Full text of Commercial and Financial Chronicle : January 20, 1923, Vol. 116, No. 3004

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Bank & Quotation Section
Railway Earnings Section

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SATURDAY, JANUARY 20 1923

VOL. 116.

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CLEARING HOUSE RETURNS.
Returns of Bank Clearings heretofore given
on this page now appear in a subsequent part
of the paper. They will be found to-day on pages
266 and 267.
THE FINANCIAL SITUATION.
The first objection to the many propositions of the
Lockwood Committee—and the objection lies also
against extending the now-expiring term of the inquiry—is that although started to investigate the
housing shortage, it has been pushed to a roving inquisition into almost every business and has worried
and accused almost every association of noticeable
size. That some incidental good has been accomplished (in uncovering the aims and attempts of labor unions, for example) must be admitted, but such
widespread fault-finding and denunciation does not
aid our return to "normalcy."
The particular recommendations of the report cannot claim approval from thoughtful minds. There
has already been far too much rushing to enact penal
statutes against particular practices which are
hastily assumed to be the exact causes of present undesirable situations, our housing laws being a recent
instance of this. The attempt naturally grows into
a habit, and interference in one place requires, or
seems to require, corrective interference in some
other, so that we drift towards an entanglement of
statutes which are not enforced or capable of enforcement and neutralize one another, instead of trusting
to natural laws and also, incidentally, putting a little faith in time. There is plainly much in the conduct of labor unions which is against the public welfare and hurtful even to union members; yet this does




Electric Railway Section
State and City Section
NO. 3004

not justify an attempt to put them under formal
State regulation, thereby injecting* the subject still
more injuriously into party politics. There is already ample law, both Federal and State, for keeping unionism within just lines; these laws merely
need strict enforcement, with no exceptions made to
labor merely because it has got itself declared "not a
commodity," and the safest and surest check upon
union aggressions is the natural process of the open
shop.
As if an attempt to regulate unions were not sufficiently bad, the report recommends also a State
Trade Commission. It would not be easy to suggest
anything more unwarranted and untimely, just as
business all over the country has wearied of the constant nagging of the Federal body, which has proven
its own officiousness as a board of inquiry and complaint. We want and we need less and less poking
into the operations of business, which has troubles
enough in the situation all over the world; let us, at
least, brace ourselves against having any more of it.
Another bad proposition is that the life insurance
companies be again required to dispose of their
stocks, the time limit now suggested being the year
1926. The reason assigned is that this would tend to
turn investments into mortgages and thereby stimulate building; but those companies are already doing
their duty in respect to mortgage loans, and the natural way to aid building (as well as to direct capital
into some desirable channel) is to invite it, not to
throw missiles and shake a club at it. As for the call
for a law to give a monopoly of workmen's compensation insurance to the State fund,anything more wanton could hardly be suggested. It is not a new proposition, however, for partisans of the Fund have long
been seeking the aid of such a monopoly. The employer is already under virtual compulsion to insure
somewhere. If the State Fund is really the best and
most desirable insurance carrier, as its partisans
claim, it can stand alone and be indifferent to competition; nor is it according to American ideas to set
up monopolies in a private business of any kind. This
proposal does not deserve a moment's consideration.
The most elaborately argued and also one of the
worst recommendations is that concerning the Stock
Exchange, long anathema with Mr. Untermyer. He
does not renew his insistence upon incorporation, but
masks his approach under a recommendation to
bring all dealings and dealers in securities within
supervision of the State Banking Department. He
would class the ticker with public utilities, but does
not mention the more universal typewriter. He
would insure to expelled members the right of appeal and review, and while sure that only drastic reg-

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THE CHRONICLE

ulation of all exchange and brokerage transactions
can protect the public, he is troubled at over-severity
on part of the Exchange management, declaring
that"no body of men should be given such power over
their fellow men without the power of redress or review, in a land governed by law, no matter how
wisely, impartially or public-spiritedly that power
may be exercised." But there is always a recourse
for review, open to any man who deems himself injured, in practically every public or private matter.
The Stock Exchange is a private and volunteer body,
like other trade associations. It is self-purging, and
not only has the keenest interest in keeping its business and its public standing clear, but has the special
ability for uncovering and punishing improper conduct. There is no place in the country where fake investments are better understood and more earnestly
fought than in'the real (not the imaginary) Wall
Street, and President Cromwell has again and again
called for keener scrutiny and stricter barriers as to
any defilement of the Exchange with crooked dealers
or dealings. The way to purge that body is to leave
the work to itself and hold it responsible. Mr. Untermyer's argument is about the same as he put out for
the Pujo Committee in 1913. Having failed, in 1921,
to induce the Legislature to empower the committee
to investigate banking and insurance, he proceeded,
nevertheless, to summon and question men engaged
in those lines. His present recommendations are the
more untimely in that the State now proposes an organized and stern prosecution of fake securities and
bucket shops, under the Martin law, which the late
Attorney-General neglected as not strong enough.

[VoL. 116.

Silver exports in December were $6,913,200 and
these figures contrasted with $7,145,047, the value
of silver exports for December 1921. For the year
1922 the total value of silver exports was $62,807,286, as compared with $51,575,399, the value of silver
exports in 1921. Silver imports in December
amounted to $7,847,570, and for December 1921 the
corresponding figures were $5,515,904. For the calendar year 1922 silver imports were $70,806,653,
which contrasts with $63,242,671, the value of the
imports of silver for the preceding year.
As noted above, the Department of Commerce at
Washington has finally issued the long-delayed
statement of merchandise imports into the United
States for the period following the date of the enforcement of the new tariff law enacted last year.
The- new law became effe tive Sept. 21 last and the
statement now covers the time up to and including
Oct. 31. The corrected figures show the value of
merchandise imports into the United States for the
month of September last to have been $298,000,000
and for the month of October the merchandise imports were valued at $319,000,000. In both months
there was a considerable increase in the movement
to the United States ports, much of that in September being due to the effort to land merchandise here
in advance of the enforcement of higher rates under
the new law. Some of the increi.. e in October was
attributable to the same cause, the goods arriving
here too late to secure the advantage of thi old law.
In August last the imports of werchandise were valued at $271,000,000 and in September and October
1921, the figures were, respectively, $179,000,000 and
$188,000,000. The larger volume of import trade
which has been in progress for the past 15 months, is
apparently well maintained. On the basis of the corrected figures for September the balance of trade in
that month continued on the export side, as it also
did for the month of October. The excess of exports
in September amounted to $19,000,000 and for October it was $53,000,000. For the ten months to Oct.
31 last, the excess of merchandise exports over imports was $542,996,000, which figures contrast with
$1,834,579,000 for the corresponding period of the
preceding year.

Merchandise exports from the United States in December were well maintained, the volume being
nearly as large as in the two preceding months, when
cotton at a high price was a big factor, making them
the best months of the year. The report for December, issued on Thursday by the Department of Commerce at Washington, gives the value of the exports
for that month as $344,000,000. These figures contrast with $380,056,542 for November, the highset
for the year, but with only $296,198,373 for December 1921. For the calendar year 1922, merchandise
exports were valued at $3,831,516,735, an average
for each month of $319,300,000;for the calendar year
The situation in the German territory occupied by
1921 the total value of merchandise exports was $4,- the French has developed in much the way that might
485,031,356. In a subsequent paragraph the value have been expected. On Jan. 2 General Degoutte,
of merchandise imports for the ten months of 1922, French commander, "issued a proclamation from
which was announced by the Department of Com- Dusseldorf establishing a state of siege throughout
merce only this week,is given, there having been con- the newly occupied territory." A press censorship
siderable delay in the announcement of these figures was established also. From Berlin came the report,
owing to some confusion in tabulating the statement, through a wireless dispatch to the New York
caused by the operation of the new customs duties, "Times" that,"following its'protests to America and
put into force in September last. It is therefore im- Great Britain against the Ruhr occupation, it is unpossible to show at this time what the balance of the derstood that the Cuno Government plans to cover
foreign trade of the United States will be for the full the world with protests and it is sending a circular
year just closed.
note to all the Powers to-night." According to a
Exports of gold in December amounted to $2,709,- wireless dispatch from Berlin to the New York "Trib591 and these figures contrast with $1,950,248 for the une" a movement was launched there on Jan. 12 by
corresponding month of the preceding year. Gold German industrialists, among whom were Hugo Stinimports in December were valued at $26,439,677 and nes and August Thyssen, "to obtain large credits in
in December 1921 they,were $31,684,978. For the England with which to import coal to cover the shortyear 1922, exports of gold amounted to $36,874,894, age resulting from the virtual shut-down of the Ruhr
while imports of gold were valued at $275,169,785, mines ordered upon the French entry." The "Tribthe net amount of gold imports being $238,294,891. une" correspondent added that "this move, if sucFor the calendar year 1921 the net gold imports were cessful, not only would forestall paralysis of German
$667,356,920, the total of gold imports for that year industry, but would greatly strengthen the German
Government in its resolve to have no further negotiabeing $691,248,297 and gold exports $23,891,377.




JAN.20 1923.]

THE CHRONICLE

tions with France and Belgium until the forces of occupation are withdrawn, and to halt the execution of
all obligations under the treaty, in so far as France
and Belgium are concerned, for the same period."
The London correspondent of the New York "Times,"
in a cablegram Monday morning, said that "the occupation of the Ruhr by the French is stimulating
the demand from Germany for Yorkshire coal for
manufacturing purposes. The German State railways have entered the Humber coal export market to
purchase 50,000 tons of hard steam coal for shipment
to German ports during January and February."

211

day of mourning" because of the French invasion of
the Ruhr district, and was intended as a protest
against it. Some 40 orators addressed the masses
from the steps of the Reichstag. The police stopped
a rush on the part of "a small group of super-patriots" to the French Embassy.
On Monday Bochum, where are located the big
steel plants of Hugo Stinnes, and other industries,
was occupied by the French. Announcement was
made that "the German mine directors notified the
French Control Commission to-day that they must
refuse to resume deliveries of coal on the reparations
account, even in return for cash payments, on the
ground that they were in receipt of an order from the
German Federal Coal Commisison forbidding such
action." A dispatch from Dusseldorf stated that
"France's answer to the German mine owners' refusal to deliver coal on any terms was to extend the
zone of occupation, originally intended to cover only
the Bochum region, which thy occupied this morning. The new line established by General Degoutte's
forces is from 15 to 20 kilometres further eastward,
coming to the edge of the great industrial city of
Dortmund." The Associated Press correspondent
added that "to-day's operation by the French encircles all the Ruhr industries of Hugo Stinnes, the German industrial leader. The movement, with Bochum
as its centre, involves an advance eastward from 10
to 15 kilometres by the French."
The Berlin dispatches Tuesday morning made it
clear that the German Federal Coal Commissioner
had the support not only of the German people, but
also of the Cabinet, in issuing an order "prohibiting
producers from furnishing coal on French and Belgian orders." In fact, the Associated Press correspondent at the German capital cabled that"these instructions of the Coal Commissioner followed a resolution passed at a special Cabinet session on Sunday and did not represent the personal initiative of
the official coal controller." He also said that "the
editorial comment in the newspapers is beginning to
strike a note of confidence,'now that Parliamentary
and popular endorsement has been voted the Government." As for the French side of the situation, the
Paris correspondent of the New York "Times," in a
cablegram dated Jan. 15, said: "Faced by continued
opposition of the Berlin Government in its effort to
collect reparations in the Ruhr, the French Government to-day issued orders to Gen. Degoutte to extend
his occupation to embrace the whole of the Ruhr region,and following the refusal of the Ruhr operators
to deliver reparations coal, in obedience to orders
from Berlin, Premier Poiricare announced that the
coal would be requisitioned on the same method used
by the Germans during their war-time occupation of
Northern France to get what they wanted. All indications to-night are that M.Poincare has decided to
go through to the limit with his program and this
evening there is a rumor all over Paris that the
French may go to Berlin. This is popular exaggeration of the French plan to send a commission to Berlin to control German finances, which commission
might be accompanied by some French troops. It
does not mean that there is any plan to send an army
to Berlin."

As had been predicted in Paris dispatches the day
before, the Reparations Commission a week ago today granted an additional 15 days—until Feb. 1—
for the payment by the German Government of 500,000,000 gold marks, which had been scheduled as falling due on Jan. 15. The Paris correspondent of the
New York "Times" rather enthusiastically cabled
that "to-day showed that the French have only begun
their effort to force Germany to pay reparations.
The following developments are to be noted: First—
Official postponement by the Reparations Commission for 15 days of the payment of 500,000,000 gold
marks due Jan. 15. Second—French notification of
a reparations plan providing further penalties to be
sent in answer to Germany's November demand for
a moratorium. Third—A Government decision to extend the Ruhr occupation to embrace all the coal
fields if the Germans persist in their refusal to continue to pay coal deliveries for the Allies. Fourth—
A Cabinet Council on the first report of the engineers
and officials who have taken over the Ruhr." He
said that in all probability the Commission would
notify the German Government before Feb. 1 that it
had granted "a partial moratorium, probably for two
years, in exchange for acceptance by the Germans of
certain measures, not only for control of their finances, but also for the collection of money which
the French estimate at 1,000,000,000 marks gold annually." Word came from Paris Monday morning
that "the Reparations Commission has received a
note from the German Government signifying its intention to suspend payments of money and in kind
because of the occupation of the Ruhr, which.it says
it considers a violation of the Versailles Treaty." In
the German Reichstag, on Jan. 13, "the Deutsche
Volkspartel, the Centrum and the Democratic Party,
which are backing Cuno's Government,submitted the
following resolution: 'The Reichstag solemnly protests against the high-handed measures already in
force or threatened by the occupation of the Ruhr district. The Reichstag will support the Federal Government in its determined resistance against these
oppressive measures with all its power.'" The dispatches stated that "this resolution was carried at
the end of the discussion with all votes except those
of the Communists. The total was 283 to 12." Chancellor Cuno then "made the principal speech of the
day," in which he asserted that "Germany will not
help France in the Ruhr or pay reparations now."
The Moscow correspondent of the New York "Times"
cabled that "a strong note of protest against the
French invasion of the Ruhr has been addressed by
the Soviet Government to the peoples of the world."
There was a large demonstration in Berlin on SunIn Tuesday's dispatches from Rome Premier Musday by "bourgeois parties and organizations,ranging
from the Democrats to the most extreme reaction- solini figured as a would-be conciliator between
ary, anti-Semitic groups." The affair was called "a France and Germany. At a meeting on Monday of




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THE CHRONICLE

the Italian Council of Ministers he "explained Italy's
position in regard to Belgium's and France's need of
German coal." He said that "Italy had great need
of German coal and therefore had given France and
Belgium her support in their enterprise against Germany. On the other hand, Italy believed that, without having recourse to violent measures, there was
still much to be gained by peaceful negotiations. He
had only given her political support by sending a
commission of experts and engineers into the Ruhr,
and not her military support." The New York
"Times" representative in the Italian capital said
that "Mussolini's policy with regard to German reparations is still the policy which he set forth in his
recent memorandum, substantially as follows: First,
reduction to 50,000,000,000 gold marks of the total
reparations;second, a moratorium for two years, but
not for payment in kind; third, Germany to raise a
loan of 3,000,000,000 gold marks, of which 500,000,000 would be used to stabilize exchange and the remainder for reparations; fourth, subscribers to the
loan to have priority as to certain guarantees in regard to which the reparations commission now has priority;fifth, Germany to promise to take all necessary
steps to balance her State budget." The same correspondent cabled also that"these proposals Mussolini
has again brought forward. He has made earnest
representations to France, asking her to reflect that
if any agreement is possible, even now when she has
taken the bull by the horns and marched into the
Ruhr, it would not be in her interest to reject it.
The Premier is exerting his influence on -Germany,
declaring that she has everything to lose and nothing
to gain by goading France into taking military measures, and he is trying to convince the Cuno Government that it would be committing a grave error by
not welcoming any chance of conciliation." In an
Associated Press cablegram from Rome Thursday
morning the assertion was made that "reports from
London of an offer by Italy to mediate between
France and Germany on the reparations question
were declared authoritatively to-day to have no foundation." It was added that "Italy has, however, repeatedly suggested that, in taking steps to obtain
reparations, no recourse be had to military measures,
and even favored a civilian as the head of the mission
sent into the Ruhr instead of a military man."
Eremier Poincare on Monday asked the Reparations Commission to meet the next morning "to proclaim another voluntary default against Germany,
declaring her refusal to deliver coal a breach.of the
Treaty of Versailles." The Commission did meet
and "decided that Germany had willfully defaulted
on all deliveries in kind for 1923." The Associated
Press correspondent said that "France, Belgium and
Italy so voted. Kemball Cook, representing Great
Britain in place of Sir John Bradbury, who was reported as indisposed, abstained from voting." It was
explained that "to-day's default applies specifically
to the coal, wood and cattle deliveries which have
actually been stopped by Germany. The delivery of
dyes and building materials apparently has not yet
been held up, although the Germans are expected to
halt such shipments within a few days."
Considerable fuss has been made over a statement
made to the Reparations Commission by Roland W.
Boyden, American representative on that body. The
State Department at Washington first characterized




[VOL. 116.

it asin unofficial document. On Wednesday Secretary Hughes sent Senator Lodge a letter in which he
outlined the position of Mr. Boyden and commended
his work. Apparently it represented only the personal views of Mr. Boyden.- In fact, the Paris correspondent of the New York "Herald" in a cablegram,
Monday evening, said that he "has submitted a statement of his views, which is the focus of much attention." He added that "with wild rumors afloat of
the inspiration and importance of the Boyden document the fact is that Boyden is again giving this time,
at the request of the Commission, what are described
as his 'personal views,' which apparently are merely
an outline of how he would deal with the problem.
Notwithstanding this fact, however, Mr. Boyden had
sent his statement to the State Department two
weeks ago, and this would convey the impression that
there had been no disagreement between him and the
State Department."
The first clash between the French and Germans
since the invasion of the Ruhr Basin was said to
have taken place at Bochum Monday night [Jan. 15],
when "one German was killed and another severely
wounded." Calm was reported to have been restored
at 11 o'clock that night. Through the Associated
Press it was reported here Tuesday afternoon that
"French General Headquarters had information that
25,000 men of the German Reichswehr are concentrated south of Muenster, less than 25 miles north of
Luenen to the north of Dortmund. The French have
advanced to both Dortmund and Luenen,and the outposts of the French and German forces at some
points are only from eight to ten miles apart." The
report was not substantiated in the dispatches of the
following day, and was specifically denied by the
German Foreign Office, but later accounts stated
that the Germans were withdrawing troops from
those points, indicating that the first report was partially correct. Word came from Dusseldorf
Wednesday afternoon that "representatives of
the German industrial magnates failed to appear
this morning before the Control Commission, sending word they had decided to obey the instructions
of the Berlin Government instead of the French orders as to coal deliveries, thus placing the next move
squarely up to the French occupying authorities."
The Associated Press correspondent at Dusseldorf
cabled that "it was officially announced by Gen. Degoutte this afternoon that the military operations of
the Ruhr occupation are now completely finished."
The Essen representative of the same news organization stated that "the French occupational authorities announced this [Wednesday] afternoon that
they will begin operating the mines of the Ruhr district to-morrow, requisitioning German labor if necessary. The Ruhr coal and industrial magnates who
refused to co-operate with the French will be prosecuted before a court-martial."
There were indications in the Paris cable advices
on Thursday that the French Government and people
were apprehensive over the outcome of the Ruhr,invasion. The New York "Herald" correspondent cabled that "the failure of the French military authorities to arrest the German mine owners in the Ruhr
who refused to produce coal and the decision not to
seize the mines and work them themselves with German labor undoubtedly constitutes another grave development in the Ruhr situation, which the French

JAN.20 1923.]

THE CHRONICLE

press concedes is critical. The Government, however, was prepared for this and other contingencies."
The correspondent also stated that "Premier Poincare, as another means of pressure upon Germany,
and apparently with the full support of both Belgium and Italy, ordered to-day that the forces in the
Rhineland proceed with the exploitation of Germany's State forests there, on behalf of the Reparations Commission, as a penalty for Germany's failure to deliver sufficient telephone poles and lumber
last year." That a similar degree of apprehension
exists in London is shown by the following excerpt
from a dispatch from that centre to "The Sun" Thursday evening: "The seizure of the Ruhr railroads, the
threat of a court-martial for the mine owners, the
fantastic fall in the value of the mark on the London
exchange—quoted at more than 111,000 to the pound
to-day—and the gigantic query whether the French
ca a ever succeed in their present enterprise are causing much genuine alarm in London and serve to impair Bonar Law's attitude of benevolent neutrality
toward the French."

213

"The German Government is sending a confidential
mission to London to request the British Government
to mediate between France and Germany,says a dispatch to the London 'Times'from Essen. The'Times'
in an editorial article says that the German delegation reported to be coming to England to seek intervention will receive'no satisfaction here,.since the essence of the British policy at the moment is to refrain from interference in any form." This report
was "officially denied," according to a Central News
cablegram during the day.

The situation in Berlin on Thursday was portrayed
in part as follows by the New York "Herald" correspondent: "With the drop of the mark to 21,000
to the dollar Berlin has yielded up the ghost, and appropriate mourning is in evidence. The people celebrated to-day by besieging every wholesale liquor
shop in Berlin, and the proprietors to-night said they
had had no such business before in their experience.
The mad rush helped bring about a police order closing all cafes, bars and cabarets promptly at 11 o'clock
at night, beginning Monday,instead of 1 a. m.Brawls
With respect to the German side of the situation, resulting from the tense feeling also had something
the New York "Tribune" correspondent cabled that to do with the order. The annual German ball will
"two moves of the utmost importance in Germany's be among the events barred under the new order."
policy of economic resistance toward Franco-Belgian The New York "Tribune" correspondent cabled that
occupation of the Ruhr took form to-day. The first "a congress with the avowed purpose of overthrowwas the successful conclusion of a deal between sev- ing the German Republic has been called by the soeral British banks and the powerful Reich industrial called National-Socialists, representing the monarchgroup, headed by Hugo Stinnes, for credit of L2,000,- ist elements, to convene in Munich on Monday. In
000 to purchase British coal. The second was the monarchist circles the boast is being made to-night
opening of negotiations by Stinnes for the participa- that this congress will be similar to that which the
tion of American and British capital in the Ruhr in- Italian Fascisti held in Naples,just prior to their establishment of the Fascisti dictatorship in Italy.
dustries."
Word came from Paris Thursday evening that "six Lieutenant Hittler, the reactionary Bavarian leader,
of the principal mine owners in the Essen region, in- and his aids are now holding nightly meetings calling
cluding the son of August Thyssen, have been or- for the overthrow of the Government. The Governdered to appear before a French court-martial to-day, ment looks forward to the Munich gathering without
following their refusal, under instructions from their fear, however, and with assurance that any attempt
Government to deliver coal to the French." This to create internal disorder will meet with the unaniwas followed by a cablegram from Dusseldorf yes- mous opposition of the nation."
terday morning stating that "an order of the RhineThe developments at the Near East Conference
land High Commission authorizing the Allies to seize
the customs receipts, take over the State forests and have not been striking. On Jan. 12 the Turkish delecollect the coal tax was promulgated here and gation agreed that "all Greek males seized by the Otthroughout the Ruhr this [Thursday] evening by toman Army at the time of the Smyrna disaster shall
Gen. Degoutte as Military Governor of the district, be liberated and sent to Greece immediately after the
at the same time as it was promulgated in the rest of signing of the peace treaty." According to the Assothe Rhineland." The New York "Times" representa- ciated Press correspondent at Lausanne still less
tive at Dusseldorf observed that "in importance this progress than before was made at the Conference,
is by far the greatest step the Allies, or, rather, the with the return of Hassan Bey from Angora. He caFrench and Belgians, have yet taken. Its application bled that "the voice of far-away Angora was so disis, of course, the logical result of the decisions cordant to the Allies' representatives that many of
reached during recent weeks by the Reparations them were wondering to-night whether the Near East
Commission in Paris, but what its effect will be is Conference would ever get anywhere, after all, in the
still doubtful." According to a dispatch from Essen matter of peace." The correspondent added that"Islast evening, considerable resistance was shown by met Pasha, who backed Hassan Bey, could neither be
the Germans when the French attempted to put this threatened nor cajoled into seeing the financial quesorder into effect. Asa sidelight on the tenseness of the tions affecting Turkey as the Allied delegates wanted
political situation in French political circles the fol.- him to see them." Discussing the Conference situalowing from Paris yesterday morning is significant: tion still further, he said: "Far from being split
"After what is said to have been the wildest rioting in asunder by the Paris reparations differences, France
the history of the French Parliament, during which and England seem to be working even more closely
50 Deputies engaged in a free fist fight on the floor, together at Lausanne, apparently with the supreme
the Chamber of Deputies this evening decided to sus- object of concluding peace in the Near East as soon
pend the Parliamentary immunity of Marcel Cachin, as possible so that they may be free to concentrate on
the Communist member." The following from the the greater problem of the reconstruction of Europe
British capital yesterday morning contains the first as a whole. The Turks, who are good psychologists,
intimation of steps being taken toward mediation: immediately scented this policy and are not disposed.




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THE CHRONICLE

to hurry." The question of war damages was taken
up at the session a week ago to-day. The Associated
Press correspondent said that "Ismet Pasha threw
another bomb in the direction of the Allies. He announced that Turkey would not pay any damages
growing out of the Allied occupation of Turkey, as
the occupation was unjust, and therefore the Allies'
present demands were unjust. He insisted that there
must be reciprocal payment for the damages done,
appeal to world opinion for supand concluded:
port.'" The correspondent reported also that,"commenting upon to-day's developments, one of the Allies' spokesmen remarked: 'It all seems a hopeless
tangle.'"

[VoL. 116.

Trouble has developed in a new section of Europe.
According to an Associated Press dispatch from
Paris on Jan. 12 the French and British Governments were preparing "to send warships to Memel,
the former East Prussian territory on the Baltic, internationalized by.the Treaty of Versailles, with the
purpose of maintaining order,in view of the invasion
by the Lithuanians." A detachment of Lithuanian
irregulars who were reported to have crossed the
frontier several days before, had reached Memel"and
exchanged shots with the German guard." In Paris
the movement was regarded as "a well-laid plan, the
object of which is to balance the Polish occupation
of Vilrea by taking possession of Memel." Paris sent
word Sunday morning that "the Allied Council of
Ambassadors had decided to make energetic representations at Kovreo to induce the Lithuanian Government to bring pressure to bear on the group of
Lithuanians menacing Memel. The Ambassadors
are of the opinion that the Lithuanian Government is
able to stop the movement if it acts promptly and vigorously." The Paris representative of the Associated
Press added that "the Ambassadors have decided to
send a French Colonel to Memel to take charge of the
Allied forces. After the arrival of the British and
French vessels ordered to Memel this force will consist of British and French marines and the company
of French soldiers already on the scene. Two French
destroyers left Cherbourg to-day [Jan. 13] for Memel. Other naval units will follow shortly." From
Warsaw came the statement that the Polish Government had let it be known that it "will support the
policy of the Allies on the Memel question, raised by
the recent invasion of this Baltic territory by Lithuanian irregulars. No steps will be taken by Poland
on her own initiative." Heavy street fighting in Memel was reported on Monday in a Berlin dispatch.
It was said that "the Lithuanians are in almost complete possession."

Discussing the situation in a general way at the
beginning of the present week, the representative of
the same news agency said: "Lord Curzon called tonight [Jan. 14] on Camille Barrere of the French
delegation and Ismet Pasha to discuss the general position of the Near East Conference, which, according
to the idea of the British spokesmen, may last three
weeks more. New difficulties have arisen above the
horizon this week and the leaders are anxious that
they should not be permitted to continue as danger
points. Hence these private consultations outside
the official meetings in n attempt to reach an understanding" With respect to the question of capitulations, the correspondent said that "no one has solved
the riddle of capitulations. The French delegation
is framing a formula providing legal guarantees for
foreigners in Turkey, but the Turks say they will not
discuss the subject of special courts for foreigners
any further. Everybody is worried about capitulations, because they are one of the chief issues of the
Conference." It became known also through this dispatch that "Persia has protested that she was not invited to the Conference despite her immediate interest in Near Eastern affairs. Russia has supported
the righteousness of the Persian claim, declaring that
Persia has far more reason to be here than Japan,
Berlin heard on Monday, according to a cablegram
which is allowed to participate in all the discussions, from that centre to the New York
"Times," that
or the Scandinavian countries and Holland and "French troops flew the white flag as
Lithuanian irSpain, which have been permitted to take part in regulars stormed and captured Memel
this afternoon.
many of the meetings."
The casualties were one child killed and a local banker, sight-seeing from a window, wounded in the
In a dispatch Wednesday evening the Associated head." The dispatch also stated that "late
in the afPress correspondent said that "the Orient and the ternoon all of Memel was in Lithuanian
hands except
Occident seem to be playing a game of waiting at the the infantry barracks, from which
the French were
Near Eastern Conference, each side seeking to wear reported to be preparing to retreat."
Paris heard on
the other out. The Turks, as Orientals, play a good Tuesday that "the commissioner at Memel
representhand at this game, but Ismet Pasha betrayed some ing the Council of Ambassadors decided
that
it was
uneasiness to-day that he might be overplaying it. impossible for one company of
French to hold out
The date for presenting the treaty to the Turks has against the assailants, and he agreed to
a truce. It
again been postponed, however, to give time for final was arranged that the Lithuanians
should remain innegotiations on economic and financial matters like side the town, but a neutral zone
was established septhe Ottoman debt, in which France is especially in- arating them from the French until
the Council of
terested, as her people hold five-sixths of the Ottoman Ambassadors has decided upon
the disposition of the
bonds. M. Bompard, who went to Paris to-day ac- territory." Following this
announcement came the
companied by French and British experts, will go statement from Paris that
"the Allied Council of
over the financial questions in detail to-morrow or Ambassadors decided to-day
[Wednesday] to send
Friday with the French Government and bring back an extraordinary mission to
Memel to establish a
Saturday night to the Allies the last word of France provisional inter-Allied
Government under the auon the controversial questions involved. Next week, thority of the French, British and Italians. The
therefore, should see some development one way or Council also will make represent
ations to Lithuania,
another at Lausanne. Everybody is taking a hand at holding her responsible for the invasion of the
interwriting a formula for judicial guarantees for foreign- nationalized Memel territory and asking
Lithuania
ers in Turkey which the Angora Government would to recognize the provisional authority established."
accept."
The New York "Tribune" correspondent in Berlin
cabled yesterday morning thlot "lively fear is enter


JAN.20 1923.]

tamed here of an invasion of East Prussia and Upper
Silesia by the Polish Fascisti, headed by Generals
Korfanty and Haller. Although assurances have
been received from Warsaw that Poland will maintain absolute neutrality in the disturbances arising
out of,the Lithuanian coup to the east of Germany,
the fear of those in close touch with the situation is
that Polish officialdom may not be able to restrain
its extremist element in this crisis any more than it
did at the time of the Vilna adventure."
Reference was made in the "Chronicle" last week
to a proposed increase in taxes by the French Government of 20%. The Paris correspondent of the
New York "Herald" cabled that the introduction of
the bill providing for such an increase "caused a renewal of the protests which met the proposition when
it was first advanced by Finance Minister de Lasteyrie." He added that "when it was announced some
weeks ago that the Government was considering the
measure it was pointed out that again and again in
recent months the Government had declared that the
French taxpayer and French business could not bear
any greater burden of taxation, and it was thought
for, a while that these protests would avert any such
strenuous action to balance the budget." The correspondent further said that,"with the introduction of
the bill, the protests have increased in many quarters, marking the first time since the war was declared that there has been pronounced opposition to
such a measure." Discussing the alleged political
aspect of the proposed increase in taxes, the "Herald" representative asserted that "in Parliamentary
circles the impression prevails that M. de Lasteyrie's
method was advanced to rally French taxpayers to
Premier Poincare's thesis that Germany must pay
immediately. French business, however, contends
that the tax would raise prices in France and make
competition in foreign markets almost impossible."

13/%. Public deposits declined £3,166,000, but
"other" deposits increased £10,865,000. The Bank's
temporary loans to the Government were larger by
£6,438,000, while loans on other securities increased
£60,000. Gold holdings now stand at £127,491,357,
which compares with £128,444,918 a year ago and
£128,287,495 in 1921. Total reserve is £24,703,000,
as against £24,294,248 in 1922 and £18,196,790 a
year earlier. Loans aggregate £65,232,000, in comparison with £83,974,646 and £81,324,834 one and
two years ago, respectively. Note circulation is
£121,235,000. This compares with £122,599,950 in
1922 and £128,540,705 the year prior to that. Clearings through the London banks for the week were
£749,534,000, as compared with £686,019,000 last
week and £912,736,000 a year ago. No change has
been made in the official discount rate, which remains
at 3%. We append herewith comparisons of the
principal items of the Bank of England returns for a
series of years:

According to cable advices received from Berlin
on Thursday the Imperial Bank of Germany has
advanced it official discount rate from 10% to 12%.
This constitutes the fifth advance since the 30th of
last July, at which time the 5% rate in effect since
the beginning of the World War was advanced to
6%. On August 28th, there was another advance
to 7%, on Sept. 28th to 8% and on Nov. 13th to
10%. Aside from this change, official discount
rates at leading official centres continue to be quoted at 5% in Madrid; 5% in France,Denmark and
Norway; 43/2% in Belgium and Sweden; 4% in Holland; 33'2% in Switzerland and 3% in London.
Open market discount rates in London remained
without important change, being quoted at 23/i
@,2 3-16% for long and short bills, in comparison
with 2%©23.4% a week ago. Call money at the
British centre is higher and finished at 2% against
1.3/8% last week. At Paris and Switzerland the open
market discount rate has not changed from 43/2%
and 2%, respectively.
The Bank of England in its statement for the week
ending Jan. 18 reported an increase in its gold holdings of £5,140 and in total reserve of £1,224,000, due
to a contraction in note circulation amounting to
£1,219,000. A large addition, however, to deposits
served to bring down the proportion of reserve to liabilities from 17.22% last week to 17313%. A year
ago the reserve ratio stood at 17%% and in 1921 at



215

THE CHRONICLE

BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1919.
1921.
1920.
1922.
1923.
Jan. 22.
Jan. 21.
Jan. 19.
Jan. 18.
Jan. 17.
Circulation
121,235,000
10,407,000
Public deposits
132.599.000
Other deposits
Govt. securities_ _ 72,110,000
65,232.000
Other securittes
Reserve notes & coin 24,703,000
Coln and bullion-127,491,357
Proportion °Reserve
17%
to liabilities
3%
Bank rate

122,599,950
19,623,055
117,821,255
47,143,686
83,974,646
24,294,248
128,444.198

128,540,705
16,076,294
120,012,067
54,510.258
81,324,834
18,196,790
128,287,495

88,094,255
21,472,380
140,341,208
68,157,438
84,407,836
27.162,457
96,806,712

69,021,505
27,217,384
126,573,381
62,933,744
79,041,349
29,716,097
80,287.602

173%
5%

1334%
7%

1694%
6%

1994%
5%

The Bank of France continues to report small
gains in its gold item, the increase this week being
118,073 francs. The Bank's gold holdings, therefore, now aggregate 5,535,179,900 francs, comparing
with 5,524,572,907 francs on the corresponding date
last year and with 5,501,496,681 francs the year previous; of the foregoing amounts, 1,864,344,927 francs
were held abroad in 1923 and 1,948,367,056 francs in
both 1922 and 1921. Silver during the week gained
195,000francs, while general deposits were augmented
by 15,931,000 francs. On the other hand, bills discounted fell off 17,426,000 francs, advances decreased
51,583,000 francs and Treasury deposits were reduced 44,802,000 francs. Note circulation registered
the further contraction of 306,327,000 francs, bringing the total outstanding down to 37,081,400,000
francs, contrasting with 36,785,724,100 francs at this
time last year and with 38,152,889,900 francs the
year before. In 1914, just prior to the outbreak of
war, the amount was only 6,683,184,785 francs.
Comparisons of the various items in this week's return with the statement of last week and corresponding dates in both 1922 and 1921 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Jan. 18 1923. Jan. 19 1922. Jan. 20 1921,
for Wed.
Francs.
Francs.
Francs.
Gold Holdings—
Francs.
In France
118.073 3,670,834.973 3,576,205,850 3,553,129,624
Inc.
1.948,367.056
1,948,367,056
1,864,344.927
No change
Abroad
Total
118,073 5,535.179,900 5,524.572,907 5.501.496,681
Inc.
267,953,289
280.235.174
289,901,000
195,000
Inc.
Silver
Bills discounted__ _Deo. 17,426,000 2,659,201.000 2,456,844,493 3,002.834.865
2,252,719,518
Advances
Dec. 51.583.000 2,113,522,000 2,280,100,385
Note circulation_ _Dee.306,327.000 37.081,400,000 36,785.724,100 38,152.889,900
37,221,213
23,855.000
33,347,139
Treasury deposits_Deo. 44,802,000
General deposits.. inc. 15,931.000 2,237,976,000 2,551,742,814 3,301.550.899

From the Federal Reserve Bank statement, issued
Thursday afternoon, it will be seen that while the
New York Bank lost gold to the other Reserve
banks, there was a further addition for the system
as a whole. In the rediscounting operations a substantial reduction is shown for the combined banks,
but a small increase for the local institution. Re-

Nik

216

THE CHRONICLE

turns for the twelve Reserve banks as a group
register $15,000,000 increase in gold; a contraction
in bill holdings of $23,000,000, and a reduction in
earning assets of $119,000,000. There were likewise heavy declines in deposits and in the volume
of Federal Reserve notes in circulation, approximately $50,000,000 in the former and $56,000,000
in the latter. In the New York bank continued
shifting of funds with the interior caused a loss in
gold reserves of $36,700,000. Rediscounts of both
Government secured paper and "all other" were
responsible for an increase in total bill holdings of
$6,500,000. Total earning assets also shrank and
the same is true of deposits and the amount of
Reserve notes. Moreover, member banks' reserve
account for the first time in several weeks was
sharply reduced. For the system there was a decline of 842,000,000, to $1,918,468,000, and at
New York of $51,000,000, to $711,691,000. As a
result of these changes reserve ratios improved;
in the case of the group -there was an increase of
2.5%, to 76.1% and at New York of 0.8%, to
77.3%. Bankers generally regarded the statement
as an unusually strong one and portending complete
recovery from recent year-end strain.

[VOL. 116.

tion was operating at about 883/
2% of capacity.
This was a new high record since the beginning of the
upturn following the period of severe depression.
The latest statements of car loadings by the railroads
reflected the offering still of a large volume of traffic. As has been suggested before in recent weeks,
practically the only explanation that can be given of
the notable ease of the money market is that the
available supply of loanable funds is much larger
than is known or realized except by the large financial
institutions. That there is a great abundance of
money seeking investment was shown by the quick
resale of the three large bond issues referred to at the
outset, not to mention numerous smaller ones, and
also by the fact that the subscriptions to the latest
issue of Treasury notes were $250,000,000 in excess of
the $300,000,000 offered. While, of course, the foreign exchange market was disturbed considerably by
the French invasion of the Ruhr Valley, the local
money market was not affected in the least. There
can be no basis for reports of American financingfor
Europe until the German reparations question is
actually settled.

Dealing with specific rates for money, call loans
this week covered a range of 332@4%, as against
Last Saturday's statement of New York City 3M@5% last week. For the first half of the week,
Clearing House banks and trust companies was in that is, Monday, Tuesday and Wednesday, rates
line with general expectations, in that despite a were virtually fixed at 4% high, 3
low and a
large addition to deposits, the banks were enabled, renewal basis of 4% on each of the three days.
with the aid of credits at the Reserve Bank, to bring Thursday a single quotation of 4% was recorded,
about the restoration of a surplus reserve. The loan this being the high, the low and the ruling figure.
item declined $37,113,000. Net demand deposits On Friday there was no change, and renewals were
showed an expansion of $77,972,000 to $4,082,945,000. again negotiated at 4%, which also constituted the
This is exclusive of Government deposits amounting minimum and maximum quotations. The figures
to $63,576,000— a falling off in the latter item of here given apply to mixed collateral and all-industrials
$66,795,000 for the week. Time deposits were without differentiation. For fixed-date maturities
reduced $2,764,000 to $402,504,000. Other lesser the market remains quiet and easy, with sixty and
changes included a declinb in cash in own vaults ninety days, four,• five and six months' money
of members of the Federal Reserve banks of $966,000, quoted at 43/2@4%%, the same as a week ago.
to $59,012,000 (not counted as reserve); an increase Some loans for moderate amounts were made at
in reserves of State banks and trust companies in 4.4
1 % for thirty days. No large individual trades
own vault of $147,000 and a gain of $37,000 in the were reported in any of the maturities and neither
reserve of these same institutions kept in other de- lenders nor borrowers took any particular interest
positories. Member banks increased their reserves in the market.
with the Reserve bank $51,962,000, and this served
Mercantile paper rates have not been changed from
to counteract the enlargement of deposits and led 43/2@•4%% for sixty and ninety days' endorsed
to an increase in surplus reserves of
2,106,580, bills receivable and six months' names of choice
eliminating last week's deficit and leaving excess character. Names not so well known continue to
reserves of $5,093,640. The figures here given for require 44(4)5%. Country banks were the chief
surplus are on the basis of reserves above, legal re- buyers. There was a fair demand for the best
quirements of 13% for member banks of the Federal names, but transactions were not large, as offerings
Reserve System, but not including cash in own were limited in volume.
vaults to the amount of $59,012,000 held by these
Banks' and bankers' acceptances continue at the
banks on Saturday last.
levels previously current, with the undertone steady.
Both local and out-of-town institutions were in the
The Federal Government withdrew $78,000,000 market, but transactions in the aggregate were only
from local depositaries. Transactions in stocks on moderate. Offerings were not large. For call loans
the New York Stock Exchange averaged about 1,000,- against bankers' acceptances, the posted rate of
000 shares a day. Further large bond offerings were the American Acceptance Council continues at 3327obrought out, notably the $50,000,000 Cuban Govern- The• Acceptance Council makes the discount rates
2s, the $100,000,000 6s and $50,000,000 de- on prime bankers' acceptances eligible for purchase
ment 53/
bentures of the Anaconda Copper Mining Co. Still by the Federal Reserve banks 41
4% bid and 4%
the local money market continued extremely easy. asked for bills running 30, 60, 90, and 120 days, and
Call money was easily obtainable at 332% and 432%, 432% bid and 43% asked for bills running 150
while 4M@4%% was the range for time funds. slays. Open market quotations were as follows:
SPOT DELIVERY.
Small all-industrial loans, even for 90 days, were ne30 Days.
60 Days.
90 Days.
43.6@)4
Prime eligible bills
43.“2/4
436 i@)4
Reports
regarding ingotiated at the former rate.
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible
banks
_
member
dustry and trade continued favorable in the main. Eligible non-member banks-------------------------------------------111
It was even said that the United States Steel Corpora


:g

THE CHRONICLE

JAN.20 1923.]

There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve Banks:
DISCOUNT RATES OF TIM FEDERAL RESERVE BANKS
IN EFFECT JANUARY 19 1923.

Federal Redeem
Bank Of—

Boeton
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Ban Francisco

Discounted bells maturing
within 90 days (incl. mem•
ber banks I5-da0 collateral
nous) secured by—
Bankers'
eloriciaampTrade Oral and
Treasury
lances
(seedy- Hoe-stock
notes and U. S.
Other- discounted lances
paper
coatibonds
wise
for
maisirtny seaturtso
sates of
and
secured member
within 91 to 180
indebtVictors
and
baste
90 days
dabs
Muesli
notes unsecured
4
4
4%
434
44
4%
4%
454
4%
434
4%
4

4
4
44
4%
4%
4%
4%
4%
44
4%
414
4

4
4
4%
4%
4%
434
434
4%
4%
4%
4%
4

4
4
4%
434
4%
4%
634
4%
4%
4%
4%
4

4
A
4%
4%
4%
4%
4%
4%
4%
4%
4%
4

4
4
4%
4%
4%
4%
4%
4%
434
4%
4%
4

Sterling exchange price levels reacted to the disturbing elements of the European political situation,
but only to a moderate extent, and values were on
the whole well maintained; although nervousness
and. hesitancy were in evidence at times, with a
tendency to irregularity. Trading, however, was so
restricted as to make quoted rates practically mean-ingless as an index to actual conditions. Fluctuations, as a matter of fact, were largely a reflection
of movements in London, which continues a dominating factor in the shaping of local market opinion.
During the early part of the week the undertone was
fairly steady and demand ruled at a fraction above
4 67, on light offerings and buying for speculative
account. Later on rumors of possible complications
arising from German resistance to France's seizure
of the Ruhr district., threatened deadlock in the negotiations with the British Debt Funding Commission
and reports of renewed Turkish unrest, with less
likelihood of speedy settlement of the important
issues under consideration at the Lausanne Peace
Conference, all combined to depress sentiment, and
the result was to bring about a lowering of about
33/2 cents in the pound to 4 6334, although before
the close there was a recovery to 4 665
/s. Buyers
took fright and promptly withdrew to await the turn
of events and the market settled down to await
developments.
Bankers showed even more than the customary
division of opinion as to the probable course of sterling
—the events of the past few days having totally
upset calculations. For a while danger of a fresh
outbreak of hostilities between France and Germany,
reports of renewed trouble between Poland and
Russia, mutterings from the Balkans and last, but
not least, the seeming failure of any satisfactory
adjustment of reparations difficulties, aroused acute
uneasiness. At the extreme close, however, London
sent higher quotations, presumably on improvement
abroad, and, while nothing tangible in the form of
settlements of any kind was reported, a better tone
prevailed and there was a recovery to 4 67 for demand, though with very little business being done.
With regard to quotations in greater detail, sterling
exchange on Saturady last was slightly easier and
there were declines to 4 67@4 6734 for demand,
4 6734@4 6732 for cable transfers and 4 64%@
4 653/i for sixty days; trading, however, was restricted
in volume. On Monday rates ran off sharply on unfavorable news from abroad, so that further losses
took place, which carried demand to 4 653,-@4 67%,



217

cable transiers to 4 66%®4 67% and sixty days to
4 64@4 6534. Irregularity prevailed on Tuesday
and prices moved down to 4 65%@.4 66 9-16 for demand, 4 65%@4 66 13-16 for cable transfers and
4 6334@1 64 7-16 for sixty days. Wednesday's market was adversely affected by unsettling foreign news
and less favorable prospects for an agreement with
the British Debt Funding Commission and demand
bills declined to 4 643/
2@4 6534, cable transfers to
4 64%@4 653/ and sixty days to 4 623
/@4 633i;
the volume of business transacted was small. Dulness characterized dealings on Thursday and there
was a further lowering to 4 6334@4 65% for demand,
4 633/@4 659 for cable transfers and 4 61%@
4 6334 for sixty days. On Friday the undertone
was stronger, and demand bills recovered to 4 6534@
4 66%, cable transfers at 4 663/
2@4 665A and sixty
days at 4 63%@4 643/
2. Closing quotations were
4 6434 for sixty days, 4 66% for demand and 4 665
/i
for cable transfers. Commercial sight bills finished
at 4 661/g, sixty days at 4 63%, ninety days at 4 63,
documents for payment (sixty days) at 4 63% and
seven-day grain bills at 4 65%. Cotton and grain
for payment closed at 4 663/s.
While gold is reported as in transit, actual arrivals
were relatively small, being only about $20,000 on
the Dochet from Constantinople. A consignment
of fine bar silver valued at $20,142 was received
from Germany on the Mount Clinton. Yesterday
the Cunard liner Samaria brought $2,500,000 in
gold bars from England, while it was reported
$125,000 gold has been withdrawn for shipment
to England.
The extraordinary slump in German marks proved
the outstanding feature of the week in Continental
exchange and attention centred upon the wild
gyrations of Reichsmarks almost to the exclusion
of everything else. Opening at 0.00963/
2, there
was a loss of 21 points on reports that Germany
was planning military resistance, which created a
state of semi-panic in some quarters and attempts to
sell marks on the part of foreign holders were redoubled. Large amounts of German currency were
time and again frantically thrust upon a market
completely unable to withstand the pressure of so
severe an onslaught and prices tumbled repeatedly
until quotations reached a point that rendered the
movement of interest merely from an academic
standpoint. Successive new low records were established on five consecutive days of the week, carrying
the mark down from 0.0071 on Monday to 0.0059
on Tuesday, 0.0048 on Wednesday and 0.0043 on
Thursday, which is 23,000 to the dollar. This represents a decline since the turn of the year of approximately 100 points. In Germany it is stated that
the phenomenal break has been responsible for
scarcity of currency, serious wage troubles and advancing prices. Reports of political tension likely
to cause the overthrow of the Cuno Government and
hints of a scheme having for its object the establishment of the Ruhr Valley and the Rhineland as a
separate republic were not liked. Transactions on
the decline, so far as local interests were concerned,
were exceptionally light, none being found willing
to risk purchases or marks even at the sensational
concessions now offered, under present abnormal
conditions. Yesterday mark exchange steadied and
there was a recovery to 0.0063, but this was a
natural reaction from a too rapid decline, rather than

218

an indication of improvement in the general situation.
• While no one doubts that eventually the German
situation will be settled, it is well nigh impossible to
venture upon a prediction as to when or how this is
to be accomplished. The opinion is practically
unanimous that it will involve much time and effort;
hence frequent and severe fluctuations are to be
expected.
French exchange, on the other hand, held up
remarkably well, all things considered, and the
quotation hovered around 6.97@6.74 until Wednesday, when there was a drop to 6.53 on news of the
uncompromising attitude of the Germans toward
the French occupation, though subsequently recovering to 6.69. Trading, except for foreign account,
was practically suspended during the greater part
of the time. Later in the week the whole market
steadied perceptibly, and although movements were
still too erratic to permit of any increase in activity,
price levels were advanced on a more or less general
belief that the outlook had been less threatening. News of the speedy collapse of the attempted
German general strike, coupled with rumors on
Thursday that Italy had opened negotiations with the
British authorities with a view to inducing another
attempt at solution of the reparations problem,
tended to restore a measure of confidence and there
were recoveries of from 10 to 15 points before the
close. Other noteworthy developments of the week
were the weakness in Czechoslovakian crowns.
Financial conditions in Austria have improved and the
krone has remained virtually unchanged for the last
two months or more. Currency inflation has been
halted and a stop has been put to speculative operations; with the result that a great deal of foreign
currency held in Austria, principally that of Czechoslovakia, has been released. Italian lire have ruled
steady at or near 4.95, with transactions small, while
Greek drachma were well maintained, though in
neglect.
The London check rate in Paris closed at 69.85,
against 66.65 last week. In New York sight bills
on the French centre finished at 6.65, against 7,01;
cable transfers at 6.66, against 7.02; commercial
sight bills at 6.63, against 6.99, and commercial
sixty days at 6.60, against 6.96 last week. Antwerp
2 for checks and 6.03
francs closed the week at 6.043/
for cable transfers. A week ago the close was 6.413/
and 6.423/
2. Closing quotations for Berlin marks
were 0.0060 for both checks and cable remittances,
in comparison with 0.0098 a week earlier. Austrian
kronen remain unchanged at 0.000143/i (one rate).
Lire finished at 4.833/2 for bankers' sight bills and
/ for cable transfers, as against 4.97 and 4.98
4.841
last week. Exchange on Czechoslovakia closed at
2.82, against 2.87; on Bucharest at 0.54 against
0.48; and on Finland at 2.48, against 2.48. Polish
currency suffered in sympathy with the German
mark and broke to still another new low record,
this time to 0.00031, a loss for the week of 18 points,
rendering the quotation purely nominal. Greek
exchange finished at 1.16 for checks and 1.21 for
cable transfers, against 1.20 and 1.25 a week ago.
In the former neutraliexchanges, the trend was
sharply downward and material losses were suffered
in Dutch and Swiss currencies. Scandinavian exchange moved irregularly with Copenhagen remittances conspicuously weak. Spanish pesetas also
lost ground, to the extent of more than 15 points.



[Void. 116.

THE CHRONICLE

Trading, except where selling for German account
was in progress, was narrow and devoid of especial
feature.
Bankers' sight on Amsterdam finished at 39.53;
against 39.59; cable transfers at 39.62, against 39.68;
commercial sight at 39.48, against 39.54, and commercial sixty days at 39.17, against 39.23 last week.
Final quotations for Swiss francs were 18.68 for
bankers' sight bills and 18.70 for cable remittances,
in comparison with 18.89 and 18.91 a week ago.
Copenhagen checks closed at 19.28 and cable transfers at 19.32, against 20.01 and 20.05. Checks on
Sweden finished at 26.86 and cable transfers at
26.90, against 26.90 and 26.94, while checks on
Norway closed at 18.66 and cable transfers at 18.70,
against 18.68 and 18.72 a week earlier. Spanish
pesetas finished at 15.57 for checks and 15.58 for
cable transfers. A week ago the close was 15.72
and 15.73.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANK TO TREASURY UNDER TARIFF ACT OF 1922.
JAN. 13 TO JAN. 19 1923, INCLUSIVE.
Noon Buying Rate for Cab e Transfers in New York.
Value in United Slates Money.
_ and Moneta

nit.

Jan. 13. Jan. 15. Jan. 16. Jan. 17 Jan. 18. Jan. 19.

8
g
$
A
S
S
EUROPE.000014 .000014 .000014 .000014 .000014 .000014
Austria, krone
.0606
.0601
.0809
.0621
.0620
.0632
Belgium, franc
.0070
.0070
.007057
.006833 .008886 .0069
Bulgaria, by
.028672 .028475 .02797 .027935 .027705 .02799
Czechoslovakia, krone
.1963
.1941
.1972
.1975
.1985
.2000
Denmark, krone
England, pound sterling 4.6740 4.6668 4.6609 4.8518 4.6437 4.6619
.024758 .024744 .024767 .024689 .024689 .024744
Finland, markka
.0667
.0660
.0682
.0665
.0678
.0694
France, franc
.000093 .000073 .000063 .000054 .000045 .00005
Germany, reichsmark
.012363 .012188 .012169
.012375 .012863 .0127
Greece, drachma
.3959
.3957
.3952
.3961
.3960
.3961
Holland, guilder
000379 .000388 .000388 .000385 .000387 .000382
Hungary, krone
.0483
.0471
.0489
.0478
.0490
.0494
Italy, lire
.1841
.1847
.1859
.1853
.1857
.1865
Norway, krone
.000049 .000047 .100043 .000036 .000033 .000032
Poland, mark
.0456
.0463
.0469
.0454
.0471
.0469
Portugal. escudo
.005439 .005339 .005256
.005569 .005567 .0055
Rumania,len
.1557
.1556
.1559
.1559
.1569
.1571
Spain, peseta
.2689
.2692
.2688
.2694
.2691
.2690
Sweden,krona
.1874
.1867
.1858
.1881
.1883
.1887
Switzerland, franc
.010356 .010215 .010065 .00964 .00841 .00753
Yugoslavia, dinar*
ASIA.7458
.7492
.7477
.7500
.7477
.7367
China. Chefoo tael
.7488
.7450
.7529
.7469
.7469
.7358
" Hankow tael
.7209
.7223
.7221
.7223
.7211
.7130
" Shanghai tael
.7542
.7483
.7533
.7517
.7517
.7417
" Tientsin tael
.5348
.5340
.5340
.5359
.5363
.5316
" Hongkong dollar
.5231
.5238
.5229
.5244
.5242
" Mexican dollar_ __ _ .5194
" Tientsin or Pciyang
.5417
.5392
.5413
.5421
.5421
.5365
dollar
.5325
.5271
.5276
.5300
.5300
.5250
" Yuan dollar
.3144
.3142
.3156
.3150
.3152
.3141
India, rupee
.4884
.4878
.4879
.4883
.4880
.4881
fapan, yen
.5413
.5446
.5450
.5417
.5417
.5396
3ingspore (S. S.) dollar
NORTH AMERICA.991178 .990764 .991486 .990451 .989403 .989021
7.anada, dollar
.99975 .99925 .999375
.999688 .99925 .9990
7taba, peso
.490313 .489792 .490313
.488719 .48875 .4900
k4exico, peso
.989063 .987969 .98875 .987969 .987031 .986797
Vewfoundland; dollar
SOUTH AMERICA.8417
.8424
.8464
.8527
.8532
._ _. .8553
krgentina, peso (gold)
.1135
.1137
.1139
.1143
.1137
.1142
Srazll, milrels
.1277
.1277
.1300
.1303
.1309
.1330
Mile, peso (paper)
.8440
.8468
.8488
.8535
.8538
.8530
Tnvenav nwan
•4 kronen equal 1 dinar.

As to South American quotations, the situation
remains without important change. Closing rates
on Argentine checks were 37 and on cable transfers 373/8, against 37.80 and 37.90, while Brazil
finished at 11.45 for checks and 11.50 for cable
transfers, unchanged. Chilean exchange was easier
and closed at 133.1, against 13.78, with Peru at 4 15,
against 4 19, the previous quotation.
Far Eastern exchange was firm,.so far as Chinese
currency is concerned, on advances in the price of
silver. Indian exchange also scored a fractional advance, being now at the highest level since October
1920. It is claimed that the resumption of offerings
of rupee bills for tender in London is designed largely
for the purpose of maintaining the rate at present
levels, which is not far from the pre-war quotation.
Hong Kong closed at 54W4h, against 533/2@53%;
Shanghai, 733®733/2, against 72%@73; Yokohama,
4@493i (unchanged); Manila, 503L@503 (un487
changed); Singapore, 54%@55 (unchanged); Bombay, 31%@32, against 313/
2@31%, and Calcutta
31%i@32, against 313/2©319.

JAN.20 1923.]

THE CHRONICLE

The New York Clearing House banks in their
operations with interior banking institutions have
gained $4,622,100 net in cash as a result of the currency movements for the week ending Jan. 18.
Their receipts from the interior have aggregated
$5,187,100, while the shipments have reached $565,000, as per the following table:

219

and animal of commercial value are more or less
menaced. There is the boll weevil destroying hundreds of millions of dollars worth of cotton every
year; the sweet potato weevil, menacing the Sweet
potato industry in the South; the mosaic disease, attacking the roots of the sugar cane; the wheat rust,
destroying millions of bushels of wheat and barley in •
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING the West; the corn borer, doing tremendous damage
' INSTITUTIONS.
to the corn crop; the white pine blister, menacing the
Into
entire
Out of
white pine forests of the country; the cattle
Gain or Loss
Week ending January 18.
Banks.
Banks.
to Banks.
capable
tick,
of transmitting a deadly disease to the
Banks'interior movement
55,187,103
$565,000 Gain 54,622.100
cattle industry of the South; the hog cholera, making
As the Sub-Treasury was taken over by the Fed- it unprofitable to breed
hogs where the disease is
eral Reserve Bank on Dec. 6 1920, it is no longer prevalent. These
are just a few examples mentioned
possible to show the effect of Government operaat random. What should the Federal Government
tions on the Clearing House institutions. The Feddo about them?
•
eral Reserve Bank of New York was creditor at the
It must be remembered that the Federal GovernClearing House each day as follows:
ment is not a super-Government, but a,Government
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE
BANK with delegated powers. It was unquestionably the
AT CLEARING HOUSE.
theory of its founders and the prevailing doctrine of
Saturday, Monday, Tuesday, IVednesd'y, Thursday, Friday,
Aggregate
all parties up to recent times that the main reliance
Jan. 13. Jan. 15. Jan. 16. Jan. 17. I Jan. 18. Jan. 19.
for Week.
of the citizen in seeking the protection and assist3
62,000,000 75,000,000 65,000,000 74,000.000 58,000,000 69,000,000 Cr.
403,000,000 ance of Government for his ordinary needs, would be
Note,—The foregoing heavy credits reflect the huge
mass of checks which come
placed in the State and county Governments. In the
to the New York Reserve Bank from all parts of the country in the operaticn
of
the Federal Reserve System's par collection scheme. These large credit
however, show nothing as to the results of the Reserve Bank's operationsbalances, early days of the Republic these local Governments
Clearing House institutions. They represent only one side of the account, with the
as cheeks
drawn on the Reserve Bank itself are presented directly to the
bank and never were possessed of importance and dignity. The Fedgo through the Clearing House.
eral Government was considered to be the instruThe following table indicates the amount a bul- mentality for dealing with great national questions,
such as national defense and foreign affairs. In
lion in the principal European banks:
each of the States there is a Department of AgriculJanuary 18 1923.
ture, and the county organization has a peculiar and
January 19 1922.
Banks 0
Gold.
Silver.
Total.
intimate contact with its agricultural interests. Yet
Gold.
Silver.
Total.
we witness the very strange phenomena of these very
England __ 127,491,357
27,491,357 128,444,198
128,444,198
France a__ 146,833,399 11,560,000158,393,399 143,048,234
11,200,000154,248,234 Governments petitioning the Federal Government to
Germany _ 50,110,580 7,259,150 57,369,73 49,769,8
611,500
Aus.-Hun 10,944,000 2,369,000 13.313.000 10,944,000 2,369,000 50,381.350 come
to their assistance.
13,313.000
Spain ____ 100,999,000 25,786,000126,785.000 100,558,000 24,878,000125,4
36,000
Italy
35,241,000 3,031,000 38,272,000 33,927,000 2,974,000 36,901,000
There are also a great many demands made upon
Netherland 48,482,000
682,000 49,164,000
628,000 51,125,000
Nat. Belg. 10,757.006 2,251,000 13,008,000
1,631,000 12,294,000 the Federal Governme
nt from what is sometimes
Switzer''d 21,499,000 4,145,000 25.644,
4,330,000 26,340,000
Sweden
15,219,000
15.219,000
15,257,000 called the social
Denmark _ 12,681,000
uplift movement. This is largely
248,000 12,929,000
197,000 12,882,000
Norway _.. 8,115,000
8,115,000
8,115,000 in the domain
of welfare work, the most recent and
Total week 588,372,336 57,331,150645,703,486 585,918,282 48,818,500634,735,782
Prey. week 588,211,593 56,750,200644,961,093 585,825,987 48,952,500 634,778,487 striking example of which was the enactment of the
a Gold holdings of the Bank of France this year are exclusive of £74,573,797 Maternity Act by Congress whereby
the Federal Govheld abroad.
ernment has entered a field of work which can only
WHAT ARE THE LIMITS OF NATIONAL OBLI- be justified by predicating a radical change in the
GATION IN RENDERING AID TO CITIZENS? doctrine of the relation of the national Government
to the States and to the individual.
No more important question than this is before the
On the question of performing services with the
American people to-day. We have from time to purpose
of aiding the citizens to overcome a given
time discussed it in relation to concrete cases of Fedcondition there are three phases to be considered:
eral aid and have pointed out the necessity on the
First, research and investigation to determine a sucpart of citizens of considering the deeper aspects of
cessful and economical method; second, the estabthe whole question. The trouble is we are proceedlishment of measures of control; third, putting into
ing with rapid strides into the field of Federal aid
effect measures of eradication. If there is warrant at
without any national policy and thereby unwittingly
all for Governmental assistance of any kind it would
establishing numerous precedents at variance with
seem to be a sound doctrine that the Federal Governour historic traditions and fundamental philosophy
ment should limit itself to the first, that is, to reof government. If our Government is to open the
search and investigation. This would put upon the
National Treasury to aid groups of citizens in their
national Government—in co-operation with the
struggle with the laws of Nature or against economic
State Governments—the scientific work only. The
conditions brought about by the influx of diseases
results of these investigations could be spread broadand pests or through world-wide movements of cast in
the form of bulletins. This has been the tratrade and commerce, let us study the question as a ditional
practice heretofore. But now the Federal
whole and develop a national policy of Federal aid.
Government in many cases is going beyond the scienThe simplest illustrations of Federal aid are found tific work
into the realm of control and eradication.
in the field of agriculture and forestry, though by no This is
beyond peradventure the danger line which
means confined to them. Diseases and pests in great should
never be crossed. Once the Federal Governvariety have come into the country within recent ment
begins to do for the citizen what he should do
years and are destroying vast quantities of property, for
himself, either individually or by co-operation
are limiting the annual output and making it more with
his neighbors, or through his own local Governdifficult and more expensive to produce a normal ment, we
have begun to sow the seeds which have in
yield. It may be said that practically every plant them the
germ which may destroy the very fabric of



220

THE CHRONICLE

our dual system of Government. We have inherited
a system of local self-government which was wrought
out through centuries of struggle in England and
America for individual liberty and freedom of action. In each generation this liberty has been carefully guarded from enemies without and enemies
within. And now, after a world-wide economic cataclysm, does it not behoove us more than ever to guard
that sacred fire which our pioneer forebears implanted on these shores?
A wholesome example of private initiative recently
came to our notice which bears directly upon this
question. The American Cotton Association has announced that it has employed one of the foremost
scientists in the country to head a group of investigators who will endeavir to work out ways and means
to combat the boll weevil—and this notwithstanding
the fact that the Federal Government has for 30
years been engaged in similar investigations in an
attempt to discover some way to eradicate this pest.
Now, that seems to us the normal American way to
handle this situation. All of these control and eradication questions involve private property, and the
work of the Government, where successful, inures
not to the benefit of the public Treasury, but to the
owners of the property involved. The common danger attending a continuation of the movement should
constitute a sufficient motive to impel our whole
citizenry to combat the growing evil.
MONEY IN ITS FUNDAMENTAL RELATIONS.
Macmillan has brought out a book giving an account of the fortunes of the world's monetary system
during and since the war which is of special interest.*
It is by Dr. Gustav Cassel, the distinguished Swedish
economist prominent in all the recent financial conferences, Chairman of the Allied Commission of
financial experts, and at present reported to be in
Moscow to counsel Russia in her financial extremity.
He writes with the purpose of setting before the
puLic the fundamental facts about money, which
are not always understood, and are of permanent
value and of constant application. Instead of theorizing, he takes advantage of the series of rapid
financial movements resulting from the war. Beginning with 1914 he traces their relations to money and
the varying and serious but constantly unrealized
results which have been so powerful and so often destructive in the economic world. Historically the
period covered by the book was short, but events
moved rapidly and were in general vitally important,
and the material is abundant. This is treated in
numerous short chapters covering a variety of incitN.-nts. We can only deal with a few of these, suffic• io t to show the author's method and the value of
In • suggestions.
The first event, and one of the most significance,
was the almost universal abandoning by the belligerents of the gold standard, and the issue of paper
currencies having no relation to one another.
Whether the gold standard was formally abolished,
or not, is unimportant; it is abandoned when the essential conditions are destroyed. Economically it
means a fixed rate of free exchange between a given
amount of gold and a given amount of the currency.
When free transfer and free smelting are not open to
all holding currency or gold, the gold standard
ceases. For one reason or another, redemption of
*Money and Foreign Exchange After 1914, by Gustav Cassel. Macmillan
00.




[Voi.. 116.

notes was restricted or refused, and the effort made
to accumulate gold in reserve; it was gathered as a
sacrificial patriotic service of the people, and its export prohibited or made difficult. Markets were at
once thrown into confusion, currency lost its value,
and exchange was demoralized.
An unusual phenomenon soon appeared. For reasons of its own the Riksbank of Sweden, considering
its reserve ample for all possible'need, in February
1916 declined to receive further gold for coinage.
This was to exclude foreign coinage. In this, however, it was only imperfectly successful, as the gold
reserve continued to increase. Within a year a conference had to be held with Norway and Denmark
at which in self-defense all three countries agreed in
united action against free transfer of gold, and settled into an exclusive paper currency which took the
usual course; and at the end of the war they found
themselves saddled with an inflated paper currency,
a load of idle and unprofitable gold held in reserve,
and a mass of foreign securities taken in exchange
for goods involving enormous losses because of the
fall of exchange.
Meanwhile in Europe gold had disappeared from
circulation, almost all the belligerent nations were
burdened with a constantly increasing volume of
their own paper, and the United States was at the
close pf the war the only country where gold stood
at a level by itself, its value determined by the dollar.
After the outbreak of the war an extraordinary
amount of gold appeared in the world's markets, while
the demand was limited to such sums as the central
banks and exchequers of the neutral States, the
United States and Japan might choose to accept for
increasing their gold reserves. It is estimated that
something like 2,000 million dollars of gold must
within eight years have been withdrawn from the
gold that was previoutly in circulation in the civilized countries of the West. It has involved a complete disintegration of the market for gold, with a
sharp fall in its value when measured by the level of
prices in the United States.
Dr. Cassel points out that irredeemable paper currency is only the secondary cause of the rise of prices;
the primary cause is the entrance of the Governments into the market as chief purchasers. Currency is issued to provide the means for this. The
gold reserve is emphasized to redeem this currency
and its rapid collection from the people is pressed
for this purpose. Meanwhile its withdrawal necessitates more paper, which depreciates in value as the
quantity grows, and without any regard to the size
of the reserves. Paper thus becomes no acknowledgment of debt, and has value only in inverse ratio to
its amount. It is long before the people realize this,
and it is to the interest of the Government to keep
them of this opinion. The printing press gives the
Government extra purchasing power, and the heightened competition puts up prices. This creates the
need of still more currency. The public as a rule will
not hold more currency than it needs and there comes
a time when the people can no longer be beguiled.
The first step in reform is to see that they know the
situation. Long ago in several States the currency
had lost all value as the people would not exchange
goods for it.
It is to be noted that the Austro-Hungarian bank
was early compelled to turn over all its reserve gold
to the German Reichsbank. This latter bank was
drawing heavily in all directions, with the result

JAN.201923.]

THE CHRONICLE

that, apart from its present reserve, which fell from
$607,000,000 at the time of the armistice to $260,000,000 in June 1921, the whole of the German domestic
circulation, plus what gold was accumulated during
the war, has been exported. As late as the spring of
1920 all the English private banks had to hand the
rest of their gold to the Bank of England. It was
needed by the Government for payment on purchases
made in foreign markets.
Dr. Cassel devotes a chapter to popular misconceptions which will be interesting reading, but when a
party has gone off the main road and over a precipice,
while there may be many suggestions as to how and
why it happened, the obvious fact is first that they
have reached the end of their self-sufficiency and need
help; and then that the initial and real cause of the
mishap be discerned, and dealt with. It is sufficiently clear that certain European States have
reached this condition. They have issued so much
currency that it has become worthless and no one
wants it. In its course a vast amount of goods has
been given in exchange for it; the goods have been
consumed, or passed away, and the currency represents an immense loss which has already occurred
and cannot be restored. When that stage is reached
the currency, like the smashed up motor, has to be
abandoned. The nation must turn to other resources,
and obviously needs outside help.
Meanwhile the other nations are concerned for
themselves,for all are off the accustomed road. There
is no parity of exchange, they are all on a paper basis,
with the inevitable results before them.
The author points out that Deflation, which in several cases has been tried, creates more trouble, it
breaks the market, arrests production and works
wide injustice. Nevertheless the continued flow of
new paper must be arrested, and a fixed basis of
values must be found.
The root of all the trouble in the estimation of the
author is militarism and the consequent excessive
and continuous Governmental expenditure. Amendment must begin here. To secure stabilization, when
this competition of the Government in the market is
arrested, it is not necessary to seek it in the restoration of pre-war prices. That may be remote, and for
the time, impossible. If any reasonable price-level
can be adopted even as high as 150 on the earlier
standard of 100, it is sufficient.
Parity of exchange could be based on parity as
now existing in the American dollar, especially if
that can be extended to include the pound sterling.
The United States, holding the large amount of gold
now here, and England being the established market
for gold and the accustomed financial centre of exchange, the basic rate and the established parity of
exchange would gradually avail in other lands, which
would make their separate adjustments possible, and
world-wide business could be conducted with confidence.
The system will have to be organized with the assistance of foreign countries and apart from State
authorities. The name and form of the local currency are of no consequence, its exchange value is the
important fact. For this the price level is important
and will be governed by the local policy as to credit.
When this is too free prices rise, and gold is driven
out. Price levels must be maintained in uniformity
with the world's price level, and payments in gold
compel its continuance. The joining of America and
England would make the value of gold uniform.




221

Then the banks could maintain it by exchange rates
and by prompt action in regard to credits. Expansion or contraction in these if withheld till they have
to be violent causes reaction and destruction, but
credit in its ready use is the normal balance wheel.
In reconstruction this is the order that should be
maintained: First, the purchasing power of the
currency must be kept on a level with that of gold.
Second, notes must be redeemable in gold. Third, a
certain gold reserve must be maintained. Reversing this order is a common mistake. If the central
banks compete with one another to secure as large
amount of gold as is possible the value of gold is
forced up, which destroys its use as a standard.
The book closes with an earnest appeal not to be
deterred by the inevitable objections which arise
against any form of intelligent organized effort, but
to recognize that the banks and the Governments cannot avoid exercising influence in monetary matters,
and that this influence is not more "natural" when
poorly thought out, or left to political motives, than
when linked in a chain of systematic endeavor to provide a rational solution of the monetary problem.
"All civilization represents one mighty effort of man
to overcome difficulties instead of allowing himself
to be passively carried away by them. At the present moment the future of civilization rests in no
small degree upon this central will to conquer being
able to assert itself in the realm of money."
LABOR'S CRY FOR STILL MORE—MISUNDERSTANDING OF STOCK DIVIDENDS.
Some purveyors of industrial misinformation, using the title "the Labor Bureau, Inc.," are sending
out comments upon recent developments in business.
This review, addressed to labor unions, says that the
economic position of organized laboy is becoming
stronger but serves notice that labor will demand
that employers share their prosperity with employees. There was in December, we are told, a greater
advance than in the previous eleven months in industrial and commercial activity, with a decrease in the
number unemployed and an upward trend in wages.
But these changes do not satisfy,for as an offset it is
noted that living costs have somewhat increased, and
the correct deduction is drawn that "the buying
power of wages has therefore been to that extent reduced." This should be an encouraging recognition
of the primary economic fact that the substance of
wages is their buying power and not their tale of dollars, but the reviewer is dissatisfied, and with the old
notion of antagonism of interests still fixed in his
mind he says:
"The protracted withdrawal of consumers from the
markets, which helped precipitate the recent depression, necessitated an unusual quantity of buying as
soon as prices came down. This banked-up demand
has been a considerable factor in the recovery of the
last six months. If prices advance much higher,
however, consumers may again withdraw from the
market and the revival will be checked."
It is true that prices reached a peak, and (as with
the ocean tides) there came a slack, and then some
ebb, and so, according to a natural law, buying was
cut nearer to immediate needs, but reacted again
somewhat as prices sank. This is intelligible and was
inevitable, but is there an intended threat in the hint
that consumers may again hold back if prices are not
kept down? If those who may withdraw from the
market are 1"the Working classes"—the organized

222

THE CHRONICLE

[VOL. 116.

workers who are only a small fraction of the whole fully studied the matter he would have seen that
people, yet imagine themselves the Atlas who sup- stock dividends add absolutely nothing to the value
ports the world—the same were considerably influen- of a shareholder's interest in a property. "The existtial in running commodities upward during the silk- ence of this additional claim of the stockholder,"
shirt time when many were looking for high prices proceeds this reviewer, "makes it more difficult for
and, of course,found them.
labor to secure its fair share of the income of indusIt is entirely true that abundance and lower com- try." There he is again—on the stolid contention
modity prices are for the interest of everybody, union that labor does substantially all and should therefore
members included; but those members, long mis- take substantially all. "The present flood of stock
taught by their leaders, still demand that all other dividends," he says, "is proof that there was no ecoprices, reckoned in dollars, shall come down while nomic necessity for the wage-reduction campaign of
labor, also reckoned in dollars, shall stay up or even 1920 and 1921, and that by the use of surplus reserves
mount higher. "The two chief obstacles to a pro- for wage payments most wage cuts might have been
longed period of business prosperity," says the re- avoided." The effrontery of this suggested use of
viewer, would be "rapidly increasing prices of com- surplus is admirable in its kind.
modities other than farm products, and failure to
The fact is, capitalization has nothing to do with
recover from the sudden reduction in purchasing the income of an industrial corporation any more
power of the farming population from the high 1919 than it has with determining the transportation rates
level; last month a substantial rise in the prices re- of a railway carrier. Increasing the stock of a comceived by farmers for their products has partially pany by stock dividends does not in any way increase
remedied their situation."
the earnings of the company, nor add a penny to its
This forecast of chief "obstacles" seems rather earning capacity. If a company has been earning
n,addled, but apparently the reviewer's notion of the $80,000 a year on $500,000 stock and as a consequence
desideratum is a decline in all commodities except has been paying cash dividends of 16% per annum,
farm products and an increase in what the farmer the payment of a stock dividend of 300%, raising the
receives; labor has long been trying to cajole and amount of the outstanding stock to $2,000,000, does
practically unionize the farmer, and this review says not change the earning status in the slightest degree.
his condition has been improved by a substantial rise There is no magic power in stock dividends as rein the prices received by him. But the reviewer is spects the creation of earnings, and these will grow
oblivious to the fact that while the farmer has had only as the business develops. There will still be the
to take more than his proper share of deflation, what same $80,000 for distribution, and the company will
he really needs is lower prices for the things he must now be paying 4% on $2,000,000 instead of 16% on
buy; as the "Chronicle" has already put it, his trou- $500,000. The stockholders will have four shares of
ble is as if he had to allow his products to be meas- stock where previously they had only one, but in the
ured with a long yardstick and the things he receives aggregate they will receive no more on the four shares
in exchange to be measured with a short one. The than they were before receiving on the one share.
thing to which that short measure is most and worst And that is all there is to the whole transaction.
applied, to his detriment, is labor—not merely the
But should labor be now relieved from deflation
labor he directly hires, but that which is the largest and even be started upward anew? This, after all, is
factor in the cost of the commodities that he, and all the important question and a most timely and pressof us,must purchase and consume.
ing one. It would be both negligent and unsafe not
Yet the main contention of this document is not to observe and measure the determination of unionmerely the perpetual complaint that labor is not get- ism to reinflate labor while still foolishly demanding
ting its fair share, but that industrial production that the products of labor must not go higher. The
can afford to pay higher wages than the present attitude.assumed is no less antagonistic and threatscale. As conclusive support of this claim, the re- ening than it used to be, and the most striking eviviewer cites the recent large declarations of stock dence is that, while the shortage of labor (especially
dividends, asserting that "the stock dividend is a of the more "common" sort) is one of our worst presp blic recognition of the fact that immense surplus ent hindrances and business organizations have one
earnings of the past, arising out of the co-operation after another been protesting against the defects of
of all persons involved in industry,are to be regarded our immigration laws and rulings, organized labor,
as the property of the stockholders and are to be the clinging to its ancient restrictive folly, is determined
basis of future dividends." But he either purposely to block .the efforts now making in Congress to corpasses over or is unaware of several facts in the mat- rect that situation. No, our national welfare—and
ter of such dividends: one is that they do not neces- our ability to help our troubled neighbors in Europe
sarily represent recent profits or even war profits; —require that we have more work done, greater abunthat most generally they are the result of the transac- dance attained, and (as almost indispensable) more
tions of many years, and usually have a real surplus laborers to do it.
as their nucleus; that the correctly-used expression,
"the co-operation of all persons involved" justly THE COAL SITUATION AND THE PROPOSED
REPEAL OF THE MINERS' CERTIFICATE
means that the stockholders rendered aid beyond
LAW IN PENNSYLVANIA.
risking their moneyed contributions and did not
lessen their right to their share in profits by pruApropos of the coal situation, it is encouraging
dently choosing to strengthen the business (or, pos- to read that a member of the upper branch of the
sibly, to carry it through times of struggle) by add- Pennsylvania Legislature will introduce in the presing to surplus instead of dividing in cash. Nor does ent session a bill for repeal of the State statute
it follow that these stock dividends are for the pur- known as the Miners' Certificate Law. This law of
pose of filching from either consumers or labor.
1897 forbids working by any person in anthracite
This reviewer may have been moved by the recent mining unless he can produce a certificate attesting
outbreak of Senator Brookhart, but if he had care- that he has had two years' actual experience in that




JAN.20 1923.]

THE CHRONICLE

223

mand was practically without limit, valuei are considerably reduced, as was to be expected.
The final report for last year of the Crop Reporting Board of the Department at Washington has recently been issued. The total value of the crops of the
United States for 1922 is placed by the Board at
$7,483,326,000. This contrasts with only 0,630,781,000 for the crops of the preceding year, but with
0,998,820,000 for those of 1920. Cotton contributed
very largely to the increased value of farm products
last year, mainly owing to the higher price and the
value of the cotton crop of 1922 was greater than
that of 1920, even though production was 3,475,000
bales less last year than then. The farm value of
cotton on Dec. 1 last, the price at which the production of 1922 is computed by the Department, is 23.8
cents per pound. This contracts s with only 16.2
cents per pound for the cotton crop of 1921 and 13.9
cents for that of 1920. The leading cereal crops, in
the main, were also somewhat higher in value for
the latest year as contrasted with the crops of 1921.
There is a large increase in the value of the corn crop
last year as compared with the crop of the previous
year and the increased value in this case is largely
due to a higher price, the latter being more than 50%
higher on Dec.1 1922 than on the corresponding date
of the preceding year, according to the report of the
Department. Likewise as to wheat, there is an in•
crease in value, due mainly to higher prices for the
latest year, although the increase in the price of
wheat is not relatively so great as that indicated for
corn. Oats, barley and rye, the other three important cereal crops, each shows greater value in outturn for 1922 than 1921 and each shows a somewhat
higher price for the latest year in contrast with the
price of the preceding year. There was last year a
very large yield of hay and the value of the crop was
greater than in the preceding year, when the yield
was considerably less. The crop of 1920 was somewhat smaller than that of 1922, but the price per ton
in that year was considerably higher,so that the farm
value for the hay crop for the year just closed was
somewhat under that of the earlier year. Likewise,
the yield of potatoes in 1922 was the largest on record, but values were based on a- much lower level per
bushel than for either of the two preceding years.
Tobacco, another important farm product, shows a
good return for 1922,in part due to a somewhat higher range of prices for the latest year,in contrast with
the prices of both preceding years; for 1920 the proTHE HARVESTS IN 1922.
duction of tobacco was larger than in 1922, and alMeasured by quantities and values, farm produc- though the price was slightly lower in the former
tion from the crops of 1922 was quite satisfactory and year, the farm value of the yield for that year was
trade conditions throughout the country are being greater than it was for 1922.
benefited, especially in some sections where the reWheat made a very good crop. The early indicasults from the farm products of the previous year tions for winter wheat were extremely satisfactory.
had been so reduced, with values so far below those The April condition was 2.4 points better than that
of the standard prevailing at this time, as to cause of the preceding December 1921, although somewhat
almost a disaster. Of some of the important crops under the average for ten years. The area abandoned
last year there were record yields, notably potatoes, because of winter killing was 14.5% and this conrye and hay. Corn, oats, wheat and rice made a good trasted with a ten-year average of 10.4%. For the
return. In contrast with the low level of the preced- crop sown in the fall of 1920 and harvested in 1921
ing year, production and values are both greatly im- the area abandoned by reason of winter-killing was
proved. The mass of crop production in 1922 ex- only 4.60, yet the winter wheat crop of 1920-21, with
ceeded that of 1921 by 8%, but crop prices on Dec. 1 a larger acreage than that of the crop of 1921-22, was
1922 were 24% higher than at the corresponding date only slightly larger than the latter. The area abanof the preceding year and the crop value of 1922 was doned due to winter-killing last year was 6,446,000
34% greater than that of 1921. Compared with some acres, the largest of any year, with the exception of
of the earlier years, especially those of the war pe- 1917, since 1912. The area harvested last year was
riod, when prices were greatly inflated and the de- 42,127,000 acres. This contrasts with 4%414,000

industry; examining boards are appointed by the
courts in each of the eight districts, before whom candidates for certificates must appear, at sessions held
quarterly, and operators employing uncertified workers are made liable to heavy penalties.
It cannot be denied that some plausible pleas can
be made for measures proposing to guard mining
against the chances of danger from inexperienced
men,to their fellow workers as well as to themselves,
but it can be justly urged that the required experience is needlessly long; the sources of danger, from
gases and otherwise, have long been known, and invention has been directed to precautions against
them. While the two cases are not alike, there is a
resemblance between mining and railways, and in
the latter mechanical devices, such as automatic
brakes and signals, have made less positive the necessity of long experience before men can safely work on
trains. Disaster carries its own penalties, everywhere, and thus puts a premium upon precaution; it
is probable that precaution is not yet exhausted in
mining, and every stimulus should be allowed to it.
On the other hand, such laws—and Indiana and
Illinois have similar laws—strengthen the union grip
on anthracite mining, and therefore have obvious objections. They have a parallel in the so-called full.
crew laws, whose real object was to compel railroads
to carry unnecessary trainmen on the payroll, but
whose argument and excuse was a simulated great
regard for the public safety. Overmanning, irregularity of production, too short term of distribution—
these are among the causes of the fuel trouble which
hardly needed a special inquiry to discover them, so
plainly have they disclosed themselves; but while
there is no specific which will cure there is nothing
surer than that the mining industry cannot be left to
the mercies (even to the covenanted mercies) of the
unions. The old and misused motto of unionism is
that "the injury of one is the concern of all"; but
union dogma in practice is that the injury of anybody
outside the union ranks (even of anybody outside of
some particular industry and union) is his own concern and nobody else's. The corollary is that remedying his injury is his own affair and he cannot trust
anything to the altruism of unions,for that begins at
home and extends no farther. If the American public expects to have coal, the public must somehow or
other make sure that unmitigated and purblind selfishness has less power to prevent getting it.




224

THE CHRONICLE

[you 116.

acres for the winter wheat crop of the preceding acreage lower than the original estimate, at 102,428,year and with 40,016,000 acres for that of 1920. The 000 acres, and the yield at 2,890,712,000 bushels. The
progress of the crop throughout the growing season area harvested for the corn crop of 1921 was 103,740,was quite satisfactory. Improvement was shown 000 acres and the yield 3,068,569,000 bushels. The
throughout April, and bn May 1 the condition was 5.1 yield per acre in 1922 was 28.2 bushels, and in 1921
points higher, according to the report of the Agricul- 29.6 bushels. In 1920 the size of the crop was 3,208,tural Department, than it had been a month earlier. 584,000 bushels, this being the record corn crop. With
There was some slight deterioration during the suc- two such crops, values were materially reduced .for
ceeding months up to the time of the harvest, which the yield of 1921, which at the farm on Dec.1 of that
is customary at this period of the year, but no great year was placed at 42.3 cents per bushel. On Dec. 1
loss was experienced. The estimated yield varied 1920 the price was placed at 67 cents per bushel. By
slightly throughout the growing season, but in the Dec. 1 1922 it had recovered to 65.7 cents Per bushel.
final report it is placed at 586,204,000 bushels, the These variations have made a considerable differyield per acre being 13.9 bushels. For the preceding ence in the money value of the corn crop to the
crop, that harvested in 1921, the yield per acre was farmer.
13.8 bushels and the harvest 600,316,000 bushels, and
The yield of oats last year was somewhat larger
for 1920 15.3 bushels per acre, with a total yield of than in the preceding year, but reduced as compared
610,597,000 bushels.
with the large yields in some of the earlier seasons,
Spring wheat also started well, and the outlook such as 1917 And 1918, for example. The first estiwas for a good yield in the earliest reports. The orig- mates for the crop of 1922 were for a slightly larger
inal estimate of area was 18,639,000 acres, and the crop than the harvest finally proved to be, although
June condition was 90.7%. With a yield of 13.3 the loss was not serious, there having been a considbushels per acre, the crop was then placed at 247,- erable reduction in acreage planted to oats last year,
175,000 bushels. The original estimate of area was as compared with both of the preceding years. The
too small, however, and the yield per acre was con- 1922 yield on 40,693,000 acres is 29.9 bushels per
siderably larger than in either of the two preceding acre; in the preceding year the yield on 45,495,000
years, so that the final outcome of the spring wheat acres was only 23.7 bushels per acre, and in 1920 on
crop of 1922 was very much larger than was at first 42,491,000 acres it was 35.2 bushels per acre. Hence,
indicated and in excess of the crops of 1921 and 1920. the variation in the crops of oats for these three
The July report placed the condition at 83.7% and years. In 1922 it was 1,215,496,000 bushels; in 1921,
there was a slight increase in the yield indicated as 1,078,341,000 bushels, and the preceding year, 1,496,contrasted with the report of a month earlier. In 281,000 bushels.
both the August and September reports a larger yield
The minor cereal crops showed some gain. Rye
per acre was shown, the harvest proving to be very wintered well, and while there was some loss in consatisfactory,in marked contrast with the progress of dition in April as contrasted with the December
1921
the harvest of the crop of 1921, when hot and dry conditiOn, a larger yield on a larger area was indiweather proved so disastrous. The final estimate of cated than for the crop of the preceding year. Furspring wheat for 1922 was 14.1 bushels per acre. ther satisfactory progress was made during the growThis contrasts with 10.6 bushels and 10.5 bushels per ing season. The final estimate of the area planted to
acre, respectively, for the two preceding years. The rye for the 1922 crop was 6,210,000 acres, and the
area last year was 1%103,000 acres; in 1921 it was yield per acre 15.4 bushels. This contrasts with
20,282,000 acres, and in the preceding year 21,127,000 about 4,528,000 acres planted to rye for the crop of
acres. The yield last year of spring wheat was 270,- 1921, and 4,409,000 acres for the preceding year, and
007,000 bushels, and compared with 214,589,- a yield per acre for each year of but little more than
000 bushels in 1921 and 222,430,000 bushels 13% bushels. Last year's crop of rye was 95,497,000
for 1920.
bushels, while the yield in both preceding years was
The larger spring wheat crop in 1922 offset the loss only a little in excess of 60,000,000 bushels.
in winter wheat and the yield of all wheat was
Barley showed some increase in production last
larger than in the two preceding years—in fact, it year, based chiefly on a larger yield per acre, the
was in excess of six of the preceding ten years. The area planted to that grain in 1922 being less than in
aggregate wheat production was 856,211,000 bushels, either of the preceding years. The yield per acre
the area harvested being 61,230,000 acres and the av- last year averaged 25.2 bushels, and with an area of
erage yield 14.0 bushels to the acre. In the preceding 7,390,000 acres, the yield was 186,118,000 bushels for
year the area was 63,696,000 acres, the yield only 12.8 the crop of 1922. This contrasts with the preceding
bushels per acre and the harvest 814,905,000 year as follows: Average yield, 20.9 bushels; acrebushels.
age, 7,414,000, and harvest, 154,946,000 bushels. For
In the early part of the season of 1922 it was 1920 the acreage and yield were a little larger than
thought that the corn crop was going to be one of the for 1922, while the yield per acre was 24.9 bushels.
four or five three-billion crops. The original esti- For buckwheat last year the area was 785,000 acres,
.mate of the area planted to corn for the crop of 1922 and the yield 15,050,000 bushels, the average being
was placed at 103,234,000 acres, which contrasted 19.2 bushels per acre. Both area and yield were
with 108,904,000 acres, the original estimate for the somewhat larger than for either of the two preceding
preceding year. The condition of corn on July 1 was years, though the difference was not very great The
placed at 85.1% of normal and this was slightly im- 1922 crop of flaxseed was 12,238,000 bushels, which
proved during July, so that on Aug. 1 the condition contrasted with only 8,029,000 bushels, the product
was 85.6%. Based on this situation, the crop at that of the preceding year. The yield of rice in 1922 was •
time, it was thought, would be 3,017,000,000 bushels. 41,965,000 bushels, as against 37,612,000 bushels for
The progress of the crop, however, during the re the preceding year and 52,066,000 bushels for the
mainder of the growing and maturing season was not crop of 1920. In the following table the production
quite so satisfactory. The final estimate places the of the leading cereal crops is shown, a comparison




JAN.20 1923.]

THE CHRONICLE

225

for four years being included, besides which the high completed much earlier than usual. The final estirecord for each crop is shown:
mate in December placed the yield at 9,964,000 bales.
This is exclusive of linters, which may add 750,000 or
CEREAL CROPS.
800,000 bales to the year's output. For 1921 the yield
Depallnsent, Department, Department, Department,
Previous
Total
1921.
1922.
1920.
1919.
Production.
Record.
was 7,953,641 bales, exclusive of linters, and for the
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
preceding
year 13,439,-603 bales. The area at har2,890,712,000
3,068,569,000
3,208.584,000 2,816,318,000 3,124,746,000
Corn
Wheat--_ 856,211,000 814,905,000 833,027,000 968,279,000 1,025,801,000 vest for the 1922 crop is put
at 33,742,000 acres,
1,215,496.000 1,078,341,000 1,496,281,000 1.184,030,000 1,592,740,000
Osta
Barley._ _
186,118,000 154,946,000 189,332,000 147,608,000 228,851.000
95,497,000
61,675,000
t0,49 ,,000
75,542,000
91,041,000 which contrasts with 30,509,000 acres for the precedRye
Buckwheat
15,050,000
14,207.000
13,142,000
14,295,000
19.249.000
41,965,000
37,612,000
52.066,000
41.985,000
Moe
42.790,000 ing year and 35,878,000 acres for the cotton crop of
5'laxseed
12,238,000
10,774,000
8,029,000
7,256,000
29,285,000
1920. The yield per acre last year was 141.6 lbs.,
Total- - 5.313.287.000 5,238,284.000 5.863,696,000 5,255,313,000 6,154,503,000
as against only 1241/
2 lbs. the preceding year, and
Production of these eight leading cereal crops was 178.4 lbs., per acre for the cotton crop of 1920. The
only 75,003,000 bushels greater than in the preceding farm price of cotton on Dec. 1 1922 is placed by the
year, and was actually 550,409,000 bushels under the Department at 23.8c. per lb. This, contrasts with
yield for the same crops for the season of 1920. As 16.2c. in 1921 and 13.9c. per lb. Dec.1 1920. At these
contrasted with the record yield for these same eight figures the'farm value of the cotton crop of 1922 is
leading cereal crops, the production for 1922 shows $1,192,461,000; of 1921 only $643,933,000 and of 1920,
a decrease of 836,216,000 bushels. Of the other im- $933,658,000.
portant food crops potatoes command first consideraThe violent fluctuations in prices, such as have
tion. The yield last year was the largest on record, characterized the markets for most agricul451,185,000 bushels. This was on an area of 4,331,- tural products for a number of years past, have
000 acres and the average production per acre was been very unsettling and for the crops of 1921 caused
104.2 bushels. The potato crop of 1920 averaged very serious losses. A comparison is given below
110.3 bushels per acre, but the area harvested was of the estimates made by the Government of farm
only 3,657,000 acres. The yield in 1920 was 403,296,- values for the five principal grain crops of the past
000 bushels. In 1921 the area harvested was 3,941,- five years:
000 acres, but the yield per acre was only 91.8 bushFARM VALUES ON DECEMBER 1.
els, so that the harvest was no more than 361,659,000
1922.
Crops.
1921.
1920.
1919.
1918.
bushels. The farm price of potatoes last year dropped
$
3
S
3
$
1,900,287.000 1,297,213.000 2.150,332,0003.786,516.000 3,416,240,000
to 58.2 cents per bushel because of the very large Corn
Wheat_ _
864,139.000 754,834,000 1,197,263.000 2,080,686,000 1,881,826,000
478,548,000 325,954,000 688,311.000 833,922,000 1,090.322,000
yield; thb year before it was $1 10 per bushel and in Oats
Barley__.
. 97,751,000
64,934,C00 135,083,000 178.080,000 234,942,000
66,085,000
43,014,000
76,693,000 100,582,000 138,038,000
1920 $1 141/
2. The farm value of the potato crop last Rye
year, in consequence of the low price, was only ;262,- Total- 3.406.810.000 2.485.949.000 4.247.682.000 6.979.786.000 6.761.368.000
608,000, against *398,362,000 the preceding year and
Here is a variation in the last three years for these
$461,778,000 in 1920. The sweet potato crop last five crops alone of from $921,000,000 to $1,762,000,000.
year also showed a considerable increase, being 109,- These five crops for the season of 1921 were valued
534,000 bushels, against 1,8,654,000 in 1921 and 103,- at $1,762,000,000 less than for the preceding year,
925,000 bimhels in 1920. There has been a gradual while the same five crops for the year 1922 show a reincrease in area harvested of sweet potatoes each covery of $921,000,000. If cotton is included, more
year and last year it was 1,116,000 acres.
than $290,000,000 in value was dropped from the
The 1922 crop of hay was 112,791,000 tons. The growth of cotton for the year 1921 as compared with
preceding year it was 97,770,000 tons and in 1920 the preceding year, but for last year there is a recov105,315,000 tons. There was cut to the acre last year ery as to cotton from the low valuation for 1921 of
1.46 tons and in 1920 1.43 tons, but in 1921 the yield nearly $550,000,000 in one year. Potatoes, with a
was only 1.31 tons per acre, although the, area har- record crop the past year, tell a different story. The
vested in the latter year at 74,401,000 acres, was value of the crop raised in 1921 was $63,000,000 less
about 600,000 acres larger than in 1920. The area than the crop of the preceding year and the bumper
harvested last year was 77,050,000 acres. Of. this, crop of 1922 shows a further depreciation from that
61,208,000 acres was of tame hay, on which the yield raised in 1921 of $135,000,000, or 34.1%.
was 1.58 tons to the acre, or a total tonnage of 96,For the full five-year period the fluctuations have
687,000 tons; and 15,842,000 acres was of wild hay, been still wider. • Going back to
the three years prior
on which the yield was 1.02 tons to the acre, or a to- to 1920, the depreciation
since that time is seen to
tal of 16,104,000 tons.
have been enormous. In their relation to the value of
Cotton started out unfavorably after prolonged the five leading cereal crops
in 1920 taken at 100.0%,
rains. The condition was somewhat better in May the same five
crops for the three preceding years were
than on the corresponding dates for the two preced- appraised respectively
as follows: 1919, 164.3%;
ing years, but still below the ten-year average. The 1918, 159.2% and
1917,155.5%. A loss in value from
condition figure May 25 was placed by the Depart- 160% to 58% in
two or three years in the matter inment of Agriculture at 69.6% of normal; this con- volving such enormous
sums and such widespread
trasted with 66% the preceding year and 62.4% on and varied interests is
naturally very serious. The
May •25 1920. The growing crop made very poor recovery of 1922 is only partial.
The farm price of
progress during the summer,and on Aug.25 the con- corn is 55% higher for
1922 than for 1921; cotton is
dition had deteriorated to such a degree that it was 47% higher; oats 35%; barley 26%; beans
40%;
placed at 57% and by Sept. 25 was further reduced flaxseed 46%; tobacco 16%; wheat 9% and rice 5%.
to 50% of normal. The crop suffered severely, as in The noteworthy reduction in price in 1922 as conprevious years, from the depredations of the boll trasted with 1921 leaves potatoes 47% lower; sweet
weevil. The injury in that way, particularly in the potatoes are 12%
er; cabbage 47%; apples 41%
important States of Georgia and South Carolina, and hops 65%. In the following table comparison is
was very great. Picking progressed rapidly, and made covering a series of years, for some of these
though continued quite late in certain sections, was leading products:



THE CHRONICLE

226

AVERAGE PRICES RECEIVED BY FARMERS AND PLANTERS.
1922.
Cents.
Wheat
Per bushel 100.9
Rye
69.2
"
39.4
Oats
Barley
52.5
Corn
"
65.7
"
Buckwheat
88.5
Potatoes
"
58.2
Flaxseed
211.4
Rice
"
99.7
Sweet potatoes
"
77.1
Cotton
per pound 23.8
Tobacco
23.1

1921.

1919.

1918.

1917.

1916.

Cents. Cents. Cents.
92.6 143.7 214.9
69.7 126.8 133.1
30.2
46.0
70.4
41.9
71.3 120.6
42.3
67.1 134.4
81.2 128.3 146.4
110.1 114.5 159.5
145.1 176.7 438.3
95.2 119.1 266.6
M.1 113.4 134.4
16.2
13.9
35.6
19.9
21.2
39.0

1920.

Cents.
204.2
151.6
70.9
91.7
136.5
166.5
119.3
340.1
191.8
135.2
27.6
28.0

Cents.
20 t.8
166.0
66.6
113.7
127.9
160.0
123.0
296.6
189.6
110.8
27.7
24.1

Cents.
160.3
122.1
52.4
88.1
88.9
112.7
146.1
249.0
88.7
84.8
19.6
14.7

The yield of some of the principal crops of the
country for a long series of years is subjoined:
CROPS OF WHEAT,CORN, OATS,POTATOES AND COTTON SINCE 1898.
Year.

Wheat.

Corn.

Oats.

Cotton.*

Potatoes.

Bushels.
Bushels.
Bushels.
Bales.
Bushels.
1899(Census)__ 658,534,252 2,666,324,370 943,389,375 9,439,559 273,318,167
522,229,505 2,105,102,516 809,125,989 10,425,141 210,926,897
1900
1901 a
748,460,218 1,522,519,891 736,808,724 10,701,453 187,598,087
1902
670,063,008 2,523,648,312 987,842,712 10,758,326 284,632,787
1903
637,821.835 2,244,176,925 784,094,199 10,123,686 247,127,880
1904
552,399,517 2,467,480,934 894,595,552 13,556,841 332,830,300
1905
692,979,4892,707,993.540 953,216,197 11.319,860260.741.294
1906
735.260,970 2,927,416,091 964,904,522 13,550,760 308,038,382
1907
634,087,000 2,592,320,000 754,443,000 11,581,329 297,942,000
1908
664,602,000 2,668,651,1;00 807,156,000 13,828,846 278,985,000
1909
f 737,189,000 2,772,376,000 1,007,353,000 110,650,961 376,537.000
1909(Census)_1 683,349,697 2,552,189,630 1,007,129,447 f
389,194,965
635,121,0002.886,260,000 1,186,341.000 12,132,332349,032,000
1910 b
1911
621.338,000 2.531,488,000 922,298,000 16,043,31 292,737,000
1912
730,267,000 3,124,746,000 1,418,887,000 14,128.902 420,647,000
1913
763,380,000 2,446,988,000 1,121,768,000 14,884,801 331,525,000
1914
891,017,000 2,672,804,000 1,141,060,000 15,067,247 409,921,000
1915
1,025,801,000 2,994.793,000 1,549,030,000 12.953,490359,721,000
1916
636,318,000 2,566,927,000 1,251,837.000 12,975.569286,953.000
1917
636,655,000 3,065,233,000 1,592,740,000 11,911,896 438,618,000
1918
921,438,000 2,502,665,0001,538,124,000 11,602,634 411,860,000
1019
968.279.0002.816,318,000 1,184,030,000 11,420,000 322,867,C00
1920
833.027,000 3,230,532,000 1,496,281,000 13.439,603483,296.090
1921
814,905,0003,068,589,000 1,078,341,000 7,953.641 361,659,000
1922
856.211.000 2.890.712.000 1.215.498.000 9.964.000 451.185.000
a These are the revised grain figures of the Agricultural Department issued after
the Census reported its results tor 1899, showing much larger totals than those
of the Department. b These are the revised grain figures issued alter the Census
reported its results for 1909, showing smaller totals for wheat and corn than those
of the Department. * These are our own figures of the commercial crop. d Estimate of the Department of Agriculture and does not include linters, which would
probably add 900,000 bales to the total.

gutlitations of Vixsiness

Actirdt

THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, Jan. 19 1923.
The dominant note in American trade is hopeful. In general the feeling is optimistic, despite unsettled politics in
Europe, the grim outlook In the Ruhr valley, the new "low"
for German marks, the hitch in the negotiations with Great
Britain as to its debt to the United States, a fear of a coal
strike this spring and very inclement weather in the North
Atlantic States, extending from New Jersey up to New England, and also in the region of the Great Lakes. Taking the
country over, however, the weather has been unusually mild.
Building is going on at an unprecedented rate. A building
boom is predicted for this year. The mild weather has one
drawback, for there is little snow at the West and the winter
wheat needs a blanket of snow, "the poor man's fertilizer."
At times grain has advanced on fears of a clash between
French and German troops, cotton for a time weakened, and
the Stock Exchange did not escape a certain degree of irregularity and depression. But in general business is in good
shape. The great industries are actively employed. Steel
mills are working at 80 to 85%. Most of the textile mills
are running at 90 to 100%. Cotton has advanced $4 to $450
per bale this week, having cut loose from the Ruhr trouble
and risen on its own initiative under the impetus of imperative considerations of supply and demand. Supplies are decreasing. The price has risen well above 28c. One of the
striking things of the week was a report that Russia was
buying cotton in this country and in England. There was a
rumor to-day that it had bought 5,000 bales of cotton in this
country and wanted 35,000 bales more. Russia has also been
buying heavily in Liverpool. Rumor even goes so far as to
say that it has bought in that market some 150,000 bales:
This, though, is not credited. The interesting thing is, however, that Russia has re-entered the cotton market after an
absence of some years. It has been forced to buy in outside
markets, for under the Soviet regime cotton raising has languished in Russia like so many other branches of industry.
But all this reacts favorably on the cotton business of this
country. So does the increased activity of Manchester growing out of larger demand from East India, which has been
favored by large grain crops, or in other words, cheap food,
which enables the natives to buy Lancashire's goods and in
turn encourages Lancashire to buy American cotton. The
business in the actual cotton in Liverpool of late has risen
sharply.



[VOL. 116.

The grain markets of this country have at times advanced,
but with more pacific news from the Ruhr as to the possibility of hostile activities, prices have latterly receded somewhat. Wool has been in good demand, strong and rising at
home and abroad. The.big wool sales in England and Australia have been at advancing prices. The lumber trade in
this country is large beyond precedent for this time of the
year. Many of the industries are sold ahead for some
months to come. Some of the New England cotton mills, it
seems, are none too anxious to make new sales beyond next
month. The general business outlook for the first half of
1923 is considered good. Stocks of merchandise have run
low. Renewal orders were imperative. Take the cotton
manufacturing business. All over the world the stocks of
cotton goods are believed to be low after a long abstention
from buying. European mills hold but moderate stocks of
raw cotton. The single fact that wool is moving upward indicates in a way that the condition of the big trading nations
of the world is on the whole better. Buying power has increased. The demand for clothing is better. In this country bank clearings are larger. The automobile trade is very
active. The railroads are buying cars, locomotives and other
equipment material on a large scale. Some of them are prepared to spend very large sums. Manufacturers of farming
implements are busy. Petroleum prices are up 20c. in some
cases. Oil concerns are buying new equipment on a noteworthy scale. Jobbing trade in general merchandise is larger
than it was recently. The demand for spring trade is greater. There is quite a good re-order trade. Retail business,
though hurt on the Eastern Seaboard by bad weather, is on
the whole good elsewhere and is only temporarily held up
here, where, by the way, the weather has become milder. In
short, as already intimated, the business outlook is on the
whole favorable. It is a regrettable fact that Europe is more
or less upset by the French invasion of the Ruhr, but America has to all intents and purposes discounted it; And the
London stock market to-day was steady, with little pressure
to sell. A German mission, it seems, has left Berlin for England to request British intervention in the Ruhr trouble.
Italy, it seems, is disposed to offer its services as a mediator and it is suggested that sooner or later the United States
Government may be asked to help unravel this unfortunate
snarl.
How long are the people to stand the state of affairs in
the anthracite coal trade revealed by the statement of Philadelphia operators that 13 companies were shut down from
about the middle of September to the middle of December by
an outlaw strike for a trivial reason? It is a serious arraignment of labor that the general committee of anthracite operators of Philadelphia presented on Jan. 14. The
facts are amazing. The statement says: "With an indicated shortage of approximately 40% in the supply of anthracite there has been a further heavy lass of production
due to 'outlaw strikes"' since Sept. 11, when the mines reopened. According to a compilation just completed by the
Anthracite Bureau of Information, the operations of 13 companies were shut down for a total of 56 days between Sept. 11
and Dec. 15, and more than 18,500 men were involved in the
suspensions. This does not take into account the production
lost on account of holidays. At one colliery 1,050 men
stopped work for four days and deprived the public of 7,200
tons of coal because the company refused to discharge a
miner. The miner in question offended the union by producing more coal in a day than the union rules permitted,
and then refused to pay the fine imposed by the union. At
another colliery 1,800 mine workers went out for five days
and lost 12,500 tons of production because some union carpenters employed on construction work refused to join the
miners' union as well as their own organization. It was not
until a former official of the miners' union now a mediator
for the United States Department of Labor advised the miners that they could not expect the carpenters to belong to two
unions that the men resumed producing coal. Four miners
were suspended for loading dirty coal at one mine, whereupon
900 men struck for a day on the four occasions, with a total
loss in production of 8,800 tons. Three so-called 'button
strikes,' involving questions of union discipline in three collieries operated by one company, kept 947 men out of work
and caused a loss in production of 4,460 tons. In another
colliery operated by the same company 894 men struck for
two days to force the discharge of a foreman. The production loss in this case amounted to 4,705 tons." In other
words, for trivial causes, or practically none at all, the people have had to suffer for lack of coal simply because miners

JAN.20 1923.]

THE CHRONICLE

227

see fit to make them suffer. After a regrettable experience, tween Lawrence and Boston, are still depending largely
Brooklyn's weekly coal quota of 75,000 tons, beginning Jan. on truck service, and heroic efforts have been made to keep
15, with a bonus of 25,000 tons the first week to supply emer- the highway open. Plows have been kept going constantly
gency cases. will break the present coal famine there, it was Boston & Maine people say that in no part of the northern
said. The quota will be allocated to 21 dealers in Kings and territory are motor trucks operating long distances. Neither
six in Queens. But in the suburbs only small quantities are are they operating to full capacity up to freight houses and
doled out to householders and others. There ought to be in yards. Consignees are not taking freight away from the
some way of reaching the perpetrators of purely vicious freight houses. The result is an increasing congestion all
strikes which in the above statement cut down the produc- along the line. In New York State also, snowfall has been
tion so sorely needed by the people of some 25,000 tons, and very heavy and trucks have practically stopped running all
in no instance could the strike—well called an outlaw strike over. Over a large part of the State snow has fallen for 13
—bear investigation or be upheld by right thinking, fair days in succession. More snow fell up-State during the first
two weeks of the new year than during any corresponding
minded men.
Lawrence, Mass., wired on Jan. 15 that production has period since 1874, A. H. Smith, President of the New York
been decreased at the Arlington Mills and a number of other Central Railroad, said in a telegram to the Inter-State Comsmaller textile plants because of a temporary wool shortage' merce Commission on Jan. 15. Mr. Smith declared that condue to delayed shipments on account of the recent snow ditions this winter were unprecedented, and that to keep
storms. For several days it was impossible to operate trucks traffic moving on anything like normal schedules the New
over the roads because of the snow. With the local mills York Central had detailed more than 100 locomotives to
depending largely on shipments of wool via trucks and with snow plow work. His telegram was as follows:
the train service seriously interrupted, mills were badly B. H. Meyers, Chairman, Inter-State Commerce Commission, Washington,
D. O.:
hampered.
As a matter of information, I have thought
advise that the fall of snow
There is still an effort being made to have the 3% immi- through Central New York from Jan. 1 to Jan.to
14, inclusive, aggregated 263fi
gration law repealed. It ought to be, and at once. From the inches, according to the records of the United States Weather Bureau at Albany. This is the heaviest fall of snow for a similar January period
since
South come complaints that from North Carolina to Texas the records
were established, in 1874. Snow has fallen for 13 successive
negro labor is leaving the cotton belt. It is pointed out that days, the storm extending from Albany to Rochester,
inclusive, and also into
on the cotton farms of the South labor has been receiving New England. Along with this there have been temperatures below zero.
The New York Central Railroad has been compelled
to detail 100 or more
rather low wages for the last few years, especially in 1922. locomotives to the
fighting of snow with plows, flanges, snow trains and
And now there is a steady stream, it appears, of negro farm other special equipment. This work has taken large
numbers of men from
labor to the industrial centres at the South and also the other regular service in order to keep the road open and the yards shoveled
out. The snow at Syracuse is 15 inches on the level.
North and West, where the wages, in some cases at least, are
Very heavy traffic has been moved and is still being offered, but
naturally
said to be treble those on the Southern farms. The migra- operations are adversely affected because of the absolute necessity
of diverting
more locomotives, trains or men to digging out the yards, so
tion from the South to the North is on a large scale. The
that cars
can be switched. The
and snow is so deep in places that it cannot be
South fears that these laborers may never return to the plowed out, but must beice
shoveled on to trains and hauled out.
I wire you this because amidst the pressure for transportation
Southern farms. There is believed to be a possibility that
it is diffithis may cause a reduction in the cotton acreage this year. cult to appreciate at times what the weather difficulties are, and the extraordinary snow storms apparently have not been recorded to
the
country
genMeantime, arsenic, with which to fight the boll weevil, is erally.
said to be in small supply and dear the world over. Finally,
On Thursday it was milder in this city, eloudy, threatenTexas is complaining of prolonged dry weather. The crop ing more snow, but the wind had
died down. To-day it was
is often made in that State by the rains of the previous win- clear and comparatively
warm, the temperature reaching
ter.
39 degrees.
The year 1922 broke all records for volume of construction activity, according to the F. W. Dodge Co. The DecemStructural Sales Begin Upward Swine.
ber building contracts in the 27 Northeastern States (including about three-fourths of the total construction in the counContinuation of the building boom this spring is forecast
try) amounted to $215,213,000. Although this was 12% less by the upward swing in sales of fabricated structural steel in
than the November figure, it was 8% greater than that of De- December, reported by the Department of Commerce
cember 1921. The December figure brought the year's,total through the Bureau of the Census. The increase of about
for these 27 States up to 3,345,950,000, which, it is figured, 20% over November marked the turning point from series
a
*mild indicate about $4,500,000,000 for the entire coun- of seasonal declines in fabricated steel orders and occurred
try. This was an increase of 42% over 1921. Had such an a month earlier than last winter, when December was the
enormous increase been predicted a year ago, it would have month of minimum orders. December sales amounted to
58.3% of shop capacity, as against 48.4% in November.
been considered impossible.
A bait, whether temporary or otherwise, in the rise of Estimated total sales of fabricated structural steel in 1922
wholesale prices in the United States is indicated by the amounted to 1,929,400 tons, or 64.3% of shop capacity,
commodity index of the Bureau of Labor Statistics, which as against 997,200 tons in 1921,or 35.1% of shop capacity.
showed no change in December over the previous month's • Sales reported by 141 firms, with a total revised capacity
figure. This index includes 404 commodities weighted ac- rating of 215,210 tons per month, amounted to 125,479 tons
cording to relative importance, and now stands at 156 on in December, as against 104,727 tons in November and 124,the basis of 1913 prices equal to 100. In commenting on the 948 tons in October. The following table shows final revised
price movements of December, the Bureau says: "Of the figures from April to November 1922, based on reports of
404 commodities or series of quotations for which compar- 158 identical firms having a caprcity of 220,790 tons per
able data for November and December were collected, in- month, together with the preliminary report for December,
creases were shown in 170 instances and decreases in 70 in- based on 141 firms. The current month's figures are comstances. In 164 instances no change in price was reported." pared to the previous final figures by prorating to the estiThere was what was rightly called a "blinding" all day mated total capacity of structural fabricating shops, namely
snow storm here last Sunday, when nearly six inches of snow 250,000 tons per month.
Actual
Per Cent
Estimated
fell, turning to rain at 5.45 p. m. While the snow fell the
Tonnage Booked. of Capacity. Total Bookings.
flakes were so large that the air was as impenetrable at April
198,529
89.9
224,800
times as a thick fog, and automobiles ran down a dozen per- May
180,558
81.8
'204.500
June
162,139
•
73.4
183.500
sons or more in different parts of the city. New England July
152,023
68.9
172,300
railroads have latterly been struggling with the worst win- August
150,700
68.3
170,800
141,418
ter weather in many years. Both the New York New Haven September
64.1
160,300
October
126,535
57.3
143.300
& Hartford and the Boston & Maine were and are full of November
106,315*
48.4
121.000
freight. Neither system technically embargoed outgoing December
125,479x
58.3
145.800
freight from Boston, but the New Haven called up some of
* Two firms missing out of 158.
the largest shippers on its lines last Friday and asked them
x From 141 firms who reported in time for this report.
to hold up sending freight, as it could not be prOmptly hanThe following table shows yearly figures of structural steel
dled. All its freight houses are open, and every effort is be- sales, based on new estimated capacities as
the result of the
ing made to improve the situation. North of Boston, snow special survey of the
industry recently conducted by the
conditions are particularly bad. Through Lawrence, Low- Bureau of the Census, and the percentage of
sales to shop
ell and Haverhill there are between four and five feet of capacity as reperted by the Bridge Builders
and Structural
snow on the ground. The American Woolen, Pacific Mills Society to April 1922, and by the reports to the
Bureau of
and Arlington Mills, which have used trucks extensively be- the Census since then:



THE CHRONICLE

228
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922

Per Cent of Sales
Estimated Month
to CapeCity.
Tonnage Capacity.
503
190.000
50.4
191.000
70.0
194,000
69.4
200,000
60.2
207.000
55.6
218.000
53.4
224,000
53.8
232,000
35.1
237.000
64.3
250,000

Estimated
Tonnage Sales.
1,146,800
1.155.200
1,629.600
1,665.600
1,495,400
1,454.500
1,435,400
1.496.500
997,200
1,929,400

Locomotive Output for December Very Large.
The shipments of locomotives in December, as compiled
by the Department of Commerce from reports to the Bureau
of the Census from the principal manufacturers, were the
largest since January 1921 and amounted to 210 locomotives.
Unfilled orders on Dec. 31 amounted to 1,592 locomotives,
a slight decline from the previous month. Total shipments
of locomotives for the year 1922 were smaller than for 1921
on account of the decline in foreign shipments. The following table compares the December figures and the acimpleb) yearly totals for 1921 and 1922 in number of locomotives
ShipmentsDomestic
Foreign
Total
Unfilled Orders.Domestic
Foreign
Total

,

Dec. 1922. Dec. 1921. Year 1922. Year 1921.
830
30
1,056
194
519
59
218
16
210

89

1.498
94

143
122

1.592

265

1.349

1.274

'

November Freight Traffic the Heaviest on Record
for That Month.
Freight traffic in November on the railroads of the country
was the heaviest for that month in history, according to
reports just made by the carriers to the Bureau of Railway
Economics. Measured in net ton miles-that is, the number
of tons of freight multiplied by the distance carried-the
railroads transported in November 38,046,185,000 net ton
miles. This was an increase of slightly more than 30%
over the same month in 1921, and an increase of 2% over
the same month in 1920.
Railroads in the Eastern district reported 17,320,838,000
net ton miles in November, which was an increase of 4,073,948,000 compared with November 1921, and an increase of
246,908,000 net ton miles compared with November 1920.
For the Southern district 6,971,042,000 net ton miles were
reported for last November, which was an increase of 1,382,676,000 over November 1921, and an increase of 216,488,000
compared with the same month in 1920. Freight traffie
in the Western district totaled 13,754,305,000 net ton miles,
which exceeded November 1921 by 3,367,849,000 and
November 1920 by 297,031,000.
For the first eleven months in 1922freight traffic amounted
to 339,338,283,000 net ton miles, which was an increase over
the corresponding period in 1921 of 0.4%, but a decrease
under 1920 of 18%. This decrease compared with 1920 was
almost entirely due to a falling off in coal shipments because
of the five months miners' strike. These tabulations arc
based on complete reports from 160 railroads.
Federal Reserve Board Says 1922 Marks Close of
Protracted Period of Liquidation.
According to the Federal Reserve Board,"the year 1922 is
significant in the banking and financial history as Marking
the close of a protracted period of liquidation." This statement is made in the Board's review of December in its January Bulletin (first edition), in which it also says that loan
liquidation, "continued for almost a year after industrial operations increased in volume, and the increase in bank loans
has not,up to the present been in proportion to the increased
volume of current business transactions." Few questions,
says the Board,"are of greater practical importance in their
bearing upon banking policies during the coming year than
the question whether or not this turn from liquidation to loan
expansion represents the beginning of a definite and continuous upward trend in the demand for credit." We quote
as follows from the Board's review:
Banking and Credit During 1922.
Shortly after the middle of the year a renewed demand for credit for
commercial purposes resulted in increased borrowings both at member
banks and Federal Reserve banks and in an advance of money rates.
This turn in the course of credit demand occurring after a year and a
half of loan liquidation reflects a change In underlying business conditions.
In view of the fact that the volume of business has been expanding continuously for about a year, there is less occasion for surprise in the recent
increase in the credit requirements than in the fact that the demand for
additional funds was not felt sooner and on a larger scale. Loan liquids-




[Vol.. 116.

tion indeed continued for almost a year after industrial operations increased in volume, and the increase in bank loans has not up to the present
been in proportion to the increased volume of current business transactions.
Few questions are of greater practical importance in their bearing upon
banking policies during the coming year than the question whether or
not this turn from liquidation to loan expansion represents the beginning
of a definite and continuous upward trend in the demand for credit.
An advance of money rates during the last quarter of the year, when
seasonal requirements for funds are large, Is not in itself significant unless
accompanied by other changes in the banking and business situation.
The particular importance, therefore, of these changes in credit demands
arises from the character of coincident changes in other economic conditions. It was not until the end of July that the upward turn in the
demand for credit became manifest through a change in the volume and
character of banking operations. At that time the commercial loans of
member banks in industrial and financial centres began to increase after
declining for more than 18 months, while purchases of securities and
loans on stocks and bonds, which had been increasing for a similar period.
ceased to advance. Borrowings by member banks at Federal Reserve
banks turned sharply upward and the volume of Federal Reserve notes
In circulation responded to an increased demand. Early in August interest
rates on practically all classes of loans in the New York market advanced
and the market prices of bonds declined slightly; in September rates on
bankers' acceptances rose; and throughout the remainder of the year
money rates were maintained at a somewhat higher level.
Bank Credit, Production de Prices.
Events during recent years throw light upon the relation between the
bank
for
credit and the general trend of business. While not
demand
all the factors determining credit requirements can be accurately measured.
yet a definite sequence of change in the relationship among certain of
those factors and the general course of business can be observed. In
the autumn of 1920 the volume of loans of member banks and of Federal
Reserve banks reached its peak five months after prices had begun to
decline, and nearly a year after industrial activity had slackened. Similarly. in 1921 the increase in the production of basic commodities preceded
the rise In prices by six months and antedated the expansion of commercial
loans by a full year.
The reasons for the lag in the changes in the demand for bank credit
behind the changes in production and prices may be found in the character
of the business situation prevailing at the time. In 1920, when prices
began their abrupt decline, loans continued to increase, chiefly because
business concerns were unable to meet their obligations to the banks and
in fact were applicants for additional credit. The banks in turn, finding
their own resources inadequate to meet these demands, borrowed heavily
from Federal Reserve banks. Furthermore, since the early stages of
the business reaction came at crop-moving time, the seasonal requirements
for currency added to the credit strain, as the additional notes had to be
obtained by member banks through borrowing from the Federal Reserve
banks. When the course of business turned upward in the latter part
of 1921, the revival of industrial activity enabled many borrowers to
repay their "frozen" loans, the liquidation being facilitated by the increase
In trade. Member bank funds thus released were used to reduce their
indebtedness with Federal Reserve banks. This resulted in a continuous
reduction of member bank borrowings from the Federal Reserve banks
until the end of July 1922. The continued decline in the volume of borrowing for commercial purposes, In spite of a revival in many lines of
industry which had been under way for nearly a year, is accounted for
partly by the fact that many corporations issued bonds and used the
funds secured through their sale to pay off their bank loans. Another
effect of these flotations was seen in the increase of loans secured by stocks
and bonds made largely by banks in financial centres. The increase in
these loans preceded the increase In commercial borrowings, partly because of advances made to Investors in the new securities, but also because
of the increased activity of the stock and bond markets. The fact that
during the liquidation business concerns reduced their inventories and
accuniulated bank balances was a further cause leading to postponement
of borrowing. Both on the upward and the downward trend of business.
therefore, the tendency has been for the changes in bank credit to lag
behind the changes in prices and production.
Prices declined 44.2% between May 1920 and Jan. 1922; production fell
off 35.1% between Jan. 1920 and July 1921, while the reduction in loans
and investments at member banks between Nov. 15 1920 and March 10
1922 was only 9.6%. Since the low points production has shown the
most rapid rate of advance. tne figures for Nov. 1922. showing a 55%
Increase over July 1921. Prices rose 13% between Jan. 1922 and Nov.
1922. On June 30 1922,the latest reporting date for all member banks.
the total of their loans and investments was 4% greater than at the low
point on March 10 1922.
One reason for the relatively slight extent of the increase in the total
volume of member bank credit in 1922 Is that It suffered only a slight
reduction in 1921 when compared with the decline in prices and production.
Also the relatively lower level of prices has made it possible to finance the
steadily expanding volume of production and trade with a smaller amount
of bank credit in 1922 than in 1920. On June 30 1922. the latest date for
which Information is available for all member banks, loans and investments
were only 6% below the 1920 peak, while prices were 37% lower than their
nigh paint in 1920. Loans and Investments for national banks at the
Sept. 15 call show a reduction since June 30 in central Reserve cities and
further increases for banks outside tease cities.
The financing of the larger volume of business during 1922 without a
corresponding increase In bank loans was also facilitated by the fact that
liquidation continued in some lines of business and released funds for
expansion in others. Also the purchase of securities by the banks from
their customers had the effect of adding to the volume of liquid funds
available for current operations.
Member Bank and Reserve Bank Credit.
• Credit extended by banks to the public Is measured by their total loans
and investinents. Between Nov. 1920 and March 1922 this total declined
as a net result of loan liquidation accompanied but not entirely offset by
Increasing purchases of investment securities. Except for the high point
reached in March 1919, when the banks temporarily hold unusually large
amounts of United States securities, the total ofsecurities owned by member
banks on June 30 1922 was the largest ever recorded.
Al' member banks combined, seeking employment for their excess funds
and foliowing their own investment policies, Increased their holdings of
United States securities by over a half billion dollars during the year ended
June 30 1922. Even with this increase, however, their total holdings were
approximately $800,000.000 less than on the corresponding dato three
years earlier, and even with the reduction that has taken place In the
total of United States indebtedness the percentage of the total outstanding
debt owned by member banks was less on that date than on June 30 1919.
The funds used by member banks during 1022 in the purchase of securities
arose partly from loan liquidation and partly from an increase in deposits,

• JAN.

T1TE CHRONICLE

20 1923.1

229

A significant sign of the times is the increase in stock dividends and resumption of cash dividend payments. These two factors may be regarded an
favorable indices of business improvement. It is encouraging that they are
not confined to particular lines of industry but are quite general. It is no
doubt possible that a portion of the stock dividends recently issued have a relation to proposed tax legislation. It is of interest, however, that a number
of the companies issuing stock dividends are manufacturing commodities that
would come into the luxury class. That these departments of manufacturing
industry have even partially recovered from the setback they endured on the
collapse of the buying boom two years ago is decidedly encouraging.
In estimating the possibilities of future business it is quite safe to assume
that the recent housing activity will continue for some time, and that it will
be resumed early in the spring. This source alone should furnish employment
for a large share of our industrial equipment for several years. The activity
in building material lines will be passed on to many other industries. Some
iclioa of the extent of the unfilled demand for building and construction work
may be derived from the statement that the total building construction
started during the first ten months of 1922 amounted to, approximately, $3,000,000,000. Vast sums for important engineering projects are being voted
by public service corporations, and by city, State and Federal Governments.
In every department of Government proposals are under consideration for carrying out important development projects. New York State and City alone
have planned engineering and construction work which will call for the expenditure of $1,000,000,000.
When we turn abroad, the situation is not so satisfactory. A considerable
falling off in our export business last year was, of course, due to the decline
In purchasing power of Europe and South America. It is encouraging, however, to note that certain features of the European situation are at least suggestive of improvement. Great Britain is apparently making a sincere effort
to reduce taxation and to keep her budget upon an even balance. She has, to
some extent, succeeded in this direction, although it must be admitted that
her budget makes no provision for debt reduction. It is the belief of Great
Britain's financial leaders that the stimulation of business, hoped for through
a reduction of taxation, will provide an increase of revenue which will allow
of making debt payments next year and after. That she is rapidly reducing
her floating debt through the inauguration of drastic economies furnishes
pretty good evidence of the sincerity of her purpose.
Much may be hoped for through the change in Italy's national administrative policy; yet no really important improvement can be expected in her
situation while her debt continues to increase at the rate of $600,000,000 lire
a month.
While criticism still continues of France's unbalanced budget, it should
not be lost sight of that she is giving a practical indication of her purpose to
cut down expenditures. Civil expenditures in France have been reduced from
8,900,000,000 francs in 1921 to 5,700,000,000 for 1923.
To return to the consideration of affairs in this country, there has been
some concern as to the possible attitude of the 68th Congress when it finally
convenes next year. While the next Congress has taken on an added radical
character, there still remains a strong conservative check in the United States
Senate. Judging by the situation which exists in Washington, there is little
likelihood that any important legislation affecting business will be passed
until late next year.
Railway legislation, while just now the subject of serious discussion.
ill
hardly likely of passage, except acts of minor importance.
One of the disturbing elements in looking into the future, is the
possible effect of the car
shortage upon reviving business. This constitutes a serious
menace. The
unsettled condition reported front the West the
last few months was due,
largely, to the effect of car shortage on the movement
of grain. Efforts to
relieve this situation may be seen in orders for new
cars placed this year,
double that of the preceding year. The vast shrinkage in
number of new cars
ordered by our railroads in the past few years shows the
seriousness of this
situation. In the two years 1905 and 1906, new cars ordered,
aggregated
051,000, or about 325,000 a year. 111.1921 less than
one-tenth of that number were ordered. The cumulative effect
of this growing car shortage upon
the ability of our railroads to handle increasing demands
may be judged from
the fact that while equipment was declining ton mileage
increased from 186,000,000,000 in 1905 to 413,000,000,000 in 1920 and
809,000,000,000 in 1921.
That the natural shortage should have become more
acute when the farmers
were just beginning to recover from a very bad time,
was particularly unfortunate.
Discussions of this phase of the situation, especially discussions tending to
present the view of the farmer, do not give the true value
of the effect of
strikes. There can be no question that the railroad and coal
strikes last year
caused far more trouble than the car shortage. The coal strike,
and the subsequent need for rapid moving of coal to prevent hardship during
the winter
months, were responsible for a large percentage of freight-car shortage. In
spite of all handicaps, however, it is worthy of mention
that the roads have
moved a million cars a week this year. The coal situation having been
reA. L. Aiken of National Shawmut Bank Sees Signs of lieved, the problem
of car shortage is brought nearer to solution.
It is a significant sign that the recent report of American
Return of Confidence.
life insurance
companies shows a decline in railroad security holdings for the
time in
In an article dealing with
outlook for business in the years. Heretofore, these companies, by their large investmentsfirst
in railroad
coming year, Alfred L. Aiken, President of the National securities represented one of the chief supports of railroad development. The
Shawmut Bank of Boston, states that "while there are cer- decline noted in these investments is due in some measure to concern at the
possible
of Congress on radical railroad legislation. A larger part of the
tain disturbing elements which still persist, there does not shrinkageaction
is doubtless due to the fact that the railroads, handicapped as they
appear to be any serious reason for grave misgiving." Mr. now are, cannot compete with the growing demand for financing of housing
and construction loans, and the increasing attractiveness of farm
Aiken added in part:
loans. These
are matters which cannot be improved by the enactment
of statute laws.
It is generally recognized that the unbalanced
condition which existed be. They call for a more general application of the law of common
sense, not
tween various industries were responsible for much
of the poor business last alone by the farmer's advocates, but by every one.
year. Although the task has not been accomplished
without considerable
pain, and even protest from many quarters,
there is no doubt that the present
condition of business is the result of the courageous
policy of readjustment
James S. Alexander Says Business in 1923 Must
during the past two years.
Depend
The effect of the coal, railroad and other strikes
was, of course, reflected in
Upon Domestic Demand.
a contraction of general businses. The depressing psychological effect
of the
James S. Alexander, President of the
strikes manifested itaelf in a reduction of
buying activity in the domestic
National Bank of
market. The subsequent uncertainty was quickly
Commerce in New York, in an address at the
business
through
spread
annual meeting
and brought about a widening of the circle of depression.
of
the
shareholders on Jan. 9 declared that "business in 1923
The improved position of general business is pretty
clearly indicated by the must
increase in total loans and discounts among Federal Reserve banks. This imdepend primarily on domestic demand and the future
provement marks the movement of capital into active
business rather than in- of that demand depends on the relation between prices
and
vestment The comparatively small demand made by
the banks for Reserve purchasing power."
bank assistance is a satisfying index of the soundness of general business.
Continuing, Mr. Alexander said:
From January to November 1922
Money to-day is easy, and in the attitude of both investors
the wholesale price index of the United
and business States Bureau of
men there is a clear sign of a return of confidence.
Labor Statistics advanced 13%. During the ten years from
National bank deposits 1901 to 1910 the
are again beginning to show a substantial increase. Thirty of the
advance
was
only
25%,
although the rise in prices during
largest that period
resulted in frequent investigations as to the causes of the high
banks in the country show an increase in deposits to Sept. 15
cost
of $900,000,000 of living. This
rise in prices would not of itself necessarily handicap domesover the preceding year. During the same time the
resources of the national tire business.
During the world war, however, artificial factors drove prices
banks throughout the country increased $1,207,000,000, while
their deposits In the main
groups out of relation to each other and since that time disturbed
increased *2,000,000,000. The amount of currency in circulation
has in- conditions have
served to continue this lack of adjustment
creased steadily in the past 12 months, the total expansion for
the year being
There has been determined resistance to
$825,800,000.
higher prices in the United States
throughout 1922. Wholesalers have hesitated to
buy because of doubt on their
Early in the liquidation period the decline in loans was accompanied by a
decrease in deposits, but later deposits increased and excess funds accumulated. While the loans of member banks in leading cities declined until
the end of July 1922. deposits began to increase as early as Sept. 1921.
In the financial centres the increase of deposits represented to some extent
the growth of balances due interior banks, and the use of these balances
in the money market was partly responsible for the decline ofinterest rates.
During the 9 months ending on June 21 1922, deposits of member banks
in leading cities increased by $1,359,000,000.01 about 14%,while loans de
clined $659,000,000, or about 6%. The rise in the ratio of deposits to
loans from 84% on Jan. 7 1921, to 102.8% on June 21 1921, was indicative of the easier credit conditions. This growth of deposits during the
period of loan liquidation provided funds with which member banks paid
off.their obligations with the Reserve banks and which they iniosted in
Government and other securities.
Member banks continued to reduce their borrowings at Federal Reserve
banks until the end of July 1922, when total discounts reached the low
point of $380,000,000, a decrease during the first 7 months of the year of
$700,000,000. This decline in discounts, however,did not result in a corresponding reduction in total earning assets, since during the same period
the Reserve banks increased their holdings of United States securities and
acceptances by $339,000,000. Throughout the year a relative stability
of the Reserve banks' earning assets resulted from the purchase of Government securities and acceptances with funds released through the reduction
of discounts. At the opening of the year total discounts constituted
77% of earning assets and United States securities and acceptances combined,23%;at the end of July discounts had declined to 35% of the earning
assets and United States securities and acceptances increased to 65%: but
at the end of the year, as a result of increased borrowing by member banks,
discounts increased again to 47% and other classes of assets decreased to
52%. It is doubtless true that the purchases of Government securities
and acceptances by the Reserve banks by increasing available funds in the
market were an indirect influence in making it possible for member hanks
to reduce their borrowings.
Gold Imports and the Credit Situation.
An Important influence on the domestic credit situation during the past
past two years has been exerted by the importation of large amounts of
gold. Net gold imports in 1922 amounted to about $225.000,000,compared
with about $667,000,000 in 1921. The difference is due chiefly to the
fact that nearly all the gold outside of carefully guarded central reserves
and tenaciously held private hoards had found its way to the United States
prior to 1922. Only newly mined gold was available for export during
the past year. and its supply was reduced by the strike in the Rand. Also
the revival of trade in India caused a substantial movement of gold to that
country. Toward the end of the year, moreover, gold was exported to
Canada as the result of the temporary rise of the Canadian dollar above
parity. But the further addition to our gold stock, even though smaller
than the year before, nevertheless exercised a decided effect on domestic
credit. In normal times, with the world on a gold basis, a movement of
gold into a country immediately starts a- set of forces in operation which
soon arrests the current. Interest rata; in the importng country decline.
exchange rates become unfavorable,and gold begins to move in the opposite
direction. But with a free gold market in this country practically alone
and with most of the world's currencies far below their par values, gold
has continued to come to the United States in large amaunts, while the
operation of the normal correctives has been slow and uncertain. Still,
our price level has advanced and that in England has declined; the rate of
sterling exchange has gone up from $430 in September. 1921, to $461 in
December, 1922, and the average value of the dollar in the international
market has receded from 167% of par in September, 1921. on the basis of
17 leading currencies, not including Germany to 144% in December, 1922.
In spite of this evidence of the operation of economic correctives, the
steady, though diminishing, stream of gold to our shores continues to add
funds to our domestic supply. In 1921 the imported gold was entirely
absorbed by the reserve banks, whose earning assets declined by nearly
$1,000,000,000 more than the stock of gold increased, indicating that the
reduction of borrowings from the reserve banks nad more than offset the
influence of the gold imports on the total volume of credit. In 1922 the
situation was different. While the net importation of gold totaled $225.000,000, the decline in earning assets of the Reserve banks, measuring the
total of Reserve bank credit In the market, was nearly $100.000,000 less.
Available credit at the disposal of American banks has thus been augmented
during the past year by the importation of gold. The persistent import
of gold from abroad,in the absence of normal correctives, and in conjunction
with Influences at work in the domestic credit situation, makes the problem
of credit control In this country more than usually difficult.




the

230

THE CHRONICLE

part as to the willingness of the retail trade to follow prices up. Retailers in
turn have resisted because of doubt as to their ability to pass increases on to
the consumer. Consumers in turn have resisted partly as a result of inability
to pay higher prices and partly because of unwillingness to do so.
Farmers have not been able to follow up prices and the same is true of persons dependent on investments and other similar forms of income. High rents
have also been a factor in limiting the buying ability of other large classes of
the population. City workers are in many cases paying an undue proportion
of their income for rent, rents in turn being in a large measure a reflection of
high building costs.
Unwillingness to pay advancing prices on the part of those who might be
able to pay results in part from the experience of 1920 when many bought
heavily because of fear of shortages, proved by events to he surpluses. Except
under such abnormal conditions as result from wars, the buying public is slow
to accept rapidly advancing prices because it feels instinctively the presence
of a speculative factor.
Position of the Farmer.
The profit question and the problem of wages and prices are one. While
the position of the American farmer is somewhat better than it was a year
ago, there is no doubt about its being unsatisfactory. The United States is
an exporter of farm products which must therefore sell at the international
price level not only abroad but in the domestic market. American farmers
must buy manufactured products, however, at prices determined by labor
costs materially above the international level. Farmers also suffer ironk the
high distribution costs which handicap all American business.
Dillieu!: Position of Manufacturers.
Although most manufacturing industries of the United States are now operating at not far from normal profits, are not commensurate with the volume
of physical output. Numerous factors have contributed to this situation. Not
only are some important industries seriously overbuilt as a result of war and
post-war expansion, but a large part of this growth took place during a period
of excessively high costs and expensive financing. As a result, overhead,
fixed charges and depreciation are unduly heavy.
The Railroad Problem.
The railroad situation is quite unsatisfactory. Oar loadings for the first 11
months of 1922 did not fall far short of the record years during and after the
war, and they were about 10% above those in 1921. Nevertheless, results as
to net operating income and return on capital are not encouraging. The difficulties of the railroads have their origin in the labor problem. Direct and
Indirect expenditures for labor constitute a large proportion of their entire
outgo.
High freight rates primarily made necessary by inadequate output in proportion to wages paid are reflected in all classes of prices, especially agricultural products and other bulky or heavy raw materials. Failure of the railroads to earn sufficiently has made impossible the raising of new capital, with
the result that extensions and improvements are kept at a minimum and the
transportation system of the country is falling behind the general economic
development and population growth.

[VoL. 116:

Course of Postal Savings Deposits During December.
In reporting postal savings deposits on Dec. 31 of $132,282,000, as compared with 8133,102,000 on Nov. 30, the
Post Office Department in a statement made public Jan. 17
says:
Nearly one million dollars in Christmas funds were withdrawn from the
world's largest savings bank-the Postal Savings System-during the month
of December, according to figures received at the Post Office Department
to-day from all cities having deposits in excess of 6100,000. The figures
show that Uncle Sam,the banker, started the New Year with exactly $820.000 less on deposit than he had on Nov. 30.
But Uncle Sam is not worried. He knows that his nephews and nieces
like to exchange holiday gifts, and besides, that is what postal savings are
for. He still has deposits of $132,282,000, and with Thrift Week beginning to-day he hopes to augment this amount through additional deposits
and new accounts. Each mail patron is being given a circular urging him
to get ready for next Christmas by using postal savings.
Despite heavy Christmas withdrawals 46 of the 112 cities in the $100,000
class reported larger balances at the end of December than they had on
Nov. 30. As a result many of these cities made substantial gains in rank
over those reporting decreased balances.
Boston. Mass., led the list wtih an increase of 557:136, but made no gain
In rank. Uniontown, Pa., was second, with $20,584; Chicago was third.
with $12,879; and Mount Pleasant, Pa., was fourth, with $11,905, jumping
from 76th to 70th place.
Other cities showing increases in excess of $5,000 and gain in rank follow:
Seattle, Wash., $8,548, no gain in rank; Tacoma, 67,514. no gain; Great
Falls, Mont.. 67,246, 64th to 59th place; Chester, Pa., 67.022, 103rd to
96th; Breckenridge, Texas,$6,939,92d to 88th; McKees Rocks,Pa.,$6,149,
33rd to 31st: Astoria, Ore., $6.084. 45th to 43rd; Tampa, Fla., $5,492,
88th to 86th; Memphis, Tenn., $5,241. 73rd to 71st, and Lowell, Mass.,
$5,084, no gain.
A significant feature of the report, as indicating employment conditions,
is the fact that virgually every mining and industrial city reported deposits
In excess of withdrawals. Figures showing deposits in the principal cities
follow:
Balance on deposit Nov. 30
6133,102,000
Decrease during December
,820,000

Balance on deposit Dec. 31
$132,282,000
$43,491,638 Bellingham. Wash
New York, N.Y
197,078
12.975,568 Great Falls, Mont
Brooklyn, N.Y
195,353
6,514.291 Wilmington. Del
Boston, Maas
194.624
6,146.786 Flushing, N. Y
Chicago, Ili
188,445
3,118,860 New Orleans, La
Seattle, Wash
186,120
2,460,045 Staten Island. N. Y
Philadelphia, Pa
185,637
Pittsburgh, Pa
2.459335 Dallas, Tex
181,039
Detroit, Mich
2,078,051 Norwood, Mass
180,916
Tacoma, Wash
1,550.015 Altoona, Pa
178.091
Portland, Ore
1,460-.878 Camden. N. J
174,150
1,430,815 Bayonne. N. J
Kansas City, Mo
174,044
Newark, N.J
*1,354.004 Elizabeth, N. J
173,098
955,190 Mount Pleasant, Pa
St Louis, Mo
169,513
829,453 Memphis,Tenn
Los Angeles, Calif
168.970
San Francisco, Calif
822,545 Jacksonville, Fla
164,538
Milwaukee, Wis
796.854 Gary, Ind
162,178
Jersey City, N. J
729.532 Akron, Ohio
160,504
Cincinnati, Ohio
648,157 Birmingham, Ala
155,388
Cleveland. Ohio
588,471 Everett, Wash
152,168
Uniontown, Pa
574.201 Salt Lake City, Utah
149,252
527,323 Manchester. N H
St. Paul, Minn
148,974
513,681 Rochester. N Y
Columbus. Ohio
142,663
Buffalo, N. Y
488,272 Indianapolis. Ind
141,130
Providence. R.I
488,120 Centralia, Wash
137,163
Passaic, N. J
450.559 San Diego, Calif
133,646
Butte, Mont
385,125 Bremerton. Wash
133,272
382,919 Willimantic. Conn
Bridgeport, Conn
130,569
379,083 Oklahoma. Okla
Denver, Colo
128,305
374,238 Tampa, Fla
Aberdeen, Wash
127.493
McKeesport, Pa
363.977 San Antonio, Tex
126,974
362,481 Breckenridge, Tex
MeKees Rocks, Pa
124,747
360,646 Ansonia, Conn
Toledo, Ohio
122,446
Ironwood, Mich
358,891. Youngstown, Ohio
120.368
Minneapolis, Minn
346,810 New Kensington, Pa
120,043
344,775 Spokane, Wash
Washington, D. C
117,713
Lowell, Mass
341,192 Phoenix, Ariz
117,438
287,853 Hammond, Ind
New Haven, Conn
115,501
287.180 Bingham Canyon,Utah
Leadville, Colo
*114.862
*282,742 Chester, Pa
Anchorage, Alaska
113.527
Hartford, Conn
280,308 Dayton,Ohio
112,068
279,619 Norfolk, Va
Omaha, Nob
111,894
262,401 Windber,. Pa
Roslyn, Wash
111,229
257,395 Lynn, Mass
Astoria, Ore
110,990
253,452 Tonopah, Nev
Pawtucket, R. I
108,869
249,810 Fall River, Mass
Louisville, Ky
107,519
Erie, Pa
236,830 Sioux City, Iowa
107,253
235,488 Export, Pa
Kansas City, Kan
107,035
232,414 East Pittsburgh, Pa
Oakland, Calif
106,176
221,072 Augusta, Ga
Pueblo, Colo
104.372
218,774 'Norwich, Conn
Pensacola, Fla
103.876
211,786 Hurley, Wis
Atlantic City. N.J
103,754
207,462 Boise. Idaho
Baltimore, Md
*103.518
204,590 Miami, Fla
Duluth. Minn
102,834
Fairbanks, Alaska
*202,920 Raymond, Wash
101,972
Long Island City, N.Y
198,337 Brownsville, Pa
101,325
Paterson, N. J
*197,573
Pocatello, Idaho
*Indicates November balances.
$197,329

Attitude of Labor and of the Public.
The present situation cannot continue indefinitely. Unless conditions
change so that the farmers, a majority of the manufacturers and the railroads
are enabled to make reasonable profits, curtailed production and unemployment will follow and costly readjustments will inevitably result,
The situation calls for a concentration of effort on increased labor productivity directly, and indirectly through the substitution of machinery for manpower. The limit in this direction has by no means been reached. The extent to which labor-saving machinery is developed depends primarily on the
relation of the cost of man-power to machine-power. If conditions arise in
the United States whereby it costs as much to hire a man to push a wheelbarrow as it does to hire a man to lay bricks, the answer will be the substitution of a mechanical appliance for the wheelbarrow.
The most unfortunate feature of the labor problem in this country is the
question of curtailed output. Apparently, labor fails to recognize the essential difference between combinations among workmen to raise wages and combinations to curtail physical output by working rules and by opposition to
Improved machinery •
To put the fact simply, if three men are required by union rules to tend a
machine which two could operate, the two in fact support a third in idleness.
If a bricklayer who could lay a thousand bricks a day lays but three hundred,
he himself and his fellow-workers are the prime sufferers. They pay the penalty in high rents.
It is the duty of that part of the community now penalized by high labor
costs, including a large proportion of the wage earners of the country, farmers, manufacturers, and the general public, to omit no effort to develop a compelling public opinion in regard to this problem.
The Common Labor Supply and Immigration..
The rapid industrial expansion of the United States has been based on immigration. The war crystallized the national consciousness and a hostile sentiment developed toward the admission into the -country of immigrants who
might fail to accept American standards and ideals. It is nevertheless becoming increasingly clear that the restrictions on immigration which
are now in effect require modification if we are to have a supply of common
labor adequate for the development of the country's industries and business.
The problem is that of selection. Immigrants who may not immediately
speak the English language are not necessarily hostile to the ideas and
ideals
of the United States. The desirable immigrant is he who, regardless of
race
or language, has within him the spirit of individualism in which
the country Increase in Postal Receipts in Fifty Industrial Cities.
was founded and upon which its future depends.
December postal receipts in fifty industrial cities made
Business and Government.
an average gain of 7.78% over December 1921, according
A factor second to none in importance is the relation
between business and
government. Only a few countries appear to be making determined
efforts to to figures made public by the Post Office Department
control public expenditures and their accomplishments are as yet
most mod- Jan. 10. The Department says:
est. The total burden of Federal, State and local taxes in the
United States
The percentage of increase would have been much larger had it not
is staggering and it is imperative that it be lightened. A united
public opin- been that there were five
Sundays in last December. As it was, the
ion must be developed strong enough to bring a measure of relief.
gain in the Industrial cities fell somewhat short of the November increase
After economy and resultant reduced taxes the next great need in
the field of 9.13% and the October
increase of 10.62% as compared with the same
of Government is freedom from legislation whims. Bad legislation
is only a months of the previous year.
little worse than rapidly changing good legislation.
The December figures, however, throw some light on the results of
The Federal Reserve System has proved its inherent soundness and
has dem- the early mailing campaign. During
the "big rush" many cities reported
onstrated Its efficiency even beyond the hopes of its originators. Its
success, daily increases in business ranging from
20 80% above that for December
however, does not preclude changes in the Federal Reserve Act
suggested by 1921. The comparisons were made with to
the same day of tho preceding
experience. Conservative modifications to broaden its usefulness
may now year. Thus a true basis for establishing a comparison was not shown
safely be made.
by the figures since the early mailing of last Christmas forced the peak
At the outset of his remarks Mr. Alexander stated that of business at least two days ahead of the peak of the preceding year.
Shreveport. La., with 26.84%, reported by far the largest percentage
"the year just closed will be recorded as one of the most notaof increase among the fifty industrial
Topeka, Kan., was second
ble in the history of American business, for it has afforded with 19.76: Oakland, Calif.. third withcities.
18.66: Pueblo. Cob., fourth with
Oklahoma
City fifth with 15.78; Sioux City. Iowa, sixth with 15.24:
the first real measure of the post-war potentialities of this 18.12;
Fort Wayne, Ind., seventh with 15.16: Madison, Wis., eighth with 14.87;
country."
Phoenix, Ariz., ninth with 14.64; Knoxville, Tenn., tenth with 14.60;




JAN.20 1923.]

THE CHRONICLE

Lynn. Mass., eleventh with 14.39, and Charlotte, N. C., twelfth with
14.34%•
Eight cities out of the fifty reported decreases. They were Schenectady,
N. Y., 12.46; Cheyenne, Wyo., 8.87; Tampa, Fla., 4.89; Lincoln., Neb..
3.87; Springfield, 111., 3.04; Scranton, Pa., 1.96; Wilmington, Del., 1.27;
and San Antonio, Texas, 1.05%. Tabulated figures follow:
STATEMENT OF' POSTAL RECEIPTS OF FIFTY INDUSTRIAL
CITIES FOR THE MONTH OF DECEMBER 1922.
December
December
In- P.C. 1922
Offices-1922.
1921.
crease. Over 1921.
Springfield, Ohio
$116,069 67 $110,306 19
$5.763 48
5.23
Oklahoma, Okla
115,2719,553 45
15,717 63
15.78
Albany, N. Y
107.877 66
99,316 57
8,561 09
8.62
Scranton, Pa
93,09635
94,923 33
*1,826 98
*1.96
Harrisburg, Pa
111.848 94
101,120 06
10,728 88
10.60
San Antonio, Texas_ _
95.369 64
*1.01004
96.379 68
*1.05
Spokane, Wash
104.213 00
98.064 31
6,148 69
6.27
Oakland, Calif
146.932 06
123,820 60
23,111 46
18.66
Birmingham, Ala
103,129 18
92.08653
11.042 65
11.99
Topeka.Kan
94,231 49
78,676 76
15,554 73
19.76
Peoria, Ill
84.512 87
77.004 55
7.50832
9.75
Norfolk, Va
86,138 76
83,171 32
2.96744
3.57
TampEl, Fla
59.762 18
62,686 68
*2.924
50
*4.89
Fort Wayne, Ind
87.795 88
76.235 39
15.16
11,560 49
Lincoln, Neb
77,966 99
81,104 20
*3,13721
*3.67
Duluth, Minn
79,054 02
72.584 19
6.46983
8.91
Little Rock. Ark
71,108 07
66.105 44
5.00263
7.57
Sioux City, Iowa
71.882 35
62,374 37
9,50798
15.24
Bridgeport. Conn
83,237 38
74.133 16
9,104 22
12.28
Portland, Me
67,83085
65,634 22
2,19663
3.35
St. Joseph, Mo
61,129 09
58.974 90
2,154 19
3.65
Springfield, Ill
48,202 85
*1.50996
49.712 81
*3.04
'Trenton, N. J
61.705 76
60,933 38
772 38
1.27
Wilmington, Del
57,967 50
58.715 70
*74820
*1.27
Madison, Wis
53,893 16
46.915 29
6,97787
14.87
South Bend,Ind
52.671 75
46,845 63
5.82612
12.24
Charlotte, N. C
54.507 04
47.671 04
6,836 00
14.34
Savannah,Ga46,33087
44,307 20 ' 2,023 67
4.57
Cedar Rapids,Iowa---- 48.185 24
5,426 28
42.758 96
12.69
Charleston, W. Va
48.513 23
48,061 69
451 54
0.94
Knoxville, Tenn
48,916 69
42,686 06
6,230 63
14.60
Schenectady, N. Y
51.677 50
45.236 50
*6,441 00 *12.46
Lynn,Mass
55.812 46
48,792 07
7,02039
14.39
Shreveport, La
39.936 14
31,486 39
8,44975
26.84
Columbia, So. Caro
35,977 85
33.207 78
2.77007
8.34
Fargo, No. Dak
32.849 63
30.231 25
2,61838
8.66
Sioux Falls, So. Dak- 31,191 10
28,390 96
9.86
2,800 14
Waterbury. Conn
35.751 03
32.281 38
3,469 65
10.75
Pueblo, Cob
32,16828
27,234 14
18.12
4,934 14
Manchester, N. H
32.764 67
31.740 61
1.02406
3.23
Lexington. Ky
31.737 81
1.71922
30,018 59
5.73
Phoenlx, Ariz
34.478 91
4,402,19
30.076 72
14.64
Butte, Mont
23,665 32
26.782 27
3,116 95
13.17
Jackson. Miss
22.337 96
22,876 59
538 63
2.41
Boise, Idaho
19.83771
21,065 65
6.19
1,227 94
Burlington, Vt
1,56089
20,489 66
22,050 55
7.62
Cumberland, Md
15,383 05
15,673 14
290 09
1.89
Reno,Nev15.51463
1,74549
13,769 14
12.68
Albuquerque, N. Mex
16.174 91
16,148 03
26 88
0.17
Cheyenne, Wyo
13.64788
12,437 31
*1,210 57
*8.87
Total
$2,999,831 03 $2,783,279 80 $216,551 23
7.78
• Decrease.
Percent of Increase.-September 1922 over September 1921. 6.34%;
October 1922 over October 1921, 10.62%; November 1922 over November
1921, 9.13%.

Large Wool Consumption.
Schwartze, Buchanan & Co. of London in their annual
report on wool for 1922 call attention to the extraordinary
consumption last year. It was something like 5,000,000
Colonial bales, which is far in excess of the regular production
from Australasia, the Cape and River Plate. It was only
possible by an inroad into the huge stocks of B. A. W.R. A.
wool and the large accumulation that has taken place in
recent years in South America. The Australian clip increased some 300,000 bales. The Cape's remained practically stationary. The weather in Australia in 1922 was
none too good for wool growing except in Victoria. December brought fair rains in other sections, causing an improvement in the outlook. As to 1923 the firm mentioned says
that the new Australian clip is likely, as a result of the
lighter shearing, to show a decrease estimated as high as
200,000 bales, practically all merinos. The South African
production will be rather larger in view of the good season.
The River Plate clip will almost certainly show a further
reduction. Considerably smaller supplies are therefore
looked for, and though the B. A. W.R.A.stocks still amount
to nearly 1,000,000 bales, mostly crossbred, it is believed
that in about 15 months' time these will have entirely disappeared. There is an enormous demand from all parts of
the world, though Germany has during the last few months
•reduced her operations very considerably. There is no
reason for a weakening of values for merino wool except that
prices are undeniably high and at a level where a falling off
in demand would not be unnatural. Prices of merinos are
not expected to drop materially and the report says there is
little likelihood of a decline in prices of crossbreds. During
1922 wool amounting to 1,199,000 bales was sold in 8 series
of Colonial sales in London. Of this amount 41,000 bales
were bought for America, 729,000 bales were taken by
British buyers and 429,000 bales by the Continent.
Census Report on Cotton Consumed and on Hand,
also Active Spindles and Exports.
Under date of Jan. 16 1923 the Census Board issued its
regular preliminary report showing cotton consumed, cotton
on hand and active cotton spindles for the month of December
1921 and 1922 and the five months ending with December.




231

Cotton consumed amounted to 527,945 bales of lint and
49,078 of linters, compared with 577,561 of lint and 55,122
of lialers in November this year, and 510,925 of lint and
45,434 of linters in December last year, the Bureau announced. The statistics of cotton in this report are given
in running bales, counting round as half bales, except
foreign bales, which are in equivalent 500-pound bales.
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS AND ACTIVE COTTON SPINDLES.
(Linters Not Included)
Cotton Consumed
During (Bales)Locality.

Year
December.

United States
United States
Cotton-growing States_
Cotton-growing States_
•II other States
All other States

Cotton on Hand
Dec. 31 (Bales)-

Cotton
Spindles
A Mille
Five
In Public During
In
Motuhs Consuming Storage & December.
ending Establish- at Corn- (Number)
Dec. 31. menu. x presses.

1922 *527,945 .2,662,204 *1,921,295 *4,074,945 34.968,440
1921 510,925 2,484,959 1,738,138 5,206,663 34,439.142
1922 324,437 1,700,576 1,207,199 3,801,744 15,856,774
1921 304,756 1,497,25f
921,727 4,837,475 15,503.716
1922 203,508 961,628 714.096 273,201 19,111,666
1921 206,169 987,703 816,411
369,188 18,935.426

x Stated in bales.
* Includes 26,953 foreign, 5,724 Am. Eg. and 519 Sea Island consumed, 75,638
foreign, 17.013 Am. Eg. and 3,059 Sea Island in consuming establishments, and
54,126 foreign, 32,249 Am. Eg. and 5,140 Sea Island in public storage.
Linters not included above were 49,078 bales consumed during Dec. 1922 and
45,434 bales in 1921; 123,104 bales on hand in consuming establishments on Dec. 31
1922 and 168.680 bales in 1921: and 38,103 bales In public storage and at compresses
In 1922 and 171,303 bales in 1921. Linters consumed during the five months
ending Dec.31 amounted to 287,264 bales in 1922 and 285,344 bales in 1921.
EXPORTS OF COTTON AND LINTERS.

Country to Which Exported.

Exports of Domestic Cotton and Linters
During (Running Bales)December.

United Kingdom
France
Italy
Germany
Other Europe
Japan
All other countries

1922.
174.737
89,879
55,787
105.517
73,380
74,079
34,474

1921.
214.385
47,821
61,207
111,599
48,608
127,149
29,056

5 Months end.Dec.31.
1922.
890,588
443.572
272,241
494,923
404,397
293,485
106,846

1921.
813,182
383,8891
212,218
670,824
349,829
521,848
165,570

Total
607,853 639,825 2,906.052 3,108.380
• Figuresinclude 2.445 bales of linters exported during December in 1922 and 4,394
bales in 1921, and 14,199 bales for the five months ended Dec. 31 in 1922 and 47,745
bales in 1921. The distribution for December follows: United Kingdom, 50 bales;
France, 810 bales; Germany, 125 bales; Belgium, 4 bales; Canada, 1,451 bales;
Mexico, 5 bales.
Imports are not available.
•

Upward Tendency of Wholesale Prices in December.
Although the tendency of wholesale prices was upward in
December, no change from the general level of the previous
month is shown by the weighted index number compiled by
the U.S. Department of Labor through the Bureau of Labor
Statistics, according to the Bureau's statement made public Jan. 18, which adds:
This Index, which includes 404 commodities or price series taken in representative markets, and which is weighted according to the relative importance of such commodities, rounds off to 156 for December, the same figure
as announced for November.
While there was no increase in the general price level as measured by the
index number, appreciable advances took place among certain farm products, clothing materials, chemicals, and housefurnishing goods. Among
farm products, corn, oats, rye, wheat, hogs, lambs, cottonseed. flaxseed,
milk, peanuts, onions and potatoes all showed small price increases over
the month before. The increase in this group as a whole approximated
%. Cloths and clothing, due to increasesIn cotton woven goods, cotton
yarns, worsted yarns and raw silk, averaged about 1% higher than in November. Chemicals and drugs were 21,1% higher and housefurnishing
goods 1%% higher than in the month before. A small Increase was also
reported for food articles.
To offset these price increases, there were decreases among Important
fuel and lighting materials, and among metals and metal products. Fuel
and lighting averaged almost I% and metals 1Si% lower than in November. No change in the general price level was reported for building materials or for miscellaneous commodities.
Of the 404 commodities or series of quotations for which comparable
data for November and December were collected, Increases were shown in
170 instances and decreases in 70 instances. In 164 instances no change ,
in price was reported.
Index Numbers of Wholesale Prices, by Groups of Commodities.
(1913 -= 100)
Dec. 1921.. Nov. 1922. Dec. 1922.
Farm products
145
143
120
Foods
144
136
143
Cloths and clothing
192
194
180
Fuel and lighting
218
216
199
Metals and metal products
133
131
113
Building materials
185
185
158
Chemicals and drugs
127
130
127
Housefurnishing goods
179
182
178
Miscellaneous
122
122
121
All Commodities
156
156
140
Comparing prices In December with those of a year ago, as measured by
changes in the index numbers, it is seen that the general level has risen
11 %. Farm products show the largest Increase. 20% %• Building
materials have increased 17%, metals 16%, fuel and lighting 831 %, and
clothing 7'4% in price In the year. Food articles, chemicals and drugs,
housefurnishing goods and miscellaneous commodities all show smaller
increases compared with prices of a year ago.

232

THE CHRONICLE

[VOL 116.

rials entering into automobile construction with the Department of Labor index of all commodities.
TABLE 2.
U. S. Dept.
Basis Materials
Reviewing some of the recent economic changes that have
of Labor,
Used in Automobile
taken place in the automotive industry and forecasting, if
All Commodities. Construction.
I5Preed.
possible, the effect of these changes upon the future prices of Jan. 1920
283
188
45
Jan.
1921
170
182
38
upon
close analysis, says John W.
motor cars, it would seem,
July 1921
141
107
34
Scoville in the Jan. 6 issue of the "Michigan Manufacturers Jan. 1922
138
107
31
143
and Financial Record," that manufacturers, early in 1923, Apr. 1922
106
38
July
1922
155
120
35
will discover that their profits are inadequate and we may Sept. 1922
158
131
22
expect a more or less general increase in selling prices. This Oct. 1922
154
133
21
1922
Nov.
looked
156
for between January 1 and
upturn, he thinks, may be
134
22
An accompanying chart shows that the prices of materials used in automoApril 1. The automobile is to-day, Mr. Scoville asserts. one
bile construction have fallen much nearer to pre-war levels than the average
of few fabricated products which sells below the pre-war prices
of all commodities. Basic materials used in automobile
level at a time when general commodities are 56% above that reached a low point in the period from August to October 1921,construction
when their
level. Labor and material costs have been rising since April average price was only 3% above pre-war levels. In fact, these prices were
nearly stationary until April 1922. But beginning with May 1922 an advance
masked
been
by
the
has
decline in overhead. commenced which has
1922, but this rise
averaged nearly 5 points a month and in November
per car.
our index stands at 134, the highest point reached since December 1920.
We now come to a discussion of the second element of cost, which is labor.
Manufacturers are not likely to realize the cost increases
The U. S. Census Bureau gives the wages and the cost of materials for the
promptly because of the fact that operating statements are automobile
industry in 1921 as follows: Wages, $220,940,516; cost of matenot received until some time after true market conditions are rials, $1,104,497,012. This would indicate that wages amounted to
about
known. It is a fact, however, he avers, that since June 1922 one-fifth as much as the cost of materials. A labor agitator might use these
figures to prove that labor is not getting its rightful share of the product.
total costs have been rising and the selling price declining so But the figures are misleading, for the materials
bought by manufacturers of
that profit markins have been growing smaller for six automobiles are batteries, tires, bodies, axles and other things on which much
labor
has
already
been
expended.
Even
the
basic
materials which we have
months. Conditions in November 1922 were worse than those
used in our index, such as steel, copper and lumber, have already had much
of November 1921 in that greatly increased output in Novem- labor spent in their production.
Labor costs are several times as important as material costs in the producber 1922 brought an almost negligible increase in profit. In
the face of these conditions, certain firms probably will re- tion of automobiles. In Table 3 we show the average weekly earnings of
New York State factory workers and the average weekly earnings of workers
duce prices in the next few months, he opines, the motive be- In automobile factories as reported by the U. S. Department
of Labor.
ing to thus decrease overhead costs through increased volume
TABLE 3.-AVERAGE WEEKLY EARNINGS.
of production. But these price reductions, he is sure, will not
N. Y. State Factories.
Automobile Factories.
bring the desired results. Profits in the automobile industry Jan. 1919
26.77
1920
Jan.
33.68
in December, January and February will be shown, finally,
Jan. 1921
27.61
28.49
to be not at all commensurate with the expected heavy pro- July 1921
25.27
88.12
Jan. 1922
duction. Mr. Scoville proceeds as follows:
24.42
17.58
24.19
27.18
Let us consider the probable trend of the elements of production, average Feb. 1922
Mar.
1922
24.59
28.80
selling prices, basic material prices and wage rates in forecasting the future
Apr. 1922
24.15
32.70
apd computing the possible profits for 1923. Volume of production in the
24.59
38.93
early months of 1928 will probably exceed the production of corresponding May 1922
24.89
38.25
months of 1922, but it is probable that production in the last months of 1923 June 1922
24.77
29.70
will be less than for the corresponding months of 1922. Labor and basic July 1922
Aug.
1922
25.11
32.27
materials will probably continue in 1923 the upward trend which began early
1922
Sept.
25.72
32.22
us
1922.
production
assume
May
1923
Let
that
in
will exceed the producin
25.61
32.20
tion of May 1922 by 25% and let us assume that wage rates and materials will Oct. 1922
38.44
not advance further. Then our cost index for May 1923 would stand at 92.4 Nov. 1922
against 86 for May 1922.
These figures indicate that in the deflation of 1920, labor did not "deflate,"
At present selling prices represented by an index number of 101.2, the. except through unemployment. Wage rates declined but little and weekly
profit in May 1913 would be 8.8% of income, and this would give to the in- earnings of those who worked declined but a trifling amount. In recent
dustry a profit of $13,000,000 in May 1923, as compared with $25,000,000 in months the tendency of wage rates has been upward. On Nov. 1 1922, the
May 1922. If selling prices should be reduced or if wages and materials Federal Reserve Bank of New York reported: ". . . . the hiring rate of
wages for unskilled labor in this district, which represents open market labor
should increase, the outlook would be even less favorable.
The important point, which should not be overlooked, is that an increase conditions, has risen 9% since July." On Sept. 1 the U. S. Steel Corporaof 25% in the volume of business next May, will not save enough in overhead tion advanced wages 20%. Wage advances have been granted by many firms.
to offset the increases in material and labor costs which have already taken While there is no very good statistical measure in existence of the cost of
labor, we believe the index numbers given in Table 5, based on many sources
place and the decline in selling prices which have already been announced.
The cost of making an automobile may be divided into three elements; of information, are substantially correct as to changes in average hourly u-age
basic materials, labor and overhead. The changes in the excess of the selling rates.
In a brief year the labor situation has completely reversed itself and inprice above these costs will indicate the trend of profits.
In considering the changes that have taken place in the prices of the basic stead of a National Conference on Unemployment, labor is fully employed
commodities used in producing an automobile, such as steel, pig iron, copper, and labor shortages are reported from some places.
The third item of production costs is overhead. We are using this term
tin, lead, crude rubber, lumber, turpentine and cotton, a bill of materials
was constructed, showing approximately the number of pounds each of iron, in a slightly different sense than is usual, including under overhead
all those
copper, aluminum, rubber, etc., used in the construction of a four-cylinder costs which are independent of the rate of production. Overhead thus includes all expenses, such as insurance, taxes, rent, advertising, administracar.
The next step was to compute the cost of these definite amounts of basic tive and selling expense, and a certain percentage of indirect labor and a
materials at different times. Then the average cost of this bill of materials small percentage of direct labor. The total monthly overhead expense of
the
in 1914 was taken as 100, and the costs at subsequent periods were expressed automobile industry has probably not changed much in the past two years.
as percentages of the average of 1914 costs. These index numbers of basic But the overhead per car produced has changed very much, on account of the
material costs were computed in two groups, metals and non-metals. The re- great fluctuations in production.
sults of this investigation are shown in Table 1.
The following table shows the monthly production of automobiles by
members of the N. A. C. C. and index numbers of the overhead per
car, based on
the supposition that overhead expense per car varies inversely as
TABLE 1.-INDEX NUMBERS OF BASIC MATERIAL PRICES.
the production. We have assumed that 100 represents the overhead per ear
Metal
in July
Non-Metal
Total
1921:
Index
Index
DateIndex
TABLE
4.
1914
102
99
Jan.
101
98
Monthly Produe130
Jan. 1915
116
Relative Over166
tion of Automobiles.
142
Jan. 1916
103
head Per Car.
July
1921
224
155
63,705
Jan. 1917
186
100
Aug.
1921
226
141
63,933
Jan. 1918
179
100
Sept.
1921
206
1919
182
60,952
Jan.
165
104
Oct. 1921
202
Jan. 1920
177
55,680
188
114
Nov. 1921
189
Jan. 1921
102
40,698
132
157
Dec. 1921
187
July 1921
82
32,908
107
194
Jan. 1922
129
Aug. 1921
88
46,247
108
188
Feb. 1922
126
Sept. 1921
86
60,566
104
105
Mar. 1922
125
Oct. 1921
85
91,876
108
69
Apr.
1922
125
Nov. 1921
88
108,568
105
60
Slay 1922
124
95
Dec. 1921
128,258
52
108
June 1922
122
95
Jan. 1922
148,484
44
107
July 1922
119
98
107,009
Feb. 1922
59
105
Aug. 1922
118
92
Mar. 1922
126,691
50
104
Sept. 1922
128
90
101,014
Apr. 1922
61
105
Oct. 1922
127
96
107,400
59
May 1922--------110
Nov.
1922
180
100
109,000
June 1922
58
114
We
will
now
combine
our
138
110
July 1922
index numbers for the prices of basic materials,
120
labor, and overhead per car into a single index
137
119
Aug. 1922
127
of cost. By cost we mean
not merely manufacturing cost, but the
147
117
Sept. 1922
181
entire cod of making and selling the
cars. To get a single cost index it is necessary to
150
119
Oct. 1922
188
weight, each of the three
factors, and we have used the following weights:
149
122
Nov. 1922
184
Basic materials, 20; labor,
50; overhead, 30.
The U. S. Department of Labor publishes monthly indices of wholesale
The choice of these weights is
prices. In Table 2 we compare our index number of the price of basic mate- the weighting will have but littlesomewhat arbitrary, but a alight change in
effect on the final computations. The Na.
The 1923 Trend of Motor Prices-Necessity of Increased
Profit Margin.




JAN.20 1923.1

tional Bureau of Economic Research finds that about 75% of the value of the
product of U. S. factories is paid to employees for services. Many employees
in automobile production would be classed under overhead and some labor has
been expended on the production of basic materials. A consideration of operating statements has convinced the writer that the weights used are substantially correct.
TABLE 5.-INDEX NUMBERS OF COST PER CAR JULY 1921
TAKEN AS 100.
Total.
Betsic Materials. Labor.
Overhead.
100
100
100
101
July 1921
99
101
100
98
Aug. 1921
100
97
100
104
1921
Sept.
101
96
114
96
Oct. 1921
114
97
157
96
Nov. 1921
126
96
194
95
Dec. 1921
110
98
98
138
Jan. 1922
102
105
101
100
Feb. 1922
92
100
102
69
Mar. 1922
60
89
98
102
Apr. 1922
86
97
52
102
May
86
104
44
June 1922
98
91
59
103
105
July 1922
89
50
Aug. 1922
107
107
95
109
61
Sept. 1922
112
97
111
Oct. 1922
119
59
97
Nov. 1922
58
122
111
While this weighting makes overhead 30% of the total cost in July 1921,
the relative importance of overhead is reduced as production increases until
in June 1922 the overhead by this weighting amounts to less than 16% of
the total cost. The final index numbers of the three elements of cost, materials, labor and overhead, and a combined index for all three appear in Table 5.
The material index has been pushed downward by two months, as it is two
months or more after the purchase of basic materials before they come out in
finished cars. The last column of Table 5 shows that the average costs per
vehicle increased from July 1921 to December 1921. The average cost per
vehicle then declined from 125 in December 1921 to 85 in June 1922, the
costs being expressed by index numbers. Since June average costs of making
and selling an automobile. have been increasing, until in November the index
number is slightly over 97.
The next step in our analysis is to determine the changes that have taken
place in selling prices. In order to get the price trend, we found the total
cost of one touring car of each of the nine most prominent makes, except
Ford. In Table 6 we show the total list price of these nine cars, by months,
and in the last column the same figures are reduced to index numbers.
TABLE 6.
Total Price.
$10,430
July 1921
10,430
Aug. 1921
9,590
Sept. 1921
9,630
Oct.' 1921
9,630
Nov. 1921
9,480
Dec. 1921
9,040
Jan. 1922
8,876
Feb. 1929
8,830
Mar. 1922
Apr. 1922
8,830
May 1922
8,830
8,780
June 1922
8,780
July 1922
8,420
Aug. 1922
8,300
_________
Sept. 1922
8,275
Oct. 1922_____________-__
8,275
Nov. 1922

Index Numbers.
127.5
127.5
117.3
117.6
117.6
115.9
110.6
108.5
108
108
108
107.4
107.4
103
101.5
101.2
101.2

The index numbers ia Table 6 were chosen so that the business in June
1922 would show a profit for the entire industry of about 21% of the income.
Some companies made more and some less than this amount. These figures
are for the entire industry other than Ford. On account of the number of
closed corporations and due to the issuance of quarterly and yearly statements,
instead of monthly statements, the per cent of profit in June 1922 can only
be estimated. There is evidence, however, to indicate that the figure chosen
for June is nearly correct. While the average percentage of profit to income
may not be exactly correct, a slight error either way will not invalidate our
conclusions. We are now in a position to compare the trends of cost and income for the automobile industry, and this is done in Table 7.
TABLE 7-COMPARISON OF INDEX NUMBERS OF COST AND SELLING
PRICE PER VEHICLE FOR THE AUTOMOTIVE INDUSTRY.
Difference Profit as a Per
Index
Index of
or Profit. Cent of Income.
Selling Price. of Cost.
July 1921
21.5
100
27.5
127.6
Aug. 1921
22.4
99
127.5
28.5
Sept. 1921
14.8
100
17.3
117.3
Oct. 1921
15.1
16.6
..,t.
117.6
101
Nov. 1921
3.1
3.6
117.6
114
Dec. 1921
*7.9
*9.1
116.9
125
Jan. 1922
.5
110.5
.5
110
Feb. 1922
6.0
108.5
6.5
102
Mar. 1922
14.8
108
92
16.0
Apr. 1922
17.6
108
89
19.0
May 1922
20.4
108
22.0
86
June 1922
20.8
107.4
85
22.4
July 1922
15.3
107.4
91
16.4
Aug. 1922
103
13.6
14.0
89
Sept. 1922
101.5
6.4
6.5
95
Oct. 1922
4.2
101.2
97
4.2
Nov. 1922
101.2
4.2
4.2
97
*Indicates loss.
The widest gap between selling price and cost is in July and August 1921.
While the profit as a percent of selling price was 21.6% in July 1921, it was
only 15.3% in July 1922. The per cent of profit was 14.1 in October 1921
and only 4.4 in October 1922. Since June 1922 profit margins have been between the two jaws of a vise-rising costs and declining income per vehicle.

In his conclusions, Mr. Scoville reasons thus:
The operating statements of particular companies may not show the same
kind of trends as this analysis. This deviation might be brought about by a
treatment of reserves in such a way as to equalize monthly profits. Cost figures prepared by cost acountants may show declining costs in a period when
,prices are rising because materials are bought months in advance of the time
when they finally come forth in a finished car. If the management relies




233

THE CHRONICLE

only on operating statements, and not on current prices, it is likely to wake
up some day to some unpleasant realities.
Automobile manufacturers should realize, whatever their book profits may
seem to be, that costs have been rising and profit margins have been narrowing for months. By costs, we mean current costs at market prices.
We will now compute the monthly income of the automobile industry (except Ford) by multiplying the number of cars sold by an average price per
car. We will assume an average price of $1,200 for July 1921, and we will
have subsequent prices follow the same course as our index numbers of selling
price. To these income figures, we will apply the per cent of profit figures
in the last column of Table 7, to get the monthly profits for the industry.
The results of these calculations appear in Table 8.

July 1921
Aug. 1921
Sept. 1921
Oct. 1921
Nov. 1921
Dec. 1921
Jan. 1922
Feb. 1922
Mar. 1922
Apr. 1922
May 1922
June 1922
July 1922
Aug. 1922
Sept. 1929
Oct. 1922
Nov. 1922

Cars
Produced.
64,000
64,000
61,000
56,000
41,000
33,000
46,000
61,000
92,000
109,000
123,000
143,000
107,000
127,000
104,000
107,000
109,000

TABLE 8.
Average
Price,
$1,200
1,200
1,104
1,107
1,107
1,091
1,040
1,021
1,016
1,016
1,016
1,010
1,010
969
969
966
966

Income,
$76,800,000
76,800,000
67,344,000
61,992,000
45,387,000
36,003,000
47,840,000
62,281,000
93,472,000
110,744,000
124,968,000
144,430,000
108,070,000
123,063,000
100,776,000
103,362,000
105,294,000

Profits.
$16,512,000
17,203,000
9,967,000
8,741,000
1,407,000
*2,844,000
239,000
3,737,000
13,834,000
19,491,000
25,493,000
30,041,000
16,535,000
16,736,000
6,450,000
4,341,000
4,422,000

*Indicates loss.
Since the percentage of closed cars is greater in the winter, the actual income for the winter months may be slightly greater than the figures in Table
8. 'While our estimates indicate net profits for the industry (excepting
Ford) of about $143,000,000 for 1922, it is possible that we are below the
true figures by as much as $35,000,000. The trend of profits in our analysis
is probably more nearly correct than the absolute figures.

Current gnents and Ptscussions
The Week With the Federal Reserve Banks.
Aggregate reduction of $118,900,000 in total earning
assets, accompanied by a further decline of $56,200,000 in
Federal Reserve note circulation, is indicated in the Federal
Reserve Board's weekly bank statement issued as at close
of business on Jan. 17 1923, and which deals with the results
for the twelve Federal Reserve banks combined. Gold
reserves show a further increase of $14,500,000 and total
reserves an increase of $26,700,000. Deposit liabilities of
the Reserve banks declined by $50,400,000 and the reserve
ratio rose from 73.6 to 76.1%. After noting these facts
the Federal Reserve Board proceeds as follows:
As against slight changes in holdings of discounted bills, the Reserve
banks report a reduction of $24,400,000 in acceptances of $18,800.000 in
Government bonds and notes and of 376,900.000 in Treasury certificates.
Federal Reserve note circulation on Jan. 17 was $2.256,500.000. a reduction
of $207,600,000 since the recent high figure reported on Dec. 27 1922.
Last year the reduction for the corresponding period was $213,800,000.
Gold reserves of the System show an increase of 314.500,000, larger
totals being reported for every Federal Reserve bank, except New York.
which shows a reduction of $36,700.000 in gold reserves. The largest
increases are shown as follows: Chicago, $13,100.000; Boston,$12,100,000.
Cleveland, $6.600,000, and Richmond, $6,000,000.
Holdings of paper secured by Government obligations show an increase
for the week from $282,000,000 to $284,000.000. Of the total held on
Jan. 17. $138,500,000, or 48.8%, were secured by United States bonds.
$2.000,000, or 0.7%. by Victory notes, $117,700,000,or 41.4%, by Treasury
notes and $25,900,000. or 9.1%, by Treasury certificates, compared with
3140.400.000. $1,900,000. $111,300,000 and 328.400,000 reported the
week before.

The statement in full in comparison with preceding weeks
with the corresponding date last year will be found on
subsequent pages, namely, pages 274 and 275. A summary
of changes in the principal assets and liabilities of the Reserve
banks on Jan. 17 1923, as compared with a week and a year
ago, follows:

Increase(+) or Decrease (-)
Since
Jan. 18 1922.
Jan. 101923.
Total reserves
+326,700,000 +3162,600,000
+178.800,000
Gold reserves
+14,500,000
Total earning assets
-118.900,000 -108,800,000
-400,500,000
Discounted bills,total. .
Secured by U. S Govt. obligations_ __ _ +2,000,000 -104,700,000
Other bills discounted
-700,000 -295,800,000
+106,400,000
Purchased bills
-24,400,000
+185,500,000
United States securities. total
-95,700,000
+96,800.000
Bonds and notes
-18,800,000
U.S. Certificates of Indebtedness
+88.700.000
-76,900,000
+184,600,000
Total deposits
-50,400.000
+244,700,000
Members' reserve deposits
-41,800,000
-68.400.000
Government deposits
+3,100,000
+8,300,000
Other deposits
-11.700.000
+26,800,000
Federal Reserve notes in circulation
-56,200,000
-81,800,000
F. R. Bank notes in circulation, net liability
+300,000

The Week With the Member Banks of the Federal
Reserve System.
Loan liquidation, aggregating $119,000,000, and reduction
of $46,000,000 in investments, accompanied by reductions
of $165,000,000 in Government deposits and of over $100,000,000 in borrowings from Federal Reserve banks, are

234

THE CHRONICLE

indicated in the Federal Reserve Board's weekly consolidated
statement of condition on Jan. 10 of 781 member banks in
leading cities. It should be noted that the figures of these
member banks are always a week behind those of the Federal
Reserve banks themselves.
Loans secured by stocks and bonds show a reduction of
$123,000,000, while other loans show an increase of $4,000,000. Of the total decrease in investments about
$38,000,000 represents a reduction in corporate securities.
Member banks in New York City report a reduction of
$149,000,000 in loans on corporate securities, as against an
increase of $19,000,000 in other loans, and a reduction of
$8,000,000 in investments, practically all in corporate
securities.
Total borrowings of the reporting institutions from the
Federal Reserve banks show a decline for the week from
$390,000,000 to $289,000,000, or from 2.4 to 1.8% of their
combined loans and investments. The member banks in
New York City report a reduction of $5,000,000 in borrowings
from the local Reserve Bank and from 2.4 to 2.3% in the
ratio of these borrowings to total loans and investments.
Further comment regarding the changes shown by these
member banks is as follows:

[Vol,
. 116.

are issued with the acquiescence of the United States Government under the provisions of the treaty dated May 22
1903, the offering circular says:
Agreement With the United Stales.
By an Act of the United States Congress
dated March
certain
provisions were formulated which have been incorporate 2 1901,
d by amendment
In the Cuban Constitution and have also
been embodied in a Treaty, dated
May 22 1903, between the United States
and Cuba. Under these provisions, commonly referred to as the "Platt
Amendment," the Republic of
Cuba agrees not to contract any public debt
the service of which, including
reasonable sinking fund provision, cannot be
provided for by the ordinary
revenues. In addition to this financial safeguard,
the Republic also agrees
not to enter into any foreign treaty or compact
which may impair its independence, and furthermore grants to the United
States
the right to intervene for the purpose of preserving Cuban
independence and maintaining a
government adequate for the protection of
life and property.

The new loan provides for a sinking fund, which begins
at the rate of $500,000 in the first year and increases
by
$50,000 annually during each of the first ten years,
$100,000
annually during the second ten years and $200,000
annually
during the third ten years, the result being the
complete
amortization of the loan by the sinking fund-over
its thirty
years' life. To these minimum sinking fund payments
,
the circular states, there is to be added 10% of the gross
revenues of the Cuban Government in excess of $60,000,0
00 in
any fiscal year. The bends are not to be ,callable, except
under the provisions of the sinking fund, for the first twenty
years, but thereafter may be called for payment, as an entirety, at par, accrued interest being also payable. From
the New York "Times" of the 15th inst. we take the following:

As against the large reduction in Government deposits, not demand
deposits show an increase of $68,000,000, while time deposits declined
by $33,000,000. The New York City banks report reductions in all classes
of deposits: $82,000,000 in Government deposits, $26,000,000 in
net
demand deposits and 37,000.000 in time deposits.
In keeping with the increase in demand deposits reserve balances of
the
reporting institutions show an increase of $15,000,000, while
cash in vault
shows a decline of $9,000,000. Corresponding changes for the
New York
City banks are an increase of$34,000,000 in reserve balances and
The Cuban law authorizing the loan provides that $24,000,000 of the
an increase
of 32,000,000 in cash on hand.
realized are to be placed at the disposal of the Department of Public funds
Works.
On a subsequent page—that is, on page 275—we give Ofthis amount $12,000,000 is to meet obligations of the department
incurred
the figures in full contained in this latest weekly return of previously to July 1 1922, while $6,000,000 will go for reconstruction and
repairs. An additional
will boat the disposal of the Department
the member banks of the Reserve System. In the following after obligations of the $6,000,000
other branches of the Government have been
is furnished a summary of the changes in the principal items and the Ministry of the Treasury has received funds to meet the expensemet
of
auditing Government accounts and collecting sales and gross receipts taxes.
as compared with a week and a year ago:
Not moro than 39.000,000 will be deposited in the Treasury to replace
the
Increase (+) or Decrease (—) "fund of special accounts." The $5,000,000 loan
obtained from J. P. MorSince
gan & Co.in 1922 will be liquidated.
Jan.
3
1923.
Jan.
111922.
Loans and discounts—total
The interest and sinking fund on the loan will be motfrom sales and gross
—$119.000.000 +3372.000,000
Secured by U. S. Govt. obligations
—1,000,000
—171.000,000 receipts taxes, amounting to 1% on gross sales, or receipts of merchandise,
Secured by stocks and bonds
—123,000,0
00
+634,000.0
00 from manufacturers, hotelkeepers, public utility corporation
All other
s and others.
. .
—91,000,000
Investments, total
—46,000,000 +1,113,000,000
Regarding the security, debt, revenues and trade, we quote
U. S. bonds
—1,000,000
+544,000,000
U. S. Victory notes and Treasury notes_
+6.000,000
+485.000,000 the following from the circular:
Treasury certificates
—13,000,000
—14,000,000
Other stocks and bonds
—38,000,00
0
Security.
+98,000,000
Reserve balances with F. R. banks
+16,000,00
0
+148,000,0
00
These bonds are to be the direct obligations of.the Republic
Cash in vault
of Cuba,
Government deposits
which
pledges
its
good
faith
and credit for the prompt payment of principal
16.5
9:0
00
°0:00
° W0
0
ii:88(
0
).,883
Net demand deposits
and
interest.
+68,000,00
In
0
addition
+1,168,000
they
are
to
,000
be
secured:
Time deposits
—33,000,000
+696.000,000
(a) By a charge on certain revenues ofthe Republic,including the
Total accommodation at F. It. banks
customs
—101,000,000 —241,000,000 revenues,
subject to existing charges, but prior to any future charges.
The
customs revenues have alone averaged $46.292,000 annually during
the last
Offering of $50,000,000 Republic of Cuba Bonds.
five years, the lowest receipts in any one ofsuch five years having
been over
$30,000,000 in the critical year of 1921-1922. The existing charges
Following the acceptance last week of the bid of the syn- customs
upon the
prior to these bondsfor the current
year amount to 33,98.5.750,
dicate headed by J. P. Morgan & Co., for the $50,000,000 of which amount 32.145,000 is payable infiscal
the first instance out of other
bonds of the Republic of Cuba—the bonds were offered for revenues, which, during the last five years, have averaged 34,430.000
annually.

public subscription by the syndicate on Monday last, January 15 (subject to receipt and acceptance by the syndicate)
at 993j% and accrued interest to yield over 5.55%. Supplementing our item of a week ago (page 125) reporting the
acceptance of the Morgan bid for the bonds, we quote the
following special cablegram to the "Journal of Commerce"
from Havana Jan. 12:

(b) By a first charge on 10% of the amount by which the revenues
of the
Government in each fiscal year exteed $60,000,000.

Debts, Revenues and Trade.
The funded debt of Cuba on July 31 1922, amounted to $91.542,400
which 351.703,500 was external debt. Revenues during the ten years , of
ended
June 30 1922,averaged $60,329.000 annually. The budget estimate
for the
currentfiscal year is $55,638,800 and estimated expenditures amount
to $54,852,102. During the first six months of the current fiscal year
The $50,000,000 Republic of Cuba loan was awarded to-day to J.
have totaled 329,218,000, as against expenditures for the same revenues
P.
period estiMorgan & Co. on a bid of 96.77. Associated with the Morgan company mated in the budget at $28,253,000.
in the loan are the Guaranty Trust Co., the National City Co., Kuhn,
The exports during the ten years ended Dec. 31 1921, have
Loeb
averaged
& Co., the Bankers Trust Co., Harris, Forbes & Co. and J.& W.Seligman $347,852,000 annually, of which $274,890,000, or 79%. were
sent to the
United States. Imports during the same period averaged
& Co.
$255,918,00
0
Two other bids were opened. Speyer & Co. offered 93.57 and Lee, annually, of which $181,655,000, or about 71%, came from
the United
States. These figures indicate a surplus of exports over
Higginson & Co., of Boston, 93.35.
imports averaging
President Zayas announced the award. Secretary of the Treasury $91.934,000 annually.
Deepaigne presided at the opening of the bids, assisted by General Enoch
The
following
summary
of
present
conditions in Cuba is
Crowder, Mr. Graham, of the Havana branch of the Bank of Nova Scotia;
John Durrell, Vice-President of the National City Bank, and other bankers. furnished by the bankers offering the bonds:
The improvement in the sugar industry in Cuba
The syndicate offering the bonds is composed of J. P.
during the last twelve
months has been quite remarkable. At the close of
last year Cuba had left
Morgan & Co., Kuhn, Loeb & Co., the National City Co., unsold 1,225,000
tons of raw sugar, and prices were at an
abnormally low
the Guaranty Co. of New York, the Bankers Trust Co., level. During the last twelve months the price of raw sugar
has about
New York, Harris, Forbes & Co., J. & W. Seligman & Co. doubled, the carry-over has been liquidated and nearly 4,000,000 tons of the
1921-1922 crop sugars have been produced resulting in
an insignificant carryand Dillon, Read & Co. Several hundred dealers and dis- over at the end of this year. The
grinding season is now opening in Cuba
tributing institutions are members of the countrywide with an estimated production for the current
year of 4,000,000 tons, and
selling organization. The loan is designated as an "external with the assurance of favorable price.
The drastic liquidation which began two years ago,
and the subsequent
loan, thirty year sinking fund 5
gold bonds." The great improvement in the sugar situation,
have reflected themselves in
Cuban
bonds are to be dated Jan. 15 1923 and are to mature Jan. 15
Go.vernment affairs. The Zayas Administration, which came into
office two years ago,at a time of an acute economic and financial crisis, has
1953. They are not redeemable for twenty years except succeeded
in bringing
a balanced Cuban budget at a much earlier date
for the sinking fund. Coupon bonds in denominations of than was then believedabout
possible. This improvement in Cuban economic and
$1,000, $500 and $100, they are registerable as to principal governmental affairs is due, perhaps, primarily to the great resiliency of a
country of rich soil which contributes to the world a basic product so
only. Principal and interest (Jan. 15 and July 15) are pay- essential
as sugar.
able in United States gold coin of the present standard of
The rapidity of Cuba's improvement has also been helped by her unusual
weight and fineness in New York City at the office of J. P. currency position. Except for her subsidiary coinage Cuba uses United
States money. The Cuban nation, therefore, in the period of readjustment
&organ & Co. The principal and interest of these bonds are since
the ending of the World War, has been entirely free from any currency
to be forever exempt from any Cuban taxes now existing inflation. In fact, it has been estimated by competent banking authorities
Havana that the people of Cuba have in circulation over one hundred
or which may hereafter exist. Pointing out that the bonds in
millions ofdollars in notes ofthe Federal Reserve Banks Myths United States.




JAN.20 1923.]

THE CHRONICLE

This is, in effect, money due from the United States Federal Reserve Banks
to the people of Cuba, and constitutes an amount greater than the total
external debt of the Republic of Cuba, including the present loan.
P In no small degree, however, the improvement in Cuba has been brought
about through Gen.E. H. Crowder,the personal representative of the President of the United States, who, acting under the direction of Secretary
Hughes and in cordial co-operation with President Zayas, has been of great
assistance in introducing economies in governmental operations and increases in governmental revenues.
The financial statement from Cuba indicates that during the first six
months of the present fiscal year the revenues amounted to $29,000,000
and the expenses to about $28,000,000, the result being a surplus of income
over expenses of approximately $1,000,000.

The amount due on subscription allotments will be payable about Feb. 1 1923 at the office of J. P. Morgan & Co.
in New York funds against delivery of Trust Receipts,
exchangeable for definitive bonds when prepared and received. ,The bonds were admitted to the New York Stock
Exchange list early this week.

235

the effect that this would have upon the two countries, but upon world
conditions generally.
Just how far apart the commissions are at this time neither side will say.
but in American quarters it was declared that the differences in views was
not great. The interest rate constitutes the chief point of debate, with the
time the debt is to run and the minimum annual payments to which Great
Britain is to bind herself, lesser elements in the equation.
Both commissions find themselves in much the same position as regards
the requirement of governmental sanction of any terms reached.
The Americans must go directly to Congress for approval of the refunding
arrangement and naturally they have frankly stated to the British that they
could not accede to conditions of settlement which could not be expected
to receive ready ratification by that body.
Likewise, the British mission must act in full accord with the desires of
the London Cabinet, which, in forming its ultimate judgment, could be
expected to have regard for the question of whether the terms could be
expected to meet with the approval of a majority in Parliament. It was
explained that one principal reason for the return of the British mission to
London at this stage was to put Premier Bonar Law's Parliamentary
lieutenants in possession of the facts necessary to guide them in their action
In Parliament.
Whether a British mission will be returned to the United States to continue the negotiations now is undetermined. It is regarded as within the
probabilities, however, that the personal account of the negotiations to
be given to the Cabinet by Stanley Baldwin, the British Chancellor of the
Exchequer, who heads the British group, will clear the way for a completion
of the negotiations through the British Embassy.
The departure of the British on Saturday is in accord with arrangements
made before their arrival in this country two weeks ago. At that time,however, it was hoped that the period spent here would be sufficient to bring
the views of the two Governments into accord. With both sides making
concessions from the start, this hope appeared likely of realization until the
session last Friday, at the conclusion of which the British found it desirable
to cable to London for additional instructions.

U. S. and British Debt Missions
Suspended. Return of Latter to Europe.
The conversations between the American and British
Debt Commissions looking to the funding of Great Britain's
debt to the United States, were terminated on Thursday
of this week (Jan. 18), the British mission leaving Washington that day for New York; the mission will sail for Europe
to-day (Jan. 20). In announcing the proposed return of the
On Monday, the 15th inst., when the discussions were
British delegation, the American Commission—(which is
known as the World War Foreign Debt Commission) issued expected to reach consideration of definite methods of payment, a postponement until the succeeding day was asked
the following statement on the 18th inst.:
The two Commissions have given long and detailed consideration to the by the British delegation, by which time (Washington
questions involved in the funding of the debt. Progress has been made advices to the "Journal of Commerce" stated) Chancellor
toward a mutual understanding of the problems involved and discussions Baldwin
expected to receive cable instructions from London
have now reached a point at which the British Government thinks it
desirable that the Chancellor of the Exchequer should return to London for as to the final position to be taken by his mission towards
consultation.
the suggestions advanced by the Americans. The "Journal
The discussions have,therefore, been adjourned and the Chancellor of the
of
Commerce" advices also stated:
•
instant.
the
20th
Exchequer will sail on
The differing views of the negotiators as to the terms of settlement, it
The arrival on the 4th inst. of the British Mission, headed was
indicated at the Treasury,find the British favoring a funding scheme
by Stanley Baldwin, Chancellor of the British Exchequer, which would provide a maturity of about sixty-six years and an interest
rate
of about 3%, while the Americans are holding out for a maturity
and Montagu C. Norman, Governor of the Bank of England,
of not more than fifty years and seeking to keep the interest rate up to
was told in our issue of Saturday last (page 125) in an item about 4% or 4h'%.
It was disclosed, incidentally, at the Treasury, that the Government
in which we also referred to the discussions last week between the American and British debt-funding missions. is shaping its fiscal policies toward the funding of the Liberty loans as
they come due on the basis of the rates obtaining in the markets at their
That the two bodies appear to have been unable to come to maturities.
agreement—the interest question being one of the principal
Some disappointment was evidenced by commission members to-day
points at issue—is evidenced in newspaper reports from at the postponement of the meeting with the British, since in view of
their desire to complete the discussions and return to England at the
Washington, one of which (to the New York "Times" Jan. end of the week it is felt that each day's work must be made to count.
The hitch in the proceedings appeared to be somewhat of a surprise to
18) we quote herewith:
Conference Between

No agreement wasreached by the British and American Debt Commissions
at their joint meeting to-day, and the members of the British mission left
at 1 o-clock for New York, whence they will sail Saturday for London, to
report to their home Government.
An intimation was given, however, that the situation as regards the funding of the British debt was not critical and that within a short time an agreement would be reached, possibly within the next few weeks. As evidence of
this favorable trend it was announced that the British mission would not
return to the United States and that details of the funding problems would be
handled by Ambassador Geddes.
There is a difference of opinion as to whether the proposal for a modification of the American law on the debt will be made while the present Congress
last. Some members of the commission feel that it miglit not be brought
forward until the next session. The fact is that political conditions at home
and in Continental Europe may affect the decision.
The British mission came to this country prior to the meeting of the Premiers in Paris, at a time when it was hoped that decisions reached at that
conference might cause a favorable atmosphere here for legislation which
would modify the terms under which the British debt might be funded. As
the conference of Premiers failed It is said that there are members of both
the American and British Commissions who feel that it would be better to
delay until future happenings abroad.
The point was made, however, that whatever might be developed, Great
Britain, within a reasonably short time, would enter into an agreement,
fund the debt and that the delay should not bc considered as an attack upon
the solvency of Great Britain. The departure of the mission without reaching a tentative agreement was characterized as a "delay" rather than a
"break."
The failure to reach a tentative agreement here was largely because of the
refusal of the American Commission to accept 3% interest on the debt,
spread over a period of from fifty to sixty-six years. Some doubt was expressed by American representatives that Congress would be willing to modify the law to permit even 3 1-3 or 34%•
Faced by such a situtation,the British mission, it is understood, expressed
the belief that it was advisable for it to return to London, make a full report
of the argument presented by the American Commission and await the
developments of the next few weeks in the foreign situation, especially with
regard to Continental Europe.
The best evidence that both Commissions are hopeful offavorable action of
some sort is found in the fact that the handling of the British interests was
left by the mission in the hands of Ambassador Geddes and the representatives of his embassy. No date has been set for another meeting of the
American Commission and it will probably depend upon the information
received here after the members of the British mission have consulted with
cabinet in London.

the American Commission and while Mr. Mellon was declared to be hopeful
that the discussions would proceed readily toward a definite understanding,
it was reported that he would not predict the consummation of an understanding upon which funding arrangements would be based.
Learn What Britain Can Pay.
Despite the repeated official declarations that nothing specific in the way
of terms has yet been taken up by the Anglo-American debt negotiators,
It was made plain at the Treasury that the Commission has satisfied itself
not,only as to what the British want in the way of terms, but what they are
capable of paying for the next few years. Conclusions of the Commission
are being carefully guarded, but it was indicated that payments of interest
on the basis of semi-annual installments of $100,000,000 already received
could not be expected for the Immediate future. Interest approximating
that amount,it was expected, would cause a deficit in the British budget for
their fiscal year 1924 of some $300,000,000.
Reduction of expenditure in some lines will be made by the British, according to the belief of the Comeission, but it was indicated that there is
no desire to bring hard pressure to bear upon the British Exchequer at the
outset and that the Commission was mainly concerned with the fixation
ofsome amount which would be applied yearly to the liquidation of the principal of the debt.
In this connection it was stated officially that the accrued and unpaid interest, which was deferred for three years ended last April, and amounts to
$611,044,202,is considered as principal to be added to the principal obligations held of 34,074,818,358, making the total British indebtedness 34,685,862,560, the amount to be considered as principal under any funding arrangements to be decided upon.
Rate of Interest.
Prosecution of a proposal fixing the interest at which the debt is to be
funded as low as 3%,it was stated, would be met with considerable resistance by the American Commission, but it was held that the exact rate of
interest could not be settled until it was definitely determined what method
of payment should be selected, as the different factors involved in the final
method would go far toward determining the interest rate.
The suggestion has been made,it was disclosed, that whatever rate of interest is adopted should be made to apply retroactively to the creation of the
various credits in favor of Breat Britain, which might have the effect of reducing substantially the total of $611,000,000 of interest accrued, but the
impression was given that the Commission was disinclined to apply any new
interest rate further back than an adjustment on the $100,000,000 installment paid last fall, which was computed at 5% •

On the 16th inst., when the members of the two commissions were unable to reconcile their views, the negotiations were suspended until Thursday, the 18th inst.
The previous day the Associated Press in a Washington
The Associated Press advices from Washington on the
dispatch Jan. 17 said in part:
17th inst. in noting this said:
In both British and American circles to-day it was emphasized that there
The subject matter of the conversations at to-day's joint session, which
would be only a suspension of the negotiations: That a settlement of the
debt, the greatest single international financial transaction in the history of lasted about an'hour was carefully guarded by both the Americans and the
the world, must and would be reached. Both sides to the negotiations also British, but there were indications that the present difference had to do
were agreed that a speedy adjustment was desirable, not only because of largely with the question of the interest rate. It was reported that the




236

THE CHRONICLE

[VoL. 116.

British mission had suggested 3% and that this had been approved yesterday by the British Cabinet, which had before it an account of the progress
of the negotiations forwarded by the mission.

President Harding told Republican leaders of Congress at a conference at
the White House to-day that no request for modification of the foreign debt
funding legislation would be sought until the British and American Commissions has completed negotiations and come to a tentative agreement which
,
View of American Members.
it was hoped would be used as the basis for negotiations with other debtor
It was learned authoritatively that at previous sessions there had been
nations.
discussion of the statement that 3% was the average rate of Government
The leaders were told also that a decision on the part of the Commissions
loans in normal times and that the figures examined by the commissions had
was expected by the end of next week:that a report then would be submitted
appeared to support this contention. Since this figure is considerably
by them to the President and that shortly thereafter the President would
below the rate of interest now paid by the American Government on the
appear before Congress with recommendations for modification of the fundmoney borrowed and advanced to Great Britain. however,some members,
at least, if the American Commission were represented as feeling that they ing terms.
This program was accepted as satisfactory by the Republican Congreshardly would be justified in recommending such a figure to Congress.
sional leaders of the House and they will await action by President
Harding.
While the State of the negotiations after to-day's session was described
It is the President's hope that legislation will be adopted at the present sesofficially as practically thesame as that obtaining after the previous meeting
sion of Congress which will permit of a final settlement of the British debt
on last Friday. both the Americans and the British expressed hope of an
problem, and open the way for speedy negotiations with other European
agreement in principle before the end of the present conversations.
nations. Such, of course. it was thought, would have a favorable effect
As indicating that the terms discussed were not being upon the financial and business world.

enthusiastically received abroad, we quote the the following
London press advices Jan. 14:
Commenting editorially to-day on the debt negotiations at Washington,
the Sunday "Times' says:
"Chancellor of the Exchequer Baldwin might well feel justified in pressing
for easier terms than those yet mentioned in any of the press dispatches
from Washington, and the best financial opinion in America undoubtedly
would support him in doing so. The prospect of converting a loan into 3%
bonds,payable in sixty years,does not,for instance, particularly thrill us.
"British credit deserves better accommodation than that. and American
interests would gain by providing it."
The way to a reasonable adjustment of the debt is still formally barred by
the Act of Congress, and the "usual voices" will be raised against an effective departure from its provisions, according to the "Observer." "But,"
says this newspaper."Mr. Baldwin's language has been that of honest commerce, and there is even a sign that American opinion appreciates it."
Its The Despatch says that Groat Britain can pay only by exporting goods,
and that the Americans are just as interested as the British in seeing how
this can be reconciled with the new American high tariff.

We also quote the following Associated Press advices from
London Jan. 18, which appeared in the New York "Times"
of yesterday (Jan. 19):
Observers who seek the cause of the present delay in the debt-funding
negotiations with the United States must be satisfied with the phrase "practical politics," according to British official opinion as expressed this evening.
The British Cabinet is plainly dissatisfied with the terms which the American Debt Funding Commission finally offered to Stanley Baldwin,the Chancellor of the Exchequer,at the head of the British mission in Washington. It
believes that what the Minister considers to be the relative economic and
financial conditions of the two countries warrant an easier settlementfor
Great Britain.
Other official circles whose duty it is to keep advised of the actual conditions hi the two countries express the opinion that the American terms are
liberal to the point ofgenerosity,or at least asliberal as any British commission can ever expect.
Premier for Exceptance.
Prime Minister Bonar Law is declared to share the latter view, for he is
an economist as well as a politician, and Mr. Baldwin is believed to be entirely satisfied with the American terms, but to see plainly that his duty is to
return to England and outline the full situation before the Cabinet.
The desire of the British Government to hold out for the best possible settlement will be understood in America,according to official circles, when it is
realized which is pledged to a policy of retrenchment is dealing with a problem that seriously affects the taxpayer.
The American Commission, it is pointed out, has had a great advantage
over the British mission because it was at home, where its members could
could have daily conferences with the Government leaders and determine
the limit ofconcessions to which Congress was likly to agree.
On the other hand, Mr. Baldwin had reached a point where the exchanges
of information with Downing Street by cable had become impracticable,
and the only thing to do was to return home, but official circles are confident
that a basis for a settlement will be reached shortly after his arrival in London.
,
Comment Shows Hopeful Tone.
The disposition of the press is to treat the situation in no wise pessimistically.
The "Morning Post" contends editorially that if the American offer is
regarded in the strictlight of businessit may well be considered a veryfriendIY proposal. Nevertheless, it says, Great Britain is bound to take into account how heavily taxation now presses British industry and the great
sacrifices which the country has made in order to maintain its credit.
"For these reasons," the newspaper says,"the Government feel it their
highly distasteful duty to suggest a lower rate of percentage than that proposed by the Debt Commision. There is another closely related reason,
namely, that additional taxation must further reduce both the productive
and the spending capacity, and acceptance of the American proposal would,
therefore, exercise an injurious effect upon trade and commerce as a whole
in which American industry would of course be Involved. We pet forward
these considerations in full confidence that their import will be appreciated
In the United States."
The newspaper prefers to express no opinion as to whether the Debt
Commission cannot modify the American terms. Great Britain ought to
accept them rather than continue paying.."or rather owing," 5%. The
"Post" hopes that a choice will not be necessary.

Smoot Assails Existing Law.
In the Senate to-day Senator Smoot of Utah, a member of the'American
Debt Funding Commission, declared that in his opinion "no human being
can settle the debts under the law existing to-day." He added that he had
no objection to the enlargement of the American Commission to permit
of the appointment of a Democrat, but thought it would be a mistake to
attempt such a move until the negotiations with the British were concluded.
The were various reasons, it was said, which influenced Administration
leaders in deciding that it would be unwise to seek any change in the debt
funding legislation until after negotiations with the British were ended.
For one thing, it was felt that the debate which might start in Congress
if changes were sought at once would have an embarrassing effect upon the
negotiations. Also, the opinion was expressed that the Administration
would be in a stronger position to ask for modification of the law if it were
able to place before Congress at the time the request was made a complete
statement of the results of the negotiations with the British Mission.
The White House conference of to-day, it was said, was called by the
President in response to the desire of the American Commission that nothing be done to embarrass the pending negotiations. The Commission is
reported as feeling that a discussion of the Debt Funding law in Congress
at this time would interfere with the negotiations.
Those at the conference were Representative Burton of Ohio.a member of
the Debt Commission; Representative Mendell of Wyoming. Republican
floor leader: Representative Campbell of Kansas, Chairman of the House
Rules Committee, and Representatives Green of Vermont, Green of Iowa,
Longworth of Ohio, Madden of Illinois, Towner of Michigan and Coe of
Wyoming.

In another item in this issue we refer to Senator McKellar's
statement in the Senate on the 16th inst. in behalf of the
United States regarding the debt issue. On the 12th inst.
the "Times" Washington dispatch said:
When the commissions adjourned to-day it was announced that no
proposal had been submitted by the British, but that this probably would
be done on Monday. To-day's discussion dealt primarily with the British
debts, loans and unemployment relief expenditures and their effect upon
the ability of Great Britain to meet her obligations to the United States.
Figures on British Debts.
It was shown that the total British debt, including her debt to the
United States, had reached £7,676,295.109, as compared with but Z661.473,765 when the war started. Interest payments before the war totaled
£16,894,120 annually, while at present they are estimated at £335,000,000,
or more than half of the total of indebtedness in 1913.
Debts due to Great Britain from Allied nations, it was shown, have
jumped from £767,971,589 of March 31 1917 to .£1,503,642,016 in 1923,
or, in other words, had practically doubled in tho last six years. The
following table shows the increase in the British debts since the fiscal
year 1913-14, the figures representing pounds sterling:
Debts.
Interest.
1913-14
661,473,765
16,894,120
1914-15
651,270,091
19,512,539
1,108,817,067
1915-16
58.080,105
1916-17
2,140,748.644
125,068.977
1917-18
4,011,445,908
187,665.554
5.871,850,637
1918-19
267.969,204
7,434,949,429
1919-20
326,603,498
7.831.744,300
1920-21
328,331,757
1921-22
7,585,400,690
307,283.737
1922-23
7,676,295.109
(est.) 335,000,000
The approximate classification, according to period of maturities on
March 311922. was as follows:
Floating debt, including war savings certificates, payable on demand
or within six months, £1,364,000,000: bonded debt, maturing within
five years, £712.000,000; bonded debt maturing after five years, £4,762.000,000; debt to the United States Government ar par exchange, f838,000,000; total, £7,878,000,000.

At the same time the "Times" printed a table showing in
pounds the debts due by Allies to Great Britain, excluding
relief loans (cash advances, excluding all interest) on March
31 1917 and Sept. 20 1922, in which, although reported as
taken from an official table of the British Debt Commission,
there appears to have been discrepancies. In printing the
On the 12th inst. in stating that there would be offered in correct figures on Jan. 15, the ."Wall Street Journal" said:
In summary of England's loans to former Allies presented by British
the House of Representatives this week legislation to modify
Debt Commission to U. S. World War Foreign Debt Commission, issued
the resolution creating the American Debt Commission so last
week, there was a typographical error in the official statement showing
as to reduce the interest rate and increase the period of amounts owed by France and Russia on Sept. 30 last, as well as tho aggrematurity as applied to Great Britain's debt the New York gate on that date. The table has been corrected to read as follows:
"Following are the amounts owed England by the various countries:
"Times" in a dispatch from Washington added:
On Mar.31'17. On Sept. 30 '22
The terms of the new resolution, which were discussed to-day by Representative IViondell, Republican House leader, with President Harding, will
be decided at a conference of loaders of Congress and the American Debt
Commission. This conference will be held at the White House to-morrow.
It is hoped that the resolution may be rushed through Congress early next
week. If it can be expedited, it is the belief of the American Debt Commissioners that they can bring about a definite agreement with the British
Commissioners before they leave for home probably the last of next week.

On the following day (Jan. 13) the "Times," in a Washngton dispatch stated:



France
Russia
Italy
Belgium
Belgian Congo
Serbia
Rumania
Portugal
Greece
Total

£178,835,79k
364,654,015
148,872,125
49,925,045
900.000
12,129,122
11,574.093
1,832,973
1,448,421

£153.000.255
494,594,647
380.708,118
97.308,698
3,499.581
22.453,020
16,585,364
65,012,377
20,479.958

£767,971,589

11.553,642.016

20 1923.]

JAN.

THE CHRONICLE

U. S. Side in British
Debt Issue.
Senator McKellar, in the Senate on the 16th inst., undertook to present the position of the United States in the
British debt funding issue—attention, he stated, having
almost invariably been directed in the newspapers to Great
Britain's large debt, its large loans to dther countries and its
large tax rates, while the case in behalf of the United States,
he observed, has never been stated. Referring to the feet
that the United States Debt Funding Commission seems to be
giving great weight to Great Britain's tax rate, Senator McKellar pointed out that "they should not lose sight of the
American tax rate, which is the highest in its history." He
also stated that "counting cash and bonds the war cost
America practically as much as it cost Great Britain."
Under the terms of the Act of Congress under which the
money was loaned to Great Britain by the United States,
says Senator McKellar, it was loaned "upon the best and
lowest terms upon which any nation during w war ever
borrowed money." Mr. McKellar further points out that
"in every transaction that we had with Great Britain during
the war she put it upon a business basis. She charged us
for everything done for us in the war, and we have paid in
full." The argument in behalf of Great Britain as presented
by the British Chancellor of the Exchequer, Stanely Baldwin,
during last week's discussions between the British Debt
Funding Mission and the United States, body—the World
War Foreign Debt Commission—was referred to in these
columns last week, page 125. Below we give Senator McKellar's portrayal of the case in behalf of the United States:
Senator McKellar Presents

The War Debts.
Mr. President, while our Debt Funding Commission continues to proceed
without taking the American people into its confidence. I notice that the
British Government is giving out information to the British people back
home. It is quite remarkable that we have to obtain news as to what
this Commission is doing from London dispatches. I quote one published
yesterday:
"London. January 15.—Premier A. Boner Law instructed Chancellor
of the Exchequer Stanley Baldwin, who is now in Washington heading the
British Debt Funding Conunission, to insist upon a further interest rate
reduction. He suggests that the United States would consent to 3% upon
the $4,277.000,000 owing to the .United States. The Premier approves
payment of the debt with bonds."
It is quite remarkable, Mr. President, that the only tangible information
that has been given as to the settlement of the British debts come from
London. I am glad to know that our British brethren are willing to take
their people into their confidence to some extent, at least, and I believe the
American Commissioners would succeed better if they were to take the
American people into their confidence and tell what is going on. Secrecy
In the conduct of governmental affairs never has made for success.
I want to call further attention to the fact that in the newspaper accounts
of the negotiations between the two debt funding commissions there is
almost invariably a long explanation as to Great Britain's large debt, as
to Great Britain's largo loans to other countries, as to Great Britain's large
tax rates, the fact that Great Britain bought American goods with the
money, and every conceivable argument which would aid Great Britain
in securing an advantage in the parley. The American case is never
stated. I am going very briefly to outline the American side of the
controversy.
First—America loaned this money at a time when Great Britain needed
It most, and she loaned it without stint.
Second—Under the terms of the Act of Congress under which she loaned
it, she loaned it upon the best and lowest terms upon which any nation
during a war ever borrowed money.
Third—Instead of the fact that she bought American goods with the
money, or with the most of it, being a reason why she should be dealt with
more leniently, it is a fact that ought to be the strongest reason why she
should pay under the terms of the Act which she borrowed. The goods
that she bought in America were infinitely more vital and valuable to her
than all the money of the world at that time. She had to have the supplies.
These supplies—not the money—saved her Government.
Fourth—She borrowed the money under the Act of Congress, and she
ought to come forward and pay under the terms upon which ste borrowed.
She knew the Act of Congress and its terms before she accepted dle money.
Fifth—The American Commission seems to be giving great weight to
Great Britain's tax rate. They should not lose sight of the American tax
rate, which is the highest in its history.
Sixth—Counting cash and bonds, the war cost America practically as
much as it coat Great Britain.
Seventh—Great Britain, as the result of the war, received a vast empire
in territory and some 40,000,000 additional people, and has the promise
of largo reparations. The United States received nothing as the result
of the war.
Eighth—Since the war Great Britain has found no difficulty In financing
purcha:ses of oil in various parts of the world. Her investments in this
matter alone amount to hundreds of millions of dollars; and in many of
these acquisitions of oil property it is stated on the best of authority that
she has excluded America and Americans.
Ninth—She has found no trouble in finding money to lend to foreign
countries where it was thought helpful to her trade and commerce. In
doing this, of course, she comes directly in competition with American
shipping interests.
Tenth—She is maintaining the most expensive navy in the world, and a
very large army.
Under these circumstances, which I am sure will be admitted by everyone,
it seems to me that our Debt Funding Commission, our American newspapers, and the American people would do well to be considering America's
side of the question rather than laying too much stress upon Great Britain's
inability to pay us what Is right and reasonable.
Mr. President, in submitting these views I again wish to say that I am
not submitting them In a spirit of hostility to Great Britain. If Great
Britain wants a longer time for these bonds to run than the 25 years, as
provided in the original Act, I for one have no objection to giving her a




237

longer time; but in so far as the rate of interest is concerned, fixed by the
last Act of Congress at 43.4%• that should be satisfactory to our British
friends. It Is just about the rate at which we borrowed the money from
the American people to lend to Great Britain. The rate fixed should
certainly not be less than the rate at which we borrowed. If it should be.
then we will be unfair and unjust to the American taxpayers.
In every transaction that we had with Great Britain during the war,
she put it upon a business basis. She charged ns for everything done for
us in the war, and we have paid in full. Now Great Britain should pay
what is right—nothing more and nothing less. Her representatives here
are no doubt splendid business men, and they are making the best trade
they can. There is no sentiment whatever in their handling of the matter.
Our representatives should look at it in the same business-like way; and our
newspapers, if they desire to submit the British view, as they so frequently
do, should be fair enough to the American people to submit the American
view also. Of course, we should be absolutely fair to our British friends,
and in the same way we should be fair and just to the American people.
who lent them this money at the most critical period of their nation's history.
Mr. President, in this connection I ask unanimous consent to have
printed in the "Record" in 8-point type an article by Garet Garrett, which
is the same article that was printed in the "Saturday Evening Post" of
Nov. 25 1922. I think it is one of the most excellent statements of the
American position that I have seen; it presents facts that can not be controverted, and I believe it will be intensely interesting to every Senator. I
hope every Senator here will just spare about 10 minutes to-morrow to read
It, and thus obtain a sensible presentation of the American view. The
British propaganda has received such wide publicity in this country, and
the real facts have been so carefully concealed, that our public has a false
notion about these debts. After giving her 5% obligations for this debt,
as she has already done, and which are now in the hands of the American
Government, Great Britain should be gratified to accept the rate of interest
fixed in the pending Act, namely. 434%. In passing this Act America has
voluntarily reduced the agreed rate three-fourths of 1%, and surely after
this generous treatment Great Britain should not ask more. We hold her
5% obligations now. We are generous in voluntarily reducing the rate.
Great Britain has not offered to reduce any obligation which we owed her.
She insisted that we pay in full, and we paid in full. During the war she
constantly sought to charge us more for goods bought of her than she
chaiTed her own citizens. We do not see the American view in our papers.
but they constantly print propaganda, evidently coming from British
sources. Why not consider for a few moments the American view? I urge
Senators to read this article, and I also want to commend it to the careful
reading of the American Debt Funding Commission. If they could be
Induced to consider even for a moment the American side of the controversy.
I am sure they would secure a more acceptable settlement.

Invarion of Ruhr Region by France—Delay Granted
Germany on Reparations Payment.
According to advices from Berlin last night (Jan. 19)
the latest developments growing out of last week's invasion
by France of the Ruhr territory of Germany (reference
to which was made in our issue of a week ago, page 128)
consist in the seizure, begun yesterday, of State mines in
the Ruhr by the forces of occupation. Associated Press
advices, in reporting the seizure, said:
The Bergmannsglueck and Westerhold pits, near Boer, were occupied
by the military, and Manager Ahrens was arrested tor ranging to deliver
coke. Troops appeared at the Moeller pits at Gladbeck and at the Rheinbaden mines at Bottrop. At Recklinghausen the President 01 the State
Mine Administration, Dr. Railleisen, responded to an invitation to appear
belore the military authorities. Ho did not return, and may have been
arrested.
The President of the district railway administration el Essen retused
to-day to dispatch coal trains, rejecting the French demands tor shipments.
A general strike ot the ireight railwaymen throughout the Ruhr is
expected this afternoon. Orders for the strike were received trom Berlin
this morning by the railroad workers, and at noon the union leaders were
In session with the orders before them at noon to-day. The French expect
them to repudiate their promise to continue work and obey the instructions
trom Berlin.
As the French. Italian, and Belgian customs experts completed their
plans tor controlling the export business ot the Rhineland, which includes
70% ot Germany's dye trade, as well as the products oft the Krupp plant
at Aix-la-Chapelle, the Ruhr Valley oilcred neither resistance nor opposition
to the requisitioning ot coal shipments. The amount thus taken over
so tar is small.

The taking over of the customs districts of the Rhineland
by five French inspectors was announced at the same time
in advices from Coblenz, published in last night's Brooklyn
"Eagle," making it was said, "a complete ring around the,
territory." This cablegram also stated:
The same will be done in a few days in the Ruhr Valley.
Inspectors at the same time seized the customs funds, forests and coal
taxes.
The French action gave rise to the fear among the population that the
banks would also be seized, but there were no such confiscations here.
The French are now operating throughout the British area around
Cologne, the British agreeing not to oppose the French sanctions so long
as their application does not involve the USO of British troops.
Commodity Prices Jump.
Prices of various commodities have almost doubled overnight throughout
the Rhineland, but the mark remains stationary at 21,000 to the dollar.
There will be no attempt, it is stated, to establish a fiscal customs line
between the occupied district and Germany, as was done in May 1921.
and no trains will be stopped or passengers interfered with.
Flying squads, however, will from time to time make tours of investigation. Some of those raids have begun already, owing to the tendency to
ship goods into Germany.

In Dusseldorf all the banking institutions, both private
and State, closed their doors at 2 p. m. yesterday, claiming,
according to the press advices, to be unable to carry on
business owing to the seizure by the French of thellocal
branch of the Reichsbank, thus shutting off the supply of.
marks. The further Dusseldorf advices of last night,fas
given in the Brooklyn "Eagle" follow:

238

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[VOL. 116.

The economic life of the city is at a standstill.
In announcing that the plans for French occupation of the
The French authorities to-day appropriated the money in the Duesseldorf
branch of the Reichsbank. They also rounded up the motor cars of de- Ruhr had been completed, the Associated Press on the 17th
positors who had come to the bank to draw money from the institution, inst. had the following to
say in a Dusseldorf cablegram:
seized the money withdrawn and retained possession of the cars.
The plan of military operations for the occupation of the Ruhr Valley,
1. A demand was made by the occupation authorities for a
detail of 40 as prepared by Marshal Foch and executed
by General Degoutte, has been
police to close the streets adjoining the bank, but the municipality refused
completely carried out, it was officially announced at the French headto supply the men.
quarters
here
this
afternoon.
The confiscation of the bank's funds by the French was carried out
The French troops in the Ruhr now number nearly 100,000, and the
after the branch had attempted to close and remove its funds into
the military authorities are prepared to take
charge of every mine pithead in
interior of Germany,according to French officials. At 10 o'clock the French
the valley to-morrow as a protection for the French economic mission, which
interfered, took the entire treasury of the bank into their possession, and
has undertaken to operate the mines with German labor.
placed soldiers on guard over the premises.
The limits ot the occupational zone begin at Wesel, at the confluence of
A similar attempt to remove the Dortmund branch of the Reichsbank
the Rhine and Lippe rivers, the most northerly point in the hands of the
was foiled by the occupying troops.
Franco-Belgian forces. The line runs east along the Lippe to Lorsten,
The promulgation by Gen. Degoutte, as Military Governor this part being held by the Belgians, who make junction with the French
of the Ruhr District, of an order of the Rhineland High at the last-named town.
The French hold the Lippe to Lunen, the extreme northeast limit of the
Commission authorizing the Allies to seize the customs occupation. The line then
turns south in a semi-circle around Dortmund
receipts, take over the State forests and collect the coal tax, to Herdecke and Witten, then southwest to Hattingen and thence, skirting
Barmen
and
Elberfeld;
joins
the Dusseldorf bridgehead at Wultrath.
w.as announced in a copyright cablegram to the New York

On the 15th inst. information to the effect that about
"Times"from Dusseldorf on the 18th inst., which added that
at the same time it was promulgated in the rest of the Rhine- 45,000 French troops up to that date had been dispatched
to the Ruhr was given to the State Department at Washingland. This cablegram likewise said:
ton by the French Embassy. According to the New York
In importance this is by far the greatest step the Allies, or rather, the
French and Belgians, have yet taken. Its application is.ofcourse,the logi- "Times," the communication, which was made public by
cal result of the decisions reached during recent weeks by the Reparations M. Jusserand, read as follows:
Commiss'on in Paris, but what its effect will be is still doubtful.

ilk

Reichsbank Branches Close.
One of the reactions from the German side has been the closing of the
Reichsbank branch at Mayence and the removal of all funds and securities
into unoccupied territory. The Reichsbank branch building here also was
closed when the news of the order became known, but it is believed that precautions had already been taken for removing allfunds,including,of
course,
the accumulated tax receipts.
Far from improving the situation this latest decision has rendered it
• immensely more complicated. For the French there seems now no course
open except to go straight ahead administrating justice, collecting taxes and
gradually,if not at once, substituting French, Belgian or some local money
for German marks.
During the last week French official informants have constantly sought to
impress on newspaper correspondents that what France was trying to do
was not to get immediate payment or make any immediate settlement.
Their instructions have certainly been borne out by the results of their first
actions. It is already perfectly clear that there is going to be no immediate
money, and in fact very little coal, from their enterprise.
French,Belgian and Italian customs officers, whose job it will be to collect
customs receipts, are already at Coblenz and operators will begind to-morrow. Forest officers are also in Rhineland and they are ready to begin
work,
whenever the word of command is given.
But in the old occupied regions it is certain that the application of both
customs measures and forest administration will be very unobstrusively and
quietly done. Whatever else is intended, the French have no desire to
estrange the Rhineland peoples.
Here in the Ruhr area the situation is somewhat different and not nearly
so far advanced as in the Rhine provinces. According to their own officials
they are now engaged in "consolidating their position."
To an outside observer it would rather appear as if they were endeavoring
to find out where they were and were going slow till they did so.
Yesterday the word confiscation was dropped and requisition substituted.
To-day the talk is that coal will be requisitioned at the pitheads, but that
the mines will not stop.
Even that has not, however, been done, and the pits are still working
normally under German management with German miners and even
unguarded by French soldiers.
Rhine Coal Barges Seized.
The only direct action which so far has been taken has been the divergence
of7 barges and 120 trucks of coal from their intended destination in Prussia
to Strassburg and Metz.
,
The operation has been a small one and will presumably be only the first
of a whole series, but, small as it is, it serves as an illustration of one of the
greatest difficulties which the French will have to face.

On the 17th inst. Associated Press advices from Paris
stated that the French, Belgian and Italian Governments
had that day given the order immediately to commence
working the State forests on the left bank of the Rhine as
penalty for. Germany's default in the delivery of timber,
as established by the decision of the Reparation Commission
on Dec. 26. It was added:

On Jan. 11 French troops (two infantry divisions and one cavalry
division) numbering 15,000, together with a detachment ot Belgian troops,
2,000 strong, carried out an operation in order to protect the committee
of engineers and technical men sent to Essen.
This operation has given way to no incidents and was contined to a zone
limited by Walsum, Horst, Kuptordred and Warden. Troops did not
interfere with the big centre.
Now, the German Government having issued orders to cease all coal
deliveries, and, moreover, the area presently occupied being unable alone
to furnish the Allies with the prescribed coal deliveries, without ruining
altogether the local industries, it has been decided to take as soon as Jan. 15
further steps to insure control over the Bochum district.
This operation, limited by the line Werdf, west of Witten, Dattelin and
Gladbeck. will be carried on by five divisions, including the troops which
have taken part in the first occupations, a total of about 45.000 men, all
exclusively white.

The Washington advices of the "Times" added:
To-night M. Jusserand received a cablegram from Premier Poincare.
which stated that not only had the Premier determined to use no negro
troops in the Ruhr, but that he had likewise barred the use of colonial
troops from Morocco and Algeria.
While some of the 45,000 French troops in the Ruhr belong to the
regular army, the majority are youngsters of the classes of 1919, 1920
and 1921. The decision to use no colored troops was expressly to prevent
the spreading of hostile propaganda.

As to the 100,000 French military forces reported in
occupation of the Ruhr on the 17th inst., London Associated
Press advices stated:
Another stage of the French progress in the Ruhr was reached to-day
with the announcement by the French command that military operations
had been completed. France had put nearly 100.000 troops into the
Ruhr Valley. taking her occupation to the extreme limits, if not beyond,
of the territory authorized under th3 Treaty, and she is now about to
try the effect of force to compel the German mine owners to produce coal
for France and Belgium.
All that France has actually achieved thus far has been the fall of the
mark to over SC,0e0 to the pound sterling, or a drop of nearly 40,000
points within a week. The French intend to take possession of the mines
tc-morrow and threaten to prosecute the recalcitrant mining magnates.
The general belief in London is that this will be but the beginning of the
French troubles, and that the bayonet can do everything but pick coal.
Much seems to depend upon the attitude of the Ruhr miners, which is
still an unknown quantity. The British Government continues to observe
a watchful waiting attitude. Italy's policy is not defined. It is noteworthy that Germany is delivering or offering to deliver reparations coal
to Italy and that the German Ministry has not been withdrawn from
Rome, indicating that there is hope in Berlin that Italy may be detached
from the Franco-Beigian policy.
On the other hand, there is also a report of possible replacement of
the American troops on the Rhino by Italian troops, but this is directly
opposed to Premier Mussolini's announcement of his policy at a recent
Cabinet Council and may possibly be explained as indicative of some
compromise proposals from Italy to France.
According, to the Paris correspondents, however, nothing is
known
there of Italian mediation.

Announcement that Germany had protested against the
The French Government has begun its policy of requisitioning in the
Ruhr, it was announced this evening. 'Five thousand eight hundred occupation beyond the neutral
zone by the Franco-Belgian
tons of coke and 600 tons of coal, which the Germans had loaded in cars,
forces was contained in the following from Paris Jan. 18,
were taken and re-routed for distribution among the Allies.
The French engineers in the Ruhr are simply giving an acknowledgment published in the New York "Times":
in return for the requisitioned coal, but the acknowledgment contains no
Herr von Hoesch, German Charge d'Affaires at Paris, in a
protest made
promise to pay.
last evening to the French Government, it is officially announced, declared
the extension of the Franco-Belgian military occupation had
gone beFrom Essen on the 17th inst. the Associated Press advices that
yond the neutral zone established by the Versailles Treaty and
had reached
said in part:
the proximity of territories occupied by German garrisons.
The French Government replied to-day in effect that the measures taken
The French Economic Mission has decided to content itself for the time
being with the requisitioning of coal already mined and brought to the sur- did not constitute military operations, but were in accordance with the noface, diverting to France the cars already loaded and destined for the interior tification given Germany on Jan. 10. The reply added that the resistance
of Germany, and postponing for the present the idea of requisitioning the of the German industrialists to the orders of the Allied authorities for delivery of coal had forced the Allies to proceed to requisitioning.
mines themselves.
The reply said the requisitioned coal would be employed to fuill deliveries
This decision was reached at a meeting of the Economic Mission at which
Gen. Simon presided and whioh lasted many hours. The meeting was due as reparations and then for the needs of the occupied territories in the
called after advices had been received from Paris that the word "confisca- Ruhr and on the left bank of the Rhine, and that consequently only the surtion" mentioned in the French papers was creating a bad impression abroad, plus could be sent to Germany.
especially in the United States and England.
The receipt of a note from the German Government by
The realization that the French technical services in the Ruhr were totally
Allied Reparations Commission signifying the former's
inadequate to direct a task ofsuch magnitude Milo was responsible in a meas- the
intention to suspend payments of money and in kind beure for alteration of the French Plans.
That the French policy in the Ruhr is veering toward milder methods is cause of the occupation of
the Ruhr, which Germany said
also shown by the announcement by French General Headquarters at
considered a violation of the Versailles Treaty, was made
midnight that "the defaulting magnates" would not be arrested but would it
be simply summoned and tried before courts martial,leaving these courts to known in Associated Press cablegrams from Paris Jan. 14.
deal With them as they deemed fit.
At the same time it was reported that occupation of Bochum




JAN.20 1923.]

THE CFPONICLE

239

On the 14th inst. an Essen cablegram (Associated Press)
by French troops had been decided upon, to take place
•
probably the following day. As to the latter, Associated announced:
Fifteen hundred officials and members of the German Miners' Union
Press cablegrams from Dusseldorf stated:
Bochum,the great centre of the Stinnes industries, will be occupied a few
days hence, the French have decided.
The French authorities do not announce the date of the advance, but
make no secret of the fact that they have decided to extend the occupation
further eastward for the purpose of coercing Germany into paying the
Ruhr industrials for the coal reparations deliveries and as penalties for what
they term the willful failure of Berlin to fulfill its undertakings.
Concerning coal deliveries, which the Ruhr industrials have agreed to resume. France undertakes to pay the cost of labor and the salaries of the
employees and miners; only the owners must look to Gerlin for other than
overhead expenses and the items which make up the price of coal delivered
f. o. b. at the French frontier.
The French are prepared to assist the owners in collecting from Berlin
to the extent of occupation of the Bochum region, and also further territory
eastward later, should Germany fall to come to terms. They will pay the
miners' salaries from the proceesd of the tax on coal, formerly assessed by
the Reich Government, which the French have decided to collect for themselves. They will levy a tax on every ton of coal shipped from the Ruhr
into Germany, Bavaria and neutral countries. The percentage representing
the tax has not yet been fixed. No tax will be assessed on coal shipped to
the Allied countries.
The occupation of Bochum also is intended as a penalty for what the
French consider the willful depletion by the Germans of food stocks,
especially cereals, always kept in the Ruhr for feeding the industrial population, which the French assert they have found at such a low ebb that
arrangements must be made immediately to import wheat and other foodstuffs into this area.
Above all the French are desirous of warding off unemployment and
famine. If such conditions arose they would be certain to cause much
trouble, but they can be kept away if labor has work and food.

to-day passed a resolution condemning the French occupation as a violation
of German freedom and declaring the unoin's intention to preserve treedom
within the Reich.
President Imbusch in the course of his speech said it was impossible
to make German miners work by compulsion, and characterized the interference of the French as intolerable.
Forbidden to Join with the unoccupied sections of Germany in openly
celebrating the "Sunday of mourning," the Ruhr district indulged to-day
in a "Sunday of suspicion."

On the 13th inst. the New York "Times" in a copyright
cablegram from Essen had said in part:

The French believe that by Wednesday or Thursday they will have
settled all arrangements for the distribution of coal and will have mechanism
in order which will take the place of the Coal Syndicate. For this optimism they declare that they have excellent grounds and they are detending their action on the economic as well as the political side.
As stated in these dispatches, however, all chance of success remains
based on the slender hypothesis of good-will shown by the coal owners
and coal miners.
To-day's decision by the French engineering mission was to guarantee
payment for repatations coal. It was communicated to Paris before it
was announced, and it has Government approval. The French dp not.
however, interpret this decision in the same way as do the Germans.
The latter seem to regard it as something of a victory, and there is likely
to be some contusion arising from the fact that the French now seem to
be going to pay cash for coal which they formerly received on account
of reparations. This Is, however, not quite the case.
The real situation is that the French now take the place not only of the
coal syndicate, but of the German Government. As replacing the latter.
they will collect for their own account the coal tax formerly levied by the
Currency Problem.
German Government. This wasraised in April last to 40% ofthe coal value
The problem of currency is giving the French much concern. Berlin is from the whole basin. It is out of money collected by means ofthis tax that
no longer sending paper marks into the Ruhr occupied area,and the present the French intend to pay for their reparations coal, thus indirectly making
supply will become inadequate very soon. Experts are studying a plan the Germans pay it.
whereby special Ruhr paper notes, guaranteed by the mines, plants and
Enlarging on the above in further copyright advices given
other real estate security in the Ruhr Valley would be issued and would be
accepted as currency in the Ruhr alone.
from Essen the same day (Jan. 13), the "Times" stated:
The Krupp and Thyssen works yesterday withdrew from the Essen
After an acrimonious discussion all the morning, both sides suddenly
banks 2,000,000 marks for their payrolls. They were informed that the agreed this afternoon to an amicable armistice on the
Ruhr coal question.
banks would be unable to supply them similarly next week, thus forcing German mine owners offered to resume coal shipments to
France and Belthe French to resort to the issuance of special currency.
gium for cash payments in advance. President Coste of the Franco-Belgian
Mine
Commission,agreed in principle with the mental reservation that
From Berlin Jan. 15 the Associated Press reported the
this was to be a temporary expedient. The details will be worked out at
following:
another meeting on Monday.
Government headquarters and the press generally aro apparently obtainThe Germans were jubilant, feeling that they bad scored a big victory in
ing considerable comfort from the national protest meetings held on Sunday, jockeying the French and Belgians into the paradoxical position of paying
enthusiastic reports of which continined to arrve to-day; the demonstrations for the reparations coal that was due them. The French smiled candidly
everywhere are said to have brought out huge crowds. There were no as if they still had a trump up their sleeve.
disturbances.
When the ten members of the Allied engineering mission met the reproTo-day's reports from Essen also impressed official quarters, especially sentatives of the twelve German mine owners they started right in to wallop
because ofstatements that the French were finding themselves in a qdandary each other with hard blows. M.Cost°,referring to the fact that since yesowing to their failure to whip the mine owners and operators into line after terday the reparation coal shipments to France and Belgium had cfased,
the Federal Coal Commissioner had issued an order prohibiting producers reiterated the peremptory demand that these reparation coal shipments
from furnishing coal on French and Belgian orders. These instructions of must be resumed on Monday on penalty of immediate arrests and confisthe Coal Commissioner followed a resolution passed at a special Cabinet cation.
session on Sunday and did not represent the personal initiative of the
Friedrich Thyssen, son of August Thyssen, and spokesman of the mine
official coal comptroller.
owners' representatives, answered the French ultimatum in challenging
The editorial comment in the newspapers is beginning to strike a note of tones. He said that the reparation coal shipments were discontinued yes-.
confidence,now that Parliamentary and popular endorsement has been voted terday because "we were ordered to discontinue them." He added: "We
the Government.
still feel ourselves to be German subjects. We are living under German laws
The same authority (Associated Press) stated in cable- and will obey only German laws." Ironically he added:
"We don't want to place ourselves in a bad light to you by being traitors
grams from Essen Jan. 16:
to our country.
French troops to-day occupied Dortmund and Luenen, well beyond the
"We are not under any other Government than Germany. As such we
border of the neutral zone tired by the Versailles Treaty, thereby answering are subject to the Deutsches 1Cohlenwirthschaftsgesetz (the law regulating
in concrete terms Germany's embargo on coal deliveries. Further advance coal in every slightest detail from the miner to the ultimate consumer).
to Muenster, key to the Ruhr railroad organization, was regarded as the Do you know that law? Better buy a copy."
probable next step it the Reich defiance remains firm.
Here Herr Thyssen made a sensational move in the international chess
General Dogoutte to-day issued to the mine directors in Duesseldorf an game for the price of the Ruhr coal and for which German advance strategy.
ultimatum demanding the resumption of coal deliveries to France and that was not without fascinating sublety, had been prepared.
Belgium not later than to-morrow morning, under penalty of more drastic
"We might be prepared," he said,"to negotiate with France and Belgium
action. The German operators, however, affirmed their intention to about shipping coal to them, but merely on condition that we are paid cash
abide by the orders ot the Federal Commissar forbidding all deliveries.
ten days in advance and only on condition that we as mine owners and
Reports that 25,000 men of the German Reichswehr were concentrated operators are dealt with directly."
south ot Muenster, and within twenty-five miles of Luenen, were contained
One of the German representatives explained afterward that this clear
In dispatches to-day from Dortmund. According to these the outposts of stand meant no more reparations coal, but coal sold by the owners to
the French and German torces at some points are only eight miles apart.
France and Belgium on the customary terms and conditions of trade.
French officials refused to disclose what form the penalties for continued
The German bludgeon was the argument that if they were not paid for
refusal to deliver coal in defiance of to-day's ultimatum might take, or coal that was sent to France and Belgium they would have no money with
Whether a further occupation of territory was contemplated.
which to pay their miners and that if they did not pay their miners, uproar,
London advices Jan. 16 published in the New York chaos and catastrophe would result. In the occupied mining area they need
750,000,000 marks daily for paying the miners alone, not counting the wages
"Commercial" stated:
and salaries to employees and officials.
The Ruhr captains of industry have been summoned to meet the French
Terms Put in Writing.
and Belgian generals at the Dusseldorf town hall at 3 o'clock Tuesday afternoon, says a dispatch to the "Daily Mail" from Essen.
The Teutons then formulated and submitted their offer in writing in two
The German leaders will be asked whether or not they intend to co- statements, the principal points being:
operate with tho French or obey the Berlin government. In the latter
"The mine owners, represented here, are prepared to furnish coal to
event the French will "take prompt and drastic measures."
France and Belgium in quantities to be agreed on from the moment the
According to Dusseldorf Jan. 17 advices (copyright) to President of the mission in the name of the Governments represented gives
declaration to the mine owners in question, agreeing to pay cash
the New York "Times," the coal owners late that evening ainwritten
advance to the individual mines at a price to be fixed from time to time
sent a written reply to M. Coste, head of the engineering by the Reich's coal commissioner and subject to his approval. Formal
mission, to the order to deliver coal given them the previous details and conditions of deliveries are subject to further negotiations."
In a second statement the German mine owners stipulated that Franco
day by General Simon at the interview in Dusseldorf. The and Belgium must
pay 80% cash ten days in advance of shipment and the
rest three days after receipt of the invoice, and they agreed to start business
"Times" account said:
on
this
basis
on
Monday.
When one of their representatives tried to speak yesterday, the French
The Teutons, tremendously satisfied, said the French and Belgians had
General told him he was not there to discuss matters, but to take orders.
To-day, therefore, the Germans addressed their reply to M.Caste, as head agreed to all the conditions and accepted the offer, promising to pay in
advance cash for reparations coal. This seemed too fantastic to be true,
of the civil mission, couched in these terms:
it.
"The Allied Governments have in the Treaty of Versailles recognized the but the right-hand man of the French commission, M. Caste, confirmed
German Government, and consequently they have also recognized the duty He said they were willing to pay cash for rightful reparations coal as a
temporary measure because they wanted to prevent trouble over Ruhr
of all Germans to that Government and that they should obey its laws.
"It follows, therefore, that no German citizen can be forced to violate coal production.
the laws of his country. I therefore [here follows the name of each of the
On the moves respecting reparations proposed by France
seven mine owners involved! declare in the clearest possible manner that we
quote the following from a cablegram from Paris Jan. 13
action
which
government
of
is in disobedience to the
I will not assist in any
to the New York "Times" (copyright):
my country and in violation of my honor and that of my fatherland."




240

THE CHRONICLE

To-day showed that the French have only begun their effort to force
Germany to pay reparations. The following developments are to be noted:
First—Official postponement by the Reparation Commission for fifteen
days of the payment of 500,000,000 gold marks due Jan. 15.
Second—French notification of a reparations plan providing further penalties to be sent in answer to Germany's November demand for a moratorium.
Third—A Government decision to extend the Ruhr occupation to embrace
all the coal fields if the Germans persist in their refusal to continue to pay for
coal deliveries to the Allies.
Fourth—A Cabinet council on the first report of the engineers and officials
who have taken over the Ruhr.
As expected, when the Reparation Commission met this morning, with the
moratorium for Germany on the program, the French proposed that fifteen
days' grace be granted, giving as a reason that their new reparations plan
was not quite ready because the French were adjusting it to certain wishes of
the Italians and Belgians.
British Delegate Objects.
Sir John Bradbury, the British delegate, evidently not wishing to face
alone the combined plan of the other three members, protested that the
Commission should go straight ahead discussing the moratorium, which he
believes should be granted without penalties, but it was clear that he was in
a minority, and no vote was taken on the French suggestion for fifteen days.
delay, so the note was sent to the German Government informing it that
the 500,000,000 marks gold would not be due until Feb. 1 and saying that
the reply to the moratorium demand would be forwarded before that time.
It is perfectly evident what that reply will be. It will be the granting of a
partialmoratorium, probably for two years, in exchange for acceptance by
the Germans of certain measures not only for control of their finances, but
also for the collection of money which the French estimate at 1,000,000,000
marks gold annually. •

[Vol,. 116.

British Labor Protest Against French Occupation of
Ruhr.
The following Associated Press advices are from London,
Jan. 13:
A strong protest on behalf of British labor against the French occupation
of the Ruhr and a demand that Great Britain dissociate itself
entirely from
the project are contained in a statement issued by
a joint council of the
Trades Union Congress, the Executive Committee of
the Labor Party and
the Parliamentary Labor Party.
Characterizing the French advance as an act of war, the protest makes six
demands upon the British Government as follows:
First, to refrain from all measures of support or
co-operation with the
French troops, such as allowing the troops to pass through
the British occupied territory or allowing this territory to be used
by the French for any
military operation.
Second. to dissociate itself by formal declaration from
all complicity with
the present policy of the French Government.
Third, to refuse to take advantage in any way of the
French action by
sharing in cash payments,coal or deliveries in kind which
may be obtained aa
the result of such action.
Fourth,to take all possible steps to secure the withdrawal of all
the armiec
of occupation.
Fifth, to support the United States Government in securing
submission of
the present dispute to an impartial body.
Sixth, to make a formal proposition for reference of the whole reparations
problem to the League of Nations.

Indicating that the Commission on the 13th would grant Russian Soviet Workers Protest Against Ruhr Occupation by France.
a delay in the payment of the indemnity due Jan. 15, AssoThe following from Moscow, Jan. 16, is reported by the
ciated Press cablegrams from Paris Jan. 12 stated:
The Reparation Commi.
,
sion to-morrow will grant Germany a further Associated Press:

delay until Feb. 1 in the indemnity payment of 500,000,000 gold marks
due next Monday, it was forecast in reparation circles hero to-night.
The decision will be taken at tho request of France. Although the
"official" reason is to give the French delegation more time in whch
to
prepare new moratorium conditions, it is believed the increasing indication
of passive resistance by Germany to the French occupation of the
Ruhr
has much to do with it.
If no such meeting as that rumored to-night between Premier Poincare
and the Allies on this subject develops. the Reparation Commission Is
expected to grant Germany a moratorium by a majority vote some
time
before the newly granted delay expires. A general outline of the new
French plan for a moratrium was circulated privately to-day. It
provides for a two years' moratorium, with the following conditions:
First—An internal loan of gold marks, to be used partly to stabilize
the mark and partly to make certain restricted cash payments during
the life of the moratorium.
Second—An internal loan of German paper marks also must be raised
with the purpose of meeting reduced deliveries of merchandise during the
moratorium,and also to meet the cost of army occupation.
Third—The budget to be balanced.
Fourth—Comprehensive control of Germany's internal finance to be
exercised by a committee of guaranties sitting permanently in Berlin;
this control to be about the same as outlined in the French plan of jan.
2.
Fifth—Maintenance of the present position of France in the Ruhr
as a
guaranty of good faith in the carrying out of the conditions.
Sixth—Further penalties to be applied if Germany fails immediately
to consent to execute the conditions of the moratorium. These
penalties
-would consist in complete occupation of the Ruhr basin and an extension
of the customs cordon to territory considerably to the east of the Ruhr.
The new plan is described as being a decided modification of the French
position regarding reparations, but it is taken for granted in reparation
circles that there is not the slightest possibility that France will give
up
her present position in the Ruhr until Germany at least has carried
out
the conditions of any moratorium that may be granted.

In reporting that two new defaults were declared against
Germany by the Reparations Commission on the 16th, a
Paris cablegram (copyright) to the New York "Times" said:
Germany was declared in default in her treaty obligations on two more
counts to-day. This action of the Reparation Commission was taken as a
result of German measures following the occupation of the Rhur.
One count set forth that Germany was in default on coal delivery and the
other that she was in default on cattle delivery. The technical basis for the
coal default is found in the German Government's note of Jan. 12, saying
that so long as the Ruhr was occupied she would not deliver or pay for
reparations coal. A similar communication regarding cattle delivery gave
the basis for the other indictment.
The Commission voted the defaults on a note presented by the French
and Belgian delegates. As on the defaults declared last week for coat and
wood, the defaults were declared to-day by the votes of France, Belgium
and Italy. However, to-day, instead of voting against the proposal, the
British delegate took no part in the discussion. The Italian delegate,
Salvage Reggi, said he had not signed the French and Belgian request for
the default decision because German coal deliveries to Italy had not been
stopped, but he considered that halting deliveries to France and Belgium
clearly created a default by Germany.
The American commissioner took no part in to-day's action.
The British, French, Italian and Belgian Governments were notified this
afternoon of the Commission's decision, which opens the way, if one were
needed, for the French to take further action against Germany. In fact,
to-day's action was taken more for the purpose of keeping the record
straight than for any other.

The occupation of Bochum by the French resulted in a
clash between German demonstrators and French troops
at the railway station at Bochum on the 15th inst.; the French
fired, killing one person and wounding several. The Associated Press accounts from Berlin said:

A demonstration against war and the French occupation of the Ruhr
was staged by the workmen of many factories here yesterday after ceremonies in observance of the fourth anniversary of the assassination in Berlin
of Dr. Karl Liebknecht and Rosa Luxemburg.
"Down with the French imperialists. Long live the German revolution."
was the legend on many of the banners carried in the procession.
Although the Communists hope for a revolution in Germany ultimately,
the correspondent is informed that Russia Government circles prefer tranquility in that country at this time. One widely known Communist asserted that if a workmen's revolution took place in Germany now, Russia would
probably be obliged not only to aid the German Communists with arms, but
to feed the population.
"With Russia short of food herself this would be difficult." he continued.
"But the world remembers that we were in worse shape in 1918 than now,
yet nevertheless we sent food to aid the German Spartacists, which they refused. If any other sort of European war should develop, either from the
Ruhr situation or the Lausanne conference, it is extremely possible that
Russia would be the only great country of Europe sufficiently isolated and
sufficiently self-maintained to remain neutral."

German Liners to Use English Ports.
The following London cablegram appeared in the New
York "Times" of Jan. 7:
German liners will soon begin to use English ports again, according to a
dispatch to the "Times" from Southampton. •
The Hamburg-American line will resume its Southampton service in the
spring and the Woermann line at the same time will also begin to send its
South and East African steamers to that port. The latter line's West
African service out of Southampton has already begun.

Foreign Orders for Steel, Diverted from Ruhr, Go to
Britain.
The "Journal of Commerce" reports the following special
cablegram from London, Jan, 16:
The East India Railway has placed with a British firm an order for 2,300
broad-gauge wheels and axles which would almost certainly have gone to
Germany but for the occupation of the Ruhr district by the French.
Steel and iron mills throughout the United Kingdom report a marked
expansion of business since the turn of the year. Glasgow reports considerable American inquiry within the past few days for foundry iron, but
Prices indicated are too low.

Russian Soviet Ratifies Agricultural Concession to
Krupps.
The following from Berlin, Jan. 12, was published in the
New York "Times" of the 13th inst.:
The Russian Soviet Government, according to advices received here,has
ratified the agreement granting a large agricultural concession in Southern
Russia to the Krupps.

Commenting on the above, the "Times" said:
A Berlin dispatch on Dec. 4 said that a provisional agreement had been
concluded between the Russian Government and the Krupps for a concession
of 247,000 acres of agricultural land, which would be intensively cultivated
by a special company to be formed with the aid of British capital.
A previous similar contract, calling for agricultural concessions in the
Province of Rostov, was not ratified by the Kruppm, and Leonid Krassin,
Soviet Minister of Trade and Commerce, was quoted as saying that suit
would be brought against the Krupp corporation for failure to abide by the
agreement. This contract was said to have been negotiated by Dr. Otto
Wiedfelt, now Ambassador to the United States.

The incident followed political demonstrations on a big scale. Several
thousand people collected in front of the town hall, where the French Signing of Commercial Trade Treaty Between Italy and
general had his quarters, and cheered the German republic, then marched
Canada.
through the streets. A nubmer of young communists made a ,counterdemonstration, cheering the Third Internationale and the French ComCablegrams to the daily papers from London, Jan. 5, said:
munist League.
A commercial treaty between Canada and Italy was signed at the Foreign
The police were unable to handle the crowds, and toward evening the Office yesterday. W. S. Fielding,
one of the Canadian signers, said that
French troops were obliged to intervene. It was about eight o'clock in in addition to the recent
negotiations leading to a similar pact between
the evening when they opened fire near the railway station.
France and Canada, he had approached the Belgian Government In Drug.




JAN. 20 19231

THE CHRONICLE

Italian Governments in London
eels and representatives of the Spanish and
and Paris.
he said, the negotiations lookAt the request of the Belgian Government,
suspended temporarily.
ing to a treaty with that country had been

Swiss National Railways Sell Locomotives.
A Berne cablegram Jan. 6 is authority for the following:
syndicate
The Swiss National Railways have sold to an international
service owing to the
200 steam locomotives which were withdrawn from
underextended electrification of the Swiss lines. Tho purchasers, it is
to
stood, intend to sell the engines to other countries, and Rusisa is reported
have made a bid for fifty of them.

Poland Places Order for Belgian Locomotives.
Under date of Jan. 6 the New York "Times" reports the
following from Brussels:
An order has been placed by the Polish Government for 100 locomotives,
to be manufactured in the Belgian shops in the Liege district. The contract
was made with the provision that Belgium send to Poland engineers and
skilled workmen to build and organize repair shops for railroad rolling stock
and river shipping.

• City of Paris Reports Deficit, But Hopes to
Make It Good.
The foreign department of Moody's Investors Service
has received the following information from abroad:
Expenditures ot the City of Paris tor the current year are estimated at
1,264.000.000 trancs, while total receipts are expected to yield only 1,181,000,000 francs, leaving a deficit of 83,000.000 trancs. Inasmuch as it appears impossible to either raise taxes or float new loans to cover the municipal deficit, both the Mayor and the Reporter on the Municipal Budget are
of the opinion that rigid economy which has been introduced succesfully
will tend to at least bring about a balancing of the budget.

Dutch East Indies Bond Offering in London and
Amsterdam.
The following is from the New York "Timms" of Jan. 17:

A joint offering of Dutch East Indies 6% bonds, being made to-day in
London and Amsterdam, will be watched by the financial district here
with a great deal of interest. No offering of these securities will be made in
the American market at this time.
The London offering, of £4,000,000. will be made by Lazard & Co., and
the Hambro Banks at 98. The Amsterdam offer, of £1.000,000, will be
made by the Bank of Netherlands at 9614, the difference in the two prices
being explained in the difference in exchange rate. There is practically no
difference in the yield basisof the two bonds.

The Guaranty Company of New York'on the same day
reported that the Dutch East Indies sterling bonds issued in
London had been largely over-subscribed and the books
closed shortly after the opening. The issued consisted of
£5,000,000 40-year 6% bonds at 98.
The First Three Years of German Reparations.
Two installments of an account of the first three years
of German reparations have appeared in the November
and December numbers, respectively, of the "Bulletin"
issued by the Federal Reserve Board. The first of these
(in the November number) summarizes the chief dates and
events in the first three years of reparations, and outlines
the general provisions of the Treaty of Versailles, with a
survey of what and how Germany is to pay. The second
article, in the December number of the "Bulletin" relates to
the conferences held (from July 1919 to May 1921) for the
purpose of fixing Germany's liability. The recent developments—the failure of the Allied Premiers' conference in
Paris (referred to in our issue of Jan. 6, page 16), at which
efforts to adjust the reparations problem were made, and
the occupation of the Ruhr by France, make particularly
Opportune the Federal Reserve Board's articles, and we
accordingly give the same herewith. The following is the
article which appeared in the November "Bulletin" of the
Board:
THE FIRST THREE YEARS OF GERMAN REPARATION.a

211

During the second period—from the l'eace Treaty to the Second London
ultimatum—the Reparation Commission had the power in fixing her liability to consider in greater detail Germany's paying potentialities. The
amount was finally fixed at 132 billions of gold marks—a figure whim
obviously would have been unacceptable at the Peace Conference.
For some time after that reparation remains, on the surface, a settled
question. Then,owing to accumulating evidence of not far distant default,
begins the third series of conferences and parleys. lasting up to the most
recent of all. These negotiations have been characterized by concessions
one after the other,to the economic facts of the situation. In Great Britain
the trade depression and the recognition of the effect of Germany's Payments upon the export trade of the Allies have tended to lay peculiar emphasis on these factors. France, however, has still to receive any considerable portion of what she has already expended on the restoration of her
devastated areas. Germany's prospects are critical.
It has been estimated that the war cost, in pure material expenditure,
some 84 billions of dollars,b in terms of 1913 prices. Of the 132 billions
of gold marks which Germany was called upon to pay for damage to persons
and property. France, on account of her enormous losses through devastation, was to receive 52% and Great Britain 22%. So far Germany has
paid in cash and kind a net amount of about 7 billions of gold marks, to be
divided between the Allies, and in the meantime the French Government
has expended nearly 50 billions of francs (paper) on the restoration of the
devastated areas, the work being still far from completion.
It has now become apparent that reparation is not a problem to be treated
as a disconnected unit for politico-economic negotiations. A third important development since the armistice has been the growth abroad of the
Idea of the inseparability of reparation from international debts, of international payments from internal industrial prosperity, of internal prosperity from the location of political boundaries. No distinct point of time
can be named from which these developments date. They are psychological
and have evolved themselves, gradually assuming their due proportion.
becoming observable little by little.
The problem has now reached the stage where this development is easily
perceptible. For thTs purpose no more than a plain statement of historical
fact is necessary. The,purpose here is to present a brief account of the
chief events in the history of the reparation problem, without partisan
criticism or the elaboration of any particular thesis as the foundation for
any proposed remedy for the ills of the present situation.
As a preliminary guide to the more detailed survey which appears in the
subsequent articles, the following table pre.seuts a condensed chronological
statement of the outstanding dates and events of which mention will be
made:
Chief Dates and Events in the First Three Years of German Reparation.
Nov. 111918—Armistice concluded. Germany to make "reparation.
for damage done."
June 28 1919—Treaty of Versailles signed. Germany to pay for damages
to persons and property.
Apr. 19-26 1920—Conference of San Remo. Mr. Lloyd George suggests
meeting with German representatives.
May 14-16 1920—Conference of Lympne. Franco-British Commission of
experts set up to consider methods of payment.
Juno 19-22 1920—Lympne-Boulogne conversations. International loan
for Germany suggested
July 2-4 1920—Brussels Conference. France to receive 52% of German
payments, Britain 22%.
July 5-16 1920—Spa Conference. German delegates present. Percentages confirmed. Coal demands reduced.
Dec. 16-22 1920—Brussels Conference of Allied and German experts.
Sugg.estion made that Allies be given a first charge on German customs
receipts.
Jan. 24-30 1921—First Paris Conference. Forty-two annuities and 12%
levy on exports agreed on. "Sanctions" formulated.
Mar. 1-7 1921—First London Conference. German conditional counterproposal to pay 30 billions of gold marks rejected. Materials and labor
for reconstruction offered. Ultimatum delivered.
Apr. 24 1921—German proposal to United States Government, conditional
on loan. Offer to take over part of Allied debt to United States. United
States Government refuses transmission of proposal to Allies.
Apr. 27 1921—Decision of Reparation Commission announced. Germany
to pay 132 billions of gold marks and Belgian debt to Allies, in annuities
of 2 billions plus 26% on exports. Guarantees committee set up.
Apr. 29 1921—Second London Conference assembled.
May 5 1921—Second ultimatum to Germany. Occupation of Ruhr
threatened.
May 11 1921—Unconditional acceptance of decision by Germany.
Oct. 6 1921—Loucheur-Rathenau agreement signed at Wiesbaden,
arranging for direct supply of restoration materials to France.
Oct. 20 1921—Reparation Commission approves the agreement in principle.
July 20 1922—Amended agreement comes into operation.
Jan. 8 1922—Cannes Conference assembled. Program for 1922 agreed
on. January and February payments reduced.
Mar. 211922—Reparation Commission announces details of conditional
partial moratorium for 1922-720 millions in cash, 1,450 millions in
kind to be paid for the year.
May 24 1922—Committee of experts meets to consider loan to Germany.
Finds loan impossible under present schedule of payments.
July 12 1922—Germany presents formal request for 214 years' moratorium.
Aug. 7-14 1922—Third London Conference. France refuses to grant
moratorium without further guarantees.
Aug. 31 1922—Reparation Commission grants six-months' moratorium.
payment to be in Treasury bills, guaranteed in manner satisfactory to
Belgian Government.
For the sake of brevity, no account is given in the following discussion
of the negotiations which went on at Versailles regarding the reparation
sections of the Treaty. These, while of great value as showing the existence
in embryo of policies which later became clearly defined, are primarily
diplomatic rather than economic.

I. The Treaty of Versailles.
While the prerent article cannot claim to be a complete digest of the
Treaty provisions, certain clauses of minor importance having been omitted.
It is believed to contain all the vital provisions directly related to the
subject of reparation. The precise form has been thought preferable to
the annotated text, both froth considerations of space and from a desire to
reduce the diplomatic terminology necessarily employed to a rendering to
which the general reader is more accustomed. For purposes of verification
the reader is referred to the footnotes to which in all cases the references
are relegated.
For the sake of simplicity and order the present chapter is divided into
four sections, into which the various provisions of the Treaty have been
sorted. These are as follows:
A. General principles and provisions.
B. The Reparation Commission: Its Powers and duties.
0. What Germany is to pay.
D. How Germany is to pay.
a This is the first of a series of four article:1 prepared by Mr. W. F. Crick, of the
together in
Division of Analysis and Research. This series is intended to bring
A. General Principles and Provisions.
reparation
the
of
understanding
clear
a
to
connected form such (iota as are necessary
terms
The opening provision of the part(c) of the Treaty devoted to reparation
situation as It presents itself to-day. The present article deals with those
The second
right
of the Treaty of Versailles which concern the reparation problem. the
of was inserted evidently to placate those who. Insisted upon the moral
article will relate the history of the subsequent negotiations as far asdate fixing
sub- of all the Allied belligerents to claim payment of the whole cosi. of the war
Germany's liability In April 1921. A third article will bring up to willthe
discuss
sequent modifications of the reparation demands; while the fourth
EPsatrthnaVitIeio.f Mr. Harvey E. Fisk, "French Public Finance."
the fulfillment of the demands made at various stages In the negotiations, Including
ac
the pat meats to date.

Introduction.
The history of the first three years of reparation is an account of a gradual
evolution of ideas, largely in response to economic conditions. At the
outset, beginning with the armistice, through the British general election
and the discussions of Versailles, the main consideraticn was, How much
ought Germany to pay? Thus, in the Treaty Germany was declared
responsible for all the loss and damage caused by the war. Economic
conditions, however. showed Germany's incapacity to pay this huge
amount: hence a reduction in the demands, by delimitation in the peace
treaty of the claims to be laid against her for satisfaction. It was decided
she should pay only the amount of damages to persons and property. The
determination of the exact amount of Germany's reparatien liabilities was
postponed under the terms of the Treaty in order to permit of more exact
computation of the damages suffered than was possible at that stage.




242

THE CHRONICLE

[VOL. 116.

from Germany. In it the Allies affirmed, and Germany accepted,
full the entire obligations within a period
responsibility for all the loss and damage suffered
of30 yearsfrom May 11921." Clearly,
by the Allies. The this was an undertaking
requiring an immense amount of investigation
following article, however, reverting to inescapable
facts, recognized that and, in addition, a still larger
amount of foresight. The results of this
the resources of Germany are not adequate to make complete
reparation. work were to be communicated
Hence, as a compromise, Germany unde,took to make
to Germany not later than May 1 1921,
reparation for all and during the course of its
work Germany was to be given an apportunity
"damage done to the civilian population . . . .
and their property to be heard by the Commissio
. . . . by land, sea, and from the air." and
n. In addition, this side of the Commisfor damages, defined in sion's work involved
the determination of Belgium's debts to the Allies.
detail below, such as pensions, allowances, &c.(d). In
addition, Germany with interest thereon at 5%,
which Germany was to pay.
was to make special provision, by an issue of bearer bonds
to the Reparation
Beyond these, in the matter of
Commission, payable May 1 1926(e) for the reimburse
reparation in kind, the Commission
ment of Belgium. was intrusted with the duty
of supplying Germany with the tonnage
for all sums borrowed from the Allies up to Nov. 11
1918. plus interezt at and specifications of ships to
5%. Furthermore, Germany was to make restitution
be
of cash, animals, ments of the Allies in the shape built and delivered; the total requireof animals, machinery, reconstruction
securities, and property seized, which could be
identified, and which in materials, etc.; the amounts
of coal required to be delivered: and the
no case was to be credited to her as payment of a
part of her reparation requirements of the Allies in
the form of dyestuffs and chemical drugs.
liabilities. Certain property, chiefly works of art
and historical valuables This function was, of
course, mainly of a routine nature, since the figures
was specifically cited for restitution (r). As an
addition to actual repara- communicated would in
general be a more aggregation of the individual
tion, Germany was also to pay the salaries and
expenses of the instruments claims of the Allies.
Nevertheless, in view of certain restrictions on
set up to exact reparation, namely, the Reparatio
n Commission and its the totals to be demanded
(which are dealt with in their appropriate
staff and the Army of Occupation.
place)
the
problem
might resolve itself into one of the
In order to carry out these obligations, Germany
allocation of availsubmitted to the direct able commodities between the
various claimants.
application of her e^onornie resources to the physical
restoration of the
Furthermore, to the Commission was
invaded areas,the values of any goods supplied and
allotted the duty of valuing the
services rendered being, receipts on account of reparation
. These included all the various kinds
ef course, credited to her reparation account. She
undertook,
to "pass, issue, and maintain in force any legislation, orders, moreover. of commodities (except coal) to be delivered, the rights and properties
and decrees in the Saar district, the Government
that might be necessary to give complete effect to" the
properties taken over with ceded
reparation pro- areas (0. and in general any "transfers
under the present Treaty of propvisions of the Treaty—an elastic clause, particularly as it
is not clear whose erty, rights, concessions, or other
interest." Again, the Commission
judgment as to what must be done, and when, is final.
Reparation, it is was to decide what portion of the
German Federal and State debts should
recognized, shall not only have priority over the service
or liquidation of be taken over by the Powers to whom
territory was ceded.(m)
any domestic loan, but shall be a first charge on the assets
and revenues of
The
manageme
nt
of
the
bond
issues
to be made by Germany, both as
the German Empire and its constituent States. Further,
the principle required in the Treaty and as later to be
determined by the Commission.
is recognized that German taxation should be at least
as heavy, "pro- was placed in the hands of that body.
portionately" (another vague term, not conjoined to any
specific basis of
Besides
these
various
duties, the Commission was given other powers
comparison), as that of the Powers represented on the
Reparation Commis- of considerable value—powers which
subsequently it has had frequent
sion. Germany admits that,in case of"voluntary"(p) default
in reparation cause to exercise. In the first place, to the
payments, the Allies shall have the right to take steps such
Commission itself was given
as "economic the right to interpret the reparation clauses
of the Treaty. Secondly,
and financial prohibitions and reprisals, and in general such other
measures it might from time to time review Germany's
resources and capacity to
as the respective Governments may determine to be necessary
in the pay. In the course of such examination it
circumstances,"(h) none of which steps shall be regarded
Is required to ascertain that
by Germany as reparation shall have a claim prior
to the service or liquidation of any
acts of war. As regards the valuation of goods, &c., handed
over by domestic loan, and that German taxation is as
Germany in part payment of reparation, the Reparatio Commissio
heavy
n
n is as that of the Powers represented on the Commissio "proportionately"
left, in most cases, with a free hand. to place upon them
n. In accordance
such values as it with these periodic investigations, the
Commission was given power to
considers just. Exception to this rule is made in the
case of coal to be extend the date or modify the form
of
payment.
handed over, while in assessing the total claims against
This latter power is
Germany the somewhat limited by the proviso that,
for certain
principle is to be followed that damages for the restoratio
n of devastated a unanimous vote of the Commission is required. very important steps,
Such actions include
areas shall be assessed at the cost at the time of carrying
out the work. the postponement of any payment beyond
1930,the amount and conditions
Another heavy responsibility placed upon Germany was that
ofindemnifying of issues of bonds and the time and
manner of distributing them, the
those nationals who should be dispossessed of property and
interests by the interpretation of provisions in the reparation
Allies under certain exceedingly broad powers given to
part of the Treaty, and
the Reparation the cancellation of any part of the debt.
Commission by Article 260. This most remarkable provision
Further, in no case might it
will be cancel any part of the debt unless specificall
dealt with in a later section. The same responsibility lies
y authorized so to do by the
upon Germany component Governments. Thirdly, the
Commission was given complete
in connection with the cession of the Saar District, &c.
power over German exports of gold until May 1 1921.
As opposed to the severity of these conditions, there are three
Up to that date
principles no gold was permitted to leave the
favorable to Germany enunciated in the Treaty.
country without the approval of the
Firstly, in accordance Reparation Commission. And,
lastly, for the period of one year the
with Mr. Lloyd George's memorandum of March 25
1919(7), the period Commission was given the power to name
any.rights or interests held by
during which Germany was to make reparation was fixed at 30
years, with German nationals in any public utility
undertakings in Russia, China,
the proviso that if any balance remained over to be paid at
the end of that Turkey, Austria, Hungary, Bulgaria,
or former German territory which
period it might, at the discretion of the Reparation Commissio
n, be post- it could require the German Governme
nt to acquire and hand over to it,
poned for later settlement or otherwise dealt with as the
Allied Govern- tho German Government assuming
the obligation of indemnifying its
ments might determine. Secondly, it was laid down
that in determining dispossessed nationals (n). The
rights
and interests so acquired would
Germany's liability and considering Germany's capacity
to pay, the Com- be valued by the Commission itself
and such value would be credited to
mission should give her the opportunity of presenting
arguments. Thirdly, Germany's reparation account.
It is lot clear in whose power lay the
in determining the details of reparation, the economic life
and efficiency Interpretation of this particular provision,
which is included in the financial
of Germany were to be considered by the Commission. It was
recognized clauses(o), and not in the reparation part,
of the Treaty, but it Is perat the time of the making of the Treaty that Germany's industrial
efficlecy fectly obvious that enormous powers of expropriat
was severely handicapped by shortage of food and raw
ion were thereby placed
materials. Hence, in the hands of the Commission.
it was provided that such supplies offood and raw materils
as were essential
to enable Germany to meet her obligations should be imported,
C. What Germany Is To Pay.
while the
payments required to be made before May 1 1921
(20 billions of gold
In addition to actual damages for which Germany was liable
marks) should be considered as inclusive of payment for
to pay
these commodities. compensation, there were
two other liabilities Imposed on her. Firstly,
Furthermore, in deciding what should be required of
Germany in the way she was to restore
all cash, animals, securities, and property seized, in
of deliveries of animals,, machinery, reconstruction materials,
&c., the such cases in which they could
Commission was to "take into account such domestic
be identified. Secondly, she agreed to
requirements of pay the expenses of the Army
Germany as it deemed essential for the maintenance
of Occupation and the salaries and expenses
of Germany's social of the Reparatio
n Commission. The size of the second liability will be
and economic life," so that "the industrial life of Germany
be not so dis- better realized when the time comes
organized as to affect adversely the ability of Germany
to consider the carrying out of the
to perform the
Treaty.
other acts of reparation."
The main item in the account, however, is that composed of "damage
done to the civilian population of the Allies and their property
R. The Reparation Commisston(j).
.
.
by land. sea, and from the air." This damage was very
specifically
The Treaty set up, as an instrument for the execution of its
reparation defined in a later section of the Treaty (p). The categories of
provisions, the Reparation Commission, a body with
enormous duties and for which Germany was to make compensation were as follows: damages
very considerable powers. The legal status of the Commission is
that of an
(1) Damage to injured persons and surviving dependents by
agent appointed to fix, collect and distribute Germany's reparation
personal
pay- njury to or death of civilians.
ments. Its duties and powers are, however, more or less strictly
(2) Damage to civilians and dependents caused by cruelty,
defined.
violence,
Under the terms of the Treaty the constitution of the Commissio
or maltreatment (including the results of imprisonment,
n is Internment. expos
deportation,
,
re at sea, forced labor).
somewhat novel. It consists of one delegate each from Great
Britain,
(3) Damage to civilians and their dependents by acts
France, Italy, the United States. Japan, Belgium, and the Serbinjurious to health,
Croat- capacity to work, or honor.
Slovene State. Only five of these, however, may take part and
(4) Damage by maltreatment of prisoners of war.
vote
(5) Capitalized cost of pensions to disabled and dependent
at any particular session. The first four Powers named (k)lhave this
s, on the
basis
of the French scales at the time of the Treatty.
privilege at all sessions; but of the last three only one participates, each
(6) Assistance rendered by the Allied and Associated Powers
to prisoners
one when matters specially affecting it are under discussion. Thus Japan of war and their dependents.
Is included when maritime matters are being discussed. Belgium
(7) Separation allowances, on the basis of the French
when times
scales at the
of payment.
restoration of her devastated regions is conarned. Its proceedings
are
Damage for forced or unjustly paid labor.
(8)
to be in private unless determined otherwise for special reasons.
(9)
Damage
to property of the Allied and Associated
It is
Powers or of
not "bound by any particular code or rules of law or by any
particular their nationals through seizure. injury, or destruction.
(10) Damage in the form of levies, fines, &c.,
rules of evidence or of procedure, but shall be guided by justice,
equity, on the civilian population
imposed
by Germany
.
and good faith." Hence its methods of procedure could scarcely be prescribed in more elastic terms, or better protected from possible
these
Over
above
and
charges
Germany, a.s ststed above, was to 'reimjuridical
criticism. The Commission is to continue in existence until
all amounts burse Belgium for all sums borrowed from the Allied and Associated
due are received and distributed by it among the Allies.
Powers up to Nov, 11 1918. together with interest
at 5% per annum
The most important task allotted to the Commission was the determina
- from the dates of the granting of the loans. This amount is payable in
tion of Germany's total liability under the Treaty and the arrangeme
nt gold marks on May 1 1926 or (at Germany's option) on any previous May 1.
of a "schedule prescribing the time and manner for securing and discharging
In addition, interest at the rate of 5% per annum
was to be charged
against Germany from May 1 1921 (the date of the
firing of the amount).
d Annex I.
e Or, at Germany's option, on any previous May 1.
Art. 258.
/Part VIII, Sec. It.
no Art. 254.
p It is not dear what constitutes "voluntary" default. Presumably, under the
Treaty I.ontains several other
eorT
.ThF
powers given in Annex II, §12, the Reparation Commission would Judge
affecting private
example—Art. 297 (5)—the provisions
as to pronpAerrtty. rights.
the circumstanens of the default.
"reserve the right to
retain and liquidate all property, rights. and InterestsAllies
belonging . . . to German
II,
PS. Even on the rrinciple of eJusdem generis. there powers are nationals, or companies controlled
S Annex
by
them, within their territories, colonies.
extremely wide. especially as there is presumably no higher authority to which possessions, and protectorates,
including territories ceded to them by the,present
could be taken for adjudication the question of the legality of any particular measure Treaty." Further (Art. 74) the
French Government was empowered to "retain
taken.
the
liquidate"
all
and
property,
rights, and interests which German nationals, or
t "The duration for payments of reparation ought to disappear, if poslible. societies controlled thereby. possessed
in Alsace-Lorraine on Nov. 11 1018. Gerwith the generation which made the war."
many agreed to compensate directly her dispossessed nationals,
and there was
I See, on most points, Annex hot Part VIII of the Treaty.
correspondi
no
ng credit to be given to reparation account.
The United States has not availed itself of this right, being represented, howo Part IX.
ever, at the deliberations of the Commission by an unofficial observer,
p Annex I.




JAN.20 1923.]

THE CHRONICLE

on the total amount due to the Allies, less payments up to that date and
less the amount recovered by bonds already issued to the Reparation
Commission. Another item of interest to be added to the total due from
Germany was that on expenditures arising out of the repair of material
damage undertaken between Nov. 11 1918 and May 1 1921.
The fact that no definite amount was stated in the Treaty as representing Germany's total liability did not mean that until the amount
was fixed (i.e., until May 1 1921) there should be no payments. Partly
in order to cover current expenses, Germany was to pay during 1919,
1920, and the first four Months of 1921 a sum of 20 billions of gold marks,
the manner of payment to be determined by the Commission. Out of
this amount would be paid the expenses of the Armies Or Occupation as
well as the cost of such goods and raw materials as the Commission found
it necessary for the sake of economic efficiency to import. Any balance
remaining over would be credited to Germany's reparation account.
It is fairly clear from a study of these provisions that the Peace Conference recognized, on the one hand, the validity of the French contention
that it was impossible at the moment to estimate with any reasonable
precision the claims to be laid against Germany, and, on the other hand,
the fact that it was impossible to determine for some 30 years ahead a
nation's capacity to produce a net surplus to contribute to the repatatiore
of the Allies' damages. Hence the Treaty's elasticity with reference
to this matter. Hence, on the one hand, the postponement of the determination of Germany's liability and, on the other hand, the various
provisions for postponement of installments, for periodic revision of the
claims, and for cancellation of any portion of the liabilities.
D. How Germany Is to Pay.
In this section the subject becomes a matter of provisions for elasticity
of another sort—qualitative elasticity. And here there are three main
considerations underlying the whole of this portion of the Treaty. Firstly,
the needs of the Allies in the way of commodities were given prior claim.
Secondly, the maintenance of German efficiency was to be sought. And
thirdly, the avoidance of injury to the industries of the Allies by way
of loss of markets was aimed at. Consequently many of the provisions
relating to the supplying of commodities to the Allies were made in the
form of options, which might or might not be exercised, according as the
Allies weighed the benefits and injuries which might follow from their
fulfillment.
As a covering clause, it was laid down that payment might be required
in gold, chattels, properties, commodities, business rights, concessions,
ships, securities of any kind, or currencies of any State—their values in gold
to be determined by the Commission. Furthermore, it was stated specifically that credit should be given to Germany in respect of the following:
(a) Any final balance in favor of Germany under Part III, Section V.
which refers to the cession of Alsace-Lorraine; Part X, Section III, which
refers to the settlement of debts between nationals of the late enemy
countries through clearing houses: Part X, Section IV, which provides for
compensation for damages or injury to or seizure of property rights in
enemy countries.
(b) Amounts due to Germany in respect of transfers under Part III,
Section IV, dealing with the cession of the Saar Basin; Part IX, which has
to do with property, &c., ceded with German territory; Part XII, which
provides for the surrender by Germany of some of her tugs and boats
plying,on rivers internationalized by the Treaty (Rhine, Elbe, Oder, &c.).
(c) 'Amounts which, in the Judgment of the Reparation Commission,
should be credited to Germany on account of any other transfers under the
present treaty of property, rights, concessions, or other interests." But in
no case was credit to be given for cash, animals, securities, and property
restored to their owners from whom they had been seized.
In accordance with the plan agreed upon at the Peace Conference, the
main bulk of Germany's indebtedness wsa to be covered by bond issues as
an acknowledgment of the obligation. The details of the issues were as
follows:
A first issue of 20 billions of gold marks, in bearer bonds, to be delivered
to the Commission forthwith, payable without interest on or before May 1
1921. These bonds were to be amortized by the payment of the 20 billions
of gold marks due prior to that date.
A. second issue of gold bearer bonds, to be delivered forthwith, to the
amount of 40 billions of marks, bearing interest at the rate of 214% per
annum during the years 1921 to 1926, and at 5% thereafter, with the
addition of a further 1%, beginning 1926, for amortization.
An undertaking, in writing, to be handed to the Commission at once,
to issue, at such time as the Commission was satisfied of GerMany's ability
to meet the interest and sinking fund obligations involved, a further 40
billions of gold marks of 57 bearer bonds, of which the time and mode
of payment of interest and principal would be as ordered by the Commission
These bonds, when distributed by the Commission, might be disposed
of outright to individuals in place of governments. Germany's liability
to the Governments would be then by so much reduced, being transferred
to the individual holders of the bonds. In this manner the circulation of
the bonds is perfectly in accordance with the provisions of the Treaty.
The payments in kind which Germany was to make, or might be called
upon to make, were very varied and were stated with careful exactitude.
The various categories will be considered in detail.
1. Reconstruction Mate ials.(q)—By the end of 1919 the Allied Governments were to file with the Reparation Commission lists showing (a) what
animals, machinery, equipment, tools, &c., destroyed during the war.
they desired to have replaced by similar articles; and (b) what reconstruction materials, machinery, furniture, &c., they desired to have Germany
manufacuure for them for purposes of restoration.
The Commission, In view of these requests, would then formulate their
total demands and present them to Germany. As a check on the Commission, however,there were inserted in this portion of the Treaty, not only
a general principle, stating that Germany's own requirements were .
-As be
considered, but also a special requirement that articles actually in use in
Germany should only be seized if there were no free stock available. Furthermore, in no case should more than 30% of the equipment, &c., of any
one establishment or undertaking be seized.
The following immediate advances of animals were required of Germany,
the details of breed, &c., being specified'
To Belgium.
To France.
Horses
10,200
30,500
Bulls
2.000
2,000
Mulch cows
50,000
90,000
Heifers
40,000
Rama
200
1.000
Sheep
100,000
20,000
Goats
10,000
Sows_
15.000
The delivery of agricultural machinery, as provided for in the January
the
of
armistice
agreement, covering a wide variety of ma1919 renewal
chines, was to continue. The Commission, of course, was to fix the value
of all such deliveries and give credit for the same to Germany's reparation
account.
2. Coal, &c. (r).—Some large options were accorded to the Allies by
Germany to demand the delivery of vast quantities of coal. These options
were as follows:
To France—delivery of 7.000,000 tons per annum for 10 years, plus an
amount equal to the deficit in the actual production of the mines of the
(Annex IV.
r Annex V.




243

Nord and Pas de Calais in each year, as compared with their prevar
annual production. The total amount delivered, however, was not to
exceed 20,000,000 tons in any of the first five and 8,000,000 tons in any one
of the last five years. Delivery during each of the three years following
the Treaty of 35,000 tons of benzol, 50,000 tons of coal tar, and 30,000
tons of sulphate of ammonia.
To Belgium—delivery of 8,000,000 tons of coal annually for 10 years.
To Italy-4.500,000 tons of coal in the year ending June 1920; 6,000,000
in the next year; 7,500.000 in the following; 8,000,000 in 1922-23, and in
each of the succeeding six years, 8,500,000 tons.
The prices for coal were not to be fixed by the Commission, but were
prescribed in the Treaty. Those for benzol, coal tar, and sulphate of ammonia were to be the same as those charged to German nationals* Prices
for sea-borne coal were to be the same as the German export price f. o. b.
German ports, or British export price r. o. b. British ports, whichever were
the lower. For overland coal, the German pit-head price to German nationals, plus the lowest freight to the frontiers, provided that the pit-head
price were not greater than that of British coal for export. The Reparation
Commission was to notify Germany of the deliveries required and to credit
Germany's account with the value thereof.
3. Saar Basin.(s).—All the coal deposits, concessions, machinery,
equipment, means of communication, and buildings belonging to the mines
in the district, as defined in the Treaty, were ceded to France for a period
of 15 years, their value to be assessed by the Reparation Commission and
Germany to indemnify her dispossessed nationals.
4. Dyes and Chemical Drugs.(0.—Germany gave the Allies the option
to require as part of reparation payments such dyestuffs and chemical
drugs as the Commission might fix, but in no case were the amounts demanded to exceed 50% of the German stock of each particular kind
demanded. In addition, until Jan. 11925. the Allies were given the option
to demand delivery during any particular six months of amounts of specified
kinds up to 25% of the German production of those kinds in the preceding
six months.
5. Shipaing.(u).—Germany agreed to make good, ton for ton and class
for class, all Allied merchant ships and fishing boats lost or damaged owing
to the war, and at the same time "waived all claims of any description
against the Allied and Associated Governments in respect of the detention,
employment, loss, or damage of any German ships or boats." Hence all
German shipping already in the hands of the Allies was to become their
property, on condition that each paid into the reparation account the
excess of the fair value of the ships retained over that of the ships apportioned to it to leplace war losses.
By the treaty Germany, as a contribution toward this obligation, ceded
to the Allies the property in all German merchant ships of 1,600 tons gross
and upward; one-half of the German merchant Ships between 1.006 and
1.600 tons gross; one-fourth of the German steam trawlers; one fourth of
the other German fishing boats (fractions being calculated in terms of
tonnage and totals including shipping under construction). All of this
shipping was to be handed over to the Allies within two months of the
Treaty's coming into force. Germany, moreover, undertook to build for
the Allies during the next five years such shipping as should be specified
by the Commission.
In addition, claims were waived to all German vessels sunk during the
war which later might be salvaged, and, as regards shipping, Germany was
to restore within two months all identifiable boats of inland navigation
coming into her possession since Aug. 1 1914, and to make good the losses
of the Allies in river craft by cession ofan equal amount of her own,provided
that the amount should not exceed 20% of Germany's river fleet as on
Nov. 11 1918.
6. Submarine Cables.(v)—The Treaty named certain specific submarine
cable rights belonging to Germany which she was to renounce in favor of
the principal Allied and Associated Powers,(w) their value being credited
to reparation account.
7. Miscellaneous.—In addition to the above, Germany was to be credited
with—
(a) The value of non-military material handed over at the time of the
armistice.(x)
(b) The value of public utility interests demanded by and delivered to
the Reparation Commission.(y)
(c) The value of German Government property in areas ceded to the Allies, which was to be paid direct to the Commission by the recipient Governments (France (z) and Belgium being exempted from(this provision.).
(d) The proportion taken over by the recipient Governments with ceded
areas of the debt of the German Empire and of the States to which the
areas belonged, as these debts stood on Aug. 11914. the proportion taken
over to be determined by the Commission and paid direct to the Commission
(France being exempted from this provision respecting Alsace-Lorraine,
in consideration of Germany's having refused to take over a part of the
French debt in 1871).
Following the transmission to Germany of the draft of the treaty, along
memorandum of "observations" thereon was prepared by the German
peace delegation and remitted to the Allies. Count Brockdorff-Rantzau,
spokesman for Germany, therein made an offer of a lump suns of 100 billions of marks, 20 billions thereof being payable by May 1 1926, the remainder, without interest, over 50 to 60 years. It was pointed out by the
Allies, however, in rejecting this proposal, that at 6% the present value of
the amount would be only about 30 billions of marks. The Allies' reply
made only minor modifications in the Treaty, but gave Germany an opportunity to submit within four months from the signing of the Treaty a
scheme, together with estimates, evidence and arguments, for the liquidation of her reparation indebtedness by a lump-suns payment, by the carrying out of reconstructim work, by supplying labor, materials, technical
service, &c. Such scheme and evidence, it was stated, would be carefully '
considered by the Allies, and a reply given within two months.
Note.—For purposes of calculating the periods mentioned in the Treaty.
the date is used when the first proces verbal of ratification by Germany
and three of the principal Allied and Associated Powers was completed.(aa)
The Treaty was signed on June 38 1919 and was ratified as follows: Germany
—July, 1919. Great Britain, France, Italy and Japan—October, 1919.
On the other hand, the "date of the coming into force of the Treaty" is
for each Power the date of ratification by that Power.(aa)
Addendum—Other Trestles.
The various other treaties which were concluded subsequently to the
Versailles Treaty are, in comparison with it, of relatively small importance.
s Art. 45.
t Annex VI.
U Annex HI.
r Annex VII.
w Great Britain. France, Italy, United States, Japan.
x Art. 250. This includes various items, two of the most important being:
(Art. VI.) "Stores of food of all kinds for the civil population, cattle, etc., shall
be left in situ"; (Art. VII.) "5,000 locomotives and I 50,000.wagons in good working
order, with all necessary spare parts and fittings, shall be delivered to the Associated
Powers within 31 days." Further. 5,000 motor lorries were to be delivered within
36 days.
ii Art. 260.
z "In view of the terms on which Alsace-Lorraine was ceded to Germany in 1871."
The reason for Belgium's exemption is not specifically stated.
as Miscellaneous provisions.

244

THE 'CHROST-ibLE

[VOL. 116.

That between tho Allies and Bulgaria, signed on Nov. 29 1919 at Nounly,
II,—Fixing Germany's Liability (July 1919-May 1921).
imposed a payment of 2% billions of gold francs its reparation, in halfFor a period of about a year after the signing of the Treaty of Versailles
yearly payments. The July 1 1920 and Jan. 1 1921 payments were to the question of
reparation, apart from the deliberations of the Commission,
represent interest at 2% on the total from Jan. 1 1920. Thereafter, each was almost
completely neglected. The Powers during that time wore
half-yearly payment would include interest at 5% on the outstanding cap- concerned mainly
with ratification proceedings and other domestic affairs,
ital sum, the whole of which would be extinguished by Jan. 1 1958. An and the disarming
of Germany. This last matter was the immediate
Inter-Allied Commission was to besot up at Sofia,to consist of one member reason (b) for the
calling of the first of the long and complicated series of
each from the British Empire, France and Italy, and of a non-voting mem- official conferences
and unofficial parleys with which this and succeeding
ber representative of Bulgaria. In the event of default in reparation pay- chapters have to
deal. The history of these negotiations--some confined
ments, this body might control, to any extent and for any period it might to the Allies,
some including German representatives—is difficult to
think necessary, the collection of taxes, sources of revenue, disbursement follow, owing to
overlapping of functions and to the lack, in several cases,
of the proceeds, &c. Reparation payments were to be made through this of official pronouncements
on the results of the conversations.
body to the Reparation Commission set up under the Versailles Treaty.
There were underlying the discussions three prominent points of view.
While the Inter-Allied Commission had no power of itself to reduce or post- The
Italian delegates from the start favored a frank revision of the Treaty
pone payments, it might recommend to the Reparation Commission a The French, on
the other hand, held out for its strict fulfillment: The
reduction of any particular payment, or of the capital sum, and the latter British adopted
an elastic policy, best expressed by Mr. Lloyd George's
might grant a reduction or postponement by a majority vote. Bonds cov- words in the House
of Commons, in replying to question as to work
ering a part or the whole of the amount due might be called for by the, before the projected
Spa conference, that the conference was to deal in no
Reparation Commission, which might dispose of them as it thought fit way with revision,
but only with application. Hence it was not—and,
such bonds being a direct obligation of the Bulgarian Government.
ineleed, could not be logically until after the promulgation of the decision
The treaty with Austria,signed at St. Germain-en-Laye on Sept. 10 1919, orthe Reparation
Commission that any true modifications of the Treaty
was, in its general provisions, almost identical with the Versailles Treaty. were decided upon, except
as regards immediate payments.
It recognized Austria's responsibility for damages caused by her aggression
The first conference. April 19-26 1920, at San Remo, attended by
the
and her inability to pay the whole cost thereof. The authority for the exe- Allied premiers, was concerned
mainly with the Turkish treaty and the
cution of the reparation provisions was the commission appointed under the German military
establishments. It was notable, holvever, for a suggesVersailles Treaty,with the added provision that a specialsection ofthe Com- tion made by
Mr. Lloyd George that Germany should be invited to send
mission was to be appointed to deal with Austria. It was given only con- delegates to discuss
with the Supreme Council matters arising out of the
sultative powers, except so far as the Commission chose to delegate other Treaty.
Accordingly, it was agreed to hold a Joint conference at Spa in
powers to it. By May 1 1921 the Commission was to determine Austria's the following
month. At the same time an Allied manifesto was issued,
total liability, and by that date Austria was to pay such an amount as the pointing
out that Germany had not seized the opportunity, presented to
Commission demanded, out of which, as in the case of Germany. would be
her during the Versailles negotiations (c), of putting forward her OWD
paid the expenses of the forces of occupation and the cost of approved im- estimate of the
reparation to be made, nor ofsending experts to the devasports.- The Austrian section of the Commission was to be composed of tated regions
with this end in view, nor of offering a lump sum in settledelegates from the United States, Great Btitain, France, Italy, Greece,
ment of her reparation liabilities.
Poland, Rumania, the Serb-Croat-Slovene State and Czechoslovakia. Of
Accordingly, the premiers met at Lympne. May 14-16. for the purpose
these the first four were in voting to have two votes each. The remaining
of formulating plans as to the policy to be pursued at Spa. Here France '
States were to have one common representative. In working out the claims obtained what
might have been an important concession, for, though her
against Austria, the Commission was ordered to take account of the dimi- priority claims
were disallowed, it was agreed that the payment other debt
nution of the country's resources resulting from the territorial provisions of
to England should be made part passu with payments of reparation by
the treaty. The system of covering the indebtedness by bonds, as set out Germany. The recognition
of the vital connection between reparation
in the Versailles Treaty, was applied with small modifications to Austria.
and foreign debts is not, then, merely a recent development. As it hap As regards payments in kind demanded forthwith, several categories of
pened, however, this particular understanding was set aside a month later,
demands were dealt with. The Austrian merchant fleet not being large owing
to America's unwillingness to make similar concessions.
enough to compensate the.Allies for all their damages, the whole of that
There were now, then, two sets of deliberations going on with regard
fleet was ceded to the Allies, together with river craft up to 20% of the total to reparation—those
of the Reparation Commission and those of the
possessed, all this to be delivered within two months.
Supremo Council. To these the latter added a third—a commission of
The following animals were to be handed over as an immediate advance:
French and British experts to fix, prior to the Spa conference, a minimum
To the Serbtotal of Germany's liabilities, to determine methods of payment, examine
To
Croat Slovene
To Ru- the possibility of capitalizing the debt, and to establish conditions for the
Kind of Animals—
Italy.
Slate.
mania. division of the receipts between the Allies. In considering Germany's
.Milch cows
4.000
1,000
1,000 capacity to pay. this commission was to take note of several facts: First.
Heifers
1.000
300
500 that there appeared to be a deficit in Germany's current budget of 21,000.Bulls
50
25
25 000,000 marks; second, that the German merchant fleet had decreased in
Calves
1,000
1,000
1,000 gross tonnage from 5,500,000 in 1913 to 500.000 in 1920; third, that the
Working bullocks
1.000
500
500 production of coal, now that Alsace-Lorraine and the Saar had been separSows
2,000
ated from Germany, had fallen 50% from the 1913 figure; and fourth, that
Draft horses
1,000
1,000 imports had diminished in weight by about three-fourths from their 1913
Sheep
1,000
1:000 level.
The Spa conference having been postponed on account of the German
In addition, during the six months following the Treaty, such furniture
as the Commission demanded was to be supplied.
elections, the premiers met again at Lympne on June 20 and at Boulogne
Five-year options were accorded the Allies to demand annual delivery on June 21 and 22. During these conversations a scheme was discussed
of timber and timber manufactures, iron and iron alloys, and magnesite, under which a minimum annual payment, to be made in gold, would
these amounts to bear the same relation to the Allies' pre-war annual im- become the basis of an international loan, a part of which would be allotted
portations from Austria-Hungary as the resources of the present Austria to dermany. The idea of a minimum payment was adopted in order that,
bore to those of the pre-war Austro-Hungarian Empire.
if Germany were to prosper, her payments could be increased accordingly.
The treaty with Turkey was signed at Sevres on Aug. 10 1920. All rep- The minimum determined upon here was 3,000,000,001)gold marks,and the
aration claims, except as provided elsewhere, were waived by the Allies, period during which it was payable-was thirty-five years.
owing to the large reductions in Turkish revenues due to the territories
A further meeting was held at Brussels, July 2-4, to discuss the matter
rearrangements made under the treaty. A financial commission was ere- of the division of the reparation payments among the Allies. Here a
created, consisting of delegates from France, the British Empire and Italy, previous agreement, as between France and Great Britain (55:25), made
with a consultative Turkish representative, with largo powers over the earlier in the year. was revised, the new distribution being as follows (In
economic life sr the country. It was to approve the budgets presented to percentages): France. 52: Great Britain, 22; Italy, 10: Belgium, 8; Greece,
the Parliament. to supervise execution thereof, to regulate and improve the Rumania, the Serb-Croat-Slovene State, and others, a total of 63i: Japan
currency, and to conserve and increase Turkey's resources. This Commis- and Portugal, three-fourths each. Belgium's priority on the first two and
sion was to have at its disposal all the Turkish revenues, which were to be one-half billions of marks paid, as agreed upon and announced by Clernenapplied in the first instance to the payment of its own salaries and expenses, ccau. Wilson, Lloyd George, and Sonnino in July 1919. and the transfer
and in the second of the expenses of the forces of occupation. Turkey was to Germany of her liabilities or debts to the Allies, were confirmed. Furto pay for all loss or damage suffered by civilian nationals of the Allies in thermore. Italy was given priority, up to /200.000,000, on the payments
respect of their persons or property through the negligence or the action of received from Hungary and Bulgaria.
These proportions and priorities were finally agreed to at the Spa conTurkish authorities prior to the treaty. Furthermore, Turkey agreed to
make reparation to the European Commission of the Danube for damages ference, July 5-16. It was further agreed that one-half of the receipts from
sustained by that body. At the same time, all claims held against Turkey Austria, Hungary. and Bulgaria should be divided in the same proportions
by Germany. Austria, Bulgaria and Hungary were transferred to the Allies. as the German payments, while of the other half Italy should receive 40%
The United States having voted against ratifying the Treaty of Versailles, and Greece, Rumania, the Serb-Croat-Slovene State, &c., the remaining
a separate bipartite treaty was concluded with Germany at Berlin, signed 60%. Certain German ,credits in foreign countries were handed over to
on Aug. 25 1921, and ratified by both parties in October of that year. The Belgium as covering for her prior claim of two and one-half billions of
brevity of this treaty is due to the fact that it consisted in the main of a marks. These included 400,000,000 kroner in Denmark received by
reservation of most of the rights accruing to the United States by the terms Germany in consideration of the cession of the northern part of Schleswigof the Versailles Treaty,together with a repudiation of the "entanglements" Holstein, and also the excess value of German property confiscated in the
and responsibill
into which it led them. The Preamble to the Treaty of United States over American property confiscated in Germany. ImmediBerlin contained a part of the joint resolution of Congress, approved by the ately after the satisfaction of Belgium's prior claim the Allies were to be
reimbursed for their loans to Belgium.
President on July 2 1921, from which the following is quoted:
Apart from these secondary decisions, nothing was accomplished at Spa
". . . There are expressly reserved to the United States and its
nationals any and all righta, privileges. indemnities, reparations, or ad- with reference to reparation, the chief matters under discussion being the
vantages. together with the right to enforce the same, to which it or they disarmament of Germany and the coal
deliveries. The latter will be
have become entitled under the terms of the armistice signed Nov. 111918,
or any extension or modification thereof, or which were acquired or are in dealt with in the next article. On the whole, the Spa conference proved
the possession of the United States of America by reason of its participa- disappointing in its results, but it marks a definite step forward, in that for
tion in the war or to which its nationals have thereby become rightfully the first time German representatives were permitted to take part in the
entitled, or which under the Treaty of Versailles have been stipulated for deliberations.
its or their benefit; or to which it is entitled as one of the principal Allied
The first gathering of major importance, however, was that of the Allied
and Associated Powers, or to which it is entitled by virtue of any Act or
Acts of Congress, or otherwise."
and German experts at Brussels, Deeember 16-22 1920. Here definite
Germany accords these rights, which are mentioned specifically as being progress was made, though no final decisions could be arrived at. A good
those contained in Section I, Part IV, and in Parts V. VI, VII, IX, XI, deal of information as to Germany's Internal situation'was supplied, and a
definite preference for payments in kind was voiced by the German experts.
XII. XIV and XV of the Versailles Treaty. Further,
". . . while the United States is privileged to participate in the Rep- The proposal most generally favored was (according to the "London
aration Commission, according to the terms of Part VIII of that (the Ver- Times" correspondent) to demand an annual payment of 3,000,000,000
sailles) Treaty, the United States is not,bound to participate in any such gold marks for five years, with the provisional suggestion of 6,C00,000.000
commission unless it shall elect to do so.'
for the next five years, and 7,000.000,000 for the following thirty-two years.
Part 2 of the account, as published in the December The Reparation Commission would have power to postpone a part of the
additional annuities of the last thirty-seven years and to fix interest pay"Bulletin," follows:a
a This Is the second of a series of four articles, the-first of which appeared in the
November "Bulletin," pp. 9288-1296. dealing with the history of the reparation
problem from the Treaty of Versdlles to the present time. SubSequeat articles
will deal with the developments since May 1921.




b In April 1920, following political disturbances in westphalla and the Ruhr
Valley. France. as a protein against the concentration of GertMln troops there to
an extent which was in contravention of the terms of the treaty, occupied Frankfort
Slit. ...a.lLSb,UUt.

c See November "Bulletin," p. 1295.

JAN.20 1923.]

THE CHRONICLE

ments thereon. As guaranties of payment, it was proposed that Germany
deposit with the Commission industrial securities up to a value of 5.000,000,000 gold marks, which could be sold in case of default; and that the
Allies be given a claim upon the gross receipts of the German customs, with
power to veto any modifications of the tariff which might tend to lessen the
receipts. With these tentative conclusions the confernce was closed, but
not before a list of 41 questions had been submitted to the Germans, the
answers to which were intended to supply, and did in fact supply, fuller
valuable data as to the internal condition of the country.
The Supreme Council met again in conference at Paris January 24-30
1921. At the outset of the conference, M. Doumer, a French delegate,
suggested that reparation be fixed at 240,000,000,006 gold marks, to be
paid as an annuity of 12,000,000,000 for forty-four years. . This, clearly,
was far above the experts' proposal for an annuity of 3,000,000,000 for the
first five years. At the same time it was claimed that under the Boulogne
agreement France could receive only about 65,000,000,000 gold marks.
Finally a compromise was effected between the Brussels and Boulogne
plans, with the added element of a levy on German exports. The annuities
were to be as follows: Two of 2,000,000,000 gold marks; three of 3.000.000,000 gold marks; three of 4.000,000,000 geld marks; three of 5,000,000,600 gold marks; thirty-one of 6,000,000.000 gold marks—the total being
226,000,000.000. payable in forty-two years from May 1 1921. In case
of payment being made in advance, Germany was to receive a discount
of 8% on the first two annuities, 6% on the next two, and 5% on the
remainder. Germany was to issue bearer bonds covering these annuities.
In addition to these fixed annuities, however. Germany was to pay an
amount equal to a tax of 12% ad valorem on the whole of her exports, this
tax being estimated to yield about 1,000,000,000 marks per annum. A
power additional to those named in the Treaty was given to the Reparation
Commission at this point. Germany being permitted to embark on no
credit operation abroad without the Commission's approval.
The conference also enunciated the "sanctions" it was prepared to enforce
should Germany default in her payments as set out in the above scheme.
These comprised seizure of all or a part of the German customs by the
Reparation Commission; taking over of the administration and collection
of the customs by the Reparation Commission; imposition of higher tariffs,
at the instigation of the Reparation Commission; taking of "such measures
as they think justified" by the Allied Powers, when notified by the Commission of Germany's default. The terms here outlined were submitted
to Germany for consideration, her delegates to present themselves at
London in a month's time to give her reply.
Thus, on Mara' 1 to 7 1921, in London, for the first time since Spa,
the German delegates met the Supreme Council and the other Allied
delegates. The Germans declared that fulfilment of the Paris proposals
was Impossible, and submitted a counter scheme of their own. Their
experts, however, adopted the Paris proposals as the basis of their calculations, discounting the fixed annuities at 8%,and arriving at a present value
of 50,000,000,000 gold marks. The payments already made they estimated
at 20,000,000,000, thus leaving 30.000.000,000 remaining to be paid, a
sum which, they claimed, was as much as Germany could possibly pay.
Most helpful, perhaps, was the suggestion that some of the earlier installments be paid in kind and labor and the statement that Germany was
prepared to•-assist in the physical work of reconstruction. In spite of
Germany's unconditional agreement at Versailles to pay to the utmost of
her capacity (d), the London delegation laid down conditions upon fulfillment of which she would agree to pay the proposed 30,000.000,000 gol
marks. There were as follows:
(1) Upper Silesia was to remain German.(e)
(2) Restrictions on commercial 4ntercourse between Germany and the
rest of the world were to be removed.
(3) Germany was to be released from all further payments or deliveries
under the Treaty.
(4) The Aides were to renounce their rights to liquidate German property.(f)
Furthermore, the means wherewith Germany was to commence payment
was to be loan of 8,000,000,000 gold markst at a low rate of interest. An
annuity of 1,000,090,000, together with interest on the loan, would be
paid for five years, and in the meantime a scheme would be drawn up for
the liquidation of the outstanding balance.
The "London Times" quoted from an "authoritative analysis" of the
proposals, the following summary, the main features of which will show
their inacceptability to the Allies:
(1) The8% rate of discount was only applicable to the first two annuities.
(2) The German plan ignored the variable annuities dependent on exports.
(3) The Paris annuities were proposed as an addition to payments already
made.
(4) The Reparation Commission assessed the deliveries already made at
a total value of less than 10.000,000.000 gold marks.(a)
(5) While discounting payments at 8%, Germany had reckoned on a
loan at 5% or less.
(6) The German proposals included the relief of the German securities
from taxation in the country of issue.
(7) Assuming the payments after the first five years to be 3,000,000,000
for twenty-five years, the present value would have been about 27.000,000,000,(h) whereas the present value under the Paris plan, exclusive of
the variable annuities, would have been, at 8%. 53.000,000,000; at 5%.
83.000,000,000.
Hence it is not surprising that the Allies rejected this proposal, and
allowed Germany- four days in which to signify her agreement to the Paris
plan. In Mr. Lloyd George's speech delivering the ultimatum he declared
that the Allies had good reason to assume that the German Government
was "deliberately in default"; and that therefore, in the event of an unfavorable reply, the Allies would proceed to occupy Duisburg, Ruhrort,
and Dusseldorf; to pass legislation compelling Allied nationals to Pay to
their Governments, instead of to the German seller, on account of reparation, a proportion of the price of goods imported from Germany; to insist
on payment to the Reparation Commission of customs collected on the
external frontiers of the occupied territories, and to levy and collect customs
at the Rhine bridgeheads occupied by the Allies.
During the four days' grace an alternative proposal to pay 3,000,000.000
gold marks annually for thirty years, together with a 30% tax on exports,
was presented to Germany and rejected. At the end of that time Germany
made a counter-proposal to pay according to the Paris plan (including the
12% export levy) for five years. during which a comprehensive scheme for
thirty years of payment was to be negotiated. But the conditions that
d Treaty, Article 236.
e A plebiscite was due in Silesia, under Article 88 of Part II. of the Treaty.
f Treaty, Articles 260 et al. See November "Bulletin," p. 1292.
g Up to April 30 1921, Germany's payments, according to the latest figures, were
as follows: Payments in cash and sales of war material, 112,000,000 gold marks;
deliveries in kind, 1.251,000,000 gold marks; armistice deliveries, 1,183,000,000 gold
marks: submarine cables, 49,000.000 gold marks; real estate. Saar mines, &c., and
debts of German States assumed by Powers to whom ceded, 2,504,000.000 golp
marks; total, 5,099,000,000 gold marks.
h But see note ? below.




245

Upper Silesia remain German and that the restrictions on German trade
be abolished were retabaed, and hence the proposals were rejected. Accordingly, the three specified German cities east of the Rhine were occupied,
and the Inter-Allied Rhineland High Commission took over the collection
of customs in the occupied area. The Allies forthwith proceeded with the
threatened legislation. The British reparation recovery bill, -requiring
importers of goods from Germany to pay up to 50% of the price of the
imported goods direct to the customs officials, passed its third reading on
March 19.
The next move fell to the German Government, which, on April 24,
handed to the American charge d'affaires at Berlin a set of proposals
which, they declared, represented,"according to their convictions, . . •
the utmost limit which Germany's economic resources could bear, even
with the most favorable developments," and which, if it found them
acceptable, the United States Government was requested to lay before the
Allies. The proposals consisted of twelve points, summarized as follows:
(1) Germany would recognize 50,000,000,000 gold marks as her total liability, to be liquidated by suitable annuities totaling not more than 200,000,000,000 gold marks.
(2) The raising of an International low., in which Germany would participate.
(3) Germany to pay interest and amortization on the amount.uncovered
by the loan, with a maximum of 4%.
(4) Amortization payments to vary with German propserity, as shown
by an agreed index.
(5) Germany to assist in rebuilding work.
(6) Germay to supply other reconstruction materials and services.
(7) Germany to pay at once 1,000,000,000 gold marks, in the shape of
150,000,000 in gold, silver, and foreign bills, and 850.000.000 in treasury
bills, redeemable within three months in foreign bills and other foreign
values.
(8) Germany, the Allies and the United States being agreeable, to take
over a part of the Allies' America;. debts, to the extent of her capacity.
(9) Determination of values of reparation deliveries by a commission
of experts.
•
(10) Assignment of public properties or income as security for the loan.
(11) Cancellation of all other German reparation liabilities and release
of German property abroad.(I)
(12) Abolition of the system of sanctions, freeing of German commerce,
and relief from "all unproductive expenditure."
Although this was by far the most favorable proposition Germany had
yet made, the United States Government declined to transmit it to the
Allies, who, in informal communications, had found in it "no acceptable
basis of discussion."
It seemed, then, that an impasse had been reached. But the situation
was saved by the Reparation Commission, which, in accordance with the
terms of the Treaty,(1) announced Its decision on April 27. The Allied
Premiers, therefore, assembled in London on April 29, together with the
Commission. The result of the deliberations was the second ultimatum
Presented to Germany on May 5, and accepted by them on May II. The
text of the protocol containing the decisions arrived at, which accompanied
the ultimatum, is given in full in the "Federal Reserve Bulletin," June 1921.
The terms of this ultimatum may be summarized as follows:
(1) Apart from her restitution obligations,(k) Germany was to pay
132,000,000.000 gold marks, less amounts already paid and amounts In
consideration of ceded States properties and sums credited to Germany
received from other ex-enemy Powers, plus the amount of Belgium's debts
to the Allies.
(2) In substitution for bonds delivered or deliverable,(I) Germany was
to deliver by July 11921, 12,000,000,000 of "Series A" bearer bonds; by
Nov. 1 1921. 38,000.000,000 of "Series B" bearer bonds; by Nov. 1 1921.
82.000,000,000 of "Series C" bearer bonds, without attached coupons,
Which were to be supplied as the Commission saw flt, in the light of Germany's capacity, to issue the "0" bonds.
From the date of issue in each case Germany was to pay annually 6% on
the amount issued, out of which there should be paid 5% interest on the
bonds outstanding, the balance to go to a sinking fund for redemption
by annual drawings.
(3) The series were to be a first, second, and third charge on the assets
and revenues of the German Empire and States.(m) particularly on (a) sea
and land customs and duties; (b) a 25% leby on all German exports, the
quivalent in marks to be repaid by the German Government to the exporter.
(4) Germany was to pay 2,000.000.000 gold marks annually plus an
amount equal to 26% of her exports. Payment of the fixed annuity was
to be made quarterly, on or before Jan. 15, April 15, July 15 and Oct. 15,
and of the variable annuity, on or before Feb. 15, May 15, Aug. 15 and
Nov. 15.
(5) Germany was to pay within twenty-five days, as the first two installments of the fixed annuity, 1,000,000,000 gold marks.
(6) A committee on guarantees, consisting of delegates from the Poviers
represented on the Reparation Commission, was to be appointed, with
power to coopt not more than three representatives of other Powers, when
the Commission should decide that they held sufficient of the bonds to
be issued.
(7) This committee was to supervise the application to the debt service
of the customs and duties, the 25% export levy, and such taxes as the
German Government, with the permission of the Commission, should
earmark as substitutes for or additions to the foregoing. The committee
was, moreover, to undertake the periodic examination of Germany's
capacity to PaY;(n) but "was not authorized to Interfere in the German
administration."
(8) Germany was to supply materials and labor for restoration as demanded, such goods and services to be valued jointly by one valuer each
appointed by Germany and the country concerned, with final appeal to
a referee appointed by the Commission. But the valuation of the shipping. (o) reconstruction materials,(p), coal.(q) and dyes (r) was unaffected
by this arrangement.
(9) Germany was to facilitate the operation of the British Reparation
(Recovery) Act (s) and any similar Acts of the other Allies, and was to
pay the equivalent of the levy in German currency to the exporter.
Germany still retained this condition (cf. p. 1424). Apparently the dropphig
of the Upper Silesia condition may have been due to the result of the Silesian plebiscite, which was, on its surface, favorable to Germany. Eventually, the antes
being divided, the League of Nations partitioned the district between Germany and
Poland, according to the nationality of the voters.
j Article 233. (See November "Bulletin," p. 1921, Column 1.)
k Part VIII, Section II, and Article 238 of the Treaty.
n
ple1r2t
9h
3e)Treaty. Part VIII, Annex II, Sec. 12 (c). (See November "Bellem Article 248 of the Treaty.
n Treaty, Part VIII, Annex II, Sec. 12 (b)•
o Treaty, Part VIII, Annex III.
p Treaty, Part VIII, Annex IV.
q Treaty, Part VIII, Annex V.
E.:Treaty, Part VIII, Annex VI.
s Seep. 1425

246

THE CHRONICLE

f VOL. 116.

(10) The Allies were to pay to the Commission,in cash or current coupons.
scheduled to last considerably longer than Mr. Lloyd George's one generafor all goods and services delivered to them within a month
of their receipt. tion.
The ultimatum reiterated the charge of Germany's default
in the matters
The difference between the London and Paris programs is by some
of disarmament, reparation payments, trial of war criminals,
&c. Ger- explained as a difference in function between the two presiding
many was therefore required to declare her resolve to
bodies, the
"carry out without Supreme Council and the Reparation Commission,
reserve or condition the obligations defined by the Reparation
the latter being conCommiscerned
mainly
with
what Germany ought to pay, the former with what she
sion." and to accept similarly the prescribed guarantees.
would be met by occupation of the Ruhr Valley. As Failure to do so can. Other authorities, however, regard this distinction as largely illupreviously stated, sory, citing the fact that the Reparation
Germany submitted unconditionally to these demands
Commission, under the terms of
the Treaty, is required to give Germany "a Just opportunity to be heard,"
In view of the decision as to the total amount due on May 111921.
from Germany, it is and to hear arguments by Germany
as to her capacity to pay.
of interest to quote from the report published by
the
The final decision may be characterized as resulting from two lines of
sion on Feb. 23 1921. some of the claims tendered Reparation Commisto it by the leading development: The element of a
variable annuity, based on some index of
Allied Powers for examination and adjudication. In
to a common dentmilnator, they have been converted order to bring these Industrial prosperity, was suggested at Boulogne, abandoned in the Brussels
into dollars at a rate proposal, reincorporated in the
Paris decision, and finally given a larger
which Is the average of the means of high and low
rates recorded during place on the London schedule,
Germany's export trade being accepted as
the months of December 1920 and January and
February 1921.
the criterion of industrial prosperity. The other line of development was in
Approzi- connection with the predetermined annuities. Apart from
the variable
mate
items, at Boulogne the simple scheme of equal fixed annuities was
A mount
adopted.
Dollar
At
Brussels
the
principal
of progressive annuities was incorporated; it was
Pramfurther adhered to in the Paris agreement, and finally abandoned
lent.
in the
London schedule, where the regular predetermined annuity
France:
was fixed at
2.000,000,000 of gold marks. In the final scheme, therefore, the total
Damage to property (including interest) 140,707,603,044 francs
}
14,402
Injuries to persons
payments were made to rely for their elasticity on the variable
77,833,993,076 francs
annuity
Great Britain:
alone, no provision being made for the lessening of the burden of
Property damages, pensions, &e.
the pay.£2,542,070,375
9,380 ments on the earlier years of fulfillment.
Separation allowances
7,597,832,086 francs
501
Italy:
Property damage, Ste., excluding shipping
33,086,836,000 lire
1,188 Alvin W. Krech's Proposals for Stabilizing Currencies
Pensions and allowances
37,926.130,395 francs
2,499
Shipping losses
at Gold Parity.
£128,000,000
472
Belgium:
Declaring that it is idle to talk about world reconstruction
Property damage, Arc
34,254.645,893 Belgian francs
2,367
Pensions and allowances
2,375,215,996 French francs._ _
157 unless one looks squarely the reparations problems in the face,
Rumania: Property losses, pensions and
prPoners
31,099.400.188 gold francs._
6,002 Alvin W. Krech, President of the Equitable Trust Co. of New
Poland
(21,913,269,740 gold trance._ _
4,233 York, in addressing the National
V
Republican Club of New
1500.000,000 gold marks*
119
Yugoslavia:
York in this city on Jan.6,argued that a solution rests in the
Property demages
8,496,091,000 dinars
246
Personal injuries
19,219.700.112 francs
1,267 stabilizing of the currencies,at a gold parity which will be
Greece
4,992,788,739 gold francs*
964
Czechoslovakia (Including losses through 17,612.432.103 francs
502 equal to their actual gold value. Mr. Krech observed that "it
Bolshevist invasion)
17,063,117.135 kroner
89 would be immensely difficult for most of the
Japan: Shipping losses and separation alEuropean nalowances
832.774,000 yen
405 tions to go back to the old gold parity," and added that "It is
Total
44,793 infinitely wiser to solve the currency difficulties by introduc•Converted Into dollars at par.
ing a new gold parity, and then establish such gold reserves
,
The total claims, of 144,793.000,000. amount, approxmiately at par, to
as to insure a proper per capita amount of currency." In ex188.000,000.000 gold marks.(t) Had the Reparations Commission accepted these estimates, the payments, omitting minor claims not included in pounding his ideas, Mr. Krech based his suggestions "upon
the above table, would have been divided as follows:
the necessary supposition that the various European national
France
Poland
327
10% currencies shall be immediately stabilized at their present
Great Britain
Yugoslavia
22%
3% home purchasing power
Italy
level and supplanted by new curGreece
9%
2%
Belgium
Czechoslovakia
6%
1% rency systems supported by adequate gold reserves, currency
Rumania
Japan
13%
1% which shall circulate at par with gold and of sufficient per
Billions of Gold Marks.
Billions of Gold Marks
France
99
Yugoslavia
934 capita volume to meet the demand." We give herewith Mr.
British Empire
Rumania
U
14
Krech's proposals in detail:
Italy
27
Greece
2
Belgium
1634
Mr. Hughes's speech at New Haven was clothed in guarded language, but
Japan
Total
134
223.4 he very decidedly recognized that the rAparations problem was the crux
of the
As against this division, the actual proportions, as agreed at Spa and as European difficulties. I am a private citizen, and it is my
right, I shall even
applying to the whole of the German and one-half of the Austrian and say my duty, to bring in all humility, my modest
contribution to the seeking
Bulgarian payments. were:
of a solution upon which it will be possible to build. It is idle to talk about
France
52%
Belgium
8% world reconstruction, unless one looks squarely the reparations problem in the
Great Britain
22%
Greece, Rumania, &c
1334% face.
Italy
10%
Japan, Portugal, each
Now, I have a plan to offer you, a plan which does not pretend to be final,
%%
In arriving at the final figure for reparation it is useful to recall some because I would hesitate to rush where angels fear to tread; a plan
which
of the proposals as to ,the payments to be demanded of Germany. The merely points the way towards a solution and is not (for the moment at least)
figures are arranged chronologically:
ponderous with details.
Since I must be contented with giving you a short synopsis—the time at
[Amounts in billions of gold marksj
my disposal being limited—I shall have to ask you to accept for the purpose
of
my scheme, two principles:
Present
Total Payments.
First. No nation can operate successfully without a gold basis for its cirValue.
culating currency.
The Hughes claim (a) at the Peace ConSecond. The currencies must be stabilized at a gold parity which will be
ference, say
800-1,000
equal
to their actual gold value.
The American suggestion at the Peace
Conference
Our situation after the Civil War is often adduced as an argument against
100-125
Keynes
(b)
The
estimate
137
stabilization, but our situation was exceptional. Our currency was
brought
'The Boulogne minimum (c),June 1920
105 plus a variable.
back to the old gold parity because we were just starting the exploitation
The Brussels proposal (d), December
of
our vast resources. Our increase in wealth came by such leaps and bounds
1920
269.
'The Doumer proposal(d) at Parts, Januthat ten or twelve years after the hostilities Secretary Sherman could
say
the
ary 1921
240 528.
way to resume is to resume.
'lie Paris agreement(e) January 1921_ (053-83 226 plus 12% export tax
It would be immensely difficult for most of the European nations
The German offer (g) at London, March
to go
1921
back to the old gold parity, and it is infinitely wiser to solve the
(27) (50).
The Allies' alternative offer (h) at Londifficulties by introducing a new gold parity, and then establish currency
such
gold
March
don.
1921
90 plus 30% export tax
reserves as to insure a proper per capita amount of currency. ,In
The German proposal (I), communicated
Germany the
paper
2,000
is
ratio
marks
to
one
gold
mark;
to the United States April 1921
in
France
50 200 (maximum).
the ratio is approxiThe decision of the Reparation Commis-}
137 (2 plus 26% of exports) times mately three to one; in Italy four to one.
0-don. May 1921. say
unknown number of years
I shall not go any deeper into the question. But I desire to
point out that
(a) Mr. Hughes, the Australian Premier,claimed the whole cost of the war. Tho Germany has in her depreciated currency an asset and not a
liability. Gold
estimate used is that of the State Department officials attached to the American obligations are unknown in Germany; the
entire debt of the Reich and of the
delegation at the Peace Conference and does not contain an estimate of the value States payable
in Reichswaehrung. At the close of 1919,
is
of property destroyed.
the debt situation
was as follows:
(b) "Economic Consequences of the Peace," 1920.
(c) See pp. 1422. 1423, December "Bulletin."
Funded and floating debt of the Reich
150,000,000
,000 marks
(d) See p. 1423. December "Bulletin."
States and free cities
(e) See p. 1423, December "Bulletin."
23,000,000,000 marks
lfuynoicgripaaloidties
of 200
(f) Exclusive of export tax.
15,000,000,000 mats
(g) See p. 1424, December "Bulletin." Keynes and the "Authoritative analy- say a
total
gold marks payable, I repeat, in Reich*.
,sis," quoted in "The London Times," assume the 50.000,000.000 to have been
the waehrung. The German internal debt, payable In paper, is thus practically
total of proposed payments. This, however, seems unlikely to have been the case,
wiped out. Germany freed of the burden of an internal
both in view of the arithmetic process by which the figure was
debt should start
at, of the with a new currency, stabilized
subsequent German proposal, and of the proposal at Versailles.arrived
according to the present ratio of 2,000 paper
(See
November
"Bulletin," p. 1295.)
marks
mark,
$50 ,0
7
fo gold
0e00gold
o0
(h) Sne ta. 1424, December "Bulletin."
added to the present gold holdings of the European
(I) See p. 1425, December "Bulletin."
banks of issue, would probably be sufficient to establish gold reserves
repreIt is difficult to compare the Paris and second London schemes. It is senting 35% of the value of
the necessary volume of stabilized currencies.
clear that even with a liberal allowance for the levy based on exports, the When one has in mind that our
own
gold holdings show a surplus of $1,700,present value of the latter is higher than that of the former. The yearly 000,000 above the 35% ratio
required by the Federal Reserve Law, one has
payments under the former, however, would be in the beginning smaller the right to hope that
Europe's currency problem is not beyond solution.
than under the latter (in point of size) but the former would gradually
But such a solution can only be worked out if we are all ready to work
tooutstrip the latter as the fixed payments grew, probably more than the gether to a common end.
World problems can only be solved by a unanimous
indeterminate payments. Under the circumstances any estimate of exports world.
Is so hazardous as to be practically useless, but it seems fairly safe to
I base the suggestions which I am about to submit to you upon the necessuppose that the London program, if ever carried out, will take even sary supposition that the
various
longer in fulfillment than would the Paris program, even though that was diately stabilized at their pesent European national currencies shall be immehome purchasing power level and supplanted
currency
systems
by
new
supported
by adequate gold reserves, currencies which
t The Keynes estimate is as follows, conversion being directly into gold marks.
he rate at whloh francs are converted is that usel by the corns:kilos (2.20), thus shall circulate at par with gold and of sufficient per capita volume to
meet
causing a wide divergence between the French claims as calculated above and below: the demand.




JAN.20 1923.1

THE CHRONICLE

247

cupation. If wealth is to come out of Germany in growing amounts to comAt a dinner given to a delegation of American bankers in Paris last sumpensate those who suffered most from the war, it must come from production,
mer, the statement was made by a prominent official of the Bank of France
and in the interest of international prosperity and peace every effective and
that France's problem was primarily how to meet her budget deficit of 4,maintenance of that production.
000,000,000, which represented the interest on the sums borrowed from her proper means should be sought to insure the
I believe I voice your opinion and the opinion of all thoughtful business
nationals for money spent on reconstruction, and that it was France's rightmen and bankers when I say that the first and most important step towards
eous claim that this deficit should be borne by Germany. Nothing could be
a solution of these matters is the fixing of a definite amount which Germany
more just than this contention.
must, can and will undertake to pay. That amount should be the last dollar
As the cost of service of the funded debt at the present time to France is
work.
approximately 6%, it would require a reduction of some 70,000,000,000 of she can pay and still take her proper place in doing the world's
Another equally important step is an attitude and agreement in assuring
her capital debt in order to balance her budget.
devote
Allowing for the further increase in her funded debt during the proposed form oh the part of the Governments of Europe that they will hereafter
their energies to peaceful pur;mits, that their people will work and produce
five years' moratorium to be at the rate of 4,000,000,000 francs annually, we
peaceful relations with
may assume the maximum amount of her indebtedness to be retired in 1927 and make an honest effort to promote and maintain
•
in order to balance her budget, would be, say, 90,000,000,000 francs. Sup- one another.
Were these prime requisites established facts, I believe the financial assistpose now, that Germany should isue in full settlement of her reparations a
currency and financial
100-year obligation of the Reich with a collateral security of the obligations ance which Germany is sorely in need of, to remedy its
condition,
and make a satisfactory payment to France would be forthcoming.
of her separate States, free cities and municipalities, allocated pro rata in acconditions from
cordance with their outstanding several obligations preceding the war, the These things must be done or we will drift into world chaotic
service upon which shall constitute prior lien upon all taxation, Federal, pro- which we here cannot escape.
If they are done and a universal effort is made to restore the business and
vincial and municipal—to the amount of 24,000,000,000 gold marks bearing
5% interest and charged with a 1% sinking fund on the amount at any time the wealth, running into billions of dollars that was dissipated by war, I believe we will enter upon a period of unprecedented prosperity and industrial
outstanding; interest to begin, say, in 1927.
It may be assumed that an obligation of this sort, accompanied by the res- development such as has never been known to the world before.
If they are done I feel confident that a fair and reasonable adjustment of
toration of a new, properly balanced national currency, properly secured by
ample gold reserves, afeguarded in every posible way, shauld have a value ap- , the Allied indebtedness could be arrived at.
It is indeed a matter of deep satisfaction that the members of the British
proximating par in gold. Assuming that such a settlement can be effected
with the consent of the Allies, and that the whole amount under a mutual Debt Funding Commission, now'in this country, have so positively announced
Britain is
agreement may be delivered to France, this obligation would be equivalent at their Government's purpose to meet its share of these debts. Great
by depar to 30,000,000,000 of gold francs. At the present value of the token franc, not willing to have its credit, which is its pride, suffer for an instant
to be
bating
conditions
this
principle. At the same time, there are so many
which is approximately one-third of its gold value, we have a gold equivalent
of 00,000,000,000 francs currency. It is conceivable that this would put the taken into account in connection with the whole of the Allied debts, that no
principle
Government of France in a position to call 90,000,000,000 of her internal one can successfully argue the question of these debts, on a general
foreign
bonds payable in currency by process of calling her outstanding obligations by alone, that is, to the exclusion of the conditions growing out of our
lot or by any other method of redemption. The retirement of the 90,000,- trade.
must
be
I
personally
they
believe
interest,
that eventually, in our own
000,000 of her internal obligations would mean an immediate and direct anpubnual saving in her budget of 5,400,000,000 of francs, and the balancing of the scaled, but progress in adjusting them can be made only in harmony with
lic understanding and approval. Every effort should be made to properly help
budget wil have been acomplished at one stroke. At the foundation of this
suggestion lies the question whether it is within the power of Germany to that public understanding. Pending a final solution it is apparent that it
suffiproduce annually an amount equivalent to 1,400,000,000 gold marks as the would be the part of wisdom to extend payment to a time in the future
embarcost of the service, automatically reduced annually through the operation of ciently distant to insure that the debtors will not be threatened with
rassment by being called upon to make payment when payment is impossible.
the sinking fund.
It must be a source of gratification to all of us at a time when conditions
In other words, can Germany out of her surplus exports produce, we will
say, at the end of five years, an annual surplus equivalent to $350,000,000? in so many other countries are disorganized that we show an amazingly strong
position.
It seems to me to be within the limit of the figures agreed upon by competent
This nation comprises 48 States closely cemented by ties of friendship and
experts, provided there is no strangle-hold upon her producing capacity and
she is again given most favored nation treatment by her competitors in the mutual help, which bear a striking contrast with the jealousies and suspicions
economic field. I believe that a substantial amount of the proposed issue of which so sadly dominate the lives of the people on the Continent of Europe.
There is much to make us gratified with our present condition. We have
24,000,000,000 of gold marks can be absorbed by Germans who would thus
have an opportunity for a first-class investment at home and check the flight no voluntary unemployment. Wages are high. Our banking situation WRS
never more sound. Credit is readily obtainable. In our domestic relations
of capital to foreign countries.
France may urge that Germany having defaulted consistently since the we have escape the trade paralysis, currency deflation, budget deficits and
armistice on most of her promises, it is only natural to suppose that she will social unrest which have blighted so many other countries. We have passed
default on this new obligation. It seems to me that if a condition were at- through a period of adjustment from war-time to peace-time industry and
tached to this proposed plan—that at least one-tenth of it shall be subscribed emerged successfully from a period of severe deflation. We are economically
by German investors, including her large industrial corporations, payable, we and financially on a sound foundation, a people happy in our opportunities,
will say, within the five years of the proposed moratorium—it would afford and increasingly 'alive to our responsibilities.
This is not to say that in every respect we are as well off as we would like
excellent proof of their faith in the German Government's promise to pay, and
to be.There is a sentiment of unrest throughout the country that finds its
enormously strengthen the intrinsic value of the issue.
expression
to-day in the so-called radical element which so noisily makes itSuch is my plan, which, I repeat it, is still in its embryonic stage. I offer
It not as a finished product, but as a suggestion. We went in the war in a self heard, and which even has found its echoes in the halls of Congress. Socrusading spirit. We won the war, but we have not as yet secured a peace cial and political disquiet supply disturbing influences in our situation which
worthy of it. However, we are marching towards a solution, and I fervently will have to be counteracted by sober-minded business leaders if sane thinking
express the hope that Mr. Hughes's speech is the echo of the voice of one cry-. and deliberate action are to guide our democracy along the main stream of
progress and keep it out of the muddy and evil channels which to many illIng in the wilderness: "Prepare ye the way of the Lord."
advised people look so alluring. Coniervative policies on the part of the
bankers of the country will help guide the nation right, especially as there are
John McHugh Says Determination of German Repara- so many economic legacies to be offset which came out of the war and which
still block universal prosperity.
tions is Most Important Matter Bearing on
And this brings me to a concluding remark. The banks and bankers of New
Economic Progress.
York are looked to to set a worthy example not alone in hospitality and enbut in sound, constructive, helpful banking service to every
In addressing the annual bankers' dinner of Group VIII of tertainment,
worthy industry of this country that has need for that service. Our instituthe New York State Bankers' Association, at the Waldorf-As- tions are of a semi-public character and will become more and more so as
toria on Monday last, Jan. 15, John McHugh, President of time goes on. They should be conducted not alone with a view to profit or
the volume or the display of the moment, but with a view to rendering the
the Mechanics & Metals National Bank of this city, declared greatest
possible helpfulness to the business and industry being done along this
that "both the question of the German reparations and of the line by our banking institutions, but much more can be accomplished by still
Inter-Allied debts occupy leading places in determining the greater collective effort and more uniformity of action. In unity there is always strength and by harmonious uniformity of action much more can be acfuture of the economic progress of civilized nations." Mr. complished
than by individual or institutional effort.

McHugh said he thought he voiced the opinion of all thoughtful business men and bankers in saying that "the first and
most important step toward a solution of these matters is the
fixing of a definite amount which Germany must, can and
will undertake to pay." That amount, he added, "should be
the last dollar she can pay and still take her proper place
doing the world's work." We give Mr. McHugh's remarks
herewith:

Offerings of Bonds of Mississippi and Tennessee Joint
Stock Land Banks.
Brooke, Stokes & Co. of Philadelphia, Washington and Baltimore, offered on Jan. 16 at 103 and interest, yielding about
4.62% to the callable date and 5% thereafter, $600,000 5%
farm loan bonds of the Mississippi Joint Stock Land Bank
and $400,000 5% farm loan bonds of the Tennessee Joint
Stock Land Bank. The latter was formerly the Arkansas
Joint Stock Land Bank. The bonds are dated Nov. 1 1922,
are due Nov. 1 1952, and are redeemable at par and accrued
interest on any interest date after Nov. 1 1932. Interest is
payable May 1 and Nov. 1 at the Equitable Trust Co., New
York City. The bonds, coupon and fully registerable and
interchangeable, are in denomination of $1,000. They are
exempt from Federal, State, municipal and local taxation,
and are acceptable at par for deposits of postal savings and
other deposits of Government funds. The offering announcement says:

Both the question of the German reparations and of the inter-Allied debts
occupy a leading place in determining the future of the economic progress of
civilized nations. Both have a dominant bearing on every social and political
problem that now confronts us. With French troops occupying additional
territory to enforce the terms of the peace treaty, while Germany protests and
Great Britain holds aloof, feeling is running high and basic economic facts
are for the moment lost sight of in the emotions which have been aroused.
In all fairness we mast recognize the simple justice of a large part of the
present French claims. Definite arrangements to compensate for a part of
the terrible war losses suffered by France were incorporated in the Peace
Treaty. Instead of fulfillment of these arrangements, one objection after another had found Its way into the situation; misunderstanding after misunderstanding has developed; disappointment has followed disappointment. The
terms of the Peace Treaty were far too drastic; but we recognize that Germany has fallen far short of making good the war damage of northern France,
and so, though we may not sympathize with what has taken place, we can in
a measure understand why France, embittered by the progressive crumbling of
the high hopes that had their birth in the victory of 1918, has now assumed
These banks operate in the States of Mississippi, Tennessee and Arkansas
for herself a new and serious responsibility.
and for the most part have confined their loans to the famous delta lands of
Even the most ardent well-wishers of France must see, however, that Ger- the Mississippi River. This district is one of the most fertile areas in the
many's ability and willingness to meet the indemnity obligations have not world and the production of farm products per acre is of unusually high
been increased by what has taken place. Military occupation may force Ger- value.
many to certain terms, but indemnity payments are matters of business and
The policy of these banks in placing loans has been conservative, as the
finance, and these respond to laws which go deeper than simple military oc- 1 Dans average but 32.95%, or less, of the appraised values.




248

TFrE CHRONICLE

These banks were chartered in June, 1918, only five other banks being
chartered to this time. For the calendar year of 1922,the Mississippi Bank
earned 10.9% on its capital stock, and the Tennessee Bank 7.45%. The
stock of these banks is owned by the Bank of Commerce & Trust Co. of
Memphis. Tenne,see, one of the largest financial institutions in the
South, and is the second largest bank in Memphis.

[Vol.. 116.

of Ohio, is active Vice-President and Dean B. Copeland is
elected Secretary. The directorate consists of 25 members,
four of whom are Pennsylvania bankers. The directors are:
Charles E. Andrews Jr., Vice-Prod- Samuel L. McCune, President
Ohio
dent First National Bank, New
Pennsylvania Joint Stock Land
Bethlehem, Pa.
Bank, Cleveland.
John L. Bushnell, President the First R. V. Mitchell, Vice-President
and
National Bank, Springfield.
Manager the United Security Co..
George A. Coulton, Vice-President
Canton, 0.
the Union Trust Co., Cleveland.
P. E. Myers, President the First
Wm. R. Craven, President the DayNational Bank, Ashland, 0.
ton Savings & Trust Co., Dayton. John C. McIlannan, Vice-President
Harris Creech, Vice-President the
the Central National Bank Savings
Cleveland Trust Co.. Cleveland.
& Trust Co., Cleveland.
M. R. Denver, President Clinton 0. N.Sams,
President the Merchants
County National Bank & Trust
National Bank, Hillsboro, 0.
•
Co., Past President Ohio Bankers' A. II. Seibig,
President the United
Association, Wilmington, 0.
Banking & Savings Co.,Cleveland.
Charles R. Dodge, President the George C. Stewart,
Vice-President
State Banking St Trust Co., Clevethe Guaranty TrustCo.,Butler,Pa.
land.
L. J. Taber, Vice-Preeldent OhioAlex Dunbar, Vice-President and
Pennsylvania Joint Stock Land
Cashier the Bank of Pittsburgh,
Bank, Cleveland.
N. A., Pittsburgh, Pa.
A. B. Taylor. President the Lorain
Josiah R. Eiseman, Vice-President
Co. Say. & Tr. Co., Elyria, 0.
and Cashier the First National Harry E. Well, President
the Well,
Bank. Greensburg, Pa.
Roth & Irving Co., Cincinnati.
Parmely W. Herrick, President the James P.Wood,attorney. Cleveland.
Herrick Company, Cleveland.
W. H. Yeasting, President the CoraThomas H. Hogsett, of Telles, Hogmercial Savings Bank & Trust
sett, Ginn & Morley, attorneys,
Co.. Toledo.
Cleveland.
Dean B. Copeland, Secretary.
Murray D. Lincoln, Secretary the
Farm Bureau Federation of Ohio.
Columbus, o.

Offering of Bonds of Liberty Central Joint Stock
Land Bank.
A $1,000,000 issue of Liberty Central. Joint Stock *Land
Bank (St. Louis) 5% bonds was offered on Jan. 15 by Blair
& Co., Inc., of New Yo,rk and the Liberty Central Trust Co.
of St. Louis at 103% and interest, to yield 4.59% to the redeemable date and 5% thereafter. The bonds are dated
Dec. 1 1922, are due Dec. 1 1952, and are redeemable at par
and interest on Dec. 1 1932 or any interest date thereafter.
The bonds, coupon, and fully registerable, are in denominations of $1,000 and $500 each, coupon and registered bonds
being interchangeable. Principal and semi-annual interest
(June 1 and Dec.1) are payable at the Liberty Central Joint
Stock Land Bank of St. Louis, or coupons may be presented
for collection at the office of Blair & Co., New York, or Liberty Central Trust Co., St. Louis. The bonds are exempt
from all Federal, State, municipal and local taxation, excepting only inheritance taxes, and they are legal investment for
all fiduciary and trust funds under the jurisdiction of the
Federal Government. As was indicated in these columns
Sept. 23 1922 (page 1380), when a similar amount ($1,000,000) of bonds of the bank was offered, the Liberty Central
According to the Cleveland "Plain Dealer," there are seven
Joint Stock Land Bank was organized by. interests in the joint stock land banks operating in
Ohio and one Federal
Liberty Central Trust Co. of St. Louis, its charter having land bank, that being located in Louisville,
Ky. The joint
been issued by the Federal Farm Loan Board on Apr. 14 stock land banks serving Ohio farmers
are: The First Joint
1922. C. C. Lockett, Treasurer of the Liberty Central
Joint Stock Land Bank of Cleveland, the Ohio-Pennsylvania Joint
Stock Land Bank, in a letter to Blair & Co., Inc., and
the Stock Land Bank of Cleveland, the First Joint Stock Land
Liberty Central Trust Co., under date of Jan. 2, says in part: Bank of Dayton, the Virginian
Joint Stock Land Bank of
The bank's operations are confined exclusively to the States
of Missouri Charleston, W. Va., the Agricultural Joint Stock Land Bank
and Illinois. which have long borne high rank in the value and
productivity of of Charleston, W. Va., the
their farm lands. The average appraised value of the farm
First Joint Stock Land Bank of
lands upon which
loans have been made by this bank is $65 13 per acre.
The average loan Fort Wayne, Ind., and the Kentucky Joint Stock Land Bank
per acre is $28 13 making the percentage of loan to the
conservative ap- of Lexington, Ky.
praised value 43.18%. The average

size of our loans is about $7.300.
All of the operations of Joint Stock Land banks are, as you
know,supervised by the United States Government, by whom both the bonds
and mortgages securing the same must be approl ed.
The bank is under the management of men who for years
have been engaged in the making of farm leans in this territory. Each loan
is carefully
analyzed and scrutinized, not only by the entire Executive
Committee
of the
Liberty Central Joint Stock Land Bank, but likewise by the
entire Officers'
Committee of the Liberty Central Trust Company,before
final approval.

Issuance of Charter for Pennsylvania-Maryland Land
Bank.
The Pennsylvania-Maryland Joint Stock Land Bank of
Harrisburg, Pa., has been granted a charter. The bank will
operate in Pennsylvania and Maryland. The officers will
be: President, Fred Rasmussen, former Secretary of Agriculture of Pennsylvania; Vice-President, Frank A. ZimmerRepayments Received by War Finance Corporati
on.
man, Vice-President of the Chambersburg Trust Co., member
The War Finance Corporation announced on Jan. 17
that of Agricultural Committee
of American Bankers Associafrom Jan. 1 to Jan. 15, inclusive, the repayments
received tion, also a member of
Agricultural Committee of Pennsylby it totaled $0,118,532, as follows:
vania Bankers Association; Secretary and Treasurer, H. S.
On export advances and on loans made under war powers
$108,603
On agricultural and live stock advances:
Adams, formerly Statistician in the Department of AgriculFrom banking and financing institutions
$3,507,309
ture of State of Pennsylvania.
From live stock loan companies
2,275,039
From co-operative marketing associations

Total

227,581

.
6,009,929
$6,118,532

The repayments received by the Corporation from Jan.
1
1922 to Jan. 15 1923, inclusive, on account of all loans,
totaled $187,549,426.
Advances Approved by War Finance Corporati
on
Account of Agricultural and Live Stock Purposes
.
The War Finance Corporation announced on Jan. 17
that
from Jan. 1 to Jan. 15 1923, inclusive, the Corporation approved 40 advances, aggregating $1,284,000, to financial
institutions for agricultural and live stock purposes.
Increase in Capital of First Carolinas Joint Stock
Land Bank.
The First Carolinas Joint Stock Land Bank will
increase
its capital from $250,000 to $750,000. We are advised by H.
B. Way,Treasurer of the bank, that the plans have been ratified and that it is hoped to have the capital enlarged and
paid in by Feb. 15 1923. This, it is stated, will enable the
management to make loans to farmers in North and
South
Carolina up to $12,000,000.

President Harding Hopes For Legislation At Present
Congress In Aid of Farmers.
. The hope for "very useful legislative accomplishments at
the present session of Congress in the direction of ameliorating the economic situation of the agricultural industry" is
expressed in a letter addressed by President Harding to Col.
D.John Markey,and read at the eighth annual convention of
the Maryland Agricultural Society at Frederick, Md., on
Jan. 11. The letter follows:
Dear Mr. Markey:
I have received your most cordial invitation to the gathering of
farmers
which is to held at Frederick on Jan. 11. I regret, exceedingly,
that the
pressure of public duties, together with the insistence of personnel
cares,
render an absence from Washington at this time impossible
and therefore
that I cannot have the pleasure of accepting your invitation.
I would be glad to have you convey my compliments to the gathering
and
to indicate to those who will be present that I am earnestly hoping
for very
useful legislative accomplishments at the present session of
Congress in the
direction of ameliorating the economic situation of the agricultural
industry.
Those who have taken note of my address to the Congress
on Dec. 8 will
I am sure, appreciate the keenness of my interest in
this behalf. I feel
strongly that the disposition of Congress is equally
favorable and that it is
possible to look forward with a good deal of confidence
to some very important achievements.
Most sincerely yours,
WARREN G. HARDING.

What It Is Expected Congress Will Do for the Farmer.
Organization of Ohio-Pennsylvania Joint Stock
"Farm and Home," a monthly issued at Springfield, Mass.,
Land
Bank.
has the following to say with reference to proposed legislaThe Ohio-Pennsylvania Joint Stock Land Bank began busi- tion for agreiultural interests:
ness in Cleveland, Ohio, on Jan. 2 1923. Samuel L. McCune
What Congress Proposes to Do.
is President of the bank, While Thomas H. Hogsett, of the
The newest factor to-day, which is very important to farmers, to business
law firm of Tones,Hogsett, Ginn & Morley, is Vice-President. and to the trade, is the practical certainty that before the 67th Congress
Louis J. Taber, retiring Director of Agriculture of the State expires March 4 it will enact laws to accomplish forthwith the fpliowing
purposes:




JAN.20 1923.]

THE CHRONICLE

1. Continue for another year from Ju y I the War Finance Corporation,
so it may rediscount liberally tor country banks cattle loan companies and.
produce marketing co-operatives.
This will help trade through broadening the market for agricultural paper.
2. Provide $1,000,000 capital (also debenture selling privileges) for one
Federal Live Stock Finance Corporation in each of ten districts into which
the country will be divided.
This may help breeders and feeders of live stock to finance their business
safely on six months to three-years paper. Thus to build up live stock
husbandry on a sound basis will promote agriculture and stimulate trade
with farmers.
3. Provide 35.000,000 capital immediately available (also debenture selling privileges for raising as much more funds as can be used) to the new rural
credit department in each of the twelve Federal Land banks.
Such funds are to be used in rediscounting farmers' paper tor banks,trust
companies and co-operatives. This will make it much easier for dealers to
get the cash at their local banks for farmers' notes taken in course of business. Hence dealers will be better able to pay cash to jobbers and manufacturers for goods purchased, and so improve all agricultural trade.
4. Provide for rediscounting by the Federal Reserve of agricultural paper
when within nine months of maturity and live stock paper twelve months,
instead of six months as heretofore.
This will further broaden the market for all paper used in the agricultural
trade. The result should be to relieve the agricultural trade partly of the
burden of "carrying" the farmer. Once the new system is working, banks
and investors will provide fundsfor the farmers'seasonal needs. The farmer
gradually will work closer to a cash basis. The "trade" will be relieved in
part of banking for the farmer.
As the new laws admit to the Federal Reserve even little banks, State as
well as Federal, they should all join in and thus bring cash dealings closer
to each worthy farmer and dealer among the bank's customers.

J. H. Puelicher on Plans of American Bankers Association in Interest of Farming and Banking.
In addressing the Omaha Bankers' Club and members of
the Omaha Chapter of the American Institute of Banking
in Omaha on Jan. 19, J. H. Puelicher, President of the
American Bankers Association, announced the adoption by
the Agricultural Commission of the American Bankers Association of a concrete plan for greatly expanding its activities
in promoting the mutual interests of farming and banking.
He said that Professor D. H. Otis, Assistant Dean of the
College of Agriculture at Madison, Wis., has accepted
appointment as Director of the Agricultural Commission,
of which Burton M. Smith, President of the Bank of North
Lake, Wis., is Chairman. Professor Otis, who is a graduate
of the Kansas State Agricultural College, and has served
as Agricultural Director of the Wisconsin Bankers Association,
will confer with bankers and farmers throughout the country
with a view of promoting better farm finance and developing
more business. He will also form contracts with other
organizations and activities for promoting the welfare of
American agriculture. The work of the Agricultural Director, Mr. Puelicher said, will be no desk job, but will
represent an active, practical effort to serve the nation's
farming and banking welfare. There has also been appointed
an outstanding group of agricultural experts to serve as an
Advisory Council to the Agricultural Commission. They
are Presidents Wm. M.Jardine of the Kansas State Agricultural College at Manhattan, Kan.; Dean Wm. R. Dodson of
the College of Agriculture, Louisiana State University at
Baton Rouge, La., and Dean Harry L. Russell of the College
of Agriculture, University of Wisconsin, at Madison, Wis.
Capper Farm Credit Bill Passed By Senate.
It was announced in press dispatches from Washington last
night (Jan. 19) that half of the farm credits program was
completed by the Senate yesterday when it passed the Capper
bill, providing for co-operative credit associations and other
measures for long time loans to farmers.
Bernard M. Baruch on the Needs of Agriculture—
Proposed Credit Institution.
Bernard M. Baruch, in an article on Rural Credits in the
current number of The Nation's Business, declares that agriculture needs regular and easy access to adequate financing
in order to be placed upon an equality with all the other industries with which it has to deal. As the result of an investigation into the financial and merchandising aspects of
farming, Mr. Baruch states that he has come to the conclusion that the development of modern, large-scale business
methods has been of such a nature as to put the production
and distribution of farm products out of line with the rest
of the economic structure. His remarks follow:
It is unnecessary to dwell upon the necessity of credit for the more orderly

marketing of crops. All are by this time, I take it, well aware of the disastrous results that come from forcing upon the market the products of the soil
through inability to obtain credit to carry those products until such time as
the markets and transportation are no longer glutted by the great flow.
The basis of increased credits for this particular purpose should be the
placing of the products in a modern warehouse or elevator, where a neutral
authority would register their grade and amount, and where a certificate
would be issued for the amount so stored or warehoused. Honest and
dependable grading and weighing are essential to the acceptability of warehouse
certificates, but should be guaranteed to the farmer as a matter of common
de-




cency and civil right under any commercial or financial system.
may be now, there is no doubt that the farmer has in the past
by undergrading and scant measuring.
The farmer, once in possession of this certificate, could obtain
it from a bank in much the same way as is now done; or to a new
corporation which should be created for the purpose of lending money
farmer, at the lowest obtainable rate of interest, for not exceeding one year,
upon his note secured by this certificate representing marketable commodities.
The new institution, intended to be independent of the present banking system, would place the farmer's note, secured by his products, in its treasury,
and issue its own obligations, as is now done by the Federal Land banks in
their field. The paper so issued should be discountable in the Federal Reserve System when having net more than nine months to maturity.
Paper issued by a Federally regulated institution of this kind would have
the widest kind of a market and would place the farmer who deserves credit
in a position where he can obtain it at the lowest rates of interest in the
credit markets of the world.
The basis of the issuance to cattle raisers would be, of course, the cattle,
which would have to be properly inspected, with restrictiltna that would be
applicable in the circumstances. Debentures for this purpose should run for
as long as three years, but only notes or debentures having nine months or less
before maturity should be discountable in the Federal Reserve banks.
In the matter of credit for production, because here we do not have collateral of unquestioned value and marketability as in the other two instances, we
must consider the character and individuality of the farmer himself—what
bankers call the moral risk. Heretofore, the country banks and merchants
have furnished this sort of credit. But, mind you, we are now endeavoring to
give the farmer free access to the credit markets of the world as other producers enjoy, so that he shall not be shall not be confined, necessarily to local
markets.
The Raiffeisen banks in Germany and the Credit Agricole in France have
as their basis the sound principle of mutual individual endorsement; but I
can see very grave difficulties in the way of that system in this country.
These could be overcome by the formation of financial associations or corporations in localities so desiring, whose purpose would be to provide the necessary guarantees to the note of the farmer who wants and is entitled, to obtain
credit for the purchase of machinery or fertilizer—or for anything necessary
to the productivity of his farm. The procedure under this plan would be
somewhat its follows:
The farmer, if he cannot borrow from the present banking facilities, goes
to the local credit organization. If it decides to lend him money, it takes his
note, endorses it and passes it on to the regional institution, which, in turn,
places the local body's note in its treasury and issues its own obligation
against it for sale in the credit markets of the world. This latter paper
ought to be discountable in the Federal Reserve Bank System when its maturity is within nine months.
There is no reason why one central organization should not be the agency
for all of the three above purposes, i. e. for more orderly marketing of crops,
for the raising and marketing of cattle and for preduCtive purposes.
However, this institution should be rigidly departmentalized and a certain
percentage of its funds allocated to each branch of the organization. Its obligations for the three different purposes enumerated would thus stand on their
own bottoms, separate each from the other; each fund to be earmarked. Otherwise credit for the more orderly marketing of crops, which have the warehoused product as collateral, and for live stock, would have to pay as high a
rate of interest as that which was granted for productive purposes, which has
no such marketable collateral.
After all is said and done, the final arbiters of how much money can be
raised will be the investing public, banks and bankers, whose ability to furnish money by buying the notes for debentures is greater even than that of
the Government. They are entitled to know what they are buying, so that
orderly marketing, cattle raising and production will each bear its just share
of interest charges. Interest rates on credit for productive purposes might
reasonably be slightly greater than for other purposes.
With proper Governmental control and regulation we should thus soon have
a new, sound, financial system supplemental to the present
one, but independent in its administration, which would free the farmer from many
of the present credit restrictions, of which he so justly complains. Like
a big business,
the farmer would be able to either get his credit from the Federal
Reserve
System, as at present, or by going out into the general credit markets organized as well as those with whom he has to compete.
This proposed credit institution would not be a panacea for all the farmer's
Ills, and indeed in practice it may never be used as
much as is now anticipated. But its potential credit-providing facilities will be there to operate
powerfully as a restriction of practices of which the farmer now complains
and to furnish quick relief in times of widespread credit stringency such as
has been recently experienced.
But in considering the farmer's problem, one must have
in mind the fact
that no matter what credit facilities, no matter what transportation
and
what distribution agencies, there must be a market.
For the present, at
least, a considerable share of the farmer's
market must be abroad. The
farmers are the real exporters of this country. In the end
the price of all
products is set by the price of the surplus. In the farmer's
case this means
that the price of his entire crop is largely set by the
price he gets for the exportable surplus.
There it nothing so important to the farmer now, nothing that so directly
affects his credit, as the full re-establishment
of his foreign markets, which
can come only from re-establishment
of the world's economic peace and balance."

Co-operative Movement World-wide in Scope.
Evidence that the tremendous impetus given co-operative
agricultural marketing in the United Sttttes in recent months
is part of a world-wide
co-operative movement, springing
from a desire for a better agriculture,
has been brought back
from Europe by Chris L. Christensen,
agricultural economist,
where he made a study of agricultural economic conditions
for the United States Department of
Agriculture. Mr. Christensen studied economic condtiion in eleven European
countries. During his stay in Denmark he met agricultural
economists from all over the world who had been delegated to
study the co-operative method of the Danish farmer. "The
sound, economic organization on which the new agricultural
industry of Denmark—the most highly organized agricultural industry in the world—has been built the last 40 years
is the result of the co-operative ideals practiced
by the Danish farmer," Mr. Christensen says. "The agricultural producers there have brought new prosperity to the whole King-

250

TITF CHRONICLE

dom through the efficiency of their co-operative enterprises
in production, quality of production and distribution."
The rapid rise of the Danish bacon industry to its pre-war
level in the latter half of 1922 is attributed by Mr. Christensen to co-operative endeavor. "Some of the greatest strides
in dairying in northern Europe the last decade, have been
made in Finland through the production of standardized
quality dairy products. Payment on a quality basis for
whole milk delivered has been introduced, and is a common
,practice in the co-operative dairies. Co-operation has won
high favor with the Finish farmer the last decade, 80% of
the Finnish butter exported being handled by one large central co-operative export society. Grain production in Finland was stimulated under war conditions, but the swing is
now back to animal products due to the drop in 1922 grain
prices, as in other Scandinavian countries. Before the war
70% of the Finnish farmer's income was derived from live
stock products and 14% from grain and hay production. In
1919-20 the proportion was 57% from live stock products and
30% from grain and hay."
"Among the best developed co-operative organizations in
German agriculture is the Rural Co-operative Village Bank,"
says this observer. "With 60 years of experience this system
is still regarded as the main pillar that supports the German
agricultural co-operative system. Despite the war the Rural
,Co-operative Village Banks have continually increased in
number, steadily piling up large reserve funds. The depreciated mark, however, has practically wiped out these savings. In southern parts of the German Republic there is another form of agricultural co-operation known as the Cooperative Grainary, and which freed the economic position
of the Bavarian farmers in pre-war times. During the war
and after, the Co-operative Grainary has been an organ of
the Government, as normal grain selling businesss has been
practically eliminated."
Regarding farm credit, Mr. Christensen says that "the
great depreciation in German marks the past five or six
months has resulted in an alarming shortage of farm credit
In Germany." Mr. Christensen has made a careful study
and survey of co-operative activities as developed in Danish
agriculture including several weeks of study of the marketing of Danish products in the English markets. He also investigated agricultural co-operative marketing activities in
Sweden, Norway and Finland, and certain phases of agricultural co-operative activities in Germany, Czechoslovakia and
Switzerland. A report on Danish agriculture, its organization and the co-operative movement is now being prepared by
Mr. Christensen to be if.sued at an early date by the United
States Department of Agriculture.

[Von. 116.

Directoi of the Marion Packing Co. and the Marion County Telephone Co.
With the incoming of the new Administration, Prseident Harding named him
to be Comptroller of the Currency, in which position, in addition to the general administrative supervision of the national banks, he has been an ex-officio
member of the Federal Reserve Board. He has thus acquired a thorough familiarity with the national banking situation as well as with the duties and
functions of the Federal Reserve Board.
Milo D. Campbell, of Coldwater, Mich., has long been prominent in his
State, and more recently a national figure because of his activity in behalf of
farmers' organizations. He was elected to the Legislature in 1885, and from
1885 to 1891 was Secretary to Governor Luce. Later he became Insurance
Commissioner, making a record for efficiency.
Following his services in this position, he was appointed Chairman of the
tate Tax Commission and was among the leaders in tax reforms whereby
$300,000,000 was added to the taxable basis of the State. The entire system
of railroad taxation was reorganized in this period. Mr. Campbell has been
President of the State Board of Prisons and Reformatory Institutions, Mayor
of Coldwater and United States Marshal,for the Eastern District of Michigan.
Throughout his career he has been especially interested in farmers' concerns, and is at present President of the National Milk Producers' Association
and prominent in other farmers' organizations. He has been prominent especially in developing programs of co-operative business organizations among
farmers, and has been widely in demand as a speaker on these and related
topics.
James G. McNary of New Mexico is a man of very extended business interests in the Southwest. He has for a long period been extensively interested
in banking throughout that region and in addition has large holdings in lumber development in Louisiana. In his earlier career he was engaged in the
newspaper business at Las Vegas, N. M. A number of years ago he reorganized a bank at El Paso and through this operation became President of the
First National Bank of El Paso.
His large interests in both Texas and New Mexico have given him intimate
acquaintance with the entire Southwestern country. He has served as President of the First National Bank of El Paso and of the First National Bank of
Las Vegas, as a member of the board of the First National Bank of Albuquerque and has been connected with various other banks. During the war
he offered his services to the Government and was with the Y. M. C. A. in
France in an important capacity.

As Governor of the Federal Reserve Board, Comptroller
Crissinger has been named to succeed W. P. G. Harding, who
has become Governor of the Federal Reserve Bank of Boston,
as noted in another item in this issue of our paper.
W. P. G. Harding Succeeds C. A. Moms as Governor
of Federal Reserve Bank of Boston.
William P. G. Harding, whose term as Governor of the Federal Reserve Board expired last August, was appointed Governor of the Federal Reserve Bank of Boston by the directors
of that bank on Jan. 6. As Governor of the Boston Reserve
Bank Mr. Harding will succeed. Charles A. Morss, who had
held the post since December 1917, and who asked to be relieved of the duties in order that he might devote more time
to his own business interests. Mr. Morss, it is stated, plans
a trip to the Mediterranean. Referring to the appointment
of Mr. Harding to the Governorship of the Boston Federal
Reserve Bank, the Boston "Transcript" of the 6th inst. said:

Because of the failure of President Harding to reappoint Governor Harding
as head of the Federal Reserve System, the latter's selection to head the
Boston bank will attract nation-wide attention. The banking fraternity generally did its best to have Mr. Harding reappointed. The "farm bloc" is, in
some circles, credited with the force that defeated this purpose. Whatever
Dilts & Morgan, Inc., Kansas City Grain Firm, Fails. may have been the cause for the President's refusal to name him again, directors of the Boston Federal Reserve Bank believe that it has served them an
The grain house of Dilts & Morgan, Inc., of Kansas City, excellent turn by giving them a chance to secure Mr. Harding's services as
Mo., closed its doors on Jan. 12. "Frozen credits" and bad head of the local institution, which covers all of New England.
after the vote of the directors a telegram was sent to Mr. Harding
accounts are said to be responsible for the firm's embarras- andShortly
later his reply accepting the position was received by Frederick H. Curment. According to a special press dispatch from Chicago tiss, Chairman of the directors and Federal Reserve Agent of the Boston bank.

to the New York "Evening Post" under date of Jan. 15, the
Mons Going to Mediterranean.
Chicago Board of Trade at a special meeting on Jan. 13 susMr. Mons asked to be relieved of his duties in order that he might have
pended W. G. Dilts of the failed firm under the Insolvency more time to devote to his own business affairs. Despite the requests of his
associates that he continue as Governor, Mr. Morse insisted that he be reAct recently passed by that body.
lieved. He plans to take a long rest and next month will start on a trip to
the Mediterranean, something that he long has hoped to be able to do.
Although no definite time has been set for Mr. Harding to assume the duties of Governor here, it is expected that the change will become effective
before Feb. 1.
Harding's Ancestors New Englanders.
IV. P. G. Harding is descended from a long line of New England ancestors,
Colony. His father was Horace Harding, who
Plymouth
going back to the
was a graduate of Harvard, Class of 1848, and who formerly had a residence
on Beacon Street. His grandfather was Cheater IIarding, a Eoston artist,
who was widely known and painted portraits of many of the best known
people of his day. Two of Chester Harding's portraits now are hung in the
Boston Athenaeum. Mrs. F. H. Prince, Jr., is the daughter.of Mr. Harding.
Well Trained in Banking.
Mr. Harding was born in Alabama, on May 5 1864, the son of Horace and
Eliza Proctor (Gould) Harding. He was the youngest full graduate of the
University of Alabama, having received his A. B. degree from that university
in 1880, and his A. M. the following year. In 1916 his Alma Mater conferred the honorary degree of LL.D.
Mr. Harding started as a clerk and bookkeeper in the private bank of J. H.
Fitts & Co. at Tuscaloosa, Ala., in 1882 went from bookkeeper to cashier in
Daniel R. Crissinger of Marion Ohio, was born in 1860 in Marion County,
the Berney Nitional Bank of Birmingham, 1886-1890; became Vice-President
Ohio, a few miles from the birthplace of President Harding. The two have
in the latter year and'President June 28 1902, serving until June 24 1914, in
been intimate friends from their earliest youth.
First National Bank of Birmingham. He became a member of the Federal
He has long been recognized as one of the leading members of the bar of Reserve Board when it was organized,
in August 1914, and was Governor
Central Ohio. He was among the organizers of what is now the National City from Aug. 10 1916 till the expiration of
his term a few months ago. In 1918
Bank & Trust Co. of Marion, and for 15 years was its president, retiring when he was Managing Director of the War
Finance Corporation. In 1908 he was
he became Comptroller of the Currency at the incoming of the Harding Ad- President of the Alabama State
Bankers' Association, and President of the
ministration. The National City has a capital of $300,000.
Birmingham Chamber of Commerce in 1913. Last June he was given the
Mr. Crissinger is the owner of several large farms in Marion County, which honorary degree of LL.D. at Harvard.
he has personally managed. He has been one of the most extensive and sucMr. Harding has just returned from Cuba, where he went at the special recessful live stock raisers and feeders in his section of the State. Ile is also quest of President Harding to advise the island Government in reorganizing
a director in the Marion Steam Shovel Co. and for many years was its general Its financial system along the lines of the Federal Reserve System in this
counsel. He is Vice-President of the Marion Union Stock Yards Co. and a country.

Comptroller Crissinger Named as Governor of Federal
Reserve Board—James G. McNary Named as
Comptroller—Milo D. Campbell Farmer
Representative.
The nominations by President Harding of two new members to the Federal Reserve Board—Comptroller of the Currency D. R. Crissinger as Governor of the Board to succeed
W. P. G. Harding, and Milo D. Campbell as the farmer representative on the Board—was referred to briefly in our Issue
of a week ago, page 125. At the same time President Harding named James G. McNary of Las Vegas, N. M., as Mr.
Crissinger's successor as Comptroller of the Currency. From
a White House statement concerning the appointees, we
quote the following:




JAN.20 1923.1

THE CHRONICLE

Election of Directors of Federal Reserve Banks.
The Federal Reserve Board announces in its January issue
(first edition) that the following directors of Federal Reserve banks have been elected for the three-year term beginning Jan. 1 1923:
District No. 1—Boston:
Class A—Frederick S. Chamberlain, New Britain, Conn.
Class B—E.R. Morse, Proctor, Vt.
Class C—Jesse H. Metcalf, Providence, R. I.
District No. 2—New York:
Class A—Gates W. McGarrah, New York, N. Y.
Class B—Owen 1). Young, New York, N. Y.
Class C—Pierre Jay, New York, N. Y.
District No. 3—Philadelphia:
Class A—John C. Cosgrove, Johnstown,
Pa.
Class B—Alba B. Johnson, Philadelphia,
Pa.
Class C—H. B. Thompson, Wilmington, Del.
District No. 4—Cleveland:
Class A—Chess Lamberton, Franklin, Pa,
Class B—R. P. Wright, Erie, Pa.
Class C—L. B. Williams, Cleveland, Ohio.
District No. 5—Richmond:
Class A—John F. Burton, Wilson, N. C.
Class B—Edwin C. Graham Washington,
D. 0.
Class C—Robert Lassiter, Charlotte, N.
C.
District No. 6—Atlanta:
Class A—Oscar Newton, Jackson, Miss.
Class B—W. H. Hartford, Nashville,
Tenn.
Class C—W. H. Kettig, Birmingham, Ala.
District No. 7—Chicago:
Class A—Chas. H. McNider, Mason City,
Iowa.
Class B—S. T. Crapo, Detroit, Mich.
Class C—F. C. Ball, Muncie, Ind.
District No. 8—St. Louis:
Class A—W. H. Patrick, Clarendon, Tex.
Class B—W. B. Plunkett, Little Rock, Ark.
Class
J. Mooney, Memphis, Tenn.
District No. 9—Minneapolis:
Class A—Theodore Wold, Minneapolis, Minn.
Class B—F. R. Bigelow, St. Paul, Minn.
Class C—George W. McCormick, Menomin
ee, Mich.
District No. 10—Kansas City:
Class A—Frank IV. Sponahle, Paola, Kans.
Class B-11. L. McClure, Kansas City, Mo.
Class C—Fred 0. Roof, Denver, Colo.
District No. 11—Dallas:
Class A—W. H. Patrick, Clarendon, Tex.
Class B—Marion Sansom, Fort Worth, Tex.
Class C
Clarence E. Linz, Dallas, Tex.
District No. 12--San Francisco:
Class A—C. K. McIntosh, San Francis
co, Calif.
Class B—Elmer H. Cox, Madera, Calif.
Class 0—William Sproule, San Francis
co, Calif.

The new members among the Class
"C" directors were
noted in our issue of Dec. 16, page 2638,
at which time, also,
we indicated the redesignated Feder
al Reserve Agents and
Chairmen of the board of directors of the
various Federal
Reserve banks.
Franchise Taxes Paid by Federal Reserve
Banks in 1922.
A statement issued by Secretary of
the Treasury Mellon
on Jan. 17 says:

251

Exchanges of 1918 War Savings Certificates
for Treasury Savings Certificates may still be made, of course, but
will be made as of the date opresentation and surrender for exchange, the
new Treasury Savings Cerf
tificates issued on such exchanges being dated
and carrying interest from
the date of the exchange. In order to avoid
further loss of interest, holders
of War Savings Certificates desiring to make this
exchange should present
them promptly to the nearest post-office—th
e post-office of registration
in the case of registered certificates, or to a Federal
Reserve bank or branch.
or the Treasury of the United States at Washin
gton.

Subscriptions to United States Treasury Certif
icates
of Indebtedness.
Subscriptions in excess of $550,000,000 were receiv
ed to
the offering of 5-year 43' % U. S. Treasury certif
icates of
indebtedness, according to an announcement by
Secretary
of the Treasury Mellon on Jan. 15, who stated
that the
amount accepted was about $345,000,000. The
offering
to the amount of $300,000,000 or thereabouts was referr
ed to
in our issue of Saturday last, page 134. The subscr
iption
books were closed on Jan. 13. As to the allotments we
quote
the following from Washington dispatches to the New
York
"Commercial" Jan. 15:
All subscriptions have been allotted in full up to amount
s not exceeding
$100.000 for any one subscriber. Subscriptions
over $100,000, but not
exceeding 3500,000. have been allotted 50%, but
not less than 8100,000 on
on any one subscription; subscriptions over
8500,000. but not exceeding
$1,000,600, have been allotted 40%, but not less than
$250.000 on any one
subscription;subscriptions over $1,000,000
have been allotted 25%,but not
less than 3400,000 on any one subscription.
All subscriptions for which either 4%% Victory
notes or unregistered
War Savings certificates of the series of
1918 were tendered in payment
have been allotted in full in the order of receipt
of applications. The books
closed for exchange subscriptions of this
character at the close of business
on Monday, Jan. 15 1923, but such subscri
ptions actually in the United
States Treasury or a Federal Reserve Bank
on that date will be deemed to
have been received before the closing of the
books.
Further details as to subscriptions and allotme
nts will be announced as
soon as final reports have been received from
the 10 Federal Reserve banks.
According to the latest reports, subscriptions
to the offering aggregate
about $550,000,000, of which about 3345,00
0.000 have been allotted. All
Federal Reserve districts but one oversubscribed
their quotas, and out of
the total allotments over $235,000,000
were allotted in lots of 8100,000 or
less.

Statement of American Delegation at Lausa
nne Calling
for Most-Favored Nation Treatment in
Turkey.
Although little progress appears to have been
made this
week toward a successful conclusion of the
Near East
Conference at Lausanne, one development at
the conference
is worthy of note. That is the statement made
to the Subcommission on Economic Capitulations on Jan.
15 by the
unofficial American delegation asking for the
most-favored
nation treatment in all Turkish fiscal arrangemen
ts affecting
foreigners. The American delegation, in its state
ment, also
called for "equality of commercial, professional
and institutional exemption and the opportunity or privil
ege which
Turkey accords her own nationals in the field of
commerce,
business, education, charity and religion."
The statement
made in behalf of the delegation by Julian E.
Gillespie,
Commercial Attache to the American High
Commission in
Constantinople, in full follows:

Final reports received show the paymen
t to the Treasury by the Federal
Reserve banks at the close of busines
s Dec. 30 1922 of franchise taxes
in
the aggregate amount of $10,850
,604 72. In accordance with the provisi
ons
of Section 7 of the Federal Reserve
Act approved Dec. 23 1913, as
amended,
this amount has been applied to the
reduction of the outstanding indebte
dness of the United States, through the
The future fiscal regime applicable to foreigners
notes, aggregating, in face amount, purchase and retirement of Treasury
in Turkey is a matter of
$10,815,300.
legitimate concern to the United States representative
s. The United States
desires to take this opportunity to point out
that, by virtue of treaties, usage
and custom, citizens of the United States
have enjoyed certain rights in
State Institutions Admitted to
.
Federal Reserve System. Turkey
The United States understands that the Turkish
The following institution was
Government desires to be
admitted to the Federal free from any and all unwarranted restrictions upon its soverei
gnty. It is
Reserve System during the week
not
the
desire
of
the
United States to obtain special privileges for itself
ending Jan. 12:
or
its nationals, but it desires to protect its rights
and assure for its citizens
Total
District No. 2—
opportunity and privileges equal to those of
other nationals in Turkey.
Capital.
Surplus.
Irving Bank of New
Resources.
In case existent rights are to be replaced by others,
York, New
with the joint consent
York. N.Y
of Turkey and the United States, the new regime
set up will require as a
$12.500.000 $9,500,000 $306,140,200
minimum not only the most-favored-na
tion treatthent, but also equality of
commercial, professional and institutional exempt
ion and the opportunity or
privilege which Turkey accords her own
Institutions Authorized by
Federal Reserve Board to business, education, charity and religion.nationals in the field of commerce
A clear distinction must be made betwee
Exercise Trust Powers.
n the existence of the internal
laws of Turkey, which are subject to
The Federal Reserve
repeal or change at any time, and the
Board has granted permission to the existence of specified rights
of
other
countries and of their nationals. It is
following institutions to
the common custom of nations dealing
exercise trust powers:
with each other to define these rights
The First National
by international treaties and not by
Bang
domestic legislation.
District National Bank of State College, Pa.
The representative of the United
of Washington,
States desires to point out particularly
Washington. D. 0.
The American National
that the property and the activit
Bank of Dayton, Dayton,
y of commercial and industrial enterprises
Ohio.
and religious, educational, welfare
, relief and charitable Institutions in Turkey should enjoy any special exempt
ions or privileges which now exist under the Turkish law or which
Turkey may have an Inclination to put into
Exchanges of 1918 War
effect by international agreement
Savings Certificates.
and by internal legislation.
It is believed that
Secretary Mellon on Jan.
will desire a new treaty stipulation with guar17 called attention to the fact antees that will isureTurkey
the
continu
ation
of all foreign enterprises in Turkey
that the privilege of making
exchanges of 1918 War Savings that are to her advantage and encourage their future increase and
developCertificates into the new Treas
ment. These stipulations are necessa
ry to give confidence that domestic
ury
Jan. 1 1923 expired at the close of Savings Certificates as of legislation will provide suitable and reliable guarantees.

business on Jan. 15 1923,
as previously announced.
Applications actually in the
United States mails in direct transi
t to
office, a Federal Reserve bank or a United States postbranch or the United
States Treasury on Jan. 15 1923,
will, however, be deemed
to have been received by that
date. The Secretary's
statement of Jan. 17 also says:




An unfavorable statement concerning the accomplish
ments
of the conference and the prospects for a satisf
aotory settlement of many of the important questions
before the conferees was made on Jan. 15 by spokesmen
for the British
delegation. After two months of steady work, they pointe
d
out,agreement on several matters of moment
seemed to them
doubtful. The statement gave the impression that
the Brit-

T H ill CHRONICLE

252

ish, at least, were preparing public opinion for a possible
breakdown of the conference. The British summary of the
conference situation said a deadlock existed on the question
of the judicial capitulations, providing for special tribunals
for the trial of foreigners in Turkey. There is agreement on
many points of the economic capitulations, but disagreement on others, with an accord doubtful. The sub-cornmisAon on finance, it is pointed out, has reported acute disagreement on several fundamental pointg.
Appeal of Americans to Churches
Against War.

to

Declare Stand

Declaring that "another wax is being prepared in the
vindictive hatreds, the nationalistic ambitions, the schemes
of racial and imperial self-aggrandizement which mark the
world's international relationships," a group of 160 prominent
Americans have issued an appeal urging "all the people
of the churches, and all ministers in particular, to an outspoken declaration that the war system and the Gospel of
Christ are diametrically and irreconcilably opposed." We
would have, says the appeal, "every Christian church the
centre of a frank and courageous antagonism to war and
everything that makes war, until in our own country and
in all lands we succeed in reinstating Christian loyalty to
Christ where it belongs-far above all local prejudice, racial
hatred and divisive nationalism." The signers of the
appeal, according to the New York "Evening Post" of
Jan. 3, inelude the following:

S

[VOL. 116.

without delay this crisis of decision between war and Christ be unmistakably recognized and stated. We would haye eyery Christian church the
centre of a frank and courageous antagonism to war, and eyerything thatmakes war, until in our own country and in all lands we succeed in reinstating Christian loyalty to Christ, where it belongs-far above,all local
prejudice, racial hatred, and divisive nationalism.
We are convinced that no question faces the people of God more crucial
than this, and we haye thought it worth while to make this appeal in the
hope that our conviction might be shared by the general body of the Church
of Christ.

Foreign Holdings of United States Steel
Corporation.
The foreign holdings of both Common and Preferred shares
of the United States Steel Corporation have undergone
further reduction, according to the figures for Dec. 31 1922,
recently made public. The holdings abroad of Common
stock amounted to 261,768 shares on Dec. 30 1922, as
against 270,794 shares on Sept. 30 1922. The foreign holdings of Preferred shares, which on Sept. 30 1922 stood at
123,710, on Dec. 30 1922 were only 121,308 shares. A year
ago, viz., Dec. 31 1921, the Common holdings were 280,026
shares while Preferred were 128,818 shares. Contrasted
with the period before the war, the shrinkage in foreign
holdings, which now, as stated, amount to only 261,768
shares, on Max. 31 1914 aggregated 1,285,636 shares. The
foreign holdings of Preferred now total 121,308 shares,fas
contrasted with 312,311 shares on Max. 31 1914.
Below we furnish a detailed statement of the foreign holdings at various dates since Dec. 31 1914 to the latest period.

FOREIGN HOLDINGS OF SHARES OF U.S.STEEL CORPORATION.
Common Dec. 31 Dec. 31 Dec.31 Dec. 31 Dec. 31 Dec. 31 Dec. 91
1919.
1920.
1918.
1921.
1917.
1914.
Stock1922.
89
75
23
73
135
2
116
At,Ica
840
Algeria
78
64
43
8
78
77
Argentina
87
36
80
86
80
104
3
Australia
96
2,887
472
3,049
2,888
2,472
4,435
690
Austria
2,829
2.689
2.625
2,264
Belgium_ _
2,214
2,279
3,509
84
97
97
107
190
124
46
Bermuda
48
80
7
79
143
144
18
Brazil_
38
------17
Bre ish India
Bulgaria -------- ----2
. 41-A9
24.948
,5 31.511 35-,656 45-,613
54.259
Canada
16
1
34
75
58
36
382
Central Amer
30
118
80
187
145
174
8
Chile
28
79
73
119
13
Celina
179
76
1
Colombia"gid
28
16
18
16
Denmark__
2
2
Ecuador
60
60
60
Egypt
160.876 167,752 159.613 166.387 172.453 173,074 710.621
England
10.499 13.210 13.939 28.607 29.700 30.059
64,597
The appeal, as given out through the World Alliance for Frit nee
891
959
812
1.015
Germany
1.281
1,395
2.664
International Friendship, through the churches, is printed
_ _Gibralt __
-___
100
5
Greece.
5
as follows in the "Post":
48,827 50,741 73,861 124,558 229,285 229.185 842.645
Holland
59
69
106
50
70
The present situation in international affairs, involving as it does the India
19
19
353
258
160
358
2,991
imminent peril of war, must give concern to every thoughtful Christian. Ireland
281
281
281
269
273
274
146
Italy
After a devastating conflict which has cost millions of lives. created immeas- Japan
45
5
62
55
55
58
---fifty
dollars
for
and
debt
of
every
hatred
piled
up
a
minute
of time Java
urable
41
4
18
8
28
.iixembourg.
21
1
1
since Christ was born, the nations of the earth apparently having learned
40
75
40
40
40
40
75
nothing and forgotten nothing, are once more playing the old game of Malta
154
165
153
338
125
320
SOO
competitive imperialism and competitive armament. The Church of Christ Mexico
20
60
23
20
Norway
65
65
70
occurrence
the
of
the
last
war. That the Gos- Peru
was severley blamed for
6
20
14
----- ---..' -190
pel should have been so long on earth and yet should not have prevented the Portugal
8
8
5
Ii meanie
great catastrophe with all its hideous cruelty and suffering was a charge Remiss
14
8
10
against the church so serious that all thoughtful ministers felt its force and Scotland
2,197
-165 -ii8 --id -778
797
4.208
8
8
8
were driven defensively to meet it. Even more will another war bring Serbia
555
549
340
302
300
330
1,225
down upon the Church of Christ the charge of moral cowardice and fatal Spain
64
165
14
70
50
31
Sweden
1
inefficiency.
1.860
1.649 1.292
1.442
2,180
Switzerland - 1,980
1.470
War Being Prepared.
197
200
---200
Turkey
16
____
--iii --io
------Yet another was is being prepared in the vindictive hatreds, the national- Uruguay
Venezuela- _ - --istic ambitions, the schemes of racial and imperial self-aggrandizement Wales
.--55 --59 -"Jo --56
-iii
3.228 4,049 3.890
3,502 3,590
which mark the world's international relationships. The spirit of good-will West Indies.. 3.367
1.872
and sincere co-operation for the welfare of mankind as a whole is so lamen261,768 280,028 292,835 368.895 491.580 484.190 1.193.064
Total
tably weak, is so often scoffed at in influential quarters, and expectations
Preferred Stockof war are so freely voiced and preparations for it so frankly pushed, that Africa
34
70
47
9
47
67
58
another war is inevitable unless a better mind can speedily prevail.
105
Algeria
76
15
15
. 15
15
19
15
There are some among us,of whom the signatories of this appeal form Argentina
11
73
123
104
113
379
123
Australia
484
which
most
ruinous
organized
sin
group,
who
regard
was
as
the
a small
2.463
4.770
2.568 2.463
683
Austria
2,086
mankind now faces; who are sure that the war system and the Christian Gos- Azores
120
120
120
120
120
120
314
287
117
314
287
pel cannot permanently abide together on the same earth; who see clearly 11 elgi u m _ _
331
697
285
343
430
430
120
53
21
that the spirit of war and the spirit of the Gospel are antithetical, the one Bermuda
20
84
29
23
84
Brazil
84
31
recognize
that
destroy;
who
representing what the other hates and would
__
British India
352
81
war is futile as a means of furthering Christ's Kingdom, even where the Canada.. ..„_ 27.652 29,136 32.580 367.11515 42,073 38.201
84,673
24
9
21
127
end sought is righteous and where the spirit of the combatants is sacrificial. Central A um
146
28
23
23
45
27
23
12
Our position in this appeal does not involve theoretical pacifism; we are Chile...
105
119
92
119
China__.
105
50
42
not concerned to deny the necessity of using force, massed force, it may be, Colombia
55
5
16
4
BB
30
in an emergency, not of a moderate military organization for defensive Denmark_.._
58
58
78
58
78
178
40
35
purposes.
140
54,201 54,282 31:18e 37.703 3'556
174.906
But the war system is not an appeal to force in an emergency-It is England..
15.675 17.036 18.849 23.663 25,898 25,763
Prance
86,749
a long drawn out and deliberate preparation for the use of every known I iermany
4,131
4,152 4,142 3,796
3.8115
862
3.252
37
5
5
means of cruel and collective destruction. It rests upon the assumption Greece
65
85
65
38
9,180 9,555 13.935 23,094 25,264 25,274
29,000
that the welfare of one people involves tbs, ruin of another and it plans far Holland ..
326
305
302
India_
.........325
352
ahead of the event to be able to compass that ruin. It represents the de- Ireland
1.049
505
995
318
315
4.119
450
liberate organization of the world into isolated and armed peoples,suspicious Italy
1,791
1.887
1.811
2,087 1.979
1,678
2,028
1
1
1
1
of each other, hating each other, waiting to fall upon each other, instead Japan
81
1
61
23
23
23
23
23
15
of sanely co-operating peoples, finding the best interests of all fulfilled in a Luxembourg.
.50
50
50
Malta
50
405
245
405
decent, peaceable and reasonable fellowship.
96
25
25
Mexico
235
7
6
7
Morocco_Church Must Take Stand.
-- i.
Norway
12
2
27
28
-"ii
28
6
Peru
6
6
6
We will not believe that mankind is so deficient in character and intelli- Portugal-------120
---f
of
our
solution
international
make
the
rational
problems
inposto
gence as
28
Russia
14
43
12
11
1.488
937
13,747
78
252
171
sitle and to commit us to the continued rule of insane fear, hatred and Seotland _
229
220
220
collective destruction. And we are certain that unless the Church of Serbia
1,148
1,160
Spain
432
880
1.270
1-4M OM
Christ takes now a clear and consistent stand on this matter of life and Sweden
74
79
1.138
1.137
283 1.370
1.156
2,167 2,174 2.672
2.617
death to our civilization and to the world she will merit the contempt of Switzerland - 2,128
2.707 2.848
115
115
Turkey
100
100
100
100
100
men and the judgment of God.
Wales
24
39
1,068
49
38
We, therefore, urge all the people of the churches, and all ministers in West
Indies_
793
811
1.259
874
1.145
1.131
particular, to an outspoken declaration that the war system and the GosTotal
121.308 128.818 111.436 188.506 1413.228 140.077 809.457
pel of Christ are diametrically and irreconcilably opposed. We urge that
William J. Bryan, Frank A. Vanderlip, Roger W. Babson, George W.
Wickersham, Cardinal O'Connell, Nehemiah Boynton, Chairman of the
International Church Committee of World Allicance; Arthur J. Brown,
Secretary of the Presbyterian Board of Foreign Missions; Kenyon L. Butterfield, President of the Massachusetts Agricultural College; John B.Clark
of the Carnegie Endowment for international Peace; Prof. Irving Fisher
of Yale University; John P. Frey. Editor of the "Moulders' Journal, Cincinnati; Bishop Thomas F. Gailor of the Protestant Episcopal Church;
Harriet B. Laidlaw of the Women's Pro-League Council; Sheller Mathews,
Dean of the Divinity School of Chicago University; Miss Mary E. Woolley, President of Mount Holyoke Collage; Mrs. Philip North Moore, President, National Council of Women; Mrs. Percy B. Pennybacker, President,
Chautauqua Women's Club; Judge Henry Wade Rogers of the Circuit
Court; John R. Mott. General Secretary of the International Y. M.C. A.
and many of the most prominent Episcopal and Methodist bishops and
other leading ministers of almost every denomination.




, JAN.20 1923.]

THE CHRONICLE

253

The Commission had ordered the publishing company to
desist from entering into agreements prohibiting wholesalers from selling or distributing the magazines or newspapers of other publishers. Asserting that the contract
complained of by the Federal Trade Commission was one of
agency and not of sale, and, therefore, was not prohibited
by the Clayton Act, the Court, whose opinion was rendered
by Justice McReynolds, declared that "the evidence clearly
shows the respondent's agency contracts were made without
unlawful motive and in the orderly courts of an expanding
business. "It does not necessarily follow," Justice McReynolds continued, "because many agents had been general
distributers, that their appointment and limitation amounted
to unfair trade practice. Effective competition requires
that traders have large freedom of action when conducting
their own affairs," he stated. "Success alone does not show
reprehensible methods, although it may increase or render
insuperable the difficulties which rivals must face. The
mere selection of competent, successful and exclusive representatives in the orderly course of development can give no
iuqt cause for complaint, and, when standing alone, certainly
In the following table is shown the number of shares of affords no ground for condemnation under the statute."
With further reference to the Court's decision, press dis-the Steel Corporation distributed as between brokers and
'investors, on Dec. 31 1922 and Dec. 31 1921:
patches from Washington said:
Dec. 31
The evidence in the case did not show, the Court announced. that the
Dec. 31
Common1921.
Ratio. Curtis Publishing Company "intended to practice unfair methods or unduly
1922.
Ratio.
,
COMMON.
Shares. PerCent.
Date1.285.636 25.29
Mar. 81 1914
1.274.247 25.07
June 30 1914
1.193.064 23.47
Dec. 31 1914
1.130.209 22.23
Mar. 81 1915
957.597 18.84
JUne 30 1915
826.833 16.27
tame. 80 1915
696.631 13.70
Dec. 31 1915
634.469 12.48
Mar. 31 1916
537.809 10.58
Sept. 30 1916
502.632 9.89
Dec, 31 1916
494.338 - 9.72
Mar. 31 1917
481.342 9.45
June 30 1917
477.109 9.39
Sept. 30 1917
484.190 9.52
Dec. 31 1917
485.708 9.56
Mar. 31 1918
491.464
9.66
June 30 1918
495.009 9.73
Sept. 30 1918
491.580 9.68
Dec. 311918
Mar. 81 1919
493.552 9.71
June 30 1919
465.434 9.15
394.543 7.76
Sept. 30 1919
368.895 7.26
Dec. 31 1919
348.036 6.84
Mar. 31 1920
June 30 1920
342.567 6.74
Sept. 30 1920
323.438 6.36
292.835 576
Dec. 31 1990
Mar. 31 1921
289.444
5.69
June 30 1921
288,749 5.68
Sept. 30 1921
285.070 5.60
280.026 5 An
Dec. 31 1921
'Mar. 31 1922
280,132 5.51
June 30 1922
275.096 5.41
*Sept. 30 1922
270,7945.32
Dec. 30 1922
261.768 5.15

Brokers, domestic and foreign
Investors, domestic and foreign
PreferredBrokers, domestic and foreign
Investors, domestic and foreign

PREFERRED.
DateShares. PerCent
312.311 8.67
Mar. 31 1914
June 30 1914
312.832 8.68
309.457 8.59
Dec. 31 1914
308.005 8.58
Mar. 31 1915
June 30 1915
303.070 8.41
8.26
Sept. 30 1915
297.691
Dec. 31 1915..
274.588 7.62
Mar..31 1916
262.091
7.27
Sept. 30 1916
171.096 4.76
Dec. 31 1916
156.412 434
Mar. 31 1917
151.757 4.21
June 30 1917
142.226 3.94
140.039 8.59
Sept. 30 1917
Dec.31 1917
140.077 3.88
140.198 am
Mar. 31 1918
149.032 4.13
June 30 1918
Sept. 30 1918
147.845 4 10
148.225 4.11
Dec. 31 1918
149.832 4 16
Mar. 811919
146.478 407
June 30 1919
143.840 3 99
Sept. 30 1919
138.566 3 84
Dec. 31 1919
127.562 3.54
Mar. 31 1920
3.46
124,346
June 30 1920
Sept. 30 1920
118.212 3 28
Dec. 31 1920
111 436 3.09
2.96
106.781
Mar. 31 1921
105.118 2.91
June 30 1921
103.447 2.1r
Sept. 30 1921
12/1.818 3 esi
Dec 31 1921
128,127 3.55
Mar. 31 1922
123.844 3.43
June 30 1922
Sept. 30 1922
123,710 3.43
Dec. 30 1922
121,308 3.36

1.335,864 26.38 1,089,958 21.44
3 747.161 73.72 3,993,067 78.56

to suppress competition or to acquire monopoly."
The Federal Trade Commission had found that the Curtis Company had
223,121
6.19
234,916 6.52 'refused to sell its publications to any dealer who would not scree to refrain
3.379,690 93.81 3,367,895 93.48 from selling or distributing those of certain competitors and had made conThe following is of interest as it shows the holdings of tracts with numerous wholesalers to distribute its periodicals as agents and
not to distribute those of other publishers without permission. The combrokers and investors in New York State:
mission alleged that by such contracts for the sale of its publications and
Dec. 31
Dce. 31
Periodicals the company had substantially lessened competition and tended
Common1922.
Ratio.
1921.
Ratio. to create a
monopoly.
Brokers
1.137,021 22.37
842.716 16.58
The Court divided on the question ofthe Jurisdiction oflower courts in actInvestors
1,185,586 23.32 1,345,352 26.46
Preferreding upon the Commission's findings of fact. Chief Justice Taft and Justice
Brokers
188,585 5.24
194,105 5.38 Brandies dissenting.
Investors
1,473.807 40.90 1.472,857 40.87
Court to Determine.
The majority opinion, referring to the taking of material evidence in the
United States Government Not to Sell Surplus Arms case by the Third Circuit Court of Appeals. which had not been reported by
the Commission,and asserting that"the Intimate determination of what conto Foreign countries.
stitutes unfair competition is for the Court. not the Commission." held
The decision of' the United States Government not to "that the Court must inquire whether the Commission's findings of fact are
sell surplus arms or munitions to foreign countries has been supported by evidence." If so supported. it said."they are conclusive."
The lower court must have power,the opinion set forth."to examine the
made.known, according to a Washington dispatch to the whole record
and ascertain for itself the issues presented and whether there
New York "Times" from Washington, Jan. 12, which says: are material facts not reported by the Commission. If there be substantial
President Harding has set up the principle that the Government must evidence relating to such facts,from which different conclusions reasonably
•discourage the sale of firearms to foreign governments. It came out at may be drawn, the matter may be, and ordinarily, we think, should be
with direction to make aiditional
the White House to-day that he had given orders to the branches of the remanded to the Commmssion .
Government concerned that surplus rifles, which could be disposed of findings, but if from all the circumstances, it clearly appears that in the inbe
decided without further delay.
tercet
of
should
controversy
our
interests,
justice the
without detriment to
should not be sold to foreign governthe Court has full power under the statute so to do.
ments or individuals, alien or American.
The President has concluded that for the United States to sell arms to
The Chief Justice's Dissent.
any foreign nation is to encourage war. "We shall never sell arms again
Chief Justice Taft in behalf of himself and Justice Brandeis submitted the
under this Administration." said a White House spokesman.
dissenting opinion expressing "doubt" as to the soundness of this ruling, asRecently a European government made inquiries in the United States, serting that where it develops, that "there is no substantial evidence to
indicating that It wished to place orders for munitions with American firms support additional findings necessary to Justify the order of the Commission
and might be willing to buy 500,000 surplus rifles from the War Depart- complained of, the Court need not remand the case for further findings."
ment. When this information was communicated to President Harding
The Court, the Chief Justice insisted, did not have power to make itself
he vetoed the second proposal. According to an official, "the President a fact-finding body. He explained that he registered the "doubt" because
thought so little of it that he declined to suggest to the War Department he considered it "of high importance" to comply "scrupulously" with the
that it should go over its stocks to ascertain how many rifles it could con- evident intention of Congress "that the Federal Commiesion be made the
veniently sell."
fact-finding body, and that the Court should In its rulings preserve the
In unofficial quarters it was learned that the Government concerned Board's (Commission's) character as such and not interject its views of the
was that of Yugoslavia. Officials here deny the negotiations of Yugoslavia facts where there is any conflict in the evidence."
with private arms manufacturers here but it had no authority to discourage
The case upon which the ruling was made has been long drawn out. The
such sales of arms.
Curtis Publishing Company in 1899 began the organization of its own disAbout a year ago, after he had sent troops into West Virginia on account tributing agents to handle its publications. Contracts were made with
of the mining troubles President Harding learned that thousands of rifles those
agents to handle Curtis publications exclusively, except as in the comhad been sold by the Government to persons in that State. He immedi- pany's Judgment
it saw fit to permit the agents to handle other publications.
ately stopped the sales.
The company's idea was not to prevent an agent from making additional
It was explained in an authoritative way to-day that the refusal of the Profit,
providing there was no interference with the publishing company's
Government to sell surplus firearms to foreign governments might properly business.
be regarded as a protest against war.
When it was found that competitor publications were seeking to appropriate the agency organization,a stop was put on the arrangement and Curtis
to
Curtis Publishing Company Upheld by Supreme Court agents were held to their contracts. Then competitor companies applied
Court in New York for an injunction in 1917. Judge Hand, of the Federal
Decision in Exclusive Agency Issue Against
Circuit Court, decided that the contentions of the petitioning companies
that the Curtis company engaged in unfair practices were without foundaFederal Trade Commission.
The United States Supremo Court handed down a deci- tion, and the petition for an injunction was dismissed. Thereupon the defeated
resorted to an appeal to the Federal Trade Commission,
sion on Jan..8 upholding the Curtis Publishing Co., of Phila- which,companies
after lengthy hearings, ruled that the Curtis Company in refusing
delphia, publishers of the "Saturday Evening Post" and other its agents permission to handle other publications, violated the Federal
Law.
magazines, in the controversy with the Federal Trade Com- Trades
An appeal from the Trede Commission's decision to the Circuit Court of
mission over its wholesale distribution system and the Appeals, Philadelphia,
was sustained and the Commission appealed.

alleged unfair competition of the exclusive agency contracts. The Supreme Court set aside an order of the Trade
Commission which directed the Curtis company to desist
from such practice. The principles involved make the decision of wide importance to business. Declaring that the
"engagement of oompetent agents obligated to devote their
time and attention to developing the principal's business to
the exclusion of all others, where nothing else appears, has
long been recognized as proper and unobjectionable," the
Court pronounced the distribution system of the company
lawful under the Clayton Act. The decision upheld a ruling
by the Third Circuit Court of Appeals, to which the company took its case when cited by the Commission.




Bill of Assemblyman F. Trubee Davison to Prevent
Double Prosecution for Violation of
Prohibition Act.
F. Trubee Davison,son of the late Henry P. Davison, and a
member of the New York State Assembly, has introduced in
the latter a bill designed to overcome double prosecutions for
violation of the prohibition enforcement laws. Mr. Davison's action in submitting the bill is prompted by the decision
of the U. S. Supreme Court, as delivered by Chief Justice
Taft, in the case of the United States vs. Vito Lanza, et al.,
rendered by the Court on Dec. 11. A memorandum in explanation of his bill is furnished as follows by Mr. Davison:

254

THE CHRONICLE

The bill I have introduced will be an addition to Section 11-B of the Code
of Criminal Procedure, which authorizes the courts to take jurisdiction over
the Mullan-Gage Act, and provides as follows:
"No person can be prosecuted for a violation of any provision or provisions
of Article 113 of the penal law (the MuBan-Gage Act) if such person has
been prosecuted and duly acquitted or convicted under any law of Congress
enacted for enforcing the provisions of the 18th Amendment to the Constitution of the United States, for the same act or acts which it is alleged constitute a violation of such article of the penal law."
The purpose of this bill is to obviate so far as New York State is concerned any injustice which might arise out of the decision of the Supreme
Court of the United States handed down Dec. 11 1922, with respect to socalled double prosecutions for the violation of the prohibition enforcement
laws.
In that opinion the Court held that a person can be tried twice—one by the
Federal Government and once by the State—for doing the same act when this
act violates the prohibition laws. In certain other rare circumstances, also,
this has been held to be possible under our Federal form of Government.
Such a situation must appeal to any man as intolerable in that it in effect
accomplishes that which is prohibited both by the State and Federal constitutions, namely the putting of a person twice in jeopardy for the same offense.
In rendering his decision, Chief Justice Taft stated that "if Congress sees
fit to bar prosecution by the Federal courts for any act when punishment for
violation of State prohibition has been imposed, it can, of course, do so by
proper legislative provisions, but it has not done so."
Obviously, if Congress can pass appropriate legislation to avoid this double
jeopardy, the State likewise has a similar privilege and such exemption
from doable jeopardy is certainly bound up with the best traditions of all free
people and is based upon the historical background against which all Bills of
Right were framed.
The enforcement of all laws is, of course, necessary, and nothing should be
done to in any way weaken the enforcement of any law which is on the
statute books. But it certainly does not seem that the desire for law enforcement justifies any technicality which may become an instrument of persecution.
I understand that Representative Brennan, of Michigan, has introduced in
Congress a bill which will prohibit prosecution in the Federal courts where
there has already been a conviction or trial in the State courts. Obviously, a
complete remedy will require the co-operation of Congress, but the State
should move anyway.
The theory of law under which double jeopardy is found by the Supreme
Court to be valid was, in the case referred to, explained by (lief Justice Taft
in these words:
"We have here two sovereignties, deriving power from different sources,
capable of dealing with the same subject matter within the same territory.
Each may, without interference by the other, enact laws to secure prohibition,
with the limitation that no legislation can give validity to acts prohibited by
the Amendment. Each Government in determining what shall be an offense
against its peace and dignity is exercising its own sovereignty, not that of
the other.
"It follows that an act denounced as a clime by both national and State
sovereignties is an offense against the peace and dignity of both and may be
punished by each."
This bill is therefore thoroughly in harmony with the remedy indicated by
the Supreme Court itself in that it provides protection against the obvious injustice which might be inflicted if the law were not modified to accord with
both good sense and fair play.

Fact Finding Coal Commission Cautious in

Expressing
Views.
On Monday, Jan. 15, the Fact Finding ,Coal Commission
appointed last October by the President, submitted its first
report to Congress, as directed in the Act creating it,
approved Sept. 22 1922. The report is preliminary and the
Commission withholds any recommendation pending further
study and investigation. It is also cautious about expressing
any statements of a definite or positive nature. It does
say, however, that the fundamental cause of the instability
of the bituminous coal mining industry with its attendant
effect of unreasonably high prices, labor troubles and
transportation difficulties, is a surplus of mines and miners.
"There can be no permanent peace in the industry until
this underlying cause of instability is removed," declares
the Commission. The present report seeks to avoid controversial questions and merely to give the "undisputed underlying facts." The Commission will hold public hearings and
in later reports will include recommendations for legislation.
Under the Borah-Winslow Act the Commission is required
to report whether it believes Government operation or
regulation would stabilize the coal industry, but on that
point it merely says:
"The Commission believes that the public interest in coal
raises fundamental questions of the relation of this industry
to the nation and of the degree to which private right must
yield to public welfare. It may be that both private property
in an exhaustible resource and labor in a public service
industry must submit to certain modifications of their
private rights, receiving in return certain guarantees and
privileges not accorded to purely private business or persons
in private employ."
The text of the telegrams exchanged with officials of the
recent Chicago conference of operators and miners that failed
to agree upon a new wage schedule is published in the report.
The Commission is optimistic concerning the likelihood of
avoiding a strike in 1923,for on that point it says: "Definite
steps were taken at Chicago,and this Commission has reason
to believe that an agreement will be reached in the near future
that will avert any widespread cessation of mine operation



[Vol.. 116.

in the union fields on April 1, thus assuring the needed coal
supply for at least another year." The report is signed by
John Hays Hammond, Chairman of the Commission, and
the former Vice-President Marshall,, George Otis Smith,
Clark Howell, Edward T. Devine and Charles P. Neill.
Judge Samuel Alschuler, who was also appointed to the
Commission by the President but could not lawfully qualify
without authorization of Congress, because holding already
a Federal judgeship,though he nevertheless at the Presidents
request took part in the work of the Commission, likewise
indicates his approval of the report in a separate statement
attached to it.
The Commission, in effect, rejects the theory that instability in the coal industry fundamentally is caused by profiteering, labor difficulties or car shortage. "There are more
mines and more miners than the needs of the country require," the reports states. "This condition of over-development is the underlying cause of the instability of the industry. We do not know accurately the extent of the burden
but it may well be measured by the cost of keeping in the
industry an excess of perhaps 200,000 miners and their
families and the excess investment in the mines." The following is the report in full, all except a few of the opening
paragraphs:
Whie it is true that a large majority of the States have coal mines within
their limits, it is significant that all the anthracite comes from a narrow
area of 480 square miles in eastern Pennsylvania and 93% of the bituminous
coal comes from three major areas: The Appalachian region, extending
from Pennsylvania to Alabama, the greatest storehouse of high-rank coal
In the world; the Eastern Interior region, comprising Illinois. Indiana and
western Kentucky; and the Western Interior region, extending from Iowa
to Arkansas and Oklahoma. Any map showing the distribution of the
larger industrial plants of the country would in itself demonstrate the
part played by these coal fields in locating the great manufacturing centres
and planning the network of railroads that connect the larger commercial
cities with the rich agricultural lands of the West and South. Inasmuch as
more than two-thirds of the country's supply of high-grade coal lies within
these three great coal areas, they may well be regarded as its chief known
sources of Industrial power for future centuries. The coal problem of the
country, so far as it relates to present production, then, is largely localized
in three coal regions and about a dozen States, although it is recognized
that each mining district, large or small, has its problems to be investigated.
In reality the coal Industry includes three inter-related industries—mining, transportation and marketing.
The coal mining industry, in point of numbers employed, outranks any
single manufacturing industry and stands next to transportation and agriculture. Approximately three-quarters of a million men are employed
In this industry, of whom 90% work underground.
The capital invested, according to the rough figures of the census, Is
12.330,000,000, of which $430.000,000 Is invested in the anthracite region
and the remainder in the bituminous fields. There are only 174 producers
of anthracite and 8 of these control over 70% of the annual output, while
there are at least 6,000 commercial producers of soft coal, to say nothing
of thousands of wagon mines and country coal 'banks. These producers
operate 9,000 commercial mines.
While the anthracite and bituminous branches of the coal industry are
to some degree competitive in their markets,the differences In their mining,
labor and economic problems are so marked that the discussion in this report will be limited to bituminous coal,except where anthracite is specifically
mentioned; the law requires a "separate report on the anthracite industry
on or before July 11923."
Each coal district, if not each mine, has its own local customs and problems, determined by the quality of coal, thickness of seam, attitude of the
bed, conditions of mining, the markets which it can reach, its freight rates.
Its labor policy and other factors. In the matter of wage scales, even in
the union districts, where wage scales are determined by joint agreement,
we find variations from district to district and from mine to mine. Still
more difficult to summarize are the wage rates in non-union mines. Not
only are these wage rates complicated, but the opportunity to labor varies
so greatly from field to field or mine to mine, depending on character of
coal, nearness to market, and commercial connections, that it is hazardous
to make any generalizations concerning miners' earnings.
No less difficult under such conditions is the determination of average
cost or profit. These subjects require specific and very detailed, painstaking investigation, which is complicated by the varying prices charged
and received for the coal, quantity and quality both entering into the subject. The bituminous output is consumed approximately in the following
percentages: Railroads, 28; Industrials, 25; Coking, 15; Domestic, 10;
Iron and Steel, 7; Public Utilities, 7; Export, 4; Mines, 2; Bunkers, 2.
The coal industry does not end at the mine. Some 180 railroads take
the coal at the mine mouth and transport it to thousands of destinations.
Because the railroads are the largest customers of the bituminous industry, and because coal—anthracite and bituminous—constitutes one-third
of the railroads' freight, the problems of the two are closely interwoven,
and their interests interdependent. Not only does irregularity in coal
output mean serious fluctuations in revenue, but excessive irregularity
imposes impassible traffic demands on the railroads. On the other hand.
Interference with rail transportation means a corresponding stoppage of
output for the mines and shortage of fuel for the consumer. No solution
of the coal problem can be found that does not recognize this community
of interest between coal and transportation. But this community of interest, though simply stated, is not simple upon examination. The movement of coal by rail and water is complicated by variations in freight rates,
arbitrary differentials, and competition between diffeornt coals and between
•
carriers.
Nar does the coal Industry end with transportation. To connect the
thousands of producers, big and little, with more than 90,000 buyers of
carload lot coal scattered over 48 States, requires a widespread system of
wholesale marketing. Sometimes this marketing Is reduced to the simplest
terms, as when a steel plant or railroad buys a mine and consumes its entire output. Sometimes it is conducted by the selling department of a
large operating company. Sometimes the task of bringing together producer
and consumer is performed by an independert wholesaler or selling agent.
There are some hundreds of large wholesalers and a much greater number,
perhaps 3,500 in all, of smaller middlemen. Like the business oe running

JAN.20 1923.1

THE CHRONICLE

255

mines, the business of selling has its problems, and,like mining. it has also
Its abuses.
The final link in the chain of coal supply is the retailer, who receives coal
In carload lots from car or yard storage and delivers it in smaller quantities
to the consumer. There are some 38,000 retail coal dealers, most of them
conducting a small business. They handle about 130,000.000 tons of coal,
or 14% of the bituminous and two-thirds of the anthracite produced.
Combined charges of the railroad, the wholesaler and the retailer in
most localities exceed the price of the coal at the mines. Therefore it is
readily seen that the problem whether the transportation and marketing
charges are just and fair is of the utmost concern to the consumers of coal.

plan whereby the mines affected by your conference will be kept in operation to the end that the revival of all industry be unchecked, the uninterrupted flow of commerce among the States be maintained, and the menace
of an insufficient coal supply be averted.
Business halts while in doubt as to your action and awaits with anxiety
the speedy and successful outcome of your labors.
You can contribute to the peace of American economic life by reaching a
speedy agreement and avoiding further conflict in the fields under your
control. Your agreement will spare the Commission the necessity of fixing
the blame for failure to adjust your differences.
(Signed) JOHN HAYS HAMMOND.
Chairman, U. S. Coal Commission.
Washington. Jan. 2 1923.

Deficiencies in Service.
The widespread public dissatisfaction with the service rendered by the
industry
is
not
coal
confined to matters of shortage and price, for a train of
unfortunate consequences has followed those recurring periods of scarcity;
deterioration in the quality of fuel delivered; congestion of railway traffic.
necessitating the neglect of other freight to give preference to coal, to the
serious harm of other business; and breakdown of mutual enofidence of
producers and consumers of coal as expressed in the custsmary contractual
relations.
How many there are we do not yet know, but there are certain mines
which contract a part of their potential cutput, reserving the balance for
spot coal. These operators guard themselves against car shortage by
clauses which compel them to fill their contracts only in proportion to the
relative car supply. So in recent years, when speculators with contracts
could get only a partial supply of cars, say 60%,they would use only that
percentage of available cars for deliveries upon their contracts, while the
other cars would be used for spot coal: that is, they prorate their contracts
with the sole purpose of having free coal for a higher spot market.
The record of production and distribution of coal in recent years may be
summed up in the word "instability," and this instability in the supply of
one of the most fundamental of all raw materials has been an important
cause in unsettling business and in delaying the return of normal times.

To the Operators and Miners Committee on Reorganization:
The Congress of the United States, charged with the duty of legislation
for the general welfare of the American people, has created the United
States Coal Commission to investigate the coal industry and to report thefacts which It may find and to make recommendations to assist,the legislative branch of our government in its efforts to guarantee justice to all
concerned, to stabilize the industry, and to keep the mines in uninterrupted
operation.
This Commission has not yet had time to ascertain the facts nor to reach
any conclusions as to the merits of your controversies, but it is satisfied
that delay in teaching an agreement is bad for the whole country and that
every interested party would suffer a greater economic loss by the closing
of your mines even for a comparatively short period than would be sustained
by a continuance of your present agreement until April 1 1924.
If, therefore, all efforts to reach an agreement fail.the Commission urges
you in the interest of the common welfare to continue your present arrangement until April 1 1924, by which time this Commission expects to have
found and reported fully all the facts over which your disagreements have
arisen with recommendations to the Congress, and by which time the Congress will have had opportunity to consider and take such action in the
premises as it may deem wise.
(Signed) JOHN HAYS HAMMOND.
Chairman, U. S. Coal Commission.

I. Large Profits.
It has been suggested to us that one of the causes of high prices of coal is
profiteering. There has been profiteering in the sense that grossly exorbitant profits have been taken at times by many operators, brokers. and retailers; profits that have been disproportionate to the cost of the coal or the
service rendered or the risk incurred.
But this Commission has not yet obtained the figures for the past ten-year
period specifically required by the Act in order to settle this question. A
thorough examination of the profits of production and distribution, including the revenue derived from associated enterprises, is already
under way.
2. Labor Difficulties.
Others attribute the instability in the coal industry primarily to labor
troubles.
There can be no doubt that two of the three periods of high prices since
1916 have been caused largely by labor troubles. In the first period of
scarcity—August 1916 to March 1918—there were no strikes of consequence and therefore some other explanation of the high prices and distress
must be found.
The second period of runaway prices, November 1919 to late in 1920,
was originally caused by a nation-wide strike of miners beginning Nov. 1
1919. In this case the shortage created by the strike was aggravated by
difficulties in transportation resulting in part from severe weather and in
part from a strike of railway switchmen, and was further intensified by an
unprecedented demand for export and by boom times at home.
In the third period of shortage and high prices, from which we have not
yet emerged, the primary cause was a nation-wide suspension of mining,
involving practically all union men, which closed the ah.hracite region
completely and shut down two-thirds of the capacity in the bituminous
fields of the United States and Canada. As the merits of that suspension,
whether it more resembled a "strike" or a "lockout," the Commission
expresses no opinion in this report. The point of immediate interest is
that, as before, the effects were prolonged and intensified by transportation
troubles until prices rose alarmingly and industrial plants began to close.
We may refer to the unfortunate and unusual coincidence of the general
cessation of work in the union mines in the summer of 1922 with that of the
railroad shopmen and other crafts within the same period. The former
very largely curtailed the output of the mines and the latter so affected
transportationin the fall and early winter as to interfere seriously with the
distribution of coal. The effect was seriously to deplete the usual supply
of coal with which the country enters the winter.
When work was resumed and the mines were once more turning out their
product, it was found that the increased output could not be distributed
apace with production, for the effect of one cessation of labor was not so
quickly remedied as the other, and not even yet has the transportation
equipment been restored to its former condition. With the shortage of
coal and lack of railway facilities the fall season opened with general bidding
for the supply on hand. Prices were forced up with the obvious effect
on the public.
Whatever the cause or the merits of the labor controversy, it is clear that
an indefinite repetition of these crises in the production and distribution
of coal would be intolerable. Industry and the home alike must be freed
from the menace of constant interruption of their coal supply.
The responsibility of settling its disputes rests primarily upon the industry. The Commission appreciates not only the importance of this principle
but realizes also that it is vested by the law creating it with no functions
of mediation or arbitration and only when it had reliable information that
the efforts of the parties in controversy to reach a basis of agreement were
on the verge of failure did the Commission feet constrained to offer its
suggestions. With knowledge of the fact tnat a suspension was threatened
on April 1 1923, in the unionized bituminous coal fields, it could not sit
idly by and not use its good offices to promote peace. It therefore warned
miners and operators alike that the country looks to them to settle their
own disputes and to roach an amicable agreement when the present contract expires. In this spirit the Commission addressed the following
telegrams to the joint meeting of operators and union minors at Chicago,
on the.third of this month:
To the Operators and Miners Committee on Reorganization:
The United States Coal Commission respectfully calls your attention to
the fact that among the subjects assigned to it by the Congress of the
United States for investigation is that of the causes which from time to
time induce strikes in the industry. There is sharp conflict in opinions
expressed to the Conpnisslon as to whether the cessation of work on April 1
1922 in the unionized bituminous coal fields of America was a strike by the
miners or a lockout by the operators.
As the duly appointed representatives of operators and miners in the
fifteen organized union districts, you have met for the purposes of finding
a way to maintain peace in your fields. Failure to agree would create an
intolerable situation. Such failure would inevitably result in most serious
Injury to the general business and common welfare of this country. All
branches of the industry have promised this Commission their co-operation
in the discharge of its duties. The Commission, therefore, in the public
Interest, urges upon you the obvious necessity of promptly devising some




Washington, Jan. 4 1923.
In response to the above a telegram was received on Jan- 5 from Mr.
Phil. H. Prima. Chairman of the Conference, as follows:
"Your telegrams dated Jan. 2 and Jan. 4, addressed to the joint Reorganization Committee of Bituminous Coal Operators and Coal Miners,
were 'given serious consideration by the operators in their meeting here
to-day, after they had failed in their efforts to reach an agreement with the
miners upon a method for future wage scale making.
"The joint conference made earnest, serious and sincere effort to reach an
agreement. The cumbersomeness of a mationwide conference of bituminous coal operators and coal miners, representing fifteen producing districts.
made success impossible. The diversity of opinion and the divergence of
interests in such a gathering a obvious to any competent observer.
"The operators' proposal to the conference was the only one upon which
agreement could be reached among themselves. We believe further it
offered a practical and practicable solution of our difficulties. We regret
that the miners could not agree with us on this proposal. No other solution.
could come from this conference.
"As to renewal of the present arrangement with the miners, as requested
in your tlelgram dated Jan.4,a reading of the Cleveland agreement with the
miners, dated Aug. 15 1922 will disclose that the present conference has no
power, jurisdiction or authority to take such action. The conference or
conferences to consider this matter comes subsequent to the adjournment of
this meeting. The arrangement of such conference is being given consideration at this time."
On Jan. 6 the following telegram was received from Mr. William Green.
Secretary of the Conference:
"Your telegrams directed to me as Secretary of the Reorganization Committee, were read to the conferences of coal operators and miners. Each
side decided to make reply. Both groups decided to make separate reply
thereto.
"The United Mine Workers' representatives were profoundly impressed
with the advice and suggestions transmitted through your messages. Unfortunately, because of the diversity of interests represented in the conference it was impossible to reach an agreement upon the form and character
of a wage scale conference.
."You can be assured, however, that the situation is not hopeless but, on
the contrary, it is reasonably certain that a wage scale conference will convene before the end of this month.
"The United Mine Workers will diligently endeavor to reach a settlement
of the wage scale at the earliest possible date."
On Jan. 11 the following telegram was received from Mr. John Lewis:
President of the United Mine Workers of America:
"The Unites States Coal Commission has already been advised that the•
representatives of the miners and operators of the Central Competitive
Field will meet in Joint Conference at the Pennsylvania Hotel, New York,
on Thursday, Jan.18,for the purpose of negotiating an agreement for wages
and working conditions in the bituminous industry of that area. It is the
sincere and earnest hope of the United Mine Workers of America, that this
joint conference may successfully and quickly accomplish that task. We
are anxious to bring about a stabilization of the coal industry and will assure
the American public and business and industry in general a steady.supply
of fuel for the future, and this can best be done by an agreement between
miners and operators that will cover a period of two years or more. A
contract for such a period would enable industry and business to make their
plans for the future knowing that they would be safe from such interruptions
to the coal supply as have occurred in recent years.
"The representatives of the United Mine 'Workers will enter the joint
conference in good !lath and with a sincere purpose to do their part toward
affording such assurance. In the meantime the Commission would be
relieved of all anxiety as to whether there would be peace in the coal industry, and the Commission could carry on its investtgatlons and reach'
Its conclusions before the expiration of such agreement."
While the Chicago conference to which the Commission's telegrams were
sent, took no official action, it is seen from the above replies that definite
steps were taken at Chicago and this Conunission has reason to believe that
an agreement will be reached in the near future that will avert any widespread cessation of mine operation in the union fields on April 1. thus assuring the needed coal supply for at least another year.
We are seeking to promote industrial peace by ascertaining and publishing
certain facts. The first group of these includes reliable data on wage rates
and earnings, on the volume of employment,on the costs and profits of the
industry, on the competition of other fuels and of coal produced by nonunion mines. All of these subjects the Commission's staff is now studying,
and the results of its investigations will be made public in supplementary
reports to Congress as fast as they become available. Up to this time
returns on costs are already received and are being analyzed from about
2,000 operators, representing about 40% of the total bituminous output.
A second group of facts required includes the effect upon the industry
of provisions for the check-off of union dues, participation in management
or limitation upon freedom of management, and other working conditions.
This also involves investigation of what causes petty strikes resulting in
costly stoppage of operations.
Collective bargaining should rest upon reason rather than upon force.
American law and American public opinion recognize the right to organize
into unions and the right to work without let or hindrance. It is alleged
by the mine workers that in Logan County, West Yriginia,Somerset County.
Pennsylvania, and elsewhere,free speech and peaceful persuasion have been
denied, in violation of the law. It Is charged by operators. on the other
hand, that the agents of the union have resorted to violence in their efforts
to organize the non-union fields and thereby to lessen competition of nonunion coal produced at lower costs., We will investigate and report upon
the methods used by union miners to organize these fields and the methods
used by the operators to prevent such organisation.

256

THE CHRONICLE

3- Car Shortage.
the
An opinion commonly expressed before the Commission is that
primary cause of scarcity and high prices of coal is transportation deficiency.
There have been recurring periods of "car shortage," and such periods
have generally been accompanied by high prices of coal. There are many
of
other causes for the inadequacy of transportation beside the absence
cars, such as lack of motive power, congestion of yards, terminal facilities,
or gateways, single tracks where double tracks are needed, inability to coordinate movement of boats and cars at ports, strikes of railway labor, and
severe winter storms temporarily blockading traffic. Any one of these
elements may be responsible for what to the operator at a mine seems a
simple "shortage of cars."
Car shortage occurred at intervals before the war, but since 1916 it has
appeared more frequently and for longer periods, and its effects upon
prices and coal supply have been more serious. This increase in transportation disability as a factor interfering with the movement of coal is in part
due to the depreciation of equipment under the strain of war and labor
complications. This important subject—inadequacy of railroad equipment
—IS under careful study by the Inter-State Commerce Commission as well
as by this Commission, and it is hoped that definite findings and recommendations can be made later.
The so-called "car shortage" is not always due to insufficient coal-carrying
equipment alone. In part it has been due to an overload upon the transportation system beyond what that system could reasonably or properly
be expected to bear. The period of coal shortage and high prices from the
middle of 1916 to March 1918, was marked by almost continuous complaint
of lack of cars at the mines. But the volume of traffic thrown upon the
roads as a result of the war exceeded anything in their previous history,
and when by the summer of 1918 adequate preparation had been made to
handle the traffic all current requirements for coal were met and an unprecedented surplus accumulated in storage.
In the next period of shortage—November 1919 to late 1920—the roads
were called upon to make up for six weeks' stoppage in coal production
caused by a nationwide miners' strike. On Nov. 1 1919 the union bituminous &Dors stopped work, and when they resumed, on Dec. 13, the movement of coal was 26,000.000 tons behind the previous year. The railroads
Were then asked to make up the deficit and to do it on top of the regular
current movement of coal and other freight. The extra load came at a
time when the export business in coal was unprecedented and when general
business was booming. Even so, the railroads could probably have met
the demand had it not been for the severe storms of that winter and the
switchmen's strike of the following spring. As it was, they established a
new record for total volume of traffic handled, and by the end of 1920 the
deficit in coal supply had been overcome and the price was again normal.
Since the resumption of work. in Aug. 1922. after five months cessation,
more bituminous coal has been offered for shipment than the ratlroacLs
have been able to carry, but only by invesang money in a transportation
system vastly in excess of reasonable requirements may the people of the
country expect the railroads to make up within a few weeks the corsequences
of the five months' suspension of a large part of the coal mining.

• At the beginning of 1923, says the Commission, the bituminous coal industry presents to the country its usual contradictions. The one complaint common to most of the coal
mining territory is that of "oar shortage"; yet the outstanding fact is that in spite of a miner's election day and
the Christmas holidays, these coal mines produced in
December 1922 over 46,000,000 tons of soft coal. An
actual shortage of anthracite has kept domestic consumers
on the verge of a buyer's panic, restrained only by the cooperation of the larger coal operators with the Federal and
State fuel distributers," yet the 46,000,000 tons of soft coal
was probably sufficient for the countrfs needs for current
consumption, oven in December, if evenly distributed.
'The fact that low coal reserves in the hands of the consumers
are not being rapidly replenished doubtless adds to the fear
of scarcity, yet a full-car-supply for the country's soft coal
mines, as rated by the railroads, would have• furnished
transportation in December for more than 75,000,000 tons
or 20,000,000 tons more than the country ever took from the
mines in a single month. Plainly, "100% car supply," as
based on such inflated ratings, would create a car surplus
or a coal surplus far beyond the ability of the market to
absorb, declares the Commission. The report then goes
on RS follows:

[VOL. 116.

the irregularity in demand is seasonal, greater in cold weather than in
summer,the lost time in summer is unavoidable unless some means can be
devised to encourage the storage of coal during the dull months. The
seasonal fluctuation in demand varies greatly from one district to another:
in some fields of the East it is unimportant;further West it is dominant.
Moreover, our preliminary studies show that oven in times of maximum
demand the mines RR a whole do not work full time. In other words, the
mine capacity is in excess oven of maximum requirements. Although the
country has never been able to absorb in a year more than 579.000.000 tons
of bituminous coal,the present capacity of the mines is well above 800,000,000 tons.
The steady Increase in the army of bituminous coal miners during the
last four years, notwithatanding a lessened demand for their product, is
also a fact that stands out in the statistical records furnishei the Commission by the U. S. Geological Survey, In 1918, the year of maximum coal
output, when 579.000.000 tons were mined, 615,000 men were employed
in the bituminous coal mines, nearly 622,000 the next year, over 639,000
in 1920, and in 1921 663,000 mine workers were employed in producing
about 416.000,000 tons. To get a year comparable in soft coal output
with 1921 we have to go back to 1910, when 417.00e.000 tons were mined,
and it is significant that in that year loss than 556,000 mine workers were
emnioyed—orabout a million more tens f enal with 1rii.0f0 fewer miners.
The difference between 1910 and 1921 may be viewed by the consumer of
bituminous coal somewhat as follows: The manufacturer who bought
10,000 tons of steam coal in 1910 paid for the year's labor of 13 1-3 mine
workers, whereas if he bought the same amount of coal in 1921 he paid the
wages of nearly 16 mine workers. This plainly is not progress, but the mistake must not be made of blaming the miner for a decreased output, for the
average miner's daily output in 1921 was 4 1-5 tons, taking the 8,000 commercial mines, large and small, in the United States, and in 1910 his daily
output was about 335 tons, although this difference Is attributable in part
to the increased use of machines. But in 1910 the average bituminous
coal mine was operating 217 days as against 149 days in 1921.
This condition of over-development In mines and of surplus number of
miners is an underlying cause of the instability of the industry. It means
unemployment and intermittent employment to the coal miner and a direct
loss to him of earning power. It explains his need and demand for a day
wage rate higher than the average for most other industries. It has also
adversely affected the profits of the operator and Imposed a burden on the
consumer.
The seasonal character of coal movement Is a serious handicap to the railroads in those districts where it is the rule. If the peak demands of the
mines are to be met the carriers must provide equipment for which there is
no use in the off-season.
The unequal distribution of work between mines, attributable by many
persons to the assigned and private car system, is also being considered by
the Inter-State Commerce Commission at this time. By this system men
In one mine may get perhaps only one day's work a week and others, even
In an adjoining mine, may get six days' work, causing discontent and
strengthening the demands for higher rates of pay applicable to all.
As for the public, the cost of maintaining an over-developed industry is
reflected in the high price of coal. We do not know accurately the extent
of burden, but it may well be measured by the cost of keeping in the industry an excess of perhaps 200,000 miners and their families and the excess investment in mines.
The Commission is convined that there ean be no permanent peace in the
industry until this underlying cause of instability is removed. Diverse
causes have apparently promoted over-development, and inquiries are in
progress as to the relative importance, among others, of the following:
The policy of railroads toward encouraging tho opening of new mines and
new mine fields as sources of revenues: car distribution rules that permit
If they do not encourage, larger capacity than the market obviously requires; the opening of new mines by large consumers: the establishment of
freight rates that encourage the development of new fields; shifts in centres
of consumption that abandon old fields and encourage new fields: the
difference between union and non-union wage costs; large scale suspensions
in the unionized fields: and irregularity of demand.

5. Coal Storage.
A preliminary survey indicates that much can be done to overcome irregular demand by encouraging the storage of coal, and the Commission
cannot stress too strongly the great advantage of coal storage during the
spring and summer for fall and winter use. This recommendation should
apply to all consumers of coal—the railroads, the public utilities, the industries and the home—and on the measure in which it may be adopted will
largely depend the evenness of distribution and the cost of coal to the
public during the season of heavy consumption. In addition, it will contribute to more continuous operation of the mines during the summer, distributing employment more evenly throughout the year, thus tending to
stabilize he industry. Coal storage, generally adopted by the consumer,
large and small, would benefit the carrier systems of the country by equalizing their load. It should have the effect of reducing the price of coal to
the consumer.
The way in which to reduce the over-development of the mining indus4. Overdevelopment.
is fraught with so many complications, not all of which are evident at
Already in our study we have come to see that underlying these immediate try
first glance, that the Commission has not yet had time to ascertain sufcauses of scarcity and high prices—labor difficulties and transportation ficient facts on which to base any recommendations now to be made to the
deficiency—are other causes; namely, the irregularity of demand and the
Congress. While it might be expected that in an over-developed industry
over-development of the mining industry. These basic factors apply aggressive competition would have driven out mines with high producing
directly only to bituminous coal but indirectly they affect anthracite as costs and forced prices to the consumer down to a minimum, so many
well, for anthracite is in competition with bituminous coal and the wage
such complex factors have operated to prevent the free play of economic
scale in the one industry is influenced by changes in the other.
forces that a very detailed and comprehensive investigation is required
We find that in the bituminous industry since 1890 the minas have
before a valid conclusion can be reached.
averaged, over the country as a whole, only 213 days out of a possible
The inquiry involves the whole question as to what is best for the people,
working year of 308 days. Those averages, of course, show nothing as
or their individual free competition. Government or private ownership, regulation or control
to toe relative annual earrings of individual miners
coal industry. Should the operators in given areas be permitted to
opportunity to work. In 1920, a year of active demand, the average time In the
combine so that the low-cost mines would furnish the product to the people
worked Was only 220 days. and in 1921. the year of depression, it dropped and the high-cost mines kept in abeyance to meet
an emergency, properly
a figure much below this average.
to 149 days, with many districts showing
regulated as to price and profit by some Governmental agency, or should
Over a long period comparatively little of the time lost has been on account
when there are no strikes the aggregate this prime necessity of life and business be left wholly to open competition
of strikes and that in the years
when strikes occur. In the market? This problem is of so great moment, with reference not
time lost from all causes is about as great as in those
ofstrikes extends, only to theories of government but also to the econoinic life of the Republic,
record
statistical
tbe
which
over
years
twenty-three
In the
a year, or less than that the view of the Commission must be left to its final report.
the time lost bOCIIUSO of strikes haq averaged 9 days
There can be no satisfactory agreement as to wage rates and no lasting
10% of the time lost for all causes combined.
facilities during the peace between operators and men unless steadier employment can be proThe other attributed cause, lack of transportation
as "car shortage,' vided. There can be no satisfactory solution of our transportation problem
annual peak of railroad business, commonly known
long as the railroads are subjected to sudden peak loads of coal traffic
enhances the cost to the consumer, but it does not explain the short working as
at their
coal is supplied ..he miner gets it at the season when the demands of agriculture and industry are
year for the miners. When the needed
work takes so much time and no more. he'ght.
out at one time or another and his
fundaraises
The Commission believes that the public interest in coal
-development in the industry.
Short working time is the result of over
of the country mental questions of the relation of this industry to the nation and of the
needs
the
than
miners
more
and
mines
more
There are
degree to which private right must yield to public welfare. It may be that
require.
labor in a public
of the bituminous mines is the variation both private property in an exhaustible resource and
operations
part-time
of
cause
private rights,
•WA
part seasonal. In so far as service industry must submit to certain modifications of their
in:demand for product. In part annual and in




JAN.20 1923.]

THE CHRONICLE

receiving in return certain guarantees and privileges not accorded to purely
private business or persons in private employ.
JOHN HAYS HAMMOND, Chairman.
GEORGE OTIS SMITH,
THOMAS R. MARSHALL,
EDWARD T. DEVINE,
CLARK HOWELL,
CHARLES P. NEILL.
I approve, and if a qualified member of the Commission would sign the
foregoing report. While appointed and confirmed as a member of the Commission, being a Federal Judge I could not lawfully at the same time hold
the coramissionership without authorization by Congress. But at the
request of the President and of the Commission I have been present and
advised with the Commission in all its proceedings, without having qualiSAMUEL ALSCHITLER.
fied as a member of it.

Bituminous Miners and Operators Confer in New York
on New Wage Scale.
Miners and operators of the bituminous coal fields, who
recently were deadlocked in their conference at Chicago,
resumed the session on Jan. 18 in New York in an effort to
work out a new wage scale to replace that which expires on
April 1. The sessions are being held in the Hotel Pennsylvania. Because of the failure of official representatives of
coal operators from western Pennsylvania and southern
Ohio to appear in answer to the call issued for a conference
of operators and miners in the central competitive field, the
meeting.resolved itself into a tri-State meeting. The work
of the conference will continue, it is stated, despite the
defection of the Pennsylvania and Ohio operators, and an
attempt will be made to reach an agreement for Illinois,
Indiana and northern Ohio, in the hope of avoiding a strike
in the bituminous fields on April 1. If an agreement for
Illinois, Indiana and Ohio is negotiated by the conference,
it was reported that the western Pennsylvania operators
would probably fall in line, virtually restoring the old central
competitive field arrangement, which was first established
in 1898 and which has continued, with a few exceptions, for
25 years. The coal operators whose credentials were
approved at the meeting on Thursday handle 175,000,000
tons of coal annually, approximately 36% of the total coal
consumption of the United States. William D. Green,
Secretary-Treasurer of the United Mine Workers of America,
said that his opinion was that an agreement would be
reached. Permanent officers elected were Michael Gallagher,
General Manager of the M. A. Hanna Coal Co. of Cleveland
and President of the Pittsburgh Vein Coal Operators'
Association, as Chairman; William Green, SecretaryTreasurer of the United Mine Workers, Secretary; and Walter
L. Robinson of the Youghiogheny & Ohio Coal Co., Assistant
Secretary. The conference will probably continue into the
middle of next week.
Defendants in Herrin Mine Riots Acquitted.
After a trial lasting several weeks, the five men charged
with the murder of Howard Hoffman, one of the mine
guards killed during riots in Herrin, Ill., in the coal strike
last summer, were acquitted on Jan. 19. The jury, in
Marion, Ill., where the trial was held, had been out more
than 24 hours when the verdict was returned. The case was
given to the jury after a long list of instructions had been
read by Judge D. T. Hartwell. "If one of the accused men
committed the crime charged in this indictment and if the
other defendants stood by, aided, or encouraged the crime,
it is your duty to find all of the defendants guilty," the Court
declared. After the jury retired, Judge Hartwell said: "It
is murder or nothing." In his instructions to the jury
Judge Hartwell said: "It is not against the law to mine
coal without being a member of the United Mine Workers
of America. If assaulted or killed for no other reason it
cannot be justified, because they were not members of that
organization." The judge instructed the jury that if they
were convinced by the evidence that the defendants had
engaged in a conspiracy to do an unlawful act which led to
the killing of Howard Hoffman, they were guilty of homicide
whether or not they had actually taken part in the slaying.
Before the jury was brought in, Judge Hartwell said he did
not believe any instructions should be given regarding
manslaugherter, self-defense or justifiable homicide, as the
defense had pleaded alibis for all of the defendants.
Francis R. Wadleigh Successor to Conrad Spens as
Federal Fuel Distributer.
Appointment of Francis R. Wadleigh as Federal Fuel
Distributer to succeed Conrad E. Spens, who retired voluntarily on Jan. 1, was announced on Dec. 30 at the White
House. Mr. Wadleigh had been Mr. Spens's assistant.




257

Major-General Goethals Succeeds State
Fuel Administrator.
Major-Gen. George W. Goethals, builder of the Panama
Canal, was appointed last week State Fuel Administrator
by Governor Smith, succeeding William H. Woodin, who
resigned just prior to the going out of office of Governor
Miller. General Goethal's appointment was announced
on Jan. 9 by Governor Smith following a conference with
Mr. Woodin, whose resignation had been submitted a week
before. The new State Fuel Administrator took office on
Jan. 10. Governor Smith had asked Mr. Woodin to continue
in office, where he served since his appointment in September
without compensation. Mr. Woodin, however, declined
the Governor's request. The Governor made plain that
with the change of administration the $10,000,000 revolving
fund set aside by the Legislature will be used if it is needed.
It was made available to enable the State to buy coal for
distribution at cost to prevent profiteering. All that is
needed is that the new Fuel Administrator should certify to
the Governor that an emergency which justifies the State
in going into the coal business really does exist. This fund
remains intact, as Mr. Woodin never took advantage of a .
clause that was put into the law to assure a supply of coal
for the poor at a price within their slender means. The
resignation originally filed by Mr. Woodin included the
resignation of every district administrator and practically
every member of the organization he built up. "In order
that the people may not be unduly alarmed through a belief
that the whole fuel-distributing machine has been toppled
over with the retirement of Mr. Woodin, I wish to announce
that all the district administrators will remain in their
present positions, subject, of course, to the pleasure of
General Goethals," the Governor said. "The principal
trouble, as I gather it from what Mr. Woodin told me, is
that the smaller dealers are profiteering and charging more
than the 70 cents which has been pronounced a fair price
for 100 pounds of coal in bags, and that participants in the
so-called peddlers' pools do not live up to the prohibition
against piling coal in lots in excess Of 100 pounds. Under
the law, General Goethals will have ample power to deal
with these abuses, and I have no doubt he will deal with
•them in the energetic manner characteristic of him. I
have left it all to him, and I do not want to hear a thing
about coal from now on."
General Goethals will devote all his time to his new duties
as long as a crisis continues. To indemnify him against
inevitable loss of income from his engineering business the
Governor, under a provision of the law creating the office,
has given to the new appointee a salary of $30,000 a year,
or $2,500 per month.
General Goethals gave orders on Jan. 11 for the seizure of
1,750 tons of anthracite coal that had been standing in ears
on a siding at Elmhurst, I.: I., for several days. The seizure
was ordered on the ground that the coal, which was consigned
to the Elmhurst Coal Co., had been kept from delivery to
consumers who are nearly or entirely out of fuel "long
beyond a reasonable time." The coal was part of a shiPment
of 75 carloads that was consigned to the Elmhurst company.
General Goethals decided upon its seizure after a conference with Samuel J. Drummond, administrator for
Brooklyn and Queens, and Arthur S. Learoyd, District
Administrator for New York City. It was held that the coal
company could not possibly unload seventy-five carloads
within a reasonable time. Forty cars, however, were left
to the company, while the other thirty-five will be allocated
to dealers in Queens who have little,or no coal.

Retail Coal Dealers in New York Name Fair Price
Committee.
Increasing complaints that coal peddlers are profiteering
in this city resulted on Jan. 17 in the appointment by the
Retail Coal Dealers' Association, after a conference with
General George W. Goethals, State Fuel Administrator, of
a committee to determine fair prices for peddlers in this city.
General Goethals took up with the dealers not only the
question of peddlers' prices, but also complaints of short
weight. It was charged that many peddlers were delivering
only 80 or 90 pounds in bags for which they charge the price
for 100 pounds. The Fuel Administrator said that the city
ordinances covering weights and measures must be complied
with and that steps should be taken immediately to see that
all of the bags were properly stenciled, so that weights would
be marked on them.

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Inter-State Commerce Commission Orders Priority for
Coal Cars to Government Fuel Yards.
The Inter-State Commerce Commission on Jan. 16 issued
a service order directing the Pennsylvania, the Johnstown &
Stony Creek and the Baltimore & Ohio railroads to give preference and priority in the supply of coal cars for shipments
of bituminous coal from mines in Pennsylvania to the Government fuel yards. The order was issued on a finding that
an emergency existed on the railroads named and that they
were unable properly and completely to serve the public in
the transportation of bituminous coal. Similar orders have
been issued heretofore.
Prices at Anthracite Collieries.
As a matter of general information, F. R. Wadleigh,
Federal Fuel Distributer, on Jan. 6 made public a schedule
of prices on anthracite at the various collieries which have
been approved by the Pennsylvania Fuel Commission and
concurred in by the Federal Fuel Distribute:. The prices
given ranged from $8 15 to $12 and were f.o.b. per ton of
2,240 pounds at the mine. Approximately 99% of the total
anthracite production was covered by the schedule.
Name of Operator—
Alden Coal Co

Price.
110 00 Includes 20c. commission to Whitney
& Kemmerer.
Alliance Coal Mining Oo- 9 25
Archbald Coal Co
12 00 Includes selling costs.
Bald Mountain Coal Co
9 50 Includes 20c. commission to Whitney
& Kemmerer.
Bergen Coal Co
12 00 No selling commission to be allowed,
incl. 31 50 for hauling mines to cars.
Buck Ridge Coal Mining Co_ 9 25
Buck Run Coal Co
10 50 25c. selling commission to be added.
Butcher Creek Coal Co
11 00 Does not provide for selling commis'n.
Carney & Brown Coal Co- - 11 25 Includes selling costs.
Central Coal Co., Wilkes-Bar. 12 00
John Conlon Coal Co
10 25 To which a selling commission of not
exceeding 25c. may be added.
Connell Anthracite Mining Co. 9.25
Cranberry Creek Coal Co.
8 50

[VoL. 116.

ment of skill and efficiency. It is declared that a political
labor party, which would protect the interests of the miners
by bringing political influence to bear on Government commissions, is essential to the success of the plan, inasmuch as
the representatives of the people designated to decide problems of control and expenditure would probably at present
be unsympathetic to labor. There is a preamble of justification for the proposal, which says:
The coal industry has been so disorganized and mismanaged that the situation in recent years has approached what big business men and stand-pat
Senators describe as a "catastrophe." Intelligent men, with the welfare of
the industry at heart,agree that the "game is up"—the old game of speculative profits, over-production, shortages, sky-high prices, unemployment,
gunmen,spies,the murder of miners,a sullen,desperate public. Unless unification and order enter the industry,there will be a blow-up somewhere,followed by drastic,angry and frenzied legislation. The American Kingdom of
Coal is to-day in as chaotic and explosive condition as the States of Europe. No single constructiye suggestion has come from the operators. No
large leading idea has comefrom the public. The public is feeling intensely,
but is not yet thinking wisely.
The operators haye a fresh explanation for the annual crisis as often as it
rolls around. One year it is car shortage,another year high wages,then the
war,then Government interference. Of thought-out plan and remedy they
have offered none.
The only large-scale proposal has come from the United Mine Workers of
America in their demand for nationalization. It is the only proposal that
grapples with slack work for the miners, high prices and irregular supply for
the consumers. It is now the job ofthe minersto decide what kind of nationalization they want. There are only three plans possible for control and
administration. All other plans are minor variations on those three. There
are only three plans possible, because, after the owners are bought out,only
three interests are concerned—the public, the miners and the technical and
managerial group. The plans differ in the proportion of power they give
to each of the three interests.

Any plan must not only provide a decent American standard of living to the worker, but must satisfy his desire for
a voice in the management, says the proposal, according to
the New York "Times," adding: "The American worker has
no use for the thing called State Socialism. To have a group
of politicians at Washington manage coal would be as distasteful to the miner as it would be to the long-suffering
public." Some gains, such as control over the rate of pay,
qualifications, hours, inspection and other details, have been
won by the union. "But these gains are not enough for a
United Mine Workers Would Have Government Acquire worker in a democratically managed industry," says the
Coal Industry for $1,500,000,000—Union's Plan for
plan, and then goes on as follows:
Nationalization.
He wishes the right to make suggestions on technical improvements.
on car-pushing, on slack work, on output and the right to take part in
Radical and far-reaching plans providing, among other carrying
them out. There will be no complete co-operation until his
things, for the purchase by the Federal Government of the suggestions are welcomed and weighed. His good-will and intelligence,
They must be incorporated In any successful
nation's entire coal industry, both bituminous and anthra- should be encouraged.
scheme of administration. The working miner must haye a real part
cite, at a total cost of four billion and half dollars are com- in the government of coal. Democratic management is what the worker
prised in a scheme which is to be submitted this month to wants. By democratic management he means that coal shall be run
by the people who mine it, who apply their scientific knowledge to its
the U. S. Fact Finding Commission by the United Mine problems,
who transport it, who sell it, ivho use it. If coal were run
Workers of America. The plan, embodied in a report of by a bureau at Washington the miner would feel as far away from being
represented
in the industry as he feels to-day under private ownership.
the nationalzation committee of the miners' union, which
But any plan of nationalization must also include ownership by the
has been considering the question since the union conven- public.
Ownership of the mines by the miners alone would be as unjust
tion of 1921, was announced Dec. 29 by Chris J. Golden, and as disastrous as ownership by the coal operators has proved itself
President of the Union District No. 9 and a member of the to be. The public must give the final decision on the large issues of the
But it is always ownership that gives this power of decision.
committee, at the dinner of the League for Industrial De- Industry.
So the public must own the mines.
mocracy in this city.
Any plan of nationalization must include the separation of control
decision of policy is one thing. The job of
The plan, which is claimed to be the result of eight months from administration.is,The
running the industry, is quite a different thing.
administration, that
of work by the Nationalization Research Committee of the To give control to the community as a whole, to safeguard the future as
Union, of which Mr. Golden was a member, places a valua- well as the present, to practice the American policy of conservation equally
that of business initiative—all this is in the job of control. Control
tion on the soft coal industry—based on operators' and with
means to know what is actually being done as well as to know what must
Government estimates—of between $1,500,000,000 and be done to get results and to order the thing to be done. Control means
$2,000,000,000. This, it is pointed out, is a little more statistics of output, requirements, stocks; it means tests, inspections,
publicity; it means the collection of all the necessary new and
than the selling price of soft coal at the mines for 1921. The research,
now unknown facts about the industry.
estimate of capital investment in the anthracite fields was
Under public ownership and democratic administration the coal industry
want, how much of a supply is
given as $432,000,000, the Federal census figures, and the will find out how much coal the people
already in stock, what is the cost of mining coal, how much pay miner
value of royalty payments on coal in the ground in which gets, and what the correct price is for a ton of coal. These areasimple,
operators have made investments was placed at $2,000,000,- easy, fundamental and essential facts in running an industry. But not
these elementary facts is known to-day.
000. So the miners estimate the total cost of the Govern- oneAofpermanent
fact-finding agency will be one of the instruments of
ment taking over the coil fields as $4,500,000,000.
control. Control means a permanent Federal Inter-State Commission
eyes of the Commission will be a fact-finding agency,
the
and
The miners propose as the basis of an organization for of Mines,
with uniform accounting and a research group. At the head is the Secreoperating the mines and fixing prices a Federal Inter-State tary
of Mines, a Cabinet member. This Federal commission will be
Commission of Mines, at the head of which would be a Secre- created by Congress and composed of at least eleven members. Five of
tary of Mines with a place in the Cabinet. This com- these members should be named by such bodies as the professional and
associations (engineers, &c.). The other six members will
mission would be appointed partly by professional and Industrial
be appointed by the President. The functions of this Federal Commission
industrial associations and partly by the President. It include fact-finding, scientific costing, budget determination, price-fixing.
would include fact finding, scientific determination of reserach. A scientific budget is essential to the success of this plan.
The Federal Commission on Mines would control the ficosts, price fixing and other similar duties. The work of
administration, of actual operation, would be done by a nances of mining under the plan, and the National Mining
National Mining Council, composed of three groups, repre- Council, representing the operating body, would present
senting the financial technical and administrative heads of to the Commission its receipts, expenses, salaries, wages,
the industry; the miners and the coal consumers. They costs, plans for development and prices. "Any plan of nawould be appointed by the Federal Commission from the tionalization must arrange for the determination of price,
nominations made by the groups represented. Wages would quality and quantity of output by the whole community,
be made a first charge upon the industry, with a national and not by the group of workers," said the plan. "This
basic wage as a foundation for determination. There means that the Federal Commission on Mines and the Secwould be differentials for risk, skill and local conditions, the retary of Mines will have the final say on these matters.
determination to be not on "class warfare," but on measure- That will be the public safeguard." The Bureau of Wage




JAN.20 1923.]

TRE CHRONICLE

Measurement would be a part of the Federal Commission,
which will pass upon the findings of the Bureau "from the
point of view of business expediency and economic feasibility. The Bureau of Wage Measurement will deal scientifically with the disputed points in rate fixing,such as dead
work, for which no satisfactory standardized rate has been
worked out." On wages the report says:
Wages will be made the first charge against the industry. A good
American life for the miner will be regarded as of equal importance with
a steady supply of coal at a reasonable price to the public. For the first
time in the history of the industry, disputed wage questions will be removed
from the administration of the industry where they do not belong, and
placed under the economic control of the industry, where they do belong.
The mine manager will be able to turn his face away from the business
office and direct his full attention to the getting out of coal. In the past
the "good" manager has too often been forced to be a labor "squeezer."
cutting rates to prove his efficiency. The good manager of the future
will be ranked by his skill in coal production and in the sound organization
of work. Administrators, instead of wage haggling, and market juggling.
will administer.

The principle of collective bargaining would be maintained
under the nationalization plan, which holds that the union
must be safeguarded as much as under private ownership.
"The United Mine Workers of America under nationalization will not only participate in administration, but must
in addition maintain its own life and integrity as an 'independent organization of initiative and defense,'" says the
statement. "It must be in a position to discuss wages
through the Wage Scale Committee, an independent joint
conference board. This is the same right which workers
under consumers' co-operation enjoy." This was in substance, says the New York "Times," the outline of the plan
for nationalization as put forward by the miners. It was
given "not as a final plan, but as something round which the
miners may build their own program and as a focus for the
thinking of the public." It pointed out that "the coal industry is so dependent on transportation that the miners'
program is one with the program of the railroad workers
for nationalization of the railroads." Joined to the plan was
a second Motion, entitled "A Warning," which contained the
miners' reasons for putting forward their plan. It said:
The present private control of coal is doomed. Plans for reorganization
are already being pushed by the press, President Underwood of the Erie
Railroad, and many others. This is a dangerous time for miners. The
miners must do their dvrn thinking and.do it quickly. They must beware
of specious plans in place of sound plans. When the miners offered to
the House Committee the suggestion for an emergency investigating
commission with a joint representation of the industry, miners and operators.
the operators responded with a substitute—a commission from which
miners were barred. When the miners urged a Federal fact-finding
agency, permanent and compulsory, the business interests answered with
various schemes for governmental regulation, or for "trustification."
But with the American plan for nationalization the risk of a joker substitute is greatest of all. Substitutes for pure food are near-poison. Substitutes for industrial democracy are semi-slavery. Until miners have
thought out a genuine plan for public ownership and democratic management of coal, until the minors back their plan by convinced and concerted
action, their demand for nationalization will invite substututes, any one
of which may make the present bad situation intolerable. A substitute
nationalization will destroy our union.
The conditions of success for nationalization are these:
1. Administrative organizing minds in the public service.
2. A competent technical staff.
3. A 100% organized union.
4. Collective bargaining publicly accepted as the basis of wage agreements.
5. A large labor representation in all departments of Government.
6. A political labor party.
Without these safeguards nationalization will be control of the industry
by a group ef business men in the interest of private enterprise. The reason
is this: American public opinion will demand and rightly demand that all
the important problems of control and expenditure shall be finally decided
by representatives designated by the people. At present these representatives would probably bo citizens unsympathetic to labor. Until labor is
adequately represented in voting strength. Government commissions will
be made up of politicians and "big" business men.
Without even raising the question of a Federal amendment many of the
steps toward nationalization can immediately be taken. Some of the power
lies in the "general welfare clause of the American Constitution. Congress
has power over coal. Its power is not only that over inter-State commerce.
but also the power over matters of public health, over matters charged with
public use,and over taxation. Existing powers of Congress are sufficient to
make coal a public) utility, and to control the chief functions of producing
and distributing coal. The "general welfare" clause of the Constitution will
prove effective in establishing coal as a public utility, just as the constitutional power over public highways has given Government control over the
railroads.
Confiscation, in any form, is of course, unthinkable. All those holding
an inyestment in mines, equipment,and coal beds, will be recompensed at a
just figure. The first steps will be taken by the Federal Fact-Finding
Agency,the Bureau of Statistics, in listing the plants, and in making a list of
the owners of the coal beds. That register is an immediate need, regardless
of nationalization. The foliws the task of a valuation of the coal beds.
The Government has used up several years in valuing railroad properties.
We suggest as the principle for appraising the value of coal the principle of
established expectations. This means that the nation buys up the established expectations cf the owners of the coal beds. It gives compensation for
the disturbance of established expectations of being able to draw an income.
With established expectations as tho principle of purchase, the work of valuating is simplified.
For the British coal industry, it was estimated by Sidney Webb, that between two and three hundred million pounds would meet all demands. That
would be from a billion to a billion and a half dollars. This estimate included coal and collieries, royalties, and every form of stock holding.
Four and a half billion dollars for the coal industry and the coal of the
United States tie liberal estimate.




259

A. J. County Says Business Will Be Halted Unless
Transportation Lines Keep Pace With It.
Discussing "Adequate Transportation—How Will Our Nation Get It?" A. J. County, Vice-President of the Pennsylvania Railroad, in an address before the Bond Club of New
York on Jan. 5 observed that "1922 has witnessed a great rejuvenation of business compared with 1921, and business generally faces 1923 with the bright side forward." Adding that
"the country depends upon increased production, and the expansion of its domestic and foreign business as the basis of
its prosperity," he declared that "that prosperity will be
halted unless the transportation lines keep pace with it."
Mr. County urged that the railroad situation be taken out of
politics that under reasonable control and uniform; accounting and publicity the railroads be given freedom to conduct
their operations so as to earn a fair return; that Congress
allow "the Inter-State Commerce Commission to regulate the
railroads and avoid wasteful investigations"; that a fair
taxation policy be enforced "so that the taxation burden of
subsidized roads, waterways, ships,farmers, motors or manufacturers will not be laid largely upon the railroads"; that
"the railroads be given the right to fix wages and working
conditions around the table with their own men, without Governmental intervention, except as an arbitrator, to prevent,if
possible, transportation interruptions, and public suffering
from the lack of fuel and food, and from throwing out of employment the workers in the other industries, the mines and
farms." Finally, said Mr. County, "we need new encouragement infused into the whole railroad profession, managers,
officers and men, to release their initiative and administrative genius, and co-operate with each other to keep the railroads in a strong condition." Mr. County's address in part
follows:
Pennsylvania Railroad System an Index.
We have an index to the situation in the Pennsylvania Railroad System,
which represents well over one-tenth of the entire United States railroad
industry, by its $2,250,000,000 of investment, and in its public service, as
revealed in the cold figures called "ton miles" and "passenger miles." It
has 137,000 stockholders; many thousands of bondholders; and has 230,000
employees. For over three-quarters of a century it has paid a cash dividend in every calendar year, and also its wages in cash and on the date due.
It is a fair index to our country, as its officers and employees represent all
professions and trades; it uses all kinds of raw and manufactured products;
and its traffic and freight cars reach the entire United States and Canada.
There is no secret as to its financial and operating stability. Its well known
policy and practice has been that all profits over moderate dividends
were invested in the improvement of its property and equipment. Three
hundred millions of dollars of surplus, that might have been paid out as
dividends, were put back into the property for public service, and no securities issued against that $300,000,000. Were it not for such a policy it
would not have had such a record as a dividend payer. The Pennsylvania
System's conservative financial situation may be stated even more forcibly.
It has $800.000,000 invested in the property in excess of the par value of
the funded debt and capital stock held by the publics. It gives its officers,
who are also stockholders, freedom to express their personal views on the
railroad situation, as I am doing now, and even that may prove a function
of prudent management because we all appreciate that privilege so ranch
that we try not to abuse it.
In short. the Pennsylvania System has discovered that there was no transportation problem so long as a railroad company was allowed to earn enough
to pay regular dividends, and have a moderate surplus to sustain its credit
and improve its property. We also discovered that there will always be
a transportation problem so long as railroads have confiscatory returns
and cannot finance themselves through the issue and sale of capital stock,
Instead of entirely through the continued issue of bonds and equipment
trust certificates. The nation suffers from inadequate transportation because it has never had a practical transportation policy, and has not One
to-day.—Therefore, railroad managers have been forced to restrict improvements, equipment and service, because public control has become political,
absentee, governmental management, without financial responsibility,
and the skill of the railroad managers in economically handling larger traffic
Is lost in the forced limitations of his earnings on the one hand,and the forced
increase of his expenses on the other.
Restrictive Laws and Confiscatory Returns Produced Inadequate
Transportation.
The railroads have had the keenest so-called public regulation, but really
political restriction, for the last fifteen years, and in none of those years
has the railroad's investment been able to obtain a 6% return. In the
period from June 30 1908 to Dec. 311921, the railroad investment has increased seven and one-tenth billion dollars, or ever 53%, but the net railway operating income earned on the total investment was over $33,000,000
less in 1921 than it was in 1908. In 1908, a year of poor results, the net
railway operating income was equal to a return of 4.8% on the investment,
and in 1921 it was less than 3%. In 1922 it may be as high as 3%%•
This means that the railroad investors have had sufficient confidente to
increase their investment 53% since 1908, and I quote from the record taken
from the annual report of the Inter-State Commerce Commission of the
return that has been allowed on the investment. From every angle of
evidence that I can find that investment represents actual value, and
similar expenditure to-day could not reproduce the transportation lines.
terminals and equipment, with the real estate they occupy,for a lower sum.
Here is the return earned: In 1908. 4.8%; 1909. 5.2%; 1910. 5.5%; 1911.
4.7%; 1912, 4.5%; 1913, 4.8%; 1914, 3.9%; 1915, 3.9%; 1916, 5.9%;
1917. 5.1%; 1918, 2.6%; 1919, 2.3%; 1920, 0.08%; 1921, 2.9%; 1922,
probably 3%. Therefore, can we wonder that railroad expansion has
stopped and inadequate transportation has become the problem of the entire nation? The bad results of 1918, 1919 and part of 1920 are expected
to be borne by the Government for the Federal Control and Guaranty
periods.
The railroads are certainly essential to national prosperity. Secretary
Davis of the Department of Labor recently stated: "Our railroads represent

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one of the vital elements of our national life. They involve an investment
of 120,000,000.000. They spend approximately $5,000,000,000 a year
for wages, and in purchasing supplies, and through their pay-rolls and other
expenditures they form the source of livelihood for more than one-seventh
of our total population. In their employment and through their buying
power they keep busy more than 3,000.000 workers." The railroad executives prophesied these low returns and inadequate transportation, but they
•
are supposed to be prejudiced.
Political Regulation of Wages and Working Conditions Impossible.
We also have political regulation of employee relations, begun ,merely
as Governmental regulation of so-called working hours, like the Adamson
Act, then extended to wages and working conditions, and under Federal
control made into nation-wide unionism. That has borne its full drop of
Inefficiency, because discipline was torn to pieces, and the whole nation is
called upon to pay the costs; and it has brought about strikes, nad the
restriction of fuel and food supply, and the cost of lost markets. These
labor conditions and costs have intensified inadequate transportation.
Inequitable Railroad Taxation Caused by Subsidies.
We restrict the railroad earnings, increase their expenses and do not allow
sufficient net returns, and we likewise increase their taxes until now they
pay about 30% of their net revenue as taxes. We subsidize roads, nonproductive waterways and a few other odds and ends, which not only take
much traffic from the railroads, but throw upon the railroads a large part
of the taxes to pay these subsidies. Let us look farther. We tax railroads
on their gross earnings, their capital stock, or franchises, on the net income
as well, and in some States on the bond interest payments. We exempt the
manufacturing and mining corporations in many States from much of this
taxation, and think it is a good policy, and for good measure we top it off
by the protective tariff. In the last six years the Federal Government
alone apportioned over 8335,000,000 to help the States in building good
roads,some costing more per mile than railroads; and in State and Federal
Governments are many heavy non-productive capital outlays that should
be stopped. The irailroads are not opposed to paying fair taxes or to good
roads, motors, waterways, or successful farmers and factories. We ask
only that those who get these benefits shall pay for them. Already there
is a widespread necessity of abandonieg much railroad mileage because of
this bad Governmental policy of subsidies and heavy capital expenditures
that increase railroad taxes. We have inadequate transportation because
the railroads are taxed inequitably to help subsidize other nationalactivities

[vol.. 116.

Yet the railroads are owned by the public;exist solely for public service,andl
are the cheapest method of transportation, and the capital Invested in them
depends for its return on the service rendered to the public. Has not the
time for experimentation in railroad legislation ceased, and the time for a
really constructive policy arrived? I think so. What then is to be done?'
Shall we lose faith in our people, our laws and Government? Not at all;
it is a time that calls for greater faith and harder work under determined
and sober-minded leadership. Shall we tear down the whole structure of
State and Federal control, with its hundreds of laws and regulations, and
its system of taxation? Not so: but let them be revised with care, or
scrapped in the light of their proven inadequacy. Let us ask the CortunLs-sion.s to help in the work, for we should have public regulation instead of
tho present Governmental control. But this aim must always be kept in.
view, that there must be freedom of management and initiative to operate
the properties with continued efficiency and economy and freedom to pro—
duce a fair return, sufficient to attract now capital to provide additional)
facilities and improved and cheaper transportation.
Unite to Release the Railroads From Politics.
Let us take these steps to get adequate transportation and not complain,
about it.
First: Take the railroad situation out of politics. Transportation is an
economic question. We hobble the Inter-State Commerce Commission
by too many laws and political pressure. They are judge, jury and high'
executioner, and to prove their impartiality, Congress and a large part or
the public have heretofore insisted chiefly on the latter qualification.
Why not pay these hard-working Commissions well; insure them a proper
tenure of office, but Insist tht like the heads of other Governmental Departments they must insure adequate transportation service? Why retain Commissioners whose chief duty and chief recommendation, until
quite recently, was to publicly disparage the railroads, starve them into submission, and be hostile to the present system of ownership by our citizens?'
Let us try a Secretary of Agriculture whose chief duty is to disparage agriculture and restrict the farmers' earnings. Let us have a Secretary of the
Treasury whose chief recommendation is that he knows nothing of finance,
and disparages the whole monetary system because it is the product of
capitalism. The load of Federal and State legislation is too restrictive and
costly. Let the farmer, the banker, the business man and the steady
working man realize that inadequate railroad transportation and facilities
are hurting him;and let him inform his Senator and Representative in Congress that the country does not need 134 new railroad laws.
Second: Under reasonable public control and uniform accounting and publicity, let us give the railroads freedom to conduct their operations so as to
earn a fair return. Initiative and operating economy cannot be produced
by orders of Commissions. The cost of permitting that sane act is infinitesimal, compared with the harm that has been done by not allowing them
to earn a fair return. The reported loss on farm products in the Western
States in the fall of 1922 was estimated at $200,000.000. That alone
would have immensely strengthened railroad credit in 1922. Rate reduction programs are not helpful, unless taxes, materials and wages are correspondingly reduced.
Third: Let Congress allow the Inter-State Commerce Commission to:
regulate the railroads and avoid wasteful investigations, which do no good.
Let the State governments do likewise. Let them ask what benefit in
cheaper, or adequate, transportation facilities has Government control—
not public regulation—produced, compared to the dozens of millions spent
on that policy in twenty-five years. Every phase of the railroad industry
has been investigated to death within the last ten years, and no business
gives the public more information and statistics. Have the Commissions
adopted the old rule of fifty years ago, laid down by the head of a corporation, "We can't give them dividends so feed them with statistics?" Officers and men are needed on the railroads to get results, more so than before Commissions or committees, except in the gravest emergencies.

No Aid From the Transportation Act.
But you may ask, did we not help the railroads by the Transportation
Act of March, 1920, by giving authority to increase rates so as to provide
a fair return of 6% for the first two years, and now 5,4% per annum,
on the railroad investment as Voted by the Inter-State Commerce Commission? Yes, but so far that return has not been realized. For nearly three
years that return has been less than 33' %,and I know of no means to make
up the less between that percentage and 55-i %. Therefore, the country
hasinadequate transportation, because the return is tc o low,and legislative
enactments are worthless so far. You may also ask: Did not that Act include the Labor Board to avoid disputes or strikes that interrupt,or threaten
to interrupt, transportation? That also has not been realized. The
composition of that Board, notwithstanding praiseworthy intentions, has
been made the centre for complaints and agitation of individual employees.
instead of being a board of conciliation or arbitration when substantial ellsagreements with largo bodies of employees occur, or substantial interruptions of transportation threaten, or occur. The Board's record now exceeds over 11.000 disputes considered in two and one-half years, and we all
know that the transportation system has not been threatened quite so often
with strikes or interruptions. The President of the United States knows
that this is an unsound condition, and in manly fashion has suggested its
reorganization. We have inadequate transportation because railroad wages
Relieve the Railroads From Taxation Used to Support Subsidies.
and working conditions have been made a matter of politics rather than an
Fourth: We are facing railroad abandonments of considerable mileage
economic question to be settled between the disputants, with informed pubbecause we have chosen to subsidize other methods of travel and industry
lic opinion and Governmental arbitration ready to stand no nonsense from by starving the railroads. Enforce a fair taxation policy so that the taxaeither side.
tion burden of subsidized roads, waterways, ships, farmers, motors or manThe Transportation Act provides for the recapture of half the earnings ufacturers will not be laid largely upon the railroads. Let those who use
condiunder
should,
and
company
uniform
rates
railroad
any
if
over 6%
them pay the full maintenance cost and interest, or a fair share of it, or at
tions, happen to earn in any one year over that figure on its valuation, least let us have an equitable basis of taxation and protection. The
without any reclaim, however,for those years when it earns less than 6%. transportation industry cannot exist on that basis.
INI
Can we get adequate transportation on that basis?
The railroads must either be given freedom to exercise initiative and efIn addition, the Act has far-reaching provisions that bring the public ficiency, and live on their own efforts, or else they will be driven from the
control into every phase ofrailroad operation,and have what may be termed present citizen ownership to Government ownership, or the Government
a recognition of that "communistic principle" that strong roads under uni- will be forced to pay them a real guaranteed return fixed by the courts.
form and reasonable rates may have their traffic divisions changed, and the °Then we will all have to unite in paying the burdens of political ownership
use of their facilities so adjusted as to help the weak roads—with all the and operation from which other countries are longing to escape.
responsibility for the results left on the unfortunate railroad managers and
Fix Wages Directly With Employee Representatives.
directors, who are required to give this aid. Can scund railroad corporaFifth: Give the railroads the right to fix wages and working conditions
tions exist on that basis If carried to its final extent?
around the table with their own men, without Governmental intervention,
System Consolidations No Conclusive Remedy.
except as an arbitrator to prevent, if possible, transportation interruptions
What remedy is offered for all of these conditions? The most often re- and public suffering from the lack of fuel and food, and from throwing out
peated remedy is, that through somescheme ofconsolidaticn,railroad credit of employment the workers in other industries, the mines and farms. Queswill be strengthened, and adequate transportation service and facilities tions as to wages, working conditions and efficiency cannot be settled anywill be provided. But when, and how, no one knows. The tentative con- where half so well as on the ground, where the men and management can
sAidation plan so far suggested for the Pennsylvania Railroad System pro- reason together through their own chosen representatives, and have load
poses little change, except some dislocation of its present trade and traffic costs and conditions before them. Even union loaders will be helped by
sources and connections. So no benefit is conferred upon it from consoli- a policy that will keep their members in uninterrupted work, and be surer
dation, and it will earn in a year like 1922 about 4% on its railroad invest- of having public opinion behind them than at present.
ment.
Railroad Investors and Employees to Act Co-operatively.
If the railroad investment as a whole has had inadequate returns, for fifYou may ask how are railroad bonds faring under such conditions?
teen years. and as that railroad investment as a whole represents real value
it?
To-day
strengthen
about
to
going
consolidation
Well, the bonds have close to nine billions at par of stock behind them as
and no water, how is
twenty-three systems handle 80% of the whole railroad traffic of the United the first bulwark. Railroad bonds have proven ono of the mast reliable
States. They are operated on the consolidation plan. Why are these large investments in which the public has confidence, and this has been somewhat
systems not prosperous now. and why are their returns inadequate, with but due to the fact that new railroads and additional railroad competition has
few exceptions? To talk of enforcing system consolidation plans upon the been suppressed, and the traffic offered has been ample, in periods of exrailroads by the Government, without any responsibility as to financial pansion, and the railroad managers have enforced economies. The Issuing of bonds, except for refunding or refinancing, has been reduced to the
results, seems absurd. The remedy Iles deeper than consolidation.
limit, while new railroad common stocks are as scarce as hens' teeth, when
More Legislative Experiments Harmful.
we should spend a billion dollars a year for new facilities, equipment. elecTheother remedy suggested is more legislation,and already 134 important
trification, and other improvements. Therefore the railroads, which are the
measures have been introduced in the United States Congress. That is
but patches of this sort arteries of our national prosperity, are marking time, and yet we expect
Just a repetition of the railroad situation since 1887,
To further meddle permanent general prosperity. It seems impossible to me.
will not provide adequate and cheaper transportation.
Finally. we need new encouragement infused into the whole railroad prowill not help busiwith the transportation systems through more legislation
nation is content to continue the fession, managers, officers and men, to release their initiative and adminisness. Further logislatior means that the
the agricultural, mining, manufac- trative genius, and co-operate with each other to keep the railroads in a
railroads as a political "football," and
traveling public, will pay the cost strong condition. Men ofsignal ability and devotion to the public service are
the
and
interests,
commercial
turing and
conLegislation. if Insisted on, means that the directing these railroads which Governmental control is driving into a
transportation.
inadequate
of
railroads to conduct their business as dition where they cannot offer sufficient promotion and compensation to
country is not yet ready to allow the
railfew
laws and regulations that give them the junior officers and supervisory forces, and where the relatively
do other corporations, under reasonable
executives who are fairly compensated compared with the heads of other
road
that
allow
them
and
country,
the
of
forces
economic
freedom to follow the
commerce of the country. business enterprises, are held up to public criticism instead sf being compllto earn /air returns end develop the trade and




JAN.20 1923.]

THE CHRONICLE

thented that after a life time in the public service they are finally receiving
'reasonable compensation. We need the same spirit infused into railroad
employees, from whose ranks the officers are recruited, to change their
viewpoint. They are constantly instructed through the labor journals
that their interest is to disparage the financial and operating administrators
of the public service in which they are engaged, and that their prosperity
• can be increased by alliances with those who try to ruin the savings of our
people in these railroads, which we call capital. Their hope is that the
Plumb Plan or Government ownership will be forced on the country, and
then they can terrorize the politicians into paying them any wages theydemend and throw the burden on the public. There are hundreds of thous• sands of steady and prudent railroad workmen who resent being submerged
by this pernicious doctrine, which was firmly implanted during Federal control, who are at heart the most loyal men in the whole country to the public
service, and who realize that their own living depends upon good public service and prosperous railroads. A duty, therefore, lies upon the farmer, the
banker,the business man and the public generally, to unite with the railroad
managers and these faithful railroad employees to offset such insidious communistic appeals. If we are not united, how long will it be before the mines,
the farms,the industries,the banks and business generally are regulated to a
common level offinancial weakness? We must all recognize that inadequate
,railroad facilities and transportation are our individual problems, and we
must unite with the trustworthy leaders of Government and business, and
with our working men,whether union or non-union,to stand for steady work,
-loyal and efficient public service and thrift, and avoid those interruptions
of work and transportation service that have cost the union leaders every
vestige of public support.
Hard Work, Loyalty and Thrift Antidotes for Discontent. •
You bond men and business men, with the managers of transportation
and finance, must be leaders in a campaign of thrift and self-reliance that
will reach the workers, who, in the transportation business, get more than
half the gross earnings for wages,and let them see the sure road to continued
employment and independence for themselves and their families lies in protecting the railroad investment and in greater production, and in earning
and putting aside a portion of their earnings for a rainy day. They cannot
live on the "pap," palliatives, promises, or discontent dished out by demagogues or destructive union leaders. Then in time all of our steady workers
will become investors in the securities of the company which employs thom,
and in the homes that shelter their families. Men will die for home,family
.and country, but none for a country in which they are told they have nothing as stake but the loss of a boarding house or a job. So home and property and a share in the Government must be realized by all of our people
to give them a sense of security against disorder, and free their minds from
-those who strive to reduce all workers of hand and brain to a common level,
In which efficiency, property and sed-respect are absent. Then we will
have loss fear of radicals, or of class hatred, in or out of Congress. For 1923
we may well proclaim the program which the leaders in Italy have just been
.forced to adopt, to save their country. It is this:
"Capital cannot progress without labor, nor labor without capital. No
privileges for either, but justice for both.
"Only by hard work can wo redeem ourselves and our country.
"Debts of money are debts of honor; property and contracts are inviodable.
"Every man has a right to work, but no group of men have the right to
-strike against the interests of the nation.
"Sacrifice and loyalty make the wheels of industry turn.
"In sacrifice (which is service) must be our only joy.
"To love one's country is as necessary as to love one's mother."

Government Control of Exchange in Ecuador.
The Department of Commerce at Washington reported on
Nov.27 the receipt of the following advices from Consul-Gen-eral F. W. Goding, Guayaquil, under date of Nov. 27:
The President of Ecuador has issued an Executive decree, effective Nov.
17, which establishes a new plan for the control and stabilization of sucre
exchange. The plan is to apply a percentage of the returns from cacao ex„ports to the needs of firma making importations from countries whose moneys
are quoted at a premium in the Guayaquil market.
Under this law all cacao exporters are required to draw drafts in the currency to which shipment is made in the full value of the consignment before
an export license will be granted. The Government will sequester these
drafts at their full value, convert a portion of the full amount to national
• currency, return this portion to the exporter as his final compensation, and
apply the rest on drafts which importers must purchase to settle for orders
of foreign goods. A board of three members is created to handle transactions.
At the board's first meeting a recommendation was made to the Government
for the re-establishment of the official rate of exchange, this time at 3.80,
-and its recommendation was made law the following day.
The new regulations give the Government more absolute powers than it
possessed under the law repealed two months ago. The revival of the official
rate of exchange brings back the difficulties that it created in the matter of
--collections, for Ecuadorean merchants sometimes show a tendency to make
settlement for imports at the official rather than the open market rate, with
resultant loss to the foreign exporter.

New Paraguayan Currency in Circulation.
The following from Consul Harry Campbell, at Asuncion,
• Oct. 4, appeared in "Commerce Reports” of Nov. 27:
The issue of the new paper currency provided for by Law No. 463 of Dec.
30 1920 and contracted for in the United States began during the past week
with the placing in circulation of 420,000 notes. The total emission consists
• of 6,900,000 notes of 5, 10, 50, 100 and 500 peso denominations, with a total
value of 180,000,000 paper pesos. This issue will be used gradually to redeem all of the old paper currency now circulating.

'Scarcity of Currency Causes Temporary Stringency in
in Australia—Reconstruction Plan.
A cablegram from Trade Commission J. W. Sanger, Melbourne, Nov. 16, had the following to say, according to "Com• merce Reports" of Nov. 27:
The scarcity of currency in Australia, which is due to a superabundance of
funds in London, is causing a temporary stringency, with every prospect of a
considerable increase in Australian note issue to finance the wool and wheat
crops. Latest unofficial but thoroughly reliable estimate of the maximum




261

wheat crop indicates a total yield of 102,000,000 bushels. The Bawra proposes to extend its fundamental operations and to constitute a central.selling
agency for all Australian primary products. Large sales of automobiles are
reported.

On Dec. 16 the Department of Commerce made public the
following further advices:
The Austrian political and economic situation has been somewhat improved
by the final passage of the reconstruction bills by Parliament on Dec. 3, and
the reported passage by the British House of a bill ratifying the guarantee of
an international loan, says Trade Commissioner W. F. Upson in a cable to
the Department of Commerce. The Austrian bills provide for the execution
of interim loans to bridge the gap until funds from the reconstruction loan
are available; for the administration, taxation reform, and economy measures
which constitute the foundation of the reconstruction plan, insuring a balanced.budget within two years; and for the creation of a new national bank.

The Austrian reconstruction plans proposed by the League
of Nations were referred to in our issue of Dec. 2, page 2426.

Investment Bankers' Association to Hold Annual Convention in Washington Next October.
The twelfth annual convention of the Investment Bankers
Association of America will be held early next October in
Washington, D. C., according to an announcement made this
week on behalf of the Board of Governors of the Association. Preliminary arrangements for the annual gathering
are now being made by the Board of Governors working in
co-operation with the Washington members of the Association. The exact dates of the convention at the national capital will be definitely fixed at the meeting of the Board of
Governors to be held at White Sulphur Springs in May. At
that time committees will also be chosen to arrange all of the
details of the convention, which is expected to be one of the
most important in the history of the organization. In view
of the fact that the convention is to be held this year at the
seat of the Federal Government, it is expected that many
high Government officials will be the guests of the bankers
during the course of the meetings. The convention was held
last year at Del Monte, Calif.

Senator Smoot's Bill To Provide Payment for
Transportation of Silver Dollars.
On Jan. 13 Senator Smoot of Utah introduced a bill to provide for the payment of charges incurred in the transportation of silver dollars from the Treasury and the United
States mints to the Federal Reserve banks and from the latter to banks applying for the silver. Senator Smoot stated
that one purpose of the bill was to effect economy. He expressed the hope that if the bill passed "at least 40,000,000
silver dollars will be put into circulation throughout the
West. That" he added, "will relieve our Treasury here of
that amount of silver and it will give the Western people silver dollars that they can carry without being compelled to
carry this dirty, worn-out paper money." The text of the
bill follows:
Be it enacted, etc., That the Secretary of the Treasury is authorized and directed to provide, upon application for the transportation, including insur'
ance charges, of standard silver dollars
from the Treasury and the United
States mints to the Federal Reserve banks and from such banks to the applicant. Such transportation shall be by such means as the Secretary deems advisable and shall be free of any charge to the applicant.
Sec. 2. For the purposes of this Act there is hereby appropriated out of any
money in the Treasury not otherwise appropriated, the sum of $25,000, or so
much thereof as may be necessary, to be expended under the direction of the
Secretary of the Treasury and to be available until July 1 1924.

In his statement regarding the bill and its purpose, Senator
Smoot said in part:
Two objects are sought to be attained by the passage of such legislation as
this. The first is economy; and a statement as to how it will economize and
lower the expense of our Government is as follows:
To-day paper currency is being used instead of silver all over the United
States. Banks cannot afford to pay the express charges upon silver. They are
compelled to pay the charges upon paper, but they amount to very little, in.
deed. The economy in the matter would arise from this fact: Every piece
of paper money, whether it is the dollar bill or any other kind of a bill, costs
the Government 2 cents; and that is repeated every time the bill is destroyed
because of its being worn out and dirty and a new one is printed. The Western banks cannot very well afford to pay the express charges upon money.
They amount to a great deal; and that is the reason why, when you go into
the West, if you do find any paper money it is so dirty and so ragged that it
is a shame that the Government of the United States should allow it to circulate among the people. I think it carries diseases.
This bill simply authorizes the Government of the United States to pay the
express charges on silver dollars not on the subsidiary coins; not to pay the
express charges from the banks back to Washington, because there will be no
change in the silver dollar. It is not like the paper dollar. The paper dollar
wears out in the East. We hardly have it in circulation more than an average
of about two years. Some of it does not lad over a year; and the Eastern
people would not allow our Government to have in circulation among the people paper money the same as that used in the West. The only expense attached to this on the part of the Government would be the express charges on
the silver dollars from any mint that may be operating to the bank asking for
those silver dollars. After that expense is paid there is no other. They will
be there for 50 years, and the same silver dollars can be in circulation right
along.

The bill was referred to the Committee on Finance.

262

THE CHRONICLE

Text of Bill Signed by President Harding Limiting
National Bank Reports to Three a Year.
As we indicated in these columns Jan. 6 (page 29) President Harding on Dec. 28 signed the bill reducing the number
of reports which are required during the year from National
Banks from five to three. As was made known in our issue
of July 15 1922 (page 254), the House passed the bill on June
3 of last year. The Senate in passing the bill on Dec. 5
amended it only as to the enacting clause (this was referred
to in our issue of Dec. 28, page 2638) and on Dec. 20 the
House concurred in the Senate amendments. The following
is the text of the bill as agreed to by Congress and signed by
President Harding on Dec. 28:
H. R. 8996.
An Act to amend Section 5211 of the Revised Statutes of the United States.
Be 1; enacted by the Senate and Houst, of Representatives of the United States
of America in Congress assembled, That Section 5211 of the Revised Statutes
of the United States, as amended, be further amended to read as follows:
"Sec. 5211. Every association shall make to the Comptroller of the
Currency not less than three reports during each year. according to the form
which may be prescribed by him, verified by the oath or affirmation of the
president or cashier of such association, and attested by the signature of
at leaet three of the directors. Each such report shall exhibit, in detail
and under appropriate heads, the resources and liabilities of the association at the close of business on any past day by him specified, and shall
be transmitted to the Comptroller within five days after the receipt of a
request or requisition therefor from him, and in the same form in which it
is made to the Comptroller shall be published in a newspaper published in
the place where such association is established, or if there is no newspaper
in the place, then in the or.e published nearest thereto in the same county,
at the expense of the association; and such proof of publication shall be
furnished as may be required by the Comtproller. The Comptroller shall
also have power to call for special reports from any particular association
whenever in his judgment the same are necessary in order to a full and complete knowledge of its condition."
Approved. Dec. 28 1922.

ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Three New York Stock Exchange memberships were
reported posted for transfer this week, the consideration
being stated as $100,000 for one and $99,000 each for the
. The last previous transaction was for $98,000.
other two.

[VoL. 116.

Steel Hoop Co. and American Can Co. He was seventy-four,
years of age.
At the annual meeting of the International Acceptance
Bank, Inc., Charles A. Stone, President of the American
International Corporation, John T. Pratt, and Lucien Nachmann, a Vice-President of the International Acceptance
Bank, Inc., were elected directors. All the officers were
also re-elected for the ensuing year, and the following
appointments were announced: James P. Warburg, Secretary, was made Vice-President and Secretary; Fletcher L.
Gill, Treasurer, was made Vice-President and Treasurer;
Henry B. ,Kingman was appointed Assistant Secretary;
L. D. Pickering, Assistant Treasurer, and W. T. Kelly,
Manager of the credit department.
Walter Bennett, Vice-President of the American Exchange
National Bank of New York, has been elected a trustee of
the Emigrant Industrial Savings Bank.
The fourth annual report and balance sheet of the Discount
Corporation of New York, just published, is interesting in
that it reflects continued development of its business.
After making provision for taxes, the net profits for the year
were $548,428 24. Dividends at the rate of 6% per annum,
amounting to $300,000, were declared during the year, leaving $248,428 24 to be added to the undivided profits account,
which now stands at $1,258,054 95. The capital and surplus
is $6,000,000. The volume of business transacted during
the year 1922 was somewhat in excess of 1921. The diminution of business in bankers' acceptances was more than
made up by greater activity in United States Treasury
certificates and notes. With the improvement in foreign
trade already apparent, there is an increasing volume of
bankers' acceptances coming on the market. These are
readily absorbed at current rates.

Re the annual meeting of the stockholders of the Corn
Announcement was made on Jan. 17 that the Capitol Exchange Bank on the 16th,inst., Harry K.Knapp was electNational Bank at Seventh Avenue and 37th Street had ed a director to succeed David Bingham.
taken over the North American Bank, located at Canal and
At the special meeting of the stockholderS of the Fidelity
Orchard Streets. *The following announcement was issued
International Trust Co. of this city, on Jan. 17th, it was
in the matter by the officers of the Capitol National:
In taking over the North American Bank, the Capitol National registers voted to increase the capital from $1,500,000 to $2,000,000.
its expansion plans in record-breaking time. In seven months the Capitol The new 5,000 shares are offered to stockholders of record
National has built up deposits which to-day exceed $7,500,000. It has
Jan. 17th on the basis of one share of every two held. Subcapital and surplus of $2,500,000 and was founded on June 5 1922 for the
scriptions are payable on or before Feb. 20th. Reference to
mercantile trades.
The officers of the Capitol National Bank are: Max Radt, President; the proposal to increase capital was made in our issue of
Joseph Durst, Vice-President; William F. Fitzsimmons, Vice-President:
Saturday last, page 141.
William L. Clow, Cashier, and Hugo S. Radt, Assistant Cashier.
With four additional members to the directorate, the board is as follows:
Ralph A. Day, Joseph Durst, Emil Eisemann, William F. Fitzsimmons,
Max Goldstein, Robert J. Leonard, Norbert D. Light, James Edgar Morris, Charles D. Parks, Max Radt, Robert Sherman Ross, Ralph S. Spotts,
M.J. Stroock, Melville D. Weingarten and Arthur Worth.

The opening of the Capitol National last June was referred
to in our issue of June 10, page 2546. Its capital is $2,000,000, while it has a surplus of $500,000. The North American
Bank had a capital of $200,000, surplus of over $100,000
and deposits in the neighborhood of $1,000,000.

At the annual meeting this week of the stockholders of the
French American Banking Corporation the directors were
elected. At the meeting of the board of directors the present
officers were re-elected, including James S. Alexander, Chairman of the -Board. William C. Thompson and Raymond
C. Stanley were appointed Asst. Treasurers. The directors
transferred $150,000 to the surplus account, giving the bank
a capital of $2,000,000, surplus of $750,000 and undivided
profits of $232,000.

The opening of the new Hamilton National Bank of this
The following appointments have been made by the Cencity, located at 130 West 42d $treet, occurred this week,
and not last, as was indicated in our reference to the insti- tral Trust- Co. of New York; Herbert L. Williams and H.
tution on Saturday last, page 142. In announcing the open J. Vallely, Assistant Treasurers, and at the 42nd Street
office II. F. Gibson and Miss Mina M. Bruere, as Assistant
ing the management states:
A week of opening—Jan. 15 to 21—has been determined upon rather tha a Secretaries.
, —4-a single day, in order that visitors may have opportunity to inspect the
unique and beautiful offices and our officers opportunity to become well
At the regular meeting of the board of directors of the
acquainted with depositors.
The officials of the institution are: Edmund D. Fisher, Equitable Eastern Banking Corporation held Jan. 9 1923 a
President; L. E. Williams, Vice-President and Cashier; quarterly dividend of 2% was declared on the capital stock
Stanley J. Lathrop, Assistant Cashier; Sidney W. Gutten- of the company, payable Jan. 11 to stockholders of record
tag, Assistant Cashier, and Anne Seward, Manager Women's Dec. 26. Commencing with the June 29 1922 declaration, dividends at the rate of 8% annually have been paid regularly
Department.
by the corporation. Previous to that date, dividends were
paid regularly at the rate of 6% per annum. The Equitable
At the annual meeting of the directors of the First National
Eastern Banking Corporation, which is a subsidiary of the
Bank of this city last week the retiring directors were reTrust Company of New York started in business on
Equitable
elected.
Jan. 1 1921 with a capitalization of $2,000,000 and a surplus
of $500,000. The corporation's statement of condition as of
William H. Moore, one of the foremost lawyers, a director Dec. 30 1922 shows undivided profits of $403,690, total capiof the First National Bank and the First Security Co., died tal, surplus and undivided profits amount to $2,903,690. The
on the llth inst., following an illness of three months. Mr. Equitable Eastern Banking Corporation, which was organMoore was also a director of other companies, both railroad ized to take over and further develop the large Far Eastern
business of the Equitable Trust Co. of New York, has shown
and industrial, and was the organizer of the Diamond Match during the year 1922 a continuation
of the,excellent record
Tin
American
Plate
Co., National made during 1921, the first year of its existence. Arthur W.
Co., National Biscuit Co.,
tee Co. and American Sheet Steel Co., the American Loashy, Senior Vice-President of the Equitable Trust Co. of



JAN.20 1923.]

THE CHRONICLE

263

New York, was elected a Vice-President of the Equitable of a 100% stock dividend. This is preliminary to the proEastern Banking Corporation at the same meeting.
posed merger with the Hudson County National Bank of the
bank with the Union Trust Co. The merger will become efHerbert K. Twitchell, a director and former Chairman fective about Mar. 1 under the name of the Union Trust &
of the board of the Chemical National Bank of this city, was Hudson County National Bank.
on Jan. 4 elected President of the Seamen's Bank for Savings, 74 Wall Street, New York, to succeed the late George M.
David Bingham resigned as President of the East Orange
Halsey, whose death was recorded in these columns in our Bank of East Orange, N. J., on the 9th inst., to become Chairissue of Dec. 9. Mr. Twitchell has been identified with the man of the board of directors. Harry H. Thomas, President
Chemical National Bank for many years. In July 1917 he of the Savings & Investment Trust Co.,
of East Orange, sucwas elected President of the institution, holding that office ceeds Mr. Bingham as head of the East Orange Bank. Mr.
until about three years ago, when he resigned to become Thomas succeeded Mr. Bingham in the Presidency
of the SavChairman of the board. This latter position he resigned in ings & Investment Trust Co.
when the latter resigned four
January 1922.
years ago to become Chairman of the board of that bank.
Mr. Bingham will continue in that office, as well as in his
According to an announcement made on Jan. 16 at the Ir- new chairmanship.
ving Bank, New York, it is expected that the consolidation of
that bank and the Columbia Trust Co. will be effected at the
William C. Heppenheimer, Jr., was elected a Director of
close of business Wednesday, Feb. 7.
the Trust Co. of New Jersey, Jersey City, on Jan. 9.
At a meeting on Jan. 17 of the Metropolitan Trust Co. of
David M. Runyon has retired as Cashier of the First Nathe City of New York the following directors were elected to
tional Bank of Plainfield, N. J. Mr. Runyon was an associsucceed themselves:
Philip D. Armour, First Vice-President, Armour & Co., Chicago; Van Lear ate of the institution for 47 years and for the last 21 years
Black, President, Fidelity Trust Co., Baltimore; Theodore C. Camp, Director, held the post of Cashier. George
J. Finger has been elected
Lawyers Mortgage Co.; Haley Fiske, President, Metropolitan Life Insurance Cashier
to succeed Mr. Runyon. The Dec. 29 statement of
Co.; William B. Joyce, Chairman of the Board of Directors, National Surety
Co.;Raymond T. Marshall, Treasurer, Wilcox, Peck & Hughes; Charles W. the bank shows capital of $200,000; surplus and undivided
Ogden, of Ogden & Wallace, iron and steel; Harold B. Thorne, Vice-President, profits (all earned) of $152,235; deposits
of $5,454,127, and
Pierce Oil Corporation; William Ross Proctor, of Abbott, Hoppin & Co.
total resources of $5,956,362. A. J. Brunson is President of
The following new members of the board were elected: the bank.
William D. Baldwin, Chairman of the board of the Otis Elevator Co.; Ralph Crews, member of the firm of Shearman &
The National Bank of North Hudson at this week's annual
Sterling, lawyers. Earl D. Babst, President of the American meeting the
officers of the West Hoboken were re-elected and
Sugar Refining Co., retired from the board in accordance the
stockholders ratified plans to increase the capital from
with a ruling of the Federal Reserve Board, which refused to 210,000
to $300,000.
consent to his continuing to be a director of the Metropolitan
Trust Co. and a director of a prominent national bank.
The directors of the New Jersey Mortgage & Trust Co. of
Long Branch, N. J., at a meeting Dec. 26 elected Frank L.
Rogers W. Gould has been appointed Manager of the bond
Howland, Secretary and Treasurer to succeed Alphonse 14.
department of the Mechanics & Metals National Bank of this
Gaskill, resigned. Mr. Howland is Commissioner of Revenue
city.
and Finance, a post in which he will continue.
4-Francis M. Hugo,formerly Secretary of State, and Donald
The State Banking Department at Albany has approved
S. Rogers, of Hitt, Farwell & Co., have been elected to the
board of the Broadway Central Bank of this city. The offi- the plans whereby the capital of the Mount Vernon Trust Co.,
cers have been re-elected as follows: Frank Williams, Presi- Mount Vernon, N. Y., is to be increased from $200,000 to
dent; Charles E. Heydt, First Vice-President; Anthony Zie- $350,000. The proposal to increase the capital was ratified
sat, Second Vice-President, and Harry Rebholz, Cashier, were by the stockholders on Jan. 5. The new stock, par $100, is
offered to present stockholders at $200 per share. The enre-elected.
•
larged capital is to become effective Feb. 1.
4-Artemus L. Gates has been appointed Assistant Treasurer
At the annual meeting of the First National Bank of Alof the New York Trust Co.
bany, N. Y., on Jan. 9 William H. Keeler, 2nd, was elected a
At the annual meeting of the stockholders of the Guaranty director in place of Howard N. Fuller, who declined a re-elecTrust Co. of New York, held on Jan. 17, the following direc- tion, as he had accepted the Presidency of the Home Savings
tors were re-elected to serve for three years: A. C. Bedford, Bank of Albany.
Edward J. Berwind, Marshall Field, Eugene G. Grace, Albert
At the annual meeting of the North Avenue Bank of New
H. Harris, Frederic A. Juilliard, Thomas W. Lamont, William C. Lane, Charles A. Peabody and Edward R. Stetthlius. Rochelle, N. Y., the following directors were re-elected:
Harry E. Colwell, Robert J. Cooper Dr. Wm. S. Emberson Dominick GirAt the annual meeting of the board of directors, held immeardi, Sidney W. Goldsmith, J.Albert
'
llahlstedt, 'Walter G. d. Otto, Chas. F.
diately following the meeting of the stockholders, the officers Stehlin, Frederick
IL Seacord, J. W. Spalding, C. W. S. Wilson, Theo. Wulp.
of the company were re-elected for the ensuing year.
At a subsequent meeting of the directors the following officers were re-elected: Harry E. Colwell, President; Theo.
The Rockaway Beach National Bank of Rockaway Beach, Wulp,
Vice-President, and J. W. Spalding, Vice-President
N. Y., began business last month (Dec. 9) with a capital of
and Cashier.
$200,000 and a surplus Of $40,000. The bank occupies its own
building at Beach 95th Street and Boulevard. The officers
On Jan. 9 the stockholders of the Ontario County Trust
of the new institution are: President, John Jamieson; Vice- Co.
of Canandaigua ratified plans to increase the capital
President and General Manager, H. G. Heyson; Cashier,
$100,000, to $200,000. Funds for the new..stock have been
George Bender, and Assistant Cashier, John C. McVay. The
provided for through a stock dividend of 100%, declared on
directors are William Chubbuck, Charles E. Fallon, J. GoldJan. 9 1923.
berg, H. G. Heyson, H. H. Hichs, John Jamieson, Andrew J.
Kenney, William S. Pettit, Albert Ringk, Charles Yung.
At the annual meeting of the National Shawmut Bank of
Boston, Thomas Hunt, of the law firm of Gaston,.snow, SalAt last week's annual meeting, the officers of the National tonstall &
Hunt, was added to the board of directors. EdBank of. North Hudson, at West Hoboken, N. J., were re- ward
A. Davis, an Assistant Cashier of the Bank, was
elected, and the stockholders ratified plans to increase the elected a
Vice-President, and George E. Pierce, of the credit
capital from $210,000 to $300,000. The par value of the stock department,
was elected an Assistant Cashier.
is $100 and tke new stock will be disposed of at $125 per
share. The date upon which the increase will become effecAt the meeting of the stockholders of the Commercial
tive has not as yet been decided.
Security National Bank, Boston, the name taken by the
Commercial Bank after the acquisition of the business of the
The stockholders of the Hudson County National Bank of National
Security Bank, which bank has gone into volunJersey City on the 9th inst. approved the plans to increase tary liquidation,
Herbert E. Gale and William E. Nickerson
the capital from $250,000 to 000,000 through the declaration were added to the number
of directors. The directors at




264

Trrii CHRONICLE

[Vol.. 116.

Joseph J. Hock, President of the Arundel Corporation, was
their meeting on the same day elected Thomas W. Saunders
a director of the Fidelity Trust Co. of Baltimore at
elected
Cashier.
as
duties
his
to
addition
in
-President
a Vice
the annual meeting of the stockholders on Jan. 9.
At the annual meeting of the stockholders of the First NaAt the annual meeting of the directors of the National
tional Bank of Boston on Jan. 9, two new directors were Bank of
Baltimore on Jan. 10, John B. H. Dunn was elected
elected, namely Andrew G. Pierce, Jr., of New Bedford, ViceVice-President of the institution. At the stockholders'
a
Jones,
B.
Matt
Co.,
and
Woolen
American
President of the
meeting on the preceding day Mr. Dunn was elected a direcPresident of the New England Telephone & Telegraph Co.
tor, as were the following: Frank J. Caughy, Herman H.
Duker, William J. Delcher and Theodore N. Austin. Mr.
At the annual meeting of the stockholders of the Webster
is Cashier of the bank and Mr. Austin is Assistant
Delcher
& Atlas National Bank, Boston, Joseph L. Foster, Vice-Presi- Cashier.
in
director
a
was
elected
institution,
the
of
Cashier
dent and
lieu of Granville H. Foss, resigned.
Lanier P. McLachlen was elected President of the McLachlen Banking Corporation of Washington, D. C., on Jan.
Harry L. Jones was added to the directorate of the Massa- 11.
chusetts Trust,Co., Boston, at the annual meeting of the
stockholders on Jan. 9. All the old directors were re-elected.
Dr. William C. Gwynn was elected a director of the Farmers & Mechanics National Bank of Georgetown, Washington,
W. Rodman Peabody was elected a director of the Mer- D. C., at the annual meeting of the stockholders of the instichants National Bank of Boston to fill the vacancy vaused by tution on Jan. 9.
the resignation of William J. Ladd.
At the annual meeting o: the stockholders of the District
National Bank of Washington on Jan. 9, Wells A. Harper
At the annual meeting of the stockholders of the Exchange
added to the directorate.
Trust Co. of Boston on Jan. 9, Jesse E. Ames was elected a was
director to fill the vacancy caused by the death of Judge
At the annual meeting of the directors of the Continental
James H. Flint.
Trust Co. of Washington on Jan. 9 the only changes in the
personnel of the institution were the election of H. W. Barr
At a regular meeting of the directors of the Ninth Na- as Assistant Secretary and William L. Norris as Assistant
tional Bank of Philadelphia on Jan. 10 John G. Sonneborn, Treasurer.
who heretofore has been Vice-President and Cashier, was
-President; J. Wilson Steinmetz, who heretofore
elected Vice
Four new directors were added to the Board of the Standhas been an Assistant Cashier, was appointed Cashier; ard National Bank of Washington at the annual meeting of
Abram S. Ashworth was appointed an Assistant Cashier, and the stockholders on Jan.9. They are: A. E. Beitzeel, George
Samuel M. Cunningham was appointed Auditor.
Levy, Vincent L. Toomey and H. C. McCeney. Mr. McCeney
is Cashier of the institution.
The stockholders of the Franklin National Bank of PhilaAndrew J. Somerville and Claude H. Woodward were
delphia on Jan.9 approved the proposal (referred to in these
to the board of the Second National Bank of Washingadded
from
capital
the
increase
to
2758),
columns Dec. 23, page
$1,500,000 to $2,000,000. The increase is to be provided for ton on Jan. 9.
through a stock dividend to be declared from the undivided
At a meeting of the board of directors of the Bank of Pittsprofits. The retiring directors of the bank were re-elected.
In reply to our inquiry as to when the increased capital will burgh N. A., held Jan. 15, Sidney B. Congdon was elected
become effective, we are advised that the dividend has not Vice-President in charge of its credit division, succeeding E.
M. Seibert, who has resigned on account of ill health. Mr.
yet been declared, but that its date will probably be Feb. 1.
Congdon, who assumed his new duties Jan. 17, has been
National Bank Examiner in Pittsburgh and Cleveland disLambert A. Rehr, formerly Vice-President, has been
for the past three years. He was born in 1891 in Wistricts
elected President of the Penn National Bank of Reading, Pa.,
and in September 1911 accepted an appointment in
consin,
succeeding A. J. Brumbach, retired. Ferdinand Thum sucoffice of the Comptroller of the Currency at Washington,
the
who
reMr.
Brumbach,
ceeds Mr. Rehr as Vice-President.
D. C., where he was active in the organizing of the Federal
tires both as President and as director of the Penn National, Reserve Banking System. In May 1918 he was commissioned
in
was
founded
bank
the
time
the
from
served as a director
as National Bank Examiner. Shortly following he acted
1883, a period of 40 years. He was President of the institu- temporarily as assistant to the Director of Finances and Purtion for 27 years. To him is credited in large part the devel- chases of the U. S. Railroad Administration, relinquishing
opment of the institution. Under his leadership the bank has this position in 1919 to resume the examination of national
experienced a steady growth. Mr. Brumbach is 83 years of banks in Washington, D. C. In January 1920 he was transage, and his retirement results from impaired health. On ferred to the Fourth Reserve District, where he has since
the board of directors he is succeeded by his son, William D. been engaged in the examination of national banks in PittsBrumbach, of St. Lawrence, Secretary-Treasurer of A. J. burgh, Cleveland and Cincinnati. Mr. Seibert, the resigning
Brumbach & Co., Inc.
Vice-President, has been retained by the bank in an advisory
capacity and leaves with the best wishes of the organization.
On Jan.10 Wm.H. O'Connell declined re-election as Chair- He expects to go to Atlantic City shortly for an extended
man of the Board of the Citizens National Bank of Baltimore visit to recuperate his health, which has been failing for the
and the vacancy was not filled. Mr. O'Connell continues as a last year.
director. He has been connected with the bank for
The respective stockholders of the First-Second National
_about sixty years. James D. Harrison, former Cashier of the American National Bank of Danville, Va., was Bank of Akron, Ohio, and the People's Savings & Trust Co.
elected an additional Vice-President, effective Jan. 1. The of that city, at their annual meetings on Jan.. 9 ratified a
official staff is now as follows; Albert D. Graham, Presi- proposed consolidation of the two institutions. The merger
dent; Edward L. Robinson and James D. Harrison, Vice- will be consummated as soon as the directors of both banks
Presidents; Joseph Oberle, Cashier, Frank M. Dushane, can conclude the necessary legal steps, at which time the
officers of the new institution will be chosen. The name
Charles K. Hann and Harry E. Ford, Assistant Cashiers.
suggested for the consolidated bank—and which probably
Donald Reitz, heretofore Assistant Secretary and Treas- will be adopted, we are informed—is the "First Trust &
its resources will approximate $26,660,000.
urer of the Atlantic Trust Co. of Baltimore, was elected an Savings Co." and
merger
plan the First-Second National Bank
the
at
the
Under
institution
annual
the
of
-President
Vice
Assistant
will relinquish its charter as a national bank and liquidate
meeting of the company on Jan. 10.
completely, its assets and liabilities being assumed by the
People's Savings & Trust Co., whose capital will be inof
the
Merchants'
director
a
elected
R. Howard Bland was
new bank will
National Bank of Baltimore, Baltimore, at the annual meet- creased from $200,000 to $1,500,000. The
institution,
permitting
the
State
under
this
of
charter
operate
fill
the
to
the
on
9
vacancy
Jan.
on
ing of the stockholders
greater latitude in the handling of real estate mortgages
board made by the death of his father, John R. Bland.
than was possible under a national bank charter. The
0--




THE CHRONICLE
headquarters of the First-Second National Bank, in the
Second National Bank Building at Main and Quarry Streets,
will be the main office of the new institution and the quarters
of the People's Savings & Trust Co. at Main and Exchange
The present officers of the reStreets its branch office.
spective banks were re-elected on Jan. 9 to serve until the
consummation of the merger.
The 59th annual statement of the First National Bank of
Chicago and the 19th annual report of its affiliated institution, the First Trust & Savings Bank. both for the calendar
year 1922, have just come to hand. Total resources, as of
Jan. 2 1923, of the First National Bank are given as $281,568,147 (of which $74,933,416 are cash resources) and those
of the First Trust & Savings Bank on the same date as $127,160,472 (of which $43,296,340 are liquid assets). Total deposits of the first named institution are shown as $231,790,794 and of the latter as $102,872,905. Net profits of the First
National Bank, its report shows (after making provision for
all bad and doubtful debts) amounted to $1,982,958, which
when added to $3,768,512, the balance to credit of profit and
loss brought forward from the preceding year, made $5,751,470 available for distribution. After deducting from this
amount $1,500,000 to pay dividends at the rate of 12% per
annum, a balance of $4,251,470 remained to be carried forward to the present year's profit and loss account. In the
case of the First Trust & Savings Bank, net profits were $2,273,047 and the balance to credit of profit and loss brought
forward from the preceding 12 months,$1,813,216, making together $4,086,263. Out of this amount dividends at the rate
of 12% per annum and a special dividend of 8% were paid
(totaling $1,250,000), leaving a balance to the credit of the
1923 profit and loss account of $2,836,263. James B. Forgan
is Chairman of the board of both institutions, while Frank 0.
Wetmore is President of the First National Bank and M. A.
Traylor, President of the First Trust & Savings Bank.

265

and Branch Managel; Edward J. Bauer made Assistant
Cashier, and Edward Schroeder appointed Assistant Branch
Manager.
At the meeting of the directors of the First Wisconsin National Bank of Milwaukee on Jan. 11, Oliver C. Fuller was
re-elected President and Walter Kasten, H. 0. Seymour, Edgar J. Hughes, Robert W. Baird, Henry Kloes, August W.
Bogk, F. K. McPherson and George C. Dreher were re-elected
Vice-Presidents. A. G. Casper, who has been absent on sick
leave, was elected Assistant Vice-President, and August W.
Bogk, in addition to his duties as Vice-President, was appointed to fill the position of Cashier until the return of Mr.
Casper. W. K. Adams and A. V. D. Clarkson were advanced
from Assistant Vice-Presidents to Vice-Presidents.
The directors of the First Wisconsin Trust Co. re-elected
Oliver C. Fuller President of the company and Charles M.
Morris, Walter Kasten, H. 0. Seymour and Robert W. Baird
Vice-Presidents, while Clyde H. Fuller,formerly Secretary of
the.company, was advanced from the position of Secretary to
that of Vice-President. W. L Barth,. formerly Treasurer,
was advanced to the position of Secretary oZ the company.
G. B. Luhman was re-elected Trust Officer and H. H. Hering,
R. W. Janssen, G. H. Gillies and A. Waugh were elected
Assistant Secretaries. P. 0. Kannenberg was re-elected Assistant Treasurer.
The directors of the First Wisconsin Co. re-elected Oliver
C. Fuller, Chairman of the Board and Robert W. Baird,
President. John C. Partridge, Walter Kasten and H.0. Seymour were re-elected Vice-Presidents; George A. Patmythes,
Secretary; Hugh W. Grove, Treasurer, and Milton 0. Kaiser,
Assistant Secretary, were all re-elected.
Five new directors were elected at the annual meeting of
the stockholders of the First Wisconsin National Bank on the
9th inst. The new directors are:

C. IV. Nash, President of the Nash Motors Co., Kenoaha; F. J. Sensenbrenner, First Vice-President of the Kimberly-Clark Co., Neenah; Oscar Greenwald, Vice-President and General Manager of Gimbal Bros., Milwaukee;
At the annual meeting of the stockholders of the Drovers' Charles
S. Pearce, Vice-President of the Palmolive Co., Milwaukee; 0. E.
National Bank of Chicago and that of its affiliated institu- Messinger, Vice-President of the Chain Belt Co., Milwaukee.

tion, the Drovers'.Trust & Savings Bank, Oscar G. Foreman
These directors were elected to fill vacancies caused by
and Harold E. Foreman, Chairman of the Board and Presi- deaths and resignations during the last three and a half
dent', respectively, of the Foreman Bros. Banking Co. of Chi- years.
cago, were elected directors. The directors re-elected the
President 0. C. Fuller, in his annual address to the stockofficers of both banks.
holders, reported that the combined earnings of the bank and
its affiliated institutions were $1,302,986 61. Dividends paid
The stockholders of the National Bank of the Republic, during the year amounted to $720,000, or 12% on
the capital
Chicago, at their annual meeting on Jan. 9 elected three new stock of the bank, in addition to 7% dividends paid on the
directors, namely Samuel W. White, a Vice-President of the preferred stock of the First Wisconsin Co. At the end of the
institution; Allan Jackson, Vice-President of the Standard year $1,000,000 was transferred from undivided profits to
011 Co. of Indiana, and Charles C. West, President of the surplus account, increasing that account to $4,000,000, and
Manitowoc Shipbuilding Corporation. AU the old directors making the combined capital and surplus of the bank $10,were re-elected. The directors at their meeting on the same 000,000. The sum of $100,000 also was
transferred from the
day promoted William C. Freeman from an Assistant Vice- undivided profits of the trust company
to its surplus account,
President to a Vice-President, and Louis J. Meahl and so that its surplus is now equal to its capital
of $800,000. In
Charles S. MacFerran from Assistant Cashiers to Assistant the First Wisconsin Co., $179,049 60 was
carried to surplus
Vice-Presidents.
account, bringing it up to $300,000, equal to one-half of the
amount of the preferred stock of the company. The deposits
At the annual meeting of the Central Manufacturing Dis- of the bank increased during
the year from $72,968,520 on
trict Bank,1112 West 35th Street, Chicago, Ill., held Jan. 10, Jan. 1 to $80,655,061 on
Dec. 31. Loans and discounts deall the directors and officers of the bank were re-elected, and creased from $69,896,476
on Jan. 1 to $63,141,909 on Dec. 31.
in addition, A. T. Johnson was appointed Auditor.
The directors of Greenebaum Sons Bank & Trust Co.,
Chicago, at their recent annual meeting, added an Assistant
Cashier and two Assistant Secretaries to the personnel of
the institution. They are: R. M. Coleman, Assistant
Cashie., and Charles J. G,-eenebaum, Assistant Secretary.
Four promotions were mode by the directors of the National Bank of Commerce of Milwaukee at their recent
annual meeting. Edwin A. Reddeman was promoted from
Cashier to Third Vice-President; Walter C. Georg, from
Assistant Cashier to Cashier; Harry W. Zummach, from
Second Assistant Cashier to First Assistant Cashier, and
Milan F. Bahr from Auditor to Assistant Cashier. At the
annual meeting of the stockholders the following were added
to the board of directors: George F. O'Neil, President of the
O'Neil Paint & Oil Co.; Louis Kuhn,President of the American Candy Co.; Philip Koehring, President of the Koehring
Co., and Robert Rom, President of the Robert Rom Co.
The directors of the Marshall & Haley Bank of Milwaukee
at their annual meeting on Jan.9 made the following changes
in the personnel of the institution: Carl R. Jeske, formerly
Assistant Branch Manager, promoted to Assistant Cashier




The Transportation Brotherhoods National Bank beganbusiness in Minneapolis on Dec. 15. It is located in the Metropolitan Life Building, and is the second bank formed by
organized labor to operate in the United States. It has a
capital of $200,000 and surplus of $20,000, paid in by members
of the four Brotherhoods, the majority residents of the
Northwest. Warren S. Stone, Grand Chief of the Brotherhood of Locomotive Engineers, a resident of Cleveland, is
President of the bank. W. P. Kennedy, Chairman of the
Brotherhood of Railroad Trainmen of the Chicago Milwaukee & St. Paul Railroad, is Executive Vice-President The
active banking officers are Robert G. Harding, formerly Assistant Vice-President of the Brotherhood of Locomotive Engineers Co-operative National Bank of Cleveland, who is
Cashier, and 0. A. Anderson, formerly President of the Nokonis State Bank, who is Assistant Cashier. The directors
of the bank are Mr. Stone, Mr. Kennedy, J. P. Barton, General Chairman of Railway Conductors, Soo Line System'; F.
B. Andrews, General Chairman of Brotherhood of Locomotive Firemen and Enginemen, Chicago Great Western; F. J.
Kilp, General Chairman of Brotherhood of Locomotive Engineers, Soo Line System, Omaha; F. W. Coyle, General Chairman of Brotherhood of Locomotive Engineers, Chicago St.

266

THE CHRONICLE

Paul Minneapolis & Omaha Ry.; F. Morgan, General Chairman Brotherhood of Locomotive Engineers, Northern Pacific
Ry.; G. W. Carter, General Chairman of Railway Conductors, C. St. P. M.&O. Ry., and T. P. Gorman, General Chairman of Brotherhood of Locomotive Firemen and Enginemen,
Northern Pacific Ry. Messrs. Barton, Andrews and Kilp are
also vice-presidents. The bank will conduct a general banking business. Four per cent will be paid on savings deposits
and depositors will share in the profits of the bank. Dividends to the stockholders are limited to 10%. An announcement by the management says:
The stockholders can never receive more than 10%. The remainder of the
earnings go first to building up a surplus required by law, which surplus
• will increase the security of the depositors; and second, the balance of the
earnings will be distributed to savings depositors on a pro rata basis. In
other words, the depositors of the bank are partners in the bank. They share
in the earnings. That is one of the principles of co-operation. Co-operation
recognizes that those who make a business profitable should share in the
profits they create.

Mr. Kennedy states that 25,000 men are represented by the
Brotherhoods of the Northwest, and a large mail deposit
business is expected.

[Vol,. 116.

the board; Conrad P. Olson, President, and Anthon Echern,
a vice-president, were arrested on Dec. 31 as a result of secret
indictments, returned against them by the Multnomah Grand
Jury, growing out of the bank's failure, according to the
Portland "Oregonian" of Jan. 1. It is said a fourth ex-official of the bank, E. T. Gruwell (a vice-President), also
named in the indictments, was in California. The four defendants, it is said, are jointly charged in three indictments
with the receiving of deposits while knowing the bank to be
insolvent and Mr. Walker and Mr. Echern are in addition
charged in one indictment with willful misapplication of
the institution's funds. The "Oregonian" of Jan. 3 states
that on Jan. 2 bonds of $5,000 each were furnished for Mr.
Walker and Mr. Echern and in the case of Mr. Olson a bond
of $?,500. The defendants had been permitted to go on their
own recognizance, it is said, from the time of their arrest
until that date (Jan. 2). In the case of Mr. Gruwell, it is
said a bond of $2,500 was posted by his son. The State Bank
of Portland closed its doors on Feb. 16 1922, as reported in
these columns in our issue of Feb. 25.

The directors of the London Joint City & Midland Bank,
C. A. Abrahamson Of the Corn Exchange National Bank of
Omaha was made an Assistant Cashier of the institution at Ltd., report that, full provision having been made for all bad
the annual meeting of the directors on Jan. 9. No other and doubtful debts, the net profits for the year ended Dec. 31
1922 amount to £2,253,492, which, with £777,253 brought forchanges were made in the personnel of the bank.
ward, makes £3,030,745 for appropriation as follows: To InAt the annual meeting of the stockholders of the United terim dividend paid July 15 last and final dividend payable
States National Bank of Omaha on Jan. 9, Casper Y. Offutt Feb. 1 next, for the year 1922, at the rate of 18% per annum,
was elected a director to fill a vacancy on the board. The less income tax, £1,441,778; to reserve for future contingendirectors at their meeting on the same day made the follow- cies, £500,000; to bank premises redemption fund, £300,000,
ing changes in the official staff of the institution: Joseph leaving to be carried forward a balance of £788,967. For the
C. McClure, heretofore Cashier, was made a Vice-President; year 1921 the dividend was at the same rate, £750,000 was
Gwyer H. Yates, formerly Assistant Cashier, was promoted reserved for future contingencies, £300,000 was placed to
to Cashier, and E. E. Lanstrom and A. L. Vickery were ap- bank premises redemption fund and £777,253 was carried
pointed Assistant Cashiers.
forward.
At the annual meeting of the stockholders of the Omaha
National Bank, Omaha, held on Jan. 9, all the directors were
re-elected. At the meeting of the directors held on the same
day the only change made in the personnel of the institution
was the appointment of Fred A. Guggenmos as an additional
Assistant Cashier.

COURSE OF BANK CLEARINGS.
Bank clearings show a very satisfactory rate of increase
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ending to-day,
Saturday Jan. 20, aggregate bank clearings for all the cities
in the United States from which it is possible to obtain
weekly returns will show an augmentation of 17.0% as compared with the corresponding week last year. The total
,323,117,795, against $7,110,993,026 for the
stands at
same week in 1922. Our comparative summary for the
week is as follows:

The shareholders of the First National Bank of Los Gatos,
Calif., held their annual luncheon at the Hotel Lyndon on
Jan. 9, the luncheon being followed by the annual stockholders' meeting and election of directors. The practice of preceding the annual meeting of the shareholders with a luncheon at the hotel, at which the shareholders can meet together
Clearings-Returns by Telegraph.
informally and socially, was inaugurated last year. PresiWeek ending January 20.
dent Hamsher, in his annual report, reviewed the business of New York
the past year, stating that it had been the most successful Chicago
Philadelphia
year in the history of the bank since its organization in 1911. Boston
City
The average daily increase of its deposits is said to have Kansas
St. Louis
Francisco
San
amounted to 17% over the previous year. The existing Pittsburgh
board of directors was re-elected, consisting of F. W. Detroit
Baltimore
Knowles, Ed. Howes, C. F. Hamsher, A. L. Cilker and L. H. New Orleans
Walker. The directors re-elected the following officers for
Ten cities, five days
1923: C. F. Hamsher, President; F. W. Knowles, Vice-Presi- Other cities, five days
dent; H L. Roberts, Cashier; 0. E. Lapum, Assistant
Total all cities, five days
AU cities, one day
Cashier.
n•-•-, ..1 ..1.1.0 Inn m...ir

. Distribution of the annual holiday remembrance to the
staff of the Bank of Italy, San Francisco, in the form of extra compensation, has been announced by P. C. Hale, VicePresident of that institution. Each employee who has been
In the service of the bank for one year receives an extra 5%
based on the annual salary paid, and for each additional
year 1% is added, up to 10%. A special savings account is
opened for each employee, and no withdrawals may be made
until the amount of the annual compensation has reached the
10% maximum. In this way it is contemplated that each employee will be permitted to accumulate a sum large enough
for investment or other worth-while purpose. A liberal pension plan has been outlined by the bank, as well as special
benefits for sickness and disability. In addition the bank
provides group Insurance for its employees, the amount for
which each is insured varying with the length of service.
General supervision of the various plans for the bank's staff
Is exerciged by the personnel department, directed by L. M.
Giannini, Assistant to the President; H. R. Erkes, Comptroller, and M. H. Epstein, Assistant Comptroller.

1923.

1922.

Per
Cent.

53,878,000,000
562,511,125
432,000,000
368,000,000
125,914,893

53,495,674,774
426,350,047
342,000,000
282,000,000
119,898,928

+11.0
+31.9
+26.3
+30.5
+5.0

a

a

a

143.200,000
133,201,759
103,330,437
83,906,884
63,724,693

117,800,000
*108,000,000
78,529,574
52,809,175
46,678,609

+21.6
+23.3
+31.6
+58.9
+36.5

$5.893,789,791
1,142,141,705

$5,069,741,107
856,088,415

+16.3
+33.4

56,935,931,496
1,387,136,299

$5,925,827,522
1,185,165,504

+17.0
+17.0

55 595 117 705

57.110 003 025

-1-17.0

a No longer report clearings. * Estimated.

Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day (Saturday) and the Saturday figures will not be available until
noon to-day, while we go to press late Friday night. Accordingly in the above the last day of the week has in all eases had
to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ending Jan. 13. For
that week the increase is 11.1%, the 1923 aggregate of the
clearings being $7,886,299,165 and the 1922 aggregate
$7,101,353,263. Outside of this city, however, the increase is 21.4%, the bank exchanges at this centre having
recorded a gain of only 3.7%. We group the cities now according to the Federal Reserve districts in which they are
located, and again the noteworthy feature of the return
is that every one of these Federal Reserve districts records
.compared with the corresponding week last
an increase as
year. In the Boston Reserve District the clearings are
Three former officials of the defunct State Bank of Port- larger by 22.5%; in the New York Reserve District (includland, Portland, Ore., namely LeRoy D. Walker, Chairman of ing this city) by 3.9%, and in the Philadelphia Reserve Dis-




JAN.20 1923.]

trict by 17.4%. The Cleveland Reserve District shows
improvement of 20.7%; the Richmond Reserve District
of 32.5%, and the Atlanta Reserve District of 32.3%. The
Chicago Reserve District records a gain of 23.8%; the
St. Louis Reserve District of 41.3%, and the Minneapolis
Reserve District of 26.2%. The Kansas City Reserve District has an increase of 9.3%; the Dallas Reserve District
of 21.4%, and.the San Francisco Reserve District of 15.9%.
In the following we furnish a summary by Federal Reserve
districts:

an

SUMMARY OF BANK CLEARINGS.

Week ending Jan. 13 1923.

1923.

1922.

Inc.or
Dec.

S
$
Federal Reserve Districts.
(let) Boston
10 cities 412,856,078 337,155,808
(2nd) New York
9 " 4,375,327,010 4,210,444,085
(3rd) Philadelphia ___ 9 "
498,470,662 424,453,459
(4th) Cleveland
366,910,834 304,121,946
10 "
(5th) Richmond
187,702,824 141,636,245
6 (6th) Atlanta
202,621,536 153,149,407
11 "
(7th) Chicago
869,499,298 702,328,641
19 "
(8th) St. Louis
86,180,382 61,009,981
7 "
(9th) Minneapolis
7 "
131,767,850 104,404,217
261,864,881 239,658,869
(10th) Kansas City
11 "
(11th) Dallas
64,359,558 53,030,945
5 "
(12th) San Francisco
428,708,252 369,959,660
14 "

1921.

1920.

$
9
%
+22.5 343,801,703 489,419,740
+3.9 4,398,821,487 5,559,536,300
+17.4 451,195,132 542,526,459
+20.7 389,444,419 418,702,721
+32.5 167,762,657 221,911,032
+32.3 181,500,012 258,068,308
+23.8 763,462,200 947,274,258
+41.3 61,233,144 82,677,533
+26.2 122,959,301 91,029,27'2
+9.3 296,736,292 401,230,589
+21.4 60,814,271 77,321,174
+15.9 356,934,427 389,902,663

Grand total
118 cities 7,886,299,165 7,101,353,263 +11.1 7,594,665,045 9,479,590,054
Outside New York City
3,586,906,497 2,954,833,671 +21.4 3,263,896,660 3,992,062,268
rinn..a.

.

on M.... .5,. A;xi clo 'Iv Inn cno --1 1 g,

.7111

min .4,1. eP14 111

We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending January 13.
Clearings
1923.

1922.

Inc. or
Dec.

$
s
%
First Federal Reserve Dist rict-Boston712,598 +4.2
Uaine-Bangor _
742,319
Portland
3,295,239
3,047,475 +8.1
251585.-Boston _ _ 375,000,000 305,000,000 +23.0
Fall River
2,004,810 +49.4
2,995,646
a
a
Holyoke
a
Lowell
1,309,175 +0.5
1,315,069
a
Lynna
a
New Bedford_ _
1,670,779 --1.1
1,651,927
Sprbagfield _ _ ..
5,287,709
4.098,950 +29.0
3.650,276 +8.4
Worcester
3,956.323
Donn.-Hartford
9,861,745 +18.2
11,658,149
New Haven _ _ _
*5,800,000 +19.9
6,953,697
a
a
1.I.-Providencea
Total(10 cities)

412,856,078

337,155,808 +22.5

1921.

1920.

$

$

997,370
2,800,000
311,164,130
1,595,309
a
1,212,306
a
1,586,573
4,451,417
4,251,666
9,749,103
5,993,829
a

874,618
2,900.000
448,650,171
3,043,179
a
1,499,346
a
2,510,828
6,145,329
5,171,825
10,977,027
7,647,417
a

343,801,703

489,419,740

Second Feder al Reserve D istrict-New York•
6.073.388
4,611,436
N. Y.-Albany
4,497,781 +16.3
5,232,780
1,290.200
1,185,800
Binghamton
e1,293,900
1.125,000 +15.0
45,510.063
Buffalo
43,207,995
41,103,417 +15.3
e47,406,000
Elmira
658,162 Not included in total
Jamestown
1,221,127
1,092,454 +11.8
New York.... 4,299,392,668 4,146,519,592 +3.7 4,330,768,385 5,487,527.789
12,853.922
10,688,330
Rochester
10,920,044
8,994,956 +21.4
5,736,139
4,850,135
Syracuse
4,424,366 +8.1
4,782,992
3,005,085
Donn.-Stamford
d4.581,486
2,272,506 +101.6
544,799
N. J.-Montclair
504,321
496,013
414.013 +19.8
Total(9 cities). 4,375,327,010 4,210,444,085

+3.9 4,398,821,487 5,559,536,300

Third Federal Reserve Dist rict-Philad elphi a Pa.-Altoona
1,119,579
1,265.818
860,128 +47.2
3,347,147
Bethlehem
3,898.884
2,314.465 +68.5
a
a
Chester
a
a
Lancaster
2,505,481
3,436,231
2,306,353 +49.0
Philadelphia
471,000,000 404,000,000 +16.6 428,398,903
2,501.407
Reading
3,365,125
2,640,793 +27.4
5,580,058
Scranton
5,175,177 +15.3
e5,968,226
2,619,023
Wilkes-Barre
e3,646,451
2,881.000 +26.6
1,240,956
York
1,493.294
1,175,383 +27.0
N. J.-Trenton3,882,578
3,100,160 +41.8
4,396,633
a
a
Del.-Wilmingt'n
a
a

a
2,300.000
522,653,181
3,089.925
5,149.228
2,929,622
1,639.664
3,706,650
a

451,195,132

542,526,459

Total(9 cities).

498,470,662

424,453,459 +17.4

Fourth Feder al Reserve D strict-Clev eland -3)110-Akron_ _ _ _
6,985.000
e5,488,000
6,744,000 -18.6
4,117,297
Canton
4,798,307
3,416,807 +40.4
Clncinnati;
61,933,394
70,343,526
57,488.991 +22.4
Cleveland.,__ 6108,822.879
83,856.801 +29.8 125,505,785
14,665,800
Columbus
e17,330,000
14,982,900 +15.8
a
Daytona
a
a
Lima
979,928
673,421
866.330 -22.3
Qansfield
1,608,281
2,041,498
1,298,749 +57.2
Springfield_
a
a
a
a
a
Toledoa
a
a
Youngstown
5,855,041
e5,026,324
4,588,412 +9.5
a
.a.-Eriea
a
a
Greensburg
c
c
c
c
Pittsburgh
146.972,335 *126,800.000 +15.9 162,672,030
5.'. Va
5,121,863
5,444,544
4,098,956 +32.8

1,058.189

11,234,000
5,990,715
73,096,042
136,225.769
16,896,900
a
1,410.989
1,630,291
a
a
6,531,612
a
c
160,312,174
5,374,229

304,121,946 +20.7

389,444,419

418,702,721

Fifth Federal Reserve Dist rict-Richm ondV.Va.-Hunt'ton
d2,294.349
2,083,886 +10.1
/'a.-Norfolk.,.. _ _
e9.279,087
7,321,046 +26.7
Richmond _ _ _ e62,056,000
43.449,195 +42.8
LC.-Charleston
3,262,040
3,086,292 +5.7
dd.-Baltimore _
88,431,013
66,276,386 +33.4
). C.-Wash'ton
22.380,335
19.419,440 +15.2

1,877,709
8,501,461
50,470.155
3,600,000
86,613,028
16.700,304

2,083,886
13,549,480
82.403.430
6,000,000
99.519.134
18,355,102

141,636.245 +32.5

167,762,657

221,911,032
,

Sixth Federal Reserve Dist rict-Atlant aCenn.-Chatt'ga
e7.301,656
5,282,635 +38.2
Knoxville
3,463,029
3,299,026 +5.1
Nashville
e22,998.000
18.933,004 +21.5
)a.-Atlanta
58,301,963
43.849.718 +33.0
Augusta
1.784,708 +26.8
2,263,687
Macon
1,431,730
*1,500.000 -4.6
Savannah
a
a
a
i'la.-Jacks'nville
12,588,202
10.160.274 +23.6
1.1a.-13Irm'ham. 33,265,432
20,377,902 +63.2
c
c
Mobilec
diss.-Jackson _ 868,211 +15.1
997,276
441,051
+7.3
Vicksburg
473.432
.,a.-N. Orleans_
46,654,878 +27.6
59,532,129

6,774.213
4,000.000
21,981.035
53,123,320
2,420.889
*1.790.773
a
12,104,024
17,396,804
c
740,193
411,458
60,757,303

9,811,920
4,568.150
28,386,398
89,632,897
7.255.716
*2,000,000
a
12,586,615
19,607,818
c
879,574
841,586
82,497.634

181,500.012

258,068,308

Total(10 cities)

Total(6 cities).

Total(11 cities)

366,940,834

187,702,824

202,621,536




267

UTE CHRONICLE

153.149,407 +32.3

Week ending. January 13.
Clearings at
Inc. or
Dec.
15
$
%
Seventh Feder al Reserve D 'strict-Chi cagoMich.-Adrian _
288,524
285,779 +1.0
Ann Arbor_
912,561
790,253 +15.5
Detroit
114.016,517
92,962.000 +22.6
Grand Rapids
7,211.849
6,533,687 +10.4
Lansing
1,924,898
1,460,416 +31.8
Ind.-Ft. Wayne
2,349,149
1,901,545 +23.5
Indianapolis_
22,930,000
18,010,000 +27.3
South Bend..,.,
2.455.300
1,723,106 +42.5
Wls.-Mllwaukee
36,648,570
29,218,403 +25.4
la.-Ced. Rapid
2,555,286
2,162,767 +18.1
Des Moines_ _
9,944,345
9,654,423 +3.0
Sioux City___
6,756,984
5,059,420 +33.6
WaVerielo
1,600,942
1,386,709 +1514
III.-Bloom'ton_
1,447,607
1,235,348 +17.2
Chicago
647,993,280 520,983,489 +24.4
Danville
a
a
a
Decatur
1,274,308
1.086,670 +17.3
Peoria
4,531,975
3.874.245 +17.0
Rockford
2,093,352
1,785,207 +17.3
Springfield_ _
2,563,851
2,215,174 +15.7
1923.

Total(19cities

1922.

1921.

1920.

$

$

353,733
200,000
500.000
700,072
87.469,283 116,721.312
8,212,033
5,646.115
1,810,120
1,462,211
2,063,405
2,152.158
21,211.000
18,010,000
1.650.000
1,400,000
35,668,764
31,760,068
2,296.283 • 2,411,466
12,788,184
9,652.592
13,209.175
6,633,549
2,143,578
1,559,648
1,822,274
1,544.589
582.021.554 713.888.410
a
a
1.727,851
1.212,313
6.029,138
4.650.935
2.041.543
2,541,537
2,676,011
2,895,554

702,328,641 +23.8

763,462.200

947,274.258

Eighth Feder 1 Reserve Dis trict-St. Lo uisInd.-Evansville
5,430.351
5,208,605 +4.3
Mo.-St. Louis_
a
a
a
Ky.-Louisville
36.690.065
25,236,827 +45.4
Owensboro _ _ _
1,110,071
926,020 +19.9
Tenn.- Memphi e27,811,000
19,013,039 +46.3
Ark.-Little Roc
13,180,696
9,000,568 +46.4
397,321
III.-Jacksonville
278,229 +42.8
1,560,878
Quincy
1,346,693 +15.9

4,689.289
a
26,685,070
604,029
18,050,444
9,393.065
360.529
1,450,718

5,868,572
a
19,150,090
1,747,366
39,441,654
13,834,091
613,706
2,012,054

61,233,144

82,667.533

Ninth Federa Reserve Dist rict-Minim apolis-Minn.-Duluth_
e6,039,097
4,374,995 +38.0
8.178,542
Minneapolis__
81,854.814
64,344,056 +27.2
72,361,099
St. Paul
36,121,847
28,512,842 +26.7
36,079,335
N. D.-Fargo..
2.173,749
1,917,910 +13.3
1,430,067
1,346,163
S. D.-Aberdee I
1,261,446 +6.7
2.077,758
Mont.-Billlngs .
551,531
702,370 -21.5
1,008,888
3,680,649
Helena
3,290,598 +11.9
1,823,612

7,764,063
52,848,062
21,451,025
3,000,000
2,055,338
1,639.771
2,271,018

Total(7 cities)

Total(7cities).
Tenth Fedora I
Neb.-Fremont
Hastings
Lincoln
Omaha
Kan.-Topeka _ .
Wichita
Mo.-Kan. City.
St.
Okia.-Muskogei.
Oklahoma Cit r
Tulsa
Colo.-Col. Spgs.
Denver
Pueblo

869,499,298

86,180,382

61,009,981 +41.3

131,767,850 104,404,217 +26.2 122,959,301
Reserve Dis trict-Kens as Citye500,438
506,424 -1.2
622,878
577,432
558,171 +3.5
631,163
4,574.160
3,866,229 +18.3
4,050.916
45,256,079
33,124,908 +36.6
42,308,866
e4,216,739
3,328,362 +26.7
3,412,445
e10.856,000
11,141.095 -2.6
11.855,816
146,191,175 142,683,955 +2.5 181,734,868
a
a
a
a
a
a
a
a
e26,788,845
23,695,937 +13.1
28,798,521
a
a
a
a
1,236,829
1,068,972 +15.7
1,015,405
20,801,532
18,860,747 +10.3
21,137,635
6865,652
824,069 +5.0
1,167,779

Total(11 cities i 261,864,881 239,658,869 +9.3
Eleventh Fed t cal Reserve District-Da hasTexas-Austin
1,841.115
1,759,696 +4.6
34,518,551
Dallas
28,084,896 +22.9
Fort Worth_ _ . e12,499,190
12,354,096 +1.2
Galveston
.
8,047,659
10,268,872 -21.6
a
Houston
a
a
La.-Shreveport.
7,453,043
4,615,647 +61.5

91,029,277
925.000
847,865
6,065,256
65.674.962
4,777,120
16,219,233
266,858,670
a
a
13,595,123
a
1,251,797
24,064.214
951,349

296,736,292

401,230,589

1.400,832
28,924,430
14,650,427
10,268,872
a
5,569,710

3,000,000
40.000,000
22.034,017
6,533,270
a
*5,753.887

Total(5 cities). 64.359,558
53,030,945 +21.4
60,814,271
Twelfth Fade r al Reserve I)Istrict-San Franc' sectWash.-Seattle _. 35,810,763
32,169,266 +11.3
31,218,723
Spokane
a
aa
a
Tacoma
a
a
a
a
Yakima
1,342,836
1,407,539 -4.6
1,356,450
Ore.-Portland _. 34.135,723
29,373,156 +16.2
31,039,853
Utah-Salt L.C'r
16,894,603
14,702,268 +14.9
15,000,000
Nev.-Reno
_
a
a
a
a
Ariz.-Phoenix _
a
a
a
a
Calif.-Fresno _
5,233,946
4,741,034 +11.0
4,439.601
Long Beach .
7,821,182
3,994,777
4,324,279 -19.1
Los Angeles,... 123,430,000
99,315,000 +24.3
90,832.000
Oakland
.
16,201,286
10,676.529
13,881,226 +16.7
Pasadena _ _ _.
5,685,801
4.159,328
4,032,262 +41.0
Sacramento _. e7,997,378
6,288,717
6,889.119 +16.1
.
a
San Diego
a
a
a
San Francisco. 167,200.000 153,000,000 +9.3 149,200.000
San Jose
.
2,883,887
2.206,724
2,362,071 +22.1
Santa Barbara.
1,161,947
1,073,925
997.840 +16.4
. d2,878,900
Stockton_ _
2,764,600 +4.1
5,447.800

77,321,174
42,387.087

a
a
1,580.483
36,000.000
17,295,214
a
a
5,822,572
3,133.028
77,180,000
11,505,586
2.270,436
7,244,562
a
176.150,588
2,322,607
7,010,500

Total(14 cities) 428,708,252 369.959,660 +15.9 356,934,427 389,902,663
Grand total (11 3
_ 7,886.299,185 7,101,353,263 +11.17,594.665.0459,479,590.054
cities)
2 522 ona 407 9 054 422 A71 .101 .42 942 4041 aan 2 002 062.285
Outside N.Y
Week enazng January 11.
Clearings at
1923.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine nat.__
Peterborough,,_ _
Sherbrooke
Kitchener
Windsor
Prince Albert,,,,.
Moncton
Kingston

1922.

Inc. or
Dec.

1921.

1920.

$
s
s
$
%
94,659,534 119,467,852 -20.8 124,156.918 132,797,650
91.891,147
125,363,030 105,441,110 +18.9 108,146,521
47,435,383
58.769,373
45,746,089
43,475.869 +5.2
13,794,414
14,326,344
14,103,055
13,763.115 +2.5
8,348,968
7,989,101
6,506,943
+2.5
6,347,006
6,614.523
6,962.822
5,329,973
5,398,841 -1.3
4,926,890
4,404,472
3,841.210
3.763,050 +2.1
6,891,572
6,136.713
5,552,446
5,426,819 +2.3
8,680,222
8,459.349
5,153.844
5,314,781 -3.0
3,364,901
3.278.341
2,619.597
2,939,157 -10.9
2,792,945
2,541,198
2,043.222
1,930,000 +5.9
3,433,291
3,138,463
3,098,204
3,333,936 -7.1
5,558,987
4,709,895
5.607,434
5.658,404 -10.4
4,150,425
4,164,182
3,798,773
3,962,205 -4.1
810.000
662,691
614,417
624.005 -1.5
744,829
745,943
556,561
726.772 -23.4
2,084.892
1,541,013
1,975,446
1,814,940 -15.1
1,573,203
1,696.432
1,316,466
1,353,379 -2.7
1,290,578
1,560,57
1,117.178
1,027.59
+8.7
702.675
973.181
933,972
870.530 +7.3
592,848
511,220
515.38 -18.0
422,739
523.796
504.200
344,939
386,23 -10.7
845.298
971.457
732,722
678,546 +8.0
1,024,329
1.344.185
776,431
769,805 +0.9
1,106,217
+1.6
935.465
1,040,16
1,056,601
2,224.483
2.868,398
-4.1
3,133,877
3,267,70
531,648
407,112
338,163 +7.4
363,278
+8.1
967.32
870,48
1,046,051
752,922 -15.0
639.934

Total (29414199) 337,479,533 341.355,609 -1.1 373.210,430 354,736,114
a No longer reports eteartims or oaly gives drubs 4g4in4.hi.l,yIUuai a....ounts, with
no comparative figures for previous years. b Report no clearings, but give comparative figures of debits; we apply to last yea 's clearings the same ratio of decrease
(or increase) as shown by the debits. c Do not respond to requests for figures.
d Week end. Jan. 10. e Week end. Jan. 11. 1' Week end. Jan. 12. • Estimated.

THE CHRGNICLE

268

[Vol.. 116.

The Shanghai

exchange is quoted at 3s. Od. the tael.
THE CURB MARKET.
-Bar Silver per Oz. Std.Bar Cold
Quotationstaking,
Cash.
2 Mos.
per Oz. Fine..
Despite reactionary movements due to profit
Dec.
28
1922
3134cl.
3034d.
888. 11d.
prices in the Curb Market maintain a generally strong tone. Dec. 29 1922
3134d.
30 9-16d.
888. 11d.
Trading was decidedly irregular, active at times and again Dec. 30 1922
31 9-16d.
30346.
Jan.
1
1923
3134d.
30.544.
88s. lid..
slowing down to a dull state. Motor shares continue to
2 1923
313
%d.
3034cl.
89s. 3d.
command attention. Durant Motors was in demand and Jan.
Jan. 3 1923
31346.
303.16.
89s. Id.
after a drop from 813/i to 753 recovered to 84. The close Average
31.427d.
30.593d.
895. 0.2d
The silver quotations to-day for cash and forward delivery are respecto-day was at 823'. Stutz Motor was also in demand, tively
7-16d. and 11-16d. above those fixed a week ago.
and after early loss of 23/2 points to 213. advanced to 24%,
with a final reaction to 23%. Glen Alden Coal was promiENGLISH FINANCIAL MARKET-PER CABLE
nent for an advance of almost ten points to 70%, the final
The daily closing quotations for securities, &e., at London,
transaction to-day being at 683. New Fiction Publishing
was decidedly weak, dropping from 15% to 83/i and closing as reported by cable, have been as follows the past week:
London,
Sat.,
Mon., TeE13., Wed., Thurs., Fri.,
to-day at 9. Hayes Wheel moved down from 43 to 40 and
Week ending Jan. 19.
Jan. 13. Jan. 15. Jan. 16. Jan. 17. Jan. 18. Jan. 19.
ends the week at 40%. Trading in oil shares slowed down Silver, per oz
d 3134
3234
3255
32
32 7-16 3135
B. 96. 885. 3d. 89s. 3d. 895. 56. 89s. 9d. 89s. 6d.
considerably and price movements were narrow. Buckeye Gold, per fine oz
Consols, 255 per cents
_
5655
5655
5634
5634
point
to
5634
gain
of
a
after
943',
and
dropped to 89
Pipe Line,
British 5 per cents
10034
10034
10034
100%
100%
sold finally at 8932. South Penn Oil rose from 166 to 176, British, 455 Per cents_______
95%
9555
9555
9555
9554
closing to-day at 174. Standard Oil (Indiana) was erratic, French Rentes(in Paris)_ _ fr_ 58.40 58.35 58.75 58.90 58.67
French WarLoan (in
selling up from 623/i to 633', down to 613-i, and at 61%
Paris)
fr 76.20
76.25
68.75
78.20
75.85
finally. Standard Oil (Kentucky) lost six points to 87 and
The price of silver in New York on the same day has been:
883-f.
Standard
at
Oil
of
N.
Y.
was
off
from
closed to-day
Silver InN. Y., per oz.(cts):
Domestic
9955
9934
9934
9934
9934
99%
48% to 46, the final figure to-day being 463. Maracaibo
Foreign
6534
6734
6534
6634
6555
65%
Oil Exploration declined from 113 to 93. Elsewhere in
the oil list changes were small. Bonds were fairly active.
A complete record of Curb Market transactions for the PUBLIC DEBT OF UNITED STATES-COMPLETED
RETURN SHOWING NET DEBT AS OF
week will be found on page 288.
OCT. 31 1922.
The statement of the public debt and Treasury cash
holdings of the United States as officially issued Oct. 31
THE ENGLISH GOLD AND SILVER MARKETS.
1922, delayed in publication, has now been received, and
We reprint the following from the weekly circular of as interest attaches to the details of available cash and the
Samuel Montagu & Co. of London, written under date of gross and net debt on that date, we append a summary
thereof, making comparison with the same date in 1921.
Jan. 3 1923:

CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
GOLD.
Oct. 31 1922. Oct. 31 1921.
The Bank of England gold reserve against its note issue on the 27th ult. Balance end month by daily statement, dtc
$412,345,540 3226,405.157
was E125,623,200, as compared with E125,623,140 on the previous Wednes- Add or Deduct-Excess or deficiency of receipts over
or under disbursements on belated items
-4,231.600
+5,209,617
day.
The Indian demand this week has been good and the bulk of the available
$408,113,940 $231,614,774
supplies has been taken for tha quarter.
Deduct outstanding obligations:
Treasury warrants
$2,485,026
$4,035,040
The Imperial Bank of India raised their official rate of discount to 7%
80,762,905
Matured interest obligations
94,559,729
on Dec. 28 last.
Disbursing officers' checks
65,191,905
79,212,090
Rhodesia
gold
output for November 1922 amounted to
The Southern
Discount accrited on War Savings Certificates
138,554,674
112,207.299
53,255 ounces, as compared with 54,670 ounces for October 1922 and 53,098
Total
1286.994,511 $290,015,058
ounces for November 1921
Details regarding Indian imports and exports of gold during the financial Balance, deficit (-) or surplus
+15121,119,429 -$58,400,284
(-1-)
year 1921.22 are shown below. The figures are in lace of rupee:

United Kingdom
United States of America
Japan
Australia (including New Zealand)
Mesopotamia
Aden and Arabia
Other countries

Imports.
590
133
153
359
112
35

Exports.
1196
460
--- - - -12

Total
1382
1668
The following figures show the imports and exports of gold to and from
New York during the month of November:
Imports_ _ _ _$15,554,118
ExPorts----$550,796
SILVER.
The market has been still to a large extent under the influence of holidays, and business has not been active. The Indian Bazaars have bought
small amounts daily, while China and the Continent have contributed most
of the supplies. The immeidate tendency seems fairly good, but confidence in the more distant future is lacking.
Advice from Washington given under date of Dec. 22 last gave the total
amount of silver purchased under the Pittman Act as 147,890,075 ounces.
'Unusual sources ofsilver are by no means exhausted,for we learn from the
"Soviet Press" that by persistent search the authorities are obtaining from
the churches considerable quantities in the form of vessels and ornaments.
One church alone in the town of Volsk is said to have yielded 10 cwt. of
silver. The "Times" of June 7 last stated that a bell of solid silver, weighing some six hundredweight, or ten thousand ounces. had been confiscated
by the Soviet authorities from the Cathedral of Kharkoff, iii Russia.
Much of the church treasure has undoubtedly been secreted, and there is
likelihood of many private individuals having caches of their own which
will not be unearthed until the advent of happier days.
Statistics for the month of December are appended:
-Bar Silver per Oz. Std.Bar Gold
Cash.
2 Mos.
per Fine Oz,
32 7-16d.
32 1-16d.
91s. 4d.
HighestPrice
30,4d.
29 15-16d.
Lowest price
98s, 5d.
31.383d
Average price
30.902d.
89s. 6.0d
INDIAN CURRENCY RETURNS.
Dec. 7. Dec. 15. Dec. 22.
(In Lacs of Rupees.)
17647
17357
Notes in circulation
17485
8889
8799
Silver coin and bullion in India
8725
Silver coin and bullion out ofIndia
2432
2432
Gold coin and bullion in India
2432
Gold coin and bullion out ofIndia
5742
5742
Securities (Indian Government)
5742
584
584
Securities (British Government)
584
No silver coinage was reported during the week ending 22d ult.
The stock in Shanghai on the 30th ult, consisted of about 27,000,000
ounces in sycee, 29,000,000 dollars and 1,530 silver bars, as compared with
about 28.300,000 ounces in sycee, 26,000,000 dollars and 10 silver bars on
the 23d ult.




INTEREST-BEARING DEBT OUTSTANDING.
Interest Oct. 31 1922, Oct. 31 1921.
Payable.
$
Title of Loan$
Q.-J. 599,724,050
2s. Consols of 1930
599,724,050
Q.-F. 118,489,900
48, Loan of 1925
118,489,900
48,954,180
28 of 1916-36
Q.-F.
48,954,180
Q.-F.
25,947.400
25 of 1918-38
25,947.400
Q.-M.
50,000,000
38 01 1961
50,000,000
Q.-J.
28,894,500
3s, Conversion bonds.of 1946-47
28,894,500
Certificates of indebtedness
J.-J. 1,001,234,500 1,932,218,000
Certificates of indebtedness under Pittman Act,...I.-J.
38,000,000
146,375,000
.I.-J. 1,410,001,050 1,410,074,050
3555, First Liberty Loan, 1932-47
11,542,450
J.-D.
48, First Liberty Loan, converted
15,508,156
4558, First Liberty Loan, converted
J.-D. 526,795,700
523,087,759
3,492,150
4555. First Liberty Loan, second converted_....J.-D.
3,492,150
M.-N.
49,771,750
4s, Second Liberty Loan, 1927-42
67,922,800
3,231,537,150 3,246,172,400
434s, Second Liberty Loan, converted
M.-S. 3.459,481,850 3,608,919,350
455s, Third Liberty Loan of 1928
A.-0. 6,343,027,900 6,350,938,950
45.55, Fourth Liberty Loan of 1933-38
J.-D.
355s, Victory Liberty Loan of 1922-23
536,692,450
742,305,995
4555, Treasury bonds of 1947-52
J.-D. 1,657,824,050 3,108,202,950
4345, Victory Liberty Loan of 1922-23
Mat. 723,856,413
4s, War Savings and Thrift Stamps
663,969,379
11,851,000
J -J.
234s, Postal Savings bonds
11,774.020.
J -D. 2,743,334,000
5558 to 5558, Treasury notes
701,897,700
Aggregate of Interest-bearing debt
Bearing no Interest
Matured, Interest ceased

Total debt
Deduct Treasury surplus or add Treasury deficit

22,826.065,988 2179,255,12(Z
237,638,598
6,358,004
a13,329,540
17,459.140
c23,077,034,126 23,457,072,273
+121,119.429 -58,400,284
d22,955,914,697 23,515,472,557

Net debt

a Includes $5,367,550 Victory 355% notes.
c The total gross debt Oct. 31 1922 on the basis of daily Treasury statements
was 323,077,783,935 86, and the net amount of public debt redemption and receipts
In transit, Ac., was 8749,810 21.
d No deduction is made on account of obligations of foreign governments or
other investments.
NOTE.-Issues of Soldiers' and Sailors' Civic Relief bonds not included In the
Shove,total issue to Oct.,31 1922 was $195,500, of which $144,800 has been retired.

TRADE AND TRAFFIC MOVEMENTS.
Anthracite Coal Shipmenta.-The shipments of anthracite coal for the month of December 1922, as reported to.
the Anthracite Bureau of Information at Philadelphia, Pa.,
aggregated 6,454,876 tons, comparing with 4,635,922 tons
for the same month last year and with 6,436,320 tons for
December 1920. Below we give the shipments by originating
carriers for the month of December 1922, 1921, 1920 and 1919
Road-1922.
Philadelphia & Reading_ _..tons_1,259,927
Lehigh Valley
1,107,745
Central Railroad of New Jersey- 564,071
Delaware Lackawanna & Western 938,530
Delaware & Hudson
832,893
Pennsylvania
561,603
Erie
738,073
New York Ontario & Western159,829
Lehigh & New England
292,205
Total

December
1921.
1919.
1920.
985,262 1.324,004 1.442,571
801,796 1,161,305 1,057,627
532,597 497,735 506,849
626,377 940,515 907,119
654,987 896,475 674,172
307,520 457,242 414.155
450,465 675.979 679,827
107.107 164,557 171,465.
169.811 318,508 284.684

6,454,876 4,635,922 6,436,320 6,138.460

JAN.

fonniterciai antIMiscellanzonsgam
Breadstuffs figures brought from page 314.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
and
lake and river ports for the week ending last Saturday
since Aug. 1 for each of the last three years have been:
Receipts at-

Wheat.

Flour.

Rye.

Barley.

Oats.

Corn.

bls.1961b5 hush.60 lbs. hush. 56 lbs. hush. 32 ibs.Sush.4131bs bush.56l5s.
259,000
511,000 4,358,000 1,562,000 258,000
229,16#
Chicago
568,000 339,000 659,000
271,000
3,959,000
Minneapolis.
586,000
6,000
870,000
Duluth
108,000
164.000
439,000
479,000
103.00#
2 # #1
Milwaukee_ _ _
4,000
30,000
95,000
52,000
Toledo
110,000
56,000
36,000
Detroit
298,000
62.000 . 591,000
Indianapolis_
2,000
14,000
980,000
629.000
741.000
59,111
St. Louis_ _ _ _
17,000
6,000
535,000
515,000
37,000
31,000
Peoria
220,000
288,000
1,618,000
Kansas City_
382,000
683,000
519,000
Omaha
22,001
232,000
238.000
St. Joseph
Total wk. '23
Same wk. '22
Same wk. '21

8,746,000 8,228,000
3,388,000 11,210.000
6.978,00f, 8,008,001

342,00
320,
282,00

787,000 1,635,000
557,000 217,000
753,000 338.000

5,136,000
4,035,000
4.021.000

Since Aug.11922-23_ _ _ _ 12,652,001 275,390,000 163,752,000 122.265,000 22,955,00029,192,000
1921-22.... 10,618,001 226,026.000 175,673,00# 107,934,000 15,124,000 10,962,000
1920-21._ 6,463,111 202,325,000 86,468,000 109,326,00024,576.000 24,200.000

GRAIN STOCKS.
Barley.
Rye,
Oats,
Corn,
Wheat,
bush,
bush.
bash,
bush,
bush,
. United States327.000
251,000
2,146,000
625,000
655,000
New York
1.000
46,000
3,000
Boston
3,000
22,000
648,000
654,000
323,000
Philadelphia
60,000
392,000 1,831,000
627,000 1,234,000
Baltimore
6,000
26,000
132,000
2,058,000 1,328,000
New Orleans
103,000
1,778,000
Galveston
624,000
669,000
815,000
391,000
2,840,000
Buffalo
399,000
797,000
3,574,000
afloat
"
7,000
293,000
95,000
956,000
Toledo
32,000
104.000
49,000
36,000
Detroit
270,000
449,000
2,072,000 10,467,000 8,828,000
Chicago
150,000
752,000
" afloat
213.000
351.000
761,000
215,000
143,000
Milwaukee
222.000
637.000 3,620,000
7,000
3,588,000
Duluth
6,000
19.000
101.000
326,000
1,096.000
St.Joseph, Mo
947,000
2,076.000
11,776.000
225.000
10,199,000
Minneapolis
4,000
8,000
283,000
841,000
1,148.000
St. Louis
143,000
628,000 1,117,000
5,144,000
Kansas City
306,000
219,000
4,000
Peoria
347,000
102,000
373.000
Indianapolis
16.000
161.000
2,072,000 1,076,000 1,945,000
Omaha
12,000
46,000
449,000
331,000
371,000
Sioux City
32.000
10,000
381,000
On Canal and River
3.141,000
Total Jan. 13 1923_ _40,193,000 18,816,000 31,126,000 10,772.000
10,885,000 3.053.000
Total Jan. 6 1923_40,582.000 16.885,000 32,122,000 6,917,000 2,682,000
67,231,000
Total Jan. 14 1922.-46,398,000 24,259,000
14.000 bushels:
Note.--Bonded grain not Included above: Oats, New York,
afloat, 1,701,000:
Boston, 3.000; Baltimore, 50,000; Buffalo, 517,000; Buffalo
1.067.000
against
bushels.
3,019,000
Duluth, 20,000: Toledo aficat, 587,000; total,
463,000; Buffalo
bushels In 1921. Barley, New York. 150.000 bushels; Buffalo.
bushels
621,000
against
bushels,
1,660,000
total,
afloat. 1,001,000; Duluth, 54,000;
Philadelphia.
in 1921. Wheat, New York, 1,825,000 bushels; Boston, 550,000:
afloat, 15,907,000;
Buffalo
6,110.000;
Buffalo.
Baltimore,
1,503,000;
822,000;
Chicago, 285,000;
Duluth. 127,000; Toledo, 1,093,000; Toledo afloat, 1,500.000:
total, 29,722,000 bushels, against 21,065,000 bushels In 1921.

Total receipts of flour and grain at the seaboard ports for
the week ended Saturday Jan. 13 1923 follow:
Receipts atNew YorkPortland, Me.
Philadelphia__
Baltimore_ .._ _
Newp't News
New Orleans*
Galveston_
Montreal ___.
St. John, N.B.
Boston

Rye.

Barley.

Oats.

Corn.

Flour.

Wheat.

Barrels.
350,00
82,00
71,00
54,00
1,00
71,00

Bushels. Bushels.
Bushels.
Bushels.
Bushels.
455.000
146,000
456,000
162,000
2,243,000
76,000
69,000
1,388,000
18,000
111,000
403,00'
1,307,00e
2,000 804,000
14,000
800,000
907,000

45,00
39,00
21,00

744.00
Total wk. '23
Since Jan.1'23 1,333,00
Same wk. '22
Since Jan.1'2

443,00
897.001

791,000

14,000

2,006

53,000
33,000
124,000

8,005,0
15,228,00

2,158.0''
3,008,00#

874,000
1,592,000

244,000 1,386,000
418,000 2,709,000

4,263,0
8,544.00

3,015,t # i
5,562,006

785,000
1,301,000

154,000
238,000

302,
596.00
49,00
843,00
, 371,000

12,000
8,000

Canadian1,883,000
Montreal
Ft. William & Pt. Arthur_23,511,000
163,000
" afloat
9,852,000
Other Canadian

The exports from the several seaboard ports for the week
ending Saturday, Jan. 13 1923, are shown in the annexed
statement:
Corn.

Wheat.

Flour.

Oats.

Rye.

Barley. Peas.

Bushels. Bushels. Barrels. Bushels, Mishits. Bushels. Bushels.
1,463,070 357,147 169,320 249,714 156,984 250,229
New York
76,000
69,000
82.000
1,388,000
Portland, Me
9.000
75,000
116.000 .
Boston
58,000 30.000 --14,000
1,791,000
Philadelphia
692.000
718,000 629,000 3.000
Baltimore
1,000
Newport News_
5,000 12,000
Mobile
89,000 23,000
366,0
New Orleans
43,000
266,000
Galveston
33,000 100,000 8,000
39,000
St. John, N. B..__ 843,000

513,000
3,006.000

210,000

179,000
2,410,000

1,126.000

1.267,000

362,000 4,645.000
Total Jan. 13 1923____35,409,000
466,000 4,177,000
Total Jan. 6 1923_ _ _34,507.000
Total Jan. 14 1922..31,178,000 1,397,000 8.864,000

210,000 3,856.000
284,000 3.411,000
2,653,000

3,141,000
40,193,000 18,816,000 31.126.000 10,772.000 3,856,000
210,000
362,000 4,645,000
35,409,000
6,997.000
Total Jan. 13 1923_ _75,602,000 19,178,000 35,771,000 10,982,000 6.464,000
Total Jan. 6 1923..._75.049,000 17,351,000 36,299.000 11,149,000 2,790,000
7.029.000
76,095,000
Total Jan, 14 1922_ _77.576,000 25,656,000

100,000
9,000

69,000
634,000

362,000

SummaryAmerican
Canadian

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

• Receipts to not Include grain passing through New Orleans for foreign ports
on through lal Is of lading.

Exports Iron--

269

THE CHRONICLE

20 1923.]

APPLICATIONS TO ORGANIZE RECEIVED.

Capital.

W0001.
Jan. 13-The First National Bank of Belvedere Gardens, Calif.__
Correspondent, Thos. T. Snell, 5226 Whittier Blvd., Belvedere
Gardens (P. 0. Los Angeles), Calif.
250,000
Jan. I3-The Lincoln National Bank of Los Angeles. Calif
•
Correspondent, A. V. Hayden, 1116 Loew's State Bldg., Los
Calif.
Angeles.
25,000
Jan. I3-The Hancock National Bank of Sparta. Ga
Correspondent, H. F. Conniff, Sparta, Ga.
200,000
Jan. 13-The Seventy-First Street National Bank air Ohicago. III_
Correspondent, Wm. J. Pringle, Suite 723, No. 108 South La
Salle St., Chicago, Ill.

Total week 1923_ 6,951,079 1,080,147 352,320 • 426,714 1049984 364.229
3.715.590 1.768.048 218.606 293.000 128.000 258.077
Week 1922

The destination of these exports for the week and since
, July 1 1922 is as below:

APPLICATIONS TO ORGANIZE APPROVED.
0200,000
Jan. 9-First National Bank in Berkeley,Calif
Correspondent, W. F. Morrish, care of Berkeley Commercial
& Savings Bank, Berkeley, Calif.
200.000
Jan. 9-The Genesee National Bank of Buffalo, N.Y National
Correspondent, R. W. H. Campbell, Community
Bank, Buffalo, N. Y.
25.000
Jan. 10-The First National Bank of Lexington, Tenn
Correspondent, John A. McCall, Lexington, Tenn.
25.000
Okla
Jan. 11-The First National Bank of Jones,Correspondent,
H. M.
Succeeds the State Bank of Jones, Okla.
Johnson. First National Bank, Oklahoma City, Okla.

APPLICATION TO CONVERT RECEIVED.
First National Bank of Salt Creek, Wyo
-The
Jan.
10
Correspondnet,
Week . Sines
Since
Week
Conversion of the Bank of Salt greek. Wyo.
July 1
Jan. 13
July 1
Jan. 13
Montgomery, care of Montgomery Lumber Co.. Culver
H.
J.
1922.
1923.
1922.
1923.
Calif.
City,
Bushels, Bushels.
Bushels.
Bushels.
•
APPLICATIONS TO CONVERT APPROVED.
3.389.822 62,920,857 520,526 19,759,536
$300.000
of Buffalo, N.Y
3,548,257 144,338,446 545,621 35,378,221 Jan. 9-The South Side National Bank
Y.
N.
Buffalo,
of
34,000
Conversion of the South Side Bank
123.000
13,000
$50,000
915,700 Jan. 10-The Magruder National Bank of Port Clinton. Ohio..
14,000
28,000
Savings Bank, Port
3,700
Conversion of Magruder Commercial &
•
13,500
' 1,049,973
Clinton.
25,000
First National Bank of Castle. Okla
Total 1922-23_ _ 352,320 8,243,265 6,951,079 208,460,276 1,080,147 56,104,657 Jan, 11-Theof the Castle State Bank, Castle, Okla.
Conversion
Total 1921-22.... 213 MR 7 548 T,52 8 715 5on 187 959 795 1 785 048 62.328 081
25.000
The State National Bank of Paden. Okla
Conversion of the State Bank of Paden. Okla.
50.000
The world's shipment of wheat and corn, as furnished by Jan. 13-The Security National Bank of Quanah, Texas
Conversion of the Security State Bank of Quanah, Texas.

Flour.
.Exports for Week
Slnce
Week
and Since
July 110Jan. 13 July 1
1922.
1923.
--,
Barrels. Barrels.
United Kingdom. 152,438 3,159,652
Continent
154.122 3,618.811
So.& Cent. Amer_ 2,000
295,332
West Indies
711,800
30,000
2,000
Brit.No.Am.CoLs.
Other countries_ 13,760
455,670

Wheat.

Corn.

Broomhall to the New York Produce Exchange for the week
ending Friday, Jan. 12 1923, and since July 1 1922 and
1921, are shown in the following:
Wheat.
Exports.

1922-23.
Week
Jan. 12.

Since
July 1.

1921- 22.
Since
July 1.

Bushels.
Bushels.
Bushels,
North Amer_ 12,042,001281,792,0 262,150,000
96,00# 3,767,000 2.832.001
Rum.& Dan.
Argentina... 1,763.011 50,695,0001 17,944.00
Australia_ _ 1,152,00 13,148,000 45,208,011
464,16
4,612,006
712,000
India
0th. countr'E

IN

Total

15,517.011 351,254,000.128.852,00#

CHARTERS ISSUED.'

-Ark__
Jan. 9-12.296-The First National Bank of Holly Grove,
Succeeds the People's Bank of Holly Grove, Ark. President.
Rue Abramson; Cashier, Cay Hawkins.
Corn,
N.5....._ 25,000
Jan. 11-12.297-The First National Bank of Garwood,
President, De Witt Van Buskirk; Cashier, T. R. Hoffman.
1921-22.
1922-23.
25.000
Jan. 11-12,298-The Security National Bank of Sentinel, Okla__
Succeeds the Security State Bank of Sentinel, Ogle. President,
Since
Since
Week
A. C. Taylor; Cashier, W.0. Callaway.
July 1. I July 1.
Jan. 12.
30,000
Jan. 13-12,299-First National Bank in Cordell, Okla
PresiBushels.
Bushels.
Succeeds the Oklahoma State Bank of Cordell, Okla.
Bushels.
Taylor.
A.
J.
67,137,000
59.842.0001
I.
Cashier.
L.
dent,
Hull;
1.128,000
75,000 3,676,0001 10,632,000 Jan. 13-12,300-The Hamilton National Bank of New York,
1.000,000
4,680,000 83.004.00CI 80,376,000
N. Y
President, Edmund D. Fisher; Cashier, L. E. Williams.
Hudson
Bank
of
National
n Trust &
.500,000
3.365,000 7,860,000 Jan. 13-12.301-Unio
County,Jersey City, N.J
main
Conversion of Union Trust Company of Now Jersey, withN. J.
5.883.01 149.887.000I166.105.000
Bayonne,
in
Office in Jersey City and two branches
President, F. C. Ferguson; Cashier, Theo, Ackerson.

The visible supply of grain, compiising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturda3, Jan. 13 1923, was as follows:



71r
25i

CHANGE OF TITLE.
Mont.. to
Jan. 11-7,274-The First National Bank of Lewistown.
'The First National Bank of Fergus County in Lewistown."

270

THE CHRONICLE

APPLICATION FOR PERMISSION TO ESTABLISH
AN
ADDITIONAL OFFICE.
Jan. 11-11,768—The Community National Bank of Buffalo, N. Y., at
Hertel Avenue at or near the corner of Sterling Ave., Buffalo, N.Y.
CERTIFICATE ISSUED AUTHORIZING ESTABLISHME
NT
OF ADDITIONAL OFFICE.
Jan. 9-12,213—The Capitol National Bank of New York, N. Y. Permit No. 53. at corner of Orchard and Canal Streets, New York, N.
Y.
Jan. 9-2,594—The Peoples' National Bank of Charlottesville, Va.,
Permit No. 54. At University Corner Building, University
of Virginia,
Charlottesville, Va.
Jan. 13-1,918—The Second National Bank of Saginaw, Mich.
Permit
No.55. At 115 North Hamilton Street. West Side, Saginaw, Mich.
Auction Sales.—Among other securities, the
following,
not 'usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:

Shares. Stocks.
Price.
160 Ferris Bros. Co., pref -170 per share
250
do
Common _560 per share
100 Angus Park Hair Cloth Co._.
9 Metropolitan Securities Co.:175
per share paid in
$100
600 Mid-Continental Oil Co.,$1 ea. lot
5 National Reserve Bank, N. Y.
(in liquidation)
6 New York Railway
1 Ft. Wayne & Jackson RR. Co.
10 Texas Pam Land Trust.130234 p. sh.
9.535 Corn Exchange Bank.143034 p. sh.
10 Mexican Nat Gas
Si per share
68 Aguacate Mines Co., 15 each_ _156 lot

Shares. Stocks.
Price.
200 N. Y. Plate Glass Insurance,
$2.5 each
$50 per share
100 Prometheus Electric, $50 each.57 lot
5,000 American Coke & Chemical,
corn, trust CU., $5 each
$100 lot
10 Bankers Union for Foreign Coramerce & Finance. Inc
$1 lot
87 H. V. Greene, Class "B," 15 ea.S1 lot
124 do 2d pref., $10 each
$t lot
Bonds.
Price.
$1.000 Mexican National Gas Co.
6%. 1919
53 lot
14,000 Gulf Florida & Ala. RR.
1st Mtge. 5% Mrs. of deposit_ _121 lot

By Messrs. R.L. Day & Co., Boston:

Shares. Stocks.
Price. Shares. Stocks.
Price.
5 First National Bank, Boston_ ___319
1 Boston Athenaeum. $300 each ... _600
2-3 Sagamore Mills
100
23 Quincy Market Cold Storage &
6 Massachusetts Cotton Mills __ __ _172%
Warehouse. pref
903 & div.
2 Nashua Mfg. Co., common
76
3 Cambridge Gas Light Co
210
150 Warrants U. S. Worsted, com. 8c. 54-9 Lawrence Gas Co
1%
101
do
1st pref. 4
5 Consumers Power Co.,6% pref._ 8831
5 York Manufacturing Co
1201 68 American Glue, common____7534-34
24 Ponemah Mills, 1st pref
102% 10 New England Co., 1st pref
85
do
24
common
•
127
20 'Municipal Service Co., pref
75
3 Rights Ludlow Mfg. Associates__ 644 50 C. H. Wills & Co..
pref1 on
25 Edwards Manufacturing Co-_ - _120
25
do
common as bonus._ _ }prof.
12 York Manufacturing Co
120)1 10 Bausch Machine Tool, com____ 30
500 Warrants U. S. Worsted, corn. 130. 7 Plymouth Cordage
96%
1-3 Sagamore Mills
10014 10 Eastern Texas Electric. com .__ 94
18 Rights Ludlow Mfg. Associates_ 6441 10 Reed Prentice, common
5
137 Warrants U.S. Worsted, 1st Pt. 4
34 Warrants U.S. Worsted, 1st Pt. 4
5 Pepperell Manufacturing Co__..169
1 Boston Athenaeum
595
50 Ludlow Mfg. Associates
20-9
Lawrence
13634
Gas Co
1,4101
4 Lawrence Manufacturing Co_ __ _104
25 Aetna Mills,common
70)4
5 Nashua mfg. Co., common .._ __ _ 7634 50 Metropolitan Filling Sta'n,
corn. 5
3 Hill Manufacturing Co
149
25 Edwards Mtg. Co
119
10 Gosnold Mills, pref
9534 & div.
34 Bates Manufacturing Co
121
Bonds.
Price.
1 Columbian Nat. Life Insurance_ _123
11,000 Terminal Wharf & Rd.
4 Central Mass. Lt. & Pow., corn. 10
Warehouse 58, Sept. 1928
96
6 Lowell Gas Light Co
19931 13,000 Georgia Ry.& Pow.6s, 1947 9734

By Messrs. Wise, Hobbs & Arnold, Boston:

Shares. Stocks.
Price. Shares. Stocks.
Price,
50 West Point Mfg,Co
125% 1 New Bedford Gas & Ed. Light__192
1-3 Sagamore Mfg. Co
100
15 Connecticut Lt. & Pw.. pref._ .11334
5 Boston dc Me. RR., pref. Cl."A" 29
4 Manitoba Power Co., Corn
20
3 Norwich & Worcester RR., pref__ 99% 75 Puget Sound Pow.& Lt.,6%
pt. 8034
50-9 Warrants Lawrence Gas Co__ 111,g 5
do
Common
53,44
17W.L. Douglas Shoe Co.. pref _98-97% 22-9 Warrants Lawrence Gas Co
1446
8 Draper Corporation
170% 225 rights U. S. Worsted, corn_ ___ .08
50Fitchburg Gas& El.. ex-div _8231-82% 10 Metropolitan Filling Stat'n pref _
1034
10 F. M.Hoyt Shoe Co., pref._ __ _ 7611 10
do
Common
534
10 Craton & Knight Mfg. Co., pref
57 80 rights Ludlow Mfg
la
8 Fisk Rubber Co., 1st prof
6744
5 Merrimac Chemical Co, $50 ea_ 91%
Bond.
Price.
15 Converse Rubber Shoe Co., pref. 80
1 Amer. Glue 85. 1931
10334

By Messrs. Barnes & Lofland, Philadelphia:

Noma of Company.
Public Utilities. (Concluded)
Detroit United Ry. (guar.)
Eastern Mass. St. Ry., pref. B
First pref. and sinking fund stocks...
Edison Elec. III. of Brockton (quar.)
Idaho Power, pref. (quar.)
Illuminating dr Power Secur., pref. (qu.)
Massachusetts Gas Co.., corn. (quar.)..
Pacific Power & Light, pref. (quar.)_
Portland Gas & Coke, pref. (quar.)._
Public Service Invest., corn.& pt.(qu.).
Railway & Light Secur. Co., common
Common (extra)
Preferred
Sierra Pacific Elec. Co.. Pref.(quar.)...
West Penn Co.,corn.(No. 1)

[Vol.. 116.
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

134
6
3
2%
134
1%
131
134
134
134
3
1
3
134
34

Mar. 1
Feb. 1
Feb. 1
Feb. 1
Feb. 1
Feb. 15
Feb. 1
Feb. 1
Feb. 1
Feb. 1
Feb. 1
Feb. 1
Feb. 1
Feb. 1
Mar. 30

Pacific (quar.)
Extra

2
2

Feb. 1 Jan. 26
Feb. 1 Jan. 6

Fire Insurance.
Commercial Union Fire
Pacific Fire (quar.)

5
5

On dem.
Jan. 17 Holders of rec. Jan. 16

Holders of rec. Feb. 1
Holders of rec. Jan. 24
Holders of rec. Jan. 24
Holders of rec. Jan. 200
Holders of rec. Jan. 18
Holders of rec. Jan. 31
Holders of rec. Jan. 18
Holders of rec. Jan. 18
Holders of rec. Jan. 18
Holders of rec. Jan. 200
Holders of rec. Jan. 15
Holders of rec. Jan. 15
Holders of rec. Jan. 15
Holders of rec. Jan. 170
Holders of rec. Mar. 15

Banks.
to
to

Jan. 31
Jan. 31

Miscellaneous.
American Brick, preferred
50c. Feb. 1 Jan. 21 to Feb. 4
American Book (guar.)
144 Jan. 20 Jan. 17 to Jan. 21
American Sales Book, preferred (guar.). 1% Feb. 1 Holders of rec. Jan.
19
Buckeye Pipe Line (altar.)
$1.75 Mar. 15 Holders of rec. Feb. 15
Canada Cement, preferred (quar.)
134 Feb. 16 Holders of roe. Jan. 31
Canada Tea, preferred
2
Jan. 24 Holders of rec. Jan. 200
Champion Copper Co
317
Jan. 24 *Holders of rec. Jan. 17
Cities Service—
Common (mthly.y (pay. in cash scrip) *034 Mar. 0 'Holders of rec. Feb. 15
1 Mar. 0 *Holders of rec. Feb. 15
Common (pay,in corn,stock scrip)___ •13.
Pref.& pref. B (payable in cash)
.
34 Mar. 0 *Holders of rec. Feb. 15
Cosden & Co., pref. (quar.)
•131 Mar. 1 *Holders of rec. Feb. 15
Daniels Motor Co.—See Note (0.
•1% Mar. 24 Holders of rec. Mar. 10
Davis Mills (quar.)
Detroit Brass & Malleable Wks.(mthlY.)
Feb. 1 Holders of rec. Jan. 26
Dominion Bridge (guar.)
1
Feb. 15 Holders of rec. Jan. 31
Endicott-Johnson Corp.. corn. (in stock) *120 Feb. 15 Holders of rec. Jan. 26
First Mortgage Guarantee Co
2% Feb. 15 Holders of rem Feb. 1
Gossard (H. W.) Co., preferred (guar.). •131 Feb. 1 Holders of rec. Jan. 25
Gray & Davis, pref. (quar.)
*S2 Feb. 1 Holders of rec. Jan. 24
•1
Hamilton-Brown Shoe
Feb. I HAders of rec. Jan. 22
Hood Rubber, pref. (quar.)
134 Feb. 2 Jan. 21 to Feb. 1
53
Houston Oil, preferred
Jan. 30
•3
Humphreys 011 (quar.)
Mar. 16 *Holders of roc. Feb. 28
Ipswich Mills. pref.(guar.)
Feb. 1 *Holders of rec. Jan. 19
Kaufmann Dept. Stores, corn. (quar.)
Feb. 1 *Holders of roc. Jan. 20
Kellogg Switchboard & Supply (quar.)..
Jan. 31 Holders of ram Jan. 23
Lee Rubber & Tire (guar.)
Mar. 1 *Holders of rec. Feb. 15
Lincoln Manufacturing (guar.)
Feb. -1 *Holders of rec. Jan. 16
Lindsay Light, preferred (quar.)
Jan. 31 Holders of rec. Jan. 260
Lit Brothers Corp
Feb. 20 Holders of rec. Jan. 29
Luther Manufacturing (quar.)
Feb. 1 *Holders of rec. Jan. 16
Martin-Parry Corporation (guar.)
Mar. 1 Holders of rec. Feb. 154
Mechanics Mills (quar.)
Feb. 1 *Holders of rec. Jan. 15
Mercantile Storms, Inc
2;4 Feb. 15 Holders of rec. Feb. 1
Merchants Manufacturing ((Plan)
*2
Feb. 1 *Holders of rec. Jan. 15
Michigan Drop Forge (monthly)
*25e Feb. 1 *Holders of rec. Jan. 25
Morris Canal & Banking, preferred
Feb. 6 Jan. 16 to Feb. 5
5
Consolidated stock
2
Feb .6 Jan. 16 to Feb. 5 .
Narragansett Mills (quar.)
Feb. 1 *Holders of rec. Jan. 16
*2
National Biscuit, common (guar.)
*75c. Apr. 14 *Holders of rec. Mar. 31
Preferred (qmar.)
3.131 Feb. 28 *Holders of rec. Feb. 14
Pick (Albert) & Co.,common (guar.).....
40c. Feb. 1 Jan. 25 to Jan. 31
Pierce. Butler & Pierce Mfg., pref. (qu.) 2
Feb. 1 Holders of rec. Jan. 20
Procter & Gamble,corn.(guar.)
Feb. it. *Holders of rec. Jan. 26
Producers& Refiners Corp., pref.(quar.) 87,4c. Feb. 5 Holders of rec. Jan. 23a
pyzene Mfg., common (quar.)
244 Feb. 1 Jan. 20 to Jan. 31
Republic Iron & Steel, pref. (quar.)
134 Apr. 2 Holders of rec. Mar. 15
RevIllon, Inc., pref. (quar.)
Feb. 1 *Holders of rec. Jan. 20
*2
•15,‘ April 1 *Holders of rec. Mar. 16
Reynolds Spring, pref. A & B (quar.)
Saco-Lowell Co., corn. (quar.)
*134 Feb. 1 *Holders of rec. Jan. 20
St. Lawrence Flour Mills, corn.(quar.).. 144 Feb. 1 Holders of rec. Jan. 2()
Preferred (Qmar.)
1,4 Feb. 1 Holders of rec. Jan. 20
Savannah Sugar Refining, pref. (quar.). 134 Feb. I Holders of rec. Jan. 15
Shell Union Oil, pref. (quar.)
*$1.50 Feb. 15 *Holders of rec. Jan. 30
Simmons Co., preferred (guar.)
131 Feb. 1 Holders of roe. Jan. 15
Stafford Mills(quar.)
'134 Feb. 1 *Holders of roc. Jan. 16
Stern Brothers, pref. (quar.)
Mar, 1 Holders of rec. Feb. 15a
2
Preferred (quar.)
June 1 Holders of rec. May 15a
2
Stover Mfg.& Engine, pref. (quar.)_... *134 Feb. 1 *Holders of rec. Jan. 20
Swift International
90c. Feb. 15 Holders of rec. Jan. 25
Toronto Brick Co., Ltd., preferred
831 Feb. 1 Holders of rec. Jan. 20
Trenton Potteries, cum. pref.(guar.).— 2
Jan. 25 Holders of rec. Jan. 18
Non-cumulative pref. (quar.)
2
Jan. 25 Holders of rec. Jan. 18
Wampanoag Mills (quar.)
*2
Feb. 1 *Holders of rec. Jan. 16
White Motors Co.(quar.)
*51
Mar. 31 *Holders of rec. Mar.20
• 33 1-3r Feb. 1 *Holders of rec. Jan. 20
Yellow Cab Co., Inc. (monthly)
Yellow Cab Mfg., Class B (monthly)_ _ _ *50c. Feb .1 *Holders of rec Jan. 20

Shares. Stocks.
Price, Shares. Stocks.
Price.
3 Catawissa RR., 1st pref
44
43 Phila. German. & Norris.
4 Phila. German. & Norris. RR 121% 14 Lehigh Coal Az NavigationRE__12034
74
10 Bank of North America
306
4 Pennsylvania Salt Mfg. Co
82
2 Nat. City Bank of New York_ _..338
25 East Pennsylvania RR
57
35 Philadelphia National Bank..._400
16 Mill Creek & Mine Hill N.&RR. 48
17
do
• 397
55 Northern Central Ry
76%
20 Bank of North America
305% 25 United N. J. RR.& Canal
199
1 Northern Trust Co
50234 9 West Jersey & Seashore RR
35%
10 Metropolitan Trust, 150 each.. 62
do
50
343.4
3 Commercial Trust Co
380
4 Phila. Bourse, corn., 150 each... 1234
do
7
379
25 National Power Securities, pref_ 97
20 Glenside (Pa.)Trust Co.,850 ea. 6034 20
do
common
20
10 Real Estate Trust Co., com_ _ _ _110
6 Aldine Trust Co
233
Bonds.
Price.
3 West End Trust Co
180
$1,000 Central Ill. Lt. 5s, 1943_ _ - 8834
Below we give the dividends announced in'previousweeks
10 Real Estate Title, Ins.& Trust_442
11.000 North. Central Ry. 5s, 1926
1 Guarantee Trust Ac Safe Deposit_13535 11,000 Market Street Elevated 99% and not yet paid. This list does not include dividends
2 Girard Trust Co
861
Passenger Ry.48, 1955
8734 announced this week.
1 First Nat. Bank of Chester. Pa...196
11,000 Schuylkill River East Side
30 Peoples National Fire Insur. Co- 2234
RR.5s, 1925
96%
3 Freehold & Jamesburg Agile. RR. 26
Per
81,000 Southern Ry.4345,'26.91er.T 9031
1Vhen
Books Closed.
360 Union Trac. Co. et Ind., corn_ Ili 5500 Sunbury Hazleton dr WilkesCent. Payable.
Name of Company.
Days Inclusive.
20 L. H. Gilmer Co., pref.. $10 ea. 7,4
Barre RR. 5s, 1926
9831
Railroads (Steam).
do
10
731 $1,000 W.J.& Sea. RR.334s, 193684)1
pref., $10 each
6 Fire Assoc'n of Phila., 150 each._328
Alabama Great Souther, pref
$5,000 Columbus Newark 6, Zones3% Feb. 16 Holders of tee. Jan. 19
•
2
do
32731
Atch. Topeka & Santa Fe. com.(guar.). 134 Mar. 1 Holders ol roe. Jan. 26a
vine Elec. ctf. of dep., 1920_ _ 5
150 Bergner & Engel Brew'g, pref. 5
244 Feb. 1 Holders of rec. Dec.
Preferred
$1,000 National Gas. Electric Light
290
10 Catawissa RR., Co., 1st pref
2
Baltimore & Ohio, preferred
44
At Power ils, 1931, Series B __ - 50
Mar. 1 Holders of rec. Jan. I30
144 Feb. 1 Holders of rec. Dec.
Canada Southern
29a
Messrs. James Carothers & Co., Pittsburgh:
2% Feb. 20 Holders of rec. Feb.
Chic. St.P. Minn.& Omaha,common
Shares. Stocks.
Price. Shares. Stocks.
334 Feb. 20 Holders of rec. Feb. 10
Preferred
Price.
10
100 Republic Rubber,let Pre!
8
15 Jones & Laughlin, preferred_ _10734 Cleve. Cin. Chic. Az St. L., common.... 1
Jan. 20 Holders of rec. Dec. 290
793 Gilimor Fire Clay
10
Preferred (guar.)
141 Jan. 20 Holders of rec. Dec.
50 Aluminum Mfrs., preferred____10144
294
Connecticut & Passumpio Rivers, prof_
3
Feb. 2 Holders of rec. Jan. 1
Cuba RR.
3
RE., preferred
Feb. 15 Holders of roe. July 200
DIVIDENDS.
Delaware
& Western (qu.). 3
Jan. 20 Holders of rem Jan. 13a
Groot Northern. preferred
234 Feb. 1 Holders of rec. Dec. 29a
Dividends are grouped in two separate tables. In the Illinois Central, corn.(quer)
134 Mar. 1 Holders of rec. Feb. 20
first we bring together all the dividends announced the curPreferred
3
Mar,-1 Holders of rec. Feb. 2a
& Nashville
33§ Feb. 10 Holders of rem Jan. 15a
rent week. Then we follow with a second table, in which Louisville
motioning Coal RR.. common
$10 Feb. 1 Bolder, of rec. Jan. 15a
we show the dividends previously announced, but which Massawippl Valley
3
Feb. 2 Holders of rec. Jan. 1
Michigan Central
4
Jan. 29 Holders of rec. Dec. 290
have not yet been paid.
Extra
Jan. 29 Holders of rec. Dee. 290
announced
dividends
this week are:
The
Mine Hill dt Schuylkill Haven
234 Feb. 1 Jan. 13 to Jan. 31
Nashville Chattanooga & St. Louis
334 Feb. •1 Holders of rec. Jan. 200
ork entral RR.(quar.)
1)4 Feb. 1 De
, 30 to Jan. 24
Per
When
Books Closed.
Norfolk & Western. adj. pref.(quar.)
El Feb. 19 Holders of reo. Jan. 31a
Name of Company.
Cent. Payable
Days Inclusive.
Northern Pacific (quar.)
141 Feb. 1 Holders o. rec. Dee. 290
Pere Marquette, pref. (quar.)
131 Feb. I Holders of rec. Jan. 15a
Railroads (Steam).
Preterred (acct. of accum. thy.)
52
Feb. 1 Holders ot rec. Jan. Ha
3
Jan. 2 Holders of rec. Dec. 20
Allegheny ac Western
Prior preference (quar.)
1% Feb. 1 Holders of rec. Jan. 15a
Valley
*334 Feb. 10 *Holders of rec. Jan. 24
Peoria & Bureau
Pitts. Cin. Chic. & St. Louis
2
Jan.
20 Holders of rec. Jan. 100
*Holders of rec. Feb. 15
Rich.Fred.& Potomac,corn.& guar.stk. *e10
Pittsburgh At I ake Erie
$2.50 Feb. 1 Holders of rec. Jan. 110
•
Pittsburgh & West Virginia. prof.(quar.) I% Feb. 28 Holders of roe. Feb. Its
Public Utilities.
Reading Company,coM.(quar.)
160
1600. Feb. 8 Holders of rec. Jan.
Amer. Dist. Teleg. of ,N. J. (quar.)..... 134 Jan. 29 Holders of rec. Jan. 15a
First preferred (quar.)
Mar. 8 Holders of rec. Feb. 1130
g Feb. 15 Holders of rec. Feb. 1 Toledo St. L.& West.,coin. & pref
Amer. Water Works de Elec., 1st pf.(qu.)
4
300
Jan.
of
Feb.
Holders
rec.
20
1% Feb. 1 Holders of rec. Jan. 17
Appalachian Power. 1st pref. (quar.)_
53.25 Feb. 1 Holders of rec. Jan. 15
Boston Consolidated Gas, pref.
Public Utilities.
Mar. I Holders of rem Jan. 31
Brazilian Tr., L.& Pow.. ordinary (qu.) I
Amer. Gas St Else.. Pret• (quar.)
13.4 Feb. 1 Holders of rec. Jan. 15




Name of Company.

271

THE CHRONICLE

JAN.20 1923.]
When
Per
Cent. Payable.

Books Closet!.
Days Intinstse.

Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneoup (Concluded).
134 Feb. 1 Holders of rec. Jan. 23a
General Cigar, Inc., common (guar.)._
134 Mar. 1 Holders o, rec. Feb. 210
____
Preferred (guar.)
111 Apr. 2 Holders of rec. Mar.26a
(guar.)
preferred
Debenture
131 Feb. 1 Holders of rec. Jan. 18a
General Motors Corp., pref. (quar.)
131 Feb. 1 Holders of rec. Jan. 18a
Six per cent debenture stock (guar.)._
151 Feb. 1 Holders of rec. Jan. 18a
(guar.)
stock
debenture
Seven per cent
75c. Feb. 1 Holders of rec. Jan. 20
General Tire & Rubber, common (guar.)
Mar. 1 Holders of rec.dJan. 31
$3
(guar.)
Razor
Safety
Gillette
June 1 Holders of rec. May 1
e5
Stock dividend
141 Feb. 1 Holders 01 rec. Jan. 15a
Gimbel Brothers, preferred (guar.)
111 Ian. 31 Jan 25 to Jan. 31
Halle tiros. c o., lot & 2d pref. (quar.)
100
Harbison-Walker Refrac.. prof. (guar.). 131 Jan. 20 Holders of rec. Jan. 30
141 Feb. 1 Jan. d 21 to Jan.
Harris Bros.. pref. (guar.)
25
Jan.
to
25
16
Jan.
134
Jan.
(guar.).
Hinman Coal & Coke, 1st pref.
144 Jan. 25 Jan. 16 to Jan. 25
Second preferred (guar.)
Jan. 29 Holders of rec. Jan. 12
1
Hollinger Consolidated Gold Mine
Jan. 25 Holders of rec. Jan. 200
50e.
Homestake Mining (monthly)
25e. Feb. 1 Holders of rec. Jan. 20a
HuPp Motor Car, common (guar.)
Subject to stockholders' meeting
en0
stock).
common
in
Common (payable
$2 Feb. 15 Holders of rec. Jan. 15
Indiana Pipe Line (guar.)
50c. Jan. 31 Holders of rec. Jan. 220
Internat. Combustion Engineering (qu.)
Tan. 25 Hold rs of rec. lice. 230
tot. marvester, common On corn. stockl_ .f2
141 Feb. 1 Holders of rec. Jan. 16a
Internat. Mere. Marine, Prof.(guar.).1 Holders of rec. Jan. 180
Feb.
134
Nickel,
(gean).preferred
International
*750. April 1
International Shoe,common
141 Feb. 1 Holders of rec. Jan. 200
Kelsey Wheel. pref. (guar.)
Feb. 15 . Holders of rec. Feb. la
2
Kell e-Springkeld The,8% pref. (qu.)
Feb. 1 Holders of rec. Jan. 20a
Kress(S. H.) & Co.,common (guar.)... 1
Feb. 15 Holders of roe. Feb. 1
1
(qu.)
corn.
Theatres,
Boston
Loew's
Feb. 1 Holders of rec. Jan. 20a
7
Loose-Wiles Biscuit, 2d pref. (annual)._
Jan. 130
Macy (R.H.) & Co.. Inc ,pref.(guar.). 134 Feb. 1 Holders of rec. Feb. 180
Mar. 1 Holders of rec.
134
(guar.)._
May Department Stores, corn.
Jun. 20 Holders of rec. Dec. 290
4
Mexican Petroleum. corn. (guar.)
50c. Feb. 15 Holders of rec. Feb. la
Miami Copper (guar.)
*246 Jan. 25 *Holders of rec. Jan. 15
Michigan Stamping (guar.)
Jan. 25 *Holders of rec. Jan. 15
*1
Extra
3731c Feb. 1 Holders of rec. Jan. 150
Moon Motor Car, common (guar.)
1246c Feb. 1 Holders of rec. Jan. 150
CODID200 (extra)
134 Feb. 1 Holders of rec. Jan. 15a
Preferred (guar.)
Feb. 6 Jan. 16 to Feb. 5
Motrls Canal & Bkg., Consolidated.... 2
5
Feb. 6 Jan. 16 to Feb. 5
Preferred
Fe. 1 Jan.420 to Jan. 31
134
Motor Prolucts Corp. (quar.)
IFeb. 1 Holders of rec. Jan. 180
2
Mullins Body Corp., pref. (guar.)
$2.50 Feb. 1 Holders of rec. Jan. 190
Nash Motors, common
I y., Feb. 1 On ,.rei n 'n for r demp.
4 referred (qua.)
$1.75 Feb. 1 Holders ot rec. Jan. 190
Preferred A (guar.)
Feb. 10 Holders of roe. Jan. 31
2
(guar.)
New Jersey Zinc
N. Y.& Honduras Rosario Mining (on.) 234 Jan. 23 Holders of rec. Jan. 13
Jan. 20 Dee. 31 to Jan. 17
3
Nipleteng Mines(guar.)
3 ' Jan. 20 Dec. 31 to Jan. 17
Extra
Banks.
*50e. Jan. 20 *Holders of rec. Jan. 15
4
Feb. 1 Holders of rec. Jan. 27a Ohio Fuel 011
Continental
Jan. 20 Holders of tee. Dec. 260
1
Gas
Natural
Wattle:ma
Feb. 1 Holders of rec. Dec. 3ela
5
Core Exchange (guar.)
$1.50 Jan. 20 Holders of roe. Dec. 156
Pacific Oil
Jan. 31 Holders of ree. Jan. 15e
2
Packard Motor Car, corn. (guar.)
Miscellaneous.
A & 2S- c20 Feb. 8 Holders of rec. Dec. 290
Jan. 20 Holders of rec. Jan. 100 Pan Amer. Pet.& Tramp.,corn.
Abitibi Power & Paper, corn.(guar.).- $1
Jrn 20 Heide So! tee Dec. 80e
$2
&
Petrol.
Trans.,cm.A&B(gu.)
Pan-Am.
25
Jan.
rec.
of
6
Feb.
Holders
2
Acme Coal Mining
10c. Feb. 1 Holders of rec. Jan. 150
•
Feb. 15 Holders of rec. Jan. 240 Penn Traffic
Allis-Chalmers Mfg.. too., corn.(guar.). $1
2
Feb. 15 Holders of rec. Feb. 5
Ltd., corn. (guar.)
Penmans.
la
Feu.
rec.
of
Holders
15
Feb.
$1
(guar.)._
Note,
common
American Bank
134 Feb. 1 Holders of rec. Jan. 20
Preferred (guar.)
American Can,common (guar.)(No.1). 134 Feb. 15 Holders of tee. Jan. 310 Phillips-Jones
lu
Feb.
Holders of rec. Jan. 20a
Corp..Prof. (guar.)
1.4e Feb. 1 Holders of rec. Jan. 15.4
American Cigar, COM. (guar.)
$1.50 Feb. 1 Holders of rec. Jan. 150
Ph 1. el.Mla Insulated Wire
Feb. 1 Jan. 12 to Feb. 1
$1
American Coal (quar.)
1
500.
Feb.
Holders of rec. Jan. 15a
Extra
Jan. 17
Feb. 1 Jan. 14 to
2
American Glue. prof. (guar.)
1
Jan. 25 Holders of rec. Jan. 5a
Pittsburgh Coal. common
144 Jan. 25 Molders of rec. Jan. ltla
American Ice,common (guar.)
Jan.
Holders of rec. Jan. 5a
25
134
(guar.)
Preferred
1045
Jan.
rec.
of
Holders
lYi Jan. 25
Preferred (quar.)
5
Jan. 20 Holders of rec. Jan. 5a
Pittsburgh Plate Glass (extra)
Amer. La France Fire Eng.,corn.(guar.) 234 Feb. 15 Feb. 2 to Feb. 15
*40 Subj. to erkh'rs meeting Jan. 29
Stock dividend
15a
Mar.
rec.
of
Holders
31
Mar.
$1
Amer. Radiator, new corn. (guar.)
134 Jan. 31 Holders of rec. Jan. 170
144 Feb. 15 Holders of rec. Feb. la Plant (Thos. G.) Co., 1st pref.(guar.).- 134
Preferred (guar.)
Jan. 20 Hold.rs of rec. Jan. 1
Plymouth Cordage (guar.)
Feb. 1 Molders of rec. Jan. lb
American Pinpuutiginc common (guar.) 2
diva
*5100
(stock
Subj. to stkholders meet's Jan 20
Cordage
Plymouth
14
Apr.
me.
of
Holders
1
May
2
Common(guar.)
Feb. 1 Holders of rec. Jae. 2011
$1.25
(guar.)
common
Cereal,
Postum
Aug. 1 Holdersof roe. July 14
2
Common(guar.)
Feb. 1 Holders of rec. Jan. 200
$2
Preferred (guar.)
141 Feb. 1 Holders of rec. Jan. 15
Preferred (guar.).4
2
31 Holders of reo.Deo.(6)300
Jan.
(guar.)
Oil
Gas
&
Prairie
31
Jan.
rec.
of
131 Feb. 15 Holders
Amer. Soda Fountain (guar.)
*2
Jan 3 •Holders of re ....e (6)27
Prairie Pipe Line (guar.)
750. Feb. 2 Holders of rec. Jan. 9
Amoskcag Mfg., common (guar.)
Mar. 15 Holders of rec. Mar. la
Producers & Refiners Corp.,corn.(No.1) $1
g
jaw
rec.
of
Holders
2
Feb.
$2.25
Pre,erred
2
Feb. 16 Holders of rec. Jan. Ha
ce rec. Jan. 124 Pullman Company (guar.)
Art Metal Construction, corn.(guar.)._ 250. Jan. 31 Holders of
146 Feb. 28 Holder; of rec. Feb. la
roe. Jan. 161 'Quaker Oats. preferred (guar.)
Feb. 1 Holders
Associated Dry Goods, corn. (guar.)... 1
e5
Feb. 1 *Holders of rec. Dec. 30
Motor
Co.
1)
(No.
Rickenbacker
i
10
Feb.
rec.
of
134 Mar. 1 Holders
First preferred (gust.)
151 Feb. 1 Holders of rec. Jan. 15
134 Mar. 1 Holders of rec. Feb. 101 Russell Motor Car, preferred (guar.).Second preferred (guar.)
25c. Mar .20 Mar 10 to Mar.20
30. St. Joseph Lead (guar.)
Dec.
rec.
of
Holders
Jan.
26
141
Associated Oil (guar.)
250. Mar.20 Mar 10 to Mar.20
Extra
141 Feb. 1 Holders of rec. Jan. 154
Atlantic Refining. pref.(guar.)
300. Feb. 1 Holders of reo. Jan. 15a
Salt Creek Producers (guar.)
131 Feb. 1 Holders of rec. Jan. 20
Atlas Powder, preferred (guar.)
231e.
(monthly)
Feb. 1 Holders of rec. Jan. 156
Gas
Oil&
Seaboard
150
Jan.
rec.
of
Holders
Austin, Nichols & Co., pref.(gear.).... 116 Feb. 1
2310. Mar. I Holders of rec. Feb. 15a
Monthly
111 Apr. 2 Holders of rec. Mar. 20
Babcock & Wilcox (guar.)
24ec. Apr. 1 Holders of rec. Mar. 1545
Monthly
26a
Jan.
rec.
of
Holders
1
Feb.
134
Barnhart Bros& Spin-1st& 2d Pre:.(qu.)
194 Jan. 25 Holders of rec. Dec. 30
Shaffer Oil & Ref.. prof.(guar.)
$ 1.8734 Feb. 15 Holders 01 rec. Feb. 1
Beacon Oil, Prof.(guar.)
9231c Jan. 24 Holders of roe. Jan 163
Feb. 15 Holders of rec. Feb. la Shell Transport & Trading, ordinary
4
Borden Co., common
corn.
50c. Feb. 15 Holders of rec. Jan. 20a
(guar.).
Corp.,
Oil
Consol.
Sinclair
is
Mar.
rec.
of
Holders
134 Mar.15
Preferred (guar.)
Feb. 28 Holders of rec. Feb. 150
2
Preferred (guar.)
131 June 15 Holders of rec. June la
Preferred (guar.)
Smith (Howard )Paper Mills, corn.(go.) 134 Jan. 20 Holders of rec. Jan. 10a
31
Jan.
to
25
Jan.
1
Feb.
l'i
Brill (J. O.) Co.. preferred (guar.)
20 Holders of rec. Jan. 104
2
Jan.
Preferred
(guar.)
13i
194 Feb. 1 Holders of rec. Jan.
British Empire Steel, prof. B(guar.)._
1
Jan. 20 Holders of rec. Dec. 30a
Feb. 1 Holders of rec. Jan. 20, Southern States 011 (monthly)
Brown Shoe. prel.(guar.)
20 Holders of rec. Deo. 31
of
Jan.
stock)._
in
(payable
States
011
Southern
lo
Feb.
rec.
$2.50 Feb. 15 Holders of
Burns Bros., A stock (guar.)
(quar.)... 131 Mar. 1 4,44,ders of rec. Feb. 103
50o. Feb. 15 Holders of rec. Feb. la Saalding (A. G.), let preferred
B stock (guar.)
Mar. 1 Holders of rec. Feb. 10
2
preferred
Second
(guar.)
20a
Jan.
roe.
of
Holders
1
Feb.
131
.____
Prior pref.(guar.)
141 Mar. 1 Holders of rec. Jan. 26
Standard 011 (Ohio). Pref. (guar.)
*$1.50 Mar.15 *Holders of rec. Feb. 28
California Packing Corp.(guar.)
194 Feb. 1 Holders of rec. Jan. 9
Steel Co. of Canada, corn. & pref.(gu.)
14e Feb. 15 Holders el rec. Jan. 31
Canadian Converters (guar.)
Feb. 15 Holders of rec. Feb. a
2
(guar.)...
2d
Steel,
&
lot
pref.
Superior
31a
Dec.
rec.
of
141 Jan. 31 Holders
Canadian Explosives, corn.(gust.)
Feb. 1 Holders of rec. Jan. 230
25o.
Thompson (John It) Co..com.(monthly)
Feb. 15 Holders of rec. Jan. 31
1
Canadian 011, corn
250. Mar. 1 Holders of rec. Feb. 233
Common
(monthly)
31
Jan.
to
to
Jan.
31
Jan.
144
Cartier, Inc.preferred (guar.)
134 Feb. 15 Holders of rec. Jan. 313
Tobacco Products, class A (guar.)
Feb. 1 Holders of rec. Jan. 25
12
• Central 011 d4'Gas Stove,common
Jan. 211 Holders of rec. Dec. 30
1
Duman (S11 (monthly)
Feb. 1 Holders of rec. Jan. 25
2
Preferred (guar)
144 Jan. 27 Holders of rec. Jan.10(6)
of
011
California
Union
14
(Qom%)
Dec.
to
Feb. 1 Dec. 8
2
Charlton alien (guar.)
$1.25 Mar. 1 Holders of rec. Feb. 50
Jan. 25 Holders of rec. Jan. 1.3. Union Tank Car,common (guar.)
1
Chicago Pneurnatie Tool (guar.)
141 Mar. 1 Holders of rec. Feb. 5a
Preferred (guar.)
Chic. Wilm.& Franklin Coal. pre,.(qu.) 131 Feb. I Holders of re:. Jan. 130 United
M. 1 Holders of roe. Feb. 15a
2
of
corn.
Cigar
(qu.)
Stores
Amer.,
CitiesService-194 Feb. 1 Holders of rec. Jan. 15a
United Drug, let pref.(guar.)
Common(monthly,pay.in cash scrip). *pH Feb. 1 *Holders of rec. Jan. 15
Mar. 1 Holders of too. Feb. 15
114
(guar.)
Second
15
preferred
Jan.
rec.
of
*131 Feb. 1 *Holders
Common (payable In corn.stk.scrip)
15e Jan. 27 Holders of rec. Jan. 80
United Eastern Mining (guar.)
Pref. and pref. B (payable in cash).... *46 Feb. 1 *Holders of roe. Jan. 15
1 Holders of roe. Jan. 2a
Feb.
50e.
Mining
(qu.)...
Extension
United
Verde
25
Jan.
to
16
Jan.
25
50c,
Jan,
Cleveland-Cliffs Iron
50o Jan. 27 Holders of rec. Jan. 20a
134 Feb. I Holders of tee. Jan. 20a U.S.Glass
Cluett-Peabody & Co., corn, (guar.)._
lyi Mar 1„ Holders of rec. Mar. 80
U. S. Realty & Imot.(guar.)
d). pref. (guar.). 146 Jan. 20 Holders ot rec. Jan. 100
Consolidated lee,
II S Rubber, 1st nref. (guar.)
Jan. 31 Holders of rec. Jan. 150
2
oh (goat.)
Me.
3
Consolidated Royalty
Jan. 20 Jan. 16 to Jan. 20
Ventura Consolidated 011 Fields((PO- 7544 Feb. I Holders of rec. Jan. 15
Consolidation Coal (guar.)
1 ti Jan. 31 Hollers of rec. Jan. 16a
A
Jan. 20 Holders of rec. Jan. 90
pref.
&
134
Vulcan
pref.
Detinning,
5
Feb.
tee.
of
Holders
Continental Can, common (guar.)
15
75o Feb.
50... ;•pb. I .Tae. 21 to Feb. 6
Corn Products Refining,common (guar ) 14 Jan. 20 Holders of rec. Jan. 23 Wanl Co., common (monthly)
Common (monthly)
$11e. Mar. I Holders of rec. Feb. 213
Common (extra)
Jan. 20 Holders of rec. Jan. Si
3
COMM= (monthly)
4 5043. Apr. 1 Holders of rec. Mar.220
Coeden & Co., common (guar.)
61 Feb. 1 Holders of rec. Jan. 3.
Preferred (guar.)
194 Apr. 1 Holders of rec. Mar.220
334 Feb. 1 Holders of rec. Dee.d3la
Cuba Company, preferred
Warner
of
Co.
(chas.)
Delaware
30a
Doe.
reo.
of
(guar.)
Holders
Ltd.
Mines,
20
Jan.
50o.
Dome
pref.
let
(guar.)
&
2nd
134 Jan. 25 Holders of rec. Dec. 300
12
114 Feb. 1 Holders of rec. Jan.
Dominion Coal, pref. (g(1ar.)
W.b•.r & H 11We-ire:. pref (mar.) _
141 Mar. 1 Holders of rec. Feb. 230
134 Feb. 1 Jan. 16 to Feb. 1
Dominion Steel Corp., pref. (guar.).
Air
Brake
1
(guar.)
75 Jan. 31 Holders of roe. Dec. 30
Westinghouse
$1
Mar.
rec.
Ltd.,
Stores,
common (No. 1) 50e. April 1 Holders of
Dominion
Stock
dividend
l'e35 Subj. to stockholders' meet. Mar.2
50c. Oct. 1 Holders of rec. Sept. 1
Common
Jan. 31 Holders of rec. Dec. 290
Ilia
Elec.
&
mfg.,
$1
Westinghouse
Jan.
corn.
(au.).
rec.
of
Holders
4
25
1
Jan.
Co.deb.stk.tqu.)
duPont(E.I.)deNem.&
50c. Jan. 20 Holders of rec. Dee. 310
White Eagle Oil & Ref.(guar.)
Durham Hosiery, preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 20s
Mar. 1 Holders of rec. Feb. 10a
Mar. 1 Holders of ree. Jan. 31. Woolworth (F. W.) Co.,common (guar.) 2
$I
Eastman HOtItLit, t ountuni (extra)
gurlitzer(Rudolph)Co.Feb. 15 Holders of rec. Feb. Is
ELsenlohr (Otto) & Bros.,corn.(guar.)._
1 Holders of rec.Feb.19'22
Mar.
Elightper cent preferred (guar.)
2
*2
Feb. 1 *Holders of rec. Jan. 19
Elgin National Watch (guar.)
June 1 Holders of rec. May 22•22
Eightper cent preferred (guar.)
2
3
Feb. 1 Holders oi rec. Jan. 15
Eureka Pipe Line (guar.)
1 Holders of me Mar. 22
Apr.
11/4
204
Seven
cent
per
.
_
Jan.
preferred
(guar.)._
50o. Jan. 31 Holders of rec.
Exchange Buffet Corp. (guar.)
*IM Feb. 1 *Holders of rec. Jan. 20
• From unofficial sources. t The New York Stock Exchange has ruled that stock
Fair (The), preferred (No. 1)
•
16
Jan.
rec.
of
154
Feb.
Holders
1
will not be quoted ex-dividend on this da e and not until further notice. 5 The Nee
Fajardo Sugar (guar.)
Feb. 1 Holders of rec. Jan. 150
York Curb Market Association has ruled that stock will not be quoted es-dividend
Famous Players Lasky Corp., pref.(qu.) 2
190
Jan.
res.
(guar.)
of
corn.
Holders
1
Feb.
Ref.,
131
Sugar
Federal
on these dates and not until further notice.
134 Feb. 1 Holders of re.. Jan. 19a
a Transfer books not closed for this div. d Correction. e Payable in stock,
Preferred (guar.)
16c. Feb. 15 Holders of rec. Feb. 1
f Payable in common stock. g Payable In scrip. h On account of accumulated
Fifth Avenue Bus
$2.50 Feb. 1 Holders of rec. Jun. 200 dividends. I Daniels Motor Co. dividend of 2% on preferred stock declared lard
Fisher Body Corp., corn.(gust.)
131 Feb. 1 Holders of rec. Jan. 20a week and reported In these columns was rescinded this week.
Preferred (guar.)
134 Feb. 15 Holders of rec. Feb. la
Firestone Tire & Rubber,7% prof.(qu.)
(6) N. Y. Curb Market has ruled the following stock shall be ex-dividend on the
Feb. 1 *Holders of rec. Jan. 20
Franklin (f, EL) mfg., pref. (guar.)... .0
dates mentioned: Prairie Oil & Gas and Prairie Pipe Line, Jan. 10; Union Oil of
25e. Feb. 20 Holders of rec. Feb. 103 Calif Jan in
General Development(guar.)

Public Utilities (Concluded). [lia
Feb. 1 Jan. 13 to Jan. 25
1
Amer. Light .14 Traction, corn.(guar.)._
Feb. 1 Jan. 13 to Jan. 25
Common (payable In common stock). 1
Feb. 1 Jan. 13 to Jan. 25
146
(guar.)
Preferred
Apr. 16 Holders of rec. Mar. 16
214"
Amer. i ciephcom & Telegraph (quar.)
. 241 Fly 16 Holders of rec. June 20
Quarterly
1 Holders of rec. Jan. 10
Feb.
1
.& Elec., corn.(guar.)
Bangor Ry.
34e Feb. 1 Holders of rec. Jan. 15
Boston Consol. Gas, prof
Cantornla-Oregon Fewer, pref. (guar.). 144 Jan. 25 Holders o, rec. Jan. 150
4 Feb. 1 Holders of rec. Jan. I.,
Carolina Power & Light, tom. (guar.).
23
Columbus Ry.,Pow.& L.,cora.(special) 23e Jan. 20 Jan. 11 to Jan. 23
Feb. 1 Jan. 11 to Jan.
131
B
Preferred series
Feb. 1 *Holders of rec. Jan. 13
*2
Commonwealth-Edison Co.(guar.)
Commonwealth Power Corp., pref.(go.) 134 Feb. 1 Holders of rec. Jan. 100
20
Dallas Power & Light. preferred (guar.). IM Feb. 1 Holders of rec. Jan. 1
111 Feb. 1 Holders of rec. Jan.
Duquesne Light, pref. (guar.)
Feb. 1 Holders of rec. Jan. 15
3
Edison Elec. Ill. (Boston) (guar.)
Electric Bond & Share, preferred (guar.) *136 Feb. 1 *Holders of rec. Jan. 13
19a
Electrical Securities Corp., pies. (guar.) 141 Feb. 1 Holders of rec. Jan. 15
Ft. Worth Power & Light, pref. (guar.). 134 Feb. 1 Holders of rec. Jan. 10
Georgia Ry.& Electric, pref.(quar.)„ 131 Jan. 20 Holders of rec. Jan.
15
Illinois Northern Utilities, Pref.(1111ar.)- *1•4i Feb. 1 *Holders of rec. Jan. 31a
Feb. 15 Holders of rec. Jan.
2
Kaministiquia Power (guar.)
144 Jan. 20 Holders of tee. Deo. 310
Michigan Gas & Elec., pref.(quar.)
134 Jan. 31 Holders of rec. Jan. 204
Milwaukee Elec. Ky. & L., pref. (qua_
23e Feb. 1 Holders of rec. Jan. 19
Montreal Tramways (guar.)
141 Jan. 20 Holders of rec. Dec. 300
Mountain States Power, pref. (guar.)._
141 Jan. 30 Dec. 31 to Jan. 7
Nevada-Calitornia Elec., pref
111 Aprll 1 Holders of rec. Mar.20
North Shore Gas, pref. (guar.)
13.4 July 1 Holders of rec. June 20
Preferred (quar.)
141 Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
Feb. 1 Holders of rec. Dec. 30
Northern States Power, coin.(guar.)... 2
141 Jan. 20 Holders of rec. Dec. 30
Preferred (guar.)
150
Philadelphia Company, common (guar.) 750. Jan. 31 Holders of rec. Jan. 10
$1.25 Mar. 1 Holders of rec. Feb.
Philadelphia, Co., preferred
15a
Jan.
rec.
of
Holders
30
Jan.
75e.
Philadelphia Rapid Transit (guar.)
15
Pub. Service Corp. of No. Ill., com.(qu.) •114 Feb. 1 *Holders of rec. Jan. 15
Jan.
rec.
of
*Holders
1
Feb.
•134
Preferred (guar.)
17
Jan.
rec.
Texas Light & Power, preferred (guar.). 144 Feb. 1 Holders of
United tots Improvement, pref. (guar.). 873-4e Mar. 15 Hooters of rec. Feb. 280
Jan.150
United Light & Rye.,common (guar.).. 134 Feb. 1 Holders of rec. Jan.150
44 Feb. 1 Holders of reo
Common (extra)
Dec. 31
rec.
of
Holders
20
Jan,
3
preferred
Virginia Ry.& Power,
July 20 Holders of rec. Dec. 31
3
Preferred
134 Feb. 16 Holders of rec. Feb. 1
West Penn Co., pref. (guar.)
Feb. 1 Holders of roe. Jan. 16
144
West Penn Power Co., pref.(guar.)._
Dec. 31
Wisconsin Power & Light, pref.(guar.). *11.4 Jan. 20 *Holders of rec. Jan. 15
Jan. 25 Holders of rec.
50e.
coin
York Railways,
20
Jan.
rec.
of
Holders
30
Jan.
6234c.
Prelerred




134

134

134

272

THE CHRONICLE

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c3,677,365,5741 1,019,791,153
c3,351,639,5451 990,471,711
c2,942,998,527i 2,684,800,085
c1,843,452,323,1,507,178.879
c212,420,402, 21,602,640

Total.

el co wi ..1. t.: v.:

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152,979,026 2,215,167,515
152,979,026 1,933,539,265
152,979,026
150,000.000
100.000,000.

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.-•000
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Held by
Federal
Reserve
Banks
and
Agents.

MONEY OUTSIDE OF THE TREASURY.

cl

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I'
.
.

MONEY HELD IN THE TREASURY.

CIRCULATION STATEMENT—JAN. 1 1023.*

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• rile form of circulation stet CII10.10 W113 revised as of July I 1922 so as to exclude
from money in circulation al forms of money held by the Federal Reserve banks and
Federal Reserve agents, whether as reserve against Federal Reserve notes or otherwise. This change results n showing a per capita circulation on Jan. 1 1923 of
$42 Si. whereas under the orm of statement heretofore used It would have been
356 26. For the sake of comparability the figures for Jan. 11022 and April 1 1917
have been computed on this statement In the same manner as those for July 1 1922.
a Does not include gold bullion or foreign coin outside of vaults of the Treasury,
Federal Reserve banks. and Federal Reserve agents.
O These amounts are not Included In the total since the money held in trust against
gold and silver certificates and Treasury notes of 1890 Is Included under gold coin and
bullion and standard silver dollars, respectively.
c The amount of money held In trust against gold and sliver certificates and
Treasury notes of 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money In the U. S.
d This total includes 1118,905,065 of notes In process of redemption, 5180,139,037
of gold deposited for redemption of Federal Reserve notes, $1,087,798 of lawful
money deposited for redemption of Federal Reserve Bank notes, $12,507,205 deposited for redemption of national bank notes, $24,130 deposited for retirement of
additional circulation (Act of May 30 1908), and $6,670,993 deposited as a reserve
against postal savings deposits.
Note.-Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption: silver certificates are secured dollar for dollar by standard silver
dollars held in the Treasury for their redemption; United States notes are secured by a
gold reserve of 3152,979,025 63 held In the Treasury. This reserve fund may also be
used for the redemption of Treasury notes of 1890, whlch are also secured dollar for
dollar by standard silver dollars, held in the Treasury. Federal Reserve notes are
obligations of the United States and a first lien on all the assets of the Issuing Federal
Reserve Bank. Federal Reserve notes are secured by the deposit with Federal
Reserve agents of a like amount of gold or of gold and such discounted or purchased
paper as Is eligible under the terms of the Federal Reserve Act. Federal Reserve
banks must maintain a gold reserve of at least 40%, including the gold redemption
fund which must be deposited with the United States Treasurer, against Federal
Reserve notes in actual circulation. Federal Reserve Bank notes and national
bank notes are secured by United States Government obligations, and a 5% fund
for their redemption Is required to be maintained with the Treasurer of the United
States In gold or lawful money.




coo.c..000c000p,oggsgoo888gsg0000

ma.m.

Members of Fe
Bank of N Y &
Trust Co_ __ _
Bk of Manhat'n
Mech & Met Nat
Bank of America
Nat City Bank
Chem Nat Bank
Nat Butch & Dr
Amer Exch Nat
Nat Bk of Corn.
Pacific Bank.,...
Chat&Phen Nat
Hanover Nat Bk
Corn Exchange_
Imp & Trad Nal
National Park__
East River Nat_
First National__
Irving National
Continental Bk.
Chase National_
Fifth Avenue_
Commonwealth
Garfield Nat,,.
Fifth National_
Seaboard Nat__
Coal & Iron Nat
Bankers Trust_
US Mtge & Tr.
Guaranty Trust
Fidel-InterTrust
Columbia Trust
N Y Trust Co__
Metropolitan Tr
Farm Loan & Tr
'2olumbla Bank
Equitable Trust

•

6
.

0

New 1
CapitallProfits. Loans,
Reserve
Week ending
Discount, Cash
with
Net
Time Bank
Jan. 13 1923. Nat'l, Dec. 29 Investin
Legal Demand
De- CirC14
State, Nov.15 menu, Vault. Deposi- Deposits, posits. la(000 omitted.) rr.Cos. Nov.15
&c.
tortes.
lion.

oomoc0000coono QQQ,Q
000,
*00.
,
000,
000.000.3R.OVgC18
.
S000.008888
.. ........
V000,,
I. .],,,
-.00=.0.g
„,
N
•-,

a.

NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers 10001 omitted.)

E
`•

o
.
S
.

i,......0
“.:A:

Weekly Return bf New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the Now York City
Clearing House members for the week ending Jan. 13. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.

'd

289,427,880.5,824,680,130 1,208,172,071 4,616.508.059 *41.80 110,432,000
274,649,543 5,920,902,618 1,399,336,048 4,521,566,570 *41.51 108,917,000
105,219.416 5,053,910,830 953,320,126 4,100,590,704 *39.54 103,716,000
186.273,4443,402,015,427
3,402,015,427 34.35 99,027,000
90,817,7621 816,266,721
816,266,721 16.92 48,231,000

Stock of Money in the Country.-Further below.we
give the customary monthly statement issued by the United
States Treasury Department, designed to show the general
stock of money in the country, as well as the holdings by the
Treasury and the amount in circulation on the dates given.
The method of computing the figures has been changed with the
idea of eliminating duplications, especially in arriving at the
amounts of money in circulation. Under the new form the
per capita circulation Jan. 3 1923 is found to be $42.81,
whereas by the old method the amount would have been
§52.26. The change dates from July 1 1922 and the notice
issued.in connection with it by the Treasury Department
was given by us in publishing the statement for that date
In our issue of July 29 1922, page 515. The money and
circulation statement in its new form follows:

[VoL. 116.

Bank.
$
11,841
12,500
17,182
4,551
51,071
16,244
203
7,890
37,437
1,701
9,316
20.848
11,920
8.636
23,882
goo
51,584
10,989
920
22,057
2,430
975
1,645
1,125
7,079
1.364
25,039
4,419
17,654
1,866
8,003
17.696
3,804
15,065
2.145
15,754

Average .4verag Accra° Average Arerag Auge.
8
a
$
$
a
$
66.007
734 11.961
49,50
6,441
128,151 2.709 15.994
108,426 16976 _-_169.557 4.464 21.085
159,63,7 4;834
992
69,275 1.846 9,604
.71.678 2,785
520,875 7,053 62,941
575,501 55,254 2 117
125,501 1,206 13,891
103.812 10 365 '345
4.757
96
595
3.92
' 10
296
104,832 1,59 12,531
90,14
7,547 4,945
332,020
968 35.271
267,784 13,399
24,326 1,374 3,588
24,924
998
151,209 5,674 17,654
124,194 23,028 5.982
122,630
437 15,702
111,672
_ _ _. 100
174,759 7,429 21,825
158,432 22,702
36,922
539 3.873
29,106
967
51
163,727 1,297 18,05
136,02: 4,667 5,949
14,000
419 1,691
12,507 2,123
50
347.600
530 23,073
171,116 28,299 7,397
193,952 4,551 27,109
199,00. 7,362 __ _
7,637
138
976
6,194
365 ___ _
340,297 4,69. 44,471
318,336 26,938 1,091
22,539
859 3,128
23,189
9,207
504 1,155
8,972
168 ___ _
14.980
554 2,147
14,644
26
397
17.583
272 2,271
16,949
820
244
77,872 1,178 10,24
75,964 1,610
68
15,511
642 1,825
*13.352
835
421
278,246 1,124 31,223
245,042 16,509
57,322
973 6,607
51,486 3,746 __ -370.720 1,404 41,473
3e0,890 28,115 ___ _
20,579
383 2,68
20,358
670 •--- 901' 10,455
79,641
76,522 5,898 _ _
137.676
470 16,695
123,090 0,84,
37,943
510 4,401
32,593 3,635
130.308
517 13,486
•97.041 24,934 _-_.
30,171
796 3.872
29,63
2,318
182.831 1,516 22,022 •191,078 12,877

rotal of averages 280.175447,641)1,581,163 60,374 530,58 c3,909,89i 347,621 30,444
fotals, actual co ndition Jan. 134.596,824 59.012 532,10' c3,979,20f 346,119 30,524
1 otals, actual c. mlition Jan. 6 1,633,774 59.97F 180,141 c3,900,89 348,725 30.447
eotals, actual c• million Dee. 30 I 665 501 58,942 547,373 c3,940,33.. 359,74)130,437
State Banks Not Me mbers of Fedi Res've Bank.
3reenwich Bank 1,000 2,119
18.722 1,682 1,851
19,37
5,801
877
42i,
towery 13ank__
472
250
3.006 2,153
83.713 3.50) 1,861
Rate Bank,,,, 2,500 4.684
29,505 52,279 _ _ _ _
rota' of averages

3,750

rotals, actual condition
Corals, actual co milt lor
rotals, actual co ndltlot
rrust Compan lea Not
[Atte Guar & Tr 7,500
.awyers Tit & T 4,000

7,681

5,61)

108.236

Jan. 13 108.147
Jan. 6 108.601
Dec. 31 108,807
Afernb< ra of Fed 'I
15,066
51,905
6,832
26.390

4.19

51.88

5,814 4,109
5,685 4,07
5,784 4,12
Res' ve Ban k.
1.651 3,52.5
1,002 1,610

54,484

.... _

51,774 54,471
52,06f 54,557
51,98 54,201

___ _
___ _

34.464
17,25

_ __ _

1,027
914

Pond of averages 11,500 21,899

78,290

2,65F

5,135

51,714

1,941

['orals, actual c. ndition Jan. 13
Corals, actual c. ndltion Jan. 6
rot als, actuate° ndltion Dee. 30

78,306
78,01
77,855

2,649
2,631
2,352

5.20,
5,214
5,264

51,90'
52,015
50,401

1,914
1,886
1,88:

____

led aggr., avge 295,422 177,229 1,767.694 68.64F 539,914 4,013.487 104,046 40,444
;omparison
with prey week _. -92,592 +2,310 -7,533 -22.351 -8,29 +365
;r'd aggr., act' ond'n Jan. 114,783.277 67,475 541,425 4,082,945 102,504 30,524
+77,97 --2,764 +77
Comparison wit h prey. week _. -37,113 -819 +5199
R'd
R'il
.Ir'd
;r'd
led

aggr., act ond'n
aggr., act' ond'n
aggr., act' ond'n
aggr., actleond'n
aggr.. ace cond'n

Jan. 6 1,820.394
Dee.30 1,852,162
Dec. 23 1.711,710
Dec. 164.652.208
Dec. 91,553,783

68,294 489,421
67.07F 556,76
75,784 527,90.
68,791 549,553
116.821522.700

4,004,97 105,268 30,447
4,042.71 115,83530.437
3,868,628 116,356 31,975
3,865,98: 127,61032,305
3,791,481 133,18632,159

Note.-U. S. deposits deducted from net demand deposits in the genera total
above were as follows: Average total Jan. 13. 595,478,000; actual totals. J: n. 13,
563,576,000; Jan. 6, 3130,371,000; Dee. 30, $181,890,000; Dec. 23, $236,375,000:
Dee. 16, $136,882,000. Bills payable, rediscounts, acceptances and other liabilities,
average for the week, Jan. 13, $465,588,000: Jan. 6, 5481,219,000; Dee. 30, 5459.150,000: Dec. 23. 5470.049,000: Dec. 16, 5501,788,000. Actual totals, Jan. 13,
3450,236,000: Jan. 6, $449,730,000: Dec. 30. $4493.859,000; Dec. 23, 5448,147,000:
Dec. 16, 4499,895,000.
• includes deposits in foreign branches not included in total footing as follows:
National City Bank,$107,356.000: Bankers Trust Co., $10,532,000; Guaranty Trust
Co., 576,931,000: Farmers' Loan & Trust Co.. $19,000; Equitable Trust Co., $28,007,000. Balances carried in banks In foreign countries as reserve for such deposits
were: National City Bank. 324.818.000: Bankers Trust Co., $1,736,000; Guaranty
Trust Co.. $12,066,000: Farmers Loan & Trust Co., $19.000; Equitable Trust Co..
$4,785,000. c Deposits in foreign branches not included.

The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following two
tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
in Vault.
Members Federal
Reserve banks_
State banks
Trust companies___ _
Total Jan. 13,.,.
Total Jan. 6.....
TotalDec. 30....
TotalDee. 23_ _

5.916.000
2,668.000

Reserve
in
Depositaries

Total
Reserve.

a
Reserve
Required.

Surplus
Reserve.

$
530,587,000 530,587,000 518,714,330 11,872,670
469,060
4.192.000 9.818,000 9,338,940
35,900
5,135,000 7,793,000 7,757,100

8,274,000 539,914.000 548,198,000 535,810.370
8,041,000 547.417,000 555,488,000 538,924,120
8,389.000 129.427,000 537,816,000 523,437,660
6.167.000 519,365,000 527.532,0130 515.988.170

12,377.630
15,663,880
14,378,340
11.543.830

• Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount in reserve required on net time deposits, which was as follows:
Jan. 13,$10,428,630; Jan.6,$10,677,730; Doc.30, 510,784,760; Dec.23, 510.914,090

Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:

Actual Figures.
Reserve
In
Depositaries

Cash
Reserve
in Vault.
Members Federal
Reserve banks__
State banks
Trust companies
Total
Total
Total
Total

Jan. 13_..
Jan. 6._.
Dec. 30_
Dec. 23_ _

273

THE CHRONICLE

JAN.20 1923.]

Surplus
Reserve.

Reserve
Resuired.

Total
Reserve.

$
532,108,000 5'32,103.000 527,680.740
5,814,000 4,109.000 9,923,000 9,319,320
2,649,000 5,208,000 7.87,000 7,794,300

$
4,427,160
603,630
62,700

8,463,000 541,425,000 549,838,000 544,794.360 5,093,640
8,316,000 189,426,000 497,742,000 534,754,940 37,012,940
8,136,000 556,760,000 561,896,000 539,952.870 24.943,130
8,325.000 527.903,000 536,228,000 517.338,930 18,839.070

• Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the ease 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, whtch was as foil ws:
Jan. 13, 510,383,570; Jan.6,510,464,750; Dec.30. $10,792,380: Dec.23, 510.821,660

BOSTON CLEARING HOUSE MEMBERS.
Changes from
previous week.

Jan. 17
1923.

Jan. 3
1923.

J -n.10
1923.

$
No change 559,000,000 559.100,000
Capital
59,0,,0,000
497,000 84,176,000 85.024,000
Surplus and profit
83,679,000 Dec.
Loans. disc'ts & investments_ 858.265,000 Inc. 6,681,000 851,584,000 852.753,000
Individual deposits, incl. U.S. 649,563,000 Inc. 18,648,000 530,915,000 639,243,000
Due to banks
141,038,000 Dec. 2,619.000 143.657,000 132,837,000
221,000 112.184.000 111.559,000
Time deposits
111,963.000 Dec.
11,160,000 Inc. 1,431.000 9.729,000 14.665,600
United States deposits
Exchanges for Clearing House 30,942,000 Inc. 2.199,000 28,743,000 38,525,000
Due from other banks
82,281.000 Inc. 8,851.000 73,430,000 83.224,000
829.000 73,878,000 72.351,000
Reserve In Fed. Res. Bank.. 74,707,000 Inc.
Cash In bank and F. R. Bank 9.537,000 Dec. 1,121,000 10,658,000 10,943,090
Reserve excess in bank and
157,000 2.614.000 3,444.000
2,771,000 Inc.
Federal Reserve Bank _ _

State Banks and Trust Companies Not in Cleraing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows: return for the week ending Jan. 13, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figuree Furnished by State Ranking Department.)
to be kept with the Federal Reserve Bank. "Cash .m
Differences from vaults" is
not a part of legal reserve. For trust companies
previous week.
Jan. 13.
$761.707,100 Dec. 58,517,300 not members of the Federal Reserve System the reserve
Loans and investments
1J9.809
4,046,800 Dec.
Gold
is 10% on demand deposits and includes "Reserve
516,100 required
20,649.000 Inc.
Currency and bank notes
403,509 with legal depositaries" and "Cash in vaults."
68,898.000 Dec.
Deposits with Federal Reserve Bank of New York
815,114,300 Dec. 19,685.300
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y. City exchanges and U.S. deposits 761,243,400 Dee. 5.326,300
127,596,800 Dec. 5,737,100
Reserve on deposits
Percentage of reserve, 20.8%.
RESERVE.
- -Trust Companies-State Ranks
5,15,2S.1,400 .14.70%
*$23,309,400 16.63%
Cash In vault
25,654,200 05.83%
04.87%
8,287.400
cos_
trust
Deposits in banks and
590,033,600 20.59%

$36,596,800 21.50%

Total

•Includes deposits with the Federal Reserve Bank of New York. which for the
State banks and trust companies combined on Jan. 13 WAS $68,398,000.

Banks and Trust Companies in New York City.-The
averages of the Now York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:

0

...

0
0

............

.. ...;:t

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

.1
it

,Total Cash
'
in Vaults.

Loans and
Investments.

De,nang
Deposits.

$
5,333,205,100
5,317.017,500
5,326,359,700
5.305,281,600
5,397,918.900
5,402,995,200
5,394,373,600
5,348,725,300
5,331,639,900
5,314.686,500
5.327,903,200
5,309,488,800
4,798,475.400
5,523,709,500
5,519,496,000
5,630,574,400
a ass SRI Inn

S
4.640,919,500
4,634.695,500
4.649.378,900
4.628,334,800
4.699,067,600
4,650.020.500
4,623,416,200
4,573,740,400
4,509,953,000
4,562.416,100
4,592,129,500
4,542.829,600
4,545,721.000
4,594,948,100
4,733,584.900
4,802.407.700
A 771 790 Alin

Reserve in
Depositories.

s

$

86,359,200
88,271.200
86,018.300
90,361,200
89.798.300
88.484,300
87,350,900
91,084.000
89,248,900
87,309,000
88.954,800
91,414,200
93,839.300
100,766,600
100,243.100
90.677,500
rig gig QA,1

680,815,100
616,428.800
624,721.000
623,563,900
642,922,400
616,22E1,400
623.119.700
614.915,700
617,659,300
613,970,606
612,086,200
609,280,700
609,293,500
618,151,200
632,127,80C
656,380.000
I 7,1.1 amIIA,

New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers 1000] omitted)

I

I

Loans
Net
Nail
CLEARING
Net
Reservel Net
Capital.Profits DUNON-MEMBERS
Rank
counts, Cash
with .Demand Time
De- Ci1cuLegal I DeNat.bks.Sept.15 Investin
Week ending Statebks.Nov15 merits, Vault. Depost- posits. posits. !talon.
Jan. 6 1923. Tr. cos.Sept.15 &c.
tortes.'
Members of
. Res. Ban 1.
Fed'
Battery Park Na W.R.Grace & C I.
Total

s
1,500
500

Average Average Average Average Average Average
$
$
$
3
$
$
$
195
444
8,278
1,219 11,502
162 1,232
1,662 5,589
1,339 8,579
4471
23

2.000

2,559 20.081

I

185

1.6791

9,9401

6.033

Total

1.0001

2,208 24.008

3,229

1,532

Trust Compan I .s Not Members of Fed.Reeve Bank.
667 9.013
2
Mech.Tr.,Bayon le
405
141
200

667

24,52

817-------817
5,584

3,513

405

5,564

-- - -

3,819
+16

3,352 a37.973 12,414
+839 -121
-5

195
-3

3.803
3,689
3,797
3,791

3,357
3,509
3,682
3.827

12,53
12,6
14.982
16.358

198
197
198

Gr'd
Gr'd
Gr'd
Gr'd

seer., Dcr. 0
aggr., Dec. '3
aggr., Dec. 6
aggr., Dee. 9

3,2001
3,2(1
3,200
3,20

5,435
5,435
5,435
5,290

52,748
52,726
55,494
56.622

a37,134
a36.062
a37,55i
a3R.03

a U. S. deposits deducted, $237,000.
Bills payable, rediscounts, acceptances and other liabilities, $2,417,000.
Excess reserve. $91,170 decrease.




$5,000,0
11,210.0
42,422,0
641,0
19,0
731,0
28,190.0
605.0
29 526,0
6,303,0
4,181,0

57,507,0
10,290,0
67.797.0
57,274.0
10.523,0

1811.0
5,592,0
4,289.0
2,734.0

$40,375,0
115,061.0
709,787,0
28,553,0
101,624,0
135.013,0
568,673.0
23,419.0
727,105,0
6,303,0
4,181,0
57,507,0
11,701,0
73,389.0
61.513.0
13.257.0

540.375,0
114,972,0
700,564,0
36.764,0
112.959,0
133.305.0
574,187.0
22,721.0
730.213.0
12.398,0
4,428,0
57,170.0
11.907,0
73,505.0
60,879,0
14,023,0

$40,175,0
113,10.1,0
696,493.0
35,377,0
106,880.0
126,292,0
560.919,0
21.972,0
709,183.0
16,474,0
3,295,0
55,895.0
12.942,0
72,131,0
59.342.0
14,252,0

• Cash In vault not counted as reserve for Federal Reserve members

Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Jan. 17 1922 in
comparison with the previous week and the corresponding
date last year:
Jan. 17 1923. Jan. 10 1923. Jan. 181922.
s
s
s
Resources137.3211,398
Gold and gold certificates
Gold settlement fund-F. R. Board- 161,204.683

123,104,921
204,557,498

288,749,030
87,116,000

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

293.531.031
648,474.223
10,676,645

327,652,429
658.705.728
8,059.588

375,865.000
712,414,090
15,000,000

Total gold reserves
Reserves other than gold

957,581,955
28,746.442

994.427,736 1,103.279,030
52,523.000
30.628.811

Total reserves
*Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligattons
All other
Bills bought in open market

986,428.397 1,025.054,547 1,155,802,000
12,854,843
9,511,676
21.231.310
29,394.434

154,575,110
13.277,031
37,723,540

104,746,000
39,510.000
35,607,000

Total bills on hand
U. S. bonds and notes
U. S. certificates of IndebtednessOne-year certificates (Pittman Act).
All other

212.127.585
18,828,750

205,575,684
36,683,950

179,863,000
858,000

01,220.000

109,795,000

35,400,000
19,711.000

322,176,335
Total earning assets
10,100,626
Bank premises
5'1, redemp.fund agst. F.R.banknotes.
145,874.330
Uncollected items
2,172,873
All other resources

352,054,634
10,100,625

10.501,840

123,185,465
2,043,901

235,832,005
6,813,000
1,651,000
117.658.000
1,286.000

1,476,294.239 1,525,295,018 1,519,042,000

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

28,736,90C
59,799,523

28,690,400
59,799,523

26,958,000
60,197,000

791,980
711,691.739
11,443,602

375,686
762,803,571
11,821,007

40,778,000
651,480,000
15.652,000

Total
723,930.322
F. R. notes in actual circulation
552,218,258
F. R. bank notes in circtfn-net liability
Deferred availability Items
109,511.967
All other liabilities
2.097,268

775.000,265
565,213,139

707,910,000
611,792,000
21,556,000
87,357.000
3,272,000

94,252.761
2,338,928

1,476,294,239 1,525.295,018 1,519,042,000

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

77.3%

76.5%

87.6%

12,493,605

12,465,851

12,027.805

* Not shown separately prior to January 1923.
3,513

9,013

141

535,375,0
100,851,0
667,355,0
27,927,0
101.605,0
134,282,0
540,483,0
22,814,0
697,579,0

Total liabilities
4,920
19,6

3,200 5,435 53.102
Grand aggregate- revioureek- - +354
Comparison with p

Total

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

Dec. 30
1922.

Jan. 6
1923.
Total.

190

I

Not Member* of Fed .Reeve Bank.
State Banks
200
329 5,493
Bankofwash.IttII.
295
829
800 1,879 18,515 2,400 1,2371
Colonial Bank_ _ _

Week ending Jan. 13 1923.
Two Ciphers (00) omitted. Membersof
Trust
F.R.System Companies

CURRENT NOTICES.
-John L. Lequin, Jr., recently associated with Vilas & Hickey as manager
of their public utilities department, and William M. Van Der Kieft have
formed a co-partnership to transact a general brokerage business in stocks
and bonds, under the name of Van Der Kieft & Lequin, with offices located
at 45 Pine St., New York City.
-Wood, Gundy & Co. have issued a special circular, describing various
Issues of Canadian Government, provinical and municipal bonds, principal
and interest, payable in gold in New York,and yielding from 5.10 to 5.75%•

274

[VoL. 116.

THE CHRONICLE
WEEKLY RETURN OF THE FEDERAL RESERVE BOARD.

The following is the return issued by the Federal Reserve Board Thursday afternoon, Jan. 18,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the return for the latest
week appears on page 233, being the first item in our department of "Current Rvents and Discussions.'
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JAN. 17 1923.
Jan. 17 1923. Jan. 10 1923. Jan. 3 1923. Dec. 27 1922 Dec. 20 1922. Dec. 13 1922. Dec. 6 1922. Nov. 29 1922. Jan. 18 1922.
RESOURCES.
Gold and gold certificates
Gold settlement fund. F. R.Board

296,840,000
535,229,000

281,300,000
543,338.000

272,504,000
550,126,000

$
273,825.000
509,580,000

291.081.000
582,494,000

$
304,810,000
596.851,000

$
$
298.094,000 303,219,000
616.574,000 644,959,000

382,460,000
469,367,000

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

832,089,000 824,638,000 822,630,000 783.405,000 873,575,000 901.661.000 914,668,000 948,178,000 851,827,000
2.195.474,000 2,186,194,000 2.165,627,000 2,198,846,000 2,117,688.000 2,103,069.000 2,045,210,000 2,048,084,000 1,948,657,000
49,949,000
58,188,000
61,194,000
54,647,000
98,208.000
51,873,000
56,493.000
85,914,000
76.596,000

Total gold reserves
Reserves other than gold

3,077,492,000 3,062,705,000 3,049.451,000 3,040,439,000 3,045,910,000 3,061,223.000 3,045.792,000 3,072.858,000 2,898,692,000
136,645,000 124,509,000 113,442,000 108,398,000 110,799,000 123,665.000 127.189,000 129,952,000 152,811,000

3,214,137,000 3,187,214,000 3,162.893,000 3,148,837,000 3.156,709,000 3,184,888,000 3,172,981.000 3,202,810,000 3,051,503,000
Total reserves
82,178,000
*Non-reserve cash
94,442,000
92,165,000
Bills discounted:
Secured by U. S. Govt. obligations__ 284,017,000 281,996,000 351,483,000 316.495,000 314,851,000 344.793,000 374,409,000 315,280.000 388,672,000
229,328,000 230,053,000 278.162,000 313,390,000 300.707,000 314.965,000 330,536.000 334,816.000 525,150,000
Other bills discounted
201,335,000 225,760,000 255,182,000 246,293,000 251,728,000 262,572,000 266,827,000 259,226,000
Bills bought in open market
94,944,000
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness:
One-year certificates (Pittman Act)_ _
Other certificates
Municipal warrants

714,680,000
156.878,000

737,809,000
175,709,000

882,827,000
182,315,000

876,178,000
179,192,000

867,286,000
174,958,000

922.330,000
170.020,000

971,772,000
169,413,000

909,322.000 1,008,766,000
60,128,000
162.336,000

255,554,000
10,000

332,467,000
24,000

274,239,000
39,000

12,000,000
266,091,000
40,000

14,000,000
242,282,000
26,000

18,500,000
118,718,000
34,000

21,500,000
120,889,000
26,000

23,500,000
118,625,000
24,000

166,847,000
216,000

1,127.122,000 1.246,009,000 1,339,420,000 1,334,101,000 1,298,552,000 1.229,602,000 1,283.600,000 1,213,807,000 1,235,957,000
Total earning assets
45,895,000
Bank premises
47,181,000
46,394,000
35,822,000
45,281,000
47,227,000
46.455,000
46,282.000
45,521,000
311,000
2.780,000
7,871,000
5% redemp.fund agst. F. R. bank notes
2,097,000
2,520,000
2,625,000
2,680,000
3,130,000
911,000
653,40,000 608,541.000 770,070,000 757,500,000 759,392,000 709,289.000 660.119.000 599,806,000 554,362,000
Uncollected items
12,575,000
All other resources
15,329,000
14,840,000
15.729,000
15,379,000
15,228,000
15,050.000
14,894,000 . 15,506,000
5,138,467,000 5,193,255,000 5,429,709,000 5,305,411,000 5,279,299,000 5,188,643,000 5,181,253,000 5,080,905,000 4,898,090,000

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

107,484,000 107,465,000
107,256,000 107,261,000 107,244,000 107,265,000 107,207,000 103,020,000
218,389,000 218,369,000 218,369,000 215,398.000 215,398,000 215.398,000 215.398,000 215.398,000 215,398,000
77,734,000
23,136,000
46,976,000
6,630.000
6,715,000
33,449,000
9,341,000
7.809,000
6,193,000
1,918,468,000 1,960,346,000 1,942,749,000 1,861,281,000 1,840,205,000 1,817,744.000 1,843,601,000 1,807,631,000 1,673,824,000
33,337,000
19.527.000
35,039,000
20,230,000
19,143,000
41,642,000
75,394,000
31,165,000
53.337,000

Total deposits
1,969,451.000 2,019,876,000 2,024,773,000 1,900,255,000 1,881,959,000 1,861,110,000 1.910,104.000 1,860,223,000 1,784,895,000
F. R. notes in actual circulation
2,256,491,000 2,312,674,000 2,411,058,000 2.464,121,000 2,456,711,000 2,379,185.000 2,361,222,000 2,329,814,000 2,229,677,000
84,878,000
19,259.000
F.R.bank notes in circulation-net liab
10,632.000
12,499.000
16,497,000
20.868.000
2,947,000
3,117,000
2,866,000
Deferred availability items
573,705,000 521,667,000 655,532,000 578,502,000 576,997.000 580,883,000 540,233,000 520,497,000 463,826,000
16,396,000
AU other liabilities
29,247,000
28,474,000
27.772.000
26.898.000
9,580,000
28,326,000
9,850,000
10,338,000
Total liabilities
5,138,467.000 5,193,255,000 5,429,709,000 5,305,411.000 5,279,299,000 5,188.643,000 5.181.253.000 5,080.905,000 4,898,090,000
Ratio of gold reserves to deposit and
69.6%
72.1%
73.3%
72.2%
F. R. note liabilities combined
70.2%
71.7%
72.8%
68.7%
70.6%
Ratio of total reserves to deposit and
72.8%
75.1%
74.3%
72.1%
76.4%
F. R. note liabilities combined
71.3%
76.0%
76.1%
Distribution by 211aturities1-15 days bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
16-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness31-60 days municipal warrants
61-90 days bills bought in open market..
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness_ _ _ _
Over 90 days municipal warrants

62,988,000
367,072,000
75,710,000
6,000
47,229.000
31,695.000
5,914,000
55,604,000
48,289,000
11,272,000
4.000
28,628,000
38.848.000
6,886,000
27,441,000
102,658,000

$
72,452,000
353,518,000
145,787,000
17,000
48,561,000
34,678,000

97,524,000
443.297,000
100.385,000
26,000
45,049,000
43,826.000

1,000
61,891,000
51,690,000

68,309,000
61.399,000

5,000
3.5,375,000
43,339,000
81,919,000
1,000
7,481,000
28,824.000
104,761,000

6,000
37,180,000
49,550.000
66.616,000
6,000
7,120,000
29,573,000
107,238,000
1,000

83,210,000
436.465,000
103,595.000
14,000
50,737,000
48,609,000
18,000
69,056,000
63,372,000
76.000
8,000
38,083,000
50,059.000
• 62,670,000
5,207,000
31,380,000
112,350,000

$
72,811,000
419,329,000
76.670,000
65,693.000
49,405,000
500,000
26
70,654,000
66,519,000
34,461,000
48,794.000
62,383,000
8,109.000
31,511.000
113,729,000

71,874.000
73,985,000
462,861,000 499,882,000
2,258.000
225,000
8,000
53,195,000
56,344,000
58,631,000
54,663,000
1,720,000
720,000
26,000
83.830.000
78,029,000
69,028.000
65,992.000
1,000.000
26,000
45,649.000
47,247.000
45,942,000
48,689,000
76.000
576,000
8,246.000
30,619,000
135,197,000

10,681,000
28,715.000
137,835,000

$
80,451.000
445,401,000
3,484,000
44,747,000
56,419.000
1,007,000
88,869,000
73,103,000
1,720.000
24.000
47,121.000
45.218,000
76,000

50,678,000
522,081,000
11,013,000
19,000
19,965,000
92,021,000
415,000
6,000
14,573,000
146,787,000
12,971,000
140,000
9,384,000
93,756,000
3,810,000

18.038,000
29,955,000
135,835,000

345,000
59,177,000
136,638,000
51,000

Federal Reserve NotesOutstanding
Held by banks

2,691,511.000 2,747.705,000 2,810,254,000 2,835,092,000 2,818,805,000 2,775,320,000 2,730,882,000 2,718,471.000 2,666,397,000
435,020,000 435,031,000 399.196,000 370,971,000 362,094.000 396,135.000 369,660,000 388,657,000 436,720,000

In actual circulation

2,256,491.000 2,312,674,000 2,411,058,000 2,464,121.000 2,456,711,000 2,379,185,000 2,361.222,000 2,329,814,000 2,229,677,000

Amount chargeable to Fed.Res. Agent 3,620,438,00C 3,650.303.000 3,683,657,000 3,679,260,000 3,866,113,000 3,640,536,000 3,606,113.000 3,609.182.000 3,571,248,000
928,927,000 902,598,000 873,403,000 844,168,000 847.308,000 865.216,000 875.231,000 890,711,000 904,851,000
In hands of Federal Reserve Agent
Issued to Federal Reserve banks
How Secured-By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
Total

•

2,691.511,000 2,747.705,000 2,810,254,000 2,835,092,000 2,818,805.000 2.775.320,000 2.730,882,000 2,718,471.000 2,666,397,000
342,462.000 352,462,000 353,462,000 353,657,000 346,292,000 346,292.000 346.292,000 346.317,000 349,013,000
496,037,000 561,511,000 644,627,000 636,246,000 701,117.000 672,251.000 685.672,000 870.387,000 717,740,000
134,719,000 122,876,000 130,431,000 133,090.000 137,454,000 131,365.000 131.716.000 131,560,000 128,523,000
1,718,293,000 1,710,856,000 1,681,734,000 1,712,099,000 1,633,942,000 1,625,412,000 1,567.202,000 1,570,207,000 1,471,121,000
2,691,511,000 2,747,705,000 2,810,254,000 2,835,092.000 2,818,805,000 2,775,320.000 2,730.882,000 2,718,471,000 2,666,397,000
-713.516,900 850.750.000 836.933.000 832.130.000 887.347.000 924.788.000 867.683.000 964.540.000

Eligible paper delivered to F. R. Agent_ 685,399,000
•Not shown separately prior to January 1923.

WEEKLY STATEMENT OF RESOURCES AND LIABILTTIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN. 17 192
Two ciphers (00) omitted.
Boston New York Phila. Cleveland Richmond Atlanta Chicago St. Louts Minneap.Kan. City
Federal Reserve Bank of$
$
RESOURCES.
$
$
8
$
$
$
$
.$
16,852,0 137,326,0 20,498,0 13,814,0 6,167,0 - 5,828,0 51,412,0 2,876,0 7,652,0 2,813,0
3old and gold certificates
3old settlement fund-F.R.B'rd 42,393,0 161,205,0 20.685.0 76,038.0 25.577,0 21,949,0 59,639,0 21,143,0 27.184,0 33,441,0
59,245.0 298,531,0 41,183,0 89,852,0 31,744,0 27,777,0 111,051,0 24,019,0 34,836,0 36,257,0
Total gold held by banks
169,523,0 648,474,0 181.943,0 197.944,0 69,249,0 106,919,0 415,863,0 81.608,0 48.314,0 58,448,0
3old with F. R. Agents
6,807,0
10,677,0 6,240,0 3,211,0 1,836,0 1,560,0 4,680,0 3,632,0 2,495.0 2,483,0
3old redemption fund
Total gold reserves
Reserves other than gold

235,575,0
8,527,0

244,102,0
Total reserves
11,506,0
(on-reserve cash
3111s discounted:
Secured by U.S.Govt.obliga'ns 14,352,0
30,842,0
Other bills discounted
16,183,0
3111s bought in open market
61,177.0
Total bills on hand
6,020,0
17.8. bonds and notes
7.S. certificates of Indebtedness_ 22,079,0
dunicipal warrants
.,....., rakv.v.tn.a agate




so 97A 0

Dallas

San Fran,

Total

$
$
$
11,155,0 20,444,0 296,840,0
10,897.0 35.078,0 535,229,0
22,052.0 55,522,0 832,039,0
18,473,0 198,716,0 2,195,474,0
1,868.0 4,460,0
49,949.0
957,682,0 229.366,0291,007.0 102,829,0 136,256,0 531.594,0 109,259.0 85,645,0 97,188,0 42,393,0 258,698,0 3,077,492.0
28,746,0 15,518,0 9,869,0 11,558,0 8,083,0 25,799,0 13.226,0
984,0 3.602,0 5.595,0 5,138,0 136,645,0

986,428,0 244,884,0 300,876,0 114,387,0 144,339,0 557,393,0 122,485,0 86,629,0 100,790,0 47,988,0 263,836,0 3,214,137,0
9,542,0 3,337.0 7,465,0 4,108,0 9,862,0 13,614,0 5,082,0 3,035,0 4,682,0 4,897,0 5,068,0
82,178,0
161,502,0 32,300,0 15,086.0 13.159,0 2,055.0 23.420,0 7,372,0 1,050.0 2,954,0 1,699,0 9,068,0
21,231,0 7,406,0 10,813,0 24,703.0 18,742,0 37,568,0 6,002,0 17.322,0 16,095.0 14,583,0 24,221.0
29,394.0 21,510,0 43,148,0
759,0 8,108,0 9,850,0 14.926,0
85.0 22,082,0 35,290.0

284,017,0
229,328,0
201.335,0

212,127,0 61,216,0 69,047,0 38,621,0 28,905,0 70,838,0 28,300,0 18,372,0 19.134,0 38,364,0 68,579.0
18,829,0 24,607,0 11,862.0 1,341,0
136,0 7,026,0 17.972,0 10,813,0 26,926,0 3,729,0 27.617,0
91,220,0 4,607,0 26,894,0 4.500,0 2,031,0 58,878,0 6,478.0
495,0 18,593.0 8.629,0 13.150,0
•
10,0

714,680,0
156,878,0
255,554,0
10,0

222 17A 0 00 420 0 107 502 n 44 459 n ql 0790 125 742 0 52 750 A 90 flan n ao sal n An 1910 inn 245 0 1 127 122 n

RESOURCES (Concluded)Two ciphers (00) omitted.
lank premises
•e',, redemption fund
F. R. bank notes
Incollected items
111 other re,sources

275

THE CHRONICLE

JAN.20 1923.]

against

Boston

New

$
4,434,0

I
Chicago St. Louts Minneap. Kan. City Dallas

Cleveland Richmond Atlanta

Phila.

3
10,101,0

55.334,0
371,0

Total resources
LIABILITIES.
:tapita1 paid in
Iurplus
3eposits: Government
Member bank-reserve acc't
Other deposits

York

$
2,617,0

$
7,368,0

i
660,0

$
2.060,0

$
8,305.0

i
919,0

i
978,0

San Fran.

Total

s

a

$

s

1,785,0

45,895,0

65,0
46,0
200,0
145,874,0 56,886,0 65,958,0 57,627,0 25,891,0 80,453,0 40,320,0 .15,359,0 40,406,0 26,540,0 42,847,0
416,0
351,0
707,0
453,0
2,173,0
603,0 1,795,0
939,0
943,0 1,940,0 4,738,0

311,0
653,495,0
15,329,0

4,731,0

1.937,0

405,023,0 1,476,294,0 396,650,0 490,177,0 223,617,0 213,575,0 797,511,0 222,059,0 137.486,0 214,385,0 134,070,0 427,620,0 5,138,467,0
8,123,0
16,312,0
709,0
128,061,0
1,688,0

28.737,0 9,327,0 11,716,0 5,597,0 4,259,0 14,775,0 4,830.0 3,578,0 4,620,0 4,177,0 7,745,0 107,484,0
59.800,0 18,749,0 23,495.0 11,288,0 8,942,0 30.398,0 9,665,0 7,473,0 9.488,0 7,496,0 15,283,0 218.369,0
9,341,0
999,0
572,0
440,0
511,0
795,0
628,0
670,0 1,382,0
874,0 1.236,0
525,0
711,692,0 113,349,0 162,164,0 61,769,0 54,979,0 284,166,0 76,349,0 49,388,0 80,968,0 55,637,0 139,946,0 1,918,468,0
41,642,0
518,0 1,276,0 2,460,0 1,165,0 4,074,0 5,597,0 1,600,0 5,354.0
11,443,0 1,982,0 4,485,0

Total deposits
130,458,0
r. R.notes in actual circulation 197,663,0
r. R. bank notes in circulationnet liability
3eferred availability items
52,194,0
111 other liabilities
273.0

723.930,0 115,842,0 167,277,0 62,727,0 56,827,0 287,625,0 78,039,0 54,336,0 87,801,0 57,907,0 146,682,0 1,969,451,0
552,218,0 202.412,0 229,016,0 92,104,0 120,164,0 395,522,0 88,145.0 57,604,0 67,215,0 35,353,0 219,075,0 2,256,491,0
130.0
783,0
2,204,0
109,512.0 49,972.0 57,934,0 51,483,0 22,775,0 88,053.0 40,692,0 13,684,0 42,654,0 26,845,0 37,907,0
608,0 1,008,0
418,0
739,0
948,0
688.0
2,097,0
348,0
403,0 1,509,0
811,0

3,117,0
573,705,0
9,850,0

Total liabilities
405,023,0 1,476,294,0 396,650.0 490,177,0 223,617,0 213,575,0 797,511,0 222,059,0 137,486,0 214,385,0 134,070,0 427,620,0 5,138,487,0
Memorand I.
Iatio of total reserves to deposit
and F. R. note liabilities combined, per cent
75.9
73.9
81.6
81.6
76.1
74.4
77.3
76.9
73.7
77.4
51.5
72.1
65.0
:iontingent liability on bills purchased for foreign corresnond•ts 9 474 n
19 4040 9 711 n 9 772 n 1 6610 1 220 n 4032 ni 1 501 n
0150 1 AO7 n
551 n 1 qui n
RR 041

STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS JANUARY 17 1923
.
I
Boston. New York Phila. Clever d Richm'd Atlanta Chicago ISt.Lottis Minn. K. City Dallas !San Fr.

Federal Reserve Agent at-

Resources$
(In Thousands of Dollars)
Federal Reserve notes on hand
88,700
Federal Reserve notes outstanding
213,110
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
15,300
Gol0 redemption fund
16,223
Gold Fund-Federal Reserve Board
138,000
Eligible paperfAmount required
43,587
17,590
'Excess amount held

Total

$
$
8
$
$
398,690 55,520 38,390 31,260 82,004
758,311 227,710 257,692 103,248 125,334

$
$
$
$
$
$
$
92,000 26,140 12,110 21,360 19,044 65,709 928,927
457,318 108,373 61,415 75,726 40,083 263,191 2,691,511

273,184 7,000 13,275
2,400
34,290 15,054 14,669 2,454 5,519
341,000 159,889 170,000 66,795 99.000
109,837 45,767 59,748 33,999 18,415
86,580 5,224 8,167 3,738 10,481

342,462
11,780 13,052
6,471
14,218 4,828 2,262 3.088 2,502 19.612 134,719
401,646 65,000 33,000 55.380 9,500 179,104 1,718,293
41,455 26,765 13,101 17,278 21,610 64,475 496,037
29,283 1,535 4.704 1,858 16,620 3,604 189,362

Total
530,510 2,001,892 516,164 581,941 241.494 343,153 1.035,899244,421 139,644 174,668 115.830 595,695 6,501,311
LiabilitiesNet amount of Federal Reserve notes received from
Comptroller of the Currency
299,810 1,157,001 283,230 296,082 134,508 207,338 549,318 134,513 73,525 97,086 59,127 328,900 3,620,438
Collateral received from(Gold
169.523 648,474 181,943 197,944 69,249 106,919 415,863 81,608 48,314 58,448 18,473 198,716 2,195,474
61,177 195,417 50,991 67,915 37.737 28,898
Federal Reserve Bank lEligible paper
70,718 28,300 17,805 19,134 38.230 68,079 685,399
530,510 2,001,892 516,164 561,941 241,494 343,153 1,035,899 244,421 139,644 174,668 115,830 595,6956,501.311

Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks

'

213,110
15,447

758,311 227,710 257,692 103,248 125,334
205,093 25,298 28,676 11,144 5,170

457,318 108,373 61,415 75,726 40,083 263,191 2,691,511
61,796 20,228 3,811 8,511 4,730 44,116 435,020

197.663

552.218 202.412 229.016 92.104 120.164

305.522 55.145 57 604 67 215 an 250 910 0709 956491

Federal Reserve notes In actual circulation

WEEKLY RETURN FOR THE MEMBER BAA KS OF THE FEDERAL RESERVE SYSTEM.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources and
liabilities of the 781 member banks,from which weekly returns are obtained. These figures are always a week behind those
for-the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement of Oct. 18
1917, published in the "Chronicle" Dec.29 1917, page 2523. The comment of the Reserve Board upon the figuresfor the latest
week appear in our Department of "Current Events and Discussions" on page 233
1. Data for all reporting member banks in each Federal Reserve District at close of business January 10 1923. Three ciphers (000) omitted.
Federal Reserve District.

Boston

New York

Phila.

Cleveland Richmond Atlanta

Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Govt.oblIgatione
Secured by stocks and bonds
All other loans and discounts

106

56

84

78

$
S
16,459 108,050
241,499 1,700,575
594,178 2,315,670

S
20,323
255,536
325,558

S
31,223
376,137
6424828

Total loans and discounts
U.S. pre-war bonds
U. S. Liberty Notes
U.S. Treasury Notes
U. S. Victory notes & Tress' notes_
U. S. Certificates of Indebtedness_
Other bonds, stocks and securities_

852,136 4,135,295
12,775
48,904
79,905 486,031
8,612
48,776
27,588 466,046
5,384 104,484
173,881 761,875

Total loans & disets & investmls, 1,160,181 6,051,411
89,070 694.794
Reserve balance with F. R.Bank_
20.725
Cash in vault
93,846
Net demand deposits
852,742 5,005,595
Time deposits
241,554 772,351
96,671
8,603
Government demposits
Bills payable and rediscounts with
Federal Reserve Bank:
5,572 137,054
Secured by U.S.Govt.obligations
All other
8.925
16.420

46

Chicago St. Louis Minneap. Kan. City

Dallas

San Fran.

Total
781

108

S
11,478
126,833
313,110

37

30

79

52

3
S
7,756
49,306
55,679 553,517
333,176 1.077.261

3
19,561
140,481
297,740

3
7,944
45,154
194,128

3
9,942
75,500
355,702

$
5,946
49,604
206,146

304.307
16,319
155,106 3,786,621
731,002 7,387,499

602,417 1,050,188
47,112
11,343
47,609 119,606
5,158
9,274
44,939
43,534
17,692
2,024
183,535 294,152

451,421
29,971
30,817
4,837
6,180
2,812
53,810

396,611 1,680,084
14,336
23,223
12,723 105,752
2,079
26,850
6,231
90,158
7,909
28,181
33,406 354,116

457,782
15,354
26,596
10,712
19,751
4,246
83,707

247,226
8,248
19,378
2,834
15,211
1,244
28,850

441,144
12,094
45,927
5,923
19,062
4,726
61.284

261,696
19,118
15,017
.4229
12,887
6,154
8.860

902,427 11,478,427
278,974
36,496
92,757 1,082,118
143,105
13,021
792,671
38,084
196,953
12,097
156,227 2,193,683

897,025 1,586,558
70,974 101,341
17,644
34,387
729,571 914,310
64,967 541,842
14,566
11.515

579,848 473,295 2,308,364
37,427 ' 36.434 205,835
14.945
60,263
11,683
346,762 290,682 1,496,914
148,102 148,259 748,602
3,928
19,649
4,491

618,148
43,054
8,457
384.814
180,669
4,740

322,991
22,929
6,972
212,677
88,072
2,188

590.140
49,826
13,012
451.290
124,386
3.024

327,961 1,250,009 16,165,931
94,141 1,473.072
27.247
317,412
25,174
10,324
245,961 664.384 11,595,702
71,439 587,083 3,715,326
185,941
5,727
9,829

1,775
0 445

1.923
9 100

6,910
5 415

12,820
3.516

4.400
9 013

8,538
15 012

39

393
n 7sn

10,902
0 070

1,050
2 500

s

66

3,813
10667

a

195,15
94.14

2. Data of reporting member banks in Federal Reserve Bank and branch cities and all other reporting banks.
•
Three ciphers (000) omitted.

New York City

City of Chicago

Jan. 10. Jan. 3. Jan. 10. Jan. 3.

All F. R. Bank Cities F. R. Branch Cities'Other Sqec'ed Cities
Total.
-Jan. 10. Jan. 3. Jan. 10. Jan. 3*, Jan. 10. Jan. 3
. Jan. 10'23Jan.3'23*Jan. 11'22

Number of reporting banks
63
63
50
50
261
311
78
808
261
311
781
209
209
Loans and discounts, gross:
$
s
s
s
8
$
$
$
S
$
s
$
$
Secured by U.S. Govt.obligations 98,516
98.92,
40,379 40,282
213,453 213,672
475,383
305,90
49,913 51,281
40.941
40,952
304,30
Secured by stocks and bonds
1,535,104 1,683,639 419,921 409,345 2,780,486 2,915,114 543,323 536,295 462,812 457,983 3,786,621 3,909,39 3,152,647
All other loans and discounts
2,027,604 2,010,86 623,494 635,122 4.539.732 4,521,885 1,518,957 1,529,148 1,328,810 1,331,154 7,387,499 7,382,187 7,478,399
Total loans and discounts
3,661.224 3,791,422 1,083,794 1,084,749 7,533,671 7,650,671 2,112.193 2,116,724 1,832,563 1,830.089 11,478,427 11,597,48 11,106,429
38,358 38,735
U.S. pre-war bonds
1,836
1,736
98,106
97,485
275,28'
76.503 74,300 104,365 103,495 278,97
418,246 416,743 49,331
U.S. Liberty bonds
51,465 659,693 660,984 251,909 250,790 170,516 172,132 1,082,11: 1,083,886 960,670
37,838 39,417 20,183 20,480
U.S. Treasury bonds
87,922
145,83:
89,384
143,10
29,737 30.628
25,826
25,446
441,540 433,318 52,386 49,932 616,430 *607,612 112,996 112,359 63.245 66,419
U.S. Victory notes& Treasury not
786,3'. 307,460
792,671
99,836 108,147
18,304
24,445
136,915 *149,836
U. S. Certificates of Indebtedness_
211,104
198,953
209,85
14,901
45,203
45,120
14,835
586
.741 181.979 180,843 1,191,798 1,219,987
Other bonds, stocks and securities._ 558.841
582,672 593,26
419.213 418,818 2.193,683 2,232.072 2.095,673
Total loans & disc'ts & inveigle, 5,255,883 8,304,828 1.407,813 1,422,653 10,324,535 10,475,939 3,211,213 3,223,188 2,630,183 2,631,680 16,165,931 16.330,807 14,681,336
051,207 617,013 144.982 135,548 1,072,233 1,032,020
Reserve balance with F. R. Bank
234,3981 252,99
166,441 172,921 1,473,072 1,457,931 1,325,419
78.321
76,373 33,269 35,953
165,836
Cash In vault
169,163 65,245 69,613 86,331
87,474
317,412
326,2 I
315.985
4,507.574 4,533,676 1.020.773 1,018.255 8,002,872 7,972,587 1.916,706 1,877.225 1,676,124 1,677,539 11,595,702 11,527,350 10,427,495
Net demand deposits
525,158 531,887 383,60' 364,689 1,811,019 1,809,744 1,112,107 1,147,481 792,2
Time der/wits
790,983 3,715,326 3,748,20: 3,019,481
93,582 175,481
11,882 25,424
238,573
144,424
Government deposits
268,754
25,849
185,941
351,37
30,473
56,771
14,044
Bills payable and rediscounts with
F. It. Bank:
119,824 124,199
950
3,699
141.543
248,231
171.430
25,590
195,1
253,78
21,946
Sec'd by U.S. Govt. obligations
31,681
56,764
3,42
3,905
1.096
2.592
44,601
69,931
94,146
136,411 282,276
27,614 34,781
21,931
31,699
All other
Ratio of bills payable & redlscoun
with F. R. Bank to total loans
2.3
2.4
3.6
0.4
0.2
1.8
.
•
2.3
2.3
2.4
1.7
1.9
2.7
and investments, per cent
• Revised figures.




276

[VOL. 116.

THE CHRONICLE

Vaulters'

TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.

azette

Wall Street, Friday Night, Jan. 19 1923.
Railroadrand _ Miscellaneous Stocks.-Owing perhaps
t•=317eisilliarity of influences affecting the security markets
the latter have been peculiarly irregular throughout the week.
The volume of business in stocks declined rapidly during the
first three days, whereas the transactions in bonds increased
in about the same proportion. On Thursday, however, the
order was exactly reversed. Two million less bonds moved
than on the previous day, while 120,000 more shares were
traded in. Moreover, when stocks declined early in the
week, bonds were relatively firm, but in both markets the
tone was unsteady, with a tendency to sudden changes.
The influences referred to above all will recognize at once
as the extremely !critical Franco-German situation, and
in view of its possibilities, it is a wonder that so little disturbance has been caused in financial circles. The net result
of the week's operations on the Stock Exchange is a very
limited decline in values. This may be accounted for by
the fact that Wall Street is inclined to regard European
affairs rather lightly, while strictly domestic matters are extremely favorable and the future outlook most promising.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week ending Jan. 19.

Sales
for
Week

Range for Week.
Lowest.

Highest.

Range rime Jan. 1,
Lowest,

Heghest.

Week ending
Jan. 19 1923.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

Mocks.

Railroad,

Shares. I Par Value,

Bonds.

Stale, Man.
and Foreign
Bonds.

U.S.
Bonds.

83,447,000 $1,293,0130 $2,100,400
5,377,000 2,005,000 2,759,000
6.338,000 2,336,000 3,154,000
6,655.500 2,483,000 4.278,800
6,423,000 2,738,500 2,335,500
7,034,000 1,685,000 1,433,000

8622,0001 $54,254.000
1,177,700 120.850,000
957,5.50 81,996.000
756,445 69.030,000
875,422 77,000,000
986,000 83,000.000

5,375,117 $486,100,000 335,275,000 $12,540,500 $16,070.700

Sales at
New l'ork Stock
Exchange.

Week ending Pit. 19,
1923.

1922.

Jan. 1 to Jan. 19.
1923.

1922.
Stocks-No. shares._ _
5.375,117
4,721,345
11,624,501
13,623,617
Par value
3486,100.000 $443,415,100 $1,181,953,000 51,044,827,400
Bonds.
Government bonds._ $16,070,700 $43.813.000
$58,053,450
3162,570,000
State, nun.& for. bds_ 12,540,500 .9,093.000
32,317,000
23.825,000
RR.and misc. bonds._ 35,275,000 39,239.300
86.837,000
106,196,250
Total bonds
$63,886,200 892,145.300
$177,207,450
8292,691,250
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston
Week ending
Jan. 19 1923.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Pray. ovaak

nwisei

Philadelphia

Baltinwre

Shares. Bond Sales Shares. Bond Sales Shares, Bond Sala
10,527
12,650
4,182
331,5511
2,471
29,200
19,943
27,650
6,578
43,000
5,052
29,500
20,006
14,450
5,140
45,100
1,044
60,600
15,941
43,200
5,653
634,800
1,465
58,500
14,160
56,800
7,005
144,000
1.292
40,000
11,343
5,000
2,759
25,000
1,732
62.500
91.920

159,750

31,317 1,225,45

118 !Si

21.1.950

an

20

5755'.P

13,659

280,300

Fl 4A7

24570,,

Railroads Pa• Shares $ per share. 3 per share $ per share.$ ner
skate. Daily Record of U.S. Bond Prices. Jas. 13 Jan. 15
Bangor & Aroos, p1c1.1
Jan. 16 Jan. 17 Jan. 18 Jan. 19
200 93% Jan 18 94 Jan 17 9255 Nov 94
Ches & Ohio, pref. i00I 1,800 102 Jan 1710204 Jan 15 10004 Dec10555 Oct
Oct First Liberty Loan
(High 101.14 101.18 101.24 101.20 101.49
Illinois Central. pref.
400 114 Jan 15114 Jan 15 1044 June 116
Oct
834% bonds of 193247_(Low. 101.06 101.18 101.12 101.10 101.16
Interboro R T (WI)
I 1,800 15 Jan 16 164 Jan 13 18
Nov 3134 Aug
(First 34s)
(Close 101.14 101.18 101.16 101.20 101.40
Int & Gt Nor(w ___10
300 2204 Jan 17 2234 Jan 17 2134 Dec 264
June
Total sales in $1,000 anus...
Iowa Central
100 200 44 Jan 17 455 Jan 17 4
135
260
460
375
479 .__ _
Oct 134 June,
Manhattan El scrip
Converted 4% bonds of(High
500 455 Jan 151 455 Jan I
____
____
____
____
____
1932-47 (First 4a)____(Low.
____
Manhattan RYE(' Tr Co etre of dep._ 1,100 364 Jan 181 38 Jan 15 39% D
55% Aug
Mo Kan & Tex paid_
100 3555 Jan 17 354 Jan 17
Preferred full paid...
Converted 4Si% bonds(High 98.84 98.80 98.82 98.70 98.70 98.68
300 3055 Jan 15 3104 Jan 19 30
No 394 Dec
NYCh&St L lstpf..1
of 1932-47 (First 434tH Low_
98.70 98.72 98.74 98.62 98.60 98.60
500 8855 Jan 16 97 Jan 16 72
Jan 102
Oct
(Close 98.80 98.76 98.76 98.64 98.60 98.88
Pitts Ft W & Co pref_l
141.3t, Jan 1714104 Jan 17 128
Dee
128
Dec
Total sales In $1,000 sinus __ _
Toledo St L & W
59
400
1634 Jan 16 65 Jan 18 22% Jan gni. Dec
43
126
674
21
16
Preferred
Second Converted 455%(High
54 Jan 15 55 Jan 19 33
Feb 5gzi Sept
Industrial & Miscell. 1.1001
bonds of 1932-47 (First( Low_
____
____
___
____
....
_ ___
Second 4sito
All American Cables.1
360 106 Jan 17 106 Jan 17 107
Jan 125
Dec
Total sales in 31,000 units...
Am M dr 0
____
I1
____ . ____
____
55 Jan 17
___.
___
Jan 171
15 Dec
g Dee
Am Metal temp Mrs_ _.• 8,900 51
(High 98.36 98.34 98.18 98.10
Jan 16 5354 Jan 13 44
Sept 524 Sent Second Liberty Loan
AmWholesaleCorp p1100 1,100 95 Jan 17 06 Jan 13 86
d% bonds of 1927.42_ (Low. 98.36 98.20 98.18 98.10
Oct 95
Jan
Am Metal temp ctf p1100
(Second 4s)
1001164 Jan 1511604 Jan 15 107
[Close 98.36 98.34 98.18 98.10
Aug 115
Dec
Total sales in 51.000 unUs___
Assets Realization_ _..10 300
55 Jan 19
I
2
21
55 Jan 19, 54 Dec
Converted 4s•i% bonds(Higb 98.32 98.36 98.36 98.26 98.20 98.20
200 14 Jan 17, 134 Jan 171 115 Dec 254 July
AU Fruit coil tr ctf of dep
24 July
100 9015 Jan 13 904 Jan 131 82 Jun
Atlas Powder 6% cum pf
of 192742 (Second (Low. 98.20 98.24 98.20 98.16 98.12 98.12
9404
Oct
Bayuk Bros 1st pf_ _100 300 1184 Jan 19 120 Jan 16'
414s)
lame 98.32 98.28 98.20 98.20 98.16 98.20
Beech-Nut Packing...2039,100 584 Jan 15 6804 Jan 19 4804 Dec 534
•
Total Sales In $1,000 units__
153
269
638
601
377 • 139
Dec Third
Liberty Loan
Beth Steel pref new._100 2,400 94% Jan 17 9534 Jan 15 94
(High 98.94 98.00 98.98 98.92 98.90 98.90
Nov101
Oct
Brown Shoe Inc Pf-100 100 99 Jan 15 99 Jan 15 9034 Apr 09
bonds of 1928_ _434%
(
Low_
08.00
98.82
98.82
98.78
98.86 98.84
Nov
100 2001054 Jan 1710534 Jan 15 94
Burns Bros pref
(Third 434s)
(Close 98.92 99 00 98.90 98.92 98.88 98.90
Feb10304 Nov
Cluett, PeatkkCo LI( 100 5001024 Jan 1310334 Jan 17 85
Total sates in $1,000 units__.
903
586 1.100
947
232
202
Jan1034 Dec Fourth Liberty Loan
100 6
(High 98.66 98.66 08.66 98.56 98.52 98.50
934 Jan 18 9455 Jan 15 9315 D
Coco-Cola pref
97
Dec
455% bonds of 1933-38_ _ Low. 98.5
Corn Solv A
• 100 4355 an 15 4315 Jan 15 44
98.56 98.54 98.42 98.44 98.42
Dec 50
Oct
(Fourth 455s)
(Clare 98.66 98.60 98.58 98.50 98.48 98.48
• 200 28 Jan 16 30 Jan 13 30
Dec 474 Oct
Conley Tin Foil
Total sales in $1,000 units.__
519
14 1,088
524
• 500 1815 Jan 15 1855 Jan 15 134 Nov 174 Dec
462
531
Consol Gas w I
Victory Liberty Loan
60,600 6055 Jan 17 63 Jan 13 574 Dee 624
(High 100.24 100.22 100.20 100.24 100.24 100.24
Dec
Continental Can w I_ •57,100 4434 Jan 15 4734 Jan 19 100
notes of 1922-23-41.ow_ 100.20100.20 100.20 100.10 100.20 100.22
154%
Feb115
Oct
Continental Motors- _ -•75,500 1034 Jan 16 124 Jan 19 114 Dec
(Victory 4500
(Close 100.20 100.20 100.20 100.22 100.24 100.22
1834 Dec
Cosden & Co pref
Total
.
83
32
313
132
600103% Jan 1310334 Jan 18 954 JulY 102
128
58
55 Sept Treasury sales in $1,000 sells.,.
Preferred
100 100 10655 Jan 1910634 Jan 19 100
{High 99.98 99.98 99.98 99.94 99.98 99.94
Feb 11.5
Oct
Deere & Co pref._ _ _100 200 7334 Jan 17 7315 Jan 17 61
434a. 1947-52
Low. 99.92 99.92 99.92 99.80 99.90 99.84
Feb go May
DurhamHosMills"B".50 100 18 Jan 15 18 Jan 15 19
Close 99.96 99.96 99.92 99.94 99.92 99.90
Dec 26 May
Emerson-Brant pref.100 200 28 Jan 15 284 Jan 15 23
Total 8;1168 In $1,000 snits__
279
120
380
191
616
282
Feb 444 July
Exchange Buffet
• 4,500 28% Jan 16 31
Jan 13 2734 Dec 3115 Oct
Note.-The above table includes only sales of coupon
Fidelity Phen Fire Ins_25 950 10255 Jan 1610834 Jan 1810034
Dec
Den1064
Fifth Avenue Bus
• 2,600 74 Jan 17 84 Jan 15 874 Dec
104 Dec bonds. Transactions in registered bonds were:
Gen Am Tk Car 7%pf100 .500100% Jan 1610134 Jan 15 96 june10555
101.00 to 101.141 3 3d 44s
Oct 12 1st 314s
89.74 to 98.82
•
Gen isakilig Cu
78 Jan 17 78 Jan l 102
Jar 175
98.50 to 98.74 50 4th 4348
Dec
3 1st 415s
98.3600 98.58
(len Electric special_ _ _ 10 6,70, 1155 Jan 18 1134 Jan 10 1015 Oct
Sept 20 2d 455s
98.00 to 93.20 7 Victory 455s
12
100.00 to 100.02
Gilliland 011 pref_ _ _ _100
100 48 Jan 18 48 Jan 18 4*
De. 444 Dec
Gimbel Brothers
Quotations for U. S. Treas. Ctfs. of Indebtedness, 8cc.
• 7,600 444 Jan 16 484 Jan 10 3811 Oct
4554 Oct
Preferred
100 400 97% Jan 15 984 Jan 1 9315 Nov
Oct
AM.
Goldwyn Pictures
• 3,600 5 Jan 18 534 Jan 13 455 De, 10234
144 Oct
Maturity.
Rate. Bid. Asked.
Rate. Bid. Asked.
Manual/.
Guantanamo Sue pf..100
100 1004 Jan 1310034 Jan 13 954 Nov 9a
Nov
Hartman Corp
100 9,800 89% Jan 13 9334 Jan 13 81
Nov ins
151924...
Mar,
Mar
June
544%
101%
15
102
1923.-434%
100
1005
Hudson Motor Car_--• 59.600 2834 Jan 16 2834 Jan 19 1934 Nov
2604 Dec Sept. 15 1924.- 54% 1014 10134 June 15 1923.-- 354% 9934 100
Jades& Laughlin pref- 1,400 1074 Jan 1310734 Jan 1 108
Dec 10904 Dec Mar.15 1925... 454% 10004 10054 Dec. 15 1925._ 454% 994
Loose-Wiles Biscuit
55934
3,900 57 Jan 16 6115 Jan 13 38
Jar. 6534 Oct Mar. 151926... 451% 10055 1004 Sept. 15 1923-- 354% 9934
100
First preferred_ _ _.1 I
100 1074 Jan 1710704 Jan 17 10515 Des 1054
Rant 15 10211
Dec
AV .Z. 00
en',
Macy
•26,500 6234 Jan 13 6955 Jan lf• 59
Nov 62
Dec
Preferred
100 400 11355 Jan 13 11414 Jan lf 1104 Dec 11104 Nov - Foreign Exchange.-The market
for sterling exchange
Magma Copper
• 1,600 294 Jan 17 3134 Jan 13 27
De, 3551 Sept
May Dept Storm p1._100 300 1164 Jan 16 11655 Jan If 106
Feb 1174 Dec was easier, though changes in rates were not important and
* 4,300 1755 Jan 17 1855 Jan 17 13
Moon Motors
Aug 1934 Dec trading was exceptionally
. quiet. In the Continental exMother Lode corn
•11.800 11
Jan 11 1134 Jan 13 94 No 124 Dee
changes weakness predominated, with the establishment of
Nash Motors
• 2,700 104 Jan ii 10934 Jan 17 70
Der 325
July
Preferred A
60 99% Jan lf 10155 Jan 17 10134 Aug 108
Dec spectacularly low rates for the German mark. •
Nat Enam & Stpg pf_100
100 100% Jan 11 1004 Jan If 81
Mar 105
Sent
To-day's (Friday's) actual rates for sterling were 4 63% @46434 for
N Y Air Brake -A".__ _. 4,1
48 Jan lf 504 Jan lt 454 Nov 5034 Oct
days 4 6534404 6634 for chees and 4 (353404 663,g for cables.
Nor American rights.
200 20 Jan IV 20 Jan 11 174 Nov 1755 Nov sixty
Commercial
on banks, sight 4 654 6634.
days 4 62%04 63%,
Ohio Fuel supply
25 600 59 Jan It 65 Jan 18 47
Jan 62
Dec ninety days 4 61 1504 6304. and documentssixty
for
Orpheum Ore Inc pf-1
300 8434 Jan lf 85 Jan 11 90 may 95
Oct 4 62%04 64. Cotton for payment 4 65(04 66%, payment (sixty days)
and
grain for payment
ii 185400 104 Jan 12 1415 Jan If 10
Packard Motor
Der
1
Nov 4 65004 66
%•
100 700 9355 Jan 4 94 Jan 11 9115 Dec 92
Preferred
Dec
To-day's (Friday's) actual rates for Paris bankers francs were 6 57%0
Penn Edison pref
100 102 Jan 18 102 Jan lf 10434 Nov 104% Nov
long and 6 603406 67 for short. Germany bankers' marks are
Philadelphia pref
50
100 44 Jan 17 44 Jan 17 41
Nov 43% INov 6 64 for quoted
for long and short bills. Amsterdam bankers' guilders
PhillipsJonesCorppf_100
100 96 Jan If 96
Jan If 884 Jan 97 NovH ,not yet
39.13039.17 for long and 39.44039.48 for short.
were
puteburgh Steel pref.101100 92 Jan 17 92 Jan 17 85
Mar 97% Oct
Paris
on London 69.85 francs; week's range 66.95 francs
at
Exchange
200 47 Jan 15 47 Jan It 36
Prod & Ref Corp preL5l
Mar 49
Sept
c
es
iglow.
n ex
9041 106 Jan 11 107 Jan 18 75
Pub Sem,Corp of N J pref
Oct 1064 Dec high
or
f
r
f
an
or
70
e1
change for the week follows:
f
5
an
r
d
ang
The
Jan 12 184 Jan 17 815 Jar 21
• 2,800 16
Reis(Robt)& Co
Am
Sterling ActualSixty Days. Cheques.
Cables.
100 8134 Jan 17 8135 Jan 17 49
First preferred.._.iII
Jar 804 Dec High for the week
4 65%
4 67%
4 67%
Reynolds Spring Co_ -• 23,000 20 Jan 13 24 Jan 19 124 Nov 50% June
the4week
61%
4 633i
*37.700 1234 Jan 11 134 Jan 18 124 Der 12% Dec Low for Bankers'
4
63%
Shell'Union Oil Co
FrancsParis
Sinclair Cons Cil pref 100 1,600 98 Jan 17 984 Jan 13 9734 Sept 102
Oct High for the week
6.92
6.98
6.97
100 104 Jan 18 104 Jan 18
Spalding first pref__ _100
week
the
Low for
6.48
6.54
6.53
500 95 Jan It 9515 Jan 11 834 Jan 96
Standard Milling p1_10
Sept
Germany Bankers' Marks1,100 255 Jan 13 255 Jan lt
155 Der 155 Dec High
Sterling Pro rights
for the week
- --0.009634
100 1.500123 Jan 11 132 Jan 18 10955 May 154
0.009634
Tidewater 011
Oct Low for the week
0.0043
--0.0043
35 Jan 13 374 Jan 19 2855 Sept 35
Timken Roller Bearing.• 79,2
Oct
Amsterdam Bankers' Guilders100 140 Jan 13 140 Jan 17 125
Feb 1454 Oct High
Underwood Typew._100
for the week
39.20
39.6.3
39.54
U.S. R.& Imp. pr F pd. 2,000 104 Jan If 10434 Jan 15 100% Dec 101% Dec Low for the week
39.47
39.02
39.38
• 600 57 Jan 15 61 Jan If 454 May 63% Sept
G S Tobacco
Domestic Exchange.
par. St. Louis, 154025c. per $1,000
• 2,700 59 Jan it 61% Jan 13 5734 Oct 67% Nov discount. Boston. par.-Chicago,
Van Raalte
San Francisco, par. Montreal. $10 3125 per
Nov 254 Aug
Va-Carolina Chem "B". 100 16% Jan 1, 164 Jan 17 14
$1,000 discount. Cincinnati, par.
Jan If 107
Des 1124 Nov
West Elec 7% cum pf 100 1,4 1134 Jan 13 114
400 125 Jan 13125% Jan 18 117% Sept 125% Oct
Woolworth (F IV) p1.156
The Curb Market.-The review of the Curb illarketlis
given this week on page 268.
par.value.

_I




I

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly

277

OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page.
HIGH AN!) LOW SALE PRICE-PER SHARE. NOT PER CENT.

Sala
for
the
Week.

Friday.
Saturday. . Monday. 1 Tuesday. Wednesday Thursday.
Jan. 17.
Jan. 16.
.
TM 1S.
Jan. 19.
Jan. 13. 1 Jan. 15.
-S per share g rer share $ ner share S per share S ner share S Per share Shares
1414 14/
1
4 *14
20
18
*14
*14
100
20 '15
18
20
•14
33
33
33
33
34
*33
*3212 34
400
34
34
34
*32
8 1014 100 10034 1001
7,400
10012 1008 10058 101
/
4 101
1004 100% 100,
894 8814 89
1,450
8934 8934 8934 90
898 89% 8912 8912 89
112 158 *112 134 *113
500
*112 134
134 *138
134
134
134
11312 11412 *112 114
11014 1121
1,900
11214 113
/
4 11178 112
*111 112
41
417
4038 4114 4018 4012 4014 4034 404 4215 19,50
4012 41
5912 5913 594 5938 *58
59
5814 5814 5812 5812 5838 5812
800
*64
70
*64
70
70
*63
*64
70
*64
70
*64
70
1158 1134 1138 114 114 1238 1178 12,4 8,300
1138 1178 1138 117
97 1014
958 98
5,300
9% 10'4
978 10
10
1012
9% 97
141 143
14312 14317 14314 144
9,200
14014 141
14114 14234 14214 143
*210 225 *205 225 *207 225 *200 225 *212 225
600
214 215
7238 7238 72
73
7018 7134 69
7034 7012 7214 72
72% 8,600
"238 212
214 238
2/
1
4 238 *214 2:4
214 2313 *2I4 218 1,300
200
338 338 *3/
1
4 334 *312 334
1
4 34 *312 334
358 353 *3/
*27
28
27
274 261
/
4 2612 *26
2812 2618 2612 27
2712 1,900
*5214 5234 5214 5214 52
600
52
51
52
51
5118 5118 52
*418 414
600
418 418 *4
418 4,8
4
4
*4
414
438
834 8%
834 88
834 8%
8% 8% 2.300
834 834
812 812
2034 2118 2038 22
26% 2112 204 21
21
21 18 21
21% 16,400
3212 32/
1
4 3212 3414 3258 3338 3212 33
33
3312 3312 3478 13.500
79
7938 78
7918 78
/
4 7834 5,300
78
7814 781
784 7819 79
*115 120
500
115 115 *115 119
117 117
1151
/
4 11514 *115 119
3134 3218 3113 3238 3113 3134 3113 3134 3112 3178 32
324 21.500
9013 901
: *9012 91
90
9014 1,600
9012 8934 90
904 9014 90
*82
8212 82
100
*8112 82
82
82
*81
*81
82
*8012 82
*71
75
7312 7412 72
7114 1,500
72
71
7118 71
72
72
*7218 76
*7112 7212
*7212 76
•7212 76
76
*7212 76
*72

STOCKS
NEW YORK STOCK
EXCHANGE

1

PHU SHARE
R atc.,.. for year 1922.
On baste al 100-share tots
Lowest

'Itches;

Railroads
Par\ S per share $ per share
Ann Arbor
100 10 Jan 3 24 Aug 30
Preferred
100 277 Jan 26 52 Aug 25
Atch Topeka & Santa Fe 100 9134 Jan 3 105129021 14
Do pref
100 8458 Jan 3 954 Aug 21
Atlanta Birm & Atlantic 100
512 Apr 17
34 Jan 14
Atlantic Coast Line RR_ 100 83 Jan 9 12478 Sept 11
Baltimore & Ohio
100 3312 Jan 27 6014 Aug 21
Do pref
100 5212 Jan 11 6614 Aug 23
Buffalo Roth & Pitts
100 50 Jan 4 73 Oct 4
uooklyn Rapid Tranoit.. 100
6 Jan 4 29 June 30
Certificates of deposit
2478June 30
558 Jan 11
Canadian Pacific
100 11918 Jan C 15133 Aug 31
Central RR of NJ
100 184 Mar 31 245 Oct 23
Chesapeake ac Ohio
100 54 Jan 10 79 Aug 21
Chicago & Alton
100
134 Jan 24 1234May 28
Preferred
100
318 Jan 25 2078May 25
Chic & East III RR (new)
1214 Jan 2.
43/
1
4 Aug 21
Do pref
3118 Jan 25 841a Aug 22
Chicago Great Western._100
334 Dec 29 1034May 271
100
Do Prof
7 Dec 20 2412May 29
Chicago MIlw & St Paul 100 1714 Jan 9 364 Aug 22
Do prof
100 29 Jan 10 5514 Sept 11
Chicago dr North Western.100 59 Jan 9 9518 Sept 11
Do pref
100 100 Jan 9 125 Aug 21
Chic Rock Isl & Pac
100 3012 Dee 19 50 Bent 14
100 8314 Jan 10 105 Sept 14
7% preferred
6% prcterred
100 701
/
4 Jan 9 95 Sept 14
Chic 9t P Minn & Om
100 51 Jan 10 90 Sept 15
Clev CM Chic & 9t Louls__100 54 Jan 4 8011 Sept 15
Do pref
100 7234 Jan 3 10012 Oct 17
;55" 41 ;55- 42 ;5i- -41- -;35- if- ;56- 41 -io 40 ---105 Colorado & Southern
100 38 Jan 10 5312 Apr 24
*58
Do 1st prof
100 55 Jan 16 66 Mar 23
62
*58
6012
62 '53
6012 '58
62
*58
6012 958
114 116
3,400 Delaware & Hudson
100 10634 Jan 4 1411
113 113
114 11512 11338 11334 *112 114
113 114
/
4Sept 8
127 12712 127 12712 12414 12414 *1251
12512 12512 126 126/
/
4 128
1
4 1,400 Delaware Lack & Western_ 50 108 Feb 14 143 Oct 4
Duluth 9 9 & Atlantic____100
*234 314 *234 314 *234 3/
•234 3/
2,
8 Jan 27
6 Apr 25
1
4 *234 31
1
4 *234' 314
*4/
1
Do prat
4 5
100
100
*458 5
434 434 *434 5
*434 5
334 Jan 7 101
/
4 Apr 18
*434 5
100
1034 107
1034 11
7 Jan 9 1834hlay 23
1034 1078 1034 1034 1012 1034 104 1078 4.500 Erie
1512 1512 1514 157* 1514 1514 15
Do 1st pref
100 1118 Jan 9 2812 Aug 21
154 1538 154 1538 154 2,800
1138 1138 1/12 111 '11
Do 2d pref
300
/
4 1112 *1118 1113
100
1134 •11
718 Jan 10 2014May 23
113* *111
100 7014 Jan 10 9578 Oct 18
7334 7414 734 747
7318 73/
1
4 7158 7338 7134 7212 7214 7358 9.400 Great Northern prof
Iron Ore properties_No par
3112 3117 3012 301
3012 3018 3012 3.050
2818 Nov 17 4558 Apr 13
3014 3013 3014 301
/
4 30
1,000 Gulf Mob & Nor tr etfs
100
124 1234 1312 14
5 Jan 4 19 May 22
1313 1334 134 134 •1312 1334 1334 141
Do pref
2,300
4714 (14814 4712 481, *47
100 16 Jan 5 47 Oct 19
471
/
4 4712 471
48
/
4 4712 48
47
2,000 Illinois Central
111 111
*110 111
100 9712 Jan 3 115/
111 11112 11112 11112 110 11012 *110 111
1
4Sept 15
912
912
4
18 Dec 28
3,400 lnterboro Cons Corp__No par
5 Apr 8
*14
4
14
18
14
/
1
4
18
14
2
34
*12
12
12
400
Do prof
38 Dec 29 12/
100
1
4 Apr 8
/
1
4
3
•1
/
4
'4
34 '
38
2,500 Kansas City Southern
*1813 19
19
20
100 17 Nov 27 3014 Apr 25
1812 1914 1812 181, *1812 1912 1812 19
527 5278 5314 531
54
Do prof
53
531
54
*53
500
100 5214 Nov 27 5912 Apr 26
1
4 "53
/
4 5312 53/
Keokuk & Des Nloines___100
*3
10
"3
"3
10
10
10
10
*3
*3
934June 6
"3
5 Jan 17
10
93213 3312 *31
Lake Erie dr Western
331
3312 *31
34
*31
3312 .31
3312 931
100 10 Feb 2 397sJune 6
*67
Do pref
711
*65
200
7112 '65
70 "65
67
67
"65
100 2618 Feb 8 77 Sept 27
70
70
70
15,200 Lehigh Valley
6838 6812 6818 698 6714 6734 6634 674 674 69,4 69
50 564 Jan 3 72 Sept 9
136 138 *13212 133 "1321,134 *13212 134
1321
400 Louisville & Nastiville
/
4 13212 13212 1321
100 108 Jan 9 144/
1
4 Oct 17
*4614 477 *46/
40 '46
48
"46
100 Manhattan Ry guar
49
1
4 474 478 477 *46
100 35 Jan 6 58 Aug 30
300 Market Street Ay
*834 94
84 9
834 834 *812 84 *813 834 •812 87
100
3/
1
4 Jan 28 11 Mar 14
93812 42
•4012 42
40
40
42
100
Do prof
*4013 4178 *4012 417 *40
100 17 Jan 9 50/
1
4 Apr 11
67
1
4 671, 671
68
500
Do prior prof
*671
/
4 6734 6714 6714 6712 6712 6712 67/
100 35 Jan 3 76 Nov 9
*24 25 *24 25 *24 25 *24 25 *24 26 24 24
100
Do 2,1 prof
100
54 Jan 9 32 Apr 10
6
6
6
6
6
618 614
6
618 61s
612 7% 4,600 Minneap & 9t L (new).......100
/
4 Apr 29
5 Jan 6 141
61
61
61
6134 6134
6014 6012 •606013 6012 "6014 61
700 Minn 9t P & S 9 Marie_
100 55 Juno 29 7534 Oct 19
*94 10
300 Missouri Kansas & Texas .100
*10
/
4 1012 1012 11
12
'8
*10
934 *91
12
Jan 16 1538 Dec 26
1334 137
1418
143
8
1438
1418
133
, 1438 1312 144 14
15% 23,400 Mo Kan & Texas (new)
712 Jan 11 1934 Aug 25
371
/
4 3712 3712 3838 *354 38
38
371
4014 8,600
Do prci (new)
/
4 371
/
4 3734 38
2412 Jan 27 55% Oct 28
'16
1612 16
16
154 1534 1512 16
164 5,500 Missouri Pacific trust ctfs..190 1512 Nov 22 2514 Apr 18
1678 15% 16
421, 43
43
/
4 4138 4212 42
4258 4334 7,400
4212 4378 4134 421
Do pref trust ctfs
IOC
40 Nov 2' 63348ept 1.4
*274 3 I
238 238
258 258
234 24
2/
1
4 24 3,650 Nat RYs of Max 2d pref
234 27
100
218 Nov 22
714May 27
*85 .8617 8513 86
8' *8512 86
84
8412 85
2,600 New Orl Tex & Mex v t 0_100 54% Jan 10 8738 Dec 14
854 87
04
941: 941
9334 944 25,500 New York Central
9314 9334 93/
/
4 9514 9312 95
1
4 94
100 7234 Jan 4 101 18 Oct 17
*7912 81
•78
80
82
7912 7912
83
83
900 N Y Chicago & St Louls
79511 811, *81
100 5118 Jan 5 9113 Oct 16
•8712 89
84
85
88
84
8712 8712 8712 8712 2,100
83
83
Do 2,1 pref
100 6134 Jan 5 93 Sept 15
177 19/
1
4 1613 1838 1718 18
1738 18
174 18
177 1878 41,700 N Y N II & Hartford
100 1213 Jan 5 38 Aug 23
*19
20
*1938 1934 191, 1912 1918 1914 1912 1912 1914 1912
900 N Y Ontario & Western__ _I00 1812 Dec 27 3012 Apr 6
15
15 .13
*1312 16
*1312 16
013
*1312 16
15
16
100 Norfolk Southern
100
84 Jan 3 2212June 8
11019 11012 11078 112
11012 11118 1101,11012 110/
1
4 11012 11014 11114 4,300 Norfolk & Western
100 961
/
4 Jan 9 12518Sept 9
*75
80
80
*75
*76
79
80
100
7714 7714 *77
78
*75
Do prof
100 72 Jan 9 82 Oct 6
734 74
1
4 7212 7318 7278 7334 8,200 Northern Pacific
74
75
7312 7414 7214 73/
100 73 Dec 29 9038 Aug 24
4634 411% 464 464 4612 464 461, 4658 464 4712 4612 4658 17.200 Pennsylvania
50 3314 Jan 3 4934 On 26
.12
15
12
*1112 1212 12
1312 1312 .1214 1312 12
1212
700 Peoria & Eastern
100 1034 Jan 14 2638 Aug 23
3612 3618 37% 3712 38
364 36% 37
38
3612 3714 36
11.500 Pero Marquette
100 19 Jan 10 4058 Aug 21
74
7312 75
*7312 76
74
"7312 7412
*7312 74
*7312 75
100
Do prior prof
100 83 Jan 17 82 Aug 21
6512 65/
1
4 'Cl
67 .63
7018 7018 67
6612 6612 67
67
600
Do prof
1
4 Aug 23
100 501
/
4 Jan 6 74/
34% 33% 3438 34
3434 347
354 353* 344 354 34
34
3.700 Pittsburgh & West Va
100 23 Jan 27 4138 Aug 8
91
90
90
89
'90
*90
89
91
.90
91
*89
92
200
Do prof
100 76 Jan 13 95 Nov 1
77
7734 78/
1
4 7734 7912 7612 774 7638 77
78
7712 7834 14.300 Reading
50 711
/
4 Jan 3 8718 Oct 25
5212 9502 53
*50
*50
.53
•50
53
53
53
52
5213
700
Do let prof
50 43 Mar 27 57 May 31
*5119 5318 *5113 5213 5212 53
.52
5212 52
52
*5112 5312
600
Do 2d pre/
50 45 Jan 27 5912May 31
•35
*33
36
38
"32
*33
36
36
3212 3212 347 3614
500 Rutland RR prof
100 1712 Feb 6 5314June 1
21
21
21
21
2218 2118 2112 21
2114 2114 2114 22
2,800 St Louts-San Fran tr ctfs 100 2014 Dec 19 3238 Aug 21
3712 38
*37
3812 3878
3812
3712 3718 37% 37% 38
1,100
Do prof A trust ctfa
100 344 Nov 22 58 Aug 21
29
30
3112 2934 301
30
/
4 295s 30
2934 31
3012 3212 9,500 St Louis Southwestern.. .100 2038 Jan 3 36% Nov 3
561
/
4 57
58% 501, 5712 564 57
57
37
5712 5712 5878 10,500
Do pref
100 3238 Jan 10 597k Nov 3
•54 512
54 534
512 538
578 6
514 5% 2,500 Seaboard Air Line
6
6
100
238 Jan 4 10 Apr 15
*912 934 .9
9,2 944
9%
938 1012 2,500
934
10
Do prof
1
4 Apr 15
84 91
100
/
4
418 Jan 13 14/
8814 8812 88
8938 8734 8819 8714 8838 88
881_
8814 89
14,900 Southern Pacific Co
100 7818 Jan 10 9614 Oct 16
26
2634 264 2818 2718 27/
1
4 2718 2712 2718 2878 29
3014 186,000 Southern Railway
100 17/
1
4 Jan 10 2838 Aug 21
651
/
4 6614 6638 69
661
/
4 67
6614 67
6634 68
Do pref
100 46 Jar 10 71 Oct 17
674 68% 27.900
.20
21
2018 2034 1934 204 *19,
3 20
1934 197
2114 7.300 Texas Jt Pacific
20
100 1834 Nov 27 36 Apr 21
51478 1512 *15
161._ •1478 16
•15
•15
16
16
14% 14%
100 Third Avenue
100 1318 Nov 27 2538 Apr 25
•581, 60
59
59
5812 5812 *5814 60
*58/
1
4 60
5814 59
600 Twin City Rapid Translt 100 34 Jan 12 62128ept 15
137 13712 1364 1373
, 13612 13734 13618 13634 13618 1363 13614 13718 7,300 Union Pacific
100 125 Jan 10 1544Sept 11
*75
7534 754 7558 *73
7534 7512 7512 7512 751
600
7514 75,4
Do prof
100 7114 Jan 7 80 Aug 30
124 1258 *121
/
4 13
•1212 1234 1218 121, •1212 13
1,700 United Railways Invest.....100
1214 13
7/
1
4 Jan 6 19% April
•2712 29
2712 2853 2634 27
2618
261
'28
2914
283
2814
1,200
Do prof
100 2014 Jan 9 3612 April
98'2 9
838 858 *838 834 9852 83
814 83
2.100 Wabash
834 9
Jan 30 1438May 28
100
6
24
24
2312 2414 2312 23% 2314 23% 2312 241
2414 254 10,300
Do prof A
100 19 Jan 25 3534 Dec 2
*1612 18
*1678 1712 17
17
*16
17
161, 161
1712
500
17
Do pref 13
1
4 Jan 31 24% Aug 21
100 12/
1034 11
107s 1138 1058 1034 *1012 103 *1019 11
1034 1112 4,400 Western Maryland (new)._10(8
1
4 Jan 30 1714 Aug 30
8/
*22
2312 23
24
*2212 2313 "22
23
•22
2418 3,000
23
23
Do 2d prat
100 13 Jan 17 2813 Dec 7
17
17
17
17
1613 1658 161
/
4 161
1612 1612 1634 1714 1,400 Western Pacific
Jan 31 247* Apr 24
100
134
*57
5712 57
57
*564 5712 .56
571 *55
100
5712 *554 .57
Do Prof
1
4 Sept 13
100 5112 Mar 2 64/
858 9
84 838
812 812
838 838
814 838
812 8% 2,100 Wheeling & Lake Erie Sty.100
6
Feb
2 1612June
16
16
17
•1513 17
•15
14% 15
163
1618 1618 161
:
1,000
Do pref
8June 7
10
914 Jan 4 29,
281 *27
1
4 28
2814 28/
2814 *26
28
281
"26
700 Wisconsin Central
28
28
1
4 Mar 13
100 25 Jan I() 33/

PER SHARE;
Rance for
Year 1921
Lowest

Highest

Per share $ Per lkarc
8 Mar 1234 Feb
Apr 3214 Dee
20
7718 June 94 Dec
7512 Jan 88 Nov
712 Jan
1 Dec
Apr 91 Nov
77
304 Mar 424 May
47 Mar 5638 Nov
4912 Dec 724 Mar
6 Dec 1472 Jan
Jan
312 Sept 10
1
4 Nov
101 June 123/
Oct 209 Mar
188
46 June 65/
1
4 may
4 Nov
834 Jai]
Apr
618 Dec 12
1312 Dec 1678 Noy
3312 Dec 37 Nov
Dia May
614 Dec
14 June 2072 May
Jan
1714 Dec 31
/
4 Jan
2912 Dec 461
Jan
71
6018 AD
Jan
95 July 110
35 Sent
224 Ma
8934 Dec
6811
/
4 Ma
5612 Jun
77 Dec
Jan
63
50 Jun
5712 Dee
32 Jun
75 Dec
60 Feb
Jan 46% Nov
27
Jan 59 Dec
49
90 Apr 11013 Nov
93 Au 249 May
412 Jan
182 Ma
738 Jan
358 No
10 Dec 1514 Ma7
151
/
4 Dec 2234 May
10 De
15% Jan
794 Dec
60 Jun
1
4 Nov
2558 June 34/
434 Dec 1112 MaY
15 Dec 26 Feb
1
4 Nov
8512 Mar 100/
118 Dec
571 Jan
Jan
314 Dec 16
181
/
4 Feb 28% May
4512 Jan 55 Nov
61, May
412 Nov
10 Mar 141, Jan
1738 Aug 30 Dec
471
/
4 June 604 Dec
97
Apr 118 July
32 Dec 6812 Jan
7 May
24 Dec
12 Aug 181, May
27 Aug 481, may
832 May
414 Aug
512 Dec 1414 May
1
4 Nov
83 Aug 74/
318 Nov
1 Dec
9% Dec
8 Dec
2234 Dec 2638 Dee
16 Mar 23,4 May
491
/
4 Nor
33/
1
4 Mar
658 Feb
24 Dec
46 June 774 Feb
6418 June 76 Dec
39 June 615* Sent
54 June 6812 Sept
12 Nov 2312 /an
16 Mar 2314 Sept
814 Sept 1314 May
8858 June 104% Feb
82 June 744 Deo
8114 June 88 Jan
/
4 June 4134 Jan
321
Jan
12
8 Nov
lb% Mar 2372 May
1
4 Dee
50 Apr 65/
1
4 Deo
Jan 88/
35
Jan
Oct 32
23
70 Mar 80 Dec
6034 June 8914 Jan
3612 June 55 Feb
3818 Aug 5734 Jan
1918 Mar 2534 Allg
27% June 3912 Nov
1913 June 3012 May
Jan
28 June 41
21
/
4 Oct
714 May
3 Dec 121s May
6712 June 101
Jan
1738 June 24% Jan
Jan
42 June 80
1618 Jan 2734 Dec
121
/
4 Aug 204 Mar
/
4 Apr
3118 Dec 551
111 June 1311
/
4 Noy
1
4 Dec
6214 July 74/
6 Aug 1214 Mar
17 Aug 28 Mar
64 Dec
9 May
18 Ma
2413 May
15% Nov
124 Ma
838 Dec 1112 May
141
/
4 Dec 21 May
15 Dee 3078 May
/
4 Jan
511s De
701
614 Dec 111
/
4 May
1212 Dec 1912 may
23 Oct 3712 May

Industrial & Miscellaneous
73
7312 7212 7212 71
73
71
800 Adams Express
7214 7214 •7012 74
100 48 Jan 12 83 Oct 6
2612 Jan 5314 Deo
*131
/
4 14
1434 •1312 14
"13
131
1312 •12
1234 •13
Advance Rumely
10
1078 Jan 19 23 Aug 18
1012 Dec 1934 Jan
49 '46
*46
49 .46
49
4818 4618 *46
50
49
100
Do pref
Aug
18
3012
3112
12
10
Jan
Dec 5218 Feb
315*
59
5914 5914 5912 5934 61
5934 5912 60
60,
8 603s 2,400 Air Reduction, Inc.__ _No pa
4512 Jan 3 66 Oct 7
30 June 50 Dec
1414 13% 1412 13
14
13
13
,
8 1314 131_
131
: 13% 12,000 Ajax Rubber, Inc
1834 Apr 25
912July
28
5
15
/
1
4
Dec
391
/
4 Jan
914
3
8
14
14
914
*14
200 Alaska Gold Mines
•14
7sMay 10
1
18 Dec 28
11
/
4 Feb
14 Dec
118
118
118
•118 114
118
118
118 942
112
112
900 Alaska Juneau Gold Min
114
2 May 17
14 Feb
1
38 Jan 24
Oct
12
744
711
/
4
734
731
:
7172 7212 7234 741
7412 7612 14,400 Allied Chem & Dye____No pa
7434 75,4
/
4 Dee
5538 Jan 3 9134Sept 5
34 Aug 591
111 111 •11018 11012 11018 11018 •110 11012 •110 1101 "108 110
400
Do pref
10 101 Jan 3 11512 Sept 19
83 June 10334 Dec
451
/
4 4.534 4513 4512 4534 46
4612 4612 4512 46
4638 4612 3,100 Allls-Chahnera Mfg
5934Sept 7
394
Dec
4
Jan
100
373
281
4
/
4
Aug
•95
9712 •9414 96
.9412 96
•9414 96
*95
97
96
96
100
Do pr .f
100 8812 Jan 5 104 Sept 21
671
/
4 Ata 90 Dee
3118 29/
1
4 3012 294 2934 3038 304 3014 3012 3,000 Amer Agricultural
3112 31
:•1
/
4 Nov 27 4273June 1
Chem_ _100 271
261g Aug 0512 Jan
60
591, 5978 *59
•5912 60
60
5918 5913 3912 5912 5912
700
Do met
100 56 Jan 18 7214 Sept 11
Jan
51 Aug 90
*75
78
78
•75
78
78
*75
78
.75
100 American Bank Note
7734 7734 *76
50 58 Jan 3 91 Dec 13
4611 Jan 5812 Dee
*5413 5518 *5412 5518 5458 5458 *5411 5511 .5412 5512 .5413 5513
100 Am Bank Note prof
50/
1
4 Deo
50 51 July 12 5512 Dec 13
Jan
4312
374
*3719 391, 374 3812 3734 38
3812 3734
3938 *38
800 American Beet Sugar
39
Fab
2412 Oct 51
100 314 Jan 3 49 June 9
97312 78
*7312 77
*731
79
: 75
•7313 78
*75
78
*73
Do prof
1
4 Oct 17
100 61 Jan 11 80/
BA Dec 74/
1
4 Jan
3718 3718 3812 39
41
4134 4014 4014 *3758 40
3914 3914 2.100 Amer Bo:eh Magneto_ No par 3114 Jan 31 40 Apr 11
291
/
4 Aug 11515 Mel
•Bid and maw prices; no sales on this day. I Er-righta. 8 Less than 100 shares. a Ex-dividend and rights. s Ex-dividend. 5 Ex-rights (June 15) to aubscri e
IN for snare to stock of Glen Alden Coal Co. at $5 per share and ex-dividend 100% In stock (Aug. 22)
"711
/
4
•1334
*46
584
134




New York Stock Record-Continued-Page 2

278

For sales during the week of stocks usually Inactive, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
&Uurday. I Monday.
Jan. 13.
Jan. 15.

Tuesday.
Jan. 16.

Wednesday.1 Thursday.
Jan. 17.
Jan. 18.

Friday,
Jan. 19.

$ per share $ ver share S lier shire
ver share $ ver share
ver shire
*73
7434 *73
72131 "7234 73
7434 7214 7214 72
73
73
109 109 .107% 109 *10714 109
10712 10712;•10714 109 *106 109
8214 84% 8114 85% 803s 8278 80
81341 8114 83
8178 83
•112% 112% 1121,11212 11258 11258 11212 11212 .11213 11258 11214 11258
183 183
183 183
1784 18014 178 17958 179 179
180 181
.123% 126
124 124
12412 12412 .12414 126
12578 1257 12534 12534
64 61, .7
.
7
.64 7
7
712
7
712
634 634
17
18
1712 1831 .18
1812
1834 1718 174 1714 1818 18
3512 535
34
37
35
3434 3514 '35
37
35 .34
37
634 634
1
63
612
64 634
"613
6
5
612 6%
8 3 658
*137 141 '137 141
13512 136 .1364 138
137 137
13612 13612
.114 1213 12
1214 .111? 1212 .1134 1214 .1134 12
12
12
.68
69
6812 70
6612 67
674 678 68
67 63
68
10234 10234 102 103
101 101
9912 101 .100 101 *100 103
.8513 87
87
*8514 87
*8514 87 .8512 87
87
87
87
2534 2614 2413 2512 2518 254 254 2514 254 2512 2514 26%
1138 11% 1113 1112 .1114 111
. 1114 1112 1112 114 1112 1112
31
33
31
3112 3218 .31
33
3034 3112 3012 31
32
50
5434 534 55
55
53
53
5112 .5112 *52
53% 53%
124% 125% 122 12414 12013 123
12134 124
1204 122
123 12434
12012 12012 12013 12012 121 121
121 121 .121 12112
121 121
8013 77
80
*79
7918 79
7934 *79
80
7934 *79
7934
813 8%
814 833,
758 814
73
712 734
814
84 814
20
20
2() 20% 1934 2018 1934 1938 20
20
197 20
5512 5834 55
5514 54
5418 53
544 534 5414 5414 547
99% 99% 9913 0912 *9834 9912 9938 99% 983 987
9834 9834

Sales
for
IS.
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Ringe for year 1922.
On basis of 100-share lots
Lowest

Highest

PER SHARE
Range for
IYear 1921
Lowest

Highest

Indus. & Miscall. (Con.) Par $ per share
$ per share
yer share $ per share
Am Brake Shoe & F__.No par 51 Jan 4 8818 Sept 12
42
Jan 5682 Dec
Do pref
100 9814 Jan 18 113 Oct 16
882
4 Jan 100 Dee
American Can
100 3214 Jan 5 110 Sept 1
2318 June 3512 Deo
Do prof
100 93/
1
4 Jan 3 11378 Dec 13
76/
1
4 June 97 Dec
American Car & Foundry. 100 141 Jan 10 201 Oct 10 11514
June 15114 flee
Do pre
100 115% Jan 6 126% Nov 6 108 May 11618 Dee
American Chicle
No par
5 Nov 14 14 May 5
Ms
Nov 29 Jan
American Cotton 011
100 1414 Nov 22 3012May 31
1578 June 24% Nov
Do pre:
100 33% Nov 27 61 May 31
35%
July
87 Apr
Amer Druggists Syndleate_10
4% Jan 13
714 Aug 15
8/
1
4 Jan
4 June
American Express
100 126 June 23 162 Oct 13 114 July 137 Dec
American Hide & Leather..100 1018 Dee 18 1738 Apr 13
8 Apr 16 Dec
Do prof
100 58 Jan 3 7434Sept 13
4018 Feb 6218 Dec
American Ice
100 78 Jan 12 122 Sept 8
42 Jan 8312 Dec
Do pref
100 72 Jan 13 9314 Aug 4
57
Jan 7314 Nov
Amer International Corp_ _100 2458 Dec 28 5058June 2
2114 Aug 53% May
American La France F E__10
9% Jan 16 14 July 28
7% Aug
1138 Apr
American Linseed
100 28 Nov 23 4V2 Oct 14
17/
1
4 Aug 8212 Jan
Do pre!
100 48 Nov 25 6412 Oct 18
327s Aug 93 Jan
13.300 American Locomotive _ _ _100 102 Jan 5 13634 Oct 14
7318 June 110 Dee
Do pref
600
100 112 Jan 12 12214 Dec 7
9814 June 115 Dee
2,500 American Radiator
25 82 Jan 30 129 Oct 11
8638 Jan 91 Nov
18.000 American Safety Razor
25
334 Jail 31
8% Oct 23
312 Aug 10
Jan
3,200 Am Ship & Comm
No par
5% Jan 3 241
/
4May 31
414 Aug 14
Jan
4,600 Amor Smelting & Refining_ 100 43% Jan 6 6712May 19
2958 Aug 4714 Dec
Do pref
800
100 8618 Jan 4 10418 Oct 23
6314 Aug 90 Dee
Am Smelt &cur prat set A _100 87 Feb 3 101% Nov 9
63 Jan 88 Dee
*iiii- 149'2'i40 fig- *ii6- Ili- *iio- fii- *iio- 116- *140- 116'American Snuff
100 10918 Jan 3 159 Sept 5
95
Jan 114% Dec
7
7
35
3638 364 3614 3652 35 3633 3512
3552 36
36
3638 4,200 Am Steel Fdry tem ctfs_33 1-3 3034 Jan 26 48% Sept 11
18 Aug 35 Dec
•10312 10413 .10312 106
Do pref tem ctfs
200
10312 10312..103 10312 *103 10313 *103 10312
100 91 Feb 8 108k Oct 16
78 Aug 9514 Dee
7938 7938 7734 78
7612 77
7614 7612 77
7612 7714 76
2,100 American Sugar Refining_ _100 5418 Jan 4 8578 Aug 21
4752 Oct 96
Jan
.107 1074 '107 10713 107 10712 "107 10712 *107 1074 .107 10712
Do prat
300
100 84 Jan 3 112 Aug 18
6712 Oct 10714 Jan
2713 2813 28
2814 2778 27% 265* 2712 •27
28
2712 2712 1,300 Amer Sumatra Tobacco
100 23/
1
4 Feb 14 47 May 29
2811 Dec 88 Mar
*553,
3
*55
*55
56
5814
pref
,4
58 I
58
.
58
5512
55
Do
200
100 5214 Feb 18 71 Jan 16
558 *55
6434 Nov 91% Feb
12278 12338 12212 123
1223s 12278 12233 1227s 12258 1234 12258 123
11,500 Amer Telephone & Teleg_100 11418 Jan 4 13358May 23
33k Jan 119% Nov
153 15334 15114 154
151 15134 150 15114 151 15213 152 154
3,500 American Tobacco
100 12918 Jan 5 16912Sept 1 11118 June 136% Dee
•102 1931''1 10234 103
103 10312 103 10312 10314 103141 103 103
Do prat (flew)
800
100 9618 Jan 3 10838 Oct 23
86 Aug 99% Dee
150 150581 14813 1504 148 14812 14814 14912 14812 15012 150,4 15134 3,800
Do common Class B._.190 126 Jan 3 16514Sept 5 110 Jan 13112 Dec
2812 2871 2834 29
28
28
28
29
5.100 Am Wat Wks & El v t o
30381 2734 2934 28
100
6 Jan 7 3314 Nov 3
4 Sept
811 Oct
*89
91
*8913 90
92 .90
*90
8913 93
Do 1st pref(7%) v t 0.100 67 Jan 4 937 Sept 13
.00
9134 91,3 9122
48 Sept 88% Dee
52
5213 53 537
5212 14,400
51
5414 494 50
Do panic pf(8%) v t o 100 1714 Jan 4 551
50
58
53
/
4 Oct 5 811 Sept 20 Deo
96
9612 95
9634 94
9358 6,200 Amer Woolen
94
95
9478 9458 954 93
100 78/
1
4 Jan 10 111 Oct 19
57 Feb 83% Dee
111 111
111 111 .110 111 *11034 111: 11038 11038 •110 111
500
Do pref
100 9914 Oct 19 11114 Dec 13
93 Feb 10412 Dee
28
29
2834 2872 28
*274 2778 *274 28
28
28
28
1.100 Amor Writing Paper pref...100 2218 Feb 18 5514 Sept 25
2018 Aug 3912 Jan
*1513 1634 *1517 1634 *1513 1612 *1513 16
*1512 1614 1558 1558
100 Amer Zino, Lead & Smelt__ 25 1218 Jan 3 21 Sept 20
634 Sept 14% Thao
50
504 *48
*50
52
52
51
*50
200
52
*50
*50
Do pref
25 36 Jan 18 57 Sept 20
.52
22% Aug 40% Dec
4812 4914 4812 4978 4814 4934 4734 4914 454 48
4613 48 131,900 Anaconda Copper Mlning_50 45 Nov 27 57 May 31
31% Aug 50% Dee
6833 7018 67
6834 6413 6633 8458 6814 6614 68
87
6713 15,700 Associated Dry Goods_100 43 Jan 5 7078 Dec 15
24 Jan 50% Dec
'83
85 .83
85 .83
88
85
Do let pref
8212 8212 .83
100 75 Jan 6 86 Oct 5
85 '83
85
8534 Jan 76% Dee
.89
90 .8914 90 .89
224
Do 2d pref
90 .89
00
90
8933 8938 90
100 78 Jan 17 9118 Oct 6
45 Ja
78 Dee
129 12912 12512 128 .12513 126 .125 127 *12512 129
127 127
2,000 Associated 011
100 99 Jan 31 13512May 3
91 Sept 10712 Mar
*13
24 •14 218 •134 218
218 24
300 Atlantic Fruit
No par
I% Dec 18
134 134 *134 2
518 Apr 17
114 Oct
9 Jan
22
22
2112 2117 21
22
1,100 Atl Gulf & W I S S Llne___100 1928 Dec 27 43/
21
.2114 2112 2113 2212 22
1
41Hay 29
18 June 76
Jan
1512 15,2 .15
16 '15
200
16 .15
16
Do prof
1514 1514 .15
16
100 15 Dec 27 311
/
4May 29
15% June 44% Jan
.135 150 *138 145 .130 140
.155 145
300 Atlantic Refining
130 130
100 :117 Dec 30 1575 Oct 10 a820 June 01125 May
.
11913 120
1197 11978 •118 11912 11912 11912 "35
Do pref
500
120 120
100 113 Jan 9 11913 Dec 29 103s July 113% Nov
14° .120 122
.1812 188 1814 1814 18
500 Atlas Tack
184 '1712 184 .1712 1812 .18
185*
No par 1312 Feb 28 22I2May 4
1238 Dec 20 Apr
35
351
337 34
32
3212 32
32
,..No par
33
1,800 Austin Nichols ,k Co__
9/
1
4 Jan 5 4038SePi 20
3258 3233 33
81,1June 1314 Jan
.90
9012 "87
90,2 .87
Do pref
1,012 .87
100 68 Jan 9 91 Sept 12
904 .87
9012 .
87
9012
50%
Aug 70
Jan
*212 4
*24 4
.218 4
•21
Auto Sales Corp
.24 4
•24 4
50
4
2 Nov 14
212 Sept
7 Mar 17
314 Dec
•12
15 .12
121, .12
15 .12
Do prof
15
121?
*12
so
15 .12
10'* July 27 1512 Mar 16
10 Apr 15
Jan
135 136
13234 138
130% 13414 12914 13178 131 13414 1328 135 212.600 Baldwin Locomotive Wks_100 93% Jan 13 14518sept 13
6214 June 100% Dee
"114 11812 '114 11613.112 11613'11213 11612 *1134 1161g 114 114
Do pref
100 104 Jan 13 118 Oct 19
100
95 June 2105 Dee
4712 4712 4734 51 .484 55 "46
51
No par 40 Jan 19 67% Sent 11
900 Barnet Leather
.53
48 .48
48
22 Jan 41 Aug
*95 ---- .9512 ---- *9512 --__ .9534 _
Do prof
100 89 Apr 12 97'sSept 13
*9534 ___- *9534 ---70 Jan 86 Dec
31% 3112 *3114 32
Barnsdall
Corp.
1
3034 3114 304 3012 31
Class
A____25
1,000
31
.
30%
19%
Jan
16 5614 Apr 28
20 Dec 27 May
31 4
21
.19
1812 19 .1812 19 .1812 20 .18
Do Class B
25 17 Nov 17 39 Apr 27
30
1833 1838
20
14% June 35
Jan
*12
%
•12
58
14Deo 14
2
20
38
600 Batopilas Mining
12
12
138 Mar 23
*58
'2
12 Aug
12
111
Jan
61
61
60 .56
59
60
6014 *55
5912 *58
Bros
59
400 Bayuk
No par 33 Apr 28 65 Sept 22
*56
27 June 29 June
824 *60
.60
62
5934 60
62
500 Bethlehem Steel Corp
62 .60
60
100 51 Jan 10 79 May 12
60 .60
39% June 62% May
6234 6313 8213 6338 6014 6234 6052 6112 61
Do Class B common...100 55% Jan 3 8214May 12
624 28,900
625* 62
41% June 65 May
*94
9734 *044 9734 .94
Do prat
9734 .94
9734 *94
100 9078 Mar 7 106 Nov 25
87 June 9314 Jan
9734 *9414 9434
10913 109,2 10914 10912 109 109
Do cum cony 8% pref_100 104 Jan 4 11818June 14
800
108 108 .10812 109
1084 10818
90 June 112 Sept
612 .534 612 .512 614 5512 613
.6
Fisheries
Booth
par
1,700
7
No
614 718
7
4 Nov 22 10% Aug 30
3 Aug
71s Dee
..5t2 9
.812 9
.813 9
9
9
.8
100
100 British Empire Steel
9
.84 9
818 Jan 9 15 Sept 15
8/
1
4 Dec
9 Dee
.____ 70 .
70
73 .69
7012 "70
71
Do 1st pref
*65
65
70 .
70
100 58 Mar 2 7634 Apr 15
55 Dec 58% Dec
.25
2612 *2513 2612 .
1
Do 2d pref
25 4 264 *2514 254 .2514 2534 .
100 1918 Mar 17 39 Sept 14
2514 2534
22 Dec 23% Dee
.112 112% 112 112
1114 11178 11033 11114 110 110
1,600 Brooklyn Edison, Inc
10912 110
100 100 Jan 3 124% Aug 30
88 Jan 101 Dee
•110 112
11113 112
110 110 .108 113 .10914 112
100 70 Jan 31 12412 Nov 2
10914 10914
500 Brooklyn Union Gas
51
Jan 76% Nov
6912
6012 6058
8278 6012 8314 62
631g 6212 63% 15,200 Brown Shoe Inc
100 42 Jan 16 6478Sept 11
6333 62
33 Feb 46% Nov
'134 2
.134 2
Brunswick Term & Ry Sea 100
.134 2
.134 2
.134 2
"134 2
112Juno 22
538June
21s Aug
5% Jan
142 1424 1424 14212 141 142
14112
14112
1414
2.050 Burns Bros
14112 14134 14112
100 11318 Jan 10 147 Deo 7
8114 Jan 12212 Dec
40
40
40
4033 3934 40
1,700
•3914 3934 3914 3914 3913 397
Do new Class B com
28% Jan 19 53 Oct 19
3118 Dec 33% Dec
.97 100 .97 100
Bush Term Bldg*, pref._ __100 8714 Jan 3 10112 Nov 6 sink Dec 90 Nov
•97 100 .97 100 .97 100 .97 100
95 10
10
104
934 10
911 9,2
7,100 Butte Copper & Zino v t c__.5
958 978
922 10
10% Dec 12
5/
1
4 Mar 1
314 Aug
614 Dec
.19
20
19
19
1834 185* 1834 '1814 19
*1812 1834 .18
600 Butterfck
100 15 Nov 27 34 Feb 3
14% Jan 3354 Dec
1,800 Butte A, Superior Mining_ _.10 2038 Jan 4 35/
30
30
291, 30
30
30
3034 3034 *3034 31% 3034 31
1
4 Oct 5
1014 June 22 Dee
814 81z
8
812 8% 3,800 Caddo Central 011&Ref No par
9
8
*8
8
811 814
834
6/
1
4 Doc 29 15% Apr 15
7% Aug 19% Apr
.8412 82
82
817 8213 81
1,200 California Packing
No per 68 Jan 11 8618 Sept 12
8113 •81
8112 8134 8184 82
5352 July 74 Nov
7912 8212 77
7834 145,700 California Petroleum
*78
8114 7733 8078 7818 8034 7818 80
100 43% Jan 10 71% Jan 5
25 Jan 50% Dec
9712 98% *9712 981? .9612 9712 .9634 9712 *9612 98
.9612 98
Do pre
700
100 83 Jan 3 9818 Apr 17
6812 Jan 88 Dee
1012 11
10% 10% 28,700 Callahan Zinc-Lead
10% 11
1014 1058 1018 1012 1033 103
10
5/
1
4 Feb 14 11%May 27
3/
1
4 Aug
7% Jan
57 "56,4 5812 *56
57
54
100 Calumet Arizona Mining__ _10 5012 Nov 14 8612June 1
564 .54
561* .
60 .53
5612
4118 Jan 60 Dec
.712 8
.812 912 1,000 Carson Hill Gold
+.713 814
8:4 914
9
9
9
9
1
614 Dec 16 1618 Mar 29
11
Dec 15% Nov
*318 314
31
3
*3
3
318
3
*318 358
3
3
400 Case (J I) Plow
No par
3 Mar 8
912June 6
3 Nov 1014 Apr
78 .75
80
78
*75
.75
78
78 '75
80
7712 78
200 Case (J I) Thresh M,pf et( 100 68 Feb 21 93/
1
4 Aug 23
83 Dec 85% Feb
3314 3414 3414 36
337 3433 337 351
3438 35% 16,700 Central Leather
3334 347
100 29% Jan 10 441s Sept 13
2218 Aug 43/
1
4 Jan
7213 6,100
69
711 1 73
72
69% 6914 7158 70
7014 6934 70
Do prof
100 63% Jan 6 825 Sept 14
57% Aug 96
Jan
4314 4213 4234 4234 437
4312 44
43% 45
4312 4434 43
10,700 Cerro de Pasco Copper_No par 32% Jan 4 46% Dee IS
23 Mar 3618 Des
45
.41
*41
.41
.40
45
4212 *40
4.5
45
Certain-Teed Prod___ _No par 34 Feb 14 5318Junc 7
4512 .40
22 Aug 44
Jan
8834 6912 6714 69
6632 6712 6612 6713 6758 68
67% 6753 8,000 Chandler Motor Car__ No par 47% Jan 5 7914 Apr 6
3814 Oct 86 Apr
8334 8233 84
84
8414 87
8.54 83
87% 8813 8.400 Chicago Pneumatic Tool_100 60 Jan 14 89% Sept 9
83% 87
47 Aug 7014 Jan
28% 29% 28% 2918 2834 2914 2813 2878 277 283
284 2834 85,900 Chile Copper
25 1518 Jan 5 2914 Nov 9
9 Mar 16% Dec
2514
26
2558 2638 26
2513 2512 2.5
2633
251_ 26
26
4,900 Chino Copper
5 2214 Nov 27 3338June 1
1918 Mar 29% Dec
69
87% 6812 68
6713 6812 6712 6712 .6612 671
6638 6634
1,600 Cluett, Peabody & Co_ _ __100 43 Jan 11 7014 Dee 30
381
/
4 June 8218 Jan
7slz 7812 78,8 79% 74 7854 745* 7514 75 7634 75% 77 30,700 Coca Cola
No par 41 Jan 5 82% Oct 14
19 Feb 43% Dec
*251.1 2634 2634 263 2534 2534 2514 2514 2534 2634 26 26 1,100 Colorado Fuel & Iron
100 24 Jan 10 37 May 18
22 July 3254 May
10378 10434 1047* 10633 10612 107,8 7.800 Columbia Gas dr Electrio 100 64% Jan 4 11472Sept 14
106% 10712 10512 1064 104% 105
52 June 67% Dee
238 2%
238 234
25
252 252 4,100 Columbia Graphophone No par
2% 234
258 25*
233
114 Jan 26
534June 5
238 Aug
1214 Jan
1212 '11
1113 '1034 11
*1112 11% 11
.1114 1112 •1114 1113
900
100
Do pref
5 Feb 9 21 June 3
111
!Dec 6214 Feb
70
714 714 727
7152 7314 7014 73
72
72
7218 72% 8,300 ComputIng-Tab-RecordNo par 5514 Jan 3 7104 Apr 26
28% June 5878 Dee
3618 364 3658 37
3712 3613 3634 35
37
.37
3412 365
3,100 Consolidated Cigar__.No par 18% Feb 10 42% Oct 5
131* Dec 5914 Jan
81
.7934 83
81
82
8213 821_ .80
8212 •80
83
.80
200
Do pref
100 47 Feb 27 87/
1
4 Nov 10
53 Dec 80 Feb
12
1
.3.8
*38
12
12
12
*38
*38
*33
Consol Distributors,Inc No par
.38
12
14 Feb 17
214
la Sept 10 Mar
Mar
16
122
•121
124 .124 125 •12312 125
12313 12358 12114
12414 125
1,900 Consolidated Gas (N Y) 100 8518 Jan 30 14554 Sept 15
7712 Jan 95 Nov
1213 1172 1218 12
121.
12
12
124 37,100 Consolidated Textile...No par
1134 12,4 1218 123
9 July 25 15% Apr 20
Jan
123
4 Aug 21
11912 12114 122 12458 12412 126
124 12412 12312 12478 120 122
100 45% Jan 4 11514 Dec 15
8,400 Continental Can, Inc
Jan
3418 Aug 60
92
93 .
*91
.91
"91
94
94 .90
94
91
93
.91
Continental Insurance
25 66 Jan
9354 Aug 22
58% Aug 73 Dec
12312 12478 12434 12714 12858 12714 18,050 Corn Products Refining-100 9114 Jan 20
1254 129
12312 127
126 126
4 134% Oct
59 June g918 Dec
120% 12014 .11913 12112 1214 12118
100 111 Jan 10 122% Nov 21
1204 12012 *12013 12112 *120 122
300
Do prat
14
96 June 112 Dec
55% 5658 .5414 5838 5234 5433 5258 545
5414 5614 55% 5633 155,400 Cosden di Co
No par 313a Jan 10 54 De.230
22% Aug 43% Apr
7014
7233
7014
897
888
8
72
723
70%
4
735
684
4
8
AmerIca_100
723
71
64,400 Crucible Steel of
52% Feb 27 98%Sept 5
49 Aug 10711 Jan
9112 9112 9112 9112 9012 9012 9012 9012 .90
92
91
91
500
Do pref
100 80 Jan 17 100 Sept
Jan
6
77 June 91
125* 1234 1233 131g 127 128 3,400 Cuba Cane Sugar
No par
1314 13,4 1318 1312 1278 13
818 Jan 11
1954 Mar 15
5% Oct 26 Feb
3914 3914 3818 398 378 3818 374 3738 3712 3834 *3754 3834 4,000
100 151
Do pre/
/
4 Jan 3 417jJuly 27
Feb
1312
Dec
0818
24
2434 2334 248 8,500 Cuban-American Sugar
_10 1418 Jan 3 28 Aug
24% 25,4 244 248 2313 2414 2358 24
1078 Oct 33% Feb
4
101 101 .100 10112
101 101 *10012 10112 .101 102
300
101 101
Do pref
100 7818 Jan 17
68 Oct 95 Feb
314 .31
32
31
3112 3278 7,900 Davison Chemical v t e_No par 23% Nov 25 10212 Dec 13
317
32,4 30
3218 32% 31
59% Nov
23 Ms
2314 2334 1,500 De Beers Cons Mines-No par 1518 Jan 3 6558 Apr 6
2434 2333 2334 2334 2334 .
2478 25 '24
.24% 25
Jan
21
2838May 2
13% Jun
108 108 *10812 1085 '10613 10812 *10612 109 *10612 1083
100 Detroit Edison
100 1003* Jan 11 11818 Aug 30
•107 109
Oct
100
93%
Nov
4113 411? 1,200 Dome Mines, Ltd
*4112 42
42
4214 43
42
10 1818 Jan 4 48% Nov 6
4314 .4278 43
43
1012 Jan 21% Apr
7
7
934
96
934
9315
974
931
.
95
951
:
6,400
964
Kodak
_No
Eastman
95
par
CO..,.
70 July 3 901s
96
9612
108 10938 11014 11212 6,000 E I du Pont de Nem & Co 100 105 Dec 29 16934 Dec 28
112 1124 11113.1124 10912 1114 10614 109
Nov 10
85 .854 86
700
6% oumul preferred_ _ 100 80 June 12, 9012Sept 8
.83
8412 '8414 844 844 844 8412 844 85
_.
-day.
4 Ex-dly. and Dante. • Amassment paid. 2 Ex-rlante.
•Did and seed Wow;no odes on Una
t Ex-900% stk. dIv. 9 Par value $10 Par share.




Shares
9,400
200
70,900
1,100
3,600
400
400
4,900
1,000
3,300
500
400
2,600
1,400
200
6,000
2.100
9.700
2,500

New York Stock Record-Continued-Page 3

279

For sales during the week of stocks usually inactive. see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
dalWaft.
Jan. 13.

Monday. I Tuesday.
Jan. 16.
Jan. 15.

Wednesday. Thursday,
Jan. 17.
Jan. 18.

Friday.
Jan. 19.

Sales
for
the
IVeek.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Rusge for year 1922.
On basis 01100-share lots
Lowest

Highest

PER SHARE
Range for
Year 1921
Lowest

SWAM

per share $ per share
per share $ per share Shares I Indus.&Miami!.(Con.) Par $ per share $ per share $ per share per tam
$ per share 8 per share
554 5573 5512 5544 5414 554 54
5414 5412 554 55% 5512 04400 Electric Storage BatteryNo par 4018June 17 5834 Dec 4
19 *18
181
: 1733 18 *18
1814 1812 18
1812 1,100 Elk Horn Coal Corp
*1812 19
50 1414 Jan 25 2412 Dec 1 16" Jan 25IgMaY
*612 812 *61, 812 *6
Emerson-Brantingliam-.100
84 *64 812 *613 81, *612 81:
97 May
2% Jan 4 1114June 5
212 Dec
9112 9014 9133 9034 9114 91
9113 18.800 Endicott-Johnson
9112 9234 9014 9134 90
50 7614 Jan 10 947 Dec 30
52 Jan 81 Dee
11714 11734 *____ 11814 11734 11734 •___. 11712 *____ 11712 117% 11733
Do pref
400
100 104 Jan 5 109 Dec 8
87 Jan 10612 Dee
83 87 • 83
8913 8512 89
8538 84
89
8534 8234 85 40.800 Famous Players-Laaky_No par 7514 Jan 10 107 Sept 5
445* July 8218 Apr
947 96
95 95
Do preferred (8%)_ - _ _100 9118 Jan 28 10738Sept 5
95
95 *95
800
98 98
9534 *9414 943
745 July 97 Dec
934 934 • *834 101, *834 104 *834 1012 *834 101
*912 1012
100 Federal Mining & Smelt:hag 100
9 Jan 3 11318May 17
13% Dec
54 Jun
477s 4773 474 4734 4614 47 *4514 47
Do prat
800
48
100 3718Mar 14 62348ep 20
46
4612 46
21 Sept4312 Dec
208 208 *210 216 *21012 217 *202 207 207 21112 207 2093
1,900 Fisher Body Corp
No par 75 Jan 5 218 Dee 22
75 June 90 Jan
*97 9713 *9714 9712 9658 9773 97% 9738 9711 974 974 971
1.000 Fisher Body Ohio, prat__ _ _100 7818 Jan 5 10314June 14
57 Sept 84 Dec
1438 1514 1433 148 1434 15
1514 15% 1434 155
1434 15% 15,500 Fisk Rubber
No par 10% Nov 27 1918 Apr 25
834 Aug 193s May
2013 2178 20
2138 22
2014 1934 2012 20
21
7,700 Freeport Texas Co
2012 203
91 Aug 204 Jan
No par 1214 Jan 24 2714 Oct 14
68 6914 674 69
66 67
7g Oct 5918 Dec
67 67
1,600 Gen Am Tank Car
68 68 *66
No par 4534 Jan 14 80 Oct 23
67
39
4633 474 4534 465* 443g 4633 4414 4514 4514 46
454 46 21,500 General Asphalt
100 3714 Nov 24 7334July 20
3918 Aug 78% May
*78 80
79 79
774 7774 *77
Do pref
1,100
79 *77
79
79 *77
100 89 Nov 22 111 July 20
77 Aug 1174 May
8413 8434 8338 844 8413 85
*85 86
85
100 85 Mar 3 11434 Dec 9 54 Jan 7038 Dee
867
8838 8714 4,400 General Cigar, Inc
*103 105 *103 105 *103 105 .103 106 *103 106
Debenture pre!
100
100 94 Jan 4 109 Oct 25
105 105
8018 Apr 951z Dee
181 183% 1804 18112 179 180
183 184
180 181
18134 18212 3.900 General Electric
100 138 Jan 9 190 Dec 19 1091
,Aug 14331 Dea
143s 1412 144 1433 13% 1414 1358 141s 137 1414 137 1412 70,500 General Motors Corp__No pox
95 Aug 1814 Jan
814 Jan 5 1514July 15
*84 8434 *84
Do pref
85 *84
200
8418
85 *841: 86
*84
100 89 Jan 24 88 Sept 2 63 June 75 Dee
85
85
84 84
Do Deb stock (6%) 100 6784 mar 6 9614 Oct 13
4,200
84
84
834 84
8414 8414 84 8412 844 85
73% Dee
80 A
*9634 972 97 974 9714 9714 9713 100
Do Deb stock (7%)_100 7914 mar 8 100 Sept 1
98
98
9814 3,500
981
89 Aug 85 Dec
11
11
*1013 11
1,100 Glidden Co
10
10
No par
107s 107s 1014 1012 10
101
934 Nov 16 1814June 2
3612 3818 3714 3814 364 374 367 37i
384 3913 10,400 Goodrich Co (B F)
No pea 2812 Nov 25 44%May 31
3753 381
44', Jan
26lsJ
907 91
864 8914 88% 8934 8912 904 8973 9014 904 903
Do prat
3,200
100 791 Nov 13 91 Apr 22
8218 June 813 Dee
2512 2512 2413 241 *2412 251 *2434 252 2434 243
700 Granby Cons M.Sm & Pow100 22 Nov 14 35 May 24
25
2512
15 Aug 344 Nov
•12% 13
1214 121
12
12
121 *1238 13 *12 12% 1,000 Gray & Davis Inc
121
No par
8 Nov 18 1973May 31
94 Jan 1634 Mar
27
24
251: 251 *24
24
*2313 26
800 Greene Cananea Copper__ 100 22 Nov 1 344May 29
25
26
25
19 July 294 Dee
*1018 101
10
101 *10
500 Guantanamo Sugar_ __ _No par
9% 97 •10
10
1014
7 Feb 16 14% Mar 15
1012 10
5% Dec 1672 Jan
8013 811
804 83% 7918 82% 7912 8114 8034 8312 83
8434 40,400 Gulf States Steel tr ctfs__ _100 447k Jan 9 9474 Oct 9
25 June 50% Dec
114 las
•118 1%
700 Harbishaw Elea Cab_ _No par
*113 17
1% 13
14 13
134 17
34 Jan 20
12 Nov 135* Jan
3% Mar 16
Mg tin
19
19
19
1914 197 *194 1918 3,100 Hendee Manufacturing-100 15 Jan 12 285*Sept 18
19
19
20
13 June 2513 Apr
*78
791
400 Homestake Mining
77
*7473 80
79
77
77
78
79
77
78
100 55 Jan 14 82 Nov 15
494 Mar 61 May
7433 751
7213 74
7412 7738 7213 751
74
7518 7234 7514 15,400 Houston Oil of Texas
100 6114 Nov 27 91% Oct 9
4013 Aug 86 May
24
24
8,000 Hupp Motor Car Corp.... 10 103* Jan
231 24
234 24
2338 24
2412 2553 2438 25
2818 Dec 11
1018 June 1634 May
*4% 5
000 Hydraulic Steel
44 438 *413 42
•433 5
*333 5
*44 5
No par
318 Feb 9 144June 3
6 Dec 2034 Jae
*1512 16
1,900 Indlahoma Relining
*14
154 151
15
16
131, 1512 1512 16
14
5
314 Jan 27 1534 Dec 11
2 June
74 Jan
*734 74 *7
714
•7
71
Indian Refining
14
712 *7
*7
10
7% *7
5 Jan 20 1138June 7
84 Dec 155g Jan
Inspiration
Cons Copper
*3434 35
3313 4,500
3434 35
3314 335* 33
20 31 Nov 27 45 June 1
335s 33
33% 35
Dec
29
3
8
Mar
4214
*71
•712
: 812 4712 8'2
Internat Agricul Corp__100
"74 Ws *712 812 *7% 81
538'Deo 14 1134May 4
8 Aug 13% Jan
800
34
Do prat
3234 33
343 3434 *33
33 33
100 2813 Nov 27 4.34 Mar 14
33 33 *33 35
31 Dec 87 Jan
385 39
38
3914 3753 38
3734 3813 38 3813 374 38 I 6.000 International Cement__No par 26 Jan 23 3834may 8 21 June 29 Nov
247 25
25% 1,900 Inter Combus Eng
No pox 2013June 30 3012Sept 20
244 244 244 2412 244 2412 24% 2438 25
1,200 Internal Harvester (new)
89
89
*88
._100 793* Jan 3 11578 Aug 14
•8858 8953 89
8934 8814 89
8734 8834 •88
Aug 1561; Feb
Do pref (new)
400
116 116
116 116 •112 116 •110 115 •110 116 *110 115
100 10513 Feb 14 119 Sept 18
9914 June 110 Jan
84 10
8% 914 *913 101
834 9
853 9
834 Dec 27 2712May 3
0% 1014 10,400 lot Mercantile Marine... 100
74 Aug 1714 Jan
7
404
41
4114 44
14,700
424
Do
pref
100
4012
40
3
4
3934
40
39%
40
4158 Dec 28 8733MaY 3
4213
313 Aug 8734 Dec
15
1514 144 154 144 15
1414 1412 5,300 International Nickel (The) 25 114 Jan 9 544Sept 12
1414 144 1414 141
1118 Aug 17 May
Preferred
*74
300
*75% 77
77 *7412 76
77
77
754
77
*7512 77
100 80 Jan 4 85 Jan 20
80 Dec 85 May
555
53 554 53
5113 5234 35,000 International Paper
52 .534 514 537
514 55
100 4313 Mar 8 6373 Oct 16
3838 Aug 7334 May
72
Do stamped pre/
72
7134 1,200
711a 7112 *7134 721 *71
72
72
100 59 Mar 9 8013Sept 11
7212 72
87 Aug 7538 Nov
14% 15% 10,800 Invincible 011 Corp
15
154 1434 15
1433 1433 1414 1433 14% 151
50 1218July 24 2014 Apr 17
54 Aug 26 Jan
43
4414 45 *424 44
1,300 Iron Products Corp-_No par 24 Jan 19 5313 Oct 18
43
42% 424 414 4234 424 421
2213 Sept 40 Jan
34
12 8,100 Island Oil & Transp v t o
1
.55
38
38
10
4 Nov 18
8
3
3 Jan 25
2 Sept
434 Jan
*1834
1918
•1914 191
1912
19
19
800
*1834
Jewel
Tea, Inc
• 19
19
19
19
100 10 Jan 4 22121May 2
4 Jan 1211 Dee
*72
75 *68
Do pref
200
75
75 *714 72
75 •65
704 704 *65
100 3818 Jan 4 764 Dec 18
812 Jan 463* Nov
Jones
524
5034 5054 5012 501
2,300
513
.50
4
Bros
501
504
Tea.
511
Inc
100
344
Feb 11 5773Sept 21
5014 5'
0
1412 Jan 3858 Dec
213 21
274 3
24 2% 13,100 Kansas do Gulf
214 2%
233 284
212 27
10
1% Dec 26
74 Jan 3
418 Oct
9 Nov
423 4314 411: 423
4112 42
4,500 Kayser (J) Co, (new)__No par 34 May
4114 421
4112 42
414 413
48% Aug 3
_
*101 103
•101
102
102
*101
500
102
102
1st
preferred
102 102
102
102
(riew)_ _No par 94 May
10612June 9
49
5078 51g 494 511
493
50% 4912 50% 42.200 Kelly-Springfield Tire
484 5014 48
25 344 Jan
32lj Aug -(47i May
5334May 5
•106 107 *106 107 *106 1061 10614 1061 10634 108
107 107
600
Temporary 8% pref____100 9013 Jan
10734May 9
704 May 94 Jan
*834 90 *8313 90 *85 87 *85 88 *85
*85
90
90
6% preferred
7113 Jan
86 June 5
70 May 80 June
•108 112 *103 110
109 110
106 106 *107 109
700 Kelsey Wheel. Inc
106 106
100 81 Feb
1154 Dec 19
35 Mar 69 Nov
361, 363
3573 3512 3573 17,800 Kennecott Copper
3513 3555 35
3614 367
No par 2512 Jan 4 3954May 31
3514 361
18 Mar 27% Dec
838 9
9% 101
9
913
10,100 Keystone Tire & Rubber__ 10
9
9
874 91
912 97
434 Nov 13 243sMai 4
814 Jan 17% MaY
185 185
189 1897
189 189
1,600 Kresge (8 8) Co
185% 1851 186 194 *189 191
100 109 Oct 4 18912 Nov 10 130 Jan 177 Dee
Lackawanna Steel
100 44 Feb 27 85 Oct 18
58% Jae
32
-Aly
lit;
*ii'84
IS- ;
85 '84 85 '84
,15i2 lili
iiio LacMde Gas(St Louis)._..100 43 Jan 13 94% Aug 28 40 June
85
Jan 57% May
294 2978 2834 2912 2714 281 *2814 2834 2833 285
2834 2878 2,600 Lee Rubber & Tire_ ___No par 244 Nov 28 354 Mar 16
17% Jan 80 Dee
'206 218 *206 218 210 210 *206 216 *206 218 *206 215
200 Liggett & Myers Tobaceo_100 153 Feb 18 235 Oct 18 13814 Jan 164 Dee
•115 116
300
116 116 *116 11712 •116 1161: *116 11612 11612 117
Do pref
100 108 Jan 10 12313 Nov 6
97% Jan 110 Nov
583 594 5913 60
5934 604 8,000 Lima LocoWkatempotfallo par 52 Nov 25 11774May 25
60
6053 5914 6034 5812 60
*112
_
*109 ___ *109 - - -- *109
Preferred
'
100 93 Jan 30 12513 Aug 30 WI; Aug 1003* 70-430
19
2 1812 Ifili -1-1-a00 Loew's Incorporated_No par 10% Jan 28 2334 Sept 18
1812 18% 1814 184 184 -1111133 1834 19
10 June 2114 Mar
10% 11
1014 104 1012 1013 10% 1078 1078 11
3,100 Loft Incorporated
11
11
No par
9 Jan 9 1414May 3
7% Aug 1234 Jan
"165 167 165 165
16412 16613 1,400 Lorillard(P)
16314 164$8 *164 166 *164 168
100 1474 Jan 6 180 Sept 8 138 Feb 1644 Feb
•118 121 •119 121 •119 121 •119 11938 *119 11913 *119 11913
Preferred
100 104 Feb 4 121 Oct 28 100 Jae 111 Dee
*105 107 *10512 107 *104 107 *104 107 *10414 10612 *1044 1064
Mackay Companies
100 72 Jan 5 117 Dec 18
5912 Jan 72 Dee
69 69 .69
*69 694 *6914 6933 69 69
693
69 69
300
Do pre
100 57 Jan 13 70 Nov 6
55 June 62 Dee
6634 6734 6514 67
6338 0538 6313 6533 653 673s 67 67% 21,300 Mack Trucks, Inc
No pat 2512 Jan 13 6174 Sept 11
2518 Oct 42 May
94l
9413 9412 9414 944 93% 9412 *9334 9414 *9334
1.100Do 1st pref
94
94
100 68 Feb 10 9413 Dec 13
634 Oct 76 Jan
87
87
8612 8612 87 8714 8812 88% "8814 8714 *85
87
800
Do 2d pre(
100 54 Jan 13
54 Oct 5412 Apr
84Sept 19
3517 385* 3134 374 3838 3758 18,300 Mallinson(H R)& Co_ _No par 1518 Jan 18 87
3714 38% 3 4 3712 36
37
40 Aug 28
10 Jan 18 Sept
4312 431/ 445 45 *44
4434 4534 *44
45
45
48 *44
900 Manati Sugar
100 3014 Jan 8 82 Mar 13
21 Oct 89% Feb
4,7712 82
*7712 82 *774 82 i *7734 82
*7714 82 *77% 82
Preferred
100 7314 Apr 3 8414 Sept 13
92 Jan 93 Jan
5512 544 544 54
.55
56
55
5714 54 55 *54
1,000 Manhattan Klee Supply No par 41 Mar 13 13934 Apr 21
54
4613 4613 46
45% 45% 454 46
*4518 46
47
*4518 46 I 1,500 Manhattan Shirt
25 32 Mar 6 5858 Oct 25
18 Jun
38% Dee
30
29% 304 3012 3133 304 31
31
317 33 34,300 Mariand 011
3034 317
No par 225* Jan 8 463sJuue 19
12% Aug ape Nov
*94 12
11
*10
*912 13
11
1012 101
13 *10
200 Marlin-Rockwell
13
612 Mar 4 28% Mar 27
No par
5 Oct 1918 Jar
29
28
29
29
29
29
29
29
29
29
900 Martin-Parry Corp_.No par 2014 Jan 4 3614June 8
29
29
13 Sep
22 Dee
50
52% 531
51
50
5114 511
50
504 533* 5234 533
5.300 Mallieson Alkali Works_ 50 22 Jan 11 54 Nov 4
1118 Aug 24 Nov
493
5134 52
49
484 .501
5013 51
4914 504 49
504 5,100 Maxwell Mot Class A
100 4114 Nov 28 74114May 17
4518 Dee
38 Jun
1634 171
154 1614 164 1712 1612 163 11.800 Maxwell Mot Class B.._No par 11 Feb 15 2578June 8
1614 16% 1534 161
35111 Dee
8 Jun
76
7833 721: 773
72
731
72
7334 73
74
7212 734 25,900 May Department Stores__100 8512 Dec 18 179 Dec 12
6512 Jan 114 Dee
1814 181
1814 181
1814 181
184 1814 183s 1812 1858 1813 3,800 McIntyre Per Mines
Jan 10 21% Mar 23
105*
*290 298 290 290 *270 285 *260 290 *275 290 *275 290
100 Mexican Petroleum
-Aug
100 10634 Jan 10 322 Dec 21
- 167', Jan
•100 106 *100 107 •100 107 *100 107 *100 107 *100 105
Preferred
100 7914 Jan 12 108 Dec 26
1612 1673 11338 17
1614 163
1633 1613 1673 172
1684 174 5,600 Mexican Seaboard Oil_ _No par 15 Oet 7 3412Jttly 13
1538 15% 1573 16
1513 157
1518 1512 *1512 16% 15% 1558 4,000
Voting trust MU
12 Oct 5 3214July 13
271, 2712 27
2713 2678 271 •2678 273s 2714 2714 27% 27% 1,900 Miami Copper
15s, Jan 28 Wei
5 25 Nov 15 3138May 31
1214 1112 1214 1112 12
12
1138 12
1114 12
1114 1112 33,400 Middle States 011 Corp
10 11 Nov 15 16 Apr 17
10 July 1818 Nov
2814 2734 284 274 273
28
274 2712 273* 2818 277 284 25,800 Midvale Steel & Ordnance- 50 2618 Dec 28 4514May 17
22 June 3312 Jan
43614 6714 *6614 6712 67 6733 *66
67
300 Montana Power
6674 6673 *66
674
100 63 Jan 4 76338ept 1
43 Aug 6lig Dec
214 2112 2114 21% 2078 2133 2058 21
7,300 MontWard & CoIlls Corp
205* 2034 20% 21
10 12 Feb 11 2554 Aug 11
125* Dec 25 Ma,
24
2434 *20
*20
•20
24
*20
23 •20
24
24
*22
Mullins Body
Vo
Deo
par
4
1714
34
Mar
31
174 July 28% Jan
*104 11% 1114 1112 *1114 12
1114 114 *1124 12
300 National Acme
*1112 1134
50
913 Nov 14 214 Apr 25
1018 Dec 30 Jan
4013 4114 3912 4133 391: 404 3955 40
51,500 National Biscuit
39% 40% 4013 41
100 3678 Dec 30 270 Dec 2 102 Jan 12818 Dec
12034 12034 *120 124
•121 124
12114 12114 *120 124 •121 124
200
Do pref
100 11312 Jan 4 128 Oct 20 105 Aug 120 Jan
6112 60
*604 65 •60 6312 61
60
60
600 National Cloak & Suit._ _.100 26 Jan 17 6673Sept 13
63
80 *60
15 Sept 35% /as
114 14 *1
14 112 • *114 lig
113
14 1,700 Nat Conduit & Cable_ _No ;37
114
114 *1
1 Dec 18
5 Jan
44 Apr 131
sa Sept
674 6834 66 6718 66
6814 69
674 674 6833 6812 6918 14.900 Nat Enam4 & Stanap'2-100 302* Jan it 6811 001 21
Aug 65 Feb
26
12414 12414 124 12474 1244 12714 126 12734 *12513 127
2,500 National Lead
126 126
Jan12 12914 Dec 11
100
85
6714
July
87
Dee
114
114
*11213
114
*113 114
11253 11234 11334 113%
300
*113 114
Do pref
100 108 Jan 10 117 Oct 5 100 June 108 May
1618 1558 1514 154 15
1513 15
154 15
1514 154 1513 2,400 Nevada Conaol Cooper
5 131sNoy15 1918June 1
9 Mar 154 Dee
28
29
2914
28
29
28
28
294
2,200
N
291g
28
Y
271s
Alr Brake (new)--No par 24lNOV27 4OsSept 20 ---_ 29
2133 215* *2112 2113 2112 2112 2212 221 *2114 23
810 New York Dock
*2118 24
100 20 Nov 2
ii iiii
46 June 9
2055 Feb -*4614 80
*484 80
*4814 80
Do peel
*49 5934 *48 60 *48 80
100 46 NT., .
8818June 6
45 Jan 574 Mae
*12
14
*12
14
14 .12
*12
14
N Y Shipbuilding
14
*12
14
*12
*
No
Dec
par
28
117
Feb
28
b3 Feb
25
13
Dee
14,200 North American Co
10211 1031 10234 104
104 10412 103 1044 10012 1025, 101 102
10 314 Dec 30
50 444 Jan
32:4
8 Aug
n
46is D
I):
45
45
4412 45
45
4474 447
1.800
447g 45
*44% 4514 45
Do prat
50 38 Jan
474 Aug 21/
317s Aug 414 Nov
29 Oct 19
34 Jan 1
;ii-- 'if ;534 if iiiia 16. iii- WIZ' .27 271 *27 2712
204 Nov 39 Mar
2034 Feb 23 40 Sept 14
*9
10
014 10
10
934 934 *97 10
10
*9
10
8 July 14 1234 Mgr 30
813 Ma
1278 Jan
8
28
814 2,8
83 "
50
00 0%
94
812 834 *8
ir:7°Rvu
9
11o
834 •8
lBody
*8
a tq(t
84 94
E
h
ol;7:71iFar
1414 Apr 17
5 Nov 1
74 Nov
114 Deo
17
2
24
27,100
21g
2
21
Oklahoma
Vs 2
prod & Ref of Am 5
14 2
Vs 2
*41
100 Ontario Silver Mining_ _100
612 *434 61
*44 64
54 511 *434 6
64
*54
Mar25
2
4
15
9's
4
D
Ja
ec
o
1
3
131
;
N
A
luag
Y
8
4 Wi
ja,"
1844 19 *181. 1933 181: 1834 18
18
1774 1812 2,500 Ovalle= Circuit. Inc
1734 173
1
28 Oct 5
1233 Jan
14 Dec 3031 Apr
149 149 *147 151
500 Otis Elevator
148 14814 14633 14633 *146 151
14812 152
100 116 Jan 4 16834 Oct 9
87
Aug
148
Ma7
81g 818
*8!, Egg
81g 81g
814 838
81g 84 3,300 Otis Steel
81g 81g
No par
6 Nov 29 1613 Apr II
8 Nov 16 Jan
4033 414 404 42% 414 4353 425
2.0
9as Owens
4114 4212 4112 42
14 24
4
4 43
25 2474 Jan 27 4233SePt 211
2414 Nov 34is Jan
16,
7,
3
a
*5a
54
*58
54
58 11
DBeoveleopment
Dec
28
1418
12
Apr
Dec 19% Jan
27
4
791 7934 7914 797g 6,000 Patine Gas & Electric
84:6„, 8012_80
787g 80
80
801: 79
100 60 Jan 30 9118Sept 15
4814 Jan 68 Dm
on
sales
this
Shares.
no
a
Ex-dlvidend
li
Lees
than
day.
teem
100
and
• Bid and asked
rights. a Ex-dividend ** e:s Mut.




o

New.York Stock Record-Concluded-Page 4

280

For sales during the week of stocks usually inactive, see fourth page preceding.
HIGH AND LOW SALE PRICE-PER SHARE. NOT PER CENT.
Saturday.
Jan. 13.

Monday. I Tuesday,
Jan. 15.
Jan. 16.

Wednesday.1 Thursday,
Jan. 17.
Jan. 18.

Friday,
Jan. 19.

Sales
for
Cite
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

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

PER SHARE
Range for
Year 1921

Lowest
Lowest
Highest
Highest
-$ per share $ per shaer S ner share $ per share 3 ner share 3 ner sit re Shares Indus. & Miscell.(Con.) Par $ per share
$ per share $ per share $ per allare
1138 1138 *1114 12
*114 12
*1114 12 .11l, 12
•1114 12
100 Pacific Mail SS
5 11 Jan 18 19 June 3
Jan
1714
8
Aug
45
4534 45
1
4 47
45/
1
4 4514 46
46/
1
4 4712 45/
48
4634 33,000 Pacific 011
4213 Nov 23 693883ay 4
2713 Mar 50/
1
4 Dee
88
8618 8734 8818 8834 8738 89/
1
4 9014 88
8934 9114 86/
1
4 106.500 Pan-Am Pet dr Trans
50 48/
1
4 Jan 11 101/
1
4 Feb
1
4 Dec 7
384 Aug 79/
8034 7834 8014 79/
8212 8312 7934 8278 79
1
4 81
Do Class 11
7934 811
/
4 92,000
50 4012 Feb 8 9534 Dee 7
341
/
4 Aug 7154 Jan
*4
478 .4
434
4
300 Panhandle Prod & Ref_No par
4
*4'8 44 .411
434 *414 434
3 Dec 28 1212 Jan 4
6 Aug 1313 Dec
13 .12
*12
13
12/
*12
1
4 12
.
1258 13
12
100 Parish & Bingham
*1154 1278
No par
712 Nov IS 17 Apr 12
9
/
1
4
June 1513 Apr
31,
1
1
338 3 2
312 312
338
3 2 312
338 312
338 358 6.900 Penn-Seaboard St'l v t a No par
2/
1
4 Dec 28 1338May 24
Jan
6/
1
4 June 17
902 9112 9034 9034 90
9014 91
901
/
4 90
91
3.000 People's G. L & C (Chic)_100 5934 Jan 4 99 Sept 15
9178 92
3358 Jan 64/
1
4 Dec
4213 4114 42
4113 4112 4113 42
42
4213 43
*4214 4213 3.200 Philadelphia Co (Pittsb)__ 50 314 Jan 4 4538Sept 21
284
351
/
4
Jan
Aug
*75
80
7838 7838 77
78 •____ 78 I.__ _. 7712 ____ 79
300 Phlillp-Jones Corp
No par 731
/
4 Oct 30 10518 Jan 3
3718 Apr 1051
/
4 Dec
51
514 4914 5178 484 50
484 5118j 594 5134 50'4 5134 43,400 Phillips Petroleum
No Par 2814 Jan 11 5914June 7
16 June 3414 Dec
1338 131
/
4 1313 1314 1334 1314 1334 4,700 Plerco-Arrow M Car
13
1458 1458 1313 14
No Par
8 July 24 2458 Apr 25
94 Aug 4214 May
32
3214 32
34
3314 32
34
32
3238 3212 33
Do pref
2,300
33
100 18/
1
4 July 24 49 Apr 15
21
Oct 88 Mar
414 413
438 412
4/
1
4 413
418 414
413 412 .414 412 24,500 Pierce 011 Corporation
25
378 Dec 28 12 Jan 12
514 Aug 144 Nov
4013 4013 40
40
44
*41
41
41
401
/
4 41 I 4014 4014 1,500
Do pref
100 32 Sept 27 71 Jan 3
3013 Aug 78 Jan
1
4 5538 5513 554 5513 58
5513 57/
56
57
61
18,000 Pigg Wigg Stor Inc"A"No par 39 Nov 21 5918 Dec 28
5934 81
59
58
*59/
5914 53
1
4 60
*58
5912 *5734 5913 58
58
800 Pittsburgh Coal of Pa
100 55 Nov 18 72/
1
4Sept 15 -52-- July 66 Dec
*9914 100 '99 100 .9813 100
*9512 9912, '98/
1
4 9912 .9812 9912
Do pref
10
901
/
4 Feb 3 10012Sept 13
82/
1
4 Jan 93 Dee
1
4 404 3934 40141 4018 4034. 4014 4034 6.200 Pond Creek Coal
4038 4013 3934 4018 39/
1
1414 Feb 2 41 Dec 29
1218 Mar 164 May
124 12912 12534 13158' 12213 12634 12234 125 1 12413 126141 12512 126
15,200 Postum Cereal
No par 65/
1
4 Apr 19 120 Oct 18
_
_
1
4 *11278 11334 "11278 114
•11212 11314 11278 112/
11338 11338 *110/
1
4 114
8% preferred
200
100 10513 Apr 29 11218 Oct 16
_
31 *71
7234 714 7114 *7114 7213 8934 70
*7214 7314 . 21
600 Pressed Steel Car
100 63 Jan 12 9514 Sept 13
48 Aug 96
Jan
*93
97
98
*93
98
.93
"92
95 I 92
92 '90
100
93
Do pref
100 91 Feb 16 106 Sept 12
83 June 104
Jan
49
474 4813 47/
4834 4914 48
1
4 48141 4812 49141 4834 4913 46.500 Producers & Refiners Corp_ 50 2418 Jan 10 51 Sept 12
2038 Oct 3412 Dee
9612 974 9713 9812 9512 98 1 9813 9713 9758 99/
1
4' 9918 100/
1
4 36.200 Public Service Corp of N J _100 66 Jan 7 100 Nov 20
54
Jan 7014 May
12834 13034 127 129
129
/
1
4 130
12834 12738 128 12834 129 12912 8.800 Pullman Company
100 10518 Jan 6 13934Sept 12
894 Aug 11414 Nov
/
4 454 4414 4514 43/
4614 4634 451
43
1
4 44
4378 4314 44
6,900 Punta Alegre Sugar
50 2938July 14 5314June 9
2434 Oct 5113 Jan
1
4 2812 2738 28
2813 28/
1
4 27/
2714 2758 2713 2734' 2818 2812 8,700 Pure 011 (The)
25 2613 Nov 27 381
2113 Aug 40/
/
4 Jan 3
1
4 Dec
/
4 9913 .99
9912 9913 991
9934 *9914 9934 9938 99/
1
4 9914 9914
400
8% preferred
100 94 July 20 10234 Apr 25
11414 11413 113 114
•11414 115
113 113 '111 113 .
1 1111 115
600 Railway Steel Spring
100 91 Jan 10 1264Sept 13
67 July 9913 Dec
1
4 341
.3334 3434 *33/
/
4 *3314 3414 *3213 3314 32/
1
4 3258 *3213 33/
1
4
100 Rand Mines Ltd
No par 1913 Jan 26 3613Sept 7
19 Apr 2634 Sept
19
1418 1334 14
1334 14
144 14
1334 1378I 1334 14
4,200 Ray Consolidated Copper_ 10 1218 Nov le
19 May 31
11 Mar 16 May
3814 .3412 3612 3418 3434 3113 3878 37
36
3734 37
37
3,200 Remington Typewriter v t c100 24 Jan 6 42 afar 14
1718 June 38:4May
.98
102
102
*98
102
.98
*98 102
101 101 1.100 103
100
let preferred v to
100 55 Jan 12 105 Dec 6
4714 Nov 80
Jan
*7912 83
.7812 83
*7912 83 .7913 83 .7912 83 .791z 83
2d preferred
100 5013 Feb 23 8034 Dec 6
4734 Nov 75 May
2838 27/
2734 28
1
4 26
27
2638 2612 2634 2758 2718 28
8.200 Replogle Steel
No par 21 Nov 27 3812May 18
June 394 Jan
18
5138 4758 50
50
471
5012 50
/
4 491
/
4 4878 51,8I 4912 5034 18.600 Republic Iron & Steel
100 434 Nov 27 7812May 29
4118 June 7314 Jan
89
8934 8912 90
90
90
90
90
91
9234 92
9258 3,600
Do pref
100 74 Feb 24 9534May 31
7514 Oct 9614 Mat
Republic Motor Truek_No par
118 Nov 14 1438June 2
5 Dec 2413 Jan
"i5- -4-93i -493.8 - 1."1.-1 - 1.- -5-2-1-2 - 11- -i13- 4 -.7111.4 -1;i7-8 - :ii.
8 -5454 17:65 Reynolds(R J) Tob Cl B
25 43 Mar 27 8334 Nov 21
*114 118 '114 115 '114 115 .114 115
115 115 I 11478 11478
7% preferred
200
100 111 18 April 11834 Oct 19
21
5238 52/
1
4 5 2 534 5134 521p 5118 5158 .514 5134 5138 5158 14,500 Royal Dutch Co(NY shares)_
4738 Jan 21 6838May 3
401g Oct -WA May
1
4 181
/
4 1814 1838 1838 1812 1834 1813 1812 *1814 1858 1,600 St Joseph Lead
1338 18/
10 1258 Jan 9 20148%3 25
101s Aug 144 Dec
.2
213 .214 213
2
214 214
214 *214 213
214 212
800 San Cecilia Sugar v t o_No par
11
/
4 Jan 10
614 Mar 21
114 Oct
54 Feb
2038 2058 20
2014 2018 2018 20
20
20
20 I •1912 2012
100 10 Aug 28 24/
GOO Savage Arms Corp
1
4 Apr 1
1
4 Oct 2338 Jan
8/
Motor Car Corp_No par
11
/
4 Feb 23
514June 2
21
/
4 Oct
634 Apr
2 ii-65-8 "ii- Vii -§i- 0
- -3 -8312 -g111:1 -ii- 1.07t1 -iii4 14- --7-,865 Saxon
Sears, Roebuck & Co
100 5918 Feb 1 947s Aug 14
544 Dec 984 Jan
.108 111 '108 111 •10812 11012 *107 11012 *108 11012 .108 111
Preferred
100 91 Jan 5 112 Aug 22
85 Nov 104 June
713 7/
1
4
7/
1
4 712
712 712
7/
1
4 712
712 758,
758 734 12,000 Seneca Copper
8 Oct 13 2314 Jan 3
No par
1284 Mar 2512 Not
9
912
912 9/
1
4
9
9
914 08
'8
9 1
9
9 I 1,400 Shattuck Arizona Copper__ 10
84 Nov 2 12 June 2
4/
1
4 Jan
938 Deo
38
384 3758 3818' .36/
1
4 3714 3534 3534 36
3612 3638 36/
1
4 1,400 Shell Tramp & Ttading___ £2 3413 Dec 6 4813May 3
30/
1
4 Oct 49 May
34
3413 3212 3338 321z 3278 32/
3438 33
1
4 3313 311
/
4 3338 63,200 Sinclair Cons 011 Corp_No par 1834 Jan 10 3834Jurle 9
1818 Aug 283
,May
1112 12
111
/
4 12
1118 1158 1114 1112 1138 1178 1158 1178 102,400 Skelly 011 Co
10
858 Nov 23 1178 Oct 4
43
45
4378 48
45
4413 4412 4518 4814 48
44
5034 9.400 Sloss-Sheffleld Steel & Iron 100 3111 Mar 7 5412May 13
Wire 16- "ii;
70
71
68
71
.70
72
72
72
73
74
76
79
1,200
Do prof
100 66 Mar 21 80 Aug 29
8814 June 75 Nov
.3913 42
40
*37
41
40
*40
43
4018 401
/
4 '38
40
200 So Porto Rico Sugar
100 33 Nov 17 5714 Mar 3
26
Oct 103
Jan
2038 1938 2018 19
204 2058 20
1912 19
1958' 1958 20
6,000 Spicer Mfg Co
No par
15 Nov 27 24 June 5
9314 .88
93 .88
.85
9314 '88
93
*88
90141 '88
90
Preferred
100 84 Apr 28 98 Sept 16
8658 8658 87
874 •86
8712 •86/
1
4 8712 87
8734 88
88
800 Standard Milling
100 844 Dec 27 141 Sent 15
88 Aug 119 Dec
6212 58/
1
4 60
8112 8238 59
5834 5958 5912 6038 .58/
1
4 601
/
4 83.300 Standard 01101 Cal
25 9134 Jan 10 135 Oct 4
6734 Juno Ms Dec
413 43
41 1 42
4258 43
41 1 411, 411
/
4 42
40,3 42/
1
4 95.700 Standard 011 of NJ
25 3813 Dec 28 2501
/
4 Oct 10 1244 June 19214 Deo
1161
/
4 117
1161
/
4 117
11634 117
1164 117 I 1164 117 .11634 11714 3,000
Do pre( non voting
100 11338 Jan 7 120 Nov 18 10518 Jan 11412 Dee
10518 10634 10418 10614 30434 105/
1
4 10313 108 I 101 10434 10438 105
6,400 Steel & Tube of Am pref 100 68 Mar 10 90 May 25
08 Sept 854 flee
63
63
53/
1
4 8213 6334 6214 6213 6214 6214 6212 63
63
2,000 Sterling Products
No par 4518May 4 634 Dec 5
11413 ____ .11413 __ .1141
•11412 __
/
4 ____ *11413 ____ *115
____ ______ Stern Bros prat(8%)
100 81 Jan 3 109 Jan 5
81
Oct 119 Aug
8114 84 1 83
8112 83
1
4 86
854 8614 83/
8478 801z 8414 9,500 Stewart-Warn Op Corp.No par 2413 Jan 5 70 Dec 30
21 June 37 Jan
67
69
85
66
6634 68
64
6518 6672 607a 00
7,100 Stromberg Carburetor_No par 3514 Jan 5 71 Dec 27
67
25
,
4
46 Apr
Aug
11614 117/
1
4 11358 118/
1
4 1134 114/
1
4 11214 114/
1
4 11334 116
1141
/
4 1164 20,100 Studebaker Corp (The)
100 7918 Jan 5 14134 Dec 27
4233 Jan 9314 Ayr
112 112 '112 113 1.112 113 •112 113
'112 116 .112 115
300
Do pref
100 100 Feb 17 11814 Nov 2
83
Jan
1033
4 Dec
7/
1
4 814
818 878
834 912
814 9181
8/
1
4 878
813 878 38.800 Submarine Boat
No par
878 Nov 23
313 Jan 31
3
Oct 1038 Jan
54 513
.5
5181 *5
5
.
514
5
518
5
518 .5
400 Superior 011
4 No v 27 1014June 7
No par
33
4
134
Aug
Jan
3012
2912
30 .2914 3013 *2934 30131 31
3012
31
2912 31
.500 Superior Steel
100 26 Jan 3 3913 API* 7
26 June 48
Jan
1
4
2/
1
4 234 .2/
258 2/
1
4
278 2/
1
4 2/
1
4
234 2/
1
4
2/
1
4 2/
1
4 5,700 Sweets Co of America
10
5 Mar 14
11
/
4 Nov 25
______ Temtor C & F P. Ci A_ _No par
14 Oct 21
2 Dec 254 Jan
514 Feb 1
-12
.- -1-214 -1 5 -12-1-4 -iii2 -1-1-7; -1113 -1-2-- -iiil, -1-1-73 -lif3 -I-1-7g 7,700 Tenn Copp & C tr ette_No par
8/
1
4 Nov 16 1234May 19
858 Aug 11 Dec
4738 4734 4713 4858 4818 48/
48
49
4734 4878 4713 48
1
4 50.400i Texas Company (The)
25 42 Mar 27 5214 Oct 10
29 June 48 Dec
6012
623
/
4
4
85
61
8258 62
62
8434 611
6212 8134 6234 48,6001 Texas Gulf Sulphur
10 384 Jan 4 6718 Nov 6 2321
/
4 Dec 424 Dec
1
4 204 2118 2012 21
2112 2158 2012 2138 2018 2034 2014 20/
6,400 Texas Pacific Coal & Oil_ 10 1812 Nov 22 3234June 3
1514 Aug 36/
1
4 Jan
.5212 5314 5158 5334 5014 5134 5018 5114 504 5112 511
/
4 5214 12,505 Tobacco Ploducts C0rp...100 4914 Nov 17 8414.11,ne 26
1
4 8118 8214 8012 8114 80/
8214 82/
1
4 8078 81
811
/
4 8113 82
Do CIA (since July 15) 100 7678 Aug 2 8912Sept 13
6,905
*10314 10834 .1034 10834 *10314 10834 '10314 10734 *10314 10734 '105 103
Do Prof
100 88 Mar 2 115 Sept 8
7613 June 91
Jan
1114 11
/
4 I Ilp 1134 11
1113 11
/
4 111
111
1112 1118 111
/
4 26,700 Transcontinental 011_No par
712Mar 3 2018May 22
6 Aug 13 Apr
*3134 3412 '3112 3412 .3113 331z *3112 3313 *33
.3112 34
33/
1
4
Transue & Williams 8t_N0 par 32 Nov 21 4518 Apr 4
28 June 4413 Apr
•64
68
*64
88
8434 8434 '6312 644 644 844' '65
66
200 Union Bag dr Paper Corp_ _100 53 Mar 25 78 Sept 12
67 Sept 75
Jan
14
1
*18
1
*1
24
4
*1
1
*I
4
4.38
100 Union 011
18 Dec 30 25 June 3
No par
1518 Aug 2513 May
83
•80
83 .80
83
8234 8234 '81
83
82/
1
4 83
83
400 Union Tank Car
100 85 Dec 30 13434 Dec 18
8713 Sept 107 Mar
11134 11134.11134 112 "11134 112 *11134 112
*110 112
112 112
Preferred
200
100 102 Feb 9 113 Sept 8
Oct 104 Nov
92
34
*3312 35
34
*3312 35 .3313 34
34
34
34
34
300 United Alloy Steel
No Par 25 Jan 11 4114May 13
19 June 34
Jan
8112 7914 8018 •781, 7912 *7812 7934 .784 7812 .79
*80
794
400 United Drug
100 6078 Mar 3 85 Oct 5
46 Sept 106
Jan
*4712 48 .464 48 .464 48 .464 4712 .46
4712 .4818 47
1st preferred
50 411
3658 July 47 Feb
/
4 Oct 5
/
4 Feb 18 511
15414 15414 '153 154
15212 153
153 156
*153 155
15414 157
1,600 United Fruit
100 11934 Jan 4 162 Oct 18 19534 June 207
Jan
*1612 1813 ____ ____ *161, 1812 01613 1812 *1812 1812 .1612 1812
United Paperboard Co__ _100 14 Nov 10 204 Aug 14
1
4 6834 6958 701
/
4 69/
69
1
4 7034 15.300 United Retail Stores_ __No par 4313 Feb 23 8712 oct 27 "Ws Aug
7234 73
724 6714 6913 67/
62It May
30
3134 304 3114 314 31 14 311
32
324 324 32
/
4 32
6,500 U S Cast Iron Pipe & Fdy_100 1618 Jan 13 39 Aug 29
1113
Jan
19 May
7114 7113 7034 7034 '8913 7012 70,4 7014 '7012 71
71
71
Do pref
700
100 50 Jan 11
7/
83 1
lg2 u g ;1?
38 Aug 574 Nov
*64 713 .634 74 .834 71
/
4 *634 74 .
634 74 .634 718
es
U S Express
100
5
538 June
7
Jan
4
4
/
4
412 413
414 41
*413 4/
1
4
3/
1
4 414
4
4
1.700 U S Food Products Corp__100
24 Feb 3 104 Jan 3
2013 no
21
no 2012 1.800 USHoffmatiMachCorp No par 1812 Noy 14 2578May 27 84 Sept 2714 Jan
203• 2113 204 2118 2018 2012 •20
6738 67/
1
4 65
6412 66
68
64
65/
1
4 64
6512 64/
1
4 66
24,900 U 0 Industrial Alcohol_ _.100 37 Jan 6 7278 Oct 18
351-4 Nov 744 May
9814 "97
9814 98
98 '9814 9814 .97
9814 *97
.97
9838
100
Do pref
100 7212 Dec 29 102 Oct 18
84 July 102 Mar
9434 92
9212 91 18 911
/
4 9234 9234 92
92/
1
4 4,000 US Realty & Improvement 100 56 Jan 3 92/
9411 9514 93
1
4 Oct 10
4118 Mar 6312 Dec
591
/
4 6018 574 59/
1
4 59
6014 80
61
5954 6112 594 62
48.400 United States Rubber
100 46 Nov 25 6713 Apr 17
4013 Aug 794 Apr
10013 10214 102 102
102 1021, 10012 10134 10054 101
10414 105
2.900
Do let pref
100 91 Sept 14 107 July 1 1
74
Aug 103/
1
4 Jan
5
39
*39
3614 39
38
4012 .39
33 '3713 38
37
38
200 US Smelting, Ref & M..
50 33 Feb 27 4834 Oct 4
26 Apr 3818 Dec
*4614 4678 *4614 47
*4614 484 4614 4614 4634 4834 .4614 47
400 Do pref
50 4214 Feb 9 49 Aug 16
37
Aug
4413
Jan
1084
10434
107
/
10412
1
4
1053
4
10534 10518 10634 10512 107 131,400 United States Steel Corp 100 82 Jan 6 11113 Oct 16
10814 10714
7014 June 8612 May
1
4 12313 12312 12318 1234 12234 123
12238 12213 1224 12234 2.200
123 123/
Do prof
100 113/
1
4 Feb
23 Sept 9 105 June 115 Dec
1
4 6334 8258 63
621 63
1
4 6358 6518 62/
6334 6414 6,200 Utah Copper
6458 65/
10 59 Nov 27
3171135.391 1
1 8 Aug 6638 Dee
1658 1614 1658 •1838 1813 1618 1614 '164 1612
1612 1813 16
800 Utah Securities v to
100
9/
1
4 Jan 18 2318Sept 20
5471 Aug 12/
1
4 Mar
1
4 3513 37
3514 3534 3534 36/
/
4 3614 37/
374 371
1
4 3638 3715 13,000 Vanadium Corp
No par 3014 Jan 10
A g 0
251
Jan
/
4 June 41
.94
•94
98
93
98
.94
.
194
98
98
I *95
*90
98
Van Malta 1st pref
100 92 Jan 17 100
5334u3
Oct 7
72 Mar 8812 Dec
2414
2418 24/
1
4 2412 2412 1.000 VIrginia-Carolina Chem
2378 24 .237s 2434 24
.24
25
12 r
8141
..
1
1 oly
v 23 9
3
6
4
7
1
8
2
Mar
13
2034 July 42'2 Jan
63
6238 6212 63
6214 6214 *6214 84
6212 6314 .6312 64
Do prof
600
221 83 Oct 18
5734 July 1024 Jan
58
.54
.54
59
.54
57
57
*54
*54
55
100 Virginia Iron, C & C
100 ‘0.1)_
tt3,18 kr
anr
_ Aug _0_6
5
85
85 .79
•79
85 '79
*79
85
85
*79
.79
85
Preferred
1614 1512 18
1514 1614 1538 1534 15/
1
4 1614 8,400 Vivaudou (V)
164 1614 16
No
:
1 ar
0
1(
3
3..4 May
3
Mar
1213
1
4
1
1278 '1234 121
4 12/
1
4 12/
/
4 *1212 13
1234 1234 *1234 12/
1,400 Weber de IIellbroner.-No ri
):
,/; lip
,j
Oacnt 111
17 Apr 24
134 Oct
85'313
9458 1/1a4 '9212, 9414 .9213 9312 9314 9314 9234 9234
94
*90
500 Wells Fargo Express
1
110
,
4
110
110
11012
111
'110
10978 111
11134 11134 111 111 2
1,900 Western Union Telegraph_100 89 Feb 8 11211:4
4 .4.:
Apr
--:c
n T11
igt 211
11011 Aug
108 108 *107 107/
1
4 108 108
108 109
108 108
*109 110
9,000 Westinghouse Air Brake
50 80:84 .
1)
LIaa
entr1
2 114 Dec 19
814 Sept 9878 Jan
5914 584 5914 59
59
5914 5934 3,500 Westinghouse Eleo & Mfg_ 50 42
6038 5934 6014 59
60
Dec
6211
Aug
38
/
1
4
1
4 25
25
2513 2513 251
1
4 2514 24/
2558 24/
1
4 25
/
4 4,500 White Eagle 011
25/
25
par
5'4
1
4 4958 9014 5058 5034 5018 51
5018 50/
51
52
504 51
No
5,000 White Motor
351
/
4 Jan 6 1
---- -U.- iiii
5'451%Se
A;')u4
pt 12
22 - - - - June
312 34
338 311
3/
1
4 312
312 313 2.800 White 011 Corporation_No par
312 3/
1
4
312 312
218 Dec 27 12 May 5
1758 Jan
26714
1114 1112 111s 11
11
11
11
1114 1122 1114 1182 11
814 Nov
2,300 Wickwire Spencer Steel__ 5
812 Nov 1834 Deo
738 772
738 74
74 738
74 7/
1
4
714 713
7,2 734 13.200 Willys-Overland (The)____ 25
4
Nov
1
1078N2:
2.4
4414
4438
4514
45
453
4413
4 45/
1
4 481
/
4 4,700
4618 4713 4534 46
Do Preferred (neto).___100 24 Feb 17 4912July 19
12
0'2 Ma
,
y
23" Aug 4
364 3634 3818 3634 354 364 364 36,2 .3614 37
37
*36
1,300 Wilson & Co.Inc, v t c_No
Jan
2712 Nov 47
86
.88
86
87
*86
87
*86
87
87 .86
87
.86
100
Preferred
1a
00 2
137
614
1
4 21314 21512 215 21512 13,700 Woolworth Co (F W)
21518 21618 31212 214/
loo 137 Jan 6 223 Nov 20 10655 ATigt 13
22034 22034 2164 218
89
9572
4 Dec
b
33
/
4 3213 .31
31
32 '311
3214 .31
32
31
900 Worthington P & M v t o 100 2678 Nov 28 55/
*3213 33
3012 Aug 6514 May
1
4June 2
s_ 83 ._ 84 •__ 83 ._ ___ 84 *____ 84 *--._ 84
100 83 Mar 31 95 Apr 24
Do pretA
85 Dec
7012 Au
86/
1
4 '6.5
67 .85
1
4 *85
661
/
4 .65
_ 67/
67
100 63 Nov 27 89 Oct 4
*65
Do pref B
684
54 Aug 70 Nov
814 84 .812 81
812 812
/
4
812 834
3 833
900 Wricht A eran all tir•al._ .010 Par
*812 9
6 Jan 27 11 Aug 22
64 Juno
934 Nov
Less than 100 shares. I Ex-rights. a Et.ilvIdend and rights. SEX-dividend, • Reduced to basis Of $25 par.
•Bld and asked prices: no sales on this day.
pangs since merger (July 151 with United Retail Stores Corp. b Ex-div. of 25% in common stook.
•




Ig Dec132 N

Jr. It, ci'"Sept 1.

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

281

Jan, 1 1909 the Erchangs method of quoting bonds was changed ,ind orices ore now -"and interest *-ercept for t 10)939 anti dcf otitea bonus
Pries
Friday
Jan 19

BONDS
N. Y.S'POCK EXCHANGE
Week ending Jan 19

Bid
U. S. Government.
;First LIDertY LoanJ D
33-% of 193:4947
J D
Cony 4% of 1932-1947
ID
Cony 432% of 1935-1947
J D
20 cony 43£% of 1982-1947
Jecond Liberty LoanMN
4% of 1927-1942
MN
Cony 432% of 1927-1942__..
Third Liberty Loan434% of 1928
M S
Fourth Liberty Loan% of 1933-1038
AO
Vinery Liberty Loan4M% Notes of 1922-1923
.113
Treasury 4149 1947-1952
29 consol registered
61930 Q J
88 consol coupon
01930 Q J
49 registered
1925 Q F
As coupon
1925 Q F
Panama Canal 10-30-yr 2s__01936 Q F
Panama Canal 35 gold
1961 QM
Refiltered
1961 QM

Week's
Range or
Last Sale

Ask Low

ft

Range
Year
1922

HISS No. Low

filen

101.34 Sale 101.00 101.48 1709 94.84 10163
98.50!8.70 9,64 Jan'23
- 95.70 11114g
91.68 Sale 986) 58.84 959 96.04 101 78
98.00 99.0 98.80 Jan'23
98.82 102011
98.C6 98.2( 98.10
98.20 Sale 38.12

98.33 28 95.76 100 30
98.33 2169 95.32 101 50

98.83 Sale 98.78

99.00 5970 98.74 101.96

08.50 Sale 98.42

93.66 3143 95.86 101.813

101.22 Sale 100.10 100.24 516 39.74 100.93
99.90 Sale 99.00 100.96 13_8 98.90 101 34
10212 A pr'22
102 10.314
-- ---- 10314 Mar'22
103% 10014
10212 Dec'22
---10212 105
1038 Dec'22
10212 10512
100 July'21
931.
9334 94% 9312 Dec-22
03
.9414 93,2 94
94
3 79
79

1517-8 1E12

Foreign Government.

7
1

Argentine (Govt) 7e
1927 F A 10118 Sale 10118
Argentine Treasury Is of 1909_,__ M S
8314
Belgium 25-yr ext If 734e g_ _ 1945 .1 D 8
961 Sale 5618
5-ycar 6% notes
9034 Sale 95
Jan 1925 J
20-year s f 85
0)1,14 Sale 9.518
1941 F A
Bergen (Norway) e f 88
1945 M N 108 1081 IOS
Berne (City of) s f 8s
)14 llie 11114
1945 M N 111
Bolivia (Republic of) 8s
1947 M N 9
1)0
Bordeaux (City of) 15-yr 68...1934 Id N
7234 Sale 7112
l U S external
Brash
,1941
8s
.1 13 9512 Sale 95
75
8112
1952 J D -'14
710
t
Sale 97
1952 A 0
Canada (Dominion of) g 5s_ _1926 A 0 10018 1001 100
do
do
58_1931 A 0 10018 1001 100
do
10-year 5 34*
1929 F A 10214 Sale 10134
5s
9312
Chile (Republic) ext *1 89_19
11r N
A 119
52
(
0
)8
:
2
134
Lae
94
sa
l0Il
l,
e Itr,%
External 5-year s f 88
1926IA 0
10118
7s
9..% Sale 9..34
1942 M N
20-year s f Ss
1946 M N
Sg114 10234
Chinese (Iluang
kti
5112
By) Is of 1911 .1 13 51'2
Christiania (City) s f Os
1945 A 0 10914 13912 10234
Colombia (Republic) 6348__ _1927 A 0 91 Sale 90
Copenhagen 25-years f 534,
- -1944 3 3 0612 Sale Oelz
Cuba 5s
9534 9212
1944M S
Exter debt of 58 1914 Ser A.1949 F A
9112
0112
External loan 4348
1949 F A 8414 8411 84
Czechoslovak (Repub of) 814_ _1951 A 0 83% 86
85
Danish Con Municipal 88"A"1946 F A 10712 10812 10718
Series B
1948 F A 10712 10778 10/12
Denmark externals 18*
1945 A 0 10918 Sale 109
213-year 65
1942 ./ J 9734 Sale 9712
Dominican Rep Cons Adm s I 58'58 F A 95% 97
9212
534s
89
83
1942 M S 88
Dutch East Indies ext 6s
1947 J J 95 Sale 92%
40-year 65
1962,M 8 92% Bale 0214
French Republic 25-yr ext 81_1045 M 8 94 Sale 9334
20-year external loan 73433_19411 D 90% Sale 90
Great lint & Ireland(UK 01)20-year gold bond 504s
1937 F A 10312 Sale 102%
10-year cony 5348
1929 F A 114% Sale 114%
Greater Prague 734s
4
1942 M N 68 Sale 67,
Haiti (Republic) Cs
9..34 Sale 0..14
Italy (Kingdom of) Ser A 634019
A 9312 95 93
25 A
F °
952
Japanese Govt-£ loan 4%9_1925 F A 9315 9312 901
Second series 43.4s
1925'1 J 203 Sale 9214
Sterling loan 4s
1931 ,1 J:8078 Sale", 8134
Lyons (City of) 15-year (Se_ _ _1934 M N 73
Sal,
' 72
Marseilles (City of) 15-yr 6s_1934 M N 7211 73
,2 72
Mexico-Extern loan £ 5s of
4912
1899 Q J 1 4918 51
Gold debt 4501 1904
1954 J D 2 34% Sale 3412
Montevideo 78
e 89%
Ete
1952 J D 891121 s
Netherlands 5 I 6s
98
1972,M S 981
Norway external s 18e
1940,A 0 110 Sale 110
63
1052,A 0 9812 Sale 9012
Porto Alegre (City of) 8s_ _ _ _ 1961I3 D i98,8 9914 95
Queensland (State) oat s f 78_19411A 0 10812 Sale 10734
25-year Os
10118 Sale 101
Rio Grande Do Sul Ss__ _ .__.1046
1947 F
A O
A 9734 Sale 9412
Rio de Janeiro 25
-years 1 Ss_ _ 19461A 0 9412 95
9412
Os
i947IA 0 9412 Sale 9312
San Paulo (City) e I 85
97
1952 Ili 13
Ban Paulo (State) eats I 8s 193611 .1 0
Balle3 97
97% Sa
Seine (France) ma 7e
Sale 8114
Serbs. Croats & Slovenes 85_.1962
59,
4
(City)657
0
12 Sale 71
1936 M N
Sweden 20-year 6s
1939 J D 10514 Sale 10514
Swim Conferer'n 20-yr a f
88..1940 J 1 11
'
,12 Sale 11938
Tokyo City 5s loan of
71 7 722 7112
Uruguay Republic ext
1012M
Ss
_1046 F A
S
191%
Sale 103
enrich (City of) s I Se
1945 A 0 11114 11212 111

BONDS
N.Y.STOCK EXCHANGE
Week ending Jan 10

Pries
Friday
Jan 101
Bid

VS
,eck's
Range or
Last Sale

418 LOW

Hieb

Range

4

1Y0e2a2r
Low

611112

0t1 Coast Line let gold 4s_ _01952 MS 87% 8738 8718
8838 17 85
93
10-year secured 7s
1930 MN 106 106% 10.
10 34 13 10412 10818
General unified 434s
1.734
8724 11 8312 9154
1964 ID 5534 50
Ala Noti let guar gold 1s
9912
1928 • N
9988 Jan'23 ---- 98% 10038
Bruns & W lot gu gold 45....1938 • .1
91
Dug
Oct'22 ---- 86
L & N coil gold 4s
8134
01952 MN 8.38 82
8214 74 77
8512
OAR & Ohio prior 3348
943
1925 3.1 9412 Sale 9418
98 8814 96
Registered
903s
01925 Q
9434 9412 Nov'22 -,-, 91
941j
1st 00-year gold 4e
01948 AO 78% Sate .614
7-38 130 7618 8818
Registered
78% 7814 Jan'23
01948 Q J
80
84
10-year cony 434s
1933 MS 7938 Sale 783*
104 275 74
8734
Refund & gen 5e Series A 1995 J o 8475 Sale 3_12
8,12 91 77
93
Temporary 10-year 65
1029 31 10.58 Sale 10,14
10114 161 9412 102
FJunv& M Div lot g 335e-1925 • N
9018 92
9114 Jan'23
87
94
7.12 Sale 7..7
P LE&W Va Sys ref 4s
1941 MN
732 75 723 85
Southw Div 1st gold 332s 1925• .1 9134 Sale 913*
117 86
94
Clay Lor & W con 1st g 58 1933 A0 96% 981z 9888 Nov'22 ---- 92
9914
9,,t2
904
Ohio River RR let g 5s
2 96
1936 ID
99
General gold 55
97% Sept'22 ---- 90
1937 AO 9212 96
98
Tol & CIn Div 1st ref 4s A._1959 J J 63 Sale 1112
61,12 33 6278 73
Buffalo II & 1' gen gold 5s
10034 Dee'22 ---- 983* 103
1937 MS 10118
Consol 4343
1957 MN 9914 Sale 8314
01012 84 87% 0612
Alleg & West 1st g 48
/998 A .0 83% 86
8312 Dec'22 ---- 8214 8312
Clearf & Mah 1.t tug &s101S J J
06% _--- 904 Jan'22 ---- 9012 9358 •
Roch & Pitts Con 1st g 6e 1922• D
1(1,14 Aug'22
997k 10034

Canada Sou cons gu A 58_ _ __1962 A 0 9914 0912 9134
9972 14 93 102
Canadian North deb s f 75___1940 J 0 11314 111 113
11414 79 10812 115
Sale 11112
20-year s f deb 6 345
1946 J .1
112
52 10712 11434
Canadian Pac fly deb 48 stock... J J
78
Car Clinch & Ohio 1st 3-yr 59 1938 J D
;43
8
2 8_°3
Central of Ga let gold 5s_p1945 F A 1907%1
_1l_e3_4 102 Dec'22
87
1:
82
75712 10
-4
73 - 9
- 9
96 Sale 9731
Cousol gold 55
: 93
0 1.3
6 89
8 42
1945 3d N
3% 19
04
114
10,14 Sale 100
10-year temp secur 6s_June 1929 J
101 ; 145 94 10115
Chatt Div pur money g 45_1951 J 13 7318 81
Jan'23
81
7912 8l5o
9312
Mac & Nor Div 1st g 5s_ _1946 J
963* Sept'22 --- 93
9688
Mid Ga & Atl Div 5s
95% June'22 ---- 95
951e
Cent RR & B of Ga coll g 58_1
973* 02521 Jan'23
209
MN1
1937
47 j
8888 977k
9933
-12
14 108 1(38
263
Central of N J gen gold 5s.....1987 1J 10
Jan'23 ---- 10378 1 1012
80
Registered
731987 Q J 103 10/ 109 Sem'22 ---- 105 109
156
N Y & Long Br gen g 4s
0
91,8 July9;2;122 _
1941
S
90
9112 9
94
43,
Ches & Ohio fund & inapt 58_1929 J
40
89'1:: -9
(-5-1
1)0
1st consol gold 5s
45
12
2 10 12 10 12
1939 ivi
M N 10
2 9712 10312
9912 10,114 100 Dec'22
Registered
9914 100
General gold 434s
24
7
15 19
9
00
5
6114
s 106
0
961
:
4
11999329 M S 83 Sale 8.88
8614 36 823* 91
Registered
1992 M S
902
18,1,0 9
20-year convertible 435s
Sale 87
4
8352
41 5
1930 F A
9
958
8;42
612 Nev£'
38234
1 -18
-5
- -8
-2
-1-2 -9
-2
-1 10) 11212
30-year cony secured 59...1940 A 0 04% Sale 9312
6
9514 331 7
80
412
4 113
06
012
Big Sandy 1st 48
1944 J D 83% 85
Coal River fly 1st gu 4s..._1945 J 13 83 8412 '8'"12
4
Jan
92
213
77
8712
Craig Valley 1st g 55.
,2
3
93 8878 June'22I
74
712 10
76
7 8
1940 J .1 94
8878 887s
Potts Creek Branch 1st 45_1946 J .1
77,
4 81
79 June'221---- 71
79
R & A Div 1st con g 4s__ _1989 1 J 80
71 76
90
s3
8118 Dec'22 ---- 81
8418
140 8412 100,
2d consol gold 48
7512 7913 6
4
79
712 D
1989 J
A rC:
2i
2
80
753*
Greenbrier Ry let Cut 42 1940 M N 8314
_
Warm Springs V 1st g 5s
85
13
1602 .
)
3 19007 1100112
2
‘3114
2
1,
80% Dee 21 ---1941 M S 9314
-Chic & Alton RR ref g 3s
1949 A 0 5.34 Sale
6012 6,
Rallway 1st lien 334s
21%
4
2
56
2132
4 8
1950 J J 25% Sale 53
76
5 23
52
4 8512 9712 Chic Burl & Q-III Div 3/0_1949 J .1 82% Sale 7038
0)232 17 77,
4 13112
203 85 9312
Illinois Division 48
1949 J .1 8618 8912 89,2
90
2 87
93
225 9158 97
97
Nebraska Extension 45_ 1927 M N
9712 97
97
1 93 98
451 9012 97,4
Registered
1927 M N
90% 00t-19
513 9314 108-4
General 4s
1958 M S 8,18 Sale 821*
8812 77
93
891 91 104%
180 .9 ref 55
7
100
Sale
1971 F' A
99
10012 46 9632 10212
Chic .9 E
10534 538 96 10 1-1
consol gold 65
1934 A 0 105% 10712 105%
105%
8 102 10912
C & E III RR (new co) gen 58_1951 Id N
79% Sale 7914
116 1051 9834 115
80
85 68
88
7278 122 68
9114 Chicago Great West 1st 4s....1959 011 S 5034 Sale 50'2
5,7
47 4812 64%
908 310 96
9634 Chic Ind dr Loulsv-Ref 65_11447 J
10,34 1,734 107
107
losi2
101
94% 34 9213 96%
9712 9712 Jan'23 95
Refunding gold 5s
1947 J J
94
8212 8 , 86 aept'22 -- 87,2 99%
76 8638 9312
Refunding 4s Series C
1947 J
75
88
9312 17 8638 95%
General Os A
1966 M N 8134 8-58 8172
8 79
8.*
8612
112 72% 8312
82
General 6s B
c1966 J J 3512 9,14 9913
97
7 97 102%
7712 96 74
Ind & Louisville 1st gu 48..1956 .1 .1 76 Sale 78
90
78
1 75
79
6.5 74
77
90
57 4712 70% Chic Ind & Sou 50-year 41_1956 3
92
8134 __-- 841
8412
4 81% 87
312 32 3412 82
Chic L S& East 1st 434s...1969 ID 8814 98
91% Sept.24
87
9112
9112 55 89 9412 Ch MA St P gen g 4s Ser A.e1989 31 6
72
,
18 Sale 6
73
2
6
73
312 -Hi 70 80
535 9314 9912
99
General gold 33.5s Ser B__e1989 J J
30 6034 6978
112
59 10734 115
General 434e Series C____e1989 J J
8014 Sale 797
81
83 7834 90
9938 15, 99 10014
Gen & ref Series A 435s___a2014 A0 577 Sale 57
.5542 203 84 6972
Gen ref cony Ser B 5s____a201 FA 65 Sale 648
9812 24 97 105
65
7
2
172
80
62
1083
43 10672 112
Convertible 414s
193 • D 6318 Sale 63
64
77
233 60
1021
12 98% 105
45
192 ID 7634 Sale 7614
78
142
6918
87
27 96t3 10514
981
25-year debenture 4s
53 Sale 5412
193 j
5
45 54
69
07% 73 94 108,4
Chic .9 Mo Fay Div 59_ _192 J J
96 Sale 9,12
97
17 92 97%
83 93% 104%
963
C MA Puget Sd 1st gu 4s 194 13 6
54
,38 Sale
63
928.44
13 8234 771
6
t,r
:
1
:
31 06 10638
99
Milw & Nor 1st ext 4348_193 ID
84% 100
89 9612 107
99
Cons extended 435s
90
9
92 Dee'...... 88
193
'
13
9412
851 239 81
Chic & N'west Eat 4s___1886-1926 FA 1
9 14 981
98
95
96
41, D
Jaee
n:
32,2
2
....
: 9214 98
279 70
64
74
Registered
1886-1926 FA
9314 9512
43 7412 84%
77
General gold 334e
2
1987 MN
81
72
161 94 107
106
_ 75
Registered
80
7
73
P1987 Q F • 7_ 33
113
s Dec
7'
'
122
4I 7312 73%
1183
86 11212 122
General 4s
-85
86
85
1987• N
85
1
8014
91
27 67
721
96
Stamped 4s
7612
97
83
1987 Id N
8112 88
35 10.34 10834
1053
General 5s stamped
942. 110
1987 M N 102 10412 104% .71°
014273
8
15
1121
Sinking fund (313
106 115
1879-1929 A0 1033a 1043* 10318 Jan'23 -- 1111 12 103
Registered
10112 Aor'22
1879-1929 A0 10014
101 10111
Sinking fund .5s
1879-1929 A0 J8 2 ---- 983* Dec'22
9612 101
Registered
1879-1929 A0 98 ____ 100 Aug'22
State and City Securities.
9518 100
Sinking fund deb 5s
98
11,
18
2 maly
1933 MN 10012 103 10
1 go 10134
8
00212
Registered
_
N Y City-431s Corp stock..1960 MS 10012 1007
1933 MN
9812 9812
10088 Jan'23 __-- 98 10312
10-year secured 78 g
4,4e Corporate stock
1930 ID 10912 10834 10512 110
27 105 1101,
1064 MS 10134 10214 102
1(12
15-year secured 63.4s g____1936 MS 10334 Sale 10338
11 9712 10378
he Corporate stock
11034 17 106 11232
._1066 AO 10134 10214 1003 Jan'23 ---- 99 10412
Des Plaines Val 1st gu 434s 1947 MS 911s ___ 9314 Sept-22 ---- 9314
4348 Corporate stock
93%
107 10,34 1077 Jan'-3 ---- 103% 109,4
1971
Frem Elk & Mo V 1st 6s__1933 A0 103 109 1073*
434e Corporate stock _ July 1967 ID 16678
107%
2 10734 11112
10714 107
.1.1
107
8 10312 108%
ManGB&N W lst 3%8_1941
76% ____ 70 Mal
4191 Corporate stock
,
21
J
1965 ID 1067 10714 107
Jan'23
Milw & S L let gu 334s____1941 J 1 7538 86
1081
66% Aug'21
325 Corporate stock
1963 MS 10678 107% 107
billw L 8.9 West imp g 58_1929 FA 100
107
15 103 10888
__ 9912 Oct'22
4.% Corporate stock
7558
1959 MN • 9912 .-97 9912
995
23 9312 100%
Ashland Div 1st g 6s. ..1025 MS 10072 __-- 10112 Nov'22
a% Corporate stock
3
1058 MN 09
9934 9934 Jan'23 ---- 9334 101
Mich Div let gold (Is__ __1924 .1 .1 101172 ___- 100% Dec'22
4% Corporate stock
1957 MN 993 0934 10014 Jan'23 ---- 9312 1005
Mil
Spar & NW 1st gu 48_ _1947 MS 8134 88% 89
8
4% Corporate stock reg_1956 MN 091g
Jan'23
8514 93
995 987s Dec'22 --- 94 '
St L Peo & NW lst gu 58_1948 31 10218 10234 101,
19%
New 414e
2 Dec-22
95 10.5%
1957 MN 1063g 10678 10612 10612
7 10312 108
434% Corporate stock___ _1957 MN 10638 1067 10612
Chic R IA P-Railway gen 4s1088 13 81 Sale 8012
10612
6 10314 108
3t4% Corporate stuck......1954 MN 0012
82
113 79
8738
579
913*
9012
1
Jan'23
Registered
847
90
2
1988 13
78% Jan'23 ____ 78
New York State-4s
1061 MS - 8412
1023* Nov'22
Refunding gold 45
8334 Sale 8.12
8712
1934
Canal Improvement 4s......1061 .1
A0
9212
393
7512
102 June'22
R I Ark & Louis 1st 4346..1934 MS 79 Sale 70
Highway Improv't 434s. 1963 lit S
8018 26 7814 8534
10912 Apr'22
Burl C K & Nor let 5s
1934 AO 96% 981 99
Jan'23 ____ 9612 10014
Highway Improv't 4 Ms_ 1965 MS 0412 A pr'22
Choc Okla & Gulf cons 53_1952 MN 9258 _ _ _ 981s Oct'22 ____
1
1°90922
041
%1
1104001222
0:3
89
9814
Keok & Des Moines 1st 5s_1923 A0 91
92
91
91
4 72
9412 .
St Penh!: K C Sh L 1st 430 1941 F A
7934 Sale 7934
8314 73 76
86
Chic St P 3d dc 0cons 65
1930• D 106 1071 10612 Jan'23
Railroad.
10412 109
Cons 6s reduced to 3348._ _1930 ID 8912 _
_ 92 Sept'22
87
92
Debenture Os
9578
1930 MS 9218 071 9578
Ann Arbor let g 48
2 9114 98
01995 Q 3 65% 6512 65
North
14
6514
SO
5814
Wisconsin
1043
4
_
1st
6s
Noy'18
118
1930
Atcb Top & S Fe-Gen g 49_1995 A 0 8834 Sale 8938
--__ _ _ __
Superior
99
90
9518
85
Short!. 1s0 5s g_ _61930 M S 95,4--- 95 May'18
Registered
1995 A 0 8412 8814 86
Dec'22
8578 9212 Chic T 11.9 So East 1st 55...1960 J o 79 Sale 79
7978
4 -733Adjustment gold 4e
4 -8-61-2
01995 Nov
81 Sale 81
934 Bale 90
8214
4 7712 86
Chic (In Stan 1st ECU 434s A 1963 13 9,
9114 102 8712 941
Stamped
51995 Nov 8034 Sale 884
8212 18 78% 8612
let Ser C 6 %a (ctfs)
113 1131 113
115
1963
J
Cony gold 4s
J
32
117
1955 J 13
1113*
81
81%
Chic & West Ind gen g 65_.e1932 Q M
1 76
88
105 Dec'22 ____ 103 105
Cony 48 issue of 1910
1960 1 I)
101 •
Consol 50-year 48
11 9114 107%
74 Sale 7318
7514 72 6812 79
1952 J J
East Okla Div 1st g 4.s........1928 M 8 94% 95
9334
9488 28 9114 97%
15-year s I 7 Si s
1935 M S 10112 1022 10214
10212 17 997 10278
Rocky Mtn Div 1st 4s_ _ _ _ 1985 J .1
781g 823 821
83
9 78 8514 CM II & 13 20 gold 434s
1937 31 8812 9,)7s 9112 Nov'22 ____ 85
Trans-Con Short L 1st 4s. A958 J .1 821g 863 85
91
8538 48 7934 90
C Find & Ft W 1st gu 4s 2_1923 lit N ---- -Cal-Ariz let di ref 4348"A" 1962 M S 9212 Sale 92
9212 14, 8112 9452
Day & Mich 1st cons 4348_1931 J J 9112
91
913*
2 8818 9314

ims

sois.ons

10112
8312
9912
9712
0813
10012
11134
9312
77
08
,
8
83
97%
10(,3,3
10014
102,
2
102
10334
102%
9612
10314
02
10512
93
9112
95%
9314
87
8.6
10838
107%
110
9834
97
91
9434
931s
9612
93

163
4
444
501
3.8
21
33
23111
1
326
16

99 10212
77
8714
93 10978
9412 1045s
98 10838
105 112
108 115
92 102
7412 90
9312 108
79
96%
8412 97
go 101
9434 10114
95-5 10318
9788 10812
10018 106

-riEce

1114 ,14

ions 10112
10078 low&

1561; TOU37,1 100

•No price Friday: 'Most bid and 1111ted. optl, Jan.
dDue April




cDue May. gDu t June. laDue July. nine Aug. oDuo Oct. PDue Nov. .Due Dec. :Option sale

New York Bond Record—Continued—Page 2

282
BONDS
H. Y.STOCK EXCHANGE
Week ending Jan 19

Price
Friday
Jan 19
Bid

Cleve Cin Ch & St L gen 4s1993 J D
1931 j J
20-year deb 44s
19931 D
General 5s Series B
1929 .1 J
Ref & impt 68 Series A
1939 J J
Cairo Div 1st gold 45
1994 j
Cin W & M Div 1st g 4e
2990 MN
• L Div 1st coll tr g 4s
194081 S
Spr & Col Div 1st g 4,3
1940 .1 J
W W Val Div 1st g 4s
k1936 Q F
C I St L & C 1st g 45
k1936 @ F
Registered
Cin S & Cl cons let g 58_1928 -I .1
CCC&Igenconsg6s____1934J J
1940 A 0
Ind B Az W 1st pref 48
Peoria & East 1st cons 48_ A940 A 0
1990 Apr.
Income 48
96
54
gu 449_ 19
72
1 A 0
Cleve Shor Line 1st
Cleve Union Term
Colorado & South 18t g 4s1929 F A
Refunding & exten 435__.i935 M N
Ft W & Den C 1st g 54s 1961 j D
Cuba RR let 50-year 58
19361 D
lit re! 74s
DL& W—M E 1st gu 3462000 J D
N Y Lack & Western 56—.1923 F A
Terminal& improve% 48-1923 MN
Warren lst ref gu g 348_4_2000 F A
Delaware dr Hudson1943 M N
1st & ref 48
1935 A 0
30-year cony 58
1937 m N
645
1930 .1 D
10-year secured 75
1946 A 0
Alb Az Sumo cony 34s
Renee.} Saratoga 20-yr 6s _1941 MN
Dan & R Cr—lst cons g 45...1936 j
1936 j j
Consoif gold 454s
Improvement gold 58
1928 J 13
1955 F A
let & refunding 55
Trust Co certits of deposit_______
Rio Or June 1st gu 55
1939
Rio Gr Sou let gold 4.5
1940 j j
Guaranteed
19401 1
1939
Rio Gr West 1st gold 4s
Mtge & coil trust 48 A_ _1949 A 0
1995 .1 D
Dot & Mack—lst lien g 45
•
. 1995
Gold 48
D
Oet Riv Tun 4 As
1961 MN
Dul Missabe & Nor gen 58_1941 j j
Dill & Iron Range 1st 513
1937 A 0
Registered
1937 A o
Dul Sou Shore & A tl g 5s
1937 j j
551g1n Joliet & East 1st g 58 1941 m N
Erie 1st consold gold 7sext 1930 M S
N Y Az Erie 1st ext g 4s_1947 M N
19
fIrd ext gold 445
93
43
0M
A 0
33
ith ext gold 5s
Sth eat gold 45
1928 .1 D
37 YLE&W 1st 7s ext1930 M S
411rfe 1st cons g 45 pr1or
1996 1 J
Registered
1996
let consol gen lien g 4s 1996 j j
1998 31 .4
Registered
Penn coil trust gold 48 1951 F A
50-year cony 4s Sec A
1953 A 0
do Series B
1953 A 0
Gen cony 4s Series D
1953 A 0
1982 m N
Chic & Erie 1st gold 55
Cleve & Mahon Vail g 58._1938 j
1955 j j
Erie & Jersey 1st f fis
1957
Genessee River ists f 85
1935 A
Long Dock consol g 65
1943
Dock &!mot 1st ext 5
1946 M N
N & Green L gu g 5s
1937 j
Y Susq & W lat ref 5s
gd gold 4345
19
94
30
7F
F A
General gold 55
43 m N
o
Terminal 1st gold fe__ 1940A
Mid of N J 1st ext 5s
1942
13
Wilk & East 1st gu g 5s
1942 0
Evans & T H lst, gen g 5s
1923 A 0
Mt Vernon 1st gold 68
1930 A 0
Sul Co Branch 1st g 5s
1959
D
Florida E Coast let 44s
1941 j j
Fort St U D Co let g 448
Ft Worth dr Rio Gr 1st g 4s 1928 j j
Galv Hone & Rend 1st Ea....41933 A 0
46
0
Grand Trunk of Can deb 7s 193
15-year 5 f Os
1936 j j
Great Nor Gen 75 ser A
.2
1961
let dc ref 445 Series A
1961
Registered
1952 j j
548
1933j j
St Paul M & Man 4s
1933j j
1st consol g 6s
1933 j j
Registered
448-1933
j
Reduced to gold
1933 j j
Registered
1937 J D
Mont ext 1st gold 40
1937j
Registered
1940 j j
Pacific sit guar 45,._
E Minn Nor Div 15t g 4s 1948 A 43
1937j
Mont C 1st gu g 85
1937 j j
Registered_
1937 j j
1st guar gold 55
1938 j
Will & SF let gold 58
A--Debstfs
-Feb"
Green Bay & W
Feb
Debenture ctfs "B"
584_61952
j j
g
&
t
ref
I
1st
S
Gulf &
Hooking Val tat cons g 44e...1999 J .1
1999 j j
Registered
1948 A 0
Col & El V let ext g 413
1955 y
Col dc Tel 1st ext 48
Houston Belt & Term 1st 56_1937 j j
Bud & Manhat 5s ser A
1957 A
F O
A
Adjust Income 55
1932 F A
N Y & Jersey 1st 08
Illinois Central let gold 411-1951 j j
1951 .0 j
Registered
1851 j j
let gold 334s
1951 .1 j
Registered
19
90
51 A 0
Extended 1st gold 348
Registered
1951
M
sterling
38
gold
lin
1952M S
Collateral trust gold 45
1962 A 0
Registered
1955 M N
let refunding 48
1952 J .1
Purchased lines 3448
_1953
M N
(18—
Texas
gold
&
L N0
1953 M N
Registered
1034
J
J
54s
secured
-year
15
1936 J J
15-year secured 6345 g
1950 J D
Cairo Bridge gold 45
Litchfield Div 1st gold 38 1951 I J
Wiley Div & Term g 3348_1953 J .1

•ma Tiro 115-615y.,




I

Week's
Range or
Lasg dale

AM Low

.1‘3
t14?,

Range
Year
1922

BONDS
N.Y.STOCK EXCHANGE.
Week ending Jan 19

No. Low High
High No

8218 40
8034 8118 .8114
2
91% 9212 9134
9134
0934 Sale 1004 Dec'22 ---5
10114 Sale 10114 10134 41
91
84
5413
8,12
7158 7914 80 Dec'22 ---Jan'23
77513 79% 80
65
8212 Jan'23 ---83
8i38 Nov'22
85
8734 Dec'22 ---9012 (64'22
984 - - 99 Aug'22 ---10618 p0-':13 10518 May'22
87 Sale 90 June'22
7.;
78
76
75
2758
2658 27
55
2;5s
9.34 lu
9334
9558 97
10112 Sale 10413 10512 16
9414 9234
93
93
8,34 Sale 8,18
8534
19412 103
103
5
---8534 19
8434 8,12 8414
104 10434 101
10134
4
6
7,14
7012 78
7,14
9978
- 9918 Dec'22 ---9913 ilfNi
094 Jan'23 ---7412 ---- 7412 Nov'22 ----

7612 85
8414 9234
92 10234
9
75
924 1
,
00
34

Illinois Central (Concluded)
,imaha Div 1st gold 3s. ___1951 FA
St Louis Div & Term 6 3s__1951 .1
Gold 345
II
Springf Div 1st g 34s
1951 II
76
8212
Western Lines 1st g 4s
1951 FA
7712 841s
Registered
1951 FR
____
Bellev dr Car 1st 6s
1923 ID
86112 9806:41
cart,& Shaw 1st gold 4s
1932 MS
Chic St L & NO gold 5s
82
9112
1951 ID
Registered
1951 ID
954
94
Gold 34is
1951 ID
0.6%
Joint 1st ref 5s Series A_1963 J D
4 19
19
00
Mempla Div 1st g 4s
1951 ID
St Louis Sou 1st gu g 4s
193
30
1 MS
j j
7
297
2'11: 3
89
44 Lnd III & Iowa let g 4a
go
99
Ent & Great Nor Adjust 65..195 2 J J
100 105%
lames Frank & Clear let 4s_ A959 ID
94
2
Kansas City Sou 1st gold 3s 1950 AO
Ref & impt 55
Apr 1950 J J
Kansas City Term 1st 4s____1960 II
1014 10012
7634 8812
Lake Erie & West let g 5s____1937 II
2d gold 58
1941 J J
100 10712
North Ohio let guar g 55_1945 A0
Leh Val N Y 1st gu g 445_1940 ii
178
83
9
78
61
4 10
97 1004
J J
Registered
7414 78
Lehigh Val (Pa) cons g D3_2
00
49
3 MN
19
MN
General cons 44s
Leh '.Term Ry 1st gu g 5s
87 Sale 87
8778 36 8312 9314
1 A0
2
194,
993
595
A0
9572 948
9912 20 2012 10372
Regi-tered
g 1034
10./
1
4 25
Leh Val RR 10-yr coil 6s_n1
291 MS
10414 1004 10014
19
94
2 2.07 11318
103 11012 111
Leh Val Coal Co lot gu g 5s 1933 II
11134
"3
Registered
8112 8z58 80 Dec'22 ---- 7632 81%
J J
let lot reduced to 45
10918
82
73 —11 -72
Leh Ar N Y let guar gold 4s1
7414 Sale 7414
119
994
333
5
3 MS
Jan'23 --;7 7613 84
Long Isld 1st cons gold 5s.._111931 Q J
7513 5014 80
88
1st consol gold 4s
81931 O 3
954 Sale 8514
40
4 4
72
413 8
52
54
General gold 45
5434 5014 5412
1938 ID
5614 12
1
ID
5.12
Gold 4s
5,12
Unified gold 4s
194
39
2 MS
*8ai 1163-4 8412
3734
H92
•D
1012 Dec'22 -_-_-_Debenture gold 5s
3
3 84
10
901114
2 481097
MN
1018 Feb'22
20-year p m deb 5s
1213 -1018 1198
1 7354 804
Guar refunding gold 4s
7.18 7638 768
7038
1
119
9
933
49
47 MS
6212 71
6612
NYB&MB letcong5a_1935 A0
8812 67 66
78
7518 80
70 Sept'22
N Y & R B 1st gold 5s
1927 MS
70
67
74
Nor Sh B 1st
7018 Oct'22
6318 78
g gu 5sa1932 Q J
iti 82 93 Louisiana dr Arkcon
9014
1927 MS
1st g 5s
812 8822 9014
Louisiana & N W 58
1935 AO
9834 9034 9934 Dec'22 ---- 0622 100
7 93% 10218
Louisville & Nashville—
993 Sale 00 ' 100
- ---- -9812 Jan'23
1937 MN
Gold 5s
•
7712
79
Unified gold 48
1940 J J
79 Sale 79
2 96 100
997
1940 Ii
Registered
9978
9934 190
4
,9.22,
52
242 32 10058 10_
2 NJ
09
3
71 14
Collateral trust gold 5s____1931 MN
10
99
412 71 1998
8
10-year secured 75__ ____1930 MN
88
8378 8,
1st ref 534s
2003 AO
96,
4 9938
---- 8032 9514
L Cin & Lex gold 434s
1931 MN
N 0& M 1st gold 6s __1930 J J
9112 ---- 9434 Nov'15
2d gold 65
10312 Jan'23 ---- 1024 iff:
1930 11
94 534 69
53
Paducah & Men] Div 4s
58 Sale 5468
1946 FA
'
3
57 Mar'22
St Louis Div 231 gold 3s
1980 MS
-.;8
- 5
30
74 58
7
45 -1
At Knoxy & Cin Div 4s
1955 MN
4412 Sale 4313
51 Aug'22
Atl Knox & Nor lit g 58_1946 J D
Sale 8214 8475 78
Render Bdge 1st a f g 6s
1931 MS
4412 Sale 4113
45 --5-5 57
Kentucky Central gold 413._1987 Ii
394114 556_551:
8
1-ex & East 1st 50-yr 5s go.1965 AO
46 Sale 43
32
04'4
1513
L&N&M&M lstg 448_1945 MS
4614 Sale 4458
3454 59
Jan'23
LA N South joint M 48
95
96
1952 31
94
80
99
go% 9414
1
4 9212 Dec'22
Registered
61952 Q J
9318 95/
N Fla & S 1st gu g 5s
1937 FA
8.112 8512 87%
88141 13 8712 9814
1 79% 9734
881
N & C Bdge gen gu 44e
8758 8814 88
1945 J J
SAN Ala cons gu g 5s
9
08
10458 110 10812 Nov'22I---- 18
1936 FA
812 18
06
Gen cons guar 50-yr 5s 1963 A0
9713
9218 Dec'22 ---- 9218 9218
Lou .5 Jeff Bdge Co gu g 4s 1945 MS
---- 884 Nov'22 -2 8
5578
5078
700
692
4814 56
Manitoba Colonization 6s_ _ _1934 113
81122
34
3
5
55
6
45
1 9
477 45
Manila RR (Southern Lines).1939 MN
41
414 9
43
Jan'23---Mex Internal 1st cons g 4s
45
474 45
1977 MS
8414 90 8418 Dec'22
Minn & St Louis 1st 7s
1927• D
let consol gold 55
97
95 Nov'22,---1934 MN
57 Dec'22--1st & refunding gold 4s
59% 60
1949 M
55
73
Ref & ext 50-yr 5s Ser A
1962 Q F
Des M & Ft D 1st gu 4s
—__ ---- 694 Apr'21 ---1935 13
12
Iowa Central 1st gold 55_1938 ID
---- --- 694 Apr'21 ---- ___12_ _ii..
8514 87
88% Jan'23 ---- 8012
Refunding gold 48
1951 MS
Apr'21,---M StP &SSM cong 4sintgul938 J J
---- 66
lst cons 5s
8335 Nov'22.---- 78
833a 87
8634
1938
9718
2 83
86 I
10-year coil trust 1340
1931 MS
8512 8612 8512
MN
let Chicago Term if
11318 13,35 113
11334 .64 log% 1144
10478 .
11a lop 106
M S Al &A 1st g4sint gu.1926 J J
103 Sale 1024
10912 Bale 10 14
Mississippi Central let 5s_ _,i949 J
11112'
96 107 11334
9213
9 89
96
Mo Kan & Tea—lst gold 45 1990 ID
5812 924 9214
231 gold 4s
1 8214 Oet'21 ---g1990 FA
Trust Co certifs of deposit_ _ _
101 Sale 1100%
10.=24 231 -9513 iiii .
1st & refunding 48
9234 9413 93 Nov'22 ----. 91 9813
2004 MS
Trust Co certlfs of deposit_. _
108% 199 110814
10514'
3 105% 11212
10, 110 I 99 Sept'20I---Gen sinking fund 434e
1936 1-3
0812' 2 9314 100/
0714 9812 0812
1
4
Trust Co certifs of deposit___
5% secured notes "ext"
97 Aug'22.---- 95
984 98
97
M K & Okla ist guar 58_1942 MN
88
924
92 93
Sher Sh & So 1st gu g 5s___1942 J o
8614 --- 80 Mar'21
90 I---'
Texas & Okla 1st gu g 55_1943 MS
85 Dec'22 ---- -ii- 85
9914
89
Jan'23 ---- 88
Mo K T Ry—Pr 15s Ser A__1962• J
9212
Jan'23 ---- 1094 11412
40-year 45 Series B
1962 J J
114
114
10-year 6s Series C
1932 II
2
1::::
'
I
gg
Y
:(
101
adjust
85
Series
99% 10212 116
M
AII
Cum
A
I967
14
Jan'23 ---- 0918 10014
Missouri Pacific (reorg Co)—
101 103 101
let & refunding 58 Set A
1965 FA
704 Apr 22 ---- 6712 704
61
70
1926 P A
7%
1st & refunding de Set C
1034 1212 128 Jan23 —8-0- 876
106
211
:
1 88
2
1949 FA
5412
68, Series D
8138 83
81's
MS
4s
General
1975
Sale
85
8514
851/4
Missouri Pacific12
8 -_-_-:
83
31
1 JN
tio
nev:2
7612 88 - 7
1938 MN
3d 75 extended at 4%
78
854
1948 ID
Cent Brij P ist g 43
7812 8534 82 Dec'22 -- 7912 83
Pao RR of Mo 1st ext g 443.1938 FA
Jan'23 ---- 8934 06
8978 951
/
4 92
1938 1J
884
844 89 75
2d extended gold 58
8 34 8412 83%
211 4712 6.234
St L It M dr S gen con g 58_1931 AO
83 Sale 63
6.
Gen eon stamp Rug 5s.,,.1931 AO
97
99
9735
975a _..
.
9 11312 1Ca
Unified & ref gold 45__1929 J
9014 96
98 Sept'22
1933 MN
Riv &0 Div 1st g 4s
8318 Sept'21 ____ ._. - - —
7714
77%
Verdi
VI & W lat g 5a
1926 MS
-Els; -IN.76% 85
1927 J O
Mobile & Ohlo new gold fla
80
-- -_-- 80
Oct'22 ---- 80
51927 @ j
1st eat gold 6s
78% - _ 804 0.3Y21 ...... —_ ---General gold 4s
1938 MS
ii.
78
Montgomery Div 1st g 58._1947 FA
82
754 8118 Mar'22
8314
81
1
55
Div
1927 J D
Louis
St
85%
8314 85
81.78
8013 95
1931 II
9538 Sept'19
St L Az Cairo guar g 4s
8554 361
; 86
8714 16 8218 9113 Nashv Chatt & St L let 53_1928 AG
'
I
2 76% 81
Jasper Branch lot g 88
1923
79 ___ 7714
79
67 7713 8458
81 Sale 81
83
Nat Rys of Mea pr Hen 44s 1957 J J
general
45
A0
Guaranteed
1977
82 Aug'22
82
82
1926 J J
102 Sale 1014 10214 65 98% 103%
Nat of Mea prior lien 44s
1951 A0
let consol 48
11014 12438 110
1104 10 9934 113
NO&NE let ref & Imp 434s A '52 II
86
_ 87
Jan'23
81% 93
2 63% 74% New Orleans Term let 4s
1953II
72
73
73
73
7613
8 73% 814
7714 Sale 7612

12., 841418

21

Price
Friday
Jan 19
Bid

Week's
Range or
haat Sate

eta Low

Range
Year
1922

High NO Low

6718 69 6834 Jan'23
6918 ---_ 6978 Nov'22
7712 Jan'23
7;12 - - 7813 July'22
83
gJ 83 Nov'22
92 Nov'10
10018 Oct'22
i(35"
87490 9212 Sept'22
10014 10314 10014 10014 1
_ 99 Aug'21
6534 Dee'21
7374
9658
8
9512 96
9614
82/
1
4 Nov'22
86%
_ 884 Oct'22
&12 5712 8858 Dec'22 4214 Sale 41
444 533
9512 ((Ii
80
5
83
674 Sale 6735
6814 34
86 Sale 8513
8,58 41
8178 Sale 81
8234 88
0614
7
94
074 93
5
8512
834 8 % 8512
75% 8518 7318 July'22 ---96
96
1
90
80 July'21 81
8112 81
814 29
90
95
90%
91.%
5
103/
1
4 Dec'22
101
113 Mar'12
jai" 1531-2 103 10334 43
10214
10214
1
100 -- 105
Oot'13
8318 0(4'21 ---89 8014 8714
- 86 Aug'22
9734 Dec '22 -8914 June'22 -8512 Jan'23
834 88
81
_ 81 Nov'22
81
5
81 Sale 81
94
8734 93
Jan'23 -8412
83
3
8418 85
80
17
79
794 7912
9534 ---. 9612 Sept'22
96 Dec'22 -961s 9414 ail' 95 Nov'22 -92 94 9218 De*2
76
Jan'23
102
1
995 ____ 102
9 12
--..!
5
_8_ _*3_ _3_
9
80
958
4 June
99258
'
2
965s ____ 101
Dec'22 -10738 108 10712 10812 16
10434 Sale 1041
91
/
4
105
1
07
10
913
'
4 10
9478 1907
13s Jan'23
10,38 ____ 101 Dec'22 -8318 88 86 July'22 _—
Sale
6112
4
e 8651
866'4438
8518 22

66
6:3%
7612
7813
82

High

71
76%
80
7812
86/
1
4

7634 1061-4
9213 9212
91 1054
—

-661; 100"
7834
8612
84%
4812
8012
63
83
7734
85
77
68
90%

8214
8612
89
5512
89
72
944
86%
99
87%
78
97

-ifs; -sir
0314
85
9818 10314
10073

9113
8914
77
81
7314
8234

062
01;
:
90
8934
8214
82
981e

75
284
9512
96
8913
78
7218

84
71
14
8
9612
9914
9712
96
7813

1909
80
;
463 8 19
0:3
12
4
8712 95
8814 94
11
00
112
101

107%

10212 10572
9812 101
80 9112
58
9
79
934
1s 6
9
88
9
7/
4
1s
1

06
4
17
09
352 18
-99- 77 18
994
9414 34.113
96e 22
2222 ..--_--_----_
913314
g 2 il
ii9
i3
14
8 9834
6 93 100
99%
96
2
94
72'2 8
96
9%
11 9
:
89
893
5'38
_97_69_:
•
Feb
89
..!
0154 _ .
9614 10112 074 Nov'22 --__ 9713 MI"
894 ---- 891
/
4 Jan'23 ---- 89
934
98
4 96 10212
100 119
10114
9,58 98
99
99
4 9512 10012
1 77
85
io7f54 _80_ 1078470
—..3 9013 99
6
94
8 6
97
1%
4 8
94
618 Jan
'
986283
4
59
70
Mar'10 ---- ---June'22 ---- loi• 104
1 6912 83
73
8
3 12 29 31
ale 3774
3
77
513 Sale
5012
36%
36 Sale 357
30
50
45
45
42
45
3 38
62
7313
7312
1
7312
72
69
86
37 1 36
36
32
5038
89
38
19
4 8558 9112
8818 89 I 884
1
4 106
9912 ___ 9838 Jan'23 -- 96/
72 10013 106
10414 Sale 1037g
105
9212 Dec'22 __2
_ 8813 93
924 -9( 38 11 9414 98
-8 91.14
9 58 967
8838 92 . 8855 Jan'23 ---- 8214 8812
84%
74
_7
_8_54
_ 8_11
_1
.
.
11.. 6
78
9:8
4 A• ug
'
89
22 —2 4838 6814
4813 78
_7
111
. ---_-_ 9
70
142 N• ov
79212
3 —2
_ 73 90
6691122 JJ
87 Sale 854
00
3,13
101:
52
212
:23 iii0
. . 44
77
---- 6214 6412
68
5214 77
-.
7
3
.
8
5
.T22 . -. _-_ i_ ..... 6408623411 Aug'22Oo6t74
0 2 _1;3:9:2 5812 93
1
4 9416
78/
34% 42
33
_ 334 Dec'22 _- 25
3612
8114 Bale 8334
82
326 7634 89
6712
66
75
62
9378 Sale 95
9612 298 89
994
'608
6012 Sale 5932
4334 854
8612 8634
9612 Sale
97.34 sale
61 Bale

8612
9112
974
6012

9312
8672 17 84
94,12 108 9013 100
9834 127 98 10312
6214 309 5934 6934

80
711a
86
9412
9634

8212 8158 Nov'22 ---- 76% 8513
74
7035 Dec'22
70% 77%
89
83 89
86,
8 Jan 23
06
98 Dec'22 ....- 9112 100
06% 91.14
9634
2 94% 9978
--- 102 July'14 -8812 Sale 884
8978 60 -iti% 9212
8334 Bale 13334
8434
5 7538 8812
03%
9078 98
99 Sept'22
1011
/
4 105
104%
104
Jan'23
9712 101
101 -- 101
Jan'23
67% 7812
7514
- 7478 Nov'22
8612 97
9234 93% 9212 Nov'22
944 964 94%
94%
1 87% 9612
2 7313 0134
8814 8912 8814
8814
3 97 10338
9934 Sale 9934 100
100 10014
1004 July'22
261
/
4
2614
9 2118 42
2913 2912
Feb'22
204
---2512 45
_ 344 Dec'22
---2112 83%
244 Jan'23
/
4
8114
1 79
86114
814 811
81
5 704 82
7812
7878 Sale 7678

4,..1 Ben sat,. "Ws w5ck. a Due Tin, 8 T. •Feb. aDue June. 5 Due July, a Due Sept. •Due Oct. a Option Sale.

New York Bond Record—Continued—Page 3
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan 19

Pries
Friday
Jan 19
Bid'

Week's
Rasps or
Last Sail

Ask Low

Range
Year
1922

High No Low

10012 101 10012
7912 Sale 79
19314 Sale 103
8,12 8034 811g
8 ,1
/
4 Sale 85%
9612 Sale 9612




Price
Friday
Jan 19

High

17 9512 10314
N 0 Texas & Mexico lot Os_,1025 J D
101
Non-cum Income 5s A___1935 A 0
7912 75 62
8012
N Y Cent RR cony deb 6s___1935 M N
104% 320 98 10813
Consol 45 Series A
17 7878 8678
1998 F A
81%
Ref & Impt Ois "A"
2013 AO
8712 25 85
92
Ref & impt 50
2013 A 0
9734 720 9334 9914
N Y Central& Hudson River—
Mortgage 33.48
7514
1997 J J 7518 79
7034 27 7413 83
Registered
1997J J
78 Dec'22
7412 7713
Debenture gold 4.5
14 84
9(112
1934 M N
91
93
Registered
8912 Nov'22
1934,M N
6612 89,2
-1-361;
30-year debenture 4s
88 Dee '22 ---- 83
1942 J
91
Lake Shore coil gold 33.4s 1908 F A
7312
72/
1
4 75
73
3 6914 7934
Registered
714 72
72
1998 F A
Jan'23
7058 73%
Mich Cent coil gold 334e_1998 F A
7513 77
76
74
7114 814
Registered
75
72
75
1998 F A
79
Jan'23
78
Battle Cr & Sour let gu 38_1998 .1 D 6014 85
80 July'22
62
80
Beech Creek let gu g 4s_.A936 J
87
9114 89% Dec'22
84/
1
4 914
Registered
7612 July'21
1936 J J
20 guar gold 5e
134 May'18
1936 j j 9413
Beech Cr Ext 1st g 33 e..61951 A 0 73%
_ GO July'22
,6
60
Cart & Ad 18t go g 4o
1981 J D 7612 8312 8112 Dec'22
83
81
Ka A & G R 1st gti g M
1935 J .1 951a
Lake Shore gold 314s
702 781s 78
1997 J
78
74 7314
Registered
711
7114 Dec'22
/
4 S034
1997 .1 D
Debenture gold 48
1928 M S -;Ti- -66" 9288
94
8934 06
25-year gold 4.8
110 884 944
9258 9212
1931 MN 92
93
Registered
854 July'21
1931 M N
Mob & Mal let gu g 48
1991 M S -iris 8(7 8314 Jan'23
8212 85'l
Mahon C'l RR let 5s
96 10212
9934 Dec'22
1934 j j 9834
Michigan Central 5s
_
100
1931 m s 99
9938 100
Oct'22
Registered
984 Nov'18
1931 Q M
4s
904 Oct'22
1940j
82'4 93
Registered
854 ____ 744 Sept'20
1940 .1
J L & S let gold 34e........1951
81
82
814 Oct'22
-&138 -814
1st gold 3348
7813 8134 82
1952 MN
Jan'23
- 7634 8112
20-year debenture 45..
1 8628 9312
1929 AO 91
9112 91
91
N J June RR guar 1s14&.__1986 FA 8258 ____ 82
Jan'13
N Y & Harlem g Sis
774
80
2000
Nov'22
N
-- "7818 -if N Y & Northern 1st g 58....1927 AO 9918 ____ 99
Oct'22 -99
99
NY & Pu let cons gu g 43_1998 A0 8258 85
85 Dec '22 -- 7712 8512
Rutland 1st con g 4 tie_
8..13
804
8513
Sept'22
1941 „I .1
• 78
65
Og & i Chum let gu 45 g A948 J
68
71
6912 11 66
6912
7512
Rut-Canada lstgu g 45_1949'.7 69
75
70
1 6738 734
70
9218 93/
. St Lawr & Adir let k 5e__ A996 J J
1
4 06 Sept'22
8912 96
2d gold Os
1996 AO 9618
103 Nov'16 -Pitts & L Erie 20 it 55
a1928 AO 9434 ____ 09 Nov'22
99
97
Pitts NicK & Y 1st gu 6s 1932.7' 10l34,,,,,,_ 105 Dec'22 -- 105 11034
2d guaranteed 65
1934 ii 9912 ____ 954 June'20
West Shore let 4e guar
8218
8375 44 7812 86
2361 J J
8312 82
Registered
80
2361 J J 80
81
Jan'23 -- 7658 84
N Y C Lines eq tr 5s__ _1920-22 MN
9913 Feb'19 -Equip trust 434s_ _1920-1025 .1 J
674 June'20 -Y Chic at St L lst g 4s
1937 A0 87l 8S's 9014 Jan'23
8412 921k
E/613
Registered
1 8611 8184
1937 AO
8612
Debenture 45
2 Sole 867s
887
39 80 90
1931 MN -aT1N Y Connect let gu 43.4e A 1953 F A 87% 8814 88
88
5 8112 94
NYNH& Hartford—
Non-cony deben 45
57
59% Nov'22
1947 MS 51
897 6314
Non-cony deben 348
44
44
45
1947 MS
54
44
3 42
Non-cony deben 314s
1054 AO 35
1 3814 5512
4734 45
46
Non-cony deben 45
47
1 4
1955 .1 -I 4518 80
47
30
0
4
:
713
1 6
340
Non-cony deben 48
46
46
1956 M
47
47
9
Cony debenture 3348
1956
1
48
4734 48
.1 40
Cony debenture Os
68
1948'.7
Sale 674
70
165 57
8512
Cone Ry non-cony 45
54 Nov'22
1030 FA
50
54
Non-cony deben 45
1955 J J
5112 60 july'18
Non-cony deben 45
52
_
49 Dec'22 -- 381-2 -EJ1-2
1956 '.7
4% debentures
4012 42 31
1957
N 3914 i61, 3912
58
Harlem R-Pr Cites 1st 4e.._1954 MN 7828 8134 784
7812
2
,76
8
2:4
114 8
2.9
5 7
B & NY Mr Line 1st 4s
1955 PA 5,4 7814 75
Oct'22 -Cent New Rug let gu 4s_. _1961 J J 98
5713
58
13
60
Housatonic Ry cons g be 1037 SI N 83,4 65
80 Deo'21
Naugatuck RR 1st 4s
87 july'14
1954 MN 6818
N Y Prov dr Boston 431942 AO 70
_ 83 Aug'13
N Y W'ehes de 13 1st Per I 43.is'46 J J 46
48
404 46
61 33
5914
New England cons be
ls912 Jan'23 -1945
j 8812 95
9314 0334
Co/18014a
75
79 89
1945 J
Jan'23
Providence Secur deb 4s.._ _1957 MN
3712 4812 384 Jan'23
00
26
Providence Term 1st 4s
884 Feb'18
1956 MS 75
WA Con East 1st 4yis
621
/
4
65 May'22 -- 60 95
1943
NYO& W ref let g 48
68 694 6914
6934 10 67
91902
79
Registered 45.000 only
_ 5912 Nov'20
g1992 'pSt S
__-- -General 48
-- -- 3% 6334
1955
65
7113
6334
Norfolk Sou 1st & ref A 5s
6
14
6( a, 10 50 71
Sale (6 78
1961 FA
Norfolk & Sou lot gold 5e
/
4 94
904
90/
1
4
2 7914 95,2
1041 M N 901
Nonf & West gen gold 68_ ,...1931 M N 10812
994
91
b 104 10934
Improvement & extg
107 Nov'22
1934 F A 1084
/
4
100 1091
New River let gold
1032 A 0 10718 -_-_-_-_ 109 Dec'22 -- 10434 109
N& WRY let cons g 4e
902 36 84
1996 A 0 9912 sale 9014
9412
Registered
80
1906 A 0
Jan'23
.
551.
8 -iif5-8
Dirt let lien & gen g 40_1944 J .1
8 34
86
5
10-25 year cony
108
M S
Jan'23
9213
106,
10-year cony On
1
4 124;2
1121', 38 103/
1929 M S 112 11312 1 11 14
Pocah C & C joint 4s_1941 1.1 D 8714 88
8712
5712
84
89
3
Belo V & NE Ist gu g 4e_ _1989
N 8634 8712 87 Dec '22 ---- 83/
1
4 9114
Northern Pacific prior lien railway & land grant g 45
8516 Sale 8134
86141 176 84
1997 Q
914
Registered
5312
8312
2 8
1997()
38
4 ,
89
2
Generallien gold 38
61781 30 60 65
a2047 Q
-Jr- Sale 6934
Registered
59/
a2047 Q
5914
1
4,
1
Ref & Imps 6s ser B
10734 safe"1074
2047 .1
109 I 409 10412 1105s
Ref & imp 435s BerA
0947 J
88 Bale SS
9012! 49
Se
861
/
4 190(3)58
9912 290 98
991
2047J
/
4 Sale 9918
Bt Paul-Duluth Div g 48_1996
86
844 May'22I---- 79/
1
4 8412
J
N P-Gt Nor joint 6
J
1034
July'22
-1034
109
St P & N P gen gold 65_ _ 19231 F
100
Jan'23
100 101
Registered certificates 1923,Q A
100 100
100 Dec'22
A
St Paul & Duluth let 5s
9858 99 100 June'22
1931;(1
994 100
let consol gold 4s
19081,
844 Dec'22
8213 89
Wash Cent let gold 4e
7718
1948 Q
84 May'22
8134 854
Nor Pee Term Co let g 6s.._ _1933 J
10938 ____ 10853 June'22
107 10834
Oregon-Waeh let & ref 48
77
1961 J
8014 Sale 791,
S6
8112
196
Pacific Coast Co 1st g 5e
78
83
1046 J
9014
7913 Jan'23 -- 75
Paducah & Ills lets f 44s
1955
9111
/
4 92
9118 Nov'22
90 93
palls-Lyons-Med RR Os
1958F A
70 Sale 69
3511 6614 85
72
Pennsylvania RR 1st g 4a__ _1923 M
904 9913 9934 Dec'22
964 9913
Coneol gold 4s
1943M
93,4 Salo 9314
9314
8712 95
Consol gold 4s
88
1948 M
90
91
9038 13 854 934
Consol4 tis
1960 F A
9814 Sale 98
9814 14 92'
General 41
/
4s
9113 sale 9(13a
1905.7
4
2 19112
9214 111
General 58
100 10.,/
1068.7
1
4 9912 10112 78 9312 10312
19-year secured 7s
1930 A 0 11014 Sale 110
69 10512 11314
11013
15-year secured 63.0
1936 F A 10914 Sale 10914
1
4 112
11(14 156 103/
Alice Val gen guar g 4e
1942
8814 91
90
Jan'23
86
94
I) B. jut & Bdgelst gu 4s g_1936
A 9158
87 May'22
87
87
Pennsylvania Co—
Guar 33.48 coil trust reg A.1937 M S 8134
8413 Nov'22
612
1% 84
,
7
2
Guar 334e coil trust Ber B.1941 FA
1
83
83
Guar 3348 trust ctfs C__ _1942 Jo 81% 85
83 July'22
7612 83
D__1944
etre
JO 7958
Guar 33.4e trust
8312
834 Nov'22
82
Guar 15-25-year gold 45_1931 AO 92 ____ 92
Jan'23
844 93
88
40-year guar 45 ctfs Ber E 1952 MN 87
87
1 82
87
9113
8534
1942 MN
Cin Leb & Nor go 48 g
1 804 86%
8534
854

.lateet bid and asked Dile week. aDu• Ja114 bDua Feb
'No price FrIday;

BONDS
N. Y. STOCK EXCHANGE
Week ending Jan 19

283

Bid
Pennsylvania Co (Concluded)
CIA Mar let gu g 434e.._ 1930 M N
Ci & P gen gu 4;i e Ser A __1942 J .1
Series
Ser
i
m8_19
04
42 A 0
rB
educed to 3
Series C 31
/
4e
1948 M N
Series D 31
/
4s
1950 F A
Erie & Pitts gu g 3;i5 B1940 .1 J
Series C
1940 j j
CR R Alex let gu g 445_1941 J J
Pitts Y & Ash 1st cons 5s_1927 MN
Tol W V & 0 gu 440 A1931 J j
Series B 41
/
1933 j j
4s
Series C 49
1942 M s
PC C & St L gu 43ii A _1940 A 0
Series B 434s guar
N
1942 N
A,O
Series C 4 Si s guar
Series D 48 guar
1945 m N
Series E 334s guar gold....1049 F A
Series F guar 45 gold___ _1953 J D
Series G 4s guar
Series Icons guar 4/
1
49._ 19
96
53
7F
M AN
General 5s Series A
C St L & P 1st cons g 5s
193
79
2j
A D
O
Phila Bait & W 1st g 4s
1943 m N
1.7 N J RR & Can gen 4s
1944 M PI
Pere Marquette 1st Ser A 55...1956 .7 .1
let Series B 45
Philippine fly let 30-yr a f 49
j
Pitts Sh & L E 1st g 5s
1940 A 0
let consol gold Is
1943 1
Reading Co gen gold 4s
Registered
1997 J
Jersey Central colt g 4s
1951 A 0
St Jos & Grand lel 1st g 4s _1947 J J
St Louis & San Fran (reorg Co)—
Prior lien Ser A 4s
1950 J .1
Prior lieu Ser B 55
1950 J J
51,4a
1942 J J
Prior lien Ser C 6s
1928 J .1
Cum adjust Ser A (4
51955 A 0
Income Series A 6s
51960 Oct
St Louis & San Fran gen 6s_ _1931 J J
General gold 5s
1931.7 J
St L & S F RR cone g 45_1996 J .1
Southw Div 18t g 55_.....1947 A 0
K C Ft 13 & NI cons g 6s
1928 M N
K C Ft S & Al Ry ref g 4s_ _1936 A
KC& MR & B 1st gu 5s_1929 A 0
St L S W 1st g 4s bond ars__ _1989 M N
2d g 4s income bond ctfe.p1989 J .1
Consol gold 45
68_ 193
2 .J1 D
962
let terminal & unifying
8 A & A Pass 1st gu g 48
1943 J
Seaboard Air Line g 4s
1950 A 0
Gold 43 stamped
1950 A 0
Adjustment 55
01311 F
A A
0
Refunding 4e
lot & cons 65 Series A
CA.111.8& Brm
..
l'
S4
1st4g8_4_8
1I
3
4
,
5
3.
S
fill:
:
Cent let con
Fla Cent & Pen let ext 65_ _1923 J J
c
lset land 8girdas
n8t ext g 55_ _1930 .1 J
j
Consol
Ga dr Ala Ry 1st con 55_ ,51Z '1 .1
Ga Car & No 1st gu g 5s
1929 J J
Seaboard & Roan let 5s_1926 J J
Southern Pacific Co—
G
2,_
olydea
4rs(
88
Cneyn4
t 8Pac coll)
k1949 J D

127 j.,

Week's
Range or
Last Sale

Ask Low

Range
Year
1922

High No, Low High

95
8638 ---- 95
9734 -__
91 Noy'21
_9_0__9_7_3:4 104 Dee'15
9614 Feb'12
82
84
9018 Dec'12
82 ____ 67
Jan'21
8414 88
8414 Dec'22
8414 8713 791
/
4 May'19
89
03
9314 Dec'22
9918
98 June'22
____ 9; 14 954 Nov'22
____ 9638 9318 Dec'22
861g ____ 8678 Nov'2:.
9478 ____ 0475
947
94% 98
95
478 Nov'22
9
84
9718
88
113 D
4 -_-_-_-_ 9
A uee
g:2
5638 ---89,4 _— 8713 Nov'22
89/
1
4 __-_ 8714 Nov'22
94 ____ 9312 Dec'22

1 95

8414 87

4
1

40
_ I-97191
____
9612
8212
_4_6_8_4

100
9°78 May'22
9S78
894
90
8012 jtine'21
9
86
2
9718
9,
4538
464
Nov'22
9818
_ 971
/
4 Dee'17
854 S-..;1-e_ 85
3
8:
337
8,14 Jan'23
854 Sale
74
7112
7412 7412
991971
8914
90
9434
82
9
4(9,
34
8

12

87 80
83
5 8112
1 8578

235:.._

844
91,7
%8
1011
/
4
8734

8834 95
98
98
92/
1
4 94
9318 9512
8673 86%
8,812 98
8858 98
894 9534
8414 9113
8913 91
84
93
87/
1
4
85
894 9612
90 101
9913 1001a
8814 93

18
i5f12
3 75
85
4 4118 59
9534 100

68/
145
1
4 Sale 6012
70
8312 8418 834
8.1% 74
91 Sale 91
9213 35
9914 99
993, 49
99
7614 sale 76
7-12 1,7
/
4
591
/
4 Sale 501
5958 285
1034
101
1
1( 34
9934
9934 10
671
/
4 Oct'20
8218
8.4 _ --- 90
Feb'22
102 103 1924 Jan'23
771
/
4 7134 7718
7914 36
95
6
9
,
7611
217 9
3
Jan'23
7712 Sale 76
7712 52
6914
6,914
2
76
7. 13 7512
7714 43
813 27
8,14 Sale DU
7414 744 743a
7513 11
53
5213 58
5
5314
5312 Sale 5218
4
5 13
2, 34 Sale 231e
220
25
39
40 Sale
4.38 97
50 Sale 5,34
196
6.1
67
1
67
6
70
584 9
70,4 Dec'22
75
7
9912 --- 14.10
Jan'2 5
89
9312 Aug'22
9112 ____ 9138
.9138
805s 8314 80 4
8034
es
9112 002.22 --934 Dec'22 --8212 8258 82
914 Sale 91:
02
101118 101 18
06

95

8735
8434
90
78

68
764
82
9112
9112 98
941
/
4 10212
71
85
54
7914
10212 1044
90
9912
90
90
101 104
7224 8412
8814 95
7413 SO%
8412 7412
684 8271
71
84
/
4
811
70
50 64
4812 62
1312 32
3135 41835
7324
41
5912 754
7112
70
96
9913
89
9312
824 9114
8.5
71
84
91
8734 95,
4

9412
78
88
941,
9512 105
811
/
4 91%
-9
6
.6
674.
-. i_ 18
93
86
84
83
7814 87
2,
ljtos
9.78 97
9414 9914
954 Nov'22 ---- 92
98
,98
t 58
1, ,
__ __o__ __ 9
993
8
43158
41 May'22v
DA ec
r2 ........ ..::_ 97
9912
908 9812 964
5634
2 94
94
9412 9412
9755
9334 9434
9512 __ _ 96 Sept'22 ---- 862, 98
11
,,ii118 r
13 11a8 Jan273
ai8
8 --5.i 96 10312
99
95 10212
.. 103,
101
2 July'22 ---- 10012 10312
901
/
4 9112 9058 Dec'22 ---- 90
924
9918 9 ./
1
4 914 Nov'22 ---- 89
9934
8
8,1142 S
88
87,12
112 23
16
7 8358 92
sa
nile 8
80
871
/
4
874 10038
7/
1
4 le 6
96
5 2 Dec
Registered
6
9
'
7
82:2
4
2 -5
115: 88/
1
4 90
TN
Dleeom
vbep1:
0
st7Sger4sA___ _..._:
61
723s
:
1
:
9995_515
6.
jjA .
61.1 ------96
,
Salega
- Titt
9
:
t. 3178
9
78
1 944 105
Temporary
10
73
:7
,
1-e34
io:ot ill 0
188 19:
T'512
5 10
79
1 Sa
)
0D
ardr
hyio
g6ec3°
in 1841
6614 7834
Mom Div let g 434s-5s._1996 J J
89
984
St Louis div let g 48
8312
73
Ala GI Sou let cons A 5s_ _19
737
j
i 9
J D
8
3'
1j
7:
(
9
78
94
14
34
53
6
8412 10112
9
J597
9.9
123
841---4
43
1
A tll8&4
a
yrele,
A61.
88
18
8,
1 134;is _1944 J J
87
9614
.5_1
"
23
21
v:
772
Ja
on
S0
-year
218 N
79
6
11f9112 9
9
68
.1 :
4
1944 .J7 j
91 101
Atl & Deny let g 45
72
1948 A 0
8213
2d 4s
60
1948 jm
1
4
72/
AU & Yad let g guar 42_ _1949
I 7524 82
7018
7934
80
_ I:4
99:38 _9_5_
E T Va & Ga Div g 5s
93/
1
4 100/
193(1
1
4
Cone let gold Is
4 93
98
1,834 98
99/
1
2
E Tenn reorg lien g ba
Nov'22
93/
m
1
4 10014
Ga Midland 1st 35
614.
62_3! 10
6
74
3158
7188 j
A
Ja
anun
'
g:22
23
31.
63
58
Knoxv & Ohio let g (3s
9878 10114
1925 .7 J
Slob &81.1i8repgre
iold
r 14
1e
8n g Us 11999944315
_
_ -_-_51,_::
JA
Mort
7478 Nov'22
-734 77
1945 J (::
Rich & Meek Is( g 55
1948 MN
U2
711
74
74
Oct'22
7412 7612
So Car &Ga let ext 5lia 1929
12 0412 101
Virginia Mid Ser E ba
98
938 IT
987311 N'
1926 M
09
5, 9258
NI N 9
2 ----- 97 100
General 55
:::: 9512 9934
1936 M N 98 ____ 99944
Va & So'w'n 'et gu 5s___ _2003
J J 9314 --Dec'22
90
9512
1st eons 50-year 5s
1959
---- 763, 8912
W 0 A w 1st cy gu 4s
1924 F
A D
7,94 _8_9
A 9
(4401 9734
!
_1 N71.8
1 .1
)
411:2
22
Spokane Internal let g 5s_ _ _1955 J .1 8312 _ ___
_; TN 9214
83 Sept'22 -_:Term Assn of "t L 1st g 4)46_1939 A 0 89,4 91
9512
95,2
96
92
1st cons gold 58
1944 F A 98 10014 9,4
4 88/
98
1
4 100,
4
Gen refund s f g 4s
1953 J j 81
81
82
8118
6 7612 834
St L M Bridge Ter go g 5s_1930 A 0 9658 108
98
934 9752
Jan'23
Texas dr Pa, st gold M
2000 .1 D 93
95,4
8713 1004
2d gold income 58
40
3 Dee
82000 mar 4012 _._ _ 9
9
'
5X2
88 13 40
50
La Div 13 L lets 5s
92
92
791g 9314
5
W Min W & NW 1st gu 58_120 t
8012 Dec'2:::: 8012 90
113
.1
1 ' A'
Tol & Ohio Cent let gu 5s_ 1935
/
4 Jan'23 ---- 91 100
J J 9( 4 ---- 971
Weetern Dia let g 5s
66
I6
5
96
General gold 58
8914 9013 9011 Sept'22 -- 90
1
1 9% 1
8134 90
Kan & NI let gu g 4s
Ms
797
79% Jan'a
1990 A 0
7514
83
20 20-year 5s
2 9 i8 (712 9 7
97
2 91
97
Tol St L & W pr lien g 3%8_127
934
J J 9318 96
5j
9334 15 84 94
50-year gold 4s
A 0 74 Sale 73/
1
4
26 01
78
74
,
3
Coll trust 4s g Ser A
F A ____ ____ 15,4 June'21
--Trust co Otis of deposit
8
313
4 Feb
87
,2
4
1-199-5-1!
24
314
Tor Ilam & Buff let g 4a—k1946
11i -i6172 "gi"
1 7713 664
20-year cony 5e
Cent Pac let ref gu g 4s g_11.
29
4 Nt'11:1.8
3
19
Mort guar gold 31-is_ _11929 J D
Through St L let SU 4s_ _1954 A 0
0 H & 8 A Si & P let 55_ _1931 M N
J
2d exten 5s guar
N
Gila V G & N 1st gu g 5s_ _19
2.1 41 N
93
Hous E & NV T 1st g 55
1933 M N
lot guar 58 red
•
lAl Ir T
NC
Wlot1s 5s g
inlgu__ P137
1st go
1941
No of Cal guar g 55
.
j
J
A
j.
3477 , 4
Ore & Cal 184 guar g 58
1927
•
So Pac of Cal—Gu g Se_._ _ 193 SIN
So Pac Coast 1st gu 4s g
19
•
Tex dr N 0 con gold 5s19 3
So Pac RR 1st ref 4s
seSuathnen,FrtnisTtecrom.181gst684.5.._1950 j
A Oj

28
87
8
67
10
Dec'22
Jan'2380
----

.111 i

r7,975084

ii.

3!i,„

3

oDue June. bDue July, kDue Aug. ono,
.not, r1,";'

onu• ne.e.

New York Bond Record-Continued-Page 4

284
BONDS
N.Y.STOCK EXCHANGE
Week ending Jan 19

Prtes
Friday
Jan 19

03,

Bid

Weds
Range or
Last Sale

Ask Low

nce

Range
Year
1922

High No. Low

Street Railway
Brooklyn Rapid Tran g bs__ _1945 A 0
Trust certificates
let refund cony gold 45___ _2002 J .1
8-yr 7% secured notes_ ___k1921 J J
Certificates of deposit _ _
_
Certfs of depositstamped........
Brooklyn City RR 55
1
Bkin Qu Co & Sub con gtd 58.1941 MN
1st 58
1941 J J
Bklyn Un El 1st g
_1950 F A
Stamped guar 4-5e
1956 F A
Kings County E let g 48_1949 F A
Stamped guar 4s
1949 F A
Nassau Elec guar gold 45_ _1951 J J
Chicago Rye 1st 55
1927 F A
Conn Ry & L 1st & ref g 430 1951 J J
Stamped guar 434s
1951 J J
Denver Cons Tramy 5s _
1933 A 0
DM United let cons g 4435__ _ 1932.9 .1
Ft Smith Lt & Tr lot g 55_ _ _1936 M S
Interboro Metrop coll 4338._1956 A 0
Certificates of deposit
Interboro Rap Tran let 5s___1966 J J
10-year 6e
78
1932
Manhat fly(NY)cons g 4&1990 -84--(5
Stamped tax exempt
1990 A 0
2d 431
2013J D
Manila Elec Ry & Lt s f 58_ _1953 M S
Market St By 1st cons 58_ _1924 M S
b-year 6% notes
1924 A 0
Metropolitan Street RyB'way & 7th Av Isle g 5e_1943 J D
Col de 9th Av 1st gu g 55_1992 M S
Lex Av & P F 1st gu g 5& 1993 M S
Milw Elec Ry & Lt cons g 58_1926 F A
Refunding & exten 43513-1931 J J
Montreal Tram let & ref 55 1941 J J
New On By & Lt gen 4Sis_ _1935 J J
N Y Munic Ry let f 58 AA986 J J
Y Rye let R E ref 48._ _1942 J J
Certificates of deposit
01942 A 0
80-year adj Inc 5
Certificates of deposit
X Y State Rye let cons 43.59_1982 M N
Nor Ohio Trac & Light es__ _1947 M S
Portland By 1st as ref 59.._ _ _1930 M N
Portland By Lt & P 1st ref be 1942 F A
1st & refund 734s Ser A__ _1946 MN
Portland Gen Eleo lot 58_1935 J J
Pub Serv Corp of NJ gen 50_1959 A 0
1960.9 J
Third Ave 1st ref 45
a1960 A 0
Atli income 58
19373 J
Third Ave Ry 1st g 58
1925 F A
TolTrac,L & P 65
TX City Ry & Lt 1st et bs_ _ _1923 A 0
1933 J J
Undergr of London 430
1948.9 J
Income lis
United Rye Inv 58 Pitta issue 1926 M N
United Bye St L 1st g 4e__ _1934 J J
St Louis Transit gu bs___ _1924 A 0
Va Ry Pow let de ref bs
19343 J

-g],"34
9
10
734 10
6934 Sale
6.12 Sale
9113 921
61 Sale
Sale
92 Sale
9478 95

6012
6214 19
61
39
62
56
58
8
89
9138 85
89
9114 69
42
88
8758
90 Dec'22 -5912 Jan'23
7912 Nov'22
5114
8112 12
s
8112 • 9212
76 Dec'22
7512 Jan'23
40
6072 50
7818 61
7612
81 Nov'22
84 Dec'22 _ _
9712 June'20-8312
3
8312
58
Jan'20
_
9
10
3
634 14
634
6912
7678 105
667s
6934 68
0314 57
9114
6012
6178 66
8758 May'22 -6312 Oct'22
67 Dec'22 -9214 50
9134
9518 18
95

6434 6811 62
1312 20
1512
5778
9913 991 99
90
0212 8812
8912 Sale 8812
50
34
---_ 3718 33
30
3212 3012
73
573
412 5 I 412
6618 6614 66
9334 94 • 9334
87
8812 8,34
8412 84
84
10638 10,12 10638
9314 9312 9314
84
8434 8334
59
5912 59112
5734 Sale I 5712
95 Sale ! 94
1853 99 I 9853
100 10014 100
9214 9614 88
8214
-- 7433
8814 88
88
6315
6234 64
62
66
63
8334 8412 8412

68
Jan'23
Oct'22
Dec'22
Jan'23
90
Feb'21
Dee'31
3534
3338
758
413
67
94
8734
8414
Jan'23
Jan'23
8514
0012
5812
91
99
100
Dec'22
Nov'22
8814
6312
Dec'22
8412

31
31
3513
58
5512
54
75
51
785a
75
7512
64
66
27
67
75
7034

(:614
64
6478
96
9434
91
91
6912
71112
93
93
81
82
65
85
81
84

6353 1112
812
734
54
7218
9312
5712
5712
4834
6412
81
9134

21
1834
7812
82
9834
7434
693s
6312
8114
9212
9714

24 50
1418
39
9134
7914
35 83
--

7818
25
5773
99
90
93

20
28
8
26
25
49
1
20
53
17
12
5
15
8
3
1
1

2312 4418
44
24
412 lb
4
14
6112 7212
92 9712
81
9112
7812 90
102 10812
8812 9312
73
9014
5618 693e
4413 6812
88 98
9318 100
98 10034
73
88
7458
60
91
75
5112 6914
57
63
72
8818

Gas and Electric Light
8314
8412 42 70 871.
Am Wat Wks & Elee be
1934 A0 8314 84
9714 16 8973 10018
Bklyn Edison Inc gen bs A_ _1949'3 9014 Sale 96
1027a 16 100 10614
General 633 series B
1930'.9 101 102 102
4 102 10734
107
General 78series C
1930'.9 103 107 10834
41 10612 10913
General 7s series D
19403D 10812 Sale 10712 109
7 8712 9912
99
100
Bklyn Un Gas 1st cone g 58_1945 MN 9734 99
8 110 120
113
1932 MN 110 11,512 11013
7e
105
21 10213 10434
1947 MN 10434 Sale 10412
1st lien & ref 6 Series A
6 10012 105
1942 FA 10078 10334 10212 10314
Canada Gen Elee Co 88
9838 45 92 101
Cincin Gas de Elee 1st& ref be 1956 AO 9938 Sale 98
9833 21 97 101
535% Ser B due Jan 1 _ _ _1961 AO 981s 9938 96
0638 96
1927 J J 96
9634 108 8814 98%
Columbia G dr E let bs
9615 98
5 88
1927'3 96
9612
97
Stamped
9412 Dec'22
Columbus Gas 1st gold bs__ _1932 3' 9112 93
9112 9313
42 8712 93
88
1947 MN 8634 Sale 8634
Commonwealth Power 68
Consumers Power lien az unifying
9212 52 92
9213
be Series C Interim certife_.1962 MN 92 Sale 92
12 8414 9112
- 8833 8714
90
Deny Gas& E L 1st & ref erg 59'51 MN
997a Jan'23
93 10053
Detroit City Gas gold 5s_ _ 1923'3
2 156- 9934 10013 25 9414 10112
J -6811Detroit Edison 1st coil tr 53_1933
9614 36 8914 100
k1940 MS 9534 Sale 9534
1st & ref 58 ser A
Sale 10334 10334 137 9912 10612
103
MS
series
B
k1940
let & ref 8s
25 100 107
Dllf11.038110 Lt 1st & coil 8s _1949 3' 10378 Sale 10312 104
10712 47 105 10834
1936 3.9 10834 Sale 10638
Debenture 734s
9434 202 92 9834
1937 MN 94 Sale 917
Empire Gas & Fuel 730
100 Feb'13
Gas& El of Berg Co cone g bs .1949 JD 9214 -4 9411 100
100
Great Falls Power lets 58_1940 MN 9914 105 100

*No price Friday: leteet bid and asked. aDne Jan. dDue




E

Pries
Friday
Jan 19
Ilia

High

93 9513
9512
:1 89
98
Ulster & Del 1st cons g 5&_.._1928.9 D 93
330
1834
69
Jan'23
1952 A 0 66
let refunding g 45
9112
865
0634
92 --073 , 6
1947 J J 9134 112
Union Pacific let g 4e
r,978
90
231 9934 9234
Registered
1947.9 J 8512 90
9434 9534 951s
1927.9 J
9531
20-year cony is
8
25
1!
' 8
89
112 10
90
7
1st de refunding 48
g2008 M S 8412 Sale I 84
23
31 18
03
214 10
10-year perm secured 6s__1928 J J 10358 Sale !10314 105
0812
32
8814' 7934
8012
Ore RR & Nay eon g 4s_ _ _1946,J D 87
Ore Short flueJ 10212 103 10314
10314
3, 9612 106
nt consol g Se
1948J
I
Guar COD 5e
1946 J .1 10314 10313 10314
10 78 19 97 103
9234 112 8612 951s
Guar refund 45
1929 J D 9114 Sale 91
9912
1 9618 1003/3
Utah dc Nor gold 5s
1926 J J 9912 __-_ 9912
9112 ---- 8612 Feb'22
1st extended 4e
8611 8612
- - - 86
5 83
Abr 22
Vandal's cons g 45 Ser A_ _ _1
5F A
7814 86
193
9535
8712 8514 Nov'22 --- 8514 86
Consol 48 Series B
I957;M N 83
3212 Dec'22 . 28
Vera Cruz & P 1st gu 4330_193413 J ____
4714
97
h 100
26
Virginian 1st 55 Series A1982 M N 9 12 9512 9.78
9834 41 937s 101
Wabash 1st gold &
A
.7 9814 981p 91 34
_119549i
F N
1939 M
89
89
7 8112 9312
2d gold 53
898
6812 7034 71
1st lien 50-yr g term 4s___ 93
Oct'22 -- 6712 74
96
_ _ 91
Det & Ch Ext 1st g 5s
1941 J .1 9512 9734 95 Dec'22
79
73,4
7:338
2 74
7514
Dee Moines I )1v 1st g 4s__ 193_
J 7.)
1 6338 72
6614
Om Div Ist g 33,68
1941 A 0 6614 Bale 6614
775/4 Dec'22
81
Tol & Ch Div g 4s
_ 69
1941 M S 713
7258 84
Wash Term 1st gu 330
793/1
-- 7933 Jan'23
1945 F A
8434 Nov'22
89
80
1st 40-year guar 4s
1945 F A 8414
6378 29 5815 09
"cot NI aryla d 1st g 48
1952 A 0 62 Sale 62
9912 46 9614 10553
est N Y & Pa Ist g 5e
19373 .1 99 Sale 9853
78
81
10 7212 9212
Gen gold 4s
1943 A 0
8512
83
32 7933 8812
Western Pao 1st Ser A 5.1
1946 M S 8_12 83
99
4 9212 10178
Wheeling & L E 1st c be
1926A 0 ' 8212 Sale 9812
_ _ 9114 9435
9 3s 9538 Jan'23
Wheeling Div 1st gold Se.__1928 J .1 116
9812 Sale 9458 Sept'22
9458
89
Exten as Impt gold 55
1930 F A
62
5 52
7278
Refunding 4345 Series A
1966 M S 13078 6413 6072
64
13 82
77
RR 1st consol 49
1949 M S 6112 6413 63
84
77
Winston-Salem S B 1st 49_1980 J J 8113 84 8114 Jan'23
Si
8434 25 76
Wle Cent 50-yr 1st gen 43_ _ _ _1949 J J 7934 Sale 7934
Sup dz Dui div & term let 45'38 M N 7934 Sale 7934
7934
3 7518 34

61,4 gale
5(42 61
51
54
8972 Sale
88 Sale
85
84
&,12 8912
6014
7912 91
81
8414
8112 82
725s 75
7238 77
51,12 60
7612 Sale
8314 ----

BONDS
N. Y STOCK EXCHANGE
Week ending Jan 19

Week's
Range or
Lass Sate

itsk Low

41.5
et";

High No Low High

8913 89 Jan'23
Havana Elec consol g 58.__.1952 P A 88
Havana E
8412 36
L & P gen 55 A_'54 MS 92.78 Sale 8234
9412 1.16
4
9278 Jan'23
Hudson Co Gas isle 55_ _ _1949
N
96
81 Dee'2,
Kings County Lighting bs__ _1954 J J 82
4
9914
6348
1954 3, 9312 9912 9914
1937 A0 99,8 -- 96
Kings Co El LAP g 58
Purchase money 65
1997 A0 11058 111 11078 Jan'23
10514 A pr'22
Convertible deb 6s
1925•S
9734 8973 87 Dec'22
Ed El I1113kn 1st con g 45_1939 J J
1)512 4
sae Gas L of St L ref & ext 5s1934 AO 95
9513 45
99
Metr Ed lst&ref g 8s Ser B
1952 FA 9375 1,0
9934
41
9334 5334 93
94
N
vIllwaukee Gas L 1st 4s
1927
9,53 Sale 9,14
Montana Power 1st 5s A_
9812
1943 J
11072 104
Y Edison 1st & ref 634s A_1941 AG 11022 sale 11512
100
Sale
XYGEL&Pgbs
9:1
100
1948 J O
23
, 83
Purchase money g 48
1949 P A 83 Sale 821
Ed Eicc III 1st cons g 55
1995 J J 10213 303 10108 Dec'22
9412 Nov'22
NYQE1L&Plstg4s
1930 FA 9355 - _
'
3 10914 Sale 9912 10013 31
Niagara Falls Power 1st 59....1932
1047
lb
10,
Ref dr gen 6s
01932 AO 3718 Sale 104
9,12
902
Flag Lock & 0 Pow 1st 55__1954 MN
9.34 92
92
A0
9234 42
For States Power 25-yr bs A1941
113,12
101
10134 103
23
1st & ref 25-year 65 Ser B_ _1941 AO
9414 Sale 9414
155
96
1952 M
No Amer Edison 6s
.,534 95
4
9.578
Ontario Power N F 1st 55_ _ _.1943 FA 95
Ontario Transmission 5s.. 1945 MN 0258 9334 9434 Dec'22
Pacific G & E Co-Cal G & ECorp unifying & ref 5s_ _1937 MN
Pacific GA El gen & ref bs__ _1942 J J ;
0
99 33
2 8a0
Sale
71e34 9
9957
12 . 9
0'4%
74
4
('ac Pow & Lt 1st& ref 20-yr 5s'30 FA
411
8312 Nov'17
Pat & Passaic GA Elconsg 5s1940 M
10714 107
2
107
('cop Gas & C let cons g 65...1943 AO
92
93
925
3
93'4
Refunding gold 5s
1947 MS
6
Ch G LA Coke 1st gu g 5s_1937 J J
9512 99
9
92
514 ll
jaen
C:
223
2
Con G Co of Ch 1st gu g 59_1936 J J
9414 15,
11412 Jan'23
Mu Fuel Gas 1st Cu e 5e 1947 M N
Sale 100
102 I 1311
Philadelphia Co 6e A
1944 FA
99741
5
Stand Gas & El cony Sf Bs_ _ _1926 J O 991s 9934 867S
Syracuse Lighting 1st g be__ _1951 J D 9158 5712 93 Dec'22 -8614 ---- 9912 July'221-Light & Power Co col tr s f 58'54 J J 107
Sale
'10J
107121 41
1941 M S
Toledo Edison 78
99
3
['renter'0& El 1st g 58
1949 MS WPC 9013. 15
95
99
5
Union Elec Lt & P let g 5s
1932 MS 0,2 98
Sale
9
87478
23
3
fs
)8
7
United Fuel Gas let of 65_4_1936 J J 97'i
Utah Light & Traction 5s___ _1944 AO 9178
Sale 91
90
52
1944 FA
Utah Power & Lt 1st Os
95 Mar'20
'
3 95
Utica Flee L & Pow 1st of 5s..1950
9112
04
,
4
9153
Jan'23
.9.9
1957
Utica Gas & Elec ref 55
9812 - -1 98 Dec'22
Wash Wat Powers f 59
1939 J J
9878 9714 Jan'23
Westches I.tg g Os strand gtd_1950 3D
West Penn Power Ser A 5s1946 MS 1'01% 19
u:413 92
213 10
92
2121 1109
1st 40-year 6s Series C____1958 J D 10412 10512 10
80,1,1 16
10413
c1946 FA
let series D 7s
Manufacturing & Industrial
1936 J D
Ajax Rubber 85
A 0
Am Arctic Chem 1st 5s
lst ref s 7.46s g
.
.
1928
Am Cot 011 debenture 5s
km Dock & Impt gu 63
1938 J
American Sugar Refining 6s 1937.
11 J
Am Writ Papers f 7-6e
5
J 13
39 5
Armour & Co 1st real est 4,33e 1939
Atlantic Fruit cony deb 733A_1934 J D
Baldw Loco Works 1st 5s__ _1940 M N
Booth Fisheries deb s f 6s_ _ _ _ 1926 A 0
j
A 0
Bush Terminal 1st
Consol5s
Building 55 guar tax
4139
ex_
1119655052
9
Camaguey Sug 1st s g 7s __ _1942 A 0
Canada SS Lines 1st collet 78 1942 M N
,:ent Foundry 1st e 6s
1A 0
Cent Leather 20-year g
92
35
_1
19
Companla Azucarera Baraqua
1st s f 15-year g 7.)As
1937 J
Computing-Tab-Bet e f 6s_ _ _1941 J J
Corn Prod Refg s f g Is
1931 MN
1st 25-year e f 5s
Crown Cork de Seal Co of Balti1
-934
more 1st of 20yrg6e.__.J943F A
Cuba Cane Sugar cony 78._ _1930 J J
Cony deben stamped 8% 1930
J
Dery Corp D G 1st e f 20-yr
gold
942 M
M S
B
Cu
'I
L Sugar 1st coil 88_ 1931
Diamond Match s f deb 730_1936 m N
Distill Sec Con cony 1st g Ss-1927 A 0
E I du Pont Powder 4368_ _ _1936 J D
du Pont de Nemours dr Co 730'31 MN
8 f g 7,401937 MS
8tR
C
,
u9
b9
a8Srulgot158 tyr8s
E
Flass
J
J S
19 IM
7348
Framer ic Ind & Dev 20-Yr
'42
;
4
2 IM
1i
Francisco Sugar 734e
1
1;
General Baking 1st 25-yr 6s....1936 J D
Gen Electric deb g 330
Debenture bs
F A
A10
1940 F
g 68 FerFeb
20-year deb 8e
GenRefr 1st s f
Goodrich Co 63.4.1947 J J
Goodyear Tire & Rub let f 8.1 '41 M N
01931F A
10-year s I deb g &
Gray & Davis let cony at
xi NA
gold78F
Hershey Choc 1st s f g 6s
Holland-American Line 85_ _11909434722 M N
Ingersoll Rand let gold Se _1935 J J
let Aerie Corp let 20-yr 5s 1932 M N
Internet Cement cony
AO
D
2165
88
194
Inter Mercan Marine s1
1947.9 3
International Paper 58
1947.9 J
1st & ref be B
1947 J J
Jurgene Works (Se
Kayser & Co 78
M N
A
1931
942 F
Kelly-Springfield Tire 89_
Kinney Co 7355
O
365 D
Liggett & Myers Tobae 7s_ 1944A
1951 F A
bs
A AO
1F
194
964
Lorillard Co (P) 75
58
1942 A 0
Menet'Sugar 7345
Merchants & Mfrs Exch 78_ _1942 J D
1931 J .1
Morris & Co 1st s f 4348
2A 0
196
36
Mortgage Bond 48
fa
Nat Enam & Stampg let 58_1929 J D
Nat Starch 20-year deb 59_1930 J .1
N Y Air Brake let cony 68___1928 MN
lOSlF A
N Y Dock 50-yr lst g 4s
NY Steam let 25-yr 65 Ser A_1947 M N
Packard Motor Car 10-yr 8s.,1031 A 0
1937
1J
M N
j
Porto Rican Am Tob 88
Punta Alegre Sugar 711
1937N
Remington Arms 65
Robbins & Myers 1st 2,5-years f
1952
42 ,8
J D
9
ld coupon 7s
go
Sake Co 7e
St Joseph Stk Yds lat g 4335-1930 J J

C.tg,

9612 97
961s
Nu Sale ,100
104 Sale 10312
r,0
3912
111634 ---- 10573
19_12 Sale 10412
8514 Sale 8434
9914 dale 88
31
3514 281s
10112 102 10.38
70
90
8712
8653 - - - - 8812
8634 89
4,12
9234 93
9258
91314 9.13 9312
-_-- 9412 9414
87
8912 87
0978 Sale I 9834

Range
Year
1922

7714 95
79
8814
8512 93
81
81
99A 10012
9112 995
10612 11134
9312 10512
8118 9714
8478 85
9712 9912
8712 9414
93
9978
10534 11234
92% 101%
76
8514
9712 10132
9412 9412
94 10134
10132 105 2
94 9912
88
95
98 10312
90
9012
90
99
79
9334
93 10012
8634 9478
8754 9512
10114 110
85
9812
89 •99
92 99
7812 95
9875 10212
9312 10114
8612 94511
8512 9312
104 109
71;
1 9734
9214 9934
8712 8912
8818 95
91
'3184
95
9934,
97 10018,
39
9514
9918108
10278 10713,

96121 13
I 13
10.12. 163
7912'
4
Dec'22 10512 113
81,14
lb
9834 83
Dec'22 -10212 14
Oct'21,_ Dec'22 -8912 14
93
12
9734 110
9414
1
84
3
9912 116

95 1034
8112 100
100 10534.
7812 93
10478 10812
9712 10478
80 88
8612 94
2312 4858
9918 10312

9934 Sale 100
10058 17
9038 90
98
12
100 Dec'22 -9912 _ _ _ 9912 100
,2
3

98 103
p114 100
95
Nit
96 10134

-- 9312 9212
86 Sale 87$8
9112 Sale 91

loo

7714
8214
8814
971s
94
7'6
9514

88
9412
96
99
9612
9112
99i8

0412 23 8518 9813
8778
8 60 91
9212 101 5412 gg

98 Sale 96
9812 13 9712 101
10714 10712 10713
10734 24 10113 108
10712 Sale 10714 10712 17 10814 11012
:.61.2 30
6312
22 34
54
8918 9.) I 90 Dec'22
8712 90
108 Sale 10714
10812 110 10314 10812
9412 95
9.02
9 ,34 58 9314 1001s
103 Sale .1974
10812 75 997s 10812
9714 Sale I 9713
80 8512 10214
99
10113 Sale 10o78
10214 18 9914 104
101 103 10012 Oct'22
97 19022
78
'3914 78
13 7034 82
78
105 Bale 1102
10214 63 95 10234.
105 10618 105
10512 61 103 In
9914 Sale 101
10132 21 97 100
10112 Sale 10012 102
164 9774 104
115 Sale 11354
11512 101 11014 117
10034 Sale 9934 10112 281
9612 10334
97
9313 97
99
4 00 100
9678 Sale 904
9812 9834
842 93
Nov'22 -.8
707'2 9
7:112 9
75
6:
6 4 Jan
'.
9
'
8223
4 -1
_1
19
79
- -721E -8112
11313 Sale 112
1153/ 20 102 11412
9014 66 89 9912
879899414 Salega6ale 7899993143
8678 78 8313 9034
8314 904
7414 98
10
86
478 8
1ai
llie 10
85
3
102 10812
11
083
6 4 11
09
614 110
14
.,34
34 10
:
808
16
76°
32
8
58
4 6
4999
4
057 10178 110
100 ____ 9934
100
8 97 101
11614 52 112 120
2 917s 10012
15
98
724 8
9
19
15
714 1118
6 1915712
112 11914
9218 101
9
7
138
5
07,5
2 9
75
712 99751152
9614 10014
98
9934
78
9134
9
896
2
6122 8
:7
1:2 9
8892
3.3)12 A
Ja
Pn
'
9gsr 8'982
14
3 --512- 23!
9
77
02 _8_0_ _ 9
79
4 Dec'22_,-77-14
-9338 ---95 95
95 Sept'22
10212 1011z 101
10112 -- -4
- 97 10212
8253
70
0 74
9638 9978
10
98
7 Sale10
97
1 98 108
7
10
9 12, 47
__-- 10312 104 Nov'22
99 10484
107 Sale 10612 10734 58 10114 11184
9414 Sale1 9478
9313 18 9312 981a
98 Sale 98
98
102 10214 10112 102
8512 ___-1 857s Dec'22

3 98
4912
10 9812 10354
8614 8614

April. anis Mar. 11Dtle May. gDue June. liDue July. kDue Aug. oDue Oct. *Due Dec. *Option sale.

THE CHRONICLE

JAN.20 1923.]

New York Bond Record-Concluded-Page 5

285

Quotations for Sundry Securities

All bond prices are "and Interest- except where marked "f.'
Standard Oil Stocks Par Bid. Ask. RR. Equipments-Per Cl. Basis.
Price
Week's
i i Range
BONDS
Anglo-American Oil new_ £1 *1814 1102 Atlan Coast Line 65 Jr 6945 5.65 5.05
Friday
Range or
,,
Year
N.Y
Y.STOCK EXCHANGE. tt
Atlantic Refining new __100 135 145
Baltimore & Ohio 4SO & 6s_ 5.60 5.00
)--, a.
Jan 19
Last Sale
tn
1922
Week ending Jan 19
Preferred
100 120 122 Buff Koch & Pitts 4s & 4345 5.15 4.60
•
Borne
Serymser
Co
5.45 5.15
100
112
110
Equipment(is
Bid
Ask Low
High No. Low High
Buckeye Pipe Line Co_ _ _ 50 *89
90 Canadian Pacific 445 & Os. 5.25 5.00
10014 53 94 103
South Porte Rico sugar 70_ _ _1941 3 D 9913 Sale 19
Chesebrough
Mfg
new_
6.10 5.50
_100
215225
Caro
Clinchfield
&
Ohio
58.,_
_
_
_
91%
_
112
Water
-__
63
_
__
1923
July'04
Yuba
J
J
____
South
Preferred new
5.6) 5.1.5
100 111 115 Central of Georgia 4%5__
1930 M N 9718 Sale 9718
97%
1 96 11111
Standard Milling lst Le
Continental 011
100 157 159 Central RR of NJ (is
5.50 5.25
9612
7 97
98
Sugar Estates (Orient') 75.__1912 M 5 9612 Sale 951
Crescent
Pipe
Line
Co
50
O44
5.10
45
5.70
Chesapeake&
Ohio
(is&
6%5
43 9734 108
Tobacco Prodnote 5 f 7s
1931 J D 10317 Sale 10312
104
Cumberland Pipe Line new_ 87
90
5.30 5.00
Equipment 5s
____ 10434 June'22 ____ 3812 1047
Union Bag & Paper 1s6 5s_ _ _1930 J J
Eureka Pipe Line Co
100 1105 107 Chicago & Alton 65
6.50 6.00
1942 as N ---65
99
28 9614 101
9712 Sale 0712
60 Chicago Burl de Quincy 65
5.60 5.25
104
Union Tank Car equip 7/1.._ _1930 F A 102 10434 10312
23 10214 10114 Galena Signal Oil corn._ _100 59
Preferred old
100 109 111
Chicago & Eastern III 53.0.. 6.00 5.50
United Drug cony 88
1941 3 13 11334 Sale 11234
11334 59 104 113
Preferred
new
10),
100
107
5.00
Chicago
5.60
Ind
&
Loulev
430.
Ltd
SS
Co
(The)
CopenUnited
100 166 168 Chicago St Louts Jr NO 58_ 5.25 5.00
hagen int rets 15-yr 5 f fis_ A937 M N - -- - 89
90
4 894 9513 Illinois Pipe Line
93
Indiana Pipe Line Co_ _..50 O95
97 Chicago & N W 4345
5.20 4.75
United Stores Realty Corp 20-yr
International Petrol (no par) *2034 21
10
Equipment 135 & 6945- - - 5.65 5.20
of deb gold 6);
1942 A 0 16012 Sale 10012 10114 122' 9934 103
National Transit Co _ _12.50 O27
2712 Chic RI & Pas 4%13. 58.£03- 6
10
0
.50
70 5.5
5.
1:1 8 Hoffman Mach 88
10212
8 98 105
1932 3 .) 102 10434 10212
Colorado & Southern 55, 68_ 6.65 5.30
US Realty & I cony deb g 55A924 ..j J
Wit
100
3 92 10012 New York Transit Co_ _ _100 13) 131
WS 100
Delaware & Hudson 65
U S Rubber 5-year sec 78_ _ _1923 J 13 --_ 02 Nov'22 ____ 10012 10412 Northern Pipe Line Co_ _100 106 108
25 *7613 7712 Erie 450, 56 & 65
Ohio Oil new
8.0)
1st & ref 58 series A
91
8812 291 88
1947 J J
g78 §i11-8 8778
25 O17
19 Great Northern 613
5.55 5.25
10-year 7945
1930 F A 10) 34 10712 10717 10878 17 10)38 11012 Penn Niex Fuel Co
Va-Caro Chem let 15-yr 5s 1923 J D 10014 10038 10014
10012 51 93 10112 Prairie Oil & Gas new_.100 229 232 Hocking Valley 4545, 58& 1313
i00 111 112 Illinois Central 4355. 58 & 68 5..6
5 89
9 5..0
20
5
Cony deb Os
e1924 A 0 10014 102 10014 Jan'23 ____ 931 10012 Prairie Pipe Line new
Solar Refining
100 180 185
Equipment 75 & 634s...._ 5.25 5.00
997
75
1947 J D 97 Sale 97
98
97 95
Southern Pipe Line Co_ _100 103 101 Kanawha & Mich 494s, 68_ _ 5.75 5.15
12-year 8 f 7348
91%
1937 .1 .; 9213 93
9334 123 90 1057
100 171 173 Louisville & Nashville 55_ _ _ 5.20 4.75
without warrants attached-__ J J 874 Sale 8712
8712 61 82
9814 South Penn Oil
72
5.60 5.00
Equipment 65 Jr
Warner Sugar 78
1941 3 D 10314 101,34 10512 106
51 994 10412 Southwest Pa Pipe Lines.100 69
West Electric lot 5s_ _Dee 1922 .1 J --,- -_ _ 99% Dec'22 ____ 99 10012 Standard 011 (California) _ _ *59% 5913 Michigan Central 58, 68_ _ 5.35 5.09
Standard 011 (Indiana)_ _ 25 *6134 62 Minn St P & S 11 4;is & 56 5.60 5.10
Westinghouse E A m -fa
1931 NI N 108 Sale 108
10812 103 105 109
Equipment 6948 Jr 78_.- 5.65 5.25
Wilson de Co let 25-yr s ftis 1941 A 0 109 Sale 100
102
45 93 10234 Standard Oil (Kan) new 25 *4313 44
90
Missouri Kansas & Texas 58 5.65 5.30
10-year cony of (is
1928 J D 9-13 Sale 92
9314 52 84 10012 Standard Oil (Kentucky) 25 *1,8
5.50 5.10
Standard 011 (Nebraska) 100 210 220 Missouri Pacific 55
Temporary 754s
10334 37 9413 110
1931 F A 10234 Sale 10234
5.75 5.25
Equipment 68 Jr
Winchester Arms 7945
104
1941 A 0 1034 Sale 102
30 10012 10412 Standard Oil of New Jer_25 O1078 4118
•1163
4
11714
100
Preferred
Ohio
4%5,
58_
_
_
_
Mobile
&
1
Standard 011 of New Y'k. 25 *4614 4617 New York Central 494s, 55_
Oils
I
991 Sale 9914
5
55..6
265
0
9 5
65...W2
10
5
Equipment 65 & 7s
Atlantic Refg deb 58
1937 J .1
9913 95 9712 10^38 Standard 011 (Ohio) new___ 298 303
100 117 119
Preferred
NY Ontario & Western 4345 5.75 5.25
Barnsdall Corp s f cony 8% A.1931 J J 10212 103 10214 103
33 99 10734
5.25 4.75
24
100 22
Swan & Finch
Norfolk & Western 4SO
Series B
101% Dec'22 ____ 10178 108
1931 .1 J -.75.30 5.05
84
Northern Pacific 7s
Humble Oil& Refining 5%8 _1932 J 3 10831 Sale 9812
99
224 97 1003g Union Tank Car Co__.100 80
5.35 5.10
100 11012 112 Pacific Fruit Express 7s__
Preferred
Invincible 01188
_
110 Nov'22 ____ 1 8434 110
1931 m A
4.75
5.10
*1514
25
4513
new
Pennsylvania
Vacuum
RR
Jr
011
4
tis_
48
Markind Oils f 8s with waents '31 A 0 1104 11212 109
90
126
11012 16
5.53 5.00
30
10 O26
Washington Oil
Equipment65
without warrant attaohed__ _ A 0 100 103 103
10338
2 9118 106
Pitts & Lake Erie 68& 634s_ 5.40 5.10
734s Ser B
•
1931 F A 10314 104 102
Jan'23
6 0712 120%
5.10 4.80
Other Oil Stocks
Reading Co 4945
Mexican Petroleum s 1 88_ _ 1936 MN 1077 Sale 107%
10834 38 99 1097
Pan-Amer P & T lot 10-yr 76_1930 F A 10214 Sale 102
10212 16 9412 1031: Atlantic Lobos 011 (no par) 0634 7 St Louis Iron Mt & Sau 5s_ _ 5.75 5.15
30 St Louis & San Francisco 55_ 5.50 5.10
50 *22
Preferred
96
Pierce Oil a f 88
1931 J D 964 93
96
2 9213 10278
O38% 59 Seaboard Air Line 4948 Jr 5s_
Gulf Oil (new)
Prod de Ref 8 f 8s(w1th warMbl)'31
D 12314 Sale 125
12514
9 99 123
5.15 4.75
134
Humble Oil & Ref new _ 25 '
36 Southern Pacific Co 414s
without warrants attached__ _ 3 D 11.173s Sale 107
108% 23 99 109
25 *111 112
30 5
5..00
50
Imperial 011
Equipment 75
Sinclair Con Oil cony 7%5_1925 M N ---- - - 10278 Nov'22 ____ 98 1107
Magnolia Petroleum_ _ _ _100 162 164 Southern Ry 4%8,5s & 138_ _ 5.75 5.10
1937 al s 1031e Sall 10014 10114 132 9734 102
15-year 78
5.30
*918
Corporation_
5.75
10
Oil
Merritt
914
Toledo
&
Ohio
Sinclair Crude 011 594ti
Central
BEL
1925 A 0 984 Sale 9814
99
11.17 97 10018
5.00
30
5 *9
8
5.
.2
20
5 8
10 Union Pacific 75
Mexican Eagle Oil
Sinclair Pipe Line 20-yr of g Is
I
Mountain Producers Corp_ _ •168 1718 Virginian Ry 6s
due
1942 A CI.1
1614 Sale 8614
885 3.93 8734 95
2118
Producers
208
Salt
Creek
Tobacco
Standard 01101 Cal 78
Stocks
Sale
1054
o193 F A 1012
56 10412 10812
107
731e
Tide Water 011 tHis
American Cigar common.100 72
1931 p A 103 Sale 1027s
103% 45 100 104%
92
Public Utilities
Union 011 Es
Preferred
100 89
96
95 Dec'22
1931 J J 95
911e 9413
110
•151
50
Elec,
100
coin_
_
Amer
Gas
&
154
Amer Machine AC Fdry_ _100
6e
_191 F A 10112 10238 1013s 102
74 1011€ 102%
461
3 9
44
714 American Tobacco scrip_ _ _ •145 149
50 •9
Preferred
MAN
Deb 6s 2014
Mining
British-Amer Tobac ord_ £1 *1912 20
614 8
Alaska Gold M deb 88 A___1925 m A
38
3 13
32
1 Brit-Amer
bearer £1 *1912 20
659 Jan'23 ____
512 1212 Amer Light & Tree,corn _100 12
96 Helms(Geo W)Co.com.100 185 193
100 94
Preferred
Cony deb 6s eeries B
131
1926 m s
5% 107e
812 614 Jan'23____
_100
Power
&
Lt,
com_
Amer
Am.Sm dr R 18t 30-yr 5s ser A 194 A 0 914 Sale 9313
100 113 118
: 98
9212 161 881
1712
85 8
100 02
Braden Cop M coil tr of Os 1931 F Ah3
Preferred
i6
214 Imperial Tob of G B Irel'd •17
49 8 9812 93%
9911 58 03 10014
49
51
MAO
Cerro de Pasco Cop 8s
Deb
68
2016
Int.
Cig.
Machinery
193 J J 133 131 130
13514 117 110 137
90
Chile Copper 10-yr cony 7€.,..1923 MN 11412 11434 11314
16 Johnson Tin Foil & Met_100 80
119 1083 99 11334 Amer Public Util, com_ _100 13
100 33
Coll tr & cony Os ser A __ _1932A 012.!,14 9718 96 3
Preferred
100 129 132
MacAndrews Se Forbes_ _100
36
988 545 84 9734
BlackstoneVaIG&E,com 50 *6
Granby Cons M S& P cOn (is A '28 MN " 95 911j Jan'23 - 86
76
5
6
77
8
Preferred
99
31
Carolina Pow & Lt, com_100
Stamped
Mengel
ScripCo
100 29
1928 m N
92 95
92 Nov'22 ____ 87
99
75
Cities Service Co, cons_ _100 179 181
Cony deben 88
Porto Rican-Amer Tob_ _100 15
1925 MN ,.
9797% 10 86 102
97
080
90
100 6714 6734
Preferred
Magma Cop 110-yr cony g 7s...A932 J D 335 "
11514 11538 1153€
9 10059123
1812 Schulte Ret Stores_(no Par) 053 55
Cities Service BankersShares •18
Tennessee Cop let cony lis _ _1925 e4 N 9912 1001 100
100
9 9212 IGO
20
2112
U S Smelt Ref dr M cony Os...1926 F A 10018 10114 10014
100 110 115
10.34 15 967 10313 Colorado Power, com_ _ _100 92
100
96
Preferred
Universal Leaf T
1 ob corn. 100 113 118
27
Com'w'th Pow,Ry & Lt_100 25
100 100 103
Coal. Iron and Steel
100 64
Preferred
66
S) Co
Beth Steel lot ext a f 58
100 100 105
YoPrunegferr(Jed
1926 J J 99
99
17 94 100%
..,
9914 98
100 105
1812
Share. pref _100 97
Elec
Bond
&
lst &ref 58 guar A
100
Preferred
vti Sale
91.
1
194 M N
96
73 891* 100
51
Federal Light & Trac _ _100 50
20-yr p m A imp a f 5,2
Rubber Stocks (Clad and pr ices)
193 42 J 93 Sale 92395
4
9313 102 86
74
100
Preferred
Firestone Tire & Rub,com.10 73
Gi A
1948 F A 9i Sale 9778
997 161 98 10112
*733
98
17
18754
100 97
Brier Hill Steel let 5545
_..1942 A 0 ,
96
.. Sale 95%
96% 129 91 100% Lehigh Pow Sec_ _ _(no par) 261
274
8
Mississippi Riv Pow,com100
7%
% preferred
err
erred
Buff & Susq Iron of 58
100 9112 93
193 .1 D 8114 78 Aug'21 ____ ---001
3
100 8
Preferred
824214
PreferredGen'l Tire& Rub,com_100 375
ColoF & 1 Co gens f 55
8913 8814 Jan'23 ____ 82 9212
1943 F A
First Mtge 55, 1951_J&J
Col Indus lot & coil 5s gu
100 98
7612 77
193 F A
7613
10 71
77
82
00
0 100
42 Goodeyea
S f g deb 7s 1935_ _ _M&N 13
rrrTire & R,com.100 10
Cons Coal of Md lot & ref 58_195 J D 8712 Sale 8759
8912 70 88
9234 Nat Pow & L, com_(no par)
Preferred
100 3312
Donner Steel let ref 20-yr sf 75
(no par) 8012 8112
Preferred
100 7712 7912
Prior preferred
Series AA
194 J 3 8834 Sale 843€
8934 22 88% 9812
J&J
83
Inc 75 1072
f_
Elk Horn Coal oonv Ils
Gmoler
od
ll y'rR of Can, p100
1925 J 0100
804P.
9912
9912
1 964 10234
853
07
10
73
8934
Else
(no
Northern
Ohio
par)
Rubber
Illinois Steel deb 434s
100 72
1940 A 0
9112 911
9612 69 8612 937
103 10412
100
Preferred
Preferred
Indiana Steel lot be
1952 M N 10.% 101 10078
10134 72 964 101
12
15
31
91
Pow,
com_100
North
States
96
33
Mohawk
100
160
Lackawanna Steel lot g Ss
Sale 100
1923 A 0
11 9334 10012
100
75
70
100 92
Preferred
91
lot cons be series A
Preferred
697 KO
1950 M
91
01% 35 82 9134
81
45
35
84
Co,
cOm_100
Nor
Texas
Else
Swinehart
Tire
Lehigh C de Nav s f 4%9 A_ _ _1954 J j 100 ,
&
11,00131-100
4- - 9412 June'22 90 94
81
100 78
Preferred
Sugar Stocks
Midvale Steel &0°oily a f 58_1936 M
90 Sale 89
90
923
13
National Tube lot Aa
Caracas Sugar
91
50 *11
1952 M N 1UU 10)78 10012 101
8 9459101', Pacific Gas& El, lot pref 100 90
51
&
Lt
_
_100
Sound
Pow
Puget
56
Otis Steel 88
Cent Aguirre Sugar cam- 20 *831 85
98 Sale 9712
1941 F A
22 9612 103
99
•14 114
80
83 central Sugar Corp.(no par)
100
lot 25-yr s I g 7jis Sec 13_ _ _1947 F A 92 Sale e2
6% preferred
35 92 96%
93
3
1
100 101 106
7% preferred
Pleasant Val Coal 1st g s f 55_1928 J j 83 90
Preferred
100
Si) Apr'22 ___ 80
80
13
1 10
35
1512
8 Cupr
Pocah Con Colliers 1st s f 58_1957 J J 908 92
Gen Ii 794s 1941_ _..M&N 10
peeyfeS
rrued
gar common_ _ _100 25
9259 Dec'22 -___ 8312 917
85
Repub I & 13 10-30-yr 55 5 f 1940 A 0 95 9534 95%
100 45
45 90 9818 Republic Ry dr Light _100 42
96
Rogers-Brown Iron Co 20-year gen
100
Preferred
44% Fajardo Sugar
10:1 831 91
& ref mtge gold 78
0312 1101112 Federal
6) 65
South Calif Edison,com_100 12)
_1
Sugar Ref. com00
1941 M N -,- 9234 93
prfe
erred
S
1 93 100
93
St L Rock Mt dr P )58(Amp& _1955 J J 84
95 105
121
100
Preferred
Preferred
4
78
85
8412
88
8412
Sharon Steel Hoop lot 85 ser A1941 At gi 9812 99
18
Standard Gas & El (Del) 50 •1814 1914 Godchaux Sug, Inc-018 9,09 •15
9813
7 93 102
9914
87
Steel & Tube gen of 7s oer C.1951 j j 10(14 10312
50 0484 4914
Preferred
100 84
Preferred
49 95 10;
106
104
Tenn Coal I & RR gen 5s1951 J 3 10034 10159101
82
:4
1112
4
.78
par)
Tennessee
4
151
6
Else
Pow
(no
2
new25
100
Greae
tfNVes
r tern Sug
101
15 97 10059
U 33 Steel Corp(001113
(no par)
preferred
100 107 108
Preferred
61963 MN 10.1% Sale 10314
240 9912 1041,
104
of 10-60-yr 5s reg
•1s
2313 2
22
United Lt. & Rys, com_ _100 70
78
1
HollyS
ertirgCorp,com.(noPar)
ed
61963 MN -zz.,- - 4:- 10) Jan'23 ____ 99 10411
Victor Fuel Co lets I 56
1st preferred
100
100 63 67
1953 J J 00'8 75
Preferred
56 Nov'22 ---- 56
653
4
Va Iron Coal& Coke let g 55_1949 M A 93
100
32
Western
_100
Power
Corp_
_
31
Central
Sugar__
_100
95
Juncos
93
Jan'i3 ____ 87
9531
Wickwire Sinn Steel let 78_1935 J J 9713 Sale 9714
Preferred
100 80
85 National Sugar Refining _100 105 107
29 95 103
98
7
11
SantaCeciliaSugcorp,pf.100
Telegraph and Telephone
Short Term Securities-Pe r Cent
100 050
Savannah Sag,com_(no per)
Adams Express coil Ira 45_ _1918 M 8 8014 Sale 80
Am Cot Oil (is 1924_ _ M&S2 9614 9634
102 105
Preferred
83
31 74
80
Am Telep de Teleg coil tr 48_1920 J J 9113 dale 9112
Amer Tel & Tel(is 1921_ F&A 10118 1008 west India Sug Fin,com_100 40
60
9212 257 861 937
Convertible 45
8(14 8312 8713
1936 M A
40
100 30
Preferred
8712
4 8014 921, Anaconda Cop M in 65'29 J&J 102 10214
20-year cony 494s
7s 1929 Series B
1933 M S 10)38 105 10114
J&J 10378 10118 Industrial&Miscellaneous
10134 10 9534 1041;
30-year temp ooll tr 59
52
1946 J D 9(13 Sale 9734
Anglo-Amer 0117%5'25 A&O 10314 10359 American Hardware__ _ _100 50
993 720 9113 1007e
7-year convertible Os
1925 F A 11512 11013 11512
Arm'r&Co7sJuly15'30J&J15 10614 10559 Amer Typefounders.corn.100 65
89
11634 131 108 120
Bell Teloph of Past 7s A _ _ _ _1945 A 0 10734 sale 10712 10814 101 107 1091,
Deb 65 J'ne 15'23 J&D15 100 - - -100 98 100
Preferred
Cent Dist Tel lot 30-year 55_ _1943 J D 1934 Sale 9934 100
Deb 65 J'ne 15'24-1&1315 10
0 134
7 97% 10014
Atlas Powder
100 150 165
Commercial Cable 1st g 45_2397 Q 3
Beth St 7% July 15'23J&J15
7112
33
106
7512
4 72
Bliss
Preferred(E‘i7 Co. new (no par *30
78
Cumb T & T lot & gee 58_ _ _ _1937 J J 9312 933Canadian Par Os 1924 Isi&S2 10118 1013
65
4 9618
9612
85*60
7 882 96
Keystone Telep Co 1st 5s_ _ _ _1935 J .1 -------9459 July'21
Federal Sug Ref6s'24_1M&N 101 10138 Borden Company,com_100 115 117
1924 F A 9934 9978 9934
Hocking Valley 65 1924 M&S 10035 11)34
Mich State Teleph lot 5s_
Preferred
9934 31 944 100
100 100 102
New England Tel & Tel 150 _ _1952 J D 9914 Sale 90
Interboro R T 881922 _M&S 9
47
9938 2(9 97 100
98 102
Company
d ed
Cepr
lluelfoeirr
10
K C Term Ry Os'23 MJeN15 10034 101
N y Telep 1st A gen 8 8 4%5.1939 MN
9178 93
93
94
101 8814 97
100 106 110
6945 July 1931
J&J 10212 10112 Childs Co,common
30-year deben s f 6e_ -Feb 1949 F A 10612 107 10612 108
22 10134 1037,
100 121 127
Laclede Gas 78 Jan'29_F&A 101 10114
20-year refunding gold 66_1941 A go 10513 107 10112 11,612 150 10159 101114
Preferred
100 108 110
Lehigh Pow Sec 65'27_F&A 9112 9212 Hercules Powder
lot 7s A.1911 F A 10734 Sale 10714
99
Northweat'n Bell
108
198 10-78 10834
100 95
Sloss
1937
J
Shelf S & 165'29_ FAA
.1
9859
lot
Sale
Es
9812
Tel
Tel
&
9959
88
917
Pacific
101)
0 101 103
100
Swift
&
1952 MN 913€ Sale 911e
Co 78 Aug 15 1931._ 10
10214
92
71 10
913 158 90
92
412 IntPrerenfaetrrioed Salt
95
100 83
US Rubber 7945 1930_F&A 108 109 International Silver. pf 10 100
9534 40 9134 9934
Muth Bell Tel & T 1st 8 f 5s_1941 J J 9434 Sale 9113
Joint Stk Land Bk Bonds
9212
99
Lehigh Valley Coal Sales. 5 •90
991
21 10% 101
Western Union coil Sr cur 58_ _ 1938 J J 95% '19
Chic Jt Stk Land Bk 55_1939 9984 10034 Phelps Dodge Corp
921
8 8312 95
Fund & real estate g 4)48_ _1950 M N 92 922 92
100 160 165
55
1951
opt
1936
F
A
110
1931
127
Sale
IO2e
1033€
Royal
Baking
110
111
76
120
Pow,
10512 114
15-year 6945 g
cora_100
55 1952 opt 1932
103 1031
: Preferred
Mut Un gtd bdsext 5%.-- 1941 MN 917k ____ 10112 Sept'17 .___ ___
100 97 101
5%s 1951 opt 1931
lOSli 1061: Singer Manufacturing_.100 10,1 110
NorthW T lot Id g 4%)3 g1d1934 .1 J --------94 Aug'22 --__ 94
94
•Per share. SHoals. d Purchaser also pays accrued dividend.
New stock.
Flat price. s Last Bale. p Ex-special dtvidend of $15. n Nominal x Ex-ellv.
*No price Friday: latest bid and asked a Due Jan. d Due Apr. c Due Mar. e Due
f Ex-stock div. nEx cash and stock dividends,
Mock
Ex-100%
May. gDueJUno. h Due July. k Due Att.( o Due Oot. I Due Dee. t Option sale.
dividend.
Ziss

-1

567

155"
1184
3412
ss

iLi 83

20

ao

54

T

aa




16E-

BOSTON STOCK EXCHANGE-Stock Recordse.B.17:...

286

HIGH AND WW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday.
Jan. 13.

Monday.
Jan. 15.

Tuesday,
Jan. 16.

147 148
148 148
*148 150
81
8112 8178 8178
81
81
97/
1
4 *95
9712
•____ 9712 *95
____ 121 121
•120 - --- *120
103 103
103 103
103 103
1714 1714 17
1
4 17
17
20/
22
*2219 - - 2212 221, 22
*28
30
*2834 - - 2834 29
*41
4413
*45 ---- *45
40
40 -40
40
42
*40
58
5814 58
5834 58
•58
_16014 16014
*16014 ---- *16014
1
4 21
2013 /07
; 20/
+2013 21
72
. 71
7112 71
711
*71
63
6313
59
5913 5912 64
37
3934
38
*3714 3812 37
35
3734 3734 39
38
*35
45
45
•43
*43
45
*43
1778 18/
1
4 1634 1814 1738 1734
+_ _ 82
*_ _
535
36 '
36
9613 9612 *9614 97

*73 /5"37
•35
*__-- 961
/
4

Wednesday. Thursday,
Jan. 17.
Jan. 18.
147 147 *145
81
81
81
9812 .97
*97
12034 121 '120
103 103
103
17
17
17
*22
____
2134
2814 2814 2814
40
40
40
40
40
*38
*56
58
57
160 160 *160
20
21
1913
71 •
7012 72
63
6313 63
381
/
4 3813 *37
3712 3712 *35
*44
45 I *44
1714 1734 17/
1
4

35
35
9614 97

148
81
9812
121
103
17
2134
2814
40

?May.
Jan. 19.
115
81

147
82

i§o102
1658
-------

116.102
1634
-------

57
-- 1620
1934
72
6312 -6538
3812
38
39
45
181s 1818

75

77

-56-

96

1-661934
6313
3812
39
181s

9714 98
7412 77

Sale.
for
the
Week.

STOCKS
BOSTON STOCK
EXCHANGE

Shares
Railroads
157 Boston St Albany
100
411 Boston Elevated
100
Do pref
100
Do 1st pref
40
100
Do 2d pref
98
100
278 Boston de Maine
100
Do pref
38
100
Do Series A 1st pref__ _100
49
Do Series B 1st pref_ ....100
5
Do Series C 1st pref
68
100
Do Series D 1st pref....100
81
17 Boston & Providence
100
391 East Mass Street Ry Co 100
Do 1st pref
201
100
1,284
Do pref B
100
Do adjustment
91
100
263 East Mass St Ry (tr ctfs) _100
Maine Central
100
1,984 N Y N H & Hartford
100
Northern New Hampshlre_100
9 Norwich & Worcester pref_100
149 Old Colony
100
20 Rutland prof
100
35 Vermont & Massachusetts..100

Rtnge for Year 1922
Lotoett
130/
1
4 Jan 4
7313 Feb 20
94/
1
4 Mar 1
116 June 22
1014 Nov 20
14 Jan 10
20 Jan 9
22 Jan 5
36 Jan 17
30 Jan 9
40 Jan 12
125 Jan 12
18 July 13
66 Aug 14
51 July 13
28 July 14
29 July
2712 Jan 30
1214 Jan 3
69 Jan 10
58 Jan 17
57 Jan 6
15 Jan 20
78 Jan 23

Highest
152 May 22
/
4SePt 12
891
105 Sept 13
126 Sept 27
109 Sept 13
3112MaY 20
37 Apr 8
44/
1
4 Apr 26
62 May 20
54 May 25
7712May 1
163 July 17
26',July31
77 July 14
60 Nov 16
47 Aug 17
47 Aug -55 Oct 21
3478May 22
.96 July 19
103/
1
4 Dec 22
9814May 23
52/
1
4June 5
100 Aug 7

PER SHARE
Range for
Year 1921
Lowest

Apr 133
119
6178 Jan 79
78 Jan 100




Nov
Nov
Dee

4 Feb
13/
1
4 Dec ii81613 Nov 30 Jan
19 Aug 33 Jan
27 Nov 47 Feb
24 Nov 40 Jan
36 Nov 58 Jan
Jan
110 June 133
-_-___

16- Dec
12 Dec
60 Apr
51 Nov
Oct
50
15 Apr
89 Nov

Miscellaneous
750 Amer Pneumatic Service
25
212 Dec 29
414 Jan 27
2 Jan
Do pref
334
50 13 Feb 20 2014 Aug 10
818 Jan
4,401 Amer Telephone & Teleg 100 114/
1
4 Jan 3 12814 Aug 31
9918 Jan
No par 104 Jan 10 121 Dec 18
597 Amoskeag Mfg
74 Jan
75
Do pref
No Par 80 Nov 6 91 Aug 24
78 Feb
Art Metal Construe Inc___ 10 14 Nov 16 2012May 19
12
Jan
Atlas Tack Corp
No par 13 Jan 7 22 May 4
1284 Dee
5 Boston Gas Co, pref
100 10134 Aug _
107 Des
305 Boston Meg Pet True__No par
.10Sept 14
.50May 4
.15 July
825 Connor (John T)
10 1534 Jan 4 30/
1
4 Dec 26
913 July
East Boston Land
10
3 Jan 4
6 Apr 21
3
Oct
405 Eastern Manufacturing_ 5
7 Dec 6 1414 Feb 10
04 Oct
760 Eastern SS Lines Inc
25 3813 Jan 4 8912 Oct 21
16
Jan
Do pre
so 42 Jan 7 48 Sept 1
42 Nov
17113 17134 216813 16813 168 1614 167 16814 16814 1-68F34 ii§- 16834
739 Edison Electric Ilium
100 156 Mar 2 185 Sept I 14214 Oct
1034
1034 *10
10 Elder Corporation
No par
*10
1034 1014 1014 *10
3 Mar 14 13 May 17
3 Nov
1034 *10
2818 2834 29
*2734
89 Galveston-Houston Elec__100 28 Dec 19 39 Aug 15
2712 2712 2713 2713 *28
1
4
1213 12
12
1214 12/
Gardner Motor
988 Sept
9 Nov 27 1614 Apr 6
*1214 1234 •1214 1234 12
No Par
2012 2034 21
2012 21
2012 2013 2013 21
21
20
21
313 Greenfield Tap & Die
25 17 Dec 20 2714 Feb 27
1914 Dec
5812 5914 5713 5914 58
59
58
59
5838 5834 2,015 Hood Rubber
5812 59
No par 43 Mar 9 5438 Dec 30
3813 38
3813 3878 38
39
3713 3814 3712 3814 38
38
945 Internat Cement Corp_No par 26 Jan 20 3833May 6
19 July
+20
*20
Internal Cotton Mills
50 20 Nov 1 32 Jan 27
•20 ---- *20 ____ *20_
32 Dec
79
79
7712 7712
*76
80
*76 /9 - *76
74 Dec
10
Do met
100 60 Aug 5 85 Dec 1
*76
2/
1
4
118 Dec 28
*2
214
2
2
*2
214 *2
214 *2
50 International Products_No par
612 Mar 25
2 Sept
Do pref
100
*6
714 *6
7/
1
4 *6
7/
1
4 *6
150
512 Dec 4 17 Apr 1
5 Nov
7/
1
4 '6
714
5,2 712
Island Oil & Transp Corp
10
.62 Apr 15
3 Jan 24
2 Sept
7l
7/
1
4 712
7l --612 7
5/
1
4 Dec
634 733
7/
1
4 718
219 Libby, McNeill & Libby
10
11
/
4 Apr 24 1112June 3
718 --718
101
/
4 1034
•104 11
•1014 11
1012 1034 *1034 11
73 Loew's Theatres
25
8 July 1 13 Jan 16
3814 Dee
8384 84
87
8513 87
8512 8614 85
87
8612 8712 87
941 Massachusetts Gas Cos_.,100 63 Jan 3 9013 Nov 9
5384 Sept
*70
7012 70
7014 70
70
70
71
70
71
71
234
Do pref
5818 Oct
70
100 62 Jan 3 74 Oct 19
178 178 •177 178
*___ _ 178 •____ 178
176 176 •177 178
41 Mergenthaler Linotype__ 100 130 Jan 3 181 Oct 13 117 Sept
9
0
*8
9
9
9
9
9
9
90 Mexican Investment Inc
10 11 Dec 2D 2738June 26
1312 Sept
912
27
27
2778 27
27
27
27
11 Sept
330 Mississippi River Power_ 100 13 Jan 6 34 Aug 31
2712 2713 2712 -2/ -214
*80
82
*80
*80
82
80
80
*80
82
82
8013 8113
80
Do stamped pref
100 72/
1
4 Jan 9 8512 Oct 6
60 June
8
8
8
8!4
734 813
7/
1
4 8
712 8
634 Dec 21 114 Jan 21
214 Dec
712 8
1,419 National Leather
10
•.30 .50 •.30 .50 '5.30 .50 +.30 .50 •.30 .50
New England 011 Corp
.22 Dee 6
4 Aug
5 Jan 28
120 120
120 120
120 120
11934 120
120 121
282 New England Telephone.. _100 109 Jan 4 125 Sept 19
9512 Jan
1813 1813 1834 1834 18% 1834
19
1734 1734 1814 -1-81-4
19
310 Orpheum Circuit Inc)
1 13 Jan 10 28 Oct 5
1418 Dec
9834 99
9813 9834 9813 9813 98
9912 9812 99
9813
99
317 Pacific Mills
15434 Oct 4 192 Dec 26 146
Jan
16
*154 16
16
•1538 1612 1573 1578 16
16
1534 16
1218 Apr
Reece Button Hole
10 1212 Apr 18 18 July 17
*2/
1
4
•2/
1
4
•2/
1
4
_
*Ds
158 Dec _ _
65 Reece Folding Mach
10
a Mar..
213 Oct
•1
.1
*11,
7% Apr 5
_
•11
/
4
Simms Magneto
5
.50 Nov 17
3 Dee
10838 109
10812 10912 10914 10914 10813 16914
108% 1-0834 108 10813
540 Swift & Co
100 92/
1
4 Jan 3 11012Sept 12
88/
1
4 July
4734 4714 4714 4612 4713 47
•4634 4712 *47
47
47 June
4734 4734
342 Torrington
25 239 July 3 8112June 5
9
9
818 814 *7
8
*8
9
*7
8
713 712
159 Union Twist Drill
'5
10 Dec
8 Mar 29 1414 Feb 3
50
5113 4953 5034 4938 5058 4934 50/
1
4 50
5014 51
33 Sept
5034 16,658 United Shoe Mach Corp_. 25 37 Jan 4 45 Mar 24
27
2713 27/
1
4 2713 27
2634 27
221
Do pref
2214 Apr
2714 2713 2713 26% 27
25 25 Jan 3 272 July 15
2814 28/
1
4 22712 2734 2714 2734 2733 2734 2713 27/
1614 July
1
4 27% 2814 3,787 Ventura Consol Oil Fields_ 5 2172 Jan 27 3312June 2
3814 3878 3838 38/
1
4 3818 3812 38
3812 38
3814 38
3812 3,542 Waldorf System Inc
1678 Jan
10 2612 Jan 4 39 Dec 30
324 4
313 4
313 4
334 334
6 Dee
3/
1
4 334
645 Waltham Watch
2/
1
4 Nov 29 1484 Apr 26
312 338
100
1334 1334 *13
15
14
•13
14
13
*13
13,4
391
Do prof
36 Sept
100 11 Nov 29 49 Apr 25
1134 1134 12 . 12
712 Feb 7 13 Oct 9
1213 1234 1234 -1-331134 1134 1134 12
4 2,270 Walworth Manufacturing_ 20
8 Sept
28
2634 27
2613 27
26% 2714 27
•27
*26
27
11
27
490 Warren Bros
Apr
so 1712 Jan 3 3534Sept 25
3412 *33
3413 *33
3412 33
*33
34
34
34
Do lst pref
17 Aug
55
50 3012 Jan 4 38/
1
4 Oct 9
39
*38
39 •38
39
38
38
*38
*38
39
4
16
Do 2d pref
50 31 Feb 10 4434 July 12
Oct
'1114 1134 *1114 1134 *II
1112 *11
1114
Wickwire Spencer Steel_ 5
8 July
114 *11
834 Nov 17 21 May 13
Mining
'.50 .75 *.50 .75 '5.50 .75 '5.50 .75 •.50 .80 *.50 .55
Adventure Consolidated..__ 25
1 Apr 15
.4 Mar
.50 Jan 31
5812 58
58
*57/
1
4 58
57
*57
58
58
57
58
*57
75 Ahmeek_
40 Aug
25 58 Nov 15 86 May 29
5.25 .40 4%25 .40 *.25 .40 *.25 .40
•.25 .40 '.25 .40 '
.15 July
Algomah Mining
25
.50 Apr 17
.03Sept 25
.2112 23
•22
2313 *22
23
22
22
*20
22
22
*21
15 Allows
25 19 Dee 15 3212 Jan 26
16 Apr
1
4 312
•2/
1
4 312 *314 312 *314 3/
1
4
314 314
150 Arcadian Consolidated
25
2 Mar 10
454May 23
113 Sept
3% 3,4 .3/
.714 734 *7/
7% 712
1
4 7/
1
4
7/
1
4 7X.' 7/
1
4 734
185 Arizona Commercial
5
7/
1
4 734
6 Nov 2 1012June 5
Vs Jan
*18
1814
18
18
•18
1814
18
18
18
18
*1713 18
800 Bingham Mines
10 13 Jan 5 1834Sept 8
8 Mar
289 290
288 290
•286 290
290 290
290 290
287 287
56 Calumet & Heels
25 248 Nov 14 301 Aug 25 210 Apr
8
814
8/
813 834
834 834 2,875 Carson Hill Gold
1
5% Nov 20 16/
734 734
1
4 914 • 834 9
1
4 Mar 29
11 Dec
*8
9
*8
9
*8
9
9
8
8
8
'
58
co
25
7
98
40
7 Centennial
C0
8 Nov 1 1312 Feb 1
7 Jan
37
25 3518 Dec 13 4634May 31
3612 3714 3634 3713 36
3813 3634 3613 3634 3614 3612
Range
27
Jan
3
3
2% 2%
318 338 4,260 Davis-Daly Copper
10
218Nov 23
3
3
3
318 3/
1
4
9/
1
4 Jan 26
514 Mar
9
9
878 9/
1
4
834 9
812 *8% 834
81
625 East Butte Copper Mining_ 10
813 834
713 Nov 28 1214 Jan 26
7 Aug
134
138
114
114 *114 134
25
1 Apr 11
'1/
1
4 134
1
114
114
114
197 Franklin
3/
1
4 Apr 15
11
/
4 Apr
*2
212 *214 212 *214 212 *214 213 *2,4 2,2
Hancock Consolidated_ 25 112 Aug 18
*212 3
312 Mar 16
112 Sept
.50 Dec 19
.75 .75
5.50
1
'.75 1
50 Helvetia
25
27
4 Apr 13
'.50 .95 •.50 .95 '
'
5.75
1
1 June
10314 10313
10112 103
102/
337 Island Creek Coal
814 Jan 10 11658June 21
10214 10214 102 103
1
4 10212 10214 103
48 Jan
.95/
1
4 9314 94
94
Do pref
82
1 88 Feb 14 9718 Nov 16
9413 9413 9412 9412 9512 9534 *94
96
75
Jan
*21
2212 *21
22/
1
4
125 Isle Royale Copper
25 18 Nov 1 2634May 31
*211
/
4 2212 *21
23
2134 21/
1614 Jan
1
4 214 22
*314
33
4
3
313
/
1
4
33
4
.314
312
*3
3%
33
4
3 Feb 6
5
10 Kerr Lake
478 Apr 17
288 Mar
*33/
1
4 334
1 Feb 24
134
134 *11
/
4 2
25
138 *112 2
*112 2
.*113 2
100 Keweenaw Copper
•118
313 Apr 15
.98 Sept
*3
312
25
25 Lake CopPer Co
214 Feb 18
3
3
*3
312 *278 3% *24 312 *24 312
534May 31
2
Jan
132
114
114 *1
25
1 Nov 2
1%
138 14 •1
138 *1
55 La Salle Copper
2/
1
4 Apr 17
•134 • 178
114 Jan
5
11
/
4 Jan 4
*112 2
*138 2
*112 134 *14 134 •138 219 *11
Mason Valley Mine
234May 19
/
4 2
114 Jan
25
113 Dec 26
*113 2
*134 2
*134 2
14 14
40 Mass Consolidated
*134 214
434 Apr 13
*134 2
.55 Apr
418 4/
1
4 *414 413
631 Mayflower-Old Colony.... 25
4
4
418
218 Dec 13
*334 4
334 334
4
612 Apr 13
Ps Aug
+2/
1
4 3
5214 3
25
212
212 2/
1
4
•2
234 *2
213 *2
25 Michigan
.75July 10
7 Apr 13
114 Aug
58
5633 5613 *56
5712 56
5712 56
56
25 52 Nov 15 68 June 5
60 Mohawk
*5612 5712 58
4318 Jan
*17
1714 17
17
17
17
a 154 Dec 4 2012June 2 1214 Sept
1634 1634 1634 104 1678 17
760 New Cornelia Copper
.08
.08 _
.10
.05 Dec 27
.10
New Idrla Quicksilver._ 5
2/
1
4 Mar 23
.40 Nov
.3613 37
*261
-2
3 1- *'3
*3812 37
.613 37
3613 3613 *37
100 37 Jan 6 40 Feb 9
10 New RIM Company
40 Feb
85
*80
85 '580
85
*81
82
*80 -6i100 73 Jan 7 85 Oct 16
f
*80
8212 *80
Do
74 • Dec
5
/
1
4
5
5
July
8
534 534 *3512 534 *3512 534
534 5/
1
4
58
534 534
235 N101856113 Mines
7 Jan 4
4 July
938 958
913 912
914 9/
1
4
15
9/
1
4 9/
1
4
9/
1
4 9/
1
4 *918 912
482 North Butte
8/
1
4 Oct 31 15 May 29
8 Mar
113 *11
/
4 113 *138 11
/
4 *138
11
/
4 •138 158
114 Dec 27
25
*11
/
4 11
/
4 *134
OjibwaY Mining
418 Apr 15
1 Aug
21
19
19 .20
21
*20 2125
16 Nov 27 27 Jan 25
1912 1912 1934 2034 21
68 Old Dominion Co
1588 Jan
3112 3112 *32
32
*32
33
32
32
32
*31
32
25 25 Nov 28 3818 Aug 23
33
85 Osceola
21 Aug
dc
Smelting_
_5
4
*312
3
/
1
4
314
Min
213June
314
*313
3
3
312
i
k
n
cC
y
lty
*3/
1
4 334
314
*314 334
6
25
7Q
ra
ur
__
31
/
4 Nov _ _
*3312 34
25 30 Nov 15 50 May 31
3612 *3434 34 .3312 35 .3313 35
*34
Aug
42
4234 42
42
4234 .42
4234 4234 *41
25 37 Nov 28 4812May 31
4313
4212 43
325 St Mary's Mineral Land
28 Jan
.75
*.50 .75 *30 .75
.55 .55 *.50
10
.55 .55
.25 Mar 10
60 Shannor.
*.50 .75
134May 18
.75 Jan
.25 Dec 19
*40 .75 *.51) .75 .1%50 .75 *.50 .75 *.50 .75 4..50.7525
South Lake
114May 18
.35 Nov
11
/
4 Dec 2S
2
*17g
*1% 2
25
*14 2
*133 2
*14 2
*178 2
Superior
4/
1
4July 13
2 Sept
212 213
2/
1
4 234 1,845 Superior & Boston Copper- 10
234 27
234 233
24 234
.90 Mar 31
*234 3
2/
1
4 Oct 19
1 June
114
1
118 *1
1
1
*1
11
/
4 3,050 Trinity Copper Corp
1
118
1148Dec 29
3/
1
4 Apr 3
1
11
/
4
1% July
.50 .52 *.50 .55 *.50 .55 *.55 .60 1,900 Toulumne Copper
.53 .54
.40Nov 10
.34 Aug
*.50 .60
5
.92May 22
, 27
234 234 1,225 Utah-Apex Mining
234 234
234 234 *233 273 *25
114Oct 20
184 Aug
*234 3
4 Mar 22
5
17
173
134 *112 2
113 134 1,250 Utah Consolidated
134
1 Feb 21
112 Nov
11
/
4 158 *14 2
312June 5
.90 .95 '5.91 .95
1
.91 .91 .5.90 .99 '5.90 .99
•.90 .99
660t U
viteato
hrlgetal & Tunnel
.80 Dec 12
.95 Jan
212 Apr 13
112 *1
118
21
112 *1
112 *I
*1
112 *I
112 *1
.75 Nov 27
.40 May
212 Jan 30
+.88
1
'
5.85
25
1
..90
1
'.90
1
.85 .85
1
1
300 Winona
.25 Jan 16
.35 Jan
2/
1
4 Apr 15
gig July
25
758 7/
1
4
74 rs
75* 8
245 Wolverine
734 734 +758 8
714 Nov 29 16 May 31
*733 8
•Bid and asked prices: no sales on this day. I H..-rights. S Ex-dividend and rights x Et-divid
Ex-stock dividend
a Assessment paid.
1
4 *313 3/
1
4 •3
312
234 3
3
3
338 338 .312 3/
1913 19
19
•104 1934
1918 1914 1913 1913 19
12214 123
12212 1221
/
4 12234 123
1228 12314
123 12314 12212 123
94
9412 94
9412 94
9458 94
95
94
9412 94
9434
8134 82
*8034 82 *z82
82
82
82
82
18 •z15
18 *z15
18 '5215
18
18 •215
*215
*18
19
+18
19
*1712 19
•1712 19
19
'18
10814 10814
'.12 .15 '.12 .15 *.12 .15 --.-1-2 .12 -71-o --io
20
2034 2038 2058 2014 2012 2018 2012 2014 2013 2013 2012
$12 3/
1
4 .3/
1
4 4
*31, 4
*312 4
*3
4
_
813
8
812
8/
1
4 812 '8
814 834
8
8
812 *8
8413 83
82
8214 8513. 8512 8513 84/
83
1
4 8412 84
82

Highest

431
2314
75
76
75
21
78

Feb
Jan
Feb
Jan
Jan
Jan
Dee

584 Dee
1588 Nov
11912 Nov
109 Dec
8414 Dec
18 Sept
20 Apr
.95
1772
418
23
42
45
1651f
17

Jan
Deo
Feb
Jan
Dec
Dec
Dec
Jan

2314 AO
29 Nov
287g Be;
4118 Feb
86 Mar
13 Jan
32
Jan
478 Mar
13
Jan
18 June
85
Jan
64 May
138 Nov
3518 Apr
1418 Mar
84 Apr
014 Jan
6 Aug
11284 Dee
3014 Apr
171 Dec
14
Jan
338 Feb
914 May
10584 Jan
61 Feb
22 Jan
3914 Jan
2518 Dee
2418 Dee
204 Deo
17
Jan
75
Jan
17 Feb
2213 Apr
3313 Dee
3584 Dee
1814 Jan
.75 mar
63 Dee
.50 Apr
2418 Nov
334 Jan
10 Apr
14
Oot
280 Dec
1818 Jan
10 Jan
4084 Dee
74 Jan
104 Dee
84 Jan
312 Jan
288 Nov
8818 Dec
9018 Dec
2418 Dee
4 Sept
2 Dee
318 Deo
214 Feb
2 Sept
358 Jan
514 Jan
312 may
59 Dee
1884 Dee
2 Dee
57 May
95 Mar
8/
1
4 Jan
1414 Dee
212 Dee
2534 Nov
3511 Dee
TB- -Lee
45 Dee
1% Dee
Jan
2
44 Feb
214 Feb
44 Nov
.85'Dee
34 Oct
5 Jan
2 74 Jan
214 Feb
.80 Mar
14 Feb

THE CHRON'CLE

$100
17,000
1,000
8,000
2,000
1,000
1,000
8,200
10,000
12,000
1.000
19,000
12,000
31,500
3,000

Low.
116
52
100
93%
85
9634
69
74
10034
9034
103
9334
9734
963.4
107

Jan
Jan
Jan
,,an
.,an
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

High.
116
5434
100
94
85
963.5
7135
7735
102
92
103
95
99
98
10834

Jan
Jan
Jan
Jan
..an
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

g

Philadelphia Stock Exchange.-Record of transactions
Jan. 13 to Jan. 19, both incl., compiled from official lists:
Stocks-

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

9335

92
9134
10034
10134
10534
5734

Thrk Ilnilwrtt, 1 vt rla 1037

87
88
10734 10734
9834 99
113 113
8134 8134
89
7135
7834 Si)
9334 9336
104 104
10234 10234
85
85
92
93
9134 9134
9934 10055
10134 102
um q 10634
8834 8835
6734 58
81
81
02

02

Low.

165 79
981
13
940 6435
3,039 163
300 13136
212 52,%
102 40
6 42
100 48
597 5434
225 24
525 4436
250 4234
140 49
• 100 35%
20
734
580
534
315 72
140 6734
117 35
200 13
50 274
5 5034
80 77
18 8034
105 80
165 55
1,650
136
187 82
5,096 4634
500
2
10 41
160 42
2,840 3174
1,867 3136
1,184 30
306 64
175
8
20 77
109
134
600
2
325 40
6 198
2,147 50
594 5534
10
8
156 33
50 80
95 50
10 3134
70 36
$5,800
8,000
25,500
2,1,00
19,000
11,300
5.000
4,000
4,000
5.000
1.000
4,000
5,000
47.100
39,700
43,000
1,000
3,000
3,000
21100

86
10735
9834
113
8134
67
7834
9334
104
10234
85
92
9134
9934
Dm 4
10434
8834
5734
81
09

High.

Jan 82
Jan
1635 Jan
Jan
Jan
Jan
77
Jan 180
Jan
Jan 13736 Jan
Jan 5434 Jan
Jan
40
Jan
Jan 42
Jan
Jan 49
Jan
Jan 5734 Jan
25
Jan
Jan
Jan 4934 Jan
Jan
46
Jan
Jan 54
Jan
Jan 3534 Jan
Jan
835 Jan
Jan
73,6 Jan
Jan
Jan
75
Jars 70
Jan
Jan 36
Jan
Jan
13
Jan
Jan
2934 Jan
Jan 52
Jan
Jan
77
Jan
Jan 8134 Jar
Jan 85
Jar
Jan
58
Jar
Jan
335 Jar
Jan 82
Jar
Jan 4734 Jar
Jan
2
Jar
Jan 4236 Jar
Jan 4436 Jar
Jan
3334 Jar
Jan
3336 Jar
Jan
3134 Jar
Jan 67
Jar
Jan
634 Jar
Jan 7834 Jar
Jan
134 Jar
Jan
256 Jar
Jan
4034 Jar
Jan 200
Jar
Jan 5136 Jar
Jan 56
Jar
Jan
834 Jar
Jan 35
Jar
Jan 80
Jar
Jan 52
Jar
Jan 3134 Jar
Jan
3635 Jar
Jan 88
Jar
Jan 108
Jar
Jan 99
Jar
Jan 113
Jar
Jan
8256 Jar
Jan
7134 Jar
Jan 80
Jar
Jan 94
Jar
Jan 104
Jar
Jan 1023.4 Jar
Jan 65
Jar
Jan 93
Jar
Jan 92
Jar
Jan 10134 Jar
Jan 10234 Jar
Jan 10635 Jar
Jan 8834 Jar
Jan 58
Jai
Jan
81
Jar
TO VI
no
lni

Pittsburgh Stock Exchange.-Record Jan.13 to Jan.19
Stocks-

Friday
Sales
Last Week's Range for
of Prices.
Sale.
1Veek.
Par. Price. Low. High. Shares.

Range since Jan. 1.
Low.

High.

735
Am Vitrified Prod, com_25
250
731
735
7% Jan
8
82
84
Am Wind Glass Mach_ _100 83
510 82
Jan
8434
Arkansas Nat Gas, com.10
734 8
13,540
736 Jan
935
Carnegie Lead & Zinc_ _ _ _5
4
4
50
4
Jan
435
Consolidated Ice, pref. 50 28
28
28
60 26
Jan 28
33.4
1ndep Brewing, com--50
334
50
33.4 Jan
4
50
Preferred
934
9% 935
200
934 Jan
936
Jones & Laughlin Steel, pt. 10734 10734 108
402 107% Jan 10834
25
24
24%
Lone Star Gas
235 24
Jan 25
30% 3035
Marland Oil
100 3034 Jan 30%
Mfrs Light & heat. .100 5634 55% 56%
295 55
Jan 56%
7% 834
700
Nat Fireproofing, corn-50
734 Jan
8%
50
19% 20%
Preferred
1,403 18% Jan 20%
1
HI%
Oil
Fuel
1691
50 1634 Jan
Ohio
1735
25 63
59
64
2,417 59
Ohio Fuel Supply
Jan 64
20
2034
Oklahoma Natural Gas_ _25
75 19% Jan 2035
1%
136
100
Oklahoma Prod & ROM_ _5
136 Jun
136
58% 5836
10 5835 Jan 5836
Pittsburgh Coal. corn. _100
100
9935 9934
20 97
Preferred
Jan 99%
22c 24c 32,500 22c
Jan
Pittab & Mt Shasta Cop.-1 22c
24c
835 835
100
834 Jan
Pittsburgh Oil &IGas _100
9%
10 112035 Jan 203
Pittsburgh Plato Glass. _10 12034 120% 12034
11
10
460 10
Jan
1135
Salt Creek Consol Oil_._10 10
105
105
53
corn..100
105
Jan 105
Stand San Mfg,
450 1034 Jan
10% 11
11
Tidal Osage Oil
100 1135 Jan 13%
113( 1131
•
Transcontinental
1,354 23% Jan
25
Union Natural Gas. _..l00 2434 24% 25
26
25
170 25
100
Jan 26
S Glass
217 107
Jan 110
West-house Air Brake_ _ _50 108% 107 10935
5934
105 59
59
Jan 60%
W-house El & Mfg, corn _50




Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

19.000 100
2.000 70
3.000 99

High.
Jan
Jan
Jan

80
33%
78%

Jan loo
Jan
Jan
Jan
71
Jan 994 Jan

Chica-o Stock Exchange.-Record of transactions at
Chicago Stock Exchange Jan. 13 to Jan. 19, both inclusive,
compiled from official sales lists:
Stocks-

Friday
Sales
Last lireek's Range for
Range Since Jan. 1 1923.
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Low.
High.

Amer Public Service pref__ -- __ -American Radiator
25 80
American'Shipbuilding _100 71
Armour & Co preferred _100 9435
Armour Leather
15
936
Preferred
100 87
I3eaver Board
•
First preferred
Booth Fisheries new
•
Preferred
100 3634
Case (.1 1)
•
Chi City& Con Ry pt shpf *
Chicago Elev Ry pref_ _100
434
Chicago Titled-, Trust_ _100
Commonwealth Edison 100 12935
Consumers Co common 100
Preferred
100 66
Continental Motors__ _ _10 1 134
Crane Co preferred
113
Cudahy Packing com_ 100
Daniel Boone Wool Mills 25 51
Deere & Co preferred _ _100
Diamond Match
100 118
Earl Motors Co
•
Eddy Paper Corp (The)-* 2736
Fair (The) preferred...100 10334
Godchaux Sugar com_ _ -• 16
Gossard, H W, pref_ .100
Great Lakes D dr D._ _ _100 86
Hayes Wheel Co
• 41
Hartman Corporation_ _100 91
Hart,Schaff& Marx pf _100 9994
Holland-Amer Sugar_ _10
Hupp Motor
10 2435
Illinois Brick
100 7835
Inland Steel
25
Kuppenheimer (B)& Co p1
Libby, McNeill & Libby-10
7%
Lindsay Light preferred_10
Middle West UM com _ _100 46%
Preferred
100 86
Prior lien preferred
103
Mitchell Motor Co
.
National Leather new_ _100
734
Philipsborn's, Inc, com_ _5 3034
Preferred
9834
Pick (Albert) & Co
* 3574
Pigg Wigs Stores Inc "A"• 6936
Pub Serv of Nor Ill corn 100 10234
Preferred
100 9634
Quaker Oats Co
100
Preferred
99
Reo Motor
10 14
Sears-Roebuck com_ _100 8574
Standard Gas & Electric 5o
Preferred
50 4876
Stewart War Speed corn 100 82
Swift & Co
100 108
Swift International
15 2036
Thompson, J R, com__ _25 4934
Union Carbide & Carbon 10 6334
United Iron Wks v t c _ _ _50
6
United Lt & Rye com _ _100 71%
First preferred
100
U S Gypsum
20 6234
Wahl Co
• 5535
Ward, Montg & Co pf_.100
When issued
20 21
Western Knitting Mills •
Wrigley Jr common
25 102
Yellow Cab Mfg Class B _10 249
Yellow Taxi Co
7194
BondsChic City & Con Rys is'27
Commonw Edison 5s_ _1943 98
Swift & Co lot 8 f g 5s_1944

92
9236
7936 80
71
74
94
95
974 936
87
87
4
4
16
17
6
6
3635 3636
2% 214
514 53,4
434
5
268 270
129 129%
635 634
66
66
1074 12
113 11336
6235 64
48
6234
7334 74
118 119
% 1
26/4 3235
100 105
16
1734
25
2535
85
86
40
43
8934 94
9934 9034
4% 494
23% 2534
79
78
4634
46
95
95
7
814
734 9
4535 4635
853.4 86
10235 10335
1
1
731 8
3034 31%
9835 9835
3434 3694
5535 61
102 104
95
9634
236 236
9814 100
1334 14
8535 8534
17% 1834
4834 49
81
86
107% 109
20
2134
49%, 4936
05
62
6
634
7134 7234
763.1 7636
6236 6434
5536 58
los% 108%
2094 21%
9
10
100 102
240 260
7034 7234
47
98
96

155
50
280
2,352
589
420
230
40
200
5
60
750
535
19
1,277
150
35
21,869
140
95
36,130
15
115
1,300
21,770
335
1.430
1.055
105
3,032
3,232
25
25
13,955
75
260
35
424
35
867
110
561
350
2,608
762
20
5.610
6.780
187
62
68
447
1,282
100
110
186
51,530
1,629
9,42'
1,910
20,328
580
345
215
127
3,750
20
2,095
370
2,648
4.565
6,585

47
58,000
9S34 9,000
5.000
97

92
7934
71
93
936
87
4
15
531
31
2%
5%
3.56
268
129
634
6334
1094
11234
62
3134
• 7274
117
X
2234
100
1634
25
82
3894
84

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

2134
78
43
93
694
7%
4531
84
10274
1
534
3034
97
3434
5594
102
95
235
9614
1394
8594
1734
48
8734
10794
1994
4934
62
6
7134
75
62
54
108
2094
9
100
223
7074

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

47
97
96

Jan

Jan
Jan
Jan
Jan
Jan
Jan
Jan,
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

ggggiggggggggggggg00
gggggggggggggggggggggg ggg

SO
80
80
13
13
1534
68
68
72
17336 17034 178
13134 13534
5334 5436
40
40
42
42
49
49
54% 56
24
24
25
4434 453.4
4336 4234 4334
51
51
51
3534 3534
836 834
654 7
7334
7334 72
68
6934
36
36
13
13
2734 2734
51
51
77
77
8035 8035 8136
80
80
5634 58
334 335
334
82
82
4634 47
2
2
2
x4235 4235
433.6 4435
44
3235 3255 3334
3234 3234 3234
31
3034 530
67
67
8
8
8
77
s77
134
136
2
236
40
40
4034
19835 19834
5036 51
51
5594 5534 56
8
8
35
34
80
80
50
51
3134 3134
36
36

Jan
Jan
Jan

VOIC,

American Gas of NJ._ _100
American Railways
50
Preferred
100
American Stores
•
Baldwin Locomotive__ _100
Buff & Susq Corp, pref_100
Cambria Iren
50
Catawlssa. 2d pref
50
Consol Trac of N J_ __ _100
Elea Storage Battery. _100
Erie Lighting Co, pref____•
General Asphalt
100
Insurance Co of N A_ _10
J G Brill & Co
100
Kentucky Secur Corp._100
Keystone Tel
50
Lake Superior Corp_ _ _ _100
Lehigh Navigation
50
Lehigh Valley
50
Lehigh Val Transit, pf _ _50
Lit Bros stock allot warr'ts
Midvale Steel & Ord_ _50
Minehill & S H
60
Northern Central
50
North Pennsylvania_ _ _ _50
Otto Eisenlohr
100
Penn Cent I. & P, pref_ •
Penney' Beaver Oil
Pennsylv Salt hits
50
Pennsylvania RR
60
Pennsylvania Traffic _ -.235
Philadelphia Company _ _50
Preferred, 6%
50
Phila Electric of Pa
25
Preferred
25
Phila Rapid Transit_ _ _ _50
Philadelphia Traction. _ _50
Phila & Western
50
50
Reading
Tono-Belmont Devel._._1
Tono Mining
1
Union Trac, 81735 paid_50
United C09 of NJ
100
United Gas Impt
50
Preferred
50
Warwick Iron & Steel- _10
West Jersey & Sea Shore_50
Westmoreland Coal
50
Wm Cramp & Sons._ _.100
York Railways
50
Preferred
50
Bond sAmer Gas & Elec 5s_ _ .2007
Bell Tel of Pa 1st ref 781945
First ref 5s, w I
1948
Bethlehem Steel 6s_1998
Consol Trac of N J 1st 58'32
Elec & Perm tr etfs 48_1945
Keystone Tel 1st 5s_ _1935
Lehigh C dr N cons 434554
Lehigh Valley fls
1928
Lehigh Val Coal 1st 5s.1933
NY Phila.& Norf 45_ _1948
Philall& Wash 1st 48_1943
Phila Ce cons stmpd_ _1951
1066
Phila Electric 5s
534s
1947
6s
1941
Reading com ext reg 4s1937
Unit Rys gold tr ate 4s1949
West N Y & Pa gen 43_1943

Range since Jan. 1.

100 100
70
70
99,4 99'4

Low.
7836
30
70%

ggggggggggggggggggggggggggggggg

116
53
100
9334
85
9634
7035
75
102
92
103
9435
99
9634
10734

20
1,830
10

WOWWWW.WWWW..r.000...0,0,7,0=..1'.!,M=VMONO.
OM
M0...O.WONWAL) 1,
NW‘14 0
VW0
MWMGOOC,
.t•WOON.0
N.
.
.N

116
52
100
9334
85
9635
7036
74
10135
91
103
9336
9834
9634
107

33
7135

80
SO
3036 33%
70% 7134

.1r=
.f0.1.00,WWMOt00.WOOM.tNer..NWOWWM•V
.W W
MONNW.OW
CoWL,
M
N.

Am Tel St Tel cony 68_1925
Atl Gulf & W I SS L 5s 1959 52
Carson II G Cr Notes 78'27
Chic June & US Y 55_1940
Domin Iron & Steel 58_1939
Dunlop T & R Ser A 781942
East Mass St RR A 435s'48
Series B 55
1948
1936 102
Hood Rubber 75
1931
Mass Gas 43515
Massey-Harris Ss_ _ _ _1930
Miss River Power 5s..1951
New England Tel 58..1932 99
Swift & Co 55
1944
Warren Bros 734s_ _..1937

Range since Jan. 1

West Penn Rys, pref _ _100
\Vest PennTr&WP,com 100
Preferred
100
BondsCent Dist Tel lot is.. 1943
Indep Brewing 6s_ _ _ _1955
Pitrsb coal deb 5s_ .1931

Rance Since Jan.].

Baltimore Stock Exchange.--Record of transacions
Jan.13 to Jan.19, both inclusive, compiled from official lists:
rrtutty

Stocks-

Ofillt,

Last Week's Range for
Sale.
or Prices. 'Week.
Par. Price. Low. High. Shares.

Alabama Co, 1st prof _ _100
82
82
Arundel Sand & Gravel_100 4036
403.6 41
Preferred
943.4 9435
100
Baltimore Brick
435
4
100
4
Baltimore Elec, prat_ _50
42
42
Baltimore Trust
155 155
50
Baltimore Tube
100
1774 18
I3enesch (I)
3335 3334
Preferred
26
25
2635
Celestine 011
.38
1
.35 .50
Cent Teresa Sugar, prat 10
235
236
214
Chas & Pot Tel of Balt_100 110
110 110
Commercial Credit
58
25
58
Preferred
25 26
27
26
Preferred 11
27
25
2734
Commerce Trust
61
50
61
Consol Gas, E L & P.._ _100
109 109
7% preferred
100 107
107 10734
8% preferred
100
118 118
Consolidation Coal_ _ _.100 94
94
9735
Cosden & Co, pref
5
534 534
New stock, preferred.100
10334 104
Eastern Rolling Mill
• 32
30
32
8% preferred
100 85
85
85
Fidelity & Deposit
50 130
129 130
Finance Cool America_ _25
3936 3934
Houston Olt pref ti etfs.100
9431
94
Mfrs Finance, 1st pref,
.100
26
26
Second preferred_ _ _ _100 26
2535 2634
Maryland Gas Co
25 8335 83
90
Maryland Motor Irwin. _50
56
58
Mercantile Trust
50
236 237
Mt V-Woodberry NI1118_100
1635 17
Preferred
100 65
81
66
New Amsterdam Gas_ _100
3634 38% 3634
North Central
50
77
77
Fauna Water & Power_100 10634 10835 10734
United Rv Ar P.Inetrl,.
as on
inu on
• No par value. I Ex 30% stock dividend.

20
340
2
150
5
14
35
7
94
6,450
45
39
156
319
62
16
107
38
16
65
100
9
319
155
290
5
60
44
218
224
10
23
18
555
738
36
250
Ran

Range since Jan. 1.
Low.
Jan
82
Jan
41)
9435 Jan
Jan
4
Jan
42
155 . Jan
1735 Jan
3334 Jan
Jay)
26
.32 Jan
235 Jan
109
Jan
58
Jan
Jan
26
27
Jan
5835 Jan
10834 Jan
Jan
106
Jan
118
Jan
94
Jan
5
10335 Jan
Jan
25
Jan
80
Jan
120
3834 Jan
9235 Jan
Jan
26
2535 Jan
83
Jan
56
Jan
233
Jun
16
Jan,
54
Jan
3536 Janl
77
Jan
10636 Jan
lane

lonl

High.

C..

Bonds-

Sales
big Week's Range for
Sale.
of Prices.
Week.
Stocks (Concluded) Par. Price Low. High. Shares.

INV,1°P.Af4f!,r,N'4=r,gg-glE",;PArlffIggtM1;

Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Jan. 13 to Jan. 19, both inclusive:
Friday
Sales
Last IWeek's Range for
Sale.
of Prices.
Week.
Price. Low. High.

287
;friday

t.
.
.
.....
.
1G4 0,.... W Cn cOMb.,COW W WCJC, ,
V 0,
0,1,3 ND CT .t.:ca,-,Ao. 04,
C,NO .
00
D0,--1-4 C,
C000.001 .
0CDC,•PC+.000-4 0.-•-•1 -.1 cOONI 014.0 ON .P.0..kJ

JAN.20 1923.]

Bala
Friday
Lasi Week's Range for
Week.
of Prices.
Sale.
Stocks (Concluded) Par.Price. Low. High Shares,
US Fidelity & Guar____50
Wash Bait & Annap__ _50
Preferred
50
BondsAla Cons C & I 58_ _ _1933
Alabama Co gen 88_ _ _1933
Atl C L(Conn) ars 59_1920
Baltimore Brick 1st 5s 1943
Bait Electric stpd 5s__1947
Consolidated Gas 5&_1939
Cons G,E L & P 41is_1935
5348, Series E
1952
8s, Series A
1949
75, Series C
1931
Control Coal ref 5s_ _ _ _1950
Danville Trac & P 5s_ _1941
Elkhorn Coal Corp 68_1925
Fair & Clarks Trac 58_1938
Fairmont Coal 5s
1931
Ga South dr Fla 5s_ ___1945
Knoxville Traction 5s_1938
Maryland 4s
1926
Mary'd Elec RY RE 5S 1931
Metrop St(Wash)5s__1925
Mown Vail Trac 68_1923
North Bait Trac 5&__1942
Pennsyl W & P 5s_ ___1940
Seaboard & Roan 5&1926
United Ry dr Elea 4a__1949
1949
Income 4s
1936
Funding 58
1927
6% notes
68, when issued_ 1949
,..,....... SI•••• 0- •......., .71 Mel

9931
10254
10631
85
99

10035
98
97
944
73
534
9734
10131

Low.

High.

Jan
Jan 164
229 147
58 1235 Jan 1234 Jan
Jan
Jan 30
60 29

1554 15534 164
1235 1231
2935 30
9235

Range Since Jan. 1.

9235 9234
90
90
96
96
8731 87.31
953.1 9.534
101 101
9131 924
9934 9934
10231 10331
10634 1074
884 8934
85
85
9934
99
924 924
9534 96
9031 9035
944 944
99
99
954 9534
98
98
1004 1004
9834
98
97%
97
9434 9435
74
73
5334 5431
7631
75
9734 974
1014 10131

$9,000
200
400
1,000
4,000
3,000
17,000
8,000
47,000
18,500
3,000
5,000
17.000
1,000
7,000
4,000
1.000
2,000
1,000
1,000
20,000
2,000
3,000
2,000
22,000
11,000
2,600
19,000
31.000

9235
8934
96
874
9535
100
914
9934
10231
1064
8834
85
99
92
9534
9034
9335
99
95
98
10034
98
97
9434
73
5335
75
974
10131

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

9235
90
96
8731
9535
101
9231
100
10331
1074
90
85
9931
924
96
904
95
99
9534
98
10031
9831
97%
9434
7415
55
7714
98
10235

77 Le

10 WW1

7a U

Ian

77U

,7a TZ

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

No par value

New York Curb Market.-Ofrcial transactions in the
New York Curb Marketfrom Jan. 13 to Jan. 19,inclusive:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
par price. Low. High Shares.




W.
A.00
.
.
W
W...
W

..

..
W.

..

..440

.0,
WWW

w

..WW.. 193
.
.4.
...P.
W

W.
WW.W
.
.
W
.
.
.WW

•-.

63c 68c
23c 39c
224 2234
1835
17
6031
56
1631' 1734
254 254
99
99
1934 1935
1154 11531
10035 10035
194
19
154 1531
124 124
1931 1931
1915 1931
835 9
135 rth
10634 106%
134
131
534 536
100 100
1% 1%
234 24
2534
25
3
3%
3%
3
175 181
6714 684
1735 1835
3014 304
29c 340
54 6
6
6
5
5
21
21
8334 84
534 534
7534 54
2131 2534
50
50
634 7
634 SU
34
33
400 402
124 1234
268 275
604 704
934 1135
3634
30
7934
70
7831 80
1074 1074
334 3%
102 102
40
4234
211 235
15
154
914 1031
43
43
17
17
831 10
631
5
65
64
117 117
131 131
18%
18
90
89
734 731
10/6 13
22
22
4% 54
4
3
24 314
1034 114
1
1
17
18
74 834
5415 56
835 1534
33-4 334
111 112
1315 15
536 535
774 7954
131 14
44
40
100% 101%
87c 95c
10135 10135
94 10
33-4 3%
3% 34
13% 1374
14 2
:bin
AT,

WWW04WW

Indus. & Miscellaneous
Acme Coal Mining
1 654
Acme Packing
10 280
Aluminum Mfrs, corn_ _ __ * 224
Amalgam Leather, nom_ _* 1734
Preferred
100
American-Hawaiian SS.._10 1735
Am Writing Paper com_100
Armour & Co of Del, pf 100 99
Arnold, Constable & CO_ _• - - -Borden Co corn
100
Preferred
100
Brier Hill Steel oorn_.,1OJ
154
British Int Corp. class A__
124
Class B
Brit-Amer Tob ord benr_El
Ordinary
fl
Brooklyn City RR
16
831
lth
*
Buddy-Buds,Inc
Campbell Soup pref w 1_100
Car Lighting & Power___25
131
Preferred
25
Celluloid preferred _ _10 1
Cent Teresa Sug com_ _10
14
24
Preferred
10
Century Ribbon Mills nom* 25
Chic Nipple Mfg Cl A_ _10
334
Class B
3%
10
100 181
Cities Service corn
Preferred
100 6834
Cities Serv, bankers' ab__* 184
Cleve Automobile com__•
Colombian Emerald Synd- 37c
5
531
Cox's Cash Stores
Cuban-Dominican Bug_ *
Curtis Aeropl & Motfrom.*
21
Preferred
Del Lack & West Coal__ 50
Dubiller Condenser & Rad•
535
* 8234
Durant Motors, Inc
Durant Motors of Ind_ _ _10 2231
Federal Light & Tr corn_ _• 50
Federal Tel & Tel
5
Film Inspection Mach Co-•
* 3334
Flelschmann Co cons
Ford Motor of Canacia_100
* 124
Gardner Motor Co
• 272
Gillette Safety Razor
* 6834
Glen Alden Coal
Goodyear Tire & R oom 100 1134
100 3435
Preferred
100 79
Prior preferred
Gt West Sug new corn wi 25 80
Preferred
100
374
Griffith(D W)Ine Cl A._*
Hanna(MA)Co 1st pf_1(10
* 4034
Hayes Wheel
234
•
Hayden Chemical
Hudson Cos pre
100
Hud dr Manhat RR com100
Preferred
100
Imp Tob of Gt Brit & Ire £1
836
Industrial Fibre Corp corn*
5%
Intercontinental Rubb_100
International Shoe com__* 6431
100
Preferred
Lake Torpedo Boat pref_10
Lehigh Power Sec-di-Mee_ *
Lehigh Valley Coal Sales 50
Libby-McN & Lib, new_16
50 1336
Lucey Mfg class A
Lupton (F Mr iiiib, ei A _ _* 22
435
Marlin Firearms corn A..5
•
Mercer Motors
334
3
Voting trust certlfs
* 11
Messabi Iron Co
•
Mitchell Motors
Morris (Phillip) Co Ltd-10
10
Nat Leather new
NatSupp Co(of Del)com 50 55
9
New Fiction Pub Corp_ _ _5
New Mexico & Ariz Land _1
N Y Tel 635% pref____100 111
• 1231
Oselda Corp
Patten Typewriter
Peerless Truck & Motor_50
Perfection Tire & Rubber_•
Phoenix Hosiery com__ _ _5 44
100 10135
Preferred
1 880
Prima Radio Corp
Pub Serv Corp of NJpf 100
Pyrene Manufacturing_ _10 z10
3%
Radio Corp of Amer com_•
314
Preferred
S
10 1331
Reo Motor Car
131
5
Repetti, Inc
• g See

0000 0 00.
P
5Q888.2°
°°88000
°°C88g©5°nC8
G.''800.0000
°"©5°°8000
°8°880
© 8800000.
5°°° 888880
'''=888
,
0
000
0800
0. °
088g8§8g88g8g8888888888801888888888

Week ending Jan. 19
Stocks-

[VOL. 116.

THE CHRONICLE

288

Range Since Jan. 1.
Low.
600
28e
224
1431
484
1534
2%
99
1934
1134
10034
1834
1534
124
19%
1914
74
14
106%
IH
531
100
14
234
2431
231
234
173
67
174
3034
27c
514
6
5
21
82
43.4
70
194
48
6%
6
3031
400
10%
259
58 .
934
2935
70
784
1074
311
102
3735
131
144
934
43
17
831
431
64
116
134
18
804
6
84
22
411
235
24
1034
1
16
734
5415
835
3%.
11031
10%
535
74
114
3531
100
870
101
9%
335
233-g
13%
135
25n

High.

Jan 720 Jan
Jan
Jan 35e
Jan 2231 Jan
Jan 1831 Jan
Jan 604 Jan
Jan 174 Jan
234 Jan
Jan
Jan 994' Jan
Jan 204 Jan
Jan
Jan 116
Jan 10235 Jan
Jan 1931 Jan
Jan 154 Jan
Jan 1231 Jan
Jan
Jan 20
Jan
Jan 20
Jan
9
Jan
154 Jan
Jan
Jan
Jan 108
14 Jan
Jan
531 Jan
Jan
Jan 11035 Jan
114 Jan
Jan
Jan
234 Jan
Jan 2534 Jan
334 Jan
Jan
3% Jan
Jan
Jan
Jan 181
Jan 684 Jan
Jan 184 Jan
Jan
Jan 33
Jan 45c Jan
Jan
8
Jan
Jan
64 Jan
Jan
5
Jan
Jan
Jan 21
Jan
Jan 84
Jan
6
Jan
Jan
Jan 84
Jan 2534 Jan
Jan
Jan 50
Jan
7
Jan
Jan
634 Jan
Jan
Jan 34
Jan
Jan 402
Jan 1334 Jan
Jan
Jan 271
Jan 7034 Jan
Jan
Jan 12
Jan 364 Jan
Jan 7954 ?an
Jan
Jan 81
Jan
Jan 108
334 Jan
Jan
Jan
Ian 102
Jan
Jan 43
234 Jan
Jan
Jan 1731 Jan
Jan 1131 Jan
Jan
Jan 48
Jan 1734 Jan
Jan 1034 Jan
635 Jan
Jan
Jan 65
Jan
Jan 117
Jan
Jan
134 Jan
Jan 18% Jan
Jan
Jan 90
735 Jan
Jan
Jan 13
Jan
Jan 22
Jan
Jan
514 Jan
4
Jan
Jan
Jan
311 Jan
Jan 12% Jan
Jan
Jan
1
Jan
Jan • 18
84 Jan
Jan
Jan 584 Jan
Jan • 16% Jan
3% Jan
Jan
Jan
Jan 112
Jan 15
Jan
Jan
5% Jan
Jan 80
Jan
Jan
131 Jan
Jan 44
Jan
Jan 10134 Jan
1
Jan
Jan
Jan 101
Jan
Jan
Jan 10
4
Jan
Jan
Jan
334 Jan
Jan 1411 Jan
Jan
2
Jan
Ian
RR!.
Ian

Stocks (Concl.)-

owes
Faaaa
Lass Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.

Saguenay Pulp & P com_5
Schulte Retail Stores
•
Southern Coal & Iron_ ___5 340
335
Stand Mot Construction 10
Stutz Motor Car
• 2331
Swift International
15
Technical Products Corp' 9
Technicolor, Inc, w L___•
15
Tenn Elee Pow corn
Timken-Det Axle new w L 11
Tob Prod Exports corp__•
5
Todd Shipyards Corp_ ___• 5636
Triangle Film Corp VI c_5 200
United Profit Shar•g,new..1
5
514
Un Retail Stores Candy_ _t
334
Founders shares
UnitedShoe Mach corn_ _25 5035
Preferred
25
U S Dlstrib Corp com__50
15h
U S tight & Heat, nom_ _10
10 980
Preferred
10
Utah-Idaho Sugar
5
Wayne Coal
1
West End Chemical
Western Knitting Mills__'
Willys Corp let pref._ _100 10
10
let pref °Ns of dep
931
Whither Motors Inc CI A10
593
,5
new_25
Mfg
Yale & Towne
Youngst Sheet & Tube cm* 7835
100
Preferred
Format Standard 011
Subsidiaries
Anglo-American OIL._ _ £1 1831
Borne, Scrymser dr Co_100
Buckeye Pipe Line
50 894
100 160
Continental 011
50
Crescent Pipe Line
Cumberland Pipe Line_ Inn 88
100 106
Eureka Pipe Line
Galena Signal Oil corn_ _100 5931
100
Illinois Pipe Line
50 9735
Indiana Pipe Line
National Transit _ _ _ _ 12.50 2711
100
New York Transit
25 77
Ohio Oil, new
25 17%
Penn-Mex Fuel 011
100 232
Prairie Oil & Gas
100 111
Prairie Pipe Line
100
Solar Refining
100 174
South Ponn 011
Southern Pipe Line_ _100 10335
So West Pa Pine Line_ _100
Standard 011 (Indiana)...25 6134
Standard 011(Kan) new-25 44
Blair & Co receipts__ -25
Standard 011 (Ky) new. _25 8831
Standard Oil (Neb)_._100.
Standard Oil of NY new_25 46%
ci.s,e,isri "it(nvol ,,,,nion 301
Vacuum 011, new stock_ _25 45%
10
Washington 011
Other 011 Stocks.
1
Allied Oil

Range since Jan. 1.
Low.

High,

1
544
360
315
24%
21
9
9
15
1134
535
564
210
535
534
354
51
274
3035
134
14
354
235
38e
94
1035
10
10
5934
7834
10535

1
100
1,000 53
44,000 354
235
2,300
45,400 1734
100 20
7
1,900
9
400
200 15
1,300 10
434
1,000
105 55
80
18,000
434
4,500
5
3,900
1,000
334
2,940 50
300 27
400 26
1
24,200
11,300 900
3
100
2,100
234
1,100 30c
811
400
935
800
800
731
1,100
934
500 5834
500 74
25 105

I
Jan
Jan 55
Jan 400
334
Jan
Jan 24%
Jan 21
9
Jan
Jan 10
Jan 1535
Jan 1155
535
Jan
Jan 5634
Jan 210
531
Jan
54
Jan
434
Jan
Jan 5134
Jan 274
Jan 3035
14
Jan
Jan
134
Jan
33.1
Jan
274
Jan 40e
94
Jan
Jan 1135
Jan 1035
Jan 10
Jan 81
Jan 7834
Jan 10634

18
19
108 108
944
89
158 160
4314 44
88
85
105 10735
5934
59
16535 167
9734
95
2736 2731
129 134
7731
76
17
1735
225 234
109 114
182 185
166 176
103 104
71
70
6131 634
4234 4435
44
44
93
87
209 220
487-4
46
301 301
4534 473,1
28
28

4,800 18
10 108
1,165 88
150 158
30 43
70 r85
305 95
1.195 5734
90 16535
120 95
300 2631
130 129
1,300 74
,200 17
335 1225
1,925 1109
30 180
430 166
225 97
20 6614
95,400 6011
2,600 4135
100 434
8,800 uS0
140 186
27,000 46
10 274
32,300 4435
30 25

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

1
53
328
234
214
21
731
9
15
10%
5
56
12c
434
5
331
50
27
26
Ith
900
334
24
37o
935
935
731
934
5835
78%
1054

7e
7o
7c 1,000
20 3,000
2c
20
A rn A I'm mg.art .00111.117-5c 2,000
5e
Sc
Amer Fuel Oil com_ _100
731
3,300
74 S
731
Ark Natural Gas. com_ _10
54
1.000
631 7
Atlantic Lobos Oil, com__•
1
1414 2,800
134
Boston-Wyoming 011__1
7
735
734 734 1,300
Cardinal Petroleum
434
5,200
435
43,5 5
Carib Syndicate
900 66c
70e
z700
66c
Columbia Petroleum
7
100
7
7
Cosden & Co old corn. _ _ _5
47,400
231
434 5
435
5
Creole Syndicate
135
100
2
2
2
17c 30,000 14o
14c
Engineers Petroleum Co._1 17e
300 14%
14% 14% 14%
Equity Petrol Corp pref _
89,900 69c
I
88o
Federal Oil
5 970
4,300 16
• 1634 16% 17
Fensland 011
3
34 44 5,050
44
*
Gilliland 011, corn
1
75,600
2H6
1.153
15f
Glenroek 011
10
lg
134 24 2,500
24
Granada Oil Corp, Cl A10
55%
11,900
6035
58%
5834
__
I_
w
of
Pa
Gulf Oil Corp
15c
18e 190,000 10c
1 17c
Hudson Oil
104 35
35
35
Humble Oil
1,450 111
11335
111
1114
Imperial 011 (Canada) coup
International Petroleum._• 2034 2031 2135 16,700 20%
36c 92,000 22c
260
Keystone Ranger Devel._1 380
24
235 311 2,100
•
Kirby Petroleum
2c
3c 1,000
3e
3c
O A nr•A ,,,,nk rtn-rnitf.,_ __I
i
70c
660
4,000
87c
Latin-Amer Oil Develop_l
850 3,100 75c
75c
Livingston Petroleum_ _ _ _* 850
14
134 115 1,100
135
Lowry 011 Corporation_ _ _5
43,400 80c
97c
920
980
•
Lyons Petroleum .
1,135 155
160 166
Magnolia Petroleum_ _ _100 164
12,300 4714
53
524 52
Mammoth 011, ChM A__
931 114 14,900
934
931
Maracaibo 011 Expior _ _ _•
1
1
1
70.100
1
•
Margay Oil
14,200
3
1%
231
274
Marland 011
934 8,800
834
9
9%
Merritt 011 Corporation_ _1
9
100
9% 9%
5
Mexican Eagle Oil
800
950 59,900 80c
10 90e
Mexico 011 Corp
Sc
Sc
90 13,000
90
1
Midwest Texas Oil
136 1%
100
131
I
Mountain dr Gulf Oil
Mountain Producers_ _ _10 1715 1631 1734 3,500 1634
1214 1234 1335 47,600 1214
Mutual 011
1235 1234 7.000 1215
1234
Voting trust certificates_
42
45
700 42
New England Fuel Oil....
18
1534
16
200 15%
New York 011
270
28e 50,500 26e
Noble(Chas F) 011 & Gas..1 270
10c
220 33,300 154
1
Northwest 011
20 1.000
29
2c
1
Ohio Ranger
146 135 5,300
1
1th
10
Omar 011 & Gas
1011
934
934
0,800
10
931
Oil
Pennok
4
3
4
ri- • •-ie.-.e le -Beaver 011_1
2
37,000
15e
18c
16c 16,000 14c
Red Bank 011
*
535
4% 535 7,900
44
Ryan Consolidated
1035 10% 114
900 107-4
Bait Creek Consol 011
2035 2134 4.700 2034
Bait Creek Producers_ _ _10 20
334 334 12,100
3%
5
231
Sapulpa Refining
335
5
3%
335 375 2,100
Savoy 011
231 3
3
6
24
14,200
Seaboard Oil & Gas
• 1236 1134 12% 32,900 11
Simms Petroleum
Sc
5c
7c 44.500
5e
South Petrol & Refining_ _1
153.4 14% 1594 12,200 1331
Southern States Oil
le
10 1,000
a
le
Texas Ranger Oil
590
73e 123,700 50o
1 600
Teton 011 & Land
1
I
980
V% 20,800
080
Turman Oil
735
5
6341 734 47,500
63.1
Wilcox Oil& Gas
140
13c
16c 36,000
8c
-y" 0111. Ga.
Mining Stocks.
2% 235 5,000
23-4
2
Alaska Brit-Col Metals_ 10
334 4
700
34
Alvarado Min de Mill._ _20
Sc
8c 18,000
Sc
Amer Comm
240 31c 112,000 170
300
Arizona Glove Cormer
40
3,000
Sc
40
100
Belcher Extension
20
30 57,000
2o
2o
Big Ledge Copper Co_ _ _ _5
24e 25c 13,000 24c
10e 25e
Bison Gold Inc
110 lie
2,000 11e
Black Hawk
7o
70
7o
7e
1,000
Booth Mining
800 80o
on.tnn .f, Ely
1
2.000 80e

1934
108
9434
180
45
168
10835
60
16836
98
2834
136 .
7731
18
700
335
185
176
10435
71
6334
4635
48
133
220
49%
309
47%
28

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

70 Jan
Jan
2c
Jan
Jan
Sc Jan
Jan
9% Jan
Jan
714 Jan
Jan
Jan
134 Jan
Jan
754 Jan
535 Jan
Jan
Jan 700 Jan
7
Jan
Jan
5
Jan
Jan
2
Jan
Jan
Jan 170 Jan
Jan 1434 Jan
1
Jan
Jan
Jan 18% Jan
Jan
44 Jan
Jan
235s Jan
Jan
24 Jan
Jan 0134 Jan
Jan 18c Jan
Jan 35
Jan
Jan 11535 Jan
Jan 2251 Jan
Jan 38c Jan
4
Jan
Jan
3c
Jan
Jan
Jan 70c Jan
Jan 95c Jan
Jan
14 Jan
Jan 98c Jan
Jan 168
Jan
Jan 53
Jan
Jan 13% Jan
Jan
1
Jan
Jan
334 Jan
Jan
931 Jan
Jan
914 Jan
Jan
1.08 Jan
Jun
De
Jan
Jan
134 Jan
Jan 18
Jan
Jan 1355 Jan
Jan 12% Jan
Jan 46
Jan
Jan
Jan 16
Jan 30c Jan
Jan 22c Jan
20 Jan
Jan
114 Jan
Jan
Jan 104 Jan
Jan
4
Jan
Jan 180 Jan
534 Jan
Jan
Jan 1135 Jan
Jan 2231 Jan
Jan
334 Jan
Jan
37-8 Jan
3
Jan
Jan
Jan 1334 Jan
7c
Jan
Jan
Jan 1615 Jan
2c
Jan
Jan
Jan 73c
Jan
115 Jan
Jan
Jan
731 Jan
Jan
18c Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

234
4
80
31c
Sc
40
250
15e
7e
gn‘.

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
,--

JAN.20 1923.]
Friday
sales
Lass Week's Range for
Sale.
Week.
of Prices.
High. Shares.
Mining (Concluded) Par. Price. Low

T1TE CHRONICLE
Range Since Jan. 1.
Low.

High

I2c I4c 129,000 120 Jan
Boston-Montana corp. 25 130
17c Jan
3
2% 3
2,500
Calaveras Copper
23 Jan
3
Jan
8e
Sc 13,000
Caledonia Mining
1
8c Jan
so .ian
5
20
2e
2e
6,000
Canada Copper Co
20 Jan
3.3 Jan
2%
2%
6,400
Canario Copper
2%
10
2% Jan
2% Jan
I 31c
30e 32c 53,600 300 Jan 34c Jan
Candalaria Silver
110 110
4,000 110 Jan 13e
Cash Boy Consolidated_ _1
Jan
20
2e
Consol Arizona
3,000
2e
Jan
2e
Jan
3% 4
Consol Copper Mines new_
3%
3,800
3% Jan
4
.414n
Consol-Mayflower
30
30
5,000
30 Jan
3e
Jan
140
14c 15e
Consol Nevada Utah Cop_
9,000 120 Jan 15a Jan
Continental Mines, Ltd__ _
414 4% 1,700
4%
4% Jan
5
Jan
150
Province
14e 15c
Cork
Mines_ _ _ _1
2,000 13c Jan 15c Jan
11% 1% 15,500
Cortez Silver
I%
I
134 Ian
144 Jan
Crackerjack Mining
60
Sc 88,000
Sc
20 Jan
gc Jan
Cresson Con Gold M & M.1
2% 2%
234
500
234 Jan
231 Jan
1 33e
Crown Reserve
33e 35c
6,000 33c Jan 35a
Jan
Davis-Daly Mining
3
3
100
10
234 Jan
3
Jan
Dean Consolidated Corp.1 740
700 74c 13.100 63e
Jan 75c Jan
120
Divide Extension
1
lle 12e
8,000 Ile Jan 130 Jan
Dolores Esperanza
5
234
214 234 4,500
114 Jan
23-4 Jan
Dryden Gold Corporation_ 76c
71e 78c 13.200 630 Jan 70e
Jan
El Salvador Silver Mines_l
3c
30
30 17,000
20 Jan
Sc
Jan
Ely Consolidated
60
9c 17,000
60
60 Jan
90 Jan
Emma Silver
1
2o
20
3e 102,000
2c Jan
30 Jan
Eureka Croesus
1 3Ic
30e 310 42,000 29c Jan 34e
Jan
Fortuna Cons Mining
70c
54e 74c 309,000 25c
Jan 74e
Jan
Forty-nine Mining
I 12c
90 15e 12,000
6c Jan 15e
Jan
Golden Cycle Min & Red__
80e 80c
500 80e
Jan 80c Jan
Goldfield Bluebell
3c
4e 78,000
2e
2e Jan4c Jan
Goldfield Consol Mines_10 100
70 lle 48,000
7c Jan lle Jan
Goldfield Deep
190
10c 23e 578,500
Sc Jan 23e San
Goldfield Development
14c
Co 190 175,000
40 Jan 19e Jan
Goldfield Florence
I 53c
49e 64c 238.800 29e Jan 64e Jan
Goldfield Jackpot
35e 360 41,000 360 Jan 36e Jan
36e
Goldfield Kewanus
40
2c
ge
2,700
20 Jan
ge
tan
Goldfield Oro
Sc
60 232,000
2e
Jae
1.0
go
Jar
Gold Zone Divide
9c 10c
3.000
I 10e
9c Jan lie Jar
Halifax Tonopah
59e
590 59c
1,100 590 Jan '590 Jar
Hard Shell Mining
fte 130 118,000
1 110
30 Jan 130 Jar
Hamlin Divide
70 25,000
Sc
70
100
5e Jan
7c Jar
Hada Mining
834 834 1,200
25C
8
Jan
8% Jar
Henrietta Silver
60c
400 650 34.100 350 Jan 65e
Jar
Hilltop-Nevada Mining
134 114 27,600
13f
134 Jan
1% Jar
Hollinger Cons Gold M171_5
12% 12%
500 12% Jan 12% Jar
Howo Sound Co
3
334 3,100
1
3
214 Jan
334 Jar
Independence Lead Mining 350
316 42e 162.000 31e Jan 42e
Jar
Iron Blossom Com M..100 31e
310 31c
1,000 29c Jan 38c Sat
Jerome Verde Bevel
234
2% 234 1,700
I
234 Jan
234 Jot
Jim Butler Tonorah
Sc
50
4,000
4c Jan
1
Ja5e
Sc
Jumbo Extension
Sc
80 21.000
1
Se
Jan
Jar
ge
5
3%
Kerr Lake
300
33-4 334
334 Tan
'as
.334
Knox Divide
20
3e
3.000
10e
2e
Jan
30 Jar
La Rose Consol
25e 28e
3.000 250 Jan 28e
5
Jai
Lone Star Consolidated__ 1
730 151,000
50
80
5c Jan
rici Jai
MacNamara Development.
Ere
5e
5,000
Sc Jan
ge Jai
MacNamara Mining
8c
8c
1,000
1
6c Jan
70 Jar
1
Marsh Mining
Sc
90
8c
6.000
7c Jan 11c Jar
Mason Valley Mines
2
134 2
5
MOO
134 Jan
2
Jar
19c 190
McKinley-Darragh-f3av I
1,000 I7c Jan 19e Jar
Mohican Copper
150 15c
3,000 100 Jan 15o Jar
Morington Mining
40 11,000
lc
lc Jan
4e
Jar
Nabob Consol Mining_
5e
50
9,000
4e Jan
lie
Jar
National Tin Corp
210 32e 143,000 210 Jan 32c Jar
500 280
Nevada Ophir
1 15e
100 15e 18,000 10c Jan 15c
Jar
Nevada Silver Horn
20
2e
2c 25,000
lc Jan
2c
Jar
16% 1741
New Cornelia
300 16% Jan 17% Jai
New Dominion Copper_ _5
334
214 334 4,100
244 Jan
3% Jai
New Jersey Zinc
100
170 171
80 170
Jan 173
Jai
5
Niplasing Mines
534 53-4
574
1.700
5% Jan
WA Jai
Ohio Copper
10 480
480 5.30 22,600 47c Jan 59c Jai
Park Utah Mining
4% 4%
100
4% Jaz]
.164 la,
Pnreupine Vipond
140 15e
140
3.000 14o Jan 15c Jai
Ray Hercules, Inc
1%
134 1% 9.300
134 Jan
114 Jai
5e
Red Hills Florence...,
3c
8c 251,000
3o
Jan
6e
Jai
Sc
Rex Consolidated Mining_1
Sc
Go 10,200
Sc Jan
6e Jai
230
230 25c 37,000 210 Jan 260 Ja
Richmond Cop M & fey...
4c
40
Sc 60,000
Sandstorm Kendall
2c Jan
50 Jai
1
30
30
3c
San Toy Mining
9,000
3e Jan
30 Jar
4c
4e
Silver King Divide
6.000
30 Jan
4e
Jai
70
Silver King Dev (reorg)__
7e
°C
3
.
000
70
Jan
00
Ja
19e
14e 200 72.000 14e Jan 20e 3a
Silver Mines of America.:
i
8c
fle
9e 13,000
Silver Pick Consol
Sc Jan
9c .1a
53e
47c 53c 18,500 47c Jan 53e
Silversmith Mining
Ja
1 32e
30e 320 29,200 30c Jan 35e
Simon Silver Lead
Ja
3
3% 1.500
South Amer Gold & PlaLl
3
Jan
3% Ja
12e
8c
130 127,000
Spearhead
7e
Jan 13c Ja
1
60
6c
6c
2.000
Stewart Mining
43c Jan
8c Ja
1 57e
530 58e 41,400 46c Jan 58c Ja
Success Mining
3,000
Superstition Cons
30 Jan
I
3e Ja,
40
lc
4c 32,000
Sutherland Divide
lc Jan
4c Ja
900
88e 95e 17,900 file
'rock-Hughes
Jan
1
Ja
1% 1%
Tonopah Delmont Dave!.I
400
1% Jan
1% Ja
g 68c
68c 71c 16,300 68e
Tonopah Divide
Jan 78e
Ja
i
35
4
3% 3% 6,900
Tonopah Extension
3% Jan
334 jai
I30 13e
Tonopah Midway
1.000 13e
Jan 13n Ja
2
2
2
Tonopah Mining
200
17
4 Jan
214$ Ja
134 134
Trinity
100
134 Jan
1% Ja
1 52e
490 550
Tuolumne Copper
8,100 49c
Jan 55c is
United Eastern Mining__ _1 1%
134 23-4k 23,500 13( Jan
234 J3
27
27
United Verde Extension &Os
100 27
Jan 25
is
18c 210
US Cont Mines, new
5.000 18e
Jan 230 Ja
3% 334
Unity Gold Mines
400
5
334 Jan
334 Ja
100
lo
le
le
Victory Divide
3,000
le
Jan
le
Ja
13-e
134 134 9,400
West End Consolidated _ _5
1% Jan
134 Ja
90
30
Sc 10.000
West End Extension Min_
3e
Jan
Sc a a
20e 2I0 10,000 200 Jan 21c
Western Utah Copper
_it
is
8c
60
White Caps
10e
6,000
6c Jan 120 Ja
Mining__1
3e
4c
Wilbert Mining
2,000
30 .Tan
4c Ja
80c 85c
Yukon Gold Co
5
300 75c Jan 86c
Ja
Bonds
I
74
74
Allied Pack cony deb gs'39.
53,000 74
Jan 7614 Jo
1939 804 8334 84
fts Series B w 1
6,000 8114 Jan 8414 Jo
Aluminum Mfrs 7s,_.1933 108
10534 108
12,000
1023 103% 10344 10334 36,000 105% Jan 10614 Is
78
1033-4 Jan 1033-4 Jo
9654 96% 5,000 9834 Jan 6634 Jo
Amer Cotton Oil 6s._•_1924
Amer G & E dab B 63.2014 0674 96% 973-4 59,000 9614 *Jan 97% Jo
10935 110
Amer Lt & Trac 6s_ ___1925
9,000 109% Jai 110
Jo
100% 10014 100% 12,000 10034 Jan
Without warrants
10034 Jo
89
90
17,000 89 • Jan 9034 Jo
Am RepublicCorp6sw 1237 89
100 10014 56,000 100
Amer Rolling Mill 68_ _1938 100
Jan
Jo
96
00 100%
6,000 0534 ,
Am Sumatra Tob 7%s 1925 9544 9534 96
Amer Tel & Te168....1924 10134 10134 10134 50,000 100% Jan 10144 Jo
Anaconda Cop Min 78.1929 10351 103% 104 145,000 MA Jan 10434 ill
6% notes Series A-1929 10134 1013-4102% 384,000 101% Ja. 10'44 is
1938 103% 100% 10034 109,000 10044 Jan 10034
7s w I
Ja
10334 10334 7,000 10334 Jan 10334 .10
Anelo-Amer 0117%s_ _1925
96
96% 497,000 96
Jan 96% Jo
Armour & Co of Del 54043 96
Jan 10534 is
Armour & Co 7% notes.'30 10534 105 105% 3736,000 105
52
5234 14,000 52
Jan 54
Ja
Atl Gulf & W I SS L 5s 1959
9.000 65
68
69
.1q
Jan 60
1933
Beaver Board 88
68
68
2,000 68
Jan 68
Certificates Of deposit_._ 68
Jo
Beaver Products 7%8_1942 10034 100% 100% 3,000 , 100% Jan 10034 Jo
Bethlehem Steel 78-1923 10434 1043-4 10534 95,000 10434 Jan 10534 3a
103 10334 48,000 102% Jan 1031-i Jo
Equipment 78
1935 103
9234 9334 11,000 9234 Jan 933-4 Jti
Boston & Maine RR 68.'33
110%
110% 25,000 109
10974
70-1935
Jan 11034 Jo
Canadian Nat Rye
99
9944 13,000 99
Jan 9944 Jo
1925
59
10134 10144 12,000 10144 Jan 10134 Jo
Camtdian Pacific 80._ _1924
107% 10,000 108% Jan 107% .10
Central
Steel
88_-1941 107% 107%
_
_
ne.
Od
A AM
di
inn
0/Ll la
arcoal Iron 0




289

Bonds (Concluded)

,....e
Last Week's Range Sales
Sale.
of Prices • for
Price. Low. High Week.

Range since Jan. 1.
Low.

High.

Cities Serv 7s Ser C-_ _1966 93
93
11,000 91
93
Jan 9351 Jan
75, Series D
1966
9134 923-4 12,000 90% Jan 9274 Jan
7s, series B
125 125
125
Jan
Jan 125
4,000 124
Colum Graphophone 88 '25 30
Jan
30
Jan 30
30
2,000 28
Ms oi deposit
2,000 24
24
Jan
Jan 35
24
CMS G E I,& P Balt 68'49 10234 102% 103% 19,000 10234 Jan 103% Jan
7s
1931
10814 10734 2,000 105% Jan 10734 Jan
5348 Series E
1952
9934 9934 10,000 9934 Jan 100
Jan
Consol Testlio 8s
1941 9944 9944 100
26,000 98
Jan 100% Jan
Copper Export Assn 8s-'24 101
Jan 10134 Jan
101 10134 6.000 101
88
1925
10234 10234 19.000 10234 Jan 1033-4 Jan
Cuban Telep 7340____1941
105 105% 6,000 105
Jan
Jan 107
Cudahy Parking 5s___1946
90
85
Jan
15,000 85
Jan 90
Deere & Co 7348
1931 t1023,4 10234 103
Jan
23.000 10134 Jan 103
Detroit City Gaa 6s- _1947
101 101% 37,000 101
Jan 10134 Jan
Detroit Edison 6s___1952 10334 102%
58,000 10234 Jan 104
Jan
Dunlop T&R of Am 7s_ 1942 9634 96 10334
9634 122,000 96
Jan 97
Jan
Federal Land Bk 4345_1942
100% 10074 8,000 100% Jan 10014 Jan
Gab* (Robert) Co 76_1937 9834 98% 99
15,000 9334 Jan 9934 Jan
Galena-Signal Oil 7s.-1930
10434 1047-4 27,000 1044 Jan 10474 Jan
General Asphalt 8s._ _1930
10334 105
8,030 10334 Jan 105
Jan
Grand Trunk Ry 6%8_1936
Jan
10554 10534 13,000 10344 Jan 107
Gulf Oil Corp 75
1933
10334 5,000 1031-4 Jan 10334 Jan
1033-4
Gull 011 of Pa 5s
1937 9634 963-4 97
76,000 967
4 Jan 9744 Jan
Hocking Val RR 6s 1924
10034 10034 17.000 10034 Jan 10054 Jan
Hood Rubber 7% notes_'36 102
10134 102
Jan
19,000
Jan 102
Interb R T 88 J PM recto- 96% 961-4 9654 9,090 10034
Jan 9734 Jan
96
Certificates of deposit__ 95
95
9634 Jan
06
12,050
Jan
9444
Kansas City Pow & Lt 5s'52 8934 8934 91% 91.000 8954 Jan 9194 Jan
Kennecott Copper 78_1930 104
103 105% 44,000 103
Jan 10534 Jan
Laclede Gas Light 78
101
101 1013,4 91,000 101
Jan 10134 Jan
Libby McNeill& Libby7331
10034 10234 74,000 9914 Jan 10234 Jan
Liggett-Winchester 78_1942
10234
9,000 10234 Jan 10334 Jan
Lotdsv Gas & Elec 5s_ _ 1952 9034 0034 10334
91 129,000 90
Jan 9134 Jan
Manitoba Power 7s-__1941
97
98
11,000
97
Jan
Jan 98
Morris & Co 7448
1930
10834 10634 3,000 108
Jan 1067-4 Jan
Nat Acme Co 730-1931 10834
9644 96
9634 81,000 9534 Jan 9644 Jan
Nat Cloak & Suit 8s 1930
106 106
7,000 10534 Jan 105
Jan
National Leather 89_1925
10134 102
9,000 10134 Jan 102
Jan
N Y Chic & St L RR 6s_'31 100
100
Jan
10034
10034
82.000
100
Jan
Ohio Power 5s
1952 9054 90
Jan
Jan 92
9154 46.000 90
Pa I sra Ry 78
97
97
6,000 97
Jan
Jan 97
Penn Pow & Lt Sc B__1952 90
89
9034 16,000 89
Jan 9034 Jan
Phila Elec 5%s
1947 10014 10034 102
12,000 100% Jan 10234 Jan
Go
1941
10534 10534 4,000 10544 Jan 105% Jan
Phillips Petrol 7348 1931__
Without warrants
103
10244 103
10.000 10234 Jan 103% Jan
Public Serv Corp 70w 1.'41 10294 102% 104
47,000
Jan 104
Jan
Sears, Roebuck & Co 78_'25 10134 10134 10134 18,000 10254
10134 Jaa 10134 Jan
Shawsheen Mills 7s___1931 10434 10434 10434
35.000
104%
Jon
105
Jan
Sheffield Farms 6%8_1942 100
100 10044 34,000 100
Jan 10034 Jan
Sloss-Sheffield C & I 138_29
9634 973-4 12.000 9674 Jan 9734 Jan
Solvay & Cie 8.1
1927 10534 105 10534 17,000 105
105% Jan
Jan
South Calif Edison 53_1944 92% 92
93
68,000 92
Jan 93
Jan
Southw Bell Telep 78_1925 102% 10254 103
49,000 10234 Jan 103
Jan
Stand 011of N Y deb6%8'33 10734 107 10734 31,000 107
Jan 10734 Jan
7% serial gold deb-1925 10434 104 10454 11,000 10354 Jan 10434
Jan
7% serial gold deb_ _1926
104% 10534 18,000 10434 Jan 10534 Jan
7% serial gold deb__1927
10534 10534 5,000 10534 Jan 10554 Jan
7% serial gold deb_ _1928
1064e 10734 10,000 10054 Jan 10734 Jan
7% serial gold deb_ _1929 108
10734 108
25,000 10744 ,lan 108
Jan
7% serial gold deb_ _1930
108 10434 2,000 103. 'Jan 10934 Jan
7% serial gold deb._1931 109
109 10954 9,000 109
10934
Jan
Jan
Sun Co 68
1929
9814 9834 1,000 9834 Jan 9834 Jan
78
1931 102
102 102% 22,000 10154 Jan 10234 Jan
Swift & Co 7s_Aust 15 1931 1023-4 10234
10234 21,000 10234 Jan 10234 Jan
5s, when issued_ _ _ _1932 92
92
9334 155,000 52
Jan 41334 Jan
Tidal Osage Oil 78._ 1931 103
103 103
3,000 103
Jan 10354 Jan
United 011 Produe 8s_ _1931 10134 10054 10144 65.000
100
Jan 101% Jan
United Rys of Hay 7%8'38 108% 10834 107
4,000 10544 Jan 107
.1941
Vacuum 011 Is
1936 10734 107 10734 63,000
Jan 10714 Jan
Valvoline 011 Os
1937 10234 10234 10231 2,000 107
10234 Jan 10334 Jan
Wayne Coal 6s
1937
7034 72
4,000 7044 Jan 7334 Jan
Foreign Government
and Municipalities
Argentine Nation 78_1923 10014 10014
10034 47.000 100
Jan 10034 Jan
Mexico 4.1
1945
3834 373,4 32,000 3634 Jan 4134 Jan
5s
15
15
15
5,000
Jan
15
15
Jan
61310-year series B
52% 5034
Netherlands(Kingd)8sB'72 9834 9834 5234 41,000 5034 jan 5734 Jan
99 294,000 9434- Jan 99
Jail
Peru (Republic)8s w 1_1932 083.4 38
98% 33,000 04
Jan ty?
Jan
Russian Govt 63413_1919
1034 1034 4,000 1034 Jan
1034 Jan
Certificates
1034 10
10% 47,000
934 San 10% Jan
Russian Govt 534s___1921
10
1134 40,000 10
Jan 1134 Jan
Certificates
1034 1034 1034 6,000 10
Jan 1034 Jan
Switzerland Govt 534s 1929 10334 10334
10374 133.000 10344 Jan 104
Jan
Odd
lots. * No par value. 1 Dollars
t
1,000 marks. a Ex-100% stock dividend. g Marks. k Correction. m Dollarsper
per
1,000 lire flat. I Listed on the Stock
Exchange this week, where additional transactions
will be found. b Ex-special
dividend of $25. n Ex-extra dividend of $20. o
stock. p Ex-special dividend
of 880 and regular dividend of 53. r Ex-100% New
stock
dividend. I Ex-200% stock dividend. !I Ex-66 stock dividend. s Ex-50%
Ex-stock
div. 01 40%. to When Issued, z Ex-dividend. 2-3% stock dividend. P dividend.
y Ex-rights. z Ex-stock

New York City Banks and Trust Companies.
AU prices dollars per share
Banks-N.Y Bid Ask
Banks
Bid Ask Trust Co.'s I Bid Ask
America *_ _ __ 220 2237 Harriman_ _ _ _ 364 374
New York
Amer Exeh__ 230 295 Imp & Trad__ 610
620 Amerlean___. --- --Battery Park- 135 145 Irving Nat of
Bank of N. Y.
Bowery*
440
N Y
241 245
& Trust Coi 450 457
BroadwayCen ___
135 Manhattan 4'. 145 155 Bankers 'rrustl 378 383
Bronx Boras_ 110 ___ Mach & Met_ 405
410 Central Unlo 440 445
Bronx Hat_.. 153 10 Mutual*
322
Bryant Park*, 155 165 Nat American 1300 ___ Columbia..J 315
135 145 Commercial__I 115 125
Butch <4 Draw 130 138 INational City 332
305 315
Empire
I
336
Cent Moreau- 210 225 New Neth*„ 130 ___ Equitable Tr_ 183 186
Chase
336 340 Pacific •
300 ___ iarmL&Tr.I 525 530
Chat & Phan_ 25.3 258 IPark
433 437 Fidelity Inter 220 230
Chelsea Exch. 100 110 Public
29t 304 Fulton
I 250 260
Chemical
5.33
__ - Seaboard
330
340 Guaranty Tr..t 225 230
Coal & Iron
208 218 Standard *
1155
Hudson
185
I 200 210
Colonial *_
350 ___ State*
345 385 LawTit&Tr_I 117 -_ Columbia
225 235 Tradesmen's * 200
__
_
Metropolitan.I
307 317
Commerce... 297 300 23d Ward*
Com'nwealth* 250 270 UnitedStates* 270 300 Mutual (West
chaster) -- - 120 13
.
,
0
Continental,, 135 145 Wa.sh'n Rtes. 165 ___
215 -- - N Y Trust
346 3°.`
Corn Each... 430 435 Yorkville *
600 ___
itle Gu &'Pr 333 337
Cosmoplan*. 90 _
US T41tg <4 Tr 310 :320
East River.. 175 _
Jilted States1200 __ _
Fifth Avenue* 1090 __
Brooklyn
Fifth
205 220 Coney Island* 155 165 I
First
1210 1230 First
Brooklyn
320 355
Garfield
245 ___ Mechanics' ._ 128 138
rooklyn Tr_ 470 490
Gotham
185 194 Montauk *
150 __ _ Kings County Sr 0
Greenwich* . 270
__ Nassau
225 240 . anufacturer 260
Hanover
680 711 People's
160 ___ People's
365
* Banks marked w th(4)are State banks. t New stock. z Ex-dividend.
VEXrights. o Ex-100% stock dividend.

New York City Realty and Surety Companies.
Bid
Alliance R'Ity 94
Amer Surety- 85
Bond & M G_ 270
City Investing 65
Preferred._ 92
I New stock.

AU prices dollars per share.
Ask
Bid Ask
99 Lawyers Mtgel 157 163
89 Mtge Bond__ 114 122
273 Nat Surety__ 153 158
68 N Y Title &
Mortgage__ 175 145
98

Realty Assoc Bid
(Brooklyn)4 105
US Casualty_ 110
UST1IleGuarj 110
West Chester
Title & MG 200

Ask
175
121)
225

Inutstuxent anti

290

gaiirorta intelligence.

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

Jan. 1 to Latest Date.

ROADS.
Week or
Month.

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

Latest Gross Earnings.

Jan. 1 to Latest Date.

ROADS.
Week or
Month.

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

$
$
188.800 137,152 2,010,653 1,528,968 Mississippi Central._ November
13
329
8;7
370
1 113,949 1,369,623 1,080,674
Akron Canton & Y'n November
289,604 306.576 2.760,129 3,124.111 Mo & North Arkan_ November
Alabama & Vicksb- November
624,577
American Ry Exp.- September 13019822 14794005 111862591 145410878 Missouri Kan & Tex November 2,995,789 2,810,564 28,935,079 30,939,850
153,969 Mo K & T Ry of Tex November 1,991.156 2.153,402 19,522,40526,004.831
2d wk Jan
99.647
Ann Arbor
183.616
Atch Topeka & S Fe November 22245314 20264795 202447769 212635439 Mo Kan & Tex Sy`st November 5,142.552 5.161,689 49,892.258 58.521,537
861.570 837,825 7,317,386 8.850.235 Missouri Pacific_ _ _ _ November 8.884,393 9,294,690 91.194,536 102019816
Panhandle & S Fe November
149,625 164,257 1.420,009 1,440,882
Colum & Greenv_ November
Gulf Colo & S Fe.. November 2,542,300 2,220,272 21,701.157 27,276,814
November
383,516 302,014 3,625,378 2,895,431 Monongahela
415.826 484,724 3,315,918 4,006,782
Atlanta Birm & Atl_ November
727,267
268,499 196,974 2,364,352 2,299.018 Monongahela Conn_ November
167.910 107,114 1,512,598
Atlanta & West Pt_ November
November
November
261,311 215,900 4,367,727 4,379,101 Montour
187,718
997,342 1.319.539
89,404
Atlantic City
Atlantic Coast Line November 6.162,691 5.373,775 63,746,153 60.701.315 Nashv Chatt & St L November 2,066,580 1,790,856 20,352,901 19,381.706
9,099
Baltimore & Ohio November 19845040 15901084 142487343 144271743 Nevada- Cal- Oregon 4th wk Dec
9.000
334.590 .431.298
61,516
301,310 252,387 2,846,886 2.419.893 Nevada Northern.... November
323,946
33.044
B &0 Ch Term November
631.499
179,919 184,942 1,766,984 1,332,780
619,064 700,510 6,929,294 6,710,685 Newburgh & Sou Sh November
Bangor & Aroostook November
0,773
69,489 New Orl Great Nor November
212,027 204,342 2,323,731 2,355,149
6,812
Bellefonte Central November
98,468
343,915 229.955 2,634,531 2,450,586
612.709 469,056 5,590,547 5,059,257 N 0 Texas & Mex.... November
Belt Ry of Chicago_ November
190,059 148,140 1,867,376 1,978,752
Beaum S L & W.. November
Bessemer & L Erie November 1,662,570 880,156 13.395,146 2,831,152
166.942
356,098 423,982 4.690.775 5,494.548
27,368
St L Brownsv & M November
12,986
Bingham & Garfield November'
208,696
November)7,057,448 6,786,976 73,006,493 2,032,853 New York Central... November 36389112 29023063 328143397 312017 193
Boston & Maine
November' 140.674 111,121 1,450.450 1,211.014
905,535 730,030 9,377.8088,351,154
Bklyn E D Term
Ind Harbor Belt_ November
603,056
Michigan Central November 7,999,148 5,964.073 75,609,332 67,054,847
Buff Roch & Pittsb_ 2d wk Jan 514,716 301,528
910,047
November
222,082 182,147 1,435,202 1,888,960
Buffalo & Suso
Clev C C & St L November 7,596,012 6,392,387 76,791,593 73,762,984
393,000 295,836 3,159,666 3,544,656
'Canadian Nat Rys_ 2d wk Jan 2,143.720 1,874.215 4,351,642 3.748,431
Cincinnati North_ November
Canadian Pacific_ 2d wk Jan 2,810,000 2,524.000 5,778,000 4.950,000
Pitts & Lake Erie November 3,577,555 2,045,705 25.835,793 21,317,913
665,930 670,005 6,959,605 6,889.058 N Y Chic & St Louis November 3.386.177 3.055,853 35,723,635 33,184,393
Caro Clinch & Ohio_ November
250.480 253.536 2,709,719 3.081.925
Central of Georgia... November 2,165,549 1,744,525 21,078,853 20.579.686 N Y Connecting... November
Central RR of N J November 4,797,187 4.176,304 44.902.859 48,524,262 NYNH& Hartf_ _ November 10941 894 10270428 112429072 106505819
Cent New England.. November. 666,304 789,935 6,205.504 7,753,574 N Y Ont & Western November 1.035,892 1.079.482 11,336,472 13,135,030
November
3:3,9
372,697 334,523 3,737;505 775
860,933 636.293 6,867.845 6,569,500 N Y Susa &W
Central Vermont_ _ _ November
931,04
19
9
785,463
Charleston & W Car November• 265.776 275,890 2,953.837 3.027,508 Norfolk Southern November
Ches & Ohio Lines_ November 6,801,070 6,602,125 75.999,770 78,174,054 Norfolk & Western_ November 6,716.216 ,930700 83:353,990 73.541,696
November 2.575.120 2.546,952 24.711.937 28.575.703 Northern Pacific._ _ November 9,433,995 ,919,928187,733,885 87.037,247
Chicago & Alton
604,015 650 4061 7,421,541 8.040.270
Chic Burl & Quincy_ November 15616190 13603117 149855219 155327958 Northwestern Pac November
Chicago & East ill November 2,271.849 2.252.235 22,208,348 25,078,253 Pennsylv RR & Co_ November 9410370 2584432 588907546 567865965
109,767 100.877 1.464. 95 1,504,906
Bait Ches & Atlan November
Chicago Great West November 2,150,586 1.955.118 22.076,038 22,686,248
November ,377,497 2,150.873 28,573,099 26,711,527
Long Island
Chic Ind & Louisv November 1,414.719 1,226.135 14.526,700 13,952.614
88,573 1,084,514 1,161,785
87,818
Chic Milw & St Paul November'14549839 11808316 142983970 135417984
Mary Del & Va November
29,165
30,677
Chic & North West_ November 12853795 10860944 134109512 134196868
Tol Poor & West_ 1st wk Jan
988.365 802,665 13.047,297 12,205,947
180,937 177,699 1,928,579 1,916,058
Chic Peoria & St L. November
W Jersey & Seash November
November
619,741
Chic River & Ind
Pennsylva MaSystem November 63190909 55960544 635401 583 611664658
3,710,667
178,756 148.082 1,679,380 1,547,509
Chic R I & Pacific.. _ November" 10756785 10475637 109198522 122228852 Peoria & Pekin Un_ November
November 3,420,598 3,313,806 35,007.603 35,655.935
516,936 564,373 5,330,541 7,040,325 Pere Marquette_
Chic R I & Gulf November
November
104.769 120.826 1.179,551 1,176,418
Chic St P M & Om_ November 2,278,351 2,247,142 25,425,179 25,941,370 Perkiomen
November 8.521,783 7,393,366 73.076,125 78,099,043
Chic Ind & Western November1 418,633 336,745 3,957.199 3,395.038 Phila & Reading
66,033
752.596
70,664
744,059
Colo & Southern.. November'1,131,997 ,226,651 11,951,036 12.199.990 Philp, & Western__ _ November
110,469 122,231
945,947 1.182,174
955.070 ,035.401 8,803.826 10,506,917 Pittsb & Shawmut_ _ November
Ft W & Den City_ November
94.600 1,122,560 1,085,618
145.634
215,658 464.646 2.567.808 3,040.332 Pitts Shaw & North November
Trinity &Braz Val November
253,557 247,078 2,353,136 2,591,016
169.86
194.45 0 1.225.58 81.596.105 Pittsb & West Va.... November
Wichita Valley_ _ _ November
November
189,547 173,689 1,651,811 2,073,488
Delaware & Hudson November 3.856.931 3,626,202 34,289,235 41.983.269 Port Reading
Del Lack & Western November 6,866,909 7,192.455 68.112,454 79,623,440 Pullman Company_ November 4,877,861 4.421.745 59,291,039 59.280,404
151,908 116,998 1,127.335 1.210.431
Deny & Rio Gr West November 3,101.986 2,828,226 30,320,175 30.246,118 Quincy Om & K C.._ November
228,532 307,485 1,407.510 2,730,866 Rich Fred & pawn November
858,039 717,131 9,908,382 9,130,413
Denver & Salt Lake November
November
164.747 172,815 1.745,472 1,846,970 Rutland_ _ _ _ _
512,920 463,084 5,302,893 5,373,759
Detroit & Mackinac November
775,081 704.971 8.242.863 6,116,289 St Jos & Grand Isl.._ November
Detroit Tol & Iront_ November
306,217 257,337 2,900,458 3,104,965
333,020 315.710 3,262,852 2,686,390 St Louis San Fran November 7,160.574 7,079.721 76.242,844 79,310,828
Det & Tol Shore L November
354,869
139.083 168,060 1,263,427 1,618.889
Dul & Iron Range November
93,767 6,671,911 4.876.007
Ft Worth & R G. November
144.718 156,288 1,551,603 1,772,281
Dul Missabe & Nor_ November 1,126,291 153,404 14,813.541 12,239,439 St L-San F of Tex... November
84,068
Duluth So Sh & Atl_ 1st wk Jan
67.843 4,551.828 4,543,805 St Louis Southwest.. 1st wk Jan
168,823 180,919 1,811.530 2,169,652
683.'312
6 6,882.975 7,079,971
Duluth Winn & Pac November
557
721:22
373
9 404
St L S W of Tex November
195,878 121,566 1,893.854 1,481,911
East St Louis Conn_ November
Total system_ _ _ November ,850,983 1,654.242 16,565,184 15,847,634
548,465 495,889 5,141,941 4,661,058 St Louis Transfer November
77,431
Eastern S S Lines October
68,420
683,108 1,030,425
Elgin Joliet & East_ November 2,182,032 1,556,952 19,322.228 17.743,921 San Ant & Aran Pass November
514.408 535,128 5,307,190 5,841,391
962.383 773,092 10,219,646 10,123,057 San Ant Uvalde & G November
71,686
962,670 1,088,564
73,384
El Paso & Sou West November
November 9,714,735 8,520.387 85,303,149 95.815,443 Seaboard Air Line November 4,223,461 .608,176 41.161.595 39.143.753
Erie Railroad
Chicago & Erie_ November 1,169.303 1,023.958 10.434.642 10,046.176 Southern Pacific Co November 16617029 14698065 167895320 176749357
123,693 119,528 1,372,935 1.367,299
NJ&NY RR__ _ November
Atlantic SS Lines_ November 1,149,671 1.057,850 10,908,189 9,769,554
Florida East Coast_ November 1,005,217 960,836 12,152.657 12,337.720
285,416 193,871 2,878,000 2,508,850
Arizona Eastern_ November
119,826 111,525 1,279.179 1.242,062
Fonda Johns & Glov November
Gray Har & San A November 1,989.897 2,089,180 20,117,305 23,123,085
178,640 150.798 1,527,346 1,637.250
Ft Smith & Western November
1-bus & Tex Cent_ November 1,451,496 1,571,653 13,687.440 13,067,576
167,060 188,154 1,462,445 2.471,663
287,654 272,689 2,882,201 2,745,297
Galveston Wharf_ _ _ November
Houston E & W T November
499,189 400,738 4,725.349 4.839,106
413.942 337,941 3,861,511 4,055,407
Georgia Railroad__ _ November
Louisiana West November
126,065 103,513 1.237,6481 1,273,992
,934477 843,685 7,511,244 8,103,837
Georgia & Florida November
Morg La & Texas_ November
790,135 742,434 7,961,837 7,926.492
Grand Trunk Syst 1st wk Jan 1,833,889 1,429,337
Texas & New Or.. November
281,393 237.411 2,538.469 2,521,404 Southern Railway 1st wk Jan ,338,330 2,705,764
All & St Lawrence November
245.884 151,897 2,083,311 1.795.969
850,618 859,561 7,657,593 8,713.292
Ch DetCan GTJct November
Ala Great South.. November
529,223 452.220 4,957,147 4,161,915
Det G H & Milw_ November
NOCm
& Tex P. November .701,653 1,393,57115,067,630 15,804.033
3134.279 381,348 t4,114,955 4,122.625
Grand Trk West.. November 1.393.324 1.246.186 14.898,780 13.417.702
Georgia Sou & Fla November
1st wk Jan 338,485 223.437
Great North System November" 10503818 10674119 04.919,37293.841.723
Mobile /lc Ohio
106,600 110,101 1,242.845 1,285,700
561.872 503,497 4,923,325 5,831,586
Green Bay & IVest.. November
New Orl & Nor E. November
434,311 340,142 4,108.480 3,740,332
81,446 1,286,398
145,091
Northern Ala_ _ _ November
Gulf Mobile & Nor_ November
809.777
233,043 219,556 2,698.026 2.623.039 Spokane Internat'l_ November
138,269 122,196 1,118,763 1,203,848
Gulf & Ship Island. November
November 1.383.658 1.142,583 12.558,373 13.222,248 Spok Portl & Seattle November
680,589 648,493 6,666,178 7,295,971
Hocking Valley_
184.475 193,571 2,278,610 2,329,717
Illinois Central....._ November 16568113 13102818 188277 146 149029004 Staten Island 11 T November
228,850 189.527 2,292,266 2,170.237
Internet & Grt Nor_ November 1.359,020 1,136,432 13.375,887 16,447,636 Tennessee Central November
206,950 188,121 2.329,524 2.408,165 Term RR AssnofStL November
388.558 379,030 4,112,083 4,157,718
Internet Ry of Me November
443,630 319,261 3,688.366 3,366,672
126.436 138,363 1,235.784 1,675,867
St L Mer Edge T_ November
Kan City Mex & Or November
178,554 211,145 1.404.659 2,034,346 Texas & Pacific_
1st wk Jan
K Ci Mex &0 of Tex November
603
8:5
7
145
1 9
54
88
0.83
'
830
8 107410:12
Kansas City South_ November 1,828.828 1,679.068 18,407,565 20,185,393 Tol St L & Western_ November ,17
--4 8,717,980
197.595 167.231 1,934.159 2,026.060 Ulster & Delaware.... November
121.917 118,864 1,536,152 1.641,941
Texark & Ft Sm.... November
November 106343539,732,84398,335,449 106414523
Total system__ November 1,828.828 1,679.068 18,407.564 20.185,393 Union Pacific
283.898 189.619 2,646,373 2,120,264
_ November
306.217 257,337 2,900.458 3,104,965
St Jos & Grand Idl November
Kan Okla &
25,828 1,065,616
45,279
Oregon Short Line November 3.618.886 3.402.320 33,456,479 33.075.014
404,356
.Lake Sup & Islmem_ November
November
82,445
90,500
Total system........ November 18650233 17272 219 175738990 185827299
961,931 1,109,901
Lake Term Ry
227.110 281.083 2.201.571 2,986.371
Ore-Wash RR & N November 2.442,394 2,534,305 25,845,127 27,331,840
Lehigh & Hud River November
612,100 416.775 4,049,604 4,497.980 Union RR (Penn).._ November
981.665 683,715 10.339,652 8,732.395
Lehigh & New Eng_ November
November 5.602,080 6,335,863 56,924.124 69,685,510 Utah
November
182.478 135,573 1.587,113 1,115,891
Lehigh Valley
345,663 348,27.5 3,344,315 3,805,597
Los Ang & Salt Lake November 1,954,600 1,602.751 18.101.935 18,105,921 Vicks Shreve & Pac_ November
282.697 289.952 2.989,881 3,134.552 Virginian Itailroad_ November 1,452,988 1,405,919 17.519,971 16,858,411
Louisiana & Arkan_ November
380,058 272,918 3.269.840 3.615,415 Wabash Railroad November 5,085,572 4,787.2g4 52.827,450 54,769.861
Louisiana Ry & Nay November
Louisville & Nashv_ November 10012472 9,763.106 110769621 108744004 Western Maryland_ 1st wk Jan 375,753 290,034
256,742 216,533 2,980,217 2,641,457 Western Pacific_ _ _ _ November 1,173,517 906,251 11,472,537 11,325,408
Louisa' Rend & St L November
November 1,783.048 1,670,607 18,750,207 19,072.529 Western Ry of Ala.._ November
291,481 109,451 2,487,852 2,329,207
Maine Central
November
426,587 362,296 4,272,069 4,116,541 'Wheel & Lake Erie.. November 1,108,303 1,164,365 12,113,076 13,832,508
Midland Valley ._
1st wk Jan
329,633
155,608 197,723 1.434,776 2,577,006
274.73! Wichita Falls & NW November
Mineral Range
690,652
572,386 Yazoo & Miss Valley November 2,146,562 1,978,751 17,832,570 18,988,366
Miruaeap & St Louis 2d wk Jan 370,491 308,580
Minn St P & S S M_ November 4.579.916 3,935,114 42,902,214 39,829.798

AGGREGATE OF GROSS EARNINGS-Weekly and Monthly
Weekly Summaries.
1st week
2d week
3d week
4th week
1st week
2d week
3d week
4th week
1st week

Nov
Nov
Nov
Nov
Dec
Dec
Dec
Dec
Jan
TO.,

16 roads)._
18 roads)____
18 roads)____
15 roads).17 roads)-___
17 roads)---14 roads)---_
14 roads)____
17 roads)_.....In revIrlel

Current
Year.
$
17,499.048
17,766,169
16,860,574
15,338.192
15.442,132
15,477,466
13,924,548
10.977,911
11,=1.4

Previous
Year.

IncreaseorCurrent
Monthly Summaries.
Decrease. 1 %
Year.

16,1I9,779
15,880,145
15,153,422
13,967.120
13,397,109
14,922,832
13,021,648
9,873,503
1,01,mg

Mileage. Curr.Yr.
February____235.625
234,986
March
April,
934,931
may
235,310
June
235,082
July
235,294
August
September 235,280
October
233,872
NnvAmher 235.7414

$
I
+1.339,269 8.29
+1.886,024 11.87
+1,707,152 11.26
+1,334,972 9.95
+2.046,02316.28
+554,634 3.72
+902,9001 6.93
+1,104.408 1.02
+2,448.304 2.30
4-1 140 400 1 A17

Previous
Year.

Increase or
Decrease.

%

Prev.Yr.
234.880 400,410.580 405,283,414 -4,7472.834 1.18
234.202 473.433.886 457,374,460 +16,059,426 3.51
,
432.106,647 -15,866,410 3.67
,
234,051 447:299,150 443,229,399 +4,069.751 0.92
234.568 472,383,903 460,007,081 +12.376,822 2.69
234.556 442,736.397 462,696,986 -19.960.589 4.31
235,0 472.242,561604.154,085-31.911,054 6.35
235,205 498,702,275 496,978,503 +1.723,7720.33
232,882 545.759,206 532,684,914 +13,074.292 2.45
228.870 ATI 7AR deg MI5 120 295 -I-87.618.188 12_38

* Grand Rapids de Indiana and Pitts. Cin. Chic. St St Louis Included in Pennsylvania RR. x Lake Erie de Western included in New York Central.




THE CHRONICLE

JAN.20 1923.]

Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the second week
of January. The table covers 10 roads and shows 1.67%
increase over the same week last year.

Latest Gross Earnings.
Week or
Month.

Current Previous
Year.
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

$
$
$
$
Nevada Calif Electric November 218.962 215.185 *3.327,978 *3.178.382
New Bedford G & Lt_ November 310,181
2,997,502
New Eng Power Sys_ September \ 477.737 455.221 *5,596.282 *5,439.828
$
New Jersey Power_ _ _ November
$
489,896
$
$
672.911
71.756 55,682
Newpt News & Hemp
Ann Arbor
99.647
73,010
26,637
Buffalo Rochester & Pittsburgh
By Gas & El Co__ November 185.435 163.561 1.910,213 2,379,604
514,716
301,528 213,188
Canadian National Railways_ _ _ 2,143,720 1,874,215 269.505
New York Dock Co__ November 280.623 343,269 3,549,916 4.772.189
Canadian Pacific
NY& Harlem(City L) September 121.639
2,810,000 2.524,000 286,000
1,146,411
Grand Trunk Railway System..
New York & Long Isl September
454,679
437,378
52.752 56.704
Canada National
NY & Queens County September
, 1.949,862 1.666,694 283,168
961.988
775,396
59,460 113.465
Detroit Grand Hay St Milw_
New York Railways_ September 819,151 843.598 7,043,472 7,219,010
Grand Trunk Western
Ninth Avenue
404,929
380,729
41,538 45,484
September
Minneapolis & St Louis
NY & Queens (Rec)_ September
370.491
308,580
61.911
252.696
286,413
34,788 30,537
Iowa Central
N Y & Harlem (Rec)... September 121.639
1,146.411
NY & Long Island September
454.679
437.378
52.752 56,704
Total (10 roads)
7,888,436 6,748,027 1,140,409
Nor Caro Public Serv November 110,075 101.158 *1,220,417 *1,126.723
Net increase (1.67%).
Northern Ohio
November 820,109 704,940 8.474.839 7.911.068
Nor Ohio Elec Corp November 820.109 704,941 *9.235,849 *8,764.730
Ohio Trac & Lt October
814.834 694.002 7.569.543 7.144.204
In the following we also complete our summary for the Nor
Nor'west Ohio Ry&Pr November
471.491
476,342
45.008 36,279
first week of January:
North Texas Elec Co- November 256.055 270,870 *3.071.620 *3.604,968
Pacific Gas & Elec Co November 3280.274 3035.040 35,748,172 34,272.147
Pacific Power & Light November 272,709 258,916 *3,003,039 *2.852.627
First Week of January.
1923.
1922.
Increase. Decrease. Paducah Electric_
50,265 45,831 *557.145 *526.557
November
Palmetto Pow&Lt-Co November
49,033 51,958 *579,689 *578.193
Penn Central Lt tit
Previously reported (10 roads)-- 8,276,676 6,698,929 1,577,747
Power Co & Subs November 248.308 202,911 2,443.253 2.238.050
Duluth South Shore & Atlantic..
84,068
67,843
16,225
Pennsylvania Edison_ November 263.764 219,743 2.611,769 2,491,531
Mineral Range
7.276
2,704
4,572
Philo Co Subs and
Mobile & Ohio
338.485
223,437 115,048
Natural Gas Cos November 1076,326 890,626 12,245.135 9,041,149
Southern Railway
3,338,330 2,705,764 632,566
986,065
835,048
Philadelphia Oil Co November
65.116 93,319
Texas & Pacific
603,745
588,830
14,915
812.240
825,459
Philadelphia & West_ December
72.863 68,181
Toledo Peoria & Western
30,677
29,165
1,512
38,619,508
38,647.717
Phila.
3487.908
Rapid
3694,545
Transit
November
Western Maryland•
375.753
290.034
85,719
Pine Bluff Co
83.164 69.679 *824.998 *789,721
October
Portland Gas & Coke_ November 280,803 281.428 *3.377,108 *3.391.265
Total (17 roads) 13,055,010 10,606,706 2,448,304
Portland Ry, Lt & P. November 882,197 820,146 *10084228 *9,949.281
Net increase (2.30%)
2.448.304
Pub Ser Corp of NJ..November 6950.081 6463,674 t78179368 1'75283802
Puget Sound Pow&L November 927.472 870.781 *10407905 *10034506
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S. Reading Transit & Lt November 238,725 235.273 2,937,788 2,993,283
Republic Ry & Lt Co_ November 770,268 607,171 *7,956.505 *7.433,634
480.889
607,775
Richm Lt & RR (Rec) September
68,910 69.240
Latest Gross Earnings.
Jan. 1 to Latest Date. Rutland By Lt & Pr_ November
564.666
569,676
46.116 46,289
Name of Road
St L Rocky Mt & Pac June
423,634 277,037 1,522.444 1.912.798
or Company.
Week or Current Previous Current
Previous
700,942
763.676
74.130 69.038
Sandusky Gas & EL November
Month.
Year.
Year.
Year.
Year.
Savannah Elec & Poi? November 132,969 139.081 *1,605,991
Sierra Pacific Electric November
80,925 74,098 *901,557 *896,455
$
$
$
$
747.546
Second Ave (Bee).._ September
747.992
87.119 95.004
Adirondack Pow & Lt November 557,786 458,887 *5.610,166 *4,773,846 17th St Incline
41,300
35.261
3,661
3,028
Plane_ November
Alabama Power Co__ November 641,490 414,161 *5.593.473 *4,504.954 Sierra Pacific
78.464 72.118 *894,730 *862,714
October
Amer Pow & Light Co Novemb r 2592,269 2327,660 *27837695 *27226412 Southern CalifElectric
1397,113 16,754.45816.440,571
1443,498
November
Edison
American Tel & Tel__ November 5755,222 4998,041 59,463,547 53,123,388 South Canada Power_ November
77,890 73.490 *923,252 *824.401
Amer Water Wks Elec October
2483,730 1632.392
Pr & Lt November 925,546 851,392 *9,746,243 *10049797
tnAm Wat Wks & Sub November 2550,142 1691,541 23,404,182 19,824.936 Southwestern
Tampa Electric Co November 158,742 135,590 *1.795.808 *1,702,188
Appalachian Pow Co_ December .276,111 225,450 *2.949,602 *2,487,606 Tennessee El Pr & Lt.. October
82.646,659
706,779
Arkansas Lt & Power November
98,899 85,177 *1.278,391 *1.113.097 Texas Electric Ry_ _ November 245.849 240.003 *2,708.152 *2,932.699
Asheville Pow & Lt__ November
76.284 70,605 *896,448 *851.354 Texas Power & Light. November 469,134 414,516 ".847.066 *4.946.033
Associated Gas & Elec October
174.672 146,408 *1,922,575 *1,694,931 Third Ave By System November 1180.435 1139,36% t6.054.601 t5.946,603
Bangor Ry & Electric November 136.363 129.057 *1,484,078 *1,417.059 Twin City R Transit. November 1133.413 1158.652
kBarcelona Tr, Lt & P November 4478,246 3661,205 42,193,291 33,880.037 United Gas & El Corp November 1142,081 1039.207 '12354143 *11412993
Baton Rouge Elec Co November
49,691 48,508
579.435
554,213 UnitedLt&Rys&Subs November 1024,253 961.473 *11648359 '11407983
Beaver Valley Trac__ November
54,115 50.390
607,646 United Rys & Electric November 1370.680 1305.093 14,861,079 15,039,479
579.983
Binghamton Lt II&P_ November 100,856 90.255 1,007,644
904,235 Utah Power & Light_ November 666.741 594,029 *7,030,806 *6,822,973
Blackstone Val G & E November 371,976 346,964 *3,951,027 *3.593.346 Utah Securities
Corp_ November 806,937 729.425 *8.748,349 *8,626,583
Boston"L" Railway_ November 31488700 29175959 zI45166757 :13591897
520.938
571,925
53,726 52,354
Hydro-Elec_ November
f Brazilian Tr Lt & P. November 17735000 14555000 179876000 155462000 Vermont
Virginia R y & Power_ December 936.449 876.425 9,513,095 10.173.334
Bklyn Rapid Transit_ November 2943,069 2738,946 :15083247 z14240242 West Va Utilities Co_ November 100.105 83.975
704,581
891.804
Bkiyn City RR (Rec) September 1001,309 968,124 8,849,170 8,502.504 Western Union Tel
Co November 9004.149 8164,997 96.331.336 95,410,878
Bklyn Heights(Rec) September
7,415
5,924
66,183
54,239 West Penn Co & Sub_ November 1822,5791212.882 '16639664 *14244524
Bklyn Qu Co & Sub September 215.827 212,307 1,913,888 1,699.639 Winnipeg Elec
By_ November 489,662 481.818 4,960,389 5,032.068
Coney Isl & Bklyn_ September 249,265 248,766 2.112,407 2,142,686 Yadkin
wk.** w.--.1,---..-1,... 101 5200 101 7n5 *1 910 515 *1 mi7 ORA
Coney Isl & Graves September
15.178 18,057
120.675
134.888
a The Brooklyn City RR.Is no longer part of the Brooklyn Rapid Transit
Nassau Electric_ _ September 446.844 419,589 3.848,648 3,554.605
N Y Consolidated. September 1904,583 1816,972 17,597,357 16.647,009 System, the receiver of the Brooklyn Heights RR. Co. having, with the
a lgef roolyn gtyhas
gowners.
South Brooklyn_ _ September 101,395 97,317
agproroihear,lelitdton
epay
=to
oaed3
f the rental;
889,373
762,600 see
61,213 63,426 *625,024 *699,596
CapeBretonElCo,Ltd November
Carolina Power & Lt_ November 197,782 164,444 *1.961,842 *1,666,468 b The Eighth Avenue and Ninth Avenue RR. companies were formerly
Cent Miss Val El Co. November
48,427 46,995 *542,189 *519,182 leased to the New York Railways Co.. but these leases were terminated
Cities Service CO_
December 1287,670 1193,449 *14658970 *14461770 on July 11 1919, respectively, since which dates these roads have been
City Gas Co, Norfolk.
86,373 82,388
. December
911,951
908,688 operated separately. f Earnings given in mike's. g Subsidiary companies
Citizens Trac Co&Sub November. 77.106 63,620 *804,077 *781.749 only. I Includes both subway and elevated lines. 9 Of Abington & RockCleve Painesv & East September
64.259 65.368
551.155
589,522 land (Mass.). k Given in pesetas. 1 These were the earnings from operaColorado Power
November
89,877 70,579 *1,023,374 *1.011.403 tion of the properties of subsidiary companies. m Includes Wilt Penn Co.
Columbia Gas & Subs November 1718.407 1473,126 16,615,967 13,710,799 *Earnings for 12 months. t Started operations April 1 1921. z Earnings
Columbus Electric_ .
_ November 188,697 167,020 *1,961,341 *1.761,996 for 10 months. y Earnings for 11 months. z Five months end. Nov. 30.
Com'w'Ith Pow Corp.. November 2186,785 1999,391 21.327,18020.411.241 3 Four months.
Com'w'Ith Pr Ry & Lt November 2932.0752726,494 29,243,806 28,476.063
Electric Railway and Other Public Utility Net
Conn Power Co
November 166.009 148,575 *1.710.599 *1,518.228
Consumers Power Co November 1389,097 1240.054 *14835852 *14105815 Earnings.—The following table gives the returns of
Cumb Co Pow & Lt._ November 284.069 273,127 *3,456,872 *3,266,582
Dayton Power & Lt July
311.857 295,485 2.508,362 2.380.509 ELECTRIC railway and other public utility gross and net
Detroit Edison Co__ _ December 2765,0952370.594 '26408159 *23382898 earnings with charges and surplus reported this week:
Duluth-Superior Trac September 146.659 143.220 1.293,941 1,340,580
—Gross Earnings— —Net Earnings—
1620,539 1290.012 13,771,551 13,275,154
DuquesneLtCosubstd October
Previous
Current
Current
Previous
East St Louts & Sub September 333.243 287.201 *3.811.154 *4.130.590
Year.
Companies.
Year.
Year.
Year.
EastShG &E Co& Sub November
45,569 43.621 *498,652 *455,179
East Texas Elec Co November 158,097 130,152 *1,766,146 *1,676,561
110,153
120.910
225,450
Edis El Ill of Brock'n November 130,749 115,998 *1,368,782 *1,240,856 Appalachian Power Co_ _Dec 276,111
Jan 1 to Dec 31
2,949,602 2.487,606 1,407.474. 1,119,709
Eighth Avenue
September 100.591 105,256
901.656
906,675
127,349
El Paso Electric Co November 191,292 192,317 *2,283,212 *2,289,946 Manila Electric
150,731
316.467
__Dec 318,242
Jan 1 to Dec
Elec Lt & Pow Co of
Corp_31
3,584,120 3,679,736 1,534.232 1,447,687
Abington & Rockl'd November
37,152 32.219 *374,705 *345,551
Balance
Fixed
Gross
after
Net
Erie Ltg Co & Subs. November 118,334 96.135 1,042.988
901.965
Surplus.
Charges.
Taxes.
Earnings.
Fall River Gas Work.; November
88.821 83,810 *1,002.139 *1,009.184
$
Federal Lt & Trim Co November 458,316 437,854 4.517,039 4,391,718 Cities Service
1,047
5:gp
215.388
Co
Dec '22 1,287,670 1.242,470
Fort Worth Pow & Lt November 234,815 225,676 *2,504.045 *2.646.757
995.597
166.433
'21 1.193.449 1.162.030
Galv-Hous Elec Co..: November 282,511 278,253 *3;305,202 *3,738.615
4,917,517
12
mos
ending
11,847,119
Dec
31
2,358,555
'22
14,658,970
Gen G & El & Sub Cos November 1183,8911013.489 12,276,344 ----'2112,944.715 2.098,130 10,846,585 4.856,631
Georgia By & Power.. November 1341,989 1330,328 '14817677 *14367442'
23,511
9,823
Nov '22
33.334
77,106
Great West Pow Sys_ November 778.460 710.974 *7,618,570 *7,368.480 Citizens Traction
Co & Subsidiaries
18,598
9.,639
'21
28.237
63,620
Havana El Ry,Lt&Pr November 1092,363 1142.168 11.780,735 11,734.928
207,567
12
mos
ending
Nov
30
118,037
325,605
'22
Haverhill Gas Light_ _ November
804,077
49,827 45.620 *542,451 *518,074
168.463
114,996
'21
Honolulu Rap Trans_ November
283,459
781,749
81,837 78.059
858,908
884.805
Houghton Co Elec Lt November
26.541
Dec '22
9,236
35,778
86,373
51,438 51,421 *547.391 *587,350 City Gas Co of
Hudson & Manhattan November 938.391 901.167 10,013,037 9.550.295
Norfolk
20,105
4.882
'21
24,987
82,388
12 mos ending Dec 31 '22
Hunt'g'n Dev & Gas_ November 109.486 98,512 *1.191.367 *1,071.442
216,764
98,807
315,571
911,951
Idaho Power Co_.
187,787
November 199,406 190,733 *2,432,747 *2,288,226
'21
90.447
278,235
908,688
Wools Traction
November 2095.594 1951.046 20,433,196 20,057,439 Detroit Edison
621,527
Dec 1922 2,765,095
309,190
930,717
Indiana Power Co__.. June
Co
519,202
763.318
58,632 60.590
846.303
'21
303,275
822.477
2,370,594
Interb R T System—
12 mos ending Dec 31 '22 26,408,159 7,169,545 3,556,380 3.613,164
Subway Division September 2704,209 2609,056 33,670,459 25,614,246
'21 23,382,898 6,283,835 3.433,665 2,850,170
Elevated Division.. September 1553,872 1582.589 13,962,011 14,696,140 Eastern
Shore
9,004
17,772
8.768
Nov '22
45,569
Kansas City Pr & Lt_ November 760,856 661,648 *7.742.801 *6.783.558
Gas & Electric
12,006
18.707
701
'21
43,621
Keokuk Electric Co November
34,648 33.488 *384.978 *373,416
12
65.989
mos
ending
Nov
30
'22
159.907
93,917
498,652
Kentucky Trac Term November 129.275 114.381 *1.613,326 *1.627.218
63,274
141,869
78,595
'21
455.179
Keystone Telep Co December 168,833 164,277 *1,703.274 *1.739.043
37,614
Lighting Co
51.431
Nov '22
13,817
118,333
November
Rey West Electric
22,223 22,834 *248.365 *267.857 Erie
& Subsidiaries
25.622
41,083
15,461
'21
96,134
Lake Shore Electric September 230.855 219.201 1,866,400 1,979.426
12
mos
275,663
ending
Nov
Lesingt'nUtilCo&Sub November
447,728
172,064
30
'22
1,152,436
*1,092.730
91,704 82,393 *1.112.838
183.567
368.334
184,767
'21 1,027,054
Long Island Electric_ September
36,200 38,306
295,258
300,667
159.532
Lowell El & Lt Corp_ November 148.900 110,615 *1,320.041 *1,170.502 Market Street
221,698
Dec '22
838,821
62,166
Railway Co
23,559 23,337
126,590
213.194
212,197
Man h Bdge 3-Cent L_ September
190,650
'21
815.276
64,070
Manhattan,& Queens September
34.786 30,537
252.696 Municipal Service Nov '22
286.413
115,024
158.631
43,606
410,221
Market Street By..... December 838,821 815.276
Co & Subsidiaries
72,817
82.508
214,103
9,691
'21
Metr000litsn Edison_ November 311,332 231,408 2.915 842 2.674.814
12 MOs ending Nov 30 '22 3,397,539 1,231,017
957.234
273,783
Milw Mee Ry & Light November 1782,5341612.237 *19187968 *18801165
794,135
117.113. 657.801
'21 2,491.367
November
Co_
Power
241,685 233,076 *2,897.887 *2.761,581 New Bedford Gas & Nov
Miss River
75.264
130,455
'22
310.181
55.190
Munic Set
,
/ Co & Subs November 410,221 214,103 *3,397.539 *2,491.367
Edison Lt Co
'21
325,355 310.854 *3,975,128 *3.743.143
Nashville Ry & Lt Co June
11
mos
593.954
ending
2,997,502
1.065,145
Nov
30
471.190
'22
Nebraska Power Co.._ November 334.683 254.5.4 *3.447.852 *3.100.859
'21
Second Week of January.

•

Name of Road
or Company.

291




1923.

1922.

Increase. Decrease.

31

292

THE CHRONICLE
Gross
Earnings.

Net after
Taxes.

Fixed
Charges.

Nov '22*
Penn Central
248,308
104,437
29,659
Light & Power
'21
202,911
95,097
29,819
12 mos ending Nov 30 '22 2,443,253 1,004,578
358,490
'21 2,238,050
878,644
354.105
Philadelphia &
Dec '22
72.863
30,146
13,013
Western Ry
'21
68,181
30,826
13.198
12 mos ending Dec 31 '22
825,459
366.942
179,180
'21
812,240
325,593
180,980
Virginia Railway
Dec '22
936,449
447,038
191,268
& Power Co
'21
876,425
322,591
175.695
12 mos ending Dec 31 '22 9,513,095 3,023,970 2.188,090
'21 10,173,334 3.241,129 2,258.559

Balance,
Surplus.
74,777
65,278
646,087
524,538
17,133
17,628
187,762
144,613
255.770
156,896
835,880
982,570

FINANCIAL REPORTS.
Financial Reports.-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest • index will be found in the issue of
Dec. 30. The next will appear in that of Jan. 27.
National Biscuit Co., New York City.
(Report for Fiscal Year ending Dec. 31 1922.)
President Roy E. Tomlinson reports in substance:
The accompanying balance sheet shows the financial condition of the
company at the close of its 25th fiscal year. The change in capital stock
is in accordance with the resolutions of stockholders at the meeting Nov. 15
(V. 115, P. 2276). The only indebtedness is for raw materials, supplies
and other incidental items incurred so recently that the accounts could not
be audited and paid for before the close of the year.
The year's business shows progress over former years in the development
of the manufacture and marketing of biscuit sold in bulk. This portion of
the business requires bakeries located in cities throughout the country
from which quick distribution can be made. The large modern bakeries
built during the past few years have proved invaluable for this kind of
work. The need for further increase in baking facilities has developed.
In New York City an 8-story fireproof building 75 feet by 206 feet,
adjoining property of the company on 14th and 15th streets, was purchased, and, with some alterations, made available for service. Property
west of this building, extending 175 feet to Tenth Ave. and from 14th to
15th streets, was purchased and plans are under way for another 8-story
bakery on this lot. The land extending west from 10th Ave. to 11th Ave.
between 14th and 15th streets was purchased and will be used for future
baking purposes. This gives the company 484 feet frontage on the south
side of 15th St. and 404 feet frontage on the north side of 14th St.
The new bakery in Buffalo is completed and in operation.
In Philadelphia a new bakery building, 257 ft. by 150 ft. adjoining the
present bakery, was started in November and we plan to bake in It during
the year 1923.
The Kennedy bakery at Cambridge, Mass., needs additional ovens.
A piece of land has been selected over 200,000 sq. ft. in area,located within
convenient distance of the Kennedy bakery, with railroad siding from the
Boston & Maine RR. This property will be purchased during January and
a large bakery has been planned for the site.
In Cincinnati a plot of land measuring 62,000 sq. ft.. with railroad siding
was purchased early in the year. One of the buildings for a bakery plant
is nearly completed.
In Denver the company had a three-oven bakery on leasehold. This
property was purchased during the year with some vacant land adjoining,
in view of future developments in the West.
In Marseilles,Ill., a board mill was purchased. It is adjacent to the company's mill, has water power leaseholds to the extent of 450 h.p.and produces over 70 tons of board a day. These mills will take care of the paperboard needs of the company for years to come, for cartons, display receptacles and shipping containers. The growth of the bulk business has been
further helped by the invention of a new paper-board container. This
container is made in the company's carton plant in Marseilles, Ill. It is
strong, clean, impervious to moisture and cheap enough for single service.
It has improved the marketing of bulk goods and increased sales. All this
development of bulk business 1188 stimulated the sale of carton goods. It
has also helped the organization to get a new point of view of our business
and an encouraging outlook for future growth.
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1922.
1921.
1920.
1919.
Net profits
$11,024,980 $5,677,461 $5,543,120 $5,349,863
Common diva
(8.3(%)3,069,780(7)2,046,520(7)2.046,520(7)2,046,520
Preferred dividends(7%) 1,736.315
1,736,315 .1,736,315
1,736,315
Balance, surplus
$6,218,885 $1,894.626 $1.760,285 $1,567,028
Previous surplus
$22,983.724 $21,089,097 $19,328,813 $17,761.785
*Com. (stock) div_(75%)21,927,000
Profit & loss, surplus_ 37,275.609 $22,983,724 $21,089,097 $19,328,813
* The stockholders on Nov. 15 1922 increased the authorized Common
stook from $30,000,000 to $60,000,000 and changed the par value from
$100 to $25 a share. Out of this increase the company distributed on Dec.30
1922 a 75% stock dividend (V. 115, P. 2276).
BALANCE SHEET DEC. 31.
1921.
1922.
1921.
1922.
Assets$
Plant, real estate.
Preferred stock__ _24,804,500 24,804,500
machinery,&c_ _ 65,699,03R 61,425,322 Common stock_ _ _51,163,000 29,236,000
U. S. securities__ _14,569,309 11,261,617 Accounts payable_
576,398
552,221
Cash
2,533,525 2,572,160 Common dividend
Stocks & securities 468,907
741,381
payable Jan. 14_ 1,534,890
511,630
Accts. receivable 3,275,586 3,592,267 Ins. & carton factory reserve_ __ _ 4,600,000 3,500,000
RawmaterIals.suepiles,.te
4,408,031 3,595,327 Tax reserve
1,600,000 1,600,000
7,275,609 22,083,724
Surplus
Total
90,954,396 83,188,074
-V. 115, p. 2387.

Total

90 954,396 83,188,074

R. J. Reynolds Tobacco Co.
(Report for Fiscal Year ending Dec. 31 1922.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1922.
1921.
1917-20.
$20,479,234 $16.258,323439,347,155
z Net profit
Sundry items app. to prior periods_ _ _ 1,513,562
200,828
Undivided profits previous year
12,122.425
2.064,102 y16.747,369
Total surplus
$34,115.221 318,322,425 356,295,352
Deduct-Preferred dividends
(7%)I:100,000(7)1,400,0001 a14.231.250
Common dividends
7,800,000 (8)4,800,0005
Stock div. in new Class B Com,stock
paid on Common stocks__(33 1-3%)20.000.000
__(200%)40.000,000
Total undivided profits

$4,915.222 $12,122,425 $2,064,102

x Net profits, after deducting all charges and expenses of management
and after making provision for interest. taxes (incl. Fed. and State income
taxes), depreciation, advertising, &c. y Undivided profits Dec. 31 1916.
z Net profits for the cal. years are as follows: 1917, $10,340,345; 1918,
$7.042763; 1919, 811,272,754; 1920, $10,691,294. a These dividend payments were as follows: 1917.$3,281,250; 1918. $2,850,000; 1919,$3.100,000,
and 1920, 85.000.000.
Note.-Federal income. excess profits and war profits taxes on earnings
for all years up to Dec. 31 1922 have been paid or set aside in the above




[Vor.. 116.

statement in maximum amounts and pending tax adjustments should resuit in a substantial increase in the undivided profits account.
BALANCE SHEET DEC. 31.
1922.
1921.
1921.
1922.
Assets$
$
LiabilitiesReal est., bides..
Pt. stk.. 7% cum-20,000,000 20,000,000
machinery,&c..14,1.87.853 13,603,805 Common stock_ _ _10,000,000 10,000,000
Cash
11,292,332 7,202,989 New Class 13 comAcets receivable_10,446,785 10,471,696
mon stock._._x70,000,000 50,000,000
Leaf Lob.,supplies,
Acc'ts payable_ __ _ 2,531,912 2,800,333
mfd. prod., 5te_72,947,610 63,052.313 Accrued interest,
U.S. Lib. bonds_
6,512,348
taxes, &c
3,993,187 7,864,944
In
_v.
in non-com1,700,000
6% gold notes_
petitive cos __ _ 2,311,702 3,620,710 Reserve for denseOther acc'ts and
cla'n & coating_ 5,537,891 5,234,531
notes receivable 3,696,790 3,590,296 Undiv. prof. (after
Good-will, patents,
deduct'n of div.
&c
1,362.907 1,357.737
Payable Jan. 1)_ 4,915,222 12,122,425
Prepd.int.,ins.,&c. 332,233
310,338
Total
116,978,212 109722,233
Total
116,978,212 109722,233
x Increase due to stock dividend of 33 1-3% issued Dec. 2 1922 on outstanding Common stocks.-V. 115, p. 2591.

Northern Ohio Electric Corporation.
(Report for Year ended Dec. 31 1922.)
President Geo. E. Hardy, Jan. 12, says:
During the year company reduced the bank loan by $720,000, a portion
of which was provided by funds derived from Kent Water & Light Co.
through the sale of its electric property to Northern Ohio Traction &
Light Co.
General business conditions in the territory served are much more favorable than they were at the beginning of 1922, and from present Indications.
1923 should prove to be a decidedly better year for the company.
EARNINGS STATEMENT FOR 12 MONTHS ENDING DEC. 31.
1922.
1921.
1920.
1919.
Gross earnings
$9,354,965 $8,672.079 811.014,845 $9,298,550
Oper. exp. (incl. taxes &
current maint.& rep'rs) 6.897.774
6,535,330
8,530,160
6,697,473
Gross income
82.457,191
Fixed charges (incl. int.
dive, on outstdg. Pref.
stocks of sub. cos)
1,974,646
Net Inc. avail,for diva.
replace'ts & deprec_
Preferred dividends__ _ _
Balance, surplus

$482,545
360,000

$2,136,748

$2,484,685

$2,601,077

1,894.490

1.651.267

1,504,396

$242,259
360,000

$833418 81,096,680
360,000
360,000

$122,545 def$117,741

$473.418

$736,680

x Cumulative and unpaid since Dec. 1 1919.
BALANCE SHEET.
Dec .31'22. Feb .28'22.
LiabilitiesAssetsDec.3122. Feb .2822.
Securities owned_ _59,762.223 59,770,583 Preferred stock_ _ _56,000,000 36,000,000
Cash on deposit_ _
23,875 •
8,078 Common stock__ _ 375,000
375,000
Note disct. (being
Note payable (due
11,850
Feb. 1 1923)... 2,880,000 3,600,000
4,920
amortized)
Adv. to sub. cos
827,570 Adv., res. & aces.
356,879
accounts
261,605
Surplus
179,139
381,476
Total
S9,791,018310,618,081
-V. 114. p. 1651.

Total

$9,791,018E10,618,081

(H. R.) Mallinson & Co., Inc.
.(Annual Report-Year Ended Oct. 31 1922.)
CONSOLIDATED INCOME ACCOUNT YEARS ENDED OCTOBER 31.
[Including Erie Silk Mills and Pussy Willow Co., Inc.]
1921-22.
1920-21.
1919-20.
$1,883,613 $2,276,047
Not
Gross profit on sales
General and administration expenses
stated.
1,424.172
1,766.019
Net income
Other income

8838.401
148,124

$459,441
51,856

$510.028
93.703

Total income
Bad debts charged off
Depreciation
Taxes.x
Loss on sale of securities
Other deductions

$986,525
62,174
156,356
22,272

8511.297
16.310
112,187
40,719

4.398

3,724

$603,731
14,448
86,791
11,770
142,952
2,673

Net profit before Fed. income tax__ y$741.325

y$338,357

y$345,098

x Taxes in 1921-22 are Federal and State (other than Federal income tax
for 1921 charged to surplus). y Federal income tax (for 1922) is estimated
at about $90,000 in 1921-22; in 1920-21, $32.500. and in 1919-20, $32,000.
CONSOLIDATED BALANCE SHEET OCTOBER 31.
[Including Erie Silk Mills and Pussy Willow Co., Inc.]
1921.
Liabilities1922.
Assets1922.
1921.
Pref. stock, 7% _ _42,705,000 $2,850,000
Real estate, equip43,109,316 53,262,576 Common stock (no
ment, &c
727,387
par value)
223,296
n500,000
Cash
500,000
127,654 1,269,388 Notes payable
Notes receivable
1,290,000 1,790,000
3,283,160 2.447.727 Accounts payable-1 396,9831 818,248
Inventories
Accr.
payrolls,
dze
.
J
Acets receivable- -YL657.318
155,366
1
62,702
113,000 Foreign drafts, &c. 1,064,148
7,563
Securities
18.028 Federal taxes, esti21,847
haus., sus. value_
51,335
mated
Emprees' notes,&c
90,000
32,500
38,150
Surplus
Investments._ .._ _ _
2,491,548 2,042,550
50,293
39,375
Deferred charges_ _
Total.58,537,679 $8.095,999
Total
$8.537,679 58,095,999
x Real estate knd mill buildings, $1,013,811; machinery and equipment.
82,053.579; total, 33.667,190, less depreciation, $659,945, leaving 33,007,245, to which is added equity in Astoria residence for employees, depreciated
value (less mortgage. $86,500), $102,071. y Accounts receivable. $1.806,417; less allowance for bad debts and discounts, $119,099. z Authorized
Issue of Pref. stock, 810.000.000; unissued. 37.000,000; outstanding, $3.000.000; acquired for sinking fund, held in treasury, $295,000. a 200,000
shares no par value.-V. 115. p. 2693.

Dominion Bridge Co., Ltd.
(Report-Year ended Oct. 31 1922.)
President G. H. Duggan, Dec.26 1922, reports in brief:
output of all plants for the period was 45,457 tons,
Output, &e.-Thethe

previous year, an increase of 1814% and the value
against 38,047 tons
of new business written during the year was $5,015,000: exceeding by
25% that of the previous year. The demand, however, is still well below
the fabricating capacity of Canadian plants and low prices have continued
to rule in consequence.
The year was started with a moderate volume of work, taken of necessity
at nrims which were not expected to show any profit, but for the sake of
maintaining the organization and to absorb a portion of the overhead
expense. The low prices have persisted, due to keen competition, but
costs and overhead expenses have been further reduced and, because of
this and the larger volume of business, the profits are better than expected
at the time of the last annual meeting.
Dividends.-The directors declared quarterly dividends at the rate of
4% per annum. This necessitated drawing to some extent upon the
substantial surplus profits which the company had been able to sot aside
in previous years.
Inventories.-Inventories of steel stocks for manufacturing and manufacturing supplies have been taken at conservative prices.

20 1923.]

THE CHRONICLE

JAN.

293

Position.-The company is in a strong liquid position, its plants have
been well maintained and the manufacturing facilities generally improved.
The stocks of raw material are well assorted and saleable and the organization is on a low but efficient basis, all tending to keep the company in a
good position to meet continued adverse conditions or to enable it to
profit 133,a return to more normal business conditions.

Car Repairs.-Freight cars in need of repair on
1 amounted to
216.011, or 9.5% of the cars on line, according toJan.
filed to-day
by the carriers with the Car Service Division of thereports
Railway
Association. This was an increase of 2,174 over the American
number
in need of
repair on Dec. 15 last.
Reports showed that while there was an increase during the last half of
in the number of freight cars in need of light repairs, there was
The comparative income account was published in V. 116, aDecember
marked reduction in the number in need of
heavy repair during the same
p. 182.
period. For instance, on Jan. 1 last. 164.041
cars were in need of heavy
BALANCE SHEET OCTOBER 31.
repair, a decrease of 5,229 compared with the number
on Dec. 15. Cats in
need
of
light
repairs
at the beginning of the year totaled 51,970 cars, a gain
1922.
1921.
1922.
1921.
within a little over two weeks of 7,403 cats.
Assess$
$
Liabilities$
Car Loadings.
the resumption of business following the Christmas
Plant, machinery &
Capital stock
6,500,000 6,500,000 holiday, loading-With
of revenue freight amounted to 770,303 cars during the
equipment, &c.x3,949,681 4,032,453 Reservesweek which ended on Jan. II. Although
Inv. In, & loans to
the week contained a holiday.
Deprec. & ren'is 386,704
386,704 New Years Day, this was
other cos
an increase of 59,103 cars over the week before
2,737,381 2,463,229
Acets in erection 181,358
181,358 which also included Christmas.
Cash
766,741 1,023,942
Ace.Ins, to empl
14,446
20,801
Loading for the week of Jan. 6 also exceeded the corresponding week in
Victory dc other bds 364,102
Div. pay. Nov.15_
65,000
130,000 1922 by 170,870 cars,
Deposits on tenders 68,682
and the corresponding week in 1921 by 72,662 cars.
48,039 Sundry accts. Day.
Except for grain and grain products which showed
Exp. on uncompl.
(inn.Fed.taxes) 800,209
a small reduction, in662,689 creases in the loading of all
contracts
y069,726
commodities compared with the week before
466,134 Surplus
3,466,500
3,671,838
were
reported.
Accts. & bills rec.
Principal changes compared with the week ended Dec.30 were: Grain and
(less reserves)__ 1,101,640 1,481,588
grain products, 45,498 cars, decrease 433;
Inventories
1,651,319 1,842,443
live stock, 31,686 cars, increase
5.498: merchandise and miscellaneous freight,
Unexp. ins. prem.,
which includes manufactured
products, 425,097 cars, increase 24,590; coal, 187,746 cars. increase
taxes, &e
104,946
95,563
14,368:
forest products. 57,530 cars, increase 12,617;
coke.
13,028, increase 920; ore.
9,718 cars, increase 1.543.
Total
11,414,218 11,453,391
Total
11,414,218 11,453.391
Car Loadings for Year I922.-The following is authorized by
the Car
Service Division of the American Railway Association:
x Real estate, plant, machinery and equipment. $5,206,921; less
deprec.
"Complete reports show that the number of cars loaded with all comreserve, $1.257.240. y Expenditures on uncompleted
contracts, less modities, other
amount reserved for contingencies, $1,430,196;
than
less amounts received on by 16% the total forcoal, during 1922 was the greatest in history, exceeding
account, $760,470.
1921, and surpassing by 3 % that for 1920.
"Total loadings for the year of all commodities,
Note.-Tho Royal Trust Co. holds 826 fully paid non-assessable shares
other than coal. amounted
to 36.265,178 cars, compared with 31,347.816
of this company for the ;purpose of selling the same to the employees
cars in 1921 and 35.036,022
of
cars in 1920.
the company. Any further profit over
purchase price resulting from
"Loading
of
the sale of such shares will inure to the the
agricultural
products also was the heaviest' on record.
benefit of the company.
Contingent Liabilities.-Guarantee to Bank of Montreal of Robb Engineer- For grain and grain products alone, 2.467.358 cars were leaded. This
was an increase of 7.61% over 1921, and 34%
ing Works, Ltd., loan of $65,000.-V. 116, p. 182.
over 1920.
"Loading of live stock in 1922 totaled 1.637,923 cars which was 9.42%
above the year before, and 5.44% over 1920.
"Shipments of merchandise and miscellaneous freight alse established
Paragon Refining Co., Toledo, Ohio.
a new record in 1922, when they totaled
cars. This was an
(Report for Fiscal Year ended Oct. 31 1922.)
increase of 3.297,193 cars above the total27.143,591
for 1921, and an increase of
1,619,674 above the total for 1920.
CONSOLIDATED INCOME ACCOUNT YEARS ENDED OCT. 31.
"Revenue coal shipments in 1922 totaled 7.448.341 cars, due to the
1921-22.
five months' miners' strike. This
1920-21.
1919-20.
1918-19.
was 93% of the total for the year before
Gross income
Not
$7,444.724 $12.108,627 $4,116.277 and 69% of the total for 1920.
Oper. & gen. expenses
stated
8,770,486
"For the month of December 1922, loading of all classes
9,784,532 x3.616,340
of revenue
freight, including coal, was the greatest
for that month on record and
Operating profit
3620,562loss$1325762 $2,324,095
$499.937 exceeded by nearly 25% the total for December
1921. Coal leading for
Deprec. & depletion_ _ - _
556,553
636,944
582,620
196,950 the month showed an increase of 46.72% over the
same month in 1921.
Interest on a 5., &c,,,,._
144,024
while loading of merchandise and miscellaneous
251.6541
511,728
x
Bad & doubtful acc'ts
49.379
indices to business conditions. Increased nearly freight, one of the best
178,4041
14%.
Loss on sale of assets.&e_
188.603
The above is after the receipt of completed
reports. A preliminary
1918 taxes not required..
Cr.130,000 statement was given on page 74 of the Jan. 6 issue.
Car Shortage.-The demand for freight
is now less than it has been
Balance deficit
$317,997 $2,392,765 s41.229,747 sur$432.987 at any time since the middle of September,cars
according to reports filed to-day
Previous deficit
$1,181,296 sur1,485,872sur1.240,679 sur192,382
by the carriers with the Car Service Divi.sion of the
American Railway
Adjustments
Dr.14,743 Dr.26,093 Dr.43,571
Association. On Jan. 7 requisitions for freight cars in excess
Sur.from reval, of prop_
1,258,315 supply totaled 73,285 cars, a decrease of 9,642 within a week.of the current
At the same
time 20,426 surplus freight cars, in good repair and immediately
available
Total deficit
$1.514,036
$932.985 sr$2,426,855 sr$1,883.683 for use if traffic conditions warranted, were
reported
scattered
Preferred dividends
48,311
97,921
98,000 the country. This was an increase within the same periodthroughout
of 5,445.
Common dividends
200,000
640,456
525,000 The shortage in box cars on Jan. 7 amounted to 30.895.
was a de.of incr. capitalizen
ER
,
20,005 crease since Jan. 1 of 7.502. The shortage in coal carswhich
202.606
totaled 34,243.
which was a decrease within the same period of 2,282. Refrigerator
Profit & loss deficit_ _ 51.514.036 $1,181,296 sr$1,485,872 s41.240,679 decreased
from 2,441 on Jan. 1 to 2.111 on Jan. 7, or 330 cars. cars
The
shortage in stock cars, however, amounted to 2,051. which was an increase
x Int. and other accounts in 1919 are incl. in operating expenses.
of 424 in approximately a week. The increase in
number of surplus
freight cars is due to a falling off in the demand forthe
virtually all classes of
CONSOLIDATED BALANCE SHEET OCT. 31.
equipment. A total of 6,691 surplus box cars in good
were reported on Jan. 7, which was an increase since Jan. 1 of condition
1921.
1922.
1921.
•1922.
1,629, while 5,490
surplus coal cars in good condition were reported, an increase
$
within the
Land, oil leases,
7% pref.stock _ 1,375,300 1,375,300 same duration of time of 1,839.
bides., mach'y,
Matters Covered in "Chronicle" Jan. 13.-Editorial.-(a) Railroad gross
Common stock. _ _ 8,000,000 8,000,000
equip., less deNotes payable_ _ _ _ 687,320 1,684,540 and net earnings for November, p. 116 to 119 inclusive.
pree. & deple'n_ 6,495,1811. 7,854.462 Acc'ts pay., lnel.
Current Events and Discussions.-(b) Applications for hearing on wage
'Good-will
956,097f
wages & salaries 189,626
329,623 reductions before Labor Board withdrawn by many railroads. P• 135.
Cash
(c) Erie RR. signs new agreement with shopmen's union,
320,302 Unred. sales coup_
615,223
2,520
p. 136. (d)
Acels & notes rec.
Accr. taxes & int_ _
117,015 President W. G. Resler, of Central RR. of New Jersey, is negotiating
60,847
(less allowances) 405,253
with striking shopmen, p. 137. (e) S. Davies Warfield, President of
680,820 Car trust ctfs
637.500
562,500
•Crude oil & refined
Association
of
Owners
Equipment notes_
of Railroad Securities, urges a central clearing
55,125
products
house agency as a remedy for car shortage, p. 137.
678.400 1,907,705 Lease payable_
10,000
Stores& supplies._ 148,198
149,541 Mortgage payable_
4,000
Other assets
49,847
Deferred income_
American Railways Co., Philadelphia.-Refinancing
30,704Deferred charges__
87,190
108,977 Coating., &e.,res.
90,608
Plan.-The officers and directors, with the aid of the comDeficit
1,514,036 1,181,296
Total

11,009,425 12.203.103

Total

11,009,425 12,203,103

* Note.-The balance sheet for 1922 is subject to any adjustment that
may be necessary upon final determination by the Government of the
company's Federal tax liability. Sinking fund requirement for the retirement of Preferred stock has not been complied with and no provision has
been made for same in this balance sheet.-V. 115, p. 2695.

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Transit Commission Favors 4. Tunnels Under East River (N Y. City).
-To
take care of rapid transit connection between Manhattan
and Brooklyn,
releasing present bridges for vehicular and surface car traffic.
"Times"
Jan. 14, Sec. 2, p. 1.
Increase in N. Y. City Traffic is 100,000,000 in 1922.-Views of
George
McAneny, Chairman of Transit Commission, on traction
situation.
In connection with its studies of the commuters' problems, the Commission has collected enlighteninffigures. During 1921 the trunk roads
entering New York, or deliver
passengers upon the New Jersey shore,
carried a both-way passenger traffic of 220.847.049 people. Of
this number
148,958,292 were commuters of one kind or another. The increase
in all
railroad traffic for the year was 978.933 passengers.
The local traffic on ferries between New York and New Jersey was
52,621,220 passengers, giving a total for railroads and ferries in and out of
New York of 273,468,269. As this local traffic consisted mostly of commuters traveling by other means than railroads, the figure for all commuters
was increased to 201.579,512. Traffic for the most important terminals of
the city, was as follows: Grand Central. 36.157.012; Pennsylvana Station.t
26.866,815; Flatbush Avenue, 32,893,995; St. George, 11.181,786. "Times"
Jan. 14, Sec. 8, p. 1.
I.-S. C. C. Hearings on RR. Consolidation Begin -V. P. Turnburke,
statistician for Great Northern, testifies that if Hill system is split, and
Northern Pacific is grouped with Chicago Milwaukee & St. Paul, an annual
saving of approximately 96,500.000 might be effected. "Financial America"
Jan. 18, p. 00.
Crisis in Strike Situation in Arkansas.-Civil population along Missouri
& North Arkansas RR. lynched one striker, flogged a sympathizer and
chased 200 Out of Harrison (Ark.) to punish them for sabotage and other
•outrages against the railroad extending over a period of two years, since
they went out on strike against a wage slightly below U. 8. RR. Labor
Board award, which was offered because road was in receivership. "Times"
-Jan. 17. p. 1; Jan. 18, p. 6.




pany's bankers, have formulated a plan for the refinancing
of the company, which includes the reduction of outstanding
obligations and the funding of the accumulated dividends on
the Preferred stock, amounting to 19% as of Feb. 15 1923.
The stockholders will vote on the plan Feb. 1.

Digest of Refinancing Plan.
Re-Alignment of Subsidiaries.-The proposed plan contemplates the realignment of some of the subsidiaries of the company into a new group
under the ownership of Consolidated Light, Heat & Power Co., now wholly
owned (or of a new corporation formed to take over the property, of that
corporation) which will acquire from the Railways company all of the
Common stock equity held in the following subsidiaries::
(1) Ohio Valley Electric Ry.;(2) Ironton Electric Co.; (3) Boyd County
Electric Co.; (4) Lynchburg Traction & Light Co.; (5) Roanoke Traction
& Light Co.
The entire Common stock of the Consolidated Light, Heat & Power Co.
(or of any successor) will continue to be held by the Railways company,
which will receive for its equities in the stock of the subsidiaries so transferred, cash in an amount substantially in excess of the cost of the stocks
of such subsidiaries as It appears on the books of the company.
Issue of Securities of Consolidated Company.-The plan further contemplates the issuance by the Consolidated Light. Heat & Power Co. (or
its successor) of approximately $7.000,000 bonds, and 91.500,000 Cumul.
7% Preferred stock, from the proceeds of the sale of which the cash being
paid to American Railways Co. will be derived, and the balance of approximately $1,000,000 would be retained in the treasury of the Consolidated
company (or its successor) and used for the installation of new power
equipment on its property•
Proceeds from New Securities.-The funds
received by the Railways
company will be used to retire the securitiessonecessary
to complete such
financing and the company also proposes
call and redeem its $3,000.000
% Gold notes, due Feb. 1 1925, andtocancel
not less than
retire
and
91,000.000 of its 5-Year 8% notes.
Extension of Wilmington & Chester Traction es-The plan further contemplates the extension of the Wilmington & Chester
Traction Co. $2,305,000 Collateral Trust Gold Extended 6s, maturing April
1 1923.
Refunding of Accumulated Prof. Dividends.-In order that an obstacle to
the resumption of cash dividends
the restoration
on
Preferred
and
the
stock
of dividends on the Common stock may
be removed, the plan provides
for the refunding of the
entire accumulated 7% dividends on the Preferred
stock up to Feb. 15 1923. by the issuance to each Pref, stockholder of
additional Prof. stock to the amount of l9(% of his holdings, and the
issuance of additional Prof. stock amounting
to 1U%, each quarter until
the company has accumulated an additional surplus
out of earnings after
Jan. 1 1923. amounting to 91,000.000.
Thereafter, if the earnings of the
company warrant, cash dividends to the Pref. stockholders will be resumed.
The bankers, with whom the company has been In negotiation, have
required that such an additional surplus be built up before cash dividends
shall be resumed upon the Prof. stock but it is the firm conviction of the
directors that if the earnings continue during 1923. as they have every
indication of so doing, the additional surplus of 91,000,000 will be reached
on or before Dec. 31 1923. The earnings of the company for the year
ending Dec. 31 1922 amounted to over $1.000.000.
To Increase Pref. Stock from $4,000.000 to $8.000,000-To Retire 2d PrefNo increase in the aggregate Capital stock is proposed, but to provide for

294

4 CHRONICLE
T H 1:

the additional Pref. stock to be distributed in payment of the accumulated
Pref. dividends, It is proposed to retire the present 24,000.000 2d Pref.
to $8.stock and increase the authorized 1st Pref. stock from $4,000,000pay
the
000,000. to distribute tne amount of 31.000,000 necessary to
unissued.
remain
to
of
33.000,000
balance
the
and
dividends
accumulated
of
approval
the
to
Underwritten.-Directors unqualifiedly recommend
in their judgment is a constructive one
the plan for re-financing ,which firm
the
Furthermore,
basis.
financial
a
on
company
the
and places
company has concluded arrangements with responsible bankers who have
plan. to
agreed, subject to the satisfactory completion of the foregoing securities
undertake the formation of a group for the purchase of all of the
involved.
in
To Change Name of Company.-Approval is also asked for a change
Co..
the name from American Railways Co. to American Electric Powerprofit
or another suitable name, for the reason that it receives its greatese
from electric light and power business, rather than from street railway
operation.
[In connection with the new financing, it is stated that Stroud & Co.,
Inc., of New York, Philadelphia and Baltimore, with Tucker, Anthony
& Co.. of New York and Boston, are forming a group to underwrite the
entire amount.]
-V. 116. p. 175.

Atlantic Shore Ry.-Reorganization Plan.-The committee for.the Atlantic Shore Line Ry. 1st Consol. Mtge.
bonds and the Alfred Light & Power Co. 1st Mtge. 5s,
Howard Bayne, Chairman, has adopted a reorganization
plan. The plan, which is outlined below, does not make
any provision for the Portsmouth Dover & York Street Ry.
the properties of which are being operated by a separate
receiver.
Digest of Reorganization Plan Dated Jan. 15 1923.
Foreclosure.-The plan provides for the foreclosure of the following
mortgages, or such of them as the committee may deem necessary (which
probably will be all of said mortgages), namely:
$240,000
Sanford & Cape Porpoise By. 1st Mtge. of 1898
120,000
Atlantic Shore Line By. 1st Mtge. of 1904
361,500
Atlantic Shore Line By. Consol. Mtge. of 1904
250,000
Alfred Light & Power Co. let Mtge. of 1905
133,000
Atlantic Shore Ry. Gen. Lien of 1911
641,750
Atlantic Shore By. Ref. Mtge. of 1911
New Company.-Upon foreclosure, the mortgaged properties (excepting
certain property covered by the Sanford & Cape Porpoise mortgage) are
to be acquired by a new corporation which will issue bonds and stock
based upon the amount of bonds outstanding under the above-mentioned
mortgages.
Assuming the amount of bonds outstanding to be correctly stated above,
the new bonds and stock would be as follows:
New Securities To Be Issued To Replace Existing Securities.
Will Receive
Income 5% Pref. Common
1st
Stock.
Stock.
Mtge. 5s Mtge. 58
Existing SecuritiesAtl. Shore Line 1st & Cons. 5s_$289,200 $216,900
$93,100 $39,900
Atl. Shore Line Gen. Lien 58320,875
Atl. Shore Line Ref. 4s
36,000
36,000
24,000
24,000
All. Shore Line 1st 58
75.000
50,000
50,000
75,000
Alfred Light & Power 1st 55
10,000
54,000
Sanford & Cape Porpoise 1st 5s.._ 81.000
$469,200 $344,900 $179,100 2481,775
Total
If this plan is effectuated, each holder of a certificate of deposit for
$1,000 of Atlantic Shore Line Ry. 1st Consol. Mtge. bonds with appurtenant
coupons beginning with the coupon of Oct. 1 1915. would be entitled to
receive $800 of new 1st Mtge. bonds and $600 of new Income bonds.
Each holder of a certificate of deposit for $1,000 of Alfred Light &
Power Co. 1st Mtge. bonds with appurtenant coupons beginning with the
coupon of Jan. 1 1916 will be entitled to receive $300 of new 1st Mtge.
bonds. $200 of new Income bonds, $200 of new Preferred stock and $300
of new Common stock.
The committee has also made an agreement with an individual by
which, if the foregoing plan is effectuated, he will agree to exchange with
bonds
Alfred Light & Power Co. bondholders who have deposited their in
the
with the committee, so that instead of the securities mentioned
plan, any of the bondholders who may so elect will receive their proportion
Preferred
new
stock;
of
and
$25.000
bonds
Mtge.
let
new
of
$125,000
of
that is, each holder of a certificate of deposit for a bond of 21,000 with
coupons so electing, would have the right to receive $500 of now 1st Mtge.
bonds and $100 of new Preferred stock.
The date from which the new 1st Mtge. and the new Income Mtge. bonds
will draw interest has not been finally settled, but such date will probably
be Feb. 1 1923.-V. 116, p. 175.

Baltimore & Ohio RR.-To Issue Certificates.-

The company has applied to the I.-S. C. Commission for authority to
will be
issue $13,875,000 equipment trust certificates. The certificates
purchased by Kuhn, Loeb & Co. and Speyer & Co. of New York at not less
175.
p.
V.
in
116,
offering
See
than 96.67.
The Girard Trust Po., Phila., Pa., as trustee, is now prepared to deliver
definitive 5% Equipment Trust Certificates of 1922 on surrender of interim
certificates. Exchange will also be made at the office of the B. & 0. RR.,
2 Wall St., N.Y.City. (For offering, see V. 115, p.434.)-V. 116, p. 175.

Birmingham Ry., Light & Power Co.-Being Reorg.-:-

See Birmingham-Tidewater By. below.-V. 116, p. 175.

Birmingham-Tidewater Ry.-Holders of Certificates of.
Deposit for 1st Mtge. 58 Given Offer.-

The protective committee for the 31,500.000 1st Mtge. 30-Year gold 5s
constituted by the deposit agreement dated Jan. 30 1919 has received an
offer for the purchase of the deposited bonds as follows: the bonds, flat;
principal amount of
(1) The price offered is 68% of the
for accrued and unpaid interest. Any
that is to say, without allowance
to the bondholders. Claims for interest
Interest accrued and paid to gopurchasers.
accrued but not paid go to the the purchase price to be 50% of such pur(2) The terms of payment of
in 30 days or sooner, the
chase price on delivery of the bonds, the balance
deferred portion of the purchase price.
bonds to remain as security for the
their offer and to refuse
(3) The purchasers reserve the right to withdraw
ofthe deposited bonds are tendered for purchase.
to purchase ifless than 75%
Is to be divided and distributed as follows:
The proceeds of the sale selling
bondholders, and 3% to be used and
65% to be paid net to theon account
of its compensation, &c.
applied by the committee
issued in 1917 in the reorganization of
The First Mortgage bonds were
and were guaranteed principal and
RR.
Bessemer
&
Ensley
Birmingham
& Power Co.. the consideration for
int. by Birmingham Railway. Light
Ry., Light & Power Co.
Birmingham
the
to
transfer
the
being
guaranty
this
of the Birmingham-Tidewater By.
of all of the 3325.000 capital stock
Light & Power Co. went into receivership,
In 1919 the Birmingham By.,
proceedings the receivership was
which still continues, and by ancillary
of the Birmingham-Tidewater By.
extended to include the properties
Co., the committee is informed, is
The Birmingham By., Light & Powerupon
what basis. The committee
advised
to be reorganized, but is not
of the Light & Power Co. Is a simple contract
points out that the guarantypossibility
the
reorganization would result
that
distinct
a
is
and that there
of that guaranty, leaving the holders of
In the destruction or cancellation
no other recourse for the colwith
Ry.
-Tidewater
Birmingham
of
bonds
lection of their bonds than a foreclosure.
more practicable now than it was in
The committee feels that it is not
properties as an independent traction
1916 successfully to operate ttose
-Tidewater properties for the years
system. Operation of the Birmingham
and for 1922 to Nov. 30 have shown large operating
1918. 1919, 1920, 1921 circumstances
acceptance of the above proposithe
deficits. Under these
is strongly urged upon the holders by the
tion for the purchase of the bonds
to Joseph Diehl Fackenthal,
mailed
be
should
Authorization
committee.
New York City, not later than
Secretary of the committee, 165 Broadway,
981.
p.
10g.
Feb. 10 1923.-V.

Brazilian Traction, Light & Power Co., Ltd.-Divs.--

declared on the Ordln5ry stock, payable
A dividend of 1% has been 31. A like amount was paid Dec. 1 last.
Mar. 1 to holders of record Jan.
-V.115. p. 2045.




[VOL. 116.

Central Pacific Ry.-Tenders.-

The company will until March I receive bids at its office, 165 Broadway,
New York City,for the sale to it of let Ref. Mtge. bonds, dated Aug. 1 1890,
to an amount sufficient to exhaust 325,788.-V. 115. 13• 1941.

Chicago & North Western Ry.-New Equipment.-

President Finley recently announced that 37,000,(100 will be spent to
buy 3,000 new freight cars. The order will be given to the American Car
& Foundry Co., General American Car Co. and Western Steel & Car Foundry Co.-V.115, p. 1320.

Columbus Newark & Zanesville Electric Ry.-Reorganization Plan.-The committees representing the Columbus
Buckeye Lake & Newark Traction Co. 1st mtge. 5s and the
Columbus Newark & Zanesville Electric Ry. 1st mtge. 55
and Gen. Mtge. 5s, have adopted and approved a reorganization plan outlined below. The committees will cause to
be assigned and transferred to the reorganization managers
(Geo. K. Johnson, Livingston E. Jones and Claude A.
Sempler), and delivered to the general depositary,the Penn.
Co. for Insurances on Lives & Granting Annuities, Philadelphia, the bonds now or hereafter deposited, of such holders
as shall assent to the plan.
Corporate History.-Company was incorp. July 2 1902, in Ohio. On
April 1 1904 purchased the property and franchises of Newark & Granville
Street By. On June 1 1906 purchased the property and franchises of
Columbus Buckeye Lake & Newark Traction Co., subject to the 31.243,000
bonds issued in 1901 and yet outstanding. On June 1 1906 the property
and franchises of Zanesville Ry.. Light & Power Co. were also purchased.
At the time of acquisition,• property was subject to a mortgage on property
of Electric By. of which $250,000 were outstanding, due Feb. 1 1919,
extended to Feb. 1 1924 at 7%. At the present time the bonds have been
refunded to the amount of $247,000, leaving still outstanding $3,000.
On June 23 1906 the property and franchises of the company were leased
to the Indiana Columbus Sr Eastern Traction Co. On Aug. 1 1907 this
lease was assigned to the Ohio Electric By. The Indiana Columbus &
Eastern Traction Co. and the Ohio Electric Ry. became insolvent in 1921
and the above-mentonled leases have been duly terminated.
Capitalization of Columbus Newark et Zanesville Electric Ry.
Authorized. Outstandino
3500,000
2500,066
Preferred Stock
1,525,000
1.525,000
Common Stock
3,000
300,000
Zanesville Electric Ry. 1st Mtge. Ext. 7s, 1924_ _ _ _
997,000
Zanesville Ry., L. & P. 1st Cons. Mtge. 55, 1924- - 1,000,000
Columbus Buckeye Lake & Newark Trac. Co. let M.
1,243,000
1,500,000
5s, 1921
1,250,000
Colum. Newark & Zones. El. By. 1st M.5s, 1924-- 2.000.000
1,211,000
Colum. Newark & Zones. Gen. Mtge. 5s, 1926-- 6,250,000
Necessity of Unified Operation.-The railway lines constitute a single
and
Newark
Columbus.
connecting
line
interurban
The
entity.
operating
Zanesville is a through route, with a large volume of traffic passing between
the sections upon which the Buckeye mortgage and the First Mortgage are
respectively first liens. The disruption of this through route would largely
destroy the earning power of both sections. The First Mortgage is a first
lien on about 80% of the track mileage of the Newark city lines,the Buckeye
mortgage being a first lien on the balance. A large part of the power used
by the light and power property in Zanesville is generated in the Hebron
plant, upon which the Buckeye mortgage is a first lien, and carried thence
to Zanesville over transmission lines, upon which the First Mortgage is a
first, lien; while substantial and valuable portions of the railway system
were constructed out of the proceeds of the General Mortgage bonds.
Under such circumstances the segregation of the property according to
mortgage liens is impracticable because it would destroy the earning power
of the Property and greatly increase the expenses of operation through the
multiplication of overhead expenses incident to a number of separate
operating organizations. The very substantial equity in earning power,
both present and potential, in the Zanesville light and power property
accrues to the First Mortgage (constituting a second lien thereon) and to
the General Mortgage (which has a third lien thereon). A successful
reorganization must In predicated upon the retention of the equity in this
earning power and the physical property from which It accrues.
Digest of Reorganization Plan, Dated Dec. 30 1922.
Foreclosure.-The Buckeye committee, the First Mortgage committee,
and if desired the General Mortgage committee, on the request of the
managers, will each exercise such powers as it may possess to cause the
mortgage securing the bonds represented by it to be foreclosed so that all
of the property, rights, franchises. &c. of the company may be sold at
'lien of the mortgages securing the
judicial sale or sales free and clear of the
bonds represented by the said committees. The managers will cause
someone in their behalf to bid at such sale or sales for the properties sold
such price or prices as they shall determine.
The bid at such sale or sales shall be subject only to the lien of: (a) Car
Trust Certificates, if any, outstanding; (b) the 33,000 bonds of Zanesville
Ey., Light & Power Co.
Electric By.; (5) the $997,000 bonds of Zanesville of
any receiver that may
(c1) taxes for the current year; (e) such obligations
by the purchaser
assumed
be
to
are
as
obligations
be appointed and other
pursuant to the decree of sale.
New Company.-The managers will cause to be incorporated in Ohio the
Columbus & Zanesville Power & Railway, and such other corporations as the
Managers may deem wise.
If such bid shall be accepted, the managers shall then cause the new
corporations to be vested with the properties acquired, the properties being
distributed among the new corporations as may be determined by the manavested with all of the
gers. In the event that the new company is not
properties acquired, it shall be vested with all of the issued securities of
of
part
such
any
receiving
properties, except
corporation
every
each and
such shares of stock as may be necessary to qualify officers and directors.
Obligations to Be Assumed.
The new company shall assume all obligations of the purchaser at the
judicial sale or sales as well as the obligations and liabilities authorized or
incurred by the managers in furtherance of this plan; also any obligations
which, in the Judgment of the managers, may be necessary or expedient to
carry out this plan.
necessary or
The new company shall also provide such cash as may be
the reorganization
desirable for expenses and otherwise in connection with
and for extensions, betterments and improVements to and rehabilitation
of the property acquired.
The new company shall also assume and extend the Zanesville bonds for
11924. with interest at the rate of 6%
a period of three years from March below).
per annum from Sept. 1 1922 (see
by New Company.-(1) Series Mortgage
Issued
and
Created
Be
to
Securities
Bonds.-These may be issued from time to time in series, which may vary
in interest rates, redemption prices, sinking fund requirements, &c., but
all ratably secured. Series A (the first series) shall be limited to 31,000,000,
shall be payable 20 years after date carry interest at rate of6% Per annum,
and redeemable on any interest date within ten years from issue at 105 and
interest, and thereafter at 105 less 34.% for each six months period they
remain unredeemed after the expiration of the said ten-year period, together
with interest. Series A shall be used to make delivery on tho subscriptions
of the depositors to be received, and to raise the necessary money to carry
through this plan and to rehabilitate the property.
Series B Bonds shall be reserved to refund the Zanesville bonds. Other
series shall be issued only for Improvements, &c.. of the new company to
the extent of 75% of the actual cost of such improvements, &c., when annual
net earnings shall be not less than 131 times the interest payable on the
bonds outstanding as well as those whose certification is applied for.
(2) Voting. Non-Participating Preferred Stock.-Such amount as may be
necessary to finance the requirements of the new company. Authorized.
22,000.000. Stock may be issued from time to time in series, which may
vary in dividend rates, redemption prices, sinking fund requirements,
convertibility. &c., but otherwise shall be entitled to the name privileges
and priorities. Series A shall be limited to $1,000,000, shall have an annual
dividend rate of 7%. cumulative after Jan. 1 1926. and redeemable at any
time, all or part, at 110 and dividends. If it is impracticable under Ohio
laws to classify the pref. stock, no classification shall be made and all shall
be of the tenor and effect provided for Series A.

THE CHRONICLE

JAN.20 1923.]

(3) Common Stock-Voting Trust.-Aggregate amount. $2,650,000.
Managers will cause the common stock to 130 deposited in a voting trust
for a period of ten years under terms and conditions approved by the
managers.
Assessment of Depositors.-Each protective committee will assess bonds
deposited with it 2% for expenses incurred by and for compensation of the
protective committee. Payment of the assessment shall be made to the
general depositary. If any depositor shall fail to pay the assessment, the
protective committee making the assessment shall have the power to sell
the bonds at public or private sale, after due notice, and apply the proceeds
to the payment of the expenses thereof and to the payment of the assessment.
Subscriptions to the Bonds of the New Company.-Depositors' who pay
assessments may subscribe to the Series A Mortgage Bonds to an amount
equal to 25% of the amount of the old bonds deposited, the bonds of the
new company being taken at 93. Each subscriber shall be entitled to receive, in addition to the bonds purchased, a number of shares of Series A
7% pref. stock equal in par value to the amount of the bonds subscribed
for,and an equal amount of the voting trust stock certificates of the common
stock.
Rights to Old Preferred Stockholders -The managers will invite the benders.
of the pref. stock of the old company to pay 2% of the par value of the pref.
stock held by them to acquire the right to subscribe to the purchase from
the new Series A Bonds at 93 to an amount equal to 25% ofthe par value
of the pref. stock held. Each subscriber shall be entitled to receive, in
addition to the bonds purchased, a number of shares of Series A 7% prof.
stock of the new company equal in par value to the principal amount of the
bonds subscribed for, and an equal amount,in par value, of the voting trust
stock certificates of the common stock.
How Subscriptions Are Payable.-Subscriptions shall be payable as follows:
For each $1,000par value of Buckeye bonds or securitiesa the old company:
(a) $20 on bonds for expenses of protective committees and on pref. stock
for right to subscribe to the purchase of securities of the new company, on
or before Feb. 15 1923. (b) $139 50 first installment of purchase of securities of new company, on or before Feb. 15 1923. (c) $46 50 second installment of purchase of securities of new company, on or before April 1 1923.
(d) $46 50 third installment of purchase of securities of new company, on
or before May 1 1923.
The purchase price may be paid in full at the time the initial installment
is payable. All subscriptions shall be payable to the general depositary.
Agreement with Zanesville Committee.-(l)The managers will agree:(a) that
as soon as the money becomes available they will cause to be paid the
expenses and compensation of the Zanesville Committee and to be deposited
with the trustee the arrears of interest on the Zanesville bonds up to Sept. 1
1922,and the sum of $300,000 with the Pennsylvania Co.for Insurances on
Lives & Granting Annuities, this money to be held in trust to be used for
the repair, improvement and extension of the property subject to the Zanesville mortgage. (b) That they will cause the now company to assume the
Zanesville bonds and extend the same for a period of three years from
March 11924, with interest at the rate of6% per annum from Sept. 1 1922.
(2) The Zanesville Committee will agree, provided the expenses and
compensation of the committee and the interest are paid to the trustee
before March 1 1923 and the imrpovement fund is actually set up before
May 11923.(a) that it will cause any default in the Zanesville bonds occurring prior to Jan. 1 1923 to be waived;(b) that it will cause the bonds to be
extended; and (c) that the setting up of the improvement fund shall be
accepted by the Zanesville depositors as full performance of the covenants
of the mortgagor with relation to the reserve fund provided for in Article IV
of the Zanesville mortgage.
Approximate Table of Exchange of Old for New Securities [Insert by Editor].
Will Receive
Existing Securities OutstandingAftge.Bds. Pref.Stock. Corn.Stock.
Buckeye 5s, $1,243,000
010,750 $1,180,850
$310,750
x Each $1,000 paying $252 50
250
250
950
• y Each $1,000 paying $20
600
First mortgage 5s. $1250,000
312,500
312,500
1,187,500
x Each $1,000 paying $252 50
250
250
950
y Each $1,000 paying $20
600
General mortgage 5s, $1.211,000
302,750
302.750
605,500
x Each $1,000 paying $252 50,
250
250
500
y Each $1,000 paving $20
100
Preferred stock, 3590,000
125,000
125,000
125.000
z Each $100 paying $25 25
25
25
25
x Each subscriber paying 2% assessment and subscribing to new bonds
at 93 for each $1,000 bond will pay $252 50 and receive securities as stated.
y Each $1,000 bond paying 2% assessment but not subscribing for new bonds
will only receive common stock. z Each preferred stockholder who pays
$2 per share for right to subscribe to new bonds at 93 for each $100 of stock
will pay $25 25 and receive securities as stated.
Non-Assenting Bondholders. Stockholders and Creditors.-NO provision is
made in the plan for any holder of any of the above bonds who does not
deposit under the respective deposit agreements, and assent to the plan and
pay his assessment; nor is any provision made for any common or preferred
stockholder of Columbus Buckeye Lake & Newark Traction Co. or Columbus Newark & Zanesville Electric Ry.except such preferred stockholders
of the latter company as may purchase'the right to subscribe to the securities of the new company. The plan contemplates the payment of the
general creditors of the Columbus Newark & Zanesville Electric Railway
Co. in full.
Consolidated Earnings Statement (Submitted by Day & Zimmermann, Inc.).
Actual
Estimated Results
Years Ended Sept.30-1923.
1922.
1924.
1925.
Gross operating revenues_$1,165.132 $1,267,000 $1.417.200 $1,494,300
Oper. exp., incl. taxes_ -- 1,093.082
1.134,400
1,087.300
1,110,600
Balance
Int. on Zanesville bonds,
extended as 6s
Int. on new Series A bonds
Balance available for car
trust rentals, amortiz'n,
dept.- Fed. taxes & divs
-V. 115, p. 1837.

$72,050

$132,600

$329,900

$383,700

60,000

60,000
60.000

60,000
60,000

60,000
60,000

$12,050

$12,600

$209,900

$263.700

Cuba Company.-Changes in Capital Stock.-

The stockholders will vote March 8 on changing the authorized Common
stock from $8.000,000, par $50,000. to 560,000 shares of no par value.
President Herbert D. Lakin Jan. 15 says in substance: "The directors
have adopted a resolution declaring that it is advisable to change the existing Common stock into stock without par value, and to that end to amend
the certificate of Incorporation, without prejudice to any rights of the Preferred stock, so that each of the present Common shares of the par value
of $50,000 will be changed into 3,500 shares without par value, or a total
of 560,000 such shares.
"The company was incorporated in 1900 with a capital of $8,000,000 by
a small group of investors who subscribed to Common shares of a par value
This large unit of par value has made for permanence
a $50,000 each.
of holdings during the period of development, and in this respect has been
an element of strength; but it is inconvenient in other respects, and the
directors feel that the time has come when the interests of the Common
stockholders will be best served by splitting the Common shares into smaller
units. The action proposed is merely to change the present par value stock
into shares without par value in the ratio above mentioned. This is not a
stock dividend, nor a distribution of assets; and counsel has advised that the
exchange of shares does not subject the individual stockholders to Federal
income tax."-V. 115, P. 2904.

Denver & Rio Grande Western RR.-Sutro Opposes
Merger.Richard Sutro Chairman of one of the protective committees for the
refunding and adjustment bondholders, issued a statement Jan. 18 defining
the position of his committee in relation to the proposed disposition of
the railroad. According to information in Wall Street, the Denver,
which is now operating in receivership, will be controlled jointly by the
Missouri Pacific and the Western Pacific, although the Missouri Pacific,
it is understood, will have a dominant voice in the management. Mr.
Sutro said in part:
"The proposed plan as outlined to me will, if carried out, make the
Denver System again the pawn of the Missouri Pacific and Western Pacific
will seriously Jeopardize the interests of the
interests and in my opinion
adjustment and refunding bondholders.
According to statements recently furnished to us, the Missouri Pacific
is earning not more than about 85% of its fixed charges, while the Western




295

Pacific is just about covering its fixed charges. That the Missouri Pacificshould naturally want the Denver & Rio Grande to make up this 15%
deficit goes without saying. But it is unbelievable that the Denver bondholders would willingly turn the system over to these roads and rely upon
guarantees that can only be made good out of earnings of the Denver
itself."-V:116, p. 75: V. 115, p. 2684, 2579.

Des Moines cle.Central Iowa RR.-Bonds Unpaid.The company has not as yet made arrangements for refinancing the
$250.000 Inter Urban Ry.
debentures, which matured Jan. 1 1923.
0 H. Bernd, Secretary. says:
"Owing to the general business depression which has existed in and around.
Des Moines since the close of the war and particularly owing to the effects
of the recent coal strike, this road has not as yet been able to meet the
maturity of its debentures. There is nothing, in our opinion, which can be
done at the present time. except to let the matter rest in abeyance in the
hope that business conditions will improve to such an extent that the bust,
ness of the company will justify an extension of the loan. These debentures are very closely held and are in friendly hands. It is anticipated that
the holders will co-operate with the company in its endeavor to work the
situation out."-V. 114, p. 738.

Eastern Massachusetts Street Ry.-Initial Div., &c.-The Public Trustees have declared a dividend of 3% on the 6% Sinking
Fund stock and First Preferred stock, series A; also an initial divide itg
6% on the Preferred stock, series B,all payable Feb. 1 to holders of record
Jan. 24.
The company has petitioned the Massachusetts Department of Public
Utilities for the right to acquire, own and operate for transportation of
passengers, motor vehicles not running on rails or tracks.
Mayor Curley of Boston has introduced a bill in the Legislature providing
for the purchase by the City of Boston of the Hyde Park lines of the Eastern
Massachusetts Street By. and their lease to the Boston Elevated Ry.,
the price to be $225,676 for the road and equipment, and $65,113 for the
power house.-V. 115, p. 2793.

Eastern Wisconsin Electric Co.-Bond,&c., Application.
The company has applled to the Wisconsin RR.Commission for authority
to issue $239,000 capital stock and $3,099,000 in bonds, the proceeds
to be used for retiring underlying bonds and to pay for proposed extensions
and improvements.-V. 114, p. 2717.

Florida East Coast Ry.-Construction.The I.-S. C. Commission Jan. 10 authorized the company to construc9
a line of railroad extending from Okeechobee in a general southerly direction to a connection with its main line at Lemon City, a suburb of Miami,
a distance of approximately 122 miles; with a branch therefrom extending
from a point on the Miami Canal. about 234 miles west of Hialeah. to a connection with its main line at a point 134 miles south of Larkin, a distance ofabout 11 miles. All of the proposed new construction is to be in the Stateof Florida. The Governor of Florida states that the proposed extension,
will traverse a section of the State that Is developing very rapidly and is
highly in need of railroad facilities.
The cost of the proposed line, without equipment, as estimated is $4,839.500. The estimated cost of additions and betterments during the first five
years after completion is 51.112,0f9o.thT
ishial company
7
‘
atin
uy
chdor not expect to
acquire
rafflcwaiRyrequuirpemre
:frtigeraetcOra ca
l.rs?rwhich sly\ be secured tfrOnintheVul
ect
Growers' Express Co. under an existing contract. A large part of the rightof-way has been granted by the Internal Improvement Board of the State
of Florida. It is expected to have the construction completed by Jan. 1
1928.-V. 116, p. 176.

Fonda Johnstown & Gloversville RR.-Report.-

The company reports for the year ended Dec. 31 1922 gross earnings.
of $1,409,648. against $1,355.659 in 1921 and net income after interest
charges. $189,014, against $101.121 in the preceding year.-V.115, p.2267.

Fort Smith & Western REL.-Sale:-

A. C. Dustin, of Cleveland, representing the bondholders, has purchased
the road for $50,000. plus $800,000 of receivership indebtedness. The &filets subject to approval of the Federal Court.-V. 115, p. 2684.
Great Northern Ry.-Interest Adjustment.-

See Northern Pacific By. below.-V. 115, p. 2793.

Indianapolis Columbus & Southern Traction Co.-

The Indiana P. S. Commission has authorized the company to issue
$973.0006% 25-year bonds which were offered recently.-See V.116, p. 176.

Indianapolis Union Ry.-Guaranteed Bonds Sold.Union Trust Co., Pittsburgh; Harris, Forbes & Co. and
Dillon, Read & Co. have sold at 98 and int. $4,000,004
Gen. & Ref. Mtge. Series B 5s. A circular shows:
Dated July 11922. Due Jan. 1 1965. Int. payable J.& J. in New York.
Denom. $1,000 (cs&rs) $1,000, $5,000 and $10.000. Callable as a whole
or in series 15 years after date, or on any int. date thereafter at 103 and hit.
Farmers' Loan & Trust Co., New York. and Union Trust Co.. Indianapolis,