1214 12% *1214 1284 •1214 1234 124 1234 1,315 Gardner Motor
No par
9 Nov 27 1614 Apr 6
9% Sept 2314 Apr
21
214 2112 22
2112 21
2114 2114 21
21
21
21
770 Greenfield Tap & Die
25 17 Dec 23 27.4 Feb 27
1914 Deo 29 Nay
561
5412 55
54
5678 59
57 5812 58
5812 59
4,070 Hood Rubber
581
No par 43 Mar 9 5458 Dec 30
36
36
363* 363* 37 37
737 Internat Cement Corp_No par 26 Jan 20 agatay 6
383* 371
: 3714 3714 3734 39
19 July ▪ -1K+;
•
_ 22
20
20
22
20 .3_ _ _ _ 22
40 Internat Cotton Mills
20
50 20 Nov 1 32 Jan 27
32 Dec 414 Feb
76
.77
7918 79
80
*77
78
Do pref
79
74
206
78
76
78
100 60 Aug 5 85 Deo 1
74
Dec 86 Mar
*2
2/
------ International Producta_No par
1
4 *2
2/
1
4 *2
24
214 *2
14 Dec 26
24 *2
612 Mar 25
2 Sept 13 Jan
*6
8
*6
8
Do Orel
+6
50
8
*6
74
100
6,2 6,2
512 Dec 4 17 Apr 1
5 Nov 32 Jan
------ Island 011 & Tramp Corp__ 10
.6: Apr 15
3 Jan 24
2 Sept
4% Mar
i" --i" -64 "634
930 Libby, McNeill & Libby_ 10
634 73g *7l
718 714
11
78
/
4 Apr 24 1112June 3
54 Dec 13 Jan
.
1013 11
103., 10% 10% 1034 1012 1034 104 1034 10% 1034
142 Loew's Theatres
25
8 July 1 13 Jan 16
June
4814
Dec
18
gat: 87/
86
1
4 8612 87
86
86
319 Massachusetts Gas Cos
87
87
8714 87% 8712
100 63 Jan 3 901: Nov
5334 Sept 85 Jan
70
7012 70/
Do pre(
1
4 7012 70
192
70
70% 70
70
100 62 Jan 3 74 Oct 19
7012
584 Oct 64 Ma7
177 179 178 178
178 178
90 Mergenthaler LInotype_100 130 Jan 3 181 Oct 13 117 Sept 138 Nov
178 178 *____ 178 'Fri" 189"
•10
11
91: 91
9/
1
4 1018
9/
1
4 9/
10
405 Mexican Investment Inc_ 10 11 Dec 29 273sJune 26
9
1
4 10
9
134 Sept 3518 Apr
•_ - - 2778 2778 28
27 27
81 MissIssippi River Power
2712 2712 27
2734 27 27
100 13 Jan 6 84 Aug 31
11 Sept 144 Mar
•80 82 *80 82
O80 82 '
Do stamped pref
20
82
82
82
100 724 Jan 9 8512 Oct 6
80
60 June 84 Apr
758 8
8
8
8
84
84 81
771( 81s
: 1,512 National Leather
10
684 Dec 21 11% Jan 21
78 8
9% Jan
214 Dec
•.50 1
.50 .50
*.50 1
.50 .50
364 New England 011 Corp
.35 .50 '
3.30 1
.22 Dec 6
4 Aug
6 Aug
5 Jan 28
120 12012 120 120 12112 12112 12112 121's 121 121
108 New England Telephone-100 109 Jan 4 125 Sept 19
120 121
9512 Jan 11234 Dee
------ Ohio Body & Blower__No par
5% Nov 28 14 Mar 16
7 July 11% Dec
"ig" "fir -113-4 181 "fgi 19
1,595 Orphoum Circuit Inc
125
1 13 Jan 10 28 Oct 5
1412 Dec 3014 Apr
95 95
95
951: 9414 96
954 100
9913 1001s 2,889 Pacific Mills
100 102
15434 Oct 4 192 Dec 28 146 Jan 171 Dee
*15/
1
4 16
*15/
1
4 16
16
1614 *15
1551 Reece Button Hole
1614 1558 15%
10 124 Apr 1
16 July 17
124 Apr 14 Jan
•1
--- ___ Simms Magneto
6 .50 Nov 17
71s Apr 5
3 Dec
914 May
10834 10912 1083 10912 108 1083* 108 108% 10814 109
576 Swift & Co
iog" 166100
12
9214
July 105% Jan
Jan
884
11012Sept
478 4734 4712 48% 46
47
48
46
47/
1
4 4712 .17h 48
305 Torrington
25 •39 July
8112June 5
47 Jun
61 Feb
*8
9
8
8
*8
*8
9
9
10 Union Twist Drill
8
9
a
8 Mar 29 144 Feb 3
10 Dec 22 Jan
537
52
5214 5338 5034 52% 50
1
4 513* "5014 In; 43.331 United Shoe Mach Corp__ 25 37 Jan
5112 50/
45 Mar 24
33 Sep
3914 Jan
274 2712 2714 28
2712 2634 27
27
Do pref
522
28
2814 2634 27
25 25 Jan
2214 Apr 2512 Dee
2712 July 15
2812 294 2814 28% 2712 2812 2714 2814 28
2834 28/
1
4 28% 10,249 Ventura Consol 011 Fields_ 5 21% Jan 27 3312June 2
1614 July 244 Dee
3712 38
383
3734 38 • 371: 38
36
4,556 Waldorf System Inc
3812 39
3812 39
10 26% Jan 4 39 Dee 30
16% Jan 2972 Dee
35
312 4
23
34 414
314
312 334 2,267 Waltham Watch
314 312
100
3h
214 Nov 29 1434 Apr 26
6 Dec 17 Jan
15
16
1412 .14
14
1412 14
14
13
Do pref
14
370
100 11 Nov 29 49 Apr 25
36 Sept 75 Jan
•11
1184 +11
1134 1114 1112 *1114 1134 1112 114
395 Walworth Manufacturing_ 20
712 Feb 7 13 Oct 9
8 Sep
17 Feb
28
2814 *2712 284 28
28
263* 271: 263* 27
615 Warren Bros
50 1712 Jan 3 3534Sept 25
11 Apr 2212 APT
34
34
34
34
34
3412 *33
3412 34
34
85
Do let pref
50 304 Jan 4 3814 Oct 9
17 Aug 334 Dee
.
36
39 *36
39
*36
*36
39
39. *38
39
Do 2d pref
60 31 Feb 10 44%July 12
16 Oct 35114 Dec
1115 *11
1112 •11
1114
"11
1112 *11
1112 *11
Wickwire Spencer Steel-- 5
884 Nov 17 21 May 13
8 July 1814 Jan
Mining
•.50 .75 '0.50 .75 *.50 .75 •.50 .75 '1..50 .75 3'.50 .75
Adventure Consolidated.-- 2
.50 Jan 31
1 Apr 15
.4 Mar
.75 Mar
•57h 59 *5712 59
5712 5712 5712 5712 57
170 Ahmeek_
5712 57
58
2
56 Nov 15 86 May 29
40 Aug 88 Dm
•.20 .40 *.20 .40 *.20 .40 '.20 .40 '3.20 AO +.25
40
Algomab Mining
2
25
Sept
.50
.03
Apr
17
July
.15
.50 Apr
2212 2212 22
23% *2112 23
2312 *21
22 *2112 2212 •22
110 Allous
2
19 Dec 15 8212 Jan 26
16 Apr 2412 Nov
31: 8h
4
*354 4h *33
314 312
312 34
485 Arcadian Consolidated.... 25
312 312
2 Mar 10
438May 23
14
Sept
3% Jan
71/4 714
7%
712 712
73* 712
714
73* 74
712 712 1.010 Arizona Commercial
6 Nov 2 1012June 5
5
678 Jan 10 Apt
18%'
*18
1834 *18
1834 •18
1814 18
18
18341 *18
18
5 Bingham Mines
10
Jan
4Sept
8
5
14
13
Mar
8
183
Oct
293 295 290 292 285 290 286 288 I 288 290 290 290
122 Calumet & Hecla
25 248 Nov 14 301 Aug 25 210 Apr 280 Dec
7 8 7/
1
4
74 718
1
4 738
711 7% *7/
712 734
453 Carson Hill Gold
734 734
572
1
Nov
20
Dec
163
Jan
4
Mar
11
1613
29
48
9
8
*8
*8
9
9
8
9
8
9
Centennial
25
8 Nov 1 131: Feb 1
7 Jan 10 Jan
364 3678 3634 363
3634 374 36/
1
4 3612 3614 367/ 3614 3634
404 Copper Range co
25 3518 Dec 13 4634MaY 31
1
4 Dec
27 Jan 40/
.232 3
+2% 3
234 2% *2% 3
2% 3
,3
3
530 Davis-Daly Copper
718 Jan
10
21:Nov 23
94 Jan 26
514 Mar
4.83* 9
+87s 9
834 84
8% 9
87
9
9
9
1,595
East
Butte
Copper Minh:6_ 10
Nov 2
1214 Jan 26
7 Aug 11h Dee
74
las 113 '114 134 •114 15 .
•138 134 *114 1114
11
/
4 134
76 Franklin
25
/04 Jan
1 Apr 11
384 Apr 15
1% Apr
*212 278
214 214 •212 3 .
212 212 *24 3
212 3
55 Hancock Consolidated
25 112 Aug 18
34 Mar 16
114 Sept31a Jan
*.80 1
.3.50 .95 •.50 .95 *.50 .95 •.50 .95
+.80 1
Helvetia
.SODecl9
25
28, Nov
June
27
4
Apr
1
13
103 104
193 103
102 103 102 10212 102 10213 102 10214
578 Island Creek Coal
1 814 Jan 10 11638June 21
48 Jan ggls Dec
•s94
96
95 95
9612 94
95 95 *x94
96 *94
96
14
Do pref
1 88 Feb 14 9712 Nov 16
75
9012
Jan
Dec
*22
23
211: 22
22
2134 2134 *21
21
21
2134 2134
260 Isle Royale Copper
25 18 Nov 1 2634May 31
1614 Jan 2412 Dec
3/
1
4 34 *2314 3% *.r314 334 *x314 354 *s314 33 *z314 334
100 Kerr Lake
47 Apr 17
5
4 Sent
3 Feb 6
23* Mar
*14 11
14 1% *118 134
•14 2
114 114 *11: IN
300
Keweenaw Copper
25
1 Feb 24
312 Apr 15
.98 Sept2 Deo
*3
31
*3
*278 312
312 *3
3
3
31
:
31: *3
40 Lake Copper Co
25
2 Jan
214 Feb 18
312 Dec
534May 31
+138 134 *13* 134 •138 134 •13* lh .138 13
•138 134
Ls Salle Copper
25
114 Jan
214 Feb
1 Nov 2
214 Apr 17
*13: 2
•13* 2
13* 138 •134 2
.13* 2
•138 2
100 Mason Valley Mine
114
5
Jan
Jan
4
2 Sept
13
234May
19
+134 2
*134
*212 3
2
1% 1.34
..1 15
2
*134 2
50 Mass Consolidated
31 Jan
45g Apr 13
25
35
112 Dec 26
.55 Apr
31
34 34
3% 3% *358 4
3s
4
4
4
375
Mayflower-Old Colony
25
218 Dec 13
618 Apr 13
23* Aug514 Jan
*212 25
212
2
218 214 *2
2
2
2
24 23*
510 Michigan
318 may
25
.75July
10
114
Aug
7
Apr
13
•58
59
: 565 57
5712 571: 574 58
58 58
5612 371
290 Mohawk
43/
1
4 Jan 59 Dec
25 52 Nov 15 68 June 5
17% 1734 1712 1758 1634 17
01712 18
17% 175
163* 17
1.058 New Cornelia Copper
6 1514 Dee 4 2012June 2
1214 Sept 1834 Dee
.o
.08
.08
Idria Quicksilver
5
.05 Dec 27
24 Mar 23
2 Dec
.40 Nov
37 *3612 37
*36
36 *3612 37
36
*3612 37
*3612 -37 50 New River Company
100 37 Jan 6 40 Feb 9 40 Feb 67 MS,
85
*80
85
821: •80
85
821. *80
8212
Do pref
100
7
Jan
73
66
Dec
74
Oct
95
16
Malt •
514 5% +154 534
512 512 *2512 6
534 534
512 51
250 Niplasing Mines
5
5 July 8
812 Jan
4 July
7 Jan 4
9% 914
9
9
914
914 914
91s
914 914
94 93g 1.360 North Butte
15
812 Oct 31 15 May 29
Dee
1414
8
Mar
134
1% 11: 3,138 112
134
.1% 2
114 11
/
4 *15e 113
130 Ojibway Mining
114 Dec 27
25
24 Dec
44 Apr 15
1 Aug
1914 1914 1914 191: 193* 1913 194 20
19% 1912 *191: 20
425 Old Dominion Co
25 16 Nov 27 27 Jan 25
15% Jan 3534 Nov
32
*31
3212 3212 3234 3234 324 3212 32
32
*31
32
65Oaceo1a
25 25 Nov 28 3305 Aug 23 21 Aug 35% Dec
3
3
+31: 3% *34 334
312
312 *312 3/
1
4 ---4631Park City Min & Smelting.-5
218.1une
334 Nov -351: *3312 36
35% 35% 34
36
*3312 36 .34 16*34
40 Quincy
25 30
15 50 May 31
Aug
-- "it-s Dcc
43 *41
43 *40
43
43 .41
39
*41
40
40 40
101St Mary's Mineral Land_ 25 37 Nov
Nov
28
484May
31
28 Jan 45 Dec
.4()
.75
.40
.50 .55 *40 .7
*.55 .75 +.55
3..50 .74
125 Shannor.
10
.25 Mar 10
1114May 18
.75 Jan 1% Dec
.50 .50 •.40 .60 •.40 .60 .3.50 .75 '
3.50 .7
•.50 .75
100 South Lake
25
.25 Dec 19
11
/
4May 18
.35 Nov
2 Jan
1% 175 *17
*178 2
2
*17: 2
*1% 2
•178 2
200 Superior
25
112 Dec 23
434July 13
412 Feb
2 Sept
2% 3,4
27
2% 31s
3
3
27
23 2% 2,825 Superior & Boston
3
3
Copper- 10
.90 Mar 31
2% Oct 19
1
Jane
2
/
1
4 Feb
114 +1%
114
118 118 •1%
11
/
4 1% •1
•1.!.(4
13s
114
325(Trinity Copper Corp
4
Dec
29
11
1%
Apr
Os Nov
3
34
•
July
•
.50
.50
.60
.60 '.50 .60
.53 .55 '3.50 .60
+.50 .60
a
250 Toulumne Copper
.40Nov 10
.92May 22
.34 Aug
.85 Dee
2% 2%
*234 3
23
234 •234 3
*2% 3
*234 3
a
260 Utah-Apex Mining
4 Mar 22
Oct 20
103 Oot
1% Aug
14
1h 1h *138 2 .
134 *113 2
•lts 2
•1112 2
145 Utah Consolidated
5
.90 1
1 Feb 21
312June 5
.65 ;35 4.90 .99
112 Nov
5 Jan
.90 .97
.98 1
.99 .99
395,Utah Metal & Ttumel
1
212 Apr 13
.80 Dec 12
Jan
Jan
.96
234
•11
/
4 112 *1
•14 112 4,118 118 •118 11
112 *1
112
IVIctoria
2
.75 Nov 27
212 Jan 30
214 Feb
.40 May
•1
1
11
/
4 •1
1
11
11
/
4
114
1
1
.91) .90
460 Winona
2
.25 Jan 16
2% Apr 15
.80 Mar
.35 Jan
•73R 8
*73g 8
•73* 8
*75a 8
.
7% 8
*73* 8,
Wolverine
2
714 Nov 29 16 May 81
8/
1
4 July 14 Feb
•Bid and asked primer. no sales on this day. s 8 -rights. 0 Ex-dividend and rights s Hs-dividend
•Hz-stook dividend
a Assessment Paid.
*3% 34
184 184
123% 1244
110 110
*88 _ _ _ _
*15
18
•19 20

*314 312
31s 312
3
314 34
*1812 19
1812 1978 1912 20
198
123 124
123% 1233* 123 12312 123
88 110
s89 994 9312 97
94
87
88 *s83
87 *s82
87 *282
*15
18 *15
18 *15
18 *15
*19
20 *19
20 *18
19 *18
.05
.15
*.12 .15 *.12




31:
1
4 1978
11% 19/
1235 123 1233*
94
93
95
87
18
19

Sala
Friday
Lost Week's Range for
Sale.
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.

Outside Stock Exchanges
Boston Bond Record.-Transactionsin bonds at Boston
Stock Exchange Jan. 6 to Jan. 12, both inclusive:
Friday
Sales
Last Week's Range for
of Prices.
Week.
sale.
Price. Low. High.

Bonds-

Range for Year 1922.
• Low.

92 810,000 86%
92
Amer Telma.& Teleg 4s 1929
5334 20,000 47
52
At! Gulf & W 198 L 58 1959 52
94
8,000 8931
94
Chic Jet Rys & US Y 5s'40
2,000
118 118
1923
Chile Copper 75
100% 100% 1,000 100
Co Azucarera Bar 7481937
Eastern Mass Street fly1948
70% 704 5,000 66
Series A 4(1s
77
4,850 69
1948
75
Series 13 58
4,000
• 1948
56
86
Series C 6s
100 80
85
85
1948
Series D 6s
98
98
100 98
Series S C 68_ __ _1925-29
1936 101% 1004 101% 36,000 9531
Hood Rubber 7s
12,000 101
111 115
Internatl Cement 85_1926 115
9534 4,000 86
95
1929
Mass Gas 44s
90% 9031 40,000 86
1931
414s
94% 3,500 88
94
Miss River Power 533_ _1951 94
98% 10,000 93
98
Nest England Tel 5s_ _1932
2,000 84
86
1934
86
New River 55
96% 97% 21,000 91
1944
Swift & Co 55
100%
3.000
10031
91%
1926
65
Smelting
S
U
107 1084 7,000 9731
Warren Bros 7345_ _ _ _1937
8,000 90
1932 96% 9634 97
Western Tel 5s

Jan
Mar
Jan

High.
93% Aug
65
May
97
Aug

July 10114 Aug
Nov
Aug

Aug
70
764 Aug

Nov 81
Sept 98
Jan amq
June 114
Jan 96%
Jan 94%
Jan 96
Jan 99%
May 9631
Jan 1004
Sept 96
Feb 118
Jan 9734

Nov

Sept
Sept,
May
Sept
June
Sept
Aug
Dec
Oct
Nov
Sept
Oct

Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Jan. 6 to Jan. 12, both inclusive, compiled from official sales lists:
Stocks-

[Vox.. 116.

THE CHRONICLE

168

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par Pike. Low. High. Shares

Arundel Sand & Gravel_100
100
Bait Brick, pref
100
Baltimore Tube
•
Benumb (I), common_
100
Canton Co
Central Teresa Stigar _10
Ches & Potomac Tel_ _100
50
Commerce Trust
25
Commercial Credit
25
Preferred
25
Preferred B
Consol Gas El & Pow_ _100
100
. 7% preferred
100
8% preferred
Consolidation Coal_ __ _100
Continental Trust
100
5
Cosden & Co. pref
100
New preferred
•
Eastern Rolling Mill
100
8% preferred
50
Fidelity & Deposit
Houston Oil, pref tr ctfs 100
Manufacturers Finance 100
100
lot preferred
100
2d preferred
25
Maryland Gee Co
50
Mercantile Trust
Moron Vail Tue. pref_ _25
Mt V-W'db'y Mills, p1.100
New Amsterdam Gas_ _100
10
Pittsburgh Oil. pref
United Rys & Electric_ _50
_ _50
U S Fidelity 333 Guar_ _50
Wash Bait & Annan, pf_50
BondsAlabama Co gen 6s_1933
Balt Elec stpd 533
1947
Consol G F. L & P 4%51935
•545 Series E
1952
65 Series A
1949
1931
7s Series C
Conseil Coal 414s
1934
143e
Refunding 5s
Fair & Clark Trate 5s 1938
Fairmont Coal 5s....1931
Knoxville Teas' 55_ _ _1938
Lake Roland El go 5,3_1942
31d Elec fly 15t tis _ _ 1931
1923
kronen Val Trac 7s
ST'p't News&0Pt 1st5s'38
Norfolk & Ports Traa 53'3f
1942
North Bait Trim 5s
Penn Water & Pow 58_1940
Petersburg Class B 65 1926
Jnited Ry & El 4s_ __ _1949
Income 45
1949
1936
Funding 58
1927
tls
433 (when Issued)_ _1949
•
3•••A,
••
Vino
•-133•1
5755h
• No par value

98
1034
30
129
9434
57
26
90
1814
60
3834
155
2931

BondsAmer Gas & Elee 55_2007
Bell Tel of Pa Ist&ref 733'45
reins Trac of NJ 1st 5s '32
rice & Peoples tr ctfs 45'45
Interstate fly coil 45_1943
lake Superior Corp 55 1924
Lehigh C & N cons 445'54
Lehigh Val gen eons 445'20
Peoples Pass tr ctfs 45_1943
?Ma Electric 1st 5E3_1966
1966
Small
1st sinking fund 45_ _1966
1947
5145
1941
65
_1997
leading general 4s_ A997
Manlsh-Amer Iron 65_1927
49
tr ctfs
7nited
.-__
_ 4s
.. .RY gold
invest as__ imen
ftv Invest
fly

69
2714
73
100
10214
10534
86
100%

8754 88
107% 108
82
8214
694
69
4834 49
2734 29
9331 93%
9114 9114
7231 73
100 1014
10054 100%
8194 811.4
10234 10234
105 106
8534 56
100 100 14
57%
5711 -_
55,
5/i

Low.

7%
5,221
660 58
5
325
65 29
100 72
131
850
1,400
554
478 34
11 177
2,930 38
250 38
280
734
197 2731
575 40
425 3111

High.

Jan 3511 June
June 69
Sept
Jan 1031 June
Jan 35
Dec
Jan 8274 Nov
July
1774June
Jan
214 Sept
Jan 4134 Nov
Jan 201
Oct
Jan 5534 Sept
Jan 5934 Sept
Feb
934 June
Jan 39% Aug
July
Jan 70
Jan 3714 May

•
51,200 81
Jan 9214
3.000 1074 Sept 108%
3,000 74
Jan 8411
17,000 64
Jan 74%
2,000 3714 Jan 4814
3,000 21
Dec 394
5,000 9834 Jan 94
2,000 834 Mar 9511
12,000 64
Jan 75
100,200 9114 Nov 101
500 94
Jan 101
2,000 81
Dec 85
32,000 100% Nov 103%
21,100 102
Oct 10634
36,000 7.64 Sept 85
5,000 99% Dec 10014
57 _ Oct 7514
2;000
_
___ -.
.
49.1199
sin
1119 Mar (It)

Aug
Nov
Apr
Sept
Aug
June
Oct
July
Oct
Sept
July
Nov
Sept
Dec
Dec
Nov
Sept
SeptImo
se

* No par value.
Range for Year 1922.
Low.

High.

160 27
4034
Jan 44 June
52
60 224 Apr 30 June
25 18
20
Dec 30
June
34
20 19
May 3414 Nov
5
145
300
1%
Jan
1
234 Aug
96 105
110
June 11014 Dec
4
60
Sept
624 Oct
5850
140 49
5834
Mar 70(1 Oct
2634
347 25
Apr
Jan 28
167 2531 Jar! 28
Apr
2733
184 91
11014
Jan 120
Aug
10714
78 102
July 10814 Sept
90 105
Jan 12214 Sept
iisy, 120
325 80
Jan 9831 Nov
96% 98
1 175
Sept
Sept 175
170 170
514 5%
300
51; Sept
331 Sept
1034 10334 ' 10 101% Sept 102
Sept
172 18
30
30
25
Nov
Aug
53 • 60
80
90
Sept 7314 Dec
196 1094 Nov •120
Dec
12714 130
25 78
Feb 92
9411 9414
July
35 41
Jan 6714 Dec
57
57 34
'24 24
26
Jan
26
2614 June
51 24
2514 26
Jan
273-4 Dec
2137 77
8334 90
Dec ,11.0
Nov
42 21614 Sept 240
234 234
Dec
12 17
18% 1834
May
Aug 20
247 44
Nov
60
Jan 60
59
1,250 31
Sept 3611 Dec
3534 37
10
14 Jan
2
2
114 Dec
Oct
Jar 23
1831 1431
9
690
167 1404 Dec 153
Nov
14814 155
45 29
Jan 34(1 Apr
294 30

40
49
18
34
145
134
10934 10914
5814
58
58
26
28
27
110
10811
106
107
404
52
18

31%
Phila Rapld Transit___ _50 3031 30
67
65
Phila Traction
50 67
50
811 84
Phila & Western
36%
Preferred
5036
' 7734 774
Reading
50
134
14s
Tono-Belmont Develop_ _1
2
234
1
Tonopah Mining
40
40
Union Tree, 1714 paid_50 40
100
200 200
United Cos of NJ
514
50
50 51
United Gas Impt
5534 56
50 56
Preferred
814 814
Warwick Iron & Steel_ _ _10
34
33
West Jersey & Sea Shore 50
5034
50
Wm Cramp de Sons__._100 50
36
364
York Railways Prof
50

Range for Year 1922.

5500 80
3.000
41
9.001. 8514
24,900 984
10,000 100
14.000 101%
1,000 854
13,000 86
4.000 87
2.000 94
5.000 85
8,000 97
13,000 86
8,700 95
3.000 89
1.000 71
1.000 9714
6,000 92
1,000
24,000 66%
19,000 46
3,800 66
11,000 97
21,000 984
20.01)6 75

Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Jan. 6 to Jan. 12, both inclusive,
compiled from official sales lists:
Stocks-

Friday
Sales
Last Week's Range for
of Prices.
Sale.
Week.
• Par. Price. Low. High. Shares.

Range for Year 1922.
Low,

High.

7
370
8
8
Dec 2431 Apr
Am Vitrified Prod, com_25
30 6414 Jan 90
8414 844
May
Am Wind Glass Nisch_ _100
94
Jan 10814 Dec
94
60 84
100
Preferred
10 97
Jan 107
1074 10734
Aug
Am Wind Glass Co, pf _100
40,178
734 Dec 12% Apr
8
734 9
Arkansas Nat Gas, com_10
434 44
24 Jan
652
6% Dec
Carnegie Lead & Zinc_ _ _5
20 23
26
Jan 33 • Dec
26
Consolidated Ice, pref__ _50
Sept
88
Jan 75
88
26 69
Exchange National Bank50
210
Oct
7
4
134 Jan
4
Instep Brewing, com_ _50
6% Feb
310
Sept
17
94 9%
931
50
Preferred
439 1074 Dec 10911 Dec
Jones & Laughlin Steel, pf_ 10754 10714 108
Jan 3134 Jan
235 20
25 2411 2434 2414
Lone Star Gas
San 584 Dec
595 45
56
Mfrs Light & Heat__ - _100 554 55
Sept
17
275
734
64 Jan
754
754
Nat Fireproofing, com-50
Jan 214 Aug
615 14
50 1934 19
20
Preferred
Jan
17
1
174
17
805 1314 Sept 23
Ohio Fuel 011
59
25
59
80 444 Jan 613-4 Dec
Ohio Fuel Supply
1,630 19
Jan 2634 Apr
19% 20
Oklahoma Natural Gas._25 20
Mar 225
250 250
20 225
mar
Peoples Sav & Trust Co.100
284 2814
125 2814 Apr 2934 Aug
Pitts Bess & L E RR _ _50
214 234
% Jan
13
376
Sept
4
Pittsburgh Brew,com_ _ _50
Apr
23e 24c 32,500 19e May 31c
Pitts & Mt Shasta Cop_ A .24c
6
360
831 9
Feb
Pittsburgh Oil& Gas_ _100
1134 June
318 130
Jan 200
200 203
Dec
Pittsburgh Plate Glass_ _10 201
1114 1114
1131
540
834 Jan
1434 May
Salt Creek Consol 011
10 19
Jan 36% May
34
34
Sinclair 011
Dec 1434 Apr
400 10
11
11
•
Tidal Osage Oil
934 Mar 1734 may
150
1114 1334
•
Transcontinental Oil
Dec
589 1244 Dec 125
2434
Union Natural Gas_ _ _ _100 2434 24
Dec
188 804 Jan 115
110 110
West'house Air Brake__ _50
100 694 Jan 82
Aug
80
SO
West Penn Rys, pref._ _100
Aug
Jan 36
270 18
3034
30
West PennTr&WP,com 100 30
35 704 Dec 861; Apr
7031 784
100
Preferred

July
Oct
Oct
Dec
100
Sept
103%
Sept
107% 107
Bonds91%
Aug (ndep Brewing135
Sept
Jan 79
7034 71 517,000 67
1955 '
Sept • Pittsburgh Brew 65_ _ _1949
89% 89%
Sept 924 July
7,000 80
81
81
Oct Pittsburgh Coal 5.5._ _1931
924
Jan 9734 Mar
9934 994 4,000 95
Nov
96
5,000 874 Jan 924 July
92
92
Pitts McK & Conn 56_1931
Sept
2,000 10544 Jan 107 ?Am,
108 108
9334
afe99•09 VI A. ll‘fo 7a 1021
Oct
98
•No par value t New stock.
Sept
9534 95
Dec
10034
Chicago Stock Exchange.-Record of transactions at
934
May
Oct Chicago Stock Exchange Jan. 6 to Jan. 12, both inclusive,
8914
Sept
oajt oaN
from official sales lists:
May compiled
9734 9711 9714
Sates
10211 102%
Friday
Sept
Range for Year 1922.
Jan 77
7334 744
7414
Last Week's Range for
Jan 5911 Sept
Week.
5414
54% 54
of Prices.
Sale.
Low.
Sept
Mar 81
77
76
High.
Par. Price. Low. High. Shares.
StocksDec 100% May
97 14 9714 9734
July 96
Apr 1034 Sept Amer Pub Serv pref
370 83
101% 1014 101%
924 9334
Nov
for
Nifty Amer Shipbuilding_ _ _100
84
77
7771
77
230 60 June 90
72% 74
Aug
Jan 110
Armour & Co. pref .100 9434 9414 9634 4,037 91
Sept
1,425
9%
Dec
9
9,14
914
15
124 Feb
ArmourLeather
178 83
87
87
May 10254 May
100 87
Preferred
Philadelphia Stock Exchange.-Record of transactions
4
4
/40
Apr
5
4
•
Borad
74 May
at Philadelphia Stock Exchange Jan. 6 to Jan. 12, both Beaver
41 20
16
15
16
Feb 30
Mar
1st preferred
90
2% 3
214 Dec
•
9 June
inclusive, compiled from official sales lists:
Case (J D
100
334 34
534 Dec 10
100
2d preferred
Mar
rrsuay
Oases
673 84% Sept 92
864 88
Central Pub Serv, pref_100 87
Nov
Range for Year 1922.
Last 1Veet's Range for
•
1
1
1
200
54 Jan
2% Feb
Ch City&Con Ry pt sh cm.
Sale.
of Prices. . Week.
534 54
534
•
130
3% Dec
Preferred
94 Feb
par. price. Low. High. Shares.
Low.
High.
Stocks434 531 1,980
1
511
Jan 12
Chic Kiev fly, pref ...100
10
10
ao 10 Oct 22 May
Chic Rys part et! series 1..
May
51 47
82
Jan 84
80
Dec Commonwealth Edison.100
American Gas of N J_ _ _100 80
z100 131
'
'
lob"
4,274 1144 Feb 140
Oct
Jan
1434 1634 3.527
4
17 June Consumers Co, corn._100
American Railways_ _ __ 50 15%
654 og
63-4
5
75
Feb 10% Oct
70
587 23
100 72
77
Jan 69
Oct
Preferred
65
65
115 59% Feb 754 June
100
Preferred
20 10% Sept 23
2014 20%
American Shipbuilding.. •
Oct Continental Motors.,_10 11% 10% 11% 11,516
5
Feb 1131 Oct
166 180
• 172
6.637 83
Oct 167
American Stores
Oct Crane Co, pref
1124 113
113
260 85
Oct
May 112
335 474 Feb 55
5231 53
Buff&SusqCorp v r c p1100 53
Apr Cudahy Pack Co. com_100 64
64
62
295 55
Feb
Jan 68
40 25% Nov 26
26
26
Nov Deere de Co, pref
East Shore G331.:8% pref 25
100 73
7434
73
295 60
79% June
Feb
385 3734 Mar 5814 Oct Daniel Boone WooI Mills 25 48% 32
8634 584
Elec Storage Battery_ _100
49
20,500 32
Nov 3331 Nov
195 2214 Nov 27
2414 25
•
Erie Lighting Co pref
100
120 121
May Diamond Match
Nov
70 105
Jan 122
•
30 37% Nov 731; July Earl Motors Co
4634 48%
100
General Asphalt
Jan
h
270
6
Nov34
46
605
43
30
43%
W
_
__
A
Jan
N
45
Insurance Co of
Dec Eddy Paper Corp (The)...• 274 24
Dec
2831 13,810 2534 Dec 30
52
51
380 36
1(10
Mar 59
Aug Fair (The), pref
J 0 Brill Co
100 105
104% 105%
Dec
850 102
Nov 104
734 835
365
Jan 12% Mar Godchaux Sugar,cora _ _• 17
7
8%
Keystone Telephone_ _._ 50
17
May
25
Feb 18
745 10
31
28
76 2634 Dec 39 June Gossard, If, W, pref__ _100 25
50 31
Preferred
Dec
25
26
July 30
370 25
6% 734 2,870
7
431 Dec 12% May Great Lakes D & D_ _100
Lake Superior Corp__ _ _100
Feb
83
82
270 8114 Jan 106
167
74
734
si
oo
74
Feb
50
Navigation
_100
Lehigh
90
Mar
7934 Aug Hartman Corporation_
84
90% 2,690 7734 Jan 103
67%
6734
120 57
Jan 714 Oct Hart,Schaff&Marx,em_100 99
50
Lehigh Valley
Dee.
Jan 99
99%
98
560 72
16
16
25
Oct' 174 Dec Hayes Wheel Co
7
• 4231 aog 424 4,215 36% Nov 3934 Dec
Lehigh Valley Tram& _ .50
50 5031 5031 5034
12 48
Feb 53
10 24
Sept Hupp Motor
MInehill & S A
Dee
21% 25% 57,555 log Jan 26
82
115 63
84.4
May 86
100
Oct Illinois Brick
100 80
Otto Elsenlohr
Feb 8414 Dec
78
80
85 56
12 944 Mar 100
100 100
100
Preferred
100 45
Dec Inland Steel
Nov 5831 May
43
650 40
45
14 3% 5.760
3
Dec 3734 Sept
Penn Beaver Oil
Kuppenheimer (B) & Co__ ...... 27
25 25
27
367 50
Dec 834 Sept
564 58
Sept
Dec 101
94
Penn Central Lt & Pr pf_•
94
Preferred
85 92
95
4614 46% 5,200 3314 Jan 50
50
Oct Libby, McNeill &Libby_10
Pennsylvania RR
5% Dec 1034 Oct
734
6% 734 1,609
65 694 Jan 8514 Dec Lindsay Light
82
82
ao
64 Sept
3% Mar
45
10
4
434
Penn Salt Mfg
491 36
4434
Jan 4531 Sept Mid West Utilities, com100 47
50 4414 43
Jan 533-I May
1,159 27
4534 47
Philp, Co 8% pref
33% 6,813 23
Feb 3231 Aug
25 3314 32
Jan 8834 Oct
587 53
100 86
854 86
Preferred
Phila Electric of Pa
95 19Le
97IZ Tan
2)0? 2274 a 711
Jan 106
Nov
1034 103 104
542 82
Prior lien preferred




954

8914
9514
92%
99%

891,
9513
923-i
100
10331
1071 c
914
90
9214
96
95
93
954
100%
9334
8934

Mar 9311
Sept 9734
Ja5 9431
De- 99%
July 107
June 10934
Jan 9334
Feb 924
Jan 93
Jan 964
Jan 93
June 9914
Jan 98
Jan 10034
May 89
Apr 91
July 99
Jan 99

JAN. 13 1923.]

THE CHRONICLE

Friday
Sales
Last Week's Range for
Raid.
of Prices.
Week.
Stocks (Concluded) Per. Pries Low. High. Shares.

Range for Year 1922.
Low.

1
1
Mitchell Motor Co
350
14
. 7%
National Leather, new _10
731 8
3,193
634
924 924
People's Gas Lt & Coke 100
10 6234
Phillpsborn's, Inc, com__ 5 314 314 343.4
1,025 3714
97
994
Preferred
230 1004
3554 8,140 19
Pick (Albert) & Co__ _ _ _ * 3534 34
554 57
Plggly Wiggly St Inc"A"..• 56
2.625 2334
Pub Sem'of No III, corn 100 1034 10314 1034
200 804
100
Preferred
97% 9734
45 8814
100 238
9714.235 238
Quaker Oats Co
131 143
9934 964 9934
Preferred
329 934
10 1334 1374 • 144
Reo Motor
1,585 1214
Sears-Roebuck. com- _ _100
854 87
420 5911
Standard Gas dr Electric.50 184 184 18%
96 13
Preferred
50 4834 484 49
410 42
Stewart Warn Speed,cm100 8534 794 8614 67,840 24
100 109
Swift & Co
10754 109
3,145 9134
Swift International
15 204 20
213.4 8,135 17
Thompson,J R,corn_ _ _ _25 4911 4911 5034
1,430 40
Union Carbide & Carbon 10 643.4 6331 6534 19,783 43
United Iron Works v t 0.50
634
6
7
64
6
United La& Rys, com 100 7234 714 73
1.240 29
let preferred
100 7614 754 7634
570 7514
United Paper 13d, com_100
16
16
10 1334
U 8 Gypsum
20 634 62
6334
150 5334
Vesta Battery Corp
*
26
27
170 19
Wahl Co
• 5534 55
57
1,700 5234
Ward,Montg & Co,Lit _100
108 108
10 76
When issued
20 214 214 224 4,340 1234
Western Knitting Mins._• 10
10
1,358
1031
5
Wolff Mfg Corp
*
284 2814
5 27
Wrigley Jr, corn......_ _ 25 100
100 103
3,226 97
Yellow Cab Mfg,cl"B"_10 260
6,685 132
230 270
Yellow Taxi Co
724 72
7311
5,217 50
BondsChic Rys 58,ser"A".1927
Chic Telephone 5o..1923
COmmonw Edison 5s_ _1943
Pub Ben,Co, lot ref 858'56
Swift dc Co 1st e f 58.1944

993.4

62
9934
97
90
9634

2,000
63
994 3,000
9834 21,000
8,000
90
9734 10,000

High.

Dec
Dec
Jan
Dec
Aug
Jan
Mar
Jan
Jan
Jan
Mar
Sept
Feb
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Dec
Feb
Aug
Dec
Nov
Jan
Jan
Jan
Nov
May
May
Jan

74
1154
97
45
10134
35
5911
108
9814
230
10014
284
944
2114
50
79
110
25
554
6734
93.4
734
80
19
683-4
40
7134
115
2511
12
29
1154
246
8031

June
July
Oct
Oct
Aug
Dec
Dec
Oct
Nov
Dec
Oct
July
Aug
Oct
Oct
Dec
Sent
Sept
Aug
Dec
Feb
Oct
Oct
Aug
Dec
Apr
Apr
Nov
May
Oct
Sept
Nov
Feb
Aug

May
4934 Feb 76
9834 Jan 100
Aug
934
an 100
Oct
874 Aug 9214 Oct
8034 Feb 100
Aug

•No par value. z Ex-divldend.

New York Curb Market-Official transactions in the
New York Curb Market from Jan.6 to Jan. 12, inclusive:
Friday
Sales .
'ham IVeek's Range for
Range for Year 1922.
Sale.
Week.
of Prices.
Par. Price. tow. High Shares.
Low.
High.
I

Week ending Jan. 12
Stocks-

NyitatINE1

CA

xx

44

xx

N

xx
.

xxxx x

am

x

a
-

X0X2 40

x.

NV.N
NO NN
Nt.cptipo

X

2N22tInaallgElEsiE5EEStinE Et IgNIE-6ENEEitUi N

xx xxx o,

V C
.
00.
.

x.

.
c000
N "

xx

t5eppratrustz.2/41

M

oxx!—,x4x

04X
4x4VVO V.

36,300
10.000
500
200
8,600
1,050
100
200
. 100
100
3,000
200
100
155
10
200
12
8,400
390
2,400
14,200
1,000
100
36
1,200
400
5.700
345
2.000
300
1.300
900
45
22,000
300
200
5,000
700
300
450
9,000
43,800
19.300
10
8,10
500
62,800
20
3.800
1
1,290
11,300
500
200
600
100
200
10,400
7,000
100
600
3.000
1,000
300
4,000
12.600
1.300
75
200
100
125
400
800
600
1.000
4,300
1,204)
4,600
1,500
1,700
300
4,200
6,500
2,200
575
101)
100
sine

.L"'

72c
340
224
10134
174
56
45
16
96
10034
9934
204
114
116
1024
19
10414
20
20
834
A%
103
194
110
13.4
2534
334
178
6714
64
184
32
89
41e
114
50
74
634
3534
84
514
8211
244
48
6%
64
3134 3334
40014 401
1134 134
55
55
263 270
56
614
1014 11
30
304
7814 80
103 108
102 102
3994 43
134
254
2
2
163-4 1794
934 114
47
48
1734 173.4
04 1014
4% 634
64
65
116 117
95
95
1894 1814
804 85
7% 734
104 124
21
22
35c
3.41
4.4
434
214 3%
214
231
114 1134
164 174
74 8
66
564
1434 103,
3
34
111 11134
2614 264
14 1%
19
lx

MV.0




65c
29e
2214
10134
1434
4834
45
16
96
1003.4
99
194
114
115
10234
1814
10134
1934
20
8
114
10634
14
109
134
254
24
174
67
6%
1734
3014
89
27c
134
49
53.4
8
35
82
44
74
2034
48
631

i0
M.0

Indus. & Miscellaneous
tome Coal Mining
i 68c
tome Packing
10 300
LlumInum Mfrs., corn-• 2214
Preferred
100 10134
kmalgarn Leather, corn... 17
Preferred
100 55
kmer Gas & Elee pred_ _50
Amerienn Hawaiian riS Iii
Amer Light & Trac pref 100
kmer Rolling Mill pref-100
krmour & Co of Del, pf 100 99
Arnold. o.'n usable a LO- -• 194
ktlantio Fruit
Borden Co corn
100
Preferred
100
Brier Hill Steel com
•
Preferred
1044
BrIt-Amer Tob ord bear E1 20
Ordinary
41
Brooklyn City RR
10
834
Buddy-Buds,Inc
•
le4
Campbell Soup pre' w 1.100
Oar Lighting & Power_ _25
Celluloid,preferred
10
Cent Teresa Sug, eom--10
I%
Century Ribbon Mills corn*
Ohio Nipple Mfg, CIA..!'• 234
Cities Service. com____100 177
Preferred
100 674
Preferred B
10
64
Office Serv. Bankers' sh_-• 18
Cleve Automobile, com_ •
Preferred
100
Colombian Emerald Synth
28c
Colombian Syndicate
Columbus Ryl.sci- corn 100
Cox S Cash Stores
54
Ouban-DomlnicanStur _ _ -•
Davies(Wm H) Co Inc.."
Del rack & West Coal 50 84
Dublier Condenser & R.ad •
531
Durant Motors. Inc
• 8111
Durant Motors of Ind__ .16 2334
Federal Light & Tr corn...
Federal 3 el & l'el.
._5
Film Inspection MachCo.•
Fleischmann Co, com__--• 333i
Ford Motor of Canada.100
Gardner Motor Co
• 1214
General fly Signal com.100
Gillette :Safety Hazer.---• 26811
Glen Alden Coal
• 6114
Goodyear Tire & R oom 100 1014
Preferred
100
Gt West Sug new corn w 126 80
PITH:TN.,'
100
Hanna(M S) Co. let p1100
Hayes Wheel
43
Heyden Chemical
•
234
Hocking Valley Prod_ _10
Hudson Cos. pre?
100
Hud & Manbat RR corn 100 I014
Preferred
100 48
Imp Toll of Gt Brit & Ire 41
Indus Fibre COrP
10%
Intercontinental Rubb_100
64
International Shoe corn_ • 644
160
Preferred
KUppennci1fler(11)C0pf 100
Lehigh Power Securities_ _• 1894
Lehigh Valley Coal Sales 50
Libby-510N & Lib, new_10
Lucey hits. Clam A _ _50
.• 22
Lupton(FM)Pub CIA..
20
Manhattan Transit
44
Marlin Piro Arms com____
•
234
Mercer Motors
24
Voting trust malls
114
Mesabi Iron Co
Morris (1110111p) Co Ltd_10
10
8
Nat Leather new
NatSupp Co(of Del)corn 50 56
New Fiction Pub Corp ..0 1531
34
New Mexico & Arls Land.1
mg) 11134
NY Tel 64‘70 Pi
N Y Transportatton._ _.10
No Amer Pulp & Paper_ •
- ._._

114
134
25
103
16
51
484
34
9834

Apr
Mar
JUDO
Sept
Nov
Nov
Oct
June
May

224
3
11734
102
214

Nov
June
Sept
Dec
May

2014 Dec
204 Nov
1034 OM
Ant
24
1
10934 Dec
334 Sent
111
May
314 Fe'.
Dec
21
614 July
242 May
72 luta
631 oco
2494 Ocl
35 June
De,
84
114 Max
34 July
52
No%
114 Dec
1211 May
38k, Dec
Dec
110
94 May
7514 Dec
Dec
23
42
Alp
74 Aui
614 Dec
Noi
402
1034 Dec
266
634
154
40
814

001
Sep:
May
Jun
No)

109 c.

Nol
Not

10214
41
334
34
21
1554
45
173.4

Do
Oc
Os
May
Ma)
May
Mn
De

114 Fe1
.

101
2034
82
10
26
26
706
444
514
414
1314
2314
1194
5894
154
4
1124
314
1
394
121.4'

Sep
Sep
Jun,
Ma;
ala
Ma
Atli
De
Ma:
Ma:
Aui
Jul:
Jal
De
De
De
Do
Ma:
Jis
De

Stocks (Concl.)-

169
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Wee.'..
Par Price. Low. High. Shares.

Patten Typewriter
5% 6%
Peerless Truck & Motor.50 794 79
79g
Perfection Tire & Rubber.*
1%
134
Phoenix Hosiery, corn.. 5
39
4134
Preferred
100
100 100
Prima Radio Corp
I
02c
92c
Pyrene Manufacturing_ _10
10
10
10
Radio Corp of America .•
311 311
3%
Preferred...
5
3
34
314
Reo Motor Car
10
13% 1434
1334
Repetti, Inc
1%
5
1%
Renublle Robber
• 35c
350
25c
Saguenay Pulp & Paper p15
11,4
2
Schulte Retail Stores
• 55
55
53
Southern Coal & iron.
5 32c
360
300
Standard Copra Corp
3
3
Stand Mot Construction 10
231 24
234
Stutz Motor Car
1731 23%
2234
Swift & Co
107 107
100 107
Swift International
21
15
21
Technical Products Corp._
74 8
8
Technicolor, Inc, w I. _ _ _•
9
94
9
Tenn Elec Pow corn w i_ _• 1514
154 1511
Timken-Det Axle new w I_
10
10
1014
Tob Prod Exports corp.-'
4% 534
514
Todd Shipyards Corp_
•
55
554
Triangle Film Corp v t o._5 10c
10c
120
Union Carbide & Carbon.'
64% 65
United Profit Sharg.new.1
53X
5%
53-4
ttn Retail Stores Candy_ _•
5
534
54
Founders shares
34 4
4.
United Shoe Mach corn. _25 5034 504 514
Preferred
27
27
25
US DIstrib Corp corn. .60
30
3034
IT S Light & Heat,com..10
1
10
14
1 134
4
preferred
14
14
UM-Idaho Sugar
3
34
10
34
Wayne Coal
5
2%
294 2%
west End Chemical__ 1
330
30c
Willys Corn let pref.__100
1111
11
let pref ctfs of dep
4 10
914
Whither Motors, Cl A__•
914 934
vale* Towne Mfg new w 1
5954 59% 604
Youngst Sheet&Tubecom• 784 74% 78%
Preferred
100 10794 1054 107%
Former Standard 011
Subsidiaries
knglo-Amerloan Oil._ __ £1
19
Buckeye Pipe Line
50 9314
Chesebrough Mfg
100
Continental Oil
100
Crescent Pipe Line
50 43
Cumberland Pipe Line....
Eureka Pipe Line
100 z10514
Galena Signal Oil emu_ _100
Illinois Pipe Line
100 1864
Indiana Pipe Line
50 9711
National Transit_ _ _ _12.50 27
New York Transit__ ___100 133
'or h ri P pe Liao__ 101 109
Ohio Oil, new
25 774
Penn-Alex Fuel 011
25 18
Prairie Olt& Gas_
3
212
100
00 1113
Prairie Pipe Line
Solar Refining
100
South Penn 011
100 168
Southern Pipe L1ne
100 104
So West Pa Pipe Line,.DM 67
Standard 011(Indiana)..25 623-4
Standard 011(Kan)now.25 4331
Blair & Co receipts.- _25
Stand 011(630 new __._25 u9254
Standard 011 (Neb)._ _ _100 208
Standard 0110? NY new 25 4834
Standard 011(Ohlo)com 100 306
Swan dr Finch
100
vacuum Oil, new stock_ _25 4634
Washington Oil
10

Range for Year 1982.
Low.

High.

Dec
6
Dec
5
100
Dec
1,400 331( Feb 82
44 May
1
100
Oct
1,300 334 Dec 954 Nov
200 100
Nov 10074 Nov
2,000
Dec
1
134 Sent
1414 May
104 .1,
1v
100
6% Apr
12,400
214 Jan
8,200
314 Mar
Jan
2
2.600 1214 Sent 29
July
200 50c Mar
2% Dec
4,000 29, Feb
May
I
200
114 Nov
311 Jan
4,400 33
Apr 65
Sent
41,000 27c Dec
21.4 Jan
200
3% Dec
3
Dec
24 Dee
200
6
Apr
29.600 11
July 45 June
70 95
Jar 111
Sept
100 1714 Apr 2474 Sept
2,300
Aug
5
6% Aug
400 11
De:. 26% Sept
100 lii .kme
Oct
17
9
500
11
Dec
Nov
Jan
3
10% Feb
2.100
101 514 Dec 3014 Feb
4o Nov 50c May
6.000
200 44
Jan 65
Dec
5
9
Mar
1,500
May
3,600
434 Jan
834 May
1.100
1.700
909
301) 12% Feb 36
Oct
2%. Apr
Jan
35.000 75c
0fie
Feb
1 74 Anr
3% Oct
2% Aug
300
3,300 860 mar
3% Sept
Dec 870 Jan
8,000 260
Mar 31
309
July
6
July
64 Dec 30
300
1.600
171
Dec 114 Dec
Dec
300 4951 Dec .9
Dee
800 64
Aug ' 78
115

1594 1914 2,700 1614
92
94
870 553
207 207
20 175
158 160
260 125
43
45
310 28
r89 168
60 115
105 1034
590 7914
360 40
59
60
166 168
90 154
9694 9734
• 275 84
2634 2714
1.100 24
132 135
105 4117
10314 1094
20 90
76
7714
2,130 73
18
18
100
18
£230 700
3.30 520
1111 335
920 224
7180 r180
100 310
168 17411
245 143
100% 104%
620 77
664 67
145 62
604 63% 123.500 r5794
4114 44
2.300 41
434 44
300 42
u80 133
5.300 76
189 209
345 170
474 4914 13,300 413.4
300 309
90 0261 •
22
22
55 30
33,500 3834
443-4 47
25
25
20
5(

Other 011 Stocks.
Ark Natural Gas. oom--10
814
2.300
711 834
814
Atlantic Gulf Oil
4
4
200 • 5
.%tientic Lobos Oil. non1.-5
7
7
734
2.400
454
Boston-Wyoming 011.-1
1
114)
114) 4,700 570
Cardinal Petroleum
74
7
74 2.800
Carib Syndicate
411
44 5
4,500
ace
Creole
.
....b
5
3
5
60.100
134
Cushing
Syndicate__.
Petroleum .....5
IC
be
1,000
00
Engineers Petrol Co
1 14c
14c
160 41,000 13o
Equity Petrol Corp pref._ _
144 1494
409 129-4
Ertel Oil
5
2e
2c
1,000
lc
Federal 011
6 900
720 950 109,900
65c
Fensland 011
• 163-4
164 17
16,800
9
011111and Oil, eons__ .--- •
34 334
311
3.630
214
Glenrock 011
i0
14
114 1% 14,500 88o
Granada 011 Corp el A 10
134
Gulf 011 Corp of Pa w I.__
58
57
5754
1 11 614 37,7
70°
00 48
1 34
Hudson Oil..
1 15c
184,400
7co
Imperial 011(Canada)coup 112% 11114 115
1,145 9734
International Petroleum..• 214 2114 2134 17,200 14
Keystone Ranger Devel...1 25c
24c 26c 23,000 200
Kirby Petroleum
3%
•
4
314
1,300
24
Lance Creek Royaltlee___1
3o
20
3c
8,000
2c
Latin Amer on Develop 1 70c
68c 70e
3,700 5tic
Livingston 011 corp
1
140 140
1,000
4c
Livingston Petroleum_
•
80.:1 900
3.400 790
Lowry 011 Corp
5
14
114
1,400
114
13-4
Lyons Petroleum
• 95c
88c 93e 142,003 Me
Magnolia Petroleum.._100 164
160 165
1,125 r155
Mammoth Oil, Class A____
524 4934 53
24,400 40
Maracaibo 011 Explor....._• 1134
114 131. 10,303 124
Marland Oil '
334
1
334 7,400
214
Merritt 011 Corp
1
9
84 94 4.700
614
Mexican Eagle 011
5
94
9
100
93.4 9'4
Mesh:* 011 Corp
.10
700
85e
146 27,100
Mid Colombian 011 & Dev231 4
2
600
Midwest 'lexaa O H
1
Sc
7c
2.000
8c
Mountain & Gulf Oil
400 73e
114
14
Mountain Producers_ _ _ _10
1
1172
1
1634 174 5,70
;
93-4
Mutual 011
12% 134 56.099
54
New England Fuel OIL__
44
43
45
700 40
Noble Oil & Gas
1 29c
26c 290 52,000 13o
Omar 011 & Gas
1
114 12,000 67o
Pennok 011
10
0
1114
.4
914 94 5,10
434
Pennsylvania-Beaver 011_1
34
2
334
41,200
Red Bank Olt
150 16c
8,000 lie
Ryan Consolidated
•
4%
44 44 3,600
34
Salt Creek Consol Oil
114 114
1,400 10
Salt Creek Pro4ucers_..10 214 2014
4,500 1214
2134
Sapulpa Refining
5
33-4
234
.294 34 9,600
Seaboard Oil & Gas
f,
3
12,000 80o
214 3
Simms Petroleum
• 1214
1214 23,100
II
814
South Petrol & Refining.._
Sc
Sc
70 69,000
Ife
Southern States 011
144
16
14
14,000 124
Taxon 011 & Land
1 60c
50e 600 114,000 30o
Tidal Osage 011
•
10
lo
300
103.4
Turman 011
1341 14,500
99c
950
Ventura Cons 011 Fields_ _51
100 23
30
30
Vulcan 011
5
2c 2824cc
200 50c
6
240
'Wmtern States 011 & Gas-1 ..."...
1.000 150

Jan
Nov
Jan
Jan
Jan
Jan
Jan
Jan
Dec
Jan
Nov
Dee
Jan
Dec
Dee
Jan
Jan
Aug
Dec
Jan
Jan
Dec
Nov
Nov
Apr
Jan
Nov
Dec
Dec
Nov
Apr

23
lo%
215
153
49
185
1034
62
198
111
3134
210
127
7314
4434
750
341
410
249
110
704
135
46
4.534
131
220
67
665
37
46
29

JUDI!
Noy
Oct
Dec
Dec
Dec•
May
May
Apr
Nov
Apr
Nov
Nov
Dec
July
001
Dec
Nov
June
Nov
Dee
Oat
Dec
Dee
Dee
Oct
Mt
Nov
June
Dec
Feb

Dec
Dec
Dec
Mar

13
17
124
74

APT
Joe
May
Cnn

Jan
Nov
Dec
Nov
June
Dec
Oct
Mar
Dec
Feb
Nov
ai
• Jan
Mar
Mar
Noy
Dec
June
Nov
Dec
Nov
Doc
Jan
Dec
Oct
Dec
Jan
Oct
Dec
Nov
Feb
June
Jan
Jan
Jan
May
Jan
Mar
Jan
July
Dec
Apr
Jan
Dec
Mar
Nov
Dee
Jan
Nov
Jan
Dec
Jan
Jan
Dec

944 June
334 818.1
12c Mar
720 Jail
Oct
16
Jan
7c
34. 56a7
104 June
914 APT
131 June
Apr
73144
50c Mat
13014 Oct
274 May
1.14, Jan
264 Feb
Jan
100
Dec
66e
27c Mar
14 Mar
23.4 NOV
114 June
Nov
259
4914 Dec
273.4 Mar
10 June
144 May
19k, Feb
414 Mat
44 June
Oct
38c
14 June
Oct
19
1.374 Oct
0101
83
35e May
3 June
94 Dee
Jan •
46e
814 June
15
May
Dee
22
6 June
34 Nov
154 Nov
35
Jan
Dee
23
May
1
1414 Jana
114 Old
June
34
80c Dee
50c May

Sales
Friday
Last Week's Range for
of Prices.
Sale.
Week.
Other Oil Stocks Par. Price. Low. High. Shares.
Wilcox 011.1, Gas
Woodburn Oil Corp
”Y"011 & Gas

5
1

635
100

6% 6% 14,700
25c 25c
8,000
10c 120 28,500

Mining Stocks.
2%
300
2
2%
Alaska Brit-Col Metals_ _10
27e
200 270 137,000
Arizona Globe Copper
4c
6c
8,000
100
Belcher Extension
3c
2c
30 70.000
Big Ledge Copper Co- __5
7,000
Inc
25c 25c
Bison Gold Inc
120 16c 121,000
Boston-Montana Corp_25 120
2.800
Calaveras Connor
24
234 3
4,000
Sc
8c
Se
Caledonia Mining
1
13e 13e
1,000
_1
Calumet& Jerome Cop_.1
20
20
20
6,000
Canada Copper Co
5
Caned° Copper
10
2% 2% 10,900
21,6
Candelaria Silver
1 30c
30e 32c 76,000
Sic 120 12,000
Cash Boy Consolidated 1
6,000
Combination Fraction_ _
Sc
Sc
334 4
4,100
Consol Copper Mines new.
3%
Consol Nevada Utah Cop_
14e
I2c 12c 14,000
Continental Mines. Ltd._
4%
4% 5
4,100
36
36
100
Copper Range Co
Cork Province Mines....l
130 15c
3,000
1
1% 134 16,800
Cortez Silver
154
20
1,000
Crackerjack Mining
2c
20
Cresson Con Gold M is M.1
254
2% 24 1,800
400
2% 2%
Davis-Daly Mining
10
Dean Consolidated 000p-1 71c
63c 75c 26,600
12c 130
6,000
1 12c
Divide Extension
135 254 2.500
Dolores Esperanza
68e 77c 27,900
Dryden Gold Corp
73c
20
Sc 11,000
El Salvador Silver Mines..1 •
3c 23,00
1
2c
Emma Silver
29c 350 43,000
1 29e
Eureka Croesus
35c 54c 354,400
54c
Fortuna Con Minkm
7c 27,000
130
Forty-nine Mining
1
200
60c 60c
Gadsden Copper
8c
7,000
ge
80
Goldfield Consol Mines_ _10
90 10c 146,500
10e
Goldfield Deep
90
4,600
50
Goldfield Development
Sc
Goldfield Florence------1 47e
360 40e 141,000
2c
6,000
20
lc
Goldfield Oro
90 11c
2,000
1
Gold Zone Divide_
3c 100 198,000
Hard Shell Mining
1
100
6c
4,000
50
Harmill Divide
100
Sc
400
Hecla Mining
25c
854 84
8)4
40c 4Qp
1,000
Henrietta Silver
Hilltop-Nevada Mining....
15,g 1% T54 28,900
900
1255 12%
Hollinger Cons Gold Min.5
5,200
23,i 3
1
Howe Sound Co
Independence Lead Mining 33e
31e 350 60,000
3,200
Iron Blossom Corn M_100
29e 310
25.5 234 1,700
Jerome Verde Devel
214
50
50
1,000
.50
Jim Butler Tonopah
1
314 34 1,100
Kerr Lake
5
20 10,000
be
20
Knox Divide_
5
25e 258
1,000
La Rose Congo!
1
Sc
Sc 43,000
Lone Star Como'
Sc
50
60
3,000
MacNamara Dc-eel
MacNamara Mining
1
Sc
7c
3,000
1
10c lie
Marsh Mining
3,000
900
Mason Valley Mines-----5
135 14
18e
18o 18c
5,000
M cKinlev-Darrag h-Say _1
10c 15c
4,000
Mohican Copper
5c
Sc 12,000
Nabob Consol M
200 240 48,000
National Tin Corp.___50c 220
1
15c 15c
1,000
Nevada Onhir
20
20
5,000
Nevada Silver Horn
17
17
17
100
New Cornelia
24 354 3,000
New Dominion Copper__ _5
170 171
85
_ 100 170
New Jersey Zinc
554 54 2,700
554
Nipissing Mines
47e 60c 92,950
10 53e
Ohio Copper
44 434
100
Park Utah Mining
134
Ray Hercules. Inc
134- 14 17.400
3c
30 14,000
30
Red Hills Florence
Sc
5c
6c
7,000
Rex Consolidated Mining.]
240
210 2130 43,000
Richmond Cop M & Dev
Rochester Sliver CorP- - - ------ 17c 17c
2.000
200 200
1,000
Ruby Rand Mines
40 19,000
Sandstorm Kendall
3o
20
8c
8c
1,000
Silver King Divide
150
140 17c 36,300
Silver Mines of Amer
1
6c
6c
Silver Pick Consol
2,000
1 330
310 36e 27,000
MIMI Silver Lead
South Amer Gold At Plat_l
34 355 2,100
Spearhead
9c
Sc
90 30,400
Standard Silver-Lead_ _1
25c 25e
1,000
1
Stewart Mining
6c
130
2,000
1 51e
Success Mining
50e 52e 10,000
91e
1
858
Teck-Hughes
96,000
Tonopah Belmont Dev_ .1
1% 155 1.050
1 (380
Tonopah Divide
67c 77e 28,300
1
Tonopah Extension
335
355 34 6,200
Tonopah Midway
13c 130
1.000
Tonopah Mining
2
11% 2
4,000
1 520
50c 54c
Tuolumne Copper_
3,100
United Eastern Mining--.1
14 2% 50.100
US Cont Mines, new
19c
17c 230 13,000
Unity Gold Mines
5
355
354 34 1,600
135
West End Consolidated. 5
155 1% 10,400
Weft End Extension Mg_
4e
4c
Sc 14,000
WesternUtah Copper_ _1
200 200
1,000
1,000
White Caps Extension-100
2c
20
White Caps Mining__ _109
10c 120
6,000
Yerrington Googol
2c
20
2,000
12
100
Yukon-Alaska Trust Mfg_ ------ 12
5 77c
2,500
Yukon Gold Co
77c 86c
Bonds
Allied Pack cony deb 65'39
as Series B w I
1939
Aluminum Mfrs 75-1933
1925
75
Amer Cotton Oil 6s _ _1924
Amer G&E deb B 68_2014
Amer Lt & Trac 6s
1925
Without warrants
Am Republic Corp Sew 117
Amer Rolling M 1.1 6s_ _1938
Amer Smelt As Refin 581947
Am Sumatra To 7)4s 1925
Amer Tel dr Tel 13s_ -.1924
Anaconda Cop Min 78.1929
6% notes Series A..1929
Anglo-Amer Oil 7345..1925
Armour & Cool Del 55043
Armour & Co7% note51930
All Gulf & W I SS L 581959
Beaver Board 85 _ _ _1933
Beaver Products 7348_1942
Bell Telco of Pa 5s_ _ _ _1948
Bethlehem Steel 78-1923
1935
Equipment7e
Boston & Maine RR 651933
Canadian Nat Rya 78.1935
1925
55
-1924
Canadian Pacific as...
1941
Central Steel 85
Charcoal Iron of Am 881931




[vol.. 116.

THE CHRONICEE

170

9755

10054
95%
101
1044
1014
96%
1054
52%
69
105
103%
93%
110

7454 76
8454
84
106 106
103% 103%
9634 9654
974 9755
10935 1094
100% 100%
89% 904
100 100%
914 91%
9555 9555
101 10155
1034 104.4
1013-4101)4
10355 1034
96
964
105 10515
5255 5315
6854 69
10055 10055
98% 99%
105 105%
10234 1034
93% 934
10955 110
994 9934
101% 101%
107.55 10754
94
9455

$6,000
21,000
4,000
21,000
9,000
28,000
6,000
36,000
10,000
54,000
161,000
2.000
51.000
50,000
182,000
54,000
29,000
223,000
22,000
16,000
1,000
383,000
76,000
50,000
1,000
12,000
5,000
4.000
16,000
11,000

Range for Ze2r 1922.
Low.

High.

Bonds (Concluded)

Friday
Last Week's Range Sales
Sale.
of Prices.
for
Price. Low. High. Week.

Range since Jan. 1.
Low.

High.

Sept
934 $1,000 87 ' Feb 98
7
Jut' Cities Serv 78 Set C.-1966 93.4 92
2
Mar 924 Nov
is. Series D
1966
Feb
15c
1
.9134 9155 3,000 85
Mar
28
28
2,000 2214 jan 41)
380
Jan Colum Graphonhono gs '25 28
70
103% 10355 21,000 9934 June 107% Sept
Cons GEL&P Belt 65 *49
1952 9934 9955 100
5548 Series E
49,000 9834 Nov 101M Sept
1941 100
Feb 10034 June
98 10055 64,000 94
14 Jan
5% Mar Conseil Textile 8s
100 Dec 18c Dec Copper Export ABM 88224 10134 10154 1014 3,000 101% Nov 1034 Apr
Mar
8s
1925
102% 1024 11,000 101% Nov 105
20 Mar
90 Aug
July
10034 10034 4,000 10035 Jan 102
40 Dee 290 Jac Cudahy Packing 7s_ _1933
Aug
Feb 103
1931 102% 102% 102% 12,000 95
140 Nov ' 27c Dec Deere & Co 75511
101 10114 31,000 99% Nov 103
Sent
120 Dec
5
Jan Detroit City Gas68...1947 101
Nov
1952 103% 102% 104 215 000 100
105
2% Dec
Dec Detroit Edison (is
3
40 Feb 200 Aug Dunlop T&R of Am 75_1942 96)4 9655 9634 159.030 9534 Dec 9754 Dec
So
Jan 300 Feb Federal Land Bk 4555_1942 100% 10055 10055 5 000 100 May 10155 Aug
9854 99
Feb 100 May
21.000 95
lc Sept 65e Apr Galt. (Robert) Co 75_1937
Sept
10455 1044 3,000 100% Jan 107
14 July
34 Jul] Galena-Signal 011 75..1930
104 105
Apr
Nov 107
14,000 100
190 Jan 710 Oct General Asphalt 8s_ _ _ 1930 105
10555 107
Jan 1084 Aug
39,000 102
4e Feb 130 Dec Grand Trunk RY 6345_1936
1933 1034 10355 10355 10.000 10244 Jan 10434 May
lc July
5c Aug Gulf Oil Corp 75
1937 96% 96% 97
No,
18.000 9634 Nov 9734 Doe
3
5
Oct Gulf 011 of Pa 5s
Aug
Jan 102
49,000 95
20 Feb 140 Dec Hood Rubber 7% notes '36 10155 1004 101
96
9655 24,000 72
Jan 98% Dee
455 Oct
555 Dec Interb R T 85 J PM recta.
9435 96% 16,000 89,4 July 9834 Oct
95
Certificates of deposit
July
3834 Dec 43
Nov 93% Sept
Kansas City Pow & Lt 58'52 914 904 9135 150,000 90
12e Dec 220 AUg
101 101
1,000 9915 Jan 101% June
840 Jan
1% Oct Kansas City Term 68_1923 101
2c Dee
5c
Oct Kennecott Copper 78.1930 10555 1053-4 10534 22,000 10134 Jan 106% Jan
101 1014 63,000 94% Feb 103
Aug
Jan Laclede Gas Light 78..... 101
254 Oct
3
9954 100
13.000 98M Apr 102% Sept
255 Nov
835 June Libby McNeill& Libby76.31
90
91
75.000 90
Dec 91% Nov
860 Aug 770 Dec Loulsv Gas& Elec 5s_ _1952 91
97
Jan 100 May
974 16.000 89
100 Aug 21e
Jan Manitoba Power 7s _ 1941 97
820 Feb
354 AUlt Morris & Co 755s_ _1930 106% 10655 106% 22.000 102M Jan 107 Mar
Mar 100
Sept
.54e Dec
65c Dec Nat Acme Co 7545_ .1931 9655 9555 9655 32.000 92
Jan 106
10555 106
18,000 95
Sept
lc Dec 22e Aug Nat Cloak & Suit 88_1930 106
Oct
lc Mar
130 Aug National Leather 88_1925 101% 10155 10155 3,000 95% Jan 102
1952 9155 91
92 405,000 89% Dec 93% Nov
18e Jan 410 July Ohio Power Ss
Oct
5o
Oct 34c Deo' Penn Pow St Lt 55 B_ _1951 90% 904 9051 29,000 87% Dec 93
Jan 103
Sept
102 1024 21.000 99
1947
50 Dec 300 May PhIla Elee 5555
1941 105% 10555 10554 20,000 1004 Jan 106% Sept
59e Mar
65
1.38 Apr
May
Feb 126
120 120
5,000 101
3e
Jan 120 Apr Phillips Petrol 7558. .1931
Feb 10454 May
10254 103
8,000 99
Without warrants
30 Jan 120 Nov
30 June 600 Sept Public Serv Corp 78w 11941 10354 10354 103% 40,000 96% Feb 10534 Sept
102
Apr
90 July 300 Apr Sears. Roebuck & Co 75'25 101% 1014 101% 14,000
Jan 10634 Sept
lc June
4c July Sbawsheen Mills 78...1931 10455 10455 1044 15,000 101
Dec 10155 Sept
70 May 100 Apr Sheffield Farms 63-48..1942 10055 10055 10055 13,000 100
9754 974 17,000 9355 Mar 99% Sept
30 Deo 480 Mar Sloss-Sheffield C & I 65.'29
1927 10555 105 10555 28,000 10231 Jan 10734 July
50 Dec 18c June Solvay & Cie 88
Nov
Dec 95
65,000 92
924
93
92%
58.1944
Calif
Edison
431 Jan
South
Nov
9
44,000 10034 Jan 104% Aug
300 Aug
14 Oct Southw Bell Telep 78.1925 1024 10255 103
750 June
154 July Stand Oil of N Y deb 650'33 10755 1074 1074 67,000 1053-4 Mar 109% July
Aug
Oct. 108
7% serial gold deb_ _1925 1044 104 1044 8,000 103
7% Jan 1434 Sept
Jan 106% Sept
7% serial gold deb_1926 105% 10455 105% 17,000 104
2% Jan
354 Mar
7% serial gold deb_ _1927 10555 1054 1054 7,000 1049-4 Feb 107 May
60 Jan 76e May
Feb 108 Sept
6,000 105
106% 107
7% serial gold deb..1928
16e Mar 38e Aug
Aug
Mar 109
7% serial gold deb 1929 10755 10755 10735 5,000 105
2
Dec
Feb
5
Apr 10915 Nov
108
4,000
10335
1094
deb_
.1930
serial
gold
7%
40 July
Feb
10
July
7% serial gold deb._1931 10955 10955 109% 26,000 10755 Mar 111
3
Mar
4% Apr
Feb 100 Sept
1929
9134 9855 5,000 94
20 Dec
70 Aug Sun Co 69
Jan 103% Apr
19c Dec 630 Mar Swift & Co 75-Aug 15 1931 10214 1024 10255 31,000 101
55, when Issued_ _ _ _1932 93% 9354 9355 161,000 92% Dec 973-4 Sept
lo Jan 149
Oct
103 1034-I 18,000 9955 Jan 106 Sept
Pldal-Osage 0117s. _1931
Apr
Feb 110
40 Dec . 140 Mar United 011 Produe gs _ _1931 10055 1004 100% 17,000 90
Aug
Jan 108
106% 106% 13,000 100
4o
Jan 310 May United Rye of Hav 750'36
106
Jan 1093-4 Aug
40
880
1074
107%
-1938
107%
1
Oct
355 May Vacuum Oil 75__ --Oct
1037 1034 10354 1034 2,000 9855 July 102
Se June 400 Apr Valvoline Oil Os
Sept
Jan 76
73% 7355 1,000 59
1937
14c Nov 47e
Jan Wayne Coal 65
20 Dec lie June
Foreign Government
140 Dec 67e May
and Municipalities
8e Nov 520 Mar
Jan 10154 Aur
lc Nov 14e Mar Argentine Nation 78..1923 10034 10035 10054 124,000 97
Oct
134 Sept
16
16 g100000 300
Oct 20 June
Bremen 4345
15
54 Mar
15
16 0225000 200 Oct
Jan
3% Dec *Hamburg 4365
37% 4055 178,000 3455 Apr 524 Apr
1945 38
141
June 175
Dec Mexico 48
Dee
July 57
5454 544 54% 7,000 50
Os 10-year Series B
534 July
6% Mar
flo Aug 600 Dec Netherlands(Kingd)681372 9834 9834 9834 232,000 94 Sept 994 Dee
10055
July
96
Nov
23,000
1.1932
98
99
98%
8a
w
(Republic)
Peru
4% Dec
Oct
535
Feb
1
234 June Russian Govt6As_ _ _ _1919
94 Dec 26% Apr
10
10% 20,000
Certificates
lc July
So Aug
Apr
2,000
94.4 Dec 28
10
10
50 Jan 120 May Russian Govt 555s_ _ _1921 10
56,000 953-4 Jan 107% Mar
10355 104
20e Dec 30o Nov Switserland Govt 53481929
Jan
120 June 21c
24o Dec 46c Nov
t Odd lots. • No par value. I Dollar per 1,000 marks. a Ex-100% stock divilo Aug
60 Oct dend. g Marks. k Correct on. m Dollars per 1.000 lire flat. I Listed on the Stock
8c Nov 20e Jan
this week, where additional transactions will be found. b Ex-special
Exchange
300 Aug 23e Mar
30 Sept 230 Mar dividend of $25. fl Ex-extra dividend of $20. o New stock. p Ex-special dividend.
290 Nov 900 Apr of $80 and regular dividend of $3. r Ex-100% stock dividend. a Ex-50% stook
5% Jan dividend. t Ex-200% stock dividend. u Ex-86 2-3% stock dividend. v Ex-stock
2,4 Dec
lo May 19e Sept
100 Jan 28() Dec div. 01 40%. to When issued. z Ex-dividend. ze Ex-rights. z Ex-stock dividend.
2o Jan 160 AM
lo Mar
700 Oct
990 Nov
200 Jan
New York City Banks and Trust Companies.
1% Jan
134 June
46e Mar 960 Anti
AU prices dollars per share.
4% Dec
1% Feb
Banks
Bid AO Trust Co.'s Bid 40
Ask
Sc Feb 14o Apr Banks-N.Y. Bid
New York
2% Sept America •____ 219 222 Harriman__ 8 0 3-0
1% Jan
Trail..
615 American.___ _ _.. _,..
295
Imp
&
605
288
I
May Amer Each...
350 Nov
Bank of N.Y.
1% Apr
255 Jan Battery Park- 135 145 Irving Nat of
NY
& Truat Co. 451 460
240 245
440
Jan Bowery*
90 Oct 55e
53-4 Feb Broadway Cen ---- 135 Manhattan'. 147 151 Bankers Trust 378 382
25C Mar
11% Mar Bronx Boro•- 110 ---- Mech & Met_ 405 410 Central Union 440 445
700 Feb
£300 ---- Columbia_ __. 317 322
Sc
Oct Bronx Nat._ 140 150 Mutual*
30 Nov
80 May 170 Jan Bryant Park• 155 165 Nat American _ __ 150 Commercial__ 115 125
300
80 Oct Butch & Drov 130 138 National City 332 336 Empire
30 Nov
30 Feb 180 Oct Cent Mercan- 210 225 New Neth•__ 130 -- Equitable Tr_ 181 187
800 ---- Farm L & Tr_ 520 527
335 340 Pacific •
50 Mar Chase
20 Apr
430 440 Fidelity Inter. 218 225
Dec 20 May Chat & Phen- 253 256 Park
12
295 305 Fulton
250 260
1)4 June Chelsea Ezell* 101 110 Public
600 Nov
Chemical....- 537 547 Seaboard_.... 330 340 Guaranty Tr. 254 224
195 205
Coal & Iron__ 208 218 Standard •___ 155 165 Hudson
-- State*
345 385 Law Tit & Trt 153 160
350
Apr Colonial•
Jan 90
59
Feb 99% may Columbia.- 225 240 Tradesmen's• 200 .__. Metropolitan.. 302 319
76
Aug Commerce... 294 301 23d Ward'... 270 300 Mutual (West
10254 Feb 107
1004 Jan 105
Aug Com'nwealth• 250 _ _ _ _ United States, 165 ____
... 120 130
Feb 994 July Continental.. 135 145 Wash'n H'ts • 220 ...._ N Y Trust.
- _ 345 350
93
600 ...... Title Gu & Tr 333 337
9654 Nov 10034 Oct Corn Exch*„ 428 432 Yorkville•
Jan 112
U 8 Mtg & Tr 310 320
Oct. Cosmoplans_ 90 --__
96
100 May 10134 Aug East River._ 175 ---United States 1200 -Brooklyn
Nov 9334 Aug Fifth Avenue* 1075 ---86
205 229 Coney Island' 155 105
Fifth
320 355
1210 1230 First
Dec 9354 Nov First
91
Brooklyn
245 __-_ Mechanics' 15_ 128 138 Brooklyn Tr. 470 490
9514 Nov 100M Oct Garfield
185 195 Montauk •-__ 150 ._ Kings County 750 --99% Jan 101M Apr Ootham
225 240 Manufacturer 260 ...1003.4 Jan 104% Aug Greenw1ch •_. 270 ___ Nassau
160
630 700 People's
_ _ People's. _ _ ... 365 --96% Jan 10234 Aug Hanover
10234 Jan 104% Aug
•Banks marked w th(5)are State Banks. 1New stock. z Ex-divldend. vExrights.
dividend.
stock
100%
v
Ex
10134 Jan 105% Dco
5034 Oct 6854 May
61
May 81
Sept
New York City Realty and Surety Companies.
99 Sept 101
Sept
AU WWI dollars per shars.
10034 Jan 10634 Aug
Ask
Ask
Bid
Bid
Ask Realty Assoc Bid
100M Jan 108
Aug
(Brooklyn). 154 100
95
Nov 954 Nov Alliance R'ItY 95 105 Lawyers Mtge 157 163
210
89
Mtge
81
Casualty_
Bond_
115 121 US
104% Feb 112
Aug Amer Surety.
Nat Surety... 151 157
B Title Guar 107 iii"
98M June 99% Dec Bond & M G. 268 275 N
Os
Y Title &
West Chester
99% Jan 101% Jan City Investing 65
200 225
98
Title& M
Mortgage__ 170 176
Preferred.. 92
98
Feb 108
Sept
91
Dec 99% Apr
I New stock
Jan
Nov
Aug

Inuestuxent anti pliaircaul gnitiligence.

171

RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan 1 to and including the latest week or month The returns of electric railways
are brought together separately on a subsequent page
Latest Gross Earnings.

ROADS.

I Week or
Month.

Current
Year.

Jan. 1 to Latest Date.

Previous
Year.

Current
Year.

Akron Canton & Y'n November
188.800 137,152 2.010,653 1.528.968
Alabama & Vicksb_ November
289.604 306.576 2.760.129 3.124.111
American By Exp._,September 13019822 14794005 111862591
145410878
Ann Arbor
14th wk Dec 139.760 121,650 5.043,414 5.122.111
Atch Topeka & S Fe November 22245314 20264795 202447769 212635439
Panhande & S Fe 1November
861.571j 837,825 7,317,38( 8,850,235
Gulf Colo & S Fe_ November 2.542.300 2.220,272
21,701,157 27.276.814
Atlanta firm & A11. November
383.51r 302.014 3.625 378 2,895.431
Atlanta & West Pt.. November
268,499 196.974 2,364.352 2.299.018
Atlantic City
November
261.311
4,367.727 4.379.101
Atlantic Coast Line_ November 6,162,691 215.900
775 63,746,153 60.701.315
Baltimore & Ohio November 19845040 5,
15901'084 142487343 144271743
B & 0 Ch Term November
301,310 252.387 2,846,886 2,419,893
Bangor & Aroostook November
619.064 700,510 6,929,294 6,710,685
Ilellef into(le otral _IN.we,n bar
98.46s
69.4,49
'
1.773
6.81
Belt Ry of Chicago_ November
612.709 469,056 5.590.547 5.059.257
Bessemer & L Erie.. _ November
880,156 13,395,146 12.831,152
finch 1 in & • 1 rti 1,11N"yam 0.s. 1.662,570
'731..
1'9-6?04.l-9
.6 912
Boston & Maine_ _ _'November 7,057.448 6,786.976
73,006,493 72.032,853
Bklyn E 13 Term.. November
140.674 111.121 1,450,450 1.211.014
Buff Roth & Pittsb_ let wk Jan 395.330
301.528
Buffalo & Susq
November
222.082 182.147 1,435,202 1,888,960
Canadian Nat Rys_ 1st wk Jan 2,207.922
1.874,215
Canadian Pacific
1st wk Jan 2,968.000 2.426.000
Caro Clinch & Ohio_ November
665.930 670.005 6.959,605 6,889.058
Central of Georgia November 2,165.549
1.744.525 21.078.853
Central RR of NJ.... November 4.797.187 4,176,304 44.902,859 20.579.686
48,524.262
Cent New England_ November
666.304 789,935 6.205,504 7,753.574
Central Vermont.._.November
860.933 636.293 6.867,845 6,569.500
Charleston & W Car November
265.776 275.890 2.953.837 3,027.508
Chos & Ohio Lines_ _ 1,1 .vember 6.801.070
6.61
75,999.770 78 1]I.0
Chicago & Alton
November 2,575,120 2,546,952
28.575,703
Chic Burl & Quincy_ November 15616190 13603 117 24,711,937
149855 219 155327958
Chicago & East Ill.._ November 2,271.849 2,252,235 22.208,348,25,078,253
Chicago (ire Li NA. e.c ,
V11 ii, "r
I- l.176..138122.54.4.218
Chic Ind & Loulsv November 1.414.719 1.226.135 14.526,700
Chic Milw & StPaul November 14549839 11808316 142983970 13,952.614
135417984
Chic & North West_ November 12853795 10860944 134109512 1341913868
Chic,Peoria & St L. November
180.937 177,699 1.928,579 1,916,
Chic,River & Ind__ _ November
619,741
3,710.667
Chic,R I & Pacific November 10756785
10475637 109198522 122228852
Chic R I & 0411f.. November
516.935 564.373 5.33(1.541 7,040.395
Chic St P M & Om_ November
2,247.142 25,425,179 25,941,370
Cinc Ind.& iVestern November 2,278,351
418.631 336,745 3.957.191 3.395,038
Colo & Southern__ _ November 1,131.997
1,226,651 11,951.036 12,199,990
Ft W & Den City_ November
955.070 1.035,401 8,803,826 10,506.917
Trinity & BrazVal November
215.658 464.646 2,567,808 3,010,332
Wichita Valley November
169.868 191.450 1.225.588 1 ,596.105
Delaware & Hudson November 3.856.931 3.626,202 34,289.235 41.983.269
Del Lack & Western November 6,866,909
68.112.4M 79.623.440
Deny & Rio Gr Wet November 3.101.986 7,192,455
2,828.226 30.320,175 30,246.118
Denver & Salt Lake November
228,539 307.485 1,407.510 2.730.866
Detroit & Mackinac November
164.747 172.815 1,745,472 1.846,970
Detroit Tel & front_ November
775,081 704,971 8,242.863 6.116,289
Det & Tol Shore L. November
333.020 315,710 3.262.852 2,686.390
Dub 6z Iron Range November
354,869
93.767 6.671,911 4,876,007
Dul Mlssabe & Nor. November 1,126,291
153,404 14,813.541 12,239,439
Duluth So Sh & AU- 4th wk Dec 159.874 133,839
4,467,760 4,475,962
Duluth Winn & Pac November
168,823 180,919 1,811,530 2,169.652
East St Louis Conn_ November
195.878
121,566
1.893,854 1,481,911
Eastern SS Lines_
October
548,465 495,889 5.141.941 4,661,058
Elgin Joliet & East_ November 2,182.032
1,556,952
19,322,228
17,743,921
El Paso & Sou West November
962.383 773,092 10.219.646 10,123.057
Erie Railroad
November 9,714.735 8,520,387 85,303.149 95,815,443
Chicago,& Erie November 1,169,303 1,023,958 10.434.642 10,046,176
N,J & NY RR_ _ _ November
123.693 119.528 1,372.935 1.367,299
Florida East Coast November 1,005.217 960,836
12,152,657 12.337,720
Fonda Johns & Glo; November
119.826 111.525 1.279,179 1.242,062
Ft Smith & Western November
178.640 150.798 1,527.346 1.637,259
Galveston Wharf
November
167,060 188.154 1.462.445 2,471.663
Georgia Railroad
November
499.189 400,738 4,725,349 4,839,106
Georgia & ,
1 1 al ia_. Vovemb.tr
126.065 103.513
Grand Trunk Syst 1st wk Jan 1,833,889 1.429,337 1,237,648 1,273.992
Atl & St Lawrence November
281,393 237.411 2.538,469 2,521.404
ChDetCanGTJct November
245,884 151.897 2,083,311 1,795,969
Dot()H & Milw_ November
529,223 452.220 4.957,147 4,161,915
Grand Trk West_ November 1.393.324 1,246.186 14.898,780
13,417.702
Great North System November 10503818 10674119 94,919.372 93.641.723
Green Bay & West_ November
106,600 110.101 1,242.845 1.285,700
. Gulf Mobile & Nor. 'govern tier
431.311 340,149 4.108.48(1 3.719.332
Gulf & Ship Island_ November
233,043 219.556 2.698,026 2.623,039
Hocking Valloy___ . November I 3,
3 65,1 1.112,583 (2.558 3/3 13.222;248
Illinois Central
November 16568113 13102818
146 149029004
Internet & Orb Nor.. November 1.359.020 1,136.432 158277
13,375,887 16.447,636
Internat By of Me_ November
206,950 188.121 2,329,524 2.498,165
Han City Mex & Or. November
126,436 138,363 1,235,784 1,675,867
IC0 Mex &0of Tex November
178.554 211.145 1.404,659 2,034,346
Kansas City South.. November 1,828.828 1.679,068 18,407,565
20,185.393
Texark,& 14 Sm... November
197.595 167,231 1,934,159 2.026.960
Total system
November 1,828.828 1.679.068 18.407.564 20,185.393
Kan Okla & Gulf
November
283.898 189.619 2,646,373 2,120,264
Lake Sup & Ishpem November
45,279
25.5014 1,065.61"
401.356
Lake Term By
November
82,445
90.500
961,931 1,109,901
Lehigh & Ilud River November
297.110 281,093
2.201,571 2.986 371
Lehigh & New Eng_ November 612,100 416.775 4.049,604
4,497,980
Valley
November 5,602,080
56.924,124 69,685.510
bilislitlig & 8 I IAA, November 1,954.600 6.335,863
1.602.751 18.1oLo3 • 18.105,9'1
Louisiana & Arkan_ November
282,697 289,952 2,989,881 3.134.552
Louisiana By & Nay November
380,058 272,918 3,269.840 3,615,415
Louisville & Nashv_ November 10012472 9,763.106 110769621
108744004
Louisv,!lend & St I, qoventh ir
256.742 216.!--3.3 2.940,917 2.611.457
Maine Central
November 1,783.048 1,670.607 18,750,207 19.072.529
Midland Valley_ _ .. _ November
426,587 362.296 4,272,069 4.116.541
Mineral Range
4th wk Dec
14.769
5.922
322,357
272,027
Minneap & St Louis 1st wk Jan 320,161 263.806
Minn St P & S S M_ November ,579.916 3.935,114 42.902,214 39,829,798

Latest Gross Earnings.

ROADS.

Prerious
Year.

Week or
Month.

Current
Year.

Previous
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

Mississippi Central_ November
168,370 113.949 1.369.623 1.080,674
Nto & No,
th Ark .n_ November
132.791
621.577
Missouri Kan & Tex November 2.995,789 2,819,564 28.935.07930,939,850
Mn K & T Ry of're, Novemaer 1.991.15',2.153.41)219.5,1.405 '5.004,681
Mo Kan & Tex Syst November 5,142.552 5,161.689 49,892.258 58.521.537
Missouri Pacific....... November 8.884.393 9.294.69091.194.536 102019816
Columbus & Greenv November
149,625 164,257 1,420,009 1.440.882
mongabel4
415.82e 481.721 3,SiS.9M 4,004,782
Nove Tiber
Monongahela Conn_ November
727.267
167.910 107.114 1,512.598
Montour
November
187.718
89,404
997.342 1.319.539
Nashv Chatt & St L November 2,066.580 1,790.856 20.352.901 19.381,706
Nevada-Cal-Oregon 4th wk Dec
331,590
431.298
9.099
9.000
Nevada Northern November
323.945
61.516
33.044
531,499
Newburgh & Sou Sh November
179.919 184,942 1,766.984 1.332.780
New On Great Nor_ November
212.027 204,342 2,323.731 2.355.149
N 0 Texas & Mex November
343,915 229,955 2.634,531 2.450.586
Beaum S L & W November
190.059 148.140 1.867.376 1.978,752
St L Brownsv &M November
356.098 423,982 4.690,775 5,494,548
New York Central.... November 36389112 29023063 328143397 312017193
Ind Harbor Belt.. November
905.535 730.030, 9,377.808 8.351.154
Mini ;an
Novembe,* 7.1199 144 5.96 .013i75.611.3 i 1 67.054.847
Cloy C C & St L__ November 7.596,012 6,392.387 76,791.593 73.762.984
Cm inn it!, No th_ Novembor
3.0)
3,544.656
Pitts & Lake Erie November 3.577.555 2.045.705 25.835.793 21.317.913
N Y Chic & St Louis November 3,386.177 3.055.853 35.723.635 33,184.393
N Y Connecting___ November
250.480
3.081,925
NYNH& Hartf__ November 10941 894 10270'428 112429'072 106505819
N Y Out & Western November 1.035,892 1,079.482 11,336.472 13,135,030
N Y Susq & West_ November
372.697 334,523 3,737.505 3,931.019
Norfolk Southern_ November
785,463 749,685. .
7.375.949
Norfolk & Western_ November 6.716,216 6,939.700
83.353.990 73.541.696
Northern Pacific__ November 9,433,995 8,919.928 87.733.885 87.037.247
Northwestern Pao_ November
604.015 650.406 7.421,541 8,040,270
Pew'
,• 1
& Ci Vovo,noer 59410170 5254)13'5880075 It; 567865965
Ball Ches & Atlan November
109.767 100,877 1.464,395 1,504.906
Long Island
November 2,377,497 2.150,873 28,573,099 26,711.527
Mary Del & Va.... November
87,818
88,573 1,084,514 1.161.785
Tol Peon & West_ 1st wk Dec
28.302
25,514 1.405,299 1,445.965
W Je-sey & Swish November
988 365 802.665 13.017;d17 12.205,947
PennsylvaniaSystem November 63190909 55960544 635401583 611664658
Peoria & Pekin Un_ November
178,756 148.082 1,679,380 1.547.509
Pere Marquette...... November 3.420.598-3,313,806 35,007,603 35.655.935
Perkiomen
November
104.769 120,826 1.179.551 1,176.41$
Phila & Reading...... November 8.521.783 7,393.366 73.076,125 78.099.043
Piffle & Western.... November
70,664
66,033
752,596 • 744.059
PI•tsb & Shawmut _ November
110,469 122.231
945.947 1,182,174
Pitts Shaw & North November
145.634
94,600 1.122.560 1,085.618
Pitted:. & West Vs November
253,557 247.078 2.353.136 2.591.016
Port Reading
November
189,547 173,689 1.651,811 2,073.488
Pullman Company.. November 4,877.861 4.421,745 59,291.039
59,280,404
Quincy Om & KG.. November
151.908 116,998 1.127,335 1,210,431
Rich,Fred & Potom_ November
858.039 717,131 9.908.382 9.130,413
Rutland
November
512,920 463.084 5,302.893 5.373.759
St Jos & Grand Isl.... November
306,217 257.337 2,900.458 3,104.965
St Louis San Fran November 7,160.574 7.079.721 75.242.844
79,310.828
Ft Worth & R 0_ November
139.083 168,060 1.263,427 1,618,889
St L-San F of Tex.... November
144.718 156.288 1.551.603 1 772,281
St Louts Southwest_ 4th wk Dec 876,275 694.410 26.085,953 25.140.164
St L 8 W of Tex.... November
727.229 683,396 6,882.975 7,079.971
Totalsystem....... 2d wk Dec 594,790 502.668 25.185,040
15
4
,.32
30
13:4
1,
:0
M
24
St Louis Transfer.. November
68,420
77,431
683,108
San Ant& Aran Pass November
514.408 535.128 5,307,190 5,841,391
San Ant Uv .11e &
November
73.344
71.686
962.670
64
Seaboard Air Line November 4.223,461 3.608,176
39.143.753
Southern Pacific Co November 16617029 14698065 41,161.595
176749357
167895320
Atlantic SS Lines_ November 1.149,671 1.057.650 10.908.189 9.769.554
Arizona Eastern.. November
285.416 193.871 2,878,000 2.508.850
Galv Har & San A November 1,989.897 2.089,180 20,117.305
Nous & Tex Cent.. November 1,451,496 1.571.653 13,687.440 23.123.085
13,067.576
Houston E & W T November
287,654 272,689 2.882,201 2.745,297
Lout.lana West.. November
413,942 337,941 3.861,511 4,055,407
Morg,La & Texas November
934,477 843,685 7,511.244 8,103,837
Texas & New Or.. November
790,135
.434 7.961,837 7,926,492
Southern Railway... 3d wk Dec 5.319,273 4,400.029 165381161
167396542
Ala Great South.. November
850,618 • 859,561 7,657,593 8.713.292
Cm N 0& Tex P.. November 1,701,653 1.393,571 15.067.630 15.804,033
Georgia Sou & Fla November
4,114.955 4.122.625
Mobile & Ohio.... 3d wk Dec 539:744 459:383 18.057,417
18.190,176
New Orl & Nor E_ November
561,872 503,497 4,923,325
Northern
November
-145,1191
809777
81,446 1.286:398 5
'
831:586
Spokane Internat'l_ November
138.269 122,196 1.118,763 1,203,848
fipak Po-t1 & Seattl November
680,589 644,4123 6.666.178 7,295,971
Staten Island R T__ November
184,475 193.571 2.278,610 2.329.717
Tennessee Central-- November
228,850 189,527 2,292.266 2.170.237
Term RR Assn ofStL November
388,558 379.030 4.112,083 4.157.718
St L Mer Bilge T_ November
443.630 319,261 3,6.88.366 3.366,672
Texas & Pacific_
4th wk Dec 941,373 941,853 31.294,946 35,600.474
Tol St L & Western_ November 1,178,151 940,838
10.410.124 8.717.980
Ulster & Delaware.. November
121,917 118,864 1,536,152 1,641.941
UnionPacific
November 10634353 9,732,843 98,335.449 106414523
St Jos & Grand Isl November
306,217 257.337 2,900,458 3.104.965
Oregon Short Line November 3.618.886 3.402.320
33.456.479 33.975.014
Total system__.._ November 18650233 17272219 175738990 185827299
Ore-Wnsn RR &N November 2.442.3414 2,534.305 25.845.127 27,331,840
Union RR (Penn).... November
891
5
981,665 683,715 10.339.652 1
13
15
2:3
8:7
Utah
November
182,478 135,573 1,587.113
Vlcks Shreve & Pee- November
345.663 348.275 3,M4. 15 3.805,597
Virginian Railroad_ November 1,452,988 1.405.979 17,519,971 16,858,411
Wabash Railroad... November 5,085,572 4,787,294
52,827,450 54
769:86l
17:6430m
WesternMaryland_ 4th wk Dec 469,879 401,167 18,560.705
Western Pacific- _ - November 1.173,517 906.251 11.472,537 11,325.408
Western Ry of Ala.... November
291,481 199,451 2,487.852 2,329,207
Wheel & Lake Erie_ November 1,108,303 1,164,365
12,113.076 13,832,508
Wicnita Falls & N W November
155,608 197.723 1.434,775 2,577,006
Yazoo & Miss Valley November 2,146.562
1,978,751 17.832.570 18.988.365

AGGREGATE OF GROSS EARNINGS-Weekly and
Monthly
Weekly Summaries.

Current
Year.
$
24.891,958
17,499,048
17.766.169
16,860.574
15,338,192
15,442.132
15,477.466
13,924.548
10,977.911
8.276.676

Previous
Year.

$
4th week Oct (18 roads).23,710,585
1st week Nov (16 roads).16.159,779
201 week Nov (18 roads) .......
15.880,145
ad week Nov (18 rdads)--15,153.422
4th week Nov r5 roads)---13.967.120
roads)____
wk Dec 17
1st week
13,397.109
2d week Dec 17 roads)._.14.922,832
3d week Dec (14 roads)......
13,021,648
4th week Dec (14 roads)........
873.503
it ....nu. Inn (10 rcruho____
6.698.928
Grand Rapids & Indiana and Putts. Clue. Chu.ik




Increase or
Decrease.

%

Monthly Summaries.

Current
Year.

1

Previous
Year.

Increase or
Decrease.

$
Mileage, Curr.Yr. Prev.Yr.
$
1
$
+1,181.373 5.40
---235,625 234,880 400.430,580 405,203 414 -4,772,834 1.18
+1,339,269 8.29 February
March
234,986
234,202
473,433.886
457,374.460 +16.059.426 3.51
+1.886.024 11.87
234.955
234.338
416,240,237
432.106,647 --15,866.410 3.67
4-1,707.152 11.26
931 234.051 447.299.150 443,229,399 4-4.069.751 0.92
+1.334.972 9.95 June
ill;310ly
234.568
+12.376.822 2.69
, . ..
+2,045,023 15.26 Ju
235,082
234.556 442.736,397 462.696.986 -19.960,589 4.31
+554,634 3.72 August
235,294
236.090472.242.5
-31.911.054
61
504,154.065
6.35
+902.900 6.93 September.
+1,104,408 1.02 October _ _ _ -235.280 235.205 498.702.275 496.978.503 +1.722.772 0.33
232.882 545.759,206.532,684,914 +13,074.292 2.45
..i..1.577.747 2.35 November _233.872
235.748 235,679 523.748.4831466.130,328 +57.618.155 2.3r
Louis included In Pennsylvania ER. z
Lake Erie & Western includad in New York Control

3,4

[VoL. 116.

THE CHRONICLE

172

Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the first week
of January. The table covers 10 roads and shows 2.35%
increase over the same week last year.
First week of January.

1923.

Increase. Decrease.

1922.

3
395,331
301,528
Buffalo Rochester & Pittsburgh_
2,207,922 1,874.216
Canadian National Rys
I 2,968.000 2,426.000
Canadian Pacific
Grand Trunk Ry System
1.833,889 1,429,337
Canada National
Detroit Gr Hay & Milw_ _
Grand Trunk Western
320,161
263,806
Minneapolis & St Louis
Iowa Central
551,373
404,042
St Louis Southwestern
Total(10 roads)
Net increase (2.35%)

$
93,803
333,706
542.000

$

404,552
56,355
147,331

8,276.676 6,698,929 1,577,747
1,577,747

In the following we also complete our summary for the
fourth week of December.
Fourth Week of December.

1922.

Increase. Decrease.

1921.

$
$
8,366,882 7,565.662
Previously reported
139,760
121,650
Ann Arbor
159,874
133,839
Duluth South Shore & Atlantic_
14,769
5,922
Mineral Range
9,099
9,000
Neavda-California-Oregon
876,275
694,410
St Louis Southwestern
941,853
941,373
Texas & Pacific
469,879
401.167
Western Maryland
Total (14 roads)
Nat inprmAn (1 n207...)

16
801,220
18.110
26,035
8.847
99
181,865

$

480
68,712

10,977,911 9,873,503 1,104,888
1.104.4081

480

Net Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies
reported this week:

—Grassfrom Railway— —Net from Railway— —Nei Vier Taxes1921.
1921.
1922.
1922.
902 .
1921
$
$
$
s
$
$
Louisiana Ry & Navigation—
72,836
27,011
272,918
November
380,058
46,786
10,908
376,125
591,197
565,025
768,284
From Jan 1 3,269,840 3,615,415

ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S.
Latest Gross Earnings,
Name of Road
or Company.

Week or
Month.

Current Previous
Year.
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

•
Adirondack Pow & Lt November
Alabama Power Co.... November
Amer Pow & Light Co Novemb r
American Tel & Tel__ November
Amer Water Wks Elec October
mAm Wat Wks & Sub November
Appalachian Pow Co_ November
Arkansas Lt & Power November
Asheville Pow & Lt__ November
Associated Gas & Elec October
Bangor Ry & Electric November
kBarcelona Tr,Lt & P November
Baton Rouge Elec Co November
Beaver Valley Trac__ November
Binghamton Lt H&P_ November
Blackstone Val0& E November
Boston"L" Railway_ November
(Brazilian Tr Lt & P.. November
Bklyn Rapid Transit.. November
Bklyn City RR (Rem September
Bklyn Heights(Rec) September
Bklyn Qu Co & Sub September
Coney Is! & Bklyn_ September
Coney Is! & Graves September
Nassau Electric__ _ September
N Y Consolidated_ September
South Brooklyn.. September
CapeBretonElCo,Lid November
Carolina Power & Lt_ November
Cent Miss Val El Co_ November
Cities service Co. _ November
City Gas Co. Norfolk. November
Citizens Trac Co&Sub October
Cleve Painesv & East September
Colorado Power
November
Columbia Gas & Subs November
Columbus ElectriC
November
Com'w'lth Pow Corp.. November
Corn'w1th Pr Ry & Lt November
Conn Power Co
November
Consumers Power Co November
Cumb Co Pow & Lt.._ November
Dayton Power & Lt July
Detroit Edison Co
November
Duluth-Superior Trac September
DuquesneLtCosubsid October
East St Louis & Sub. _ September
East Sh 0& E Co&Eib October
East Texas Elec Co_ _ November
Eciis El Ill pf Brock'n November
Eighth Avenue
September
El Paso Electric-Co November
Elec Lt & Pow Co of
Abington & Rockl'd November
Erie 1-t4t Co & Subs_ November
Fall River Gas Work;November
Federal Lt & Trac Co November
Fort Worth Pow & Lt November
Galv-Hous Elec Co_ _ November
Gen G & El & Sub Cos November
Georgia Ry & Power_ November
Great West Pow Sys_ November
Havana El Ry,Lt&Pr November
Haverhill Gas Light_ _ November
Honolulu Rap Trans_ November
Houghton Co Elec Lt November
Hudson & Manhattan November
Hunt'g'n Dev & Gas_ November
November
Idaho Power Co_.
November
Illinois Traction
June
Indiana Power Co
Interb R T System—
Subway Division.._ September
Elevated Division_ September
Kansas City Pr & Lt. November
Keokuk Electric Co_ _ November
Kentucky Trac Term November
Keystone Telep Co December
key West Electric.._ November
Lake Shore Electric_ September
Lexingt'nUtilCo&Sub November




557.786 458,887 *5,61),166 *4,773.646
641.490 414.161 *5.593,473 *4,504.954
2592.269 2327,660 *27837695 *27226412
5755,2224998,041 59,463,547 53,123,388
2483,30 1632.392
2550,142 1691,544 23,404,182 19.824,936
265.184 230.206 *2,898.941 *2.475.954
98.899 85.177 *1.278.391 *1.113,097
76.284 70.605 *896,448 *851.354
174.672 146.408 *1,922,575'1.694.931
136,363 129.057 *1.484,078 *1,417.059
4478,246 3661,205 42,193,291 33,880.037
49,691 46.508
579,435
554.213
54.115 50.390
579.983
607.646
100.856 90,255 1,007,644
904,235
371.976 346,964 *3,951,027 *3.593,346
31488700 29175959 5145166757 513591897
17735000 14555000 179876000 155462000
2943,069 2738.946 515083247 514240242
1001.309 968.124 8,849,170 8,502.504
7.415
5,924
54.239
66.183
215,827 212.307 1,913.888 1,699.639
249,265 248.766 2,112,407 2,142.686
15.178 18.057
120.675
134.888
446,844 419.589 3,848.648 3,554.605
1904.583 1816,972 17,597,357 16,647.009
101.395 97.317
889.373
762.600
61,213 63,426 *625,024 *699,596
197.782 164.444 *1,961,842 *1.686.468
48,427 46,995 *542,189 • *519,182
1183.019 1176.893 t14594749 t14094814
77.801 77,387
825.578
826.300
72,748 57,351 *790,591 *791,535
64,259 65.368
689,522
551.155
89.877 70,579 *1,023,374 *1.011.403
1718.407 1473.126 16.615.961 13,710,799
188,697 167.020 *1.961,341 *1,761,996
2186.785 1999.391 21.327.180 20,411.241
2932.075 2726,494 29.243,806 28.476.063
166.009 148,575 *1,710,599 *1,518.228
1389.097 1240,0:54 *14835852 *14105815
284,069 273,127 *3,456.872 *3,266,582
311.857 295.485 2.508.362 2.380.509
2466.557 2163.304 23.643.063 21,012,304
146,659 143.220 1.293.941 1,340,580
1620,539 1290.012 13.771.551 13.275,154
333.243 287.201 *3.611.154 *4.130,590
45,682 40,458 *496.704 *453,568
158,097 130,152 *1,766.146 *1,676,561
130.749 115,998 *1,368,782 *1,240,856
901,656
906,675
100,591 105.,256
191,292 192,317 *2,283,212 *2.289,946

Latest Gross Earnings.
Name of Road
or Company.

Week or
Month.

Current Previous
Year.
Year.

Jan. 1 to Latest Dale.
Current
Year.

Previous
Year.

$
$
$
$
Long Island Electric_ September
295,258
300,667
36,200 36,306
Lowell El & Lt Corp_ November 148,900 110.615 *1,320,041 *1,170,502
Manh Bdge 3-Cent L. September
212,197
213.194
23.650 23.337
Manhattan,& Queens September
252.696
286,413
34,786 30,537
Market Street Ky. November 803.710
8.744.615
Metropolitan Edison_ November 311.332 231,408 2.915.842 2.674.814
Milw Elm Ry & Light November 1782,534 1612,237 *19187968 *18801165
Miss River Power Co_ November 241,685 233,076 *2.897.887 *2,761,581
Munic Serv Co & Subs October
395,534 198,529 *3,201,422 *2,518,018
Nashville Ry & Lt Co'June
325.355 310.854 *3.975.i 28 *3,743,143
Nebraska Power Co.._ November 334,683 254,5.A *3,447,852 *3,100,859
Nevada Calif Electric November 218.962 215.185 *3.327.976 *3.178,382
New Bedford G & Lt. October
283.598
2.687,320
New Eng Power Sys_ September 477,737 455,221 *5,596.262 *5,439.828
New Jersey Power_ _ _ November
71,756 55,682
489.896
672,911
Newrit News &Ramp
Ry, Gas & El Co__ November 165,435 163.561 1,910,213 2,379.804
New York Dock Co__ November 280,623 343,269 3,549.916 4,772.189
NY& Harlem(City L)September 121,639
1,146,411
New York & Long Is! September
52.752 56.704
437,378
454,679
WY & Queens County September
59,460 113,465
775.396
961,988
New York Railways_ September 819.151 843,598 7,043,472 7,219.010
Ninth Avenue
September
41.538 45,484
380,729
404.929
NY & Queens (Rec). September
34,786 30,537
286.413
252,696
N Y & Harlem (Reel_ September 121,639
1,146,411
N Y & Long Island__ September
52.752 56,704
437,376
454.679
Nor Caro Publie Son/ November 110,075 101,158 *1,220,417 *1,126,723
Northern Ohio
November 820.109 704,940 8.474,839 7.911,068
Nor Ohio Elec Corp November 820,109 704,941 *9.235,849 *8,764,730
Nor Ohio Trac & Lt- _ October
814,834 694,002 7,569,543 7.144.204
45.008 36.279
476,342
Nor'west Ohio Ry&Pr November
471,491
North Texas Elec Go.. November 256,055 270,870 *3.071,620 *3,604.968
Pacific Gas & Elec Co November 3280,274 3035,040 35,748.172 34,272,147
Pacific Power & Light November 272,709 258,916 *3 003,039 *2.852.627
Paducah Electric........ November
50.265 45,831
557.145 *526.557
Palmetto Pow&LtCo November
49,033 51,958 *579,689 *578,193
Penn Central Lt &
Power Co & Subs._ October
242,454 191,809 *2,397,857 *2,239,978
Pennsylvania Edison_ November 263.764 219,743 2,611.769 2.491,531
Phila Co Subs and
Natural Gas Cos._ November 1076.326 890,62612.245,135 9.041.149
835,048
986,065
Philadelphia Oil Co November
65.116 93.319
70,664 66,033
752,596
744.059
Philadelphia & West_ November
Phila Rapid Transit November 3694,545 3487,908 38,647,717 38.619,508
53,164 69,679 *824.998 *789,721
Pine Bluff Co_. _ _ _ October
Portland Gas & Coke_ November 280,803 261.428 *3.377,108 *3,391,265
Portland Ry,Lt & P. November 882,197 820,146 *10084228 *9,949,281
Plib Sec Corp of NJ....November 6950.081 6463,674 t78179365 t75283802
Puget Sound Pow&L November 927,472 870.781 *10407905 *10034506
Reading Transit & Lt November 238,725 235,273 2.937.788 1.993.283
Republic Ry & Lt Co_ November 770.268 607,171 *7,956,605 *7.433.634
480.889
607,775
68.910 69.240
Rid= Lt & RR (Roe) September
569.676
564.666
46.116 46.289
Rutland Ry Lt & Pr.. November
423,634 277,037 1,522.444 1.912.798
St I, Rocky Mt & Pac June
74.130 613.038
763,676
700.942
Sandusky Gas & El.... November
Savannah Elec & Pow November 132,969 139.081 *1,605,991_ - __ __ _
80,925 74,098 *901.557 1,896,455
Sierra Pacific Electric November
747.546
747.092
87.119 95,004
Second Ave (Reel.... September
35.261
41.300
3,028
3.661
17th St Incline Plane_ November
78.464 72.118 *894,730 *862.714
Rierra Pacific Electric October
gouthern•Calif Edison November 1443,498 1397.113 16,754,458 16,440,571
goutla Canada Power_ November
77,890 73,490 *923,252 *824,401
gouthwestern Pr & Lt November 925,546 851,392 *9,746,243'10049797
Pampa Electric Co.... November 158,742 135,590 *1.795,808 *1.702,188
706,779
52.646,659
l'ennessee El Pr & Lt- October
Naas Electric R'... Nevernber 245,849 240.003 *2,708,152 *2.932.699
Pexas Power & Ligh_ November 469,134 414,516 *d,847.066 *4,946.033
41.435 1139.368 t6.054.601 t5.946.603
Thlrd Ave Ry System November 11,
rwin City R Transit_ November 1133,413 1158,652
United Gas & El Corp November 1142,081 1039.207 *12354143 *11412993
UnitedLt&Rys&Subs November 1024,253 961.473'11648359'11407983
United Rys & Electric November 1370,680 1305,093 14.861,079 15,039,479
Utah Power & Light.. November 866,741 594,029 *7,030.806 *6,822.973
Utah Securities Corp_ November 806.937 729,425 *8,748.349 *8,626,583
571,925
53.726 52,354
520,938
Vermont Hydro-Elec_ November
Virginia Ry & Power_ November 873.481 846.138 8,576.646 9.296,909
704,581
West Va Utilities Co_ November 100,105 83.975891.804
Western Union Tel Co November 9004.149 8164,997 96,331,336 95,410,878
West Penn Co & Sub_ November 1822.579 1212.882 *16639664 '14244524
Winnipeg Elec Ry..... November 489,662 481.818 4.960.389 5,032.068
Yadkin River Pow o November 101.869 101.705 *1.219.513 *1.047.085
a The Brooklyn City RR.Is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court. declined to continue payment of the rental; therefore
since Oct. 18 1919 the Brooklyn City RR has been operated by its owners.
to The Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co., but these leases were terminated
on July 11 1919. respectively, since which dates these roads have been
operated separately. f Earnings given in milrels. g Subsidiary companies
only. i Includes both subway and elevated lines. j Of Abington & Rockland (Mass.). k Given In pesetas. 1 These were the earnings from operation of the properties of subsidiary companies. m Includes West Penn Co.
*Earnings for 12 months. t Started operations April 11921. X Earnings
Earnings for 11 months. z Five months end. Nov. 30.
for 10 months.
S Four months.

*Electric Railway and Other Public Utility Net
Earnings.—The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus, reported this week:
—GrossEarnings-- —NetEarnings—
Companies.

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

Amer Power & Light- _ _Nov 2,592,269 2,327,660 1,078,102 1,031,420
12 mos ending Nov 30 ...27,837,695 27,226,412 11.408,337 10.455,029
BrazirnTrac,Pow&Lt_Noval7,735,000 14,555,000 11,240.000 8,820,000
From Jan 1 to Nov 30-179,876,000 155462,000 113103,000 85,751,000
37,152 32,219 *374,705 *345,551 Ft Worth Pr & Lt Co_ _Nov
234815
225,676
115,878
122,793
901,965
118.334 04.135 1 .042,988
12 mos ending Nov 30_..__ 2,504,045 2,646,757 1,302,276 1,235,892
88.821 83,810 *1,002,139 *1,009,184 Georgia By & Power_ _ _Nov 1.341,989 1,330,328
361,273
468.729
458,316 437,854 4,517,039 4,391,718
12 mos ending Nov 30- _ - _14.817,677 14,367,442 4,906,092 4,941,728
234,815 225,676 *2.804,045 *2.646,757
Nov
199,406
131,027
190.733
121,982
282,511 278,253 *3,305,202 *3,738,615 Idaho Power Co
12 mos ending Nov 30_ _ _ _ 2,432.747 2,288,226 1,363,217 1,371,355
1183,891 1013,489 12,276,344 _ _ _ _ __ _
74,664
1330,328'14817677
Keystone
Co_Dec
168,833
Telephone
164,277
1341,989
'14387442
90,141
632,937
778,460 710.974 *7,618,570 *7,368.480
725,593
12 mos end Dec 31_ _ - _ 1,703,274 1,739.043
1092,363 1142,168 11.780,735 11,734,928 Nebraska Power Co_ _ _Nov 334,683
115,140
254,554
164,227
49.827 45.620 *542,451 *518,074
12 mos ending Nov 30_ __ _ 3,447,852 3,100,859 1,373,093 1.113,713
884,805
81.837 78.059
856.908
53,070
58.254
163,561
51,436 51,421 *547,391 *567,350 Ne4rp N & H Ry G & E_Nov 165,435
767,929
742,762
11 mos ending Nov 30........1,910,213 2,379,604
938.391 901,167 10,013.037 9.550.295
119,029
129,685
258,916
109.486 98,512 *1,191,367 *1,071,442 Pacific Power & Lt Co_Nov 272,709
12 mos ending Nov 30- _
3,003,039 2,852,627 1,417,848 1.362,769
199,406 196,733 *2,432.747 *2,288,226
60,599
2095.504 1951.046 20.433,196 20,057.439 Portland Gas & Coke Co_Nov 280,803
98,615
261,428
880.866
58,632 60.590
846.303
12 mos ending Nov 30_ --- 3.377,108 2,510,431 1.135,043
763.318
43.061
43,844
Canada
Southern
Pow....Nov
73.496
77,890
2704,209 2609.056 33,670,459 25,614.246
80,263
83,307
2 mos end Nov 30
143,112
150,224
1553.872 1582,589 13.962.011 14,696.140
460,211
451,904
851,392
760.856 661.648 *7.742.801 *6.783.558 Southwestern Pr & Lt_Nov 925,546
12 11109 ending Nov 309.746,243 10,049,797 4,647,741 4,357,613
34,648 33,488 *384,978 *373,416
205,476
205,682
414,516
129,275 114,381 *1.613,326 *1,627,218 Texas Power & Light_ _Nov 469,134
12 mos ending Nov 30-- _ - 4,847,066 4,946,033 1,970,982 1,750,279
168,833 164,277 *1,703,274 *1.739,043
22,223 22,834 *248,365 *267,857 Western Union Teleg- _Nov 9,004,149 8,164,997 1,435,715 1.202,181
230.855 219,201 1.866,400 1,979.428
11 mos ending Nov 30-96,331,336 95,410,878 15.938.637 12.179.491
91.704 82,393 *1.112,838 *1,092.730
a Given in mike's.

JAN. 13 1923.1

THE CHRONICLE
Gross
Earnings.

Net after
Taxes.

Fixed
Charges.
$
Bangor fly & Elec Nov '22
136,363
61,409
24,469
'21
129,057
52,542
24,004
12 mos end Nov 30 '22 1,484.078
601,777
285.014
'21 1,417,059
540.958
280,878
Consumers Power Nov '22 1,389,098
626,587
202,418
Co
'21 1,240,055
557.991
207,720
12 mos end Nov 30 '22 14,835,853 6,675,607 2,449,030
'21 14,105,816 5,619.648 2,342,751
Commonwealth
Nov '22 2,932.075 1,042,778
667,816
Power, Ry & Lt
'21 2.726,495
989,150
641,556
12 mos end Nov 30 '22 32,077,002 11,097.372 7.886,457
'21 31,459,015410,365,866 7,496,613
Cumberland
Nov 22
284,069
79.307
63.546
County Power & Lt '21
273,127
84,478
59,055
12 mos end Nov 30 '22 3,456,872 1,265,627
714.823
'21 3,266,582 1,016,037
695,293
Federal Light &
Nov '22
458,316
173.702
61.020
Traction Co
'21
437.854
143,511
54,758
11 mos ending Nov 30 '22 4,517,039 1,535,101
618,549
'21 4,391.718 1,324,511
606,939
Havana Elec fly • Nov '22 1,092,363
596.287
93,301
Sc Light az Power
'21 1,142,168
576.312
89,059
11 mos ending Nov 30 '22 11,780.735 6,144,901
994,191
'21 11,734,928 5,021,030
922,070
Huntington Devel Nov '22
109,486
35.031
19.012
& Gas Co
'21
98,512
26,379
17,963
12 mos end Nov 30 '22 1.191.367
410.339
234,974
'21 1,071,442
391,003
206,043
Kentucky Traction Nov '22
129,275
47,645
24,004
& Terminal
'21
114,381
40,463
23,551
12 mos ending Nov 30 '22 1,613,326
618,570
285,873
'21 1,627.218
606,574
263,722
Lexington Utilities Nov '22
91,704
37,428
12.255
Co
'21
82,393
37,610
12,255
12 mos end Nov 30 '22 1,112,838
493.878
147,060
'21 1,092,730
486,206
147.060
Newport News & Nov '22
165,435
57,612
21,145
Hampton fly 0 & El '21
163,561
43,754
28,280
11 mos ending Nov 30 '22 1,910,213
639,429
276,417
'21 2,379,604
660,595
315,596
North Carolina
Nov '22
110.075
32,845
14.862
Public Service
'21
101,158
30,858
13,995
12 mos end Nov 30 '22 1,220.417
324,622
172,948
'21 1,126.723
317.253
167,496
Northern Ohio
Nov '22
820,109
248,994
165.267
Electric Corp
'21
704,941
192,982
157,914
12 mos end Nov 30 '22 9,235,849 2.423,632 1,964,691
'21 8,764,730 2,114,011 1,889.395
Pacific Gas & Elec Nov '22 3,280,274 1,411,757
476,626
Co
'21 3,035,040 1,065,235
440.122
11 mos ending Nov 30 '22 35.748,172 14,430,859 5.111,632
'21 34,272.147 12,224,817 4,725,454
Portland fly, Lt & Nov '22
882,197
299 203
182,772
Power
'21
820,146
250,658
180,453
12 mos end Nov 30 '22 10,084,228 3.052,322 2.130,813
,'21 9,949,281 2,954.884 2,097,327
Southern Calif
Nov '22 1.443,498
864,089
310,521
Edison
'21 1,397,113
758,104
353,148
12 mos end Nov 30 '22 16,754,458 9.905,173 3,929.116
'21 16.440.571 9.645,337 3,764,039
Tennessee Bloc
Oct '22
706,779
296,239
148,141
Power Co
'21
4 mos ending Oct 31 '22 2,646,659 1,229,435
588,820
•
'21

Balance,
Surplus.
36,940
28,538
316,763
260,080
424,169
350.271
4.226.577
3.276,897
374,962
347,594
3.210,915
2,869.253
15.761
25,423
550.804
320,744
112.682
88.753
916,552
717.572
502,986
487,253
5,150,710
4,098.960
16,019
8.416
175.365
184,960
23.640
16,911
332,696
342,852
25,173
25,355
346,818
339.146
36,466
15,473
373,505
349,298
17,983
16,863
151,673
149,757
83,727
35,068
458,941
224,616
935,131
658.113
9,319,227
7,499,363
116,431
70,205
921.509
857.557
553.568
404.956
5,976,057
5,881,298
148,098

11 3

Nash Motors Company.
(Annual Report, Year ended Nov. 30 1922.)
President Charles W. Nash says in part:

Production and Sates.-Although operations the first three months were
not profitable, owing to the uncertainty
of conditions, we experienced
during the following nine months a good demand
for our product and our
factories ran oractically to capacity, so that we produced
sold more
than 40,000 automobiles for the fiscal period. This volumeand
business in
dollars totaled more than $40,000,000 and the average numberof
employees
of
was in excess of 4.000.
Our four-cylinder plant at Milwaukee produced apuroximately 15,000
automobiles. This plant was built and operations begun during
the depression, but now we find It on an excellent basis.
Orders.-Orders on hand to-day are much larger than a year ago and we
look forward to a greater volume of business during 1923 than we secured in 1922.
Prices, etc.-We believe that the
of automobiles can be considered
at the bottom point and that the prices,
of producing them will increase.
Neatly every element entering intocost
manufacture of automobiles Is
the
higher In cost to-day than a few months ago
and there are indications that
this upward trend will continue for
a while. At this juncture we wish to
point out that the automobile business,
stiffening competition, will
due
to
be neceesarily conducted on a much smaller margin
of profit.
Expenditures.-Throughout the year there has been
expended $760,177
for new buildings, machinery and equipment at
Kenosha and Milwaukee
plants. Also a considerable expenditure has the
been required for renewals,
replacements and upkeep of plant and equipment,
which has been charged
to operating expense.
•
Retirement of Pref. Stock.-During the year the company
has retired
through sinking fund 5,000 shares of Prof. stock. It has. addition,
other purchases of Prof. stock for temporary investment,in that themade
total
so
outstanding as of Nov. 30 in the hands
of investors was $2,123.100. The
balance of this stock has been called for
retirement as of Feb. 1 1923 at
110 and div. (For further changes
in capital see below and V. 115, p. 28021.
Control of Lafayette Motors Co.-During
the year the company acquired
a large majority of the First Preferred
Common stock of the Lafayette
Motors Corp. and a new factory has and
just
reached completion, located in
Immediate proximity to the Nash four cylinder
This
new Lafayette plant will be in active productionplant at Milwaukee.present
by the end of the
month.

INCOME ACCOUNT YEARS ENDED NOV. 30.
1921-22.
1920-21.
1918-19.
1919-20.
Net income
Prov.for Federal taxes 348,845,509
Not statedNet income after ex- 1,232,263
penses, res'ves & taxes $7,613,246 $2,226,078 $7,007,471 $5,089,036
Preferred dividends_
262.500
288,750
336,000
315.000
Corn. divs.($16 per sh.)_
873,600
873.600
832.000
872,000
Balance, surplus
$6,477.146 $1,063.728 $5,820.471 $3,921,036
Adjustments
Cr.231,931
Dr.I77,471
284.500
Previous surplus
13.418.095 12,531.837 6,711,366
2,503,831
Profit & loss surplus_x$20,127,172 $13.418.095
$12,531,837 $6.711.366
x About $17,472,000 has
been transferred to capital account
through stock div. payments since
(see V. 115. p. 2802). y Net income after
deducting expenses of mfg., selling,
administration and local taxes, but
before Federal taxes.
BALANCE SHEET NOV. 30.
1922.
1921.
1921.
1922.
Asses-$
6
$
Iteal estate, equipPreferred stock__ 3,500,000 4,000,000
ment, dkc
x5,124,403 5,037.353 Common stock_ _ y510,000
510.000
Investments
3,813,624 1,940,564 Accounts payable_ 2,586,970
520,164
Liberty
_ _ 1,200,902 1,200,802 Res.-Fed.
4.475,809
640.615 Mati & bonds__
3,333,4201
taxes_
supplies 4,464,027 2,642,169
Other taxes_ _ _ _ 1,057,194J
Notes receivable
72,500
392,600 Losses in accts.
Accts.receivable_ _ 2,486,788 1,613,985
receivable._ _ _ 128,405
()ash
10,383,984
Miscellaneous_ 578,728} 3,186,753
U.S. certificates_ _ 7.002,500 13,275,966
Contingencies _ 2,729,466
Prepaid expenses_
2,626
7,381 Surplus
20,127,172 13,418.095
---Total
34,551,357 25,110.822 Total
Financial Reports.-An index to annual reports of steam
34.551,357 26,110.822
railroads, street railway and miscellaneous companies which
x Real estate, plant and equipment
at cost, $8,349,212. less depreciation.
$3,224.809. 3,Common stock, 54,600
have been published during the preceding month will be given following).
shares, no par value (but see
on the last Saturday of each month. This index will not
(The stockholders on Dec. 16 reclassified
the authorized capital stock as
include reports in the issue of the "Chronicle" in which it is follows: (a) Pref. A stock, $22,500,000 (par $100).
stock $5,000.(which will be retired Feb. 1). le) Common(6) Pref.300.000
shares
published. The latest index will be found in the issue of 000
stock,
without par value. Of the stock,
the stockholders authorized the issuance
of $16,380,000 Prof. A stock, par $100,
Dec. 30. The next will appear in that of Jan. 27.
consideration of the capitalization
of surplus equal to the total par valuein
thereof, and 218.400 shares of Common stock, no par value,
consideration of the capitalization of surplus
The Manhattan Shirt Co., New York.
equal to $1.092,000($5 perin
share)of Common stock so issued. All the stock
so issued, both Prof. A and
Common stock, was distributed pro rata to
(Annual Report-Year ended Nov. 30 1922.)
Common stockholders of record
Dec. 26, each holder of record of Common stock at that time
on account of each share of Common
President Abram L. Leeds Jan. 8 said in brief:
stock then hold 3 shares receiving
of Pref. A stock and 4 shares of Conunonstock.
Dividends of$3 a share per ann. now are being paid, and the increase in the The suns of $17.472.000 of the existing surplus was transferred to capital
account,
this sum being the consideration for the issuance the stock to be
volume of business justifies the expectation that this rate will be continued.
of
This increased business, which continues to expand from year to year. is Issued.j-V. 115, p. 2802. 2912.
due not alone to tilc splendid attitude of the consumer
toward
our
manufactured merchandise, but also in great measure to tho excellent results
Northern Securities Co.
which have been achieved at our subsidiary, the Solway Dyeing & Textile
Co.. Pawtucket, R. I., which
reached a position of eminence in the field
(Report
for Year ended Dec. 31 1922.)
of dyeing and weaving textilehas
fabrics. It has developed an extensive fast
color dyeing business and now weaves fabrics
Pres. E. T. Nichols, Jan. 10, reports in substance:
for women's wear. The new
finishing plant recently constructed at
Solway
will be in operation after
• During 1922 company received
the first ofJanuary 1923.
dividends aggregating 10% on the
stock of Chicago Burlington
Quincy RR. and 6% on the stock of the
CONSOL. INCOME & SURPLUS ACCT. FOR YEARS ENDING NOV.
Crow's Nest Pass Coal Co. &
30. severely
The coal company during the year suffered
from
the
strike
in the coal industry, but with the earnings made
1921-22.
1920-21.
1919-20.
1918-19.
during
Net profits
period when its mines were under
$1,949,696 $1,445.869
operation, and with the
$838,473 $1,688,811 reservesthe
Divs, on investments_
previously accumulated to meet
6,948
such emergencies, has been
7,423
6,291 able to pay
Interest(net)
its
usual dividends. The mines are now in operation and
deb.52,996 deb.97,823 deb.156,800 deb.43,799 the prospects
for business are satisfactory.
The customary semi-annual
Net income
dividend of
and an extra dividend of
$689,096 $1,651,303 2_70 payable
Reserve for income and $1,896,700 $1,354,994
on this date was declared by4%
the directors last December
(V. 115. p. 2694).
excess profits taxes_ .._
265,000
329,617
115,000
526.000
Preferred divs.(77)
INCOME
ACCOUNT, YEARS ENDING DEC. 31.
107,026
112,000
112,000
112.000
Common dive.(7#o__ _
1922.
502,567
350.002(01)312,501 Total receipts
1921.
350,002
1920.
1919.
4405,905
$778,472
$288,297
$289,498
Taxes
Balance, surplus
$1.022,107
16,477
$563,375
17,736
$700,802
18,126
$112,094
15,739
Previous surplus
Administrati
on
expenses
2,192,385
13.727
13.852
1,625,647
1,479,494
791,785 Interest on loans,
12,804
12,789'
Adjustments
&c__ _
Cr.3,709
1,687
17.921
Cr.3,363
deb.13,093
Cr.34,059
6.258
3.149
Dividends
Stock WA,
. (375i%). 2,090.173
2 (8)316.304 (7)276,766 (7)276,766
Prem, on cost of U. (14%)553.53
S.
Cert.
of
Total profit & loss surp $1,128,028 $2.192,385 $1,625,646 $1,479,494
Indebtedness_
194
25
54
CONSOLIDATED BALANCE SHEET NOV.
Balance,sur. or def___def$179,711
30.
$412,634
def.$24,510
def.$20.146
1922.
1921.
1921,
1922.
x Total receipts in 1922 include dividends
Assetsfrom 0. B.& Q. RR.,$230.630;
Land,b1dgs..mach.
dividends
from
Crow's Nest Pass Co. (as in year 1921) (6%). $165.312;
Preferred
_b1,600,000 1,600,000
&e., lass deprec_ 1,327,251 1,259,250 Common stock__
stock. .c7,090,173 5,000,000 and interest $9,963, against $6.659 in 1921.
Trade name, goodNotes& accts. pay.
5,000,000
will de patterns.
5,000,000 .4 accrued accts_ 2,437,376 1,334,747
BALANCE SHEET DEC. 31.
Investments a _ _ _ 213,141
68,822 Applied to
A SSNS1922.
1921.
Ltabtliffes1922.
830,710
1921.
Cash
620,928 Preferredretiring
Cost of charter... 685,048
1,400.000
stock_
1,400,000
$81,048 Capital stock
$3,954.000 $3,954.000
Notes & accounts
Cash
Reserve for Federal
260,077
474,750 Dividends unpaid_
502
1,850,943 1,358,062 and N. Y.
356
receivable
C. B.&Q.stock_ 2,858,810 2,858,810 Balance. surplus__ 3,141,124 3,320,834
State
4,826,055 3,475,644 taxes
Inventories
329,616 Crow's Nest Pass
265,000
Deferred charges- 74,042 Profit and loss._ _ 1,128,028 2,192,385
72.477
Coal Co
3,741,166
ir. S. Cert. of In& 150.000 3,741,166
115,038
13,920.577 11,856,748 Total
Total
13,920,577 11,856,748 Suspense acct..&c.
524
378 Tot.(each side) _57.095,626 $7,275,190
Note.-The company on Dec. 31 1922 owned of C. B. & Q. RR. stock
a Includes Manhattan Shirt Co. Preferred and Conunon stock purchased 23,063
shares of $100 each shown in balance sheet as $2,858.810. Compartly for retirement and partly for the accommodation of employees.
pany also owned on Dec. 31 1922
the Crow's Nest Paw Coal Co. stock
b After redemption of $1,400,000 for retirement of Preferred stock.
27,552 shares of 8100 each, carriedof
In balance sheet at $3,741,166. The
c Consists of $5,909,553 outstanding Nov. 30 and $1,180,620 issued last-named
company, located In Ferule, B. C.. has an authorized
Dec. 1 1922 as a 20% stock dividend.-V. 115, p. 2275.
capital
of $10.000,000 and subscribed capital of $6,212.667.-V. 115, p.
2694.

FINANCIAL REPORTS.




174

THE CHRONICLE

Manati Sugar Company.
(Report for Fiscal Year ended Oct. 31 1922.)
President R.'1`ruffin, N. Y., Dec. 26, wrote in substance:

[VOL. 116.

Grinding began Jan. 5 1922 and ended June 10 1922. The factory ground
95,930 Spanish tons of cane of 2,500 lbs. each, producing 88,334 bags of
sugar of 320 lbs. each, totaling 28,249,600 lbs.
Capital expenditures for the year amounted to $9,385. covering the cost
of various minor improvements.
While production costs were reduced over 50% from those of the previous
year,financial requirements made it imperative to sell the sugars practically
as soon as made,even though extremely low prices then prevailed. These
low prices were due to the large stock of Cuban sugar carried over from
the previous year, being thrown on the market during the early months of
1922 in direct competition with the new crop sugars then being produced.
This hold-over stock of 1,250.000 tons, as well as the sugars produced during the crop last past, amounting to nearly 4,000.000 tons, has, however.
been practically absorbed. As a result sugar prices have recovered. For
the coming crop a reasonable mare between production costs and selling
price seems assured.

Operations.-Grinding operations started on Jan. 8 and finished on
Aug. 14 1922. The disposal of the crop was made gradually month by
month, and there wdre no sugars unsold on Oct. 31 except 600 bags which
were reserved for local consumption at the Estate. The average price
obtained for the crop was 2.496c. per lb. f. o. b.
Readjustment Period Over.-The past year has seen the readjustment of
the sugar situation the world over. Having reached normal levels, both as
to cost of production and price, there is a smooth road ahead for the industry, without the violent ups and downs of the market such as we had during
the past three years when prices reached a shigkas 22%c. per lb. c. & f.
and dropped as low as 131c. last December. While not doing as well as
could have been expected under normal conditions, your company made
INCOME ACCOUNT FOR YEARS ENDING JULY 31.
comparatively good profits during the trying period of readjustment.
1918-19.
1919-20.
1920-21.
1921-22.
The 162.144 bags that were left unsold, as reported in the last annual
93,346
88,334
56,750
59,960
report, were finally disposed of at 2.12c. per lb. c. & f., so that the entire Output-Sugar (bags)__
647,000
7)
455,268
Molasses (gals.)
(7)
reserve set aside to cover further decrease in value, was not used.
a$102,026
revenue
$695,988
$1.786303
$1,640,688
Gross
now
is
bill
tariff
Tariff.-The duty on Cuban sugar under the permanent
1,341,442
670,201
1,132,184
1,299,510
$1.7648 Per 100 lbs., compared with 60c. per 100 lbs. under the Emergency Operating expenses
85,141
103,332
172,181
63,236
Interest & current debt_
Tariff Bill.
79.677
74,466
166,929
104.481
1922-23 Season.-Company has plenty of cane and the mill is in the best Depreciation
9,684
of condition. Grinding for the crop 1922-23 was begun Nov. 29 1922, and Taxes
(7%)60,137
(1,i)14,875
dividends_
(7%)59,500
Preferred
a large output is in prospect.
96,250
26,250
Lands.-Total area owned, leased and controlled now stands as follows Common dividends
(in acres): Owned, 207,000; leased, 38,000; controlled by the company,
surS8,026
sur$219,907
def$649.080
def$313,323
Balance
37.700.
$312,535
$264,202
Railroads.-The railroad now consists of 231 kilometers (144 miles) of Profit and loss surplus def$873,408 def$430.709
connecting
of
gauge,
miles)
standard
(14
kilometers
23
and
36-inch gauge
GENERAL BALANCE SHEET JULY 31.
the mill with the company's dock at tidewater and extending in all directions
1922.
1921.
1921.
1922.
into the company's cane fields.
a
$
Liabilities-3
$
AssetsIn addition to this, the Ferrocarril de Tunas (all of whose shires are
2,377,439 2,377,439 7% cum. pro!.stockal.000,000 1,000,000
owned by the company) has completed 63 kilometers (39 miles) of standard Plantation
Common stock_ __ _ y1,750,000 1,750,000
plant,
mfg.
Equip.,
conjunction
in
company,
which
the
of
lands
the
through
railroad
gauge
bides., RR., &e...1,361.585 1,361,959 1st M.6% S. F.bds. 6500,000 500,000
with existing railroad lines, connect Maned Bay with Victoria de las Tunas Work
44,315 1st ref. M.8% red__ 115,500 115,500
38,580
animals
on the Cuba RR. This railroad will haul cane to your mill as well as trans- Inv.
4,150 Notes payable:
4,150
In oth.cos.(cost)
this
of
inland
the
portions
to
Manati
of
Port
the
port merchandise from
x669.938 879,938
Secured
191,262
120,526
cane_
grow.
de
Plant.
section of the Island of Cuba.
484,953 326,870
Unsecured
to Colones
Rolling Stock.-Consists of: 29 locomotives, 600 cane cars, 25 tank cars, Advances
33,648 127,209
payable
Accounts
42,628
35,773
contractorsand
all
cabooses,
4
cars,
10 box cars. 163 flat cars,6 passenger cars, 4 auxiliary
and
interest
Accrued
104,657
63,783
supplies
&
Materials
86-inch gauge.
16,701
58,963
wages
10,684 271,512
The equipment of Ferrocarril de Tunas consists of8 locomotives, 250 cane SugAmolas.on hand_ 31,251
53,369 Reserve for continAccts. receivable....
cars. 50 flat cars. 50 box cars and 1 Pullman car, all standard gauge.
50,000
50,000
tingencies
10,995
15,565
Cash
Reserve for depreProperty and Plant Account.
Price equaliz. dep.307,514 215,886
elation
43,748
Sugar Fin. Comm_
Property and plant account,Oct. 31 1921.$17,023.625;advances
11,446
Pref. treasury stock_ x11,446
against contracts for material not yet delivered, $77,184;
33,895
26,324
__
_
charges_
Deferred
$17,100,809
total Oct. 31 1921
873,408 430,710
Profit and loss
Expenditure during 1922: Sugar mill and equipment, $29,968;
56,460
,252; total
ar $22,250; misc. improvements.
shipyd.
4 970,516 4,982,084
Total
4,982,084
4,970.516
Total
equip,
&
under construe_
559,801
Extensions and improvements to plant
626,928
Approp. for completion of ext. & impts. to plant &
b Sinking fund re11920.
Nov.
arrears
since
in
dividends
Preferred
a
delivered
yet
34,935
not
material
for
contracts
against
Advances
quirement of Nov. 1 1921 not fulfilled. x 1.2973 shares pledged as part
$18,378.935 security for 8648.937 notes payable. y Common stock, 105,000 shares
Total
no par or nominal value.z Secured notes payable (1)$648,938. secure dby
of
de
to
Ferrocarril
transferred
Less standard gauge rolling stock
40,580 $734,500 1st Ref. M.8% gold bonds and 1.2974 shares of Preferred stock.
Tunas
(2) $21,000 secured by equipment lease on $47,996 RR. rolling stock.
$18.338,355 V. 115, p. 1542.
Total
2,830,000
Deduct-Reserve for depreciation
Co.
United Paperboard
$15.508,355
Net book value of property and plant
Volualirm.-A physical valuation of the factory and appurtenances as of
Jan. 1 1922and a valuation of the company's lands as of March 9 1922 shows:
Fair physical value of plant-including narrow-gauge railway
$10,051,000
lines
5,200,000
Lands-207,000 acres owned outright
$15,251,000
Total appraisal of property and plant
Reserves.-At the'close of the year 1920-21 a special reserve of $225,000
was set aside to provide for the possible decline in price from 2%c. per lb.,
at which the 162.144 bags of sugar unsold on Oct. 31 1921 had been inventoried. Of this amount $102,910 remained unused, and was accordingly
restored to the surplus account. On the other hand, after taking a physical
inventory, it was found necessary to increase by $14.236 the reserve of
$150,000 which had been provided to take care of the depreciation in value
of the materials and supplies on hand. It was also deemed advisable to
Increase the reserve for colonos accounts by $50.000 to a total of $300.000.
Dicidends.-Regular quarterly dividends of 1 I% have been paid on the
Preferred Stock since Jan. 1 1915. Since June 1 1921, owing to the low
price of sugar, dividends on the Common stock have been discontinued.
New Financing, &c.-.During the year the company sold $8,000,000 First
(Closed) Mtge. 20-Year 7)4% Sinking Fund Gold Bonds, dated April 1
1922 and maturing April 11942. (V. 114, p. 1414.) The proceeds of this
Issue were applied to the reimbursement of the company's treasury for
expenditures for extensions and improvements, including the Tunas RR..
.
and for the purpose of increasing the company's working capital.
Issued.
Authorized.
Capitalization Oct. 31 1922$8.000,000 $8,000,000
First Mtge. 20-Year 75s
3,500,000
5,000,000
7% Cumulative Preferred Stock (par $100)
15,000,000 10.000,000
Common Stock (par $100)
in
payable
The company now has a fixed interest charge of $600.000
semi-annual installments April 1 and Oct. 1 each year on the issue of
the
when
1924,
with
Beginning
First
Bonds.
Mtge.
7%%
$8,000,000
sinking fund provisions take effect, this interest charge will be correspondingly reduced. At the close of the fiscal year the company had net working
assets of $4,764,442.

The usual comparative income table was given in V. 116,
p. 73.

BALANCE SHEET OCTOBER 31.
1921.
1922.
1921.
1922.
LiabilitiesAssetsProp'ty & plant._18,226,235 17,023,625 7% cum. pref. stk. 3,500,000 3,500,000
Common stock__ _10,000,000 10,000,000
Adv. ant. contets
let M. 20-yr. 73.loo 8,000,000
for material not
77,184 Purch. money mtg. 900,317 1,037,205
112,120
yet delivered _
1,925,000
Inv, In Fer. de T. 2,273,264 1.277,934 Accept. agst. crop
78.355
Drafts outstanding 244,387
Inv..in Anglo-Sax.
383,864
230,855
3.000 Accts. payable__ _
Realty bds.(par)
Material & supplies 1.081,921 1,354,475 1st mortgage bond
37,223
Interest payable
Adv. to Colonoe.... 3,289,609 3,076,269
50,000
Accr. Int. on bds_
Adv. agst mtges.
49,963
21,904
242,814 Sal. & wages accr_
on Colones' land 282,300
153,333
106,461 Approp.for compl.
Accts. receivable__
of ext. & tenets_ 867,808
Cuba Sugar F.& R.
50,000
100,000 Notes payable_ _350,708 3,175,000
Corp. cap. stock
130.572
5,700 1,580,190 Colones'accts.pa-i.
Sugar on hand._ _ _
1,149,367
Adv. agst. sugar_
Sugar shipped
161,269
1,355
191,553 Other current Bab.
42,920
pending liquid%
40.600 Dewey. reserve__ _ 2,830,000 2,380,000
Molasses unliq.(est.) 28,000
250,000
Colones'accts. res. 300,C00
Equity in sugar
304,729
Other reserves_
sold & retained
514,665 1,175,242
177,946 Surplus
17,480
by Bug.F.Corn.
37,223
Bond interest__
400,117
1,608,252
Cash
Deposits with Cu19,949
19,308
ban cued. homes
90,992
Deferred charges_ _ 649,614
27,877,279 25,762.510
Total
_27,877,279 25,762,510
Total_____
Note.--Contingent liability: Face value of notes guaranteed by the comaccounts.
$35.000.-V.
73.
P.
116.
various
on
pany

Santa Cecilia Sugar Corporation.
(Annual Re-port-Year ended July 3,1 1922.)
President C. B. Goodrich, 115 Broad St., New York,
Dec. 27 1922, reports in brief:



(Semi-Annual Report for Six Months Ending Nov. 25 1922.)
RESULTS FOR SIX MONTHS ENDING
Nov. 25 '22. Nov. 26'21. Nov. 27 '20. Nov. 29'19
$266,752
def.$906 $1,116,794
Gross earns.(incLothinc) $227,719
45,152
58,298
29,707
39,351
Taxes and insurance_ _ _ _
51,747
50,089
65,503
67,219
Administration expenses
Net earnings
Interest charges
Preferred dividends_ _ _ _
Common dividends
Balance, surplus

8121.149 los496,116 $1,006,749
33,764
note.
See no
(1 %)23,661
(2)183,638

$171,511
$5.704
(3)47,315

$121.149 def.$96,116 xy$795.686

4118,493

x No deduction has been made for plant depreciation and income taxes.
y Net profit before deducting unmatured dividends, viz., 414% on the
Prof. stock. 164.476. 2% on the Common stock, $183,640.
Note.-Tho last dividends paid were: On Common stock, 2% Jan. 10
% July 15 1921.
1921, on Preferred stock,
BALANCE SHEET NOV. 25 1922 AND NOV. 26 1921.
1922.
1921.
1921.
1922.
LiabilitiesAssetsPlant & equipm't_10,359,426 10,295,292 Preferred stock...1,500,000 1,500,060
Treasury stock__ 2,117,129 2,058,529 Common stock_ _12,000,000 12,000,000
260,162
486,868 Accounts payable. 203,438
67,218
Sundry securities_
364,422 Contects for imps.
237,994
Cash
325,551
180,857
dc replacements_
626,856
Accts., &c.,receiv. 751,480
878,780 Reserve for accr'd
Mdse. & supplies. 847,860
110,363
157,417
&c__
taxes,
int.,
156,864
108,320
Deferred charges
690,455
456,583
20,919 Surplus
8,869
Suspended assets_
14,498,295 14,886,530
Total
14,498,296 14,886,530
Total
a Treasury stock represents 1.'721 29 shares Prof. stock, $172.129, and
864.,
p.
115,
11,945,000.-V.
Common
stock.
shares
19,450

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
lust past, together with a summary of the items of greatest
Interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Noteworthy Annual (1922) Articles in "Railway Age" of Jan. 6.-(a)
The revival of railroad development, p. 1. (b) Conditions necessary to
improved transportation (A. 11. Smith, Pres. N. Y. Central Lines), p. 8.
(c) Railroads can handle 15% more traffic than in 1920 (L. F. Loree, Free.
Delaware & Hudson Co.), p. 10. (d) Railways will make many improvemenu;in 1923 (E. T. Howson) p. 15. (a) Status of railroad accounts with
' C. C. shows figures of rail facilities expanthe Government. p. 35. (f) I.
sion. p. 44. (g) Valuation work makes progress during 1921 (E. T. Howson), p. 49. (h) Freight claim adjustments decreased (R. A. Mister).
(i) 17 articles on foreign railways (English, French. Canadian,
Australian, Italian, South African, Polish, Russian, Indian. Japamtee,
German, Chinese, Mexican, &c.), P• 54 to 107. (j) Analysis of railway
Constatistics for 1922 by Julius H. Parmelee. p. 112 to 115. (k) Nowsale.,
struction in 1922, p. 116 to 121. (I) Receiverships and foreclosure
(m)
Dividend
charges, P. 140.
p. 122 to 124.
for
Electric Railway Improvements.-The "Electric Railway Journal"
electric
Jan. 6 estimates that more than 5240.000,000 will be spent by the
railways in 1923 in new plant and equipment.
staG. J. MacMurray, News Editor, states: "In every branch of the
During
tistical studies Is the greatly improved financial condition evident.
-more than
1922 the electric railways built and rebuilt 960 miles of track
of 3,538 were
in any year since before the war. New cars to the numberand
practically
purchased, which is nearly three times as many as in 1921
of money
the equal of any year since 1913. In addition, very large sums
rebuilding
cars.
1,579
were spent in
the smallest
"The number of receiverships occurring during 1922 (14) is 1914, when
in any year since 1909, e-cept 1910. when 11 roads failed, and6 companies
the number was 10. Furthermore, increased earnings enabled every Indlto lift themselves out of receivership during 11)22. and there is

JAN. 131923.]

THE CHRONICLE

cation that the receivers of several large companies will be discharged early
in 1923. While the mileage of new track added to the electric rail systems
has been small, the very large amounts of money that have been put back
into the properties in rebuilding 740 miles of track representing an e_ceedingly important pursuit in re-establishing the railways' financial standing
and insuring the continuance of their position offirst importance in providing
local transportation."
The interesting articles thus summarized appear on pages 1 to 64, incl.
Electric Railways Carty More Passengers in 1922.-C. D. Emmons, President of American Electric Railway Association, reports total of 15,000,000,000 carried in 1922. Sees improved conditions in the industry. "Times"
Jan. 11. P. 35.
RailroadsWithdraw from U. S. RR. Labor Board Their Applications for
Hearings on Wage Cuts.-Many of the more important roads have taken
this step after completing individual agreements with workers. See
"Times' Jan. 8, p. 21.
"Railways Will.Make Many Improvements in
in 'Railway Age" Jan. 6, p. 15-18 inclusive. 1923."-By E. T. Flowson,
Roads Oppose I.-S. C. C. Order Granting New England
15% Increase
in Division of Joint Freight Ratcs.-"Times" Jan. 11, p.Lines
44.
U. S. Payments on Six Months' Guaranty.-1-S. C.C. had
paid
on Jan. 1
(2 years 4 months after end of 6 months' guaranty period following
Federal
control during war) 8452,455.954. exclusive of $5,614,268 on reimbursement to short line roads on account of deficits during Federal control.
Commission estimates $83,544,046 is still
due. "Wall St. J." Jan. 10. P. 9.
Supreme Cturt Opinion in Railroad
Cases.-U. S. Supreme Court
rules against roads in contention as toTax
property and franchise taxes for
1921. "The News and Observer," Raleigh,
N. C., Jan. 5.
Locomotive Repairs.-There were 46,648 serviceable
locomotives on
American railroads on Dec. 15, as compared
46.525 on Dec. 1 (see
Dec. 23 RR. index). During the first two with
weeks
December
in
engines were repaired. Locomotives in need of repair on Dec. 13,381
15 1922
totaled 17,883, a decrease of 126, as compared with Dec. 1.
Car Shortage Decreases.-Requisitions
freight cars in excess of current
supply totaled 82,927 cars on Dec. 31. for
This was a decrease of 16,981 cars
since Dec. 23, at which time the total was
99,908 cars.
The shortage in box cars amounted
38.397, a decrease in approximately
a week of 5,300, while the shortage into
coal
cars
totaled 36,525, or a decrease
of 7.139: in stock cars, 1,627 cars. decrease 588;
in coke cars, 421, decrease
40: in refrigerator cars, 2.441, decrease 2.236. within
the same period.
Car Surplus.-The decrease in the car shortage is bringing an increase
in
the number of surplus cars in good repair reported in various parts of the
country. On Dec. 31 last 14.981 surplus freight cars
descriptions
all
of
were reported. This was an increase of 5,418 since Dec. 23. Surplus box
cars amounted to 5.062, which was an increase of 3.311 in slightly more
than a week, while an increase within the same period of 1,119 was reported
in the number of surplus coal cars in good condition, which brought
the
total surplus to 3,651. An increase in the number of surplus freight cars
of other classes was also repiorted.
Car Loadings.-A new high record for the Christmas holidays in the number of cars loaded with revenue freight was made during the recent holiday
week, for which time the total was 711,200 cars. This was an increase of
182,644 cars over the corresponding week in 1921. and an increase of 108.632
cars over the corresponding week in lose. The total for the week, however,
was a decrease, owing to the observance of Christmas Day,of 123.391 cats
compared with the week be fore. The average daily loading for the 5-day
week, which excluded Christmas Day, was 142,000 cars, compared with
139,08111 cars for the pteceding week which contained six working days.
Loading of every commodity during the week exceeded the corresponding
week in 1e21, while every one except or , which fell slightly below, exceeded
the corresponding week in 1920.
Principal changes compared with week ended Dec. 22 were: Grain and
grain products, 45.931 cars, decrease 4,871 (but an increase of 16,110 cars
over the same week in 1921 and 17,158
cars above the same week in 1920:
in the Western districts alone 31,618 cars
wer loaded with grain and grain
Products, 12.136 above the same week in 1921). Live stock. 26,188 cars.
decrease 4,746; coal, 173.378 cars, decrease 7;347; erchandLse and miscellaneous freight, which includes manufacture
d products, 400,567 cars.
decrease 90,143; coke, 12,108 cars, decrease 1,135;
forest products, 44.913
cars, decrease 13,783; ore,
8,175 cars, decrease 766.
Matters Covered in "Chronicle" Jan. 6 1923.-(a)
James Speyer on importance of railroad credit. P.
29.

Akron Canton & Youngstown Ry.-Sale of Stock.Halt of the

Common stock
the company and half of the Common stock
of the East Akron Land C.o.ofwill
be
at public auction at the Court
House at Akron, 0., Feb. 10. by the sold
Goodyear Tire & Rubber Co. The
sale is to be held under the terms of an agreement
between F. A. Seibering
and the Goodyear company covering certain indebtedness
of Sabering to
the company.-V. 115. p. 2266.

Alabama Traction Lt. & Pow. Co.-To Pay

Back Divs.The holders of the Si 000,000 6% Preference stock are informed
that the
directors have had under consideration a plan
for funding the accrued
dividends in order to permit of the payment of future
dividends
in
They propose to pay the accumulated dividends in Preference stock,cash.
with
the provision that any shareholders entitled to such dividends
who may be
unwilling to accept payment in stock will receive
undertaking
an
the
from
company to pay such dividends in cash at a future date.
A dividend of 48% has accordingly,been declared
Preference
upon
the
stock covering the cumulative dividends to Dec. 311922. payable to shareholders of record on that date on surrender of the warrants, either immediately in Preference stock at par,or on Or before
Dec.311925,in cash without
interest. Option of exchange must be exercised
to Aug. 1 1923.
All new stock issued in payment of dividends toprior
shareholders exercising
this option will be entitled to 6% dividends cumulative
from the date of
IMMO thereof.-V. 115, P.
1530.
American Railways Co.-Refinancing-Bonds Called.

The directors are working on a plan of refinancing, but we are informed
that there is nothing
publication at tills time.
Fifty (550.000) 734% 3-year Secured (Extended) gold notes, due Feb
1
1925. have been called
for payment Feb 1 at 110 and int. at the Pennsyl
vania Co, for Insurances, &c.,
517
Chestnut
Phila„
St.,
Pa
-V.
115.
P.
2168.
•
Atlantic Shore Line Ry.-Reorganization
Plan.
Howard Bayne, Fred P. Holt, Charles F. Stone and A. H.Ilickmore,
the committee acting
under
bondholders'
agreement
protective
dated
Dec. 1 1916, for First Consolidated Mortgage bonds,
have adopted a plan
of reorganization. A copy of
the plan has been lodged with the depositary,
Columbia Trust Co., 60 Broadway,
New York City.-V. 115. p. 2683.

175

(other than Federal income taxes) which the company or the trustee may
be required to pay or to retain therefrom under any present or future law
of the United States of America or of any State. county, municipality or
other taxing authority therein. Denom. $1,000 (cs).
Certificates are to be issued by Girard Trust Co., Phila., trustee. There
will be vested in the trustee title to new equipment
costing not lees than
518.500.000. including the following: 2 steel dining cars. 2 electric locomotives, 50 Mikado locomotives. 1,000 70-ton steel coke cars, 4,000 55-ton
steel hopper cars, 1,000 70-ton drop-end 46-ft. steel gondola cars, and
2.000 40-ton steel underframe box cars.
Pending the delivery of the equipment, cash equal
the principal
amount of the certificates is to be deposited under the to
equipment trust
agreement, to be withdrawn from time to time as equipment is delivered to
the extent of 75% of the cost thereof.
Principal and dividends will be unconditionally guaranteed by endorsement by the Baltimore & Ohio RR.-V. 116, p.
74:

Birmingham Ry. Lt. & Pow. Co.-Funds to Pay Taxes.-

Federal Judge W.I. Grubb has issued an order authorizing the company
to borrow $275,000 to pay county and city taxes.-V. 115, p. 2476.

Brazil Railway.-Interest Payments.-

It is announced that 1 % is now payable against coupons 25 and 26.
due Jan. 1 and July 1 1922, in i.sisst of the "International" bonds
(formerly 434% 1st Mtge. 60-year gold bonds). at the Bank of Scotland.
30 Bishopsgate, E.C.2, London.-V. 113. p. 2818.

Brooklyn City RR.-Abandonment of Line.-

The stockholders on Jan. 8 approved the resolution providing for the
abandonment of the company's line beginning at the intersection of Furman
St. with Fulton St., along the former to Atlantic Ave., Brooklyn, N..Y.-V.
115. p. 2158.

Brooklyn Rapid Transit Co.-Reorganization.-

It is stated that a tentative plan for the reorganizatoin of B. R. T.
System, formulated by the protective committees
the $74,520,000
Capital stock and the $57,230,000 gold notes of 1921,for
been submitted
for consideration to the several committees representinghas
other B. R. T.
the
securities.
The new plan, it is said, calls for an assessment of
$35 a share on the
874,520,000 stock, for which the shareholders will receive
new collateral
trust 6% bonds, while holders of the $57.230.000 7% notes
been in default of back interest since Jan. 1 1919. amountingwhich have
to 3134%.
will receive cash payments amounting to one-third
of this interest and new
o
p%fe
re iT
ter
dessttock for the balance. This preferred stock
probably will bear
If the tentative plan is adopted, the new 6% collateral trust
bonds, it is
understood, will be secured
New York Municipal Ry. 1st 5s, which are
at present pledged under by
the notes. The $6,970,000 Brooklyn Rapid
Transit 5s of 1945, it is believed, will be replaced by the
new 6s. but the
amounts of cash payments to the holders
of other bonds such as the Brooklyn
Rapid Transit 5s and 4s, have not yet been
accurately determined.-V.115.
p. 2904.,

Canadian Pacific Ry.-Tentative Valuation.

The 1-9. C. Commission has placed a tentative valuation
of $7,069,079
on the company's property (directly owned
in
U.
the
S.)
as
of
June 30 1916.
-V.115, p. 1729.
Central Arkansas Ry. & Light Corp.

-Tenders.-The Columbia Trust Co.. trustee.
Broadway. N. Y. City, will until
Jan. 19 receive bids for the sale to it60
of 1st Lien 15-year 5% slnldng fund
gold bonds, due March 1 1928, to an amount sufficient
to exhaust $57.838.
-V. 113. p. 2718.
Central of Georgia Ry.-Final Settlement.

A certificate directing payment of
to the company in final settlement on account of the guaranty1298,924
for the 6 months following Federal
operation was issued by the I.-S. C. Commission
Jan. 5 to the Secretary
of the Treasury. When payment of that
sum is made the carrier will have
received a total of 83,923,924 on account
of that guraranty.-V. 116. P.68.
Charlottesville(Va.) & Albemarl

e Ry.-Extra Div.The company on Dec. 21 last paid a
of 5% and an extra of 15
on its $500,000 Common stock, par dividend
This compares with 4% Pala
In June last; 4% in Dec. 1921 and 3%$100.
in June 1921.-V. 107, P. 22.
59.
Chesapeake & Ohio Ry.--Van Sweringen

Control.0. P. Van Sweringen has announced
the Van Sweringen interests
have secured from the Huntingtons andthat
their associates contracts for delivery of their stock holdings in these properties.
0. P. Van Sweringen, Cleveland, has applied to
the I.-S. C. Comm. for
authority to hold the position of director of
& Ohio Ry.. Chesapeake & Ohio Ry. of Indiana, Covington Chesapeake
& Cincinnati Elevated RR. &
Transfer & Bridge Co., Cincinnati Inter-Terminal
ley Ry.,in addition to the positions he now holds RR. and Hocking Valas Chairman and director
of the New York Chicago & St. Louis, Lake Erie
& Western and Toledo
St. Louis & Western RR. companies, director of
Chicago & State Line RR.
and the Fort Wayne Cincinnati & Louisville
RR.,
and
director and president
Union Terminals Co.
At the same time M.J. Van Sweringen,(). L. Bradley,
J. R. Nutt. J. J.
Bernet and Otto Miller. all of Cleveland,
applied to the Commission
for authority to hold similar positions onalso
the lines for which 0. 1.. Van
Sweringen made application.-V. 116. p. 74.
Chicago Terre Haute & Southeastern Ry.-Bond,s
Sold.-Harper & Turner, Philadelphia, have sold at 80 and
int. $713,000 1st & Ref. Mtge. 5% gold bonds of 1910, due
Dec. 1 1960 (see advertising pages).
The bonds

are callable as a whole only on 60 days' notice at 1074 and
int. Auth. $20,000,000. Now
outstanding, 55.267,000. Illinois Trust
& Savings Bank, Chicago, trustee.
Federal income tax of 2%
assumed by company. The bonds areNormal
listed on the New York Stock Exchange and are guaranteed principal
and
interest
under terms of lease by
Chicago Milwaukee & St. Paul Ry.
Properties.-Properties of the company consist of a system of about 361
miles of standard gauge main line steam railroad extending from Blue
Island (near Chicago), Ill., southerly
to Terre Haute. Ind., and thence
easterly to Westport, Ind., where connection
Is made with New York Central Lines. It has, in
210 miles of yard tracks, sidings. &c.
The properties consist, addition.
in general, of two chief divisions, separated at
Terre Haute, the one division, consisting of about 115 miles of main line.
with branches, extending from Chicago southerly
Atlanta Water & Electric Power Co.-Tenders., to the coal districts of
western Indiana (near Terre Haute).
The Columbia Trust Co.,
The other division extends ea.sterly
trustee,
Broadway,
until
City,
will
60
Y.
N.
from Terre Haute to Westport,
Jan. 18 receive bids for the sale to it
5% gold bonds, due Jan. 1 as the building stone district Ind., passing through more coal area as well
1943, to an amount sufficient to of 1st Mtge.
of Bedford, a total of about 246.26 miles of
-V. 102, p. 1539.
exhaust 514.424.
main line with branches.
The function of the railroad is
Bangor & Aroostook RR.-Eguip. Trusts Offered.-First
,the movement of coal from the
mines northerly to Chicago for usechiefly
National Bank, Bangor, Me.,and Beyer & Small, Portland, and other railroads, for utilization of the Chicago Milwaukee & St. Paul
in the city and its district, and for transportation into the territory northwset
Me.: are offering at prices to yield 5.40%, $250,000
of Chicago in which no coal of any
5M% sort is mined.
Equip. Trust gold certificates, series "H.'
Security.-Bonds are secured by first mortgage on the mileage lying beDated Jan. 151923. Due serially.$25,000 eachJan.
tween
Chicago
and the Indiana-Illinois State line north of Terre Haute:
15 1924 to 1933 incl.
Dividends payable J. & J. without deduction for any
normal Federal and, subject to about $7,537.000 first mortgage bonds, they
have also a
income tax up to 2% at First
National Bank, Bangor, Me., trustee, or lien on the mileage to Westport. Also subject to only
555.000 Equip. Trust
First National Bank, Boston, Mass.
Certificates,
Denem. $1,000.
the laonds have lien on 70 locomotives and 6,677 cars.
The equipment securing this issue consists
Valuation.-Properties have been tentatively valued by the 1.-S.C. Comof 300 box cars of 60.000
lbs. capacity, rebuilt by the American Car & Foundry
Co. at a total cost missio at $19.856,000, or nearly $7.828,000 in excess of all bonds of the
of $409.230. Title to the equipment will be vested
in the trustee, which company holding first mortgage on any portion of its lines outstanding at
will lease to the company at a rental sufficient
to pay the certificates the time of valuation.
and dividend warrants as they mature.
Control.-During July 1921
Milwaukee & St. Paul acquired
issuance.-Approved by I.-S. C. Commission.-V. 115, p. 2476.
control and leased its propertiesChicago
for 999 years, assuming. under terms of
the lease, the payment of principal
and
interest
of all bonds of the SouthBaltimore & Ohio RR.-Eguipment Trusts Sold.-Kuhn, eastern system.-V.115, p. 2579.

Loeb & Co., Speyer & Co., and National City Co. announce
the sale of $13,875,000 5% Equip. Trust Certificates on a
5.20% basis. The equipment trusts were sold to the bankers, subject to the approval of the 1.-S. C. Commission.
Datedyeb, 11923; due $925,000 annually each Feb. 1 from 1924 to 1938,

inclusive. Dividends payable F.&A. at agency of the trustee in New York.
in gold coin of the United States of America
of or equal to the presens
standard of weight and fineness and without deduction for any
tax or taxte




Columbus Ry. Power & Light Co.-Special

Div.A special dividend of
has been declared on the outstanding Common
stock. payable Jan. 20234%
to holders of record Jan. 10. Quarterly dividends
of 1 % each were paid
on the Common stock from May 1914 to Nov.
1917: none since.-V. 115, p. 1837.
Delaware & Hudson Co.-Company Will Probably Fall
Short by $500,000 of Earning Fixed Charges in 1922.-Dividend Policy to Remain Unchanged.-Pres. L. F. Loree_ says:

176

THE CHRONICLE

[VOL. 116.

On the basis of the actual figures for the 11 months, and estimating the by Attorney-General Keeling, acting for the State of Texas. The protest
results for the month of Dec., 1922, the company will probably fall short is based on the ground that the consolidation of the properties would be
by about 8500.000 of the amount necessary to meet its operating expenses in violation of the State Constitution. The application of the 'Frisco to
and fixed charges. These results are dirctly attributable to the decrease the Commission is for authority to acquire the Ca ital stock of the I.-G. N.
in the volume of traffic and the extraordinary expenses resulting from the and not to consolidate the two corporations,-V. 116. p. 76.
strike in the coal mines and the strike of our shop employees.
Interstate ER.-Stock Authorized.In view of the established earning capacity of the property and the temThe I.-S. C. Commission on Jan. 4 authorized the company to issue
porary nature of the conditions which reduced the earnings during the year
1922, it is the opinion of the Board of Managers of the company,, that no $380,000 capital stock, to be sold to the Virginia Coal & Iron Co. at not
change in its dividend policy should be made at this time, especially as the lees than par, and the proceeds used for the purposes of making a cash
company has a large accumulated surplus created in former years, the use payment on 1,000 55-ton all-steel coal cars, to be procured under an equipof which to meet emergencies such as confronted the company during 1922 ment trust agreement, and the remainder to be issued from time to time in
amounts of $40,000 semi-annually from July 11923, and the proceeds used
Is one of the purposes for which it has been conserved.
[Miller & Co. are offering at market, to yield about 4.80%,a block of for the purpose of paying semi-atmaully, at mattuity, equipment trust
certificates.-V. 115, p. 2684.
$1,250,000 First & Ref. Mtge. 4% Gold Bonds of 1908. due May 11943.
Authorized, $50,000,000; outstanding, $32.204,000. Redeemable only
Interstate Railways.-Stricken Off List.as a whole at 1073.6 and interest. Listed on New York Stock Exchange].The Philadelphia Stock Exchange on Jan. 2 struck off the regular fist
V. 116, p. 75.
575.000 Coll. Tr. Certificates 4s, due 1943, reported acquired and canDes Moines City Ry.-Franchise Valid.celed, leaving amount of said trust certificates listed $10,270,000.The Iowa Supreme Court on Dec. 15 held the Des Moines franchise V. 115, p. 1837.
valid. The case went to the Supreme Court upon appeal by the City of
Jersey Central Traction Co.-Fares Cut.Des Moines and the Des Moines City Ry.from the decision of Judge James
The company will cut the fare in each zone from 10 cents to 8 cents
C. Hume of the Polk County District Court, who held that the franchise
election held in Nov., 1921. which granted the city railway a sliding scale and will discontinue the sale of low-rate commutation tickets.-V. 114,
service-at-cost-franchise, was illegal. Suit against the franchise was brought p. 1890.
by the North Des Moines Improvement League with Grant Van Horn as
Lake Erie & Western RR.-Consolidation.--the principal. The Supremo Court held that the franchise was not a perThe stockholders will vote Mar. 14 upon the adoption or rejection of the •
petual nor exclaSive grant but that the publication clause, which was one
of the points particularly aimed at by Van Horn, wa sentirely adequate. Agreement and Articles of Consolidation entered into Dec. 28 1922. by
and between the New York Chicago & St. Louis RR., the Chicago & State
See terms of franchise in V. 114, p. 1764.-V. 115, p. 182.
Line RR., Lake Erie & Western RR., Fort Wayne Cincinnati & Louisville
RR. and Toledo St. Louis & Western RR. See V. 116, p. 76.
Florida East Coast Ry.-Obituary.J. P. Beckwith, Vice-President in charge of traffic and operations,
Lima City Street Ry.-Fares.-died in Miami, Fla., Jan. 4.-V. 114. p. 2577.
The new rate of fare, 7 cents cash and four tickets for 25 cents, went
Hannibal Ry. & Electric Co.-Bond Issue.nto effect Nov. 26.-V. 115, p. 2046.
The issue of $150,000 1st Mtge. 7% bonds recently authorized by the
Louisianna & Northwest RR.-Explanation as to I1
Missouri P. S. Commission (V. 115. p. 2379) will be for the following purposes: $100.000 to be used for refunding purposes, 820,000 for retiring moval of Bonds from N. Y. Stock Exchange.
present floating indebtedness and $30,0010 to be used for extension of
In reference to action of the Stock Exchange listing committee in asking
service and improvements.-V. 115, P. 2379.
Louislanna
&
distribution
of
the
Northwest
1st Mtge. 5% gold
a
wider
for
due April 11935, before allowing further trading in them, President
Huntington 84 Broad Top Mtn. RR. & Coal Co.- bonds
were taken from the New York Stock
W.
M.
Cannon
says:
"The
bonds
The directors on Jan. 9 took no action on the semi-annual dividend Exchange list solely because it was considered that there was an insufficiusually paid Feb. 1 on the 7% Non-cumul. Pref. stock. In February ent
distribution thereof among investors. The Committee has indicated
and August 1922 semi-ann. dividends of 1% each were paid.-V.114, p. 198. that it will restore the bonds upon a satisfactory showing of distribution.
Tho Committee's action is no reflection on the intrinsic value of the bonds
Indiana Service Corporation.-New Bond Issue.The Indiana P. S. Commission has authorized the corporation to issue themselves."-V. 115, p. 2684.
$750,000 of 1st Mtge. bonds to cover capital expenditures.-V.115, p. 2477.
Manhattan Railway.-Scrip Listed.The New York Stock Exchange has admitted to the trading list $3,150,000
Indianapolis Columbus & Southern Traction Co.- scrip
certificates to be traded in units, each unit to represent one share of
Bonds Offered.-Fletcher American Co., Indianapolis, and stock.-V. 115, p. 2580.

Illinois Trust & Savings Bank, Chicago, recently offered at
100 and int. $973,000 25-Year. 1st Mtge. 6% gold bonds.
A circular shows:

Market Street Ry.-Tenders.--

The Union Trust Co., trustee. 741 Market St., San Francisco, Calif.,
and the Equitable Trust Co., co-trustee, 37 Wall St.. N. Y. City, will
until Jan. 25 receive bids for the sale to it of 5-year 6% Coll. Trust Gold
notes, dated April 1 1919, to an amount sufficient to exhaust $160,971 at
a price not exceeding 102 and interest.-V. 115, p. 2159.

Dated Feb. 1 1923. Due Feb. 11948. Int. payable F. & A. without
deduction for 2% normal Federal income tax at Fletcher American National
Bank, Indianapolis, trustee, and Illinois Trust & Savings Bank, Chicago.
Denom.51,000 and $500(0). Cliable on any int, date upon 60 days'notice
Mesaba Ry.-Tenders.--at 105 and int, on or before Feb. 11928;from Feb. 1 1928 to Feb. 1 1933
The American Trust Co., trustee, 50 State St. Boston, Mass. will until
at 104 and int.; from Feb. 1 1933 to Feb. 1 1938 at 103 and int.;from Feb. 1
' Mar. 1
Jan. 15 receive bids for the sale to it of 1st Mtge. 5% bonds dated
1938 to Aug. 1 1946 at 102 and hit., and thereafter at par and int.
Company.-Owns 58 miles of main line interurban track between Indian- 1912 to an amount sufficient to exhaust 542.055.-V. 99, p. 120.
apolis and Seymour through Greenwood, Franklin, Edinburg, Columbus
Midi RR. Co.-Interim Dividend.and other smaller Indiana towns. At Seymour It connects with another
The directors have declared an interim dividend of 22.50 francs per
traction line owned and controlled by the Interstate Public Service Co.
2 1923. This amount
These connecting properties under the same management, constitute an share on Common stock, payable on and after Jan. while
the unregistered
important high speed modern electric railway connecting the cities of will be distributed to holders of reg•istered stock,
per
francs
sharo.-V.
payment
of
20.74
115, p. 2478.
receive
a
will
stock
Indianapolis. Ind., and Louisville, Ky.
Leased to Insult Interests.-The 999-year lease to the Interstate Public
Mississippi Export RR.-Operation.Service Co. constitutes virtual ownership of the property by that company,
Tho I.-S. C. Commission on Jan. 5 issued a certificate authorizing the
which not only becomes responsible for interest on these bonds by guarantee,
but in addition pays a cash rental equivalent to 5% on the 51,840,000 operation of a line of railroad extending from Pascagoula, Jackson County.
capital stock of the company. The Interstate company is a subsidiary Miss., in a northerly direction to Evanston, George County, a distance
of the Middle West Utilities Co.
of 42 miles. The line in question is the southerly portion of the railroad
Purpose.-To refund an issue of 1st Mortgage 5% bonds due Feb. 1 1923. formerly owned and operated by the Alabama & Mississippi RR., whose
entire line was abandoned in October 1921. The above company was
Earnings (ofProperty on which Bonds are Secured)-Calendar Years.
incorporated Nov. 15 1922sin Mississippi with an authorized capital of
1922.x
1920.
1921.
1918.
1919.
$150,000. It proposes to purchase. rehabilitate and operate the 42 miles
Gross
$581,103 $677,325 $767,551 $728,098 5748.450 of track above referred to. This road connects with the Louisville St
Net, after taxes
233,727
260,293
308,074
236,870
244,257 Nashville RR. at Pascagoula and with the Gulf, Mobile & Northern RR.
x Two months estimated.-V. 115, p. 2905.
at Evanston. [The northern portion of the Alabama road, about 17
was recently authorized by the Commission to be leased to the
Indianapolis Union Ry.-Application To Issue Bonds.- miles,
RR., see V. 115, p. 1836.1
The company has riled to the I.-S. C. Commission for authority Mississippi & Alabama
to issue $4,000,000 5 0 Gen. & Ref. Mtge. bonds, the proceeds to be
Missouri Kansas & Texas Ry.-Deposit Extension.used to retire $4,000, 00 3-Year 6% gold notes due Feb. 1 1923. The
J. W. Seligman & Co. and Hallgarton & Co. reorganization managers,
new bonds will be guaranteed by the Pittsburgh, Cincinnati Chicago &
time for the deposit of assignments of claims and guarSt. Louis and the Cleveland Cincinnati Chicago & St. Louis.-V. 113, announce that the
anteed bonds in accordance with offers on file at the Columbia Trust Co..
p. 1360.
Mercantile Trust Co.2 St. Louis, has been extended to
the
and
York,
New
Interborough Rapid Transit Co.-New Board to Aid in and including Feb. 3 1923.-V. 116, p. 77.

Settling Transit Problem.A move in the direction of co-operation between the city authorities and
officials of the company was announced Jan. 9 by Grayson M.-P. Murphy,
Chairman of the Executive Committee, after the first meeting of the new
board of directors. Pointing to the approaching crisis which the city
faces, with continuous and rapid growth, unless new subway construction
is begun, Mr. Murphy said it was the aim of the company to help in working
out a plan acceptable to all interests; a plan that perhaps involves the
best features of the plans already drawn by the city and by the Transit
Commission.
Declaring that the board was committed to continuance of the 5-cent
fare, Mr. Murphy stated the company was in a particularly favorable
position to assist in effecting a settlement of transit difficulties in consequence of the recently adopted readjustment plan which averted Interborough receivership.
The statement said in part: "The present board of directors represents
no dominant financial interest. The security holders in the reorganized
company number some 35,000, a large number of whom are women,estates,
trustees, savings banks, trust companies, insurance companies and educational and charitable institutions. The largest stockholder of all in the
eorganizedcompany is not an individual, but an estate.
r "We feel that all public authorities, persons and agencies, who have
co-operated to avert the disintegration of the Interborough-Manhattan
System and insure the continued operation of the subway and elevated
'lines as a single system with a 5-cent fare, should be heartily congratulated.
"The saving of the Interborough System from dissolution makes possible
immediately the active co-operation by the company with all public authorities in working out plans which must be made, and made promptly, to
Insure adequate transit for this city.
"The I. R. T. Co. will bend its every effort to work with every public
authority in seeking to obtain the rapid and convenient transportation
which the people of this city so urgently need.
"I have been deeply impressed with the earnestness of Governor Smith's
Duroose to promote a solution of the local transit situation [Rapid Transit
in N. Y. City in V. 116, p. 77I. I am equally certain that Mayor Hylan
wishes to .see this problem worked out effectively. The present management of this company has the same aim,and is unfettered by any obligations
which will prevent its accomplishment.
"We venture to suggest that there has been too much working at cross
purposes in the past, and that the time has now come when everybody
concerned may devote whole-hearted efforts toward securing an amelioration of existing conditions and a long-distance plat to proviee for the future.
"The problem is one of extreme difficulty and complexity, but public
convenience is vitally at stake. We, therefore, invite public co-operation
In our task. Its successful realization is of supreme importance to the
health, comfort and happiness of the people of this city."-V.116, p. 76.

International-Great Northern RR..-Protests Sale.Formal ssrotest against the proposed merger of the company with the
St. Louis-San Francisco has been forwarded to the I.-S. C. Commission




Montgomery Light & Traction Co.-New Control.-

See Alabama Power Co. below.-V.113, p. 731.

New York Central Lines.-Equip. Trusts Sold.-J. P.
Morgan & Co., First National Bank, National City Co.,
Guaranty Co. of New York, and Harris, Forbes & Co., New
York, have sold at prices ranging from 94.85 and div. to
99.68 and div., according to maturity, to yield 5%, $12,660,000 434% Equip. Trust Gold Certificates (Equip. Trust
of 1922), issued under the Philadelphia plan.
Dated Sept. 1 1922. Serial maturities of $844,000 per annum. Sept. 1
1923 to Sept. 11937, both incl. Dividends ;payable M. & S. at Guaranty
Trust Co., New York, trustee. Denom. $1,000 and $500 (e).
Issuance -Authorized by the I.-S. Commerce Commission.
The certificates are to be issued for not exceeding 75% of the cost of the
equipment to be included in the trust, the remainder of the cost to be paid
by the railroad companies. The equipment is standard new equipment.
consisting of 240 locomotives, costing approximately $16,915,000. The
title to the equipment Is to be vested in the trustee, and the equipment is
to be leased by the trustee to the following railroad companies which are
Jointly and severally to covenant to pay rentals sufficient to discharge the
certificates and dividend warrants as they mature: N. Y. Central RR.,
Michigan Central RR. and C. C. C.& St. L. Ry, See V. 115, p. 2379. 2268.

New York Central RR.-Sub. Co. Stock Increase.-

The Merchants Despatch Transportation Co. (all of whose stock is owned
by the New York Central RR.) recently increased its authorized capital
stock from $2,400,000 to $4,000,000.
James B. Forgan, President of the Union Trust Co. of Chicago, has been
elected a director to succeed the late William Rockefeller,-V. 115, p.2478.

York & North Shore Traction Co.-Sale.-

New
The property of the company, outside of the limits of the city of New
York, comprising tracks, power plant, cars and other appurtenances,
subhas been sold to David Ziskind & Co.. owelL_Mass., for $125.000,
.
, it is stated.
ject to claims against the company for'taxes. The purchases
the city
has started dismantlement. On the part of the property within
there remains a question to be settled-whether the claims of the city
against the company come ahead of those of the bondholders.-V. 115. D.
1210.
Norfolk & Western Ry.-Equip. Trusts Offered.Elkins, Morris & Co., Edward B. Smith & Co., Janney &
Co. and Girard Trust Co., Philadelphia, are offering at
4%, according to maturity, $6,030,000
prices to yield 43

JAN. 13 1923.]

THE CHRONICLE

4% Equip. Trusts, series of 1922. Issued under the
Philadelphia plan. (See advertising pages.)
Commercial Trust Co., Philadelphia. trustee. Dated May 1 1922.
Serteal maturities of $670,000 per annum. May 1 1924 to May 1 1932
incl.
Dividends payable M. & N. at the office of the trustee. Denom. $1,000.
Guaranteed by endorsement as to payment of principal and dividends
by the Norfolk & Western Ry.
Issuance.-Authorized by the I.-S. C. Commission.
Certificates are specifically secured by pledge of the following standard
new equipment consisting of: 7 steel dining cars and 4,000 all-steel hopper
cars (140,000 lbs. capacity). These certificates are issued for approximately 80% of the cost of the equipment, the remainder of the cost having
been paid in cash.-V. 115, p. 2159.

Northern Pacific Ry.-Bond Application.The company has applied

to the L-S. C. Commission for. authority to
Issue $14,756,500 Ref. and Impt. Mtge. 58. maturing July 1 2047, proceeds
to be used to reimburse the treasury for money spent in paying off obligations of subsidiaries.-V. 115, p. 2379.

Pennsylvania RR.-Orders 300 New Locomotives.The directors on Jan.

10 authorized the placing of orders for 300 new
locomotives to be constructed and delivered during
the present year. They
will be assigned for use on various parts of the system as required.
Of the
total number 125 will be constructed at the company's Altoona works
and
will consist of 42 heavy passenger, 40 medium weight passenger
engines
and
43 switching engines.
The remainder of the authorization covers 175 heavy freight
engines.
Arrangements for the construction of 100
these has been made with the
Baldwin Locomotive Works, Philadelphia.of The
allotment of the other 75
will be determined later.
It is planned to have many of the 300 new engines delivered
and ready
for use by spring and all by next fall. They
will be utilized in the replacement of other engines to be retired from service.
-V. 115, p. 2906.

Philadelphia Co.-New Officer.-

Andrew W. Robertson has been elected as Vice-President and
General
Attorney of this company and Its affiliated corporatio
ns.-V. 115, p. 2047.

Pittsburgh Cincinnati Chicago & St. Louis RR.
Declares Dividend of 2%.-

The directors have declared a dividend of 2%,payable Jan.
20 to holders
of record Jan. 10.
Semi-annual dividends of 2% each were paid fram July 1918 to
incl.; none other until Aug. 15 1922, when a dividend of 6% Jan. 1921,
was paid.
-V. 115, p. 2379.

Pittsburgh (Pa.) Rys.-To Reconstruct Tracks.-

The receivers recently petitioned the U. S. District Court for permission
to reconstruct the street car tracks in Shaler Township, Allegheny
County.
Pa., at a cost of $126,372. Judge Robert M. Gibson
has placed the
matter in the hands of Special Master Henry G. Wasson.-V.
115. p. 2686.

Reading Co.-Segregation Plan.-The Philadelphia"News
Bureau" Jan. 4 says in part:

177

Tidewater Power Co.-Earnings.-

The Fitkin Public Utility Properties which
the Tidewater
Power Co., report for the year ended Nov.,30 1922,includes
gross earnings.including
other income of $3,916,464. against 81,650,94
5 in 1921. and net earnings of
51,421.646, against $538,334 the previous year.
-V. 115, p. 2268.

Toledo St. Louis & Western.-Proposed Consolida

tion.-The stockholders will vote March 16 on the proposed consolidat
ion of
the company with the New York
& St. Louis RR.,Chicago & StateLine RR., Lake Erie & Western Chicago
RR. and Fort Wayne Cincinnati & Louisville RR.-V. 116, p. 78.
United Light & Railways.-Bonds Offered.-Bonbright
& Co., Inc. are offering, at 90 and int. to yield about
6.70%, $2,500,000 Gold Debenture Bonds, Series "A"6%.
(See advertising pages).
Dated Jan. 1 1923. Due Jan.
1973. Interest payable J. & J. at
agency of company in New York. 1Redeemabl
all or part, on 60 days'
notice at 110 during first 15 years (ending Jan.e,
1938): thereafter at 1%
less during each succeeding 5-year period to and1 including
the 45th year;
thereafter at 1% less during each succeeding year to and including
the 48th
year, and thereafter at 100 and interest. Denom. $1,000,
$500
and $100
c*&rs. $1,000 and multiples. Company will pay normal Federal
tax deductible at the source, up to 2%. and will refund Pennsylva income
nia and
Connecticut 4 mills tax, New York Trust Co., New York, trustee.
Data from Letter of President Frank T. Hulswit, Chicago.
Jan. 8.
Company.-Controls and operates properties furnishing a diversified
public utility service in prosperous and growing communities located
in the
heart of the Middle West. These are situated principally in Iowa
Illinois.
In all, 77 communities are served with electric power and light,and
gas, street
railway or interurban service. Combined
population of territory served
has grown from 340,000 in 1900 to over 600,000 at present.
Nearly 80% of the net earnings are derived from the electric and gas
business. The city railway lines furnish about 12% and the interurban
lines about 9% of the net earnings.
Plants and Operation.-Physical properties include 10 electrical central
stations, total generating capacity
of 103,650 h. p., of which 7.215 h. p. is
water power: 659 miles of high tension
transmission lines; 3,653 miles of
distributing lines with substations of ample
capacity; 11 gas plants.9 of
which are equipped with coal gas and water
gas apparatus permitting operation of whichever is more advantage
under
ous
prevailing conditions. The
gas plants with their holders are of ample capacity
for the annual output of
over 2,500,000,000 cu. ft. Distributing mains
750 miles in lesgth.
The street railway properties include 147 milesare
of
with modern rolling stock and have car barns of track; are well equipped
ample capacity together
with exceptional shop facilities.
high speed interurban lines which
have a trackage totaling 123 milesThe
located on private right of way.
Purpose.-Proceeds will provide are
funds
for the retirement of the 8%
bond-secured gold notes, due Nov. 11930, which
will be called for redemption forthwith.
Combined Capitalization Outstanding with Public
as at Nor. 30 1922(Adjusted
to Recent and Present Financing).
Gold Debs. (this issue)- __$2,500,
000 7% Prior Pref.(Del. Co.)-$9,000,000
Convertible Debs., 1926._ 2,000,000
6% Preferred stock
10,133.100
1st dr Ref. M.5s, 1932_ -x11,000,
000 7% Cum. Particip`g Pref.
1st Lien & Cons. 6s, 1952._ 7.969,500
Stock
3,407,300
Div. bonds & secs. on pot'Common stock (5% and
tions of property
Y9,887.098 extras)
3,453.100
x Not including bonds pledged
the trustee of the First Lien & Consol.
Mtge. Bonds. y Not includingwith
bonds and securities pledged with the
trustee of First & Ref. Mtge. or underlying
mortgages.
Of the issued securities of the
companies, the United Light &
Railways Co. owns over 70% ofsubsidiary
bonds and notes, over 84% of Pref. and
Common stocks combined, and over 99% of the Common
stocks.
Consolidated Earnings Twelve Months Ended November
30.
1920.
1921.
1922.
Gross earnings
$11,868,5
$11,648.3
76
$11,407.983
59
Net, after oper. exp., maint. & taxes_
3,343,775
3,689,437
3.263,_034
Total annual charges prior to interest
on funded debt of Ian.
Lt. & Rys. Co
538,714
Total annual charges on funded debt
to deb. bonds
1,148,170
Annual interest charges on $2,500,00prior
0 Gold Debenture bonds
(this issue)
150.000
Balance
$1.852.553
[The company has elected to redeem and
pay off on Feb. 10 at 106% and
int. all of the outstanding 10
-year 8% bond-secured gold notes, dated
Mar. 1 1920. Payment will be
made at the New York Trust Co., 100
Broadway, N. Y. City.1-V 115.
p. 2582.

Although the modified segregation plan has practically been completed
in tentative form, it has not yet been presented
the board for final action
as efforts are being made to reconcile the views ofto
bondholders with those
of the committee which drew up the changes the
ordered
by the Supreme
Court. It is possible that some of the bondholders will hold
out to the end
for a cash payment to compensat
e
them
injuries
for
which
they believe
will follow the severance of the joint liability the Reading
Co.and the Coal
Company under the mortgage, and in some of
quarters it is thought that this
point will have to go to the District Court for
on.
The stockholders will probably oppose a cashadjudicati
payment to the bondholders,
contending that no real injury will be done
splitting
the
by
of the mortgage
into two mortgages, and that if any injury will
it is to reduce the amount of the mortgage ratherfollow the way to remedy
than make a cash outlay.
The position of the stockholders is that by reducing
the amount of the mortgage the same end is attained and the Reading Co. will
be relieved of further
payment of interest on the
0 bonds which would be retired; while
a cash payment, according $4,236,00
to the views of the stockholders, would reduce
the company's assets without
compensating decrease in fixed charges.
and consequently would lessena its
earning power.
The tentative segregation plan provides
for a reduction in the outstanding general mortgage bonds from
00 to $90,000,000 and the assupCon of $60,000,000 bonds by the$94,236,0
Reading
Co. and of $30,000,000 by the
Coal Company. Under this plan the Reading
Co. will be relieved of paying 4% annual imterest on the $30,000,0
00
bonds to be assumed by the
Coal Company amounting
$1.200,000, and further interest payments
on the $4,236,000 bonds to to
be retired, being $169,440, or a total saving in
interest payments of $1,369.440 per annum.
The Reading Co. will retire these bonds from the proceeds
of the $5.600.000, which it is to receive from the new holding
company which is to take
over the Coal properties. In addition,
Winona Interurban Ry., Warsaw, Ind.-Franchises.
Coal Company, between $8,000,000 andit is to receive $10,000,000 from
The company has filed notice
00 in dividends from
with the Indiana P. S. Commission of its
Reading Iron Co. being transfer of liquid $10,000.0
intention to surrender local franchises
surplus
from
Iron
Reading
to
and
permits
Reading Co., and approximately 87.5010.00 from
under
and
operate
an
indetermin
ate permit under the jurisdiction
Coal Company which
0
is to purchase the Reading Iron Co. after
of the Commission. The
transfer of surplus has been effect- company holds franchises in 4 counties and 6 cities
ed.-V. 115, p. 2906.
ofIndiana.-V.115.P.75.

Wisconson & Michiga

n Ry.-Tentative Valuation.Rutland RR.-New Directors.The 1,-13. C. Commission has placed
George F. Baker and Edward Milligan
a tentative valuation of $2,209,333 on
been elected directors, suc- the company's property as of
ceeding William Rockefeller and Thomashave
June
301916.-V. 111, p. 2522.
De Witt Cuyler, both dead.V. 115. p. 2268.
St. Louis El Reno & Western Ry.-To Abandon

INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important develSt. Louis Iron Mountain 86 Southern Ry.-Bonds opments in the industrial world during the past week, toOffered.-Brown Brothers & Co. and Marshall Field, Glore, gether with a summary of similar news published in full
Ward & Co., New York, are offering at 89% and int., detail in last week's "Chronicle" either under "Editorial
$3,500,000 Unifying & Ref. Mtge. 4% gold bonds of 1899. Comment" or "Current Events and Discussions."
Due July 1 1929. A circular shows:
Steel and Iron Production, Prices, &c.
The "Iron
Outstandi
The receiver has applied to I.-S. C. Commission for authority toLine.
abandon
line of road of about 42 miles.-V 115,p.
1211.

Age" Jan. 11 said
Orders.-"The Carnegie Steel in brief:
Is to furnish 122.000 tons of steel foe
3.500 B. & 0. cars and for 3,700Co.
Southern Pacific cars. Various Pennsylvania plate mills have
business coming to them which better-filled
mills further West couldfound
take.
"In the Central West notactivity
in steel bars has been noteworthy and
the diversified characterthe
of
the
sumers in a number of lines are orders indicates that manufacturing conbusier. Orders from the General Motors
Corporation in the past week included
9,000 tons of carbon steel and 6,000
tons of alloy steel bars.
"'Pico Lake freighters,
taking 5,000 tons of plates, are to be built
at once. One is for theeach
the Reiss Steamship. Co. Bradley Transportation Co. and the other for
"Including 21.500 tons of oil tank work for three companies about
,
43.000
tons of fabricated steel constructi
on has appeared. Awards reported in
the week call for 23,650 tons.
"To take care of the heavier ore
Northern RR. will build another ore traffic expected this year, the Great
dock at Superior. Wis., and its inquiry
has just come out for 15,000
tons of steel for this work.
"The new year in car buying
opens
with contracts for 4,500 cars and
inquiries for 6,309. To the 1922
locomotive business may now be added
165 placed in the last days of
December
.
PriCaS.-"The firmer stand on prices taken
by a number of steel companies has extended to semi-finis
hed steel. At Cleveland considerable
Sharon Ry. (of Pa.).-New President, &c.sales of sheet bars, billets
R. S. Henderson has been elected President,succeeding Samuel McClure. ton lot of sheet bars, all and slabs have been made, including one 10,000at $38 50, to which the market
was recently
Branton H. Henderson has been elected a director,succeeding
Pittsburgh reports semi-finished steel $1 athere
Mr. McClure. advanced.
ton higher, with
The directors have declared a dividend at the
one 4,000-ton sale of billets
payable
and slabs at $38 50. or $2 above the contract
rate
of
53
%.
March
during 1923 on
1 and Sept. 1.-V. 114. p. 948.
basis for first quarter establishe
d
early
in
December
.
does not appear that the chance
South Carolina Gas 86 Elec. Co.--,-Service Discontinued. the"It
a coal strike has figured in any of
current buying of steel. The viewof
gains ground that union mines will
The company on Dec. 31 last discontinued all car service without notice. not stop
on
April
1.
The company stated that "it has become imperative discontinu operating
"From a 2-cent market
e
major finished products, as generally estabthe railway, at least for a time."-V. 116. p. 78. to
lished at the opening of thefor
some sellers have now gone $2 a ton higher
on plates. In the Chicago year.
Southern Pacific RR.-Equipment Orders.district an advance of $2 has become effective,
bringing
bars to 2.10c. and plates and shapes to 2.20c.
The company has placed orders for 4.650 new cars, including 3.700
'Pig iron is stronger and advances are
box cars 500 stock cars and 350 flat cars, to be delivered during the current tres.
general in leading Northern cenAt Philadelphia. basic has been marked
year.-V. 115, P. 1733.
up 81 50 and at Chicago
malleable, foundry and basic have advanced
$1. Although December
ng. $30,551,000 (closed mortgage). Not redeemable prior
to maturity. Interest
J. & J. without deduction for normal
Federal income tax up payable
to and including 2%. Metropolitan Trust Co..
New York, trustee. Listed
on New York Stock Exchange.
The St. Louis Iron Mountain
Missouri Pacific RR.Co. in 1917. & Southern By. was merged with the
These bonds are not directly guaranteed
by the Missouri Pacific
RR. Co.. but provision is made for refunding all
mortgage bonds of the Iron
Mountain
System in the mortgage securing
the 1st & Ref. Mtge. bonds of the
Pacific.
Earnings of the Iron Mountain Missouri
are
reported separately, but those
not
of the entire Missouri Pacific
System for the first 7 months of 1922 show
that net operating income of the
road was substantially in excess of that
for the corresponding period of 1921.
Chiefly as a result of the difficult
operating conditions occasioned
by the coal and shopmen's strikes, net
earnings since that time
have suffered and it is probable that net earnings
for the current year will not exceed
charges.
The Missouri Pacific RR. Cc. is fixed
in strong cash position. As of Sept.
30 1922 it had current assets totalling
total current liabilities of only $14,422,8 $33,436,712, as compared with
39. Of the total current assets,
$6,053.982 represented cash and bank
and $11,195,000 consisted
of U. S. Treasury obligations and N.deposits,
Mountain lines these bonds rank prior Y. City Warrants. On the Iron
to $113.241.500 system bonds of
the Missouri Pacific RR.-V. 104. p. 452.




178

T1TE CHRONICLE

production in the South was the largest for any mOnth in the year, stocks
declined 2,000 tons, from 76,000 to 74,000 tons. The prevailing price for
Alabama iron is still $23, but one company which has the benefit of a low
tons in the Chicago district at
rail-and-water rate, has sold about 25,000'
$27. delivered, or $2 below the price of iron shipped by rail.
"Recent high prices for coal and coke in western Pennsylvania having
been built on Eastern demand for domestic use, the railroad embargoes
of the past week have caused declines at Pittsburgh. Blast furnace coke
lately $9, is now $7 75, and coal has dropped to $3 25 for mine run steam
gra.
de
"British makers of ferromanganese have advanced their price $2 50 a
ton, or to $102 50 Atlantic seaboard. Before this was done some fairly
good lots were booked at $100.
"The scrap market has shown a great deal of life since the year opened
and nearly all grades have advanced by 50c. to $1 50 steel.
"Germany sold 15,000 tons of rails to the Far East recently at very low
prices, but deliveries on these are uncertain. For use when needed. Japan
buys rails in this country, but pays more. Argentina was reported to have
bought German steel wheels-10,000 to 12,000 tons-last February,but
deliveries were not made and new bids will be taken this month."
Coal Production, Prices, &c.
The United States Geological Survey on Jan. 6 estimated average production as follows:
"Revised estimates for the last week of 1922 (Dec. 25-30) show a total
output of 9,974,000 net tens of soft coal. On Christmas Day production
ceased. Recovery thereafter was prompt and a high rate of output was
maintained, the average for the five working days of the week being 1,995,000 tons. The improvement shown in comparison with the two preceding
weeks was largely due to the opportunity which the holiday afforded the
carriers for relieving traffic difficulties.
"Preliminary reports of cars loaded during the first four days of the present week (Jan. 1-6) indicate that production on New Year's Day was equal
to nearly 30% of the output on recent Mondays. The production on
Tuesday was large and the average daily rate of output for the full week
will, apparently, be about the same as in the week before. Thus the output in the first week of 1923 is expected to be about 10.500,000 net tons.
"The weekly estimates of soft coal production in 1922. based on reports
of car loadings, shows a total for the year of 407,712,000 net tons. This
figure nearly equals the preliminary estimate made on the same basis for
the year 1921. and it is expected that final returns from the mines for 1922
will show that the total output for the year will approximate that of the
year before.
"Observance of the Christmas holiday was responsible for a sharp decline in production of anthracite during the final week of 1922. The total
output was estimated at 1,541,000 net tons, a decrease of 24% from the
record for the week preceding.
"Preliminary reports for New Year's week show practically no production on the hollday and only a partial resumption of work on Tuesday.
The indicated output for the week is in the neighborhood of 1,700,000 net
tons.
"The total output for 1922, as estimated from reports of cars leaded by
the anthracite carriers, was 52,465,000 net tons. In comparison with 1921,
this was a decrease of 38,009,000 tons. or 42%. which may be attributed to
the 23-weeks' miners' strike.
Estimated United States Production in Net Tons.
1922
1921
BituminousWeek.
Cal. Yr. to Date.
Week. Cal. Yr. to Date.
387.452,000
7,063,000
10518,000
Dec. 16
391,661,000
397.738.000
10,286,000
7,468,000
Dec. 23
399,129,000
9,974,000
407,712,000
5,960,000
Dec. 31)
.415,922,000
Anthracite1,637,000
2,197,000
Dec. 16
48,896,000
88,490,000
2,028,000
50,924,000
1,316,000
Dec. 23
89,626,000
1,541,000
52,465.000
848,000
Dec. 30
*90,474,000
Beehive Coke298,000
7,489,000
126,000
Dec. 16
5,286,000
7,770,000
281,000
149,000
Dec. 23
5,435,000
260,000
8,030,000
103,000
Dec. 30
5,538,000
* Revised to conform with operators' annual reports.
The "Coal Trade Journal" Jan. 10 reported market conditions as follows:
"A number of factors enter into the present activity. The shortage of
domestic anthracite brings new customers to the bituminous mines and
this demand has been quickened in the past few days by snow storms that
have blanketed the greater part of the anthracite coal consuming territory.
Moreover, in those States where domestic consumption of bituminous coal
Is a novelty, the supply must be drawn from product* fields that are suffering more sharply from transportation disabilities than are some mining
regions further west.
"It would appear, too, that the holiday lull in industry has been shortened this year as industrial buying in a number of sections has recovered
headway at a much more rapid pace than is customary at this season of the
year. The fact that the outcome of the wage negotiations at Chicago last
week were so inconclusive undoubtedly spurred the desires of the industrial purchasers and procrastinating steam buyers are now gazing upon
their stock piles with apprehension.
"The result of these developments has been an uneven spot market.
Some sharp reductions have taken place, particularly in pool prices, over
the poliday period, but the general tendency is upward. Comparing the
quotations listed below with those for the week ended Dec. 30 1922, 58.15%
of the figures are unchanged. Of the changes, however, 64.4% represent
advances ranging from 5 cents to $1 per ton and averaging 34 cents. The
reductions ranged from 10 cents to $1 75 and averaged 57 cents.
"The demands placed upon the beehive coke ovens for their product for
domestic purposes have temporarily upset market trends in the Connellsville
region."Friction Causes Wage Conference to Break Up.-After 2-day session, during
which no real progress was made, conference adjourns. Philadelphia "News
Bureau" Jan. 5, p. 3.
Southern Illinets Coal Co. to Sue United Mine Workers of America for
$1,000,000 as Result of Herrin (III.) Riot. Boston "News Bureau" Jan. 11,p.3
Oil Production, Prices, &c.
The American Petroleum Institute estimates daily average gross crude
oil production in the United States for the week ended Jan.6 as follows:
(In Barrels.)
Jan. 6 '23. Dec. 30 '22. Dec.' 23 '22. Jan. 7 '22.
Oklahoma
406,500
319,450
410,050
410,000
Kansas
86,800
86,000
84,950
85,600
59,100
60,300
North Texas
58,750
59,000
209,025
Central Texas
124,400
124,800
123,750
79,300
89,500
North Louisiana
77,900
78,350
43.250
Arkansas
95,600
118,650
116,600
111,125
118,300
Gulf Coast
127,650
123,550
115.500
114,000
115,000
Eastern
, 113,500
59,300
121,250
120,350
106,750
Wyoming & Montana...
500.000
320,000
California
510,000
515,000

[VOL. 116.

Canadian Auto Tire Price Advances.-Prices have been advanced 15% in
Canada. "Boston Financial News" Jan. 9, p. 3.
Automobile Prices Reduced.-Chandler Motor Car Co. has reduced prices
from $50 to $100 on certain models. See that company below.
Cole Motor Car Co. has reduced prices from $600 to 11800. Touring_car
is now $1,885. formerly $2,685. and sedan,$2,685, formerly $3,385."Wall
St. Journal" Jan. 8, 13• 9 •
Automobile Price Advanced.-Lexington Motor Co. advanced prices $100
on all models due to steady advance in prices of materials.''Financial
America" Jan. 11. p. 2.
Shoe Prices to be Higher.-Predicted at National Shoe Retailers' Association convention that prices will range from $8 to $15 for low and from $9 to
$15 for high shoes. "Philadelphia News Bureau" Jan. 11, p. 3.
Cambridge(Mass.)Gas Light Co. CutsPricefrom $1 3010 $1 25 per Thousand
Cubic Feet.-Effectiye Feb. 1. "Financial America" Jan. 8, p. 2.
Merchandise Prices Rise.-Montgomery-Ward & Co.'s new catalogue
shows slightly higher prices on textiles generally and but a slight decrease
on metal articles. "Wall St. Journal" Jan. 6, p. 1.
Sears-Roebuck & Co.'s catalogue shows increases averaging about 10%•
"Wall Street Journal" Jan. 6, p. 7 .
Shoe Industry.-J. H. Manning Shoe Co. (Haverhill, Mass) will go out
of business at end of month, because of slack business "Boston Financial
News" Jan. 6. p. 3.
New Hampshire Shoe Manufacturers' Ass'n develops scheme of pooling
shipments by which shoe manufacturers of southern New Hampshire will
save 15 cents on each case of shoes shipped from State. Plan affects more
than two-thirds of shoe manufacturers in State. "Boston News Bureau"
Jan. 8, p. 3.
Production of 15 factories in Haverhill (Mass.) still tied up because of
$3 per week wage cut as of Jan. 1. Present wage in toplift industry Is $25
per week. Union says members will stay out until $28 per week wage is
restored. "Boston Financial News" Jan. 8, p. 3.
Textile Industry in New England.-Only 4 new cotton mills have been
erected in Mass. since 48-hour week law went into effect in 1919, while in
North Carolina 37 mills have been erected in same length of time. "Boston News Bureau" Jan. 12. p.3.
Indications are that Weavers'Progressive Association of Fall River, Mass..
may join United Textile Workers of America in demanding immediate
29% wage increase. "Boston News Bureau" Jan. 12, p. 3.
Sagamore Mfg. Co. (Fall River, Mass.) contemplates buying Southern
mill near Charlotte, N. C. "Boston Financial News" Jan. 5, p. 3.
Paper Co. Advances Wages.-Holyoke Paper Mills advances wages of
6,000 employees 5 to 8 cts. an hour, effective Jan. 15. "Financial AmerIca" Jan. 12. p. 7.
Dutch Printers' Strike.-Began in The Hague, now spreading throughout
Holland. Union is strong, demands closed shop. Employers propose new
contract reducing wages 6% and increasing hours per week from 45 to 48.
"Times" Jan. 6. p. 15.
New York Employing Printers' Association Reaches Compromise With Men.
-Demand of pressmen, feeders and handlers in book and job shops of New
York City was for wage increases from $6 50 to $9. The N. Y.E. P. Ass'n
offered feeders an immediate increase of $4 a week with $2 additional next
September; pressmen. $4 immediately and $3 next September; handlers.
$2 immediately and $1 next September. The feeders' union accepted compromise. "Times" Jan. 7, Sec. 1, p. 22.
Bricklayers in Mass. Demand 123. Cents an Hour Increase.-Would bring
3.
daily wage to $10. "Boston Financial News" Jan. 6,
p. wage increase
Pearl Button Workers Strike.-Manufacturers refuse 25%
demand and 1,50(1 workers strike in N. Y. City and surroudning district.
"Times" Jan. 6, p.14.
Garment Trade in New York Unsettled.-Industry faces two strikes:
(1) to force unionization of all shops, and (2) to force abolition of piecework
system and introduce week work. "Times" Jan. 6, p. 9.
Associated Dress Industries of America (representing largest dress manufacturing firms) decide to name chief arbiter for industry, with duties similar
to those of W. H. Hays in motion picture, A. Thomas in theatrical and
K. M. Landis in baseball fields. "Times" Jan. 12, p. 1.
Massachusetts Supreme Court Decides Company Hiring Men Can Demand
They Drop Membership in Unions.-"Times" Jan. 10, p. 25.
ydro-Electric Development.-See "Electrical World" Jan, 6, P. 37.
Matters Covered in "Chronicle" Jan. 6 1923.-Editorials. (a) National
Industrial Conference Board reports increased industrial activity and
increased wages, p. 12. (b) Building operations, present and prospective,
p. 13. (c) Automobile industry, p. 13. (d) Automobile production maintained inNov P.13. (e) Reviews of 1922and forecasts of 1923,0.14 and 15.
Current Events and Discussions. (f) Subscriptions to Dutch loan being
taken by Zimmermann &Forshay, P. 25. (g) New issue of $75000,000
Federal Land Bank bonds. p.26. (h) Offering of $1.000,000 Agricultural
Joint Stock Land Bank bonds, p.26. (i) Offering of$5,000,0005% bonds of
Southern Minnesota Joint Stock Land Bank, p. 26. (j) Offering of $1,000,000 5% bonds of First Joint Stock Land Bank of Cheyenne, Wyo., p.
27. (k) Organization of New York and New Jersey Joint Stock Land
Bank of Newark. N. J. (I) Advances approved by War Finqnce Corp.,
p 29. (m) Repayments received by War Finance Corp.. p. 29. (n)
'treasury Department to redeem all Victory Notes in advance of maturity.
May 20, p. 29.

Aberthaw Construction Co., Boston.-Stock Dividend.

The company has filed a notice with the Massachusetts Commission of
Corporations showing an increase in authorized capital stock from $300,000
(all outstanding) to $1,000,000, Par $25, the new stock to be distributed
as a 233 1-3% stock dividend. The surplus Dec. 1 1922 was $718,116.

Alabama Power Co.-Acquisition, dec.-

The company,subject to the approval of the Alabama P. S. Commission,
has purchased the properties of the Montgomery Light & Traction Co.,
Montgomery Light & Water Power Co., the Power Transmission Co., and
two other small public utility companies controlled by the Cities Service Co.
The Traction company has been In receivership since Jan. 1919.
The purchase was made, it is stated, subject to liens of $300,000 First
preference 5s of 1947 and $32.800 non-preference 5s of Montgomery Light
& Power Co.: $1,531,800 1st mtge. 5s of Montgomery Light & Water Power
Co., and $350,000 Montgomery Street Ry. 6s of 1923. All other outstanding funded debts of the companies taken over. including $1,000,000
7% notes of the Traction Company, duo Feb. 11923, will be eliminated in
the consolidation. The notes are to be paid in cash at maturity.
These acquisitions, it is said, will give Alabama Power Co. practically
all the public utility business of the State outside Birmingham and are due
largely to the request of city officials and Chamber'of Commerce of Montgomery.
An official statement states: It is expected the Mitchell Dam on the
Coosa River will be put in operation in March 1923. Upwards of$7,000.000
will have been spent on this development sine() 1920. Practically all the
-electric power that will be generated has been contracted for, and to
hydro
meet increasing demands the company is planning other developments on
Tallapoosa River capable of generating 140,000 h. p. Some $12,000,000
will be expended on the projects after Federal Power Commission licenses
are received.
1,691,750
1.413,450
Total
1,741,200
1,752,500
These now developments will consist of 4 dams and 90 miles of transmisCrude Oil Price Reduced.-Standard Oil Co. of California announces sion linos will be built connecting with Mitchell Dam and running through
reductions in price of crude ranging from lc. to 50c. per gallon, according Opelika and Lanett, affording unbroken connection with all the company's
to gravity, effective Jan. 6.
lines. When completed the company will have total generating capacity
Crude Oil Price Advanced.-Standard Oil Co. of Louisiana increased price in excess of 500,000 h. p.
of Smackover crude to 75c. a bbl. for 26 gravity or higher, and to 40c. a bbl.
The site of Wilson Dam at Muscle Shoals, disposition of which has
for less than 26 gravity. Previous price 30c. a bbl. ungraded. "Boston caused so much controversy, was owned by the company, which had
News Bureau" Jan. 6, p. 4.
expended upwards of $500,000 in preliminary work prior to entrance of the
Inquiry on Oil Industry Continues.-Ilearings before Senate Committee on United States into the war. When the War Departmnet was looking for
prices and conditions in the industry still taking place. "Times" Jan. 7, a suitable site for its nitrate plants, the late James Mitchell, then President
p. 16.
of the company, offered the site to the Government for $1. It was accepted
Concession in Mexican Oil Lands Lost Through Defaulted Payment.-Los by Secretary Baker in Feb. 1918. The company also owns site of proposed
Angeles group fails to make first payment and Mexican Government declares Dam No. 3 at Muscle Shoals, on which it has spent several hundred thouconcession void. "Times" Jan. 6. p. 26.
sand dollars in borings and engineering work and several other undeveloped
Standard Oil of New Jersey Employees Ask Wage Increase.-Also restoration sites.-V. 115. p. 2706.
of general store to sell to employees at cost as during war, and carrying
out of plan to build houses to be sold to employees on easy terms. "Times'
Allis-Chalmers Mfg. Co.-Business, dec.Jan. 6, p. 20.
President Otto H. Falk, commenting on operations, stated that business
Prices, Wages and Other Trade Matters.
had been good the past few months though unfilled orders are not gaining
Refined Sugar Prices -The following companies reduced price 10 points, to any 'great extent. Operations have been accelerated and are now
to 6 90c a lb : Arbuckle Bros ,American Sugar Relining, Revere Refinery between 60 and 65% and keeping pace with incoming business.
The usual quarterly dividend of 1% has been declared on the Common
and Warner Sugar Refining
Price of Lead Advanced -American Smelting & Refining Co advances stock, payable Feb. 15 to holders of record Jan. 24.-V. 115, p. 2161.
price from 7 25 to 7.40c. a lb., and again to 7.50c. a lb. "Engineering &
American Blower Co., Detroit.-To Retire 2nd Pref.Mining Journal-Press" Jan. 13, p. 81.
%c. a lb. for white lead in
The stockholders will vote Jan 16 on reducing the authorized capital
National Lead Co. increased prices Sic. to 133
lead,
owing
to
rising
price
of
pig
from $3.750,000 to $3,000,000, par $100, by retiring the $756,000
dry
white
lead
cited
tock
9c.
a
lb.
for
to
and
oil
s% Cumul 2nd Pref stock, which is all in the treasury. The company,
above.'Wall St. Journal" Jan. 11, p. 4.




JAN. 13 1923.]

THE CHRONICLE

179

at present, also has an authorized issue of $1,500,000 7% Cumul. 1st Pref.
stock and $1,500,000 of Common stock. par $100.-V. 115, p. 1734.

increase the amount of this authorization;(c)reduce the amount of Common
stock outstanding. Without said assent or submitting the same to said vote
of Preferred stockholders. the company may (1) decrease
the par value of
American Brake Shoe & Foundry Co.-Sub. Co.the Common stock if in so doing it does not decrease the total
par value of
The Dominion Brake Shoe Co.. Ltd., a subsidiary, has filed a certificate such stock outstanding
; and (2) it may change its Common stock to nondecreasing its authorized Capital stock from $500,000, par $100, to $400.- par-value stock.
000, par $80, by the repayment to stockholders of $20 per share.-V. 115,
Earnings.-Net earnings, after depreciation, interest and all taxes for
P. 2583.
the past 10 calendar years have been asfollows (including
earnings of Columbus Iron & Steel Co. prior to consolidation of 1917, but excluding
all earnAmerican Car & Foundry Co.-Equipment Order.ings of the Ashland properties):
Bee Union Tank Car Co. below.-V. 115, p. 2161.
1914
$288,88111917
$3.788,95411920
x$3,319,064
1915
American Cotton Oil Co.-7'o Close Mills.1.439,204 1918
2,644.183 1921 - -__def.x2,408,973 .
3.882,316 1919
President Lyman N. Hines announces that 8 of the company's mills in 1916
2,274,334 1922_
y2.271.000
the South will be closed, and the divisional headquarters in Atlanta, Ga.,
After
x
deducting $1.444,023 in 1920 and $2,253,884 in 1921 for adjusttransferred to Memphis, Term.-V. 115. p. 2688.
ment of inventory and $836.793 in 1921 for idle time expense. y Dec. est.
American Cyanamid Co.-Shipments---Sales, &c.Balance Sheet as of Nov. 30 1922 (After Proposed Finaileing)•
Net value of shipments of the various products for Oct. 1922 totaled
Assets,
Liabilities.
$669.839 (against $583,483 for Sept. 1922). Sales of the various products Real est., bldgs., dze
$19,852,550
for Oct. represented a value of approximately $1,098.000. against $491,000 Sinking fund for pref. stock__642,877,345 Common stock
58,800 Preferred stock
14.700.000
for Sept.
Investments
2,307,365 15-year 6% gold notes
7.000,000
The company has in hand as of Oct. 31 1922 contracts for various products Inventory
11,212,955 Employees' stock par. plan__
977,000
for delivery Prior to June 30 1923 of a sales value of approximately $4,450,- Accounts receivable
2,616,341 Accounts payable
2,969.00.3
000.-V. 111, p. 1944.
Notes and acceptances
1,741,723 Accrued payrolls,taxes,&c_ _
747,765
Marketable
securities
4,999,571
Accrued Preferred dividends_
American Druggists Syndicate.-Status and Outlook.- Cash
81,507
2,068,977 Deferred credits
80,056
In the circular to stockholders discussing the operations
Deferred charges
377,446 Depreciation reserves
8,535,286
and the outlook for 1923, President C. H. Goddard says:of the past year
Current operations reserve
403.245
The financial statement on Dec. 31 should show assets
of $6,767,092.
Ashland Div.(special) reserve
453,438
approximately as follows: Cash on hand. $700,000;
Government bonds,
Reserve for contingencies_ __ _
238,618
$600.000; First Mtge. real estate bonds, $275.000:
Total
(each
accounts
side)
668,260,523 Surplus
12.222,05.5
$1,000,000; inventory, $1.350,000; free and unencumbered real receivable.
estate and
Note.-Company has guaranteed principal and interest $425.000
equipment, $2,300,000; formulae, trade marks, good will, S542.092.
of
PortsAs mouth By-Product Coke Co. 1st Mtge.
against this, we will have current accounts payable only of
6% bonds. Cbmpare description
approximately of property, capitalization,
&c., in connection with offering of $7,000,000
$150,000. The only other liability of any character
15
will
covered
be
year
by
the
6%
notes
in V. 116. li• 79.
Common stock issue aggregating a total of 678.321 shares, par
$10.
Our sales have shown a steady increase in volume from the beginning
American Safety Razor Corp.-Earns. 11 Mos. 1922.
cf
the year. The last six months of the present
year
will
exceed
$3,000,000
and through the efficiency of our production department this
Month of 11 Mos.end.
Month of 11 Mos.end.
largely inPeriodcreased volume has been handled in about one-half the floor,space
November. Nov. 30 '22. PeriodNovember. Nor. 30'22.
heretofore Net sales
occupied, which has permitted us to rent to responsible
6450,247 $4,099,160 Total income
6109,547 61.045,525
tenants
three to five-year leases, space which is yielding us now in rentals, on from Expenses,&c
346,588
3,129,118 Deductions
150,496
18,159
approximately $100,000 a year.
Operat'g profit_ 6103,859
A number of these leases, however, were only made 'within the last few
6970,042
Other income
weeks,and that total sum will not show in this year's earnings,
75,483
Net profit
6895,029
but in future -V. 115, p. 2796. 5,888
$91.388
ctc.
we can expect this amount of fixed income to swell the earnings
coming
from the sale of our merchandise, and we still have our Newark
plant, which
America
n
Sugar Refining Co.-Suits, has been idle for a year, which will either be turned into a profit producer.
The company has started seven suits, to
or will be rented for from $50,000 to $100,000 additional, as
recover an aggregate of more
it has 75.000 than $95,000,
feet of most excellent factory space, 17 acres of ground, with
in the U. S. District Courts for the Southern
deep
and Eastern
water
dock, which is easily rentable. if the chemical market does not improve so districts of New York, against defendants who have refused to
accept and
pay for certain sugars, contracted for at the
that we can again operate it profitably.
basis price of 223c. per pound
during
the
spring and summer of 1920.
The prosperity of the last few months, if it continues as we believe it
The company has. it is stated, sold
will. indicates that we are rapidly nearing the time when we can return to
all its $5,159,200 Great Western
Sugar Co. 7% Preferred stock. The
a dividend basis.
Before doing so, however, it might be advisable
68.000 shares of Great Western Preferred recently sold by local bankers
make an important change in our constitution or articles of incorporatito
at
108
and dividend (V. 115. p. 2911)
on included the stock previously
by changing the par value of the stock from $10 to $50 per share, and
owned by the Refining company, it is said.V. 115. p. 2270.
exchanging one share of the new stock for each five shares now
outstanding
.
Those holding loss than five shares could either buy additional shares to
American Telephone & Telegrap
make an aggregate of five, which at the present market would
approxiThe Boston Stock Exchange has authorized h Co.-Listing.
mately $6 a share, or a maximum additional investment mean
for the list 62.787 additional
$24. or they shares capital stock.
could dispose of the one share they have. This proposedofchange
The additional shares have been offered for subscripin
par
tion
to
employees
of
value is in the interest of economy in the distribution of dividends.-V.116.
the company and of its subsidiary corporations.-V.
115. p. 2908. 2480.
p. 79.

American Ice Co.-Common Stock Increased-Authorized
Bond Issue of $10,000,000 Created-New Director.-

The stockholders on Jan 9 increased the authorized Common
from
$7,500.000 to $15,000,000 and created a $10.000.000 bond issuestock
to run for
forty years, bear 6% int. and be known as "Consolida
ted Gold Bond"
Issue. No issue of bonds or the additional stock is contemplat
ed at this time.
(Compare V. 115. p. 2908).
Daniel T Mallett has been elected a director, succeeding Samuel
McRoberts, who resigned to become Chairman of Armour
& Co. finance
committee -V. 115. p. 2907, 2902.

American Woolen Co.-Experiment in Auto Carpets.-

According to a statement made by
company. Jan. 11, it is carrying
on experiments in the manufacture ofthe
carpets for the automobile trade at
the Riverina Mills located at Medford,
Mass. This industry is expected
to reach large proportions because of the
steady expansion in the motor
trade.-V. 115, p. 2480.

Ames Holden Tire Co., Ltd.

or Company.Soo Ames Holden Tire & Rubber Co., -Success
Ltd., below.-V. llo. p. 1734.
Ames Holden Tire & Rubber Co., Ltd.-Organized.

Incorporated under the laws of the Dominion of
American Locomotive Co.-Locomotive Orders.Canada, Dec. 26 1922.
with an authorized capital of $225.000
The Chicago Rock Island & Pacific Ry. Co. announced
7% Cumul. Pref. stock. par $100.
Jan. 11 that it and 20,000 no par value
had placed an order with the American Locomotive
shares
of Common stock. Company is successor
Co. for 40 new locomo- to Ames-Holden Tire
tives at an estimated cost of $2,500,000.
Co., Ltd., per reorganization plan in V. 115.9. 1734.
During the last two weeks of 1922 the company received orders for 133
Amoskea
g
Mfg.
Co., Boston.-Smaller Dividend engines from the following companies: Chicago & North Western
Ry.. 18
A quarterly dividend of 75 cents per share
Mikado type. 12 Pacific type and 20 switching type;
has been declared on the ComPacific, 18 Santa mon stock, no par value,
Fe and 5 Mallets; Grand Trunk Ry.,8 Mikado type; Union
payable Feb 2 to
of record Dec 9. This
Lehigh
New
&
England
compares
with dividends of $1 50 per share holders
RR., 3 consolidation type; Canadian National Rys., 35 Mikado type; Cenpaid
stock from May. 1920 to Nov , 1922, inclusive quarterly on the Common
tral RR. of Now Jersey, 5 switching type; miscellaneous, 2
type,
Mikado
The
directors
have also declared
4 switching type, 2 rotary snow plows and one 8-wheeler.-V.
115, P. 22r 0. per share on the Pref stock, payablethe regular semi-ann dividend of $225
Feb. 2 to holders of record Jan.9.-V.
American Oil & Engineering Corp.-Stricken From List. 115. p. 1636.
The Boston Stock Exchange has stricken from the list
the capital stocks
Anaconda Copper Mining Co.-Deal for Acquisitio
of the American Oil & Engineering Corp. and of
the Industrial Oil & Gas
('o.-V. 111, p. 2044.
Large Interest in Chile Copper Reported Nearing Completion of
American Radiator Co.-31 Common

DividendA quarterly dividend of $1 per share has
declared on the Common
stock, par $25, payable Mar 31 to holders ofbeen
record
Mar 15 This equivalent to SI 50 per share on the Common stock outstanding
before payment
on Dec. 30 last, of the 50% stock dividend. A quarterly cash
dividend of
$1 per share was also paid Dec. 30 last, on the Common
stock.
-V. 115. p.
1734. 2688.

Bond Issue of $130,000,000 To Be Floated.According to reports

n-

this week,
associated with the company
are working out the financial detailsbankers
for the acquisition of 2,000,000 shares
of the Chile Copper Co. from the Guggenheim
family. Officials of the
Anaconda company and the bankers,
the necessary financing, involving approximateit was said, are arrangingacquisition
ly $70,000,000. for the
of the stock alone, which is being taken
price
agreed upon. The matter now receiving over at $35 a share, theunderattention. It is said, is the
writing of a bond issue, the proceeds of which
American Rolling Mill Co.-Pref. Stock Sold.-Guar- stock
for
pay
will
to
used
be
and for other purposes. It is stated that a public announcemethe
nt
anty Co. of New York, Kidder, Peabody & Co., W.E. Hut- may be
made next week. The deal, according to reports, will not affect
ton & Co. and Marshall Field, Glore, Ward & Co., have the floating supply of
stock in the open market.
The transaction will require an
sold at par and div. $Z,000,000 Cumul. 7% Pref. (a. &
new mortgage upon the property
d.) of the Anaconda Copper Co. Theentirely
bonds which will be secured by the new
stock (see advertising pages).
mortgage will aggregate $130,000,000, according
to the reports. Of this
amount $70,000,000 will be used to pay for the Chile
Dividends cumulative and payable Q.-J. Red. all
stock to be taken over
or part on any div. from the
date on 60 days' notice at
Guggenheim family and between $48,000,000 and
110
and
$50,000,000
divs.
The
balance
of
authorized
Pref.
stock may be issued at varying dividend
will
used to retire the present outstanding
rates and redemption prices. B 7sbeand
$23,080.100 10-Year Series
Annual redemption fund, beginning on
$24,669,000
6s
of the Anaconda company. The balance of
or before May 1 1924. of lip% of $10,000,00
net earnings of preceding calendar
0 from the sale of the bonds will be used for working capital.
year after payment pf Preferred divi- V.
dends, but not to exceed In any year
116. p. 80.
25.5% of amount of Preferred stock
then outstanding, for purchase of Preferred
stock
at
not
exceeding
the
redemption prices and diva., upon tender
Anglo-Persian Oil Co., Ltd., England.-Stock.by stockholders; any portion offund
not so used to revert to company.
An issue of £850,000 new stock is being Issued in
London at a 15s.
agent, Guaranty Trust Co.. a share.
New York; registrar, National Bank Transfer
-V. 115, p. 2583.
of
Commerce,
New
York.
Listing.-Stock on the New York Stock
Exchange "when listed."
Ansco
Purpose.-Proceeds of this stock,
Co.
of
Binghamton, N. Y.-Capital Changes, ctc.
$7,000,000 6% Notes (V. 116. p. 80)
and $2,000.000 Common stock presently
A stockholders' meeting has
called to authorize the issuance of
or provide for the retirement of mortgageto be issued will be used to retire 10,000 shares of no par Class Abeen
stock and 50,000 shares no par Class B
and other debt assumed in con- stock in place
nection with the purchase of the
of the present capital. For each of the 10,000 shares of
Ashland
properties
and
bank
all
loans. common outstanding (par
except $977,000 in connection with an
$100). there will be issued one share of Class A
stock purchase plan, and
will provide funds for the constructioemployees'
one-half share of Class B stock.
remainder of Class B will be sold
n of the finishing mills at Ashland and
to a syndicate. The stockholders willThe
and additional working capital.
vote on authorizing the issuance
Preferred Stock Provisions.-Subject
of $2,160,000 5-year notes, consisting also
of $660.000 Series A 7% notes and
to the existing $6,882,600 7% $1,500,000
Debenture Pref. stock which the
Series B 6% notes. the proceeds to be used to fund present debt
company
will
call
redemption
for
on
July 1 and provide additional working
1923, and to the remaining $117.400 non-callable
capital-V. 112. p. 2086.
6% Pref. stock (for the
purchase and retirement of which funds
will be set aside), this issue is to
Arco
be preferred as to both assets and dividends,
Co.,
Clevelan
d,
0.
-Stock Dividend, &c.and
in the event of involunStockholders of record Dec. 8 have received a 50% stock
tary dissolution it is to be entitled to par and dividends,
dividend.
and in the event bringing the outstanding
of voluntary dissolution to $110 and dividends,
stock to $672,000. The authorized capital was
before
distribution
any
is
recently increased from $500,000 to $1,500,000, par $100. There is no
made on the Common stock.
Preferred stock, authorized or outstanding.
The remainder of the authorized Prof. stock may be
issued with such divThe company is also reported to have issued 1400.000 of bonds, which
idend rate (but not less than 5% nor more
8% per annum) and may be
redeemable at such premium (but not to than
exceed 120%) as may be deter- have been completely subscribed.
mined by the directors. Will have no voting power
unless
4
quarterly
Armour & Co. of Delaware.-Guaranteed Bonds Sold.dividends are in arrears.
No dividends will be paid on the Common stock which will
reduce net The bankers named below have sold at 96 and int. to yield
assets to below twice the par value of Pref. stock
outstanding
then
.
about 5.85%, $50,000,000 1st Mtge. 20-Year 5%
Except with the consent of 75% of the outstanding Pref. stock,
M' Guarcompany
shall not: (a) Create any mortgage (excepting purchase
money mortgage); anteed gold bonds, Series A. Guaranteed as to principal and
(b) issue any additional stock having rights equal
or prior to this issue, or int. by Armour & Co. of Ill. (see advertising pages).




THE CHRONICLE
Bankers Making Offering.-Blair & Co., Inc.; Halsey, Stuart & Co., Inc.;
Continental & Commercial Trust & Savings Bank, Chicago; Kidder PeaeUnion
Co., New York;
Trust Co., Bankers Trust
body & Co., Equitabl
Trust Co., Pittsburgh; Illinois Trust & Savings Bank, Chicago; E. H. RolColony Trust Co.;
lins & Sons; Spencer Trask & Co.; Cassatt & Co.; OldDominick;
Graham,
Clark, Dodge & Co.; Redmond & Co.; Dominick &
Parsons, & Co.; Wm. R. Compton Co.; W. A. Harriman & Co.,
Inc.;A
G. Becker & Co.; Mitchell, Hutchins & Co., Inc.; Mercantile Securities
Co., San Francisco; Federal Securities Corp., Chicago; Blyth Witter &
Co.; Cleveland Trust Co.; Anglo-London Paris Co., San Francisco; Cyrus
Peirce & Co.; Manufacturers Trust Co., New York, and Pierson & Co..
Amsterdam. Iolland.
Dated Jan. 11923, due Jan. 1 1943. Int. payable J. & J. in New York
or Chicago without deduction of Federal income tax deductible at the source,
not in excess of 2%. Penna. 4-mill tax refundable. Continental & Commercial Trust & Savings Bank and Chase National Bank, New York,
corporate trustees. Denom.21,000.$500 and $100(c* & r*)$1,000,$5,000.
$10.000 and $25,000. Red., all or part, on 60 days' notice at 105 and int.
Control.-All of the Common stock will be owned by Armour & Co. of
Illinois, which will receive the proceeds of the 250,000,000 1st Mtge.
54% Guaranteed gold bonds, Series A, and of the $60,000,000 of 7%
Guaranteed Preferred stock (V. 116. P. 80).
Purpose.-Proceeds of this issue of $50,000,000 1st Mtge. 20-Year 53.i%
Guaranteed gold bonds, Series A. and of the $60,000,000 7% Guaranteed
Pref. stock will be received by Armour & Co. of Illinois and used by if for
the retirement of its $59,968,000 7% 10-Year Convertible gold notes and
Its 23,697,200 6% Serial Convertible gold debentures, for the reduction of
its floating debt and for its other corporate purposes.
Security.-Upon completion of the present financing, these bonds, by
direct mortgage of the new company and through the pledge of first mortgage bonds or obligations of subsidiaries, will be secured by a first mortgage
upon lands, buildings, machinery, fixed equipment and properties appurtenant thereto, appraised at sound values exceeding 285,000,000.
Earnings.-Based upon the earnings of the properties to be acquired by
the new company, the net earnings available for interest for the 6-year
• period ending Oct. 29 1921, after appropriate adjustments and after depreciation and Federal taxes at present rates, average approximately $14,923.000. or more than 5 times the annual interest requirements on the $50,000,
% Guaranteed gold bonds, Series A, to be
000 First Mortgage 20-Year
presently issued.
For the first 11 months of the calendar year 1922, notwithstanding the
adverse conditions prevailing during the first half of the year, the net earnings of these properties on the same basis applicable to interest on said $50,000,000 of bonds amount to approximately $7,900,000, or more than 2 2-3
times the annual interest requirements thereon.
During the recent period of depression in the industry. Armour & Co.
of Illinois suffered severe losses, but operations during the past few months
have resulted in substantial profits, thus indicating a return toward normal
conditions.
- Assets.-The consolidated balance sheet of the new company as of Aug.
26 1922, after giving effect to the issuance of its $60,000,000 Pref,stock and
$50.000.000 1st Mtge. 534% Guaranteed gold bonds, Series A, and the receipt of the proceeds thereof by Armour & Co. of Illinois, shows after deducting all indebtedness except the bonds of this issue, net tangible assets
of $178,359.000. Net current assets alone are $60,424,000. For statement of properties to be acquired, capitalization, earnings, balance sheet
&c., see V. 116, p. 80.

Associated Gas & Electric Co.-Offer to Exchange
Collateral Trust 5s for New York State Gas & Electric 1st
Mtge. 53's.-

The company, desiring to finance the present and future requirements
of its properties in New York State through the securities of the New York
State Gas & Electric Corp., offers to deliver to the holders of its 1st Mtge.
bonds and Collateral Trust 5s, in exchange therefor, par for par 1st Mtge.
36% gold bonds of New York State Gas & Electric Corp.. maturing in 1962.
All bondholders desiring to accept this offer must deposit their Coll.
Trust 5s with July 1 1923 and subsequent coupons attached, with the
Philadelphia Trust Co., depositary, on or before Jan. 15. The Jan. 1
1923 coupons should be detached and collected in the usual manner.
Holders of at least 90% of the outstanding Coll. Trust 5s must accept
this offer by the deposit of their bonds within the period mentioned, unless
a less percentage shall be agreed to in writing by the bondholders' committee and the Associated company. If the required percentage of Coll.
Trust 5s are not deposited the bonds deposited will lae returned to the
depositors without expense to them.
The Philadelphia Trust Co.as depositary, will issue its certificates o
deposit to the depositing bondholders. These certificates will provide
for the delivery on April 1 1923 of 1st Mtge. 5.14% Gold bonds, due 1962.
of New York State Gas & Electric Corp. with the Oct. 1 1923 and subsequent
coupons attached, and payment in cash of interest at 534% from Jan. 1
1923 to April 11923. if the plan is consummated.
If the required percentage is deposited within the required period the
Coll. Trust 5s deposited will be canceled, and a like principal amount of
the pledged 1st Mtge.5% Gold bonds of the New York State Gas & Electric
Corp. will be released from the Coll. Trust agreement and canceled, so
that the new 1st Mtge. 534% Gold bonds, due 1962, can be Issued in
exchange therefor.
There are $2.645,000 1st Mtge. Gold bonds of New York State Gas &
Electric Corp. outstanding as follows: 1st Mtge. 5s, due 1947, 21.295.000;
(pledged with Philadelphia Trust CO. as part collateral for outstanding
21.295.000 Coll. Trust 5% bonds of the Associated company); 1st Mtge.
64, due 1952, $700,000; 1st Mtge. 534s, due 1962. $650,000. These latter
two issues are outstanding in hands of the public.
The net earnings of the New York State Gas & Electric Corp. for the
12 months ending Oct. 311922. available for interest charges on these bonds.
were 3.38 times the annual interest charges thereon, plus the annual interest
charges on $89,500 divisional liens on property acquired after the date of
the mortgage.
The mortgage securing the 1st Mtge. bonds permits the issue of additional
let Mtge. 534s, due 1962, in exchange, par for par, for, and upon the
cancellation of, the let Mtge. Sc, due 1947; and if the entire amount is so
exchanged, there will be outstanding and secured by the mortgage $1,945,000 1st Mtge. 534% gold bonds, due 1962, and $'700,000 1st Mtge. 6%
Gold bonds, due 1952.-V. 115, p. 2382. 311.

[Vox. 116.

Data from Letter of Pres. L. H. Kinnard, Jan. 10 1923.
Company.-Organized In 1879 in Pennsylvania as Bell Telephone Co. of
Philadelphia. Name changed to the present title in 1907. Owns and
operates a comprehensive system of exchange and toll lines located entirely
In Pennsylvania. Connects, for the interchange of traffic, with all other
companies of the Bell System throughout the U. S. and with telephone
systems in Canada and Cuba. On Dec. 31 1922 there were 766,457
telephone stations directly owned and operated by the company within
Pennsylvania, of which 393,683 stations were located within the metropolltan centres of Philadelphia and Pittsburgh.
Purpose.-Proceeds will be used in redeeming and retiring the $24.405.700 25-Year 1st & Ref. Mtge. 7s, Series A, now outstanding and in
reimbursing the company in part for money expended for additions and
betterments made subsequently to Oct. 1 1920.
Security.-A first lien on the entire physical property with the exception
of the property serving Pittsburgh and certain counties west of the
Allegheny Mountains, on which property the mortgage is subject to the
closed mortgage securing $9,344.500 Central District Telephone Co. 1st
Mtge. 5s due 1943.
Earnings-Years ended Dec. 31.
Gross
Net Avail.
Interest
Revenues,
for mt.
Charges.
Balance.
216,759,000
$15,000
$4,835,900
$4,820,900
1913
18,889.000
1915
5,733,700
692,800
5,040,900
22,688,000
1917
4.887,100
763,500
4,123,600
x
1918
4,197,800
593.600
3.604,200
x
4,514,600
1919
533,300
3.981,300
3,980,200
32,314,000
1920
1,040.600
2.939,600
8,189,400
37,305,000
1921
2,320,500
5,868.900
40,130,000
8,403,600
1922(Dec.est.)
2,295.600
6,108,000
x Property under Federal control during portion of year.
During 1922 net earnings available for interest amounted to more than
334 times the annual interest charges, including the interest on this issue,
but excluding the interest on the Series A bonds to be retired. The
issuance of the Series B bonds and the retirement of the Series A bonds
will provide the company with approximately 27,000,000 cash available
for corporate purposes, without increasing interest charges.
Capital.-Has now outstanding 260,000,000 Common stock, allof
which is owned, directly or indirectly, by American Telephone &Telegraph
Co. Dividends on the stock, as outstanding from time to time, have
been paid at the rate of at least 6% per annum in every year since 1880.
Present rate, 8%.
Valuation.-On Nov. 30 1922, the book cost of the real estate and
plant (excluding working assets) was over $122.000,000, which amount is
considerably less than their present value. In addition company owns
other assets of a book cost of more than $18,000,000. Present value of
the property is considerably in excess of book cost.
Listing.-Series B bonds listed on N. Y. and Philadelphia Stock Exchanges 'when issued."-V. 115, p. 2796.

Black & White Cab Co., Inc.-Bankruptcy.-

An involuntary petition in bankruptcy was filed Jan. 5 in the Federal
Court by creditors. Liabilities are estimated at $400.000 and the assets
$20.000. The principal claimant is Kenneth M. Spence. receiver, for the
Terminal & Town Tax Corp.. which owns the cabs and leased them to the
Black & White Cab Co.-W. 105, p. 1804.

Boston Consolidated Gas Co.-Gas Output.Month ofGas output
-V. 115, p. 2908. 2584.

Dec. 1922. Nov. 1922. Oct. 1922.
866,173,000 796,558,000 804,895,000

Brier Hill Steel Co.-Terms of Acquisition.-

See Youngstown Sheet & Tube Co. below.-V. 115, p. 2796.

British Controlled Oilfields, Ltd.-Grants Concessions.
The company announces that it has completed negotiations with the
Royal Dutch-Shell Group whereby the latter group will acquire what is
known as the Central Division of the Buchivacoa concession granted by the
Government of Venezuela.-V. 114, p. 2473.

British Empire Steel Corp.-PrOduction.--

The company's mines in 1922 produced 648.618 tons of coal, an increase
of approximately 28,000 tons over 1921.-V. 115, p. 1842.

Brown Shoe Co., Inc.-Pref. Stock Retired.-

The company, since Oct. 31 1922, has retired $275,000 of Pref, stock,
par $100. This is in accordance with Prof. stock provisions and reduces
the outstanding Pref, stock to $4,987,500.
For report for year ended Oct. 31 1922,see V. 115, p. 2475.

Butterworth-Judson Corp.-Government Files Suit.-

Assistant U. S. District Attorney Victor House for the Government.
Jan. 9, brought an equity suit in the Federal District Court at New York
against this company; Henry G. Atha, James O'Grady and Thomas G.
Haight, receivers, and other defendants. The action is to recover $1,151.450 out of 21.500.000 which was advanced to the company in 1918 for the
purpose of building a picric acid chemical plant at Brunswick, Ga. This
plant had not been completed when the war ended and the Government
now claims that the amount sued for remains unaccounted for. Certain
banks are made the defendants of the suit because the Government claims
wrongful conversion of the trust funds belonging to it and that amounts
appropriated were wrongfully retained by those banks. The Court is.
therefore, asked to direct repayment of those accounts to the Government.
See also V. 115. p. 1214.

Caddo Central Oil & Refining Co.-Dec. Earnings.-

Net earnings for the month of December 1922, after interest and taxes,
are reported as $89,575.-V. 115. p. 2383.

Calaveras Copper Co.-Capital Changes, &c.-

The stockholders on Dec. 18 changed the authorized capital stock from
22,500,000 Common(par $5), of which $1,8i8,750 outstanding and $300.000
Pref. (par $5), none outstanding, to $4,000,000 Common stock (par $5).
The stockholders also approved an authorized amount of $2,000.000
Associated Oil Co., California.-Tenders.
1st Mtge. 6% Income Convertible gold bonds, dated Jan. 1 1923, due
The Union Trust Co. of San Francisco, trustee, will until noon Jan. 15 Jan. 1 1953. Denom. 21.000 (c*&r). Interest payable annually from
1923 receive bids for the sale to it of 1st Ref. Mtge.5% gold bonds of 1910 net income for each fiscal year, as determined by the directon , at the rate of
is sufficient therefor, or at such rate less
at not exceeding par and int.,to an amount sufficient to exhaust $922.125 6% per annum if such income
than 6% per annum as such net income suffices to pay. Such interest is
now in the sinking fund.-V. 115. p. 1213, 303.
not to be cumulative. Bonds are callable at any time all or part, at par.
convetrtible at any time into Common stock on the basis of one
(William C.) Atwater & Co., N. Y.-Stock Dividend, &c. Bondsofare
Common stock, par $5,for each $5 of bonds without adjustment for
A. 1300% stock dividend, increasing the authorized and outstanding share
dividends.
or
interest
last.
30
Dec.
paid
was
$1,400,000
to
capital stock from $100,000
The holders of the bonds will have the right to vote to t' e same extent
The company is engaged as mine agents with exporters and bunker suppliers of high volatile gas and by-product coal, with production of 3,000,000 and in the same manner as stockholders, having one vote for each $5 of
bonds held.
tons, annually.
It is proposed that the cash received from the subscription by stockholders to the bonds at par. or the bonds themselves, shall be used to pay
Baldwin Locomotive Works.-Equipment Orders.and
discharge the outstanding First Mortgage 6% Serial gold bonds and
See Pennsylvania RR. above.-V. 116, p. 80.
Interest due and unpaid thereon. Similarly, the outstanding 6% debendue and unpaid thereon, and floating debt to the extent
Bell Telephone Co. of Pa.-Bonds Sold.-J. P. tures and interest
2651,111 principal and $78,745 interest thereon, will be paid.
Morgan & Co.; Kuhn, Loeb & Co.; Kidder, Peabody & Co.; ofThe
stockholders were given the right to subscribe to the oonds in cash
First National Bank; National City Co.; Bankers Trust Co.; at par on or before Dec. 30 1922. Subscriptions must be paid on or beJan. 10 1923.
nd Lee, Higginson fore
Guaranty Co.; Harris, Forbes &
The attorneys for the company, writing to the "Chronicle," say in }whet.:
Co.,io yield over 5.10%, Bonds
and Co. have sold at 98M and int,
are to the extent of substantially 21.624,000 being used to pay the
principal and to provide ultimately to pay for accrued interest OA the old
$35,000,000 25-Year 1st & Ref. Mtge. 5% gold bonds, First
Mortgage bonds and other debts of the company, the holders of such
series B. The 1st & Ref. Mtge. 7% bonds, series A, with bonds and debts, in the meantime forbearing the collection of interest
thereon. Arrangements have been made whereby the sum of $220,000 will
all unmatured coupons attached, will be accepted in payment In
substance be donated to the company on or before Aug. 11923.
at 107.78% and interest to Jan. 24 1923, which price is
Under date of Dec. 29 1922 the directors authorized the execution of a
already signed by the officers of the Oakdale Irrigation District
from
24
basis
Jan.
contract
to
interest
5%
a
to
1
April
equivalent
and the South San Joaquin Irrigation District, both of California, for the
1923, computed on the redemption price of 10734%,
sale by the company to both of the Districts of the dam-site and certain
Dated Jan. 1 1923. Due Jan. 1 1948. Not redeemable before 1944. other lands belonging to the company on and along the Stanislaus River
Interest payable J. & J. in New York without deduction for the Penna. for the sum of $112,500.
tax. Denom. $1,000, $500 and $100 (cc 4 re). 21.000, $5,000
The voters of the two irrigation districts will vote next spring on ap-mills
4
and 210,000. Redeemable as a whole only on Jan. 1 1944, or on any proving this contract. If the sale is made the $112,500 will 130 paid over
interest date thereafter. upon 60 days' notice, at 100 and interest. to the company next summer and will thus provide the company with a
considerable amount of additional cash.
Bankers Trust Co., N. Y., trustee.




AN. 13 1923.]

THE CHRONICLE

181

Consolidated Balance Sheet Oct. 31 1922.
par value. This company was organized
by certain Southern interests
AssetsLiabilitiesrepresenting more than 250,000 of the 500.000
Common shares of the CocaCash in Boston
99.511 6% First Mortgage bonds___ 9450,000 Cola Co. outstanding,
a view to perpetuate control of the Coca-Co
Inventory
38,813 Int. thereon to Dec. 31 1915... 147,510 company In the South.with
It is understood that more than 250.000 of la
Current accounts at mine1.153 Interest accrued on mortgage
the
Coca-Cola Co.'s shares have been deposite
d with the International Co. as
Mining property, So
1,837.087
debt. Jan. 11916 to date- 244,979 trustee, which has issued voting trust
certificates for the same, share for
Permanent Improvements
482,738 6% Debenture notes
share. The Chase National Bank
44,000
has been appointed registrar for the
234,864 Int. accrued on debentures
Mine development
18,040 251 000 shares of no par value common stock. Compar
New constr. & equip., 1923._
43,567 Notes payable at mine
e Coca-Cola Co.
45.000 in V. 115, p. 1842.
Deficit
813,905 Current loans
622,161
Current accounts
CohnHall
-Marx Co.-New Financing.19,180
Total (each side)
13.459,61i Capital stock
Amos. Emerich & Co. have purchased
1.868,750
an issue of $1,000,000 preferred
of this compan
cotton converters, and will make a public
California-Oregon Power Co.-To Issue Pref. Stock.- stock
soon. Purchasers ofy,
offering
the preferred stock will have the privileg
The California RR. Commission has authorized the company to issue scribing for'the
of subcommon
. The bankers place the earnings of theecorporaand sell on or before Dec. 311923. $500,000 of 7% Pref. stock. The pro- tion in 1922 at
$850,000.
ceeds are to be used to finance extensions, additions and betterments.
-V.
115, p. 2383.
Columbian Hardware
Cleveland.-Acquisition.This company recently purchasCo.,
Callahan Zinc-Lead Co.-Shipments.the equipment and inventory of the
Clevela
nd Drop Forge Co., whichedwill
Shipments in Doc. 1922 amounted to 3,400,000 lbs. of zinc
be removed to its present plant.
The
site
concentr
occupied by the Forge Co. has been
ates,
2.340,000 lbs. of load concentrates and 22,200 ozs. of silver.
purchased by the W. S. Tyler
In Nov. Co.. which occupies adjoining propert
1922 the shipments were 2.063,524 lbs. of Zinc concentrates, 785.243
y. The Columbian Co. will engage
in
a
general
lbs.
commercial drop forging business, in addition
of lead concentrates and 6,800 ozs. of silver. Bee V. 115. p.
to the
manufac
ture of its regular line of products, which
2797. 2689.
includes vises and anvils.
Cleveland Drop Forge Co.
Cambria Steel Co.-To Vote On Sale to Bethlehem Steel. The
was organized in 1919 and took over the
Clevela
nd
plant of the Wyman & Gordon Co. (V. 110. p.
The stockholders will vote Mar. 12 on approving the sale
468). The men
of the propety who have been largely interested in the compan
to the Bethlehem Steel Co. A. C. Dinkey, Chairma
y will have a small stock
n, in a letter to the holding interest in the Columbian
stockholders Jan. 8 says in substance:
Hardware Co. and will have one representativ
e on the board of directors. The Columbi
"The officers and directors have been convinced for a
an Hardware Co. was
long time that the organized in 1922 by H. F. Seymour
company eught to have a larger steel
. Pres., who purchased the plant ofthe
tonnage and a wider diversification Consolidated Iron-Steel
Mfg.
of products, in order to effect the economies in mining
Co.
Clevela
of
nd.
(V.
111, P. 1086.)
ore, coal and limestone, and the savings in manufacturing, selling
Columbian Mfg. Co., Boston.-Stock Dividend, &c.
and distributing costs
necessary to obtain the best requite In their judgmen
The
t,
the
sale provided
authorized Capital stock has been increase
for in the contract of sale will give the stockholders of
d from 8500.000 to
Cambria Steel Co. 8700.000 and the par value changed
an interest in a corporation amply qualified to obtain then
from $1,000 to 8100 a share. A 100%,
stock
dividen
results.
d
has been declared on the outstanding $350,00
"All the debts and liabilities of the company will
0 stock, paybe assumed or guaranteed able to holders of record
by the Bethlehem Steel Co., and 897.681,400 of
Dec. 29.
the Common stock of
Bethlehem Steel Corp., will be delivere
Balance Sheet Sept.30 1922(Giving
d
to
Cambri
a
Steel
Effect
Co.
to Stock Dividend.)
for distribution among its shareholders.
Assets1 Liabilities"More than 97% of the outstanding
stock of the Cambria Steel aRoal estate & machinery_ 8335,668 Capital stock
Co. is owned by Midvale Steel & Ordinancapital
8700.000
aAutos
and
equipm
ce
Co.
ent__
That
3,758 Surplus
that as a stockholder of this company it favors the company has advised &Inventory
526.691
sale and that it in- aAccoun
380,205 b Accounts payable
tends to vote for the approval and perform
149.693
ts
receivab
le
ance
thereof,
but
that
359.573
it will Liberty bonds
vote said stock to rescind said vote unless the contrac
t of sale shall be Cash
278,749
finally closed at the same time that a contract which
Midvale
18,4291
Steel
&
OrdTotal
(each
side)
nance Co. has made with the Bethlehem Steel Corp.,
$1.376.384
providing for the
sale to the latter of all property, assets,
a Reserve deducted. is Include
rights and privileges of Midvale
s reserve for Federal taxes.-V.
Steel & Ordnance Co.. except the stock of this compan
926.
106. 1),.
y
which
it
owns
and
certain of the properties relating to its so-called
Nicetown Plant, shall be
closed, and that it will vote to hold open said special
Commercial Credit Co., Baltimore.-Acqu
meeting
of
stockhol
ders
ires Continenof Cambria Steel Co. for that purpose." See also V.
tal Guaranty.115, p.2481.
See Continental Guaranty Corp.
Cambridge (Mass.) Gas Light Co.-Gas Rates.above.
-V.
115.
p.
1735, 1637.
Effective Feb. 1, the company will reduce the
price of gas from $1 30 to
Commonwealth Hotel Construction Corp.,
81 25 per 1,000 cu. ft.-V. 115. p. 2383.
N. Y.The stockholders on Jan. 9 approve
d
a
plan
calling
for the immediate
completion of the new Hotel Common
Canadian Industrial Alcohol Co.-Initial Div.wealth. The plan calls for an
in the capital by the Issuance of
increase
An initial quarterly dividend of 25 cents per share
$5,000,000 7% Cumul. Pref. stock, retireoutstanding capital stock, par $25, payable Jan. had been declared on the able at $110, or convertible at par
into Common stock. Proceeds from
15 to holders of record sale of the Preferred
Dec. 31.
the
stock will cancel the present mortgag
e liens on the
hotel property aggregating $2,694,
The company was incorporated in Canada in
000. Directors were empowered
Oct. last, with a total au- complete the hotel
thorized capital of $10,000,000.
to
as soon as possible.-V.115. p. 2271.

Caracas Sugar Co.-Annual Report.-

Earnings-Years ended June 30Estimated net earnings from sugar sales
Operating cost

1921-22.
41.114,966
1,386,221

Operating loss
Loss on cane plantations
Depreciation on plant and equipment
Interest and discounts
Organization expense, proportion written
off
Miscellaneous

1920-21.
Not
Stated

8271,254

$607,314
126,227

230,100
207,804
6,840

95,801

8715,999
155,070

3845.892

16.549

Loss for year
Adjustments on previous crops
Balance,deficit
Previous surplus

$871.070
$845,892
199,189
1,045.081
Profit and loss June 30
defS671,880 sur$199,189
x Final liquidation of the sugars will give about
$190,000 more than
was estimated at June 30 1922. and the loss
on the crop will be reduced
to this extent.-V. 112. p. 261.

Carbon Steel Co.-Resignations.-

0. F. Blue. Jr., has resigned as
nt and director, and W. W.
Noble has resigned as Secretary andPreside
Director and Manager of Sales.V. 115, p. 2264.

(J. I.) Case Plow

Works Co.-Ship

ments, &c.Shipments for the last quarter of 1922, It is reported
, totaled $261,412,
against
Orders received
9
1'02? fo-1,119eil.
:71,.
Implements, g427,420, as against
$104,303; and merchandise, $1,490.
against 32,186.-V. 115, p. 2792. 2797.

totaled VigiL

ta;1WPM.

Chandler Motor Car Co.-Price Reductions.-

The company has reduced prices on 1923 models
as follows: Touring cars,
to $1,395 f.o.b. Cleveland, a cut of
4-pass. roadster, to $1.595, a cut
of $50; and 5-pass. sedan to $2.195,$100;
a cut of $100. Other models were
reduced proportionately.-V. 115, p. 649.

Charlestown Gas & Electric Co.-New

Bond Issue.The company invites proposals on or before
Jan. 19 for the purchase at
a price not less than par of $200.000 of
its
Series
A
1st Mtge. 5% gold
bonds, to be dated Jan. 2 1923, due Jan. 1 1943.
Payment is to be made
at the American Trust Co., Boston, Mass.,
on
Jan.
30.
The issue of said
bonds has been approved by the Department of
Public Utilities. Proposals should be addressed to Alexander Macomb
er, Treasurer of the company, at 27 Main St.. Charlestown. Mass.
-V. 115, p. 2482.
Chile Copper Co.-Production-

Reported Merger.The company n December last produced
15,251,000 lbs. of copper at
a cost of 5.85 cents per pound del.vered
New York, mclud.ng sell.ng
charges and commissions, but exclusive ofmdeprecia
tion and interest. In
November last the company produced 15,011.
000
of copper at a cost
of 6.05 cents per pound figured on the same basis. Ins.
In
October last approximately 14,500.000 lbs. of copper were produced.
See Anaconda Copper Mining Co. above.-V. 115. p.
2690.

Community Power & Light Co.-Bond
s Offered.-Wm.
L. Ross & Co., Inc., Whitaker &
and Liberty Central
Trust Co. St. Louis, are offering Co.
about 6.80%, $725,000 1st Mtge. at 97 and int., to yield
63/2% gold bonds, Series "B." A Collateral Sinking Fund
Dated Jan. 11923. Due Jan. 11938. circular shows:

Int. payable J. & J. at Liberty
Central Trust Co., St. Louis. trustee,
or Central Trust Co. of DI..
without deduction for normal Federal
Chicago,
income
tax not In excess of 2%.
Denom. $1,000. $500 and 9100
Red. all or part on 60 days'
on any int. date at 105 and int. (c*).
up to Jan. 1 1928, redemption price notice
after being reduced 35% per annum.
thereCapitalization Outstanding Upon Complet
ion of Present Financing.
1st (Closed) Mtge. Coll. Sink. Pd. 73.s, See.
"A"(V. 114, p. 2829)8500,000
1st Mtge. Coll. Sink. Pd. 63.6s. Series
(this issue)
734'7, Serial (Short Term) Convertible"B"
725.000
notes
7% Cumulative Pref. stock,
325,000
authorized
$1,000.000
Common stock
Compans.-Through its subsidiaries,
650.000
serves without competi
electric light and power business in
entire
Ft. Scott, Kan., Helena,tion
7 other communities in Arkansas.
Ark.. and
Total
population over 50,000. In
addition 25.000 population in these
and 8,000 population water service. communities is furnished gas service
Purpose,-To provide funds to acquire
the Helena Gas & Electric Co.
Security.-In opinion of
these bonds will be secured
gage lien on all properties counsel
by first mortof the company's subsidiaries
through
first mortgage bonds of subsidiaries,
of
the value of which propertiespledge
appraised in excess of the entire funded
has been
debt.
Deposited first mortgage
bonds of subsidiaries are to be approved
Relations and by the Arkansas Railroa by the Kansas Court of Industrial
Commission.
Earnings.-Net earnings for calendard year
1922 were 5196,188, or over
23i times annual interest charges
of $84,625 on entire funded debt.
Sinking Fund.-Indenture provide
Jan. 11926. to purchase Series "B" s an annual sinking fund, begineing
if offered at or under par and int.
of 2)4% of amount of bonds then bonds
certified, any balance to be used toredeem bonds or to finance addition
s. See V. 114, P. 2829; V. 115,
p. 441.
Congoleum Co., Inc.-Listing.The Philadelphia Stock Exchang
e
on
Jan.
6 listed 60,000 additional
shares of Common stock, no par
value, maldng 100,000 shares of said
stock listed at Jan. 6, of an
authorized issue of 240,000 shares. (See
V. 115, p. 2585).-V. 116. p. 81.

(John T.) Connor Co., Boston

.'-Gross Sales.Quarter EndedDec. 31.
Sept. 30.
June 30. Total 95005.
1922
$3,276,260 82,748,692 82.746,475 88,771.
427
1921
55
2,365.247
2,466,226
7,610,428
Pres. C. F. Adams says2,778,9
that the company Is at present operating 355
stores and has outstanding leases
for
about
more,
which
25
are being opened
as rapidly as possible, and that
gross profit and operating policy of the
company are back practically
to a pre-war normal basts.-V. 115, p. 2909.
2797.
Consolidated Gas Co. of New York.-Pref. Stock
For
Customers.-

The company is offering to its
employees and customers for subscription
at par, (950) 915,000,000 6%
Cumul,
ating Pref. stock. Applications
will be received up to the close Particip
Cincinnati Gas Transportation Co.-Tenders.of business on Jan. 15. The stock
will receive 50 cents a share per
The Provident Savings Bank & Trust Co. trustee, Cincinna
annum additional dividend for each $l
a
share
ti,
paid
0.,
will
on
the
Commo
n
until Jan. 16 receive bids for the sale to It of5% bonds to an
above $4 a share annually. The comamount suf- pany is arranging the distribustock
ficient to exhaust 821,774.-V. 115, p. 2690.
tion of the Preferred stock in such a
that purchasers must
manner
it the opportunity to buy back such
customer or employegive
Cleveland Cliffs Iron Co.-Capital Increase, &ce may desire to sell. Such purchase stock as the
price would
depend on dividend payment
s.
The stockholders on Dec. 29 amended the articles of incorporation by
Subscriptions may be paid for In full
,increasing "the stated Common capital from 810,000,000 to $20,000
at time of subscription, in which
event it will carry interest
'
at6% per annum; payments may also
The company in 1922 shipped 2.600.446 tons of iron ore from its .000.
be extended
over a period of ten months,
mines
in
region.
Superior
with the company paying 5% per
Of this amount 1,846,583 tons went from the Interest on
the Lake
annum
installm
ents and no premiu
Marquette Range, 718,740 tons from the Mesabi and 35,123 tons from
par being charged to purthe chasers on installment basis.-V. 115. m above
Menominee. Total iron ore shipped in 1921 was 987,424
2690,
2586.
P.
tons.-V.115. P.
1537.
Consolidated Iron-Steel Mfg. Co.-Sale.See Columbian Hardware Co.
Cleveland Drop Forge Co.-Sale.below.-V.111. p. 1086.
Hardwar
Columbi
e
Co. below.-V. 110. 468.
an
See
Consolidated Water Power & Paper Co.
-Stock Div:This company, it is stated, has declared a 300%
Coca-Cola Co.-Holding Company Formed.stock dividend. increasing its outstanding capital
stock from $1.600,000 to $6,400,
See Coca-Cola International Corp. below.-V. 115, p. 2909, 2482.
000, par 8100.V. 115, P. 1842.

Coca-Cola International Corp.-Holding Company.

The Guaranty Trust Co., New York, has been appointed transfer
for the Common stock of this company, consisting of 251,000 shares agent
of DO




Continental Guara

The reorganization of the nty Corp.-Reorganized.
Continental Guaranty Corp. has been complet
ed, it was announced Jan.
6 by A. E. Duncan. Chairman of
the Commercial ,

[VoL. 116.

THE CHRONICLE

182

Denver (Colo.) Dry Goods Co.-Stock Dividend.-

Continental
Credit Co., which recently purchased the capital stock of the
corporation.
McRoberts, E. C.
The new directors of the Continental Co. are: Samuel
H. L. Wynegar, D. R.
De!afield, H. M. Walker, Charles P. Howland,
Graham
Mills, A. E. Duncan, William H.Grimes,S. F. Rosson, R. Walter
1538.
p.
115,
V.
Fenhagen.C.
J.
and

The company on Dec. 18 increased its capital stock from $500,000 to
$5,000,000. Secretary Leonard Dates, writing the "Chronicle" Jan.5,says:
"We did this because of the large surplus we have been carrying and
thought it would be better to capitalize our business rather than continue
with such an excessive surplus. Our company is a close corporation.
Immediately upon increasing the capital stock we authorized a stock dividend and prorated the increase to the present stockholders.
"We have no Common stock for sale, as it is all issued, and have never
issued any Preferred stock."-V. 113. p. 2316.

Continental Motors Corp.-Pref. Stock Redemption.

SecurPayment of the outstanding Prof. stock will be made Jan. 15 at the
ity Trust Co.. Detroit, at 107 and divs.-See V. 115, p. 2272. 2690.

Continental Oil Co.-Sub. Co. Increase, &c.-

the
Denver dispatches state that the company's producing subsidiary.
Oil ProInland Oil & Refining Co., will change its name to Continental
ducing Co. and will increase its authorized capital stock from $2,000,000 to
$6,000,000.-V. 116. p. 81.

(George J.) Cooke Co., Chicago.-Bonds Offered.Pearsons-Taft Co., Chicago, recently offered at par and int.
$500,000 1st Mtge. 634% Serial gold bonds, unconditionally
guaranteed, principal and interest, by George J. Cooke.
A circular shows:
1932, incl.

Detroit Edison Co.-Debentures Offered.-F.S. Smithers
& Co. and Blodget & Co. are offering at 104 and int. $1,500,000 Cony. 6% Debentures. Dated Dec. 15 1922. Due
Dec. 15 1932 (see advertising pages).

Conversion.-Bonds may be converted at any time from Dec. 15 1924 to
June 15 1932 into fully paid shares of the cajoital stock at par. If the bonds
are called for payment before the period for conversion has expired, the
holder may convert his bonds into stock at any time before the date named
for redemption.
Earnings for 12 Months' Period 'EndingDec. 31 '20. Dec. 31 '21. Nov. :.,() '22.
1
Dated Nov. 11922. maturing serially Nov. 1 1923 to Nov.
$21,990.352 523,382.898 526,013,658
earnings
Gross
not
tax
income
Int. payable M.& N. without deduction for normal Federal
&
exp..
taxes
deprec'noper.
4,533,694 6.283.835 7,061.305
after
Net
Callable in whiole
2,632,390
In excess of 2%. Denom. $1.000, $500 and $100 (c5). up
interest
to Nov. 11927, Mortgage bond
1,419,252
this
issue
or in blocks of not less than $100,000 on 60 days' notice,
including
bond
interest,
Debenture
each
at 105 and int., and after Nov. 1 1927 at 105 and int. leas 3,6 of 1% for
Balance after paying mortgage bond interest was about 3.1 times the an6 months to maturity.
issue.
this
all
including
debentures,
outstanding
on
charges
nual
interest
and
estate
real
the
entire
on
mortgage
Security.-Secured by a closed first
Company.-Does the entire commercial electric lighting and power
and located at Nos. 14 to
improvements thereon owned by the company
of an extensive adjacent territory in the
and
Detroit
of
city
the
in
23.040
business
occupying
St.,
Chicago,
Peoria
North
21
and
32 North Green St.
improvements State of Michigan. Population served exceeds 1,400,000. For full desq. ft. of land owned in fee simple, which, together with
scription of bonds, property, &c., see V. 115, p.2798,
has a present value of $898,000.
s will
improvement
in
the
process
now
Upon the completion of extensions
Dodge Bros.(Automobile Mfrs.), Detroit.-Production.
and mill construction colOtorage
consist of a 9-story and basement brickcapacity
and a
The company in 1922,it is reported.,turned out 165,000 vehicles compared
warehouse having an aggregate storage plant. of 1,500,000 cu. ft.
89,350 in 1921.-V. 115, P. 650.
with
4-story brick, steel and concrete power of present additions to the property
Earnings.-Net income on completion per annum, or more than 6 times
Mines Co., Ltd., Toronto.-Production.Dome
$200.000
at
is conservatively estimated
Dec. 1922. Nov. 1922. Oct. 1922.
s of this issue.
maximum annual Interest requirement
$352,495
$382.712
$361,213
(valued at)
and
production
cooling
Gold
including
business,
storage
cold
general
a
Company.-Does
32,100
33,500
33,451
mill
by
handled
ore
of
Tons
freezing of perishable products.
-V. 115, p. 2586, 2163.

& Co.-Listing-Earnings--Bonds Called.-

Cosden
Dominion Bridge Co., MontreaL-Annual Report.The New York Stock Exchange has authorized the listing of 36,170
1919-20.
1918-19.
1920-21.
Years'ended Oct. 31- 1921-22.
additional shares of Common stock, no par value, making the total amount Total
8623,737 51.125,892 $1,640,531
5188,670
earnings
applied for $1.398,314 shares.
$128,388
5127,592
5134.306
5134,008
transfer
n of the
Depreciation
The above 36,170 shares will be issued in consideratio
89,616
4,771
95,608
Oil Co., in leases located Doubtful accts. reserve_
to the company of the interest of the Burbank
42,150
reserve_
14
are
there
Investments
on
which
acres,
in Osage County, Okla., aggregating 640
22,592
on exchange_
wells. This purchase includes also the casing head rights of the Burbank Interest
28.998
14,480
15.130
fees
Directors'
CH Co. in the leases.
480.000
Res. for inven. shrinkage
Consolidated Income Account for 10 Months ending Oct. 31 1922.
(4%)260,000 (8)520,000 (8)520,000 (8)520,000
Dividends
$636,309
$36.676,237 Int. & discount
Gross sales. &c
780,704
5444,531
5823.305
Other interest
def$205,339 def$621,306
Balance, surplus
Int. on bonds, Sic., to
780,794
Profit & loss surplus_ _ _ _ 53,466,500 33,671,838 54,293,144 $3,848,614
subsidiary companies,
327,134,678
Total
462,428
_
310.
income__
-V. 114, P
Miscellaneous
$10,784,782
DrydenPaper Co., Ltd.-Bal. Sheet Sept. 30.$37,919,460 Net earnings
Total
2,584,466
paid
Dividends
3
$
Liabilities$
$
Expenses
Assetsstock
x3,125,000 3,125.000
Cost of ref., prod. &
Real est.,timber, dm.5,661,942 5,353,503 Capital
118,051
48,907
24,584,957
payable__
Accounts
41,445
n
90,576
transporatio
$8,200,315 Cash for plant exp. 240,350 416,610 First Lien notes
Balance. surplus
335,1100 386,000
1,132.617
Gen. & admin. exp
Deposit
121,029 481,116 Mtge. Deben. stock.1,100,000 1,100,000
Demand loan
3,167
2,167
& Co. Accts.rec.(less res.) _ 101,403
91,959 Note redemp. res've.
All of the outstanding ($335,500) 1st Mtge. 6% bonds of Cosden1 at
105 Inventory
24,246
429,830 477,423 Depletion reserve._ _ 26,341
(Okla.) due Oct. 1 1926, which have been called for payment April
_
_
surplus_
2,187,105
Capital
_y1,941,780
37
Co.,
the
Trust
at
11,369
Equitable
4,212
be
paid
_
will
Deferred charges_ _ _
and int., (see V. 115, P. 1946)
Wall St., N. Y. City.-V. 115, p. 2797.
6,649,342 6,873,425
6,649,342 6,873,425 Total
Total
Stock.
d
Co.
p
-Preferre
value. y Capital
Crowell & Thurlow Steamshi
x Capital stock, 100,000 shares of no nominal or par less:
8%
Adjustment
30
32.187,105.
1921,
Sept.
forward
The stockholders are to vote on authorizing a new issue of 52,000,000
surplus, balance
income tax,$20,309;loss for year ended Sept. 30 1922,
and
Preferred stock, which is to be offered to stockholders at par. Proceeds
buildings
account
will be used to buy additional ships, to pay maturing bonds and interest, before providing for depreciation, $225,016.-V. 115, p. 2910.
and to provide necessary working capital.-V. 112, p. 1287.
Duquesne Light Co., Pittsburgh.-To Retire Pref. Stk.
Cuba Cane Sugar Corp.-New Director, &c.Stockholders of record Jan. 11 will vote on March 13 on reducing the
M.
Carl J. Schmidlapp has been elected a director. succeeding Gerhard
359,312,400 by the retireGen- authorized capital stock from $59,822,300 top.2586,
Dahl. Miguel Arango has resigned as a director but will continue as
ment of 7% Cumul. Preferred stock.-V. 115.
eral Manager in Cuba.-V. 115, p. 2909.
nd Telep. & Teleg. Co.-Rate Increase.-

Durfee Mills, Fall River, Mass.-Stock Dividend, &c.-

Cumberla
The Tennessee RR. & P. U. Commission on Dec. 28 authorized the
company to increase its rates temporarily approximately 5.7%, effective
Jan. 1 1923, and until the further orders of the Commission.
The Commission has also authorized the company to expend approximately $2,000.000 in 1923for extensions, betterments, &c.-V.115. P.2384.

Massachusetts Commissioner
The company has flied a certificate with the
capital stock of from 5500.000
of Corporations, showing an increase in
$1000. The $1,000,000 increase is to
(all outstanding) to 31,500.000. parstock
dividend to shareholders of record
be distributed in the form of a 200%
a
of $1.896,975.
on Dec. 29. The company on Sept. 30 last had surplus

Cushman'
Cumul.
The stockholders will vote Jan 23 on increasing the authorized 7%
Prof. stock from $2,000,000 to 33,000,000, par $100. dividends on the 7%
The stockholders will also vote on providing that of semi-annually, as
Pref. stock shall be made payable quarterly, instead
the property,
at present, and to provide that no mortgage or other lien upon
or other evidences
except purchase money mortgages, no issue of debentures
stock having
no
and
year
one
than
more
of indebtedness having a muturity of
stock, shall be authorized.
equality with or priority to the 7% Cumul,of
7%
outstanding
then
the
75%
of
holders
the
of
unless with consent
Cumul. Prof. stock.-V. 104, p. 2014.

of
The directors have adopted a resolution authorizing the liquidation
$133.663 of accumulated and unpaid dividends due on the outstanding
Preferred stock.
and liquidated out of surplus
These accumulated dividends will "be paid
to the holders of record of the
and undivided profits on Jan. 15 1923,
10, by (1) issuing and deliverPreferred stock at the close of business on Jan.
shares of the Preferred stock of Wade
ing pro rata at par value thereof theof
3102.000, owned by this company
dr Butcher Corp. of the parofvalue
.
said accumulated dividends in cash.'
and (2) paying the residue
112, p. 2541.

s Sons, Inc., (Bakeries) N. Y.-Increase.-

Davidson & Co. (Lumber), Houston, Tex.-

(Lynch)
capital stock from 5500.000
The company has increased its authorized It
is proposed to distribute
(all outstanding) to $2.000.000, par $100. dividend.
Lynch Davidson,
stock
200%
a
as
stock
new
51.000.000 of the
Lieutenant-Governor of Texas, is President.
Daly Copper Co.-Production.-

Davis
1,410,000
The company in December produced 118,000 ozs. of silver and 2910.
lbs. of copper, the largest in the history of the mine.-V. 115, p.

Report.De Beers Consolidated Mines, Ltd.-Annual
1920-21.
1921-22.

Years ended June 30Previous year's balance (diamonds unsold, &c.)
Diamond account during year
Interest and dividends on investments, &c
Transferred from general fund
Stabillment of diamond trade reserve

Total income
Mining expenditure, &c
Interest on debentures and sinking fund
Income tax-Union of South Africa
Amount for stabillment reserve
Preference dividends (after tax), 10s. per share_
Deferred dividends, tax free

£464,732 £592,075
401,816 2,300,581
324,675
639.448
535,634 1.010,232
21,823
£1,748,680 £4,542,337
£1,077,600 E2,462,850
248.656
251,430
6,593
86,507
119,505
740,000
500,000

E333,143
Suspense profit account-diamonds unsold
Balance Sheet June 30.
1922.
1921.
1922.
LtabtlateeE
.E
Assetsshares_ 2,000,000
Property account_ 4,052,147 4,951,775 Preference
Deferred shares__ 2,500,000
Inv. In stocks and
163,361 De Beers 41i% So.
163,285
shares
Afr. extol. deben. 1,635,495
Itee.inv.& diamond
2,727,001
It stabil., dm., res_ 5,632,078 6,092,561 Reserves
of diem.res. 2,455,077
Stabil.
518,266
Timber, fuel, Ace_ _ 380,533
242,046 Liab.on stks.&shs. 450,000
150,394
Live stock
Loans& openaccts. 218,708
Loan to So. Afr,
224,548 Comm. for Inland
ColFy,Ltd.,Natal 220,579
173,491
rev. Or. Brit
1,338,875
667,296
s,dm.
Spec.inv.,loan
88.537
81,997
45,933 Int. on deb., &c
Cash
354,381 Olvidends payable
Diamonds on hand 333,143
Diamonds unsold- 333,143
Trans!. from appr.
account
Total (ea.side)_12,581.453 13,934,747
-V. 115, p. 2796. 2586.




$464,732
1921.
2,000,000
2,500,000
1,635,495
3,165,661
2,476.900
450,000
541,195
185,900
144,865
3/0.000
354,381
110,350

Durham Duplex Razor Co.-To Pay Accumulated Divs.-

Durant Motors, Inc.-Production.-

December reached 7,500
Production at the company's plants during the
year more than 4,500
closed
cars, a new high record. The company
it
is stated, are confident
officials,
but
schedules,
cars behind production
current year will see this accumulation
that the first five months of theDurant
companies had a total of 187,316
made up On Dec. 29 1922 the
stockholders.-V. 115, p. 2051.

Eastern Coke Co.-Tenders.-

trustee, will until Jan. 12 receive
The Union Trust Co. of Pittsburgh,14-year
Sinking Fund bonds, dated
bids for the sale to it of 1st Mtge. 5%
Feb. 1 1917, to an amount sufficient to exhaust 5255,984.-V. 104. p. 1706.

Connecticut Power Co.-Acquisition.-

Eastern
the
The company has purchased the People's Light & Power Co. and
electric
affiliated Danielson & Plainfield Gas & Electric Co. furnishing
Plainfield,
Killingly,
Danielson.
Brooklyn,
light and power in the towns of
Canterbury, Griswold, Jewett City and other smaller towns and villages
of eastern Connecticut.-V. 114. p. 1657.
Electric Co. of New Orleans.-Tenders.-

Edison
Mass., will until
The American Trust Co., trustee, 50 State St., Boston,
547 bonds, dated Jan. 2
Jan. 13 receive bids for the sale to it of 1st Mtge.
to
.
sufficient
exhaust
71.
P. 915.
$21,627.-V
amount
1899. to an
Corp.-20% Stock Dividend Proposed.

Endicott-Johnson
dividend will be
It is authoritatively stated that a 20% Common stock to-day (Jan. 13)
declared at a meeting of the board of directors to be held dividends
at the
and that it is their intention to continue the payment of
rate of 35 per share per annum on Common stock. and director.-V.115.
nt
H. Wendell Endicott has resigned as Vice-Preside
p. 1843.
-Initial Dividend.-

(The) Fair (Dept. Store), Chicago. dividend of 1M% on
The directors have declared an initial quarterly record Jan. 20. For
the Preferred stock payable Feb. 1 to holders of
offering see V. 115, p. 2052.
-Report Denied.-

Famous Players-Lasky Corp.
staked that the
Frederick G. Lee, Chairman of the Finance Committee.
the corporation sad paid
Atlanta dispatch dated Jan. 7 announcing that the
Enterprises.
Southern
$5,700,000 for the surrender of management of erroneous. The Famous
Inc., and its subsidiary corporations to it, isEnterprises, Inc., and the
Southern
Players already owns the control of

JAN. 13 1923.]

TUE CFPONICLE

183

newrarrangement simply involves the manage
ment being surrendered record Dec.
to the Famous Players with no cash payments in the
20 1922. The company also has an authorized
transaction.
issue of $1,250,000 Preferred stock of which $1.158,
The Southern Enterprises, Inc. heretofore has been
000 is outstanding.
managed by the
S. A. Lynch Enterprise Corporation. According to present
Comparative Balance Sheet November 30.
plans, Mr.
Lee is shortly to be elected President of Southern
Enterprises, Inc.
1922.
1921.
V. 115, p. 2799.
1922.
1921.
Assets$
Real estate, bldgs.,
Federal Adding Machine Co.-Sold.Preferred stock
1,158,000 1,183,600
machine
ry,
&c
_
_
_
_
x443,65
8
566,863
stockho
Common stock
lders, represented by C. F. Long, 42
The
991,400 951,650
Broadway, have pur- Patents
1
1 Acc'ts payable (inchased at receiver's sale the property of the
y, and has organized Cash
212,742 182,229
eluding pay-roll). _ 169,159
the Federal Adding Machine Co., Inc., with acompan
66,781
Gov't
capital
securiti
of
es
25.000
shares,
451,689
to
1,506 Excise tax accrued
take over the assets of the old compay.-V. 115.
18,562
4,267
Compensation fund_
p. 2799.
1,000
Unclaimed wages__ _
2,261
2,228
Notes receivable._ _ _ 599,998 329,687 Local
Federal Suuar'Refining Co.-Tenders.-& br. tax res've 34,539
54,674
Acc'ts receivable_ _ _y1,043,416 835,971 Compen
.& burg.res_ 23,613
The Bankers Teust Co. trustee, 10 Wall St. N.
Accr'd int.& coupons
Y.
City,
will
until
Surplus
Jan. 29 receive bids for the
1 119,879 200,582
'
sale to it of 5
Liberty bonds_ _ _ _
6%'gold notes, dated Nov. 1
10,283
1919 to an amount sufficient to exhaust-year
Advances to salesmen
$347.360 at a price not exceeding
8,140
4,985
101 and int.-V. 116. p. 82.
Inventory
689,111 490.191
Inv. In other cos_ _ _ _
1,445
Ford Motor Co., Detroit.-Sale
Miscellaneous invest.
25,490
Total sales of Ford cars for the year of s--St. Paul Plant.
1922
were
1.268,6
31.
55,929
This
26,859
is Prepaid exp., &c__
18,631 cars in excess of the maximum product
Total (each side)_ _3,517,412 2,463,782
ion figures of 1,250,000
set early in the last year and is nearly:
x Real estate, $20,700; bldgs. ($333.9
200,000 in excess of the largest
previous 12-month sales achievement.
05,less deprec., $85,028). $248,877:
machin
In
ery
prepara
tion
($367,4
for
63,less depr.,$206,956), $160,507: automobiles ($23,01
the production
of 6.000 cars a day set for this year,
3.
organized sales drives during the less deprec., $16,439), $6,573; furn. & fixture
last 6 months have brought new records
s, less deprec.. $7,000: total
as above, $443,658. y Accoun
in December, ordinarily considered one, and the figures of 105,799. reached freight
ts receivable. $1,121,924, less reserve for
and
of
the
lowest sales months of the
discount, $78,507.-V. 115. p. 2911.
year, is an outstanding sales record.
The company on Jan. 9
Gulf Oil Corp.-No Merger With Standard of India
ted the purchase of 167j4 acres of land
on the Mississippi River at comple
na.St. Paul, immediately adjacen
Preside
nt Geo. S. Davison has denied the rumors
t to the
ment high dam, at a cost of $315,00
that a merger of this
0, as the site for a large plantGovern
y with the Standard Oil Co.
for the compan
manufacture of automobiles and tractor
of Ind., is pending. He says: "We
have
heard
s.
It
these
is
announ
ced that applicastories from time to time, but there is no truth in them.
tion has been made to the Federal
Government for the power rights
the dam, but if this is denied the compan
at I can say that the officers and directors of the Gulf Oil Corp. know nothing
y will erect a plant to be operated whatever about a proposed merger with
entirely by steam. If the water
the Standard 011 of Indiana."-V.
115,
-power
p.
rights are granted, it is planned
2800.
to build a $10,000,000 manufacturing
plant, ultimately to employ between
14,000 and 15,000 men. It will be on
Habir
shaw
Electr
ic
a
somewh
Cable
at
Co.-May Reorganize.smaller scale if the
power rights are denied. Preliminary
The general creditors on Jan.
work, it is said, will be started
5 adopted a resolution providing for a joint
In March.
conference of the merchan
dise creditors' protective committee and the reorThe Boston "News Bureau" of Jan.
ganizat
ion
commit
tee
reports
9
to
consider a reorganization plan.-V.115. P.
production of by-products
from River Rouge plant as follows:
2053.
Calendar YearsHammermill Paper Co., Erie, Pa.-Preferred
1922.
1921.
Stock
High volatile coal carbonized (in tons)
417.000
349,034 Offered.-A. G. Becker & Co. are offering at 100 and div.,
Low volatile coal carbonized (in tons)
235,000
164,363 83,000,000 7% Cumul.
Pref.
Stock (see advertising pages). •
Total coal carbonized
Redeemable, all or part, at
110 and divs. Dividends payable Q.-J.
652,000
513,387 Beginning in 1924
Gas consumed in heating coke ovens (in Cu.
and each year thereafter a sinking fund
ft.)2,913,254,000 2,280.210.000 purchase
retire by
Gas consumed at Rouge (Cu. ft.)
at
or
below
110 and dividend, or by redemption atwill
110, at least
Gas consumed at Highland Park (cu. ft.).._ 1,022,265,000 501,578,000 3% of the greatest amount
_1,754,136,000 1,138,193,000
of Prof. Stock at any time outstanding.
Gas sold to City Gas Co. (cu. ft.)
Listing.-Application will be
1,138,432,000 1,318,934,000 stocks on
made list both the Preferred and Common
the Chicago Stock Exchanto
ge.
Total gas produced (cu. ft.)
6,828,086,000 5,238,915,000 Data from Letter of President Ernst R. Behrend,
Total coke produced (tons)
Erie, Pa., Jan. 3.
Company.-1ncorp. in 1899 in Pennsyl
496,000
376,139
Tar produced (gallons)
vania.
one of the largest manu4,751,000
4,324,608 facturers of fine writing and printing papers in Isthe
Benzol produced (gallons)
country
. Owns and
a complete, le
3.650,000
2,490,602
Ammonium sulphate produced (pounds)
arn \srViernhTietililygoZolglcied. milesi p and
i paper making
pi:n
rtroca
17,766,000
15,706,907 °
-V. 116, p. 82.
rands at Matane. Can., constit
in
r timber
cipal product is sold under the utes a complete paper-making unit. PrinFoundation Co.-Preferred Shares Offered.
nationally known mill mark, "Hammermill
Bond." In addition, compan
-Kell
ey,
y makes a well-known line of cover paper.
Drayton & Co., New York, are offering at 98
ledger paper, and safety check
and div. stocked
all sold under our mill mark and
by Hammermill agents. paper,
the unsold portion of 10,000 shares(no par value)
Production averages 130 tons offine paper
daily.
Cumul
ative
Convertible $7 Preferred stook (see advertising
Capitalization After This Financingpages).
Preferred as to dividends and to the extent of
Authorized.
Issued.
$100 and accrued dividends 7% Cumul. Pref.(a,& d.) Stock (this issue)
as to assets. Red. all or part at $115
$3,750,000 $3,000,000
Common stock (par $10)
per share and diva. Dividends payable Q.-M.15. Convertible at the
1,800,000
First Mortgage
1,800,000
option
of
the
due
holder
1930
and
up
to
and incl.
1939
Dec. 15 1925 into Common stock
750,000
750,000
Earning -Net
the basis of $100 for the Pref.
Gs'earnings, after all deductions,
for the Common; and from Dec. on
$80 applica s.
including Federal
to dividends for the five years
16 1925 to Dec. 15 1927 on the and
basis of averageble
and 11 months ended Nov.30taxes.
$100 for the Pref. and $90 for the Commo
1922.
d $670,099 annually, or about
n.
3.2 times the maxim
Capitalization After This Financing-,
dend requirements of $210,000
annual diviAuthorized.
on this issue. The minimumum
Outstanding.
Cumul. Cony. Prof. stock (no par)
earnings in any
one year during this period, similar
20,000
shares
10,000
ly
shares
Common stock (no par value)
computed, were $358,716.
Condensed Balance Sheet Nov.30 1922
shares 40,000 shares
* 25.000 shares reserved for conversion of*75,o00
(After Present Recapitalization)
AssetsListing.-Application will be made to list the Preferred.
stock on N. Y. Stock Exchange. Paper mill at Erie, Pa.. _ _ _$2,268,424 LiabilitiesData from Letter of Chairman Frankl
7%
Preferred stock
$3,000,000
in Remington, N. Y., Dec. 15. Timber lands, &c
1,281,955 Common stock
Company.-Organized in 1902 in
Good-will
1,800.000
York. Conducts directly or through Invest
1,500,000 First & Refunding 6s
subsidiaries a general engineering New
750.000
ments and advances 100,514
and
constru
ction
busines
Accd'un
s
ts
in
the United Stocks and supplies
payable
States and many foreign countries. Since
356,681
1,657,8
incepti
34 Accrued salaries, int., &c_
on company has specialized Acc'ts & notes
in foundation work in lower Manhat
102,939
rec.,less res. 879,619 Federal taxes
tan and at present does the greater Cash
part of this class of construction. Its
149.000
engineering and construction work Deferre
927,630 Reserve for contingencies_
includes subaqueous work of all kinds,
500.000
d
charges
,
&c
the building of industrial plants,
110,735 Surplus
2,068,092
power houses. hydro-electric developments,
railroads, bridges, harbor and
river terminals, mine shafts and tunnels
Total each side
and general building constru
Directly or through subsidiaries has import
ction.
58.726.
713
•
Harley Co., Springfield, Mass.-Forec
States, Canada, Great Britain, Belgiu and ant contracts in the United
France, and South America.
losure
.
Much of its present business consists ofmthe
See
Hendee
Manufa
cturing Co. below,-V. 114, p.
construction of power developments for public utility corpora
2585.
it is equipped, and has now
books contracts for, practicallytions, but
its
Harroun Motors Co., Detroit.-Fore
type of construction. A largeonperclosu
centage of its business is done on aevery
The
Securit
y
Trust Co.. Detroit, has secured a decree re.
cost plus basis.
foreclose a mortAssets.-Balance sheet as of
gage of $1,000,000 on propert
311922,adjusted to give
y a the company. It isto
to present will remain for the 14,000
financing, shows net tangible Oct.
believe
d nothing
assets of $2,950,220, equivaleffect
stockholders. Company is in hands of
ent to $295 Per ship.-V. 116, p.
share of Pref. stock. These figures are
receiver82.
exclusive of good-will and
patents,
totaling $1,605,000. Net current assets
the same basis amounted to
Hart
11,446.272, equivalent to $144 per share on
Schaf
fner
& Marx.-To Reduce Preferred.Preferred stock.
Real estate, buildings, plant and equipmof
The stockholders will vote Jan. 22
ent are carried on the books at stock
$1,227,069, against which there is a mortga
from $3,160,000 to $1,554.400.on reducing the 7% Cumul. Preferred
ge on the New York office
See V. 115, p. 2274. 2163.
building at 120 Liberty St. and adjoining propert
y of
Hartman Corp.& Subsidiaries.-N
Earnings-Years ended Dec. 31.$441,700.
4th Quarter 3rd Quarter 2d Quarter el Sales.
1st Quarter Total Year.
1921.
1922
1920.
$4,818,223 53,091,108 $3,589,
1919.
1918.
Gross profit
$1,367,033 $1,503,520 $2,110.
514,513,362
861
$3.014,
169
1921
3,085.708
$2,004.315 -V.
Total income
2.268.273
3,169,600
$1.404,093 $1,715,212 $2,134,508 $2,029,
2.869,846
11,393.428,
115, p. 2588.
320
494
Expenses
980.794
1,373,9
47
1,240,3
47
1,053,6
Federal taxes
08
96,458
Hazel
139,222
Atlas
517,633
Glass Co.
Net income
260,036
$326,841
See Rearns-Gorsuch Bottle Co.-Guaranty.
$202,043
$376,340
Net earnings for 1922 will
5715,850
above.
amount to about $300,000 or in
excess of 4
times dividend requirements for
the
Hend
period
ee Manufactur
of this issue. Orders on hand
are greatly in excess of
Co.-Forecloses Harley Plant.
time last year and the indications
The company has foreclosed ing
to a substantial increasthis
for 1923 point Harley
a mortgage for 5725.000 which it held on the
e
earnings for that year.
Co. of Springfield, Mass.
For the 20 years 1902into
The
Harley Co., all of whose 5600,000
1921, incl., combined net earnings average
Pref. stock and $600,000 Commo
$250,823, before Federal taxes,
d was
n stock was owned by the Hendee Co..
or over 3% times dividend requirements on
sold a year ago to New York and
this issue, and after Federal taxes
Philade
lphia interests (V. 114. P. 527)
at
for
the
$825,000, of which $100,000 was paid
1922 rate, the average of the combined net earnings for
in cash and the balance represented
same period amounted to over
dend requirements on the
3 times the divi- a mortgage ion the plant running to the Hendee
Company. [The Harley
this issue.
Co.
was
placed
in the hands of receivers in June last..
Purpose.-To furnish
V. 114. p. 5885.1
y with additional capital to enable it
Pres. Henry H. Skinner states
take care of its growing compan
to mortga
that no interest had been paid on the
volume of business.-V. 116, p. 82.
ge but that the trustees of the
Harley
Co.
enough
money to cover
had
the
taxes.
The Harley
General American Tank Car Corp.
operates large foundry and forgents
Springfield, its propertiesCo.
-Orders.The corporation was recentl
covering about 40 acres. The foundryhas in
y
a
capacit
reporte
y
d
for
to
have
about
received orders for over
50,000 pounds of aluminum, brass and composi
$3,000,000 of railroad equipm
ings daily. Nothin
ent, consisting of orders for
tion castg definite
freight cars opened
for the Chicago Sr North Wester
yet been decided but the plant may be
n Ry. and the Southern Pacific Co.
in about six weeks tohas
(Boston "News Bureau.")-V. manufacture forgings for the Hendee Co.
Order Canceled.lb. p. 1948.
See Union Tank Car Co. below.-V.
116, p. 82.
Houston Oil Co.-Oil Contract.The
General Motors Corp.-Common
company has made a 3-year contrac
t with the St. Louis Southwestern
RR.for 3,000.000 bills,
Stockholders.The number of Common stockholders
of record Nov. 27 19n totaled 100,000 bbls. will be of fuel oil at 73M cents a bbl. Between 60,000 and
44,049, compared with 47,601
delivered monthly. The Houston Oil Co. is laying
on Oct. 9 1922.-V. 115,
6-inch pipe line from its
a
p. 2911.
Smacko
point it Ls erecting two 55,000 ver production at Camden, Ark., at which
P' Gillette Safety Razor Co.-5% Stock
-bbl. storage tanks.-V. 115. p. 2386.
Dividend.▪ The directors have declared the followi
ng dividends on the outstan
Houston (Tex.) Lighting & Power Co.
capital stock, no par value: 5%
ding
-New Plant.It is officially announced
record May 1; regular quarterly ofin$3stock, payable June 1 to holders of
that the company contemplates the erectio
per share in cash, payable March
in the near future
n
of a power plant on the Houston Ship
to holders of record Feb. 1. Dividends
1
of
Channel to be
5%
known
each
as
in
the
stock
were
Decemb
paid
Deepwa
in
er last, compared with 10%
June and
ter station. The tentative plans call for
an ultimate
in stock paid in December development of 150.000 k.w.
1921.-V. 115, p. 2273.
and
the
present
installa
tion of 40,000 k.w
The plant is to be ready for
operation early in 1924.-V. 115, p 2274.
General Tire & Rubber Co.

-Dividend
on Common Stock-100% Stock Dividend.-of 1%% Declared
The company has declared a regular

quarterly dividend of 134% on its
new $50 par Common stock, payable Feb.
1 to holders of record Jan. 20.
The par value of the shares was recently reduced
from $100 to $50. Dividends on the old stock were paid at the rate
of 2% quarterly.
The company in November last declared a
100% stock dividend on the
.then outstanding $991,400 Common stock, par
$100, payable to holders of




Hupp Motor Car

-10% Stock Dividend Propos The directors on Jan. Corp.
10 resolved upon an increase of capitaled.
out of which increase,
stock
when
ratified
a 10% stock dividend will be declare at a special meeting of stockholders
d.
The regular quarterly cash dividen
clared on the Common stock, payabl d of 25 cents a share has been dee Feb. 1 to holders of record Jan. 12.
Notice has been receive by
the New York Stock Exchange from
the
corporation of the proposedd increas
e
in the Common stock to 510.000,000
-V. 115, p. 1736.

[vol.. 116.

THE CHRONICLE

184

hone Co.-Expenditures.Illinois Bell Telep
approved an additional expenditure of $1,102.188

The directors have
makes $14,184,186 expended for this
for new plant and equipment. This
purpose in 1922.
an expansion program carrying an
Abbott,
R.
W.
t
Presiden
to
ng
Accordi
5 years will be carried out by the
expenditure of $100,000,000 in the next
company.-V. 115. P. 993.

Imperial Tobacco Co. of Canada, Ltd.-Dividends.
for the year

paid a final dividend of 1%
The company on Dec. 28 last
° for the current year
interim dividend of 2•7
ended Sept. 30 1922, and an
Interim dividends of 134% each were paid on
on the Ordinary shares.
p. 2578.
115,
-V.
last.
Sept.
and
in
June
stock
y
the Ordinar

Industrial Oil & Gas Co.-Stricken from List.-

-V. 110, p. 2295.
See American Oil & Engineering Corp. above.

ca.-Extra Dividend.Insurance Co. of North Ameri
declared on the outstanding capital

the company
improvements and any future acquisitions or improvements
may make.
capacity of
a
with
unit
al
addition
an
Proceeds are being used to build
twice the existing one.
Hazel-Atlas
of
control
and
ment
manage
direct
-Under
ent.
Managem
Glass Co.

Keystone Telephone Co., Philadelphia.-Earnings.-

Earningsfor 12 Months Ending Dec. 31 (Combined Companies).
1920.
1921.
1922.
$1.703,274 $1,739,043 $1,758,231
Gross earnings
1,165,535
1,106,106
977.681
Operating expenses and taxes
$592,696
$632.937
$725.593
Net earnings
436.998
476.809
601.235
Less-Interest charges
Bal. avail, for dive., tau% & reserve_
-V. 115. p. 2164.

$224,358

$157,128

$155,698

been
(S. S.) Kresge Co.-December Sales.An extra dividend of 10% hasthe
Increase.
usual semi-annual dividend of 715%
Increase.] 1922-12 Mos.-1921.
1922-Dec.-1921.
stock, par $10, in addition to 1922,
442
an extra dividend of 8% Was paid.
$10,515,113 $8,686,037 51,829,0761565,191,452 $55,859,010 $9,332,
both payable Jan. 15. In Jan.
-V. 115, p. 2589.
V. 102, p. 440.

Nickel Co.-New Director.-

International
been elected a director,
Andrew V. Stout, of Dominick & Dominick, has
succeeding Willard H. Brownson.-V. 115, p. 2475.
ation.International Shoe Co.-Listing Applic
the New York Stock Ex-

(S. H.) Kress &
-1921.
1922-Dec.
35,476.586 $44.755,268
-V. 115, p 2693

Co.-December Sales.-

Increase.
Increase.' 1922-12 Mas.-1921.
5721,3181530,646,923 528,909,481 $1,737,442

,Laclede Gas Light Co., St. Louis, Mo.-Bonds Offered'
Halsey, Stuart & Co. and W. A. Harriman & Co., New York
and Chicago, and G. H. Walker & Co., St. Louis, Mo., are
1%,$17,500,000
/
offering at 96.45 and int., to yield about 53
30-Year 532% gold bonds, Series C
Ref.
&
Coll.
Mtge.
1st
ized.
Co., Cleveland.-Reorgan
Internat. Steel Tubelast,
pages).
voted to dissolve the Delaware Corp. (see advertising

to list on
The company has made application
Pref. stock, par $100, and 1,000.000
change $20,000.000 of 8% Cumul.
value.
par
no
stock,
n
shares of Commo
250,000 shares of 8% Pref.
The New York Curb has admitted to trading
Common stock, no par value.-V.
stock, par $100, and 1,400,000 shares of
116. P. 73.
The stockholders on Dec. 15
000 of
The new company will have $1.000,no
par
and to reincorporate in Ohio.
of Class "B" Pref. and 16,000 sharesaof
y
1st Pref. stock, $600,000equipme
capacit
have
will
this
d,
nt is installe
Common stock. When
y.
annuall
tons
of 60,000
Cleveland,
.
Hopkins
R.
S.
and
t
Presiden
is
rgh,
H. E. Smythe of Pittsbu
("Iron Trade Review.)-V.113,p. 190.
. Is Secretary of the new company.

tion (in Tons).Island Creek Coal Co.-1922 Produc
174.000
179.000 Oct

_341.8751July
283.8091A pril
Jan
371,766 Aug
337,623 Mav
Feb
352,860 Sept
March_ _384,705 June
imate)
(approx
months
Total 12
-V. 115, p. 2692.

183.000 Nov
186,000 Dec

176.000
174.000
3,144,638

Vineyard Co., Guasti, Calif.-Capital Increase.

Italian
61 will vote on increasing the authorized
The stockholders on March $2,500,
par $100. Secondo Guasti Sr.
capital stock from $500,000 to Secretar000,
y.
Is President and J. A. Barlotti
Stock
Jefferson & Clearfield Coal & Iron Co.-150%
of
Stock.
Issues
Both
on
e
Payabl
ed
Declar
Dividend
Jan. 16 on increasing the authorized capital

The stockholders will vote
$1,500,000 Preferred and $1.500,000
stock from 53,000.000. consistingtoof57,500,
000, par $100, by the issuance
Common stock (all outstanding)
stock.
of 45,000 shares of additional Common
to the approval of the
subject
,
declared
already
have
s
The director
payable in Common stock on Jan.
above increase, a dividend of 150%,
n stock of retord Dec. 30 1922.Commo
and
d
Preferre
of
holders
to
18
•
V. 114, P. 1659.

Co., Chicago.-Bonds Offered.-

F.& A.in New York
Dated Feb. 11923. Due Feb. 11953. Int. payable
income tax not in excess of
and St. Louis without deduction for Federal
tax on int. not
income
Mass,
and
tax
4-mills
Conn.
and
2%. Penna.
Denom. $1,000. $500 and $100 (c5
exceeding 6% of such int. refunded. Rai,
all or part at any time on 30
& 0'1 $1,000 and multiples thereof.
Prior to Feb. 1 1933, at 105; on
days notice at following prices and int.:
at 103; on Feb. 1 1943 and thereafter
and from Feb. 1 1933 to Feb. 1 1943when
bonds will be red. at 100.
6
months,
last
during
except
at 102,
S. Commission.
Issuance.-Authorized by Missouri P.list
bonds on New York and St.
Listing.-Applicatlon will be made to
es.
Louis Stock Exchang
St. Louis. Mo., Jan. 9.
Data from Letter of Pres. C. L. Holman.
charter granted in 1857 by the
Company.-Operates under a special
validity of which has been
the
l,
and
perpetua
is
which
ure,
Missouri Legislat
Court. Has a record of o5 years of sucestablished by the State Supremethe
company selling gas within
gas
only
is
y
Compan
n.
operatio
cessful
y also se..s electricity, approxithe limits of the City of St. Louis. Compan
from the sale of electric curmately 10% of Its gross receipts being derived
Authorized. Outstanding.
ingion After This Financ
$17.500,000
(x)
1st Mtge. Collateral & Refunding 536s
,000 y10,000,000
$20,000
(closed)
5s
on
Mtge.
Refunding & Extensi
00
2,500,000
2,500.0
Preferred stock(5% cumulative)
37,500.000 10,700,000
Common stock
,000
ng
y
$10,000
Remaini
trust.
the
by
x Authorized issue defined
Coll. & Ref. bonds.
pledged under the mortgage securing the 1st Mtge.
A,
and
Series
7s,
Ref.
&
Coll.
Purpose.-To retire $16,000,000 1st Mtge.
for general corporate purposes.
d).
(Dec.
Estimate
Earnings 12 Months Ended Dec. 31 1922
57.892,925
Gross earnings
3,336,295
and taxes
Net after oper. exp.. incl. maintenance
debt,
Annual'int. requirement on entire outstanding funded
1.462,600
including this issue
of Customers. Calendar Years.
Gas Sales (1,000 Cu. Ft.) and Number1920.
(Dec.est.)
1922
1921.
1919.
1918.
6,719.890
5,939,619 6,209,831 6,884,138 6,546,700
Sales
18.3,114
179,243
177.650
172,216
No. of customers_ 167,766
-V.115, p. 2589.

Johnson Fare Box
& Gordon, Inc.,recently offered at a
Lloyd E. Work & Co. and Bartlett
6M % Sinking Fund gold bonds.
price to yield 6% $250,000 1st Mtge.
A circular shows:
int.
Dec. 1 1932. Red. all or part on any and
Dated Dec. 1 1922. Due60
days' notice. Denom. $1,000, $500
date at 105 and int.. upon
trustee.
,
Chicago
Co.,
Trust
Central
at
D.
&
J.
$100 (0). Int. payable
income tax not to exceed 2%.
without deduction for normal Federal
largest manufacturer in the world
Company.-Incorp. in 1909.• Is the
street car and other admission fares.
of
the collection
Co., New York.-Annual Report.
of recording boxes for
fare boxes of various types, as
Lawyers Mortgage 1922.
plant
own
its
in
tures
manufac
1919.
y
1920.
Compan
1921.
Year ending Dec. 31devices and other mechanical articles requiring
51,211.391
976
$1,583,
738
well as change-making
$1,632,
100
$1,980,
Gross earnings
445,513
741,316
accuracy and precision in making.
744,255
842,640
5 years and 10 months ended Oct. 31 Expenses, Incl. reserves,_
Earnings.-Net earnings for the
e for Federal taxes, interest and experi5
0
$765,87
$842,66
3
1922, after depreciation, availabl
m
$888,48
interest
460
maximu
$1,137,
average of 2L1 times
Net earnings
mental work were $45,023, or an
Federal taxes such earnings averaged over -V. 115. p. 2386.
charges on these bonds. After
m interest charges.
-Capital Increased.231 times maximu
ts to deposit each month with the
Liggett & Myers Tobacco Co.
Sinking Fund.-Company covenan
ng
d the authorized capital stock from
The stockholders on Jan. 8 Increasestock;
interest requirements and in addition, beginni
trustee 1-12 the annual
each
$21,496,400 Common stock,
$18.000
of
1-12
to
Common
(521.496,400
month a sum equivalent
the 565,752.70
Dec. 11923, to deposit each
to $10,000,000, par $100, to consist
1 1925: 522,800 a year, 1926 to 1931, and sofmust Class "B." and $22,759.900 Pref. stock)
n "B" stock and 534,139.800
year to and incl. Dec.y.
Commo
fund
.800
payment
,
544,363
sinking
these
Common
of
Proceeds
of 521,496.400
balance before maturit retire
115. p. 2589.
bonds at 102 and int. or less.
e and
0; Preferred.-V.
be used to purchas
$250,00
bonds,
gold
Fund
Sinking
636%
Capitalization.-15t Mtge.
ed, $4400,000; outstanding, $318,850.
Lincoln Motor Co., Detroit.-Production.
capital stock, authorizare
, totaled 5,379, comto be used to retire an issue of serial bonds, to
Production of Lincoln cars for 1922, it is reported
Purpose.-Proceeds
capital.
working
p.
al
2053.
115,
V.
addition
1920.provide
pared with 2,196 in 1921 and 168 in
retire floating debt and to
n'n Completed.-

Reorga
Financing Approved.Jones & Laughlin Steel Corp.Long Island Lighting Co.-New
n Steel Co. into the Jones &
an increase in the capital stock from
Reorganization of the Jones & Laughli
The stockholders on Jan. 5 ratifiedCommon
of the new corporation
Officers
ed.
complet
been
has
and 53,000,000 7% Cumul.
Corp.
000
ing of 53.000,
Laughlin Steel
Chairman of the board; William L. Jones. President; $6,000.000 (consist
,000 each Common
are: B. F. Jones, Jr Laughlin, Jr., W. C. Moreland, Charles A. Fisher non-voting Pref.) to $20,000,000 to consist of $10,000
stockholders also approved
The
G
King,
stock.
Pref.
L.
non-voting
7% Ctunul.
• Willis
, Vice-Presidents: B. F. Jones, III, Secretary; J. C. and purchas
property of the Nassau Light & Power Co. and
entire
the
of
e
and S. E Hackett
the
ng Mortgage.
Watson. Treasurer -V. 115, p. 2692.
approved the creation of a General & Refundi
y has entered into a contract with the Radio Corporation to
Paper Co.-20% to Bondholders.- The companfor
Kaministiqua Pulp &
Mount, L. I. It will require more
Rocky
at
station
the
power
face
the
supply
d
of
of
20%
dividen
a
Ltd., announces that
Capital Trust Corp.,be
rgy than the company supplies to the rest of the island.
paid to the bondholders from the proceeds of the electrical on 83.
will
y that the bonds -V. 116. p.
value of all bonds
by the bond mortgage. It is necessar
covered
assets
of
for
sale
endorsement.
Trust Corp., 10 Metcalfe St., Ottawa,
be sent to Capital
Los Angeles Lumber Products Steamship Co.-Bonds
payment can be made.-V. 114. p. 953.
before this dividend
Co.-Proposed Merger.Kansas & Gulf
Gulf Co., Monarch Oil & Refining Co. and

Southern
The Kansas &
rated in Del.
be merged into Peer Oil Corp. [incorpo
Petroleum Co. are toauthoriz
of no par Com.
shares
00
of
1,000,0
capital
ed
n
Jan. 8 1923 with an
8% Pref. par $1001. The Monarch and Souther
stock and 50,000 shares
assented to the plan and the Kansas stockholders
stockholders have already
the merger.
will shortly vote onissue
$3,000,000 of the Pref. stock, of which 51.000,000
It is proposed to
final organization, and arrangements made for
has been sold, pending
Proceeds of the $3,000,000 Pref. stock will
underwriting the remainder.and
development.
capital
working
be used for
n
Commo shares, 420,000 will be issued in exchange
Of 1,000,000 new companies. Kansas & Gulf stockholders will receive
merging
in
for stock
e for present holdings, Monarch Oil & Refining
280.000 shares in exchang
and 52,000 shares are appropriated for purchase of
stockholders 88,000, stock
outstanding.
um
Southern Petrole
. Tex., Pres. of Monarch Oil, will head the now
R. L. Young, Houston
(Pres. Houston Exchange National Bank)
Jr.,
Fox,
S.
H.
corporation;
n.
New York Stock
will be ChairmaKansas
& Gulf Co. stock is listed on thethe
new company.
The present
will be made to list the stock of
Exchange and application
-17. 115, p. 1949.
•

uch Bottle Co.-Bond Issue.-

Offered.-First Securities Co., William R. Staats Co. and
Security Trust & Savings Bank, Los Angeles, are offering, at
100 and interest, $500,000 First (Closed) Mtge. Marine
Equipment 7% Serial Gold Bonds.

incl.
Dated Dec. 11922. Due $100,000 each Dec. 1 from 1924 to 1928,
on for normal
Interest payable J. & D. at Los Angeles without deducti
Pacific-Southwest Trust & Savings
Federal income tax not exceeding 2%. ble,
all or part, on any interest
Bank, Los Angeles, trustee. Redeema
$500 (c*).
date. on 30 days' notice, at 103 and int. Denom. $1.000 and
San Pedro, Cal.. Dec.21.
L.
Baker,
Fred
nt
Preside
Data from Letter of
owning and
Company.-OrganIzed Sept. 15 1922 for the purposeElofAbate
and El
operating the three steel lumber schooners, El Cedro,
g Board.
Mute, purchased from the United States Shippin
ed
mention
ships
on
three
e
the
mortgag
closed
first
a
by
Security.-Secured
12,600 tons.
above, having a total deadweight tonnage of approximately
having a total valuation of $855.000.
Angeles Lumber
Guaranty.-Guaranteed, principal and interest, by Los of the steamship
Products Co., which owns the entire outstanding stock
company.
Outstand
Auth.
Capitalization0,000 3500,000
First(closed) Mtge. Marine Equip.7% Serial Gold Bds_550
380.000
500,000
Co.)
Prod.
Lum,
by
Ang.
Los
Common stock (all owned

Kearns-Gors Co. Wheeling, recently offered $800,000 25-Year
J, D. Merriman &at 9qj and int. Guaranteed, principal and interest
Ludlow Manufacturing Associates.-To Issue 20,000
1st Mtge. 6% bonds Co.
ated July 11922. Due July 11947. Interest Additional Shares at $100.
Glass
-Atlas
Hazel
g,
Va.,
W.
trustee,
by
Savings & Trust Co., Wheelin
the issue of 20,000 additional
The stockholders on Jan. 10 authorized
payable J. & J. at Dollar
$100 per share in
normal Federal income tax up to 2%. Denom.
to
be offered stockholders athold.
par
no
value,
stock,
of
date
shares
upon
weeks'
without deduction for any
two
interest
The rights
any
part on
or
shares now
all
six
each
Callable
for
stock
of
new
share
one
of
stock will carry
$1,000 (c). and interest. Beginning Jan. 1 1924, bonds shall be called the ratio
new
The
15.
Feb.
expire and the new stock is to be paid for will not carry the dividend payanotice at 102 notice at the rate of $40,000 each year.
after Mar. 11923, but
at par on like secured by a first mortgage on the entire property of the dividends declared
Bonds are
ry, equipment, ble on the old stock Mar. 1.-V. 115, p. 2801.
of real estate, buildings, machine
company consisting




JAN. 13 1923.]

THE CHRONICLE

Lyon & Healy,Inc.(of Ill.).-Pref. Stock Offered.-Ames,
Emerich & Co., F. B. Hitchcock & Co. and Chicago Trust
Co., Chicago, are offering at 100 and div. $2,500,000 Cumulative 7% Pref. (a. & d.) stock (see advertising pages).

185

Morrison Metal Stamping Co.-Organized.-

Capitalists of Jackson, Mich., and New York have organized the Morrison Metal Stamping Co. with an authorized capital stock of 20,000
shares of no par value, to engage in general automobile stamping business.
Property adjoining the Hayes Wheel Co. plant in Jackson. Mich., has
been obtained for a site. fit is reported that the organizers are individual
stockholders of the Hayes Wheel Co.I

Dividends payable Q.-J. Red. all or part on 30 days' notice on any div.
date at 110 and diva. Annual sinking fund beginning 1924 payable in cash
or in Pref. stock a.. cost to the company, equivalent to 3% of largest amount
Mother Lode Coalition Mines Co.-Production.of Pref. stock at any one time outstanding, or 25% of net profits after deThe company in December last produced 2,043.859 pounds of copper,
duction of one year s Pref. dividends, whichever sum is greater, to be used
compared with 2,079,554 in November, a decrease of 35,695 pounds.
for purchase or redemption of Pref. stock.
-V. 115. p. 2694.
Capitalization Authorized and Outstanding (No Funded Debt).
Cumulative 7% Preferred stock (par value $100 per share)
$2,500,000
Mother Lode Copper Mines Co.-Production,
Common stock (par value $20 per share)
4,600,000
President James J. Godfrey says the world is facing a shortage of copper
Data from Letter of Marquette A. Healy, President of the Company. because of the record consumption, based on December sales of 300.000.10130
Company.-Incorp. in December 1922 and has acquired the assets and pounds.
Pres. Godfrey says In substance: "Mother Lode's production schedule
business of Lyon & Healy. in continuous existence since 1864. In each of
this year is set for 36.000,000 pounds. During 1922 the company's output
its 59 years of continuous operation company has shown a profit.
Company distributes at retail in the Chicago district and at wholesale was 25.000,000 pounds and in 1921 18.000,000 pounds.
"Under the milling contract between the Kennecott Copper Corp. and
throughout the country "everything known in music"; it has 35,000 customers on its books and its modern store in Chicago is the largest music Mother Lode the latter's production during 1923 will be increased to
store in the world. It is the leading distributor of Steinway pianos and 3.000,000 pounds monthly.
"Mother Lode stockholders have been considering a tentative proposal
the largest distributor in its territory of Victor and Aeolian products.
Factory at Healy. Ill., manufactures pianos, the Lyon & Healy harp and to sell their holdings to the Kennecott Copper Corp., but so far nothing
has been accomplished."
other musical instruments.
Fit is reported that the Kennecott Copper Corp. will make another
Assets.-Balance sheet as of Nov.30 1922, adjusted
reflect this financing, but without taking into account profits for Dec.,to
shows current assets offer to the stockholders of the Mother Lode Co. and on a more liberal
amounting to more than 5.3 times current liabilities, net current assets basis than that made about a year ago. In Jan. 1922 the Kennecott Corp.
equivalent to $239 per share and net tangible assets equiva:Int to $293 Per offered one share of stock for three shares of Mother Lode, but the terms
were unsatisfactory.I-V. 115. p. 1216.
share of Preferred stock
Mutual Oil Co.-Plans To Acquire Merritt Oil Corp.Earnings (Predecessor Company) Calendar Years.
Negotiations are reported to be under way whereby the company may
Net Sales & Nt Before Int. Interest &
Balance,
acquire the properties of the Merritt Oil Corp. In the Big Muddy field of
Other Income. & Fed. Taxes. Federal Taxes.
Surplus.
1917
$5.768.122
$860,815
$151.812
$709,633 Wyoming. The report states that the merger, If consummated, might
1918
5.734,311
813.534
602,974 result in important changes In the Wyoming oil fields. The Merritt Oil
210,560
1919
8,060.314
1,582,765
463.895
1,118.871 Co. is controlled by the Standard Oil Co. of Indiana, through its ownership
1920
8,313.749
855,642 of the Midwest Refining Co. It is also understood that the Mutual will
1,074,284
218.642
19
21.
,
434 take over additional properties controlled by the Midwest Refining in
1922(Dec.est.)_ _ 7,835,747
589,338
87,000
502.338 the same fields.-V. 115, 13• 2387.
Purpose.-Proceeds will be used to reimburse company for cash expended
Nash Motors Co.-52 50 Common Dividend-Initial
in the acquisition of the assets of the predecessor company and to furnish
additional working capital.
Dividend on Preferred "A" Stock.Listing.-Applicatlon will be made to list Preferred stock on the Chicago
The directors have declared a dividend of $2 50 per share on the outStock Exchange.
standing Common stock, no par value, payable Feb. 1 to holders of record
Jan. 19. On Dec. 28 1922. the company paid a stock dividend of three
Marconi's Wireless Telegraph Co., Ltd.-Dividends.- shares of new Preferred 'A" stock. par $100. and four shares of no par
The directors have declared (1) a dividend of 7% less Income tax, on Common stock on esch share of Common stock then outstanding. The
the 250,000 7% Cumul. Partic. Preference shares for the year ending company in the past four years (1919 to 1922 incl.) paid dividends totaling
Dec. 31 1922. and (2) an interim dividend of 5% less income tax on the $16 per annum on the old Common stock.
2.750,000 Ordinary shares on account of the year ending Dec. 31 1922.
An
. initial dividend of 13i% has also been declared on the 'Preferred
Both dividends are payable Feb. 1 1923 to shareholders of record Dec. 'A' stock, payable Feb. 1 to holders of record Jan. 19. See also V.
20 1922.-V. 115, p. 2387.
115. p. 2802. 2912.

Merchants Shipbuilding Corp.-Shipyard Abandoned.-

The corporation has announced that its shipbuilding plant at Chester.
Pa., will be abandoned and all shipbuilding and steel fabricating work
will be concentrated at the yards of the William Cramp & Sons Ship &
Engine Building Co., Philadelphia. The future of the plant at Chester
has not been determined.-V. 114. p. 1541.

Merritt Oil Corp.-Merger Negotiations.See Mutual
011 Co. below.-V. 114, p. 1897.

Mexican Eagle Oil Co., Ltd., London.-Interim Report.
-The interim report, issued on Dec. 31 1922 by the London
agents, shows in substance:
Dividends.-Tbe directors, having considered the estimated results of the
company's operations for the fiscal year ended Dec. 31, have decided to
pay an interim dividend of 8%, payable Dec. 31 1922. The accounts for
the year will be issued in June 1923.
Resuits.-The trading results for the year
have been materially affected by the lower prices which have ruled in1922
the world generally, and particularly by the severe fall in the market freight rate for tank steamers,
which is lower than It has been for the last ten years. During the last six
months there has been a decline in the price of spirit, resulting ins reduction
of about 40% in the net proceeds derived from the sale of such product.
Crude OIL-Considerable quantities of crude oil were purchased during
the year and converted into refined products, which
were sold at a satisfactory profit.
Comparison of Oil Deliveries (in Barrels).
ITalf-Year toJune 30 1922.
Dec. 31 1921.
Tamnico
5,874.448
5,837,000
Turpam
6,113.500
7.106,450
Minatitlan
1.298.052
1,383.000

Nashua (N. H.) Manufacturing Co.-Annual Report.1920-21.
1919-20.
Years ending Oct. 31- 1921-22.
1918-19.
$8,205.290 $12,670,706 525,833.410 $18,463,455
Sales
1,210.205
Net profit before divs_xdf.1,113,361 def.316,512
1,820.424
x After all charges, depreciation, &c., but before Preferred dividends.
Balance Sheet Oct. 31.
1921.
1922.
1922.
1921.
LiabilitiesAssets$
3
$
$
Plant account___x11,487,004 14,073,841 Preferred stock___ 4,890,000 4,899,000
Invest.- Nashua
Common stock__ 5,000,000 5.000.000
555,000 Notes payable_ ___ 4,005,000 5.585.000
Homes Corp___ 543,000
803,484 Res.for depree'n
934.539
Cash
2,252.911
Accounts reedy_ _ _ 2,409,838 4,533,1513 Aorta. Payable-__ 666,900
666,527
Notes receivable_
21,560 Federal taxes
111.354
4,584,397 5,330.701 Res for der Items,ho
Inventories
272,113
345,434 Surplus-Earned_ 4,380,448 5.836,739
Prepaid Int. & Ins_ 202,320
272,967 Surplus paid In__ 1,312,500 1,312,500
Deferred expenses_ 102.751
Total

20.263,848 25,936,144

Total

20,263.848 25.936.144

x Plant, $15,192,722, less reserve for depreciation, 53.705,718.-V
116, p. 83.

National Sugar Refining Co.-New Officers, &c.-

George W.Dunker has been elected as chairman of the board, anew office
Just created. Adolph Mollenhauer has been elected Vice-President and
William K. Dick a director.-V. 115, p. 2388.

Newmarket Mfg. Co., Boston.-Stock Dividend, cfcc.--

The company has Increased its authorized capital stock from 81.200.000
(all outstanding) to 81.800.000. par 8100. The new stock is to be distributed as a 50% stock dividend to holders of record Dec. 29. Surplus Sept. 30
1922 was reported as 52,471,537.-V. 111, p. 699.

Total
14,278,950
13.333.500
It is anticipated that the total deliveries for the year 1922 will be somewhat
New York State Gas & Electric Corp.-Tenders, &c.less than those of the previous year.
The company will, until Jan. 15, receive bids for the sale to it of Standard
Transport Service.-The fleet of the Eagle Oil Transport Co. in the ser- Light
Heat & Power Co. 1st Mtge. 4s and let and 2d Debenture es to an
vice of the company amounts at the presenttime to 405,763 d. w. tons. amount
sufficient to exhaust 810,000. Payment will be made at the
which, it is anticipated, will increase by 16,400 tons In the early part of 1923. Chase National
Bank, N. Y. City. See also Associated Gas & Electric
Drilling.-DurIng the period under review active drilling operations have Co. above.-V. 115,
p. 2166.
been carried out. In the northern fields, production from Naranjos. Alazan
and Potrero del Llano has continued, and further weds are being drided in
New York Telephone Co.-Plans $250,000,000-/mpts.
order to obtain the maximum total yield from these pools. A small, steady
Pres. Howard F. Thurber in a letter to the Public Service Commission,
production is still being obtained from the Amatlan and Zacamixtle wells.
Owing to the appearance of salt water in the northern part of the Cerro states that the company will spend approximately $250.000,000 in the next
5
years for the purchase of telephone equipment and the acquisition of
Viejo fields, drilling operations were started near the southern boundary
land In N. Y. City. The statement was made in reply to an inquiry by
of this large property, with the result that well No. 15 was
brought the Commission as to the increasing number of deferred
applications.
in with a production of 40,000 barrels per day. Furtherrecently
wells are being
Mr. Thurber said that the gross expenditure for new plants in N. Y.
drilled, and there Is some evidence that the pool In this area is distinct from
City last year was $45,500.000, and he estimated that the expenditure
that in the northern part of the field.
San (Jeronimo Field.-This field, which showed a large initial production, in 1923 would be $55,000,000. He said that the company is now getting
and expects to receive this year about one-third of the total output of
has on further exploitation proved disappointing. The directors,
the Western Electric Co.'s factory.
are advised that the possibilities offered by this Held justify furtherhowever,
drilling.
He said that 250,000 stations would be installed in 1923, comparing
The development of the large Cazones area has presented many technical
difficulties. owing to the complicated structural conditions, but is is confi- with 205.000 in 1922, 182.000 in 1921, 117.000 in 1920, and 176,000 in
1919. all large years.-V. 115. p. 1845.
dently hoped that these difficulties will be overcome. In this
region the
company holds extensive acreage.
Niagara & Erie Power Co.-Tenders.Isthmus of Tehuantepec.-In the Isthmus of Tehuantepec varied diffiThe
Trust Co. 140 Broadway, N. Y. City, will until Jan. 31
culties, which are being overcome,
have caused delays in the developments receiveGuaranty
bids for the sale to
on the salt dome properties. The favorable
'it of 1st Mtge. 5% 30-year Gold bonds, due
conditions are unchanged, and Jan. 1 1941.
to an amount sufficient to exhaust 525,115 at a price not
the directors are very confident that the wells in this district should be steady
exceeding 105 and interest.-V. 112, p. 2419.
producers of good quality nil.
Unofficial Statements.-Directors are satisfied that it is wiser to continue
Nipissing Mines Co., Ltd.-Production,
their policy of issuing statements only
when Important news warrants such
The
in December mined ore of an estimated net value of $279.action, and they desire to repeat their
previous warnings that regard should 175 andcompany
gapped bullion of an estimated net value of 5262.187. The value
not be paid te unauthorized statements or rumors regarding the company's
of the months' silver production was estimated at 65c. an oz. The refinery
properties.
(Joseph Walker & Sons, 61 Broadway, members of the New York Stock shipped 405.297 fine ounces of bullion.-V. 115. p. 2803.
Exchange, are interested in the company.(
-V. 115. p. 2802, 2054.
V North German Lloyd SS, Co.-To Pay Bonds.The Hamburg-American SS. Ce. and the North German Lloyd SS.
Minneapolis Gas Light Co.-Gas Rate Upheld.The U. S Circuit Court of Appeals has upheld the decision of the District Co. (Germany) have called and will pay off on April 1 all mark bonds
Court In granting the company the right to charge a rate sufficient to insure outstanding, paying mark for mark in the present currency.
It is estimated that it will require less than $10,000 in American money.
a return of 734% ass reasonable return on its property valuation.-V.115.
converted Into German marks, to pay off the entire 532,500.000 of bonds.
p. 2693.
-V. 113, p. 2318.

Montgomery Light & Water Power Co.-New Control.-

See Alabama Power Co. above -V. 111, p. 300.

Moon Motor Car Co.-Outlook.-

President Stewart McDonald on Jan. 8 declared that the outlook for
1923 business for the company is between $15,000,000 and 518,000,000,
which would mean profits equivalent to about $10 per share on the Common
stock. In 1922 approximately $5 per share was earned.
"Beginning Jan. 1," according to President McDonald,"the company
began a monthly schedule of 1.250 cars. This production schedule will be
increased as January is normally one of the slowest months in the year.
-V. 115, p. 2802.




North Missouri Power Co.-Bonds Offered.-Guaranty
Trust Co., Kansas City, Mo., and Central Trust Co. of
Illinois, Chicago, are offering at 99 and int., $850,000 1st
Mtge. & Ref. 6 2% bonds.

Dated Dec. 15 1922. Due Dec. 15 1942. Interest payable J. & D.
at Guaranty Trust Co., Kansas City, trustee, or Central Trust Co.,
Chicago, without deduction for normal Federal income tax up to 2%•
Redeemable at 107ji and interest during first 5 years and thereafter at a
premium of
of 1% for each year of unexpired life. Denom. 81.000.
$500 and $100 (c*).
issuance.-Authorized by the Missouri P. S. Commission.

186

T1TF CHRONICLE

Data from Letter of V.-Pres. S. W. Henderson, Excelsior Springs,
Mo., Dec. 15.
Company.-Is successor of Excelsior Springs Water, Gas & Electric Co.
(V. 115, p. 2273). Has recently acquired additional properties which
will substantially broaden the scope of its operations. Company has 4
principal steam generating stations located at Excelsior Springs, Brookfield,
Edina and Novinger, and also purchases a substantial amount of electric
energy under a favorable contract from the Kansas City Power & Light
Co. for the Excelsior Springs group of properties. The Marysville Water
& Electric Co. (controlled by stock ownership) has a steam generating
station maintained as a reserve plant, the greater part of its electric energy
being purchased from the hydro-electric station of the Marhsall County
Light & Power Co. At Excelsior Springs an artificial gas plant, having a
daily capacity of 240.000 cu. ft., is operated. Water systems are operated
at Excelsior Springs and at Marysville, Kan. Present high-tension transmission lines total 245 miles.
Authorized. Issued.
CapitalizationCommon stock
$1,000,000 $600,000
250,000
Preferred stock
700.000
Closed
421,500
Exc. Spgs. W.G.& El. Co. 1st Mtge. 6s, 1932
x
850,000
1st Mtge. az Ref. 63is
x Under terms of the trust deed escrow bonds may be issued under
conservative restrcitions.
Purpose.-Proceeds will be used for the acquisition of the additional
properties referred to above; for the retirement of certain underlying
liens and floating debt and for additions and extensions.
Earnings.-Cornblned earnings of the company and its subsidiary for
the year ended Nov. 1 1922 show: Gross earnings, $528,789: operating
expenses, taxes, &c., $333,002: net earnings available for interest on bonds.
depreciation and dividends. $195,787; interest on funded debt. $80,540:
balance, $115,247.-V. 115. p. 2913.

North Saskatchewan Land Co., Ltd.-Bonds.-

A third installment of 5% (making 35%, to date) of the par value of the
6% 30-Year Sterling bonds (as stated in Canadian currency at the stipulated fixed rate of $4 86 2-3 per .C) amounting to $24 33 1-3 per £100 bond,
was to be paid Dec. 4 in Canadian currency (Toronto funds) by the receivers, National Trust Co., Ltd., Toronto, Can., or at Canadian Bank of
Commerce, 2 Lombard St., London, E. C. 3, upon presentation of said
bonds.-V. 114, p. 1660. .

Norton Co., Worcester, Mass.-Stock Dividend, &c.-

The company has increased its authorized capital stock from $3,000.000
(all outstanding) to $9,000,000, par $100. The additional stock will be
distributed to Common stockholders as a 2007,, stock dividend. The
company also has an authorized issue of $6,000,000 7% Cumul. 1st Pref.
stock of which $5,920,000 is outstanding.
Balance Sheet.
Nov.30'22 Dec.31 '21
Nov.30'22 Dec.31'21
3
•Ltabtlittes-8
A ssetsReal est.,mach.,dre 5,702,986 6,118,87f Preferred stock _ _ _ 5,920,000 5.920,000
456,359 Common stock ___ 3,000.000 3,000,000
Notes & acels rec_ 1,193,010
779,463 Accounts payable_ 175,846
85,273
Cash & Gov't scc_ 2,073,885
3,901
Inventory
3,976,567 5,233,706 Accrued charges_
Investments
3,642,902 3,378,954 Profit & loss surp_ 7,815,707 7,184,844
192,758
assets
326,104

•

[Vol,. 116.

Old Dominion Power Co.-Notes Sold.-Chas. D.
Barney & Co. announce the sale at 99 .and int., to yield
about 63
4% of $500,000 First Mtge. Collateral Trust 634%
gold notes (see advertising pages).
Dated Jan. 1 1923. Due Jan. 11928. Int. payable J. & J. Callable
at 1013 and int. prior to Jan. 1 1925 and at 100% and Int. thereafter.
Denom. $1,000 and $500 (0). Co. agrees to pay the normal Federal
income tax not exceeding 2%. Penn. State 4 mills tax refunded. Chase
National Bank, New York, trustee.
Company.-Furnishes electric light and power to various towns and
communities in Wise County, Va. Territory served is mainly of a mining
and industrial character.
A large part of the company's revenues is derived from the sale of power
to the coal mines, Including Wise Coal & Coke Co., Norton Coal & Coke
Co.. Virginia Iron. Coal & Coke Co.. Clinchfield Coal Corp. and Blackwood
Coal & Coke Co. In addition furnishes electric light to the towns of
Norton, Wise, Coeburn and St. Paul (in construction), as well as doing
the street lighting of these municipalities.
The generating equipment comprises 5,000 k.v.a. capacity. Transmission system comprises 36 miles of high tension line, and when additions
now under construction are completed there will be a total of 56 miles of
transmission line under operation, in addition to over 20 miles of hightension distribution lines.
Authorized. Outstanding.
Capitalization After This Financing$500,000
8500,000
First Mortgage Collateral Trust 6%% notes
1,000,000
769,200
Capital stock
There is an authorized issue of $3,000000 1st Mtge. bonds. *500,000 of
which will be issued and pledged as security for the gold notes.
Earnings for Twelve Months ended Dec. 31 1922 (December est.).
$282,900
Gross earnings
$146,000
Balance after operating expenses and taxes
37.000
Depreciation
Net earnings available for interest

3109.000

Oliver Iron & Steel Corp.-Merger.-

The Oliver Iron & Steel Co., manufacturers of carriage bolts, machine
bolts, nuts and washers, of all sizes, rivets, light forgings, picks, crow bars,
wagon irons, &c., and the Morris & Bailey Steel Co. of Pittsburgh, manufacturers of cold rolled strips, sheets and plates of every description, have
been merged under the above name. The management of the two companies in the merger will continue as in the past. The Morris & Bailey
Steel Co. will be known as Morris & Bailey Envision. Oliver Iron & Steel
Corp. The new corporation will continue to manufacture the complete
lines that were made by the former companies. The new company, it is
stated, will have an authorized capital of $8,000,000.

Orono (Me.) Pulp & Paper Co.-Bonds Sold.-Merrill
Trust Co. and Columbia Investment Co. Bangor., Me.,
have sold $500,000 1st Mtge. & Real Estate Lien 6% gold
bonds at 100 and in . A circular shows:

Dated Jan. 11923. Due Jan. 11943. Interest payable J. & J. without
deduction for normal Federal income tax up to 2%. Denom. $1,000
and $500 (c5). Redeemable on any interest date at 105 and interest.
Merrill Trust Co., Bangor. Me., trustee.
Company.-Operates its own mills at Orono, Me. Has been successfully
Total
16,915,454 16,190,118 engaged in the manufacture of sulphite pulp, colored kraft, bag, envelope,
Total
16,915,454 16,190,118
-V. 111, p. 499.
wrapping, manifold, tissue, and specialty papers. Plants have a daily
capacity of 50 tons of sulphite pulp and 60 tons of paper. Electrical
Ohio Fuel Oil Co.-Resumes Dividends.energy for the operation of the plant is supplied from the company's
A divieend of 50 cents per share has been declared on the outstanding hydro-electric development of 3,200 h. p. 'Timberlands owned and conCapital stock. par $1, payable Jan. 20 to holders of record Jan. 15. This is trolled are sufficient for a 30 years' supply at present rate of consumption.
the first dividend since Dec. 20 1918, when 50 cents per share was paid.
Security.-A first closed mortgage on 87,500 acres of timberlands,
V. 114. p. 1898.
subject only to an existing mortgage lien on one township of $150,000,
all of which will be paid off by April 11925. Further secured by a mortOhio Fuel Supply Co.-Segregation Approved.gage on the company's pulp and_ paper mills. hydro-electric plants, &c,.
The Ohio P. S. Commission has approved the matter of segregation of now covered by the $350,000 1st Mtge. 5% bonds outstanding.
the natural gas business of the company. The business will be transferred
Earnings.-For past 5 years net earnings applicable to bond interest,
to a new company known as the Ohio Fuel Gas Co. The *25.000.000 capital and after Federal taxes, have averaged about 7 times interest requirements
stock of the new company will be held by the Ohio Fuel Supply Co.-V.115, for all bonds issued and to be issued. Earnings for 1922, December estip. 2803.
mated, show net of $228,495, or more than 4 times requirements.
Purpose.-To liquidate bank loans created for the purpose of acquiring
Ohio Leather Co.-Reorganization Plan.a sufficient timberland reserve.
A Youngstown dispatch states that the company Is working out a plan
Capitalization After Giving Effect to the Present Financing.
of reorganization that is expected to help to overcome some of the troubles
$500.000
bonds (closed)
arising from losses of about 32,000.000, resulting from the post-war slump 1st Mtge. & Real Estate Lien 6%
5% bonds, $500,000: less sinking fund, $150,000; outMtge.
1st
about
asked
be
will
values.
contribute
$1,000,000
to
Stockholders
in leather
350.000
standing
to hold their position under the reorganization plan and bankers to accept
and payable 1923.
long term debentures for a portion of their loans now aggregating about Mortgage Lien on one timberland tract due
150,000
1925
and
1924
$2,300,000. The debenture issue would be cut to $1,500,000.
1,984.000
Present Preferred stockholders will be asked, it is stated, to pay in $50 Capital stock, paying 8% dividends
and
stock,
be
will
given
Pref.
1st
8%
a share on that stock for which they
Otis Co., Boston.-Balance Sheet Sept. 30.have their present Preferred holdings cut in half. They will also be given
Filed with Massachusetts Commissioner of Corporations.
no par value Common as a bonus. If Preferred stockholders do not pay
1921.
1922.
in their holdings will be cut one-fifth in the form of 7% 2d Prof. stock.
1921.
1922.
Assets8800,000 8800,000
Common stockholders will be asked to pay $20 a share for which they will Real e3tate
112,951,549 $2,182,081 Capital stock
686,586
be given 2 shares of no par value Common. Otherwise their holdings will Equip. accounts__
(2,960 • 50,146 Accts. dr notes pay 1,873.515
*3,617,011 4,170,837
be canceled.-V. 114. p. 529.
2,390,829 2,710,969 Surplus
Inventories
505,227
Cash & debts rec__ 871,578
Ohio Oil Co.-Production-Sales, &c.Total (each side)*6.290,1526 8.5.657,423
209,000
13,610
Investrpents
President J. O. Donnell, before the Senate Manufacturers Committee.
* Includes reserve for Federal and State taxes.-V. 106, p. 928.
stated that the company and its subsidiaries produceil 13.356,510 bbis. of
oil In 1922. against 10.547,554 bbls. in 1921 and 9,644.497 bbls. in 1920.
Ottawa (Ill.) Silica Co.-Bonds Sold.-Whiting &.Co.,
Purchases of oil by the company amounted to 6,558,340 bbls. in 1922,
announced the sale at par and interest of $500,00
against 6,253,299 bbls. in 1291 and 4.416.446 bbls. in 1920. Total sales Chicago,
of crude oil in 1922 amounted to 15,456,745 falls. at average price $1 99. First Mtge.6% Sinking Fund Gold Bonds in the advertising
In 1921, /0,674,293 bbls. at $2 22, and in 1920, 15,225.791 bbls. at $3 19. pages of last week's 'Chronicle."
The comnany in December last had in storage 13,000.000 bbls., of which
Dated Dec. 15 1922. Due Dec. 15 1942. Interest payable J. & D.at
11,000,000 were available, balance not being usable.-V. 115. p. 2486.
First Trust Co. of Ottawa, Ill., trustee. Denom. $1,000. Callable at
upon 30 days' notice. Normal Federal
103 and interest on any interest datecompany.
Ohio Power Co.-Bonds Sold.-Dillon, Read & Co.; Lee, income
tax up to 2% paid by the
Company.-OrganIzed in 1900 to mine and ship washed and dried silica
Higginson & Co., New York; and Continental & Commercial
Since that time has grown to be the largest producer of this product
Trust & Savings Bank, Chicago, have sold at 92 and interest, sand.
IS the finest grade of pure silica
in the United States. Company's product
to net over 5.55%,$2,000,000 First & Ref. Mtge.5% Gold sand,
being 99.89% pure silica. It is used in the manufacture of glass,
plaster. roofing. washing powders and for polishing and grinding,
Bonds, Series B. Dated July 1 1922. Due July 1 1952. steel, blastin