The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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INCLUDING
& Quotation
Bank
Electric
Industrial Section
Bankers* Convention Section
Railway Earnings Section
VOL.
&
Railway
Section
SATURDAY, JANUARY
114.
NO.
14, 1922
Week ending January
—
PUBLISHED WEEKLY
Terms
•
of Subacription
ror One Yea^-
— Payable
Inc.
...$10 00
Months
ffo? Six
Ohicago
13 50
Baropean Subscription (Including poataKe)
7 7.5
Kuropeaa Subscription six m-jutiis (including postage)
11 50
0»nadiaa Subscription (including postage)
NOTICE. On account of ttie (luctuatloae In the ratea of ezchange
raraittancea for European subscriptions and adrertlsemsnts must be made
New York
funds.
Subscription includes following
Base and Qootation
Milwaukee
Indianapolis
Columbus
Dayton
On
—
—
request
._
Wayne
Springfield, Ill-
Cbicaoo 0»7ica 19 South La Salle Street, Telsphone State 5594.
LONDON Opficb Edwards & Smith, I Drapers' Gardens. E. O.
COMPANY, Publishers,
WILLIAM B,
Lexington
Akron
Rock ford
Canton
DANA
COMPANY.
WILLIAM
Clearing^
— Rnvrm by
Week ending
1922.
1921.
S3. 559.386.643
4.33.852.823
486.792,385
337.000.000
253.000.000
119.539,644
a
128,600.000
*101. 500.000
82.700.616
.361,712.801
Boston
.
255,063,247
156,000,883
Kansa.s City
8t. LouLs
San Francl.sco
Pittsburgh
Detroit
Baltimore
Xew Orleans
_
.__
-.
134,545,.333
5 days
$6,181,807,105
1. 2.36, .361. 421
88,470,958.290
1,294,191,6.58
.$7.418. 108..526
$7,765,149,948
—4.5
all cities for
Estimated,
week
_..
P.isadena
Fresno
121,683,000
54,206,000
30,179,092
28,686,886
19,675,607
3,873,707
Kansas City
Minneapolis
Omah^i
Clearings at
Week ending January
—
\Inc.
S
S
4,277,370,182 .5,571.205..369
408,000, f;oo
532.913.711
202,711,066
167,600,000
70,186.111
106,0.59.078
37,038.301
44,(j93.7.54
5.ri05,Hf;4
5.000,000
18,992,220
21,4.18.907
14,673,449
16,974.861
New York
Philadelphia
Pittsburgh*
.
'
'..lo._
':/
-
-
iingl.on
stflr
ion
use
%
—23.2
—23.4
—17.4
—34.3
I'romont
3-54,1.52
40.1i
2,6.34,772
2.948,428
3,370,660
2,282,970
1,264,014
2,204,503
Aberdeen
—9.9
3,591,174
5,371,861
3,842,164
1,699,616
—14.6
WhMlIng
4,34.'),2fl2
- -28.4
"
3,962.437
1..327. 510
2,0m),528
6.066,189
4,397,332
1.600,000
3,399,120
.
Mi;iit':lnlr
Hct'ildhem
IIiiiiMngton
UarrlMbiirg, I'a
4,7l6,r,5i!
.
Total Middle.
BoHton
1
304,000,000
,2.w,2no
I,i!7l.l45
2, 9;{5,
<:).'.
—4.3
—25.0
l',42V,2dd
8-19,200
871,017
1,913,113
—2.9
994,986
2,400,000
638,972
—20.3
1,995,265
—
556,353
21.2
,,.
,
..
,.
Xoi
In
.,.,..,. ,.„:
405,733,370
total
— lo'a 6,426,898,206 4,080,162,766
—
2fi 1
13,038,0.34
-M
15,199,779
6,495.871
4,738,638
Ifavcn
7,806.2.10
6.6-11,755
-14.2
— IG.8
—27.6
—
..
.r
Ktariiford
829, 684
1,662,771
1,022,344
a
1,560,167
fi71,«i69
..
ko
rj,6r;7,2"46
1,8-15,264
l,29{»,595
ICIHT
iicdford
1,212,662
1,730,420
—21.6
448,933,987
—24.4
^
Totnl N'('W Kng.
longer
roriorl. ri.-miMi;-)
no
1,.
10,871,441
7,094,142
5,242,097
2b'.7
6,'646',722
'.i'fim.ml,
+ 0.9
3,480,052
1,762,811
2,064,901
1,262,.591
—21.8
—34.6
2,4,36,372
1,627,249
'
7«8,07.'l
+ 23.4
4»7,764,286
329,030,012
Do
bank doarlngs on page 172
we apply
to
bmt
by th« clebtH.
^g
Havantiiili
.Miwlivllld
.Vorfolk.
—
47-3
—8.5
-15.3
—25.6
—13.6
—23.7
+ 6.4
—
2--
—32-0
—29.3
+ 36.1
20,930,3-54
24,020,319
7,359,072
22,028,04:1
14,6.33,771
12.866,474
19,476,396
6,264,925
5,896,309
v;,9,59,4 76
3,100,000
2.122,1.S9
19,644.10.5
13,911,488
19,682,959
9,909, .565
10,981,768
9,4,82,716
4,385,194
3,164,035
2,473,372
3,027,506
1,478,724
2,820,021
I, .328, 7.50
—26.9
— 10-3
2,493.150
1,302,217
1,009,812
—31.2
971,7,89
-t49,067j --12.4
875,615
726,286
726,346
636,997
782,.893
—46-0
--36-4
1,639,771
1,973,404
1,633,209
373,.328,608,
-18.7
543,032.767
409.847,987
.52.8.30.563
+ 7.7
83.407.606
29, 777, .5,83
—16.2
21,05-1.890
60,929,107
20,896,068
"
7,086 .6,83
76,647 .316
4 1 ,.SS-I 051
93,989 ..301
26,099 667
a
t.
.
Kork
,
:hiirlc!Hton
.
.
.'liiittanooKa
...
670
17.1
.5.51
OUO
4,024
6,640
24,833
6,818
I!7
Total Southern
Total nil
K
a,'}
'
I
'I
3,7N2,760
6,164,380
101
8,:i9l,07l»
nil
2,776,517
4,606,289
1100
2,0'iO,873
(1,187,882
9.120,180
31-0,
•r-M
--;)9.i
- 10.
628
(lOO
'9
1, 619,909
'1.072,166
701, OH I
696
i2,i:ii
247,
;!ii,5Mi; :iit
irili
I2,K9'„'
'.';..i
-I
ri
1.9,
0,
44
•(,600 1:^0
I
1
I
lOII
9,734, (190
1,009 ,S40
4.74I,;M2'
.
—-26.1
17.4'
H..S
— 43
090
1,601 807
2.401,77'.!
28.693.(1;!.;
DrilliiM
(MtHldc
0.2
-0.01
.517,
Miiskogiie.
Hhioveport
10,676, 60»
14,30(1,577
.),600
6,9:10. .522,
9,070,;!H;i
.fitckson
VIcksbiirg..
0.660,76l»'
19,351,153
J2,776 .lOll
4 148 .664'
4,016,000:
1,632.000,
.
14,603 ,527
16.742 ,239
22. -SO 701
6,109 6t2
10.
3,016,962
2,118,734
4,701,146
20,312,160
Mobile
07.528.727
16.260.818
.13.283 0(11
3,009 141
3,425,623!
.
7,'40(m166
63, .508,082
22. .5.52.878
-;ifi.6
22,;! 16 ,066
11.412,0561
.
31.4
—23.6
—21.1
1,342,6I1»
20,000 000 -17,2
8,928 ,873, —26.7
207,906
s.74:!,:'.IO
JurkMonvillu
Knoxvlllo..
+7'.5
—27.5
665
13,757 ,519
6,'(0;.! ,229
0,644,717
22,186,471
3,009,000
.'
,167
17.000 000
68.2;i9
16, .555,406
.
.
.52.1f»6
I0.S67.3.86
.
oklahorim
.VI neon
8,049 ,298
8,6.50.072
Illrfnlnghatn
f
194,230,451
43,551,153
48,500,000
16,999,219
1,107,995
514,385
37.862,000
14.681.000
44.601.072
Worth
.
l.756,,S9S
66,920,905
24,973,177
Menjpliia .b
TlllHIl
272,798,399
1,276,6-42
'
;iUveHl.oM
Hichiiioiid
'
+ 13.5
1,260,558
<
I.IIM'^
271,289,863
303,634,617
Louis
Orleans
AugiiMla
392,235.733
688,919
A'IBlIll
0V2",392
coiriiinnitlvc flgiircq for provloii.i yonm.
deiirlnr'.. but give romnnratlvo flgiimo of debits;
year's rlcarlngH the same ratio of d'-creahc (or Incrciiw; as dhowii
c
not rcHpond to rc(|iiit;ls for figures.
* Kstlmatwl on basis of I.ikI ofllclnlly reported week.
— Canadian
7,484,911
4,874,601
3,836,036
nr only give debits aKnlnst individual aocount<i, with
b Hcporl no
Nou.
304,236,480
—14.7
-13-7
2,425,914;
•
39.3,430
HciimtoM
(
3,675.811
No
410,623,218
i.assjoe
-11-41
9.044,640
15,194,563
1,705,123
...
Tot. Oth, West,
l-ort
a
f'lrd
1
400,470
3,573,927
— 13.7
—11.2
—2.8
52,522,2.56
2,743,730
3,014.291
2.430,087
3,299,822
Springs
Alliinta.
.,
6.47.i,8.'il,r/H 6.5.;
Pri.vldcnco
'
Helena
I,f)lllHvlllO
1,197,600
908, l.W
2,310, '44
640.769
r
1,648,700
L.stcr
'
VVat^-rloo
.St.
7,846,346
4,874,649
2,200,000
1,188,608
3,927,763
2,042,705
1,284,927
1,048,264
64,279,490
4, 581, 910;
2,2-50,298
;, 6,53, 84 9
1,2-M,63(i
l'"argo
Now
.
lamton
na
— 17.1
—
a
Mburg
3,497,102
2,918,842
Topoka
Cedar Raplda
C'olorado
7,683,460
3,182,747
2,409,435
6,549,700
6,187,v00
2.916,076
2,021,950
—.34.8
12.270.784
6.200.000
10.637.031
9,184.4.52
Lincoln
Ila.slings
Hillings
3,08'<»,678
''•r.
Wichita
2, .505. 761
1.57,815,791
91,770,0.37
.50.404,786
6,170,-168
18.888,.590
a
"'on
Sioux City...
3,943,088
448,000,000
496,422,540
10,.572,470
—33.3
—31.3
—26.4
7,3.54,415
I0,,i83,101
10,390,403
4,611,383
6V666",254
3.-524,504
ingt/m
S
$
5,6.57.982,191 3,977,910.947
+ 10.7
83,1.33,062
0,!>.36,I25
Dos Moines
4, 906,,569
—11.6
—13.0
3.030,Z08
VViik(« Harre.b..
Joseph
St.
36,308,00037.348.521
25.593.93.5
45.227,118
40,859,035
26,690,654
971,-397
993,2.32
+ 6.1
—23.7
—14.1
ing
1919.
12.485,572
— 16.1
7.080.816
..
.
1920,
410,370,828
127,719,640
82,469,737
29,I39,20K
4,964,125
15,568,290
8,493,227
a
5.404, 4 r,7
.
Denver
Duluth
38,250,515
35,073,357
12,500,000
19,161,665
-21-5
—32-2
—10.3
—11.2
107,213,291
Puoblo
1
Bfil'imore
'
Dec.
1921.
1922.
Paul
St.
7.
or
—11.2
—15.6
—18.8
—24.5
411.258.712
Santa Barbara
Total PaciHc.
122,030,236
74,0.53,000
4,786,946
942,513
Yakima
Reno
Long Beach
Xo
a
350,012,191
San Jose
168,094,537
+ 0.5
12,330, 893:
7,232, 002
3,998, 570
3,871, 598
4,138, 290
3,204, 1.50
2,609, 999
1,568, 640,
a
4,243,208
813,745
.
.Stockton
longer furni.sh returns of plea.rings.
The full details of the w<;el< co%ered by the above will be given next Saturday.
We cannot furnUn them to-day, clearings being made up by the clearing houses
at noon on Saturday, and henop In the ji!)ove the lest day of the week has to be in
all cases estimated, as wt go to preas f'YIday night.
Detailed figures lor the week ending Jan. 7 show:
•
I, -524,868
San Diego
-4.5
—4.5
Total
894.145,105
1,216.549
—24.0
175,900, 000
96,289, 000,
33,212, 857]
31,269, 701
12,903, 553
17,000, 000
13,652,710
5,678,516
2,714,587
3,472,681
3.675.705
2,764,800
2,460,986
.Sacramento
—5.4
—0.5
day
1,802,903
126.670
1,450,837
—3-7
—22.1
—25-2
2.103,468:
133,700.000
96.720,000
29,483,215
26,378,073
10,479,562
12,849,777
Angeles
Portland
— 5.6
85,278,478.362
1,192,479,928
All cities, 1
1,690,051
250,000
2,073,862
850,029,247 1,135,382,4341 —25,1 1,166,452,354
Spokane
Salt Lake City.l^acoma
Oakland
—24.2
54.994,868.995
1,186,938,110
all cities,
943,943
449,893
849,835
208,431
1,575,476
Seattle
+ 11.0
Eleven cities, 5 days..
Other cities, 5 days
Total
650,000
668,720
882,251
265,031
Tot.Mid.Wect.
—24.5
74,491,401
72,691,809
51,987,860
49.071,635
+ 32-4
S?'<,598
San Francisco..
+ 2.2
125,800,000
.5.5.104.277
.-_
"694'96;5
1,349,093
1,356,821
Adrian
Lansing
a
3,000,000
1,643,013
1,246,914
—31-2
933,850
1,03
2,000,000'
647,503
Owensboro
—0.8
—23.4
4,542,98^
7,225,243
1,373,594
2.143,434
3,901,237
5,991,000
28".6
Ann Arbor
— 6.6
.
—
Lima
—3.6
—10.3
Philadelphia
'41 8" 166
+ 26.5
5,305,884
I,b50"6o6
Danville
Cent.
§3,431.500.000
New YorkChicago
—36.0
—31.1
—5-6
—28-1
11,978,5546,554,125-
1,951,2.55
Jacksonville, I1I--
Per
Telegraph.
Janxiarti 14.
1.427,093
1,724,380
1,385,268
— 3^.2
18,984,000
15.285,100
16,989.427
6,031,293
7,313,496
1,950,017
1,604,171
Bloomington .Decatur
CLEARING HOUSE RETURNS.
+ t.l
—.36.5
—24.5
,32,940,975
538„549,131
58,701,173
103,627,146
66,925,639
31,878,816
16,952,000
10,918,200
IMO', 133
Manefield
following table, made up by telegrapli, Sen., indioatea that the total bank
clearings of all the clearing houses of ths United States for the weak ending to-day
have been $7. 377.008. .526. agiiast $7,869,072,166 last week and 87,765.149,948 the
corresponding week last year.
6,303,709
7,046.202
2,200,206
3,128,948
3,500,000
13,375,000
3,054,314
4,879,191
2,083,126
1,800,000
2.566.849
5,215,302
1,673,234
1,500,000
1,203,492
1,882,465
a
1,198,379
1,189,238
1,308,000
c
299,482
.South Bend--Suringfield, OhiO-
f'The
+ 15.1
—45.7
—14.2
—28-4
2,015,8-55
8,-505.000
3,22',9-il
Quincy
B DAN.\
Presl
PublLshed every Saturday momina; by
dent. Jacob Seibert Jr.; X'toe-Presldpnt. Arnold G. Dana; Bu-slneaa Manager, William
Address of all. Office of ths Company.
D. Riggg; Sprrctar^'. HprhTt D. Selbort.
5.052.295
8,000.000
2,381,908
3,171,384
5,814,434
4,339,659
2,044,685
2,272,019
2.097.167
5,401,000
1,93^,354
Evan.sville
Fort
3,.525,012
a
Youngstown
45 cents
7.233,416
92.000,000
35,231,288
IS. 852,000
17,996,800
13,808,501
12,927,176
3,581,540
6,625,281
Peoria
Oranrt RapidS-
Elbctric Railway (.semi-annually)
Kailwat Eabninqs (monthly)
Bankbbs' Convbntion (yearly)
8ti.T9 AND CiTi (seml-annu.illy)
Terms of Advertising
Transient display matter per agate line
Contract and Card rates
1919.
679,175,189
70,635,626
148,937,725
110,000,000
142,410.,896
13.362,-300
Toledo
Supplements —
Railwat& Industrial (saml-annually)
(monthly)
1920.
—17.2
—27.3
—36.4
—5.0
—20-3
—4-4
—25.7
—6-4
—35.2
—16-7
678,323,745
73,629,771
494,024,236
53,494,314
90,517,935
91,262.000
28.140.229
18.026.000
Cincinnati
Cleveland
Detroit
—
la
7.
%
6 00
-
2951
or
Dec.
1921.
1922.
Advance
in
.-
Sectisj*
and City Seaam^f
State
'jit
Clearings at
Railway
y.iiijii.D'Ki
2,800.000
I2,l»-(6,0.'i9|
912,812
6;i8.9H-li
5.623,179
;:(.9
I-
49. .140,644
10.2
0,610,621
Ifl.H
•
690,825,010
2,.'iOO,00(l
l.'!0(l.000
10.172.911
677, .372
.506.986
2,7l2,42r>
20,000,000
3,610.640
302,78!).39»
I7.H 9,667,209,310 0,978,166,168
-9.8 4.(H)9.247,124
3,0(M),2-14.2l 1
THE CHRONICLE
108
It is gratifying to find
with what unanimity the
on
Federal Reserve
Board," and appealing to these Senators to use their
influence to defeat the proposed legislation.
It is
to be hoped that Congress will give heed to this ex-
agricultural
THE FINANCIAL SITUATION.
[Vol. 114.
interests
the
attempt to intrude class legislation and class control in the Federal Reserve banking system is being cellent advice, coming from so many different
opposed. The Federal Advisory Council of the Fed- quarters.
eral Keserve Board has taken a very decided staud
At the moment it is practically impossible to
against the movement, and the present week has
President Harding, in make any forecast of nearby political developments
presented a memorial to
which it declares with great emphasis that ''the ap- of an international scope in Europe. The resignapointment of a farmer to the Federal Reserve Board tion of Premier Briand of France and his Cabinet
improve apparently has upset well-defined plans for a treaty
by special Act of Congress would not
or add to agricultural credit conditions. It would, between (h-eat Britain and France and an internahowever, be fateful notice to the entire country that tional conference to consider comprehensive schemes
the Federal Reserve System had come under the for the economic and financial reconstruction of
domination of a powerful political group, designed Europe. The resignation of the French Premier
to secure special privileges for a certain class." seems to have been in anger and discouragement
Every word of this is gospel truth, and the Advisory rather tlian because of actual defeat in the Chamber
Council is tO be commended for so unequivocally of Deputies. What the policies of former President
We Raymond Poincare, who has been asked to form a
stating the danger involved in the attempt.
pages, and Cabinet, will be, remains to be seen. Whether M.
print the memorial in full on subsequent
we advise its careful perusal by every thoughtful Briand will openly oppose his successor and his polcitizen.
The statements of the Advisory Council icies is auotlier element of uncertainty. Because of
deserve special consideration and carry extra weight the action of Briand, it became necessary to disband
by reason of the functions attaching to its office, the conference of the Allied Supreme Council at
which functions are purely and distinctively advis- Cannes. At this writing it seems doubtful that the
ory, as the name implies.
proposed international gathering at Genoa in March
But other bodies of one kind or another have will be held. The immediate future of the reparacome out no less stronglj^ against the proposition tions question is in doubt also. The New York
to make it obligatory upon President Harding to "Herald" correspondent at Cannes described the
appoint a farmer to the Board following ttie next va- situation as follows: "The bright rainbow of a
cancy that may occur. Thus, the Administrative speedy European reorganization almost faded out
Committee of tiie National Association of Credit of sight to-day [Thursday]. Premier Briand's resMen, at a meeting on Jan. 10, decided to launch a ignation, which was announced just as the members
countrywide campaign against letting any class of the Supreme Council were having tea with the
influence dominate the affairs of the Federal Re- German delegates, created a situation without preceserve System. Telegrams are to be sent to the 134 dent, and has suddenly halted, not only the Angloaffiliated associations of credit men throughout the French treaty negotiations, but also a settlement
.
.
.
dieir attention to what is being at- with the (Jermans." Tlie London representative of
tempted, and averring that the time has arrived the same paper cabled that "the British Foreign Offor them to rally in defense of the System. In the fice views the French political crisis with the utmost
opinion of this committee and it is the opinion of dismay and also with some semblance of alarm beall those well
versed in such affairs— nothing cause it not only destroys all that has been accom''would prove so great a hindrance to the efficacious plislied by the series of hectic conferences, but blocks
and really useful operations of the System, than the the entire British foreign policy and shatters the
injection of politics into its administration, or per- hopes of an early adjustment of European econommitting any one interest above another to control ics and the consequent return to normalcy." Washin the personnel of the Federal Reserve Board." ington dispatches stated that "the resignation of
But the New York State Bankers Association, M. Briand, the French Prime Minister, will not modas well as the Pennsylvania Bankers Association, ify the results already attained in the Washington
throiigh the respective presidents of the two asso- conference nor delay the consideration of subjects
ciations, are also enlisting efforts against this ill- on the agenda, in the opinion of delegates to the
advised attempt on the part of the farming interest conference." It was added that "this view was exto control for its own advantage, else there would be pressed by Secretary Hughes, Mr. Balfour, head of
no benefit in having control, the policy of the Fed- tlie British group, and Senator Schanzer of Italy,
eral Reserve officials.
President J. H. Herzoc of wliile ^I. Sarraut, liead of the French delegation,
the New York State Bankers Association is sendiuji in answer to a question as to whether, in his opinout a letter calling the attention of the members of ion, the work of the conference would be delayed on
the association to a resolution of its Council of Ad- this account, said
'No, not at all. T see no reason
ministration, saying tliat "any legislation harmful why tliere sliould be the least delay.'
to the Federal Reserve System nuist in the final
According to an Associated Press dispatch from
analysis react to the jeopardy of every interest of Paris last evening, "M. Poincare met unexpected
banks' customers and tlie individual bank serving difficulties this afternoon in constructing a new
its community, whether the bank is a member of the Cabinet under his Premiership." It was added, how•System or not." In like manner, Alex Dunbar, the ever, that "he said he would present the list of his
president of the Pennsylvania Bankers' Association, colleagues to-morrow" (to-day).
The observation
has sent a letter to the Pennsylvania Senators in was made by the correspondent that "M. Briand's
Congress, expressing in the name of the association, resignation seems to have caused regret among the
^'unreserved disapproval of the pending bills re- general public and in many political circles." Prequiring the appointment of a representative of the mier Lloyd George left Cannes for Paris last evecountry'-, calling
—
:
THE CHKONICLE
Jan. 14 1922.]
109
—Nations must refrain from
ning to confer to-day with President Millerand and
Governments.
Raj^mond Poincare.
gresion against their neighbors."
Announcement was made in the cabled accounts
of the sessions of the Supreme Council last Satur-
Until the resignation of Premier Briand and his
Cabinet it was generally agreed that much had been
accomplished at the sessions of the Allied Supremo
Council in Cannes. Although the conference has
disbanded, it is worth recording what the assembled statesmen proposed to do. If their plans had
been carried out, they would have made important
history.
The decision at the first meeting, a week
ago yesterday, to hold, "during the first fortnight
of March, an economic and financial conference of
all the countries of Europe, Allied and ex-enemy,
and including Russia, at Genoa," was regarded by
authorities on international affairs of special importance and significance. As might have been expected, the cable advices from Cannes stated that
"the United States will be invited to participate."
A particularly encouraging feature was the an-
Six
ag-
day that "representatives of Germany some time
next week Avill come to Cannes to discuss with the
Supreme Council the reparations proposal to be
prepared by the Allied statesmen." It was added
that "notification to this effect was dispatched to
the Berlin Government, stipulating, however, that
German
experts go to Paris first and there hold
themselves in readiness for the call." The following was the text of the communication to the German Government: "The Supreme Council will
doubtless have need of your representatives between
the 8th and 15th of January. You may save time
by sending them to Paris to await word from the
the
Council."
With the call for the international financial and
gathering would be along economic conference decided upon, the specific and
broad lines. This feature was outlined by a repre- troublesome question of reparations was taken in
sentative of the New York "Times" in part as fol- hand actively. In fact, the experts had been at work
lows
"The Genoa conference, according to M. Lou- upon it while the Council as a whole was considercher, French Minister of the Liberated Regions, is ing the broader question of the restoration of Euto be purely economic and financial, and will not rope. It became known a week ago to-day that the
in any way touch politics or reparations in their experts had reached an agreement "in principle,"
narrow sense. It wiU be an attempt to reconstruct but it was added that "the members of the Council
Europe as a whole on the basis of common need, and stated that further deliberation was necessary, after
will not deal with the claims of any one country or which the Council would receive the experts' report
another as a result of the war or the treaty terms." and make its decision." It was reported also that
The New York "Herald" correspondent declared "the experts have reached an agreement providing
that "Europe is unquestionably on the threshold of for remission of cash payments by Germany, proa new economic and political era. This era is to be viding for the payment of 500,000,000 gold marks in
marked by the elimination of the line which since cash and 1,000,000,000 gold marks in kind each year
the war has been dividing the victors and the van- over a period of years."
quished and kept them fighting instead of acting
Subsequent advices stated that "at least twenty
together economically." Continuing, he said that European countries and the United States will be
"the idea of a general European economic peace con- invited to the conference at Genoa in March, and to
ference, including Germany and Russia, if the lat- their number one more may be added if Ireland is
ter accepts certain conditions already privately admitted.
In almost all cases it is hoped the Preagreed to by Soviet representatives in London, it is miers, Foreign Ministers and Finance Ministers will
understood, was accepted quickly at the very first attend, and the total calculations here of the number
meeting of the Allied Supreme Council here to-day." of official delegates and their staffs runs to nearly
Commenting upon the part played by Premier Lloyd 1,000." It was added that "their program is still
(^leorge at the first session of the Allied Supreme
unframed, though numerous memoranda exist sugCouncil at Cannes, this correspondent asserted that gesting the outline of the discussion, and many more
"it took just one day for Mr. Lloyd George to put of these memoranda will be framed in the next few
through his plan for such a conference. The stipu- weeks, as all the countries of Central and Southlation in the resolution that the Premiers of all eastern Europe come to appreciate the chance that
countries be invited to attend the conference mean** is offered them to lay their peculiar burdens and
that it will be a conference such as Europe has not troubles before the world."
The following asserseen since the Berlin Congress, but as to its ulti- tions were significant:
"Whatever attempts may
mate Hcope there is already a decided difference of be made to sidetrack the main issues with individopinion."
ual (juarrels, it has become obvious here that the
In the resolution in which the Council decided to conference will be dominated by two Powers Engcall the conference at Genoa the following condi- land and Germany.
And these two Powers will not
tions were stipulated:
"First— The nations must at this time be in opposition. They will be working
<^njoy freedom of action; one nation must not athand in hand for the common object of the salvation
tempt to dictate to another regarding the conduct of their industrial life by the resurrection of their
of its internal economic and political regime.
Two markets in the lOast and South. That is the central
Foreign investors must be given guarantees that idea of th(» whole conl'cr'ence."
their property and profits will .he safeguarded.
Fleverting to the question of re[)arations, it was
Three— This security can be obtained only by flie n'i)orted in dispatches from Cannes Monday mornnations engaging to recognize their ohligatiotis, in- ing that "the British reparation experlw agreed todemnify persons whose property is confiscated and day [last Sunday] to raise the amount of cash to
uphold the sanctity of contracts.
Four— Nations l)e demanded this year of the Germans to 700,000,must make proper provision for the payment of ob- 000 marks gold, instead of 500,000.000, and to fix the
ligations incurred in trade.
Five— Nations must amount of all i)ayments in kind during the present
refrain from every form of propaganda against other year, including thos(; France will g<.'t under the
nouncement
that
the
:
—
—
110
THE CHKONICLE
[Vol. 114.
Weisbaden accord, to 750,000,000 marks more." It ter of Devastated Regions, assisted by French diplowas added that ''these payments would be aside matic experts. If the Premiers sign some form of
from the 26% on exports. The British, therefore, finished document before the end of the present
give up about 100,000,000 marks gold of what they meeting, it is certain that concessions to French
were to have received this year under the previous dignity will have been made from the British side,,
The German delegates are expected with the imposition of neither armament limitation
agreements.
to arrive here Wednesday, when this figure prob- nor the evacuation of the Rhineland within any peably will be given them by the Allies." In an Asso- riod which the French Parliament and public opinciated Press cablegram it was explained that "the ion feel inconsistent with French dignity or securincrease in the total amount which Germany will ity. While the Avhole question of an alliance is now
be required to pay in cash in 1922 from 500,000,000 well past the embryonic state, there is no doubt that
gold marks to 700,000,000 was done as a concession M. Briand must exercise the greatest care if any
to Belgium, when it was seen that 500,000,000 would pact made in conjunction with Mr. Lloyd George is
be entirely absorbed in the cost of the armies of to gain ratification in the legislative chambers at
Paris.
News from the French capital still indioccupation."
cates extreme dissatisfaction w'ith what is termed
According to information which the New York M. Briand's concessions to Lloyd George, permit"Herald" correspondent claimed to have obtained ting the Supreme Council to issue an invitation to
from "the highest Russian sources," the Russian both the Soviet Government and Germany to attend
Soviets "will agree to recognize the debts of the old Allied meetings. In view of this. Premier Briand
regime, but will enter a counter-claim against must carry back a compact which French opinion
France for the damage done to Russian property by can interpret as an alliance with England and not
the Wrangel expedition, which was carried on under an alliance with Mr. Lloyd George." In an AssoFrench auspices, and will also hold France responsi- ciated Press cablegram from Cannes Monday evening it was asserted that "Premiers Lloyd George
l)le for the funds of the Russian Government, which
have been used by unauthorized occupants of the and Briand were on the point to-day of agreeing on
the essential features of a pact for the protection of
France from possible German aggression, which the
Russian Embassy here."
Word came from
Berlin that "Dr. Walter Rathenau, the German financial expert, will head the
German delegation which is to proceed to Paris
prior to going to Cannes to appear before the Supreme Council to discuss German reparations." It
was also stated in an Associated Press dispatch from
the German capital that "the German delegation
will include Herr Schroeder and Herr Hirsch, Under-Secretaries of State for Finance and Economics
Karl Bergmann, former Secretary of State for the
Treasury, and other financial authorities."
In a cablegram from Rome it was said that "gen-
British say will not be an alliance, but a sort of
general European accord, in which Belgium and
Italy will be included."
idea met with favor there. The New York "Tribune" representative at Cannes cabled that Lloyd
George and Briand, while ostensibly taking a rest
on Sunday, as the otlier delegates to the Cannes
meetings were doing, "found themselves in one of
the small villages of the Mediterranean, discussing
peace treaties, so that in case of aggression against
any of the Allies the quarrel will be the quarrel of
Special attention was called by the correall."
spondent to the report that "an interesting feature
in the treaty as drafted is that the British Dominions, and presumably also Ireland, can remain out
or come in, according to their desire. In this way
their virtual independence of any foreign entanglements of the British Government is recognized in a
manner which has never been done before."
As
early as Tuesday morning the Cannes dispatches contained outlines of the proposed pact be-
tween Great Britain and France. The New York
"Times" correspondent said that "the Anglo-French
treaty, for which negotiations began during the London conversations, and have been going on here
daily, is to be called the Anglo-French Defense
Treaty, and not a compact of guarantee, it has been
eral satisfaction is expressed in Italy over the pro- decided. The reason for the change is that Premier
posed international and economic conference at Briand has brought forward during the discussions
Genoa. The press, pleased that an Italian city has the argument that it was beneath the dignity of
been chosen, predicts that it will mean the rebirth France to accept a treaty in which she would figure
of Italian trade."
He also
as a minor Power seeking protection."
stated that "the treaty, the draft of which was comFrom the beginning of the sessions of the Su- piled by Lloyd George to-day, and •will be handed
preme Council at Cannes, there were rumors that a to Briand to-morrow, and at the same time to the
defensive agreement between Great Britain and members of the British Cabinet, will be in the naFrance was being considered quietly by the Premiers ture of a defensive alliance between the two counof those two countries and their most intimate ad- tries, but will at the same time take account of the
visers.
Dispatches from London stated that the position of Belgium and Italy under the terms of the
the proposed Franco-British alliance." He added
tliat "tlie subject was broached perfunctorily by the
Premiers at their recent conference in London.
Therefore, these surreptitious talks on the Mediter-
ranean coast take on a new significance, and the
'Tribune' understands that the broad outlines of the
pact already have been drawn in such form that tlie
Premiers were able to scan it to-day." Continuing
his discussion of this proposal and of the situation
which it was likely to create, the correspondent said
"The authorship of the preliminary draft of the alliance is credited to Louis Loucheur, French Minis:
Once again reverting to the question of reparations, the same correspondent outlined the latest
developments as follows
culties as to
:
"In settling their
diffi-
how much Germany must pay and how
amount
shall be distributed, the Council is still
going slow.
To-day, in accord with Belgian and
of the German payment
the
French demands, the figure
"
Jan. 14 1922.]
THE CHRONICLE
cash was definitely raised by 20,000,000 gold
marks, making 720,000,000 in all. To this figure,
though it is far above llie British estimate of what
Germany can pay, the Council agreed, but the
French held up final decision on the ground that
Briand had to consult his Cabinet. What he really
wishes to do is to consult the bosses of the Chamber
of Deputies, like M. Arago, who is here to keep him
up to the mark. The figure of 720,000,000 consented to to-day will be sufficient, it is stated, to meet
the interest and sinking fund charges of the *A'
bonds of the reparations scheme. To this use of the
money the French have consented, with the result
that these 'A' bonds, which have hitherto existed
simply as paper, will become negotiable."
ill
Judging from the following dispatch Tuesday
morning from Cannes to the New York "Times," it
would not have been necessary to urge the Soviet
<TOvernment in Russia very hard to send delegates
to the proposed Genoa conference:
"The Moscow
evidently so anxious to come to the PanSoviet is
European Conference at Genoa that it sent a message to the Supreme Council to-day, announcing that
it would be represented without waiting to receive
the invitation which has not yet been forwarded.
Evidently George Tchitcherin, the Foreign Minister,
took the newspaper reports of the Council's decivsion for an invitation, as he hurriedly dispatched a
wireless message saying that Soviet Russia would
be pleased to participate, and that if Lenin, President of the Council, were prevented from coming
by the Russian famine, he would send fully qualified delegates.
This hurry has somewhat embarrassed the Council, and this evening it appointed an
invitations committee, which to-morrow will draft
invitations to all countries, and a special one for
Russia, in view of the fact that she has already accepted."
Later dispatches from Berlin contained the following statements relative to the attitude there towards the Cannes gathering: "Dr. Rathenau, heading one of the strongest delegations of financial and
economic experts Germany could possibly have gotten together, including former Secretary of State
Bergmann, the veteran of several conferences; State
Secretary Schroeder of the Finance Ministi-y, Privy
(JonucJUor Trendelburg of the office of the State
Commissary for Imports and Exports, State Secretan- Hirsch of the Economics Ministry, State Secretary Fisher, Chief of the German War Burdens Commission, and Secretary of Legations Martins of the
I'oreign Office, left at 2 o'clock this afternoon [Monthly
for Paris, en route to Cannes, where they are
expected to arrive Thursday fully armed and
ef|uipped with statistics of the country's financial
and economic situation, and also with phjnary powers.
Before entraining, Dr. Rathenau had a long
conference with President I'^bert, giving the Pn^si<lent a full report of Iiis activities and observations
in f.ondon and Paris and outlining the prospects of
]
the Canne!?» conference."
^'onunenting upon the j)roposo(l Anglo f*Vench
agreement, tlie New York "]I<;rald" correspondent
Cannes stated in a cablegram Tuesday morning
that "the cards being played here are gradually being turned up. The basis of all European politics
at
of the future is to be this
Anglo-French alliance
111
Not since the Anglo-Japanese treaty has
Great Britain made such a compact. This pact
pledges Great Britain to furnish her fullest military and naval support to France should Germany
make an unprovoked attack across the Rhine. It
gives France the security she has been seeking in
the shape of immediate defensive aid. It is a clear
cut, defensive agreement, designed primarily to stabilize Europe politically and pave the way for its
economic reconstruction and real peace era. In return for securing this pact, destined to be one of the
world's most momentous documents, France agrees
to co-operate whole-heartedly with the British economy plans for Europe, which means, if the plans
work out, a dispassionate handling in the future of
Germany's reparation problem."
pact.
The text
of the treaty
was
laid before the British
Cabinet in London on Tuesday. Paris dispatches
Wednesday morning stated that "strong opposition
has arisen to what are understood to be the terms
of the treaty of defense
negotiated with Premier
Lloyd George by Premier Briand at Cannes. The
Cabinet is known to be divided over it, and M.
Briand was attacked to-day both in the Chamber ot
Deputies and the press. The re-opening of the Chamber was marked by distinct signs of nervousness con-
cerning the Cannes negotiations." The New York
"Times" correspondent said that the duration of
the treaty is ten years. He added that "only France
and Great Britain will be included, and for the present Italy will be left out, though even as late as tonight the Italian delegates are trying to bring arguments to bear on the two allies for hei' inclusion.
At the same time the treaty will leave a way open
for a wider accord in the future, which will be of the
nature pf a European League of Nations. This is
the aim which the Italians are setting themselves,
and it is favorably regarded by at least the British
delegation.
For the present, however, it has been
considered best to restrict the treaty to a purely de
compact between France and England,, and
words are used in the preamble that it will become
operative only in case of 'direct and unprovoked
tensive
aggression.'
The following
said to be the agenda for the
(lenoa conference, as agreed upon by the Agenda
Committee at Cannes: "First Essential conditions
is
—
for the restoration of confidence.
finance and national expenditure in
construction.
Currencies.
Third
—
—Public
relation to
Fourth — Ex-
Second
—
re-
change. Fifth Central banks and banks of issue.
Sixth Commercial relations, tariff restrictions,
import and export regulation. Seventh Transport.
Fighth Credit machinery. Ninth Legal guaranTenth Technitees for re-establishing commerce.
—
—
—
—
—
cal assistance for international reconstruction."
That further definite action relative to an international consortium was taken by the Supreme
('oiincil at its session on Tuesday is shown by the
following
made
dispatch:
that the
"Official
Supreme Council
annouiu-enu'nt
Ib
to-night approved
formation of an Infernal ional Finance Corporation, decided upon by the Economic
Committee. It was agreed fo jipi>oint immediately
wo l-'rcuicli and two
a subcommittee, composed of
liritish r(!pr(!senfativ(;M and one Italian, I{(>lgian and
JapaiUise representative, to organize (he cori)orathe plan lor
I
Ik;
I
tion.
The fJovernments
iepr(\sented at the (>annes
('ouncil undertake; to furnish £10,000 for the organizing expenses, and will give Ihe subcommitlee, as
THE CHEONICLE
113
[Vol. 114.
well as the corporation when it is established, all
the aid and assistance in their power."
The New York "Herald" correspondent supplied
newspapers expressing the belief that the Cannes
conference is a failure from the French standpoint.
These articles are due to the fact that Premier
"In its new shape it is Gov- Briand has not been willing to make statements,
the following details
ernments and not private groups of industrialists while Premier Lloyd George has issued daily bulleof each country who will subscribe the capital to the tins giving the English viewpoint and aims."
extent of each country's allotment. America would
Word was received here early Thursday forenoon
share al- that the Cabinet had voted to support the Premier.
be called on, if she took advantage of the
lotted to her, to subscribe -1^1,000,000 to an English Not long thereafter Paris cable advices stated that
parent company whose capital would be £2,000,000, Premier Briand and his entire Cabinet had resigned,
and in addition the American Government would following a speech of an hour to the Chamber of
organize an American subsidiary corporation with Deputies on the proposed agreement with Great
:
a capital of $15,000,000, the Government holding all
the stock. These subsidiaries w^ould be the promotion companies simply, the scheme working out this
way
V
was called to the fact
that "the announcement came as an entire surprise,
as he had apparently won the sympathy of the Cham-
Britain.
Special attention
His colleagues of the Cabinet were filled with
amazement at his sudden determination." Accord-
ber.
Premier Briand left Cannes Wednesday evening
for Paris to submit the treaty to the Chamber of
Deputies the following day. This was made necessary by the opposition to the proposal that had developed in that body. The New York "Herald" correspondent at Cannes described the situation as follows
"The foundation which the British Prime
Minister, Mr, Lloyd (ileorge, has been trying here to
lay for a durable peace, with a Franco-British guarantee as the cornerstone, has struck the shifting
sands of the French political situation. This development took the French Premier, M. Briand, back
posthaste to Paris to-night, leaving Mr. Lloyd
George to 'cool his heels' in Cannes until the French
Chamber of Deputies shows to-morrow whether a
firm foundation exists for the erection of the contemplated edifice. The close vote in the French
Chamber of Deputies last night, following the devel:
opment
here, revealed the necessity for
M. Briand
getting the Chamber's approval of the Anglo-French
defensive accord before continuing the negotiations
ing to the cabled accounts
of the
session
of the
Chamber, "M. Briand put the Anglo-French pact,
the question of postponement of German reparations
payments, and French participation in the Genoa
conference squarely up to the Chamber, telling the
Deputies in the bluntest terms to take them or leave
them."
President Millerand accepted the resignaBriand and his Cabinet. The Premier was quoted as saying that it was "irrevocable."
He formed his Ministry on Jan. 17 1921.
tion of Premier
Announcement was made Thursday morning that
the evening before in Cannes "the Reparations Commission heard the German delegation on the subject
of the three questions specified in the commission's
payments Germany declared herself able to make on Jan. 15 and Feb. 22;
second, the German Government's request for the
postponement of the balance remaining due on the
amounts provided for by the schedule of payments
letter of Dec. 16: First, the
third,
guarantees to be given in the future."
After
With both Prime Ministers using the the hearing, it was said "the Reparations Commisprojects for their own home political purposes
sion will then refer the matter to the Supreme CounMr. Lloyd George to hold another election and M. cil."
Briand to stay in power the situation has become
In an Associated Press cablegram the following
characteristically European and very interesting details of the latest reparations proposals were
from the uncertainty wherein it is left to-night."
given: "The final terms for reparations payments
The French Premier was said to have been very that the German delegation will be asked to accept
angry, and before leaving for Paris was quoted in are 720,000,000 gold marks and reparations in kind
part as follows: "On my arrival in Paris to-mor- to the value of 1,750,000,000 gold marks annually.
row, 1 intend first to exphiin to my colleagues and France, finally renouncing any part of the 1,000,to President Millerand that I am not a liar and not 000,000 marks already paid, will get
1,125,000,000
a traitor, but that I am working to a very useful marks of the payments in kind each year, the reand important purpose. I feel that my colleagues mainder going as follows: Two hundred and forty
in
Cannes.
—
will give
me
full
I will
demand
or not
it
approbation, but that
of the
Chamber
that
not enough.
say whether
is
it
has confidence in France's negotiations. If
it has, 1 will be back in Cannes on Friday.
But first
I shall ask its members whj^, in such a moment, the
French Parliament, which maintained such admirable sang froid in the worst periods of the war, has
now, for no reason, lost all its dignity. I intend to
explain to this Parliament that at no time have I
accepted or intended to accept any sacrifice of German debts to France." According to a Paris dispatch Thursday morning, "President Millerand and
the French Cabinet have called Premier Briand
to
Paris to explain definitely what is going on at Cannes." The suggestion was offered that "it
is extremely rare for a President of France to intervene
in such a meeting as that of the
Supreme Council,
but the suspicion in the minds of those in
authority
is growing, steadily fanned
by articles in the dailv
million to Italy, 100,000,000 to Great Britain, 125,-
000,000 to Belgium, 7,000,000 to Japan, and the rest
to other beneficiaries under the treaty. Of the 720,000,000 gold marks payable in cash in 1922, Great
Britain will get 159,000,000, of which she will loan
139,000,000 to France, the loan being repayable from
later cash payments by Germany to France.
The
will apply on Belgium's priority. This division
rest
applies only to the present year, the idea being that
the payments in cash be in part applied to payment
of interest on Series A of the German bonds to the
value of 1,000,000,000 gold marks now in the hands
of the Reparations Commission to secure payment
of 519.000,000 marks to Belgium, 450,000,000 to
Great Britain, and 31,000,000 to Italy." Discussing
the ability of Germany to meet her reparations obligations, the Berlin correspondent of the New York
"The normal German budget can
balance, especially if Chancellor Wirth
"Herald" said
be
made
to
:
I
THE CPIKONIOLE
Jan. 14 1922.]
succeeds iu passing his tax reform measures, but it
is argued that it cannot be made to provide revenue
to cover annual reparations payments of 1,250,000,000 marks gold. It is declared that while the Al-
made
what Germany is
lied leaders
onl}- indefinite
terms and called
now say
Dispatches from Cannes
that half of zero remains."
last evening stated that the Reparations Commission had granted "a provisional delay for the payment of the sums due Jan. 15 and Feb. 15, so far as
these payments were not covered by payments in
cash or in kind, on certain conditions."
able to pay zero, they
The session of the Dail Eireann a week ago today, at which the Anglo-Irish peace treaty was ratified, was no less dramatic than that of the day before,
when Eamon de Valera resigned as
its Presi-
and withdrew his resignation on the condition
that a vote on the treaty would be taken the following day. The margin in favor of his opponents
dent,
proved small, the vote having been 64 to 57. As
soon as the result of the voting was declared, De
Valera again "resigned as President of the Irish
Republic," The New York "Times" correspondent
cabled that "the vote in favor of the treaty was received by De Valera as proof of his complete defeat.
He broke down as he tried to speak, and many of his
supporters were seen in tears." He also said that
"grave fears are felt as to the consequences of a split
in the Sinn Fein ranks, and Michael Collins immedi-
meet the situation. He called
for the appointment of a joint committee representing both parties to make arrangements for setting
up a Provisional Government."
The Dail Eireann reassembled on Monday, when
"the motion to re-elect Eamon de Valera President
of the Irish Republic was defeated by a vote of 58
to GO.
These figures show that the division was
about the same as when the- vote on his resignation
was taken." The accounts of the session stated that
"Micliael Collins, one of the leaders in support of
the Irish treaty, said that no one in the Dail wished
to be put in the position of opposing President De
Valera." It was added that "he pointed out that
the Dail was now faced with the problem of taking
over the Government from the British, and he suggested the formation of a committee, whose members
would be cho.sen from both sides of the controversy,
to keep the peace.
'Woi-k, and not talk, was now
ately took steps to
added."
\t Tuesday's s<>KKion of the Dail the situation took
roquir(*d,' }je
more definite form
elected President.
again.
He
Arthur Griffith
at once
made
was
the following
nominations for a Provisional Cabinet, which were
ratifi('(l by a viva voc(* vote:
"Minister of Finance
Michael Gollins; Foreign Affairs George (iavan
Duffy; IIom(! Affairs Eamon J. Duggan
Local
Government William T. ('osgrove; Economic Affairs— Hryan f)'HigginH; Defense Richard Mnl-
—
—
—
—
;
—
Attention was called to the fact that "two
of the above were mcrnbcrH of tin? De Valera (.'abinef.
These are Collins and Gosgrove." D, was recorded also that "Eamon de Valera and his followers walked out of the Dail in jirotest while the vote
on (Jriffith's nojiiination was being taken. Grif
fith's election was nnaniuions."
Following the clcc
c;iliy."
adjonrned until Feb. II.
In an Associated
Press cablegram
tion the Dail
morning
Diihli?)
it
was stated that "immense*
Wedn(!sday
relief is felt in
at the turn events have taken in the Dail.
and
113
undoubtedly be experienced throughout Ireland. The De Valera party is meeting tonight to formulate plans for the future.
It was
made evident by the numerous speeches from Mr. De
Valera what those plans are likely to be. He holds
that the decision of the Dail in favor of the treaty
binds him and his adherents not to obstruct the new
(lovernment in carrying out the treaty, but he reserves the right of free criticism, should Mr. Grifthis will
capacity of Chairman of the Provisional
Government do anything inconsistent with the
rights of the Irish people or the existence of the.
Irish Republic."
The ncAv Irish Cabinet held a meeting Wednesday
morning, and it was understood that "it discussed
measures for taking over the administration from
Dublin Castle and plans for releasing the political
prisoners in Ireland and England." Word was received Thursday evening that "the immediate release of 1,010 Irish political prisoners, held in Irish
and English jails for offenses against the Crown,
was ordered to-day [Thursday] by King George under a general grant of amnesty. Forty of the prisoners are under sentence of death." Announcement was made yesterday morning that "the Executive Board of the Sinn Fein organization to-night
[Thursday] unanimously adopted a resolution call
iug a general convention for Feb. 7."
fith in the
The Council
League
on Tuesday,,
Geneva. According to
the cable advices from that centre "a note of optimism
was observed over Sir Eric Drummond's report on the
work of the Upper Silesian Commission." It was
added that ''the report stated that negotiations were
proceeding smoothly between the Germans and the
opened a
of the
of Nations,
series of sessions in
Poles for carrying out the provisions of the Council's
decision, and hope was expressed that a settlement of
the economic, judicial and administrative features of
the arrangement would be effected in January." The
accounts stated also that "the Council instructed the
Committee on Amendments to the League Covenant
to continue work and decided to ask the members of
the League to give suggestions to the Council on the
blockade resolutions of the Assembly which the council decided should guide them in case of the use of the
blockade pending final ratification by the member
States.
The Permanent Mandates Commission presented rules of procedure which the Council ai)proved.
Considerable satisfaction was expressed ov(>r the
progress of the International Court of Justice,
scheduled to open at The Hague on Jan. 30. It was
announced that forty-five States lind signed the
statutes of the court., eight(u>n had approved of the
optional clause for comi)ulsory jurisdiction, and
thirty had dei)osit('d ratifications of the gen(>ral protocol oi
tlie
court."
"the Council refused to
grant the German demands r(>garding the Saare
VaJley in resolutions which set forth the decision that
no action be taken by the Council on the German
I)rot,ests against the rulings of the Saare Commissiou
as to what constitutes an 'inhabitant' on the Saare,
The
Mild against the pr(!sent French Commission.
Council sini))ly senj the Germans a, copy '>f the Com
niihsir)n's rej/ort on the prol<st and r< ele(;ted the
At Wednesday's
session
Dcvc^lop/rnints at subsecpient
present comiuis;si(;n."
sessions were largely routine in charactei".
T!:e Uritisb
total
decrease
lra.(le
iti
statcnienl for
exports of
i/J,
December shows a
compared
140, ()()().
THE CHRONICLE
114
[Vol. 114.
with November 1921. Of that EJmount British prod- this week. The Bank's gold holdings, therefore, now
ucts represented £3,520,000 and re-exports £620,000. aggregate 5,524,455,850 francs, comparing with
Imports decreased £3 ,940,000 in comparison with the 5,501,051,861 francs at this time last year and with
The net result was an excess of 5,579,404,128 francs the year before; of these amounts
.previous month.
imports of £16,740,000, an increase of £200,000 over 1,948,367,056 francs were held abroad in both 1922
November. For the twelve months ended Dec. 31 and 1921 and 1.978,278,416 francs in 1920. During
the excess of imports was £277,250,000, a falUng the week silver increased 175,000 francs, advances
off of £101,595,000 in comparison with the calendar rose 37,715,000 francs and Treasury deposits were
year 1920. The following table gives a summary of augmented by 22,899,000 francs. Bills discounted,
the trade operations for December 1921 compared on the other hand, fell off 403,842,000 francs, while
general deposits were reduced 412,842,000 francs.
with December 1920 and for the two full years:
Jan. 1 lo Dec. 31—^
-December
1921.
1920.
1921.
1920.
£
Note circulation registered the further contraction
of
bringing the total outstanding
85,310,000 142,780,000 1,087,980.000 1,037.411,000
Imports
down to 37,103,670,000 francs. This contrasts with
703.130,000 1,335,568,000
69.370,000 96,630,000
British exports
222,397.000
107,600.000
Re-exports
9,200,000 12,690,000
38,462,935,925 francs on the corresponding date last
810,730,000 1,557,965,000
Total exports
.. 68,570.000 109,320,000
year and with 37,900,604,960 francs in 1920. In
379,446,000
K.tcess imports
277,250,000
.- 16,740,000
33,460,000
1914, just prior to the outbreak of war, the amount
was only 6,683,184,785 francs. Comparisons of the
There has been no change in official discount rates
^various items in this week's return with the stateat leading European centres from 5% in London,
ment of last week and corresponding dates in both
Berlin and Belgium; 53^% in Paris, Denmark and
1921 and 1920 are as follows:
£
£
£
Sweden; 6% in Rome, Norway and Madrid; 43^%
In London open
in Holland and 4% in Switzerland.
market discounts remained at or near the levels
prevailing a week ago.
Both short and ninety-day
bills are quoted at 3^%, as against
last
week. Call money in London, however, was higher,
and advanced to 334%, in comparison with 2}4%
the week preceding. Open market discount rates in
Paris and Switzerland continue at 43^% and 5%,
unchanged.
3^%
The Bank
298,160,000 francs,
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changcf
Gold Holdings
In France
Abroad
Total,
£12,793, thus bringing the total of the precious metal
hand to £128,452,733. This compares with
£128,280,219 a year ago and £94,287,105 in 1920.
Note circulation was reduced .£2,067,000, with the
result that total reserve expanded £2,080,000, while
the proportion of reserve to liabilities advanced to
15.99%, as against 11.04% a week ago, 12.15% last
year and 16^% in 1920. Public deposits fell
£1,516,000 and other deposits £45,017,000. There
was a reduction of £13,748,000 in loans on Government securities and £34,858,000 in loans on other
securities.
Reserves have been brought up to
£23,265,000, in comparison with £16,895,954 and
£24,487,470 one and two j-ears ago, respectively.
Loans amount to £85,162,000, against £80,791,567
in 1921 and .£84,780,535 the year before, and circulation is now £123,627,000, which compares with
£129,834,265 in the preceding year and £88,249,635
in 1920.
Clearings through the London banks for
tlie week totaled .£754,764,000, against £732,292,000
last week and £45,784,000 a year ago.
No change
has been noted in the Bank's official discount rate
from 5%, the rate previously ruling. We append
a tabular statement of comparisons of the principal
items of the Bank of England returns:
Slatun as of
Jan. 13 1921.
Francs.
3.552,684.805
1.948.367,056
Inc.
statement issued as of Dec .'31, the Imperial
of Germany once more showed radical changes
Still another huge expansion
in its principal items.
4,643,914,000 marks in note circulation, which
brought, up the total of notes outstanding to even
more fantastic figures, namely, 113,639,830,000
marks. The previous year circulation stood at 68,805,008,000 marks, in 1919 35,698,360,000, and only
1,890,893,000 marks in the week of July 25 1914.
For the first time in a number of weeks gold increased
1,697,000 marks, while total coin and bullion was
expanded 2,862,000 marks. In Treasury certificates
a gain of 754,963,000 marks was shown, and in other
Other liabilities were
securities 432,309,000 marks.
expanded 359,182,000 marks. Bills discounted recorded a phenomenal expansion, namely, 15,293,638,000 marks. The increase in deposits was almost equally spectacular, being 11,116,470,000
marks. There were declines in notes of other banks,
5,070,000 marks, and advances 6,540,000 marks.
The Bank's gold holdings at the end of the year
were reported as 995,392,000 marks, in comparison
with 1,091,553,000 marks in 1920 and 1,089,240,000
marks a year earlier.
Late on Friday afternoon (yesterday) another
statement was received by cable, as of Jan. 7, which
was somewhat less striking in character. For one
—
its
—
thing, a small reduction in note circulation
BANK OK ENGLAND'S COMPARATIVE STATEMENT.
Jan. 15 1920.
Francs.
3,601,125,711
1.978,278,416
140.C00 5.524,455,850 5.501,051,861 5.579.404,128
175,000
280.072.495
264,583.755
261.332.115
Bills discounted
Dec 403 ,842,000 2,446,979,298 3.044,789.403 1,705,006,247
Advances
Inc. 37,715.000 2.421,037,000 2,281.949,024
1,544.790,899
Note circulation.. .Dec298, 160.000 37.103,670,000 38.462,935,925 37,900,604,960
Treasury deposits.. Inc. 22,899.000
41,685,000
87.659.527
47.420,044
General deposits.. .Dec412,842, 000 2,467,511,000 3,463,288.723 3,031,024,184
In
on
Francs.
Inc.
140.000
No change.
Jan. 12 1922.
Francs.
3,576,088,794
1,948,367.056
Inc.
Silver
England again added to its gold
Bank
reserves and this week announced an increase of
of
—
for Week.
was noted,
namety, 499,592,000 marks, while bills discounted
were cut almost as tlrastically as they had been ex£
£
£
£
Circulation
123.627,000 129.834.265 88,249,635 69.698,840 45,325,380
panded the week befoi-e. The decrease was 14,382,576,Fublio (Icpoaits
15,602,000 15,883,853 18,057,215 28.168,380 41,416.146
Other deposits
129,880.000 123.137.10S 127,434,212 124,797.382 12l!589.360
000 marks. Deposits also declined spectacularly,
Ciovernmt secuiltles .')5,003,000 69,240,506 .54,709,925 02,666.244 56,768!l51
having been brought down 16,082,903,000 marks.
Other socurltles
85,162,000 S0.791,.'')07 84.780.535 78,886.493 92,278!457
Reserve notes & coin 23.265.000 16,895.954 24.487.470 29,295,376 3l!892,728
Another small increase in gold was reported, namely,
Colnjand bull ion... 128,452, 733 128,280,219 94,287,105 80.544,216
58!768!l08
Proportion of reacrvf
3,000 marks, and in total coin and bullion of 103,000
to liabilities
15.99^
12.16%
10.75%
19.14%
19.57%
marks. Treasury certificates fell 2,060,551,000 marks.
Bank rat<6%
7%
6%
5%
5%
Notes of other banks were augmented 1,514,000
The Bank of France in its weekly statement reports marks and advances 28,331,000 marks. There were
a further small gain of 140,000 francs in the gold item declines in other securities of^934, 912,000 marksjand
1922.
Jan. 11.
1921.
Jan. 12.
1920.
Jan. 14.
1919.
Jan. IS.
1918.
Jan 10
£
THE CHRONICLE
Jan. 14 1922.]
78,684,000 marks, while investments fell 5,964,000 marks. As a result of the above
changes, gold is now 995,396,000 marks, and note
circulation 113,140,238,000 marks.
in other liabilities of
withdraw money that has been
loaned here on call, whenever the rates drop to*
abnormally low levels, are said to be leaving a contions that ordinarily
siderable part of such loans undisturbed, in spite of
the
The Federal Keserve Bank statement, which was
issued at the close of business on Thursday, showed
further additions to gold reserves
33^%
quotation.
by the member banks. Returns
for the whole system indicated a gain of $20,000,000
in gold and a falling off in deposits of $53,000,000, a
combination which acted to bring about an advance
Rein the ratio of reserves of 3.6%, to 74.7%.
discounts of Government paper diminished $50,000,000 and of "all other" $75,000,000, while the
holdings of purchased bills were also reduced, namely
by $40,000,000; hence the total of l^ills on hand is
now $1,074,248,000, a decline of $165,000,000, and
compares with $2,652,952,000 last year. Total
earning assets fell $177,000,000, and Federal Reserve
notes in actual circulation were reduced $53,000,000.
Returns for the New York institution were along
very similar lines. An addition of $51,000,000 to
gold reserves was announced, and the total of bills
on hand fell $71,000,000. Earning assets were reduced $103,000,000 and deposits $24,000,000. Federal Reserve notes in circulation were brought down
$37,000,000. Here also the reserve ratio was advanced that is, from 79.3% a week ago to 86.9%.
—
Corporations and business-
enterprises that have financed themselves through the
sale of securities
and further reduc- been doing,
tions in borrowing
115
do not need to borrow as they have
in order to take care of old obligations.
So far their new business has not developed to such
an extent as to make them large borrowers with
which to finance it. The general commercial and
mercantile demand continues comparatively light.
The offerings of securities at this and other important
centres in the United States have been materially
smaller this week. The sharp advance in the reserve
ratio in the Federal Reserve System and of the New
York institution shows clearly the further liquidation
that has been going on and the strong position of the
system as a whole. The overthrow of the French
Cabinet naturally has made the whole European
financial situation appear more unsettled again.
Until the policy of the new French Cabinet can be
known, and particularly the extent to which it will
cooperate with the British Government relative to a
comprehensive financial and economic reconstruction
of Europe, it would seem natural to doubt that there
will be important offerings of European Government
bonds
in this
market.
Dealing with specific rates for money, loans on
The main feature of last Saturday's statement of call have ruled at the lowest figures since September
New York associated banks and trust companies, was of 1919. The range for the week was 3@4%, which
a decline in loans, accompanied by another gain in compares with 33^@53/^% a week ago.
Monday
deposits.
As a result of this, together with an 4% was the highest, with 3% low and renewals at
increase in the reserves of member banks at the 4%.
On Tuesday the low was still 3% and renewals
Reserve Bank, a heavy increase in surplus was re- were put through at 33^%, which was the maximum
ported.
Detailed figures show that loans were cut figure. For the remainder of the week, Wednesday,
$43,498,000. In net demand deposits there was an Thursday and Friday, there was no range, a flat
expansion of $21,110,000, to $3,926,047,000, which
rate of 33^2% prevailed, this being the high, the low
Government deposits amounting to
$87,489,000. Net time deposits gained $6,208,000,
to $239,525,000.
With the exception of an increase
and the renewal basis on each of these da3^s. The
figures here given are for mixed collateral and all-
is
exclusive of
of $42,092,000 in reserves of
member banks with
the
Federal Reserve Bank, other changes were not parCash in own vaults
of members of the Federal Reserve Bank increased
$228,000, to $73,504,000 (not counted as reserve).
Reserves of State banks and trust companies in own
vaults were expanded $362,000, while reserves kept
in other depositories by State institutions were
ticularly striking or significant.
without differentiation. In time
still quiet, but funds were in
freer supply and a further decline to 43^% was noted
for all maturities from sixty days to six months, as
compared with
the week before. Loans
having all-industrial collateral were negotiated at
industrial
money
loans
the market was
4^@5%
4/^%
some instances, and it was reported that a
few loans on Liberty bonds were made as low as 43-4%.
Commercial paper was in good demand, but offer$98,000 larger. As shown above, a material increase ings were light; hence trading was not active. The
in surplus was achieved, to be exact, $39,577,950,
undertone was steady, with sixty and ninety days'
bringing the total of excess reserves held up to endorsed bills receivable and six months' names of
$56,744,170. The figures here given for suiplus are choice character at 4%@5%, the same as last week.
on the basis of 13% reserves above legal recjuire- Names not so well known still require 5%,. It i»
mcnts for member banks of the Fcsderal Reserve claimed that the scarcit.y of bills is due largely to the
System, but, do /lot include cash in vault amounting steady liquidation which has b(!en going on lately
to $73,504,(KJ0 Jield by these banks on Saturday last. iji many lines of busiiKJSs, also l,o the fa<;t that some
concerns are funding tiieir short-term rl(>l)ls hv bond
The easier tcuidency in tlu; local money market issues.
that developed during the last half of last week beHanks' and biinkc^rs' acceptances were <iuit(? active,
came still rnor(' pronounced this week. This was true but hero also offerings were smaller, owing to the
of time as well us call funds.
For sfivcral days th(! rticent heavy absorptioji of bills by both lo(!aI and
prevailing quotation for th(^ latt(;r has been VA'/,,. <;ountry institutions.
(Jood bnyiiig, howevcM', was
Loans for the longer periods have been offered fr(;ely ref)orlcd ni |(!vels previounly <;iMrenl.. I'or call loans
at 43/2C«>4^%, according to the maturity. Bankers
rep(Mf, that corporations in the interior are stcsadily
paying off logins that hfid been standing for HO)ne tiine
and that new demunds
in
in
posted rate of the
American Acceptance (.ouncil has bc(!n further reduced from 4%; to 33^%;. Tlu; Acceptance Council
makes the discount ra,tes on pritiK; bankers' !i.Cc(!p.'igaitiHt
bunkers' acceptances
th(!
for furuls are consiflcral^ly less
the aggregate than the supply. Interior institii- Itances eligible for purdiase by the Federal Reserve
THE CHEONICLE
116
4%
Bank
120 days;
bid and
3%%
askod for bills running for
for 90 days; 4@3J^% for sixty
4@3K%
days, and
4@3J^%
SPOT DELrVTCRY
30 Days.
60 Days.
4
90 Days.
4 @3K
eligible bills
@3K
®Z%
4
FOR DELIVERY WITHIN THIRTY DAYS.
member banks
Eligible
4
non-member banks
Ineligible bank bills
4M
iH
Eligible
,.
The Federal Reserve banks
of Minneapolis
bid
bid
bid
and
Dallas on the 10th inst. reduced their discount rates
on
all classes of
paper from 53^ to 5%.
following
the schedule of rates now in effect for
classes of paper at the different Reserve banks:
DISCOUNT RATES OF THE FEDERAL RESERVE B.\NKS
IN EFFECT JANUARY 13 1922.
Dlseovnttd
bills
matvrlno
tcUliin 90 days )lncl. member bavJcs' 15-day collateral Bankers'
accepnotes secured by
—
(.
tances
Bank of—
Treasury
and
Liberty
Other-
disc'ted
bonds
for
member
and
banks
certificate
and
wise
secured
of indebtedness
Victory
notes
Boston
•_
4H
4H
4K
.
4H
New York
Phllatlnlphla
Clevohmd
Richmond
Atlanta.
.
5
.
.i
_
_
_
_
Chicago
St.
Loulf?
Minneapolis . .
Kaniiis City
Dallas
San Francisco..
_
Agricul-
Trade
tural
and
accei)-
paper
tances
maturing m-atnrinii
v-Uhin
91 to 180
days
90 days
unsecured
notes
5
5
4H
4H
5
6
a
5
6
5
5
5
5
H
6
5
s
5
4K
4>i
5
detailed quotations, sterling ex-
change on Saturday
of last week was a shade easier
rates declined a small fraction on verj^ light
trading; demand ranged at 4 193{@4 20 5-16, cable
transfers at 4 19>g@4 20 11-16 and sixty days at
4 17^@A 183^. Monday's market was strong and
materially higher on favorable news from abroad to
the effect that the Irish treaty had been ratified, that
the suspended Discount Bank of Italy was to resume
operations and that the Soviet Government was
anxious to take part in the coming Genoa conference,
and prices moved up
the various demand, 4 213^@4 23
The
is
Federal Heserrr
more
to the
Open market and
for thirty days.
quotations follow:
Prime
As
[Vol. 114.
m
4H
5
5
6
5
.">
5
5
5
5
6
5
5
5
.>
5
5
5
declining to 4
4H
4H
4Hi
4
22^@4
4>i
5
5
5
5
5
i'A
5
4
20^
6
.5
5
5
6
5
cents, to 4 21
21^@4
22^^ for demand,
offerings were as
5
5
iH
5
5
5
5
While the sterling exchange market remains in
what might aptly be called a quiescent state that is,
dull and extremely' narrow
with the volume of
transactions of minimum jjroportions, developments
have, on the whole, been quite favorable and prices
responded by an advance of 6% cents to news of the
ratification of the Irish treaty with Great Britain
and favorable advices early in the week from the
conferees at Cannes.
Later in the week, however,
the overthrow of the Briand Cabinet had a slightly
depressing effect and quotations declined to 4 223^, a
loss of one cent from the high point of 4 2334 for
demand, touched on Tuesday. In all probability
the recession would have been greater had it not been
for the continued scarcity of commercial offerings,
which of course exercised a powerful influence in
maintaining rates. Furthermore, London cable quotations were firm during tlie greater ]iart of the
we(>k, while optimism as to the general international
situation is still evident.
It is conceded that the
new French crisis opens up rather unpleasant possibilities of friction and delay in the adjustment of
reparations and other troublous issues, but hope is
entertained of an amicable sc^ttlement of the disinite
in question ere long, and at the extreme close the
market was firm.
—
2334
for
cable
transfers
and 4
19^®
was still quiet but
liglit as ever.
Weakness was exthe opening on Thursday as a result of
for sixty days; trading
perienced at
the overthrovv^ of the Briand Cabinet, but later there
was a rally and demand bills covered a range from
233^, cable transfers 4 22^4 @4 23^^ and
sixty days to 4 2034@4 213^; traders showed little
4
—
@4
22 for
for cable transfers and 4 19(gj
4 203/^ for sixty days; light offerings and an improved
demand aided in maintaining rates.
Movements
were somewhat irregular on Tuesday, but the trend
was still upward and demand advanced to 4 21 11-16
@4 2334, cable transfers to 4 23 3-ie@4 23^ and
sixty days to 4 \^y^@'i 21}4- On Wednesday there
was a reaction downward and sterling lost ground
slightly,
4H
2%
22M@4
or no concern
and the volume
of business transacted
On
Friday the undertone was weak
at the opening, and a recession to 4 21 J^ for demand
took place, but the high was 4 2334; eable transfers
covered a range of 4 22^ @i 4 23^ and sixty days
4 19J^@;4 2134- Closing quotations were 4 2034 for
sixty days, 4 2234 for demand and 4 22^4 for cable
transfers.
Commercial sight bills finished at 4 213^,
sixty days at 4 17^, ninety days at 4 163-8- documents for payment (sixty days) at 4 17^, and sevenday grain bills at 4 20^-^. Cotton and grain for payment, 4 213^. Gold arrivals were smaller this week,
being restricted to one shipment from Europe,
namely, 94 boxes on the Baltic from Liverpool,
and a number of small lots from South American and
other points. The Southern Cross brought S87,000,
the Ulua S38,000 from Colombia, the Anna $38,261
and 30 gold bars from Colombia, the Lake Sackler
$60,000, 8 bars of gold and one case platinum from
Colombia, and the Gen. G. W. Goethals $56,400, 8
bars and 6 packages of silver, and 7 packages of gold
on the Mayero from Trinidad. Kuhn, Loeb & Co.
rec(nved advices yesterday afternoon that the Zeeland from Antwerp has $2,625,000 gold on board
consigned to them.
was
negligible.
Market operators apparently continue to hold
and sentiment seems almost unanimous that a
Movements in Continental exchange reflected to
poUcy of extreme caution in thei'j^inatter of making some extent developments abroad, and despite a cercommitments is advisable under present conditions. tain amount of backing and filling, currency values on
Nevertheless, bankers and financiers are now looking nearly all of the principal exchanges advanced steadily
forward with a good deal of confidence to the future. on good foreign news; only, however, to break quite
Some uneasiness is felt, however, over the close sharply on the unexpected announcement of political
approach of tiie date for the payment of the January difficulties in France. The result was losses of as
aloof
installment of
German
r(>parations wliile
Germany much
appears to be marking time and observers are
waiting anxiously for the definite announcement of
some plan for reUeving the situation. The increased
ease in money here as Avell as the changed conditions
still
as 15 points in French exchange which after
having touched 8.34%, receded to 8.08 for checks.
Antwerp francs
ranging between
as
usual
moved
sympatheticallj'',
and 7.683^. In lire a rather
better tone prevailed and the quotation hovered
n our export trade are undoubtedly having much to around 4.30, largelj' as a result of improvement in
do in sustaining rates.
financial affairs in Italy.
Reichsmarks were extremely quiet but steady at about 0.533^. This
8.013^2
2
.
THE CHRONICLE
Jan. 14 1922.]
was ascribed to a more hopeful feeling n^garding
modification of reparations demands. Business,
however, was pot active in any branch of the market
and transactions in the aggregate were small. Greek
drachma were firmly held, while all of the Central
European exchanges ruled steady. What little activity prevailed was confined very largely to francs,
and even here a large part of the dealings represented
speculative operations, which were on a much smaller
As a matter of
scale than has been the case of late.
when the market was practically
This was not surprising, since, owing
fact there were times
at a standstill.
to the change in export trade conditions, legitimate
commercial requirements are much lighter than heretofore and dealers have for the moment adopted an
117
and cable transfers 19.95, against
Checks on Sweden finished at
24.95 and cable remittances 25.00, against 24.75 and
24.80, while checks on Norway closed at 15.65 and
cable transfers at 15.70, against 15.55 and 15.60 a
week earlier. Spanish pesetas finished the week at
14.92 for checks and 14.97 for cable transfers.
A
week ago the close was 14.89 and 14.94.
As to South American exchange, little, if any,
change has taken place. Argentine checks finished
fractionally higher at 333^ and cable transfers at
33^, against 33^ and 333^ a week ago. For Brazil
also increased firmness was apparent and the quotation rose to 12J^ for checks and 13 for cable transfers,
but finished at 12% and 12^ (unchanged)
Chilean
exchange was lower, and finished at 10, against
10^, but Peru remained unchanged at 3 55.
Far Eastern exchange was strong for a time, but
closed at 19.90
19.30 and
19.35.
.
attitude of "watchful waiting" until some clarification
of the international atmosphere has taken place.
There are some who look for lower levels, or at least
sharp fluctuations, but this is purely conjectural and reacted later, particularly as regards the Chinese
will depend largely upon the progress of events at the currency rates, which were affected by improvement
Genoa meeting of world powers. Advices from in the silver situation. Hong Kong closed at 553^(§^
Berlin this week that after an interval of seven and a 55%, against 56^5634; Shanghai, 76%(^77 (unhalf years, official banking relations between Ger- changed); Yokohama, 4834(g*'483^, against 48%@49;
many and Russia had been resumed, excited atten- Manila, 483/2(§^48%, against 48%@i49; Singapore,
tion in a desultory way, but had not the slightest 4934@493/^, against 49(a^4934; Bombay, 28%(^29,
The new Russian against 29(ai2934; and Calcutta, 29(a).293<4, against
effect upon actual market levels.
State Bank is said to have deposited several million 29@2934.
marks in the Deutsche Bank and drawn its first check
Pursuant to the requirements of Section 403 of the
for 1,500,000 m-arks.
Emergency Tariff Act of May 27 1921, the Federal
The official London check rate on Paris closed at
51.70, as compared with 52.30 a
week ago.
Sight
"
^serve
Bank
is
now
certifying daily to the Secretary
bills
here on the French centre finished at 8.133^,
against 8.02j^; cable transfers 8.143^, against 8.033^;
commercial sight bills 8.1134? against 8.OO3/2; and
of the Treasury the buying rate for cable transfers
on the different countries of the world. We give
below the record for the week just past. The Federal
commercial sixty days 8.0534, against 7.943^ last
week. Antwerp francs closed at 7.79 for checks and
Reserve Bank does not proclaim the rates until the
morning of the following day, and therefore the latest
figures it is possible to include in our table are those
for Thursday noon, announced on Friday:
oable transfers at 7.80, against 7.683^ and 7 .Q9}/2 a
week ago. Final quotations on Berlin marks were
0.523^ for checks and 0.53 for cable transfers. This
compares with 0.51^ and 0.52% the preceding week.
Austrian kronen were a shade firmer and closed at
0.033/8 for checks and 0.033^2 for cable transfers, as
against 0.02J/8 and 0.03^ a week earlier.
Lire finished the week at 4.35 for bankers' sight bills and
A week
ago the rate
was 4.31 and 4.32. Exchange on Czecho-Slovakia
dosed at 1.61, against 1.63; on Bucharest at 0.81
(unchanged); on Poland at 0.0370, against 0.03(), and
on Finland at 1.88, against 1.85. (Jrcek drachma
finished at 4.35 for checks and 4.40 for cable transfers, against 4.32 and 4.37 a week ago.
4.363^^ for cable remittances.
As
to the exchanges on the former neutral centres
very little of importance to report. Rate
fluctuations were unimportant and the volume of
iMisiness very small.
In general, movements followed
there
is
course of the other exchang(!S, so that firmiMjs.s
was displayed in the early part of the week when
th(!
Dutch
advanced to 36.77. Stnsngth was
also noted in Swiss and Spanish currency and in (Ik;
Scandinavian exchang(\s, with slight reactions toward
the end of the week on bad news, though in he final
guilders
I
CABLE BUYING RATES FIXED BY FEDERAL RESERVE BANK,
JAN. 6 1922 TO JAN. 12 1922. INCLUSIVE.
Noon Buying
Rate /or Cable Transfers in
Value in United Siateo \fnney.
New
York.
Country and Monetary UnU.
Jan. 9.
Jan. 6.
*u8irla. krone
.
BelKlum, franc
.
Bulgaria, lev
Jan. 7.
S
.000334
.0766
S
.000339
.0770
.0791
.007175
EUROPE—
.007267
.007258
s
.000355
Jan. 10. Jan. 11
S
.000348
.0799
.007167
Jan. 13.
$
.000353
.0794
.000334
.0800
.007483
.0071
S
Czwho-Slovakla, krone... .016169 .016247 .016372 .016.366 .016141 .016022
Denmark, krone.
.1999
.1979
.1985
.1983
1988
.1989
4.2211
4.2322
4.2256
4.2342
KnKland, pound
4.2039
4.1978
.
Finland, markka..
France, franc
.018757
.018786
.0801
.0804
Germany, relchsmark
Qreece, drachma
.005269
.005395
.0438
Bolland, florin or guilder..
Hungary, krone
Italy, lira
.0133
.3663
.001633
.0431
.
JuRoslavIa, krone
.003475
.3664
.001641
.0432
.003572
Norway, krone
.15.53
.15.58
Poland, Polish mark
Portugal, eaouda
.000338
.0782
Rumania, leu
Serbia, dinar
Spain. DCHcta
.0081
.0141
.1491
.018757
.0824
.005876
.0135
.3673
.001675
.0429
.003,594
.1931
.19.33
China H. K. Dollar
.5484
.7420
.5506
.7430
.5548
.7495
..54
.54 .')8
.,5478
.2784
.5769
.4750
.2791
NOIITII AMERICA—
Canada, dollar
Cuha, piiHo
.2788
.4769
.4717
.914063
.997919
.935469
.998542
.939375
.997919
Mexico, p(*o
.48.'iO
.485.594
.4881
Newfoundland, dollar
.0781
.00829
.0144
.1497
.24 84
.4775
.1733
.942083
.93375
.9.l(i667
Argentina, peno (goltO
.75.50
.7642
mllrelH
.1258
.7002
.1261
.7577
.1200
.7007
llriizll,
.00165
.0431
.0033
.1.5.59
.19,33
Hoij'i
.3()73
.15.58
.2473
Hln»(nporo, dollar
.00.5547
.0138
.000345
.0775
.008275
.01424
Sweden, krona
1
.0185
.0836
.00.5672
.000338
Swit/.urland, franc
Shanghai, taci
China, Mexinnn Dollar
India, rupee
'ui)Mn. yen
.
.018643
.0828
.1.562
.00035
.0773
.00834
.0146
.1488
.2472
AHIA—
.018714
.0832
.005775
.0139
.3680
.001667
.0432
.003431
,7000
.0437
.00332
.1570
.000354
.0780
.00813
.01325
.1499
.2495
.1.500
.000340
.0774
.00816
.0133
.1497
.2497
.1930
.2491
.1937
.5560
.7511
.5463
.2797
.4777
.4817
.5541
.7482
.2796
.4772
.4800
.942969
,998334
.489169
.940417
.945156
,997712
.488226
,944167
.948.594
,7670
.1204
.7100
.7688
.12(17
.7684
.1200
.7210
.54.56
n ami;iii(;a—
OruRiiay. voio. .........
.0437
.3682
.0016.30
.7200
.19.39
.5504
.7408
.6440
.2791
.4700
.4817
.997088
.48776
.94626
dealings
tlu; losses were i-ecovered.
Bankers' sight on Amsterdain cl(;s(-d at 36. S2,
against 36.63; cable transfers at 36.87, against :U).()8;
commercial sight bills 36.77, against 36.58, and commercial sixty days 36.41, against 36.22 a week ago,
Swiss francs finished at 19.40 for bankers' sight bills
and 19.42 for cable remittances, which coinpiires
with 19.30 and 19.35 last week. Copenhagen checks
New York
CUiuring lioiisc! hanks, in their
operations willi interior hanking InHliliilionH, have
gained .f!6,:{r)9,225 net in cash as a resnil, of V\n\ cur
rency nioveuients for tlu; week ending January 12.
Their receijils Iroiii the inferior have aggregated
'*;(;,97r),S.'{l, while llic shipnn-nls hjive reached .ffJH).TIk!
606, as i)er
tin;
lollowiiig talile:
THE CHKONICLE
118
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
But what do we find the farm bloc and Board doing? Mark here, that while what we term worldpressure downward fell upon the selling end of the
INSTITUTIONS.
Week ending Jan.
Banks.
Banks' Interior movement
As
the Sub-Treasury
Bank on
eral Eeserve
farmer's problem, it did not fall with equal weight
and rapidity upon the buying end. Yet it fell there,
too.
The depleted foreign Pov/er cannot buy from
the factory more than from the farm. But the pressure is there though stayed and retarded by influences outside the natural. Factories over-extended,
and under-bought as to product, are running from a
third to two-thirds' capacity. But forced by obdurate labor costs, and buttressed by Governmental
restrictions, they are not selling as low proportionately as the farmer. As of old he, the farmer, buys
in a dear market and sells in a cheap, and this is
dangerously aggravated by all the calamities of
world-war.
But what we find the farmer doing is not seeking removal of the butresses in law and labor that
sustain the factory high price, but an attempt to
lift himself up by his own assumed legislative power,
'T)y his boot-straps," and thus relieve himself of
world-pressure an impossibility and an absurdity.
And he puts himself in a pocket when he attempts
$616,606 Gain $6,359,225
$6,975,831
.
Gain or Loss
to Banks.
Out of
Banks.
Into
12.
was taken over by the Fed-
Dec. 6 1920,
it
is
no longer
Government operations on the Clearing House institutions. The Federal Reserve Bank of Xew York was creditor at the
Clearing House each day as follows
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
possible to
show the
—
effect of
AT CLEARING HOUSE.
Monday,
Saturday,
Jan. 7
Jan. 9.
Tuesday,
Jan. 10.
Wednesd'y Thursday,
Jan. 11.
Jan. 12.
Friday,
Jan. 13.
A ggrcgate
for Week.
S
44,000,000 56,500,000 38,900,000 64,100.000 46,900,000 67,300,000 Cr. 317,700,000
Note.
— The foregoing heavy credits reflect the huge mass of checks which com*
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 tbf
Clearing
House
Institutions.
(CO
—
They
represent only one side of the account, as checks
Itself are presented directly to the bank and never
drawn on the Reserve Bank
through the Clearing House.
The following table indicates the amount
European banks
of bul-
—
lion in the principal
Jan. 12 1922.
[Vol. 114.
Jan. 13 1921.
surround himself by the same factitious influences
that now uphold the factory. And it may be said
£
£
England
128.452,7,33
128, 280,219
though the affirmation startle some and rouse con.-.128.452, 733 128, 200,219
France a.. 143.043,5.54 11,200 0001.54,243, 5,54il42, 107,392 10,560 ,000 1,52 667.392
Germany
49.769.700
901.450
606 ,500 50.376. 200
323 900]
577,550
troversy it may be said as a fact, without saying
Aus.-Hun. 10.944.000 2.369 .OOO; 13,313, 000 10 944,000 2,369 000 13 313.000
Spiiln
100.515.000 25,002 000,125,517, 000
286,000 22,943 000:121 229.000
it is a good or an evil, that i/ "cheap labor" and
Italy
.33.895.000
2,970 .000 36,805, 000
768,000
2,939 ,000; 35 767,000
Netherl'ds. 50.497.000
658 000 51,15.-), 000
012,000
800,000
1,788 ,000
"cheap goods" could come in, world-pressure would
Nat. BpIs. 10,663.000
1,620 ,000 12,28.i, 000
661,000
1,116 .000 II 777,000
Switz'land 21.981.000
4,330 000 26.311, 000
716,000
4,92£ ,00q 20 .645,000
soon make an end of the superior advantages of the
Sweden
15.265,000
15.265, 000
,688,000
... 15 688.000
Denmark
12.685,000
197,000 12,882, 000
"1V5" 000' 12 789.000
644,000
factoi'y over the farm. We do not contend for this
Norway ..
8.115.000
8,115, 000
115,000
8 ,115.000
...I
we merely wish to indicate that a world-pressure on
Total week 585,825,987 48.9.52,500634.778.487 588,799,161 47,172,900635,972,061
Frev. week 585.613,742 49,248,250634.861,992588.729,902 47,430,800636,160,702
farm prices that cannot be removed at all (and can• Gold holdings of the Bank of France this year are exclusive of £77,034.682
held abroad.
not be removed by such restrictions and guards as
are placed about manufacture and labor by governLOANING DIRECT TO THE FARMER.
ment oud "organization") must be borne, hard as
The Federal Farm Loan Board is asking that it may be to say so. 'Sov can a Farm Loan Board,
loans be made direct to the farmer. This is the last with its creature institutions, though they may restraw. But even if it succeeds in breaking the back lieve in some ways local pressure, touch even reof the "agricultural bloc" and dispelling its halo, motely this general and indubitable cause of agrithe price paid will be too high. Is'ow, we are person- cultural depression. And if the farmer by bloc and
ally apprised of conditions in the Middle West. board succeed in fastening upon himself the same
"Money is tight, and times are hard." There is no armor put upon the factory, he will find himself
earthly doubt of this. A banker writes: "I think loaded down with a weight that only adds in the
three-fourths of the loans we have made the past end to the burden of world-pressure. And as for the
two weeks [date of Jan. 3 1922] have been to help Federal Government transforming itself into a huge
pay taxes." It is deplorable that such stringency and all-powerful loan agency in behalf of the farmand dearth should exist. But can it be cured ? And er, if it is a just Government, a general Government,
how did it come about? The weight of world-pres- it ought to do as well by manufacture as by agriculsure fell upon the prices of farm products and drove ture, and make loans to every indigent, hard-pressed
them down, down
Have we so soon forgotten that and war-extended factory.
sliortly after the armistice Australia offered to lay
The Federal Farm Loan Board has quasi-supervidown Avheat on the Pacific Coast at |1 10 to |1 20 a siou over two kinds of banks Federal Land Banks
bushel? Were not huge war-time contracts for food and Joint Stock Land Banks. And it has made the
supplies suddenly canceled? And was it not inevit- discovery that the local associations necessary to
able that European power to buy should immediate- the form and conduct of the Federal Land Banks,
ly feel its inability to continue to pay war prices, or after having accomplished their purpose of securing
even to continue to buy at all? Add to this a war- locality or neighborhood loans from the parent bank,
engendered boom in land values, that collapsed, a sometimes dry up, disappear, cease to function, and
disaster always in itself and you liave the main the farmer not fortunate enough to get his loan
causes of the condition of the farmer. Many a hard- early has nowhere to go. And so, let the Federal
working man who bought a boom farm, under the Government deliver itself, and make, from its inexmesmerism of advancing prices and the wiles of the haustible store of actual money and potential credit,
ubiquitous land agent, making his first payment, loans to the dilatory farmer direct! The Joint
will lose the farm. Many a tenant farmer will not Stock Land Banks it would seem are sufficient to
be able to "come out even." It is deplorable. But tliemselves. Organized in various States, with modwhat is the cure? Undoubtedly it is the interaction erate capital, and being creatures of Federal law,
of huge forces, natural in their germination and
and thus boosted into the public regard, being
course— and nothing else. Time!
manned, let us say, by good bankers and business
to
Banks of-
Gold.
Silver.
Total.
Gold.
Stiver.
Total.
.
.
.54,
—
.54
,54
. .
.
!
—
—
I
.Ian.
THE CHRONICLE
14 1922.]
men with
"push," these joint stock
banks are functioning extensively and by powers
granted are issuing, in comparison with their capital, huge issues of bonds advertised to be "obligations of the Federal Government." There is no such
the
modei'ii
—
119
nies that the proposed bill to incorporate is the
of the Committee.
work
conceding that the Legislative Committee
investigation has accomplished a definable amount of
good, eommending the unions for whatever amount
chance for the factory— but we pass this. Here is of reform they propose to institute by their own volithe question if this form of Land Bank cannot suf- tion, what is the larger and more important aspect
ficiently supply the farmer overlooked by the "Fed- of this whole proceeding? If we may put it so, we
eral Land Bank," is it because he is not a good risk, perceive that out of a general prevailing discontent
or is it because the Government is not really insti- and inordinate desire, a cyclonic whirlwind of greed
tuted to relieve the farmers en masse? Think of and selfishness dips to earth in this metropolis,
the proposition the Federal Government going over shattering the normal and equable conduct of busithe country inspecting farms and farmers, and pro- iiess. There have been other investigations, but we
viding for every man who neglected to join the local confine ourselves to this. We perceive further that
association Federal Land Bank or who has been though it be the building trades alone we consider,
passed by the Joint Stock Land Banks, now selling conditions, practices, and interferences have a colwith no legal limit as lateral effect on the whole country. And we pertheir bonds by the millions
far as we known upon their number. And after this ceive that if there be any anologj' whatever between
welter of credit is extended the farmer continues the A. F. of L. organization and the unions, the forto pay high prices at the buying end and stabilizes mer cannot escape responsibilities and duties in the
them by assenting to and adopting policies said to premises.
But our chief eoncern as a people must be in setbe good for the factory, but which are utterly worthTo our mind, the farmer is in the ting this whole matter of investigation, reform, punless to the farm
way of destroying his natural credit-power, and it ishment and acquiescence apart, and considering it
in its relation to the whole business and the whole
is the best credit-power in the world!
of government. We know that what we term "business" is an interlacing and interdependent natural
I'S' DEPENDENCE AND COURAGE OF THE
INDIVIDUAL IN INDUSTRY.
agency by Avhich we live and have our being. We
know that our Government promises protection to
A State legislative committee, in the course of an
extended investigation, has disclosed alarming and the individual firm and corporation in the free exsinister conditions in the operations of labor and ercise of initiative, enterprise, conduct and ownercapital in the City of New York. Combines, con- ship. Into what petty maelstrom of misguided efBuilders fort and interference then must we stray when we
spiracies, collusion, have been revealed.
and producers have been entangled in the net of evi- picture the whole country honeycombed by ostensidence.
Practices of labor unions have been un- bly local conditions such as are shown to prevail in
earthed alleged to be unethical and in some in- New York City? Is it any wonder that manufacture
stances clearly contrary to law. A huge mass of tes- as a division of industry suffers and is goaded ontimony has been taken. Some of this has been re- ward toward special privilege, or. that agriculture
ferred to Grand Juries, indictments and convictions as another division of industry seeks also by "boring
have followed, and certain malefactors are now from within" in the larger legislature of Congress
serving prison sentences. As a sort of climax, the to attain other favors and privileges?
We are not saying that these larger movements
Committee, through its attorney, shortly before the
close of last year, served warning on certain unions are a result of these and similar local conditions.
of the central organization in New York City to We are attempting to show that there exists within
"clean house," naming certain reforms to be insti- the natural field of "business" conditions at war
tuted. Thereupon, it is reported, a number of labor with progress and the freedom of the individual,
union chiefs met and agreed among themselves to that though they be unearthed by special investigaconform to the wishes of the Committee, but only in tions not only affect the whole country, but are
iS^ow,
—
—
—
—
—
—
!
part, reserving certain "principles"
upon which no beyond the power
of the States to control
do not wholly
and yet
lie
within the purview of the
surrender is to be made. And in addition to this a
prominent representative of the American Federa Federal Government to remedy. No individual
enjoy a
tion of Labor appears upon the stand and concedes contractor, firm or corporation
can
guaranteed freedom of endeavor that it does
tlie wrong and injustice of some of the practices of
exercise.
we
think
certain unions of the central city organization, stat- not
It
is
absurd
to
must depend upon a government-by-investigations
ing, however, that the A. F. of L. is in itself powerfor our liJ)erties.
loss to correct the evils, since it allows to each such
It is impossible to believe that
these sudden irruptions in time and haphazard lefjminor union complete autf)noiriy and the management of its own affairs only moral suasion and islatirc thiMists into conditions can accomplish peradvice being left to the Federation. This witiiess manent reforms. We cannot admit that laws i)enalalso refuses to countenance certain
suggested izing so-called combinations in restraint of trade by
fhanges as contrarv to the spirit and life of the either capital or labor are our only safety. In the
nnion labor organism. Aside from this a rumor is wide expanse of our domestic "business" this whole
heard at the time that a bill is to be introduced at matter is but an unpleasant though disconcerting
Albany, the object of which is to corTipel nnions to <'pisode. The underlying truth as we sci^ it is this:
incorporate.
This, spokesmen of llie unions an- i»nsitiess must have the courage of its convictions;
nounce, and have heretofore announced, they will competition in the true sense must be practiced by
"fight to the bitter end."
As an epilogue to this the firm and corj)oration initiative, conduct, and
most recent impasse, the attorney of the Legislative owiK'rship, the v(U'y lifeblood of our social and <'coCommittee, commending the favorable action
of iiomic advance, existing under the shield of our C^onthe unions to reform in certain ways announced, de- slilution, must dare to function in their own right!
;
THE CHRONICLE
120
We may
state the conclusion broadly in this way
As long as labor is afraid of capital, as long as capital is afraid of labor, the tendency of this fear is to
drive them into opposing combinations at war with
And
the ultimate of resistance to this
fear lies not in law but in the freewill of the individual, be he laborer or capitalist. When the contractor, or business man, resolves to run his own
particular business in his own way, living loyally
eacli other.
under certain legal restraints that are for the good
of all, and are directory, rather than enslaving, he
will put competition on its highest plane and in the
total production of trade will, of course, become a
co-operative factor. He will merely exercise the
power and liberty guaranteed to him by our Government. When the laboring man makes his own contract, sells his own labor under conditions and exactions satisfactory to himself, free from the coercion
of unions, he, too, will merely exercise his inherent
power and liberty, and there will flow from his labor
the highest good to himself and to the public.
Many who point to the measurable good accomplished by unionism will not agree with this last
statement. But it remains true that the highest prerogative of the individual is the free exercise of his
innate individualism a freedom to make his work
count the most for himself by making it count the
—
—
most for others a freedom to exercise independence
and ownership (tf his power, skill, and right to toil,
when, and as, and where, and for whom, he will, also
his guaranteed property under Government. It may
be said that in "collective bargaining" inside the
plant, close contact between employer and employee,
man-to-man fashion, these two apparent extremes
meet and coalesce. But we shall never escape the
universal entanglement now upon us until strong
men, employers or employees, re-establish our oldtime freedom by resistance to the fear that seeks
safety in combinations, illicit or otherwise.
PRICE MA TNTENANCE—TTT E LA TEST
DEdlSrON.
Closely following the decision on Dec. 19 in the
Hardwood or "'Open Price" case, comes another Supreme Court decision [Jan. 3] in the Beechnut
Packing case, turning upon a restraining order by
the Federal Trade Commission under the law of
1914 creating that body. As long ago as June 14
1919 [p. 2378] the "Chronicle" reviewed the long
struggle over maintenance of re-sale prices, the
latest case up to that time having been that of the
Colgates.
A further review was made by the
"Chronicle" on July 10 1920 [p. 129], the particular
occasion then being the unanimous action of the
Federal Circuit Court of Appeals, sitting here, setting aside the Commission's "cease and desist" order, leveled at the Beechnut Company.
The Supreme Court, on appeal, has now reversed the Appeals Court, and sustains the Commission by five to
four. Justice Day reading the opinion, and the dissentients being Justices McKenna, Braudeis, Holmes
and McReynolds, the latter two
filing opinions. The
so important as to require a careful effort
to find what coherence can be found in the muddle
and see whether there is any firm ground for the
subject
is
conduct of business.
The Trade Commission had ordered the company
to cease trying to
sell, at wholesale or retail, "according to any system of prices fixed or established
by respniiflont." and parficularlv to cease this:
[Vol. 114.
"(1) Refusing to sell to any such distributers because of their failure to adhere to any such system
of re-sale prices;
"(2) Refusing to sell to any such distributers because of their having re-sold respondents' said products to other distributers who have failed to adhere
to any such system of re-sale prices;
"(o) Securing or seeking to secure the co-operation of its distributers in maintaining or enforcing
any such system of re-sale prices;
"(4 Carrying out, or causing others to carry out,
a re-sale price maintenance policy by any other
1
means."
This Older was pronounced "a little too broad" by
•Instice Day.
[t should have stopped, said he^ with
ordering the company to cease trying to hold up
prices "by co-operative methods" in which its distributers, customers and agents seek to keep others
from getting the goods at cut figures. Particularly, said he, attempts to do this in the following
Avays should have been forbidden
:
By the practice of reporting the names of
who do not observe such re-sale prices;
"2. By causing dealers to be enrolled upon lists
of undesirable purchasers who are not to be supplied
"•1.
dealers
with the products of the company, unless and until
they have given satisfactory assurances of their
purpose to maintain such designated prices in the
future
"3. By employing salesmen or agents to assist in
such plan by reporting dealers who do not obsen^e
such re-sale prices, and giving orders of purchas«:
only to such jobbers and retailers as sell at the sug
gested prices, and refusing to give such orders to
dealers w-ho sell at less than such prices, or who
sell to others who sell at less than such prices
By utilizing numbers and symbols marked
upon cases containing their products, with a view to
"4.
ascertaining the names of dealers who sell the company's products at less than such prices, in order
to prevent such dealers from obtaining the products
of such company
"5. By utilizing any other equivalent co-operative
uieans of accomplishing the maintenance of prices
fixed by the company."
Here are more words than in the cited particular
order of the Commission, but the difference in purport seems like that between tweedledum and tweedledee. Both agree that it is within the company's
right to control re-sale prices of its goods, so long as
it does not use any particular means of doing so:
tlie position taken seems to be much like one of fullv
favoring a laAv but being against its execution. In
the action on this case, which is now^ overruled,
Judge Ward remarked that "we understand the Supreme Court to hold, in the Colgate case, that a similar but less drastic method of sale constitutes merely the exercise of a man's right to do what he will
with his own and is not obnoxious to the Sherman
Act"; but on March
1920 the Supreme Court,
by Jugti(;e McReynolds, with Justice Holmes and
Brandeis in dissent, announced a qualifying position by condemning agreements.
Justice McReynolds discovered n difference between a case in which
a producer indicates his wishes as to prices and
refuses to deal with those who disregard them and
"one where he enters into agreements." In the latter case, said he, "the parties are combined through
agreements designed to take aWay dealers' control
of their own affairs and thereby destroy competition and restrain the free and natural flow of trade
among the States." Even Justice Day now declarer
it "settled" that a trader is not violative of the SherTuan Art "who simply refuses to sell to others, and
1 of
THE CHKONIOLE
Jan. 14 1922.]
may withhold
his "oods
from those who
will not sell
them at the prices he fixes at re-sale''; but he must
uot go farther, "and by contracts or combinations,
express or implied, unduly hinder or obstruct the
free and natural flow of commerce in the channels
of inter-State trade."
The
fault, then, lies in tlie metliods
and the
assert-
ed "combinations," and this lanj^uage almost exactly repeats what Justice McReynolds had qualifiedly
said, as above quoted but he is now in dissent. Justice Holmes says he cannot see any unfairness towards competition in telling a dealer that "you can
have my goods only on my terms," and Justice McReynolds, probably without intending any sarcasm,
says now that the Court proposes to declare unlawful something which would have been lawful had the
company been able to keep in memory the names of
unsatisfactory customers and ha<l not made such a
;
may
121
may
not unduly raise his own estimate of
himself, but it does not tend to make him more in
fallible than before; hence it is neither injustice nor
disrespect to our final tribunal to say that some of
its members find distinctions without differences,
and fail to adequately measure either the business
logic of law or the business needs of sound industry
a)id trade. What will follow, and how is the subject
left," after all this backing and filling and these inor
consistent sophistries?
Directly after the decision
came a report of meetDepartment of Justice and business men who would like to know
where they are, and "in answer to a flood of inquiries" the Attorney-General is said to have told them
ings to be arranged between the
that "(1) they cannot fix prices; (2) they cannot
divide territory for sales purposes; (3) they cannot
limit production; (4) they cannot control competi-
The last of these four needs no statement,
To restrain trade, within the unmistakable mean- for nobody can do that: the others are, as Justice
ing of the Sherman Act, is to make or seek to make a Day calls the Commission's order, "a little too
monopoly of some particular article, and no combi- broad." King Canute silently rebuked his syconation which neither effects nor seeks that result phantic courtiers by having his chair set at the watcan be deemed a conspiracy. In this case, the only er's edge and peremptorily ordering the tide to
competition which was accomplished or sought was "ceavse and desist," but it came in just the same. One
that among price-cutters, and surely no argument corporation attorney now expresses the opinion
need be expended on the proposition that price-cut- that more business mergers and combinations, as a
ting, however welcome to the retail buyer in some in- means of self-protection, will follow the decision in
Justice the Hardwood case, and it is reported from Youngsstances, is against the general welfare.
Holmes says his idea of the law is that it was aimed town, Ohio, that a tri-company steel merger is in
'•'against attempts to create a monopoly in the doers discussion and likely to be effected.
It is no sligfit
of the condemned act, or to hinder competition with to our highest court to suggest that the tides of inlist in
writing.
tion."
them; of course, there can be nothing of that sort dustry and trade will prf^bably roll over
here." Plainly not; and he adds the remark that ing orders.
"tlie worst to be said, as far as I see, is that it [the
conduct of the respondent] hinders competition
THE CASE FOR CHINA
among those wJio purchase from it." And as to
"Business is business, but he's a fool
method?; used for price maintenance. Justice McWhose business has grown to smother.
His faith in men and the Golden Rule,
Reynolds says unanswerably:
all restrain-
.
Hi* love for friend ;ind brother."
•'Having the undoubted right to sell to whom it
will, why should respondent be enjoined from writing down the names of dealers regarded as undesirable customers? Nor does there appear to be any
wrong in maintaining special salesmen, who turn
over orders to selected wholesalers and who honestly investigate and report to their principals the
treatment accorded to its product by dealers. Finally, as respondent may freely select customers, how
can injury result from marks on packages which ento trace their movement? The privilege to
sell at will surely involves the right to
ascertain what selected customers do with goods
voluntarily sold to them."
able
sell
it
or not to
It is evident that Beechnut bacon is not any or all
bacon, but IJeechnnl, and its comparative merit is
Testimony is abundant and convincing that the
two great nations of the Far East have a strong and
peculiar regard for the United States. The Japanese delegation at the Conference give constant evidence of this. They came, they say, with many misgivings arising from past experience at similar gatherings abroad. They were surprised by the prevailing atmosphere of conciliation and the manifest effort of all, inspired by the lead of the Americans, to
put themselves in the others' place, and to maintain
friendly and harmonious relations. It made, as they
confirm, Japan's contribution to the debates, to be "a
firm and sincere determination to co-operate Avith
others, and a strong will to peace as the ruling spirit
of our whole attitude." which their conduct has
consumer to decide. The Beechnut Company cannot create a monopoly in bacon. They must abundantly confirmed.
It
immensely important, both for our own good
meet and beat the universal competition by creating
a demand for their tradernai'k, by some appanMit name and for our influences in the great issues now
sii[)eriority, or by advertising, or by both.
before the world, that we should be well informed
If tluMiprices are too high, or their business methods bad, as to the claims and attitude of the two great Asithey will fjiil
instead of restricting corai)etition, atic cotmtries. This will reijuire that wo disabuse
they must recognize and satisfy competition. The ourselves of prejudice and keep in mind the salient
natural effect of price-cutting, in this as in other facts. We outlined the policy of Japan two weeks
cases, is to disgust and discourage the deah^r who ago. We would now state fh" <<'>''<> \'.'A\\tro< of tlu;
wants to trade consistently and with an assured case for China.
reasonable profit but finds some rival is cutting
rt must be recognized that the Cliinese are at once
upon him; thu.s, in the long run, cutting restricts an exceptionally strong and a peace-loving people.
trade instead of promoting it.
More than any other race they have throughout their
To transfer a man from the bar to the tx'tich, or long history been uiuler the influence^ of two or three
from the ranks of laymen to those of legislators, great ethical tcs'ichcrs. More than L».000 years ago
for each
i.*-;
;
THE CHKONICLE
123
they were enjoiued to make "equity, justice and
truth" the fundamentals of their thought and conduct; and a system of education was established
which made the teachings of their sages the way of
happiness and the steps by which ambitious youths
in any rank of life might aspire to rise to the highest positions in the State.
No
nation in history has
a parallel to this.
China has been successively conquered and overrun by Tartars, Mongols and Manchus, but has been
able so far to absorb and assimilate her conquerors
that her national life has gone on and she has
never sought revenge or attempted conquest of her
;
neighbors.
Her
influence has been pervasive, and
her boundaries have enlarged, but she has remained
The flexibility of her civilia peace-loving people.
zation is such that she can assimilate the spirit of
the times, so that her native traits do not prove a
hindrance, and no flood of foreign ideas creates a
revolution of her thought or life. Ancient and isolated as she has been regarded, she is in fact
So she
peculiarly cosmopolitan in her methods.
is definitelv considered by those who know her
best.
With her vast population, which
to-day
[Vol. 114.
tion of railroads in Manchuria, where her influence
has been dominant since her war with Russia. This
constituted her case at the Versailles Council: and
so entrenched in China she came to Washington.
Over against this is China's case, which includes
her relations to all tue encroachments of the European nations. As to Shantung, she contends that
Germany forfeited her rights, which in any case
were oppressive and unjust; that China has never
surrendered sovereignty over the province; that the
railway is vital to her, as it intersects the main line
of communication between Pekin and the South;
that any joint management with Japan only means
Japan's control and that she is ready to pay in full
for such outlay as Japan has incurred in her investments. Moreover, Shantung is sacred soil as the
centre of her religious traditions, and the heart of
the nation is involved in its preservation. Beyond
this she hopes for the restoration of all her territory now in foreign control with the termination of
;
;
the extra-territorial courts, the withdrawal of the
foreign postal vsystems at an early date, and the
privilege to raise her tariff from 5 to 8 or 10%. Her
conclusive claim being to secure for herself entire
may be and unimperiled autonomy, a claim which seems
and now to be justified by the expressions of the nations
anywhere between 400 and 800
her large area divided into great provinces with different dialects and independent resources, there
have developed individual governmental oppression
and much official corruption but China remains
(fne great country, having a population characterized by a singular industry, thrift and probity, together with a strong family life, rev^erence for her
past, and a deep-rooted patriotism.
It is said by
some who know that "if the Central Government
and that of every province should be blown up, they
would go on unconcerned," so strong are her convictions and her mores.
China is not officially in the Conference for the
Limitation of Armaments, but she is in Washington in connection with it, and her claims, because of
their importance, have to be considered.
Since
Marco Polo, that is for some 600 years, the productions and the trade of China have been before the
eyes of Europe; and for some 500 years since their
navigators found entrance into Eastern seas the
European nations have been tempted to get a foothold in Eastern lands. England, France and Germany have in modern times with various excuses
established tliemselves on China's coast, and have
acquired important interior concessions. Japan's
new Empire, following Western ways, taking advantage of the war, has advanced still further in her
million souls,
:
and become a growing peril to the Chinese. Her occupation of Shantung is so serious a
question, as underlying the whole Pacific problem,
that it had to be taken up by the Conference, and
while not introduced into the main contentions, has
been kept at hand throughout.
Japan came to Washington entrenched in China.
The war ended with Japan succeeding to Germany's
agiiression
holdings in the 99-year lease in Shantung, including
the great ports and the railroad traversing the rich
agricultural lands, with the valuable mines of the
province. In all this Japan has settled herself, at
the cost of large financial outlay, with complete administrative and economic establishments. In 1914
she presented her 21 claims, of which 15 had to be
granted by China and 6 were only held up. In 1918,
by the treaty
of Tokio, she secured joint administra-
at Versailles as defining the rights of each and of
all.
China came
to Washington expecting to find a
Instead there is the Conference. This has
justified itself in the spirit that prevails, as we
have indicated, and by the progress that has been
made in the main lines of discussion. Meanwhile,
much private and friendly conference has been arranged to go on outside. This is the scene of the
China-Japan debates, aided by the presence of sympathetic American and English advisers. The spirit
of the main Conference pervades the private gatherings, and, while the questions are intricate and
seriously involved, concessions have been made and
much progress appears. Whatever form the final
results may assume the spirit and "sweet reasonmarks
new
a
ableness" of the intercourse
The Japanese
in international diplomacy.
epoch
will have their first impressions of the Conference
confirmed, and the Chinese will have secured an
"open door" which no one can shut, for the hearing
of their further needs, and the nation's ultimate and
China will no
not distant complete contentment.
longer be thought a portent or a prey.
The Eastern Question is even a greater question
than the reduction of armaments. The Four-Power
Treaty, despite the immediate discussion over its
possible significance, must remain indeterminate
in many directions until it begins to be applied;
and, distrusted as mere "general statements" are.
coming from conferences or arbitrators, they have
China for the first
their value in blazing a way.
time is organizing her banking credit, preparing to
make use of the great wealth of the country, hitherto put to little public, or even combined commercial,
This will create a new need of official integuse.
rity, which, extensive as is the corruption, she isfl
abundantly able to secure, and will give scope in
public as in private affairs for the already wellestabli^ed integrity of her business men. That the
oldest and in many respects the greatest nation in
the world should be the victim of continued aggression, or remain helplessly in the background of humanity's advance, is inconceivable.
Court.
|
I
'
THE CHRONICLE
Jax. 14 1922.]
133
expenses which our compilations disclose. The
falling off in traffic is responsible for a still larger
With a greatly
part of the decrease in expenses.
reduced volume of traffic to handle and to transport,
a much smaller number of men is required to do the
work. Greater operating efficiency accounts for
This improved effia further saving in expenses.
ciency was rendered possible through the fact that
with so many railroad employees idle railroad
officials had their pick and could select the most
industrious and those best qualified for the work.
The same circumstance enabled the offii*ials to
maintain stricter discipline and to improve the morale
of the force which had become seriously impaired
during the period of Government control.
But all these things combined are not sufficient
to account for such a tremendous reduction in the
expenses as $145,000,000 in a single month, and we
are driven to the conclusion that maintenance and
renewal outlays were cut to tiie lowest limit attainAnd, as a
able consistent with safe operation.
matter of fact, railroad managers nearly eveiy where
admit that renewals and repairs are being deferred
to more propitious times where ever such a course is
With traffic small and the demand for
possible.
equipment correspondingl}^ reduced, it is a matter
of little consequence whethei- the idle equipment,
for which there is no immediate use, is kept in full
These cars can just as well be rerepair or not.
stored to their proper physical standard later on
when they are again (tailed into service. In the
meantime, howev(^r, it is important to under.stand*
that a part at least of the reduction in expenses now
shown in the expenditures is at the cost of the physical condition of the properties and to that extent is
unreal and will have to be made good by heavier
outlays on mainte lance account at some subsequent
in
AND NET EARNINGS
RAILROAD a ROSS
FOR
NOVEMBER.
Returns of earnings of United States railroads
conthuie in large part devoid of encouraging features.
Our compilations to-day cover the month of November, and the showing is like that for the months
immediately preceding in disclosing a tremendous
falling off in gross revenues (in this reflecting the
prevailing business depression), but attended by a
curtailment of expenditures in excess of the amount
of the loss in gross earnings, thus leaving an improvement in the net to the extent of the difference. In
brief, the gross earnings, as compared with the
corresponding month of the previous year, record a
falhng off in the huge sum of $126,027,666, or 21.34%;
but" expenses have been reduced in yet larger amount
—8144,962,518, or 28.31%— thereby producing a
In
gain in the net of $18,934,852, or 24A4%.
tabular form the figures are as follows:
Month
—
Inc. (+) or Dec.
(—).
Gross eamlDgs
Operating expenses
Xeteamings
1921.
1920.
236,043
»i64,440.49S
367,074,234
234.972
$590,468,164
512,036,752
—S126.027.666
—144,962,518
00.46%
21.34%
28.31%
§97,366,264
0/ Nov. (201 Tds.)
of road
MUes
$78,431,412
+318,934,8.52
24.14%
The shrinkage in the
comment, inasmuch as
—1,071
gross revenues
calls for little
so obviously the outWith business
conditions.
it
is
growth of prevailing
eveiy where at a low ebb and many industries abso-
lutely prostrate, there necessarily follows a contrac-
both passenger and
freight, and this shrinkage in traffic in turn brings
with it lower gross revenues. It is proper to add,
though, that in addition to the loss of traffic resulting
from trade depression. Western roads had to contend
with a smaller grain movement and a smaller live.stock movement, and Southern roads with a con-
tion in the
volume
of traffic,
traction in the cotton
movement,
as
we
shall
show
further alojig in this article.
The cutting down
of the expenditures to the extent
loughly. S145, ()()(), 000 in a single month belongs
in a diffei-ent categoi-y and merits careful study, but
also follows as a direct outcome of the existing
date.
such
With gross revenues
situation.
prodigious sums it was imperative that expenses
should be cut in drastic fashion if the roads would
escape bankruptcy.
With their credit already so
seriously impaired, operating ecojiomies and savings
expenses) follows,
eveiy direction were in any ev(^nt
iniperativ(; ajid also furnished the only means of
offsetting in whole or in part the losses in gross icceipts.
This requirement lies at the bottom of (>v(uy
demand of railroad officials that wage earners shall
acce))t lower scahis of pay.
Whatever hardship this
no alternativ<', particularly as
(•oncuiicntly shippers, and esp(M;ially tlio.se in the
239,572 increase in gross (mainly because of the
higher schethdes of ti-an8[)0]-tation charges put into
effect a few months before), and $37,533,530 of this
having been carried forward as an increase in the net..
For the years imm(Mliately preceding 1920 the Nov(miber showing had been extremely bad, large losses
in- the net having piU^l up in 1919. 1918 and 1917.
In 1919, particularly, the siuming was extremely
farming
poor.
of.
falling off in
in
(.'xpen.ses
may
in
involve thei-e
is
districts, arc.
tion rates.
And
clamoring for lower transporta-
a legitimate basis for this
demand
for i(!duced transf)oi'tafion latcs exists in the gr(;at
drop which has occurred in the prices of all the; products of the farm.
Thus far the \vag(?s of riiiii'oud
employees have been reduced no more; than about
12%, though in .)uly 1920 alon*' these employe(!s
had b(;en awarded a 20% increa.se in thciir pay, this
having foll(jw(;d a whoh; .s(!ries of antecedent increases,
with gross n^venues shrinking ;it tfie
rate of $126,000,000 a month, or ov(!r ^] ,500,000,000
a year, further wage cuts are mnnifestly inevitable,
lint
the only point of doubt being
they shall l)ecom(' (effective.
The ]2% decrease
itr,
in
wages
part in bringing about
tjie
a.s
to the
lime when
The improvement of $18,934,852 in net earnings
for November 1921 (and due, as we have seen,
entirely to the drastic eats just referred to in the
also in the net in
played
iS144,962..'>lS decrease
should bo noted, improvement
November
1920.
happens that
It
that was one of the few months of the year 1920
that netted fairly satisfactory net results, our compilations for Nov(unber 1920 having registered $154,-
This
will
appear
wiien
the
reader
recalls
that it was tho period of the strike at the bituminous
coal mines.
This strike had thi; effect of very materially (contracting the coal li-affic over the railroads
and proved a highly disturbing influence in other
r(!spi'ets.
Th(! n^sult was that our tabulations recor<l(Ml
a loss in gro.ss and
net.
earnings alike for the
only $2,593,138 in the t'ornier, l>nt. (owing
U) a coincid(!nt large augjnentation in tlu; expenses)
a, loss of $26,818,.S80 in the )iet (S'lrnings. or over 35%.
month
A(ld(!d (;mpha,sis jittaclied at the lime to this large
lo.ss in
the
shrinkage
Ill
just referred to
it
n(!t
b(!cause
in tlu; net. in
November 1918
(!X|)ens(!S
vaner"-'
ii)
came on top of a considerable
Novemher of the previous year.
it
tremendous augm(;jitatio)i in
had occurred owing to the j)rodigious adwage.s
a
made
iii
that
yea)'.
Tiiese
wage
IM
THE CHKOXICLE
advances, with the great rise in operating cost in
other directions, so expanded raihoad expenses that
the increase in the latter far outdistanced tlie gain in
gross revenues, large though these were by reason of
the higher rates put in force a few months before.
In brief, though the gain in the gross then reached
$82,163,408, or 23.06%, the augmentation in expenses
amounted
to no less than $102,091,182, or
39.16%,
leaving the net reduced by $19,927,774, or 20.80'^^
The year before (1917) a closely similar situation
existed.
In other words, our tabulation for November 1917 recorded $33,304,905 increase in gross earnings, but $20,830,409 decrease in the net.
In the following we fin'nish the November summaries back to 1906. It is proper to state that for
1910, for 1909 and for 1908 we use the Inter-State
Conimerce totals, which then were on a very comprehensive basis, but for preceding years we give the
results just as registered by our own tables each year
a portion of the railroad mileage of the country
being always unrepresented in the totals in these
earlier years, owing to the refusal of some of the
roads at that time to give out monthly figures for
—
publication.
Net Earnings.
Oross Earninps.
year.
Year
Nov.
1906 ..
1907 ..
1908 ..
1909 ..
1910 ..
1911 -.
1912 ..
1913 ..
1914 ..
1915 ..
1916 ..
1917 ..
1918 ..
1919 ..
1920 ..
1921 ..
Year
Qlven.
Preceding.
Inc.
Dec.
S
$
140,697, 123
138.07E, 281
211,597, 792
248,087, .501
24S..'"i.'59, 120
241,343. 763
276,430, 010
269.220, 882
131,123 ,021
133,284 ,422
220,445, 475
21. ,784 357
247,564, 470
243, in ,388
244,461 ,845
Year
Year
Given.
Precedino.
(+) or
—
(
).
S
+ 9, .573, 502
+ 4,794, 859
S
S
27S,.364 ,475
240,23.5, 8412r2,XS2 ,181
306 733, 3I7|2)0,422 695
330.2.58, 745 300,606,,471
360,002, 052 326,757, 147
438,002, 283 3.56,438 875
436,436, .5,51 -135,029 ,9S9
532.277. 620M3S.03S ,048
464,440, 498;.590,468 ,16^
—9,143, .593
—32,640, 340
+ 06,310, 622
+ 23,6.52, 274
+ 33,304, 905
+ 82,163, 408
+
—
—2. .593, 48,
1.54.239, 572
126,027, 006
Dec.
(+)
or
(—).
48,065, 287
..506,160
+ 1, .559, 127
.39.171, 387
,113,471
,294,996
,556,970
—6,942.084
—8,847, 673 74,511, 332
+ 36,303, 204
+ 994, 6.50
—1.767, 625
+ 31,968, 171
Inc.
94,531, 128
83,922, 437
79,050, 299
93,017, 842
78.212, 966
07,989, 1.'
118,002, 025
118,373, 36
96,272, 210
75,882, 188
48,130, 467
85,778, 171
97,300, 264
+ 8,216.336
+ 19,974,168
383,397 —10,460,960
82 ,069,166 —3,018,867
+ 12,701,071
,316,771
,282,860
-15,069,894
,.567,898
—9,578 383
+ 50,002,894
118 ,050,446
+ 323.090
117 ,102,625 —20.830,409
95 .809,962 —19,927,774
74 .979.347 —26.848,880
48 .244,641 + 37„533,530
78 .431,4121 + 18,934,852
67 ,999,131
—
Note.
In 1906 the number of roads Included for the month of November was 97;
In 1907, 87; In 1908 the returns were based on 232,577 miles of road; In 1909, 239,038;
in 1910, 241,272; In 1911. 234,209: in 1912, 237,376; In 1913, 243,74.5; In 1914,
246,497; In 1915, 246,910; in 1916, 248,863; In 1917, 242.407; in 1918, 232,274; In
1919, 233,032; in 1920, 235,213; la 1921, 236.043,
The
exhibits of the separate roads for November
1921 arc the duplicate of the results disclosed by the
general totals.
Decreases in the gross are nearly
everywhere the rule and many of these are for large
amounts. There are, indeed, only three exceptions
to the rule of increases of any substantial amounts in
the gross.
One of these is Mr. Ford's Detroit
[Vol. 114.
was converted into a gain of $4,127,869 in the
net through a curtailment of the expenditures. The
figures given relate to the New York Central proper.
Wlicn the auxiliary and controlled roads are included,
like the Michigan Central, the Big Four, &c., the
whole going to form the New York Central System,
the transformation becomes yet more noteworthy, a
loss of no less than $14,168,250 in the gross having
been converted into a gain of $3,844,589 in the net.
The Pennsylvania RR. makes an equally noteworthy
showing. For the entire Pennsylvania System, including all roads owned and controlled, the result is
a decrease of $19,282,943 in the gross for the month,
but an increase of $1,735,913 in the net. The New
Haven road and the Boston & Maine are distinguished in much the same way, and the Northern
Pacific and the Great Northern and the Atchison,
the Southern Railway, the Norfolk & Western and
the Atlantic Coast Line, &c., &c., are some other
loads and systems that have also managed to make
substantial additions to their net.
Contrariwise, the
Burlington & Quincy, the Union Pacific and a host
of other roads find themselves obliged to report substantial losses in the net as well as in the gross.
In
the following we show all changes for the separate
roads or systems for amounts in excess of $100,000.
less,
whether increases or decreases, and
net.
PRINCIPAL,
in
both gross and
CHANGES IN GROSS EARNINGS IN NOVEMBER
Detroit Toledo & Ironton
Trinity & Brazos Vallej'.
Increases.
.$200,020 Toledo
\
191,440
117,264
NorfoUi Southern
Representing 3 roads in
our compilation
Decreases.
& Ohio Central..
Chicago & Eastern 111..
New Orl Tex & Mex (3).
Maine Central
Delaware & Hudson
Cine New Orl & Tex Pac
Western Pacific
Virginian Ry
$663,976
660,068
.568, .550
.549,564
514,235
$508,724
511,991
DCCT€ (ISCS
511,926
Pennsylvania RR (2).. .$18,824,481
482,528
Baltimore & Ohio
7,379,268 St Louis Southwestern (2)
481,683
6,941,3.'58 Union RR of Pa.New York Central
453,887
Southern Pacific (8)
4,774.318 Chicago & Alton
419,637
Y Chic & St Louis
Quincy
4,067,083
38 1,,576
Chic Burl &
4,006,302 Lake Erie & Western
353,624
Atch Topeka & S Fe (3)
347,166
Chicago & North West.. 3,919,776 Pero Marquette
.344,017
Union Pacific (3)
3,877,083 Mobile & Ohio
Paul. 3,848„')87 Indiana Harbor Belt
330.962
Chicago Milw & St
2,99.5.7,56 Los Angeles & Salt Lake273,362
Erie (3)
273,288
Philadelphia & Reading. 2,442,144 Nashv Chatt & St Louis266,397
2,468,887 Kanawha & Michigan
Mi.ssouri Pacific
Jersey & Seashore. .
251 ,.346
Pittsburgh & Lake Erie-- 2,337,514 West
249,185
niinoi.'; Central
2 .206 .063 Kansas City Southern..
238.322
1,971,1.57 Chicago Ind & Louisv
Norfolk & Western
1,898,706 Yazoo & Miss Valley
228,336
Chesapeake & Ohio
224,383
at Ix)Uis-San Fran f3)... 1,851,170 Central of Georgia
1 ,805, .538 Chicago Great Western..
207,046
Louisville & Nashville. . .
202,047
Cleve Cine Chic & St L.. 1,698,869 Alabama Great Southern
201.591
1.643,602 N Y Phila & Norfolk
Northern Pacific
1,624,274 Mo & North Arkansas..
200,735
Great Northern..
182,327
Kan & Tex (2 ) - 1 ,7 1 1 ,043 Atlanta Birm & Atlantic
issou ri
172 .890
1,.569 ,624 New Orl & Nor Eastern.
Michigan Central
1,.524. .564 Atlantic & St Lawrence159,513
Southern Railway
1.59,455
Delaware Lack & West.. 1,442,615 Midland Valley
155', 125
Missabe & Nor.
,386 „544 Spokane Port & Seattle- 1
Duluth
154,106
Denver & Rio Grande. . . 1 ,248 .869 Georgia Railway^
1,232.868 Grand Rapids & lud...
1.52,346
Lehigh Vallev
1 .141 .106 Duluth South Sh & Atl..
146,405
Elgin .loliet & Eastern.. 1 .037 .5.52 Louisiana & Arkansas
145.133
N V H & Hartford
1,38,6,50
Chicago R I & Pacific (2) 1 ,037 1 30 Louisiana Ry & Nav
1,027. .549 Toledo St Louis & West
136.262
Buffalo Roch & Pittsb..
Kansas Okia & Gulf
1.30, .578
1 ,014 ,618
Central RK of New Jer.
1,006,968 Detroit Gr Uav & Milw.
128.466
Internat & (Jrcat North.
123,764
Minneap St I'aul & S S
1 ,005,241 Minneapolis & St Louis989,336 Montonr Railway116,086
Bessemer & I-ake Erie
"'" """ St LouiV Mcrch Bdge Ter
115.706
945,730
Bangor & Aroostook
"\'
Ontario & Western925,725 N
115,107
Wabash Railway
Pacific
885,629 Gulf !Mobile & Northern113.307
Texas*
113,085
788,183 Buffalo & Susquehanna
AtlanticCoast Line
779,032 Florida East Coast
110,777
Colorado Southern (2)._
109,482
735,719 Chicago Peoria & St Paul
Duluth & Iron Range...
102,102
734,113 Chic Dot & Can Gr Trk
AVe-stcrn Maryland
100,.S90
723,220 Lake Superior & Ishpem
Wheeling & Lake Erie...
712,176 CaroUna Clinch & Ohio. .
100, .501
El Paso & Southwest
708,271
Chic St Paul Minn & Om
Valley
Representing 122 roads
707,147
Hocking
in our compilation.. $123, 846, 148
668,919
Seaboard Air Line
All the figures in the above are on the basis of the returns filed
Note.
with the Inter-State Conimerce Commission. Whore, however, these
returns do not show the total for anj' system, we have combined the separate
roads so as to make the results conform as nearly as possible to those given
in the statements furnished by the companies them,selve.s.
a This is the rcsiill for the Pennsylvania RR. (including the former
I>ennsylvani;i Cninjxinw and the I'iltsburgh Cincinnati Chicago & St. Louis
conibiiied. the Pennsyl\;uiia HK. reporting $16,120,398 decrease and the
Pittsburgh Cincinnati Chicago & St. l^ouis $2,704,083 decrease. For the
entire Pennsylvania System, including all roads owned and controlled, the
result is a decrease in gross of $19,282,943.
h These figures co\er merely the operations of the New York Central
Including the various auxiliary and controlled roads, like the
itself.
Michigan Central, the "Big Four," &c., the whole going to form the New
York (Central Siislcni, the result is a loss of $14,168,250.
•
N
M
I
&
Toledo
Ironton, which reports $200,020 increase
in gross, and the reason in this case is, of course,
Mexia
is the Trinity & Brazos Valley,
enjoying sudden prosperity as a result of the
Another
plain.
which
is
Oil
developments in Texas;
increase in gross.
The
reports $191,440
third exception is found in
it
the case of the Norfolk Southern which has enlarged
its gross by $117,264.
In the net earnings, on the
other hand, many very stri Icing gains are recorded,
,
owing to the tremendous cuts
in expenses, but it
should not escape notice that equally many roads
found it impossible to curtail expenses to the full
extent, of their great losses in gross earnings,
and
hence are obliged to report very considerable losses in
net, notwithstanding th(^ efforts so strenuously made
to avert such losses.
The Eastern trunk lines give the best account of
themselves in the matter of n(!t earnings, and, indeed,
some of these have effected a wonderful transformation in their net income showing through the radical
cutting down of the expense accounts. The New
\ork Ontral is a consipcuous instance of the kind.
Its gross receipts were $6,941,358 smaller than
in the
same month
of the previous ycnr, t)ul thi^, nevHrthe-
N
,
M
.1
'
—
PRINCIPAL CHANGES IN NET EARNINGS IN NOVE MBER.
Increases
Iticrca srs.
Ncrw York Central
Northern Pacific
\tch Top & Santa Fe
$4,127. 869
3,194, 768
2,663. 3.52
(3)
2 ,403 93
Y N H & II artford
1,983, 827
Southern Railway
1,933, 883
Boston & Maine
1.433 57
PeniLwlvania RR (2).-1.329 836
Great Northern
748, 69
Michigan Central
N
Norfolk & Western
AtlanticCoast Line
Del 1 ck .V West'.
.:>
747 955
Southern Pacific
Texas & Pacific
Lehigh Valley
Long Island
Erie
(3)
Ry
& Alton
R I & P,ac (2)_.
Louisville & Na-shville..
Detroit Toledo & Ironton
Wab.ash
Chicago
Chicago
St Lottie
$720,684
.5.59.001
.534,733
467,312
457,299
457,718
357,778
354.484
3.50,444
St Louis.
279,706
240,921
SotUhwest (2)..
220 ,.329
734, t),59 ^linneiipolis
730 290
(8)
&
—
.
.
.
1
)
THE
Jan. 14 1922.]
Increase.
$199. 27:5 Missouri Pacific...
18.'i.25l) Buffalo Roch & Pittsb. Chicago & North Western
177.r>f.0 Bessemer & Lake Erie
Chicago Ind & LouisvlUe
170.'18.'i Elgin Jolict & Eastern..
Trinity & BrazOR Valley,
Na.shv Oliatt & St Louis.
165.810 Baltimore & Ohio
El Paso & Southwest
dentnil HK of New Kng.
161.48
Pere Marquette
100,8'.>l Duluth & Iron Range...
Central Vermont
1,^8. :<20 Virginian Railway
Alabama & Vlclcsburg
144.129 Central RR of New Jer..
Grand Trunlt Western..
142.884 Philadelphia & Reading.
Indiana Harbor Belt
126.088 Internafl & Great Nor..
Hocking Valley120.432 New Orl Tex & Mex (3).
Georgia Sou & Florida.119,764 Toledo & Ohio Central..
Vicks Shrov & Pacific...
110.707 Western Pacific.
Y Susq & Western
109,589 Chesapeake & Ohio
Pitts & West Virginia...
Maine Central
Representing 53 roads
in our compilation.-$29.288,647 Galveston Wharf.
Cine New Orl & Tex Pac.
OhiCiit'o
Junction
N
Decreases.
Chicago Burl & Qulncy.. $1.106,0.38
Union Pacific (3)
925.405
& Lake Erie.
Denver & Rio Grande
Duluth Missahe & Nor.
Pittsburgh
Illinois
Central
861.7.52
Grand Rapids & Ind
N Y Phlla & Norfolk
MinnStP&SSM
Chic Det
763,743
748,850
598.921
& Can Gr Trk J
CHROJSTICLE
Decreases .
$.567,890
564,426
496,5.58
453,304
422. .573
379,186
376.211
375.207
352.369
327.919
316,623
240.0.54
205.175
200,795
175. .521
165.049
155.476
144.265
142.602
111,639
109,430
109,124
101,169
Repre.senting 33 roads
in our compilation. .$11. 497. 274
a This is the result for the Penn.sylvania RR. (including the former
Pennsylvania Company) and the Pittsburgh Cincinnati Chicago & 3t. Louis
combined, the Pennsylvania RR. reporting .S884.150 increase and the
Pittsburgh Cincinnati Chicago & St. Louis •S549,381 increase. For the
entire Pennsylvania System, including all roads owned and controlled, the
result is an increase in net of $1 ,735,913.
6 These figures merely cover the operations of the New York Central
Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big F«ur," &c.. the result is a gain of $3,844,589.
itself.
When
the roads are arranged in groups or geo-
graphical divisions, according to their location, additional emphasis is given to what has already been
For
then found that every group, without
any exception, records a decrease in the gross and
the decreases run large, too while the same groups,
with only one exception, all register increases in the
:jaid.
it is
—
—
net earnings, these increases, of course, reflecting the
reductions in the expenses. The one exception to
the rule of improvement in the net consists of the
Pacific Group,
comprising, not the great transContinental lines, but the roads in the States bordering on the Pacific Ocean. Our summary by
groups is as follows:
9XTMMARY BY GROUPS.
SeaUm
or Group.
tfovembfir.
1 (9 roads).
Group
Group
1921.
New
Ensland
2 (3B roads). East & Middle.
Groups (31 roads). Middle West
Groups 4 & 5 (34 road.s). Southern.-.
Groups 8 & 7 (29 roads) Northwest.
Groups 8*9 (50 road«). Southwest..
.
,
Group 10
(12 roads). Pacific Coast..
Total f201 roads)
—
Mileage
1920
NoK/nber-
1921.
$
$
21.147,294 24.02.';,129
134.957,013 17S.461,83S
47..5I4,671
7 408
30,744
19.197
39.0C3
67.362
Group84&5
Groups 6 * 7
Group88&9
65, .538
Group 10
16,733
Total.
NOTE.
7 407
.30.657
3.010,213
96.300.888 123,697,208
77.493,825 96,003,654
25,575,786 32,281.868
1921.
4 037,803
-'7,297.2.35
18.961
9,8,50.659
11,510.893
18,029.940
20,414.745
6,314,989
238,043 2.34.972
%
11.98
24.37
23.84
16.65
22.07
18. .509, 829 19.28
—6,706,082 20.77
—
97..386,204
Net Earnings
1920
Inc.
S
734
21,333, 608
def..327,
9,312, 439
7,384, 386
16.877, 920
17,065. 765
6.785, 030
78,431,412
(4-) or Dec
i
+4.365.537
+ 5,873.629
+ .538.220
+ 4,128,507
+ 1,152,020
+ 3,348.980
(—
%
27.
78
55.88
6. S3
19.62
6.93
470,041
—
+18,934.852 24.14
the New KnglaiiU States.
Orimp II. Iricliitlt^ all of New York ami Pennsylvania i.-xcc-pt that portion west
of PlttbtmrKh and Buffalo, atso all of Sew .Jersey. Delaware and Maryland, and
the extreme northom portion of West Vlr^jlnla.
Group III. Includes all of Ohio and Indiana, all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Grovp
I. includes oil of
Plttiiburch.
Group» IV. and V. eomhined Include the Southern States south of the Ohio and
«a«t of the Mississippi Klver.
Groups VI. and VII. coriiMncd Inclndi' the northern pcnin.sula of Michigan, all of
Minnesota. Wisconsin, Iowa and IlllnolH, all of South Dakota and North Dakota
.ind Missouri north of St. Louis and Kansas City, also all of Montana, WyomlnK
and Nebraska, t/-)fl;clh(;r with <;olorado north of a line parallel to the State line
passlDK throuKb Ixsnver.
Oroapj VIII awl IX comblnwl Include all of Kaanas. Oklahoma, Arkansas and
Indian Tcrrlt^jry, Missouri noiith of St. I,oul« and KnnsaH <;ily, f;olora<lf» south
of Dcnvrrr, thr whole of Texan and the bulk of I.ouIhIuiih, and that portion of New
Mexico north of a lino rannlnic from the northwest corner of the State through
Hantu Fe nnd east of a lino runnlne from Santa Kc to Kl Paso.
fJraup X. Includes all of Washington. Oregon. Idaho, f;allfornla, Nevada, trtah
;»nd Arizona, and the western part of .New Mexico.
.
previous year, but the wheat receipts were only
23.475,000 bushels, against 34,345,000 bushels; the
receipts of oats 10,205,000 bushels against 13,072,000;
the receipts of barley 2,062,000 bushels against
5,016,000; and the receipts of rye 1,725,000 bushels
against 2,684,000 bushels.
For the five cereals com-
bined the receipts for the four weeks of 1921 were
51,651,000 bushels as against 64,141,000 bushels in
the same four weeks of 1920.
The details of the
grain movement in our usual form are shown
Western
in the table
we now
present:
WESTERN FLOUR AND GRAIN RECEIPTS.
Four weeks
Flour,
Wheat,
Corn,
Oats,
26. (bhls.)
(bush.)
(bush.)
(bush.)
(bush.)
0ush.)
382.000
537.000
1,005,000
1,044,000
6,598,000
3,446,000
3,142.000
4.179.000
442.000
1,167.000
655.000
129,000
155,000
58,000
124.000
184,000
607.000
689,000
1,281.000
1.318,000
395.000
685,000
90,000
258,000
420,000
268,000
1.297.000
2,960,000
1,646,000
787,000
1,000.000
1.744,000
116,000
197,000
8,000
36,000
1,681,000
583,000
190,000
184,000
126,000
272,000
67,000
83.000
141,000
114,000
155,000
183,000
193,000
82,000
131,000
1,345,000
929,000
808,000
840,000
40.000
110.000
12.000
13,000
4,951,000
6,512,000
265.000
2,000
201.000
151,000
549,000
767,000
458,000
1,959,000
9,386.000
13,571,000
574,000
752.000
1,8-53.000
2,172,000
520,000
2,033,000
522.000
289.000
3,902,000
6,794,000
366,000
512,000
297,000
650,000
664,000
2,365,000
2.444.000
1,568,000
1,314,000
1,553.000
23.475.000
34.345.000
14,148,000
9.024.000
10,205,000
13.072.000
2,062,000
5,016.000
1,725,000
2.684.000
44,537,000 161,549,000
26,652,000 78,156,000
77,520,000
71,169,000
7,120,000
9,659,000
4,291,000
5.434.000
19,932,000
3,301,000
22,730,000
13,561,000
17.905.000
21,773,000
8,305,000
7,272,000
3,137,000
4,207,000
50.895,000
31,490,000
24,724,000
24,646,000
24,575,000
28,236,000
750,000
877,000
307.000
406,000
6,608,000
4,399,000
2,852,000
1,930,000
5,292,000
4,351,000
67.000
1.590,000
1,084.000
1,372,000
1,352,000
2.684.000
2,548,000
2,299,000
1,917,000
1920... 2.356.000
3,402,000
Duluth
1921
48,718,000
1920
38.968.000
Minneapolis
1921
95,000 99.994.000
1920
101,040.000
14,973,000
19,218,000
9,568,000
12,272,000
5,984,000
9.000
6,433,000
2,803.000
end. Nov.
—
Chicago
1921
1920
MilwaUker.—
1921
1920
Si. Louis
1921
1920
—
—
Barley,
Rl/e.
Toledo
1921
1920
Detroit
—
1921
1920
Peoria
1921. ..1920
DuliuH
1921
1920
Minneapolis
1921
1920
—
194,000
189,000
—
Kansas
City
—
—
1921
1920
8,000
5,000
Omaha & IndianapoHs1921...
1920
Total of All—
1921
1920
1.650.000
1,057,000
orDec.(—)
«
—2,877.835
—43.504.825
—14,873,583
—12.255,192
—27.300.320
.461.440,498 590.468,164 —126,027,666 21.34
38.979
06,787
55,441
18,740
62.388.2M
6I.3.-).->.021
S
Group I
Group 2
Group 3
-Gross Earntngs1920.
Inc. (+)
125
Jan. t to Nov. 26.
Chicago—
1921
9,974.000
1920
7,552,000
Milwatikee
1921...: 1,409,000
1920
668,000
—
Si.
Louis—
1921
1920
Toledo
1921
1920.
4,870.000
3,887,000
—
Detroit
—
1921..
1920
—
Peoria
1921
—
—
Kansas CUv
1921
1920
Omaha
&
—
9,000
9.000
Indianapolis
95,949,000
61,975.000
13,253,000
10.699,000
0,451,000
7,214,000
34,358.000
4.988,000
6.642.000
50,000
48.000
21..533,00O
.30.591,000
414,000
873,000
4,524,000 8,980.000
3.391,000 18.407,000
12.356.000 26,738,000 8,681,000
7,517,000 20,397.000 13,591.000
32,561,000
31.022,000
1921
1920.. 1
570,000
998,000
28,101.000
—
.
As concerns the part played by the great
affecting traffic
staple;!^ in
and revenues, intimation has
uircad}'
Total of
All—
1921
1920
18.656,000 402,731,000 294.151,000 198.099.000 30,000,000 22,117,000
14,472.000 301.933.000 193.579.000 198,864,000 35,903.000 35.809,000
As already said. Western roads also suffered a
decidcidly marked contraction in their live stock
movement. At ('hicago the receipts comprised
Ikicii
given earlier in this articWi that Southern roads
labored under the di.sadvaiitagr- of a smaller cotton
movement and Western roads had to conteiul with
a diminished grain and live Htock movement.
The
corn receiptH at the Western priiujiry markets were
24;461
much
shifiinents overland in N'ovenilxM- 1921 were
a marked contraction. l'"or the four wcfk.s
ending Nov. 26, the receipts of corn at th(!.se firimary
markets were 14,148,000 bushels, against 0,024,000
bushels in the oorrosponding four weekw of the
177,902 bal(>s in November 1920,
:i.')9.158 bales in i91".», 307,790 balr-s in November
1918, 49(),304 bales in 1917 and 525,651 bales in
the Southern oiitports the receipts
1!>I6, but lit
.(Ht),560 bales in
w<'re 710.555 bales in 1921 against
larger than in the corresponding period of the
previous year, but all Ihe other lf;ading cerealM .suf-
fered
against
28.212 carloads in l<)20; at Kan.sas City 9.H72 carloads against 12,904, and at Omaha 6,800 carloads
against 8,953 carloads in 1920.
A.s regards the Southern cotton moveinciit tiie
bale,'*
carloads
for
Novcmbei'
1921
as against
I
as
339.246
THE CHEONICLE
i;3G
1920 and 1,181,606 bales in November 1919, as will
be seen by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN NOVEMBER AND
FROM JANUARY 1 TO NOVEMBER 30 1921, 1920 AND 1919.
Since January 1.
Notemier.
Ports.
1921.
1920.
347,597
479,843'
75,064'
1921.
1919.
Galveston
bales
Texas City. Ac
New
4fi,915
5,-573
275,768
21,029
258
105.889
2,300
13,061
Wilmington
13,079
14,857
Norfolk
55,775
109
58,242
153,732
12,847
1.740
69.975
3,213
Oilcans
Mobile
Ac
PeDsacola,
Savannah
Brunswick
Charleston
Newport News,
Ac.
249
1919.
1920.
I
I
394,523 2 834,.531
108,945 509,206
166,566 1 274,455
129,726
108,2771
5,143'
215,7.34
29,000
53,381
28,932
70,824
281
19,9.54
740,804
16,822
96.057
109.460
334,605
1,621
,212,6651 1,944.530
447.249;
19,121
217.923
24.860
794.417 1,231,927
205.030
75,5.54
297,930 252.231
162,362
87,301
337,222
241.688
2,441
3,746
710,655 1,046,560 1,181,606 6,067,241 5,583,017 5,932,882
Total
iS^mxtuX %ntuts
and
'gistnssXs^ns
CANNES CONFERENCE— ADOPTION OF RESOLUTION
FOR INTERNA TIONAL ECONOMIC CONFERENCE—
RESKINATION OF PREMIER BRIAND.
Indefinite adjournment of the conference of the Allied
Supreme Council which had been brought under way at
Cannes, France, on Jan. 9, occurred on Jan, 12. with the
receipt of the news of the resignation on the latter date of
Aristide Briand, Premier of I^rance, his Cabinet resigning
with him. The resignation of the Premier, which" was
tendered after he had concluded a speech in the French
Chamber of Deputies in defense of his policies at the Cannes
Conference, w^s accepted by President Millerand, and
yesterday (Jan. 13) the Premiership was accepted by Raymond Poineare.
An Anglo-French Alliance perfected at the Cannes (Jonference between Premier Briand and Premier Lloyd George
of Great Britain, and a resolution adopted by the Allied
Supreme Council on the 6th inst. calling an economic conference of (he European Powers, including Russia, were the
objectives which created feeling against Premier Briand, and
caused him to relinquish the Premiership. Premier Briand
left Cannes for Paris on .Jan. 11 with the British memorandum of the proposed Anglo-French pact, and an indication
that his return to Paris was awaited with misgivings, w^as
contained in a leading article in "The Matin," reported
as follows in a copyright cablegram to the New York "Times'
from Paris, Jan. 11:
"The Matin" In a leading article to-morrow will say:
"As soon as Briand arrives a council of Ministers will beheld at the
Elysee.
It is not an exaggeration to qu.alify this meeting as historic.
That,
indeed, is the term applied last evening by the Ministers. The question
to be decided is not only one of secondary importance, namely, the existence
of the present Government, but the vital question of future French policy
toward Germany, England and Europe."
Discussing the cause of Briand's sudden departure from Cannes for
Paris, the "Matin" says that when a few days ago the decision to convoke
an international conference at Genoa became known, an undeniable feeling
of apprehension arose In France, a feeling running so high that the head
of the republic himself was affected.
President Millerand decided to inform
the Premier of this and sent him a telegram commencing with the words: "It
" in which he expressed
Is not without regret and apprehension that
the fears felt by all at seeing Franco sit down at a conference opposite Lenin
without having .sufficient guarantees concerning the consequences.
Briand replied to this message that he had expressed at the Supreme
Council all necessary reserves regarding this point and that the text agreed
upon at Cannes could not in his opinion cause future difficulties.
M. Millerand, however, in a second message insisted on the necessity of
the Council expressing itself clearly and categorically on the point he had
raised.
It was
under these conditions that the Cabinet Council met Tuesday
morning, when it approved the President's initiative in having telegraphed
Briand personally. At the second Cabinet Council yesterday the situation
was again discussed and the message dispatched which decided Briand to
come to Paris.
Meanwhile opposition toward the .Anglo-French
present
is
crystalizing.
comment adversely on
There
is
alliance being signed at
hardly one paper which does not to-day
it.
In his address before the Chamber of Deputies Premier
Briand, according to the United Press, (the "New York
Evening Sun" of Jan. 12) said in part:
"I have conic bark to Paris to toll you the truth regarding the Ui-storled
reports of the Cannes oonforence you have heard." he told the Deputies.
In his addre.ss to the Chamber, preceding his dramatic retirement,
Briand said:
"Dispositions have been taken at the Cannes conference so that France
more than expected this year in the way of i)ayments from
Germany. Also measures are contemplated by the Supreme Council
which will force fJermany to fulfill all her engagements.
"In case \vc refuse the Cannes decisiotis, we are isolated. We lase the
benefits of readjustment now under way; also our guaranties for the future
disappear.
"The conversation which I had with Lloyd George at Cannes proved
roni)iIote accord between Britain and France.
Nothing which would
undermine France's dignity was ever agreed to by me. Wq wore not asked
to abandon the Rhine."
AftcM- a long plea for the moral support of the Chamber, Briand ended
his speech with words clewly indicating his disgust at the attitude
adopted
receives even
his opponents,
Chamber.
and he and the members of
his
Cabinet walked out cf
On Jan. 12 former Premier Briand telegraphed Premier
Lloyd George informing him of the resignation of the French
Cabinet and asking the British Premier to express M.
Briand's regrets and excuses to the members of the Supreme
Council at his inabiUty to return to the conference. According to the Associated Press, M. Briand, in his telegram, added:
274.291
,280,406, 1,280.065
122.940
by
tiie
[Vol. 114.
"In so far as this concerns
you
particularl.v,
my
dear Mr. Lloyd George.
am
particularly disappointed not to be able to finish with you the conversations we undertook in the interests of oiu- two countries and that of
the peace of Europe, and which I would have been so happy to conduct to
a successful conclusion.
"I hope
successor vil! i-onew them with you and that he will be more
favored than I and can realize the objects we had in view."
I
my
On Jan. 11, according to the Associated Press, the French
Senate Commission for Foreign Affairs sent a warning
telegram signed by e.\-President Poineare, head of the
Commission, giving four essentials to any agreement with
Great Britain, involving the German reparations question.
The telegram, which expressed the opinion that the proposed
compact with Great Britain could not become effective
v.athout the approval of Parliament, was an embodiment
of a resolution adopted unanimously by 25 Senators after
a long discussion. M. Poineare's telegram, it was stated,
by Paris Associated Press cablegrams, declared that the
general sentiment of the Senate called for the following
general declarations:
First
The economic and
—
—
financial reconstruction of France is essential
to the reconstruction of Europe,
Second The reparations due France should not be changed; there must
be no reduction or modification of the previous schedules of May 5, and
Belgian priority should not be touched.
Third France cannot accept the proposition to attend the forthcoming
Genoa conference unless definite and effective assurances are given that
her rights ^vill be respected.
Fourth -The Franco-British compact should, above all, confirm the
guarantees and methods of execution and the securities France now holds
tmder existing peace treaties, or will hold under futm-e accords.
—
—
It
was added that the fourth point was generally
inter-
preted to mean that France reserves the right to enforce
physically the terms of the Treaty of Versailles wherever
that document accords such right.
Details of the Anglo-French Pact are given in our comments thereto in the front part of to-day's issue of our paper
under the heading "The Financial Situation." Last night's
Associated Press advices from London said:
While fears were expressed to-day that Premier Briand's resignation
would cause the results already achieved by the Cannes conference to fall
to the ground in the m.ain, it is not believed in official circles that the
proposed Anglo-French pact is imperilled, the feeling being that the Treaty
is only temporarily shelved, pending discussions between the French and
British representatives.
Postponement of the conference on the Near Eastern question, which
was to have been held in Paris, is looked for as a consequence of the French
Governmental
shift.
The
decision of the Allied
conference Jan. 6 to hold a
Supreme Council at the Cannes
European economic conference
March, and to invite the United States, GerAustria to participate therein, was referred to in
our issue of a week ago, page 14. The t€xt of the resolution
as adopted by the Council was given as follows in a copjTight
cablegram to the New York "Times" from Cannes Jan. 6:
The Allied I'owers, met in conference, are un.animously of the opinion
at
Genoa
in
many and
that a conference of an economic and financial nature should bo called
during the first weeks of March at which all the European Powers, Germany,
Austria, Hungary, Bulgaria and Ru-ssia included, should be invited to send
They consider that such a conference constitutes an urgent
representatives
and essential step toward the economic reconstruction of Central and
Eastern Europe. They are of the fu-m opinion that the Prime Ministers
of each nation ought, if possible, to take part themselves at this conference
so that the recommendations can bo acted on as quickly as possible.
The Allied Powers consider that the restoration of the international
commerce of Europe, as well as the development of the resources of all
countries, is necessary to increase the amount of productive labor and lessen
the suffering endured by the European peoples.
A common effort by the most powerful States Is necessary to render to
the European system its vitality which is now paralyzed.
This effort ought to be applied to the suppression of all obstacles in the
way of commerce. It ought to be applied also to granting large credits to
the most feeble countries and to the co-operation of all for the restoration
of normal production.
The Allied Powers consider that the fundamental and indispensable
conditions for the realization of an efficacious effort arc capable of being
defined in general terms as follows:
(1) The nations cannot claim the right to dictate to each other the principles according to which .they must organize within their frontiers, their
regime of property, their economy and their government. It is the right
of each country to choose for itself the system which it prefers,
(2) Nevertheless it is not possible to place foreign capital in order to help
a country unless the foreigners who provide the capital have a certitude
that their property .-nd their rights will be respected and that the fruits
.
of their enterprise will be assured.
(3) This feeling of security cannot be re-established unless nations or their
Governments desiring to obtain foreign credits freely engage: (a) To recognize all public debts and obligations which have been contracted, or will
be contracted or guaranteed by States, municipalities or othe- public
organizations, and to recognize also obligation to restore or, in case of default, to Indemnify all foreign interests for loss or damage which has been
caused by the confiscation or sequestration of property; (b) to establish
)
:
THE CHKONICLE
AX. 14 1922.]
legal
and
juristic
ptinishmunt and assiu'e the impartial execution of
to the Reparations Commission, which after January 15, when the payment
is due. will again call it to the attention of the Supremo Council.
Dr. Rathenau at the clo.so of hiH speech said that (iermany was able to
meet the London terms of 500.000,000 gold marks in cash and 1 .000,000,000
gold marks in kind annually, but could not go beyond those figures. He explained that Germany's inaljll ty to pay was due to the disastrous exchange,
which had made it necessary for Germany to use marks to buy foreign currency, imtil the mark was a drug on tlie market.
Germany's exportations amounted in the past year to only one-fourth of
the exports in 1914 and tlic l>alance of trade against her amounted to 2,500,000,000 gold marks. This could not be offset by decreasing imports because
Germany was now baying abroad only food and necessary raw materials.
So far as could be learned, the members of the council were not favorably
impressed by f)r. Rathenau's statement, asserting that it lacked precLsion
all
comuioi'Clal or other contracts.
(-1) The nations ought to have available convenient means of exchange;
in general, financial and monetary conditions ought to exist which offer
sufficient guarantees.
(5) All nations ought to engage to abstain from all propaganda which js
subversive of the political system established in other countries.
(G) AH nations ought to take a common engagement to abstain from all
aggrression on their neighbors.
If with a view to assuring the necessary conditions for the development
of the commerce of Russia the Russian Government claims official recognition, the Allied Governments cannot accord this recognition unless the
,
Russian Government accepts the preceding conditions.
Two lines of postscript are added that the conference will be held in Italy
and that the United States will be in-vited to participate.
and
of j-esterday said:
Why Germany cannot accept the Supreme Council's new terms, reducing
Germany's 1922 payments to 1,700,000,000 marks in goods and 750.000,000
marks in cash, was explained to-day by Dr. Rathenau.
"The terms of the Allies have not yet been presented to me. so I cannot
comment on them," said Dr. Rathenau. "But if the press reports fixing
then the invitations to the various nations whose participation in the Economic Conference is sought.
It was further said in the Associated Press advices from Cannes yes-
the cash figure at 750,000,000 marks is correct, it is necessary to state immediately that Germany cannot possibly pay, although she is prepared to
make a tremendous effort and unexampled sacrifices.
"There are undoubtedly a few millions of gold hidden in German stockings, the same as there is in France or anywhere else.
Threats and laws
and appeals have all failed to bring out these hoards.
"Germany is therefore compelled to rely solely on her revenues, since
what tiny amount of gold bullion remains in the Reichsbank cannot be removed without collapse of the entire financial structure of the country.
"Germany's internal revenue suffices to pay her domestic expenses besides more than a billion gold marks annually for the expenses of the armies
of occupation, but it cannot be stretched any further by any kind of finan-
terda\-
The United States and the more important countries were asked to send
a minimum of three and a maximum of five delegates, and the other nations two delegates each.
The date of March 8 is provisionally fixed for the meeting.
Decisions on which a complete agreement had been reached before the
departure of M. Briand shall become operative, it was ruled at to-day's
Council meeting, while decisions not definitely concluded shall be reconsidered
A meeting of the committee for the organization of the Central International Corporation, called for by the Coimcil's plan for the economic stabilization of Europe, hast)een called for Jan. 25 at London.
.
as follows:
The economic conference held here to-day, which was attended by representatives from various European countries, decided in principle to form
an international association with a view to re-establishing the international
credit of Europe, says the Havas Agency.
The plan is that the association will be formed by private enterprise with
a capital of £20,000,000, distributed among France. Great Britain, Italy,
the X'nited States and Germany.
Belgiiun and Holland will be admitted
on a .smaller basis than the other countries, whUe Germany wUl be permitted
to take part on condition that she remits to the Reparations Commission
cial juggling.
"Thus, Germany's abiUty to
Jan. 9, in
Fn-ss said:
The reparation-s experts and the committee dealing with the proposed
International Financial Corporation to-day outlined their program, which
comprises a vast effort for European reconstruction.
The reparations experts decided that Germany should be asked to pay
720,000.000 gold marks in 1922, and at least an equal sum annually afterward.
Such payment,s. it is considered, will be sufficient to meet the
mt€rest on a series of German bonds of twenty billion gold marks, which
thus will become negotiable.
The economic committee decided upon an international corporation with
a capital of £2.000.000. with its seat in London, and with a board of directors nominated by affiliated companies in each interested country.
These countries, including the United Slat&s, will organize corporations
for promotion only, with a combined capital eciuivalent to £20,000,000.
These corporations will serve as mediums for credit transactions and facilitating the activities of private enterprises in all countries where the business
field IS now oljstructed by lack of creditors and disorganized finances.
This
plan presupposes the organization of affiliated companies in Gernaany, as
well ,is In the United States.
Oil the 10th inst. lhc .\ssocia1(ul Press reported the
following from Cannes:
f)ffirial announcement is made that the Supreme Council to-night
approved the plan for the formation of an international finance corporation,
decided upon by the economic committee. It was agreed to appoint immediately a .'*ub-c*jmmittee, composed of two Frtjnch and two British repreientatives and one Italian. Belgian and Japanese representative, to organize
the corporation.
The Governments pn*fnt
£10.000
an
th«;
at the Cannes Council undertake to furnish
for the organizing expen.ses and will give the sub-cf>mmlltee. as well
corporation
when
it
is
established, all the aid
and assistance
in their
pow«T.
According to Associated Pres.s cabhigrams from Cannes
it, was decided
I)y flic ,\!lir<| Reparations Cotnmi.ssion yft.storday (Jan. 13; to grant a i)rovisional delay to
Gerrriany on her reparations account.
On the i)n!viouH <lay
last night,
(Jan. \2)
tlu' Allied Supreme Countril in rjonfVTonce at Caiiiuis
adjoiirried in<lcfiriitely as a result of tlie resignation of Pr(wni(T
Briand of France, the (Jouncil'.s adjournment having occurred aftfT Walt^T Tinthenau, the Oennan financial exp(Tt,
hml forif.lnded his mlrlress to the Council relative to Oermany's January- roparation.s payment. With reganl tlieretr>
the A.^sociated T'ress in its Cannes advices of the 12th
in.st.
said:
The Supreme Council
finixhed
Ills
In adjourning Indfflnltoly nftor Dr. Uatheniiu had
explanations took no action. TlicTi-fore the r4ue<<tlon goes back
is
the sole criterion of her ability
laws remain in force.
"We
are willing to pay large siuns in goods, which, howe\'er, the Allies
refuse, fearing repercussions upon their own trade in the way of unemploy-
ment.
"The sole solution is to give Germany time, and to co-operate instead of
dictate to her to help her make the needed sums instead of taking her by
the tin-oat in an effort to choke out gold that is not there."
—
to yesterday's decision of the
we quote
Reparations Commission
the following Associated Press account:
The Allied Reparations Commission, at a conference to-day, de ided
to grant a provisional delay to Germany on her reparations account.
The Council met at 11 o'clock and continued in session until 1 p. m. At
the beginning of the meeting Prime Minister Lloyd George read to the members a telegram from
Briand giving notice of his resignation from the
M
.
French Premiership.
The Council charged Mr. Lloyd George with the
duty of telegraphing to M. Briand expressing regrets a this resignation and
the interruption of negotiations.
The members of the Ropara'ions Commission were then ushered into the
chamber and M. Dubois of France, its president, read the commission's
decision, reached this morning.
The German delegation was then introduced to hear a re-roading of this decision. The decision stated that the
Reparations Commission had decided to grant the German Government a
provisional delay for payment of the sums duo January 15 and February 15,
so far a.> these payments were not covered by payments in c;ish or In kind,
on certain conditions. Those are:
During the period of provisional delay Germany must pay in ap(1
pioved foreign securities 30,000,000 gold marks every ten days, the first
payment to be January l(i.
(2) Germany within a fortnight must siil)mlt to the Commission a plan
for reforms or appropriate guarantees for its tjudgct and paper currency,
and also a program for reparation payments in cash and in kind for 1922.
C.i) The period of provisional delay shall end when thc! Commission, or
the Allied Governments, have reached a decision in regard to the plan and
program mentioned in the second condition, the balance due becoming
payable a fortnight after the Commission or the Allies have reached a decision.
Dr. Walter Rathenau. head of l,he fierman d(^li'gation, look note of the
name of his (iovornment. ilc added that (iorinnny had
not defaulted In her payments, be<;au.so ncrgotialions had been taken up
regarding the payments due Jan. 15. He also took note of the invitation
to Germany to lake part in the Genoa conference.
All the delegations called hero by the Supreme flouncU meeting aro
decision In the
li
<!KRMANY (iRAM'Eh l'H(/VfS/(}\AL DEI. AY IS
REPARATIONS PA YMENTS.
abroad
"Well, last year's commercial balance showed a $500,000,000 deficit,
despite the fact that Germany is not importing a single luxury, confining
her imports to strict necessities, such as food. Hitherto we have been
enabled to pay certain sums to the Allies, owing to the sale of German securities abroad.
This plan is no longer productive of large sums, owing to
the general fear of German bankruptcy and the consequent refusal of world
financiers to acquire German paper.
"I expect to be able to demonstrate to the AlUes that Germany will only
be able to pay indemnity by increasing production and exports, both of
which are impossible so long as the high Allied tariffs and 'anti-dumping'
As
accounts from Cannes, the Associated
its
sell
pay reparations.
to
half of her eventual profits.
On
logic.
In its advi(!es from Cannes concerning Dr. Rathenau's
statement before the Council, the New York "Commercial"
Premier Briand was reported as stating on Jan. 12 that
his resignation and that of the Cabinet would not interfere
Avith the proposed Eeonomio Conference.
The Allied Supreme C'ouuf'il, whieh. it is understood, held an informal
meeting yesterday (Jan. 13). is reported to have forwarded
^Mention of the international credit project was made in
our reference last week (page 15) to the proposed Economic
Conference. The credit enterprise was one of the developments of the Paris conference last month, the Paris press
cablegrams of Dec. 30 giving information relative thereto
127
,'iving
Cannes
to-tlay.
,000,000 gold marks which Germany Is called on to pay every ten
days during the period of provisional delay Is equal to about 25% ou German ixporlatlons.
It Is made clear In the conditions that tlie arrangeinent is temporary.
'I'he
.'(
1
to bo superseded
by any
definite
arrangement
tlie .MIleH
may
ni.ike liere-
regard to reparations. The expectation in Couiiell circles Is that
by th(! time the; (iermans reply to the demand of the CoiiiiiiIknIoii for reforms, whifli include the KUppre,s.slon of subsidies and an liirrnased price
for coal, the French (ioverninerit will I"' ii'.nly to resume (!on><ideratlon of
the wliolu reparutlons (iiicsMon.
aft(!r
111
REPORTS OP RESUMPTION OF RECIPROCAL ARRA XOE-
MENTS BETWEEN N. Y. FEDERAL RESFjRVE
BANK AND REICH SHANK.
Ucrliii press advices Jan. 12 si at id:
Kollowlng thr' ri'MumplloM of ri'l.il ions wllh ICnrope.iii banks, the
hiink h;is begun doing liiiHlriesH wllh Ihi- Keilcr;il Heservo Hank.
in
.Htateme7il (in the I2th inst. |H<Hii|)led by the
.'I
till'
l''<'dir;il
[{i'scr\c H;iiilc of \'r\v
^
iirk said;
Ui-lch»<-
above
THE CHRONICLE
128
The Federal Keserve Bank of New York has had some correspondence
with the Reichsbank, which dealt with establishing certain reciprocaJ
arrangements between the two institutions, but thus far confirmation of the
proposals has not been effected. Short of that confirmation nothing
further can bo said at this time.
York
In its comments in the matter yesterday tlie
New
"Times"
said:
of New York already has acted in several inDuring the Fall of 1921 when payments were
stances for tho Reichsbank.
made to the Allies on reparations obligations, the correspondents of the
Reichsbank were ordered to pay various amounts to the Federal Reserve
Bank, and it was turned over by this Institution later to tho fiscal agents of
the British, French and Belgian Governments on their order. In these cases
the Federal Reserve Bank of New York merely acted as the clearing agent
for an exchange of credits between natiohs.
In some quarters of the financial district the negotiations are believed to
foreshadow a German loan in this country, based on Reichsbank gold, which
possibly might be shipped to the Federal Reserve Bank of New York and
placed in the vaults of the bank in escrow until the obligation had been discharged. It is the contention of German bankers here that the gold In the
Reichsbank vault may leave that country and fulfill the necessary duty of
supplying credit to Germany and at tho same time remain nominally in the
possession of the Reichsbank, to be reckoned in the weekly bank statement
Ithat institution.
It Is their contention that the gold, no matter whether in the vaults of the
Reichsbank or elsewhere, so long as owned by the German Government,
may continue to be counted as collateral back of the mark. In case it is
shipped out of the country, to form the basis for a loan or for other purposes,
it would be marked in the statement as "gold credits" instead of "gold reserves." as at the present time.
The problem of a new loan to Germany, which has encotmtered many difficulties since first proposed several months ago, may thus be solved by
shipping the gold out of tho coimtry to one of the nations where the loan is to
be floated. It is quite natural to expect that if such a loan is floated at all it
will be iu the United States.
Tho Federal Reserve Bank
.
GERMAN REICHSBANK GOLD
TO BE HYPOTHECATED.
The following from Berlin appeared in the "Wall Street
Journal" of last night (Jan. 13):
Vice-I'resident Glasenapp of Reichsbank confirms following modifications
of the bank act as passed by the Reichsrat. Gold of the Reichsbank placed
in foreign issuing banlts is to bo considered as cash so long as it is at its
disposal.
Future Reichsbank reports will probably differentiate between
gold "at disposal abroad" and "gold at hand."
Gold not at the disposal of the Reichsbank, or hypothecated, will he
[Vol. 114.
DEVELOPMENTS FOLLOWING SUSPENSION OP BANC A
I TALI
ANA
DI SCON TO.
On
Jan. 9 a Central News cablegram from Rome stated
that "following a court decision, the directors of the Banca
Italiana di Sconto ordered the branches to reopen for operations on current accounts, exchange operations and stock
business." Further advices indicating that normal conditions on the Bourse wore being estabhshed, and that the
bank was resuming business on limited trasaetions were
contained in the following press dispatch from Rome Jan. 10:
Normal conditions on the Bourse were finally reached yesterday. Liquidation was effected dming the day, the stock brokers mustering theu* collective forces so as to meet demands for covering all the stocks of the
Banca Italiana di Sconto, which recently encountered financial difficulties.
Attachment of the property of members of the bank's board of directors
was begun, but met with legal difficulties. The receivers' agents proceeded
to attach the property of the Marquis Luigi di Solari, who is representing
Gughehno Marconi, President of the board of directors and famous as an
Inventor. The Marquis objected, insisting that such procedure was not
in conformity with the constitutional rights of a citizen.
Court decisions
will be needed to settle the various legal contentions.
Similar attempts at attachment were made in the case of the "Societa
Elettrica Internationale, "of which Marconi is President, but the officers
decided that he had no liquid assets in that property. Angelo Pogalianl,
former Manager of the Sconto Bank, also was subject to attachment proceedings, as were Pio and Mario Pcrrone, chief promoters of the Ansaldo
works.
Donaldo Stringher, Director-General of the Bank of Italy, held a conference with Minister of Commerce Belottl in regard to a course of action to
protect foreign depositors, in order that foreign credit will not be affected
and repercussions avoided. Tho Rome parent bank has the aspect of resuming business, but only on limited transactions. Other branches have opened
in the south of Italy, where the Sconto had an open field and where its closing resulted in crippling the industry of many towns.
An effort will be
made to permit these branches to resume normal activities in order to
prevent a complete tie-up in industry.
The "Journal of Commerce" of the 11th inst.
following to say in the matter:
Receipt of news from Rome
Sconto had ordered its branches
exchange operations and stock
cials of the Italian Discount &
to the
effect that
opened for
business
had the
the Banca Italiana dl
on coirrent accounts,
op>eratioii9
created
satisfaction
among
offi-
in secmities held.
Transfer of gold has
No comment was forthTrust Company.
coming from tlie New York State Banking Department, which has had
cliarge of the Italian Discount & Trust Company since the closing of its
doors several days ago.
It was stated that no news had officially been
received concerning the resumption of business by the branches of the
nection T\ith
Banca Italiana
eliminated from the bank report and will be compensated by an increase
become necessary because of technicalities in conpayment of reparations, and disturbed exchange and money
markets. Stop will gradually avoid accvunulation of foreign funds contemplated at the Bank of England.
Should reparation payments prescribe conversion for instance, of accumulated francs into dollars, or should needed accumulated drafts be still
unmatured then gold is to be hypothecated at Bank of England until
transaction is completed.
Thus, only temporarily for technical purposes and reasons of ciureucy
policy only, and not for reparation purposes, is the Reichsbank to use its
gold.
Bank
of England has announced its readiness to- accept this gold as a
depositary, always permitting re-export. Bank of Netherlands and Scandinavian banks of issue are likewise ready to give credits on gold hypothecated at IJaiik of England.
About ")0.000,000 marks in gold are to be deposited at the Bank of
England immediately after the biU has passed tho Reichstag.'
Sconto.
di
understood that for some days past officials of the Italian Discount
& Trust Company have been trying to obtain some portion or all of its lira
deposits with the Rome institution so as to ha.sten the reopening of the
New York brancli. Officials here were inclined to view yesterday's developments as an indication that the situation as far as the Rome bank is
concerned is clearing up to a point where the reopening «t the New York
branch may shortly be undertaken.
It is
Under date
of Jan. 12 a Central
News cablegram from
Rome
stated:
Authority has been given to the Banco Napoli by the Italiaoi Government
to contribute 60,000,000 lire to save the Italian Discount & Trust Co. of
New York, according to the "Idea Nazionale.'
also quote from London, .Tan. 12, the following Central
We
News
cablegram:
A
GERMANY AND RUSSIA REOPEN OFFICIAL BANKING
RELATIONS.
An
Associated Press dispatch from Berlin Jan. 11 said:
After seven and a half years' interruption, official banking relations
between Russia and Germany were re-opened yesterday. The new Jlxisslan State Bank deposited several million marks in the Deutsche Bank and
drew it« first check for 1,500,000 marks.
dispatch from Rome to the "Times" says that it is understood that
negotiations are under way to reconstitute the Banca Italiana di Sconto
with domestic and foreign capital.
Otto H. Kahn of New York, M. Dreyfus of Pans and a London bank are
expected to participate in the new institution.
Current deposit accounts, if possible, would be paid in fuH.
Shareholders would receive stock in the new bank.
The suspension of the Banca Italiana di Sconto and the
modified moratorium in Italy were referred to in these
columns Dec. 31, page 2768, and Jan. 7, page 16:
MINISTER SARRAUT TO CONTINUE AS HEAD OF
FRENCH DELEGATION AT WASHINGTON.
TWO ITALIAN CONCERNS ONLY OBTAIN MORAThe receipt of advices from Paris in which it is made known
TORIUM.
that President Millerand of France desires M. Albert Sairaut,
Under date of Jan. 8 Rome press advices stated:
Minister of Colonies in the Briand Cabinet, to continue as
head of the French delegation at the Washington Conference
on Limitation of .-Vrmaments was made known in a statement
issued by the French delegation yesterday as follows:
M. Sarraut, head of the French delegation, has received from M. Briand
a cablegram In which ho explained tho circimistances which caused him to
in his resignation to the President of the Republic.
In accord with
President Millerand, M. Briand requests M. Sarraut to continue to act as
plenipotentiary at the Washington Conference until the work has been
Completed.
M. Briand avails himself of the opportunity to thank M. Sarraut In the
warmest terms for the collaboration wliich he has received from him as
Minister of the Colonies and as chief of the delegation to the "Washington
Oonfereuce, and to convey to him congratulations upon the firm and able
manner in which, as chief of the delegation, he has defended the interests
of France at Wa.shiugton in a full spirit of co-cperatiou with the noble
ends being sought by tho Conference.
hand
PERSIA REPORTED TO
HAVE OBTAINED AMERICAN
LOAN.
From
.\llahabad (British India) the Associated Press
reported the following under date of Jan. 7:
The Persian Government, says a dispatch to the "Pioneer" from Teheran
to-d«y, has obtained from an unnamed American company
a loan of
$1,500,000 against royalties payable to the Government by the
AdkIoPtrsian Oil Company.
It is semi-offid ally stated that the Roman courts have granted a moratorium only to the Banca Italiana di Sconto and to tho Societa Anonima
Lloyd MediteiTaneo, and that all reports concerning further moratorium
extensions are false. These two concerns, it was added, are the only onee
which asked for a moratorium.
NEGOTIATIONS PENDING FOR LOAN BY
MORGAN & CO. TO CUBA.
J.
P.
According to Havana advices Jan. 12 to the "Journal of
Commerce" negotiations for a loan to Cuba of $5,000,000
are about to be concluded with J. P. Morgan & Co.
The
general belief
is
that the reports to this effect are correct,
although no statement has been issued as yet in the matter
by the Morgan firm. The following are tho advices reported
by the "Journal of Commerce" from Havana:
The Under Secretary of the Trcasiu-y officially announced to-day that the
Banco del Comercio had offorod the CJovernment of Cuba a loan of 82,000,000. with Goverrmicnt bonds now in the Treasury as a guarantee and
interest at 6% for one year, the Banco del Comercio acting in conjuctioii
with Speyer & Co. of New York in tho matter.
Later tho Under Secretary declared that the Government had declined
tile offer of the Banco del Comercio. seeuig that tho difficulties t.hat had
been holding up the lean of $5,000,000 from J. i*. Morgan ^ Co. of New
York were now being arranged satisfactorily and ttiat the loan ^voiild
probably be closed next week.
-
Jan. 11
THE
1!)22.
(
HRONIOLE
Secretary to Prosiclont Zayjis slafes that the PresUlont has made no
to obtain a loau of .'?.')0,000,000 sinco agreeing with loadlni;
Sonatoi-s and Representatives that all (ifforts to obtain such a loan should
be discontinued.
The same oflcial also stated that there is not now nor has there been at
any time any possibility of the Cuban customs being supervised by .American
functionaries as a step to obtain a loan.
The Cuban Government has arranged sati.sfactorily with the repro3ent-;i
tive of Speycr & Co. to liquidate the Government's debt, amountini; i.o
$400,000, interest and amortization.
The Cuban Government sent a remittance yesterday of $168,000 to the
United States Government covering postal money orders for the month of
The
fiirtlier effort
October 1921.
The same paper
also said:
At the offices of .1. P. Morgan & Co. yesterday it was stated that definite!
information regarding the possible granting of a 85,000,000 loan to Cuba
would be forthcoming. The present status of the negotiations, it is undei-stood, is such as to justify the belief that such a loan will be made within a
During the past two months there have been reports that
short time.
such a bank loan was pending, but successive difficulties have arisen to
prevent such plans being completed. The transaction -will be in the na.ture
of a bank loan, it was asserted, and there will be no public offering.
REDUCTION IN CUBAN BUDGET.
Regarding a reduction which has been effected in the
Cuban budget, special radio ad\ices from Havana
"Journal of Commerce" Jan. 10 stated:
to the
Further reductions made by President Zayas in the national budget and
announced to-day will effect economics estimated at some $5,500,000.
All salaries of Government employes of more than $100 a month are to
be cut 10%. The President's own salary is to be cut 15%. Also a 10%
reduction is announced in the amounts allowed to Cabinet Ministers for
expenses.
The former budget of $124,000 000 is now cut to $59,000,000.
A bad impression has been caused by the fact that the cut in the military
appropriation has been very small. The military expenditure has been
maintained at practically the same figure as when Cuba was passing
through an era of prosperity.
No department of the Government taxes Cuba so heavily as the War
and Navy Depatrment, the expenses of which reach the sum of $14,000,000.
The pay to officers and men is very big and is maintained while clerks
earning $40 and $50 a month have been dropped for reasons of economy.
Members of Congress still draw the same salaries.
The loan of $2,000,000 by local bankers to the Cuban Government is
now
in the final stages of negotiation.
ESTABLISHMENT OF CALL MONEY MARKET
MONTREAL STOCK EXCHANGE.
BY-
Announcement of the establishment of a eaU money
market on the floor of the Montreal Stock Exchange, is
made by the Exchange as foUows:
A call money market between board members has been established on
the floor of the Montreal Stock Exchange. Any brokers wishing to take
advantage of this department may list their requirements or offerings with
the .Secretary as early as possible in the morning. This market is a strict
call money on securities to be arranged between the contracting
parties and the minimum interest charges will be 6% until further notice.
24-hour
In a (hspatch from Montreal, Jan. 12, regarding the now
money market, the New York "Times" said:
For the first time in history an attempt is being made by members of t be
Montreal Stock Exchange to establish a real call loan market. The market
will come under the dii-ect regulation of the Exchange and will be available
call
to floor
members.
The market is strictly for twonty-four-hour call money on .securities at a.
minimum interest of 6% until further notice. It aims to utilize fund.s in
the hands of brokers and temporarily disengaged funds, which, may tic,
have been already borrowed from the banks.
The system is expected to enable brokers to employ thoir money instiMd
of losing interest on it, and, at the sam(! time, have it .ivailable again ub
short notice.
It is reported that there hati been some calling of loans by banks recently,
but with money so ea.sy in New York It Is not considered likely to com iiuie.
REVOCATION OF BRITISH NATURALIZATION OF
SIR EDGAR SPEYER.
m
our issue of Dec. 17 (page 2557) to
Sinco the reference
the announcement of the publication in the Lrondon "Official
Gazette" of tho formal revocation of the British naturalization of Sir Edgar Speyer, there has been issued by tJie
British Home Secretary in the form of a Qovemraent paper
the report on which the naturalization was revoked.
.\s to
this report, As-sociat^jd J*n;ss advic(;s from London, Jan.O,
said:
Among the allegations containt:<l in the njport are a loan of ,$5.fK)0 Ut a
man name<l Ware for the benefit of the now non-exlsUmt I'osujn ".Journal.
"
with <:arl Mufk. former conducUir of the
Boston Symphony Orcln-stra, ;inrl with .John Karen, Sir ICdKar's trafficking
and communication with enemy subjects and his evasion of the HrltNh
details of Sir Kdgar's
as.s<-)<;lation
c<!n.W)rHhip.
With the
ha.s al.so
pu>)lication of tlus details of the report, llien^
been made
7)ublic
a
Ititttir
addres.sed
by
Sir lOdgar'.s
English partners, saying, "without ((ualification of any .sort
that in our (thtir) or)iriion he (Sir lOdgar) is incapable of ari.v
act of trea*!hery against the country of his adoption."
They
a^ld that thtiy consider the statements tluy make "due not,
mtsrely to Sir
Kdgar
his in this coutitry
but to
him.self,
who
liave
tho.se
known him
many
friends of
to bo innocent of
those baser charges which i)rejudi<:n has fost<ire<I and whieh
the memory of countless acts of kindness and generosity
will outlive."
Sir Edgar himself has taken occasion to issue
a statement relative to
thr-
r'-r)f»rt,
in
whifh he
say-;
flmt
129
"when impartially analyzed
in the light of the Government's
contentions these findings are trivial beyond words.
report distorts and magnifies them out of recognition,
and attempts to support them by statements that are unsupported by a vestige of proof, such as the statement that
I knew the insignificant Amsterdam transactions were for
German accounts." The Associated Press account of the
report under date of Jan. 6, from London, said:
The report, made to the Home Secretary by the Certificates of Naturali-
own
The
zation Revocation Committee, enumerates against Sir Edgar eight charges
of improper conduct. The concluding portion of the report says:
"So far as we have reported on his association with the enemy and tus
traffic or communication with enemy subjects, we have to consider whether
we are satisfied that the continuance of Sir Edgar's certificate is not conducive to the public good. On this point we can feel no doubt.
"When the provisions of these statutes have been enforced against many
naturalized British subjects in humble positions, it would, in our opinion,
be highly injurious to the public interest if a different course were taken
in the case of a man in high position, who is not only a subject but a servant
After long, careful inquiry and full consideration we have
of his Majesty.
no doubt whatever as to the conclusions at which we must arrive."
The report reviews Sir Edgar's earlier life, his birth In New York, his
parents' removal to Germany when he was an Infant, his education there
and his coming to London in 1887, being then twenty-five years old. The
report recounts his rise to a position of great power and influence as head
of the firm of Speyer Brothers, his charitable activities, his creation as a
baronet in 1906 and his becoming Privy Councilor in 1909.
The report recites how he was compelled to withdraw from hospital
boards and business undertakings, his cliildren being obliged to withdraw
from certain classes in school and he himself being in danger of personal
violence, causing him and his house to be placed under police protection.
This culminated, the report continues, in Sir Edgar writing to the British
Prime Minister in May 1915 repudiating charges of disloyalty and requesting permission to resign from the Privy Cotuicil, which the then Premier
Asquith refused, expressing personal confidence iu Sir Edgar. Sir Edgar
went with his family to Boston that same month, where he resided.
The repoili says Sir Edgar, wth his brother. James, and his brother-inlaw, Herr Beit von Speyer, were partners in three Speyer houses, namely, at
Franlffort, Germany, New York, and London, which were intimately
connected with each 'other and with the Deutsche Bank. The report
continues:
"Sir Edgar immediately retired from the German firm and Beit von
Speyer from the British firm at the outbreak of the war. Both, however,
continued to be members of the neutral firm of Speyer & Co., New York.
Notmthstanding a royal proclamation on Aug. 5 1914, Sir Edgar made no
motion to retire from this firm, in which ho was In partnership with a
German and which was doing
busine.ss
with Germany."
After a subsequent proclamation, the report says. Sir Edgar consulted a
solicitor and eventually retired from the New York firm on Oct. 5 1914.
"For a consldwable time, therefore," runs the report, "Sir Edgar remained in partner.ship with an enemy and shared with him the profits of
trading with GeiTnany, and he relinquished that position with obvious
reluctance and on compulsion. In this matter Sir Edgar seems to us to
have preferred private financial interests to the prompt discharge of his
duties to the State."
Regarding the dealings the London firm had between February and June
191.5, in exchange arbitrage in conjunction with the New York firm and
with the Teixeira, of Amsterdam, the report says:
"Sir Edgar should have known that these transactions would almost
certainly include, as they did in fact include, traffic with Germans.
are satisfied that he knew the general nattwe of these transactions.
As an expert financier, he knew that the admission of Germans
into such transaction was not merely profitable to them, but was of great,
benefit to Germany as a State in enal^ling her to accumulate in neutral
countries large amounts of currencies in those countries with a view to
making purchases there."
Recounting how the Speyer Brothers reiiuested an examination of their
books in the Autumn of 1915, and how the accountant reported he found
no traces of dealings with the enemy, the report says: "This report in no
way modifies the opinion we formed upon the facts above set out." It says
sir Edgar, on behalf of the London firm, in April 1915 gave an undertaking
not to communicate by telegraph, directly or indirectly, with persons in
enemy countries. "No honest man could draw any distinction between
communicating with enemies by telegram and doing the same by letter,"
^ays the report.
In an intercepted letter written in January 1916 Frau Beit von Speyer.
Sir Edgar's sistor, wroto him exulting on the excellence of the German
Iv>^tlon, says the Oonunittec, which expresses the opinion that she would
not havo written in such an enthusiastic strain if she had thought such
In fact, the report says.
expressions would have been distaKteful to him.
Sir F^dgar afterwards admitted that he had repeated in a conversation his
-isior's report of the excellent tierman position.
We
The following is the letter addressed by Sir Edgar's English
partners to the English press on Jan. 6:
Di.-ir sir:
With rnforciKe to the report of the cortificatts of Naturalization Revoca« !onimitt)!o in the caw) of Sir Kdgar Speyer as published In this niornin^'-i prints this should ;it once dispose of many of the gross insinuations
which have boon made against him, Wc havo bc^on partners of .Sir ICdgar
SpiryiT sinco January 1912 and havo been over twenty years with his firm
.nnd wo say without qualification of any .sort that In our opinion lio is Incapable of any a<;t of treachery against the country of his iidoptlon. Sir
lOdgar w.-LS undoubtedly concerned in ci'rinin unfortiinato asHociiitlons In
\nierlca. a-rtaln brt«ii;hcs of war rwulaMons and rcrlain IrrcKulnrllles of ii
tcchniciil nallim.
Ho a(lmill<!dly corrcspondiMl with his two sisters and
his l)rothiT-ln-law In Germany and authorl/.i'd the latter to make mnsLU
<::«-ih payments from one irnomy to another to old frltinds In (llHlross In
tliTinany and .\uKtrlii. and In certain rjisfw ho attempted evasion of the
.iiisorHhli). but there Is no HiiggcHllon that thiH. Iiowrver Indefeiislblo on
iwlinicjil groimdH. embraced other than purely bnslneiw and pt\rNona1
tion
Wo
ni.itl,«irM,
allJich little Importance to the rindlngs of the qnenllon of hW
conliiuKxl partnorrthiii In M<-<KrH. Hpeyor & Co, In New York for some two
MionMiM after the onttireak of th"! war, nor of his iiHsoclal.lon with enemy
(rMfflc,
Any hnslnrHS man recalling the conriiMlon In official and biiKlniVKS
clrcleH In the e^irly <layf< of Mio war aH t^o the i;orri«:t action for tlioso with
Intdrriallonal banking Intrrtvst^i will appre<!lafo the <lirricnltl<M and poTAh regfirdH tho
ploxUlc; with which Sir I'ldgar SpuyiT wa.i confnintod.
f-xi-hnntri" (nii)'«irtlons. Iiardly ii bank or banking IioilNo In I.onflon run
i«;<-.'ipi) condemnation
if such biislniy^ an that i:iiii<luctecl by oiir firm In
flrfinrni rut trading with the enemy.
It now nppi'iirn t,f> have been pnictlrally
imi><K="ll)li- ri'! rinyonx :i<(fiMliiti'(l wifli ihh \"ry tiv'hnli'iil branch of banking
THE CHRONICLE
130
admit, entirely to prevent the possibility of indirect contact with the
Tlie 'J'roasury rccoRnized this over a year after the outbreak of
the war by issuing circular letters to bankers including oui-sevlcs ijointing
out the difficulty of detecting such contact and enclosing a form of underIn
taking for signature by neutrals with a view to curtailing this danger.
the case of oui- firm, we had already, on Nov. 16 1914. taken the precaution
to write to our New York and Amsterdam friends on the subject, adding,
"you will accordingly be good enough to talve e^ery precaution to ensure that
no person with whom you do business for such joint account, either directly
or indirectly resident in Clermany, Austria, or Turkey" and although the
committee comment adversely on the form of reply given by Messrs.
Teixeira de Mattos Brothers in Amsterdam, we still consider that our firm
was entirely justified in being satisfied with their acknowledgment saying,
"TVe have received your private lines of the sixteenth inst., contents of
which we have duly noted." Wo maintain in tliis connection Sir Edgar
has nothing to reproach himself with since aU tbe transactions of his firm
were with neutral eoimtries, viz., IloUaud and America, and to suggest
that he personally engaged in this particular class of business with the
knowledge that these traasactions would invohc bcuiefit to individual Germans and assist the enemy in the war, is, in our opinion, a grave injustice
to him.
AVe think that these few conuiienfs, which we hope you will be
good enough to publish, are due not merely to Sir Edgar himself but to those
many friends of his in this country who have known him to be innocent of
those baser charges which prejudice has fostered and which the memory of
countless acts of kindness and generosity will outlive.
will
enemy.
(Signed)
Sir
H.
W.
BHOWN
and
GORDON LEITH.
Edgar's statement of Jan. 6 follows:
I have so far considered myself boimd to secrecv concerning the proceedings before the Natiu-alizatiou Revocation Committee, but now that
the Government has published the Committee's report covering twentyseven pages, lest my silence bo misconstrued, I propo.se in self-defense to
e.thibit in their true light the origin, liistory and piu-pose of these proceedings
so far as passible in so limited a space.
The decision is based on three alleged grounds, equally tenuous and
imtenable:
1. Trifling tran.sactions in arbitrage aud exchange with a reputable
Amsterdam banking house, as though it were disloyal to deal with Holland
during the war, as most British banldng houses, including ours, were doing
with the full knowledge of the Cioserument.
(That is now characterized
as trading with the enemy.)
2. Conuiiunicating with mj' sisters and theu- families in an entirely innocent way.
(Tliat is characterized as communicating with the enemy.)
.3. Evading the censor with the full knowledge of the censor and insisting
upon the right (o do so. in matters all of which were legitimate and innocent.
When impartially analyzed in the liglil of the Government's own contentions these findings are trivial beyond words.
The report distorts and
magnifies them out of recognition and attemi>ts to support them by statements that are unsupported by a vestige of proof, such as the statement
that I knew tli(! insignificant Amsterdam transactions were for German
accounts.
Hei-e are the facts:
la May 191.5 life for me and my family having, in the words of the report,
"lx«ome intolerable" in England, and (again in the, words of the report) so
that "no adverse inference should be drawn from his leaving this countr.v," I
wrote to the Prime Minister asking to resign all my honors and retire from
all my public positions, and sailed for the United States.
resignations
were declined. In 1918, when ray I'rivy Councillorship was again under
discussion, I once more, in a niessagc to the then Prime Minister, Mr. Lloyd
George, tendered m.v resignation as a member of tlac Privy Council. To
this message 1 received no reply.
In the spring of 1919 I was informed by the Home Office that the Home
.Secretary had under consideration the revocation of my naturalization
certificate upon certain charges made against me which would be investigated by the Naturalization R(>vocation C^ommittee, charges which related
to matters that occurred in the United States.
I at once took up the challenge, retained counsel, and after endless delay,
caused by the dilatory tactics of Ihe Home Office, my American legal advisers succeeded in persuading the Hrillsh authorities to appoint a commission to take evidence in America, with the rscult that the testimony
of every witness having knowledge of the facts w;us taken in this country
before Hon. Morgan .J. O'Urieu.
After the fullest inviwtigation, .ludge
O'ltrien transmitted his report, together with the evidence, to the Home
Office, and upon this (nideuee and report these charges have now, without
a single exception, been dismi.-ised.
They were based almost entirely on
gossip and dotecti^'e reports, but their refutation nevertheless entailed
enormous labor and time (the proce<>ding lastwi about three months) at
very heavy expense to me. They are \ery briefly dealt with in the Clommittee's report, atid th(< short refei-ence to them gi\ (!s no conception of the
charai:ter and scope of the original (elaborate <-harges iviiich failed <!ompletely of proof.
All th:it remains of them is some criticism by the Committee for my social acquaintance with a great musician, a citizen of Switzerland, of worldwide renown, with whom a man of such undoubted patriotism
as the late Colonel Higgiason of lloslon and many others, even after
America had entered the war. did not hesitate to meet in friendly intercourse.
.\fter the conclusion of the proci'ediugs iu New York I sailed for England
in August 1921. convinced, as were my couasel, that with the evidence
taken in this country before the Committee the proceedings against me
would be siunmarily dismissed.
After my arrival iu England and not until the hearing had actually begun,
much to my surprise, I was confronted wth an entirely new set of charges
based on transactions of seven years ago of which I, up to that time, had
never been informed and which it is now clear were only presented when it
was realized by the British authorities that the American charges had completely collapsed.
These new charges, however, appeared so trivial and
so readily susceptible of explanation that my English counsel decided to
proceed in spite of the disadvantage that they were first sprung at the hearing and without notice to me.
Had I or my counsel suspected what undue
importance the Clonunittee would attach to matters which every business
man conversant with banking would understand without difficulty, my
counsel would have d(!iuanded an adjournment of the hearmg in order to
send to .\merica and to complete my proof.
A perusal of the Committee's report convinces me that it is the work of
men who, however learned in the law they may bo, are entirely out of
touch with, and ignorant of. business matters and who accordingly have
reached unjust conclusions on insufficient evidence. To such a want of
understanding of current business affairs and to what appears to have
been a bias that colored my every innocent act and that was insurmountable
I attribute such amazing comments as that of the
Committee upon my
failure to retire from the neutral fu-m of Speyer & Co. of
New York, of
which I remained a partner for one month after the declaration of war in
August 1914. Quite ap.art from the fact that at the thno of such sudden and
wiirlfl-rtide disturbance important decisions could
not be expected to be
takini over-night, I venture to .issert tliat thousands
of loyal British sub-
My
[Vol. 114.
jects retained their interest in American concerns which
with Germany, as with perfect propriety they might.
were then trading
However, immediately that my attention was directed to this question
by the proclamation of Sept. 9 1914, I secured the advice of my solicitors
in London, and notwithstanding their opinion that I might remain in partnership with Speyer & Co. under certain conditions, I retired on Sept. 9
1914.
Upon these facts, and these alone, the Committee does not hesitate
to conclude that I remained in partnership ttu-oughout this month to
"further my own financial interests which I preferred to the prompt discharge of my duty to the State." And this in spite of the fact that I derived
no profit from this partnership during this period of four weeks and there
was no proof whatever to support this gratuitous conclusion.
Equally unfounded is the Committee's contention that the insignificant
transactions in foreign exchange between Spej-er Bros, of London and
Speyer & C'o. of New York and Messrs. Teixeira of Amsterdam were to my
knowledge destined for or intended to benefit Germany. To any one
familiar with foreign exchaTigc or arbitrage transactions the conclusions of
the Committee (not sustained by a vestige of proof) .seem grotesque, especially as it was admitted that Speyer Bros, did no more than was done by
the most loyal British bankers in the transmission of funds to neutral
countries.
Tlie attempt to attribute to me knowledge that these funds
might eventually be transmitted from Holland to Germany failed utterlj'
at the heai'ing and has no foundation whatever in the facts or in the evidence. It is tantamount to saymg that Holland was to bo boycotted and
treated like an enemy-part.v to the conflict and that transactions with that
country amounted to dealing with the enemy. If the Briti-sh authorities
wished to place Holland and other neutral countries under that ban they
should have said so, for they knew of all these dealings and that they
were participated in by every great British banking house throughout the
war without protest by tht' Government. The transactions complained of
were in arbitrage exchange for joint account of our London house and an
Amsterdam firm in which om- New York house acted as bankers. The
report says:
"These transactions resultetl in a profit of £1,900 (mind you> which was
presumably divided between Speyer Bros, and Teixeira" (the Amsterdani
•
house)
.lust think of the incentive here disclosed for disloyalt.v on my part.
Transactions extending over many months wilii my firm, in which I wa.s
one of the five members, and which, it is charged, realized a total profit
of £950.
Of which my share of the "loot" would have been about i.300.
Such are the straits to which the British Government is put to sustain this
unrighteous action. The whole thing is neither more not less than the
culmination of years of political persecution. The Home Secretarj' simply
dared not give me ttie vindication to which I was entitled.
So far as concerns any violation of English censorship regulations, it is
sufficient to say that although my coiTespondence and that of my firm
was at all times rigorousl.\' censored and my cable correspondence from the
beginning of the war was submitted to th'' Committee, it was filially admitted that all these messages were of an undeniably hai'mless character
relating to personal matters and constituted, at their worst, a mere technical infraction of the censorship.
Considerable importance is attached by the committee to a letter written
by EDy brother-in-law in answer to a letter of mine, which has since been
found but wliich it was impossible to produce at the hearing owing to the
short notice accorded me. and to the fact that my letter was among mj' papers in New York.
In the absence of proof of the contents of my letter,
the committee has nevertheless speculated concerning what it contained,
and has concluded that I "expressed a desire to settle in Berlin and carry
on business there after the war." This conclusion of the conunittee is
shown now, by the production of the letter itself, to have been without the
slightest justification, and the validity of their other conclusions in this
proceeding may be fairly estimated by contrasting their opinion of the contents of my letter with the letter itself, which has since been transmitted
to the committee.
When that is done it will be found that my letter to my
brother-in-law was altogether innocuous, although the committee assumed
it to contain expressions of disloyalty to England.
I am content that the facts as they are and as they have been established
shall stand against the groundless speculations of the committee concerning any act of mine.
AVTiile I deplore the results of these proceedings and
the unfair conditions under which they wore produced, I accept them with
the equanimity of one whose past record I trust can be safely left to speak
for Itself.
my
Now
satisthat this partisan report has been made public, much to
disappointment the Government has carefully refrained
faction, wliilo to
from publishing the evidence on which it is supposed to be founded, I desire that the entire record be made available for public inspection, and I
challenge the Government to point to a strip of material e^'idence that
would induce any fair-minded man to support the monstrous conclusions
of this report
my
(Signed)
We also
Boston,
give
tlie
EDGAR SPEYER.
following Associated I^ess dispatch from
.Jan. 6:
Ware Jr.. who was formerly President of the Boston Jom*nal
Company, said to-day that the loan of S.5,000 refen-ed to in the British
Government paper regarding Sir Edgar Speyer was made wthout promise
Charles E.
or understanding that coiUd affect the newspaper's policy in any way.
"The money was loaned by Sir Edgar Speyer not to the 'Journal' or to
me. but to .lohn Koren, and by him to me, to keep the 'Journal' going at a
time when we were trying to finance it on a permanent basis," he said.
"It was repaid, with the exception of $1,000. Testimony heard in closed
proceedings before a master at New York brought out that the 'Joiu-nal'
was in no sense a pro-German paper and was not helping Germany in anjway. This testimony was by prominent American citizens and by strong
pro-ally sympathizore."
The New York hearing, Mr. Ware said, was held to assist a British Government agent to obtain information regarding the charges against Sir
Edgar Spejer.
tJi
NATIONAL AGRICULTURAL CONFERENCE
ACCEPTANCES RECEIVED.
The National
.Vgrienltiiral Conference, which is to be held
Washington beginning .January 23, and which, as announced in our issue of Saturday last (page 19), was called
by Secretary of Agriculture Wallace at the in.stance of President Harding, will include in its membership at least 20t)
in
persons of broad experience in virtually every phase of Agriits allied industries, according to an announcement made by Secretary Wallace on Jan. 7, which also said;
culture and
:
THE CHKONICLE
Jan. 14 1922.]
Invitations have been extended to leading farmers and dairymen and to
officials of national farm organizations and farm(;r.s' l)usiness organizations.
Every section of the countrj' will bo represented adequately by the
best agricultural thought of the community and by leaders in the various
kinds of farm industry, qualified to spealc for their communities as a whole.
More than half of the membership of the conference will consist of farmers
and their represent-Jitives, as outlined above. The remainder of the delegates will be men closely associated with agriculture through its allied industries.
The personnel will include State officials, including commissioners of agriculture, representatives of agricultural colleges, leading
economists, editors of some of the chief agricultm-al publications, railway
executives, highway transport committeemen, and exponents of such related
groups as packers, conun'.ssion men, cannors, fertilizer manufacturers,
millers, grain dealers, farm implement manufacturers, bankers, and auto-
the
William Black, Louisville,
On
7th iust. Secretarj' Wallace made public a partial
list of persons who have accepted invitations to participate
in the Conference, the ihembership of which besides composing a majority of farmers and farm organization leaders,
will also contain representation of the chief industries and
Unes of business imediately dependent upon agiiculture as
well as a considerable group representing banking, transThe foUowang acceptances
portation, and related Unes.
were announced on Jan. 7:
tlie
,
N. Y., Master, National Grange.
R. Howard, Chicago, 111., President American Farm Bureau Fed.
Charles S. Barrett, Union City, Ga., President National Farmers Union.
J. S. Wanamaker, St. Mathews, S. C, President American Cotton Assn.
W. K. James, St. Joseph. Mo., President International Farm Congress.
Milo D. Campbell, Coldwater, Mich., President National MUk Producers' Federation.
Grant H. Slocum, Mt. Clemens, Mich., President The Gleaners Pod.
C. H. Gustafson, Chicago, 111., Pres. United States Grain Growers, Inc.
J. M. Anderson. St. Paul, Minn., President Equity Exchange.
G. Harold Powell, Los Angeles, Calif., General Manager, California
S. J. Lowell, Fredonia,
.1.
Osborn, Omaha, Neb., President Farmers Union.
Hampton Palls, N. H., general farmer.
H. W. Jeffers, Plainsboro, N. J., General Manager Walker-Gordon Farms.
A. L. Clark, Trenton, N. J.. President National Association of State
<;.
Marketing
Richard T. Kly, Madison, Wis., economist and authority on land
economiCH.
Julius H. Barnta, New York City, N. Y., formerly Chairman United
States <irain Corporation.
Thomas Wilson. Chicago. 111., Pres., Institute American Meat Packers.
Oifford Pinchot, Washington, D. C, State Forester of Penn.sylvania.
Chas. J. Brand. Pittsburgh, Penn., President American Fruit Growers.
L. H. Cioddard, Wa.shlngton Court House, Ohio, general farmer.
O. H. E. Wlnbcrg. Silb«T Hill. Ala., Pres.. Gulf Coa.st Citrus Exchange.
G. L. Sand.s, (;harle«ton, Ark., PrCHident F.irmers' Union.
W. H. Walker, Willows. c;allf.. President California Farm Bureau.
Chas. K. (Jollins, Kit (Jarson, Colo., stockman.
A. B. (^ook, Owafiflo, Mich., .Master, HUitn (irango.
Se^srctary Walla/ic
on the 10th
inst.
announco<l further
as follows of accej)taiic(s to invitations to participate
in the conference:
list
ttradford Kriapp. Kayirl((!\ilr). Ark., Ociti Agririiltural College.
Iliianl,
I'hoenix, Ariz., i)romiii)'.nt stoclunan, /'nvsideiit
DHiglit.
'
ol.loii (irowfrrs'
I'iiiia
Association.
ThoiiiiisF. Hunt, lierkiiicy. (,'allf., I)<ui.n (California ('oUogo of \'.rrlcultur<!.
U. M. Hiiw]. Han KranrlHco. Calif., Central Cn-aniories.
W. <i. .famlrson. La Veta, C.oUi.. gen<Tal hirmcr.
Hon. Eugene Meyer. .Ir., W,a.shlngton. I). ('... .Managing Director War
Corporation.
Hon. .\. C. Mill<!r. WiiMlilngtoii. I>. C.. l-i/lcra! Kiscrvo Uo;i,-d
Dr. Wlllrnon Newell. GiiineHvillo. Kla.. Hliite I'l.int CommiH-iloimr
J. H. HttHH. Wlnf/T Ifavcii. Kla., I'n-sldciit Florida CItnw Exchange.
KiniiiK-i-
\. Colli),
\ll;i.nta. (;a
Kdit^ir 'Hoiithirti KiirallHt."
t^conard. Kiirrka. III.. I'rcsidi nt lllhuiis ,\griciilt nil Awsfjclntlon
John(i. Mrown, .\lofion, Ind., Indiana l";iriM fJiiri^aii.
(3.
.
HowanI
W. M.
.lardino.
Manhattan.
Kan
.
I'rcsldint,
KauHas
Agricultural
C
Agricultural College.
Homer C. Price,
of Agriculture.
Thomas Cooper.
Judge Kol)(. W.
-\sso<:iation.
Lexington. Ky., Dean College of .A i^riculture.
Ilinghani, Ixixington, Ky., Burley Tohncco Orowors'
Newark, Ohio,
fruit grower,
former Daan Ohio College
L. J. Taber, Columbus, Ohio, Commissioner of Agriculture.
John Fields, Oklahoma City, Okla., Editor "Oklahoma Farmer."
G. I. Lewis, Salem, Oregon, Assistant (General Manager Oregon Cooperative Fruit Growers As.sociatibn.
D. R. Coker, Hartsville, S. C, leading cotton planter.
H. A. Morgan, Knoxville, Tenn., President Agi-Icuitural College.
L. J. Wortham, Fort Worth, Tex., Editor "Recognized Agricultural
Leader."
E. S. Brigham, St. Albans, Vt., Commissioner of Agriculture.
Former Governor Henry G. Stuart, Elk Garden, Va., prominent farmer
and cattle breeder, member of numerous commissions and conferences.
Governor J. M. Carey, Caryhurst, Wyo., prominent cattleman.
The following additional acceptances of invitations to
participate in the National Agricultural Conference were
made pubUc on
Jan. 12:
Henry M. Dunlap, Savoy, lU., President National Apple Growers' Assn.
John Tremble, Salina, Kan., President Farmers' Union.
James E. Gorman, Chicago, 111., President Rock Island RR.
Edwin T. Meredith, Des Moines, la., former Secretary of Agriculture.
C. C. Speuce, Oregon City, Ore.. Master State Grange.
Asbury F. Lever, Washington, D. C, member Fed'l Farm Loan Board.
.1.
F. Duggar, Auburn, Ala., director Experiment Station.
W. S. Hill, Mitchell, So. Dak., President Farm Bureau.
Bernard M. Baruch, New York City, former Chmn. War Industries Bd.
H. S. Firestone, Akron, O., Nat'l Highway & Highway Education Comm.
Samuel Gompers, Washington, D. C, President Asa. Fed. of Labor.
P. A. Reid, Phoenix, Aiiz.. Salt River Valley Water Users' Association.
Fred Bixby, Long Beach, Calif., prominent cattleman.
C. A. Lory, Fort Collins, Colo., President Agricultural College.
N. Whittlesey, Hartford, Conn., State Commissioner of Animals.
J. C. Chase, Jacksonville, Pla., prominent fruit and vegetable dealer.
A. J. Fleming, Atlanta, Ga., Farmers' Union.
Carl Vrooman, Bloomington, IH., former Asst. Secretary of Agriculture.
E. Percy MiUer, C!hicago, 111., potato dealer.
P. R. Todd, MoUne, lU., farm implement manufacturer.
L. H. Wright, Indianapolis, Ind., former Master State Grange, farmer,
former Highway Commissioner.
.loseph H. Mercer, Topoka, Kan., State Live Stock Sanitary Commiss'r.
W. R. Dodsou, Baton Rouge, La., Dean College of Agriculture.
W. J. Morse, Orono, Me., director Agricultural Experiment Station.
A. P. Woods, College Park, Md?, President Maryland University.
A. E. Oance, .Amherst, Mass., Economist Mass. Agriculture College.
Roy D Chapin, Detroit, Mich., Nat'l Auto. (Chamber of Commerce.
Dan Wallace, St. Paul, Minn., Agricultui-al Editor.
Vernon T. Davis, Jackson, Miss., cotton grower.
Edward Houx, Kansas City, Mo., live stock commission man.
O. G. Smith, Kearney, Neb., I'resident Farmers' National Ck)ngross.
J. Edward Moon, Trenton, N. J., Nat'l Nurserymen's Association.
G. F. Warren, Ithaca, N. Y., Economist (Cornell College of Agriculture.
G. Howard Da\i.son, Millbrook, N. Y., live stock breeder.
Edward Sutton, Buffalo, N. Y., Ice Cream Mfrs.' A.ssociatlon.
James Moore, Rochester. N. Y., National Canners' Association.
J.
,
John Dillon, New York City, publisher agriculture paper.
•John D. Miller. Utica, N. Y., Vlco-Prcsident Dairymen's League.
B. W. Kllgore, Raleigh. N. C, director Agricultural Experiment Station.
R. W. Stone, Greensboro, N. (C, President Farmers' Union.
.lohn 11. Ilagon, Deoring, No. Dak., former (Conmiiss'r of Agriculture.
John Whitohurst. Oklahoma City, (Jonunissiouer of .Vgriculture.
James T. Jardine, Corvallls, Ore., dirertor Experiment Station.
E.
L.
M.
T.
(C.
Swoltzor, Shipponsville, Pa., President Farmers' Society of Equity.
Bailey, Pittsburgh, Pa., President Nat'l Milk Dealers* Aaan.
Fi*ed Rasmustiun, Harrlsburg, Pa., Secretary of .Agriculture,
n. Harris, (Columbia, 8. (C, CoimnlKsioner of Agriculture.
George IJ. Terrell, Austin, Tox., (Comniis-sionor of .Agriculture.
Oeorgo Thomas, Salt Lake City, President University of Utah.
Spencer (Carter, Richmond, Va.. .American l''or(.ilizor AsHociatlon.
E. E. Fayvlllo. Spokane, Wa.sh.. Editor " VV;i.shingl,<)n Fanner."
Ooorgo McKorrow, Powauke«j, Wis., sheep brcxwler.
L. L. (Jlds. M.idlson, Wis.. President .\rnerlcaii Se<Hl Trade .Assn.
(C. H. McDowell, (Jhicjigo. 111.. President National Kortlllzor Assn.
M
Atkoson. Washington. D. (C, Washington Uepnwontatlve Na-
tional (Jrango.
(•<)M/"r/i()Llj:Ji
MIAL
.\
ifiicy
(HJItUFA'OY OlilS.^l^afltf IN AN-
(}/<•
Ui:i'<)liT ljJi<;h'S
LIMIT ON ItlH)lHCOUNTINa.
annual report of Comptroller of the Our1b his
(VLsHln^er, jiresented to iJoiiKH'SS on Jan.
feat
II
re of th(?
'.),
SMKKestlon that serious coiisltleration be ^'ivcn fo sonic limitation on the prlvilcKe of rediscoiintiiiK Imnk i)aper ns a
nieaiiK of extending (•r(Mlit.
On this point the Comptroller
.says
authofK would not have claimed that the
It did not Hprlng fiillpiinoplied from
tlie tjrow of either Wi-doni or lOxperleik'e.
In w)me of \Ih phaHen the exPartlcwperience of recent years has dcmon'trntfd rieed of modification.
Kvcn
College.
Officials.
Praeger Miller, Roswell. N. M., prominent cattleman.
R. G. Phillips, Rochester, N. Y., Sec. National Apple Shippers Ass'n.
Theo. Price, New York (^ity, cotton economist.
A. R. Mann, Ithaca, N. Y., Dean Cornel CoUege of Agriculture.
Editor "Progressive Parmer."
Clarence Poe, Raleigh, N.
.lohn L. Ckjulter, Agricultural College, N. D., President North Dakota
f
Montana.
J.
A. B. Farmer,
former Assistant Secretary of Agriculture.
G. T. Christie, La Fayette, Ind., Director Indiana Experiment Station,
the State.
A. Sykes, Ida Grove. Iowa, President Corn Belt Meat Producers Assn.
Barton Needham, Lane, Kansas, general farmer. Master, State CJrange.
.Xrthur B. Hancock, narris, Ky., tobactx) grower.
L. S. Bean, Presque Isle, Me., prominent potato grower.
D. a. Harry, Pylesville, Md., dairyman nd President Farm Bureau.
Harry P. Stra.sbaugh, Aberdeen, Md., President Nattional Canners Assn.
A. W. Gilbert, Boston, Mass., Stats Commissioner of Agriculture.
.1. M. Anderson, St. Paul, Minn., President Equity Exchange.
-\lfred H. .Stone, Dunleith. Miss., cotton planter.
S. P. Houston, Malta Bend. Mo., general farmer.
Henry J. Waters, Kansas City, Mo.. Editor and Member of Second
Industrial (conference, former President Kansas Agricultural College.
W. -M. Burlingame, Great Falls, Mont., President Equity Society of
Farm
(^ongress.
Oklahoma City, Okla., President American Cotton
Growers Exchange, Editor "Oklahoma Farmer Stockman."
Raymond A. Pearson. Ames, Iowa, President Iowa Agricultural College,
.
Presidium, National Association
Richard Pattoe, Newton Highlands, Mass., Boston Milk Producers
Association.
N. P. Hull, Dimondale, Mich., President National Dairy Union.
L. E. Potter, Springfield, Minn., President Farm Bureau.
.7. W. Fox, Scott, Miss., prominent cotton planter.
F. B. Mumford, Columbia, Mo., Dean (College of Agriculture.
W. I. Drummond, Kansas City, Mo., Manager International Farm
Fruit Exchange.
Caxl Williams,
rmer Assistant Secretary of Agriculture.
Alva Agee, Trenton, N. J., State Commissioner of Agriculture.
G. W. Slocum, Utica, N. Y., President Dairymen's League.
-Albert Manning, Otisvillo, N. Y., General Farmer.
O. E. Bradfute. Xenia, Ohio, prominent cattleman. President State
Farm Bureau.
H. W. Tinkham, Warren. R. I., dairyman.
James W. Wilson, Broolqpgs, So. Dak., Dean College of Agriculture.
E. B. Cornwall, Middlebury, Vt., President Farm Bureau.
G. H. Bowles, Lynchburg, Va., President Farmers' Union.
Chas. L. Hill, Roscndale, Wis., prominent breeder of dairy cattle.
C. V. Gregory. Chicago, lU., Editor "Prairie Farmer."
Governor Warren T. McCray, Ind., prominent stockman and farmer of
Ivy.,
Implement Manufacturers.
Governor J. M. Parker, Baton Rouge, La.
mobile and motor truck manufacturers.
-V number of nof,able public men interested in agriculture and its problems
also will attend.
Congress will be represented by the Joint Commission of
Agricultural Inquir>% of which Representative Syiney Anderson of IMinnesota is chairman.
Mr. Anderson and members of the commission are giving
the Secretary their support and assistance in formulating plans for the conference.
131
th'!
moHt sanguine
Ki'diTai Hesorve Hj>.t«>m
<>t
w.ifi
itn
perfect.
THE CHRONICLE
132
I suggest serious consideration of some limitetion on the privilege
The redisrediscounting bank paper as a means of extending credit.
counting of one banli's paper at another bank is at best a questionable prolarl.v
of
cedure,
liable to
become a menace when a bank pyramids
credits
by
re-
discounting too much of its paper to other banks.
When the Federal Reserve legislation was passed, including the provi.sion
for rediscounting bank paper, there was very general doubt whether that
privilege would ever be availed of to any considerable extent.
But in the
trying times through which we have since then passed this procedure has
been quite extensively employed. I wish to be understood not as opposing
it altogether, but as urging some safeguards that I feel should be thrown
about it.
Properly limited and restricted, such rediscounts constitute a
practicable means of distributing credit, and of enabling the less fortunately .situated communities to draw aid, especially for heavy seasonal requirements, from other communities whicli are able t« extend it.
But
granting all this, I feel that recent experience admonishes us of the need
for limitations and safeguards against the possibility of excesses.
Such
limitations would impose no hardship on conservative bankers whose policy
would be to keep on the safe side, but they would guard against the procedure being carried too far by less conservative institutions.
If the law
had placed a wise and proper limitation upon the extent of these rediscounts
very few national banks, in my judgrment, would have failed or even been
gravely embarrassed.
On the ibasis of actual experience with the national
banks during this period, I believe that if they were limited in their rediscounting operations in some ratio to the capital and surplus, it would
be a wise insurance against undue inflation, and a further guaranty of the
security of the banks. So long as it is possible for banks to exercise an unlimited privilege of rediscounting their eligible paper, there will alway.s
be a temptation to embark on an inflation spree that is extremely liable to
bring about embarrassment, and perhaps ruin, of the institution. In view
of recent acute experiences, I strongly urge that a modification and definite limitation, such as I hai'e suggested, should have the earnest consideration of the Congress.
With one exception, tiie Federal Reser\e banks require collateral from
banks rediscounting eligible paper. This requirement tends to take a too
large profportion of the be.«t paper out of the red i.scoun ting bank.
This
ha.s at times left the rediscounting institution in a difficult position if
called upon to face extraordinary demands from depositors, because the
banks finds itseli without .<aifficient desirable paper to sell, to rediscount,
or to offer as collateral for cash needed to meet the demands of depositor.-;.
The one Federal Reserve bank which docs not require collateral from
rediscounting banks insists that each rediscount operation shall stand on its
own bottom. Under this method rediscounting banks offer notliing but
gilt-edged paper, thus insuring careful and conservative operations on their
part.
This seems to me to be the plain intent and purpose of the law,
and I believe the method of making rediscounts ought to 'be so clearly defined as to constitute an additional ineasiiro of safetv.
ADVANCES APPROVED BY WAR FINANCE CORPORATION FROM JAN. 5 TO JAN. 11.
The War Finance Corporation announced on Jan. 9 that,
from Jan. 5 to Jan. 7 1922, inchisive, it approved 194 adA^ances, aprgregating $6,204.fK)0. for ugncnltiiral and livestock purposes, as follows:
$157,000 in Colorado
$312,000 in Nebraska
137.000 in Georgia
186,000 in New Mexico
268.000 in Idaho
230.000 in North Carolina
180.000 in Illinois
621,000 iu North Dakot.t
124.000 In Indiana
76,000 in Oklahoma
292.000 in Iowa
30.000 in Oregon
114.000 in Kan.sas
422.000 in South Carolina
115,000 in Kentucky
518,000 in South Dakotp,
231.000 In Minnesota
85,000 in Tennessee
250.000 In Mississippi
557.000 in Texas
149.000 in Missouri
87.000 in Washington
90.000 in Missouri (ou llvostock In 100,000 in AVLsconsin
Colorado)
378.000 in Wyoming
495,000 in Montana
i
During the week ended Jan. 7 1922 the War Finance Corporation approved a total of 301 advances, aggregating
$8,875,000, for agricultural and livestock purposes.
From Jan. 9 to Jan. 11 1922, inclusive, the Corporation
approved 241 advances, aggregating $6,191,000, for agricultural and livestock purposes, as follows:
$20,000 In Alabama
$598,000 in Nebraska
121,000 in Colorado
13,000 In New Mexico
80,000 In Colorado on livestock in 1,143.000 in North Dakota
.\rl7.ona
50,000 in Ohio
25.000 in Florida
176,000 in Oklahoma
183.000 in Georgia
135 000 in Oregon
147,000 In Illinois
480.000 in South Carolina
20.000 in Indiana
290.000 in South Dakota
791.000 in Iowa
624,000 in Texas
353.000 in Kansas
27,000 In Washington
442.000 in Minnesota
200.000 in Wisconsin
78.000 In Missouri
15.000 in Wyoming
177.000 in Montana
Corporation also announced on .Ian. 12 its approval of
of $1,400,000 to a banking institution organized
to promote export trade, for the purpose of financing
the
e.vportatiou of (jotton, and another advance of $225,000
to
the same institution for the purpose of financing the exportation of lumber.
an advance
BOSTON CLEARING HOUSE IN
NEW
The Boston Clearing House, through
its
QUARTERS.
Manager, C. A.
Ruggles, issued on Jan. 10 the following notice regarding
ts
change of
The Boston
location:,
Clearing House Association was organized In March
and located at 56 State Street, where it remained for twenty-seven 185G
years
In 1883 It moved across the street to No. 66 and was
there for tweutv
years, and agnln moved to 84. the present location.
Now aflor sixty.five years on State Street. It will open in new quarters
tn the Federal Reserve Dank Duilding on Pearl Street Monday
Jan 16 with
more spacious rooms and better faculties for the conduct of Its
baslnees
[Vol. 114.
ADVISORY COUNCIL OF FEDERAL RESERVE BOARD
IN MEMORIAL TO PRESIDENT HARDING OPPOSES
AGRICULTURAL REPRESENTATIVE ON
BOARD.
The disapproval which is reported to have been voiced
by President Harding to the movement to provide for the
inclusion on the Federal Reserve Board of a representative
of agricultural interests has the support of the Federal
Advisorj^ Council of the Federal Reserve Board. A memorial
to Pre.sident Harding prepared by the Council declares
that "the appointment of a farmer to the Federal Reserve
.... improve
would, however,
be fateful notice to the entire country that the Federal
Reserve System had come under the domination of a powerful
poUtieal group designed to secure special privileges for a
single class."
In its warning 6f the danger which threatens
in the pending bill, the Council says "if political pressure
or the interests of a single class be it the farmer, laborer,
big industry or capital are ever permitted to dominate
the Federal Reserve System, it will become the gravest
menace to the future of the United States. If the Federal
Reserve System is surrendered to pohtical domination,
history will repeat itself and, from the great blessing that
this system is to-day, it wiU turn into a curse."
The
Council's memorial was read to P*resident Harding on
Jan. 6 by members of the Council's Executive Committee
(of which Paul M. Warburg, formerly of the Federal Reserve
Board, is a member) and yesterday (Jan. 13) the Council
approved the memorial. We give it in full herewith:
Board by special Act
or add to agricultural
of Congress
would not
credit conditions.
—
It
—
Januani 12 1922.
—
Sir
It is with great reluctance that the Federal Advisory Council asks
for the privilege of an audience at a time when so many pressing problems
of national and international importance are occupying your mind.
A grave situation has developed, however, which endangers the safety
of the Federal Reserve System, and, in our opinion, seriously menaces the
future of the entire countrj'. The Council views these circumstances with
profound disquiet aud feels that it would be neglectful of its duty if it did
not seek an opportunity of bringing them to your attention.
There is before the Senate at this time a bill (S. 2263) to amend the
Federal Reserve Act. The bill as reported by the Committee on Banking
and Currency was not merely an unobjectionable but a desirable amendment, pro%iding that in selecting the members of the Federal Reserve Board
the President should "have due regard to a fair representation of the different commercial, industrial, agricultural, and geographical divisions" of the
country (the word "agricultural" being added to the present provisions of
the law to conform to the basic requirement of the Act that paper eligible
for rediscount must have arisen out of agricultural, industrial or commercial
transactions).
An amendment or substitute bill, however, was proposed
on the floor of the Senate which provides in part that "the first vacancy
existing
.
.
from the death, resignation, removal, or expiration of
the term of office of such a member shall be filled by the appointment
of a person whose business and occupation Is farming."
This proposal the Council believes to be objectionable class legislation,
and, in the interest of the country as a whole, when it comes up for consideration on .lanuary 17, as at present arranged by the Senate's unanimous
consent, it should either be withdrawn or defeated.
If the law should be amended so as to oblige you to put a farmer on the
Board, one might ask in that case why should not labor insist that it as a
class should also be represented, and why should not similar claims be
made by merchants, manufacturers, exporters or any other special interest
Indeed, two other bills of this nature have already beein introor group.
duced. That it might or might not be desirable to put a fanner on the
Board is not the question the wrong is in requiring, as a matter of law, that
one special Interest shall always be represented on the Board.
Furthermore, such a bill, if enacted, would seem to endorse the unwarranted assertion that the present plight of the farmer is due to the
This dangerous
alleged maladmlnistraiion of the Federal Reserve System.
slander has been spread so persistently and unscrupulously that a large
percentage of our agricultural population have accepted it as true and the
Council fears that even by a substantial number of members of Congress
the real facts of the ca.se are not sufficiently well understood. The Council
begs of you. therefore, to use your great Influence with leading Senators to
oppose this proposed bill and the principles which it embodies. The future
success of the operation of the Federal Reserve System and the welfare of
the countrj' demands that the Federal Reserve Board shall be a judicial
and non-partisan body acting in the interest of the country as a whole, not
a body influenced by political pressure and expediency in furtherance of the
claims of special interests.
What is causing this agitation against the Federal Reserve Board amongst
the agriculturists?
There is no doubt that the farmer has been, and is still, passing through
a period of great hardship, nor is there much doubt that he believes the
Federal Reserve System responsible for his present plight.
But what are the facts?
The Joint Commission of Agricultural Inquiry, in Part I of its report,
summarizes the causes of the present depression as follows:
"The crisis was not confined to this country. The avalanche of declining
prices and its attending hardships, sacrifices, and losses involved the whole
world.
It began in distant Japan with the break in the silk market and the
It traveled the circle of the Far East,
C^liinese boycott of Japanese goods.
Australia, India. Java. En.gland. France, Italy, the whole of Europe.
South America. Canada, and the United States. It embraced all countries
and all industries, though not to the .same extent or In the same way.
"As the failing purchasing power of the world began to make itself felt in
the lessoning of export demand for farm products, the prices of aericultual
products begun to decline. As prices of agricultural products declined, the
purchasing power of the agricultural popul.ition. representing nearly 40%
of the total purchasins power of the country, began to diminish. As the
purchasing power of the American farmer diminished, the production of
industries that produced the commodities of commerce began to decline,
and unemplo>Tnent. resulting in diminishing consumption, gave further
impulse to the avalanche of prices."
The Council is in fullest .accord with this striking analysis of the situation
by the Joint Commission of Agricultural Inquiry, and without quoting
further from this very excellent report wishes to emphasize the fact that
.
.
.
—
^
THE OHJRONICLE
Jan. 14 1922.]
the suffering of the farmer has been peculiarly acute because, while factories
and mines can l>e shut down and the output reduced, voluntary curtailment
of production already begun is well nigh impossible for the opinions of the
Unless nature intervenes
Individual farmers scattered all over the world.
or the funds give out, a new crop will be made irrespective of whether or
not the previous one has been marketed.
It is significant that when prices rose, apparently without end. It was
the consumer who suffered and threatened to investigate the Federal
Keserve System. In fact the Senate, on May 17 1920, passed a resolution
asking the Federal Reserve Board what steps it was taking or proposing
When
to meet the then existing "inflation and consequent high prices."
prices finally fell towards their pre-war levels, it was the producer who
groaned and blamed the system. Similar freaks of mass psychology could
be observed in other countries where people attributed the inevitable results
But it
of an economic law to alleged mishandling of banking credits.
was not discount rates that were determining the ultimate courses and
World phenomena,
levels of commodity prices In this or any country.
far more powerful than central banks in general or the Federal Reserve
Board in particular, were at play.
To tamper with the natural laws of demand and supply has proven a
and sometimes fatal experiment for many a Government which
attempted to "valorize" its staples. If Congress wished the country to
Indulge in such a scheme it should have taken the responsibility of
enacting legislation to that effect. By no stretch of Imagination, however, could the Federal Reserve banks be assumed to have been created
costly
to exercise functions of this character.
The world is not suffering to-day because of high money rates, but
It is because hundreds
because of the crippling of its power of consumption
of millions of people, individually and collectively, have lost their pre-war
purchasing power that the commodities cannot find their markets. Better
markets for our products will be found, and the lowered standards of living
abroad will cease to menace American standards when, the world over,
wasteful Government expenditures for armaments are cut down, budgets
balanced and practical methods found to establish actual economic peace
and order in Europe. In that direction you, Mr. President, have inaugurated a most auspicious movement, for which the world will ever owe you a
deep debt of gratitude. It is by aiding yoxu" noble efforts towards that end
that Congress will bring genuine relief to America's agriculture, rather
than by putting a farmer on the Federal Reserve Board. In fact the
Council finds it difficult to sununarize the whole situation in any more
striking manner than to quote from your own admirable statement which
has been acclaimed throughout the country in which you said:
.
"The slump which
is now upon us is an inevitable part of war's aftermath.
has followed in the wake of war since the world began. There was the
unavoidable readjustment, the inevitable charge-off, the unfailing attendance of los.'^es in the wake of high prices, the inexorable deflation which
inflation had preceded.
It has been wholly proper to seek to apply Government relief to minimize the hardships and the Government has aided
wherever possible, and Is aiding now, but all the special acts ever dreamed
of, all the particular favors ever conceived will not avoid all the distresses
nor ward off all the losses."
It
But, while the great majority of the ills ffbm which agriculture suffers
to-day are in the main world-wide both in cause and scope, nevertheless
it cannot be denied that some of the incidents to this suffering might have
been avoided, or at least mitigated.
It would lead too far to elaborate upon the extent to which organic
defects io the system, such as the? conformation of the districts, played a
part, or how far the war finance policy adopted by the Treasury and
Congress were directly responsible for this suffering. It is said with some
josDificatlon that the Board condoned inflation too long and that it should
have raised disccunt rates sooner, but in fairness one mtist admit that in
the circumstances that prevailed it would have been very difficult for it
to assert its views and establish higher rates as long as Congress and the
Treasury insisted on financing the Government's requirements on an
artificially low basis.
Finally, as a consequence. Inflation of credit became
an ungrateful
8o excessive as to require the brakes to be firmly applied
undertaking but carried through, on the whole, with ability and discretion.
in spite of errors here and there in the administration of the rate policy
—
In certain districts.
One need only visualize
what would have happened without the assistance
of the Federal Reserve banks in order properly to judge the value of the
work done. Hundreds of banks and thousands of borrowers have been
conserved and are being carried to-day that otherwise would have gone to
the wall. The lack of understanding as to how the Federal Reserve System
operates is so general that many bankers in all parts of the country, desiring
to reduce or put some limit on the loans which their customers were demanding, shielded themselves by stating that their Federal Reserve bank had
directod such action.
It is most unfortunate that apparently the public does not understand
even to-day, after the Federal Reserve .System has been in existence for
more than seven years, that the Federal Reserve Board, as such, does not
make any loans, and has no money to lend; that all extensions of Federal
Reserve credit aro carried out exclusively by the Federal Reserve banks.
and that they, in turn, are njstricted to traasactions with tholr own member
banks and have no power whatsoever to direct member banks as to what
individual cuHtomors they should make loans.
It tH'H also b«,f!n generally stafd that the Federal Reserve banks curtailed
credit to the farmer in the autumn of H)20, whereas exactly the reverse is
true.
The loanx of the Federal Reserve System reached their highest point
In Novemlxjr 1920, at which time? the Reserve banks In IndiLstrial soctloas
were lending to Rf»<;rve banks in agricultural sectloas S2f!7,000.000. Tho
testimony before the .Joint (.'omml.ssion of Agricultural Inquiry showed that
between May 4 1920 and April 28 1021, the loans of the Federal Rcxservo
System to menil>er banks In non-agrlcullural countli.-s decrea.sed 28. .'5%,
and those to member banks In Hernl-agrlcullural countiiis decreased 0.2%,
while loans to member banks In agricultural counties actually Incrcasi'fl
56.fi%.
DurinK tho same perUxl the loans by tho 9, .500 mombor banks to
their own ciiiiU)mers d()cre.,aHwl .$882,000,000.
Ninety-four per cent of this
dccrcafle took place In the loans made by banks situated In non-agrlcullural
countlea and only C% In banks situated in agricultural and scml-agrlcullural
countien.
NeverthelcM tho events of the pa.st two years convince tho f !ouncil that
tho machinery of iiKrlcultiiral credit Is not complete.
In two respects aspccially It ni-^\H utrenxthenlng:
In the first' place there are about twenty thousand fltat«i banks and trust
COvnpixn\v». nearly two-thirds of the total numher of the banks of the
country, which through their uiiwilllngnitss. or through Inability because of
their Insufficient capital, are not members of The Federal Resiirvo System.
tJnf(irturiat''ly the iurriculturnl seeHons are larRely served by the small
member banks wh<«« operating power Is quIrUly exhaUHtxwl and by nonmemh<!r State binks. The rirsoiircjis of the Hyslem. through no fault of
its own. are. therefore not as directly or readily available to agriculture as
they might bo. since th<«o many non-member banks In tho agricultural
sections aro oblo to tap thrmo resources only through the other member
banks
There are .scores of agricultural counties In which there Is not a
clnglo member bank.
It may, therefore, bo d<a«lrablo to dirvlso ways and
133
mo.'tns b.v which the vast resources of tho Federal Reserve banks may become
.ivailablo for assistanco to the largo number of small .State banks now non-
jTiombers of the System.
In the second place there is no medium through which the farmer or live
stock man may secure adequate loans for periods of from six months to
three years.
The Advisory Council has learned with great satisfaction of the plan under
consideration by tho Joint Commission of Agricultural Inquiry, the outline
of which was recently sketched by its Chairman, Mr. Anderson.
This
plan' contemplates strengthening the Federal Land banks and extending
their powers so as to permit them to discount agricultural or live stock
paper with maturities running from six months to three years, and to
permit them to rediscount this paper with Federal Reserve banks when Its
maturity falls below six months and when it conforms to the requirements
of the Federal Reserve Act, or to pledge the loans having the longer maturities as collateral for debentures which it Is contemplated they should
have power to issue to the investment public.
plan of this character
would place at the disposal of tho agricultural sections vast sums in a
.sound and businesslike manner, would open tho Federal Reserve banks to
their credits at the appropriate period, and would fill a serious gap in otir
present credit machinery.
To perfect in these two respects the credit machinery available to the
farmer would be a great constructive accomplishment. But merely to
compel the President to appoint a farmer to the Federal Reserve Board
would, in the end, only prove an illusion and a disappointment to the
farmers themselves. It should be observed that none of the Acts creating
tho Inter-State Commerce Commission, the Federal Trade Commission,
or even the Federal Farm Loan Baord, in any way restricts the President's
power of appointment by requiring him to appoint to these boards a repre.sentative of agricultiu-e or any other special interest.
The appointment of a farmer to the Federal Reserve Board by special
A«-t of Congress would not, as we have shown, improve or add to present
agricultm-al credit facilities.
It would, however, be fateful notice to the
entire country that the Federal Resen'e System had come under the domination of a powerful political group designed to secure special privileges for a
single class, of which the approximately thirty bills already introduced into
C^ongress serve as a sufficient and significant illustration.
The menace of the inclusion of politics in a banking system of the vast
powers of the Federal Reserve System, which reaches into the remotest
corners of the country, is so obvious that the Council does not believe it
necessary further to elaborate this point; the more so as it feels certain that
Indeed, they are in
these views are fully shared by you, Mr. President.
entire accord with the 1920 platform of the Republcan Party, which provided that "The Federal Reserve System should be free from political influence, which is quite as important as Its independence of domination by
financial combinations."
The Council does not deem it its function or this the appropriate opportunity to refute the utterly false charges that have been made regarding
the administration and operation of the System. The Council feels it Its
duty, however, to point to the great danger to which the country is being
exposed when the people, puzzled and harassed by the inevitable vexations
of the war's aftermath, are incited by the willful misstatements of imgcrupulous or ambitious demagogues.
A consistent campaign has been carried on in order to make the farmers
believe that they are suffering because the Federal Reserve System sucked
up the people's gold. and. having coralled it. is withholding it in order to
make it available to Wall Street and to exact high Interest rates. It is
significant that the agitators should have been able to maintain this myth
in the face of the fact that New York banks have reduced their borrowings
from the Federal Reserve System by 70% (from a maximum of $1,203,364.000 to $361,575,000) more than banks of any other part of the country.
In any event, our past experiences have shown that easy money rates do
not necessarily bring relief to agricultural distress, any more than high rates
are responsible for It.
It may be interesting to recall that pressure for easy
money In times adverse to the farmer is not a novel occurrence. Similar
pressure was also brought upon the Federal Reserve Board shortly after
the Federal Reserve System began to operate, when, in spite of tho fact
that the country was swamped with easy money duo to the release of reserve money which had just taken place, there was a most determined
political pressure in order to force the Reserve banks to reduce rates and to
flood the country with loans on top of the already existing plethora of
money. If the Federal Reserve Board had not withstood this pressure. It
A
,
Is safe to say that the Federal Reserve System would have squandered its
strength before the subsequent demands occasioned by the war began,
and it Is not difficult to conceive the consequences that might have followed
for the country and. Indeed, for the successful prosecution of the war.
As to the accumulation of gold, against which some are carrying on so
determined a propaganda, it gives us an unused loaning power of many
billions of dollars available for our a)untry and tho world when the world
gets ready to u.se It.
When that time comes nobody will profit more from
this vast reserve power than the farmer.
What, however, would have become of him and the rest of us if during
the war period that gold had not been .-iccumulatod and enabled the Federal
Reserve banks to supply .$1 ,700,000.000 of additional currency, and tho
banks of the country .'$13,000,000,000 of additional loans. Is a serious
question at least for thoso who believe that it is not sound financo to moot
the expenditures of our Government by the Bolshevist's method of printing
an unllmltod supply of paper currency without any consideration of tho gold
cover.
It Is thoso grave questions that have impollod tho Council not to disregard tho move lnvt)lvod In tho .Senate's bill, insignificant as It may .ippcar,
and not to dlsrognrd tho attacks against tho Federal Reserve System, no
ro.itter how ill-founded they may be.
Tho Oounc.n. iheroforo, finally wishes to strass with all tho emphasis of
which
1.
It Is
Tho
capable two principles:
Podoral Reserve System must be kept Inviolate ns a resorro
must rom.iln safe .and ll(|uld. It must. Hi<T<ifi)ro. always
Invostmonts to thoso h.iving a reasoniibly short maturity and
It must not bo porinlttod to do.il with customers direct and therciby Incur
the risk of Immobilizing Its funds In credits that conceivably miiy become
"frozon."
Whatever relief li'ederul Keserve bunks may furnish must, thcroforo, bo granted through tho Interrnoillary and under the responsllilllty of
banking channels. If the existing country banklnt! machlnnry Is Inadoquate In certain sections. It ought to be strengllieneil and supplenientod.
but there should always bo a "buffer" between the borrower and tha
Federal Reserve Hank.
It Is as such that Foflenil Land banks, as above
recommended, may he developed to render a dlsllnil national service.
2. The Independence of the Toderal Rescirvo lle.ird niust be stronglhonod
and protected, and every effort made to secure for servlie on It men of tho
highest Integrity. Intelligence and strength. The Hoard, like a court of
supremo st.indlng, must be able to act rrf)m an entln-ly Judlr-lal point of
vliw. unlnfluenred by the wishes of parties or classeH. l)Ut seeking to fashion
Its pollrlos with the st)|o aim of serving tho best advantage of the country
as a whole.
If political proHsuro or the Interests of a single class -bo It
the farmor. laborur. big Industry or capital are evor pormllted to dominate
syHtom;
Its
assets
rastrlctfl its
—
THE CHKONICLE
134
the Federal Reserve System, it will l>ecome the gravest menace to the future
If the Federal Reserve System is surrendered to
of the United States.
political domination, history will repeat itself and, from the great blessing
that this system is to-day, it Trill turn into a curse.
Respectfully submitted,
FEDERAL ADVISORy COUNCIL
Honorable Warren G. Harding,
President of the United States.
[Vol. 114.
at 41 Park Row decided to launch a countrj-wide campaign
against the^idea of having any class influence prevail in the
affairs of the Government banking system.
Telegrams wiU
be sent to the 134 affiliated associations of credit men
throughout the country calUng their attention to the fact
that the time has arrived for them to rally to the defense of
the system which was sponsored by the 33,000 manufacturers, wholesalers, jobbers and bankers making up the
STATE BANKERS' ASSOCIATION OPPOSED TO
membership
PENDING FEDERAL RESERVE LEGISLATION.
W. Y.
State Bankresolution of its Couners' Association has been called to a
cil of -\dministration, expressing opposition to the enactment of any legislation affecting the Federal Reserve Sys-
The attention
of memliers of the
New York
tem without the approval of the Federal Resei-ve Board or
the banking committees of the Senate and House. The Association, which seeks co-oporatlon in carrying out the resolution, states through its President, J. 11. Herzog, that "any
legislation harmful to the Federal Reserve System, must in
Resenting any
of the credit institution.
attempt to tie the President's hands in the making of appointments to the Federal Reserve Board, the credit men stand
behind the present methods now in vogue and view with
alarm any attack upon the present state of affairs. The
following statement was issued by the AdministratiA^e
Committee:
The Administrative Committee
of the National Association of Credit
records its firm belief that one of the mo.st satisfactory and assuring
features of the Federal Reserve System has been the keeping of its administration perfectly free of political bias and control. Nothing, in the
opinion of the Committee would prove so great a hindrance to the efficacious
and really tiseful operations of the system than the injection of politics
into its administration or permitting any one interest above another to
control in the personnel of the Federal Reserve Board.
speak most emphatically on this subject, believing that the principles
laid down in the Federal Keserve Act for the organization of the Federal
Reserve Board are sufficient and .should not be altered. Attempts to
require that certain interests shall be represented on the Board limits the
prerogative of the President and Senate in the selection of qualified men.
It is qualification rather than interest representation which the Act contemplated in its origin and the soundness of this idea has been demonstrated.
We ask sincerely and really verj- fervently of Congress that every attempt
to inject politics or compel the representation of certain interests in the
administration of the Federal Reserve System should be refused and no
limitation whatsoever placed upon the selection of men offering the proper
qualifications, the proper vision of the country's needs irrespective of their
individual pursuits or in what definite line of enterprise they have been
engaged. The Committee is confident that only in the preservation of
this idea rests safety for the system and the ser^•ice which it is so fully designed to give.
The Administrative Committee very cordially greets with all good -vvishes
for the New Year Governor Harding, and his associates on the Federal
Reserve Board. The Committee recognizes that in periods of depression,
such as we are passing through, it is but natural to have a great deal of faultfinding and the placing of responsibilities where they do not justly and
properly belong. It is a pleasure to have the Federal Reserve Board know
the undoubted faith of the National Association of Credit IMen in the
Federal Reserve System and its belief that the operations of the system as
they have been regulated and directed by the Federal Reserve Board have
been just as fair, equal and intelligent as is within human powers.
Men
,
the final analysis react to the jeopardy of every interest of
liauks' customers and the individual ^bank serving its community, whether the hank is a member of the System or
We
not."
give the letter herewith
NEW YORK STATE BANKERS
128 Broadway,
ASSOCIATION,
New York
City.
December 29 1921.
the Member Addressed:
Being: convinced of the seriousness of the situation, your president called
a meeting? of the Council of Administration, to discuss the question of legislation affecting tlie Federal Reserve System, and after a full and free
discussion the fonovvir,}>; resolution was unanimously passed:
Resolved: Tliat it is the sense of the Council of Administration of the
New York State Bankers Association that it is opposed to the enactment
of any legislation affecting the Federal Reserve System without the ap-
To
proval of tlie Federal Reserve Board and the committees on banking and
currency in ttie Senate iind House of Representatives.
That tlie Chainnan of eacli gioup be instructed to call special meetings
of their respective groups for the purpose of aiding the carrying out of this
resolution, inviting business men to attend.
Also requesting the Group
Chairmen to appoint County Chairmen who shall call meetings of bankers and bu>)ness men to aid in this work.
That the President of the Association be authorized to send a letter to the members asking their earnest
co-operation.
I would urge that e\ery member take a personal interest in this matter,
as it is vital to the financial interests of this country that no legislation
harmful to tlie Federal Reserve System should be passed.
Any legislation liarniful to the Federal Reserve System must in the final
analysis react to the jeopardy of every interest of banks' customers and the
individual bank serving its communitj', whether the bank is a member of
the System or not.
We must protect the System which protected us during the greatest crisis in this country's history.
Very truly yours,
—Several
J.
H." HERZOG, President.
be taken up in Congress on .Tan. 17 which we
fear will inject politics into the System and several seem to I)e out-and-out
class legislation.
Your Representative is probably home for the holiday
recess.
Please see him in person at once.
.1.
II. H.
y. B.
bills will
—
HEAD OF rENNSYL^ANIA BANKERS' ASSOCIATION
URGES DEFEAT OF CLASS LEGISLATION PROPOSED BY AGRICULTURAL BLOC.
Disapproval of the jDending
bills requiring the appointrepresentative of agricultural interests on the
Federal Reserve Board is contained in the following letter.
addresse<l by President Dunbar of the Pennsylvania Bank
ers' Association to the Pennsylvania Senators in Congress,
ment of
a
namely William
Crow and George Wharton
E.
Pei)per,
who
are urged to use their inflvienco to defeat the proposed legislation:
January 11 1922.
Dear Senator Pepper
(My Dear Senator Crow)
The bills now pending in the Senate, which have for their
purpose the
compulsory appoinlment of a "dirt" farmer on the Federal Reserve
Board,
must give grave concern to every bankers and every other citizen
interested ill the preservation of a sound banking and credit
organization.
The apparent intention of the so-called agricultural "bloc"
to tie the
hands of the President, so that he will liave no discretion
in the filling of
the next vacancy on the Federal Rcser\e Board, reflects
class
At y
:
:
at once contrary to
legislation
of true
democracy and inimical to tlie soundness and perpetuity of tlie Federal Reserve Sy.stem.
If the appointment
of a representative of the agricultural interests be
made obligatory may
not other economic groups or classes— manufacturing.
Labor
exporting
etc.,
likewise
System
rests
tlie s))irit
demand recognition?
Successful operation of the Reserve
of action and freedom from no-
upon absolute independence
ntical mfliience or class control.
In the name of tlie Pennsyhaiiia Bankers'
Association, I hereby exuress
m.ieserved disapproval of the pending bills requiring
the appointment of ^a
representative of the agricultural interests on the
Federal Reserve Board
and appeal to you to use your influence to defeat
the proposed
legislation!
Sincerely yours,
ALEX DUNBAR.
President, Pennsylvania
Bankers' As,sociation.
NATIONAL ASSOCIATION OF CREDIT MEN DEMAND
THAT POLITICS BE KEPT OUT OF FEDERAL
RESERVE SYSTEM.
Demanding that
be kept out of the Federal
Administrative Committee of the
-National -\ssoeiation of Credit Men
at a meeting on Jan 10
Keserve
bants,
polities
the
We
GOVERNOR HARDING S LETTERS ORDER SUSPENSION
OF FEDERAL RESERVE BUILDING CONTRACTS.
Supplementing our
rofer(>nce last
W.
week (page
20) to the
G. Harding, Governor of (he
1>y
Federal Reserve Board, (hat no new contracts for the
construction of Federal Reserve building be entered into
pending the action of Congress on the amendment which
would take from the Board authority to enter into such
contracts without the consent of Congress, we are giATing
herovkdth in their entirety the letters addressed by Go\ernor
Harding in the matter to the (^hairmen of the Federal Reserve
banks and to George P. ^McLean, Chairman of the Senate
Committee on Banking and Currencj-. The following is
instructions issued
P.
the letter addressed to Senator
McLean:
Federal Rescree Board. Washington -Jan. S 192l>.
Dear Mr. Chairman: I am enclosing for your information copy of a
letter which the Board is sending to-day to the Chiiirman of the Board of
Directors of each Federal Reserve bank.
The buildings of the Feder.al Reserve banks of Richmond. Dallas and
Kansas City have been completed, and they are now being occupied by the
banks. The Federal Reserve Bank of .\tlanta has outgrown the building
which it is now occupying, and the work of constructing an annex large
enough to meet present requirements is now well luuler way. The Iniilding
of the Federal Reserve Bank of Boston is nearly completed, and some
departments of the bank have already been moved into the new building.
The buildings of the Federal Reserve banks of Chicago and San Francisco
are also well advanced, and it is expected they will be ready for occupiincy
Avithin the next few months.
Contracts have been let in connection with
the construction of buildings of the Federal Raserve banks of New York and
Cleveland which can not now be cancelled, and the work of construction
must accordingly proceed. The Federal Reserve Bank of Philadelphia was
able to purchase a Ijuilding, which after certain changes and the addition
of a Large vault, is suitable for its piu-pose, and this building is occupied by
the bank. The contracts for the foundations of the building for the Federal
Reserve Bank of Minneapolis were let some time agii. and the foundations
will be completed witliin the next
10 days.
No contracts, however,
have yet been let for the superstructure. No contracts have so far been
let for the building of the Federal Reserve Bank of St. Louis.
The Federal Re.scrvo Bank of Cleveland has completed repairs and
additions to the building of its branch at Pittsburgh, and has acquired a
lot for the use of its Cincinnati branch, but no contracts have been let for
the construction of the building and that branch is still occupying leased
The Federal Reserve Bank of Rich(Itiartrcrs which are very inadequate.
mond some years ago piu-chased a buildiug for the use of its Baltimore
branch, which has proved to be entirely too small, and more than a year
ago it acqtiired a larger Iniilding site in that city. It is proposed to erect
a building upon the site so acquired and upon its completion to sell the
building which is now being occupied by the Baltimore branch, but no
contracts have been let for the new building. The Federal Reserve Bank of
Atlanta has purchased a building for the use of its branch at Nashville.
which must, however, be remodeled before it can be utilized, and no contracts have yet been let for these necessary changes.
The Atlanta Bank has
purchased a site upon which it is proposed to erect a building for the use of
.
J
•Ian.
its
U
braneh in
THE CHRONICLE
rn
19213.
New
Orleans, but the construction contracts have not yet
It has :ilso purchasftl a lot for the use of its Jacksonvillo branch.
has not yet entered into any contracts for the construction of the
lK>on let.
hut
The Detroit bn.nch of the Kederal Heserve Rank of ChicaRo is
Imlldlng.
occupying leased quarters which are entirely inadequate and unsuitable in
many rcvipects, and the Federal Ueserve Bank of Chicago has recently
bought the ground in Detroit upon which it prot>oses to erect a I)uildinfr,
but no contracts for constnictiou have yet been let. The Federal Ke.serve
Bank of St. Louis more than a year ago purchased a lot upon which it
proposes to construct a building for the use of it.s branch in Little Kock.
Plans have been made but contracts have not yef been let. The St. Louis
bank purchased a building in Louisville which has proved to be entirely
too small, and it has since acquired .50 feet of ground adjoining on which it
proposes to construct a 2-story annex uniform in style with the present
buUding. Contracts for construction have not yet been let. The Federal
Reserve -Bank of Minneapolis completed some time ago its building for the
branch at Helena, Mont. The Federal Reserve Bank of Kansas City has
acquired a lot in Denver, but has not yet let contracts for the construction
It has not let contracts for the
of a buUding which is badly needed.
building to be u.sed by its branch in Oklahoma City, but has purchased a
The Federal Reserve Bank of
building for the use of its Omaha branch.
Dallas completed about two years ago the building for its branch at El Paso,
and the work of construction on the building for its branch at Houston is
The Federal Reserve Bank of San BVancisco about a year
well under way.
ago bought a lot for the use of its Salt Lake City branch, but has not yet
begun the preparation of plans for a building and consequently has let no
contracts.
No
banks
real estate has
been bought for the other branches of Federal Reserve
—Buffalo (New York), Birmingham (Atlanta
,
Memphis
(St. Louis).
—
which
Spokane and Los Angeles (San Francisco
are occupying leased quarters, which answer the purpose for the time being,
but it is evident that ultimately all these branches must either be given
more adequate quarters or must be abandoned.
H Since the Sub-Treasuries were abolished the Federal Reserve banks have
been exercising the functions formerly performed by the Sub Treasuries,
and these functions have been extended, wherever present facilities admit,
In view of the large amounts of actual cash and securities
to the branches.
held by all Federal Reserve banks and branches, it is very important that
and Portland,
Seattle,
they be provided with proper vault facilities. Several of the Federal
Reserve banks are very anxious to let contracts and proceed with the work
of construction of buildings, which are urgently needed, but the board is
not willing that anything should be done to defeat the intent of Congre.ss.
As a vote will be taken on the pending amendment at an early date, it is
net thought that any serious inconvenience will result from awaiting an
<-rpression of the will of Congress.
It seems proper to call your attention to the fact that full and detailed
reports of the building operations of Federal Reserve banks have been made
to Congress in the annual report of the Federal Reserve Board, each year,
as well as in the Board's reply to Senate Resolution 153, which has been
published as Senate Document 7.5
Very truly yours.
W. P. G. HARDING. Goternor.
Hon. George P. McClean,
Chairman CommiUee on Banking and Currency,
United States Senate.
In full the letter of Governor Harding to the Chairmeu of
the Federal Reserve banks is as follows:
Federal Reserve Board, Washington, January 5, 1922.
Subject: Building Operatioas of Federal Reserve Banks.
<:hairman of All Federal Reserve Banks.
Dear Sir: On December 19 1921 an amendment was proposed by Senator
Harris, of Georgia, to Senate bill 2263, which by agreement will come to a
vote on the i7th instant, reading as follows: "The Federal Reserve Board
nhall have no authority hereafter to enter into any contract or contracts for
the erection of anj' building of any kind or character, or to authorize the
'erection of any building, without the consent of Congress having previously
been given therefor in express terms.
The Federal Reserve Board has never assumed that it has authority to
The
•f^nter int/o any contract for the erection of any kind of building.
<Vlrectors of Federal reserve banks are, however, empowered under the proxisions of .section 4 of the Federal reserve act "to make contracts" and "to
<!xercise all power specifically granted by the provisions of this act and such
incidental powers as shall be necessary to carrj- on the basiness of banking
within the limitations prescribed by this act."
The board ha-s always taken the view that the law authorizes directors of
Federal reserve banks to provide their banks and branches with such build>ng.s and equipment as may be necessary for the proper conduct of their
tnislness.
There is nothing in the Federal rtwerve act that requires the
specific .-ipproval of building contracts by the Federal Board, but undi-r its
power of general supervision (par. ], sec. 11) the hoard has required all
Federal re.s«-rve banks to submit for its consideration all options for the
tiiun-has<: of real estate, all plans and specifications for buildings and vaults,
ind ha.^ advise<l the banks that lliey should not enter into contracts-involving investments of this kind until the Iward had hud an opi)ortunlty to make
iny suggestions or offer any objections as jl might deem proper.
In .some ca.s<« buildings of Federal reserve banks and brandies have hctn
<:<impl(tted and in other contracts have been lot which mast necessarily he
••arrled out.
Although the aniouiith Involved in the erection of Federal r<•lerve hank huiidings repnsiiit Investments of the hanks' own funds and not
the expenditure of public moneys, the hoard fe(rls. nevertheless, that no
»ttempt should he made by any Federal r<;serve bank to anticipate any
iction by f^ongresH which may fend to restrict or modify Its present au'hority, and you are requested to advise that no new contracts for the conaction by f;ongress which may tend to restrict or modify Its present authority, and you are reqnest»-<J to advise your directors at once that the
Board advls«-H that no new contracts for the construction of ;i building
^><^ enlfTcd Into by tbem until thf^re h.-is hi:en opporlunlt.v of iiscertalnlng
he <|U|H>sliion of f Vinirrew. toward th<' uineiidment aljove quoted.
,
I
Vours truly,
\V.
fSOVKRNOR
HARDING IS
V. G.
HARDING,
CRITICISM
OF
CLASS
LECISI^ATIONDKFKSSK OF NFW YORK
FKDFRAL RE SERVE HASK.
W.
P. G.
Hardinp, Governor of iIk; Federal
tliis <i1y on .fan. If) licfort!
Boartl, in a spoeeli in
York Board of Trade
and Trans|)ortalioii
oiit«rcd
Kt^Horvc
XtJW
a dcfmise
Ilic
of the Federal Reserif Bank of New York against the eriticisms to whieh its biiijdirip i>lanH and Halarv 7)a.viii»'nfs havo
"been stihjoeted, ami likt-wisc cuinraontcd on the rflorls of
"lass |f>eislation
a.s
indreated in the
a<.'tivities
of the Hti-tialied
In his criticisms -wdth regard thereto
"agrifniltural bloc."
Governor Harding
said:
It is rather amusing when we consider the storm of criticism that Is now
being directed against the administration of the Federal Rtwerve System
by certain parties who are actuated by one motive or another, to observe
that the vor.v people who were most insistent eight years ago that there
should not bo a central bank in this country are the onas who are now criticizing the Federal Reserve System because it does not function as a central
bank.
Kfforts have been made to imprass upon people in agricultural communithe idea that the Federal Reserve System is hostile to them and to their
interests.
Gentlemen, nothing can possibly be further from the fact.
The railroads have not been prosperous, and agriculture cannot be prosperous unless the railroads prosper, just as the converse is true the railroads
cannot prosper unless agriculture prospers. Manufacturing cannot prosper
unless facilities are accorded for the economical and speedy transportation
of goods to enable their distribution.
all have common interests.
Therefore. I say, we should stand out against class legislation or policies
designed to favor one particular class as against all, but should stand and
exert our entire influence in favor of a square deal for all and for the conmion
ties
—
Wo
good.
"We should realize," said Governor Harding, "that the
prosperity of one section of this country is involved in the
prosperity of other sections, just as we are coming to reaUze
that the United States cannot be prosperous in the broadest
sense with conditions unfavorab'e in Great Britain, France.
Germany and Russia." In his remarks relative to the FedReserve Bank of New York, Governor Harding said:
am in New York and am addressing a group of New York business men.
eral
I
It is appropriate, therefore, that I shall say something by way of a special
reference to your own Federal Reserve Bank, the Federal Reserve Bank of
New
judge from what
I hear and see in the newspapers, mostly
here, that there is a good deal of misunderstanding of what the Federal Reserve Bank of New York does and is. At
the risk of telling you something that you already know, I will say a brief
York.
I
from sources
far
word about the
away from
New York
Reserve Bank.
Federal Reserve Bank of New Yoik is n'ot only tbe largest of the
twelve Federal Reserve banks in the country, but it is the largest bank of
any sort in the country, in resources, in deposits and in the magnitude of
It does about one-third of tlie entire volume of business
its operatic'Ls.
carried on by the Federal Reserve System. Its gold reserves now amount to
over $l,150.tiO0,O0O. It collects upwards of 85,(XK),000 checks a year. In the
eijurse of receiving and paying out Federal Reserve and otlier paper currency, it handler and counts nearly GOO.WtO.OOO iuuividual notes a year with
an aggregate value of more tbau 2'^ billions of dollars. It transfers for
the account of its member banks and in turn for the business interests of
tliis district and for the United States (iovernment. abont 17 billions of
dullars a yeartbis over the telegrapli wires of the Federal Reserve Sysem,
While the dollar amount of these
instantly, at par and without charge.
traiisnotlons now shows a tendency to decline, tlie number of items or units
remains very high or is actually increasing. In connection with its work
as Bscal agent of tlie United States and this work is now done without
it handles from 40 to .50 inilliiin individual coui-ost to the Tnited Svaes
pons, bonds, and <>ther forms of Government paper in amounts aggregating
Tilt-
—
—
f:-om
ti
to 7
billion
rtnllars
u year.
These are immense figures and almost beyond our power to comprehend
Still, they represent only a portion of the work done at the Federal Reserve
Bank. 1 have not referred, for instance, to one of its most important
During the difficult year of 1920 the disfunctions, that of making loans.
counts and advances made by the bank aggregated 180,000 items, in an
aggregate amount of more than $50,000,000,000. In addition to this the
bank purchased in 1920 for itself and other Federal Reserve banks over
100.000 acceptances, aggregating nearly 2Ji billion dollars. The ^aluo to
the business, industrial and agricultural conununitias of this exorcise of
credit-making power, I am sure is already familiar to you. Indeed.
have referred elsewhere to the services of the system as a whole during this
period.
These transactions, to which I have so briefly n^forred, are noteworthy not only because they are large: they and other transactions which
the bank is called upon daily to perform are frequently of a difficult and
sometimes delicate character. The res\ilts following a misstep would b!<
very far-reaching not only to banks and important business enterprises
Imt all the way down through the ranks to individual wage earners.
There have appeared recently in the newspapers and from time to time
Federal
ill Washington, criticism of the salaries paid to the officers of the
Reserve banks, particularly of the Federal Reserve Bank of New York.
The size and importance of the bankis operations as I have just outlined
them would seem an effective answer to these criticisms. But- 1 tiiink it
better to point out some facts, which are now matters of n-cord, about
these salaries.
There is competition among banks for officers of high
:il)illty and high character just the same as there Is competition in every
branch r)f Industry, and in New York as elsewhere In the country the
seeiiLs to have been set up a standard of comiiens.ition which tin- Federal
Reserve banks If they are to continue to be ahly olticered. niusl meet at
According to published records, at least, six hanks
least in some degree.
banks
in New York City pay maximum salaries of $t).5,()()0 or over and two
pay SllOO.OOfl. The Governor of the Federal Reserve Bank of New York.
To its forty
as has he<-n frequently stated of late, receives $.50,00(1 a year.
offUuTs the New York ResiTve Hank pays annual salaries of «509.000. an
average of » 2. 7 15. while the six largest N'ew York City natiimal hanks pay
average salaries of $I7.:{:{(). The proportion of the number of ()ITic(«r8 of
to SO. whereas
the .New York Reserve Hank to the nunibir of iniployees Is
to
the proportion In other large New York City hanks ranges between
aiKl
to .57.
these figures not In defense of the salary policy purI stale
sued by the directors of the New York Reserve Hank, and In these parI
1
1
I
H
1
ticulars
(locrrnor.
135
incurred
in
by the
Feder.il Resi-rve,
Board, but by way of recog-
nizing facts which are very porllntnit but yet are little known.
Wit hill a few hlrw-ks of this spot the New York Reserve Hank Is now
engaged in coiiKtructliig a new iiuildiiig, a project wlilcli also has rccolvcU
roiiiiiient of lale.
The need for tills hiiildliig Is pressing and Imperntlve.
•M iiiesenl the offUers and .inpioyecK of the Federal Reserve HanK of New
^nrk are worMiig on eight different floors of an office hiiiMliig. some iil
which are widely separated. The hank als" occupies the olil Suh-TreiiMir.\
ullimate
hiillding and a newly completed annex building cnimtructed for
among others
IIS.' In storing tlu' hank's records, hut now acconiiiiodiiling
huildlngK which
tie- (iOO I'lnployees who had been loiUi-d lenipoiarily In the
had to he removed to make way for he const ni.'l Ion of the new hank
I
to
scattering of these forces w hlc!i arc often called iirxni
iMrfonn work that should be eloHoly .roordlnated with other functions ol
Ihe hank. lilcieaseH (he eost of ori-ratlon and disieiisiis tVie efficiency .
Mortovor, the overcrnwdlng whl.-li tho Use of lireseiH .lUnrlerH Involves.
III. .re
prononneefl tliiin llie l.tilldlng rnde of New \«rk. perinlls, workhiiildliig.
The
THE CHKONICLE
136
In the third place,
the disadvantage of the employees' health.
the bank is occupyinf; 11 vaults in five different buildings in this city, one
This involves the frequent transfer
of them as far north a-s 41th Street.
of currency and securities through the streets of the city with all the waste
of time and dangers of loss therein implied.
With these facts before them the directors of the Federal Reserve Bank
of New York undertook the erection of a new building, and having in
mind the experience of other Reserve banks, and commercial banks as
Bi-eatly to
,
well,
which
built with
an
insufficient
margin
for expansion
and then had
additional space, they planned a large building, not as tall as
most of the buildings in New York, but a structure which should have the
large floor are;is re(iuired for the economical conduct of large operations.
Contrary to much that has been said, the building is to be free of embelishment. The main purpose which it is intended that it shall serve is
It is designed
direct, speedy and safe transaction of the bank's business.
to meet these needs, but it is nevertheless, with the exception of the vaults.
a commercial type of building, .so that until the bank needs to occupy it
completely, portions of it may be available for commercial purposes.
The cost of the building is large, but it arises almost entirely from the two
Moreover, the estimates of cost were made
conditions of size and safety.
conservatively high, but the contracts are so drawn that the bank might
have tlie advantage of falling markets. The result is that the figures of
actual cost now available show a reduction of 23% from the estimates, and
if that rate continues through contracts which remain to bo let, the final
I should point
cost will bo several million dollars less than was estimated.
out before passing from this subject that the Federal Reserve Board has
never assumed that it has authority to enter into any contract for the
erection of any kind of building.
The directors of the several Federal
Reserve banks, however, are specifically empowered under the Act to make
contracts, and to do all things necessary for the proper conduct of their
business, and while the Federal Reserve Board has been kept advised and
has been frequently consulted about the construction of the new building
for the New York Reserve Bank and has had an opportunity to make suggestions or offer any objections it deems proper, both the making of the
to
stHJin-o
contracts and the supervision over carrying them out have been with the
directors of the New York Reserve Bank and its officers, in whoso integrity
and wisdom I have entire confidence.
I wish to point out also that the directors of the Federal Reserve Bank
of New York, in adopting plans for the construction of the new bank
They are
building here, are not expending a single dollar of iiublic funds.
merely investing a portion of the bank's capital in a building in order that
they may properly conduct the great business which the bank is doing
and expects to 40 in the future. The chief concern of the Federal Reserve
Board has been to see that the Federal Reserve banks should construct
fireproof buildings, with burglar and mob proof vaults, sufficiently large
to accommodate not only their present force required for the proper conduct
of present business, but to take care of any future additions to the working
force wliich may be necessary to transact an increased volume of business
in the future.
It occurs to me that the criticism of the Federal Reserve Bank building
which is now being indulged in is premature. It seems to me that fair
minded men would be inclined to await the completion of the building.
They can then determine upon inspection whether there has been any
waste of money in its construction, whether it is larger than present or
prospective needs demand, arid whether it is adapted for the purpose for
which it is designed. The comparisons which are being made with estimated
maximum cost of the Federal Reserve Bank building which is being erected
under present day conditions, with building materials at their present
prices, with labor paid present wage scale, and with the cost of the land
included in the cost of the building, with the construction costs of certain
public buildings without the ground they occupy, which were erected 50 or
7.5 years ago when building material and labor, were very much cheaper
than tl.ey are at present, is altogether irrelevant and unfair.
I notice fiuT-her, the critics of the Federal Reser\e Banlc refer to its
•I2.'j,000,000 bxiilding and to the siuns that were expended in the construction
of the Capitol, of the Treasury, and of the White House, leaving out of
considei'.ition entirely the fact that in their estimate of the cost of the New
York building they include th cost of the ground which was .$1,800,000
and that they do not include in the cost of the public buildings with wliich
comparison is made, the cost or present value of the ground which they
cover.
The estimate of the cost of the building made last March, as already
reported by the Federal Reserve Board to C^ongress, was $17,990,000.
Actual experience has shown this to be an outside estimate since on the
portions of the building the cost of which is already established, the cost
has proved to be $1 ,470,000 less than the estimate, bringing down the present
astimated cost of the building, if no further savings are made, to $1(5, .5 19, 000.
But the construction is going on during a period of falling prices and it
seems likely that further large savings will be made during the course of
construction, still further reducing the cost of the building.
THE FEDERAL RESERVE SYSTEM—ITS PURPOSE
AND WORK.
The Jamuiry volume of the Annals
Academy of Political and Social Science
of
the
American
given over entirely to a discussion of tlu! Federal Reserve System
Its
Purpose and Work. At the end of seven years of operation,
during which the Reserve banks were put to the severe test
impos(!d by war conditions, the Res(>rve System is little
understood by business men. The operations of the Reserve
banks, and particularly their relations to member banks, are
apparentlj^ greatly misunderstood. The purpose and spirit
of the Reserve Act is plainly not comprehended by a great
majoritj' of people.
Among these must be included members of Congress and leaders of various farm organizations,
as is made plain in the memorial presented this week to
President Harding by the Federal Advisory Council of the
Federal Reserve Board, and which we print at length further above.
The conclusion as to this apparently general
misunderstanding of the system is warranted by the suggestions and plans for changing or amending the Reserve Act
by adding provisions not in harmony or entirely out of
harmony with the spirit of the law and the plans and intentions of its framers.
The volume of the Annals has a timeliness which lifts it out of classification as academic.
Th
is
—
[Vol. 114.
by men practically familiar with Reserve
bank operations or by economists who have made particular
study of the questions discussed. It is, therefore, a work of
high authority and is so nearly up to date that the current
articles are written
operations of the
War
Finance Corporation are considered
Reserve banks.
The rediscount rates of the Reserve banks are considered in
their relation to and effect on business.
There is an article
on the "Popular and Unpopular Activities of the Reserve
Banks." Another gives a studj^ of agricultural and commercial loans by a Reserve bank.
in their relations to the operations of the
The volume is divided into sections. The first section,
"Before the Reserve Act," gives an outline of banking history in the United States, and the causes that led up to the
demand for banking reform. The "Studies of the National
Monetary Commission" and the succeeding movements, including the story of the Federal Reserve Act in Congress,
are other articles, with the operations of the Aldrich-Vreeland
Emergency Currency Act as a concluding article in the section.
In Section II "The Purposes of the Federal Reserve
Act," are two articles. One is "The Reserve Act in Its
Implicit Meaning," and the other, "The Purposes of the
Federal Reserve Act as shown by Its Explicit Pro\'isions."
Section III is devoted to the operation of the System.
The
subjects and their authors follow:
—
Foreword.
"The Integrity of the Federal Reserve System," A. D. Welton and
C. H. Crennan, Editors-in-Charge of the Volume.
Part I.
— Before
the Reserve Act.
"OutUne of Banking History from the First Bank of the United States
through the Panic of 1907," B. H. Beckhart, Columbia University.
"The Studies of the National Monetary Commission," N. A. Weston,
University of Illinois.
"The National Citizens League; a Movement for a Sound Banking
System," Harry A. Wheeler, Vice-President, Union Trust Co. of Chicago.
"The Educational Campaign for Banking Reform," A. D. Welton,
Continental & Commercial National Bank of Chicago.
"The Federal Reserve Act in Congress," H. Parker Willis, Columbia
University.
"The Aldrich-Vreeland Emergency Currency," Homer Joseph Dodge,
Editor, The Federal Trade Information Service.
Part II.
The Purposes of ihe Federal Reserve Act.
"The Reserve Act in Its Implicit Meaning," A. D. Welton, Continental &
Commercial National Banlc of Chicago.
"The Purposes of the Federal Reserve Act as Shown by Its Exjjlicit
Provisions," E. W. Kemmerer. Princeton University.
—
Part III.
—-Operation of th( System.
"Organization and Political Pressure," Paul Warburg, New Y'ork City.
"Early Functioning of the Federal Reserve System," Arthur Reynolds,
President, Continental & Commercial National Bank of Chicago.
"The Federal Reserve System, State Banks and Par Collections, Pierre
Jay, Chairman and Federal Reserve Agent, Federal Reserve Bank of
"
New
Y'ork.
"Relations of Reserve Banks to Member Banks and Inter-Relations of
R. M. Gidney, ControUer-at-Large, Federal
Federal Reserve Banks,
Reserve Bank of New York.
"The Evolution and Practical Operation of the Gold Settlement Fund,"
George J. Seay, Governor of the Federal Reserve Bank of Richmond.
"EUgibility for Discount," Charles L. Powell, Counsel for the Federal
Reserve Bank of Chicago.
"^Imendments to the Federal Reserve Act," Walter S. Logan, General
Counsel, Federal Reserve Board.
"Preparation for War and Liberty Loans," J. H. Chase, Deputy Governor, Federal Reserve Bank of New Y'ork.
"The Assumption of Treasiu-y Functions by the Federal Reserve Banks,"
Murray S. Wildman, Stanford University.
"The Establishment and Scope of Branches of Federal Reserve Banks,"
E. R. Fancher, Governor of the Federal Reserve Bank of Cleveland.
"Curves of Expansion and Contraction, 1919-1921," A. C. Miller.
Federal Reserve Board, W.ishington, D. C.
"Expansion and Contraction under the Federal Reserve Sys em,"
Ernest Minor Patterson, University of Pennsylvania.
"Expansion and Contraction as Seen by a Business Man," J. V. Farwell.
President, John V. Farwell Co.
"Currency Fixpansion and C^ontraction," James B. Forgan, Chairman of
the Board, The First National Bank of Chicago.
"Expansion and Contraction from the Federal Reserve Standpoint,"
John H. Rich, Chairman and Federal Reserve Agent, Federal Reserve
Bank of Minneapolis.
"Principles Governing the Discount Rate," W. P. G. Harding. Governor
of the Federal Reserve Board.
"Redi-scount Rates, Bank Rates, and Business Activity," George M.
Reynolds, Chairman of the Board, Continental & Commercial National
Bank of Chicago.
"Theoretical Consideration Bearing on the Control of Bank Credit under
the Operation of the Federal Reserve System." Chaster Pliillips, University
"
of Iowa.
•Agricultural
and Commercial Loans,"
J.
B.
McDougal. Governor,
Bank
of Chicago.
"The Popular and Unpopular Activities of the Federal Reserve Board
and the Federal Reserve Banlvs," William A. Scott, University of Wisconsin.
"The Development of an Open Market for Commercial Paper," E. E.
Agger, Columbia University.
"The Efficiency of Credit," O. M. W. Sprague, Harvard University.
Federal Reserve
FEDERAL RESERVE BANKS OF MINNEAPOLIS AND
DALLAS REDUCE DISCOUNT RATE TO 5%.
Both the Federal Reserve Banks of Minneapolis and
Dallas put into effect on the 10th inst. a 5% discount rate
on all classes of paper, having reduced the rate from 5y2%.
—
—
THE CHRONICLE
.Ian. 14 1922.]
STATE INSTITUTIONS ADMITTED TO FEDERAL
RESERVE SYSTEM.
Tlu' following institutions were admitted to the Federal
Reserve System during the threes weeks ending .Jan. G 1922:
&
Trust
Total
Resources.
$100,000
$353,160
300,000
25.000
32,000
10.000
1.077.817
266,571
50,000
Banklug
Surplus.
$250,000
4:
Commonwealth
Cleveland,
Capital.
—
No.
District
12.500
455.147
Co.,
O
No. 6
District
Alabama Bank & Trust Co.. Montgomery, Ala...
Habersham Bank,
Clarkes^-ille.
Ga
No. 9
District
& Merchants
Feirmers
Hutchinson,
State Bank, Inc.,
Minn
No. 12
Citizens State Bank, Sawtelle, Calif
District
100.000
1,208,722
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
BOARD TO EXERCISE TRUST POWERS.
The Federal Reserve Board has granted permission
to the
following institutions to exercise trust powers:
The Souhegan National Bank of Milford, N. H.
The Farmers National Bank of Shenandoah, la.
The
The
The
The
The
The
The
The Federal Reserve Bank of New York issued the following statement yesterday:
Secretary Mellon announced that he has authorized the Federal Reserve
banks on and after Monday, January 16 1922, and until further notice, to
redeem in cash before Feb. 16 1922, at the holder's option, at par and
accrued interest to the date of such optional redemption Treasury certificates of indebtedness of Series A-1922, dated May 16 1921, maturing
Feb. 16 1922.
SENATOR MC CUMBER MADE CHAIRMAN OF
SENATE FINANCE COMMITTEE.
'
McCumber of North Dakota was chosen on .Jan.
9 by the Committee on Committees as Chairman of the
Senate P'inanee Committee to succeed the late Boise Penrose.
Senator Frelinghuysen, Republican, New J^sey, was
selected to replace Senator Penrose a.s a member of the
Finance Committee. The promotion of Senator McCumber
to the chairmanship of the Finance Committee made vacant
the chairmanship of the Pensions Committee.
Senator
RUSSIA TO RETAIN MONOPOLY ON COTTON.
following Associated Press advices came from Moscow
The
.Jan. 12:
The Supreme Economic Council has decided to retain a Government
monopoly on raw cotton this year in an effort to prevent Turkestan cotton
growers from raising grain exclusively. The Government is guaranteeing
a price for cotton 214 times as high as that for grain and is requiring that
210,000 deOTiatines in Turkestan and 27,000 in Azerbaidjan shall bejjlanted
(A dessiatine is wjuivalent to 2.702 English acres.)
grain crop of 1921 is estimated at 5,000,000 poods (180.000,000
pounds), of which the Soviet Government already has bought 2!oOo!oOO
poods, but actually has paid for 500,000 poods. The area planted in 1921
in cotton.
The
was 110,000 dessiatines.
MITCHELL IN CRITICISM OF HENRY
CURRENCY PROPOSAL.
FOIfD'S
Oiticism of the money theories of Henry Ford and Thomas
A. Kdison came from Charles E. .Mitchell, President of the
National City Bank of New York in an address at a luncheon
of the Boston ('hamber of Commerce at the ('opley Plaza
Hotel on .January r>. The theme of Mr. Mitchell's address
and
decrying the fiat
money proposals which have been proj)osed, he said:
"Let us aa sound burinosa men frown upon tho organizations that
are formin
ing for the purpose of Kprcadinx tho flat mriniiy Idea.
Let as <llspol tho
IlluHlon that prices and wages have fallen boc-iusc
there Is a scarcity of
monny. I^,t us stamp from th.; thoucht that It Is primarily
irion.y that
croaU* a demand for things. I^,t us brlnn our
i,.y>p|,; |,ar:k to the fundamental principle that busln»«<s con.sistH prlm.-.rily of
an exchange of goods
and wxvlces. which creal.* a demand each for each other,
an.l th;it nothing
but a balanced «tat« of trade makes a demand
all around and «'»«-"
kIvch
'
proHp«jrlty.
Mr. Mitchell in his observations on
matters also said in part:
r
iirr(;ncy
and other
Currenr.u.
""'""*''
^ """'' "' "'"••="'' »"'' "' critlclmn of tho oxi.tZ^^^THl".""^""','
Utlng order U an after-war dl«ea«,. Thorn „,.„„«
to bo a U.ndency ,,noro
marked In rccmt month., p.rhap, than hoforo, to put
a big ,,m.«H,h, „ark
on everything that haB been ,Ion„ and ev.Tythlng
that ha, been |,„.rno,I „
the past.
Now. of couHM,. Inrpilry l» not a.h.vl thing.
It Is certainly
not
practlcal affairs has been slowly
^f
It«lf. "
uTr
It Is
It
""
and painfully I....rn.:<l and h.-.s
"^""^'™'^«We ought not have to
b,...n v.rlfl.Hl
tho
'" ''"^' "" -"y tf-"' "hl"t"ry repeat*
''^^.''•''""•w
not completely «>, but the old fallacies and
hercles that have
r^n«"^f «nJ^r
"
When Europe is weltering in a flood of printed money, and all the evils
that have been described in past history are being again described in the
daily foreign news columns, it seems absurd that anybody in America
should be seriously discussing a revival of the paper money heresy. The
chief obstacle to the rehabUiation of trade today is the fact that the world
has lost the services of the gold standard. The doctrico of fiat money, of
irredeemable paper currency, has been discredited by every test that has
been laid upon it. It is destructive of stability in the commercial world:
it converts legitimate business into speculation, and thoiwage^earnerSis
always the chief victim.
—
REDEMPTION OF TREASURY CERTIFICATES OF
INDEBTEDNESS BEFORE MATURITY.
to First Princiiiles,"
—
—
the railroads a problem
wliich today, in a certain sense, is more acute than through the recent acute
years.
New England, perhaps beyond any other sectioniof this country,
must of necessity have the greatest interest in that problem.
It is a first principle that the railroads are arteries of commerce and without them national commerce cannot exist. It was an understanding of that
first principle that stimulated the railroad pioneer who forced out West and
Me.
Hudson National Bank, Hudson, Mass.
Falls National Bank, Shelbume Falls, Mass.
Norwood National Bank of Greenville, So. Caro.
American National Bank of Danville, Va.
was "Back
vexed society throughout all history are hatched again in every time of disturbance and distress. One of them, and from my viewpoint, one of the
most important of them, is the paper money delusion tho idea that governments can make times good, by printng plenty of money.
I would not ordinarily fear this delusion in a country that had become so
so thoroughly wedded to tho gold standard, but when I see a fiat money bUl
introduced in our Congress having serious consideration; and when I see
two great loaders of industry as Mr. Ford and Mr. Edison, backing timedissipated fiat money theories, I realize there must bo a popular bent that
way that calls for the corrective thought of such men as constitute this
Chamber. There is an air of hocus-pocus about tho froo operation of government money printing presses that ought to put men on their guard,
because we all realize that governments are not creators of wealth, but
have to be supported by taxation. There is an inherent absurdity in the
idea that a government that has to take up a collection to maintain its own
existence may carry on great industrial work, as Mr. Ford would have it,
by simply printing money.
And then there is that other perennial problem
Shellbume
E.
137
Railroads.
Bank
of Missoula, Mont.
Craig National Bank, Craig. Colo.
National Shoe & Leather Bank of Auburn',
First National
CHARLES
—
—
l,«.r„ all
South from this very centre those arteries that brought development
throughout the land. It was initially capital from this very centre that
made possible that development, and in spite of all the vicissitudes through
which political meddlers have dragged the railroads, I presxime it is safe to
say that proportionately there is more of the wealth of NewfEngland invested today in securities of the nation's railroads than of any other section.
It seems to me that if we can
AVhat-is constituting the present crisis?
again get back to first principles and remember the old maxim that "no
man can serve two masters," we will understand it most clearly.
The Railroad Labor Board is determining for the railroads the wages that
they shaU pay their employees, and the conditions under which they shall,
Regardless of the trend
and I should properly add, they shall not work.
of commodity prices, this is bound to determine in a large measure the cost
On the other hand,
of railroad operation, for the wage bill is the big bill.
the Interstate Commerce Commission is telling the railroads what their
charges shall be for freight and passenger transportation between every point
in the coimti-y, and added to this in many cases iocal state commissions are
fixing the intra-state rates for them, often, it may be said, in a manner inOne group
consistent ivith the Interstate Commerce Commission's rulings.
thus determines the cost, another group determines tho revenue. Conceivably and actually in many cases, this process results in the crushing of
the patient between the millstones. In most cases it results in an inability
to properly maintain service, and extend that service to the full requirement
of commerce,
in most cases, I say, because the determination as to where
and how the-individual shall invest his savings has not yet been regulated
by federal investment commissions, and there is still some individual liberty
of action in that regard.
Through the worn rut of mvestment habit,
the savmgs of New England may still be finding it a little difficult to get
away from the railroads, but as sure as the present (x>ndition continues, the
habit will be broken.
But again, if the inflated wage bill and a fair return bo covered in railroad
rates by the Interstate Commerce Conmiission, that is bound to occiir
which in many instances already has occurred thr rates will be more than
the traffic can bear, resulting first, in a drying up •f traffic which means a
curtailment of commerce, and in the second phase, in a redistribution of
industrial centres.
New England is not a section of great natural advantages.
The great industiial development that has occurred in this and other
Now England states has been in spite of some natural disadvantages, and,
—
—
—
my
in
opinion, rather by reason of the character of its people, their
efficiency, their willingness tx) work long and hard, their fundamental fruThe.so have made
gality, their inherited habits of thrift, of simple living.
it possible to bring over our railroads raw materials from tho South, Southwest and Par West, fabricate them into useful and necessary cximmodities,
and ship them, not only to every section of this land, but to foreign lands
as well.
The service of the railroads, the long haul at a low rate, has been the
nece.s.sary handmaiden to New England's industrial development. Without
If tho rattw to and from
it the character of New England must change.
New England points are greater than tho
New England cx)ntlnue to live?
how can great
This, then, boycuid all sections,
is that which must awaken to an understanding of the real dangers in the
present situation.
And from this great cominercial l)o<ly 1 trust thcrcwlll
go out an appeal for railroad relief, based on tho platform of first and funtraffic will b<>ar,
Industrial
damental
i)rlnclplcB.
International Etchanoe.
past two years have developed a greater Interest In International
No niiirchniit c^iii think of
exchang<! than has ever existed in world lilHlory
export trade without calculating intern.iHonal exchange. The world has
speculated In It.
Now, as we find ourselves thwarto<l by It In <>\ir foreign
ways and nieiins by
Ir.icle. we hav(! our ears wide open for cornx-lives
which tho dlsjKirlty of the mediums of (•x<-h:iM)r<' in foreign couTitrics iniiy bo
brought again Into fixed relations one with th<( other, with currrnry sysUitnn built again upon a common foundation of value.
CurrencUis and International cxch.-inges must be stabilized. This Is the
universal denjand of our merchant.H. ;nid inubilMy to Hiitlsfy It In a crime laid
upon tho i)anklng fraternity. Currency and InUinmllonal oxclmiiKo dlfflcultlcH are as a nish upon the skin, evidencing some dlwirder In the vital
organs of the body. It Is folly to apply lotloOH and m:iIv(>h to cure lh.it sUIn
eruption.
Cure the disorders in the vital orgiins and the rruptldii of the
Kkin will disappear.
Kind the way tf> bring al»nit economics and Imlancing
of hndgelH in foreign c<nintries: find the way to stablll/.e their industries and
develop their tr.ide; find the way ti> bring abotit a friendly understanding
bctwf!i'n nations that will nvsiilt In an ordi'rly inlmh.inge of produrts; find
the way to put buHlnisH Into government and take government f)nt of business, and foreign < urrency and international exchange difficulties will In
The
.
onii
way ami another be
illKslp.ili'd.
not a bunking pn>l)leni at all: It Is tho [irolilem of getting the p(H>plo
of this and every other country. Individually and collectively, back to first
It Is
princlplfls.
I
THE CHRONICLE
138
ROOT RESOLUTIONS FINALLY ADOPTED AT WASHINGTON CONFERENCE, STRENGTHENING LAWS
.
GOVERNING SUBMARINE WARFARE.
As was made knovvu in lliese columns last week (page 21),
the United
the five Powers in c-ouftrence at Washington
on Jan. 5
Britain. Japan, France and Italy
States, Great
Root proposal to prohibit the use of submarines
accepted the
against merchant ships, and at llie same tim(^ adopted the
Root resolution restating the principles of international law
—
—
regarding the rights of merchantmen in time of war. On
the 6th inst., as was also indicated in our item of a week ago,
consideration of the submarine issue was concluded by the
Five Powers Naval Committ^^-e with the adoption of the
final Root resolution declaring gulity of piracj- submarine
commanders, who with or without orders from their Government, violate the existing international law on submarine
In order to bring together the Root resolutions
warfare.
uhioh were adopted at the conference strengthening the
existing laws governing the use of submarines, we repeat
here the resolutions adopted at the fifteenth meeting of the
Committee on Limitation of Armament on Jan. 5:
1.
'
The signatory powers, desiring to ni,okc moit» «>ffective the rulo, adopted
by civilized nations for the prot«-tion of the lives of neutrals and noncombatants at sea in time of war. declare that among those rules the
JoUowing are to be deemed an estal)lishe<l part of international law:
(1) A merchant vessel must be oixlercd to submit to visit and search
to determine its character l>efore it can be seized.
A nterchant vessel must not be attacked imless it refuses to submit to
\ JRts and search after warning or to proceed a*; dli-ected after seiziu-e.
A merchant vessel must not be destroyed luiless the crew and passengers
li;ive been first placed in safety.
(2j Belligerent submarines are not under any circumstances exempt
from the universal rules above stated and if a submarine cannot capture a
merciiant vessel in conformity -Hith these rules, the existing law of nations
requires it to desist from attack and from seiziu-e and to pennit the mert-hant vessel to proceed immolestetl.
II.
The
signatory powers invite :ill other cii ilized powers to e.xpress their
assent to the foregoln;; statement of established law so that there may
be a clear public uiidiTstandiug throughout the world of the standards
of conduct by which the public opinion of the world is to pass judgment
upon future belligerents.
III.
The
signatory powers recognize the practical impossibility of using
submarines as commerce destroyers without violating, as they were vio
lated in the recent war of 1914-191S, the requirements, universallj' accepted by civiliiicd nations for the protection of the lives of neutrals and
non-combatants, and to the end that the prohibition of the use of submarines as commerce d<»itroyers shall be universally iwcepted as a part
of the law of nations they now accept that prohibition as henceforth binding
as between themselves and the.v in\-ite all other nations to adhere thereto.
The Committee then adjoiu-ned until .Ian. 6 1922. at 11 a. m.
In announcing the adoption on the 6th inst. of the Root
resolution involving the rule of piracy against naval commanders violating rules of war, the comnuinique issued that
day
said:
Blxteenth meeting of the C'oniuiittee on Limitation of .\rniamenls
wa» held this morning. Tan. 6 1922. at 11 a. m. in the I'an-American
Building.
Alter dlscu.<!slon, the following resolution presented by Mr. Hoot regarding submarines was vmanimously adopted:
The signatory ix)wer>, desiring to insure the enforcement of the humane
rules of existing law declared by tnem with r&spect to attacks upon and the
,seizure and destiiietion of merchant .ships, further dedans that any person
in the servicxs of any power who shall violate any of those rules, whether or
not such person is under orders of a governmental superior, .shall be deemed
to have violated the laws of war and shall be liable to trial and punl.shment
as if for an act of piracy and may 1h' I)rought to trial before the civil or mllitiiry authorities of anj- power within the jurisdiction of which he may bo
ound."
Regarding the committee's action on the 5th inst.. the
AFsociated Press in its Washington advices said:
When the N;i val Oommittee adjourned tlx- third Koot proposal to declare
down by submarines' acts of pir.icy for which
submarine commanders could bi' held to account personally, regardless of
orders receive*! from their (;t)>ermnents, w;ik still to be taken up.
It was
indicated that it also wotild be adopted and the final link forged in the chain
of world pronouncements, deiigntxl to i-id the seas of the perils to noneombatant.* that came wit h ( iennan submarine terrorism.
In its final form the resolution declaring submarine warfare against merchant ships abolished, so far .us the five powers are concerned, showed a
direct relation to the (ierman war-time practices not included in the original
Koot dr:irt. The claii.-;*' ";is they were violated in the recent war of 1914lOKS" was inserUxl on motion of the French delegation.
Some significance ma.v attach to the fact that it was the French group
which made this amendment, in view of the "misunderstandings of the
Vronch attitude on submarine warfare, which brought the committee deliberations to ten.se moment*; «hen the question of limitation of submarine
tonnage was under disciLssion.
The suggestion was made during today's s«>sion that the term merchant
.shi]) should be defined, but Mr. Koot replied that what was
meant by merchant ship already was fully tislabli.shed in international law. Another suggestion from the Italian group that "commerce" in the .sense of that traffic
against which submarines could not be employed .should be sol out by definition in the treaty, met with the same answer ami was not pressed.
During the di.seu.ssion of the submarine i.ssue. Admiral Uaron Kato of
.lapau is understood to have raised a tiuestion as to whether submarines
could be employed for purposes of blockade. The British \iew. as expressed
wa-s said to be that his would be contrary to the spirit of the agreement
and
the attitude of the other delegations was not dov eloped.
In the end. Baron
violatlon.s of tln' rules laid
"
t
.
Kitii wif lidrn^
liis
question in the interest of harmony.
lU.
The same authority in reporting the re-arrangement of
the Root resolutions had the following to say in its Washington dispatches of Jan. (i:
There was a re-arrangement to-day of the forintila of Elihu Root for curbing submarine operations against merchant craft.
-Vs the proposals came
from the armament committee it was divided into four separate articles.
The fust restated, in brief language, the accepted rules of naval warfare
applying to merchant ships, and specificially applied these rules to submarines.
The second asked adherent-s of
all
nations to this reaffirmation of inter-
national law.
The thirtl proposed a new principle of international law prohibiting use of
submarines as commerce destroyers, coupled with an agreement among the
five Powers to adopt this rule as among themselves immediately.
The fourth was that approved to-day. invoking the rule of piracy against
naval commanders violating the declared laws of war.
As rearranged later, the piracy rules becomes immber three and is coupled
up with numbers one and two. the piu-po.se being ,it wjts explained, to seek
world agreement on that principle as an immediate extension of the existing
laws of war. It could not be applied, it was said, as to violations of the
new proposal to ban submarines entirely as commerce raiders until that bad
been accepted by the world.
We also quote
the follo^niig from the Washington advices
Jan. 6:
New York "Times"
to the
In passing the fourth Root resolution on submarines, the language was
changed to-day to make pirates the officers and crews of any warships which
attacked merchantmen in a manner contrary to the rules of war relating to
the seizure and search of merchant ships.
This change is important, since instead of applying only to submarine
officers who attacked a merchant ship it applies to officers and crews of
all warships which violate the laws of war.
Thus it embraces cruisers,
destroyers and even capital ships.
The communique r -frains from giving the reasons for the alteration. The
main reason was that the Italian delegation demanded it. saying that otherwise they could not agree to the resolution. Senator Root did not like the
amendment, but finally accepted it.
As the adoption of the third Root resolution yesterday limit'ed the field of
operation of submarines, upon which the French and Italians intend to depend for sea strength, the change in the fourth resolution acts as a moral
limitation on the use of surface craft.
Along with the other Root proposals, this one |the fourth) will bo sent to
all Powers other than taose in the Conferencu with an invitation to adhere
to it.
Some think it would save inniunerable notes to submit the Root
proposals to the Assembly of the League of Nations, but it Is thought doubts
ful that the Harding Administration will favor any such method of handUng
the results of the Conference.
As re<^orded in our item of a week ago (on page 21), the
Root resolutions as originally presented were contained in
the communique of Dec. 28, which we printed in the it<>m
appearing in our issue of last week, when we also gave the
communiques of the eighth and ninth joint committee
meetings held on Dec. 29. At the tenth joint meeting
held on Dec! 30 the Root resolutions were also considered,
the Associated P?-ess having the following to say
in part
in the matter:
When the Naval Committee met to-day. Senator Schanzer said the Root
proposal to ban submarine warfare against merchant ships entirely, as
amended by Mr. Balfour for the British, to be immediately effective as
between the five signatory Powers, pending its ratification as a new statement of international law, had been commuuicated to the Rome Government, which prevented further debate by the Italians. M. Sarraut made
a similar statement for the French group and Chairman Hughes agreed
that discussion in the circumstances woidd be of limited value, but invited
comment by any
The
[Vol.
delegate.
Lord Lee, for the British group, .said he felt there was a "misunderstanding" in the French group as to the Uritish attitude on the submarln(> question.
"I cannot help feeling," he said, "that here wo have a unique opportunity
French delegation and Government to reassure the British Admiralty
and public opinion in regard to this matter of which I hope they will avail
themselves.
for the
The communique relative to the meeting of Dec. 30 is
given herewith:
The text of the communique of the tenth joint meeting of the Committee
on Limitation of Armaments ai?d the Sub-Committee on Naval Limitation,
held this morning in the Pan-American t'nion Building, follows:
The Chairman (Mr. Hughes) said that the committee had under consideration the second rivsolution which had been proposed, and which had for
There
its object the elimination of the submarine as a commerce destroyer.
were two phases of the re.solution under the amendment proposed by Mr.
Balfour; the one was the proposition to amend the existing rules of war so
as to provide that submarines shoidd not be permitted to act as commerce
destroyers, and the other was that the five Governments here represented
should not only recommend the adoption of the new rules to which he had
referred, but should ut once agree among themselves that they would observe such rules.
The Chairman asked whether the committee desired time to continue the
discussion of this proposition.
MR. SCHANZER OF ITALY.
Mr. Schanzer
said:
not wish In any
way to oppose the continuation of the discussion on
'I do
the second resolution proposed by Mr. Root; but. as I said yesterday, we
to communiaite with oiu- Government.
Its instructions have not
Of course. I wish to make it plain that the Italian
yet been received.
delegation has no objection to the continuation of the debat« if the other
delegates so wish."
M. Sarraut had no objection to the discussion proceeding, but wished to
remark that as yet he had been unable to receive Instructions from his
Government. It would be an unprofitable discussion, he thought, without
these Instructions, which he hoped to receive to-day or at the latest to-
have had
morrow.
The Chairman remarked that
it Motdd certainly be desirable that tho
discussion should be continued at a time when the French and Italian
delegates were
a position to state ^nth definiteness the attitude of their
Governments in regard to the subjects presented for discussion and he was
sure that the members of the committee h:id no desire in any way to proceed
\\ilh the duscussion at such time or in such manner as would seem to ma ke
and debated Avhich their colleagues
it necessary to have questions present
m
:'
.
.7ax.
THE CHRONICLE
14 1922.1
submarines, to wliich wo heartily subscribe and to which we hav? shown
our adherence in the debatcji which have procodo<l this:
" 'The submarine is a mediocre torpedo boat that is to say, it has only
very limited chances of damaging by means of a t)orpodo a ship enjoying,
like Itself- full liberty of movement on the broad .sea, as is proved by the
relative Immunity enjoyed by big warships oven in tho most dangerous
zones and at times when subni.arines were swarniinpr around. With regard
to submarines, the Knglish .seem to have .an opinion very .similar to that
not reiilly iu a position to discuss. But, of course, if thoro were any
views which any of the delegates desired to present, there was opportunity
wei'ii
to do so.
LORD LEE OF GREAT BRITAIN.
Lord Lee
.said:
"I quite nppreriate the position in wliich we stand in tlie absence of
complete instruction to two of the most important delegations here.
I
cannot help feeling that in the minds of the Frc>nch delegation and Government thorp exists some misunderstandings as to the attitude of the British
<TOvernmont in regard to submarines which it is desirable to clear up before
the French Government conunits itself in regard to the second resolution.
T cannot help feeling that hero we have a unique opportunity for ihe Fi-ench
delegation and Government to reassin-e the British Admiralty and public
opinion in regard to thi.s matter, if which I hope they will avail them.selves."
"Our apprehoasion in regard to the u.se of submarines is deep-founded
and, as the evi nts of the war have .shown, well-founded. T have no desire
to take advantage of tliis occa.sion to reopen the Question of the tonnage of
submarines to be allotted to the different Powers. That would not be in
order in discus.sing the present resolution. What we are considering arc
the uses to which submarines may be put.
"VThile the late war showed that rules of war were of little protective
value when a nation Is in desperate straits, at the same time these rasolutions proposed by Mr. Root would, in our view, be of immense value as a
deterrent.
They would represent tlie most civilized opinion of the world,
and any country who broke them would be morally outlawing itself and
running in intensified form the risk which Germany ran in bringing down
upon her head the active hostility of otl^r civilized Powers.
"But I want t-o explain to our French friends, if I may, why it is that we
have these special apprehensions which have been expressed so forcibly in
connection with France.
I may say that, of course, there is not one of
us here, or, indeed, among any of my fellow countrymen who know them,
who has not the highest esteem and admiration both for M. Sarraut and
Admiral de Bon. M. Sarraut is obviously not only sincere in everything
that he says, but the whole spirit of his remarks breathes statesmaashlp,
moderation and humanity. As to Admiral de Bon, If he will allow mo to
say so in his presence, we all regard him at any rate, those of us at the
Admiralty who know of his distinguished record ^as the very embodiment
of French chi-valry and sea honor, and, I think we have said before, I do
not think there is any officer in the British Fleet who would not be proud
to serve imder his orders if the occasion arose.
"But the difficulty is .and this is a point our Admiralty and our navai
staff have to face), we are not clear what are the views of tlie French naval
staff on this matter of the utilization of submarines in time of war.
It is
true that the views expressed by experts do not always by any means
determine the action of Governments. If they did, no doubt we should
some day be placed in the ixisition which the late Lord Salisbury once
described when he said: "If we listened to the experts we should have to put
a garrison on the moon to protect it against an invasion from Mars."
"But the views of naval staffs, or the experts, are of importance imless
and until they are disavowed by the Governments which they ser\"e. IM.
Briand quoted the other day in his memorable speech the atrocious sentiments
exprcs.sed by General Ludendorff and by Von Moltke, sentiments which
stiU constitute, in his view, a menace to France and one which it is essential
that France .should guard herself against.
"It is therefore, I hope, not improper nor self-provocative if I have to
call attention to the kind of statement, the kind of suggestion of policy
which is openly made in the high and responsible quarters of the French
naval general staff in connection with the use of submarines. If, as I believe, they do not represent the views of the French Government; if, as I
hope and believe, they will beat once repudiated, and in an effective manner,
then pos.sibIy our apprehen.sions and the attitude which we are compelled
to adopt with regard to the use of submarines in the war may bo very largely
modified
"I feel bound to give chapter and verse to illustrate the anxiety we feel
in r(«ard to this matter.
There was quite recently in the "Revue Maritime,' a technical official publication, published in January 1920, imder
the direction of the French naval general staff, a series of articles now incorporated, I believe, in 'Synthese de la Guerre Sous Marque,' by Captaine
de Fregat« Castex, who at that time was chief of one of the important
bureaus of the French naval staff, who is now chief of staff of the Second
Division in the Mediterranean, and who has just been designated as principal lecturer to the senior officers' courses for the next ye^r.
"ThfTefore. I am not quoting some retired naval officer writing from his
club; we all suffer from such gentlemen who propound extraordinary theories
I am speaking now of a responsible officer of the French n;i\'al staff in a
high position, who wrote in particular an article on 'piracy' in which, after
some preliminary observations destined to throw ridicule on tliosi who
criticized the German methods in the late war and to tn-.tt ihcrn willi great
contempt, he procced.s to say this:
" 'In the Tirst pla<-e, before throwing .stones at the Germans, we should
have rwallod that ttiis war of the torpedo was. like so many other iiovcliirs
of our planet, the application of an ide.,-1 which in its origin was essentially
French
—
—
.
"Then he quot<!s in support of his view the doctrine which had been laid
down some ye^rs ago by Admiral Aube. who was a very distinguished and
celel>raU)d l^ench Mlnlht^r of .M.u-ine. who had used the following words
when frptaking of the use of the torpedo from a torpedo boat (Captaine
Castex
gws on
to point out that they are riqually applicable to the submarine
to-day)
" 'Will the torpedo boat tell the captain of the liner that It Ik there, that
It Ulyins; In wait for him. that It can sink him, and In conseiiuencf take him
prl.soner /
In one word, will it seize Its prizi? by plafonic methods?
On the
contrary, at an appropriate dlKtanc.e, and unsfeii. the torpedo lx)al will
follow the liner which ir, marks out for its victim.
In Ihe dead of night.
quietly, sl|i:ntly. it will K'Mid tf) the abyss the lln'T. ruttlo. jcisMTigcrs and
crow then with a mind not only serene, but fully satisfied with the rcHiiltH
achieved the (^ptaln of Ihf; l-orpodo boat will continue hl« cruise.'
He conllnucH:
" 'The G«'rmans a* Is their wint. have 0(dy appmiiriat^^d in IIiIk r^use
the Invention of others. The young French whool no doiibl only had In
nilnd I hi- torpf'do l>oat as such, but. If Ihe effect of Ihe lort'iito Is lnd<v
pnndeni of the lube which launcheHll it will be agreed that the (ierman submarine war h,icl its germ In the observation?: f|iiolrd above.
Itiil apiiroachIng the rim-stlon from a higher slandpoint Ih.iii Ih.it of mere Inciuiry as to
who rx)nce|vw| thiM n<'w form of warl'.iri'. It nni.st be ri'cognl/.ed that the
• Jormans were alwolutciy Justlfie*! in resorting
to It."
.
lie says. Indrefl. that lo negli-.t lo do m. would ha\i- ln'i n to eofiinill
vreat blunder.
Further:
' 'IM« thUH that reHolute
belllgerentM have ncte<l throughout the coiirM' of
nliit<)ry when people have been ciig.igcd In denpiTntc! conflict.'
.i
Further:
11."''?.'*""' "?•,•>"" <"^" v-n nothing in th" attitude of the <;eriiiJin« «hi<h,
militarily -jpeiklng. Is not abuolutrjy correct..
Tho failure to give noilce
before torpi-doing has rained a morm of protest, but It Im not s<» inndmlvlbln
as at first sight apptar^.'
There .ire many
among them is tho
oth«T pas';Hg<;s of a Klnillar de<«<:ripllon. and inl«;rspirMr«l
laying down of a doctrine with regarrl lo Ihe vnluo of
139
which we entertain.'
"There is much more of tho same kind, but he concludes his
article
with
these words:
" 'Thanks to tho submarine, after many centuries of effort, thanks toth*
ingenuity of man, the instrument, tho systeni, the martingale is at hand
which will overthrow for good and all the naval power of the British Empire.'
'I have quoted this because, as I say.
they are the uttexances of a responsible member of the French Na\'al Staff who at the time of writing wa.s
in a high jjosition, and was the actual head of a bureau.
These things are
known to our Naval St aff of course; indeed tliey were published to tho world
under the authority of tlie l<Vench Naviil .staff. Now, this officer, who Ls
appointed princii)al lectiu-er to the senior officers' course, will no doubt,
unless a change of poli<-.v takes place, be pouring what we regard a.s this
infamy and this poison into the ears of the seirving officers of the French
navj'-
"That is the justification for what I can only describe :is the apprehenand even the bitterness that we must feel in the thought that iioder
any conceivable circumstances om- present Allies, our latt) <!omrades in arms
in the bitterest war the world has over known, should contemplate the poR.si-"
sions
bUity of warfare of that kind.
Asks Prench Disacowal.
"It .seems to me, now that wo have expressed tjiose apprehensions, the
way is open for the FrencJi delegation and the French Ciovemment, as I
fervently trust they will, to disavow and repudiate these tilings.
1 suggest
respectfully that there is only one way in which that v-nn be elfectively
done, and that is by the adoption of these resolntions which have been moved
by Mr. Root, and particularly No. 2, ^\ith the amcndmcjit suggested by
Mr. Baifom- attached to ir.
"The French have told us hers again and again th3,t they only require submarines for purposes of defen.se particularly for the defen.se of their colonia 1
possessions, tlieir home ports and their lines of communication.
have had differences of o{>iiiion as to the utility of submarines for these
purposes, but now-, it seems to me, here is an opportunity for proving
to tho world that the.v mean what they say iu regard to this, that they aro
not prepared under any circumstances to coasider the use of submarines
in the manner in whi<:h the Ciermans used them in the war, which a member
of their General Staff has claimed as their own and as being in every way
legitimate and desirable.
.
We
"If that ifepudiation takes place, in the only form in which it can be
French
effective, then the positior* will be removed, because I aun sure
friends will believe
when 1 say this, that wo take no pleasure in any
my
me
offense and a reproach to the world that such a thing should ever take
place between us. But hero is a situation where our voi-y existence, our
life as a nation, may be at stake, and now is our chance, and perhaps our
only chance, of making ovu- api)eal to the world to remove the horrors which
are so vivid in the minds of us all.
If this resolution as amended by Mr.
Balfour is accepted by every nation around tliis table, as applying to themselves and their conduct in any futiu-e wars as between thontselves, then I
think, if I may say so, Frajico will have regained much of the ground
which I believe has been lost between us, largely through a misunderstanding, but genuine misunderstanding, in our hearts.
If tluit is done all her
friends, among
rejoice."
whom
I
am
proud
to
ADMIRAL DE
.\dmiral
De Bon
count myself one,
will unfeignedly
BOA, OF FRANCE.
said:
"After thanking Lord Leo from the Iwttom of my heart for the flattering
expressions used by him in regard to me, I wish to declare that I con.sider it
a great happiness and a great honor in my life to liave collaborated during
several years, especially through tho most trying hours of tho war, with
my friends of the British .\dinir&.lty. among whom I havo mado deep and
lasting friendships, which wiU endure as long as I live.
Since the
"I have been deeply gratified by Lord Lee's stateanent.
beginning of this discussion we could not comprehend the misunderstanding
which seemed to havo arisen betv^tnin us, bocaus«» I state it openly .and
declare it most emphatically there is nothing more foreign t«3 our minds
than the idea of attacking a friend. It is not riven eonocivable to us. Oui"
only regi-et is that this misunderstanding has lasted .so long, and that wo
did not know that it was bn.sod on an article llk.i that writtOB by (laptain
Castex.
"He Is, it Is true, an officer who belonged to tho general staff, but who
was .ittache<l to a literary section. He was, above aJl, a man of letters.
His article was published in the 'Re.vTio Maritime,' which is, to a certain
extent, an organ recognized by tho I'Vench Nav.v, but on it.s title patfo itbears a statement to the effe<-t that the French .\dmiralty and general st.aff
decline to as.sume any resiHjnsibility whatever as regards tho utterances
contained in the articles, which responsibility rests wholly with tho authors
of the articles.
Kach writer is free lo express his own opinioiLs, but he
does so at his own risk.
"The charge should Ije laid at tho door of the man who wrote that artlclo,
and to him only. The arlicle in no way repn-sents, thuiUc Heaven, the
—
—
views of the French N.iv-yCaptain Castex brings up an old argiuiient r.)Kardlng the torpedo boat.
I was telling you only the other day, in regard to tho submarine, that wo
were going through ouco more the s:kmo stages of discussion which ni.irked
the apiiearancc of the toi pedo Ixiat.
There has Iwen no instance In historj
when the appearance of a niw weapon has not unl().ashcd a sort of f.iiiatlclslii
In Ihe ranks of the partisans.
There are always nxtroinislH, who wish to
Impose their l<leas and niiike I'anlastlc stali'inent'4 to tlvat end. Hut III tho
end conunon sense always sli'ps in and (luhllc opiuii<ii U'h<|im the ulliniiiln
Judgment within reasonable liniils
"At Ihe time whi-ii fninllc iilhiisliisis Ih-IIovimI ih.it loriMido liontM wer«
then o[io f)f the bi'st of Inventions, abomliiublu thlngn appeared In print
whii-h hafl no effect on :ictu.il practice or on Ih.' doi-trincM adopted by the
v.irlous government.s.
With regard to the use of fori)edo IxialM 1 can find
no better w:iy of condemning the article In iiiiestion.
"The author of Ih.il arliiie ha.s written what we eiitiMldnr to be a nu>nslroslly.
The Kreneh delegalion has repali-dl.N lale.l that It unrnservedly
condemned the pracl Icck of llu- (ierman suhnuirkncN during tho I.ito w/ir
.'in<l that n diviaralloii htrongly coiuleinnliiK theni should Ikhuo from tho
onlerence and Im^ ttpread over the nine world.
"I beg L>>nl l^-e to belli<ve Mint the l'"reii«ii Navy bill iiever harbored any
Idea of using mi'lhoilN of war prai-llsed by tlio « Ierman foroew. tor which we
fenl f)nly horror not only against Ihe Hrllisli Kniplre, hut against any other
country whatever.
'I maintain that the honor of tho French tlonernl Hl.iff and of tho French
N'uvy, which have a riM-ord of centnrleH of struggle, without n singlo stuiii
ulllod li) Ihe .irllcli In i|ne..;t ieii
Tliljj
oil Iheir eseulcheon. eannoi lie
.
.
•
<
i
•
THE CHEONICLE
140
article is the
and
I
work
of an officer wlio
formally repudiate
it
in the
is
a
name
of letters rather than a sailor
of the French Navy."
man
MINISTER SARRAUT OF FRANCE.
M.
Sarraut said:
"Although I await the instructions of my Government with regard to
certain points in the resolutions proposed by Mr. Root, I have no need of
any Instructions to associate my sentiments witli those of Adimral De Bon,
which I solemnly confirm as part of the French delegation, or to offer the
French (iovornmcnt's formal repudiation of those methods of warfare which
have just been mentioned.
"1 hope that these explanations I thank Lord Lee for having given us the
opportunity to make them will be of such a character as to dispel for all
time the misunderstanding which, to my profound regret, was arising between us a misunderstanding of which I did not comprehend the reason or
I hope and believe that if all of us draw a lesson of mutual
the nature.
confidence from this incident which will permit us in futiire to avoid misxinderstandings of this sort by forming the habit of frank and forehanded
explanations, the misunderstanding which has arisen might easily have
been avoided even before it was thought of by a direct and friendly conversation, in which wo would have Ijeen glad to have taken part if the opportunity had been offered us.
In future. In so far as we are concerned, we
shall continue to liave the same .sincere de.slre to explain our point of view
before public opinion has been moulded under such circiunstances as we
have been.
"Lord Lee has uttered a word with which I shall not reproach him, for
He has
I do not wish to use the word 'reproach' in speaking of friends.
spoken of the ground which has been lost by France since these deliberations commenced.
This phrase is well known to us, we heard it throughout
the war. There wore days then when we lost ground or positions which
nevertheless we contrived to regain immediately.
I am well aware that
every day in the press we witness a campaign of bitter criticism launched
against us, against the motives of France, to the end that our country may
be made to appear under an aggressive guise of imperialism and militarism
'This very morning there was an odious caricature representing France
trying on the spiked helmet of Prussia. We have borne these attacks
calmly and with serenity, not wishing to embitter the discussion by replying to them.
Strong in our right and in our loyalty, we have remained silent in spite of the violent prejudice which this campaign was arousing
against us.
"There are times when we must suffer for our friends: true friendship is
measured by the extent of the sacrifices suffered in its name, but just as
we have never dreamed of holding our British friends responsible for these
cruel attacks, so they should not dream of thinkiug that that organization
which we have ci-eatod for our national defense, in the name of the right of
French sovereignty, and for the protection of vital interests which we
are bettor acquainted with than any one else, could possibly be directed
against our friends.
"If each and every day we had to continue to defend ourselves against
such suspicions; if, when we come here for the purpose of working for the
proposed peace by means of the reduction of armaments, we must constantly
see the siiccter of war dangled before us and be made aware of an undercurrent of thought concerning mutual threats or of the idea tha't is attributed
to us of plans of aggreasion against those who have mingled their blood with
ours on all the battlefields of the greatest war the world has known, then
indeed we would bo impatient to see the end of a Conference which had
brought us the bitterness of such a disappointment.
"Wo are impatient to see a clearing of the atmosphere and the disappearance of all unwholesome msinuations. We arc given to understand and
in what terms
that oven before reconstituting oiu- defensive forces and before thinking of again fortifying our country against renewed devastation
we would do well to pay our debts. Wo feel no shame for those debts, nor
do we fwrget them; we regard them with pride as the wounded man his
—
—
—
.
—
—
scars.
"There are things more painful to us than these; the lack of confidence in
our gratitude and affection toward our great ally. I who now speak to you
can attest its sincerity and with very deep emotion. I had the honor to be
a member of tho Cabinet at the moment when the war of 1914 was declared
against us, and never without profound emotion do I recall tho feeling of exaltation that I experienced when in the Ministerial council I learned that the
Engli.sh army, which tho Emperor of Germany had called the 'contemptible
little army,* and which was to become the great and powerful British army,
had just aligned Itsolf resolutely at our side in the vast confUct which was
looming up.
"I sliall never forget that hour; it is eternally graven on my heart and it
has always dominated my thought. Truly, we have had enough of these
misunderstandings; they must be done away with. I, for my part, hope for
it with all my strength.
Mutual confidence free of all reserves must again
prevail
among
us.
"In tliis respect the French GoviTnment has given and is ready to give
•very guarantee; iUs word, indeed, -should suffice. If I do not ask to pursue
the discussion of the swond resolution and to formulate tho conclusions
which, you will appreciate, rLse to my lips, it is in order that the expression
of our feelings may have not alone tiie authority of the head of the delegation, but may be clothed with all the moral force that belongs to the deci.sions of the French Government."
MR. HANIIIAnA OF JAPAN.
Mr.
"So
llaniliara said:
far as the .Taivviiese (li>1egation itself is concerned, we see no objection
to tho adoption of Article II of tho proposed resolution as amended by Mr.
Balfour,
llowevia-, as a matter of formaUty and procedure, we are required
to submit to our Oovenunent the precise text of it and ask for
Instructions
thei-eon before we axw give formal a.sscnt to it."
The Chairman astted whether any one desu-ed to speak further upon this
matter at that time. As the repre,sontativ(« of tlu-ee of the Governments
wore not in a position at the moment to speak under definite instructions
with resoect to this article, it seenu-d desirable that the discussion should
be postponed. The committee would then come to the third resolution;
but, anticipating what would probably be said with regard to it, the
Chairman suggested tliat the s;ime course be adopted and tliat both these resolutions twhicli had a relation to eacl\ other) sliould go over for
fiu-ther discussion tnitil such time as tlie Chairman was ad\ ised by the
delegations that
they had- received Instructions and were ready to proceed.
MR. VEARCE.
Mr. Vcarce
said that tlicre was one point involved in Article III
which
might pos-sibly nxiuire amendment, and If so he thought it might
be ad^isable to embody this amendment at once.
He referred to tho fact that the
declaration included persons in service of any of the Powers
"adopting these
rules."
If the resolution were adojited in its present
form it would mean
that while the officers of the nations which adhered to these
articles would
be hablo to the penalty under Article 111, those officers
of nations not adhormg w, old not be so Uable. Ho thought, however, that an
amenchnent
should be made so that the rules might become part
of international law
with gon(Tal application in order to be
effective.
[Vol. 114.
Mr. Root said that the point to which Senator Pearce had referred was
very important and very interesting. The draft limited its operations to
those Powers which had adopted the rules; but the question wehther It
should be so limited or should extend to other Powers was a question open
to discussion, upon which different views might be taken.
That question
was in the proposition, and as it seems to be understood that there was not
to be a discussion upon the subject at the time, he would content himself
with an acknowledgment to Senator Pearce of the importance and interest
of the suggestion which he had raised.
SECRETARY HUGHES.
The Chairman
it seemed quite clear that the committee should
not proceed with the discu.ssion of these resolutions in parts when several of
the delegations were not in position to discuss them under appropriate instructions.
As had been said, the point which had been raised by Senator
Pearce was one which could not very well be discussed without bringing into
the discussion the general bearing of the resolution, its import, the policy
involved in it and a niunber of questions which would have relation to the
said that
particular point raised.
With the committee's permission he would assume that the discussion of
both the second and the third resolutions should be postponed until the
Chair was advised that the delegations had heard from their Governments
and were ready to proceed with the discussion; in the meantime, of course,
any amendments which occurred to any of the delegates for the purpose of
clarification or modification could be brought to the attention of Mr. Root
or of the Chair, so that they might be circulated, if desired, among the delegations and might be taken under advisement pending full explication and
consideration at the time whAt the discussion was resiuned.
With the committee's permission, therefore, the resolution which had
been proposed the other day. and the discussion of which had been postponed, with respect to the limitation of the tonnage of individual ships of
war other than capital sliips or aircraft carriers, would be taken up. That
resolution, as proposed and as amended, was now presented as follows:
"No ship of war other than a capital .ship or aircraft carrier hereafter built
shall exceed a tot;il tonnage displacement of 10.000 tons, and no gims shall
be carried by any such ship other than a capital .ship with a calibre in excess
of eight inches."
The Chairman said that the committee would recall that general agreement had been expressed with the provision of the resolution as to the
limitation of armament in the case of .ships of war other than capital ships
or aircraft carriers, i.e., that no guns should be carried with a calibre in
excess of eight inches.
There were reservations, however, with respect to the limitation on total
tonnage; that is, the .suggested limitation of a total tonnage displacement
of 10,000 tons.
The Chairman asked if the committee would take up the
discussion of this question.
BARON KATOjOF JAPAN.
"On behalf of the Japanese delegation I accept the
proposal to limit the tonnage of light cruisers to 10,000 and the calibre of
guns carried by such ships not to exceed eight inches. However, permit
me to make a suggestion while I am on my feet. The question of large
merchant ships with high speed should be considered according to the principle enunciated in paragraph 30 of the original American plan.
Unless
this question is settled I am afraid that the limitation made upon light cruisBaron Kato
ers
\vill
said:
remain meani ngles s."
_^
SECRETARY HUGHES.
The Chairman said, with reference to the last suggestion of Bai-on Kato,
that he ought to say that the question of merchant ships and appropriate
regulations with regard to their use or to the armaments applied upon them,
to the end that they should not be used to contravene or make futile the
limitations upon which the committee might be able to agree, would be
brought up later for discussion. That was a very important matter.
With respect to the range' of application of the present resolution, he felt
bound to call the attention of the committee to the fact that originally
it had been proposed to refer to auxiliary cruisers, but that at the suggestion
of Lord Lee that resolution had been amended to read as follows:
"No ship of war other than a capital ship or aircraft carrier"; he assumed
that the limitation therein expressed referred to every ship of war other than
a capital ship or aircraft carrier, of every sort built hereafter.
There were three exceptions to the application with respect to tonnage
displacement and armament, and those three exceptions were capital ships,
aircraft carriers and ships now existing.
This did not apply to any ship
existing, but it did apply to every ship of war hereafter built which did
not come within the category of capital ship or aircraft carrier. It was
important that that be understood before it was acted upon.
If he had interpreted the amended resolution correctly, he was inclined
to the view that its meaning would be clearer if there were some change in
the arrangement of the words and he suggested'the following:
"No ship of war hereafter built, other than a capital ship or ircraft
carrier, shall exceed a total tonnage displacement of 10,000 ton.s, and no
gun shall be carried by any ship of war hereafter, other than a capital ship,
with a calibre in excess of eight inches."
The Chairman then asked whether the committee shovdd proceed t-o a
discus.sion of this (juestion.
Admiral Acton accepted for the Italian delegation the propo.sal ju.s»
read by the Chairman.
The Chairman then said that the situation was that all the I'ower.
present had accepted the resolution with the exception of the French deles
g.Ttion. which had not as yet received definite instructions upon the pointThe matter would, therefore, be delayed until he was notified that such
instructions had been received.
The meeting was then adjourned untU 3 p. m., Dec. 30 1921.
The eleventh
.I'oint committee meoting held on Dec. 30
do with airplane carriers, and this is referred to in
another item to-day dealing- with that subject. As we
stated last week, it Avas made known on Jan. 3 that the proposal to prohibit use of submarines ;)gainst merchant vessels had been accepted in principle by France, but had
reserved final appraval pending a discussion of the precise
language of the declaration. It was stated at the same time
that British jicceptance previi)Us-ly had been given, and that,
altholigh neithei' the Italian? nor the Japanese had received
final instructions thai night, there were indications that
neither Rome nor Tokio would )nterT)ose serious objections
if the proposal received Fran(;e's full appro \al.
The Associated Press di'spatches from Washignton .Jan. 3. which
wvvv authority for thi.s, had also said:
had
to
The exact nature of the French reservation was not revealed, but the
impression was gathered in some quarters tliat it might concern suoli a defi-
THE CHRONICLE
Jan, 14 1922.]
would make It clear just what
conduct would be expected from merchantmen in view of their immunity
from submarine attack.
nitiou of tho terms of the declaration as
Kegurdiug tho progress in the mattor on 4th
inst., tho
Washington press dispatches
stated:
(Jn the question of submarine regulations, which has waited on further advices from the foreign capitals, Japan contributed another step towaid docisiou by accepting inprinciple the Root resolutions proposing to outlaw the
use of submarines against merchant vessels and to make violations of submarine regulations acts of piracy
Italy alone tomains to accept the proposi-
.
and a discussion by the full Naval (Committee may take place late
tomorrow.
Details of the acceptance of the resolutions on the 5th
and 6th inst. are furnished in the beginning of this item.
141
that it was justifiable to begin by clearing up the question of principle as
to the future of submarinos.
To the [Jritish Empire the question of submarinos was one of traasccndent
importance. He therefore rcgfcttod that any difference of opinion should
have arisen on the subject and that submarines should have become tho only
question on wtiich the British delegation was out of sympathy with tho
American proposals, and perhaps also with the views of Franco and other
Powers. He felt, therefore, tiiat it was incumbent upon him to explain
and justify British opinion. He wished to present as few figures as possible,
but he felt it was necessary to mention the following as the basis of his statement. The figures as regards submarines were as follows:
tion,
New
The
American
Proposals.
Blcfg. Permitted.
00,000
90.000
54,000
In proportion
In proportion
6, .500
Great Britain
_.-80,.500
Japan
ITALIANS WILL MATCH FRANCE ON SUBMARINES.
A special dispatch fromr Washington Jan. 6 to the New
Amount
Existing
Tonnwjc.
United States of America,- -83 ,.'500
32,200
28,360
18,250
France
Italy
of
9,500
21,800
In proportion
In proportion
Our future submarine construction
would depend on the state of public feeling in case the armaments of any
other nation there is no need of singling out any one should reach such a
point that they might be a danger for us.
"In any case, of course, such an increase woul<^have to be voted by Parliament, after full public discussion."
Satisfaction was expressed with the work accomplished by the conference.
"The submarine question," said the Italian representative, "has come to a
more satisfactory conclusion than seemed possible a few days ago. If we
did not succeed in limiting the tonnage of submarines, at least we succeeded
He felt bound to say that it seemed to him very strange to put before a
conference on the limitation of naval armaments proposals designed to foster
and increase the type of war vessels which, according to the British view,
was open to more objection than surface capital ships. Moreover, it would
be a certain consequence if submarines were retained, that the Powers which
possessed large mercantile marines would l)c compelled to increase the numbers of their anti-.siibmarine craft.
This would give but little relief to the
overburdened taxpayers, and would provide scant comfort to those who
wished to abolish war and to make it less inhumane.
The view of the British Government and tho British Empire delegation
was that what was reeiuired was not merely restrictions on su;)marines. but
their total and final abolition.
In explaining tho position iic wisiied to
make clear that the British delegation had no unworthy or sjlfish motives.
He would first like to reply in advance, since this might be his only opportunity of doing so, to the argumBUts of the i'riends of the submarine.
He
understood tlieir first contention to be that the submarine was the legitimate weapon of the weaker Powers, and was an effective and economica
means of defense for any extensive coast line and for maritime communications.
Both these standpoints could be contested on technical grounds,
and, as ho would show, were dearly disproved by recent history.
If some weak country possesd an exposed coast line it would of course
desire to defend it against bombardment or the disembarkation of a military
in limiting their dangers.
force.
York "Times" had
the follo^v^ng to say under the above
read:
The
Italian program of submarine construction and anti-submarine delikely to depend, in future, on the development of the French navy,
it was indicated by an Italian representative who discussed the situation this
afternoon.
In response to a question as to the probable effect of the French
program on Italian naval plans, he said:
"We firmly beUeve and hope that there will never be any danger of trouble
among the five principal powers assembled here, who have fought together
as Allies In the great war lately ended. But it is the duty of a nation to be
fense
is
provided against any emergencies.
—
"We hope,
—
humanity, that the discussion of the question
of poison gas will have equally good results. We are still under the impression of the terrible effects of this weapon during the late war, and sincerely
hope that there will be no dissension among the Powers on this subject.
"We realize that there can be no sanction but public opinion for the
enforcement of any limitation on poison gas or other modem weapons, but
Ihe opinion of the world from now on must be taken into accovmt by every
nation.
Germany did not take it into account, and she is still paying
in the interest of
the penalty.
"When we came here we knew that not everything on the program of the
conference would reach a satisfactory conclusion, but we must express
satisfaction with the work accomplished.
We have limited capital ships
and have insured that there will be no competition in this line for ten years
at least.
In the Far Eastern question, so far as China is concerned, results
of great importance have been obtained.
"More important, perhaps, is the fact that this conference should have
been called by America with a desire to insure the peace of the world.
America said that the time had come for considering economic reconstruction, at least in the direction of decreasing the bm-den of taxpayers.
We
are satisfied that the conference has given Italy the opportunity of showing
to the American people the idealistic side from which we consider the
problems of the world. Perhaps no nation has been in such perfect accord
with the spirit in which the United States has conducted the conference."
COMMUNIQUES ON DEBATE OF SUBMARINE
QUESTION AT ARMAMENT CONFERENCE.
In our issue of Dec. 31 (page 2774) we referred to the
dLscussions on the submarine question at tho Washington
Conference on Limitation of Annament, and tho docilination
of France to accede to the suggestion that it lower its submarine ff>nnage to .31, .500 tons, insisting, instead, thaf she
iKjt limit her program to less than 90,000 tons for
submarines and 330,000 tons for auxiliary craft. This insistonr-o on tho |)art of Franoo, as m;ulo known by Minister
Sarraul on Dec. 28, was followed by a statement by Secretary of Stat*; Hughes (Chairman of tho Conft-rence) that tho
announcom* nt in behalf of PVarioc- "was a dofinilcf stat<!mont,
and h(! (Mr. Iiughos| as.sum<!d that it should be accepted as
the final expression of the attitude; of tho French Govern-
coulfl
ment
in regard to the limitation of naval armamtmt." As wo
also indicated in our item of Doc. 31, with the; failure to
reach agn^ement on the submarine quf^stion, rosoiiitioris w<'re
submitted by Klihu Hoot intended to make more (.'ffective
the ruloH governing the oi)orationH of submarinos, so far as
protection of the lives of noulnils and noii-ootnhafanis is
oonce-rned.
TIk^ho ro.solu lions were referred to in these
columns last week (page 20), and in tho current issue of
our paper W(! give \h<- nHolulioiis as adof)to(l at the oonferonce.
The debate on
th(!
stated in our roforono*! to
and the oonimuniqu*! of
tlial
omit at that time, we
giv(!
to
The
if
submarine
Doe. 3J.
rlay,
qu(!Htion,
w.-ih hogiiri r)n
as
wo
Deo'. 22,
whifh we werf ohiigod
horowilh:
MiK:ond Joint miiollni; of thu (lommilI'Mi
on I,itiiital,loii rif Ariiiainiiiil
and the SubromniltUwi on thu I, Imitation of Naval .ArniaiiicTit took placithlfl afKTMoon, l><:c. 22 l!»',il, at
»'<U>rk In tho Pan AmiiUan llullflliiM:.
.'{
It was necessary to ask, therefore, how such attacks were conducted in
modern warfare. The reply was that they were conducted by powerfully
armed, swift-moving
Ixjrd
/,ce.
Hepresmling Great
lirilain.
said that, .-w he iindorNl'iorl II. tlic prcHont posllloii wan omi of
agreement liftwpt-n the five Powers in n-K.ird U> Ihe ratio of iMpJtal Hhlps,
but that all the I'owepH wore (!<|iially uiicorniniMi-*! on thn Hiil)Jc<'t of Kiihm,-irln<->i. «m:ill craft and aiixillrirl.-s
Ifriui- h.' .nfrrid with Admlril dc lion
Ix-*"
^
ve.ssels fully
equipped to
resi.st
sul)marino attack, to
and protect the convo.vs of military transports. There was no
branch of naval research wliich had more closely engaged the attention
of experts than the counter-offensive against the submarine.
He was
giving away no secrets when he stated that the methods of detection, of
location, as well as of destruction of submarines had progre.ss3d so much
further than the offensive power of the submarines thomselves that the
latter had now already a reduced value against modern surface warships.
This, however, was bringing him into somewhat tochnicil siiljjeets.
During the late war Germany had concentrated her efforts on the usa of
the U-boat and had built up the most formidable submarine fleet that the
world has ever seen up to the present time. He believed that Germany had
employed no less than 375 U-boats of 270,000 tons in the aggregate. Of
these no less than 203 had been sunk.
What had these U-boats accomplished in legitimate naval warfare? It
was almost insignificant. In tlie early part of the war a few obsolescent
sliips, which sometimes were not taking proper i)rt>caution3, h:i<l Ixvu sunk,
but the British Grand Fleet throughout the war had not been affected: not
one single ship had been sunk or liit by the action of submarines, whether
escort
at sea or in harbor.
Our light cruisers had swept through all parts of tho North Sea, and,
wherever that sea had been clear of mine fields, had gone whore they
wished, undeterred by the submarine.
Submarines had not prevented the
passage of troops across the sea. No less than 15,000,000 British troops
had crossed and recro.ssed the English Channel during tiio war, and not
one man had been lost from tho action of submarinos except on board hospital ships, which, in the twentieth century, it had been dcymod would be
Immune from the attacks of submarines, and therefore had not Ixvm escorted
During tho later months of tho war .soma 2,000,000 United States troop
had b(3on brought across the Atlantic, and the submarine had proved equally
powerless in their case.
In fact tho U-boat, whether considered as an
offensive or defensive weapon against any sort of organize! naval force
had proved almost contemptible.
It had been maintained that submarine.s wuro u,?eful for tho defonso o
coastlines and communiealions with colonies.
Ho gathered from the pres
that tiiis was one of the arguments usi"d. and so it would have to bo examined. If the argument was sound and submarin-.-s wire t«senlial fo
this purpose, there was no country which wotdd need them so much as the
British ICmpire, which posses.sed a coa.stlino wliich. without wishing to
boast, ho believed was almost as large as that of all tin; five powiirs prason t
at this conference i)ut together, and the length of which was four times
tho circinnference of tliti globe, and which, in addition, had the longes
trade rout<?s of any country to protect.
It was i)arlly because our experience .had shown that they wore not effective for this purpose thai W(( wore
ready to abandon submarines.
The late war had made it abundantly clear that tho greattwt peril to
maritime comrniinic.-illons was the siil)marltio. and tli.it peril was HpcH-lally
great Uy a country wliitrli did not possess corniniitid of the sea on tlui surface
llonco. It was to the Interest of .my su<;li powtr to gel rid of this torriblo
menace. And in this connection 11 must be remembered that tho anbm.-irlne was of no value as
def.uise (o be used ag.aliist xubniarlnivs.
was agjilnst m<T(;liant ships aloiu! th;it they aelileved real sucee.MK.
It would bi- ;is well to recall what the Germ.an Niibniarlue fleet lia<l accom
No Iomm than la, (11)0. 000 tons
pllslied against mercanllle marines.
100.000.000, apart fnim the
shipping h.id been smik. of a value of
cargoes.
Over 20.000 non-coinhalanls -men, women and chllilron had
been drowned.
It wjis true l.li.it this action had been tniiliTlnU'ii In violaThe < Jerriian oKCUHe for had been
tion of (ill laws, both Iniinan .inrl divine.
ll>i effr-etlveni-as.
They had used the same urgninent lis In the case of pcilso
gas, which hiid set a prei- deiil. which appe;iriul likely to endure for all llin
now that nations h.ad been driven to resort to It.
The menace of the submarine could tmly be got rid of by ItM tot.il ban
ment from the wn. Th.il was the Ititentlon of the Treaty of Versa
whleh had forbidden (iermany to eoiiHtrurt Hubni.irlni'.s, whether fo
.-i
.liil
—
,
11.
mllll-'iry
Aord
1
or niereaiillle jiurposes.
I.cm! contliineil. that (lertniiiiy was .ilwayN to
unci the other I'owi'is wi-re alway« to bo Koml. wuh th(!re to be imn ni
In saying this,
for Oermans and .inodur rule for the re-it of the worhl 7
was not cuHtlng any reflc'eMon fin any nation, and Uwuit of all on the offlc
men were the pick of lielr wrv
.ind tnen of the submarine fleets.
Were
w.i to assumi), I-iird
bad
Thme
t
Ii2
THE CHKONICLE
gallant and high-minded men, but they were obliged to obey orders; and
experience )iad shown that occasionally Governments could go mad.
The view of the British Empire delegation, therefore, was that the only
proper course was the abolition of submarines. Their limitation was not
sufficient.
His olijcction to limitation was that a submarine fleet could so
very rapidly bo expanded in time of war. Submarines could only be bulit
if the industry were kept alive, and a personnel could only be provided if a
trained nucleus existed.
Hence it was only by means of abolition that this
menace to the mercantile marine of the world could be got rid of.
He had said earlicx that the British delegation wore animated by no
.selfish motives.
At the same time it would be foolish not to recognize that
Great Britain was the nation most exposed to the menace of the submarine. So long as submarine warfare continued, it would be the greatest
menace to the food supplies on which our countrj'^ was dependent.
The British people live in a crowded island whose soil only produced
two-fifths of its supply of food.
For the remaining three-fifths they relied
upon sea communications. On an average, only seven weeks' stocks were
maintained in the country. By far the greatest anxiety which the British
Government had felt during the war was to prevent the reserves of food
falling to zero.
Was
if, with a danger in front of them as great as
so eloquently explained France was subject,
the Briti.sh people protested against a weapon which was the negation of hu-
it
sm-prising, therefore,
any to which yi. Briaud has
manity and civilization it-self?
There were some people who said it was this vulnerability of Great Britain
which justified tho retention of the s)ibmarine, since it was by these means
alone that the British Empire could be .stricken down. The late war had
shown, however, that the British Empire was not easily stricken down, and
if war should ever come again he Imagined that means would be fotmd for
our country to save itself from starvation.
But it might be claimed if the U-boat had begun its operations earlier or
had better luck, the result might have been different. To this he would reply that the British Navy had constituted almost the keystone of the Allied
arch.
But for the British Navy, Franco would have been raided, Belgium
would have been overrun, and even the United Sgates of America, selfcontained, self-supporting, with vast resources, would have been impotent
to intervene and might have had to abandon its army and all that it had in
Prance, or eiso to make a humiliating peace. That would not have been
a disaster to Great Britain alone. That was why he resented tho idea,
which had been published in a part of the press, that tho abolition of submarines was merely a selfish and im worthy design.
It had beon sugge.sted that the conditions of the late war might never recur.
Could Franco bo sure of this ? Could France rim the risk of a. disaster to her near neighbor, and only certain ally, if the situation of 1914
were ever reproduced? It was necessary to take long views in this matter,
and the British Empire delegation believed that they were fighting the battle not only of the Allied and associated Powers, but of tho whole civilized
world, in advocating the abolition of she submarine.
He felt siu-o that some one would <isk, how can we feel sure that if we
abolish submaiines other Powers who are not represented here will not proceed with the building of submarines? The same question might be asked
as to other classes of craft mentioned in the American scheme.
He found
it impossible to believe that other Powers would set themselves against the
opinion of the re.st of the ci^ili/,ed world regarding this particular weapon.
If, however, the great naval powers should at some future date find themselves exposed to piracy by tho action of some smaller power, surely they
would find the means of bringing nemesis to the transgressor. World
opinion was a very powerful weapon, and certainly some means would be
found by which the great naval powers could protect themselves if necessary
It was said that submarines were a cheap method of warfare.
Surely this
conference did not desire to make war cheap. When war had been cheap it
had l>ecn almost continuous. He hoped the submarine would not be defended because it would be a weapon wthin the reach of all. It might
perhaps be <!heap for the aggri^ssor, but it was not so for tho victim.
The average number of German submarines at sea simultaneously during
the late war ha<l not been more than nine or ten, but Great Britain had had
t,o nniinlain an average of no less than 3,000 anti-submarine surface craft in
order to deal with those.
It could be seen, thei'efore, that it was a very expensive form of war for the defender.
The British delegation were anxious to contribute toward the ideals of the
present conference.
They desired not only a limitation of armaments but
also a limitation of expenditures, which constituted so great a burden in
time of peace. That was why Great Britain, which had tho tradition of
possessing the greatest na\-y. had welcomed the proiK>sals for curbing
capital ships.
What
should we gain, howe\er, if this competition were merely transferred to submarlmjs?
Certainly not much, and meanwhile tho submarine
threatened our very life and existence. But if the submarine were abolished
we could accept, with modifications in detail, practicaUy tho whole of the
American i)ropoKals in regard to the lightening of these burdens.
Lord Lee said he was not impressed with the argument that because it was
found impossible to deal effectively with poison gas or air bombs, which were
by-products of es.sential indastries, we could not <leal wth the submarine.
The submarine wa.s not a by-product of any industry, but was essentially
an offciLsivo weapon. He, therefore, said that it could be, and therefore
ought to Ikj. abolished.
It was a weapon of murder and pira<;y. and the drowning of non-(^ombatants.
It had been used to sink passenger ships, cargo ships and even hospital ships.
Technicall.v the submarine was so con.structed that it could
not be utilized to rescue even women and children from sinking ships.
That was why he hoped that the conference would not give it a new lease
of
In any event, the British Empire delegation did not
intend that tho settlement in regard to capital ships .should bo affected If
they failed to carry their point in regard to the abolition of suhmarines.
Should he fail to convince this colleagues, he would nevertheless welcome
any suggestions for the reduction and restriction of submarines which they
might like to make, and, in particular, ho would await with the greatest
interest the proposals of his French colleagues, which had been promised
earlier in the day.
British point of view.
SECRETARY JIUGHBS.
Upon
the conclu.sion of Lord Lee's remarks the Chairman said that he did
not intend them to comment upon the very able and powerful argument
of Lord Lee to which the members of the committee had had the privilege
of listening, but he merely wished to interpolate a statement giving the
figures supplied by the American naval experts and upon which the American
proposal was based concerning the submarine tonnage built and building,
since these figures did not appear to coinrtde with those referred to by Lord
Lee. According to the American figures, this tonnage is as follows:
United States
Great Britain
Franco
eiuleavonxl to stat<3 frankly that the submarine wa.s to only
limitwl extt^nt a weapon of <lefense, and that for offense it was only really
valuable when used against merchant ships and that it constituted the
greatest peril to which th<> mercantile marine of the world was exposed,
^or defense he did not say it was u.seless, but merely inefficient, and that
the disadvantages exceeded the advantages except for war on the mercantile m.-irine.
Tho submarine
wa.s the only class of vessel forwhlch the conference was
ho would not sa.v a license, but permission to thrive aiul
multiply.
It wotild be a great disappointment if the British Empire deleiTation failed to ptM-suade the conf(>rence to get rid of this weapon, which
involved so much evil f-o peoples who live on or 1>y the sea.
.isked to give,
To show
the earnestness of tho British (Jovernnient in this matter. Lord
pointed out that Great Britain pessts,sed the largest and probably the
most efficient submarine navy in the world, composed of 100 v»s.sels of
SO, 000 tons.
She wa.s prepared to sera)) the whole of this great fleet and
to disband tho i)ersoimel provided that the other Powres would do the
same.
That was tiie British offer to the; world, and he believed that it wa.s a greater
contribution to the rause of humanity than even the limitation of capital
TA!e
ships.
However, it was u.seless to Ix^ blind to the facts of the position, and he
hardly hoped to carry with him all the I'owers present at that table, though
he believed that in th<^ end all civilized Powers would come around to the
35.000 tonsjitaly
82,4&4 tonsi Japan
42,850 tons
20.228 tons
31.400 ton.s
The United States has, therefore, 95,000 tons, which it is prepared to
reduce.
The reduction is slight, but it is a reduction. It was, of course,
not the iatention to increase but to reduce.
,
M. SARRACr. OF FRANCE.
M.
Sarraut, in paying tribute to the able statement of Lord Lee, joined
with the other delegations in expressing his profound disapproval of the
barbarous use which was made of submarines in the late war. The French
delegation recalled the fact that the question of the use of submarines had
already been dealt with diu-ing the discussions at the Peace Conference as
well as by the League of Nations, and that pubUc opinion had shown itself
favorable to the continuance of submarines. The French delegation bi-lieved that the submarine was pre-eminently a defensive weapon, especially
for nations scantily supplied with capital ships.
In its present state th« submarine had proved itself to be unequal to
gaining control of the seas and could not be considered as a dominating
weapon. Moreover, it was undeniable that the submarine could be used
under honorable conditions: and It was certain that these conditions should
be examined, discussed and formulated in such a way as to determina tho
laws of sea warfare in conformity with the lessons ajid precepts drawn
from the late war.
In view of these facts, the French delegation felt called upon to give its
approval to the use of the submarine, under the restrictions already outlined.
It wished to point out that, in \iew of the technical considerations governing
the use at sea of these
ve.ssels,
subject as they are to frequent ivithdrawals
from service, it would be necessarj' for a. navy to possess a number of them
which would be proportionate to the needs of national defen.so.
The French delegation wishe<l, moreover, to observe that the use of large
submarines was under existing conditions undoubtedly more in accordance
with the laws of humanity, which demands that the crews of torpedoed vesFinally, submarines with a large cniising radiu.-sels should be rescued.
are, in the opinion of the French delegation, necessary to assure the defense
of distant colonies and poss««sions, as well as to maintain the safety of lines*
of communication between the mother countiT and the posse.<Jsions or
colonies for which she is responsible.
SIGNOR SCHAKZER, OF ITALY.
Mr. Schanzer
said:
"We have been listening with the greatest attention and sympathy to
Lord Lee's important speech. In the name of the Italian delegation I wish
to declare with the greatest sympathy upon an3?thing that can make war
The Italian delegate in the Sub-Committee for Poisonous
less inliuman.
.
Gases, in this same conference, proposed tho abolition of these gases.
"Nevertheless, the submarine question is mainly one of a technical
Lord Lee has asserted that submarines are not efficient means of
natm-o.
defense.
Our naval experts do not share this opinion. They think that the
submarine is still an indispensable weapon for the defense of the Italian
coasts, which have a very great extension and along which some of our main
centres, our principal railways and a number of our most important indusOur naval exports are furthermore ol
trial establishments are situated.
the opinion that submarines are necessary to protect the lines of couimunication of oiu- country, which for tho greater part depends upon the sea for
We are not ready to-day to resolve these doubts of a technical
its supplies.
character.
to ob.ser\o, moreover, that we do not think this confenmce.
which only five Powers are represented, could resolve the question of
submarines, which can concern many other Powers which are not present
here.
For those reasons, and in spite of our appreciation of the humanitarian argunM>nts brought forward by Lord Lee, we are not to-day iu measlu-e to associate ourselves with tlie proposal of abolishing submarines and
we are not authorized to do so.
"We venture
in
MR. HANIHARA OF JAPAN.
said that Japan was unconditionally opposed to all abusiv*uses of submarines such as those rcently conmiitted by a certain nation.
However, Japan felt that a legitimate use of submarines was justifiable as
He sugge.sted that the
well as neces.sary from the point of view of defense.
International rules of war be .so modified as to vigorously guard|agalnst
abusive use of submarines.
Mr. Hanihara
SECRET.kHY HUGHES.
life.
He had
[Vol. 114.
Following Mr. Hanihara's remarks the Chairman observed that, as' had
been indicated by the remarks of the delegates, he thought that all could
not fail to be deeply impressed by the statement of Lord Lee. supported
as it was by the vcrj- definite statem<Mit of facts as to the use of submarines.
He thought hat one clear and definite point of view emerged on which all
were agreed, i.e.. that theiHj was no disjiosition to tolerate on any plea of
necessity the illegal use of the subni.irine as practiced in the late war, and
that there should be no difficulty in preparing and announcing to the
world a statement of the intention of tho nations represented at the conference that submarines must observe the well-established principles of international law regarding visit and sc.irch iu attaclcs on merchant ships.
Much could be done in clarifying this posicion and in defining what u.ses of
submarines are considered contrary to humanity and to the well-defined
t
principles of international law.
The reconuncudation might go further not only regarding what wore
conceived to be the rules regarding the use of submarines but also what the
He understood that the crtw of the
limitations upon their use should be.
Lord
conttx)versy is as to the use of the submarine as a weapon of defense.
Lee has said that it was of littU? value as such and hence its continued
use should not be tolerated. Lord l^eo had i)ointed out that there were
only five nations present. The Chairman could not agree, however, that
these were in the same position regarding .submarines as they were regarding
capital ships, since in the matter of capital «hips they represented tho po-
.
THE CHRONICLE
Jan. 14 1922.]
."oncy of competition, wheroas, when doaltnK with submarines a more
they were dealinK with what other nations could
."henply made weapon
produce if they chose. Even If they wore ready to adopt the principle
suggested by the British delegation, they would still have to await the
adherence of other nations.
—
the question whether the .submarine was of value for defense each
Indications of the.se <Iifnation must take the opinion of it.s naval experts.
He would not at this time
ferences of opinion had already been manifested.
make any announcement of the position of the United States except to add
TO the expressions of detestation of the abu.so of the submarine and of the
methods the illegal methods, as they have been continually called of
their employment during the war.
He wished, however, to read a report. The President has appointed an
-Advisory Committee to aid the American delegation. The members of
this committee were gathered together, men and women, from all fields of
activity, from all parts of the countrj", and represented every shade of public opinion.
The committee had considered (his subject, and the subcommittee to which it was referred was headed by a distinguished Admiral
of the American Na\-y. The report was debatf d in full committee and was
unanimously adopted even by those who were prepossessed against the
submarine. He read this report not as an opinion of the Ameriacn Government, but as a report of the Advi.sory Conimitt^e, which was created in
order that the American delegates might be advised as to public opinion.
Fpon
—
—
—
Advisors' Report on Siil/marines.
The Chairman then read the following report on submarines adopted by
the Advisory Committee of the American delegation on Dec. 21 1921:
"In the recent World War the submarine was used in four general ways
"(a) nnlimited use against both enemy and neutral non-combatant
merchant vessels.
"(b) Use agaln.st enemy combatant vessels.
"(c) Use as mine planters.
"(d) Use as scouts.
"Whatever is said about unlimited warfare by submarines is also true of
unllmit-ed warfeire by surface craft, provided the combatant wishes to vio-
The Confederate cruisers destroyed all property but
not lives. The English expected the Germans in the latter part of the World
War to use siu'face craft for unlimited warfare and had provided means to
However, the Germans, with one exception, were imable to
offset this.
get out of the North Sea.
The Moewe. a surface .ship, sank almost all
merchantmen that she came into contact with, saving the lives of the crews.
So that unlimited warafre Is not necessarily an attribute of the submarine
late the rules of war.
alone.
Submarine Against Commerce.
"The unlimited use of submarines by Germany against commerce brought
down upon her the wrath of the world, solidified it against the common
enemy and was undoubtedly the popular cause of the United States entering the World War.
The rules of maritime warfare require a naval vessel desiring to Investigate a merchant ship first to warn her by firing a shot across her bow or in
other ways, and then proceed with the examination of her character, make
the decision in regard to her seizure, place a prize crew on her, and, except
under certain exceptional circumstances, bring her into port, where she may
be condemned by a prize court.
"The rules of procedure (1917) as laid down for United States naval vassels when exercising the right of visit and search make no exception in favor
of the submar'ne.
In the early part of the World War, the German submarines exercised this right of visit and search in the same manner as surface vessels. When sunk, the papers and crew of merchant ships so visited
were saved. Later, when the cases came up in a German prize court,
sitting on appeal at Berlin, the responsibility of the German Government
was often acknowledged and indemnities paid.
"When unlimited .submarine warfare commenced, in some cases where
neces.sary, evidence was produced by the owners making claim in the prize
<Tonrt, the court decidecf that the matter was outside the pale of the prize
regulations, though it did not deny the ju.stice of the claim.
"Assuming that a merchant ship may be halted by a submarine in a
legitimate fashion, it becomes difficult, because of limited personnel, for
the submarine to complete the inspection, place a prize crew on board and
bring her Into port.
It is also difficult for her to take the pas.sengers and
«Tew of a large prize on board should circumstances warrant sinking the
vessel.
However, these remarks are applicable to small surface craft as
,
well.
"During the World War, on account of the vulnerability of the submarine
and on account of the probability of its sinking the ves,sels it captured, the
tendency was for all merchant ships (Including neutrals) to arm themselves
against the submarine.
Such action greatly hampers the activity of the
submarines and t*!nds toward illegal act-s both by the merchant ves.sels
and by the subrnarinR
"In other words, the general tendency cf submarine warfare against
••ommerct'. even though starting acwtrdlng to accepted rules, was sharply
toward warfare unlimited by international law or any humanitarian rules.
This was becau.se the vulnerability of the submarine led the (iermans lo
t-ssume and de<;lare she was entitled to special exemptions from the ac^'•epted ruUm of warfare governing surface craft.
The merchant ship sank
the submarine if it came near enough: the submarine sought and destroyed
the merchant ship without even ;i knowledge of nationality or guilt.
"Submarines wore largely responsible for the extensive arming of merchant vessels, neutral and iM-lllgeront. during the World War. The average
merchant vessel could not hope to arm effectively against enemy surface
'•ombatant vossf;ls, and as a. rule submits to vWit and search without resistance.
I'ro'rMJCtH of saving the ship and certainty of safety to jjorsonnei
have reused them to acf«pt aH the
lavser risk
the visit of belligerent surface
vfs.s"ls
"When, however,
even
if It is
However, an ambuscade
is
entirely
"In the same fashion a submarine strikes the advancing enemy from
concealment, and no nation cries out again.st this form of attack as Illegal.
Us navy simply becomes more vigilant, moves faster and ases its surface
scouts to prot(!Ct It.-elf.
"The .submarine carries the same weapons as surface ves.sels, i.e.. torpedoes, mines and guns. There is no pr hibltion of their use on surface
Submarines are particularly
craft and there can be none on submarines.
They can approach to the
well adapted to use mines and torpedoes.
de.slred spot without being seen, lay their mines or discharge their torpedoes
and malce their escape.
"The best defense against them is eternal vigilance and high speed. Th
causes added fatigue to the personnel and greater wear to the machinery.
The continual menace of submarines in the vicinity may so wear down a
fleet that when it meets the enemy It will be so exhausted as to make its
defeat a simple matter.
"The submarine as a man-of-war has a very vital part to play. It has
come to stay. It may strike without warning against combatant vessels,
as -surface ships may do also, but it must be required to ob.serve the prescribed rules of surface craft when opposing merchant men as at other times.
"As a scout the submarine has great possibilities. It is the one type of
vessel able to proceed unsupported into distant enemy waters and maintain
Itself to observe and report enemy movements.
At present its principal
handicaps are poor habitability and lack of radio power to transmit its
However, these may be overcome in some degree in the
information.
future.
Here, again, the submarine has come to stay, it has great value,
this fashion."
a legitimate use, and no nation can decry its employment
Then foUowed a statement of the proposal of the United States for limitation of naval armament so far as submarines are concerned, as made at the
opening session of the conference.
The report then continued:
"A nation possessing a great merchant marine protected by a strong surface navy naturally does not desire the added threat of submarine warfare
brought against it. This is particularly the case if that nation gains its
If the surface navy ot such a
livelihood through overseas commerce.
nation were required to leave its home waters it would be greatly to its
advantage if the submarine threat were removed. This could be accomplished by limiting the size of the submarine so that it would be restricted
to defensive operation in its own home waters.
"On the other hand, if a nation has not a large merchant marine but is dependent upon sea-borne commerce from territory close at hand it would be
necessary to carry war to her. It w. luld be very natural for that nailon to desire a large submarine force to attack the approaches on the sea and to attack troop transports, supply ships, &c., of the enemy. Control of the surface of the sea only by the attacking power would not eliminate it from
constant exposure and loss by submarine attacks.
"The United States would never desire its navy to undertake unlimited
submarine warfare. In fact, the spirit of fair play of the people would bring
about the downfall of the Administration which attempted to sanction its
use.
However, submarines acting legitimately from bases in our distant
possessions would harass and greatly disturb an enemy attempting operations against them.
They might even delay the fail of these possessions until our fleet could assemble and commerce major operations.
"It will be impossible for our fleet to protect our two long coast lines
properly at all times. Submarines located at bases along both coasts will be
useful as scouts and to attack any enemy who should desire to make raids on
m
exposed positions.
"The submarine is particularly an instrument ofweak naval powejs. The
Any navy
business of the world is carried on upon the surface or the sea.
which is dominant on the surface prefers to rely on that superiority, while
navies comparatively weak may but threaten that dominance by developing
Hence suba new form of attack to attain success tlu-ough surprise.
marines have offered and secured advantages until the method of successful
counter-attack has been developed.
"The United States navy lacks a proper number of cruisers. The few we
have would be unable to cover the necessary area to obtain information.
Submarines could greatly assist them as they cannot be driven in by enemy
scouts.
"The cost per annum of maintaining 100,000 tons of submarines, fully
manned and ready is about thirty million dollars. For the work which
will be required of them in an emergency, this cost is small when taken in
connection with the entire navy.
"The retention of a large submarine force may at some future time result
in the United States holding its outljing po.ssessions. If the.se colonies once
fall the expenditure of men necessary to recapture them will be tremendous
and may result In a drawn war which would really be a United States
defeat.
The United States needs a largo submarine force to protect its
,
interests.
"The Committee is therefore of the opinion that uniimitod warfare by
.submarines on commerce should be outlawed. The right of visit and
search must be exercised by submarines under the same rules as for surface
ve.ssels.
It does not approve limitation in size of submarines."
SECRETARY HUGHES.
The Chairman
stated that he had deemed It his duty to read the foregoing
report which, as he had already said, represented the views of the Advisory
Committee that had been created by the President for the very purpose
The American delegation
of giving to the American delegation such aid.
would most carefully consider the able address of Lord Lee and would
consult the American naval experts.
The meeting then adjourned to meet to-morrow afternoon, Dec. 23 1921,
at 3 o'clock.
On Dec. 23 the submarine question was further considered,
and the communique detailing the debate on that date follows:
The third joint meeting of the Committee on Limitation of Armament
and the Sub-committee on limitation of Naval Armament was held this
afternoon, Dec. 23 1921 at 3 o'clock in the Pan-American Building.
as In the
ADMIRAL DE
(I
•Ink the other on sight.
"War on commerce by surfat* coml)atant «:raft causes change of ownership of merchant v<:-s<:Is only, provld.id the surface craft does not sink these
but these merchant vfrswls for the most part remain in srevlce.
They are not destroyed. The world does not lose them. The obJe(!t of
w,ir on commerce- is not, to <lestroy shipping, but tf> <ii-prive the enemy of
itH use.
Hubmarin*! warfare on commerce, If unliiriit/^d In character, injures
'he enemy and greatly injunrs the world as well.
The world Is so highly
organiz<;d and so dejj'-nfleiil on ocean transpertatlon that shlp|iing In otwcn'lal to livelihood!.
Without It vast populations would starve.
"At pruMint when war breaks out oi'lllgerent vi.-ssels tend to transfer to
neutral t\:iu^ and als/) to fly Tilse flag-.
This hamix-rs lawful w.iifare by
subiriarlnes, as owing to thi^lr great (ilfflr-nlty in making the proper visit
.ind .'earch It Is thus Impassible for them to prevent belligerent commorcx;
frorn going forward.
'The net rf^sults of unlimlt<-/l submarine warfare in the World War were
O) flagrant virilatlotis of ltilerii:itb)iial law, (ht destruction of iiii enormous
»monnt of wealt.h, (r) unneciwsary loss of many lnno<'ent livits and <il) to
'Iraw Into the war many n'nilruls.
"t/iillnilKxl Hubinarlrie warfare Hhould be outlawed.
Ijaw« nhouUl be
drawn up preff-rlljlng the metho»ls of procedure of submarines against
merchant viwiels, Vmth neutral and belligerent. These rules should accord
*'•'•> the rulcH o^merved
bv surfae«- craft.
Laws should also Ixi inade
which prohll)lt the uwi of false flags and offeii'^lve arming of merchant
^^''.- The use of falso flags has already ceased in land warfare.
No one can prevent an enemy from running 'anmck,' but lninie(ll,it«!ly
he d(K-s. he outlaws hlms<'ir and lnviu« sure defeat bv brln*<lng down
the wrath of the world upon his hi«<l.
If the submarine Is retinjred to
operat<- under the saini; rule as combatant surface v<H.els no objection can
bti raised ji« t.o \{n use .iKaln.u merchant vessels.
The Indivl'luni captains
ofKubinarines are no more likiiy to vl date Inslructlgns from their (iovernment upon this point than arc captaliis of any other typo of ship acting
md<'pendent|y.
fiuhmarlnrx Agiiiiml Comlmliinlx.
"Aplnst enemy men of vrar the submnrine may tx- likened to the advance
guard on land which hidta* in a tre«i or us«r, underbrush to conceal llwilf.
If the infantry In It8 advance encounters an ambuscade. It suffers greatly.
•
not totally annihilated.
legitimate.
,
World War. they met a belligerent submarine,
with
strong probability of Ix-lng sunk by tliat Kubniarine, the law of selfprefi<-rvation op<;rat<;d and the merchant ship resisted by every means in Its
power. Defensive armament was almost sure to be used offensively In an
att<'mpt to strike a flr>it blow. The next step was for cich to endeavor to
!»hli>s,
143
BON, REPRESENTING FRANCE.
Admiral de Bon said that yesterday the Conference had entered upon the
It had listened to
consideration of the question of aboli.shing submarines.
a remarkable statement and defense of the British point of view by I-^rd
Ix>c of Fareham.
The argument presented had been very coinpiele and
very logical and It may be said that it supported the view favoring abolition
of the submarine with the most, forcible arguments that could bo brought to
Ix'ar upon this side of the (luestion.
Another consideration of this particnilarly remarkable and liuportant
<luestlon was read by (Chairman llughe.s. and, even If he had not hud the
kindness to enlighten th(< ( ,'oiifcrence upon the distinguished per.sonallly
of the members of the Advisory ("ommlttee, the incontestable value of their
arguments would have signalized their excepllonaly ability.
The c.mcluslon of this dissertation was the lovor.so of the \lew advocated
by the Honorable I/ord Ivco of Karoham and was In favor of Iho prcM<rvutlon
of the submarine.
The two di-iiaratlons that havo Ixien made had brought to light about
.'Xceordlngly it would m4 in lis If
all the arguments th.it could be advanced.
the debate might almost hf. n^garded lis exhausted If here were nol in the
Committee certain differences of opinion reg.irdtng the v.irloUH arglimentN
which It Would seem desirable to present to the Conrereni-e.
Me asked permission to review them briefly before the (lominltU'e.
In the first place. It has been denied that the .submarine was reall.\ an
,
I
efficient
weapon, which was an asHcntlal roiiitlderalloii, wnc<.'. If
It wad obvlou-s that there would bo alnioMl no reimon for
admitted.
NubinarUiUK.
Till) NUbraarlne, as a
this
wa»
liulldlnic
could not 1« coiiwldered
wii.". able to remain at
sea during several inontlis In the midst of the wil.nuuines vvilluiul any
of Its Jthlpn Ix-Ing hit il should be reineinlwriid that I'miu't' lo».t llirei' battleships iind five crulwrs ami had several otlliM' ships torpedoed, 13l),()l)(l Ions
To thin llitt he could add '• " 'I" 'imnhei of li:.i ileUiliu l,.*i by
In all.
usi-Iess.
If
It
weapon ugainst
was Indeed true that the
,
'
(Jreat Britain
and by
Italy.
Hurslilp'-,
great fleet
THE CHRONICLE
144
Finally, the offensive action of the submarines necessitated the construction of a considerable defensive system and this certainly had an
influence toward weakening the general forces of the nations engaged.
As a means of defense the submarine had not been found useless. It
could not, he thought, be denied that, if Germany had maintained her coast
intact, it was not solely because of the barrier of mines with which she had
protected it. This could have been crossed by any force suitably provided
with mine sweepers if a force of submarines, supplementary to the mine
had not rendered the approach to them really dangerous.
In the Adriatic the submarines also formed one of the most powerful
means of action for the enemy.
In the Dardanelles, the Allies felt the effect of the use of submarines
not only during the major actions but also during the long months during
which they remained holding tight to the point of Gallipoli Peninsula. The
bombardment which the Allies were led to make against the Turkish position were always considered hindered by the means of protection of the
ships which they were compelled to take on account of the presence of
threat of submarines in those waters. The Allies had, moreover, paid for
their efforts -with the loss of several ships.
In fighting warships the submarine could be employed as a scout or
rather as an observation post.
Every one knew the great extent to which the submarine lends itself in
It was ob\'ious that this observation post, so
wireless communications.
difficult to detect, could approach very near to the enemy, watch his
operations and carry either to the fleet which It is convoying or to its
governing authority, information which could not othermse be obtained,
especially for na\ies which have no powerful surface craft at their disposal.
In a word, as Admiral de Bon said, the submarine had proven its worth
as a means of attack against warships as in the protection of coasts.
defenses,
The submarine had shown
itself especially efficient
against merchant
marine.
It was not necessary for him to recall the very considerable results obtained in the submarine warfare waged by Germany against the commercial
The mind could not without horror return to this
fleets of the world.
subject which had struck terror to all peoples.
But that which had caused this terror was not the fact that the Germans
attacked the merchant vessels of their enemies, but that they had not
respected either the neutral flag nor steamers loaded with non-belligerents,
nor even the transports for the woimded which should have been protected
by the Red Oross flag, which flag, however, even on land, they had often
seen fit to violate. It had always been admissible to attack the enemy's
merchant marine, and he thought it would always .seem legitimate to do so.
In fact. It liad always been one of the most effective means of seriously
crippling one's axlvcrsary.
If taking an e..\trcme case one might consider it possible to bring one's
adversary to the point of yielding, by this ijroccss, would it not be less cruel
and loss wasteful of human life than military operations which woidd arrive
at the same result by direct application of force. ?
One might protest against this interpreation but such would be the result
of a blockade, which is a legitimate practice, and its effects would not be
peculiar to sul>marincs.
He understood quite well that if thLs kind of war were allowed it would
have to be confined within certain limits to prevent it from violating the
laws of humanity. That was the precise point on which was based the
charge that all had agreed in bringing witliout mercy agaiast the Germans.
But the accusation was brought against the men and not against the instrument that they had made use of.
In order to impart to the war which they had decided on the horrible
character which they tliought would cause our energies to yield, the Germans had purely and simply sunk the boats which they stopped. It would
be recalled that at the beginning of the submarine campaign, the Germans
had aimed above all to inspire terror and expected to obtain from it a
moral effect on which they based their hopes. In fact, nobody could have
forgotten the propaganda launched at the beginning of 1015 with all the
mighty and wily means of German propaganda. It aimed almost exclusively
It was only later on that they took into consideration
at a mora! effect.
the material results which could be siu-oly secured by submarine attacks
against commercial fleets and that they enlarged progressively their acts
of piracy.
If it was tindeniable that Germany had misued the submarines against
commercial fleets beyond all criticism, could one contend that it would
have been impossible for her to act otherwise''
Moreover, had not the Germans misused, and to excess, practically all
their other
weapons?
In the first place, one could not deny that they might have avoided
attacks against neutral ships, and not have torpedoed passenger ships with-
out warning, especially hospital sliips.
The success of their fight might have been materially lessened, but they
would certainly have g;>.ine<l from a moral viewpoint and the Gorman submarines would not have lost the respect of the ci\-ilized world.
And then, was it not permissible to think that war against the enemy
commercial ships could have been waged differently? Suppose, for instance, that, meeting a merchant ship, a sulimarine advised her that she
would be destroyed as soon as security for the crew was assured either by
proximity to the shore or by means of relief. It would prescribe a route to
the ship and bring It to a safe place where it would sink it after having re-
moved the crow.
That was merely a supposition and he would not attempt here
to formuate a doctrine, but the delegates would find in it a thought similar to that
which guided the .sailors of other days when they wore malcing a prize and
taking it to port, or until it had been taken from them by the enemy.
It might be said that the submarine was exposed to greater risks but were
not the frigates and the corsaires of other days exposed to great risks in
similar operations?
How many of them had perished either in the defense
of their capture or because they had been unable to e-scape the attacks of
their enemies in the course of the voyage.
Certainly the fruits of .submarine warfare avouUI have been smaller if
they had been obliged to confine themselves to the limits of honorable warfare.
But it was impossible to claim that there would have been none.
He knew very well that to sink a ship, even while saving the lives of those
on board, w;us a questionable act, and might be inadmissible. That was
a question of law which ought to be settled by confining such actions to the
cases whore it was absolutely necessary.
In passing he would call their attention to the fact that the cruel use to
which the Germans had put their submarines was not confined to this tjije
of vessel.
Merchant vessels had been seized and, in order to turn them into
cruisers, they had been immediately armed.
Their cr«ws wore retained
aboard and forced to take part in naval actions. This practice, while less
inhuman than that inflicted on the crews that were abandoned on the high
seas, w;is nevertheless indefensible.
It followed from this that the activities of submarines against
merchant
vessels should be confined within limits that would render their
use legitimate. A proper set of rules ought to be drawn up with this object in view.
They should bo adopted whenever they undertook a revision of the ruleS for
applying international law, which it was imperative should be revised not
,
1
[Vol. 114.
only as applied to submarinse but with regard to aU life at sea in time of
war.
Submarine activity against the enemy's merchant fleet might be very
effective.
No one had been able to listen without great emotion as Lord
Lee recalled the hours of anguish that all those who had held the guidance
of affairs during the war had known and lived through, when Great Britain, together at times with France, was threatened with being deprived of
the supplies which were indispensable not merely for continuing the struggle but to keep the nation alive.
That was the consecration of the power of the submarine when exerted
to the full extent of its destructive possibilities, without regard for the limits
imposed by the most rudimentary principles of humanity and respect for
international law.
Submarine activity, within the limits fixed by these
considarations which should remain sacred to honorable opponents, against
enemy transports and convoys could still be of great importance. It could
ba included among the legitimate methods of warfare as a useful factor,
especially for nations which did not have a powerful navy.
In this connection another consideration occurred to him. It was said
tiiat the submarine could never be kept from bursting through the moral
barrier which should limit its activities.
It would always jield to the
temptation to make unrestricted use of all its powers. Lor Lee had kindly
paid the submarine officers and crews of all na\ia; the compliment of
stating that he believed them incapable of the acts imputed to the German
submarines. All naval men would be grateful to him. But the honorable
First Lord feared that officers and men might bo confronted by formal
orders from their Governments, which might be driven by danger into the
weakness of issuing such orders. He did not think any Government would
risk hereafter incurring such a responsibility.
He thought, besides, that if
ever a nation were to again ba capable of making such an error, it would not
hesitate to commit analogous excesses with other means, for example, with
air forces which could fill the world with even greater horrors.
Against the possibility of a Government erring to such a point, all measures taken by the Conference would be in vain.
A submarine was useful
for fighting war fleets.
The
It was useful for fighting merchant marines.
opinion of the French Delegation was that it was especially the weapon of
nations not having a large navy. It was, in fact, an element in naval warfare comparatively cheap which could be procured in largo numbers at a
cost far below that of captial ships.
It was certain that in order to protect
itself against submarines, a naval Power was obliged to provide important
means in the way of units for patrolling, searching and attacking them.
At the time when the Committee was occupied above all with economic
questions, to the point that
it
was
willing to give
them precedence over the
matter of the safety of nations, this seemed at first an argument worth
remembering. One should notice, however, that in the formation of a
counter submarine fleet the experience of the pa?t war had brought out the
fact that France could utilize a considerable number of elements di-awn
from both the merchant marine and fishing vessels.
In consideration of this fact, the defensive mo:isures necessary to provide
against submarine attack might be notably reduced.
Moreover, this was an argument of a general nature and appUed to every
other naval weapon, from which, in his opinion, the su'omarine. as we view
it now, did not greatly differ.
It seemed in fact that the submarine had hencsforth the right to figure as
an integral part of naval forces.
When it first made its appearance, no one knew to what precise use it
might be put.
Even the German themselves, who, in 1914, were several years in advance
of other navies, as regard submarines, did not fully realize what use they
would make of them. Almost two years of war went by, before they
definitely decided upon their plan of action, because their submarines had
•not yet been perfected.
If it was not possible at that time to determine the use which might be
made of the submarine, the means for combating its activity were still more
Unless one has been imbroiled in such circumstances,
completely unknown
it is difficult to appreciate the formidable effort whic'n was necessarj- to
discover the indispensable means for destroying the submarine and to
execute them in the midst of so violent a war. which had, up to that time,
absorbed all the vital energies of the nations in the struggle upon the land
However it may bo, if this small craft committed frightful depredations,
it was not alone because the us3 made of it was barbarous in the extreme,
but largely because, during many long months, there was almost nothing
with which it could be combattod.
At the end of the war. the situation was changed and when the Armistice
came, the ravages of the submarines had been greatly lessened: the monthly
destruction of merchant ships scarcely exceeded 00.000 tons, and the
methods then in preparation for coping with the danger would have considerably reduced this, while the number of submarines destroyed had been
steadily increasing.
To sum up. in judging the submarine, it should not be consid.'red at the
time of the war. and above all, at that precise moment of the war when it
was at the height of its effectiveness, but more in perspective and looking
somewhat toward the future. As is the case with every new weapon, it
first came upon its adversaries when Uu'.y wore without sufficient defense
and caused \;ust damage. Yet from now on, .-vs Lord fjoc empliasized. its
power would be greatly limited; the risk of destruction which it must run
have become very numerous. Without going as far as the First Lord in
feeling that the submarine has become ineffective against its foes, it is
possible to think that the struggle against the submarine may now be
carried on under conditions comparable to that of any action between warships.
A new
phase has besn reached in the life of the submarine; it will not be
there is no doubt that further great progress will be mads in two
directions in the power of attack of the submarine, and in the efficiency
of methods for combatting its operations.
In order to establish cartainty upon this point, it Is enough lO recall the
Upon its appi arance, this little craft was concase of the torpedo boat.
sidered an instrument of such power of destruction, that in the view of
many distinguished naval men and writers upon maritime subjects, the
hour (tf great battleships had struck; to buUd them was no longer wor^h
The people in France who favored this decision formed a large and
wliilc.
What would have occurred if war hnd broken out at
influentital group.
EWdently, if use had
the moment of this fever in favor of torpedo boats?
been made of them as arbitraril.. a? of the submarines by the Germans, the
damage caused by the torpedo boats would perhap.^ have been less, but
what was certain was that in many respects the conditions surrounding
them were analagous to those affecting submarines.
However, the search for means to oppose the torpedo boat was tindertaken. And now, not only had this small craft ceased to be an object of
special dread, but it had developed into the destroyer or flotilla leader,
and had been found to be the greatest engine of war against the submnrine.
In this way the instrument of terror of forty years ago had shown itself
to be an especially efficacious defender of humanity.
Who says that the same thing will not come to pass in the dase of the
note as a menace which impresses itself greatly upon our
submarine?
minds, the advent of powerful airships whose appearance each day strikes
the
last:
—
We
—
THE CHKONICLB
14 1022.]
.Ian.
ns more real and moro imposing. We foresee that they will be capable
only of attaciis on laud, at present almost irresistible, but also of formidable imdertakinss far out at se;k. In the course of those struKules the
airship can spread gas over a considerable area of the sea paralyzing lar^e
Then will we not look forward to utilizing the
slilps possibly squadrons.
protection of the submarine which, supplied with powerful means against
The capacity of subaircraft, may circle aromid and guard the fleet?
merging would enable these guardians temporarily to escape the blows of
the adversary in the air. This you will say to-day is fanciful. Perhaps the
future will show whtat the re,sult will be.
Be that as it may, the last war has shown that hereafter the naval warfare
can be carried on simultaneously under water, on the surface and in the air.
That is to say, we must, for the moment, consider the naval war of the
future from this angle, if this greatest of misfortunes should, contrary to
the wishes of all, some day occur.
These are actual facts from which there is no possible escape. None of
you would know how to undertake to stop the progress of human ingenuity.
Tliis is a fact which wc
It has taken pos.session of the siibmarine dom.iin.
are unable to prevent.
It is very certain that the submarine, the only device by which man has
succeeded in navigating under water, cannot serve any industrial purpose
This characteristic it shares with the torpedo boat and
or peaceful aim.
with most other weapons.
I have set forth the views of the French navT relative to the suppression
of submarines. I have still a word to say on the importance of the number
of submarines.
The figures which have been laid before the Conimitteo have emphasized
the paramount consideration which must guide it in forming an opinion.
Lord Lee has stated that the Germans constructed 320 submarines and
that generally they had only ten of them in active service at sea at any one
time. This would indicate that the proposals for submarines to be constructed must be estimated on a basis considerably larger than that employed in fixing the number of these little boats that it is thought necessary
It Is vain to dwell upon the fact, an absolutely
grossly abused In the past.
undeniable fact, that tho submarine is a us- ful scout, that tho .submarines,
especially, if not solely, in the early stages of tho war, did destroy a few
unguarded and carelass ships of war, and that the submarine will imdoubtedly impose upon any attacking forces a degree of caution and an
amoimt of precaution which no doubt the attacking forces would gladly
ui>
ot
to use.
In truth,
we have not quite the same figures. Vie have estimated that
on an average one can figure that the Germans had possessed 80 to 100
Of this number they were
completed submarines which are still in existence
And the reduction
able to keep about fifteen or twenty at s^a at once.
thus noted from the nvutiber of existing submarines to the niimber in condition to use was due to two caitses: the need to allow the crews to Test,
and the need of maintenance of these small boats on which the wear and
t«ar was terrific, making constant rejiairs necessary.
.
90,000 Ton Basis for Great Britain and United States.
The Advisory Committee, whose perfectly clear, exact andprecise report
could be considered as an excellent base for estimating, had calculated
90,000 tons to be the tonnage necessary for the United States and Great
Britain.
No doubt that had been the limit of reduction which those wise
men had con.sidered reasonable. Taking it that one of the present subBiarines and a fortiori a submarine of a futui'e type an improvement on
its predece,ssors, should have a tonnage of about 1,000 tons, the figures
proposed by the American Committee represents ninety submarines of
recent type: that is to say, fifteen or twenty capable of simultaneous action.
This seems indeed the minimum submarine strength a Power desirous of
making use of this contrivance should have.
If
It is proposed, however, to reduce this already very small number.
we fall below this limit we will end by having a force of no use whatsoever,
and this mca.sure will be nearly equivalent to abolishing the submarine. I
think that in this Conference we should at all costs abstain from making
decisions which may not be practicable and wliich, even before our thoughts
are on the way to realization, may weaken these to the point that, instead
of being an element of moral strength and confidence to the world, thesa
decisions of the Conference might be a cau.se of doubt and anxiety.
observation on the decrease of the tonnage seems to me all the better
founded in that it applies more forcibly in the c;ise of the coastruction of
submarines of a grtater tonnage, the freedom to build which has been .askecV
—
My
by most of us.
Never h;is the program of navies gone forward more rapidly than now.
for
as before long to increa.se the size of the .submarine.
are <;onvinced that the idea of large sized submarines could not be
dismissed.
If you impose too narrow a limit on submarine tonnage, you
will ol)strur:t the progress of submarine science.
What you would accomplish on the one hand you would undo on the other.
To flraw a conclusion from the foregoing. I think that we can not rea.sonably limit submarine tonnage simx; we have before us an entirely now
weapon roncf^ming which no one of us can forcsct: the possible transformation and growth perhajw in the near future.
If in spite of this idea^-which is a menace to no one, first because I think
no one here can cfjnni'Jer that any one of its could becomt! the enemy of any
other and sec<»n<lly lx:cauN<: we can :igrec, in mutual confidenc<\ to keep
each oth'T Informal of our future <;onKtruction.s you wish absolut<'ly to fix
a limit U> submarine tonnage, I believe that 90.000 tons is the absolute
minimum for all the navl»s who may want to have a submarine force.
It will lead
We
A.
./.
liALrnun or arucAT bkitaix.
145
welcome.
The main object thoy servo is clear, from Admiral Do Bon's own speech
the destruction of commerce, and i can not doubt, speaking for myself, that
if it was thoroughly considered by tho Advisory Committee, the conclusion
they did come to would not be so very remote from that which 'has
Impressed itself upon the British Delegation. Now, » do not in the least,
nor unduly minimize tho utility of submarinas for genuine war purposes, but
I cannot help thinking that Admiral De Bon has exaggerated it.
I can
assure him that he is in error in supposing that the immunity from attack
enjoyed by the German coasts was, in the least degree due to their submarines. I speak with knowledge and authoiity upon that subject and I
can assure him that in that respect ho is under .some mi.sapprehension.
Neither do I believe that you will find that submarines on th3 Avhole are any
defense against a sudden attack, by a ship of war upon an undefended coast
town. That is, I believe, one of the objects which the Italian Delegation
think can be performed by submarines, but I very greatly doubt it. The
Germans were able from time to time, without much difficulty to send a
swift ship over the North Sea to throw a few shells into an undefended port
and seek safety in flight.
That cost some suffering and destruction, but upon the question whether
the cost of the damage done by a shell against an undefended town is greater
than the cost of a shell itself, I have heard some high authorities throw
doubt. I can tell my colleagues around this table that I remember one
particular case in which an attack of that kind was made upon an open town
on the East coast of England where there was a submarine; but it takes
some time for a submarine to get ready; it takes some time for it to submerge; it takes some time to get up to a much swifter surface vessel; and
though the submarine did its best, the aggressor was far away safely over
the horizon before anything could be done either in the way of protection or
revenge.
Is it not in the minds of all of us who followed the course of Naval Warfare, that the British ships bombarded hour after hour the Flemish Coast at
Zeebrugge, which was full of submarines, if I remember rightly. The
Bintish ships bombarded Zeebtnigge, and not on one single occasion did a
single submaiine destroy or injure a single British ship.
Take the case of
the Dardanelles.
lay opposite the Dardanelles, in the most perilous
circumstances you could well conceive, month after month, with submarines prowling about seeking what they could destroy. What they
destroyed was quite insignificant if I remember rightly. If submarines
could not render it impossible for ships to lie more or less in the open opposite
the Dardanelles against a well-guarded fleet, it is very difficult for me to
believe that they are going to prove, unless changes occur, a verj' efficient
weapon in maritime warfare. I do not wish to dwell upon that because I do
not think, as I have already indicated, that it is the purely war-like use of
the submarine which is reaUy before us now. The question before us now is
whether you are going to encoiu'age an instrument of war which, if it be
encom-aged, if indeed it be permitted at all, will undoubtedly be used in the
illegitimate destruction of commerce.
Now who is that going to injure?
There are two of the Powers represented here who I think have little or
nothing to fear or to consider in such a connection, and I do not think either
Japan or the United States have anything whatever to fear from that kind
of blockade.
In the case of the United States they are self-contained and
independent of imports, and the fact that they are very remote from any
possible aggressor would make me, if I were a citizen of either of those two
great and friendly States, vet^ calm and easy upon the subject of subHow
marines. That is, two out of the Five Powers here represented.
about the other three ? Take the case of Italy. Italy is not an island, but
I remember
for the purposes of this debate, she almost counts as an Island.
the extreme difficulty we had in supplying her even with the minimiun of
coal necessary to keep her arsenals and manufacturies going during the wai".
I doubt whether she could feed herself or supply herself or continue as an
efficient fighting unit if she were re;dly blockaded, if her commerce were cut
off, which please God, will never be.
I am considering tho effect of blockade.
The fact that you are going to allow and give your general blessing to
submarines at least so I gather puts it in the power of every State that
has a seaboard at all to make itself a formidable, aggressive enemy. You
talk of the submarine as if it were by nature, something that encouraged
defence and discouraged attack. It is notliing of the kind. A State which
is itself not dependent upon seaborne commerce, but which has some access
to the sea, can, without building a battleship, without having any great
naval estimates, make itself one of the most formidable of aggressive powers
to its maritime neighbors.
Italy has five maritime neighbors in tho Mediterranean. I hope iind believe that Peace, eternal Peace, will reign in
But wo are conthose waters and in those ancient homos of civilization.
sidering those matters from, as it wore, the cold and calculating point of
view of a member of a General Staff. He, looking at it, without any
political knowledge, without any foresight as to tho trend of oiiinion, and
merely considering how nations are situated, wouldsay to Italy, "You have
five neighbors each one of whi<:h can if it dofires it, blockade your coast and
make your |>osition untenable w ithout having a single surfacc-slilp of war at
We
—
—
,
Balfour said:
Since the very remarkable statt^im^nt of the Ant,j-Subm;irine case made by
Ixjrd !>«!«), there have l)(;<^n m.ide two notable contributions to this ili;l)alc;.
One wa.« the document wlilch you. .Mr. Chairman, nud out yesterday,
composed by the .Sub-Corn mi tte«r of the Advisory f;onimilte(! and ii.issed
by th»;m. The other wan the speech of tli" gallant Admiral who h.is JilsI,
sat down.
I
rather wish that the Advls^jry Committee could have heard
that speech b'-fore (hey drr'w up their report.
They had re-ached the conclusion that the di»itnictlr)n of <v>mmerce Ijy Kuhmarltxts was not the proper
buslneMi or the main buKln«»i.<< of submarines as they wi^re under the \mprcMilon that r';gulalions could \ir<:vviil wiiat Ihey cxinsldered .ind what
anybody must froimlfliT the most inhumane) eniploytnent of llil.i parllcul.ir
weaiKin of war: but had they heard the spi-ech Ut which we hav Just
llstt-nrwl they would liavo wjen. I think, that whil
Admiral l;<) Hon cotidcmned. as we Hhould all expect him t.o roml- tun. the Inliuniiine u«(! of tlin
Riibniarlne iigaltmt difenwlexs niiTcliaiit ships. It was the action of Hubmarlnen upon mfreliant «hl[>s which he reg.irds aH on the whole tho nicmt
Important uwi U> which that wrai)on of marillnie warfare «in be put.
admit that. th'Tt' ;irii other purpoM's to v,\f\rU lir' alhidr-d, and I will come to
thmn In a moment. I,et me atk upon thiH queHtlfin f)f th<' diwtructlon of
Ifr.
i
:
I
commiTce on
has
llstene<l u>
late war, is
future war.
t.he
hiKh
fu-nn
thh debate.
Ihi-re .•loy
who
difficult inl<ision
by means
\r
thfTe.iny
tif
Niibmarines.
Ih
theri'
any
iriun
man who knows what occurred
who
In thr'
man who knows what
must, occur in the course of any
subniarines are setit on thi-lr d.inger.iuM and
on the high w-as one of the most difficult and most <latigerdoiil)lH that
If
ous as well as one of thp most dUagr<s'«bl'- ta,sks which can be Imposed upon
a sailor it. is for 'something more Important than the remote cli.-i rice of
destroying M,inn well guarded and effU lent shiii of war. and that If they an'
once let loose to deal with merchantmen It Is incr '(111)111 that In tht' stress of
war their powers will not be abused In the futiirn as thoy have been mi
their disposal.
Now
Franco Is nearly solf-.supportlng iu
caao of France.
has a great land frontier which gives her access,
She has a
dinietly and indlr<!ctly, f<i all the great markets of tho world.
Hrland assiire<l us in
position of great security from the side of tho sea.
very excellent terms that she Is in a position of very givat liiH<>euiily by tho
side of the land, :ind he rert;iiiily indicated to an attentive world Ih.at
France not only rei|ulred a large .irmy now, but as evoiit,s devi'lop she inii-'ht
again reriuire assistance from oversoa-s, across the .Mlnntic or across tho
I
tako
will
th(?
point, of food, ;ind Kr;ince
M
.
This encotirageuieiit, of sulini.irliies. Mils pjisslonate <l(M-lnral ion
would be almost criminal to Inli^nere with the growt.h of Mils promising though at present Inf.iiitlle w.iepon of war liow Is th;it going to bo
uiel
Hire
must call attention to a fii«:t which has hardly bei^i t<uiched
upon or noticed In the couise of this debate. The only notice laUi-n of It,
so far as r know, Wiis In Admiral de lion's speech, which wo heard Just. now.
In which he h;iIiI that of course
was true that the case of navies would
Ih' IncrenHed by the fact tlijit you had to find small craft to deiil with sub(
Channel.
lh.it
It,
.'
I
it.
iniirini'S If Hiilim.irlnes
weri' iill<iwe<l.
I!ul..
he
s.ild.
yoil
could get Ihoso
Now.
from merchant ships and from your fluhlng population
«;an I'lance and Italy get thi-se people from tliilr iiierch.int shIpH and their
flsliiiig population?
Allow me to rend the flKiires. The whnl<^ war turned
upon the possibility oT kei<pliig open coiuinunlenMons between Kiirope and
the United Stales of AniiTlra. (Ireat Urltaln and I'raiiee, iind on supplying
Itdy with the absolute reiiulslles of national life. That was the mosl
dirricult. problem of the Wiir.
Ili'fore that you had to develop to tho
Every one of the
III most your auxiliary iMiift. which di'al with submarines.
three coiint.rleH li;id to do everything they know l<i carry out thnlr object.
Kinall craft,
Thecal are the t'omiiaratlve coiitrlliulloiis t,o It:
Franco. Zfi? ships; Italy, 28S ships: tlreat Uiitnln,
:i.r,7(\
ships.
THE CHEONICLE
146
If that War had been fought without Cireat Britain, where are the merchant ships and where are the sailors .where are the fishing fold that would
have manned the only protection you had or would have had against the
absolute blockade of your coast ?
The blockade in the case of Italy of all the necessities of life, the blockade
in the case of Franc* of all the Allied soldiers that came to her assistance,
and all the munitions of war without which she could not have carried on
the struggle, would h;ivc succeeded, if it had not been for the fishing population and the mercantile population of Great Britain, and for these innumerable trawlers that sailed on every sea. It was the British craft that
did it, not the Italian or the French craft. We will then see how the situation develops. Supposing that the situation in the late war reproduced
itself, as M. Briand fears that it may. and supposing that Franco's ancient
.-lUics come to her assistance, as I hope they will, they will bo dependent
for the very possibility of giving the smallest assistance to France, or keepint Italy allvo, upon that organization of anti-submarine craft which Italy
and Frana^ at this moment arc among those who are compelling Great
Britain to build.
I cannot conceive that that is a situation which, on reflection, will commend itself to any of my colleagues.
Admiral de Bon
observed iust now that the submarine must develop. "You could not,"
he said, "stop the progress of himxaiiity." I confess that insofar as the
progress of humanity consists in inventing new methods of warfare, I
would stop it to-morrow if I could, and this Conference cannot set itself
I believe it
to a better work than to stop it so far as it can be stopped.
can be stopped in the matter of submarines if we all decide to do it. I
believe the conscience of mankind would help us.
I believe the ptiblic
opinion of the world would be on our side. But if we cannot do it, then
let us thoroughly realize that permission for submarines is not only an increase to the burdens of the tax-pajong world, it not only adds to the cost
of the navies by the ships it creates, but it adds greatly to the cost of navioft, at all events in countries which are threatened by other peoples'
submarines; it adds greatly to the cost of those navies by the non-military
organization, so to speak, which it requires to have ready, and it adds
largely to the number of States which can potentially and without any cost
in battleships, and without any huge estimates, add themselves not to the
list of nationfi anxious merely for self-defense, but to the list of those nations who wish to siipplement their desire for an aggres.sive policy upon
land by adding to their power on the sea.
These Cfmsidorations I verj- earnestly press upon my colleagues. I do
not believe that any of them can Iui\td faced the facts which have to be considered in this connection, though aft^ir the expression of opinion given yesterday, and after the speech aflor speech roimd this table, the British
Kmplre has no hope of getting any important support in the course of this
fJonferonce. I do earnestly trust that oiu- debates may go beyond the limits
of this room, or oven of a public session.
Here I must make a parenthesis and say something I meant to say before.
People are apt to think that it is Great Britain who is likely to suffer
most by the continuation of submarine warfare. They look upon the map
a,nd they see that Great Britain is an island, that she is surrounded by other
States, that there are multitudes of harbors over which she has no control
in her immediate neighborhood, and they see on any map of commerce in
the world the long lines indicating her commercial connections with either
distant parts of her own Empire or the markets which she serves, or with
countries from wliich she draws her raw material, and they say "Here is a
State which really is exposed in the .utmost degree to the peril of submarines." I do not deny that our position is a difficult one. but we have
had to face the difficulty and we know that we can overcome it. Lord Lee
mentioned yesterday the critical moment of the war. It was in the beginning of 1917. when I was coming over to this country and during the
earlier part of my stay here.
During those weeks undoubtedly we had only
Ui add up the tonnage of dcstniclion and subtract it from the tonnage of
the world to see that if thiug.s went on as they were- going on, then the war
could have but one end. Yes, it was a struggle, you will remember, between the .'ittacking forces of the submarine and the defensive forces that
'vTBrc brought against it.
Like all these struggles between offense and defeusb. it had its oscillations.
That was the very nadir of our fortunes.
But it brought its own remedy; organization, invention, and the number
of auxiliary ships gradually diminisluKi the peril until at the end of the war
everybody felt secure, not, indeed, against cruel losses, but against destruction through losses.
And so it will bo again, because we have this great
population, this great naval population, this gi-eat fishing population, these
innumerable craft, and admirable sailors, who showed on every occasion
that when their country required it of them, or their cotmtry's allies required it of them, there was no danger or peril of battle which they were
not prepared to face.
No other country jn Europe has that population.
No other country can provide that defense against submarines. It is not
there.
had to provide it for France and for Italy, and if the same circumstances came again, wc should again have to provide it. Therefore
say, do not let anybody suppose, though I belio^e all our colleagues are
1
bound up in this controversy, that wo are (he people who will suffer most
if you decide, as you seem ready to dticide, that .submarines arc to receive
the sanction of this t^onfercncc.
Do not .suppose that, for it is not so.
The fate of my own country I look to with serenity in that respect. I
admit it niny increase our difficulties; I know it will increase our cost and
will increase it enormously, becau.se we should h.ive to organize all the
.luxlUary craft against it.
But that it will imperil our security I do not
bollcvc.
1 do not know whether all my friends round this table can speak
with equal confidence of their position.
We
SENATOIi srTr.W/.FK OF ITALY.
Mr. Schanzer
said:
We have listened
with ihe greatest atientlou to Mr. Balfour's important
speech.
tcrtmical experts of great authority who insist upon the necessity of still
maintaining submarines as a defensive weapon. This opinion Is shared by
our naval experts and by our Government.
We are disposed, however, to pursue together with you the study of this
problem; only we must point out that it does not seem possible to us today
to decide on the suppression of submarines because many of the States that
could avail themselves of this dangerous weapon are not represented tn this
Conference.
Were we to decide today the suppression of submarines w c would evidently
bo placing ourselves in a dangerous condition of manifest inferiority in respect to those states which are not repr&sonted here and which might continue to use submarines. The Italian Delegation believes, therefore, that
this problem must be examined subsequently in a wider conference.
For
the present, however, one point is clear in our minds and that is that the
best course would be to follow even in this case the spirit of the American
propositi and consequently to limitate submarines to th3 measure strictly
necessary for the ends of a purely defensive naval policy.
Explanatory Remarks by Mr. Balfour and Admiral de Bon.
In reply to Mr. Balfoiu', Adm'iral de Bon insisted that he had never
wished to support the theory, which was neither his Government's nor his
own, that submarines had the right to destroy mBrchant vesssls after having
saved the crews. To be convinced of this it was sufficient only to refer to
the ^vritten text of his statement.
Mr. Balfour said that the last thing he had intended was to misrepresent
Admiral de Bon.
He was certain that if the Admiral ever had control of a
Navy in tima of war. he would conduct the operations in accordance with
the dictates of humanity and the fine traditions of the great sersice to which
he belonged. What he had attempted to show however was that, if the
submarine was to play the great role in futtu"e wars, which Admiral de Bon
had suggested in his speech it could only do so by resort to extreme methods,
for it was futile to suppose that submarines would make a practice of stopping merchant ships and placing prize crews on board to take them into port.
The meeting then adjotu-ned until tomorrow, December 24, 1921, at 11
o'clock.
As we made known
week, on Dee. 24 Japan declined
submarine tonnage to 31,500
tons and the French delegation deferred their decision pending advices from Paris.
There were two communiques on
that da J" covering the morning and afternoon session; that of
last
to agree to a reduction of her
the morning session we give herewith:
The fourth meeting of the Committee of the Limitation of Armament
and the Sub-Committee on Naval Limitation was held in the Pan-American
Union Building at 11 a. m. Dec. 24 1921. Continuing the discussion of
M. Sarraut said:
MINISTER SARRAUT, REPRESENTING FRANCE.
the abolition of the submarine,
Our eminent and venerated colleague, Mr. Balfoiu", replying yesterday
to Admiral dc Bon's statement which, in my opinion, was .so STtbstantial
and convincing, gave us a now opportunity for respecting the eloquence
and the emotion of the terms which a mind like his always so easily finds
to express the inspirations of his thought.
I thank him personallj' for having given me that rare pleasure in which
the regret one feels at meeting opposition immediately gives way to admiration for one's adversary
I regret the use of such a word as adversary which
has a displeasing sound as it comes to my eai-s; for, as a matter of fact, the
first impulse of my thought, as I rise to reply to Mr. Balfour, is to think of
the last words of his speech, and to approve, with all my heart and all ms"
reason, of the dignity and the serenity with which Mr. Balfour looks forward
lo the future destiny of his great country.
On this point ho knows how
completely I share his faith and his conviction.
country, more than any other, Mr. Balfour knows this, desires for
Great Britain the continuation of the power and security which France
regards as one of the essential guarantees of the peace of the world and of
the future of- civilization. France would be the last to forget greatly the
heroism and the tenacitj- her mighty ally contributed to bring about the
final doci.sion which saved the liberty of mankind; and in the effort thus
made by England, we know also what part was played bj- this British
navy which, working with the French navy, did so much to make victory
certain.
I wish to bear these sentiments in mind in repljing to Mr. Balfour and
particularly to the argument ad homincm which he addres,sed to France, as
to Italy, w ith the object of demonstrating the danger that might be created
by the position taken on the submarine question. If I rightly urulerstood,
.
,
My
?slr.
Balfour said:
you may be the fii-st victims of your attitude. You know what
England has been enabled to do for you with the aid of its navy; this help
ran groat risk of being impaired by the action of the German submarines.
Let us suppose that the situation at the time of the last war should recur
as has been suggested by Mr. Briand; suppose that the former allies of
France again come to her assistance (as Mr. Balfour .said he hoped they
w ould do) the efficiency of their help might be impaired by the resumption
of that submarine campaign wiiich the attitude of France would have helped
to render possible by its unw iUingness to abolish submarines.
Such indeed is Mr. Balfotir's line of rea,soning; I believe that I have not
understated it and that 1 ha\e exactly reproduced it. I might remark
that in reality the danger contemplated by AI. Briand is the same as that
which Mr. Balfour him-self has called "the very great insecurity from the
land sides." But I agree also with him that the peril may extend to the
sea and, far from putting aside tliis supposition. I hasten to accept it t)e" Bew-are.
;
it will still further stren,gthen our contention.
this point I will borrow from Mr. Balfour himself the argument in
answer to his reasoning. In fact. Mr. Balfour, in pointing out to us the
eventual danger of maintaining the submarines, has laid it down that
caasc
Mr. Balfour has
recalled England's efficient aid for Italy's supplies during the war.
I wish in the first place to express to the British delegate,
who represents his country with such a great authority, Italy's sincere
gratitude.
shall never forget what England has done and Mr. Balfour
knows the cordial friendship for England which is traditional among the
alian people and constitutes one of the surast ba.ses of all Italian policy.
1
I
ish furthermore to'oxpre.ss to Mr. Balfour my thanks for the important
reiuarlcs ho made on the particular conditions of Italy, who depends comI'letely on the sea for her supplies, wtoo can be blockaded with the greatest
facility, owing to the fact thai the Mediterranean is like a lake,
and who
can be exposed to an olfensi\-e action on the part of as many as five maritime
neighbors.
His obsorv-ations are such as to justify better than I could
over have done raysolf the position that the Italian delegation has asstuned
in the proscnl debate.
We
(
'»\
Mr. Balfour has contested the utility of the submarine for coast dofonso.
lie mamtains that submarines are of no hcip for gujiranteeing
the supplies
of a country which is dependent on the sea. and holds, on the
other hand,
that they are a menace to these supplies.
He has siiid that .submarines are
a danger, especially for Italy w hose coasts can be easUy blockaded
and whose
marilime neighbors might make use of submarines as an
We arc
[Vol. 114.
offcnjiive
weapon.
confronted by hubstantiall.v technical difference of opuiion. Your
authority .and that of t,ord Lee's are no doubt very great but
there are
At
countries which have maritime shores which have acce.ss to the sea may take
advantage of this situation to gather together a force of submarines representing a considerable aggressive strength for use against their neighbors
Herein lies the very danger, as pointed out by
or against other countries.
Mr. Balfour himself, which we fear and which we wi.sh to avoid.
It is suggested tiiat we gi\o up the idea of retaining submarines: but are
all the Powers possessing fleets of submarines- equally to support such a
There are five Powers here; sometimes called the "Big Three."
decision'/
sometimes "Big Two "; we can reach a decision as far as we oiu^selves are
Who can assure us that
(•onci'rned. but v lial will the other countries do'/
they will submit and follow our examplas'/ And then, what will happen if
they continue to build suljmarines, either for their own use or for some one
In what sort of situation would wo find ourselves if. per adventiu-e.
else'.*
war were to break out? AVe would have given up submarines and might
be confronted with great siiljinarinc forces which other nations would have
constructed, retained or ceded to enemy Powers.
This is the e^•entllalit.v which must be faced. Will any one tell me that
The countries I have in mind, which are not represented
it is fantastic'.'
lii-re. and whicti will therefore pre>ierve their freedom of action and their
—
submarine forces— what way havo you of persuading them or of forcing
them to follow om* example?
Great Britain has tried persuasion without success. These attempts
were made in the deliberations preliminary to the Peace Treaty, during
which Great Britain expres.sed the wish that the ust) of submarines lie forbidden, as well as in the discussions which brought the matter up twice, if
The other countries
I am not mistaken, before the League of Nations.
concerned refused to accept the British proposals. There was nothing
surprising in this; it goes to prove that these suggestions came up against
a sentiment which is very natural and which is not peculiar to the l-Yench.
There must be no misunderstanding on this point; the views we uphold
arc not the exclusive views of Franco; they are shared by many other
No country worthy of the name
coimtries whose ideas wo oixly reflect.
can leave to others the care of its national defease; every country has the
desire and the right to assm-e its own safety, and not to entrust to any one
else the defense of its independence or its integrity; every country tries
to do this through its own means and its personal resources.
Some of these countries are able to build many fleets and possess capital
ships; but those which do not dispose of the same resources, the same
financial faclUties, are building, or will build, submarines, which constitute
Should tliis right be denied
the weapon of the weak and are less costly.
them? They have no choice when they see other countries maintaining
powerful fleets without any warlike intention, to be siu-e, but with a view
Persuasion was of
to protecting their own safety against any eventuality.
no avail; constraint will not succeed any better. Besides, no one present
here could ever dream of constraint for the very simple reason that we all
.see the danger of taking such an attitude.
I called the attention of Great Britain in a friendly way to the construction which might be given to our ddecisions by certain countries and which
would run counter to om- common efforts to create a spirit of peace. An
atmosphere of peace can only reign throughout the world if we give all
peoples the assurance and guaranty that this peace is based on a feeling of
equity and justice which takes the interests of all into account.
The day when these peoples begin to think thac we are likely to make use
of moral constraint to impose on them our way of thinking and I venttire
to emphasize this idea at the present moment, when the susceptibilities of
nations should be carefully considered I would be soiry to see grow up once
more, around the beneficial work that we are accomplishing here, certain
legends and even certain calumnies distorting the trend of our pm-poses.
like those from which we, the French, have suffered and that we have seen
only recently used against France in the press representing here in an imperialistic attitude.
It must not be permitted that such campaigns misinterpreting our true
sentiments should be initiated against any one of us France, Great
If certain ones among us preserve more or
Britain, Japan, and so forth.
less considerable naval forces, and if we, at the same time, forbid other
peoplas not represented here the right to procm-e for themselves those
.smaller but still efficacious weapons of defense which they believe they
need, might not the legends to v.hich I ha^e referred tempt them to think
that other more powerful countries wish to keep them in subjection, to
force them to place themselves under their protection and to retain them
in a sort of vassalage?
must, I repeat, careThat is the impression which we must avoid.
fully consider the mental attitude of the peoples who are not represented
here and whose susceptibilities might misconstrue the exact trend of the
decisions toward which we are collaborating.
And thus, gentlemen, you perceive the conclusions to which I am leading.
You cannot assimie here certain obligations in the matter of submarines in
the name of countries not taking part in this conference; you can neither
persuade nor coerce them; that is to say, you cannot in a way have the
guarantee that they will follow the example of not constructing submarines.
Hence, in the absence of these guarantees, I consider that we cannot
have come to an agreement on the reduction of
come to a decision.
offensive naval armaments, but the question of means of defense must be
left to the consideration of the countries interested.
I readily unders-tand that a meeting of a general conference might be
suggested in which would be represented all the countries tntxrested in the
In this conference might be determined the rules
question of submarines.
applying to a more humane use of submaruias; the question of the principle
of the retention or abolition of the use of submarines could be raised.
Then all the nations Interested in the question might express their opinion
and really effective decisions might be reached.
For the time being, I repeat, I believe that wo cannot even make decisions,
regarding the question of the limitation of the submarine tonnage which
couHtitutes a defensive navy, not an offensive weapon.
Let the tonnage
of the grfat ships, of the attacking vessels, be limited as we havo done;
—
,
—
—
—
We
We
that is well, and each country may make its contribution along with its
personal sacrifices in the matter; but, as regards the defensive navy, it is
those countries concerned which know best their needs and the situation
that they must confront.
It Is es-sentially a question which Ls dependent upon the sovereignty of
such countrlfs and upon tho perception they havo of their responsibility
as to national safety.
Such, gentlemen, are tho considerations that I wished to lay before
Mr. Balfour; I do not know whether I shjiU have succexjded in convincing
him, but at least tho great honor of having entered into debato with him
will
havo b(«n mine.
A/«.
Ul
THE CHRONICLE
Jan. 14 1922.]
BALFOUR. OF GREAT BRITAIN
(which Heaven forbid) will again in the future have to
and
allies,
will bo,
I
call upon her friends
or late allies, for assistance in men and a.s.sistanco In munitilons, it
suppose, because hor gn^at Eastern neighbor has not meraly
revived her army but has in part revived her navy. The ono is not likely
to take place without tho other; both aro contrary to tho Treaty of Ver-
Very well.
must then a.ssume that there aro 60,000,000 or 70,000.000 Gormans
against whom France has to be prepared, and wo mu.s-t assume that thoso
60,000,000 or 70,000,000 Germans aro supplied, if with nothing elsa, at
least with the easiest and the cheapest of all ships that can bo built, namely,
sailles.
We
submarines.
How is Franco going to deal with that situation ? Her building of submarines is no u.se at all. Let her make her fleet of submarines wha,t she
They do not protect either her own merchant .ships or the transports
will.
They are weapons of offense, not, as wo hoar
of her neighbors and friends.
so often, weapons of defense, and in no sense would those submarines be
abie to givi one atom of assistanco to th5 French nation if she be tlireatouod
as I have indicated, basing my observations upon M. Briand's whole statement of her case.
They would afford her no assista,ncB in her hour of need. To whona, then,
There is but one nation in Europe which is or can be
is she going to look ?
made, so far as I can sse, adequately safe against submarine attack, and that
for, I almost said, social ;ind economic reasons which cannot well be copied.
We and we alone, so far as I know, in Europe liave that large population
that large seafaring population which can be utihzed for the manning of
small craft by which alone submaxines can be controlled in these narrow
waters, a population which, as shown conclusively by the experience of the
late war, not only had the numbers but the individual skill, courage and capacity to deal with that sitaution.
So that I must assume, if it be true that
France, in the crisis contemplated by M. Brjand, is going to call upon her
ancient allies for assistanco
hor hour of need it is upon oiu" anti-submarine craft that she will b<' dependent for the possibility of that call being
obeyed.
How is that consistent with the building of this huge mass of submarines
which anybody who looked at the matter from a strictly strategical and
tactical point of view would certainly .say from tho very geographical situation was built against Great Britain?
I know and, of course, I accept the eloquent words that M. Sarraut has
used.
Of course I know that he, tn his expi^ssion of friendship for Great
Britain, said not one word in excess of the^ truth.
I know it repi'escnts what comes from his heart, but no present expression
of good-will, however sincere, can control the future.
We mtist take account of facts, and when wa try and combine the military policy announced
by M. Briand with the naval policy annoimced by Admiral de Bon wo cannot fail to see that there is a naval and a military scheme strangely inherent
and incon.sistent. Men Tvill inevitaby ask themselves "What is the ultimate end underlying all that is being done? Against whpm is this submarine fleet being built? What purpose is it to serve? What danger to
France is it intended to guard against?" I know of no satisfactory answer
to such questions.
I have so far confirmed what I havo said strictly to the Anglo-French
position, and I have tried to explain to those who I know are our friends
why the position seems to the British public so inconsistent and so difficult
to justify.
Let mo now .say one wnr<l upon the more general aspects.
I think there is something to be said in favor of this part of tho contention
of M. Sarraut.
He asked us by what authority five nations at this tabic
could legislate for the world.
We cannot legislate for the world; we cannot
compel the world to take our opinion. When ho argues from that tindeniable proposition it has been stated by Mr. Hughes himself in a sentence
which really covers the whold ground: "Even if they were ready to adopt
the principle suggested by tho British delegation, they would etUl hare to
await the adherence of other nations." That is a statement which I en-
m
tirely accept.
that he granted in its full extent, as it should bo granted, aro we
a conference of this authority wero really unanimous and roally
put forward upon broad moral grounds the statement that in their view submarines were not a weapon of war that was consistent with civilization, that
that would have no effect? Would that not be the prelude to their ultimate
abolition ?
Is mankind so deaf to these appeals as to make them fall vainly
upon unheeding cars?
I do not think so.
I think if it were possible for this conference of tho
United States of America, Japan, France, Italy, and (Jreat Britain— tho
five great naval powers
to give expression in fittuig language to that view,
it would ba the beginning of a great and benefioiont reform.
Sarraut apparently does not think it would be a reform or at all events
he thinks that whatever it might be, taken by itself, the very fact that it
had been brought forward by Groat Britain, advocated by Groat Britain ;umI
adopted by this conference on the appeal of Great Britain, would give rLso to
endless calumnies and that Great Britain herself might suffer from the notion
that in maliing this appeal wo had hemn animated .solely by selfish motives
and a de.siro to dominate! weaker neighbors by our superior sea power.
But Is such misrepresentation possibl,;? If it were attempt<^d, woidd it be
believed? Without going into the depths of history, for tho wholo of the
nineteenth century, after ISl.'i, Groat Britain was tlio un<iuastioned soa
pov/er which had no rival.
Tliose who had thn wealth t.o build against hor
did not think it worth Avhile, and for all those years the British fleets wero
by far the largest that traversed the ocean. Th(>n GiTinany began to build,
tho United States and Jai)an Ibllowod suit, and that .state of things has come
to an nd.
Is the history of Great Britain during tho.so years one favorabV' or unIt was <lurlng
favorable to peace, favorable or unfavorable to liberty?
thos<! years that fJreeco became free, th.tt It.ily h(;canio united, that all the
States of South America declared IhenLsolveM IndeiXMident republics.
So far as I roinomb«»r, there was only on(( lOuropeaii w.ir in which wo wore
I cannot imagine
engagfid, and In that war we wero the .-illles of Franco.
.inylKidy, reading hlsU>ry. suppofrtiig that oven If tho relative power of
(iroat llrltain In the century which Is to i-onie wero comparable Ui tho rolatlvo Hoa power In the (•<inHiry whlr-h h.-is |>asHed, ho liberties of tho world
tho ihangod situawoulfl h.-ivo anything to fear.
I look lorwanl myself l<>
Even
to believe,
if
if
—
M
.
,
I
do not mcAn to worry you with another long speoch, but I must, .say
one or two fM^nlenrcs to make my position cl(.<-ir afUT tho words used by
M. Sarraut. Those obs<TvaUons, mi far as I am conc(Tn«l, wire not only
mo.it court»!ou.s, but, they were fiatt'-rhiK far beyond my desertH, and I
gratefully acknowledgf- th< spirit in which they were, made and l.lie limguago
In which they were couched.
But / am bound, of cour.se, to make fpilto
clear
I will not say th(! whole position occripie*] by th(r lirltlsh di legation
brut ctTtaIn points In that case which I think It possible that .VI. SarrauL'H
npetxh may have confns<!d.
Tho argument that I brought forward In Its a«pr!<;t :ui conncctfid with
Prance, which Is really tho onu on which I proposo to touch at tho prciscnfc
I
—
momf.-nt,
may
ho put
way:
Wo were given U> underst.and on the very hlghoHt authority that tho
dangfir u> Franco In th< f\il,ure wjis a danger that com<'H Ui h<T from tho
land Hide, and wo were t<ild In Utwh of uiiforKcttable eloquence that that
dangiT Wiis wi ({reat and prcsHwl so niucli upon the r.ouiu-lr.iici-H of public
men and the sentiments of the French public that It w,is qulto ImpoHHlblo
for France to permit any dlrnlntilinn of land nrmami^nlH.
The derision thiw announced had a most wrious ffect on the dfrvelopment, of tho work of a am[>ri-i\ri) called together to dinilntsh iirmann-nls.
Thi.i Idea had to bo abnndoin<l and the Conference found Itself confined to
naval disarmament, alone.
France, having put an end to all chance of even
In this
i
disarmament by lantl, procfod.'-. to develoi) h<T wsi policy, and hor
sfia policy embraces the creation of a vast submarine fleet.
Now, let us con.tlfler thoso two iiosltlons Ukim t^ogethfT. If the danger
to France is of tho magnitude which has been indlcaUid, and If Franco
dlsciisiing
I
tion without fe.ar .and without mlHglvliiKS.
(Jreat Britain Is strong enough U) tlefeiid herself anil she wantu nothing
moro than to dcfenrl herwif. Nor do lielleve (hat any of Uio natioiw to
Sarraut are going to run away with
whom referenco h;]S been niado by
the ld<!aH th;it for ;iny t)nrposo whatever Grriat Itrllain moans to bo a, tyrant
I
M
either
on land or
He Heems
to
I
.
s(<,;i..
hink that tho smaller Powors,
who might havo n(jol<MKl
In
tho
build for thrrns.'lves submarine rieols. will rosont an Intornatloniil
arrangement by which the use of subrn.irino fleets Is forlllddiin, and that,
they will say, 'ThlH Ih an oxaruple of (IriNit llrltaln'n arroganco. prido and
jK)Wer
t,o
tyranny."
If I know anything of tho smaller nations of Ktiropo. that Is tho very last
British lovo
thing they are going Ut say.
It, Is not friun lirltlsh avarice or
If thoy consider tho power of
of domination that they havo ever Huffored.
Great Mrltain at all, they c<m«lder 11 as a power to which In time of difficulty they niay look for prote('tlnn.
us
THE CHKONICLE
If they consider the influence of Great Britain at all. they know that that
influence has always been exercised on the side of liberty, and I am certainly
not going to be prevented from doing my best to induce this great moral
reform in the use of weapons of war by the fear that the action of myself
and my friends round me can even by the bitterest and most unscrupulous
calumny be darkened by the sort of shadows which M. Sarraut seems to
think the ingenuity of the calumniator was able to spread over mankind.
That is all I have to say.
I have not attempted, as my friends will see, to go over all the ground
traversed yesterday, or to deal with the fundamental verities of the situation, but as M. Sarraut thought it desirable to bring up the international
relations governing the situation and to paint the future in the colors which
he seems to think appropriate, I thought it would hardly be respectful,
either to him or to those who are sitting round me. if I remained perfectly
silent under the observations which he has made.
MINISTER SARRAUT OF FRANCE.
do not intend to monopolize the attention of the Conference, but I hold
It most essential to avoid any misunderstanding, and it is indispensable to
the clearness of this discussion that my thought be not misconstrued. In
this connsction I must clarify two points on which Mr. Balfour has dwelt.
I
One concerns the definition of the general situation of France. The other
deals with the possible result of the decision which the Conference might
take as regards submarines on the opinion of the world, or at least on the
opinion of the I'owors not represented here.
As reg.n.rds the situation of Franco, and the policy pursued by her in safeguarding her Independence and her security, Mr. Balfour, in referring to the
attitude taken hero by M. Briand in the land armaments and relating to
our demands in naval matters, has appeared to experience a feeling of siu-a feeling of surprise as regards this policy, which he considered as a unit
prise the causes of which, to tell the truth, I have had difficulty in understanding.
France, it is true, is compelled to make a double effort, military and naval.
The reasons for this are simple and clear. As regards land defense, M.
Briand has made here a statement of the perils against which our country
-a statement which every one considers final.
is obliged to guard
He has indicated, with a cogency to which I can add nothing, the necessity
which confronted us of providing for our defense by retaining a burden of
armaments which reduce us to a grievous servitude. It is not for our
pleasiu-o that we assume these sacrifices, and I do not believe that any
one will venture to contradict this.
What is the object of our effort»s on the seas? Are we impelled by some
proud aspiration toward an increase of maritime power? No; you know
well that we are not since, a.s rogard.s capital ships, in which lies true offensive power, that power which alone could give support to an ambitious
scheme, we have made the greatest sacrifice and are satisfied with the
amount of tonpago which has been allotted to us here, It is true, we ask for
submarin.;s but to what end? To attack our neighbors?
The truth is that we are
I should not deign to repij' to such a suspicion.
confronted by a situation of fact, which Sir. Balfour must be aware of
Besides our continental coa.st lines, the defense of which cannot be neglected,
we possess a colonial domain whose ramifications are spread all over the
world.
France must have the weapon she needs to defend her possessions, just as
she must havo the weapon necessary to the safety of her transports and her
line^ of communication between the mother country and her colonies, both
near and distant. In time of jieace Prance scatters her military forces
throughout her possessions; her forces, as you know, are divided among the
mother country. North Africa, and her various colonies.
There is, then, a logical contiection between her indispensable military
power and her naval force. She should In any event keep the means of assuring the safe transportation of hor troops to the mother country, and for
this purpose decidedly she mu.st have at her conunand a certain force.
This is wh3-. after having consented to this sacrifice which you have asked
of us in the matter of capital ships, we come here to set forth our situation, to
state in all frankii&ss ?ind all simplicity the obligations and the reasons of our
—
—
—
—
naval program, which
is
based on needs whose reality cannot be doubted.
And when we have laid before you the sincere, definite and precise
for our program, how could we be suspected of any secret designs,
reasons
against
which the very franknass of our explanations protests.
As to the myths, the imputations to which I have referred as possibly penetrating beyond the circle of the powers here represented, I am astonished at
the interpretation put upon them; I have said nothing, I need not insist on
the fact, which is especially aimed against Great Britain.
And if, on the contrary, I havo outlined these fears very frankly to you. it
was becau.se the reproach to wliich I have already alluded might some time
be laid against our common work, against all powers, without exception,
which are deliberating hero, and because I wish to avoid for all of us, without
exception, any suspicion of having attempted to reduce to vassalage those
powers, large and small, which have not imrticipated in our counsels, by
removing from them their weai)on of defon.se, the submarine.
In fact, if Mr. Balfour could h.^rbor the .slighte.st idea that I wished to impugn the motives of Groat Britain, the words spoken b.y me at the beginning
my speech would bear witness to the affectionate feelings which have continually inspired my thoughts.
I then stated clearly that the might and the
safety of Great Britain constituted one of the essential safeguards of the
peace of the world and of the progress of civilization. Who, moreover,
would dream today «f speaking of the possible hegemony of any country in
of
the world?
This dream of an earlier day which was that of a whole people has forever
Tanlshed in the last war. Aad it was your country itself, Mr. Balfour, that
has largely contributed to the overtlu-ow of this hegemony by a contribution
toward the victory of right which will remain the honor and the supreme
glory of your naW«>.
But nevertholc«« *li«re remains the f,-»ct that in the fulfilment of the task
that we are hero aoKased upon, we havo to take into account the susceptibilities of certain peoples.
1 havo said that if you want to settle such a
qup,<!tion as that of the sap|>r(ssion or retention of the submarine, align the
small powers on the side »f the gi-eat becati.se the small ones have also the
riglit to express their views and make their voices lieard.
1 cannot express myself otlxTwlse, even when speaking on behalf of a
country whose liberal and peace-loving sentiuioiils cannot be mistaken, even
when dealing with tJie problem of her safety on land and at sea. The
creation of a will to peace in the world can be based only on confidence and a
spirit of justice.
This is the dei^p <;onviction which must be imparted to all
nations; they should bo persuaded of this fact not by having it forced on
them, but by letting it penetrate gently into their minds.
This, and nothing else, is what I said.
,
,
SECRETARY HUGHES.
Thinks Afreement Regarding Comvlete Abolition of Submarines Impossible.
Mr. ntighes said that ho thought the committee had proceeded to a point
where he beUeved It must be concluded that it was not possible to reach an
agreement on the matter just discussed. It had been the highest privilege
to listen
»ho strong and persuasive «u«tunents of Mr. Balfour.
U
[Vol.
114
It would be superfluous to say that the arguments he addressed to the
committee had been perfect in construction and comprehensiveness and
admirable in then- entire candor. All present must feel that they were his
debtors for the intellectual pleasure he had given them.
The Chairman wished, however, to express a far deeper sense of obligation.
The conference had been called for the limitation of armament, and
the economic importance of limitation had been empha.sized.
But in that
way, limited though it might be, the conference was striving to lay the basis
for an enduring peace.
That was the real point of their effort.
What had impressed him most in Mr. Balfour's statement was the spirit
with which it was imbued and the manifest desire to present and enforce,
against apparently hopeless odds, a proposition which was deemed important for the maintenance of the peace of the world and for such an adjustment of weapons of war as might favor the maintenance of conditions of
peace.
He said that he wished to express his profound .sympathy with what
Mr. Balfour and Lord Lee had said: their argument had derived force not
only from humanitarian sentiment, not only from abhorrence of the atrocities of submarine warfare, but also because it had been buttressed by facts
drawn from extended experience of Great Britain an experience which
—
presented t«sts of all the questions raised here.
If the argiunent of Mr. Balfour and Lord Lee could be answered, the
Chairman thought that that answer had yet to .come. He perceived from
his more or less impartial position the great difficulties involved in presenting a technical answer. He distrusted his abiUty to judge of the t-echnical
naval argument, but he believed that those taking upon themselves the
burden of that effort would have much to do.
He was quite aware that in the United States there was widespread sentiment against the submarine, largely due to the feeling that had been aroused
by the abhorrent uses to which the submarine had been put. There was a
very strong sentiment against the submarine, and that as an offensive
weapon it should be outlawed a feehng that would be powerfully reinforced by what had been said here.
While the chairman felt that there was no immediate prospect of the adoption of the proposal, the words of Mr. Balfour and Lord Lee would carry far
beyond this conference and powerfully influence the development of public
opinion throughout the world. He was not prepared to say that their suggestions might not ultimately be successful in inducing the nations to
forego the use of a weapon which, as Mr. Balfour had urged, was valuable
only as an aggressive weapon, and then only in a form of aggression condemned by hiunanity and international law.
There existed the very great difficulty of the differences of technical
opinion on this point.
Naval exports did not agree and it was impossible to
ignore their views.
So far as the United States was concerned, the matter
had been examined by the Advisory Committee, which, although it had not
had the advantage of hearing these arguments, had nevertheless produced
an able, illuminating and conservative report. As France, Italy and Japan
had manifested an inability to agree, it would be impossible at this time to
expect a result favorable to the adoption here of a resolution to abolish the
submarine.
The Chairman said that he had had the pleasure of conferring with the
President in regard to this matter, and had found him deeply impressed with
the strength of the argiunents presented and the spirit animating them. If
at any time it were found to be feasible to take the matter up, the United
States Government would give it its most serious attention.
The Chairman
hoped that what had been said here would prove provocative of thought
throughout the entire world. When adherence could be expected to the
principle of abolition, the subject would be again considered.
He hoped that it would be clearly understood that the submarine would
not be countenanced as a weapon really suited only to offensive attacks (if
that be the fact) imder the guise of a weapon which was only available for a
very limited purpose of defense (if that, too. be the fact). He was not a
naval expert. The position of the American Government was as well set
forth as it could be iu the statement of the Advisory Committee.
The
American Government welcomed the discussion as of the utmost importance
and was greatly-impressed by the strength of Mr. Balfour's arguments in th«
light of the experience of the late war.
What could be done? It had been said that there -weste other powers
which were not represented here. The powers, participating in the Conference on the Limitation of Armament, woro bound not to use that conference to impinge upon the full liberty of discussion of those desiring to be
heard in a matter relating to their defause.
Moral offensive, if he might be permitted to use that term, should not be
conducted against them. He felt in honor bound by what had been communicated to him by other powers not represented on the com^mittee that
nothing would bo done which[ would compromise their position on a question
which they believed related to their security, or which might prevent them
from taking the measures they thought necos-sary for their defense. A discussion, however, which tended to bring out the truth would be as helpful to
those who were not present as to those who were represented.
He (Mr. Hughes) hoped that the discussion would lead the five powers to
agree to a denunciation of the illegal methods of submarine warfare in terms
clearly undoi'standable and to bind themselves to assure the appucation of
the priuclples of international law in connection with submaria* warfare and
to consider and debate what could bo done to strengthen the laws eovernlng
the use of this weapon.
The Chairman then said that unless further discussion of th» principle of
the abolition of the submarine was desired the committee should consider its
He believed that those who considered
restriction, niunbers, tonnage. Ac.
that the submarine was essential should frankly trll the ooatnaittoa how far
they were prepared to go, what their minim tun requirements ware and how
far they were prepared to accept reduction or restriction.
The point of Ihnitation of armament as regards submarinos had been
With respect to the point of proposing and considering the law in
reached.
the ca.se. that matter was one where-the precise phraseoloey must be care-
—
fully considered.
With the permission of the committee, precise proposals would later be
brought forward by the American delegation, pending which the committee
was ready to discuss the subject of the limitation of the tonnage of submarines and all that pertains thereto. He would, therefore, ask the delegates to express themselves on that point.
MR. BALFOUR OF GREAT BRITAIN.
Will you allow me to express on behalf .not only of my.self but of my colleagues on the British Empire delegation, our thanks for tho speech which
you havo just delivered. We think that it is the happiest augury for the
Wo regard yoiu- utterance as a great step forward, and we do not
future.
doubt that it will find an echo in all parts of the civilized world and will
greatly promote the cause we have so much at he.irt.
You have indicjited that it will be for the general good that this stage of oiu'
discussion should now be brought to an end. and certainly I behave that to
be right. Will you permit me to have placed formally upon otir records the
views, very briefly expressed, of the British Empire delegation, which will
take this shape.
The British Empire delegation desires formerly to place on record its
opinion that the use of submarines, whilst of small value for 48fen.sive ptir,
.
,1an.
U
dictates of
should bo taiion by
which are inconsistent with the laws of war
humanity and the delegation deslras that united action
all
nations to forbid their maintenance, construction, or
employment.
SECRETARY HUGHES.
The Chairman assumed that thsre was entire agreement that the statement just read by Mr. Balfour should be placed on the record and that, as
the views of all the delegations had been heard with regard to the abolition
of submarines, the committee might proceed to the di.scussion of the limitation of submarine tonnage.
In the course of the discussion it had been remarlied that, as far as submarines were concerned, the American proposal was hardly a limitation.
The American delegatiort thought that, so far as American submarine tonnage was concerned, the remark in question had been based on a misappr<<hension and that there had been a reduction from 9.5,000 tons to 90.000
tons slight, to be sure, but still a reduction.
He desired, however, to make this suggestion. It was impossible to hear
all the arguments regarding submarinss without forming an impression of the
views entertained by the delegations on this matter.
The American delegation was entirely willing to accept, instead of 90,400
tons proposed as the ma.ximum limit for the United States. 60.000 tons, thus
scrapping ,35.000 tons of the existing submarine tonnage, on the basis that
Great Britain should also accept 60,000 tons as tha maximimi limit of submarines and scrap 22. 40-1 tons her present amount of submarine tonnage
being 82,464 tons, according to the American figures.
Then, in a desire to take whatever action was possible to meet the views
entertained by the other delegations, the Chairman suggested that if the
United Statss and Great Britain each reduced the maximum limit of their
submarine tonnage to 60.000 tons, France, Japan and Italy should retain
the tonnage they have in other words, maintain the status quo as regards
submarine tonnage.
He, Mr. Hughes, made the suggestion in order to show that so far as the
American Government was concerned it was not in favor of anything that
savored of expansion. This was a conference on limitation.
In reply to an inquiry by Lord Lee, the Chairman said that he understood
that the present submarine tonnage of Japan was 31,452 tons; that of
France, according to the figures given the other day, was 31,391 tons, and
that of Italy somewhat less about 21,000 tons.
The meeting then adjourned vmtil 3.30 p. m., Dec. 24, 1921.
The afternoon session of Dec. 24 was detailed in the following com-
—
—
—
—
munique:
The Afternoon Session.
The fifth joint meeting of the Comnaittee on Limitation of Armament and
the Subcommittee on Naval Limitation was held in the Pan American Building this afternoon, Dec. 24, 1921 at 3.30 o'clock. The discussion concern,
ing the limitalion of submarine tonnage was continued and Mr. Balfour
accepted, on behalf of the British Empire, the American proposal that the
maximum submarine tonnage for the American and British navies should be
60,000 tons.
SENATOR SCHANZER OF ITALY.
My colleagues are acquainted with the principles upon which, according to
our opinion, the solution of the problem of naval armaments must be based.
We have laid down these principles ever since the first meeting of this committee; they hare been accepted by you and we could not depart from them
even today.
These principles are the parity of the Italian fleet with aU other large
neighboring fleets and the reduction of naval armaments to the quantity
strictly necessary for a defensive naval policy.
The above principles have been applied in regard to the capital ships;
they must also be applied with regard to the other categories of naval armament.
May I venture to add that, in view of the entirely special conditions of
Italy's maritime position, we could claim, without being accused of advancing excessive demands, an even greater proportion with regard to categories
other than capital ships, such as submarines and light craft.
I appeal to the demonstrations which Mr. Balfour himself made yeastcrdy
in his eloquent speech, while referring to Italy's almost insular geographical
situation by which she depends on the sea for the supply of her food and of
the most indispensable of her raw materials, and whose coast extension
exceeds by far that of all other countries in the Mediterranean.
It may be added that the conditions of our submarine flotilla are abHolutely insufficient from a technical point of view.
Despite the limited field of operations in the Adriatic Sea and the proximity of the enemy's naval bases from our own (roughly 100 miles). Italy
found during the war that her submarines wore insufficient both with regard
to their field of action and to their habitableness, in other words, the were
too small for efficient use, and Italy is indebted to the co-operation of French
and British submarines for having been able successfully to meet the situation.
.
THE CHRONICLE
1922.]
posui>, leads inevitably to acts
and the
.
I
.Since the armistice Italy
has demolished as
many
as thirty submarines,
she Is actually left with forty-three units In active service and four under construction, the total amounting to 20,250 tons.
Only ten of the first units may be considered of any utility. Since they
are of more than aerrn hundred tf)ns displacement, the others will have to l)e
successively replaced.
Although our naval technical authorities say that
the allotment of submarine tonnage should not necessarily be proportionate
to that of capital shipi, and that the quota of 31 ,.000 tons for submarlncH,
correepondlng to th« American proposal of a tonnage of 175,000 In capital
shJpa, is not Hufflcient, the Italian delegation Is ready. In the Interest of reduction of armaments, t* accept this amount under the condition of parity
with France.
The principle of party has t)ccn fully tirj-cpUid by Franco and I take thisoc•asion to obsorTa that the friendly attitude of our allied nation will greatly
contribute to stranKthen the cr>rdlul relations of friendship bctwe<^n France
and Italy which cosHtitute ono of the principal guarantees of peace In
Europe.
Wo areconrlnced, on the other hand, that Mr. Hughes, In considering the
particular conditions which I have polnU;d out, will have no (lirficulty In
agrmilng that the total tonnage of Italian HUbiriarlnes shall Ixi fixed at the
above mentioned limit of 31 .500 tons on thi? conditions. It Is wtjll uniU^rslood,
that the same llmlt,8 bo aciu!pt<!d by the neiKhl)oring ii;itlon.
Confjeming this point we have precl.so and categorical instructions from
•ur Government.
VICE-MINISTER IIANIIIARA OF JAPAN.
149
Yet because of her desire to contribute toward the achievement of the great
object for which the conference had boon called. Japan finally accepted the
said ratio under various great difficulties.
In the same manner Japan was
prepared to accept the same ratio in regard to submarinas. That would
havp given Japan 54,000 tons. So far as Japan Ls concerned, this figure
was considered as the minimum amount of submarine tonnage with which
the insular position of Japan could be adequately defended.
The new proposal was to allow the United States and Great Britain 60,000
tons each, while France, Italy and Japan were to maintain the status quo in
regard to their respective submarine tonnage. In other words, under this
new plan, Japan would be allowed to have only 31 ,000 tons. That was considered by the Japanese delegation to be whoUy inadequate for Japan's defensive purposes.
The Japanese delegation, therefore, felt constrained to insist upon the assignment of the tonnage proposed in the original American project, i. e. 54 ,000 tons of submarines.
Without wishing for a moment's debate or to call in question any part of
the arguments so ably and so eloquently presented by the various delegates.
Mr. Hanihara hoped that he might be permitted to point out that this demand on the part of Japan was actuated solely by consideration of defense.
Japan was geographically so remotely situated that it must be evident to all
that her submarines could not constitute a menace against any nation.
,
M
MINISTER SARRAUT OF FRANCE.
Sarraut stated that in view of the fact that the new American proposal
contemplated a considerable reduction in the submarine tonnage which appeared necessary to the French Government, the French delegation could not
do otherwise than await instructions.
.
MR. BALFOUR OF GREAT BRITAIN.
Mr.
,as the committee appeared to be at the end of
program, ho would like to ask the chairman and his colleagues
whether a technical examination should not be initiated of the system of
naval tons and the measurement of tonnage. He had been brought to make
this suggestion by a discovery made somewhat late in the day, that although
there had been much talk of "tons," different nations did not always mean
Balfotir then said that
their day's
the same thing.
The United States had one method of measurement, the British another,
the French a third, the Italians a fourth and the Japanese a fifth.
He did
not say that it mattered very much in ordinary circumstances which system
of tonnage was employed, but now that international arrangements were
being made for the future, he thought it eminently desirable and almost indispensable to settle two questions: First, to decide the system of measurement of tons for incorporation in the treaty, and, second, to adopt a system
which could be measured without difficulty and, above all, without any
international misunderstanding as to its precise meaning.
Nothing could be more unfortimate than a controversy arising as to what
ton was intended, how the measurement was to be made, and as to whether
the measurement had been properly and honestly reached. He suggested
this question might with advantage be referred to technical experts.
Although he believed that this matter was outside the range of thought of the
ordinary naval officer, yet he believed that among the various delegations
of people could be found who could reach a proper conclusion
This would be a fitting corollary to the labors of the conference, which in
many respects had already been brought to a satisfactory conclusion.
Whether the total tonnage should be a multiple of that of the largest ship he
did not venture to say, but he thought all would agree that to establish
exactly what a ton meant must be desirable.
How this inquiry, if approved,
should be carried out, he would gladly leave to the discretion of the Chair-
man.
SECRETARY HUGHES.
The Chairman
said that the matter of tonnage had already been informally discussed; the British, with their legend ton, according to Mr.
Balfour, came within 4 or 5 per cent, of the American ton, and Admiral Kato
had said that the Japanese ton was even closer to the British than the
American. The Chairman said he thought the suggestion of great importance; while the difference was not great, the method of arriving at the calculation was the question on whichit was necessary to agree.
He suggested that a subcommittee of experts shouhi determine upon the
standard ton. If it were agreeable to the committee, he would suggest that
each of the delegations appoint two naval experts for the purpose of arriving
at a definite conclu-sion in this matter.
This procedure was agreed to and the following subcommittee on naval
tonnage was named:
United States Admiral Taylor and Admiral Pratt.
British Empire
Rear Admiral Sir Ernie Chatfield ;ind In.structlan Com-
—
—
mander
Stanton.
France Capitaine de Vaisseau Frochot and
—
Capitaino de
Vaisseau
Dupuy-Dutomps
— Vice Admiral Baron Acton and Commander Prince Pabrin*
Japan — (Not named yet.)
Italy
Rus-
poll
The meeting then adjourned until Tuesday next, Dec. 27 1921, at 11
m.
On page 2775 in our issuo of Doc. 31, wo nuidft inoiition
of tho deliberations of Doc. 27, and publisliod tlie coHtnitinique
covering the sixtli joint .se.s.sion of the (yomniitte© on Liniitation of Armament and the Sub-(^ommittee on Naval liiniitation held the morning of Doc. 28.
It -was in this latter
tliat the .stand of Franco regarding its snbmarinft rnqiiirement* was enunciate<l. In our reference last week (page 21)
lo th(! Root resolutions slrongthoning the ftxi.sting laws
governing Hiibinarin*- warfare we gav(i th(; coinmnnitmeH
dcsaling with the seventh joint meeting on Dec. 28, jvad the
comiriiinifinoH covering (lio oiglitli and ninlh joint incotingH
on Dec, 2i) of the ( 'oiuniitlcu on the Li mi at ion of Aruiainont
and the Subcommittee on Naval Limitation. KI.so\vh(>re
to-day in our fiirliior n>foroii<-o lo llio lioot rosoliiliorm wo
give the inl,ervening commuiiuiuos li;iviiig a bearing on the
o'clock a.
I
Hiibmarint) {hkuc;.
Mr. TTanlhara then
said the Japanese delegation had been profoundly Impre.sH«!d by the able and powerful argumcints of their most lislfrenird llrltlsli
colleagues against submarines, which It had been not only a privilege but an
inspiration to listen to.
And yet the Japancne delog.itlon w.ih un/ible, he had
to winfess, U) convince lts<lf that the submarine was not an erf)!Cllve and
neces.s;iry weapon for defense.
The Japanese! delegation hoped that It had made clear, at the time when
the provisional agrccmiint was roa'-hcd betwi^in the United .Htiitcs. (ire;i(
Britain and J.-ipan on the question of the capllal ship mlio. that (he acceptby Jfipan of the ratio of .1-5-3 meant for .l:ipaii a considerabi b cririce.
co
.
AUi\i.\i!i:N'r (!()NI''i:iu:n(;i':
LIMITATION
nuainNH againht
Oh' AIIWItAI<'T.
doilhoralionH which had l)ecn In iirogroKH at the
WnsliiiiKton (Vinforciico on LiitillnMoii of Aniiunient.s on llie
'I'ho
c|UOHtion of iiiililnry alnrjifl
that "It
1h
have
rosiilli-(l
In
not at preHoiit luacHcalilo to liiipoHe
lli(>
(IocImIom
any effeollve
THE CHKONICLE
150
limitations upon tho numbers or characteristics of aircraft,
either commercial or military." The Committee on Limitation of Armanj(>nts, in considering the rejwrt of the subcommittee on aircraft, unanimously approved that recommendation on .Tan. i). The recommendation declaring aii*craft limitation impracticable at this time, while following
closely the language of the report of the subcommittee, was
changed, however, to eliminate an exception to lighter-thauair craft noted by the subcommittee, the full committee dis-
cussion making it clear that the delegations were agreed
that the same general argument against restricting aircraft
development because of the wide possibilities the future
may hold for commercial aviation applied both to airplanes
and dirigibles. At the instance of A. .7. Balfour, of the British delegation, the recommendation of the Aircraft Committee was also changed so as to stipulate that no limitation
words
At the
meeting i)n the 9th a proposal for tlie creation of a mixed
commission of experts and .jurists to take up at some future
time a study of the rules of warfare in their application to
of aircraft
is
practicable "at present."
The two
had been absent from the subcommittee's
latter
report.
aerial o])eratious was apjH-oved.
The draining of the resolution to this end 'was left to the Drafting Committee. In
recounting in brief the developments of the meeting held on
.Jan.
9.
the
.\s>;ociatetl
Press, in
Washington dispatches,
said:
Senator S<'haii/.er ol' l(;ily expressed regret that it was the opinion of the
conference that nothing could now be undertaken in the -way of liniit'uT
military aviation to avoid competition, as competitive building of capital
shijjs was to be curbed.
He suggested a future conference on the subject
and called attention to the fact that Italy's representative on the subcommittee had thought some limitation of air forces might be possible
through restriction of the numbers of military pilots.
Senator Underwood replied that airplanes and dirigibles both were used
for land and naval warfare and for commercial ijui'jjoses.
Mr. Balfour pointed out that many person-s thought development of
aviation would "exert an immense influence upon economic development of
mankind," adding that restrictions on ain-raft development, therefore,
would restrict also the "peaceful purposes of international inter connnunication."
M. Sarraut, for the French, shared this view. He would regard with
apprehension, he said, anything of a nature "to paralyze the progre.ss of
aviation."
Baron Kato, for Japan, said the time would come when aircraft limitations
would bo necessary, but agreed that it could not be done now, and Mr.
Hughes summed up committee opinion as against any attempt to restrict
airplane development.
This left tho question of dirigibles to be considered. Mr. Hughes said.
read the report of the sub-committee showing that limits of size of
dirigibles was at least practicable.
Whether the advantage to be gained
in a military limitation fixing the size of heavier than aircraft, he said, would
be more than offset by restrictions thus placed on commercial use of such
He
was for the committee to decide.
The sub-cqmmittec suggestion that another conference be
sider tho rules of war applying to aircraft was then taken
craft
conSenator
<;alled to
up.
Schanzer said Italy con.sidered essential that "certain principles of international law" in this coimection be "solemnly proclaimed" by the conference, if it coiil<i go no further.
He recalled the bombing of French,
British and Italian cities dm-ing the war, which brought death to women
and children and destruction to buildings and works of art "which were the
patrimony of the whole of humanity."
Atlniiral De Bon of Franco concurred, citing Hague conventions as
against the bombardment of unfortified towns as having been violated.
Mr. Root pointed otit. however, that those conventions were aimed in that
respect at land or naval bombardment, not specifically nor by implication
at aircraft bombing.
He added that Paris was fortified and that most of
the cities of Europe had some sort of defense, which might be held to make
them liable to bombardment by an enemy, and suggested that the committee
might act to extend the rule of international law more clearly and apply
it
to aircraft.
[Vol. 114.
to that s.ze.
He thought it was essential that the limitation of arniameut
should apply also to the aircraft carrier; otherwise, while prohibiting capital
ships, one might have what would be in effect a capital ship with tho addi-
tion of Hying appliances.
He did not want to discuss, on this occasion, the matter of the limitation
of tonnage of the aircraft carrieT, but he thought the resolution shouW be
amended to read as follows:
"No ship of war other than a capital ship or aircraft carrier hereafter
built .shall exceed a total tonnage displacement of 10,000 tons, and no gun
shall be carried by any such ship other than a capital ship, with a calibre in
excess of 8 inches."
The Chairman (Mr. Hughes) stated that the American Government had
no objection to the amendment proposed by Lord Lee.
The meeting was then adjomnsd until 3;30 p. m. Dec. 28 1921.
The communique covering the seventh joint meeting
(held Dec. 28) contained the following regarding the discussion of aircraft carriers
I
SECRETARY HUGHES.
The Chairman said that it seemed to be the desire of the committee
beyond the cordial approval which had been expressed, to have an oppor"
tunity to examine and bring forward at a convenient time the proposal
which was to be acted upon. The next point to be considered was the subject of aircraft carriers.
In the American propo.sal made at the opening
session it has been agreed that the total tonnage of aircraft carriers should
•
be fixed as follows:
United States, 80.000 tons; Great Britain, 80,000 tons; Japan. 48.000 tons.
If the same ratio provided for capital ships should be applied to aircraft
carriers for France and Italy, the result would be as follows:
France. 28,000 tons
Italy, 28,000 tons.
The American proposition had added a proviso that no country exceeding the quota allowed should be required t-o scrap such excess tormage until
replacement began, at which time the total tonnage of airplane carriers
for each nation should be reduced to the prescribed allowance.
Certain
other rules had been proposed.
Mr. Hughes added that in view of the fact that aircraft carriers might
approach in tonnage to capital ships, it would be wise also to set a limit in
this respect.
It was now proposed not to lay down any ships of this character whose displacement should exceed 27,000 tons.
This was the proposition which was now presented for discussion.
He said that he thought
he should add that what had appeared in the resolution regarding aircraft
carriers should be deemed to be the same as that included in the resolutions
respecting all ships of war except capital ships in that their guns should
not have a calibre exceeding eight inches. If added to the resolution
regarding aircraft carriers the latter would read:
"No aircraft carrier shall be laid down during the term of this agreement
whose tonnage displacement is in excess of 27,000 tons and no gun shall be
carried by any such ship other than a capital ship with a calibre in excess
of eight Inches."
LORD LEE OF FAREHAM.
Lord Lee said he had not anticipated such rapid progress this afternoon,
and had not expected to reach the subject of airplane carriers. This matter
involved very technical consideration, and if it was convenient to his colleagues he would prefer to have an opportunity to discuss it with his technical experts before expressing an opinion.
In saying this he did not wish
to suggest that the British Empire delegation were not in complete sympathy with the principle of the limitation both of numbers and tonnage
of airplane carriers.
In view of the technical considerations involved,
however, he would be glad of a short postponement until to-morrow before
expressing a definite opinion on the resolution proposed by the Chairman.
Lord Lee added that he had another question of the same character which
he would like to raise, namely, tho subject of limitation in the maximum
calibre of the gun to be employed on board warships in the future Perhaps it would be more convenient to the committee if he were to put forward a definite proposal on tho subject, but he could say at once that his
proposal would take the form of a limitation to tho largest calibre of gun
now mounted on board any ship of war, namely, sixteen inches. Ijord
Lee's proposal read:
"That no warship
shall carry a
gun of greater
calibre than 16 inches."
SECRETARY HUGHES.
The Chainnan said that the United States Government was ready to
accept the proposal and asked whether the other delegates were ready to
express themselves thereon.
Mr. Hanihara accoi)ted the proposal.
Admiral Acton .accepted the proposal.
De Bon made no objection.
The Chairman stated that it would
Admiral
therefore be considered as unani-
The
mously approved that no warships should carry a gun of a larger calibre
The
than 16 inches. The Chairman stated that he understood that so far as
capital sliips were concerned the committee was in complete accord except
as to the replacement program, upon which subject a chai^; was being prepared.
It would be unwise to discuss in committee such a technical and
detailed matter and it was therefore understood that the naval experts
subject finally was sent to the drafting committee; with the general
adherence of all dcilegations to the proposal for a futiu-e conference to work
out rules of w;u-fare of- this nature.
subject of the limitation of aircraft carriers
came
up at tlie sixth and seventh joint meeting on Dec. 28 of the
Committee on Limitation of Armaments and the Subcommiitcc on Xiival Limitation when the submarine issue was
being dettattHl; from the communique covering the sixth
session (which we gave in our issue of Dec. 31, page 2777)
we
talie tlie tVillimiiig incidental
riers
reference to aircraft car-
:
LORD LEE. OF FAREHAM.
Lord Lop said he would pass to the resolution which the ChauTuan had
proposed a few minutes before, and which he hoped would be regarded by
his colleagues as non-controversial.
It was, indeed, u necessary corollary
of the agreement to limit capital ships that there should also be a limitation
on the size of other clas,ses of .ships. Otherwise it would be possible to build
so-called light crui.sers wliich would be capital ships in disguise, and which
would impose upon the world a fresh competition of armament which would
be as costly as that which had preceded it.
Ho understood there had been a certain amount of conversation between
the naval experts of the coimtries represented at tho conference,
and he
was led to suppo.sc that there was an agreement that 10.000 legend tons or
whatever kind of tons were agreed upon- would be a rea.sonable
maximimi
size for all .ships other than capital -ships or aircraft carriers.
He thought
also that thexe was a general agreement regarding the limitation
of guns to
8 inches. So far as Britain was concerned, she had no gun in excess of 7!^
inches.
^
.
He understood France had a gun
.6.
was
of an approximately similar size, namely
but if for any strong reason it
desired to fix S inches. Britain would not oppose any
serious objex^tion
That seemed a reasonable
figiu-c to fix.
would prepare a rei)lacoment chart with the understanding that in case any
questions of principle or policy aro.se on which they might not agree, the
matter should be referred to the full committee. When that was done the
question of capital ships might be considered as disposed of. and the other
questions which had been raised could be discu.ssed on tho following day.
The meeting then adjourned until Dec. 29 1921 at 11 a. m.
On
Dec. 31 the subject was further discussed as indicated in the following communique of that day
:
THE AFTERNOON SESSION.
Tho eleventh joint meeting of the Committee on the Limitation o'
Armament and the Sub-Committee on Naval Limitation was hold this
afternoon. Dec. 30 1921, at 3 o'clock, in the Pan-^Vmerican Building.
The Chairman (Mr. Hughes) said that he assiuned that the next subject
to be brought before the Committee for duscussion was the proposal with
regard to the total tonnage of airplane carriers which each of the powers
should have as a maximum under the proposed agreement. This was
Item 23 of the proposal circulated at the opening of the conference on behalf
It was proposed that the total tonnage of
of the American Government.
airplane carriers allowed each power should be as follows:
80.000 tons
United States
80.000 tons
Great Britain
-- -4 8 ,000 tone
Japan
"Provided, however, that no power party to this agreement whose total
tonnage in airplane carriers on Nov. 11 1921, exceeds the prescribed tonnage shall be required to sera p such exces tonnage until replacements begin,
at which time the total tonnage of airplane carriers for each nation shaK
be reduced to the prescribed allowance as herein stated.
"24. (a) -Ml airplane carriers whose keels have Ijeen laid down by Nov.
11 1921 may be carried to completion.
.
.
.Tan. 14
THE CHKONICLE
airplaiio i-arruT tonnaRo except replacement tonnase as
herein shall be laid down during the period of this aRreenient:
provided, however, that sueh na( ions as have not reached the airplane
rarrier tonnape hert«inbel'oro stated may construct tonnage up^ to the limit
of their allowance.
,
,.
,
,
"25. Airplane carriers shall he scrapped la accordance with methods to
bo afjreod upon."
And there was, as i\ supjilement to those proposals, the additional pro
posal, as follows:
"No airplane carrier shall be laid down dtu-inK the term of this aRroement
whose tonnage displacement is in ejtcess of 27,000 tons, and no Kun shall be
carried by any ship other thnn a capital ship with a calibre in excess of
8 Inches."
•0))
151
r^^
m22.]
No now
I)ix)vidcfl
The Chairman said that ho ought to add that the allowance to the
United States. Great Britain and Japan, as stated in Item 2.3 of the proposal, was based on the ratio which had been proposed with respect to
If the same ratios were provided with respect to
capital ships of .5-.5-3.
Prance and Italy, as would be furnished by the relation of the capital ship
tonnage agreed upon, of course the figures would correspond accordingly.
He supposed
There were a number of points embraced in the proposition
that it would be an advantage that the Committee should not scatter the
discussion by talking on different points at the same time; and if it was
quite agreeable to the delegates, he would suggest that the Committee
begin with the discussion of the maximum limitation of total tonnage,
not
i. e., the maximum allowed for the total tonnage of airplane carrier.s
the maximum for individual carriers, but the total tonnage allowed for
airplane carriers as stated in this proposal, namely. United States 80,000
tons. Great Britain 80.000 tons. Japan 48.000 tons, and so on in proportion to the capital ship tonnage allowed.
.
degrc* of weakness
provisional.
"With respect to aircraft carriers, the American proposals assign to Italy
28,000 tons, corresponding to the capital ship tonnage of 175,000 tons
already determined upon. This would permit the construction of only one
aircraft carrier of the maximum of 27.000 tons agreed upon for this class
It must, however, be taken into consideration that if a single
of vessel.
vessel of this character were obUged to go into dry dock or were to be sunk
at sea, Italy would find herself under these circumstances temporarily or
definitely without any aircraft carrier whatsoever.
We believe it therefore to be indispensable that we should be equipped
with a total tonnage of aircraft carriers superior to that which has been
assigned to us. To be precise, we ask as our minimum a tonnage corresponding to a figure double that of the maximum tonnage assigned to us
It is, moreover, understood that
for vessels of this class, i.e., 54,000 tons.
if a tonnage superior to 54,000 tons is assigned to any other Mediterranean
power, we demand a parity of treatment in this respect, i.e., we demand
the allowance of an equal amount of tonnage.
The Chairman said, merely as a matter of clarification, he would like to
ask whether, when Admiral Acton spoke of "any other power in the Mediterranean," he included Great Britain.
Admiral Acton replied "No."
LORD LEE OF GREAT BRITAIN.
Lord Lee said he had listened with attention and with a certain sympathy
to the remarks of Admiral Acton, becau.se the Admiral had suggested a
situation which might and perhaps must occur in every navy through a ship
being out of action at intervals during her career. The Admiral had complained that, having only one airplane carrier, the Italian Navy would be
deprived altogether of that arm if their one ship happened to be in dock or
out of action. Looking at the matter impartially it appeared to him that
the claim put forward by the Italian delegation was very difficult to resist.
Since the proposal of the United States delegation to limit the maximum
size of airplane carriers to 27,000 tons with an armament not to exceed the
8-inch gun, he him.self had had an opportunity to discuss the matter with
his experts.
They regarded those limits as reatenable and in strict accordance, .so far as the British Empire was concerned, with the up-to-date
needs of airplane carrier cons-truction. Without claiming undue credit
to the British Navy, he thought perhaps that it had more experience of
this class of ve.ssel than had any other fleet, and in the opinion of his experts
the limits proposed provided all that was necessaiTr.
At this point he would like to mention that the airplane carrier was
essentially a fleet weapon.
It was not an independent uivit, but was
es.sentiaUy an auxiliary to a modem fleet, and it was therefore important
that the number of airplane carriers should be adequate and proportionate
For this reason the British Empire delegation
to the size of the fleet.
associated themselves with the view that the ratio of capital ships should
be applied also to airplane cairiers in order to bring both number and
tonnage into line with actual re<|uiremenls.
At the pres<'nt time the British Navy possessed five airplane carriers,
which included four vessels which were really experimental, and three of
which were small and Inefficient. These vessels, in fact, were in the nature
of groupings. In the light of the experience gained by the war. and certainly
four of these were exiK-rimental and obsolete.
In these circumstances
whatever decision might be reached as regards the total tonnage, he would
have to demand tluit Great Britain should be entitled in spite of the ruli!
afi rrsgards new constnici.Jon. which would bo discuss<!d later, to scrap at
any moment the experimental ships which they now posseswHl. and to
replacj! them with new ships designed to meet tht; requirements of the
fleet.
This was the only way In which the British fleet lunihl attain that
equality with other fleets to which It was entitled.
With that reservation, the British p;mplre delegation regretted, in view
of the fact that submarines, which wen; an imiMtrtant weapon of war, wer<^
to bo continued, and airplane ejjrriers were an exiually Important weapon of
anti-submarine defense, that It would be lmp<jsslble to reduce their airplane
carriers for fleet service.
In th<.'s«) circum.stanci-s the deh^gation to which
he Ijelonged felt that the t^innagi! laid down in the; original .Vmerlcan proposaU wan Inadequate to the ens'intial re,quirf;ments of the Uril ish Kiiiplre.
AH indeed they must be if the British Navy was to have numbers proportional
to the two ships which Italy had dem;inded.
Before coming to the exact fl(ciir«>s at which he thought the total tonnage
limit fhould Ix; fixed hi^ would be glad to hear the viiiws of other flele««l)onH.
Th<! British Kmpire dttlegation were most anxious, as Indeed they had shown.
to limit not only arm.imnntN. but expenditure on armaments, und they
wore most anxious to avoirl competition In every class of craft and therefore
to limit the nunilxirs and tonnage of airplane carriers to the lowest jHiInt
compatible with sjifety.
He would now like to hear the views of his
'jolleaguoH on other delegations.
ADMIRAL
I)i: ll(>.\'
OF FRANCE.
Admiral Dn Bon said that the
qui'st of the l^)tal t^^innage of aircraft carriers
was evidently intimately re|a|r.r| to thi' m.'ixliriiitii of each unit. Now, In
this resp<K;t. there was eildeiitly great uncertainly, aircraft Ixlng slill the
subject for further study and exainiiiatlon. aiwl he did nr)t see that In any
country di'flnit^ views c/mcerning
type of aircraft had been reached.
If
there were unc<-rtalnly with regarrl t,o aircraft, this uncertainty Wf)uld
evidently apply to the aircraft carriers.
The decisions which th<^ ConiDiltlee could t;ik(^ on this subject were therefore marked in ad^arll•e by u
,\.
this uncertainty,
and could,
therefore,
Lhj
oidy
Having made this reservation Admiral Do Bon asked nothing better
than to support the views of the other members of the Committee. In
the present case it could bo assumed that .about 25,000 tone would bo that
maximum tonnage of an ordinary aircraft carrier.
The French delegation considered that FVanco actuaUy required two airThis followed the same lino of reasoning
craft carriers for European waters.
advanced by Italy. They also considered that a third was necessary for use
The use of aircraft for police purposes in the
in their colonial possessions.
If newspaper
colonies was considered by them as of the greatest service.
reports might be believed, the Fren(!h delegation suggested that an actual
example of this fact was now offered In EgyiJt. where, in order to maintain
order, the effect created by the presence of aircraft was tnvaluablo.
Admiral de Bon stated that in view of the above the French delegation
considered that three aircraft carriers were necessary for the needs of Prance.
If each one of these were of 25.000 tons that would make a total of 76,000
tons.
But in order more nearly to approach the general wishes expressed,
he .said that he would voluntarily agree that 60,000 tons might be sufficient
for the present and by a rearrangement of tonnage three vessels mi^t be
built In conformity with this allowance.
—
ADMIRAL ACTON OF ITALY.
due to
BARON KATO OF JAPAN.
have listened with pleasure to the remarks made by Lord Lee on the
His sympathies with the Italian demand for
question of airplane carriers.
two carriers are in accordance with my position. I, too, believe that the
I
Italian
demand
is
justifiable.
Now
the American proposal allows Japan a total tonnage of 48,000 with
which .she can construct only one and a half airplane carriers. That wUl not,
in my judgment, give us a sufficient force for our protective purposes.
Permit me to call your attention again to the Insular character of our country.
The extensive line of our coast and the location of harbors and the suscoptibiUty of our cities built of frame houses to easy destruction by fire if attacked
by air bombs. All these necessitate oiu- having a certain number of airplanes and "portable" airplanes, that is to say a means of distributing
airplanes in such a manner as to adequately meet our local needs. We cannot
have an enormous number of airplanes to be stationed in all places where
they are needed because we are economically incapable.
To meet all these needs Japan is exceedingly desirous to have throe airplane carriers of 27.000 tons each, or a total tonnage of 81,000. In asking
for this increase, I shall, of course, raise no objection for a proi>ortionate
increase on the part of the United States or Groat Britain
SECRETARY HUGHES.
The Chairman said that, as he understood it, the situation disclosed by the
discussion was as follows: Great Britain desired five airplane carriers, at
whatever the maximum for each individual ship might be taken to be, and If
that were 27,000 tons, it would mean a maximum of 1.35,000 tons. Prance
desired 60.000 tons, which, of course, could be divided in such a way as
would be deemed best suited to the special needs of France. Italy desired
two, which, at a maximum of 27.000 tons, would make an allowance of
54,000. Japan desired tlwee, which at the maximum of 27,000 tons would
be 81,000 tons.
Now, this appeared to be, with the single exception of a very slight difference between 54,000 and 60.000 in the case of Prance. In the ratio of the
capital ships.
It was quite apparent, for the reasons that had been very
cogently presented, that the original figures of the American proposal would
not meet what were deemed to be the needs of the various Governments.
He also understood that there was agreement by all that the calibre of guns
carried should be limited to 8 inches, in connection with the suggested maximum tonnage of 27,000 tons.
If that disposition was agreeable to the other powers, he saw no reason why
the American delegation should not accept it. with the maximum allowance
for the United States corresponding with that which Great Britain had
asked; and he assumed also that there would bo no objection if France had
this slight excess over the exact amount allowed by the ratio, that is 60,000
tons instead of 54.000 tons, to allowing Italy a corresponding amount on the
basis of parity for which Italy had always contended.
If that was agreeable he would put it to a vote, unless it was desired to con-
tinue the discussion further.
The delegations being polled in turn, each voted in the affirmative.
The Chairman said that he imderstood that that vote, in view of the dlscus.sion which had preceded it, might, without separate action, bo taken to
include the maximum of 27 ,000 tons for the individual tonnage and the armament of 8-inch guns.
I n the course of his remarks Lord Lee had referred to a fact which had been
emphasized by other delegates, namely, that the development not only of air
planes, but of airplane carriers, was in an experimental stage and that the
airplane carriers which they now had were not deemed to anything more
than experiments. Hence the proposal made at the beginning, which was
stated in item 24 of the proposal, that "no now airplane carrier tonnage except replacement tonnage shall bo laid down during tlio period of tho agreement" would not be applicable to tho situation In which tho powers found
themselves.
Becau.so the existing tonnage was not of a definite type, but
provisional and experimental; and that, therefore, tlioso who had c^-irried
their experimentation to the point of having actual ships would be placed at.
an In-equitablo disadvantage as compared with those who had not built their
ships and who could take advantage of the latest Information and inv<;ntioiis.
That seemed to be a very reasonable position, and the American delegation
would bring forward a proposal bas(?d on the liberty of tlie powers to consider the existing airplane carrier tonnage as an exixTimental tx)nn,igo and
to provUJt) for replacement from that standpoint.
Subject to that matter of replacement of airplane carricrB (whldi, he
assumed, might well go with the other iirovisioiis as to replacements now
under consideration by the technical staffs) ho bellevtxl tliat there was
nothing more than need be considor(<d at this tlmo with regard to alrplanu
carriers.
lie asked whether he was right In this assumption.
In view of wimt liad
b'-en said In the gi^Ktral dls<Mission In^ unilerstoixl that that was the view of
Without
all jirejHint, but perhaps h«! should ask for a <leflnlte "xpri'sslfm.
awaillng the drafting of a spe<-iric resolution at thr- moment he would lulc
whethiT tlii-re was assi'Ut to the proposal l.o reg.irtl existing airplane carriers
as being iif an experlmeiil,.'il cliaracler, and to the principle that in defining
the rule of replaceim^nts as to airplane cjirrlers e.ich power shnidd lie
entitled (o proceed to supitly llself. to the maxliiiuni '.l.:ite<l. with airplane
carrier tonnage.
l/orrl Lee asked. In order to avoid mlHimderstHfidlng, if It witw undurntood
that the principle*) of re|ilaceiiient, which he hud Irullcated an d«wlralile.
were uccept.4Ml. Tin: ('halrman aiiswereil that this w.is, of course, with the
Mndi'rstuiidlng th.it the old exiierlnieiilal carriers should bo si'rapt>ed.
The
Chairman s.ilil tli.it It was umlerslood Ihiit this liberty was a liberty of
replacement, not a liberty of iddltloii. The ("halrman R'lld that the Unlti'cl
Mi' then
Slates of America assented to the protiosal he had Just made
polled the other delegations and each replied In the alllrmatlvo.
Till' Chairman said Ihr prnpnnal iro.r uttnniinowtii adoi'Inl
Wi
THE CHRONICLE
between the different parts of the same State and between different States.
It seems inconceivable that any limitation should be imposed upon commercial aeronautics unless it were vnth the avowed object of thereby limitins
the air power of a State and thus decreasing the liability of war.
"Commercial aeronautics, with its atl'jndaut devtdopment of an aeronautical indu.stry and a personnel skilled in the nanufacture, operation and
the Tiaintenance of au-craft does furnish a ba.sis of air power. The development of commercial aeronautics and the development of a nation's air
power are inseparable.
"Speaking broadly, all aircraft will be of .some military value, no mattw
what restrictions may be placed upon their character; some can probably
be converted with but lew changes into military aircraft; others can be de.signed so that with major or minor alterations, or even with none at all,
they can be employed for military purposes. As a matter of fact, the uses
of aircraft in war are many.
During the World War highly specialized
types were designed for special uses.
"Military aircraft have likewi.se been developed to a degree of perfection
not yet reach(^d in commercial aircraft. It is quite reasonable to suppose
that similar developjnent will take place in connuercial aircraft, that they,
too. will be especially designed for the uses to be made of them, and that
tlie.v may depart quite radically from the military types used in the World
Details Referred to Experts.
said that there were a number of points stated in the
American proposal with respect to replacement and scrapping and other
restrictions and regulations.
He had no dasirc to preclude discussion in the
slightest degree on any of these points, but possibly it would be, as they
were almost all of a technical character, of advantage to have the experts,
who were considering the replacement chart, consider all these detailed
matters relating to capital .ships and airplaine carriers, the two subjects
upon which an agreement had been reached, and bring in for the consideration of the Committee a statement both as to replacement and the particular
regulations as to scrapping which they proposed to suggest and as to any
other restrictions or modofication of restriction contained in the American
proposal.
Those matters being relegated for the moment to the consideration of the
Sub-Committee of experts, he asked whether there was any question which
the Committee desired to discuss in relation to the limitation of naval
The Ohairman
armament.
The Chairman then said tliat he supposed it would be in order to have a
formal agrt*mcnt prepared relating to capital ships and embracing the points
that the CTommittee had agreed upon in connection with airplane carriers,
including the limitation of the size of individual ships of war and the
armament of Individual ships of war other than capital ships and airplane
carriers, as well as the limitation upon the size and the armament of airplane
That agreement might be put in course of preparation
carriers themselves.
War.
"In military aircraft as a rule a premium is placed upon performance.
Considerations of initial cost, of cost of operation and of maintenance are
largely disregarded.
The safety and convenience of the operators and
passengers are considered onl.v as these affect their ability to perform their
military duties.
If, as seems evident, commercial aircTaft must be specially
designed for the service they are to perform in order to have a chance of
being fina.nciall.v successful, any effort to provide for their conversion into
military craft will introduce complications which will increase their cost of
production and oiieration. This may itself automatically act as a limitation, for business enterprises will not be willing to have such conditions
imposed unless they are compensated in some w^ay for the extra cost.
In
while the experts were dealing with the replacement chart In detail.
other words, the Committee could have the general form of it, the article
upon which it had agreed, in the course of preparation and that could await
the insertion of the particular details of replacement, &c., when they were
ready.
"Heavier Than Air.
"7. The war value of an airplane may bo .said to lie in a combination of
two or more of the following characteristics:
"(a) Its suitability for offensive and defensive equipment.
"(b) Its radius of action.
Adjourned Subject to Call.
His suggestion, then, would bo, If the Committee had nothing further it
wished to discuss at the moment in relation to naval armament, that a
committee be formed, consisting of the heads of the delegations, merely to
take note of the progress that was made with the preparation of the agreeof the progress that was made by the Committee of Experts, and
to have sucli informal consultations as might seem helpful in the course of
that work, and that the Committee should adjoiirn subject to the call of the
Chair, and a meeting could be had when these agreements were ready to
bo presented for consideration and approval.
He inquired whether this was acceptable. He said he should add to this
that, as he understood it, in the matter of the resolutions presented by Mr.
Koot which the Committee had had under consideration at the morning
meeting, including the second and third resolutions as well as the resolution
with regard to the tonnage of individual auxiliary craft, the committee was
awaiting the receipt of instructions by certain of the delegations and that as
soon as the Committee could take them up the Chair would call a meeting
There was also the Sub-Committee dealing with the first
for that purpose.
resolution as to submarine warfare, and whenever that Committee was
ready to report the Chair would be advised.
Whereupon, at 4.45 p. m., the Committee adjourned subject to the call
•t the Chair.
"(c) Its .speed.
"(d) Its carrying capacity.
"(e) The height it can attain.
"It is not desired to go too deeply into technical matters In this report.
conunittee wishes, however, to point out that the peace value or airis at present intimately bound up vdth the general characteristic*
which make up the value of the airplane in war.
'The last four of the characteristics enumerated above are dependent
upon the relation between the amount of fuel carried, the horsepower of
the engine, the liftmg surface and the total weight.
"The committee is of tho opinion that formulae could be evolved defining
the interrelationship of these factors in such a vra.y as to limit the war value
of the machine built in conformity therewith.
It is more difficult to insure
that war equipment shall not bo moiuitcd in a commercial airplane.
la
this matter the committee is of the opinion that definite rules cannot be
The
ment and
At the 3ftrentecnth meeting of the Committee on LimitaArmaments on Jan. 7 the report of the Subcommittee on Aircraft was presented, details with respect thereto
being set out as follows in the communique of that day:
tion of
MR. HUGHES.
The Committee then began the discussion of the question of the limitation
of aircraft. Tho CJhairman presented the following report of the Subcommittee on
Aircraft:
Committee on
[ToL. 114.
craft
down.
"Radius of action is of high commercial value. A reliable air service from
Europe to America in, say, twenty-four hours, should prove a highly
Again, in countries where there is perhaps the
profitable undertaking.
greatest scope for the development of airways, countries of groat deserts,
laid
example, radius of action is essential.
"Speed is i)lainly the characteristic on which aircraft rely to gain advantage in their competition with other means of transportation. It is not
yet comfort and security liut time saving that will temjkt passengers, mails,
and valuable cargoes from old established services. To limit s])eed is to
for
stop pi-ogress, to throttle aviation in its infancy.
"The power of carrying num'oers of passengers or quantities of goods is of
obvious commercial value and even the attainment of considerable heighte
may eventually be a definite requirement. As a matter of fact the success
of recent experiments indicate that with special moans of supercharging
motors navigation of the air will in the future utilize high regions of the
atmosphere to take advantage of a less resistance of the air and of favorable
high velocity winds.
"The factors which comprise 'military performance' have, therefore, a
high commercial value. And it is the opinion of this Committee that any
limital ion of the character of civil and commercial aircraft must hinder the
natural development of aviation; it is probable that restriction as to character
will have, in fact, an even more adverse reaction on the progress of aviatioa
ban would be caused by a restriction on numbers.
Method of Limitation
"8. Aircraft can be limited as to number and character by an agreement
arbitrarily fixing a maximum numlier for each nation that will not bo
exceeded, and by imposing technical reslri<;tions in sucli a way as to limit
t
Aircraft.
.oReport on limitation of aircraft as to numbers, character and use.
"Form of procedure.
"In considering the limitation of aircraft as to numbers, character and
use, the Committee on Aircraft adopted a form of procedure which took
up the various questions involved in the following order:
11,(1) Commercial aircraft (2) civil aircraft (3) military aircraft.
Heavier
than air and lighter than air craft were considered separately, since the
conditions KOV(>rning the two are not in all cases the same. An effort was
made to determine whether or not it is po.ssible to impose limitations upon
their (1) number, (2) character. (3) use, and, after discu.ssion of the methods
that might be employed, to effect such limitation, whether Imiitation was
practicable or not.
"This Clomniittoe feels that the desirability of placing anv limitations
whatevei- upon aircraft is a matter of pohcy, one which it is for the main
Committee itself to determine. Nevertheless, it feels it to be a duty to
point out the essential facts which will have a decided bearing upon the
detiTmination of the proper policy to bo adopted, and this is done in this
report.
"Commercial Aircraft.
"2. DiffnreBt
different Htatos.
methods of imposing such hmitation may be adopted by
The precise methods adopted by any State must be in
conformity with its organic law. In some States it may be possible to
impose an arbtirary limitation in others, by the exerci.se of police power or
of tho powar to tax. a practical limitation may be enforced.
In the United
State», whoro laws pa.ssed by tho Congress must conform to the written
Constitution of the country, there may bo .some difficultv in finding an
effective means of imposing this limitation, but nevertheless it is believed
that, if nece»nary. such means can be found.
"Before discu««ing any other phase of the matter it will be well to consider
carefully the effects which would follow tho imposition of the limitation
upon th« number and character of commercial aircraft which may bo owned
and operated by the nations of a State.
"In the first- pla<-e, if commercial aeronautics is allowed to follow the
natural laws whiok have governed the development of all other means of
transi>ortation and conmiunication. the number and character of such
aircraft will probably depend on financial considerations.
That is commercial aeronautics, as a busiiie.ss, will not thrive unIo.ss the operation of
the aircraft win return a substantial profit.
"The Slate may interfere with tho operation of these natural laws bv
granting to the owners and operators of such aircraft a direct or indirect
subsidy. Uy so doing, enterprises which would not otherwise be financially
successful may be eiial)l('d to live, and in this way the number of aircraft
used for conunercial purposes will be greater than if the natural laws of
dovelopinont had been allowed to take their course.
"It IS not easy to foresee wh.it consequences to human progress will come
in tho future I'roin the develoiinieiit of aeronautics .u all ,ts branches
Thev
wJJ certa.nly bo marvelous when; natural conditions are favorable to such
development. To try to l.ni.t them now w.th arbitrarv laws even if the
laws have the purpose of pieveiUing war. would, in the opinion of this
Committpo, he disastrous from the |)oiiit of view of world progress
"4. If among commercial aircr;ift we class those owned and operated
for
Bport or pleasure or convenience, the numbers of these will depend lar-'elv
upon the wealth of the nation, upon tho Inclination of the people to\v'ird
aeronautics, upon the cost of (ho aircraft thus employed.
"a. The dovolopiucnt of aircraft h.is presented the'world with a new and
unproved means of transnorlatioii ;ind conimuuication. One of the causes
of warfare in the past has been a lack of tho proper distribution of the
world's
resources in raw mat<<rial, food products and the like. Another
cause of war has been the lack of understanding between races potentia'l
peoples
•!">9,."!'l'0"s.
Any addition to the transportation and communication
lacUities of the world should operate to improve the
distribution of resources and likewise to lessen the causes of misunderstanding
between
oetween
peoples, and thus lessen the causes of warfare.
_
^
Pli^ccd upon commercial
ha^» f^-.'-tti^'*?!-'''^*;'^'^'^'""'''moans of transportation aeronautics would
nave tbe effect •! limiting a
and communication
the performance.
"9. The difference in organic law as between nations will pi-obably prevent
a single system of limitation being of imiversal application. Moreover, the
rules of the formulae, whereby alone the character of civil and commercial
At the same time,
aircraft can be limited, must l>e detailed and stringent.
they will Ix) easy to evade and infringement will not bo obvious to the
casual glance.
Measurements of horse-power, supporting surface, fuel
capacity and weight will be neces.sary if se.-urity against evasion is to be
ensured by any other means than l^y trusting to the good faith of tho contracting parties.
No State could consent to having the nations of another
power continually inspecting all of its manufacturi.ig plants in order to
ascertain whether the limitationsit imposed were being enforced.
"All these points received the closest of consideration witii reference to
the 1 imitat ion of CJermany 's air power and tho matter is so complicated that
the final d^-afting of the technical rules has not yet been completed. But
taking rules as drafted and «"ven assumiii.g continuous iiLspection of a most
stringent character, it appears that there are still loopholes for evasion.
No rules can prevent aircraft being designed in police to permit of the ready
installment of larger tanks in war; engines can be made interchangeable,
enabling one of higher power to l>e rapidly instAlUni; even carryin.g surface
can be increased by t he standardizat ion and interchangeahillty of wings and
other methods, and it is not impossible to conceive of civil and iwmmerciai
aircraft being designed with a view to ultmate war requiremoats.
"10. For the above reason tho Committee is agreed that i> the present
stage of development of aviation a universal limitation by foruiulae of the
character of (!onmicrcial .airiTaft is impracticable.
,
Question of Subsidy.
"11. Without expressing an opinion as to the desirability of al)olishiBg
sulisidies for the encoiu-agement of conmiercial aviation, tjhe committee
points out that such subsidies, direct or indirect, can have a great influenco
on the character and number of commercial aircraft in relation to their
war value. In fact, subsidies will tend to decrease the natural divergenee
between military and j-ommercial aircraft and render the latter mora
readily adajitable to war uses.
"It is necessary, however, to add that Indirect subsidies or other encouragement are most difficult to prevent, and even when acting in good faith
Governments of different nations will place different interpretations on such
encom-agement
"The (luestion of whether subsidies are granted or not will have great
bearing upon develojinuint of commercial aircraft in general and will affe«t
the future welfare of the nations. This question, therefore, cannot be
determined from the point of view solely of the adaptability for war uses.
Ciril Aircraft.
"In this discussion distinction is drawn between commercial aircraft and
civil aircraft, (ho latter will comprise all aircraft operated by a State except
those which it operates in connection with its military enterprises. Civil
aircraft will, therefore, include any which are State operated in the customs service, for transporting the mails, the exercise of its police powers and
the like.
"It .s readily apparent that as aircraft operate in a medium where there
arc no physical barriers, they can compete in some measure with every
means of transportation used on land or water. It is, therefore, po.ssible for
much of the transportation requirements of any State to be met by the operaSuch aircraft manifestly are not dependent for their being
tion of aircraft.
upon their ability to bo operated at a profit. The State will decide how
best it may enforce its laws, exercise its police power, transport State-owned
merchandise or mails, and the means used will be those which are most
The
efficient and most economical from the standpoint of the State itself.
cheapest will not always be the best or the most satisfactory.
for such
"The number and legitimate use of aircraft by any Government
civil purposes will, therefore, be limited only by the estimate placed upon
j
.
,
THE CHEONICLE
Jan. 14 1922.]
the service which thuy can render and by the consent of the people to raising
by taxation the amount of money, which must bo employed for their acquirement, operation and maintenance.
"13. If the civil as^oncies of a State use aircraft for police or other purposes that are o^sontially military in character, this class of civil aircraft
^ould bo discussed under the limitation of military aircraft.
"14. The nuin!)er and character of such civil aircraft can bo limited only
by an arbitrary agreeinont amo;i;; the States.
"15. It would, again, he utterly impracticable to set up any agency
acting under authority other than that of a nation itself to regulate the
number of civil aircraft owned and operated by the State.
153
"(7) Tho state of development or possibilities for civil aeronautics will
have, as has been shown above, a direct bearing on the number of military
aircraft which it ma.v be desirable for a State to maintain.
"The problem of finding a suitable ratio between the air forces of Tariou."
powers is thus at the present time almost insuperable.
As
"But even should
to
Character.
be possible to fix tho ratio, such a limitation would
be of little value without some limit as to the character of the aircraft.
AVhen the quest on of Umitation of naval armaments was considered by the
Conf(u-ence. it was found necessary to limit the displacement of individual
In he ab.sence of similar provision the
shii)s as well as the total tonnage.
1 mitation of numbers of aircraft would only result in competitive building
it
'
LIGIITER-TJIAX-AIRyCRAFT.
Limilaliun of Number and Character.
The characteristics of lighter-than-air. craft are such that
number and character pre.sents little technical or practical
"16.
of
limitation
of aircraft of greater and greater power and size. The methods of Iimit%ition
must therefore, attempt to legislate for both number and charaotor.
,
difficulty.
"Heavier than Air.
It is a peculiarity of these craft that their efficiency is very intimately bound
Small dirigibles have a war value of their own, but it is
in their size.
"Methods of Limitation.
•29- The following methods may be employed:
"1. The limitation of the nimiber of military aircraft.
"2- The limitation of tho amount of horse power for military
"3- The limitation of the lift tonnage for military aircraft.
"4. The limitation of persomiel for military aircraft.
"5. The limitation of military aircraft budgets.
up
For example.
limited and they cannot be considered as offensive weapons.
a small vessel of this kind cannot attain any considerable height while carrj-Ing a useful load and even if filled with non-inflammable gas its vulnerability
to gunfire at the heights it could reach preclude its being utiUzed for such
purposes as aerial bombardment.
"Only in large-sized dirigibles can a useful load be carried to a reasonable
niiUtary height at a fair speed
"Limitation of size is. therefore, sufficient to ensure that ligher-than-air
Moreover, the concraft should be incapable of offensive aerial action.
struction of large dirigibles requires large shed accommodation and cannot
in this re.spect they resemble surface warships.
be kept secret
size by a sim"17. Icis. cheref.ire, p .-t.ible lo regulaie their numbers
ple system of ia'eraati >nal a.?reemp;vt, and iafriage-neat of such agreement
can be readily detected without a detailed system of cont,rol
"18 The comnicceo is a:;reed thit the possibilities of WMr use for large
dirigibles may still exist. aUhough in ihe latter sta^^es of the World War it appeared as if the defense had the mastery over attaclc in lighter-than-air craft
the introduction of larger craft, filled with non-inflam'nable gas and eirr.ving their owa projective airplanes may again permit bombardments b?ing
Thi=; committee desires, however, t " draw attencarriecj out by dirigibles
tion to the fact that dirigibles bacome increasingly efficient with i icrcase of
size.
Any limit, which is inpased on the si^.e of commercial dirigibles, must
shut the door on the possibility of their development for legitimate civil
enterprises.
LiinitnUon cf the Use of Aircnf.
"19. The committee is of the opinion that it would bs useless to attempt to
lay down a rule th:it civil and commercial aircraft would not be used in war.
as they consider that no nation could deny itself the value for war pnrpases
of their commercial machin»>s. provided that the.v are suitable for a-iv warlike
purposes
It is uoderstood thatwhen so tised they will be manned by «er^ ice
personnel of the State, aiid carry the proper dist;r.giii*liing inarks. and will,
Their use does not. therefore, refjuire discusin fact, become war aircraft
sion in this part of the committee report.
"20. The use of civil and commercial aircraft in peace is governed b.v the
International Aircraft Convention, wiiich ampl3' safeguards a Spate's
sovereignitj' in the air against abuse
"21 This convention has already been ratified by Great Britain, France,
Japan, Belgium, Greece. I'ortusal. Serb-Croat and Slovene State and oiam.
It will, at a very near date, come into force afor these various powers, and
later for the other signatorj- States, and also non-signatory prowers who desire to adhere to it.
"22 The committee is aware, however, that for certain reasons the United
The comStates has not yet announced its adherence to this convention
mittee therefore suggests for the consideration of the Sub-Committee on
Program and Procedure that a convention covering the different phases of
aerial navisation. .and b ised upon the one mentioned above, could be drawn
up at this conference, to which the assent of all powers represented could be
given. The coaiafiittee furi.her believes that this is most desirable.
ad
.
Summary
of Conclusions.
and Comm'rcial Aircraft
" 23 This committee understands that the purpose of this conference is to
promote peace and to remove the causes of warfare
It must be understood
aistincti.v that if the conference decided to limit the development of commercial aircraft in order to retard the developrnent of fair power, the immediate result would be the retarded development of means of transportaCiril
.
tion and comTiunication. wliich will itself, if unrestricted, largely act to
bring about the same result— the removal of some of the causes of warfare
"24. This committee is unanimously of the opinion that in the present
state of development of aeronautics there is a technical po.ssibility of the
limitation of nu nbars, cliaracLer and use of ci\il and commercial aircraft
with regard to their utilization in war
It is, however, agreed that such
limitation of nuTib'?rs, and especially of character, is not ijracticable, e.tcept
in the ca.se of lighter-than-air craft of above a certain displacement
"2.0. As regards the desirability of limitations, thecommi' tee has touched
on those factors which must be understood before arriving at a decision. It
feels it to b" a duty to lay great stress upon the following fact, wnich will
have a decided bearing upon anj' deterinuialion of the proper policy to be
adopted:
".\n.v limitation as to number and ch,aracter of civil and commercial aircraft, heavier-than-air or lighter-than-air, which is efficious to hinder thinr
utility for war purposes, must interfere disastrously with the natural development of aeronautics for legitimate civil and commercial enterprises
To limit the science of aeronautics in its present state is to shut the door o'l
It is for the conference to decide whether the limitations which
progress
can with difficulty be devised and imposed are to be adapted at such a cost
"Military aircraft
Note
used
In the part
—widest sense, of the report which
denote "pertaining
in Its
follows the
word "military"
lo the fighting services.
is
wheth(T
mJlitur.v or air
"Preliminary remarks
"20 The committee agreed that before entering upon a discussion of possible limitation of the numbers of military aircraft it was desirable that the
present relative air strength of th«! naions represented should be ascertained
and tabulated in a simple form, designed to facilitate compari.son between
them
The result of this investigation are tabulated In appendices 1-2-3-4-.5
attached Uy this rep.jrt.
"It is rem/irkahlle that tnough these forms afford a guide to the relative
military air "Irengths at the present day. it \< impr;icti<';ibl<! lo present, a
complete estlma'.e of ;i nation's .vir power, since air power is, as has brseii
already .shown, intimately bound up in factors other than th<! military esIilff«r«nccM In organization and administration <A' the various
tablishment
national aerial forces are further obsUirles to direct comparison in detail:
these factors mii»t not br' f irgoUen when studying the stalemeni prcsenterl
and must be keyl In the foreground of all dl.^cuHsionH as lo the possibility
•f limitations.
At
to
Number.
"27. The limitation of ntimber of military aircraft presents from one
point of view lent difficulty than the similar i)rol)lein In the case of commercial aircraft.
It Is obvious that If a limitation on the number of military
alrfTraft Is agrwid ution betWfMin nations. It c-in be Imposefl by a .State wit houl.
that Int^jrferencn with tht; liberty of citiwns, which compli':;ites the ((ueslion
•f aircraft dovoV«<I to commercial purHUlts.
IJut when tho details of such
an a«r(«ment urn considered. It will be found a matt,<'r of great difficulty
to find a reasonable Iki'iIs on which tho allotment of relative strengths cjiix
be made.
"(1
)
Thf:
For nxample:
'st.-vtus f|no'
cannot serve as a starting point, since the statu of
air service differs widely in the case of the various powers
Csee appendices), and in no cjise c;in thane BervWxjs be considered as com-
development of
plot«).
"(2) Tho sl7.e of a nation's navy and army will influence tho baxLi, Insofar
as aircraft are (!s.sentlal auxiliaries lo thos<: services.
"(3) National policy will differ as between natlon.s.
Homo nations, for
example, will wixn to have large air forces for coast flefenco. where others
prefer to trust to olfler methods.
Development on tho llnc-s of the Hubslllutlon of air forces for fither forms of force an: likely to be conslrliTable.
"(4) Tho potentialities of air forc<^s In policing and garrlstmlng semlcivillzofl or uncivilizxl countries are as yet only partially re.ill/.efl.
'Che
nuinb<-r of .aircraft re'iuired for sur;h 'liilles will v.ary with Ihe siz*- .and nature
of thi; territories to be patrolled and with the value plactxl on thoir Horvlces
by different nations.
"(.')) The geographical position and pecullarltloH of a atat.o, tho situation
and strength of its possible enemies antl the nature of a iiossiblo attack
nust influence the number of aircraft It will desire to m.'iliitaln.
"(fj) Difft^rent terms of .service for personnel will lufluoaco the cffoctlvo•ss of air aerricoM and the size of tho rcsserve.
aircraft.
"These five methods may be applied in combination or singly and ar6
considered in detail below;
"Limitation of the number of aircraft is the most obvious method of
limiting the strength of the aviation force, but in attempting to apply this
method the question of size and tj-pe at once arises. It might be necessary
to limit the maximum wing surface premitted to a single aircraft, or it might
be necessary to prescribe the number of aircraft in each of the type groups,
such as combat planes, bombing planes, &c.
"This question of definition of tjiie presents great difficulty. In order
to make an effective limitation of the numbers of military aircraft to be
maintained in peace time by any nation, it will be necessary to have a
detailed understanding on the following points:
"(1 .) On the number and tj-pes actually in use by organized aerial units.
"(2.) On the number and types held in reserve.
"(3.) On the number and type of engines held in reserve.
"(4.) On the replacement of planes crashed, worn ou' or replaced by
In the case of obsolete and other planes that are replacea
later models.
by other models, it would be necessary to enter into an agreement regarding
the disposal of planes so replaced. Otherwise it would ibe possible to build
up an unlimited war reserve merely by classifying the planes so held as
obsolete, or by converting them into civil or comma-cial planes.
"5. On the limitation of the adoption of new and more powerful types
"All these points will present great difficulty in an age when alrci-aft can
become obsolete in a few months, and when their nature is such that was
wastage may be as high as 200% per month.
"The second method of limitation, limitation of horse power, may apply
to:
"1. Total horse power in assembled planes.
"2. Total hor.se power in assembled engines.
"3. Horse power in a single individual plane of a given type.
"This can only be based on the cubic capacity of the engines. There
will be no guarantee that a nation has not discovered a secret which will
enable greater horse power to be got out of limited capacity, nor is it reasonable to expect any nation to disclose such a secret. The more detailed the
liraitation the greater the administrative difficulty of enforcement, particularly under jsresent conditions, when administrative methods are so
widely different, and, as pointed out in the first part of the report, any
enforcement, to be effectual, would entail such detailed inspection by a
foreign commission as to be intolerable to any nation.
"The third method of limitation, limitation of lift tonnage, may apply to:
"1. Total lift tonnage in as.sembled planes.
"2. Total lift tonnage in all planes, assembled or not assembled.
"3. Lift tonnage of a single individual plane of a given tyne.
"Any method must presumably be based on wing area and horse power.
It has been mentioned that the actual horse power may be unknown, and it
is likewise conceivable that a nation may discover a wing shape of extreme
lifting efficiency and neglect to disclose the fact.
Limitation of lift tonnage
may therefore be wholly illusory, and the remarks as to inspection, made in
the last paragraph, apply to this method also.
"33. The fourth method of limitation, whether of the total of organized
personnel for war aircraft or only of pilots in the permanent military establishment, falls by reason of the difference in organization between different
States.
"A nation which has a separate air service has to include in its organized
personnel those employed in recruiting, supply, transport, administrative
headquarters, &c. In the case of nations whose air forces are contained in
their naval and military forces, supply. &c., personnel are included in
naval and military e.stablishments. A fair comparison cannot, therefore,
be made.
"Moreover, the difference in service, long or short, voluntary service or
conscription, must introduce incalculable factors which directly affect the
efficiency of organized air forces and the' size and efficiency of the reserve.
"34. 'The fifth
method
of limitation, limitation
by means of
limiting the
budget and thereby controlling the amount of money that may be expended
annually for aviation, seems simple in theory, but it is difficult of application,
i'he various methods of distributing budgets for matwial under
different sub-heads make it impracticable o determine or compare the actual
.sums exi)ondod lixclusively for aircraft, and the (luesl ion is at present furt her
complicated by the factor of the relative piu-chasing power of tho currency
I
of variotis nations.
"3.0. Of the five methods of limitation, limitation by lift tonnage or horsepower appears to i)resont the legist objections, but to make these or any
other methods effective, it would be necessary, as previously i)oiuted out,
to organize a system o'f international insiiect ions.
Any syslom of inter
national in.spection would be almost certain lo arouse ill f(>reliiir and would
tend to cause friction rather than to insure harmony and eood feeling bo
twecn friendly Powers.
"Impracticability of Limitation of Number and Climraoter.
Objections in detail to each suggested method of Imitation haro
been advanced above. There Is one insnporabo objwiion which Ik com
mon to ever.v method, namel.v, tho close relationship whicJt at) prvioiit «xist»
between civil or commerwil aeronautics and air power
Unlnsu olvil and
comiiKtrcial aeronautics are strict l.v limited t:ind it has boea i«howii in the
early part of this report that it is not practicable to limit thom) a aatioa
desiring air pow('r in exc;ess of the limit imixised or agreed lo, will davnlop
its civil and commercial aeronautics to any extent de-slred.
"(irantcd a flourishing aeronautical induslr.v. tho numbfir of tfao prosenl
t.vT)e of iierishablff niilllary airpl.'ines ac(iv(> on any elvpn 4at«i. ly only on«
of Ihe elements of air power.
During the war a single Amcrimn rir«i con
tract (>d to deliver lf)l) aircraft a day. and the output of oneiiitvi («»n lifi or
ganlz.e'l on a similar scale.
A n.al Ion's air |)ow(t can thUK h« Riulliplle<l
".36.
.
not oiil.v by lh<! actual number of civil and commercial aircraft Jn uii«, bill
also by the capacity of the industry to turn to the maQiifaof.iirn of niilllary
alr<Tari In Large <iuanllties.
Llinilatlon of the niiiiit>«- of liorwA power
and
llfl
tonnage would,
iiinhir
audi
c:ondil ions, iirove illimor.v.
Thi»
com
merclal industr.v will further provide a gre-'il potonlliil rarervn of pllols
and Hkllle<l l(<chnluil personnel and will thus discount in groat extent any
llinltallon of numbers of llie |)ersonnel of inllil.iry aviailnn.
"37. It Is tho opinion of this (roininillee (hat llm timltalinn of mllllnry
air (Miwer (as rei^iards he.ivler-llian air crafl ) Is not praci IcablsHi Iho present
time.
Their rnisons for this decision are as follown
'(I.) -The illl'fhMilly of rinding a basis for the preporl loo of aircraft to
Iw'
allowed lo
"(11.)
Ihi- v.irloiis iialionN.
-The
dlfficiilty
of
dm Islng
technical methedki to iaipoMt uuch
limitation.
"(III.)
—
-The difficulty of enforcing such methods.
Tin- lnlerdei)endeiic<) Isjlweeii air jHiwi'r anil a ooatBaorcial air"(IV.)
craft Industry which It is not practhaible lo lliiill.
"Uyhlrr-Thnn Air Craft.
"38. Many of the remarks, ;ilrendv made, apply lo thto liuht.nr than-air
i-raft. but. as In Ihe case of coiimirri-ril .ilnr.if' of this iialiirn. Ilnillal Ion Is
Is iiiineirsi.iiry (<i roaiill ulaf o Ihe .'iri'U
iK)th possible and |)racl lea Me.
II
meiil that the mllilary value of a dlrlgHili' Is depelideiil on Ha hI/o. iind the
size of 'lirlglbli^s and Ihe number ni.-iliitalned run bi< llinlird by agreement
on a few simple rules. Infracllon of such riili'n can bo rapidly nscnrtaliied
whhoul detailed Inspection.
"Hut such ;i llniitallon of llghlerlhiin iilr aviation tnrcnu would not
effect a Iliiiltal Ion of this kind of air powir of a nal Ion iinleaa a llniitnl Ion
were also Imposoct on its IlKhlur'than ulr cuuunurclal aotlTltlos. Tho lino
.
THE CHRONICLE
154
of demarkation bi^twoen the large commercial airship and the military airship is very slight, and a conuucrcial dirigible would require little, if any.
The objections to the
alteration In order to adapt it to military purposes.
limitation of the number of character of commercial lighter than-air CTiift
have already been remarked on.
"The Question
of the
Use of Military Aircraft.
"39. It is necessary in the interests of humanity and to lessen the chances
of international friction that the rules which should govern the use of aircraft in war should be codified and be made the subject of international
agreement.
"40. The matter has been considered bythis committee in connection
with a draft code of 'Rules for Aircraft in War' submitted for remarks hy
the Committee on the Laws of War. The subject appears to the committee
to be one of extreme importance and one which raises far-reaching problems,
legal, politicJil. commercial and military: it requires, therefore, exhaustive
discussion by a single committee in which experts on all these issues are
as!5embled.
"The representatives of the United States and Japan on this committee
are prepared to discuss the rules, submitted from a technical point of view
a,s provideil for in the agenda under paragraph on limitation of new types
of military arms, but the representatives of Great Britain, Prance and Italy
They state that the t ime Ixjtween receipt of the agenda
are not so "prepared
for the conference and their date of .sailing hns not permitted that exhaustive
discussion of the subject that would enat)le them to advance a national
viewpoint of a matter which affects so many and varied interests. In some
cases the national policy has not yet been determined.
"41. This committee recommends, therefore, that the question of the
rules for aircraft in war be not considered at a conference in which all the
members are not prepared to discuss so large a subject, but that the matter
l)e postponed to a further conference, which it is recommended be assembled
for the purpcso at a date and place to bo agreed through diplomatic channels.
"Summarj' of Conclusions Arrived at by the Committee on Number,
Character and Use of Aircraft:
"42. The committee are agreed that among the more important elements
which influence the power that a na ion may exert by means of aircraft
are the following:
"1. The adaptability of its people to aeronautics.
"2. Geographic location and characteristics of the territory occupied by
.
the nation and
its
dependencies.
"3. The ability to produce and maintain aircraft and accos.sories.
"4. The amount and charact<3r of aeronautical activity outside the
military establishment, such as commercial and civil aeronautical activities and .«port and pleasure flying.
".5. The size and efficiency of its air establishment for military purposes,
consisting of (a) the active establishment including perminent lifjadqixiarters. bunaus, sqnadrons. schools, techtiical establishments, depots of material and personnel, &c.; (1)) the reserve establishment, including organized and unorganized reserve personnel and reserve material.
'43. (1) The adaptability of a nation to aeronautics.
"Interest of the general public in aeronautics seems to be inherent in
some nations: in others it is dormant or almost lacking. The confidence
of a people in aeronautics in general is a factor worthy of serious consideraIt is possible that a
tnon when estimating the air power of that country.
far-seeing Government may stimulate the interest of its general public in
aorocautics by exhibitions, general educational measures, and by the encouragement in a financial way of Individuals already interested and thus,
Increa.so the adaptability of its people to aeronautics.
"44. (2) .Geographic location and characteristics of the territory occupied
.
by the nation and
its dependencies.
bn looked on as closely akin to (1). The physical characteristics of a country will have a considerable influence on the attitude taken
by its Inhabitants toward aviation. It is obvious that while Grtvernmerit
action may improve the naturjtl characteristics of a country to a ce 'tain
degree, b.v making aerodromes, &c.. It is not possible for any limitatlor of
such action to be made except by limiting the total amount spent by the
nation oa a^^ation, a method which has already been shown to be largely
"This
may
ineffective.
"45. (3) The ability to produce and maintain aircraft and accessories.
"The maximum aeronautical industry possible for a nation to build up
imder ideal conditions, is determined by (1) the e.xtent to which manufacturing in general is carried on; (2) by the character of articles manufactured;
(3) by the manufacturing methods in general, that is. whether articles are
manufactured by machinery or by hand; (4) the supply and availability of
raw materials.
"In the manufacture of many articles, the raw materials used and the
manufacturing methods are similar to those employed in the manufacture of
aircraft and accassorios.
The amount of this class of maiiufcaturmg carried on in any country Is an os.sential factor in estimating the ability of a
nation to produce aircraft.
"The ability to expand an existing aeronautical industry rapidly enough
to meet war conditions is one of the most important elements of au' power.
This may be i-stimated by (1) the number of individuals skilk^d in the manufacture of aircraft and accessories: (2) the number of individuals whose
etwential
in- industries similar to the aeronautical industry forms a basis for
and rapidly the special problems encountered in the manufacture of aircraft and ;wcessories; (3) the size and condition of the existing
aeronautical industries and the size and number of manufacturing concerns
that can raidily bo converted to the manufacture of au'craft and accessories: (4) the existence of a definite program previously determined upon,
and the extent to which orders have been previosuly placed iu anticipation
of an emergency, with a consequent perfection of plans; (,'') the amount and
state of availability of the essential raw materials; ((>) the <iuantity of available jigs, tools, dies and production drawings for going into (iuanlity production of standard equipment.
"46. (4) The amount and character of aeronautical activity outside the
ntilitary establishment has been exhaustively discusses under the limitation of civil and commercial aircraft.
It has been shown that this is intimately Iwund up with (1). (2) and (3) above, and that, with the exception
of lighter-than-air craft of above a certain size, it is not practicable to
limit it. except perhai)s bv limiting the amount of .sub.sidies to commercial
aviation— a method which has been shown to be difficult of application
and to bo otherwise objectionable. It has also been shown that the limitation of Iiglit<?r-than-alr craft would have a dl.sastrous effect on aviation.
"47. (.')) Existing establishment of aircraft used for military purposes
and the reserve.
"The size of the organized reserve will depend upon the size of the military
establishment and the rate at which members of the military establishment
are trained and returned to civil pursuits.
Anv reduction lii the permanent
peacetime .stablishment will carry with it a consequent reduction in organized and trained reserves. There is, however, a type of personnel
whose civil pursuits fit them for immediate service in the air establishment.
This class is made u[) of those engaged in commercial and civil aeronautics
and industrial pursuits, which require the same trades and basic knowledge
and experience as is reciuired in the operation and maintenance of military
aircnift.
This class will not be seriously affected by any change in the
military establislunent.
"48 Techiiicii considerations have led the committee to the concl.i.sion
that the limitation of the fifth element, iiameiy, the size and efficiency of
-jeacetime air establishments for military i)iirposes (Including the activ(>
.'Stablishment and the organized reserves), It hough theoretically po.ssibIe
Is not practicable.
The committee also desires to lay stress on the fact
training
leartiing readily
.i
that.
"Even if such limitation wa.s practicable. It would not prevent the use of
power in war, but would only operate to give greater comparative importance to the other elements of air power which cannot be limited for the
reasons given in the report.
Final Conclusion.
"The Committee is of the opinion that It is not practicable to impose anv
air
effective limitations
upon the numbers or characteristics of
commercial or inihtary. excepting
aircraft
either
the single case of lighter-than-air craft
Use.
The Committee is of the opinion that the use of aircraft in
governed by the rules of warfare as adapted to aircraft bv awar should be
fiinher <^""'"""<^'^ cn?i
"
fercncc which should be held at a later d.nte
Respect fully submitted by
in
•
'
^^^^^^^TEE OF AIRCRAFT
••For the United States of America:
VViiliam A. Moffet, Chairman, Rear .Vdmiral,
..c^'^''""^'^' I'at rick. Major General. U. S. A.
For the British Empire:
.J-^ F '^ Iliggins, Air Vice Admiral, R. A. F.
U
S
X
For France:
••-'Ubert Roper. Captaine. Pilote Aviateur,
Prench'Ariny
"For
Italy:
Riocardo Moizo, Colonel, K I. A.
"For Japan:
'•Osami Nagano. Captain. I J. N.
y^ote
The Italian representative believes and desires to place on record
that one way in which it would he possible to limit the air power of a nation
would be by placing a limil upon the number of pilots in the permanent
mihtar.v establishment and consequently agrees with the general reasoning
of the report in.sofar as it is not contrary to this opinion.'
(Signed)
RICCARDO MOIZO, Colonel, R I A.
The discu.ssion of this report was not concluded when tho committee
•
—
adjourned to meet
Monday
next. .Ian
9, at
11am
The following is the communique of the 9th inst. making
known the decision that it
impracticable at present to
i.s
limit aircraft:
The eighteenth meeting of the Oonunittee on the Limitation of Armament
was held
this morning, Jan. 9 1922, at 11 o'clock, in the Pan-American
Building. The Committee had under discasslon the rejxjrt of the Sub-Committee on Aircraft.
MR. SCHANZER OF ITALY.
The Sub-Committee of experts has come to the conclosion that there is no
practical method for limiting military and naval aviation.
The Italian
raiember of the Sub-Committee was alone of the opinion that such a limitation could be obtained by limiting the number of pilots of the iiermanent
military organizations; and since the other Powers are wiUing to accept the
conclusions of the Sub-Committee and a proposal aiming at the limitation
of air armaments would have no chance of being accepted to-day, we will
limit ourselves to expressing the desire that the future conference which
will be called to study and define the laws of aerial warfare should take up
again also the question of the limitation of aerial armament.
have always insisted on the limitation of armaments in all fields and
would deem It regrettable that competition which we have partially succeeded in excluding from naval armament should be transferred to the
dominion of military and naval aviation; this would be a serious drawback
to the work of the economic reconstruction of our countries, which it Is the
duty of each of us to ha^'e in view.
We
MR. UXDERWOOD.
Mr. Underwood said that he had not expressed his views very much to the
conference.
He was in heary accord -vvith what it had done. He himself
believed In real disarmament, looking to the permanent peace of the world,
and ho would be very glad to vole for the cutting out of any Instrument of
war if it really affected the situation; but heavier-than-air craft and lighterthan-air craft both were used for land armament as well as sea armament.
The man who was trained In one machine could fly in the other and, in the
main, the machine that might be used with land armies, with slight changes,
could be used in naval warfare.
He personally would be very glad to see the question of limitation of land
armament taken up, but he understood the conditions that confronted them
and knew it was not probable that it would come before this conference, for
reasons that it was not necessary to go into. Therefore it did not seem to
him practicable to pass resolutions in reference to the limitation of aircraft
at this time.
For that reason tiis view was in accord with the \'iew of the
technical Sub-Committee.
MR. BALFOUR, OF GREAT BRITAIN.
Mr. Balfour said that it was impossible to resist the practical conclusions
of the Sub-Committee on Aircraft \vlth regard to the limitation of heavierthan-air craft, which he understood was the point for immediate discussion.
This was regrettable, because one must regret anything that restricted our
power to limit armaments, whether by land or sea or air. But we must
accept the facts as they now appear, and leave it to some future time to
deal with the subject, when the technical differentiation between war and
peace aircraft should have become clearer.
Senator Underwood had put with great force a further special obstacle
that stood in the way at the moment. As he had shown, the conference
was precluded from dealing with the larger problems of land armaments.
Accordingly, to deal with
Aircraft were land arms as well as naval arms.
the limitation of aircraft at tliis time would be to deal with only a fraction
of the subject of land armament and to leave wholly untouched the larger
proportion of the great problems connected with it. There was another
Unlike the case of subgeneral argument pointing in the same direction.
marines. In the case of aircraft military and civilian uses were not sharply
divided. There was practically no commercial civil use for a submarine,
but there were many who thought that the development of aerial invention
was going to exert an immense influence upon the economic development of
mankind and upon the inter-comuuinication of different peoples. In the
present stage of their knowledge of air matt<>rs it seemed quite impossible
to limit aircraft designed for military uses without also limiting aircraftdesigned for commercial uses; so that every restriction which could be put
upon airciaft would have a double reaction.
It might, and perhaps would, diminish the number of aircraft which could
be u.sed for military jjui-poses, but it could not carrj- out that object without
also diminishing the number of aircraft to be used for the peaceful purposes
of international intercommunication.
In those circumstances he must
admit with reluctance, but with a clear conviction, that probably the Subcommittee was in the right when it said it would be quite hopeless, and not
only hopeless, but undesirable, to attempt at the present time and in the
He has, therefore, prepre.sent stage of our knowledge to limit aircraft.
pared to give his adhesion to the first part of the first resolution.
MR. S.ARRAUT. OF FRANCE.
.Mr, Sarraut said that he had just listened to the presentation of a certain
number of observations in consequence of which he desired to state that the
French delegation gave its full assent to the first resolution proposed by the
Committee. The reasons adduced appeared to him excellent and the conclusion reached by the impartial investigation of the experts was Ixmiinous.
If he might be permitted to express his personal point of view, he would
say that he still regarded with the gravest apprehension any act which might
be of a nature to paralyze the progress of aviation. He had a profound
If it resulted in
belief in the beneficial effects to hmnanity of aviation.
terrible engines of war, it might also be an instrument of the first importance
in time of peace.
Already, indeed, the plane was used in the administration of those distant
and desolate lands called great deserts by the experts, and where more than
anywhere else suffering humanity had need of care and of assistance. In
the French colonies, very serious efforts had been made to effect the longdi.stance transportation of essential objects and to bring medical and surgical'
Very important results had already been attained along these
a.ssistance.
generous and
,
[Vol. 114.
humane
lines.
Under these conditions, it would be very wrong to do anything that might
hamper the progress of aviation, and it was with this understanding that theFrench delegation gave its full and entire adherence to the proposals of theCommittee.
,
{
\
,
THE CHRONICLE
14 1922.]
.Ian.
BARON KATO, OF JAPAN.
Biiron Ivato said that the question of aircraft did not demand elaborate
Ho believed, however, that the time would come
discussion at present.
when It would bo necessary to effect a limitation upon the use of aircraft.
He afiToed with the conclusion of the Sub-Oommlttee that it was Impractioablo at present to effect any limitation upon the use of "heavier-than-air"
oraft.
Thorofore, he accepted the proposal on behalf of the Japanese delegation
.
SECRETARY HUOHES.
The Chairman (Mr. Hughes) said that he thought that they all felt a deep
disappointment in being unable to suggest practical limitations on the use
of aircraft in war or on the preparation of aircraft for military purpo.se.s.
They knew full well that in aircraft there was probably the most formidable
military weapon of the future.
And yet, addressing themselves as practical
men to the problem, they found no answer to the arguments which had been
set forth succinctly, but most forcibly, by the technical Sub-Committee.
The reason was, as had been well stated, that they were dealing in substance with facilities that were needed in the progress of civilization. They
i»uld not put a ban upon progress. They also knew, even if they prohibited all aircraft for military purposes and allowed the development of the
art to meet the requirements of civil life, that in time of war the bases of
that development would be immediately available and within a short time
provisions would be made amply for any possible military uses.
The question, therefore, reduced itself not to one of limitation of armament but to a limitation cf civil progress: and faced with that difficulty,
there .seemed to be no alt-ernative but to adopt the first resolution so far as
This
it applied, as it did apply, exclu-sively to heav-ier-than-air craft.
appeared to be the sense of the Committee.
The Chairman then said that the next question was whether it would be
deemed practicable to impose a limitation in the case of lighter-than-air
craft.
He asked to caU their attention to what the Sub-Committee said
with regard to this subject. The statement was verj' short, and it brought
before them the point quite clearly, aud, with theii- j>ermission. he would
read it. The Sub-Committee said:
"Many of the remarks already made apply to ligiiter-than-air craft, but,
as in the case of oommercial aircraft of this nature, limitation is both possible and practicable.
It Is unnecessary to recapitulate the argument that
the military value of a dirigible is dependent on its size, and the size of
dirigibles and the number maintained can be limited by agreement on a few
sitaplt rules.
Infraction of such rules can be rapidly ascertained without
detailed inspection.
But such a limitation of lighter-than-air aviation
forces could not effect a limitation of this kind of air power of a nation
unless a limitation were also Imposed on its lighter-than-air commercial
actlvitiey.
"The line of
demarkation between the large commercial airship and the
military airship is very slight, and a commercial dirigible would require
little, if any, alteration in order to adapt it to military purposes.
The
objections to the limitation of the number or character of commercial
Mghter-than-air craft have already been remarked on."
That allsuion was, apparently, to the fact previously emphasized in the
report, as follows:
"As regards the desirability of limitations the Committee has touched on
those factors which must be understood before arriving at a decision.
It
feels it to be a duty to lay great stres.'; upon the following fact which will
have a decided bearing upon any determination of the proper policy to be
adopted any lunitation as to the number and character of civil and commercial aircraft, heavier-than-air or lighter-than-air, which is efficacious to
hinder their utility for war purposes, must interfere disastrously with the
natural development of aeronautics for legitimate civil and commercial
enterprises.
"To limit the science of aeronautics in its present state is to shut the door
on progress. It is for the conference to decide whether the limitation
which can with difficulty be devised and imposed are to bo adopted a^
such a cost."
impose a limitation, by agreement'
Questions as to limitation of ntunbor could be
It wa.i, therefore, practicable to
upon the
size of dirigibles.
considered separately, but certainly it was practicable to impose a limitation ufion size.
The question was whether it was desirable to do so, in
view of the fact that commercial dirigibles could be converted into military
dirigibles, and therefore the question was whether the advantage in the
Limitation of armament, that is. in having an agreed limit of size of dirigibles
was so great that it offset the disadvantage of limiting the size of dirigibles
for commercial purposesThe Chairman presented that question for
'li.s<:iLs8lon.
No
.
one desired to discuss the matter.
The Chairman then asked
if it wa."* the dfsire of the Committee to state,
as their conclusion, in view of the argiiments presented by the Sub-Commltt<!«', that it was not practicable to impose limitations upon lighter-thanair crati or if it was their desire to present a resolution containing such a
155
a |)ri)|)osal <-oncorning the ase of military aeroplanes and airships and of all
other warlike means for ttie bombardment of open towns.
"Everybody recalls the horrors and atrocities perpetrated by the Germans
and their allies during the last war. when open towns were bombadod with
so large a sacrifice of the lives of non-combatants, women and children.
In
certain countries many towns suffered by such bombardments, which were
a menace not only to the peaceful inhabitants, but also to historic buildings, to monuments, to inmiortal works of art which certain towns possessed, and which were the patrimony not only of the towns directly smitten, or of the nation to which the town belonged, but of the whole of hu-
manity."
ADMIR.\L DE BON, REPRESENTING FRANCE.
\dmiral de Bon fully endorsed the views of Mr. Schanzer. He recalled
th.it Article 25 of The Hague Convention of 1907 prohibited the bombardment of unfortified cities in any manner whatever. During the late war
unfortified cities were bombarded not only bj' airplanes, but by land and
navnl artillerj".
MR. ROOT.
said that there was some uncertainty or alleged uncertainty in
the application of The Hague rule regarding the bombardment of undefended
towns to the action of aircraft. Of course, when the rule limited bombardment to defended towns, when it prohibited the Ixjinbardment of undefended towns, it had reference to military or naval operations against towns
that afforded military or naval obstacles to those operations, and as to
those towns the provision was that the commander should notify the defended place so that the civilians might have an opportunity to withdraw.
As to the undefended towns, he must not bombard them at all.
Nbvx-. those distinctions did not seem to fit bombardments from the
sky.
No town was defended a gaiiist such bombardment. If the rule were
strictly applied, it did not prohibit the bombardment of Paris, because of
the fortifications surrounding Paris. It was a defended tovra. Most of
the cities in Europe had some sort of defense.
Mr. Root
He fully sympathized with the view which Senator Schanzer took If the
committee were going to act, ho wished Senator Schanzer would apply his
verj' acute intelligence toward making this rule more definitely applicable to
the existence of circumstances of aircraft and a tovm defended as against
land attacks, but wholly undefended as against air attacks, and resolve the
uncertainty that resulted from the fact that the rules were not made for
air attacks.
He thought the committee would render very useful service
if it could do that, far beyond merely repeating a rule and leaving this un.
ceitainty.
When one considered these two rules, that a defended town must not be
bombarded without notice sufficient to enable the innocent the women
and the children and non-combatants -to withdraw, and that an imdefended town must not be bombarded at all; when one considered these two
rules, the spirit of them could prevent aircraft from bombarding any town
—
—
whatever. Bombard a railroad junction, a station crossing? Yes. Bombard a munitions factory? Ye«. But the centre of an innocent population? No, not under any circumstances at all. For that reason, Mr. Root
concluded, the rule was inadequate, and if the committee were going to
speak, they ought to make it adequate,
SECRETARY HUGHES.
The Chairman
said there seemed to be general acceptance of the spirit
aud purpose of the proposal made by Senator Schanzer. It was obvious
from the discussion that in detail the matter was one which, like other rules
relating to war, would require the most careful and probably protracted
consideration of a commission of jurists in order that the new situations
which had been developed should be carefully developed and rules framed
with precision to meet them.
The Chairman said that the committee was now considering the recommendation of the sub-committee that rules of warfare should be considered
by a further conference. He suggested for the consideration of the committee that instead of taking that course, provision should bo made for the
CToation through the action of the Powers here represented of a commission of jurists, vvliich should at an early date take into consideration the
question of rules of war which seemed to be demanded by new exigencies
and revelations or the adaptation of new instruments of warfare to the
end that recommendations might be presented to the Powers for their acceptance. The Chairman feared that a future conference, for example
dealing with a (luestion of this technical character technical In the sense
that it would retiuire very close study by jurists would find itself much in
the.same position that the committee was in: It would have to wait until
—
it v^'as
—
advised by legal experts.
,
limitation.
Senator Schanzer said that he only desh-ed to ask the Chairman if the
proposal, which made an exception for lighter-than-air craft, were
approved, might it not seem that the exception were approved also. He
raiggehK-d the elimination of the words "excepting in the single case of
first
lighter-than-air craft."
The Cliairman naid the ouggeNtion of Mr. .Schanzer w.-is that it would
.'iccompll.sh the purponi:, if it was not proposed to put a limitation upon the
light4T-lhan-air aircraft, to adopt the co/icluslon of the sub-committee,
leaving out the I.-ust clause, so that the sense of this Committee would be
stat<Kl to bo .Ts follows:
"The c;ommlfcteo
Is
of the opinion that It Is not pratlcable to Impose an.v
numbera or characteristics of aircraft either
effoctlvo limitations upon the
'tominercial <»r military."
,
The C;hairman said th.-it It w;i>. siiggested by Mr. Halfour that the words
"at prcnent" should tjo iascrted bcfon- "prac(U-!il»le." That seemed to InI ver.v good suggestion; Ijecauwe thai was what they were doing -not
indicating that in tlio future It would not Ix-corne pra<;tlcable.
Tliirri the
resolution would re.ad:
"The committee
Is of the opinion that It Is not at preswint practicable to
effective limilatioiiH ujion the numbers or characterstlcs of
either commercial or military."
impow any
•ilrcraft.
asked for .•us.sent to HiI.h. and it wsis unanimously .•idopl<'<J.
The Chairman then K»ld that tlie.v <vime to the next recoiniiiendalloii or
lie thcii
coiiclUHlon of the Hiib-<;c)iiimlttee.
.is
folloWK:
"The committee Is of the opinion that the umc of alnTaft In war nhoulil
be covered by the ruleK of warfare ;«.< adapte<l to aircraft by a further conference which should Ijo held at a later date."
The Hub-Coniuijttee hri/1 taken occ.mlon to review the dlfflcuItleH, at the
prem'nt Confer(iii;<i. In adopting detnlli^d rules of war.
Mfl. SCIIANy.KR OF ITALY.
"VVc .ipprovn f,li« proptmal which i\\vnH iit the convocation of a conference
for the Klu'ly of the niloH of aerial warfare.
But we bell«'ve, geni letiicri.
that ccrl.iln principles of International lav oxNt In n>lallon to the unc of
iierlal wi-apons. which dfwirve to be solemnly priMi.almfd to-day, by this
*nTMi Conference.
"HInce we h.ivo ac<»pt.e<l, for hunianc reasons, th<> prohibition ol tin- ustof RubmarincR agalast mfrrhant vCMAelH. wh f<f<l It our 'Iiity now, in consisteiic<- wifh prinHpIes of ju.xtlce .ind coherenfc, to put forward In our turn
Perhaps the best form that this could be put in, and the most practical
action, would bo for the Powers here to agree to designate members of a
commission of jurists, who should make a report and reconunondation.
.STB
ROBERT HORUEN OF CANADA.
Robert Borden said that at the previous mooting he had made a suggestion on this subject.
He was, however, quite content that what he had
.sjiid then should be left for the consideration of the proposed future conferonce or commission
Kv en a coramis,sion of jurists would find extreme difficulty In dealing v\ith
a question so complicated in its nature.
It was obvious that the present
Conference could not deal w ith it satisfactorily. Senator Root had observed
that a railway junction or a niunitlou factory might properly be subjected
to bombardment.
But inasmuch as modern warfare by its very nature
involved all (he energies of each nation engaged it would bo found that
railw.-iy Junctions, munition factories and other such points of attack were
everywhere scatttred among the habitations of the innocent population.
.\ccor(llngly It would be neces.sary to consider how far and by what rcstrlotlons th(' bombardment of such points could be prevented, and, on the
oth(T hand, to consider whclhor It would bo feasible to prohibit absolutely
any attacks on such w.-jr objectlv(^s. The subject was an entirely proper
one for some future commission or tribunal, but it shoulil be considered
whether or not the eHtabllshmont of such a commiKslon woidd be appropriately confined to the tixi- Powers hero repreNunled
»___——.Sir
.
SECRETARY HVOIIES.
Vl
he Chairman repliid that It was his Idea that It shouM not be so confhied, but thai representallves of the five nations hhf)ul<l Inltlnlo the proHe said that he supprised that a resolution for the constitution of such
ject.
a i-ommlKslon of Jurists would h.ivn to bi^ consldiiiul most can fully In order
that It shoulfl be framed with precision and that It might will br comndttod
to the f!ommlll.ce on Oraltliig, with Itistructlons to bring In .-in appropriate
I
riisolullon to the end sought.
It might be Kufriclent now to declare the arlhereneo of th«i (lommlllee In
principle Ui thih, that nations here repri'senl<«l Nhould provide for the
,i|ipolnlinent of u commlsslim of Jurist* to connlder the nil.-. (»r w,ar which
of the late war, and also re.inirn Invi-stlgatlon In
development of now ageiii li'< of warfare, anri he would ask If
thirro was any obji-ctlon to adherence Ui that prlnclpl.-. leaving tho pni-jsir< solution to be formulati-d by lli<- CoinniKt.-i' on Drafting
wiTi- affected
fix-
by the events
Light of the
.
THE CHEONICLE
156
MR. BALFOUR. OF GREAT BRITAIN.
well advised in saying
that this matter should probably be considered a little more closely than it
was possible to consider it on an occasion like the present or in the present
Mr. Balfour said that ho thouKht the Chairman was
assembly. Therefore he welcomed the view that the matter should go beHe had, however, two suggestions to make
fore the Drafting Committee.
which he hoped the Drafting Committee would consider. The first was
that It would be most inadvisable, in hus opinion, to limit the matter to
jurists.
That was a point which concerned not merely the framing of the law or
of fitting into the general tissue of our system of international law
or rules that might be devised.
l<'or that purpose, no doubt,
jurists were essential, and jurists should play a very great part in any inBut, after all, the people who had seen
quiry such as that now proposed.
those instruments at work, who knew what those instruments had involved
in the past and what they were likely to involve in the future, should have
more to say in regard to the framing of such rules than the most expert
He thought that they should play a
authority upon international law.
not less important part in any inquiry which was made on the subject.
He (Mr. Balfour) did not know whether liis second suggestion would
meet general approval, but he would very much like to see the area of inInternational law, and especially international
quiry reasonably limited.
He
law dealing with the laws of war, was extraordinarily complicated.
could not deny that it ought to be dealt witli and he could not see how
anybody eould deny it. For liim.self he could not refuse to accept the propo.sition that the mere fact of development of methods of warfare carried
with it an almost inevitable corollary that the rules of warfare should be
the
mode
any new laws
revised.
But tliat subject was so complex and so enormous and was so certain to
lead to much difference of opinion within the committee of experts and jurThe part
ists that he would like to divide such an inquirj* into two parts.
of the general inquiry in which they were most interested, which had most
usefully occupied some of the attention of the conference, was really adequately described in the list of the agenda which the Chairman had brought
fonvard on behalf of the Department of State at the "beginning of their
laibors.
Among tlie sub-divisions on the subject of limitation of armaments
there was the following sub-heading:
"Rules for the control of new agencies of warfare."
It seemed to him if the conference would limit, at all events in the first
instance, the work of the mixed committee of experts and jurists to rules
for the control of new agencies of warfare, they would be more likely to
come to a speedy conclusion and much more likely to obtain a conclusion
which would be unanimously adopted.
He, therefore, suggested for the
consideration of all his colleagues round that table whether that humbler
but .'rtill all-iwportiint subject would not be sufficiently wide in its scope
to occupy the attention of even the most powerful committee which they
were able to provide for its investigation.
SECRETARY HUGHES.
The dhaimian
there was great force in the suggestions made by
Mr. Balfonr, and he personally, had not the sliglitest objection to their
adoption.
It was not at ail the intention that this proposed commission
sliould consist of jurists who would work in disregard of the recommendations of technical experts.
He supposed that the jurist representing each
country would be advised very fully of all technical matters by both naval
and military experts, but when it came to the point of formulating the
legal rules which should be adopted, it would require the special training
of juristn in onler that the information and advice and proposals furnished
by military and naval experts could be adequately considered and those
which were adopte<I s-uitably expressed.
There was not, however, the .<ilighte.<t objection to having the commission
itself enlarged, if that wonld seem to be desirable.
He had found, however,
that when it eame to a question of drafting rules, the fewer there
were
who were actually engaged in the work the better the prospect of success
and while ea«li one charged with the responsibility should have all the information avaiKable and the aid of all the experts who could
possibly
throw liglit upon the .subject, a very few men competent in drafting,
associated together for that purpose, could accomplish much
more than a large
said
committee.
He also felt the force of Uie suggestion of limiting the scope of the inquiry.
That was very carefully considered when the tentative
agenda was
suggested, and the proposal made to which Mr. Balfour
had referred.
seemed
Chairman that the question of the method of constitutmg
and the scope of the inquiry to be entrusted to it could
well be committed to the consideration of the
Committee on Draft and the
committee eould aw;iit their recommendation.
If that was a.^reeable to
the delegates, he would simply ask assent in
principle to the constitution
It
to the
the coinnr.ission
of a commission for the purpose of dealing with
the subject of rules of
warfare in the light of the developments of the
recent war
!''"*
.»?'""
i^'f *".'! '^^
referred to the Drafting
'''*'"''
''' '"'''" Pei-fectly ready to have the
matter
Committee, he would like to make reserrations
luniting the scope of the Drafting Committee's
work, and asked the Chairman s a<lvise as to how this result might be attained.
The Chiiirman assumed that both of the suggestions
Mr. Balfour had
''^""^'^ *" ^'''^ committee and that they
would
Zlfft'
.
I"
take those into consideration as well as others
that might be advanced in
the course^ of their discussion, and that
the committee should bring in
a
recommendation, which could then be discussed
in the light of the arsru
oi me argu
h
ments they advanced for its support.
Mr. Balfonr said that would be satisfactory
-\fter a vote was taken, the Ohainnan
announced
f
i
that the .suggestions
as to the refei^nce to the Drafting
Committee were unanimouL approved.
re unanimously
1 hereupon the oomroittee adjourned.
1T1°"
[Vol.
lU.
been called chemical warfare.
The committee would recaU that a subcommittee, composed of members representing the five Powers, had beea
appointed to consider thi.s question.
He was advised that this committee
agreed their memorandum states "more or less unanimously" on certain
points.
He would read their memorandum, stating the i>oints thus agreed
—
—
upon:
"The connnittee agreed more or less unanimously on the following points:
"1. (a) Chemical warfare gases have .such power against unprepared armies that no nation dare risk entering into an agreement which an unscrupulous enemy might break if he found his opponents unprepared to use gases,
both offensively and defensively.
"(b)
Since many high explosi\es produce warfare gases or gases which
are the same in their effects, on men, any attempt to forbid the use of
warfare gases would cause misunderstandings at once. That is, one or both
sides would in the first battle find men dead or injured from gas.
The
dcubt would at once arise whether gas was actually being used as such, or
wliether the casualties were due to high explosives.
This could be made
the excuse to launch a heiivy attack with warfare gases in every form.
"(c) Ke.search which may discover additional warfare gases cannot be
prohibited, restricted or supervised.
"(d) Due to the increasinglj' large peacetime use of several warfare
gases, it is impossible to restrict the manufacture of any particular gas or
gases.
Some of the delegates thought that proper laws might limit the
quantities of certain gases to be manufactured.
The majority of opinion
was against the practicability of even such prohibition.
"(e) It is possible to confine the action of chemical warfare gases the
same as high explosives and other means of carrying on war. The language used in this connection was that 'it is possible, but with gi-eater difficulty.'
On this question, as in the case of (f) and (g) following, it was
evident that among the representatives of the three nations thoroughly acquainted with chemical' warfare gases, namely, the United States, Great
Britain and Franco, there was less doubt as to the ability to confine their
gases than among the .lapanese and Italians, who know less about them.
"(f) The kinds of gases and their effects on human beings cannot be
taken as a basis for limitation.
In other words, the committee felt that
the only limitation practicable is to wholly prohibit the use of gasea
against cities and other large bodies of non-combatants in the same manner
as high explosives may Ije limited, but that there could be no limitation on
their use agianst the anned forces of the enemy, ashore or afloat.
"(g) The committee was divided on the question as to whether or not
warfare gases form a method of warfare similar to other methods, such as
shrapnel, machine g-uns, rifle, bayonet, high explosives, airplanes, bombs,
hand gi-enades and similar older methods.
In this, as in (e) and (f),
the United States, Great Britain and French members (five in number),
who know gas, were emphatic that cliemical warfare gases form a method
of waging war similar to the older fonns."
The Chairman then said that lie desired to read, on behalf of the American delegation, the report adopted by the advisory committee of the
.\merican delegation, to the constitution of which he had already referred.
This report had been adopted by the advisory committee upon the recommendation of its subcommittee, which had dealt witih new agencies of warfare.
The report was as follows:
The committee (of the advisory committee) on new agencies of warfare,
having had a number of meetings, one conjointly with the committee (of
the advisorj- committee) on land armaments, has the honor to report that
it has given careful consideration to the subject referred to it.
Chemical
warfare, which is the scientific term to cover use of gases in all of their
forms, reached very important and significant phases during the World
War. The surprise of the first gas attack on the British forces at Ypres
shocked the civilized world, but its military effectiveness caused the Allied
Governments at once to take measures not only of protection against gas
attacks but al.so offensive action.
In con.=equence, at the close of the war
the ii.se of poison gases, not only temporarily injurious but of a toxic character, became universal.
The committee has found on consultation with experts and reference to
.scientific .study of the subject that there are arguments in favor of the use
of gas which ought to be considered.
The proportion of deaths from their
use when not of a toxic character is much less than from the use of other
weapons of warfare. On the other hand, the committee feels that there
can be no actual restraint on the use by combatants of this new agency of
warfare if it is peniiitted in any guise.
Tlie frightful consequences of the use of toxic ga,ses if dropped from airplanes on cities stagger the imagination.
No military necessity can excuse
or extenuate such events as were of frequent occurrence during the recent
war, when bombs were dropped on undefended and thickly populated cities,
towns and villages for no other purpose apparently than to demoralize the
population.
If lethal gases were used in such bombs it might well be that
much permanent and serious damage would be done, not only of a material
character, but in the depopulation of large sections of the country.
The committee is of opinion that the conscience of the American people
has been profoundly shocked by the savage use of scientific discoveries for
destruction rather than for construction.
The meeting of the Conference on tlie Limitation of Armaments in the
city of Washington affords a peculiarly advantageous opportunity for comparison of views on all questions bearing on the subject. Whatever may be
the arguments of teciinical experts, the committee feels that the American
representatives would not be doing their duty in expressing the conscience
of the American people were they to fail in insisting upon the total abolition of chemical warfare, whether in the army or the navy, whether against
combatant or non-combatant.
Should the United States" assume this position, it would be no evidence of weakness but of magnanimity.
Probably
no nation is better equipped by reason of scientific knowledge among its
technicians and by means of its material resources to use chemical warfare
effectively'.
Ah'MAME^T CONFERENCE DECLARES AGAINST
POISONOUS GAS WARFARE.
A
drawn up hy VAlhu Root, barring the use
of
gas ill warfare, wa.s unanimously
adopted at
Washington on Jan. 8 by the Committee on
Limitation of
Armament, the five Powers, through their
rosolutiou,
I>ois()ii()iT.s
representatives
the Ooiiforence, endorsing the
declaration against gas
warfare. The report on poison gases,
as presented at the
meeting of the Committee on Limitation
of Armaments on
Jan. 6, was contained as follows in
the communique issued
that day, covering the sixteenth
meeting of the Committee:
This committee, therefore, submits the following resolution for adoption
to be communicated to the American dflegates
on the Conference on the Limitation of Armaments:
"Resolved, that chemical warfare, including the use of gases, whether
toxic or non-toxic, should be prohibited by international agreement, and
should be classed with such unfair methods of warfare as poisoning wells,
introducing germs of disease and other methods that are abhorrent in
modern warfare."
by the Advisory Board and
{It
Report on Poison Oases.
<"' °"«^^'> ^'^ *hat he now desired to bring to the
,tf1nts."''H'"Tu°
attention of the committee
the question of the use of gases,
or
what had
Secretary Hughes.
The Chairman observed that the foregoing resolution, as he had said,
was submitted to the Advisory Committee of the American delegation by
its subcommittee, and, he was ad\ised, was unanimously adopted by the
Advisory Committee.
The committee would observe that, in this report, reference was made
to the fact that the subcommittee reporting had held a meeting jointly with
a committee of the Advisory Committee which dealt with the subject of
land armament.
He had been furnished by the Advisory Committee with
a copy of the report of its Subcommittee on Land Armament, this report
:
THE CHKONICLE
Jak. 14 1922.]
It conbeen iinauiinously adopted by the Advisory Committee.
following recommendation witli regard to chemical warfare:
"Chemical warfare should be abolished among nations, as abhorrent to
It is
It is a cruel, unfair and improper use of science.
civilization.
fraught with tlie giavest danger to non-combatants and demoralizes the
kaviiig
tained
:
:
tlie
better instincts of humanity."
that this report was signed by General John
Pershing, as Chairman of the Subcommittee on Land Armament of the
Advisory Committee, and it had been adopted by the Advisory Committee.
Continuing, the Chairman said that in view of the reference to a difference of opinion among experts, and especially in view of the statement contained in tlie findings of the subcommittee of tliis committee of the conference, he desired to read, for the information of this committee, a report
by the General Board of the United .States Navy upon this question of the
This report had been submitted to the Ameriprohibition of gas warfare.
157
to be bound thereby between themselves and invite all other civUlaed
nations to adhere tliereto."
In these various treaties there were, Mr. Root thought, between thirty
and forty Powers which had assented to the statements of the prohibition
of tliese practices, so that there was not much further to go in securing
tliat general consent which changes a rule from contract to law.
The Chairman pointed out
Mr. Schanzer of Italy.
J.
can delegates.
"Question: Should gas w.arfare be prohibited?
"Answer
Yes.
:
The United States would undoubtedly give up a material
advantage if gas warfare were abolished. The resources and scientific development of this country place it in the front ranks of nations in the ability to wage efficient gas warfare and insure an adequate supply of special
Nevertheless, its abolition would be popular in this country, even
gaaes.
though its effectiveness as a weapon in war has been clearly proved when
"Comment:
1.
employed under special conditions.
"2. The tendency of rules of modern warfare is toward restraint in the
employment of weapons that produce unnecessary suffering. The limitations in the employment of the different weapons have that end in view.
The dum-dum 'bullet and the explosive bullet are well-known examples.
Following this general principle, gases which produce unnecessary suffering should be prohibited.
".3. Gas warfare has a peculiar futility different from any method heretofore employed, in that though directed toward a particular target its destructive effect is not limited to that target, but passes beyond control of
the belligerent agent and may involve a sacrifice of innocent lives over a
wide area.
On account of this peculiarity the use of gas which causes
death is objectionable because not only the combatant is killed, a perfectly
legitimate target, but many non-combatants may also be victims.
And
these innocent persons may deliberately be made objects of gas attacks by
unscrupulous belligerents.
Lethal gases should therefore be prohibited.
"i. The two principles in warfare (1) that unnecessary suffering in the
destruction of combatants should be avoided ,(2) that innocent non-combatants should not be destroyed, have been accepted by the civilized world
for more than 100 years.' The use of gases in warfare in so far as they
iolate these two principles is almost universally condemned to-day, despite its practice f»r a certain period during the World War.
"5. Certain gases, for example tear gas, could be used without violating
the two principles above cited.
Other gases will no doubt be invented
which could be so employed, but there will be great difficulty in a clear
and definite demarcation between the lethal gases and those which produce
unnecessary suffering as distinguished from those gases which simply disable temporarily.
Among the gases existing to-day there is undoubtedly
a difference of opinion as to which class certain gases belong.. Moreover,
the diffusion of all these gases is practically beyond control, and many innocent noncombatants would share in the suffering of war, even if the
result did not produce death or a permanent disability.
"6. The General Board foresees great difficulty in clearly limiting
ga.-*-. so as to avoid unnecessary .suffering in gas warfare and in enforcing
™ies which will avert suffering or the possible destruction of innocent
lives of
noncombatants, including women and children. Gas warfare
threatens to become so efficient as to endanger the very existence of
it was with a deep feeling of satisfaction that
Italian delegation welcomed the statements made by the Chairman.
The Italian representative in the sub-committee had had the honor of being
the first to propose the abolition of poisonous gases as weapons of warfare,
tlierefore he could only heartily endorse the American proposal, which, if
Senator iSclianzer said that
tlie
—
—
and this would no doubt be the case would con.stitute one of
the greatest claims to honor of the conference and a real step in the path
of progress and civilization.
The committee then adjourned until .Ian. 7 1922, at 11 o'clock A. M.
accepted
The communique announcing the adoption on Jan. 7 (at
the seventeenth meeting of the Committee on Limitation of
Armaments) of the resolution prohibiting gas warfare, said
Prince Tol.uffawa of Japan.
Prince Tokugawa addressed the committee as follows:
He said that he did not wish to take the time of the committee in the
performance of an unpleasant task ; as some of the delegates knew, he was
about to take his leave of them to start that afternoon on his return journey to Tokio to assume his parliamentary responsibilities.
It was needless for him to say how greatly he appreciated the courtesies and consideration which he had received and the spirit of co-operation on the part of
That which the Qonference had
his colleagues which lie had encountered.
already accomplished had been successful ; its full accompllshmeBt was
not yet completed.
In bidding adieu to his colleagues he desired to state that he would always remember with gratitude and pride the privilege it had been to sit
with tliem at the conference and he hoped and trusted that their paths
might meet again.
Secretary BugJies.
chainnan said that he was sure they would all deeply regret that
They were indebted t» him lor his
Prince Tokugawa had to leave them.
co-operation and he might be assured of their biding affection and esteeas.
He was leaving them the most pleasant memories of his association with
them in this important work and the contribution that he had made perTlie
son,alJj'
to the success of their efforts.
The chaiiTnan then suggested that the committee proceed with the consideration of the resolution, which had been presented with respect to the
abolition of the use of asphyxiating and other poisonous gases ia warfare.
He
then read the resolution as follows:
The Resolution Again.^t the Use of Poisonous Gases.
"The use
in war of asphyxiating, poisonous or other gases and all analogous liquids, materials or devices having been justly condemned by the
general opinion of the civilized world and a prohibition of such use haTing
been declared in treaties to which a majority of the civilized Powers are
parties;
"Now to the end that this prohibition shall be universally accepted as a
part of international law binding alike the conscience and practice of nations, the signatory Powers declare their assent to such prohibition, agree
to be bound thereby between themselves and invite all ©thor civilized
nations to adhere thereto."
Minister Sarraut of France.
•irilization.
"7. The General Board believes it to be sound policy to prohibit
gas
warfare in every form and against everj- objective, and so recommends.
"W.
L.
RODGERS."
The Chaii-man Oiought it was hardly necessary to add anything to these
•omprehensive statements with respect to the use of gases in warfare. He
»aid that, despite the conclusions reached by the sub-committee of this
committee and .set forth in the report which he had read, the American
delegation,
in the light of the advice of its advisory committee and the
concurrence in that advice of General Pershing, the head of the American
land forces, and of the specific recommendation of the General Board of
the Navy, felt that it should present the recommendation that the use of
asphyxiating or poison gas be absolutely prohibited.
He would a.sk Mr.
Root to prewnt the resolution.
Mr.
Root.
Root .'laid that the Chairman had asked him to prepare this resolupursuant t>o the recommendation of those military and naval authorities and advisory committees to whi<rii the American delegation was bound
to pay the highest re<«jiect.
There wa.s an expression on this .subject which
prewnted the most extraordinary concensus of opinion that one could well
find upon any international subject.
He had drafted tlu? resolution, which
he would pre«ent in a moment, in the language of the Treaty of Ver.sailles,
which w,is lubscribed to by four of the five Powers here and was appropriattfl and taken over by the United States and Germany in the treaty
conduderl between them on the 2.'ith of August last, and was repeated in
the Treaty of
(iennaiii between the same Powers and Austria, and again
in the Treaty of .Vetiilly, of th" same Powers with Bulgaria, and again in
the Treaty of the Triarjon with Hungary, and taken ovir and homologated by
the United .Sl;it<,-« ifi its treaty with Austria and it« treaty with Hungary,
and repeated again in the Treaty of Sevres. He read from Article 171 of
the Treaty of VersailleH, which says:
"The use in war of asphy.xiating, poisonous or other gases, all analogous liquids, materials or devices being prohibited, their manufacture and
importation are strictly forbidden in Germany. The same applies to
materials Apecially Intended for the manufacture, storage and use of the
said products or devices."
That d'Tlaration of prohibition against the use of polsonout gases be
understood to be a stat<m'nt of the previous rules which had been adopted
rovering the history of th<- Hague Conference; and without undertaking
Mr.
tion,
."-'t.
to question or to inquire into it. it stood as a declaration of all the countries here represented tliat that is prohibitcrl, and arcordliigly,
following
the language of the treaty, the language which all had adopted, ho would
present the resolution
"The tne
war
of asphyxiating, poisonous or analogous liquids or mnhaving been justly cf)rTdemned by the general opinion of
tha civni7.ed world and a prohibition of Biirh use having been declared In
treaties to which a majority of the civiliz/'d Powers arc parties,
"Now to the end that this prohibition shall be universally nccepted an a
part of international l.iw, binding alike the rfinseienee iliul pr.irtiee
of
in
terials or devices
nations, the sign-ntory
Powers declare their assent to
stich prohibition,
agree
M. Sarraut .said
I rise to express
my full and frank adherence to Mr. Root's resolution.
the first we condemned the barbarous inventions and the abominable
practices introduced by Gennany in the late war, the new Methods consisting in the use of gases, burning liquids and poisonous substances, and
the first thing we have to do here offi'cially is solemnly to denounce those
who took the initiative in these things. We should all hope and work
for the final disappearance from warfare of these infamo«s practiees if indeed other wars are to come, a thought that is abhorrent to me.
We may no doubt accomplisli this by setting an example to the other
countries.
The reports of €'.\perts who have maturely considered the question have, indeed, pointed out the extreme difficulty, if not impossibility,
of taking practical precautions against the threat and the use of these
poison gases and cheinieal.s.
It is an e.stablished and indisputable fact
that chemicals that are used in the nianuiaoture of gases and poisons are
the same that are used for innumerable ordinary substances neeessary to
the industrial and peaceful life of the human race.
The reports of experts have established the impossibility of exercising
an effective supervision over the production of ga.ses which aaay be used
as weajions of war, and hence the impossibility of 7>reventing or limiting
sucli production.
This, as a logical consequence, ontails the impossibility
of preventing any country whatever from ^rming itself in advanee against
the unfair use of those gases which an unscrupulous enemy might secretly
From
prepare for sudden use against an unprotected enemy, as we have seen
done during the late war.
But if the exercise of authority in the matter does not at the asoraent
appear practicable, the Root resolution is none the less a useful accomplishment; in the first place, because it will be a bond of anion between
the Powers here represented, and, further, because their agreement and
their example may be such as to bring about tlie adherenoe of all the nations to the same principles.
But, nieanwliilc, we have here presented a
Ktand example possessing a lot inconsiderable persuasive power and thus,
it may
he, preventing thr' re|)etition of certain atrocities roinmitted by
certain belligerents during the late war.
It is with this lofty humane molivf> that the French delegation subscribes with all its heart to tho Root
!ehr)lut ion.
Mr.
Haljour of Grral Urilain.
Mr. Halfmir said that, as he iinderHtood the matter, the prnpoHal before
the meeting was the reaffirmation of the udmitted principles of International law.
In that sense there was nothing new in the propo'-.ilM made
li.v
Mr. Hoot.
Indeed, on the very face of the document itself it was pointed <iut tliot
the greater number of nations, in the v.irimis treaties which they had mnilc
suliscpir'nt to the armistice, had explicitly or implicitly declared that in
llieir view the prewnt
proposjil was already part of the accepted law of
naliotiM.
He believed that the United Stales of America, wliicli had not
ratified those treaties, had made separate treaties; hut in these treaties
alio they had »)y implication afflrmeil the prencnt proposal ua part of the
general law.
Moreover, he remembered that In Marc^li, 1018, a declaration had bcca
made by all the Allied and Associat/'d Powcra in respunNe (« iin appeal
THE CHKONICLE
158
made to them by the Red Cross Society
down Uie same doctrine.
in which, in explicit terms, they
laid
findings of the two
Behind all those formal actt^ there had been
Hagije conferonces, which, although so far as he was aware, were not ratified by the United States of America, were accepted by all the other Powundoubtedly with the sj-mpathy, alers engaged in those conferences
Therefore he suptliough not with Uie explicit ratification, of America.
posed he wa.s right in saying that the document before them neither made
tlie
—
make any change in international law.
would be interesting to compare the procedure on this point with
There, also, they
that whidi had been adopted with regard to submarines.
had declared in very clear terms what they conceived to be the law, and
what undoubtedly was the law, of nations as regards attacks on merchant
ships toy ships of war.
In that cape they went further than it was now
proj)osed ia do, and further than it was possible to go now, for they had
made an alteration and had proposed an extension of the law of nations.
Thoy had agreed among them.s-elves to be bound by regulations which were
in advance of the actual law of nations, and they had also altered the
sanctions which lay behind the- law of nations, in that they introduced
the fourtli of Mr. Root's clauses, which would convict the individual who
So that in dealing with submarines
broke the law aB guilty of piracy.
they had gone a good deal further than was practicable in the present case.
They could now do no more than reaffirm the law.
It might be asked, in the first case, wliat was the use of merely coming
forward .ind reaffirming what nobody denied. Personally, he thought such
H course was important and \aluable if all llie lamentable occurrences of
the late war and all the developmerits which that war caused in the use of
noxious gafies were taken into account.
Of course, they must all admit, as M. Sarraut had well pointed out, that
a mere affirmation of tlie law, without adding any sanctions to it, would
not relieve the nations of the world from taking precautions against those
who were prepared to break tt\e law and who, if they were allowed to do
•BO with impunity, might dominate the world by the mere indifference they
showed to the laws which the world had endeavored to lay down. That
was what had actually occurrwl in 1915.
In igl."), as in 1922, the present proposal was the law of nations, and becaxise it was the law of nation.- no nations but one had taken any steps toward using noxious g-.ises or had contemplated as part of their possible
military operatione that Buch ga.<*s should be used, either by themselves
or by their enemies.
The result had been very near to a complete disastesr for the Allied armiefl.
The shook of that new weapon of waifare had been wholly local, for
the invention of science came to the i-escue, and finally the Allies and
their cmscrupulous enemy fought out tlie war on equal terms.
That example, unhappilj', was now befort tliem and could not be ignored.
Their speciali.st« had pointed out in Washington and an examination by
a committee of the League of Nations Iiad brought out a similar result at
Geneva that it was i>erfectly impossible so to arrange matters that a nation bent upon doing so should not in time of peace (whatever the rules
of war might bo) make such preparations as would enable it to use that
monstrous and inhuman inetliod of warfare at its will if war broke out.
They knew tiiat at least one great cirilized nation had not thought it improper, or, at all events, had chosen, whether proper or not, to break the
law of nations.
That wretched exan)plc might \inhappily be followed in the future and,
therefore, no nation could forget that it was open to attack by unscrupulous enemies.
No nation, therefore, could forego the duty of examining
how Kuch attaolc.s could be properly dealt with and effectively met.
Again there was a parallel in the case of the submarine. The British
Kmpire delegation had desired to abolish submarines, but that was found
impossible, and it was admittedly impossible to stop the erection o£ works
in wliich poison gases could be manufactured in unlimited quantities.
The British Empire delegation, therefore, had to say and he was sure
they had tlio Kvmpalhy around that table, for no dissenting voice had been
rai.sed, that if submarines were allowed they had to contemplate as
a conceivable pos-sibility tliat they would be misused and that precautions would
have to be taken aguinst sucli mi.suse.
He believed that every other nation rncognized that unhappily submarines would remain a necessitj' as in
the case of poison and lethal gases.
Therefore, the relief whieli such a resolution as this would give to the
world in connection witli poison gas would not be the complete relief
which they all desired it would no^ remove the anxieties and pre-occupations which the possible use of gas necessarily involve.
But were they,
therefore, to say that they would do nothing?
Were they, therefore, to
«ay that resolirtions .'uch <is that now before them were useless?
Were
they, therefore, to sny that it was an empty form solemnly to repeat
rules
which were already arccpted, although they were not in a position by the
establisliment of new sjinctions absolutely to prevent their use
bv any
nation unscrupulous enough to desire to use them?
Those questions lie (Mr. Balfour) would answer in the negative.
He
believed that if any action of theirs on such occasion as the
present they
could do BometIiii;g to bring home to the consciences of
mankind that
poison ga.s was not a foini of warfare which civilized nations
could tolerate, they would be doing something important toward
discouraging them.
No sanctions were provided in tlie present document; no sanctions could
be provid(xl there. But if any one looked back even upon the
history of tlie
late lamentable war they would see. notably in the
great test case of the
nor professed to
It
—
;
United States, that the gradual rising of public indignation against
some
grossly immoral use of some weapon.s of war had had a
profound influence
upon the history of the world.
He was qtiite sure fliat the moral indignation roused in the conscience
of the United States had had a most powerful effect upon
the whole trend
of event*.
He thought that by tlie present resolution, backed as it was
by the consciences of the cirilized world, although there was no
sanction
laid down in it, for no sanction was possible, they would
in fact be creating a sanction not formally but informally.
He believed that the outraged consciences of the world would rise
in
indignation and tliat any nation would be very bold and very
ill-advised
if. in the face of Uiat universal opinion,
it deliberately violated the rules
which on the present occasion they were invited deliberatelv
to affirm
Therefore, without commitling himself to the actual language'
of the resolution, he most hoiirtily associated hira.self and
also the British Empire
iielegation with the policy which Oie American
delegation through the
mouth of Mr. Root had put forward for tlieir acceptance.
Barvn Kato oj Japan.
Admiral Baron Kato
fully and the
kIlo^vn.
He would not.
them he simply wished
that the question of poison gases had been
opinions in regard to them were now ^erv well
therefore, take the committee's time bv
repeating
to express his approval, on behalf of the
Japanese
'
delegation, of the resolution presented by
Mr. Root.
The resolution wan then unanimously
adopted.
discussed
;
said
[Vol. 114-
REPORT ADOPTED AT ARMAMENT CONFERENCE
RESPECTING CHINESE TARIFF.
'J'he Committee <m Pacific and Far Eastern Questions at
the Washington Conference unanimously adopte(^l on Jan.
n the report of the vsubcommittee on Chinese customs tariffs, and the recommendation that the report, after its consideration by the full committee be referred to the drafting
committee, with a view to putting the agreement embodied
in the report into final form, separating those provisions
\\hich would go into immediate force from those dependent
on ratification by the Powers, was likewise unanimously
approved. Senator Underwood was chairman of the subcommittee which jirepared the reixirt adopted on the 5th
inst.. and in presenting it he made a brief statement in explanation of what was proposed, saying in part:
"The
stages, therefore, of applying the terms of the
agreement are as
fol-
lows:
First.
A committee of re'^ision will meet forthwith at Shanghai to revise
the present tariff to a basis of 5% effective. This revision will become
effective two months after publication without awaiting ratification.
It
will provide an additional revenue amounting to about $17,000,000 sUver.
Second. Immediate steps will be taken for a special conference representing China and the Powers charged with the duty of preparing the way
for the speedy abolition of the likin and the bringing into effect of the surtaxes provided for in the treaties between China and Great Britain of 1902,
and China and the United States and Japan of 1903. The special conference likewise will put into effect a surtax ot 2^2% ad valorem, which will
secure additional revenue, amounting to approximately $27,000,000 silver,
and a special surtax on luxuries not exceeding 5% ad valorem, which will
provide a still further revenue amounting to $2,162,000 silver.
The additional revenue from customs duties provided in the present
agreement falls into four categories, as follows:
First.
Increase to 5% effective, $17,000,000 silver.
Second. Surtax of 2hl%, $27,000,000 silver.
Third. Surtax not exceeding 5% on luxuries, $2,167,000 silver.
Fourth. Total additional revenue. $46,167,000 silver.
Dr. Wellington Koo, who as we noted in these columns
3 (page 2363) argued l^efore the committee on Nov. 23
I>ec.
and the raising on
year of the import tariff to 12^^%, declared at
the meeting on the 5th that the restoration of China's tariff
autonomy "would only be recognition of a right which is
hers and which she relinquished against her will." Senator Underwood, replying to Dr. Koo, stated
for the restoration of tariff autonomy,
.Tan. 1 this
I am sure there was no desire on the part of the other powers to be selfish,
or not to recognize the full sovereignity of China, and I only rose to say this,
that if I am a judge of the situation, a judge of the temper of conditions in
the balance of the world. I feel sure that when China herself establishes a
Parliamentary Government of all the provinces of China and dispenses with
the military control that now exists in many of the provinces of China, so
that the outside powers may foel that they are dealing with a Government
that has entire and ab.solute and free control of the situation. China can
expect to realize the great ideals of sovereignity that she asks at this table.
We
give herewith that iX)rtion of the coumiunique issued
on the 5th dealing directly with the Chinese customs question
:
of the Committee on Pacific and Far Eastern Queswas held this morning, Jan. 3 1922, at 11 o'clock, in the Pan American
Union Building.
The Chairman (Mr. Hughes) said that he was sure that all those present
greatly regretted that Mr. Van Karnebeek had been compelled to leave them
by reason of his public engagements at home and that they extended a cordial greeting to Mr. De Beaufort, who was now meeting with them.
This meeting of the committee had been called to hear the report of the
sub-committee on Chinese customs duties, which would be presented by
Seantor Underwood.
The seventh meeting
tions
SEXA TOR UNDER WOOD
to present the report of the sub-committee on the Chinese customs
tariff, but in advance of reading the report I wish to make a short statement
to the committee in explanation of what the committee has done.
appreciation of the attitude of the delegates on the
I desire to express
sub-committee with respect to the broad principles involved in a matter so
serioiLS as that which touches tho financial resources of the Chinese Government. I feel that they hav^e approached the subject in an admirable spirit
of collaboration with a view to achievements of a constructive order which
would not only meet tho present exigencies and assist in stabilizing economic
conditions in China, but would go much further by removing elements of
friction in thp general trade adjustment.
The Importance of this agreement in reference to trade conditions in
Cliina, wliich to a large extent are controlled by the duties levied at the
Customs Iloa'ie, 1 think goes much further than the mere question of the
money involved. A.s I stated some time ago, I think one of the principal
causes of h-ritation and difference between the nations of the world arises
from their trade conditions, and when one nation feels that it is not standing
on an equality with another nation, it is likely to bring about conditions
of unrest that may lead in the end to war, and the great purpose of this
convention has been to eliminate the causes of war.
Therefore I think that we congratulate ourselves at this time that we
have reached, in this report that I shall present, an understanding to wipe
out the discriminations on the border of China in reference to customs
duties, and that will make all the countri&s of the world feel that hereafter
they have an open door that means eciual opiX)rtuiiity of trade.
I desii-e
my
The Chinese tariff, being a treaty tariff and depending upon the unanimous consent of the Treaty Powers, would have presented difficulties of
agreement respecting re\ision or improvement in the sj'stem which would
have been almost insumiountable had it not been for the generous and
open-minded attitude of the Powers with respect to the broad piu-poses
of their deUberations.
Tho last revision of the tariff took place in 191S. The revision was for
the purpose of bringing tho rates up to a basis of 5% effective. The basis
of revision was, howe\ir, the average of the values of imports as they
appeared upon invoices during the year 1912-1916. The rates fixed by
this revision and which becamejeffoctlve in .\ugust I'll?, were to last for
.
.Ian.
14
THE CHRONICLE
rty
l\)'22.]
at least two years after the eud of the war, at which time another revision
might bo niatlo. MaiiLfistly, valuations based on an avoraKe of values
from 1912 to 1916 no longer represent the iruo value of importations, and
a*i a result the revision of 1918, instead of producing revenue reprosentlni;
5% effective, actually produced only about 33-2% effective.
The agrecjnent in its ijresent form ct)ntains provisions relating to two
cMstinct phasen of tariff rejidjustmont, namely, those which may become
immediately applicable without taking treaty form requiring ratification,
:ind those which must be embraced in a treaty and which will require ratification.
The fii-st of these relates to the immiediate revision of the pi"esent
tariff to a ba-sls of 5% effective and the second relates to subjects to bo
dealt with iu a special conference which will be charged with taking measures
looking to the speedy abolition of likln and the application of surtaxes
together with the realization of the principle of uniformity in the rates of
customs duties on all frontiers whether land or maritime.
The stages, therefore, of applying the terms of the agreement are as
follows:
First.
A
meet forthwith at Shanghai to revise
This revision will become efof oTc effective.
committee of revision
will
the present tariff to a basis
fective two months after publication without awaiting ratification.
It
will pro%'ide additional revenue amounting to about $17,000,000 silver.
"I want to say, of course, that the figures that I give here are substantially
accurate.
I am .sure that all the members of the conunittee relalze the impossibility of getting absolutely accurate figures, but they are substantially
correct.
.Second
Immediate steps will \x- taken lor a special conference repr.:-senting (^hina and the Powers charged with the duty of preparing? the
way for the speedy abolition of the likin and the bringing into effect of
the surtaxes provided for in the treaties between China and Great Uritain
of 1902 and China and the United States and Japan of 1903, the special
i-onference will likewise put into effect a surtax of 2>2
ad valorem which
will secure .idditional revenue amounting to approximately 827,000,000
silver, and a special surtax on luxuries, not exceeding
ad valorem which
will provide a stiD further revenue amoimting to 52,167,000 silver.
The additional revenue from customs duties provided in the present
agreement falls into four categories, as follows:
Increase to
effective .?17,000,000 silver.
—
%
5%
1—
2— Surtax
;i
4
of
5%
2H%.
$27 ,000,000
silver.
— Surtax not exceeding o% on luxuries, S2. 167,000
—Total additional revenue $46,167,000
are in force.
—
—
China and
"VIII That tho treaty Powers not here represented shall be i»vitod to
acc«3pt tho present agreement.
"IX That this agreement shall override all provisions of treaties b()t\ve<;n
the Powers which accept
it
—
thofie articles.
— Thfit
M
the prfM-nt tariff on importations shall
forthwith revised
a basis of .5% uttvA-xivu. That this revision shall b<i cfirrled
Yry a revixlon rommltt<!e at Shangtiai on the gf'niT.il lines of
tho last revision.
The n-vlsloii sliall f>rt>ci-c<l as rapidly as poKsihle, with n,
to its rornpletioii within four months from the coiuiusion of the
nl confereno!. and the r«5vl.s<«i farlff sluill l>e<yjme effe<;Llv<i two inoiitlis
"II
ral«e<J u>
out forthwith
•
publlrvitlon without awaiting ratilifvitlon.
"Ill
Th-'il the lnf,«!rlm provision to be applied until the articles rijfcrn d
t« In J*;ir;u<raph I come, int/) ofxration be consideml by the afon-sjild
III confi.Tence which shiill authorize the l<;vylng of .i surL-tx on duliahle
irts as subject to such conditions as thi:y ;iiay det<Tjnlri(i.
The surl.ix
-.1 be at, a uniform rai<i of 2!-2
ad val<»ri-ni. exi-ept Iti the ca.se of certain
arliclfjs of luxury which. In the opinion of Ihi' i:onfiTence, can Ixvir a great<r
Incroahe without unduly iuipeding trade, and upon which the total surtax
shall not exceed ',%.
"IV (1; That thiTo shall be a furth'T revision of the tfiriff to t.ike
eff»>ct at the expiration of four y<sirs following the completion of the Inim(Mllat-e revision htM-ein autliori/,<!<l. In order to InMura that tho rates shall
correspond to the ad valorem rat,»-s rixc-<l.
"(2) That following this rcni.'Jon flmre shall In- prrlofllcal revisions of the
-.v<:
I
%
—
tariff (iviry
'i'i)
seven v<virs for Mm s-inie purpose.
in order to prevent delay such perifxileal revUiIoiiH shall Ima<yor(laMi:e wllh rules to bo settled by tho Kpoclal conferfuice
That
«fecte<l in
mentloni'd in
V
That
Paragraph
matl/ws
In all
e<iunllty of tre.itraent
I
agreement.
t/) customs duties there shall be uffe<-( Ive
opptirtunil v for all nailons partlew ir) this
r>-latinK
and of
"V[ That t.hti [irlniiple of unirr>rnillv in thr) ral-«« of custonis dulli-s
levied on all the fronlliTs, land and maritime, of f;hlna be ro<:f)Kiii/,'(l, and
'•'' It he refi'm-d l/> the sp«icial c()i\(v,r<-nrj, mentioned in i'ar.iKiapli
lo
arrangi-;nnit.s lo give practical i-fr<»;t to (his priticipl''. wdli nowiT to
I
'>rl/,e
any
a<linstn»-nl><
which m;iy appear
<:'|nilalile in casi-s in
which
ttio cu.st.<jms privilege to be al>(>llsh()d was g^an(/^<l In rettirn for some local
nro7iomicfavr)r.
In fh« TTK-aiitinK- r>ny incr<'ase In the rntA-s of cnstom« tlulics
which are inconstsUint with
its
The delegate for China submitted tJhe following communication wliich
was unanimously agreed should form a jKUt of tho foregoing agreement
as an appendix thereto:
"Declaration of inlenlion not to disturb the prosent administration of the
Chinese maritime customs.
"The Chinese delegation has the honor to inform tho Committee of Far
Eastern Questions of the Conference on the Limitation of Antuimont that
the Chinese Government have no intention to effect any change which may
disturb the present administration of tho Chinese maritime atstoms "
Recommendalion for Drafting of Agreemeni.
that, as the foregoing agrocmeut, includes provisions relating to two distinct matters, namely: (1) The immediate revision of the present tariff in accordance with existing treaties:
and (2) other matters involving the modification of existing treaties; thU
report after consideration by the full Committee be referred to the drafting
committee with a view to putting the agreement into final form, and separating the provisions which can go into force forthwith from those which are
dependent on ratification bv the Powers.
That completes the main report; but In addition to the main report
affecting Chinese customs tariffs your subconamittee realized that one of
the matters of great importance that came before us was not merely an
adjustment of the border revenue as to the powers dealing with China.
but that a matter of supreme importance was to secure to Chinese Government sufficient revenues to properly maintain a stable and safe Government:
and at the same time your committee realized that maintenaiKse in China
of large mlUtary forces was a serious drain on the finances of China and
materially affected the question of raising revenues, and at tho same timt
was in contravention of the great principles of this oonvention looking to
the disarmament of nations and securing the peace of the world; and therefore, with the consent of the Chine-se delegation, the other members of thecomraitt-ee agreed to the resolution that I wUl now read:
The Sub-Committee recommends
China Urged
in securing revisions regiJlarly._ The special conference is 3harged with
the duty of providing means whereby future delays in revision may be
avoided, caorying into effect the general agreement already adopted by
this conference.
There is a provision in the present agreement for osecutivo equality of
treatment and of opportunity. This provision carries with it an important
recognition of the principle of uniformity in the rates of customs duties
levied on all frontiers, whicb meaas the abolition of discriminatory practices
In relation to goods imported by land.
I feel that for the first time measures have been taken which effectually
ifmove the highly unjust and controversial pi'cfercnccs with which the
foreign trade of China has heretofore been encumbered.
Those nations
which have enjoyed the advantages of preferential treatment across ilicii'
land frontiers have acted with commendable fore-sight .and altruism in
'surrf-ndc-ring those minor advantages in trade to the broader principles of
equality of treatment and the general betterment of the conditions of
friendly trade competition.
This, to my mind, is a signal achievement not
only in the interest of China and of each of the treaty Powers, but in i.lio
interest of trade in general and of iieace itself.
ncfori; reading the report, I wish to say that It is a report that com'.is
before the full Committee with the unanimoas approval of the members f.f
the Sub-<^;ommittee.
Tezt of Report.
The report reads as follows:
"The .Sub-Committee on Chinese Customs Dutlas. having had uiuler
coofllderation the proposals of the f/'hinese delegates for the restoration of
tariff autonomy and the readju.stmcnt of maritime cu.stoms duties with a
view to provicfhig additional revenue to mrjet the needs of the Chincst;
Government, rcporlx that it has ri-achrxl the following agreement:
"The Powers attending this fx>nfer<-noe .')prr».-<r:
"I That imrncdiaw: steps Ixi taken through a spwial conference repreRcnting China and the f'owers which aceopt this agreement to prepare
the way for the spewly alKilltion of llklii and the fulfillment of th<' other
'vjndillons laid down in Article VIH. of the Anglo-f-hliKtse roinniercl.il
tnsily of .Sept. o 1902. and the (•orrtisi)onding arliclcs of the 1,'niMd Htatis
and Japanese tre^itUs with ;* vi(;w to levjing the suriax'ss as provided In
it
terms."
silver.
With the completion of the work of the special conference carrying into
effect the abolition of the likin and application of the surtaxes provided in
the treaties with Great Britain, Japan and the United States.
The additional revenue provided should amount to S156.000,000 silver.
The present
tariff produced revenue at the rate of S64.000.000 silver for 1920.
If to
this is added the additional revenue provided in the agreement, the total
yield from customs duties will amount to .¥110,167,000 silver.
Aside from these meas'ires, there are important provisions iu the agree
ment relating to the future revisions of the tariff with a view to maintain ing
it on a correct basis of valuation so that it may produce revenue at the
effective rates to which China is entitled.
Following the immediate revision, there will be a second revision in four years, and subsequent revisions
evejy seven years. Heretofore there has been some difficulty encountered
'
or surtax imposed in pursuance of tho present agj'oement shall bo levied .•»*
a uniform rate ad valorem on all frontiers, land and loarllimo.
Vll^That tho charge for transit pas.ses shall bo at the rate of 2}5 9,
ad valorem, except when tho arrangements contemplated In I'aragJaph 1
silver.
and
I5d
CtU Army.
to
The Chinese
delegate not voting, the following resolution was adopted
Jan. 3 1922. to be annexed to the report of the subcommittee on Chinese-
Revenue and Tariff:
"The members of the subcommittee iu studying the question of increa-sing
the customs tariff rates to meet the urgent needs of tho Gliinese Government
have been deeply impressed with the severe drain on China 's public revenue
through the maintenance of excessive military foi'ces in various jxirts of
the countiTr. Most of these forces are controlled by the military chiefs of
tho provinces, and their continued maintenance appears to be mainly
responsible for China's present unsettled political conditions.
"It is felt that large and prompt reduction of these forces will not only
advance the cause of China's political unity and economic development, but
hasten her financial rehabilitation. Therefore, without any intention to
interfere in the internal problems of China, but animated fay the .sincere
desire to see China develop and maintain for herself an effective and stable
Government alike in ner own interest and in the general interest of trade
and inspired by the spirit of this conference whose aim is to reduce, through
the limitation of armament, 'the enormous disbursements' which manifestl.v
constitute the greater part of the encumbrance upon enterprise and national
prosperity.' the subcommittee venture to suggest for the consideration of
the committee the advisability of laying before the conference for its
adoption a resolution expressing the earnest hope of the confcron<;e ;uid
embodying recommendation to China that immediate and effective stops
be taken by the Chinese Government ,to reduce the aforesaid miUtary forces
'
and expenditure."
Now, Mr. Chairman, this completes the work of the committee and I
ask the adoption of the report and, after its adoption, its refwonco to thtCommittee on Drafting, to be put in treaty form.
I
DR.
WELLINGTON KOO.
On Nov.
23 last I had tho honor, on behalf of tho Chinese delegation, to
lay the tariff question of China before the committee.
Three proposition.s
were submitted: The principal one of them was for the restoration to (5hina
of her tariff autonoms', the other two being intended merely as provisional
measures to prepare the gi-ound for the i}.T,rly consummation of the main
object.
At the same time I stated that it w;us not the intention of the
Chinese Government to effect any change that might disturb tho prosent
administration of the Chinese maritime customs, though this statement
obviously could not bo reasonably construed to preclude China's legitimate
a.spiration gradually to make this important branch of tho Chinese Government more national in character.
I explained tho reasons wh.v China was desirous of recovering her freedom
of action in respect of the matter of levying castoms duties. Tho commlttwf, after some discussion, referred the whole qu»^tlon to a sub-coinmitl#e, of which Senator Underwood has been tho distinguished Chairman.
Tho results of the discu.ssions in tho sulx»mmlttetJ are embodied in tills
agrei;ment which has just been laid before you.
it is a valuable agreement, embodying as it do«!K a nurntwr of Important
points (y>nnectod with the efft^ctive application of tho prtvsont roglmo of
trealy tariff.
Hut it will bo noted thiit the question of tho restoration of
t.-iriff autonomy to China is not included, it being the opinion of Home
members of the subcommitt«'<> that It would not be practUal to fix at present
a definite period within which the existing treaty provisions on tariff wore
lo l>e brought to an end and that tho ques-tlon should bo decided In thi^
light of conditions that might arise in the future.
The t'hinese diOt^gatlon. however, cannot but wish that a. dlfferont view
had lire vailed. Tariff autonomy is a sover«ilgn right onjoy«Kl hy all iiideIts Ifct- e.KcrclMi) Is essentlitl to the well-lxing of the State.
cxisllng treaty provisions, by whl(ii tlw levy of cu.Htoin.s dutltui. transit
dues and other Imposts iire regulated, (VinstltutHJ not only a roHtrlcllou on
Itoiit'lilna's frcciloni of action, but .-in iiilViMgeinoiit of lior mivcrtilgiiliy.
tor.-itlon to her of l;irlff autonomy wouki only Ixi nytignilion of a right
which is hers anil which she rcliiuiiilshcd iLgaiimt her will.
ptfiidi-nt States.
The
Till' iii;iAnlenance of lliti present tariff regime moii.nH, iiuinHiver, .\ oonlinucd loss of rcveiiiK" to the Chinese < ioverninent. 'I'l«i •uslonis Import
duty undi'r this regime is linilled to he very low rate of .')%, ad valorem
for all classes of (liiliatile goods. ciiinpariMl wUli average riit,«i of l/i% Ut
•10',;, levied by other countries,
in fad Imciuse the duties are levied <in a
Imsis of a previiiusly fixed schislule the .icl,ii;il (nilliM'tloiis amount to <ilUy
effective.
•l'-j'<'.
The ciiHloins revemin thenifon) coiml.il.ulHiH only alxiut
of China's total revenue, while the .tvcragn for l,h/i principal (Xiunlrlos
7.1a
In (he West ranges from 12% to lli% at pnwent, .>i»l wan tiMII higher
before the war.
Wiii-n (he proposed surtax of 2 '-j '/,p for ofillruiry urtlcloii and of !>% on
cerl.iln liitiirles eventually goes Into effoct moni n>voniie will bo produCiHl.
but even then It will hardly be coniinensurato wit.h tbo raplilly growing
needs of (he Chlnewi Ooverninent.
Much of tlie elivitliily of tho fiscal
syKt^'ins of other States depenils U|K>n (heir froedorn to riigill.t(4i their <nist,<i(lU'
duties.
To provide (he ful|cs(. anil iiiowt •in«nit>iirTan-',e<l opimrlunlty to
I
,
%
THE CHKONICLE
160
effective and stable government it is necessary to restore tariff autonomy to her at an early date.
The necessity to levy a uniform low duty has encouraged a disproportionate increase in the import of luxuries such as wine and tobacco; and apart
from the loss of revenue consequent upon giving these things the same rate
as is levied on the necessaries of life, the effect on the social and moral
China to develop and maintain for herself an
habits of the Chinese people has been altogether deleterious. A beginning
has been made in the agreement before the committee in authorizing a levy
on certain articles of luxury, but it is
of an additional surtax of
apparent that a greater increase is needed if a restraining influence is to be
exercised in the use of these articles of luxury.
Nor is it to be overlooked that the present treaty tariff regime is an
impediment to China's economic development. Under this regime China
enjoys no reciprocity from any of the powers with which she stands in
2K%
treaty relations.
Though every treaty power enjoys the advantage of having its wares
imported into China at the exceptionally low rate of 5% ad valorem, the
Chinese produce and merchandise on entering apy of these countries, is
subjected to the maximum rates leviable, which are in some cases 60 or 70
times the rate which she herself levies on foreign imports. The necessity
of levying uniform duties imported into China on all articles, on the other
hand, makes these duties on such articles as machinerj' and raw materials
for Chinase indu-stries a handicap to China's industrial development.
At present there are more than one thousand Chinese factories employing
foreign machinery and methods engaged in over thirty different kinds of
important industries. To enable them to live and dcvelp and thereby contribute to the growth of Cliina's foreign trade, in which nations are deeply
interested, -govde latitude is necessary in the regulation of the customs
''
duties.
Besides, regulation of China's tariff by treaty inevitably in the nature of
Thus whenever
tilings must work unjustly and to her great detriment.
China makes a proposal, be it for revision of the tariff to bring it more into
harmony with the prevailing prices or for an increase of the customs duty
to meet her increased needs, the unanimous consent of more than a dozen
treaty powers
necessary.
As each country naturally desires to protect and promote its own commercial interests in Ciiina, and as the industries of these treaty powers vary
In character and export different kinds of merchandise, they all seek to avoid
the burden of tlie now revision or increased rate falling upon the industries
With this end in view different conditions are not
of their own countries.
Infrequently attached by different powers to their consent to re\ise the
customs tariff or increase the rate.
Thus, though this matter of custom tariff is Intimately connected with the
well-being of the Chinese State, the interests of the treaty powers appear to
be placed at times before the legitimate interests of China. Under such
circimistances the difficulty of effecting any adjustment or arrangement
favorable to China can easily be conceived, and it has at times been wellnigh insurmoimtable. On one occasion or another there is always some
power who ctmsidorG its own interest in the matter of Chinese customs tariff
more important than the supreme interests of China.
The experience of tlie Chinese delegation in the subcommittee on tariff,
much as it has accomplished, has not altogether removed the ground for this
But, as unanimity is required, thedissentof one power is sufficient
opinion.
to defeat and upset a general arrangement agreed to by all the others, while,
by virtue of the most favored nation clause, a concession or privilege granted
by China to one nation for a specific consideration is at once claimed by all
without regard to the quid pro quo.
In view of the inherent difficulty and injustice of the present regime and of
the wholesome and desirable effuct which restoration of tariff autonomy is
sure to have upon the trade and economic development of China, as well as
upon the evolution of her fiscal system, tlie Chinese delegation feel in duty
bound to declare that, though this committee does not see its way clear to
consider China's claim for the restoration of her tariff autonomy, it is no'
their desire in assenting to the agreement now before you to relinquish their
claim; on the contrary, it is their intention to bring the question up again
for consideration on all appropriate occasions in tlie future.
is
Approval of Report.
The question
of the adoption of the report of the sub-committee was then
put by the Chair and the above nine articles and the declaration of intention
not to dlsturl) the present administration of the Chinese customs were unanimously adoptetl. The recommendation of the sub-committee that the foregoing agreement be rrferred to the drafting committee was also unanimously
adopted
MR. UNDERWOOD.
Mr. Chairman: I do not desire further to discuss the ))ending resolution,
but I wish to make one statement before we adjourn this morning. I
listened with much interest to the statement read by Dr. Koo in reference
to the desire of China for tariff autonomy, which is a very natural and proper
Any great Government naturally wishes the time may come when
desire.
she may control her own finances, notwithstanding that she yielded the
control herself.
So far as I am concerned, I gladly welcome an opportunity, when it can be
done, of restoring to ("Jhina her entire fiscal autonomy; but I think it is fair
to the sub-committee and to the members of this committee to say this
and
that I am sure this subcommittee
it is in line with the r(«olutions pending
and the committee to which I am addressing myself now, would gladly do
very much more for China along, all lines if conditions in China were such
that the outside powers felt they could do .so with justice to China herself.
I do not think there was any doubt in the minds of the men on the subcommittee as to the question that if China at present had the unlimited control of le^'yinK taxes at the Custom House, in view of the unsettled conditions now existing in China, it «<>ukl probably work, in the end, to China's
detriment and to the injury of the world; and I think that had more to do
with the subconnnittee not making a full and direct response to Dr. Koo's
I am sure there was no desire on the part of the
request than anything else.
other powers to be selfish, or not to recognize the full sovereignty of China,
and 1 only rose to say this, that if I am a judge of the situation, a judge of
the temper of conditions in the balance of the world, I feel sure that when
China herself esta')lishes a parliamentary government of all the provinces of
China and dispenset; with the military control that now exists in many of the
provinces of China, so that the outside powers may feel that they are dealing with a Government that has entire and ab.solute and free control of the
situation, China can expect to realize the great ideals of sovereignity that
she asks for at this table.
—
—
RESOLUTION ADOPTED AT
ARMAMENT
CONFER-
ENCE FOR WITHDRAWAL OF FOREIGN
TROOPS FROM CIIINA.
another item in today's issue of our paper) was adopted, a
resolution bearing on the withdrawal of foreign troops from
China was also adopted. As was made known in these columns, December 10 (page 2466), a request for the withdrawal from China of armed forces, including police and
railway guards, was formally presented to the Conference on
Limitation of Armaments on Nov. 29, by Dr. Sze, the Chinese
Minister, in behalf of the Chinese delegation. Under the
re.solution unanimously adopted on .Jan. 5, the diplomatic
representatives in Pekin of the Powers assembled at the conference, will be instructed to confer with Chinese officials
whenever China so requests looking to the withdrawal of foreign troops.
The Communique of the ."jth inst, relative to
the seventeenth meeting of the Committee on Pacific and
Far Eastern Questions, had tlie following to say regarding
the decision on this subject:
The Chairman said that they had come to the resolution embodied in th«
report presented bj' the sub-committee.
It related to present conditions in
China and at the end was found this:
"The sul3-committee ventures to suggest for the consideration of the committee the advisal)ility of laying before the conference for its adoption a
resolution expressing the earnest hope of the conference and embodying a
friendly recommendation to China that immediate and effective steps be
taken by the Chinese Government to reduce the aforesaid military forces
and expenditures."
The adoption of this report would be the adoption of a recommendation
that there should be prepared and submitted to the conference a resolution
n the sense of the declaration or resolution adopted by the sub-committee.
MR. KOO.
Mr. Koo then read the following statement:
The hope for effective reduction of the military forces and expenditure in
China as expressed in the resolution proposed by the subcommittee completely coincides with the desire and determination of the Government and
people in China.
Knowing the profound sentiment of sympathy and idsinterested friendship which the United States always entertains toward my
country, and to which the Chairman of the subcommittee, who originally
proposed the suggestion in that body, has so frequently given expression in
the deliberations of this body, and as we are assured that the suggestion is
animated by the best of intentions, and without any desire to interfere in th«
internal problems of China, I do not hesitate to say that the Chinese delegation has no objection to the Chairman's suggestion, and though naturally
I wish to abstain from voting on it myself, I nevertheless appreciate tb«
spirit in
At the seventeenth meeting in Washington, on Jan. .3,
Committee on Pacific and Far Eastern Questions,
which the report on the Chinese Customs tariff (dealt wit
]i
of
at
in
which
it is
moved.
SECRETARY HUGHES
The Chairman then suggested that the
resolution should be recommitted
to the subcommittee with instructions to bring in a resolution in the sense of
their recommendation, in form suitable for adoption by the committee.
This was unanimously agreed to.
The Chairman said he would ask Mr.- Root, as Chairman of the Subcommittee on Drafting, to present a resolution which he understood had
been formulated, upon the subject of the withdrawal of foreign troops from
China.
Mr. Root then said that the Subcommittee on Drafting, in reference t«
to resolutions in regard to armed forces, had to report the resolutions in
somewhat different form from the shape in which they were sent to th«
committee. Mr. Root then read the resolutions which the comnuttee had
reported.
MR. SZE
Mr. Sze then said:
The Chinese delegation takes note of the resolution with regard to th«
withdrawal of foreign troops from China and expresse-s its appreciation of
the offer of the eight powers approving this resolution to instruct their
respective diplomatic representatives at Peking to associate themselves with
representatives of the Chinese (>overnment, when that Government shaU so
request, in order to conduct collectively a full and impartial inquiry as to
the necessity for continuing to maintain foreign armed forces in China.
The (^hinese delegation will assume, unless now notified to the contrary,
that, should their (Sovernment at any future time desire to avail itself of
the foregoing offer, inquiries and resulting recommendations may be asked
for with reference to the presence of foreign armed forces at particular
places or in particular localities in China.
The Chinese delegation desire^s further to say, with reference to the general
matter of maintaining armed forces by a nation or nations within the borders of other States which have not given their express consent thereto, that
it is its understanding that, according to accepted principles of international
law, the sending or stationing of such forces can rightfully be only a temporary measure, in order to meet emergencies that threaten imminent danger
to the lives or property of the nationals of the States taking such action, and
that upon the passing of such emergency the forces sent should be immeIt is also the understanding of the Chinese delegation
diately withdrawn.
that the obligation to make such withdrawal cannot, as a general principle,
be rightfully postponed until the Ciovcrnment of the State where they are
located has consented to an intpiiry by the representatives of other powers
into its own domestic conditions as regards the maintenance of law and
order, and a report has been made declarmg that there is no necessity for thB
presence of such foreign armed forces.
In other words, it is the understanding of the Chinese delegation that accepted international law recognizes the basic right of every sovereign State
to refuse its consent to the sending into or the stationing within its borders of
foreign armed forces, and that while it may, by an exercise of its own will,
consent that an inquiry shall be made as to the necessity in fact of the continuance within its borders of such foreign armed forces as may be therein,
such action upon its part, or a resolution by other powers offering their cooperation in such an inquiry, is not to be deemed in derogation or limitation
of the inherent right of a sovereign State to refuse entrance to or further
continuance within its borders of foreign armed forces.
Troops Withdrawal Resolution.
and amendment, were the«
unanimously adopted, China not voting, as follows:
"Whereas, the powers have from time to time stationed armed forces, including police and railway guards, in China to protect the lives and property
of foreigners lawfully in China
And, whereas, it ajjpears that certain of these armed forces are maintained in China without the authority of any treaty or agreement
"And, whereas, the i)owers have declared their intention to withdraw
their armed forces now on duty in Cliina without the authority of any treaty
or agreement wheniiver CJhina shall assure the protection of the lives and
property of foreigners in China
"And, whereas, China has declared her intention and capacity to assur«
the protection of the lives and property of foreigners in Chins
The
•
the
[Vol. 114.
resolutions,
after further discussion
:
THE CHRONICLE
Jan. 14 1922.]
to the
end that there
may
bo clear understanding of the conditions
each case the practical execution of those intentions must derosolved
reprosoiitativos in Peking of the powers now in conference at W.ishiiiKton, to wit: the United States of America, Belgium, the
British Empire, France, Italy. Japan, the Netherlands and Portugal, will be
Instructed by their respective Governments, whenever China shall so
request, to associate themselves with three representatives of the Chinese
Government to conduct collectively a full and impartial inquiry into the
issues raised by the foregoing declarations of intention made by the powers
and by China, and shall thereafter prepare a full and comprehensive report
setting out without reservation their findings of fact and their opinion with
regard to the matter hereby referred for inquiry, and shall furnish a copy of
their report to each of the nine Governments concerned, which shall severally make public the report with such comment as each may deem appropriate.
The representatives of any of the powers may make or join in
minority reports stating their differences, if any, from the majority report.
"That each of the powers above named shall be deemed free to accept or
reject all or any of the findings of fact or opinions expressed in the report,
but that in no case shall any of the said powers make its acceptance of all or
any of the findings of fact or opinions either directly or indirectly dependent
on the granting by China of any special concession, favor, benefit or immunity, whether political or economic."
The committee then adjourned subject to the call of the chair.
upon which
pend,
in
is
it
American capital was invested in Cuba, bringing about an increase
sugar production. The Hawaiian Islands were annexed early in that
year, while Porto Kioo and tlie Philippines were ceded by the Treaty of
Paris.
Recently the United States has acquired the Virgin Islands, and
ha.-i establislied clo.ser relations with Santo Domingo and Hayti.
Tlie so-called United vStates field may be described, therefore, as comprising the beet and cane sugar of the United States, the cane sugar of
Hawaii, Porto Rico, the Philippines, Santo Domingo, Uayti, the Virgin
Islands, and, by reason of the reciprocity treaty and of our investments,
the cane sugar of Cuba.
Tlie following table sets forth the total production of the United States
field (a) in the year 1898, (b) in the year 1913, just preceding the outbreak of the European war, by wliich time tliere had been the large development shown, and also (c) in 1921, after the stimulation of Cuban
and domestic output by the war program of the United States:
lion of
Proposal Inquiry.
"Now,
161
"That the diplomatic
in
lier
Prodticiion of the United States in 1898, 1913
1898.
41.C00
United States Beet
Louisiana andiTexas Cane
Hawaii
Porto Rico
310,000
225,000
the United States Sugar Equalization Board, Inc., to take
over and dispose of 5,000 tons of sugar imported from the
Argentine Republic, was passed by the Senate on Jan. 5
by a vote of 31 to 24. The sugar was imported from Argentine at the direction of the Department of Justice to
relieve the sugar shortage in 1920; the resolution as adopted
by the Senate follows.
(S. J. RES. 79).
Resolved, etc.. That the President is authoriz<'d to reciuire the United
States Sugar Equalization Board (Inc.) to take over from the corporation
P. de Ronde & C.o. (Inc.) a certain transaction entered into and earned on
by said corporation at the request and under the direction of the Department of Justice, which transaction involved the purchase in the Argentine
Repiiblic. between June 1.5 1920 and June 22 1920 of .5,000 tons of sugar,
the importation thereof into the United States and the distribution of a
portion of the same wit'-.in the United States, and to requh'e the said
United States Sugar Equalization Board (Inc.) to dispense of any of said
sugar so imported remaining undisposed of and to liquidate and adjust
the entire transaction, }>aying to the corporation aforesaid such sum as may
be found by .said board to represent the actual loss sustained by them in
said transaction, and for this purpose the President is authorized to vote or
use the stock of the corporation held by him, or otherwise exercise or use
his control over the said United Statt-s Sugar Equalization Board and its
directoi-s, and to continue t.he said cori'oration for suc!i time as may be
neces.sary to carry ou» the intention of this joint resolution.
In explaining the purpose of the resolution Senator Ransdell said:
Mr. de Ronde's company in good faith, acting under that understanding
with the Department of Ju.stice, purcha.sed the sugar, but when they were
just about ready to start to the United States it was ascertained that, as a
result of publicity given to the fact that sugar was going to come in, the
price of sugar had dropped materially.
They sought permission to unload
their v&ssels, and to sell the .sugar.
But the Department of Justice, acting
through its officials, reftised to give the permLssion and so the men went
on In good faith, as patriotic citizens, brought the sugar here, and have
suffered a very great loss, aU of which was testified to by officers of the
Department of Justice and confirmed by Mr. A. Mitchell Palmer himself:
The Attorney-General did not contend that the United States was under
a legal obligation to pay this amount, and I do not contend that the United
States was under a legal obligation to pay this amount; hut. Senators, this is
the situation: Sugar was bringing an abnormal price in this country: the
Attorney-General was doing his utmost not only to reduce the price of sugar
but U) reduce the price of other «>mmodities.
He was commi.ssioned to
do that by. the law, and he was acting in good faith. His agent, who,
he says, wa.s fully authorized to act for him called a meeting in the C^lty of
New York, and Mr. do Ronde attended that meeting. Mr. de Ronde is
not an attorney-general or any kind of an attorney; he is merely a good,
ordinary, plain American citizen.
He attended that meeting, which was
called by the repres<!ntative of the Department of Ju.stice, and in good
faith, by request of that Department, discharged a portion of the cargo
which had lieen pUicwi In a ship of his then in the city of Buenos Aires and
loaded It with .5.000 tons of sugar to bring In her(; in order to nnluce tho
general prl<^! of suijar U> the AmcHcan pe')pl<-.
He was to sell at a pri<«J
flxefl by the Diipartment of Justice, on terms fixed by the Department of
JustlW!, and to the pfjople namexl by the Dcijartmimt of Justice.
He was
to receive for his wirvices H'^, on the amount of the sale a very small sum..
He acted In the best of faith and he acted with the duly accredited agcsnt
and reprenentative of the Department of Justice. Under thoH<! clrcumutances. It .msom-s to me. if there ever wa.s ;i nioriil rybligal ion. Mr. dr; Uonde
ha« that moral obllgatlr)n In his favor.
1921.
624,000
113,000
488,000
350.000
969,000
1.57, CKX)
150,000
48,000
13,000
315,000
4,288.000
6,454.000
.54,000
Philippines
Santo Domingo and Hayti
Virgin Islands
Cuba
Total
Europe
84,000
6,000
2,428.000
508,000
437,000
252,000
191,000
4,000
3,936,000
1,156,000
.!
SENATE RESOLUTION AUTHORIZING REIMBURSEMENT ACCOUNT OF SUGAR IMPORTATION
FROM ARGENTINE.
A joint resolution, authorizing: the President to require
and 1921.
1913.
in
1913
li'a,?
1.55,000
Big Producer.
Wliat witli devastation, neglect and the substitution of other crops, the
output of the war area is now 2,000,000 tons less than in pre-war
(lays.
Before 1.914 almost half of the wqrld's sugar was produced in Europe.
The Old World's loss has been the New World's gain, however, for
tliese 2,000,000 tons have ibeen added to the productions of the United
At the present time, therefore, half of the world's proStates and Cuba.
duction is in the Western Hemisphere, Europe and the Far East together
constituting the other half!
The United States and Cuban fields were the only ones available to the
.\llied countries when war was declared.
Con.sequently, at the outbreak of
hostilities,
Great Britain, France, Italy and other European countries
immediately entered the United States' and Cuban markets.
Prices naturally rose under this forced draft, giving greater impetus to the already
iiicrea,-ed production of tiie United States field.
la contrast with the
other years named, the production for that field in the year 1821, shows an
increase since the outbreak of the war of over 2,000,000 long tons, most
of which has been in Cuba.
The United States and Cuban fields are sufficient to meet for some years
all the needs of the United States and of Europe.
It would have been a.
wise provision if some commitments, aside from infornial assurances, had
been secured by Washington before it inaugurated its war program of
stimulation of sugar production in the United States field.
If, however,
the industrj- of the United States and of Cuba has the continued support
of the respective Governments, there are many reasons to expect that it
will be able to hold a large part of the business whidi came bo unexpectedly during the war.
This can be made of special advantage to the consumers of the United States, and that, too, without scriraping on domestic
requirements.
.-ugar
High Prices Detrimental.
The retent
inflation period has demonstrated once more that high prices
are detrimental.
A lower range of prices is beneficial, not only to the
public, but to the industry.
Le;s capital is involved and hazardous risks
are eliminated from the business.
A smaller manufacturing margin be-
—
comes possible, and the consumer and industry benefit equally the consumer by low prices, indus-try by increased sales.
During the war the producers and refiners of the United States and Cuba
fitted their operations into a world program, making possible a period of
moderate world prices and an international division of mipplies of boimdless benefit to consumers, botli domestic and foreign. The initiative of producers and refiners and the investment of hundreds of milliona of American
capital have made possible in Cuba and the United States a vast increase
in the production of a food staple of pre-eminent world importance.
The
world needs this sugar.
The United States has the excess (ai)acity to refine
million tons for e.xport.
Not another brick need be laid.
There is bound to be a race for foreign markets. Will the ultimate priae
go to Cuba and the United States, or will it go elsewhere? Washington
can help by giving permission, as propo.sed, to refine in bond in the manner
already accorded by law to other manufacturers, smelters and refiners.
Tho ultimate answer, hov/ever, miiMt be made by the industry itself.
It
had Hie [lioneer courage to invest liuiulreds of millions in production. Without rioiilit it will have the courage and the vision U) find and to hold foreign markei.s rather than cut inoduction unnece.s.sarily and no lead to a
.1
jieriod
f>f
high
jirices.
OIL PRICES IN TIIE EAST
LINE
AGAIN RE DUCIW— GASO-
AND KEROSENE
ALSO CUT.
'I'lic Joso))h Seop Ajjeney at Pittsburgh, I'a., whi;']i, on
Jan. :ird, quite unexpc^ctantly, reduced tho jirice of Pennsylvania (tikU^ .W cents a l)arr('l from $4 (tlio j>rice (^staMishl'd
on .Nov. 2 1921) to ."$:{.r,0 made a lurtlier out on Jan.
of 2r)
ct8. lo ISii.'jry.
Other f;frad<'s of Easttirn crude wore fiirthor
reduced as follows: Cortn'rifj, 25 ct^its a barrel to Sl.^X);
'.)
IXnnHTKY OF TJNITin) HTATIiH AND CUBA —
IfllASOAH I'nlt ALLOWING GJJliAS HUGA/f TO ni!
Hl/(J.\U
ni: I' I si: It iiiiin: i\
<'().,
hond.
President of the AiiicricHn Siinar UefliiiiiR
has niailo sul).Mtantially the following Htnteiiicnt. wliicli
I'^url
I).
I'.iilwt,
aiiiiearcil in
Mic
New York "American"
of .Tan,
(V
'$2.:i(>
a
l»arrel
(o S2.ll;
barrel
!)
'I'lie
Brtmlly ^peiiking, the
TJnlt/>(J States controJH about ont-lmlf of the mjgar
former battle linen of Europe. Since the armliillcc
iirogress ha« been m;iile in rwlving the migar liirlimtry within the
of the wfirhl ont^jrle the
little
from
SonuTsct liufht, 2.') <M^iits
from S2.4() a l>arrel to .1i;2.ir); Somersnt, 2r) cents from $2.15
to .Sl.OO a barn-i, and Itajjland 15 ('(-iits from SLIT) to ?1 a
l-ejl
war area, xo there atiil i^ little exi»ortiil)le Hiirplii^.
Tlie w<irlil'n mipplien
and dciiiiinrlH r'^main In wtjont the sjiine proportlnn at rinring the war.
The United Stat.«« sugar induRtry na a great world factor in nn Incident
and acf idtril of the Spanish War. We went to war to nave Ciibn and hy
aceiflcrrt got Hie I'hilippineK.
I'orto Uico wai« an Incident.
Cuba wa« not
io fortunate as fither of thme.
The 'igniiig of the Treaty of Paris, in 1H!»H, .it the close of llif Spnidsh
War marks the bi(?i'inirg of a noteworthy period in tho sugar developincTit
of the United StatfH «nd of C!uba.
The reciprocity treaty with Cuba, a«
well .'IS other orifgnir law, difitinHlv rprognizp<i n frnde nllianro.
One bil-
price of Mid-('ontiiieiil. crude, wliic.li UHiially follows
les.s do.sely the i)rice (!liaiij.ces of I'l'Miisylv.Miiia crude,
more or
crmtiiMiesat 82, unchauf^ed since Nov 10 l'.)21, notwil.list.'uidiuK conliniied JKiavy imports from Mexico ami some fallinjj:
off in llie refinery deinan<l.
(('ompare V. li:{, p, 27S0)
Mr. k. I). liensmi. IVesid.iil of Ti<l(« Water Oil Co.,
.
week that (lie reduction of .50 ccMits a barrel in
PeiuiHylvania crude was iiuule to \>riuK it in line with MidContinent crude, as Enslern and Western refiners bad found
Hlat(«<l Inni
it
clieuper lo
buy
liit'li
irra<le
.\Ii<l-Coii(.iiicnl
enuio
n(
#2 a
THE CHKONICLE
16^
and pay transportation than to buy Pennsylvania
crude at $4 a baiTel. It was no less an authority than Mr.
Benson, also, who expressed the belief that the reduction in
Pennsylvania crude did not indicate a cut iu Mid-Continent
barrel
prices.
New York reduced the
whole.sale *ank wagon price of gasoline in New York and
New England one cent a gallon to 26 cents in New York and
to 27 cents in New England, the latter price contrasting
On Jan.
12, the
Standard Oil Co. of
Jan. 1921, 25 cts. in June, and 29 cts. since
Nov. 24. The same company has reduced tank wagon
kerosene in New York and New England one cent to 14 and
15 cents respectively. Export gasoline and kerosene at N.
Y. are likewise down a cent.
The Standard Oil Co. of New Jersey likewise, on Jap. 12. reduced tank
with 32
cts. in
wagou price of gasoline and refined oil one cent a gallon to the district served
by It in N. J., Md., Dist. of Ool., Va., W. Va., No. and So. Car.
The new gasoline prices range from 24 cents in Now Jersey to IS^a in South
Carolina and kerosene from 14 cents in Roanoke, Va., to 11 in South Caro-
New
Kerascne price in
lina.
.Jersey is
now
("Times."
12 cents a gallon.
Jan. 12, p. 26)
The production of crude oil in the United States for the week of Jan 7
stablishod a new high record to date, averaging 1,413,450 barrels daily,
against 1,407,750 barrels in the precious week and 1,221,075 barrels in the
first week of 1921, according to the estimates of the American PetroJeum
Institute.
Compared with the week of Dec. 31 Central Texas (including
Mexico) feU off from 215.800 t-o 209,025 bbls. while North La. and Arkan.sas
increa,sed from 124,.300to 132.7.50 gal. and Gulf Coast from 108,1.50 to 111..
,
126
gal.
The November, 1921 exports
of refined and crude oil aggregated 226,648.278 gaUons contrasting with 2.53,542,000 gal. in October and 235.282,778 in Sept-ember, while for the 11 months ended Nov. 30 1921. they
amounted to 2,568,606,537 gal. again-st 2,780,501,948 in 1920.
[Vol. 114.
Average wholesale price (a) motor cars 1921, $702; in 1920, $897: (6>
motor truck, 1921, 3968; in 1920, $1,273.
ilotor car factories in United States, 105; motor truck factories, 140;
States in which factories are located, 32. Employees engaged in car and
truck manufacture, 256,000.
(3) Automobiles in Relation to Other Business
Rank among finished products, measured by volume of bufiinees
Rank among all manufactures (Biu-eau of Census) (slaughtering and packing being first, and steel second)
Special taxes paid in 1921: (a) To Federal Government, •?115,.546,000; (6) State licen.se fees. .^108,213 ,000; (c) miscel-
—
First
Third
laneous, .S5,000,000; total
$228,759,000
Gasoline production (U. S.) 1921 (gals.), showing increase
over 1920 of 9.8%
5,360,014,000
Gasoline consiumption (U.S.) 1921 (gals.) showing increase
over 1920 of 5.9%
4,506,706,900
Per cent of total oil output used for motor vehicles, 27%, viz: Rcfine<t
,
to gasoline, 24.6%: motor lubricating oils, 2.4%.
Tire casings produced, 19,379,000: tire itmer tubes produced, 24.157,000:
solid tires
(4)
produced, 377,000.
Exports
—
.Xumber.
Vahie.
Motor cars exporttxl
Motor trucks exported
33,712,208
11.457,616
30,6;J9
7.7**--
Value of motor vehicles and parts exported, including
engines and tires
$102,945,610
Number of countries to which automobUes were exported during year
114
Passenger car dealers, 38,216:
(5) Dealers and Garages in United States.
—
motor truck dealers, 24,488: garages, 59,093; repair shops, 55,521
RAILROAD WAGE MATTERS TO BE CONSIDERED AT
CONFERENCE TO WHICH SECRETARY HOOVER
HAS CALLED RAILROAD AND
[NION EXECUTIVES.
A press dispatch dated at Washington, D. C, Jan. 10,
says in brief:
CHANGE IN OWNERSHIP OF NEW YORK
''EVENING post:'
The New York "Evening Post" made known yesterday a
change in
its
ownership
editorial columns.
its
The
New
The stock interests
of
in the following
in
Oicncrship of the "Evening Post."
Mr. Thomas W. Lament
Post, Inc., have been acquired
bj'
Charles C. Burlingham
James Byrne
Norman H. Davis
Henry S. I>enni.son
Cleveland H. Dodge
Marshall Field
Edwin F. Uay
Maitland F. Griggs
August Hockscher
(Jeorgo H.
announcement
in the
the following group of citizens:
Frank L. Polk
Harold I. Pratt
.lohn T. Pratt
Roland L. Redmond
Franklin D. Roosevelt
Joseph H. Schaffner
Donald Scott
Finloy J. Shepard
Henry James
William Church Osborri
Robert P. Perkins
An agreement has been reached for a gathering of those concerned to be
simimoned next week. Mr. Hoover indicated to-day that officials participating were hopeful of attaining some results, but that negotiations worn
While all the disputed questions over wage reductions and abrogation of
the naval working agreements which the Railroad Labor Board has authorized have been taken up, the chief object sought is to secure fiu-ther settlements between the roads and employees without a proceeding being brought
to that Board.
Such an agreement, in the Administration view, would
prevent strike calls or oth,er moves which might result if the Board was
forced to take the differences to trial and issue mandatory decisions.
So far, though the raUroad executives have issued notices of intentions t«»
apply for further wage revisions and thus have a case tentatively before
the Board, no meetings looking toward a settlement of the I.ssue have
been hold.
There was also a disposition in some circles to regard the matter as inori.serious, due to a belief that if the cases were pressed before the Railroad
i
Labor Board a decision distasteful to the employees might result in March
On AprU 1 the national wage agreement on coal mine wages also expirtis '
.
.Sam A. Lewisohn
George O. May
Van S. Merle-Smllli
Gcrrish H. Milliken
conferences.
not completed.
New York Evening
Joseph E. Sterrett
Harold Phelps Stokes
Mrs. Willard Straight
Howard
-Vn effoi^ to avert any po.ssiblo controversy between railroads and the.ir
employees has been begun by Secretary of Commerce Hoover, who, with
President Harding's approval, has called representatives of large carrior.s
and of the railroad bortherhoods and other unions affected into a series of
Samuel Thome, Jr.
Martin Vogel
Paul M. Warburg
George W. Wickor.sham
Clarence M. Woolley
Owen D. Young
.
FURTHER RAILROAD EQUIPMENT TRUST OBLIGATIONS SOLD BY U. S. GOVERNMENT.
The present management under Mr. Edwin
F. Gay will cx)ntinue.
The
in ownership docs not involve a change in the shaping of the news or
editorial policies of the "Evening Post."
It will remain .in independent,
sotmdly liberal newspapt^r. The tradition of its editorial independence
change
long ago e.stablished has been finely upheld by Mr. Lamont and will be
maintained by the new owners.
Mr. Thomas W. Lamont made the following siaiemeut:
"In confirming the "Evening Post's" announcement I may add that my
original purchase of tho stock three years ago was made largely in response
to the hope expre.ssed by many friends of the paper that it should bo enabled
a.s an entirely independent publication, to continue to render
a useful
service to this community.
l<>om the start, however, it has proved impossible for me, owing to increasing pressure of other duties, to take any
share iu the management of the property, and therefore I welcome the
acquisition of my stock by Mr. Gay and his associates, many of them my
warm personal friends, vho arc aware that, in their continuance of the
"Evening Post" traditions, they can count upon my continued and heartv
good will."
The purchase of the ''Evening Post" by T. W. Lamont
of J. P. Morgan
Co., occurred in 1918, and the details
of the piircha.se were given in these columns .\ug. 3, 191S,
&
p. 44S.
The War Finance Corporation,
Managing Director Eugene Meyer
in
Jr.
a statement issued by
on Jan. 12 1922, said:
The Director-General of Railroads annotmced to-day that he had, with
the consent of the President, confirmed additional sales, at par plus acanied
interest, of railroad equipment trust certificates now held by tho Government, as follows:
(1)
Brothers & Hutzler and Kidder, Peabody &
New York — .Vtlantic Coast Lino, 1925-1928 ind..$l,701,200
To Cassatt & Co. of Philadelphia — Monongahela Ry. Co.,
To Salomon
Co. of
(2)
1928-1935
(3)
(4)
Incl
—
To Kuhn, Loeb & Co. of New York Penna. RR. Co;, 1923.
To Freeman & Co. of Now York Colorado & Southern Ry.
—
Co., 1923-1935 incl
263,200
3,894,000
910,000
Total amount of these sales Is
$6,768,400
were arranged by Eugene Meyer Jr., Managing Director of
the War Finance Corporation.
Total amoimt of equipment trust certificates sold by tho Government
to date, at par plus accrued interest, is S147.391,400. The figtires givejt
in the last announcement ("Clironlcle" of Dec. 17, p. 2575). plus the sales
given above, aggregate $142,401,100, tho difference being due to the advance payment of Jan. 15 1922 maturities by certain roads since tho date
of the last announcement.
All the Atlantic Coast Line, Georgia RR.. Kanawha & Michigan, Cincinnati New Orleans & Texas Pacific, Fort Worth & Denver City and
Colorado Southern issues have now been sold in addition to the other issues
aud portions of is.sucs mentioned above and In V. 113, p.. 2371, 2575. EdJ
The
sales
I
AUTOMOBILE INDUSTRY DURING
1921.
Alfred Reeves, General Manager of the National Automobile Chamber of Commerce, reports in substance:
—
(.1) Autoim)biks in Use
Automobiles registen^d in United States (approx.)
Total
U.S. OnFnnnx.
10,000,000
9,000,000
1,000,000
3,000.000
Motor cars
2,8,5o!oOO
Motor trucks.
1.50.000
Farm produrts hauled bj- motor transport estimated at 131, 400.000 tons:
number of head of live stock, 6.000.000. Motor buse,s in operation. 20,000;
having organiztnl motor bus lines, 600; organized pul)li,; motor express
Estimated number of passengers carried annu.illy by motor
car, 6,000,000.000; freight hauled annually by motor truck,
1.200.000,000
tons.
Number of street railway linos using motor buses, 35; number of
steam raiU-oads using motor trucks with flanged wheels, 12.
cities
lines, 1,500.
I'otal
(2) Pro(luctio7} in
(^ars
1921—
and trucks
fiom 1920 production
Deorca.sc
Cars^
Trucks
Xiimber.
-.-1,680.000
24 •;,
-..1,535,000
115.000
Wliolvsali:
Vahie.
•Jl, 222,360,000
4.',%
1,088,100,00
1.34.2.50.00
—
The "Chronicle"
learns that tlie sale of an additional
block of $3,894,0(X) Pennsylvania, certificates was made
yesterday, to Kuhn. Loeb & Co., and confirmed by the
Director-General
RAILROADS ORDERED TO EQUIP CONGESTED LINES
WITH AUTOMATIC TRAIN CONTROL— ALL IMPORTANT COMPANIES INCLUDED.
The Inter-State Commerce Commission on Jan. 11 issued
a blanket order directing 49 railroad systems, embracing all
or practically all of the most im])ortant railroad companies
of the country, to equip certain congested sections of their
main lines with automatic train-control devices to be operated in connection with all road locomotives.
.
Ian.
The
THE CHIIONICLE
14 1922.]
carriers aro required to proceed at
once to select and
devices specified, and must report to the Commission every three months, beginning Ju'y 1 1922. the
Until March 15, however, cause may be
progress made.
It is
sho^vn why the order should not become effective.
noted that under the Transportation Act of 1920 (Sec. 26),
the installation must be completed within two years, or by
July 1 1924, under penalty of $100 a day.
The Commission states that investigation by a special
train council has demonstrated the fact that there are such
devices which are practicable, and that their use would have
prevented suoh lamentable accidents, occasioned by failure
of the human element or by wilh'ul disregard of rules, as that
on the Reading in December last, in which 23 persons were
killed, and the recent rear-end collision on the Pennsylvania
RR. near Manhattan Transfer, in which 46 persons were
install th(*
The Commission says
injured.
in brief:
investtgations have shown that automatic train control has long since
Service tests under varying con.
.
passed the experimental stage.
ditions, and the results obtained in the actual employment of these devices
over periods of years upon some of the roads have clearly demonstrated
the practicability of, and the necessity for, automatic train-stop or traincontrol.
The time has now arrived when the carriers should be required to
select and install such devices as will meet our specifications and require-
Our
.
It is a striking fact, for instance, that for five eonseeutivt'
years more railroad mileage has been abandoned in this
country than has been built and that this movement was at
its height in the year just clo.sed.
Tables in the "Age"
sho\^' that in 1921 the new first track construction amounted
to only 475 miles contrasting with 314 miles in 1920, while
on the other hand, the discarding of railroad mileage in 1921
proceeded as follows: (a) abandoned pcTmanently and taken
up, 217 miles; (b) abandoned, but not taken up, 1409 miles;
(<) permission obtained for abandonment, 191 miles; (d)
permission .sought but not yet granted to abandon, 575
miles; total abandoned or sought to be abandoned in the
late jear, 2392 miles against only 475 miles new road
consti-ucted.
And what shall we say of conditions that lead a country
with 254,000 miles of railroad (first track) to get along for
a twelve months' period with less than one new locomotive
and one new passenger ear as replacements and for all other
purposes for each 1000 miles of railroad (first track) in
operation?
The "Railway Age" in its issue of Jan. 7 already referred to, which by the way, contains a remarkably interesting series of articles
ments.
The
carriers
and the
sections affected are as follows, as
reported in special dispatch to the
"New York
&
and Montauk.
LouisviUe & Nash-valle, between Louis^iUe and Birmingham.
Missouri Pacific, between St. Louis and Kansas City.
New York Central, between Albany and Cleveland [and B. & A. Division,
Boston to Albany; Mich. Cent. BR.. Chicago to Detroit; and Pitts. & L. E.
Long
Island, between Jamaica
Div., Pittsburgh to Youngstown].
New York New Haven & Hartford, between New York and Providence.
Pennsylvania RR., between Philadelphia and Pittsburgh [and Panhandle
(Div., Pittsburgh to Indianapolis, and West Jersey Div., Philadelphia to
Atlantic City).
Philadelphia & Reading, between Philadelphia and Harrisburg.
Southern Railway Co., between Washington and Atlanta, Ga.
•
CTnion Pacific, between Omaha and Cheyenne.
Atclilson Topeka & Santa Fe, between Chicago and Newton, Kan.
Atlantic Coast Line, between Richmond, Va., and Charleston, 8. C.
Boston
ft
Albany, between Boston and Albany.
Buffalo Rochester & Pittsburgh, between Rochester and Butler, Pa.
Central Railroad of New Jersey, between Jersey City and Scranton.
Chesapeake & Ohio, between Richmond. \'a.. and Clifton Forge. Va.
Chicago & Alton, between Chicago and Springfield, 111.
Chicago & Eastern Illinois, between Chicago and Danville, 111.
Chicago & Erie, between Chicago and Salamanca. N. Y.
Chicago Burlington & Quincy, between Chicago and Omaha.
Chicago Indianapoliis & Louisville, between Chicago and Louisville, Ky.
Chicago St. Paul Minneapolis & Omaha, between Minneapolis and Omaha.
Cincinnati New Orleans & Texas Pacific, between Cincinnati and Knox'Tllle, Tenn.
Clerv-eland Cine. Chicago &, St. Louis, between Cleveland and St. Louis.
Galveston Harrisburg & San Antonio between El Pa.so Tex and Houston
Great Northern, between St. Paul and Mlnot, No. Dak.
Kansas City Southern, between Kansas City and Texarkana, Texas.
Michigan Central, between (^hic'igo and Detroit.
New York Chicago & St. Louis, between Chicago and C"lc\eland.
Norfolk Ic Western, between Roanoke, Va., and Columbus, Ohio.
Northern Pacific, between St. Paul and Mandan, No. Dak.
Oregon- Washington Railroad & Navigation Co., between Portland
,
,
,
. ,
I\iidleton.
Pert Marquette, between Grand Rapids and Detroit.
The Pittsburgh & Lake Erie, between Pittsburgh and Youngstown, Ohio.
Th(r I'lttoburgh Cincinnati Chicago & St. U<ui.s. between Pittsburgh
.and Indianapolis.
Ricliriiond Fredni<:k8burg
Si
Potomac, between
W
shlngton and Rich-
mond, Va.
San Rranctaco, between St. Louis and Springfield, Mo.
Company, between Oakland and Sacramento.
WckI .Jfjniey St. Heajihore. between Philadelphia and Atlantic f-lty.
Wf t'-rn Maryland. betwi;en Hallinioro and Cumbcrand, Md.
Th< <;iirrlers are orderwl to file with the CommisHlon on or l)efore July
1922 o.'iiplete planx for the slgnnl systeniH In iisii on the dcslgnatod portions
oflinc^ and a report of the numbiT and type of locomotlvoH assignefl to or inSt. I/ouia Sc
Soulht.rn Pacific
I
<
The
are directrjd to proceed without unand In.stall the- dovlcf* specified and to r<!i)orl to the
•OommlHslon evory thre<! month.s. beginriltiK .Inly 1 1922, the progreMw made.
t^aged ill road nervlce.
nece^isary delay to select
c-'irrltTs
RMI.HOAD LIN EH CON STRUCT HI) AND AH.WDOXKh
\\l> KQIJII'MENT PURCHASED IN THE WORST
RAILWAY YEAR JN //I STORY:
"Railway
many
of the leading
Int«rest, $477,000,000: rentals. $129,000,000; other charges, $34,000,000
total, $640,000,000.
Many roads failed to earn enough to pay their interest
Under such conditions it was impossible for most railways adequately to
maintain their properties, much less make additions or improvements.
.
The "Railway Age's" annual compilation of statistics, show that the
amount of new mileage built was the smallest m history since such records
have been kept, except in 1920; that the mileage of railway lines abandoned
was the largest in history, and that new low records were set for the acquisition of new equipment.
The number of new locomotives ordered for domestic service totaled only
about 250, the number of freight cars ordered only slightly over 20,000.
and the passenger car orders somothiug over 200.
Prior to the adoption of government control in 1918 the number of freight
cars scrapped annually had for some years been about 100,000, or almost
five times as great as the number ordered in 1920.
In the five i'ears ending
with 1917 the number of freight cars ordered was regarded as small compared with former years, but it averaged 108,000 a year, or more than
five times as great as it was in 1921.
The number of locomotives ordertKl
in the five years ending with 1917 was regarded as comparatively smaU at
the lime, but it averaged almost 2,400, or ten times as much as the orders
placed in 1921.
One who judged entirely, or even mainly, by the foregoing facts would
be obliged to conclude that railroad transportation in the United States is
a dying industry.
Fortunately, however, this cloud, like most clouds, ha-s
a silver lining.
The conditions in the business were relatively at their
worst in the early part of the year and grew better as the year advanced.
In January and February the railways as a whole not only did not earn
any net return, but incurred operating deficits. Drastic retrenchment*,
and the reduction in wages granted bj- the Railroad Labor Board caused the
net operating income to improve, until in October it amounted to $108,500,000. The operating ratio declined from 95% in February fo 74% in
October.
There was a sharp decline of freight bitsincss in November and December
and these months will make bad showings, but throughout the entire 3'ear
the tendency of operating costs was downward.
Wages were reduced.
impro\ements were made in the rules and working conditions of employtis.
and the price of fuel and mat<?rials declined.
Under the conditions existing it is impossible to believe that the Railroad
Laljor Board will hesitate to grant fiuther reductions of wages.
If the darkest hour of all the night is ju.st before the morning, then the
railways should soon begin to see the morning light. Certainly they never
passed through a darker night than the year 1921.
\\'hllc the year was marked by relatively the smaUest amount of Imt>ro\ement work and the smallest volume of purchases ever known, there
was a marked increa.se of orders for equipment and materials toward tlir
close of the year, when the net earnings were becoming more favorable.
.
The length of new lines complcJted each year since 1894, as
reported by the "Railway Age" in its issues of Jan. 7 1921
(p. 1.55) and .Jan. 7 1922 (p. 1.50). is shown below. t,<)ge(her
with the mileage, the operalioiis of whicli was disconlinui-d
during the years named.
(Ii
Miles of
Year
IH!».-)
IH'IH
Miles.
1909
1910--.
.-3.8,')2 1911...
..4.;i88 1912...
..6,6.52
1905
.4,569 1906
.4,894 1907
6.368 1908
1901
<2) Mileaiies
IVnr.
..6,0'26
:i,2fi,-,
h!)9
1894.
Line {First Track) Comploli-d in the V. S. Since
1
IH9H
IH97
I
\ew
Mites. Year.
1,420
902
- 1 ,692
190.'i
.2,109 1904
191.1-..
..5,«2;J
6.212 19)4
3,214 1915-
MiUui.
Miles.
Year.
3,748 1910..
..4,122 1917..
.-3,0«lfl 1918..
..2.997 1919..
..3,071 1920J,5;<2 1921.-
..
1098
..
fl7fl
..
721
.-
086
rnilway eoiiHtriiclioii ntid
abuiidonmont and of rolling stock ordered and built as
•compiled by the "Akc" indicate this quite as plainly as do
the financial rmiiitf f»f railron'l operation during ilu- period
in question.
<>(
311
.
475
93,'l
niscnntinueil Diirino Knch Year
'TracJi M<H Tiiken up,
hat Oper IHscontinurU
Track Taken up-
upon Which Operation.
HV/.s
f/lnes .MmniliincilnntI
,460.'29
Mt.'l
describes the year 1921 uh "iiimh lli«'
years in the hiHtory of the United States
A>j:e"
worst of all" the bad
crtriinly the statistie.;iTi(l
(
of railroad enterprises,
It is no exaggeration to say that throughout the year a large part of the
companies were struggling to keep out of bankruptcy. The Biu-oau of
Railway Economics estimates the year's net operating income of the Class I
roads at $616,000,000. This wiU not meet their fixed charges, which are:
1900
I'Im
on the status
both in the United States and also in
foreign countries, reports in brief:
Times":
Ohio, between Baltimore and Pittsburgh.
Boston & Maine, between Boston and Portland, Me.
Chicago & North Western, between Chicago and Omaha [and Omaha
coad between Minneapolis and Omaha].
Chicago Milwaukee & St. Paul, between Chicago and St. Paul.
Chicago Rock Island & Pacific, between Chicago and Rock Island, 111.
Delaware & Hudson Co., between Wilkes-Barre, Pa., and Albany.
Delaware Lacliawanna «Sc Western, between Hoboken, and Buffalo.
Erie RR., between Jersey City and Buffalo [and on Chicago & Erie Div.,
CTilcago to Salamanca).
Illinois Central, between Chicago and Memphis.
Lehigh Valley, between Jersey City and Buffalo.
Baltimore
.-ind
163
217.09
1920
1919
2:t9.(il
473.91
:(fU).r.ii
,'»37.36
!.'..
s:i
737.05a
I.
no
101.0(1
I'.MK
I
1917
I.-,
•
Thtwo
Included
I
Inrludo late data of procediiiK y<»ir. hImcii thiH rigiires wan
our total spoken of in (he leading panignipli of each yenr'Mnrtlrle
the period nf l'"e(|ernl ronlrol there were many Ilniw ii|x«n whleli
rigiiroH
In
niirlliu
iiperatlon wa'< dl'ieontiiimil
ilt
her in
ttart
or in whole, dnn to varlwtis reanons.
THE CHRONICLE
164
Since that period and to some extent during that period, a proportion of this
mileage was returned to service.
oThis figure includ&s 229.37 miles abandoned through consolidation
during Government control because of parallel lines; probably returned to
operation.
It should be observed that 66 raiboad companies took part
in the building of the 475 miles of new road in 1921, being
an average of less than 8 miles each. But as a matter of
fact the longest stretch of line, 82 miles, was constructed,
not for a raih-oad company, but by the United States Government, for the completion of its Alaskan raih-oad program.
The railroad mileage abandoned in 1921, aggregating, as
we have seen, 1,626 miles, it is learned inculdes (a) two roads
of more than 300 miles each, namely, the Missouri & North
Arkansas RR. (365 miles) and the Colorado Midland RR.
(338 miles); (6) one of 154 miles, the Memphis Dallas &
seven of from 30 to 100 miles each, namely, the
Hawkinsville & Florida Southern (92 m.), Colorado Springs
& Cripple Creek District (71 m.), Midland (Tex.) & N. W.
(65 m.), Delta Soutnern (52 m.), Valdosta Moultrie &
Western (42 m.), St. Louis S. W. Ry. Lufkin branch (30
m.), and Wantaga & Yadkin River (30 m.); and no less than
15 roads of from 10 to 25 miles each.
Furthermore, applications are pending for the abandonment of the Chicago & Indiana Coal Ry., 179 miles, recently
part of tlie Cnicago & Eastern Illinois system; Duluth &
Northern Minnesota, 99 miles; Tennessee Georgia & Alabama, 88 miles, and Alabama & Mississippi, 67 miles.
The "Age" comments on the fact tnat efforts are making
to secure tne reopening of some of tnis abandoned mileage,
and that if the cost of operation should be reduced materially these effforts would undoubtedly be successful in a
number of cases. As for the remainder, tne "Age" finds
consolation in tne fact that "there is still need for mucb railway construction and the clearing away of these Unes should
in the end prove beneficial, if not even stimulating, when
there is more money available and the subject of extensions
to existing lines and the building of new ones is once again
under consideration." While there may eventually be
sometning in this theory of beneficial pruning, we fear it
will hardly prove comforting in tne mean time to tne 200,000
persons living on the line of the Missouri & Norch Arkansas
RR., for instance, who find themselves and their homes,
industries and towns dropped from tjae railroad mao for an
Gulf;
(c)
indefinite period.
The domestic and foreign orders for new rolling stock and
number of locomotives and ears built for domestic use
and shipment abroad (omitting as far as possible the business of Canadian shops) were in 1921 and earUer years as
the
follows:
EQUIPMENT ORDERS AND OUTPUT FOR CALENDAR YEARS.
Avirage
1919.
1918.
1920.
1917.
1916.
Locomotives {No.) 1921.
1912-16 1906-10
214 2,593
239 1,998
2,704
2.910
Domestic orders...
2.754
3.489
546
718
898 2,086
3,438
Foreign orders
2,983
Not shown.
2,.585
2,022 2,162 3,668
2,708*2,977
*4,344
Built, home nse. . . 1,121
587 1,650 l.HO 2.807
2,861
•752
Foreign use
1,367
*516
2. FrciglaCars (No.).
Domestic orders... 23. 346 84.207 22,062 114113 79.367 170,054 148,320 1/1,016
Foreign orders
4,982 9,0.56 3,994 53,547 53,191 35,314
Not shown
Built, home use.. .40,292 60,9.55 94,981 67,063 115,705 111,516 118,355 171.892
Foreign use
6,412 14.480 61,783 40,981 23,938 17,905
8,795
4,985
3. Pasximgcr Cars (No.).
Domestic orders...
246 1,781
292
109
1,124
2,544
2.894
2,981
155
143
26
Foreign orders
38
43
109
Not shown.
Built, home use... 1,275
1,440
391 1.572
1.955
1.802
2.527
2.826
Foreign use
39
160
1
45
37
240
166
1.
• Includes
Canadian output and equipment built
in railroad shops.
As to tne course of prices for railroad equipment, materials
and supplies, tne "Age" shows in brief:
—
Rails. Ac- Tl>e price for open-licarth rails of .?47 remained the basis for
deliveries during 1921, but this was reduced to S40 on Oct. 2.5, applying
alike to new contracts and unfilled tonnages on old orders.
At least
300.000 tons of rails have been ordered subsequent to this announcement.
The dwiine in structural steel ha.s been more steady and an even greater
decline has taken place in the pound prices for fabricated structural steel.
C'Clironiclo." V. 113, p. 2820.)
Using the average price of 1910 to 1911 as 100 ''4. the
Rollina Sinck.
prices of freight cars reached a maximum in 1920 of 300 in the case of allsteel cars and 313 in the case of cars of composite construction.
Passenger
cars, starting in 191.5 from 82% of the 1910 to 1914 average, increased to
218 in 1920. In the case of locomotives, starting at 100 in 1919, the price
increased to 2,51 during the first half of 1922.
At the present time such data as arc available clearly indicate a marked
drop in the prices from the high levels of last year, varying from 30 to 3.5%.
In the case of all-steel freight cars the average of this reduction has boon
from the 300 index numlwr of 1920 to about 213. Similarly, composite
—
steel and wood equipment has dropped from 313 in 1920 to about 215.
In
the locomot ive market quotations have been made ranging from 25 to 50
less than those of 1920, but it is doubtful whether these comparisons
are
at all indicative of the trend of the conditions which would fix prices If
a
rcxsonably steady volume of business were to be establish<Hi.
Materials & Supplies.
Tables for lumber show that Douglas fir stringers
quoted in Jan. 1920 at $33 and in Jan. 1921 at S26. were priced in Oct. 1921
at $15. while in the same interval switch ties dropped from S32 to
$22 to
$13. Similarly. Southern yellow pine stringers fell from S59 In Jan.
1920
to $39 in Dec. 1921. and bridge materia! from $46 to $30.
Coal cost the New England roads $6 18 per ton on the average delivered
In Jan. 192». $8 64 in Jan. 1921 and 16 67 in Sept. 1921.
In the entire
—
[Vol. 114.
United States, on the dates named, the average prices were $3 71, $4
and $3
80, respectively.
it may be remarked that this resume
shows prettj^ clearly why the steel plants of the country,
their output capacity increased, it is estimated, some 40%
capacity during the war, should have suffered severely when
in 1921 they faced not only general industrial depression
but also a collapse of railroad buying for maintenance as
well as construction purposes.
Another thought is that as
in many other forms of occupation, so in the railroad field,
the ice cream and automobiles, wnich Mr. Gompers last
fall demanded for the railroad employees, may be very
pleasant for the relatively few participating, but pushed to
the limit it would mean, as we have seen, a rapid diminution
of railroad mileage, railroad service and of railroad jobs, be
it in the shop, on the road or mth the construction gang,
In conclusion,
building into new country.
Lastly, if the railroad companies were merely "playing
poor" and hiding their receipts to force down wages, as
union coiefs w^ould have us believe, the companies would
surely not be starring their properties, as we see they have
for a good manj' months past for reas'ons beyond their
control
SUMMARY OF PENNSYLVANIA
COMPANY'S APPEAL TO COURT TO DETERMINE JURISDICTION OF LABOR BOARD
IN SHOP CRAFT RULING.
OFFICIAL
RR.
A summary of the Pennsylvania Railroad Company's
appeal to the Federal courts to determine the juri-sdietion of
of the United States Railroad Labor Board is published in
the current number of the "Pennsjdvania Standard," which
is issued from time to time for the information of the pubUo
and employees. This official summary follows:
As an obligation to its employees and in the interest of the service we are
expected to render the pubUc, the Pennsylvania Railroad Company has
instituted legal proceedings in the United States District
Court
in Chicago.
Policy Adopted.
Ever since the Labor Board's decision on the election of employee representatives in the shop crafts, we have sought to show the Board:
That the Board has exceeded its authority under the Transportation
1
making this decision.
That the company has been trying simply and solely to reestablish a
contented and harmonious relationship with its own employees in order to be
Act
in
2.
in a position to render better service to the public through appealing to the
To that end the company offered all employees a
loyalty of our employees.
voice in deciding matters affecting their own welfare through employee
representatives of their own selection, whether union or non-union men.
3. That the great majority of our employees are satisfied with this policy
and practice and with the rules and working conditions that have been
mutually agreed upon.
4. That the company intends and is willing to comply in all respects with
the pro^^sions of the Transportation Act and to submit itself to the jurisdiction of the Labor Board in all matters cognizable thereunder.
5. That the company has not violated any lawful decision of the Labor
Board, and
6. That the Board's decision in this case would destroy the validity of
contracts freely entered into between the company and its employees and
thereby irreparable injury upon the company and its employees.
The Labor Board, however, has refused to riwognize our position. Furthermore, we are informed that under Section 313 of the Transportation Act,
the Board intends to publish an opinion that the company has violated the
law notwithstanding the fact that the Board, in our judgment, had no
jurisdiction to render the decision which the company is alleged to have
violated.
Attack
On
Service to Public.
In our opinion, any such finding on the part of the Labor Board not only
would cause unwarranted and unjustified injury to the company and its
employees, but also would constitute an attack upon the character of the
service we are expected to render the public.
For the Board to publish such an opinion would tend to create dissatisfaction and discontent among our employees.
It would result in the
repudiation of contracts mutually agreed upon between the management
and employees regardless of their justness and reasonableness. It would
result in a multiplicity of law suits growing out of the uncertainty that would
surround rules and working conditions already agreed upon and now in effect
In such circumstances, the company has no adequate remedy except to
appeal to the courts.
Attitude of Labor Board.
In this connection, attention is called to the attitude of the Labor Board
toward such a proceeding as indicated in the following:
On Oct. 20 1921, when the Pennsylvania Railroad Co. appeared before
the Board through its General Coimsel, the Chairman of the Board said at
the conclusion of the company's statement:
"The only que-stion raised seems to be as to our jurisdiction, on which we
have heretofore passed, and which is a purely legal question."
On Nov. 8 1921, in response to the company's request for a Conference to
consider possible legal proceedings to determtae the Board's jurisdiction the
Chairman stated in a letter to the general counsel of the company:
"If any party is injured by the Board's assuming or exercising an excess of
jurisdiction, there ought to be some legal method for the injured party to
avoid or restrain this injury, but so far I can think of no legal way in which
the Board can appeal to any court or judicial authority to define or prescribe
the limits of its jurisdiction."
It is our position that while the Labor Board was created to be a Board
of mediation and arbitration, to act in disputes arising over wages and working conditions, it has gone beyond that scope and has asstuned the role of an
administrative body and has invaded the proper domain of railroad manage-
ment.
It is purely a legal question, but the exercise of the function assmned by
the Board in this case strikes at the fundamentals of proper relationship
between employer and employee, and in justice to the public as well as to-
,
.
THE CHRONICLE
.Ian. 14 1922.]
our anployees we feel that it is our duty to ascertain in the only manner left
open to us what are our legal obligations.
Railroad Salaries as Well as Waycs Made Subject to the 12M% Reduction
Correcting a misai)prehension that may be quite common
the "Pennsylvania Standard" issued by the Pennsylvania
RR. Co in issue of Jan. 6, calls attention to this fact:
"The reduction in salaries affecting officers of the company and put into
effect on the same date as tiie reduction in wages was not '214%' as compared with '12>2%-' Officers' salaries were reduced on the same basis as
166
the newly enacted amendment makes the period eighteea
months after peace is declared. The bill just approved by
the President was passed by the Senate on Doe. 13 and by
the House on Dec. 19.
During debate on the bill in the
Senate on Dec. 13 the following letter from the Alien
Property Custodian, indicating his approval of the bill, was
submitted for insertion in the "Congressional Record":
Alien Propertii Custodian
Washington, D. C, Dec. 13. 1921.
employees.
"That is: the reduction as applied to officers was the same or a higher
proportion of the increases they had received since Jan. 1 1918, as the
reduction in wages was of the increases in wages which employees received
since Jan. 1 1918.
The "Standard" also reproduces the follomng letter
written by Slason Thompson, Director of the Bureau of Railway News and Statistics, and published in the Chicago
"Tribune" Nov. 27:
—
Chicago, Nov. 22. The letter from "Railroad Worker" in this morning's
"Tribune" in regard to the comparative pay of railway officers and employees
"RaUroad Worker" credits
is about as true in its inferences as in its facts.
President Rea of the Pennsylvania Railroad with yearly pay of $125,000,
and Vice-President Atterbury with an annual salary of $82,000.
The Congressional Record of June 1 1920, carries a full list of railway officials receiving pay in excess of So, 000, furnished to Representative Thetus
W. Sims by Interstate Commerce Commissioner' C. C. McChord, now
chairman of the commission. In this the following facts appear:
Samuel Rea, President, Pennsylvania Railroad. $75,460.
W. W. Atterbury, Vice-President in charge of operation, Pennsylvania
Railroad, .S40,000.
Since then, Messrs. Rfea and Atterbury. in common with other officials
of the Pennsylvania and of other railroads, have had the.r pay cut in some
cases more than the amount of the general reduction ordered by the railroad
labor board last July.
So today the pay of the officials named is approxi mately half of what your correspondent credits them with.
But the fals2 inference of "Railroad Worker" is that if Mr. Rea aad Mr.
Atterbury s pay had been cut to S25,000 and S32.000 respectively, the living
costs of the PenrLsylvania's employess would have borne more lightly on them
Now. the fact is that if the pay of Messrs. Rea and Atterbury and every
other salaried official of the Pennsylvania Railroad had been reduced to the
$3,000 a year line of cicissification, it would have been equal to only S6.07
a year toward paying for the food, cloihinsi. education, and rental of the
families of the 200,000 emplo.vees of the road.
What is true of the Pennsylvania Railroad is true of the railways of the
United States as a system. In 1920 there were 7.15.3 general officers whose
pay was over .$3,000 a year, when the average pay of freight engineers was
$3,136.
The total pay of such general officers was S45.897.807. Had all
their salaries been rr:duced to a common level of S3, 000, it would have loft
$23,938,807 for distribution amonc; the two million other employees, or
something less than $12 apiece. (S-gned SLASON THOMPSON.)
—
INTERLOCKING DIRECTORS. &C.—SOME MAY SERVE
TEM FOR ARIL Y —RESIGN A TIONS.
The
Inter-State Commerce Commission on Jan. 9 made
public its decision in the cases of four additional interIockin.a:
directors for wnom it believes changes are necessary, viz.:
W. Averill Harriman (son of the late E. H. Harriman) may remain as a
director and officer of the Union Pacific RR. and affiliated companies, but
mu-st resign as director in either.
Illinois Central RR. (and Sub. Cos.) or Baltimore & Ohio RR.: Cornelius
Vanderbilt may retain his directorate in the Delaware & Hudson, but must
resign from the board of the IllinoLs Central or the Missouri Pacific RR.
J. Ogden Armour must resign as director of either Illinois Central RR.
(and Sub. Cos.) or Chicago Milwaukee & St. Paul Ry.
John Ci. Shedd may hold directorships in the Baltimore & Ohio Railroad
Co. and the Chicago Rock Island & Pacific Railway Co.. but must relinqui.sh his place as a directof of the Illinois Central Railroad Co.
was announced on Jan.
WiUiam Rockefeller and Harold
that George F.
Baker,
Vanderbilt had elected
to retain their directorships on the New York Central
Railroad and had resigned from competing carriers at the
behest of thf; Inter-State Commerce Commission. All three
men resigned from the Delaware Lackawanna & Western,
which practically necessitates that company choosing a new
Executive Committee.
In view of the large number of applications which have
bc'f-n filed with it asking authority to .serve as directors or
officers with more than on(! railroad company, the Inter
State Commerce f-ommission has granted permission to all
those whose af^plications to hold such positions have not
been reached by the Commission to retain such positions
until further notice.
The effect of the order is simply to permit the officials to nstain their positions as heretofore until
their applications have been pas.sed upon.
Under the law ttie liolding of two or more positions in railroa^l companies by one person is prohibited, (;ff(!ctive Jan. 1
unless otherwise ordered by the Crjmmission.
Comiiare "ClironifN " of Dfc. .'{], j). 27«.").
It
.*>
S.
Knute Nelson,
Chairman Senate Committee on
Jlon.
the Judiciary,
United States Senate, Washington, D. C.
Dear Senator Nelson
The attention of this office has been called to
Senate bill 2780 introduced by Senator King of Utah, which, if enacted
nto law. will extend th<: time in wliTcIi suits may be brought under the trading with the enemy act.
Hy the peace proclamation, the termination of the war dates from .July
2 1921 and therefore, Jan. 2 1922, is the last date within which suit can be
brought under the statutes for the recovery of property when the claim has
been disallowed by this office and the Department of Justice. Because of
the great mmiber of claims now pending in this office, tho time is inadequate
to properly consider them for allowance or disallowance, and. therefore,
those claimants whose claims might be disallowed would not have time
.
to institute suit
by
.Jan. 2 1922.
For the reason set foi-th above, I take pleasure in advising you that this
proposed legislation is acceptable to this office, and its early passage will
enable us to solve the difficulties that have arisen because of the conditions
outlined above.
Respectfully yours.
THOMAS W. MILLER, Alien Property Custodian.
In the House on Dec. 19, Representative King had the
follo\\ang to say regarding the bill:
This bill (S. 2780 is a very s'.iort matter and ought not to take much time.
In the Trading witii the Enemey Act, approved Oct. 6 1917, there was a
!i
provision which allowed persons not enemies or enemy ahens to file suit in
court in case their claims were disallowed by the Alien Property Custodian,
and it provided further that a period of six months from the time of the
declaration of peace be allowed for that purpose.
That time will expire on Jan. 2 1922. It therefore becomes apparent
that some action will have to be taken right away.
It appears from the statement of the Alien Property Custodian, as per
the House Committee report accomjianying this bill and corroborated by a
statement from the .\ttorney General's office, that tho unconsidered claims
are of such a number that tlie aforesaid departtnents have not been able to
give attention to the claims on i"ile.
This means that those persons whose
claims have not been considered by Jan. 2 1922 would have to abandon
their claims for the Allen Property Custodian would have to go through
the list on file and in an arbitrary way, without consideration, disallow all
the claims in order to make possible a day in coiu-t to these people, not
enemies, chiefly Americans, who would wish to take exce;>tion to the disallowance.
The Senate pa-ssed this bill extending the time a year, and the bill has come
to the House to-day as a result of an unanimous report matle b.v the Committee on Interstate and Foreign Commerce of the House.
I know of nothing more to be added, but it will be a pleasiu-e to answer
any questions. The fact is simply this, that the Alien Property Custodian
and the Attorney General have not been able to go over all the claims on
file, 1,500 of which have not been adjudicated, and they will not be able to
go over them in a proper way in the time provided by law, and they ask an
extra 12 months in which to give consideration to these claims.
FRANCE LOANING ON GERMAN DEBT.
At the instance
of Senator
King there was inserted
in the
"Congressional Record" of Jan. 6, a statement which appeared in the Washington (D. C.) "Evening Star" of the
5th inst., concerning the expenditures made by France in
the rehabilitation of her devastated territoiry.
In asking for
the incorporation of the article in the "Record," Senator
King stated that "there has been, I think, very much unjust
criticism of France recently in American newspapers and in
the foreign press, and I believe these figures will throw
some light upon the frightful financial burdens which were
imposed upon France by reason of the war, and occasioned
by the devastation of her territory and her efforte to restore
it."
The following is the article, which is by Paul Scott
Mowrer, and
is copyrighted.
The French Government has already advanced
fifty billion francs for
pensions and tho reconstruction of the devastated regions against the
payments hoped for ultimately from Germany, according to a statement
made to me to-day by Maurice f'asenavo, chief financial adviser to the
French delegation. As a result, reconstruction is well under way. llomos
have had to wait; but the fields are under cultivation again, and one sees
In the devastated regions "beautifully equipped new factories, .surrounded
by huts. In which employer and employees alike are living in hardship.
•
Accused of Jugglery.
"The French Government has been acrus('d of having
recourse to financial
Jugglery Instead of paying for reparations hy means of taxation," cv)ntlnued
M. Cjixenave. 'Hut how could such enormous .sums be <-overed hy taxation?
Wo have been deprived of alH)Ut onr-finh of i>ur taxable revenue
by (levaHtatlon. The rest of France has suffered from the war. Two
million able-bodied young men are <le,ul or rrlpplirl; the riwt of Ihr men
wen) all mobilized. Can It be Imagined that, in Ihc-se coiKllllons, the rest
Accx)rdlng to calciiI.itloiiH recently
of France rx)uld bo taxed without limit
made, ICngland Is being taxed 26' of Its ttital annual Inei.iiie, the United
Ih i97„ loo IKHe considering
SlateH 8%, <iermany 12%, and France 19',;
that of a total population of 10.000.1)00, 4,000.000, living In Uio dovaatulod
'i"
PRESIDENT HARDING SIGNS HILL EXTENDING TIME
FOR FILING OF CLAIMS UNDER TRADING
WITH ENEMY ACT.
;,
.
regionN,
President Harding signed on Drc. 21 a bill atneridiiig Uw
Trading with the Knc^mey Act of Oct.
l<il7, so as to xl<ri<l
for one year after tho declaration of peace the time within
which suits for the return of alien property may be filed
under tho Act. Tho latter had fixed six months aftc-r the
declaration of peace within which such suits should bo filed(
were ruined, and are not taxable'/
Loann are Ftonird.
'To meet the reparations expr«imes, the Government therefore api>eiiled
to the p(H)ple for lo.-itiH.
Direct liiiiim were floaled liy the ( iovernment,
others hy a spe<!lal bank, the Credit. National, rrealiMl for the purpoHe:
si III othept. by corporations formed to employ the nrganlsod credit of th»
devastated populalions lhemselv<;«.
"At first, tho amount of pap<!r money w.ih also Incniiiwxl; but tho Government, cx)n8lderlng that this Inflallou eudangenxl public crwllt, put an*«nd
166
THE CHRONICLE
In the two last years, not
t» the issue of notes by the Banque de France.
only has the printing of notes completely stopped, but the outstanding
circulation has been reduced, at the rate of about two million francs a month,
or a total of more than two billion francs.
Explains Treasury Bills.
"Instead of inflating the currencj-, as the Germans have done, l-'rauce
issued Treasury bills. This policy needs explanation.
"Neither taxation nor the slow process of consolidated loans were equal
The Government had
to the Immediate need of the devastated regions.
therefore to devise moans for mobilizing all the available funds of France.
"This was done by issuing Treasur>- bills, and France has been reproached
with the fact. However, thanks to the.se Treasury bills, the 50,000.000,000
francs needed for pensions and reconstruction, which should have been
paid by Germany, but was not. have been successfully raised. Such a
mobili»ation of crexlit is proof of the confidence the French people have
in the country's financi.-U power.
Resvlts of Policy.
policy can be judged by its results.
These restilts are as follows;
large part of the work of reconstruction has been completed, a fact
which will henceforth be of great liolp to the French Treasury.
"The French people are hard at work, in conditions of political and
social peac^.
Since the war, there have been strikes even in countries
less hurt by the war tSian France; in France there are no strikes, there is no
social unrest; overy one goes peacefully to his work.
Of a population of
40,000,000, some JR.OIYi orly are out of employment."
"A
"A
GOVERNMENT TO PROTECT AMERICANS HOLDING CLAIMS AGAINST GERMANY FROM
DEPRECIATED EXCHANGE.
The following from Washington appeared in the New
U. 8.
York "Times"
of Dec. 31:
Americans holding claims against Germany for property seized there
during the war do not have to settle their claims with Germany at a loss
ai> :i result of the declination of the American Government to become a
party to the interallied clearing hou.se arrangement of the Treaty of Versa ille-s.
The announcement made in Berlin yesterday that Americans holding
claims against German subjects are now permitted to make settlement direct
lioes not mean that any Americans will be compelled to make settlement of
such claims at a loss through offers of payment on the basis of depreciated
exchange or payment in German marks.
Assurances that the American Government does not propose to allow
American creditors to be victimized in the settlement of these claims were
given to a representative of the New York "Times" in several high official
quart.ers to-night.
It is the intention of the American Government to see
t.hat those American creditors are dealt with fairly and justly.
It is 'also
the intention to accord them every protection of their rights in the adjustment tiiat Is yet to come with respect to payment of their claims, and the
disposition to lye. made of the German alien enemy property seized by the
United States Government and held in the custody of the Alien Property
Custodian.
"No wise American creditor," said a responsible official to-night, "will
have to accept any German offer to pay in depreciated marlis. American
citizens cannot be forced to accept payment in depreciated exchange.
They can refuse payment and their interests will be taken care of by the
x^mprican Government, in the adjlLstment that is to be made."
"jVmortcan creditors not paid ift full will be among the preferred class of
claimants when the matter of the disposition of alien enemy property held
by the United Stat«s Government is taken up for consideration and adjustment
If an American claimant is not offered full payment of his just claim,
all he Ikis to do is to nifase to accept payment in depreciated marks, and the
American Government will se« that the is a preferred claimant when it comes
to disposing of the ex-German property held by the Alien Property Custodian."
The claims of Americans against Crermany amount to about $60,000,000.
The alien enemy property held by the American Alien Property Custodian
now amounts to approximately $400,000,000.
This property cannot be
<lisposed of except by Act of ('ongi-ess.
What disposition will ultimately
be made of it has not IxH^n di'tcrmined in detail and must await legislation
by Congress. But it can be stated that the Administration has made up
its mind that the alien enemy property held by this country will be held as
an offset for the payment of valid American claims against Germany, and
that Amerlcan.s holding such olainus will be treated as preferred creditors
by the American CJovernment in the event that their claims against German
Kubjocts are not properly met.
Or\e reason «hy t!io American Government has not gone into the interAIllixl clearing house arrangement is the fact that it would require legisIntion by Ooii!.rress, .and anotlu-r is tiiat .\merican tiovornment officials
were of the opinion that our entry into the clear. ng house arraoKcment
would result in the American Government a.ssuming heavy re.sporisil)ilities
it did not CHTc to a.ssume.
It was also evident to men high in the Administration that it would probably take mer a year to obtain any such legislation from Congress.
While under the Tre^ity of Versailles the United States would have
enjoyixl the riglit to enter the clearing house arrangement
if it wished to
do so it is statotl in an authoritative official quarter that even those who
fa%()red preserving that right to tlie ITnited States in the Treaty of Ver.sailles bad no id<>i». that we would take advantage of the right.
The KnoxI'orter resolution was s<i framed as to preserve any rights which the United
.Statos luul obtained from Germany under the Treat.v of Versailles with
respect to tlio clearing hou.so arrangement, and the new treaty ol^iieace with
(.ermany was also so worded as not to deprive the United States Government of that rightUnder the Treaty of Versailles, however, nations entering the clearing
house arrangement had to signif.\ their intention within thirty days after the
proclamation of peace between them and Germany. Great Britain and
l-'nince did so signify.
Peace between tierniany and the Uniteti States
hecnme effocti\(i in November, and the thirty-day period in which the
I'nited States might signify its intention to become a party to the clearing
liouse .'(.rrangement has elapsetl.
However, high officials to-night made it very plain that American rights,
in their opinion, will he just its well protected without the
United Stati's
being .a party to the iiit«r-.MIied oleariig house airangement.
.
—
—
The New York Stock Exchange membership of William
Pierson Hamilton, whose resignation as a member of the
firm of J. P. Morgan & Co. was announced in these columns
last week, has been transferred to .Junius Spencer Morgan Jr.
a member of the Morgan firm and a son of J. P. Morgan.
The annual meetings of the local national banks brought
about fewer changes of moment than is generally witnessed.
The resignation of Francis L.Hine as President of the First
National Bank, his election as Chairman of the executive *
committee, and the induction of .Jackson E. Reynolds asi
the new President of the First National were the principal
changes mtnessed as a result of the yearly meetings. This
referred to in more detail below, as is likewise the resignation of Herbert K. T%\itcliell as Chairman of the board
of the Chemical National Bank.
is
Ar the annual meeting of the stock holdei"S of the First
National Kanlc of this city on .Tan. 10, .Jackson E. Reynolds
was elected President of the institution to succeed PranciP
Ij. Hine. who was made Chairman of the Executive Committee.
Tlie latter is a new officer in the First National.
George I'. Rtiker, Jr.. son of George F. Baker, Chainnan of
the Board, who was re-elected, was matle Vice-Ohairman of
the Board. Mr. Reynolds, who is a natiye of Illinois, is 48
years old. He was graduated from Leland Stanford University in 1896, and in 1899 received his law degree from
Columbia T^nlversity. Mr. Reynolds v^-ns professor of law
at Columbia University for a number of .vears. resigning in
191.'> to ib(>come counsel for the Central of New Jersey RR.
Since 1917 he had been a Vice-President of the First National.
Tlie f<>llo^^iug vstatemeut in api'i'eciatlon of Mr.
nine's service M'as given out after the meeting of the stockli()lder.s! of the bank
:
Francis L. Hine's retirement iroiu tlie Presidency and his election
to the Chainnanship ot the Executive Committee afford a most appropriate ocfM-sioii for this Board to express it* appreciation of the rare skill
;in(i zealoup devotion which have characteri7,ed his performance of his duty
tor more thiin a quarter of a century.
Entering the Bank as Cashier Dec. 16 1896, he later became Vice-PresiDiuing that period the
dent, and since .lanuary 1909 has been President.
deposits have increased almost tenfold, and no .small part of that increase
His ability and character have so
is directly attributable to Mr. Hine.
inspired the confidence of the business <oninninity as to attract to the inMr.
stitution
Wliile lie
posted for transfer this week, the consideration being stated
as SaS.OOO, a,gainst $90,000 the last preceding transaction.
many
of
its
most desirable custoiuers and profiUtble accounts.
exacting e.xecutive, his every act has been so characterized by justice and ^sympathetic understanding as to win tlie loyal and
enthusiastic co-operation of his subordinates.
His judgment and his in.siinct for the right course in perplexing situations have been of inestimable
value to his ftllow-officers and to this Board.
We are gratified by the a.ssurance that his association with us is to be
niiiintained and that in the coming years we and the Bank will still enjoy
the advantage of his continued counsel and service.
Unsolved:
Tliat this minute be suitably engrossed, signed by the Officers and Directors and transmitted to Mr. Hine as evidence of our apprecia-
been
liiis
.in
tion and affectionate regard.
Herbert K. Twitchell, <:'hairniau ol" the Board of the
Chemical National Bank of this cit.v, tendered his resignation on the lltli in.<t.. which was accepted.
Mr. Tvvitchell
has not been active in tlie inanagenient of the bank since lie
resigne<l the presidency about two years ago.
He was reelected a director of the institution.
Ruinsey W. Scott.
was appointtnl Vice
engineer by profession, Mr. Scott Joiuetl the
l)ank in Oftol>er 1920 as liead of the newly created Indnstrial Department, the ol\1t><i of which is to give technical
assistance to credit officers regarding the status and progress of the industries in Mhich eustomers are engaged. Witli
these exceptions, the list of directors and officei^s remains
the same for the ensuing year. The follo^sing directors
were re-el(H.-te<l at the annual meeting of slia reholdei's
Manager
of the Industrial Ih'partnieut,
An
I'resident.
W.
W. Emlen
Roosevelt, Kobert Walton Goelet, DarCheney, William Fellowes Morgan, Arthur Iselin. Heiir>- A. Caesar, Frederic A. .Juilliard. Ridley Watts. Charles A. Corliss, Herbert K. Twitchell, Percy H. .lohnston, Edwin S. Schenck and Garrard Comly.
Frederic
Steven^.
win P. Kingsley,
Cliarles
The following
tlie
is
a complete
list
of the official staff for
ensuing year:
President, Percy H. John.ston
First Vice-President. Edwin S. Schenck
Vice-Presidents. Frank K. Houston, Clifford P. Hunt, Isaac B. Hopper,
Jes.se M. Sinitli, Albion K. Chapman, Wilbur F. Crook and Rumsey W.
Scott ; Assistant Vice-Presidents. James L. Parson, James McAllister, SamCashier, Samuel
uel T. Jones, Robert D. Scott and X. Baxter Jackson
Asst. Cashiers. John G. Schmelzel, John B. Dodd, Clifford R.
Shaw. Jr.
Dunham. Harry L. Barton, Francis J. Yates, Albert Quackenbush and
;
;
;
Edwin Gibbs .\s.<:t. Trust Officer, Ernest
Manager, Foreign Department, Robert B. Raymond
Asst.
.Managers. Foreign Department. Henry il. Rogers and Herbert I. Savers;
Director of Department nf Public Relations, Charles Cason.
Chester Morrison; Trust Officer,
,1.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
A Now York Stock Exchange membership was reported
[Vol. 114.
Waterman
;
;
;
Peiry H. Johnston. Prosidoiit. made the foUoAving report
to the shareholders
The ye.ir 1921 has been one
our ablest thinkers have termed
oi
it
leuojustnifnt and great strain.
Some of
the crucial year in our hnsine.ss historv.
:
.Iax.
THE CHKONICLE
1922.]
II
At llif ciul of this poriod of siicli extraordinary ooiulitioMs our deposits are
approximately the iaiiiD as a year ago.
After the ainalfraiuatioii of t.lie Chemical and the Citizens National Banks,
we found tlie old banking hoU'je of the Chemical inadequate to house the
After months of negotiation, during the early
increased staff and force.
spring of 1021, we purchased the corner property at Chambers Street and
Rroadway. known as 271 Broadway." This property joined our own, and in
the opinion of expert real estate men, our possession of it greatly inThe cost of remodelcreased the value of our original property holdings.
ing and refitting the building at 271 Broadway and connecting it with our
property at 270 Broadway was charged to current expenses during 1921.
After charging to earnings account all expenses and extra compensation
to employees, after readjusting all investments to market values or less,
and after charging off all known losses and setting up proper tax reserves,
we have made disijosition of the balance of earnings as follows
24%
$1,080,000
1,054,000
dividend to shareholders
Added
to
Undivided
Profits
Account
$2,134,000
experiencing a steady and conservative growtli, and our
shareholders have been very helpful in the development.
We face the future with a feeling of confidence and assurance of continued progress. May
we a-k for your continued help and support?
bank
riie
is
At the meeting
board of directors of the Natioual
ou Jan. 10, the follow-ing promotions
in the official .staff of the bank were made: H. D. R. Burge.ss,
Farris Campbell. Frank C. Mortimer, Walter L. Schnaring,
formerly A.ssistant Cashiers, were made Assistant VicePresidents; Edward F. Barrett, Charles D. Bowser. Edward
F. Howe, Geoffrey C. May, James A. Mitchell, Charles P.
Storms, and Percy West, were made Assistant Cashiers; and
.John T. Creighton was appointed an Assistant Trust Officer.
Citj^
Bank
The statement
the City of
of the
of this city
New York
of S42.5, 264, 5.50.
Chase National Bank of
Dec. 31 1921 shows total assets
of condition of the
Of
as of
this
amount .«183,768,334 consisted
of
cash and cash items. S82.272.776 representing cash, clearing
house exchanges and due from Federal Reserve Bank;
.S18,067,498 due from banks and $83,428,061 representing
demand loans. Total deposits are given as .S3.59,162..590.
In addition to its caj)ital of S20,000,C00 and surplus of
.'81.5,000,000 the bank has undivided profits of S6, 104.425,
or .S4 1.104. 425 for the ihree items combined.
The stockholders
of this city at their
of the
Chatham & Phenix National Bank
annual meeting
last
Tuesday
(.Jan.
10.1
ap])roved the proposed increase in the capital of the institution from .S7. 000, 000 to .SI 0,-500, 000.
The increase, as stated
in our issue of D^c. 31 1921. Avill hv effected through the
issuance of .35,000 additional .shares of -SlOO each.
The
additional shares will be issued at !$150 a share, and stockholders will be offered the right to subscribe in p-oportion
!o their respectiAc holdings. Further reference to the in«Tease apjieared in our issue of Dec. 10.
Thomas L. Leeming
and William Milne resigned as directors of the institution,
and all other directors were re-elected.
a meeting of the board of direct(M-s of the
.\t
Bank
of the
Dec. 29 1921. David W.
S. Milan and Ellis Weston were appointed Assistant (^ashiers. The statement of condition
of th<- bank as of Jan. 3 1922 shows total assets of .S222,425,-
Manhattan Co. of
K<1cham, William
this city, held
399. i:)eposits are given as $187. 169,568.
In addition to
its capital of .'$5.(K)0.(XK) and surplus of .S12,.500,000, the bank
has
undivided
President and
profits
of
Ruyniotirl
!§4. 485,084.
K. .Jones,
F^irst
Stephen
Baker
is
Vice-I*resi(lent.
.Mfred S. Kossin. a director of the I'ublic .\ational Bank
of this city, was elected President of th(f institution at the
annual meeting of the stockholders on Jan. 10. Mr. Rossin
>ucceeds Edward S. Uothschild, who was made Chairman
of the hoard of the I'ublie National.
("olumbia
Bank
will afford
him
full
scope for his admitted
<mergies.
The annual meeting of the stockliolders of the Bankers
Trust Co. on .Jan. 12 resulted in no change in the present
board of directors, and the retiring directors, Stephen
Baker, Nicholas Biddle, Frank N. B. Close, Hem-y P.
Davison, Pierre S. du Pont, Allen B. Forbes, Walter E.
Frew, Fred I. Kent. Daniel E. Pomeroy and Charles L.
Tiffanv. were re-elected as directors for three vears.
The cornerstone of the new bank building which is being
erected by the United States Mortgage & Trust Co. at the
corner of ]\Iadison Avenue and 74tli Street was laid on Jan. 4.
President John W. Plat ten made a short address in the
presence of a number of guests, directors and officers.
It is
expected that the building will be ready for occupancy about
Julvl.
The New York agent of the Hongkong & Shanghai Banking
Corporation announced on .Jan. 11 receipt of a wire from the
Head Office of the Bank stating that "subject to audit
dividend will probably be on shares of old issue £3 per share
bonus in addition £2 per share: on shares new issue £2
.5 shillings di\"ideud and 15 shillings bonus;
Place to Silver
Reserve Hongkong dollars 2,000,000 which includes about
.S730.000 part premium on shares new issue; vrrite off propCarrs- forward about
erty Hongkong dollars 1,000,000.
Hongkong
.S3. 3.50.000."
dollars
In the statement of condition of the Equitable Trust Co.
New York, at the close of business Dec. 31 1921, total
assets of the institution are given as $279,147,849, of which
$29,919,244 represents cash on hand and in banks. Deof
posits (including foreign offices) are
The company
ident
shown
as .$218,297,127.
with surplus and
Alviii W. Kreeh is Pres-
has a capital of $12,000,000
undivided profits of .$15,325,776.
.
Alfred E. Smith, formerly Governor of New York and at
present (^hairman of the Directors of the United States
Trucking Corporation, and A. W. Loasby, Vice-President of
the Equitable Trust Co. of this city were elected dii'cctors
of the National Security Co. at the annual meeting on Jan. 10.
—--—
The Morris Plan is shown by the fact that a
banks and companies operating this system of
ndustrial loans and investments in a hundred American
cities are now housed in buildings of their own. some of which
have been built for their special use. The Philadelphia
company lias had a house-warming ])arty in the building il
has just erected in Arch street. The Cleveland bank
recently moved into a handsome new building on which it
had spent several hundred thousand dollars. The Chicago
bank has taken a lease of its present quarters for eighty years.
The Davenport comi)anyh as bought a savings-bank building; and the Waterloo company, in the same State, is
building a home for itself allowing for considerable expansion.
Progress of
number
of
The New Haven company has remodelled
bank building which
it
for its
own
1
on
th<!
Thfi CiKil
bo;ird of dirr«-tors.
&
Iron
XiiUdiiiiI
lliiiik. -
W. Maynard
Ih-nry
.Ir.
and
«
.\t
!i
recent nieeling of the directors of Colunihia liaid<, of
l»uis S. (^uiniby was t^U-cAcd a Vice-President.
He asHumes his n«w offir-e on .Jan. 1.5. Mr. (^iiitnby is best
known in the l)nnking wf)rld through his long <'oiineclion
with the old Broadway Trust Co.
When that rMini|»any
was taken over by the Irving Nalioruil Bank, h<- was elected
Vice-President in charge of what is known as the Eighth
Street Office, occupying the old quarters of the Iiroa<lway
Trust.
Mr. <Vuiniby is generally credited with a fine understanding of the banking requirements of maniifacturerH anrl
jo)»bers in textile lines and his new connection with the
this city.
.1.
.S.
wcH! electwl directors of llw Ciial & Iron .Nallonal Hank of this
city on .Ian. 10, lo suc<:oc<l Kdward M. I'lck and W. .1. Ilarrahan, nslKUi-d.
Fifth Xationttl Hank.
At llic annual nicelluK of tin- I'lflli Niilloii.il Itaiik
Krcflrlck I,. KoN^nian wa.s eleClcd
a niinihiT of the lio.ird to succeed
W. Klsrhniann, rcNJifncd, Max Vanki r <.f the Mlll-^ Kabric < 'o of New
^ ork wiiH aKo clect^^d to tint board of dircilors.
7/ir ffiiniiirr Xatioiial hank.
'Che sioikliolders of tin llatiover NallonnI
Itikcr. KImhtK. Whil Inker
Hank at Ihilr inoothiKon .Inn. |(( addiil loliii
Mr Calik- N CaHliliT
and William K. Cable .Ir. (o thi- Ix.ai.i nf dlrerlor-of xYv' bank.
Irrlna Siiliimal Rank.- Fleiiry I'IcMIh r. Chairman nl ilic board of Sw.in
.V KInch Co.. and \<l.ini K. laike. Tn-nxurer of the West VlrKlnia IMilfi A.
I'aper Co.. were added lo ho board.
V lie- IVe.slil.nl of ho (ImK
.1. SprTin r Wnil.
77ir MirianlUc Tninl Co.
Allanllr At I'lidfli- Tea Co.. h.iM been .'licLd In the lw)ar(l of the Mercantile
TrUHl Co, of this elty
.lolin <i. Hhi'ld was i|cm|<mI a dlreelor of Hie
\alionol lliiDk of Ciiiiiintiir
.Nallonal Hank of Commrrco In Ni'W York iil the nnniiiil miH>tlnK of xliareholdeni oil .Ian. 10
>tr. Mhedd Im rrP«klenl iif Marshall Field «i Co.
IJiltch
.Ir.
.-i.s
flent.
use a
bought several years agol.
In addition to the tdianges among local banking institutions not(!d elsewhere in these columns to-day, the foUowing
changes occurred among the directorates:
77ic Bank of Anirrica.~Tiu:
lOth annual stockholders' nicetinK. on .)aii.
10. accepted re.siKnatlons from two directors of the bank. Cornelius N. lUIss
.Jr. of BlLsN, Kabyan & Co.. and Henry Uoot Storu of Iliishinoro, Hisbi-e &
Stern.
Charles M. DuIcIkt, I'rcsidffnt. of (ho (ircenwicli SavliiKs Mnnk of
Now York, and Henry .1. Fuller of Aldrcd & Co. were <kit.<I (o lake Itielr
pl.iccs
the annual nief-ting of the stockholders of the (lotham
National Bank of New York tm .Jan. 10 the board of directors
was re-elected, anri at the directors' me(!ting held the same
day (Jeorge D. Flaiiser was electefl an Assistant Viee-Presi.\t
167
.1
.
I
I
.
.
THE CHRONICLE
168
[Vol.
lU.
Edward Schafcr, a member of the firm of Schafer Bros, of
120 Broadway and a member of the New York Stock Exchange, has been elected a Vice-President of the Continental
Bank of this city. At the annual meeting of the stockholders of the bank on Jan. 11, Julian A. Acosta was added to
Howard Perry was elected Cashier. Henry L. Wilcoxl
who had held the dual post of Vice-President and Cashier,
the board
At the recent annual meeting of the Beacon Trust Co.
of Boston, the stockholders authorized the proposed increase
in the capital as recommended by the directors from $600,000
At the annual meeting of stockholders of the Equitable
Eastern Banking Corporation on Jan. 10 at 37 Wall Street,
this city, all directors were re-elected for the ensuing year.
The board consists of the following members: Winthrop W.
Aldrich, Howard E. Cole, Heman Dowd, John S. Drum,
Richard R. Hunter, Alvin W. Krech, George L. Le Blanc,
John D. McKee, Emerj' Olmst^ad, Enrico N. Stein and A. J.
Waters. According to the official statement as of Dec. 31
1921, the Equitable Eastern Banking Corporation shows a
strong position maintained during the year 1921, the first
year of its existence. The corporation, a subsidiary of the
Equitable Trust Co. of New York ,was organized on Jan. 1
1921 with a capitalization of $2,000,000 and a surplus of
$500,000. The statement of condition at the close of business Dec. 31 1921 shows undivided profits of $248,287, accumulated during the year, in addition to $120,000 in dividen d s pa id in 1 9 21. The cap it al, su rplus and undivided
profits of'lthe corporation are given as $2,748,287, and its
total resources $5,291,508.
At this week's annual meeting of the stockholders of Colum
bia Bank of this city, held in theii' new banking quarters at
Fifth Avenue and 43rd Street, the entire directorate and
staff of officers
were re-elected to serve again
this year.
A record year in deposits is reported by the Christiania
Sparebank, of Christiania, Norway, according to a cablegram received this week by the Irving National Bank of this
city from A. E. Lindhjem, its correspondent in Scandinavia.
The dispatch says that the deposits of the Sparebank, which
is the oldest and largest savings institution in Norway, have
increased, in the year just closed, from 252,000,000 crowns to
308,000,000 crowns, a growth of more than 22%. The
Sparebank has sixteen branches in Norway.
—
-
The North Avenue Bank
of
-
New
Rochelle,
N. Y.,
recently
completed the enlarging and remodeling of its old bank building. An elaborate system of vaults has also been provided.
The bank's own vault is in the main banking room from
which it is entered by a massive door weighing 12 tons. A
chilled steel barrier separates the vault from the banking
room floor. In the basement of the building thi-ee other
vaults of the same fireproof and burglar proof type are located.
Only one of these at present, we understand, is in
use the safe deposit box vault. In connection with one of
the other two vaults it is planned eventually to install a re-
—
frigerating plant in the basement and use the vault for the
storage of furs in the summer months. The basement also
contains a series of booths for the use of customers when
examining the contents of their safe deposit boxes. A separate corporation organized by the bank and known as the
North Avenue Safe Deposit Vault Co. handles the business of
this
department.
The North Avenue Bank was founded
continues as Vice-President.
Cashier.
Mr. Perry had been Assistant
by the issuance of 4,000 shares of new stock
(par value $100) at $200 per share.
The company is to
have a new home. It will occupy the site of the Bowdoin
Building at 31 Milk St., nearly opposite the present main
office of the Beacon Trust Co. at 20 Milk St., in the heart
of the new financial district of Boston.
The lot has a
frontage of 40 feet on Milk St. and extends back 137 feet on
Arch. St. and 125 feet on Hawley St.
The new building will
to $1,000,000
bo a 12-story fireproof structure with basement and subbasement and will be built of Indiana limestone with polished
granite base.
All of the first floor with the exception of
the main corridor will be devoted to the banking room of the
Beacon Trust Co. and, as the lot comprises 10,000 feet square
it will be one of the finest of its kind in New England.
The
bank will also occupy the mezzanine floor, which is to be
so arranged as to give the banking room unusual height.
The main entrance will be in the middle of the Milk St.
front of the building, giving direct access to the banking
room, and through this room to the elevators. Flanking
the elevators, at each side, will be the main corridor, accessible
by entrances from Hawley and Arch streets, thus affording
entrances to the bank from three streets. Running down
from the middle of the public space in the banking room will
be a wide marble staircase leading to the safe deposit vaults
for customers and the bank's own vaults.
All the most
advanced ideas of construction and protection will be
embodied in these vaults. There will be coupon, customers'
conference and other rooms on this floor as well as additional
rooms for the clerical work of the bank, clubrooms for
employees and locker rooms. On the corridor floor leading
from Hawley St. to Arch St. there will be several small shops
for the sale of cigars, magazines and newspapers, and a
telegraph office. Above the banking room there will be ten
Charles B. Jopp is Pi-esident of
floors of offices for rental.
the Beacon Trust Co.; C. L. Billman and Frank B. Lawler,
Vice-Presidents; Alfred S. Nelson, Treasurer; Robert G.
Shaw. Jr., Leverett A. Haskell, Wallace H. Pratt and Henry
H. Pierce, Assistant Treasurers; George H. Poor, Secretary,
and James H. Turnbull, Assistant Secretary. Mr. I*ieroe
was elected an Assistant Treasurer at the recent annual
meeting of the directors. Prior to that he was the Credit
Manager of the company.
Samuel C. Edmonds, Secretary and Treasurer of tne
Philadelphia Co. for Guaranteeing Mortgages, was elected
a Vice-President of the company this week. Mr. Edmonds
In
will continue to officiate as Secretary and Treasurer.
the earlier period of his career Mr. Edmonds was for many
years connected with this publication.
eleven years ago and has enjoyed a steady growth. Many
residents of New Rochelle inspected the new banking quarters and safe deposit vault by invitation of the bank's
officials on Saturday afternoon, December 17.
Charles H. James, Vice-President of the First National
Bank, Philadelphia, Pa., has returned from a four months'
tour of the Hawaiian Lslands, Japan, Philippine Islands,
China and Dutch East Indies. Mr. James was with a party
of California business and professional men who chartered a
Government boat for the entire trip.
At a meeting of the directors of the Union Trust Co. of
Rochester, N. Y., on Jan. 3, Thomas W. Finucane and James
F. Hamilton were elected to the Board. Mr. Finucane is
President of the Thomas W. Finucane Co. and is also a
Director of the Rochester Savings Bank. Mr. Hamilton is
President of the New York State Rys.
ble Trust Co. of Baltimore,
At the annual meeting
tor to succeed the late
of the stockholders of the Equita-
R. P. Baer was elected a direcJoseph Castleberg.
At the annual meeting of the stockholders of the Commonwealth Bank of Baltimore, held on Jan. 10, Asa B. Gardiner was elected a director to succeed the late Andrew B.
Snyder. All the retiring members of the board were re-
A new financial institution, namely, the First National
Bank of West New York, N. J., opened its doors for business
on Jan. 3. The new institution is located in a two-story elected.
building at 443 16th St., near Bergenline Ave.
The officers
of the new bank are: Daniel P. Curry, Prseident; Alex. F.
At the annual meeting of the stockholders of the MerSeuferling, 1st Vice-President; Henry F. Otis, 2d Vice- chants' National Bank of Baltimore, held on Jan. 10 1922,
President; and C. G. Leeds, Cashier.
The bank's stock Austin McLanahan, of Alexander Brown & Sons, was elected
(par $100) was sold at $150 per share to create a capitalof a director to succeed B. Howell Griswold, Mr. Griswold, as
$100,000 and surplus of $50,000, and it begins with a paid-in also Van Lear Black, not being eligible under the applico/capital of $50,000 and surplus of $30,000.
tion of the Clayton Act to continue as members of the Board.
At a meeting of the board of directors of the Nationa.
Bank of Commerce of Providence, R. I., on Jan. 10 W,
William
Delcher, Cashier of the National Bank of Balelected a director of the institution at the annual
J.
timore, was
I
THE OHKONICLE
Jan. 14 1922.]
mooting of the stockholders on Jan. 10 to succeed James G.
Bi.shop of Philadelphia, resigned.
The
First Natioual
Bank
of Alliance,
Ohio (capital $100,-
000), and the Alliance Natioual Bank of that city (capital
$150,000) were consolidated on Jan. 3 under the title of the
The new bank has a capital
Alliance First Natioual Bank.
Its officers are as follows: Frank Transue,
of $300,000.
Chairman of the Board of Directors; A. L. Atkinson, Presi-
dent and Executive Officer; M. S. Milbourne, William E.
Davis and Howard F. Boheeker, Vice-Presidents; George
B. Hall, Cashier, and G. F. Graft and Ralph Henri,-, Assistant Cashiers.
of the directors of the Union Trust Co. of
Mich., on Dec. 28 the following promotions were
Detroit,
made: Joel H. Prescott, heretofore Trust Officer, was
made a Vice-President; Charles N. Crosman, formerly
Assistant Trust Officer, was appointed Trust Officer, and
Morse D. Campbell was made Assistant Trust Officer to
the vacancy caused by Mr. Crosman's promotion.
fill
Arthur S. Gilmore was made Auditor and C. F. Berrjappointed Advertising Manager. Mr. Prescott has been
connected with the trust company since 1913, having
been made Assistant Trust Officer in 1915 and a few years
Mr. Crosman has
later being appointed Trust Officer.
been connected with the bank since 1908 and was ma<ie
Assistant Trust Officer in 1915. Mr. Campbell has served
with the Union Trust Co. for two years.
At a meeting
The
a resume of the principal developments at
the annual meeting of the Chicago banking institutions:
Election of officers for the Continental & Commercial National Banks,
following
is
Chicago, 111., was postponed until April 10 to complete the assimilation of
the Fort Dearborn banks.
Four second vice-presidents were added to the list of officers of the
Northern Trust Co., Chicago. They are: Thomas C. King, former cashier:
Harold Rockwell, former secretary: S. C. Stallwood, former treasurer, and
Andrew B. Casewell, an assistant secretary. James A. Russell was made
auditor and William H. Barker was elected cashier.
At the annual meeting of the Board of Directors of the National City
Bank of Chicago, Walker G. McLaury. Vice-Pre.sident, was elected a
Director of that institution. Miss Jessamine G. Hoagland was elected
manager of the savings department.
Philip K. Wrlgley was addei to the Board of Directors of the State
Bank
of Cbicag >.
R. W. Stevens. Vic&-President of the Illinois Life Insurance Co.. was
elected a Director of the Chicago Morris Plan Bank.
Robert F. Crowley was elected a new Director of the Albany Park
National Bank. Chicago. Officers will be chosen on Jan. 31.
H. O. Anderson, Cashier of the Lincoln Trust & Savings Bank, Chicago,
was made a Director, succeeding C. M. Bchrens.
Fred W. Popp was elected President of the Logan Square Trust &
Savings Bank, Chicago. Other officials who were moved up are VicePresident, David Wiedcman; Cashier, Paul W. Popp; Assistant Cashiers,
Louis Hennig, and P. S. Richlowskl. Paul W. Popp was
C. A. Helgese
elected to the Board.
The L ke State Bank, Chicago, elected C. J. Howel a new Director in
the place of Petsr T. White.
A. H. Smith, J. P. Collins, a d J. T. Mammoser are new Directors
elected to the Board of the .Madl.son-Kedzio .State Bank of Chicago.
New directors were elected by the stockholders of the two Drovers banks
08 a result of the recent merger of thr Fort Dearborn banks with the ConUnental & Commercial banks. Those added U) the National bank board
are: Henry M. Dawee, Alex Robertson, He ry V'ceder, Gates A. Uyther,
John P. OI(«on, and O. F. Swift. Jr. The new directors on the Trust &
Savings Bank Board are: H. M. Dae s. John P. 01i«on, Alex Robertson,
G. F. Swift, Jr., and Henry Veeder. Mr. Mercer was elected VicePresident, to 8UCC od L. B. Patterson, who resigned.
Max Hlrsch w;ib elect<-d Vice-President of thr; Atl-is Exc""ange National
Bank, Chicago, succeeding T. Frank QiiUly. New directors arc Mr.
Hlrsch, Peter FranUi-a. and Salvatore SLsco.
Julius O. Sorg waM made an awilstant ca.^hier at the mcetlDg of the Board
of the First TruKl, «c Savings Bank. Chicago.
JamcK S. Rodlo wa.i clif;t(;d an assistant cashier by the Foreman Bros.
,
Banking
(^'o.
was made iV»<lfitant Scicretary of the Union Trust Co.
The Keystone Trust & Savings Bank of Chicago olect<!<l Louis W. Mack
II.
L. Benson
C
Chrl.sloiinon and Olas
Philip J. Klcffer as Directors to succeed J.
Krabel.
Mr. Mack was elected fJhalrnian of the Board to succeed Joseph
c;tiarles
E. Linquinst and Mr. Kieffer also wa.s elf!Ctod a Vlc<?-Pr<»ldent.
A. Koepko wa» promoted from Vice- President to President, succeeding
W. O. (^'onrad. VV. J. Uurgoyne was made Acting Cashier.
The Chicago Lawn Htato Bank elected Carl Weslberg a Director, succeeding George W. Calkins.
Edwin S. Ford wan made an t\B istant Cashier of the Kenwood National
Bank of Chicago.
Arthur II. Dehning w.is mad an Assistant Cashier by the Sixty-third
and ilaUted State Bank of Chicago.
Ro-cic lions of all officers and directors w(to held by tlio following
Chicago banks: FIrnt National, Corn Kxchango National, llavensWf)od
National, I'rophfl TruKt Sl .Savings, Kokith Park Nntlonal, Houthwe.st
Trust & Savings. <':apltal State SavlngH, l^lnculn State Hunk of Chicago.
North Avenue State, Live Stock Kxchange National, Int,<TMtate National.
Kasprr State. Fullerton State Savings. University State, West Side Trust
4 Savings, and the Mechanics Ac TradiTs .Stute Hank.
and
Tlio rnrent statciTif iit of forHlitifni of
facturing District
Bank
of
Chicago
tlin
f'ciitr.il
sliow.s gra|)hically
bank's steady growth despite the businoss dopniHsion.
resources are
now
$0,910, 8-12,
f?ai)it.'il
.Vlaiiu-
-S.'iOO.OOO, siirplun
undivided profit" $410,190 and deposits $5,033,532.
the
Total
and
Tin-
deposits have
in 1917.
169
grown
to the present figure
from $2,401,031
VViUiam S. Kline, heretofore Vice-President of the Lake
Shore Trust & Savings Bank of Chicago, has been made
President of that institution.
According to a press dispatch from St. Paul, dated January 7, and printed in "Financial America" of this city of
Januai^- 9, the Farmers' State Bank of Big Lake, Minn.,
closed several weeks ago on account of depleted reserves, has
re-opened without any loss to the ])atrons or stockholders.
"Financial America" of this city on .Jan. 11 printed a press
dispatch from St. Louis of the same date which stated that
messages received in St. Louis on that day (Jan. 11) said
that the People's Bank of Stoutland, Mo., had been closed.
The bank has a capital of .$20,000 and deposits, it is said,
of $150,000.
The Memphis "Appeal," in its issue of January 7, printed
a press dispatch from Ackerman, Miss., under date of January 6. which stated that the First National Bank of that place
had failed to open its doors on that date and that a notice
appearing on the door of the bank said that it had been closed
bj' order of the Board of Directors.
The dispatch furthe
stated that the reasons assigned for the closing of the bankr
were bad collections and general financial conditions. The
bank had a capital of $25,000.
&
The Alabama Bank
Trust Co., of Montgomery, Ala.,
(Capital $300,000) and the Capital National Bank of Montgomery-, Ala., (Capital $200,000) were consolidated on December 31st, under the name of the Alabama Bank
Trust
Co. of Montgomery. The consolidated institution has a
capital of $300,000.
Judge B. P. Crum, President, M. A.
Vincentelli, Vice-President, and C. A. Petry, Cashier, all
formerly of the Capital National Bank, will be officers of the
enlarged institution, together with R. E. Thornton, VicePresident and J. D. Flowers, Asst. Cashier, formerly of the
Alabama Bank
Trust. The consolidation follows the
death of Joseph HaU, President of the Alabama Bank
Trust
&
&
&
Co.
Announcement is made by the directors of the First
National Bank of West Palm Beach, Florida, of the following
changes in the management: B. A. Maxfield, President; E.
C. Rumsey, Cashier; G. W. Potter, Chairman of the Board
and L. S. Watkins, all directors, have disposed of their holdings and retire; E. M. Brelsford, a pioneer citizen and
capitalist of Palm Beach, becomes Chairman of the Board;
J. L. Griffin, who has been a national bank examiner in the
third and sixth Federal Reserve districts for the past four
years becomes President and H. L. Donald, cashier of the
bank during 1917-1919, inclusive, but for the past two years
casliier of the Commercial Bank of Liveoak, Florida, returns
as cashier, these three gentlemen and associates having aoquired the interests held by the retiring directors.
The Marine Bank & Trust Co. of Now Orleans has enits bank budding at the corner of Carondelet and
Gravier streets. Formal occupancy of the permanent quartf'i's of the institution took place on Dec. 27.
The growth of
Itho Marine Bank & Trust Co. since it opened for business
on March 18 1918 has made enlarged quarters necessary to
ki'C]) pace with its expanding business.
First the bank built
its own building, next it eroctod the Marino Annex and now
argf'd
has added the entire ground floor of the (\)tl<)n P]xcliange
P.iiilding which has been connected with the bank building.
The perfected arrangement giv(^3 tho institution room
to properly house oacli departriient and will mean im[)rov()d
service and greater efficiency, it is stated, in every phiiso of
its op(TationH.
L. M. Pool is President.
'
Tho American National Bank
placed in
voluntary
liqiiiflatioii,
of RohwoH, N. Mox., was
cfrccdive Dec. 10 1921.
Its assets have )»oeii jtiindiascd and its lial)ilili('H aHHUinod
by tho Citizens National Bank of Roswch, N. Mex., includ-
ing liability for circulation, under the jjrovisions of Section
.')22:'.,
U. S. U. S.
a press dispatch froiu VVoIIh, Nov., under
dalo of Jan. 13, printed in "Kinaiicia! America" of this <;ity
of tho same date, tho Bank of WcIIm lias (dosod its doors
temporarily, owing to heavy withdrawals l)y dejio.sitors.
The diH])ateh further states that, aecording to State banking
Ac(!ording
1,0
THE CHKONICLE
170
authorities, depositors will not suffer,
institution will reopen.
and
The bank has a
it is
thought the
capital of $50,000.
Sherman Rogers, K.C., whose resignation followed upon his appointment to the Supreme Court Bench
placing T.
of
According to a press dispatch from Glendale, Calif.,
dated Jan. 5, printed in the Los Angeles "Times" of Jan. 6,
C. C. Cooper, heretofore President of the First National
Bank of Glendale, has sold nis interest in the institution to
the other stockholders and has retired from the banking
W. W. Lee, it is said, has been elected President
business.
to succeed Mr. Cooper and E. U. Emery has been appointed
to fill Mr. Lee's place on the board of directors of the bank.
•
By a transaction consummated on Jan.
3 the First National
Bank of Visalia and the Pi-oducers Savings Bank of Visalia, Cal
become closely affihated with the First National Bank of
Los Angeles and the Los Angeles Trust & Savings Bank, of
which Henry M. Robinson is President. The First National
Bank of Los Angeles and the Los Angeles Trust & Savings
are among the strongest financial interests in the
Pacific Southwest, and this transaction gives to the Visalia
The resources of the
institutions their financial support.
Bank
of Visalia totaled on July 1 last more
while the Producers Savings Bank at the
than $2,676,000,
same time showed resources of more than $1,351,000, a
total addition to the resources of the Robinson bank of
more than $4,027,000. The transaction does not entail an
outriglit purchase, but the stockholders of both the First
National Bank of Visalia and the Producers Savings Bank,
by an exchange of shares, become co-partners in the entire
The fact that the
business of these Los Angeles banks.
Los Angeles institutions have already made affiliations in
Fresno, places at the disposal of producers throughout the
entire southern San Joaquin Valley, not only almost unlimited financial backing, but also a unified system for the
most beneficial financing of (^rop movements. S. Mitchell,
President of the Visalia institutions, and C. M. Griffith,
Vice-President and Manager, wiU continue in their respeetiA^e
First National
Bank
offices.
With resources of more than $194,000,000, an inc^rease of
approximately $40,000,000 for 1921, the Bank of Italy of
San Francisco, has established a record for growth that
doubles the progress shown by the figures of a year ago.
Deposits during this same period increased from $140,000,000
During the last six
to $177,000,000, a gain of $37,000,000.
niontlis, subsequent to the issuance of the mid-year statement in June, the bank's deposits have grown over $25,In the totals reported by the Bank of Italy, no
000,000.
account is taken of the resources or deposits of its many
More than 70,000 new depositors
affiliated institutions.
liecame clients of the Bank of Italy during 1921, the present
Tliis is a gi-eater numl>er of
total aggregating 291,994.
depositors, it is averred, than is shown hj any other bank
At im\sent the Bank of Italy has
in the TTnited States.
41 banking offices in 29 California cities.
board of directors of the Canadian
Bank of Commerce at the head office, Toronto, on Jan. 6,
Vincent Massey, President of Massey-Harris Co., Ltd.,
At a meeting
was
elected a
of tlie
director in
Findley.
succession to the late
Thomas
elected President of the Union Bank of Canada at the 57tli
annual nnnHing of that institution Jield on that date, and
H. B. Shaw, the (Jeueral ^Manager of the bank, was made
Vice-President w^hile continuing as General Manager. Mr.
Allen succ<>eds John Gait, who resigned from the Presidency
Mr. Gait will
to make his future home in Victoria, B. C.
continue as a director of the Union Bank, giving his time
more particularh' to the bank's progress in British Colum]\lr. Shaw as Vice-I*rosident of the bank becomes a
member of the directorate. Judge H. A. Robson, K.C.,
who has been Chief (\)iinsel of the institution for many
l)ia.
A\'as
elected a director.
announced on Jan 4 tliat the shareholders
Merchants' Bank of (^anada, which the Bank of Montreal is arranging to take over, are to receive a dividend of
13^% on tlnir stock for the past quarter, according to the
Montreal "Gazette" of Jan. 5. The di\idend, it is said,
Mali be paid on Feb. 1 to shareholders of record Jan. 14.
It Avas officially
Nova
Scotia.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular
Samuel Montagu & Co. of Loudon, wTitten under date
of
of
Dec. 29 1921:
GOLD.
The Bank of England gold reserve against
its note issue is £126,614.880,
as compared with £126.613.460 last week. Only small supplies of gold
wore available, the chief porportion of which was taken for the United
States of America.
Gold valued at $8,776,000 has arrived in New York
.S5,796,000 from London; $2,040,000 from Sweden, $640,000 from France,
$200,000 from Uruguay and $100,000 from Germany.
CURRENCY.
The
amount of French, Italian, Belgian and Greek five franc
silver pieces which had accumulated in Switzerland during the war proved
a source of embarrassment, and these foreign five franc pieces were removed
iarge
from circulation. A convention has been concluded between the Latin
Union countries empowering Switzerland to coin her own silver five franc
pieces to the extent of 80,000,000 francs, using for the purpose 3o, 400,000
Italian francs, 29,400,000 Belgian francs and 900,000 Greek francs, all in
Arrangements were made that Switzerland should
five franc pieces.
receive payment in full for the balance of the silver coin not provided for
as above the payment to be made in 5 years commencing 1927. The
—
total
amount concerned amounts
and 6,500,000 francs
in
to 22.5,000,000 francs in five franc pieces
Belgian pieces of smaller denominations.
SILVER.
Owing
to the holidays, the market has been inactive.
The few buying
orders, which have come thi-ough from the Indian Bazaars, have been
met by sales on Continental account
The tone continues to be somewhat
dull.
In our letter of the 1.5th insl. we referred to the arrival at Bombay
of a large amount of silver kraans (Persian coins)
It is stated that a
.
.
quantity of Persian coins has been struck recently by the Russian Mint,
which holds possession of authentic dies. The Issue does not appear to
be under the control of tne Persian Government, to whom any seignorage
should belong as a matter of sovereign right. The fact suggests that the
emission of these coins may be a profitable method of utilizing such silver
resom-ces as may be under the control of the Soviet Government. Indian
official statistics indicate the scale upon which the exchange of gold for
silver has laecn made recently by the Indian people.
During the 7 montlLs
ending with October the net export of gold from that country was 1 ,281 .742
fine ounces, worth say, £6,960,000, while the net import of silver was 2,-3
542,032 fine ounces, worth say. £5,400,000. The stock in Shanghai on
the 24th inst. consisted of about 29,400,000 ounces in .sycee. 24,000,000
dollars, and 2,930 silver bars, as compared with about 27,300,000 ounces
in sycee, 23,500,000 dollars, and 570 silver bars ou the 17th ijLst.
The Shanghai exchange is quoted at 3s. 6d. the tael.
Bar Silver per oz. std.
Bar Gold
Quotations
—
—
—
2 Mos.
Cash.
34Fsd.
Dec. 23
Dec. 24
Dec. 28
Dec. 29
Average
per oz. Fine.
34Md.
34Md.
34Kd.
35}^d.
SoVsd.
98s.
Id.
343'8d.
97s. lOd.
35d.
98s.
.35.000d.
34.843d.
97s. 116d.
The silver quotations to-day for cash and forward delivery are respectively
the same as and ,',^d. above those fixed a week ago.
ENGLISH FINANCIAL MARKETS—PER CABLE.
The daily
closing quotations for securities, &c., at London,
cable, have been as follows the past week:
London,
Sal.
Mon.
Tues.
"IVed.
Thurs.
Fri.
as reported
by
Week ending Jan.
Jan. 10. Jan. 11.
35}-j
35^8
97s. lid. 97s.6d.* 973.2d. 978.5d.
Gold, per line ounce
49
Consols, 2; i per cents
49^8
•0OJ4
49K
British, .5 per cents
92^8
91K
91W
92H
BritLsh, 4K' percents
SSJi
SSJi
83J4
83H
54.87
55.15
56
French Rentes (lu Paris) -_fr. 54.35
80.20
80.20
80.20
French Wiir Loan (in Paris)lr. 80.20
The
Jan.
13.
Silver, pet oz
a.
price of silver in
N. Y., per
Domestic
Silver In
Jan.
7.
Z4H
9.
35«
New York
_
Jan. 12. Jan. 13.
35K
97s.3d.
51
92}^
8Z'A
55.95
80.20
SSj'j
97s.4d.
51 Ji
92Js
S4>4'
55.55
80.20
on the same day has been:
oz. (cts.):
99J<
99M
64;-8
Foreign
6634
99Ji
66'A
995,
66
99H.
65Ji
995<
(l«U
* Ex-Intere.st.
——
According to a sj)ecial dispatch from WinniiM>g to the
Toronto "(Jlobe" on Jan. 9, W. R. Allen of Winnipeg was
years,
[Vol. 114.
.
of the
Hon. Smeaton White was appointed a director of the
Montreal Trust Co. of Montreal, Canada, on Jan. 3, re-
The Curb Market.
— In
a <;omparalively quiet
Curb
moved unevenly and for the most
within narrow limits. The oil shares received the most
Market
this
week
prices
part
attention and in the beginning of the week exhibited conStandard Oil (Indiana) weakened from
siderable weakness.
85^8 to <S3?'4, recovered to 86 and closed to-day at 86.
Standard Oil of N. Y. after a loss of 13 points to 341 sold up
Imperial Oil of Del. declined from 10 to 9^.
to 358.
Internal. Petrol, was off from 153^ to 14 J4' with a final reto 15.
Kirby Petroleum was conspicuous for an
advance from 14^4 to*19 J^, though it reacted finally to 17 MMaracaibo Oil lost a point to 19 but advanced to-day to
Salt Creek Producers advanced from 12J^ to i4J4
19J^.
and finished to-day at 14. Southern Petrol. & Ref. receded
from 4J2 to 2}i and ends the week at 33^8. Among the
(^overy
industrials, Lincoln Motor w'as the feature, reports that
Ford interests were to enter into the company causing heavy
transactions in the stock and advancing the price from 2^^
to 8^4, although lat(>r reaction carried it back to 4%, with
Durand Motors dropped from 25^,8 to
close to-day at 5.
24 but recovered subsequently to 25K- Durant Motors of
Indiana after early loss of a point to 9 sold up to 10 ^^ and
again fell back to 9. The final figure to-day was d^i.
to 3^8 and closed to-day at 4.
Earl Motors were off from 5
Bonds were
Intercontinental Rubber advanced from 6 to 8.
in good demand with a rising tendency to prices.
complete record of Curb Market transactions for^the
M
A
week
will
be found on page 189.
.
.
.
U
Ja\.
—
.
;
THE CHRONICLE
rv
1922.]
Ordinnry
Tlie cash holdings of the GoveriinuMit as the items stood
Deo. 31 1921 are set out iu the following-. The figures are
taken entirely from the daily statement of the United States
Treasurv for Dec. 31:
CURRENT ASSETS AND
Liahiiiliis-
$
.
60 Gold certlfs. outstanding 709,404,024
.2.758,440,057 33 Gold fund. Federal Reserve Hoard (Act of
Dec.
23
1913.
as
amended June21 •17), 1,933, .'539, 265
Gold reserve
152,979,025
Gold In general fund... 227,209,940
264,7.')2.203
00
09
63
21
Total
3,023, 192,260 93
3,023,192,260 93
Xotc.
Resei-ved against $346,681,016 of XI. S. notes and $1,545,524 of Treasury
notes of 1890 outstanding. Treasury notes are also se<:ured by silver dollars in the
Total
Customs.
;
Income and
profits ta.\.
S
Liabilities
—
S
279,462,163 00
1,545,524 00
I
289,279.984 00] Silver ctfs. outstanding.
Treas. notes of 1890 out.
,
i
Total
Total.
289,279,984 00:
Assets
Gold
Sliver dollars in gen'l fd.
(see
Liabilities
227,209, 946 21
above)
Mlscolhinoous
Miscellaneous revenue...
;>82, 539,300
S
240,366 40
Treas. checks outstand'g
United States notes
Federal Reserve notes.
Federal Reserve bank
tal
1,566, 697
notes
50
National bank notes
12,232, 90106
2,662, 469 84
36,572, 447 53
1,250, 000
00
131.406,490 89 Deposits
891,429
740,292,801
931,989,397 2,314,463,057 2,967,519,277
&c
%
213,844,890 89
bank notes (5% fd.)
Redemp. of nat. bank
6,686,866 68
299,122,768 57
487,767,529 15
786,890,297 72
Total
officers and agencies to-day was
obligations of foreign Governments are
8759,805,613 11. Book credits for which
held by the United States amount to S33.23().620 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 re<'eipts, and these obligations are made
under the Acts mentioned a part of the public debt. The amount of such obligations
to-day was S42.562.874.
^02.312 In Federal Reserve notes, $1,566,697 In Federal Reserve banks notes
and -517,825.073 in national bank notes are in the Treasury in process of redemption
and arc charges against the deposits for the respective 5% redemption funds.
• Excess of credits.
DEBT STATEMENT OF UNITED STATES DEC.
31 1921.
The preliminary statement of the pubUe debt of the
United States for Dec. 31 1921, as made up on the basis
of the daily Treasury -statements, is as follows:
Panama's
Panama's
of 191ft-1936.
of 1 9 18-1938.
Pariama'B of 1961
< ;on version bonds
Postal Savings tioud»
00
25.947.400 00
.')0, 000. 000 00
28.894. .-.00 00
11,774,020 00
48.9.';'1,180
.•$883,784,050
LllHTty I-oan
00
00
3.313.261.100 00
$1,9.'>2.123.1.50
Hw-ond I,lb(Tty Ujan
Third LilK-rty I-oan
Fourth Liberty I/Oan
3..';02.593.7.50
00
6,349,411,400 00
15.207.389,400 00
_
Total bondH
Notes:
Victory LIlMTty lAian
.
M-t
.
..<M
$16 ,091,173 450 00
;j
,&48,289 500 00
•
A-1924
B-1924
311.191,000 0(1
390,706.100 00
701,897.700 00
Troamiry
(.;ertiricatc!t:
Tax
00
00
113.000,000 00
»l,6ir,. 157.500
567,437. 1.00
r,oan
PItlman Act
1
;.l'i.'.,.')',i.'>
War
Savins* ScciirlllM (net ca«h receipts)
051.844
Total int«reHt-bcnrlng debt
.
Debt on which IntcrMit has ccaaed.........
Non-lnteri'Hl-bf.-arltiK debt
........
of
tin-
AND
ree«ipts
I
27
Sfcrclfiry of tlie Tnjisiiry.
I
266,516,614 1,315,158,452 1.940,099,662
134,452,181
478,418,86
508,238,068
298,355
300,908
6,028,932
2,039,309
57,201,634
Loan bonds;
1,209
life Insur. fund.
Civil service retirement
Govt,
15,850,000
118.358
250,000
Principal
.Accrued interest
Investment of trust funds:
1.799,629
.
9,696,883
12,083,367
3.0.54.1711
283,274
District of Columbia
teachers' retire' t fund
39,969
Total ordinary
104,962
404,575,091 1,837,907,432 2,508,014,33
.329,765,7.50
—
Public Debt
Public debt expenditiu-es
chargeable against ordinary receipts
69,240,200
259,151.700
3,744,600
72,864,750
Total expend's (t:iiblic
debt and ordinary)
chargeable against ordinary receipts (see
note)
O
.
tlie dctaii.s
408,319,691 2,097,059,132 2,577,254,533
402,630,500
-
interestbonds,
bearing notes, and cer-
tiler
717,481,281
tificates retired
1
,.595,271,797 2,755,917,925 4,868,498,424
National Dank notes and
Federal Reserve bank
notes retired (Acts of
July 14 1890 & Dec. 23
1,402,460
10,729,650
1913)
Grand
6.', 767.
120
7.538,741
801,075,681 1,600,418,857 3,077,836,745 4,945,277,365
Total public debt
total expendit's.l, 130,841,431 2,004,993,948 4,915.744,177 7,453,291,698
a Counter entry (deduct)
b Includes §59,974,465 64 received from Federal Reserve banks as franchise tax.
Dee. 31 1921.
c Includes .530,000,000 received from United States Sugar EcuuUiiiation Board
(Inc.), as dividend on capital stock owned by United St.ates, and $60,724,742 27
received from Federal Reserve banks as franchise tax, Dec. 31 1920.
—
\olc.
This amUysis is on the same basis as the figiues for receipts and expenditures suomitted in the amuial report of the Secretary of the Treasury lor the fiscal
year 1921 and the budget for the liscal year 1923. The public debt expenditures
chargeable against ordinary receipts inqlude disbursements on account o( (1) sinking
fund, (2) receiptsfor Federal estiite taxes, (3) retirenicnts from Federal Reserve bank
franchise taxes, (4) retirements from payments by toreign Governments, and (5)
retirements from gifts, forfeitures, and other miscellaneous receipts.
New York
City
BanKs and Trust Companies.
All prices dollars cer ataar«.
Banks— A^ Y
America*
imvr Ezoh..
Bia
178
247
225
120
430
Bowoo'*
Broad way Cen 120
80
Bronx Bur *.
160
Bronx Nat
Bryant Park* 146
Butch <h Orov 130
Oent Meroan. 175
285
C/haae
Chat A Phen. 255
80
Chelsea Kzob*
520
Chemical .
Goal ic Iron.. 208
Colonial*
360
150
Columbia*
248
Commerce
Com n wealth* 215
Continental.. 130
Corn Exch*.. 350
90
Uontnop'tan*.
170
KttBl Ulvor
Klfth Avuoue* 925
(fifth
160
930
Flret
215
Uarfleld
184
Irving
I
iVo"
Battery Park.
OrctcHWich*..
Hanover
..
lliirrtrMiin
Imp
450
140
90
160
156
140
190
290
Triid..
(nduotrlal*...
<1t
New
194
197
220
340
'Nat American
Nat City
1,55
:
New Neth'..
New York
fe's"'
315
120
320
135
4.55
:<oo
Pacific*
405
235
Park
Public.
265 Seaboard
90 St:iMilard» ...
530 iStato*.216 Tradesmen's *
23d Ward*...
Union Exoh..
252 United States*
225 Wash irtfl*..
145
415
2.50
420
230
245
200
200
260
190
195
165
326
Yorkvlllo*...
205
176
360
100
Hrooklun
Coney Island*
I
First
145
260
945
Greimpolnt
I7r.
18.''.
22.')
IIOMICHll'Ud*.
MccljniilcH'*..
80
100
00
.
100
240
820
390
SIO
260
835
I'<!OPlll'H
ii;o
90
125
Montuuk*
.020'
Trust Co.'*
'
Maobattan *. 215
Meoh 4 Met. 325
500
Mutual*
185
.
Bit
of
N Y
255
Itlanttc
rjothara
Banks
Nat
A»1t
166
{
BW
\Askea
York
American
Bankers Trust 317
Central Union .355
302
Columbia
Commercial.. 105
300
iBmpIre
Equitable Tr.l 205
Farm L A Tr. 420
Fidelity Inter 200
240
iFulton
Guaranty Tr. 205
170
Hudson
I
|
Tit * Tr
Lincoln Trust
Law
HI
166
MeroanMlo Tr 200
Metropolitan. 200
Mutual (West
110
Chester
N Y Llfo Ins
A Trust...
N Y Trust...
322
3V()
135
2'70
2Y0'
2d0
210
122"
166
280
290
126
600
302
Title ()u A Tr 275
U B MtK 4 Tr 260
United States 060
285
270
Htonklyn
lirodklyn IT.
420
SO.-*
2(10
406
KluKH County 070
Mauufaoturor 210
300
People's
170
2'20
NasHnu
North Hide*.
105
160
(*) are Hiuie'iaokl.
I
206
ino
Now stock,
z Bx-dlvUtend. ifBBHrtfbM.
.'56
New York
City Realty
and Surety Companies.
All prices tlulUrs per sbaro.
\\i\
BU
of
and disbursements for I)ee«!iiib(T 1021
months (^f lie fi.scal years 1921-22
six
183,458,558
144,169,239
foreign governments
Purchase of Federal Farm
KXI'EN DITU RES.
are enabled to plaee before our renders to-day
7,548,147
of obligations of
•Bknkf marked with
Through the courtesy
and 1920, an<l the
and 1920-21.
:{7
.$23,438,984,351
(lOVKRNMICNT REVENUE
Government
000 00
$23,188,800 024 27
ll.H(i7, 140 21)
2.'J8.3I7 180 83
Total sroMi debt.
73,222,000
balances re-
180.101,374 51
Total gross debt Dec. 31 1921
823,438,984,351 .36
.Vo/e.— Total gross debt before deduction of the balance held by the Treasurer
free of current obligations, and without any deduction on account of obligations of
foreign governments or other Investments, was as follows:
Bonds:
ConaoN of U«0$599,724.050 00
Loan of 1025.
118,489.900 00
TrfiiMiiry not.e»
&c.)
•fee.)
Purchase
$23,619,085,725 87
$620,974.306 47
801.075,680 98
Decrea-ie for period.
KlfHl,
(less
paid,
41,780 00
30 1908
Exchanges of currency coin,&c
Total gross debt Nov. 30 1921
Public debt receipts Dec. 1 to 31 1921
Public debt expenditures Dec. 1 to 31 1921
3,706,895
total receipts... 1,361,267, 107 2,344.318,244 4,853,833,600 7,600,541,410
on public debt paid. .
Panama Canal: Checks
of add'l
circulafg notes. Act
786.890,297 721
35,075
12,142,660
72,800
620,974,306 1,412,328,847 2,539,370,543 4,633,022,132
(less bal'ces repaid,
23.099,567 86
notes (5^c fund)
—The amount to the credit of disbursing
Xoti
al,300
8,547,963
55,780
7,802,446 55
Net balance
Total
7,000
1,934,452
4,281.897
Int.
Retirement
May
2,245,409
Expenditures.
Ordinary—
Checks and warrants paid
32.257,605 58
for:
of F. R.
botes (5 fund, gold)
Redemption of F. R.
of certifs. of indebt'ss. 297,075, 000 00
Depos. in foreign depos.:
To credit Treas. U.S.
704 ,637 79
To credit of other Government officers
1,122 ,357 82
Dcpob. in nafl banks:
To credit Treas. U.S.
8,227 ,515 81
To credit of other Government officers
18,334 ,239 51
Deposit in Philiop. treas.:
To credit Treas. U.S.
6.334,871 70
390,706,100
614,447,000 1,406,680,500 2,066,840,000 4,613,223,450
Total
1,749.278 52
Redemption
150,097,265
&c..
tolls,
10<i,733,lH0
fund
creditors of insolvent banlts
Postmasters, clerks of
courts,
disbursing
officers,
scn-e banks
Depos. in special depositaries account of sales
6,582,093 72
85.108 25
Other deposits
Comptroller of Curfor
rency,
agent
8,550 724 40
Federal Land Banks
Deposits in Federal Re-
Savings System:
5'^ reserve
18.037 386 16
Subsidlarj' silver coin
Minor coin
Sliver bullion
Unclassified
(unsorted
currency, &c.)
6,732,764 12
•
.?
Total ordinary
Public Debt
Treasury notes
Certits. of indebtedness..
Liberty bonds & Victory
notes
Treasury (war) sav.secus.
Postal Savings bonds.
Deposits for retirement of
national bank notes and
Federal Reserve bank
notes (Acts of July 14
1890 and Dec. 23 1913)
Paimma Canal
paid
—
8,272, 297 00 Depos. of Govt, officers:
Post Office Depart' t..
4.83G, 594 00
Board of trustees. Pos2,493, 720 50
Silver dollars (see above)
00
289,279,984 00
.
GENERAL FUND.
—
8,272,2if7
6 -Ifoi. 1920
$
147,008,301
670,071,179 1,239,410,131 1.628 203 931
122,664,409
688,745,603
770 064 311
cll9,095,123 6233,255,432 £415,452127
1,003,831
6,037,530
3,70l!643
Grand
SILVER DOLLARS.
$
18,554,795
523,973,741
Treasury
—
OAfos.1921.
£>ec. 1920.
Internal revenue:
—
Assets
Silver dollars
Dec. 1921.
S
28,155,151
—
—
LIABILITIES.
GOLD.
—
171
Receipts—
TREASURY CASFl AND CURRENT LIABILITIES.
Assets
Gold coin
Gold bullion.
.
\lllnn K'ltr..
70
Hurnty.
62
226
*rri«ir
M
Oonrt 4
O.
Olty Invnntlni
•
Prnfnrrnri
06
A»k
..
00
...
100
1
iJiwycrs MtK'
\llu« ll'iMd
AM
Alk Realty
12H
N7
190
131
Nat Hiirrty..
N Y TItIn A
Mort«Bge.. 140
94
107
Anoo
AM
.4»*
(Drooklyn).
113
8U
120
ino
90
140
ISO
UH
D H
t.'asualty.
Till
West 4
16U
Guar
146
liroNX
Tllle4Ma
THE CHEONICLE
113
[Vol. 114.
TRADE AND TRAFFIC MOVEMENTS.
STEEL PRODUCTION IN DECEMBER— The Ameri- ®0mmjercial audptisceUanjcous^jew^
can Iron & Steel Institute has issued a statement from
which it appears that the production of steel in December
1921 by 30 companies, which in 1920 made 84.20% of the
ingot production in that year, amounted to only
1,427,093 tons. This contrasts with 2,340,365 tons for the
same month in 1920. The production for the 12 months
of 1921 was only 16,826,946 tons, as against 34,432,252
tons for the calendar year 1919. By processes the output
steel
was as
follows:
Open Hearth,
—
Months
714,657
700.151
795,164
2,1,52,106
March
Another,
2.487.245
2.056.336
2,251,544
2,287,273
2,136,633
2,299,645
2,300,417
2,335,863
1,961,861
1,687,162
616,932
675,954
653,888
696,003
693,586
676,634
673,215
649,617
26,197,843
1,591,281
1,295,863
1,175,591
1,000,053
1.047,810
808,286
Total,
Gross Tons.
10,687
12,807
16,640
13,017
15,688
17,463
13,297
6,784
5,548
3,485
Bessemer,
Gross Tons.
Gross Tons.
2.242,758
January 1920
February
July
August
September
October
November
December
Total
January 1921
February
March
April
May...
June
July
-
August
September
October
November.
December
Total
3,594
3,586
3,299,049
2,638,305
2,883,164
2.980.090
2,802.818
3,000,432
2,999,551
3,015,982
2,638,670
2,340,365
8,112,753
121,656
34,432,252
608,276
450,818
392,983
211,755
216,497
193,644
113,312
221,116
265,152
345.837
363,912
296,380
3,629
2,796
2,404
2,150
1,643
1,621
1,207
1,028
1,718
1,539
2,203,186
1,749,477
1,570,978
1,213,958
1,265,850
1,003,406
803,370
1,138.071
1,174,740
1,616,810
1,660,001
1,427,093
13,125.578
May.
June
3,679,682
21,686
16,826.946
.568,952
689,489
915,334
908,381
1,476
575
UNFILLED ORDERS OF STEEL CORPORATION.—
The United
States Steel Corporation on Tuesday, Jan. 10,
issued its regular monthly statement showing unfilled orders
on the books of the subsidiary corporations as of Dec. 31
1921 to the amount of 4,268,414 tons. This is an increase
of 17,872 tons over the tonnage on hand at the end of
November 1921. On Dee. 31 1920 unfilled orders on hand
aggregated 8,148,122 tons. In the following we give comparisons with previous months
Dec.
Nov.
Oct.
Sept,
Aug.
July
June
May
Apr.
Mar.
Feb.
Jan.
Dec.
31 1921- _
30 1921..
31 1921..
30 1921..
31 1921..
31 1921..
30 1921..
31 1921..
30 1921..
31 1921..
28 1921..
31 1921..
31 1920..
Nov. 30
Oct.
Bept.
30
Aug.
31
31
July
30
June
30
31
May
April
Mar.
Feb.
Jan.
Deo.
Nov.
Oct.
Bept.
Aug.
30
30
28
31
31
30
31
30
July
31
31
June
30
May
31
Apr.
Jan.
30
31
28
31
Dec.
31
Mar.
Feb.
Nov. 30
Oct.
Bept.
31
Aug.
July
31
31
June
30
May
31
April
30
Mar.
31
30
TonH.
4,268,414
4,260,542
4,286,829
4,560,670
i.ryn.\)M
4,830,324
28
lan.
31
Dec. 31
Nov. 30
Feb.
Jet.
^ept.
6,117,8fiS '^ug.
5,482,487 July
6,845,224 June
6,284,765 May
6,933,867 April
7,573,164 Mar.
8,148,12i Feb.
1920
9.021,481 Jan.
1920 . 9.836,862|Dec.
1920 .10.374,804 Nov.
1920..10,805,038!Oct.
1920.. 11, 118,468 Sept.
1920.. 10.978, SniAug.
1920.. 10.940, 466;July
1920.. 10,359, 747!june
1920.. 9,892,076!May
1920.. 9,502,0811 April
1920.. 9,286,4411 Mar.
1919.. 8,266.366 Feb.
1919.. 7,128.3,30!jan.
1919.. 6,472,668jDec.
1919.. 6,284,638]Nov.
1919.. 6,109,103 Oct.
1919.. 6,678,661 Sept.
1919.. 4.892,866 Aug,
1919.. 4.282, 310'july
1919.. 4.800,086]Juno
1919.. 6.4,30,572 May
1919.. 0,010.787 April
1919.. 6,684,2681 Mar.
1918.. 7,379,152 Feb.
1918. 8.124,063 Jan.
1918. 8.353, 298 Dec.
1918.. 8,297,906 Nov.
1918.. 8.759.042 Oct.
1918. 8,883.801 Sept.
1918. 8,918,866 Aug.
1918.. 8,337,623 July
1918.. 8.741,882 June
1918.. 9.056.404 May
Tons.
1918. . 9,288,463
1918. . 9,477,853
1917. 9,381,718
1917. . 8,897.106
1917. . 9,009,675
1917. . 9.833,477
1917 .10,407,049
1917. .10,844, 164
1917.. 11,383,287
30 1914..
Mar. 31 1914..
Feb. 28 1914..
Jan.
31 1914..
31
Dec. 31 1913..
30
Nov. 30 1913..
Oct.
31 1913..
31
31
Sept. 30 1913..
30
Aug. 31 1913..
31 1917..11,886,.591 July
31 1913..
30 1917.. 12, 183.083 June 30 1913..
31 1917. .11.711,644 May 31 1913..
28 1917. .11,576,697 April 30 1913..
31 1917. .11,474.054 Mar. 31 1913..
31 1916. .11.647,286 Feb.
28 1913..
30 1916. .11,068,542 Jan. 31 1913..
31 1916. .10,015,260 Dec. 31 1912..
30 1916.. 9,622,584 Nov. 30 1912..
31 1916. 9.660,357 Oct.
31 1912..
31 1916. 9,693,592 Sept. 30 1912..
30 1918. 9,640,458 Aug. 31 1912..
31 1916.. 9.937,798 July
31 1912..
30 1916. 9.829,551 June 30 1912.
31 1916. 9.331,001 May 31 1912.
29 1918. 8,568,966 April 30 1912.
31 1916.
7,922.767 Mar. 31 1912.
31 1916.
7.806,220 Feb. 29 1912.
30 1915.. 7.189,489 Jan. 31 1912.
31 1916.. 6,165,462 Dec. 31 1911.
30 1916.. 5,317,618 Nov. 30 1911.
31 1916._ 4.908,455 Oct.
31 1911..
31 1915.. 4,928.540 Sept. 30 1911..
30 1915.. 4,678,198 Aug. 31 1911..
31 1915.. 4.264,598 July
31 1911..
30 1915.. 4,162,244 June 30 1911..
31 1916.. 4,266,749 May 31 1911..
28 1915.. 4,345,371 April 30 1911..
31 1915.. 4,248,571 Mar. 31 1911..
31 1914.. 3,836,643 Feb.
28 1911..
30 1914.. 3,324 „592 Jan. 31 1911..
31 1914.. 3.461,097 Dec. 31 1910.
.30 1914.. 3,787,667 Nov.
30 1910.
31 1914.. 4,213,331 Oct.
31 1910.
4,158,.589 Sept. 30 1910..
31 1914
30 1914.. 4,032,8.57 .\ug. 31 1910..
31 1914.. 3.998,160 July
31 1910.
April
.
Tont.
4,277,068
4,663,826
5.026.440
4,613,680
4.282.108
4,396.347
4,513,767
5,003,786
5,223,468
5,399.356
5,807.317
6.324.322
6.978,762
7.468.956
7,656,714
7,827 368
7,932,164
7.852,883
7,694,381
6,551,507
5,957.073
5,807.349
5,760.986
5.664,886
5.304,841
6,454.201
5.379,721
6.084,766
4,141,958
3,694.327
3,611,316
3,696.986
3,684.088
3,361.087
3.113.154
3,218,700
3,447,301
3.400,643
3.110,919
2.674,750
2,760,413
2.871,949
3,148,10e
3,537.128
3,970.931
anthracite coal for the month of December 1921, as reported
to the Anthracite Bureau of Information at Philadelphia,
Pa., totaled only 4,635,922 tons, as comi)ared A\nth the
record movement of 6,436,320 tons during December last
The Bureau states: "Shipments last month were the
year.
smallest since September 1920, when the 'vacation' strike of
the mine workers reduced the shipments to 3, .592, 954 tons."
The Bureau attributes the small movement to the effect of
the abnormally mild temperature that existed during December 1921 and tlie general industrial depression. Th(>
shipments for the coal year (beginning April 1) to date foot
up .50,172,303 tons as against 51,922,321 tons for the corresponding period last year.
Below we give the shipments by originating earners for
the month of December 1921 and 1920 and for the respectiA'e
coal years since April 1:
December
Road
Delaware
Delaware
ackawanna * Western
& Hudson
I
Pennsylv.inla
_
5"® i;
New York Ontario* Western...
Lehigh & New England
-
Total
1921.
1920.
985.262 1,324.004
801.790 1.161.305
.5.32,597
497,735
626.377
940,516
896.475
654.987
457,242
307,520
4.50.465
6.6,979
107.107
164,557
169,811
318,508
4,635,922 6,436,320
9 Mos. Coal Yr. Dec. :U
1921.
1920.
9.734.305 10,589,70,s
8.802,339
4.897,974
7.670.010
6,799.173
3.669.298
5,268,441
1.149,914
2,180,843
Messrs. Adrian H.
Stocks.
MuUer &
50 342 Fifth Ave. Theatre. 5810 lot
2,000 Fellows Med'I Mrt;.S42 per sh.
40 Owen Mag Motor Sales... $3 lot
40 Owen Mag Motor pref
S6 lot
200 Empire Food
each
P»rod.,
160 Motograph ot
Amer
50 Lauaden
By
lot
lot
51.50 lot
SI
$21 lot
Day &
Messrs. R. L.
Co., Boston:
$ per sfi.
146
Shares.
on
.
$ per sh.
10
,
Gas Light,
M
div.
if
any
Bonds.
Price.
52.000 Middlesex & Boston St. Ry.
4>^s, 1932
55
Hobbs & Arnold, Boston:
Shares.
Stocks.
%persh.
5 Hamilton Manufacturing
94
3 Arlington Mills
103K
19 Cambridge Elec. Sec. warrants.. 5%
10 Converse Rubber Shoe, pref 73)^-75
5 Flsk Rubber, Ist preferred
6754
By
& Trac com
165
3,000 Stollwerck Choc., common.. 2'A
11 Gillette Safety Razor
17H
2 Rights Beacon Trust
45
3 Converse Rub. Shoe, pref
81
2 Second Nat. Bank. Boston. .308
60 Cambridge Elec. Light
5H
50 Mass. Elec. ctf. dep., com
3K
10 Hamilton Mfg..
94
H
Messrs. Wise,
.
3 Springfield
.
By
Stocks.
40 Federal Lt
5 WausuttaMIUs
123
1 Nashua Mfg., common
80
20 Wm. Whitman, pref
97
3 Naumkeag Steam Cotton
216
10 Boston & Providence.. 125^-128)^
5 E. Mass.St. Ry., pref. B
35
5 Charlestown G & El., SSOeach lOOH
230 Cambridge Elec. Sec
5Ji-6
260 Cambridge Elec Light.
6 }i -6
2 Plymouth Cordage ex-dlv
175
10 Converse Rub. Shoe, pref... 84-85
10 Hood Rubber, pref
94H-94M
5 Amer. Mfg., pref
7414
5 Lawrence Cas
104}^
.
Price.
2,000 Brit. Guianai Gold, $1 each
5,500 South Amer. Gold. $1 each
590 Germproof Cuo, no par..S12 lot
300 FJ-Bo-Pak, no par
$14 lot
Bonds.
Price.
S200 Essex Co. Country Club 53, "33 76
SlOO
$1,200
Shares.
Stocks.
3 Walpole Trust
York:
I
.52.50 lot
Co
New
Stocks.
600 Crude Oil Prod., 91 each..]
100 Record Repeater, pref
60 Record Repcator common. } $26
loo Aeronautics Press, .10 each
lot
$10
150 Myrin Oil, no par
251,000 Como Cons. Mines,
each
Sons,
Shares.
Price.
Messrs. Barnes
&
Shares.
Stocks.
205 Electric Light&Fuel...
Shares.
tpersh.
Stocks.
6 Boston Wharf
94-96
4 Laconia Car. preferred
55
50 Massachusetts Lighting, pref
76
15 TJ. S. Worsted, Ist preferred
7ii
Lofland, Philadelphia:
$ per
Shares.
Stocks.
tpersh.
4 Fisher Body Corp., preferred.. 65
5 Republic Motor Truck, pref
60
sh.
Vi
60 Waflhington-Virglnla Ry., pref.
H
400 Vv^iiShington Utilities, common. 1
100 Washington Ry.& Electric
40K
840 Harrlsbiirg Fomidry & Mach.,
1st pref., S50 each
10
4 American Gas
50
3 Penn Sec. Holding, pref
1S70
3 Penn Sec. Holding, common../
lou
20 Wright Manufacturing, pref
5
50 Camden & Sub. Ry
13)4
26 Germanlown Passenger Ry
76
10 Chester, Pa., Ind. Loan, SIO
each
10
25 Internat.Money Mach.,$10ea.$31ot
10 Sec. Life& Annuity, SlOeach.. 5
50 Scranton Life Ins., $10 each... lOH
5 New World Life Ins. no par
5
10 International Text Book.
69 ^
25 Amer. Pipe &Constr. ,850 ea.. 14J^
00 Pennsylvania
33 !4
122 United Gas Improvement
38 H
Bonds.
Price.
$6,000 Wash. Alex. & Mt. Vernon
Ry. 5S. 1956
S5.000 Wildwood. Aug. & Holly B.
Gas 6s, 1940
5100,000 Harrlsburg Fdy. & Mach.
6s, 1942
$50 Sprlnghaven Co. Club 2.9, 1966.
.55.000 L.aw Co. Wat. 5s. 1936
S5.000 Lancaster Co. Ry. & Light
,
RR
12 .\nierlcan Gas
50
10 Franklin National Bank
580H
2 Kensington Nat. Bk., $50 each. 120
19 United Sec. Life Ins. & Tr.l30-130H
20 Penn. Ins. on Lives & Ann. 500-502
5s,
1951
23«4
10
43
15
67
87'i
Amer. Gas & Elec. 53. 2007. 31
87.'^
Sl.O00Penn.RR.4Hs. 1965
.S4,000
9 Lumbermans Insurance
llOH §1,000 Brldgeton & MUIvUle Trac.
30
28 Penn-Ohio Electric, pref
61
53. 1930
10 Thomas Iron
15K 81,000 West. N. Y. & Penn. Ry.
26
30 Goo. B. Newton Coal, 1st pref. 30
5s. 1943530 -4mer. Pipe& Constr. Sec, pref. 62
83,000 Rox. Chest. Hill & Nor. Ry.
each.. 42
5s, 1926
76
55 H. K. Mulford Co., $.50
20 W. Fdy. & Mfg., cl. A, SIO ea.$2 lot 181,000 Amer. Tel. & Tel. 6s. 1925..109>8
4 Philadelphia Bourse, conunon.
Ci'yi
81,000 Market 3t. Elev. & Pass.
100
9 Van Camp Prod., 2d pref
Ry. 4s, 1955
82H
1 Van Camp Prod., 1st pref
97)^ 81.000 Lehigh Val. RR. 4^8, 2003. 86H
100 If ISl.OOO.Mlch.Cent. RR. 68. 1927.. 101
I -Atlas Powder, preferred
6 Philadelphia Electric, common. 24H 81,000 Boro. of Moneascn 4; West97
moreland County 4l<;3, 1928
_
100
1 Pacific Light..
83,000 N.J. Gas 5s, 1940
36!^
11 Amer. Public Utilities, pref... 20
100
82,000 Halo & Kllburn Corp. 6s, '39 78H
1 Supplee-Biddle Hardware
i
!
;
'
6,163.37.'i
ANTHRACITE COAL SHIPMENTS.— The shipments of
Philadelphia & Reading
...tons.
Lehigh Valley
Central Railroad of New Jersey
By
Shares.
Gross Tons.
2,968,102
2,865,124
1,269,945
1,294.371
1,129,174
April
—
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:
9,430,415
4,147,966
7,288,860
1
\
1
I
—
Canadian Bank Clearings. The clearings for the week
ending Jan. 5 at Canadian cities, in comparison with the
same week in 1921 show an increase in the aggregate of
12.6%.
Week ending January
—
6.
Clearings, at
line,
1922.
Canada
S
49.941 367
13,084 814
6.908 423
—
Ottawa
Quebec
5,491, 934
3.381, 681
5.280, 858
2,175, 910
5,940. 219
4.060, 536
2.191, 492
4.689, 972
4.835, 434
Halifax
Hamilton
John
Calgary
.
._
London
Victoria
ICdmonton
Heglna
Brandon
6.50,
Moose Jaw
1.33.097, 889
100.209, 008
63, .557, 4171
13,998, ,522i
11,291. 909|
5,686, 252,
4,551, 1781
7,204, 5701
3.478. 4201
9,383, 3431
5,346, ,877|
3.119, 206
5,571. 449!
5,2t)6, 026]
843, l,53i
882. 539|
2,310. 631'
1,526, 604.
1,773, 326
1,340, 257!
645, 219,
>!
Fort William
Westminster
Medicine Hat...
Petebrorough
Sherbrooke
Kitchener
Windsor
862 ,302,
New
530, 290,
377 ,036
835 .121
977, 849'
442 ,303
963 ,435
884 ,871
Moncton
Kingston
340.327,135
Dec
— 11.4
— 1.7
—21.4
—6.5
—4.8
—3.8
—25.6
—27.2
-37.4
—36.6
+ 21.3
—24.1
— 15.8
— 16.9
—22.8
—26.8
— 12.6
—20.5
—8.7
— o8 4
— 17.8
— 13.1
437i
961, 7091
—30.3
1,167, 1241
—16.2
994, ,8451
2,995, ,812:
679, 929
857, 696'
+ 6.2
.541,
1,057 ,777i
2,763 .2271
Prince .Mbcrt
Total Canada.
851
645, 643
2,021, 580:
1,212, 9931
1,619 ,030
Lethbrldge
Saskatoon
Hranlford
I
S
117.917, 753
99.4V7, 306
Montreal
Toronto ..
Winnipeg
Vancouver
St.
1921.
or
N Ot
Incl.
—7.7
—34.9
+ 12.3
1920.
168.240.890
114.948,191
57.924,387
16.632.863
1919.
575,448
115,378,538
82,392,266
51,094,198
11,679,787
8,018,954
5,111,247
5,545,982
6,080.216
2,846,402
6,228,688
3,921,117
2,240,940
4,507,182
4,200,458
784,504
815,847
2,181,539
1,153,212
1.870.926
943,424
664.941
534,460
837,041
1.212,584
848,994
1.444,850
349,803
447.957,560
322,788,099
13,4,84.676
6,73.->,830
7,012.988
8,032,426
3.996.327
10.230.689
4.839.871
3.199,206
8,098,!;97
6,189.986
990,366
1,065,809
2,722.941
1,560,573
2,261,300
1,164,3.57
684.007
672,348
1,318.371
1,.500,995
1 ,250,000
2,557,712
in< total.
389,333,247'
—12.6
7,730,40?;
4.028,952
4,703,362
1,54.5.2.5(1
2,461,403
50,172,303 .51,922,.321
—
National Banks. The following information regarding
is from the office of Hie Comptroller ot the
Currency, Treasury Department:
national banks
•
1
.
THE CHEONICLE
Jan. 14 1922.]
173
APPLICATIONS TO ORGANIZE RBCKIVED.
Per
Cavital.
— The Seciirify National Bank of Biirley. Idaho
Burloy. Odaho.
Correspondent, A. A.
Jan. 4 — The United States National Bank of George. Iowa
Ben Ilooven, George, Iowa.
Correspondent,
Jan. 3
Name
S.'SO.OOO
Ilall,
25.000
APPLICATION TO ORGANIZE APPROVED.
National Rank of Ennis, Texas
— The
Texas.
Correspondent. Edmond Raphael,
Jan. 7 — The Totowa National Bank of Paterson, New .Jersey
Corres))ondent Walter R. Hudson, Paterson, N.
Jan. 6
Enni.s.
200,000
Potoau, Oklahoma
National Bank
— The La Flore CountyLe Flore CountyofBank of Poteau.
Conversion of the
Jan. 4
25,000
25,000
50.000
Vinita, Okla.
APPLICATIONS TO CONVERT APPROVED.
Jan. 3
Rapids, Michigan
— The City National Bank of Grand Savings Bank of Grand
Conversion of the City Trust &
Rapids, Mich.
Correspondent, Charles H.
Bender,
First National Bank of Enumclaw, Wash
Conversion of the State Bank of Enumclaw, Wash.
Correspondent, A. C. Johansen, President, State Bank
The
of Enumclaw.
First National
200,000
Grand Rapids,
Merchants
of Port Arthur, Texas
—The Mich. ofNational Bank State Bank of Port Arthur.
Conversion
the Merchants
Jan. 7— The Enumclaw National Bank, Enumclaw, Wash
Conversion of the Peoples State Bank of Enumclaw.
Jan. 5
The
Bank
of Dallas , Georgia
Conversion of the Citizens Bank, Dallas, Georgia.
Correspondent, W. F. Byrd, Dallas, Ga.
100,000
— 12083
Jan. 5— 12084
Jmi. 6— 12085
The Planters National Bankof Walnut Ridge,
30.000
Capital.
.Vrk. $25,000
President, T. J. Sharum; Cashier, J. A. Hill.
First National Bank of Lawton, Michigan
President, Ernest C. Goodrich; Cashier, Allen
25,000
The Auburn National Bank, Auburn, Wash
President, A. C. MacCallum; Cashier, S. W.
50.000
W. Woolsey.
Brown.
of
The
Citizens
State
Bank
of
Auburn.
Jan. 7
—
12086 The First National Bank of Putnam, Okla
President, E. D. Foster; Cashier, Frank Waddell.
Conversion of the First State Bank of Putnam.
12087 The American National Bank of Holdenville, Okla.
25,000
75.000
President, J. L. Adam.s; Cashier, J. B. Leftwich.
Conversion of The American State Bank of
Holdenville.
CORPORATE EXISTENCE EXTENDED.
Until Close of Business.
6103-The First National Bank of Columbus, Kansas
Jan. 3. 1942
The Le Roy National Bank, Le Roy. New York
6087
Jan. 5, 1942
6145 The First National Bank of Emmett. Idaho
Jan. 5, 1942
6113 The First National Bank of Altus, Okla
Jan. 6, 1942
6116 The First National Bank of Waverly, 111
Jan. 6. 1942
6118 The Fir.st National Bank of Litchfield. Minn
Jan. 6. 1942
6123 Tazewell National Bank, Tazewell, Va
.Jan. 8, 1942
CHANGE OP
11384
TITLE.
—The Secm-ity National Bank of Temple. Okla..
Bank in Temple."
— 3721
Jan. 3
to "Ffrst National
First National
and
1
Holders of
rec. Jan.
on dem.
Holders of
rec.
1
Corn Exchange
(quar.)
Jan. 30
Jan. 30
SI
Mar. 31
Holders
Holders
Holders
Holders
rec. Jan.
roc. Jan.
rec. Mar.
rec. Feb.
roc. Jan.
V2<A
Mis-cellaneoiis.
Amer.Di.st.TcIcs. of N. J. (quar.)
Bank of Alliance, Ohio,
31
Extra
Amer. Radiator, common (quar.)
Preferred (quar .)
American Rallw.ay Express (quar.)
Atlas Powder, pref. (quar.)
Brill (J. G.) Co., preferred (quar.)
Bums Bros., Class A (No. 1)
Class B (quar )
Prior preferred (No. 1)
Canadian Converters, common (quar.).
Canadian Moade-Monlson, Ltd., pref.
I
IH
of
of
of
of
of
Dec. 31
Feb. 15
Jan. 13 Holders
to
Jan. 21
Jan.
1
IVi Feb.
Jan.
Jan. 24
to
1
IVi Feb.
*Holders of rec. Feb.
*S2..50 Feb. 15
50c. Feb. 15 Holders of rec. Feb.
1 Holders of rec. Jan.
*.S1.75 Feb.
*ni Feb. 15 Holders of rec. Jan.
to
Jan.
1
3>A Jan. 15 Jan.
Cartier, Inc., pref. (quar.)
r% Jan. 31 Holders of rec. Jan.
Consolidated Utilities, pref. (quar.)...
IH Feb. 1 Holders of rec. Jan.
Consolidation Coal (quar.)
Jan. .31 Holders of reo. Jan.
to
Jan.
Collins Co. (quar.)
Jan. 16 Jan 1
2
Dominion OH (quar.).
_
Holders of rec. Mar.
1
30c. Apr.
Durham Hosiery Mills, pref. (quar.).. *1« Mar. 1 Holders of reo. Feb.
Elsenlohr (Otto) & Bros., com. (quar.).
L'f Feb. 15 Holders of rec. Feb.
Electric Bond & Share, com. (quar.)
Jan. 16 Holders of rec. Jan.
2
Preferred (quar .)
Feb. 1 Holders of rec. Jan.
Buffet Corp. (quar.)
Exchange
Jan. 30 Holders of rec. Jan.
2
Federal Sugar Refining, com. (quar.)..
iH Feb. 1 Holders of rec. Jan.
Preferred (quar.)
Holders ot rec. Jan.
1
I'A Feb.
Fort Worth Power & Light, pref. (quar.)
lU Feb. 1 Holders of rec. Jan.
Fisher Body Corporation, com. (quar.)
2H Feb. 1 Holders of rec. Jan.
Preferred (quar.)
IH Feb. 1 Holders of rec. Jan.
Franklin (H. H.) Mfg. Co., pref. (quar.)
IH Feb. 1 Jan. 21 to Jan.
General Cigar, common (quar.)
._ *IA Feb.
1 Holders of rec. Jan.
Prefen-ed (quar.)
*IH Mar. 1 Holders of rec. Feb.
Debenture stock (quar.)
*ni Apr. 1 Holders of rec. Mar.
Gillette Safety Razor (quar.)
Mar. 1 Holders of rec. Jan.
S3
Stock dividend
*e2H June 1 Holders of rec. May
Haskell & Barker Car, Inc. (special)
Holders of rec. Jan.
$1.25
Hollinger Consolidated Gold Mines
Jan. 28 Holders of rec. Jan.
1
Jan.
to
Safe Deposit
1
Hudson
Jan. 5 Jan.
5
Hupp Motor Car Corp.. com. (quar.)
2H Feb. 1 Holders of rec. Jan.
International Nickel, preferred (quar.)_.
Feb. 1 Holders of rec. Jan.
*2
Kaminlstique Power (quar.)
Feb. 15 Holders of rec. Jan.
Kaufman Dept. Stores, com. (quar.)
Feb. 1 Holders of reo. Jan.
$1
*1
Kress (S. H.) & Co., common (quar.)
Feb. 1 Holders of rec. Jan.
Liberty Match Co
Feb. 15 Holders of roc. Jan.
5
Lit Brothers Corporation
50c. Feb. 20 Holders of reo. Jan.
Holders of rec. Jan.
Extra
2.5c. Feb. 20
Magee Furnace, first preferred (quar.)..
IVi Jan. 18 Holders of roc. Jan.
Second preferred (quar.)
Jan. 16 Holders of rec. Jan.
2
Massachusetts Gas Cos., com. (quar.).. *Ui Feb. 1 Holders of reo. Jan.
Middle West Utilities, pref. (quar.)
Feb. 15 Holders of rec. Jan.
1
Morris Plan Co. of Now York (quar.)..
IH Feb. 1 Jan. 26 to Jan.
*2
Mullins Body, prefen-ed (quar.)
Feb. 1 Holders of rec. Jan.
Nash Motors, common
Feb. 1 Holders of rec. Jan.
$10
Preferred (quar.)
Feb. 1 Holders of rco. Jan.
National Biscuit, common (quar.)
*\% Apr. 15 Holders of rec. Mar.
Preferred (quar .)
IH Feb. 28 Holders of rec. Feb.
National Licorice, com. (extra)
2% Jan. .20 Holders of rec. Jan.
Holders of reo. Jan.
Penn Traffic
1
10c. Feb.
*2
Pierce OH Corporation, pref. (quar.)
Feb. 1 Holders of rec. Jan.
Plant (Thomas G.) Co., 1st pf (quar.)..
IM Jan. 31 Holders of rec. Jan.
Ranger Texas Oil (quar .)
Apr. 1 Holders of roc. Mar.
3
*2
Sinclair Consol. Oil, pref. (quar.)
Feb. 28 Holders of rec. Feb.
Texas Chief Oil (quar.)
Apr. 1 Holders of rec. Mar.
3
Texas Power & Light, preferred (quar.).
IH Feb. 1 Holders of rec. Jan.
Stover Mfg. & Engine, pref. (quar.)
*\u Feb. 1 Holders of rec. Jan.
*2
Union Oil of Calif, (quar.)
Jan. 21 Holders of rec. Jan.
*1
Extra
Jan. 21 Holders of reo. Jan.
Union Tank Car, com. and pref. (quar.) *l% Mar. 1 Holders of reo. Feb.
United Eastern Mining (quar.)
Jan. 28 Holders of rco. Jan.
1.5c.
*1
United States Glass (quar.)
Jan. 25 Holders of rec. Jan.
Van Raalte Co., Ist & 2d pref. (quar.):.. *IK Mar. I Iloldera of re«;. Fob.
Warren Bros., first preferred..
Apr. 1 Holders of roc. Jan.
Second preferred
Apr. 1 Holders of rec. Jan.
h7
Woolworth (F. W.) Co., com. (quar.).. •2
Mar. 1 Holders of rec. Feb.
*1H
m
m
m
.
CONSOLIDATION.
The
Feb.
1
m
25 000
The
Conversion
r,
1
Holder? of rco. Jan. 20
Jan. 11
to
Jan. 19
Holders of rec. Jan. 20a
]
.
50,000
CHARTERS ISSUED.
Jan. 3
VA
Feb.
Fob.
Feb.
1!4
Banks.
Home
.
Correspondent, Ted Goode, Poteau, Okla.
The Farmers National Bankof Hanna. Oklahoma
Conversion of the Farmers State Bank of Hanna.
Correspondent, Robt. McRay, Hanna, Okla.
The American National Bank of Vinita, Oklahoma
Conversion of the First State Bank of Vinita.
W. Samuel,
m
& Light, pref. (nuar.)_..
Gcoigi.i Ry. & Klcctrlc, pref. (quar.)._
Sierra Pacific Blec., pref. (quar.)
Cttnei.
Inclusive.
/?oo*.?
Daya
Fire Insurance.
APPLICATIONS TO CONVERT RECEIVED
Correspondent, P.
Payable.
Street and Electric Railways.
J.
.
Whfn
Cent.
Company.
Dallas Power
200,000
Fir.st
of
Capital S100,000
12034 The
Alliance National Bank, .Vlliance, Ohio, Capital
$150,000.
Consolidated Jan. 3 1922. under Act Nov. 7 1918, under
charter of The First National Bank of Alliance (No.
3721), and under corporate title of "Alliance li^st
National Bank" with capital of S300,000.
The Owcgo Nation.-il Bank (2996), Owcgo, N. Y., with capital of S.50.000.
and The Tioga National Bank (862) of Owego, N. Y., capital SoO.OOO,
Con-wilidated f/O-day under provisions of Act of Nov. 7 1918 and under
chapter and corporate title of "The Owogo National Bank" (2996), with
capital of $1.50.000.
m
16(1
16(1
ISd
la
12
31
31
1
•!
22
31
14
14
20
20
15
10
20
1
14(3
16a
20a
20
20
16
21
21
31
24
21
25
31
1
11
13
10
16
16
31
20
20
15
26
26
12
12
16
31
31
16
20
20
31
14a
10
160
26
17()
10
15
10
16
21
11
11
6
9a
18
15
16
16
10
VOLUNTARY LIQUIDATIONS.
Jan. 6
Capital.
— H692-The County Dec. 31 1921 Liq.Lock Haven, Pa.S
National Bank of
Effective
Agt.. Samuel H.
Fredericks, Lock Haven, Pa.
250.000
Assets pur-
and liabilities assumed by the Lock
Haven Trust & .Safe Deposit Co., Lock
Haven, Pa.
Jan. 6— .--62.The Second National Bank of the City of New
cha.sed
Y
York, N.
_.
Kffc^llve Dee. 31 1921.
LlQ. Agts.. Edward
H. Peaslee, 2.50 Fifth Ave., New York,
Arthur L. Uurn.s and Charles W. Chase
(any two of whom may actj. Assets purchased and liabilities as.sunied by the
National City Hank of N<;W York.
11587 The Flriii, Nation.il Bank of Huiuington Park.
Calif
Klfective Dec. 28 1921.
Lkj. Agt.. Thomas
V. Cassldy, Hunliimton Park, Calif.
Assets
Per
—
67H
Name
1,000.000
Furchaswl and ll:ibilltli:s assumed by The
ndu.strial Hank, Vernon, <;alif.
The First National Bank of Walnut Ridge, Ark.
9332
Jan. 7
Below WO give tho dividends announced in previous weeks
and not yet paid. This list docs not include diviclends
announced this week.
Effocllvo D.jc. 31
1921. Liq. Agt., Roy
Town.s<!nd, Walnut Ridge, Ark... Absorbed
by the l,awrenc<; <;ouiity Bank, Walnut
Ridge. Ark.
Tho American .National Bank of Roswell, N.
Effcctlvf! Ditr. JO 1021.
Lift. Agt., II. I'.
.Saunders, Jtosw<;ll. N. M.
Asm'Ih purchased
and Ilablllll<:H a.tMimfKl by tho CJItlzens National
Bank of Kohwcll, N. M., Including liability
for circulation, under tho provliiloiis of
H<x;tlon .UJ'.i. V. H. R. 8.
M
of
Company.
Alabama Great Southern, preferred
Atch. Topoka & Santa Fe, com. (quar.).
I
Cliif^ago
.JO.OOO
40,000
\()(i.(XX)
li-i
North Western, common
&•
Preln red
Cblo. St. Paul Minn. & Omaha, com
Preferred
Clove. Cine. Chlo. A St. L., prof. (qu.)..
Delaware Lackawanna A Woat. (quar.).
Kxtra
Dot roll River Tunnel
Groat Northern (qunr.)
Kaimus City Southern, pref. (quar.)
A
Llltlo Schuylkill Nav., UK.
(.'oal
I oiilHvlllc
Naf'hvlllo
.Miilionliig (;oiil lin.. common
,M Iclilgan Cent I al
Now York f;cnttal RIl. (quar.)
Norfolk
Wwtorn, adj. prof. (quar.)..
Noiihorn C'tnlrnI
A
A
Notttirrn
((juar.)
I'ft/'lflc
Dividfiifls an; (^roupntl in two soparuto tahlis.
In
Ik
wo Iirinp; totc<Jlnr ;ill tlm «livif|riifls aiinoiiiicfil Hk- <mijrent week. Then wo follow with a Hfxjond tablci, in wiiifOi
I
first
tho dividcndH i»rfviniiHly announrwd. lnit which
boon paid.
Tho «livid«'ndH annoiinood thin wook are:
.v«!t
Namt
Rallmadu
Hunt.
A
Whm
A Coal, pf
Hcliiiylltlll Ft.iv(>n
NbdIi. Chattanoofca A Ht. iA>ull.
PIttHburKh * I.nkn IOrl«
5f)r
SI
.2r,
3}i
»3
.r.(i
Fob.
I'lb
Feb.
i«i).
.Street
and
IJirr.
Fob.
I
t/>
Jnn. .11
.Ian.
iloldrm of riv. Jan. 21
iloUlRrA of ffy. Jan. 2<'>
Hold<T§ of
M
roc.
A
Rv.
A
Light,
Co.,
l.lKht. |iriir.(qu.)
Iirof.
(quar.)
(qimr).
...
Phllii(|(i(,iii)i A VVdttcrii. iircf (ciuar.)..
Vugi't Kdtitid Power A Mulil. |)rof. (QU.)
VIraliiln Ry A I'owor, proforrcil
WoMhliiKtoii Water Power. Hpokano (qii.)
Wcftl I'onn PowiT, T;'„ pref. dinar )
I'cnn Tr. A Water I'ow., prof, (qil.)
Profnrred {iw.<!l.. aociimiilatml dlvn.) - .
I'hlliul('l(ihl.'i
Wwt
Fob.
Feb.
Jan.
Jan.
Fob.
3H Feb.
ili Jan.
SI. no Jan.
S2.60 Jan.
Jan.
3
IH Fob.
Jan.
1
SI. 25 Jan.
3W
S&
4
IH
•1
S2
I«
IH
I'i
SI
I'cb.
Fob.
Jan.
Fob.
Fob.
Jan.
Fob.
Fob.
Fob.
Fob.
Jon.
Eloctrlc Railway*.
I'owcr A Light, cotnmon (quar.)
CIn. Nowpfirl A C'ov. L. A Tr., cuiu.(qu)
Profornid ((|inir.)
f,'(iriM(ill(liil.ix|
Tracilon of N. J
Dii'liKniic Light, 7% prof, (quar.)
Knniuckv .Siciirltlitii (.'(irp.. ptnf. (quar.)
MiiiKrhontrr Tr., L. A Power ((juur.)
Mllwnukoe
Booki r.toua.
Oayt InclUAUt.
iVi
3>A
2>4
C;iu-(iiltiii
Olt'iniwrt Ry.
).Stciiint.
Ftros'l'l'op Vtt.. Kit.
Minn mil k
Ptr
Cent.
of Compniiii
A
WiiHt Vtt., prof, (quur.)
ReiKlliiK (.'iiinitttiiy, common (quar.)
Troy Unlfin UIl
DIVIDENDS.
Feb. 17
IH Mar.
2K
referred
Canada Southern
PlttHliiirHli
we show
When
Payable
Books Closed.
Days
Inrlusive.
Railroads (Stoam.)
/
Pcro Marquette, prior preferred (qunr.).
hav« not
Ctnt.
('(MiiiiioM
1^
2
IM
IH
Fob.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
2
IH Jnn.
lU Jan.
750. Jan.
.Ian.
'A
Ian.
MM
Jan.
I
kn
1U
IH
AlW
I'ob.
Holders
Holders
Holders
Holders
Holdrrs
Holders
HolderK
Holders
Holders
HoldorH
Holdors
HoldorH
of
of
of
of
of
of
of
of
rco
TOO
reo
,
mo
roc
roc
rt-c
reo
ol reo
of reo
of reo
of 100.
IlolilorH of rofl,
Holders ol roo.
to
1)00 17
HoldorH of rco,
llolflorH of roo.
IloldctN ol roo.
to
Dno. 31
'HoldorH of roo.
Iloldrrp of rro.
lloldciH of roo.
IloldrrN of roo.
llolllcTH of roo.
IloldlTH ol roo.
IlolilorH of roo.
,
,
Jan. 20
Jan. 31a
Deo.
Dec.
Deo.
Deo.
F(b.
F»ib.
1)00.
300
30a
22a
22a
1(1
la
30a
Jan. 7
7
Jnn.
Jan. Va
Ooo. 31a
1)00.
31a
Jan.
Jan.
16
lOa
.Ian.
1)00.
Ilia
Ma
Jan. 2S
Jan. 31
Doo. Bla
1)00. .iOa
Jan.
I'«l).
I4a
I
Jan. 1 7a
Uoo. 30a
Jan.
Jan.
Jan.
Jan.
Jan.
to
Jan.
l).-<v 21
lloldor* of roo. Jan.
lldldor* of roo, Jan.
Iloldom ol roo Don.
lloldorn of roo, Jan.
llolihiii of roo. I)w.
Iloldom of rno
to
1
Jan.
U>
Jan.
1
to
I
Jan.
MnldorH of rcic,
IH
15
16
1«
I
If.
3a
20(i
31
16(1
3 la
llolilini of roo, I)<>0. 2H(i
llrilrliTH ot riio. .Ian. I0((
lloldirn of roo
of IPO
1-ob.
lliililiirH
Kcb.
Feb.
IlolilorH of roo
lloldorti of roo
1)00.
,liin.
23
in
Jan. lu
.Ittii.
ir.
THE CHKOI^CLE
174
Per
Name
of
Street and Electric Rys. (Concludedl
York Rys., preferred (quar.)
When
Cent.
Company.
Payable.
62>ic. Jan. 31
Jan. 14
Miscellaneous.
Air Reduction (quar.)
All-America Cables (Quar.)
Alliance Really (quar.)
Extra
Allied Chemical & Dye Corp., com. (qu.)
Allls-Chalmcrs Mfg., common (quar.)..
Allls-Ctialmers Mfg., pref. (quar.)
.Amalgamated Oil (quar.).
American Art Works, com. & pref. (qu.)
Holders of rec. Jan. 21a
(quar.)
Fire Eng..lnc..com.(qu.)
(quar.)
(quar.)
Common (payable in common stock) .
Preferred (quar.)
American Rolling Mill, common (quar.).
Preferred (quar.)
Amer. Seeding Mach., com. (quar.)
Preferred (quar.)
Amer. Shipbuilding, com. (quar.)
--
(e.\tra)
Preferred (quar.)
American Steel Foundries, com. (quar.).
American Tel. & Tel. (quar.)
Amer. Type Founders, common (quar.).
pref. (quar.)
—
.
(qu.)
Preferred (quar.)
Associated Dry Goods, common (quar.).
First preferred (quar.)
Secon<l preferred (quar.)
Associated Industrials Corp., l8tp(.(qu.)
Associated Oil (quar.)
Atlantic Refining, preferred (quar.)
Baragua Sugar, preferred
Barnhart Bros. & Spindler
First and second prtferred (quar.)
Bayuk Bros., Inc., 1st & 2d pt. (quar.)..
Beech Nut Packing. Pref. B (quar.)
Bell Telephone of Canada (quai .)
Borden Co., common
British-American Tobacco, ord. (final)..
Ordinary (interim)
British
Empire
Steel, 1st pf Ser. B.(qu.)
Shoe, preferred (quar.)
.
Brown
Bush Terminal, common
E.xtra (payable in common stock)
Preferred
Canada Cement, Ltd., com. (quar.)
Canadian Fairbanks Morse, preferred
Casey-Hedges Co.. common
Central Bond & Mtge., pref. (quar.)...
Central Coal & Coke, common (quar.)..
Preferred (quar.)
Central Illinois Public Service, pf. (qu.).
Centrjil Oil & Gas Stove, pref. (quar.)..
Chicago I'licumatlc
Cities Service
Tool (quar.)
Mar
Mar
2
Jan. 15
Jan. 25
Feb. 1
Jan. 14
25c.
l?i
1
/I
1^
2
I'A
ry*
IM
I'A
2M
IM
75c.
2M
1
I'A
21c
25c.
1>S
15i
IH
3H
I'A
I'A
2
*4
8
4
I'A
r-H
*2>5
*f2y2
*3
lA
3
I'A
lA
IM
1>4
2
35c.
2
(qu.)
Preferred
Commouw'th Gas
El. Cos., pref. (qu.)
Congoicum Co.. common (quar.)
Continental Motors Corp., pref. (quar.).
Corn Products Refg., com. (quar.)
Common (extra)
Preferred (quar.)
Co8den& Co., com. (no par value) (qu.).
(par value $5) (quar.)
Crucible Steel, common (quar.)
Damascus Brake Beam (quar.)
<Sc
Common
Deiaw. Lack.
&
'Weslern Coal (quar.)..
(quar .)
Dictograph Products Corp., pref. (quat.)
Dome Mines, ltd. (quai .)
Dominion Power & Transmission, pref..
Dominion Steel Corp., pref. (quar.)
Detroi I
Ed ison
Dominion Textile, preferred (quar.)
du I'ont Chemical, com. & pref. (quar.).
du I'out de Nemours Co.
1
15
16
1
$1
76C
3>^
$1.5U
$1
1%
1
50c.
I'A
62Hc.
12yjC.
1
2
$1.25
2
2
25c.
3H
IH
I'A
*25c.
'Jan.
13
1
Holders
I
Holders
25
25
15
15
1
1
I
15
15
15
15
I
I
I
14
16
14
16
10
31
15
15
1
1
1
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
Feb.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Jan.
Jan.
Jan.
Feb.
Jan.
(
Conmiouwealth-Edison (quar.)
17
Feb.
2
i
Cleveland-c;iifts Iron
Holders
IVi
I'A
lA
Common (monthly, payable in scrip). *oy^
Common Hayable in scrip)
'oiyi
Pref. & prei. B (m'tlUy) (pay. in scrip)
*aH
Commonwealth Finance Corp., cm.
Com mon (e.xtra)
1
16
14
17
rec.
of
of
of
of
of
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
13
Holders
Holders
Holders
Dec. 24a
Dec. 31a
Dec. 310
Jan.
14
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
rec.
rec,
rec.
of
of
of
of
of
of
of
ol
Holders of
Holders of
Holders of
Holders of
Holders of
Holders ol
Holders of
Dec. 16
Jan.
la
Dec. 31a
1
Feb.
rec. Jan. dlS
rec. Jan. 20a
6
tec. Jan.
6
rec. Jan.
6
rec. Jan.
Dec. 310
rec.
rec. Dee. 3Io
lo
rec. Feb.
rec. Jan. 250
rec. Dec. 3Ia
rec. Dec. 31a
rec. Dec. 31
rec. Jan. 24
rec. Jan. 14o
Holders
Holders
Holders
Jan.
1
Holders
Holders
Holders
Holders
Holders
Holders
Jan. 13
Holders
Holdeis
Holders
Holders
Jan. 26a
Dec. 31a
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
Jan.
Jan.
Jan.
Jan.
Jan.
15
15
15
15a
13
Dec. 31
Dec. 31
Dec. 31
Jan. 3a
Dec. 31a
Jan. 18
30
Jan.
Jan.
3a
Jan.
3a
Jan. 3a
Jan. 3a
Jan. 14
to
Jan. 19
of rec. Dec. 31
to
of
of
ol
ol
ot
of
rec.
rec.
rec.
rec.
rec.
rec.
ol lec.
of rec.
of rec.
Dec.
Dec.
Dec.
Dec.
31a
310
31a
31
Jan. 15
Jan. 31
Holders of rec. Jan.
3
•Holders of rec. Jan. 25
to
to
<Si
IH
Jan.
•IH Feb.
Preferred (quar.)
*1A Feb.
lyj Jan.
Eagle Plchcr Lead, preferred (quar.)
East Bay Water, Class A, pref. (quar.)..
iM Jan.
Feb.
3
Edison Klec. 111. of Boston (quar.)
Electrical Utilities, preferred (quar.)
lA Jan.
•2
Feb.
Elgin National Watch (quar.)
Feb.
2
Eureka Pipe Line (quar.)
$1.25 Feb.
Fajardo Sugar (quar.)
Feb.
3
Fail River Gas Works (quar.)
Feb.
2
Famous Playcrs-Lasky Corp., pref. (qu.)
Jan.
Federal Acceptance, pref. (quar.)
2
Federal Sugar Rellning, com. (quar.)..
I'A Feb.
Preferred (quar.)
IH Feb.
Firestone Tire & Rubber, 6% pref. (qu.)
IH Jan.
Seven per cent pref. (quar.)
IH Fob.
Jan.
General Electric (quar.)
2
Jon.
Extra (payable In stock)
«2
General Motors, 6'; pref. (quar.)
IM Feb.
Debenture 6% stock (quar.)
IH Feb.
Debenture 7'i stock (quar.)
IH Feb.
Jan.
Giant Portland Cetnent, |)referred
4
C;iobe-Weruicko Co., pref. (quar.)
ly. Jan.
Halle Bros., 1st & 2d pref. (quar.)
IH Jan.
Uarblson-Walker Refrac, pref. (quar.).
IH Jan.
Harris Bros., pref. (quar.)
•IM Feb.
Debenture stock (quar.)
<luPont(E.l.)de Ncm. Powd., com.(qu.)
Ullicresl CoUlerleii, common (quar.)
Preferred (quar.)
Homtstake Mining (monthly)
Imperial Oil Corp., com. (monthly)
Prelerred
((luar .)
Illinois Coal
Indiana <Ni
Corp., pref
Indiana Pipe Line (quar.)..
luKcrsoll Rand Co. (quar.)
International Harvester, com. (quar.)..
Common (payable In common slock).
Internat. Mercantile Marine, prof
Iniernallonal Paper, preferred (quar.)
Inierimi Teicp & TtAes- (quar.).
Kayser (Julius) & Co.,
First and second preferred (quar.)
Kelly-Springlleld Tire, pref. (quar.)III
IH Jan
.
I'A Jan.
25c. Jan.
1
2
3H
2y
$2
lA
/2
3
IH
IH
IH
2
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
Feb.
Feb.
Holders of rec. Jan. 10
•Holders of rec. Jan. 20
Holders of rec. Jan. 20
Jan.
6
Jan. 16
to
Holders of rec. Dec. 3Ia
Holdera of rec. Jan. 16
Holders of rec. Jan.
7
Holders of rec. Jan. 20
Holders of rec. Jan. 16
•Holders of rec. Jan. 20
Holders of rec. Jan. 16
Holders of rec. Jan. 16a
Holders of rec. Jan.
1
Holders of rec. Jan. 20a
Holders of rec. Jan. 20a
Holders of rec. Jan.
lo
Holders of rec. Feb. la
Holders of rec. Dec. 8a
Holders of rec. Dec. 8a
Holders of rec. Jan. 14o
Holders of rec. Jan. I4a
Holders of rec. Jan. 14a
Dec. 31
to
Jan. 16
Holders of rec. Dec. 31
Jan. 25
to
Jan. 31
Holders of rec. Jan. 10a
Holders of rec. Jan. 12
Holders ot rec. Dec. 31a
Holders of rec. Dec. 3Io
Holders of rec. Jan. 2Ua
Holders of rec. Dec. 30
HoUlers ol rec. Dec. 30
Holders of rec. Jan. 100
Holders of rec. Jan. 24
Holders of rec. Jan. 140
Holders of rec. Dec. 24a
Holdera of rec. Dec. 24a
Holders of rec. Jan. 16a
Holders of rec. Jan. 9
Holders 01 tec. Dec. 31a
Holders of
Holders of
rec.
rec.
Jan. 260
Feb. la
.
lA
(quar.)
(quar.)
Preferred
pf. (qu.).
(quar.)
(quar.)
Midwest Oil, com. and pref. (quar.)
Midwest Refining (quar.).
Mobile Electric Co.. preferred
..
Preferred (account accum. dividends).
Montreal Telegraph (quar.)
...
Mountain States Power, pref. (quar.)..
National Biscuit, com. (quar.)
National Fuel Gas (quar.)
National Paper & Type. com.&pf.(qu.).
New Jersey Zinc (quar.)
New York
Dock, common
Preferred
New York
Transit (quar.)
N. Y. Transportation (quar.).
Niagara Falls Power, pref. (quar.)
Nlpissing Mines (quar.)
Extra
Northern States Power,
.
.
.
.
.
common
Preferred (quar.)
.
Scotia Steel & Coal, pref. (quar.).
Nova
Ohio Brass, preferred (quar.)
Ohio Fuel Supply (quar.) ...
Extra (payable in Victory 4M% bda.)
Ontario Steel Products, pref. (quar.) ..
Pref tarred (qtiar.)
Otis Elevator, common (quar.).
Preferred (quar.)
..
Pacific Gas & Electric, com. (quar.)
Common (payable in common stock).
Pacific Oil
Pacific Telep.
&
Teleg., pref. (quar.)...
Penmans, Ltd., com. (quar.)
Preferred (quar.). .
Pennsylvania Salt Manufacturing
Peoples Gas Lght & Coke
Phillips-Jones Co., preferred (quar.)
Pick (.Albert) & Co.. common quar.)
Pittsbt'rgh Coal, common (quar.)
Preferred (quar.)
Extra
.
2
*\'A
*IA
2
*2Mc
•15
30c.
.
.
2H
.
IK
011& Refining, pref. (quar.)
Shawmut Mills, common (quar.)
Shaffer
1
Shell Transport & Trading
Simmons Co., preferred (quar.)
Smith (How.) Pap. Mills, Ltd., com.(qu)
(quar .)
Southern Canada Power, pref. (quar.)..
Spanish Rlv. Pulp &Pap.Mill8.cm.(qu.)
Preferred
•3
3
4
3
1^
Realty Associates
Extra
Rochester Sliver Co
83yc.
•134
2
2
IH
I'A
I'A
(quar.)
common.
Superior Steel, 1st & 2d pref. (quar.)
..
..
.
Swift International.
Tobacco Products Corp., com. (quar.).
Steel Forg. (quar.).
Transue & Williams
Truscon Steel, com. (quar.).
Tucket t Tobacco, common (quar.)
Union Natural Gas Corp. (quar.).
United Drug, first preferred (quar.)
United Fruit (quar.)
United Gas & Electr.c Co., preferred
United Gas Improvement, com. (quar.).
Preferred (quar .)
United Royalties (monthly)
Extra
United Verde Extension Mining (quar.).
U. S. Can. com. (quar.)
,
Western Union Telegraph (quar.)
Westlnghouse Air Brake (quar.)
Westlnghouse Elec. & Mfg., com. (quar.)
.
1
Jan.
Jan.
Feb.
Feb.
•15
Jan.
•4
Jan.
75c. Jan.
2
Feb.
$1.20 Feb.
lA Feb.
60c. Jan.
194 Jan.
1
Jan.
I'A Jan.
2A Jan.
87MC Feb.
2
Jan.
2H Jan.
50c. Jan.
87 He Mat.
3
Jan.
1
Jan.
25c. Feb.
50c. Jan.
1« Jan.
2
2
WInchestfr-Hayden, Inc., pref. (quar.). Pl'A
(qu.l
•Holders
Holders
Holdera
1' Holders
16:*Holders
16i'Holder8
25j
2O1
1
16
15
21
15
15
16
14
14
14
1
14
15
14
15
27
27
1
15
15
16
28
31
14
1
1
15
15
25
26
1
15
16
14
I'A Jan. 16
Jan. 31
S1.75
(quar.)
Mach., com.
.
1
.
1
*«20
$1
I'A
I'A
....
Pump &
Holders of rec.
to
Jan. 26
Holders of rec.
Hdlders of rec.
1
.
Preferred (quar.)
U. S. Industrial Alcohol, pref. (quar,)..
lA .fan.
. .
15c. Jan.
United States Mining (quar.)
2
Jan.
United States Rubber, 1st pref. (quar.).
U. S. Smelt., Refg. & Mining, pref. (qu.) *87>iiC Jan.
50c. Feb.
Ventura Consolidated OH Fields (quar.)
50c. Feb.
Jan.
Victor Talking Machine, com. (quar.).. 10
Preferred (quar.)
I'A Jan.
3
Jan.
Vlrglnm Iron, Coal & Coke, common
Warner (Chas.) Co., 1st & 2d pref. (qu.)
I'A Jan.
I'A Mar.
Weber & Hellbroncr. pref. (quar.)
Western Grocers. J>td. (Canada), pf. (qu.)
I'A Jan.
Western Power Corp., i)referred (quar.).
lA Jan.
vVesteru States Gas & Elec. pref. (quar.)
I'A Jan.
Worthington
I60
1
Elxtra (payable in stock)
Stearns (F. B.) Co., common (quar.)
Steel Co. of Canada, common (quar.)
Preferred
20a
3a
31a
rec. Jan.
rec. Jan.
rec. Dec.
rec. Jan.
Jan. 20o
Jan. 31
Jan. 13a
Jan 13o
Jan. 25
2
Jan. 20 Holders of rec. .Ian.
Jan. 31 Holders ot rec. Dec. 31a
31a
Jan. 31 Hold* IS of rec Dec.
Jan. 31 Holders of roc. Dec. 31a
Jan. 14 Holders of rec. Dec. 24a
Feb. 1 Holders of rec. Jan. 14
14
Feb.
1 Holders of rec. Jan.
Jan. 15 Holders of rec. Dec. 31a
Feb. 15 •Holders of rec. Jan. 31
Feb. 28 Holders of rec. Feb. la
5
Jan. 16 Holders of rec. Jan.
5
Jan. I6t Holders of rec. Jan.
5
Jan 2 1 'Holders of rec Jan
Jan. 18
Jan. 31 Holders of rec. Jan. 16a
Jan. 14) Holders of rec. Dec. 3la
Jan. 25 Holders of rec. Dec. 31
Jan. 18 Holders of rec. Dec. 6a
Jan. 21! Holders of rec. .Ian. 1,3a
Feb. 1 •Holders of rec. .Tan. 15
Jan. 20 Holders of rec. Jan. 10a
Jan. 20 Holders of rec. Jan. lOo
Jan. 15 Holders of rec. Dec. 31a
Jan. 16 Holders of rec. Dec. 31a
Jan. 16 Holdera of rec. Dec. 3Ia
Feb.
Standard T'nderground Cable
Stetson (John B.) Co.,
_ .
Preferred .
of
of
of
of
j
•2
Pullman Co. (quar.)
Quaker Oats, prel. (4uar.)
Royal Dutch Co
Salt Creek Producers (auar.)
Securities Co...
_
1
n
\A
Procter & Gamble, pref. (quar.)
Public Service ot Nor. Ills., com. (quar.)
Preferred (quar.). . .
Public Service Co. of Quebec (quar.)
Preferred
Feb.
Holders
Holders
Holders
Holders
Inclusive.
Holders of rec. Jan. 19a
I'A Feb.
1
la
I'A Jan. 15 Holders of rec. Jan.
2H Jan. 14 Holders of rec. Dec. 31a
IH Jan. 14 Holders of rec. Dec. 31a
Jan. 14 Holders of rec. Dec. 31a
SI
3
Jan. 18 Holders of rec. Jan.
3a
3a
I'A Jan. 18 Holders of rec. Jan.
Holders of rec. Dec. 31a
g\'A Jan. 20
I'A Jan. 16 Holders of rec. Dec. 24
2
Jan. 16 Holders of rec. Dec. 24
*«1
Jan. 16 •Holders of rec. Jan. 10
$I
Mar. 15 •Holders of rec. Jan. 10
50c. Feb. 15 Holders of rec. Feb.
la
I'A Jan. 15 Holders of rec. Dec. 31a
5()c.
Jan. 14 Holders of rec. Dec. 31
$1.40 Jan. 14 Holders of rec. Dec. 31
•4c. Jan. 16 •Holders of rec. Dec. 31
SI
Feb. 1 Holders of rec. Jan. dl4a
*3\4 Feb. 25 •Holders of rec. .Tan. 31
*h2
Feb. 25' 'Holders of rec. Jan. 31
•2
Jan lel'Holrlers of ree. Dec. 31
I'A Jan. (220 Holders of rec. Dec. 31
I'A Jan. 14 Holders of rec. Dec. 31a
2H Jan. 16 Holders of rec. Dec. 31
2
Jan. 14 Holders of rec. Dec. 31a
•2
iFeb. 10 Holders of rec. Jan. 31
2M Feb. I6| Holders of rec. Feb. 6a
2^ Jan. 16 Holders of rec. Jan. 6a
$4
Jan. 14: Holdtrs of rec. Dec. 19
•50c Jan. I5i*Holder8 of rec. Dec. 31
IJi Jan. 16| Holders of rec. Dec. 31o
15c. Jan. 20 Jan.
1
to
Jan. 17
15c. Jan. 20' Jan.
to
Jan. 17
I
4
iFeb.
Ij Holders of rec. Dec. 31
Hi Jan. 20I Holders of rec. Dec. 31
*2
7
Jan. 16 'Holders of rec. Jan.
lA Jan. 15' Holders of rec. Dee. 31a
62V4C Jan. 14i Holders of rec. Dec. 31a
f2
iJan. 14 Holders of rec. Dec. 31o
IMiFeb. 15 Holders of rec. Jan. 3 In
IJilMav 1.1 Holders of rec Apr 29m
2
Jan. 16 Holders of rec. Dec. 3Io
IH Jan 16 HnIri*»rR nf rpc Dee 3In
Jan. 16l Hoidcis of rec. Dec. 310
Jan. 16 Holders of rec. Dec. 31
$1.50 Jan. 20' Holders of rec. Dec. 20a
IH Jan. 16 Jan. 1 to Jan. 16
2
Feb. 15 Holders of rec. Feb. 4
IK Feb. 1 Holders of rec. Jan. 21
$1.25 Jan. 14 Holders of rec. Dec. 31a
IM Jan. 17 Holders of rec. .Ian. 3
40c. Feb.
1
IJi Jan. 25
-
..
1'
16
Jan. 16
IM
Plymouth Cordage (quar.)
Prairie Oil& Gas (quat.)
Prairie Pipe Line (quar.)
Days
Jan.-
I'A
.
Midway Gas, common
Feb.
Books Closed.
1
(quar.)...
& Heat, Pittsburgh (quar.) .
Maple Leaf Milling, common (quar.)
P*ref erred (quar.)
Mason Tire & Rubber, preferred (quar.)
Massachusetts Lighting Cos., 6% pf .(qu)
Eight per cent pref (quar .)
Mexican Seaboard Oil ...
Mexican Seaboard Oil
Miami Copper (quar.)
Michigan Limestone & Chem.,
Payable.
12Mc.
Preferred
Mfrs. Light
rec
rec
of
o(
of
of
of
of
o(
of
of
Gas & Elec. of Ky ., pf
MacAndrews & Forbes Co., com.
When
Cent.
Company.
Louisville
Jan. 9
Jan. 9
Jan. 16
Jan. 24a
Feb. 1
to
of rec. Jan. 16
of rec. Jan. 20
of rec. Jan. lOo
of rec. Jan. 10a
of
of
of
of
of
of
Miscellaneous. (Concluded.)
Kelsey Wheel, pref. (quar.)
Kerr Lake Mines (quar.)
.
Laurentlde Power (quar.)
Lima Locomotive, preferred (quar.)
Loose-Wiles Biscuit,
Second preferred (quar.) .
Dec. 31a
Dec. 310
Holders
Holders
Holdeis of rec. P'eb. 10
Jan. 15
to
Jan.
7
Jan. 26
to
Jan. 14
Jan. 26
to
Jan. 14
Jan. 26
to
Jan. 14
Holders of rec. Dec. 310
Holders of rec. Dec. 31u
Holders of rec. Dec. 310
Holders of rec. Dec. 310
Jan 31
to
Jan. 15
Jan. 31
to
Jan. 15
Jan. 31
to
Jan. 15
3a
Holders of rec. Jan.
Holders of rec. Dec. 20a
Holdeis of rec. Jan. lUo
Dec. 29
to
Dec. 16
Holders of coup. No. 22
HoUlers of rec. Jan. 13a
la
Holders of rec. Jan.
lo
Holders ot rec. Jan.
Holders of rec. Jan. 14
Holders of rec. Feb. 4
Holders of rec. Feb. 4
Holders of rec. Jan. 14a
Holders of rec. Dec. 310
Holders of rec. Jan. 16a
5
Holders of rec. Jan.
Holders
Holders
Holders
Holders
Feb.
Feb.
Feb.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Feb.
Jan.
1
16
15
1
lA
I'A
Preferred
Anglo-American Oil, Ltd
Art Metal Construction (quar.)
Asbestos Corp. of Canada, common
I'A
75c.
IH
Amer. Laundry Machinery, pref.
American Light & Traction, com.
&
I
*2
Am. La France
Amer. Woolen, com.
'A
*2
'SI
American Clsar, common (quar.)
American Coal (quar .)
Amer. Gas & Elec, pref. (quar.)
American Clue, preferred (quar.)
American Ice. common (quar.)
Common
2
31
Jan.
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Jan.
Jan.
Feb.
Jan.
Feb.
Feb,
Feb.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
$1
Name
Inclusive.
Banks.
Commonwealth.
Per
Books Closed.
Days
[Vol. 114.
1
Jan. 31
Jan. 16
Jan. 25
Jan. 16
of rec. Jan. 14
of ret-. Dec. 3Ia
of rec. Jan. 10
of rec. Jan.
10
of rec. Jan.
1
1
of rec. Jan.
Jan.
2
to
Jan. 16
Holders of rec. Feb. 1
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holdeis
Holders
Holdeis
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
•Holders
Holders
Holders
Jan.
1
Jan.
1
Holders
Holders
Holders
J.in.
1
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
of rec. Jan.
of rec. Jan.
of rec. Jan.
of rec. Jan.
of rec. Dec.
of rec. Dec.
of rec. Dec.
of rec. Jan.
of rec. Dec.
of rec. Dec.
of rec. Dec.
01 rec. Feb.
of rec. Jan.
of rec. Jan.
of rec. Jan.
of rec. Dec.
of rec. Dec.
of rec. Dec.
of rec. Jan.
of rec. Jan.
of rec. Jan.
of rec. Jan.
of rec. Jan.
to
to
.Ian.
Jan.
2Ia
31a
5a
5a
31a
31a
31a
16a
20a
31a
31a
28a
6
5
9a
30
30
31a
9
I60
6
14
14
5
5
of rec. Dec. 27a
of rec. Dec. 31a
of rec. Feb. 15a
Jan.
5
to
of rec. Dec. 31a
of rec. Dec. 31
of rec. Dec. 24a
01 rec. Dec. 31a
of rec. Deo. 31a
of rec. Dec. 31a
of rec. Jan. 25
6a
of rec. Jan.
• From unofficial sources,
t The New York Stock Exchange has ruled that stock
not bo quoted cx-dlvldend on this date and not until fuither notice, o Transfer
books not closed lor this dividend, b Less British income tax. d Correction.
h On acg Payable in scrip,
/ Payable in common stock,
« Payable in stock.
count of accumulated dividends, i Payable In Liberty or Victory Loan bonds.
* Payable In prefeired stock.
J Payable In N. Y. fimds.
p Declared 7% payable quarterly on Jan. 25, April 25, July 25 and Oct. 26 to
holders of record ot date on which each dividend Is payable.
will
-
,
.
Transactions at the New York Stock Exchange daily,
weekly and yearly. Bi()U|>lit forward from ixigc 179.
—
Week ending
Jan. 13 1922.
and Foreign
Bonds.
Bonds.
Par Value.
Shares.
State,
$60,584,000
49,475,500
43,314,000
40,688,000
48.137,000
61,410.000
3,338.509 $303,608,500
340,267,350
Tuesday
Wednesday
Thursday
Friday
Total
Week ending Jan.
Sates at
U.
—
Stocks No. shares
Par value
sharps, par
Bonds.
BOSTON CLEARING HOUSE MEMBERS.
$5,472,000
11,053,000
19.487,000
20.249,000
12,527,000
12.592,000
1,573,000
1,307,000
1,780,000
2,063,000
1,072.000
Jan. 7
1922.
Changes from
Dec. 31
1921.
previous week.
S
Circulation
2,1.36
&
000 Dec
.$4 ,000
Dec. 24
1921.
s
2 140,000
2.141.000
3601,412,300
9,245,279
S759.624.650
investments. 514.385 000 Dec, .5,193 000 519 .578.000 .524.145.000
Lo.ans, disc'ts
Individual deposits, Incl. U.S. 395,776 ,000 Inc.
4,072 000 391 ,704.000 388.169.000
Due to banks
104,900 ,000 Inc. 12,371 000 92 529.000 90.897,000
Time deposits
22,3.32 000 Dec.
310 000
642.000 23,117.000
United States deposits
13,194 000 Inc.
14 000
180.000 15.2,30,000
Exchang&s for Clearing House 20.069 000 Inc. 2,7.34, 000
335,000 10,707,000
Due from other banks
60,553 000 Inc.
5,647, OOO
906,000 52.194,000
Reserve in Fed. Res. Bank
42,858 000 Inc.
745, 000
113.000 42,739,000
Cash In bank and F. R. Bank
8,415 000 Dec. 1,436, 000
1,851,000
9,642,000
Reserve excess in bank and
Federal Reserve Bank
183, 000 Dec.
53,000
235,000
1,029,000
Statement of New York City Clearing House Banks
and Trust Companies. The following detailed statement
38,497.000 $81,380,000
Jan.
13.
1921.
1922.
—
Boston Clearing House Banks. We give below a summary showing tlie totals for all ttie items in the Boston
Clearing House weeklj^ statement, for a deries of weeks:
S.
Jan. 13.
1 to
New
York Stock
Ezchange.
175
Bonds.
$702,000
$4,922,000
6,406.000
7,645,000
6,970,850
7,335,500
6.988.000
764.800
517.295
465,729
454,600
500,385
635,600
Mun.
Railroad,
&c..
Stocks.
Monday
,
THE CHKONICLE
Jan. 14 1922.J
Saturday
1
j
1921.
1922.
3,338,509
4,943.919
$303,608,500 S417.444.900
6.903.1561
Runt
Government bonda
40,267,350
$44,152,000
5,179,500
25,626,000
$118,757,000
14,733,000
66,956,950
897.576,450
9.055,500
46,514.000
3130,144,350
374.957.500
§200.446,950
3153.172.950
381,380.000
bonds
bondS-.
State, mun., &c.,
RR. and
mi.sc.
Total bonds
8.497J)00'
DAILY TKANSAGTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
PhUadelphia
Boston
—
members
Bond
Shares.
Saturday
6,906
28,609
3,761
13,314
11,131
14,056
Baltimore
Friday
Total
New York
panies.
City
871,850
802,450
135,050
1,162
1,287
1,858
1.36.6.50
794
2.943
5329,300
—Follcn-ing
Bond
Shares
Sales
2,223
7,285
6,437
3.723
S71.950
51,400
45,300
69.250
73,400
18,000
77,777
Monday
Tuesday
Wednesday
Thursday
Bond
Shares
Sales
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
81,000
92.000
929
3.779
4.56
23,405 31.319,000
Sales
§13,000
26.200
48,300
54.500
148,150
47,000
.
3337,150
9.471
Non-Member Banks and Trust Comis the report made to the Clearing House
non-member institutions which are not included
House Returns" in the next column:
aETtXRN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
by
clearing
in the "Clearing
HOUSE.
(Staled in thousands of dollars
Net
i
I
CLEARING
NON-MEMBERS
Week ending
.
Members of
Fed'I Res. Bank.
Battery Park Xat.]
Bank
De-
De-
Circu-
posits
posits.
lation.
j
,
&c.
Nal'l
tories
Average Average Average Average Average Averase
S
$
S
1.481; 10.488
1591
1.172
7.9011
183
196
813' 10.592
309
1.5.52
10.814
462
1.094,1
473
4.782
2,390
1,211
739
1.540
838] 17,990i
9,101
9,496
$
1.500
I
Mutual Bank
W.R. Grace &CO.I
200
Yorkvllle Bank...]
200,
.500,
2.400'
.J
I
Net
Demand Time
in
Legal
Vault. Deposi-
StatebksXovIo ments,
Tr. COS. Sept.6
teiih
omitted.)
Net
[Reserve
Cash
counts,
!Nat.bk8.Sept.6 Invest,
three ciphers [000
is,
Loans,
Dis-
\CapUal. Profits
Jan. 7 1922.
Total...
—that
4.2271 43,852i
4.727
1,228|
30,206
11,352
196
State Banks
Not Members of the]
Federal Reserve Bank'
Bank of Wash Bts.
Colonial Bank
100
600
I
Not Members of
561
2,118
3.697
17.817
2,163] 20,2521
700
2.679;
1,679
21,314
30
231
ihe\
I
I
'
I
200|
5731
8.104'
3841
139
3.468
5.612
J
200
6731
8.104;
384
139
3.468
5.512
6.954; 72.2081
793,
4,291
6.645 a64.988
16.894
Grand atttrregate..! 3.300l
Comparison prcvlo'ua week
—
—
,'
I
agifr.
a«({r.
a«(cr.
a«(fr.
a U.
Dec. 3ll
Dec. 241
Dec. 17'
Dec. 10
.
——
'
3,300|
6.954 73,112
6.963 74.142
«. 963 73.182
3.30O|
3..300;
+976
196
+ 202
6.488 a54.012l 16,692
6,639 a.54,209] 16,601
6,679 a.56.941 16,408
6,682, a56,028i 16,577
4.3.58
196
197
197
.S.
198
,
Philadelphia Banks, -The Philadelphia Clearing House
statement for fh(! w«;ek «'nding Jan. 7 with comparative
figures for the two weeks pn-cefling is as follows.
liestTvo
requirements for members of the F(',d(;riil Reserve System
are 10% on demand depo.sits and 'S% on linu! deposits, ail
to he kept with the Federal Reserve Bank.
"Cash in
vaults" is not a part of legal reserve.
For trust companies
not members of the FedfTal Reserve System the rcjserve
required is 10% on demand deposits and inchides "Reserve
with legal d«!positaries" and "Cash in vaults."
Week ending Jan. 7 1022.
Dee. 31.
Ciphers (00) omitted. Memhcrsof
jyust
F.R. System Companies
Capital
W3.476.0
W, 600,0
Burplufi and profits
Loan.1. (INc'ifl (t Invcntm'ts
KxnhaiiKi^M for ';inar. House
93.753.0
5!»7.247.0
13,567.0
33,402.0
28.744.0
1»«. 780.0
Due from banks
Bank d<!p<)Hlt-s
nO.519,0
iDdlvUliml
Dee. 24
•37.975.0
107,320,0
W7, 076.0
108.005.0
107.1)84,0
«.'10,')4!»,0
620,2.(2.0
2U.TAU.lt
3l.(;2V.r)
n2.60.-.,0
37,976,0
3W.0
06.702.0
1 10. 810,0
io.'',.7»j.';.o
030,644.0
26,260,0
87.220,0
103,000
48.'..
12.0
471.7X1.0
18.4 76,0
400.25(i,0
48-1.007.0
170,1f.0,0
Time
(l'-DO«ltii
I.'i.9t(9,0
387,0
II. .'{8(1,0
/1. 220,0
14.326.0
Total
(I«D<)«llH
506,299,0
19,162,0
rlirpostta
U. H. deposllH (not Incl.).
Reserve wih loifal deponlt's
Reserve with !•. U. Hank..
Cash
vault*
Total res<TVR and cash held
Reserve required
ExcesB res. * cash In vault
*
In
Cash
In vaults
2.641,6
40,379,0
10.049,0
50,428,0
48,646,0
10,882,0
not ooonted aa rfoTrv
044,6
3,4S-.0
.,',760
;
fur
.'5.0
rr
616. 46 1.0 604.082,0 606.883,0
14.126.0
14,139,0
16,863.0
2.201,0
2,168,0
2.641.0,
49..370.0
48,728.0
47,604,0
10.993.0
12.104.0
12,7,30,0
62.013.0
03,123.0
62.601,0
60 I2H
61,306.0
60,671,0
I2.662,0l
11.607,0
12.373,0
i>ral
lUMrve memberfi.
that is, three ciphers (000] omitted.)
i
Jan. 7 1922.
Tr.cos..
Nov
Reserve
Bank
N Y.NBA
$
1
$
I
7,333
Bk of
Manhattan Co.| 5,000 17.520
Mech & Metals. 10,000 17.555
Bank of America 5,500 5,855
National City.. 40,000 65,7451
4,500 15,19l!
Chemical Nafl.
1,1441
1,000
Atlantic Nafl..
249
500
Nat Butch & Dr
Amer Exch Nat 5,000 7,951'
25,000 35,485
Nat Bk of Com
1.000 1,727
Pacific Bank..
Chath & Phenlx 7.000 8,682
Hanover Nafl. 3,000 21,296
Corn Exchange. 7,500 9,758
Im- & Trad Nat 1,500 8,746
National Park.. 10,000 23,692
769
1,000
East River Nat.
First Nafl Bank 10,000 38,650
12,500 11,550
IrvingNat Bank
843
Continental Bk,
1,000
Chase Nat Bank g2C,000 g21,066
Fifth Avenue..
Commonwealth.
Garfield Nat Bk
Fifth Nat Bank.
Seaboard Nafl.
Coal
&
Iron Nati
2,000^
500:
400
1,000
1,000
3,000
1,500
Mtgo&Tr.i
3,000
2,339!
896!
1,652]
809!
4,9811
1.451!
4,324
Guaranty Trustl 25,000| 16,552
Fldel-lnt Tr Co!
1.689
1,500;
Columbia Tr Co! 5,000 7.777
2.107
Peoples Tr Co
1,500
New York Tr Co 10,000 16.996
2,000i
Lincoln Tr Co.
1.236
Metropol'n Tr
3.418
2,000
Nassau N. Bkin
1,000
1.516
Farmers L & Tr 5.00O 12.641
Columbia Bank
1.743
2,0001
Equitable Tr Co 12,000; 16,502
7
.
Cash
with
Net
Legal
Demand
Vault. Deposi- Deposits.
|
'
in
'
lories.
\
\
Time
BatOt
De-
i
CircU'
posits,
la-
tum.
]
15
Members of
Fed. Res.
Average Average Average] Average
S
S
$
S
38.450
601
4,102;
28.467
121,044
2,189 16,574i
103.251
163,783
8,867 19,735;
149,053
52,279
1,409 6,713
50,67
490,209
*.546,451
7,752 73,991
111,511
1,539 14,653
103,042
15,696
3.55
2,014
14,931
5,338
112
660
4,170
94,684
1,508 12,691
86,396
306,454
1,153 35,746
270.727
22,213
1,348
3,394
23,484
126,551
6,558 16,290
110,832
115.2.52
1.660 16,303
105,2.56
1^4.197
7,218 25,525
160,014
35,169
629
3,821
27,945
161,485
1.210 17,597
135,910
14,379
360
1,920
13,789
320,011
595 24,549'
187,647
192,527
5.372 26,578;
195,771
7,547
124
5,928
806i
301,0.58
5.606 52,3351
.303,716
1J,392
681
3,084
19,818
8,265
576!
1,169;
8,720
464
16,038
2,450!
15,624
13,680
326
13,853
1,8271
50,946
047]
43,417
5,843;
l,62ll
17,524
629|
13,C59
639 2,493!
16,568
17,712
861
33,368
4,456
29,744
999 31,404 244,840
255,3 111
685
52,382
7,056
49,912
352.474
1,327 44,293! *396,177
.337
19.894
2,533
19,287
75.515
1,085
9,272
72,673
38.272
1,371
3,6101
37,143
143,345
589 16,651
123,440
514
21.493
3,636
21,404
4,56
27,884
3,287
23,541
362
14.794
1,486
13,189
123.086
525 13,200
*95,744
24.111
603
24,746
3,290
170,616
135.798
1,683 18.376
Average Avge.
S
S
1.007 1,954
12.569
"995
2.119
912
37.240 l".7i9
350
243
292
1,496 4.899
1,643
548
65
5,816
218
16,555 4,628
100
16,834
35 "si
2,475 5,420
1,568
49
3.335 7,401
3,601 2,500
100
10.930 l",692
45
477
797
904
341
3,410
10,245
396
246
68
407
397
1,380
16,544
799
2,221
1,268
1,584
648
682
173
18,106
50
818
6,293
273.900444.222 4,319,9771 71,824 557.034 c3,857,494 186,796 33,267
Totals, actual co ndltlon'Jan. 7 4,291,021' 73,5041558,338 c3,S24,921 190,569 33,180
Totals, actual co ndltlon Dec. 31 4.335.968 73,276 516,246 c3,8C6.468 184 485 33,289
Totals, actual co ndltlon Dec. 24 4.283. 551| 79,271;.521,653c3,771,707 169,790,33,282
State Banks. \Not McmbersofF. li. Bk.:
17,992
Greenwich Bank
2,008
1,000
5,400
Bowery Bank.
818
250,
78.736
State Bank...
2,500
4,361
636
3.365
2,020
18,539
50
6.178
28,890 4y,862
7.179
102.128
6,632
4,140
62,607 47,912
Totals, actual condition Jan. 71
Totals, actual condition Doc. 311
Totals, actual CO ndltlon Dec. 24
101,938
102,75s
101,.540
6,709
6,784
4,101
62,671 47,784
62,868 47,655
52,620 47.283
Avge. Jan.
7
.\
8.750
Avge. Juu.
10,000
2,531
1,809
311
6,98i)'
3,907!
4,344;
.496,
8.230
836
1.623
31,294
16,770
833
378
70,467;
2,331!
*.SS3
47.064
1,208
71,J60,
2,4«2l
2,0'I5:
4,820
4,016
4,808
48,455
69,091
70,321
1,172
1,217
Trust Cos. \Not Memhcrsof F. K. Bk.:.
40,537
Title Guar <t Tr
6.000 13.666
Lawyers Tlt*Tr 4,000 0,063
23,930,
19,619
Tolain, actual CO ndltlon Jan. 7,
TolalM, actual condition Dee. 31
I'otulH. actual co ndltlon Deo. 24;
2,238,
46,601
46,794
1,221
Gr'd acgr avgc 2Hn ,660 47 1 ,02 4,402,672 80,687 506,027| 3,057,166 231.016 13.267
f/'onipurlHon, previous week
+ 20,028 -7, 618-1 46.103I + 102,452|-| 8,270 —41
.
.
(Ir'd aggr., act.lcond'n Jan.
f-'oinparlHon.prcvlouH week
7 4,464,919; 82,605607,261
-
43,408
+600
+42.1WI
3,920.047|230.626 33,180
10»
+ 21.110+6.268
wflcond'n Hoc. 31 4,608,4 17 82,106626,063 3.004.0371233.267,33,280
ncflcond'n Mcc. 24 l.inf.,! 16 88,108630.804 3,870.0;: J18.204'33,282
acflcond'n Hoc. 17 4.16!l,670 .S.'i. 103 ,512.811 3,803.ilo:i 217,822 33,260
Gr'd aggr.. acflcond'n Dec! I0 4.3,)6,63l 81. IjH 603^,623 3, 706.2JlJJi222,42(j:£l,244
Ur'd
Total.
—
;
Avge. Jan.
4,229
4.069
4.313
6,954, 73.0011
3,300
—
+ 671
+62
depOBllH <U:tUi(:le.(l $.">70.000.
Bills payable, rodl'jrounta, acceptances and other liabilities. $1,282,000.
Ezceea reserve. $12,960 iiiercuiic.
Two
in thousands of dollars
Net
Loans,
CLEARING
Capital. Profits: Discount,
HOUSE
InvestMEMBERS.
(,000 omitted). iNat'l, Sept. 6 ments,
Nov. 16i
<&c.
Week eudlngState.
US
30
1,448
Tr. Bayonnej
Total.
Gr-d
Gr-d
GrVl
Or'd
3,785,
16,467|
4361
1.716J
I
Federal Reserve Banki
Mech
(.Stated
Union Exch Nat i,ooo: 1,589
Brooklyn Trust.! 1,500 2,773
Bankers Trust.; 20,000 20,408
:
Total
Truiit Companies
for the
of the
separate banks are the average of the daily results.
In the
case of totals, actual figures at end of the week are also given:
Week ending
Jan. 13 1922.
New York City Clearing House
week ending Jan. 7.
The figures for the
shows the condition
aKifr,,
<ir'd Bgiir.,
(ir'd agifr .
I
Nolit.—\
folK.—V. H. dopoHlls dodiictctl from in-l doiniind d<i|to«il« In the general U)tal
were an fcdIowH: Av<!rmr<i for w.ck .lull. 7. SS7,.'i22,000; ii'turil totiilM .run 7
SS7,480.0O0: l).T. ,31, $87 682.000: l><"-. 24, »00. Hi'l.OOO. !).•<• 17. SOO, 180.000;
"'
liMinccH and olIiiT liiiliiiitieN
Dec. 10. !H0,668,OOO
Kill,' imyiiOlc, redlHcouiiHf,
actuiil UitiilH Jan, 7, $420,206,000;
iivcriiire for tlie wixik Jiiii
!»•! 1(1.007.000;
7
D-<v .11, » 128,643 fXIO; \)ir 24, SI 10, 103.000; JXic. 17, »4O3,.336,O00; Dec, 10,
»-«34,702,000.
IrirliidrH dcponitx In foreign lirunrlico not IncliidiMl In total footlnH iih follows;
$10. (112. OOO;. Guaranty Trust
N'lilloniil City Kank, $100 207 000; lliiiil«irH TriiHt < o
f'o, $80,143,000; Fanncn.' I.oiiri * TruHt '.'o., S282,000; l;uultiil.lii TruHl (;o.
(il)OVr
vn
,
,
,
S:!l.376,000.
Ilnlun'-oi ciirrlixl In baiikfl In lori'lan rotiritriiw iih ri'wirvo for Hiicli
i\f\:<>t\\H wore: Mntloniil rilv
Hunk, .?20, 372,000: llunkiTH TriiHl Co., $120,000;
f Jiiiirarity Triint c;o
$1 1.1 18.00(1. KuriiiiTH' loun A TniHl Vai., $282,000; lOijiiltabki
Trust Co. $2 116(100
a Ah of
f Di'p"»it« In foreign brunches DOl Includcil.
Nov. 23 1021.
.
THE CHEONICLE
176
[Vol. 114.
Dk.1
Jan. 11 1922. Jan. 4 1922. Dec. 28 1921. Die. 21 1921 Dec. 14 1921
Legal tender notoa, allver,
&o.
145,105,000
427,476,000
560,018,000
86,754,000
Another
BIllB bought In open market
Total
on hand
bills
One-year certificates (Plttman Act)
113,000,000
54,040,000
385,000
Another
Municipal warrants
635,111.000
126,865,000
3
139,606.000
139,745,000
142,999,000
203,084,000
redemp. fund agst. F. K. bank
Uncollected Itema
All other resources
603,770,000
720.933,000
126,525,000
459.630,000
693.203,000
99,735,000
457,618,000
713.041,000
81.784.000
467.163,000 1,024,607, 000
738,007,000 1,424,933,000
69,397.000
203,412,000
476,360,000
705,941.000
72,954,000
,294,073,000 1.351,228.000 1,252,568,000 1,252,443,000 1,255,255,000 1,274,567,000 2,652,952,000
51,084,000
59,472,000
43,575,000
34,731,000
32,253,000
25,907,000
32,480,000
119,500,000
62,472,000
334,000
113,000.000
69,435,000
379,000
119,500.000
41,127,000
334,000
119,500,000
66,710,000
273,000
124.500.000
43.168,000
227,000
126,000.000
46,291,000
67,000
131,000,000
37,834,000
22,000
259,375,000
30,310,00*
,535.851,000 1,563,273,000 1,482,626,000 1,455.069.000 1.459.806.000 1,475,887,000 2,968,544,000
34.879.000
35.015.000
34,336.000
33.384.000
33.241,000
17,955,000
32.949.000
7,896.000
7,880.000
7,889.000
7.854.000
7.941,000
12,799,000
7,903,000
559,766,000 592,172.000 629.790.000
612.122.000 534.872.000 544,393,000
706.676,000
19,920,000
20,578,000
20,209,000
19.476.000
19,334.000
6,801,000
18,732,000
1,293,823,000 1,470.921,000
35.203.000
35,019,000
7.926,000
7,939,000
notes
638,462,000
548,436,000
14,103,000
12,811.000
Total e.amlng assets
Bank premises
6%
487,193,000
692,640,000
114,240,000
477,4,56,000
1,074,248,000 1,239.432,000
48,675,000
52,150,000
8. bonds and notes
B. certificates ot Indebtedness:
IT.
S
132,413,000
.
discounted:
Secured by U. S. Govt, obligations..
?J.
122,066,000
NO". 30 1921 A'Of 23 1921. Jan. 14 1921.
3,041,294,000 3.009,802,000 2,992,200,000 2,993,060,000 3,001,586,000 2,990,633.000 2,989,142,000 2,978,228,000 2,288,538,000
Total reserves
Bllla
122,600,000
134,504,000
1921.
4,939,322,000 5,176,417,000 6,151,306,000 5,211,184,000 6,176,436,000 5,018,538,000 5.044.396,000 5,058,092,000 6,000,713,090
Total resources. -
TAABILITIES.
103,204,000
215,398,000
853,000
15,289,000
1,735,563,000
26.055,000
Capital paid In
Surplus
Reserved for Govt, franchise tax
— Government
Deposits
Member bants —reserve account
Another
103,186.000
103,167,000 103,130,000
103,203,000
103,089,000
103,104.000
99,815,000
103,216,000
215,523,000 213,824.000 213,824.000
213,824.000
213,824,000 213,824,000 213,824.000
202,036,000
65,982,000
416.000
57.444,000
56.080.000
55,506,000
55.119.000
65.131,000
'
68.307,000
64,875,000
"8,970^066
71,634.000
69.407.000
52,337.000
45.913.000
32,1.55,000
,731,374.000 1,666.018,000 1.703,601,000 1,645,610.000 1,640,445.000 1.670,302.000 1,670,717,000 1,756,325,«00
26,872,000
26,274,000
29,457,000
27,743,000
25,601,000
26,555,000
27,464,900
25,625,000
--- 1,776,907,000 1,829,138,000 1.764,524,000 1,784,750,000 1,742,760.000 1,718,283,000 1,742,830,000 1,728,497.000 1,792,759,909
Total
- 2,293,799,00012,405.316,000 2,443,497.000 2,447,560.000 2,393,777,000 2,373,355,000 2,366,006.000 2,389,916,000 3,159,491,999
F. R. notes In actual circulation
83.880.000
84.548,000
82.747,000
77.014,000
83.977.000
78,309,000
75.862.000
213,177,999
74,765,000
F.R. b:i,nk notes In circulation netUab.
523,293.000 458,960,000 497.205,000
4.50,455,000
662,974,000 451,953,000 462.795,000 468,110,000 509,452,900
Deferred avalUblllty Items
25,949,000
15,648,000
25,323,000
25,682,000
-.25,454,000
24,856,000
23,983,000
15.729.0001
24,633,000
An other llabllltUes
—
4.9.39,322,000 5,176,417,000 5,151,306,000 5,211,184,000 6,176.436,000 5,018,538,000 5,044,396,000 6,058,092,000 6.000.713.090
Total liabilities
Ratio of gold reserves to deposit and
67.9%
68.2%
67.8%
71.1%
69.3%
69.3%
69.4%
42.1%
68.8%
F. R. note liabilities combined
Ratio of total reserves to deposit and
71.1%
71.1%
70.7%
74.7%
72.6%
73.1%
72.7%
4*.2%
72.3%
F. R. note liabilities combined
Etatio of total reserves to F. R. notes In
35%
aside
setting
after
circulation
against deposit liabilities
—
DiWV>tMon bv MaturMes
1-16 days bUla bought In open market.
1-16 days bills discounted
1-15 days U. S. certlf. of Indebtedness.
S
32,210,000
569,318,000
2,000,000
Municipal warrants
16-30 days bills bought In open market.
.16-30 days bills discounted..
16-30 days U. S. certlf. of Indebtedness.
Municipal warrants
81-60 days bills bought In open market.
81-60 days bills discounted
81-60 days U. 8. certlf. of Indebtedness.
-Municipal warrants
61-90 days bills b ought In open market.
81-90 days bills discounted
61-90 days U.S. certlf. of Indebtedness.
Municipal warrants
Over 90 days bllla bought In open market
Over 90 days bills discounted
Over 90 day f certlf of indebtedness..
Municipal warrants
25,621,000
95,071,000
'"""r84',666
16,773,000
155,000
17,377.000
l.'')2,
1.5O.O0O
12,147,000
110,092,000
21,223,000
3,000
60,858,000
126,440,000
51.000
.
Feaeral Reaerte
97.2%
98.5%
105.5%
-
69,029,000
654,126.000
5,719,000
211,000
31,520,000
111,915,000
2,500.000
26,000
19,529.000
167,605.000
12,541,000
142,000
6,173.000
118,1.38,000
28,634,000
14,000
60,693,000
133,041,000
58,306,000
708,361,000
13,687,000
34,000
24,743,000
116,690,000
2,500,000
182,000
26,062,000
161,202,000
10,763,000
23,000
5,114,000
131,936,000
28,163,000
95,000
15,000
61,644,000
126,869,000
96.8%
99.9%
100.7%
100.6%
78,082,000
735,869.000
12,092,000
65,469,000
696,923,000
29,490,000
45.982,000
691,830,000
37,500,000
34,582,000
699,318,000
38,409,000
68,742,000
40,270,000
693,057,000 1,409,471,000
30,395,006
9,878,000l
18,431,000
127,721,000
2,020,000
211,000
25,718,000
171,131,000
10,749.000
28.000
4,279,000
129,301.000
24,073.000
96,000
15,000
60,621,000
111,693,000
14,815,000
123,154,000
1,500,000
32,000
14,034,000
167,762,000
2,500
194.000
6,401,000
106,217.000
11,809,000
47,000
16,000
58,777,000
140,851,000
T3'.252'600
138,786,000
11.526,000
133,324.000
4,000,000
10,092,000
143,726,000
26,106,000
232,971,990
1,500,960
16,332.000
161,582.000
5,400,000
168,000
7.187,000
120.187.000
6.587.000
59.000
31.000
57.864.000
116.181.000
16,935,000
171,417,000
10,660,000
10,000
9,895,000
122,039,000
4,650,000
57,000
16,000
56,023,000
114,666,000
12,820,000
188.202,000
8,900,000
458,936,96*
8,839,999
6,216.000
125.550.000
4,618,000
288,159,060
8,920,909
54,631,000
119,333.000
60,003,060
240,121,060
52.6%
99.3%
'4"6V64V,966
'72,y36",99«
Ts.Vss'ioo
—
NoUi
2,732,861,000 2,786,114,000 2,796,540,000 2,772,812,000 2,726,175,000 2,691,689,000 2,698,675,000 2,704,639,000 3,599,708,000
380,798,000 353,043,000
325,252,000 332,398,000 318,334,000 332.666,000 314,723,000 440,217,000
439,062,000
—
Outstanding
Held by banks
2.293,799,000 2,405.316.000 2,443,497,000 2,447,560.000 2,393,777,000 2,373,355,000 2,366,006,000 2,389,916,000 3,159,491,900
--
In actual circulation
Amount chargeable to Fed Res agent 3.611,486,000 3,631,389,000 3,650,375,000 3,624,622,000 3,571,335,000 3,.553,391,000 3,556,811,000 3,579,491,000 4,324,642,000
846,275,000
853,835,000
851,810,000 846,160,000
878,675,000
861,702,000 858,136,000 874,852,000 724,934,000
ID hands of Federal Reserve Agent
.
.
2,732,861,000 2,786,114,000 2,796,540,000 2,772,812,000 2,726,175,000 2,691,689,000 2,698,675,000 2,704,639,000 3,599,708,000
Issned to Federal Reserve banks
How
SecureH
—
By gold and gold
By eligible paper
--
Qold redemption fund
With Federal Reserve Board
-
Total...
2,732,861,000 2,786,114,000 2,796,540,000 2,772,812,000 2,726,176,000 2,691.685.000 2,698,676,000 2,704,639,000 3,599,708,660
-
Eligible paper delivered to F.
349.012.000
349,013,000 349,012,000 450,063,000 450.102,000 450,163,000 4.50,163,000 266,485,000
883.202,000 950,171,000
939,704,000 912,753,000 903.965.000 919.070,000
893,323,000 2,334,156,606
822,300,000
120,902.000
115,832,000
112,396,006
123,471,000
116,301,000
112,651,000
121,502,000
112,822,000
120,434,000
1,441,114,000 1,432,938,000 1,381,624,000 1,360,625,000 1,247,068.000 1.224,911,000 1,207,940,000 1,248,331,000 886,677,906
.349,013,000
certificates
R
Agent. 1,027, 469 ,0001. 195. 183. 000' 1.246, 507.000 1,302,674.000 1,201.743,00011.200.601.000 1,207,798.000 1,230,018,000 2,566.566,006
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE
Two ctphers (00) omlited.
Federal Reserve Bank of
Boston.
RESOVnCBR.
i
—
Net!)
York
PMla.
Cleveland Richmond
12
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN.
AtlarUa
Chicago
St.
Louis Minneap. Kan.
I
$
S
CUv
Dallas
San Fran.
11 1922
Total
$
12,413,0
44,769,0
S
2,720,0
18,831,0
5.233,0
13.1C5.0
21,913,0
86,059,0
S
3.337.0
28.160.0
S
9,178,0
24,383,0
S
2,564,0
33,362,0
423,772,0 55,834,0 .57,182,0
6S2,«2S,0l 147, 851,0 170,070,0
7,259,0
15,000,0] 10,007,0
21,551,0
33,950,0
8,509,0
18.338.0 107,972,0
39.897,0 318,435.0
8,383,0 19,841,0
31,497,0
67,351,0
2,483,0
33„561,0
23,516,0
2,882,0
35,926,0
27,587,0
3,408,0
884,148,0
13,412,0 56,059,0
11,970,0 218,453,0 1,910,661,0
1,955.0
100,880.0
7,372,0
211,618,0 1,121,400,0 213,752,0 234,511,0
Total gold reserves
7,623,0
51,058,01
7,324,0
Legal tender notes, sliver, Ac... 20,040,0
04,010,0
6,496,0
66,618,0 446,248,0 101,331.0
5.910.0 18,309,0 11,722,0
59,959,0
834,0
66,921,0
7,132,0
27,337,0 281,884,0 2,895,689.0
145,705,0
3,538,0
5,719,0
231,658.0 1,172,458,0 221,375,0 241,835,0
70,506,0
72,528,0 464,557,0 113,053,0
00,793,0
74,053,0
33,056,0 235,422,0 3,041,294,0
41,947,0
65,996,0
4,930,0
36,774,0
48,576,0
3,332,0
21,280,0
51,169,0
18,839,0
33.498.0
380,0
6,776,0
38,081,0
15,767,0
49,025,0
753,0
8,580,0
41,008,0
13,283,0
87,171,0 112,873,0
2,630.0
5,496,0
88,682,0
84,238,0 172,988,0
10,162,0 10,808,0
52,717,0
1,173,0
44,8,57,0
65,545,0
S.868,0
49,603,0
2,630,0
12,067,0
1,414,0
6,569,0
204,0
4,4.50,0
5.320,0
44,0
150,0
1,900,0
32,0
44,0
60,663,0
616,0
49,498,0
806.0
79,927,0
4,400,0
54,133,0
2,037,0
1,065,0
.523.0
64,350,0
212,0
31.699.0
187,0
291,0
14,337,0
928,0
916,0
38,842,0
203,0
28,138,0
7,471.0
Gold and gold certificates..
Gold settlement fund F. R. B*d 21.573,0
—
29,044,0
168,853,0
13,721,0
Total gold held by banks
Gold with F. U. agents
Gold redemptlou fund
Total reserves
BUls discounted
Secured
:
S
289,021,0
134,751,0
18,125,0
22,349,0
10,353,0
128,965,0
35.311.0
on band
U.S. bonds and not«9
50,827,0
186,9.52,0
3,.549,0
858,0
8,450,0
22,319,0
35,400,0
29.428,0
U.
S
S
7,621,0
5,791,0
S
18.571,0
37,488,0
382,138,0
502,010,0
by
U. 8. Govt, obligatlooe
All other
BUIa bought In open market...
Total
2.096,0
53,738,0
bills
22.676.01
60,084,0
12.706,0
14,381,0
1,233,0
.58,754,0 108,536,0
4,204,0
115,0
16,0
19,170,0
46,178,0
12,447,0
427,476,0
560,018,0
86.754,0
77,795,0 1.074.248,0
52.150,0
4,628,0
8. certificates of Indebtedness:
One-year
All
ctfs.
(Plttman Act)
other
Municipal warrants
LIAIULITIES.
Capital paid In
Surplus..
Deposits:
Govt, franchise tax
Government
Member b nk — reserve
An other
acc't..
liabilities
8,564,0
1,0
252,638,0 100,047,0 126,945,0
6,648,0
498,0
3,840,0
93,675,0 102,965,0 197,877,0
7,010,0
2,545,0
1,037,0
422,0
50,563,0
424,0
1,623,0
114,749,0
1,495,0
188,0
45,651,0
651,0
7,930,0
16,483,0
53,0
1,617,0
110,768,0
934,0
notes In circulation
net liability
Deferred availability items
All other llabllltiee
Total
3,760,0
85,145,0
4,773,0
Total deposits
113,319,0
F. R. notes In actual circulation.. 188,326,0
F.R. bank
8,040,0
536,0
700,0
45,066.0
145,0
,539,0
48,393,0
89,0
522,0
24,699,0
212,0
1.56,0
,180,0
7,880,0
7,0
113,000,0
54,040,0
386,0
90,310,0 1,293,823,0
35,019,0
809,0
394,0
41,949,0
6.1§5,0
7,939,0
548,436,0
12,811,0
372,985,0 1,549,611,0 367,831,0 421,641,0 213,116,0 201,963,0 785,671.0 206,741,0 126,653,0 198,341,0 119,700,0 425,069,0 4,939,322,0
Total resources
for
.55,0
191,0
Total earning assets
Bank premises
6% redemption fund against Fed
eral Reserve bank notes
Uncollected items
All other resources
Reserved
10,000.0
6,890,0
39,227,0
751,0
27,114,0
00,197,0
123,0
2,426,0
8.736,0 11,134,0
17,945,0 22,503,0
51,0
103,0
1,459,0
725,0
708,.588,0 101,180,0 134,836,0
12,575,0
1,203,0
751,0
5,430,0
11,030.0
81,0
650,0
53,371,0
428,0
4,191,0 14.308,0
9,114,0 29,025,0
124,0
128,0
628,0
2,073,0
45,126,0 239,477,0
2,322,0
334,0
723,589,0 103,842,0 136,312,0 54,458,0 47,533,0 242,427,0
626,329,0 188,024,0 206,712,0 102,199,0 116,233,0 388,914,0
20,759,0
88,349,0
3,151,0
6,525.0
42,286,0
422,0
5,715,0
38,329,0
827,0
3,359,0
:}6,072,0
487,0
7,488.0
16,551,0
725,0
7, .594,0
3,569,0
7,468,0
26,0
130,0
42,248,0
448,0
4,599,0
9,646,0
83,0
1,527,0
68,517,0
604,0
103,204,0
7,380,0
215,398,0
15,199,0
853,0
5.0
15,289,0
945,0
1,655.0
42,978,0 122,910,0 1,735,663,0
26.055,0
5,378,0
299,0
67,788,0
90,139,0
42,826,0
.55,577,0
70,648,0
66,644,0
44,222,0 129,943,0 1,776,907,0
33,732.0 230,970,0 2,293,799,0
3,9.50.0
4,084.0
12,016,0
1,087,0
10,218,0
35,666,0
837,0
2.613,0
25,987,0
1,549,0
4,604,0
9,388,0
76,0
1,445,0
05,.564,0
779,0
49,182,01 30,20.5,0
4,097,0
591,0
4,203,0
7,394.0
4,782,0
35,585,0
1,205,0
83,977.0
449,455,0
15,729,0
372,985,0 1,549,011.0 367,831,0 421,041,0 213.116,0 201,963.0 735,671,0 206.741,0 126,653.0 198.341.0 119,700.0 425,069,0 4,939,322,0
1
.
I
.
THE CllEONICLE
AX. 14 1922. J
LIABILITIES
ICotKluded)
Ttco ciphers (00) omitled.
—
New
Boston
AUarUa
Cleveland Richmond
pnaa.
Yort
Memoranda.
177
Chicago
St.
Louis Mlnneap Kan. City
DaOoi
San Fran.
Totai
S
Ratio of total reservea to deposit
and F. R. note liabilities com76.8
86.9
75.8
70.5
45.0
44.3
73.6
71.6
61.8
53.9
42.4
70.2
74.7
2.336.0
12.036,0
2.560,0
2.624.0
1,568,0
1,152,0
3.808,0
1,504,0
864,0
1,536.0
832,0
1.472,0
32,292.0
bined, per oent
CoDtlngent liability on bills purobased for foreign correspond'ts
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JAN.
Federal Reserve Agent at
—
Resonrees
(in
Federal Reserve notes on band
—
Thowands of Dollars)
Gold redemption fund
-
Kyi-phb (^mniinr,
-
-
296,925
18,375
34,703 "12.462 111,695 '¥.655
351,000 135,389 140.000 31.295
135,544 65,508 02,637 81.080
28,875
3,339 50,236
5,168
Minn. K.
St. L.
$
$
141,280 26,060
446,490 111,296
2,400
3,497
34,000
83,263
$
9,200
58,327
5,960
2,291
59,100
43,945
8,732
13,052
1.264
9,200
34,811
8.068
Y5',79i
302,644
128,055
44.863
636
City.
$
11,440
74.284
'~2".227
25.360
46.697
18,841
Dallas. San Ft.
Total.
S
S
8
21.180 41.840
878,625
37,360 291.816 2,732,861
6,701
349,013
3,305 V7',56i
120,434
2.234 200.892 1,441,114
25.390 73.363
822,300
23.849
3.742
205,169
533.920 2.001.509 483,417 551,950 259,867 320,612 1,079,123 257,384 133,922 178,849 119,749 629.214 6.549,516
-
from
of Federal Reserve notes received
Comptroller of the Currency
314.240 1,154,462 266,719 269,007 1.39,609 190,816
108.853
682,628 147.851 170,070 33,950 39,897
50,827
164,419 6S,.S47 112,873 86,248 83,899
!rcm\Gold
Federal Reserve Bank] Eligible paper
.
Chicago
Richm'd' Atlanta
5.600
13.253
150.000
42.007
8.820
hfilrl
Total
Total
CUte.
S
S
S
S
$
336,290 53,360 .36. .300 24,639 73,656
818,172 213.359 232.707 115,030 123,160
S
-
Net amount
Collateral received
York PMla.
103,380
210.860
Collateral security for Federal Reserve notes outstanding:
Gold and gold certificates
/
New
Boston.
11 1922
587.770 137,356
318.435 67.351
172,918 52.677
87,524
27,587
65,538
67.527
23.516
42,879
58, .540 333,656 3,611,486
11,970 218.453:1,910,561
49,239 77,105 1,027,469
533,920 2.001,509 483,417 551,950 259,867 320,612 1,079,123 257.384 133,922 178.849 119,749 629,214 6,549,516
-
210,860
22,534
Federal Reserve notes In actual circulation
8187l72
188.326
Federal Reserve notes outstanding
FMlcrnl RpfwrvB nr>t.ps hplfi hy hnnkn
446,490 111,296 '58'^27 T47284
57,576 21,157
2,750
7,640
232,707 115,030 123.160
6,927
25,995 12,831
37,360 291.816 2.732.861
3.628| 60.846, 439.062
388,914
626,329' 188,024 206,712 102,199 116,233
213.3.'i9
191,8431 25.335
33,732' 230.970 2,293.799
90,139
66,644
55,577
—
Member Banks of the Federal Reserve System. Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
In the
statement were given in the statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKS IN FEDERAL RESERVE
BANK AND BRANCH CITIES AND ALL OTHER REPORTING BANKS AS AT CLOSE OF BUSINESS JAN. 4 1922.
Aggregate increases of 8242,000,000 in net demand deposits folio-wing
end-of-year interest and dividend payments by banking, industrial and
conunercial corporations, and large increases of bank balances, carried by
member banks in Federal Reserve Bank cities, also the return flow of
Federal Reserve notes and other currency, accoimt for the principal changes
Conin the condition on Jan. 4 of 808 member banks in leading cities.
siderable amounts of currency after serving the needs of the holiday trade
were returned to the reporting member banks during the weeK and after
being credited to customers' deposit accounts were used by the mceber
banks to reduce their own borrowings at the Federal Reserve banks and to
increase their reserve balances.
As against a further increa.se of .*19.000,000 in loans .secured by corporate stocks and bonds, loans secured by United States Government obligations show a decline for the week of .§14.000,000, and all other loans and
discounts, comprising largely industrial and commercial loans, a decrease
of $19,000,000. Corresponding changes for membres in New York City
include a reduction of S6. 000. 000 in loans secured by Government obligations and increases of $2.5.000.000 each of loans secured by stocks and
bonds and of commercial loans proper.
Investments of the reporting institutions in United States bonds and
Holdings of Treasury notes inVictory notes show but nominal changes.
creased by $.3,000,000. while those of Treasury certificates declined by
Member banJcs in New York City report a nominal increase
$.5,000,000.
in their holdings of United .States Ix^nds and Victory notes and increases
of $4,000,000 in Trea.sury notes and of $2,000,000 in Treasury certificate*.
1.
Data for
all
reporting
member banks
Federal Reserve District.
Number
of reporting
[
and discounts
1
Atlaiua
\
58
S5
82
193,177[
29,0.57J
207,233il,433,007i
5G3,770;2, 487, 7521
s
50,928i
203,8021
326,2931
s
49,943
332,548
618,586
S
20,113
108,311
321,243
800,060|4,113,93fi
45,394 364.379]
2,706
89.019!
3,978
91,448;
9,375| 123,130j
139,640] 735.180|
581,023,1,001,077
46,697
112,990
12,103
14,865
4,873
2,69.5
10,209
13.384
161,697 269,228
,001.0.5.3;5, 517. 092
816,602,1 414.239*
62.676'
76.609|
1091
JAN. 4
Mlnneap Kan.
Chicago. St. Louis
43
Ill
17,436
S
64,270
Three ciphers
1922.
City
omitted
(000)
Son fran.
Dallas.
37
35
80
.52,447 439,794
309,077, 1,086,584
18,079
124.099
299.792
$
10,803
32,077
212,357
16.380
65,642
369.647
6.395
37,960
193.141
449,667
60,6 12
2,436
4,114
3,332
48,840
378,960 1,590,648
28,.584|
78,633
1,104!
28,806
875
7,901
1,797
23,013
36,414 381,674
441,970
26,884
2,173
549
4,781
69,979
255,237
15,859
373
451,669
32,746
3,685
237,496
34,283
,208
520
722
4,874
21,253
5,194
48.999
3,217
9,269
447,734 2,110,675'
546,336
43,421
298,804
17,991
6,096
175,699
77,235
7,264
542.813
39.120
12.598
369.814
105.319
5.790
997
211
8.687
Total,.
67
52
308
I
-S
;
All other loans
York] Philadel. Cleveland. Richm'd.
49|
Loans and discounts. Including bills rediscounted with F. R. bank:
Loans sec. by U.S. Govt, obligations..!
Loans secured by stocks and bonds
$000,000 under this head.
Accommodation of the reporting member banks at Federal Reserve
banks, mainly in consequence of the substantial amount of ciu-rency returned to the latter, shows a reduction from $698,000,000 to $647,000,000,
For memor from 4.7 to 4.4% of the banks' total loans and investments.
ber banks in New York City a decrease from $131,000,000 to $125,000,000
in total borrowings from the local Reserve bank and from 2.8 to 2.6% in
the ratio of accommodation is noted.
Government balances with the reporting institutions show practically no
change. Net demand deposits, as shoivn above, increased by $242,000,000.
mainly because of the increase in bank calances carried while time deposits
show a gain for the week of $13,000,000. Member banks in New York
City report an increase of $133,000,000 in net demand deposits, mainly
because of increases in amounts duo to out-of-town banks. Only nominal
changes in Government and time deposits are shown.
Reserve balances of the reporting institutions with the Federal Reserve
'banks, in keeping with the large increase in net demand deposits, show an
increase of -347, 000. 000.. while cash in vault, composed largely of Federal
Reserve notes, declined about .$13,000,000- Corresponding changes for the
New York City banks include an increase of $31,000,000 in reserve balances
and a reduction of $7,000,000 in cash on hand.
In eacb Federal Reserve District at close of business
New
Boston.
banks
Investments of the reporting institutions in corporate and other sectu-ities
show an increase for the week of $6,000,000. largely by member banks in
New York City. Total loans and investments of the reporting institutions
in consequence of the changes noted are shown .$9,000,000 less than the week
before, while member banks in New York City report an increase of $56,-
S
;
'
.$
S
21,824
498.405
147,379 3,184.299
734,823 7,523.065
1
Total loans and discounts
!
D. 8. bonds
Victory
C 8. Treasurynotes
notes
C 8.
8.
Indebtedness
i
i
ccrtlllcates of
U.
Other bonds, stocks and securities
I
Total loans, dUc'ts & Investments, loci.'
bills rt^lscounted with F. R. Bank. .. ;i
Beaerve balance with F. R. Bank
,
Cash Id vault
Net demand deposits
Tlmedepoelts
Oovemment
..!
1
deposits
payable with Fedpral
Secured by U. 8. Govt,
All other
Bills redlscounted with P.
Secured by U. 8. Govt,
Bills
Reserve Bank:'
16.842i
32.493
569,001
30,890
15,844
624,324
46,221
26,290
760.912,
.308.0821
427.088
27,692
128,136
22,989J
19,162
27|
35
20.333
129,223|
I
I
R. Bank:
7,770
8,.57
306,0.58
1.54,.578
6.653
286,185 1,220,606 14,771,140
19,965
80..593 1,314,021
326.748
25,242
10,6.53
191,714 601,370 10.416,467
60,322 560,076 3,011,212
256,930
12,342
5,366
3,002
2,173
9,72.3]
2:5. SSS
3.".. 80.'')
13.47.V
re{>ortln(t
8,413
24,731
180
7,954
9,850
398
261,214
403
88
499
8,170
22.923
28,783
355,694
3,298
1,314
I
\
obllioitlous...
Data of
175,795,
11,382
69,314!
225,444 1.277,555
144,186 654,756
6.010,
32.124
|
5,677
...
2.
30,799,
i
obligations...
All othPT
I
.
79.360' 656.802
22.6291 104.284
784,56314,821,032;
180,866! 472,4391
19,3391
99,691
1
904,026 11,205,769
950.146
103,084
172.368
13,900
128.491
9,608
218.296
15,990
173,998 2.096.071
1,198
member banks
1,7441
.58.344'
3,222
1,223
28.7661
In Federal Reserve
3,749
347
9,349
1,618
69.3.53
31.594'
25,643
Bank and branch
cities
and
all
1,395
2S,2S4
other reporting banks.
!
New
CUy
York CUy.
Jan. 4. \Dec. 28.
1
of Chicago
Jan. 4.
All F. R. Batik
Dec. 28.
J/fn. 4.
CUUs
F. R. Branch Cities. Other Saected CUiei
Dec. 28.
Jan. 4.
Dec. 28.
Jan. 1.
Total
.
Dec. 28. Jan. 4 "22 Dec. 28
2yaB.
7 '21
1
Number
of reporting
Loans and discounts.
banks
67
.1
68
and discounts
Total loans and discount*
U. 8. bonds
0. B. Victory DOl«i
2,198,287 2,173,3011
216
212
317
318
117,628
688,019
.
—
14,318
172,933
116,234
663,742
167,143
1,167,946
16, 7 JO
6.59.198
171,943
* dlor'u A Invcnt'tS.
blllBrcdlsctcd with K. K. IJk. 4,801 .976 4.746.426 1,282.986 1.287,414 9,181,263
Resprve balance wllb r. R. Hank..
984,199
612, .5S6
582, 13^
I26,609| 121,636
Caflh In vault
184,916
90.0IM)
36,387
97.4!0S
36,2.54|
Net dcmatitl dfipfjBlla
887,357! 863.0.50 7, 390,077
,4,360,2661,216,994
TImo'lcDOfiltjt
:u»0,6Ntt
301,617 314,846 313.413, 1,406.993
Oovemment dop<«ltii
194,893
93,423
03,423
26,000
26,000i
Tot^al loiino
IncI
,
payable with K. R. rinnk:
Soc'd by U. 8. Govt, obligations..
All other
Bills rnfllHroiinted with F. R. llanV:'
Herd hy U. 8. Govt obligations..
All other
Kiitio of bills pnynble A redlsooant*
with K. R. Hank to lolnl loans
and lnv(>ittfT'«>nis, per ""ent .
..
Bills
.
rixtirea
820
806
808
!
.50.242
1
,
1
8
»
S
$
S
S
S
8
S
867,704
612,620
498,40r
67,266
348,307
360,161
83.401
60,697
85,093
3,184,299 3,166,481 3,127,686
331.546 2,300,030 2,280.63C
462,179 466,072 422,090 4 18,770
680,291 4,788,40fl 4,780,318 1,416,227 1.429,998 1.318,432 1,326,917| 7.623,005 7,642,233 U. 223, 721
8
t
48,6.58
319,2.57
3.640.9703.597.130 1,065,934]1, 062, 079 7,436,743 7,427,118
316,821
22,334
6(K1,333
.504,851
316, .392
22,I5||
80,981
16,136
80,362
11,027
111,631
14,467
97,963
3,311
96,064
86.806
83,146
3,193
U. 8. Tnmsury notes
U. 8. cenlflrat«!s of Indebtednnxs...
Othdr IxiniM. Htockd fiud scciirlM*^ .
a Comparative
277
2715
1
countwl with K. R. Hank:
S
S
ryjonssec. by U. 8. Govt, obllg'ns
173.445
179,626
fywnH secured by stfKjks A bonds. 1,269,238 1,244,203
All oilier loans
61
50
Inol. bills redls-
168,773
1,166,442
1
,96
1
,807 1,981,163 1,807,219 1,81 1,963 11,206.769
9.50,1 16
224,462 220,865 220.967
172.368
19,.5.S7
19,427
.39,421
222,947
37,806
17,166
28,580
686,008
16.080
13,373
31.462
680,733
22.573
362,118
1
1
,220.234 13,210,010
960.270
170.639
126.659
879,016
206,616
128,491
14,409
222.866
227.666
218,296
22,630
362,860 2,096,071 2.090.026 2,029,338
9,403,879 2,864,312 2,873,317 2,436,676 2.442,386 14,771,140 14.779.682 I6,660,6:M
113.234 1,314,021 1,267,107 1,3.5(1,643
9:19, 238
144,917
184,906
184,036
3.SS,66I
339,799
;i26.748
79,09.5
196,132
79,7.56
62.077
64, .572
7,208.668 1,677,441 1.619,617 I,44K,9I9 1,416,162 10.416,467 10,174,437 10,938,370
67 ,8.'i9 3,011.212 2,998,213 2,908.016
1,404.860' 923,976 9:,! 1,464
680,:,!M
118,612
267.073
266.930
22,661
196,078
39,334
22,977
39,000
1
1
1
107,030
91.830.
6,369
180
2,606,
2.061
180
166.448
180
148,786
I8fl
68.216
667
18.992
182,216
22.423
219,806
6,926
81,924
,;m,
4.1
6.61
37.661
667
42,619
261.214
1,227
1.314
268,666
2.302
693,694
2,190
89,113
3,866
91,464
4,966
93.928
28.783
366.604
34.320
402.037
1.204,613
6.7I
6.6
6.8
4,41
4.7
67,361
896
1
1,818
16,939
1,734
37.726.
36.490
3,071
44.082,
j.fl
2.8
3.6'
19
.
not •allabla.
6,948^
249,470
.
.
.
12.4
THE CHKONICLE
178
[Vol. 114,
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
(STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Loans and
Demand
Investments.
Deposits.
$
5,038 ,381,100
5,028 ,647,300
5,045 ,584,600
5,035 ,166,100
5,077 ,382,800
5,054 812,500
5,082, 494,800
5,129, 620,700
6,108 ,037,500
5,139 ,521,900
4,430 338,100
4,378 259,500
4,427 302.300
4,412 077,700
4,476 178,000
4,432 387,300
4,490 114,200
4,488 903,800
4,479 ,192,900
4,594 091,300
Averafies.
Cash
Reserve
in VatiU.
Reserve
in
Depositaries
Surplut
Reserve
Required.
Total
Reserve.
Reserve.
Members Federal
6.532,000
2,331.000
557,034.000 557,034,000 507,048,100
9,469.260
4,140,000 10.672,000
7,059,600
7,184,000
4,S53.000
49,985.900
1,202,740
124,400
8,863,000
9,010,000
9.171.000
8,838.000
566.027.C00
520,534,000
517,086.000
520,763,000
574,890,000 523,576,960
529,544,000 509,986,630
526.257.0001510.516,320
529,601,000'510.089,150
51,313,040
19,557,370
16,740.680
19,511,850
Reserve ranks
State banks*
Trust companies
Total
Total
Total
Total
Jan.
7
Dec. 31
Dec. 24
Dec. 17
Week ended
Nov. 5
Nov. 12...
Nov. 19
Nov. 26
—
Dec. 3...
Dec. 10
Dec. 17
Dec. 24...
IJec. 31.
Jan.
7
This Item Includes gold,
Reserve notes.
*
*Total Cash
in Vaults.
I
Reserve in
Depositaries.
$
silver, legal tenders,
99.678,300
103,411,200
106,167,800
104,005,900
104,664,200
106,038,300
109,700,300
114,718,800
110,207,300
103,995,400
593,207,100
587,367,200
600,951,500
590,461.500
595,033.000
578.899,700
608,686,200
601,032,500
607,052.600
621,080,800
national bank notes and Federal
Actual Figures.
Cash
Members Federal
Reserve banks
State banks*
Trust companies
TotalJan.
7
Total Dec. 31
Total Dee. 24
Total Dec. 17
Not members
b
Reserve
Reserve
in Vault.
in
Depositaries
55,381,200
1.329.220
33,750
.567,259.000 576.4.50.000 519,705,830
525.069.000 533.898.000 516,731,780
530,895,000 540,122,000 511,738,310
542,814,000 551,755,000 514,725,6001
Bank
17,166,220
28.383,690
37,039,400
of Federal
at the c ose of business Jan. 11 1922. in
comparison wiUi tlie previous week and the corresponding
date ast vear:
—
CFisures Furnished by State Banking Department.)
Jan. 7.
8646,949,900
4,857,900
18,450,500
Deposits with Federal Reserve Bank of New York..
58,840.100
Total deposits
689.649.300
Deposits, eliminating amounts due from reserve depositaries, and from other banks and trust companleslnN. Y. City, exchangesand U.S. deposits 036.926,300
Reserve on depos ts
118,751,800
Percentage of reserve, il.6%.
Loans and Investments
Gold
Currency and bank notes
RESERVE.
TotaL
837,430,800
Gold settlement fund— F. R. Board
Gold with foreign agencies
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund..
Total gold reserves
Legal tender notes all ver &c
Total reserves
Bills discounted: Secured by U. 8. Government obligations— for members...
Inc.
inc.
12,446,400
10.230.900
bought
redemp. fund agst.F.R. bank notes
Uncollected Items..
All other resources
Total resources
893,748,000
35,400,000
60,290,500
59,276,000
15,480,000
969,761,000
39.^,522,000
41.^.052.000
1,2.57,000
'«»
35,400,000
29.427,500
252,637,465
k 6,648,507
355..343,537
6,647,921
4,09.5,000
2,780,000
1,603,.360
151.623,000
139,478,273
114,749,254
1,894,000
1.610.685
1,4E4.944
1.549.610.402 1,623, 729,238 1,712, 250,000
paldln
Government Franchise Tax
Reserved for
87.174,000
257,368,637
2.284,400
P'
premises
Cap'ltal
Siirplus
41.^,052,000
58,065,703
186,952,215
d^, 857,750
in
Total earning assets
5%
45.69'9.281
.35,310,96 3
All others
Bank
393,522,000
35,310,963
22,676,227
other— For members
open market
Total bills on hand
U.S. bonds and notes
U. S. certificates of Indebtedness
One-year certificates (Plttman Act...
Bills
153.603.652
153.603.652
45. 699.281
128,965.025
128,965,025
1,622,-560
27,113,850
60,197,127
27,113,850
60,197,127
122,843
26,339.000
.56,414.000
417.000
16,906,572
2.425.818
677,402,000
713.942.651
708.587.895
12.8C4.0Q0
16.715.535
12.574.643
Another
690,623,000
747.564,758
723.588,357
..
Total deposits
800,122.000
663.072,917
626,329.263
ac'tual circulation
F. R. notes
38.180.000
20.516.200
F.R. banknotes In clrcul'n— net Imblllty 20.759.200
92,947,000
102,342,212
88,348,800
Deferred availability Items
7.625.O00
2.922.173
3.150.961
All other liabilities
1,549,610,402 1,623,729.238 1,712,250.000
Total liabilities...
-^-„~
Ratio of total reserves to deposit andr^=-^ =-=
T^TIT'
40.6.<,
79.3%
86.9%
F. R. note liabilities combined
notes
Ratio of total reserves to F. R.
m
Companies
—
14.10%
07.04%
$81,321,000
21.14%
New
* Includes deposits with the Federal Reserve Bank of
York, which for
St.ate banks and trust conip.'jnies combined on Jan. 7 were 858.840,100.
the
In circulation after setting aside
City.
35%
146.8%
—The
tlie New York City Clearing House banks and
companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
averages of
trust
liabilities
liability on bills
,„„„,.
129.3%
,.-.„,
4^.1%
12.0.«j,481
against deposit
Contingent
Banks and Trust Companies in New York
.
,
Member banks— Reserve account
$54,243,500
27,077,500
22.71%,
S
(Jovernment
— Trust
Banks
327,905,000 16.93%
9,525.800 05.78%
Stale
Cashlnvatilt
Deposits In b-onks and trust COS.. _
Differences from
previous week
Inc. $6,4.56,400
Inc.
31,200
Inc.
1.274,900
Inc.
2,945,900
Inc. 21,661.000
1922. Jan. 4 1922. Jan. 14 1921.
8
$
289,021,031
285,781,928
136,019,000
17,678,000
134,750,842
116,339,152
1,211,000
154,908,000
423,771,883
402,121,081
238,063.000
682,627,878
652.910,278
39,000,000
15,000,000
15,000,0 00
431,971,000
1,121.399,761 1,070.031.359
150.128,00
51.057,909
49.014,100
582,099.000
1,172,457,671 1.119,046,459
./an. 11
—
Resources
Gold and gold certificates..
All
State Banks and Trust Companies Not in Clearing
House. The State Banking Department reports weekly
figures showing tlie condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLU»ED IN CLEARING HOUSE STATEMENT.
Reserve
New York
of
,'>6,744,170
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 banks Includes also amount of reserve required on net time deposits, which was as follows:
Jan. 7, So, 573, 880; Doc. 31. S5„339,760; Dec. 24, $5,094,960: Dec. 17, .55,155,230.
b This Is the reserve required on net demand deposits In the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank Includes also amount of reserve required on net time deposits, which was as follows:
J:in. 7, 85,717,070: Dec. 31, 85,534,550: Dec. 24, 85,093,700; Dec. 17, .'55.083,710.
•
New York.
—The fol'owing shows the condition of the Federa
Reserve.
S
558,338,000 558,338,000 502,956,800
4,101,000 10.810.000
9,480,780
6,709,000
7,268,250
2,482,000
4,820,000
7,302,000
9,191,000
8,829,000
9,227,000
8,951,000
Condition of the Federal Reserve Bank of
Surplus
Reserve
Required.
Total
Reserve.
i9ft47fi2i
12,047,62)
6.w7v.43u
6 079 450
purchased
for forelsn correspondents
Note.— In conformity with the practice ot the Federal Reserve Board at Washington method of computing ratios of reserves to liabilities was changed beginning wltb
Instead of computing reserves on the basis of net deposits—
the return for March 18
deCuctlnj
that Is Including in the total of deposits "deferred availability Items but
"uncollected Items"— the new meth0(^ Is to disregard both amounts and figure th«
percentages entirely on the gross aE,ount of the deposits. For last year, bo-jeveri
the computations are on the old basis: that Is. reserve percentages are ca.lcul8tea as
basis of net deposits and Federal Reserve notes In circulation.
.
—
T-he Federal Reserve Banks.
Following is the weekly statement issued by the Federal Reserve Board on Jan. 12.
lor the system as a whole arc given in the following table, and in addition we present the results for seven preceding weeks, together with those of corresponding weeks of last year. The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal Reserve Agents' Accounts (third table following) gives details regarding
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal
Reserve banks. In commenting upon the return for the latest week the Federal Reserve Board says:
The figures
Helurn to the Reserve banks of larin- amounts of Federa' Reserve notes
and other currency, .nnd sulistantial rofluction in dopo.sit liabilities, accompanied b.v commensurate iiquidation of cliscountcil and purchas(3d bills
are indicated in the Federal Kcservc Hoard's weekly consolidated bank
statement issued as at close of business on .Ian. 11 1022
Gold reserves
show a further pain of S20.300,000. while other reserve cash compo.sed
largely of silver certificates and United States notes, increa.sed b.v
200,000
to 74. 7 f;
The banks'
r&sorve ratio sliows a
ri.se
for the weelc froir 71
om
1
Reserve Hank holdings of paper secured by CJovernment obligations
show a reduction for the week of $.50,000,000. Olh.T discounted bills
on hand declined by §7,5. 100.000, while hotdinars of bills pureha.sed in open
market, larp:el.v by the New York Keserve Bank, been use of the considerable
decline of mone.v rales in the open m;uket fell off .?10,100.o6o
I'nited
States bonds and notes show an increase of »(:i..")00.000, Pittnian certificates
show no chance, while other Treasury cerlifie:iles. held largely under
repurchase aprcenients by the New ^ork and CIiIctso banks ".show a
reduction of .$1.5.100.000. a lara-er reduction siiowii for these two banks
being offset in part b.v con.siderable purchases rt»pofted by the JBoston Bank
A slight increase from .S379.000 to .?38.5,000 is shown in the total of municipal
.
Minneapolis and Kans.os City banks
b.v the I'liiladelphia
as.sets. in consecinence of the changes noted, are shown
.5177.100.000 les.s than the week before and on J.an 11 stood at S1.29,'i..S00.000. compared with .'$2,9()S,.")00.000 about a year aero
.\11 classes of Oo\-ernment paper, except bills .secured by TroJisury notes,
warrants held
Total earning
,
Bills secured by Liberty and
sub.slantial declines for the week.
otheP 11. S bonds decreased front !?331 ,500.000 to S306.800.000. bills
secured bv Victory notes from $,5S. 100.000 to S.">4.<)00.000, and bids s<>cured
bv Tre.isurv certificates from $61,000,000 to .'533.200.000. while bUls
secured bv Trc.-.surv notes increased from $23,400,000 to $32,000,000.
Governhicnt deposits are shown $.53,000,000 loss than the week before.
Reserve deposits Increased by $1,200,000, while other deposits, composed
largely of non-menibers" clearing accounts and cashier's checks, lei! off
show
.$3,400,000.
,
,
,,.,,.
Federal Reserve note circulation siiows a reduction for the week of .Slll.compared with a reduction of $1 10. .500,000 during the correspondAggregate liabilities of the Reserve banks on Feder.il
ing week in 1921.
Reserve bank notes in circulation show a slight increase, though the amount
outstanding, according to 'I'reasnr.v records, shows a decline of $1 .'lOO.OOO
foi- the week.
.
,
.500.000.
Combined Resources and Liabilities op the Federal Reserve Banks at the Close op Business Jan.
11 1922
I
Jan. 11 1922.
./an.
4 1922. Dec. 28 1921. Dec. 21 1921. Dec. 14 1921.
Dec. 7 1921. Nov. 30 1921. Nov. 23 1931. Jan. 14 1921
RESOr'RCES.
and ROM certificates
Gold settlomcnt. F, R. Board
Gold with foreign agencies
Qolfl
Total gold held by banks
Gold with Federal Reserve aceots
Gold redemption fund
.382,138,000,
.502.010,000
II"
377,675,000
507,836,000
380,911,000
534,099,000
380.268.000
559.621,000
430.560,000
504,744,000
484.048.000
457,202,000
$
488,917.000
465.236,000
485.108.000
425.833,000
247..S65.000
393,173,000
3,300,000
643,838,000
884,148,000
885,511,000 915,010.000 939.889.000! 935,304.0001 941,250.000 954.153.000 910.941.000
1.910.561,000,1,902,912,000 1,846,369,000' 1,833, 108,000, 1,813,422.000 1.787.724.000 1,779.605.000 1,811,316,000 1,265,558,000
100,880,000
112.972.0001 176.058,000
86,875,000
115.639.000
120,447,000, 122,053,000
108,221,000,
97.997.000
^i
Total gold reserve
12,895,589,000 2.875,298,000 2,869,600,000 2,870,994,000 2,869.173,000 2,851,027,000 2,849,397,000 2,835,229,000 2.085.4,54,000
I
M
K
H
K
H
U
H
I
Range for Week,
Sales
for
13.
Wall
Street,
Friday Night, Jan. 13 1922.
—
Railroad and Miscellaneous Stocks. Business at the
Stock Exchange has focused largely in the general bond
market throughout the week. A caU loan rate of 3 to
and a Federal Reserve Bank statement the most
favorable in 3 years have lent themselves to the condition
noted. Reports of conditions in the steel industry and of
the number of freight cars loaded both indicate that general
Stei'Ung exchange
business is not increasing in volume.
moved up to $4 23H early in the week and has held near
that figure, while all the European exchanges have been
3H%
strong.
The stock market has been exceptionally dull, the transacweU below the 500,000 share mark, while
led
by
prices have generally advanced.. The rails were
tions averaging
3M
points higher than last week,
Atchison, which closes
while Union Pacific, Canadian Pacific and Reading have
moved up between 2 and 3 points. A few industrials have
covered a wider range, but as a group make a less favorable
showing then railway shares.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed Ust on the
pages which follow:
Range for Week.
Sales
I
I
Range since Jan.
Highest.
Lowest.
[
Highest.
Par.lSharesl S per share.
S per share. S per share. IS per share.
5.800|
l}f Jan 121
13* Jan 12
Jan 13 107
Jan 13 100
FebllOS^g
29il07
American Bank Note.SO
Jan 12 4614 Jan[ 56
5814 Jan 7j 60
Dec
500i
50Prelerred
300i 52
Jan 12, 52
Jan 12 43}-;; JanI 50 i^ Dec
Br Shoe & F.no pir\ 1,500 51
Jan 10 54 Ji Jan lljl 42
Janj 56 JS Dec
Prcferted
300 98
100,
Jan 11 99
Jan 13 83?4 Jan 100
Dec
AmeiicaD Chiole._no pari
700 lOH Jan 9 I0"< Tan 9
6'4 Novl 29
Jan
American Radiator
400 83 Ji Jan 13 86
25
Jan
Jan 31
Xov
Amer Sumatra, pref.iool
100: 70
70
Jan
Jan
64 Ji Nov 913i Feb
^imer Teleg & Cable- lOO;
40 55
Jan
Jan 7 55
Aug 56
48
Nov
Amer
E1bc.._ 100
100
Jan
Jan 7 6
4
SeptI
6
Oct
First pref (7'7^)._.100'
200 68
Jan
Sept' 66 j^ Dec
Jan 91 68
48
Partic pref (6';v,)..100 1,700 19K Jan 9 21;-< Jan 13
814 Sept' 20
Dec
Amer Wholesale. pretlOO
100 94
Jan 13ji 90J^ Jan;l03
Jan 13 94
Dec
Anaconda _^
rights
20,750 1-32 Jan 11
Jan lOl,
Ann .\rbor. pref
500 30
Jan 7 30!^ Jan 11, 20
AprI 32 J< Dec
300;
Aaseti Realization
10'
100
Jan 7;; 1
Jan 7
July
314 Jan
Atlantic Refining
lOOi
201000 .Jan 12 1000 Jan 12"800
June' 1125
Preferred
200 113
115
...lOO
Jan 11 10054 July 113 54 Nov
Jan 9
Austin, Xlrhol3..no par
400 10
.Jan 13 lOJ,' Jan 13
Jan 13
Jan
Aa'rtln, Nichols, pref. 100
100 68
Jan 9; 50 Ji Aug 70
Jan 9 68
Jan
-iuto Sales, pref
50'
100 14
Jan 10 10
Jan 10 14
Apr 15
Jan
Barnsdall Corp. "B"..25'
400i 19'4 Jan 9 195^' Jan 12
Jan
14?i^ June 35
British Kmpire Steel
600
9
Jan 13
Decl 9
814 Jan 9
Dec
600' 60 ti Jan
First preferred
.Jan 13; 55
Dec' 585-5 Dec
9 63
Second preferred
l.SOO, 22 J4 Jan 111 23
Jan 12i[ 22
Dec 23?^ Dec
Brooltlyn Union Gas. 100
700 73
Jan 10; 51
Jan 10 73
Jan 76
Nov
Buff Roch & Pitts... lOO'
49 'A Dec 72?^ Mar
20 .53
53
Jan 12
Jan 12
Bums Bros A
l.lOOillfi
Jan 13ll6Ji' Jan 13'|
B, when Issued
7,500 28K Jan 11 30 Ji Jan 91 31
Dec: 33Ji Dec
Bush Term Bldg, pref lOOi 1.200 88
Jan 13 87 J^ Dec; 90
Jan 9 91
Nov
Buttcrlcls
30 'X .Jan 13 14>2 .Jan 335^ Dec
100] 3.500, 28 >^ Jan 10
Carson HIII Gold
1
1,300 llj^ Jan 10 12
.Jan 11;
Decl 15i^<; Nov
Central
of
J... lOO'
.Ian 13 186
100190
Jan 13 190
Octj209
Mar
Cert-teed Prod, 1st pflOOt
200 85
Jan 13j 70
Jan 13 85
June: 85
Dec
6 'A Jan 10;
ChicA Alton, pref... 100
700
45^ Jan 11
Dee 12
Apr
Chic Ht P
<fc Om..l00'
200 51
Jan 9; 50
Jan 10 51
June 63
Jan
Cluett,Peabody&Co..lOO
300. 43
Jan 11 44J^ ,Ian 111 36
June' 62 'A Jan
Freferrefl
200 87 J^ Jan 9' 88
..100
Jan 10 79
AprI 86
Jan
Continental Insur
100' 66
25
Jan 1211 58
Jan 12 66
Aug! 73
Dec
De Beers Cont M.»o pari 300, 15 Jan 13 15H Jan 13'! 13H June, 21
Jan
Deere & Co. pref
100
100 6 1 li Jan 12 61,'i .Jan 12 59
Oct 80
Apr
!
!
i
All-America Cables. -loot
May
j
Am
^
H
W W&
BH
i
H
May
8H
K
8H
!
j
H
First Liberty
[High
Low.
^
lose
1
6H
K
A
H
M
11
Jan 11 78
Jan 1
81
26 J-j Jan 7 26
Jan 10 42%' Jan 13 32K
.Ian 10 330
Jan 10 210
Jan 12 i8Jr, Jan 9 12 H
Jan
23 ^ Jan 9 15
Jan 12 107i< .Ian 12 121 1^
Jan 10 107
Jan 12 100
Jan
44 ?f Jan 9 36%
,Ian 13 971.^ Jan
9 87 A
Jan 11 104 ^ Jan 13 S2
Jan 10 11 Hi Jan 10
8.H
Jan 10
Jan 9 65
Jan 12 91; Jan 12 72
84
88
1
Dec 103
Apr
Oct 119
June 48
Aug
Jan
Dec
Dec
Jan
Sept
4(iVi
2.55
.^ug 205-3
.4ug 27)<;
j
Mar
Nov
Aug 160 K
July 106;.'
July 47
Sept 107
Oct 104
I
Jan
Oct
Feb
Nov
Feb
Mar
Nov
13!.^
89'/,
.Mar
2'
of
7 Jan.
88 H
Oct
Feb
Dee
9 Jan. 10 Jan. 11 Jan. 12 Jan. 13
96.48
96.00
96.20
9n
1
Close
Total sales in 81,000 vnits
Second Converted 4H''o High
bonds of 1932-47 (Firsts Low.
Close
.Second 4 Us)
96.80
96.16
96.80
1,533
98.00
96.74
97.70
2,791
97.80
97.80
97.80
6
98.04
97.90
98.00
135
97.50
97.50
97.50
2
97.46
97.32
97.32
118
4H%
bonds High
1932-47 (First 4 Ms) Low.
Converted
97.80
97.50
97.72
97.90
97.62
97.90
194
415
97.90
97.50
97.80
767
97.90
97.52
97.60
243
97.76
97.76
97.76
98.65
97.82
97.90
201
98.30
97.76
97.76
1
287
97.90
97.90
97.90
Total sales in $1,000 zintts
Second Liberty Loan
1
fHihg
97.04
96.80
97.00
110
97.20
96.80
97.10
4"^ bonds Of 1927-42
-(Low.
Close
(Second 4s)
Total sales in SI ,000 units
Converted 4'4% bonds of High
1927-42 (Second 4Ms). Low.
Close
Totalsalcsin $1,000 «nto
Third Liberty Loan
415
High
97.86
97.72
97.84
4K%
bonds of 1928
1 Low.
(Third 4 Us)
Close
Total sales in SI ,000 units
Fourth Liberty Loan
857
fHigh
4U%
97.50
97.20
97.40
bonds of 1933-38- _ Low.
(Fourth 4 Ks)
Close
"tales in $1,000 units
854
Total
Victory Liberty Loan
fHlgll
notes of 1922-23..-! Low.
(Victory 45.4 s)
[Close
Total .lales in S 1 .000 iinits
notes of 1922-23
High
(Victory 35is)
-jLow.
4H%
3H%
Close
n
N
.Ian
90.00
95.76
95.96
253
97.20
97.20
97.20
. \
Convert.ed 4% bonds of [High
<^Low.
1932-47 (First 4s)
[Close
Total sales in SI ,000 units
1
RR
Loan
%
bonds of 1932-47.
(First 31^8)
;
,
11
Daily Record of Liberty Loan Prices Jan.
!
%
9
Jan
Jan
Highett.
:
—
H
I
.Ian
Lowest.
8 per share. % per share. % per share.
46
Jan 13 26
Oct 103
Jau
P^or volume of business on New York, Boston, Philadelphia and Boston exchanges, see page 175.
State and Railroad Bonds.—Sales of State bonds at the
Board are limited to $10,000 New York Canal 43'^s at 109.
There has been a constant demand for practically all
classes of bonds this week, and in many cases new high records
have been established. Foreign governments as well as
Liberty Loans are included in the latter, while several wellknown railway issues are from 2 to 3J^ points higher than
last week, including Atchison, Bait. & Ohio, Rock Islands,
No. Pac, Union and So. Pae. issues.
United States Bonds. Sales of Government bonds at
the Board are hmited to the various Liberty Loan issues.
Totalsalcsin^l.mO units
Lowest.
HUihest.
share
LAW
1.
I
Ajax Rights
Lowest.
Par Shares S per
So Porto Rico Sugar. 100
600 43
Standard Milling preflOO
200 83 "f
Stern Bro.s S'-c pref.. 100
10 88
Superior Steel
100
500 26 '4
Texas Gulf Sulphur. . . 10 33,700 40
Texas Pacific Ld T-.lOO
28 3.30
Third Avenue
100 5,700 16
pref
TolSt
200 23 '-4
Underwood Type pref 100
100 107 !<
United Cigar Stor pf^OO
550 105 H
United Drug Ist pref.. 50
200 44>.i
Union Tank Car
100
200 96
Preferred
100 1, 600 1031.5
Weber&Heilbron no par
500 10?-4'
Wilson pref
100
400 66
Van Raalte 1st pret.lOO
100 91 li
3 Vi
for
Week.'
Range or Year 1021
;
Week.
13.
1
179
STOCKS.
Wee* ending Jan.
STOCKS.
1
THE CHRONICLE
Jan. 14 1922.]
Week ending Jan.
1
.
Total sales in SI ,000 uni s_...
100.08
100.06
100.08
470
100.08
100.00
100.08
241
97.40
97.12
97.40
20
97.64
97.16
97.64
2,088
98'06
97.80
98.06
5,325
97.96
97.44
97.96
5,457
100.12
100.08
100.08
3.235
100.10
100.08
100.10
385
97.10
97.00
97.06
8
97.28
97.02
97.18
1,528
97.98
97.74
97.80
4,058
97.58
97.32
97.40
1,974
100.10
100.08
100.08
1,814
100.08
100.06
100.08
205
97.84
97.74
97.74
21
98.16
97.80
97.84
3,590
98.20
97.80
97.98
6,428
98.20
97.98
98.04
4,359
100.18
100.12
100.18
863
100.12
100.12
100.12
98.00
97.74
97.94
1,823
9S.10
97.72
98.06
5,018
98.06
97.82
98.06
2,730
100.30
100.18
100.24
1.439
100.26
100.16
100.24
1
430
97.68
97.68
97.68
1
98.02
97.74
97.80
2,297
98.14
97.90
97.96
4,047
98.10
97.90
97.96
4,006
100.28
100.20
100.22
1,522
100.24
100.20
100.22
99
—The
above table -includes only sales of coupon
Transactions in registered bonds were:
90 3d 4US
.. 97.22 to 97.98
lst3HS95.90 to 96.20
.. 97.02 to 98.08
lst4Us
97.10 to 98.30 145 4th 4^3
Note.
bonds.
91
14
20 2d 43..
131 2d
97.12 to
96.90 to
4Ks.
97.40
97.90
.. 99.94 to 100.10
177 Victory 4?i3.
20 Victory 3MS.
..100.00
1
Detroit Kdlson
100
Eastman Kodak
lOOi
500 1 00
lfi'600
Emcrson-IirantlDg'n.lOO
FIshtr Bofly. pref... 100
100 100 i^
GllllUind Oil. pref-..IOOl
Gray A Davis
no
Hablrshaw El Cab.no
HyfUaulIc Hteel
Indian Rcfinln«
.
pari
pari
.no par
I'lrnt
12 !i
4,900
100
1.5fK)
Internat Cemfnt. no par
Internal N'Ickel, pref
Kayser
45
200;
1,800
10|
.
2%
200'
aulliis;
200; 26 h;
9OOI 62
K
85
.Ian
100 110
lOo!
prclerrwl
5H
5K
Jan
lOOi
1
Kelly-Sprln({6% pfd.IOOl
looi 745.^ .Ian
.Jan
Keokuk A Des M. pref..
,„„ ^.,
100 25
KresgcfSS)
.3. '.00 10
Lima I.ocomotlvo...IOO! 1,300 93
I
Jan
1
Pref errif1
LooHe
I
\VII(3), 1st,
MalllnHon,
IOO;
rjo
pref. 100'
pref
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
OS
lOO 97
100
.Jan
.Jan
K
y
Jan
Jan
Jan
3001
100
3K Jan
First prcferrefl.100
3001 17
Jan
fin<:oiu\ pref cfre<l.. 100
5% Jan
500i
Prior prtferre<l
IOO1 2.6O0! 35 H Jan
Martin fairy, .tw pr>r\ 2,500 20Ji Jan
Mathlfvoii Alkali
.50 3,300 22
Jan
Maxwell .Mot (:\ » no par.
;{00 1 1 % Jan
Mclntyrc I' Minns..
14,400
2K Jan
Mexican Petrol pief.iOO
80(1 70
.Jan
Mo Kan A Tex w I
.20.500
71^ .Jan
Preferred w I..
...I 6.200 25 Ji Jan
Morrlx A Ehhcx
..Wi
320 76
Jan
MulIlDf- Hfxly
_ no par, 20O IBJ^ Jan
Norfolk A West pref. 100
200 72
Jan
North Amer A rights, .
2.400
Jan
3!
Ohio Body A Blow no par, I 000 11
Jan
OtiH Ivlevalflr
|00
600 117
Jan
PreferrMi
400l 03
100
.Jan
Pacific Mall HH
r,
100 W'A Jan
Pacific Tel A Tel
ioO
400 58
Jan
Panhandle pref
loO
IOO 73
Jan
Parish A Bingham. no par 1 .700 13
./an
Peoria A EaHt».rn
100
200 II
Jan
Phillips Jones
no par
600 92 ^ Jan
Preferred
no par
400' 89,'^ Jan
RRHeo 1 <:
501 61
Jan
Rand Mines
no par
200 20
Jan
Remington Typ let pflOO
100 55
Jan
Robt Kel.M Co Ist pf 00;
10 49
Jan
Hears. Roebuck pref. 1001
300' 92
.Ian
Hhattuck Arizona
lol
800 8X Jan
62
25 4.7OOI 33
Manhattan .'•'.hirt.
Market Htrifst Ry
100,
.
1
.
.
1
;
Jan
Jan
9'
2 l<i Jan
I2l00j.i Jan
Jan
12 45
7 13% Jan
lli
I'A Jan
11 1021^
P.
630
10
ay,
13
U 26 ti
G 65>i
11
93 >o
12 596
10
2
12 95
12 40i^
A
11!
9
.Ian 10
.Ian 121
NovllOO
Nov 690
Oct
Feb
JunelOl
Dccj 42
Jan 16 J<
•A Novi ni4
Dec 20 '4
6
9>A
I
Nov
Deo
Jau
Mar. 15 1922
Mar. 15 1922
Mar. 15 1922
Jan
Nov
H'A
26 ;i
U 76
1 2\'A
9i 72
II
.Ian
12
Jan
Jan
Jan
10'
8ii
22 Ji
III
66
.Ian
9
Jan
Dec'
131;
I3l
10
4
13j,
9K
75 K
Dec 26 H
July
l7Ji July 28'/4
June 75
02
TA Nov \\%
I2'.i
•Jan
131
Jan
131!
.Inn
I3I
9
15
Jan
Aug 17 M
8
Jan ii\ 3H>4 Jan 58
.lan 12
.Inn
Aug 78 H
68
Jan 13
MVn June' 15^
87
39 J4
12
10
13
7
13
7
II
.Ian
93
02
II
II
Jan
37H'
Jan 13 37
Jan II, 52
20
12
9
I0{
II
61
U,
.Ian
r>7A Jan
49
.Ian
04
Jan
8
II
10
I3I
47>4
4Uy,
85
4Vi
Ol
II;
ny. .Ian 13
Drjc
Dec
Dec
Apr
June
Dee
May
^»uy
May
May
D(-r
Nov
Due
Jan
Dec
Dec
Dec
.Ian
Dec
Dec
May
Dec' 85
Jan
Jan
Nov 12
AprlOSH
Apr 90 'j
Aug f>I
Nov
Dec
Apr
Jon
Dec
D.r
Dec
Apr; 26 Ji flept
Nov, 80
Jan
Nov
Mar 50
.Nov 104
.Ian
S.
Govt. Obligations.
OH
Juno
Dec
100 5i
loou
5%
I
lOO'^fc
lOO'.-fe
414%
5J4%
1922
June 15 1922
April
lOO^'/fc
100 u
lOOK,
IOO
lOOJi
100 H
100 Ji
Int.
Rate.
Maturity.
Asked.
lOOl.Tt
514%
June
148
Aug
W
7
Dec
!
7 118!^
7 93?,'
58
73
May
Bid.
5M%
5M%
Feb. 18 1922
.Jan
]r,'4
Ofcc
Int.
Rate.
Maturity.
Mar
Jan 9'i 21
June 29
Jan 12 60
Dec 85
Jan 11 68
II 85
Marl 85
Jan 13
13 no
10 74 ;f .Ian 10 70
May| 80
25
Jan g
10 111 K Jan 13 130
Jan 177
9 94
Jan 12 64
Aug 102
87 'A Aug IOO }i
98
13
.lau 13
13 97 K .Jan 13; 93K
Jan '.WA
Jan 10 46^i Jan 67
10 62
35
Jan 11 18
II
June 36 J^
9
3ti Jan 10
7
2Ji Dec
Jan
12
Aug, 18}^
9i 17i!^
8
Jan 9
8%
4'A Aug
T 3n>4 .Ian II 27
Aug, 45!-i
Sept 22
9 21 H .Ian 13 13
II 24 'A Jan 131 IWj
Aug 24
7 12<A Jan
Juuej I5>i
8
2 '4 Jan 9
10
12 80 K Jan 11
Oct 94
70
fi>A
Quotations for Short-Term U.
9K May
V>ec
Aug.
1
6H%
5H%
4H%
5H%
1922
Sept. 16 1922
Sept. 15 1922
June 15 1924
Sept. 15 1924
Dec. 15 1922
June 15 1922
— The review
Exchange. —Sterling
The Curb Market.
6H
!?,
4'A%
4}i%
of the Curb
!
Bid.
Asked.
lOO'l-Ce
100%
lOOH
-AOOH
1005-4
lOOU
102!^
102
102 H
I02K
'i
lOOH
100 )i
100!^
lOOH
Market
is
given thin week on page 17(j.
Foreign
and featureless, with
has ruled
e.xcliaiige
prices slightly off.
The
tuiiot
(-onliiu^ntal
exchanges open firm but subsequently reacted and closed
lower for the week.
H (Krlday'.s) a<;tu;il rates for storllnR oxchnnKo wore -I lOTiiiai
for HJxtv (lavK. -1 21 ^^('"l 2'Mi lor rtu«|U(s and 4 22'\i(""i Zi'i tor
I7('''
<;oinniercial on bankH, slKhl.
2l,'ii("-1 22):,. sixty d.-iys
t \H'A. ninity days 4 l(i("'4 175^. and dociiiiinelH lor p.iyinciit. (sixty days)
'1
17f'/ J IM^.
Cotton for paynioiit 4 21>i(")4 22yi and (friiln for paynitint
4 21 !^i(">4 22 H;„
,,
T<>-diiy".s (I'rldav's) .-letu.-il rales for l';irls banlcers fr.mrs wito 8 (Ki'idt
Ii.imIktm' inurUH
(i(TrM;iii
H 14'4 for loMK !ind H 1 J i (" K 20 i for Nliort,.
Anmti'rd:ini ImnkerM' f<iilldi-ri<i
are not vi-t <|iioti-<| I'or loiiK and utmrt l>ill«.
worr :W.\')(<i:iV,.4\ for long and .tn.Tlif" .Ki.77 for Mliort.
To-day
1 21
a
<;al)l(rs.
I
I
'
1
Kxchange
high and
at,
.')2.:i2
I'arls
on London rA70 nancn; wooltH rnnBO
frjiiicH
60.811 IriinrH
low.
riiiWi Tor I'orcIgn ()x<!haiign for tho wc-Ht rollown:
Chrqurs.
SizlU Duys.
Slcrlinu Actual
nigh for tiK' week
4.2:{'i
4.21k
1.19^
Low for the wcok
-I.ITJ^
'I'lic
far in
liiiiikrm'
lllKli lor
Low
Francs
—
for IIk- wook
linnkrrx' Marks
MIgli for llie week
l.rxv for til.' wiek
Ainslirilam HriukcTS' OuUtlern
MIgli for Ihf w<-<.k
\.<,\i for tiK- w.-(,k
i^'M\
H.^Tt*;
7.94^-;;
—
8.02)<j
S.O.'VH,
.
.O.^tftj
—
052
.
.'?R.4I
.'W.Sf.
,'-4
„„„
.0(10
.0.5.'{
.'{11.
90
.m.Mt
'M\-M
Ht. LouIh, If.(.i.2r)0. j»or »1,000
CJhIcaKO. par.
Hun KrancUco. par. Monlreal. $57 fiO p«,T
36.13
—
Domeiitic Exchange.
WfMUiu. imr.
51,000 premium. ClnrinTiatl,
<lls<-ount.
I.10'«
H.2(l»4
the week
(irrnifiriii
Cnhtr.i.
4.2:iji
p.'ir.
180
New
York Stock
Exchange— Stock
Record, Dally, Weekly and Yearly
OCCUPYING THREE PAGES
Pot sales durlnii
week of stocks usually Igncflve.
tli"
Mondau
1
S per share
9212 92^8
*S5
Jan. 10.
$ ver share
•85
86
*»4
•83
921s
92%
86
7$
^8
83
3418
33% 34I4
52% 53
52% 53
7l8
71s
6
6
11978 119^8
5434
.54
83
»634
*5l2
7I2
OI2
119% 1201?
54%
5434
14
14
33I2
33I2
6I2
*G
15'8
17%
30%
15'8
177g
3II4
60
621;
101 '2
3II4 3168
101
84
•7OI4
5313
74
38I4
•55
•47
•106
114
84
7OI2
5512
74I2
38%
59
60
108
114"4
*2l2
334
9%
14
3"2
334
974
141,1
934
71%
•3114
*6i8
934
7178
3II2
57g
15
6%
17I4
ISig
3034
59
61
100 10034
31 Is 3134
84l2 8412
70l4 7OI4
3018
*73l2
381s
381s
59
50
107
11334 114
•11
*28l4
143s
2934
5384
108 10934
35I2 35I2
94
2
17
4478
IGI2
441s
3I4
*3l4
o7
73I4
63
•71
55
731
.53
73
62
62
13l«
•20I4
9Gl2
75I4
33%
•197«
•60
13%
201
961
75%
3378
20
64
7284
*51l2
*70l2
*60l2
234
1934
J
9(il4
74I4
33^8
1934
50
41s
55I8
73I4
53I2
1378
2OI4
9078
757g
34%
77
77
7234
40%
48%
511-1
24%
9812
1%
3%
22% "22%
35%
534
•64
66
90
84
6434
*84
6OI2
12%
1934
I3I4
20
90% 96%
74I4 74%
33% 34%
I9I4
65
54
2334
23%
76%
71U 7I84
40% 47%
50% 51%
20% 20%
37
25
37
12534
•7II4
74
8%
97I4
75I4
3334
33%
33%
75%
33%
20
19% 20
65
54
65
53
65
24
24%
24%
52%
24% 24%
77
76
2I84
73% 7434
46% 47
49% 50
21% 22
3514
37
37
2034
21
21%
34
34
19%
64
51
24
76
7I84
73
73%
74%
47
50
47
50
47
47I4
21
37
21l'>
21
35I4
49% 49%
20% 21
3314
2%
3%
.
33I4
17
6%
1934
%
62
62
3514
35I4
33
94
33 14
•00
•34
32 14
94
I684
%
%
%
64
35
33
96
•12812 132
•127
132
•1234 13
•1212 13la
•5812 6912
6912 6912
80
soa 79% 8OI2
73
74
74
74
SQU 3934 3Sl2 40%
9U
301
57
57
IO4I2 IO5I4
113
4'4
684
44
88
9%
2934
•65
9I2
29S4
68
IO3I2 105
112
4
6%
11%
16%
112
4I4
7
4334
44%
8l)l2
871
*%
56
38"4
58
10334
381;
88%
30% 31%
57% 67%
88
3284
CO
34I4
64
34% 34%
32% 32%
90
141
94
142
115%
19% '10%
•41
4%
130
12%
68 14
•7714
•71%
38%
•9%
29%
•55
IO2I4
•110
4884
4784
25%
34
13
12%
8%
8%
23
17
9434
I42I4 142 14 I42I4 I42I4
•II6I4
•IISU
20
I912 'ig'lo
20%
4II2 4II2
4II2 4112
4% 434 •4% 484
2934
14U
32% 321;
46% 47
103
1
20
12%
33
49
84
8O34
18%
6%
6%
25
56l2
5534 5OI2
66
10218 lOUlg •10212 103
38I4 39
38l2 3834
88I2 •87
881
•86
31
31% 3II4 31I2
•57I8 59
5778 58%
34I4
34 14 34I4
34
7934
18
21%
20
49% 49%
%
79%
4I4
48%
26% 26
32
8%
784'
25
%
%
*'4
3
34
21% 21%
49I2
16%
21%
34
34%
3%
3%
4%
4%
12684 127%,
71
74
12%
45
37
2584
125% 126%
•71% 74
12%
•10%
77
48
78% 79%
14
111;
64
63
384
79%
17%
4
25%
32»4
2%
3%
2OI4
20
*62
53
77% 76
•1212
•1014
•32I2
•801-
97
6%
III4
4I4
6I2
4334
97%
75% 76%
33% 34
97I4
75I4
6%
•IOI4
•32I2
•111
8%
41%
4%
131%
12%
8%
13
15
51%
14%
15
53
6%
12%
24
26
10%
31%
45%
16%
ij
12684
73
I684
»
61
35%
33%
116%
41
4%
12%
112
57%
43% 44
871s 87%
39
41%
42%
63
35
33I4
9584
145
1218
12
55
113
87I4
87I4'
112
5784
%
%
6884
106
39
90
105
31
31
67
57%
34%
35I4
•60
35%
33%
95.54
39I4
90
63
3OI4
34%
96%
143% 146
2O84
42
4%
128
21
43
4%
133
12%
I2I4
78
59
78
73%
72
72
40
39I4
39%
9%
30%
112
^4%
4%
7% 7%
44I4 44%
»87
%
%
69%
58
1031" 105
I
11%
116%
2T
42%
4%'
4% 434
133 ,128% 133
44
7
7I4
%
%
104%
32%
10%
5034
14%
94%
[H0%
I
4%'
7%1
44%!
4%
26
49
48
•60
35
58
110
13
14
11%
89%
30%
5714 57%
34% 34%
104%
7I4
12%
24
14%
2084
104
4%
12%
6%
48
20
55
4%
52
6%
31% 31%
9534
142Ji 14284 *\ii
128%
15%
52
6%
48
38%
88%
30%
61
1984
14
9
15
16%
57 "4
3434
34%
32%
94
6%
20%
53
10484
58
34I4
1984
31%
I
3II4
58
6%
12%
8%
13
I5I4
48-
%
%
%
38% 388.1
88% 88%
30
15
9
9%
23% 24%
14
33
48
•%
6%
20%'
14
9
36%
128%
73%
10%
31%
45%
11
67% 57%
103% 104
23%'
26
48
49% 49%
58% 58% 6884 ^58
78
78% 7784 79%
71% 74% •71%
73
39 14
39% 39% 39%
914
9% 9%!
9%
30
30% •30
29%
58
103%
73
02
20%
I
14
74%
53
74%
*96l4
6I4
49
70%
60%
13%
16
5II2
74%
5134
53
73
62
20
98
62%
27
74%
59
I3I4
OI4
•48
54
58
20
15%
•25
17%
3%
1384
52I4
12%
2
20%
10
6I2
2
13%
621s
084
I3I2
52%
7
12I«
2%
13%
12%
15
51%
I6I4
1
I
1934
13
63% 63%
46%
3%
5184
I
19%
*12%
534
2OI4
784
9
21%
6% 6%
21
36
534
17%
70%
60%
14%
53
•9%
60%
13%
19%
34
72
35I4
45I4
7334
13
9
•5112
*6l2
I2I2
'1634
71%
784
111
I7I4
55
57
74
52
73
62
13
*8l2
141s
IS's
I6I4
6%
20
73%
3I4
47%
25%
36%
125
30
59% 60%
110
44% 45
3l8
3%
16%
4684
34
6%
•52
184
10%
4434
25
34
1934
3
46%
12534
14
%
•
1734
34
14
9
15
44
17%
125%
4
52%
90
52
*70
53
73
62
99%
1%
2284
28I4
6434
I6I4
51 12
7384
4
12
534
63%
9
2210
5278
,
28% 29%
134
44%
3%
54% 54%
7284 73%
1%
14%
6434
9%
1334
98
23
534
4
31% 31%
5% 5%
334
2234
534
3%
884
59
60
6884
llOls '108% 110
35% 3534 37%
I84
46
25
2OI4
22 14
30
I6I4
46%
25%
8I4
22I4
11
2%
3I2
3514
2OI4
3I4
3%
%
17%
•6%
II4
1141
4U
98% 98%
H4
1%
98%
%
7
84
*70
22
37
21
33
5%
22% 22%
110
17'4
•13is
*8i2
•131?
884
7284
58%
18
•20
13
9
73
3184
6
58
10934 110
35 36
28I4
57%
4%
8
13%
12
4I2
79I8
2OI4
884
13%
12
*28l4
3%
22
7
9
14
30
4I4
•2014
3%
2%
13%
54
•2%
37
1%
108%
113%
9I3
54
3
I26I4,
71'4 7II2
8I2
•71,
988s
108
113% 114
2%
>8
>o
4%
54
4%
2534
108
55
47
3%
4%
52
33
•34
126
39
58
50
109
55
47
6I4
3
2534
391
'o'z
20% 20%
32% 33
284
2%
4% 4%
78% 78%
78I4
1713
4534
247g
39
31%
81.1
2034
*32l2
79
18
47
7334
OI4
51
45
18
47
75 14
39
72%
31%
19
7II2
7834
74I4
56
75
884
*04
47
•
56
72 14
32
20
46
47
33
55%
8%
70
73
62
717s
2134
31% 31%
84% 84%
72% 72%
7134
16
24
2078
8%
13%
72
55
71%
2%
3%
8%
31%
84%
7134
31
871
12%
59%
SO
9I4
9%
30% 31%
56
59
104
113
10534
4I4
7%
43%
•.<57
Do
113
4I4
7%
44
87%
11
14
Deo 29
3% Sept
.30
June 20
46 June 20
13% Dec 29
33% Dec 29
101
6% Dec
14
100
Chicago Mllw ft St Paul.. 100
Do pref
100
Chicago <fk North Western. 100
17
June 18
17% Deo 23
29% Dec 23
60% Apr 14
...100
Chic Rock lal 4 Pao
100
7% preferred
100
6% preferred
100
Clev cm Chic 4 St Loula-.lOO
Do pref
100
Colorado A Southern
100
Do l8t pref
100
100
Do 2d pref
100
700 Delaware A Hudson
100
5.150 Delaware Lack A Western. 50
Duluth 8 8 A Atlantic
100
200
Do pref
100
59,500 Erie
100
18.900
Do lat pref
100
9.750
Do 2d [iiref
100
10.200 Great Northern pref
100
2.600
Iron Ore properties. iVo par
100 Gulf Mob A Nor tr otf8...1O0
200
Do pref
100
800 Illinois Central
100
2.400 Interboro Cone Cor p.. iVo par
1,000
Do pref
100
2.600 Kansas City Southern
100
300
Do pref...
100
100 Lake Erie A Western
100
100
Do pref
100
22,800 Lebigh Valley
60
1,400 Louisville A Nashville
100
1,400 Manhattan Ry guar
100
700 MInneap A St L (new)
100
400 Minn St P A a S Marie. ..100
100
Do pref-.
100
33,200 Missouri Kanaaa A Texas. 100
4,.300
Do pref
100
4,700 Missouri Pacific trust otfs.IOO
4.160
Do pref trust ctfs
100
300 Nat Rys of Mex 2d pref ...100
500 New on Tex A Mex v t o-.lOO
7.400 Now York Central..
100
200 N Y Chicago A St Louis.. .100
First preferred..
100
100
Second preferred
100
15.700
Y N H A Hartford
100
750 N Y Ontario A Western
100
3.600 Norfolk A Western
100
18,300 Northern Pacific
100
18,700 Pennsylvania
60
3.700 Pere Marquette v t c
100
100
Do prior pref V t
100
300
Do pref V t c
100
2.400 Pittsburgh A West Va
100
700
Do pref
100
38,200 Reading
60
i.
2.4,50
Do Ist pref
60
2,600
Do 2d pref
60
2,100 St Loula-San Fran tr ctfs-. 100
Preferred A trust ctfs
100
2,700 St Loula Southwestern
100
1.800
Do pref
100
1.900 Seaboard Air Line
100
1.100
Do pref
100
20.800 Southern Pacific Co
100
8.400 Southern Railway..
100
3.700
Do pref
100
3,400 Texas A Pacific
100
350 Twin City Rapid Transit. .100
8.800 Union Pacific
100
700!
Do pref
...100
1.2001 United Railways Invest. ..100
4.000
Do pref
100
1.400 Wabash
100
4..300
Do pref A
100
300
Do prefB
100
700 Western Maryland (n«tcl..l00
100
Do 2d pref
100
3.900 Western Pacific
100
400
Do pref
100
1.200 Whoaling A Lake Erie Ry.lOO
500
Do pref.;...
100
500 Wisconsin Central
100
industrial & Mlscellaneoua
1.900 Adams Express
100
Advance Rumely
100
200
Do pref
100
400 Air Reduction, Ino
No par
8.800 AJax Rubber Inc
60
500 Alaska Gold Mines
10
900 Alaska Juneau Gold Mln'g 10
11,400 Allied Chem A Dye
No par
1,000
Do pref
100
3,400 Ayts-Chalraers Mfg
100
1,200
Do pref
100
1.300 Amer Agricultural Chem. .100
1.100
Do pref
100
2.400 American Beet Sugar
100
200
Do pref
100
1.200 Amor Bosch Magneto. .?^o par
18,300 American Can
100
1,100
Do pref
100
1,700 American Car A Foundry. 100
Do pref
100
2,200 American Cotton Oil
100
1.600
Do pref
100
2.400 Amer Druggists Syndicate. 10
600 American Express..
.100
1.200 American Hide A Leatber.lOO
1,300
Do prnf
100
1,800 American lee
100
700
Do pref
100
11,600 Amer International Corp.. 100
1.000 American La France F E.. 10
2,400 American Linseed
100
100
Do pref
100
44.100 American I>ocomotlve
100
400
Do pref
100
2,800 American Safety Razor
25
15.900 Am Ship A Comm
No par
6,700 Amer Smelting A Refining. 100
800
Do oref
100
•Bid and asked prices: no sales on this day. t Ex-rlghts. § Less than 100 sharea. a Ex-dlvldend and rights,
ehare for share, to stock of Glen Alden Coal Co. at $5 per share and ex-dlvidend 100% In stock Aug. 22).
Mar
6
pref-
N
Apr 27
47
pref
pref
77%June24
76% Jan 3
1
Dec 15
30% Mar
Chicago Great Western. -lioo
Do
84%
65
73% 75
*38
39
56 58
49
49
107
107
113% 115
3
5
1234
44
51
3514
3
5
0284
101% 102
102
71
3134
1684
24l8
77I8
7218
21
37
101
8%
44%
51
2078
•3514
•2034
59
50
*2l2
64
54
•64
75
38'4
134
24l8
77I8
44
38
*S5
34
2
16%
70%
5%
66I2
44I4
*3i8
•55
70%
71%
*1I
57%
Hi
Do
6%
62
3I2
64
14
•15
14
Highest
S per shar*
77
Chesapeake & Ohio
100
Ohio A East III RR (new)..
34
17% 1734
30% 31%
*5l2
4
6
18
31%
22%
17«
33%
14
33% 34%
5% 6
62I4
98% 98% •97
1
Us
I's
h
6
15
50%
31%
7
*64
133,1
66I4
1384
17%
32
83
121%
55%
6
15
543j
62
*5ls
"8
55
12084
121
54%
3OI4
707s
3112
4
67
94
5%
17%
7%
22I2
•65
•85
5%
6
3O84
6238
IOOI4 IOII4
3034 31
831.1 3434
7OI4
5I4
7
•5%
17%
9%
5I4
684
GI4
30%
01%
I7I2
3OI2
62I4
59%
lOOls IOOI4
307s 31
83I4 8312
III2
4
120% 122
Certificates of deposit..
Canadian Pacific
100
63%
16l2
9%
2234
7
3434
*6
29
I3I2
37g
2284
•62I2
5I4
5%
120
I
15
•SU
7%
'
H4
30
684
34%
I
78
1%
84% 84%
34% 36%
53% 54%
84%
53
84
pre!
100
Atlanta BIrm * Atlantic ..100
Atlantic Coast Line RR..100
Baltimore * Ohio
100
Do pref
100
Brooklyn Rapid Tranatt-.lOO
II4
84
Railroads
Par
Atch Topeka <k Santa Fe.-lOO
Do
PER SHARE
Mamge forPreniomi
Year 1920
basis of 100-«Aarfi lot*
Lowest
per share
9434 957s
8684 867g
15
71 lo
54
534
15
71s
*11
293,
678
•106
107
11312 11334
3I2
II4
6838 5878
10914 IO9I4
3618 3618
5I4
47
*97l2
54
684
87
84
73'
7g
33% 34
52% 527g
34
53
*5
6
11938 120
54I4
54
14
1334
3334 3334
73 '8
7
16
9812
16
53
82
S
94%
94
«85l2
*54
56
75
*55
*47
107
*2l2
*3l2
7
11 '8
84
8334
3358
15
15
*.03l2
34
•82
./an. 13.
$ per share
I
On
EXCHANGE
FHdav
Jan. 12.
I
PER SBARJB
Range for uear 1921
NEW YORK STOCK
Thursday
'
$ per share S per shot e
93I4
92
93% 9334
86I4 86I2
86% 87
7g
84
341s
Wednesdav
.Tan.W.
TuisOau
|
Jan. 9.
ort^cedlnfi oa<jp
STOCKS
aiOB AND LOW SALB PRICE— PBH SHAKB. NOT PER CENT.
Baturdav
Jan. 7.
"fee
96
July
1
22% Mar
68% Mar
11
42%M8y
9
66% Nov 29
Jan 25
Jan 25
1473
10
Nov 29
66%May 9
1678 Nov 9
37 Nov 28
12378
9%May
434
15
Dec 30
Dec 30
97
32
Dee
5% Dec
63 Aug
83 Aug
1
Dec
Dec
2
14
28
24
22
23
28
Mar
11
33% Mar
11
16
284
Dec 22
46 June 21
64%Juns21
39 June 20
58 July 16
64 June 24
12 Nov 29
Mar
Feb
78
72
May
#.0%
Jime
6% Deo
14% cot
33% 001
44% Not
Jan 12
31
46% Jan 12
110
Jan 11
Jan 24
35
Sept 14
71
8934
77
ll%May
10
Fob
26
1
118
July
58% Jan
1484May
74% Nov
Nov
9384
3% Nov
Jan
534
23%M3y
49% Nov
6% Feb
77% Feb
76 Dec
8
25
9
30
29
22
10
18
28
7
17
61%Spt)I
71 Dec
6S%3ei)t
1
9
7
6
23% Jan 12
June
98
21% Dec
Feb
64
64
Feb
31% Deo
Deo
80
Feb
20
46
36
July
166
3
May
Aug
—
83% June
6% Deo
9% Feb
16% Dec
Deo
12
86% June
24% Deo
Jan
7
18% Deo
8078
Feb
Aug
8% Dec
May
13%
3
May
40
8% Peb
Feb
18
39I4
94
May
Feb
63
80% June
2% Dec
Dec
11% Dec
33% Dec
3% Dec
8»4
June
64% Feb
23»4 Feb
Apr
60
21
377j
60
19
17
11
20
36%June 24
38% Aug 26
19% Marl 1
2778June 23
19%June 23
28 June 24
2% Oct 13
3
Deo 28
67%June 21
17%June 20
42 June 21
16% Jan 6
31% Dec 29
111 June 21
62% July 18
6 Aug 24
17
683
Aug 27|
Dec 29
Mar
12% Mar
18
11
12
83a Dec 29
I4I4 Dec 30
Deo 29
15
51% Dec 30
6I4 Dec 29
12% Dec 15
23 Oct 18|
26% .I.in 3!
10% Dec 30
31% Dec 311
30 June 21
Jan 10
Dec 5
89% Jan 16
65 Feb 7
6784 Jan 16
2584 Aug 3
39% Nov 28
32
80
30%May
9
Jan 13
41
7i4May
I2%Mfty
101
Jan
247| Jan
60
9
10
3
13
Jan 13
Dec 28
66% Apr 7
2784
Nov 29
13178
74% Dec
12% Mar
Mar
26
May
2]
3
8
May
Deo
Dec
Dec
37
21% Feb
14
327g
Mar
6
307iMay 9
10
70% Jan
ll%May 9
19%May 9
May
7
17
II
37i2May 9
63«4 Deo
1984 Jan
7
8
17
62% Feb
60 Deo 28
39% Jan 11
1% Fob 9
1»4 Feb 9
69% Deo 16
64
46
108
8
12%
21%
30%
22%
91%
417a
36%
97%
6%
17%
27%
62%
24%
40
96
70»4June 25
llSUJunel?
35% Doc
97 Deo
161% Doc 2
116% Dec 9
24»4Nov 14
108 May 23
157gJune 23
85% July 6 07
8S4
4 Juno 131
114 July 161 137
Apr 141 16
8
40% Feb
2|
Jan
Jan
261
42
67
8'
21% Aug 25
7% Aug 23
17% Aug 24
39% Aug 20
73%Jiine 20
98'4Juae20
3% Aug 30
4% Aug 19
29% Aug 25
63% Aug 26
z Ex-dlvldend.
6
2
15
14
Apr 26
Jan 11
Deo 7
Dec 15
62% Dec 15
83% Dec 30
73I4 Nov 26
63%May
llSg
Apr 18
82% Jan
93
110
115
10
14
._
8
31
Jan 29
Dec 30
Dec 14
Jan 7
Jan 20
47% Deo
90 Dec
12
12'
Nov
Mv
Oet
00*
Oo«
Not
Otf>
Oct
Oca
Ooa
Nov
Fen
Feb
8H8 Fek
56% 001
8% Ost
66% Oot
84% Nov
86
Got
73% Oot
44
32
68
61
Oot
Feb
Fab
Deo
12% Deo
8% Feb
July
Oct
Oca
Ooa
cw
Bepi
Oot
OOT
OOT
Not
GOT
OOT
Mw
OOT
Not
Jao
OOT
OOT
GOT
13
34% OOT
23% GOT
16% Sop*
27% GOT
20% Feb
£4% Feb
8% Deo
40
78
Sept
13
16
26
May
May
28
«8
OOT
Oct
OOT
22
Deo
Deo
Dec
14
40
24
%
%
61
79
MM
72
93
«6% Deo
Deo
72% Deo
111
Deo
106% July
16% l>eo
69% Dec
6% Deo
Feb
96
Deo
6
Deo
36
128%
Aug
63%
21*4
37
63
Feb
30% Deo
8% Deo
Deo
43
80 Aug
Deo
74
96% June
6% Deo
7% Deo
29% Deo
64% Deo
MSx-rlghta (June
15!»
NOT
42% Api
46%
Oct
65%May
0«
Se^l
18
76
29% Aug 10
23%June21
74% Jan
Sept
11
32%
Dec22j
Got
o«t
Oct
Ooo
90% Oat
Feb 16
5484
Oo»
21
43%
84%
26%
67%
61
Dot
DM
e.5%
34 Aug 15'
83 June 23 10384 Dec 17
28% Aug 24 3984 Dec 31
67% Aug 26 90 Dec 8
20% Aug 29 66% Jan 6
go Jan 20
61 Aug 29
24% Oct 17
Got
17% Oct
Deo 88%
Deo
2%
3
Deo
62%
Deo
Deo 92%
Deo 63%
Dec 92
Deo 96
Dec 36%
Doc 103%
16% Deo 21
I4 Dec 14
% Oct 31
H«IM
38% o««
83% Mar 66%
15% Feb 83%
23% Jan 48%
Feb 40
11
20% May 49%
6% Dec 11%
8% Dec 20%
8S% Feb 118%
Feb
33%
18
Feb
68%
60
Dec 47
14
27% June 43
Feb 129%
110
61% May 89%
7% Aug 16%
14
Aug 32%
9
May
84% Oat
71% cot
82
69
67% OOT
39% Oot
84% Beps
687i Aug
64% Feb 103 Not
21%May 10
15% Nov 29
ll%May 9
21
Cot
MM
Jut
Mm
Got
41% May 70
16% Dec 87% Sep]
Feb
Oat
27%
18
84% June 106% NOT
66% June 967| Nov
23%May 18
65%Dec 12
6684 Dec 7
11
Jan 28
91%
68% NOT
Aug 112% Jan
38% July
8% Dec
4184 Jan 12
88
65
120
41
Feb 260% Sept
32i4June 23
29
Get
16% Dec
21
Deo
36<4 Deo
Deo
60
23%8ep»;30
Mar
64
9% Aug 17 M«»
6% Sept 13% Mm
109% Deo 134
Jan
47
Feb
70% No*
104% Feb 19
1584
JU
12%8ep<
104% Oot
27% Feb 49% Oel
17
60 Apr
Jan
35
23 Oct
70 Mar
6Q>4June
82
4% Deo
i82 Deo
88%June 21
OlUJune 14
16
90% If«W
9
85% Mar 12 100% Nov 29
6% Jan 26
1% Dec 28
3I4 Dec 30
16
Jan 25
18% Feb 7 28% May 8
65 Nov 26
Jan 26
45%
10 Mar 11
14% Jan 13
30 Deo 20
17% Aug 25
6084 Deo 9
47%June 21
Apr 14
f
per share 9 per ihar»
207gMay 9
Dec 7
Deo 2
57% Dec 15
32 June 21
75 Dec 14
60 Feb 3
Jan 8
46% Nov 26
27
59 Dec 2
Jan 3
49
42
Jan 26
65% Nov 28
90 Apr 14 110%Nov28i
figs
Aug 25 249 May 16
4% Jan 3
1% Mar 24
7% Jan 17
3% Nov 10
16%May 9
10
Dec 14
2234May 9
15% Dec 22
10 Dec 14
18% Jan 12
79I4 Dec 1
60 June 14
.34% Nov 25
25%June 24
12
56%June 21
Btttm
Lottett
% pet share
94 Dec 19
88 Nov 29
7% Jan 4
91 Nov 29
61%
101
147%
116%
64%
86
JU2
Jao
Mm
Mm
Sept
Nov
Jan
Jam
Jaa
Jan
Apt
Jao
Jan
Jao
Jan
Ap»
Feb
Jan
MM
Mm
16% Jaa
176
30% Jao
122
Jao
Mm
Jaa
120% JaD
14% Jao
Apt
06
68
99% Jan
109% Apt
107
Mm
177tJ«D«
30% Jaa
72
Jan
100% Jao
to subsorfb*!
U
2
•
2
3
1
.
1
1
181
York Stock Record— Continued— Page 2
New
Tor aulos during tbo week of stocks usually Inactive, see second preceding page.
BtOB AlfD LOW BALM PKICB—PBK aBAKB, NOT
Jan. 0.
Thursday
Jan. 12.
Friday
Jan. 13.
$ per share
S ptT share
S per share
$ per share
S ver short
$ p<r share
85
88
*85
88
3178
»95l2
57I3
32
96
3168
•95I3
317s
88
32I4
9612
82
96
58
Sale*
JOT
th»
(Fednesdav
Jan. 11.
7.
•
CBNT.
Tuesdao
Jan. 10.
Monday
SaluTtlav
Jan.
PBIt
59
59I2
96
58
67
8512
89
58
8(1
88
32I2
32I2
3234
3134
3234
5858
8836
5812
88's
337s
1163s
132
9734
I27I2
8OI2
1031
*021o
Kamoe for Prettomt
Year 1020
basis of 100-(i<ir« \oii
Lomtsl
Indus, h. MIscell. (Con.) far
Am Smelt Secur pre! aer A. 100
3.700 Am 8teel Fdry tern ctls.33 1-3
Pref tern ctfa..
100
400
18,900 Amerloao Sugar ReflDlog..lOO
60
90
5878
88I4
On
EXCHANQB
Htehest
t per share
63
Jan 11
18 Aug 24
Shares
33
97
58
89
97
NEW
PBS SB A KB
Ranae for year 1921
Week
89
93
93
9512 96
PBK SHARB
STOCKS
YOHK STOCK
% per share
88 Doc 2
35 Dec 2
Aug 27
78
Lowest
95I4
4758 Oct 10
671« Oct 18
Dec
12
Jan 19
IO7I4 Jan 27
88 Mar 1
96
1,300
100
Do Dtef
28i2Dec 12
100
9,500 Amer Sumatra Tobacco
29,840 Amer Telephone 4 Teleg-.lOO
95>4 Jan 3 II912N0V21
11578
100 llli2June21 13684 Deo 5
6,100 American Tobacco
I3II2
130
130
130
130
99i3Dec 5
600
98
99
Do prel (netc)
100
86 Aug 27
»96
98
98
9734
97*8 9758
12938 I27I2 12812
3,900
I26I4 I26I1 •12614 I27I2 127
Do oommooCIasaB 100 110 Jan 3 131i2Deo 5
12784 I27I4
83i2 Dec 14
79I4
79=8 8OI2
100
78I4 7958
8078
9,000 Amer Woolen
57 Feb 21
8OI3
79
7812 79
600
100
Do pref
93 Feb 21 IO4I2 Dec 13
IO2I2
•103
103
1037s 10378 104
1037s IO3I4 IO3I4 103
22I2 221
400 Amer Writing Paper preL.lOO
25
23I2 23I2
*23
20% Aug 12 39% Jan 20
25
23
231s 22I2
13" 1312
I3I2 I3I2
6S4Sci)t 1
1,300 Amer Zinc, Lead & Smelt. 26
14% Dec 16
I3I2 •1278 1334 *127s
13
13
13
37I2 37I2 30I4 38
200
25
407, Deo 16
•36
*36
227, Aug 22
Do prel
39
39
3Sl2 3812 •36
38
4Sl8. 4878
20,450 Anaconda Copper Mining. 50
5038 Dec 28
4SS4 4938
3134 Aug 25
48% 4OI4
483$ 49
4SI4 4918
4S38 48341
5OI2 Dec 21
45I2 46
4734 47I8 48
3.0OO Aaaoclated Dry Goods
100
47
Jan 26
24
44
44
45
44^8 4478
45
7534 7534
200
100
•76
7534 7534
Do Istprelerred
7684 Dec 30
•75
65*4 Jan 6
76
•75
757g 7578
76
76
•75
•73
78
100
Jan 6
Do 2d preferred
78 Dec 6
73 77 73 78 '75 78
4S
77
•73
78
•99I2 101
99I2 102
99I2 102
*09l' 101
200 Associated OU
100
•99
Sept 27 107% Mar 23
IO2I2 100
91
100
*23|
*2l2
284
700 Atlantic Fruit...
3
No par
1»4 Oct 1
2-4
234
9
Jan 3
234
234
234
23i
258
30I2 3078
2878 2934 13,300 Atl Gulf 4
I SS Line.. .100
18 June 17
76
28% 29
Jan 3
3OI4 31
2738 2958
2812 29I2
400
21I2
22
•21
22
22
100
15'4June 17
221;
Do prel
44% Jan 7
2058 20% 20
21
21'4 2IS4
22 24
800 Atlantic Petroleum
22
25
2558 Dec 20
•21
22
2034 22
10 Aug 25
23
21
2114 2212
21
93I2 96
69.308 Baldwin Locomotive Wka.lOO
9334 95I4
62i4June 24 100% Dec 28
948^ 95%
9558
9234 94I4
9334 9478
94
104
104
104
700
•103 105 •103
104
100
Do pref
95 June 27 z 105 Deo
104
105 103. 104 103
1,400 Bethlehem Steel Corp
52
52
52
100
39l2June24
62i2May
52
52
52
•51
52
51
5134 52
51
55I2 5618
6633 5778
8.750
561;
Do Clasa B common. .100 41l2Juue23 65 May 6
56
5612
56
55% 5534 563s 5678
8978 91
8978 91
100
•8978 91
pref
100
June 13
*8978 91
Do
8978 91
87
93% Jan 11
8978 91
10434 106
•105 IO6I2 '10518 106
Do cum cony 8% pref. 100 00 June 24 112 Sept 29
105 105 10418 106 1041s 106
"
5I2
6I4
2",666 Booth Flsherlea
5'8
No par
514
5'4
6
538
434
3 Aug 20
7% Dec 12
5
110 Brooklyn Edlaon, Inc
•100 101
100
IOII4 *101
88 Jan 8 101 Dec 28
104
ioi" loT *101 104 101 105
101
II6I2 11012
9,200 Buma Bros
11678 115
100
115
II6I2 II312 115
II4I2 115% 115% U534
81% Jan 8 122% Dec 22
5I2
5I2
3I4 Aug 24
6I4 Dec 13
5I2
1,.500 Butte Copper A Zinc v t c.
SI2
534
538
553
6
534
534
534
538
55s
23I4
22I4 23I2
4,.500 Butte A Superior Mining.. 10
23
lOUJune 20
22 Dec 16
21
2112 22I2
2034 2158
21
211s 2II4
1,100 Caddo Central OlIiRel No var
•1034 11
10% 103,
10% 10%
734 Aug 22
1938 Apr 19
*10"2 11
1014 1058
•lOU 11
68I4 68%
68I2 70
69I4
68I4 68I2
3,600 California Packing
68I2 6834
69
No par 5.3% July 28 74 Nov 22
68
68
44I4
45 4578 45 46% 9,200 California Petroleum
45
45
100
Jan 5
4.334
4434
25
50% Dec 20
45
44
431s
82I4 84
8212 84
8212 84
•8212 84
*82l2 84
8212 84
Do pref
100
68% Jan 4 88 Dec IB
5,300 Callahan Zh c-Lead
534
578
534
5l2
6
10
3'4 Aug 25
578
558
534
6
7% Jan 8
5% 53s
534
3OI4
3,600 Central Leather
100
30>8 3OI2
30% 3OI2 30
22% Aug 24 43% Jan 19
2978 3OI2
29% 30
29% 30
64I4
64l8
1 .300
64
64
24
64
64
Do pref
64
100
96
Jan 12
6418
64
64
67% Aug
64
641s
33I2
1,.300 Cerro de Pasco Copper.A'o par
34I2 3433 34
•33
35
34% 34I2
23 Mar 10
36% Dec 12
33
3318 33I2
33
49I2 5373 30,400 Chandler Motor Car
49I2 50
SOI2
50
4934 50%
No par 38% Oct 7 So Apr 30
5038
49
49
50
70I4 Jan 11
•58
64
Chicago Pneumatic Tool— 100
58 63 58 63 58 63 57 62
47 Aug 25
60
*5S
I6I4
I5I4
I5I2
I5I4
16%
16% I6I2 20,500 Chile Copper
I5I2 3578
25
9 Mar 9
16% Dec 15
15% 16%
15%
27I2 2734
27I2
•2612 27I2
071,
Mar 30
29i2Dec 15
261"
27% 2734 2,S00 Chtao Copper
5
19%
2612
27
2678
42I2 43I2
22,300 Coca Cola
4234 45
41^4 4212
4158 42 Is
42
4278
No par 19 Feb 24 43% Deo 30
4158 42"
24I2 24I2
•24
500 Colorado Fuel 4 Iron
25
24 25 24 25
100
3234May 6
*24
24
23 July 29
25
24
66lj 67121
66I4 67
67S4 Dec 17|
9,900 Columbia Gas 4 Electric 100
6638 67I4
6634
66
6684
62 June 20
66
66% 66
2l2
2I2 • 21»
II2
2I2
29,800 Columbia Graphophone No par
24
2
238
2I2
2%
1284 Jan 8
1%
25$
2% Aug
2%
9I2
7,400
9I2
734
9I2 1014
7.
7
Do pref
10
10
9%
100
8% Dec 29 62% Feb 10
9>4
978
29. .300 Computlng-Tab-Recorcl No var
57I4 61
5734 5778
61% 63I2 6158 66
5818 57
2 334 J line 21
57
58
587s Dec 31
26 27I2 *26 27
2,000 Consolidated Cigar
2338 29
27
No par 13% Dec 12 69% Jan 11
3018 •27
29
27
28
400
6OI4 62
62
62
Do pref.
100
60 64 60 65 61 64
80 Feb 18
63 Dec 13
64
64
I2
*u
•»8
«.
!•>
3.200 Conso! Dlatrlbutora, Inc No par
lo
84
ijSept 17
3,
10 Mar 26
34
%
%
•90
2, .500 Consolidated Gaa (N Y)..100
9214
92
91
9OI2 903
91% 9134
77% Jan 5 95 Nov 26
9012 9II4
9058 90%
1434
3.300 Consolidated Teirtlle . .No par
14
14
14
1334 1334
1234 Aug 28
21% Jan 7
1418
1334
1378
1334 14
14
•4612 47I2 46
46 47I2 46 47I2 47I2 483)
Continental Can, Ino
109
34% Aug 16 66 Jan 29
4834 46
48
•99
IOOI2 •99
99 IOOI2 99 IOOI2
Do pref
25 10084 Dec 21
IOOI2
100
IOOI2 99
IOOI2 89
82% Aug
98 100% 59,500 Com Producta Refining... 100
93
96% 98>2
59 June 20
9434 97I2
9378 94%
99% Dec 20
937s
927g 94I2
II5I2 11510
700
115
•llO's IIII2 IIII4 IIII4 111
Do pref
IIII4 II2I4 111
100
96 June 16 112 Deo 21
111
33
33
3238 33 14 14,400 Coaden 4 Co
32% 33
3158 32I4
32
3278
No var 22% Aug 22 4384 Apr 29
32
33
6II2 627s Z5934 01'2 39,200 Crucible Steel of America. 100
64
6434
61
40 Aug 26 107% Jan 11
6358 65
63
621s 0334
1,100
81 84 82 84
82
8312
Do pref
8OI2 801
91
Jan 17
100
77 June 27
82
82
82
81
8I2
8I2
8l8
8I2
8»4
8i8
9
8% 85s 8.300 Cuba Cane Sugar
83.
No par
6% Oct 3 26 Feb 14
858
9
1634
171
1634 1778 11,500
17
Do pref
17
100
13% Dec 22
68% Feb 28
16
16% I7I4
16%
163s 17
•1534 16
6,000 Cuban-American Sugar
1.5%
16%
33 14 Feb 25
1638
1534 I6I4
16% I6I4
10
1078 Oct 14
1514
15% 1578
5II2
18,700 Davison Chemical v t c.no par
5178
5134 521
5OI4 51%
Mar2S 59% Nov 25
61
4834 50
23
505s
49
51
2II4 2134
2OI2
21 12
8,700 Dome Mines. Ltd
20
2OI4 2OI2
21'4 Apr 21
21
10
2078 213<
21% 21
10% Jan 3
•16
I6I4
16 I6I4
100 Eli Horn Coal Corp
18
I6I4
I6I4
16
•16
IOI4 16
2534May 6
Jan 24
50
16
17
79I2
7.900 Endlcott- Johnson.
77I4
76I4 77I8
77
77
79
7812 79%
Dec 14
81
7612 7784
Jan 6
50
52
77
IO5I2 IO4I2 IO6I4 106
1 .300
107
10612
Do pref
IO6I2 IOOI2 IO6I2 106% 107
Jan 5 106% Dec 14
100
106
87
77I4
78I4 79%
77I8
76
7878 8II4 44.700 Famous Playera-Laaky.JVo par
7612 7734
July 21
82% Apr 29
7534
7518 76%
44%
95I2 93I2 •92
95I2 97
1,200
9584
Do preferred (8%)
92 95
95
97 Dec 20
100
7434 July 22
95
95
95
*8l8 12
10 12
100 Federal Mining 4 Smelting 100
10
•9
10
eisJune 18
1384 Dec 13
10
12
12
•33
500
37
Do pref
3812 •33
37
33 38 •33 38
38
38
21 .-*c|)t 30
43% Dec 14
100
38
79I2 7912 75
500 Fisher Body Corp
80
80
80
28
8OI4
Jan 11
80
90
797g
79
79
No par 75 June
79
77I4 771,1
•7514 80
1,200 Flaher Body Ohio, pref
81
80
84 Dec 7
7718
77
77
100
57 Sept 5
77
3,100 Flak Rubber
1134
12
12% 12%
19%May 5
12
12%
iil'2 '1T34
25
8*4 Aug 3
11% 1178
11% 12%
•13
1,000 Freeport Texas Co
•I2I4 14
14
12% 12%
•13
No par
1378
13
13
13
13
9% Aug 24 20% Jan 17
•'8
2,100 Gaston,
4
4 W. Ino No par
"4
5% Jan 13
'8
'8
Is
% Octl
%
'57'
57
0884 58.600| General Asphalt
5612 58I4
100
30% Aug 26 78%May 5
66h .5812 6512 5818
58%
55% 57%
92I2
9OI2 9OI2 90
02
94
600|
Do pref
•9OI2 94
77 Aug 25 117%May 5
90
01
90
100
90
•6712 69
67I4 68I2
8OO1 General Cigar, .no
71 14
7078 71
7038 Deo 7
Jan 8
*67>2 69
69
54
68
100
68
•93
Ofil' 97%
100
98
9;
Debenture prel
94
•93
96
100
96
9a--:,
9534 93
80% Apr 25 95% Deo 8
138" I39I2
4.;5O0 General Electric
137'8 I37I2 136
13«i2 13034 I36I4 1.3812 13812 140
22 14334 Doc 3
I.37I4
100 109% Aug
50,400 General Motors CorD..iVo var
878
878
9
9
0% Aug 24 16% Jan 11
9
9
8% 9
9%
8% 9
9:s
•72
100
72I2 76
Do pref
74
72'2 7414 7OI2 72
75 Doc 6
7234 72*4 72I2 75
100
63 June 21
•72
2,400
72I2 7234
3:7112
72
Do Deb stock (0%)... 100 60 Aug 22 73% Deo 19
73
72 12 7234
7234 73
72*4 7234
1,000
83 14 8311
83
Do Deb stock (77o)...100 6J Aug 20 85 Dec 20
83
8312 85
84
84
84
84
84
86
•3SI4 363,» 3.138 30
600 Goodrich Co (B F)... No par
35I2 3612
36l2 35I2 35
36
26%JuDe24
44% Jan 11
361s 35
8OI2 SOI2 •80
•82
300
•8)l2 82*4
Do pref
84
62%June23 86 Dec 14
8234 8234
83
83
83
loo
•2612 30
Oranby Cons M, Sm 4 PowlOO
•26% 29I2 •26% 2«l2 •2012 29% 2OI2 29I2 •26% 29l2
16 Aug 16
34% Nov 25
500 Greene Cananea Copper.. 100
•26
261
29
•26
•26
26
2912 Dec 16
20
10 July 21
29
20
26% 20% 26
9I2
9I2
2,126 UuaniHnamu Sugar
SO*
8l2
•9
9I2
934
8»4
Doc. 27
9'4
16% Jan 8
9'4
5%
No par
O's
85s
4,400 Gulf HlutdH Steel tr ctfa... 100
4Cl2 46l2
45I2
4734 49I1
607, Deo 2
4534 4612
47%
25 June 21
447, 4.-5%
45
47
77I2
9,000 Ila«l<(ill4 Uarker Car.. iVo liar
8OI4 81
77
8OI2
8OI2 80»4
811.1
oOljJune 20
82 Nov 28
7034
701
791
78
•15
400 Uendue .Manufacturing
•16
J7
•16
•16
16
15
16
13 J line 20
17
17
17
15
100
26% Apr 25
14.900 HoUHtoo OU of Texas
71 12 73
25
70is 71
73
74%
86 May 6
72
74%
40% Aug
70
72
73
100
73%
6,-l0() Hupp Motor Car Corp
12I4
11
1158
1634May
III2
10%June21
1134
1134
1134
1134
12% 121?
11% 11*4
10
•3l2
3I2
3»g
3'2
2 June 30
7% Jan 8
3'2
312
3% 3% 2,500 Indlahoma Refining
3% 3%
3% 3121
6
38i« 3838
39I2 39»4
3,100 Innplrutlon Cons Copper.. 20
38li
38'2 39%!
2U%Mar 12 42% Dec 16
38Ik 383«
38
39% 40
•7i»
71..
100 lutfTtiut Agrlcul Corp
•7ij
•7I2
9
•718
9
Aug
13>4 Jan II
9
6
9
9
100
TH
"
7h
•34* 35'.; •337, 3."<7,,
300
Do pref
•33
Jan 7
•33
34
Dec 24
57
3412 33
31
33
33
100
30
2,000 Interriat Harvester (new). .100
8I.% 8I12
801.'.
79 13 ftOij
8I>4 8134
8018 801
81lsl •8OI2 82
67% Aug 22 100% Feb 16
•10300
IM534 1067, •337, 3<V« 1011
•106
Do prel (ncto)
Jan 29
•106
99i.iJunii20 1 1
106
100
7,600 lot Mercantile Marine
147,
14I2
I4I4 'w\
147*
I6I1
MI4 14%
17% Jan 11
100
14% 1 61,,
71s Aug 24
66I4 67% 4'>,2(I0
68I4
(,
C65« 605s
«.')
Do pref
67% Dec 6
6684 08
30 Aug 26
08
100
2.'l2
1,400 Intcrniil Motor Truck.. yVo vvr
•2434 27
26l2 26i«
2i;„
2612
26% Oct 14 42 May
:!67«
27
26'fc
800
Jnn 18
•70
Do iHt prof...
76
71 Is
0912 69
71
71
100
(i31h Oct 17
70
71
70
•54
"" -M priif
•84
•64
•64
•54
68
61
Oct 11
64% Apr 26
68
100
68
68
68
loniil
24
11% 11)2
1134
17 May a
IH4 12
Nickol (The) 26
11*4
11% Aug
11% ll>4
12
11%
11% 117)
49I2
lonnl Paper
60»4
48is 601s
4084 48%
38% Aug 24 73»4Miiy 17
47% 4834 4812 49% 47
1(K)
,rii:)
•00
111)
O7I2 67i2
il;iriri)(.(| pref
7.^% Nov 14
101
zf.714
677,
fiS
OS
67 Aug 26
67
68
68
08
100
I4I2
I4I«
li\
1434
6% Aug 6 36 Jan 20
I3»n
13% 14%
14% I6I2
16% I6I2 01,600 iDVlnrllili- rill Corp
60
.Id
II
Iron I'roilurtH f ;orp
411
•23
•23
•26
•23
2.)
27
No par U2i2-"i:lil.
26
2S
"'214 "2%
"2I4 "'2'3g
2I4
2I4
'ii'loil4 Transp V to.. 10
2 '4
2 8«pt26
2% 2%
2% 2I4
10*8
A-ril Tiiu, Ino
11
•IOI4
117,
4
Juu 6
11
11*4
117,
11
100
IIU 11%
H7s
39I2 4OI2
l'(j
prof
42
43
43
417, 4634
4«
407,
46 li 46»i
43
100
8% Ja 4
1,20') JoiKw llros Ton, Ino
37
3fi»,
3Hli
37
37
367, 37I4
37»j
3712
37
37
37
100
14% Jo
87I2 871;
34I2
34
II5I2 11578
131
1295s
88
87
8712 87'i
34I8 353s
11514 II5I2
3 J Is 3534
11538 1155s
88I4
34
35
11638
I34I4
9734
12958
8OI2
IO2I2
23I2
1334
33I2 3434
11684 1173s
1341
133
337s
11634
13334
W
9
9
1.
%
1
W
I
I
I
I
1
I
MU
I
nu
f,34
35*4
•91
26»»
!»;»»
•4612
•44
271,
•158
•106
7
3G)t
93
20
3'1
127s
9
9
36 12
1)0
•lO.i
no
161
684
3514
SI
26%
««4
7
684
7
6%
7
36
36% 36%
36S«
3fll2
91
26I4
02
02
02
2014
26%
02
36
90
4«
2ll»4
26*4
•168
ION
162
108
1284
13
17%
171,
I7«4
37
110
162
•in."!
no
and aakMl prlow.
lO.O'i'i
46>4
45I2
4534
46'4
•26
•168
108
•12'4
48
27I4
•43
•27
•43
164
108
13
I
I
tf
37
110
162
no
1/1.1
43
4a
27U
2714
60.,
ICO
no
148»2 161
•106
no
Bi-dlvMeod and
•35
•96
37
I
I
160
10H«4 1093
•12»4
LI'i
OI4
0%
0%
37
•96
37
110
i;i()% 160»4]
'10';
rlKbta.
no
I
l.V)
I0»
•A««aiaMOt
10
100
'liH (Ht l^)Uls)
100
.Iwr A TIrn
No par
i.uKiii A Myers Tohaciio. 100
'
37
no
160
100
paid.
6'
1,100
Do priif
I(X)
1.700 lyOpw's Inroroontlnd
No var
2 lOOj Loft Inrori>ornt4d
No par
300| L^jnot^WWiiH lllinjlttr cits. 100
l)«
2d orelerrMl
100
I,200| I^rlllsrO (P)
|0()
100
Do nref
100
< Bt-rlgbU.
<
Or
Ui dlvldeod.
•
Nov
26
70% Deo
82% Deo
07', Deo
65
Deo
92% May
104% Deo
86% May
100% Deo
65% Deo
88% Dec
28% Deo
6»4 Dec
26% Deo
30
Dec
18
Dec
497, Deo
38
Dec
84
Dec
6% Deo
71% Dec
42
Deo
Deo
Deo
Deo
Deo
Aug
Deo
Deo
Dec
Dec
Dec
Dec
Dec
Dec
78
02
47
48%
00
99%
2»4
82
76
3»4
8
9%
35%
16% Nov
60
7%
16%
May
Dec
9
62% Dec
Dec
84
51% Deo
Dec
70
Deo
Deo
Dec
71*4
16
63
97*4
:i
^) tr
10
NI4 Jnn
June
61
97
24%
70
81%
16%
54
21%
25
Dec
Dec
Dec
Deo
Deo
Dec
Deo
Dec
Dec
g%May
13% Dec
Dec
47
Deo
84
40 Deo
Deo
66
Deo
317, Deo
Deo
78
10
210
166%
106%
61%
21%
69%
66%
67%
74%
]
:ii
Jun
fl7%.Muy 1;
30 ixi! 7
3|
17% Jun
I4j
I3NI4 Jiin22
07%
10
JtiD
3|
Jiinn
lot
7|
7«4 Aii«2f.
30 Aug 26'
94i|Jiiii<' 2-*
136
100
Kpti
11
Jnn
6!
Par value ttO per
Deo
17
Nov 28
21% Mar 28
110
aliar*.
12% Jnn 10
42
Kill
Jnoai
Mar
1
164% Krliax
Dor 2
1)1
June
JaD
Jan
Jao
Jao
Jao
Apr
Jan
Jao
76*4 Jan
125
Jao
20% Aus
176% Jan
Jan
76
148% Apt
102% Jbd
May
102% Jao
102% Feb
114
16
96*4
129
11%
29%
28%
35%
«6
Deo
67
Jao
Jan
Apt
API
Jao
Jao
Jao
Jao
Jap
Jao
65% Jao
92*4
66
80
Jao
Jao
897s
Aug
Aus
037,
Mm
46% Apl
Api
98
102% Jao
105% Api
Jao
107
43% Api
278% Api
100
Jao
60% Api
86% Jao
Api
s606
28
Sept
Jao
Jan
147
104
96
Jao
Jao
Jao
40
13
91% Api
16%
44*4
1347,
48
36%
12% Deo
19%
1% Dec
Dec
43
32%
71% Deo 79%
Deo 75%
61
78*4 Deo
94*4
16% Deo 173
12*4 Deo
42
Mm
Mm
May
Jao
Jan
Jan
De«
Dee
Jan
Jao
Jan
Mm
89*4 Jao
64% Nov
68% Deo 86% Jao
Dec 04 Api
60
Dec
857, Jon
27
Dec 102% Jan
70
Dee 66% Jao
16
Don
16
38% Jan
20% Aug
11% Deo
Deo
84% Jan
36
78% July
61% Deo
46% Apr
13% Deo
66% Dec 116% Sepi
9% Dec 23% Apr
0*4 Apr
6% Aug
28
Doc
017,
Apr
0% Deo 27 Apr
% Doo 88% Apr
88 Nov 142% Apr
4
100
.Nov
116
10% Dec
44
11%
170
84
71
211%
1)00
Jun
Mm
7ii7,
Dec
Jan
47% July
61% Jaa
7% July
27% Deo
Deo
«
3
Apr
Jan
Apr
91%
38% Doo
09% Deo
19
Jan
61% Jan
Nov 111% Jao
28% Deo
68 Nov
64% Duo
Doo
21*4
Jao
46% Jao
7% Bopt
Deo
SO
18
Jao
ivMl Jan
Jan
10/1
:i;i% Apt
4H% Jao
6*4 Doe
I><T
91*4 Jao
46
Aug
67% ooi
36
38% Jan
16% Dito
Jan
127% Nov 207
Deo 11107, Jao
08
36
Apr
14% Deo
Jan
0% Nov 28
Jao
I>eo
2.
70
ir,i.
Jnn
D""
l(X)
Jan
130% I>
Jen
M7
!'
M%
Juiii<2'l:
Jan
97% Jan
itM<
Irf*
32
40
Mm
MM
106*4
100*4
283
75% Jafi
Dec 20% Jao
Dec 104*4 Jao
Dec 108% Jan
Dec 61% Jaa
Dec 164*4 Mae
Nov 1117, Apr
Nov 21% Jao
Dec
41% Jao
Dec 40*4 Jao
Dec 44% Jao
30%
80%
24%
59%
18
22
SO
Mm
60
03% Jab
142% Apr
118*4 JaD
Nov
63
4
r
pruf
I'.ubbor..
27%
13
26
100
..j.No par
H%
41.
10
I
110
•36
(lulf
:.rln«fli)ldTlro
.V
t
1
inoii
«'«
•33
•96
•146
•106
.UM
•i-'iry
47
Z7I,
273.1
I.
11,6'
37
03
I7I4
44>1
•41
9%
•33
•96
•147
67,
20
1034
48
27%
164
108
127,
BM
353j
•91
7
17
ir.u
36
•06
•147
•
r.h
BighttI
per share % per share
61
Deo 83 Mai
line
1
18*^
New York Stock Record— Concluded— Page
3
For sales durlnii the week of stocks usually Inactive, see third preceding oai»
HIGH AND LOW BALB PltWZ—PBR SHARE, NOT PER CENT.
Monday
Tucsda^
fVednesdav
.fun. 10.
Jiin. 11.
% per shart.
*72
89
5934 593.1
Jan. 12.
$ per share
•721" 80
$ per share
58
105
*
•10134 112
logsg lllUI
261s 2612
12I2 12/s
29I8 29I2
67I2
64
1278 Y3I4
1038
1038
12734 128
13^
13'2
III2
128
115
26
*113
*23
*69
71
35=8
•88
118
26
71
3334
•88
93
93
*84>2 86
831
85^8
•IO7I2 IO8I4 »107l2 IO8I4
I4I2:
38
*49
3812
*10
I27I2 12712 126
'114
114
117
*24
•24
26
*60
*70
71
,
31
*87
•83
108
61
3134
25
•23
25
11
2I2
"lOSg
13
*13
11
2I2
I3I2
IOI2
26
21
•63
26
26
8
•63
64
4434
4958
44I2
SOU 51
45I2
4434
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-978
*6l2
457g
4514
lOlj
6OI2
32 12
61
321
30
2S7g
30
1012
938
87
85
85
86
61 Is
6II2
56
3134
54I2
•30
3812
24I2
*51l2
4778
38l2
23I2
9I4
938
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25s
258
I4I2
48
2I2
13I2
958
*25l4
14
10
26
*63i4
4410
4878
4434
*8l2
834
6138
65
45
33
33
28I4
28I2
14
3258
*30i2
1034
1078
IOI3
1034
lois
*6834
6214
73
63
6834
6212
6834
64
67
62 12
62I2
6212
•92
93I2
25I2
66
64I2
66
25I2
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2558
69'4
IO5I2 105S«' 106
IO7I2
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32 14 3358
36
30 14
35
355s
957g 9578'
9434 95
*107
*107
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*24
•2512
5218
25
5218
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•2514
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'm
25
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25
28
•83
52 14
86
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497«
1234
734
7I4
5OI4
1234
SOI2
5II4
134
134
1258
•II2
13
2
12
•III2
2I2
14
62 14
63
12
258
I4I4
'iih
247g
26I4
5II2
^5
38
•36
•70
75
36I4
813g
80%
102
3%
78
2478
811,
'
IO2I2
101
378
534
978
378
5I4
43
*24
43 12
42l2
24I2
627«
•8912
IOI4
64
23
63
•32
35
534
97g
92
IOS4
1838
978
25
16
•51
3734
3SI4
•86
361;
807s
807s
*100
101
934
32
69
92
lOig
33I2
69
I
28I4
38I4
8112 8238
821s
IO2I4
1021.1 100
4I4
5I4
•378
97s
978
5I4
50
3758
3812
90
638
•87
5534
5134
99I1
92
5612
5233
99I2
3838
•87
67
•33 12
36
•423g 4538
823s 8278
II5I4 II5S3
2714
3734
92
10
97g
*32
69
34
69
1918
•26
4is
533
5I4
10
934
44I0
4558
2458
6334
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631s
92
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•683
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34I2 34I2
4378 4373
8278 8338
11534 11634
•34
44
83
116
64
1038
33I2
69
8934
35
69
1958
2512
I9I4
•25
70
53
161s
16 Is
51
4014
40
92
53 14
9934
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44
8358
1161"
6Sg
67s
36
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8234
63
64
lUs
lOl-
1078'
1034
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3034
3138
3OI2
31
3OI2
•2784
29
70
90
27I4
68I2
87
70
87
•6
7
•6U
8718
7
69
69
C9I4
72
91
•91
49I2
91
•91
86
93I2
4934
36i2
4953
3OI4
9I4
I4I4
Sis
9I4
14'g,
5I4'
•2612
•27I2
2812
2812
• Bid
5I4
93«4
49I4
36
934
9
533
•118
4412
88
1
67
1
SI2
•43
•82
64^
•734
aaa asked
I4I4
5I8
IS
•261; 27
2712 271f.
1397s 13973
139 14
•768
I4I4
95
50
3763
37
933
8712
»G
7II2
91 14
45
87
65
27
50
37
491->
118
44
•83
6534
8
no
sale
I
72
8734'
634
72
9I4
I4I4
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534
2913
lis
6
44
87
•43
S3
6534
834
this
66
S
day.
634
67
I
S5
•91
50
37
9I2
1434
534
884
1473
533
26I2
28I4
28
138
I
'
116
•43
44
87
858
1434
5I4
15
29I2
138
'45"
84
6618
8
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914
55g
30
140
•116
140
•83
67
S
Leas than 100 sharss.
400
5,100
23.100
400
1,100
23,200
14,200
4,600
10,900
2.400
300
300
36.<;oo
3..500
10.600
2.000
7,700
1,100
100
1,100
400
4,000
3.600
9.200
3,100
4.400
300
29
30
44I4
400]
800
200
153s
553
30
14.300
1.100
1.800
44"^
200
500
86
67
800
100
8I2
»
100
BU-rights.
Oct
I213
Aug
16
6512 Jan
4
Pan-Am Pet 4 Trans
Do Class B
100
50
60
M
pref
100
4 Refiners Corp. 60
Public Service Corp of
J. 100
Pullman Company
loo
Punta Alegre Sugar
I.I 60
Pure Oil (The)
25
Railway Steel Spring
100
Do pref
100
Ray Consolidated Copper. 10
Remington Typewriter v 1 100
Replogle Steel
No par
Republic Iron 4 Steel
100
Do pref
100
Republic Motor Truck. iVo par
Producers
N
4 Co
100
4 Tube
of
N
Am
pref.. 100
Lowest
Mar
8412
1684
Aug
125a
1013
Dec
Dec
2S
30
Jan
I28I2
Aug
120
Jan
10 July
22 June
43 Aug
92I4 Oct
102
105
16
4473
S.'i)t
Oct
—
»8Sept 19
26 Aug 25
89 June
67»4 July 28
100 June 20
9
47ij
2058
317g
2013
8
2484
May
2
79i4May
6
65
95
87
108
__
1553
Aug
89
Feb
Deo
Dec
Deo
7714
2288
Jao
Apr
6*4
Mar
23
Nov
12
»427«
Deo
Deo
Deo
28>4 Sept
4l7g Jao
693s
2
9
13
May
4
Doc 12
Feb 19
May
100
8
66
lfil4
3618
Aug 31
57i2May 18
Dec 6
41i2Nov21
Nov
39
9
Nov
Nov
22
I
4
Dec
Mar 29
26
Jan 8
Jan 7
3058 Apr 29
16
Jan 11
5453 Jan 11
1934 Jan 8
68 Dec 20
9
1278
4
27«
10*4
4II4
5038 Dec 16
79»8 Feb 17
7184 Jan 12
13i2
35
69I4
0418
26i8 Aug 26
16 June 17
6I4
Jan 17
Dec 27
3513 Jan 1
3414 Dec 19
Aug
26
Oct 6
27
SQig
26S4
42i4May 2
88
Mar
15
28
69
9
72
1413N0V29
22
22
78
Jan
July 16
8278 Jan 8
66
93
Dec
Dec 30
30i2
Aug
Aug
52
12I3
Mar
15
48 Aug 25
83 June 22
2033 Oct 11
54
Jan 15
89i>!
Aug 24
24»4 Oct 14
2II2 Aug25
67
July 28
98
Apr 21
11
Mar
12
nisJune 20
18 June 21
41i8June23
75I4 Oct^O
6
Dec
1
1"
4012 Oct
10»2 Aug 26
114 Oct 17
878
2i8
Oct 6
Oct 18
64I4
Dec 6
12'4Mar 11
3078 Oct
R
Aug
25
lOig
32i8June29
68i4Juoe29
6734June24
124i2June 13
10513 Jan 3
66
-^cni
23
7
12
96
104
83
12
72
Jan 24
Jan 24
90I4
Dec
70i4May
13
19
62
IHUNov
i7
95ij
3412
40
Sli2 Jan 11
4083 Dec 13
9912 Dec 31
109
Mar
10
Mav
3834May
207s
Deo
Deo 110
Nov
Deo
Deo
Dec
I7IJ
II7I4
481j
May
Deo
Dec
Deo
Jao
Jao
6II4 Jan
66
78
417|
116<g
111*4
Deo
Aug
Dec
Deo
Dec
Deo
Dec
Deo
De«
Apr
Apr
Feb
Dec
Deo
Deo
Deo
saU Apr
46
23U Jao
98
U
9114
2753
113*4
10418
Deo 68
Deo 124
Deo 120
607g
Deo
Dec 10612
May
Nov
22*4
Dec
94
30
Dec
56 14 Dec
3918 Jan 12
7314 Jan 13
96i4Mar 2
2418 Jan 25
697gMay 6
1418 Dec 2
6I2 Feb 16
233g Jan
Jao
72U Sept
2418
3|
Oot
4218 Jao
4418 Juir
827g Jao
IO8I2 Jan
73
9218
10
15
107
Jan
Jan
Apr
Fek
Jao
Mar
Apr
Jan
Apt
Nov
Jao
Jao
93IJ Jul;
124*4 Jao
106*4 Jao
66*4 Jao
123Sg Map
Apr 30
2i6
98=4 Jan 3
2512 Nov 17
49 May 9
28'8May 8
85I4
Dec
Dec
Deo
1774
Deo
Dec 26I4
8358
Dec
2168
Deo
Dec 343
14I4
Oct
2318
33 Is Doc
20
Dec
43
Dec
4S»4
84
I6I4
4912
10
212
H
8«4
66
75
9812
I92I4
II4I2
85I4
Jan
H
Nov
16
15
M
Reduced
9
9
Dec
Dec
Dee 30
Dec 10
.
«
61»8
16i8May 6
37
Jan 24
21 June 6
25I4 Aug 24
StrombergCarburetor..A'^o par
46 Apr 30
Studebaker Corp (The)... 100
931.1 Apr 29
4283 Jan 3
Do pref
Jan 5 10334 Dec 15
100
83
Submarine Boat
1038 Jan 7
No par
3
Oct 17
Superior Oil
1314 Jan 11
No par
384 Aug 10
Tenn Copp 4 C tr ctfs.^Vo par
11
Dec 12
663 Aug 26
Texas Company (The)
48 Dec 16
29 June 21
25
Texas Pacific Coal 4 Oil.. 10
3678 Jan 21
15»4 Aug 24
Tobacco Products Corp. ..100
72 Sept 13
46 Mar 22
Do pref
76i2Juue 28
91
Jan 13
100
Transcontinental Oil
No par
6 Aug 25
IS
Apr 25
44I2 Apr 25
Transue 4 Williams St..Vo par
28 June 26
Union Bag 4 Paper Corp.. 100
57 Sept lO
75
Jan 13
Union Oil
25i2May 19
iei« Aug 26
No par
United Alloy Steel
No par 19 June 8 34 Jan 4
Unltofi Drug
46 s^^>t i:i 100
Jan 19
100
United Fruit
Jan 7
100 x9534June 20 207
62i4May 23
United Retail Stores.. A^o par
22
4678 Aug
U 8 Cast Iron Pipe 4 Fdy.lOO lli£ Jan 3 19 May 6
Do pref
5718 Nov 28
100
38 Aus 25
U S Express.
esgjune 20
7
Jan 13
100
27I4 Jan 19
8i28ept23
U 3 Food Products Corp.. 100
74i8May 3
3514 Nov 30
U 8 Industrial Alcohol
100
Do pref
84 July 29 102 Mar 8
100
U 8 Realty * ImprovementlOO 4118 Mar 11 6312 Dec 10
United States Rubber
4018 Aug 27
7984 Apr 30
100
Do 1st pref..
74 Aug 27 10373 Jan 4
..100
D S Smeltla?, Ref & M... 60 26 Apr 1 3818 Dec 27
4412 Jan 3
Do pref
SO
37 Aug 9
70i4June 23
SeijMay 6
United States Steel Corp.. 100
pref.
106 June 21 115 Dec 22
Do
100
41ig Aug26
6683 Dec 15
Utah Copper
10
Aug 6
1258 Mar 17
Utah Securities v t
100
7
Vanadium Corp
No par 26igJune21 41 Jan 11
Virginia-Carolina Chem...lOO
42>2 Jan 11
2034 July 30
Do pref
67»4July30 10284 Jan 18
100
Jan 25
Virginia Iron. C 4 C
100
59 Aug 17
95
553 Mar 11
gUMay 11
VIvadou (V)
No par
4918 Jan 4
72
Jan 20
Wells Fargo Express
100
76 Aug 10
94 Apr 12
Western Union Telegraph. 1 00
>>
Ml8S('li'
967g Jan 14
Westlnshouse Air Brake
SO
3878 Aug 22
6212 Der 28
Westlngbouso Elec 4 Mlg. 50
29i4June 23
44 May 2
White Motor
50
7 July 16
1753 Jan
White Oil Corporation. ;vo par
SijNov 17
I884 Dec
Wlckwlre Spencer Steel
5
10i8May
458 Nov 28
Willys-Overland (The)
25
23 Aug 26
42 May
100
Do pref (netc)
27I2NOVI4
Jan
47
Wilson 4 Co, Ino, v t o.No par
100 106 Aug 25 13984 Dec 31
Woolworth Co (F W)
100 105 June 24 1 13»4 Nov 4
Do pref.
65i4May 6
3018 Aug 25
Worthlngton P 4
v t 0..IOO
7018 Aug 16
86 Dec 17
100
Do pref A
S4 Aug 8
70 Nov 29
100
Do prefB
6ljJune23
9\ Nov 5
no par
Wrleht Aeronautical
z Ex-dlvldend.
80
10218
13
8918
IO2I4
93I4
Dec 6
17
5I4
116
46
64.18
9I4
Nov
Nov
6318
19
3!i
678June20
3353 Jan 3
21
Deo
Deo
46
88
14
Dec
Mar
Mar
61
10318 July
25I4 Deo
16
Mar
Dec 40
Deo 40
Deo 126
Jao
Jan
Jan
Jan
Apr
Jao
Jan
Apr
Jan
Jan
Jao
Jao
Jao
96
Jan 10
Stewurt-Wam Sp Corp.JVo par
a Ei-dlv. aod rights,
1258
26i8
Jan 4
Dec 7
Jan 26
3S5g Jan 18
Mar 31
SijMar 8
134May31
14
Dec 2
BigUtt
S per share
I per share % per share
72 Dec 23
S6
Deo 69^ Jan
62 Deo 2
66
Dec 6414 Mat
63i« Deo 15118 Apr
8918 Feb 1
307g Nov 12
1 14
Dec 19
66
Deo 13712 Apr
109
Dec 19
9612 Oct 107
Jan
ie7U Jan 13 148 Aug 222
Jan
14l8 Deo
28 Dec 18
26
Jan
I6I2N0V2I
10
Aug 71»4 Jan
3312 Jan 4
28«8 Deo
62<4 Jao
47I8 Deo
69l8 Jan
6458 Dec 31
101 Dec 31
93
Dec 1001* Jan
96
4
No par
1,800 Shell Tranap 4 Trading... £2
Sinclair Cons Oil Corp.Vo par
31,400
400 Sloss-Shetfleld Steei4 Iron 100
Do pref
100
8,600 Standard o'l of Cal
26
Oil of
4.600 Standard
J
26
Do pref non voting
3,0001
100
"oaoo
""566
2'
13
16I4 Jan 19
27i8Mar 12
3818 Aug 26
3413 Aug 17
6
Aug 27
Roebuck
9,900 Seneca Copper
3,000
94,700
150
2.000
3,800
2,600
69,400
10.300
9.400
65 June
Pacific Development
Pacific Gas
Electric.
Pacific Oil
13,500: Sears.
•5.600
38I4
66I4
8
70
495s
3733
S78
84
6684
28
9I2
37
I
141
105s
3II2
77
92
95
50
•91
.Wl,
841,;
7334
73
•91
3fi
441s
S
11,400 Royal Dutch Co (N Y shares)
1,000 St Joseph Lead
10
400, San Cecilia Sugar v t o.No par
100, Savage Arms Corp.
lOO
1,400| Saxon Motor Car Corp.iVo par
200
92
87I2
7
9178
4973
3678
40'5s
6
87
72
95
i
105s
9184
I
9134'
.115
on
70
•86
287s
365s
914
2718 28
I39I2 13973 •137
81;
prioea:
9334
91
29
7I2
lI6i-> 1171.;
6278 6-138
3II4
27i»
•67"
2,500
2,000
2,500
4,400
6
57I2 57 12
62I2 533,
9934 100
11
29
70
1934
2512
52
51
6784
.
701s
I23I4 I24I2
6OI2'
678
773
92
IOI4
loO
100
S per share
6912 Jan
17
Feb 9
45
Jan 26
3314 Aug 31
Do
92
3033
•28
4512
2478
637,
10
•32
•68
I
311s
2838
2838
•68I2
-•
S'4
8tamp"g..l00
...100
600 Panhandle Prod 4 Ref. .no par
Penn-Seaboard St'l v t c ^o par
People's G L 4 C (Chic). .100
Philadelphia Co (PIttsb).. 50
Phillips Petroleum
No par
Plerce-Arrow
Car
No par
Do pref.
.100
Pierce Oil (Corporation
26
Do pref
100
Pittsburgh Coal of Pa
100
Do pref.
100
'10
300 Pond Creek Coal
700 Pressed Steel Car
100
2,700:
10
4
pref.
10,000
6.500
4.800
7.400
3.800
1.700
15.600
2,300
2,100
10.200
6.900
7.500
9,400
14,600
1,400
Highest
100
.100
Do pref.
100
North American Co
SO
Do pref
SO
Nova Scotia Steel 4 Coal. .100
Nunnally Co. (The). ..No par
Oklahoma Prod 4 Ref of Am 6
Orpheum Circuit, Inc
1
Otis Steel
No par
Owens Bottle
25
300 Steel
78
29
39
8338
102'l8 1023s
4
37s
71
71
I22I2 I23I2
52I4 5234
•16
17
60
52I2
62
74
8 134
1114
1078
31 Is
2034
36I4
I
4473
24l8
63I4
•8934
I
834
91s
22
38
9434 9534
I74I2 177
II4I4 11434
78
37
71
122
6212
17
377g
831s
II5I4
611; 6238
72
2
I
95
26I4
•70
122
52
•16
7112 711
12018 I2II4
6II2 62
67g
826s
20
36
I
60
115
21
7'
37
19U
•03g
858
37
43 Is
37I4,
2OI4
37I2
74
2I2
63I4
I75I2
II4I2 1145s
25
60
•33
43 Is
3484
4478
8238 8234
1147g 11478
613, 623s
•43
3812
251
1878
I
*33l2
1312
258
64I4
r
25
678
912
515s
99I2
*11
13
175
78
19
51
57
I3I2
258
6478
2II2
941s
5,200
""'266
1934
74
94
25
I6I3
5234
9912
8
52
I3I4
36
72
1751,1
1818
leig
5034
85
7I8
5II4
38
3Sl2
25
90
I
978
•32
•68
85
5II2
21
1934
C2I2
29
52
03
6II2
*89l2
6238
*89l2
271;
2634
86
8
6234
207s
3812
45
934
15
123^
158
2I2
241;
631"
3753
57I2
52S4
•334
5I4
4
5I2
978
9I4
90
100
25
I4I2
I
1143s II4I2
•72
75
2678
5314
*lll2
II4I4
78
25
30
72
27
52
I3I4
258
172l»
I7I2
•638
9I4
•72
94
28
178
425s
5258
•16
50
678
938
•5612
92I2
70
62
94
400
400
500
30,550
23,000
108
158
171,
3134
1438
32I2
12
IO7I4 IO8I2
33
3438
35I4 36
96I4
96
27I4
2
24
26
5138
54 14
•63g
3712
6212
2OI2
•3778
19
3612
95s
91s
63 12
34 14
15
6412
92I2
2878
63
91
Ys"
131s
24
•71
72
I2OI2 12134
1712
25s
9OI2
1434
63
•71s
5118
13
4278
IOI4
•25
•71
7134
12218 I22I8
6I34 5278
III4
734
51
42 14
23 14
33I2
O9I4
19
O9I4
I8I2
1978
25
5012
•1234
*ll2
5158
37g
5I4
934
92
•32
<
27
82
4358
24I4
64I4
*89l2
69I2
6912
101
2534
2734
378
5I2
978
978
I
36
80
^6158
I4I2
2578
86
258
*24l2
37
65
108
'14%
52
*7l8
14
9184
7934
I
1'2
•71
37
25
13I4
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170
114
•72
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7778
51
II2
95
52
7I2
503s
*1234
247s
113^
*24
3G
37
75
92I2 9338
I7OI2 17313
•IlS's 1131;
9334
174
86
7I2
1918
•36
•70
93
173
7OI2
63
3338
3534
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525s
•82
2OI4
3818
I9I2
1418
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2712
28I4
1834
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38I4
1834
1078
92I2
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2713 293s
691? 7134
10734 IO8I2
33I2
33
35I4 3534
95I4 96
69 14
108
35
95
•107
20
38
3818
1958
1134
6738
92I2
2734
32I2
3258
35
94
21
38
lOli
63
63
2II2
14
32 14
63
*90
25
69
107
2I2
6218
20^8
•3712
1933
14
3278
I5I2
25s
6318
25s
6218
2OI4
29I2
*14l2
107
7I4
34
30
5:4
109
94
834
63
92 12
3218
34I2
64l2
4538
4934
4434
64I2
46I4
Sllg
45I2
34
1538
26
8
9
•1434
400
300
10
25s
7I4
6II2
63
111;
10,800
9,000
1,600
9
*92
54I3
4,200
1,900
958
94
32
IOI4
25 12
Nat Enam'g
300 National Lead
Do pref
300
2,800 Nevada Consol Copper
New York Air Brake
400 New York Dock
15
6 134
*30
10,300
2I2
I4I2
45
•92
25ls
6884
241s
07
108
10
6412
4534
6078
63
63
92 12
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15
145s
39
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878
14
3278
1058
1378
49
61
33I2
29I2
14
95s
91s
013j
33I2
29I4
llOis
1434
6II2
48
10
6412
45I4
5018
441,
4534
5034
100
Do pref
400
...100
National Cloak 4 Suit
100
Do pref
100
...100
100 Nat Conduit 4 Cable.. A^o par
Do
481s
24I4
III2
258
I4I2
MontWardACoIUaCorp No par
Acme
so
600 National
1,200 National Biscuit .
91
6II2
3134
54I2
26
8
*7
3334
86
1458
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31 12
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26
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15
958
I3I4
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4758
38I4
2412
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IO8I4 IO8I4
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32
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1434
6318
130
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62 14
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71
91
32
73
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71
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33
1358
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3234
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92
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13
HI4
•24
Indus. & MIsceli. (Con.) Par
200 Mackay Companies
100
Do pref
567
100
1.900 Manatl Sugar
100
5,300 Marland Oil
no par
May Department Stores.. 100
3,000
Do pref
100
122.100 Mexican Petroleum
100
2,700 Miami Copper
.
5
46.400 Middle States Oil Corp... 10
26,400 Mtdvale Steel 4 Ordnance. 50
3,900 Montana Power
100
Do pref
100
10.100
1234
12734 128
II7I2 II7I2
128
117
26
3238
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52
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9I4
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3278
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44
9
9
45
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64
443s
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92
86
108
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114
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'
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2I2
1234
958
125s
'I
III4
57
basis 0/ 100-share lots
Loteest
Shares
80
104
•101
11
2514
1414
121;
*10
share
33I4
2478
I
"13
jjcr
PER SHARE'
Range for Previous
Year 1920
On
EXCHANGE
the
57
59
NEW
PER SHARE
Range /or year 1921.
STOCKS
YORK STOCK
Week
73
7234
.57I2
24
2=8
1284
938
$
snare
T2»A
57 Is
1435
47I2
3838
4678
•23
•9
'
*56
3OI2
35
•68
•29
•49
46
I4I4
6II2
3134
I4I2
pa
$
72I2
H2
•MI4
32I4
1'2
*l'l
3558
I
7212
57 18
33
101
•100
•100
*10
12s
115
*24
•69
60
34
34I2
34
34
34
25I4 261s
241'
251
2334 24'!4
a^s
103ij 10334 103
104
104
107
•102
*107
112
10134 112
112
1085s IIII2 10634 1081s 10734 1101)
2612 267g
2658 2634
2612 26^8
1158
121;
12
11 •'4
115s 121,
2834 2934
2918 2958
29
295g
65I2 661.1
*65l4 66
65I2 6712
2534
23'4
104
\
35
*32
Fridav
Jan. 13.
Tftursdau
Jan. 9.
SatuT Oau
Jan. 7
Salet
for
75
Dec
Apr
June
Apr
Jac
Apr
Not
90U Jao
82 14
Jao
Jun
94I4
Apr
<ri42U Dec c2i2ia Mai
oois June 113*8 Mar
77
Deo 9II2 JUHf
6118 Mar
2412 Deo
2213 Dec 118U Apr
37*4 Deo 12638 Apr
76
Deo 10118 Jao
8I4
1118
Deo
Dec
eu Deo
Oot
I3I4 Mar
«57*( Jao
63*8 July
Deo
Deo
96li
Dec
46
Dec 106
80
38*4
563 Deo
6018
347» Deo
61 84 Deo 127
38
1912 Dec
53
2718 Deo
Dec 148
91
40
2 2
1
14
2083 Sepi
176
45I4
lOij
Feb
Deo
Nov
Jao
Jao
Jao
Jao
Apr
Jao
Jao
Jan
2247g Oot
9618 Jao
2518 Jan
65I4
377g
78*8
116*3
103*4
69*4
Apr
Apr
Jao
Jan
Jan
90
Deo
Deo
Dec
Dec
Aug
367»
Nov
63
Deo 143l>«
Dec 11618
70
Deo
Deo 4768
Deo 109
Deo 116«4
Deo
80*4
14
Aug
Deo 97
8OI4
Dec
Dec 11218
38
6*4
16
60i8
9618
29
3918
76I4
10418
4413
7
281]
24*4
88«4
76
Feb
21
40*4 Nov
SOig July
8914 Nov
76
136g
Deo
Deo
Dec
19
Nov
40
3018
Apr
Mar
Jan
Jan
Jao
Oct
Apr
Apr
Jao
120lj Sept
Deo
5*4
Jan
Jsn
Jan
92*3
110
Juoe
Mar
Oct
Jao
66I3 Jao
6918 Mar
261a Oot
3214 Sept
Jao
Jao
8214 Jao
Dec
Deo
Deo
32
03
100 June
Deo
102
356g Dec
146
116
06
513
26
347|
73
6318
Deo
Deo
to basis of $25 par.
Apr
Jao
Jao
93*14
J«i>
76
Jao
—
Jen.
J
.
4
1
.
1
New York Stock Excfiange-BOND Record
Bxehanpt
1
190)> the
ua$ f.nnj.q ana
tmelbo4 o/utiotint bona»
1
183
Weekly and Yearly
Friday,
prices are novy~"an<l tntAretf'—etetpl for
tacome au4 derafOUd Oomu.
''1
BONDS
Price
1).
Qovarnmant.
S.
Kiret Ubertjc
Loan—
D
D
D
D
J
J
J
J
—
97.96 Sale
97.72
98 20 20751 88.00 98 24
97.96 Sale
9720
9823
IO4I2
IOOI2 -8OI2 ..
80>2 -.
QM
QM
M
78
106
8
J
D
J
J
F A
10558
MN
MN
MN
J
107
107
83I2
10114
D
97
9584
98I4
10 li'
9912
10134
MN
t
srs.s'ss
D
M
M
D
M
lat« and City SBCariiiag.
N y City— 4}i8 Ocrp Btork.1960 m S
1964|M 8
4J»g Corxx;r8te stock
19flelA O
4>i8 Corporate stock
tJiaCoporateatocfc
1971 ..
«Ma Corporate stock July 1967
J
4He Coiporate stock
1966 J V
4^8 Corporate stock
8
1963
4% Corporate stock
N
.1959
4% Corporate stock
N
1968
Corporate etock
«%
N
1967
4% Corporate stock reB...i966
New 4Ma
N
1967
Corporate stock... 1957 BfJ N
Corporate itoct-.-l964
N
Y Ftate— 4s
U
1961
Canal laprovement te
1»61 J J
:;aDal improvenient 4b
1960
M
M
M
m
M^
M
4H%
3H%
ff
HUrbnay Improv t 4HB..1963
Hlsbway Improv't 4>^e..l9«6
Btamped
Oonv gold 4b
Oonv 4b Ibbub
Baat Ok'a
Nov
21996
D
19f,S
unified
Ist
1930,
4Hb
106
8512
8484
76I4
106
106.
IO7I4
85I2
9934
94I4
Sale
67
1
.
.
M
M
M
1
M
M
No prlnoFYlday: latest bid
115
23
25
J
J
O
O
J
2.33
132
281
263
45
7
107
11
170
S8I4
85
77
47i
78
107
27j
5;
22
13
I61
IO7I2
IO8I2
8884
no
836
95I4 1631
102
9878
658
1003s'
10058!
711'
580
16
94
88
178
155
8718
74I2
8334
8334
5612
4 lis
544
69
68
I
126
59
10934]
69,
148
10734
10112
170,
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115
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98>2
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104"2
99
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I
60
88
10
98
985}
98I4
98I4
99
96ij Dec'21
J 0158 IO4I2
IO4I2
f'9
104
Sale
IO4I4 Salo
104 Sale
'O31?
9312
9312
.
--
.
:
104
103
103
93
-
1
94
104 12 IO3I2
104
104
--I
60
32
37
48
104
104
104
IO4I4 IO3I4
85. 847g
90
S9
93
110
96
71I4
7612
Jau'22
104
104
.Tail
I
no
9612
86
2*
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40
29
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99I2 10834
97»4 10234
9.10312
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94
43
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8212
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80
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-
-
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77
8OI4
901-1
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85
Apr'20
Nov'2I
Hfiu
0|ij
86
84
.-
92>4
961*
FBb'zl
Ui<r2l
6»;
Week ending
1^
Jim. 13
C&nada Sou oons gu A as
1962 A O
1940 j D
(icb (i'i.s
ri-ir j
j
Ohio Ist 30-yr 68.38 J U
Canudlao North deb
2.")-,\e.ir a f
Cor Clinch
<S
s f 78..
Central of Oa lat gold 68...j?1945 F A
Coneol gold 58
1945
N
10-yr ten)p aecur 68 June.. 1929
Cbatt Dlv pur money g 48.1951 J
M
Mac
Nor Dlv
<!t
let g 6B._l<l4e J
Gtt 4 Atl Dlv 58
1947 J
Mobile Dlv 1st g 6s
1946 J
Cent BB 4 B of Ga coll g 6e.l937 in
Cent of N J gen gold 5e
19S7 J
Beglaterert
41987 Q
Am Dock 4 Imp gu 6fl
3921 J
N Y 4 Long Br gen e 4e...l941
Mid
in
-
28,
81
99
fiot|
f\f'h
H9li
981,
79
71
80'4
95
991, lOOIt
J
J
J
J
.J
MN
MN
8
M
l8t coDBOl gold 68
...1939
Beglstered
1939
General Koirt 4H8
1992
Registered
1992
20-year convertible 4 Ms.. 1930
30-year conv secured 68
1946
Big Sandy iBt 48..
1944
Coal Blver By let gu 4a. ..1945
Craig Valley 1st g 6s
1940
PottB Creek Br Ist 4e
1946
B 4 A Dlv l8t con g 48.. .1989
2d conaolgold 4b
1989
Greenbrier By let gu g 4s. 1940
Ati
9-3
Sale
Sale JO*
llOiaSale 107
J<:i7s «alo
8378
10
I
9518
9210 Sale
97
104
100
8312
Sale
68
7912
a
7138
S27g
O
55I4
J
OeneraHs
1968
B
Mtg 4 Tr Co
SI
Stamped
Guar Tr Co
Cblo
4
Ind
|
A O
MM
O By
1938
gen 53.. .1951
Chicago Great West Ist 4a. ..1959
Chic Ind 4 Loulsv— Bel fls.. 1947
Befunding gold 6b
1947
BefuDdlDg 4a Series C
1946
Ind 4 LoulBv lat gu 4s
1956
Chio Ind A Sou 50-yr 4b
1956
Cblo L 8 4 East lat 4Mb.. .1969
Cb
4 St P ?en g 48 aer A-el989
Qen'l gold 3M8 Ser B
el989
Gei eral 4Me SerleB C
el989
M
Gen 4ref Ser A 4M8
Gen ref conv Ser B 6a
M
J
J
J
J
J
J
J
J
J
D
D
A
A
M
J
J
O
O
O
O
N
O
.1
J
Mil L84 Weatlmp 8 6B..1929 F A
Ashland Dlv let g 6b. ..1925 M S
Mich Dlv lat gold 68. ..1924 J J
Mil Spar 4 N
let gu 48.1347 IW S
8t L Peo4 N
iBtgu 58.1948 J J
Ohlc R 1 4 P— «v gen 48
1988 J J
W
W
BeglBtered
1988 J J
Befunding gold 48
1934 A O
R 1 Ark 4 LoulB let 4M8.. J934 M fi
Burl C B 4 N l8t 6b
1934 A O
I F 4 N
lat gu 68.. 1921 A O
ChOkla4 Oconafia
1952
W
74
MN
CA
I
gnnoonaB a8.._l934
MAW
Ind
Ind A
J
J
K.»l
89
72I4
76lj
76
7958
76
66
69
6318
5734
71»8
63l«
61
6OI2
72ii
60
72
70
80
631a
S9ls
59I2
70Sg
84
781s
"62
82^8
61
6SI3
601e
70ie
62
76
Hi
94
64
S5lH
Deo '21
6918
951s
IOOI2
IOOI4
98
80
.^2:x
95i« 1025(4
82 14
79
a.ile
7SI4 Sale
7912 Sale
951a
85I2
.(uly'21
925^
5
Dee'21
73
Dec'21
927g
S2
73
7»
"is
"27
68
73I2
70
84I2
711.
72U 851s
S7ii iOOSg
9Clg 102
9858
97
9334
90
"42
87^ 06
I
OS
95
46
76
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Oct'19
IOOI4 IO6I1
70
70
91
.
95
.
Job '22
8n«c
84 ig
78
78
76
78
77lg
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9534 nen'21
7478
707g
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100
791b
88
81
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90
96
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78
77
78
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43
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79
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527
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80
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77«4
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92H> Dnc'21
861,
104
Jan'22
tlH»4
70
107
83
98I4
05
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9334
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6884
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105
92
65
06 ig ^aR'2l
91 June'21
99 Mar'tl
00
797g
7812
83B|
76i4
84I4
85i;
84li
6212
84k Jan'21
97 In
833g .
77
Sept'19
109
59
»7
105% Jan '23
70 Mar'21
O
Nov '21
•«•*
IOOI4
78
O
CI«veHh(irt I. iBtRU 4Ma
( olomtld A Hon Ist R 4b
Refund A
70
66
68
70
553g
IO7I2 107*1 107
84'5g
101»!
Ist prnf 4s... 1940 A
Int prof 6,.. 41938 CJ J
lat oons 4a.. 1941) A
In'r)nie 4a
1990 A|ir
W
68
10«»2
IO7I4
W
<'
47Is 68
91I4 103
Nov'2ll
105
85
72l»
68
1
I
Jan'a2
7934
05
I.',
C
784
78
Nov'21
Nev'2l
10(Ji4 105
_
D
1930 IW 8
North WlBConalu latOa
19.30 J
J
Hupcrlor Hhort List 6s g..f 19:10; M H
Chir T H 4 Ho East lat Ca.. 19flO'J D
Cble 4 West Ind gon g 0a..<!l932 O M
Conaol 6l>-year 48
1962 J i
yc.ir 8 f 7Ma
KCl.-, M S
CID H 4 D 2d gold 4Mb
1937 J J
C Find 4 Ft W lat gu 4a K.1923 M N
Day A Mich iBt oori8 4Ma.l93l J J
Clov CIn Ch 4 8t L geo 48 1993 J D
20 year deb 4Ms
1931 J J
Ocnnral 68 Herlea B
1993 J O
R<^f A Impt 6n Hnrlna A
1929 ..
f'nlrf) Dlv IhI «(.ld 4b..
1939 J J
CIn W A M Dlv lBtK4B. .1991 J J
Ht I, Dlv lat rolH,r«48... 1990 .M N
Hpr A (.01 Dlv lilt g 4b... 1940 M t
W VbI Dlv Int B 4a. 1940 J J
CI Ht I, A C lotB4B
tl9,3flCJ F
nxglNlircd
kl936 g F
Cin H A Cloont iBtg 6B...I028 J J
30
I
I
8SI2
83J3
83I2 Jiin'22
102 10212'lOOli
10212 IO5I2 182
Nov'21
98^« li^b'21
93S4 Dec'21
9612
94I2 F6b'20
9612 Sale
se
96
106
87
88
367,
35I1
9058 lOlia
79 103ig
78 10334
saia
60
90l2
78
81
Ooa Moluoa l8t 68.1923 A O
St I'HiilA KCSh LlBt4MB-'41 F A
OhIcSt P M 4 Ooonsea... 1930 J D
930' J
Sale
94
28
26
Jan'22
7ft
93I2
67
Nov'21
79I2
721*
G4I2
SP4Sale
<t
1
64%
64
97
82
82
93
F
MN
D
M 8
M S
Man G B 4 N W lat 3MS.1941
MIlw 4 8 L lat gu 3M8...1941
Sale
69
74*4
12
102
.-^iile
8O84
537r
41*4
781*
76
41
87
901s Nov'21
32
Mar' 17
68'^
7I84
59
603s
103
103
8712
9«
76ig
80
3C7g
691*
77«4
sell
I
87«4'
9612
81
76
82
73lt
83
2
8612
8912
34I4 Dec'21
33i«
75
77
887g .
J
55'e
Deo'2l
Dec'21
103
701*
71
90% Got 19
IO4I4
87
79
67
60
73
53
SO
103
81
971s
S47a
8668
8612
70
63
60
38%
7214
55
MN
MN
MN
.
71
Sale
6OI4 Sale
103 Sale
9034 91
7118
J
J
J
J
J
MIlw4Nor l8text4M8...1934 J
Cone extended 4H8
1934 J
Ohic 4 N'weat Ex 48...1886-'26 F
BeglBtered
188(5-1926 F
General gold SMb
1987|M
Registered
iil987 Q
General 48
..1987
Stamped 4e
1987
General 58 Btamped
.1987
Sinking fund 6a
1879-1929'a
Beglstered
]879-:929A
BInltIng fund 6b
1879-1929 A
BeglBtered
1879-1929 A
Sinking fund deb 6b
..1933 N1
BeglBtered
1933
10-year secured 7eg
1930 J
16-year aedired 6 Mag
1936
Dee Plalnea Val Ist gu 4 Mb. '47
Frem Elk 4 Mo V 1st 8a.. 1933 A
Coris 6a reduced to 8 Ma
Debenture 6a
...
72 12 7?.3i
'
64
6G
81
Sale
56 Sale
*63 Sale
6 Us Sale
M
Kedk
lOSig
lOO's i04
805s
J
54I8
99
75
07
*80
OhIa
F
a;
a20!4
Convertible 4M8
1932
Permanent 4e
1925
26-year debenture 48
1934
Chic 4 Mo BIv Dlv 68
1926
C 4 Puget 8d lat gu 4a. . 1949
Fargo4 Souaaaum g 68...1924
CB
33is Sale
J
J
MN
190'
87!e
9358
I
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§36
"96"l2
89I2 Sale
83
ctfs of dep
lat 68
8658
71l«
S5
sain
38
79
lOlU
dep
71I4
83I4
Sale
Sale
J
1930
1937
otfs of
39
sSO
88
95
S53g
N
iw
O SMtg4Tr CootBofdep
V
J
N|
J
Chlc4 Elllref 4Smp4sg..l956
1st 00D80I gold 68
General consol lat 66
J
85
8O55 Xov'21
Dee'21
SO
N»v'21
7818 Dec'21
79S« Dec'21
76
Dcc'21
6S
Apr'21
8«i^ Dec'21
76
N
Q—
71
80
94
JlllK>"20
7018 Sept, 21
81
M
RB
2
15
75
76
100
100
94
99
78
79
87
84 12
86I4 Hale
74i8
7358
817g
88
76J2 90
92l8 104ij
104
7^8
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87
83
.
85
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9O84 92'2 OOij
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9818
99
F
A
M
88 12
86
S0I4 101
8OI4 9OI4
847g 98
671* 70»4
May '18
83
99
J
68
68
96l8
7034 Dec'21
High
Rii2 96
997g 112
96 12 IO914
"13
92
83^
89I-.
8312
J
J
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46
194
24
84
91
94
90
105
IVJ
J
J
^*, Low
90
11012
IIOI2
92% Dec'21
Sale
771a
73i,s
Springs V Ist g 58.. 1941
Chic 4 Alton
ref g 3b
1949 A
«a«tca» lat Hen 3,H3
1960 J
Cblo Bi.fl 4
111 Dlv 3M8.1949 J
llllnolB Dlv 48
1949 J
Nebraska Extension 4a
1927 M
Beglstered..
...1927 IV«
Warm
1961 A
1929 V
«Hs
1935
Ft W A Dun O iRtRfla
1921
Conn A I'ns Rlva Int r t» ..1943
Cuba RR 1st »0-ye«r 6s B..I9ri2
D I A W -M A K. Ist BC IMlJfHl"
N V l.nrk .V \V !m
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192.1
I
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N
S
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Bi*
96
9253
87ii
8714
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M
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9OI4 I)rr'2l
92I4 «ci)l 21
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88l->
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101
74tj
68
17i
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86fi
100
56
75
10
86
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9738
9978
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88
79
88
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92
92
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86
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1
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.
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7734
63
8512 IOSI2
95I2 IO8I2
95I2 10913
60
106
7634
80
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79 Half
76178',; llHi
75
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90
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96 ij 240
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12
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83
50
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88
85I4
10
1/2
24
/97g
7S->8
1297,
70
7434
277
Nov'2r
76
92
79
90
Dec'20
Sale
Hale
86
72
101" 101
1
1
SI
79
105
84Ti
951j
103
401s 49
9434 I(l8li
Oct'20
82
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104
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99
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927« IO8S4
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74
79
.Tan '22
92l4 Dec'21
93I2
931;
85
D
14
9534
98i2
IO2I4
10134
101=4
107
88I2
S
8
62
222
115
97
1(j21?
Sale
88I1
9318
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tie48'Q
lO-yr nonv 4 Ma
...1933 ..
Befund * grn 6a Herles A.. 1995'
TBinporary 10-yr fla
1029 J
Pitts Jiinn l«t Bolfl 6s
922 J
Dlv lilt (tSMs 1*25
P Junn*
N
P J. K A
VnHmref 4a. .1941
Routhw Dlv litr KOld KHk 1925 J
Cant Ohio lat n « 4Hn
930
oon lat r fls. I93H A
01 '^ir A
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1st g fii.. .1936 J
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.
IB37 A
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TolACIndIv lat rer 4a A.. 1959 J
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IW37
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1957
N
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l>'98 A O
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f»
.
240
83I2
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107
78
83
88
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iBt AO-year gold 4b
29
164
106
96
106
107
108
£
91I4
J
100 100
761* 83
79 12
76
July'21
104>8 Sale
94
MN
W
*
100
92 U
79
83
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19.34 A
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1934 A
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9834
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MN
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W lats<iK0l(14«..l»38
M
W
101
D
1960
10-»ear ancureO 7a
Mid
Brnna*
9478
9678
8
of 1910
Dlv 1st r 4s.
10514
10212 10458
Oef21
'7978
Jtl996
.
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68
104
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89I4 Sale
Boeky Mtn l)\v lat 4*.
1960
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I Fe Pres* Ph ist g B». 1942 Nf
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103
96
I
63
1990
U
83
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97I4
lOOi' Sale
977g
IOOI4 Sale 100
93
9312 9212
t 8734 Sale
87
86I2
t 8634 Sale
73I4
Sale
X 74
8358 Sale
83
J 63 '2 Sale
83
54 Sale
t
5434
40"8 Sale
4OI4
IO9I9 Sale 108
IO712 Sale JIO6I2
1003j Sale !l0084
101'; Sale JIOOU
9534 Sale
941
llS's Sale 1137,
110
.
E«gl8Wr»(J
10718
4410
'66'^ Zll.
VirglDla funded debt 2-3ii...l991
6e deferred Brown Bros etfa.
Itcllraad.
Ado Arbor ist a ti
11995
4tch Top * 8 Fc— Oen e 4a . 1995
106
86 34 93.14
100 30 9313 95.56 100 20
100.26 1351 95.80 100.08
100 100
77
45
t4-34
M
M
Adjustment gold
19420
Juiv'2!
10334
9478
10458
IO6I2 Sale
88 Sale
85 Sale
85 Sale
77 Sale
107 Sale
108>4 Sale
IOTI2 Sale
88U Sale
lOO'g Sale
94^8 Sale
194S
K
100
83
75
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
90%
]94f.
4
100.00
100.00
160 85.34 97 60
11741'
85 30 97.80
lOl's 10112 100
June'21
lOUs IOII2 lOO'j Juue'20
1041s 104% 10412 Dec'21
Ireland (U
of)—
10-year gold bond 8HB..1937
lO-year oonv 6Hb
1929
8-year eonv 6H8
P1922
Italy (Klngflom oO Ser A eH8.'26
Itpanese Qovt— £ loan «Me.l926
Second serleB IHe
1926
terltog loan 4b
.1931
CiTOns (City of) 16-yr fla
N
1934
Marseilles (City of) 16-yr 68.1934
N
Mexico— Exter loan £ 68 of 1899 Q J
Gold debt 4b of 1904
1964 J D
Sorway external b f Sb. . .1940 A O
Qneeamand (State) ext s f 79.1941 A O
aiode Janeiro 25-year a (83.. 1946:A O
ten Paulo (State) ext g J 88. 193fi J J
Iweflen 20-year 68
.1939 J
•wigs Confederation 20-yr 3 f 88 '40 J
J
fskyo City 68 loan of 1913
S
Orusuay Repub ext 8a
UM6 F A
earioi. (City of) s f 88
1946 A O
tTkut art vric** (m lU DatU of tola
Brit
9u80
100.22 Sale
100 22 dale
rieneb BepubUo ac-yr ext 88.1945
20-year exte:ii loan 7HB..194I J
at
98.00 6518, 80 00 96 80
10 85i:« 97 98
97 80
98 30 1351 8? 40 98 00
1 94 00 100 50
97.90
97.84
98 02
Y
SJioi
97. SO Sale
96 80
a
1921.
Hioi No. Lev
97.60 Sale 95 76
97.10 Sale 97 20
97. 7G Sale 97.32
97.90
'
B
Vcar
91
A O
fttfjfin Qoo«rnni<inlt.
Argentine laternal 6s of 1900 _
B^Jum 3e-yr eit s f 7H 8 R-1946
5-year 6% notea
J*n 192C
20-year b f Ss
1941
Bergen (Norway) s f 8s
1945
Berne (City oO « f la
1946
eorceaux (City ol) iCyr a«.1934
Srasll. U 8 extern Ss
1941
:«oa(U (Dcmiolooof) w Se..192«
do
do
53... 1931
10-y«ar 6J<»-..
...1929
Cbile fP.epuMllc) txt of 88.. 1941
External e-rear s f 88
1926
26-year a f 8e
1946
Obine^e (BokOAng By) 6b of 1911
CIirlBtlaDla (City) c t 8b
1946
Jocenbages 36 yr b f 6Mb- 3644
C«ib»— External debt es of 1904.
Bzter at of 6e 1014 ger A. 1949
External lean 4HB
1949
u/niBb Ccn Muntdpal 8b 'A"1946
Beriee
Alt Lorn
BONOS
STOCK excbanqk:
Itaniie
Manotor
MN
MN
MS
iH%
iH%
iH%
3H%
OBBEiark external b t 8a
Oomtnloan Kep ronsAdrri
Laii Salt
Bi*
3)i7o of 1932 1947
Ccav 4% ol 1052 1947
OcLv 4,H%ol 1933 1947
2(1 oonv
ot 1933 1947..
Second Liberty Load
4% of 1927 1042.
Conv4j4% of 1937 1643
TtUrd Liberty Loan—
of 1938
Fourth Liberty Loan
of 1933 1938
victory Liberty Lood—
Notes of 1923 1638
Notes of 1C33 1938
28 eonsol reglsterea
*1930
29 eonsol couDOD
«198C
is yeetoterefl
1925
to ooupoD
1926
Pan Canal 10-SO-yr 3b
11936
Panama Cansl 8i g
1961
Registered..
1961
iH%
Wtefi
Friday
Jan. 13
N. Y. HTOCK KXCBAItan
W-:k naoiDB Jan. i;t
.
.
O
A
MN
91*4 Halo
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mN
and aaked. oDneJan. tfDne April. eDueMay. vDnoJuD*. ADne July. tDue Aug. oDue Oct. 7DU0 Nov. fl>u«
i>«c.
a
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184
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4 R Or—
aen
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tat 4 refunding 8s
Trust Co oertlfi of deponf
aio Or Joao iBt 8u He
810 Or Sou lat sold 4o
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aio Or W'BBt IsC 80l« i.B...
Mtgo. * oolltruDt 4b a.
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...
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..
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lat oonacl geo liea e *iHegtslered
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•
No
price Friday: latest bid
76I4
75I2
62
66I2
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77
Apr'll
14% Dec 21
73%
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8278
95"«
93^4
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962 J
999 J
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55
J
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Maj'21
15
SO
36 14
91
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38
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8318
8314
86
90%
10678
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80
88 18
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41
40
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40
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8212
56I4
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86
66
40
83
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76
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55
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821?
78
73% 78
I
\
80%
2
80=8 90
IIOI4 Salo
88
^
Apr'21
!
Doc "21 --18
100
102%
ioa%
Salo
10 U Sale
8912 Sale
lU-'li
110
426
535
87%
82I4
89
881k
89I4
Oct'21
Dec'21
118
...
99
Nov'21 -Sept 20
94
95%
IO8I4 103
105
95I4
"95"
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88I2
86
80
83
80
99
101
88I4
99
Dec'21
Mar
I
I
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94/8
9414
6618
6I2
7%
Mar'20
8ept'21
75
70
83
L15
75
8II2
83
73>2 June' 18
Sale
95
7l8
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78
fifl
80
88
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7
89
82I4 8214
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Dec'21
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8318 Sept 21
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55
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70
578
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let ext gold 6s
944
lat 4 refunding 4s
2004
Trust Co oertfs of depoai
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83I4
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N
N
9.-?'-.
80
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991 Sale
IO8I4
960
79-18
951
6358
7178
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963
961
961
961
061
951
M
70
66
76
7414
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94
73
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108
Dec'21
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n
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8412
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79%
93
87 14
12
87 14
77
60
51%
64U
61
58lj
Dec'21
Oct'21
'ot'u
Nov' 10
May'2;
Mar'lO
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29
85I2
SII2
87I4
J
J
8818
J
J
O
O
8HI2 S.ilc
9858 99
9i?8
1O2
and asked
this
Sale
week,
85
92
113
IOII2
65% 65%
79
"si
88;
I
20
Oet'21
Registered
Registered
80-year deb 48
76 14
93
82
72
851a
691a
8114
79
64
65
87 14
7'<
66
86%
80
671a
72I2
771,.
90 14
92
861a
Mar'12
32
9512103
6DueFe"b.
Q
M
J
A
J
Ha. . . 1920
..1930 M
1997
1934
90% 90%
.
M
6
941,
9812
67l«
32I2
Dec'21
34
Jan'22
35
3812
7312
33I4
11'
86 12
99
1021?
6
11
5!
n
Det: i
'8818
2
463
66
167
5334
71'
341?
34
25
491?
481?
1
Jan'22
60
8C
9418
70% 70H
1
J3n'22
64
77
70
46
\t
47
76
44
87
75%
97
87
95I4 104
7|
•23
79
32
"Wi
33
35
68
32
1
73I4
71
77
2i.
3b '4
53 12
27
956f.
...
751.
51l«
51l»
37IJ
75
741,
30% 54
63%
33
I
I
•
97
Mar'lo
3578
73I4
63I2
•>
911j
91
sola
64 14
-
95
66
3
77
Sale
Sale
_ _
90
81
.
60%
73
61
82
100 100
8014
.
70
2 83
90
841,
.
80
15 641s 78
49
80
17
28
37
1
651
61
3i
5II4
791J
1
6
Uh
52
68
78
80
5
6fi
77%
79
8
bn
79%
30
34
32
34
71
77
May'
7% Jan'22
393
64
117
90%
9212
772
901,.
651i
93Ii
Sale
4334
45
1097
4112
47
84I2
97I2
9278
85I4
76%
86%
86i»
98l|
333
81»4
60<4
63
67
7 81
83
--
75lg
79I4
30
83
96
87% 83
98I4
98
91I4 Sale
61%
Sale
4212
76I4
78 >2
68
S3
"84"ii
88% 93
60
58
75
68
83
7734
98%
95
6178
Oct' 16
Dec'21
Juue
1.
8212 Sale
81
7712 Sale
901s 96
102ig IO2I2
961?
*68
807,
761;
76»4
627r
9'
62
52
—
Dec'21
8018 July'2
94 14
95
July 14
1O2
95I2 Sale
82%
Oct!
85%
77I2
67
Dec'2J --90
--100% Dec'2
9612 Dec'2i ...
Dec'21 ...
69
76% Oct'21
-87% Jau'22
86
37
83
Jan'22
97
Juj>
99
22I2
23
29
25I4 D6C'21 ..--,;
Jan'22 ....
28
Dec'21 ..
19
84
6
801s
1
I
S3l2
Sale
9658 9812
100
8318
86
2134
2Sl2
"23"
29%
29%
I9I2
"i7'4
:.
Sale
75
7OI2
9714
721?
9612
97
64
65
72I2
S7I2
65
100
Sale
9n7s Sale
10()% Sale
SO's Sale
88 Sale
10512
79I2
86I4
IO6I2
8078
77I4 Sale
75I2
77I4
89
73
84
98%
Sale
(>6ia
"S.5I2
72
83
"73'
701"
64
88
Nov*2i
88
Junc'20
83
73
75
56"
29
38
536
76
45
184
67
60
.
"l2
"
"7818
06%
90
lOPt
57
69
7514
766.
77
72
86
99
27
881,
981,
091,
261,
30i«
301,
Ifils
38
66%
61%
84I4
76lj
99l>
9 111
98
I'j
181a
631i
67%
80
71
41^
106%
66
87
6212
1001,
751,
61% 73
132
71
72
4
26
501j
87»,
8314
731,
66
69
67
64
8II2
7618
'
86
71
62
1
Jiuie'2l
69
8312 Dee'21
81
781,
90
04
90
761,
May'16
59
,
79I4
87
98
Juiy';;,.
104
'
64%
90
71
50
1
4
Nov'21
Dec'21
June'2i
60
8512 Jan'22
7178
8478
94
I
1
84
78%
66'% "84'
"l38
!
1934|M
nDueSept.
691?
7634
6312
44.-8
noil g
July.
4
Sale
Sale
92I2 Sale
M
M
Due
80
J
M
M
77%
"82'l>
..014
Jan'
94I2
July
70
75I4
74IJ
5034
49
5334
77%
63%
8312
"69i»
831]
80%
89%
7712
78
77
73I4
M
ft
2812
Sale
J
1951 A
"n'
30'
76
Fcb'OS
Oct'21
93lj
lOlla
-
6II2
8214
94I2
8
F
J
1942;J
1998: F
8J<8
1998 F
Registered
Mich Cent ool! gold 3H8..1098 f
..1998 f
Registered
Battle Cr A Btur 1st gu 3s. 1989 J
Beech Creek Ist gu g 4b. ..1036 J
1 936 .>
ReglRtercd
1936 J
2rt guar gold Se
61951
Beech Cr Ext Ist s 3 Hs1981
Cart A Afl Ist Rug 48
Gouv A Oawe lat gu g 68.. 1942
Ka A A O H let gu g 5b.. 193."=.
1997
iake Shore gold SH"
1997 J
Heglfltered
1928
Debenture gold 4p
1931
36-year gold 4a
1981
Registered
1001
Mob A Mai Ist gug 4s.
Due June,
85
11
-'
80
80
88I2
Aij;;21
a Due Jan.
tr 78
70
65
J
...1998 F
Conaol 48 Series A
2013 A
Rpf 4 Impt Hie "A"
New York Cent 4 Hud River
Mortgage 3M;r
1997
Debenture gold 4»
72
64
m
NO 4 N'Elstref 4lmpt4H8A'52 J
New Orleans Term Ist 48
1963 J
1926 J
N O Tex 4 Mexico lat 68
Non-oum Income 68 A
1936 A
N Y Cent RR oonv deb 68..-1935 W
911?
8II2
Julv'21
81
102
of Mex prior lien 4
1st oonsol 4b
Nat
Lake Shore
731?
Sale
33
Sale
85%
1.7I2
Sale
Sale 101
77I4
7OI2
78
80
79
37%
73I2
2818
of Mex pr Hen 4^8.1957 J
Guaranteed general 4b
1977 A
10-year coll
49
6C^
Nat Rye
781*
67I4
881s
43
1933,
1926
Mob A Ohio new gold (la
1927
lat ext gold 6b.»1927
General gold 48...
1938
Montgomery Dlv Ist e 88.1947
Dlv 58
St Loula
1927
St L A Cairo guar g 4e
1931
Naahv Chatt A 8t Llat 68. ..1928
Jaaper Branch lat g fls
.1923
68I4
46% Dec'21
77%
S8I2
Oot'0<.
79
65
Sll
"94"
33I4
1929 J
let g 4s
1st g 58
75
Dcc'21
04%
76
"75'
86% 98%
Aliu'^l
fi5!4
87
lonu 108%
63%
A O
MN
MN
'99"
70
Sept'21
76I4 Dec'21
921a Oct 21
63%
76%
6412
Dee'21
65
81
Dec'21
66
NnV17
95I4
77I8
83l?i
681?
76
S7-'8
71%
6578
66l«
76
8212
M
931
950!j
81
58
05
80
961'.T
6718
71
32
727s 73 '4
53% Sale
5334 Sale
M
4 O Dlv
V I A W
72
8118
7578 Sale
50% dale
49U 4934
3578 Salt
7278 73I4
3d 7s extended at 4%
Cent Br U P 1st g 48
1948 i
Pao R of Mo 1st e\t g 4e..-1938 F
72
Feb'2(
Nov'2I
Jiuy
34
94 14
10-year 6? Series C
Cum adiust 5s Series A
Missouri Pacific (reorg Co)
let 4 refunding 58 Ser A..1965if
1st 4 refunding 5b Ser B-(3l923'J''
let 4 refunding 5b Ser C..1926 P
General 48
1976
Missouri Pac 40 year 4h
1046|
St
73I4
Sepf2l
1U2
99I2
M
8318
78l8
8"5"%
71
89
100
193SlJ
2d extended gold 5b
L Ir
A 8 sen con g 68.1931 A
Gen oon stamp gu g 5e..I931iA
Unified 4 ref Kold 4s
1929 J
Dec'2()
761a
951 IJ
'42
65% Dtc'21
"
"U3
963
"27
98% Dec'21
8718
061
OBI
10
8058 Nov' 16
7578
9858
96)1
68
97
108
76
6H%
'os"
92?.
95% Sei>c'19
82%
8478
76% Dec'21
79
79%
asia
68
July '09
83
72%
533
M
M
86
98
;sl
981a Nnv'21
I
M
MoK&l
Oct
Nov '10
35%
4Hs
936 J J
Trust Co certfs of depoai
at Loula Dlv 1st ref 4s.-. 2001'
6% secured notes "ext"., 916 ..
Dall 4 Waco let gu g 68
940
Kan City 4 Pao 1st g 48... 990 I
Mo K 4 E lat gu g 68
942 A
K 4 Okia Ist guar 68... 942 in
n A T of T lat su g 58.. 942;?,';
Sher 8h 4 80 Ist gu g 5b. . 942!.
Texas * ''kla lat gu g 68.. 043
.iy— pi 5s Set A
40-year 4s Series B
.
IO7I2
99
"46ii
73
851s 92
64 100 109
Dec'21
77
77
75
1021a
7012
33I2
8914
78
Dec'21
100
100
---
Nov'21
78
80
78I4
__ -_
94I2
95I2
25
77*.
90
Oct 21
83
6312
126
Dec'21
'87
75%
2
91
87
10
M
84
83
No"' t
Dec'21
9II2
77I2
ivi
7 71.
7818
83%
94% 100
sinking fund
Verdi
80
75%
93 1<
—
7«
64
"
Sept ^1
SOU Dec'21
93
93
84 U Nov'21
95
M
671a
12
100
Sale
«2l4
85
34
79%
90% Nov'21
35
981}
68
Acr'-2'
94
1
Registered
Oct'21
76
M
72
Nov'15
58
8278
—
68
21
82ia
101
80>8
93I4
L4N4M4Mlatg 4Ha.
L 4 N South M Joint 4h...
86
8II2
83l«
100
100
7878
6012
8214
9418
M
1938 M
74
78
76% Dec
7613
fi91a
I
21
93 14 Dec'21
90
Jan'21
55
Dec'21
69I2
88S4
71
35 "85«4 9.^%
82
9112
-79
86
80
«0
Mar'2l
Nov'2t
13614 May'06
106
6OI2
6912
i
110'4
SO
821a
60
6118
Jau'22
108%
61%
40
47
,
66
831a
52I4
72
62
IOII2.
88
921a
96%
J
Jaii is!
77
97
1
92%
946
962
Registered
t 952
N Fla 4 8 let grig 6s
937
N 4 C Bdge gen gu 4Hb... 945
8 4 N Ala cons gu S 68
936 F
Gen con 8 gu 60-yr 68
963 A
La 4 Jef Bdge Co gu g 48
945
Mex Internal lat cons g 4s
977
Stamped guaranteed
977
Midland Term 1st s f g 6b... 926
Minn St Louis lat 78
927
1st conso) gold 68
934
Ist 4 refunding gold 4e
0491
Bef 4 ext 50-yr 6s Ser A... 962 Q
DeR
4 Ft D Ist gu 4s... 935 J
Iowa Central let gold 68.. 938|j
Refunding gold 4a
961 RO
St P 4S S
oon g 48 Int gu'3S
lat 00ns 68.
938
10-year coll tr eiaa
931
1st Chic Term a f 4s
941
8 8
4 A let g 4b int gu'28 j
MlaslEslppl Central lat 6s.
949
Mo Kan A Tex let gold 4s. 990
ad gold 4s
.e 990 F
Trust Co Otis of deposit
12
88
8312
77
A
781a
4014
41
4678
37
75
14
JuDe'2l'
103
ioi's
145
13
80
97
(•9%
"S578 Sale
060 J
j
soli
Jan'17,
39
7218
3514
341a
5j
47%
91
I02I2
55
39
2ll
61
7818
99I2
9«l4
8712
81 >«
911a
IO6I2
IO712 Sale
931
930
930
Paducab A Mem Dlv 4b
946
St Louts Dlv 2d gold 38 ... 980
Atl Knoxv 4 Cln Dlv 4a.. . 966
Atl Kdox 4 Nor let g 6e... 946 J
Hender Bdge lat s f g 6s
931 M
Kentucky Central geld 4b 987 J
Lex 4 East 1 e( 50-yr 5s gu 966
92
3914
BCI2
930
N0 M
w'
55
97
79
78
63
75% July'21 __«_
79%
97%
931
6b
'2
73
8312 Dcc'21
77
78
72
7312
95
JCli
87
.July'21
83
83%
66
91
1
.
927
930
937
940
940
Unified gold 48
Registered
Collateral ti-ust gold 6b
10- year secured 78
L Cln 4 Lex gold 4H8
4
1st gold 68
2d gold fla
95%
93%
51
Do(;'21
34I2
7612
962m
950:
Aug
173
'277
1
Nashv gen
77
73
7414
71ij
9
861a
82I4
.
981a Nov'21
99>4 OcfOt
83%
70
Dec'21
77
85
Sale
"8'3%
Oct 21
82I4
76""
Low High
91% 96I4
-
Jul.> 21
80
7314
927|m
gu 6S-0 932:q
LoiUsvllle 4
Gold 6b
8BI2 93
94l£ 101
32
7178
84^8
8818
961 J
961 J
951 J
961 A
961 A
961 Im
M
42
g
—
Dec'21
Oot'13 ...
99I2
86r.s
oon
LoulslaniiA Ark let g Sa
60
84
91
8712
9018
let
65
76' "st"
57
Dec"21
73
83
78
M
6212
6412
9212
8768
8318
/O
81%
Nor Sh B
77
57
80
8312
78I4
34I4
Sale
76% 78
965F
M
39I4
4158
J)
D
D
96I4
77
99
N Y 4 R B lat gold 58
14%
ei'i
477s
17
51
Jau'22
9.il2 Dic'21
10512 Mai U8
"87""
87
87
85
9iia 95
Jau'22
95
I
J
J
932,
77
10
75I4
651?
38
J
i
J
J
J
962
956
9C2
963
963
934
5012
4818
6II4
3II2 Sale
J
937|i
940
948
922
937
937
937
038
78%
401j
8
176
7.)
ii7'4
35
23
i 931
1921.
Do*
Ath
8518
8818
9118
84I4
938
922
932
949
934
20-year p m deb 68
937
Guar refunding gold 48
946
Registered
949 m
N Y B A B lat con g 6s. 936 a
75I2
72»8
4612
4312
44^8
35
J
kmtj/t tl
laf. Sail
105
General gold 4b
Ferry gold 4Hs
Gold 4a
Unified gold 48
Debenture gold 6a
78
36
79
76
43%
7e
Sale
74%
39
.1
041 A
ooirflii"."
75
77I8
S51 F
946
tiOll VaIN Yl6tRDg«HB... 040
BeglstCTPd
9«0
btUnb Vai (Pa) oons wisll 2008
General onne 4 Via
200:i
Left V Tprm R? 18» go o nV.'.
941
Regie "red
Ceh Val RR lo-yr
76.is
4II2
951
3H8
6818
1
1
996 J
996 J
981
961
933.
033
988,
let oonsol gold 4b
lOOU IO9I2
2
78I4I
S6J8
1
Sprlngf Dl7 lat g 8)<a
Weetern Lines iBt g 4a
Registered
Sellev 4 Oar let 68
Oarb 4 Stiaw lat gold 4^... Ohio St L *
O gold 6r.._
Reglstprea
Gold 3'Ae
Joint let rel 6s Series A.
Uemph Dlv Ist g 43
RegleitreO
Loula Sou lot go e tt...
lad III 4 Io7a iBt R 4b
(•t 4 Ureal Nor 1st gett 7s..
Jamoe Franx * Clenr lat 4»..
Kansas City Bou lat gold 8(.
Registered
92
Nov"21
A O
:::: ::::i 94% Nov'16
s n
98
Aut'lO
S 10034
54I4
aooston Belt 4 Term 1st fin. 937
Sinnols Ceotrr' ?;St xold As..
961 J
Registered
lat gold 3^8
Reglsterod
ICiteoded iKt gold SV^l
Registered
lit gold 38 sterling
O bilateral trust gold 4b
ReBlafereO
lat relundloB 4e
Purohasefl linos SHs
& N O 4 Texas gold 4b
Registered
15-year acoured 6Hb
1.5-yf';ir sonired flijB g
Oalro BrIdRe gold 4b
Litchfield Dlv let gold Sc.
Loulav Dlv 4 Term g 8X8.
Omaba Dlv let gold 8s
at Loula Dlv 4 Term g 8a.
78
92
Buduoed to solo HHs... 933.
Registsrea
933,
937
Mont ezv iBt cold iB
Rogisterefl
Paolfio ext gua; <» d
B Mian Nor Diy lit e <b..
vilun Unlorji let g Os
Vloni
let su a Oc
Heglaterofi
..
let guar gold 6b
W1114
let golden...
Deb osfa "A"
araen Bay
Debenture otfe "B"
3olT 4 S I iBt rof
t B 6s.. .0
aoeklng Va. lut ootib g
SleglstcreQ
60
'91"
.
gleterefl.-
91l4i
9j%
M
.
9958
8712
100=8
Jul ^U
ic
<lB
74%
96<i
9e%
4K8
9601
1st g 6Hi>-.- 941 If
M
12
10058
101'8 102
75I4 — w»~ 80
MN
iBt
Registered
at Paul
4 Mito
lat oonsci s flfi
8712'
73
75
78
7418
50
IMI
gu g 6e.. 933
933
lat Int reduced to 4s
933
Leb 4 N Y lat guar g 4e
945
Long Isld let cone gold 6e..A 931
104
56-i4
N
4 ref t^B Seri«a A
107>g
78I4
62=8
62l8
Worlb 4 U!o Or Isc ftf .. B28'j
:S33 A O
3alv Hone & Cend ist 68
Qfand Trunk of Can dek 7iS. 1940 a o
'936
15-year af 6a
s
3reat Nor Gen 7s ger A
933
i
iBt
1071? IO8I2
78I4
78
938
949
996
996
961
941
937
937
937
941
930
947
943
930
928
930
W
U D Co
Sale
171),
m
St
92
40
I
Bid
97
lat
Range
Year
Price
Friday
Jan. 13
atat
Leb Val Coal Co
Dec'21
107%
88
753r SaU:
65 Sale
66S8 77
;
B
Vt
99I4
87I4
9OI4
995g
lO's
,J
-2
Registered
940^
040
Ac Low
Hi(/I^
^
N. Y STOCK EXCHANGE
Week ending Jan. 13
10218 Feb'08
S<J
3ane8Boe River iBt a f fla
e57ij J
UiHB Dock coasol g 6s
936 4 o
Ooal* RB Itt our gFj C!
922
N
Doo>. 4 Impt 1ft cxt 68
943JJ J
N T 4 Oreeo L gu s 6r
946, Rft
iBt rel 6b..- 937 J J
w Y Susa 4
30 eoid«HB
937|f A
General sold 8b
940 F A
Terminal lat gold 6(i i943wN
Mid of N J 1st ext Oa
040
WUk 4 East iBt gu g 60
042
926
Xv 4 Ind lat ooDB gu g Oe
«»anB4TH Ist gon s 8d.... 942
Mt Vernon 1st sola Cls
U22
9ol Co Branob lot g 6a
930 A
Von
1921.
lov
77I4
A
MN
•HarldaECoaet
Lait Sat*
2
BONDis
Range
Year
8K>8
12
9531
do Series
963] A
Oenoonv ds Series
9531
Onlo A Erie let go'.d 6b
982;
Oleve A Malion Vail s 6b-. 938: ji
Sr!e 4 Jersey Ist 8 f 68
966 J
B
o
02ii
let ocoii E *f--
OonEOI gold t'AB..
N
i
MN
A O
930
O
1043
»3A
SO-year anny 68
or
Bangt
A Ik
Bid
r A
!I000
fBl *g-
Wttfi
Price
Friday
Jan. 13
Jan. 13
Oel Lack 4 Western (.Concl.)
Warren lat rel Ku 8 S Ht
aalaware & Hudion
let lleo eQUlD a 6Ht
\ti
5l
BONDS
8TOCK BXOBAWGB
N. Y.
BOND Record—Continued— Page
York
9314 Sale
91% 91I2
91
90
8512
"82%
Due
Oct.
7034
»
Option
79%
23
N0V2I
92I2
9II2
Jub'21
Nov'21
sale.
I
64%
63%
90
82
84; 78%
80
77
7314
941a
91
8.;
I
II
76'4
76%
—
2
1
—
1
—
.. .
. e
.
.
7
1
New York BOND Record— Continued— Page
BONDS
N T.8TOCK KXOHANQB
Week endlDg
N
Jau. 13
A B a BR
(Ooa)—
CeDt
I
MkboD
O'l
RR
BU
1934
1931
iBt 6a
Mloblxan Central 5l
n
BeglBterea
1931
1940
4*
Registered
1940
i L « 8 l8t gold 8m....l961
1962
lit gold 3H8
30-year debenture 48
1929
J JanoRRguar I8t4a...l93e
J
M
J
7418
r
gli
A
&L
J
al928 A
McR <fc Y l8t gu ea..l932 }
..1934 j
ad guaranteed 6a
cBt Shore lat 48 guar
238] j
Registered
..2381 j
Unes ea tr 6«... 1820-22 Nf
Equip trust 4 H8...l920-ie2£ I
T Chic 4 8t L let g 48
1937
Registered
1937
Debenture 48...
1931
T Connect 1st gu 4Ha A. .1963
T N H 4 Hartlorfl—
Non-conv deben 48
1947
Non-ooDv debea 3Ha
1947
195*
Non-oonv deben 3H«
NOD-conv deben 4a
195f
Non-conv deben 4b
196t m
CoEv debenture 3H«
I95f J
Ojut debenture 63
194ii
Ooos Ry oon-oonv 4s
1931
Non-oonv deben 4a
196£
Non-oonv 0eben 4b
196t
•
debentures
1957
Pitts
Pitts
Erie 2d g 68
NYC
t<J
N
N
H67g
78%
I
Otica* BIk Rlvgug 49...1922
80
IO2I4
Og A LCbamlStgU
New Eng
iBt
gu 4b.. -198:
Ry
HousatoDlc
cons g 88. .1937
Naugatuct RR lat 48
1954
N Y Prov 4 Boston 48
1942
NTWVhes4Bl9t8erI4HB'4fl
New
England cons 69
Consol 48
Providence Secur deb 4b
Providence Term Ist 4fl
4 Con East lat 4 Hb
;
J
O
O
C4
Sato
J
35
M
M
M
1980, P'
1986 J
General
.'.•
M
R4
W
7(1^%
85
S
D
J
Dec'2l'
Apr
37
35
"21
23
3S1t
50
36
35
7
18
112
58I4
46
40%
31% 45
6
42
53
45
49%
51% 72%
Ocfl7
30
59%
51%
8'
Dec'21
121
41
74%
58
61
30% 63
70% 80
^9
43
I
M
.
latest bid
83%
8312
8U
,
92>4
92
105
86
99
85
56
'49'%
17
56
Jan'22
Jan'22
108
90
O5I2 103 12
84%
92
>.>-y»t
11
21
75
Apr' 21
Apr'21
92»4
4
84
84
87% Oct'2l
100
May
92
May '21
76
Dec'21
105% Sept 21
Sale
77%
80
78
•
79% -••, '21
96% Dec'21
87%
89
89
861;
93I4
Sale
Sale
89 Sale
97 Sale
108 Sale
IO6I4 Sale
94%
86%
94%
106%
104%
400
Jan'22
97I2
89
I
5
51
i'J
89
97'4
108%
10634
Feb
73%
72% 77
72% .
72
Nov '21
72»4
-
83
-
70
87
79
80"2
72%
75%
82
75%
87%
J
O
O
N
8'1
Jan'22
90
91
104
109%
8734
88
96% 109
98'fi
100%
104% 106%
67% 80
76
65
76% 79%
93% 98
80
76»4
85
87
20,
72
Jaii'22
Apr'21|
10
87
I
Nov'21
Feb'20
72
67'i
72%
88% Dcc'Jl
91
73
88
3j 83
94%
140 74% 89
351 81
99
82 100
107%
196 94% 107
84
M)
96%
88%
84
83
963r
99% 100
91% 92
75%
7.114
78%
68
21
July'21
75I4
85
82
62%
54% 60%
I
1244
5
108
83
52'4
180
22
87%
oyij
74%
50
108%
83%
73
5
87 14
96
90
106%
73»4
60%
ei'2
60% Dec'2
IO8I4
83%
bO%
98%
Sale
100
54%
80
1I-6
70«4
87% 260
83%
A
90
99
40
104%
81%
8434
80
76
N
74
Dec'21
83'4
85
100
^"^
97% 1112%
73% 86%
83%
72%
68
67
69
761%
69»4
*<5%
'ml
NoV21
(S%
70
79
'88'%
91
D.('18;
75
75
96% Keb'12
00% Dec'12|
A
75
J
76%
76%
87
85
i
j
•
J
J
D
86
80
9i
84
82
77
W)
87% 92
37"2
7a7»
KSI2
B«pt'20|
Mar'lO
84
.Inly 21
Dec'20
Hnpl 21
'7'r%
8.1% Si'Pt 21
S,'?%
82%
84
88
82
8'l
82%
82%
'<J%
80
88
J
87
84,,
flOj?
XI
87»i
"77"
N.)V21|
Nov'21'
Apr'20
81
H4*4
75% 88
Vo" "«l"
18
83% HH%
79
92
'16I1
Jan 031
80% Junc'21
lift
80
Bept'21
81
102
Halo
77, J Hal.-10
84
82% 88%
8.'.
88%
.liin'22
IJ<M.'2l]
May'2l|
Drr'2l
9I<4
02
AllLf l\
96
Hale
H73<
and aaked.
78% 82%
Jiin'22
861?
87%
91%
J
J
6634
i
J
69%
83%
A O
Oct
55
J
J
J
J
J
1
95
i
683,
8334
101
A
M
M
Hiilc
aDueJan.
H6
70
(10
11
80% HO
77% 'lO
78
17
88
40i|,
-12%
6DuoFob.
7
36%
70
60
ffDueJuoe.
N
J
L-
a
J
o
c
A
H
i
J
i
J
Dlv 1*1 g 8 ^a
Tot* f'h DIVB 4a
Waxh TermI lal gu 814*
ftDoeJnly.
*
U
f
V7
77
92*4 101»4
98%
50
Nov
i
MN
75%
70
5514
71%
49%
13%
60%
32
83%
Sale
7834 Sale
94I4
92
80%
107
87%
20
%
7
94%
1
7
Mar
8»
Jan'
8^
89
84%
86% 776
81% 43
80
88%
6I34
69
66%
85% 89% 89
71% 73
61
73
89
74
'I
89
50% 58%
92
93
90
58
82
Nov'21
Apr'iii
1!
13
9.5'4
93% Dec'21
90% Dec'21
92% Duo 21
Oct '2
80
J a 11 '22
60%
85%
91
91
1
77%
79
C2
86% 95
81
90
45
87%
60
"88%
91
88%
78% 82I4
76% 78
90
77%
76%
91%
-23%
683,
84
56
82
83% 94
80
88I4
77
89%
HCDI 21
60
66
60
76
Juh'20
I
Jiin'22
02% 00%
Jan'22
76
91
l)o<^'21
11.'-.%
77%
68%
76
92
76
95
1
23%
683,
DW2I
287
265
87%
103%
07%
,
7
98ii
65
240
9.S
99
Halo
Hale
97
till
Oil
25
90
9.
Hh
72
873*
/ii%
78%
84%
97»4
S.Vf
i)(;%
92%
73
'
21
15
83%
H.ilr
I
8l«a
81
;
9,
86
66
03
7V%
l|
i;4
79
76
62
78
11
Uoc'21
SO
88
90«4
92
102
20
63%
.1
87%
82»4
60
16%
'I
20
N8
Hull'
15
14
-.
7t%
8(1% Hale
82%
.1
77%
S^ili'
'23%
73
6, 46
84
24
85
65
80»4
4
l)o<'2I
16% Jnn.-2I
91
76
85i4
727,
91
67
24
K.')
8ll|
687g
i
06% 79% 76
Oct 21
100% Nnv'04
60%
'26
96%
93% 93%
90%
86% 92%
74
Hall'"
93%
60
90
»(j%
2:>
70
70
88
68
85
93% Dec'21
90
97%
76%
7.5%
90% 94
86
80
80
59
96
85% Mar'21
72% Nov'21
90% Doc'21
56%
93
i^n
I
Sale
67%
96% 100%
75
91
84
63
88% 92
84% 9312
\ i-*2l
95
73%
67
67
Nov'21
92%
93% 98
85%
71% 75
9-2l>4
64
58
76"a
9534
r.
841:
De<''21
97I4
9434
86
77% 87
17
6
Snpt 2
Jan'22
99%
98%
M
77%
82
'21
8.-.% .ShIc
J
90
67
"16
73
Dec'21
86%
66% 70
93%
56%
103%
N
80
99% Dec-21
u^
83
65
57% 69
2
9934 100%
9534
70
8738
Sl'i
91
68
80
83
55
4
05
67% Feb
93%
73%
63% 229
3
69%
73
93
72
63
94
87
88
7S
89% 477
8334 Ses, '21
87
8734
H.ile
>)2
96%
8 11
Sept
7334
85% 88
92% Hair
I
S'<%
1
88%
89
84
87%
88
94
Jum'21
88% Jan'2j
83
»ll4
N
22
54
9634
90
84
•'
99%
89
8638
94
Sale'
82»4
83
86
2'
Oct 21
Mar- 11
8534
62%
M
M
I
99%
96%
86% Sale
81% Sale
90% Sale
72
88%
100
75% 8S»4
67% 82
80
93%
87
92%
90
96%
1
Sale
97% Sale
99 101
8834 91
89
80%
70%
8ii
Deo '21
85%
102
85'4
'Ifl
92
Nov'21
9i
"95%
80
1^'-%
'
85
.^^l)
86
90
95I4 106
.3%
96%
89%
81%
75IJ
a6
86I4
91
•
114, 661%
89% 298
10
95%
89
95%
90%
88%
90%
79
66%
87% 88
I
Nov'21
87%
97% 96
95I4
9314
43
65
'
J an '23
7&«4
87%
78%
87
96
39%
i
87% 87%
77
81%'
H
13%
j:
72
68
717|
49% 67
—
"Ofi
79% Sale
63%
69%
31
43
38
59
Jan'22 ..--:| 5834
62% Nov'21
63%
96
Dec'21
93
85% De^'2I ..-J| 84
80
Dec'21 ..
73%
70% Dec'21 .68»8
86
Jan'22 .---" 833,
Sale
8734
9038
75I8
68
53
3
47
106
132
15%
31%
63%
89%
73%
62
18
41
*y3
81
65
00%
Dec'21
43
20
94fl
24
Jul '13
4H34
2.5%
917
41
54
Sj.Ie
49S4 Sale
14->8 Sale
31% Sale
76»4
87iH
55
21
70
73%
8234
821a
J
?6
70%
71%
65
68%
Sale
J
M
87
J..n','
C2% 77
85
A O
J
95
Oct 20
95%
MN
IW TO
MN
J
J
M^
74
441-s
62
78
97
C
96%
69%
93% 100%
;
141
96
^
70%
85
14
»
J
155' 68
184 70%
103 84%
318, 6I34
152
A
8
%
l>oc-2ll
Bept
78%
72% Jan "/I
27% 26
26%
103
7ft
K5
100%
H0% 102%
77«4
III)
79%
73%
I
HO
N9
I
-i;
70%
78«|
73% 72%
I
'11
8.'i%
23
20
88%
Hutu
H9<4
113
78%
9
93%
82%
(16
28
827i
95«4
87
110
73
87
no
84
o'^
UO
62
91%
91
M.1II
053.,
r>>i%
82
70
91
Aui('2l
Dofl'21
I'll
Aufi IS
6514 'nii
93t'
9ri4
•141
Oct.
p
rsh'31
66%
86
80%
72
119
no
61*4
l< sn>a
72r.a
72%
1
73% 76%
81% 86
94 r
Duo
67
73
102%
D
J>
U4f.
o
59
1
87%
73%
76
87% Dec'21
74%
75
I.
1141
aitnr 4«
Due Aug.
65%
941
Om
i>r
102% 101
.
i
w
Di'bi-nMirr nrrttn R Aa
lit Ileii 50 yr « term 4a
Del A f'h Kxl l«i / Ra
Dn* MolncH Dlv liir g 4S.
l»f a/i
67
77
8534 Sale'
M
refunding 4b
g: (M)8
lO-yimr perm aenured 8s.
928
Ore KR A Nav con g 4ii.
946
Hhort I.lne Int g 8b
1122
Ore
Ist o<inw)l g 68
048
Guar refund 4b
929
Utah A Nor gold 6a
928
lat extended 4s
93:<
Vandalla cons k 4h Hnr A .
96/,
Conaols 4e Berlea h
9f,7
Vers Crua A V Ist ku 4Xs..
U.')4
Virginian lat 6a aerlea A
982
Wanojiti lat gold 6a.
939
Jd gold /!a
039
95
Safe'
79% 81
71%
W
A
Sale
J
M
1st
73
76
I
69%
83%
97I4
94%
71%
7234
55I4 296
54%
99% NoV2l
J
J
W
928
962
947
947
927
Au^'.
Dec'21
Sale
88% 91
7734 Sale
6 134 70
70 Sale
74% Sale
7
5934
ET
Coll trust 4h g Ser A
TYiiat 00 ctfB of deposit.
Tor Ham 4 Huff iBt g 4b... t
Ulster A Del lat 00ns 8 6a
Ist refunding g 4«
Union I'arlflr lHt8 48..
91
"fl^i '83
84% 235
82
103
M
PAW
Hiok
«J»4
I
—
W
Low
883g
86
Sale
dale
9734 Sale
72% Sale
937 J J
943 J J
956 J J
950
Southern Ist cons g 6b
994
Registered
994
Develop 4 gen 48 Ser A... 966
Mob 4 Ohio ooll tr g 48
938
S
Mem Dlv 1st g 4HB-68
996 J J
8t Louis dlv let g 48..
951
Ala Gt Sou iBt cons A 68.. 943
Atl 4 Cbarl A L iBt A 4^8. 944
iBt 30-year 68 Ser B
944
Atl 4 Danv Ist g 48
948
2d 48...
948
Atl 4 Yad let g guar 48.
949
Va4 Ga Dlv g 68
930
CoDB let gold 68
950 M N
E Tenn reorg lien g 6b
938
Ga Midland Ist 3b
946
Oa Pao Ry iBt g 88...
922
Knoxv 4 Ohio let g 88
926
Mob 4 Blr prior lion g 68. 946
Mortgage gold 49
946
Blob 4 Dan deb 5b Btmpd. 927
Blob 4 Meek Ist g 68
948 M N
80 Car 4 Ga 1st exld 5Hs. 929 M N
Virginia Mid Ser E 68
928 M S
Series F 68
928 IW H
General 58
938 M N
Va 4 So'w'n iBt gu 68
2003 J i
iBt oona 60-year 68.
968 A O
O4
iBt oy gu 48
924 F A
Spokane Internat lat g 6b
956 J
Term Ahbd of St L Ist g 4 His. 939 A
iBt cons gold 6b
1894- 944 F
Oen refund s f g 48
953
St L
Bridge Ter gu 8 6b. 930
Texas 4 Pac lat 8oId 6b
000
2nd gold Income 6a
«2000 Mar
La Dlv B L Ist 8 68.
931
Mln W A N
lat gu 6B- 930
Tol 4 Ohio Cent l8t gu 6b... 936
Western Dlv Iat86a
936
General gold 68. ....I. I" 936
Kan A
I Bt gu 8 48
990
2d 20-year 6a
927
Tol
lat gold 4a. .
917
Toi 8t L A
pr lien a 3 Ha. 926
60- year gold 4a
960
W
1921.
Dec' 1
65%
J
i
J
80 Pao Coast letgu4Bg
Tex 4 N O COD gold 6b
80 Pao RR Ist ref 48
San Fran TermI let 4g
R«KlHT<T«!d
30- your conv 4h
01
8(|l2
!»<•,%
r
1
88%
88%
O
N
87
Apr'20i
70% May'
Hi\i
75'4
67
Jiin'2l|
W
73
86
82
74
4
2d exten 6b guar
Qlla V Q
1st gug 68.. 924
H0U8 E 4
T iBt g 68
1933
lat guar 5b red
933
4 T C Ist g 5e Int gu
937
Waco 4 N
dlv iBt 8 88.. 930
AA N
iBt gu g 6s
941
No of Cat guar g 68
938
Ore A Cal iBt guar g 6a
927
So Pao of Cal—Gu g 68
937
W
69
Oct'20
J^ein
terminal
H
101% 101%
99
82
N
N
39
73
Sale
108%
Cangeo4a_..1944 (W 8
Pare Marquoltr lat Ber A 68.1968 J J
lat Berlea H 4«
I9R8J J
4ain27 J
26% 32
102% Dec'21
84%
87%
75>4
N
F A
Ron8 guar 4Hi. 1963
6<) Berlea A
1970 J
lat conagfla ..1032' A
Phlla Bait *
Int B «« .. 1948
SoduR May A Hon lat R Sn IR24 J
f
loe
IO8I2
90
'95%
M
Oeneral
RR 4
81
106
95
m
W
1
108'j Sale" 106%
100% 1001 100
I040'a O
Berlea B guar
1942 A d
Borlea O 8nar
1942
n
Berlea D 4b guar
1946 ?vl N
er1^laE3^ll?^iftr8oId..I949!F A
Berlea P guar 4ii gold
10A8|j D
r
69%
60
106
105
08.
ctle. .
boud
989
Income bond oUe.v 989
Ist g 4s
4N
•'i9'2
IO8I4 Sale
891? Sale
1943'm B
19671
6SI4
69%
Sale
gu
Range
Year
^1
or
81%
dale
J
N
A O
929 A O
W
62%
1933
gimr_
88%
74%
Sale
W
L8
let
Qe4SAM4P
Sept'l7
26
Feb' 18
Deo" 19
53
05
K
M
K
M
KCAM R4 B
A O
It7l4
J
M
30
'3%
87
85
B 4H8
48
70
26
45
82%
84%
unifying 6h.
Cray's Pi Ter ist gu g Ss..
8 A 4 A Paaa lat gu g 4b
Seaboard Air Line g 4a
71% 83%
Nov'20
58% Oct '21
75
f:
CC4 Ht i:,804He A..
*Noprlee Friday;
8II2
6134
1
J
J
L4
iBt
83
74
MH
•
82
86
83
SerleaB
1M2 A
Int reduced to 8^8.. 1942 A
BerlcB C ^^it
1048
Series D 8 Ha
1960lF
•rle4 Pitta 80 8 SMiO.. .1940 J
BerleaC
1940 J
Or
I ex l8t Ko g4Hi. .I94l{j
Ohio CVmnert ; fit gtj 4b
I943;M
Pitta Y 4 Aah lat ooni Sa..l927
Tol
V 4 Ogo 4H8 A...1931 J
R» Uf 3n-vr
80
87
8312
MN
MN
MN
PBIHOpIn^
5118
62%
A
M
C
If J
34
22
Nov'17
59
56
69
>;
1930
1936
..1942
B-gellt«u46!.'.193e
yainaylvarjln Co
Ouar 3Vi« ool! trust reg A. 1937
Quar 3Hb coll truat Ber B.1941 F
Ouar 3)^8 trust otlB
.1942 J
Guar 3Hb trust otf D
1944 J
Ouar 16-26-yeAr gosd 4a. ..1931 A
40-year guar 48R'rBlSer E..1952
OlD I>eb 4 Nor gu 4a i
1942
OI4 Mar litgug4H8
1936
OI4 Pgnn 80 4Hf Bar A.. 1942 J
O
77%
87
76%
8312
D
lO-year Beoured 7i
Ift-year •eoored 6 Hi
Alleg Valgen guar g 4a.
A P
78
12
76%
j
8734
Registered
Jersey Central coll g 4b
961
Atlantic City guar 4b g
951
St Jus dt Grand lal Ist g 4s.
947
St Louie A San Fran (reorg Co)
Prior lien Sor A 48
950
Prior lleo Ser B 68
960
Prior lien Ser C 68
928
Oum adjust Ser A 8e
A 965
Income Series A 68
» 960
St Louis & Sua Fran gen 6a.. 931
Oeneral gold 6e
931
St
S F RRconag 4a... 996
Southw Dlv Ist g 5b
947
oona g Ba.. 928
C Ft S 4
C Ft 8 4 Ry ref g 4b.. 936
8t
81
66
31781
37 '8 Sale
B
J
Ckinaol gold 48
67%
.Ian '22
31
27
91%
943 J
997 J
997 J
Beading Co gen gold 48
2d g 4e
39
3812
60
e
I988'j
r,
84% 90
39I2
6OI2
f
4H8...1938M S
..1929M S
4^8
OeneraUHi
OHt
May'2i
60
July' IX
3812 Jan'22
32I4
5II2
8018
J
MN
48
9914
55
j
85%
'93" '99"
76lg S;ile
1967iM N
CorjBol
O
Sale
511?
3812
2912
50
j
rila lat 8 1 4Ha...l966'J
Pennsylvania RR lit g 4a. ..1923 M
Conaol gold 4a
1943 W
Oonaol gold 4a
1948 M
Berlea
Berlea
Dec'21
3X
57
50
42
40
Paducah 4
Berlea
Berlea
50
76
NoVie
38I4
4II2
4238
3812
61
1997 Q
Beglatered
1997 Q
Oeoeral lien gold 38
a2047 Q
Regletered
a2047 Q
Bef 4 Impt esserB
2047 J
Bef 4Imp4Heser A
2047 J
et Paui-Dulutb Dlv g 48..1998 J
N P-Gt Nor Joint n'A»
1936 J
atP4 N P gen gold 88
1923 F
Regletered oertincataB..1923 Q
9t Paul 4 Dulufh lat 58. ..1931 Q
lat conso! gold 4«
1968 J
Wash Cent iBt gold 48
1948 Q
Nor Pao Term Cc ist g 6»...1933! J
0MR0n-Wa8b I8t4 ref 48
196llj
PaaUlo Coa8t Co lat g 68
1946 J
P
4134
44
41
43
38
75%
65% 66%
940 A O
lat 68... 931 iw
931 J
80^8
8II2
83
"36I4
9!)%
E
L lat g 6a
8b
Ist oouaul gold 68
Raagt
tan Sou
Atk Low
90 Jun6'2l
S«d
July'i4
85
j
Joint 4i...l941 J
Ist guar gold 58. .1922 J
£ lat gug 48.. 198)9
Paolflo prior lleo ral-l
DRRR4
87
8212 Sale
J
07%
7i)%
9911 Feb' 19
6712 June'20
86I4
85
N
4018
70
Jan. 13
932
952
947
943
950
Gold 48 stamped
960
Adjustment 5b
949
Relunding 48.
959
Ist 4 cons 6b Series A
945
Atl 4 Blrm 30-yr let g 48. 933
Caro Cent let con g 4b
949
Fla Cent 4 Pen l8t ext Os.. 923
lat land grant e^t g 68.. 930
Consol gold 6b
943
Qa 4 Ala Ry Ist con 6b
946
Ga Car * No let gu g 58
929
Seaboard 4 Roan Ist 59
U2«
Southern Pacific Co
Gold 48 (Cent Pao coll).. »: 949 J
Registered
k 949 J
20-year conv 4b
j. 929
20-year oonv 68
934 J
Cent Pac Ist ref gu g 4b
949 F
Registered
949 F
Mort guar gold 3H9
K 929 }
Through St L let gu 4s, 954 A
76%
8518
4
Price
Friday
Jan. 13
Aug*13
33I2
37
8212 Sale
N
15
13018 Jan'09
951* June'20
78^4
81
j
4 land grant g 4(
way
991;
103
J
T
V4 N
UytQusni
99I4
102%
j
j
W
C 4 C
103
90
J
MN
Pocab
85I4
7958
99I8
703i
68
Jaa'22
79I8
87%
92% "6
77%
68
Dec 21
Feb21
J
1946 j
--.1946\J
W
lO-26-year oonv
lO-ye&r conv 68
78
65lj
50
o
77
62
74
70%
99%
5S
MN
mN
A O
1968 m
1948l|
N T O 4 ret iBt g 4i
#1992
Registered S6.000 oaly...rl992
Oei>eral48
1966'J
Norfolk Sou l8t 4 rel A 68...1981 F
N:rfolk 4 Sou 1st gold 68
1941 nt
NorJ 4 Weet gen gold 8i
1931
Imcrovement 4 ext g 0*
1934 F
New River iBt gold 8fl
1932 A
N 4
Ry Ist cons g 48. ..1998 A
Registered
1996 A
Dlv'l lat Hen 4 gen g 48.1^4 J
I0-2&-year eonv 48
1932 j
tO-20-year eonv ia
1932
W
99%
74i'>
j
A
53
May'16
ti5i8
%
mN
aarlem R-Pt CbeB lat 48.. 1964 ti N
B4 N T Air Line iBt 4a...l96f ? A
Oant
113
99% 100
j
J
7"J%
88
7084 Au«'2l
68 June'2l
95
Dec'21
7712 Jan'22
72I4
O
O
4HB
con g
S6%
A O
J
90%
"74"
Pitta
7414 Sept' 20
6ii« Mar'20
7634
7614
88
O
A
Hiot
90
82U Juu'22
S
A
l.ovi
Nov" 18
82 >8
MN
Week ending
I
90>8 JuDe'21
J
M
W.Y. STOCK EXCHANGE
Year
1921
man So
51
BONDS
Range
\
9314 May'^iU
9812
J
J
I94i ;
48 8-1948 J
Rut-Canada lat gu g 4e.l94(' j
at LswT & Adir iBt g e8...1»9(!
lesf a
aa gold Belat
Atk Lorn
Ih
I
or
LutI Sal€
<J (W
.'ons
NYA
B 4B.199;1932
Pine Creek reg guar 08
W* Ocon letextSs...il922
B
Sotland
Mange
»3l2
9418
J
8
NT* Harlem g 3Hi
2000 M N
NT* Northern let g 68.. 1923 A O
P'l l3'
WttVt
PrUe
Friday
Jan. 13
185
3
Duo Nov.
c
78
jMne'2l
Due Den.
J
;
.'
Option
90%
60%
<i|
71%
nA%
oil
70
70%
aulo.
186
N. T.
New York BOND Record—Concluded— Page
BONDS
STOCK EXCHAVGR
Week
fcr
eudlDR Jan. 13
PTtee
Week's
Fridav
Jan. 13
Kangt or
La»
1921.
Bid
West Maryland
West N Y * Pb
Qen
1962 A
1»37 J
1943 A
Ist k 1b
lit K 5s
sold 48
Income 69
Western Pao
J
O
1948
102C
1928 J J
1930 F A
aei'undlng 4 He sertea A...19Qe
S
1949
BH l!t oonaol is.
S
WiDBtou Salem S B Ist 4a... 1900 J J
Wis Cent ;S0 yr let gen 48
1949 J J
auD'it; Dal aiv <l: term Int 48' 3S
Wheelln«
lat ser
58
ALE l»t g «9
Wheel Dlv Istgoid So
Exten 4 Impt gold 6»
Strsot Railway
BiooklyD R&Dia Tran g Gs
iRt retund coDV gold 4b
8 yr 7% oocured aote?
M
M
A Tr
Adjust
KY4
laterboro
A
Inooms Sa_
Mofop
78
66
27I4
M
M
D
S
S
b
a
F
A
3
j
J
j
J
J
j
J
J
j
A O
_
MN
MN
Y State Rya l8t oona «Ha.l9C2
Portland Ry lat 4 ref Sa
1930
Portia Ry Lt 4 P lat ref Ob. .1042 F
l8tii-efund7V<iSSerA
1940
Portland Qea Elec let 6s.. 1935 j
•t Paul City Cab oona g Cs.. 1937 J
Tblrd Ave iBt ref 4a
1960 j
\
MN
j
J
j
al900 A O
AdJ Income 6a
Tblrd Avo Ry Ist g 8fl
1937 J J
By 4 Lt let a f 8a.. 1923 A O
ODdergr of London 4K8
1933 J J
Income 8b...1948 ...
(dnlted Rya Inv 68 Pitta las.. 1 920
N
GDlted Rys St L lat g 4a
1934 J
St Louis TraoBlt gu Sa.,..1924 A
1934 i
Ry Pow lat 4 ref 68
Qao unul Elactrir Light
klyn EflleoD I>o gen 6b .A.. 1949 3
General Cyg series B
19.S0 J
Gener.Hl 7s sorleo O
1930 J
Oener.il 78 series n
1940 J
Sklyn Un Gaa lat oon« b 6b. .1946 IM N
Oinoln GaH 4 B^lec Ist 4 ref 6a 1 966 A O
Columbia G 4 E l.Tt 6b
1927 J J
Stamped
1927 j J
Ofllumbus Gaa 1st gold 6a...l932 J J
Consol Qae 6 yr conv 7e
1925 Q F
Detroit City Gas gold £a
1923 J J
Detroit Edison lat eo!l tr 6a. 1933 J J
lat 4 ref 68 scr A
»1940
S
lat 4 ref 08 series B..
A1940
S
OcqiiceDe Lt ist * coll Ob. .1949 J J
Havana Eleo ooosol a 61
1902 F A
Hudson Co Gaa lat g 6a
1949 IM N
Kan City (Mo) 08B lat B OS.. 1922 A O
Kings Co El L 4 P g 6a
1937 A
Purcbase money Os
1907 A
Convertible deb Oa..
1926
Ed El III BIrn lit con c 4s. 1939 J
ftao Gas L of St L Bef 4 exf 6b '34 A
Milwaukee Gas L lat 48
1927
N
newark Con Gas g Ba.
1948 J D
N Y EdlHon Isl i rof OViis A..1941 A
•
8b
1948 J
Purcbase money g 4a
1949 F
Ed Eloo III Ist cons g 88. ..1096 J
IIY4Q El LAP lat con g 8s.. 1930,
Trt City
M
.
M
M
M
M
YOEL4Pg
Ind Nat Gas A
Fuel Gas
Mu
_.1947,M
gu g 8i.l937iJ
6O34
7534
70
76
65
64
27
01
June'21
6158 Ocf21
6312
6534
60
^3i
6512
fi4l2
93
75
59
5S»4 1043
81'2
8314
51
14
52
51
16
15
39
54
I
51
20
2112 40
12
10
'
8312
2534
1
6
Jan'22
65
7812
82
84
67
61
55I2
7612
5012
78
52
76lo
5134
69lj
~71l2
36
77
7513
90
91
101
Sale
10434 105
8978
100
104
10778 10334 10718
891- Sale
8712
91-'4
92
88I4 Sale'
88I2 Sale
88I4
88I2
104
Feb'17
Dec'21
60
47
88I4
96
Sept 21
3l8
3
94
4Rl2
29
69
56
98
3
46
74'li.
92
90
89
75
7012
IOII2 Sale" 104
Sep! '21
93
93
92S8
9073 Sale
9334
100
Saio
10034 Sale
80
82
99I2
IOOI4
77I2
9034
100
101
80
Dec'21
8512
81
94
15
98
82
87
"84"
89
86
IO8I2
100
8118
88
5212
807s
5112
47
36
36
79
65
17
18
925,
10078
95I5 10753
951j 10814
92
71
83I4 92I2
76
87
10
32
22
1
46
28
90
SOlj
81
9OI4
I
75
'49
19
46
85
6
Ocf2
109
68
66
94I2 S('i)f2t
9012
IO8I2 Sale
47I2
8818
96'4
8818
62J2
51
Jan'22
Dec'21
90
10518
8 114
60
25
75
5;
Jan'22
IO8I2
8912
80
104
40»4
40
231
64
Mar*2l
91
101
105
.''O
3713
2778
271a
9
77,
6434
8368
16
Dec'21
7612
5238
75
84
171j
13
9SU
1
8958
8718
7Glj
86
88
eo
75
87
75
105
895,
9334
9112
101
IOII2
D
D
J
8
S
N
J
9412
Sale
8.)
93
8712
87S4
73
6818
8912
79
91
IO5I8 10678
94
6434
7812
8(il2
105
IOII4
Sale
91I3
IOII4
85
90
86
89
75
997, 100
92
937,
81
86
7978
9978
83
87
8510
9234 961;
8834 Sale
8514
83
90
96
75
Sale
1078
94
7034
SepfU
97
89
75
12
75I2
24
24
Sale
81
8512 Sale
87 Sale
IO3I2
67l8
9312
IO4I2
79"
73
V
37
73
78I4
8318
80
81
76
80
9658
89l2
77
11
Dec'21
2412
9978
94I4
68'4
Mar'20
Nov* 19
May'21
8
7134
8778
Sale
81
Nov'20
7OI2
86I2
94
8712
88
2
14
lis
13
80
77
5618
78
10
19»4
1934
834
8II4
70
75
88
21
73
9S»4 106
;
Oct '21
9368
SO
81
82S4
8678
851jl
88
"26
5
3
o.
24
67l»
80
70
0714
6778
97
75
94
93
90
79
92 14
84
96
Sale
Sale
Sale
Sale
73lz
98
IO0I4
92 12
IOOI4
10284
O
A
Low
Htft
Apr'20
I
95
I
78
82
90
83
Jan'22
39
8914
92
76
6
Jiiu'22
97I4
7514
1003.)
107
,
92I2
102
92
84
94I2
81
'33
987g
87
76 .5734 7612
2172 9OI3 3101U
151 lOi
107«4
165 90l£ lOlU
38 100 IO4I2
Dec'21
Deo '21
10312
9318
84I2
101
94
90
75»4
6718
1
I
10312'
90
97
77IJ 92I2
9034 100
1<234 10312
94I4
82
711j 85
76»2
62
8618 96
162
172
138
77
76
95I2
101
90
101^4 Sale
2
.!an'22
9II2
Sale
D
HUn No
11334
9012
86I2
8612
93I2 Dec'21
92
9018
99S4
9734
IOOI4
9973
86I4 Sale
N
O
J
A
N
Cent Foundry Ist a f Oa
1331'F A
Cent Leather 20-year g 6s. ..1925 A O
Corn Prod Refg e f g 68
1931 M N
1934
1st 26-year 9 f 68
ivj
N
Cuba Cane Sugar conv 7b
1930 J J
Conv deben stamped 8%
Cuban Am Sugar let roll 8e 1931;BI S
Diamond Match s f deb 7^8-10361
Sec Cor conv 1st f 6s. 1927! A
E I du Pont Powder 4^8.. .1930 J
du Pont de Nemours A Co 7 Hs '31
Flsk Rubber 1st 8 1 89.
1941
General Baking Ist 26-yT Oa. . 1936 J
Gen Electric deb g 3H9
1942 F
Debenture 68
1962
20-year deb Ofl
Feb 1940 F
QooOyear TlroA llublat 8f88'1941 IW
10-year sf deb g 89
el931 F
Int Agrlo Corp lat 20-yr 58.-1932
Internal Cement conv 8s
1926 J
International Paper 6a
1947iJ
Kelly-Sprlngfleld Tire 8s
1931
Liggett 4 Myers Tobao7f^... 1944 A
68...
1951 F
Lorlllard Co (P) 7b
1944 A
68
1951 F
Nat Enam A Stamps 1st 68..1929|J
Nat Starch 20-year deb 6s.. .1930 J
National Tube lat 58
1952 IW
Y Air Brake lat conv 0s..l938 IVI
Pockard Motor C.ir 10-yr 88.1931 A
Porto Rlcan Am Tob 8h
1931 IW
Distill
O
D
MN
MS
D
M
A
S
A
N
A
MN
D
J
MN
N
Sharon Steel Hoop Isl 8s ser A '41 IW
Standard Milling l8t 68
19301
Steel 4 Tube gen a f 7s aer C.1961 J
Union Bag & I'aper 1st 68...1930!j
Stamped
1930 J
Union on Co of Cal let 6b.. .1931 J
United Drug conv Sa
1941 J
U S Realty 4 I conv deb g 6a. 1924 J
1923lj
U 8 Rubber 5-year sec 78
M
A
A
O
A
O
A
D
J
N
N
O
N
S
N
J
J
J
J
D
Ist
ref 5a series
J
D
10-year
D
Electric iBt 68
M
M
Deo
1922 J
A
1931|M N
Weatlngh E 4
7a
Wlokwire Spen Steel lat 78. .1936
Coal, Iron & Stael
Beth Steel lat ext a t 68
1920 J J
1942 M N
lat A ref es guar A
1930 J J
20 yr p m A Imp Bf 58
1932lj
BufI A Suaq Iron a f 6a
Debenture 68
al«28 IW
Colo FA I Co gen a f 58
1943 F
Col Indus 1st A ooll 6s gu.-.1934 F
of Md let A ret 6a. 1960 J
Cons Coal
Elk Horn Coal conv Os
1925 J
1940 A
Illinois Steel deb 4H8
Indiana Steel 1st 5s
1962 IW
Lackawanna Steel lat g 68.. 1923 A
1950
1st cone 68 series A
Lehigh C A Nav a f 4H8 A. .1964 J
MIdvale Steel 4 O oonv a f 68 1980
Pleasant Val Coal Ist a f 68.-1928 J
Pocah Con Colliers 1st s f 58.1957 J
Repub I 4 8 10-30-yr 68 8 f..l940 A
M
M
67l»
94I2
79
847,
86I2
9578
81
L Rock Mt A P 6a stmpd.l965|J
Tenn Coal I 4 RR gen 5b... 1961
8 Steel
Corp— (coup
a f 10-60-year 69 /reg
1953 J J
Victor Fuel lat B f 6a
Va Iron Co 14 Coke 1st g 68.1949|M
Telaaraph & Telapl
Am Telep 4 Tel ooll tr 4a
Convertible 4a
20-year conv 4«a
30-year temp ooll tr 68
7-year convertible Oa
•
ne
83
IO3I2!
94S4'
8638
4
76
49
90
9IJ2
92*4
98»2 IO312
8218 99
77I2 89
1945 A
Bell Teleph of Pa s f 7s A
Cent Dist Tel lat 30-yoar 6s.. 1943 J
Commercial Cable 1st g 4s..-2397|Q
Cumb T 4 T Ist 4 gen 6b...1937( J
1924; F
Mich State Teleph ist 68
N Y Telep let 4 gen 8 f 4M8.1939lM N
30-year deben s f 8s.. Feb 1949 F A
No price Frlday;lateet bid and asked. aDueJan. dDue April. cDueMar. eDue May.
102U
84)2
66
89
86
106
S91b
7 31
941?
98
98
63
62
106
10838
77
79I2
106*4
lOlU
9012
75l»
99
IO7I4
111
I
93
9212
104
86I2
IO2I2
II212
9178
112
93
sale
92I2
9434
100
78
104
Nov'21
114
93
98
80
"22
87
IO4I2
I
I
II4I3
93
7
2
921t
91*8
96 92l2 106
18 102
113
33 7788 93
7 103
113
92U
78
87ig
Feb'21
88
93I4 "96" 9468
'il7 87
96
98I4 99
99
1
99
86
99I2 lib 94I2
9834 Sale
98
lOlSgl
3 100
100 Sale 101
5I
98l2
99
99 Sale
96
^ti
Dec'2l!
94
95
86
97
9814 "ei
98 Sale
9114
88I2
8812, 88I2
3 80
88
8Si2i 84
Oct '21!
88
83lj
86I2 Juu'21i
90
86lj
10578 118 98
10534 Sale 104
92I4
81 79»4
9454 Sale
94
IOII2 IOOI2
IOOJ2'
42 9473
101
86I2
87I4I 134
88 Sale
76
58 9513
10534
10534 Sale '10412
97I2I 9758
976g!
5 89I2
96
9434' 93I2
"./4I2
95
66 8912
93I2 Sale
93 12
931;
3i
85
94I2 Sale
9512'
61 8712
93 12
99I3'
38 92<«
9. H Sale
99
IO7I4 160 94'4
lOTs Sale 1053s
9812
34 90
97 14 !»?l2 97I1;
89
9212
88
I
I
88
1001.
97
101
104
101
95
101
90
84
86u
106
94
102
87
106
98l«
95«4
I
9534 Sale
9112 Sale
8,i2 Sale
83i2
9612
891-
96
91
86
78
S7I2
100
83
82
7113 72
86I2 96
8II4
9314
8S38 Sale
97.18 Sale
983, Sale
sals Sale
8634
8478 Sale
100
83
7118
7912
94
8634
9614
97l«
82
82
85
84
79
92
Sale
89
90
30
30
33
78
8134
76
8134
8312
747g
79I2
94I2
72
62*4
Oct '21
Dec'21
8838
9738
72
94I2
68
76
86
91
89
97
99
48
84
Nov'21
'ioe
85
70I4
86
86
July'21
79
61
72
7618
8038
8OI4
9534
92I4
9534 Sale
11034 Sale
10S78 Sale
9II4
55
89
96
89
Sale
Sale
Sale
103 Sale
103 Sale
10S3s Sale
9412 Sale
Sale
90 Sale
IO712 Sale
109
IO8I2
86
6412
88=4
94»4
Jan'21!
9(i
89
IO3I4
10318
10838
94I2
90
88I2
10678
62
73I8
94U
83U
239
7
95
90
89
107*4
oDue Oct. jDue Dec.
8712
63
80
15
146!
97
77I8 93
94I4 112
617
83
100<l«
109
86
SOU
6412
6412
5'
78
22
125
8834
S8U
93I2
62
81
9Ua
86
76
9618
166
8734 104
98 10278
66I4 109
June'21
Feb'21
IO212
102
107
93
76
8558 935]
92lt 100
9812
93
167
Jan'22
8834
8OI4
9612
95I2
11138
10878
86
80
87
93
66
9234
Jan'22
Dec '21
IOII4
9763
83
73
89
78
87
100
78
9358
997g
62
87
1067|
S3I4
fi9
75
95
100
Aug'21
Apr'21
80
dale
96 12
9778
86I4 100
7SI4 92I2
7478 91
Jan'22
871;
91
<^Due June. ftDue July. ffDue Aug.
98U
88
921j
6
I
IOII4 IOII2
86I2 Sale
104 Sale
11414 Sale
9258 Sale
11418
95
N
8II2
8712
8318
i
SOU Sale
97 ig Sale
1926| F
21
188
98>8
102
148 73
8684
823g
8:i
151
17
103- S..l.> 10312
104
24 9638
99I2 9934 9918 Jan'22
91
73I2 Dec 21
80
75
70
95I2
93I4
54 861t
96 Sale
Dec'21 ""'2 891s
91
98
98
98
97
96
89I2
63I2'
85 51
631j Saio" CI
132 54I2
5812 Sale
55
583s
IO2I4
48 96
102 Sale 10134
IIII21
32 lOllj
IU958 Sale IO8I4
46
11
40 Sale
42
44
7478 Sept 21
79
162 96
104
10373 Sale 103^
lOOSs' 183
9978
Sale
101
99
9218
8918 8ept'21'
8918
73S4 Jan'22
73
66
9612
95
56 84
9612 Sale
IO6I4
106 14 Sale 110318
l6 9913
113
306 971j!
113 Sale IIOI4
99I2' 896
99 Sale
9734
9878
74
23 71
74 Sale
73
881s Sale
1929'
.1936 IW
1933 IW
1940 J
20-year retunrtlnc gold 63--1941 A
Northwcflt'n Boll T lot 7b A-19411F
1937|J
Pacific Tel 4 Tel let 68
South Bell Tel 4 T lat a f 68.1941] J
1938 J
West Union oolltr our 6b
1950, IW
Fund 4 real est g 4Hb
19361
15-year OIjb g
81
88
1
U
98
10012
Salo
95I2
(11963 MN
J1963 MN
98
873« Sale
68
86
92
78
St
9978
9414
8
71
73
8712 Sale
104
86I4
90
Mar'17
95
87
77
773
101%
May'19
Dec'21
73 June'21
8318 Sept '21
88I2
90
631a
721s
7958
79
80
97
QSlj
91
8278
7518
73*4
'84"
8478 Deo'21
8712 Dec'21
60
78
7
7
Jan'22
July'17
O
J
100
82
4
D
West
95
74'
J
86
Jan'22
88
9314
8SI2
A
8118
9412
81
79I4
Year
I
95
8334 84
85
76
70's
95=8 9612 94I4
9934 101
1001?
92I4 95
93
8S58 Sale
8838
A
A
A
D
O
N
10978
711
92
8612
81
87
S6I2 Sale
94
96
9178 Sale
!'S
Sale
IOOI4 Salo
94 Sale
91
1921.
I
96I4
IO3I2 104
N
7^8
1930 F
8 Smelt Ref 4 Moony 68..19261F
Va Caro Chem Ist 16-yr 6e..I923lJ
Conv deb 08
«1924 A
12-years ' T.-ie
1932
93
87I2 Sale
8712
87I2
IO4I2 Apr'17
8512
10634 Safe" 106
IO6I2
931'.
9412 9253
G3l2
70
78 Sale
78
8912 Aut;'21
9512
78l£ May'20
85I4
9134
82I4
88
112
Sale
S
A
J
80
8158
9OI2 Sale
11234 Sale
IOII2 Sale
88
tern
II2I2
Range
1
60 10414110
43 77
90
24 101 112
113
IOII2 134 90
99
9934
87 12 665 66
84
87
9II4
92
7
77
94
8OI2 Dec'2l'
8OI2 86
113'-2='ale
102 14
107
95
90
102 Salo
103 Sale
94
96
86
1947) J
21
Dec
M
Am Agrlc Cbem Ist 5a
IS :«'a
1st ref 8
7l2Sg
1941 F
Am Cot Oil debenttire 6s
1931 M
AmSm AR lst30-yr58ser A 1947 A
Am Writ Paper s f 7-69
1939 J
Atias l^owder conv 7I28 g
193) F
Baldw Loco Works lat 68
1940 M
f3
50
35
15
63
70
"io'
Feb'21
Dec'21
26
83
84
Sale"
IO312 Salo IO2I2
9034
93
"8014 87
8II4
5618
60 Sale
45I2
46I4 SalP
88ix 88I4 88
96l2
96
75I8
7II4
67I2
June'21
65I2 Sale
84
633i
8412
37
34
26
533
48%
51
Dec'21
39
Deo'll
35
26
2534
«(t
52
al931 F
Tennessee Cop Ist conv Se..l926
Tide Water Oil OHs
1931 F
Union T;ink Car equip 78... 1930 F
Wash Wat Pow 3 f 5a-.
1939 J
West Penn Pow ser A 68...1946 IM
lstsorlpsC63
1958 J
]stserieeD78
el946 F
Wilson ACo Ist25-yr8f 6e..l94l'A
lO-year conv s f Ob
1928 J
Cal 7?
Ask
\
^2
a^
=>
I
Manufacturing and Industrial
90
83
50
534 Sale
5I2
534
58 14
62
82
43
25
I9I2
Dec'21—
8334 Sale
25S4
5I2
62
6334
75I8 Si-pf21
Sale
61
4278
l\
83
92
80
71
St.iiKlard Oil of
6
48tj
5212
52I2
21
591s
A O
9incl:ilr
72
8I4
10
!
PubServCorpof N JgeD5B..1969 A O
Con OH conv 7lt8-..1925 IW N
2934
6434
1134
I
M
60
"76"
199j 59
178 23l8 4958
5 82
92
10
1 9:'>
Ret A gen 68...01932 A O
NlaR Lock A O Pow 1st 58.. .1954
N
Nor States Power 26-vf 5b A. 1941:A O
Ontario Power N F let 6B...1943 F A
Ontario TYacemlKslon 58
1945 m N
PanAmer. P.AT.lst 10-yr7sl930,
53
18
.^^1
93
Sale
66I3
witJi war't.s
N
S71j
4834
64I2
7634
4953
76
7.5lz
«:<
58
60
2
S3
60
4834
Jan'20
..7
58
63
63
?l
69I4
48%
9OI2
S7l2
MN
MN
g 68... 1922 M N
M
•
55
75
39
37
6012
83
47-''s
85
lat gn g 6s- 1930 J
Oil ao yr 60.1930
lat gu g 6s.. 1947
M
M
67:
3
|
Philadelphia Co conv
taiid Gae A Rlconv sf 0B...1920 J
•yraouoo Lighting lot g 88...i96l| J
yracuse LlRht 4 Power fl8..1954 J
Trenton G 4 El lat g 68
1949
Onion Bleo Lt 4 P lat g 6b.. 1932
Befunding 4 exteaalon 68.. 1933 M
Onlted Fuel Gas Int 8 f ea...I936 J
Utah Power 4 Lt 1st 6s
1944 F
Otloa Eleo L 4 P lat g 6a
1960 J
Otioa Gas 4 Elec ref 8a
1967 J
Westchester Ltd gold 6a... ,1960 J
MIscellaneoUfl
AdamB Ex ooll tr g 4n
1948 M
Alaaka Gold
deb Os A
1926 M
Conv deh Os series B
192fl'lW
Am Wat WkB A Elec 58. . 1934 14
Armour A Co Istrealeat 4Hs 1939
Atlantic Fruit eonv deb 78 A. 1984
Atlantic Rpfjz deb Ri^
1931
Booth Fisheries deb s J 08
1920
BraOen Cop
onll tr a f Oa
1931
Bush Terminal lat 48...
1962
Consol 6b
1065
Building .5b guar tax cx'II'igna •
M
22I2
<AH
83
90
M
Mexlc:in Petroli-,im s f Ha... 1930 IW
Montana Power let 58 A
1943 J J
Morris 4 Co lets f4H8
1939 J J
N y Dock 60 yr Igt g 4a
1951;f A
NIasara Fails Power Ist 6P..1932 J J
4038
6512
57=4
Bid
MarlaudoUsl
Wicrt
i
]9rM j j
Cerro do Pasco Cop Ss
Ohio Dn Stu'n let gu 4^8 A.1963 J J
1st Ser C 6H8 (otre)
1963 J 1
Chile Copper 10 yr conv 79. . 1923 M N
Co 1 tr 4 conv 6s ser A
1932 A O
Computing Tab Reo b f 08..1941'J I
Oranb.v CodhMS&P con 68 A 1928 M N
Btaniped1»28 M N
Conv deben 83
1925 M N
Great Falls Pow 1st s f 68
1940
K
Inter Mercau Murine s t 6s. .1941 'a O
78
25
9I2
Laet Sale
7878
36
64
64
27
67
Monti ct
Jan. 13
Jan. 13
03:8
.Jan'22
3512
4912 Sale
93 Sale
10
Sale
9I2 Sale
5858 Sale
60 Sale
5913 59I2
37I2
5734
6412
7812
62
64
3512
58
921->
* ref 60
1087 M N
rMlflcG4 Egen4ref 68...ig42 J J 8712
Pao Pow 4 Lt 1st 4 ref 20 yr 68 "30 F
"85"
-1949 M
Pat 4 Passaic O 4 El 6s
101
Peop Gas 4 C let cons g Oa.. 1943 A
1st
64I4
90
35
40
31
PrUav
85
7512
unlfylni;
G Co of Cb
Sale
8658
66
Jan'22
77
763^ Sale
J
82
80
Mar'17
56
Certificates of depoalt
Con
32
40
6.'-)l2
Y
Befuifllng gold 6b
75I2
75I8
62I4
W
Oh G L A Coke
....
9II4
5II4
7684
Sale
6.5
Metropolitan Street By
Bway * 7th Av lat o g «•:<-. 1943
Col 4 9tb Av let gu g 5?-. 1993
Lex Av 4 P P Ist gu g 69.. 1993
Jlei
e El (Cblo) lat g 4s.. 1938
UHw Eleo Ry 4 Lt oona g 6b. 1926
BefuDdIng 4 exten 4HI8-..1931
Montreal Tram Ist 4 ref 68.. 1941
Wew on Ry 4 Lt g«n 4HB..1935
W Munlclp Ry lata 68 A-196fl
H Y Rye lat B E &ref 4a..-1942
CertlCoatea of depOHlt
ol942
to year bA] Inc 5s
Corp
Nov'21
88'
fs'si
47
77
2Gi2
1990
Stamped tax exempt
2d is
2013
Manila Elec Ry 4 Lt a f 0a..]963
Market at Ry Ist cons 6s
19H4 AT S
6-year 6% notes
...1924 A O
ecu 67
6212
68I2
6312
91%
54
"8
Sale
Sale
75I4 76
75I4 76
60
66
69U
63I2
Oofl7
181
fe
High
83
8678
S
*>
.
Week ending
PrUe
^
3
Y STOCK EXOHANGB
51ij
34
54
63
60
ooJi 4i:^s..I960
O 4 E Co— Ca G A E—
7758
761s
BiQh No. Low
6212
Sale
e.'i
60
Certlfloatea of Oeooalt
snterboTo Bap Tras lat OB..l9eo
Manbat By (N T) cons g 48. .1990
Pacific
8414
6OI2 Sale
1967
1967
1932
Jersey Ist 5t
91I4
9034
3.513
lat a i:ts...l93e
6aaer
85
92
St
8534
3078
of deposit Rtmpd
69
1950
Btamped guar 4 6c
1950
KinsiD Couuty E lat a 4a.. 1949
Stamped guar 4b
1949
naseau Bleo guar gold 4a.. 196
Oblcago Ryu lat Sa
1927
aooD Ry ft L lat Sc ret g 4Ka 1951
Stamped Kusr 4His
.1951
Oet United Is; oona e 4 Ms. .1932
Bmltb It
.Sfi
Safe
j
Dd Sllatgfi
Sad * Manbat
92
69
Sale
GOI2
5834
91S8 Deo '21
6614 Dec'21
O
Certlf!oft.teB
:ft
Ask LOtD
61
j
1946 a
2002 j
fel921 j
Certificates of deDoett
Bklyii
60l2
Nov
M S "86*
9178
A C
..i?1943
A
O
BONOS
Range
Year
4
»
607
217,
18
17
18
46
82
80
89
94
SOU 97 12
83
I
96*4
77»8 90
99 103
Option
sale.
3
7
'
2
1
"
I
1
1
BONDS
BOSTON STOCK EXCHANGE-Stock Record
aiOB AND LOW SALW PKICB—PSK SHARE, NOT PBK CSNT.
MonSii
aalurany
Jan. 7.
Wedneidav
Tue$dav
Jan. 10.
,
Jan. 9.
Jan. II.
Jan. 12.
i
fur
the
Friday
Jan. 13.
Thfirsaay
8TOCK9
B09T0N STOCK
SaU§
187
Banae for year 19J1.
Mano*/OT Pretifomt
Year 1920
EXCHANGE
Week
Bighett
Loteett
Lomtu
Btekut
1
Railroads
Albany
Shartt
132>» 133
76
95
•14
132
20
75I2
97I2
15
•23
15
20
2*
24
24
96
95
76
95
15
•14
*20
125
,
75I2
1478
1478
7534
95I2
*20
126
25
125
96
96
His
1418
•20
25
2;
125
Jan'2l
Feb'21
Lifit Sale .25
List Site .75
Last Sale 3^2
•130
•130
•130
81
86
801a
32
•31
13>«
•
•55"
•57
•16
•75
49
"1312
1334
69
8H3
SOU
•81
13
32
137g
I6I4
•1513
77
¥0"
58
59
16
57I2
58
68
1.51
58
58
58
60
*l!Mo
1512
<
16
*15l2
•77
49 "I 49
58'2'
68
5812
68
fi93.
13-33
I
•75
49
"4934
49
59
*69
*55
68
69
58
•85"
*57
69
135s
Mar'21
130
L'tsl S'llc
8II2
31
I3I2
69S4
•31
I3l8
fi9
'59"
*130
*81
8II2
8II2!
58
.Jan'22
I3
I3I2I
1
69S4I
8II2
31
I2
8
3
31
I3I2
--
60
61
61
I5I2
161
La.il Sale
IRI2
De(:'21
78
4OI4
41!.^
40U
59
5858
.
4')^^
59
¥913
59
100
495 Boston &
100
968 Boston Elevated
pref
...100
Do
53
100
30 Boston & Maine
100
Do pref
20
100
81 Boston 4 Providence
Boston Suburban Eleo. iVo par
No var
Do pref
Boat * Wore Elec pret.No var
100
Chic Juno Ry & U 8 Y
Do pref100
41
Central
.100
.501 Maine
685' N Y N H A Hartford
100
8 Northern New Hampeblre.lOO
6 Norwich A Worcester prel.lOO
...100
30 S Old Colony
100
20 Rutland pref
Vermont*; Massachusetts. 100
78i) West End Street
50
... 60
Do pref
128
Miscellaneoua
10
Amer Oil Engineering
1.9,53 Amer Pneumatic Service.. 26
50
Do pre!
1,162
4,026 Amer Telephone 4 Teleg..lOO
Amoskeag Mfg
No par
540
No par
Do pref
65
Anglo-AmCommlCorp-A^o par
Art Metal Construe Inc.. 10
60 Atlaa Tack Corporation No par
Beacon Chocolate
10
BIgheart Prod & Refining. 10
600 Boston MexPetTrusteeaATo par
100 Century Steel of Amer Inc. 10
10
315 Connor (John T)
East Boston Land
10
5
2 ,,30.5 Eastern Manufacturing
25
586 Eaatem SS Lines Inc
Do pref
50
5
100
1.103 Edison Electric Ilium
No par
650 Elder Corporation
No var
16 Gardner Motor
Gorton-Pew Fisheries
50
&. Die
25
.50 Greenfield Tap
Internat Cement Corp.iVo par
25:
50
15 Internat Cotton MiUa
Do pref
100
25
Internat Products
No par
54
Do pref
100
120
158 Island Oil A Transp Corp. 10
1,017 Llbby, McNeill * Libb.. 10
25
241 Loew'8 Theatres
McElwaln (W H) 1st prof. 100
Massachusetts Gas Cos
100
Do pref
100
118
100
13 Mergenthaler Linotype
1.062 Mexican Investment Ino.. 10
National Leather
10
1.002
71.? New England OH Corp
271 New England Telephone.. 100
10 Ohio Body A Blower
No par
1
350 Orpheum Circuit Ino
13134 13212
77I2
7(i
13212
132
132
75
124
124
•124
132
I
*95J3
14
95':
•14
15
132
75
70l!
96l2
05
132
IT.l
75
7fi
59
(
•05
.10
4
4
•.05
4
ISSg
1534
1534
IISU II6I2
10714 IO8I2
•82 12
•12
13
•12
•13
•.20
i3
•.17
.50
•314
912
.25
.15
1734
3'2
912
40
42
lau
n5«4
40
45
.18
*.01
16'4
•314
9l2
85
*12
•13
*.20
I3I2
14
.50
9»4
49
*40
45
I6334 164
*934
•.75
1
•1934
26I2
20
•.75
•1934
261s
20
•30
•78
•30
•78
31
79
I
I
3l2
IOI2
212
67g
•Sig
«7
•214
578
•934
10
10
65
*62l2
•130
6312
22
90
66
I
9I4
4I4
I3I2
•
•4"
«
•61
•Ills
95
6212
6II2
IOI2
•861"
inj
12
3812
25I2
3812
2713
8
373«
25I2
23I2
I
I
26 12
8
•7l2
2OI2
3112
35I4
•14
•50
7^
8
22
32
•8
22
32
167
•13
'.20
•22
•3
.601
734
36
3612
14^4
•I4I4
1*34
335s
3612
•I4I2
.60
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33I2
37I2
26I4
4
110
•11
12
*14l2 15
167
167
I
SI2
11
Jan'22
4
109
109
26
24
27
2312
41
IOI2
•714
10
2I4
214
23s
578
101..
II
90
Last Sale 86I1 Jan"?2
64S4
64
6434
651
64--S
64
64
64
661
64
I29I2 12812 1.30
"12812 130
22
2II2 21 7g
2"?
22
934
10
10
101
10
4ij
*71;
235g
'in
16<i
4U
434
IOI4
•714
•2I4
5I2
I
21^
578
IOI2
2fil2
26
27
8
'
8
38
26
3814I
23 14
I
4I4
13
8l3
•20
.40
I3I4'
1184
•9I2
12I21
*30
*78
*4
I
I3I2
•61
•12
61.34
2512
26.18
10
*40
164
Last Sale
19I2 191
263g 2638
1
"•4"
9SI4
9834
37.34
9
35I2
143|
267' 267
1'
434
10
7812
•..50
35I4!
•8H
•13
13
•nij
478
•13
1312
9S<4
615,
I
III4
•14
168
167
2634
24
27
4
109
412
1434
,
02
•.59
64
IO9I2
•1034 12
13
13
6U2
I212
27
578
*
9514
23I2
31
7812
2%
4
109
13
95
26
24
•30
77
10
5
96
26
30
79
90
65
64
1312
'•4'
I
37»4
20
26S4
•I9I4
26I4
39
45
l.',
163..
165s
.Tan'22
0S4
034
.39
3Q1
3
e
I64I4 1645n
*.50
10
4'4
39
*40
I
20
*.0I
Iftog
Last S'l.
10
10
I
1
64
•13
13
5
45
165
4I4
•714
»2l4
534
.15
165ft
312'
4I2
•934
•8613
IO9I2 110
109
109 12
•IIU 12
1234
12»4
12l» •13
•12»4
14
167
167
•166
167
•13
*40
164
63I3
63%
•12812
13 d" •12812 129
21I2 2IS4
2II2 2134
2134
9I2
9I2
8'4
834
9
I
834
3834
4
10
11«3j 1171,
TdSlo 10'!34
*S2l2 85
11678
106U
*.01
17
10
•63
130
131
•211;
38I4
434
338
•714
258
5I2
2'2
10
I
IOI4
38^4
30
•78
3I4
•86I2
6418
9012
•64
034
.05
•314
45
2678
6
10
558
*.17
*.05
16)5.
41s
K.7s
I684
*82l2 85
List Sih .10 .Tiinp'2)
14
List S-'.li- 1312 Do(-'21
13
*13
141..
13
13
.50
Last Snle 15
no^'ai
Ltst Sale 41 J Mar'21
.251
*.17
*.17
.25
.25
.25
.10
1654
3I2
IOI2
*.50
•1934
2638
1
10
•2I4
I
•8OI2
10
ll.'iSs
10614
Dec'21
4
IWo
I6I2
85
*12
13
*.20
I
.60
434
934
434
33
79
3I4
85
1637g 165
434
•934
27I2
I
4l8
4
41..;
167g
11534 11634
106
10634
14
*40
Last Sole 05
.10
1638
I312
*.17
*.05
*16l4
•314
9I2
3834
.18
.15
I6I4
312
5
10
*4l')
108
85
104
383s
I6334 164
*.05
4
.10
41r
I6I2
11.>I3 11.534
85
"
1312
•.01
•16I4
.10
4V<,
II5I4
IO7I2 1071;
85
•20
C
*.05
4
16
Apr 16
119
Jan
Jar,
J*n
mMat
r.x dlvldi'iid.
THE CHRONICLE
188
[Vol. 114.
Friday
Last
Stocks
Boston Bond Record.
— Transactions in bonds at Boston
Stock Exchange Jan. 7 to Jan. 13, both inclusive:
Friday
Last
Sale.
Price.
Bonds
U
S Lib Loan 3 V^s. 1932-47
1st lib L'n 4 )<fs_ 19.32-47
3d LlbI.oan4ii^.s.-.1928
4th Lib L'n4)is. 193.3-38
Victory 4^4^
1922-23
Amer Agrlc Chem 58, .1928
1941
&
925
1 929
Tel 6s
Collateral 4s
AtIG&
1
Wl SSL 53.-19,59
Chic Juno Ry * U S
Copper RaiiRo .5s
Y 48'40
my.
miv.
109%
Rlrm
87^
5454
75 ,H
78
97 H
9.200
11.700
17,100
35,700
10,000
2,000
5,000
1,000
95.78 .Ian
Mar
88
94 J^ Oct
95'A l''eb
75 Ji Jan
25.000
45Jf Aug
1 1 1
,P00
Ry 4s
& Co 5s
89 M
9t
110
19.56
& Tel 5s.
l'932
.
92
81
H
87
86
88 K 89 ii
93
94
110
110
63 K 03 K
92
92
94 Ji 94%
92
90
1
1
Par.
.\merican Radiator
100
.American Shlpbulldtog.lOO
Armour & Co pre!
100
15
Armotir Leather.,
Reaver Board
Booth Fisheries new
1
1
A Con Ry
Nov
Nov
Jan
Dec
Dec
Dec
Nov
78
July
K
83 H
88 'A
89
95
125
Nov
Dec
Dec
Dec
Dec
59%
Sept
92 'A
Low.
91 5i
84
90
91
12H
12}-i
7
High
Earl Motors
Preferred
(*)
100
100
100
Dceie& Co pref..
Diamond Match
91%
830
445
360
80
400
200
150
12>^
8
5%
35
3
3
4%
6
Low.
66% June
55
Aug
84
J.
in
12
Dec
Dec
July
15%
Jan
8
Aug
42
Feb
3%
July
7% Dec
Dec
38
10% Apr
20
Aug
3
Dec
Vb
114J
100
«
IH 2
10 H 10%
114 M 110
94
100
5%
53
51
3%
4
30
61H
105;;;
380
950
225
25
734
105
13.545
1,375
53
5%
30
62
210
12,015
70
73
Hupp Motor
10
12%
11%
5%
5%
12%
&Llbby. 10
Middle West V tU com .100
21H 21%
"60 '
83 >^
55
S3
4
2>^
9
2'4
(*)
Nationel Leather..
10
New
2H
10
Old
People's Gas Lt & Coko 100
Pick (Albert) & Co..
(*)
PlSK WlggStoresInc-A" (*)
Pub Serv of Nor 111 com 100
Preferre<l.
100
Quaker Oats Co
J 00
Scrrs Roebuck, com
100
Standard Gas & Elec
50
StcwartWaniSpeedcom 100
Swift & Co
100
Swift lnt,Tnatlonal
.15
Temtor Prod C & F "A" (•)
Thompson, J R.oom
25
Union Carbide & Garb.. 10
United Iron Works v t c.60
& Rys
62 H
27
36 M
31
82
83
725i
1,830
100
10,385,
64
8,200
230
25
97
250
15
16
230
24
95
28
101
29
102
23
11.785
3,072
8,780
22 K-
•2iys
3W
3'4
146
W
3%
41% 42%
44
44%
41-/8
44 J^
6%
6%
6M
29 M
29
14
14
57 Mi
51%
58
76
77
12%
13%
6H
25
101%
Manufacturing.. 10
Yellow Taxi...
180
58 M
.
36%
80%
29%
71% 72%
20
5
101
171
6>4
1C3
180
58
87%
67
36 %
1989
1927
Chicago City Ry 58.
Chic City fi Con Rys 58 '27
Chicago Railways 5s- . 1927
600
36 H
1927
Chicago Telephone Ss 1923
Comnionw lOdlsoa 58. . 1943
Metro Side Kiev Ist48-'38
ExK-nslon gold 48 . 1938
Swift & Co Isl s f g 5s. 1944
(*) No par value,
x Kx dividend.
W
.
116
Nov
1
Dec
7%
63
11
Nov
Dec
Dec
35
Dec
Feb
June
July
9% Dec
Jan
69%
65
July
Jan
10% Dec
5%
91
108
34% May
94% May
86% Dec
Jan
75
16% May
13
Jan
15% Mar
24% Jan
Nov
80
24
Apt-
June
4
%
9%
34%
Jan
21
10
Dec
Aug
Jan
Aug
Dec
Nov
7% Aug
Oct
21
Sale.
36
\i
Jan
Jan
Jan
Jan
34
98%
98>.s
5,000
93 '/i
52
50
92
94
52
50
92
5,200:
1
,000
6.000
1.000
13, COO
Jan
Oct
Jan
31
Gl'A
28
Mar
90%
78%
Jan
Jan
44
44
Sept
Jan
Jan
80%
Par. Price.
Am vitrified Prod, com. 60
Am Wind Glass Mach .109
Preferred
10«
Am Wind Glass Co, pI.lOO
Arkansius
Nat
C.i>s,
c«m- 10
Carnegie Ixiud & Zinc
Con8olidat«l Ico, pref
Exchiuige Nat Bank
Fidelity Title
&
1-ru.st
Nov
73% Dec
41% Apr
72
Nov
35
Mar
84
98
100
56
51
Dec
Nov
Dec
Dec
91% Nov
Nat
Flrcprooflng,
Preferred
com
_.
Low.
9
64>.<i
98
9H
9H
2%
100
300
5
9
66
84% 84%
24
69
50
50
High. Shares.
7%
21
46
20%
45%
98
9%
'A
24
69
300
7%
21
46
2%
2%
6%
(>%
16%
16%
20
76
10
20
4,996
195
Low.
7%
Sept
12
115
85
101
93
7%
60
3
17
8
5
69
275
260
400
270
540
105
200
Apr
Sept
12%
Oct
8
Aug
30
70
300
Dee
Jan
3Jj Jan
16% June
42
June
1% Jan
6
Jan
12
Jan
Jan
Jan
85
89
38
39
Jan
48
27
27
Nov
Nov
Nov
25
25
.
.
Norfolk Ry <$• Light
100
Pcnnsyl Wat & Power. _ 100
Pittsburgh Oil. preferred
United Ry & Elec
.50
Wash B & Annap
50
Prefened..
50
1
51%
25% 26
25% 25%
51
26
93%
107
83
4%
91
1
26
53
82% 83%
4%
4%
82
26
26%
24% 24%
24% 24%
%
6
notes.notes
9
Consol Coiil ref 5s
Convrrtible 6s-
45
Ja
n
18
Oct
July
12
50
40
3%
July
67
23
23
Aug
21
July
Jan
Jan
97% Dec
Deo
110
88%
Jan
Dec
Dec
Apr
24% Dec
24
Dec
4%
84
29
6
10
5%
Dec
7
Oct
17
12
100
16%
Jan
19
Feb
1
10
June
18
Jan
44%
45
20
124
10
40
Sept
20!^
Dec
62% Feb
20% Dec
95%
1%
307
2.55
77% Jan
1
Nov
20
94
l!-s
9
9%
9
14%
756
330
60
14%
29% 29%
C^osden
86%
& Co
6s
19.50
.1923
.
Rv
82% 82%
85% 86%
1944
1940
.5s
97
94%
99% 99%
86% 88
G9%
99
96%
94%
88
75
75
;3
87
92
81
1949
1949
..1936
4s
Income 4s
Funding 5s
6%
notes
& Weldon
69%
46%
100
97
95
88
75
87
93
81
69
47
C7
46
66
400
6.800
66
98%
98% 98%
78
94
78
100
13.000
1.000
94
78 '<f
95% 95%
1935
5s
5.000
19.000
14.000
5.500
8.000
10.000
4.000
38.000
32.000
3.000
2.000
4,000
1,000
8,000
2.000
54.000
8.000
103%
106%
103
106
99
.
Davidson Sulphur 6s_ 1927
Elkhorn Coal Corp 6s .1925
Fair & Clarks Trac 5s 1938
Monon Vail Trac 5s 1942
7%
Sept
12
Jan
26
July
Dec
95
Mar
3
12% Jan
15% Nov
Mar
30
Dec
68% June 83
72% June 85% Nov
93% Jan 100% Dec
Dec
95% June 107
92% Jan 99% Dec
72
Jan
88% Dec
96% Jan 9S'4 Nov
Deo
90% Jan 100
July 101% Nov
89
Nov
89
Jan
96
77
Mar 87% Dec
Dec
63% June 77
Jan
84% Oct 90
80% Jan 92% Dec
60% Aug
41
Sept
60% June
91% Jan
90
l^'eb
67% June
90% July
Dec
68!-;
48% Dec
Dec
66
99% Dec
95% Dec
78% Dec
Jan
92
—
Philadelphia Stock Exchange. Record of transactions
at Philadelphia Stock Exchange. Jan. 7 to Jan. 13, both
inclusive, compiled from official sales lists:
Friday
Stocks—
American Cos of N J.
American Railways..
100
50
Preferred...
..100
no par
American Stores
First preferred
100
Elec Storage Battery.. _ 100
Insura.ice
Co
Lake Superior
Week's Range
of Prices.
High.
Par. Price. Low.
N
of
A
(;orp.
.
51
49
85
24
83
115
122%
.100
50
Lehigh Navigation
Lehigh Valley
North renna.vlvania
Pcnnsyl Salt Mfg
Pennsylvania
Penn Cent L & P pf.Ko
Reading
Tono-Belmont Devol..
Tonopah Mining. .
32
6K
7%
68%
57% 59%
67
74
H 70%
33% 34%
49% 49%
33
36
33
36
24
27%
50%
18%
,50
.1
23% 24%
27% 27%
50
50%
18% 19
59!:,61%
72 if 74 ^
1% 1 7-10
1
1
..50
87%
114% 116
122% 123%
73
69
50
50
50
par
Union Traction. S17% P .W
.50
United Gas Impt
.
68%
.50
Philadelphia (;o (Bltts) .50
l^ef (cumulative 6";)..50
Phlla Electric of Pa
25
Preferred
25
Phila Insiil Wire
no par
Phlla Rapid Transit
50
rhlIadeIphlaTr.actlon....50
6%
30
30
7%
7-16 1!^
34%
34
34%
38%
51%
38%
39
.50%
51!.4
33
28%
33
70
70
9
32
50
Kond.s
S Lib L 1st 3 %8. 1932-47
Ifl Lib L'n 4 %s. 19.32-47
2d Lib L'n 4 ijs._ 1627-42
.3d Lib Loan 4 lis... 1928
.30
Range for Year 1921.
Week.
Lou
Shares.
2,027
1,000
1,860
142
552
271
1.775
164
180
130
89
2,754
35
30
251
1,682
1,694
290
Higt
.
44
87
92
June
Oct
Jan
Jan
Jan
Jan
27%
July
27
2
17
5% Aug
62
47
70
July
June
Mar
64% Jan
32% Apr
40
28
30%
Jan
Oct
Sept
Apr
25% Apt
June
50
21
210
15
51
AUR
Mat
55
62
280
360
310
7»5
1
June
June
1,432
1.311
1
1-16 July
29%
Jan
29
Aug
49%
17
27
60
100
7
925
9%
Jan
June
June
Oct
10
28% Nov
96.12 26.160
6,100
97.66
61.300
98
98.20 21,1,50
97. ,36 C8.10 57,000
99.90 100.14 195.2.'-)0
100.08 100.30 263.000
21.500
81
82
1 000
78% 78%
108% 108%
9.000
9.000
62% 62%
63
500
63
2,000
101% 1011,
7.008
72% 73
30
30% 3,000
86.67 July
86.47 Mar
ij
95.84
97.44
96.44
97.66
81%
Sales
for
161
51
4
10
. . .
4th LibL'n4%s.l933-:?8
1922-23
Victory 4%'s
1922-23
\'ictorv 3%s
Amer Gas * E1(!C ,53. . .2007
1948
Bait & Ohio Isl 4s
1945
Bell Tele ol Pa 7s
Elec & Peo tr ctf 43... 1945
1945
Small
1930
(onv8.».
Keystone Tele 1st Ss. . 1 935
Lake Superior Corp 5S.1E24
Mar
Mar
Aug
6
166%
..
Dec
3% Nov
80
100
79
Oct
17
12
.
7%%
U
Oct
Jan
111
155
102
710
120
93!.;
105% 107
80%
20% Feb
20% Feb
30% Nov
Bonds
Consol Gas gen 4%s__1954
Consol Gas E L & F 4%'s'35
7s
1922
Jan
Jan
J an
Feb
Mar
High.
.95
B
.
25
Gas E L & Pow.lOO
Preferred.
Apr
Low.
.35
.
Feb
Oct
Range for Year 1921.
Week.
High. Shares.
of Prices.
Low.
1.820
Preferred
100
Consolidation Coal
100
Cosden & C:;o, preferred 5
HoiLston Oil pref !r ctfs. 100
I Benesch & Sons...reo par
Preferred
25
Mfns Finance pref erred . 1 00
Monon Vail Trac
25
Preferred
25
Mt V-Woortb Mills V irlOO
Preferred v t r
100
High.
49% June
71% June
Sales
for
Week's Range
.45
West Jersey A Sea Shore_50
Wi>st moreland Coal
. 50
50
York Railways
Range for Year 1921.
Week
5
60
50
Indep Brewing, pref... 60
!x)ne .Star G.is...
25
50
Mfra Light & Hoat.
Marland Refining _
9
66
Sales
for
— Record of transactions at
.40
Sept
2,000
7,000
2,000
Feb
Dec
86% Dec
1
13
67
36 %
70
34
75
May
98
88
50
160
31
Nov
Oct
Jan
96 H Nov
75
Sept
100
Mar
Dec
60
80%
Oct
Oct
Sept
Sept
29
Oct
Feb
May
8SH May
Dec
51
85
35
Sale.
Mar
85% Mar
41
100
Sept
Mar
84% Feb
97% Jan
40
21
Jan
78%;
60
Sept
39% Aug
57% Jan
120
146
15% Mar
Dec
Dec
83
Dec
% Nov
29% Feb
12% Dec
11
Oct
178
71
June
June
30
Sept
131
13
33
6
107%
7
Aug
107% July
Dec
Deo
20
Last
23% Jan
57% Dec
106
Nov
24% May
32% Jim
7% Aug
6% June
Jan
Mar
28
47% Dec
Dec
Jan
June
June
113
30%
9
66
92
40c
82
145
27% Jan
40% june
62
July
26
82
145
26
3,325
6,115
238
300
100
100
12,770
20
3,000
1,000
4H Dec
52
84
20c
Dec
Mar
100
Arundel Rami & Gravel. 100
Boston Sand & Gravel. 100
Preferred
—
87% 87%
85% 85%
1931
W& P 5s
—
Stocks
96% 96%
Jan
31%
44%
287
20
500
85% Mar
105%
9,.
395
94
50
74
95
Will
Dec
,?5,000
49%
95
Va Mid 5th series 5s-.1926
Wash B & A .5s
1941
July
87%
92
74
2% Dec
59%
Week's Range
83% 83%
Par. Price.
Ry & E
Feb
165
25
30
311
40
_193I
United
17% Dec
35
150
S2,000
3,000
6,000
Jan
an
18
Mar
115%
40
La.il
Norfolk St
Pittsburgh Stock Exchange. Record of transactions at
Pittsburgh Stock Exchange Jan. 7 to Jan. 13, both inclusive,
compiled from official sales lists.
Last
Sale
12
10
67
Dec
2
Dec
64% Dec
28% Dec
33% Dec
81% Dec
88%
74
Fridav
8%
29c
130
9
12
10
119
106
Pennsy
149
87
50
10
5,500
100
1.225
92% 92%
26c
130
375
i36% June
LW 60% Doc
2,185
12% Dec
8.205
6% Nov
7,705
72% Aug
Sept
63
Friday
Dec
83
Dec
7% Dec
1% Dec
68
79
82
55
53% Dec
17%
5%
5%
Baltimore Stock Exchange.
Nov
Dec
1,185
70
"U"
Jan
Jan
7% Dec
46
1,321
62
(*)
.
28
83
ls.svie<l
Yellov,'
4%
2%
2%
10
62!-^
145%
WeBt<>rn Knittin.g Mills
common
83%
19
Bd com. . 100
Co
(•)
Ward, MontK & Co, pf.lOO
60
62!';
Prefcrrc^d
VVahl
6
100
100
6,160
15,455
130
175
135
5
12%
Dec
Sept
61
12
89
83
73
80
Apr
1
10% Dec
Jan
Jan
250
505
12
100
4%
155
82
Preferred
Prior preferred
Mitchell Motor Co
Sept
90c
105%
12
Libby, McNeill
Nov
5
100
35
52
95
89
81
Sept
3% Dec
% Nov
June
24
50
Baltimore Stock Exchange, .Jan. 7 to Jan. 13, both inclusive, compiled from official sales lists:
Confol
Nov
92
92
95
40
20
750
219
10
67
Preferred
Preferred
High.
11% Sept
19
,5s_193]
High.
110
63
94
50
Low.
.18
105
Commercial Credit
Shares.
High. Shares.
44% 45%
119
Range for Year 1921.
6s '49
C
Pitts McK & Conn
West Penn Ry. 5s
Range for Year 1921.
225
Godschiiux Suear com._(*)
Great Lakes D &
100
Hartmjin Corporation. _ 100
Hart, Schaf&Marx com 100
D
Riv Con C &
Pitts Coal deb 5s _
Dee
of transactions at
13, both inclusive,
85
90
5
34 Ji
(*)
Commonwealth Edison 100
RlKhts
10
Continental Motors
Cudahy Packing com.. 100
Mon
Low.
16
,
Dec
92
WP
Week.
(*)
Preferred
Chic Kiev Ry pref
100
Chicago Rvs part ctf ser 1
48 series
«
Dec
Dec
Dec
Dec
Dec
Apr
Dec
pt eh
common
4 Ms.
94
58 3^
80 J^
Jan
Jan
Jan
Jan
Sept
Jan
79
Sales
for
of Prices.
100
Bonds
Armour & Co
Feb
Week.
1
Pittsburgh Brew, pref
50
Pittsburgh Coal, com. .100
Preferred
100
Pittsb & Mt Shasta Cop
1
Pittsburgh Plate Glsiss.lOO
Salt Creek Consol Oil
Tldal-Osage Oil
Transcont'tal Oil. _ (no par)
Union Natiu-al Gas
100
U S Glass
100
U S Steel Corp, com 100
West'house Air Brake
50
W'hou.se El & Mfg, com. 50
West Penn Tr&
prf . 100
Bond.s
Central Dist Teleg 5s. 1943
Indep Brewing 6s
.1955
(Canton Co
CelestlneOil
Week's Range
.-(*)
1).
("Ity
(J
Jr.
67
79
74 K
26.000
2,000
10.000
Sale.
Price.
(*)
(*)
Preferred
Wrigley
Nov
91
1015^
108'^
88
62
76
76
97
103 !-i
Nov
official sales lists.
Stocks
When
1003^
.000
.000
.000
Last
United Paper
Dec
of Prices.
25
Stocks^
Friday
Union Light
July
97'.^
1,000
14,000
10.000
—
Case
Chic
50
1.000
Chicago Stock Exchange. Record
Chicago Stock Exchange Jan. 7 to Jan.
compiled from
63H May
96.26
98.04
97.80
98.32
98.10
100.20
4,000
101
H
1944
«
1,000
5.000
2.000
"i
81 J^
1929
Southern
Western Tel
lom
inc 5s '34
4',<s
Miss River Power 5S- . 1951
N E Telephone 5s
1932
1 925
SeDe<'a Copper 8s
Swift
87 H
52 K
75 H
78
97 H
85.84June
85.62 Jan
85.54 Jan
88.10 Jan
85.34 Jan
.S7.O50
107H 107K
K C Mem &
Mass Gas
97.44
98.04
97.86
98.10
98.24
00.20
98
High.
Low
Sale.
Prici.
Par
.
Sales
for
Oklahoma Natural Gas. .25
Range for Year 1921.
Week.
High. Shares.
\o\% 101 Vs
\mii 109 3i
5iH
1949
Hood Rubber 7s
1930
Internat Cemcmt 8s- . . 1926
Sales
for
0/ Prices.
Low.
95.54
97.04
96.54
97.54
97.20
100
2dLlbIoan4Us.l927-42
TX.f
Amer Tel
Week's Range
—
(Concl.)
Ohio Fuel Oil
Ohio Fuel Supply
Week's Range
32
'.i
84. 4C Jan
82. 2C Jan
85. 6C Jan
94. 5C De<^
98.34 July
68%
101
53
98%
59
26
Jan
.
49
Dec
a
June
25 %
-Mar
91% Dec
123
Dec
132%
Dec
Dec
Jan
32
10
75% Nov
60% Dec
79!,-
74
42
50
y.
35%
37%
24%
28%
52%
19%
60
88
Jan
Mar
Jan
Jan
Jan
Dec
Deo
Feb
.Ian
Dec
Dec
Jan
1% Nov
1% Dec
37
41%.
61%
37%
80
9%
32
96.26
97.50
97.62
98.18
98.06
100.14
100.02
83
Dec
Dec
Dec
Feb
Feb
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
62% Dec
Jan
Jan
109
Jtinc
102
Jan
Hept
May
73% Dec
48
Jan
—
—
U
Jan.
«
A
Friday
Last
Week's Range
Sale.
0/ Prices.
—
Par.
tr68..I02S
2003
Oon coasol 4 VjS
Peoples Pass tr rtls 4s- 1943
Phlla Oo cons & coll tr 5s - '51
Phlla Elec Ist 53
1 966
...1968
1966
l8t s f 4s
Low.
Price.
coil
Small
1941
.1941
1987
United Rys Invest 5s.l92C
West
Y & Pa gen 4s. 1943
X Ex-dlvldends.
6s
102;<;
'
'66
96 H
N
101
102H
86
66
86
86
66
86 1.,
S6}<;
3ei,000
H
1,500
95
1.000
72 H 72 H
100 H 100 J^ 158,500
2.000
100 J^ 101
1,000
84 H 84 H
7.000
76
76 K
1,000
69 W 69 H
Stocks
101
84!^^
76
MS
69H
Industrial
56
Dec
Uee
lOO'j'
100
72
k'
100^^
101
84 ?f
June
Apr
June
65
59
Dec
Dec
Feb
m\i Nov
66
Nov
Week.
Low.
High.
IH
50c
(no par)
I
Preferred
1
Brlt-Ani Tob ordinary.. £1
Or(lln;iry bearer
£1
(t)
Buddy-Buds, Inc
Car Lighting* Power
25
Carlisle Tire
^no par,
Chalmers Motor etfe
Cblcago Nipple MIg
50c
IZ%
5
9
19
5
5
Range /or year 1921.
Low.
Shares.
High.
M
1
liv
PreferredB
Serv Bankers' at.
Cleveland Automchlle.
12J^
13
60c
70c
60c
70c
2H
3K
.
23
75c
(t
Colombian Emerald Hvnd
Continental Candy (no par)
Continental Moiora
10
Curtiss Aeropl &
com (t)
Denver & Rio Gr pref . . 100
Durant Motors (no par)
Durant Motors of Ind wllO
Earl Motors Inc
10
Eastern Steamship
25
M
6
3
158
51
4
(Wm) & Son com(t)
15 V<
OUlette Safety Racornopar
Qlen Aldeu Coal.. u»o y.-i)
Goldwyn Pictures (no par)
Goodyear T 4 R, com. . 100
Preferred..
100
184 H
Grant Motor Car
Hercules Paper Com.
(no par)
Intercontinental Rubb.lOO
LIbby. Mc.\eill<t LIbby.lO
Llocoln Motor Class A . .60
Locomobile Co com (no par)
Mercer Motors
(no par)
Morris (Philip) Co. Lid. 10
National Leather new.
N Y
Traasporiatlon
10
North Amer Pulp & Pap(t)
Packard Motor Car com 10
Preferred
_
.'i
Rernoids (R J) Tob B.26
SouthfTn Coal &, Iron
5
Standard Motor Constr.lO
Sweets Co. of Am' rlca. 10
.
Swift A Co
Swift iDternatlonal
100
Tenn Ry. L
15
Tob Prwl ExporlgCorp.C)
Todd Shipyards CorD..(t)
Triangle Film Corj) v ic. 5
Union (;arb & <"arb(no par)
United Profit SharlriK
On Retail HUjre« Candy
7 8 Light «L Heat com.
lii
.
Preferred
H
5M
38
16
M
185
1
6%
20
38M
IH
2M
102
22'A
214
6'A
82c
2>A
2A
2
37
I
3H
2%
95
21
IH
10
3M
.!(•
2%
20
ZA
7H
90c
2'A
2'A
2A
38K
IH
A
2H
15i
10
....
1'46
'oc'
9c
12c
1
71c
71c
60c
Jan
Mar
Sept
4
Dec
6
Jan
Jan
1'4
2H
&A
June
8
Mar
lA Dec
25
Oct
12
July
I
400
4
300
3
6,.500
1
IH
.500
400
Oil
Woodburn Oil (;orp
"Y" Oil* Gas
lA
50c
21
ITA
2%
6,300
75c
23 A
Ja
I
Canada C<ipper Oo
<.'iiii(l;il».rlii
Jan
2»A May
15i
7H May
Dec
»
Jan
25c
Dec
Copper Canyon
lA Dec
fin Hold
Davis Daly Mln
Cn---!on
f
Nov
ICmma
Diviili-
vien^ilun.
I-
Mar
Xl
H
KurekaPl[H! Line
100
Oalena Signal roiD... U>«
Illinois I'lp<; Line
100
Indiana Pipe Lino...
.10
National Tram It ...1250
Now York Transit
.100
.
100
100
KMi
.
r'lai.dard Oil
.
f)ll..
Other
Allen
Allied
on
on
Fuel Oil,
Preferred
Arkansas Nat
N
.
6
V...100
...
on
Amer
l(K)
Iniii
Standard Oil of
Vbcuuiii
L
|(X)
I..0I
.lune
83
Sept
July
Oct
41
167
7
10
31
July
140
85
28
36
100
69
23
144
30
00
257
226
90
10
145
86
268
230
105
125
182
182
10
78
78
62
86
358
322
20
20
40,200
28
70 H
40
167
84!',,
208
230
78
62
86
35H
322
62
83^4'
341
310
86
176
28
Mar
Hard
.
I
.'1 .10
.
(laa.
aom
1
Mines.
88c
2r»
23c
10c
12c
126
40
Mlivinli
Juno
June
June
.May
195
Nov
Mar
1.52
Oct
Hepl
Si IV
MolliiTiod"
Aug
Dec
Molhcrlode
f
Motlicrlodi-
CopiMT
Jan
Ni.iloi..
!
j
i\'OV
21c
July
259
70
50
Hiipt
I )ic
lO.t
Mar
1()
li
46c
20
45c
2c
42R
2A
HA
4
30c
53c
2c
47c
July
Nevada
1)3 >i
Nov
New
New
New
luiic
2.V)
l)<T
N«iV
2H
OA
8>i
4
32C
lA
2,400
30,500
i!Oc
Auv
2c
Dec
201:
hii
.600
He
.S<>til
60n
Den
1
2.000
1.400
1.200
700
2.000
3c
Oc
.
l?i
Oct
•H
BH
Auu
2
'-4
26c
S<!|ll
AUR
Nov
Fol.
2H Nov
I8H
25
H
«
400
Am
Anf)ct
Nov
28
5c
I
III
I
lA
1
2A
40c
•iillnoii
I
10
(old).
(;(,rp
6O1
I'l"
»
U.»\
Red
Hex
'A
Ml
2
2c
18
2
125
6)ii
OS
21c
35c
3M
3H
5<;
3c
7c
30
6c
4H
Apr
6c
7
H
Sept
June
45c
10
D(C
m
4o
45i'
7'1,
July
SI
423
32,000
500
100
120
16.100
100
6..500
5.500
85.000
3.600
1.500
3.500
2.000
34,500
2,200
400
480
R-i
650
2A
3c
9c
A
July
Sept
Sept
Dec
All
bA Dec
9M
A
15
'i
2C
15c
40c
^
115
All"
17 54
Aprn
Dec
1^
18
Aug
Dec
45c
31A
XH Dec
Nov
74c
2!^
3H
Sept
ScDl
230
Ana
75c
33
H
29 H
Aug
6!^
36
Mar
Sept
2
3
13
lie
Nov
13 16
1
Oct
3H
JU'ie
Aug
2
I3c
60
July
125
61a
1(R'
29c
21c
lOc
lie
4i!
70
2c
6c
INO
7c
20
70
21c
400
AOo
Hin
Mln..
Coro
Criiifuilldnled
(;onsol.
'460'
y
30c
95
160
9H
2%
eb
May
Jan
Dec
Feb
Dec
Nov
Jan
Oct
Dec
.A.pr
Mar
XH Feb
14!-,
Jan
16 H
Nov
30c
Jan
July
bM
Sept
13^ Dec
«H
7H
40c
4c
July
A Mar
Dec
40<'
All;;
X
June
Jan
June
30
A
5
2
4%
2A Dec
June
July
:^(•
\\A
7-32
lul
7
Sept
It)
f7c
Ian
70e
ly.
12c
12c
June
t
lie
July
39e
I
000
2c
Ic
>i3c
July
'At
42C
June
lOc
2H
'
1.200
21c
780
July
Sept
20.600
8.100
(>2c
5' 1
M:i'
200
6
18c
July
Juu<
650
10.500
6.000
31.000
5.000
144,200
Nov
Feb
48<;
2
87c
2 .
Jan
Nov
Jan
May
.1
an
Dec
Oct
Deo
June
.5'ic
>
Nov
Jan
95c Nov
M Feb
3c
Feb
XA Nov
Juni
Sept
4
Mar
50c
24 H
XbA Aug
IH
Feb
Dec
Dec
Ic
bA
Jan
Deo
101
Aug
JUUI'
Fell
Sept
3c
5>i Se.i'
Junf
3
XH Sept
Dec
29c
Ic
July
204,900
2,600
5,000
8.200
9.000
7}4
Deo
.Mrt>
Nov
Jan
Nov
Mar
Dec
Nov
Oct
Mar
Jan
Jan
Do(
9 16
Ic
Apr
4c
^4c
51c
10c
30
June
June
Oct
23c
lie
Feb
.•(IC
Jii
6O1'
HcpI
2c
26c
380
34c
Doc
Feb
3c
500
2.000
8,000
20.000
2,000
11,000
4..500
30,000
Mnr
Jan
D(-o
Uc Jan
60
20c
7c
Sent
Nov
May
3H
July
.Ma\
2H
June
June
Dee
2
July
5c
30
4c
Dec
Deo
Doc
3c
12c
12c
8.000
20,000
1,000
3.H00
1,000
6.000
12.000
25.000
11.700
IV
So
fi.OOO
80
530
37c
July
Ut
Vh
'M
DiT
lie
Deo
48r
7H
Int.
9i.,
Apr
100
75<'
.
HI
16c
8«
12
Nov
M»
June
Aui
Hepl
IM Aug
40
I
July
H3e
I
w
Fob
Deo
tlo
June
4c
Nov
May
ll
2.S
,1
JlIRO
26a
Deo
Deo
1.
(I'-
IH
2N.1I00
Feb
3H Doc
3H Aug
May
I
900
200
Nov
Fi't.
Nov
M
)ec
1
4H Nov
7M I>cc
Jan
m
500
700
400
75.300
26,000
15,000
100
4,000
20
3,150
!•
6H Dec
60c
200
Jan
Nov
July
800
308.200
Vi
18
2
A
Dec
2/!
210
3.000
24.200
Oct
Jan
Dec
Dec
16,000
100
8,050
1.
Dec
May
2H
250
400
9,850
4.000
Jan
Oct
6lc
3.000
2.100
4.700
2.100
6.300
32.000
10,000
11,400
1.000
1,000
1,000
108,700
1,000
1,200
1,000
27,300
1,000
H
13
Oct
12
Feb
Dec
Dec
IH July
3H May
32 H Mar
IH Dec
Jan
50
K
1^
Dec
Aug
1
Jan
Jan
Jan
Jan
2H
9^ May
Mar
May
10c
11-16
14
8
Sept
1
10
24
Nov
89
July
Mill
2\i
16
Aug
Aug
1
Jan
Jan
Oct
U-ieSept
1
XA June
e
23.000
1.900
12
54c
43c
3c
A
1
Ic
2 '4
25e
21c
29c
riorence
King
I.5c
4<;
A.
I'TCllIlM*
H<ichr-<iter Silver
125
Ilk'
Cup
1
M
7
12
Hii
50c
36c
VIpond
'.'ons
3c
40c
53n
40c
Tunsnten
IIIIIh
Silver
I
Hllvrr Hllla
I'orr iiplne
Prime
7?,
Mln
(;orticlla
Doiiilliloii <;o|ip«r.. .6
Jerney '/Ana
|6o
\|lfn-.i
Nllil-lii
'Iflc
4c
20
8c
27 «
60
6
NeviulB Ophir
60
303
365
3A
l(i(
(."oppcr
June
7c
19c
27e
3
5
'opper
23c
24
7c
MIzpali Ext of Tonofiah
160
165
'0 5» Jiiiii
June
206
Dec
Dec
Dec
24c
7>i,
oiPiriT
All.
12c
2?-i
Marsh Mining
Miu>on Valley Minna
Melntyro Porcupine
223
85c
22c
60
26c
2c
7-m
.
.
I
24<!
2',
MarN'aiiiara Mining ..
Mohican
3c
5c
24c
7'-.
Mln.
"rencen t
98
820
249
20c
,1
6
Nov
86
30
415
Dec
4H
Kerr Ijike
88
53
2%
6A
iA
lOc
lilvlde
lie
19c
12c
XA
52C
98c
88c
4»',
MIomom
f
21c
3c
20c
•
25c
6
M
M
(;ct
2K
6A
8.5c
....
(
51c
90C
85c
Ic
Divide
N iiiiiii rii
37C
21c
30
22c
20c
Jerome Vcnlc (;opper
Verde Dovel....
ttc
74c
42c
'210
lie
f'o.
liidcpeiidetice Lead
Knox
27c
75c
87c
55c
16c
40C
2Ic
3c
"sc
21c
O
5c
25c
13c
21c
I
Milling
HolIlDger Conn
7
7.5e
li'
i)vl
I
2H
5c
'26c"
17c
2c
4c
,„.,.
How Hound
M
75c
37c
&A
17c
I
July
Sept
ay
140
z3H
XA
6J-8
Mining
Shell
Pa
1
.
com.
2>4
71c
28c
1
Zoli.
Mny
22
89
1.50
85c
32c
24
25c
23
Deep Mines
(;(il(l
Stock*
OS on pora (t)
AUantIo Petrol (old)
b
Big Indian oil A (;an
AtliinO
Auv
71
140
120
72
28
41
167
1(K)
2r)
14
30
30
30
425
17H
86
176
.
.
4,200
142
17
60
3 'i
6 'i
3A Aug
XA Aug
5c
11!-^
t3
7IC
33c
1
>[,„.
1,1
Cold
Feb
26
32c
69c
1
M
(•
13^3
5A
iA
2c
2c
75c
1
rni'MUH
'
J:i[i
Dec
UH
iA
2A
28c
10
Ju.11
A
7c
3A
8-5c
Ji-ri>nie
Chfwbrough Mfg
100
OumlKTlnnd Pipe Line. 100
Ohio (jil
Praire Pipe Line
South I'enii Oil
Soutliern I'lix; Llmi
South W»!St Pa Plp«:
A
I
Silver
r.lir- l»Jl
Mav
rormer Standard Oil
SuboldlurlM
NorthiTii I'lpc Lino.
M
MAM
HalviKl'ir Silver
l-.l
1
(.,,\,\u,
2
A
XAA
11
72c
1
Sllvci
Jan
llM
6
2c
Kiu-eka Holly
1.^.1
Florence Silver.
Goldfleld Conaol Mines. 10
13-16
ay*
100
56c
5A
15^
Dec
2H
1
4K
5^
32c
2c
1
(^iirlez
Iron
ADRlo-Amer r)ll
Buckeye I'.ne l.lae
3A
5
.1
IH
Dec
Dec
50c A 111
All)/
1
iT Mines.
Coasol Virginia Silver
Dome Lake
Jiin
70e
4
XOA
5
6
Sliver
2
7c
10c
'<!>0
Jan
2A
20c
20c
6c
78c
3
6c
& Jerome Cop. _ 1
Feb
Jan
Jan
lA Mar
Nov
A
Apr
17c
20c
12H
Coneol Arizona
Jan
A
6A
100
40c
74c
55c
N Y
Jan
9
3H Dec
68 H Aug
72
10c June
A
40
June
60
3-16 A
1-16
2
4H
Montana Dev..
M.i-ii.r. A-
Apr
100
June
80c
I
Butt« &
Calumet
Oct
3H May
>
4
Alvarado Mln 4 Mill. ..20
Amer Tire & Tungsten
1
KIl li'dLii
ouper (.0
5
Boston & Ely
1
10
9 k'
Dec
Nov
19
Nov
300
5.800
.,1
3'A
XX
5
11
25^ Dec
90c July
Mining Stocks
llcil.i
60c
(t)
XA
3A
15c
60
1
Western Stales OH & Ous 1
White Eagle Oil & Ref.(t)
Wilcox Oil & Gas
5
Ilnrinlll
RIfthU
AJax Rubber
Ouantaniimo Sugar.
Reading f'ompany.
IC
..
39
July
50c
1,200
4,200
100
1,900
530
1,000
6.000
17c
A
Oct
Jan
2iio
XH
6
14c
X'A
5
14
3
July
3H
1,000
1.600
12.800
800
6,400
8,700
Jan
XH Mar
2
10*^
300
20
2>/ii
Jiilv
215.300
A
x-'Ai
XA
1
J. in
A
July
bept
2
90
300
Apr
Dec
5
2
2'A
Jan
1
1,100
13,100
83c
Dec
31
July
Jan
IH Aug
XA Aue
6,500
4,800
3,000
12,100
.200
A
29c
2
2,300
1
5
I
D«c
Dec
7
Dec
17
lie
14c
ly,
10
Sept
.575
3. .300
XA
XA
65c
1«
19
l?i
XOA
1
(no par)
July
1.300
13,400
4.400
3,000
1,000
1,200
44.700
1,000
3.600
1,090
1,000
XA
58c
VA
100
& Gas
1.5c
600
lA
High.
44c
50c
1,000
15..500
49.234
4,000
HA
71c
Low.
20,000
2%
XH
IH
500
300
800
4c
8c
9c
9
10
6
7
102
104"^
14'i 15 H
760
l',6
19 '4
15
5c
10c
15c
1.5c
2H
10
&
Victoria
2A
1
Alaska Hrlt Col Metals ..1
100
4,100
40,300
10.000
8,600
100
76
14 )i
13
200
2
06c
Dec
Feb
Feb
20
35c
.500
5H
r.)ec
3«
\A Dec
1,700
100
8.300
100
4S
1
i
53i
60.600
I6c
i%
Nov
K
iA
South Petrol* Ref In
Southern States Cons Corp
Southwest Oil
1
Texas Ranger
5
1"^
II \Land
Tidal Osage Oil... (no par)
50c
6!^
1.200
9.400
1.500
I'li
19
1
.May
50
Oct
6)i
26 H Jan
54
Jan
2H July
Jan
65e
1
10
3QA AuK
13
"iM
20c
Cili
on.
93c
35
1
S.Ut Creeii Producers
Sapiilp:! Re'inliis
Sequoyah Oil Ref
Skellv
5
99c
32
10
5
Red Rock Oil
Ryan c;on-ol
Dec
Dec
x'Ai
9%
15A
OU
Jan
7H Feb
IH .Apr
5c
&A
,v
1%
9A
15%
I
Dec
Dec
oil
8H
48c
55c
5
10
0:iM
9%
Oct
44
Omar
2
5c
9
52c
74c
7c
2c
3c
10c
8'A
10
North American
Northern Texas
Northwest Oil.
Ohio Ranger
3A 4H
2A 2»/«
7A lOH
4H 4M
SA
"rod
.11
26.200
46.900
200
8,000
XA
2
lie
85^
16
17K
IS'A Dec
3
15
5
Oct
Jan
13H
130
8c
9A
10
_ .
Oil
111
I
lA
4c
1
Premier Ref&Mfg
Producers & Refiners
Pure oil 8% pref
16!^
2A
lA
Slmm.s Petroleum, (no par)
2
4.5
l"4i
Oct
Jan
vol'h-
24c
74c
20c
70c
Shares.
10
Mer1<llan Petrol
Merrltt Oil Corp.
Aug
21
Dec
70
1
Murine Oil...
Marland Oil of Mexico
Marland Refining
29H
Dec
Dec
1
102
22 m;
Feb
Feb
July
UA
99c
175.^
IV^
Aug
1,600
7VA
3Ji
A
.\l)r
3% Dec
Jan
200
60c
2
8
Aug
Dec
Oct
June
June
3
IH
50
4Ji
42c
Oct
Sept
iA
Klrhy Petroleum
I.auco Creek Royalties
Livingston Oil C^orp
1
Livingston Petrol
(t)
Lyonh Petroleum
Miign-'iOIIA Retming
1
Manicalbo Oil Explor..(t)
High
Low.
Range /or Year 1921.
/or
Week.
0/ Prices
7c
2c
8.5c
Mutual
4
21
4
72
16c
I(.
Went p;nd Chemical...
Willys Corp. 2d prof . . 100
12
oar)
(iin
I'ctrcil
Apr
Jan
Jan
.iiil.\
900
5
llA
3
50c
iiiTD^il
31 >i
71
Jan
7,100
1.300
1,800
26
7
9K
2K
2M
2M
7
Imnerlal Oil (Del)
25
Preferred
Imperial Oil (Canada) coup
\1'i<j!i(.'tiin
255
Jiim
luly
Dec
TA Dec
2.000
1.347
43 Ji
40c
2
'86c"
1,'s
800
8
3J4
4H
10
OranadaOIICornCI A. -10
1
Harvey Crude Oil
Hudson on
1
Feb
7A
68c
.(t)
June
Fet
9Sc
Jij|.\
35
com
'lillUand Oil.
r'.Ienrock Oil
6M
A
10
15K
4
H
1
1
Jan
Jan
Feb
Feb
800
50
500
3
10
O 8 Ship Corp
O 8 BteaumblD
.
Salens
Week's Range
lA
5
(no par)
till
FenslandOII
I
iH
2A
5
2
40c
13
10 k^
6K
101
Noi
Noi
IH Nov
Dec
70c
10
25}i
1
All--'
I'S
Jan
13
13 0-8
Kederiil
VA
1
.
Co
Engineers Petrol
Dec
Dec
Or
10c
6H
SH
(t;
.
Edmonds
20c
72c
3c
9
52c
10
Mexican Eagle Oil
Mexican Panuco Oil
Mexican Seaboard Oil
Mexco Oh Corp
Midwest Oil, pref
20 H
5
2
2.0.
1
Oil
Oil & Refining
Juli
300
2%
100
100
Pow com
&.
rcfcrrwl
Dominion
6
21,700
1.000
3.300
200
1,000
2,500
7,500
6
.
Pareons Auto Accessories.
Perfection Tire & R new (t>
Radio C;or|) of Amer
(t,
Oil
Brazos Oil
(no par)
Carib Syndicate
Consldlne Martin Oil
Continental Petrol
5
Cosden & Co. pref
5
Creole Syndicate
6
Petrol Corp
5
Cushing
Got
1
6c
15H
111
32 M
Nov
23
5
20
50c
Dec
May
July
II ^4
8
Stamped
m
100
200
I'^^e
Wo
25c
76c
8,00c
IH
(t)
. .
2H
3A
H
;
Heyden Ch<m
6
Sale.
Price.
Ke.vstone Ranger Devel..l
Jan
10
IH Nov
Mar
iiy* Mar
400
490
18>4
5>4
42M
5
1"-
Dec
Dec
200
60c
25 H
16M
im
Sent
Apr
Feb
5
16 Jf
UH
5,000
7,500
70c
Georges Clothing cl B ._(t)
Qlbson-Howell Co. Ccm. lO
1
5c
70c
14.300
3.418
1.010
50c
24
9
3'A
38
17
5
Garland Steamship (no par)
6M
18M
21
55c
6c
Tel
Aug
Dec
Sept
Sept
5H
2H
9M
2H
1
ZA
A
169
52!^
5
17
6
50c
25'A
90c
84c
2
bA
20
L.'jOO
72c
13
13
xlVA
{.^
\zy%
77c
10
Cltle."
IH
13K
XH
5c
77c
zI60
z52
lOi
H
100
200
500
1.900
300
3.600
19
Dec
2
2
900
200
Ic
IKs
li
Mar
36c
22,100
9.300
100
100
9
1
AlO
cl
Cities Service com
Prefpr-prt
.__
&
45c
5
1
(U)h\
81
Sales
/or
0/ Prices.
1
-Unalgam Leath com-_(t)
Amer Hawaiian SS
10
Audubon Chemical
Bethlehem Mo"ors- (no par)
Bradley Fireproof Prod..
Wayne
Jan
Jan
Feb
transactions in tbe
Jan. 13, inohisive.
Week's Range
13%
...1(>
w
Allied Packers
Certificates
1
77
82
Boone Oil
Bnuton-Wvomlng
Fay Petroleum
Sale.
Price.
i
AJax Rubber new
Federal Tel
63 W -Sow
86 'f Dec
95
Dec
Dec
95
66 H' Mar
Aug
Aug
5(!
Deo
Dec
102
86
& Miscell.
Acme Coal
Acme Packlne
Farrell
'-i
June
June
Ertel Oil
Last
Par.
90
73
iConcl.)
High.
Low.
6,000
5.000
5,000
5,000
93 J^
Last
Other Oil Stocka
Shares.
Friday
3
1
6
.
189
Range /or Year 1921.
High.
New York Curb Market. — Official
New York Curb Marjet from Jan. 7 to
.
J
Friday
Salts
/or
Week.
94
Small
Reading gen 4s
Week ending Jan
5
.
THE CHRONICLE
1922.]
Stocks (Cond.)
Lehigh Vall
M
.
III
Mny
Doc
1)00
Aug
Deo
Dne
Oct
Doe
Mny
4110
Dro
Or
June
I
in
Doc
2W Dno
158
Jan
Inn
Jill
,000
He
July
15c'
.Hepl
25,300
220
Nov
Aug
Nov
Ah,-
Hiiii
1
1,000
18,000
15,000
1,000
20.000
2.000
8.500
4e
4c
120
Deo
Ho
Mny
4c
lie
July
38c
Juno
H
4M
J an
lie
130
Nov
2Ac
July
250
75c
let"
I'eb
Apr
Doo
AtlR
THE CHKONICLE
190
Week's Range
Mining (Cond.)
0/ Prices
—
Par.
Silver PIcfe Cons*!
1
Slmon-Sil vfT-Lead
I
Low.
South Amer Gold &. Piat.-l
Standard Silver Lead
1
Superior* Boston
58c
High.
6c
58c
5H
lie
VA
Teck-Hiii;hca
22c
TlntlcKlanMin Co
Tonopah Helinont D€V
Tonopnh Dividp
Tonopah Extension
1
J
IH
64c
1
TonoPiih Mliiini!
1
Trinity
Tuolume Copper
I
Mining 1
Unltea Verde ExteD-..60o
II S Contlnontivl Minos new
Unity Gold Mines
5
West End Coii.<x>lldate(J.-5
Western Ufali Coppor
1
Yukon Gold Co
6
ttnltcd Kast.ern
m
7r.c
5-l0
"7Sc'
6c
58c
IM
IH
63c
1%
1%
68c
2>*
lie
IH
22c
VA
V4s
65c
I'Me
1>A
2Vi
75c
2H
2S
40c
29
55c
3'A
75c
16c
78c
16c
m
IW
Bonds
Allied Pact conv deb 68 '39
Certificates of deposit
Aluminum Mfra 7e..I92.T
1833
78
Amer Light & Trac68..1925
Amcr Tel & Tel Os
922
!
1024
1 932
American Toboeeo 78_1923
88.-
Amer Tobnixso 78
Anaconda Cod Mln
6%
7a. '29
notes SerieH .\..1929
AuRlo-Amer OH
Ks. .
7
192r.
ArmoiirA("'o 7% uote3_ ':!n
BaroBdat! Corp 8»
1931
Beaver Board Cob 8p.. 1933
Beth St«el 7% notes.. 1922
1923
77c notes
Equipment 7b
1035
Canadian Nat Ry979-.1935
Canadian Par Rv es..Ui?4
Central Steel 89 w I... 1941
Charcoal Iron 8s w I..1931
Cities Serv deb 7k D..1966
Col Qraphopbooe 88. 192S
Conaol Oas N Y 78
1923
Cons Gas El L*. P Bait 7? "31
ConsolTextUeSs
1941
Copper Exp Assa Ss__1922
8% notes Feb 15 1923...
8% notes Fob IS ..1S24
8% notes Feb 15.-.lfl2.'i
Cuban Tel Ist 7H8..-1941
Cudahy Pack 78
1923
Deere* Co 7Ha
1931
Duquesne Light 7 Hs. . 1 936
Galr (Rohert) Co 78. to .'37
Oalena-SlRnal Oil 7a 1930
General Asphalt 88... 1930
Qoodrlol) (B F) Co78 .1926
Qrand Trunk Rf OH 9.1939
Onlf on Corp 79
1933
Hanna Fumaoo 8s
1 93B
Heinz (H J) Co 7s
1930
Hood Rubber 7% uotes '36
Humble Oil & Ref 78 1023
.
T
Interboro R
7s
1921
88 J P
rerelDts
Jackson Fire Bk s f 88
M
Kansas C;ity Tenn 0s.l923
Kenneoott Copper 78 1930
Laclede Gas Light 78
LIbby McNol * LIbby 7p '31
Manitoba Power 76
1941
'
66 H
inolr
lOOK
101
100
National Leather Ss-.1925
V Y N H & Hartf 4s 19«
Ohio Cities Gas 78
1924
7s..
1925
Oregon Short Lino 58.1946
Otifi SKh-I
...
88
I
'111
Philadelphia Co 68
1944
Phi la Electric 6b
1941
Phillips Petrol 7H8...1931
Procter & Gamble 7s_ _ 1922
78
1023
Public Serv Corp 78 w I 194
Sears, Roebuck 4 Co 7b '22
ser notes.
7
Got 1 5'2a
Shawsbeen Mills 7a.. .1931
Skelly Oil7^j8 w I
1939
Solvay
Cle 88
1927
%
.
Ry 6%
notes.. .1922
8out*wBellTeIep79 1925
Btand Oil of Y de!t 6 H 9 '33
19'>5
7% ser cold deb
7% ser gold deb
I92«
7% Bor gold deb ...1927
7% 80r sold deb
1928
7% serial gold deb.. 1929
7% ser cold deb
1930
r% ser gold deb
1931
Sun Co 7b
1931
Bwlft & Co 79
1926
78..
Aug 15 i!i:u
Texas Co 7% equ'nts 1923
{Tobacco Prod 79.Dty! 16'31
Toledo Edison Co 7s te 1941
N
.
United oil l'r<)i|;irerH ,Sa '31
United Uys of H«v 7J<e '86
Vacuum
Ol? 7»
iq:i(!
Warner Bug Ref
102 5^
102
98
!03«102 H
98
70
101
101 »4
102
101
102'A
1C25^
mm
107
JOIK
99 »f
35 >^
lOlH
103
H
98
97 H
98 H
^02^ 10354
H
103
98
98 H
69 ?f 70 H
99 H icm
100 tf 101 5-g
lOOU
101
lOfiH lOS
100
lOlJ^
99
97
88
53
100
97
88
36
lOOH
10 nj'
103
103 ^s
96'-$
PS
100 H 100 '-i
?-g lOlVf
101
1029-g 102-y
104H 104 Ji
102 H 103^4
lOOV^ looji;
9554 96
104
104
96 K 9654
lOOH 101
104
102
1'.;
lOlM
104^
103
"96""
104
lOlM
98 H
103 U
103 ><
m»4
K
mH
97!^
101
78 K
76 »<
103
103
H
4
101 5f 101
H
102
103
103 J-i
97 H 97 J^
100
101
76 U 79!-^
73 K 76 H
101
101 !4
100
103 "4
95 5f 97 H
99
99!-;;
997-^
102
103
96 M
99 K
90
"69M
98!^
98 '/g
95'^
103
90
102?;; 103-4
98Jf
95 M
96
68 5f
os'A
98 H
96
705-S
1.55,000
25,000
88,000
4,0C0
2,000
29,000
404,000
8/, 000
177.000
17,000
32,000
76,000
202,000
46,000
2.000
36,000
4,000
29,000
8,000
84,000
21,000
5,000
923,000
37,00c
166,000
IOC. 000
45,000
98 K 9954
100
100
965^ 98 5f
985^ 9854
93 U 95M
lOOH' lOlM
101 H 103
100
100
1,000
101,4
1,000
96 Jf 97'< 108.000
98 >^ 99'- 101. ceo
97
H8».g
42.000
102
103
35.000
100".<i 100'
30,000
102 'i 103';
3.000
99''^ 110.000
991-;
103
100?ii
270.000
1065^ 10S',( 52.000
104}, 105'i 36.000
104H 1045^ 14,000
104;.fl 105
14,000
10555 106
2,000
)055i 107
30.000
106X 107 ]i 38,000
109
llO'f 28.000
99 5< 99 5< 37.000
lOOK 101 5f 156.000
lOlH 102 U 105,000
101
102
115.000
99K 99,4 12.000
103 i<l 104 4 62.000
95 5i 9GM 12,000
100
101
41,000
106
107 4 lOfi.OOO
96 m; 96 H 31.000
103H 1045.5 99,000
95M 96
92.000
98 H 99 'A 33,000
lom
97.V^
99!^
98 Ji
lOS
99 H
102 K
108 '4
104M
I04K
105
107
10n'/«
H
99
lOIJi
102H
102
iot"w
ioo'^
1075«
78.fr. 1941
Western Klec, conv 78.1925
Wilson & Co 7 H;8 w 1.1931
Winch Repeat Arms 7 J^ 8 41
100'^
lOlH
A
South
91.000
27.000
35.000
86.000
168.000
24.000
20.000
216.000
314.000
319.000
42.000
92.600
19.000
8.000
182,000
60 000
10.000
79,000
27.000
4.000
1,000
113.000
191.000
s.ooo
117,000
1,000
44.000
4.000
64,000
54.000
1,000
30,000
3,000
9,000
17,000
7,000
96'^
101
680
8.600
1.900
5.100
5,000
500
.59.000
lOiK
H
M
700
1.300
14.100
2.000
2.700
100
4.900
11.200
101 5i
1025f
lom
101 %
M
400
2.000
5554'
1005-i;
102 'X
u
1,000
25
6.700
1,000
S
152.000
67
55 »4
10154
102 '4
& Go 7 ^^s
1930 103^
Nat Acme Co 7}5»-- .1931
9SK
Nat Cloak & Suit 88. . . 1930 98 H
Morris
61
61
Sales
for
WeeJc.
Shares.
1045^
96
99 Ji
Range for Year 1921.
3c
50c
3K
8c
1
6c
Apr
Dec
Feb
16c
July
1116
May
Jan
Jan
654
Sept
Dee
Aug
Aug
Sept
16c
Sept 215-16
I
98c
64n
1%
m
14
.Inly
Sept
Sept
Apr
July
15-S
Ai>'
IH
July
5
Nov
Dec
IMO
1
Aug
80c
2
June
3
Aug
H
65c
15c
11-16
Doc
Aug
Aug
74
38
May
35
Sepi
96
99 »A
85
9454
Mar
Oct
Jan
Jan
Jan
June
90%
99M Mar
Jan
91
Jan
83
97 5€ June
June
93
July
90
May
66
K
99
95
9m
99H
94
98 H
98
78
33
1005^
97 V2
95
98 5i
9854
98 H
9S5^
95
98
90
98
96 >f
30
Jiin'-
H April
Feb
June
Sept
July
Jan
Oct
Dec
June
Dec
Dec
Sept
Dec
Aug
Dec
7-lfi
1
8S0
22
Quotations for Sundry Securities.
1-16
1
Apr
M
.y
Dec
Apr
Jan
Oct
May
lA Dec
40c
63 ^i
53 H
101 Vj
103
97
100 H
100 H
Dec
Oct
Nov
Dec
Dec
Dec
Dec
102 H Sept
102 '4 Dec
103 W Dec
97 »4 Dec
104
Nov
Nov
103
9954
Dec
Feb
101 !4
Oct
100 >«
103 <
107'^
100 J4
Nov
Nov
Dec
99
101
98 5X
89
80
Nov
Dec
Dec
Dec
Apr
101
103 Ji
100
Doc
Dec
Dec
Aug
Dec
Mar 1015-^
Mar 104 5^
Mar 104 K Nov
Mar 1054 Nov
Dec
Nov
994 Nov
Aug 105H Dec
Dec 97H Dec
Nov
91A July 10 i
98 hi Sept 106
Dec
83
92 5i
94
94 H
97 A
H
6fi H
94
Oct
June
June
Jan
June
Mar
Jan
Dec
June
Oct
09A Aug
97,4 July
87 ^ Jan
84 A Jan
94 A June
89
Dec
Jan
96
98
Dec
87
Sept
93 H Aim
47
Apr
92i.i June
92 <X. June
95 J^ Dec
9H
Oct
87^ Nov
Dec
100 !'8
98
Nov
995;(
99;-8
June
July
97
l>ec
94 H Mai
94 Ji Mar
97 H Oct
97
June
94 >4 May
92
Jan
97
June
100!.^
Jan
100
Jan
lOO^i
IGOH
10054
Jan
Jan
101 >i Kel.
89 H June
93 H June
97 K Auc
{Berlin 49. _
98 H
Dutch East ladles 68 1947
French Govt Victory 5e-'31
Rio Grande do Sul 88.. 1946
Russlivn Govt OMs.
Certificates..
64
104 J<f
99 ?i
5>4 1730,000
6Ji
65i (725,000
104 Ji 104K 10,000
99 M
20M
17H
1921
5H8
5':;s
19
10
15
IS
19
5
95-4
ioijg
Switzerland
{Vienna 38
Govt 6Hb 1929
lots.
H
5
97 H
30c
tNo
98,4 463.000
i'A (75,000
94 A 101,000
64
5,000
5
1919
Cenificatos
•Odd
4H
94M
J
(Hamburg 4H8
{Munlch53
Philippine Govt 5Us.i94I
97^8
9954 49,000
2254 178,000
21
151,000
22
1C3.000
19
2.000
S
3.0C0
97 ?g 414.000
30c 17300000
97 M
M
Oct
80
99A Dec
lOIH Dec
98 4 Dec
Nov
102
91>i Nov
1044 Dec
98 J^ Dec
994 Nov
9954 Nov
Oct
72
98
Nov
100
Dec
97% Dec
99 4
96
102
103
101
101
Nov
K Doc
Dec
A Nov
Sept
H Dec
99
Doc
100
4 Nov
1005-^
Nov
103 M
Dee
Nov
99H Nov
1014 Nov
104
;i
106 J4
107
107'^
107
109
100
10
102 -'8
Nov
Nov
H
Dec
Dec
m
miH
100 54
105>i
Nov
Dec
SA Nov
49h'
Jan
34 Nov
94 Oct
95
i()7H
101
Dec
Aug
H July
Nov
96 K Doc
104 H Jan
97 H Dec
107
100 >^
Dec
10054
Nov
A
Jan
16
American Tobacco scrip
Brltlsh-.^mer Tobao ord..£l
Brlt-Amer Tobac bearer. . £1
no par
Cooley Foil (new)
Helme (Geo W) (Do. com. IOC
Preferred
..100
,
Imperial
O B 4 Ire.
4 Met. 100
Tob
of
Tin Foil
115
B common
Tobacco Prod Corp
7%
101
Dec
Dec
23
Mar
20
Aug
21
Mar
Aug
Aug
Dec
Dec
Dec
20
2,'4
794
Jan
96
300
Dec
8
H
2H May
par valae. I Listed on the Stock Exchange this week, where
addltloDal transactions wlH be found, o New stock,
w When iBsued. x Ex dividend. irEi rtghtg. aEi stock dividend,
t Dollars per 1,000 lire. fUt. JDoUars
per 1000 marts. « Marks, t Correotlon.
8%
99
Preferred
Young (J 9)
Preferred
100
100
100
1113
Equipment 68 * 6H8
6%
7%
5.871
4Ab, 59 & 68
6.50
6.80
6. 50
5.85
5.00
6.12
5 87
5.85
5.85
6.25
6.12
6.60
6.50
6.30
6.20
5 90
5.87
Great Northern 68
Hocking Valley 4 4b, 6e
Illinois Central 4^8 4 6a
Equipment 7b 4 6H«
Kanawha 4 Michigan 4 Ms..
Louisville 4 Nashville 68
Equipment 68 4 6>i8.-.
Michigan Central
Minn St F 4 a
Equipment
58,
68-.
SM4H8&6i
4 7b....
BttS
Missouri Kansas 4
Mlssonrl Pacific 69
Eciuipmcni 648
TexM Sa.
Mobile 4 Ohio iAt, 69
New York Cent 448, Oe
6fl * 7s
& West 4H9...
* Western 4H8
Equipment
N Y Ontario
Norfolk
4 Lake ErleOMB.
iAs
—
100
_
Cupey Sugar common... 100
60
60
Preferred
100
Preferred
47
100
Fajardo Sugar
92
Federal Sugar Ref. com.. 100
98
100
Preferred
Oodchaux Sug Inc.. (no par) *9
45
100
Preferred
Great Western Sug, com. 100 120
97
100
Preferred
Holly Sug Corp, com (no par) *I2
37
100
Preferred
60
100
Juncos Central Sugar
93
National Sugar Refining. 100
5
Santa Cecilia Sug Corp. pflOO
com (no par^ •17
Savannah Sugar,
65
100
Preferred
Weat India Sug Fhi. com.lOO
100
Preferred
60
08
& Mlscelloneout
..lOOi 2E0
Amerlean Brass.
100 157
American Hardware
Amer Typefounders. 00m. 100 44
4X8
Equipment 79
,
6s
Preferred
Amer Power
....
com
SO 1221? 125
80 •4414 46l«
100 108 110
92
89
100
& LS, com. .100 77 79li
84
86
..lOG
7
10
Util, oom„.lC0
Eleo,
Preferred
Public
16
18
1001
Preferred .-.
3r.
Carolina Pow 4 Lt. oon»-100| 34
162
Cltlea Service Co. com. .-100- 160
53
..100 z51
Preferred
8l!t
Oh
100
Colorado Power, ooec
82
86
100
Preferred
Amer
101
152
107
17
61
l»
•>
70
70
49
97
103
13
50
140
103
14
43
78
15
20
60
110
Com'w'th Pow,
By 4
I6I2
431;
9034
Lt.lOffl
IOC
Preferred
Elea Bond 4 Share, pre!.100|
Federal Light A Traction. ICOi
100,
Preferred
Mississippi RlT Pow, 00m 100
100
Preferred
9l2
Pont(K
I)
103
94
i02
de N6m4Col00i
79
73
Debenture stock
Hav.ina Tobacco Co
100
75
71
1001
100'
Preferred
....
Ist g 59, Tunel 1922.. JADj
43"
100|
Internationa! Salt
95
International Silver, pref .100] •92
66
Lehigh Valley Coal Sales. 50| 64
175
100' 160
Phelps Dodge Corp
Roval Raking Pow. com. 100]
100
Preferred
Singer Manufacturing. . .100
•
Per ahare. 6 Basis.
/Flat price. * Last sale.
92
92
90l->
80
13U 14U
72I2
74
90
9812 100
89
4
1
14
83
S7
tie
89
79
82
83
88
29
93
SO
4 P.oomlOO
IO6I7
7»4
27
9812
110
16lj
43
1"8
1'2
11
11>S
100
30
29
United Lt 4 Rys. com... 100
71
73
100
Ist preferred
31
32
100
Western Power (3orp
7912 81
..100
Preferred
Cent
Short Term Securities P*
Am Cot Oil 68 1024. .M4S2 94 95
Amer Tel 4 Tel 6b 1924. F4A 101 101»2
A40 10068 100"x
0% notes 1922
lOlijUoi^s
Amer Tob 7 % notee'32
IO212 102=4
notes 1923
7%
98l£
AnaoondftCop Mln 6»'29.J4Ji 9^
J4J^ 1017sil02i,
7b 19'2« Series B
Preferred
M4N
M4N
'
69 J'ne 15 '22 .JAD15
6a J'ne 15 '23 . JAD15
Os J'ne 15 '24 .JADI5
Beth St 78 July 16 '22. J4J18
notes July 16 '23 J4J16
Canarilar. Pae «s 1924.
Federal Sug Ref «s 1 924M4N
48
88
26
66
91 '4
lOit
75
Anglo-Amer Oil 7H8'26 A40
Arm'r4Co79July 16'30 J4J16
IOII2 103
IOII2 102
Preferred
TenaesseeRy. L
62
160
1712
45
87
27
90
100
Preferred
104
Gen m 749 1941 ...M4N
634
100
Republic Ry 4 Light
25
100
Preferred
South Calif Edison, oom.lOO 97
...100 107
Preferred...
Standard Gas 4 El (Del). -SO •I4I2
60 •42
Preferred
295
100
100
lom
650
7.00 6 eo
7.00 6.«0
6.75 6.00
585 6.50
6 80 6.60
6.26 6.75
6.10 6.78
6.75' 6.50
6.10, 6.75
Southern Railway 4!^o 4 69.
Toledo 4 Ohio Central 48...
Preferred
Industrial
84
100
Preferred
BIlBB (E W) Co. new.. no par •22
60 .50
Preferred
Borden Company, com.. 100 100
92
100
Preferred
99
100
Celluloid Company
5 75
6 65
6 66
Amer Lt 4 Trac, oona
U
Stocks
5 90
6.80!
7812
100
...100 71'4
Gen'I Tire 4 Rub, 00m. ..100 196 200
85 100
Preferred
100
12
First Mtge 59, 1961... J4J
Goodyear Tire 4 R, 00m. 100
25
26
100
S f g deb 78 1935...M4N
Preferred
67
65
-.100
Prior pret
Northern Ohio Eleo. (no par)
46
65
100
Preferred
Goodyear T&R of CsjQpf 100
70
75
100
North'n States Pow, oom.lOO
Miller Rubber
82
90
100
PreJerred
Preferred
95 100
100
North Texas Eleo Oo.eomlOO
Mohawk Rubber
Is
100
100
Preferred
Portage Rubber, com
h
'z Pacific Gas 4 El. Ist pref .100
100
Preferred
Puget Soun,-! Pow 4 Lt--100
8wlnehartTlre4 R, oom.lOO
Siitf.nr
6.60
6.60
5.80
5.75
6.00
6 00
1
RR
Amer Oa9 4
preferred
preferred
60 13
Caracas Sugar
Cent Agiilrre Sugar com.. 20 •59
^
Central Sugar Corp. (no par;
5.60
5.76
6 60
7% 0%
6s
Northern Pacific 78
Pacific Fruit Express 7b
Pennsylvania
4s 4 4AB-Equlpment 6s
Ry
6.6.">
5.85 5.60
6.8O1 6.60
6.851 6.66
6. 87 6. 65
6.85' 6 50
6. 00] 6.80
5 87 6.60
Equipment
Pittsburgh
5.75
6.50
6.60
6.70
6.50
6.50
6.00
c 85
6.75
6.65
6.65
6.00
5 80
6.65
6.10
6.66
6.80
Public UtlUtlet
80
90
87
95
and pr Ues)
Rubber Stocks (CUtel
49
dreatone Tire 4 Rub, 00m 10 45
Co
5.87
5.87
6.50
6.50
Chicago R 1 4 Pac 4H9. 69-.
Colorado A Southern 6b
Delaware <St Hudson 69
Erie
fi.OO
G 00
W
Virginian
8!^
Woyraan-Bruton Co, comlOO 146
flu
1054
Chicago 4 Alton «)<s. 6b...
Chic Burl 4 Quinoy 68
Chicago 4 Eastern III 6H9-Chlc Ind 4 LoulBv *Ae
Chic St Louis 4 N O 6s
Chicago 4 N
tAf
—
Union Pacific 78
93
28
68
86
75
•3612 38
26
100 lO.ils 108
99 102
9crlp
scrip
r>)|ldB I'o
Oct
stock
Preferred
N
6.15
5.70
5.87
5.90
7.0c
6.26
6 80
5 90
6.00
7.60
6.80
7.00
6.12
1034
27
63
*76
Scrip...
•65
Reynolds (R J) Tobaceo. 26
Jan
Jan
Dec
Doc
Dec
Dec
RR
'
Equipment 6s
lOl)
107
100
...;
Os..'
8b--|
Central of Georgia 4^9
Central
of
J 6b
CheBapeake & Ohio e<At
190
MacAndrews 4 Forbea..l00 103
Dec
'4
Bculpment 68...
Canadian Pacific tHs *
Caro Cllnchfleld 4 Ohio
1
13
5.66
6.75
6.6«
5.65
5.65
5.8
'
Southern Paolflo <3o
•10
175
103
BatU.l
6.80; 6.60
4 eHsi
Baltimore 4 Ohlo4H8
Buff Rocb & PlttBb 4b 4 4^81
97
Preferred
FeOs-.i
Atlantic Coast Line 68
138
•127s
•12Vr
»10l4
Ct.\
111,1?
1318
131s
100
10234'l0334
Per
St Louis Iron Mt 4 Sou 08..
St Louis 4 San Franolson 01
Seaboard A r Line 4 H s 4 69
70
85
90
17H
14
6I23 1951 opt 1931
RR. Equipments
At6h Topeka & Santa
Reading Co
67
81
Amer Machine 4 Fdry..l00 130
62
99 J4
10
10
lO^i
10
-.100
Preferred
104 H Nov
97 A Dec
Dec
100
k3
June
Foreign GoTcroment
and Munli-iralltles.
Argentine Nation 78.. 1923
Tobacco Stocks
American Cigar common. 100
Mengil f^o
100
Porto Rlcan-Amer Tob. .100
Jan
Dec
100 990 1020
100 115 110
100 325 340
Buckeye Pipe Line Co.— 60 86
88
Chesebrough MJg new
100 175 185
Preferred new
100 106 110
Continental Oil
100 125 130
Crescent Pipe Line Co
28
30
60
Cumberland Pipe Line
100 128 135
Eureka Pipe Line Co
83
100 ISO
Galena Signal Oil com. ..100 40
42
Preferred old
100 105 107
Preferred new
100 100 103
Illlnola Pipe Line
100 165 170
Indiana Pipe Line Co
89
60 *87
latematlonal Petrol. (no par)
I434 15
National Transit Co
29
12.60 *28
New York Transit Co. ..100 142 145
Northern Pipe Line Co. .100 92
95
Ohio Oil Co
25 •265 270
Penn Mex Fuel Co
18
2C •16
Prairie Oil 4 Gas
100 .525 530
Prairie Pipe Line
100 228 232
Solar Refining
100 360 370
Southern Pipe Line Co. .100
78
80
South Ponn Oil
...100 180 185
51
Southwest Pa Pipe Lines. 100 50
Standard Oil (California). 21. •93I2 9334
Standard Oil (Indiana) .. 26 *85V« 861s
Standard Oil (Kansas)... 100 .560 570
Standard Oil (Kentucky). 100 435 445
Standard Oil (Nebraska). IOC 160 170
Standard OH of New Jer. 26 17612 18
Preferred
IOC 11414 3 145,s
Standard Oil of New Y't.lOO 355 360
Standard Oil (Ohio)
100 380 390
Preferred
100 114 115
35
40
Swan 4 Flnoh
100
94
98
Unloo Tank Car Co
100
P*referred
IOC 102 105
315 325
Varuum Oil
100
30
35
Washington Ot)
10
Other Oil Stocks
*102 104
Imperial Oil
26
Magnolia Petroleum
100 150 160
*8l2
834
Merritt Oil Corp
10
17
Mexican Eagle OU
6 *16
Midwest Refining
60 •165 175
1144 Nov
103 }i Dec
Dec
i,9h June
Atlantic Refining
Preferred
Borne Scryniaer Co
Johnson
Nov
Nov
Nov
Nov
96 H Sept
90
Dec
91
June
99 H June
96 4 Dec
9754 Jan
955-8
Doc
Dec
1054 Dec
105 H Nov
Jan urn A Dec
lOOH Aug
98 A
90 !i
103 4
10054
99
bonds prices are "and Interest" except where marked "f.'
Standard Oil Stocks Par BIA
Alt Joint Stk. Lnnd Bk. Bonds
Anglo American Oil new. £1 *17
171? ChlcJolutetkLand Bk 58 '39|
99
All
High.
Low.
[Vol. 114.
103l2!lOS»4
103 10338
100 loo's
Deb
Deb
Deb
7%
99
99
M4S2
aoodrleh(B F)Co 7s'26.A40
Hooking Valley 68 1924. M48
R T 79 1921. .MAS
KCTermRy 6b 23-M4Nie
100»4 100«2
lAJ
(i'<s Julv
Laclede Gas 7e Jan 1929 FAA
Lehigh Pow Sec 6s 1927. FAA
Puh Ser Corp N J 78 '22. MAS
SlossSbeffS A I 68 '29.. FAA
Southern Ry 68 1922... M4&
Swift* Co
7%
notes
7%
»
ik;
AAOlCi
lOM..MAS!
'25.
16
80
78
Interboro
19:^1
100
100
997« 100
1007s IOII4
IOOI4 100«2
973« 98
0812
98
971? 98
'
103
102
96t2
97I:
83>4 84
99»4 IOOI4
89I4 01
991r 90-.
101'4 IOII2
1I>214 10234
10P,s lor's
1051^ 1(1534
Texas Co 79 1923
95
V 8 Rubber 7 4» 1930. .FAA
98
94
Utah Sec Corp 6b '22.MASiei 97
91i> West Eleo conv 7e 1926-A40I lOUc 104»4
d Purchaser also pays accrued dividend,
o Nominal, z Ex-4lvld nd. p Ex-rlghts.
New
Btoofe.
.
.
.
V
.
I
1
,
191
un& ^ailxo^xA %nUllxgmtfL
Ittwstmjetrt
RAILROAD GROSS EARNINGS
STEAM
The
roads from which regular weekly or monthly returns
following table shows the gross earnings of various
»an be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railwaya
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Current
Year.
Week or
Month.
Alabama & Vlcksb. November
302,980
116,507
4?1 ^'^\-- -.-?.--- 4th wk Dec 17124079
Atch Topeka & S Fe November
Gulf Colo & 9 Fe. November 2,220.272
Panhandle S Pe.. November
837,825
Atlanta Birm & Atl. November
302.014
Atlanta & West Pt. November
196.974
Atlantic Oity
215,900
November
Atlantic Ooast Line. November 5.347.777
Baltimore & Ohio.. November 15901094
B & O Chic Term November
252,387
Bangor & Aroostook Noveniber
700.510
Bellefonte Oenti-al-- Novem>)er
Belt Ry of Chicago. November
Bessemer & L Erie. . November
Bingham <fc Garfield Novc-b-T
Boston & Maine
November
Bklyn E D Term... November
Buff Roch & Piltsb. 1st wk Jan
Buffalo & Susq
No veml>er
Canadian Nat Rys. 1st wk Jan
Canadian Pacific
]st wk Jan
Caro Clinch & Ohio. November
Central of GeopL-ia.Central RR of
J. .
Novpmbor
November
Cent New England. November
Central Vermont
November
Charleston & W Car November
Ohes & Ohio Lines.. November
N
1
ChicMilw& Si l'aul,Noveirib.-r
Chic & North West. No\ e'l bpr
Chk; Peoria & St L..lNovemher
ChicR I & Pac
November
Chic R I & Gulf -.[November
Chic St P M tk Om. |vovp" Ivr
Oinc Ind & Western November
Colo & Southern
4th wk Dec
W & Den City.
Ft
$
330,022
176,740
20340170
2,931,188
917,120
484,341
248.202
263,974
6,135,960
3,126,155
5,120,062
175572 238
27,276,814
8,850,235
2,895,434
2,299.018
4,379,101
60,477,064
3,305.382
5,385,991
196>-93 470
24 ,8.'-)8 806
8,541,372
5,382,544
2,772.045
4,421,605
66,054,392
12,986
33.306
166,942 1,3';7.072
6,777,061 7.722,791 72.148.159 79,452.786
111,121
118,772 1.211,014 1,088,432
2,56,380
3,57,949
2.56.380
357,949
182.147
295,232 1,888.960 2,811,082
1,.526, 465 1,814,05
1,526,465 1,814,057
2,426,000 3,303,000 2,426,000 3,.303, 000
670,005
770,506 6,889,058 6,826,777
1,744.525 1.968.90 20.579.686 23,138 .192
4.176,304 5.190,922 48,524,262 47,027,614
789.935 872.013 7,753.574 6.836.247
586,536
639.241 6,103,930 6. .5.53. 213
274,935
309,467 3,021,239 3,203,622
6,602,125 8,500,831 78,174.054 81.544.944
2.54H.95- 2.966.589 J8. 575. 70.3 27,f.11 ,701
13603117 17670 800 155327958 169998 858
2.252.23 2,912.303 25.078. 2.''!3 28.2'0.-l71
1,955,118 2,162,164 22, .586, 248 21.802.409
1,226,135 1.464,4.57 13,952,614,14,614,604
453,464
375,848 4,821,859 3,218.488
11 808 3 16' 15656 903 135417984 15.50520.58
10860 944 14780 720 134196 868 152.503 »547
177,699 287,181 1,916,058 2..539. 4.50
10475637 11461 100 122228 852 124081 :^87
564,373
616,040 7.040.325 6.191.425
2,2t7.142 2,955,413 25,914.37(1 29.315.270
336,745
394.482 3.395.038 4.123.822
662,310 1.095,293 26,648.933 31.668.000
1,035,401 1.307„592 10 ,,506.9 17 11,8,50,511
464.646
273,206 3,040,232 1,963,3.54
I
1
Duluth A\'inn fc Par, Vfi'-err bor
^80.919 251 ,.58fi 2,169.65'2 2.2s 1.59s
East 3 1 Louis Conn- November
121.566
154.125 1,481,911 1.3,58,165
Eastern 8S Lines.. October
495.890
490,775 4,661.058 4.232.904
Elgin Joliet & East. November 1.,5.56. 952 2,698.0,58 17.743.921 23.025.693
El Paso & Sou We,st' November
773.092 1,485,268 10,123,0,57 13. .579. 104
Erie Railroad..
November 8„520.387 11289247i95,815,443 99,160.2.55
Chicago & Erie
November 1.023,958 1,245,584 10,046.176 11.804,481
N
Y it 14.. ^.''ivpmb'-r
10. 52*
124,798 l.:{fi7,200 1,5>')0,<;"K
Florida East Coasts November
960,836 1,071,613 12,337.720 12,203.783
Fonda Johns & Glov November
111.525
115,846 1,242,063 1,308,505
Ft .Smith & Westeri! Novell b''r
1,50,798
231,523 1,637,25
1.832,495
Galveston Whfirf. . Nfjvenb'T
188,1.54
249.359 2,471,6fi3 1,7.33.468
G«orgia Railroad... November
398.625
552,731 4,781,734 6,086.465
Georgia & Floriria.. November
lO.'^.sn
145,425 1,273.992 1.38H.;^57
Grand Trunk Syst.
wk Jan 1,429, .337 1,9.58,441 1,429.337 1.958. -141
Atl & St Lawrence November
237,411
396.924 2.521.404 2.943,4S3
J&N
1
l.'^^t
ChDetCanOTJct November
Det G H & Mllw. November
1,53.675
4.54.264
Grand Trk West. N'oven b<ir 1.246.421
Great North Svsterr Noven IvT 10674 119
Green P,;.v A- \VpMt Vovrn h'T
I10.lf)l
Gulf Mobile & Nor. November
340.142
Gulf &.Ship Island.. November
219,556
Hc)f:l,-irii,'
VovpFT
V.-illcv.
Illinois
b<rr
November
Noven bpr
Central
Internal & tjrt Nor
Intertiat Ry of Me
Novell b<T
Kan
C;itv Mex * Or Voven b'-r
KCMex* OofTpy Vo\pnlv>r
Kansas City .South. Novemb<rr
Texark & Ft 8 m
November
Total Svstem
(Vf>vprTibpr
Kansas City Temi . November
Kan
tjkla
<fe
\<t\<r b'T
f;ijir
Lakf Miip* T'^hppm
Lake Term Ry.
.
L«hlKh
Lehigh
Lehigh
&
A;
"^'OVC" h'T
.
ffud River
New Kng.
Vallpv
LosAng&.Sait Lake
Ix)uls1ana & Arkan.
November
November
November
November
November
November
Louisi.iDa Fty (t N;iv .VoviirJvr
Louisville ft. Nashv- November
I»iiiHv ll<uid Xc St L Novet' b"r
Malnp rvnfrril
Novemt^er
MIdUnd
November
MItKTal RarigO41 h wk Dec
Mlnnp;ij) .t St, IxjuIh 1st wk ,Ian
Minn Si I' At H H M Novf" b<T
Mlsflisfllppl Central. November
Mo A
ValKsyllll
North Arkan
MisBoiirl Kurt
N''i\'*ui I)er
* Tnx Noven' ber
2,55,777
.582,730
1.793.213
4,117.322
1.824,743
4,665.641
1.306.1.54 13.521,493 15.891.74X
12298.393 93. Ml. 723 115119 820
117,484 1,285.70/' 1 ,170.9r.7
4,53,449 3,749.332 3,703.810
279,711 2,623,039 2,813,952
1.112 5^3 1,849.7.30 13. '22 2!8 15 551 ,771
11124007
13.3.30130 1.300406.39
132036726
1,136.432 2,143.400 u; /Ay .ly.ii; 17,417.037
188,121
187. ,503 2,498, Kio 2. 409, XI
211,145
185,021 2,034,346 1 .754 ,333
138.3'-.3
171,138 1.(575 «<'.7 1 5."iO
1 .51 1 ,8,37 1.761.022 18.189,365 17,951,945
167.231
255.378! 2.026.9fi0 2.069.375
1,679,068 2.004,866 20,185.393 20,319.709
144,676
139,809, 1.486,011 1,467,164
189,619
320.197 2,120.264 2,48S,2')9
:'5,«2^
40.1 ,;i5';
\,IMU,2V.
126,718
90 ,,500
138.275] 1. 109.901 1,280,110
281.083 340,644| 2,986,373 2,862,237
416.775
493.309 4,497,980 4,306,251
fi..'«0 32
7. .563. 195 69, 612. 6lt; 67 918 rf\7
1.602.751 1.876,113 18,105.921 18.717,862
nm
289.9.52
435.085 3.1.34„552
272.918
41 ..56hI 3.(il5.4ir,
9,763,106 11.568644 108744004
I
I
3.894,762
3,0iH 131
16614864
2.H0,'-, HI7
2 6. .-.33
281.^:101 2.64 1.457
1,670,607J2,220.I71 19.072.529 19,-163.826
.362.2961
.521,751 4, 116. .541 4.694,461
5.922
13.194'
272.027
674,302
1
242.815
31l,0f)5
311,005
242,815
4,940 ,T.5.39, K20 70S 15,3 '3 "'0
88,232 1,080,764
972,709
815 1,201,5.50
662,473 1,93 1.235
2.810, 5'M 3, ,534 378 .30.93'i,«.50 36, 936, 2'
3. 93-
I
Week or
Month.
14
113.949
4th
week Oct
iM week Nov
week Nov
iW week Nov
M
Week
week
2d week
3*1
wook
lit week
1st week
4 th
Iht
Nov
(17 roadx).
(17 roads).
(19 roads).
1^20 ro;i(N»
(17
'ec ( 19
Dec (10
Dec (17
Doc. (20
.Ian. (12
1
rfxids).
Current
Year.
23.344,095
16, 986.608
15,831.129
15.12
,«•'•
rfijuls)
18.569,139
13 215,646
TfwifN)
13 637..534
roads).
12.981.310
18,070,117
7.088,258
roafis)
roads)
PrpDinus
Year.
26.628.203
18.530.260
19.577.819
19,107,127
24,319.654
|K fV14.xx7
18,549.«07
17,143.966
22.8X4.014
9.U)0,099
Jnrri'iise
or
$
-3,284 ,108
-2.543 .652
-3,746 .600
-3 OX' .'t'l
'
&M
i
N
N
N
,
W
1
1
1
W
W
I
.
1
1''
Aj.rH
4.8ir{ ,X97,2I.0I
..
May
June
Oirrimt
Year.
PreviffUB
Ytar.
Or|/»biir
NovemlxT
Jnirimst or
DtrrrdH*.
Curr.Yr. Prcv. Yr.
.236,663 234 610 406,001 .?7;ri?1, 172,348 ~lfl.171.076
1.483 ,,390
162.3.36
.234,832 233 839 456,9'.
12.844 4 .30,106.9X7
.220.340 219 74:1 111.
•13.214.:<31
•4:<.2I6
.236.3;i3
234 91(1 Ill
64 .607 —3:1.682.005
.236,208 236, 059 It
:(96.8i:( —66,407,116
.230,991
230 410 K
!,M,.'..-,I.718.XK2 —60,1 19,218
.233,816 233 O'..
fiOV 617 5:t7.»17n
l?() 7,5:i .^79
235,155 2:14,
,.;.833 640,266,20.3—106922 430
.236,228 234, 6
2,36.043
234 972i4t(4,440.49H 6»0,4<W,l»4l -I20t>27 066
—
.
.
''eiil,<'rn1)«)r
I
and Monthly.
1
July
Augiidt
I
,
1
.1
Mnnthlv Summarirs.
Fi'hruary
I
.
March..
-2,311 .841 24.59
1
1
19 14
1
Previous
Year.
I
12.33
13 73
m
t* Latest Date.
Current
Year.
October
M
Xtilriifir.
20
-6.7.50 .515 23.65
2X 06
-5.399 .24
-4 01? 273 26. 4X
-4.162 .656 24 28
Previous
Year.
$
2,1,53,402 3.140,631 25.004.681 26,992,739
6,024,768 7.470 .570 .53.3.50,8-48 ,59 499.557
November 9.294.690 11763577 102019816 108068201
Mobile & Ohio
4th wk Dec 506,176 477.800 18,127.247,18,617,064
Columbus & Gr.. November
164.257
164,085 1.440,882 1.682,748
Monongahela Conn. November
107,114
201,0.33
727.267 2.804,650
November
on tour
89.404
205.490 1,319,.538| 1,514,020
Nashv Chatt & St L November 1.7911.856 2.064.144 19.381.706 22,499.784
Nevada-Calif-Ore ..1 4th wk Dec
7,266
7.871
418,304
429,660
Npv:,rl,i Northern jNovember
.33,044
81.218
3>3,944 1,511,694
Newburgh & Sou Sh November
184,742
216.256 1.332.780 1.685,817
New Orl Great Nor.; November
204,341
245.639 2,355,149 2,467.796
N O Texas & Mex.. November 229.955 403,149 2,450,586 2,776.612
W..lNovember
Beaura S L &
148,140
267,592 1,978,752 2,092,676
November
St L Brownsv
423,982
699,931 5,494,548 6,986,535
New York Central. .[November 277.36 l'S5 ,34677543 296197.3.30 340951185
Ind Harbor Belt. November
730.030 1,060.992 8.351.154 8,879,336
Lake Erie & West November
730,608 1,084.232 8„398,781 10,948,296
Michigan Central November 5,964,073 7,533.697 67,054,847 80,993,106
Cleve C C & St L. jNovember 6,392,387 8.091,256 73,762,9X4 81,426,960
Cincinnati North. November
295,836
301,762 3,544,656 3,366,282
Pitts & Lake Erie. November 2,045,705 4.383.219 21,317.913 32.136,129
Cent.lNovember
Tol & Ohio
837, .888 1 .501 .864 10,001,841 12,202,481
Kanawha & Mich November
360,174
626,571 4, .501 ,820 4,939,305
Y Chic & St Louis November 2.325,465 2,706.821 24,785,612 25.537,676
November
N Y Connecting
253,538 297.235 3,081,9251 1,477.766
Y N H & Hartf.. November 10270428 11307980 104.506819, 113202747
N Y Ont & Western November 1,079.4X2 1.194.5X9 ,3 135.030 12,015,141
Y Susq & West.. November 334,523 419,933 3,931.019 4,173,272
Norfolk Southern.. November
749.685 632,421 7,375.949 7.119,727
Norfolk & Western. November 6.939.600 8.910,757 73,641,696 80.048.422
November 8,919,928 105ti3 530 87,037.246 1(;39.S4 528
Northern Pacific
Northwestern Pac
November
6.50. 406
616.093 8.010.270 7,324,242
November 42043 790 58164 188 460692166 516561471
Pennsylv RR
BaltChes & Atl.. November
100,8771 152,716 1,604.906 1,539.372
Cine Leb & Nor.. November
153,838
112,031 1,127.383 1,219, .532
Grand Rap & ind November
894 91 S' 1.047. 264 8.1.37.4.58 8,9.58,305
November 2.150.873 2,080,830 26,71 1 .527 23.865,811
Long Island
Mary Del & Va.. November
88,573
114,941 1,161,785 1,230,690
November
Monongahela
484,7251 519.749 4,006,782 4,0.53,655
N Y Phila & Norf November 529.990 731,581 5,776.641 7.412,857
Tol Peor & West. November
118,525
179.423 1,528.976 1,931,614
Jersey & Seash November
802,665 1,054,411 12,205,974 13, 046. .548
Pitts C a &. St L. November 8,682.091 113.X6174 89,647 69.S 100.5X6945
Pennsylvania Syst.. November 55960543 75243486 6117646.58 673897625
Peoria & Pekin Un. November
148,082^
197,809 1.547,509
,609,928
Pere Marquette
November 3,304,921 3,652,087 35,517,130 37,3.50,713
Perkiomen
November
120,826
119,220 1,176.418 1.147,824
Phila & Reading.. November 7,393.366 9,835,510 78.099.043 84.826.989
Pitisb & Shawmut. October
136.845
209,724 1.059,916 1.443,696
ritl.s Shaw & North November
94 .600
1,50,883 1,0X5,618 1,435,648
Pitt-b & West Va. November
102.t-37
281.240 1.850,822 2.335,878
Port Reading
136,621 2,073,488 1,680.161
November
173,689
Qui •('' Om ,!4 KC. ^ovemhpr
11H.99X
12'i.7')0
1.210.431
1,240,770
Rich Fred & Potom November
812,751 9,130.413 10,013,836
717,131
Rutland
463,084
560,195 5,373,759 5,448,356
November
Si Jos<Si Grand Isl.. Vovp'i-b'^r
309,100 3,104,965 3,1.58.785
257,337
St Louis San E>an
November 6.731,067 8,518.733 75.694.284 85,430,268
Pt \V & Kio Grand November
168,060
195,840 1,618,889 1.799,392
St I^S P of Texas. ^Tovp'Tbpr
102,012 1.77'.',?81
,635.940
156 2.*,x
Louis Southwest. November 1.6.54,242 1,982.512 15,847,634 19,476,030
St
St LS
of Tex.. November
7,079,971 8.427.227
683,396 836,409
4X2.325
Total System
373.306
373,306 482.325
1st wk .Tan
St Louis Transfer.. November
77,43!
117,753 1,030,425 1,263,039
Sa n Ant & Aran Pass November
535,128
623,605 5,841,391 5.4X4,325
San Ant Uv.Ude & C, Noveniber
71.«8'^
00.031 1,088,,564 1.305.364
.Seaboard Air Line.. November 3,608,176 4,277,095 30,143,753 44,705.786
Soul hern Pacific
18810117 20X60067 IC2051 292 166 400 434
October
Southern Pacific C^o November 1469806.' 18.34.5422 176749357 1X471.58.56
Atlantic SS Lines. November 1.0,57.6.50 1,062.175 9.769.5,54 6.365.941
Arizona Eastern November
193.871
425.617 2.508,8.50 3,795,271
fialv Harris & S A November 2,089,180 2,767,270 23.123.085 24.7.52.216
Hous& Tex Cent November 1,.57 1,6.53 1,249.101 13. 067. .576 10,925,940
Hous K &
Tex. November
272,689
299.896 2,745,297 2,795,193
Louisiana Western November
337,941
510,180 4,0.55,487 4,944,678
Morg La & Texas November
843,685
944,097 8,103.837 9,479,751
Texas & New Orl November
977.6.53 7.926,49? 9,208.319
742.4.34
Southern Railway.. 4th wk Dec 4,127,5,51 4 .926 ,,565 166706840 196446003
Al;i Great South
,061,608 8,713.292 10. .543. 792
8.59..56
November
CIm N O & Tex P. November 1,393 ,571 ,905. ,562 15,8(M,032 19.116.832
Georgia Sou & Fla November
462.783 4,122,626 4.867,652
,381,319
New Orl& NorE. November
503,498
676.388 5,8,3 1. .588 7,066,688
Northern Ala
809,778 1,382,664
132, .542
81,446
November
Spoka.ie liit<'rnat
132,733 1,2 )3,,S4X 1,413.317
122,196
Voveinbor
Spnk Port /k Sr>;i(tle Noven h"r
7. "05. 071
S.'i.'^.c.l,*';
8 ,,397 ,696
t)48.403
Stnten Island R T
229.80.-]
2,329,718 2,214.783
193.971
November
Tonn Ala & Georgia 4th wk Do
178,449
121.845
3,626
2,822
TeiiiieM.seo Central.
2,53.373 2,170,237 2,704,346
189.527
November
Vcr KK Assn of .St L Nf)Von'b"r
IX 4.3liS.464
468.1 -19 4, 157.7
379,030
SI L Mer RdroT
3.964 .,847
319,261
434 .9<;7 3.3'i6.67
Novembpr
Terns Si. Pacific
828.255
5.52.973
828,255
.5.52,973
1st wk .Tan
Toledo .SI, L A; West, NovemlK^r
940.838 1,077,100 8.717,980 10.831,429
UlsU;r & Delaware. November
118,913
129, .589 1.007,988 1,.3.83,9.39
til I'l I'.icific
32,.xi;j 124.SOX,M 10(i4H 523 120714 149
Nol'PinborJJ
TotJil svHtrdri
November I.56694 6X 19547152 I6772I37X 92654
Oregon Short Line November 3, 402„320 4.174.174 ,33.975.014 41,371.322
f>r<-*v,-,.f, KliiVN Noveir'h.T
2.531 305 2 XifM''.'i 27 ;i3i ,XI" ;!0 5'1X,(136
Union RR (I'onn)
683. 7 1,5' 1, 137, 602 8.732.395 9,928,076
November
1,818.3,55
Utah
1.115,891
November
135„573l 205,761
Vlcks Shrevo & Pac. Novombor
347.023 384,748 3,814,177 4,2,54,406
viri'l I'm
Mi,l I0.7.5X
l<:iilro;id
XXX. 507 I0,X5X,4
,405.979
Noveiiib"r
Wabash RR
NfJveiiitxT 4,787,294 5,713,019 54,769..X61 .54,X:{X.932
,>XO,«52
.M 5,067
Western Maryland 1st wl; .l.jii
.345,067
2X0,952
Western I'aciric... November
904.2,57 1,416,183 11,323,407 14,834,734
2,'<''0 ','07
^^lMlr•^rl Rv of Al.-i
.>>r, 765
199,4.51
Nfivpinber
Wheel A Lake Krlo November 1.164,305 1.8.87.586 l,38M..'i<>K 16,396,648
*\ ichii;i
.11
^10 i;i 2..'.v/,'i'"i 2,419,694
A M\V Movpii'ber
107,723
Yttzoo & Mlw Vftlloy Novombor 1.978,761 2.206.W7 18.B88.3R4 20.041. Ml
Total system
Missouri Pacific
%
Dcrrea.ie.
Current
Year.
Mo K & T Ry ofTex November
AQGREQATE OF GROSS EARNINGS— Weekly
Weekly SummarlfH.
Jan. 1
ROADS.
Previous
Year.
November
& Brazos Val November
VVichita Valley. .. November
194.4.50
224,04.^ 1..596.10.'-, 1, 644.0^^8
Oumb Val & Martin November
95.466
95,970 1.256,896
81 1. ,590
Delaware & Hudson November 3,637,113 4,151,348 41,987,304 40,531,183
Dei Lack & VVa<iiern;Xovembpp 7.192,455 8,635,070 79.623.4-10 75,10s..ifis
Deny &. Rio Grande November 2,828,226 4,077,095 .30.246.118 36.5.33 707
Denver & Salt Lake, November
307.485 301.334 2.730.866 2,687,870
Detroit & MackinaciN-ovemt)er
172,815 218.297 1.846.970 1.931 .446
Detroit To] & Iront. November
681 ,052
481 .032 6.634 .6.tS 4.71 939
Det & Tol Shore L. -November
316,725 297,058 2, .575, 778 2,1.38.4,53
Dul & Iron Range.., November
93.767
829,516 4,876,007 10,918,541
Uul Missabe & Nor iNoven ber
153,40.1 1,.5.39. 948 12,239,430 I9.3'>i.7»;5
Dul Sou Shore & Atl 4th wk Dec 1.33,839 274„571 4,475,962 5,938,958
Trin
Latest Gross Earnings.
1 to Latest Date.
Current
Year.
23280352 183117810 210869619
287,196 2,419,893 2,063.188
692.589 6,710,685 6.138.468
6,812
12,616
69,489
112,737
469,056
497,123 5.059,357 4,2.S1.456
880,138 1.869,474 12,836,937 14.623.198
i
Chicago & -Alio
No\'e" b^r
Chic Burl & Quincy. November
Chicago & East III.. November
Chicago Great West November
Chic Ind & Louisv.., Nov ember
Chicago Junction
November
Jan.
Previous
Year.
r,
I
%
4.6%
n.n
701
2.88
6.79
12
M
0.08
19.66
16.64
2 1.,34
THE CHRONICLE
IdZ
—
[Vol. 114.
Latest Gross Earnings.
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 12 roads and shows 24.59%
decrease in the aggregate from the same week last year.
Cape Breton Elec Co. November
Increase. Decrease.
Cent Miss Val ElecCo November
Chattanooga Ry & Lt Novembsr
Week of January.
First
$
256,380
1,526,465
2.426,000
1.814.057
3.303,000
1,958,441
529.104
242,845
311,005
68.160
373,306
552,973
280,952
482,325
828,255
345,067
109.019
275.282
64.115
7,088,258
Pacific
Grand Trunk of Canada
Grand Trunk West ern
Detroit Grd Hav & Milw..
Canada Atlantic
$
101.569
287.592
877.000
1,429,337
Buffalo Rochester & Pittsburgh
Canadian National Railways
Canadian
1921.
1922.
\
9,400.099
2.311.841
$
3.57.949
1
Minneapolis & St Louis
Iowa Central
St Louis Southwestern
\
Texas & Pacific.
Western Maryland
Total (12 roads)-..
Net decrease (24.59%)..
In the table which follows we sum up separately the
earnings for the fourth week of December. The table
covers 20 roads and shows 21.04% decrease in the aggregate over the same week last year.
Fourth Week of December.
1921.
$
176,740
787,409
2.939.386
5.540,000
1.095,293
274,571
60,233
363,484
460.921
627,000
432,983
140,732
2.400,034
3.721.954
1,321.920
5.922
268.987
13,194
337,669
7.272
68.682
506.176
7.266
663,342
4,127,554
2,822
947,244
412,724
477.800
7.870
705.759
4.926.565
3,626
1,287,972
588,206
$
Buffalo Rochester & Pittsburgh
Carfadian National Railways
Canadian Pacific
Colorado & Sou thern _ ,
Duluth South Shore & Atlantic.
Grand Trunk of Canada
Grand Trunk Western
Detroit Grd Hav & Milw...
Canada Atlantic
Mineral Range ..
Minneapolis& St Louis..
Iowa Central
1
(2 1 .04
%
1
(
28.376
604
42.417
799.011
804
340.728
175,482
28,376 4.842.273
18,070,117 22,884,014
)
14,813,897
.
Net Earnings Monthly to Latest Dates. In our "Railway Earnings'" Section or Supplement, which accompanies
^
to-day's issue of the" Chronicle,'' toe give the
November figures
of
earnings of all steam railroads which make it a practice to issue
monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supplement for full details regarding the November results for all the
separate companies.
In the following we give all statements that have come
iu the i)resent week.
We also add the returns of the industrial companies received this week.
— Oross from Railway
"P
Belletonle Central
November.
FromJau 1
&
Detroit
Net from Railway
1920.
$
$
1921.
$
Ry—
6,812
69,480
12,fiI7
451
112,737
—8,038
Toledo Shore Line Ry.
316,72.5
297,058
November .
From Jan 1
Net
1921.
1920.
$
.1921.
53,589
39,582
889,725
124,882
400,776
104,058
—168,638
120.686
1,781.874
—927.852
November.
-159,020
1,637,821—1,028,632
Ry —
144,67(1
1.486.011
139,809
1,467.164
50.021
28,005
399,847
—28,653
25,143
91,509
St Louis San Francisco
November. 6,731.067 8,518,733 *1,898,898 1,974,151 *1. 502, 188
From Jan 175,694,284 85,430,208*20,540,337 12,483,040*17,128,217
Western Union Telegraph
November , a. l.-)4.U97
9.590.461
1,202.183
1.116.082
From Jan 1 95.410,877 110.372.182 12,179.491 15.657.913
.
•
Corrected figures.
2,889
12,361
Detroit Toledo & Ironton Ry.
681.052
481.032
6,834.658 4,711,939
lYomJaul
S
2.50
134,882
540,560
KansaH City Terminal
1920.
— 10,249
1,061,797
November.
From Jan 1
Tazes-
after
3,000
13,582
2.1.38.453
2,57.'>.778
7.701
—332,050
1,715,338
9,718,955
— Deficit.
•
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Name
Latest Gross Earnings.
of Road
Company.
or
Current
Year.
Month.
Adirondack Pow & Lt November
Alabama Power Co.. November
aAnier I'ow & Lt Co.
Appalachian Pow Co.
Arkansas Lt & Power
Ashevillu Pr & Lt Co.
Atlantie Shore Ry...
Bangor Ry & Elec Co
AUarcH iia 'I'r. i. >v r
Baton Rouge Eloc Co
Beaver Valley Tract.
Biiifihiinitou Lt IlttI'
Blackstone V G & El.
Bradford Elec Co..
1
/Brazilian 'l'rL*cl',Ltd
Bklyn Rap Tran Svst
<.)ct<)lx;r
October
November
August
October
November
s.ive
or
Head
Company.
Month.
Carolina
Jan.
1 to
Latest Date.
of
Pow & Lt Co August
Current
Year.
63.427
126.3.59
Previous
Year.
Current
Year.
Previous
Year.
$
$
63.035
630.848
683,258
*1. 661 .085 1.490.696
124.601
43.669
474.267
446,068
118.487 *1.368 006 1.321 129
1942 230 *14094814 24629168
905.202
90,730
859,675
S9.M8
826,300
806.282
735,344
61.464
705,714
104,407 * 1.0 11. 403 1,106. .567
127,241 1.487.635 1.299.229
2767,988 28.476.063 28.303.030
123.397 1.383.408, 1.338.779
1301.770 12.804.499 12.856.136
261.046 *3. 266, 582 3.090.678
360.309 3,749,015 3.334.827
2176.859 21,012,304 19.660.624
154.760 1,622,824 1.753.745
46.995
128.929
("Cities Service Co
November 11/6.893
Cit Trac Co & subsid. November
78.701
(^ity Gas Co. Norfolk November
77.387
Cleve Painesv & East November
56.771
Oilorado Power f-o_- November
70..579
Columbus Electric
November 167.020
C^ora'w'Ith P Ry & Lt November 2726.494
Connecticut Pow Co. November
148.575
Consumers I'ower Co;November 1240.054
Ciunb County P & lit'November 273.127
Dayton Pow & Lt Co. November 399.754
I'lctroil Edison Co
November 2163.304
Duluth-Suj) Trac Co. November
141.366
Duquesne Lt Co subs
light and power cos November 1361.2.34 1418.061 14,635.388 13.618,588
E St Louis & Suburb. November 302,339 416.547 3,467.684 3.926.050
East Shore Gas & El_ November
4.56,831
.50.051
46.779
470.143
Eastern Texas ElecCo November
130.152 146.181 1,531,355 1,474,037
Edis El 111 of Brock'n. November
1,193,045
115.998 109.635 1.131.201
Elec Lt & Pow Co of
326,851
Abington & Rock'd November
32.219
30,079
315.425
El Paso Electric Co.. November
192,317 180,738 2.093,625 1,735,309
subs. November
1,105,283
Erie Light Co &
96,134 119,338
901,963
Pall River Gas Works November
825,0.53
83,810
94,379
924,536
Federal Lt & Trac Co November
426,816 424,531 4,380,680 4.160.931
l'"t AVorth Pow & Lt.. November
225,676 281,536 2,165,936 2.348,809
Galv-Houston ElecCo November
78,253 334,583 3,396,480 3,466,817
(iuii (;as<S;KliScSubCos November
1013.48!) lli76,(>93 1(1.4 13.7.51) 10.2S2.361
Great Western Power November
710,975 766,428 6.698.858 5,874.325
Uarrisburg Ry Co
September 128,938 149,112 1.247.782 1.314.011
Havai a t.lec Ry & Lt .N'oveiiiber 1142.1ti8 1037.3.^):? 11.731.92S 10.366.709
Haverhill Gas Lt Co. November
518.074 •460.508
45,620
40.493
7'). 245
764,238
8.58 9' i,S
Ho.K.hiUi R T * l.a'.d Novenib>T
77,171
504.099
Houghton Co El LtCo November
51,421
63,445
499.292
264.194
llougtilon Co Trac Co October
206,992
16.629
23.282
Hudson & Manhattan October
8.649.128 7.450.436
909.702 866.219
Hunting'n Gas & Dev November
960.084 1.385.517
98,512 102,579
November 190,734 181.607 •2.288.226 2.282.153
Idaho I'ower Co
Illinois Traction Co_. October
191 .023 1863.982 1«. 106 .393 16.909.1.54
Interboro R T System September 4191.615 4326. ,560 40.310.386 39.720.7.56
320.370
341.613
Keokuk Electric Co . November
31,54o
33,488
13f.,95.'^
Keystone Teleph Co. Noveml)er
144.404 1,574 TtiCi 1..5S8.(i00
234.003
Key We.st Electric Co November
22,170
241,849
22,834
039.263
Lake Shore Elec Ry. . November 187,203 232,.563 2,363,867
30.1.54
295,2.58
258.067
Long Island Electric. September
36.306
168,600
Lowell Elec Lt Corp. November
110,615 106.983 1.063,125
23.33"
205.629
Manhat Bdge 3c Line September
26.982
213,194
169.290
Manhattan & Queens September
252.696
30.53
7.100
6,276,650
t Market Street Ry.. November
774,195
November 231.408 264.018 2.41fi.(l42 2.551.059
Meirop Edison Co
Milwaukee El Ry&Lt October
1510.376 1690..570 18.399 282 18436 239
Miss River Power Co. November
233.076 245.977 2.512.4.52 2.486.242
Munic Serv Co & subs Novoml^r 214.104 240.7.55 2.491.367 2.477,076
Nashville Ry & Lt Co November
338.616 319.044 3.502.898 3,340,138
Nebraslva Power Co. . November
254.5.54 276.711 2.812,54-1 2,599,104
17S 3.S2 3.057.898
November 215.185 205.052
Kevada-C^ilif Elec
Power Syst. October
New Eng
503.0.56 533.506 5.409.378 5.834.482
416.980
New Jersey Pr&Lt Co November
45.716
441.141
.55.386
Newp N & H Ry G&E November 163..561 230.151 2.379. 6')4 2.534.7.58
New York Dock Co.. November 380,996 501.816 5.101.516 6.317.960
N Y & Queens County September 113,405 110.690 961.988 890.876
398.183
49.233
454 .679
N Y & Long Island-- September
56,704
bNew York Railways. September 843..598 813.816 7.219.010 6.297.190
September
745.765
bEighth Avenue
901 .6,56
105,»56
95.374
September
283.060
fiNinth Avenue
45.484
40.931
404,929
780.176
848.523
112.930 11 3. .568
N Y & (Queens County August
No Caro Pub Serv Co November 101.158 89.7.30 1.126.723 1.014.154
Nor'n Ohio Elec Corp November
700.149 852.222 7.8,58.361 10.161.183
-i.S.i.41'432.039
4 1. -1.54
Norihw Ohio Ry >1: I'r Novea'bir
36.279
Northern Texas Elec. November 270.870 330.885 3.251.197 3.607.880
September
262.407
216.409
38.188
Ocean Electric
29.079
Pacific Gas & Electric November 3035.040 3 103..524 37.5.50 563 34209,973
Pacific Pow & Lt Co. November
271.010 2.56.116 2.735.919 2.415,205
477.769
434,779
Paducah Electric Co.jNovembor
45.831
42.482
Penn Cent Lt & Pow.iNovemter 210. .576 2 15..506 2,3.55.338 2,295,239
210.743 2.55.371 2.1 SI. .58
2,092.016
I'enn Edis & Sub Cos. November
Pennsylv Pr & Lt Co. August
818.179 668,009 •9.438.791 7.668,771
Philadelphia Co and
Naliu-al Gas Cos.- November
890 626 1.347. 409 9.041,148 13,395,986
93 320 178. 9.53
986,066 1,649.030
Philadelphia Oil Co.. November
November
733.203
67 651
744,068
Phila & Western
66. 033
November 3487. 908 3726. 376 38,619,508 34.917.442
Phila Rap Transit Co
785. H82 •fi99.637
August
75, 20H
81 58H
I'ine Bluff Co
Port lard Oas & Coke November
261, 428 247. 186 3.130.211 2,352,270
820 146 8.56, ,586 9.036.323 8,6,50,658
Portland Ry. Lt & P. November
November 870 ,781 922, 737 9.094.603 9,060.527
Puget Sound P & Lt.
Tr\Lt Co^VSub NovenibiT 235, 273 235. 402 2.728,944 2,7(i2,212
Head
Repulilic Ry & Lt Co. Novemlx»r
607 ,171 742. 1.56 7.433.6.34 8..302,218
480.889
533,065
Kichmond Lt & RR.. September
69 ,240
82, 315
512.(i48
514,479
46 ,289
51, 269
Rutland Ry Lt & I'r, November
(ias&El Co November
.038
.505
,579
662,985
69
620.
Sandusl^y
85,
Noveinbi r
172.022
151,744
16 ,848
18, 220
Sayre IClcctric Co
Septcm bcr
747.546
634,687
Second Avenue
95 ,004
88 ,063
41.301
41,319
4 ,048
|7th St Ind Plane Co Novenilier
3 .662
710.664
800.874
74 .098
67 ,357
Sierra Pacific Elec Co November
14.58 636 1461 ,S2
Soun Cal Kdison Co. October
17.790.744 14.860.710
71 777
65 ,1.88
.South Canada Power. Movember
8.50 .407 965 ,.528 *10()3'4629 9.0"l5'374
Southwest P& Lt Co. November
November 135 ..590 128 .997 1.5.57.2.54 1.261.736
Tampa Electric Co..
209 ..529 221 .419 2.192.398 2.251.960
Tennessee Power Co. November
Tennessee Ry. L & P. November
584 793 567 ,436 6.ai0.299 6.860.996
November 240 003 313 .146 2.932.699 3.483.418
Texas Electric Ry
November 414 516 .542 ,725 4.946.0'!3 4. 745. ,304
Texas Power & Lt
Third \yenue System. November 1139 368 1060 .260 13.202.891 11.3.36.586
November 1161 221 1182 ,517 12.646.740 11.7,32.212
Twin City R T ('o
I'nited Gas & El Corp November 1084 .700 104« 417 11849 165 11346157
Utah Power & Light. November 594 .029 690 992 6.137.462 6.044,442
729 425 843 500 *8. 626. .583 8,4,53,325
/ L tall Securities t'orp Novenjber
477.160
526,699
52 891
52 354
Vermont Hy-EI Corp November
846 138 899 931 9.296.909 9,043,682
Virginia Ry & Power. November
4.5.50.2.50 4.285,817
4.54 224 4.53 101
Winnipeg Electric Ry October
•782.643
92 .180
69 ,260 •1.032.376
Vadkln River i'r Co - August
465.001
48 .661
Youngstown & O RivlOctobei'
1
Mobile & Ohio
Nevada-California-Oregon
8t Louis Southwestern
Southern Railway
..
Tennessee Alabama & Georgia.
Texas & Pacific
Western Maryland
Total (20 roads)
$
116.507
423.925
2.478,465
4,913.000
662.310
133.839
Ann Arbor
Net decrease
Increase. Decrease.
1920.
Name
b-r
November
November
Novoii'.H
T
November
Noveml)er
November
aUkln City RR (Re c)Septem'r
aBkln Height* (Re c)Sei)tem'r
Bkln QueensClo&Su bsSeptem'r
Coney Isl & BrooKl ynSeptem'r
Coney Isl & Graves dSoptem'r
Nassau Kloctric
September
New York Consol'd September
South Brooklyn
September
Previous
Year.
i
447,179
414.161 397,416
2024,489 2082,616
220.,533 233. 47()
81, .349
91.313
79,088
77.234
16.4.'>5
15.423
129,05" 120.190
4.58,887
Jan.
1
Date.
to Latest
Current
Year.
Previous
Year.
$
*4. 773. 846
3.922.969
*'>
,669.424
3.650.513
3
.
*2l7Vy930 *2()557667
2. 207.,5.57
990.078
•853.640
191.311
*1.417.059
36t)l.2i 3ii;3,i
8X1 1. .3,
33
46,508
43.010
506.562
50,389
62,70.i
607.017
9(1.2 55
SO. 85
826.
346,964 305,157 3.302.438
66,269
60,316
*6S(".723
M55,')0U() 12199000 15.'j462 00()
.
1.962.486
1.094.080
•747.103
188.363
*1 ,246,620
28,9.311.433
423,538
6.58.674
16 (>77.(t54
2.975.999
*562.589
122306 000
968,124 347,763 8.502.504 7.259.375
5,924
4,810
54,239
57.612
212„307
53,462 1,699.(>.39 1.290.838
248,766
64,819 2,142.686 1.762.923
18,05
2..59
134.888
113.064
419,589 135.,54
3.554.605 4.364.644
1816,972 13.34.403 16.647.009 15.167.283
97.317
38.315
762.600
695.737
a The Brooklyn City RR. is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights BR. 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.
The Eighth Avenue and Ninth Avenue RR. companies were formerly
eased to the Now York Railways Co.. but the.se leases were terminated on
July 1 1 1919. respectively, since which dates these roads have been operated
separately, c Includes Milwaukee Light. Heat and Traction Co. d Incompanies.
c Includes constituent or subsidiary
cludes all sources.
Earnings given in milreis. g Subsidiary cos. only, h Includes Tennessee
& Power Co.. the Nashville Railway & Light Co.. the
Railway. Light
Tennessee Power Co. and the Chattanooga Railway & Light Co. t Includes both subway and elevated lines, j Of Abington & Rockland (Mass.).
/ These were the earnings from operation of the properk Given in pesetas.
• Earnings for twelve months,
t Started
ties of subsidiary companies.
/>
operations April
1
1921.
and Other Public Utility Net Earnfollowing table gives the returns of ELECTRIC
Electric Railway
ings.— The
—
1
U
Jan.
THE CIIKONICLE
1922.]
National Biscuit Co., Ne'w York City.
railway and other public utility gross and net earnings with
charges aad sur])lus reported tiiis week:
—Gross Earninris
-
(Report for Fiscal Year endiruj Dec. 31 1921.)
President Roy F. Tomlinson reports as follows:
The accompanying balance sheet .shows the financial condition of the
company at the close of its 24th fi.scal year. The only indebtedness is for
raw materials, supplies and other incidental items incutTod so recently that
the accounts could not be audited and paid before the close of the year. The
company maintains its usual practice of buying raw materials only as needed.
The new Bethune St. bakery in New York City [a 2-stoiy and l)a.sement
building] has shown great production facilities.
A cl ss of product has been
baked there which has found ready sale.
The new [8-storyl warehouse and manufacturing building at Marseilles,
111., has been in use since May for cartons and paper board containers.
[Pictures of Bethune St. bakery and the Marseilles building are shown in
Eurninys
A'c/
Citrrint
Frc-ioiis
Ciirrcnt
Pretious
Year.
$
Year.
Yy'ar.
i '((;,-.
$
$
*
Companies.
Pow & I^t Co
SoO.-tOT
(subsid ecu only) --Nov
'2010 Nov 31 •21.10.034.629
Doc 1
Southwestern
Kid
Gross
Earnings.
$
&
BanKor Ky
Nov
Elec
after
$
.«
mos
12
pndiast
Nov
I29.vr,;-
"21
1.417.059
1.215.r,20
4.5S..522
'21
66.269
00.346
687,723
562„589
128,929
IIS. 487
1. 358 ,006
1.321.179
7R.701
90.730
963.491
918.512
mos end Nov 30
12
•20
"21
•20
Ry & Nov
Light Co
12 mos ending Nov 30
'21
ChatlanooKa
^20
"21
•20
&
Nov
Nov 30
Co
Citizens Tract
subsid
12 mos end
^21
^20
'21
•20
Cleve PainesvUIe & Nov "21
'20
Eastern
11 mos ending Nov 30 ^21
'2}
'20
mos L-ndmg Nov 30
^21
&
'21
•20
East St Louis
Nov
Suburban Co
12
'20
mos ending Nov 30
'21
'20
28,237
26,271
21
Nov
subsidiaries
12 mos end Nov 30
20
131
Nov
Nov 30
mos ending
11
119.338
1.202,760
42G.S16
424. .53
20.
21* 4.380,680
20 4.150.931
Pow & Lt Nov' 21
20
mos end Nov 30 21
Ft Worth
320.744
338.989
—4,264
.54.434
166,784
322,047
8.090
6.810
93.749
80,448
15.461
14.881
184.767
181.425
297. .500
235. 892
2. .52). 6.56 jrl.036.571
16.667
200.265
182.444
98.512
102.759
1,071.442
1.491.386
17.963
15.776
206.043
194.811
2.363.867
3, 639, 203
26.379
42,966
391,003
684,607
34.513
49.935
430.763
743,752
'21
214.10-4
•20
183,436
.39.711
a-66.121
.•16.366
j;803.205
2.599,978
•21
240.755
2.491.367
2.477.076
338,016
319.044
3.837.980
•20
3.641.691
463.308
395.600
38.727
39,114
471,623
479,978
49,920
Nov '21
'20
12 mos ending Nov 30 21
20
Lake Shore Elec
Nov '2!
Railway System
20
1 1 mos ending Nov 30 21
Huntington Devel
& Gas Co
'
Municipal Scrv
12
Co
Nov
mos end Nov 30
•21
"20
Nashville Hy &
Light Co
12 mas ending
Nebraska
Nov
Nov 30
Pow Co
Nov
•21
•2,D
.rl.
187.203
2.32.563
34.642
35.067
381,799
3 So, 796
86.390
70,0.52
8.50. .307
(573.400
mos end Nov 30
•21
2.5-1, .55-1
•20
12
2115.140
276.711
2106.1.50
•21
•20
;J4,689
.552.787
3.100.8.59 21.113.713
2,831,7.54
2920,644
Raw
8.416
27.190
184.960
489,796
129
14,868
45,954
356,956
—
43,725
29,755
65.220
71.461
.560.926
Pow &
Nov •21
20
Nov 30 •21
261,428
247,186
26O.6OI
285.062
3„'591,265
78S0.>'66
36.241
32.641
437.357
372.051
409.983
24.360
Subsid
Nov 30
12 mr)s ondlns;
Portland fJas
&
<7oke <'o
1
mos ending
2
20
'21
.567.238
6-1..
"564
•20
2..576..509
2 1. 031..580
820.146
2.50.6.58
85.i..58fi
9.049.281
•20
9.;<99.960
•21
•21
209.529
221.419
2.399 279
280.632
2.951. HH)
2.778.938
89..566
73.468
•20
2.43s. 183
Nov
•21
.58 J. 793
•20
Nov 30
.567.436
•21
6.622. 7IS
969.478
223.391
193.995
2.222.081
'20
6.3^3.246
2.131.13!;
•21
414.516
512.725
2205.476
2 175.226
63,486
6r»,394
4.946.0.33 2 1.7.50.279
4.;45.:j04 /!,.366.487
746,8,53
1.832
1.003.426
2323. Ofil
143,849
145.281
mos ending
12
Ry, Lt
'r<!nni-s,M'f
l'ow(!r
it
12
irif)>
Nov
Nov 30
(^o
(,'o
ending
Texas Power
ic
Nov
•20
'20
^'o
12 nio« ending
Nov 30
'21
•20
I'owrr
LlKhl Co
ly'tali
12 iMiis
A-
Nov
'21
'20
ending
Nov 30
•21
•20
.591.029
090.992
Z376.6H9
6.822.973 23.410.001
6.604.135 23,2)2,1 15
70.2f)5
107. -231
$700,802
$791,785
$249,043
Cr3.363
deb 13.093
Cr 63,993
Total profit &lo.sssurp $2, 192,.385
$1,625,646
$1,479,494
,$791,783
_
CONSOLIDATED BALANCE SHEET NOV
$
..5.57
35.510
21.213
22 7.80
330.025
War
129.280
Oi.lll
65.874
678.795
1,250,250
Preferred rtoek
(Jommon stock
)
1.,5-13.28<1
1..511, .531
Land,
wlll
&
5,000,000
68,822
piilloriiK.
t;uHli
.\ot(*
1,2S7,999
Notes
Inv(«lmpnt8.a
Hav'KH Htanips
5.000.000
12!l.2.5t
fi'2b",i)28
and aceounlH
rixclvalile
1..
3.58,002
invttnUirUm
3,475,644
74.042
Ooferrc'dcluirgeii..
1
I
I
679.860
179,212
6)'(i.627
231 .108
I.7I9.8.V)
I.ri90.2l
1.606.816
I. .505,
1
329
J.9.50..551
79.939
.11.856.748 13.030.602
FINANCIAL REPORTS
1920.
.Si;
I)iiyal)le
(ruc<l
and
—
taxes
I'roflt
iic-
.334.747
...
Iohb.
.
3.280,055
.400.000
1,400,000
320.616
2 ,l02.:i86
uccoiiiilM.
and
S
.600.000
5,000,000
1
15,000
1,625,647
1
11.866,748 13.030.002
Total
a Includes Manhattan Shirt Co preferred and <!ominon hIocU purcluisi-U
partly for retirement and partly for the aconinnid ition of eniplDynes
bACier redemption of .*1,40C.000 for rei-lromont ol iireforriHl stock
—V
112. p
367
Cuba Cane Sugar Corporation, New York.
—
M
1921.)
Year ended Srpl.
.Annual Reporl
.Ian. 9, wrote in .sul).'^(anee:
I'res. VV. K. OKilvie, N. Y.,
Oprratloiis.- The last veiir wiw uh abnornml and <liwiNlroli» n ycjir lo tlie
roiiinioilltlcM. lUo
{Sijlli
z After allowing fnr oih^ir liico-nc rcci'lvcd
bl ,600.000
,000,000
accounts
2.093 Applied to retiring
picfcrri'd stock,
988,139
llescrvc for Federal
and N. Y. 8taU«
.502,626
.589. (i05
Total
.30.
JAabilUUs-
rrade name, Kood-
51 ,056
52,2.55
633 .090
639.1.53
$478,7-17
1921.
1920.
1921.
A «SCM
(i70,.5.54
12H.121
365.000
112,000
(6)300.000
.3112.094
bldB8.,niiu;li.
Ac. less doprisc.
8;(O,890
.526,iX)0
112.000
112.000
(7)350.002(6)^)312. .591
Cr. 34.0.59
141.990
Pow
TeniiesKfi!
115,00.)
$1,479,494
6.59..529
S'i7
SI ,026,045
$1,688,811
6.291
$.563,375
.
Previous surplus
.Adjustments
53
173.39K
2.097.327
2,108,381
8.). 4
$1,651,303
1918-19.
.$1,625,647
B;ilarce. surplus.
Portland Ky. Light Nov •21
& P.jwer
'20
12 mo« ending Nov 30 •21
1
deb 43.799
$089,096
Net income
$1,354,994
Reserve for income and
excess profits taxes
329,617
I'referred dividends (7%)
112,000
Common dividends (7%). 3,50,002
52.42!
443. .509
30
1917-18
$1,071,781
4.99o
deb 50.732
1920-21.'
1919-20
Net profits
$838,473
$1,445,869
Dividends on investments
7.423
6.948
deb 97.823 deb 156.800
Interest (net)
341.121
20
York.
CONSOL INCOME & SURPLUS ACCT. FOR YEARS imDING NOV
'20
& Nov 21
New
Co.,
We
204,378
47,663
30,938
378.084
193.422
524. .538
I'enn C'ontral Lt
-83.188.074 80.332.875
also did a large quantity of outside dyei.ig
look to the future with the Hssur.ince that the c;)ntinu;ince of otir
hi'jrh standard of merchandise will continue to result in the inerea-sing volum,e
of business and proportionate returns
3,39,897
29.819
27.842
668.609
Total
reserve
denands for these lines
Our subsidiary. The Solway Dyeing & Textile Co., has opt^rated its plant
The new wing added to the textile dep.nrtat capacitv throughout the ^ e.ir
mcnt has boen devo'.ini,' it-< r.icilities to the manufacture of women^s novelty
In addition to dyemg
dress fabrics on an excepti')nally profitable bi.sis
the yar;is used by the company iu its merchaudiso, the Solway Dye Works
3.54.105
2.984.673 2I..366.473
2,613.047 21.207.271
511,630
511,630
has been almost as great as when prices were at their pealv
The underwear, p.ijnma nnd cillar departments have expanded, and
oven now we are' plan. ling increased output for next jTiar to satisfy the
878,644
751,104
.54.553
3.595,327
$
236.000 29.236.000
552.221
591,648
(Report for Fiscal Year ending Nov. 30 1921.)
Pres. Abram L. Leeds, Tan. 9, wrote in substance:
The statemeU- for the fiscal year ended Nov 30 1921 shows the company
to be in a healthy financial condition and its oporatioas to h ive been profitThe volume of busine.ss. notwithstaiiding the rodu'^tion iii price,
able
2.3.55.338
2.295. 2.'<9
2119,741
2136,8.34
&c
1920.
S
24. 804.500 24.804.500
.500,000 2.700.000
1 600,000
1.400.000
22 983.724 21.089.097
The Manhattan Shirt
95.097
271,040
2.56,116
Nov
Nov 30
1921.
—
8.235.340 Surplus
Tax
materials. sup-
plies.
210.576
215.006
'21
'20
21
Pacific Power &
Light Co
1 2 mos ending
LlafHlities
Preferred stock
-83.188.074 80.332,875
Total
-V. 113, p. 1682.
523.082
62.093
82.281
697.864
640.033
65.278
36.522
397.562
57.648
'
$1,353,005
31.
29
machinery, &c_-61.425.322 00.487,038 Common sto 'k
3.2fil.017
2,.538.154 Accounts payable.
U. S. bonds
Common dividend
U. S. Vict, notes. _ 8,000.000
payable Jan. 14.
3.10,5.459
2. .572. 160
Cash
741.381
890.003 Carton factory reStocks & securities
serve
3
Acc'ts receivable.. 3.592.207 5.070.279
106.337
80.833
1.035.627
854.127
•
1920.
1921.
—
252.239
83.281
61.330
712,101
626,361
53.144
606.939
0I3.22O
$1,760,285
Assets
Plant, real estate
183..567
.54.758
$1,567,028
$5,543,120
$2,046,520
1.736,315
$1,894,626
1918.
$5,135,840
$2,046,520
1,736,316
1919.
.$5,349,863
BALANCE SHEET DECEMBER
48,120
37.459
25.622
18.0^6
16.4.56
20
Balance, surplus
31.
$2,046,520
1,736,315
1920.
dividends (7%)-$2,046,520
Preferred dividends (7%) 1,736,315
10,617
5,661
X122.793
'
profits
45,2,57
6.54.292
Net
1921.
$5,677,461
Common
23.6.56
•20
12
INCOME ACCOUNT FOR YEARS ENDING DECEMBER
30,279
47.939
095.293
667.356
54.107
1,239, .581
225.676
281.536
2.646.757
A
25.423
41,083
32,967
36 S,.334
433,664
138.039
117,474
1,319,040
1.027,0,55
St. bakery in New York City.
piece of land adjoining the Philadelphia bakery and having an area of
about 46.000 sq. ft., was purchased for the purpose of enlarging the present
Philadelphia bakery. The plans for this addition are under way.
"The contract has been made for a new bakery in Buffalo on a piece of
land located on the Belt Line tracks, having an area of about 141,000 sq. ft.
This new bakery in time will take the place of the ix-esent bakery in Buffalo,
which is located in a leased building.
The team work of the organization is shown in the improved quality and
distribution of the bakery products, and as a result the products of the
company continue to gain favor.
Bethune
—2.368
— 1.290
59.0.55
.55.775
18,707
12.471
141,869
117.907
'21
'
59.
.0.50
19.233
17.601
175.937
145.535
647.387
9
20
Federal Lis;ht &
Traction Co
,307
84.478
79.431
1.016,037
1.001,345
49.843
99.691
821.076
50.051
21
'
97.337
13.675
13.368
152.377
148.764
1
12,078
182,056
I90.7C3
96.1.34
Co and
107. .522
1
'499.809
Erie Lt
9.004
8.670
242,872
46.779
519.483
'20
22.3';8
2,S.'<,459
302 .33T
4 16..54 7
3.910.118
4.255.042
1 1
82,753
468,535
449.869
273.127
261.046
3.266,582
3.C90.578
Eastern Shore Gas Nov '21
'20
& Elec and subsid
12 mos end Nov 30 '21
15.493
123.260
89.705
22.409
27.198
205.727
197.072
20.748
262.808
252,797
56.771
61.464
the printed report.)
The growth of business at Pittsburgh necessitated the purchase of the
bakery on Liberty Ave., heretofore leased. This bakery is being modernzed and will be run in conjunction with the East Liberty bakery.
Two city lost at the corner of 16th St. and 9th Ave.. N. Y. City, were
purchased during the year. Tliis gives the company ownership in fee of
the entire block from 9th to 10th avenues and from 15th to 16th streets, as
well as the block west thereof, togelher with the stable property and the
260.080
195.282
8,357
7,840
47,49ii
735. .344
Cumb County Pow Nov
& Lit;ht
28. .538
27.7.55
95, .5-14
23,8,50
1S,S90
218.804
172,228
44.777
705.713
•20
12
24.004
23.481
280.878
203.240
52, .542
51.23:i
540,9.5S
Nov
Co
Bradford Elec
30
CI
'20
120.19')
Balance,
Surplus.
$
Fi.te(<
Charges.
Tnrrs.
•20
Co
3.59. ISO
3.315,388
460.675
4,362.202
96.J..528
9.015,374
193
Hiigar IndiiMlry as It w.is'to the |>i<idii><r'. of rn.iiiy oiln'r
During
if prixhK'tlon,
yeiir having Hliirled wllli liiwh priri h .uicI IiIkIi ''••'
the year an nlrno.st, ixirpcndii iilar ilrnp ii)«>l< l>l':ic 111 the [irlie of the priidtict
Ml
with vi^ry restricted Kales, and prlce.H iil the enil of the ye:ir wer< the lowcHl
of those at anv lino during the iicrlod covered l>V the report
tbeliig .ibrnit one NCMtiilh of the
^
Wi- pror|iii'(.il 3.978.102 bags of sugar
^,,^
total Ciibiiii <ropi at a cost of $.'16,201 .(i.lH. i-hiiwIiiK an operating loss .,„
,
... of
I
Financial Reports.
An
IikIo.x
to
annual
rr'jHjrts of
Htrani
-
55.998.(103. unsold sugars being valued 1x4. »v the iiiarltet prlre at Sept. .H)
Proceeds of sale per pound w.re .1 89le. f. <>";
1921, vl/,.: 2Jic. c. & f.
A reMr><' lian Ihm-ii eslabllshcHl
fOMlf. 4.355c. r. o. b.; Iohh pi>r pound lOlr.
c. A f. pit pound.
lo cover further declines down to
During thi' Niiininer of 1020 the < 'orpoial Ion miIiI ahead KKI.OOO b.iKH. and
In .Inn, 1921 500 000 b.igH. or ii (ol.il of some 900.0011 lings of tlie 1920-1921
'I'tiene Hales linving been
crop at an averiigi' of 7.ti()2.5<-. f. o. I) per poimrl
nwide iirlor lo the lontrol de<-iee.vM're not affectecl bv th(< creation of the
Sugar Kliiance ( !oiniiilt tee. but after Fob. 22 1921 all uiiHold sugar came
iiiider the control of that comnilttw).
,
railrf)ads, street rjiilwny
and
inisffllancoii'^ f;t)inpanir>H wliicfh
have ho(<n i)iil)lislK'(i during tlio
on the last Saturday of eaeh
iin^ccdiiig irioiith will Ixi
Tnontli.
This
intle.x
inelufle roj)orts in the issue of the "(^hroiiielc" in
I)ublished.
Dee. 31.
The latest inde.v will he found in
The next will appear in that of Jan.
given
will
whieh
vol
it
i.M
the issue of
28.
ISc
THE CHRONICLE
194
—
Operating Profits per Pound of Sugar.
(Oompare V. Ill, p. 2051.)
1919-20. 1920-21.
1915-16. 1916-17. 1917-18. 1918-19.
X Receipts
10.345c.
3.891c.
4.112c.
5.398c.
4.479c.
4.630c.
Production cost,
cluding cane
in-
4.355c.
2.748c.
3.431c.
3.998c.
4.606c.
8.523c.
Operating profit. 1.364c.
1.048c.
0.632c.
0.792c.
1.822c.loss.464c.
X This Is the f. o. b. price obtained for sugar plus the proceeds from
molasses and other earnings; unsold sugar being valued at 2}ic. c. & f., less
provision for shipping, selling and landing.
Comparison of Crops Made by Your Company.
1916-17.
1915-16.
1917-18.
1918-19.
1919-20.
1920-21.
large
is
[Vol. 114.
considered.
If the surplus of over
1
,000,000 tons of sugar
now held
Cuba were spread as it normally would have been over the United States,
Great Britain, France and Germany, It would not have attractted attention,
being but a normal supply, and hence would not have had the same depressing effect on prices.
As prices have gone below what, under present conditions, is practically
the cost of production in even the cheapest sugar-producing country in the
world, viz.: Cuba, the probabilities are that the fluctuations during the
coming season will be within a smaller range, and once the old crop sugars
are placed, where they normally should be, on the depleted shelves of the
dealers, jobbers and grocers, thus correcting the displacement of stocks, the
sugar situation will improve.
(Compare remarks of President of American SugarRefinIng Co. under
"Current Events.")
in
Bags
3.174.168 3,261,621 3,613,325 4,319,189 3,763,915 3,978,102
Or in tons.. 4.52.035
576.766
472.542
521,328
645,154
624,101
INCOME AND SURPLUS ACCOUNT FOR YEARS ENDING
Financing.
Because of the difficulties attending the disposal of the crop
by the Sugar Finance Committee, your Corporation found itself at one period
of the season with about 2,400,000 bags of sugar unsold.
In consetiuence
of this, at one time your Corporation was borrowing as much as 518,000 000
by means of acceptances against sugar. That amount has now been reduced to $13,500,000. due Jan. 30 1922, against which there \a now hold by
the trustee for the lenders approximately $3,600,000 in cash and U. S.
certificates of indebtedne.ss, representing the proceeds collected on pledged
sugars sold and shipped. Additional sales already made and awaiting
shipment, as well as cash still to be received from the Sugar Finance Committee will permit a further substantial liquidation of the sugar acceptances
outstanding.
Your Corporation now has unsold approximately 1,100,000 bags.
During June your Corporation was also compelled to increase its other
borrowings to SIO.000.000. due Oct. 1 1922, against various Treasury assets.
All construction and betterment work was suspended and cash was conserved, but in September it became nec&ssary to provide means to prepard
for the 1921-1922 crop and to complete the "Violeta" mill extension,
doubling its capacity.
The 310,000.000 required in addition to the above loans was finally
procured from a group of banks, your directors participating to the extent
of $2,000,000.
Under this plan holders of the !$25, 000,000] 7% lO-Year Convertible
Debentures were invited to subordinate their claims, the interest on such
subordinated bonds being raised lo 8% from July 1 1921 to their maturity;
$17,541,600 Debentures, an amount satisfactory to the bankers, have been
deposited and duly stamped as assenting to the plan. The status of 7%
non-a.ssenting Debentures is left unchanged, the subordination of the
assenting Debentures being exclu.sively for the benefit of the new loan.
Of this new $10,000,000, but $5,000,000 had been availed of up to Jan. 6
1922 {\. 113, p. 1475. 1986, 2619).
Dividend Suspended. Owing to the aforesaid conditions, it became
necessary to suspend payment of the Preferred dividend from and begimiing
with the quarterly payment due on July 1.
V. S. Duty on Cttbu?i Sugar. The calamitous decline in the price of sugar
and the demoralized banking and commercial conditions in the island were
seriously aggravated by the increase in the duty on Cuban .sugar entering
the United Slates, imposed by the U. S. Emergency Tariff Act, which raised
that duty from $1 per 100 lbs. to $1.60.
This increase was necessarily
absorbed by the Cuban producer, to whom it was a severe blow at a moment
of the greatest adversity.
Wages. The wages of the Cuban laborer, although lower than in 1920,
are still above pre-war rates.
Properties Acquired.
The properties referred to in the last annual report,
known as Rodencion and Rio Maximo, have been taken over, consisting of
47.867 acres, together with a lease of the lands of the Alegrias Land Co.,
comprising 28,800 acres, and a long-time lease of 54,467 acres, comprising
the property called Vela.sco. The program for increasing the capacity of
Central Violeta to 500,000 bags will bo completed for operation in "the
Produc'n raw sugar (bags) 3,978.102
3.763.915
4.319.189
3,613,325
Sugar sales
$49, 116. .5795124 ,9.38.996 $80,470,542 $57,443,015
Molasses sales
429.739
435.327
484.415
1,056,772
Otherearnmgs
716.717
948.834
560.369
571,494
—
—
—
—
—
coming crop.
—
Lands. &c. Your Corporation owns in fee 13.133 cabellarias (437,767
acres) of land and holds under lease 9,763 caballerias (325.433 acres) of
land, many of these leases being for long periods.
The total lands owned
and leased, therefore, are 22,896 caballerias (763,200 acres).
Your Corporation now owns and operates for the transportation of its
products and supplies 845 miles of railroad, of which 615 miles are standard
19>0-21.
Total earnings..
Operating expenses
—
—
$93,169,114
—
Renewals. Repairs and Depreciation. As usual (he Corporation has made
adequate expenditures ff)r renewals, extraordinary and ordinary repairs and
changes in the location of machinery, all charged to operating expenses
These charges for the six years ending with the fiscal year just closed are
$28. .539. 700. and for the last fiscal .year $7,633,483.
Reserres.
Your directors have made a charge of $1 ,750,000 for depreciation, making the tolal reserve for that account to date $11,750,000.
The directors have not only valued un.sold sugars at 2140,. c. v% f less
provision for shipping, selling and landing expenses, this being below the
market at Sept. 30, but have also provided out of surplus a reserve of $3 848.723 against further possible lo.ssos resulting from declining raw sugar
prices to IJic. c. & f. per pound.
Physical inventories of materia Is and supplies have been taken, practicallv
no obsolete items being included therein, and a reserve of $3,059 339 has
been created to adjust the value of materials and supplies to the market as
at Sept. 30 1921.
After review of "Advances to Colonos," the reserve for doubtful accounts
has been increased by $602,226, making the present reserve 81,780,531.
Stockholders on Sept. :iO
1917.
1918.
igoQ
1919.
iqpl
Holders of Preferred Stock.. .3.840
4,494
4,880
5 7,55
6246
Holders of Common Stock... 1,843
1,860
2,584
2,204
4.164
Leases.
For convenience of operation the following four Eastern mills
of the Corporation, viz.: Moron, Stewart, Jagucyal and Lugareno were
leased to the Eastern Cuba Sugar Corporation, whose entire capital stock is
owned by the Cuba Cane Sugar Corporation. The Eastern Cuba Sugar
Corporation thus owns the (Central Violeta and through the lease of the
other four plantations operates the entire five Eastern mills.
Rcriew of the Sugar Situation.
In last year's report we outlined the circumstances ihat caused the decline of sugar from 22Mc. to 7c. c. & f which
was the figure the market reached in Sept. -Oct. 1920. The decline continued without any favorable reaction, and when the 1920-21 crop started
in January, prices had gone as low as 3
With the formation of the Sugar Finance Committee, confidence was to a
great extent restored, planters started to grind and prices advanced rapid
from S'Ac. to 4Kc. Under the.se circumstances bankers were more favoi-nbly disposed to make the necessary advances and Cuba made the usual
crop, a crop close to 4,000.000 Ions, perhaps too large for her own interest
Prices fell because of the enormous invisible stocks in the United Stales iri
December 1920. arising out of the importations made during the last half
of that year from Java and other Far Eastern countries because of the
high
prices ruling, also by reason of the increase of nearly .50%in the domestic
beet crop, as compared with the previous crop, and a further slight increase
from Porto Rico. The.se coi;ditions made it impossible for the Sugar Finance Committee lo dlspo.se of the new crop, within the year 1921. especially
as the market in European countries proved limited in view of the
low rate
or exchange, but by keeping prices always low enough, the Committee
rrevcnted a repetition of the large receipts from Far Eastern countries
the Kuropean demand was very limited during the first six months of the
° 'liP Royal Commission on the Sugar Supply not havinc vet disJ'*^'''. )}''.
tributed the balance of its sugars, as well as to the unfortunate
exchange
During the last six months of the
^«,n ,tf„'^",r,°"li''/""^*.'°" generally.
year the dcniand from that quarter improved.
Utitlook.
The statistical situation of .sugar is unfavorabl iJthe Western
Hemisphere alone is taken into account but not unfavorable if the world
at
'
—
—
He
—
.
.$136,899
421,387
67,966
34,525
800,000
2.083 335
.
1,750.000
1,750.000
3. ,500. 000
1,750.000
3.500.000
3,500.000
1.7.50.000
3,500,000
Net surplus or deficit. df20. 722,622
$6,760,800 82.419.3.53
$626,424
$23,473,102 $16,712,303 $14,292,949 $13,666,526
Previous surplus
Balance, surplus
$2.750,4.80 $2.^.473.102 $16,712,303 S14. 292.949
a Includes: (1) Provision for adjustment of \ alu of unsold raw sugar on
hand to 1 He. per lb. c. & f., $3,84 ,724; and (2) adjustment of cost value
of materials and supplies to market value,* $3,059,339.
BALANCE SHEET
SEPT.
30.
1920.
1921.
$93,169,114 $79,587,676
569.000
2.738.231
1.943.224
2.116.027
3.858,438
6,861,153
Assets
Properties, plants, &c
Investments at cost
Cane cultivations
Materials and supplies
Advances
Colonos
•
to
(less
7,318.064
reserve)
Stores and sundry adv
Molasspson hand
Sugar on hand
2.*5.592
246.362
15.297.755
bl. 801. 786
3.432.646
Sugar Finance Committee
Ac;ounts and bills receivable
Cash
2.461.5.54
U. S. Certificates of Indebtedness
Securities for lien redemption, &c
Prepaid insurance, rents, &c
3.007.188
. .538..U3
506.719
223.635
1,024.672
Interest paid in advance
Discount and e.^penses
Total
7,397,947
121,872
105,649
2,687,589
20.328,749
566.643
421,225
1,148',908
...$135,694. 061$124. 081,670
1920.
1921
-
Declared capital
Bills & notes payable
10-year 7% bonds
Drafts outstanding
Accounts payable and accrued charges
Accrued interest
Pref. dividends (payable October)
Liens on properties
Reserved for taxes, &c
x$64.5«.^ .335 $.54,583,335
28.947 .474
25,000 ,000 25 000.000
—
—
538 313
6,880 .992
437 ,500
000
3 .848 724
1.951 494
2.750 480
776,083
23 473,102
5 7.50
Reserved for adjustment in value of unsold sugar. .
Deferred liabilities
Surplus account
2 .457.483
,890.329
437.500
875.000
666.643
2 022,195
10 000,000
11.7.50
Depreciation reserve
$135.694. 061S124.081. 670
b Amount retainable from value of sugar sold to date, x Declared
shares of 7% Cumul. Conv. Pref.
capital: Represented by 500,000
stock, par $100, and 500.000 shares Com. .stock, no par value, add:
Amount transferred f.'om surplus in connection with the authorization of
416.667 additional (Common shares, no par value, such shares being reserved
for the conversion of $25,000,000 of the Corp.'s conv. debenture bonds.
Total
—V. 113,
—
—
$8,016,856
$679,655
from
transferred
su r to declared capital
Depreciation
Preferred dividends
Liabilities—
Total as per balance sheet
30.
1917-18.
1.57 $81,515,326 $59,071,281
$55.603.996$103, 085.705 $69,773,707 $51,054,425
—
Amt.
SEPT.
$50. 263. 0355126.323.
Gross oper. profit.Zoss $5,340,961 $23,237,452 $11,741,619
.$2,917,555 $2,156,584
.5555.810
Deduct
Cuban taxes Real est.. .$296,018
$271 .762
S260.350
Sugar
361.624
649. 8S
335.391
Molasses
66,788
.75,937
Reserve for taxes
Capital stock U. S
63,377
56.019
54.490
Income U. S. & Cuba.
732,800
4,192.283
925,000
Reserve for bad debts
602,226
$40v/.000
Written off to cover dismantling, maoh'y., &c
1,200,000
Sundry adjustments &
charges
a6,908,062
265.227
Interest
gauge and 230 miles are narrow gauge.
Property Account.
Original cost of the 17 plantations, incl. taxes, notary fees, &c.. $48, 983, 297
Additional purchases: Central Stewart, $8,400,000; warehouses,
$159,600; lands, $4,594,305: taxes, notary fees, &c., thereon,
$1.50.004; total, $13,.303,909: lass sale of centrals, lands, machinery, &c., $3,173,904; balance
$10,130 005
Additions, improvements, &c.: 1915-16, $419,734; 1916-17
$5,033,354:
1917-18.
$10,081,364:
1918-19, $4,039,339:
1919-20. $3.4.56.945; 1920-21, $7,867,759; total
30,898,495
Written off to cover dismantling and relocation of machinery.. deb. 1.200, 000
Central Violeta previously carried in investments plus additions during year
3,568,820
Machmery and construction material on hand for extension of
Violeta and other capital purposes
788,497
1918-19.
1919-20.
p. 2823.
International Shoe Co., St. Louis, Mo.
{Summary of Business for Year ending Nov. 30 1921.)
Chairman jaekson Johnson Dec. 21 1921 wrote in subst.:
—
The three sole leather tanneries acquired in the spring from
& Co and tho.se already operated by the coinpan.v are now
capacity, making an average of 7.S')0 sidos of good leather per
day and showing a profit on the basis of the lowest market value for similar
Operations
Kistlcr, I>esh
going at
full
leathers.
During the year oiu" AVestern factories produced slightly more than
21.000,000 pairs of shoes, a gain of 3. .500, 000 pairs or 20% over the proThis gain was accomplished during the last six months of
ceding vear
the year and the output of these factories during Novemoer averaged more
thati 9(1,000 pairs per day, counting six full working days per week.
The W. H McElwain Company, whicli was acquired last May, is now
producing 27,000 pairs per day, compared with 12.000 pairs per day at
We believe that, without increasing equipment, this
date of purchase
unit can make a further gain of 8,000 pairs per day, thus increasing our
Since Mcl-Mwain became a
production to 125,000 paire
average daily
several of its factorit« have oeen repart of the International Shoe Co
arranged and equipped to ni.akc women's, misses' and children's shoes.
Substantial additions to our Paducah. Ky.. and Cape
Additions. <V-c
Girardeau, Mo., factories are under construction, and within 90 days two
new factories one at Sweet Springs, Mo and another at St. Clair, Mo.
These additions should increase our output 10,000
will be in operation.
.
—
—
,
raw materials and finished merch.andise acquired through W. H. Mc.actual value, whichever was
lower, and since, by reason of the aforesaid factory changes, a large part of
the lasts and patterns lor men's and boys' shoes bocame useless, the large
expenditure neces-sary to equip the converted factories with new lasts and
patterns for women's and misses' shoos has been charged off, as have also
all bad and doubtful accounts
Real estate and factory equipment accounts of McElPlant Accou)il
wain Company have b<'cn reduced 55500.000. thus making their baok value
'
.•vil
Elwain Co. have been re-valued at cost or
—
about 82.000.000 less tli.in their appraised value: the cjirospoiidiiig properties of the Western branches are btMng carried at .$4,000,000 less than
their appraised value, so that the combined values of these properties axe
$0,000,000 below their appraised value
now have on hand unfilled orders in exce.ss of
Ut> filled Orders
$38,000,000, assuring capacity operation for all of our plants for at least
five months.
— We
Total Onerations for Fiscal Year Ending Nov. 30 1921 of Intemat. Shoe Co.
[Including' W. H. McElwain Co. and Kistler, I.iesh & Co )
.
Net earnines.
^^-iL'^n'oti
4^o9,24(
Pro^^sion for income and profit ta-ws
on Preferred and $2 per sh. on Com. . 2 ,0()4 ,844
Dividends at the rate of 8
%
Net balance
pas.sed
to"Conimon stock aceouat"
$1,.501, 3.50
.
THE CHRONICLE
Jan. 14 1922.]
A dividend on the I'roforred stock has been declared and set aside for th<caloudar year 1922 and a dividend on the Commou stock has been declared
and sot iisldo for the first six montliH of 1922.
The demand for our shoes continues to increase
Western FacUtries
During the period from Oct. 7 to Dec 10 our Western branches rocoivod
firm orders for 16.944.000 pairs of shoesf representing the production of our
Western factories at the rate of 100,000 pairs per day for 160 worldnK days,
and making It necessary to decline much new business.
Production—Outlook— Out factory production Is now 40% greater than
the dailv average conibiiuxi production of the Eastern and Western facWe have ample capital and confidently look fortories for the year 1020
V. 113, p 2193.
«vard to further increases in business and earnings.
...
—
—
The Fajardo Sugar
Co. of Porto Rico.
{Report for Fiscal Year Ending July 31 1921)
President James Bliss Coombs says in substance:
Though the crop was somewhat smaller than last year, owing to weather
conditions the mill operations have been very satisfactory. The total
cane ground amounted to 309.289 tons. The factory output was 225.285
bags of sugar of 310 pounds net weight of sugar per bag which is equal tj
34 919 net tons of sugar. The total outturn of molasses was 1.580.089 gals.
during 1921 has been very favorable for the 1922 crop nd
expected that next year's output will be at least 40,000 to 42 000
The weather
it is
The financial results have been disappointing. The unprecedented
decline in prices, bringing them below cost of production, has caused a loss
Harvesting and operating expen.ses were matefor the year of $695,392.
rially reduced and it is confidently believed that the company will be able
to meet the low prices which at present prevail, and which are the result
of unusual and temporai-y conditions.
INCOtB ACCOUNT FOR YEARS ENDING JULY
—
July 31 Years
Cane ground, tons.
Sugar output, tons .
Molasses, gals
382.094
309.289
43.034
34.919
2,110,438
1,580.089
Sugar, &c.. produced... $3,362,091 $12,268,337
156,997
Miscellaneous receipts
319,716
Total...
$3,681,806 $12,425,333
Deduct Producing and.
6,634,472
mfg. costs, &c
4,054.441
—
Net Income
1917-18.
295.124
35.818
279.191
31.193
1,584,141
1,549.401
$4,532,427
168,897
$4,366,671
226.982
$4,701,324
3,841,421
3.591.184
$859.90^
79.239
144.199
165,431
$1,002,468
79.243
lossS695.392
taxes
$5,456,918
$471,033
$665,425
of prior years
— Total All Companies —
Total gross revenue
Operating oxpoases
.
Taxes
.
103.4,53
154.349
5.')2.753
.
10. 201. .540
4.181.,5()3
2,095,313
960,000
...
...
Taxes
Total oper. expenses and taxes.
Gross corporate Income
Interest. &c., charges
Renewal and replacement reserve
& Pow.
Co.
— Memphis
1919.
S
4.577.3.55
3.0.50.540
332. .542
BALANCE SHEET JULY
1921.
—
1920.
Aiseu
S
Property 4 plant. b3 .397,710
Llveetk. <t equip, b 716.689
Inv«(t. at ooet... a 198.000
Growing cane
66.5.125
Materials *8iip..
444.759
Mtgee and loant.
2)0.370
Planters' accts...
224.341
Baw sugar on h'd
696.236
Accounts
rcc.
sugar sold
MIec.
accts.
(or
497,565
c
Demand
loans
U. 8. Treas. serts.
Cash
Accounts (aot
current)
74.054
66.122
Deferred charges.
Total
I
I
1921.
S
5,760,100
1,000
1920.
S
5,760.100
1.000
47,993
118,835
270.020
399.102
32.4.53
588,655
60.967 Surplus
1,313,643
71.994
620.776
430.632
1,676,615
Ins., &c., res
138.096
67.879
2 .000.000
600.000
113.521
$331,703
31.
Liabilities—
S
3,168.645 Capital stock
6.'M.562 Fajardo Dev. stk.
109.800 Bang overdraft..
779.662 Planter; accts
483.737 Accts. payable
75.782 Res. for Inc. &
163.744
prof, taxes
1,750,044 L. W. & P. Armstrong
2,467,734 Dividends pay
aod
bills rec
Int. rec
Acer.
$137,258
$1,733,037
df/il. 752.091
342.149
3,428,708
500,000
5,626,717
3,7.58,479
Total
10,009.467 10.854.313
267,118
somewhat belated summary
of the results for the
calendar year 1920 is pertinent.
Pres. F. T. Homer, .Jersey City,
March 1, wrote in subst.:
Income --The Income of the American Cities Co. proper was derived
almost exclusively from operating wjntracts with certain of the constituent
companies, no dividends having been derlared
9"'!^^'^^^ tendency towards still higher operating ratios continued
<
into 1920, but we believe there is now more of a disposition to rocognl/o
the needs of the utilities and U> permit rates calculated Ui yield a rcasoiiahlo
return on Investment
The very high ratio of operating expense in 1920 Is
In part due to a strike in New (Orleans in .July, and in part u. the very high
cost of fuel which prevailed throughout the country in the fall
/J/j/es
Following is a summary of the Increasefl raUs which have boon
—
allowefl our (»nHtltuenl coinpanii« in the past few years:
« ^P 1918. ^'''"^ .Street railway faro was IncrciiscKl from 6 to 6 centw In
Oct, /^Vc" and from H U> H rents In Oct 1920: the ordinance authorizing
t&Utlaat meiitionexl incroaie cr^verMl a period of only 6 nioiiMis. hut negotiation* looking U) a permanent settlement of the alf-ilrs of the N<;w Orlians
company have recently l,<:<,n undiTlakr:n. and It Is hoped that a continuation
of the «-c<!nl faro will he permitted until some agnjement Is reached
In Oct. 1918 .{0% increase In gas and electricity rates also went InU) effect.
(2) nirminoh/irn - .Street railway fare was Inwejised from 5 to 6 r<,-nt9 In
oei't 1919 and from (J u, 7 n-ntn In .Jan 1921
An arrangement h;i'i now he.m made with the Hloss-.Sheffleld Steel & Iron
.' """ "'' *'y-P'"'xhict gas from the laltcr's neighboring e:oko ovens
id"-.
1
In supplrlng gan u> the public
—
T.
-Street railway fare wils
^.TP''''''
,'.;"!'' '" ^'"^
i^r^ or 10 tickets for
•»«?
'
(;.';
lnfTe^ifle<l
'"'J" "''^ "K'''" lnrre;uied
ri;,l»
to 6 cent* In
from
to a basis of 7 cents
,"5
'>P'""'>'-lng under a Hervlc(!-a^coHt
» T^? uhllc
ana l '.''n"^,'i",^. '? (;omini.s«i<,n of Tennessee which order' of the Uallroad
i;tlllth«
provides for a return
'^ ^'^'% '>n a valuation .f .$11,861,031 as of .July I 191!)
%l. r'^J'.P,/''
,'/" """l"''" "'*'' not been re.ili/fd. hut the company In aiith.,ii/ed
.
/
M> include In cmt of servhe. i„i4-nv.> on hfi
amount which It falls Hliort,
until such shortage Is made grK;d out of fiitiire op<-rail<.n
(4) Utile /foe* -.Street ry fare w.n in'Ti^ased from r, to tl etfl In June 1020
I
I
KnnjKille- In 1918 an bKTea.se of
In tmsic rates for electricity
aiilhorlzfKl by the rnunl<li)al authorities
No Incrense In street railway
" "" '^'"' "''^" f»"'' '"'^ erfcrt. hut a rompj.-lo v.iliiatlon of the firopert
I. ,
y
"'"'''"'""""•' '-" th(! Itk ;.ii<l (• i; C'ominiKKl.pii. and Iti's
llr.'V*'.'J."''''f""'''''
nope<i t,hat an inrre;iKe In the rat.; of fare will
he authorized Hhortly.
25%
(5)
was
Br^'?o/""»"J'..
'""."''"""'•'
"
"'•'•'«'
American CItlwi Co. ownH
M%
'*,"'J «4
naniL^»".l.Ii?1 '.'^''''T.'i''
panies named Id the following tables:
1,828,998
852,438
576,231
228,531
462.377
421,250
2,447,553
894,600
540.590
230,237
82,299 def.124.741
Taxes
142,897
Uncollectibles
5,7.50
Oper. exp. &taxe.s. 1.353, 120
Gross Corp. income.. 630,090
Int., &c., charges.. _
293.088
Renewal &repl. res.. 303.262
123,831
Knozv. Ry.
&
47,676
* Pow
U.
122,023
7.200
113,182
1.200
74,451
1,1.53, .525
1,090,955
543,133
243.340
289,871
58S.303
247,008
121.648
880.0S7
510.011
252.022
166.998
102.678
86.649
895.475
090.022
890,677
410,934
124,301
108.786
600
1,200
2.50,978
133.001
39,138
6,921
219,646
90,389
305, .582
177.846
gross earnings from all sources of the constituent companies
has increased from $6,597,807 In 1902 to $12,642,269 in 1910 and $26,856,881 in 1920. while the ratios of operating expenses and renewal and replacement reserves to gross earnings were In 1920 66 5% and 8 3%, respectivelr:
in 1915. 51 8% and 32%, and in 1911 504% and 18%.
The annual
—
Ratios of Operating Expenses and Reserves to Gross Earnings
Per Cent.
1920.
1919.
1918.
1917.
1916.
1915.
1914.
1913.
1912.
74.80
69.80
64.07
57.68
55.71
55.02
52.72
53.67
51.64
COMPANY'S INCOME STATEMENT FOR CALENDAR YEARS.
Dividends received on stocks owned
Interest on securities owned
1919.
$16,900
20,130
127. .590
4
106, .505
11,228
6.778
Total income..
175.848
Operating expenses and taxes.. 87.1.53
Interest on notes and accts. payable
11.788
Amort, of debt discount
Interest on Coll. Trust gold bonds
477,000
162.3t)6
Interest on debenture notes
Res. against amts. due from sub. cos
16.900
1918.
$139,545
50,670
28,408
$16,900
17,489
$147,676
Interest on notes receivable
Interest in bank balances
Service contracts with subsidiary cos
Engineering servies,&c
Deductions
12,190
2/, 724
$622,492
224,948
39,586
45.000
470.2,50
4,50.000
162,201
180,000
$608,269
—
Net deficit for period
1,506
291..527
110,836
$317,042
83, .581
...$.579,359
INCOME STATEMENT OF SUBSIDIARIES FOR CALENDAR YEARS
Gross corporate inc.. $4,501,616
Fixed charges and miscel. 4,3.59,596
Net
— V. corporate income.
114. p. 76.
of the
Common
In the aggiegnto
»U,ck« of the com-
$4,849,685
$4,537,112
4, '98.313
$4, '48,892
$5,524,446
Si, 895 .499
$651,342
$488,220
$1,628,947
5142,020
Libbey-Owens Sheet Glass
Company, New York.
{Annual Report for Year ending Dec. 31 1920.)
In view of the proposition outlined last week (p. 74) to reorganize the company as the National Light & Power Co.,
with sale of control
to Eleotrie Bond & Share Co., the
^'^
$
Co. Honston Lt.
1920.
1919.
1920.
1919.
1920.
1919.
$
S
$
$
S
S
Total gross revenueS.l,9S9, 210 1.696.658 1.685.268 1.396.098 1.586.097 1.301.612
982,582
Operating expenses. .1,204, 472 1,023,701
804,430
792.790
803,428
Less reserve for depreciation,
following
1919.
1920.
1919.
1918.
1917.
$26,856,881 $22,978,738 $18,111,806 $16,670,444
17,866,399 14,266„526 11,180,806
8,880,936
Taxes
2,244,-361
1,775,047
1,9.52, .587
1..574,418
Renewals, reserves, &C-. 2,244,505
2,087,480
441. .301
690.644
77.074
Cities
Co.—
.
8,727
3.397.811
1,179,544
883.035
Little Rk.Rv.<& El. Co.
e Less reserve for doubtful Items. -V. 113 p. 188.
American
749,843
St.
2,681,436
1,651,212
177.786
4,150,023
1,476,693
932,017
Surplus
a Includes $100,000 par value Insular Government bonds at cost. $98,000.
b
7,916,700
3,408,876
2,099,032
560,000
Operating revenue
Operating expenses
565,663
10.009.467 10.854.313
.
1920.
S
3.342,213
2,180,434
1920,
Balance surplus
11.325,576
6,927,206
980,994
8,500
953,935 def.629,479
Ry., Ll.
383.575
7,968
Uncollectibles
2,425.8.33
1,775,438
1920.
S
Total gross revenue
Operating expenses
S
12.627,374
8.9t7,633
1.234,907
19.000
142,019
Blm.
1919.
16.057.800
6.910.937
33,918
Co.
<t lA.
1920.
%
22.978.737
14,260.525
1.775,016
26,227
Total oper, exp. and taxes
20,144,678
Gro.ss corporate Income
6,712,202
Interest, &c., charges
4,359.590
and replacement reserve 2. 210, .587
Renewal
Surplus
New Orleans Ry.
1919.
%
2,244,3f>l
Uncollectibles
$3,723,880 (10)333,775 (10)333,720
503 946
-
1920.
S
26,856.880
17,866.398
S'lrphis
$5,790,861
83.614
75.434
174,895
Dividends declared
COMPARATIVE INCOME STATEMENT OF CONSTITUENT COMPANIES 12 MONTHS ENDED DEC. 31 1920 AND 1919.
$4,593,650
lo6s$372.635
88.457
63.724
170.576
Prov. for replacements..
Interest paid
Depreciation
Net profit
Income and profit
31.
1918-19.
1919-20.
1920-21.
195
Report — Year
Annual
ended Sept. 30 1921.)
E. D. Libbey, Toledo, Dec. 14, wroto in substance:
{4th
Pres.
Co., Toledo, O.
—
Ext<msion of Plant.
The addition to the factory completed during the
preceding fiscal year, more than doubled ou'- capacity, and f >rms one of
the largest and best equipped sheet glass factories In the world.
Operation.
During the past .year the f.ictory has been operated at rom
33% to 90% of its capacity. Late in 1920 the decreasing demand for gl.-iss.
due principally to the business depression, led us to reduce operations to
33% of capacity, but within a few months the demand very considerably
Increased and the percentage of operation was therefore Increased until at
Sept. 30 1921 the factory w.as being operated at 90"^ of capacity.
Prices.
Effective April 1 1921, a substantial reduction In prices was
made, by which I feel lliat the company has done Its part toward the
readju.stment of prices to a normal basis.
Fiscal Results.
Net earnings of the company for tho year, after adjustment of Inventories down to prevailing market prices, and after deducting
reserves for depreciation. Federal taxes, repairs, doubtful accounts ana
various .contingencies, wore $1,110,726.
Our enlarged facilities have required Larger working capital. This roOMlremont alone li;is absorbed over $250,000, and wo believe will absorb a
further amount <Iuring the coming year.
The completion of the extentlon to tho Charleston plant, together with
the very largo payments made to the (Joveriwnent on ac<'i>unt of taxes, the
liicrc-ased requirements for working capital and InveMtmeiit'i In the stocU of
Hiibsldiary and allied compaiieswero met withoutadditlonal rinani-ing. This
compelled us. howev(>r. to bfirrow something over S .000.001) from the brinks
at the peak of the load.
Subst.antial rednctinns h.ive ;ilre;i<ly heen iickIh in
these loans and we expect, tx^fore the close of the present iMlmidar yeur. to
make still fnrthtsr reduclioiiK. Our cash position has rapidly Improved and
—
—
—
1
Is
now
Hatisfactory.
.
.
^
.
IHvlitimh.
<;ash dividends have been paid on the I'ref. slock dunnat
the year In the amount of S350.000. of which $ HO. 000 wa-; for the currnnli
A ritorU
ye.ir arui $210,000 for dividends In .arrears.
aggregatimg $1,000,000 par value, was paid on tho
IXH-. 31
1920.
illvldeiid of 25%.
sto.-k on
coiiiiiioii
J
Machlius. —tho now 84-Inch machine has been placed In operation and
produces In the same time 16% more ghi'W th.iii do tho 7J-liich ni:ichln«N
already In operation, with no Increiivo In labnr or nverlieiiil.
I'titrnl.i.
Our control over the Colhiirn process of drawing Mhoot glam Is
now iin(|uest limed, tho existing Interference proceedings having been determined III our favor. S.nerul n.w p.ili'uis li..vi' lieen i/:\m<-I '.. .|- .luring
the year for ImiirovemiMitN on Ihem.achliii's and also for inettiodH of drawing
Nheet
gl.'iHH
In
.
.i
contlMiioiiH vertlcjil sheet.
.
Tho Ciiimdlan-Llbliey-OwenH Hlieet
l.lrniHfr.a unit Alltrit Ciiiiiimnim.
OlaMx fJd., Ltd,, (if Ih'imiltoii. Out., begun openit Ioiim Nov. 3 1921. and
Hhonld afford your company Hiihstantlal returns finni Its InveMtment In the
Hl-ocl( of that company, as well a<i tho rovullleH on Its nriHlilctlon.
Nf^gotlatloim tow.iid the rnriimllon of tho raclflc-Llbboy-Owons Hhnet
OlasN <;ii. were dlM<-oiitlnU<Hl
The Amerl :-an-.lapaii HlH'i't Olimi f'o., Ui which we suld our .lapaiMMTi
patents for cash anil iiiiiimon hIo<-Ii iiiirurtuiialiOy wnt (•impiilleil t.n borrow
money from the banks t,o complete Its factory and to supiily worUliig capital,
and alniiMt lmine(llat«ily afMT It conimoiiced operutloiui In tho fall of 1920. A
.
THE CHRONICLE
196
business depression of very serious proportions began to be felt in Japan.
Negotiations are now in prosjress for the proper financing of the company.
Wiion this is a/<^(;f>nlplishe(l wo feiil that its prospfirity is assured.
On May 1 1921 in pursuance of the contract with the Mutuelle Mobilicro
et Immobiliore of I?rus,sels, there was incorporated at lirussols a Belgian
company, the "<'ompaqcriie Internationale puor la Fabrication Mecanique
du Verro (l»rocodes l.ihbev-f)wens)". with capital of l<Ys. 21.000.000 of 8%
Prcf. stock, and Krs. .Sfi.OOO.OOO capital stodc; jlar value of all shares. Frs.
Tim factory site is within 1 i mil<?s of Moll a flourishing: country
.500 each.
town of 12.000 inhabitants. The buildings for the first unit of one furnace
and two machines must be completed bv .Ian. 1 1022. for the second unit on
March 31, and for tJie third on May 31 1022. It is expected to have the
first unit in operation by Aug. 1 1922.
Definite negotiations are now under
way for the installation of ma<;hines in France, tJermanj' and Czechoslovakia.
The Belgian glass industry has passed through one of the most severe
(Conditions have gradually improved, owing mainly
crises in its history.
The domesti.^ demand is also improving, and on
to largo orders for export.
Nov. 1, 14 furnaces wore in operation in Belgium.
Negotiations for the ere.'-tion of a factory in Louisiana resulted during the
year in the incorporation of the United Stales Sheet i% Window Glass Co.. 51
of the common stock of which was pm-chased and is now held by your company. A license was granted to this company for the use of six of our
machines. The new factory located near Shreveport, La., should be in
operation early next summer.
,
'
INCOME ACCOUNT FOR YEARS ENDING SEPTEMBER
exp_..
Balance, surplus
1919-20.
$4,789,723
8904.200
56.3.08.')
.322.621
2.225.000
185,000
$2,001,638
.$396,586
X Including contingencies.
[An initial dividend of 2% was paid .Tan 10 1922 on the outstanding
mon stock, par $25, to holders of record Dec. 31.]
.
BALANCE SHEET SEPTEMBER
1921.
3
4.673,251
—
Assets
Plant, Ac
Employees' houses
Casli
1920.
160, .381
.521,003
Acc'ts & notes rccInvontorles
U.S. obllRatlons-,
311.181
1.646,674
53,729
Misc. acc'ts rccelv.
and advances-.Inv. In allied cos.
Patents (deprec'»
114,961
595,879
book value)
Deferred OBsets
Total
2,797,142
22.448
Com-
1920.
1921.
—
Total
S
2.000,000
4,000,000
479,592
40,004
(Reporlfor Fiscal Year Ending Dec. 81 1921.)
President E. T. Nichols, Jan. 10 1922, ^\Tote in substance:
In March the Chicago Burlinttton & Quincy RR C:) p.aid a stock
dividend of ab,>iit 54%. Your company has received its quota of thi
stock dividend, ,S099 chares and $84 93 scrip, and has bought $15 07 scrip
Your total holdii,;; of this stock is
to even the holding to SlOO .shares
now 23.063 shar<!s. The cost upon the books romaii;s he .--.amo, esc?-pf
The Chicago
for an addition of $22 60, the co.st of the .scrip purchased
Burlingtcm & Quin^-.v RR Co has paid during the fiscal year the foUowng
dividends: March 25, 2%; Juno 25, 5%; Dec. 27, 5%; Dec. 27, 15%
additional dividetid.
The Crow's Nest Pass Coal Comjjany h.as paid duri:ig the year its regular
The iilgh rate of discount prevailing during ths year ia
dividend of 6'/;.
the United St.ites on Canadian funds (in which thsso dividends are p:iid)
has result<!d in .somewhat .smaller n:!t roliirns on thi.? investtneat
'Th
business of the Coal Comixiiiy during the year has Been .satisfactory, and
has not b.'on int<Tfered with by .serious s'.ri'^es or mine accidents, and its
outlook is sntisfactory.
The amount of the company's income during the year has warranted,
in the judgment of your directcrs, a larger distribution to stoe'ihold r;
A regular dividend of 4%,
than is custom;iry at this time of the year
and an extra dividend of 6% have been declared bj- j'our directors, payable
on this dale.
I
•
Total receipts
Taxes
s
.
."Vdministration expenses
Interest on loans, &C
Dividends
Loss on securities
1920
17,921
DEC.
31
18.126
12,804
6,258
stock ..
Pref. n. c. stock..
4, 91 1, .'-.54,0%
IH M. deb.
85,543
stock
I.lOO.SHl.icrountE.
pay..
1.090.634
wa?es, etc.
6;!6.3U Bank loans (sec).
b4.908,603
I S3. 858
&
accts. rcc.
.521,031
683,267
.shares of
Res. for
278,930
28,043
.
.Auth')ri;:ed
7,276,100
383,692
402,365
809,298
85i99i
i^nadl. clalnu:
44,315
94.951
48,5.58
Deb. Sinking Fd.
15,705 Reserve fund
Surplus.
ins.,
Ac
83,190
84.914
&
taxe.'S
1920.
S
1,598,900
3,877,800
780 ,099
a
Dividend payable
240,142
Unexpired
taxes,
711,1.57
em pi,
stock
1921.
8
1,598,900
3.877,800
Common
MateriaLs & sup..
Govt. & other inv.
Subs. Co. loans &
Bills
30.
LlabUUte.s—
.$
good-
Cash
24,279
700,000
144,855
700,000
55,523
Total..
7,276,100 8,119 330
Less $2.1, 19^ redeemed through si.iking fund.
dcprociatioa and relaizations to date.
8,119,.330
.Sl.-JO'),!)').!
— b Plus addioi
V 113, p 2018
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
—
General Railroad and Electric Railways Ne'ws. The
following table summarizes recent railroad and electric railway news of a more or less general character, full details
concerning which are commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
Large Equipment Orders. Union Pacific RR. has ordered 4,500 freight
cars to be constructed as follows: 1.000 American Car & Foundry Co.,
1.000 Pullman Co., 1,000 General Americin Car Co., 1,000 Mt. Vernon
Car Co. and 500 Standard Car Co. (Boston "Times Bureau Jan. 11, p. 9.)
—
Central has placed orders for 2,000 freight cars, viz.: with Haskell
& Barker, 700: American Car & Foundry, 500; Western Steel Car, 400; and
Standard Steel Car, 400. "Boston News Bureau" Jan. 12, p. 2. \-i
See orders of Pennsylvania RR. and Chicago Burlington & Quincy in
last week's "Chronicle," p. 81, fir.st paragraph, under "General Industrial
and Public Utility News."
Special Excise Tax of North Dakota on Inter-State Railroads, Based on Mile"Times"
age ivithin the State Declared Invalid by U. S. Supreme Court.
Jan. 10, p. 7.
Install Automatic Train Control
Commerce Commission Orders 49 Roods to
Devices.
"Times" Jan. 12. p. 19. See "Current Events".
Calls carriers and unions
Secretary Hoover Starts Move to Bar Rail Strikes.
See "Current
into conferences in effort to avert possible controversies.
Events" and "Times" Jan. 11. p. 28.
RR. Case Ordered Reargued. The U. S.
Southern Pacific-Central Pacific
Supreme Court' has ordered reargument on March 13 of the Federal suit
involving control of Central Pacific RR. by Southern Pacific Co.
Labor Board Considers Many Disputes Concerning Pay of Clerks. Filial
"Times" Jan. 11. p. 33, and "Wall Street
decision looked for by Feb. 1.
Journal" Jan. 11, p. 7.
See "Current Events" and "Tunes
Ousts More Interlocking Directors.
Jan. 10, p. 26.
„
.
^
President Willard. of B. & 0. RR., Says General Rate Cuts Are Impossible
Now, But Will Come Eventually. Stable credit first need. Other rail executives testify.
"Times" Jan. 12, p. 19.
Reports to I.-S. C. Commission
Railroad Earnings Drop in November.
bv 200 of the 203 Class I. roads show total net operating income of $65,985,382. or $39,488,000 less than in October, but exceeding November 1920
by $15,130,000. Total of $561,411,608 for 11 months is 3.3% per annum
on valuation. -"Times" Jan. 11, p. 33.
„
^ ,
xv
Nvlcwoniiy Annual (1921) Articlisia Ry. Age oiJan ,.— (a) Worst
(c)
(b) Greatest traffic slump, p. 3.
railway year in history (F.d.) p. 1.
so. Pac.
How to better railroad conditions, J. Kruttschnitt, ChairmanWalker, Co..
P;. 21
(d) Ree-ulation of .•securities under Sec. 2m, Rol«rts
p.
to
(e) I. C. C. re'iulatioii of seciu-ity issues. Jlarold F. Lane, p. 2/
to
csts. W. S. Lacher and C. B.
30
(f) Railroads profit from lower material
P f'l (g) 18 articles on foreign railways. Canadian, Mexican. English
Indian,
French. Italian, Swiss. Russian Soviet German, Chinese, Japanese.
Australian. South African, &c., p. 70 to 117.
i„„
H.Parmclce. ^ tit
a. I'armcice. P; 117
Julius tt t.^
p. ii/
lalvsis
(h) Analysis of railway statistits for 1921. by
Locomotive market, freight cx»r and passenger car Ptu-cha.ses
(i) '
to 123
(k) Receiver(j) IMviderd changes, p. l.U.
121 P 124 to 132.
during 192
ines alnindoned
(1> Railway
.ships and forecloswe .^...v,.,. p. *«. to 136.
1 lum^u.^mc sales, ,,. 134 — ..,.-,„.,,
"i <n .« ^KA
149 to lo4^
(m) New construction in 1921, p.
during 1921, p. 147.
Official
Business Slott) on Western Railroads.— Ught. traffic on all lines,
.Pand place equipment orders. ''Po-st Jan. 1« railroad workers
optimistic
1^;
Cuban li'-l Snkr off -.\t .!ie re laesi of the G;iver,ime.ii,
have agr-'ed to pustpone their ihreaie:'cd strike, pending a move to reduce
.'.I'l
" Fi
.\mer
9. p. 12^
(he propi-ed wa^e cut
New York Cilu Transit and Elevated Matters.— S^ee daily papers.
.—ttlunlcipal
Craio Cluir:..r PInvs All t'uhlic UUHU'S aider Cily Co«i;o/
with
As-eaibly would supersede Transit and Public Servico commissions,
Illinois
—
1918
.$248,779
8„538
12,634
2,i41
316,304 (7%)276,766(7%)276,766(6H)25b.997
2.89'i
—
—
—
—
,
—
—
.
—
,
,
.
^
'
:
1919
$288,297
15,739
12,789
3,149
.S289.498
&
will
SEPT.
1920.
build.,
est.,
mach.
1921.
$
—
Northern Securities Co, N. Y.
1921
x.$778,472
17.736
I3.S52
Real
BALANCE SHEET
—
,
"
2,275,000
51,333
2,090,526
10,796,649 10,936,455
INCOME ACCOUNT, YEARS ENDING
.is sets
)ns. less
30.
Liabilities
S
$
4,216.590 Preferred stook
2,000,000
,-)<»,940 (;omnion stock...
4,999.275
946,671 Notes payable
1,100,000
340.218 Accounts payable.
279,352
645,060 Taxes, interett and
insurance
56,077
26,419
Lons term
notes
714,176
payable
250,000
677,980 R(!.uerve for taxes
& contingencies. 728,535
3,258,642 Reserve for repairs
40,000
1,373,069
20,495 Surplus
10,796.64<) 10,936,455
The income account for th^ fiscal year ending Sept. 30 1921
with comparative figures, was published in V. 113. p. 2618.
a
$1,711,412
500,686
xlOO.OOO
improvement in business conditions
th(! fiscal year lust closed we noveragain r.^duced during the winter' months of
a slight
the present year
Total
$1,110,726
&
we found
two or three months of
tlie last
fh.'Iess e.'cpe.-f op;<ratio:is to b:;
30.
1018-19.
1920-21.
Total income
misc.
Selling, admin., oxpor'l
Reserve for taxes (es-timated)
Outlook —-Wh\\3
during
.
%
[Vol. 114.
<
.
,
.
.$412,6.59 def.$24,456 def $20,146 def.$34,427
Balance, sur or d^-f...
X Total receipts in 1921 include dividends from C B & Q RR $605,501
di\idon
vidonds from Crow's Nest t'as,s Co. (as in .\ear 1920) (6%). $105,312;
and interest .$6,659. against $4,482 in 1920
,
n.\I.ANCE
Assets
1921.
S
—
Cost of charter.
S85.04S
Cash.
C. B. & Q. stock.
Crow's Neat Paei!
474,7.50
2,858,810
Co
SHEET DEC
31
i
1920.
S
1921.
1920.
S
<¥
S85,04S Cupltnl stock
$3,954,000 83,954,000
77,176 Dividends unpaid
356
311
2,858,788 Balance surplus..
3,320,834 2,908,200
3,741,166
3,741,166
115,0.38
100,000
U.S. Cert, of Ind.
378
333
Total, each side $7,275,190 $6,862,511
SuBpensc aoct. *o
The Coini^my on Dec 31 1921 owned of C B & Q RR. stock
Note
23,063 shares of SUM) each .shown in balance sheet as $2,858,810: and iti
1920 owned 14,9()3 shares of $100 each also shown in balance sheet as
\ slock dividend of 54 132% was paid by the
B. & Q
$2,858,788
1921
IX) stockliolders of record March 31
The company also owned on Dec 31 1921 of the Crow's Nest Pass Coal
Co stock 27.552 shares of $100 each, carried in balance .sheet at .$3,741 ,166
The last nanu-d company, locat<id in Fernie, B.C., has an authorized capital
113 p. 2623.
of $10,000,000 and sub.scribed capital of $0,212,667
Coal
—
C
—V.
Canada Iron Foundries,
—
Nov.
"Times" Jan U. p 1-.
richt to'fix r.Ues and fires
between PhitadclConslrvclion S:ar:ed -Inn 6 on Bndo" '•""• Delaware River
span
be ready by 192(;: 1 «2 miles.in engai,
phia and Camden
mam
-To
1
7,50 ft
,
ma.vimum width 125K.ft
K.stimated cost
is
S28,S.
1
.0(Kr
—
North ^^'>sl(rnHyEflex!edJanll922
R,-<,rgnni-ation of London
"Railw-av Ca-ette" of London, Dec 23, p 9o0, 9ol 956 to 958 9,6. anit wa.s
Further RcduVions in English Railwnii Rales —On pec-, 20
make
nounced that the lOnglish and Welsh r,iilw..y companies had decided to
<'i
,
carriage of coal
reductions, efi>cLi\ e from Ja!i 1 1922 i:. the rates for the
used tor >ron and
iron and seel, limestone f >r chemical worlis ami limestone
The reductions effected are from I00<^i increase to /5%
s\?cl making
1920, and from the present
incre.-"e in the bru-e rates in oper:ition on Jan.
addition of 4s per ton,
flat rate of tki pi r 'on to 4<l per ton. the maxinnim
The railway manager.s say fiey have
where applicable, being retained
to such a resuscitation
,arran,-ed the reductions in the hope that it will lead
Kaihray G.azctte of
of rale and industry as will justify their action
"Times Jan. 9^ P 26.
London, Dec 23, p 917, 948, 974: N.
Jan. a, p. •
ShanlMifl Rli Deadlock —"Times" Jan. 7. p. 1; Jan .8, p. 1/,
M
•
Y
Ltd.
(Report for the Fiscal Year Ending Sept. 30 1921)
Pres. V. J. HiiRlies, Montreal,
"
10,
^'^Rul^hnR^il'Ert^i^I^./
Obiomicvsk-,.
Here
to
Seek Protection of Chinese
wrote in subst.:
The general depression throughout Canada has been reflected
Results
in our total .sales, which fell much below those of th(> previous year, both
in value and in tonnage, and the per.vnlag<! of profit was reduced.
The
period betwtx-n January and May. in particular, showed a very marked
decrease and led to ail the plants being shut down for various periods.
The profit and loss a»'count. after providing for depreciation, debenture
charges, and for prt^ference dividends amoiinting to 4%, shows a b:ilance
of .$55,523 as against a balan-:e last year of $144,855
IvmilDni
.\s hert>tofoi-«\ we show inventories of raw materials and
fmished product-s at actu.al cost. At Sept. 30 1921 inventories at- the thrive
eastern plants. Three Rivers. St Thom.as and Hamilton, had bean greatly
reduced
Mat*,>rials bought above current prices had been consumed or
disposed of and tJie loss tiiereon charged in tne cost of maiuifacture.
The
difference between cost and market values at the end of the year lay. for
special reasons, almost entirely at ths Fort William i)lant
The woodworking and cleaning shops and pattern warehouse at St
Thomas plant, destroye<J by fire, have been replaced and enlarged, along
—
with the enlargement "of the casting foundry. The fire loss was adjusted
at $111,164
(^ver and above this amount, there was spent on this plant
$45,105.
In general additions and improvements to the other plants
theiv was spent, during the year. $147,454.
with 727,003 cars
during the week ending Dec. 24 was 665,927, compared
compa.ed with
previous week. This was an increase of 17.521 cars
the
with 1919.
.,
,,
,
1920, but a reduction of 18.857 cars compared
Coal
as
Changes as compared with tlie week before were iu JoUoavs.
1920) grain and
(but 42,335 cars less than
1 3,5 ,852"caTsT increase 1,010
"'vethan 1920). live
-.-„- (but 7,539 more „ao-i coke 7,140
grain products 36.793, decrease 10,590 ^
-^i
^
last year)
^
stock 22.958, decrease 10.903 (but 2.340 more than
rars deo-ease of 5; ore 5.489. decrease 46: forest produ?ts V^'SlS- ?,®?^?^,^f
merchandise and miscellaneous
3 17'> (but 7,000 cars more than 1320):
decrease 3<,3,0.
freight (incl. manufactured products) 412.177,
Freight.
Total Number of Cars Loaded with Revenue
Total Year
Weekly AverageWeeks ended
to Date.
Dec. 24. Dec. 17. Dec.^0lstQuar.2dQuar. 41,769,748
665, •.)27 727,003 742.926 693,29;
'.il'J'^t
1921
44,505,196
1920
648 406 802,271 837.953 817.601 834,488 41,206.700
i9i9:::::ii-i684,784 8O6.734 761,940 704.030 761,511
freight cars idle Dec .31
Idle Cars Further Increased.— The. total number of
an increase of 66 302
totaled 618.675, compared with 552,373 on Dec. 23 .or
the remain
Of the total Dec. 31 470,516 were .serviceable ffcightrai^whle
Dec. 31 t«taiea i Ji
ing 148,1.59 were in need of repairs. Surplus box cars
^
,
,
—
1
THE CHRONICLE
Jan. 14 1922.]
707 an Increaso of 34,012 sinfo Pec. 23, while surplus coal cars numbersed
The uumoer of
2''l!61(. an inortvuso of 24.382 within the same period.
surplus stock cars incrcjisod 3.128.
Dec. 31.
Idle Cars on or about First of Mouth, o?? April 8 (Peak) and on
Si^pl.
Jan.
Aufi.Anr.H.
Oct.
Dec. .\or.
/)«•. 31.
Tn Thousands.
19S
241',
2S3
SO
321
,507
172
471
Good order
M8 172 184 203 221 227 IH freight
Badonler
revenue
Cars Loaded. The total number of cars loaded with
totaled .531 034 cars durin'.r live week ending Dec. 31 compared with 66.5,927
This w.is a decrease of 71,334 cars, compared with
cars the previous week.
1920, and SI, "07 cars b^low that for 1919.
Changes as compareil with the weoK before weve as follows: Live stock.
24 567 cars increase 1,(509 cars (692 cars more than in 1920 but 9,148 Icjs
than in 1919^ merchandise and miscellaneous freight (incl. minufacturod
prodnct.s) .328 017 cars. lUvreyse 84.100 (but an incre-ise of 510 cars over
1920V coal 105 662, decre-i.se 30,190 (and 60. .'^Oo cirs le.ss than in 1920);
prain'and sn-ain products, 30,075, decrease 6,718 ;b;it 1.302 cars more than
in 1920); forest pKoducts, 31,406, decre:iso 14,112; ore, 4,883, decrease 006;
coke, 6,421, decre.ase 716.
Total Xt/mhcr of Cars Traded with Revenue Frvi'jht.
Total Yi-ar
Weekly ArcragcWeeks ended
to Date.
Dec.17. Is' Qiiar. '2i Qunr.
De.r.2\.
Dec 31
727.003 693,297 744,154 42,300,782
665.92
...,531.0,34
1921-..
602,368 6^8,406 802,271 817.601 834,488 45.10^,564
1920...
806.734 704,035 761,511 41,819,441
;..612,741 684.78
1919...
(a)
Matters Covered in "Chronicle" of Jan. 7..—(a) Railroad efficiency: Past
" \tlantic Monthly," Mr. Julius Knnt.'-chnitt, Chairman
and Present
Speyer urges checking hostility to
(b) James
Southern Pacific, P- 12.
(c) Transportation Act hearings, statements by members
railroads p 30.
(d) Railroad situation reviewed by T. De
I S C commission, p. 30.
of
Witt Cuyler, p. 31. (e) Transportation .^ct Conference Senator La
(f) Sacrifice of New York City Traction bonds,
Follette's charges, x>. 31.
deprecated by William Carnegie Ewen, p. 32.
—
,
—
•
—
—
— Extension. —
Alaska Anthracite Railroad.
The I. S. C. Commission, Dec. 31, authorized the company to construct
an extension of the main line from its northern termintis on Canyon Creek,
distance of 1 ^4 miles northward, following the e<Tst side of Canyon Creek
a
to a point thereon designated by the Alaska Pacific Coal Co. as its loading
point for coal to be mined in United States Alaska coal leasing units Nos. 51
and 52. The purpose of the proposed construction is to furnish transportation facilities for the output of a coal mine to he opened by the Alaska Pacific
Coal Co.— V. 113, p. 1982.
Bath & Hammonsport RR.
— Lease. —
—
RR. below.—V. 110, p. 969.
Bay of Quinte Ry. Bonds Called.Fifty (SoO. 000! Pirst Mtge 5 "p gold bonds dated Jan 2 1902, have been
called for pavment Feb 15 at 105 and int at the Bank of Montreal, Toronto
See Erie
—
New York
and
—V
104,
p 255
—Fares. —
RR. — Director — Executive
The company has established
28.—V. 113, p. 2817.
Brooklyn City
additional 5-cent areas, to
H
N
Hobart Porter, Hiram
113, p 2612
T White —V.
Brooklyn Rapid Transit Co.
James Timpson, Harold
—
Receivers
effective
Committee.
has been elect'sd a director.
The members of the executive committee are: William
Edwin P Maynard. Frank Lvman,
—
Dykman,
R
Steele,
Certificates.
—
intere.sted in the financial affairs of the
conapany are considering steps for taking care of the $18,000,000
receiver's certificates due Feb. 1.
These were extended for six months
from Aug. 1 1921.— V, 113, p. 2612.
It is reported that the
bankers
6%
—
Canadian National Railways. Five Trains Snowbound.
in the Follei^h Mountain section near Moncton. N B for several days last week, and there has been a complete tie-up
Five trains were snowbound
,
of traffic between Spring Tlill Junction and Truro as a result of a snow-storm
which prevailed wi! h great severit y in Nova Scotia
One train v^as reported
"Railwav Review"
to bo completed covered over with huge snowdrifts
Jan. 7 1922— V 113, p 2503
—
Central Pacific Ry. — Case
—
he
—V. Rc-argued.
Interurban Ry. — Consolidation.
to
Southern Pacific Co. below.
.See
Charleston (W. Va.)
112. p. 932.
The executives of this company and the Charlc-ton & Durbar Traction
Co are of the opinion that ihe s.vst^rns can be operated more efficiently
and effectively by coasolidatlo.i tinder one managoicnt and have petitioned
the West Virginia P S Commission to permit <h'> companies to merge
The C'harlesfon Iciterurb'in rece-itly effected a lca.se of the Charleston &
Dunbar Tr.action Co The con)bined organisations propose, among other
things, to lease all lines of the Charleston Dunbar Traction Co. to the
Charleston Interurban for an indefinite period of years, the lines to be
.operated by the In;erurban as a part of its own system
(2) To abandon
tracks of the Charleston h Dunbar line on Pennsjlvania Ave aid on i{oane
.St
(3) To rai.se the rate of fare on all Charleston & Dunbar lines from 6
cent'} to 7 cents, in conformity with the 7-cent fare on the Interurban lines.
—V. 113, p. 291.
&
Chicago Milwaukee
The
S. ('. f;<)rnmission,
I.
Gary Ry.^— Construdion. —
Deeeniier 31
,
authorized the
company
to con-
—
North Western Rj.— Traffic Gains.—
Pr(!sideijt V/illlam II. Finley, Jan. 7, says in substance;
"The North
Western road now has gr'ater potential earning jiowcr than ever before in
ita history.
There Is no new financing coming on, and traffic figures.
while not what they should bo, are entirely .satisfactory.
We are gettir'g
our full .share of the traffic that is moving, but it should be remembered
that we are on a low level of business, ana we, in common with every one
else, arc affw.'ted by this condition.
"For the first six day.s of this year loadings on our lines show an increase
over the same lime last ytsir. f)ur property Is being kept In good condition,
maintenance Is not being deferred, and Ihe state f)f our e(|ui)imenl is betler
than In normal times. We cannot go ahead very fast until general business
KooH ahead; but wc are In strong po.slllon to wall for that improvement,
and It Is certain to come." V. 113. p. 2818.
—
Chicago Surface Lines.
— H-Cenl
Fare
Continued. —
The K'/l(Tal District Court lias declde<l that the lawyers of the
of
yn'K-.HKo did not make out a case for a .5c. street car fare before the Illinois
Oomincrce Oimml.islon. The Court assertrjd that "the record shows that
ine ;ic\ua| operating rrxpenses of the Surface Lln<w, con)i)rlsl?ig wages, ta.xes
""'', l'"*W, amount t.o ;iiore than 6c-. for every paHsiinger carried."
I herif<n-(;
an Interlfx.-ulory Injunction wa.s Issued which probalilv will
renmln In ttttHt, ijmtll there Is a hearing anri decision on a |)r;rmanent Injuiic'^ mtKintlme the Kc. fare coiiilniies.
tl'
CMy
Opinion W\«h;iMd"<l doW/i by
I
1
Fe<ler.>l
Judgi^lf "arpenler. Page and K-vans.
—
Wage Cut Plfinned for Chirar/o Surftire Lines.
Chalrmjin P. l. ,Sml(h, of the Illjnol.s Commerce Commission, has unnounccM tnat an attemnt will b<. made to cut Ihe pay of all local surface
line orricialK. orrice employees, trainmen, laboriTS and other workers. 15%.
Ihls It li «ftd. would <^fect a Having of about
$4,WJ0,000 annuallv.
V
.
1 I ,i.
p. ^/)l)4.
Cincinnati New Orleans
merd
Tliirfl
&
Texas Pacific Ry,
('(,., \( w
\ <,r\: niid
Nnle.H ()ff,,;d.
|'„it(r it
\jitioiiul Caul;, Cinciimitti,
frf>n.
100. 4H for
\\)2:>,
0%
Not
Stock
to
Be Sold.
—
by the
,
—
Eastern Massachusetts Street Ry. —Readjustment Plan.
The public trustees have declan^d t!ie capital readjustment plan (see
V. 113. p 2079). effective as of Jan 4
The plaa has beo.i slightly modified
by making the adjustment stock no:i-cumulativo until Feb 1 1924, and it
has been found unnecessary to asic the common stockholders to provide
any common stock.
The bondholders aid stcckholdors will bo notified soon when and where
to present their securities for neces.sary endor.sement or exchange.
The trustees expn ss belief that the prompt acceptance of the readjusts
nient plan will put the properfy in a sound financial condition, and enable it
to build up the necessary credit.
—
Fares Reduced.
The company reduced fares on the Chelsea division to 12 rides for $1
between Crescent Ave. and Scollay Sq., effective Jan. 11. V. 113, p. 236l!
Ephrata & Lebanon St. Ry.^ Agreement on Receivership.
—
—
A friendly agreement has been reached with respect to the receivership
of the Ephrata-Lebanon Traction Co. Lebanon Street Ry.
The difficulty
arose over the appoictraent of a receiver for one by the United States District Court and the appointment of a different receiver in a local court for
the other concern.
Under the agreement Henry A. Albin will continue as
receiver for the Traction Co. and Walter C. Graeff, and Henry A. Albin will
be co-receivers of both properties. The Traction operates the property of
the Railway Co. V. 113, p. 2311.
—
RR. —
Er'.e
—-No
New
Status-
Financing
— Lease. —
& Gen.
G. F. Brownell, Vice-Pres.
Counsel, Jan. 9, is quoted as saying in
substance; "The company will be able to show a 'comfortable surplus' for
No new financing is contemplated
1921, after allowing for fixed charges.
in 1922, and we are at a loss to account for the downward movement.
[The
Common stock closed at 7)4, the lowest in some years; the closing pace
Jan. 13 was 8H
Ed.)
"All of the company's interest charges and rentals, due on Jan. 1 amounting to about $2,000,000, were 'promptly paid,' and the .?1 ,500,000 required
for fixed charges April 1, as well as the .$2,000,000 for July 1, would be
handled 'without difficulty.'
"The matter of the Erie's .S15.000.000 3-year 7% notes, falling due on
April 1 1922, is receiving attention.
[Of this $15,000,000 issue, the War
Finance Corporation holds slightly more than $12,000 000, and the balance
of approximately $2,500,000 is held by the public]
We have every reason
to believe that a satisfactory solution will be reached.
"Our surplus for 1921 will not result from railway operation, but princlpallj' from income derived from outside soiuces.
We expect to reduce
operating expenses the coming year, and with decreased labor costs and
fuel, and a .slow increase in busine.ss, the situation appears nuich better.
"The Government has funded for 10 years the Erie's additions and betterments made during the period of Federal control, so that the management
does not have to concern itself about that item."
President P. D. Underwood, in answer to an inquiry on the selling of the
Erie stocks, sent the following telegram to an out-of-town stockholder;
"I have no knowledge of what floor traders talk aoout and what they may
do to Erie stock. 1 give no opinion on the value of its stock. 1 have a very
.
definite
knowledge of
its
KifUipriers
Rumors
financial situation.
propagated by interested persons for reasons you
may
of receivership are
surmise."
The company recently leased the Bath & Hammondsport Ry. William
G. Aber, station agent at Hammondsport, and E. E. Ja.vcox. the road's only
conductor, who will try to operate it upon a paving basis. The road is about
9 miles long, and has a one-man capital of $100,000, nearly all of which is
owned by the Erie RR. The equipment of the line consists of one locomotive and two passenger cars, one of the cars having freight space.
Since
1916 the line has shown a deficit.-;-V. 114, p. 78.
Evanston
CTll.)
The Evan.ston
(111.)
This road
tion of .$10,000.
Evanston.
— V. 113,
—
—
Ry. Subsidiary Company Fanned.
West Side Ry. has been organized with a capitalizawill
connect the west
The Evanston Ry. owns 987o
Federal Light
&
Traction Co.
Weld & Co. and West & Co.
to yield over
6%%,
with the centre of
.side
of the .stock of the
p. 2818.
— Bonds
new company.
Offered.
91^
are offering at
—White,
and
int.,
$2,590,500 stamped 30-Year 1st Lien
Gold bonds bearing interest at 6%.
Onled Mar
Duo Mur
1942
l'M2
Int
1
M
payable
&
S
De-
.000 and .?500 (c*)
Stamped bon<Is of thi'; issue to bi^ar interest at the rate of 6% per annum
from M'jr 1 1922, lo be cadable in whole or in part at the option of tho
company on any interest, date after 30 davs' notice at 105 up to and incl.
•Mar 1 1932, and at 104 lhere;ifter up (o and incl Mar 1 1935, and thereafterat 102
Issued undei- 1st j\U;;e lo Ciluiiibia Trust Co., trustee, dated
Mar 1 1012. as modifk'd bv a .Sui)i)lemi'ntal Indenltire
Aiith 1!,50.000,000; retired bv sinking fund, $714,000; outstanding a.s
.SI
5s, .'54.010.000; (his
is.-^iie,
.$2,590,.5(K)
of President !:. N. Sanderson, Dnted Jnn, 12 1922.
/(H.v)>i<'.s.'{ --Company owns or Cf)ntrols public utility properties I'urnishing electric light and power, gas or (r.iclion facilities in 11 communities In
Ihe Slal<!s of New Mevico. Arizona, Oklahoma, Wyomin..;, Washington,
f'olorado, Mis,sonri and .\rkan.sas
(\)mpanies operate without comiH--
Data from Letter
tilion In their .several fielf's
—
Security
The princln.'il of the ht)n<ls and interest thereon, at the rate of
per annum, are secured by a first lien (through deposi! of the entire Issues cf first morlgage bfjixls^ on all tlii^ proiiertiev of (lie openitinir conuiani<w with the(-yceptlon of Ihe H[)ringfield (Mo ) My .V Light C) and CeiKr.il
.\rkiii.s;is Rv
Vddition.illv secured by (he pledge of the
fi Light < 'or|)
eiilire .«!
OO.OOt^ Common slock of (he Springfield li.\- .V Liglit Co.
The addlllonal ln(er< st of
per aninim Is to bes<'cured by any mortgage
which the company may hereafter execute.
lUirninvs for Calendar Years lOlS-lOLO and Ycjr Kndfri Xor. 30 1921,
1918.
1919.
1920.
1921.
197, 231
firoHMoarnlMRS
$I,8''.6,I69 $1 (i06,42l .?3,897,5IN
707,5(15
909,575
lOaruH. .-!pt)llc. to Int Hon bdH. 1,166,4 18
1,102,83!
199,100
202.9.50
Inl en 1st lien bonds
200,.500
200,500
90,000
90,000
90,000
\ Int. on <lel)s. due 1922
90,000
Tt''',
,
1
''',
1
.?,-',,
S418,4flS
.t6I0.()'2ft
.?SI2,33I
*«75.048
rerunded from pari of the procerds of Ihls Ikmikv
1922 (convorllblo
/'i/r/m.t(>.— To retire $1,500,000 I)( Ixiiliires due Mar.
into iHt Lien lv)ndH), to fund eiirrr-iil debt, ,ind to Increase workliiit i-apllal,
H.il.ince
\
To
1)0
I
'I'lic
ill
s1ocl<lioI(l( rs
on
.Jan.
Ihe ejipilnliziilion, c^c,
1
j's
1
ji|)|)ro\
<'<l
I
lie
ix-opoHcd clmngcs
fully otillincd in
& Northwestern
lu/ir,,,-
arc offcrini,', ul
rnuMiritv to 100. Hfi lor 1927
matiinly. to yicM from :>.',{)% to 5.8(3%, atrfonliiitc to
maturity, «;{IO,(KK) Kqiiipm.-nt
Kold notos, (\w S(>:{,H(M)
annually .Jan. l.'i 192.'i to 1927, infliLsive.
ranermtr
— New
refiu;ed to accept a resolution adoT)tcd
lasl
1
.
fir.
22
directors D(!C
fMeveland ('ity Council authorizing (ho company to sell S160,000 stock at
S87 a share, for the purpose of building a new exten.sion along Broadview
Road in South Brooklyn
The franchise under which the company operates in (Meveland calls for
the sale of the company's stock at $87 because the company's dividends are
held to 6% annually, and voters of the city a year ago refused to sanction
an increa.se to 7%
John J Stanley, Pros stated that the main reason why the Coiincirs
resolution is not acceptable to the company is because it is a makeshift
V. 113, p 2818.
financing scheme
horn
struct a line of railway from a point 3.4 miles north of its terminals mi
.\urora. Ill
in a southeasterly direrllon through the counties of Kaie, Kendall and Will, to a point 3. .33 miles east of its terminals at Joliet, 111., a distance of 29.2 miles. V. 114, p. 77.
Chicago
Cleveland (O.) Railway.
The
,
become
B Olney
Sigourney
These notes wore purchased by the bankers from the U S Railroad AdminLstration at par and are i)art of a total issue of ,$957,000 of which the
Jan 15 1921 and 1922 maturities are paid j)fr.
The notes are secured, under an equipment trust agreement, by the following equipment: 10 Mikado type locomotibes, 5 Mountain type locomotives, 5 switching locomotives
V 113, p. 2184, 2180.
—
Boston (Mass.) Elevated Ry.
Jan.
197
\',
i
l.'{.
]),
2719.
RR. — U.
S. Loan.
Gainesville
The I. H. C. ('ominlKsloii, Dec. 31, iiulhorl/ed Ihe coiiiiiany to Isnuo
$75,000 Ik( ni(ge. (\"/. IkiihIs pavahle 5 .veins .ifdr il.ile. and lo |)le<Ue (hi-m
lya hie
widi (he Secrelary of tin- Trwisiiry UHWW'UrKy for a .$75,000 loan from the
e Secrelarv
Tr<i
United HialcH.
V. lOK. p. 1936,
;
«jrranu
Grand
napias Ry.
Rapids «,y.
Franrhisr,
r ranrniar,
tvr.
<tT.
(siibHldlnry of C(mimonweHl(li l'ow<(r, Ry Ac
Light Cf).) and the (irand l{n|>ldM <'ltv ( •<iiiimlsnlfin have r<vich«Ml an iigreoment i)lnclnK a vnliintlon of $5..5f)0.'IOO on (he proi)<Ttles of Ihe company.
Tho (;ommlHRlon haH Hgr«e<l to give th<' company u 3(>yeiir frunchlHo. which.
orriclnls of (his
comp.inv
THE CHEONICLE
198
8% on the new valuation. After five years a revaluation
be made but the 8% return remains in effect. The people of Grand
Rapids will he slven permission to vote on the new franchise next June and
V.
in the meantime the company will operate under the new agreement.
allows a return of
may
—
113. p. 1471.
Grand Trunk Ry.
of Canada. —
Interest
Payments. —
Interest duo In January on the .5% and 4% Debenture stocks and on the
4% Guaranteed stock will be paid. Payments are subject to a deduction
of 1% "" Debenture stock and 14 of 1% on Guaranteed stock, to
of
meet the expenses provided for under agreement with the Dominion Government. '^Railway Gazette" of London, Dec. 23. V. 113, p. 2720,
K
—
—
—
—
New
York Stock
The
Listing.
B:xt'hanfre has authorized the listing of S115,000.000 Gen.
Gold Bonds, Series A, due July 1 1930, upon
Mtge.
official notice of issuance in exchange for outstanding tem-
Great Northern Ry.
7%
porary bonds.
Income Account Ten Months ended October 31 1921.
Dedvctions
Railway opmitlng rpveniie,. $82,067,604
Railway operating expenaee.. 67.778,479 Joint facility rents
I
Miscellaneous, &c.. rents
Iscellaneous tax accruals
Interest on funded debt
31,387 Interest on unfunded debt
Uncollectlblo railway reronue
A mort of d Isc o n f undetl debt
U Railway operating Inoome. $7,267,827 Mlscellaneuo!) Income charges
rev. from railway opr.$l5.189.125
7,236,440
Railway taxax-oruals. _
Net
M
.
$931,529
255.527
III. 059
11.199,265
814„573
5.6 77
.
1,008.454
$14,326,987
Total deductions
operating Income... 57,921,299
Non-Opi ralina Income
--- $1,914,173
Net Income
bal..
$461,915
Hire of fgt. cars., credit
260,578 Income applied to sinking and
Rent for i«i88«>uger train cars.
518,360
628.908
other reserve funds
Joint facility rent Income
-. 17,402,974
399,766 Dividends.Miscellaneous rent Income
5,272,857
Dividend Income
1,295.837
MlBcellaneous. 4c., Income..
B Total
—
Total non-opcr. Inoorao.
$8,319,862
Income balance
$16,241,160 Profit and
Gross Income
—V. 113. p. 2818.
loss $15,567,16
loss surp. Oct.
Hattiesburg (Miss.) Traction Co.
1
31-.$85.661, 171
— Fares. —
report that the company's faro had been reduced from 10 cents
In connection with the readjustment of
to 5 cents is said to bo a mistake.
fares a 5-cent ca.«h fare was put In effect on three short lines, but without
transfer, wiiiie on the traction system aside from these three short lines
the fares continue to remain at 10 cents for cash fare and three tickets for
25 cents,— V. 107, p. 802.
The
Huntington & Broad Top Mtn. RR. & Coal Co.
Dividend of 1% to be Paid Feb. 15 on the Preferred Stock.
The directors have declared a semi-annual dividend of 1 % on the Pref
—
In Aug. last a like
stock, payable Feb. 1,5 to holders of record Feb. 1.
paid in Feb. 1921. This was the
amount was paid compared with
first dividend paid on the Pref. stock since .Ian. 25 190S, when a distribution
was made. The company, it is said, is earning at the rate of
of
3>i% per annum on the I»referred stock, V. 113, p. 417.
m%
3H%
—
—
Interborough Rapid Transit Co. Interest on 7 % Notes
Misnot to Be Paid March 1 Unless Deposited for Extension
—
apprehension Concerning Basis of Quotations on 7% and 8
Frank Hedley, Pres. & Gen. Mgr., in a
Notes Corrected.
letter Jan. 10 to the holders of the 3-Year Secured Convertible 7% Gold, Notes, says:
%
—
"We feel it proper at this time to call your attention to the payment of
interest upon the extended 8% notes due on March 1 1922.
"Interest was paid on Sept. l 1921 on all notes, whether extended or not,
but it will be impossible for the holders of the 7% unextended notes to obtain
payment of interest on March 1 1922, unesss the notes are deposited with
J, P Morgan & Co. for extension at 8% prior to that time.
"Many of the holders of the 7% notes have been deterred from effecting
the exchange of their seciu"ilies into the 8% notes by reason of a misapprehension as to the basis upon' which the two classes of seciu-ities have been
quoted upon the New York Curb Market. The 7% notes are quoted flat.
The quotation for the 8% notes, on the otjher hand, does not include accrued
Consequently, the 7% notes are generally quoted a point or two
interest.
This seeming difference In market value is,
notes.
higher than the
As a matter of fact, the market value
therefore, apparent, but not real.
the two sets of notes is at all tinias substantially the same. The reason
of
is not generally known to our noteholders, and we believe the facts should
be given so that all outstanding 7% noteholders may have no further hesitancy upon this score in depositing their 7% notes for extension.
notes
"The last date upon which both the 7% notes and the extended
were traded in upon the New York Curb Market was Jan. 7 1922. The
closing quotation upon that date for 7% notes was 7()3-2, and for the
notes (4. Those quotations, on their face, would seem to indicate a difference of 2yi points in market value in favor of the 7% notes. This difference, however, does not exist, because the 7% notes are bought and sold
that is, without interest from Sept. 1 1921. while the 8% notes carry
flat
the attached interest coupon and are bought and sold with interest at
from Sept. 1 1921.
"Let us illustrate how it works out In practice. If, on Jan. 7 1922 a
noteholder wan t<;d to sell one $1,000 7% note, he would receive .$765 less
the brokers" commission of $1 50, or $763 50 net. That is all he would
get, as the 7% notes are sold, as above stated, upon the Curb without inNow, if the same noteholder had deposited one
terest from Sept. 1 1921.
with J. P. Morgan & Co. for extension, and received his
$1,000 7% note '"
extended note with 8% coupon attached, ho could have sold the same upon
the New York Curb on .Ian. 7 for $710, plus ,$28, being the interest upon
the face v.T.lue of $1 ,000 from Sept. 1 1921, at 8%, making in all $768 less
*76S,
.
^^
brokers'
brokers commis,sions. leaving $766 50 net
Therefore, while on
11
^ ,^_.
fl 507 1922 there was an apparent difference in market value
an.
of 2>^ points
or $25, in favor of the 7% note of $1,000, yet, as a matter of fact the
extended 8% note was worth $3 more than the 7% note.
"In order that you may receive interest upon your notes on March 1 1922
It will be neces.s»ry for you to deposit your notes with J. P. Morgan & Co
23 Wall St., N. Y. City, for extentlon. Why not do It now, and to that
extent help our efforts to preserve the security for yoiu- notes?"
8%
8%
8%
—
8%
I
'
Judgment
— A crident —
Supreme Court Justice Bjrr, who .some time ago heard the application in
three suits by Cl;i.ronce II Venner and corporations controlled Dy him for
judgment against the company on the ground that the answers of the Interborough to the actions on .525.000 in notes past due were of no legal effect
Judgments agiiinst the Intcrbirough will
granted the nppliculions Jan 9
be entert'd in accord.-ini-c with the decision, but no attempt will bo made to
collect on them ponding an appeal from the d<!Cision, which, according to
.lames L. Quackenbu.sh, counsel for the Interborough, -will promptly be
t-akon.
The main defenses were that Venner, who has
specialized in the past in
on various grounds again.st the Inlorboroiigh, was the real claimant in
each case and that the notes due in September were also the subject of litisuits
gation in the Federal Court.
In his deci.sion Justice Burr said:
"The allegations that the plaintiff's I'residcnt in the General Invcstiuont
Co.'s action is also the IVesideiit of another corporation and that he dominates and controls both corporations, do not support the legal conclusion
that he, and not the plaintiff, is the real party in interest.
These averments do not challenge the plainliff's ownership of the notes, nor the plaintiff's status as a legal entity
is no warrant for any a.ssumptiou
There
that
Venner and the two companies are one legal entity.
'"The notes are payable to bearer. They are in the plaintiff's posses.sion
and are urodnccr! by the plaintiff
Payment tlieroof to the plaintiff will
protect the dofendaiit from the claims of the third parties.
That Is the test
as to whether the plaintiff is the real party in interest.
'"The pendency of the Federal .suit, as alleged in the second .separate
defense of the answer, even though between the same parties and for the
eame cause, is no defense to an action in the courts of this State, although
[Vol. 114.
the Federal Court is in the same district as the State court
suit here pleaded is riot between the same parties nor for
the
'i5 ^ "XS""^ °' * collision on the Manhattan Elevated Rv
°°
^°' ^'^° persons have died.
About 30 others were
The Feder^
same cause "
fNinth Ave ^
Injured
E'in
—
—V.
113
—
Interstate Public Service Co. Acquisiiion.
^"^ Indiana P. S Commission has authorized the company to exchanse
^^J^iFV^^ o^n ®'*^.'^ **• ^P' ^'^'^^ '°f $:i25.000 1st pref. cumul. 6% stoS
?^^ *'?W*"° ^"ISr^*^- <iS?}"'- 7% stock of the Hydro-Flleotric Light &Pow^
^^es the Interstate company complete owner^
H, ;, or the Connersvalle
snip fTi?"??'^^"®-...^*''^
company. Recently the company was authorized
by
it
the commission to take over $335,000
?tock
— V,°ll,3'°p
use'
^'
common
stock of the Hydroits 7% prio? lien
S210.000 of
•''^"^'''"' "^^^^
Long Island RR.— Bonds
Offered.—Kissp], Kinnicutt &
York, are offering a block of 5% Debenture Gold
Bonds, due May 1 1937, at prices to yield about 7.40%.
,JPn^^^^^ payable M. & N. Redeemable at 102H and int. on Nov. 1
Co.,
New
I'JZZ and thereafter.
Authorised and outstanding S5 202 100
The
indenture provides that the.se 5% Debenture tends, due 1937, shall be
secured equally with any mortgage hereafter placed on the property of
*-*-.,
the company.
,-^'^''"^^V'!-—Ba.tiea on operating reports for the 11 months ended Nov. 3»
1921 and approximations of other Income and fixed charges, the Inoome
account for the year 1921 is estimated as follows:
Total revenue
_
.$28 800 000
Net after taxes, $4,305,000; other income, $600,000; gross incl. 4!905;000
Total fixed charges.3,800,000
--
-
-l"f}4!-p-.-79:
Manhattan Railway.
So
far as
U.l05.<m
— Dividend
Not Yet Declared.
we could
—
learn yesterday, no action has thus far been taken on
of the quarterly dividend of \'4% on the stock of the Man-
the payment
hattan Ry. Co., which is guaranteed by the Interborough R. T. Co
The "Sun" June 11 .says: "This disbursement, which was due on Jan 1
last, calls for $1,050,000.
Some doubt is felt as to whether the paymeni
will be made.
Ten days to two weeks elap.sed before dividend checks wore
mailed in the last several quarters, as the company has been forced to
adopt the policy of making payment out of current receipts. A period of
90 days must elapse before the Interborough could actuallv be adjudged in
default of payment, and it is expected that in the meantime developments
may be such as to permit payment of the obligation." V. 113. p. 2080.
—
—
—
Missouri Kansas & Texas Ry. Plan Operative.
J. & W. Seligman & Co. and Hallgarten & Co. reorganiztion managers announce that the plan (V. 113, p. 2311) dated
Nov. 1 1921, has been declared operative (see adv.' pages).
For holders of the several bind is.sut;s and certificates of deposit for other
the time for depositing bonds and certificates 'with the several
deposifaries has been extended to Feb 4
For holders of Preferred and Common stock, the time within which deposits may be made ivith Equitable Trust Co
depositary, under the plan,
is extended to Feb. 4
The plan calls for payment by depositing stockholders, at the time of deposit, of $8 in respect of each share of Preferred
stock deposited (a first installment of an aggregate payment of $20 per
share); and of $10 in respect of each share of Common stock deposited (a
first installment of an aggregate payment of $25 per share).
In addition, stockholders depositing on or after Jan. 11 1922 must pay
at the time of deposit interest on the first installment at the rate of 6% per
annum from Jan, 7 1922 to the date of payment. V. 114. p. 79.
is,sues.
,
—
—
—
Norfolk Southern RR. Loan Approved.
A Government loan of $1,000,000 was approved bv the
I.-S,
The
5%
sion Jan,
1 1
for this road.
bonds as security.
—V.
carrier offered $1,577,000
114, p. 79.
Northern Ohio Traction
ment
—Passengers Carried. —
C, Commis50-year gold
& Light Co. — To Extend Agree-
Gen. Mgr. A. C. Blinn has requested the Utilities Committee of the
Akron City Council to grant an extension of the temporary agreement between the city and the traction company whereby the corripany is allowed
to charge a 5-cent fare on its city lines
The temporary operating agreement made pending the adoption of a new franchise expires Feb 1
Prom Jan 1 1921 to Dec. 21 1921, 63.000,000 passengers were carried on
the inte^urb^n, suburban and Akron, Canton and Ma.ssi1on city car systems
This Ls a decrease of about 24,000,000 as compared with the same period in
1920— V.
113. p. 1675.
Ohio Electric Ry.
M
— To
Settle
Claims
— Rates
Reduced.
—
Federal Judge John
Killit* at Toledo. O
recently authorized B. J
.Tones, Receiver, to defend at his discretion all suits against this bantoupt
road brought before his appointment as receiver. He authorized the
receiver to .settle claims also in case they are for small amounts
The company has announced reductions on its freight rates of 131-< centos
per 100 lbs on firsts-class freight from Toledo to Columbus, O and other
destinations.
The reductions put Ohio Electric freight rates on a par with
steam railroad rates- V. 113, p 1157.
,
,
—
—
—
Oregon- Washington RR. & Nav. Co.^ Bonds Offered.
& Co New York, are offering a block of S500.000 1st A; Ref. Mtge.
4% b;) 'ds at prices to yield 5 301.
Miller
,
The bonds are dated Jan 3 1911 and due Jan. 1 1961 and are secured by
direct mortgage on 1 ,970 miles of the main line of the Union Pacific System
Unconditionally guaranteed prin. and int., by Union Pacific RR.
,
—
Listing of 1st & Ref. Mtge. 4% Bonds, Series A.
The New York Stock Exchange has authorized the listing of $14,734,500
additional 1st & Ref. Mtge. 4% Bonds, Series A, due Jan, 1 1961, with
authority to add $21,000 additional, making the total amount applied for
The bonds are unconditionally guaranteed, prin. and int.,
$54. 755. .500.
by Union Pacific RR., by endorsement of its guaranty upon each bond,
under authority of the directors of that company adopted May 12 1921.
The statement to the New York Stock Exchange says:
Under date of April 27 1921 Union Pacific RR. entered into an agreement
with William A. Clark, by which it agreed to accept from Clark or other
holders all 1st Mtge. 4% Bonds of Los Angeles & Salt Lake RR. (of which
there were $29,511,000 outstanding not already controlled by the Union
Pacific RR. Co.) and to deliver in exchange an equal amount of other bonds
in its trea.sury, namely: (1) First & Ref. Mtge. 4% Bonds, Series A, of Oregon-Washington RR. & Nav. Co., duo Jan. 1 1961. to be guar., prin. and
int., by Union Pacific RR., to an amount, equal to 50% of the face value
of tiie bonds of Los Angeles & Salt Lake RR. tendered for exchange; and
(2) the balance in Southern Pacific RR. 1st Ref. Mtge. 4% Bonds, due
Jan. 1 1955. to the extent of 30%, and Southern Pacific Co. San Franri.sco
Terminal 1st Mtge. 4% Bonds, due Aptil 1 1950, to the extent of 20%,
Under said agreement there have already been received $29,469,000 of
Los Angeles & Salt Lake RR. bonds and there have been delivered in
exchange therefor $14.734,,500 of the bonds for which listing is now requested
There remain $42,000 Los Angeles & Salt Lake RR. bonds to be acquired,
against which there will be deliverable by the Union Pacific RR. $21,000
V. 113. p. 2614.
of this company's bonds.
—
Pennsylvania RR.
—
—
Estimated Results for 1921. The
"Philadelphia News Bureau," an authority on Pennsylvania
RR. matters, Jan. 6, says in substance:
1921 Results. It is now practically assured that the Pennsylvania RR.
—
has earned fully 3% on its stock for 1921, which is rather better than had
been anticipated a few months ago. It is believed, in fact, that final result*
will be a ill tie more than 3%, as against dividend disbursements amounting
It is customary to charge the dividend paid In February against
to 4%.
the Income of the previous year, and so there will be four quarterly dividends
each for the 1921 year, the reduction in the dividend rate from 6%
of 1%
to 4% having been made with the payment of the dividend in May.
Estimating December, the Peimsylvania RR. showing, for the year 1921.
should be substantial^' as follows, so far as it is possible to figure the
results at this time:
—
,
U
.Iax.
THE CHRONICLE
li)22;]
Approximate TlesuUs for Calendar Year 1921 {December Estimated)
Gross Incomo (iiicl. over $40,000,000 railway net oporatinp;
.S73,000.000
income, tlio balance boint? non-operating incomo)
Interest on f tunica and unfunded debt, rentals on leased roads
and oMu-r fixed charKOs
^fjO^^l^l^lJ
^.o OO.OOO
Sinking funds and other reserves
Balance tequal to 3.1% on $409,265,700 stock outstanding),.
Dividends (4 (juarterly dividends of 1%)
_$1,5. 500. 000
2 0.000.000
There was uo diminution of income from the Pennsylvania Company,
Tlio
as it was rich enough to pay the usual dividends from its resourr.es.
Pitt-sburgli Cincinnati (^liicaw & .St. Louis, however, owned by the Pennsylvania Companv. earned no dividend. West Jersey & Seashore, another
In view of the experience
subsidiary, earned a dividend but paid none.
of other railroads, and depres-sion in such b.isic industries as steel and coal,
the like of which has not been seen for years, the Peimsylvania Railroad
showing may be considered as not dis.appointins;.
Of <;onrse the year s results do not reflect the present earnmg
Outlook
Prartically all of the 1921 profits were made in the la.st 7 months,
ability
several of the earlier months.
for, as on most roads, there was a deficit in
November statement indicates that earnings are now fairly close to a 6%
some recovery in business is not alone the factor on
which hinges the question of restoration of the 6% dividend rate. Until
the labor ,ind wage question is def i itely settled it is taken for granted that
disbursement will be increased.
it is unlikely that the present
Pennsylvania RK- people took a conservative view of the business and
beginning of the year just closed, and it is undertraffic situation at the
stood that they hold similar ideas now. Predictions as to future business
Pennsylvania has succeeded in getting its
Eire apt to prove futile, but the
operating expenses down more commensurately with the slirunken volume
of traffic that is available for the railroads of the country, and is better
able to handle it efficiently and economically.
Re.-ords Indicate improvement in physical condition of equipment, and
also that Pennsylvania is better off in this respect than some other trunk
It is "athercd that
—
As a result of its easier financial position, Pennsylvania in
Finances.
December was again discounting its bills. December business was not
altogether kept up with that for November, but some reductions in expenses
the net figures from falling off heavily.
Accounts for Company's Use. Pennsylvania has adopted, for its own
use, a system of charging up interest on bonds, taxes and other fixed
charges, in monthly statements for its own use. in proportion to earning
jiower for each particular month, instead of one-twelfth of such charge each
month. In this way they vary with seasonal changes in operating revenue,
the best months bearing the heavier burden of charges. This metaod is
calculated to make regional operating officials strive to attain results
expected.
,,
See also previous statement officially approved for the "Chromcle,
V. 113, p. 2721; V. 114, p. 79.
may keep
—
.
,
m
.
— Foreclosure Proceedings. —
Lines. —
Pittsburgh (Pa.) Ry.
See Southern Traction Co. below.
Improvements
to
U. S. District Court, has signed an order authorizing
the receivers of the Pittsburgh Railways Co. to spend S302.075 for improvethe company in Pittsburgh. Homestead, Millvale and
ments to lines of
Dormont, Allegheny County, and Charleroi, North Charleroi and Canton
Township, Washington County. V. 113, p. 2721.
in the
—
Puget Sound Power
&
Light Co.
— Fares. —
Effective Jan. 1 the one-way fare will be SI with $1 .60 for the round-trip
Including war tax, the fare has been $1 .10 and SI .75, respectively.
fare.
V. 113. p. 2615.
,
—
—
Rio Grande Southern RR. Protective Committee.
Default having been made in the payment of the interest dtie Jan. 1 1922
upon 'he S4. 509. 000 1st mtgc. 4% bonds, the committee (below) has l;een
formed to protect their interests. Bondholders are requested to depo.sit
their lx)nds with Jan. 1, 1922 and subsequent coupons attached, in New
York with C^entral Union Trust Co., and in Denver, Col., with The International Trust <;o. on and after Jan. 16 1922.
Commillcr.
Arthur Coppeil, Chairman, of Mait.land, Coppcll & Co..
Theodore Cr. Smith, Vice-Pres., Central Union Trust Co., New York: F. J.
Lisman. of V. J. Lisman & C;o., with C. K. Sigler, Sec., 80 Broadway, N. Y.
V. 114, p. 80.
City, and Larkin. Rafhbone & Perry, Counsel.
—
—
—
San Francisco-Oakland Term. Rys.
—
Interest Paid.
—
Futids for the p.iynicnt of tJie interest, due Jnlj' 7 1919. on the Oakland
Transit Co CJonsol Mt.ge 6% gold bonds, were dcijo.sited with the Wells
(""San Francisco Chronicle ")
Farpo Nevada National Bank J.in 5
V. 113. p. 18S8.
this road
which
is
&
Millerton B.'R.—Ahondoned.
I'.
Shefcomeko
The New York
S.
—
about four milas
in length.
— Central Pacific Case Reargued. —
The U. H. Supremp (>)urt Jan. 9 ordered the re-argtnnent of the case
brouifht by the Government against the Southern Pacific and ("entral
Pacific Ky. companies.
The ca.se involves the question of the ownership
and control of the Central I'acific by the Southern Pacific. The case was
argument on March 13.
f :ourt on Jan. 3 affirmed the decision of the Lower ('ourt
in the case of the Southern Pacific UK. vs. A. D. Fall. Sec. of the Interior,
which was a suit to restrain the Interior Deparunent from rejcctmg certaui
land selections made by the railroad. The decision of the Lower Court was
against the railroad company.
s'-t
for
The .Supreme
f)f th': total of
.Southern
.73.} pi-,«; I'.'.iT c;i,rs
l';icific. 800 ar.! all-^l<;ci, x,{2
1
owned bv the Pjicific .System of llic
are wood and 37 ar<? of sCcI un<lcr-
frame cf.rjH'rucijon
The first sicel coach, built as an experiment, was
fwmplclcd in the .Sacra. cent o ..^hr)ps of the companv in 1906. and no wooden
pa.isenger cars have b<«!n built by the company since 1910
V 1 13. p 2722
—
Southern Traction Co.
(^Pittsburgh).
— Foreclosure. —
Atiornrrys for the rcc,.i\(.rs of the I'itlsburs'h Railways and counsel for
the t'nion Trust Co.. Irustee. under a $4,000,000 niortKag(; for the Southern
Traction Co., app<-arrxl Ix'fore Judges On- and Thr)m.son in the U.S. District,
f-'ourt Jan. 7 In ()rocf<., lings to foreclo.M). involving .^^1.657.550.
The odd
amount rcijrcvcnt.'- S6.'.7.."..JO inlcrirst from July
1918. when th<! receivers
for th<! Piit.Hljurgh Railw;ijs first defaulted In payments and court costs.
1
It,
is ;.llcK«.<l.
•'Following the pnlimlnary utops the Court, fixed Jan. 13 as the date
what jKirtlon of the working car eoulpmcni of
•Jle traction sysK'm can
roi.sldiT<d as nro{)crly lp<4onglMg lo (he Sonilicni
Tnirtlon Co.
When Ihl il<iall is i\fi\iU-i\ ihir Court Is cxiicclcd lo |.i.siii!
i"ft many times rlclayt-d t|c< rce of -;ilr-, piTniiilliig
ihi; ft.n<losnre lo start.
•)f the airioiinl du<!, .SlOO.tiOO v...^ paid on account by the r<K-el\erH May 7
IHilO. but there s-etrms lo l.o a rlispute as to whothfT llils sum npplli's lo
P''"",'I'»J. Inlcrest or cohIv.
The i|iifKlloii aw lo the allocilion of work
WITH Is atffh-uli. iKTjiiiyr- thcsc! ar<- unl all ovjt the syslerii lis inidrd and
cannot l>e counted, like |)asy<;i'i.-cr <"irs and oth(T equipment an part of
one or oihtT '-f ni(; Id/ ui:diTlylng cornimnlcs oinHlilulIng Ihe Iracllon
for a hfsiring to <letermirif
I
i
,
"•"
'•'ri,
The
'
li'nlKfl
""'s"li'l-''"-'l.
and
Hoiilti<Tri.
proccwlingH were Inslilultd more than Iwo years ago
Inislee to forecloM- has eeii upheld.
The foreclosure
would lake iiost of Ihe West Kiid llnr.s oiii of Ihe hands of Ihe llllvliurgh
KailwayK. deprlvlriK it of |0% of lis holdhiKH."— fPhlla. "News lliireuii'
•
•mil trie
•'I'o.
9i.
for|.fU>siirc
rr.'lii
V
.
of
|h<r
I
I'l8, p. 2W.',\
Syracuse
& Suburban RR.— .Wc
I'niilic aucllon
in<\ roijiiiK Hif)ek.
Ordered.—
hiding Imckn. equipment, ri^flit of way
was ordered l.v .Supreme Court JiiMlte Croiii li In fore
Closure proeeedlMK-. l>rouv:ht l>y Mdelliy
Trust ( o. of I liiladeiplila iriinKMi
of lli(. 1st MtKo. :,•
bond.s.
**'""'h. ^"vrafuse. was named referee lo sell the road.- V. 113.
.,
>rje
of the
rn:ifl.
In.
.
"
;
Tennessee Alabama
"''"*
i'i"i '''•'i''^
umii.i.in
iir
&
Georgia RR.
>"•"' adverlised for .Inn
21. as no hifis
7.
-Sale PnMi>ni,rd.—
has again liein postponed
ror(h<-onilnK
This Is the sixth posi pon< iiient
'"'"'••"' "I'set i.rice of ?400.f,(,0 has I ecu riducid by the
V,^\,IK to
'-'Ourt ^'«.„JP,;;
$200,000.
V. 11?. p. 26l.'i.
v,er(^
— Road
Tennessee Central RR.
Purchased.
—
Dispat(-hes from Nash vill<\ .Ian. 11, .state that <5. M. Ilobey Asst Mgr
of the Na.shvillo Industrial (!orp., has purchased the company at the unsAt
price of .11,.500,000. ~V. 113. p. 2722, 1.575.
^
Texas Electric Ry.—Dc.b.i. May be Converted— Wages.
lianlicrs Trust <'o. has been ai)pointexl the .agency of the company
in New York for lh(^ conversion of 6% Convertible Gold Del>entures into
1st I'ref. 7% <nimul. stock.
DebentUTes may be presented after Jan 1
The
('o. for
conversion.
-
.
In Sept. 1921 the company filed an aniendmont to its charter intreaslng
capital stock from .SI 0..500. 000 to $12,600,000. to provide for the issuance
of !i!;2, 160.000 additional 1st Pref. stock, into which the
debentures are
convertible after Jan. 1 1922.
company reduced wages, effective Doc. I 1921, of all trainmen
The
on the interurban lines, office employees and employees of the electric
its
G%
railway lines, in the cities of Waco, Denison, Sherman, Corsicana WaxaThe cut av(!raKes about 7H%. V. 113, p. 1157.
hachie and McKinuey.
—
^
— Listing. —
Toledo St. Louis & Western RR.
The New York Stock Exchange has authorized
the listing of .$10,000,000
—
„. Deposit in
exchange for outstandmg Certificates of Deposit for Preferred and Common
Stock, or for outstanding Common and Preferred Stock.
y rfi
The storkholders' protective committee (Julius S. Bache, Chairman)
agrees that it will accept original certificates of deposit for exchange pursuant to said plan (V. 113, p. 1984) up to and including Feb. I 1922. without
Compare settlement plan
penalty.
Toronto Suburban Ry.
The terms under which the
in V. 113, p. 1984, 2081, 2313.
— Purchase
Terms.
—
city of Toronto will take over the lines of this
railway within the city has been announced by the Hydro-Electric Power
'
Commission as follows:
m«
"The Hydro-Electric Power Conuiii.ssion buys from the Government the
entire Toronto Suburban System by assuming the outstanding bonded debt
amounting to :$2.628.000. It is proposed to spend $352,000 on recon.struct-
ing the lines outside the city.
This latter sum is to be financed by the issue
of bonds by the Commission to the amount of .$150,000 and selling the lines
within the city for $202,000.
"The amoimt of bonds to be issued by the Commission is $2 628 000
plus .$150,000, making a total of $2,778,000. The obligation which the
city assumes is $2,778,000. not this amount plus $202,000.
"^
"The city does not pay interest at the rate of Q% while the HydroCommission issues its bonds at 43-2
The city's bonds are only collateral
security and the city pays interest only on $350,000.
V. Ill, p. 295.
%
,
—
—
Twin City
Judge F.
—
.
—
R^ipid Transit Co. Fares Wages.
M. Catlin of Ramsey County (Minn.) District Court
recently
granted the permanent injunction asked by the city of St. Paul against
the emergency increase allowed by the Minnesota Railroad & Warehouse
Commission. This continues the St. Paul carfare at 6 cents until the
company's property has been ^Tilued and a permanent rate order has been
made. President Horace Lowry, of the Twin City Rapid Transit Co.
Dec. 29. said that the fight would be continued to obtain increased fares'
particularly in St. Paul.
«jj •'H|«^
A general wage reduction of about 12% for trainment went into effect
.Tan. 1 last.
The new scale is 48 cents for first year men, 51 cents for
second year men, 53 cents for those employed more than three years and
•$3 50 per day for extra trainmen, temporary and permanent bonus men.
The old scale was 55 cents an hour for first ye^r men, 58 cents an hour for
second year men and 60 cents an hom- for those in the employ of the company
for more than three jears.
The extra trainmen formerly "received $4 30 a
day.— V.
113, p. 2722.
Union Pacific RR.
— Earnings. —
Income Account Union Pacific .'System Ten Months ended Oct. 31 1921.
[Excluding all offsetting accounts between Union Pacific RR., Oregon Short
Line RR. and Oregon- Washington RR. & Navigation Co.]
,
Railway oper. revenues
Railway oper. expenses
§152,0.51.910
Int.
on
Int. on loans &
Revenues over expenses.. 542,319.097
balance
Taxes
10,017,409 Other income
—
Railway oper. income
"^
&c., '
$6,080,821
''"
open accounts
"^
r
bonds,
owned
109,732,812
notes,
593.381
64.383
Total
S9. 153.570
Total income
S38. 198.871
Dr.3n.na
Deduct
/Jr. 16,033 Interest on funded debt
313,195.009
Misc. chgs. other than transp.
125,342
Net railway oper. income. 828,782.343
Total other railway income
Net income, all .sources
422.803
S24.878.519
Preferred (livi(len<i3(4%)__- S3. 981. 740
Total Inc. from RR. prop. $29.20.5, 146- Common (lividenils (8%)._.
16,671,870
Total KU deductions
159.845 Sinking fund requirements.
8.926
§32,301.688
Equipment
rents
Joint facility rent?
tTncoUectible railway rev
£)r .3, 191 ..IS?
—
'•<
'
.
Commi.ssion has authorized the abandonment of
Southern Pacific Co.
199
1922 at Bankers Trust
$4,500,000
Deficit for year 1921
Judge Orr,
.
Net Inc. from RR. prop.. S29.045.301
Bal.ance, surplus
S4.2 15.984
Dividends on stocks owned. .$2,414,985 P. & L. surp. Oct. 31 1921. .S141.317,837
113, p. 2506.
—V.
Virginia Railway
& Power
Co.^
— Wages— Earnings. —
propo.sod to p.it into cflVcl Ihc following wage .scale for all moiormon
and (ronductors, effective .Tan 16: First year, 30c. per hour; .second year.
35c per hour; thereafter. 40c per hour
Fiv(! cents per hour will be ;idd(
to the above scale for one-nian'opcralioii and for niotorinen and conductors employed on the Hichniond-Petersburg interuro:iri trains. The p<'r hour rate of wages for .ill classified railit is
d
way employees
froni
The
in
shop and carhousb departments
will
be reduced
the present rales
10%
KJeclric Railway Journal" .Tan 7 says: " For the year enoed July 1
1921 the entire strei^t railway system failed to earn oiicr.allng ,>.Kpenscs and
fixed charges (iiiLcrcst on bonds. &(: ) by $553,887, and since (ha( time uji
|o ru)W the de«;line in travel has grown rapidiy worse.
This deficit in bond
interest to July 1 last w,is inadi^ good bv tin? comjiany from other sources,
"
not now .ivail.ible for this piujiose
V III. p 80
,ju„a
—
Wellsville
A
&
RR.—
Buffalo
'/'o
Rebuild
Road.—
press dispatch from Buffalo. N. Y.. says that funds are being ralsod'by
the sale of approximatelv $1,200,000 First Mtgo. bonds for the purpose of
re-(>qulpplng and el<'<!trlfylng th<! road, which was aband(nie<l Nov. 1 1916.
Its rails ,ind rolling stock Ixung disposed of.
Tho lino is now being robulll.
b
- V. 103. p. 1.594
.
Wheeling (W. Va.) Traction Co.~General Manager.
Wills has b(!en appointed GiMieral
IlllIlngH.-V. 113, p. 2407.
<!.
S.
—
Manager, succoodlng i\ V.
INDUSTRIAL AND MISCELLANEOUS.
General Industrial and Public Utility News. Tho
Uihio siiiiuiiarizos n^coiit. iiuhi.stritil and piihlio
iilility news of a jjtiiicral oluirnctor, such as is (joiimioiily
rolliiwiiit;
trfatcd
at,
l()Ji(.;th
on
"C'lirrcrit FOvciits iitid
f)(rfi».rtiiiont,"),*(il,li( r
(ifl,(T tlio
SI
i:i;h
pacos iirHlc^r l\w caiitioii
(il' not in llm "I'Jdilori.'iI
coiiciirronUy or as early as pradinablo
pn^tuidiiui:
Discussions"
mallor hocomi's iiuiiiiir.
Steel and Iron Production,
AND
IliO.X
MA UK
IS.—
Priccii,
Age"
.Inn,
&c.
12 re|ior(M In siilisl
II) Oimilllonn. - 'IMtU' uellvllv Wlis eXIKs'led from Ihe firsi half of
.laniiiiry, wllh InvcntorleH unconipli'le<l iitkI Ihe qillelmwn In Iron and steel
III (he pasl
Operalloii'i lliiei I'.ir have been
len days Is not (IIh.i ppiilMl lug.
•llifhlly le'M Ihaii llie .iMrnge loi)e<inilier. Ihe Steel Coriioinl hinii per
ei'iiliige now lieln;r 'lU (ir 17. iikiiIiisI 10 Inst nionlli, while Ihe liidelK^ndiMit
coiiiliiiiileN lire lo <lay ulxiiit 2K':;
iifler iiveriiKl'ig 31';;, liiKt iiionlh.
Decenilier slei'l oiilpiil of I .427.000 Ions of IngolH by .'(0 coiiipniiles
reporting n fulling off of .':',;<. (l( Olnris from Novenilier
indli iileN llial the
eoiiiilry prodili i d a lioul 19..l|;(l,0l;0 Ions of iliKols In 111:^1.
"The HIeel Corporal Ion. which openileil all IhroiiKh hint year lit a higher
riite ihiiii Ihe IndepondeniN, probably prodiice«l a liirger pcrcimtago of the
I;
'Iroli
,
I
The
,
THE CnRONICLE
^00
[Vol. 114.
While its steel making capacity is about 45% of
total than in 15 years.
the total, it changed places wiih the independents in actually turning out
at least 55% ol' the country's output in 1921. Official returns may show
Attorney-General Davgherty Extends Scope of Price Inquiry
that it nearly enualed the 57.8% which was its share in 1906.
include
"In looking toward the active .season, manufacturers recog- the cost from their origin to the consumer of clothhig food and fuel "Times'
(2) Outlook.
Jciri
1 1
|j. 11.
nize that much hhiges on the extent to v.hich frciphl rates and coal mming
Electric Lamp Monopoly Charged.
See General Electric below. "Times"
and huiUlinc labor are brought into line with the dratsic deflation in steel.
The po.ssibilily of a bituminous coal strike in April and the check it would Jan. 7. p. 1.. Jan. 13 p. 1
Governrnent Will
Not State Open Price Po/icy.— Attornev-General
factors of imcertainty
put on iron and steel production are also regarded as
Datigherty on Jan. 10 let it be luio%\-n that while the Hardwood
"Railroad demand, as for some time past, has been
(3) Kit. niishirss.
decision
the princii)al item In the limited marliet news of the week. At Chicago
^j ..C^' . ^^wpreme Court is considered most helpful and far reachin"arid altbough the Government desires to be accommodating
Action
the Union Pacific placed 4,500 cars and the Illinois Central 2,000.
to business^
there are so many civil cases pending as to alleged unlawful orice
by the Great Northern is expected next week.
agreed
"The Pennsylvania RR.'s rail order for HO.OOO tons brings the total of ments that it is not thought advisable to risk prejudicing these cases by
outlinins
any forir a Government policy rtlating to open price associa1922 business a iKive 500,000 Ions, but it is to be said that most of the large
The Pennsylvania has over 45,000 tons still to come tions. "Iron Age" Jan. 12. p. 181: "TiTies" Jan. 11 p 23
orders are now out.
Cement Securities Companies of Denver Sued as a Trust
on its 1921 contract, besides having 25,000 tons in stock, so that its probable
Government
wants for the year are covered. Track supply orders are coming along Dcgins action to break alleged control in five Western States. "Times"
with rails, indicating active sprii'g work on track. The Louisville & Nasti- J n 11 11, p 31.
Government Sues to End -Tile Trust" .—Action is filed at Columbus.
ville is asking for .S,500 tons of splice liars.
Ohio, against 37 companies and officials in 8 Eastern States.
"Kails and tin plate largely account for the
(4) V. S. :strcl Corporation.
Price fLxln™
is one charge.
Lniform trade practices contrary to Sherman Law are
Steel Corporation's increase of 17,872 tons in unfilled orders on Dec. 31.
.said to b(! vhctated in Zanesvllle.
The President of the Association N E
Its share of 375,000 base Ixixes of tin plate Ijought by the Standard Oil Co.
Loomis. Zanesville. O., President of the Amoricar Encaustic Tiling Co
for export was one of the large items.
Ltd.. and the Mosaic Tile Co. "Times" Jan. 11. p. 31
(5)' Prices.
"In the matter of prices plate mills divide into two classes
Natural Gas Case Hearing for U. S. Supreme Court.
those that will not sell below 1 .50c. and those whose concessions from this
Reargumcnts are
Some check is ordered for Feb. 27 in West Virgloia-Pennsylvaria-Ohio suits. "Post"
figiu-e have been SI to .S2 per ton on exceptional business.
pipe feels
Jan. 9. p. 1(
DOted to recent contracting for oil storage tanks, and oil well
Negotiate to Curb C'abI, Monopolies.
the effect of the decline in crude oil.
State Department seeks to end
"The automob'le industry is again under way with a British and American grip on South America. "Times" Jan. 10
(6) Automobiles.
Transportation Bureau to Aid N. Y. State Farmers.
The Ford schedule for .lanuary is 50,000
fair production after the hoPdays.
A Bureau of Traffic
and Transportation is announced by Berne A. PjTke, State Commissioner
cars, or something over half its maxirnvm.
of Farms and Markets. "Times" Jan. 8., Sec. 2, p. t
size structui-al steel awards of the week will re"Large
(7) Structural.
Monthly Tenants Must Get Notice in N. Y. State. Appellate decision
quire 8,000 tons of steel, while frch projects call for 9,000 tons.
"On foreign account 2,700 tons of steel for pipe requires landlords to allow 30 days before they can sue. "Tunes" Jan.8,p.l8.
(8) Foreign liusiness.
tons
lines in Formosa has been placed in the United States and over 9.000
Oil Prices, Production, &c.
of material for bridges and transmission towers, also for the Far East,
Eastern Crude Oil Prices Drop Again.
Gasolene and kerosene also down
is likely to come to domestic mills.
"An order from .lapan for 13,000 tons of rails, taken at somewhat under Production and exports, see "Current Events."
Standard Oil Joins Vandcrlip Project to Exploit Kamchatka as soon as
in the
$47 c.i.f., Japanese port, is conspicuous. More rails will be wanted
Relations are Established with Russia.
"Times" Jan. 11, p. 1.
Orient, but it is rjtiestiored that the 1921 record of 100,000 tons of sheets
Sir John Cadman Denies that Britain Seeks Oil Control.
shipped from this country to .lapan can be duplicated this year.
Saj's Empire does
'Nearly half the country's total of 2,200,000 tons of steel exports last not direct Anglo-Persian and Royal Dutch Companies. "Times" Jan. 8,
year was a can-y-ovcr from 1920 orders. There is nothing like that to help
Prices, Wages, and Other Industrial Matters.
out in 1922, yet a gradual increase in exports is expected, partly on the score
of a world consumption of steel last year only about half the 75,000,000
Prices.
Rubber -shoe prices cut approximately 8%, at Akron, Ohio.
tons of 1913.
"Bost. N. B." Jan. 11, p. 8.
"Radiator companies again ha\-c been the principal buyers
(9) Pig Iron.
American Can Co. cuts prices. See that Co. below and "Wall St. J."
of pig iron and a considerable amount, including 5,500 tons placed with a
Jan. 12. p. 2.
Buffalo company, has been taken. But the buying even for radiator
Linseed oil prices advance Ic. a gallon to basis of 70c. in carload lots
works, which have had a pood operation for months, has been conseri-ative by some linseed oil crushers, but others still quote 69c. "Fin. Am." Jan.
and represents only a small part of what has been placed in other years.
12. p. 2.
Birmingham ii-on at $16 50 can be sold on the Pacific Coast at a little more
Dairymen's League at Utica. N. Y., on Jan. 6 cuts milk price on account
than S30, or very nearly the price of Belgian iron."
of unsatisfactory market conditions.
"Times" Jan. 7. p. 24.
Fire insurance rate cut 15% by Kansas State Commissioner D. C.
Coal Production, Prices, &c.
Hyde. "Pin. Am." Jan. 7, p. 7.
REVIElV—"Coa.\ Ago,"
Y Jan 12, reports in brief:
Drastic Wage Cut:- on Deep-Sea Ships. American Owners' Association
Outlook
"Encouraging signs of improvement have followed the holidays.
orders 15% to 33% reductions, effective immediately. Unions Dissatisfied,
Industrials are proceeding cautiously, but consumption is increasing after
but may not resist. "Times" Jan. 7, p. 1.
the holida.v dip
xniiuiries for future delivery are increasing daily, but
No General Textile Wage Cut. New England textile manufacturers,
closings are few
representing various lines in cotton and woolen manufacture have so de^
Prices.
" 'Coal .\ge' irdex stood at S3 on Jan. 9, as compared with 84
cided.
It is understood that no further consideration will be given to the
on Jan. 2. Retail distribution has been aided by the colder weather,
"Fin, Am." Jan. 7, p. 7.
although household orders are still being held down to current needs Prices subject.
Crane Co. Reduces Wages of Shop Forces at Bridgeport and Chicago \2}i%.
for both bituminous and anthracite have softened a trifle because of the
Plants are running at one-half capacity and 10,000 to 12,000 men are
lowier mine quotations and removal of the freight ta.«
"The Kansas City market is glutted with Illinois domestic coal, which affected.
1800 A''. Y. Milk Drivers Wanting Their old Jobs Back Again Oust Their
is being sacrificed to get it off the tracks
The Cincinnati gateway is again
becoming clogged with cars on consignment, partly duo to the hea-^aer Officers. "Times" Jan. 11, p. 5.
N. Y. Garment Workers Win Legal Battle. Employers enjoined from
operation of southeastern Kentucky mines on the reduced wage scale
conspiring to violate contract with the Union. Workers to sue for $2 000 R-ices of bituminous coal on the llead-of-the- Lakes docks have been slashed
an even dollar to stimulate th? movement to the interior, cau.sing a set- 000. "Times" Jan. 12. p. 1.
N. Y. Photo-Engravers Return. Union votes to accept old wage agreeback to all-rail competition In the Northwest
"Conditions at Baltimore, New York and Philadelphia are slightl.v more ment for this year. "Times" Jan. 12, p. 13.
Only 13 crews out, owners declare. 100 on
A''. Y. Tug Strike Wanes.
encouraging.
Receipts are small and prices more firmly held, while con"Times" Jan. 9 p. 7.
strike, say Unions.
sumers are more active in .seeking tonnage protection for the next 90 days.
U. S. Shipping Board Meets N. Y. Stevedores.
Seeks ways to cut costs of
Actual orders have increa.sed only a trifle
"There havt; been some first-quarter coke contracts closed and prices handling port freight. Failing an agreement for a uniform rate for stevedoring embodying a substantial reduction, it is understood, the Shipping
have been shadpd slight l.v
Labor
"Non-union crials continue to 'skin' the demand. More union- Board will either declare the new scale in effect as of Jan. 1 or call for
competitive bids. "Times.' Jan. 13. p. 26.
ized operations are returning to lower .sales in an effort to re-entsr the comFur Negotiations Fail. N. Y. unions reject manufacturers demands.
petitive m.^^kets
Southeastern Kentucky went back to 1917 wages and
"Times" Jan. 13, p. 15.
at once overshlpped the market, softening prices
Progrtiss was made
500 Granite Cutters Walk Out. Quincy union rejects proposed wage
last week in the upper Potomac and Colorado regions toward union wage
'.'Times" Jan. 13, p. 18.
reduction of $2 per day.
scale reductions; the men are reported to have broached the subject to their
Mayor Hylan Files Suits to Reduce Gas and Electric Rates in N. Y. City.
emplo.vers
Bituminous Production
"Production during the last week of 1921 was "Post" Jan. 12, p. 1.
Building Unions Ratify Reform Plan Suggested by Samuel Untermyer.
5.9f)0,0'10 net tons, as compared with 7.063.000 and 7,4.50.000 tons for the
weeks of Dec 17 and 24. respectively
The output was held down by the "Times" Jan. 11, p. 14.
Alonteoideo Trolley Men Strike for an Increase in Wanes.
"Times" Jan.
holiday idleness, but the daily average
1.192.000 tons showed no recovery In d.-!mand
The year's production of bituminous coal is estimated 8, Sec. 2.
German Carefare and Postage Up. Bread also to go up Possibly 50%.
at 406.990.001 tons. lowest si-ico 1911, w'nen 40';, 000.000 tons were mined
Records of railroad loadings for November 1921 .show that 36,020,000 not Telephone charges doubled since October. Freight rate to be 2700% of
pre-war tariff. "Wall St. J." Jan. 11. p. 7. "Times" Jan. 11, p. 34.
tons were mined, as compared with 43,733,000 tons in October and 35,Huge Sugar Surplus Menace to Industry. Congestion of 1.200.000 tons
127,000 tons in Scptemlx^r.
"Times'
in Western Hemisphere gives concern to Federal Administration.
Imprnrrmenl at Jfnmpton Roads. "Business at the Roads has taken on a
slightly firmer tone.
Dumpings for all accounts were 237,8f"'6 net tons Jan. 9. p. 28. Compare report of Cuba Cane Sugar Co. imder "Reports."
Federal Sugar Refining Co.'s weekly bulletin of Jan. 7 says: "The
during the week ended Jan. 5, as compared with 175,517 tons the previous
week. Accumulations at the piers are pi-eatly reduced. Bunkering Is more fundamental difficulties carried over from last year make operations very
cautious: 39 centrals are now grinding as compared with 106 at this time in
active following the increase in general shipping and last week saw several
exjiort cargoes cleared.
The destinations, however, were confined to the the optimistic .year of 1919. A nimiber of mills have found it impossible
to obtain the iiece.s.s;iry financial a.ssi.stance from banks.
West Indies and South American ports.
(n) Offering of .$40,000,000
Matters Corned in Chr(in,cic" of Jan. 7.
New England The New Knglantl situation is as quiet as ever. Market
Dutch Ea.st Indies 0% gold bonds arid U. S. of Colombia and Bolivian bonds,
cargoes are still coming forward, but have been disposed of at slightly
War Finance Corporation Jan. 3
Hampton Roads coals are so low. however, that Pennsyl- p. 15 and 17. (b) Advances approved by
bolter figures
and 4, p. 18. (c) National agricultural conference called, inquiry recomvania grades are uii.salable within 100 miles of Boston and all-rail business
mended, p. 19. (d) Prices in 1921 at New York Stock Exchange, p. 38.
is now confined to small lots in the narrow zone that cannot be reached
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via Hampton Roads
AniUracilc
last week of the year saw many anthracite collieries
clcsed and thousands of miners Idle
Production was only 862.000 net tons.
barely one-half the figure for the corresponding week a year ago
Production after the holidays showed an upturn, following the'colder weather
"Domestic demand Is rather slow in New England except for the popular
New York and Philadelphia report satisfac-tory increases in activity
sizes.
and lower retail prices fillowing tho removal of the transportation tax
Steam .sizes are moving better.
Estimates of Production, Net Tons
U. S. Geological Survey Figures.
Week —Bituminous CoalAnthracite
-CokeEnded
1920
1921
1921
1920
1921.
1920
Dec. 17 7.066.000 12,1.56,000 1, SOI. 000 1.098.000 127.000
334,000
—ThQ
—
Dec 24 7.468,000
Dec 31a 5.960,000
9,686,000
1.611.000
117.000
272.000
862,000 1 ,,597,000 104,000
278.000
Cal yr 406.999,000 556,516,000 87,695,000 88,845,000 5,507,000 20 980 000
1..33«.O0<)
a Subject to revision.
Legislation, Court Matters
JJeannas
and Miscellaneous.
Proposals to Proluhit Further Issuance of Tax Exempt SecuritiesThe.se will begin Jan. 16 before House Ways and Means Committee.
oti
— Hearing on
—
Sncll-McCormick For'Slry
"Times" Jan. 12, p. 11.
Harding Opposes Bonu^s Based on
tniltec.
Jan. 11, p.
4;
Jan.
—
—
8. p.
Bill before
Interest
IS.
House AgricuUure Com-
Payments by
the Allies.
— "Times"
—
Unions Ask Harding for Loiter Postal Rate. Printing trades are seriously
affected, delegation says, by high second class charges.
President said to
favor such cut. "Times" Jan. 12. p. 11; "Wall St. Journ." Jan. 11 p 12
Attempt to Speed Permanent Tariff. McCumber. new head of Senate
Committee, is expected to push bill 'to debate. 'Times" Jan. 9 p 14
Trading Act Brief Filed. Government enters defense of restrictions on
dealing in futures. "Times" Jan. 11. p. 37.
—
—
—
Would Limit Work Hours, in N. Y. Stale. Senator Straus introduces
S-nour mea.sure for women and minors. "Times" Jan. 12 p 19
Montana's Tax on Bachelors Thrown Out by Slate Supreme Court. —••Times"
Jan. 12, p. 19.
Income Tax Riduction Sought at Albany.— Tvro
exemptions. "Times" Jan. 11, p. 23.
bills
introduced increasing
Aiax Rubber Co.
Stockhohhrs' Rights, etc.
of record Jan. 12 have the right to subscribe at S12 50
a share for 200.000 shares of capital stock (no par value), to the extent of
one share of new stock for each share of stock held. The right to subscribe
The sale has been underwritten by W. A. Harriman &
expires Jan. 26Co., Inc.
The stoclcholdors Jan. 11 authorized (1) the issuance of shares without
par value, and the exchange of the outstanding shares (par S50 each) share
(2) Increased the number of
for share for the shares without par value.
shares which may be issiied from 400.000, par S50, to 500,000 shares with(3) Authorized the directors to issue and sell
out nominal or par value.
the 300.000 authorized shares of no par value, remaining in the treasury
the exchange of the present stock share for share, from time to time,
after
(4) Authorized the sale-of 200.000 shares of stock
as they may determine.
to stockholders and the issuance of 25.000 shares to AV. A. Harriman &
Co.. Inc.. in payment of the agreed compen.siition for such underwriting.
The stockholders also approved the issuance of $3,000,000 bonds. See
offering in V. 113, p. 2724.
The stockholders
Allegheny Steel Co., Pittsburgh.
— No Capilal Increase.
stockholders' meeting called for Dee. 28, last, to vote on increasing
The
the cajiital slock from .'S3, 500, 000 to $10, .500.000 was called off.
U. S. Government in Nov., last, won in the Cotu-t of Claims the suit for
.$990,000 growing out of the commandeering in October. 1917, of the entire
output of the Company.
The
Allis-Chalmers Mfg. Co.
— Bookings. —
Bookings of the company in December, it is stated, were only sHghtl.v
below those of Novenibe--, when thej- amounted to appro.ximately SI, 600,-
000.— V.
113, p. 2082.
Aluminum Ware Manufacturing
Co.
—-Receivers. —
William H. Mandevllle, l>avld J Fox and Francis
point<Kl permanent receivers Dec 30 oy an order of the
for the Southern District of N;-w York.
Co. Operative
Caffey were apDistrict
Court
—
with Anaconda Copper
—Over Contract Brass Co. Deposited. —
51% of
American Brass Co.
Mining
G
L'. S.
—
of the stockholders (Charles F. Urookes. Chairman)
of 51% of the total outstandiriK capital slock has
heen deposited under the contract bel ween the committee and the Anaconda
Dec. 22 1921. This contract i)rovided that the
Copper MininK Co. of
Anaconda Copper MininK Co. would purchase all or any portion of the
outstanding slock of the Ilrass Co, (hut not less than 51 ',;,) for $1.50 in cash
and threo shares of Anaconda stock "for each share of Brass Co. stock. The
of the outstanding Bra.ss Co. stock thus makes
deposit of upwards of 51
the contract operative.
,
,^ ^
^
i., . ,
The depositaries for the Brass Co. stock are the Mechanics & Metals
National Bank. New York, and Colonial Trust Co., Watcrbury. Conn.
Deposits of Brass <:;o. stock may be made throughout the month of .fanuary.
No stock will be accepted for deposit under the contract after the clo.se
of business Jan. ,'il. Compare V. 114, p. 82.
The committoe
upwards
%
.
—
—
American Can Co. Cuts Prices.
The company has promulgated a new schedule
of prices effective .Tan.
1
1
with reductions ranKlng from .?4 SO to .?17.85 per 1,000 cans from the
This cut in price, it is said, is due
prices placed in effect in Jan. 1921.
to the fall in the cost of tin plates.
.^
,
,, „„„ ,
cans will be avadable in lots of 1 ,000, f o. b.
Under the new list packers'
shipping point, at the following figures: No. 1 at S14 77. a cut of $4 80:
No 2 at $20 42 a cut of S7 02: No. 2 at S2C 25, a cut of $fi 90; No. .3 at
$27 39 a cut of S9 SO; and No. 10 at .'J60 75, a reduction of $17 85. V. 112,
p. 2539.
.
.
—
V-,;
—
—
&
Grain Co. Liquidntinq Divide.yid.
trustees have declared a second liquidating dividend of $4 50 per
share on the outstanding capital stock, payable Jan. 23 at the Guaranty
Trust Co. to holders of record Jan. 20. In >Iay last a liaiiidating dividend
of S7 per share was paid, making a total of .Sll 50 in all.
R. H. Mainzcr. trustee, stated that the dividend just declared was exclusive of any funds received from the recent sale of the Buffalo plant.
This plant was sold to the Minneapolis Milling Co. for .$520,000.
Mr. Mainzer is quoted as sayitig: "Liquidation of the assets is proceeding
satis&ctorily, and negotiations are under way for the sale of the two Chicago
AVe will continue to operate the Buffalo
plants and the Milwaukee plant.
plant, using it for grain storage purposes until April 15, when plant will be
Stockholders will probably realize $20 per
taken over by the new owners.
share in liquidating dividends, exclusive of the $7 dividend paid early last
year." See also V. 114, p. 82.
American Malt
The
&
American Pipe
Construction Co.
— Redemption. —
Forty-five (S45.000) 6% Coll. Tr. Ctfs., Series "B," due Feo. 1 1929.
and 10 certific^ites of ijoOO each, have been c;i lied for payment Feb. 1 at
102'.-; and int. a,t the Girard Trust Co.. trustee. Philadelphia. Pa.
Series "A" certificates previouslv drawn for payment and still outstanding are Xos. 195. 209. 713 and 813. for .SI, 000 each, and Nos. 1008, 1055
for $500 each.— V. 113. p. 1254.
American Pipe Mfg. Co.
—
Certificates Called.
—
& Construction Co. above. —-V. 113, p. 1254.
American Pnetimatic Service Co. Contract for Tubes.
See American Pipe
The
—
joint Congressional Postal
—
Commission, according to Washington
dispatches, has advised Postmaster-General Hays to enter into a contract
for the restoration of the pneumatic tube service in N. Y. City on terms
which yir. Hays submitted to the Commission after a conference with the
pneumatic tube interests. The contract, it is stated, provides for the restoration of pneumatic tubes for a term of ten years at $18,500 a mile a year
About 27 mUes of tubes are included in the contracts,
for the period.
according to the dispatch. V. 114, p. 82.
—
American Ship
& Commerce
The company has purchased two
Corp.
— Acquisition. —
—
American Sumatra Tobacco Co.
— Resignation. —
Julius Lichtenstein has resigned as President of the company and has
been elected President and General Manager of the Consolidated Cigar Co.
Mr. Lichten.stein will continue as a director of the American Sumatra company. The senior Vice-President will act as I'resident pending further
action of the board of directors.
V. 113, p. 1577.
—
Vitrified Products Corp.
— Earnings. —
Results for Fiscal Year Ending Oct. 31 1921.
Net sales, after discounts, commissions, freights & allowances. . S2,337,l 16
Operating profit
146,953
Profit and loss rredits.-.
29,386
Debit adjustment of inventories of co. and associated cos. and
Columbus branch
Akron Sewer Pipe & Michigan Sewer Pipe Cos
210.985
260.914
Deficits
from dismantling factory
Federal income tax for 1920 $1,148,
paid S152
Ijoss
24,441
2%
normal
inc.
Preferred dividends.
tax
1,300
121,018
.
Balance, deficit for fiscal year ending Oct. 31 1921
Surplus as of Nov. 1 1920
and
I'rofit
—V.
loss surplus Oct.
31 1921
109, p. 1894.
American Woolen Co.
S442,320
1.448,404
SI, 006, 084
--
—
—
S^ih. Co. to Cancel Stock.
has Issued notive that it proposes to cancel
19,990 shares of stor-k thereby reducing the capital from 20,000 sharas to
All ihe capital stock is owned by the American Woolen C^o.
10 uhiiiiM.
ejcept 7 qualifying dir«!Ctors' shares, which will be transferred to American
Woolen. v. 113. p. 2822, 2617.
The
.Aver Mills fV.
1
10. p. 766)
—
Anaconda Copper Mining Co.
— Contract Operative. —
—
See American Brass C;o. above and compare V. 114, p. 74; V. 113, p. 2822.
Te.jid'-rs
7V> ^t' rl Prilitninfirv Work for Ri'snm]>lio7i.
Sealwl proposals will be received by the (iuarantv Trust Co. until March
10 for the Kile to it of 10- Year 6% Secured Series A or 7% Series B bonds,
due Jan. 1 1929, In an amount, siifflftient to exhaust Ihe sum of S758,770
now in the sinking fund. Interest on all bonds bouithl will cease March 13.
The company will begin prtlimlnary work Jan. 10 for the resunipllon of
copner mining.
As all the comi)any'K forces have been disbanded It will
probably fake four months before the actual mining operation will gel
undcT way on a large scale
\',
14. p. 74.
—
1
Art Metal Construction Co.
— Quar.
Div. of
2.5
Cents.
—
directors have <;ei;l,iri-f| a (pi.irterly dividend of 25 cents Jier nhare,
l>l>'-\iilf the Slock on a rAgul.ir .$1 annual dividend basis.
The dividend Is
I'"> 'Me .Ian. 31 to stockholders of ri^cord .Ian, 16.
1 li'' i»mpany has been i>aylng quarterly dlvld<;nrls
at the rate of (10 cents
per sh..rR pop annum; extras of 10 cents per share were also paid quarterly
during l%],^V. ll.',, p l.-,77.
Till;
Atlantic Gulf Oil
Corp.— Oi7
Output (in Barrels) 1021.—
Miiu
.hinr.
Jul,,.
Aua.
Sept.
Oct.
1.1.36.274
V. 113.
0.38, .370
847.262
958. .330
522. .V;3
520,911
—
p
2IS08.
(Wm.^ Ayers
&
Co
alxne.
Stock,
V. 110, p. 766.
Sons, Phila.
Dec.
475,119
^c. —
Ayer MIUs, Boston, —To Cancel
•See Amerlc.tii %>,<, Ifii
Nov.
510,181
-Receivership.
—
'^•'t'nf "P'>n
.'
tional flow of oil the domestic consumption has
to be but slightly o^er a year ago
now appears
",''""'"'1
We
ers
The mining
division every month during 1921 reflected a substantial
We eliminated all development outlay except at Palmarito, Mexand our research work on this property was rewarded with remarkable
results.
The small mill will be rehabilitated and put into operation next
spring, and it is believed that the mine's earnings will be sufficient to carry
on develcpment work, future mill expansion and pav dividends to the corprofit
ico,
poration for years to
Barnsdall Corporation.,
I'risidciit Ftobert
New
York.
Status.—
L;iw .Ir in rirciil.-ir lell.r of Dec 29 1921 s.'iV) In brli-f
the current year ot severe depressjcui four sep;irat<'':iMd dIsMnct
newiiirolifie
col.i were developed In this conntrv; and oven will, ilils
'I'll
1.
IJiirliiK
come
—V
114. p. 83
& Machine
Bass Foundry
Co,. Fort
The company recently increased its
The new stock, consisting
Wayne, Ind.
capital stock from $1,700,000 to
of S400.000
Cumul. Preferred
been authorized for the purpose of retiring an outstanding
bonded debt, and none of it will be usea for anv other purpose. At latest
accounts the company had $394,000 1st & Ref. gold 6s outstanding, due
Aug. 1 1927.
6%
S2. 100.000.
stook. has
—
—
Beloit (Wis.) Water, Gas & Elec. Co.
Plant.
The company has purchased the plant of Gleasman Brothers at Rockton,
111.
The company, it is said, will abandon the Rockton plant and supply
and power from
electri-'ity for light
Brooklyn Edison
Beloit.
— V. 96.
Co. — Application. —
p. 1426.
New York P. S. Conunission
Common capital stock or $10,000,Common capital stock.^V. 113,
The company has filed a petition with the
for authority to Lssue either $10,000,000
000 debenture bonds convertible into
Brooklyn Union Gas
Co.^
its
— Suspends Gas Increase. —
The Newtown Gas Co..
a subsidiary, supplying Ridgewood, Maspeth,
Middle Village, Elmhurst, Corona, Forest Hills. Kew Gardens and other
villages in Queens, was ordered Jan. 8 by the P. S. Commission to suspend
for 120 days its rate increase to SI 25 a 1,000 cu. ft., put into operation on
Nov. 12 1921.— V. 113. p. 2188.
—
—
—
Bush Terminal Co. Listing Earnings.
The N. Y. Stock Exchange has authorized the listing, on or
after Jan. 16,
of S168.111 additional Common stock, par $100. on official notice of issuance
as a 2>i
stock dividend, payable Jan. 16 to stock of record Jan. 6, making
total amount applied for $6,892,555.
Income Account for the 10 Months ended Oct. 31 1921 {incl. Sub. Co.'s).
Company. BIdgs. Co. RR. Co.Ex.Bldg.Jnc.
Total.
Gross earnings
$2, .576, 492 $1,903,994 $79. .594 $374, .503 $4,9.34.585
Oper. expenses
784,616
546,513
161,974 440,584 1,933,688
%
Earns, from oper. $1.791 .877 $1.3,57,481 x$82,380 x$66.080 $3,000,897
Total net earnings.. 1,995,448 1,292.988 X82.151
x66,081
3.140,204
Taxes
5.35,386
946.487
;M5.899
19,207
45,995
Interest
4,53,665
370,983
47,641
158,899 1,031,189
Sinking fund
23.848
1.35,601
;i 1,7.53
Deduction. y
98.787
98,787
Surplus
$883,760
$928,138
.$464,3,53x$148.999x.$270,975
y Deduction from surplus of Bush Terminal Co., the accrued
dividend amounting to $98,787 on holdines of Bush Terminal Bldgs. Co.
I'ref. stock, which is reported under other income.
V. 113, p. 2823.
X Ix)ss.
—
Burns Bros.
—Listing — Earnings,
—
&c.
The N. Y. Stock Exchange has authorized the listing, on or after Jan.
(Coal).
11
of temporary certificates for:
(a) $1,292,100 (total authorized) 7% Cum. l*rior Pref. stock, par $100 each,
on official notice of i.ssuance in exchange for present Pref.
stock share for share;
(o)
3,000,000 (total authorized) 7% Cum. I'ref. stock, par $100. on official
notice of issuance and distribution to the holders of the
I'ref. stock of Wm. Farrell & Son, Inc.. share for .share; and
(c)
80,944 shares fauth. 100,000 .sh.) Cla.ss A C^'ommon stock, no par
value, on official notice of issuance in exchange for present
outst.'inding Common slo<-k. par $100 each, share for share;
(o)
80,940 shanks fauthorized 100,000 ,sh.) of Class B Common stock.
no par value, on official notice! of issuance and distribution
to the holders of tin; ('ommon stock of Win. I''arrell & Hon,
Inc., in lie ratio of 5 shares of Class B Coninion stock for
each 8 shares of the outstanding Common stock of Wm.
Farrell .% Son. Inc.
,
.Sa/M.— Burns Bros, during fiscal year ended March 3 1 1920 .sold 2.921 .308
tons of coal, during 1921 sold 2.867.422 tons, and during the current fiscal
y<«ir the estlnialed amount of coal to be sold (including business to bo
acqulrml from Wm. Farrell .t Son. Inc.) will be 3. .500. 000 tons. The
Iiresent retail coal s.alcs of l'';irrell are alwut
,000, 000 tons per annum.
Consolidated Account for 6 Mos. ended Sept. 30 1921 (Stilijrft to Adjustment).
.
I
,
1
Net
Hums.
wiles of coal
Ilros.
Farrell.
.$12,584,905
9,456.572
Cost of coal sold
Gross profits
Operating exponsea
$5,103,202
3.940,500
.$3.12S„3,33
.
SI, 102, 702
2.400,003
076,468
»728,.331
123. .526
$187,244
61,110
.
Net profit on Kales
Oiher liicmui
He«ervo for depreciation and bad dobtB
Not Income
KM, 832
t861 ,866
as of April I 1921 (net)
Aildlllons to Kurpliis
.1
Ihdurl Prefen-ed dlvldondii
Common
-
»1'13.622
t2,339.,';!l0
dlvldendH.
KfniTVe for retirement of I'referrod
x$0,7O9,8O6
M,()3S
45.241
106,000
KM. .'168
tl7,259
76,000
Malaiice cjij)l|ii| surplus A unapnro|)rlale(l sur. . .ti2,6SS,617
$6,673,32 H
X ThU $6,7im.K(l6 represents: Capllal, .?(1.520.I38: earned HiirphiH (ur
unappropriated! April
•pproprlaledi
$6,731
1921 $21 1,503: total, .$6,731 .731, less $21 ,924 <hargei«
not anpllciible to opfratlons.
opiTallons.
Tor lerniH of aequlsillon of Win. KiitTell St,
"m.
Son, Inc., Hce V. i:t. |). I!)H6).
I
I
I
exceeded production whl'-'h
Is not this the meat of the
situation ?
At the recent meetings of the American Petroleum Institute at Chicago
Walter C. Teagle, I'residiMit of the Standard (Jil Co (New Jersey) .said in
part: "The path that lies just ahead of us may traverse the foothills of tem|)orar,i conditions, but beyond lies the; mountain which must in the end be
scaled, and that mountain is the pf^troleuni consumption of the future "
Mr Teagle furtiier pointed out "the difficuKies of accumulating petroleum
reserves for, say, a year, instead of only 137 dajs."
Mr Ilarrv Sinclair
in his address mentions that "petroleum prices have been too low," and
prophesies a higher average in 1922 than in 1921 and that thev may average
nigher than ever b.-fore in the histor.v of petroleum.
The Barnsdall Corporation during the past year has reduced its costs
nearly 50''i, and wiih only ver.y scattered, nece.ssarv drilling, clo.ses the 12
months' operations iu the oil and gas divisions with'but negligiole decrease
in produclion, thus shtjwing the importance of resting on a strong foundation of .settled producing wells
A valuable property was recently acquired
in southern Oklahoma, including natural flowing wells, with considerable
additional drilling territory, and carrying an unusually high quality of
crude which will produce refined products etiunl to high-grade I'ennsylvania
st(K;ks
Within the last. 00 days we have brought in two wells each exceeding 100 barrels, which dcifines a quarter section (160 acres) heretofore regarded in the cla.ss of wilti-cat acrea.ge
Every department during the current year shows a profit except the rsfining di-vision
However, this department is no exception to refining companies generally throughout the country.
Our refining organization is
completing an invest i;'ation into a new non-pressure process which, it
ai)pears. will materially increase the yield of gasoline at lower cost.
are establi.shing in the rural districts surrounding Kansas City the nucleus
of a system of relatively inexpensivs distributing stations, and in time all.
or a major portion, of our own refined products will ba ab;orbed through
our own distributing stations
The natural gas division, during the current jear. h,as drilled a number
of profitable wells in Penns.vlvania. West Virginia and Oklahoma, adding
materially to our revenue.
Most of the supply passes to domestic consum(entire
SiirpIiiH
a I. Ill In equity filed In the V. S iJIslrlci Court iit I'hila. bv
National ll.ink. New York, Judge Dickinson. Dec. 27, ap
I
'lappl'T lemporary receiver.
MablMlles are placed at
K,''/i ,'.oo^''"i"^'."'
»».U. 0.3.3.
Book a.'i ets ;ire lls(,dat ^H74.445, but it Is (itttted that the real
vatiie of the .a.sselR will not ix<(:i^\
S500.000.
.
201
p. 2823.
pa.ssenger steamers of 20.000 gro.ss tons
each from, the Royal Holland Lloyd Line. The two ships acquired are the
pas.senger steamer Brabant ia and Limburgia.
It is planned that the?e
ves.sels will he transferred to the American flag at once.
Their names will
be changed later. American officers and American crews will replace the
present personnel. The ve-ssels will be operated between New York and
Hamburg with calls at Frerx-h and English channel ports. They will fly the
hoase flag of the United Ameriran Lines, which is the operating organization for the Am. Ship & Commerce Corp.
V. 113, p. 74.
American
,
THE CHRONICLE
Jan. 14 1922.]
annoiiiicns that
—
,
,
—
Dividends Declared, on Neu) Capitalization.
The dlro(!torH h/ivi- declared Initial quarterly dlvldenrJM of $2 50 per share
on the new C|;ihh "A" Conunon stock nii'l of 50 c^entH pre Hliare on Ihi- new
cinsii "U" Common Nhares, both payable I*"ob. 16 to holdem of record
THE CHKONICLE
202
Feb.
1
An
.
7%
initial
dividend of 81 75 per share has also been declared on the
Cumul. Prior Preference stock, payable Feb. 1 to holders of record
Jan. 22. The dividend on the 7% Cumul. I'ref. stock is not due until
March.— V.
113, p. 282.3.
Butterworth-Judson Corp.
M.
George A. Macintosh succeixls
—
— Nezv
K.
Director.
Cnase as a director.
177.i.
Caddo Central
&
Refining Co.
— V.
113, p.
— CertificatesC
ailed.
All of the oiilstandi/is; 'i<; Car Trust cerlifi'::ites. due AuK- 10 1922 and
Feb. 10 1923. have been called for pftyrncnt Feh 10 at 101 and int. at the
V. 113. p. 218S.
Commercial Tru.st Co trustee. Phii.-idtlphia
Oil
—
California-Oregon Power Co. — Dividend No.
,
The
2.
have declared a resnlar quai-terly dividend (No. 2) of §1 75
:''(%) on the Prefeired stock, payable Jan. 25 to holders of
<iJrectors
per share (1
record Jan. 15.
,
In order to finance capit:.! expenditures, the company has received
October of .5151,000
permission to (expend .?;73,301 obtained from the sale Last
V. 113. p. 2618.
Series "A" 1st !:z Itcf. Mtjre. orokt bonds.
.
—
California Telephone
The
California Itailroad
$206,200 6% Cumulative pref. stock of which Sl.")l.fiO() ma.v be used to reimburse in part company's treasur.v on account of surplus earnings invested
Following; reimbursement of the treasury the order provides
in the plant.
that the stock may be delivered to the holders of outstanding preferred stock
The stock is to be delivered on the
in payment of accumulated dividends.
The remaining $50,600 may be sold for cash at not less
basis of .SXO a share.
than 80. the proceeds to bo expended for capital purposes. V. 110, p. 80.
—
—
Central Foundry Co.— Indictments.
An indictment charging 10 individuals and 11 corporations
members
Tndi.Tna P. S.
—
—
Stock Issue A uthorized.
Commission has authorized the company to
Central Indiana Gas Co.
The
issue
$1,412,900 8% Preferred stock, (being .$587,100 less than the company asked
authority to is.sue.) The stock shall not be sold for less than 90 if sold, and
par if exchanged.
The proceeds from the sale or exchange of the stock will be used for the
following purposes. $2-11,400 to pay off its floating debt, $259,000 to reimburse the treasury for bond retirements; $437,500 to be i.ssued in return
for .$500,000 7% stock; .$475,000 to be exchanged for a like amount of outstanding go ld debentiu'es. V. 108, p. 1167.
—
Central Sugar Corp.
— Judgment.—
N. Y. Supreme Court has gi'anted a motion of the
Equitable Trust Co., directing judgment on pleadings for $81,160 against
the corporation. The suit is based upon the company's failure to pay to
holders of its notes .$76,000 maturing March 1 1921, representing unpaid
balance of $1„500,000 1-year 7% gold notes.— V. 113, p. 24C9.
Justice Hijur in the
1921— D«?c.
5.536,000
— 1920.
4,258,000
Increase.]
1921-12
(in Lbsi.).
il/os. -1920.
—Patent
Suit.
—
Increase.
—
Suit was recently brought by the company in the District Court in the
Western District of Michigan, against the Keller Pneumatic Tool Co. for
injunction and accounting of profits and damages due to alleged infringement of patents. Suit was also brought again.st H. Channon Co. in the
District Court at Chicago for alleged infringement by the sale and offering
for .sale of patented articles.— V. 113, p. 2823.
^_^_^ ._-..^___™_„
—
Cincinnati Gas & Electric Co. — Gas
W
Rate.
In a verbal decision given Jan. 5, .ludge E. T. Dixon, of the Common
Court at Cincinnati, refused to issue an injunction against putting the
Pleas
new gas rate in Cincinnati into effect. .\s a result, the new rate which is a
sliding .scale, ranging from 50c. to 70c. net a 1,000 ft., went into effect as of
Jan. 1.— V. 113, p. 539.
Cities Service Co.
monthly dividend of
A
Diridcrid
— Stockholders. —
H
Total
62,.322
60,426
,57,491
In all, the holders of securities of Cities Service Co. and subsidiaries
(incl. holders of Cities Service Co. Debentures and of the Bonds, Notes
and Pref. stocks of sub. cos., together with some mirority holders of Common stocks') at this time aggregate well above 100.000, with distribution
V. 113, p. 2725.
of the securities steadily increasing.
Cleveland Brass
& Copper Mills,
Inc.
The company
— Bonds Offered. —
recently offered to its stockholders at par -in issue of
$750,000 1st Mtgo. bonds. Subs(Tiptions are payable in five equal inProceeds arc to be used for discharging liabilstallments of 20'. each.
ities.— V. no. p. 564.
,
Cleveland Electric Illuminating Co.
Consol Enrningsfor 12 Xtos. endinglXor 30
Gross earnings
Operating exixMises
Net operating revenue
Non-oper.-ifing revenue
Gross income.
—
Interest...
Taxes
Dividends
-
Amortization of debt discount
Sinking fund requirements.
Balance, surplus
—V.
113.
p 1802.
Collins
Company. Hartford. Conn.
— Earnings. —
1920-21
1919-20
$13.037,4.50 .<;i2,698.234
S 30'> Qq:^
9.2*^4.055
.•>-t,/ao.aj6
135.04.:;
$3,494,178
42.873
.'*4,«/i),4l)2
.'i<3.537 05'"
$1,382,986
1,446,700
1,147,114
107,728
194,166
$591,706
$1,105,242
1,068.000
829,080
71 402
— Quar. Div.
,50,(K)0
.$413,328
of
2%.
quarterly dividend of 2 % has been declared on the outstanding .$1 000 000 Capital stock, par $100, pavable Jan. 15 to holders of record Jaii Ici
The company in July 1920 ard in Jan. and July 192] paid semi-annual
dividends of 6% and extras of 2':;, each.— V. 113, p. 1679.
A
Columbia Graphonhnne Manufacturing Co.
Both the Common and Preferred stocks established new low records
Selling of the.se shares, especially in the ease of the Common stock has been
The .S6. 000. 000 H9c gold notes which
usuallv heavv during recent weeks.
fall due in 1925 were also weak, the present nuotaiion being 35.
Interest
amounting to .$240,000 is due on the notes Feb. I. ("N. Y. Times" Jan
13.)—V. 113. p. 2823.
Commonwealth Light & Power Co. — Plan
—
Effective.
In conne;nion Willi the proposed inerg(!r of the Interstate Electric Corp
with Cominonwealtli Light & Power Co. (V. 113, p. 2727), the "Chronicle"
has been advised that an amount in excess of 51 % of tne Interstate Electric
Corp. Common and Preferred has been accjuircd by the Commonwealth
company, so that the plan has become effective. See V. 113, p. 2725.
—
—
Consolidated Ice Co., of Pittsburgh.— Pre/. Dividend.—
'''viderid of
'- lias hcen tie
ired on tne 6% Cumul Pref. stock
pa.vable J;in
1
i-v
-l
20 to holders of record Jan 10. This is the second dividend
to be declared since ^April 1916; the last distribution was
134% paid in
Cosden & Co.
— Acquisition. —
states that the company has purchased
the holdings of the Rossell Petroleum Co., located in Young County
lexas, just north of the famous Mexia field.
The property, it is said embraces about 600 acTes of land and has 7 producing wells, one with a run of
barrels of oil a day.
The purchase price was reported as
V^°^^r.'i:}^^
$t,oUO,000. V. 114, p. 83.
lA^'^'^P",''^^
all
^'"O"^ ^'' "^i^y- Pa'-'
—
—
—
Crane Co., Chicago. Reduces Wanes.
ow^S company reduced wages of shop forces at Bridgeport and Chicago
12H%. effective Jan. 9. The plants, it is said, are running at one-half
capacity and between 10,000 and 12,000 men are affected. This is the first
reduction the company has made from its peak, which is over 100% above
the pre-war level.
The company has always operated as an open shiop
and without discruntnation against unions. V. 113, p. 2508.
—
Cuba Cane Sugar
Computing, Tabulating & Recording Co. Dir. Outlook.
The upswing in Computing, Tabulating & Recording Co. to the new
high mark for more than two years of 63}^, is reported to be due to the
Co.
— Directors—Annual
Report.
—
Robert I Barr ard G \r. Dahl have been elected directors, succeeding
L. J. Rionda and H, P r^^royer.
See annual report under " Financial Reports" above
V. 113, p. 2823.
—
(William) Davies Co., Ltd.
— Dixvoses of
—
Retail Stores.
William Davies Co. some 66 in nvunber
in 12 Canadian cities, to a syndicate known as "A. Martin, Ltd." was recently announced. The William Davies Co. will in future devote itself
wholly tojihe prosecution of the wholesale branch of the business it is said.
Officers in the new company are. J. A. Nelson, Pres.: D. Harding, V. Pres.;
G. B. Moore. Sec. The price involved in the transfer has not been made
known. V. 109, p. 2267.
The
sale of the retail stores of the
—
,
—
To Reduce Prices of Cars.—
statement says: "The company will announce on Feb 1 1922
a suljstantial reduction in the prices of their cars, effective Jan. 1 1922
An
Bros., Detroit.
official
—
V. 113, p. 1987.
—
(E. I.) du Pont de Nemours & Co.
Subsidiary Company.
The Du Pont-Nobel Co. was recently organized for the purpo.se of
holding certain of the securities owned by E. I. du Pont de Nemours &
Co ., and is therefore merely a subsidiary holding company —V 113, p. 1579.
Duquesne Light Co. — To Reduce Preferred
.-
.
—
Stock.
Stockholders of record Jan. 12 wll vote Mar. 14 on reducing the authorized capital stock from $34,822,300 Jo $34,641,700, the cut to bs in the
Cumulative Preferred shares. V. 112, p. 2417.
7'y'c
—
— Contract for Ansted Motor. —
Automotive
—
Inc. — Reorganization —
Committee.
Durant Motors,
See United States
Earl Motors,
Inc.
Corp. below.
V. 113. p. 2316.
Creditors'
Chicago dispatches, Jan. 13, state that a plan for the financial reorganization and rehabilitation of this company has been agreed upon by the
banking and merchandise creditors, made necessary by the troubles of the
Port Dearborn banks [see under Bank Items, &c., V. 84, p. 34). The
business it is stated will be conducted with the present official staff but
under the guidance of a c-i ditors' committee.
•'^
The financial reorganization, it is stated contemplates an issue of new
deferred debenture bonds, on which interest will be deferred for a year, and
a
cents per .share has been declared on the
cents in stock scrip and 5 cents per share in
Bankers' shares, payable 12
cash scrip Feb. 1 to Parkers' shares of record Jan. 15. The last cash dividend paid on the Banker's shares was 35H cents, on June 1 1921
Cities Service Co. Stockholders.
Dec. 15.
Atig. 15.
May 15.
.
Preferred stockholders
25,455
24,680
24,504
Preference "B" holders
4,923
4,884
4,7.53
8,602
Common stockholders
8,327
7 935
...23.342
Bankers' shares holders
22,585
20,299
173-2
—
President, &c.
,
3,028,000
1,278,000156,294,000., .53,266,000
—V. 113, p. 2508.
Chicago Pneumatic Tool Co.
— New
Consolidated Cigar Corn.^
.
Julius Lichtonstein recently President of the American Sumatra
Co.. has been elected President and General Manager, succeeding Tobacco
D. Emll
Klein also h.as resigned as a director.
^"^
Frank de C. Sullivan has been elected a director. Secretary and Treasurer
succeedmg Louis Kahn, resigned. Edwin Wile has boon elected a director'
See American Sumatra Tobacco Co. above.— V. 113, p. 75,
Dodge
Cerro de Pasco Copper Co. — Copper Outfu*
%
,
(including this
of the Eastern Soil l*ipe Manufactm-ers' Association,
with price-fixing in violation of the Sherman Ant.-Trust law was made
The inpublic Jan. 5 by William \. Hayward, U. S. District Attorney.
vestigation was conducted for 5 months preceding the return of the indictment on Dec. ''S last by the Federal Grand Jury. (See N. Y. "Times"
Jan. 6)— V. 110. p. 873.
corporation)
%
probability of an increase of the present 4
dividend to 6
The course'of
the stock has been steadily upward from 45, and the advances have
accompanied by a number of rumors of mergers about to take place been
importance is attached to these merger rumors, however, by those who Less
have
tollowed the action of the stock in recent weeks, than to the fact
that the
corporation officials are said to favor an increase in the
di.stributlon to
stockholders.
("N. Y. Times" Jan. 13.)— V. 113. p. 2823.
—
—
&
Light Co. Stock Authorized.
Commission has authorized the company to i.ssue
[Vol. 114.
new
will
issue of prior preference preferred stock.
The imsecured creditors
be given new debentures and prior preference preferred stock in satis-
faction of their claims.
Edward Tilden & Co. will surrender the present debenexchange $1,400,000 of prior preference preferred stock
and $700,000 in new debentures. The creditors may receive debentures and
stock in equal proportions.
It al.so is understood the banks will furnish the
company with $1,000,000 to augment its working capital. The plan was
agreed to by creditors representing claims of about $2,000,000.
Creditors' Committee.
The creditors' committee consists of Ralph van
Vechten. V.-Pres. Continental & Commercial National Bank. Chicago:
Percy Johnston. Pres. Chemical National Bark, New York; R. T. Forbes,
V.-Pres. Fort Dearborn National Bank. Chicago; Wm. Sparks, I'res.
Sparks- Wit hingt on Co.: Benjamin Gotfriedson, Pres. American Automobile
Trim Co., Detroit: W. V. C. Jackson, V.-Pres. Automobile Body Co.. LanV. 114, p. 84.
sing: and Clarence Hayes, I'res. Hayes Wheel Co.
It is understood
tures, receiving in
—
—
—
—
Eastern Manufacturing Co., Boston. Bonds Offered.
E. H. Rollins & Sons. Spenecr Trask & Co., Bond & Goodwin
and Jackson & Curtis are offering at 96 and int. to vield over
7.40%, $2,000,000 Isi Mtge. 7% Sinking Fund gold bonds
.
(Series A).
Dated Dec. 1 1921. Due Dec. 1 1938. Red. all or pai by lot on any
int. date on 30 days' notice at 105 ard int. on or before JvUie 1 1929. and
thereafter at M- of IT, loss for e;ich full year elapsed between Dec. 1 1928,
and date of redemption. Int. payaljle J. &, T>. at Old Colony Trust Co.,
Boston, trustee. Company asrrees to pay or refund normal Federal income
Denom. SI. 000, $500 and $100 (c*) now being issued,
tax up to 4':;.
$2,500,000 of which $,500,000 have already Wen dispo.scd of.
Sinking ^und.
The indenture provides for semi-annual sinking fund
payment's, beginning April 15 1923. to be applied to the purchase or call of
Ixiiids, which it is estimated will retire as a minimum over three-quarters
of the bonds of Series A before maturity.
Data from Letter of Chairman Stewart W. Webb, Boston, Jan. 3.
Companii. Began business in 1889 and incorp. in Maine in 1891 and in
Mass. in 1919. Is one of the foremost manufactm-ers of bleached sulphite
pulp and fine writ ing papers in the country
Company produces alxiut 40,000 tons of sulphite pulp per annum, and
about 25,000 tons of ^\Titiiig paper. Itself uses about 18,000 tons of sul
phite pulp, .selling the balance to other writing paper mills. Mills located
Company has a favorable power contract with
in Brewer and Lincoln. Me.
the Bangor Power Co., which has about 13 years to run. Owns in fee
about 119,000 acres of t imlwiiaiid, and also owns through the Lincoln
Pulpwood Co. alxnit 110.000 acres additional. It also has stumpage con,
—
—
tracts covering a larpe additional acreage.
Companv owns all the (^ommon stock of Lincoln
Pulpwood Co. of
Maine, which has outstanding $250,000 1st Mtge. Iwnds, payable $50,000
p. a. 1922 to 1926, guaranteed by the Eastern Manufacturing Co., and
$220,000 PrefeiTed stock, guaranteed as to dividends and retirement by
Eastern Manufacturing Co. Arrangements have been made for ttie immediate retirement and cancellation of all the preferred stock in exchange
for $2f,0,000 bonds of Eastern Manufactm-iug Co.
—
Authorized. Outstanding.
Capitalization After This Financing
.$3,000,000 $2,500,000
First Mortgage bonds (this issue) .
7 '"^ cumulative
3,152,000
3, 152, .500
First Preferred stock,
1,000,000
1,000,000
Preferred stock, 7'; cumulative
Second
160,000shs. 156,715shs.
Common stock (nominal value $5 per share)
First niortgage on all the fixed ass«»ts in State of Maine, now
Sccurilti.
or hereafter owned, including timl^erlands, real estate, buildings, machinery
and eciuipinent. and by pledge with trustee of .nil the Common stock of the
—
Lincoln Pulp Wood Co.
,
,,
This Issiic. $200,000 additional bonds may be issued for cancellation of
$220 000 pref. stock of Lincoln Pulp Wood Co. Remaining $300,000
may be issued at not exceeding 50% of actual cost of additions or improve-
—
.
-
.Ian.
-
provided annual not earnings are not. less than twice annual
on all bonds outst;incling- plus those proposed.
OperatUms & Edininfls.— Average annual gross sales for tive years from
earnings for
1916 to 1920 amounted to alx.ut S7,72.5,C0O, and average net
interest charKcs
intcrset and Federal taxes, amounted to $1 120.22.5. or
over 6 times the interest on the $2,.100.000 of bonds outstanding. Operations for first 9 months of 1921 showed a loss, but the liasiness has since
recovered rapidly, and Company is now operating at substantially full
same period, before
capacitj-
on
a profitable basis.
BALANCE SHEET. NOV.
—
5.
1921,
ADJUSTED
Wood
(Does not include equity in Lincoln Pulp
—
Co.)
Liabilities
1st Pref. stock
Assets
&
eQUip. less dep- $5.83.5.384
1.200.C00
Timberlands
x4 ,651. 595
Total current assets
564,944
Allied & Sub. Cos.
Inv.
68.513
1st Pref. stock in Treas.
102.943
Expenses prepaid
35,679
Miscellaneous
Plants
$3,152,500
1.000,000
2d Pref. stock _
Common
—
stock
783. .575
Mtge. 7% bonds
Accounts payable
Notes payable
Accured expenses
—
1st
000
440.647
900.000
11.346
3,670.988
fi, 500.
Surplus
Total
S12.459.057
$12,459,057
Total
X Consists of (a) Cash. $319,920; (6) accts rec. castomers less r&s..
(d) accts. recS730 '>10- (.c) accts. rec. Katahdin P. & P. Co.. $496,482;
misc' S5 494" (e) claim for refund U. S. Go-vt., $29,195; (.() notes rec.
$41 862- \g) Passamaquoddy Land Co stock. $250,000; (ft) consigned
goods (less res.), $231,115; (!) mdse. & supplies (less res.). $1,341,446;
$229,988. V.
(j) advances on pulpwood, $975,882; (fc) prepaid stumpage,
—
— —
—
113, p. 2619.
—
— To Change Par
Eastman Kodak Co., Rochester.
of Common Shares to No Par Value.
Value
Plans are now being worked out by the company to change the par
value of its common stock from $100 to no par value. When this is accomplished the holders of each present share of outstanding common stock of a
par value of .$100 will receive ten shares of new common stock without
nominal or par value. No change is planned for the present outstanding
6% cumulative preferred stock.
The official announcement says: "The plan contemplates merely changing
«ach share of common stock having a par value of $100 into ten shares of
common stock without nominal or par value; the present 6% cumulative
preferred stock is not affected."
The authorized common stock of the company is $25,000,000. of which
The common stock is li ted on. the New York
$19,971,200 outstanding.
Stock Exchange. Recent quotations, S630 per share. V. 112, p. 2084.
—
Edison
— Old
Electric^
Illuminating Co. of Boston.
— Notes
Colony Trust Co., Lee, Higginson & Co.
& Co., Kidder, Peabodv & Co. and Parkinson
& Burr have sold (a) $12,000,000 3- Year 5,^% Coupon
Gold Notes and (b) §4,000,000 1-Year 5}4% Coupon Gold
Notes at the following prices:
Sold.
F. S. Moseley
—3-Yearand
5H%
Notes 99.15 and int.. yielding 5.80%: 1-Year
int., yielding about 5.50%.
100
Dated Jan. 16 1922, due Jan. 15 1925 and Jan. 15 1923. Int. payable
J & J in Boston
Denom S 1 .000 (c) Company agrees that no additional
mortgages will be placed on company's Cjcisting property without retiring
or equally securing these notes.
Data from Letter of President Charles L. Edgar, Boston, Jan. 6.
Capitalization Outstanding After Ccmipletion of the Present Financing.
Mortgage bonds on acquired properties
$1,250,000
Notes secured by mortgage on real estate
1,815,000
4-Y' ear 7% Notes, due Aug. 1 1922
3,000.000
3-Year 5}^% Notes, due Jan. 15 1925 (this issiie)
12,000.000
1-Year
Notes, due Jan. 15 1923 (this issue).
4,000.000
Capital stock (after payment of installment due Feb. 1 1922) --x27, 033, 600
Prices.
514% Notes
.
.
.
.
.
5M%
X Company's $27,033,600 stock will have been is-sued for $46,304,437
cash, or about $171 per share.
Divs. of 12%. p. a. have baen paid on the
Capital stock during last 11 years.
Company. Serves population of more than r,250,000 in Boston and 42
surrounding cities and towns.
Purpose. On Feb. 1 1922 there will become due (a) $10,000,000 S-Y'ear
o% coupon notes and (b) $6. 000. 000 2- Year 7 months 6% coupon notes.
On Oct. 25 1921 company offered to its stockholders 45.056 shares of
Capital stock at $130 per share. The proceeds of this i.s.suo of stock,
amounting to approximately $5,850,000, was to be applied 'oo the retirement
of an equal amount of the above coupon notes.
The balance of these
coupon notes, amounting to $10,150,000, will be retired from the proceeds
of tn«: coupon notes about to be issued.
The remaining proooeds of these notes are to be used to retire existing
floating debt incurred from time to time for increases in plant and facilities.
Gross Earnings & Net Income Years Ended June 30.
—
—
1912-13.
Grc/ss earns $6,365,874
1919-20.
1917-18.
191.5-16.
1920-21.
$9,623,605 $13,920,606 $16, 162. ,568
5.1X1.783
5,311.605
3,943.763
for the 6 months just ended will be
conslderaoly larger than for corresponding period a year ago. V, 114. p. 84.
.$8,302,814
Net income 2.948.015
3.846.688
With Dec. estimated, net earnings
Electric Alloy Steel Co.,
—
Youngstown, O.—Prcf.
Stock.
8%
Th«- stockholders having re.-;ontly authoriz(!d an issue of $750,000
<.umulative Prof. (A. & D.) stock, the stockholders of record Dec. 22 have
until Jan. 20 next to subscribe for $500,000 of the is.sue at par.
Subtjtanlially all of the offering has l)f,en underxvritten by a few of the large
sto<-kholders.
The prooe«!ds will be used to provide additional working
rapital. which is necessary to enable the company to continue ii>4 business.
The stock has the same voting power as common stock and is convertible
Into f;ommori stock, at the option of the holdiir.
The nU)"k. may b<; paid
for on the following t<;rms:
20% in cash on call of the directors; and the
balance in 4 Cffual installmentH of 20% each, payable! on
and Nov.
I
I
1022. and
and Nov.
1923.
On payment of the last installment,
the undcrwTitor will rc<;oive, an a commls-sion, $10 per share for each share
taken and paid for by him -«o the stock will net $90 per share.
V. 1 13,
P- 2620.
May
May
I
1
—
Elk Basin Consol. Petroleum Co.
The
.stockh'ildiTs recefitly
liiiual Oil Co
of .'Vlaine
vof d
— Name Changed.—
change the name of
l^>
The
tlu-
companv
—
.
'^03
by McCoy-Moran Co., American Trans-Marine Co.,
Inc.,
in bankruptcy of the tlnitod States Mail Steamship Co.
The petitioners allege that the <'i)inpan.v is insolvent and
to satisfy maturing obligations.
Mayor.—V. 113. p. 1681.
The company
is
and the trustees
is
without funds
headed by Francis R.
—
General Baking Co., New York. Exchange of Stock, etc.
The American Exchange National Hank. New York, has been appointed
transfer agent of the common and preferred stock of the company from Jan.
It is authorized to receive for exchange one share of old preferred
1 1922.
stock for one share of new preferred stock and one share of new common
stock, both with no nominal or par balue. and one share of old common stock
for two shares of new common stock with no nominal or par value
(Compare V. 113, p. 1987).
company recently purchased a plot of ground at 144th St.. extending
The
from AValton Ave. to Gerard Ave.. Bronx., containing about 45,000 sq. ft.,
on which it is stated will bo erected for the company's own use. a building
containing about 180,000 sq, ft. of floor space. V. 113. p. 2317.
—
—
General Electric Co. Denies Charge
on Sale of Incandescent Lamps.
—
that
it
has Monopoly
The company has issued the following statement den.ving the charge of
the Lockwood Committee that the company has a monoply in the U. S. of
the sale of electric light bulbs.
"The General Electric Co. has no monopoly in the manufacture and sale
of incandescent lamps. The company does a large part of the incandescent
lamp business only because the public demands the efficient tungsten lamp
which is the result of the extensive work of the General Electric laboraThese lamps produce about three times the light of the old lamp
tories.
from a given quantity of current. In \1ew of this Harvey Wilson Harper
(head of the Miniature Incandescent Lamp Co.. Newark] who testified. Jan.
6. and certain other manufacturers, prefer naturally to make this type of
patented lamp rather than the older types which are not infringing.
"As to the charge that the General Electric Co. is e.Korting $100,000,000
from the public for light bulbs, it is sufficient to aythat in the year, 1920 its
profit from all of its manufactured products, including lamps, was .$26,460.058. This profit was further reduced by the payment of Federal taxes.
The total receipts from the sales of lamps were less than one-quarter of the
receipts from sales of all its manufactured products.
The profit from the
sales of lamps was higher than the average rate of profit on the rest of its
business."
Incandescent Lamp Prices Average Only 1% Above 1914.
Street Journal." Jan. 10, quoted an official as
The "Wall
follows:
%
higher than 1914
Price of incandescent lamps is. by average, less than 1
Avera.ge prices of incandescent lamp? from 1914 to 1921 were 10%
As labor and material prices soared, it
le.ss than prices of lamps in 1914.
was possible to maintain low lamp prices only through laboratory development and reduction of manufacturing costs because of efficiency gained o.v
prices,
improved machinery
Large lamps sold to consumers in 1920 amounted to .$93,000,000, of which
General Electric sold about .feo. 000.000
Cost of electric current for lighting purposes in 1920 was about $500,000.000.
If the -same kind of lamps had been used in 1920 as were used in 1911.
cost of current would have been $700,000,000 more to produce the same
That sa\-ing was entirely due to improvemeno in incanvolume of light
descent lamps, conceived and invented in research laooratories of General
Those inventions since
Electric Co
of which the public has. the b?nefit.
1911 are now the last word in incandescent lamp making throughout the
,
world
Patents covering above improvements, owned by General Electric Co..
have all been sustained in the courts and not an adverse decision was rendered on those patents. Whatever practices existed prior to 1911 were
entirely abandoned according to the decree
General Electric openlj- adopted the system of distributing lamps directly
to the consumer in order that the public- could purchase from e.-:perts in
Company has a complete systern
lighting and wiring incandescent lamps
of informing agents of the latest developments in lighting, which could not
be done if lamps were sold overthtM -niinter — V__] 13. p 2621 '2409
Motors
General
Shares Are Subject
to
.
Corp. — Question
Whether
Federal Income Tax.
—
Subdivided
The question whether the stockholders of the General Motors Corp.
who participated in the distribution of five shares of the Delaware company
stock for one share of the New Jersey company in 1916 should pay a Federal
tax
reported to be under consideration by the Internal Revenue Departif decided affirmatively, will probably be tried in the Federal
is
ment, and
courts. ^'_^Times^Jan. 13. p. 25.)^^V; 114, p. 84.
Georgia Shipbuilding
Co, — Bankrupt. —
^.
'
"!]2!!
This company, with a plant on Hutchinson Island. Jan. 7 entered voluntary bankruptcy proceedsings in the United States Court at Savannah.
Liabilities aggregate $529,356 and a.ssets $62,877.
The company sought the relief of the bankruptcy law. as asserted in the
petition, because the "condition of the affairs of said corporation having
been inquired into and It having been ascertained to the satisfaction of the
directors that the said corporation
be wound up."
is
m
insolvent
and that
its affairs liad
to
—
Gillette Safety Razor Co. 2J/^% Stock Dividend.—
The directors have declared the following dividends on the outstanding
in stock payable June 1 to holders of
and the regular quarterly of $3 per share in ca.sh. payable
March 1 to holders of record Jan. 31. The company on Doc. 19 last paid
a dividend of 10% in stock.— V. 113. p. 2409.
capital stock, no par value: 2'-':,
record
May
1
& Rubber
Goodyear Tire
Co.
— Present
Status.—
Springfonl. Assistant to the President, iu response to an inquiry,
furnishes a balance sheet as of Nov. 30 1921 and also says in substance:
"We have over $25,000,000 cash and c.isli items, and h:ive no bank loans
whatever. Our current assets as of Nov. 30 are $63,986,387 against current
labilities of only $5.44 1 ,512, a ratio of bettor than 1 1 to 1
"Our business has been going on in a most sutisf.actory manner and our
production of tires is steadily increasing, and wo will shortly bo producing
10.000 tires per day.
In spite of general depressed conditions throughout
the business world last year, we sold through our dealers more tires than
In the preceding voar, and we are going to soil more tiros this year than
II.
II.
last."
to
official notice calling the mcetjr'g Ml.aVcd
^our company owns the r-ntirc caplt.-il stock of lli<' Miitu.-if Oil
of
Arbsona. which cor.npany l.s now i.) [>roci.ss of dissolution
The refining
ni'irket jnKd<:p:irtmenis have hiTclofnre btiri conducii d under the n:iriii''J?*
of the .Mutual Oil Co and it is rlci-nied advisable l<> prcsirve the value o. its
trado marks and its gr)od will
Your directors have therefore delcrmhu'rl
.
Co
.
(ne Mutual Oil Co of Arizona and to change the narrrc of Ihr
Daren! company to that of .Mutual Oil Co
\'
II,'!, p
21120
to
.
THE CHRONICLE
14 1922.]
&c.
iiH-nts
-
.
dl'^'wjJv.-
"
billings show an increase of .ibout $3,000,000 over NoFinished gcjods inventories are norin.il .ind maintained at level.s
ade<(uate to fully take care of present volume of business. Kaw material
position Is well protected."
,,
„„ ,,
oirIThe balance nheot as of Nov. 30 1921 sh'iws: 1st Mtgo. 20-Yonr 8%
bonds outstanding, $29.2.50.000; 10-Yc,-ir8% Onb-Mitiiresb )uU outstanding,
$27,.500. 000; tradi! accounts .iikI notes payable. :?l..1Si.Sfil: lnveiil.orleH
on the basis of Inventory and (iimmitinent values as adjusted at I'eb, ^iM
1921 aiul subsequent costs, $30,521,042; customers' accounts and notes
ll.l,
receivable fl(is.s rcsCTVc) $7.0I>9,IH7; surplus, $2,852,493. -I'id.|—V
p. 2621,
"Our December
vember.
.
Ford Motor Co. of Detroit, Mich.
.
-Slroru/ Ca.sh Po.sUioti.
Tress renrirts f|Uot.e Henry I'ord .is s.iving in part: "Oiir balance lo-dav Is
prol)ably between .* I.'{.',. 000. 000 and .$11.'.,000. 000.
properly conslslK
or about .SlOO.OOO.OfK) worth of hulldiriKs. $10((.000.000 Worth of rnaehlnerv
and f,omeihing more than .'ilOO.OOO.ftOO In cash. As a growing intieern I
nave no donl.t that thes*. assets could be eapitallz<rd and sold lor a lilllion
OollarK.
Hill,
his .SI 2 1. 000, 0(H). or whatever It Is that we h;.ve in the l.uil.
means nothing to me i^xcerit a tool with which to work, I iiiiKlit liken ii
U) the flywheel on an engine, the belt
from a motor to a ni.iehlne, or to the
wire that feeds electricity to a trolley c;ir,
.\ big balance Is reipilred lo
Keep our wheels tuning.
We pay wages amounting tii .^.500, 000 n day .iiid
our materials er.st iis $7.50,000 a day. Our bank balance 1m. therefore, Hiifflcient to ii.iy our operating expenses ff,r about
All the inom-v
100 days.
mat comes to me goes Into new Indiistrlen. I never Invest money in bonds
or anything of th«! kind.
What I want Is to make thU a better country for
''"hat is why I want to get a chance to ifo lo work at
»V " ."''„^" "*^ '"•
Mu.scic Shoals."
Mv
Hart, Schaffner
See Lincoln
Prance
Hut/ Linr.olu
Motor
(U,.
Motor Plant.
below.
V.
I
13, p.
& Canada Steamship
2824. 2608.
Corp.
limikrupirn.
n,J t^"',' ''''••'''f""'* recently filed ,-m Involuntary petition In bankruptcy In
tne federal District Court agahiKt
this company.
The petition was flleU
To Reduce Pref.
Marx, Chicago.
I
I
Haskell
I
Plon.'i lo
&
Til" sli,.|(hol.|ers on .bm 23 will \ole on rediieliig the oiilsl:indlnir
\'.
12. p 46 8
ferred stock from S:{,rf I .O'CI to SUMi'l.TOO
^
&
Barker Car Co., Inc.
Stk.
I
re.
Special Dividend of
Sale to Pull IIKI II Co. .\p primed.
The directors Jan l2d<Hlared uHpislal dividend of $1 25 a Hharo. payablo
$]
2.")
rorlliwllli to stock holders of rei-ord .Ian, 12.
,
.
The Ml oek holders J.in I' voted lo dlssolvo the c;onip.iny rorlliwllli and
authorized the direel.ors to sell and convey all the ivmmoI,* of the corporation
to the I'lilliiiaii Co, iiiioii substantially the followlnn terniH, to wit.: (a)
The Jissuinpllon by the I'lilli
<'o. ol the debl« and obll/.itlons of IlaHkell
.V
ll.irker <'iir C,',
(l>)
The delivery by the I'lillinan Co. to the
Ine
dlns-itirs of the Mi,sk'4l coinp.inv of ltl,-i,0()(» '.hares of stoeli of lie l'iillni:in
Co (equal to 3 shares of stiicli ol I'nlliiiiin «^>, at par (*I0() eaili) lor e.ieh
See also
4 shares of Ml <K-k of the llaskill coiiipuny. Issued and outHLaiidlng
I'nllman <;o, belou and coinpaie V. l.'J, p. 2621; V. 114. p. 85.
,
,
.
i
.
I
1
Houprhton, Mifflin Co., Boston.
The
Cnpilal hicrrnsi
with the MiisK.v:huKntt,» <;oniinlsMloiierh of
Corporations a notice of IntTenw In the cuplliil stock from $1,300,100 t<i
ironipaiiy recently filed
THE CHKONICLE
:304
$1 ,800,1 00. The new stock consists of 500 shares of 8% Cumulative Pref
stock (parSl.OOO). The company, a close corporation conducts a printing,
binding and book publisliing business.
,
Hudson Navigation
—
—
Protective Committee.
has been deslRnated depositary
under a protective agreement for the S20.3.000 20- Year r)'7c Sinking Fund
Gold Uonds, the July 1 1921 interest on which has been defaulted.
The protective committee appointed consists of Judge Augustus Van
Wyck. R. W. Poor, I'res. of Garfield National Bank and Philip J. Britt.
The Equitable Trust Co.
—V.
Co.
New York
of
112, p. 1621.
International Paper Co.
— Earnings. —
—
Listing
the
NY.5% Exchange has authorizeddue
Stock
(Jonv bands.
A,
The
Ref Mtge
listing of
8701,000 1st
&
Scries
S F.
Jan. 1 1947, making total
of Series A bonds applied for $7,124,000
The proceeds of the sale of the.se bonds and S12,500,C00 Series B bonds
(see offering in V. 113, p 282,')) arc to bn applied to corporate purposes genI'rally, especially to the reduction of current debt.
ICnrninos for 11 Months mdinn Nov. .30 1921 (Subject to Adjustment).
Net rev. from oper $699,498; other rev .'»637,368; total rev. .$1,336,866
Depreciation of mill plants (6% of value of bldgs. & machinery) 1,795,000
296, 176
Interest
Bonded debt
6,000.000
Reserve inventory depreciation, 1921
,
,
—
Net
--_S6,754,310
loss
Dividends on Preferred stock
--- 1,125,000
-.
[Vol. 114.
Company IS also mdebted to the Aguila Co. for moneys advanced in
the construction of railroad and pipe lines (upon which tho interest charges
have not been paid), sutrh advances, however, being secured by mortgage
?" ^5*'4''-^,i!n''^- ,'^f'^ indebtedness to the Aguila Co. Dec. 31 1920 amounts
to $2,/8/,169, as follows in U. S. cutrency:
Mtge. account (incl. int. ) $2, 1.58,994 Adv. to meet bond interest $325,001
Current account
302,2731
'Since Dec. 31 1920 further advances have been made on open accoimt
and money will be required continuously by Oil Fields Co. for the future
conservation of its properties."
1
Data from Letter of Secretary L. V. Stanley, Dec. 3 1921.
SaU of West Virginia Co. Suagested. Upon receipt of this letter the
directors of the West Virginia Co. gave careful consideration and. being
unable to arrive at any solution of the difficulty, suggested that the Aguila
(yo. make some suggestions for relief of tho West Virginia Co.
The Aiuila
Co., m a letter Aug. 17, stated that it was unable to make anv practical
—
.suggestion for the raising of additional capital and that unless"the stockholders of the Oil Fields of Mexico companies wore able to formulate some
plan whereby funds might be suooliod to meet the necsssitios of the enterprise, the only remaiiiin-r alternative would seem to be the .sale of the assets,
and the Aguila Co. offered to purchase the entire assots and properties
constituting the Oil Fields of Mexi.^o enterprise on terms which it stated
would give to the Oil Fields of Mexico companies not only the full present
value of the as.4ets and properties in question but also a reasonable participation in results of any future development and exploitation of the properties.
Ofjer ft)/ Mexican EuaJe OH Co.
The consideration offered for the properties (briefly stated consists of the payment by the Aguila Co. of $3,218,740
U. S. currency, the assumption by the Aguila Co. of all rental and royalty
obligations of the Oil Fields of Mexico companies, the payment by the
Aguila Co. to the Oil Fields of Mexico Co. of royalties and over-rents
on the basis of 2Vi cents U. S. currency per barrel on oil gained from tho
properties for certain specified periods and the obligation by the .\guila
to undertake certain drilling on the properties.
To Dissolve W. Va. Co. The offer is conditioned upon the transfer of all
the assets and properties now constituting the enterprise from the West
Virginia Co. to the Delaware Co. and the dissolution of the West Virginia
company. The re-transfer of the properties is neces.saiT in order that the
Aguila Co. may obtain a title to the property good in Mexico.
In 1912 the Delaware company conveyed to the West Virginia (Co. all
its propertj' righis and franchises subject to the con.sent of the Mexican
Government. On account of unsettled conditions in Mexico and of the
impossibility of obtaining the (lovernment's pennit to the transfer of the
Federal concession, this deed has never been registered in !Mexico, with
tho result that in the United States the title to the property is in tho Wes^
Virginia company, whereas in Mexico it remains in the Delaware "oiupany.
The dissolution of the West Virginia company is required by the .\guila
Co. so that in paying royalties it may have to deal only with one company.
Plan of ReconTeyinti I'ropcrfi/ Canilal Increase & Ezc.hange of Securities.
To carry out the foregoing condition of the Aguila Co.'s offer, it is proposed (ratified by the stockholders Jan. 4 1922) that tho West Vlrguiia
company reconvey its properties to the Delaware company under the
—
i
i$7,879.310
Deficit for period
.Surplus Dec 31 1920
Surplus
Nov 30
113,
32,062,619
p 2825.
—V.
$24,183,309
1921
Interstate Electric Corporation.
& Power
See Comniomvealth Light
Jerome Verde Copper Co.
—Merger. —
—
Co. above and V. 113, p. 2727.
— Time Extended. —
There has been extension till Mar. 10 of the time within which stock of
the company may be exchanged for certificates of the Jerome-Vsrde Development Co
Those shareholders who fail to exchange, will be given
cash for their holdings, in accordance with an agr«!ment entered into with
the United Verde Kxten.sion Copper Co
Over 88% of the stock, it is
stated, has I)een e.vchanged already.
<'ompare V. 112. p 2311. 1022
Kelly Island Lime & Transport Co., Cleveland.
The company, effective Jan. 1, absorbed the Dolomite Products Co of
Narlo, O. The transaction, it is stated, involved about $1,000,000. The
company recently acquired the Lake Erie Sand Co and. it is stated, is
^
,
negotiating for the purchase of a plant in the East, one in Pennsylvania
and one in the \V<!st
Howard P. Eels, President of the Dolomite Co., has become V.-Pres
of the Kelly company
V. 105, p. 824.
—
Kennebec Paper Co.
—
— Refuses
stockholder
in
Interest
in Mother Lode. —
Mother Lode Coalition Min;;s Co.
the
is
quoted:
"An
offer has lxv>n made to the minority interest in our company to exchange
stock for that of Kennecott on the basis of 3 shares of Mother Lode for 1
This offer was refused " V. 113, p. 2826.
of Kennecott
—
(S. S.)
Kresge
—
— December
Co.-
Sales.
—
—
Increase.]
1921
Dec.
1921
Increase.
1920.
12 Mos.— 19">0.
.15862.472 1.?.55,8.59, 010 .$51,245,311 $4,613,699
$7, 823. .'wo
S8.686,a47
The company reports Christmas week sales amounting to $3,048,683, as
compared with $2 .389 .855 lV)r the same week of 1920, an increase of .S658,828,
or 27..57%.— V. 113. p. 2826.
&
(S. H.) Kress
1921
Dec.
1920.
$4,755,172 .$4,408,061
—
Co.
—
Sales.
Increases.
1921-12 Mo.'!.-1920.
$347, 111|$28, 909,385 $28,972,941
\
—V. 113, p. 2.509.
Lincoln Motor Co.
William
— December
—
Decrease.
.$63,556
—
Sale.
master, will
sell
,
1
rights
and
liims of
.
vendors
—
Ford Motor Co. to Bid for Plant.
Reports from Detroit state that interests identified with the Ford Motor
Co would bid for the property of the Lincoln Motor (^o when offered for
sale on Vt'b 4
The present Lincoln company, it is said, will be dissolved
and a new corporation formed to be operated as a part of the Ford organiThe above reports are credited as coming from the Ford offices
zation
V. 114, p 85
—
—
—
Lord Drydock Corcoration. Receivership.
Judge Julian W. Made, in the U. S, District Court Jan. 13. appointed
Henry M. Waile rot-eiver n eeuity, in a suit brought by the Cunard Ter-
minal (Corporation of ,Torsoy City.
The company has an issue of $3,000,000 1st mtge.
outstanding. Comp.-ire V. Ill, p. 2234, 594.
Los Angeles Gas
The company
<^/
Electric Corp.
—
8%
serial
gold bonds
Stock Application.
—
to the (California Railroad (Commission for
authority to issue $2,000,000 preferred capital stock (par $10)). The
company proposes to sell the stock to its employees and the public upon an
installment basis.— V. 113, p. 1.581.
ha.s api)lii'<l
—New
Maple Leaf
—
Milliner Co.. Ltd.
President, Sec.
of Winnipeg. Chairman of the Canadian Wheat Board
in 1919. has been eleeltxl President, succeeding the late Sir D. C. (Cameron.
.1. S. Barker, a director, succeeds the late Iledle.v Shaw as Vice-President.
Lome Cameron of Vancouver has been elected a director, filling the second
James Stewart
vacanc.v on the board.
Marland
— V.
1
—
13, p. 2410.
m
Kt
Financing Rumored.—
Oil Co.
Tt is rumored that the company may do some new financing in the immediate future. The amount rcijorted is $3,000,000 and it is said the new
financing may be handled by the same hankers that have always handled
the company's financial affairs.
—
— V.
113, p. 2410, 2622.
Acquires Retail Stores.
(A.) Martin, Ltd.
See William Da vies Co., Ltd., above.
Mexican Eagle Oil Co., Ltd.
—
— Terms
i
consideration of:
(1) The assumption by tho Delaware company of all indebtedness of the
West Virginia company, including tho outstanding balance of tho $1 ,000,000
[6% Convertible] Debentures [duo July 1 192'21 of the West Virginia co.; and
(2) The issuance to the holders of the ($1 .000.000 outstanding] Preferred
stock of the West Virginia company of one share of tho Preferred stock of
the Delaware companv for each share held by them, and to the holders
of the Common stock of tho West Virginia company [$3,474,800 outstanding] one share of Common stock of the Delaware company for each share
hold by them.
Result of Plan.
The result of this plan .vill bo that, when the transaction
is completed, (1) so far as the West Virginia company is concerned, each
present s,;ockholder of the West Virginia company. Preferred and (Common,
will hold a corresponding number of shares of the Delaware company, and
his interest in the enterprise and his voting power will be tho same as it is
—
now. although the Common stockholders will have, in.stead of shares of $5
par value, shares without nominal or par value: and (2) so far as the Delaware company is concerned, each present .stockholder of the Delaware companv will be entitled to surrender his shares and receive In exchange new
Common stock of the Delaware company (instead of as at present Common
stock of the AVest Virginia company), but upon the same basis, that is. for
Middle States Oil
—V.
1
14, p. 75.
Corporation. — Plan
Approved.
— The
stotikholJers Jan. 7 i)ra(.'ti(!all.v inianimously approved the
proposal to increase the authorized capital stock from
.$16,000,000 to $30,000,000. and the consolidation plans of
of the various subsidiary companies as outlined in V. 113,
p. 2623.
Over 93% of the stock was present or represent«d by proxy. Thpse
voting in the affirmative held 1.363,981 shares and those in the negative
I M-t
1.4.54 shares, the number in opposition being less than l-IO of 1';.
of the increased capital stock is to be used to acquire by exchange the
small mino'-itv interests out^standing in three of its subsidiaries and the
stock of Imperial Oil Corp. of Dolawa.-e, tinder tho same management.
This will bring all of the so-calledHaskell group under tho direct ownership of ^Middle States.
—
—
Subsidiary Company Dividends.
Listing Application
The company has made application to tho N. Y. Stock Exchange
to
$8, 121. 000 additional capital stock.
The directors of the Dominion Oil. Texas Chief and Ranger Texas companies, subsidiaries, in order to make their dividend disbursements harmonize with those of the Middle States company, have changed their dividend
periods from monthly to ouarterly. and have ordered payments of 3"^,, for
the current ouarter, payable on April 1 to stock of record March 10.
list
Statns.—Xn official statement Jan. 1 1922 says in subst:
Beginning about 5 years .ago with 11 stockholders and with $610,000
capital outstanding and assets inventoried at $610,000, wo approiich the
end of the fifth year's operation with Capital stock outstanding $14. ,50. 000'
assets inventoried at S62, 161,782 (last statement), number of stockholders
expenses ot
above 17,000, and debts none (other than current opor.at nig limiting the
This has been ac-omplishcd by strictly
less than $40,000).
corporation's activities to the production of crude oil and things incident
(1) To spend your
thereto, and bv observing 3 essential rules, namely:
money in proven torritorv: (2) to keep within pipe-line territory: (.<) to Keep
commissKms for financial aid.
out of debt and avoid paving extravagant
Returns to .S7orJc/i()/rf<r.s-.— During this 5-ye,ar period, beginning with the
you
eighth month of operation and continuing 52 months to this d.-itc
have received: Total cash dividend payments, 57%: total of .S stock allotments. 192''
/
—
Acquisition of Oil Fields
of Exchanqc, cOc.
The sto.^kholders of the Oil Fields of Mexi.o Co. (W. Va.) and the Oil
Fields of MexiL-o (Co. (Del.) voted Jan. 4 on the propositions (substantially)
Mcrico Co.
of
company, and 900.000 shares of Common stock without nominal or par value.
(ft)
Tho West Virginia ompany will onvey and transfer its properties,
and franchises as an entirety to the Delaware company for the
rights
each share of old slock 6 shares of new stock.
the entire property and
as,sets (excepting cash and money in hands of the receiver) at public auction at the company's office. Detroit, on Feb 4 at the upset price of $8,The proj)erty and as,scts will be sold in one piircel and as an en000,000
tirety, free of th(^ lien of the mortgage given to the Detroit Trust Co
tnistee under mortgage bonds now outstanding aggregating $1,882,000.
and dated July 1 1921 and free and clear of all ta.xes, but subject to the
S. S.iyres Jr., .special
The Delaware company will readjust its capitalization so that the
shall consist of 200.000 shares, par $5 each of Preferred stock, with
the like preferen.^es as the existing l^eferred stock of the West Virginia
same
and
Petitions for the appointment
the Kennebec Paper Co.. both of Augusta, were dismissed by the
Federal Court at Portland. Me., Jan. 5. New York creditors who filed the
petitions against the corporations were said to have failed to forward necessary documentary evidence. Operations have been in charge of a creditors'
connnitteo since Aug. 23. See V. 113, p. 10.59.
A
following plan:
(a)
to Appoint Receivers.
of receivers for the Cushnoc Paper Co.
Kennecott Copper Co. — Seeks
—
—
outlined below. The reasons for the action of the stockholders was the
result of a letter from Pres. Thos. J. Ryder of Mexi.-an Eagle Oil Co
of
•luly 15 last to the stockholders of the Oil Fields of Mexico Co., which
said
in svibstance:
follows:
Total of $23,976,931 Outstanding Capital Stock.
$14,7.50,000
Oil Corporation
Outstanding stock of 3 subsidiaries (exclusive of approximately
1,426.931
89% already owned by Middle States Oil Corporation)
7,800,000
nperial Oil Corporation, Common and Prefen-ed. total
Middle States
•
'.Attention is called to the very unsatisfactory condition of the
finaucial relations now existing between Oil Fields Co. and the Aguila
Co. Owing to tho then existing conditions and to lack of working capital
on the part of the Oil Fields (^i., practically all operations in the development of i)s properties had to be abandoned in 1914. Since that time funds
required have been supplied from time to time by the Aguila (Co. Substantially all of those funds were required and expended in the i)a>nnent of
ta,xes rentals, interest and other similar obligations which had
to be met
in order to conserve and hold together the prooorties.
These funds have
been advanced on open account merel and without security •
,
.-- ...
Jorporation win nave comnlr,, ,,„,.,,.,..., ^ v.. ..... ,incluumg
heretofore deducted for subsidiary companies' stocks outst«anding.
Oil Corporation's properties, scheduled in
complete o^^^^crship of Imperial
the last st.atement at $19,791,183.
.
^,
w r
The additional earnings and economies resulting from the acquisitiouloi
requirethese outstanding interests will far more than offset tho dividend
ments on this $892,000 of stock, recently recommended to bo issueapor wie
purpose of acquiring remaining minor interests in properties now largely
•
•
—
—
THE CHRONICLE
Jan. 14 1922.]
Balance Sheet Adjusted
Assets
Land, buildings, machin-
owned dlrcctJy or IhrouRh the Iinporial Oil Corporation, so that the real
dividend saving should bo considered S210.000 annually
(Signed by P. D. Saklatvala. lYosidont; C. N. Haskell, Chairman).
V. 113. p. 2827.
—
—
Midwest Power Co.,
Minn.
St. Paul,
See recapitalization
,
7%
&
Oct. 31
la.st
Exchange
to
Co
(J.
—
&
5%
and
was
—
—
—
—
s in good shape, has plenty of liquid assets, and is not borrowing from banks
Bu.siDe.ss has picked up coiisiderably and is very much better than it was a
year ago
Plants are now' operating between 60^7 and 75''c of capacit.v
and we look for a .good business in 1922
Figures for last year vrill not be
ready until about Feb. 1. What will be sho^vn depends a great deal on
"
Inventory adju.stment
V. 112, p. 2649.
—
National Licorice Co. Extra Dividend.
An extra dividend of 2l^% has been declared on the Common
stock,
On Jan. 7 last, a dividend of
paid, the first since Jan. 1921. when payments of 2% extra
and the regular semi-annual of 214% were made. V. 113, p. 2623.
payable Jan. 20 to holders of record Jan. 10.
2}4% was
New Niquero Sugar
Years ending July i\
Gross earnings
—
1920-21.
Report.
1919-20.
56,766.703
3.239.488
2.113,965
1917-18.
$3,118,776
1,955.825
SI. 117. .5.55
.$56,645
$1,162,951
$30,690
147.656
17,790
146.992
142,839
def$494..567
$18,791
10.715
171.993
Intere.st
Abnormal cost of
S3.231..520
.S3..527.215
Loss on Liberty bonds
Depreciation
—
1918-19.
$19,769
81.810,262
Producmfg.&sell'ge.xp. 2.304,829
Net earnings
—
Co. — Annual
—
Pierce Oil Corp.
expenditures...
46,696
70.000
35.000
sur. or
—Balance,p. 394. def-.defS847,762
V. 111.
New York Telephone
126.551
.575.000
.500.000
670,000
335.000
70.000
.35.000
170.000
85.000
sur$912,392
Public Service Corn, of L.
sur$24,304 surS234,421
.See
Mexi.an
Eaijic
Co
tjil
,
Ltd
—
—
of Assets.
Plan of Rforganizalion
tr .S Forgo Co the following:
lf>-\fAr6'J; Ist Mtge .Sinking Fund Gold Bonds
$3.50.0'>0
..
2d .Mtge 1,5-Year 6'.,'; (iold Bonds
300 OOr)
/
f'uinulative Preff-rred S(o<;k'/;,
_
:j7.5 OO^t
f:ommon ^l/ock fwith no par value)!! "
l".
.5.500 sharers
IThe old cor.ipany had «107.()00
Pref. stock and V2'5b.600
Ut
.MtKc
Co. — Listing — Earnings,
Xrw
listing of $5,700,000 8%
Pref. (par $100) which
S':,,
stock has b'-en issnerl and out st itiding. a:id .$1 ..500.00^) (^)nimon stock,
par $25. on official notice of issuance and i)ayment in full, niakiii;.; the total
amounts applied for $10,000,000 H'}1 Cum Prof, stocic and .$63,300,375
(Jommon stock
Of the .5.I..5O0.000 Common st.ocic .jl .000,000 thciroof has boon sold for
cash at $10 per shan;, and the protv'ods ire to ba use<l as ad<litional working
capital or for the corpuralc i)ur|)osu<. and .$500. ()')() of slock has bcum reserved for sale to employciis at i) ir. and the proce<>ds will bo turned into the
Lf'asury and used as additional working capital or for geiKiral corp. purpoM-s
The camp any has ac pjired for cash 5.000 shares, p.ir $lf)0. out of ID. 000
shares Issued and outstanding of llumphn'v's Mexia <'o. and 15,00(1 sh.ires
|) ir $100. our of I5.0()f) shares issuerl and outstanding of lliimi)hr<»y's Texas
Co These omjianles have recetilly opened up Iho MexIa anil Curie oil
fields, loeated In Liiiirv;tone Count v. Texas.
TlK^y have le.asos on .ariproximatejy 70.000 acres of land loc.ited in said fields
Thes<> conijianles have
(•r.iipleti.(| :{!; prodiicliig wells, wllh .an average initial pri)diiclii)n of over
5.'i'i') birrels p-r well
''r,nira;-ls have iy.-v,\ let for 100 55.(t()(l-b irrel st<x>l
(anUs, tobr« lo(it<»r| at. .\Iexla on the tank Cirni b •longing lo the llumphrey'.s
T.'ie
Securities
K)-Ve;tr r,% Sinking Fund tiold Bonds— Secured credHccopt at par In parr piyrncfit of their claims ^lOO.OOO;
•'
':h)lders and others at par. $2.50.000
x.$3.50.000
•"'l'.'^' P""'"'
l<]
I'.nrls
—
C|t
K
agr.-.-d
<hat
th.- Firs(
\tllw mk'-e. will underwriLe this •nlirc
iHsue at jrtr in ,••< U':i<-ni of th'-lr claim of like amount,
and also
releasee certain Ktockh'ilfl'-rs of bankrupt companv
of the signed
guaranty dat.jd Mar 2 1917. and also re.leawj (ii the bankrupt
company certain notes of the CJotta TranKmis.slon (U> hy,
,,-,--,
f.'iiniulaiiv.-
,J'1"*""7"''»,
iTfT
yr,^
,,,;,{
take
'II
in
ll<
-.300.000
rautli
u of thdr claims
$.375
f,f
OW;
Unsecured
$310.02?. less
M
15%
.
Pr'>vldw| for fr'.-n nr<>f..,.tjs of 1st,
bind issue,
''ef'Tred -.fork r,f s;<,;i.5IK
Preferred HifK-l<h>ld«'rs
fVi. '^'
,".*'":,"'" "'^'^''" ".rnp-inv will r.-. .-ive one share of lYeferrifl slo<-k
for i-ach sh.irr- of i(i'-ir h'iMlngs In pretMMit ('om"
<'<"-rlh- u> Isf .\T 1, inds for an amount Cfiiial lo
T<rre<l stock h'.ldlriKs. SI07. 000
370. 5IH
''e of Comnuin stock
(no t>ar value) will br< given wlih
„„,
" '>f " >nds
This will .llspr,s« of .'J, .50') shares
llal.iiici!
of
VJi<.
"''
''
-,
'
,
b-
all
,
of which will
b.-
coniplnlx'd
by approJclmLitoly Feb
SUiUrnrnl of Income and Surplus H Mos. ending
Gr.,^,eirnln'rs
and opi.TulinK expen.H(-s
^
"
I
Noi
1922.
1921
W
,$r2.5'<.5.43ti
,'
(^)sts
37,363.917
-
>
,
1/-,
.t20H 427'
'/h.',
T.fM,,rs
uill
imf|..rH-.-ite
.(i.r(irrKr«
ff,,,,
.ii,.ll
nt, ln:,<,
i
at par thereby
h'>nd owners Nhall
'"' •>"
r,
'
.,
-
-'
(j,<
(li'r
,
,,,
ti
Isi
.\ltgi!
b
l)v
a
Ilcmld,.; ....
lh<' rlofhi
••"•
"f
'
,
,
and the
I
;
'
.
.AI iiw;, ;)"/.,•
'"
•
""''
•.
.
2.0<Mi
*
taxes
•'
'
'
W"""a>n Klimella, V.-Prw. of Wordmi-Allei,
»l9,.50fJ
$105,.537
$25I.HL'P,
profltN
9,3. 062 ,344
..^..^.1 .l.,.>s:de<lii.
alliiwi-<l for pnrpnj
1.1
K.
.•?;!.
I
7
I
I
siifpro- ;i(ljMs*.iin
of Ktxierid
(il.s
liKutinii
4H.03I.140
'iSv
sii .1.
Th" tm
'i
1921
depletion
Earnings for Calendar Vran, 1»I7-I9I9 nnrf
Kiuhl Months of 1920.
iveiavnil for int
'reh3l
.
whir-h shall d
iridH
.md
rrviri^anlzatlon ••xrvn.w
•"'•>• elicicrl |,v (he 1st \l ire
]
'
v„(i,|..,
1,509,175
lallon, $7.33,607
,.
have
$5,171,610
on not'-s iiiKt ¥>iids,
serial notes, .$116, 7(11; de-
.>I2(1,S0(); Int
,
amortized discount on
Net HiirnhiH income
»<>
Total mirpluM
.'$122.0(13
$52.fi03,403
.
(IIvuliin«U; i'ref
paid in rasn. .$022,257: Common, paid
cish, $1,995. .50S; C..mmoti, paid In slock, 8087,875
I) -iluct
In
Co. of
fiarnlngs._
K.'deral taxes, 1921
•
'.(•('.7:
'
bf.nd,
Vot opnratlng
','ii»i"
,.|„i
^;,
un,)
<;o
Ciiitiol
iis<-d
•
„„,,
h,,.
of
MexIa
for D-oiiKitltig (hi. rcirgiini/talion
'
"'irid iif<I from ())(• (>roc<-c<N of this Issue will b) as
MKam-d <Tedllors, *57.3!)fj: InisK'es' !-,>•,- « i'l.OOO;
"I <:„,lr:ifl,, %'21.',(XI: real esUte Uixes far..
'IL'7;
'«•. $I5.0f)0; commlHslrins. Ac
'»'l't:
w>lllng
"" """'•'•'"'•d fTfdli/,rs, ixc.pl bank, ijli,
^
foil
,
F'ref
itors will
.ij
2d ».
Mtge l.,-y.-ar
WLsonsin Nali<.
&c. —
Pure Oil
\ ^' S(o,'k Exchange has authorized the
Cum Pref stock, par $100: .$4,300,000
Cum
J
Tssunncr of
—
.-i
Common
Hi-iiiUx Ob'.iinabln ThroUfjh
Ill, p. 596.
— Haskell & Barker Stockholders
— Commission Approves Merger. — Approve Sale
See Haskell & Barker Car Co.. Inc., above.
The I. C. S. Commission Jan. 1(7 authorized the company to issue 165,000
shares of capital stock for the; purpose of acquiring all the assets of the
Haskell company.
The Coin.ni.ssion finds that (he assets of the Pullman Co. as of July 31
1921. were $163,248,989. with liabilities the same, which included the net
surplus of $20,199,255.
The net value of the Haskell company is stated
at $lf>.908.52S and against its net value there is a capitjil stock liability of
$1 1 .000.000. leaving
surplus of $5,908,528.
"No valuation was placed on
the good will or the earning capacity of the car company" V. 113, p. 2728.
There shall be anthnrized by the
7%
— V.
Pullman Co.
.
i,(
—
—
substantial surplus.
—
SUiffriiiiit
Charge.
,
(John) Obenberger Forge Co., West Allis, Vf is,.— Reorganization Plan.
ThI.s company, now in bankruptcy, will be taken over by a ntiw corporation known a.s the Cnited Slattrs Korge Co of Wis
to wliich shall bo
transferred all of the a.s.sets of the old company under the following plan
stock outstanding
Serv^'cc
Public Service Electric Co., N. J. Surcharge Abrogated.
The New Jersey P. U. Commission. Jan. 6, ordered abrogated the 25%
war surcharge imposed upon wholesale electric power users of the company.
The Board said the company, after eliminating the surcharge next month,
should earn enough money to meet its obligations, pay dividends of 8% and
appropriate an ample amount for amortization of fixed capital, as well as a
Status, Exchange, etc.
\'
ab )ve
99, p 9^3
,
—
—
—
Mexico Co.
I.
100, p, 559.
The New Jersey P. I'. <:ommission recently approved the sale of the
property and assets of the Farmers' Telephone Co. to the New York Telephone <>). for S12C..500. The application was made by the directors of the
lompany. as trustees in dissolution. V. 113, p. 2191.
Oil Fields of
—
2%
Appellate Division of the New York Supreme Court recently upheld the
Na.ssau County Court in its refusal to enjoin the company putting into effect
a service charge on gas meters as approved by the P. S. Commission.
V.
— Acquisition. —
Co.
Resinned.
directors have declared a dividend of
on the Pref. stock, payable
Feb. 1 to holders of record Jan. 26. The last quarterly dividend on the
Pref. stock was 2%, paid July 1 1921.— V. 113, p. 2827.
191.824
1,315.8-17
— Dividends
The
capital
Reserved for taxes
Preferred dividends
Common dividends
—
The Philadelphia Electric Co. system in the vear 1921 earned a surplus
of approximately $900,000 to $1,000,000 beyond its 7% dividend on the
Common stock. This was after absorbing about .$850,000 interest charges
which were not chargeable to capital account after the new construction
had been completed and put in operation. Total earnings of the system
were therefore about 101 on the .$30,000,000 Common stock. Disbursements on the Pref. stock in 1921 comprised a full year's dividend at 8^
on $6,000,000 stock and S months' dividend on the later .$5,000,000 issue
of Preferred, a total of .S746.000 paid, as against only $100,836 paid in 1920,
or one quarterly dividend on the amount of Preferred then outstanding.
The larger part of the favorable net earnings showing is attribtJtable to
a lower ratio of operating expenses resulting from economies and deflation in
cost of various materials and supplies, including coal, and in wages.
No increase in interest charges results fi-om the recent sale of the $12,500.000 6% Ref. & Mtge. bonds, as they replace a like amount of shortterm notes maturing next month, bearing the same rate of interest. By
not being too hasty with that financing. President McCall was able to
arcomplish it to much better advantage for the company and its stockholders
than if he had renewed the short-term notes, as had been discu?se<l some
months earlier. The margin of surplus earnings is substantial and desirable for a business of this magnitude to enable the corporation to maintain a favorable credit position.
The principal gain in operating revenue in 1921 was from incandescent
ighting.
There was no increase from manufacturing consumers using
power, or from contracts with the Pennsylvania RR. and Phila. Rapid
Transit companies. With the return of normalcy the business with manufacturer consumers should come back and the volume of this attained during
1917-18 is suggestive of the demands of the futiu-e. (Phila. "News Bureau").
V. 113, p. 2411.
Nat'l Enameling & Stamping Co., N. Y.
Status.
An official of the company is quoted assayinsr ia substance: "The companv
—
—
Philadelphia Electric Co. Earnings for 1921. A statement, pronounced substantially correct, says in substance:
A dividend of .$10 per share has been declared on the outstanding 54,000
shares of Common stock, no par value, payable Feb. 1 to holders of record
Jan. 20.
In Aug. last .$6 ner share was paid, compared with SlO in Feb. 1921
$6 in Aug. 1920. SlO in Feb. 1920. S6 in Aug. 1919. $10 in Feb. 1919. $15
in May 1918 and S6 per share in Feb. 1918.
V. 113, p. 966.
—
.
This is a reduction of 15c. a 1,000 cu. ft. for the average household
consumer. The company is expected to appeal to the courts against the
ruling.— V. 113, p. 2827.
Co. above.
—
—
gas.
Mutual Oil Co. of Maine. — New Name. —
Petroleum
Nash Motors Co. — Common Dindend of $10. —
See Elk Basin Consolidated
1
Peoples Gas Light & Coke Co., Chicago. Rates
The Illinois Commerce Commission has issued an order authorizing the
company to establish on Feb. 1 a temporary rate of SI i)er 1,000 cu. ft. for
^ommon stock of Louisville Gas &
$2, .500.000
—
—
Electric Co (Del )
effective on the above-mentioned basis only to
The e.f change offer
Dec 31 1921. (For description of notes see Standard Gas & Electric Co.
below ) V 95. p 300.
stock
.
Sales. —
will vote Jan. 16 on increasing the authorized common
stock from $5,000,000 to $10,000,000. The company has an authorized
preferred issue of $10,000,000.
Decrease]
1921
Increas'1921
Dec
1920
12 A'/o.'?^^1920.
.85,127,449
$189, 670 $46,641, 928 $42,843,008 53,795,920
$4,937,779
V. 113, p. 2624.
.
Gold Beads due May 1 1922. stated that Standard
Electric Co is prepared to immediately take up the Mississippi
bonds at 100 and int. in exchange for Sra!idn,rd 7% Gold Notes due 1941.
The bonds are secured by depo.sit of S4..500. 000 6% Pref.
at 87,'-; and int
Gas &
C.) Penney Co. — To Increase Common —
The stockholders
in a notice dated
Electric
to the holders of -So.OOO.OOO Mis.sissippi Valley Gas
Co. Collateral Trust
—
—
Notes.—
Electric Co.
Robert J Graf Sec of Standard Gas & Electric
$3.50,000
&c
Paragon Refining Co. Buys Oil Lines.
.\nnouncemeiit was made recently of the purchase by the comjwny
through its subsidiary, the Paragon Development Co. of Toledo, of 54 miles
of pipe line in Warren and Simpson counties, Ky., from the Petroleum
Refining Co. This purchase includes also a loading trask with a capacity
V. 113. p. 1989
of 10 cars and 6,000 bbls. of storage capacity, it is said.
The manrecentlv .sold for .$500,000 (V. 113. p 2081).
eral Utilities Co
asrement ^vill be under the Savapo & Winter Co of St. Paul. Minn. President, A. H. Savage, office Hackney Bldg. St. Paul. Minn —V. 113. p. 2623.
Bonds for Standard Gas
Llabililies]st Mtgo. 10- Year 6s
—
—Organized. —
This comp:vny has b?eii orsa-ii'.ed to take over the property of the Gen-
Mississippi Valley Gas & Electric Co. — Offer
Give Effect of Proposed Financing.
(:;a.sh
Middle West Utilities Co. 1% Preferred Dividend.
on
A nuarterly dividend of 1% has been declaredMay the l>rofeiTCd stock,
and Nov. last, diviIn
payable Feb. 15 to holders of record Jan. 31.
dends of 1 }^ % each were paid on the Preferred stock.
plan In V. ilO, p. 2076, 2192.— V. 113. p. 2318.
lo
$1,169,460 2d Mtge. 15-Year 6Hs--.
300,000
43. .573 Preferred stock 7% cumu.
370,000
Inventories (market val.).
378,943 X Com. stock (book value)
731 ,913
Acc'ts & notes receivable.
152.610
Total (each side)
Prepaid insurance, &c
7,328
$1,751,913
x Represented by 5,500 shares no par value.
ery, equipment,
—
—
^Q5
Snrphi.H
,
Nov.
.30
New Weth.—
1921
3.905,639
.t1S,6H7.H5l
The eomnany, It l« Ktated. ri"'enlly brought in ii lie// well In the Cublii
CJreek Field „T Wiwit VlrRinla with an Initial priKliiclloii of 1.50 IxirrelH per
day. Tills new iirotluenr oxtimdH Ihii iirodiiclng proporly <if the Pure Oil
Co. In that field by about three miles. The locitlioii (h on the Federal <;oal
THE CnRONICLE
^06
is tlie first Pure Oil well beyond the Coal River.
that is commanding a 50-cent premium per barrel
over Pennsylvania 3rude. The Huaiphrey.s Pure Oil interests have completed a C.OOO-barrcI well on the Kondricks leases, Mexia Field of lexas.
The new well is about half a mile south of their Adam.son Iso. 1, along
the Goldon Lane.
V. 113. p. 2728.
Co. loaso of 12.000 acres and
The crude
of a
is
^ade
—
Roswell (N. M.) Gas
&
See lloswell I'ublic Service
Co
Electric Co.
below.
— V.
— Successor Co. —
113, p. 190.
Roswell (N. M.) Public Service Co.— Bo7ids Offered.—
Otis & Co., New York, arc offering at 8614 and int., yieldGold bonds.
ing about 7..50%, 5315,000 1st Mtge.
circular shows:
^ „.„„
Dated Auk. 1 1021. Due Auc; 1 1937. Deiiom. %\ .000, .S.500 and .$100
A
6%
payable P. k A witliout deduction of the normal Federal inRed. all or part bv lot upon 4 weeks' notice on any int. date
Lake Shore Banking & Trust Co., Cleveland, trustee.
at par and int.
come
Int.
tax.
First
Mtge
(c*).
Capilatization {Includino This Issue)
6%
Gold bonds, auth., 3500,000; Issued
*3J§1!!'5
Preferred sUH;k
Onmrnon stock
froper It/. Properties comprise complete and modern
—Supplies
^\?,n?m
200,000
electric,
gas and
without competition electric light and power to alMex
consumers and sas to over 7.50 consumers in Ro.swell.
and supplies ice t,o the city and small surroundinfr towns within a radius
it is understood, is successor to Roswell
(This company,
of 75 miles.
Gas & Electric Co sold under foreclosure in Aug 1921; V 113, P 190 j
Sinking Fund.
A sinking fund each year, beginning May 1 1922, shall
retire 2% of the greatest amount of bonds at any time theretofore outice plants
most l.fiOO
—
N
,
.
.standing.
Calendar Years 1918-1920 and Nine Months End. Sept. 30 1921
1918
1919.
1920.
1921 (9 Mo.?.).
$146,228
,$162,013
Gro.ss earnings
$160,711
,S193,.'')4fi
117, l.")!
126,216
Oper. cxjionses & taxes... 98,271
149,793
$29,076
$43.7.-)3
Net revenue
.$62,440
S35,796
Earnings
for
_
Santa Cecilia Sugar Corporation. -Annual
years ending July 31
Report.
—
1918-19.
1917-18.
93,346
647,000
$1,786,303
1,341.442
85,141
79.677
71,645
511,774
$1,232,275
911,142
1919-20.
1920-21
Output
Sugar (bags)
Molas.ses
Gross revenue.
Operating expenses
Interest & current debt.
Depreciation
Taxes
Preferred' 'diVidendsI I ( 1
Common dividends
Balance
Profit
&
56.750
59,960
4,55,268
(?)
(gals.)
a$702,026
$1,640,688
1.299,510
64,0.33
103, .332
63,236
76,092
104,481
,466
74
9,684
%nT. 875 (7%) 59 ,500 (7%T6ba37 (7%)60,774
96,250
26,250
1,132,184
M
def$649,080
surplus.. .defS4.S0,709
a Including miscellaneous earnings.
loss,
surS8,02'i sur.$219,907 siu-.$120,233
$264,202
$312,535
V. 113, p. 426.
—
Schulte Retail Stores Corp.
—
1921
Dec.
1920.
$2,129,119
$1,996,097
—V. 113. p. 2625.
Increase.]
— December
$120,233
Sales.-
—
1921-12 Mos.-l 920.
Increase.
$133.022 ($19,975,280 $17,008,440 $2,966,840
—
—
Shaffer Oil & Refining Co. Bonds Offered. Janney &
Co. (formerly Montgomery & Co.), Pliila., and H. M.
Byllesbv & Co., New York, are offering at 88 and int., to
yield 8.15%, $1 ,.500,000 1st Mtge. Conv. 6% Sinking Fund
Gold bonds of 1919. due Juno 1 1929 (see original offering in
V. 108, p. 2246). A circular shows:
The.se b )iids arc guaranteed, i)rinc!pal, interest and sinking fund, by
Standard Gas & Klectric (;o.
Capitaliznlion, as of Dec 15 1921
Authorized.
Relired.
Ontslandivq
1st Mtge Convertible 6s (clo.scd)
$15,000,000
3,572,400 $11,427,600
Conv. 8% Serial Notos, 1922-24
3,500,000
65,100
1,000,900
—
Partic Preferred 7% Cumul stock.. 50,000.000
6,00.1.000
stock (nom. val. $1)_ 40.001 sh
40,000 .sh
(no par value)
. _ 460,000 sh
120,000 sh
There are 16,981 J-j negotiable warrants outstanding with purchase ri!?hts
for Common stock
Company also has an authorized issue of $10,000 001
Convertible CJoId Notes, of which there are outstanding .27,000 bearing
8% interest, maturing May 1 1941
Company. l^ropcrtios comi)ri.sc 107.932 acres of fee and leasehold oil
lands, with 405 producing oil wells and 19 gas wells on 8.285 proven acres.
•with a prasont daily produ<'tion of approxijnately 4.000 barrels of oil; a
modern refinery with a daily capacity of about 6.000 barrels; 63H steel
lank cars; 27 st(>ol storage tanks; 6 casingheiid gasoliiio plants; over 200
miles of pipe lines and gathering lines, and a marketing organization, including that of an allied concern, through 173 ret.'iil distributing stations.
Class"A"Com.
Common stock
Balance
$1,997,723
—
Standard Oil Co. of
George
— V. 114,
W. Mayer has been
$1,373,700
-
Co.—
Utilities
Co?//-/
Upholds Higher Gas.
S. District Court for the Southern Di.strict of Florida sitting at
.lacksonvillo, ruled the latter part of Dec. that notwithstanding a franchise
rate a public utility
have with a municipality, the utility cannot be
forced to render service at a loss.
The case in question was "that
company against the city of Palatka, Fla., restraining the officers of this
of the
city from interfering %\ith the company in the collei-tion of a higher
rate for
";as than that named in the company's franchise ordinance vnth
the city.
^'
'.
Ill, p. 196,
may
Spinning Co. and increasing the capital by $3,100,001) represents
the final
steps in the consolidation of the Thatcher Siiiniiing CJo. and
sing Co. of Chattanooga, and the (Joosa Manufacturing Standard ProcesCo. of Piedmont
C"nsolidatiou became effective Dec. 31. Ulerbert S. Thatcher,'
TiS;,si,;ii.° has confirmed
the above.]
T^f li^
Consolidated company will include ,Tohn McParland,
T<:an^T'^5P'^*°r?
IsaacTaylor, H. °X 'Ji?
P. Rinehart, John H. Barlow, George Williams, and others
Co.— 7%
Gold Notes,
&c.~
— New
Director.
elected a director, succeeding T.
p. 87.
— Prices
Reduced.
—
Williams.
,T.
—
.
—
Sugar Export Corp.
—
Organized
Export Surplus Sup-
to
plies of Saaar.
This corporation has been formed under the Webb Export Trade Act
Earl D. Babst.
(V. 106, p. 1534) to promote export trade in refined sugar.
President of American Sugar Refining Co.. who has been chasen Chairman
corporation, says;
of the Export
"All refiners engaged in export have been invited to become members.
"The Export company starts with a contract with Cuban producers on
the same terms as were" recently offered to all Cuban producers through
their Sugar Finance Commission. The transaction is purely commercial,
free from any artificial control.
,
....
"The United States and Cuba possess the finest sugar industry in the
With the support of Washington by giving permission as proposed,
world
to refine in bond, the industry, through the Export corporation, will be m
a position to compete successfully in the markets of the world.
"The directors are; Earl D. Babst, James H. Post. Thomas A. Howell,
W. E. Ogilvie. Robert A. Barr, R. M. Barker, Charlas D. Bruyn.
"Officers are; Chairman, Earl D. Bab.st; President, Joseph A. BaU;
Vice-Pres., George E. Ogilvie; Treas., W, Edward Fost«r; Sec., Charles
.
,
—
'
To gold notes offered in exchange for the Mississippi \ ..lley t.as & Electric
sinni V^fu.v'P-l'°°^''£.,^'*! 7
Co 5% bonds (see above) is briefly as follows;
— Listing— Earnings. —
the listing of $900,000 addi$25,000,000), par $100, on official notice of
$19.issuanc- and payment in fill', making the total amount applied lor
This additional Common stock is to b.^ issued to certain officers
700 000
employ for three years on
and'emplovees who had been continuously in the
providing
,Tan 2 1922, at $31 per share, pavable in c;is)i. pursuant to a plan
in the
for the sale of thi' Common stock to such officers and employv'.-s
additional
The cash received will b? used for
na'ure of e-ttra compensation
for 1921 were
The .sales for 1920 were $14,790,886 and
woi-ki-ig capital
$14,001,498
Income Account for 11 Months ending Nor. 30 1921 (Subject to -l'{'o'w.n'''r','..
N
V Stock Exchange has authorized
Common
(rross sales
stock (auth
_
Si,5,16",t,.)l5»
.
&
Cost of raw material, operating expenses, selling
Net
Add
advertising 10,900,66/
-
sales
dividends, interest and sundry income Items
1
Total income
Deduct; InteresV,"$270"663V sundry expen.ses. &c
.
$30.007...
$2,268,852
107.434
$2,3*6.286
300 ,671
$2.0/5,615
Balance surnl us
Surplus Dec 31 1920. $2,662,620: deduct income and excess
2.526.592
profits taxes. 1920. $136,028
,
Total surplus
—
Common
stock dividends
-
-
(6 'i %)
($6 in scrip).
Deduct Prof stock di%idends
«4.<|02.208
,
.--
^..-'-Sx"
_::___?
$3,054,402
Surplus and profit and loss Nov. 30 1921
Fourth installment of Fodl inc & exc profits taxes, 1920.
Dec
Mo.j4.i
175,000
15 1921
Estimated Federal income and' excess profits taxes. 1921
—V
114, p. 87.
—
—
&
Niagara Power Co. Light Susleni Acquired.
\n agreement was recently reached by which the city of Toronto acquu-e.s
radial
the distributing svstem of the company, together with the \ork
Toronto
Electric
Jersey.
President A. R. Erskine conservatively estimated on Jan. 9 that 1,500.000
motor cars will be produced and sold this year.
President Erskine savs; "The last ten years have made the American car
the standard of the world
At the recent London and Paris shows numerous
American details appeared on European cars. Such accepted things here
as cast en bloc motors, detachable heads, electric starting and battery ignition have just been adopted abroad.
"The automobile industry suffered no greater curtailment last year than
other industries. Companies able to produce economically and offer good
value will have nothing to complain of this year. The six-cylinder type of
engine again leads in popularity among .American motor car users."
New Price Schedule. Effective Jan. 7.
-New Light SixSet. 22, Bra Six.
Set. 22. Spec. Six.
Neic Price. Old Price. NewPrice Old Price. NewPrice Old Price.
$-1,150
$1,045
$1,985
$1,635
$1,785
Touring
$1,475
1,8-50
1,750
2.5.50
2,700
2.950
Sedan
2,350
V. 113, p. 1980.
tional
695,280 Preferred stock
6,000,000
16,505 y Common stock
160,000
2,934,087 Due atfillatod companies
514!265
Prepaid accounts
..
112,317 z Oirront Ilnl)llllies
1,829,323
IMIscellancous dcpoelte
11,936 Special rc.scr\o for reduction
Organization account
_.
64,640
of prop, purchased for stock
5,040,000
Unamort. debt disct. & oxp
461,863 Reserve for dcplc.. deprec. &
Total (each side)
$29,509,609
undistributed surplus . _ 3 362 921
X All called for payment ,lan 16 at 101 ,uul iot at Illinois Trust. & Savings Bank. (Miicago.
v Consistiiisr of 40,000 Class' "A" shares at nominal
value of SI and 120,000 Common shares of no par value (taken at $1 per
share),
z (^urrent liabilities are made up of: ((/)Notes payable, $860 372l':>y"ble, $545,279; (cj bind, note and general interest accrued,
ioViiSi'','i'"'l
.'»317,914; UD preferred dhidonds accrued. $35,00i); (c) taxes accrued
(State
and Federal), $70,7,58— V. 113. p 2625
&
New
Studebaker Corporation.
The
(lees resonre)
Standard Gas
S3 ,422,205
1,424,482
Gross revenue is the collectible income and does not include any income
applicable from the earnings retained bv the operated companies for extensions and iraijrovements to the properties
V. 113, p 2828.
Tobacco Products Corp.
685!(J56
to aRcnts
Southern
Net revenue
Annual interest charges on above outstanding funded debt
$2 ,059 ,356
Inventories
The U.
Issue
15.0fl0,000i
X There have been $11,800,000 issued, of which $.5,417,000 have baen
canceled through sinking fund, treasury cash, and the proceeds received
from the sale of .securities pledged under the collateral trust agreement
securing the.se bonds, leaving $6,383,000 bonds outstanding
Standard Gas & Electric Co guarantees Shaffer Oil & Refining Co 1st
Mtge 6% bonds, due .Tunc 1 1929
Earnings (Incl. Miss. Val. Gas A El. Co.), 12 Months ended June 30 1921.
Gro.ss revenue
$3,51 ,655
General expcn.ses and taxes
88,449
Sugar Products Co.^Reeeivcr.
Cmtsolidotcd Gmera! Balance Sheet Oct 31 1921.
Assets—
LlabUilies—
Plant and property account.. S24,180„586 1st Mtge. Convertible 6s
310,284,600
Securities owned other cxw. .
446,201 7% Convertlbk" Notes
xl,2<ir)'<t00
Cash
544,238 Conv. 8% Notes, 1922-24,..
{WB.'iOO
Notes receivable
41.9,56 8% Conv. Not.cs, 1941
2,';. 100
.
authorized)
Federal Judge Julian Mack, Jan. 13. appointed Robert Szold, receiver,
on the ao'ilication of the Iiiterocean Oil Go. Liabilities are .said to exceed
$5,000,000 and the assets are said to be far in excess of that amount. Company is a subsidiary of U. S. Food Products Co.
.___
$8,096,8,59
Balance for depreciation, depiction, dividends, &c
Advances
will be issued under a trust agreement authorizing
a total issue of not exceeding $15,000,000 Notes and providing that no notes
may bo issued unless the annual net earnings after deduction of annual
interest charges on outstanding collateral secured i.ssues are at least 214
times the annual interest chargtis on the remaining funded debt of the company, including notes outstanding and to be issued
Notes are issuable in
.series of such maturities, bearing interest at .such rate or rates, and red. at
such prices as directors may determine, but of no earlier maturity than the
present i.s.sue while that issue is outstanding.
Capitalizfilion (Incl Miss. Val. Gas& Elec Co.). Authorized Outstanding.
Common Stock
$15,000,000 $12 ,679,550
8% Cumulative Preferred Stock
30,000,000 12,667,400
Mississippi Valley Gas & Electric ,5s 1922
Closed
4.631.000
Convertible 67o Bonds, due Dec 1 1926
x30,000.000
6.:iS3,000
Secured 7 '-2 % Sinking Fund bonds, due Sept. 1 "41
Closed
3„500.000
6Tt. Gold Notes, due Oct 11935
15,000,000
9,124,200
7% Gold Notes, due Nov. 1 1941 (to be presently
Present
\
D. Bruyn."
_. 6,037,503
Annual bond interest charges
Acc'ts recciv.ibic
Bank, Chicago, trustee.
These 7% Ciold Notes
.
Earnings Year Ending Dec. 31 1921 (Dscember Estimated).
Net operating earnings
Dated Nov. 1 1921, due Nov 1 1941. Int. payable M. & N. in Kew
i ork or Chicago, without deduction for norma! Federal income tax not in
excess of 2%.
Denom $1,000. $.500 and $100 (c*). Red., all or part,
upon 30 daj-s" notice at 107 ;'2 prior to Nov 1 1923, thereafter at 1 "^ less
for each succeeding 2-year period to Nov 1 19:jl. and thereafter until maturity at 103; plus interest
Continental & Commercial Trust & Savings
.
—
Grcss earnings
Current operating expenses, including Federal taxes
[Vol. 114.
waterfront
railways, for approximately $7,811,295. All reference to the terminals
right o"f way for hydro radials and the construction of a subway and
was deleted from" the agreement. V. Ill, p. 2432.
—
Union
Oil Co. of California.
— Usual Extra
Dividend.
—
regular ouarteriv dividend of $2 per share (2%) together with an
stock,
extra dividend of $1 per .share (!',,') has been declared on the Capital
payable Jan. 21 to holders of record Jan. 11. (Like amounts have been
per
paid quarteriy smce Oct. 1920; regular quarterly dividends of
share (1 }.£.%) have been paid from Jan. 1916 to July 1920; extras of $1 per
— A Hi. P -l-'.iEd. ]
share have been paid quarterly since April 191.
The
%\M
.
—
.
—
Jan. 14
THE CHRONICLE
l.\)^M4* ]
America.
Cie-ar Stores Co. of
United
.
—
—
.Sa/^.s.
Decrease.
Decrease.] 1921-12 Mos.-1920.
$578,023 ($77,852,491 $79,028,428 $1,775,937
,fl21— Oec.--1020.
$8 369.932 SS.9tS.555
V. 113. p. 2829.
—
United Profit Sharing Corp.— To Change Par
—
Value.
—
Dividend Increase Proposed.
Tho stockholders will vote Jan.
31 (1) on changing the number and par
value of the shares of its capital stock from 2,000,000 shares, par 25 cents,
to 500,000 shares par .?1 each, (2) on the recommendations of the directors
to issue beneficial certificates for fractional shares to which stockholders
would otherwise become entitled, upon such terms and conditions as the
stockholders may desi!?nate.
„,„,.„.
,. ..
„,
There are at present outstanduig l,638.1.i0 shares. Should the amendIt
ment now proposed fce adopted, the outstanding shares will be 409.53/
is possible that after tho par value of the stock has been changed that some
In
fractions in excess of whole shares.
stockholders might own and hold
order to take care of this situation, It is proposed to issue beneficial certificates for such fractional shares wh.ich will entitle the holders thereof to a
proportionate share in the div. which may be declared and paid, but which
will not carry with them any voting rights until the holders have secured in
the market or otherwise, a sufficient number of sucn beneficial certificates
to make a whole share, whereupon such number will be exchanged for a
whole share. The company itself will not buy or sell fractional shares or
beneficial certificates of the same, but it is probabie that arrangements can
be made to either buy or sell the same ir the open market.
Data from Letter of President O. H. Davis.
The earnings of the company are now excellent, and the year 1922 should,
ill my opinion, be the best in the history of the company.
The business is unique in many respects you are probably aware that
we are paid by the users of our system for the coupons whicn are redeemed
and not for those which are issued. For this reason it is to our interest
for you to urge among your acquaintance that they collect and redeem our
coupons. Our coupon redemptions are now the largest in the history of
the company, and with the present tendency of the public at large to
economize, the number of coupon collectors should greatly increase, and
therefore we can surely expect a much larger increase in redemptions.
have recently made arrangements ^vith some of the large distributers
of our coupons to greatly increase the issue of coupons with the sale of
merchandise, which should naturally cause a greater redemption and
increased profits.
The new Federal income tax Law effective Jan. 1 will mean a big saving
to the company, and I feel the stockholders should receive the benefit of this.
The prasent earrings on small capitalization justify a larger disbursement to
the stockholders, and it is my intention, as soon as the present par value oi
the stock is changed frpm 25c. to .$1 to recommend to your directors that the
dividend be increased to 60% per annum (200% increase over the present
rate) and that the same be paid in quarterly disbursements of 15%
After this new system Is put into effect, if the par value of the capital
stock shaU be increased, I intend to make a fm-ther intensive study of the
situation, with the hope of being able to introduce further economies which
may justify me in recommending to the directors the declaration and payment of dividends each month. V. 113, p. 1898.
.
—
We
,
—
—Reorganization. —
—
Corp. — Bonds
United States Forge Co. of Wis.
.John
.See
Ooenberger Forge Co above.
United States Automotive
Harvey Fisk & Sons, New York,
to yield over
int.,
Oi'ffered.
are offering at 99}^
and
$1,750,000 1st Mtge. Coll.
8%,
207
8%
Reduction of bank loans, to redeem pur.'-haso money obliPurpose.
gations and to provide additional working capital,
V. Ill, p. 1378, 903.
—
United States Steel Corp.^
— Unfilled Orders.—
Movements"
—
— Report Copper Merger Denied. —
See "Trade and Traffic
Utah Copper Co.
above.
V. 113, p. 2829.
of
Charles Flayden, an official of the Chino, Nevada. Ray and Utah copper
companies, on Jan. 6 denied the rumor that a merger was under way which
would include any of the afore-named companies.
Mr. Haydon said in part: "There is absolutely no truth to such reports.
They have been circulated and revived from time to time in tho past and,
as I said, there is no more truth in them now than there was when they
were heard originally. I wonder how they get revived so often. Perhaps
the Anaconda-American Brass Co. deal started the latest revival."
Besides the companies mentioned, the report had it that the American
Smelting & Kefuiing Co., the Chile Copper Co., Kennecott Copper Co., and
some of the smaller companies controlled by those named would be included
in the combination, which would be known as the United States Copper
Corp. or the Kennecott Copper Corp. V. 113, p. 1163.
— —
—
Vulcan Detinning Co. To Pay Off Scrip.
The One- Year 6% scrij), due Jan. 20, issued in payment for the Feb.
1921 dividends of 1 M % each on the Pref. and Pref. "A" stocks, will
& Trust Co. — V. 113. p. 262/.
Warren Brothers, Boston. Back Diindend^.
paid Jan. 20 at the Farmers' Loan
21
be
—
—
have declared dividends of 6% on tho First Pref. .stock and
of 7% on the Second Pref. stock, both payable April 1 to holders of record
Jan. 16. These dividends are applicable on account of accumulations.
The
directors
directors in April last omitted the payment of the usual quarterly dividends on both the 1st and 2d Pref. stocks. (See V. 112, p. 1407.) V. 114,
The
—
p. 87.
Western Electric Co.
— Sales
in 1921, &c.
—
President Charles D. Du Bois says in substance: "The sales for 1921
were approximately $185,000,000, which is a greater amount than in any
previous year except in 1920, when they were $206,000,000.
.(
"The books have not yet been closed for the year but it is estimated that
was earned above the regular dividends of $10 per share on
some margin
the Common stock. The company's floating debt was reduced during the
year by $14,000,000 and its cash on hand increased by over $5,000,000, a
total improvement of more than $19,000,000 in its financial position.
"The outlook for 1922 is that the volume of business wiU be substantially
the same as in 1921."— V. 114. p. 87.
—
—
&
Paper Mills, Ltd. Judicial Sale.
Whalen Pulp
Pursuant to the judgment and order for sale dated Sept. 19 1921 there
will be offered for sale by public auction, in one parcel, on Jan. 16 at 128
King St. East, Toronto, 1,900 shares of fully-paid Common stock (par
$100) now represented by Voting Trust certificates. Suit was brought by
Graham, Samson & Co. V. 113. p. 1369.
Special Master to Hear Claims.
Willys Corporation.
Wallace Macfarlane has been appointed special master by the U.S. DigAll creditors are
trict Court to hear and pass upon all creditors' claims.
required to present their' respective claims to Clement O. Miniger and
F. G. Caffey, Rceivers, 52 VanderbUt Ave., N. Y., on or before March
15.— V. 113, p. 2627.
MX
.,„
,.
Wright Roller Bearing Co. Receiver.
Judge Dickinson in the U.S. District Court at Phila. recently appointed
W. B. Stratton, New York, and Harry W. Champion, Phila., receivers
Assets are placed at .$884,000 and liabilities at $.529,000.
in equity.
—
—
—
—
—
...
..
Conv. gold bonds
(see advertising pages).
Dated Aug. 31 1921. Due Sept 1 1931. Int. payable M. & S. without
deduction of normal Federal income tax up to 2 % at Central Union Trust
Denom. $100,
Co.. New York, tru.stee. Penna. 4-mill tax refundable.
$500 and 81,000 (c*). Red., all or part, at any time on or before Sept. 1
1924 at 107i4 and int., or any time thereafter at 105 and int. on 30 days'
notice.
Convertible.
—Convertible into the Class A Common stock at the rate of
one share of Class A stock of no par value for each .SlOO of bonds at any
time up to maturity or date of call of bonds.
Data f roin Letter of Pres. Frank B. Ansted, Connersviile, Ind.. Dec. 27.
Company. Organized in Delaware in July 1919. Owns all of the outstanding capital stock, except $67,000 Prefen-ed and directors' shares of
(1) Lexington Motor Co.. (2) Ans-tcd EngincerinK Co.. (3) Ansted Spring &
.kxle Co., '4) C;onner»villo Foundry Corp., (5) Fayetto Painting & Trimming Co.. all of Connersviile, Ind., and (6) the Teetor-Hartloy Motor Corp.
of Hagcrstown, Ind., which together form a complete imit for the manufacture of motor cars and essential automotive parts.
The Lexinglnn M'ltor Co., engaged in the manufacture of Lexington automobiles, obtains practically all essential parts from tho various subsidiaries
The Ansted motor in tho future will bo
of the U. S. Automotive Corp.
Sales of Lexington cars have averaged
u.sed in all models of Lexington cars.
over S5..500. 000 for past 5 years and for year ended July 1 1921 wore in
excess of S6. 500. 000. .\t the present time there are less than 6 weeks'
supply present average basis Lexington cars of the 1921 model either in
hands of distributers or at factory finished or in process.
Security.
Secured by first liens on the combined properties of the subsidiaries through deposit with the trustee of notes secured by first mortgages
on the various manufa:;t.uring plants. land, buildings and equipment of all
of the ab<-)ve listed subsidiary companies. Additionally .secured by deposit
with the trustee of all of the outstanding capital stocks, both Common and
Preferred, of the various subsidiary companies except directors' qualifying
shares and $67,000 Ih-cfcrred stork.
—
—
—
Capilalizatu/n after This Financing
Outsland'o.Xuthorized.
l»»tAItge. R% Conv. bonds (this issue)
$3,000,000 $1.7.50.000
Cum.S.F.Pref. stock (V. Ill, p. 1378)
7,.597, 700
10.000,000
Common stock Class A Oio par)
.50.000 sh.
._ 100,000 sh.
do
do C;iiiss IWno par)
200,000 sh. 100.000 sh.
(JIaKK A Common sto.-;k is preferred up to .$75 per sh. above! (;iass U stock
i n liquidation or dissolution, and entitled to an equal distribution of assets
ab()V<; that amount after $75 per shar(! has been i)aid lo tho Class li .st.orkf :iass .\ st/)i:k is also preferred as to divs. up to
holders.
$3 P'lr sh. above
Cla.ss \i stock and shares equally with Class B In any additional distribution
of divs. after $3 per sh. ha:< been paid on the out,standing ('lass 11 stock.
Sinking Fun<l.
A sinking fund amounting to 15% of not earnings, but
not less th.-in 3%, of the maximum amount of bonds at any time f)Utsl;iii'ling,
bfjcomes effi:ctiv<! lor the y<;;ir fitulirjg Sept. I M»24 and pavable (;i<h y<!ar
thereafter.
Sinking fund monoys will be applied to purchase of bonds
in tho open market or through call.
EarninQs. —.\\i•.^a.v,<^ conibincid not proflt« of throe sub. cos. ostabllHhed
in regular manufacturt;, after depreciation, Uixes and interest, amounted
t*) $670. (W5. or over -X
times Interest charges on .$ 1.7.">0.000 1st Mtge.
bonds for tho 3 fiscal y<;ars of 1910. 192f) and \'.)2\ '.\ug. 31).
Combined annual not prt)flls. Including all subsidiaries for t.h<> fiscal
yoars ended Aug. 31 1921. after all taxes and depreciation, but belong
interest, averaged .«5I6.7.'{4, or nearly 3-7 times interest charges on those
Ixmd*. Similar r)rofil« for tho flsf-il year ended Aug. 31 1921 were $341 ,61 1.
or about 2-^ times interewt charges.
CnmMned lialance Hheet {ind. Sub. Cos.) Aug. 31 1921 fihowing Effect
of This Financing.
A$)ets
lAabilitirx
7%
—
%
I
—
—
.$4.53,097
JiMJ*-
NoUm &
1st
M.
<;oll.
.
.-jl
I
,
|
sr,
X Pat
8ul).
8.
&
7. .507. 7110
-
&
;nrpliisl.775.f)H7
776. HHO
Notes &. trad') ace. p.iyabi"
A (•ouniK pav.'ilile
Acmiod
charges
bonds. ^ $1,750,000
.
,
lAiKl. l>M(;s. ft er(iiipinont
3.4.33.270
^ ''"•"' ''•'''^'"")
r J,
JW.
8%
3 292 089 Prof. 7% stock.
2 .495.254 <;om. stk.fA&,l!)
acctH receivable
Invontories
inv. * U. S. Govt, claim
IlabllItU s
prepaym'fs. 2,602,276 Notes for ffiulinnent
6
licenses,
gd-w. &c
Total feach sidej.
,
1
COS
owned
I'ref.
.
63H..1.-.S
63.135
44.553
stock not
....
7
1
,290
. .
$12.717,1 13
above balance; sheet all patents, licenses, engineering designs,
* '"
'I"'
gfxxl-wlll. carried on tho cottlp;iny's iKMiks, have been ro(lu<;iid U> Sl.and a
'•orresponding re<liicllon inad<i In surplus a( count.
""'""' ('"ilract. A <K>ntra<rt has been rn.ade betwi^eri tho Ansted ICnginecrr»,o. and Diiranl, Motors, inc.. for their full requlremontM of 6-cyllnf|(>r
motors for the IJurant 6. their minlinuni estimate for tho year beginning
Aug. 1 1022 being 25.0fKJ motors. On this basis, and with norm.il r';(|ulro•nwiUs rf)r Lexington the profits from Ansied Knglru'erliig < 'o. /lioim whonld
net $750,000 annually after the current year.
Although made for a fixed
period, Mr. Durant has definitely Rt,a(.ed that he expects this contract
mg
•
to
b'r
continuous.
CURRENT NOTICES.
—O. W. Welch. Treasurer of the Copper Export
As,sociation, announces
Copper Export Association, Inc., 8% secured gold notes,
series "B," due February 15 1923, that as provided in article IV of the trust
agreement dated February 15 1921, between the Association and the
Guaranty Trust Co. of New York, as trustee, $7,000,000 par value of the
notes have been drawn for redemption and will be paid February 15 1922, at
Seven thousand numbers were
101 % and accrued interest to that date.
involved in the drawing.
Holders of t'ne notes drawni should pre.sent them
for payment on or after February 15 1922, at the trust department of the
Guaranty Trust Co. After February 15, interest on tho notes will cease
and the coupons maturing after that date will become null and void. Cou^
pons due Februa"ry 15 should be detached and presented for payment in the
to holders of the
usual manner.
—
The Guaranty Trust Co. of New York announces that Definitive 6%
Equipment Gold Notes of the following issues of the Government Equipment Trusts are now available for delivery at its tru.st dofiartmont in
exchange for temporary notes which bear its authentication :Atchi,son Topeka
Santa Fe Ry. Co.; Buffalo Rochester & Pittsburgh Ry. Co.; Great Northern
Ry. Co.; Norfolk & Western Ry. Co.
__.
^
— "Industrial
Opportunities in New .Jersey" is the title of a 32-page
b )okI(a prepared by the State Department of Conservation and
Develop mo lit. Trenton, N. J to exhibit the .advantages of New .Jersey,
outside the recogni/.ed industrial and suburban centres, to those who are
interested in locations that combine factory and home-making opportuniillustrated
.
ties.
—The net earnings of the Pigglv AVigply Stores. Inc. for Dc<'ember, after
charges and depreciation amounted to
making a
of
,
total
.$282,for tho final quarter of 1921
December salas totaled $2,503,21 2. The
aggregate sales for tho full year of 1921 were .$30,204,420, an increase of
all
$101,000.
,
000
.
$806. .598 compared with 1920.
—
The Guaranty Trust Co. "of New York has been appointed transfer
agent of tho ('ommon voting trust stock of tho Columbian Carbon Co.,
consisting of 500,000 shan.-s without nominal or par value. Farmers' Loan
& Trust Co. will act as rcgistr.ar.
«.«
,^t
"^The formal kin of Terry, MriKgs'&"Cf>7with offices in the Ohio Building^
Toledo, is aniioimced. Cai4 K. Bargmann, Lawrt^nco L. Martin and
Clifford K. Vcrral. formerly with the dissolved firm of Ton-y. Briggs & Co..
arc asso ciated with iln^ new <-onccrn.
Paul Bayne, of M(!iTill. I.iyn('h & Va).. died We<liies<lay at his homo in
Rye, N. Y.
lie was 4'7 vears old aiul a son of Samuel (;. Bayno, President
^'•«
of _tho SeJiN)ard National Bank. ^^
M»ll
_
Neliemiah Friedman & Co. are distributing a cinnilar on tho attractive
possibilities of the ftu.sslan Government 4% Rentes of 1894 having principal
'
and Interest payable at flxetl rate of 51c. per ruble. _ _
Nelson (\ lluber. Willl.im If. Ilammett aeid Lincoln .Vlan Pnssmore
have as.'>ocl.ilx)d iDgoMicr iiiuh^r the n.inie of lluber .V Co., at 253 South
15th St., Philadelphia, lo dcil In inveslnient M;<-urlll()H.
—
—
—
—
Carslalrs iSt Co., 1410 W.ilniit St., I'lill.i(l<'l|)hlii iiiemtmrH IMilladel
phia and Nc!w York stock oxchringOH, announce (h;it Chester i\l Oi-ooiiih Is
now coimei'tcd with (hnn In ch.-irKO of their TriKlIng l)i-p'irlineiit
,
.
.
— .lohn
DIckcrson, a UK^iplx-r of the New Vorlt Cott<ni Kxcli.'inKo and
the f 'hk-.-igo Board of Tr:ido, h:is boon elected Vice I'rosldont and a dlriK'lor
of Itolxrt H. l{oss,Jnr., .',6 Pino HI.. New York (Mty.^
_____^
-McDonnell Si Co. li.avo opened a department to deal In $100 and
$.500 bonds in charge of H. O. Benjamin.
Tho Bankers Trust (Jo" has been ii,i>poliil<»d ri'gisl.rar of "Amerlc.iii
sharns'^of Anglo-AniiTlcan Cor|>orat,lon of .South Africa, Lt<l.
_^____
Ooral.I IC. .Vlrllalo, formorly with KIkhoI, Kinnlciit A <!o., has bcy-ome
'
l)i>|)arlniiint.
nssoclnlwl u ll.li McDonni'll *. Co. in their Bond
-'I'he llanldTH Trnst Co.' has hern appoliilirl Trtirisfdr Agent for tho
Cumulailve Participating S% ProfcrriMl stock iit Harfllngo rV).. inc.
l>,
—
—
_
^
,
^-H. VV. Straus Si Co. announce that' II.BrDanlnl has Ikvii «a«ctod
Assistant U) the President.
'1
*•
~ llobert K. Mootl.v, forini'rl.v Vtiinnger of Hales of llullgarton <V <'o., has
'•
»»-«^
'"
IsMome associated with McDonnell A Co.
.Jl}
~ Arthur M. Burgess and .loseiih H. <!larkliave lunm admitted to ;ni Interest
plil?:iclclphlii
n the business of 'IViwnscnd VVhil.n A C" ,505 •^'h'-stniit St
.
—
.
,
.
THE CHKONICLE
20S
COMMERCIAl^
New York, Friday Nioht, Jan. 13 1922.
a small increase in business. It is more noticeBut still
a'blo in the retail 'liranch than in the wholesale.
there is some improvement in wholesale lines and indusNot that collectries, mainly at the West and Northwest.
tions are any better; they are still slow. Failures are still
numerous. In fact, for tlie week they number no less than
717, against 409 last week, 512 in this week last year, 128
And undoubtedly
in 1U20, 137 in 1!)19, and 238 in 191S.
there is some disappointment that trade does not improve
more markedly. But cold weather and reduced prices have,
as already intimated, heljied retail sales. Sales of rails and
Home of the automotin plates have increased somewhat.
That is also the case with
bile plants are resuming work.
some iron and steel plants, though to be sure steel vvoi'ks
are still on only a 40% basis of operations. Building in
1921 was the largest ever known. If costs can be reduced,
it Is reasonable to expect that 1922 will even better the
record of 1921.
Colder weather has stimulated the business in coal. Raw
wool has been firm, with a fair demand, and prices are risWheat advanced
ing in London and Australian markets.
somewhat, owing to purchases for Russia, including 1,300,000 hushels of seed wheat. Eggs and butter are lower.
Railways are buying lumiher on the other side of the ContiThere
is
Jobbing tiiide has improved somewhat. Petroleum
has declined at Eastern points, lK)th for crude and refined.
Merchants are gratified to see a stronger stock market, not
to 'mention the active and rising market for bonds, with
And,
Liberty issues at the highest for some years past.
although the number of failures for the week looks large.
It is attriibuted to a winding up of the years' transactions.
One regrettable feature was the downfall of the Trench
Ministry, which halts the work of the conference at Cannes,
and it is fearetl may i)ossil)ly intei^ere with the projected
program at Ccnoa. The American 'business community
nent.
thinks that this crisis was not only regrettable but unnecessary. It has had a more or less disturbing effect on business on both sides of the water. Meanwhile in American
trad{> the high cost of coal, la'bor and rail freights, in spite
of some reduction in the last-named item, still militates
against production and consumption. It is earnestly hoped
that the manufacturing world may be a'ble to reduce overhead charges and thus produce at cost, which will enable
the fanning community, for instance, to buy on a larger
scale.
It is still badly handicapped hy the low prices current for its i)rodnets, while manufactures remain high. The
feeling in the commercial community of the United States is
not uidiopeful, but there is a very plain dispo.sition to proceefl with a certain caution until the general situation
cleai's up.
Trade in this country, and indeed over most of
the globe, is more or less dislocated, as deflation of prices
has not been uniform, and one class of society is suffering
because another class has not reduced its prices to conform
Still economic law will
fo the reductions made by others.
gradually smooth out these difficulties, and the general
trend of business is toward a return to normal conditions
This country has seen its worst, and is now slowly but
surely, it is believed, making its way back towards something like the pre-war level of costs and prices.
The Department
of I>al)or estimated unemployment increased 4.7% in the Unitetl States during December. New
York showed a .slight increase in employment amounting to
1.5%, while in Chicago there was a decrease of 2.7%. Several TJtica. N. Y. knit underwear mills have been unable to
institute the r)4-hour W(H'k, which was to hecome effective
on Monday of this week, bwause the employees refused to
work longer than the former hours. It was announced last
Saturday in Lynn, Mass.. that a wage reduction of 10%
had l)e(>n agreed to by the Joint Council of United Shoe
Workers of America. At Corning, N. Y., on Jan. 10. the
New York Central RIl. reduced its force in the car-huilding
and repair sliojis 50%'. The shops had reoiJened only two
months ago. after having been closed for. eleven months.
The "(-cent loaf of bread returned to l*lula(ieli)hia last Saturday. The i)rice of eggs has dro]>ped in Chicago to the
pre-war level. Fresh eggs sell from 30 cents to 55 cents a
dozen.
Storage eggs art 30 cents to 42 cents.
Retail food piiccs last year increased between 12% and
18% in eighteen Iarg(> cities, acf^ording to a report from
the Bureau of Tiabor Statistics to the Department of Labor.
The bureau's survey shows that New York City had the
smallest falling off in food prices during the year; in the
South and Middle West the greatest decrease occurred. For
the year period, Dec. 15 1920 to Dec. 15 1921. there was a
decrease of 18% in Mobile and Savannah. 17% in Indianapolis and Salt Lake City, lG9c in Detroit. Louisville, Milwaukee, Minneapolis and Washington. D. C, 15% in Omaha.
14% in Bridgeport, Dallas and Philadelphia. 13% in Chicago and Manchester, and 12% in New York. On Jan. 11
a dollar was worth G5 cents, 13 cents more than it was
worth a year ago, according to figures gathered by the
Department of Jjabor in a summary of a number of retail
food reiwrts.
The comparative values are arrived at on
[Vol. 114.
the ibasis of the buying power of the dollar before the war,
accepted as the "dollar-dollar."
Four auction sales, at which .^IG.OOO.OOO in army quartermaster supplies will be offered for sale, have been "scheduled
for February. The first auction will be in Norfolk on Feb.
It is estimated tliat the Government has from .$400,000,2.
000 to .$500,000,000 in army surplus supplies to sell. Thus
far it has sold or transferred proi)erty valued at $1,240,000,000. The Director of Sales is now obtaining about 20% of
the initial value for the surplus property.
The February
sales will include quantities of clothing and textiles.
Pittsburgh reports I'ennsylvania crude oil falling again,
this time 25 cents, to -$3 25 a bbl.
On Jan. 3 Pennsylvania
crude oil was reduced 50 cents a bbl. to .$3 50.
A general strike on all the Irish railways is announced
for to-morrow. Zurich cabled that the silk manufacturers
of Basel, Switzerland, have decided to cut wages 50%. The
in^provement noted in the Holland textile industry is due,
according to Berlin advices, to the fact that Germany has
been unal)le to meet all the foreign orders for textiles and
these orders have overflowed to Dutch houses.
General
ec()nomi<' and financial conditions in the Netherlands are
reported as growing worse.
Buenos Aires advices state
that the financial crisis through which Argentina has
l)assed has so reduced the buying power of that country
that importers are contracting only for actual needs, and
.\merican houses are finding it difficult to sell textiles,
even at reduced prices.
There was a storm of snow, hail, sleet and rain on the
11th instant, which made going very had all over this city.
It was accompanied by a gale of 100 miles an hour, which
with the sleet and heavy snow played havoc with wires.
esj)ecially between this city, the West and the South. "Wire"
houses in some cases could operate only 50% of their
Southern wires, and hut one out of three of the Western
wires.
Some reported special trouble '])et3ween New York
The storm
and Chicago and Washington and Baltimore.
finally turned to a cold, heavy rain on We<Inesday night.
Lard higher; prime Western, 9.90@10.05e.; refined to
Continent lie; South American, 11.25c.; Brazil in kegs.
12.25e.
Futures have advanced with a better demand.
Some
as against a larger
sale and an upward tendency in prices for the finished product. Yet it is true that hogs have been in good supply. On
the other hand, outside interest in lard has to all appearance
been increasing. And at times, moreover, hog receipts
have fallen off. Packers have been buying to a moderate
To-day prices were rather firmer. They showed
extent.
material change. For the week they are 35 to 37 points
no
decline in prices of hogs
had
little effect
higher.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fn.
Thurs.
Sat.
.Ianuarvde)ivery_._cts- 8.82
8.97
March deliverv
9.17
May dplivery
PORK
Mon.
Tl'cd.
Tues.
9.12
8.90
9.02
9.17
9.2.:;
9.05
9.4.-.
9.22
9.37
family, .'B25(a)$27; short
8.87
9.02
9.20
9.12
S-^5
9.-1,
clear
$23;
Januarv closed at .'S1G.40, an advance for
Beef dull; mess. $12^.SI4; packet
for the week of $1.33.
$13(o$14; familv. $15@.S16; extra India mess $24(ai$25;
No. 1 canned roast beef. .?3.2r). No. 2, $5.25; six lbs. .?lo.50.
Cut meats steadv; pickled hams 10 to 20 lbs. IGMOl^Kt'".
Butter, creamery
15c.
pickled bellies 10 to 12 lbs. 13
Cheese, flats 20@24c. Eggs, fresh
extras 35H(a,36c.
extras 35 Co}40c.
^ ^,,
-vt
a
COFFEE on the spot steady; No. 7 Rio. 9(a)9He.; No. 4
dull;
$21.5()(fl$24..50.
mess,
@
fair to good Cucuta, llH@^^Hfhave generally fluctuated within rather narrow
Futures
bounds in a small market, ending lower. Outside buying
has been absent. Europe sold December. The trade
bought March to some extent. Rio and Santos at times
have been rather stronger. The statistical position is regarded as bullish, especially as to the INIarch delivery.
None the less trading has been languid. Everybody seems
Deli-veries for
to be waiting for something new to turn up.
States are only 4.684,000
the last six months in the United
bags. Deliveries to Europe have been very satisfactory,
Santos,
12Ca'12}^c.;
Outside sjieculation is lacking. Th(> trade is
hedging.
bullish in themain, but trading is confined mainly to
A bullish cable about the next Santos crop was ignored.
To-dav prices declined in response to a decline of 150 to
200 reis at Rio and Santos. The closing prices here are
20 to 23 points lower than a week ago. aeptember...8.20@S.21
8.27(a8.2S
9J^lMay
qn«t funofnclal)
8.20(0^8 21 December.. .8.17 @-.--- -S^Tl7f^8 451^^^
SUG'VR has been somewhat firmer, partly on a statement
by Mr Hoover to the effect that it looked as though prices
would advance, based on the analy.sis of the statistical
He points out that although Cuba has a carryDosition
1, '200,000 tons, the
over variously estimated at 1.000,000 to
have practistocks of the' consuming markets of the worid
owing to financial conditions in foreign
cally disappeared,
however.
&h
1
have been
countries and the fact that American dealers
Futures,
for some months past.
buvino- from hand to mouth,
have been active here at some advance in prices.
moreover,
The demand for refined has been moderate at 4.80e. Kaw
crop, an
sugar was at 2 cents cost and freight, for Cuba new
paid for some I5U,0UU
advance of 1-16 cents over the price
generally at a
bags of old crop Cuba. New Crop Cuba is
It is
small.
slight premium over the old crop, however
stocks in the hands of Cuban and
pointed out that total
.
THE CHKONICLE
Jan. 14 1922.]
Anieriean producers arc larger than a year ago, but, on the
other hand, stocks in the hands of distributers and consumers V.oth in the United States and throughout the workl
The producer is carrying
generally are at a very low level.
large amount of sugar which in normal times would be in
a
The market, it is
tiie form of stocks and invisible suj)plies.
has also now reached so low a level that even the
declared,
apparently unfavorable statistical position and adverse
Havana
financial circumstances have been discounted.
cabled Jan. 10 that the sugar mills are grinding only with
great difficulty. They have to shut down everj' now and then
Fifty-seven mills are now grinding against
for lack of cane.
78 during the same period last year. Gumay Kejer reports
that the stock in all the ports of the island of the new sugar
crop is 21,783 tons, and of the old crop 358,728 tons. President Charles E. Mitchell, of the National City Bank of New
York, will leave for Cuba tins week, supposedly to seek firsthand information concerning general business conditions
there not, it is said, however, in connection with any
Willett & Gray, in
prospective financial aid for Cuba.
commenting upon consumption of sugar for 1921 say: "The
consumption of sugar in Continental United States for the
year 1921 was 4,107,329 tons refined or consumption value.
This was a slight increase over the consumption of 1920,
the increase amounting to 22,656 tons, or 0.555%, as compared with an average increase in the consumption for
ninety-nine j^ears of 5.216%. The per capita consumption
:showed a slight reduction as it amounted to 84.47 lbs. per
capita
The " Louisiana Planter " said that many thoroughly
conversant with the sugar trade think that although Cuba
hay have a 4,000,000 ton crop of sugar in the cane field, that
not over 2,.500,00Q or 3,000,000 tons can be expected to be
manufactured into sugar, and that this difference, or loss of a
milHon tons going over to next year Avill require all of the
excess supply now in sight to maintain the current rate of
consumption. It is true that a number of the leading sugar
factories that have now started up are in the hands or under
the control of some of the very strongest capitalists of Cuba
and of our own counti-y. but still the chief fact is that they
are now at work and we may be assured that practically
even.' central factory- in Cuba that can possibly get money
or credit u-ill be in operation before the end of this season.
To-day refined was reduced to 4.80e. by at least some of the
refiners.
Raw was less active, at 2 cents for Cuba. Futures were rather irregular, (closing lower. But for the week
they are 7 to 11 points higher.
Spot (unofficial) ....3.54c|May
2.«@2.44|September— .2.74@2.75
March
2.63@2.6.-.|
2.2.3@2.24 IJuly
OILS. Linseed in rather better demand and firmer.
January carloads 72c., les than carloads 75c., five bbls. or
less 790.
Cocoanut oil, Cevlon bbls. 9@9J4^c.; Cochin 10@
lO^^c.
Olive $1 15.
Lard,
Soya' bean, edible 10 3^ ©lie.
strained winter 87c., extra 82c<.
Cod, domestic nominal,
Newfoundland 45c. Cottonseed oil sales to-day 19,100 bbls.
Crude, S. E., 7@7.1.5c. Prices clo.sed as follows:
Spot..
8..3.50 ... March
9.0.5(3!9.10
fi.700i.H.7l IJune
—
.
—
8.3.5(a>8.38 Aoril
January
February
S.SOr^^S.So May
Spirits of rur pen line 9.ic.
.
8.80 («)8. 82 July
8.96(a;8.97|.\ugust
1
9.18@9.20
9.28@9.30
Kosins S5 20 (o $7 75.
PETROLEUM. Again Pennsylvania crude prices were
cut.
And the Mid-Continent crude, though no change has
orscurred as yet, is expected to be cut in the verj' near future.
The increased production in the Mexia field and the small
demand, has tended to create an easier tone there. The
Standard Oil Co. of New Jersey, cut prices of gasoline and
kerosene in all its territori(!S in New Jersey Ic. The demostic and foreign demand is poor for both gasoline and kerosene.
The disposition of big buyers is to hold aloof in view of the
unsettled conditions now prevalent in nearly all parts of the
petroleum industry. Bunker oil sluggish. It is now quoted
at S1.2.J, but many believfs that this price would be shedad
on a firm bid. Gas oil does not improve. New York
prices, gasoline cargo lots .'32.25c.; L'. S. Na\'y specifications,
bulk 18e; <!Xport naphtha, cargo lots 19 ^^c; 63 to 66 dcg.
—
22 Kc; 66 to 68 dcg. 23}^c.; cases
fined petroleum, tank wagon to store
garag(!S, steel bbls.
Pennsylvania
$3 2.",
Corning
100
Oabell
2
Somcrsofc, light... 1 90
Ratsl.ind
Woostor
1,5c.;
17j^c.
Ite-
motor gasoline
to
27c.
Indiana
Princoton
$2 28|EIoctra
2 27|Htrawn
IlllnolH.
1
2
2fi
2 27|Thrall
f'lymotuh
$2 25
2 25
2 25
ir,
1
Kansa-s and OkiaIlonrletta
2 25
homa
2 78
2 00 (Jaddo. I^.. llRht. 2 00
2 48 Corskana. IlKht... 1 MOfCaddo. hiiavy
125
K'oifilcana, hijavy .
951
njmains dull and lowr-r. Annual inventories
1
lima
New York
I
Hi FifiKFt
navitiK been completfid, it
^""''' amjcar, but a.s yet
66 Moran
was expecfed that a
Ix^tler
ficmand
has not malcrialized.
Smoked
ri»>t>i(l HhtH'ls on
\\u- H]>(,\ and for .January delivcrv, I9i/(c.;
Janiiury-March, I95<c.; April-June. 21 ,4c.; July-Si'jd. rnlHr,
--,^2C.: and .July-Dcerrrdxr, '2]c.
Tlie usual [)ntTiiuni of
<»'. on fifHl l;i,t«..x pale
remains.
I'aras quiet anrl slightly
^^^'•'
loarle 'lo'"^'""'
it
''"^^>*^'
14|4c.;
island
fine,
21e.;
HFDKS
have been quiet md frigorificros have been dehas I.een fpiolcd at \~}}/2''- Country
Jiules remain rpiiet.
On e car of Pennsylvania, free of griil)
extremes, sold at
selected.
H]/i<;
Pjwker hifles have been
hard to sell.
Reports from the River Plate- seetion state
ttiat saleH have been
made of sr,ni«f 15,(KK) steers at .'$5:{. .'.(),
or nl)r)iit V.)l'2<'. here.
pressed.
B<,gata
OCKAN' Flif-IKUITS have
ahoul steady.
The
Shippinir
1i09
steamers to the Russian relief and twelve ships will sail
this week.
Rc^duction in wages ranging from 15% to 25%
and affecting every class of marine employees on privately
owned ships of the Pacific; coast will be made soon, it was
announced by officials of the Pacific-American ship-owners
The Hamburg-American liner Wuertenburg,
New York on Jan. 8 flying the trade
new German Re})ublic, the first ever seen in this
Association.
from Hamburg, reached
flag of the
P"'ifteen Shipping
port.
Conr.i
moderately active and
has furnished
thirty
vessels to carry grain for
Charters included grain from Atlantic rana;e to west coast of Italy, 20c.
one port and 21c. two ports. January; relief grain from Atlantic range to
one safe port, Black Sea, 38c. prompt; three steamers 2,707 tons net to
3.150 tons net relief grain from Baltimore to one safe port in Black Sea,
38c. .spot; 45,000 qrs. relief grain from Baltimore to Black Sea at 38c.
prompt; sugar from north side of Cuba to New York or Philadelphia 17c.
prompt; time charter, one round trip in West Indies trade. $1 30; sugar
from Cuba to United Kingdom or Continent. $5 75 Feb. 10 canceling;
three months' time charter in West Indies trade. $2 10; time charter, one
round trip in West Indies trade, $1 15.
TOBACCO
has been selhng more freely at lower prices.
A norbetter business is under way in Sumatra tobacco.
mal trade is reported in Porto Rico. It is said that nearly
70% of the total crop for next year from North Carolina
has been sold. Virginia and South Carolina, which grow the
same grades of tobacco as North Carolina, are said to have
already signed up their part of the crop necessary for the
In other words,
success of the co-operative marketing plan.
there are stirrings of life in the tobacco trade after prolonged dulness. Cigarette production in November totaled
4,233,283,288, an increase of 699,825,367 over the same
month in 1920, and for the 11 months the increase was 7,021,
The output of cigars, however, fell off during
053,291.
November and for the eleven months. In November it
totaled 615,251,258, a decrease of 52,808,757 for the month.
For the 11 months the output was 6,295,086,017, or a decrease for that period of 1,165,809,540 as compared with
1920. And manufactured tobacco and snuff, while they
showed an increase in November, fell off for the 11 months.
In November manufactured tobacco increased 9,221,446
lbs. to 27,747,196; for the 11 months it was 328,647,945
lbs., a decrease of 19,583,289 lbs.
Snuff in November increased 1,400,059 lbs to 3,024,443, while for the 11 months
it decreased 1,087,774 to 32,813,280 lbs.
A
COPPER
quiet with prices practically unchanged.
quoted at 13^'@>13Kc. Small consumers are
buying a little here and there wherever a seller is willing to
make consessions. Tin quiet but steady at 32 J^^ (o>32 ^gc
Lead steady at 4.70@.4.80c. spot New York and 4.40@'4.45c.
spot St. Louis.
Zinc quiet but steady; spot New York
Electrolytic
still
is
5.15c.; St. Louis
PIG IRON
tions,
4.80^4.82 K>e.
demand in some direcThe New Jersey vehicular
has been in rather better
though quiet generally.
tunnel will want cast iron involving 105,000 tons, including
75,000 tons of pig iron and 30,000 tons of scrap. Deliveries
to be sure, will be sprc^ad out over an extended period so
Pennsylvania
that they may have no very striking effect.
iron is held prettv steadily on the basis of $20 furnace for
1.75 to 2.25% silicon, and Buffalo iron of the same grade
at from $10 to .120, according to seller.
Southern iron, however, has, it seems, dropped to .116.
STEEL has remained for the most part quiet and none
too steady, though somewhat more active here and there.
The plants, however, ar(> still running at 40%. Railroads
arc; buying a little more fnudy.
Cleveland reports pretty
good tonnages. Tin i)Iates are firm and are the only item
that shows ariything like r(>al life.
Consumers of sheets
to be pretty well supplied.
Steel billets are dull and,
if anything, it ishinted, a trifle weak, though Bessemer and
o|)en-hearlli billets are still quoted on a Pittsburgh l)ase of
Kor slabs the
•128 and forging billets at from .132 to .133.
mills ask .1.30.
,Jai)an bought i:{,00() tons of rails at sonu'Kails and tin
thing less than .147 c.i.f., Jai)anese port.
[)lat(!S largely account for the Steel Corporation's increase
Hs share of
of 17,872 tons in unfilled orders on Dec. 31.
;'.75,000 base boxf^s of tin plate bought by the Standard Oil
Co. for export, it is ])ointed out. was one of the imi)ortant
factors.
Taking the sl(«(>l trade as a whole, it is sluggish.
Rut cNcrvbodv is hoping for better things later on.
seem
WOOL
The results
has" been i;i fair demand and firm.
of the recent Boston sale by the (lov(<niinent <>ncourages
holders.
Hut inanv buyers are none too eager to take hold
At
just now.
Yet foreign inarkets too have been rising
the opening of the wool aucticms at Perth, West Australia,
on Jan. 7, the attcnduMce was larjre and tlemniid good.
Comp.'ired uilh the last .sales merino super-greasy advaiicecl
5%,, with onlv a few offered; topniiiking aver.-ige greasy
advanced 10 to Vl^-^/'/u with greasy skirtings, greasy hiiidiH
and greasy crossbreds up 10 to 15','. At the Wanganiii,
New Zejihuid, sale lust P'riday 1.3,100 bah'S wen- offered and
11,2.50 sold.
Priees eomp.ired with those at Wellington on
Dec. 13 were \i\v fine and medium greasy erossbreds are
halfpenny to
fjirthings higher; oilier grades iincluiiiged.
At Bradford, lOngland, last week lops and yarns were higher
Fine tops
in PXpeetdtion of higher prices at London sales.
'.',
l.eei,
Board
Russian relief have been allocated to present operating
Labor leaders say that the harbor
agents of the Board.
Employers declare
strike here has already tied up 100 tugs.
that the men have gone back on 17 boats. The Shipping
Board vessel Ophis will bring to Boston 10,000 bales of
Egyptian cotton, the first shipment under the new agreement between the Liverpool liners and the Emergency
Fleet Corporation.
THE CHRONICLE
210
Sixty-fours
scarce; ino.st make.v.s .sold to the end of March.
Piece goods showed
business fan*.
were ocea.sionally 52d.;
some improvement, but financial stringency restricted
"good will" delegation of 17 Scotch
merchandising.
A
woolen
goods
maiuifaetm-ers
representing
the
Scottish
Woolen Trade Mai-k Association arrived here by the steamship Baltic to visit the woolen industry of the United States
and Canada. Prices at the Antwerp sales Jan. 6 advanced
sales,
.5 to 10% above the closing rates at the last London
on offerings of rather indifferent Ba^vra wools, chiefly
Continental type. The United States
in charge of Federal avooI sales at
Boston are highly pleased with the results of the recent
The Government's stock now amounts to 10,000,auction.
000 to 11 .000,0(XJ lbs. It looks as if it would be offered
In
two-day series to be held somewhere about Feb. 15.
London on Jan. 10 the first wool auction series of the year
opened with joint offerings of Reahzation Association's and
Home and foreign buyers very
free wools of 190,000 bales.
good. The day's offerings of 12,700
numerous. Demand
Prices were up compared with precedbales mostly sold.
ing auctions 10 to 1.5% for merinos. 20% for fine greasy
crossbreds. 15% for medium and 5 to 10<{; for coarse grades.
.Sydney, New South Wales, cabled Jan. 10 that the sale
opened well, consisting mainly of Western and Riverina
wools. Demand brisk," chiefly for fine wools. Coarse erossbreds were in better demand than recently. English,
French, German and Japanese buyers took hold freely.
Topmaking wools
Prices higher compared with last sales.
rose 5 to 10% and comeback and fine crossbreds 73^%.
Faulty crossbreds were not wanted. Fifty thousand bales
Boston comments
will be included in the present series.
on the sale at Sydney on Jan. 10 was that the selection
was generally poor. Seventies, shafty, practically free wools
were quoted at 90c. clean landed basis and short wools of
the same grade at 85c., while 64s. and 70s. somewhat burry,
.sold at 22 3/2(1. for wools shrinking 49%. or 87c. clean landed
with conversion at .f4 20. Short 70s. were costing 83c.
.;Iean landed.
England and Japan were the chief buyers.
Bradford, England, cabled Jan. 11 that owing to buying
pressure for combed wool, generally oversold market conditions and the refusal of the Industrial Council to allow
women to work overtime, firms there are arranging to have
wool combed in Germany. Cables from the foreign rnarkets
Jan. 11 report them strong. London is firm on a basis with
the opening prices. Australian was very firm at the opening
merinos
the
of
Government
in
COTTON.
Fridaj) Night, Jan. 13 1922.
THE MOVEMENT OP THE CROP,
as indicated by omtelegrams from the South to-night, is given below. For the
Tv-e<^k ending this evening the total receipts have reached
93,515 bales, against 76,581 bales last week and 122.036
bales the pre\nous week, making the total receipts since
Aug. 1 1921 3,639,953 bales, against 3,683,836 bales for the
same period of 192.)-21, showing a decrease since Aug. 1
1921 of 73,883 bales.
officials
ma
prices
[Vol. 114.
Sydney.
The South American markets were
active with quotations
on a eost and freight basis, 18c. for tlirees, loc. for fours and
123^c. for fives. Montcnndeo also is reported excited,
with fifty-eights and sixties .30c.; ones, 26c., twos 24c.,
threes 20e. and fours 1,5c.
These prices are for standard
wools of average shrinkage. America is said to be buying
freely in Montevideo.
.\t the New Zealand sale in Napier
Jan. 11 the selection of wools was poor, but prices were
very firm. Yorkshire was the chief buyer. Prices on tops
in Bradford have been advanced from one to three pence
this week.
Stocks of wool unsold in the Boston market
Dec. .31 as computed by public accountants for the Wool
Trade Association total 63,542,337 lbs. in the grease, compared with 139,(>02,449 lbs. last year. The stocks this year
include 8,103,380 lbs. of foreign wool in bond, which were
not included last year. Domestic stocks this vear are
given at 29,107,005, compared with about 87,000*^000 lbs.
a year ago. wliile foreign wools total 34,000,000 lbs., against
about 52,000.000 lbs. last. year. The cslasses comprise
California and Texas 16,983,200 lbs. fleeces grown east of
the Mississippi and Minnesota, Iowa and Missouri 3,736,694
lbs. scoured, 4,001,0-53 tops, 1,405,407 noils 669,744, greasy
jniUed 1,5,50,900.
Foreign wools Classes 1st and 2d.
13,1.54,453 lbs.; Class 3d, .505,301 pulled, in grease 3,246,005
lbs., scoured 4,608,516 tops, 1,4.37.101. noils 300,516; total
foreign in bond 26,331.952 lbs.
The pubhcation of this
report had a bracing effect, it is said, in Boston.
Buenos Aires
reported excited.
is
—
Mon.
Sat.
Galveston
Texas City.
.
Houston ...
7.176
Bureau completed and issued on Jan. 10
report on the
amount of cotton ginned up to .Jan. 1, the present season,
and we give it below. <!onii)arison being made with the
returns for the like i)(>riod of tlu; three preceding years:
Coiintmg Round as Half Bales
its
1922.
Alabama
Arizona
_.
California
Florida
-
1921.
1920.
584,335
35.304
781,823
032.300
680,265
17.202
716,366
23. .569
_..
.\rkansa8
47.119
18.224
1..
365. 314
12,098
817,263
281.773
811,830
67,919
GoorfTia
Louisiana..
Mississippi
Missouri...
North Carolina.
783. .598
77. .562
9.59,775
.369,982
S21.382
55.139
7.V1.080
Oklahoma
476,279
ytiti,(i95
South Carolina
Tennessee
Texas
770, .5,58
1,4.54,644
295,260
2,117,938
16,078
8,547
261,412
3,747,580
Y'rginia
.\11 others
United States
Statistics of
round
1919.
7,50.985
29 519
849 1,50
41,1.54
Ki 7.57
17.027
2<;'tiHS
1,9.52, 7S7
.521. .311
1 049 S.59
1,6.36,692
290,190
822.025
48,282
787,165
787,114
1.400.337
240.676
2.469.373
'
5r045
'r,774 '2"894 '4"523
369
537
4,002
4,.581
.-.7,884,272 11,.5,54.648 10,008,920 10,773,863
and Sea Island cotton included in the report-
bales,
1922.
1921.
1919.'
1920.
123,320
202,127
110,.373
14,5 712
Sea Island ....
3,106
1.449
6.710
36 270
KKypto-.\merican included this year amounted to 30,093 tales.
The revised total of cotton ginned this season to Dec 13
.,
Round b.ales
t,
IS
"
920
7,639
"3'.64,5
2'099
21.374
636
1.636
252
3 895
43
12,895
650
1.332
465
2,867
3,603
1.353
670
1.139
94
126
100
272
.314
650
426
363
308
492
50
1,480
118
630
1,4.33
..
Charleston
Georgetown
Wilmington
2.51
Norfolk
N'port News. &c.
•
1.415
1,057
New York
1,225
6,507
135
200
199
50
Philadelphia
78
15.488
10,727
22,625
200
828
1,911
64
. .
Totals this week
569
""io
1,911
Boston.
Baltimore
14''
11.897
16,916
15.862
93,515
The folloAving table shows the week's total receipts, the
total since Aug. 1 1921 and stocks to-night, compared ^-ith
the last year:
1920.
1921.
Stock.
Receipts to
January 13.
Since Aug
1 1921.
This
Week.
Galveston
Texas City
Houston
920
10,305
684,431
4,289
84,315
3",89.5
Savannah
Brunswick
6,507
"6"8,636
l".22,5
New York
4"5"9",62i
"5"7",ii4
"l'6",564
""r,847
~"l",47i
379,516
8.874
44.395
152,870
1,007
106,561
161,5,55
53.0io!
703
6,195
28
231 ,867
583
7,961
17,108
40„566
23,777
"200
828
Boston.
Baltimore
Philadelphia
3"3"7";664
""r,i3i
445,892 "lY,367
15,166
49,301 "'l",327
1,332
Wilmington
Norfolk
N'port News, &c.
'"l",647
40,037
144,000
"37.987
85.866
5.719
2,311
8.401
"3"5".0S8
1,878
6.50
Charleston
1921.
366,942
2,088
"2"l",946
200
""43
12,895
Jacksonville
1922.
351.781
13,290
55,894 1.785.234
14.417
255,575
39,490
-39,946
43,801
2.33,132
2l",374
Port Arthur, &c. .
New Orleans
Gulfport
Mobile
Pensacola
Since Aug
1 1920.
This
Week.
41.264 1,673,483
329
17,063
1,911
142
149,557
1,106
9.894
1,593
304
1,531
18.2221
22,0111
30
4,344
2,499
243.918
78.349
12,349
3,978
5,962
93,515 3,609,953 124,468 3,683,836 1,267,258' 1,433,747
Totals
In order that comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
—
Receipts at
Galveston
41,264
Texa.s<-ity,&c.
21,374
Mobile
Savannah
3,8 '5
12,895
—
1919.
68.574
12.429
40.156
8,600
37.' 93
11.000
55,894
48
43,801
1,647
11,367
329
Orleans-
New
1920.
1921.
1922.
1918.
1
71,297
24..302
1.681
10.140
35,499
1,138
21,149
32,788
5,126
25.637
2..500
5.027
Briniswick
Charlcston..-
1
.332
"l",:i27
4.8.59
Wilmington
1.225
4,170
14,518
243
6,5o2
2.381
7,826
7,686
8,909
143
19,143
209,074
161.949
130.483
6.50
All others
"ib",55i
703
6,195
28
3,458
Totel this wk.
93.515
124,468
_
Norfolk
N'port N.,&c_
6,.507
1..500
8.352
208
'
1917.
73,652
5,038
17.971
1,339
8,625
1,000
1,938
761
5,055
248
8,302
123,929
Since Aug. 1.. 3.609.953 3,683,836 4,2.35,761 3.081,150 3,840,353 5,013.722
The exports for the week ending this evening reach a total
of ()2..500 bales, of which 29,305 were to Great Britain and
Below are the e.xports for the
.33,195 to other destinations.
week and since Aug. 1 1921:
From Aug.
Week ending Jan. 13 1922.
from
—
to
—
Other.
BrUain.
Total.
21,386 21,386
Oalvfiston
382,396
"
"920
8,212
"4'7",259
3,422
Saviinnah ..
Brunswick.-
3,422
163,086
1.700
28,643
19,0.35
750 19,785
"s"9",424
1,675
1,675
13,743
13,671
9,000
16,585
17,631
224
Wilmington.
Norfolk . . New York..
—
France.
207,612
Other.
Total.
821.884 1,411,892
5.142
Texas CJty. '"'920
New Orleans
I 1921 io Jan. 13 1922.
Exported to
Great
Great
Britain. France.
7,988
1,7,50
100
65
829
50
3
Phlhulelplila
1,750
3,150
894
50
3
494
59
424
6,215
5,142
70.690
138.617
374.038
233.132
007.823
"5,979
2..589
22.1.SO
56,802
"4'7",25fi
"4'3",453
200
226.951
'"2",500
"4"7",256
8,500
4.800
32-,350
1.773
59,663
43,229
5,59.S
SO
50
200
1,000
641
16.000
J.289
200
369,828
13,743
63.421
49,850
81,048
62,633
6,092
1,109
1,115
20.605
100
750
29,305
Tot. 1920-21 31,194
Tot. 1919-20 137,437
1,150
31,340
403
750
,36.824
—"—"-^
Fortl'd, Ore.
Total
100
22,415
31,340
36,824
20,605
1,150
""403
Seattle
20.171
9,688
329
1
3,263
Los Angoles.
21,0.50
Total.
7,435 41,264
329
920
slot) i«^ran
13,7,52
Fri.
43
Savannah
Brunswick..
54r750
395'765
282'045
2,479'472
i
4,915
Jacksonville
768 918
1
Thurs.
6,086
11,951
.
Port .Arthur, &c.
New Orleans
Gulfport
Mobile.. - . ...
Pensacola _.
Exported
CENSUS BUREAU'S REPORT ON COTTON GINNING.— The Division of Manufactures in the Census
Wed.
Tues.
-.
3,701
800,330
392,872 1,887,251 3,080,453
210 63,752 95,15(1 998.094
19,979 112,266 269,674 1,781,013
359,705 1.275,736 2,633,535
352.558 1,239,269 3,372,840
33,195 62.500
,
7.702.332 bales, making ihe increase 90.940 bales.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
add similar figures for
cleared, at the ports named.
We
New
York.
..
.
Jan. 11
—
Ger-
Great
Britain. France.
Galveston
New Orleans..
8,050
8.353
.-
4.570
Savannah
Other
many.
Cont't.
4.000
8.721
3.500
Charleston
Mobile
New York
*
Other ports *..
9,104
10.799
for
—
Coastwise.
2.000
1.601
200,
400
200
500
500
300
400
200
6,000
2.400
3.000
2.811
Norfolk.
Leaving
Total.
Slock.
23.154
34.044
3.700
328,627
302,906
149,170
106,561
3,7111
100
12.8.53
800
900
143.200
84,966
61,212
11.400
3.701' 77 709 1.189.549
4.570 19,8211 23,703
Total 1922.- 25.914
6,804 182.458 1.251.289
Total 1921.. 58,189 19.222 38,525 59.U8
24.093 16.821 106.413 16.780 290.228 1.151,841
Total 1920.. 126.151
* Estimate.
Speculation in cotton for future delivery has been, as a
rule, on a moderate scale, at lower prices. This was due to
.some weakness in the South, dulness of spot markets, rather
cheerless advices from Liverpool, some irregularity in for-
eign exchange and general disappointment at home and
ahroad at the failure of the market to show more .snap and
strength. Also general trade in this country is slow. Reports, too, have been in circulation at times that Southern
banks were pressing holders of cotton to sell their cotton
and pay old debts before contracting new debts for anDrygoods reports have not been especially
other season.
stimulating from either Worth Street or Fall River. Manchester advices have now and then been more cheerful, but,
after all, they have not reported any very decided increase
in business.
Some reports say that interior stocks in this
country are ample, that the demand is light, and that the
basis has been reduced to buyers for the Continent of Europe.
Exports have slackened. The spurt in the latter
part of December has died out.
Spinners have not been
buying freely. Their .sales to the Middle West have been
cut down by the decline in the buying power of that section.
Also unemployment is still widespread. Not a little
of it escapes the statisticians. Livei'pools' spot sales have
been moderate. Liquidation tliere has l)een persistent. Latterly the fall of the French Cabinet has had some temporary
influence.
It is feared that it may endanger the work of
the Cannes conference and also that announced for Genoa,
later on. Of course this is merely conjectural. The French
crisis is everywhere regretted as something unnecessary
and interrupting the work of enlightened statesmen looking
to the welfare of the human race everywhere.
Meanwhile copious and beneficial rains have fallen in
the Eastern belt.
Of course they benefit the soil. And
some rain has fallen in the Southwest, although it is true
that that sec-tiou needs a good deal more.
Some advices
from Texas take the ground that there is likely to be an
increase in the acreage there. Grain farming has not been
profitable, either there or any^vhere el.se in the South, con.sidered from the standpoint at least of a surplus crop. And
it is intimated that there will be a drift back to cotton
planting. It is true that the Governor of Texas has put a
i)an on cotton rai.sing in Ellis, Grayson. Collin and Liberty
counties in Texas, on account of the pink worm. After all,
this affects a section which raises only something less than
300,000
duced
bale.s.
And
-
THE CHKONICLE
19li:i.]
On Shipboard. Not Cleared
Jan. IS at
c
.
it
is
to abundance of funds, and there is talk that in the near
future the Bank of Eng'land i-ate will be reduced. Mean
while the statistical position is gradually improving. Stocks
are decreasing at home and abroad. Spinners' takings are
well above those of a year ago. It turns out, too, that the
ginning for the period from D(hj. 13 to Dec. 31 reached only
90.940 bales, instead of the 127,000 bales said to have been
the recent figures of the National Ginners' Association.
This makes the total for the season up to Dec. 31 only 7,884,272 bales, against 11.554,648 bales for the same period
and 10,773,8G3 in 1918. The interpretation put upon such figures by some of the trade is
that they indicate a crop of not much over 8,000,000 bales,
rather than the 8.340,000 bales estimated by the Govern
ment in its now famous report of Dec. 12 1921. The carryover into the next season, according to some, now looks like
not much over 4,000,000 bales, so that a lai'ger crop than
last year is to all appearances imperative if prices are to
be kept Avithin conservative bounds.
A yield of eight or
nine million bales, or even ten million bales, evidently
would not do. For according to some Indications the world's
consumption of American cotton this season may easilv
reach 13,000,000 to 13,500,000 bales. And as the world progresses back to normal conditions, the tendency will be for
these figures to move up towards the maxinmm of the past,
which was 15.000,000 bales. Suppose that the crop next
season is 10,000,000 bales, and the carry-over 4,000,000,
making a season's supply of 14,000,000 bales, it is contended
a very sharp rise in prices could hardly be avoided. The
world really needs a crop something like that of 1920-21.
i.e. 13,500,000 bales.
Whether there is any likelihood of
there being any such yield is another matter. To very many
the possibility of such a thing seems to be decidedly dubious.
To-day prices declined early, with Livei'pool lower
under the influence of the French crisis and renewed liquidation in a narrow market. Also there was some liquidation hei'e.
But later on some large operators, either in
Wall Street or Chicago, it is understood, bought 15.000 bales
of March, making 25.000 bales in two days, supposedly to
This was the outstanding feature of the trading
cover.
during the day, and had a bracing effect on prices, especially as stocks and wheat advanced somewhat and cotton
offerings fell off.
Spot markets were generally steady,
though quiet. For the week futures show a decline of some
20 to 37 points. Spot cotton closed at 18.25c for middling,
a decline for the week of 40 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Jan. 7 to Jan. IS—
Sat.
Men. Tues. Wed. Thurs. Fri.
in 1920, 10,008,924 in 1919,
Middling uplands
18.75
18.85
18.35
NEW YORK QUOTATIONS FOR
1322-C
1921
18.25 1914.
17.65 1913
]<)20
.39.25
1912
1919
1918
1917
1916
1915
31.70
32.65
18.05
12.50
8.05
1911
1910
rea.soned that if the yield is re-
in those counties it is likely to be increased in
Sll
1909
1908
1907
12.60
13.10
9.65
14.90
14.95
J.45
1906-C
1905
11..55
1900
b')04
1903
1902
1901
18.20
32
11.95
7.20
13.80
... 8.85
8.25
10.12
18.25
YEARS.
1898.C
18:.>7
1896
1895
1894
1893
7.6<) 1892
6.06 1891
10.80 1899
18.2.'-.
5.94
7.31
8.25
.- 5.75
8.25
9.62
7.50
9.38
MARKET AND SALES AT NEW YORK.
other
parts of that State.
Furthermore, the widespread predicSpot
Futures
SALES.
tions of higher prices for cotton this year, it is believed,
Market
Market
Spot.
Contr't. Total.
will hamper any movement to have the acreage reduced.
Closed.
Closed.
And just now speculation here is light. There is more or Saturday
Quiet 10 ptsadv
Steady.
Monday
less fear of further trouble in the drygoods trade.
Steady lO ptsadv .. Steady.
3,500
3.,500
It is
ptsdec
Steady.
900
900
maintainefl that there is no ground for any such fear, but Tuesday ... Quiet 50 ptsdec
W^edne.sday Quiet 15
Steady.
300
300
since the Chllds & Joseph affair, a large firm of cotton Thursday.. Quiet 5 ptsadv
Steady.
200
200
Friday
Steady.
iQuiet, unchanged
goods exporters which is said to have been recently aided
by the National City Bank, there has been a certain amount
Total
4,900
4.900
of nervousness in regard to drygoods concerns in connection
FUTURES. The highest, lowest and closing prices at
with frozen credits and the known slowness of collections.
Wall Street and the West have at times .sold here. So have New York for the past week have been as follows:
local operators. New Orleans and other parts of the South,
Saturdat/, Monday, Tuesday, Wed'day. Thursd'v, Frtdai/.
partly at least in the .shajje of hcdKc Kelling. altliougli it is
Week.
Jan. 7.
Jan. 9. Jan. 10 Jan. 11. Jan. 12, .fan. 13
.^aid that most of the fotton at the South has already been
Jamtaru—
hedged.
It is declared, however, that a good deal of cotHanne...
18.2fl-.47 18.4:<-.B0 18.0.3-.68 17.72-100 17,88-JIO 17.7.5-.95 17.721.68
ton Is held in the South\v(!Stern and Central sections of the
(^'losing
IS.42-.44 18.53-.S4 18.03-.05 17.92 — 17.90-705 17.96 —
—
Filiruaru
belt for higher prices, which may be sold if the demand
17.701.25
Harwc
17.70
ISa.-i —
continues light for afiy length of time.
('loHlng.
17.90
17.90
18.31 — 18.40
18.02 — 17.8S
On the other hand, there Is undouhte<lly an undercurrent Mnrrh —
niinne
I8.1fl..36 18.2I-.40 17.0.3-755 17.62-. 90 17.78-704 17. 62-. 00 17.621.60
''I bullish .sentiment her^-.
At least .seven men out of ten
(.'loslruj.
7. 88-. 89 17.SS-.90
18.26-.2!) I8.32-..33 18. GO- .02 I7.82-.85
Avrtl—
'believe that fotton is t'oing to do hetter
this year.
It may
UaiiKn bp a bit .slow in starting.
Trade may be diHapr»oinlitig at
'.'lOHlriK.
17.98
18.04 — 17.80 — 17.69 — 17.63 — 17.65 —
the moment.
Spot inarl<e(s may he full and cotton goods Miifi —
Mnnne.
17.72-, no 17. 77-. 07 7, .58-/10 17.2fl-.07 I7.40..05 17.23-07 17.231.10
rather sluggish.
I'.ut latfr on all this is going to rliang.'.
17.83 — 17.89-.ap 17. 00-707 17.44-.46 l7.4,S-,50 17.04
•Not. to be sure,
by leaps and l.ound.s, but gra<liiallv, yet Juni Uan«o,.
none the U-ss surely. And of late
17.30
sonu- i)romin<iit houscri
17.03
17.40 — 17.20 — 17.27
17.60
Mere iiad advices from
July—
the South to the effeet that tlie
Hango.'.
17. 18- .30 I7.2C..42 17.13..08 16.78-708 I6.n0-(I8 ir,„s3/ on 10.787.08
nariks as a rule were
not pressing holders of the actual
17.26-.20 17.37..39 17. 10-. 18 10.09 — l7.06-.lt) 17.07-09
—
Auanut
^'" "^ '^'"^I'c'Hs'-onnts are graduallv decliniim.
'i"J
.u
16.707.04
ItanKc.
16.75
17,04
Ihe^otheT day that at Dallas. Texas,
16.00
was reduced fron. T,'/^
16.88 — 10.90
17.02 hlfl 17.14 bid 17.00
to r,%. The i»revailing
rates in this country are n(»w I'/, to iSt /itr ml)i:r —
16,48
16.48 —
HutiKf...
Mome are predlctint,' a drop at New York to 1%. (Jail
10,02
16.0.1
f-'lonlng.,
16.70 — 16.81 — 16.61 — 10.80
loan.H here have been
down to 3 to 3i/'%. and time rates Orlohir —
tes
in,in-..3« 10. no-. 50 10,15-40 I6.18-.77
HnriKc.
.lie ine cheapest
1(1.40-. r.7 Ifl.47..fl0 1(1 32
for some year.s past.
16.42 ~ 16,-15
The tendency, in
10,20
'I'wImk
10.47
l().58-.»10 i(i,:i«
ouier word .s, of money in this
iVori infn r -.
cnntry is towards greater
Hnrivp
cneapness. That may be (mrlially
due to the present .slow16.32
16.86
10.20 — 16.10
16.60
of trade hut it Is also In a measure
11(^3
traceable to the Drcrmhrr—
—
l6.26-,48
10.26
KanRtt.
\r,.^^
effects of deflation; it takes
less money to tran.sact busi16.23 bid 16.10 — lejrr
(/'Iqxlng..
16.30 —
10.44
ness.
And money rates In London are also cheap, owlmr
7 18o.
7 17c.
I
—
—
—
.
1
^
1
—
—
.
—
.
—
.
-
<
.
,
.
.
—
—
—
mz
THE CHEONICLE
THE VISIBLE SUPPLY OF COTTON to-night, as made
Foreign stocks, as
as follows.
well as thi} afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to raak(! the total the complete figures for to-night
(Friday), wo add the item of exports from the United States,
including in it the exports of Friday only.
up by cable and lolepraph,
Jajiuani
13—
is
.1922.
Stork at LUrpooI
Stock at London
siock it Manchtito::
bales.l ,001 ,000
..
1.000
Total Groat Britain
Stock at Ghent
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona, etc
Stock at Genoa
Stock at Trieste.-
1,074,000
32,000
318,000
198.000
9,000
137.000
39,000
18.000
_^00
Total ConUnental stocks
751.000
1
1920.
90.5.000
1919„^,
447,000
11,000
126.000
1921.
.037,000
5,000
102.000
17.000
71.000
,144,090 1.042.000
39,000
—
,
Total East India,
Total American
&c
20.000
105,000
56.000
109,000
342 .000
859.000
66.000
1,000
224,000
2.000
SO,OCO
129.000
26,000
23,000
563.000
435,000
116.000
383.000
5.000
1 1
233,000
11,000
44,000
74,000
73,000
107,000
243.000
556.000
,000
73.000
70,000
58.000
206,000
928,000
156.000
17.000
39,000
*.30,()(l()
30,000
4S.0('0
392.000
*555,000
1.916.000 1.734.000 1.341.000 1,267,000
4.501.111-1.829.741 4.674,437 3.689,744
Total gross overland
—
Leaving
total net
* Including
.
,
t
6, .563.741
10 8,5d.
12
6.5c.
6,015.4.37 4,9.56.744
28.66d.
19 04d
29 10c.
39 2,5c
24 OOd.
lOOOd.
68.50d.
45 OOd.
9 75d.
10 25d.
24.8.5d.
25. OOd.
30.79d
37 OOd
18.42d
18.67d.
Continental imports for past week have been 37,000 bales.
The above figures for 1921 show an increase over last week
of 110,599 bales, a loss of 146,630 bales from 1921, an excess
of 4'Jl ,674 bales over 1920 and a gain of 1,460,367 bales over
1919.
TOWNS
AT
INTERIOR
the movement— that is,
the receipts for the week since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous .j^ear is set out in
detail below:
Touma.
U
Week.
Ala, Blrm'g'm.e
338
Kufatila.
Montgomcrj'.
Selma
446
2.'>0
Ark.. Ilolona..
Utile Ko<k._
Pine Bluff...
Ga., Albany
324
3.381
7.447
10
Athens
1.245
2,a50
5,133
AUanta
Augusta
Columbus...
030
853
Macon
Home
53
1.000
La., Shrevcport
Miss., Columbus
Clarksdale. .
.
242
865
383
237
277
450
Yazoo City.
Mo., St. Louis.
76
15.600
Gr'nsboro
Raleigh. ..
Okla.. Altue...
Chlckasha...
1.627
Greenwood-.
Meridian
Natchez
Vlcksburg.
NC
.
.
.
48
2.265
2,415
2,206
2.768
Ukhihomn
S.C..Gr<«nvlllc
Greenwood
,
.
Tenn,, Mem phis 18.994
Niishvillc. ..
Tex., Abilene..
Brenham
Austin b
Dallas
319
108
71
6.934
Honey Giove
Houston
41,698
Paris.
772
San Antonio
Fort Worth.. "V.isi
Season.
Ship-
Stocks
mcnl.i.
Receipts.
13.
Movement
to
Jan. 14 1921.
Jan.
Week.
22,599
7421 12.819
3 700
4.898
42,719
1.046 31.143
36.442
411 14.292
29.814
433 16.461
131.742
3.949 65,753
95.473
7.053 62.844
6.834
125
4.101
76,230
1.516 49,236
164,486
5,381 57.378
235.760
5.617 142.574
40,105
1,692 26.810
26,660
208 14.791
26,867
223 11,605
62.913
2.000 48,000
15.981
1,075
5,346
121,862
3,930 75,078
84,963
1,832 .50.297
417 17,763
27,378
27,978
692 12.085
271 13.919
24,611
29,114
423 18.290
526.719 13.883 26.992
34.029
1,572 24,906
50
6.985
289
70.072
2,778 ,7.917
2.473'
49.467
9.399
50.768
l,.80O 23,691
105.186
4,076, 44.692
11.617
11,611
618.692 24,240257.348
1
276
843
73.101
271
2.357
10.614
302 4,689
451
24.808
1,420
136.477
3.995 55.602
19.700
11.403
1,865.971 41,271318.418
1,655: 11.500
44,207
760
51,689
1,209 16.866
1
Receipts.
Week.
300
443
277
1,501
4,484
3.649
i54
1,614
1,201
5,074
3,032
078
639
939
112
2.000
1.065
333
500
339
941
26.942
1.214
58
3,346
2,684
2,976
1,200
463
23,781
391
76
IOC
814
30C
48.769
Ship-
Week.
Seasno.
Stocks
14.
17,500
500
6,634
7,630
1,101
5.493
45,422
466 32,,590
28,962
114 17,421
31,323
1,378 16,761
127,729
3,450 63,558
87.720
3,237 76,022
10.144
13
6.574
98,607
2.6f)0 60,870
77,602
3.907 27,230
254,588
5,707 160,001
29.360
460 29,585
29.721
1,137 19,131
22.188
795
8,399
67.166
1,105 60,289
7,208
1,281
3.428
89,399
1,726 90,000
81.190
1,890 63 173
19,528
300 13,044
18,738
500
8 734
10,852
160 14 337
24 696
3S9 21.320
308,970 27,180 20,467
9.540
701
7 275
2.901
101
302
38.305
3,298 15,774
32.484
1.573 10,664
39,972
3,098
8.043
33.125
1.224 15 000
14,828
463 12,724
476,677 21.382 385,241
916
I 33'>
93.449
3 019
699
9,782
53
1 2SS
22.300
300 12,100
31.877
526 17,4,56
20,800
400
9,590
1,823.168 46.3S2 365,844
67.174
2.741 20 532
34,433
80C
3,707
74,578
5,56C 24,453
,
1.846
260
4.322
1
1
a Last year's figures are for Hugo, Okla. 6Last year's figures are lor
Clarksvllle Tex
OVERLAND MOVEMENT FOR THE WEEK AND
1. — We give below a statement showing the
SINCE AUG.
overland
.56.086
130.72&
55.424
645,642
503
7,755
94.412
13,990
217.185
3.4.58
.54.471
10.7.50
15.239
108.761
325.585
19.680
173,982
23,847
805.635
35.844
471,660
1
'
movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as
follow s
rail to
883
Canada.
1921-22-
In Sight and Spinners'
Total marketed
Interior stocks in excess
197.362
*18.419
Aug.
Total in sight Jan. 13
Since
Week.
124,468
1.
3,609.953
805.635
1,689.000
Aug.
48.000
478.350
208,312
164
5.649.496
883,964
..
208.476
.35.844
6. 104. .588
6.582.938
Nor, sp inners' takings to Jan. 13.. 39.030
Decrease during week,
a These
1.
3,683,836
471,660
1.494.000
Came into sight during week. ..178. 943
*
-1920-21-
Since
Takings.
Week.
Receipts at ports to Jan. 13
93.515
Net overland to Jan. 13
23,847
Southern consumption to Jan. 13.a 80.000
6,533.460
1,374,639
49,572
885,197
are consumption; takings not
figvu-es
available.
Movement into
—
sight in previous years:
Bales.
Since Awi.
|
1920—Jan.
1919—Jan.
1918— Jan.
16
17
18
1
Bales.
283.2.39] l?lv.:-20— Jan. IS
7.218.432
6,606,283
7,840,487
261.5491 1918-19— Jan. 17
245.0281 1917-18— Jan. 18
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS. — Below are the closing quotations of middling
cotton at Southern and other principal ootton markets for
each dav of the week:
Closing Quotations for Middling Cotton on
—
Week ending
Saturday.
Norfolk
Baltimore
Monday. Tuesday. Wed'day,
Thursd'y,
18.10
17.25
16.75
18.00
17.75
Galveston
New Orleans
Mobile
Savannah
18.10
17.25
16.75
18.00
17.75
18.50
17.80
17.00
16.50
17.75
17.50
18.50
17.60
16.75
16.25
17.50
17.25
18.25
17.60
16.75
16.50
17..50
17.25
18.25
17.70
16.75
16.50
17.50
17.25
18.26
17:56
18.25
18.05
18.00
17.55
17.50
i7r2"5
i7rf3
18.00
17.55
17.75
17.05
17.00
17 rrs
18.00
17.00
17.75
17.15
17.05
i7ri3
18.00
17.60
17.75
17 15
17.05
Philadelphia ... 18.90
17.56
Memphis
18.25
Hou.ston
18.00
Little Rock
18.00
Dallas
17.45
Port Worth
18.25
17.75
18.00
7.9.=;
1
17.20
NEW ORLEANS
Friday.
MARKET.—
CONTRAC^^
The highlowest and closing quotations for leading contracts in the
New Orleans cotton markets for the past week have been as
est,
follows:
Saturday.l
Jan. 7.
Monday,] Tuesday. Wed'day ,\Thursd'y, Friday.
\
Jan. 9.
«/aJi.
Jan. 11.
10.
.36- .3817.09 —16.76 bid
1
..36-.39 17.01-.06 16. 76-. 81
1
17.19-.23 1 .2.5-.28 16. 96/. 00 10. 68-. 72
16.79-.80 16.83 —61. 60-. 63 16.35-.37
15.91-.99 15. 97i.02 15.80 —,15.65
17. 32-. 34
;17.32-..34
.January
Jan. 13 1922.
2,996
3,892
15,781
The for-^going shows the week's net overland movement
has been 23,847 bales, against 35 844 bales for the weeklast
year, and that the season to date the aggregated net overland exhibits an increase from a year ago of 333.975 bales.
—
^fovemcni
115.066
10,579
31,862
1..596
131.220
&c.-. 3.081
overland *
Augusta
Estimated.
THE
35.186
1.
11,339
movement by
Jan. 13.
Total visible supply
6,417.111
Middling upland.^., Liverpool
10.70d.
unland. New York
18.2.5c.
Middling
23 ..^Od
EK>T>t goocl sakcl Liverpool
13.50d.
I'oruvian. rough good. Liverpool.
Broach, fine. Liverpool
10.2.id.
Tinnevelly, good, Liverpool
11.25d.
6..550
.12,421
Aug.
301. .321
1.39.000
201 .000
16.000
116.000
52,000
4 ,501, 111 4,829.741 4.674,437 3.689,744
.000
900
-
Deilnct shipments
Overland to N. Y.. Boston,
Betvreon interior towTis
Inland. &c., from .South
Week
1
-
Wcek.
27.186
3.973
1.
508,481
228.627
6.579
44.331
131,377
211.825
-
Total to be deducted
—
424.000
Aug.
114.
-1920-21Since
.Since
Week.
.13.883
1.213
219
535.000
6.417.111 6,583.741 6.015,437 4 ,956,744
Total visible supply
Of the above, totals of American and other descriptions are as follows.
American291,000
0.54.0CC
672.000
bales. 57^.000
Liverpo.il stock
32.000
91.000
82,000
52.000
Manchester slwk
*86,000
361,000
490.000
646,000
Continental stock
317.282
385.226
765.651
352.000
American afloat for EuroiK!
1.267.258 1.4.33.747 1,442.009 1 ,449,2.30
U. S. port stocks
1,595,588 1,743,905 1.318,693 1.,489,037
U. S. interior stocks
25.195
33,0l4
11,265
31.863
U. S. exports to-day
East Indian, Brazil, cifcc.
Liverpool stock
London stock
Manchester stock
Oontinentiil stock
India afloat for Europe
Egj-pt. Brazil, &c., afloat
Stock in Alexandria Egypt
Stock in Bombay. India
1921-22
January 13
Shipped
Via St. Louis
Via IMounds, &c..
Via Rock Island
Via Louisville
Via Virginia points
Via other routes. &c
.
651.000
1,825.000 1.707.000 1.477,000
Total European stocks
30,000
73.000
70.000
56.000
India cotton afloat for Eiu-ope-_.
317.282
Vmuican cot ton afloat for Europe 352.000 385,226 765,661
48.000
l()7,f)C0
.58.000
&c.. afloat for Eur'c 109,000
Esnpt. Brazil.
392,().)0
243,000
342.000
206.000
StVk in Alox.indria. Egypt
556.000 *5.55,()nO
928.000
859.000
Stock in Bombay. India
1.267.258 1.433,747 1.442,069 l,449,2.sn
Stock in U. S. ports...
interior towns
1,743.905 1,318.693 1,489,037
1,51/5.588
Stock in U. S.
25.195
33,.)14
11,265
31.863
U.S. exports to-day
Total American
[Vou
March
May
July
October
Spot
Options
I
16c.
16.93
— 16.80-.84
16. 91-. 95 16. 90-. 92
16.80- .84 16.8.3-.85
16.45-. 51 16.48-.50
— 15.78-.81 15.83-.S5
Tone—
I
Jan. 13.
Ja7». 12.
t
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
17c.
WORLD'S SUPPLY AND TAKINGS OF COTTON.—
The following brief but comprehensive statement indicates
at a glance the worUl's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sign, for the like period.
Cotton Takings.
1920-21.
1921-22.
Week and Season.
Week.
Visible supply Jan. 6
6.306.512
Visible supply Aug. 1
American in sight to Jan. 13
178'.9i3
180.000
Bombay receipts to Jan. 12
Other India shipm'ts to Jan. 12
12.000
receipts to Jan. 11..
Alexandria
23.000
Other supply to Jan. 11 *
68.500
Week.
Seascm.
Season.
6.659.264
6.111.250
6..582 ,93 8
2bs'.47d
1.225.000
84,000
459.750
90.000
3,000
20,000
9.000
61.34,600
4.956.257
6.533.460
751.000
128,000
384,000
131.000
... 6,708.955 14.597,438 6.589. 740 12.883.717
Total supply
Dcducl—
Visible supply Jan. 13.
--- 6.417.111
Tot,al taTiings to Jan. 13. o
291.844
6.663.741
6.417,111 6.563.741
8.180.327
325.999 6.319.976
•221.9991 4,688.976
Of which American
221.:i44 6.160,0,57
104,0001 1.631,000
Of which other
70..500 2.020,270
* Embraces receipts in Europe from Brazil, SnijTiia. West Indies. &c.
a This total embraces the total estimated consumption by Southern mills.
takings not being
I.ti89,000 bales in 1921-22 and 1.494,000 bales in 1920-21
available and the aggiegate amounts taken by Northern and foreign
spinners. 6.491.327 bales in 1921-22 and 4.825.976 bales in 1920-21. of
which 4.471.057 bales aud 3.194.976 bales American, b Estimated.
—
—
INDIA COTTON ^^lOVEMENT FROM ALL PORTS.—
The
from
Aug.
receipts of India cotton at Bombay aud the shipments
all India ports for the week and for the season from
1, as cabled for three years, have been as follows:
12.
Receipts
at—
1919-20.
1920-21.
1921-22.
January
Bombay
Aug.
1.
180.000 1,225.000
Since
Since
Since
Week.
Week.
59,000
Aug.
1.
735,000
Week.
95,000
Aug.
1.
993,000
-
U
Jan.
THE CHRONICLE
1922.]
Rince Augwil
For tbt Week.
Exports
from —
Oren
Britain.
Japan&
ContineiU.
China.
Total.
COTTON FREIGHTS.- -Current
1.
Japan
Coml-
Great
Britain.
York, as furnished by Lambert & Burrows,
as foUows, quotations being in cents per pound:
&
Total.
Iftgh
Bombay—
1921-22
1920-21..
1819-20.
Other India1921-22.
1920-21.
1919-20.
6.000 2C.000 25.000
6.000 17.000 26.000
70,000 70.000
3.000
9.000
14.000
33.000
194.000
204,000
209.000
685.000
183.000
655.000
8SS.000
401.000
897.000
12,000
3.000
14.000
4,000
11.000
19.000
72.000
88.000
69.000
8,000
26.000
99.000
84.000
125.000
178.000
12.000
3.000
3.000
2'.666
9.000
Manchester.
Antwerp
Ghent
Havre
21c.
.16c.
.16c.
.50c.
.47c.
Rotterdam..
Genoa
ChrlsUanla.-
Total all—
1921-22.1920-21
1919-20
6.000
3.000
693,000 972,000
209,000 G16,00o
754.000 1.O7.T.O0 O
266,000
382.000
209.000
13,000
25,000
52.000
17.000 20.000 37,000
6.000 17.000 29.000
2.000 79.000 84.000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
Exports from all India ports record a gain of
121 ,000 bales.
9,000 bales during the week, and since Aug. 1 show an decrease of 41,000 bales.
Reports to
us by telegraph this evening from the South indicate that
the rainfall has been hea\'y during the week throughout that
WEATHER REPORTS BY TELEGRAPH.—
section.
Galveston,
Rain. Rainfall.
2 days
1.28 in.
Tex
day
1
Brownsville
.60 In.
.44 in.
.66 in
.46 in.
.10 in.
1.26 in.
.Abilene
2 days
2 days
Corpus Christi
Tliermometer
high 58
high 68
Palestine
day
day
days
2
San Antonio
Taylor
2 days
.62 in.
4 days
2.67 in.
3.49 in.
3.05 in.
Dallas
1
1
Del Rio
Shreveport,
dry
La
Mobile, Ala
Selma
Savannah, Ga
'-
5 days
.52 in.
Charleston, S.C
Charlotte, N. C
3 days
99
2.70
in.
in.
high
high
high
high
high
high
mean 50
mean 48
low 34
low 26
low 34
low 38
low 28
low 24
low 28
low 34
low 28
low 33
low 35
low 26
low 38
low 38
low 23
66
70
high 78
high 74
high 62
higrh
hi,a:h
62
71
.58
78
74
56
ma en
1920-21.
This week
Since Aug.
Exports
k
(bales)
Since
Week.'Aug.
Week. Aug.
Week. Aug.
1.
4
000 93.011
7.00
72.010
8.000 l'>5.317
4.000 105.276
Monday.
—
MANCHESTER MARKET.— Our
report received by
cable to-night from MMUchester states that the market for
both cloth and yarns is easy, with the demand for both
home trade and foreign markets poor.
give prices to-day
below and leave those for previous weeks of this and last
We
*
8H
1
32s Cov
<6s. Shirt-
Common
inga.
1
1920-21
.
to Finest.
Tv>l»t.
I
Nov.
d.
8.
9
16
8.
inquiry.
d.
d.
1
d.
11.64
28H
21
16 9
20!^ 16 9
20^ 16 6
21
16 3
2.)'A 16 3
@17
9
("H7 9
r'/,17 6
<^17 3
10.67
10.95
10.56
10.87
25
©17
11.3i21>i
18J4
20M
18
20
Qnn
®17
1
18
17Ji
17Ji
3
24
24
2154'
Jan.
16
16
®
®
®
®
®
@
@
2m
11.04
10.71 Z2'4
Cofn
Mid.
UpVs
lbs. Shir I-
Common
to Finest.
d.
Ib.
d.
8.
30
29
29
6
6>26 6
©24
@23
22 6
21 6
21
11.23
6
6
10.46
11.42
10.58
9.54
8.65
(?J23
19 6
@22
@21
26J^ 19 6
26 -1^119
^21
©21
2654 20
26H
d.
12.41
d.
@27
35 i25
33>i 24
6
6
10.17
10.85
6
6
—
SHIPPING NEWS. As shown on a previous page, the
exports of cotton from the Uniterl States the pa.st week hav
rea<!hf"l 02,.5)0, l)ales.
The shipments in detail as mad
up from mail and telegraphic returns, are as fallows:
^,„
NEW yOKK— To HamburK— Jan. 9— Hickman,
To Liverpool
-Jan. 9
—
OALVK.STON— To Bremen
To
IJr(,-men
Jan. 12
Total Bales.
65
K29
65
Tarantla. 829
Knicrxency Aid, 5.705
5.765
8,135
-Jan. 5 WostcrwalU, 8,136..
(iothenburg Jan. 7— .Sturcholm, 1.050
Jan. 10 Delaware. 626
1,676
To Kobe Jan. 7 I'anariia .Maru. 4.292
4,292
To Yokf)harn--i Jan. 7 I'aiiariui Maru, S3
83
..
To Jlarcelona -Jan. 1 1 Inraiil.i Isaljel, 6,:i00..
6.300
^.^.''^" **«'t"'"'l''"n— Jan. 1 1 - Weslland. 900
'.too
.
ORLK.A.N.H To Uott<Tdaru Jan. 7 .MaaHdam. 646
616
I o Liverpool
Jan 9- llas.scl. 221
224
.
To Antwerp Jan. 9 -Vermont. 100
100
loliromcn Jan. 1 2 VV <-»t<Twald .59
59
.
•'''"• 12
-VV<!slerwaUl. 1,4181.418
^,^...,!i V'.'r"'^''*?
>iO'{''^''l^ -To .Manchester Jan. 10
2.0.''.0
West Cobalt. 2.060
To KottcTdiim Jan. 10 JJeiikeisdUk. 100 .
100
Arrow,
1.000
»,^ . .; !''^';r."",'"~''""MOIJILK I(. Uverpool Jan. II Homer1,000
(;ouruy, 3,322
3.322
Homer CaKlle, 100
100
r,.„!Vv,'i".'.'''"f"^™"" •''"'• II
SAVAN.NAH I o Barc<;lona - .Ian 9 Halvallon La»H, 750
750
lo Liverpool— Jan. 10 -I'arUienIa, 13.782. ..Jan. 11 Stoad'
fast, 4.205
.
17.9H7
l.OIH
To
—
—
-
NEW
.
.
IOWcM
—
.
920
1
1
.7.W
,675
r.o
;(
100
BEAT 1 LL — To Japan
Total
4f».l
- .Ian
.
6— Hay
,Suto. 750
.21c.
.210.
.60c.
.60c.
Hamburg
Piraeus
Salonlca
Tlinrsdcm-
Moderate
demand.
businees
doing.
A
fair
Friday.
fair
Quiet.
11.15
opened
11. OG
10.72
10.71
10.70
8.000
7.000
7.00t
5,000
Steady
Fiaures.
18@25
Market
Quiet unch.
pts.
advanct..
3@y
20@41
pts.
decline.
Mon.
Tues.
S@5
ptfl.
advance.
ea.sy
pts.
decline.
Prices of futures at Liverpool for each
Sat.
Quiet
pts.
decline.
Barely st'y Closed
Quiet
ll@17pts.
M.
Steady
8® 23
to 2 pts.
advance.
advance.
,
M.arket,
4
P.
Wednesday.
8,000
HOLIDAY
Sales
Quiet,
8 to 11 pts.
decline.
Closed sfr Cl's'd quiet
8@15 pU. but steady.
advanoe. 8tolIp.dec.
day are given below:
Wed.
Tburs.
4
12ki
12K 4 12K 4
p. m. p. m.lp. m. p. m. p. m. p. m, p. m. p.
12K 12H
May.
HOLI-
DAY.
July
August
Septembei
October
November
December
FrI.
m
d
750
62.500
d.
d.
d.
d.
12M
p.
m.
d
4
p.
m
d.
12K
p.
4
m.p. m.
d.
11.10 11.02 11.0 10. £3 10.0 IO.5.3I1O (56 10.68
10.58
11.05 10.97 10.97 10.88 10.62 10.47|10 -- 10.61
10.50
11.0: 10.9.5 10.9 10.88 10.G2 10.47110
10.61
10.51
10. 9H 10. SS 10.91 10.82; 10.56 10.41110
10.55110
10.45
10.92 10.84 10.87 10.78 10.53 10.38'10
10.51 10
10.40
10.80 10.72 10.76 10.67| 10.43 10.31 10
10.4210
10.31
10.72 ]i0.64 10.68 10.59 10.36 10.25 10
10.3.5|l0 33J10.25
lO.fiO 10.52 10.56 10.47 10.25 10.14 10
10.22 10 20!l0.13
10.37 10.31 10. .34 10.28 10.07 9.9510
lO.OfUO .03 9.96
10.].' 10.11 10.14 10.08, 9.89 9.79| 9 S3 9.881 9.
,881
.85 9.79
9.'
10.05 10.01 10.01 C.98: 9.79 9.69 9 .73 9
.75 9.69
9.98 9.94 9.97 9. Oil 9.72 9.611 9 .651 9 7ol 9.65 9.62
BREADSTUFFS
Friday Night, Jan. 13 1922.,
Flour has been for the most part quiet and more or less depressed at times as wheat has fallen in the cash markets at
the Northwest and elsewhere. Buyers have shown no dis-
mouth.
.
inas.
Tioist.
10.0)29
23 18
30 18}i
7
13
32 J Cop
Mid.\
UpVs,
@18
@18
19
Dec
2
d.
20 '/^ 17
21
17
18
26
8a
Cot'n
businera
doing.
.K
M.
F.
position to
1921-22
Tuesday.
Good
Saturday.
April
1.
Total ejcports--5.575: 163.8331 45.200 517,397
23. 00 375.67
A cantar
Hole. -A can tar is 99 lbs. Egyptian bales weigh about 750 lbs.
year for comparison:
Bremen
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
d.
49.059
121 175. 793
42.238 6.428 102 761
4.048 71 214
5.500; 58.033
75 14.503 34.603 167.629
I
.75c.
.750.
.75e.
.65c.
.65c.
.650.
.65c.
.62c.
.360.
.36e.
.750.
.750.
Gothenburg. .470.
folsales, sleeks, &c., at that port:
Dec. 23. Dr.c. .30.
Jan. 6. Jan. 13.
26,000
14.000
34.000
37,000
17.000
9,000
21,000
23,000
1,000
1.000
1.000
3,000
44.000
24.000
57.000
5?, 000
936,000
991.000 1,005,000 1.001,000
542.000
588.000
585.000
677,000
23.000
85.000
74,000
44,000
9.000
60,000
37,000
VS. 000
223 .000
203.000
203.000
2? 1.000
157.000
167.000
129,000
129,000
Of which American
June
To Liverpool
To Manchester, &c
To <'ontinent and India
To America
50c.
.50c.
Amount afloat
January
February
Since
Since
1.
Japan
Shanghai
Of which American
March
—
50c.
.60c.
Total imports
to
198.679
4.500.940
115,590
2,348,557
.50c.
.50c.
Vladivostok. .500.
Jan. 7
—
175,000
3.535.122
Lisbon
Oporto.
Barcelona
Total stock
Jan. 13.
1
75c.
Forwarded
1919-20.
Janurry 11.
Receipts (cantors)
Fiume
Actual export
Mid.Upl'da
receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years
ard.
Bombay
—By cable from Liverpool we have the
12:15
47
56
43
58
56
40
Stantl
Density.
.57c.
.75c.
Market,
mean
mean
mean
mean
mean
mean
High
ard.
.72o.
1.00c.
1.00c.
Trieste
week
Of which American
Spot.
mean 43
mean 51
Stand-
Stockholm,.
Sales of the
56
ALEXANDRIA RECEIPTS AND SHIPMENTS.—We
1921-22.
LIVERPOOL.
are
lowing statement of the week's
mean 56
mean 45
now
Alexandria, Egypt.
.40c.
.40c.
.31c.
.36c.
.31c.
.31c.
.75c.
.62c.
.25c.
16c.
,
High
ard.
Liverpool... .25c.
Inc.
Density.
Stan<l-
Density.
from
rates for cottion
New
China.
nent.
213
tluiinselves
their old 'policy of buying from hand to
said that some leading consumers supplied
abandon
It is
for
some
little
time ahead during November
and December
at comparatively low prices, although the
fact did not come to light at that time.
Stocks here, it is
true, are gradually falling off, but this does not seem to help
the situation much if any at this time.
It is said that
spring patents are not at all plentiful for immediate delivery.
Also, it appears that the supply of hard winter flour has been
depleted very noticeably. And the statistictal jxisition of
first clears has been strengthened, it is further stated, by
recent purchases.
In a word, stocks within a month are
said to have been reduced considerably at New York.
And
on tiie 10th iust. a new feature developed when it was found
that lh<! American Relief .\ssociation for Russia was asking
for offerings of (rst hard ch^ar flour.
This gave rise to the
Ix'lief here that the Assotaation has cliangtul its policy in the
mat ter of purciiases for Russian relief. There is an imi)rpssion that, owing to the n>iative chea|>ness of first dinars, the
AsHoiciation had di^cided to l)ny this graxie instejwl of soft
winter straights, wliicii it has liKherto bought.
It is hoped
and believi^d that tiu! A.s.sociation will l>iiy first clears on
qiiit(! a !ib(!ral scale.
If it does, this grade will nuturiiil.y have
a tendency to move upward.
Later in tlio week it was
again reported that the Association was asking for offerings
of first clears of American make,
f^anadian flour is not
asked for, contrary to rmiiors at one tinn« ciirreiit.
Wheat declined at one timi; under heavy liciuidation
brought al)out by rains in tli(> Soiitliwes) dfi'linoH at Hiienos
Aires, ])ros|)(>cts of sliarj) competition from Argentina in the
Kiirojxian markets and reports of Iroiihic among some of
the French l)anks.
Offerings of Argentina wheat., too, have
incroa.s«)d at ])rices below a ])arit,y with American wlieat.
That of itself was ;i blow. F.xport" <lemand li(«re lias signifi,
To niakn matters worse,
siutr))Iy.
re))ortc{l to be nsdling inoderattf (in)intiti(\s
cantly enough fallen off
exi)ortf)rH
were
American and Manilolni wheat. During tin*
few months i)eopIe Intro Indieve tlnit then* will be a
sharp fight Ixaween North America ami South Amctrica
for tiie Europ(!an market.
There is also an idcsa that uniesH
there is a v<ry keen deiriand in the American inark(>ts, cash
wheat must decline. Early in the week e.\port saleH^wen;
at least of l)oth
n(^\t
THE CHKONICLE
214
reported here of 300,000 bushels. Of course this was a
mere bagatelle. And renewed reports of serious brush fires
Buenos Aires on the 9th
in Australia practically fell flat.
Cash markets in the main have been
inst. dropped 3c.
quiet in this country-.
It is true that the visible supply last
week in the United States decreased 1,629,000 bushels
against 1,181,000 bushels in the same week last year. But
the total is stiU 47,839,000 bushels against 41,183,000
bushels a year ago, 'with trade slow, bull speculation chilled
and the outlook, as many believe, rather dubious, if not
distinctly so.
Rains of
H to 3^inch recently fell over most of eastern
Kansas and in the extreme southwest and south central
These added needed moisture to the ground but
counties.
the fall in the central and northwestern coimties was so
small that it did no good whatever, according to the reports
correspondents of the Weather Bureau. Wheat in Kansas is
largely dormant, though the mild weather caused it to gi'een
up a little in a few sections where sufficient moisture fell.
The low tem]ieratures when the ground was bare, were not
especially injurious except there was some heaving in eastern
Wheat in the eastcounties where the upper soil was moist.
ern half of the State generallj' has a good color though there
The Price
are sections where the entire fields are brown.
Current reports the outlook for the new crop of winter wheat
in tbe Southwest very doubtful, owing to long continuance of
drought, the fact that considerable seeded grain has not
sprouted and that in some sections farmers are still seeding
in hope of rain which came only in light showers last Monc'ay.
A large part of the Southwest is stiU mthoutany snow proNevertheless, no depeadence can be
tection whatever.
placed upon condition reports until spring sprouting begins.
Liverpool advices state that recently there has been a
fairly steadj^ trade in wheat to the United Kingdom and
Continent, of which a fair volume has consisted of Australian
and Plate wheat. It is becoming increasingly noticeable
that Australian and River Plate wheat is taking a greater
part in supplying international requirements. Broomhall
has raised his estimate oi' the United States surplus of wheat
to 240,000,000 bushels, and he reckons that the Canadian
promise is rather smaller, .say 160,000,000 to 200,000,000
He is of the opinion that generally international
bushels.
wheat for the remainder of
the season, but no super-abundance, especially as Central
statistics indicate sufficiency of
Europe
is
likely to
resume buying on a
fair scale
The Purchasing Comniission for Russian Relief has .laid
down the following specifications on their purchases: "We
seaboard inspection be furnished, showing
the Federal standard grade of No. 1 Northern spring or better, and we shall also requu-e the seller to furnish us with
documents, such as original inspection certificate identifying
the particular wheat purchases as having been shipped of
the grade of No. 1 Northern spring or better from a Northwest port, so that we may be assured of the wheat being
grown in our own Northwest, where climatic conditions compare most favorably with Russian areas." The Commission
in considering tenders for deliveries f .o.b. steamers furnished
at the ports of Philadelphia, Baltimore and New York dm-ing the month of January Avill requu-e a provision that the
Commission may call for the wheat during the first half of
February at Kc. per bushel added over the Januarv price,
or during the last half of February at Ic. per bushel added
over the January price.
Broomhall's said that world's shipments of wheat this
week amounted to 10,549,000 bushels, against 8,909,000
bushels last week.
Of the total, America contributes fully
8,224,000 bushels. The remaining 2,500,000 bushels was
about evenly divided between the Argentine and Australia.
To-day prices at Chicago advanced
to IJ^^c.
They
ended 5^^c. higher than a week ago on May and 5^c. lower
on July. Of late the Grain Corporation has bought 1,300.(X)0 bu. of seed wheat for shipment to Russia, but this had
%
httle or
no
effect.
DAILY CLOSING PRICES OP WHEAT IN NEW YORK
Sal.
Mm.
Tues.
No. 2
cts.l22H 122K> 120
Wed. Tlnirs
Fri
122
122
122%
DAILY CLOSING PRICES OP WHEAT FUTURES IN CHICAGO
Sal.
Mon. Tves. Wed. Thurs. Fri'
May delivery in ele\-a tor
cts-112J's llliK 10854 107-'i llOJiS
July delivery in elevator
101
1013^ 98M 100
99 H 100
Indian corn declined early in the week and then rallied
when wheat showed an upward tendency. But fluctuations
J-a
have been witliin very narroAv limits. It is true that exporters have been in the market and in three days took no less
than 1,100, (XX) bushels, according to current reports. But
pcrha])s ratlier significant that buying of over a million
bush(>ls should Ikuc had so little effect.
The Government
bought 2,300,000 bushels for Russian relief. It had no
effect.
Receipts, however, have at times increased at the
primary points. And it is a fact that last Aveek the -\isible
supply in the United States increased 1,508,000 bushels,
against an increase in the same week last year of 1,241 000
bushels.
This brings the total up to 24,787,000 bushels
against 6,649,000 bushels a year ago.
Witli a \isible supply
nearly four times as big as at this time in 1921, it seems
plain
it is
enough that the demand must increase materially if prices
are to improve.
World's shipments of corn, according to
Broomhall this week, show a substantial increase over the
preceding week, with this week's figures 5,614,000
bushels
America
S^^Ln?^^'u^ ^y^^^'-^^ last week. 2,117,000 contributed
3,084,000 bushels. Argentine shipped
bushels, and
lU.
the remainder came from the Danube and Africa.
To-day
pnces advanced slightly, closing praeticallv unchanged as
compared with a week ago.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Mon.
^"'^
o
vr„
^^^
*^*^-
Tues. Wed. Thxirs'.
6554 66li 6&H
65J<
Fri
68^
PRICES OF CORN FUTURES IN CHICAGO
^^- Mon. Tues. Wed. Thurs. Fri.
1nTo„,i
May delivery in elevator
cts. bZ%
535^
52% 53K 53M 533.S
July delivery in elevator
SbVs
55
64J4 54% 54j| t%%
t;AtV^- CLOSING
DAILY
,
Oats fluctuated within very namow hmits, declining at
one time and later ralljing shghtly. No striking features
have developed. Of course oats have sympathized to a
certain extent with wheat when that grain "^decHned
Longs
have been liquidating, when there was a decline in wheat
and corn, and a lack of any aggressive demand. The demand from commission houses has been less active. It is
true that last week the \'isible supply decreased 546,000
bushels against an increase in the same week last year of
183,000 bushels. But the fact remains that the total is
still 67,182,000 bushels against 32,377,000 bushels
a year
ago.
So that the statistical po.sition on its face at least is
ininiical to the interests of the holder. Moreo\er, Western
ad\aces have seemed to encourage the idea that the crop
movement was about to increase. To-day prices showed
little change.
They ended Y^ to Me- higher than a week ago.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
.
Mon.
Sal.
„
-.
No. 2
48
cts-
Tues.
47^
48
Wed. Thurs.
48
48
Fri.
48
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sal. Mon. Tues. Wid. Tl'urs.
Fri.
,,
^ ,.
May delivery m elevator
cts- .39
SI '4 SUVe
SbVa Z8»A
.
.
-.in-):,
July delivery :n elevator
39^A
38 H
395-8
Rye has
39 H
39 H
39%
reacted with wheat and other grain.
In a single
day it dropped 2 to 3 i^e. Bujnng power has failed
It has
lost the steady tone which at times characterized it recently,
when it often showed independent strength regardless of the
fluctuations in other grain.
It is true that offerings at the
West in the forepart of the week were very small. It is also
said that cash houses have recently been taking a considerable percentage of the offerings.
But the -visible supply
last week increased 375,000 bushels, bringing the total up
to 7,145.000 bushels, against 3,606,000 a year ago.
So that
the Aasible supply looks rather formidable in so quiet a market.
Export demand has been lacldng. To-day prices advanced 14 to Ic, ending, however, at a net decline for the
.
week
M
of
to
1
J^c.
D.\ILY CLOSING PRICES OF
elevator
July delivery in elevator
The
RYE FUTURES IN CHICAGO.
Mon.
Sal.
May delivery in
shall require that
iji
[Vol.
cts_
84M
77K
Tues.
Wed.
847''s
81H
8SH
78
76
Thurs.
83)4
76
Fri.
83Ji
76^<
75M
following are closing quotations:
GRAIN.
Wheat
Rye
No.
Oats
$122%
1 22%
No. 2red
No. 2 hard winter.
Corn
No. 2 yellow
No. 2 white
No. 3 white.
Barley
Feeding
Malting
$0 6614
48
44
56)^@60J4
63H@67)<i
90
2-
FLOUR.
Spring patents
$6
Winter straights, soft
5
Hard winter
6
4
6
straights
First sprlAg clears
Ryeflour-.
Corn goods, 100
Yellow meal
Cornflour
lbs..
1
50®
50®
25®
25®
26®
60®
—
$7 00 Barley goods Portage barley
5 75
No. 1
$6 50
Nos .2,3 and 4 pearl 6 50
6 75
Nos. 2-0 and 3-0- . 6 50®
6 00
Nos. 4-0 and 5-0- - 6 75
5 75
Oats goods Carload
1 PO
spotdelivery
4 70®
6
6fi
—
150®
160
4 90
The statement of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of tlie last three years have been:
Receipts at
—
Flour.
Wheal.
bl)h.l96ll)S.]busli.
Chicago
60
Com.
56
Oats.
196,000
939,0001
1,00.000
73.C0O
4.000
7.305.000
2,550,000
2,464.000
4,290,000
117,000
3 342, 000^
Minneapolis.
847.0001
414,000'
216.000
16.000
25.000
33,000
466.000J
401,0001
16,000
4.54,000
569,000,
32-,0C0|
20.000
Detroit
Indianapolis.
St. Louis
Peoria
Kansas City-
78,0001
46.000
Omaha
124,000:
33,000!
Joseph-.
St.
Total wk.
'22
Same wk.
Same wk.
330.000
12,000
729,000
'20
307,0001
236,0001
489,0001
'21
Since Aug. 1J921
2,498.0001
4,646,000i
5,102,0001
Rye.
lbis\bush.
Duluth
Milwaukee..
Toledo
163,000
Barley.
32 lbs. \busli.48lbs. bush. Sdlbs.
971,000
97.0001
25.000
259,000
69,000
39.000
129,000
7.000
95,000
305.000
53,000
15.000
41.0001
1.000
22.000
142.000
316,000
18.000
1;000
197.000
64.000
lbs.\bush.
75,000
49.000
4.677.000;
4,262,000
244.00C
484.0001
657.0001
176.000
663,000
849.00C
10,344,0001212,781 000;I62,234.000 108.197,000 14,731.000|10.944.000
16- 176,0001195,347,000; 78.860.000| 103.296.000 .'3.869,0001 7,862.000
10.981.000277,267,000' 83,217.000112.619,000 18,075,000:17.725.000
1920
lSi9
Total receipts of flour and grain at the seaboard ports for
week ended Jan. 7 1922 follow:
the
Flour.
Receipts at-
Barrels.
New York
Portland Me.
Philadelphia-.
Baltimore
New Orleans.*!
Galveston
Montreal
John
Boston
I
St.
Total wk. '22
Shice Jan.r22
Week 1921...
Since Jan. 1 '21
I
!
186.000
19.000
53.000
16,000
113.000
17.000
26,000
24,000
454.000
458.000
Wheal.
Com.
Oats.
560.000
Bwhels.
116.000
1.224.0001
138.0001
6b".6o5
139.000
849,000
370,000;
997.000!
34.000
37.000
Rye.
Barlet/.
Bushels.
1.408.0001
Bushels.
I
Bushels.
27.000i
Bushels.
12.000
402.000
20,000
552.000
134,000
219.000
256.000
1.000
129,0001
'2'.66o
43.000
15,000
111.000
2'5'.000
1.000
4,281,000
4,281.00C
2.547 000
2,547,000
516.000
616.000
84.0C0
84.000
565,000
505. 000
12.000
1
562.000
672,000
4 147,000'
442.000
277,000
880,000
802,000 1,202,000
5 375.OOOI
670.000
1.553.000!
806,000
* Receipts do not include grain passing through New Orleans for forelsn ports
on through hlUs of lading.
— —
.
THE CHRONICLE
Jan. 14 1922.]
The oxportR from the several seaboard port.s for the week
shown in the annexed statement:
endinj? Jan. 7 are
New York
Portland.
Me
Barrels.
\
381 032
402.000
111.000
1.037.000
327.000
52.000
Philadelphia
Baltimore
New Orleans
Galveston
Montreal
St. John. N.
Flour.
Bushels.
Bushels.
_.- 2,295.034
Boston
1
349.000
B
184.666
215.000
344.000
278,000
Total week
1921
"
87.471
19.0C0
2 000
4.000
2,CO0
25,000
Peas.
Barley.
Rye.
Oats.
Bushels. Bushels.' Bushels. Bushels.
189.799, 19.696 157,074
\
25,000
110,000
20,000
361,000, 30,000
76.00G
4 829 034 2,402.032 165.471
477.801 179.757
7'.279.302
115,000
414,799 400,696 288,074
158.829 501.484 593,685
destination of these exports for the week and since
1921 is as below:
The
]
Wheat.
FleuT.
Ezpons for Week,
and Since
Week
Week
Corn.
Wiek
Since
July 1
1921.
Jan. 7
1922.
Since
July 1
1921.
Barrels.
Bushels.
Bushels.
"y.666
West Indies
No. Am. Cols
Other Countries.. 'y.QSO
3.316.519
2.980.320
408.444
577,539
6,100
341.024
300.000 15.207.746
1.261.606 50.657.786
3,547.428 129.766.282 2.009.032 42.867.123
2.533.137
23.000 1,902.410
20.000
5,000
10,000
569.516
Total
Total 1920
7.629.947
7,940,244
4.829.034 183.351.205 2,402,032 60.560.903
477,801 5.893.822
7.279.302 214.tl7.853
—
Julv
'Jan. 7
1 to
1922.
United KingdomContinent
So.* Cent. Amer.
1
BarreU.
77.296
75.226
Brit.
1
165.471
179.757
1S22
Since
July 1
1921.
Bushels.
Bushels.
Jan.
7
389".66C
14".i68
world's shipment of wheat and corn for the week
.Jan. 7 1922 and since July 1 1921 and 1920 are
in the following:
The
ending
shown
Wheat.
Week
Jan.
1921-1922.
Week
Since
July 1.
\
Since
July 1.
Jan.
Bushels.
7.
BusheU.
Corn.
,
1920 1921.
1921-1922.
Exports.
Bushels.
Bushels.
7.
1920-1921.
Since
July 1.
Since
July 1.
Bushels
Bushels.
North Amer. 8.224.000 254.999.000 191.915,000 3.084.000 62.673,000
215.000 10.451.000
Ru«8. <t Dan.
56.000
2.832,000
Argentina
India
Oth. countr's
Total
854.000
1,117,000 17.359.000 92'.V9V666 2 117.000 78,865,000 65,"l3b",666
1,152,000 41,932.000 57.347.000
712.000
J. 9 11.666
200.606
3'.8V5".666
f,75b.666
Australia
10,549.000 317,894.000 343.364.000
5.616.000 155.804.000 67,734,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Jan. 7 was as follows:
GRAIN STOCKS.
Wheat,
United States
New York
bush.
.
Boston
PhUadelphia
Baltimore
.
.
.
1,823.000
139.000
1,308.000
2,117,000
Corn,
bush.
Npw nrlpsfnS
.
.
BuMalo
.
afloat
.
Toledo
.
afloat
3.710.000
2.378,000
2.296.000
3.493.000
1,349.000
114 000
.
16 000
2,611.000
.
101.000
2.027.000
8.446.000
Detroit
Chicago
afloat
Milwaukee
Duiuth
Minneapolis
St. Louis
Kanaafi City
St. Joseph.
2.21
1.
000
10.263.000
847.000
168.000
.
242.000
2.279.000
.
Mo
Peoria
lodiana polls
Omaha
Barley
Hye,
bush.
Oats,
bush.
.
buih',
983.000
1,031.000
16.000
263.000
240,000
1,317.000
201.000
150.000
48.000
3,448.000
4.666
313.000
983.000
18.000
110,000
69.000
72.0CO
428.000
608.000
38.000
522^666
Newport News
Galveston
1.854.000
3,203.000
91.000
75 000
7,364.000
489.000
1.335.000
7,001.000
724.000
289.000
2,005.000
383.000
198.000
361.000
889,000
3,733.000
3.606.000
475.000
115 000
159.000
16.645.000
4,444.000
806.000
5.356.000
22.336.000
830.000
2.879,000
239.000
822.000
428.000
2,778.000
259.000
1.000
"
m.666
'6"666
133.000
m'ooo
16.000
694.000
1,226.000
88.000
65.000
2.000
183.000
,064.001.
4.000
5,000
2,0'JO
484.000
13,000
Jan.
47.839.000 24.787.000 67.182.000 7.145.000 2.799.000
7 1922
Dec. 31 1921
49,468.000 23,279.000 67.728.000 6.770.000 2.1J15.000
Jan. 8 1921
41.183,000 6.649.000 32,377.000 3.600.000 3.200.000
Jan. 10 1920
70,96i.000 3.171,000 12,460.000 17.958,000 3.192.000
Note.— RontleA grain not Included abovfi: Oats. 56.000 bushels New YorK. 33.000
Boston. 307.000 Uuffulo. 533.000 lialtlriirre. 30,000 on I^akes. toul. «5j.000 bu.iliol.s.
acainst 4 5.000 In 1921: (jsrlcy. New York. 67.000 bushels. Buffalo 225.000, Dulutb
9.000, on Lakes .386.000. totul. 687.000 bushels, agalrisl 243,000 bashels In 1921: and
wheat. 665.000 New York. 4:^5.000 Baltimore. 4,051.000 Buffalo. 904.000 I'hiludelphia, 323.000 Boston. 397.000 Toledo, 16,927,000 on Lakes: total. 22,6J2,000 bush
els in 1922.
1
Canadian
Total
Total
Total
Total
1,423,000
659.000
4.717.000
3,369,000
4.000
187.000
1,518.000
1,139,000
l,423.f)00
1.439.0(J0
8.746.000
8.126.000
4.000
2.000
2,824.000
2.798.000
135.000
18,000
8, 45'). 000
e. 106.000
4U.000
.03 1 .000
i.8;i0.000
..47,889,000 24.787.000 67.182.000
..31,441,000 1,423,000 8,746.000
7,148.000
4,000
2.799.000
2.«24.000
.79.2H0.fJfX) 2fl.2IO.f)00 76.927.0f)0
7.HW.0(K)
.7«.«51.f;(>f> 24.718.fi(W 78.851.0fKJ
0,77;J,O0O
5,'iJ3.000
5.74,).000
6,7X4.000 40.8.36.000 3.607.0(H)
3.189.000 i(J.6«6.000 18.007,000
4.831.000
5.018.000
Jan.
7 1922.. ..31.441.000
Dec. 31 1921.. ..30.1 83. (KW
Jan.
8 1921.. ..20.060.0(JO
Jan. 10 1920.. ..12.636.000
Summary-_
Amertcau ...
CanalUan
Total Jan. 7
Total D«c. 31
Tout Jan. 8
Total Jan. 10
J922
1921
1921.
1920
.61,243.000
.83.690,000
1
.000
1
THE DRY GOODS TRADE.
New York, Friday Niaht, Jan. 13 1922.
of January foils along It hwoine.s IncreuHiuBly r'vldcnt that the rtirn of the year has hi-oiiKlit Info all
se<-fions of the market an inen'H.siiif,' actlvily.
At prc.s<'iil
A.s
the
irif)nrh
there are more buyers in the New York niarketH than there
have hcen for fwjine time im.m. It 1h true thai llicy are not
buying heavily, hut their preneuee here Ih eauseil hy a rcr-
need of maferiala It Im very probahle that there
he ineieaslng Htrength to trading an wxm as definite
oKiiizerl
will
American Woolen Company. A rumor is current throughout the trade that this big company is prepared for an opening, and will probably suddenly announce
one for next Monday, in which event it will be only a quesdays until all other houses have fallen in line. The
eighteenth annual convention of the National Wholesale
Drygoods Association and its various auxiliary bodies is
calling numbers of prominent jobbers into the city who expect to attend the convention, and, in many cases, do some
buying while here.
There are also a number of Scotch
woolen men in and around the market, who state that their
trip to this country is not strictly for business, but who are
at the same time managing to secure orders for fair-sized
lots of their products.
tion of
DOMESTIC COTTON.—The prices on the entire line of
cotton fabrics have remained very steady throughout the
week, and there has been no disposition shown on the part
of sellers to follow the slight movement in the price of the
commodity. In some instances it is reported that a buyer
may obtain slight concessions, but as a rule this is applicable only to small and odd lots.
Generally the prices are
steady, with the demand showing tendencies of broadening.
Most of the selling agents state that they do not expect any
large activity this month, but feel that by the beginning of
the next a material increase In demand will be apparent.
Many of the jobbers who are here to attend the convention
are buying in fair-sized quantities, and the assemblage of
jobbers report the stocks throughout the country to be in
a reduced condition. There is some agitation on the part of
jobbers to secure better terms of r>ayment3, and some of
them state that if such arrangements could be consummated there would be a larger amount of business brought
into the open immediately.
There is little indication of a
revival of the export business which has been so dull recently.
Although it is true that many mills are receiving
inquiries, it is apparent that while adverse exchange matters remain to trouble the situation little business can be
expected to develop. At present there is small inquiry for
ducks, although the price has fallen sharply. The converters are in the market in a limited way for fine gooda
There is little activity in sheetings, although the prices have
remained steady throughout the week. Print cloths in the
28-inch, 64 x 64's are selling at GMc and the 27-inch, 64 x
60"s at 5%c.
Gray goods in the 38V2-inch 64 x 64's are
listed at O^c, and 3n-inch, 68 x 72's at 9%c.
Three-yard
brown sheetings are selling at 10%c, and four-yard at lO^/dc.
WOOLEN
25.000
680.000
Total
Total
Total
Total
Montreal
892.000
Ft. William 4 Pt. Arthur. 22. 841. 000
Other Canadian
7,708.000
values are established, as this Is the reason the majority of
buyers give for deferring their purchases. Of primary interest at this juncture, of course, is the opening in woolens,
which has been looked forward to as a vital necessity to the
woolen trade to give a sound sense of values for the future.
So far the openings have taken the form of individual affairs of no great importance, beyond the trend in prices
which they show, but entirely dependent on the final quotations of the
26,000
25'6.660
Week
Julv
Cora.
Wheat.
Bzports from-
»15
GOODS.—The woolen section of the market
continues to remain the storm centre of the entire trade.
The reports of salesmen sent on the road by garment manufacturers continue to be of an optimistic nature, and they
are returning orders in numerous quantities. At the same
time the matter of the settlement of the strike between the
garment manufacturers and the strikers, in order that they
mal fill the orders received, continues to remain a mystery.
There has been an everlasting turmoil of court proceedings
on both sides, but up to the present time there has been
nothing done as regards a definite settlement. Many in the
trade predict that the settlement will not be effected this
month or this .vear. However, it Is becoming increasingly
api)arent that the individual manufacturers are taking matters in their own hands and are daily making settlements
with their own workers individually. A prominent manufacturer ventured the assertion that two weeks more would
see the majority of the manufacturers In the city making a
normal outrmt. At [iresent the largest question coufnmling the trade, outside of the .strike. Is the one of values,
over which there Is a great deal of uncertainty. The rumor
that the American Woolen Company will lead off wKh Its
o|)enlng on Monday next is goncnilly lioruvl to be true, as
many of the trade feel that there will be little activity until
this event lias decided In a general way what fill lire values
will h(>.
There are buyers here In the market for woolen
trofMls, and fiarticularly for ready-to-wear garments for delta riment store.s.
K()KEIG.\
DRYGOODS.—There
has been a very quiet
trading during the week. At present, .MiK)t
Ikditwelghts are ((Ufite<l at 4. ();"«•, and the sjifit heavies at
1. !•()(•,
which Is clo.m-ly In line with the Calcutta market.
li/iie
In
hiirlai>
r)f the lack of hiiylng a|it>ear,M to bo dm- to th(» .Hliimj)
price f»r Die ixig market and the iiiicerlalnty crxirrontlng
(he maniifaci iirers.
the market Ih steady on
.At i»re.'(eiil
Ibese flgiii-e.s, but there are dealers who have made coiices
shms of 10 to Ift jiointH to WH'iin! huHlneHH, It Ih Hald. Tlie
linen market conllniieH to oeciiiiy a qiilef j)Iace In the trade,
with prices well maliildined and n fair amount of trade he
imt done. 'J'he demand for linens Is rei>orfed to be imiirovIng ff»llowln« the sliiinj) that eame dlre<-tly after th<> (^'lirist
niaH holidayn.
.Most
in
THE CHEONICLE
^16
[Vol. 114.
ANGELINA COUNTY (P. O. Lufkin), Texas.— BOiVD SALE —It
til" the $500,000 5H% road bonds offered on Dec 20
(V 113 p
og?o??
answer to the following
nom' %ro%n'""'r,tt^nn7^?n^?S^^
nom.jsi UOO. Date Oct. 10 1921. Prin. and .sem -ann. descripUoAfb?:
int
A & O^
payable
Kentucky.
—
NEWS ITEMS.
Bonus Measure Introduced in Legisproposition to issue .$10,000,000 soldiers' Bonus
bonds was introduced in both Houses of the Kentucky LegisThe measures provide for a bonus of
lature on Jan. 10.
$10 a month for each month of service to Kentucky soldiers,
sailors, marines, and army nurses who served in the World
War. The bills would lirnit these pavments to a maximum
of $2.50, and would provide a $10,000,000 bond issue to be
voted on at the November election, to pay for it.
lature.
—A
Soldiers'
Missouri. —
Court.
Supreme
Soldiers' Bonus Law Upheld
—^"The Supreme Court late to-day," said a special dis-
by State
patch to the St. Louis "Globe-Democrat" dated Jan. 7,
"affirmed the validity of the constitutional amendment providing $15,000,000 to pay a bonus to Missouri's soldiers, sailThe dispatch continued as follows:
ors and marines."
The Court also, in tho same opinion, held the act of the Legislature in
providing for a commission to pass upon the claims and authorizing a sale
of the bonds and the payment of the bonuses to be made this year valid
save as to its going into effect after approval by the Governor. A majority
of the members of the Court hold that tho rmorgcncy clause is invalid. As
a consequence, the Act cannot become operatue until Feb. 17.
The opinion vras written by Judge Woodson and concurred in by Judges
Graves, J. T. Blair. Walker and Rider. Judge D. C. Blair and Judge
Higbee dissented only as to that part of the decision which eliminates the
emergency clause to the legislative Act.
The Court held recently that emergency clauses can only be attached to
bills relating to the peace, health and .safety of the people and to general
appropriation bills setting apart money for the State governments and its
institutions.
FriendUi Proceedings.
was a friendly proceeding filed by tho attorneys for the Bonus
Commission, in the name of Margaret Fahey. a property owner of St.
Louis. The object was to clear away any possil)le objections that could be
made attacking tho validity of the bond issue. From the Cole County
C.lrcuit Court, where the suit was filed, a ruling against the bond issue
resulted, and an appeal followed at once to the Supreme Court.
Tho amendment itself was attacked, since it was adopted at a special
It was contended that consitutional amendments
election last August.
can only bo voted upon at general elections. Even the validity of the second
special session of tho Legislature, the title to legislative act and half dozen
other sources, were all challenged in the suit. Judge Woodson answered
one after another and held that no legal errors exist and the amendment
was properly submitted and properly adopted by a very large majority,
and that the legislative acts were valid save as to the emergency clause.
It was pointed out that the Circuit Court would have been fully justified in
The
m
f
N. Y. City or at the State Treasurer's
office in Austin or at the
office in Lufkin, at option of holder.
Oct. 10 as follows: .?16,000 1922: S17,000 1923 and 1994- Due 'vearlv on
qio ^nn 109.?
•|}7.000 1926 and 1927; 816,000 1928: SI 7,000 1929 and ig.'^O: S16 000
193L
*°<} 1933: $16,000 1934: $17,000 1935 and 19:i6:Vl6 000 1937
f JZROR
County Treasurer's
}^E
|}?'SSS ?:1§ •''"^ 1939: $16,000 1940: $17,000 1941 and 1942: $16,000 19«
^^h'S*?? A^'^'*,,^"'^ ^^'F'- »10.000 1946: $17,000 1947 and 1948: S16 000 1949
and $17,000 1950 and 1951
These bonds, which are part of the $1 4^5 ono
mentioned in V 113, p. 1598, are now being offered to Investors at
pr'ic^
to yield from 5.75% to 5.30%. according to maturities,
by the First Na^
.
SmH^h-E^rt
Wait Until Feb. 17.
regret to postpone the disposition of this fund so richly deserved by
the beneficiaries thereof, even for the short space of six or seven weeks,
but we feel that the heroes are entitled to the fund would not ask us to run
counter to former judicial determinations."
Acting upon the theory that the law became operative when it was
approved by the Governor, the latter some weeks ago appointed Colonel
John D. McNeely of St. Jo.seph and Colonel James E. Reiger of IvirksvUle
as the two Bonus Commissioners to act with Adjutant General Raupp in
the distribution of the fund. Much preliminary work has already iieen
done in getting data together and answering an immense amount of correspondence. Under the ruling of Court it appears that the two Commissioners will have to be reappointed.
Nothing more can be done now until after Feb, 17.
"We
^*"^''''
^ ^°"
^"^- ^°^ Kauffman-
ABBEVILLE, Vermillion Parish, La. BOA^D SALE
the $125,000 bonds mentioned in V. 113, p. 100, were sold.
r^^?^Jl'?T^^''^' Gray's Harbor County, Wash.
IZES CONSTRUCTION
AND
PASSES
On Jan
fi
'
"
COUNCIL AUTHOR-
OF A SANITARY TRUNK SEWER SY^TFTU
A STREET IMPROVEMENT BOND ORDINANCE —t^
Oregonian" of Jan.
says: "The Aberdeen City Council last night authorized con.struction of a $140,000 sanitary trunk sewer system between
Division St. and tho Hoquiam city limits.
The cost will be borne by the pronerty owners, bonds to be issued at
to cover the cost.
The Council also
passed an ordinmce providing for a oond issue to pay for street
improvfrmeiits on L Street from First to Second and in one block; of the
Weatberwax
-it-uciwa*.
addition, between G and
streets."
_
7%
H
ABIACA DRAINAGE DISTRICT, Leflore. Holmes and Carroll
Counties, MIbs.— BONDS OFFERED BY BANKERS.— The Liberty Central Trust Co. of St. Louis are offering $110,000 6% bonds
to investors
Denom
and
Date
Jan. 2 1922. Prin" and semi-ai,n int'
$100
$500.
payable at the Liberty Central Trust Co., St Louis
Due in'
1^^^ '° 1926 incL. $7,000 1927 te 1932'incl.. aS
^^'nrJ,''o%^''l'°TS:.,*^"0,
$7,500 1933 to 1941 incl.
(M.
&
S.)
ADAMS COUNTY SCHOOL DISTRICT
NO. 27
O. Derby), Colo
(P.
^^9.^9J'^^^-'r?^^^, * 9°- ?^ Denver recently purchased an
$6,000 6% school building bonds.
issue of
AINSWORTH SCHOOL
DISTRICT (P O. Ainsworth), Brown
County, Neb.— 750iV£> OFFERING.— Signed and scaled bids will be received by the Board of Fxlucation for $125,000 5!<% 30-year serial bonds
Interest semi-annual. Assessed valuation, $1,895,515.
AITKEN COUNTY
suit
Issuing an injunction against tho registration of the bonds on their sale
prior to the time the law becomes operative, or ninet.v days following the
adjournment of the Legislature, which occurred Nov. l7.
A pomt was raised tliat the pulilication of the amendment only appeared
during three weeks in the Sedalia "Democrat," when the law requires a
publication of four weeks preceding the election. Judge Woodson says
that if the entire vote of Pettis County had been omitted or cast against
the amendment it would still have had something like 75,000 majority,
and the court would not bo justified in holding that the amendment itself
Referring to lapse of time until legislative act becomes operative,
is invalid.
under the ruling «f Court, Judge Woodson says:
^""'^' ^''^^^'-
Inc
cfo
(P.
O. Aitken),
Minn.—BOJVO SALE —The
.1105,000 refunding bonds, offered Oct. 31 (V. 113, p. 1696)
at par to the Drakc-Balla rd Co., 9f Minneapolis.
AKRON, Summit
have
County, Ohio.—BOA'D OFFERING
—F
be'en sold
A
Par-
malee. Director of Finance, will receive sealed bids until 12 m. Feb *> for
the following eleven issues of bonds, aggregating $1,6 6 300
$500,000 5 J^% trunk .sewer bonds. Denom. $1,000. Due $10,000 vearly
on Feb. 1 from 1923 to 1932, inclusive, and $17,000 yearly
on Feb. 1 from 1933 to 19,52, inclusive.
7,900 6% grading, curbing, paving, constructing sidewalks, planting
shade trees, sewer lateral construction and water service
connection bonds. Denom. 1 for $700 and 9 for 8800 each.
Due yearly on Feb. 1 as follows. $800 from 1923 to 1931,
and $700 in 1932.
improvement bonds. Denom.
inclusive,
6%
21,900
1 for $900 and 21 for $1 000
each.
Due yearly on Feb. 1 as follows. $2,000, 1923 to
1930, inclusive; $3,000. 1931, and $2,S0e in 1932.
8,800 6% improvement bonds. Denom. 5 fer $800. 2 for $900 and
Due yearly on Feb. 1 as follows. .$800,
3 for .$1,000 each.
1923 to 1927, inclusive; $900, 1928 and 1929, and $1,000
from 1930 to 1932, inclusive.
9,000 6% improvement bonds. Denom. $900. Due .5900 yearly on
Feb. 1 from 1923 to 1932, .nclusjve.
4,000 0% improvement bonds. Denom. $400. Due $100 yearly on
Feb. 1 from 1923 to 1932. inclusive.
500,000 51^% street bonds. Denom. $1,000. Due $58,000 yearly on
Feb. 1 from 1923 to 1932, inclusive.
street- widening bonds.
200,000
Denom. $1,000. Due $10,000
yearly on Feb. 1 from 1923 to 1942, inclusive.
park, boulevard and public playground bonds. Denom.
100,000
Due yearly on Feb. 1 as follows. $3,000 from 1923
$1 .000.
to 1942, inclusive, and .$4,000 from 1943 to 19,')2, inclusive.
street building and improvement bonds.
250,000
Denom. $1,000.
Due yearly on Feb. 1 as follows. $8.000. 1923 to 1942, inclusive, and $9,000 1943 to 19.52, inclusive.
14,700 6% street-improvement bonds. Denom. 1 for $700 and 14 for
Due yearly on Feb. 1 as foUows. $1 ,000, 1923
$1 ,000 each.
to 1929. inclusive; $2,000. 1930 and 1931 and $2,700 1932.
Date Feb. 1 1022. Certified check for 1% of the amount bid for, payable
to the above Director, required.
Bonds to be delivertxl at Akron and may
be registered as to principal or interest, or both. Purchaser to pay accrued
5K%
5K%
•
5H%
.
interest
BOND CALLS AND REDEMPTIONS.
Colo. — Bond
—
Denver (City and County),
Call.
Notice
has been given that suffi(d(>nt moneys are in the hands of
M. J. McCarthy, Manager of Hevenue and Ex-Offieio City
Treasurer, to pay the following bonds:
Improvement Bonds.
East Denver Improvement District No. 7, Bond No. 35.
Harman Improvement District No. 1, Bonds Nos. 1 to 20, Inclusive.
North Side Improvement District No. 9. Bonds Nos. 9 and 10.
North Side Improvement District No. 15, Bonds Nos. 76 to 83, inclusive.
North Hide Improvement District No. 25, Bond No. 14.
South Denver Improvement District No. 10, Bond No. 19.
Park Bonds.
East Denver Park District, Bonds Nos. 1966 to 1975, inclusive.
Surfacing Bonds.
North Denver Surfacing District No. 1, Bond No. 76.
South Capitol IliU Surfacing District No. I, Bond No.
19.
Purina Bonds.
Alley Paving District No. 48, Pond No. 10.
Alley Paving District No. 50, Bond No. 10.
Alley Paving District No. 55, Bonds Nos. 1 and 2.
All the bonds are called in for payment on Jan. 31, interest ceasing on
that date.
Upon the request of tho holders of any of the above bonds received ten
days before the expiration of this call, the above official will arrange for
their payment at the Bankers Trust Co.. New York City, but not otherwisej
South Allentown
Pa.
— Bond
Call.
(P.
O. Allentown), Lehigh County,
— Bonds numbered from
1
to 13 of the issue
1914 have been called for payment at the Merchants
National Bank of Allentown, and interest has ceased since
Jan. 1 1922.
of Jul}^
1
BOND PROPOSALS AND NEGOTIATION
week have been as follows:
ALACHUA COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
NO. 1, Fla.— no.YD .S.4LK.— The .5,500,000 6% road and bridge bonds
meiitioned
thiB
in
V. 113, p. 2636, have been purchased by A. T. Bell & Co
& Vandersal, both of Toledo, jointly, at par less
516,935, equal to 96.613, a basis of about 6.37%.
Dat<
«.« ^^^ .,..^- «. _
^^
" "
and Blanchot. Thornburgh
°*'
T
'^^"I'Ao,
Jan. 1 1921.
1927:517.000
S22,000 1933;
$27,000 1938:
$32,000 1933;
—
—
'
—
ALBEMARLE COUNTY
appears that $420,000
It
$1,000.
5%
Date Jan. 15 1922.
O. Charlotteville), Va.— BOATD SALE.—
coupon road bonds hcive been sold. Denom.
Principal and semi-annual interest (J. & J.)
(P.
payable .'it the office of Harris, Forbes & Co., New York City. Due
Jan. 15 1947. Harris, Forlios & Co., New York, are now offering these
bonds to investors at par and interest. Bonded debt (including this issue),
$854,000 a.ssessed valuation, $16,370,518 population, 26,005.
ALBION, Noble County, Ind.— BOA'D OFFBR/ATG— Herbert Cockley.
Town Clerk, wiU receive scaled bids until 7.30 p. m. Feb. 15 for $24,000 6%
coupon bonds. Denom. $500. Date Feb. 15 1922. Principal and semiannual interest (F. & A.) pa.valile at the Albion Natoinal Bank, in Albion.
Due $1,000 each six months from Feb. 15 1924 t« Aug. 15 1935, inclusive.
Purchaser to pay accrued interest.
ALGOOD SCHOOL DISTRICT
Tenn.
BOND S.ALE. — Tho
(P.
O. Algood),
Putnam County,
Bo.ard of Education has purchased the $30,000
6% 20, 25. or 30 year school bonds which were to be sold on Jan. 20 as
mentioned in V. 113, p. 2740.
COUNTY
(P. O. Lima), Ohio.— BOND SALE.— the $58,000
ALLEN
6% road bonds offered on Jan. 5 (V. 113, p. 2636) were sold to W. L.
Slayton & Co. at $60,418.60 (104.17), a basis of about 5.127o. Date
Dec. 1 1921. Due $2,900 each six months from March 1 1922 to Sept. 1
1931 inclusive.
AMARILLO INDEPENDENT SCHOOL DISTRICT (P. O. Amarillo),
Potter County, Tex. ADDITIONAL DATA. The following additional
date have come to hand, relative to the $220,000 6% school bonds reported
Principal and semi-annual interest payable at the
sold in V. 113, p. 2122.
National City Bank, New York City, or at State Treiisurer's office at AusDue yearly on Dec. 1 as follows: $5,000. 1922 to 1941. inclusive, and
tin.
$6,000, 1942 to 1961, inclusive.
Financial Statement.
$35,000,000
Actual valuation, estimated
18,.362,623
Assessed valuation
562, uOO
including this issue
Total debt,
Population. 17.000.
Total dcl)t aboul .'!% of tho assessed valuation.
AMARILLO INDEPENDENT SCHOOL DISTRICT (P. O. Amarillo),
Potter County, Tex.— BOA\O.S REGISTERED.—The State Comptroller
on Jan. 5 registered $220,000 6% serial bonds.
—
ANAMOSA,
Jones
County,
Iowa.
BOND OFFERING. —Daisy
Stevens, City Clerk, will receive sealed bids until 7:30 p. m. Feb. 6 for
000 6% memorial building bonds. Denom. $1,000. Date June 1 1921.
i'riiu-ipal and semi-annual interest (J. & D.) payable at the First National
Hank Minneapolis. Due yearly on June 1 as follows: .$4,000, 1926 $1,000,
1927 '$2,000, 1928 and $1,000, 1929. Certified check for $200 required.
.ISS
ANDERSON COUNTY
BOND
—
SALE.
(P. O. Anderson), So. Caro.
issue of *;250.00() 6'o road serisc "B" bonds has been awarded to the
Trust Co. of (Seorgia of Atlanta, at a premium of $7,000, equal to 102.80.
An
ANNONA INDEPENDENT SCHOOL DISTRICT
(P.
O. Annona),
Red River County, Texas.—BOiV/> SALE.—The $35,000 5%
bonds mentioned
Lumsden &
in
V. 113, p. 1270, have been awarded to
Co., of Dallas,
school bldg.
Hough on,
—
——
——
— —
3
—
A
THE CHRONICLE
Jan. 14 1922.]
ANNONA INDEPENDENT SCHOOL DISTRICT
(P.
O. Annona),
issue of 0%
Red River County, Tex.— ROiVD.S REGISTERICn.—Anregistered with
was
lO-lO-year schoo. building l)onds amounting to $35,000
the State Comptrollor on Jan. 2.
ARLINGTON INDEPENDENT SCHOOL DISTRICT (P. O. ArlingTarrant County, Texas.— BOND DESCRIPTION— PRICE PAID.
ton).
SIOO.OOO 5% 40-year (optional) higli-school building bonds, recontly
as mentionedf In V. 113, p. 2636. bear the following description.
Denom. $1,000. Date Jan. 1 1922. Int. J. & J. The price paid for the
bonds was par.
—The
sold
217
9,000 for additional land for the high school ouUding. Payable SI 000
iji.wva/
annu.-illy Jan. 1 1923 to Jan. 1 1931.
17,000 for additional land for the high school building. Payable SI 000
iJi.wu
annually Jan. 1 1923 to Jan. 1 1939.
104,500 for a now high school building. Payable .$5. .500 annually Jan 1
1923 to Jan. 1 1941.
Denom., coupon bonds $1,000 and if registered $1,000, or
Int. J. & J.
larger denominations at option of purchaser.
The validity of the above
issue will be certified by a national Dank or trust company «f Boston.
BROOKS COUNTY (P. O. Quitman), Ga.— BOATD SALE.— The
Tru-:t Company of Georgia of Atlanta has purchased $150,000 5% road
ARLINGTON SCHOOL DISTRICT (P. O. Arli ngton), Kingsbury bonds. Denom. $1,000. Prin. and .semi-ann. int. payable in New York.
County, So. Dak. BOND SALE. —The W ells-Dickey Co.. of Mmnoapolis, Due yearly on Jan. 1 as follows: $0,000 1944 and $36,000 1945 to 1948. Incl.
purchased on Dec. 29 $20,0g0 6M% funding bonds at par. Denom.
""""
Due Dec. 1 1941.
PARISH (P. O. Lake
Int. semi-ann.
$1,000. Date Dec. 1 1921
held on M.^,-. 28 to vote on $3,275
— CALCASIEU that an election will ba Charles), La.— BOND ELECTION.
It is reported
DISTRICT (P. O. Athens), 000 bonds to dig .a deep-water canal to connect Lake Charles with the
ATHENS INDEPENDENT SCHOOL
-
Henderson County, Tex.— BONDS REGISTERED.— On Jan.
2 $125,000
6% 20-40-year bonds were registered with the State Comptroller.
ATLANTIC COUNTY (P. O. Atlantic City), N. J .—BOND SALE.—
The Issue of $81,000 6% coupon or registered road improvement bonds
—
—
was sold to Biddle and Henry of Phiioffered on Jan. 10 ^V. 114, p. 99
Due Jan.
delphia at 105.71, a basis of about 4.89%. Date Jan. 1 1922.
1 1928.
^
following bids were received:
The
104.66
105.71 C. W. Whitis & Co
Biddle &Henrv
105.67 Marine Tr. Co., Atlantic City. 104. 60
Rothschild & Co
1, F
A. B. Leach & Co., Inc
104.53
105.36
Atlantic County Trust Co
105.13 Union Nat. Bk., Atlantic City. 102. 00
George B Gibbons & Co
BroadwalkNat.Bk..Atl. City.105.13 Second Nat. Bk., Atl. City. 101. 00
Irregular bid
104.79IH. L. Allen & Co
B. J. Vanlngen&Co
.
— On Jan. 6 $170,000
Loan & Trust Co., of
AUSTIN, Mower County, Minn.—BOiVD SALE.
sewage-system bonds were sold to the Minnesota
Minneapolis, and associate, at 100.55 for 454s, a basis of about 4.72%.
Denom. $1,000. Date Jan. 2 1922. Int. J. & J. Principal and interest
payable at First National Bank. St. Paul. Due Jan. 1 1942.
In giving the notice of the offering of these bonds in V. 113, p. 2841. we
Incorrectly stated that they would bear 5}4% interest.
Tex. BOND SALE —The $14,000 6%
bouds and the $6,000 6% coupon water-works bonds
offered on July 20 (V. J13, p. 315) have been awarded to the Home NaDate Sept. 1 1920. Due in 40 years, optional Bank of Baird at 87.50.
BAIRD, Callahan County,
coupon
street impt.
tional in 10 years.
Sabine River and the Gulf of Mexico.
CALDWELL INDEENDENT SCHOOL DISTRICT (P. ©7 Cald^llv!
Burleson County, Tex.— BONDS REGISTERED.—The State Comptroller, on Jan. 2. registered $125,000 5H% serial school-house bonds.
CAMP COUNTY (P. O. Pittsburg), Tex.— BONDS REGIS^ERED^
On Jan. 5 the State Comptroller registered an issue of $100,000 5% serial
special road bonds.
CARRBORO SCHOOL DISTRICT,
PURCHASER. —The
chaser of the $25,000
Orange County, No. C^TS!^
First National Trust Co. of Durham was the^purschool bonds reported sold in V. 113, p. 2444.
6%
CARTERET COUNTY (P. O. Beaufort), No. Caro.— BOiVD OFFER
INC. Sealed proposals will be received until Feb. 6 by W. L StancU
County Auditor, for $200,000 5% fundmg bonds. Denom. $1,000
Date
Feb. 1 1922. Prin. and .semi-ann. int. payable at the Hanover National
Bank. N. Y. Due $5,000 yearly on Feb. 1 from 1923 t« 1962 inclusive
—
Certified or cashier's check for $2,000 required.
CASWELL COUNTY (P. O. Yanceyville) No. Caro.— BOND SALE —
6% ta.x-free gold highway bonds offered on Dec 22— V 113
,
The $200,000
—have
semi-ann.
2529
been sold.
Denom.
Date Jan. 1 1922 'Prin'
payable in New York. Due yearly on Jan 1
as follows: $5,000, 1923 to 1929 incl. $7,000, 1930 to 1934 incl.- $8 0(10
1935 to 1939 incl.; $10,000, 1940 to 1942 incl.. and $12,000. 1943 to l'947'ind'
These bonds are now being offered by the First National Co. of St Louis
at prices to yield from 5.60% to 5.25%, according to maturitise.
p.
and
int.
$1,000.
(J. -J.)
"
BAYOU-CARLIN SUB-DRAINAGE DISTRICV NO. 2, Ibzria ParBOND SALE. — Sutherlin, Barry & Co., Inc. of New Orleans
Financial Statement.
Assessed valuation, 1920
Total debt, including this issue
Population (1920 Census)
BEE HILL SCHOOL DISTRICT
CATAWBA ISLAND TOWNSHIP RURAL SCHOOL DISTRICT
fP. O. R. F. D. Port Clinton) Ottawa County,
ish, La.
have purchased $46,000 drainage bonds.
O. WarrensviUe), Cuyahoga
County, Ohioi BOND SALE. The 81.200 6% bonds offered on Jan. .5^
V. 113. p. 2841 were sold to the First National Bank of Chagrin Falls
Ohio, at par and accrued interest. Date Dec. 15 1921. Due $400 on Oct.
1 in 1922, 1923 and 1924.
BENTON COUNTY (P. O. Mankato), Minn.—BOJVD SALE.— On
Jan. 4 the $250,000 5% 10-19-year serial road bonds, dated Jan. 2 1922
(V. 113, p. 2841) were sold to the Minnseota Loan & Trust Co., of Minneapolis at 100.20. a basis of 4.98%.
B. Gendron.
BERLIN, Coos County, N. H.—BOND OFFERING.—
—
—
(P.
W
'
.
City Treastirer, will receive sealed bids until 7 p. m. Jan. 24 for $400,000
0% coupon high school building bonds. Denom. $1,000. Date Nov. 1
l^in. and semi-ann. int. (M. & N.) payable at the Manchester
1921.
Safety Deposit & Trust Co. in Manchester or at the First National Bank
Due $20,000 yearly on Nov. 1 from 1922 to 1941, incl. Legality
In Boston.
approved by Ropes, Gray, Boyden & Perkins of Boston. These bonds
be engraved under the supervision of the Manchester Safety Deposit
will
& Trust Co.
BESSEMER CITY GRADED SCHOOL DISTRICT (P. O. Bessemer
BOND OFFERING. .Sealed proposals
City), Gaston County, No. Caro.
wiU be received until 10 a.m. Jan. 20 for $30,000 6% coupon (with privilege
of registration) bonds, by O. M. Vernon. Secretary Board of Education.
Denom. $1,000. Date Oct. 1 1921. Principal and semi-annual interest
Due voarlv on
(A. & O.) payable at the National Park Bank. New York.
Oct. 1 as follows. $1,000, 1924 to 1949. inclusive, and 82,000, 19.50 and
1951. Certified check on an incorporated bank or trust company, or cash,
for 2% of the amount of bonds bid for, payable to the Board of Trustees,
required.
The purchaser must pay accrued Interest from the date of the
bonds to the day of delivery. The bonds cannot be sold at less than par
and accrued interest. Successful bidders will be furnished with the opinion
of Reed, Dougherty & Hoyt. of Now York City, that the bonds are valid
and binding obligations of Bessemer City Graded School District. The
bonds will be prepared under the supervision of the United States Mortgage
& Tru.st Co. of New York City, which will certify as to the genuineness of
the signatures of the said district officials and the seal impressed thereon.
—
rBIWABIK,_ St. Louis County, Minn.— BO.VD OFFERING. -J. F.
Goldthorpe. Villege Clerk, will receive sealed~ bids until 8 p. m. Jan. 20
for $180,000 0% coupon
Denom. $1,000. Date Jan.
20 1922. Int. J .& J. Due Jan. 20 as follows: $14,000 1925 to 19,36, incl.
and $12,000 1937. Cert, check for $5,000. payable to Olive E. Faberi
VlUage Treasurer, required.
BLUE EARTH COUNTY (P. O. Mankato), Minn.—BOxVD SALE.—
On, Jan. 4 the $111,000 Public Drainage tends V. 113, p. 2S41 were sold
to the Minnesota Loan & Trust Co. of Minneapolis for $112,010 MOO. 90)
for 4Ks. a basis of about 4.65%.
Denom. $1,000. Date Jan. 15 1922.
—
—
Due yearly on .Ian. 15 as follows: $8,000, 1927: $6,000 1928.
Int. J. & J.
7.000. 1929; $8,000 19.30; $7,000 1931; and 1932; $8,000. 19.33: $7,000;
t934; $8,000, 1935, $7,000. 19.36; .$8,000. 1937 to 1940. incl.; $6,000, 1941.
BOISE CITY, Ada County, Ida.— BON^D OFFERING.— Vnti\ 12 m.
Jan. 17, Angela Hopper. City Clerk, will receive sealed bids for $.56, .539 10
coupon Improvement bonds at not exceeding 7% interest. Denonis. $1 000
$500, $100 and $1.53 91. Date Nov. 12 1921. Principal and semi-annual
lnt«;reHt (M. A N.) payable at the City Treasurers office or Chas(! National
Bank. New York. Duo $5,653 91 yearly on Nov. 12 from 1922 to 1931,
Inclusive.
Certlflea chock for $.500, payable to the City of Boise City,
required.
Purchaser to pay accrued interest.
BOWLING GREEN, Wood
C.
A
County, Ohio.— BOA'D OFFERING
—
Patterson. City Auditor, will receive .sealed bids until 12 rn Jan 17
two ls.sues of 6% Kpeclal a-s-sessment bonds aggregating
for the following
$8,000 North I'rrwpoct Street repair bond.s
Denom $400. Duo$'100eacb
six month.K from March
1022 to Sept. 1 I93I Incl
1.200 Ka.st Wooster curb aiifl giillor Impt bonds
Donom $120. Due
^ 3120 yHy on Sent from 1922 to 1931 incl.
Date .Sopt 1 1021. Int
Sc S
Cert check for 5% of the amount
pKJ for. payable to the City Tre.-iHurer, rofiulrcd.
Purchaser to nay accrucid
I
1
M
Int«:r0!rt.
SCHOOL DISTRICT,
^.?'°I?,?.^,^A^''-EY
•o?o'^?J?'^h"^^J,'^"r'""' C"""'/. Mnnn.— NOTE SALE.— An IssuTTf
1200. OfX) noU-H ofrnrod on .Ian.
was sold to the Old Colony Trust Co of
^/^h"" Due Nov. diMcount basis, plus a 75-cont proniluni. Date .Ian. 10
i? " i,^^\
1922.
3 I9ij2.
other bidders wor-i:
UI.1K0 iiroy
4.:ji%
(pi u»
8.N """'l^fo----Kidder. Penbody \: Co
„--------^4%
Grafton (Company
-»
IWatklnsACo
4.23% (Kstabrook k Co
$4.25)
Salomon Bros. AHutzlor
I
(plus $1
/j
4.31%
4.33%
4.34%
..'•,0)1
.289%
(
BOND OFFERING.— ficnrgii M. Wnrthloy. Towr Treasurer, will receive
12 m .Inn. IK for tlio following 4 ^ % coupon (with prlvllego
«
^
sealcl b ds lint
of registration)
$96,000
f'l^ i^h"
I
v
»»
bonds, aggn^gatlng $255 300'
''';"'"''["'!}'•" ''f hiKhwayH.
Payable $12,000 annually Jan.
1
16.000 for an ndm In Istrat Ion building for the Wa»*r Department. Pay^^'^"^ anfiiially .Fan.
1023 to .Ian. 1 10.30.
in o^r, ?'''" a P'imp
12.800 for
'',;'''''? *"'"• W"rk.s sUitloD,
Payable $1,000
annually Jan. ''.'^l'
1
1923 to Jan. 1 1930,
|
'_2
14,885
Ohio.—BOiVO SALE
,
.$2,440
—
6%
—
,
CENTER TOWNSHIP SCHOOL DISBRICT (P. O. Cambridge
R. F. D. No. 8), Guernsey County, Ohio. BOND SALE
An issue of
$8,000 6% school-impt. bonds offered on Dec. 30 was not sold on that date
but on Jan. 2 they were awarded to the Central National Bank of Cambridge
Denom. $400. Date Jan. 2 1922. Int. M. & S. Due X400 each
at par.
six months from Mar. 10 1923 to Sept. 10 1932 incl.
—
CENTRAL DRAINAGE DISTRICT
O.
(P.
Graham
Central),
County, Ariz.— BOND OFFERING.—J. D. Kimiisen. Secretary Board of
Directors, willreceive sealed bids imtil 2 p.m. Jan. 21 for $24 000 6 % drain-
age bonds.
CHADBOURN, Columbus
County, No. Car*.
BOND OFFERING
Sealed proposals will be received until 12 m. Jan. 19 by
Clerk, for the following three issues of 6% bonds:
L C Hand Town
'
'
$12,000sewer system bonds.
18,000 water supply bonds.
20,000 street-impt. bouds.
Denom. $1,000. Date Jan. 10 1922. Prin. and interest payable in
York. Due yearly on Jan. 10 as follows: $2,000 1925 to 1939 incl
and $4,000 1940 to 1944 incl. Cert, check on an incorporated 'bank or
trust company or cash, for 2% of face value of Ix)nds. requu-ed
Separate
proposals will be received on the entire issue under the condition that the
purchaser will furnish legal approval, print the bonds and have these delivered, and also under the condition that the legal approval of Chester B
Masslich of New York be furnished by the town and that bonds will be
printed and delivered at the expense of the town.
Financial Statement.
Bonded debt (this issue only)
,
_
S 50 000
Asses.sed valuation 1920
IIII" ZI 978'763
Population at present time (estimated)
1,400
New
CHARLESTON TOWNSHIP
(P.
Ind—
O. Charleston), Clark County.
BOATDS NOT SOLD.—Chas. Reich Jr.. Town.sbif) Trust ee in f.VrmJ
us that due to a flaw in the proceedings, the $12,000 6% bonds offered on
Jan. 2 (V. 113, p. 2637) were not sold and will be re-advertised in about ten
days.
CHICAGO SANITARY DISTRICT (P. O. Chicago), III.— BOJVD
OFFERING.— Wm. W. Smyth, District Clerk, will recelva sealed bids unti
12 m. Jan. 19 at Room 700. 910 South Michigan Ave., Chicago, for $5,000,000
5%
bonds.
&
Denom.
Date Jan.
$1,000.
1
1922.
Prin.
and .semi-ann
payable at the District Treasurer's office. Due $270, o7o
yearly on July 1 from 1923 to 1940, incl.. and $140,000 on July 1 1941.
Certified check for 3% of the amount bid for. drawn upon .some responsible
Chicago bank, payable to the above-named Clerk, required. Bonds to be
Int.
(J.
J.)
paid for and delivered at the District Treasurer' office. An opinion by
Wood &. Oakley of Chicago will bo furnished certifying the legality of this
Purchaser to pay accrued Interest.
Financial Statement.
Kquallzed value of property 1920
Authorized lndcbtedne.ss, 3%
issue.
Outstanding bonds,Ian.
Amount
1
$1,764,288,162 00
52,928,634 80
1922
$20,516 000 00
6.000.000 00
of present Issue
Total bonded deblj (Including
Fixed contract liabilities
thl.s
Issue)
$25,516,000 00
5.200,000 GO
Total
Unexercised debt-Incurring jiowor
_
The official notice of thi.i offering
elsewhere in this Department.
may
lie
found among
$.30,716,000 00
$22.212.(i34 86
the advcrtiscmentt
CHICKASHA, Crody County, Okla.— BONDS VOTED —At
the
(•l<<il„ii
bonds (V.
$.(0,000 w.itcr and sewer maiiia cxteiiKlon
113. p 2.529) were voted.
n roront
and <30,000 bridge
CHICOPEE, Hnmpdon County, Mann.— TEMPORARY LOAN
loan of .$300,000 which iii.iliiros on
offorod on .Ian
li.is be(;fi awarded to tho Old
loiiitirir.iry
on u 4.28% discount
—
Nov, 10 1022 .ind which was
Colony TruNl Co. of Boston
IkinIs.
CLARK COUNTY
(P. O. NeilUville), Wl.c -BOND .S.4 /,/•;. —According to newspaper roiiortH $I.V),000 iiHylum IxindH have U-i-n sold.
^L'NTON
(P. O. Frankfort), Ind.
IIONl) OFFERING.—
.1. MarciiH Hinlth. f'oiinl.y Treasiiror. will recolvn Ncalod
IiIiIh iimIII 10 a
.Ian. 23 for $100000 5% hoHi.llul boMils.
Doiioin. $1,000.
Date Jan li5
Inl^. M. At N.
1022.
Duo ;J5.000 ooch six months from May 15 1922 to
Nov. 15 10.il IiicIiimIvo.
COUNTY
.
m
.
COLORADO SPRINGS,
All
of V200.000
5%
El
Pano County, Colo.
BOND SALE
|>avlMi< horifis has ln">n wild to ll-wworth (Jhanute
'"•'•riiatlonal Trust (Jo. at 100.27.
Tlio ManUors 'iVust Oo
. ,['
of iJiiiivor bid 100. 1 7.
Is.siie
'
'418000
_
coupon refunding bonds offered on Jan. 9 V. 113, p. 2741
were sold to James A. Hopfinger at par and accrued interest plus a nremium
.$22 50 (100.92), a basis of about 5.83%.
of
Date Jan. 1 1992
Due
$240 Jan. 1 1923 and $200 yearly on Jan. 1 from 1924 to 1934 incl.'
The
Contra Co.la County.
n
CitUf.-- liOND SALE.-Thc $f;.000 (i% srtiool bonds offr-r.'d on Nov.
7
(V. 1 .j. p. 2002) have been Hold to Mary A. l-'ornandoz of I'Inolo.ut 100 83.
a b.xsiM of about 5.73%
Date Nov. 1 1921. Duo $1,000 yearly on Nov.
from 1922 to 1927. Inclusive.
$8 838 000
_
,:
COLUMBUS, Burke County.
"'"*
No.
Dnk.— BOND OFFEIlJNn
Maiioiiey (Mt,y Auditor, will receive soalod bids at
fuiullug bouds.
uny
tlino for
-
L E
»0.5o6
rtv
THE CHKONICLE
218
—
CLEVELAND, Cayahoga County, Ohio. BIDS The following bids
were received for the three issues of coupon bonds aggregating $1 ,758.000.
Ammmt Bid
on Total of
11,768,900
Bidder
Amount Bid
on Total of
$1,758,000.
Bidder
HarrLs, Forbes
•Eldredge & Co. Kissel.
Kinninitt & Co.. E.
,
&
Co.,
The National City
Co., Estabrook&Co.
Curt i.ss & Sanger, and
and Redmond & Co. 1,928.772.12
Havden, Miller & Co. 1.904.725.00
Stacy & Braun, BlodHal.sey Stuart & Co.,
get & C^o., Merrill,
and Hall, Garten &
Oldham & Co., and
Co
1.904.168.00
First Trust & 8a v.
White, Weld & Co.,
Bank, Chicago
Chase Se<;urities Co.,
1.921.«70.00
Ames, Emerich & Co.,
Barr & Schnietzer,
Northern Trust Co.,
Keane. Higbie&Cc,
Marshall, Field, Gloand The Uerrick Co. 1,901.732.99
re. Ward & C^o., A.
A. B. Leach & Co.,
G. Becker & Co.,
Dominiclc & Dominand Ogilby & Austin al ,91«.6A5.00
ioh
Ilornt)lower &
Wm. R. ComptoD Co.
Weeks, and Paine
R. I>. Day & C«.,
Webber & Company 1.901.452.80
U. Rollins
*; Sons.
Kount/.o Brothers
Hodges
Remick,
&
CcandSecond Ward
Securities Co..- (b)
Hospital
Electric Light $161 ..500.00.
Public Hall $8^0.650.00.
I>ight $160,935.00. Hospital $877,673.84.
895.00.
$870,136.00.
*SUCCESSFUL BID. — The]
notice stating that these bonds were sold
V. 113. p. 2637.
COOK COUNTY (P. O. Grand Marais), Minn.—BOND SALE.—The
$40,000 refunding liords offered on July 5 (V. 1 12, p. 2788) have been sold
to the Grand Marais State I!ank of Grand Marais.
COLUMBIA COUNTY (P. O. Hudson), N. Y.—BOND OFFERING.—
Bdward Westover, County Treasurer, will receive sealed bids until 10 a.
Jan. 25 for $290,000 414% registered highway bonds.
Denom. $1,000.
Date Feb. 1 1922
Prin. and semi-ann. int. (F. & A.) payable at the
<3ounty Treasurer's office.
Due $20,000 yearly on Feb. 1 from 1931 to
1944. inrl.. and $10,000 on Feb. 1 1945.
Certified check for 2% of the
amount bid for. payable to the above Treasurer, required. The validity
of these bonds will be approved by John C. Thomson of New York, whose
opinion will be furnished to the successful bidder.
The official notice of this offering may be found among the advertisemet
elsewhere in this Department.
was given
in
m
CONWAY COUNTY ROAD IMPROVEMENT DISTRICT
NO. 2 (P.
Engineer, will
road bonds until 10 a. m.. Jan. 20.
Ark.— BOND OFFERING.— S. G. Da vies.
O. Morrilton),
5%
receive sealed bids for $200,000
CONWAY SCHOOL DISTRICT
BOND
$5,000
— During November
building bonds at par.
SALE.
4%
Bonds are not subject to
call,
NO.
64,
WaUh
County, No. Dak.—
the State of North Dakota purchased
Date May 1 1920. Due May 1.1940.
but may be redeemed two years from date
of issue.
COVINGTON, Coyinston County, Va.—BOND OFFERING.— Sea.\ed
bids will be received by Geo. M. Carpenter. Town Treasurer, until 8 p. m,
Feb. 2 for $125,000 5% 30-year coupon street paving bonds. Denom.
$500.K Certified check for 10% of amsunt bid for required.
COWLITZ COUNTY SCHOOL DISTRICT NO. 3G. Washineton.—
BOND OFFERING —On Jan 14 J72,00() 6% school building bonds will be
Assessed valuation $2,000,000.
this Issue. $90,000
Population 4.000.
offered for sale at auction
Indebtedness, incl
Total bonded
COWLITZ COUNTY SCHOOL DISTRICT NO.
OFFERING.
County
—TheJan. 14 torTreanurerschoolO. Kalama)102,
(P.
m.
coupon bonds
Wash.— BOAD
will receive .^ealed
bids until 2 p.
$35,000
6% interest.
COXSACKIE, Green County,
6% bonds offered od Doo. 31 — T.
17, on page 2637.
was par and accrued interest plus a premium of $25, whichThe bid submitted
is equal to 100 20
^**^ ^^^'^ * ^^^^^ ^"*' ^^'^^ yearly on Mar 1
from 1923^'S"\928^f^cl
DELAWARE TOWNSHIP SCHOOL DISTRICT (P.
Monmouth County, N. J.— BOND OFFERING.— W. R.O. Marlton R 8)
Stafford, District
Clerk, will receive sealed bids until 12 m., Jan. 24 for $.50,500
5H%
Denom 1 fo- $500 and 50 for $1,000 each. Cert, check for 2% bonds
of the
amount
bid for required.
DELMAR TOWNSHIP SCHOOL DISTRICT (P.
^.^••' .County, Pa.— BOND SALE.— The $5,000 6%
offered on Dec. 31—
113.
2842—
O. Wellsboro),
registered bond^
were not sold on that date but ra
Jati. 3 they were awarded to the First National Bank of
Wellsboro at par
•'=^°- 2 1922.
Due $1,000 yearly on Jan. 2
?Pl^''noQ''»'* ',"no^^''*-, ^''^
from 1923 to 1927 inclusive.
V
p.
DENTON SCHOOL DiSTRICT (P. O. Denton). Davidson County,
Tenn.— BOND ELECIJON —An election will be held on Feb. 9 to vote on
the question of i.ssuing S30,000 school bonds
at not exceeding
Y.—BOND SALE.— Of
N.
113, p. 2741
follows:
the
—$10,000 had been $20,000
sold as
$5,000 bonds to the N»tion»l Bank of Cox.sackie.
3,000 bonds to Mark C. ItecfatRiBger.
2,000 bonds to Williaaa J. Sax.
following
4^%
to 1942. Incl.
2.500.000 general public improvement (park) bonds. Due $312 OOO
yearly on Jan. 15 from 193.5 to 1938. incl. and $313,000 yearly
on .Ian 15 from 1939 to 1942, incl.
1,000,000 general public improvement (police headquarters) bonds
Due
$125,000 yearly on Jan. 15 from 1935 to 1942, incl.
1 ,000,000 public utility (street railway) bonds.
Due Jan. 15 1932. Date
Jan. 15 1922. Legality to be approved by John C. Thomson of
New ^ork City.
DOUGLAS COUNTY
(P.
O. Superior),
Wise—BOATD S^LE.—On
10 the $250,000 5% road bonds (V. 1 13, p. 2637) were sold to Shapker
& Co. and H. D. Fellows & Co., both of Chicago, at 102.35, a basis of about
4.75%. Date Jan. 2 1920. Duo $25,000 yearly on Jan. 2 from 1930 to
.Jan.
1939
incl.
EAST BATON ROUGE PARISH SCHOOL DISTRICT NO.
BOA'D .SALE.— On Jan. 3 the .$226,000 5% school bonds— V. 114,
O. Enelish), Ind.— BOATD SALE.—The
$9,200 5% Sterling Township bond* offered on Jan. 2 V. 113, p. 2741
were sold to the Fletcker Aatarican Co. of Indianapolis at par, plus $21
equal to 100.22, a basis of ab«ut 4.96%. Date Jan. 2. 1922. Due 4460
each six months from May 15 1923 to Nov. 15 1932 inclusive,
(P.
—
—
CRAWFORD TOWNSHIP, (P. O. Crawford), Union County, N. J.
—BOND SALE. —The $212,767.09 bonds offered on Jan.
—were plustoa A. B. Leach A Co.. Inc., of New York, at11— V. 114, p. 99
par and accrued
premium of
for
This bid
Interest,
.sold
$,'')00
basis of about
and $205,000 July
1
Investors at 103.33.
CROWELL,
5H %
is
.
equal to 100.234, a
Date Jan. 1 1922. Due $7,767,09. July 1 1926
1927. The above company 1- offering these bonds to
5.44%.
f.
Foard County, Tex.
BONDS REGISTERED.— On Jan. 4
6% serial water-works bonds.
BONDS REGISTERED.— An issue of
the State Comptroller registered $100,000
DALLAS,
$1.2,50.000
Dallas County, Tex.
5^^%
serial street
Improvement bonds was
registered
with the State Comptroller.
on Jan. 2
DALLAS COUNTY (P. O. Selma), Ala.— BOJVD S^LB.—.Tobn B.
& Co. of Mobile, were the successful bidders for an issue of $40 000
0% 5-year refunding bonds.
DAVIESS COUNTY (P. O. Washington), Ind.— BOND OFFERING.
O. M. Vance, County Treasurer, will receive bids until 2 p. m. Feb 7 for
$28,400 5% Andrew McCall et al. Bogard Township bonds. Denom
Date Jan. 27 1922. Principal and semi-annual intere.st payable
$1,420.
Due $1 ,420 each six months from Mav 1
at the County Treasurer's offic*.
"
1923 to Nov. 15 1932, incl.
BOND SALE —The following 5% highway-improvement bonds ofDortcb
fered on Nov. 7 (V. 1 13, p. 2004) were sold as .staled l)elow:
325,100 Thomas Cochran e» al. Barr Township lionds sold to Breed Elliott
& Harrison at 100.227. a baslsofalxiut 4.95%. Denom. $1 255.
16,339 Thomas J. Morrison et al. Barr Township txinds awarded to Joseph
Rvan & Co. at par and Int
Denom. .$816 95.
Williams et al Barr Township bonds sold to Chattin & Crosby
29.400 J
int.
Denom. $1,470
at par and accrued
Int. M. & N.
Due one Ixmd of each Issue e:ich six
Date Nov. 7 1921
months from May 15 1923 to Nov. 15 1932 incl. The only other bid received was that of J. P. Wild tc Co.. which was for par and int. on the first
.
W
.
.
.
is.suo
(.S25,100).
(P.
O. Glendive),
Mont
BOND SALE.—An
Spokane
DAYTON SCHOOL DISTRICT
O.
(P.
Dayton),
Montgomery
County, Ohio.— BOA'/> SALE — W e are ju.st In receipt of a report indicating how the full $1,000,000 5V<% coupoti school property and buildiii"
last year on Mar 3 (V 112, p 675) have been disposed of^
at the time (see our i.sue of Mar 12, page 1052) that a syndicate composed of the
R Compton Co Bankers Trust Oo and Halsey
Stuart & Co
Inc., had been awarded $525,000 of the issue at 100 124,
and had received a, 30-day option on the remaining $475,000 bonds
It
appears that the syndicate referred to exercised its option on SI 95 000 of
the S475.000, therol>j' bringing the amount purchased by it up to $720 000
The remaining $280,000 bonds were subseqiuMitlv .Tcquired bv the Chicago
office of R. M. Grant & Co
These bonds ($1 .000,000) are dated Mar"3
1921 and mature $25,000 annually on Mar 3 from 1922 to 1061 incl
and
the right is reserved by the district to redeem any outstanding
bonds on
any intorrst-payiiig date by giving sixf.v days' notice.
bonds offered
We reported
Wm
,
,
COUNTY
Ind—
(P. O. Lawrenceburg),
BOiVD OFFERrJiF'^^^^^li
i/^iT'Ti"-.?;, »*"'""• County Treasurer, will receive bids until 10 a. m.
Feb. 3 for $18,000
J. H. Trlnniphol et al. Hogan Twp. bonds.
Denom!
5%
La.—
100—
EAST BRIDGEWATER, Plymouth County, Mass.— TEMPORARY
LOAN.
—Hobbs & Arnold onof 4.47% discountwas offered onon Oct. was sold
Jan. 6
A temporary loan
$10,000 which
a
Due
18
to Wise,
1922.
basis.
EAST FELICIANA PARISH SCHOOL DISTRICT NO. 6 (P. O.
Clinton), La. BOND SALE.— The $30,000 !i% high-school bonds offered
W
on Jan. 4 (V. 113. p. 2637) have been awarded to M.
Elkins & Co. of
Little Rock at about 95.
Denom, $1 ,000. Date .Ian. 7 1920. Int. ann.
in Jan.
Due $3,000 yearly on Jan. 1 from 1921 to 1930 incl.
EAST LANSING SCHOOL DiSTRICT (P. O. East Lansing), Ing-
ham County, Mich.— BOA^n.S OFFERED BY BANKERS—The Harris
& Savings Bank of Chicago is offering to investors an issae of »56.00O
bonds
Date
5K% coupon school intere.st Denom. $1,000 at Feb 1 1922. &Principal and semi-annual
(F & A.) payable
the Continental
Com-
Trust
mercial National Bank in Chicago.
These bonds are due and are bein^
offered to investors as follows:
Price.
Due
Yield
Amt.
Amt.
Price
Yield
Due
$1,000 Feb 1 1929 102 05 4 90% $5,000 Feb 1 1935 104 31 4 80%
5.000 Feb 1 1936 104 55 4 80%
2,000 Feb 1 1930 102 29 4 90%
3,000 Feb 1 1931 102 52 4 90% 5,000 Feb 1 1937 105 32
4,000 Feb 1 1932 103 54 4 80% 5,000 Feb 1 1938 105.56 *3Z«
4,000 Feb 1 1933 103 81 4 80% 6,000 Feb 1 1939 105. 79
4,000 Feb. 1 1934 10407 480% 6,000 Feb 1 1940 106 00
6,000 Feb 1 1941 10621 4Ji%
1
4H%
AH%
4H%
Accrued interest
EAST ORANGE,
be added
Essex County, N.
to
J.— BOND OFFERING.—ljinco\n
will receive sealed bids until 8 p. m. Jan. 23 for
the following two issues of 5% coupon or registered bonds not to exceed
the amount stated below:
$500,000 general improvement bonds. Date Dec. 1 1921. Due yearly on
Dec. 1 as follows: $17,000. 1922 to 1925 inclusive and $18,000.
Int. J. & D.
1926 to 1949 inclusive.
413,000 school bonds. Date Jan. 1 1922. Due yearly on Jan, 1 as follows: $16,000. 1923 to 1934 inclusive, and $19,000. 1935 to 1947
E. Rowley, City Clerk,
inclusive.
Int. J. & J.
PrIn. and semi-ann. Int. payable at the City Treasurer s
$1 .000.
of the amount bid for. payable to the city,
Certified check for
required. These bonds are to be prepared under the supervision of the
U. S. Mtge. & Trust Co.. N. Y.. which will certify as to the genuineness of
Legality
thjB signatures of the citv officials and the seal impressed thereon.
will be approved by Hawkins. Dolafield & Longfellow of N. Y.. whose approving opinion will be furnished to the purchaser without charge.
Denom.
2%
office.
EL CAMPO INDEPENDENT SCHOOL DISTRICT (P. O. El Campo),
Wharton County, Tex.— BONDS REGISTERED.— An issue of 5^%
serial
Iwnds amounting to $125,000 was registered on Jan. 4 with the Stat©
Comptroller.
ELLERBE SCHOOL DISTRICT NO. 4 (Mineral Springs Township)
Richmond County, No. Caro.-BOND OFFERING —Ozmer L. Henry
Attorney (P. O. Rockingham), will receive sealed bids for $10,000 school
bonds, at not to exceed 6%, until 12 m. Feb. 6. Denom. $500. Prin. and
semi-ann. int. payable in New York. Due serially from 1 to 20 years.
Certified check for $500. payable to L. J. Bell. Secretary, required.
ELLIS COUNTY
TERED. Op Jan. 2
—
5>ii%
.serial
ROAD DISTRICT
NO.
5,
Tex.— BONDS REGIS-
the State (Comptroller registered an issue of $242,0tH)
lionds.
ELLISVILLE
DISTRICT
COMMUNITY HIGH SCHOOL OFFFJiED BYNO. 223
BANK-
Ellisville), Fulton
ERS.—An issue of $32,000
(P
DAWSON COUNTY
1,
p.
were awarded to Caldwell & Co. of Nashville for $223,627 (98.95) an*
interest, with a depository agreement.
This report corrects the one given
in V. 114. p. 100.
The following is a comnlete list of the bids received:
With a Depository Arrangement.
M. W. Elkins & Co
$219,226 00
Caldwell & Co..
.$223,627 00 W. L. Slayton&Co
218,908 00
Marine Bank & Trust Oo. 222.982 90
Without a Depository Arrangement.
The Bank of Baton Rouge 222,723 00 Nat. Bankof (Jommerce.$217.170 18
Union Bank & Trust Co. 221.800 00 Whitney Central Trust &
Prudden & Co
Savings Bank
221,570 00
214,982 SO'
Sutherlin, Barry & Co.,
Prov. Sav. Bk. & Tr. Co. 213,060 00
Inc
220,417 80 Weil, Roth & Co. and
Whitney Central Trust &
Seasongood & Mayer.
Savings Bank
jointly
219.502 50
212.443 60
All the above bidders offered accrued interest.
1
CRAWFORD COUNTY
Stef-
City Comptroller, will receive sealed bids until Jan. 20 for the
bonds aggregating $14..';00.000.
$6,000,000 general public improvement (school) bonds. Due $750 000
yearly on ,Tan. 15 from 1935 to 1942, incl.
4,000,000 public sewer bonds. Due $500,000 yearly on Jan. 15 from 1935
fens. Jr.,
$876,-
Public Hall
Electric
b.
$300.
Date Dec. 31 1921. Int. M. &
May 15 1923 to Nov. 15 1937, incl. N. Due $600 each six months from
DELAWARE, Delaware County, Ohio. — BOA'D SALE.
National Bank of Delaware was awarded the $12,000 6% —The First
improvement
bonds mentioned in our issue of Dec.
DETROIT, Wayne County, Mich.—BOJVD OFFERING.—Henry
1,908.783.66
SEPARATE Bins.— a
[Vol. 114.
O.
County, l\\.— BONDS
bonds is being offered by the Hanchett Bond
Co. of Chicago. Donom. $500. Date July 1 1921. Prin. and semi-ann.
In the fol(J. & J.) pavable at the First National Bank in Chicago.
int
lowing table the maturity of these bonds and prices at which they are being
6%
offered are given:
Price.
Yield.
Price.
\
100.24 5.50% $1,500 July 1
1,500 July 1
100.71 5..50%
1
101.15 5..50% 2,000 July 1
1
2,000 July 1
101.57 5..50%
1
2.000 July 1
101.97 5.50%
1
102.35 5..'--0% 2,000 July 1
1 1927
102.70 5.50% 2.500 July 1
1 1928
July 1
2,.500
103.04 5.50%
1 1929
July 1
2,.500
103.36 5.50%
1 19.30
1 .,500
103.66 5.50% 2,500 July 1
1 1931
1.500
Financial Statement.
Total value of all property, e.stimated
As.se,s.sed valuation for taxation
.---Total bonded debt.
Population. 1,800. Area of district. 25.000 acres.
$1,000
1.000
1,000
1,000
1,000
1.000
1.000
1.000
July
July
July
July
July
July
July
July
July
July
1
1922
1923
1924
1925
1926
ELMWOOD PLACE.
L Champlin.
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
-
104.76
105.09
1C5.40
105.70
105.98
107.34
107.64
107.92
108.19
108.45
Yield.
5.40%
5.40%
5.40%
5.40%
6.40%
5.30%
5.30%
5.30%
5.30%
5.30%
* 'vKo'nno
Qo'Xon
6Z.UW
Hamilton County, Ohio.—BOND OFIERING^
bias
Clerk of the Board of Education, will receive sealed
—
.
.
Donom.
school-house site bonds.
until 12 ra. Jan. 27 for $10,500 5 H;
Date Jan. 27 1922. Principal and semi-annual interest (J. & J.)
*500
Elmwood I'lace. Ohio. Due $500
nayable at the First National Bank in
fortified checl< for
yearly on .Ian. 27 from 1924 to 1914. inclusive,
Purchaser to pay accrued interest.
of the amount i)ld for. required.
%
5%
El
Paso County, Texas.— BO ATDg OFFERED
BY BANKERS.
Kansas City.
— Stern Bros. & Co.. and the Conunerce Trust Co.. both ofon a procedins
an advertisement appearing
Mo., are offering to investors,
in
from 4.90% to 4.70%. according to
this is.sue, at prices to yield
page of
Denom. $1,000. Date .Ian. 1 1922.
maturities. $1,850,000 5% bonds.
Prin. and semi-ann. Int. payable at the Hiinover National Bank. New
Due yearly on Jan 1
Treasurer's office. EI Paso.
York Citv. or at City
as follow.s: $1.54.000. 1927: %38.000. 1928: $40,000 1929; $42,000. 1930;
$45 000. 1931; $48,000, 1932; $51,000. 1933: $54,000, 1934; $.57,000, 1935;
60 000 1936 $64 000 1937; $68,000. 1938; $72,000. 1939; $76,000, 1940;
t81 000 1941 $86,000 1942; $91,000. 1943; $96,000. 1944: $102,000, 1945;
$78:000. 1946 and 1947; $77,000, 1948; $75,000. 1949; $73,000. 19,50 and
These bonds, which are ussued for water works,
1951; and $71,000, 1952.
street, school, sewer, sewer disposal, park, library and drainage purposes
were authorized bv the electors, by a vote of fifteen to one. It is stated
N(nv
that they are legal investments for savings banks and trust funds
York, Connecticut, and other Eastern States and are eliglDle as security
for postal savings.
„.
„
Financial Statement.
Assessed valuation. 1921
*^I'59i-AnR
m
.
Total bonded debt
Less water works debt
Less Sinking Fund
-„Ve-Vn«n^^'SiS'^/So
882.483
o-o^^.OOO
and .$2,000, 1931
Due yearly on Jan. 1 as follows: $1,000, 1925
to 1930. inclusive, and $2. COO. 1931 to 1962. inclusive.
Denom. SI .000. Date .Ian. 1 1922. Principal and semi-annual interest
J.) payable in gold coin at the U. S. Mtge. & Tru.st Co.. New York.
(J.
and interest on registered Ixinds will, at the option of holder, be paid in
York exchange. Certified check upon an incorporated bank or trust
company, or cash, for 2% of bid, pa>-ahle to the Town of Enfield, required.
Purchaser or purchasers will be furnished with the approving opinion of
to
clusive,
1962. inclusive.
50,000 electric-light bonds.
&
New
Reed. Dougherty & Hoyt. of New York City, that the bonds are valid and
binding oMigations of the Town of F.nfield. The bonds will be prepated
under the supervision of the U. S. Mtge & Trust Co., New York, which will
certify as to the genuinenass of the signatures of the officials and the seal
impressed thereon. Purchaser to pay accrued interest from date of delivery
Salem), Mass.— TEMPORARY LOAN.—
temporary loan of $200,000, offered on Jan. 13, was sold to the Gloucester
National Bank on a 4.11% discount basis. Date Jan. 10 1922. Due
Dec. 26 1922.
FLEMINGTON, Clinton County, Pa.— BO.VD SALE —\n issue of
These
$5,000 6% road bonds was purchased by local investors at par
bonds are part of an l.s.sue of $12,400 whigh was voted upon on May 18 1921
(P. O.
FONDA, Montgomery County, N. Y.—BOND OFFERING.— Uarry
E. Hoffman, Village Clerk, will receive .sealed bids until 7.30 p. m. Jan. 18
for $37,700 5% bonds.
Denom. $1,300. Date Jan. 1 1922. Prin. and
annual int. (jfuly 1) payable at the National Mohawk River Bank in
Fonda. Due $1,300 yearly on July 1 from 1923 to 1951 incl. Cert, check
Purfor 5% of the amount bid for. payable to the Village, required.
chaser to pay accrued interest.
FOREST HILLS SCHOOL DISTRICT (P. O. East Pittsburgh),
Allegheny County, Pa. BOND SALE.—The $30,000 coupon school
bonds offered on Jan. 10 V. 113. p. 2638 were sold to the Mellon National
Bank ai its bid of par and accrued interest, plus a premium of $422 50 for
This bid. which is equal to 101.408. is on a basis of alxjut 4.64%.
45^8.
Denom. $1,000. Date Jan. 1 1922. Int. J. & J. Due on Jan. 1 as
follows: $5,000 in 1927. 1932. 1937. 1942. 1947 and 1952.
FRANKLIN COUNTY (P. O. Columbus), Ohio.— BOA'D SALE.— The
following two issues of l>onds were sold to the National Bank of Commerce
of Columbus, which paid par for the first issue.
As yet no reply has come
to hand as to what the bank paid for the second issue ($70,000).
Shadevilie Bridge t)onds, offered unsuccessfully on March
$364,000 5)^%
—
—
—
Denom. $1,000. Date April 1 1921. Due
V. 112. p. 1895.
yearly on April I as follows: $18,000. 1922 to 1937 incl.. and $19.000. 1938 to 1941 inrl.
70.000 6% Path Road bond.s, offered unsuccessfully on May 28 V. 112,
Denom. $1,000. Date June 1 1921. Due yearly on
p. 2445.
June 1 as follows: $13,000, 1927 and $12,000 from 1928 to
1931 Incl.
2.5
—
,
FREDERICK SCHOOL DISTRICT
Frederick), Tillman
O.
(P.
—
County, Okla.— BOA/.I EXCIIAKCE AVTIIORl ZED. The Oklahoma
i'My "TlTnes" on lief.. 23 said: "The exchange of $50,000 worth of Liberty
bonds held by the State Land Department for $.50,000 worth of Board of
F.ducation tionds of Frederick was authorized by the Comrel.ssionei-s of
the I,.and f)fflce Friday."
GEAUGA COUNTY
H. E.
(P.
O. Chardon),
Ohio.— BOA^D OFFERING.—
f'ounty Auditor, will receive scaled proposals until 12 m.
Jan. 16 for $55,647.35 6% coupon road-lnipro\cn;cnt Ix)nds.
Denom. $500.
and one for $14 7.35. Dale Nov. 1 1921. Principal and .semi-annual interest CM. & N ) payable at the <''ounty Treasurer's office.
Due each six
months as follf)Ws: $2,500 on May 1 and $3,000 on Nov. 1 In ea<h of the
years from 1922 to 1930. Inclusive, and $3,000 May I 1931 and ,?3,l 17.35
on Nov.
<'erilflfd chp.<k for $5,600. payable to the County Trcas
19.il.
orer, rff)ulred.
Purchaser to pay accrued interest.
l.cfflch.
1
C—
GIBSONVILLE, Guilford County, N.
BONDS NOT SOLD —The
$30,000 6% Kidijwalk and slreet-lninrovcmcDt bonds offered on Jan 5
(V 113. p 2S43), were not sf)ld
The binds can now be purch;jscd at a
privatf! s.tIc during a pi rl' d of thirty diivs
If they arc not purchased
during that time they will be read vcrtlscd later In thi^ year
GLADES COUNTY SPECIAL TAX SCHOOL DISTRICT NO.
41,
Fla.— IIONIJ SALE.— Thr »20.00n R% Uinds offer.-d on Dec. 30 (V, 113.
have tiMin awarded to Cdldwell fi Co.. of Nashville, at 85. a basis
of about 7.10%.
Date May
1921.
Duo May
1951.
GLENDALE, Lou Aneeles County, Cnlif.— BO.V« SALE The Security TniHt A flavlngH Bank of I^.s AngeleH has purchased $100,000 «%
munlclpnl water-works and nxterision b'lnds at 102 226
These; bonds
p. 2425),
I
1
—
were
f.ffcrrd
on March 29 (V
I
12.
p
16.53)
GLOUSTER, Athens County, Ohio. -BO,VD OFFER! NG.—Thom»" Mavin, Village <UrU, will receive sealed bids until 12 m. Jan. 30 for
1I.».IH7.74 5% 8pe<-lal assessment slreet-lrnprovenient iKinfls.
Dale Jim. 2
1922.
Interest K.emI .-iiinrial.
Due yejirly on Jan.
from 1923 to 1932.
Inclusivf
CiTiificfl rhetk for 5%, of the amount bid for. pavablt- to the
I
Vill;ige
f
r«asnnT,
r<-'|iilri<l.
GRANT
COUNTY fP. O. Marlon), InA.— BOND OFFER! NO .—f'.minly
Treasurer (Jeorgc A. Nottingham will rccclvn s«-ule<l bids until 9
in .Iiin.
l).-nom.
l^J'^^ 7^^'^ '>% ^^v\<\ Trovi-.r <-\. ,).\. ('IcaKant Twd. tmnds.
Date .Sept. i.-i 1021 Duo $175 each six months from May 15 1922 to
$175.
ii
Nov.
.
OFFKHIM:
sealed bid"
bonds
950
(
iinlll
I
erliried
f,
I)
|'<,rr!ri.
NO.
.Sch.iol
6
fP.
O.
Director,
Whitman),
p tn Jan 20 for $40,000 (i',;, .VIO-vear (opt xchool
check for $100 required
A>uie«w<cd value 1021. $1,376,-
HACKENSACK,
BOND
.
*
1
1930. and $2,500 on Jan.
1
1931.
Bergen County, N. J.— BOND OFFERING. —George
W. Comes. Clerk of the Board of Education, will receive sealed bids until
8 p. m. Jan. 23 for an issue of 5% coupon (with privil^e of registration)
Denom. $1,000. Date Jan. 1 1922.
school bonds not to exceed $230,000.
Principal and semi-annual Interest (J. & J.) payable at the Hackonsack
Hackensack. Due yojirly on .Jan. 1 as foil )ws: $8,000. 1924 to
Trust Co. in
1929. inclusive; .$6,000. 1930: $H,000. 1931 to I9:i6. inclusive; $7,000 1937
and 1938; ,$8,000. 19.39 and 1940; $7,000. 1941 and 1942; $6,000 1943;
$9,000, 1944 and 1945: ,$6,000, 1946; and $9,000. 1947 to 1952, inclusive.
(Certified check for 2% of the amount hid for, payable to the Custodian of
School Moneys, renuirod. Bonds will l)e prepared under the supervision
of U. S. Mtge. & Trust Co.. which will certify as to the genuineness of the
signatures of the city officials and the seal impras.sed thereon. The purchaser or purchasers will l)e furnished without charge the approving opinion
of Hawkins, Delafield & Longfellow, of N«w York.
Purchaser to pay
accrued interest.
The Board of Edxicalion of Hackensack, N. J., Financial Statement.
Gross debt of the Board of Education, not Including the debt
of the City of Hackensack
-..$685,7.50 00
Amoimt of bonds to he issued
230,000 00
•
$915 750 09
Fund
School Sinking
$47.128 76
Bonds payable from proceeds of taxes already levied 10.000 00
57,128 76
Net bonded debt
8858,621 24
Assessed valuation of taxable property. $17,698,027 00.
Population according to Federal Census of 1920, 17.667.
HAMLET, Richmond County,
No.
BOND OFFERING. —
Caro.
Sealed bids will be received until 8.30 p. m. Feb. 14 by H. H. Mahone,
City Clerk, for $100,000 6% .school impt. bonds. Denom. $1,000. Date
Jan. 1 1922. Both principal and interest shall be payable at such bank or
banks as the purchaser shall designate. Due $3.00() yearly beginning .Tan. 1
1924. Cert, check upon some incorporated bank or trust company for
.$2,000 required.
HANCOCK COUNTY
(P.
O. Findlayl,
Ohio.— BOATD OFFERING.—
J. A. Hanrahan, County Auditor, will receive sealed bids until 1 p. m.
McComb-Leipsic Road bonds. Denom. 1 for $506
,Tan. 16 for $34,500
Prin. and semi-ann. int. payaand 34 for $1 .000 each. Date Jan. 1 1921
Due yearly on Jan. 1 as follows.
ble at the County Treasurer's office.
1922 to 1927 incl.; .$4,000 19'28 to 1930 incl.. and 54.500 in 1931.
$3,000
6%
.
Purchaser to pay accrued interest.
Cert, check for $200 required.
—
HARRODSBURG,
Mercer County, Ky.— BOND SALE. The FifthThird National Bank and the Tillotson & Wolcott Co., both of Cincinnati,
jointly, have purchased $60,000
6%
school bonds.
HARROLD INDEPENDENT SCHOOL DISTRICT
Wilbarger County, Tex.— BONDS
on Jan. 2 registered $15,000
troller
(P.
REGISTERED.—The
O. Harrold),
Stat' Comp10-40-year school bon s.
6%
HARRISON COUNTY (P. O. Corydon), Ind.— BOATD OFFERING.—
Wm. Tavlor. County Treasurer, will receive bids until 10 a. m. Feb. 11 for
$3,000 5% N. M. Rumbley et al. Jackson Twp. bonds. Donom. $158.
Date Feb. 11 1922. Int. M. & N. Due $150 each six monthsfrom May
15 1923 to
Nov. 15 1930 incl
Essex County,
Mass.— TBMPOK/IBY LOAN.—We
HAVERHILL,
from a special telegram to us from A. T. Jacobs. City Treasurer, that
a temporary loan of $200,000 offered on Jan. 13 was awarded to S. N.
Bond & Co. on a 4.24% discount basis, plus a premium of $1 25. Date
learn
Due
Jan. 16 1922.
Oct. 6 1922.
HAYWOOD COUNTY
O. Waynesville), No.
Malone & Co.
—C. N.plus a premium of Asheville. have purcha.sedCaro.—BOA^D SALE.
$300,000 road twnds
of $21,000 equal
100.66.
at par.
(P.
to
HEMPHILL INDEPENDENT SCHOOL DISTRICT (P. O. Hemphill), Sabine County, Tex. — BOYD DliSCRIPTION — Further details
are at hand relative to the sile of the $15,000 5% tax-free coupon binds,
Dejom. $1,000
Dito July 15
,as stated in V.
113, p 2638
Dne
Principal and annual idterest (Jul.v 15) pa.vabla at Hemphill
after 10 years
Official anriou icenent says: "The.se
40 years, opl:.ional
bands have been approved by Attorriey-(ioiicr.i,l of Texas, and each bond
boars the endorsement of registration and se.il of the State OomptroUor's
Department, thus making them incontestable."
Financial Statement.
.Assessed valuation
$1,2.50.000
^
Total outstanding debt, including this issue
15,006
awarded
1920.
in
Present population, estimated, 3,0(K)
HERKIMER, Herkimer County, N. Y.—BOND SALE.— An Issue of
5% paving bonds offered on Jan. 10 was sold to the First National
$10,329
Bank.
Denom.
$.500.
Date Dec.
1921.
1
Int.
J.
& D.
Due
semi-
annually.
HIDALGO COUNTY
(P.
O. Edinburg), Texas.— PT/IRRAATT SALE.—
Austin recently purchased an Issue of $150,000
J. L. Arlitt of
improvement warrants, dated Oct. 10 1921 and maturing
7%
serially
road
from
2 to 31 years.
HIGHLANDS, Macon County,
No.
Caro.— BOJVD SALE.—TbB
$25,000 6% water system bonds offered on Jan. 2— V. 113, p. 2843
been awarded to The First Security Trust Co. of Hickory.
—haw
HILLSBOROUGH COUNTY SPECIAL TAX SCHOOL DISTRICT
17 (P. O. Tampa), F\a.— BOND SALE.— The $10,000 7% school
NO.
— have
—
p.
County,
Tex.-BONDS RECTSTERED—Ob
iKinds offered on Dec. 15
V. 113,
Killslioroiigh Stale Bank at 101.01.
HOU.STON,
.Tan. 6 the
troller;
Harris
2531
l)oou
award(xi to the
following .5% serial bonds were registered with the Slate
Comp-
$200,000 bridge bonds.
100.000 sanitary sewer bonds.
100.000 paving bonds.
Washington County. N. Y.— FINANCIAL
connection with the ofrcrlng which is to take place on
Jan. 16 for three Issues of 5% paving bonds aggregating $46,625. details of
which appeared In V. 114. p. 101. wo are now in receipt of the following
financ lal statom Mit.
Financial Statement.
$1.18.6415 44
Total outstanding bond.s
Mi.lM 711
Floating Indebtedness
HUDSON FALLS,
STATEM ENT
.
— In
Total debt
Ltikh
amount thereof already
levied
by tax
*'?:')'^Jl{!22
l.i..i(M) U9
.......
-- $181,910 28
Total net debt
Less amount of floating Indebtedness to bo funded by bonds
40.»2ftlW
tobelsHUod
1136,286 23
Bonds
to be IsKiied:
Paving bonds, Herles 2
Paving bon<lH. H.rles 1
Paving bonds, Hories 2
Total
)
(P. O. Grernnhure), D.c.tur
OFFE/UNO Tin- Board of Hrhool TriiKl<-<t will
receive Bcaled bids until I p. m. Jan. Ki for $8,000 5% coupon Hchool
house bonds.
Denom. $500. Date Jan. I 1922. Prin. and Kiinl-ann Int.
P-'iyble at the tinlon Trufit Co In f Ireensbiirg.
Due $:i.000 Jiin I
J'i' ? 'L
Purchawir to pay
GULF SHORE SPECIAL ROAD AND BRIDGE DISTRICT, Mnnnloe
Fin.
REPORT I NCORRKCT llf>N l> SALE. App.iri.nilv the
report In our Issue of Doc. 31, page 2843. Anting that $160 fM)0 bonds
County,
6%
-
—
$29,875
'
i
'SZi'
*.87''
Ofl
^
,'.'!.'
..n ....r
46.026 9%
00
T<-i;-\\r
will
GREENSBURG SCHOOL CITY
County, Ind.-
1930. $2,500 July
accrued InU-rest.
offered unsuccessfully on May 7. would l)e sold to-day (Jan. 14) was incorrect.
It appears that the $160,000
lx)nds, which were offered on
May 7. and not sold then, wore purchased on Jtdy 4 by the First National
Bank of Bradentown at 95 and interest. The issue answers the following
Denom. $1,000. Date Jan. 1 1921. Int. .semi-ann. Due
description.
$32,000 on .Tan. 1 in each of the years 1931. 19.36. 1941. 1946 and 1951.
.
15 1931 ind.
GRANT COUNTY SCHOOL DISTRICT
Neb. llOM>
S19
o..— aoo
2.4o<.483
$4,196,517
Net debt
Population, 1920 census, 77,543. Present population, estimated. 85.000.
ENFIELD, Halifax County, No. Caro.— BOA^D Of FER^A'^G.— Sealed
proposals will he received until 12 m. Jan. 23 by John L. Burrows, Town
Clerk for the following 6% coupon (with privilege of registration) bonds;
$70 000 water lx)nds. Due yearly on Jan. 1 as follows: $1,000, 1925 to
1930. inclusive, and $2,000. 1931 to 1962. irclusive.
70,000 sewer bonds. Due on .Ian. 1 as follows: $1 ,000. 1925 to 1930, in-
ESSEX COUNTY
—
THE CHEONICLE
Jan. 14 1922.]
EL PASO,
—
A
AwMMHnd valuations,
Tax
raUi. fiscal year
HUNTER,
i)roi)erty fncliidlng ImprwvemnnU
inL'()-192l (per $1,000)
ri'al
Garfield
County,
lll'i.OOO i'lr<'trlr light IioiuIk
Iiiih
OUlm.
—
$181.010 33
OJ
t2,37(l..'<2'2
BOND SALE.—An
.$2.g«
laaue
of
Imhui sold.
(P. O. Idaho FnlU), BonnnvlIU
On Jiin. 31
/in,V/> EI.FCTIItN
rfriind lionds. ilstnd Joly 1 1907 an«
luinds, to be used to
niinilxTfd 130 to i;59. will bi' voli'd ii|)on.
IDAHO IRRIGATION DISTRICT
and ninghnm Countirs. Idnho.
$ti0.r)r)f)
{)'/„
IDEAL SCHOOL DISTRICT, Mncon County, Gn. -BOND SALE.—
V. 113, p. 317
l<"/n school hoiiMH Iwinds ofror<nl on Aug. 20
Due snrlally for .10 yM.
h« ve »>e<-n sold toj. M. Illlsm.in A <)o. of Allsnta.
Thf $20 000
THE CHRONICLE
220
INDIAN BAYOU DRAINAGE DISTRICT (P. O. Lonoke), Ark.—
BOND OFFERING. — R. G. Kirk, Sccretarj' Board of Commissioners, will
receive sealed bids until Jan. 17 for $150,000 drainage bonds not to exceed
6%. Date Feb. 1 1922. Certified check for SICOOO required.
"
INDIAN RIVER FARM DRAINAGE DISTRICT (P. O. Vero), Fla.—
BOND OFFERING. A. W. Young, Secretary Board of Directors, will
receive sealed bids until 2p.m. Feb. 1 for 5600.000 6% coupon drainage
bonds. Certified check for -SI ,000 required.
IONIA, Ionia County, Mich.— PURCHASE PRICE.—Tho price paid
for the $,^)0.000 water bonds by the Hanchett Bond Co. of ChicaKO was
99.46 (not 99 59, as .stated in V. 114, p. 101). The bonds are described as
follows: Donom. .$500.
Date Aug. 1 1921. Interest rate, 5% per annum
payable yearly on Aug. 1
Due $5,000 yearly on Aug. 1 from 1922 to 1931
—
.
inclusive.
JACKSON COUNTY
SALE.—The
\nd.—BOND
(Brownstown),
S17,7()5 10 (>% William Bishop et al. Grassy Fork Twp. bonds offered on
Jan. 4 V. 113, p. 2638 were sold to the Hanchett Bond Co. of Chicago
at 100.06, a basis of about 5.98%.
Date Jan. 1 1922. Due $1,776 51
yearly on Jan. 1 from 1923 to 1932 inclusive.
—
—
JEFFERSON COUNTY
O. Madison), Ind.—BOND SALE.— The
following three issues of road bonds offered on Jan. 5 V. 113, p 2843
were sold, the first going to the Madison Safe Deposit & Trust Co. at
100.19, a basis of about 4 97%: tho second was awarded to the J. F. Wild
& Co., State Bank of Indianapolis at 100.27, a basis of about 4 95%: and
the third ($8,540) was sold to the Madison Safe Deposit & Trust Co. at
par and accrued Interest.
$20,720 5% W. O. Scott et ai. Saluda Township bonds. Denom. $518.
Due $1,036 May 15 1922 and SI. 036 each .six months from
Nov. 15 1922 to Nov 15 1931 inclusive.
(P.
—
Isaac AVilliams et al. Monroe, Lancaster, Smyrna and Madison towii.ships bonds.
Denom. $505. Due $505 each six
months from May 15 1922 to Nov. 15 1931 inclusive
8.a404}4% William K. Holmes etal, Monroe Township bonds. Denom.
Due $427 each six months from May 15 1922 to
$427.
Nov. 15 1931 inclusive.
Date Dec. 5 1921. Interest M. & N. The following bids were also
5%
10.100
—
received:
Bidder
Third Issue.
Issne
Second Issue.
premium
premium
$28 premium
40 premium
15 premium.
Fir.^l
P Wild & Co.
State Bank-$28
Fletcher American Co
22
Madison Safe Deposit &
J.
Trust Co
13
premium
JEFFERSON COUNTY SCHOOL DISTRICT NO.
—
1
None.
None.
JEFFERSON DAVIS PARISH (P. O. Welsh), La.—BOND SALE
S166.()00 5% Lake Arthur Road District No. 1 bonds offered on Jan.
— V 113. p 2639— have been awarded to W. L.atSlayton & Co. of Toledo'
Date April 1920.
and M. W. Elklns & Co. of Little Rock,
5
90.
1
County, Tenn.—BOiVD ELECTION.
— On not to excned the amounts stated to vote on the question of issuing
an election
be held
bonds
below;
.Tan
31
will
$150,000 school building and equipment bonds.
.30.000 trunk line sewer e.rtension bonds.
10,000 garbage and refuse incinerator plant construction bonds.
County, Pa.— BOND SALE— The $157,000
coupon sanitary sewer, garbage disposal and highwa.y improvement
bonds offered on Jan 9 V. 113, p. 2639 were sold to Harris, Forbes &
Co. of New York at 102.591, a basis of about 4 32%. Date Sept. 2 1918
Due Sept. 2 1943 The following bids were also received:
Biddio & Henry, Philadelphia
102. 56
.
Pittsburgh
....102 11
J. IT. Holmes & Co
Bank. Pittsburgh
Mellon National
101 99
Lyon, Singer & Co.. Pittsburgh
101 835
Graham, Parsons & Co Philadelphia
101 22
JOHNSTOWN, Cambria
AM%
—
—
,
,
JOHNSVILLE NEW LEBANON RURAL SCHOOL DISTRICT
(P. O. R. F. D. No. 1, New Lebanon), Montgomery County, Ohio.
BOND SALE. — An issue »f $60,000 0% coupon school site and building
bonds offered on Dec. 31 was sold to the Detroit Trust Co. at par and
interest, plus $2,226 (103.71), a basis of about 5.66%.
Denom. $1,000.
Date Dec. 31 1921. Int. M. & S. Due $1,000 each six months from
March 1 1923 to Sept. 1 1952, inclusive.
JOLIET TOWNSHIP HIGH SCHOOL DISTRICT (P. O. Joliet),
Will County, 111.— BOA''/) SALE.— Tho .«250.000 5% high school hldg.
I)onds offered on Jan. 10
V. 113, p. 284.3 were sold to the Northern
Trust Co. of Chicago at 101.80.a basis of about 4.73%. Due $25,000
yrly. on July 1 from 1925 to 1934 incl.
—
—
The
following bids were received:
Northern Trust Co
$2,54, .Wl National City
Co
$2.53,610
A. G. Becker & Co
2.54, .500 Wm. R. Compton & Co
252,600
Harris Trust & Sav. Bank.. 2.53.075 P. W. Chapman & Co...
252, .5.50
First Trust Co. of Chicago. 253,925 E. H. Rollins & Sons
252 020
Ames, Emorich & Co
253.650 Hill, Janlor & Co
252,010
JUDITH BASIN COUNTY (P. O. Stamford), Mont.— BO.VD SALE
On .T.m T'Vrris \- Hardgrnve, of Spokane, were the successful bidders for the
$360,000 6% bonds (V. 113, p. 2743) at 100 69. Date Jan. 1 1922. Due
$36. ('00 yearly from 1933 to 1942, inclusive, and subject to redemption six
—
months
prior to (heir respective maturities.
KALAMAZOO SCHOOL DISTRICT NO.
1 (P.
of tho Board
O. Kalamazoo), Kala-
BOND OFFERING. — H. W. .Anderson, Secretary
of Education, will receive sealed bids until 7:30 p. m Jan 1(5
bonds. Certified check for 2% of the amount bid for,
5%
mazoo County, Mich.
for $200,000
payable to the
above Secretary, required. The bonds are to be furnished
printed and delivered at the expense of the purchaser, who is to pay
accrued Interest to date of delivery.
KARNES COUNTY ROAD DISTRICT NO.
Tex.— /JO.VD .SALE.—W.
L. Slayton
at 91. 25 and intere-st the :?240,C00
V. 113, p. 2639.
on Jan.
&
5H%
9—
4 (P. O. Karnes City),
Co. of Toledo, O., have purchased
1-30-yr. serial road bonds offered
—
KENMORE, Nfw York. BOND SALE. An issue of $6.637 80
sower bonds and an issue of .15,000 h]4 % water and li.'?ht fcionds offered on
Jan. 3, were sold to O'Brian, Potter & Co. at 100 496, a basis of about
The sewer bonds are in denominations of 10 of i^SOO each and 5
.5 36%.
for $327 .56, dat^-d .Tan. 1 1922 and are due $1,327 .56 Jan. 1 1923 and
The water and light bonds
$1 .327 .56 Jan 1 In 1924. 1925, 1926 and 1927.
are in denominations of $500 each, dated Jan. 1 1922 and are duo .S500
yearly on Jan 1 from 1923 to 1932 inclusive.
5H%
KERR COUNTY ROAD DISTRICT
& Moore
Messrs. McCall
at par.
of
NO. 1, Texas.— BOA^D SALE
Waco have purchased $163,000 road bonds
KING COUNTY SCHOOL
Wash.— BOND S.ALE
coupon
— On E. Pricethe $60,000 Seattle, school bondsNO. 113, p
Jan 7
(V.
were sold to
Jno
at 100 81 for
& Co of
DISTRICT
7,
28-13)
Due $3,000 yearly from
1924 to 1933, inclusive, optional after three years from date of issue.
,
6s.
—
KILLINGLY, Windham County, Conn.
SALE. An issue
of $150,000 4li% town bonds offered on Jan. 12 was sold to Rldred-'e &
Co. at 102 14, a basis of about 4 31%. Date Jan. 2 1922. Due $5 000
yearly on July 1 from 1923 to 1952 incl.
gg
BOND
—
Texas. BOND S.'XLE. The three issues
of improvement bf)nds agTregating $100,000 offered on Sept. 12
V. 113
V^ 979
have be<Mi awarded at jiar to AVood & Smith Co., Dallas and
Houghton-Lumsden Co. of Dallas, each firm taking $50,000.
LADONIA, Fannin County,
—
—
""LAGRANGE, Troup County, Ga. BONDS AWARDED IN p'aRTT^
Of the $670,000 5% 30-year coupon municipal improvement bonds offered
unsuccessfully on Feb. 24— V. 112, p. 1053— $605,000 have been awarded
to the
Trust
of Georgia of Atlanta.
<^o.
LA JUNTA, Otero County, Colo. BOA^D SALE — Recently an issue
5% 10-1.5-ycar (optional) water extension bonds was sold to
Bosworth, Chanute & Co. of Denver at 98. 77.
LANSING, Ingham County, Mi«h, BIDS —The following proposals
of $120,000
were received for the four issues of bonds, aggregating $900,000;
Bidder
—
price Bid.
& Co., Detroit: Old Colony Tru.st Co., Boston;
Brothers, Boston
$910,323
Harris, Small & Lawson, Detroit
907,200
Watley, Lerchen & Co., Detroit; Remick, Hodges &. Co., New
York; R. L. Day & Co., Boston
. . 902,790
A. T Bell &Co Toledo
900,936
Detroit Trust Co., Detroit: Bankers Trust Co., New York;
Wm. R. Compton Co., Chicago
900,801
American State Sa\ings Bank. Lansing
.. . 900, .540
Stacy & Braun, Toledo
.
.
900,450
Sidney Spitzer & Co.. Toledo
898,470
Halsey, Stuart & Co., Inc Chicasro; Continental & Commercial
Trust fc Sav. Bank, Chic Whittlesey, McLain & Co. Detroit 896,580
Taylor. Ewart & Co.. Chicago
894,690
.
_.
Capital National Bank, Lansing
881,930
*Keane, Higbie
Edmunds
,
LAMB COUNTY ROAD DISTRICT NO.
—BONDS s.XLE—Thn .$.50. .TOO 5H% road
00
00
00
83
00
00
00
00
,
;
,
00
00
00
* This was the .successful bid: for previous reference to the same
see,
"Chronicle" of Jan 7, page 101
LAS ANIMAS COUNTY SCHOOL DISTRICT NO. 12 (P. O. Aguilar),
Colo.— BOAfJO SALE —An issue of $6,0ri0 6% 10-20-year (optional) school
bldg bonds has been sold to ICeeler Bros. & Co. of Denver. Denom. $1,000.
Dated ,Tan. 1 1922. Int. (J. & J.) payable in New York.
LAURENS, Laurens County,
So. Ga.
BOND
—
— SALE. —The following
two issues of 5'X% bonds offered on Jan. 2 V. 113, p. 2743 have been
sold to Weil. Roth & Co. of Cincinnati at 9S.25. a basis of aliout 5.64%:
.$35,000 street improvement bonds.
Due .Tan. 1 1942.
20.000 sewerase extension bonds.
$1,000.
LAWRENCE,
Par and interest
(P. O. Golden),
The
jointly,
Date Feb. 15 1922. Principal and semi-annual interest (J. & D.)
payable at the Studebaker Bank in Bluffton, Ind
Due each sLs months
as follows: $1,000 from .Tune 15 1923 to Dec. 15 1935, inclusive.
Certified
check for $5,000, payable to the above Trasteo, required. Purchaser to
pay accrued interest.
.$500.
Denom.
Colo. PRICE PAID. The price paid for the $100,000 5% school bonds,
reported in our issue of Jan. 7, page 110 as being sold to Sidlo, Simons,
Fels & Co. and Boettcher, Porter & Co., both of Denver, was 98.17.
JOHNSON CITY, Washington
[Vol. 114.
OFFERING.
— On
bonds were voted.
Due
Date .Tan. 1 1922.
Douglas County,
Jan.
Kan.
1
1952.
BONDS VOTED—BOND
Jan. 2 $150,000 water extension and $12,000 paving
On Feb. 2 the former issue will be offered for sale.
LAWRENCE SCHOOL DISTRICT NO. SO (P. O. Lawrence). Douglas
County, Kans. BOND OFFERING. Sealed bids will be received until
2 p. m. Jan. 26 by Mrs. C. E. Esterly. Clerk, Board of Education, for
Date Jan. 1 1922. Int. semi-ann. (J. & J.)
.$200,000 5% school bonds.
—
pavable at the State Treasurer's office. Due yearly on Jan. 1 as follows:
JS3.000. 1924: $2,000, 1925 to 1927 inclusive: $3,000, 1928 to 1934 inclusive;
$10,000, 1935 to 1941 inclusive; and $100,000 1942. The Board of Education is prepared to furnish the opinion of Bowersock & Fizzel. Attorneys,
Kansas City, Mo., approving validity of the bonds. Net indebtedness,
$103,000. Valuation of district, 1921, $15,943,780.
LE FLORE
On Dec. 29 the
COUNTY
(P.
O. Poteau), Okla.— BOiVDS
VOTED.—
$800,000 road bonds were voted. These bonds have been
already reported as sold to A. J. McMahon and R. J. Edwards, both of
Oklahoma City, subject to being approved by the vaters at the said election.
The notice of election and sale appeared in V. 113, p. 2639.
LEWISTON, Nez
Perce County, Ida.
BOND ELECTION. —An
tion will be called to vote $13,000 cemetery
issue was defeated several months ago.
elec-
Improvement bonds.
This
LYONSDALE AND WEST TURIN UNION FREE
I F.VDEN.
Lewis County,
SCHOOL DISTRICT NO. 5 (P. O. Port Leyden), bonds offered on
Y BOND SALE. — The $58,000 coupon or registered
were sold to Sherwood & Merrifield at 101.03 for
jvj
Tan 6 (V 113 p. 2844)
Date Oct. 1 1921. Due yearly on Oct. 1 as
hs a basis of about 5.91%.
follows- $1 500 from 1923 to 1936, inclusive $2,000 from 1937 to 1942.
inclusive" and $2,500 from 1943 to 1952, inclusive.
(P. O. Merrill), Wis.— BO.VD OFFERING
LINCOLN
Sealed bids will be entertained at the office of W. H. Kaiser, County Treasurer, until 11 a. m. Feb. 1 for the purchase of all or any part of $50,000
Denom $1,000. Int. semi-ann. Due $5,000
highway impt. bonds
—
COUNTY
6%
1 1923 to 1932 incl.
The official nolice of this bond offering may be found among the advertisemevis elsewhere in this Department.
It Is
LINCOLN COUNTY (P. O. Ivanhoe), Minn. BOND SALE. Trust
Northwestern
stated that $15,800 Fm% ditch bonds were sold t© the
Co. of St. Paul at 100.16.
.Tune
—
LINCOLN
DISTRICT
COUNTY CONSOLIDATED SCHOOL $20,000
SALE.— On .Tan. the
6^%
2
Minn.— BO.VD
school bonds (V. 113, p. 2844) were sold to Magraw, Kerfoot & Co.. of
Due Dec. 1 1936.
S^ Paul at par and iAterest. Date Dec. 1 1921.
NO
70 (P O. Arco).
SCHOOL DISTRICT (P. O. Lincoln). Lancaster County,
BOND SALE. —The Lincoln Trust Co.ofof Lincoln has purchased
about 4.99%.
$200',000 5% school bonds at 100.03, a basis
Cavalier County,
LINDEN SCHOOL DISTRICT NO. 1,building bonds was No. Dak.—
sold
of $5,000 4%
BOVD .SALK— An issue of North Dakota at par. Date Dec. 31 during
1920.
I
INCOI.N
MpV,
November to the State
Due Dec. 31 1940. Bonds
after
two years from date.
are not subject to call, but
may
be redeemed
'
LIVE OAK COUNTY (P. O. Georee West), Tex.—BOND ELECTION.
On Jan. 14 an election will be held to vote on the question of issuing
$700,000 road bonds.
SCHOOL DISTRICT, Alameda County, Calif.—
I IVERMORE
Gross. County Clerk and ex-officio
BOVD OFFERING. — Geo. E.(P. O. Oakland), will receive sealed bidsClerk
at or
Board of Countv Supervisors
before 10 a m. on Jan. 23 for the purchase of $115,000 6% school bond*
Denom. $1,000. Date Dec. 15 1921. Int.
or anv portion thereof.
Time 15 .and Dec. 15. Due vearly on Dec. 15 as follows: $3,000. 1922 to
Certified check or cash for 2%. pay19.58 inclusive, and $4,000, 1959.
able "to the Chairman Board of County Supervisors, required. Bondea
debt, none. Assessed v.aluation (estimated), $2,346,000.
LOG\N, Cache County, Utah.— BOVD .SALE-The P.alraer Bond &
Co of Silt T/\ke C^itv hns purchised $75,000 tix -inti^imtion bonds
CONSOLIDATED SCHOOL DISTRICT NO. 2
LOGAN COUNTY Neb.— BO.VD DE-SCRIPTION. —The $36,000 6%
fP O Stapleton).
Mt"-e
1600.are
tax-free school funding bonds, awarded as stated in V. 113. p.
Date Oct. 15 1921. Int. payable
described as follows: Denom. $1,000.
County Treasurers office.
semi-ann (\pril 15 & Oct. 1.5>, payable at the
years.
Due Oct. 15 1941. Optional after 10Statement.
Financial
*1'"5J'SS2
Actual value of real estate and personal property
<J9,i7&
Total bonded debt, including this issue.
Los Angeles Countv. Calif.— BOiVD SALE.—The
bonds, it is reported.
reported that $35,000 fire bonds have been sold to Frlck, Martin
LONG BEACH,
California
&
It is also
Company has purchased $145,000 water
Co., of Los Angeles.
LOS ANGELES CITY HIGH SCHOOL DISTRICT, Los Angeles
Countv Calif —BOND SALE.—The An-lo-Californla Trust Co. of Los
An"eles was .awarded on .Tari. 9 tho $1,000,000 5^% school bonds (V. 114.
on
n ioo) at 108..50. a h.asis of .about 4.77%. Date Nov. 1 1920. „ Due
incl.: $27,000 1928
Nov
1
as follows
$49,000 1922; $22,000 1923 to 1927
!^^2 boo 1936 to 1940 incl.; .$23,000 1941 to
?ncl
to 1960 incl.
tio 19.55 incl., and $26,000 19.56
t^To-A
1948
1947
Incl.;
$28,000
DISTRICT. Los Angeles County,
LOS ANGELES CITY SCHOOL the SI ..500.000 5iX% school bonds
.Tan. 9
2 (P. O. Llttlefield), Texas.
bonds, offered on Dec. 23—
A
113, p 2639
have boon aw.-vrded to the Jordan Co. of Plainview
Date Oct. 10 1921. Due in .30 years.
r=TiV— BOVD 5.4LE.— On
r.h^^^^'^^^ SCHOOL TOWNSHIP, Will. County, Ind.— BO.VD
Utflt-UIAG — Sealed bids will bo received until 1
m.
incl
•
—
Feb 1 by Alexander
p
Hi. Hunt, Township Trustee, of Lancaster Township,
and ex-officio trustee
of Lancaster School Towiship for $97,000 5% coupon bonds.
Denom.
Angeles
IV li-l n 10'') were sold to the .\nglo-California Trust Co. of Los Nov 1
Date Nov. 1 1920. Due on
Tt 108 Ms a basis of about -1.78%.
1931 to_1935
as follows: *«S5 000 1922; $35,OOo'l923 to 1930 Incl.; $30,000
•
$35 000 1936 to 1950
1957' to 1960 incl.
Incl.;
$40,000 1951 to 1956 mcl.. and $oo,000
LOUISIANA (State of).— .ADDITIONAL D.ATA —The $1,000,000.5%
penitentiary
gold coupon (with pri^^le,^e of registration as to!principa!)
I
bonds awarded on Jan 5 to Stacy & Braiin. of New York and Chicago;
Bankers Trust Co New York, and E. H. Rollins & Sons, New York and
OhicaRO, at 103 31 and interest, a basis of about 4 575% (V. U4, p 102).
,
Date Jan. 1 1922. Vrinei pal rind
are described as follows: Di'iiom Sl.onn
payable at Baton Rou^e. Due $25,000
semi-annual interest (J. & J
annually Jan. 1 1923 to 19R2. inclusive. These bonds, which are a legal
Investment, in opionlon of John C. Thom.son. of New York, for sriviiiRs
banks and trust funds in New York, Ma-ssachusetts, Connecticut and oilier
States, and which are stated to be elifrible to secure postal savings deposits.
are now bcina; offered to investors to yield from 4.80% to 4. 50%, according
)
to maturities
331
—
H
—
—
—
—
—
—
—
—
—
LOUISIANA State of).— BOA'D.S OFFERED BY RANKERS —In our
Dec 31. pag-? 2844. wo reported the silo of $5,000,000 .>% gold
New Orleans bonrls to a syndicate headed bv the Interstate Trust
Banking Co of New Orleans
These bonds, which answer to the follow-
Issue of
Port of
ing dcsfTiption. are now being offered. In an adverti.sement apponring on
a prcfc/Hi.g page of this Issue, to Itivastors by Halsey, Stuart tt Co Inc.,
and
U Compton f;o both of New York, at prices to yield from 4 85*;^,
to 4 75%, according to maturities:
$2. .500, 000 canal Improvement bonds
Date Jan 1 1920
Int J fc J
Due In gr.Mluilly InfTCisIng annual installments beginning July
.931 and ejiding July
1960 (.-ivera<«! mat uritv about 27'' vrs )
3. .500, 000 general ini[)rov(inent bonds
Int J A D
Date Dec ] 1921
Due In gr 'd'laily Increa.slng -mnual Installrnents beginning Dec 1
192! and ending Dec
1971 (average miturilv ibout 36 Iv vrs )
Wm
I
I
1
$!.()00. cxceotlng
*40.000 due Dec
19.30. $,'.8,000 due Iiilv
1940 and $60. WO due Dec
r918, which are l„ ,I„Mo;-iiri itlons of .^.500
I'rin and sernl-ann. int piyable Iti gold <'oin
the Sl.ite Treasurers office
I
I
1
.-'.t
N
or at the fiscal aeerjcy of the ht.ite of Ix)ulHlana In
Coupon
Y. C;ity
hond.s. reglsf«Table is to prln or a.s to prln an I int
with the Stale Tre usurer
The official anno.incement H.iys"th'«e bonds are .acceptable. In our
opliilf>p, as r-ollateral to Hcctin- postal savings ileposlts at 100% of their
"
par valu''
Fi"inrlal Sltilcmcjil
A!we>i8ed value of tarablo property, 1920
Total bonded debt. Including thew Imucs
Population, 1920 CenKUH
LOWNDES COUNTY
c,
B
Lastlnger. <;i<Tk.
bldsunlil2p in Jan
(P.
81 ,60S.i561.2I6
49,362.163
1,798,500
O. VaMoiiHi), Ga.-
nONH
OFFEItlXC,
—
IViard of Coiiiil v flonmilHilorier.s, will receive se.-iled
16 for $350.00(t 5% road bonds
D.-n<.in $l.0(KI
Date July 1 19H»
Prln and Hcinl-ann inl fj ft .1
pj.vable In Valdn.sta
New V'irk Due on July I as followc .^1 .O(lf). 19.il; $15,000. 1935;
or
SI7.000. I9.{'1 arifl 1937; * 19.00'). l93Harid 1939; $J .000, 1910 and 1911;
$2.3.W)f). 1912 .-ind 1913: $'<5.000. 1911 an<l 1915; »27,000. HM'l arid 1917;
and .$.'!0.000. 1918 and 1919
C.trilfled check for $.3,500 pavabln to J K.
Turner f:halrmari Board of Coinrnls^lonnr.M. roqulrod
Uld« to bo made on
blanks funilshefl by the .abnve f;ierk
\
1
—
Bidder
Premium.
Glover & McGregor
Lewis & Snyder
Geo. G. Applegate
]
[.S32,688
M. M. Freeman & Co
Lyon, Singer & Co
J
.30,0.50
(P.
O. Toledo), Ohio.
-HOND OFFERT Xri.—Hm\iHl
.
,
-.
Biddir
I
Date Jan,
—
Graham, Parsons
00 Harris, Forbes &
National City Co
Biddle & Henry
00 J. H. Holmes &
1
Mellon National Bank--. 32,112 751
1922.
1
Premium.
& Co
Co
1
$30,192 00
32,937 60
./
24,432 00
27,627 00
Co
Iffl
McKEES ROCKS SCHOOL DISTRICT
e^heny County, Pa. BOND SALE. — The
O. McKees Rocks), Ai.§150. 000 5M^% bonds offered
on .Tan. 9 (V. 113. p. 2744) were sold to Lyon. Singer & Co. at par plus a
R13.910 premium, equal to 109.27, a basis of about 5.28%. Date Jan. 15
Due on Jan. 15 as fo.lows: $15,000 1927; »20,000 1933; $35,000
1922.
The following bids were also received:
1940. and .§40,000 in 1945 and 1950.
Premium.] Bidder
Bidder
Premium.
Mellon National Bank--. $12, 235 74 Glover & McGregor
$9,375 00
(P.
—
—
& Co
Redmond & Co
Freeman
& Co
H. Holmes
9,9.37 .50 J.
1
12,670 501Graham. Parsons
&Co---
McMINNVILLE, Yamhill County, Ore.—BOND
10,,527
00
11,775 00
S.ALE.—E.
L.
& Co. of Portland were the successful bidders for the $4,000
general impt. bonds (V. 113, p. 2844) at 102.23. a basis of about 5.78%.
Date Dec. 31 1921. Due .'52.000 Jan. 1 1936 and 1937.
At the same time the following 6% bonds were sold to contractors at par:
$1,930 24 improvement bonds. Date Jan. 1 1922. Due Jan. 1 1932. optional after Jan. 1 1922.
Due Jan. 1 1932, op1,207 44 improvement bonds. Date Jan. 1 1922.
tional after Jan. 1 1922.
„.^___
6%
Devereaux
^
MALHEUR COUNTY
(P. O. Vale), Ore.— BOiV^D SALE.— On Jan. 9
the $130,000 5'X%, road bonds (V. 113. p. 2844) were sold to the Ontario
Savings Bank of Ontario at 102.10, a basis of about 5.2/ %. Due biennially
on Dec. 1 as follows: $6,000 1923; $5,000 1925; $9,000 1927; $12,000 1929;
$13,000 1931: $17,000 1933; $19,000 1935; $28,000 1937 and $26,000 1939.__
MAPLEWOOD SCHOOL
DISTRICT (P. O. Maplewood). St. Louis
SALE. The Mississippi Valley Trust Co., of St.
Denom. $1,000.
Louis, has been awarded $155,000
tax-free bonds.
Date Dec. 1 1921. Prin. and semi-ann. int. (J. & J.) payable at the
Mississippi Valley Trust Co., St. Louis.
Due yearly on Dec. 1 from
1923 to 1941 inclusive.
Financial Statement.
Assessed valuation of taxable property, 1920
$6,745,027 64
Bonded debt (this issue included)
288,000 00
Estimated population of school district, 9,500.
—
BOND
County, Mo.
5H%
MARIANNA, Jackson County, Fla.— BOiVD OFFERING —The City
6% street bonds offered unsucDenom. $1,000.
cessfully on Aug 5^V 113. p. 876^ until Jan. 25
Date July 1 1921. Prin and s.mi-ann int. (J. & J.) payable at the
Clerk will receive sealed bids for the $40,000
NY.
Hanover National Bank,
Due
in
30 years.
__^
_
MARION, McDowell County, No. Caro.—BO.VD SAiE.—The $50,000
6% 30-year street improvement bonds offered on Oct. 10 — V. 113,_p. 1274
have been sold at par to the First National Bank «f Marion.
1
Date Oct.
1921.
BIDS—
MARION COUNTY
The other' bids
(P. O. Salem), Ore.—
received on Dec 30 for the .5200,000 5'^% road bonds, .awarded on that
date to the Ladd & Tilton Bank and the National City Co both of Portland, at 102 43 and interest, a basis of about 5.12% (V. 114, p 102), were:
BIyth. Witter & Co., Portl-.-102 42|Lumbermens Tr. Co., Portrd.101.53
Schwabacher&Co., San Fran.lOl 81 Geo E Miller <fcCo., Portrd.101.34
Portland Trust Co Portland 101 Sl'Seattle National Bank. Seattle. 101 .32
Ralph Sohnceloch Co Portrd,101.61iPerris & Hardgrove, Spokane. 101. 18
,
,
,
MARSHALL COUNTY
On
(P.
Ky.— BO.VD ELECTION.—
O. Benton),
Jan. 14 an issue of $300,000 road bonds will be voted on.
MAURY COUNTY
—
O. Mt. Pleasant), Tenn.— BO-VD SALE
offered on Jan. 9— V. 113. p 2744 were
awarded on that date to Caldwell & Co of Nashville as 5'/iS at 100 10, a
basis of about 5 24%.
Denom $1,000. Date Feb 1 1922. Int F.-A.
Due yearly on Feb 1 as follows;_.$5,000, 1927, and $10,000, 1928 to 1934 incl
(P.
—
The $75,000 highway bonds
MAZIE TOWNSHIP," Mayes County, Okla.—BOiVDS VOTED.—
'
Recently $30,000 road bonds were voted.
MEMPHIS CITY SCHOOLS (P. O. Memphis), Shelby County,
NOTE OFFERING. —Sealed bids will be received until 2:30 p. m.
Tenn.
W.
Garner. Secretary, Board of Education, for $600,000
These notes are dated as of Jan. 15 1922 and will mature
Oct. 1 1922. The Interest rate will bo 6% per annum. Two and one-half
months' Interest coupons due April 1 1922. and six months' interest coupons
due Oct. 1 1922. Tho notes will be in denominations of $10,000 each and
17 by G.
revenue notes.
,Tan.
Certified check for
will be payable In either New York or Memphis.
$5,000 required. These notes are to bo sold with the approving opinion of
John C. Thompson of New York.
MIAMI BEACH. Dade County, F\a.— BOND OFFERING—O- W.
Tonilinson, City Clerk, will receive sealed bids until 7:30 p. m. .Ian. 25
for the following 6% bonds:
S.50.000 w.i'er bonds
Due yearly on .Tan. 1 ,as follows: 82,000, 1923 to
1937. inclusive, and $5,000, 1938 to 1941, inclusive
Duo .vearly on Jan 1 as follows: $1,000,
fire department, bonds
25,000
1923 to 1935, incluslvo, and $2,000. 19.36 to 1941. Inclusive
Donom $1,000. Date .Tan. 1 1921. Principal and sonil-.umu.il Interest
New York Corllflod
payable In gold at the IT S. Mtge & Trust Co
check for 2"',. of tho .-imount of bonds birl for, p.-iyablo to l\w City <Merk,
re((ulred
Tho bonds have been prepared under the supervision of the
V ft Mtgo & Trust Co New York, which will certify as to tho gonulniv
Ix-galneis of the signatures of the ofri:-lals and the seal Inipressod thereon.
,
,
Itv will
be approved bvtMiesler
IJ.
Masslich.of
N^w
York, whose approving
Bids iniist be
opinion will be fumrshed the iiurcliaser without «;li;irg.^
.ilioii printed form l<i be rurnlslied by the .ibove Cleik or s.ild trust companv
Bonds will be delivered at place of purchaser's choice on or about
These bonds were offen^d iinsucecsslully on J.nn 19 1921,
Total b'lnded debt, $3.51. |S1; sinking fund,
112. p 490
« IS. 497; asses.sod valuation 1921, $5,.540,112; and actual valuation for 1921,
Feb
I
1922
reported In
:>:
V
$25,612,488
MIAMI,
Fin.— BIDS —The
Dndf. County,
other bids received on Jan. .3
bomls. awarded on that
hasi-i of about 5 .$0%,
for ihi- .^3'l'».')00 dock and SIOO.tKIO street r.illw.i.v
d.iv to
S Mill .t i'„ ofClnclnuaM at 99 3<'.. i
N
,
and 99 36, a buls of abonh 5 34%. both of which
(V
114. p
wme
for 5'i'«,
reapecUvcIy
102), were;
For .$300,000 Dirk Btmdn.
I
reeelved until 10 30 a. in. Jan. Id bv Ade|;.|f|i, K Hchmltf,, (;ierU
2o .J"X""'', "f '"unty CornmlsslonerM. for the fr.llowliig (1^/, In.nds:
Ixical Sanll.ary Hewer No. 79. M.iln .Sewer District No. 4. lionds.
86,939. 62
Denom. I for $9;{9 62 and 6 for $1,000 eiich. Duo 82,9.39 03
o „„„ „. ",?, •''';, ' '^24 and $4,000 Feb. I 1925.
3.800.61 Water Supply TJne No. 45, Main .Sewer District No. 4, bond».
Deiioin. 1 for $800 61 and 3 for $1,000 each.
Due $1.800 61
„"" ''"b. I 1921 and $2,000 on rr.b. I 1925.
_
Date Fob. 1 1922. Principal anfl .leml annual interest payable lit tho
County TreasiirrT^ office. <;nrtlrie<l check for $300 on ench l««iun bid for.
pay.. hie to the t'ounty Treasurer, reniilrefl
I'nrchaser to pav accrnod Int.
Bonds (o be delivered at the fV.urt Ifouso In Toledo on Feb. i 1922.
,
.'
Denom. .51,000.
(108.38), a basis of about 4.34%r..
following bids were also received:
The
.
COUNTY
—
McKEESPORT, Allegheny County, Pa.— BOND SALE^The $48(J7
000 5% (18H-year aver.) bonds offered on Jan. 9 (V. 113. p. 2532) were
sold to Redmond & Co. at par and accrued int.. plus a premium of 340,224
.
,
bld.s will Ih'
..mmuT)
Statistics.
'
"^
Assessed valuation of property for taxation on the 1920
duplicate-....$525,121,270 00
(Property is assessed at its true value.)
Tax rate per $1,000 for 1921
20 04
Popula t ion 1 920
275,000
Total bonded debt of county, attached issues included
$5,704,456 59
Of tho bonded debt of the county the sums of $626. .503 33 is paid by a
levy on townships, and the sum of .$4,090,749 26 is paid by special assessments. There has never been any default in the payment of principal or
interest."! -<>»'<' •!*. r f(>
4 w
^
'
—
^.?-"9,^?
—
.
following are the other bids received:
Marine Bank & Trust Co., New Orleans, and Whitney Central Trust &
Savings Bank, New Orleans: .Toint bid Par and one-quarter (lOOM) and
accrued intere.>'t from date of bonds to date of delivery.
Union Bank & Trust Co., Baton Kouge $512,755 and accrued interest
to date of deliverv for $500,000 State of Louisiana 5% gold bond, conlitioned on its designating the depository or depositories for the proceeds
arising from the sale of these bonds without interest.
Prudden & Co., Toledo, Ohio; B. J. Van Ingen & Co., J. G. White & Co.,
L Allen & Co.. New York, and Commercial National Bank, ShreveLa.; Joint bid SI ,032 89 on the dollar, together with interest
i)ort
accrued thereon from Jan. 1 1922 to the date of delivery of bonds. In
the event the Louisiana State Penitentiary will deposit in the Commercial
National Bank of Rhreveport, Shreveport, La., without interest to the
State or your Board, the proceeds of the sale of said bonds until such
time as expended for the purpose for which the bonds are authorized and
sold, they will pay an additional sum of 3% flat on the amount of said
proceeds, less three hundred thousand dollars, if the security is not in
excess of 60% of the deposits or 2 8-10% flat on the amount of said
proceeds less three hundred thousand dollars in the event the security
required is in excess of the 60% of the amount of deposit.
Kauffman, Smith, Emert & Co., St. Louis; Estabrook & Co., FTannahs,
Ballin & Lee, New York; Joint bid
(1) $1,005,370 and accrued interest
(2) If .?750,C00 of the fimds of the said
to the date of delivery of bonds.
bonds are deposited in banks of their selection in the State of Louisiana
without interest, they will add to their bid .$37,500, making a total
purchase price of .SI .042.870.
Interstate Trust & Banking Co., New Orleans. La.^
(1) Premium of ?34,700
and accrued interest to the date of delivery of bonds, conditioned upon
the proceeds arising from the sale of the bonds being deposited with such
Louisiana banks ami in such proportions as they may designate, agreeable
to the Louisiana State Penitentiary, without interest, until such funds
have remained on deposit for an avera.ge period of one year, after which
time 3% will Ise paid on daily balances, and with the further understanding that the funds are to be placed in a special account in the
respective banks until such time as the funds are expended for the purpo.ses
for which the txinds are sold.
(2) Premium of S14.700 and accrued
interest to date of delivery of bonds, conditioned upon the funds arising
from the sale of the bonds bein.g deposited in such bank or banks in
Louisiana as they may designate, on which they agree to pay 3% on
daily balances on such funds as remain on deposit.
M. W. Newman & Sons, New Orleans, La. tl) Par, plus a premium of
S7,777 and accrued interest from date at which bonds bear interest to
date of delivery. The proceeds of the sale of the bonds are to be deposited in one of the fiscal agents' banks of the State of Louisiana, which
will be mutually satisfactory, and the aforesaid funds to remain deposited subject to check only for the purposes for which the bonds were
The deposit to bear interest at the rate of 3% per annum, payable
issued.
monthly, and the depository bank shall furnish depositary security as
the law requires.
(2) Par, plus a premium of .S32.625 and accrued
interest from the date at which the bonds bear interest to the date of
delivery of said bonds. The proceeds of these bonds are to be deposited
subject to check only for purpo.ses for which the bonds are issued, without
interest.
The depositary bank shall furnish security as the law required.
Caldwell & Co., Nashville. Tenn; Kidder, Peabody & Co., New York;
Joint bid
(1 ) Par and accrued interest to date of delivery and a premium
of $1,100.
(2) Par and accrued interest to dateof delivery and a premium
of $31,000, conditioned that the proceeds of the sale of these bonds are
to be deposited without interest in some bank or banKs of their selection
in the State »t Louisiana and agreeaole to the Louisiana State Penitentiary.
Hibernia Securities Co., Inc., New Orleans, La. Par and accrued interest
from date of bonds to date of their delivery.
Sutherlin. Barry & (^o.. Inc., New Orleans, La.
fl) Par. accrued interest
and a premium of 832,850. '2) If proceeds of the bonds are deposited
without interest in the Louisiana National Bank of Baton Rouge, and
other Louisiana hanks to be acceptable to the Louisiana State Penitentiary and said funds to lie withdrawn only as required in pajTnent
of the purposes for which the bonds are issued, will pay par, accrued
interast and a premium of $62,850.
William R. Compton Co., St. Ix>uis. Mo.: Halsey, Stuart & Co., Inc.,
For $1 .000.000 State of Louisiana Penitentiary
St. Louis, Mo.;.Toint bid
bonds in the denominations of $1 .000 each, dated January 1 1922. bearing
Interest at the rate of 454'%, payable semi-annually at the office of the
General Managerof the State Penitentiary of Baton Rouge. La., maturing
825,000 annually an .Ian. 1 in each of the years 1923 to 1962, inclusive,
they will pay par and accrued interest to date of delivery of said Ixmds,
provided they are given the right to designate a depository sati.sfactory
to the I»uigiana State Penitentiary in which the proceeds of the sale of
these bonds shall lie deposited without interest.
Financial Slatcmenl.
Assessed valuation (1920)
$1,698,.564,2 16
Total bonded debt (Including this i.s.suc)..
49.362,103
Population (1920 Con.su.s), 1.798. .509.
The
Denom
—
THE CHKONICLE
Jan. 14 1922.]
ic
—
—
.
^,^
"'
n<f/
N
.1
T
A
Mill
* Co
<'liic|nnaM
T.,ledo .
.
(;o
.Stacy A Brauii, Toledo
HIelner IlroR
UlrmliiKham
I1.4I Ac
.
,
N
.q
T
A
HI acy
G
IIIII
* Co
^
'"•"•
'
,
,
--
•
''0
.itlO.9.10
00
-
-
For 8160.000 Strfct Rnilwati Btmdi
^"'.>
rioclnnati
.
-
.5H%
{•
^^
'*
».
5?
00
""
>^'-^
.
Hell A- Cn
Toledo
.V (Iran n. Toll-do
MIDDLEBURCH,
f|-,5
,
,
„ .
Int Rate.
'
•l'<.MI() .Vl
.Schohnri« County, N. Y. -B(»\'l>
OFFER f y<l
sealed bIdM
in
iiiilll 10 a
coupon ittrenl, linprove16 at the First Nallo!i:il Hank, for $25.tM)0
from 1023
$l.'IO<) yearly on Jan
b'lnds
Denom $1 OflO Dun
(o 1917 Inclusive
H
Van Woriner,
VIII ire
Clerk, will
Jan
ri-celv<'
5';,'
metit,
1
MIDDLETOWN CITY SCHOOL
Butler County, Ohio.
DI.STRICT
(P.
O. Mlddlotown),
tloNI) ')FFi:itl .\(J.~-l'. O. Baiikor, <;ierk of tho
THE CHRONICLE
323
Board of Education
will receive sealed bids Htitil 12
.
m. Feb.
for $600,000.
1
Prin. and
bonds.
1922.
5H% National Daf« Feb. New York. Due semi-ann, int. (F. & A.)
$2,5.000 ytNvrly on Feb.
Park Bank,
ble at
paya-
1
from
1
1923 to 1946 Inclusive. Certified check for 1% of the amount bid for.
required. Certificate of approval of Shaffer & Williams of Cincmnati, will
be furnished free of charge to the successful bidder.
County, N. J.— BOND
OFFERING. Sealed bids will be received by Ralph A. Bowman, District
Clerk (P. O. New Monmouth), until 2 p. m. .Jan. 2-'; for an issue of I'lyiVo
bonds not to exceed .?180.000. Denom. $1,000. Due $6,000 from 1924
MIDDLETOWN TOWNSHIP, Monmouth
—
to 1930, inclusive $7,000 from 1931 to 1936 inclusive and $8,000 from 19.57
to 1948 inclusive. Certified check for 2% of the amount bid for, required.
will be delivered at the Keansburg National Bank or at the District
Clerk's office at the option of the Board of Education. The bonds are to
be delivered within 30 days from the acceptance of the bid, and the purchaser must be prepared to take the same and pay therefor the full amount
bid, unless the Board should extend the time if for any reason the bonds
The successful bidder on the day
are not leady for delivery at that time.
of taking the bonds must pay accrued interest from Sept, 1 1921 to said date.
Bonds
Eldredge
[Vol. 114.
& Co.
& Co
...$339.099
s.-^y 972
IIII..IIIII"!" 336^864
R. M. Grant & Co
335.910
National City Company..
335 478
Conning & Co., R, L. Day & Co. and Remick, Hodges & Co
335,693
Blodget & Co. and Lee, Higginson & Co
.
335 360
Harris, Forbes & Co
332,159
Watkins
Putnam & Co. and Estabrook & Co
50
00
00
75
40
50
00
00
NEWBURGH, Orange County, N. Y. DESCRIPTION OF BONDS
i.ssues of 4 H % bonds sold to Clark, Williams & Co. of New York
on Jan.
The two
5, as reported in V. 114. p. 103, are described as follows:
$94,000 school-house buildiu'j; bonds, Denom. $760 and $1,000. Due
$3,760 yearly on Feb. 1 from 1923 to 1947, incl,
56,000 street improvement bonds. Denom. $800and$l, 000, Due$2,800
yearly on Feb, 1 from 1923 to 1942. incl.
Date Feb. 1 1922. Interest F. & A.
NEWPORT, Newport County, R, l.—TEMPORARY LOAN
te»iporary loan of $200,000. offered on .Ian. 12 V. 114, p 103 was sold
to S N Bond & Co on a 4 30% discount basis, plus a $3 premium
Date
Jan 16 1922
Due Sept 5 1922
—
—
—A
,
MILES CITY SCHOOL DISTRICT NO. 1 (P. O. Miles City), Custer
— Benwell Phillips A no of Denver have purchased an
County, Mont,
Lssue of $.50,000
Due
.
51^%
Dated April
building bonds
serial school
$10,000 annualy bcRinning Jan.
1
1921.
1937.
1
MILL TOWNSHIP SCHOOL DISTRICT (P, O, Uhrichsville), Tuscarawas County, Ohio.—-BOND SALE— The. $70,000
H r; coupon
wore sold to Ryan. Bowman
bonds offered on Jan 7 V 113. p 2744
& Co of Toledo, at 100 53, a bi.sis of abwt 4,5% Date Jan. 1 1922.
—
—
T)
.5
Due
$2,000 yearly on Sept.
from 1923
1
Mmn —BOND
MINNEAPOLIS,
to 19,57 inclusive.
OFFERING —Genrge M.
tary Hoard of Estimate and Tax.ation,
will receive
Link, Secrem. Jan. 2.5
bids until 2 p.
for the following 4?i% bonds:
Due $50,000 yearly on Feb.
$1 ,500,000 school bonds.
1
from 1923
to 1952,
Duo
on Feb. 1 as follows: SH.OOO, 1923 to
1942, inclusive; $10,000. 1943 to 1947, Inclusive; and $9,000,
1948 to 1952, inclusive.
Due yearly on Feb. 1 as follows: $4,000. 1923 to
135,000 brid!?e b )n<Js
315,000 park bnnds.
.yearly
1937, inclusive, and $5,000, 1938 to 1952, inclusive.
Due yearly on Feb. 1 as fol345,000 jMirmanent improvement, binds.
lows: $11,000. 1923 to 1912. inclusive; $12,000. 1943 to 1947,
Inclu.sive, and $13,000. 1948 to 1952. inclusive.
Interest semi-annual.
Certified check for 2%
Date Feb 1 1921
required.
The bonds will be sold at the best price offered by a responsible
bidder, either above or below par.
The official notice of this offering
elsewhere in this Department.
may
among
be found
BOND OFFERING — Additional
the
advertisements
information is at hand relative to the
25 of the $250,000 5% library bonds
113, p 2639
Henr.v N. Knott, City Clerk, will receive sealed bids for the bonds until
Bonds will bo issued in denominations of $50
2:30 p ni on that day.
Date June 1
$100, $500 and SI, 000, as the purchaser thereof may desire
Prin. and semi-ann int payable at the fiscal asrency of the City of
1921
Minneapolis in New York City or at the office of City Treasurer. Due
Certified check for 2% of the amount of bonds bid for, payable
June 1 1951
Bo;'.ds will be delivered to
to C A. Bloomqui.st, Citj' Treasurer, required
the purchaser thereof at the office of the City Comptroller, or elsewhere in
The.se bonds are part
the United .States, at the option of the purchaser
of a $,500,000 Issue, of which $2.50,000 were sold as reported in V. lll.p
—V
offering on Jan
.
22.50.
MINERAL WELLS, Palo Pinto County, Tex.— BONDS REGISTERED — The State Comptroller on Jan. 4 registered $25,000 6% serial
water-works bonds.
MINOT, Ward County, No. Dak.
4% sewage di.sposal plant bonds was
BOND SALE — An ls.sue of $10,000
November
sold during
at par to the
D.ite April 1 1920
8at« of North Dakota
Due April 1 1940
are not subject to call, but may be redeemed afttir 2 years from date.
—
—
necessary transcript.
Co., Birmingham
— $46,628 plus accured to date of delivery.
—$49,266 66 and accrued interest from
date of is.suance of bonds.
A. E. Aub & Co.. Cincinnati — $46,275 and accrued
from date of bonds
to date of delivery.
Stelner Bros.. Birmingham — 45,560 upon delivery of bonds at Birmingham.
Marx &
int.
Board to furnish transcript.
Merchants Bank of Mobile. Mobile
int.
MONROE,
Platte County, Neb.— BO.VD SALE —The $4,400 6% heat
lighting bonds offered iinsucccssfull.v together with an issue of $2,000
water extension bonds July 29 (V 1 13, p 656). have been sold. This
«%
corrects the report given in V. 1 14. p 102.
and
—
MONTCLAIR, Essex Couety, N. J.— BO.VD S.4LE The issue of 5%
coupoti (with privilege of registration) gold Passaic Valley serial sewer
bonds offered on Dec 13— V 1 13. p 2427
was awarded to J. S Rippel
& Co of Newark, at thoir bid of $l,153.3,58r 106 891) for 1,079 bonds
a bisis of ab )ut 4 45%
($1,079,000),
Date Feb 1 1922. Due yearly
on Feb 1 .as follows: $27,000, 1924: $26,000 from 1925 to 1930 inclusive$39,000 from 1931 to 1910 inclusive: $30,000 from 1911 to 19.50 inclu.sive$28,000 fi-om 1951 to 19.57 inclusive, and $10,000 in 19.58. This corrects
the notice which appeared in our issue of Dec 17, p 2639.
|
—
•
,
MORROW COUNTY
(P.
O.
Heppner), Ore.— BOATD
SALE.—On
Jan. 6 the Lumliermen's Trust C^o., of Portland, was awarded the $110 000
road Iioiids (V. 113, p, 2744) at 100.57. Date Nov. 1 1919. Duo Nov 1
1929.
MUSSELSHELL COUNTY SCHOOL DISTRICT NO
Roundup), Mont.— B0.V7) SALE —Unring .Sept
Montana purchased $37.238 93 6% futiding bonds
for
238 03
in
Date July
1
15 years.
1921.
55
(P
O
1921, the State of
at par.
Denom 74
Interest J. &. J
Div- in
(
NASHVILLE, Davidson County, Tenn. NOTE SALE. —The American National .Securities Co and Caldwell & Co both of Nashville were
,
the succos.sful bidders, iointly. for the two Issues of 6% tax-free refunding
notes offered on Jan. 6
V. 113. p 2845.
The notes were awarded as
—
follows:
$218,000 notes issued
in anticipation of
the receipt of "proceeds" from" the
sale of the $2,50.000 reservoir-repair and impi; bonds of 19''0
dated Jan. 1 1921, to provide funds for the purpose of repairfng
the dry's reservoir and doing all work iieces.sarv and incidental
connection therewith, at $248,322 40. equal to 100 125 a
b,a.sis of about 5 74'"'.
200.000 notes i.s.sued in anticip-ition of the receipt of the procee<ls from the
sale of 200 bonds of $1 .000 denomination, numbsrod ,501 to 700
inci
.sewer sanitation bonds of 1917, dated Mar. 1 1918 to pro^
\ide funds for the purpose of providing trukk and lateral sewers,
and right-of-way for same, the bonds being a p;)rtion of an authorized Lssue of $1 .000.000. of which $500,000 have heretofore
been is.sued and sold, at $200,286 60. equal to 100 143 a basis
of about 5 74'';
.L>!<t« Jan
15 1022__Due July 15 1922.
in
,
r NEW BRITAIN,
watmg
—
ML
>
M
NORFOLK COUNTY
(P.
O.rDedham), Mass.—ATOTE OFFERING.—
Frederic C. Cobb, County Treasurer, will receive sealed bids until 10 a. m,
Jan. 17 for $50,000 5%. coupon Tuberculosis Hospital notes. Denom.
Date Jan. 1 1922. Prin. and semi-ann. int. payable at the First
$1,000.
National Ban1< of Boston. Due Dec. 1 1923. The official announcement
states that these notes are exempt from taxation in Massachusetts and are
engi-aved under the supervision of and certified as to genuineness by the
Fir.st National Bank of Bo.ston; their legality will \ie approved by Messrs.
Ropes, Gray. Boyden & Perkins, whose opinion will be furnished the purchaser.
All legal papers incident to this issue will be filed with said bank
where they may be inspected at any time. The notes will be delivered to
the purchaser on or about Jan. 19 1922 at the First National Bank of
Boston in Boston, Mass.
NORTH BERGEN TOWNSHIP (P. O. North Bergen), Hudson
County, N. J.— BOND OFFERING.— VntW 8 p. m. .Tan, 19 Edward
Ryan, Township Clerk, will receive bids for an i.ssue of 6% coupon (with
privilege of registration) school bonds not to exceed $8,500,
Denom. 8 for
$1 ,000 and 1 for $500. Date Jan. 1 1922. Prin. and semi-ann. int. (J. & J.)
payable at the Township Treasurer's office. Due $1,000 yearly on Jan, 1
from 1923 to 1930, incl., and $500 on Jan. 1 1931, Certified check on an
incorporated bank or trust company for 2% of amount of iionds bid for.
payable to the "Township of North Bergen," required. Bonds will be
prepared under the supervision of the U. S. Mtge. & Trust Co., which will
and the seal impressed
A Longfellow of N. Y.,
furnished the purchaser. Purchaser to
be
certify as to the genuineness of the signatures
thereon legality approved by Hawkins. Delafield
will
1947 and 1952.
^^„
Tiiese boiids were offered to investors to yield from 4 75% to 4.65%.
according to maturity. We were advised last night before going to press
that they were all .sold, with the excoption of about ,$600,000 of the Last
maturity
school buildmg
During the same period the State also sold $4,50.000 4H
loan bonds at par to the Fidelity Bank of Durham. These bonds are of
the 30-vear variety.
Besides the above two issues the State also sold $710,000 5.90% school
notes at par to the syndicate which purchased the above funding bond
Due Jan. 15 1924. These bonds were offered to the investing public
issue.
With regard to the
at 101.69, yielding 5%, and were quickly absorbed.
sale of these different i.ssues the Raleigh "News & Observer" on Jan. 7 said:
Carolina bonds was
"The sale of five million dollars worth of North
announced by Governor Cameron Morrison last night after three days of
negotiations bv the Governor. State Treasurer and the other members of
the Council of State. The entire transaction. Governor Morri.son says,
gives North Carolina five million dollars at an interest rate of 4.85.
"Half million of the five million dollars of bonds sold are of the school
building loan bonds authori-/.ed by the 1921 session of the General Assembly
This half million was sold to the
to promote school building in the State.
Thase bonds are of the 30-year variety.
Fidelity Bank of Durham at 4 !^
half million dollars of 5% bonds, funding bonds, to take
"Four and a
up short term notes issued a year ago were sold to a syndicate of New York
bankers represented here by B.J. Van Ingen, of New York. The bonds
run from 1 5 to 30 years and the State receives a premium on them of .972 .000.
"In addition, arrangements were perfected for the borrowing of $710,000
on 2-year notes at 5.90 from the New York .syndicate to fund the deficit
in the public school fund as provided for by the special session of the General
%
%
.
Assembl.v.
.
,
,,
..^
"The half million dollars for the school building loan fund is all the
will need for some time and no more bonds, it was announced, will
State
be sold for this puriiose in the near future.
"Treasurer L.acv Governor Morrison, and other members of the Council
of State were highly gratified at the sale, regarded as one of the best the
State has made recently."
NORTH DAKOTA
(State of).— BONDS
CHASED BY STATE. — The
AND WARRANTS
PUR-
following 4% bonds and warrants were
purchased at par by the State of North Dakota during the months of
November and December:
Bonds and Warrants Purchased During November.
Amount.
Due.
1920 July
1 1940
31 1920 Dec. 31 1940
1 1920 July
1 1940
1 1940
1 1920 May
31 1920 Dec, 31 1940
December.
1 1920 July
1 1940
31 1920 Dec. 31 1940
1 1930
1 1920 Aug.
Date.
Place Issuing Bonds.
*$2,000 Connors S, D. No. 50, McLean Co.. .July
Dec.
2 ,500 Elhorn S, D. No. 8. Divide Co
July
*4'000 Vale Sch. Dist. No. 10, Burke Co
4'000 Washburn S. D. No. 4, McLe.an Co.. May
3600 Woodberry Sch, Dist. No. 9, Slope Co.Dec.
Bonds and Warrants Purchased During
*$2 000 Connors S. D. No. 50, McLean Co... July
2 000 Twin Butte S. D, No. 1, Bowman Co.Dec.
41000 Durbin Sch. Dist, No. 12. Cass Co.. .Aug,
1
,
Hartford County, Conn.— BIDS.—The followim'
were also received on Jan, 6 for the three issues of bonds aggr^
$320,000, awarded as stated in V. 114, p. 102:
propo.s.aIs
P.
Backer. City Clerk, will receive se;i led bids until 5 p.m. Jan. 16 for $100,000
5'4% funding lx)nds. Denom. $1 .000. Date Jan. 2 1922. Principal and
semi-annual interest (J. & J.) payable at tiio Wells-Dickey Trust Co..
Miimeapolis. Due Jan. 1 as follows: $7,000, 1925 to 1928, inclusive, and
,$8,000 1929 to 19.37, inclusive.
Certified check for $10,000 required.
ULM, Brown County, Minn. BOND SALE. The WellsDickey Co. of Minneapolis has been awarded $100,000 Impt. bonds.
NOBLE COUMTY (P. O. Aloio-il, Ind.— «>VO OFFERING —Morton P Thomas, County Tre:isurer. will receive bids until 10 a. m. Jan. 23
for the following 5% highway b rids:
$16,520 Edwin L Hine et al Gree:i Two bonds
Denom $413.
11,360 Finer G Clutter et al Green Twp b )ods
Denom $284
Hussey et al Spirta Twp b ids
11.600
Denom $290.
Dat« Jan. 15 1922
Int
& N^ Die two bonds of each Issue each six
months from May 15 1923 to Nov 15 1932 incl.
NORTH CAROLINA (State of).— BOiVD SALE.— During the week
ending Jgjn. 7 a .syndicate, composed of the Bankers Trust Co., Kis.sel.
Kinnicutt & Co., Hornblower & Weeks, Eldredge & Co., B. J. Van Ingen
& Co., E, H. Rollins & Sons and Blodget & Co., all of New York, purchased $4,500,000 5% tax-free coupon (with privilege of registration)
funding bonds, to take up short-term notes issued a year ago, at 101.60.
Denom. $1,000. Date Feb. 15 1922. Prin.
a basis of about 4.89%.
and semi-ann. int. (Feb. 15 & Aug. 15). payable at the National Park Bank,
N. Y. Due on Feb. 15 as follows: $750,000 1937 and 1942. $1,500,000
H. Hilsman & Co., Atlanta $46,100 and accrued int. County to
furnish transcript,
& Co., Nashville $45,200 and accrued Int. to date of delivery
to Nashville, Tenn.
N. S. Hill & Co., Cincinnati— $50,000, less $1,965. Board 1o furnish
J.
Caldwell
1
ULM, Brown County, Minn.— BOAT> OFFERING.—'WiUiata
—
—
and
—
NEW
Bonds
—
p. 2744:
DISTRICT,
a copy of whose opinion
pay accrued interest.
MISSOULA COUNTY (P. O. Missoula), Mont.— BOATD SALE. The
Minneapolis Trust Co. and Kalman, Wood & Co., both of Minneapolis,
were the succes,sful bidders for an is,sue of $300. OOO 6% .bonds on Jan. 5
at 101 and furnish blank bonds and attorney's opinion.
MOBILE COUNTY (P. O. Mobile). Ala,— B/D,S. Bids were also received from the following for the $,50,000 5% 20-vear highway bonds,
awarded to the State Savings Bank of Mobile at 100.125 and int. V. 113.
20 years, optional
—
NEW
inclusive.
for $.500
NEWPORT TOWNSHIP CONSOLIDATED SCHOOL
Carteret County, No. Caro. PURCHASER. The purchaser of the
$65,000 6% coupon school bonds, rep rted sold in V, 113. p, 2335, was the
Beaufort Banking & Trust Co. of Beaufort.
NEWTON COUNTY (P. O. Newton), Texas.— BOATD SALE.—N, A.
Daw.son of Newton was awarded, at par. the $100,000 53^ % Road District
No. 2 bonds offered on Sept. 12. V. 113. p. 877.
Warrants. All of the above bonds and warrants are not subject to
•«§
but may be redeemed after 2 years from their date.
NORTHFORK SCHOOL DISTRICT (P. O. Northfork), McDowell
County, W. Va. BOND SALE. The Ashland Coal Co., of Ashalnd. has
been awarded at par $70,000 6%> school bonds, part of an authorized
*
call
—
issue of $90,000,
COUNTY
O. Oklahoma City), Okla.— BOND SALK.
On Jan. 4 the
—OKLAHOMA $200,000 6% 25-year county hospital b«nds. voted Nov.
(P.
—
—
,
Jan.
U
— — —
—
representing
— were HanuoldGeorge D. Key,City bid par. an eastern
sold to
of Oklahoma
Edgar
CITY, Oklahoma County. OkU.— BOND SALE —
V. 113, p. 2428
Byndlcate, at 101.
OKLAHOMA
have been
.S7I.0nn fuiidintr bond.s ,ipi)roved in Sept. (V. 113, p. 1385^
sold to C Hldurir IToniiold of Oklahoma City.
The
Wilson County,
OLD FIELDS TOWNSHIP SCHOOL DISTRICT, of Schools (I*
O.
BO.\n OFFERIA'G —Charles L. Cooi). Siipt
Wilson) will receive sealed bids unifl 2 p m .Tau 2H for Sl4r>,000 G% .school
N. C.
.
bonds
Denom $1,000 Date Feb 1
New York Duo vearlv on Feb
and
Trin
1922
payable
int
in
as follows; S5,000 1925 lo 1939
Oert. check on an in(!orp bank or trust company,
and $7,000 1940 to 1949
or cash, for 2*7 of bid required. Bonds to be dolirered on or about Feb T.5.
gold
in
ORANGEBURG COUNTY
I
Orangeburg), So. Caro.— BOAD
O.
$100,000
—Sidney Spitzer & Co. of Toledo have purchased 102.88.
equal
bonds as 5Hs, paying a premium of $2,887
(P.
bridge
SALE.
to
50,
—
OREGON (State of).— BO\D .fALR On Jan 10 the $1,000,000 5%
coupon hi£;hwav bonds (V 113. p 2»45) were awarded to Stacy & Braun.
all of New York, An<:li &
Kissel. Kinnicutt & '"'o and Eldredsro & Co
LfOndon-Paris Nit Bank, San Francisco, and the ttalph Schnecloch Co of
,
D ito .Tan 1
Portland on thpir bid of 103 30, a basis of aboxit 4 RS5<^r
Due •525.000 Apr. 1 and Oct 1 ench yen'- from 1927 to 1946 incl.
1922
SPECIAL TAX SCHOOL DISTRICT NO. 1 (P. O. Or=
lando), Orange County, Fla BOKD SALE On Dec. 8 Bolprer, Mosser
& Willaman of Chicatro, purchased $300,000 Vi % school bonds at 9.5. ,50
Denom. $1,000. Date .July 1 1921. Principal
a basis of about 5.82%
and semi-annual interest (.1. & .1.) payable at the Hanover National Bank,
Due yearly on July 1 as follows: $30,000, 1931; $60,000,
New York.
1941: $90,000, 1951. and $120,000. 1961.
(P. O. Carson City), Nev.— BOARDS SOLD —In
ORMSBY
V. 112, p 2792 we stated that the $60,000 6% bonds, offered on March
were being taken up by small investors. We are now advised by the
29,
They are described
Oountj' Clerk that the bonds have all been sold at par.
ORLANDO
—
COUNTY
—
Date .April
as follows: Denom $.500
maturitj' "not later than July 1 1943."
1
1921.
&
Int. J.
Date of
J.
—
Mitchell County, Iowa. BOND SALE. Newspapers say
Loan & Trust Co., of Minneapolis, has purchased
1100,000 sewer Ixjnds. ,
OSSINING UNION FREE SCHOOL DISTRICT NO. 1 (P. O. Ossining), Westchester Co., N. Y.—BOND OFFERING.— P. H. Dowden,
District Clerk, wUl receive sealed bids until Jan. 18 for $25,000 5% bonds.
OSAGE,
that the Minnesota
OVERBROOK SCHOOL DISTRICT (P.
County, Pa. BOND SALE. —The $25,000
O. Overbrook), Allegheny
coupon bonds mentioned m
V. 113. p. 2641. were sold on Jan. 4 to the Mellon National Bank of Pittsburgh at 104.402, for 5s. a basis of about 4.6f)%. Denom. $1 ,000. Date
Dec. 1 1921. Interest J. & D. Due $5,000 on Dec. 1 1931 $10,000 on
Dec. 1 1941. and $10,000 on Dec. 1 1946.
PADUCAH, McCracken County, Ky.— BOA'D .S.4LE.—The $600,000
5% tax-free sewer bonds offered on Jan. 10 V. 113, p. 2745 have been
awarded to J. B. Hilliard & Co. of Louisville, the Security Tru.st Co. of
Lexington and the Harris Trust & Savings Bank of Chicago, jointly, at
par and interest, plus a premiiun of $16, .567, e<iual to 102.76, a basis of
about 4.85%. Date Jan. 10 1922. Due Jan. 10 1962.
—
—
PALO PINTO COUNTY ROAD DISTRICT NO.
REGISTERED
—
An Jan. 4 an i.ssue of $350,000
registered ^vith the State Comptroller.
1,
5H%
Texas.— BOA'DS
serial
bonds was
—
BOND SALE. An issue of $250,000
30-year school, street and electric light bonds have been awarded to
B. Tigrett & Co., of Jackson.
PARIS, Henry County, Tenn,
6%
I.
—
—
.
THE CHKONICLE
1922.]
26
—
PETERSBURG INDEPENDENT SCHOOL DISTRICT (P. O.
burg), Grant County, W. Va. BOND SALE. — The Grant
Bank and Potomac
Peters-
County
Valley Bank, of Petersburg jointly, purchased at par
the $12,000 6% school bonds offered on Mav 23— V, 112, p. 2114. Date
May 1 1921. Due May 11 1941 optional May 1 1926.
PHILADELPHIA, Pa.— BONDS AUTHORIZED.—The
Finance
Com-
mittee of the City Council has approved an ordinance authorizing $1,000,000
Delaware Kiver bridge bonds, which will mature in fifty years.
PHILADELPHIA SCHOOL DISTRICT (P. O. Philadelphia), Pa.—
BOND OFFERING — Wm Dick. Secretary of the Board of Education, will
m Feb. for $2,000,000 4% registered school
r<»celve scaled bids until 12
1
bonds.
Denom $5,000. Jl .000 and $.500 Date Feb 11922 Int .semiannually.
Due $100,000 yearly on Aug. 1 from U)32 to 1951 incl Cert
check for 2% of the par value of the bonds bid for. payable to the .school
dlstri'rt.. required.
Bids to be on forms furnished by the above Secretary
Bids for less than par will not be considered
PIEDMONT, Alameda County, CaWf.—BnND SALE.—Tho. .$.50,000
6% park hf)nds offered on Jan. — V. 113, p. 2846 — have been sold to the
,5
2^3
100,500 Road Dist No 5 bnds. Cert chock on a national bank In Louisiana or somo bank chartered by the State of Louisiana, for $2, .500
payable to the order of the President of the Police Jury, required
Oerl chock on a national bank in Louisi73,000 Road Dist No 6 bo ids
ana or some bank chartered by the State of Louisiana, for $1 ,875,
payable to the order of the {'resident of the Police Jury, required.
Bids for loss than 90 will not be consldorod.
The approving opinion of
some recognized bond attorney will be furnished the purcha.ser without
charge.
'
PONTOTOC COUNTY (P. O. Ada), Okla.— PETITION TO RESTRAIN SALE OF ROAD BO.NDS— The "Oklahoman" on Jan 3 said:
"A petition to restrain County Oommissioaers from .selling $30,000 in
township bonds voted by Maxwell Township in a recent bond election has
been filed in District Court by E. VV. Cotton and T A Starritt. The
County Commissioners and the County Clerk are named in the petition as being parties to an illeged fraud in connection with the bond elecPetitioners alleged that the County Commissioners had entered into
tion.
three
an agreement with a b)'id-buying compiny to sell county and township
bonds amounting to $880,000 before the binds wore voted in the election
The $30,000 botids were voted to be used in improving
held la.st Dec. 6
roads in Maxwell Township
It also was alleorod in the petition that the
election for the b inds was called on an agreement reached bv the Commissioners whild they were out of reTuIar sessiDn, which, they stated, makes
The Maxwell Township bonds for $30,000 were the only
the election void
bonds to carry of the entire county
PORT ARTHUR, Jefferson County, Tex. BONDS REGISTERED.
The following 6% serial bonds were registered with the Stat« Comptroller
—
on Jan.
3:
Park No. 3 bonds.
Sewer No. 4 bonds.
Water-works No. 5 bonds.
Street improvement No. 5 b«nds.
POTTAWATTOMIE COUNTY (P. O. Council Bluffs), • Iowa—
BOND .S/i^E.— Schanke Si Co., of Mason City, have been awarded $46,000
$66,000
65.000
126.000
233.000
6% drainage bonds.
PROVIDENCE,
Providence
4H%
County,
R.
BOA'^D
I
SALE.
—The
sold coupon or registoretl lionds offered on Jan. 11 (V.
SI. 000, 000
113, p. 2846) were sold to Harris, PorDes & Co., at 105.65. a basis of about
Date Feb. 1 1922. Due Feb. 1 1962. The following bids were
4.21%.
also received:
Bidder
Amovnt Bid For.
Price Bid.
—
Eldredge
&
Co. and
W. W. White & Co. Whole
Estabrook & Co
All
E. H. Rollins & Sons, Bodell & Co. and
Miller* George
All
Rhode Island Hospital Trust Co., Old
Colony Trust Co., Edmunds Brothers,
and Barr & Schmeltzer
All
Lee, Hi.gginson & Co., Blodget & Co.,
Curtis & Sanger and Brown, Lisle &
Marshall
All
Watkins & Co., Redmond & Co. and
Richardson & Clark
R.L. Day & Co., Merrill, Oldham
or any part
of $1,000,000
or none of $1,000,000
104.91
104.83
or none of $1,000,000
104.827
none of $1,000,000
104.67
or none of $1,000,000
104.55
or
$1,000,000
1,000.000
ICO.OOO
& Co.
Industrial Trust Co
National City Co. and National Ex-
change Bank
QUANAH, Hardeman
i.ssue of .$15,000 5% serial
104.53
104.39
104.296
All ornone of $1,000,000 104.137
County, Tex.— BONDS REGI STERED.—Ajt
bonds was registered on Jan. 2 with the State
Comptroller.
RANKIN SCHOOL DISTRICT (P. O. Braddock), Allegheny County,
BOND OFFERING. — H. W. Peters, Secretary of the Board of Schocri
Pa.
Directors, will receive sealed bids until 7 p. m. Feb. 6 for $100,000 5.60%
Denom. $1,000. Date Dec. 1 1921. Interest
school building bonds.
payable .semi-annually. Due yearly on Dec. 1 as follows: $1,000 from
1923 to 1931 inclusive $3,000 from 1932 to 1943 inclu.sive S6.000. 1944
and $7,000 from 1945 to 1951 inclusive. Certified check for $2,000.
required.
RICE
(P. O. Faribault), Minn.— FINANCIAL STATEMENT. In connection with the sale of the two issues of Iwnds, aggregating $295,000, notice of wtiich appeared In V. 114, p. 103, we are now
in receipt of a financial statement which is as follows:
.\sses.sed- valuation. Rice County
$22,948,391
Total bonded debt
1.179,000
Population, 1920 Census
28,307
Approximately 60% of the county's present bmded debt, according to
improvement of the State
the official announcement, has been Incurn^d in
highway system, and the State of Minnesota has as?reed to pay principal
on all bonds so issued at maturity, from the State Trunk Highway Fund.
COUNTY
—
RIPLEY COUNTY (P. O. Versailles), Ind.— BO A'D SALE.—Tbft
Township bonds offered on
4!^% George W,
— V. 113. p. 2746 —Trautman. Adams Summan Bank of Summan,
^vere sold to the
Ind., at par and accrued Interest.
Date Jan. 2 1922. Due $300 each six
months from May 15 1923 to Nov. 15 1932 inclusive.
BONDS NOT SOLD.— The $5,600 4 4% Morton Thorton et al.. Brown
First National Bank of Oakland for $50,607. equal to 101.21.
The I)onds
are part of an issue of $1 15,000 recently voted for park and sewer purpo.ses.
It Is reported that the remainder will he offered when arrangements are
made with Oakland for carrying on the sewer plans as a joint city ciitcrnr''."
$6,000
Jan. 2
PIERRE, Hughes County, So. Dak.— BO.VD OFFERIN'G.—.i ,^.
Ro8e.<;ity Auditor, will receive sealed bids until 8 p. m. Fel>. 2 for SI 00,000
6% refunding bonds. Denom. $1,000. Date Feb. 1 1922. Prin. and
Beml-ann. Int. payable at the First National Bank, Minneapolis. Due
Feb. 1 1942. Certified check for 10% of the amount of Ixmds bid for required.
Township bonds
PINEVIEW-JAMESTOWN CONSOLIDATED SCHOOL DISTRICT
—Ht:>\ed bids will be reccivnd
by the Trustees until 11 a. m. Jan. 23 for $35,000 6% school bonds. Due
Ware County, Ga.— BOND OFFERI NG
from 1922 to 1951. Certified check for 1% of bid pavablo to the
DJrtrict Treasurer, required.
All bids must be addressed to the Trustee
of District In care of Harks, Reed & Garrett, Attorneys for District (i*. O
serially
Waycross)
also offered on Jan. 2
— V.
1
13. p.
2746
—were not sold.
ROBERTS COUNTY SCHOOL DISTRICT NO. 3 (P. O. Grenville
R. D. No. 1), So. Dak. BOND O/'/T-.'R/A (;.— John llovland. Treasurer of
School Board, will receive sealed bids until 2 p. m. Jan. 28 for $7,000 Ixinds.
Denom. $500. Payable at School Treiisiirers office. Due $500 yoiirly
on May 1 from 1927 to 1940. incl. Certified check for 59! of the amount
of the Ijonds required. Official notice states the purchaser must pay
"expense of issuing the Ixinds."
ROCHESTER, N. \.—NOTE SALE.— The $900,000 revenue notes
off(Ti'<l on Jan. 10
V. 114. p. 103 were sold. $150,000 going to Robert
Winthrop & Co. at 4.30% Interest and $750,000 awarded to Salman
Brothers & Hutzler at 4.34% lntere.st. Other bidders were:
—
—
Inlervst.
& Co., New York City. $100, 000
S. N.Bond&Co
900.000
Rochester Trust & Safe Deposit Co.,
Robert Winthrop
dAt«d Jan. 12 dcscrlbMl the bonds as ff>llowK
"The Issue will l)<! lii the
form of 5,000 l»onds of $1,000 fsach. and will be serial Ixjnds. 166. or 107,
expiring every ycAT up to 1952.
Provision has lieen nifxle for making thim
reglstere*! or couj>on documc-nts.
Of the total amount $:?.000 000 will b*^
for the <,T»!<:tlon of new K<-hool biilldlnKs and $2,000,000 for retiring gradii
ally as lx)nd«l debt, part of the money the board Ixirrowed lo Increase
teachcjTs' wilarles."
PITTSFIELD,
Berkshire
County,
Ma»u.—LOAN OFFERING.
F. M. Piatt, f ;ity Truasiirer. will ri!<elve mn\ni bids until
for a temporary loan of $100,000. lo be dated Jan. 17
Nov. 7 1922.
PLAINVIEW INDEPENDENT SCHOOL DISTRICT
Male
County, Texas.- /JO, V/>
jriew;,
bond.t-
V
I
13,
p
-have
1701
I
I
and
—BOND
1
PLAZA .SCHOOL DISTRICT NO. 137, Mountrnll County, No.
The Stale of
P"?;— /<'''V/> .*)/»/>,.-November at North Dakota nri,\i\ri-<\ $.5,000 1%,
ballding bonds during
par.
Date May
Due Mav
19^0.
Honds are not subject to call, but may bo redeemed after 2 yearn
IJMO.
1
.
1
.
1
»4.090
7,780
1
from date.
n^ Jan. 30
6% special as.se,ss('miit bonds aggregating 893,370,
bonds.
Denom. $1(10. Date Jan. 1 1922. Due $180
yeariy Oct.
1922 to 1931 lucl.
^ ., „„„
VVater bonds.
Denom. $1,000. Date Jan. 1 1922. Duo $1,000
yearly. Oct. 1 1922 lo 1930 Incl.
^
_,„„
Sanitary .Sewer bonds.
Denom., 1 for $1,000 and S for $,500 each.
Dale Jan. 1 1922
Dvo yearly »a Oct 1 as follows. $.500 1922 to
19-'9 Incl. and $1,000 In 1930.
, _
„ . .,
Date May
Siilewalk bonds.
for $200 and (1 for $.100.
Denom..
Mav 1 1921. Due yeariy on Oct. as follows. $:iOO 1922 and $300
from 1023 lo 1928 ind.
,
.,„„
^
Water Main bonds. Diwiom., 1 for $:!.50 and 9 for $.500 ouch
M)o|
Dale April
i)u„ yojirly an Oct. 1 as follows. $350 1921
and $.500 1922 to 1930, lii<-l.
.
.,„„
^ „„
„ ,
Hanllaiv Hewer bonds.
Denom., 1 for $100 and 9 for $.500 each.
D.aii April 1 1901.
Due yearly on Oct. 1 as follows. $11)0 1921
and $.500 1922 to 1930. Incl".
^^ ^^ , ,
,, ,„,„
,
^
for $780 5 for $1,000, and 4
Haiillarv .Sewer bonds.
Denom..
for $,500 e;.ch.
Date Jan. I, 1022. Duo >'":'.•"'>,'"'.' ';i'- ''A"
follows .$780, 1922 $1,000, 1923 $.500, 1924 $1;'I0'>. ';•-:?,> '"""l
I9.{(1
$1,000. 1927 $.500. 1928 $1,000. 1929 $.500. 19,10, and
$1,000 In 19.11.
TA
Denom., . ,
for
1
OradliiK, Draining, (Jiirl.Ing iiml Paving boiidn.
Date Jan. 1
$1,900 2 for $1,500 ra.li and 17 for $2,000 each.
1922.
Duo each six montlis as follows $1,900. April 1. 1922
192J
1923 $2,000, Oct.
.$2,000, Oct.
1922 $1..500. April
$l..500. April 1 1924
and $2,(K)0 from Oct. 1 1924. to Oct. 1.
will receive .sealed bids until 12
1
4.8.50
—
PLANT CITY, HilNborou:;h County, Fin.
SM.E On Jan 2
the $20,000 <>'/,, 2l)-yoar sin/il^p ivlng binds (V
13, p 2.533; were sold to
the Bank of I'lant (,'ity of Plant Oily al 9'i 62 plus the exponso of priiilliig
DondR
Denom »1 ,000 Dili! July! 1(121
lot J 9c .1
.
1
.
POINTEF. COyPF.E PARISH
ROAD DISTRICTS, Ln.BONtt
38,000
OF-
II
P .Moiiiiger. Pri^sl.lcni ofiho l'.>l|r-r. Jiirv (P O I,«!lt.s worth),
* '" ''<'' '' for Ihi! foilowln'< b .n'ls:
S'J C9,?'.V' '"I"}'.. ''I'l'' ""••"
W4,.50O Ko.id Dist No
b^nds
Cf-rt, check o-i a nallonal b mk In I-oiilsiana or some bank chartered by the Htato. for $l,t).'5. payable lo
lh"ord<r of iho Poll<<- .rury. requlr<>d
Ilo.OOO Bead Dist No 2 b .nds
Corl check on a national bulk in r,'>uls|.
ana or on some bn-ik charUred bv the Hlat/i of I^oulslriaa, for $_'.H75,
Piy-'ihle to the order of the lYeslderil of the Police Jury, required
A-, r«,
47. 50*1 Koad Dl.st No 4 binds
(!erl check on a national bink In I,.iulslana or some bank chartered by the Stale of Loiilsl.ina. fur %\ .900.
p.-ijiible to the order of the President of the Police Jury. re<|ulred
lfhRI\(l
'
I
'
00
00
1
9,000
O. Plnin-
6%
.$45
for the following
mature
.SVU,/; -The .$.50,000
school
biienjHold lo W. A. .VTyrIck of D.illas ,il !»,(
4.68%
4. .50%
$1,600 Water
2,000
(P.
00
Prcm.
4,35%
County, Oh\a.— BOND OFFERING.—
ROCKY RIVER, Cuyahoga
.Ian. 17
to
2.50,000
Frank Mitchell, Village Clerk,
5,000
m.
a
Kochftster
00
00
1
1
I
.
1931. Incl.
.
r^
Denom., 1 for
17,2.50 (Iradlng. Draining. Curbing and Paving bondM
Date .bm
1922.
for $1,000 carli.
$7.50. 5 for $.500 each, and
$7.M), A|>rll 1 1922; $1.00(1, Oct.
Due each sU months as folloWH
1923: $500, Anril I 1924;
$1000. Oct.
I
1922; $.500, April 1 1923.
1925; $1,000 Oct. 1 1025; .$500,
$1,0(K), Oct. 1 I92I; $.500, April
1926, $.500 April I 1927, .ind $1,000
April 1 1926; $1,000 Oct
from Oct. I 1927 to Oct
1931. Incl.
,
,
M
1
I
1
I
I
THE CHRONICLE
%24:
2,300 Water Main bonds. Denom., 1 for $200 and 7 for $300 each.
Date Jan. 1 1922. Due S200 Oct. 1 1922 and .?300 yearly on Oct. 1
from 1923 to 1929 incl.
Certified chock for $.500 required.
Purchaser to pay accrued interest.
Although it seems that the maturity of this issue is in error, as the first
bond IS duo Oct. 1 1921, the notice of this offering has come to hand
officially.
—6%
BOND
OFFERING. At the same time the above Cierk will receive
Coupon bonds. Donom. S500. Date Oct. 1
sealed bids for $38,500
Due each six months as follows. 81,000 from April
Int. A. & O.
1921.
1 1922 to April 1 1928, incl., $2,000, Oct. 1 1928, $1,000 on April 1 and
$2,000 on Oct. 1 in each of the years from 1929 to 1935, incl.. .81,000 on
April 1 1936 and ,51,500 on Oct. 1 1936.
Certified check for $500 required.
Purch aser to pay acci-ued interest.
ROGERSVILLE, Hawkins County, Tenn.—BOA^D SALE.—Recently
$50,000 water and sewer bonds were disposed of at a private sale. These
bonds are the unsold portion of an issue of $75,000, $25,000 of which was
reporli'd sold in V.. 112, p. 285.
RULEVILLE, Sunflower County. Miss.— BONDS NOT SOLD.—No
sale
was made on Jan. 3
Water Impt. bonds.
of the .$30,000
—V. 113,
p. 2746.
ST. JOHNS COUNTY (P. O. St. Augustine), Fla.— BOND OFFERING. Clerk of Board of County Commissioners will receive sealed bids
until Jan. 26 for $350,000 6% road and bridge bonds.
—
BOND
PETERSBURG,
6%
SALE.—An .ssue
Pinellas County, Fla.—
"^'ST.
Guaranty Fund bonds was disposed of last year at par and
of $100,000
accrued interest as follows. Sl-1,000 bonds on M.av 31 to Central National
Bank, St. Peter.sburg. $86,000 bonds on Dec. 20 to R. M. Grant & Co.,
Denom. $1,000. Date June 1 1920. Int. J. & D. Due
of New York.
June
1
1950
SACRAMENTO,
Calif.—BOiVD
OFFERING.—City
Comptroller H. C.
Batterff announces (hat the $900,000 filtration and $200,000
bonds recently voted will be offered for sale in February.
SAGINAW EAST SIDE SCHOOL DISTRICT
(P.
"O.
new wharf
Saginaw),
Saginaw County, Mich.— BOA^D SALE.—An issue of $1,100,000 5%
bonds offered on Jan. 7 was sold to Henry Hart of Detroit, who was representing a syndicate composed of the Bank of Saginaw, Detroit Trust Co.
and the Harris Trust & Savings Bank. Date Feb. 1 1922. Due yearly on
from 1923 to 1912 incl.
SALTAIRE, Suffolk County, N. Y.—BOND SALE.— The $36,000
water bonds offered on Jan.UO (V. 114, p. 104) were sold to Geo. B. Gibbon& Co. of New York at their bid of 100.67 for 6s, a basis of about 5.92%
Date Jan. 1 1922. Due $1,500 yearly on Jan. 1 from 1927 to 19.50 incl.
Feb.
1
SALT LAKE CITY, Salt Lake County, Vtah.—NOTES OFFERED BY
BANKERS. —The Bankers Trust Co. and Curtis & Sanger, both of New
York, and Bosworth, Chauutc & Co of Denver, have purchased $500,000
,
and $1,250,000 h]A".{. tax-free tax anticipation notes, maturips Dec 1
Prin.
1922 and Dec. 29 1922, respectively
Both are d.ited Jan. 3 1922
These
and int. payable at maturity at Bankers Trust Co.. New York
notes were offered to investors at a price to yield 4 75% to matiu^ity and
were all .sold.
Financial Statement.
Assessed valuation, 1920
$193,789,407
3,472,000
Population, 1020 census, 118,770.
(P. O. Clinton), No. Caro.— BOiYD OFFERSAMPSON
ING. John B. Williams. Register of Deeds, will receive sealed bids until
12 m. Feb. 2 for SIOO.OOO ro.ad and bridge bonds at not to exceed 6% int.
Denom. $500. Date Jan. 1 1922. Prln. and semi-ann. int. (J. & J.)
payable at the County Trca.surer's office or in New York City. Due on
Jan. 1 1942. Cert, check for $2,000 required. Legality approved by
Chester B. Masslich of N. Y. City. Bids to be made on blank forms furnished by above official.
Net bonded debt
COUNTY
—
SAN AUGUSTINE, San Augustine County, Texas.— BOA^D SALE. —
The $30,000 6%
on Dec. 14
—
and power bonds registered ivith the State Comptroller
V. Il3, p. 2746 have been disposed of.
light
—
SAN BENIYO,' Cameron County, Texas.— BOA^D OFFERING.—
Sealed bids will be rerei\ed until 12 m. Feb. 20 by Chas. Greenslade, City
Secretary, for ihe following 6% improvement bonds:
$100,000 street paving bonds. Denom. $1,000. Date Feb. 1 1922. Due
yearly on Feb. 1 as follows: $2,000, 1923 to 1927, incl.; .$4,000,
1928 to 1932, incl.; $6,000, 1933 to 1937, incl., and $8,000,
1938 to 1942, incl.
sewer bonds. Denom. $500. Date Aug. 1 1921. Due $500
20,000
yearly on Aug. 1 from 1922 to 1961.
Interest F. & A.
Certified check for 5% of bid required.
BOND
WFUL
— SAN DIEGO, San Diego County, Calif.buildings ISSUE XJNLAthe view
Bond issue for
of exposition
unlawful
of City Attorney, who claims that according to
,
re.^toration
in
is
State law,
bond
issues
cannot bo voted for repairs.
bonds at 109.57.
Other bidders were:
Anglo & London-Paris National Bank
$217,920
E. H. Rollins & Sons and Uyone & Co
217,282
Bank of Italy and R. H. Moulton & Co
. 217,107
Bond & Goodwin & Tucker, Inc., and Blyth, Witter & Co.216.860
Anglo-Calif. Trust Co.. Cyrus Peirce & Co., Hunter, Dulin & Co.. 215,750
Citizens National Bank
211,200
.Financial Statement.
Assessed valuation
Total debt
Population (estimated), 7,000.
$4,901,165
229,000
SAN MATEO UNION HIGH SCHOOL DISTRICT, San Mateo
County, Calif. iUDS. — The following bids were also submitted on
for the .1300.000 0% school bonds awarded on th,at day to the AmeriJan.
:i
can National Bank of San Francisco at 108.91, a basis of about 4.84%
V. 114, p. 104:
E. U. Rollins & Sons and Ryone & Co
.
$391 250
Bank of It.'ily and U. (1. Moulton & Co
390 S52
Bond & Goodwin & Tucker, Inc., and Blyth, Witter & Co
390 708
Stephens* Co
389.000
Anglo-Calif. Tr. Co. Cyrus Peirce & Co. and Hunter Dulin & Co.
388.350
Citizens Natioua-1 Bank
380,160
,
Financial Statement.
Asses.sed valuation
$15,403,090
467,000
Total debt
Population (estimated), 13,400.
SAN MIGUEL COUNTY SCHOOL DISTRICT NO. 2 (P. O. East
Las Vegas) N. Mex.— PRICE PAID. The price paid for the 3100,000 0%
15-30 year (opt.) new school building and site bonds, dated Nov. 1 1921, by
Bosworth. Chanute & Co. of Denver V. 113, p. 2336 was 98.
SAN RAFAEL, Mnrin County, Calif.— CO LWrV SUPERVISORS
LOAN CA.'<II TO CITY.— The San Francisco "Chronicle" of Jan. 7 says:
"The Marin County Board of Supervisors to-day appropriated $4,000 as a
—
—
—
loan to he City of San Rafael to be used in the completion of the widening
and dredging of the San Rafael Canal. As security for the loan the city
will deed to the county a frontage of 100 feet on the canal.
The city will
pay 3% interest and repay the principal in ten years."
t
—
COUNTY
SANTA ROSA
(P. O. Milton), Fla.— BOA'^D OFFERING
Until Feb. 15 bids will be received for $225,000 6% road and bridge bonds
by T. W. Jones, Clerk of Circuit Court. Due in 30 years.
DESCRIPTION OF
—SCAPPOOSE, Columbia County, Ore. reported u\ V. 113. p.BONDS
The ,530.000 6% water bonds, awarded as
2336
are described as follows: Denoms. $100. $.500 and $1,000. Date Nov. 1
1921. Prin. and semi-ann. int. (M. & N.) payable in gold at the Fiscal
"*' ''is Stale of Oregon in New York City.
Due vearlv as follows:
«.F?,1'^y
S2.p00, 1931 to 1933, hicl.: $3,000, 1934 to 1937. incl; $4,000. 1938 to 1940.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 4 (P. O.
Mont.—BOND OFFEniNC.-Mr>i. H. W. Henke. Clerk Board ofDegmar).
Trustees
will receive sealed bids until .h'u. 21 for
ing bonds.
Denom. $100.
SEATTLE, Wash.
the following
6%
BON^D SALE.
bonds:
—During
December the
city issued
Dist.
No.
3410
$8,5.54 58
.3409
3.369
9,230 18
87,925.38
^lil
3285
3407
3275
3335
5§d^^91
95,008 98
Amount.
Purpose.
3,400 00
3.400 00
All the al)ove
Sewers
and concrete
Paving
bonds are subject to call
Trestle
SHERMAN COUNTY
000
5%
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Grade
Paving
Grading
21,70090
Due
Date.
6 1921
15 1921
16 1921
19 1921
20 1921
23 1921
Sewers
Sewers
(P.
road bonds dated July
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
6
15
16
19
1933
1933
1933
1933
20 19.33
23 1933
Nov. 26 1920 Nov. 26 1932
Oct.
4 1921
Oct.
4 1933
at any interest paying date.
O. Moro), Ore.— BOND SALE.— The $300 1 1919 and due July 1 1939, offered on Jan. 9
(V. 114. p. 104) have been sold.
SLATON, Lubbock County,
BONDS REGISTERED. —An
Tex.
is-
sue of 6% serial sewer bonds amounting to $55,000 has been registered with
the State Comptroller on Jan. 2.
SMITHVILLE INDEPENDENT SCHOOL DISTRICT
Bastrop Countv. Texas. PRICE PAID — The
Edwin Hobby & Co of Dallas, for the $90,000 6% school
ville),
.
was
sold in V. 113, p. 104,
(P. O. Smithprice paid by
bonds reported
102.
SPRINGFIELD, Lane County, Ore.—BOND SALE.—The
$35,000
refunding bonds offered on Nov. 14 (V. 113, p. 2103) were sold to local
buyers at par.
6%
SPRINGVILLE,
Y.—BOND SALE.—V.
Erie County, N.
J.
Cady.
Village Clerk, informs us under date of Jan. 11 that the $90,000 electric
dam bonds offered on July 11 V. 112, p. 106 were not sold on that date
but were disposed of on Nov. 28 to O'Brien, Potter & Co. of Buffalo at
100.325 for 6s, a basis of about 5.95%. Date Sept. 1 1921. Due yearly
on Sept. 1 as follows: .$4,000 from 1922 to 1930, incl.. and $6,00(3 from
1931 to 1939, incl.
—
—
STANTON SCHOOL DISTRICT NO. 22, Mercer County, No Dak.—
BOND S.ALE — During November $5,000 4% building bonds wore sold
Due
at par to the State of North Dakota
Date July 1 1920
1940.
Bonds are not suhiect to call, but may be redeemed
from date.
STANTONSBURG SCHOOL DISTRICT,
BOA^D OFFEB/A^G.—Charles L. Coon, Supt.
.July 1
after 2 years
C—
Wilson County, N.
of Schools (P. O. Wilson)
will receive sealed bids until 2 p. ni. Jan. 28 for $25,000
school bonds.
Denom. $1,000. Date Feb. 1 1922. Prin. and int. payable in gold in
N. Y. City. Due yearly on Feb. 1 as follows: SI. 000 1925 to 1948 and
$2,000 1949. Cert, check on an incorporated bank or trust company, or
cash, for 2% of bid, payable to the Tre.saurer of Wilson County, required.
Delivery of bonds to be made on or about Feb. 15 1922.
STARKE COUNTY
5%
6%
O.Knox), Ind.— BOA'D
(P.
.S.ALE
—The
$6, .500
William Pcolc et al.. Centre Township bonds offered on Jan. 6^V.
113, p. 2747
were sold to the ]\Iever-Kiser Bank of Indianapolis, at
100 157, a b.isis of about 4 98%. Date Jan. 2 1922. Due $325 each six
months from May 15 1923 to Nov. 15 1932 inclusive.
BOND SALE. The $8,000 5% Oregon Township road bonds offered on
Dec. 20^V. 113, p. 2747 were sold to A. P. Flynn at par plus a premium
of$22 50 (100.281), abasisofabout4. 95%. Date Dec. 5 1921. Due $400
each six months from May 15 1923 to Nov. 15 1932, inclusive.
STEUBEN COUNTY (P. O. Angola), Ind.— BOA'D OFFERING.—
Earl Tuttle, County Treasurer, will receive sealed bids imtil 10 a. m.
Jan. 21 for 842.500 5% Ciu-tis Court et al. York and Clear Lake Town.ships bonds.
Denom. $531 25. Date Dec. 19 1921. Int. M. & N.
Due $2,125 each six months from May 15 1923 to Nov. 15 1932 incl.
STORM LAKE INDEPENDENT SCHOOL DISTRICT (P. O. Storm
Lake), Euena Vista County, Iowa. BOND SALE. Recently Geo. M.
Bechtcl & Co. of Davenport, were awarded $54,000 school refunding bonds
—
—
—
—
.
at 101.13 for 5s.
SULPHUR, Murray County, Okla.— BOA^D OFFERING —Sealed
by Pat Rilev, Mayor, until 4 p m Jan 23 for the
works. .^35.000 conventional hall. $20,000 sewer and $10,000
electric light 6"'f bonds, recently voted
V 113, p 2429
bids will be received
.'•85.000 w.iter
—
SURREY COUNTY
O. Dobson) No. Caro.— BOATD OFFERING
Henry Wolfe, Clerk of County Commissioners, will receive seaeld bids
—
until
(P.
,
5H%
bridge bonds. Denom. $1,000.
11 a. m. Jan. 20 for $75,000
Date Jan. 1 1922. Due Jan. 1 1942. Prin. and semi-ann. int. payable
at National Bank of Commerce, New York. Cert, check for $1,500.
payable to the County Treasurer, required.
issue of
SWAMPSCOTT, Essex County, Mass. NOTE SALE
$30,000 notes offered on ,Ian 6 was sold to the Old Colony Trust Co. of
Boston on a 4 33% discount basis plus a premium of 50 cents. Due June
—An
14 1922
SAN MATEO GRAMMAR SCHOOL DISTRICT, San Mateo County,
Calif.— BOA'D SALE. — On Jan. 3 Stephens & Co. "and the American
National Bank, bolli of San Francisco, were awarded $200,000 6% school
,
[Vol. 114.
$1,400 6''^ 10-20-year (opt.) fundCert, check for $200 requu-ed.
SYLVANIA SCHOOL DISTRICT (P. O. Sylvania), Lucas County,
$6,000 6% bonds offered on Dec. 31— V. 113.
Ohio.— BOA^D SALE.—The
Co. of Toledo at 101,
—Date sold to A. T. Bell & $1,000 yearly on Dec. a basis of about
were
Due
from 1923 to
Dec.
1921.
p 27.17
5.74%.
1
1
There were no other bidders.
1928, incl.
TANGIPAHOA PARISH SCHOOL DISTRICT NO.
P.ari.sh
bonds
52,
La.— BOA^D
do received until
a m Feb 7
— Sealed bids
Superintendent of Schools (P.O.Amite) for $100,000 5%
OFFERING
will
Denom. $1,000
.serially for
Date Nov.
Bids for
15 years.
TARPON SPRINGS,
11
less
1
19;?1
than 90
will
the
school
Due
Interest semi-ann.
not be CDnsidorcd.
County, Fla.— BO.VD
Pir.ollas
by
.S.ILE
— An
ssue of $300,000 improvement bonds has been disposed of at 101.
TARRANT COUNTY COMMON SCHOOL DISTRICT
NO. 66, Tex.
issue of $20,000 6% 20-40-year bonds was
with the State Comptroller on Jan. 6.
registered
THOMAS SCHOOL DISTRICT (P. O. Thomas), Custer County,
Recently $74,000 school building bonds were
Okla. BONDS VOTED
voted by 395 to 49.
—BOARDS REGISTERED.— An
—
B/DS—
TILLAMOOK COUNTY
following
is
The
(P. O. Tillamook City), Ore.—
a coniiilete list of the bids received on Dec. 31 for the $150,000
5!^% highway
inipt. bonds:
G. E. Miller & Co., Port. $1,53. 772 50|LumbermonsTr.Co.,Port$1.52,865 00
Sclineeloch Co., Port. 152,475 00 ILadd & TiKon Bk., Port. 151,846 50
R.
Ferris & Hardgrove, Spok. 151,845 00 |Se;ittle Nat. Bank, CarTillamookCo. Bk., Tilla. 151,125 00| stens & Earles, Inc.,
Clark, ICendall & Co..
Bank.
National
First
150,345 00
Inc., Portland
Tillamook
1,50,7.50 001
Notice that Geo. E. Miller <fe Co. of Portland had been successful in
last week s
acquiring the bonds on their bid of $153,772 50 was given
issue on page 104.
TIMMONSVILLE, Florence County, So. Cbto.— BOND SALE.—
3. H. Hilsman & Co. of Atlanta have piu-chased $25,000 city bonds.
1
m
TIMPSON, Shelby County, Tex.-BONDS REGISTERED.
of .J30.0nO
troller
6%
on Jan.
10 30-ye.ir light bonds
was
— An
Comp-
issue
registered v/ith th? State
2.
TODD COUNTY
(P. O. Long Prairie). Minn.— B/D.S— The following
bids were also rocoixed on Jan. 4 for the five is.sues of bonds, which aggreof several ditches of Todd County, awarded as stated in
gate ?3S,000.
Minnesota Loan & Trust Co., Minneapolis
^52'Z§n
^
People's National Bank. Long Prairie
22'7„V
.
Powell. Gerard & Co Chicago
5s'l?«
38,570
Bankers Trust k Savings Bank. Minneapolis
TRAILL COUNTY (P. O. Hillsboro), No. Dak.— BO.VD S.A.LE —The
% taxMinneapolis Trust <;o., of Minneapolis, has purchas^id $93,000 5
Date Jan 1 1922. Prm.
Deuom. SI. 000
free coupon funding bonds
iiid semi-ann iaterost (J & J ) payable at the Minneapolis Trust Co
Due vearlv on Jan. 1 as follows: $9,000, 1933 to 1939
Minneapolis.
,
I-lj
and $10,000, 1949 to 1942 inclusive.
Financial Statement.
:
Actual value, estimated
Assessed valuation, 1921
Total b.ondcdd°bt (this issue only)
Population (1920 census). 12.210.
inclusive;
*§9'9??'9a§
36,453,458
-•
y.i,UU«
—
—
—
THE CHRONICLE
Jan. 14 1922.]
225
—
WAYNE, Wayne
New Philadelphia), Ohio.—
TUSCARAWAS COUNTY (P. O. roacl-iniprovi'meiit bonds ofldrcrt
cmipoii
S \LK — Tho S10i)..)00
on Jan 3— V. 113, p. 2747— were sold to A T Bell & Co at par and
a basis of
to 101
County, Neb.— CO««/';C7VO/V The amount of 6%
btnids piirchast'd by the International Trust C:;o
and
Ben well. Phillips & Co both of Denver, was $214,691 43 (not $214,691
Tho bonds were
asstatcdinV, 113, p 2748). The price paid was 100 49
purchased on Dec 16 and answer to the following description: Denom.
Date Jan. 2 1922. Due Jan. 2 1942. Op$1,000, except for .$691 43.
tional Jan. 2 1932.
VIGO COUNTY (P. O. Terre Haute). Ind.— BOND OFFERING.—
Geo, A. Schaal, County Treasurer, will receive .sealed bids until 10 a.m.
DeJan. 18 for S8,200 5% J. N. Koljcrtson et al. Prairipton Tjv-p. bonds
nom S410. Date Jan. 15 1922. Due $410 each six months from May 15
1923 to Nov, 15 1932 iucl,
WESTON COUNTY SCHOOL DISTRICT NO. 1, W/o.-RO.YD
OFFERING —Scaled bids will bo received until 2 p in. Feb. at office of
Clerk .It Newcastle, Wvo for $110,000 6"^, bonds. Denon. /?1,000. Int.
Date Jan 1 19?2. Payable in 25 years. M. J Lyl--, President,
J & J
VIRGINIA.— /A".4CCL^RATB DESCRIPTION OF AN ISSUE OF
CITY
STATE BONDS IN OUR ''STATE AND Dec. SECTION."— In Part 2
issue of
1921, m describing the
WHITEVILLE SCHOOL DISTRICT NO. 1 (P. O. Whiteville),
BOND SALE. — On .Ian. 5 the $75,000
6% l)onds —V. 113, p. 2847 —were .sold to the Hanchett Bond Co., Inc.,
ROXD
inlor.soct.ioii i),ivirig
6'";>
52,
accrued interest, plus a «2.888 83 premium, eriual
Due $19,000 each six month.s Irom
about 5 4ti'7. Date Jan. 1 1922
inclusive.
March 1 1923 to Sept. 1 1927
,
Anna
Date Jan. 1 1922. Due yearly on Jan. 1 as
of Chicago at par and int.
follows: .$2,000, 1925 to 1934 incl.; $3,000, 1935 to 1944 incl., and .$5,000,
1945 to 1949 incl. A bid of 99.60 was received from Prudden & Co. of
Toledo. There were several other bidders present, but they refrained from
bidding because they were not allowed to bid below par.
—
WILBARGER COUNTY
(P. O.
V. 113, p.
bonds, reported sold
—The $.505,500 514% road Vernon), Te-x.-DESCRIPTION OF
Date Dec. 15
Denom. $1
2847, answer to the following description.
BONDS.
O. Wagoner), OUla.— BOND SALE.—
WAGONER COUNTY (P.
Reports say that $200,000 road bonds have been sold at par.
(P. O.
WARREN COUNTYCounty Williamsport), Ind.— BO.VD OFFERING.
Treasurer, will receive sealed bids until
Moffitt.
for
months from
May
Haslet et
(P.
O. Vicksburg)
,
heny County, Pa.
'-2
Ward. Chairman of Trusices, will receive sealed bids until 12 m. Feb.
Danom. .SI .000.
.$85,000 fi'^v coupon or registered school bonds.
int. payable in New York City or
as follows: .51.000, 1923 to 1028
Bechtel & Co. of Davenport have been awarded,
drainage bonds.
M.
1929 to 1937 inclusive: $3,000, 1938 to 1943 inclusive
$4,000, 1944 to 1947 inclusive; 85,000, 1948 to 1950 inclusive; and .'iS,()00
Certified check for 2% of the amount of bonds bid for,
1951 and 1952.
Le.srality approved by Caldwell & Raymond, New York City.
required.
inclusive: $2,000,
City of Philadelphia
3s
4s
4^s
4^8
5s
51^8
5H8
Henry
South Fifth Street
Philadelphia
Pritiate Wire to New Yort
Call Canal 8437
United States and Canadian
Municii>al Bonds.
^t^^%^0*OOA
WHDDELL
n
OfOfind Floor Binoer Buildini)
New York
Ubertv StrMt,
Tetepiioiie Oortl&nat 3183
Sugar EngineeriDg Corp.
WOOLWORTH BLDC.. NEW YORK
INVESTIGATIONS
APPRAISALS
REPORTS
DESIGN
MUNICIPAL BONDS
OnOcrwrltlrjB ftbd (iJatrltratlnc niitlrn Inutw •>
OI»j. Oaanljr. 3chfK)l Dtotrlct »u<l lUi^a Olatrlc*
Mnda •f Thim Dr.Mora' lorjolrtm »n(l iTrttrtam
circular! on r«<iu*«t.
HOUSTON
NEW LOANS
PROPOSALS
FOR FIVE MILLION DOLLARS'
WORTH OF FIVE PER CENT BONDS
OF
THE SANITARY DISTRICT OF
CHICAGO, BEING THE THIRTYFIFTH ISSUE THEREOF
S290,000
Sealed proposals addressed to the Board of
Trustees of The Sanitary District of Chicago
and indorsed "Proposals for Purchasing Bonds"
will be received by the Clerk of said The Sanitary
District of Chicago at Koom 700, 910 South
Michigan avenue, Chicago. Illinois, until twelve
(12) o'clock noon, (standard time), on Thiu-sday,
January 19th, 1922.
The bonds for the purchase of which said
bids will be received are the thirty-fifth and
pre,sont issue of five million ($5,000,000.00)
dollars worth of bonds of said The Sanitary
District of Chicago in denomination of one
thousand (.Sl.000.00) dollars each all to bear
date the first day of January 1922, with interest
at the rate of five per cent (5%) per annum,
payable semi-annually on the first day of July,
and the first day of January of each year until
.said bonds are paid.
Two hundred and seventy
thou.sand (.§270.000.00) dollars of the principal
of said five mUlion (.?5. 000. 000 .00) dollars worth
of bonds hereby offered for sale are to be payable
on the first day of July. 1923 and two hundred
and seventy thousand (.$270,000.00) dollars of
the principal of said bond.s hereby offered for
sale are to be payable on the first day of July of
each succeeding year up to and including tho
year 1940. and one hundred forty thousand
($140,000.00) dollars thereof to bo payable on
the first day of July, 1941, both principal and
interest to be payable at the office of the Treasurer
of said The Sanitary District of Chicago.
All bonds may be n^gistered as to principal
at the option of the owner.
Proposals will be received for five million
dollars (.§5,000.000.00) worth of said bonds or
any portion thereof.
JEach
proposal must be accompanied by
certified check or cash in amount equal to three
of the amount of the bid.
per cent CiV,
All
certified checks or drafts must bo drawn on .some
responsible Chicago bank and must bo payable
to the order of the "(Jlirk of The Sanitary District
of ChirnKo."
Said amount of three per cent
'3%) of the amount of tho bid will bo held by saicl
The Sanitary District of f^hU^-igo until all of the
s;ilfl |)ropos;ils have been canvahse<i and the bids
have been awarded.
Tho right Is reserved to sell the whole or any
imrtlon of said five million (.$5,000,000.00)
)
worth of bonds and to reject any and
of said bids.
Said bonds to be paid for nnrl <lellvered al
the offlcf! of the Treasurer of said Tho Sanitary
District of CMilc-jgo.
<Iollars
all
opinion bv Wood & Oakley will bo fiirnlshad
certifying tho legality of said Ixmd Issue.
An
I
iiiiincial
Statement
Kqiiallzcd vabi'of iirop.Tty. "iiO »l ,761,2SK,I62.00
Authorized iMdibl.:dn<t.sM ;)%
52,i>;i«,6.j4.86
Amount
January
bonds,
Outstanding
1922
$20,5IB,000.n0
6,000.000.00
of pr<s»cnt imiuo
WISE
COMPANY TEXAS
Total
of
$30,710,000.00
'I'rii'.lir-i
Koom
ol
Tliii Siinitiiry
I)|H(rlctof Chlc-aKo,
700, 910 South .MIchlKan
Illinois.
venue, (Chicago
lly
Chairman
of
W.M. W. HMVIII,
JAMI'-H II, LAWLKY,
(Jommltleo on Klimnce,
Itx
Sealed proposals will be received by the Treasurer of Cjolumbia County at his office in the
Court House in the city of Hudson, New "iork,
until
25TH. 1922. at ten A. M.,
for the purchase of registered bonds of the County
of Columbia amovmting la the aggregate to
.?290,000
The bonds will be of the denomination of
•11,000, will be dated as of February 1st, 1922,
and will bear interest at the rate of four and
one-half per centum per annum, payable semiannually on the first day of February and August.
Both principal and interest will be payable at
the office of the County Treasurer in the city
of Hud.son, N. Y., in New \ ork exchange,
twenty of said bonds will be payable on February 1st in each of the years 1931 to 1944 inclusive,
and ten of said bonds will be payable on February 1st, 1945.
Proposals wUl be received for the whole or part
of said bonds. All proposals must provide for
the payment of the accrued interest by the purchaser from the date of said bonds to the date of
the delivery of tho bonds, and must be accomp.anied by a certified check upon an incorporated
bank or trust company payable to the order of
Edward Westover, County Treasurer, for two
per cent of the amount of bonds bid for. the
amount of said cheek to be credited upon the bid,
f accepted, and to be returned forthwith if not
accepted.
The Treasurer reserves the right to reject any
JANUARY
and
all
bids.
Said bonds are exempt from taxation In the
State of New York.
The validity of tho bonds will bo approved
by John C. Thomson. Esq., attorney, of New
York City, whose opinion will be furnished to
tho successful bidder.
Dated. January 0th. 1922.
WESTOVKR, County Treasurer.
EDWARD
$50,000
Lincoln County, Wis.
Highway Improvement Bonds
.Sealed propo.sals will bo rei'i^lvi^l bv the underslgnid, at the ol'flie of the ('ounlv l"riMisiirer of
Lincoln County, a( the Courl Woiisn In the
Cllv of Merrill, Morolii <'"""'.v. Jli'^''"'^'"until WEDNIiSbAY, FEB. 1ST, 1922 at II
(or tlio piir<liiiwo "I the whole
o'clock A
ofanv barl of the above iiaiiiK.I boilds aiiiouiiriiig
(S.W.OOO (Ml) Dollars, w th
to rmv thoii.saiid
Interest at ()'-,', piT .niinmi. payable ^'''Va'l""";' X;
DonoiiilnalloiiH of One Thoimand («l .0(10 00)
.liiiic Irtl.
Doll.irs bond.s one to five Inrlimlve, due
and the Imlance ilue at tho rii(<' of riv#'
I')2.'»
annuiilly tlioriiThou'sand (.'J5,000 00) Dollars
Tho
any or
,
CoriiiMlttii!
all blds.^
6, 1022.
Mio right to reject
reiinrveM
Dale<l Jan. lOMi, 1922.
I.Oirr.S I.KIDKlElt,
ClmlriTiHIi Hoard of Millx-rvlKorM.
Lincoln Coiiiily, WlNconttln
W
II
(
KMHKU,
'oiiiily Tre.iHiiror
NO
ItllAN'DT.
(!ounty CIitU
Commit too ftuthorl/.i'd by llonrd of
J
(^uiiiity,
Mncdiii
of
WlHConnln. to coiKliict wain of boiidH.
Siip<irvlMorH
Clerk.
N.Y.
HIGHWAY BONDS
THE HANITAUY DIHTUiaT,
(jV (;IIICA(J»J,
January
ii
COLUMBIA COUNTY,
M
1,
Unexerclwid debt IncurrhiK powur.$22,2l2,034.«0
For flirt hiT liirnrni.i'loii apply to thi' Chairman
of tho Coiiiinllii'' on l''ln.iniM! of the Hoard
G.
RttebllatiMl 1011
—
YAZOO COUNTY
(P. O. Yazoo City), Miss.— BOND OFFERING
Until Feb. 7 .sealed bids will be received bv S S Griffin, County Clerk,
Denom. S.500. Date Jan. 1 1922.
for $25,000 6% road bonds.
di<bt
including
botidi.d
Total
.. 25.51(1.000.00
present I-hui'
Fixed contract llabllltlCB
5,200,000.00
HAROLD
reported, $300,000
it is
NEW LOANS
NEW LOANS
104
645,400
this issue
WILKINSBURG SCHOOL DISTRICT (P. O. Wilkinsburg), AllegBOND OFFERING. — L R Hagan. Secretary of the
Board of School Directors, will receive .sealed bids until 8 p. m. Jan. 30
for $13.T.OOO 4
% bonds. Interest P. & A.
WOODWARD, Woodward County, Okla.— BOA^D SALE.— The
Brown-Crummer Co. of Wichita, Kan., have purchased $100,000 6% electric-light-plant bonds at par.
WRIGHT COUNTY (P. O. Clarion), Iowa.— BOND SALE.— George
Miss.—BONDS VOTED.—
specialize in
yearly on
Population (1920 Cen.sus), 15,112.
for
&
Due
York.
$16,.348,454
Net bonded debt, including
Prih and seini-ann.
Date Jan. 1 1922
Due yearlv on Jan. 1
in Warrenton
Biddle
New
As.sessed valuation. 1921
An issue of $150,000 bridge bonds has been voted. H. R. Rhodes, Highway Engineer.
WARRENTON SPECIAL TAX SCHOOL DISTRICT (P. O. Warrentown), Warren County, No. Caro.— BOND OFFERING —V F
We
in
,080.
Financial Statement.
Pine Twp. Ixinds.
Due $648 each six
15 1922 to Nov. 15 1931 incl.
WARREN COUNTY
in
1921. Prin. and semi-ann. int. payable
June 15 from 1923 to 19.53, incl.
al.
M. & N.
O. Miller, (Merk
Columbus County, No. Caro.
31
of our "State and Citv Section"
various loans of the State of Virginia, we reported $21,928,438 81 Century
bonds (Act of 18921 as being outstanding. This is an error. The amount
should be 814.177,926 24.
WADENA, Wadena County, Minn. BOND SALE An issue of
$70,000 pa\-in, ; Douds ha.s boon sold to Gates, AVhite & Co., of St. Paul
at 101 30
David H
C,
.312,980
2pm Jan 31 Date June 65% JamesInt.
1921.
Denom' S648.
,
,
THE CHRONICLE
226
YONKERS, Westchester County, N. Y.—BOND OFFERING —Robert
D. Ferguson. City Comptroller, will receive .so;iled bids until 12 m Jan. 24
Tor the following coupon (with full privilejte of refrisl ration) bonds:
Denom 400 for $\ ,000 each and 40 for $500
«420.000 4^ % wa'er boiidt*
each
Due $10.5(>0 yearly on Feb 1 from 1923 to 19tj2 inclusive.
Denom 160 for $1,000 each and 20 for
175,000 4 J<% school bonds.
$750 each
Due $8,750 yearly on Feb. 1 from 1923 to 1942
Ji
%
Denom.
dock oonds
Due
$1,000.
$1,000 yearly on Feb.
1 froai 1923 to 1934 Inclu.sive.
Denom $1,000. Due $25,000 yearly
200.000 4 M?5 assessment bonds
on Feb 1 from 1923 to 1P3T inclusive.
Denom. Sl.OOO. Due $12,000
240,000 4 -^i^f local in'provement bmds
yearly on Feb 1 from 1923 to 1942 inilusive.
Denom 63 for Sl.^lOO and 20 for
66.000 4 «4% public buildin?; bonds
$300 each. Due $3,300 yearly on Feb 1 from 1923 to 1942
I
accrued int«rest.
A
not
its
6%
—
(P.
O. Dauphin),
.«20.000 5!^%
to Wood. Gundy & Co. at 96.09, as reported In V, 113. p. 2848
are described as follows: Denom. $1 ,000.
Date Jan. 2 1922. Int. J. & J.
Due Jan. 2 1952. These bonds are issued in order to raise money to purchase a site for a Collegiate Institute and were sold on Dec. 14.
bonds sold
Man.— BOA^D
SALT-:
An issue of $30,000 fii<''4 school bonds olTorod some time ago,
has been sold to the IJot.d & Dcbfmture Co of Winnipeg at 95.
,
NEW BRUNSWICK
(Province
of).— DEBENTUHE OFFERING
3pm
SASKATCHEWAN SCHOOL DISTRICTS,
AUTHORIZED. — The
—
Sealed tenders will b<' received until
Jan 16 by the Provincial
TVeasurer (Uoa 540, Fredericton N U ) for the purchase of the following
gold coupon (with privileije of resristration, as to principal only) deoentiu'es
$1,000,000 Hydro-Electric Power delKMitiires.
890,000 Permanent Koad debentures
Denom. $1,000 Date Jan 16. 1922 Prin. and semi-ann interest
(J. & J
payable in gold at the office of the Provincial Secretary-Treasurer
In Fredoricton or at the Hank of Montreal in St. John. Montreal or Toronto
All bids must be made in Fredericton
Certified check for .$15,000. required
funds.
Payment for d(bontures must be made at the Bank of Montreal,
Bidders are
FVedericton, on delivery of interim securities at this bank.
asked to submit three b'ds. that is:
(1) For five year G% debentures payable in Canada.
(2) For five year 5H ^J di benturos payable in Canada and New York City
(3) For t«n year 5H % d< buitures payable in Canada and New York City.
Purchaser to pay accrued interest.
An i.ssue of $200,000
WESTMINSTER, B. C.—BOND
6% 20-j'enr bonds was recently sold at 92 (Canadian funds) to BIyth,
Seattle.
The bonds are either pay.ible in Canada or the
Witter & (:;o of
United States
Although the Ins^>ector of Municipalities of the province
of Briti.sh (Columbia opposed the issuance of the bonds the City Council
went ahead with the transaction.
Glenro.se, .$3,000.
(Province
of).— B0.VD5
OFFERED BY BANKERS
—
again called to the offering of the $15,000,000 5J^% gold
coupon provincial bonds, mentioned in our issue of Jun. 7 on page 105, by
New York, Halsey,
the syndicate composed of Kis,sel. Kinnicutt & Co
is
,
NEW LOANS
—
DEBENTURE
SALES. The following, we learn from the same source,
of debentures amounting to $.50,100 reported sold during the same
periods: Schools Jasmin. $2,000 10-year 8s, Geo. Morehouse. Regina.
Rural telephone.s Dilke. $600 15-year 8s. Miss A. P. Morton. Dilke
Beatty. $15,000 15-year 8s, Geo. Berwick, Regina Ridpath. .$4,000 1,5-vear
8s, C. C. Cross & Co., Regina Vawn, $5,300 1.5-year 8s, W. M. Houston &
Co., Regina Montrose, $1,800 1,5-year 8s, C. C. Cross & Co., Regina
Goleville, $3,900 1.5-year 8s, C. C. Cross & Co., Regina Veregin. $1,400
15-year 8s C. C. Cross & Co., Regina S. W. Moosoning, $650 15-year 8s.
C.C. Cross & Co., Kegina Star City, $8,250 1.5-year 8s. C. C. Cross & Co.,
Regina Liberty, $1,100 1.5-year 8s, Regina Sinking Fund Ingleside. $4,100
1.5-year 8s, R. O. Berwick & Co., Regina.
Town Milestone, $2,000 15year 8s. Jas. Glenn. Milestone.
is a list
—
—
—
SALE—
ONTARIO
—
—
)
Attention
SasU.— DEBENTURES
following, according to the
Monetary Times" of
Toronto, is a list of authorizations granted by the Local Government Board
from Dec. 17 to Dec. 24: Schools fCildare, .$4,100 Galabank. $1,100.
Rural telephone Douwell-Canora, $X,600 Naisby, $700 Vawn, $5,300
Last Chance, $1,200 Valbrand, $15,750 Radant, $700 Winter, $5,250
.
NEW
nece.ssarily accepted.
SASKATOON, Sask.—BOND DESCRIPTION —The
bonds was sold to the Eastern Securities Corp. of
DAUPH.N SCHOOL DISTRICT
on a
6%
^^^
Issue of $92,000
Toronto at 92.50.
are offered
tario until 12 m. Jan. 18 for the purchase of $500,000
coupon (with
Brivilege of registration as to princir)al) gold Hydro-Electric Railway bonds
lenom. $1,000. Date July 1 1921. Prin. and semi-ann. int. (J & J
)
IS giiaranteed by the Province of Ontario and is pavahle in gold
coin at the
chief office of the Bank of Montreal in Toronto.
Due on July 1 1961
marked cheqk for $5,000 is required. Payment for bonds and delivery
thereof to be made on or before Jan. 20, less the amount of the check which
is to accompany the bid.
Tenders are to be addressed to the above Treasurer at 190 University Avenue, Toronto, Ont. The highest or any tender
Provinces and Municipalities.
ANTIGONISH COUNTY (P. O. Antigonish), N. S.—DOND SALE.—
An
They
ONTARIO (Province of).— BONDS TO BE OFFERED BY JTYDROELECTRIC POWER COMM I SSI ON .-HcuXeA tenders will be received by
J. W. Gilmour, Treasurer of the Hydro-Electric Power Commi.ssion of On-
1922.
Prin
City Treasurer's office
CANADA,
.
York, and the Canada Bond Corp. of Toronto.
previous page of this issue at 99 75.
and semi-ann. interest (A. & O") payable at
Certified check for 2% of the amount bid for,
drawn upon a .solvent bank or trust Company, payable to the above menThe legality of this issue will be approved
tioned Comptroller, required.
by Hawkins, Delafiold & T^ongfellow of .Nfew Yorlc. and a duplicate orisinal
Bids will be
of their opinion wll be forwarded to each successful oiddor.
received for all or for any part of the above six Issues. Purchaser to pay
Date Feb
,Sc
,
Inc.,
.
inclu.sive
t*ie
& Co Inc.. New York. White, Weld Co New York. Blair & Co..
New York. Wro. R. Corapton Co.. New York; First Trust & Savings
Bank, Chicago; Continental & Commercial Trust & Savings Bank. Chicago:
Equitable Trust Co. of New York; Stacy & Braun, New York; First National Co., Detroit; Illinois Trust, & Savings Bank. Chicago; Hayden,
Stone
& Co., New York; .Aemilius Jarvis & Co., Ltd Toronto; Coffin & Burr.
New York; Redmond & Co.. N»w York; Dominion Bank. Toronto; Rutter
& Co.. Now York; Paine, Webber & Oo New York; Mc_,eod .Young &
Weir. Toronto; J Xl Holmes & Co., Pittsburgh; Ogilby & Austin, NewStuart
,
inclusive.
12,000 4
[Vol. 114.
SAULT
STE.
—An
MARIE, Ont.—DEBENTURE SALE
issue
FINANCIAL
FINANCIAL
$2,295,000
CITY OF MINNEAPOLIS
BONDS
Notice
is
hereby given that on the
FIFTH DAY OF JANUARY,
TWENTY.
"Good counsel has no
Mazzini
D. 1922,
at 2:00 o'clock p. m., the Hoard of Estimate and
Taxation of the City of Minneniiolis, Minnesota,
will sell City of Minneapolis l)opds as follows:
$1,500,000.00 School Monds. $315,000,00 Park
A.
CONFERENCE
We
343 City HaU, Minneapolis, Minn.
our corre-
Chartered ISJS
Our forty
ex-
years'
banking
and our wide knowledge of business and
financial conditions
make our officers the
perience
in
logical persons to con-
sult
ing
concerning bank-
problems.
You
may
to
BOARD OF ESTIMATE AND TAXATION.
By GEORGE M. LINK. Secretary.
invite
spondents to confer
with us at anj'' time.
1
and including 1''el>ruary 1, 19-17. $13,000,00
thereof on February 1, 1948, and $13,000.00
thereof on February 1st of each and every year
thereafter to and Including February 1, 19.52.
The bonds will lie sold at the l)est price offered
by a resiwnsible bidder, either above or Ih'Iow
par.
The right to reject any and all bids is
reserved.
—
price.
Bonds. $135,000.00 Brid'-e Bonds and $.345,000.00 Permanent Improvement Bonds.
Said bonds will hear interest at the rate of
AH% per annum, payable semi-annually, he
dated Fobruarv 1. 1922. and lie iiavahle as follows: School Bonds. $50,000,00 thereof on Feb
ruary 1, 1923, $50,000,00 on February 1st of
each and everv yoiir thereafter to and int-lnding
February 1, 1952; Park Bonds, $11,000,00 thereof
•o February 1, 1923. and $11,000.00 on Fet)
ruary 1st of each and everv vear thereafter to
and Including FelTuary 1. 1912. $10,000.00
thereof on February 1, 1943, and $10,000.00
thereof on February 1st of each and every yejir
thereafter to and including Ke'vuarv 1, 1947,
000. 00 thcriKif on February 1, "1918, and
to,
9,000.00 thereof on February 1st of etich and
every year tht>reiiftor to and inclnding Februarv
1952; Bridge Bonds. R-l ,000,00 thereof on February 1, 1923, $4,000.00 lher(M>f on Fe'iniary Isl
of each and every y«ir ihereafier to and including
February 1. 1937, $5,000,00 thereof on Fobruarv
1, 1938. and $5,000.00 thereof on February Isl
of each and every year ihereafier lo and including
February 1, 1952: I'ernmnent Improvement
Bonds, $11,000,00 thereof on February 1, 1923,
and $11,000.00 thereof on Feiiriiary 1st of each
and every ye;ir ihereiifier to and including Feb
ruary 1, 1942, $12,000.00 thereof on Februarv 1,
1943, and $12,000.00 thereof on Fetiruary Isl
of each and every yeiir thereafter lo and Including
February 1st of o<ich and every vear ihere.ifter
*
be sure that your
point of view will be
understood here.
METROPOLITAN
TRUST COMPANY*
OF THE, CITY OF NEW YORK
I20 BR.OADWAY
716
FIFTH AVENUB
BALLARD & COMPANY
Members New York S/eck Exchange
HARTFORD
Connecticut Securities
M. M.
CHANCE
&.
CO.
Mining Englneor* and GaoIocUta
COAL AND MINERAL PROPERTIES
Eziunined, Managed, Appraised
Orvwl Bids
of
5H%
$75,000 6% 30-yoar school debentures and an issae of $49,000
30-year sewer defjentares, which were offered on Dec. 28, were sold at 97.37
to Gairdner, Clarke & Co.
The bids received were:
Oairdner, Clarke & Co
-..94.4
.97 37 National City Co
Mackay & Muckav
Housser, Wood & Co
97 1
93 9707
Canada Bond Corp
19. 89
96 445 MacNeill, Gr.ahame & Co
Dominion Securities Corp
96 337 McLeod. Young, Weir & Co.,
H Burge.ss <fk Co
C.
and Bell. Gouinlock & Co.. .91. 65
96 16
Wood. Gundy & Co
95,^19 A E Ames.* Co..
9030
PHILAOCLPHIA
THE GIRARD Trust
to
Company
offers
banks, bankers and individuals the services of
its Real Estate Department for the care and
examination of properties in Philadelphia and
vicinity.
This Department combinee every advantage of a
real estate agency with th.«
added security
company.
of
a trust
GIRARD
TRUST COMPANY
Broad & Chestnct
Sts., PhtladelpIiiH
@FedFRASER