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1
.
^
iS^hxomclt
PUBLISHED WEEKLY
Subscription Payable in
—
—
of Advertising
On
request
Chicago Office 19 South La Salle Street. Telephone State 5594.
E.
C.
London Office Edwards & Smith. 1 Drapers' Gardens.
—
—
DANA COMPANY,
Publishers,
.
CLEARING HOUSE RETURNS.
following table, made up by telegraph. Ac, indicates tliat the total bank
r<earhigs of all the clearing bouses of the United States for the weels ending to-day
have been »7. 184.940.999. against $7,106,461,702 last week and S7,909,909.588
the ccrrespondlng wecK last year.
The
— Returns by
Week
New
Fer
Teleeraph.
t-ndUig Jan. 21.
York..
Ckicaj^o
mnnxlolphlH
Boston
KfUMna nhy
«.
1922.
1921.
83,495.400.000
426.350.047
342.C00.000
282.000.000
119.898.928
.S3,665,817.603
Cent.
—
—9.3
117.800.000
•108.00O.000
78.529.574
..
Delrolt
Baltlxnore
Xftw OrleanB
-1-3.0
—21.7
46.678.609
citiea. 6 days
cities. 6 days
Total
all cltleE.
All dtJes.
5 days...
—23.6
—11.2
917.984.500
85.391,643.508
1.199.947.816
—6.0
—23.5
$5.987.4.59,833
1.197,490,16ti
$6,591,591,324
1.318.318.264
—9.2
—9.2
S5,069.466.33.?
day
J
—9.2
Total all cities for week.
.?7, 909 ,909,688
S7. 184.940,999
a No lorj^f r furnish returns of oJearingg. * Estimated.
The lull details of the week covered by the above will be given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing houses
at iMOo on Baturday, and heooe in the above the last day of the week has to be in
all ctu»fl Rfrtlmated, as we go to press Friday Dlght.
Detailixl tleurea for the week ending Jan. 14 show:
—
14.
New York
PhJbwlclphia
IdttAburghb
lialUuore
Buffalo
Albany
Waflhlngton
RocheBtcT
1921.
Hyracuw;
nnadlng
4,242.366
2.640.793
Wllmiiiicton
'
%
—4.3
—5.6
—22.0
5,487,627,789 4.217.443.503
433.749.111
522,653,181
140,009.918
160.312,174
-23
87.869.764
99.519,134
—4.9
26.133.941
45,510,063
-2.5
5.282.406
6,073.388
17.329..-,H7
^-16.2
18.355.102
8.996.720
15.8
12.853.922
4V8'6b'.i36
"-'-12.6
2.601,407
-t-6.6
"5.'7V6',i39
' "4'."68
1.668
2.640.718
3,089,926
a
WllkfM Harre b..
Whetllng
TrtmUm
.....
2,881.000
4.098,966
3,100,160
1.176,383
1,960.720
York
l-aic..
'
'2,929,622
2.619.623
5.121.863
-rlO.O
20.0
3.882.,578
—20.2
.240.966
2.609.002
—5.3
—24.9
5,374,229
3,7W1.650
1,639.664
2.698.244
—23.1
1,29"0,2{)6
1
'
2.193.360
J. 191.370
2.825.143
1,126,000
c
860.128
I,'ll9>>7i*
Bethli.hem
2,306,363
414.013
1.666,789
2,314.465
2.505.481
504.321
1.877.709
3.347.147
Ilnrrtabiirg
6..380.284
OteenaburR
Altoona
r>ivi>oaat«r
Montclalr
Huntington
Not
Incl.
In
Total Middle.. 4 ,846 ,.187 ,698 6,117,026,412
ItodUjn
306,000,000
311,164.130
Provlfli^nce
a
Hartford
9,861.746
9.749.103
\ew Hnven
c
Springfield
4,098.050
4.461.417
PorUand
3.047,476
2.800.fK)0
WorcrMcr
3,660,276
4.26I.(J««
Fall Itlvcr
2.004,810
1 ,695.3IM)
Now IKdford
1,670,779
1,686.673
Holyokr
.
2.280.330
1,309.176
712.698
2.2 72.606
333.628.314
New r.ng.
No longer report
Tot.
"l .058.1 89
7.9
17.9
11.8
30.9
2.300.000
644.799
2.083.886
1,298,748]
1.608.2811
Decatur
1,086,670
278.229
1.212.313
360,529
O
Springfield,
Jacksonville, III.
Lima
866,330
1,460,416
926,020
790,253
285,779
Lansing
Owensboro
Ann Arbor
Adrian
Tot. Mid. West
San Francisco
Los Angeles
Portland
Spokane
Salt Lake City. .
Tacoma
438.220
"
lV2r2.36fl
997.370
3.006.086
340.8I2.959
1,'5'44,589
—
4-23.0
"2"0.i
—19.3
—10.4
—22.9
—11.6
—11.3
864,483,171
972,075,219.
153.000.000
99.315.000
32.169.266'
29.373.156
a
14,702.268
a
13.881.226
6.889.119
149,200,000'
6,029,138
8,212,033
6,171.193
6,115.238
5,868,572
2,676,011
6,531,612
2,063,406
'4,"6'l0',592
11,234,000
2,541.537
1,660,000
5,990,715
2,012,054
5.4'24"66o
2,289.256
4,732,589
1.238.768
1.950.000
1,181,996
3,009,409
1,607.835
1,822,274
1,630,291
1.727,851
613,706
-f^63,3
-1-12.8
1,410,989
1.810.120
1.747,366
500,000
'2,b'7"5",0i6
1,118,315
1,331,797
896,963
—19.3
9"35'.40i
970.928
200,000
1.846.416
387,568
80,346
—11.1 1.179.778,871
829,237,966
176,150,588
77,180,000
42,387,087
36,000,000
142,454,753
37,280,000
41.046.401
27.337.556
4.032.2621
2.362.071
1.407,539
a
Yakima
Reno
Long Beach
+ 3.0
—5.4
..I
-2.0
15,000,000
17,295,214;
14.791,664
I
10,676.-529
6.288.717,
3.531.876
5.447.800
4.439.601'
+ 30.0
—1.7
4.4
—+49.3I
+ 6.8,
+ 7.1I
+ 3.8
—3.1
4,159,328
2,206.724
1.356,450
11. 505,586
8,776,941
4.480,348
2,469,443
1.885.200
2,991,526
1,196,247
1,125,062
1,000,686
i
7,244.562
3.467,770,
7,010,500
5,822,572
2,270,436]
2,322,607
1,580,483
I
Santa Barbara.
4,324,279
997,840
Total Pacific
Kansas City
Minneapolis...
373.647.393
142.683.955
64.244,056
Omaha
33,124.908,
Paul
Joseph
Sioux City
Wichita
Lincoln
Topeka
-(-2.6
-1-9.3
90.832,000
31,218,723
31,039,853
I
Pasadena
San Jose
-
(V-dur Rapids.
Coloratlo Springs
Pueblo
largo
28.512.842
18.600.747
10.415.576
4.374.995
9.654.423
5.059,420
11,141.095
3.866.229
3.328,362
c
1.068,972
824.069
'
"3',9'9'4",777
1,073.9'25
360.466.303
181.734.868
72.361.099
42.308.866
36.079.335
21.137,635
'
"8'.2
""3."l33",628
"l".2'5'2".i9i
—21.6
+ 3.7
393.370.433
266.858.670
-11.3
.52.848,002
"-f
—7.1
—
—21.0
—
288.077.908
201.012.066
45.036.698
59.790.797
18.823,618
19,687,723
12.ll
65.674.96*
21.451,025
24,064.214
-I8.4'
21.742..571
22.0,54.377
8.178,542
^46.6
9,6.52,592
6,633,.549.
11,8,55,816
4.0.50.9161
3.412,445,
+ O.OII
7.764.063
12.788.184
—23.8,
13,'209,175
—6.1
-2.5
16,219,233
6.065.256
4.777,120
11.056.016
10.214,719
11,551,122
8.659,188
4.238.022
3.382,961
+ 5.2
+ 15.6
1.251.797
951.349
3.000.000
18.7
-30.3
925.000
2.143.578
2.271.018
1.639.771
12. 771. .552
1,015.405
1,167,779
21.7|
-^.61
—29.4
1.6.53.849
.506,424
1.4:«).067
Fremont
Waterloo
Helena
1,386.709
3,290,598
1.5.59.648
-11.1
1.823.612
1.008.888
+ 80.4
HlUlngg
622.878
-
827,607
929,676
2,957,703
720.669
1.541.000
2..577.806
1,158,098
ilU-HtlUKH.
702.370
c
.Mierdecn
1,261,416
2.077.758
-.39.3
2,655.;i.38
1,474,994
346,701.(^5
420,883,250
-17.9
627.700.386
427,696.459
46,654,878
25,236.827
60,757,303
26,685,070
-23.2
.82.497.634
—6.4
19.150.090
66.026,137
20,867,148
Tot, other Went
HI.
LouIh
Orleans.
.
a
8.242.741
13.449.195
19.013.039
-
Ml'IMplllH
I'ort
12.354.0(K)
Hnvauiiah
43,849,718
n
.
.Niuthvlllc
18.933.00-1
Norfolk
7.321,016
20.377.902
17.847.708
9.000. M18
10,160.274
3,299.026
1.646.671
6,282,635
c
lllrtiiliigliitni
AllgllHlll
l.ltlle IlfK-k
2.1 Kl, 913
2.1K5.064
.'4V9,346
r.ioo.:)09
874,618
600,8 1
-24.4
—2.2
.70.058
>H,
r
b HnxTt no rIenrlngR. hut give nomparntlve flgumfi of debltn:
ytit'n cleiu-lnKB the hamo ratio of flecronm: (or Inrrotiw) aM Hhown
c Do not respond to rixiwnln lur fliruriit.
• fMlmntnl on banlR of iMt ofllclally reportivl
we^k.
ffM*.
CAoadlaa kaok oleartngi on pace 280
—17.1
—7.2
604,029
700,072
353,733
3.687.733,
.fiii'kwjtivlllo
I
—12.6
979.928
2,764.600
4.741.034
:»64,I51.248
4,183,277
2,732.717
4.295.904
'To. 8
-28.6
—3.5
2.041,543
1,400,000
4,117,297
1.450.718
1,462.211
Stockton
Fresno
Wortli
Atlanta
6.146,320
2,900.000
5,171.826
3,043,179
2,610,828
-t-6.3
6",9"8"5,666
566,733,210
65.447.059
103.768.320
83.000,000
32,527,059
17,510,000
12,189,100
I
Oakland
Sacramento
San Diego.. i
UI'IjiiioikI
—7.9
4-26.6
H-ll.l
713,888.410
73.096,042
136,225.769
116.721.312
35.668,764
21,211,000
16.896.900
Danville
2.026.7:)()
7.204.216
14.1
16".7
Mansfield
MS
Canton
Quincy
(JiilveHton
"l6.977.627
(8.8
—
Bloomington
Youiigstown
Fort Wayne
Lexington
791.7.(7
+V.2
cloarlngji or only give debit** ugal/]
«>mpiirfttlve flgiirrfl for prevUiiin years.
—
"
5.3 6.386.266.300 4,961,010,184
448.660.171
-f-2.0
4,"6'56",935
—23.5
—21.7
—11.7
I^xilHvllle.
totalH,
-1.9
-f6.2
—8.1
—3.1
4,689,289
2.895,554
5,855,041
2,152,158
899.400
.
!x>woll
Bangor
Stamford
-2"3'.2
87,469,283
31,760,068
18.010,000
14.665,800
5,208 ,605
2,215 174
4,588 ,412
1,901
c
6,744 000
1,785 207
1,723 ,106
3,416 ,8071
1,346 .693
a
1, 235,348
Ho\iHton
'
—10.5
—7.2
—33.2
125. .505,785
+6.7
Springfield, 111...
1919.
%
5,646,115
Now
Btnghamton
no
Grand Rapids
Dayton
1920.
1.226.6.'i8
Chester
a
Peoria
Dec.
582,021.554
61.933.394
c
3,874,245
6.533.000
Duluth
Des Moines
1919.
1920.
a
flcr&nton
Toledo
St.
Dec.
4,146,819.692 4.3.30.768.385
404.000.000 428.398,903
126.800,000
1»;2.672.0.30
66,276,386
86.613.028
41.103,417
43.207.995
4.497,781
4.011,436
19,419,440
16,700.304
8.904.966
10.688.330
Columbus
Denver
Inc. or
1922.
Indianapolis
St.
Week ending January
Cttartnos at
Milwaukee
Seattle
—2.8
—22.0
—10.6
121.200,000
138.506,093
87.848,676
69.114,547
52,553.776
62.809,17.5
l:.lt-%x-n
Other
Cincinnati
Cleveland
Detroit...
—4.7
a
PtttslMirsh
14.
4.6
469.918.721
359.170,606
274.373.438
J53. 140.048
IX)Ui8
San Pranctooo
Chlcago
Rockford
South Bend
New York
DANA COMPANY.
Streets,
1921.
S
620.983.489
57.488.991
83.856.801
92.962.000
29.218.403
17,446.000
14.962,900
AliTon
PresiPublished every Saturday morning by WILLIAM B.
dest, Jacob Selbi rt Jr.: Vice-President. Arnold G. Dana; Business Manager. William
P. RiggB: Secretary. Herbert D. Selbert. Address of all. Oflice of the Company.
Cleurincs
Sertirt?.
ai-
Evansville
45 cents
Transient display matter per agate line
Contract and Card rates
and Depeyster
Sectostf
NO. 2952
1922.
—
B.
State and City
21, 1922
Ad vance
Earoi)ean Subscription (including postage)
European Subscription six months (including postage)
Canadian Subscription (including postage)
11 50
NOTICE. On account of the fluctuations in the rates of exchange,
remittances for European subscriptions and adTertlsements must be made
in New York Funds.
Subscription includes foUowing Supplements
Railway & iNDUsTRiAL(semi-annually)
Bank and Quotation (monthly)
Electric Railway (semi-annually)
Railway Eabnings (monthly)
Bankers' Convention (yearly)
State and City (semi-annually)
Frortt, Pine
Railway
Inc. or
$10 00
6 00
13 50
7 75
Terms
Electric
Week ending Jamiary
Clearings
For Cue Year
Pw Six Montiis
WILLIAM
1
1
Industrial Section
SATURDAY, JANUARY
Jltje
of
.
Bankers* Convention Section
114.
Terms
&
Railway
Section
Railway Earnings Section
VOL.
.
INCLUDING ^^^^
^
& Quotation
Bank
.
With
Knoxvllli:
..
Mohllf
(
(
liiittiinooua
Miarlcnlon
Oklahoma
by tho
to
liurt
Vo'.T
6,533,270
82.403.430
1.654
—17.6
16,280,294
64,448,612
21.981.035
8.501.461
"-13.9
"28.3h'6.39S
17.H70.707
-13.0
17.39ll.«lll
24.2()H,KH1>
117.1
26.8
9.:ill.t,()65
-^.8
13.549.480
19.607.818
7.265.716
13.834,091
l2,5H6.6t5
12.101.024
4. (MM). OHO
13.9
10.4
+
-16.7
-lU.l
-I7.S
.957 ,654
16.0
6.774.213
22.1
28.798.521
4.790,773
17 8
18 6
1
AiiMlIn
VIrkHliiirg
In'-kMon
1.759.696
441.051
866.21
l.4(M),H32
2.644,217
28,084,896
4,616,647
"5.16<».I27
28,024,4.10
6.609.710
:m2,<ih.ohi
:mi.:t.!:i.;iH(i
411.458
740.193
:t9.4'l
Shmveport
ficbti.
Toliil
Southern
Tom
nil
I
Oumlde N. Y
7.I(Mi.Wll.702 7 r,ri.',.f.Hi|.523
2.969.942.110 3/274. HI8. 138
1
.'..767,531
s 253.769
2.732.283
6,381,190
13,59>,.J2:i
(l.O(M».0<M)
3,000,0<M»
84I.5.H6
17.0
879.674
48,7
2,0
i7.a
4.941,320
40,000,000
8.753.887
—
.1105.963
3.45H.96<»
t.rMi8.ir^
f-7.1
i
9. .107.284
1
2,706,683
9,811,920
Tiiton
MUKkORM
7.512.476
22.0:M.017
89.632.897
IS.O.M».»44
14,6.50.427
.53.123.320
3.900.O1IK
1
'—
.56,353,336
22,(189,693
M iwon
l>nll»H
wo appLv
l6,2"6S>72
.'.<),470.I55
1.5H0.62I
•1.533.623
2,1IM).000
4. (MM), (MM)
538,717
734.301
2. (•.86,475
21,0(M),000
2,884,806
(171,1 13.821
6.6 9.4'.l7.l>r,().2ll6 7,56r,.7()5.7iMl
13 2
629.672.263
6 4.010.022.477 I3.848.262.2ir3
THE CHEONICLE
ZliS
THE FINANCIAL SITUATION.
The
eral Reserve
membership
Board from seven
of the Fed-
to eight
members
has been that the agricultural "bloc" has not been
successful in securing the adoption of a provision
making it mandatory upon the President to name a
farmer to the Board. The amendment agreed on
merely provides that the President in the future "in
selecting the six appointive members of the Federal
Reserve Board
shall have due regard to a fair
.
.
.
representation of the financial, agricultural, industrial, commercial interests and geographical divisions of the country." The only alteration from
existing law is in the insertion of the word "agricultural," though the understanding is that the
President in choosing the new member will
name a
representative of the agricultural interests.
The Constitution provides that the President
nominate, and by and with the advice and consent of the Senate shall appoint" certain specified
officers, "and all other officers of the United States
whose appointments are not herein otherwise provided for and which shall be established by law" a
proviso empowers Congress to vest in the President
alone or in the courts or in Department heads "the
appointment of such inferior officers as they [Congress] think proper." It may be that Congress could
constitutionally create some offices to be filled otherwise than by appointment by any one person, but
it is clear that Congress cannot dictate to the President as to his selections. It is his duty to "have due
regard to" all considerations bearing upon them,
and in passing upon them the Senate has full opportunity to give "advice." If he would influence legislation otherwise than by his mandatory message to
"recommend," or if Congressmen wish to discuss
policies or measures with him, neither the Constitution nor propriety interposes objection to reasonable means; indeed, such informal interchange of
views is practiced, and is helpful to the "team work"
•^shall
;
which is desii-able and almost essential to good government.
The affirmative vote on the amendment as quoted
above was 63, one less than two-thirds of the full
membership, the total vote being three-fourths of
that membership. In the negative was only a handful of nine, seven Republican and two Democrat,
none of the seven being from an agricultural State,
unless Ohio and Mississippi are so reckoned.
In
the game for capturing next November's elections,
both parties seem to be playing about equally to the
farmer, and if the thing goes through to enactment
and is tolerated by the country each party will
claim with the farmer the credit of it, while if it fails
of adoption or of toleration each will try to put the
blame on the other.
Any attempt to inject politics into the Federal
Reserve System, even by suggestion, must be
regarded as demoralizing in the extreme. It is not
clear that the honorable Senators followed their own
convictions when the time came for the vote, and it
is quite open to question whether the members
of the
unrecorded bloc really represent or even understand
the farmer. Senator Moses of New Hampshire says
the bloc i« *^made up of one well-digger, one newspaper editor and twenty lawyers" also that the three
farmers in the Senate one from Maine, one from
New Hampshire and one from New York "have
—
never been invited to a meeting of the farm bloc."
be entirely right, and he surely would be
right if he added that it is very doubtful whether the
fooling in this matter is not twofold and doubleacting; for the men who are trying to manage for
the farmer may be overdoing as well as mis-stating
He may
result of this week's action of the Senate on
the proposal to increase the
[Vol. 114.
;
—
and if his native shrewdness of observaand deduction have failed to show him where
real troubles are, the intention of fooling him
his wishes,
tion
his
for his vote
may
be at least partly carried out.
farmer obtained all the special legislation
he is said to want, he would yet be disappointed it
would not prove remedial for him, although he
might not be able to distinctly trace the line between
causes and effects. What he needs is intelligent research, more co-operative marketing, and, most of
all, a deflation of labor whereby the barter-value of
his products will become larger. But the objections
to this and like efforts of the bloc go much deeper.
We know that the words of the amendment are a
compromise, but in the last analysis no class financial, agricultural, commercial, or other
can rightfully claim or safely be accorded a "representative"
on the Reserve Board or any other Governmental
system; this is simply and unalterably because aU
classes and all interests blend and are concerned as
one in the whole people and the general welfare.
The stock cry of the demagogue is and long has been
an outcry against "interests," often mentioned as
"the interests," and supposed to consist of men more
largely and successfully engaged in production and
trading than the majority of persons are. This is an
old piece of mischief, most pernicious because most
successful in a democratic nation, and it is met, with
all minds that have learned to reason independently,
by the fundamental fact that nobody can thrive very
long at the expense of others, or in a country where
If the
;
—
—
privation instead of industry and progress is the
prevailing condition.
The farmer is not unionized yet, and it is to be
hoped he never will be, although the unions have
tried to
hook him on and have prematurely con-
gratulated themselves on having done so. Shall we
presently have the imaginary solid farmer "vote"
lugged in as a factor in our party struggles, as we
already have the labor vote? The size of the latter
is over-stated by those who wish to sell it and overestimated by those who would gladly buy it with
promises, and so will the farmer vote be if it ever
comes in ; moreover, while leaders may contract for
a solid block vote they cannot deliver it.
"Geographical divisions of the country"? They
are included in the Senate vote as entitled to "a fair
representation," but those divisions should be literally geographical and no more; they are made by
invisible boundary lines, because it is thus far
deemed unwise and even impracticable to have one
great formal State instead of many. But there is
no lasting or fundamental difference of interest between Michigan and Mississippi, or between Maine
and Oregon. From this direction of jealousies and
dissensions between sections and between "classes"
comes our greatest present and prospective danger,
so far as human foresight can go. Here is to be our
greatest and our crucial test. Are the United States
of America to remain united ? The motto on the seal
of the Commonwealth of Kentucky is as true as
when first put there "United we stand, divided we
fall," and the policy of an enemy is always "divide,
:
and conquer."
THE CHRONICLE
Jan. 21 1922.]
^Z9
France has a new Premier and a new Cabinet.
Kaymoud Poiucare, a former President of France,
"definitely accepted the task of forming a French
was because the
Poincare-Lloyd George interview was regarded as a
distinct victory for the new Premier and his contem-
Government in succession to that of Aristide Briand," a week ago yesterday afternoon, "during a
forty-five minute interview which he had with the
President, and following a whole day of interviews
plated policies with respect to the handling of international affairs. In fact, he issued a statement in
which he declared that "international questions
with
men on whom
counting to accept office
in his Cabinet or to lead its support in the Chamber
and Senate." After experiencing considerable difficulty, M. Poincare announced the personnel of his
Ministry early Sunday morning. Besides being Premier he will also serve as Minister of Foreign Relations.
The names of the other members, with one
exception, are not much known in this country. Albert Sarraut, a member of the French delegation at
the Washington Conference on the Limitation of Armaments, has cabled his acceptance of the Ministry
of Colonies.
Cabinet.
He
As
he
held the
is
same position in the Briand
members of the
constituted later five
Briand Cabinet were retained.
The 'New York "Times" correspondent at Paris
cabled that "Viviani
was among those who refused
It
tive.
was intimated that
this
henceforth wiU be settled, as heretofore, through
Ambassadors." It was suggested that this meant
"the virtual disappearance of the Supreme Council."
Still it was recorded that M. Poincare added
that "there must be one final meeting of the Supreme Council, to which all the Allies should be invited, should the French viewpoint prevail, and I
have good reason to believe that it will, so far as
Great Britain is concerned. Let us have our Ambassadors settle these questions for ns." He was
(juoted also as saying that "my meeting with Mr.
Lloyd George was most amicable. We got along
finely together."
Considerable was made in the
Paris dispatches of the fact that the British Prime
Minister expressed a desire to call upon President
Millerand, but that he was kept from so doing by
Following his meeting with
to the opera in the evening
for Calais early on Sunday morning.
technical formalities.
to participate, his excuse being that he prefers to
the
represent France on the League of Nations and continue his private practice as a barrister." The
"Times" representative referred to the new Premier
as follows
"Raymond Poincare, ex-President of
the Republic, ex-Premier, ex-Minister of Finance and
and
new Premier he went
left
When
became known that former Premier
Briand had resigned it was hastily assumed that
the proposed Genoa Conference would not be held.
Foreign Affairs, politician for thirty years and bar- In a Paris dispatch last Sunday, however, it waa
rister by profession." Regarding the Cabinet as a observed that "as, in accordance with established
whole, he observed that "in its final form certainly principle, Cabinets are bound by the decisions of
the Cabinet looks far more likely to represent the their predecessors, the Genoa Economic Conference
Chamber and Paris newspapers than the country as will be held, the Supreme Council having unania whole. Never since before the war has political mously voted for its convocation. It is probable,
heat been so high, and there is a violent and definite however, that France will seek to limit the discuscleft in public opinion which is likely very soon to sion to purely economic and financial matters, to
make itself strongly felt." Commenting upon the the exclusion of political problems." In advices
attitude already displayed toward the new Ministry, from Cannes, Lloyd George was quoted as saying
he said
"On one side the Socialist newspapers are that "the Genoa Conference would be held, no matrecalling their old charges against Poincare as the ter what happened in Paris." Announcement waa
man who caused the war by refusing to help come to made that the invitations went out as early as a
any understanding with Germany. On the other week ago yesterday. The New York "Times" repreaide the Royalists of Leon Daudet's kind are tonight sentative at Cannes cabled that "one of the members
[last Saturday] placarding Paris with bills de- of the conference told me the Prime Minister's remanding that France be no longer governed by marks in this connection had considerable bite in
Lloyd George, and that Briand, Loucheur and all them, and indicated that England would push along
those who sided with them at the Cannes conference on economic lines with France if possible, and with
be dragged before the High Court of Justice. Meet- out her if necessary." According to the New York
it first
:
:
ings are being organized by both sets of extremists,
and in the newspapers the virulence of the articles
worst days of French party journalism.
All the sycophants looking for subsidies, who even
three days ago were supporting Briand, are now
haiJing Poincare as the strong man who will save
the country from being dragged along the road to
Genoa, America is quoted as an example of a wise,
far-sighted country, which delays its reply and decision. The fact that I'remiers Lloyd George and BoDonii at Cyannes yesterday sent out invitations has
recalls the
roused the bitterest comment. Even in headlines
there is a note of exultation that implies FJriand's
rf'signation is Lloyd Georg«;'s defeat."
M. Poincare not oidy completed his Cabinet last
Saturday, as originally announced, but her also received Lloyd George. The British Government representatives in Pari« were not inclined to say much
after the meeting was over, according to all th«; cable advices from that centre. Th(! Frem:h reprfrsent^tives were vo.porUul to have been more communica
"Tribune" representative at Cannes, he asserted
that the whole object of this conference would be
"the formation of a great European peace pact, and
that peace would be the first subject on the agenda
of that meeting."
London regarding the downfall of
the Hi-iand Ministry was reported as being about aa
follows: "In official circles in London every effort
is being made to make the best of a bad businesa,
foi- that is what the fall of the Briand Cabinet at
The
feeling in
this particular p<'riod is felt,
though not openly
ac-
knowbulged, to be. Hopes are (expressed that M.
Poincare will take up the work of the (/unnes Conference at the i)oint where it was so dnirnatically
infcrnij>led.
The
rcHixJiisibility of office
has not
in
a moderating inflnence upon
politicians, and it is considered that the
frequently exerci.s(Ml
I'nnch
whatever may have been
its attitude in opiJositioii, will very probably be nv
liichirit to jnirMne siicli a jxtlicy as would inevitably
It ia, of
slretcji the FOntente t,o th*; breaking point.
new Government
in Pariw,
THE CHRONICLE
330
course, admitted that the retirement of
M. Briand
hindrance in reaching
result in delay and some
a solution of the European problems. Months of
close association between him and Mr. Lloyd George
had resulted in their learning to know each other.
The very disagreements which had occurred between
must
[Vol. 114.
Genoa Conference."
It was added that "invitation)
have also been sent to the United States, Japan an(
the South American States. It is expected that for
ty-five nations will participate.
ish
Dominions
Whether the Brit
will be represented directly is still
ii
doubt, the decision resting with the various Goverr
ments. It may be pointed out that Ireland no\i
them over such questions as Silesia and Angora had
taught each of them the other's points of view and comes within the category of a Dominion for thi
even actually helped th^n toward a solution of the purpose, but the Dail has not yet decided what to d*
Much in the matter." Discussing the situation still fui
still graver problems that were before them.
M. ther, the New York "Times" representative mad
and
time must elapse before Mr. Lloyd George
Poiacare can reach equal terms of personal under- the following observations: "Assuming that th
standing, but it is not doubted here that they will delegation and secretariat for each nation will nun:
ber forty, it means that probably the personnel gatl
soon establish harmonious relations."
Through dispatches from Paris Monday morning
became known here that the new Premier of
France had found it necessary to make some
it
changes in the personnel of his Cabinet as originally
announced soon after midnight last Saturday. The
first formal meeting was held Sunday afternoon,
when "it was decided not to call the Chamber till
Thursday, the date which had been arranged." It
was pointed out that "this will give time to the new
Premier and his Ministers to draft their declaration
and settle into their new offices." Special
was drawn to the fact that Poincare had
not been able to form a Coalition Cabinet and that
he "faces a solid minority."
The formal transfer of the affairs of the Government to the new Ministry was made at 3 o'clock
Monday afternoon. Soon thereafter M. Poincare,
of policy
attention
who
Minister of Foreign Affairs as well as Premier, had a conference at the Quai d'Orsay with
liord Curzon, British Foreign Minister, that lasted
an hour and a half. It was stated that the conversation was not official in character. The New York
"Times" correspondent added that "it was not one
at which conclusions could be come to, or even policies agreed on. It was only a conversation between
two Foreign Ministers, at which they might learn
each other's point of view, and by means of which
M. Poincare could learn at first hand what the deis
sires of the British
ative policy in the
Government are for that co-operNear East which they have made
conditional to a treaty of guarantee."
As bearing on the probable policies of the
French Ministry, the Paris representative of
New York "Herald"
ered in Genoa for the conference will comprise 1,00
persons. It will be the largest and most importan
international conference ever held. It is believe^
the announcement that Lloyd George will go t
Genoa will insure the presence there of Poincare fo
France and Premier Bonomi for Italy. Germany
Austria, Bulgaria and Russia will be invited to sen
representatives. It is rumored that both ChanceUo
Wirth and Dr. Rathenau will attend. It is repor
ed that Tchitcherin, the Russian Minister of Foi
eign Affairs, and not Lenin, will represent the So)
iet Government.
Turkey is the only nation of in
portance that will not be represented. It is at pr©
ent a house divided against itself, and the respectiv
positions of the Constantinople and Angora Goven
ments are vet indeterminate."
On Tuesday
the French Foreign Office
made
pul
copies of a note sent to Premier Lloyd George b
Premier Poincare and the former's reply. Th
lie
French Prime Minister "expressed the desire, in b<
half of the French Government, to repeat assuj
ranees already given privately, that France is eage
to resume 'cordial examination of the various quei
tions at issue between the two countries.' " He sal
he was "convinced that the two peoples who ha\'
been so closelv allied on the field of battle, should l
able, with common interest, to maintain peace i
Europe and to assure execution of the treatie
signed and the reparations damages caused by th
Lloyd George concluded his reply b
invasion."
saying
"We desire only, as we are glad to note yo
also desire, fio to settle the outstanding problem
that nothing may impair the completeness of the ei
tente between your people and ours, and thus carr
the comradeship of the war into the high task (
bringing the European peoples together in a jus
and abiding pact of peace."
:
new
the
Deputy Francois Arago. President of the Bloc National, told him that
"France will not only consider herself bound by the
commitments made by the Briand Ministry at Cannes to the Genoa Conference, but Premier Poincare will go to Genoa himself to represent France if
In an interview in Moscow, Leon Trotzky wa
the British and Italian Prime Ministers, Mr. Lloyd quoted in part as follows on the G«noa Conference
George and Signor Bonomi, respectively, decide to "The (lenoa Conference is equivalent to a revisio
attend the conference in person." The Deputy was of the Versailles Treaty. It can mean nothing els
quoted as saying also in reply to a question as to if you consider it without prejudice. The purpoe
whether there was any doubt regarding the Poin- of the Versailles Treaty was to crush Germany an
cai*e Government, "not the slightest.
Not only the isolate Russia behind a barbed-wire fence. No^
(Chamber of Deputies, but the Senate, is ready and Russia and Germany are invited to Genoa to discus
said that
anxious to open a large credit to the ex-President,
who was at the head of France's political system
d«.iring seven of the most trying years in her his-
M. Poincare's policies are recognized as sound
and will win friends from all sides as results begin
tory.
to appear."
Announcement was made in cable advices from
London Wednesday morning that "every nation in
Europe except Turkey has been invited to attend the
plans for changing the 'reparations' of Versaillc
hatred into reconstruction. What is that but rev
sion? Success or failure at Genoa depends princ
pally upon the United States. If America partic
pates, it will be a real world conference, capable c
accomplishing great things. Without America,
will be only a small rehearsal for a world confei
ence that will come later. America's attitude
She does not speak one way or th
enigmatic.
i
i
:
THE OHKONICLE
Jan. 21 1922.]
Discussing more definitely Kussia's rela''But we r.eally
tions with other countries, he said
ought to do business with France, and I believe
France will be willing, too, if the United States is
As regards
It all depends on America.
present.
Russia, America is still prejudiced against the SovBut the revoluiet Government by the revolution.
tion with all its consequences is a historical fact,
just as much as a volcanic eruption. When Vesuvius erupts and destroys towns and villages it upsets many people; but that fact cannot be helped.
They have just got to make the best of it and set
about rebuilding as quickly as possible. The revolution is a social eruption, and I hope the United
States will soon recognize that and decide to make
other."
:
ZZl
Chamber was crowded, while outside lingered a
tlirong outnumbering those who succeeded in gaining admission." The New York "Times" correspondent cabled that "with a vote of 472 to 107 Premier
Raymond Poincare this [Thursday] evening firmly
established himself in the Chamber of Deputies.
Both his Ministerial declaration and the speech he
made later in answer to interpellators were cheered
by fully three-quarters of the Deputies, only the SoHis success
cialists and Communists abstaining.
marks him definitely as the real leader of this
Chamber."
According to an Associated Press dispatch yesterday morning, the program for the Genoa Conference was made public at Paris Thursday evening,
and the questions to be discussed will be as follows
the best of it."'
"(1) Examination into means for putting into execuPremier Poincare, on Thursday, presented his tion the principles contained in the Cannes resolunew Cabinet to the Parliament and read its state- tion of Jan 6 1922. (2) Establishment of European
ment of x>olicy in the Chamber of Deputies. It de- peace upon a solid basis. (3) Conditions necessary
manded '"firm treatment of Germany and strict exe- to the restoration of ec6nomic confidence without
cution of the peace treaties." The Associated Press endangering or altering existing treaties.
(4) Ficorrespondent said that "Premier Poincare accepted nancial questions, such as currency, paper money,
an immediate discussion of interpellations, thus de- banks and banking systems. (5) Economic and
laying the api>eal to the Chamber for a vote of confidence." He added that ''the ministerial declaration
declared that the problem of reparations dominates
all others and that if Germany fails to fulfill her undertakings upon such a capital question the French
Parliament must, after consultation with the Reparations Commission, consider measures to be
adopted to enforce fulfillment." It was noted, furthermore, that "the declaration emphasized that
other clauses of the Treaty of VersaiDes, such as
disarmament and punishment of those guilty of war
crimes, must be fulfilled." Relative to the Genoa
Conference, Premier Poincare's statement said "We
insist that the conditions of the Cannes protocol be
accepted or rejected by the delegates prior to any
discussion, so that none of the stipulations of the
fiuancial questions."
So far Washington authorities have not indicated
whether the American Government will take an active part in that gathering.
The New York "Her-
ald" correspondent said yesterday morning: "Officials of the Washington Government who question
the wisdom of its participation in the Genoa eco-
nomic conference advance five reasons to justify
their attituda These obstacles in the order of their
relative importance are:
(1) Continuation of the
dispute over German reparations.
(2) The insistence of Russia and France in maintaining excessive
land armaments at staggering costs to the people.
(3) The failure of European Governments to bring
their budgets within their revenues.
(4) The detertreaties can be debated, even indirectly. Unless we mination of the United States not to become inhave precise guarantees on this point we shall be volved in political disputes which are certain to be
compelled to retain our liberty of action." Natur- injected into the discussion of economics. (5) The
ally there was special interest in what he would say strong probability of Genoa developments impairabout the pact his predecessor, ex-Premier Briand, ing the force and effect of the achievements of the
had tentatively agreed to with Lloyd George, and Washington Conference."
which was supposed to have been the cause of the
former's overthrow.
The following is a partial
The taking over of the Government of South Irestatement of the new ]*reniier on the question "We land has gone foi-ward in a regular and orderly way.
would be very happy if a pact destined to consoli- A week ago to-day "the Parliament [of the South
date the p<;ace could soon be signed between Eng- of Ireland] met and ratified the treaty with Great
land and France, and we do not doubt that inas- Britain."
The New York "Times" representative
:
:
Neither do we doubt that the guarantees,
present or future, which the treaties accord us will
l)c integrally maintained."
The statement refers to
the relations between France and the United States
in a paragnji)li reading:
"We do not need ;iid. We
Londfui observed that, "as anticipated, Eamon de
Valera and his supporters stayed away." Contrary
t(» expectations, "Michael Collins, and not Arthur
(Jriffith, was nominated as head of the Provisional
(Jovernment." The explanation was offered that if
Griffith "led the Government, as well as acted as
I'reKident of the Dail lOireann, he would face the
seek to rnaJBtairi the .strongest and most friendly re-
ciitici.srn of th<!
as both countri(;s will be benefited, one will
be concluded between them on a basis of perfect
Diiu'h
e<|ualit3.
lations with ail the peoples
for
th(j
rights of humanity,
who fought on our side
and especially with the
United States, whose co-operation contribute*! so
greatly to the common victory and which lias just
given iiM at the Washington confffpence such striking
proof of noble sentiments." It was noted in I'aris
cable advices Thursday evening that "this i)latform,
as the Premier voiced it, brought an ovation from the
Chamber approaching the enthusiasm Clemenceau
iisod to arouse in the dark davH of the wa?".
The
in
Republicans, and he decided not to
lake official part in the Provisional Government."
This historic session of the Parliament was held in
.Mansion House. The motions, one for the approval
of the treaty signed in
London on Dec. 6
1921,
and
the other for the adoi)tion of a IM-ovisional (Jovern-
were carried <iuiekly and uiuinimously. The
latter motion provided "that a Provisional Government be and is hereby conHtitut(«d, comi)osed of the
f<tllowing members: Miehael (Collins, William Cos^rove. Kdmond f>iiggan, Patrick Hogan, Finiau
nujnt,
THE CHKONICLE
332
[Vol.' 114.
payment every ten days pending a decision on the
whole reparations issue." In Thursday morning's
dispatches from Paris it was stated that "the Reparations Commission announced to-day's [Wednesthe "Provisional Government had been set up to su- day] payment, adding that it was paid in foreign
pervise the carrying out of the treaty." He added currency to banks designated by the Committee of
that "the Dail Eireann would remain in being until Guarantees. The Commission has decided to change
the treaty had been executed and a general election the system of the monthly program of coal and coke
held in Ireland." He concluded by "making a plea for a total to be delivered in three months, namely
5,750,000 tons. The German delegation has formalfor fair play for the new Administration."
The formal transfer of the Governmental powers ly accepted this change."
MacNeill, Kevin
O'Higgins, and such other persons if and as determined from time to time by the Ministers for the
time being." Arthur Griffith then explained that
Lynch, Joseph
McGrath,
John
for Ireland as vested in the British authorities at
Dublin Castle to the Provisional Government of Ire-
land, as constituted last Saturday under the AngloIrish treaty, occurred on Monday. The transfer of
the Governmental departments
was made by
Vis-
count Fitz-Alan, the Lord Lieutenant, in the Privy
Council Chamber. Word came from Dublin Wednesday morning that the night before Eamon Duggan, Minister of Home Affairs, and I^vin O'Hig-
Economic Affairs, left there for
London "to meet to-morrow the British Cabinet
Committee arranging the transfer of authority to
gins, Minister for
the Irish Provisional Government. It is understood
that their visit will be short and that another and
more important meeting will be held later." In
Dublin on Tuesday "the formal summons for the
general convention of the Sinn Fein organization
on Feb. 7 was issued. It is signed by Austin Stack
and Harry J. Boland." It was explained that it
would be held "for the purpose of interpreting authoritatively and decisively the constitution of the
Sinn Fein organization with special reference to the
situation created by the articles of agreement."
European centres
continue to be quoted at 5% in London, Berlin and
Belgium; 5}/2% in Paris, Denmark and Sweden; 6%
in Rome, Norway and Madrid; 4J^% in Holland and
4% in Switzerland. In London open market discounts were firmer and short bills moved up to 4%,
but were quoted yesterday at 3^%, unchanged;
three months' bills were 3 13-16@3;^, against 3%%
Money on call was likewise more firmly
last week.
held and advanced to 4% early, but reacted again to
3M%> the same as a week ago. The open market
discount rate in Paris remains at 43^% and in Switzerland at 5%, the same as in recent weeks.
Official discount rates at leading
A
small loss in gold, namely £8,535, was shown by
Bank of England statement, although as
week's
this
note circulation continues to decline, total reserve
registered another increase, this time of £1,019,000,
bringing that total up to £24,285,000, as against
£18,196,790 in 1921 and £27,162,457 in 1920. Note
Furthermore,
circulation was reduced £1,027,000.
sharp
advance
in
the
proportion of
there was again a
reserve to liability, carrying it to 17.67%, a gain for
the week of 1.68%. In the corresponding week of
1921 the ratio was 13^ and a year earlier 16^.
The improvement followed in large measure from the
drawing down of deposits. Public deposits were
expanded £4,021,000, but other deposits fell £12,-
The delegation of the Irish Provisional Government already mentioned had a conference at the Colonial Office in London on Wednesday with members of the Cabinet, headed by Winston Churchill,
Secretary for the Colonies. It was said that "details regarding the handing over of power in Ireland 065,000.
Loans on Government securities declined
to the new Provisional Government were discussed." £7,860,000 and on other securities £1,188,000. The
Announcement was made Thursday morning that "a Bank's stock of gold on hand is nov/ £128,444,198,
loan of £1,000,000 has been negotiated by the Provisional Government from the Bank of Ireland to enable the new Administration to function at once."
Announcement was made in a Dublin dispatch
yesterday morning that "the Irish post office is
now in the hands of the Provisional Government,
J. J. Walsh, Minister of the Post Office, having formally assumed control this [Thursday] afternoon
of the General Post Office in Sackville Street."
British troops are leaving Ireland rapidly. It became known here yesterday morning that of the 1,600
police auxiliaries 800 already have gone.
Others
departed Thursday niglit, while the final contingent is expected to leave to-day. Three battalions
of British troops left North wall quay Thursday eve-
comparison with £128,287,495 a year ago and
£96,806,712 in 1920. Loans aggregate £83,974,000,
as against £81,324,834 in 1921 and £84,407,836 a
year earlier. Circulation stands at £122,600,000.
A year ago it was £128,540,705 and in 1920 £88,094,255. No change was made in the Bank of England's
ning for England "with
Circulation
Public deposits
Other deposits
full
equipment and stores."
James Craig, the Ulster Premier, left Belfast the
same evening for London to confer with Winston
Sir
Spencer Churchill, Secretary for the Colonies, "to
discuss outstanding questions concerning the Government of Northern Ireland."
In an Associated Press dispatch from Paris Wednesday evening it was stated that "Germany made
her first payment to-day of 31,000,000 gold marks,
in accordance with the recent decision of the Reparations Commission at Cannes, providing for such
in
discount rate of 5%. Clearings for the
London banks for the week were £912,736,000, comparing with £754,764,000 a week ago and £764,751,000 last year. We append a tabular statement of
comparisons of the principal items of the Bank of
minimum
England returns:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1022.
Jan. IS.
1921.
Jan. 19.
1920.
Jan. 21.
1919.
Jan. 22.
1918.
Jan. 23.
£
£
£
£
£
122.600.000 128.540.705 88,094,255 69,021.505 45.222,90.')
19.623,000 16.076.294 21,472.380 27,217.384 41.814,592
117,822.000 120,012,067 140,341,208 126,573,381 124,440.103
Oovemm't securities 47,143,000 54,510.256 68,157,438 62,933,744 56,839,851
83,974.000 81,324.8.34 84,407,8.36 79,041.349 95.214,194
Other securities
Uesorve notes & coin 24,285,000 18.196,790 27,162.457 29,716,097 32.141,781
96.806,712 80,287,602 .'>8,914,688
(;oin and bullion... 128,444,198 128.287,496
Proportion of reserve
to liabilities
Bank
17.67%
13.37%
16Jf%
19.30%
19.33%
5%
7%
6%
5%
5%
rate
The Bank
of
France continues to report small
gold item, the increase this week being
117,050 francs. The total gold holdings are thus
brought up to 5,524,572,900 francs, comparing with
gains in
its
5,501,496,681 francs on the corresponding date last
THE CHRONICLE
Jan. 21 1922.]
year and with 5,579,908,954 francs the year before;
of these amounts 1,948,367,056 francs were held
abroad in both 1922 and 1921 and 1,978,278,416
During the week, silver gained
francs in 1920.
163,000 francs, while bills discounted were augmented by 9,864,000 francs. Advances, on the other
hand, fell off 43,511,000 francs, Treasury deposits
were diminished 8,338,000 francs, and general deA further
posits were reduced 15,768,000 francs.
occurred
in
francs
of
337,946,000
contraction
large
note circulation, the total outstanding being brought
down to 36,785,724,000 francs. This contrasts with
38,152,889,900 francs at this time last year and with
37,679,425,155 francs in 1920. Just prior to the
outbreak of war in 1914, the amount was only
6,683,184,785 francs. Comparisons of the various
items in this week's return with the statement of last
week and corresponding dates in both 1921 and 1920
are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Ocld Holdings—
In France
Francs.
Inc.
Total
Inc.
Silver
Inc.
Bills discounted. ..Inc.
Advances
Dec.
Note circulation. -Dec.
Treasury deposUs-Dec.
General deposits.. Dec.
In
117.050
No change
Abroad
its
Bank
of
Jan. 19 1922.
Francs.
as of
Jan. 20 1921.
Francs.
Jan. 22 1920.
Francs.
3,576.20.5.844
3,.553,
129.624
1.948.367,056
3.601.630,538
1.978,278.416
1.948.367.056
117.050 5,524. .572, 900 5,.50l.496.681 5,579,908,954
280,235,495
267.963,289
256,408,858
163.000
9.864.000 2.456.843.298 3.002.834.865 1,702,645,854
43.511.000 2.279.357.000 2,252.719.518 1,.544, 380, 368
337.946.000 36,785.724.000 38,152,889.900 37,679,425,155
33,347,000
37,221,213
45,255,502
8.338.000
15.768,000 2,451,743,000 3,301,550.899 3,004,353,809
statement issued as of Jan. 14, the Imperial
A
Germany shows the following changes:
small increase in gold (4.000 marks).
vanced to 76.0% from 74.7% for the twleve reporting banks, and to 87.6% from 86.9% for the New
York
institution.
Saturday's statement of the New York Clearing
House institutions was conspicuous chiefly by reason
heavy repayments by member banks to the FedReserve Bank, which had the effect of sharply reducing surplus. Loans and discounts expanded $17,Concurrently with this net demand de876,000.
posits gained $14,355,000 to $3,940,402,000. This is
exclusive of $76,348,000 of Government deposits, a
falling off in the latter of $11,145,000.
In net time
deposits there was an expansion of $781,000 to $240,306,000. Cash in own vaults of members of the
Federal Reserve Bank was reduced $5,811,000 to
$67,693,000 (not counted as reserve); member bank
reserves with the Reserve Bank were cut $37,990,000. Reserves in own vaults of State banks and
trust companies decreased $788,000, but reserves kept
of the
eral
by State banks and trust companies increased $45,000. Because of the contraction in member bank reserves at the Reserve Bank
and the increase in deposits, surplus fell $40,585,870;
thus carrying excess reserves on hand down to $16,in other depositories
Status
for Week.
158,300, as against $56,744,170 a week earlier. The
above figures for surplus are based on reserves over
legal requirement of 13% for member banks of the
Federal Reserve System, but not including cash in
vault to the
—
banks on Saturday
Call
of $67,693,000 held
by these
last.
money had a spurt on Monday and again on
Thursday, but during the rest of the week was relatively steady.
On both of those days a rapid rise to
was
recorded.
Yesterday the prevailing quo6%
tation was 5%.
The sharp upturns were attributed
bj^ bankers to rather extensive calling of loans by
Mid-West institutions whose managers apparently
were of the opinion that call money here might continue abnormally low for some little time and that
the\' could obtain a larger return on their funds at
home. It was stated in banking circles yesterday
that there was an entire absence of such withdrawals
during the day.
Bank
state-
ment, issued late on Thursday afternoon shows that
the system as a whole is still gaining gold, the addition for the latest week having been §3,000,000,
though the local in.stitution lost S18, 000,000. At the
still
being re-
Time money was
offered rather
4^%,
even for six months, until the adfunds on Thursday, when it was said
Yesterday
to be unobtainable for less than 4%%.
the range was given as 43/^@;5%.
Aside from the
reported calling of loans by out-of-town institutions,
there were no special developments of a nature to
have a pronounced effect upon the money market.
freely at
of the Federal Reserve
.same time di.scounting operations arc
amount
An
expansion
in Treasury certificates of 4,987,300,000 marks. The
increase in bills discounted was comparatively slight,
17,300,000 marks, but deposits showed a huge gain
of 5,313,600,000 marks.
Probably the most encouraging feature of the statement was a contraction in
note circulation of more than half a billion marks in
round numbers 546,000,000 marks. Advances were
expanded 3,600,000 and investments 7,200,000
marks. Other liabilities declined 775,100,000 marks.
Outstanding note circulation stands at 112,593,900,000 marks. The Bank's gold reserve is reported at
995,400,000 marks, as against 1,091,555,000 marks
a year ago and 1,089,260,000 marks in 1919.
An examination
2S3
vance
in call
The consolidated return records a decline in The stock market was considerably more active;, but
rediscounts of Government paper of S39, 000,000, and little was said in financial circles about the effect of
a falling off in "All other" of S35, 000,000, and the this \ipon the money market.
Undoubtedly the
total of bills on hand (including f)urclKiscs in the greater activity in stocks meant increased borrowijigs
duced.
open
i51
market)
has
l>een
reduced
.566,000,000,
,008,766,000, against S2,()50,979,000 in
of last year.
the;
to
week
earning assets were again decreased, this time 858,000,000. In dc^posits a gain of
S8,(K)0,000 was reported, but Federal ResfTve notes
in actual circulation were reduced .S64 ,000,000.
In
tlu! New York bank discounting operations weic less,
principally on Government i)ap(!r, which fell S24,000, 0(K).
Bill purchases were larger, but the total
of bills on hand decreased S7,000,000.
Subst,antial
Hiductions were reported in total earning assets,
deposits and the volume of Federal Reserve notes in
circulation, the latter declining .'S15,000,0(J0.
As a
result of the above changes, the ratio of reserve adI'otal
but f)rofit-taking sales nuist have
cut down the net increase in Wall Strcict borrowing
consideiably.
Offerings of new securities were on
in fiome instances,
a somewhat larger scale than last week and it is
probabh; that they will be still larger in the next two
or thr(;e weeks, as several big bond issues are to be
brought out .soon. One of the mosl proniiiK^nt will
he ^that of the Jiurlington railroad, which was recently approved by the Inter-State (^onunerce Comof lli«' l''c(leral Reserve
mission,
'i'he Htat<niient
System shows the same general irviul in inter-bank
Severn
tnirisactions, and for the Hystem ;is a whole.
indejx'iident
of
stee
con.solidations of HUgai and
I
companies arc rcfxnted to be well under way.
THE CHKONICLE
234
finally decided
upon they would involve some
[Vol. 114.
Sterling exchange
rail-
is
still
marking time and the
market this week was once again a dull, lifeless affair.
Moreover, although the undertone was on the whole
Referring to money rates in detail, call loans this firm, fractional declines were sustained and the quoweek covered a range of V/i(giQ%, as against 3@4% tation for demand bills did not get above 4 22^^,
On Monday, while a low figm-e of 33^% while the low was 4 20. It should be noted, howlast week.
was quoted and renewals were still at that figure, ever, that the same general factors which were evithere was a brief flurry which carried call rates up dent last week are still operative, and that the recesTuesday this high figure was not again sions were more the result of indifference and the disto 6%.
touched, but a flat rate of 4^% was quoted, this inclination shown by traders to take any important
being the high, the low and the ruling quotation for part in the daily operations than actual pessimism.
The same is true of Wednesday, when the The supply of commercial bills offering continues
the day.
only rate reported was 4^^%. On Thursday a extremely light, and as exports are still in greatly rerenewal of the strain was evident and the high was duced volume, the inquiry from legitimate sources is
again 6%, although the renewal basis was still 4:}^%, negligible. Speculative interests continue to hold
this latter also being the low.
All loans on call were aloof, awaiting further developments in the internathrough
on
Fridajy,
including renewals. tional situation. Among the favorable influences of
put
at 5%
The reason assigned for the stiffening was heavy the week were the maintenance of comparatively
calling in of loans by out-of-town banks, and prospec- easy monetary conditions locally and the receipt
tive Government withdrawals.
The above figures practically throughout of firm London cable rates.
arc for mixed collateral and all-industrial loans alike. The close was not far from the lowest prices for the
For fixed date funds the situation was quieter and week.
there was a lessening in offerings.
Here also firmBankers and financiers view with a good deal of
ness developed and on Thursday the range moved up satisfaction the outcome of the interview between
Most the British and French Premiers as indicating that the
to 4H@4^%, as against 43^^% a week ago.
a time.
lions of dollars in loans for
brokers, however, regarded the advances as purely
interruption in diplomatic communications of the
temporary and expect renewed ease in a few days.
Mercantile paper rates were not changed from
two countries, caused by the resignation
4^@5%
Cabinet,
is
in a fair
way
of the
Briand
of being satisfactorily read-
and ninety days' endorsed bills justed. Later in the week announcement that the
receivable and six months' names of choice charac- United States
had been invited to join the Genoa
ter, with names less well known at 5%.
A moderate Conference, that the foreign and American delegates
degree of activity was reported. Offerings were light.
now conferring here were rapidly- approaching a
Banks' and bankers' acceptances remained at the friendly settlement of the Far East question, and that
levels current a week ago, and the undertone was
the Foreign Debt Funding Bill, under which terms
steady.
The demand from local and out-of-town will be arranged for foreign nations to settle their inbanks was only fair and the supply of prime names
debtedness to the United States incurred during the
was smaller; hence transactions in the aggregate
war, had been favorably reported in the Senate, all
showed a falling off. For call loans against bankers'
contributed in some degree to restore financial conacceptances the posted rate of the American AccepAdvices from Washington that a worldfidence.
tance Council has been advanced from 33^ to 4%.
wide referendum on the ter Meulen plan for financThe Acceptance Council makes the discount rates on
ing imports to needy nations, is being undertaken by
prime bankers' acceptances eligible for purchase by
the International Chamber of Commerce at Paris,
the Federal Reserve Bank 4% bid and 3^% asked
only perfunctory attention.
for bills
for sixty
running for 120 days;
4@3M%
days;
thirty days.
Open market quotations
for ninety
4@3M%
days; and
sixty
for
received
4%'i%%
foV
on Saturday
SPOT DELIVERY.
90 Days.
Prime cHgible
bills
60 Days.
30 Daus.
4@3^
4@3?i
_
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible nwanbcr bunks.
Eligible noD-Diember
Ineligible
bank
4
banks
.._
4j,^-
bills
...tX
^Id
bid
Ibid
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 Res(»rve Banks:
DI8COONT RATES OK THE FEDERAL RESERVE BANKS
IN EFFECT JANUARY 20 1922.
Discounted
bills
maturing
within 90 days )incl. member banks' 15-day collateral Bankers'
notes ( secured
by-
acceptances
federal Reserve
Bank of—
Treasury
certificate
and
Otherwise
secured
of indebtedness
Victory
notes
unsecured
4H
4H
4H
4H
4H
4H
iH
4«
6
5
5
5
5
6
5
5
5
5
notes
and
Boston
New York
Philadelphia
Cleveland
Richmond
.
Atlanta
Chleago
Loula
Mlnneaiiolls
Kansas City
Dallas..
Ban Francisco
St.
_
5
5
5
5
5
6
5
5
5
Liberty
bonds
5
6
dlsc'ted
for
member
and
banks
5
5
5
5
5
5
Referring to the day-to-day rates, sterling exchange
are as follows:
Agricul-
Trade
tural
acceptances
lice
and
stock
paper
maturing maturing
wUhin 91 to 180
90 days
days
last
was
4>i
4H
^
5
5
4«
4^
6
5
5
4>i
5
6
5
5
5
6
5
5
6
6
6
5
6
6
5
S
6
5
easier
and demand
de-
22^,
was down and there was a fractional recession
to 4 22yi%A 22%^ for demand, 4 22%@4 23>4 for
cable transfers and 4 203^@4 2Q% for sixty days.
Further weakness developed on Tuesday and demand
dency'
again declined, to 4 22@4 223/^, while cable
tiansfers fell off to 4 223/2@4 23 and sixty days to
4 20(« 4 203^; trading continued dull and nominal
with very little business transacted. On Wednesday
no increase in activity was noted, and though rates
were on the whole fairly well sustained, the range was
bills
4
21%@4
22y^%A 22^ for cable
223/g for
transfers
and 4
demand
iyK@4
bills,
203^8
Dulness predominated on Thursday;
as a result price levels were not essentially changed;
demand ruled a trifle lower at 4 21%@4 223.^, cable
transfers at 4 22^(3 4 22^s and sixty days at 4 193^4
%A 203/8. Friday's market continued in neglect,
with quotations showing a decline to 4 20@4 2\y^
for sixty days.
5
and
cable transfers to 4 22ys%.
4 233^ and sixty days to 4 203/^@4 20%; a more
On INIoncheerful feeUng, however, predominated.
day trading was exceptionally quiet, and although
quotations moved within a narrow range, the tenclined to 4 223g(ai4
slightly lower, at 4
4H
dull
TnE CHRONICLE
Jan. 21 1922.]
demand, 4 203^@4 21 J^
?35
and has appartTntly fallen into a rut and continues to
be quoted nominally between 0.023-^ and 0.03. The
19^8
were 4 19 for sixty
close was 0.02^ for checks and 0.03 ^/g for cable
4 213^ for cable transfers. Commercial sight bills transfers, against 0.033^ and 0.033^ a week earher.
finished at 4 203-8, sixty days at 4 IGJ^, ninety days Lire closed at 4.353^ for bankers' sight bills and
at 4 15 J^, documents for payment (sixty days) at 4.3634 for cable remittances, in comparison with
4 16^-8, and seven-daj^ grain bills at 4 19^^.
Cotton 4.35 and 4.3634 the preceding week. Exchange on
and grain for payment closed at 4 20^.
the Mid-European Republics was steady and withGold arrivals, though well up to last week, show a out really important change. The rate on Czechofalling off from the volume received in the recent slovakia finished at 1 .723^, against 1 .61; on Bucharest
past.
A shipment valued at $2,240,000 gold bars at 0.7634. against 0.81; on Poland at 0.0330, against
arrived on the Megantic from England and $300,000 0.0370, and on Finland at 1.87, against 1.88 last
in gold ingots on the Paris from Havre.
week. For Greek exchange the close was 4.30 for
From South American points the General O. H. Ernst checks and 4.35 for cable transfers. A week earher
brought 5 boxes of gold coin and 14 bars from Guayaquil; the final range was 4.35 and 4.40.
for
4
19@4
for
for cable transfers
days. Closing quotations
days, 4 21 for demand and
sixty
the Quilpue, also from Guayaquil, 15 packages gold and silver
Yucatan, 2 cases currency from Progreso!
coin;
the
the Santa Marta from Colombia with small amounts of gold
and platinum; and the General W. C. Gorgas, 14 packages
ciirrency and gold from Central American ports.
Practically nothing
new
transpired in the neutral
As has been the case
of late, fluctuations were largely a reflection of what
is going on elsewhere, and the volume of business was
In the Continental exchanges it soon became evi- exceedingly small. Dutch and Swiss currency condent that the weakness which followed news of the tinued to lead in point of firmness. The Scandinavian
overthrow of the Briand Cabinet last week was only exchanges were firmly held with no important
a temporary affair, and early in the week firm- changes, and the same is true of Spanish pesetas,
ness developed which carried French exchange back
exchanges, formerly so-called.
though the last named closed at a slight net advance.
Stockholm remittances failed to respond in either
direction to news that the Swedish Riksbank had
Nearty all of the other leading
European currencies shared in the improvement and
Lire responded to prolonged the gold suspension period.
registered gains of several points.
better news regarding financial conditions in Italy,
Bankers' sight on Amsterdam finished at 36.31
while Greek exchange was steady and practically'' un- against 36.36; cable transfers at 36.81, against 36.87;
changed. Trading was very quiet and toward the commercial sight at 36.25, against 36.77 and commerend of the week rather sharp reactions took place, cial sixty days at 35.89, against 36.41 last week.
partly as a result of the listless state of the market Closing rates for Swiss francs were 19.40 for bankers'
and also of the fresh uncertainties in the pohtical sight bills and 19.45 for cable transfeis. This comDealers everj'where are centring their pares with 19.40 and 19.41 the previous week.
situation.
attention upon developments from the Cannes meet- Copenhagen checks finished at 20.01 and cable
ing and busily discussing the likelihood of important transfers at 20.06, against 19.90 and 19.95. Checks
progress to be achieved from the coming Genoa Con- on Sweden closed at 24.93 and cable transfers 24.98,
ference.
There were few signs of speculative inter- against 24.95 and 25.00, while checks on Norway
est, and commitments were relatively light, since finished at 15.67 and cable transfers 15.72, against
there was very little inclination shown to take sides 15.65 and 15.70 last week. Spanish pesetas closed
Considerable at 15.67 for checks and 15.72 for cable transfers.
in the present international tangle.
Jess anxiety is being shown over the German repara- Last week the close was 14.92 and 14.97.
tions situation.
Bankers practically everywhere are
With regard to South American quotations the
of the opinion that nothing approaching real activity situation remains about the same.
Quotations are
need be looked for in the immediate future, at least steady and the check rate on Argentina closed at
not until some of the current uncertainties have been 33^ and cable transfers at
33^, as compared with
removed as actual market factors; unless, of couise, 333^ and 33^ last week. For Brazil the closing
speculative interests should resume operations upon rates were 12^ for checks and 13 for cable transfers,
a large scale. Here, also, continued ease in money, against 12^ and 12%. Chilean exchange continues
strong London cable rates and a more hopeful feel- its downward tendency and finished at 934> against
ing regardirig European affairs combined to maintain 10, but Peru has not changed from 3 55.
quotations, so that chaTig(;s in eith(!r dir(;ction wc^ic
Far Eastern exchange was as follows: Hong Kong,
unimportant, though the whole; iriarket sagged off in rA}4(<ij54^yi, against
hbYM^^-iH; Shat.ghai, 75M:@
to 8.07 for checks.
the final dealings.
The
7534, against 76->:i'C'^r77; Yokohama, 48(04834. against
London check rate on the P'rcnch ceji- 483^^^483.^; Manila, 49({^4934, against 4834(ai4S%;
r)2.00, as compared with 51 .70 last week.
Singapore, 4Q}4^4\)y2, against 4934^4934; Bombay,
official
tre closed at
here on the French centre finished at 8.103^,
against HA'.V/i; cable transfers at 8.11 j/J^, against
Sight
bills
283ii((^28^, against 2^-).i(n)2\)M
28;^(a>29, against 29(«j293^.
,
tuid
Calcutta,
8.1434; comirK.'rcial sight at HA)H}/i, against 8.113-.|,
and commercial sixty days at 8.023^, against 8.053^
a week ago.
('losing rates for Antwerp francs were
7.7034 for checks and 7.773l2 for cable transfers,
which compares with 7.79 and 7.80 last week.
ReicJismarks, which remained in neglect during most
of the time and fluctuated within narrow Hmits at
not far from last week's closing, until yesterday,
when they dropped to 0.49^^ for checks aiul 0.49Jh
for cable transfers, against 0,523^ and 0.5:i the
week before. As to Austrian kronen, this currency
Pursuant to the nujuirementa of Section 403 of the
P:mcrgency Tariff Act of May 27 1921, the Federal
'•^serve Bank is now certifying daily to the Sccretnry
of the Tn^asnry the buying rate for cible transfers
We give
on the diffen'nt countries of the world.
below the record for the week just past. The I'echiral
Reserve Bank does not proclaim the rates until the
morning of the; following day, atid therefore the latest
figures it is possiblo to include in our table arc those
for Thursday noon, annonm-ed on I'riday:
*
THE CHKONICLE
S36
CABLE BUYING RATES FIXED BY FEDERAL RESERVE BANK,
JAN. 13 1922 TO JAN. 19 1922, INCLUSIVE.
Noon Bvying Rate for Cable Transftrs in New
ValM in United Siaus Monea.
RIGHT OF CAPITAL TO AN ECONOMW
Jan.
EUROPE—
14. Jan.
16. Jan.
17. Jan.
19.
18.
S
?
S
f
S
.000339 .000336 .000316 .000316 .000313
.0783
.0780
.0783
.0788
.0787
.007158 .007092 .007175 .007042
.00715
.016919
.016803
.016822
.016413 .016578
Crecho-Slovakia, krone
.2007
.1999
.1998
.1999
.1998
Denmark, krone
4.2247
4.2235
4.2265
4.2.327
4.2308
4.23
England, pound
.018714 .018586
.0184
.018686 .018643 .0187
Finland, markka
.0.820
.0815
.0,S24
.0818
.0822
.0820
France, frane
.005363 .005473 .005414 .005311 .005147 .005172
Oermany, rclnhsmark
.0437
.0437
.0435
.0437
.0430
.0438
Greece, drachma
.3668
.3671
.3078
.3684
.3682
Holland, florin or guilder.. .3683
.001278
.001244
.001606 .0CI625 .001616 .001463
Hungary, krone
.0438
.0435
.0441
.0437
.0437
.0142
Italy, lira
.003378 .003447 .003466 .003453 .003444 .003422
Jugoslavia, krone
.1572
.1505
.1.563
.1.569
.1.564
.1561
Norway, krone
.000354 .000253 .000347 .000342 .000344 .000342
Poland, Polleh mark
.0730
.0742
.0764
.0774
.0778
.0769
Portugal, escuda
.007992 .008083 .007958 .007803 .007775 .00772
Rumania, leu
.0137
.01384
.01388
.01358
.01382
.0139
Berbia, dinar
.1496
.1497
.1498
.1497
.1498
.1498
Spain, peseta
.2497
.2488
.2489
.2495
.2493
Sweden, krona
.2495
.1942
.1945
.1942
.1942
.1941
.1943
Switzerland, franc
S
.0C0333
.0786
.007242
.016106
.2000
Aaetrla, krone
Belgium, franc
Bulgaria, lev
ASIA—
CUIna H. K. Dollar
Shanghai, tael
China, Mexican Dollar
Chcfoo
'
.5514
.7159
.5469
.5511
.74 .W
.5436
.5563
.7403
.5435
.5524
.7456
.5413
.5.507
.8000
.7867
.7429
.7900
.5496
.5388
lael
tael
Shunplial tael
Tientsin tael
Hong Kong
Mexican
'•
dollar.
dollar
Tientsin or Pelyang
dollar
dollar
"
Yuan
.2788'"
.4769
.4783
.2790
.4708
.4817
India, rupee
Japan yen
,
Singapore, dollar
.2790"
.4762
.4817
.2782""
.4709
.4783
Civilization is costly.
Progress exacts its price.
we have and are has gone unrequited
toil, unanswered hope,
unsuccessful experimentation. It is characteristic of the ebullient nature of
man that he is careless of the past, thoughtless of
the future in this, that he accepts the rewards of
the one and the promises of the other as his birthright, owing nothing to either.
Therefore, in his
economics he is improvident. He lays up nothing
to provide for that which he abandons in his ceaseless search for new, and better, and cheaper things.
He "tastes life's glad moments, whilst the wasting
taper glows," conscious of his own power, confident
Into all that
—
of his future.
.7449
.5423
Hankow
t"
8URPLV8.
York.
Country and Monetary Unit.
Jan.
.2785"
.4764
.4800
[Vol. 114.
.5529
.5529
.2771
.47,50
.4817
ress
is
And
yet no act or institution of prog-
there that does not destroy as well as con-
Unconsciously we abandon the old; yet it
cost money, in labor of hand and brain, in the deprivation of those Avho saved (progenitors of our
struct.
capitalists of to-day)
and
in the suffering
spair of the countless thousands
who having
and
de-
in their
NORTH AMERICA—
time only primitive methods in the great workshop
human life "made bricks without straw."
.485.)
Mexico, peso
.943542
Newfoundland, dollar
When all-embracing war comes, in the peace-time
SOUTH AMERICA—
.7614
.7573
.7.588
.7571
.7580
.7579
Argentina, peso (gold)
of recuperation which follows, we are keenly con.1250
.1251
.1259
.1265
.1258
.1258
Brazil, mllrels
.7229
.7216
.7242
.7247
.7247
.7229
Uruguay, peso
scious of all that we have lost in life and treasure.
We see what infinite waste we have committed
The New York Clearing House banks, in their and we are aroused to insure ourselves if possible
operations with interior banking institutions, have against its fell recurrence. The burden of our song
gained |5,893,595 net in cash as a result of the cur- is new and stringent economies, a new system in ecorency movements for the week ending January 19. nomics, and a heroic resolve to sin no more. No one
Their receipts from the interior have aggregated suggests the laying of a tax to repair the wastes of
|G,174,095, while the shipments have reached $780,- the next war. Yet it would be logical if war is to
500, as per the following table
continue. And so it is with our Advance we make
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING no provision for the discard. Yet it is as inevitable
INSTITUTIONS.
as Progress. Every day we are putting the old
Woek ending Jan. 19.
Into
Otuof
Gain or Loss
things behind us, casting them aside, forgetting all
Bnnks.
Banks.
10 Banks.
that they cost those who gave them to us. Certainly
Banks' Interior movement
$6,174,095
$780,500 Gain $5,393,535
in the sense in which we are using the term "economAs the Sub-Treasury was taken over by the Federic surplus" we do not worship our ancestors; nor,
al Reserve Bank on Dec. G 1920, it is no longer poslooking to those who are to come after us, do we
sible to show the effect of Government operations
make the seven fat years provide sustenance for the
on the Clearing House institutions. The Federal
seven lean ones sure to come.
Eeserve Bank of New York was creditor at the
Lest we seem to be merely drifting in our thought,
Clearing House each day as follows:
let us proceed at once to the application. The world
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK is full of discussion as to the proper share that
AT CLEARING HOUSE.
should come from production for labor and for capiSttturdav.
Monday,
Tuesday, Wcdnesd'y, Thursday.
Frldaxj.
A ggreoate
Onerous and enormous taxes have
tal respectively.
Jan. 14.
Jan. 16.
Jan. 17.
Jan. 18.
Jan. 19.
Jan. 20.
for Week.
us
the truth that there must be out
home
to
brought
S
$
S
S
$
S
Canada, dollar
Cuba, peso
.94.5625
.99007
.946719
.996875
.486825
.9450
.946094
.996878
.4868
.914167
.945938
.997085
.4875
.943958
.9475
.997085
.487375
.944375
.948125
.996878
.489625
.946458
of
—
62,900,000 50,100.000 68.400.000 61,500.000 44,600.000 44,400,000 Cr. 321.900.000
—
Note.
The foregoing heavy credits reflect the huge mass of checks which comt
to the New York Reserve Bank from all parts of the country, In the operation of
the Federal Reata-ve System's par collection scheme. These large credit balances
however, show nothing as to the results of the Reserve Hank's operations with th«
Clearing House Institutions. They represent only one side of the account, as checks
drawn on the Reserve Bank Itself are presented directly to the bank and never
go through the Clearing House.
The following table indicates the amount
European banks:
of bul-
lion in the principal
Jan. 19 1922.
Jan. 20 1921.
Banks ofsurer.
Gold.
Total.
Gold.
£
England.. 128.444.198
France a.. 143,048.'234
Germany
49,769.8501
Aus.-Him. 10,944.000
Spain
100,558,000
.
Italy
Nethcrl'ds.
33,927.000
50,497.000
10,663.000
Swltz'land. 22,010.000
Sweden
15.257,000
Denmark . 12.685,000
Norway .. 8,U5.000l
Nnt.
128 .444,198
11,200 ,000 154 ,248.2.34
611 .500. 50 381,3.50
2,369 ,000 13 313.000
24.878 000 125 436.000
2,974 000 36 901.000
628 000 51 125.000
IlolK.
1.631 000
4.330, 000
12 294.000
128.287.495
142.091.192
54.577,7.50
10.944.000
98.318.000
32,768,000
.53.012,000
10.661,000
26 340.000 21.718.000
15 257.000 15.651.000
197,000 12 882.000 12.643.000
8 115,000
8.115.000
Silver.
Total.
£
...128 ,287.495
10.640 ,000ll.52 ,731.192
319 ,550 54 ,897.300
2.369 ,000l 13 ,313.000
22,724 OO0il2I ,042.000
2,99c ,000: 35 ,767.000
1,804 ,000, 54 sie.ooo
1.116 ,000| 11 ,777.000
5.053 ,000' 26 ,771.000
..J 15 651.000
"U5 ,000 12 ,788,000
--8 ,115,000
Total week 585,918,282! 48,818.500 634,736.782 588,786.437
47,169 550l635.955.987
Prev. week 586.825,9871 48,952.500 634,778,487 588.799. 16l|
47,172 900'635,972,061
<5ol<l
holdings of the
Bank
of France this year arc exclusive of £77.934.682
product of the union of capital and labor, socalled, a surplus sufficient unto capital to preserve
of the
—
and efficiencj' else it perish and the labor
In the midst of the coming of
it employs with it.
this practical truth, organized labor, a modern institution, appears upon the scene, demanding a
its life
larger share of the proceeds of industrial effort,
questioning the share of profits due to capital by the
natural demands of its operation and extension, denying the basis of right to capital to alone set the
between wages and profits. And it
follows in doing this that labor little regards the
surplus necessary to upkeep and extension, and that
it ignores an economic surplus necessary to pay for
line of division
the discard.
This is an intensely important matter at the present time. This "capital" the communist hates and
It waits the magic
derides is a very real thing.
touch of labor, it is true still, it waits. Again, it is
—
i
-Ian.
THE CHRONICLE
21 1922.]
HOW proven
237
and tangible thing em- vised; he doubts a better can be. This **individualbodied in enterprises of commerce and institutions ism" insures "capitalism." It develops laws of its
of finance may be dissipated and destroyed by fan- own.
It is the natural heritage of all the past of
tastic politics and crazy dreaming.
Even in the endeavor. The preservation of "capitalism," thereconservative ranks of "organized labor" there is so fore, becomes instinct with life. The increasinir
eager a desire for higher wages, greater division of ratio of progress is dependent upon it. Orderly evotrue, this real
product, that there
lessening
reverence for
"capital.'' It is coming to be looked upon as a dead
thing, while labor is a live thing, capable not only of
work but of suffering. Though capable of vast expansion by the genius of invention, its conservation
is scarcely considered by the demands of this livinglabor.
Yet it has not only inherent recuperative
power, but a capability of self-growth, of huge increase, if only its latent vitality be preserved to it.
And, on the contrary, if it be superseded without
is
a
thought of economy, without conscious worth in
preservation ajid transformation, it leaves a void,
filled only by extra work and thought.
In a word, we are realizing the waste of war, but
we are indifferent to the waste of invention, of
growth, of progress. Not only must "capital" (and
we comprehend in the term all its physical representations) be regarded with the respect due the
generations gone before who worked harder and enjoyed less than do we who inherit but if future
progress is to be even and economical this capital
must be accorded the right to work out its own destiny and to preserve its power in the constant transition from old to new.
Perhaps we do recognize
this principle in laying aside in our business life a
provision for upkeep.
But it requires more than
this
and the fact is not to be lost sight of in this
raging controversy over wages and profits. Wage
has become the gourmand of profit. We often admit
that capital does bear all the losses of endeavor, but
do Ave contemplate the certain disintegration that
accompanies every discovery? And is it not manifest that if current labor is to be allowed to devour
all profit progress is to continue at an inverse ratio
—
—
to capital?
An
investigator draws for us a fascinating picture
impending advance. The very "lull in business"
is ominous with startling revelations.
He goes so
far as to announce a new economic age that shall be
Off
sunburst of splendor. Xow while we delay
and doubt chemical and physical laboratories are
turning out applied knowledge that shall niarvelously transform heat, light and power.
Science
works, though, for the time, industry lags. .But not
for long shall this continue
and in the rebirth, Invention will be the wizard of a civilization such as
"the world has never known." The search carries us
deep into the mysterious. The way is by way of a
•sub-;' torn ic energy nevei- r(!vealed before.
The possia
verv'
lution lies in its recognition by economics, society
and politics. A free culture is a legitimate and con-
stant effect.
But "labor" that would
seize
upon
all
natural increment, or an undue part of its profits, living only in the present, enjoying and spending
both wage ad profit, laying by no economic surplus^
its
digs its
own
grave.
THE CONTROLLING FACTORS IN THE SITUATION—CONDITIONS AND CURES.
We have had for several years past what may be
termed a five-billion bushel grain crop. This is »
marvel of abundance. One need only attempt, in
imagination, to contrast this with years of failure
to establish the basic worth of agi'iculture to our
people.
If on the contrary we confine ourselves
to the tAvo or three preceding years,
we
shall find
manufacture, producing, or operating, according to
various industries, from 40% to 70% capacity the
exactness of figures are not material to our purpose.
It is admitted that in textiles and some other divisions prices have been reduced in an effort to operate to full capacity. In this period foreign exportsin both agriculture and manufacture have visiblydeclined. Yet it is now asserted almost universally
that retail prices of foods, fuel and implements,
have not kept pace with the decline in wholesale
prices. The "East" consumes agriculture the "West''
consumes manufacture. Unionized labor in manufacture resists reduction in wages. Unorganized labor^
the far larger part, has lived and must continue to
live under and by current conditions.
Thus the labor of agriculture exchanges for the labor of manufacture to the marked disadvantage of the former^
The intermediate factor, transportation, is undergoing readjustment, is not carrying to capacity, owing to dulness and depression of mutual movement
by agriculture and manufacture, is endeavoring to
lower costs, and is loAvering rates.
To a lowering of acreage in the last planting is
attributed an advance in the price of cotton.
It
—
;
will be recalled that
when
the first full force of cir-
and culture, for the uses of these new ideas,
inventions and agencies, are inevitably fr(ie to every
cumstances fell upon the farmer, he attempted to
withhold his grain from the market, in the vaiia
hope of increasing price. Now, he hails appropria^tions to buy grains to ship to overseas famine areas,
with relief. There are two evident elements in the
foreign export situation with the seas open, Europe
and lOngland may buy food stuffs elsewhere than
>in the United States, according to ability; neither
can buy manufactures according to normal demand
because! of a lack of money and credit. Two other
far tors enter into the general situation. Enormousand burdensome taxes placed upon the profits of
ciilcrpi'iHe have operated to reduce the reinvestment
sco[)e of mannfactunj and curtailed its productloa
and its buying power. What an; known as public
utilities have entered the market for loans, and m\y
man.
nieipalities have
—
liilities
:
of this scientific invention api)lied to "b(!tter
living conditions" are infinite.
Ujuch destroyed.
Jiut
if
Much
labor
is
will be gained,
to
consume
all
profit in the pnisent, progress will hcicome a calamity ;iH well as
We
a blessing.
delight in the ejili-ancing picture.
It is
the
precursor of new and larg(!r comfort, health, joy,
leisure
Their ownership as private property
snry to their
tion.
api)lir{ition,
continnarife
is
neccs-
and evolu-
in a
Anatole France;,
at tlu; closing years of a
long life, declares himw^lf no longer a communist;
admits, in the wisdom of experience, "individualism" is the best system of lifo that has yet been de-
become huge borrowers, absorbini^
somewhat unknown way
capital that finds
no
attraction in "biiNineHs," and, to some extent, to efr
I
cape i)aralyzing taxation, is withdrawn therefronif.
Manifestly, "the times are out of joint"! But where
is the magic power that will speedily bring back ik*-
THE CHKONICLE
^38
—a new normal,
—
true but one in which
there will be a greater degree of equilibrium between
the several factors of our composite life and business? Money in the United States is stable and
plentiful; mone^' abroad is unstable, has in several
"normal"
countries lost
its
it is
credit quality,
and
is
reduced
al-
—
gold money beiug scarce everywhere
save with us. Credit here is capable of functioning
according to need, despite the depression in business
as a whole, while abroad it has lost its leaven and resiliency, owing to enormous national debts and indigent enterprise. So that Credit which should appeal- as the temporary equalizing power of a dis-
most
to fiat
jointed world
What
is inefficient.
though not the fundamental,
cause of all this? Is it not that Governments whicn
in 1914 were largely oblivious to the procedures of
business interchange, an interlacing of universal human effort that followed natural laws, suddenly
plunged peoples into war, consuming their energies,
destroying their equable production, and sapping
their lives and treasures? Can it be imagined that
had peace continued mankind would or could find
Someone has
itself in such debacle as the present?
is
a direct,
suggested that
it
will take seven years to recover
from that abrupt reverse.
beyond peradventure that
we now know
easier to tear down
Certainly
it is
though
[Vol. 114.
may enhance
price, still produce all the
disaster of a partial famine to the East that buys
and the West that sells, a reflex following not in the
interest of agriculture. To what good purpose then
it
—
in such a situation does agriculture (the best
security) seek for the artificial
normal
and arbitrary direct
A
issuance of national farm credits?
Senator, con-
demning the Federal Eeserve Board for its defla".
tion policy, says
Out in the Northwest oats
:
.
.
are selling for about 17 to 20 cents a bushel. I ordered a saucer of oatmeal this morning and it cost
me 15 cents." And we read that with dollar wheat
we are at last to have a five-cent loaf and yet in a
restaurant two slices of a small-sized loaf, called a
"bread-and-butter sandwich," may cost five cents.
Will national credits flowing freely to farmers on
request bring the bushel of oats and the breakfast
portion of oatmeal into equilibrium?
Does the trouble lie in the fact that the farmer is
—
forced
to
sell?
Does
it
lie
in the
injustice
freight rates, that are in process of reduction?
is
of
What
"holding" but paralysis; what couses high rates
since railroads
must
to function,
save that there are not enough shipments? This,
then that the liquidation of agriculture is only
partly met by the liquidation of manufacture from
the unnatural condition of war. Further, that these
in
freight,
live
—
than to build up! But we find that credit, that uni- mutually dependent industries are slowing coming
versal instrument of equalization and relief, is still together domestically, but are powerless, themsought for universally as a savior. Yet the national selves, to hasten necessary foreign readjustments.
credits of war-ridden countries, evoked to win the Further, that acceptance of loss is half the battle in
war, have now become overshadowing debts, a lead- regaining the momentum of business and that full
en pall upon all sub-credits under them. In the production is the law of all equilibrium. Two facUnited States help extended to the Allies to the tors are left: The retailers' refusal to accept the
amount of ten billions has become an integral fac- inevitable, seeking to sell up the market, when price
tor in our too-heavy taxes. Foreign States find that tends down, and the resistance of organized labor
they cannot borrow readily and the chief source of to lower wages in ratio to lowered costs of foods.
sucli national borrowings, the United States, has Farm credits will cure neither. And the tariffs are
ceased practically to extend these credits (barring 3'et to come, of which the farmer may well beware
certain loans that may be termed nominal) and to
CONGRESS AND THE BUDGET.
tide along domestic needs these countries have reThe House has begun to grind out appropriation
sorted to large floating indebtednesses, both in bills
and currencies. Production, recuperation, exchange, bills under the new budget system. The Committee
all are in turmoil because Credit cannot function on Appropriations, under the able leadership of
properly. And yet, through Governmental power, Chairman Madden, is following the plan submitted
by the President in the alternative budget, instead
it is true, Credit is sought by Industry in order to
of the old unco-ordinated arrangement which the
restore the "normal."
Two truths seem to appear. Foreign Credits can- President was required by law to submit in the regunot resume their normal helpfulness until the over- lar budget. This is a great reform. It throws overburdened nations liquidate in some way their huge board a method of procedure which had been in
domestic floating debts, stabilize their monetary vogue for many years, and which made it difficult,
systems, and adjust that portion of the outstanding if not impossible, for anj'one to tell how much money
obligations imposed by the Treaty of Peace. That a given department was authorized to spend. Undone, there may be resumption, in a degree, of pro- der the alternative budget plan which was worked
duction and trade. And the doing of this lies with out in the Bureau of. the Budget all of the approthemselves and is outside the field of power of the .priations for a given department are grouped in one
United States. Coming home, our domestic depres- bill, and tlie entire financial program for the desion, being due not to a lack of credit-power, nor to partnient is considered and voted on as a unit,
an unstable currency, must seek elsewhere for re- This may seem a procedure so elementary that no
And that brings us to the crux of our own business man Avould dare to deviate from it, yet
lief.
problem. On the part of agriculture there is a dis- heretofore the appropriations for each department
position to demand relief through an opening of the were carried in four or five different bills, considfountains of national credit. But can that be ex- ered and autliorized by different committees and
pected to assure foreign markets for grain at ad- voted on at different times, with maybe a month or
vanced prices? Again, there is a movement to limit two of intervening time. After Congress had adiacreage, and a desire to hold products for higher journed it took the Treasury experts six months to
prices, but can either of these induce foreign peoples figure out exactly what each service was authorized
to buy in a free world market at the port where to spend.
grains are higliest? Can a limitation of production
It was the hope of many who had given close
have other effect than to destroy export ability, and study to the budget question that the Appropria-
—
—
I
—
—
—
:
THE CHKONICLE
Jan. 21 1922.]
Committee would go oue step further and report out the whole budget at one time in the form of
a single bill, with authorized expenditures on one
hand and revenue proposals to meet them on the
tious
other.
This
is
the usual practice in foreign Parlia-
ments, aud is a self-evident proposition to private
business enterprise. The Committee is now reporting out one chapter of the budget at a time, so
that Congress and the country can only view the program of the Committee by piecemeal. It would be a
great aid to the intelligent consideration of the
budget if, in the process of its adoption, it could be
riewed as a unit as an annual business program,
with the component parts co-ordinated each with the
other and with the revenue plan. We hope in the
further development of Congressional procedure to
see the bird's-eye view of the President's budget continued intact through all stages of legislation in the
House and Senate. While the advantages of this plan
are obvious to a person engaged in a private business, we recognize the difficulty of completely changing at one time legislative habits of long standing.
The bills thus far reported from the Committee
show, not only that no new items and no increases
were added to the budget estimates as submitted by
the President, but that the budget estimates were
reduced several million dollars.
This is welcome
news to the taxpayer, and makes apparent that so
far as the departments are concerned there will be
no relaxation of the program of economy in Congress. The question will naturally arise as to why
these estimates were not reduced to rock-bottom figures by the Bureau of the Budget before they were
gent to Congress. The explanation is simple. This
Bureau, while having full authority to reduce and to
eliminate, was in process of organization when the
first budget was before it.
It had not secured the
experts upon the basis of whose investigations such
action could be taken. The Bureau did make reductions to the extent of several hundred million dollars, but it had neither the time nor the personnel to
go over all of the details of the estimates with a view
to effecting administrative economies.
The Appropriations Committee is therefore proceeding to do
this detailed work.
General Dawes, in his first report on the budget,
makes this situation dear. He plans to secure ten
or more experts, each of whom Avill cover one administrative branch of the Government. This will
giv(^ the Bureau a daily contact with the financial
operations of the whole Government. When the estimates are submitted in Ihe fall the ]>ureau will
thus be in possession of tlie information upon which
to base a thorough revision of the estimates.
This
will leave little or no administi-ative exaniiuahon
for the Appropriations Committee.
After (he Bu
reau is pr(Ji>erly functioning, the chief concern of
Congress will doubfless be to approve or disai)prove
the policicH embodied in the President's budget.
—
What
the Burrau of the Budget is to the President, the (Jeneral Accounting Office i.s
or was intendcfl to be— to Congress.
Ft is what nii^dit ]>r.
called the second half of the budget machinery.
Ft
—
was created
the Budg<*t and Account ing Act, and
headed by the f^oniptroller General of the fJniIrd
Statr^H.
Ft was designird tr) est;il)lisli an independent
auditing and investigjiting agency, that is, in(h'
pendent of the executive luanch of the Government,
but responsible and responsive to Congress.
Ft is
F)y
239
—
We
hope these two organizations the Bureau of
the Budget and the General Accounting Office
will be fully functioning in the near future
much
to
What the Bureau does
not catch, in the way of extravagances or irregularities, for the President, should be caught for Congress by the General Accounting Office. The one to
the benefit of the taxpayers.
prevent unnecessary expenditures by checking the
proposals and by the exertion of vigilant scrutiny
after the money is appropriated, and the other to
hold up to Congress any officer of the Government
who
guilty of violating the letter or the spirit of
the appropriation Acts.
is
Not only is this double check on the expenditure
moneys made necessary by reason of the
of public
need of retrenchment, but also on account of the
vast size of the Federal organization, with its hundreds of bureaus, each with its own potential financial program. There can be no laissez faire doctrine
here. Control, ever-increasing control, both Executive and legislative, must be exercised.
GENERAL REDUCTIONS IN RAILROAD
RATES NOT FEASIBLE AT THIS TIME.
—who properly may be and
reported will be followed by other railway execuin speaking on the same subject — has been
Mr. Daniel Willard
is
it
tives
talking to
the Inter-State
Commerce Commission
concerning the economic feasibility of trying, by any
Governmental action, to hasten the trend to lower
rates which he recognizes as wofliing out. The carriers, he urges, are not now in a position to handle
as great a traffic as they handled in 1920, simply
because they have been financially unable to keep
up their equipment as they wished to do. Using his
own road as a typical case, he said the Baltimore &
Ohio is now working 175 locomotives which are
small and comparatively uneconomical, because, in
the lack of
enough available funds, the road's
cers felt that this particular betterment
the whole the most compelling.
The
offi-
was not on
financial re-
by forced
economies that are not in the public interest and
cannot be indefinitely continued." Rate adjustments have been made, he said, to correct disarrangements as to localities and "some dislocations
as to commodities," and in a few instances for real
economic reasons, as with certain export rates revised with intent to help competition in world markets and also recently on agricidtural products; but
he holds that the roads cannot wisely do more at
sults already attained have been "only
present.
having been generally advanced on a percentage or uniform basis, it would seem desirable
nnd even necessary that general reductions sho\ild
l\al<'S
made
rule; yet "certainly the carriers
in the FOastern region cannot make a general reduc-
be
in
the
same
be definitely helpful, aud it is
df»ublful if any suF)stantial reduclioiJ could be justified with refere)ic(? to any one connnodity or class
tion
now which would
Yet as to whetlier any relief from existing rates and fares can be expected he is not discouraged. Says he
of traffic."
is
also in process of organization.
fuiiiished the clieapest
transporlatioii service in the world; they will (lo so
Fligh as
;i;;;iin, and in I'.icl they are doing so now.
higher
relatively
not
in-o.
iiiih-oiMl c|i;irges are, iliev
'American railroads have
than other |)rices an* or were, and it is important to
remendier that they w<!re the very last to go up, and
THE CHRONICLE
240
[Vol. 114.
So let us take hope in the native sense of even the
nature of things cannot be first to go down
move
downward
the
in
participate
brotherhoods
they can and will
whom a weak public indulgence has
nient of all prices. In my opinion, to accelerate this long been turning into spoiled children.
Perdownward moyemeut artificially at tliis time would haps there is a good augury in the rumor that
injure the roads and not benefit the public. Eailthey may agree to a revision of working rules which
road rates are and always were subject to economic
would increase efficiency and earning power for the
laws, against which they cannot prevail, and the
roads, though there is no reason to think that this
juere operation of such laws and influences will tend
(constantly to bring aboiit lower rates, just as has may render possible the complete abandonment of
heen the case, not only during the past year, but dur- the movement for a further cut in wages, which aping all years of railway operation."
pears inevitable in any event. However, assurance
would
opinion,
of greater efficiency will serve to make the cut in
I*''urther forced reductions, in his
tend to make the carriers unequal to caring for the wages smaller than it otherwise would have to be.
present volume of traffic, wliich he considers not
much over 75% of normal, and Mr. Willard believes
(f^nxvtnt ^tuettts and discussions
that when the b;using period under the TransportaBILL FOR REFUNDING OF ALLIED WAR DEBTS
tion Act automatical!}' expires at the end of next
APPROVED BY SENATE COMMITTEE.
should
mouth, the "fair return" on aggregate value
The
bill providing for the refunding of the Allied war debts
be at least 6% instead of 51/2%; anything less he
was approved by tlie Senate Finance Committee on Jan. 16,
deems likely to be disastrous.
after the ehmination of certain pro\'isions which were obEven more implacably than in Mr. Cleveland's jected to by Secretary- of the Treasury Mellon. The apday, "a condition" coufrou+s us, and bushels of the- proval of features of the bill by the committee on Dee. 10
ory do not appease the necessity of meeting that con- had been noted in our issue of Dec. 17. page 2555, but the
inabihty to agree on a method for the refunding of the war
dition as what it is and spending no time in wishing
indebtedness brought about a deadlock on tlie measure, the
it otherwise.
There may possibly be some shades bill as. a result being left for disposition until after the Christof opinion about the severity of the case as Mr. Wil- mas recess, which ended Jan. 3. On the 15th inst., in stating
lard puts it, but that he is right in the general state- that it was the expectation that the committee would report
ment and that anj^ attempt to force conclusions will the bill to the Senate the following day, the "Joiirnal of
added:
tend to disaster instead of relief is so sustained by Commerce"
Some tim(^ ago it was stated by mc!Tib<^rs of the committee tliat the
all expert testimony that it must be accepted.
No Democrats were then ready to come to an asreemont witli the Republicans
on this legislation, but Secretary of th<! Treasury Mellon took exception to
mass of generalized guessing and sweeping asser- some of the restrictive provisions of the mc-usure and the bill w;is recalled,
tions that a billion or two could be saved if railway although Senator McOumber had been authorized by the Finance Comin the
executives were mfracle-woj'kers instead of men under business limitations can dispose of the case. The
arithmetic in without sympathy and cannot be
fooled by any false figuring; rates cannot decline
very much until expenses decline. No statutes can
avail against economic laws, and we shall hurt ourif we weakly arrange a tug between these.
Yet the cloud is not without some bright streaks
selves
On Monday
the second conference arranged by Secretary Hoover between railway heads
in its lining.
mittee to report
it
to the Senate with the usual recommendation.
Interest Clause
Since then efforts have been
or no success.
Opposed.
made to revamp the agreement, but with
Mr. Mellon does not
little
the idea of being compelled t«
negotate witli the debtor nations under the terms of the proposed legislation, with provision incorporated therein that intarerrt must be paid semiannually and at the rate of r>%.
It is generally believed that only one of the debtor countries is in position
to begin interast paj-ments at this time, while with respect to others it will
be a long time before they will have funds with which to pay and they wouUi
have to violate the semi-annual interest payment provisions rig'it from the
start if agreeing to a fimding plan.
The Democrats have "stood out" for tho two provisions to which the
Treasury Secretary is so opposed, and there Is the possibility that they
will continue their opposition to the bill.
The desire of the Republican leaders is to have the bill adopted with
as little controversy on tho floor of the Senate as possible, but apparently
their desire will not be fulfilled, and there Is the probability that some of
the Republicans -will come out against the measure unless it contains definite
instructions, such as those now in controvcr.sy. under which the proposed
Foreign Debt Commission will be compelled to conduct its negotiations.
like
and brotherhood heads met in Washington, in an
honest effort to get together; he has already had
some of those men at his own dinner-table, while the
I'resident, for his part, was having a talk for the
In announcing that the bill had been favorably reported
like end of agreement with certain Congressmen. on Jan. 16, Associated Press advices said:
Except for a provision that tho refunded bonds to be accepted from tha
The aim of Mr. Hoover is a settlement without fur- foreign governments shall mature not later than Juno 15 1947, the measure
ther calling on the Labor Board. Such an agree- virtually is in the form in which it was passed by the House last October.
It proposes a commission of five to conduct the refunding negotiations,
ment i« plainly sane and desirable, and it is, in fact, of which the Secretary of the Treasury would be Chairman. The other fonr
members would be appointed by the President "by and witJi the consent
a question for grave doubt whether the attempt, of the Senate."
Provisions previously written into the measure by tho committee and
well-meant probably in one sense, to smooth and preeliminated to-day would have provided that interest payments bo made
vent railway disputes by a board as provided in the semi-annually and that the rate of interest be not lees than 5%.
Democratic meral>ers of the Committee had Insisted on these provisions
Transportation Act is not, in another sense, ill- and,
after tho elimination, the Democrats present to-day— Senators Simmeant, or ill-advised. For nobody can doubt that mons, of North Carolina, and Jones, of New Moxloo—voted against
reporting the measure.
facility in divorce laws, for example, tends to pro-
mote dissensions by offering an apparently good way
out, instead of ending them by resisting and overcoming quarrelsome dispositions. Similarly, if yon
create and advertise an outside board of "conciliation" you enlarge and invite dissensions; whereas,
if people sit down at one table, on which they lay
their complaints, and each tries to see with the other's eye, grievances somehow shrink and complaint
may become ashamed of itself; but the professional
inlervenor from the outside acts on the dispute as
caustics act on an open wound. If the course of
industrial quarrels has not proved the effectiveness
of settling disputes by the disputants alone and the
unhappinesa of admitting the outsider
proved anything.
it
has not
While the bill, as finally perfected by the Oommltteo, gives the Commission full .authority to refund or convert and to eactend the time of the
pa>'ment of the principal or interest or both of any obligations owing the
United States as a result of tlie World War. it specially states that thore
shall bo no exchange of bonds or other obligations of any foreign government
for those of any other foreign government, or the cancellation of any part
of any indebtedness except through its pa>-ment.
A Washington dispatch of Jan.
Commerce"
of
The
17, printed in the "Journal
liad the following to say:
Allied debt refunding bill, as reported out by the Senate Committee
is entirely satisfactory to President Harding, it was stated a1
on Finance,
the White Hou.se to-day.
The measure contained a provision to tho effect that the United Statei
did not propose to extend the time of maturity for either interest or principa
beyond 1947. The President has been advisod by some of the natioaowing money to this co\intry that they cannot possibly repay the indebted
Tho Executive previously had pointed out this fact
nass within 25 years.
indicating tho necessity for more liberal treatment of the foreign debt.
Tho present view is not readily reconcilable with the former position
It is thought that tho President feels the preseat is tho best compromis
that can be effected.
refer to tb
In another item to-day on the bonus bill
we
decision at a party conference of Senate RepubUeans oi
Jan. 18 to press the AlHed debt refunding bill and a soldiers
THE CHRONICLE
Jan. 21 1522.]
In referring to the action toward bringing the
refunding bill into final form at a conference of Republican
Sentors on Jan. 19 with a view to reporting the bill to the
Senate on Monday, the New York "Commercial" said:
The conference agreed to one amendment to the bill relating to the interest
bonus
bill.
rate on the obligations issued in exchange for the foreign indebtedness.
This amendment, offered by Senator Shortridge. provides that the rate of
It
interest shall not be less than the Liberty Loan rate in e-^ting law.
was adopted by the vote of 22 to 8.
Senator Smoot sought to have the interest rate fixed at not less than
but his amendment was voted down. 14 to 28.
The conference also rejected an amendment proposed by Senator Phipps,
of Colorado, to strike out the provision prohibiting extension of maturity
An amendof the obligations for a longer period than 25 years, or 1947.
ment by Senator France, of Maryland, to eliminate the provision for a
commission and confer sole authority on the President to conduct the funding
negotiations, also was rejected.
By unanimous vote the conference agreed to oppose any amendment
providing that the interest payments should be made semi-annually.
341
and European debts to the United States. "Are there peraons shelMr. McCormick's resolution seeking opportunities to Intimidate Franco?" the "Temps" asks.
"It is a game we would advise
them to abandon."
deficits
tering behind
FOREIGN EXCHANGE BANKERS TO ACT NEXT WEEK
ON REPORT TO IMPROVE FOREIGN EXCHANGE SELLING METHODS.
A
5%
report offering suggestions for the remedying of certain
last night printed the
abuses in the present method of selling foreign exchange will
be submitted at a meeting on Tuesday next (Jan. 24) of
banks and bankers interested in foreign exchange. The
report has been drawn up by a committee appointed last
December (as announced in our issue of Deo. 10, page 2456);
the Secretary, W. H. Draper Jr., issued the statement in the
matter on Jan. 18:
The Committee appointed by a meeting of foreign exchange dealers, held
Opposition to the Republican conference agreement on the Allied Debt
Funding Bill was opened formally to-day with introduction by Senator
Simmons, ranking Democratic member of the Finance Committee, of an
amendment which is regarded as the crux of the contest.
Senator Simmons proposed that the Funding Commission should not
accept without the consent of Congress Allied obligations bearing less than
5% interest payable semi-annually. A similar proposal in the recent
Republican conferences was rejected by a substantial majority.
Dec. 1 1921, has prepared and submitted its report. This report will be
acted on at a meeting of banks and bankers interested in foreign exchange,
which will be held on Tuesday, Jan. 4, at 4 p. m. in the Board Room of
the Irving National Bank.
The Committee is made up of the following:
Herbert B. Smithers, Chairman. Knauth, Nachod & Kuhne; Georges
Leopold LeBlanc, Equitable Trust Co.; H. K. Brooks, Vice-President
American Express Co.; James Heckscher, Vice-President Irving National
Bank: Albert Egelhoff, C. B. Richard & Co.; William H. Draper Jr.,
The New York "Evening Post"
following from Washington:
SENATOR McCORMJCK'S RESOLUTION SEEKING
FINANCIAL INFORMATION REGARDING
EUROPEAN STATES.
A
by Senator MeCoron Jan. 16, and adopted by
calls upon the Secretary' of State for
the
revenues, expenditures and deficits
information regarding
of the European States, and especially the cost of land
armaments. The following is the resolution as adopted:
resolution introduced in the Senate
mick (Republican), of
that body on that day,
Illinois,
Resolced. That the Secretary of State be, and hereby is. requested, if not
incompatible with the public interest, to lay before the Senate such information regarding the revenues, expenditures, and deficits of the European
States as may be available to the Department of State, showing for the last
and current fiscal years especiallj' the annual cost of laud armaments in the
several States, as compared with the annual deficits of the several States
(including both "ordinary" and "extraordinary" expenditures) and the sum
of the interest annually due from the several States on account of the loans
made to them by the United States.
The New York "Tribune" of Jan. 14, in making known
the intention of Senator McCormick to offer the resolution,
had the following to say in part in advices from its Washington Bureau:
Senator McCormick indicated to-day that he was opposed to this country
sending a representative to the Genoa Economic Conference if the United
States was expected to help financially in the rehabilitation of Europe when
Europe would not cut down laud armaments and take steps to help rehabilitate Itself.
Senator
McCormick
Secretary.
In brief, the report suggests that certain abuses in the pre.sent method of
sellmg foreign exchange at whole.sale be eliminated. In order to accomplish
this the Committee believes that exchange dealers should make a service
charge of 25 cents for items amounting to le.ss than SI 00 on which the profit
at present is so small that such items are handled at an actual expense.
It is also felt that the inland banks to whom the large New York dealers
extend drawing facilities for foreign drafts and post remittances should bear
part of the expense of the various supplies required, which in the past have
been paid for entirely by the wholesale dealer. When rates are given out
which are to be firm for an entire day it is felt that the unsettled market
condition at present requires that adequate margin be maintained to provide against the sudden rises in exchange rates which are frequent, and that
the limits up to which these drawings are to apply should be lowered.
In
quoting firm rates by telegraph it is suggested that as far as possible the
offers be limited to a comparatively short space of time in order that the
wholesale dealer may be partially protected. Speculative purchases should
be discouraged. A charge of one-half of 1
with a minimum of .50 cents,
is suggested as far and proper for drawings in small amounts on European
points in United States dollais, which are to be paid at the rate of exchange
prevailing on the day of payment.
The Committee suggests that uniform
commissions to brokers be arranged if possible through the Foreign Exchange Club by a joint agreement to be arrived at with the brokers them-
%
,
selves.
The general purpose of the Committee in presenting the report is to endeavor to provide co-operative means for dealing with the various situations that necessarily arise at a time when the foreign exchange markets
are so entirely disorganized.
It is felt (he movement should eventually
bo extended to the other principal cities where exchange is largely purchased
and sold, such as Chicago, Pittsburgh, Boston, San Francisco, &c.
sii ',
W. H. DRAPER JR. S^
PROGRAM FOR EUROPEAN ECONOMIC CONFERENCE
AT GENOA.
said:
"I believe the American people ought to be informed authoritatively
regarding the ecact cause-, of the cliro c deficits of the European Ciovernments. in order that they niay form just concliL^ions as to the remedies
According to the authoritative figures which I have before mn,
therefor.
i
France, with 40,000,000 population, has more than 800,000 men under
amu. The following table was prepared for me by the same re.sponsible
authority from whom I have the French figures:
Men
Population.
with
Colors.
coming economic conference to be held
March was officially made public at Paris on
The program
in
Genoa
in
of the
Jan. 19, and according to the Associated Press the questions
to be discussed will be:
1. Examination into means for putting into execution the prlnciplea
contained in the Cannes resolution of Jan. 6 1922.
2. Establishment of European peace upon a solid basis.
Conditions necessary to the restoration of economic confidence without endangering or altering existing treaties.
4. Financial questions, such as currency, paper money, banks and
banking systems.
."?.
4.56.000
40,000.000
4.50,000
Poland
29.400.000
190.000
Rumania17,000,000
150,000
Czecho-Slovakia
14.000,000
"These figures are by no means all inclasive, but they show a total of
more than 2.000.000 armed men for a population in the aggregate slightly
larger than that of the United States.
The States supporting these two
million men are not so far from bankruptcy but that they mu.st repudiate
In part their domestic debts If they do not halt.
If you Include sums
€xp<;nded on account of war injuncs and reconstruction. States llk(! Franco
and Belgium have been regularly disbursing twice the sum of their revenues.
But, putting aside the figures of the so-called 'extraordinary' burlgets.
covering reo^nstructlon and pensions, the 'ordinary' budgets for current
exi)enditure, month art<;r month and year after year. Infallibly Involve
Italy
expenditiu'ca in exccHs of Income
from taxation.
Prf'hs dispatches from Washington Nov. 10 said:
Kxw-ption w!i« taken by a Hpoke«man for thii Italian .Arms ('iinU'.vi-.nc.r
dolnKation t<>-d:iy to Senator Mcf'ormlck's .-iKstTrtion in his Ht-iU-nicnt of
HOVf^Tal d.iys ago. announcing hln ri'ftoliition, that Italy had l.'jfi.OOO men with
the colors.
The Italian RpokcMiii;ui »|i!clare<l Italy had announced a rcdiic>lon of h<r umiy to 200.000 nwn.
Tho AHWioiatcrl PrcHS
wlviwK .Jan. 10:
An
unsa1iRf!ict/ory plc-on of
also iiad the following to say in I'arin
newH comr* from
tin- l'nlt«-(l .Htiilin. s:iy« tlir
Mlltfirlnl of
,
"Mr
Mr<V)rmlck fWvmH to int.<;nd to continue a campaign whirli nieuiiM
that we are unlikely simn to see hlni again In Krance, where hardly a year
igo he found a welconu- ho cordial and resounding." the editorial contlinieH
The "Temps
McCormlckn
resolution Is the Inolateil
Influence puhlU: opiljon In
that regard.
Thn newspaper callH att.<!ntioii to a cable dispali'li to V'>"
'Morning I'cmt of I-ondon from the (;nlN-<I HtaU-s to the effect tli.it Secretary IIof>vfT. with I'residenl Harding's ;ipi>rovnl. exi>e*:t« to bring up at the
rorthroming conference at C;eno(i the o'leKtlon of mlll»;irv exuen^eH budget,
inlllallve of
'
finds that .Senator
one of a
'
The
I'oincare of France, reads in the English translation of the text, "without
injury to existing treaties."
The same
niinilier <tt HJniil.ir efforlH to
advices also said:
In the course of an Interruption of M, Polncare'n
speech In the Chamber of Di^putles this afternoon, reiterated the statement he made to the Chamber the day he resigned the IVemlerslilp. to the
effect that the conference "was exclusively of the financial and (snuiomic
cliaract(!r," which M. Polncaro had asked Mr. Lloyd (ioorgo and all the
lnvlt(!d delegates to accept before Franco sent her delegation to Genoa.
M. Hrlanil contended that the agenda spoke- for Itself and said there could
bo no dlscussl.>n Involving existing tre.-iileH.
Former Premier Briand.
APPROVES GERMAN
The
LAW
TO
following copyright advices
SEND GOLD ABROAD.
came from
Berlin to the
New York "Times"
.Ian. i:j:
to-day approved the Government draft of a new
law which will bo Hiilunltted to the Reichstag periiiltlliig the Uelelmliank to
wend any part of Us cherished gold reserve out of Geriiiaiiy and still liieludo
the lleleliNbaiik can
It In Its weekly Htateinenl« .is gold reserve, pruvldisl
This In the
theorelle.illy frisly dispose of such forelKii gol'l deposit*!.
most r.i. Ileal measure .affecting the Ittlclmbank iivor iiroposod, but Uh pa»-
The
the "Teniim" (wiml-offlclal organ of thi- Konign Off c«),
tf»-<lay. dinllng v.ali th<> resolution offircd In the Unlt<;d Hlat<'H H«n.ito hiHl
wwik by .Senator Med. II Mc< ormick demanding inrormatlon from Kuropcan
countrlcH riigarding their finanreN.
Senator M<:( ^onnlck'H oxplanallotw.
•tayn the 'Teniim." hIiow that the reHolullon applies firwt of all to Krance.
leading
Economic and financial questions.
third Item, which has been the cause of nTlsunderstandlng and disagreement between Pr(^mior Lloyd George of Gnvat Britain and Premier
5.
Kederal
f Council
by the Ue|i;hHtnK is luwurecl.
IJehlnd this blanket law Is the fact that Germany will tiend a part of the
Uekhsbank gohl resiTve t<i the Hank of Knglaiid as a nvtiilt of negotiations
ciilinliiating In an agn-emeiit between the Governor of the Hank of lOiighind
and the Relchsliank rresldeiit, von llaveiistein, on the lalter's ris-i>nt visit
Ah soon ,•»« (lermany's g<p|<l Is (lepoHJted In the Ihink of lOngland
to l.oiidoii.
Thi-se In tio
the latter will grant the |{eleh>il>ank hliorl-Ume credits,
These Hank of Knglatid cnslltH
ciinr are U} be useil for repariitlon piir|>os4-H.
Kiige
against
German
gold
mvnthly iiaynients of
are Intended
Knglbtli claims
to Hliniilify ami Hiiioolh Germany*!*
undiT the ("loarlng IIouho wystinn.
THE CHKONICLE
243
In the second line the Bank of England, on the strength of the German
gold deposit, will guarantee short-time credits and loans by other foreign
Thus the Bank of iloUand will give
note banks to the Reichsbank.
Germany a 20.000.000 gulden short time loan as soon as the German gold
ands in the Hank of England,
Particular .significance attaches to the recent report that the Reichsbank
was negotiating wilh the Federal Reserve Bank, and possible future transactions with that institution would be routed via the Bank of England.
GERMANY MAKES FIRST INSTALLMENT UNDER
ARRANGEMENTS FOR PROVISIONAL DELAY
IN MAKING PAYMENTS.
payment by Germany on Jan. 18 of 31,000,000marks,
in accordance with the last week's decision
000 gold
commission at Cannes providing for such
Reparations
of the
every
ten
days pending a decision of the whole
payment
reparations issue, was announced by the Associated Press
in Paris cablegrams that day, from which we also quote the
The
first
The Reparations Commission announced
it
was paid
in foreign
to-day's payment, adding that
currency to banks designated by the Committee of
Guarantees,
The Reparations Commission has decided to change the system of the
monthly program of coal and coke for a total to be delivered in three months,
namely, 5,750,000 tons. The German delegation has formally accepted
his change.
The plan
of
payment by Germany decided upon by the
in our issue of a week ago, page 127.
Commission was outlined
GERMAN PAYMENTS AT FEDERAL RESERVE BANK
ON REPARATIONS ACCOUNT REPORTED AS
$10,000,000.
The following is from the "Journal of Commerce" of Jan. 14:
Payments by Germany at the Federal Reserve Bank of New York against
the Jan. 15 installmant under the reparations agreement havealraady started
It is estimated here that the total is approximately $10,000,000.
The
Installment required under the agreement calls for payment of 500,000.000
gold marks, which figures out at approximately $125,000,000.
Payments have been made at the Federal Reserve Bank by Reichsbank
agents here to the account of the Bank of Belgium s nee the middle of last
month. Although several separate payments have been made, it is understood that no single item amounted to as much as $2,000,000. Regarding the payments by Germany again.st the reparations installment which
falls due to-morrow, it is not known what modifications may have been
introduced to change the situation,
L. Bcndix. financial adviser of the German Government in the United
States, has been in this country for abont a month, and is now said to be
conferring with Pre.sident Harding on financial matters.
Mr. Ben ;ix has
been actively engaged in arranging for the granting here of export credits.
In connection with financial measures now under consideration, it was
stated here yesterday that one proposal for a loan as high as .150,000.000
was made to provide funds for the export from the United States of raw materials to Germany was turned down by German interests on the grounds
that the secur ty required was not satisfactory. The bankers here dropped
the proposal when it was learned that the loan had certain speculative
features connected with it.
It is understood other proposals are now under consideration looking
toward the granting of funds to finance exports of raw materials from thi.«
country to Germany, but nothing is ready for official announcement As yet.
It was indicated that some announcement might reasonably be expected in
the near future.
According to latest reports regarding the general situation, German balances over here are fairly heavy. These balances, it was pointed out,
have been built up from the sale of marks and also from the appropriation
of dollars paid for German exports.
and
SWEDISH GOLD MORATORIUM EXTENDED.
CATHOLIC BANK IN PALERMO, ITALY, SUSPENDS.
The Associated
Press reports the following from Palermo,
Italy, Jan. 14:
The Banca Cattolica di Credito Sociale closed its doors following a run
occasioned by timidity over the general financial situation. The bank's
officers are awaiting court action before attempting to reopen.
OFFERING OF TREASURY BONDS OF REPUBLIC
OF CUBA.
&
111 Broadway, this city, are offer8% to maturity, part of
an issue of Republic of Cuba 6% Treasury bonds, dated
Dec. 31 1017, and due Dec. 31 1929. The bonds offered are
part of an authorized issue of $30,000,000, of which there
has been issued $20,000,000.
The law authorizing these
bonds provides that the entire principal of these bonds shaU
be retired not later than Dec. 31 1929, through the operation of the sinking fund of $3,000,000 per annum, from 19201929 inclusive. $4,500,000 have already been retired. Metzler & Co. report that a letter from the United States Treasury Department states that an original advance to the
Cuban Government of $10,000,000, bearing interest at the
rate of 5% per annum, was secured by $10,000,000 Republic
of Cuba Treasury bonds, due Dec. 30 1929.
On the above
notes there has been a repayment and withdrawals of bonds
at $1,853,000.
The bonds offered by Metzler & Co. were
authorized by Law No. 35, which provides taxes that are
specifically pledged for the payment of interest and amortization of these bonds. The firm also states in its official
Metzler
Co., Inc., of
and
interest, to yield
circular
These bonds were is.sued in accordance with the following provision of
the Piatt Amendment to the Cuban Constitution
"Article II.
That said Government of Cuba shall not assume or contract
any public debt to pay interest upon which, and to make reasonable Sinking Fund provisions for the ultimate discharge of which the ordinary revenues of the Island of Cuba, after defraying the current expenses of the
Government, shall be inadequate."
NEW YORK STOCK EXCHANGE RULING ON DUTCH
EAST INDIES BOND SETTLEMENT.
•
Under date of Jan. 18, Secretary B. V. D. Cox, Secretary
New York Stock Exchange, announced the following
ruling by the Committee on Securities respecting the above
of the
bonds
January 18 1922.
The Committee on Securities rules that contracts for the Dutch East
Indies Twenty-five Year External 6% Gold Bonds, due January 1 1947,
"Wlien Issued," must be settled on Monday, January 23 1922, by delivery
Trust lleceipts
of
;
That said contracts may be settled prior to said date upon the seller
giving to the buyer one day's written notice of his intention to make delivery
that such notice must be given before 2:15 p.m. (11:30 a.m. Saturdays)
that interest will cease on the delivery date established by such
;
A
Stockholm
cablegram was
published
in
the "Wall
Street Journal" of Jan. 18 as follows:
Government has prolonged gold suspension period during which Swedish
Rikslianki s relieved from obliBation of redeeming bank notes with gold
March 31 1922.
Government has introduced a
until
bill in Parliament increasing duty on
tobacco. Yearly revenue from this source is expected to amount to nearly
12,000,000 kroner (normally $,3,216,000. currently 82,988,000). IJ
We
also quote the follov\'ing
from the
into effect.
Bankers with connections
in
Stockholm say that Sweden
is
in rather
belter condition than some of her Scandinavian neishbors, so far as finances
go, and that the Government has a firm hand on the situation.
REPORTED SUSPENSION OF NORWEGIAN SAVINGS
BANK.
A press dispatch from London Jan. 18 said:
The Torvestad & Skaarcs Savings Bank at Haugesund, Norway, one
of
the largest Institutions In that country, has suspended payment,"
says a
Copenhagen dispatch to the Exchange Telegraph Company. The bank
had
a foundation fund of 3,000,000 kroner.
COURTS BAR DISPOSAL OF ASSETS OF BANCA
ITALIANA DI SCONTO.
Rome press advices Jan. 18 stated:
The
courts continue to extend the scope of operations of
the Banca ItalSconto. but none of the extensions granted the
institution permit
<11
;
notice.
a
The accrued
interest
from January
1
1922 to January 28 1922
(viz.,
22
days), will amount to $3.GG66 per $1,000 bond.
Settlement of contracts may be enforced "under the rule" beginning January 23 1922.
The
of Jan.
offering of these bonds
7,
page
was
referred to in our issue
15.
New York "Times"
of Jan. 19:
According to information rece! red by bankers here yesterday from Stockholm, the Swedish Government has prolonged the gold suspension period,
during whicli the Swedish Kil.sbank is relieved from the obligation of
redeeming bank notes with gold until March 31 1922. It is expected that
the order will further conserve the metal of the country pending the
receipt of additional revenues from increased taxes which have been put
lana
of the disposal of the bank's assets.
They mainly serve to regulate the relations of the Sconto with other banking concerns.
The latest decree of
the courts expresses unwillingness to grant the bank any powws that would
be calculated to interfere with depositor credits.
It was reported to-day that there was hope of English aid being given the
Sconto, but nothing authentic in this respect has developed.
ing at 88.35
ollowing:
f
[Vol. 114.
T.
W. LA MONT LOOKS
FORWARD TO IMPROVING
BUSINESS— COMMENTS ON MEXICO.
In an address under the title of "Looking Forward,"
J, P. Morgan & Co., told members
of the Ohio Society on Jan. 14 that he looked forward, not
with assurance, but with hope, to
Thomas W. Lamoni«of
Improving bu.sincss in the spring.
Commodities slowly creepoing back toward normal price levels.
(c) A gradual tinlockinp of farm loans.
(d) An evening up of the disparity between the prices for farm products
and for manufactured goods.
(r) A general recovery that by autumn will make us feel that the sun i»
(o)
(b)
shining again.
JNlr. Lamont's remarks were made at a dinner given by
the Society at the Waldorf-Astoria in honor of Charles M.
Schwab. Mr. Lament also stated that he looked forward
"to adjustment between Great Britain and France" and "to
a settlement of the re})arations schedules so as to make for
great improvement in Germany."
Refemng to Mexico and
his recent trip there, Mr. I^amont stated that his "conversations with President Obregon, v.ith Minister do la Huerta
and mth other Cabinet Members, while in no way conclusive,
THE CHKONICLE
Jan. 21 1922.]
to believe that, if the way could only be
thoy weiro anxious to meet Mexico's obligations."
led
me
shown them
—
He
achh^l:
Their experience in financial matters is as thoy themselves frankly
more limited than that of Europeans and Americans, but they now
have before them a great opportunity, which I cannot but believe they will
avail themselves of, of making plain to all their sister mations throughout
the world that they are determined to live up to their obligations, be they
state
—
financial or political.
We give herewith Mr. Lamont's remarks in full.
Our national habit of taking a new reckoning on the first of every January
not be scientifically sound, for no economic or financial change is over
You
likely to start in Midwinter; but it is founded on classical tradition.
remember that the ancient god Janus was given the Gates of Heaven to
may
guard. He was the double-headed god; that is, he could look baclcward
So
within the gates and at the same time forward to the outer regions.
when the Romans, in arranging the new calendar which has endured ever
since, named the first month of the year after Janus they evidently conceived the idea which we have long adopted of a looking-back-a reckoning
up -and then a looking forward through the coming twelve months.
Shall we then, as we stand to-day. be more dismayed as we look back
through the gates and see again the terrors of the old year; or standing on
the threshhold of the new. shall we be hopeful of what we glimpse before us ?
answer is like that of so many others one of hope almost of confidence
But if we are to allege sound reason for our hope we must look back, note our
recent erperiences and then sxmi up the factors that make for renewed
confidence.
or
It is then trite, but a true thing to say that we have been passing
rather whirling tlirough a great cycle which, for a time, looked as if it
might develop into a cyclone of great disaster. What have been the features
of this cycle? Almost the same that have marked previous ones. We
begin with great activity in business, which moves faster and faster, until
That was the situaion that followed the brief
it is going at a furious pace.
let-up just subsequent to the Armistice.
Constantly mounting costs and inflation lead up inevitably to the crisis
whose first storm signals were as they always are 3^ the fall in stock-market
The next phenomenon
values, which began in the late autumn of 1919.
was again as it almost invariably is the drop in commodity prices which
began early in 1920 and marked that whole year by its heavy, sweeping,
downward course. That was a drop not confined to our country alone.
Nor was it confined
It began in Japan and swung around the whole world.
Our farmers may have thought they suffered most, but
to any one group.
our miners and our manufacturers had the same tale of woe to tell. To give
you some idea of the heights to which prices had gone let me remind you that
in May of 1920 (just before our slump began) prices were, on the average,
about 40% higher than the average for 1918. the last war year, and 172%
higher than in 1913, the last year before the war. National bank loans in
September, 1920, were $2,497,000,000, or 25% greater than at the end of
1918, and ttie combined reserve ratio of the Federal Reserve banks had
dropped from 50.6% at the end of 1918 to 42.2% in May, 1920. Our foreign trade exports and imports for the fiscal year 1920 were $13,347 ,000,Yet
000, or about 50% more than in the biggest fiscal year during the war.
throughout that year (1920) of terrible slumps in values of raw sugar
faUing from 22 He. to 3 5^c, of cotton going from 43 Mc to 14Mc, money
ruled high and thus sidded to the difficulties of the situation.
The next and as I hope the final stage of the cycle began in the late
spring of 1920, when money rates began to ease up and pursued that same
course until now with prime commercial paper at 5% they are lower than
they have been smce February, 1919.
With the eas-ing of money, which began last spring, and which, if we may
rely upon history repeating itself, is likely to continue until next May before
any change occurs, there has been a modest increa.se of 'industrial activity
nothing to boast of, but enough to encourage us to think that by late spring
it will be substantial and growing.
For instance, iron and steel manufacture, which in July, 1921, had fallen to 34% of the monthly average for 1919,
had, by November, recovered to 67%. The textile industry, one of the
first hit by the depression, shows a recovery from 54% in December, 1920 to
110% in October, 1921 as compared with the monthly average for 1919.
Many other lines of industry show similar signs of renewed life.
Thus, then we seem to have swung through this great whirling and
destructive cycle, beginning with an undue and inflated prosperity
brought down by crashing stock market values; next followed by terrific
drops in commodity prices, with high money still holding; the next stage
being the casing of money, and now finally signs thJt with the greater
abundance of funds industry may be beginning once more to pick up.
The whole cycle has been marked by stress and storm, by wreck and almost
disaster.
War fortunes, amassed almost overnight, have been swept
away with equal rapidity. Manufacturers whose concern had been how
to keep down their legitimate tax-imposed profit.';, have boon sitting up
with huge inventories that threatened, and In many cas(!s have actually
engulfed them.
Farmers who had been blithely buying pkasuro motors
have had to wait In gloom while they trie<l to hold their wheat or elso, more
wisely, sold it far below cofit and said good-bye to tho paying off of the
mortgage they had counto*! on discharging. Banks havo bc^m struggling
along in hfsivy «nas. with decks awau'-h from frozen loan.s.
It has VxH-n n
time of dIslrcHS and of dismay. Men who thought themsolvea woll-t<j-do
are actually poor; others with good positions are out of jobs.
We were at first shocked and almost stunned by tho suddenness and
extent of our mlafortunoH.
And their very Kweoplngiiess will prevent
any rapid or spectacular rcscoviry. Hut throughout the storm the comnmnlty has behaved well. Reing of tho over-sanguine American disposition,
perhaps a good many manufacturers and mtTchants wore unduly slow In
detecting tho signs of storm and In llghtoning thoir loads.
Hut when
th«,-y once found themsolvf*! In troijl>lo. tlioy wont (luickly and couragisouMly
»bout the work of salvage and rocoviiry. Our commercial conmiunillcw
have Btood by each other In good sliapc. Our banks havo had a most
trying tlmn duo to a di«iro, not to make too groat profits, but rather to
•erve wnl too many dlfforont llnis and widely scatUTod conimunltlrs.
Hut
the banking Njtiiation is Hound and gotting casliT ovory <lay. Our KorhTal
Rfwjrvo System has bo'-n at once a f{r,ok of 'Jjbraltar and a tower of IlKht
;infl .ttrongth.
I tremble to think of tho Kloiigli In which wo Khoiild now bo
wallowing If wo had nt)t tho Ffxioral l{«*<TVo HysUm to hnn upon. Ho
that, all in all. wo ojin will congratulate oufhiIvi* on tho sanity anil strength
of our poopio and of our buslntwi ctmriTns.
The chief qui-stlon that arls<» thrm Is whether wo are equipped to utilize
to tho full thiw; groat olomonts of strength that America powM-WMW, ho a»
to bring them tf) hoar In a more rapid sottli-inont of tho world's o<^inomlc
prohlomR.
f)ur Ktock of gold Is ».'{,5'1.''>,000.000.
Ho wo have 35%, of tho
world's vlwlhlo supply of tho prf)Clous molal
not precious so much for \Im
Intrinsic value as bocauBo It furnlshrs tho rrcdlt basl.s for tho wi.rld'H tnido.
England's gold amounts U, $782,000,000: Franco's to SI 100.000.000.
Including about, HOO.000.000 hold abroad; Oormany's to *2-1S. 500,000.
Wo cjin't i-at or drink our gold nor take It with us wlion wo <»i'. Are wn
then going to try to make It kotvo in part the purpoHts of natlonH other
thfin our own?
Our exports for tho fir^t ton months of 1!)21 woro only
—
My
,
,
—
—
—
—
—
—
—
—
—
—
—
,
—
—
—
243
60% of our exports for tho same months of 1920. Industry can
begin to pick up hero and matters greatly improve; but we all know that
our prosperity cannot again flow at high tide until our export trade revives.
And if we expect our customers to do all the work of revival we may count
in vain.
The good salesman does not let his customer do all the walking.
He meets him halfway. Isn't that so, Mr. Schwab? If we don't attempt
to meet our foreign customers half way, what are we going to do with
our surplus stocks of cotton, grain and copper?
The process of education in this country has been going steadily forward
education primarily not as to our duties towards the rast of the world,
but as to the fact that we are all involved together. The Disarmament
Conference at Washington has, in my judgment, accomplished much in
many directions. The holiday in capital ship building, the Four-Power
pact in the Pacific, are real accomplishments. But over and above those
All the
definite factors the coimtry has had an immense education.
country newspapers and our citizens from the Atlantic to the Pacific have
been discussing the conference. Immense insight into our relationships
with the other nations of the earth has come to all of us.
Now the cables from Cannes tell us of the Economic Conference to be
held in Genoa next March. American representatives may or may not
be present. But if Mr. Lloyd George and Mr. Briand could have arranged
to be invited to hold an economic conference in Washington it might have
been a great success. Such a conference right here would have given aU
our people education in the economic problems of the world, just as the
present Washington Conference has been giving us all education in the
world's political problems.
Be that as it may, what have we to look forward to for 1922? Here is
what I look forward to, not with assurance, but with hope:
(a) Improving business in the spring.
(6) Commodities slowly creeping back towards normal price levels.
(c) A gradual unlocking of farm loans.
(d) An evening up of the disparity between the prices for farm products
and for manufactured goods.
(e) A general recovery that by autumn wlU make us feel that the sun is
shining again.
Abroad, I look forward to adjustment between Great Britain and France;
to a settlement of the reparations schedules so as to make for great Improvement in Germany. Briand's fall may postpone this, but it must come.
Hundreds of thousands may starve in Russia this winter, yet economically
Russia has seen her worst. After the frightful catastrophe there recovery
about
,
must be slow and painful, but it will come.
And, finally, I look forward to a stabler Mexico. I want to say a special
word about that sister republic of ours, just to the south of us. For almost two thousand miles, from the Gulf of Mexico to the Pacific Ocean, our
For almost ten years now Mexico has been sore
frontiers march together.
beset by revolution and dissension. Not only now are her people wearied
of the strife, but they are anxious and convinced to followthe paths of peace.
I went there upon
I have recently returned from a visit to Mexico City.
the invitation of the Mexican Government in order to discuss with them, as
they requested, the matter of their external indebtedness. In the years
prior to 1913 the Mexican Government borrowed from investors in the
United States. France, England and other Continental countries, several
hundred millions of dollars, this money being for the most part well spent
For eight
in the construction of railways and other public unprovements.
years past the interest and sinking fund on these loans have, owing to the
revolutionary conditions, been in default. Three years ago these bondholders, with the approval of their several Governments, organized themselves
into a protective committee, and it was as acting Chairman of the American
Section of that committee acting also in this instance for the European and
English bondholders— that I conferred with the Mexican authorities.
—
My
conversations with President Obregon, with Minister de la Huerta,
and with other Cabinet Ministers, while in no way conclusive, led me to
believe that, if the way could only be shown to them, they were anxious to
meet Mexico's obligations. Their experience in financial matters is, as
they themselves frankly state, more limited than that of Europeans and
Americans, but they now have before them a great opportunity, whcih I
hope they will avail themselves of, of making plain to all theU- sister nations
throughout the world that they are determined to live up to their obligations, be they financial or political.
It now remains to be seen whether
the Obregon Administration will find an effective way of making such intent
so clear that "he who r uns may read."
The situation is not an easy one. Mexico properly and earnestly de-sires
tho recognition of the United States, of Great Britain of France and of Belgium. These countries, in turn, are no less desirous of according recognition, but they desire, too, that their understanding with the Mexican Government as to the fulfillment of contracts and obliagtions which that Government has hitherto made with many thousands of foroignors, who have
brought their energy and their capital to the development of Mexico, shall
be so clear that future misunderstandings and difficulties shall be avoided.
We mast. I think, all admit that it would be a groat pity for thaso four
Ciovernmonts that I mention, and for the Mexican Government, t fail to
up, onco for all. issues that are clouded and the contiiniod \insottlomont of which might load to grave future misunderstandings. Tho settlement of all th(«o questions now, as I say, may not bo an easy matter, but
s;inguino enough
I bollovo It in less difficult than most people think, and I am
to boliovo that if the Mexican Government makes clear— as I hope It will—
its intent to moot all its just financial obligations. It will then bo ablo to
>
cl(5iir
make
equally clear
tions which,
up
Its
earnest determination to clarify all those other queshave seemed to constitute an obstacle to recogni-
to dato,
tion.
Certainly the attitude of the International Bankers' Committee on
Mexico
luis, from the start, becMi one of consstont oiidoavor to lusslst
That will conllniio to
In the solution of her poridoxing financial pnibloins.
bo Its attitude, and I hope that the Mexican dovorntnont aiul Mexican
but tho
t>ooi>lo will porniit UM to show that Americans have for tlioni nothing
thorn
frloiidliiHt foollngH and tho koonost possible doslro to co-oporato with
on torniK adv.-int.igi'ous to thorn in tho development of tliolr groat and ro-
Mexico
HDiircA-tul
country.
havo l)o«.n pjirtlcularly happy to spoiik for tho first tlmo to tho mombors
of tho Ohio .Sooioty, not only because, us to most of thorn, thoy are such
worthy and Important citizens of this city, but bocauso thoy conio from a
Mlrtlo that li!is bulkcrd so Inrgi'ly in tho d-velopniont .•md history of our
rountry.
Ohio has boon pooullarly fortunuto In being a gatoway bolweon
tho Allanllr soaboanl and tho Middle and (Iro.il Wiwt that lie beyond tho
Ohio has always l)oon hospltablo to tho
lonfltiiH of tho "lluckoyo State.
now and frosli curroiits of thought that mlnht oiitiio out of tho Wont to UimIMT tho original tnidltloo.s that hIhi had Itih-rlted from tliowo cltl/oiw In thti
I
"
Kaslorn Htal<>s who fouiidod tho gre.il coiniiionHoalth of Ohio.
Thoioforo, men of yoiu' typo who are hero tonight are p.«-ulluHy of n mind
anil lomperiimont calculitteil to mo<-t ami to hoIvo tho probloins that nro
prifwlDK upon us lo-<lay.
Vi.ii havo tho Inlolllgetieo, and now It Is for you
l»o they those
IIS It Is for mo
lo oxorclso In the Holutlon of those itriibliMns
of Irndo and credit In coiinootlon with our foreign buMlm-ns or \m they those
of our rolalloiiK with nelglibors lIUo Mexico -a high decroo of Hynip.Uhy and
pjillonco, and t«poclally of goucTOHlly In thought. In .-wllon and In d' ed.
.
THE CHRONICLE
1i4L4:
ADVANCES APPROVED BY WAR FINANCE CORPORATION FROM JAN. 12 TO JAN. 18.
The War Finance Corporation announced on
January 14 1922,
Jan. 16 that,
inclusive,
from January 12 to
214 advances, aggregating $6,127,000,
it
approved
for agricultural
and
livestock purposes as follows:
$15,000
36.000
36,000
40,000
252,000
248,000
238,000
363,000
141,000
15,000
200.000
579,000
170,000
186,000
in Alab.-ima
in California
in Colorado
in Florida
in Georgia
in Idaho
in Illinois
in
in
Iowa
Kansas
Kentucky
in
in Mississippi
in Minnesota
in Missouri
428,000
85,000
27,000
650,000
45,000
154,000
426,000
271,000
205,000
in
in
in
in
Nebraska
North Carolina
New Mexico
North Dakota
Ohio
in
in Oklahoma
in South Carolina
in .South Dakota
in AVisconsin
in
poses, as follows:
24,000
7,000
281 .000
in California
in Georgia
in Idaho
in Illinois
26.000 in
563.000
466.000 in
Iowa
Kansas
Minnesota
New Mexico on livestock
New Mexico
in Arizona &
95.000 in North Carolina
571.000
134,000
99,000
100,000
60,000
in Missouri
30,000
in Missouri on livestock in
310,000
Texas
in Missouri on livestock in 544,000
Kansas
200.000
25,000
in Missouri on livestock in
Colorado
16,000
in Montana
220,000
in Nebraska
360,000
in
in
in
in
North Dakota
in
Ohio
in
Oklahoma
in
Oregon
South Carolina
South Dakota
Tennessee
Texas
in
in
in
in
I
in Utah
in Virginia
in Waslilngton
in Wisconsin
in Wyoming
—
New Mexico
W. MORROW ON PROBLEM OF EXCHANGENATIONS THAT WILL NOT BUY SHALL NOT SELL.
nWIGHT
The
was discussed hy Dwight W.
Morgan & Co., in an address at the anGroup VIII of the New York State Bankers'
iiroblem of exchange
Morrow, of
J.
P.
nual dinner of
Association at the Wahlorf-Astoiia on ,Tan. 16, Every exchange transaction, said Mr. Morrow, "is reciprocal You
give .something and you get something. You transfer
goods, or render services to others, rn return for goods they
Mr. Morrow reti'ansfer or services they render to you."
ferred to the fact that "we hear a lot ahout our export
involves
import
trade
an
trade,
our
export
but
Our exports of merchandi.so, he declared, "wlli
trade,"
never exactly balance our imports of merchandise,
but our exports of merchandise, plus the services that
we render other countrie.s, including all those indirect services such as loans of capital, interest, immigrant remittances and other invisible items, will equal the value of imports of merchandise, plus the services that other countries
render to us. There is no escape from such a conclusion
unless men are to quit exchanging things of equal value and
begin giving things away." In emphasizing the point that
"the nation that will not buy, neither .shall it sell," Mr. Morrow said that "notwithstanding this fundamental law
there are many peoi)le who keo]) on telling us that we must
keep and expand our exports and curb our import.s, and that
while we are doing that we must prevent the world rendering a shipping service to us, and, on the contrary, we must
render an additional shipping service to the rest of the
world. In what conceivable way," he added, "are we to be
paid for our ex[)ortsV In what conceivable Avay are we to
be paid for the new shipping service that we are to render?"
The following is Mr, Morrow's sjieech in part;
:
Foreign exchange is a process that touches the daily life of every one of
It is one of the oldest processes of life.
The problem of exchange
goes back to the very beginning of civiliziition.
In fact, it antedates what
we know as civih'zation. The earliest vestiges of the Egyptian and Babylonian civilization begin to nppe.Tr about six or seven thousand years ago.
us.
But we know that long before men
vvers sufficiently civilized to leave records of their acts they were bartering with one another.
And we keep
getting more and more records of the tools and the ornaments and the
weapons of prehistoric man, found very far from the places where they
were manufactured, indicatitig the ancient begiiniings of trade. And, curi
ously enough, it is now generally accepted that foreign trade is older than
domestic trade. The preliistoric tribes, whether they were families or villages or clans, .qpparently had little or no buying and selling within the
tribe, but trading went on witli the neighboring tribe, with the
strangers
or the enemies and in most languages one word described both the
enemy
and the stranger. And it was a mighty step forward in civilization when
a tribe took a little time off from making the flint weapons with which
to
fio and take something away from tlie neighboring tribe and began to
study
—
cation to one occupation produced more for all than an effort of each
individual to do all for himself.
Now, it isn't an accident that the first civilizations grew up in places
where exchange was easy on the edge of the deserts, where land transport
was not impeded by heavy woods or great mountains, or along the banks
of the great rivers
along the banks of the Euphrates and the Tigris and
the Nile.
The easy lines of communication made it possible for men to
serve more of their fellow men than could pofsibly be the case if they had
to hack their way through wood or through rock in order to reach their
fellow-men.
And civilizations have been pretty generally dependent upon
the progress that men could make in widening and cheapening their lines
of communication in order that they might serve more men than they had
been able to serve before, and in return be served by more men in return
for the services rendered.
Now, that is the problem of exchange. It is simply the application of
There is no difference
the fundamental principle of the division of labor.
between foreign exchange and domestic exchange except that when the
transactions between men across the boundary lines that mark the sepaAnd under
rate States then the transaction is called "foreign" exchange.
the present organization of society, where large scale production is the
practice in every civilized country in the world, our foreign and our domestic trade are so inextricably bound together that no man can tell how
mucli of the domestic trade that he engages in is a part of the processes
which go into our foreign trade.
Every exchange transaction is reciprocal: you give something and you
get something.
You transfer goods or render services to others in return
And exchanges go
for goods they transfer or services they render to you.
on only so long as they are mutually profitable.
It is "fair exchange"
This means that the goods and services that this
that "is no robbery"
country furnishes to other countries will represent goods and services of
equal value furnished to this country by other countries.
Our exports of
merchandise will never exactly balance our imports of merchandise, but our
exports of merchandise plus the services that we render other countries
including all those indirect services, such as loans of capital, interest, Immigrant remittances, and other invisible items will equal in value the
imports of merchandise plus the services that other ooBntries render to us.
There is no escape from such a conclusion, unless men are to quit exchanging things of equal value and begin giving things away.
We hear a lot
about our export trade, but our export trade involves an iaport trade.
The nation that will not buy, neither shall it sell 1
There were about thirty years in our history 1791 to 1820 in which
our imports exceeded our exports by more than $500,000,000.
How did
this new country pay for that relatively vast importation ?
Very largely
—
448,000 in Wyoming
Montana
During the week ended January 14 1922, the War Finance
Corporation approved a total of 455 advances, aggregating
$12,318,000, for agricultural and livestock purposes.
On Jan. 19 the corporation announced that, from January
16, to January 18 1922, inclusive, it approved 177 advances,
aggregating )$5,938,000, for agricultural and livestock pur-
$56,000
45,000
119,000
70.000
617.000
22.000
522.000
208.000
148.000
for the neighboring tribe in exchange for the thing
If I might
that the neighboring tribe had that they themselves wanted.
say so in passing, this is very much the same question that the diplomats
are discussing in Washington to-day.
Exchange begins with the division of labor. When a man voluntarily
traded off a pelt for a piece of flint, instead of trying to take what he
wanted by force, a great civilizing element had entered into human life.
And then the primitive weaver found that be could get his shoes cheaper by
making two baskets, one for himself and one for the ghoemaker, and the
shoemaker found that he could get his baskets cheaper by making two
Individual applipairs of shoes, one for him.self and one for the weaver.
what they might make
:
in Tennessee
651 ,000 in Texas
113,000 in Utah
25,000 in Virginia
80,000
[Vol. 114.
—
—
—
This new country was buildinf;
was carrying a large portion of its own goods and
also goods for the people of other nations.
We sold o»r raw materials and
our ships and our shipping service, and we bought manufactured goods.
During the last twenty years our annual exports have always exceeded our
imports.
How have we been paid for the difference? Very largely by a
service rendered to us
During the last twenty years
a shipping service.
we ha\e bought a shipping service and have sold our raw materials and our
manufactured goods.
The nation that will not buy, neither shall it sell
Now, why am I emphasizing these axiomatic and fundamental principles
to-night?
Because most of us during the past three years seem to have
forgotten them.
.Seven years ago, when Europe was precipitated into the
by rendering a service
ships for the world.
a shipping sen'ice.
It
—
I
great war,
we heard
a great deal of talk in this country to the effect that
war meant that America was now to be the leader in world trade.
It was set out v;ith some particularity that the trade of South America
was now to be ours. I remember a statement that was given wide circulation that the total trapde of the world amounted to some thirty billions
of dollars, and that this was the great stake which the nations of the
world mu.st now contend for. 1 suppose these figures were secured by adding up the exports and the imports of all the countries of the world.
One
would think that trade was some sort of a huge pie which, despite its great
size, was limited in amount, and that somehow or other it could be cut up
and distributed, and that what went to one was taken away from another.
What a monstrous delusion
Trade is nothing but exchange.
Nobody
this
!
gets anything without giving something.
To have heard our talk five, or
fouv, or even two years ago, one woul have been led to believe that all we
had to do was to gc down to South America and get something for nothing
which heretofore the European nations liad been getting for nothing. T'ae
fact that any man wlio engaged in a business different from the business
that he
was already
in
would
necess.irily
be required to expend a portion
the new business, and risk that
capital or labor or time in the new business, seemed for a moment to have
dropped out of .siglit. The result has been tliat we have bought several hundred million dollars' worth of experience in South American trade, and wr
sliould hope .and pray that it has been a good investment
of his capital or his labor or his
time
in
I
be no better illustration of the reciprocal character of exchange than the record of our business with the Island of Cuba during the
Our sugar imports from Cuba amounted to $373,000,000
pa.st tliree years.
in 1919, ?()(i8. 000.000 in 1920, and only $186,000,000 in the first eleven
montlis of 1021. Of course, the great fall in tugar prices accounts in large
measure for this difference, but there was also a substantial difference in
tlie ^olumc of importations.
The volume of our sugar importations from
Cuba was 2,077,000 tons in 1919, 2,127,000 tons in 1920, and 1,866,000
tons in 1921. Obviously, if Cuba is not able to sell sugar in the same volume and at tiie same prices nt which she sold two years and one year ago,
she is not able to import goods in the same quantity and at the same pricet
that she heretofore has done.
The official reports of our Department of Oommeroe, showing our classified exportations to Cuba during the first eleven months of 1921, showabout wiiat we should have expected them to show.
The United .States
sent 93,400,000 worth of corn to Cuba in 1919, $3,500,000 in 1920, and
Tlirre could
We
ifl.SOO.OOO in the first eleven months of 1921.
sent to Cuba $15,000,1)00 worth of wheat flour in 1919, $17,000,000 worth in 1920, and $8,400,000 in the first eleven months of 1921.
We sent $3,200,000 worth of
bleached cloth to Cuba in 1919, $14,000,000 in 1920, and only $936,000
worth in the first eleven months of 1921.
We sent $2,000,000 worth of
printed cloth to Cuba in 1919, $8,300,000 worth in 1920, and $739,000
worth in 1921, We sent to Cuba in 1910 $6,800,000 of cloth <lyed in the
Jan.
'21
piece or in the yjrn, !f2S,700,000 worth in 1920, and $1,400,000 in 1021.
sent to Uuba ?n,SOO,OUO worth of shoes in 1919, $21,200,000 in 1920,
and $3,900,000 in the first eleven months of 1921. We sent almost $14.•00,000 worth of pine boards to Cuba in 1920, and less than $2,000,000 in
the first elt'ven months of 1921.
Now, the.-ie figures for Cuba are quite interesting. I have said that the
goods and the services that any country renders to the rest of the world
should equal in value the goods and the services that the rest of the world
renders to that country, but it is by no means true that the goods and
services that any single country renders to any other single country will
in any degree equal the services that that particular country renders to it.
We may sent our wheat to France France may send her manufactured
goods to Brazil, and Brazil may send its coffee to us. By reason, however,
of the fact thi»t Cuba and the United States have a preferential tariff
agreement, under which each country gives to the other a favored position
over the rest of the world as to importations, any cessation of our dire,;t
importations from Cuba is apt to be verj- quickly reflected in Cuba's importations trom us.
In any comparisons in the past three years we must
always take into account the abnormal price situation where violent fluctuations of price do not necessarily mean equally violent fluctuations of
\'olume.
But the story of Cuba's importations from the United States is an
;loquent picture of the condition of Cuban industi^y and the Cuban people.
\ countrj' that has lost the foreign market for its products obviously cannot
xo on importing. It first cuts down on its luxuries, then it cuts down on it*
building, tiiei; it cnte down on its clothing, and finally it cuts down on its
We
;
imported foods.
The nation that cannot
M5
THE CHEONICLE
1922.]
sell, neither can it buy
Yet, notv.'ithstanding this fundamental law, there are many people who
ieep telling us that we must keep up and expand our exports and curb
3ur imports, and that, while we are doing that, we must prevent the world
•endering a shipping service to us and on the contrary must render ar
idditional shipping service to the rest of the world.
In what conceivable
»ay are be to be paid for our ex-ports? In what conceivable way are we
;o be paid for the new shipping service that we are to render?
I am not now criticising the man who wants to confine our commercial
ictivities, if that be possible, within our own borders.
For the purpose of
hia discussion, we may assume that he is right, or we may assume that he
s wrong.
Because of the great diversity of both production and con!umption of our country we would be hurt much less than most counries by building a complete wall around the whole land.
We must renember, however, that we cmnot eat our cake and have it too.
If we
cnld succeed in growing and making at home all that we need, there
rould be no reason for export business^there would then be no need for
shipping business.
The nation that will not buy, neither shall it sell
I
1
I
unless every facility, particularly cre<lit, was extended for their maintenance.
clearly evidenced; our exports, which, in
That the shrinkaso has come
Nov. 1920 amounted to $676,000,000 in value, totaled only .$295,000,000'
in Nov. 1921.
Oui- oxjiorts in December were flit's, 000, 000 less in value
i.s
than
in
Doc. 1920.
In connection with the Committee's announcement, it i&
pointed out that the movement to organize the corporation
has served importantly to call attention to the necessity of
following out a constructive policy in extending long-term
credits, on a safe basis, so as to maintain and reasonably to
develop our foreign trade, and also to the necessity of
supporting our trade abroad by careful investment in
approved foreign secm-ities. The educational work in these
directions, essentially a part of the campaign to bring the
Since the
cori)oration into (existence, has been widespread.
campaign was inaugurated, the Federal Reserve Law has
been amended so that payments on subscriptions to the
capital stock of Edge Law corporations, after the initial
payment, shall be on the call of the boards of directors of.
such corporations, with the approval of the Federal Reserve
Board, thus giving additional assurance that money will be
accumulated only as it may be safely and profitably employed in financing our foreign trade. At the beginning of
the campaign there were 29 States, in which State-chartered
institutions were precluded from investing in the stock of
Edge Law corporations. In a majority of these States
legislation permitting such investment has boen enacted, or
legal technicalities precluding such investment have been
overcome. Blue-sky laws have been satisfied by the corporation in every State. The movement has been sanctioned
by numerous important financial and commercial ^bodies,
and the outcome of the campaign for subscriptions to the
capital stock of the corporation is regarded as more gratifying
than was expected when the extent of the business depression, entered into at the beginning of 1921, became evident.
SIOO.000,000 FOREIGN TRADE FOREIGN GOVERNMENT BONDS ISSUED AND SOLD
FINANCE CORPORATION TO BE DISCONTINUED
IN THE UNITED STATES.
AT PRESENT.
The "International Securities News," which is published
EFFORTS TO FORM THE
The announcement is made by the Executive Committee by the American Express Company, Securities Department,
the Committee on Organization of the Foreign Trade contains in the January 16 issue a list which is believed to
'^nancing Corporation that the immediate present is not include ail foreign bond issues that have been offered for
egarded by the Committee as an opportune time to continue subscription in the United States up to Deo. 31 1921. The
•ffort to form the corporation which it has? been planned to
list includes bonds that have matured and been paid off, as
urganize under the Edge Law, to extend long-term credit.s wi'll as those now outstanding.
The list shows that there
a connection with this country's export trade, and through are at present outstanding issues amounting to nearl}'^
he sale of debentures, to encourage American investment SI, 500 ,000 ,000. A small portion of this amount has. of
n foreign securities.
The Executive Committee believes coi;rse, been retired through sinking fund operations. This
hat the Committee on Organization might proj)erly remain includes a considerable amount of Russian securities which
Q existence, pending the time when difficulties which stand are outstanding, but whi(;h should have been retired by this
n the way of an immediate fulfilment of its purpose either time.
The list does not include outstanding Canadian islear or give assurance that the; formation, under the Edge sues.
The number of such issues would far exceed the total
iaw, of corporations of the type of the Foreign Trade number of all other foreign governments and municipals com'inancing Corporation is not feasible.
The announcement bined. The listing of the bonds in the manner in which it
>f
ontinues:
the belief of tho Exocutivo f^ommittcc that the Organization Comifttce's efforts of tho past year have boen valualjlc; that ultimately they
111 b<;ar fruit, and that extonsions of long-torm credit to foreign buyers of
mr:rican «o<xbt will be made on a larne scale.
Tli<! plaas of the (Jommltt<)e had th('lr inception In the .American Bankers'
flfioelatlon. and the Commlttoe from the bcginninK of its activities was
nfe<l by the Aftff>clation to prosfiCuK-, its campaign with the utmost vigor.
Q the circumstance;, it Ik to b:; hoped l!iat the American Hankers' Assoeiaon will ro;.f,lnue f^ take a leafllng part In keeping alive In the jjiiblic mind
»o nw^l fo-- lonK-Ksrm credit In foreign trade.
As a matter of fact. ev<>r.v
ankiT. manufacturer, merdiant and exporter must study the? problems
It is
are involvefl in our iriUtrnational affairs and aid In their pra<-t:eil
ilution In every way iHtmWtU;, If we are to maintain a foreign trade on
ftileh our induntrlen m> much rely.
*iat
with a great deal of KatlKfa<-tlf>n that the Coniniittee <;ontemplat<!S
»entlment In favor of ftrovUUnn ample machinery to rin.uiro
«ir forr-l'/n tra<le.
Whether reme<li;il measures will evenliially take thi>nii of nmre or lem paViTnalism on the |)art of our OoverniiieMf
In c<>prntloii with other K«>vernmentH. remains to he «<«m, but we an^ hopelMl
hn> they will not, and that eventually the
financial ef|ulpment will I.'I '.-u. we firmly IxJIeve it
ouKht to be) l)y the Industrial and lianklii
'* of the (rotintry, not alone In furnlfihlnK adequate capital, lli'is
; it outside the pale of political inlfrference, but by giving It sufflcU-nl
'I t'p rn.-ike It the
mircjHK II should be.
liie.-. -islng
1 111nroK-nltlon of the dependence of our pi-osiM-rlty on nioiM!
tj\!)li. r.,1 (I lloiiM
abroiMl is provwl by the jnleri-st shown in the proposed
'oie ' onftTcnce at fienoa and In
a Krowlng deniatid for sonwi Inl^erJ iieiion wh'rh will help stabilize e.irreneleM s<i that foreign eoinni-re"
rain flow In a n*irmal way.
The Ter Meiilen plan of niol.lll/.InK aM<l
.!/<• UK res.ourc.ji in
CTtuln rouiitrli-s a» a ba»i» for exleiislon of
i.;f/.„„.„ i„ ih,^.
r«d.l, lo
rimnlrU'H ha.s iMieii liroiis<ht Inio widi' public
mice
-Iliis |.li,n. endon«-«| In
principle l)y the American Hnnki rs' A.wxIjion. Is n.„Knlze.| nm worklnR In well with tho Idea
of debenture IfwuiiiK
It is
lie
trrowlnfT
.
:
.
dKe l,a» eor|K>raMonn.
In adflilion u. the puhlir apprrei;,ilon of
iiiiestlons to hi- solvfsl anri
imjilderailon of definite suim for their
solulion, ther<" Is, d.^plle pr.seiil
ffl<:ulti.s. a Kr...ilnr spirit of
hop.^'uinewi here and abroad and an easier
wilt ims.lion
Yet (he f.wt must b< i inph.-uilzed ;f:at the whole roiir*
monthly sl.atisfies of our foreiKn 1r;ide, shf.wInK a steady slirlnkaKe of
IT ex,w,rt valtiMti.ms. eonflnns
the p,»iMon takim
the
Trade
mnne n«
•
«
by
KorelRn
'orporaMon orKnnlzers a year aKO that our exports would shrink
has been done by the American Express Couinany, SecuriDepartment, is indicative of the interest that American
investors have taken in foreign govermnent securities.
ties
NATIONAL AGRICULTURAL CONFERENCE.
Secrcitary Wallace on Jan. 13 outlined .some of tho more
important details which will be suggosted for consideration
to the National Agricultural (.'onrerenco to be held in
Washington beginning Jan. 23. A statement issued by him
(>ffi<M'
said:
Afl<T the opening address by President Tlarding tho ftrs* day of the confercno). Stx.retary W;illiico s.al(l, probably would bo doTotod to a canva.ss of
the general agricultural situation tlirougliout the eounlj-y.
Fron\ the northwejslern delegates would couk? a present.ilion of (Vindltlciris In their siictlon;
from the ratige country would be presented a survey of cxiiidillons there,
with hiinilar expn^slons of conditions prevailing in the (vilton liell tho rnin
bell, ad oth<»r proiluclng areas. In that manner. U Is planiuKl that the entire eonf.ir. iico may be given a blril»eyo vhiw of agriculture as a whole, the
condllions prevailing In each of the chief divisions of tigrlcuiture. ami ihi'
problems thus presented.
Koii'iwlng the discusNlou the eonfiTenco. Socrotary W;illaco statisl, probably would wish to divide Into eominitl-ees, ejieli committee to (yiiisider some
Impo-lant phase <if lh< work and report back Ui the main Katherlng.
No att<impt has l)i'<-n made. Secretary Walljieo pointed out. to lay down a
hard .md fast program In advance for the conference's ronsidtriktion. but
NUKK<':tllons will be made to the eonfereiicMi from tlnie to time In ki'epiiiK with
'resident lliirdlng's Idisis In proposing that the gathirliig Im railed.
The general sivwloim of the Hocond day of Mn eoiir<ren(x< prob.ibly .miuIiI
be (levot<H| to seviral short addnwM'S as to wh;it might (iroperly atid prof Ia' ly be done to linprtive eondillons In rirl.-iin pha'ni' nf ngrlndl.unv
s
assiimel, Herrelary Wallace aildod. (hat the confemneo w4ll di.wlre to hold
general ni-nsions In thi; forinoons and iillll/.e the afli'iiiooiiM and irvimlnRs for
,
1
1
groU|> eotnmltt.oe ni's'tlngs to c-onsldiT spes-iflc (|e|ailn.
Attention will be ralhsl t.o the ICnropeun sllualleo us It aff'* Im the .\inerlran farmir. niid dlHtMisnlon will be liivlt.o(l as U> what possible re.adjustinen(«
There alsfi will be dlsrusnlon.
might, be made here to r< lleve the Nituutlon.
In nil probiibillty, of rinaiielal affilrs relating both to llie priwenl Cinurgency
and the futuro.
746
THE CHKONICLE
Looking to the future, as the President suggested in his letter of Dec.
30. the suggestions of the Conference will be invited as to best methods to
be pursued in formulating a national agricultural policy. Secretary Wallace
Efficient ways of providing for the future food supply of the Nation
said.
as the population increases, and the entire subject of land utilization will
come under this general head for discussion. Included with these two
topics, as a matter of policy for the future, will be a discussion of the
It is vital to the nation. Secretary Wallace
national forestry i>olicy.
pointed out, that there bo a sound and constructive forestry policy. At the
preseiU, time the nation is consuming four times as much timber as it is
The problem is not only to use our present forests wisely, the
raising.
Secretary pointed out, but to take adequate sttips to renew them to meet
futun^ demands.
Secretary Wallace was asked if the intelligent use of land included a
policy of bringing under cultivation land which is now idle because of its
Ho replied that in his opinion it
aridity or uusuitability for cultivation.
would be just as imwise to bring land under cultivation when wo do not
need it as it is unwise not to bring it under cultivation when we do need .t.
The subject of scientific research as applied to agriculture w 11 be placed
as for
before the C'onferencc for its information and suggestions, as
consideration in formulating a poi'manent agricultural policy. When asked
if the appointment of so-called commodity committees was contemplated,
he said that he doubted whether the conference would wish to appoint
major commodity committees, but that subcommittees on commodities
probably would be placed under the committee on marketing, assuming
that the Conference appoints sucli a committee.
wU
.
On
the I7th inst. a further statement said:
been heard that the conference will be made up more of industrial {iToups than farmers.
A last check of the list of names of those invited to tlie conference shows that more than one-half of the men are "dirt
rritifi.'^rri l;;»s
farmers." Onolliird more consist of State agricultural officials, officials
About
of State colleges of agriculture, of agricultural papers, and editors.
two-thJrds of the conference will be men of the strictly asricultural gi-oup.
The idea in going outside the agricultural group is, it is explained, that
if the farmer is to work out of his difficulties he must have the help of allied
industries.
There are some things. Secretary Wallace points out. that the
farjner has to do for him.self.
For one thing, he must put his business on
a business basis.
The railway representatives, for instance, were invited
because the railways are interested in the v. elfare of the farmer, and they
arc interested in sen'ing him all along the line.
It was thought wise to
have in the conference any one who has anything to do with getting wder,
better markets for farm products' and for reducing costs of marketing at all
points.
It has been the aim to get people who know farming and also those who
One of the
have- judgment in helping the farmer get out of his difficulties.
great lieaturcs of the conference will be the opportunity given for small
groups to meet and consult during the week. This will not be a part of the
big oonforeuco, but a valuable feature that will grow out of it.
For instance, representatives of the tire industr.v will have opportunities of meeting and con.sulting with the producers of long-staple cotton; live stock men
and packers will be able to gel together and discuss the problems of their
business, with the result that a better understanding will be had of each
other.
A group of farm women, some of them owners and operators of large farms
and the others the wives of farmers, have been invited to attend. Others
home economics work among farm women.
In addition to the list given in our iysue of Saturday last
(p. 131) of those who had accepted invitations to participate
in the Conference, Secretary Wallace announced on Jan. 14
the following additional acceptances:
repre.sent the
A. C. Davis, Gravotte, Ark., Secretary National Farmers' Union.
Aaron Sapiro. San Francisco, Calif., attorney for Co-operative Assn.
T. C. Tucker, San Francisco, Calif., California Almond Growers' Assn.
.T. M. Collins, Eaton, Colo., Farmei-s' Union.
J. N. Harper, Atlanta. Ga., Soil Improvement Committee, America
Fertilizer Association.
W.
S. Shearer, Lowiston, Idaho. President Farm Bureau.
Everett C. Brown, Chicago, 111., President N.aional Live Stock iixchange.
G. L. McKay, Chicago, 111., Sec. American Assn. Creamery & Butter Mfrs.
J. B. Bartholomew, Peoria, III., farm implement manufacturer.
Wayne Diasmore, Chicago, 111., Secretary American Horse Association.
George Woodruff, Joliet, 111., American Bankers' Association.
A. J. Curtis, Chicago. III., Society Agricultural Engineers.
Guy Huston, Chicago, 111., President .Joint Stock Land Bank Association.
Harvey J. Sconce, Sidell, 111., general farmer.
Robert McDougall, Chicago. 111., President (Chicago Board of Trade.
Clifford Thorne, Chicago, 111., attorney for fanners' associations.
George N. Peek, IVIoline, 111., farm implement manufacturer.
Walter Pago, Chicago, 111., milk products manufacturer.
J. Ogden Armour, Chicago, 111., meat packer.
L. C. Swift, Chicago, 111., meat packer.
C. H. Markham, Pre„sidcnt Illinois Central Ry.
Thomas F. Riggs, Fort Wayne, Ind., President American Poultry Assn.
Tom Wheeler, Huntington, Ind.. farm paper editor.
Henry A. Wallace, Dos Moines, Iowa, farm paper editor.
E.
Nourse, Ames, Iowa, agricultural economist.
tlharles W. Hunt, Des Moines, Iowa, President Iowa Farm Bureau.
Prank Moorehead, Des Moines, Iowa, farm paper editor.
Milo Reno. Des Moines, Iowa, Farmers' Union.
Ralph Snyder. Manliattan, Kan., President Farm Bureau.
C. B. Mcrriam, Topeka. Kan., President Farm Mortgage Bankers' Assn.
E. L. Harrison, Lexington, Ky., Farmers' Union.
Henry N. Pharr. Oliver, I.a., President American Cano Growers' Assn
Edw. S. Butler, Now Orleans, La., President New Orleans Cotton Ex.
W. J. Thomp.son, South China. Me., Master State Grange.
Gustave Ober, Jr., Baltimore, Md., fertilizer anufacturer.
Ijcslie R. Smith. Boston, Mass., M.aster State Grange.
Herbert W. Myriok. Sprinrrficld. Mass., Farm paper Editor.
E. H. Thomp.son. Springfield. Ma.ss.. Pres., Federal Farm Loan Banlv.
Kus.sell B. Lowe, Boston, Mass., cotton manufacturer.
Herbert L. Raker. Meadock, Mich., Michigan Potato Growers Exchange.
David Friday, New York City, economist.
.fames F. Bell. Minneapolis, Minn., miller.
H. B. Xickorson, Elk Horn, Minn., President Minnesota Cooperative
Creameries Association.
C. A. Babcock.St. Paul. Minn., Pres. A.ssociations of Highway Officials.
H. N. Owen. Minneapolis. !\Iinn.. farm paper Editor.
G. W. Kelloy, St. Paul. Mimi., farm paper Editor.
J. P. Reed, St. Paul, Minn., P;Tsident Farm Bureau.
Hale Teimant, Lansing, Mich., potato grower.
Frederick B. Wells, Minneapolis. Minn., grain dealer.
William Hirth, Columbia, Mo., Missouri Farmere' Clubs.
Chester Gray. Nevada. Mo., President Farm Bureau.
C
[Vol. 114.
Mo., President Southwest Millers League.
Hayes Walker. Kansas Cit.v. Mo., live stock paper Editor.
H. C. FUley, Lincoln, Neb., agricultural ecouomi.st.
Leo Stuhr, Lincoln, Neb.. Secretary of Agriculture.
.1. N. Norton, Lincoln, Neb.. President Nebraska Farm Bureau.
George M. Rommel, New York City, farm paper Editor.
George Martin, New York <r,ity, fami paper Editor.
Windsor T. White, Now York City, National Highway and Highway
L. E. Moses, Kansas City.
Transportation Committee.
Arthm* R. Rule. New York (3ity, fruit distributor.
William A. Mather, Adams. N. Y., farmer.
H. C. McKenzie. Walton. N. Y., Farm Bureau.
E. B. Page, Leeds, No. Dak., farmer.
John P. Cunningham, Cleveland, Ohio, farm paper Editor.
J. A. Simpson, Stillwater, Olcla., President Farmers' XTniou.
John MacSparren, Furni.ss. Pa., Master State Grange.
E. S. Bayard, Pittsburgh, Pa., farm paper Editor.
John E. Pickett. Philadelphia, Pa., farm paper Editor.
CHyde L. King, I'hiladelphia, Pa., economist.
.\. H. Jenkins, I'liiladolpliia, Pa., farm paper Editor.
F. P. Willits, Philadelphia. Pa., dairyman.
W. M.
Ri.ggs.
Columbia. So.
C^aro., Pres.
Clemson Agricultural College.
Clarence Ou.sley. Fort Vv'orth. Texa-s. former Asst. Sec. of Agriculture
Joseph Hirsh, Corpus Christi, Texas, Chairman Agricultural ('ommission,
American Bankers' .\ssociation.
J. C. Orr, Dallas. Texas, President Farm Bureau.
Sam Cowan, Fort Worth. Texas, cattleman.
Frank Hagenbarth, Salt Lake City, Utah, cattleman.
W. J. Story, Courtland, 'Va.. Peanut Growers' Exchange.
C. P. Norgxrd, Madison, Wis., Comm'ssioner of .iVgriculture.
A. J. Glover, Madison, Wis., farm paper editor.
H. L. Russell. Madison, Wis., Dean College of Agriculture.
E. S. Pommereniug, Madison, Wis.. President American Socierty of Equity.
A. L. Goetzmann, LaCrosse, Wis., Millers' National Federation.
Bird M. Robinson, Wasiiington, D. C, President American Short Line
Railroad Association.
H. E. VanNorman, Washington, D. C. President World's Dairy Congress Association.
W
L Austin Washington D C ., Chief Agricultural Section U S Census
Charles A. Lyman, Washington, D. C, Secretary National Board of
Farm Organizations.
Chalres W. Holman, Washington, D. C, Secretary National Milk Producers' Federation.
R. S. French, Washington, D. C, National League of Commission
.
.
,
,
.
,
,
.
.
Merchants.
George Livingston, Washington,
D. C, former Chief of Bureau of
Markets and Crop Estimates.
A. M. Loomis, Washington, D. C. Secretary National Dairy Union.
Vernon Campbell, Washington, D, C, California Co-operative Canners.
W. DuBois Brookings, Washington, D. C, U. S. Chamber of Commerce.
Col. Henry S. Graves, Washington, D. C, former Chief of Forest Service.
On Jan.
17 Secretary Wallace announced that the personnel
was completed. A further
of acceptances to invitations as issued thai day follows.
of the Agricultural Conference
list
B. E. Chaney, Stuttgart, Ark., President Arkansas Rice Growers' Association.
Mrs. Nellie E. Blakeman, Oronoque, Conn., Chairman
Committee, National Grange.
W.
Home FiConomics
B. Hunter, Cornelia, Ga., cotton grower.
Eugene Funk, Bloomington, 111., grain grower.
W. L. Wagner, Chicago, 111., distributor of fruits and vegetables.
Mrs. Charles W. Scwell, Otterbein, Ind., leader In Farm Bureau woman's
work.
George Livingston, Washington, D.
C,
former Chief, Bureau of Marketis
and Crop Estimates.
'
C. Stone. Lexington. Ky., tobacco grower.
F. Butler, Wisca.s.set, Maine, fanner and fruit grower.
Mrs. B. John Black, Rosyln, Md., leader in Gr.ange work.
Mrs. J. W. Jones, Olney, Md., leader in Farm Women's activities
Harry Thayer, Boston. Tilass., President Tanners' Council.
H. H. Hahaday. Lansing, Mich., commissioner of agriculture.
J. Z. Miller, Kansas City, Mo., CJhairman Kansas City Federal Reserve
J.
Henry
Bank.
C. O. Rane, Canton, Mo., farmer.
Louis F. MiUer, Toledo. Ohio, President Vegltable Growers' Association
of America.
Mrs. Frank B. Black, Myersdale, Pa., President Society of Farm Women
of Pennsylvania.
S. S. Peniiock, Philadelphia, Pa., President Society of American Florists
and Ornamental
Horticulturists.
Peck, Nashville, Tenn., CoHunissioner of Agriculture.
Mrs. W. C. Martin, Dallas, Tex., State Chairman Federation of Rural
Life Clubs.
O. L. Martin. Plainfield, Vt., Master State Grange.
head chain of rotail stores.
J. A. Whitfield, Washington, D.
Louis N. (Jeldert., Washington, D. C, RepresentatiTe Interstate Cotton
Seed Crushers' Ass'n.
J. P.
C
^
FAILURE OF E. D. DIER d: CO.
Judge Julian Mack of the U. S. District Court on Jan. IG
appointed Manfnnl W. Ehrich of (50 Wall St., receiver for
the brokerage firm of E. D. Dier & Co. when an involuntary
The firm
petition in bankruptcy was filed against the firm.
wereij
is the successor of Hughes & Dier, whose stock tickers were]
New York
Stock Exchange,
firm consists of Ehitore D. Dier and Harry J. Lawrence,
but it is understood that Mr. Lawrence re<'.ently had not]
taken an active part in the management of late. The firm
held memberships in the New York R-oduco Exchange and!
Three offices were mainin the Chicago Board of Trade.
tained in this city, the main one being at 42 New St. An-^
other was in Fifth Ave. and the tliird in Harlem. There
were 14 out-of-town branches, the most important being in
Chicago, Cleveland, Milwaukee. Philadelphia, Pitt.'^burgh.
Trenton, Lancaster and Harri.sbm-g.
removed by order
of the
THE CHRONICLE
Jan. 21 1922.]
&
Wadhanis atwl Sawl S. Myers are attorneys for
Hays
the receiver, and Ro('kwoo<l & Lark represent E. D. Dier
and Oo. A staU^nient issued in behalf of tiae attorneys of
the brokerage firm said:
that the lia^vilitic's approximate S i. 000 .000 to $4,000,000
It is
of tlie failure is attributed to uon-liqiiid assets.
understood that the fimi owns extensive niininp properties anct miiiiiip;
Mr.
interests in Arizona and Mexico, which rx'pre.sent large investments.
Dier is reported as beinfr hopeful, ihrouKh ronservation of the assets and
reorganization of the firm's affairs, to rehabilitate the firm and re-establish
.
It is uiuloi-stood
and immediatie
-caiLso
its -credit.
Through adverse rumors, the fii-m suffered a con.siderablo run of importunate creditors for the past week or more, and when the payroll was
not forthcoming Saturday all the help in the seven floors of the building
left the place, and Receiver Ehrich took charge this morning.
The following statement was read from the rostrum
New York Curb Market:
of
the
E. D. Dier & Co., having announced its failure to meet engagements,
said firm is suspended from associated membenship, and members having
contracts subject to the rules of this Exchange with said firm shall, without
unnecessary delay, proceed to close the same, in accordance with Article
XXVII., Section 1, of the constitution.
GU STAVE M. MI N TON EXPELLED FROM NEW YORK
STOCK EXCHANGE.
According to a formal announcement made from the
rostrum of the New York Stock Exchange at 10.45 a. m.
Thursday morning (Jan. 12), Gustave M. Minton was
expeUed from that institution. The official announcement,
which was made, by Seymour L. Cromwell, President of
the Exchange, reatis as follows:
A charge and specification having been preferred imder Section 6 of
Article XVII of the Constitution against Gu-stavc M. Minton, a member
of the Exchange, said charge and specifications were considered by the
Governing Committee at a meeting held on Jan. 11 1922, said Gustave M.
Minton being present; and the Governing Committee having determined
that said (justave M. Minton was guilty of said charge and specifications,
said
Gustave
M. Minton was
expelled.
Mr. Minton was admitted
to membership in the Exchange
on April 26 1900. According to the Wall Street "Journal"
of .Jan. 12, it was emphasized that Mr. Minton operated on
the floor of the Exchange in his own behalf and was not
connected in any manner with any Stock Exchange firm.
TRADING IN CALIFORNIA CRUSHED FRUIT STOCK
SUSPENDED ON CURB MARKET.
A notice annonncing the suspension of trading on the New
York Curb Market
in California Crushed Fruit Co., Inc.,
further notice, was Issued as follows by Secretary
Stnrges on Jan. 4
until
Pending
Inc.,
is
January 4 1922.
Oalifomia Crushed Fruit Company.
raresti^ation trading in California Crashed Fruit Company,
suapeixled nntil further notice.
A. B.
STURGES,
Secretary.
4 1922.
Pending inTeetlgration deliveries on all open contracts in California
Crushed Fruit Corapany, Inc., are suspended an members interested should
file inunediately with the .secretary's office a transcript of their transactions.
A. B. STURGES,
Secretary.
January
SENATE PASSES BILL INCREASING MEMBERSHIP OF
FEDERAL RESERVE BOARD— RECOGNITION OF
AGRICULTURAL INTERESTS.
week passed a V>ill increasing the
the Federal Reserve Board from seven to
WJiile the Senate this
membership of
eight members, the proposal of the so-called "farm bloc" to
make mandatory the naming of the President of a farmer
to the Board has undergone modification to tlio exttint of
requiring
members
President in selecting the api)ointive
"shall havfs due regard to a fair representation of
that
the
the financial, agricultural, industrial, commercial interests
and gcograjjhical divisions of the country." The opposition
which had been voiced against the propo.sed "bloc" legisla^tion had ari.sen from th(! efforts to make compulsory the
appointment of a repnjsentative of agriculture to the Board,
and this effort at class legislation had prompted the memorial
to Pnjsident Harding ])n-par(!d by the Federal Advisory
Council of the Federal IleserveBoard to which wo referred
in these columns la.st week, page 133.
In lliis memorial
,
the (>ouncil said:
There In before the Hcnato at thi« time a bill (H. 2263) to amend the
Fedeml Ktncrvo Act. The bill aH repfirtcd by thO f?om;nlit<-«' on IlnnklnK
and Currency wjih not merely an unobjectionublo but ii dcHlr.iblo .'iini'tidmont, providing that
In Holectlng the memlxirs of the Kedirral Kiw<rvo lioard
the 1're.sldent .ihould "have du<i regard to a fair reprfsHeiit.iMon of the different commjirrlal IniluHt.rlal. nrjriruUurtil. and geographical (llvlHlon*" of the
country (the word "agricultural" Ijolng added (., tin; present provlHlcinn of
the law to Winform U> the basl': ro'iuiremenlH of Iho Act that paper eligible
for rediscount must have arisen out of agrleultural. Inrhistrlal or (virnnmrclal
transactions).
An amendment or sulmtltute bill, howeviT. w.is prr)poned
on the floor of the Sonau^ which provides In part that "the first vacancy
existing
from the death, resignation, removal or expiration of
the terra of office of such a momlwjr shall Ix! filled by the appointment
of a peraoa whose business and occupation Is farming."
.
,
.
247
The Council
urged, in the interest of the country as a
the propo.sal should either be withdrawn or defeated.
President Harding, who had previously indicated
his disapproval of a measure which would make mandatory
the representation of any particular group or element on the
Board, was, according to press dispatches from Washington,
un(h'rstood to have indicated on Jan, 13 that he was not opposed to legirilatiou specifying a farmer member if tlio law
at the same time contemplated representation of other interests.
In reporting on Jan. 15 that agreement had been
reached by leaders of the Senate agricultural "bloc" on two
alternatives, designed to remove objections held by Presir
dent Harding to legislation proposing a farmer representative
on the Federal Reserve Board, the Washington press dis-
whole,
tliat
patches added:
These are expected to be presented to the White House so that tte
President may indicate his preference, which then will become the accepted
solution of the Senators supporting the legislation.
The first of the two suggestions, said to have been adopted after a series
of informal conferences yesterday and to-day between bloc loaders, was
that the proposed statute be changed to give membership on the Board to
representatives of the several phases of national industrial and commercial
effort; the second would wipe out any specific designation as to the make up
of the board, which must now include two members of banking experience,,
and leave the representation to the authority holding the appointing power.
There did not seem to have been a definite understanding among the bloc
leaders as to whether they would press their original demand that the board
membership be increased by one to take care of the farmer member.
This plan was contained in the original Kellogg bill, but the Smith
amendment altered it somewhat, and specified that the farmer member
should be selected to fill the fir.st vacancy.
In explaining the compromise
Senator KeUogg said:
bill in
the Senate on Jan. 16,
Several biUs were introduced dii.'ng the last session of Congress to cuable
the President to appoint a representative of agriculture upou the Federal
Reserve Board, one to place the Secretary of Agriculture upon the Board,
another to increase the membership of the Board to eight, and, I believe,
some others which it is not necessary for me now to discuas.
I introduced the one wliich the Committee reported, but iu reporting
it they struck out the extra member and most of the rest of the bill, but
did report a bill. Now I offer as a substitute for the bill reported by the
Committee an amendment, which I wiU not stop to road, because I do
not wish to delay the morning business, but I can in a moment state to
Senators present the difference between the present Federal Reserve Act
and the amendment which I now propose to offer.
The present Federal Reser\'e Act provides for a. Federal Reserve Board
of seven members, of whicli the Secretary of the Troasm-y and the Comptroller shall be ex-officio members, and that in the appointment of the give
remaining members the President shall have due regard to a fair representation of the different commercial, industrial and geograpliical divisions
of the country.
Senators will see that the President was not required to
appoint certain representatives, but merely to have due regard to a fair
representation of the different bufsinesses of the country.
Section 10 of
that Act also provided:
Of the five members then appointed by the President, at least two shall
be persons experienced in banking and finance.
The original bill, as reported by the Committee, simply adds the word
"agriculture" and does not increase the membership of the Board so that a
representative of agriculture could be appointed.
Many Senators have
conferred about the bill, and objections were made ta some of the amendments which directed the President to appoint a farmer, or directed him
to appoint a banker, or directed him to appoint a man of any other occupation but they were willing that the membership of the Board sliould bo
increa.sed, and that the language should be changed so as to include the
various financial, agricultural, industrial, and commercial interests of tho
country.
Now, the only difference between the present Federal Hosorve Act and
the amendment which I have prepared is that the amontlmont contains the
following clause:
The President
That
.shall have due regard
making the appointment of tho
six members
to a f.iir representation of the financial, agricultural, Industrial,
interest aud geographical divisions of the country.
is,
in
commercla
placed upon, the same basis as tho other industries of tho
was not plac(ul in the original bill, and tlio clau.sn that two
Preshall l)o l)ank(Ts was loft out and a gononil designation included here.
sumably the I'resident, of course, woul<l appoint men who have had
Afcriculture
country, as
is
it
ex))erlence in banking.
The compromise
by a vote of 63 to
was passed by the Senate on Jan, 17
Seven of those voting in opposition
were Republicans while two were Donuxirats, namely:
Pomerene, Ohio, and Williams, Mississippi, Doniocjrats;
bill
9.
Brandegeo, Connecticut; Calder, New York; Edge, New
Keyes, New Hanipsliinv, McTx>ari, Connoctiout;
Moses, New Hampshire, and W.-idsworth, New York,
Republicans.
Before final action was taken by the Senate a motion to
n;commit tho bill to the Committee was nuulo by Senator
McLean but tliis motion was defeated by 52 nays to 17 yeas.
Si-nator MeFiCan, who was one of the oi)i)osing forces ngainst
Jersey;
that "there is a bill
I)ending in the Hou.se which would di.squalify tho ('omi)trollor
of tfie (,'iirrency from acting as ex-officio member of this
lioard, and," he <!ontiruied, "if that bill Is pas-sed, if tho
(ongroHs wants to insist on putting a farmer on tho Board,
If the mimber
let it be done without increasing the number.
is increased at all," he contended, "it should be increased
nine; otherwise you will have the Board dea<lIocked at the
very time when it will be most unfortunate to the banking
Hystom of this country." A provision in tho bill adopted
the
bill,
called attention to the
fa(^t
THE CHRONICLE
248
by the Senate on the 17th by a vote of 43 to 29, prohibits
Federal Reserve banks from hereafter entering into any
contract for the erection of a building, the cost of which
An
is to exceed $250,000, without the consent of Congress.
effort by Senator Harris to incorporate in the bill a provision
fixing a maximum rediscount rate of 5% on all transactions
was defeated by a viva voce vote, as was also a proposition
by Senator MoKellar, Democrat, of Tennessee, to have
defined notes, drafts and bills of factors making advances
This
exclusively to farmers on products in their raw state.
refor
ineligible
class of paper previously has been held
of
the
opinion
discounting by Reserve banks, through an
Reserve Board's counsel. According to the Washington
dispatches. Senator Smith, Democrat, South Carolina, who
first offered the specific provision as to farmer representation.,
withdrew
his
amendment and
called
upon
his
resulted.
The
following
is
the
bill
as passed
by the Senate:
S. 2263.
AN ACT
to amend the Federal Reserve Act approved Dec. 23 1913.
enacted by the Senate and House of Representatives of the United Stales
of America in Congress assembled.
That Section 10 of the Federal Reserve Act, approved Dec. 23 1913, is
amended to road as follows:
Sec. 10. A Federal R(«erve Board is hereby created which shall consist
of olglit members, including the Secretary of the Treasury and the Comptroller of the Currency, who shall I>e members et-officio, and six members
api)ointed by the President of tlie United States, by and with the advice
and consent of the Senate. In selecting the six appointive members of the
Federal Reserve IJoard, not more than one of whom shall be selected from
any one Federal Reserve District, the President .shall have due regard to a
fair repi-esentation of the financial, agricultural, industrial, commercial
interests and geographical divisions of the country.
Tlie six members of
the Federal Reserve Board appointed by the President and confirmed as
aforesaid shall devote their entire time to the busino.ss of the Federal Re.serve
Board and s'lall each receive an annual salary of $12,000. payable monthly
together with actual necessary traveling expenses, and the Comptroller of
the Currency, as ex-official member of the Federal Reserve Board, shall,
in addition to the salary now paid him as (Comptroller of the Currency.
receive the sum of $7,000 annually for his services as a member of said
Be
currency secured by United. States bonds and, imder the general supervision of the Federal Reserve Board, of all Federal Reserve notes, the
chief officer of which bureau shall be called the Comptroller of the Currency
and shall perform his duties under the general dtrsctions of the Secretary
of the Treasury.
No Federal Reserve bank shall have authority hereafter to enter Into
any contract or contracts for the erection of any buiJdIng of any kind or
character, or to authorize the erection of any building, in excess of .5250,000.
without the consent of Congress having previously been given therefor in
express terms; Provided, That nothing herein shaU apply to any baildinic
now under construction.
Passed the Senate January 16 (calendar day, January 17) 1922.
During the two days this week the bill was before the
Senate (Monday and Tuesday) it was subjected to considerable debate.
On Monday during the denunciation and
defense of the Reserve Board's activities. Senator Glass,
Democrat (Virginia) a former Secretary of the Treasury,
stoutly defended the Board's personnel and program.
He
characterized criticism of the board as for the most part the
"demagoguery" of "eruptive politicians." and denied charges
that the Board was the cause of the heavy decreases in prices
Democratic
oolleagues to support the Kellogg substitute, which he
These
declared to be adequate and to meet all demands.
press accounts from Washington said further:
Wliiio the Senate was moving slowly toward passage of the measure, word
was received by Senators that President Harding would observe the intent
of the legislation and would name the farmer member. He had previously
Indicated disapproval of the original proposal and the compromise measure
it
Board.
The Secretary of the Treasury and tlie Comptroller of the Curroncj' shall
be ineligible during the time they are in office and for two years thereafter
to hold any office, position or emplojinent in any member bank.
Tlie
appointive members of the Federal Reserve Board shall be ineligible during
the time they are in office and for two years the^reafter to hold any office,
position, or employment in any member bank, except that this resrtiction
shall not apply to a memiier who has served the full term for which he was
appointed. Of the six members thus appointed by the President one shall
be designated by the President to serve for two, one for four, one for six,
one for eight and the balance of the members for ten years, and thereafter
each member so appointed shall serve for a t«rm of ten years, unless sooner
removed for cau.se by the President. Of the six persons thus appointed, one
shall be designated by the I'res'.dent as Governor and one as Vice-Governor
of the Federal Reserve Board. The Governor ol the Federal Reserve
Board, subject to its supervision, shall be the active executive officer.
The Secretary of the Treasury may assign offices in the Department of the
Treasury for the use of the Federal Reserve Board. Each member of the
Federal Reserve Board shall within fifteen days after notice of appointment
make and subscribe to the oath of office.
The Federal Reserve Board shall have power to levy semi-anually upon
the Federal Reserve banks, in proportion to their capital stock and surplus,
an assessment sufficient to pay its estimated expenses and the salaries of its
members and employees for the half-year succeeding the levying of such
a-ssessment, together with any deficit carried forward from the preceding
half-year.
The first meeting of the Federal Reserve Board shall be held in Washington, District of Columbia, as soon as may be after the passage of this Act,
at a date to bo fixed by the Reserve Bank Organization Committee.
The
Secretary of the Treasury shall be ex officio Chairman of the Federal
No member of the Federal Reserve Board shall be an offiany bank, banking institution, trust company, or Federal
Reserve bank, nor hold stock in any bank, banking institution, or trust
company; and before entering upon his duties as a member of the Federal
Reserve Board he shall certify under oath to the Secretary of the Treasury
that he has compiled with this reauirement. Whenever a vacancy shall
occur, other than by expiration of term, among the six members of the
Federal Reserve Board appointed by the President, as above provided, a
successor shall be appointed by the President, with the advice and consent
of the Senate, to fill such vacancy, and when appointed he shall hold office
for the unexpired term of the member whose place he is selected to fill.
The President shall have power to fill all vacancies that may happen on
the Federal Reserve Board during the recess of the Senate by granting
commissions which shall expire thirty days after the next se-ssion of the
[Vol. 114.
of agricultural products.
On
Jan. 17 the press dispatches from Washington said:
Senator Glass, resuming a speech' begun yesterday on proposed changes
in the Federal Reserve Act which would place a farmer on the Reserve
Board, said there was "absolutely no excuse" for the barrage of attacks
which had been leveled at the Reserve System.
"Why not tell the farmer the truth' once?" queried the speaker. "Why
insist on drawing the picture of deflation and credits as the monster whicb
brought reduced prices, not alone on the farmer's products, but on all
commodities? Why not show that a Ibt of bank.s did not take advantage
of the resources of the Re,serve System and thereby impaired and limited
their own ability to aid?"
Mr. Glass declared that "instead of the nonsense" spread among the
farmers about how they had been victimized, the farmers should be told to
"organize" not to become the plaything of fUnatics, but for intelligent
research, for co-operative marketing and to investigate and meet the
influences which may affect the prices of their products.
Senator Non-is (Republican) of Nebraska, in voicing his
views on Jan. 16 said in part:
To my mind, the bill has been given an Importance vastly beyond what
deserves.
I do not think anything will be accomplished by t. even if
the bill and all of its amendments and all of its substitutes should become
law. and yet I am in entire sympathy with what the bill or those who are
behind the bill and the amendments are trying to accomplish. They
want to get more consideration for agriculture. They feel that agriculture
has not been treated fairly. I agree with both of those propositions. So
it has been proposed to introduce a bill which will provide that a farmer
shall b placed on the Federal Reserve Board, a man who is a reaUy, truly,
dirt fanner as is said.
The farmers of the country have been given to understand that they
are going to get great relief by the passage of the bill and get representatioa
on the Federal Reserve Board. They are going to be fooled again. Tha-e
will be no relief any more than there is now so far as the Federal Reserve
Board is concerned. After all. we can not by a legislative act take away
the discretion that is vested In the appointing power. Under the law as
it stands now the President can appoint all farmers, practically with the
exception of two yes; he could get all farmers as members of the Federal
It
—
Reserve Board if he desired.
If we enact a law that will say in so many words that he must appoint
one farmer he can comply with the law and appoint a farmer who will
be the worst enemy that the farmers ever had on the Board. There is
no doubt about that.
The Pre-sident without any change in the law can appoint a man who is
not a farmer who will be the best friend that the farmers have when he gets
on the Board. In other words, it will not be difficult to go out and pick
a farmer or a lawyer or a preacher or a banker or a manufacturer and get
a man who will be fundamentally, from the bottom of his heart, out of
sympathy with the particular line of business with which he is identified
and
classified.
we will have a farmer on the Federal Reserve Board, and after
that everybody in agriculture will prosper. But, Mr. Prosid< nt, the
appointing power could select a farmer who is more reactionary than any
Wall Street banker that ever lived, if he wants to do that. There are
plenty of them whom he could get. On the other hand, without having
the law designate that a farmer must be appointed, the FYesident could
appoint somebody who is a farmer, who is a lawyer, who is a preacher,
who is a manufacturer, and by that very act appoint somebody who is in
entire sympathy with agriculture and would comply entirely with those
conditions that those who are favorable to assistance to agriculture would
It is said
Reserve Board.
desire.
cer or director of
all, in my judgment it is nothing but camouflage; and. while
probably vote for some of the proposed substitutes, so far as I am
concerned I shall do so more as a protest against the action of the Federal
Reserve Board in the last two or three years more than for any other
reason.
I myself think the Federal Reserve Board deserves crticisim. and
1 tliink the foeUng that it deserves criticism has brought about the sentiment
which is behind this bill. Yet the bill itself can not directly accomplish
Senate convenes.
Nothing In this Act contained
powers heretofore vested by law
shall be construed as taking away any
in the Secretary of the Treasury which
management and control of the Treasurj' Department and bureaus under such department, and wherever any power vested
by this Act in the Federal Reserve Board or the Federal Reserve agent
relate to the supervision,
appears to conflict with the powers of the Secretary of the Treasury, such
powers shall be exercised subject to the supervision and control of the
Secretary.
* The Federal Reserve Board shall annually make a full report of its operations to the Speaker of the House of Representatives, who shall
cause the
same to bo printed for the Information of the Congress.
Section three hundred and twenty-four of the Revised Statutes
of the
United States shall be amended so as t.o i-ead as follows: There shall
bo in
the Department of the Treasury a bureau charged with the
execution of all
laws passed by Congress relating to the Issue and regulation
of national
So, after
I
may
anything.
Tuesday's debate was marked b5' a criticism of the Federal
Reserve Board in sanctioning the erection of a building by
the Federal Reserve Bank of New York involving expenditure
as alleged of $20,000,000.
REPRESENTATIVE McFADDEN AND SECRETARY
MELLON IN SUPPORT OF BAN ON TAX-
EXEMPT
SECURITIES.
Indorsement was given to the proposal for a constitutional
prohibiting the issuance of tax-exempt securities
by Secretary of the Treasuiy Mellon at a hearing on Jan. 16
At the
before the House Ways and Means Committee.
hearing Representative McFadden, of Pennsylvania, Chairman of the House Ways and Means Committee and author
of an amendment to this end, urged action on the proposed
amendment
,
Association, the American Railway Association, the National
Electric A.ssociation and the United Gas Improvement Co.
of Philadelphia, and D. S. Kloss, Tyrone, Pa., a director
of the Pennsylvania Slate Chamber of Commerce.
Mr.
Secretary ISIollon, it is said, while not approving
the MeFailden bill in tolo, indorsed its basic principle. Mr.
Mellon, it is learned from the "Journal of Commerce,"
account of Monday's hearing, asserted that there had been a
marked increase in the amount of tax-free bonds outstanding.
Of .$10,600,000,000 in circulation on Jan. 1 1922, he estimated that $5,600,000,000 were held by large insurance
companies and by corporations of this kind, which are required to keep securities of this na,ture as reserves. The
other securities, he said, were held by indi\'iduals. The
holdings of tax-exempt securities were listed by the actuary
as follows: State, County and minor political subdivisions of
the States, $8,142,000,000; United States ta.x-free bonds
(net outstanding) $2,184,000,000; Federal Farm Loan bonds^
^284,000,000; bonds of insular possessions, .'i;50,C00,000!
legislation.
Gad:sden sta;ted:
To get money we are compelled
to compete in financial centres with States
and municipal tax-exempt securities. Eight per cent has come to be almos
the minimum at which money can be borrowed.
Including the railroads, the public utilities of the country need billions
It Is even of more Importance that they get money than the
of dollars.
municipalities got money, for money borrowed by municipalities Is no t
always put to the best uses.
Mr. Kloss filed a copy of resolutions, adopted by the Pennsylvania Chamber of Commerce, which he said represented
40,000 industrial and business concerns, favoring the McFadden proposal. Representative Young, North Dakota,
a Repubhcan member of the Ways and Means Committee,
is said to have stated that the committee was "pretty well
agreed" on the advisability of prohibiting issuance of tax-
,
The "Journal
of
Commerce"
M9
THE CHRONICLE
Jan. 21 1922.]
also said:
Secretary Mellon filed with the Oommittre statements from the actuary,
declaring "if all the tax exempt securities outstanding on Jan. 1 1922 were
made taxable, the gross increase in revenue to the Government would
be approximately $120,000,000." He figured that a taxable seciu-ity to
yield the same revenue, after paying a tax of 12'/i%- as does a 5% tax
but had not determined how the resolution,
which after adoption by Congi-ess would be submitted to
States for ratification, should be worded.
Representative
Garner (Democrat), Texas, asserted there was danger of
Congress levying taxes on securities to the point where they
free bonds,
exempt security, must yield ,'i.714.
Chairman Fordney interjected to state that he was seriously considering
whether t would not be better to have all securities exempt or all subject
i
Referring to the loss of revenue, he declared that individuals
in excess of 810.000 a year had an aggregate net income
of 80.740,000,000 and that the Government had taken in taxes •$1,049,000,000. or 18. 2% of it all.
Secretary Mellon said that he did not see how Congress could enact a
law ^^ hich would stop the issuance of tax-free securities during the interim
from the time that Congress passed a bill until it was duly ratified by the
States.
He declared that ho did not believe tliis adoption would have
any appreciable bearing on the securities which were tax free. He admitted
that the Federal Farm Loan bonds "would have to bear a higher rate of
to taxation.
could not be sold.
having incomes
SENA TOR FLE TCHER ADVOCATES TAX-EXEMP T
SECURITIES.
An argument
Duncan U.
Committee on Banking and Currency, was inserted in the
"Congressional Record" of Jan. 12 at the instance of Senator
Ransdell. Senator Fletcher's declarations, in which he
characterized as unsound the proposal for a constitutional
amendment doing away with tax exempt securities, were
made in an article which appeared in the "Journal of Commerce" of Jan. 3, reprinted as follows in the "Record":
TAX-EXEMPT ISSUES SHOULD BE ALLOWED.
interest."
"There were issued during the calendar year 1921 fully tax exempt securiStatee and municipahties to the aggregate amount of about SI ,100.000,000 and the indications are that further issues will follow dm-ing the
current year in substantial volume," he said.
"The greatest \alue of the full exemption from taxation surises, of course,
from the exemption it confere in respect to Federal income surtaxes, and
the constantly increased volume of tax-exempt secui-ities therefore constiAt the
tutes a real menace to the revenues of the Federal Government.
same time it makes the high surtaxes operate as inducements to investment
in non-protective indebtedness and in gradually destroying them as revenue
ties of
Proposal for Constitutional Amendment Un.soimd.
Argtunents for Abolition of Privileges of States and Municipalities do not
Equal Reasons for Their Maintenance:
Bu Senator Duncan U. Fletcher, of Florida, Member Senate Committee on
Banking and Currency.
Proposal is made to amend the Constitution of the United States in order
that holders of securities issued free from taxation in pursuance of State
and municipal laws may be rendered to pay taxes on the income derived
from such securities to the Federal Government.
The proposal is based on the claim that capital in large amounts seeks
such securities In order to escape taxation, thus depriving Industry of the
benefits of financial support which would otherwise be furnished, and at
the same time enabling large Investors and capitalists to escape taxation,
thereby denying 10 the Goverrunent the revenue they should contribute.
If these assertions were true the case would be practically closed in favor
of the proposed amendment.
But the arguments offered are challenged for the following reasons:
1. There is no proof that exeihpt securilles outside of United States
bonds are hold In large amounts by men of large incomes. And who can
say with certainty that investment by this class of investors (In United
States bonds) is Inspired more by a desire to escape taxation than by patriotic
motives and safety.
2. Such amendment cannot affect outstanding tax exempt securities and
therefore no Increase of Federal revenue can come from outstanding issues.
3. The amendment would deprive States and municipalities from procuring future funds at a low rate of interest, and thus prevent development
and progress In tho way of essential public Improvements,
4. The class of funds which go into tax-exempt securities comes largely
from estate and trust funds, for the benefit of widows and orphans, by
reason of the fact that tho element of speculation (consequent from high
interest rates) must be eliminated from such securities, tho safety of the
principal being the first requisite.
Again, capitalists will not, simply to <'scai)e a rea-sonable income tax,
invest in securities paying from 4'-^ to G% when tlioy are able to make
many times tills per cent by investing in some business or enterprise.
Th(^ income taxe.s now levied are not iiigh for ordinary incomes and are
nioro likely to be reduced than increased.
producers.
"As a consequence, the yield of the surtaxes is dwindling and there is a
premium on the issue of bonds of Stat€s and cities. In the last analysis this
is at the expense of the Federal Government, and it is having a most unfortunate and far-reaching effect upon the development of the whole
country becau.se of the diversion of wealth from productive expense."
Representative McFadden stated that it was estimated
that approximately $16,000,000,000 of tax-exempt securities
had been issued by the Government, the States, counties
and municipahties. the amount being divided about equally
between the Government and the other political divisions.
The New York "Times" reported Mr. McFadden as saying
at the hearing:
In the last few years we have seen the personal wealth of the country so
rapidly segregated Into the tax-free class that whereas the taxable income
of individual taxpayers under the Federal Income Tax Law was $992,972,985
in 1916, the amount decreased to $731 ..372.05:5 In 1917. and to $392,247,329
in 1918.
It Is not to be supposed that the actual Income of these taxpayers
had thus decreased. On the contrary, it is a reasonable conclusion that
they have conrerted their wealth Into tax-free securities so rapidly that at a
similar rate of conversion they would be practically free of all Income tax
by 1922.
It has been estimated that more than $1 ,000.000,000 of State and municipal tax-free securities were Issued In 1920.
In that year, if these securities
were held by the wealthy, whose Federal Income tax was 73% of their total
Income, the loss to the Government would have been over $35,000,000 if
the Interest had averaged 5%.
Granted that there may have been an apparent saving to the States and
subdivLsions Issuing these bonds of J^ of I
per annum, the saving on a
billion dollars of 5% bonds ia only 35,000,000 a year, or one-seventh of the
%
annual loss In taxes.
Railways, public utilities and other Industrial enterprises cannot compete
on this basis and are now being deprived of the capital which they neCd for
expansion.
This Is a serious handicap to normal progr(»K of Industry which
should be terminated.
Greater Xlclds Available.
The.-d
The
issuance of tax-extnnpt securities by the Government, Statfn and
political HUbdivlflions, because of the ease of obtaining funds, cncoiimgo
debt, public extravagance and public Iniffflclency In (;xj>(;ndlnK funds ko
raised.
Furthermore, the bonds for the rcectlon of a school honsci or tho
building of a highway roprescnt capital cmploycid temporarily anrl tlHTi'foni
unproductive. Tho name amount of money Invested In an InfliiKtry of
permanence and continuous operation Is productive In tlio Hi)riK(! that It
Insures the permanent employment of labor.
Allowe<l to continue, the
Uauance of tax-exempt bonds encoiiragiai all pollllral units rapidly U)
approach their bonding limit, wli<-n the burden of taxation thus ccutcd may
become so heavy as to force, confiscation of their property.
As tho bonding powr-r of the cities becomes exhauslcfl. their crwilt
position also b(!com(« Impaircid. and to that extent the rridll poHJtlon of
tho State alwi becomes Impalrcfl, and In turn that of Mm Govcriirm-nt.
This proposition to amend tho f^onstlHitlon pluccs all forins of Invi-wttiient
on an equal basis of compiitltlon and i-stabilKhes (!(|iiallty and asHiirnpHon
of tho tax burden by all people.
The principles of the < lonstlliillon are
now being undo'ormlnod by tho lno«|uallliiis of taxation n-niiHInK from tho
Issuance of tax-exempt securities.
Under thl.i proposal the (iovernmont. States and political subdivisions will
have equal rights of taxation upon all securities Issued by IhcTm after Its
enactment and rutifiratlon.
This proposal will not incroa.«o taxes In any manner whalMoovnr. It will
merely change the method and equalize tho distribution of tho burden.
The adoptir)n ()f the aineiidinent waH urg<(l by Pliilij) II.
Gndsden of T'!iila(l(lj)hia, rcprcHcnting the Ani(Ticaii Gas
in support of tax-exempt issues by Senator
Fletcher, of Florida, a member of the Senate
.Ire
numerous, almost
opportunities whtire
l)ii.sineHs
tlu^
of 20%. and llie capitallHt will
the certainty of r, or C"/,
nunilx'ricss, industrial. roMimercIa! and
earnings will yield \0'/r, wllli a poNslblllty
not forego such undertahings iiicrrly for
.
Without
(he dislike for taxes and the <|ulle f^ciieral desire to
Kcape all kinds of laxalloii, placinK the mjil.ter on (he foolinK of s»»lfIntercst, the capllalist generall.v looks for greater canilnKs and does not
tie up his capital In low Intcri'st bearing .scciirltii'.H, even (hough tlicy are
tax freo.
Rnferenre (o the debati's (»n the reveiiiii' liiw of this y<>iir, where nctua 1
Inconies are slated
and if l( were pii.sMlbln to obtain a'-cess to lli<< records
In the ofrice of the ( 'i>iMniiNNlr>ner of Internal Keveniie additional proofs
eould he hiifl show (hat a
or d'!, Irivestnic-nt offerH no Indueement to
those onJoyliiK (he )llvldondN and profKH arising frnm rerlaiii liimlnoss
qiii-.Htionlng
•
.'»
vifnliires.
Take any rin.-iiirlal Journal anil iifile (lie i|uolallons on bank stock, hoiidH
of rorelgn goverriiiieniN, rallroiidH, IiwIiimI rials, pulillc ulllKleN, stoekN In
certain corporal Ions, to say iiotlilng of InveNlnieiils not (pioted, compare
the (oinl IndehlednenN. .vleldlng Itirome 111 the way of IndreHt. wKli (lin
amount Invested
li'S, and you fliid nil answer (.0 the
daiiK'T that a larKo (lortlon of the tiloMey In the
raiildly rindliiK IIh way Into non-taxiilili' seciirltlivt,
'I'lie per-
In tiix-exeiii(»(, mstiirll
arKUinent that there
eoiinlry
reiituge
Is
Is
priictleally lietdiKllile.
orrirlnl rigiires itT tax-exempt IJnlt,<wl States
Is
bonds nnd notes, of l)ond
Issued by Ke<|eral anil .loliit .MtrK-k Land banks, of liiiiids issiteil by oil
Insular possi'HNlonH. also the Census figiires of Htiilo and municipal bond
may^lra atal^ol as follows;
'
r
THE CHKONICLE
^50
Gross and Net
Amounts
of Tax-Exempt Securities Outstanding.
Gross Amount
Outstanding.
Held by
Net Amount
the
Outstanding.
Treasury.
Date.
$141,213,160
Sept. 30— Pre-war debt
$883,784,050 $742,570,890
Sept. 30—
Liberty bonds 1,410.074.050
1,362,650 1,408.711.400
557,055.600
196.000
Victory notes
Sept. 30—
557,251,600
671.461.557
-Sept. 30 War Sav. securities.
671,461,557
3H%
3M%
—
Total Federal bonds
Federal Land
—
bonds
Oct. 31 — Joint Stock
Oct. 31
$420,763,315 $183,000,000
70.000.000
744.382.933
$237,763,315
-
77,705.000
5.458,000
64.542.000
744,382,933
-.
77.705.000
State bonds, 1919...
City bonds, issued by
with population of 30.000 and
over. 1919
3.904.353.844
Bondsissued by councities
ties, cities
and
civil
3.904.353.844
all
divi-
6,600,000.000
sions. 1913
6.600.000,000
Exclusive of the Federal bonds, the securities mentioned are Issued for the
purpose of accomplishing some important public improvement or development or for productive purposes.
County Financing.
For instance, a county after a vote of the people authorizing it issues bonds
to order to raise the
money
necessary to construct public roads.
It
is
important that the bonds bear a low rate of interest and that they be sold
at par. a small commission being charged by the broker marketing them.
If the income derived from them is to be taxed, there will be difficulty In
selling them, the interest rate will have to be increased, and the commission
on their sale will be greater, or they must sell below par. thus indirectly
tocreasing the rate of interest.
The investor who takes them really contributes to the public welfare as
much by taking them at the low rate of interest as he would be by taking
them at a discount or at a hiarher rate and paying the Federal Government a
tax on the income derived from them. Tiie public derives the benefit of the
tax-exempt feature rather than the investor. Without this feature it would
not be possible to build roads, reclaim lands, construct water works and
make public improvements where needed and most desirable, all of which
is now beins done from the proceeds of such bonds.
In many instances States will find it very difficult, if not impossible, to
obtain their proportion of the $75,000,000 now available under the recent
Federal Highway Act if the bonds issued to raise the funds necessary to
match the Federal aid were Jiot exempt from Federal taxes.
Federal
Land Bank Bonds.
The argument against tax exemption will be applied to the Federal Land
Bank bonds, which are now exempt from all taxation, the proceeds of
which are loaned to actual farmers producing the nation's food. If the
purchaser should be obliged to pay an income tax on them it would be
necessary, in order to .sell them at par (and it is inconceivable that they
.should ever be sold at less), to increase the rate of interest, which would
mean the farmer would have to pay this increase.
Take away the tax
exemption and you will have to remove the maximum interest charge of
6% to borrowers now fixed by the Farm Loan Act. Exorbitant interest
charges and time prices have cursed the farmers of this country in the
past.
No other indu.stry could have borne such burdens and survived.
There can be no gener.nl prosperity unless and until the f.irmer prospers.
We have a system provided by the Farm Loan Act under which the farmers
of the country are obtaining some financial accommodations on terms
and rates they can meet. We want to improve and enlarge these accommodations. The bonds bear 5% and sell at par. Five hundred million
dollars have been fiu-nislied the farmers of the country under that system.
If these bonds shall be taxed, or the income from them, it is inevitable that
the borrowing farmer must pay it, which he cannot do and prosper from the
ver.v nature of the business.
The rate of interest on the bonds wlil have
to bo raised, and to that extent the interest the farmer must pay will be
increased.
The borrowers should pay not exceeding one-half of 1% more
than the bonds bear.
Private interests wish this done for reasons there is not space to discuss
here.
They always opposed the requirement in the Farm Loan Act that
these bonds should be exempt from all taxation.
Their opposition has led up to. if, indeed, it did not originate, this idea
of taxing all securities.
I am imalterably opposed to disturbing this tax-exempt feature of Farm
Loan bonds as interpreted by the United States Supreme Court.
Kvcn now the Farm Loan Board claims that the public will not absorb
more than !*150,000.000 annually of these bonds. That .sum' does not half
supply the demands of the farmers of the countrj'. Another proof that
capital is not o\erdoing it in looking for tax-free securities.
sorely nec<l more investors, more n;oney to take more of these nontaxable bonds. Let it come. Why discourage it?
We
Exempt on Local Taxes.
tax-exempt securities as proposed means an increase in
interest rates, and consequently increase in taxation by State and local
governments to meet additional interest charges, or else the abandonment
of public improvements under local authority, and the discontinuance of
progress in the betterment of social life.
Even if the proposed amendment should receive the required vote of
Congress. I do not believe a sufficient number of States would ever ratify it.
To do away
wit;h
As the
ability of tax is the abilitj' to d.<>stroy, St.ates and municipalities
axe not lilcely to accord to the Federal Government the right to throw
obstack^s in the way of the procurement of capital which they consider
sufficiently ossenti.al to their own prtxspcrity as to exempt it from taxation.
They will I'easonably contend that local opinion should govern as to their
own requirements and
that the present Is a wise provision of the Constitution
by the Federal (government, and restrains
it in the gr.osp for additional power.
The considerations herein mentioned may well cause us to emphasize the
caution contained in the President's address to Congress of Dec. 6 1921.
which prohibits such
intei-ference
to nit:
''Such a change in the Constitution must be very thoroughlv considered
before .submission.
There ought to be known what influence'it will have
on the nievitable refimding of our vast national debt, how it will operate
on the neces.sary refunding of State and municipal debt, how the ad^'antages
or nation over State and municipality, or the contrary, may be avoided."
Is it possible that international bankers would like to remove
these taxfree securities from competition with the enormous offerings
of foreign
bonds they handle?
There is almost scandalous propaganda to induce the cancellation of debts
due the United States by countries, some of which are claimed to be bankrupt; but these bankers do not hesitate to unload on the American public
the bonds of these so-called insolvent countries at any figure they can get
from 25c. on the dollar up. Is there a reason why these people should favor
taxing American securities now exempt? I am inclined to think there is
some ulterior purpose behind this movement, which I have been unable
to fathom.
-.$3,522,571,257 $744,129,540 $2,778,441,717
bank
Land
bank bonds
Philippine. Hawaiian
and P. R. bonds..
other
[Vol. 114.
CONGRESSIONAL PLANS FOR SOLDIER BONUS BILL.
In party conference, on Jan. 18, Senate Republicans voted
enactment the Allied Debt refunding bill and a
soldiers' bonus bill in the order named.
The press dispatches from Washington that day also said:
to press for
The vote to press the refimding bill was imanimous. but the conference
divided on the bonus measure, unofficial reports giving the result as thirtyone for and two against, with some opponents either absent or withholding
their votes.
Republican leaders said, however, that the size of the majority
insured passage of a bonus bill at this session.
While there was no division on the Allied debt bill, it developed that the
measure, as reported by the Finance Committee, met with some objection,
inquiry being made especially as to the reason for the elimination of the
provision requiring semi-annual payment of interest on the refunded bonds
of the debtor nations.
It was understood that Senator Borah of Idaho, and
some other Republicans were ready to join with Democratic Senators in
demanding that this provision be Retained in the measure.
Official spokesmen for the conference took pains to make It clear that the
majority Senators had declared for "a bonus bill" and not the particular bill
which was referred back to the Senate Finance Committee last July on the
recommendation of President Harding. Some leaders said, however, that
the measure to be reported to the Senate undoubtedly would be similar to
that one in so far as the five ways for pajrment of adjusted compensation
were concerned.
Most of the discussion of the bonus centred around the means of providing
the necessary funds. Some Senators favored a measure carrying merely an
obligation against the Government, with payments to be made out of current
receipts as money was avaUable for the purpose, but it was said that the preponderance of sentiment was for a specific provision that the financing be
done with the funds derived from the sale of refunded British bonds in the
United States.
Sales
Tax Urged.
This brought up the question of a sales tax or some other special form of
taxation, proponents of a sales tax arguing that some such plan would be
necessary to bridge the gap between the time of the passage of the bonus
legislation and the time that funds from the sale of the refunded British
bonds would become available. They were understood to have argued that
the money from the bonds might not be available for several months for a
year after the bonus bill was passed as the refundlQg negotiations might
consume considerable time and some time might be necessary for the sale
of the bonds.
Further reference to the Allied debt refunding bill is made
in another item in to-day's issue of our paper.
As to the
bonus bill it was reported on Jan. 7 that a general agreement
for the inactment in the present session of a bill for former
service men had been reached at the conclusion of a White
House dinner conference that night between President Harding and a nmnber of Senators, Representatives and Cabinet
officers.
That day's press advises from Washington added:
The plan contemplates,
it was understood, that the cost of t!io bonus
be defrayed. If po,ssible. from receipts from the Allied debts to the
United States. If these are not sufficient, it was said, it was tentatively
suggested that a sales tax might be supported by the Administration for
will
the purpose.
All the agreements reached to-night were provisional, it was emphasized
by those who attended, and subject to revision if a further canvass of sentiment among Republicans in the House and Senate should make it necessary.
Other items of legislation under discussion included the permanent tariff
and the refunding bill for the Allied debt.
As to further developments we quote the following from
the press accounts from Washington, Jan. 13:
The soldier bonus bill will not be made a part of the Allied debt refunding
bill. Chairman McCumber, of the Senate Finance Committee, said tonight,
after a series of conferences had been held between Senate leaders to discuss
the desirability of merging the two and it had become known at the White
House that I'res' dent Harding did not look with favor upon the suggestion
that they be combined.
The foreign debt bill, Mr.
McCimiber said, would be taken up by the Finance Committee Monday, in the hope that it would be put in shape at that
tima for reporting to the Senate. It is the intention, he added, to eliminate
some of the features to which the Treasury Department has objected, and
which has resulted in the measure being held in committee for several weeks.
These include provisions for semi-annual payment of interest and that the
Interest rate shall not be less than 5 %
The President's objections to the merger were said by callers at the White
House to-day to be based on his desire for the assurance that provision definitely would bo made for payment of the bonus.
So far as the refunding bill
is concerned ho was said to believe that the refunding process should be
developed to Insure returns from the Allied loans before steps were taken to
pledge them for a bonus.
He was represented, however, as not hostile to the suggestion that the interest or principal of the jMlied loans be used for paying the bonus, once they
were available, and it was stated definitely that ho also would not oppose a
sales tax for the purpose of paying the bonds if Congress should decide upon
that plan.
The President, however, was said to regard as impractical a suggestion
that over $400,000,000 in the hands of the Alien Property Custodian be used
for bonus payments.
These funds, it was said, were regarded as pledged
technically to private individuals whose property was taken.
On
Jan. 18 the "Journal of
Washington Bureau
Commerce"
in advices
from
its
said in part:
The Senate Finance Committee took initial steps to-day toward the consideration of means of raising revenue with which to meet the cost of soldier
bonus legislation, ordering Joseph F. McCoy, actuary of the Treasury Department, who is assigned to the committee, to procure at once an estimate
of the sums of money that might be raised by taxes on gasoline, stamp taxes
on bank checks and other money drafts, legal documents and by increased
postage.
'Hi
THE CHKONICLE
Jan. 21 1922.]
According to present plans, these taxes will be supplementary to a manufacturers' tax on specified articles, the latter being considered in lieu of an
out and out sales tax, to which some of the members of the committoo are
opposed.
The committee will use the report to be presented by Mr. McCoy as a
It is considered
basis of a plan to raise $1,600,000,000 in thirty months.
that this will be sufficient to start the legislation and thereafter there will be
available payments of interest under the foreign debts.
Senator Lodge, Curtis and Watson (Indiana), the three Senate leaders,
were in favor of combining the Foreign Debt Funding bill, reported to the
Senate by the Foreign Committee to-day, and the Bonus bill, but this plan
Harding, who has been firm
based ou the foreign debts at
the outset because of the uncertainty and indef Inlteness of payments by the
was not
in accord ^vith the views of President
in his contention that the bonus should not be
foreign countries.
Senator Watson told the President that the linking together of the two
measures would help each of them, and without a bonus amendment, the
Funding bill will have a rocky road to travel in the Senate.
"But the President would not have it that way," said Senator Watson,
"so we have started into ascertaining sources of revenue by instructing the
Treasury experts to get busy."
OX "THE TREASURY'S CURRENT
PROBLEMS—FIGURES AS TO DEBT RETIREMENT.
S. p.
GILBERT,
JR.,
At the annual meeting of the Pennsylvania Bankers
Association at Philadelphia on Jan. 12, S. P. Gilbert, Jr.,
Under-Secretary of the United States Treasury, told of the'
problem confronting the Treasury- in aiTanging to finance the
maturing debts of the Government arising from the war,
and to pro\-icle for the funding of such as have to be refunded. Mr. Gilbert, noting that the Treasui-y had been
able to transfer about 700 milUons of the short-dated debt
to somewhat later maturities, and mth the help of the sinking fund has made some reductions in the short-dated debt,
and improved the distribution of that which remains, said
that the problem is now to provide for the S}4 billions of
Victory notes, the 82,200.000,000 of Treasury Certificates
and the S700,000,000 of War Savings Certificates which are
stiU outstanding and wiU mature within a year and a half.
To refund this 63^ billions of debt, Mr. Gilbert said, "vnH not
take any new money, but it will involve operations of a magnitude unparalleled in time of peace, which wiU have to be
carried on with the gi-eatest skill in order to avoid financial
strain or disturbance to the security markets."
Treasury
certificates, he continued, "have established a place for
themselves, and a substantial part of the amount now outstanding can undoubtedly be carried along to good advantage in the form of Treasury Certificates." He also stated
that "the maturit3' of War Savings Certificates the Treasury
has already begun to provide for through the new issue of
Treasury Savings Certificates." Stating that "the 33^
billions of Victory Notes present the greatest problem," he
noted that it is "the Treasury's policy to retire Victory Notes
from time to time whenever the opportunity offers, through
the sinking funds and other similar operations, through successive sales of short-term notes, and perhaps through longerterm operations if market conditions should prove favorable.
In this way the Treasury plans to spread the 0]^ billions of
short-dated debt, which is now concentrated in relatively
few maturities, within the next year and a half into 'a progressively smaller aggregate amount of better distribut(;d
maturities' extending over a longer period."
The following
is Mr. Gilbert's address in full:
The fiindamfntals of the Treasury's problem ai'o not difficult to uiid<rrBtand. and It would bo helpful if p<;oi>le genorally undi-rstood them butler.
Like everyone ebte, the Oovernmijnt hun th(^ proljlem of living within its
income, and lut you all know this (jovernm'-nt Is now doioK it. The (»f)vemmcint's income arises chiefly from taxation, willi Important additions
from ciiHtonm revenue and salvage, and the problem then; Is to provldi;
sufficient revenue to meet the nrwrdH of the Tre-asiiry and at the same timi;
to adju^ the system of tax;ition in .sueli a way ;i.s to avoid iinr>osiiig undue
burdens on the country, particularly on productive lndustr.v. Then the
(iovcrnment has debts, cliiirfly a« the nwult of the war, and the.se debts
mature from timj to time. It m the probl<!m of the Treasury to finance
th<»t<! maturities and to iirovlfle for the funding of such a.s have to l)e reproi?ram, with re'.?ard to lifilli receip...s and expendilun* and the dcl/L.
that will provide in orderly colirsji for the retirement of Ihi; |)Ut)llc debt, for
It in the traditional policy of tliln f /overnniont to set about paying Its del>lM.
To bo more HpeelfIc, the Tre.i.sury'» ever-present problem, of course. Is
the public debt, which now anioUiitH to almrmt 21 U billion dollars.
Of
thUKreat debt, about HV-J billion doll.'trs falls due within ttie n'-xl, 17 riiotillis,
over :i>/i blllion.s of It In the form of Victory .VoIch, which mature .May '20
IQ^I, about 82.200.000.000 In the form of Tre.iMUry cerlirieiiU)s, whieh
mature at v.irious daUtH within a year, aiul nearly $700,000,000 In the for
War
mature .Ian.
102:1. or may be redeemed
bfTfore that time.
VVItlijri but little more th.in a year l.iier there will
mature about $W)0,O00,0f)0 .vhlitlonal or<|ebl of whirii slifirt I'-rm Tre isury
notes make up about 8700.000.000 and War S;ivin-.^s {Jertlflcates about
$100,000,000.
This summary of the early maturities of the d^-bt shows that
the Treasury ha>i lis »<>rk to do for th(! next few years, and (h it with Miesci
va-st oi)er.itlons to conduct It U of more than ordinary Imp
that the
n
biidgif. should balance year by year, orfllnary re<;eipls
Unary
expend itunrs. and leave nr> d'^lcit to he covered by new bo;
of
HaviiigM
(
.'erf
ifleates. whicii
1
.
'
The
debt.
CBsenee of the flovernmeni.'g policy with renpect to the
exprf!WKd by the i'resident In his first address to '
a.s
and ifraclual Ihpil'lation." It Ik clear thai the ((renter
part of the 6*^ bllllonn of debt which Is about to mature will h.ive to be
refunded, and the Tre.isury'n effort in to fuml li In such a way as to distribute the debt In the niogt Convunlvnt maturities .and at the H.iinii thno
"ordr-rly funrlliiK
251
avoid spectacular refunding operations that would disturb business and
upset the financial markets. It is easier to appreciate what a task this is If
one recalls tliat the First and .Second Liberty Loans together amounted to
only al)out S;.5,S00.000,000. that these loans wore floated through stirring
campaigns of about one month each, under the stimulus of war enthusiasm,
and tliat several million people as a matter of patriotic duty devoted the
best jiart of their time for several months to assure the successful flotation
Now the war is over, tlie last Liberty Loan campaign is
of the offerings.
almost three j'cars behind us, and we could not revive the I.,iberty Loan
organization or reproduce the Liberty Loan campaigns if we would.
Nor
would it be advisable in peace time, if it <;an possibly be avoided, to carry
on country-wide popular drives to sell Government securities that would
interfere with the normal activities of the people and disturb the financial
markets.
The Government Is of necessity the largest borrower in the country, and
its operatioss in the cour.se of a year run into many billions of dollars.
It
is accordingly a matter of the first importance to the general welfare that
the Treasury conduct these operations with the minimum of financial strain,
and, so far as possible, without interfering with the normal demands of
At the same time it is important that the Treasury
business and industry.
appear in the market as infrequently as possible and that its borrowings of
all kinds be at the lowest rate consistent with the distribution of its securities
among investors, not only because of the necessity of economy in Government expenditure, but also because of the relation between the Treasury
rate and the general level of Interest rates on other obligations and securities
throughout the country.
With these considerations in mind, the Treasury has developed during the
years which have followed the Liberty Loan campaigns a system of distribution of its short-term notes and certificates through the Federal Reserve
banks which depends in large measure upon the purchase of the securities
In the first instance by banks throughout the country, and their resale to
From small beginnings this system has developed
intending investors.
into a most effective agency for the orderly distribution of Government
securities among investors, and it has proved quite as adaptable to the sale
of short-term Treasury notes as to Treasury certificates.
At the same time
it is a system of nice adjustments, which requires the Treasury to gauge
market conditions accurately, as
to time, rate
has squarely adopted the policy of
and amount.
The Treasury
selling its securities on an Investment
and without artifical assistance from
meet the market
Federal Reserve Bank discount rates or otherwise. In this connection
there has developed an active open market for short-term Treasury notes
and certificates and all outstanding issues are now quoted and actively
bought and sold on the markets. In the remote sections of the country the
Federal Reserve banks themselves act as the chief markets, but generally
speaking the Treasury and the Federal Reserve banks have endeavored to
encourage transactions in the open market. The result has been to make
the short-term obligations of the Trea.sury Instantly salable anywhere in
the country and to establish them as the safest and most liquid of shortterm investments, particularly available for the investment of idle funds
on the part of individuals and corporations. The result has also been in
the course of a year and a half, or thereabouts, to reUeve the banks of an
important part of their holdings of Government securities and to free the
funds previously absorbed for the ordinary purposes of business and Industry. Thus on Dec. 28 1921, the holdings of Treasury certificates by
the reporting member banks of the Federal Reserve System amounted to
only about 223 millions, as compared with about 420 millions a year and a
During the same period Treasiu-y certificates pledged with the
half ago.
Federal Reserve banks to secure loans and discounts have fallen from 356
millions to 49 millions, a reduction of over 307 millions, while Victory notes
similarly pledged have fallen from about 304 milUons to about 67 millions,
with Treasury notes to the amount of 26 millions likewise pledged at the
basis, at rates to
same
time.
Interest rates on the Treasury certificates have fallen during this same
period of a year and a half from 5H to
for 6 months and one year
maturities in June 1920, to
for similar maturities in December
and 4
1921, This has been due for the most part to easier money conditions and
the accumulation of funds as a re.sultpf businass conditions, but to a large
extent also it comes from the improved distribution of the debt ampng
investors as well as improved distribution as to maturity.
It is import,ant in this connection to note one special factor in the Treasury's pu))lic debt operations since Aug. 31 1919, when the gross debt reached
its peak, namely, that with relatively small fluctuations the operations
have been accompanied by gi'adual debt retirement. C'roaorally speaking,
the Treasury has been floating a constantly docreasin? total volume of
s(;curities, and its operations have accordinijly not taken new money or
Ou the contrary,
ab.sorbed funds that would otherwise go into business.
a considerabU; volume of funds has been freed for ordinary commercial uses,
and th(! Treasury has been ."slowly but surely payini< its debts. This makes
an enormous difference in the character of the operations, which it is o.osy
but dantterous to overlook. If the tables wore reversed and the Treasury
were each month putting out Increasing amounts of securities, quite different probl<!ins would arise.
Treasury offin-inw would then tak(( up iwvf
money, and there would bo dani,'e,r of inriation and of strain on the InvostFortunatel.v
iiii;nt markets, with conseiiuent |)rejudic(! to other op;n'atlons.
the prospects are that the process of orderly p.ayment of the war debt will
continue, but 'it Is none the loss important to keep In mind what the other
course means.
.\t the same time It Is neens-sary to avoid nilsunderstandluv; of the debt
reduction tliat hits occurred since the high point w;is re;ihci"l on Aug. .'11
1919.
The decreiLSii Is substantial, but It Is worth while to notice how It
was iiccom,)llNhcd
In tho aKgrn'.{ate the reductions up to Dee. .'tl 1921
6%
4M
H%
.
to about .?:5.|.'iO, 000.0^)0; that Is to say. from $2li..''>9li.000.000 on
Aug. 31 1919 to "J2.1.I39,000.000 on l)(!C. 31 1921. The delil oil Aug. 31
1919. however, was unnaturally Inflalitrl, partly be<MUS'i of teiuponiry
borrowings Incident to h<^•l«y maturities of loan certlflcatus and iiartly
ber-aiwe no Important payment of Income and prorit.s tax for t!iiit fiscal year
had bi'en recrlvef] up to hill d.ite, le.ivhK- a larne deficit In the first two
months, wlil(!li wiw InWr overeome In tho ordinary coiirsii of oiieratlons for
the Hiiine risciil year.
This clearly ajijiears from th"' fact thit, though the
amounts
t
current surjilus of reC'iliitM over expenditures for the whole TiscMl year 1920
was only $'J9 .000,000, the apparent, surplus for the 10 months from Aug. 31
This ni.iUes up nearly half of
I'II9 to .Iiimi 30 1920 was »! ,5311,000.000.
tlie total r.wluiMlon.
of the remalndi*r, a large part comes from the net
nductlon of .<sn30. 000.000. which It ll.is been possllile to make In the Treiisiiry'd Keneral fund balanci s between Auif. 31 1919 and l»ee. .(I 1921. and
the rest comes from u current surphei <>r :*.-,rni,OllO,000 In the fiscal year
1921. and of « 170.000 000 in the Ihsi i-\\ iieeiilei of the present flsi-al year.
In other wonls. out of tho total nrdiielioii of about ? 1. 1.10.000,000 In gross
'! lit about .SI .S7r>, 000.000 represents dei-nuHi' In Tre,'.sur.v hal.iiiees and the
nation .if temporary Items, while alioiit .«! .J/.l.OOO.OOO represents
Kven these retirements from
i\ retirement* through surplus recolplji.
surplus reeelpis have resulted for tlie most part from tlir- nppllcfitlon of
the priK-eeds of war salvage fwhich probably aKgregal,ed lit le:ist as much
during this perliHl) and have not meant rc-tlremimts out of tax receipts.
The r>"luctloii Is iiom? the less real, and lt» offixit on Treiuury operation N
1
252
THE CHKONICLE
[Vol. 114.
on the general situation none the less helpful, but these figures make it
it has been an entierly natural reduction and not of a character
calculated to throw undue burdens upon the taxpayer or upon the country.
To state the )iiatt^>r in another way, beginning with the fiscal year 1921, the
sinking fund and various miscellaneous receipts which have to be applied
000,000, as against total expenditures. Including sinking fund and other
debt retirements chargeable against ordinary receipts, of about $3,992,000,000. On this basis there would be a deficit for the year of about 24 million
dollars.
For the next fiscal year total receipts are estimated at about
$3,345,000,000, as against total expenditures on the same basis of about
each year to debt retirement account for the principal reductions in the $3,512,000,000, leaving an apparent deficit of about 167 millions. It is
debt. The retirements on this account are properly chargeable against still too early to tell how^ these estimates will work out, though the indications from the first six months of the present fiscal year are that the estiordinary receipts, and vrill in themselves provide for further gradual reducmates for 1922 are substantially correct. It is hoped, however, that as the
tion at the rate of between .$300,000,000 and $100,000,000 a year at least.
The Treiusui-y's estimates and the liudegt for the current year and the en- situation develops the estimated deficits for both years can be avoided, and
that the budget can be made to balance or to show pwhaps a small surplus.
suing year contemplate that these retirements will be made, of course, out
To accomplish this wiU require the concerted efforts of both Congress and
of current riMJeipts, and as the program develops the orderly retirement of
the Executive, and a constantly resistant attitude on all sides against &pthe debt should t-ontinue from year to year.
propriation and expenditure. The Bm-eau of the Budget is now well esIt became clear early in this Administration, however, that the gradual
reduction of the debt which might come about by this means in the next tablished, and for the first time in its history the Government has an organfew years could not be expected to provide before the maturity of the Victory ization equipped to bring effective executive spresure to bear upon all the
Liberty Loan for the retirement of much of the short-dated debt, and that spending departments and establishments to reduce expendittire. The
accordingly most of the 7H billions of the debt maturing within two years nudget, it has been said, "has made economy popular and extravagance
which was then outstanding would have to be refunded. Immediate dangerous," and it can be counted upon to produce results. It is difficult,
in fact, to over-emphasize the importance of its accomplishment up to dai.e,
stops accordingly had to be taken to make the short-dated debt more
manageable, and to facilitate the refunding operations incident to the particularly in respect to the expenditures of the present fiscal year, which,
maturity of the Victory notes. Long-term operations then were not to be it is already clear, will be about $500,000,000 less than was originally estithought of. Over 15 billions of Liberty bonds were outstanding, all for mated by the spending departments six or eight months ago. The appropriations committees of Congress, on their part, are doing splendid work
relatively long terms, interest rates were high and obviously undergoing
to reduce expendittires, and are exercising extraordinary vigilance again.st
readjustment, and Liberty bond prices were far below par. It was clear,
new expenditure. The committee in the Hovise of Representatives is
therefore, that the first refunding operations to be imdertaken should be
organized as a central committee to handle all appropriations, and through
for a fairly short term, and on April 30 1921 the Secretary annotmced that
appropriate sub-committees prepares the bills for the several dei)artments
it would be the Treasury's policy to vary its offerings of certificates of
indebtedness from time to time with offerings of short-term notes in moder- and establishments. This year the appropriation bills will be divided
ate amounts at convenient intervals, with maturities of from three to five according to departments, as recommended in the Alternative Budget
submitted by the President, and it wiU thus be possible for the first time to
years. The object was to distribute the short-dated debt over a longer
get a clear view from each bill of the activities of each department ajid of
period of years and to provide more convenient maturities. Two public
its total appropriations and expendittires.
Steps are also being taken to
offerings of notes have been made, with about 310 mllUons issued on the
Through these operations the repeal or restrict the use of indirect and indefinite appropriations and refirst, and about 390 miUions on the second.
Treasury has been able to transfer about 700 millions of the short-dated volving funds, which have in the past been responsible for much exi)endidebt to somewhat later maturities, and with the help of the sinking fund ture without the appearance of an appropriation. All things considered.
has made some reductions in the short-dated debt and improved the dis- It is an encotiraging outlook, unless new expenditures are to be imixjscd by
tribution of that which remains.
Victory notes outstanding have been extraordinary legislation.
It may be interesting in this connection to indicate the main items of
reduced from about $4,100,000,000 on March 31 1921, before the reftmding
program began to operate, to about $3,550,000,000 on Dec. 31 1921, a expendittu-e for the present fiscal year, which absorb almost 90% of the
total.
Out of the estimated total exi)endltures of $3,992,000,000, it apreduction of about 560 millions, and Treasury certificates of all classes
outstanding from about $2,750,000,000 on March 31 1921 to about $2,- pears that about 3H billions fall under eight main heads, as foDows: In200,000,000 on Dec. 31 1921, a reduction of about 550 millions. The terest on the public debt, 975 millions: sinking fund and other fixed debt
charges, 388 millions; Navy, 479 millions; Veterans' Relief, 460 millions;
greater part of the ordinary receipts available for debt reduction during
War Department, 389 millions; Railroads, 338 millions; Interior Departthe current fiscal year accrued, however, during the first six months owing
ment, consisting chiefly of payments on'accoimt of pensions and Indians,
to the heavier tax receipts in that period, and for the rest of the year it is
327 millions; and Department of Agriculttu'^, 154 millions, for the roost
likely to be chiefly a refunding proposition.
The problem thus remains of providing for the 3K billions of Victory part for good roads.
This outline of the Government's expenditures is enough to show that imnotes, the $2,200,000,000 of Treasury certificates and the $700,000,000 of
War Savings certificates which are still outstanding and will mature within portant items of war overhang still remain and that sufficient reductions
a year and a half. To refund this 6'A billions of debt will not take new ought to be possible in these items ,as for example In the expenditures for
money, but it will involve operations of a magnitude imparalleled in time the railroads, army and na\'j% to make up for most of the certain shrinkage
of peace, which will have to be carried on with the greatest skill in order of revenue, and balance the budget for the fiscal year 1923. The greatest
Treasury difficulty will be with measm-es which do not originate in the Budget and
to avoid financial strain or disturbance to the security markets.
which do not go through the committees on appropriations. Even these,
certificates have established a place for themselves, and a substantial part
of the amount now outstanding can undoubtedly be carried along to good
however, can be effectively controlled if once the people recognize that
advantage in the form of Treasury certificates. As a matter of fact. It Is expenditures for which provision is not made in the Budget, if of any subalmost necessary to do this while Government operations are so large stance, should be accompanied by simultaneous provision for the taxes
and tax payments .so heavy, in order to carry on current operations without necessary to meet the expenditure and must in any event ultinjat^ely be
money strain. The maturity of War Savings certificates the Treasury borne by the taxpayer.
has already begun to provide for through the new Issue of Treasury Savings
certificates, placed on sale a few weeks ago in convenient denominations in
terms which should make them particularly attractive to small investors
''OPEN DOOR''
FOR
throughout the country. The new Savings certificates are finding a ready
sale, and the Treasury hopes, as the program develops, to sell a substantial
amount to help finance the maturity on Jan. 1 1923. In the most favorable
Following the opening, by Secretary Hughes, «f a general
circumstances, however, new sales will probably not provide for the whole
maturity and the balance would then have to be refunded, at least tempor- discussion of the "open door" policy in China at last
iind
clear that
RESOLUTION DEFINING
CHINA.
POLICY
Mon-
arily, into other obligations.
The 3)^ billions of Victory
Notes present the greatest problem. By
reason of their early maturity the notes have now taken on almost the
quality of short-term certificates and for some time to come will compete
directly with Treasury certificates for this class of investment money.
Three and one-half bUlions of debt, moreover, is too much to have to pay
off or refund in one day, and it will not do to wait imtil maturity before
taking steps to reduce still further the Victory notes outstanding. It is
accordingly the Treasury's policy to retire Victory notes from time to time
whenever the opi)ortunity offers, through the sinking fund and other
similar operations, tlu^ugh successive sales of short-term notes, and perhaps
through longer-term operations. If market conditions should prove favorIn this way the Treasury plans to spread the 6J.| billions of shortable.
dated debt, which is now concentrated in relatively few maturities within
the next year and a half, into "a progressively smaller aggregate amount
of better distributed maturities" extending over a longer period. These
refunding operations will necessarily be in active progress during the next
year and a half, and will present a constant problem, but if not complicated with other borrowings, should assure the gradual refunding of the
short-dated debt without spectacular refunding loans and without disturbance to the business of the country.
Inevitably related to the public debt is the problem of taxation. The
Revenue Act of 1921 became a law on Nov. 23 1921, and with it comes a
greater reduction in revenue than is generally appreciated. The shrinkage
in business would of Itself have i-esulted in a material shrinkage in revenue,
but it is estimated that under the new law the internal revenue collections
for the fiscal year 1923, the first full year of its operation, will be about
$800,000,000 less than would have been collected under the old law. The
combined result is an important reduction in the total tax burden, with
total estimated internal revenue collections for this fiscal year of .$3,214,000,000, and for the next year of $2,611,000,000, as compared with
•$4,596,000,000 actually collected in the fiscal year 1921. These reductions
in taxation have been made possible by corresponding reductions in expenditure, and if there are to be further reductions in taxation there will have
to be further reductions in expenditure.
The revision of the tax laws will no doubt receive renewed consideration
In the near future, and the Treasury has already suggested the more important matters that should be kept in mind in that connection. The
Government's current financing, however, is necessarily based on the
Revenue Act recently enacted, and for this purpose it is necessary to keep
In mind that even under the law as it now stands there will be a reduction
of about 600 millions in tax collections in 1923 as compared with the present
day's meeting (Jan. 16) of the Washington Conference on
Limitation of Armament, Secretary Hughes, at Tuesday's
meeting of the Committee on Pacific and Far Eastern Questions, presented a revised draft of a resolution dealing with
the subject. The original di-aft had been road by Seeret-ary
Hughes, Chairman of the Conference at Monday's session of
the Committee. The resolution was debated on the 17th
inst. by the Conrmillee without incident, the British and
Italian delegates having, it was announced, accepted the
plan in principle; the French delegates withheld assent to
some of the provisions, while the Japanese reserved judgment pending further study of the draft. On the 18th inst.
the open door program was accepted in part by the FarEastern Committee, approval being given after the elimination of the provision which would have specifically authorized
an inquiry into existing concessions in China. The pre.ss
dispatches of the 18th stated:
The French, renewing their objection to reopening the whole field of
concessions granted in the past, were seconded by the Japanese, and the
proposal was finally thrown out entirely at the suggestion of the British.
The Chinese reserved the right to call it up again later, but the general Impression among the delegates to-night was that it had been permanently
fiscal year.
sidetracked so far as the Washington Conference is concerned.
Viewed by many delegates as the most sweeping provision of the American plan the existing concessions article was the centre of debate in the
committee from the moment of its presentation yesterday by Secretary
Hughes until it finally was stricken out to-day. Various delegates opposing it on the ground that it might lead to an almost endless inquiry into the
validity of the maze of economic arrangements now In force throughout
China.
For the American delegation, however. It was said to-night that the
eliminated article was not considered of vital importance.
As adopted, the open door resolution contains a mutual pledge not to seek
spheres of influence or monopolies in China in the future, and authorizes
creation of an international Board of Reference «ith power to investigate
and report on any case which seems to involve violation of the principle of
equal economic and commercial opportimity.
In round numbers the Government's budget for the current year is on
about a 4-billion-dollar basis; and for the next fiscal year is expected to
be on about a 3];; -billion-dollar basis. The e-stimates already submitted
to Congress indicate total receipts for the current year of about
$3,968.-
The resolution would bind the United States, Great
Britain, Japan, France, Italj^ Belgium, Portugal and The
Netherlands not to seek special spheres of influence in China
,
THE CHEONICLE
.Ux. 21 1922.]
nor secure superiority of rights with respect to economic
The latter, on her
or oommereial development in China.
maintaining
that equalin
part, Avould agi'ee to co-operate
authorize
would
the
ity, and the nine Powers collectively
Reference
to
review
establishment in China of a Board of
any question arising with respect to the agreement. The
revised cb-aft as presented at Tuesday's meeting follows:
to applying nior effectively the principles of the open
door or equality of opportunity in China for the trade and industry of all
nations, the powers other than China represented at this conference agi'eo:
(A) Not to seek or support their nationals in seeking any arrangement
which might purport to establish in favor of their interests any general
superiority of rights with respect to commercial or economic development
In any designated region of China.
(B) Not to seek or to support their nationals in seeking any such monooly or preference as would deprive other nationals of the right of undertaking
ajiy legitimate trade or industry in China or of participating with the Chinese
Government or with any Provincial Government in any categorj' of public
enterprise, or which, by reason of its scope, duration or geographical extent
is calculated to frastrate the practical application of the principle of equal
I.
With a view
opportunity.
It is understood that this agreement is not to be so construed as to prohibit the acquisition of such properties or rights as may be necessary to the
conduct of a particiilar commercial, industrial or financial undertaking or to
the encouragement of invention and research.
II. The Chinese Government takes note of the above agreement and
declares its intention of being guided by the same principles in dealing with
applications for economic rights and pri\'ileges from Governments and
nationals of all foreign countries whether parties to that agi'eement or not.
III. The powers including China represented at this conference agree in
principle to the establishment in China of a board of reference to which any
question arising on the above agreement and declaration may be referred for
investigation and report.
(A detailed scheme for the constitution of the board shall be framed by
the si)ecial conference referred to in Article I. in the convention on Chinese
customs duties.)
IV. The powers, including China, represented at this conference agree
that any provisions of an existing concession which appear inconsistent with
those of another concession or with the principles of the above agreement
or declaration may bo submitted by the parties concerned to the board of
reference when establishe<l for the purpose of endeavoring to arrive at a
satisfactory adjustment on equitable terms.
According to a Washington dispatch to the New York
"Times"' Jan. 16, Dr. Sze, the Chinese Minister, in discussing the meeting of the Far Eastern C^ommittee, said
there was a jjrobabilitj- that the definition presented by Mr.
Hughes would be adopted by the conference. The "Times"
ax'count of the views of Dr. Sze are likewise stated:
The British delegates also, he said, offered a definition, but it did not
conflict with, although it was not as complete, as the Hughes definition.
Dr. Sze said that the Hughes definition was more comprehensive than any
and that the principle of the open door, as defined
by him, would apply to Thibet, Mongolia and Manchuria in the same
manner as to China proper.
The letter on which the Hughes definition was based, Mr. Sze said, conheretofore attempted,
tained the following:
reference to the principle of the open door affords mo the opport.unity tx) assure you of this Governments continuance in its whole-hearted
support of tliat principle, which it has traditionally regarded as fundamental both to the interests of China itself and to the common interests of
all Powers in China, and indispensable to the free and peaceful developmwit of their commerce on the Pacific f)cean. The (iovermuent of the
(Jnited States has never associated itself with any arrangement which sougbt
t/O establish any special rights or privileges in China which would abridge
the rights of the subjects or citiz<'ns of other friendly Htates, and I am
loappy to assure you that it is the punx>se of this Government neither to
participate nor to acquiesce in any arrangement which might purport to
establish in favor of foreign interests an> superiority of rights with rcsspcurt
to cx>mjmercial or (5<:onomic development in designated regions of the territ/Ories of China, or which might seek to create any such monopoly or preference as would exclude other nationals from undertaking any legitimate I rado
or industry or from participating with the Chinese Government in any category of public enterprise."
"Your
The letter from Mr. Hughes was occasioned by an inquiry from Ur. Sze
as to whether it was the intention of the United States to maintain its
position In the case of the contract of the Federal Telegraph Co., an American concern, with the Chines^ Government, which was refiistod by the British Government, claiming a monopolistic right for a British concern.
The deliberations of the Far Eastern (.'ommittee on the
question of the open door in China were made known in
the following communiques covering Monday's and Tuesday's meeting of the committee:
MONDAYS SESSKJN.
£ighte<:nth mocting of the 'Committee on Pacific and Far Eaateri) Qucktlons, Jan. 10 1922.
sKC/ifCTAfiY
-Vfter the
adoption of the
rcHolutioiiii
III (;m-:s.
regarding the
rfivisloii
of the
('IjiriCHO
and ciwtoms dutlfw the f;h;ilrman CMr. Ilnghesj sii'?K''Kt,«!d that the
Committ«r«! i)rf>ce(xl to the next topic upon the American iigenda. i. e.. the
open door, or equality of commercial and iiiduslrial opportunity, 'i'he
Chairman said that IhiH subject hud ;in intimate: connection witli tlie t(ir>lc
which imin<:<liat4:ly followed It. n;imiiy, conccHsionH or pn-fcrontlal ecoiioiiilc
tariff
The r-oinmll Uk! niight poHHlbly make unne<:«!Ksary the diKCUsNloii
of particular delallH In dealing wl'h (heiui HUliJ<vtlM, If It were to
adopt, by aKri-einent of the powern reprcHcnted, ii HlateiiMiiit of jirliidple in
amplification of the wncalled op<ai doi>r principle.
The <:ominittii« had
alrea<ly resfilvcrd that It wa.s the firm intention of the [lowerM here repri*HontMl to n«e their influence for the pnriir>Hi^ of effectu.illy iHt.ibliMhing anfl
maintaining the princlpli; of efjual opitorlunlty for the coninierce and Industry of all natioMH tliroughoiit the territory of China.
It wim inanlfcHt
that the Krantlng of specliil corrceHsionH of a monopolisllc or preferenthil
character, or which wcure<l ;i geniTiil HUperlorlty of rlghls f<»r one power lo
tiio excliiHlon of equal opportunity for other powern, wan In opponltlon to
the mainten.-incc and ariplicatirm r>r thm princlpin of equal opiiortunlly.
In order that thin inatU^r might be brought before the ( 'omnillt'-e for dlsCUfwioii. with a view to the adoption. If pofwible, of u staU'nieiit a lltllo monIn detail than the general utatement already a/lopU^d. lie ventured to privuint
for consideration a renolution which he did not mean u> nx'oniniend In !(<
precis') |>hriii<ing nccemarlly, but Himply a* Homctbing conerel^' ''' '""prlvil<rgts.
at
loiigl'h
sldcration.
The Chairman then r«ad
the following:
253
Draft Rcsolulion on the Open Door.
to applying more el'fectivt^ly the principle of the open
door or equality of opportunity lor l.he trades and industry of all nations,
the ))owers re])rosentcd in this (•onf'er(^nce auret! not to seek or to support
their nationals in asserting any arraiigeiiieiit which niight purport to estabblish in favor of their interests any general superiority of rights with respect
to Commercial or economic development in any dcsignattid region of the
territories of China, or which might seek to create any such monopoly or
pitjferenco as would exclude othei- nationals from undertaking any h giliniate
trade or industry or from participating with (he (Chinese (iovernnieiit in
any category of public enterprise- it being understood that his agreement
is not to bo so construed as to prohibit the aciiuisition of such properties or
rights as may l)o necessary lo the eonduci. of a particular commercial
undertaking.
Sir Auc:kland Geddes said:
I should like to say, first, tlial we accept and are in iho most heaity
agreement with (he j)urpo.se of this resolution. There are, however, omv
or two points, ])riu<'ipally drafting points, on which I would like to initiate
"With a view
1
sonu> discus-sion.
The first point is tliis: .is the proposed resolution st.inds, it applii'S to
China, or rather to the' Chinese Goverimient and tlirotigh it to Chinese
nationals.
At least, I read it so.
I do not suppose that that was the
intention, because that would have the effect of putting (Chinese merchants
or traders
Tho Chairman (interpo.sing) "That is not the intention."
—
—
Auckland Geddes "That is not the intention?"
The Chairman -"No. That is not tho intention.
SIR AUCKLAND GEDDES OF GREAT BRITAIN.
Sir Auckland Geddes; "I ttnderstand.
1 am really dealing -with a pure
drafting point, then, which it is not. necessary to pursue furt.her at this
Sir
moment.
Tho next
—
i)oint of
'
more than drafting importance which
I
ventui'e U) bring
one wtiich really arises at the end of the draft
resolution.
I call attention to the words "it being understood thar the
agreement is not to bo .so construed as to prohibit the acquisition of such
properties or rights as may bo necessary to the condu<rt of a particular commercial or industrial undertaking."
I venture to suggest that unless some machinery be provided, serious difficulty may arise in futtiro out of such a proviso as that. Obviously there
must be certain relaxations of tho central principle of the re„solution that is
recognized in the resolution itself; but how much relaxation is to be allowed
And how are we to define the amount of relaxation to be allowed, so that
there may not be int.ernational discussion without end over tho interpretaIt occurs to me that it may not be beyond the range of
tion of this clause?
possibility to apply some quite simple machinery in the way of a court of
reference to which such matters could be submitted.
That is an important matter, I think, with regard to these projjosals.
Tho next point I wish to raise is rather small. It is again in connection
with the last part of the resolution. I quite miderstaud that it is not. desirable.
It is not desired, and it would be unfortunate if it were done, that
this resolution should be loaded with details, but we have such things as
forward for disctission
is
:*
patent rights, trade-marks, copyrights, &c., to provide for in any agreement. We also have such things as mining permits. Those have to bo
looked after, and I think are not covered by the wording of tho resolution as
it stand,s at tho moment.
The other points I have to raise on this rtssolution, I think, are all in the
nature of drafting amendments and perhaps it would be better for me not
to take them up at this time unless it is proposed to complete consideration
of this matter to-day.
MR. HUGHES.
The Chairman said that with respect to the important questions raised
by Sir Auckland Geddes, he did not think that they presented any points
,
about which there would be disagreeincnt. In the first place, tho intention
of course, was not to interfere with the appropriate nslations between China
and her own nationals. In two or tliree of tho resolutions adopted by the
Committee, which were manifestly intended to state the attitude and
agreement of the powers other than China, the words "other than China"
had been inserted. The same cotUd easily be done in the present case.
The point that cases might arisp which would require diplomatic interchanges and posidbly gi\'e rise to differences of view with respect to the application of tho terms of tho agreement, was common to many of the jtropositions which had been adopted.
Without venturing at tho moment to suggest anything definite, it might lie found before tho labors of the conference
were finished that it would be advantageous to provide some sort of machinery for the piuTpo.so of dealing with questions which might arise with
regard to tho appUcation of tho jirinciplcs to which Powers represented on
the Committee had given adherence.
That, however, was not a matter which had embarrassed tho Committee
in dealing with tho propositions heretofore advanced.
For example, those
very broad provisions of the resolution, already adopted, respecting the
sovereignty, tho indopendcuco and territorial Integrity of China, and the
statement which related U> the open door itself. It was oivdent that. In
the application of theBO principles, there might easily bo transactions which
would give rise to different points of view and as to which it would bo highly
desirable that there should bo opportimity for consultations for an interchange of views and for efforts to nsach a clear undcrsUtndhig.
Tho main point of this resolution was thjs: That tho Powers agreeing to It
would not undertake for thoni.s<»lves or their national to establish in rcfdons
of China a general superiority of rights.
Of course, anything tho Commlttoo
did would be Interpreted In tho light of history, and ho aasumod that It
might be difficult (although he was not deMrous to prewi thin particular
form of (txprcnslon upon the delegates) to find a form whicli would more
clejirly give the Ideji of wh.it had interfered with the .tppllc.itlon of the opendoor principle.
In other words, there was a great difference betw<>«n a
pnrtlculiir onl^TprUie, a i)artl<;ular undertaking of conuuiTCe or InduNlrjr.
and the asNerlion, or the endeavor to obtain a poslllon from whicli It could
be iiKserted, that one power, or ll« nationals, hud u general sup«Tlorlty of
right In any region of (Jhlna.
With regard to he point that iiatents, trado-mnrks, copyrightj^ and mining
permltN repriwenlid a phase of tnonopollsllc ondi'avor, quo nil hoc. wan of
courwi well taken, but he asHunied that It waH cerljiliily w Ithln the intention
and, he would Hiipposi), within tho form of exprcNNloii that tho.si- particular
rlghtN would be einliraced III the partliular coniniercliil or indiintrlal iinihTlaklng with which It wiih not tho piirpoijc of Ihl.t ngreement t<i Inti-rfiTe.
For example. If It were propoNcd that tlieru hIioiiIiI Imi an opportunity to
ob(4iln patent rightn or copyrlKhl« niich uit liiventorH or niithorH «>iiJoye<l In
thiH country, or other coiintrleH. the fact that any liivenUir or /lUthor hnd
that oiiporlunlty uiiil when hn made u«e of It nrcordliiK to tho law obtulneil
to that extent a monopoly wan not In any triiu wnmi nil nxclUHlon of anyboily nl«o who hud thn uanie opportunity with rcKpi'ct to tho nnmo sort of
«>nf.«TprHe under the saini! ruliH which w«Te grnnrully applicable.
Hut If It were wdd Unit In any piirtlriiliir pruvliii;n or regliiii of China no
one should obtain pntentn except the nntioiialn of a parHciiliir I'owcr. or that
no olio nliDiild enjoy the opportunity to hnvD MiIh or that Nort of enterprlHe
Havn onii I'ower or ItH nntlon.ilN, then a Hltuutloii would be croatod InvolvlUK
Ml aMAerllon of an e<'onoiiilc pniference of HUperlorlty of privilege which woul<>
Imi iitUirly ln':onKl.stenl with the open-door prluclplo.
I
THE CHKONICLE
S54
He granted the diffitnilty of stating that precisely. Any improvement
The main point was that,
that could be suggested would be welcome.
when it came to dealing with the question of concessions and monopolies
and preferential economic privileges, a clear understanding should if possible
be arrived at by this conference which would promote the friendly relations
which existed between the Powers represented and the spirit of friendly cooperation which had so happily been in evidence.
MR. BAT.FOUR OF GREAT BRITAIN.
Mr. Balfour said:
Mr. Chairman, I cannot help thinking that the British delegation has approached the discussion of this proposal from a somewhat different standpoint from that whicli you have just explained. We had thought that the
j'ou have so eloquently dealt were already completely
understood that there was no representative of any Power
around this table who thought that the old practice or "spheres of influence"
was either advocated by any Government or would be tolerable to this
principles
accepted.
on which
We
conference.
So far as the British Government Is concerned, we have, in the most
formal manner, publicly announced that we regarded this practice as
utterly inappropriate to the existing situation and we think that the phraseology used in the earlier part of this resolution admirably expresses the view
that that system has not only gone, but has gone forever, and is now explicitly
condemned.
The words,
"general superiority of rights with respect to commercial or
in any designated region" are words happily designed, as I think, to describe the system of spheres of influence; and the
repudiation of that system is as clear and immistakable as we could possibly
desire.
But we had supposed that all this had been already discussed and
decided.
Sir Auckland Geddes, therefore, devoted himself to dealing not
with these generalities he thought them beside our present purpose but
to seeing how they would affect the actual, practical development of in-
economic development
—
—
dustrial and economic effort in China.
As regards, said Mr. Balfour, most industrial enterprises, no difficulty
arises.
The difficulty arises only when you come to that kind of enterprise
which inevitably involves a monopolistic flavor, for example, a railway.
Nobody is gong to give money to build a railway if another railway is going
to be built parallel to it at five miles distance.
Here, therefore, there must
be a monopoly, no doubt of a very limited kind, but still a monopoly.
Again, no one is going to set up a telephone system, or a telegraph system,
if another telephone or telegraph system in the same area, serving precisely
the same demand, is to be set up by a rival company.
Of course, there are
many entei-prises of this character. As I understand it, the words at the
end of your resolution are intended to deal with such situations, and I
have no doubt that, in many cases, they do so deal.
But the point is. Do they deal with all of them? And do they deal with
them in such manner as to prevent international disputes? It was to this
and cognate subjects that Sir Auckland Geddes in the main addressed himself.
He did not dwell on the principle which is expressed with such
lucidity and vigor in the first part of the reslution. for on this we are all
agreed. But on its practical application some further consideration does
seem necessary and
I
doubt not
will
be accorded.
MR. HUGHES.
The Chairman remarked that the hour was late and he did not know
that the Committee could go much further in the discussion of this matter.
He quite appreciated what Mr. Balfour had said, while the Committee was
discussing spheres of influence regai'ding the attitude of the British Government, and nothing could be more gratifying than the assumption that all
the powers represented on the Committee were clearly of the view that that
practice was entirely abandoned.
The fact was, however, that the Committee had not adopted any resolution which with any definiteness related
to that subject or to the matters which were embraced in it.
This resolution only dealt with that phase of the matter which had
relation to the open door and the equality of opportunity; and his thought
in bringing this before the Committee for discussion was that the Committee
could greatly aid the maintenance of the general principles which had been
laid down, if it indicated a little more definitely its understanding upon
this point.
He quite agreed as to the importance of maldng a full reservation with
regard to particular enterprises, the conduct of which was not inconsistent
with the maintenance of the principle, and would like very much to have
the matter of possible machinery fiu-ther discussed. He thought, as he
had said a moment before, that it would be very helpful if the Committee
could have some kind of arrangement by which in this matter and in others
It could avoid controversies, or at least have some way of practically
settling them.
At this point, the
meeting adjourned until Jan. 17 1922, at 3:30 p. m.
TUESDAY'S SESSION.
The
nineteenth meeting of the Committee on Pacific and Far Eastern
•Questions met this afternoon, Jan. 17 1922 at 3:30 o'clock in the Pan
American Building, and continued the discussion begun the day before on
the subject of the open door in China.
MR. HUGHES.
The Chairman
said that the previous day he had taken tJie liberty of
proposing a resolution for the purpose of stating a little more definitely the
principle of the open door or equality of opportunity in China.
Without
reviewing what took place at that time, it was sufficient to say that in the
light of the suggestions then made, and after consultation with experts of
the delegations who had special familiarity with conditions in China and
with the history of the application of the open door principle, a resolution
along the lines of that previously suggested was now presented. In order
that the points which It made might be suitably emphasized, he asked
permission to read it, as follows:
The open door in China. (Revised draft of resolution.)
"1. Willi a view lo applying more effectually the iirinciples of the open
door or equality of opportunity in China, for the trade and industry of all
nations, the powers oUicr than China represented at this conference agree" (a) Not lo seek or to .support their nationals in .soeking any arrangonicnl
which might purport to establish in fiivor of their interests any gciicr.il
superiority of rights with respect to commercial or economic development
n any designated region of Cliina.
" (6) Not to seek or support llieir nationals in seeking any such monopoly
or preference as would cfcprlve other nationals of the right of undertaking
any legitimate trade or industry in China or of participating with the
Chinese Government or witli any provincial Government in any category of
public enterpri.se. or which by reason of its scope, duration or "geographical
extent is calculated to frustrate the practical application of the principle
of equal opportunity.
"It is understood that this agreement is not to be so constructed as to
prohibit the acquisition of such properties or rights as may be necessary to
the conduct of a particular commercial, industrial or financial undertaking
or to the encouragenient of invention and research.
"II. The Chinese Government takes note of the above agreement and
declares its intention of being guided by the same principles in dealing with
applications for economic rights and privileges frovu Governments and
nationals of all foreign countries, whether parties to that agreement or not.
"III. The powers, including China, represented at the conference agree
In principle to the establishment in China of a board of reference to which
[Vol. 114.
any question arising on the above agreement and declaration may be
referred for investigation and report
" (A detailed scheme for the constitution of the board shall be framed by
the special conference referred to in Article I of the convention on Chinese
customs duties.)
'IV. The powers, including China, represented at this conference agree
that any provisions of an existing concession which appear inconsistent
with
another concession or with the principles of the aliove agreedeclaration may be submitted by the parties concerned to the Ijoard
of reftrence when established for tlie purpose of endeavoring to arrive at a
satisfactory adjustment on equitable terms.
The Chairman said that the declaration in the first article was intended to
state with such precision as the subject admitted what the open door principle was understood to be.
Of course, there was little iise in merely referring to equality of opportunity and the so-called open door if there was not
a fairly clear appreciation of the natiu-e of the agreement.
It was impossible
to foresee all contingencies. It would be Inadvisable to attempt to state them
in minute detail.
That, however, did not mean the principle could not be
stated more definitely than hitherto it had been stated.
The resolution in the third article undertook to deal with the creation of
machinery for the purpose of rcsoUing questions in a sensible, practical way.
It did not constitute a board with authority to decide; it did not establish
any instrumentality with anything in the nature of powers the exercise of
which Would be in derogation of the sovereigntj' or the freedom of any
State; but it did provide machinery for exanaination of facts or, as the resolution said, for investigation and report.
His general declaration, even with this definiteness with respect to the
open door principle, would leave much to be desired and the Chairman
was indebted to the suggestions made the previous day in this respect
if the matter were left to the ordinary instrumentalities of diplomatic intercourse.
The board representing the powers, in the sense that inquiry and
report should be made, would furnish the facility for elucidating the facts
without impairment of anybodj''s position in the light of those facts. Such
elucidation of the facts would vei-y likely itself lead to an agreement; at
least it would very much aid in the endeavor to reach an agreement.
Then, again, in the final paragraph, .pro\ision was made for inquiry and
report and for efforts at adjustment where it appeared that there were
conflicting claims.
The Chairman said he would not undertake to review matters which had
recently been the subject of diplomatic representations with regard to rights
in China; they were familiar to the representatives of the Governments concerned.
It was highly desirable, if this conference were to be made all it
should be in removing causes of possible controversies, that these practical
business questions should be dealt with in a practical, business way that is,
through some mechanism for examination of the nature of the conflict, it
there was a conflict, between claims.
The report would, of course, bind no one. Nations would in no way part
with their right to maintain what they conceived to be their rights upder any
concessions they might have, but they would at least avoid an unnecessary
dispute to the extent that such a dispute would not be favored by lack of
opportunity for general consideration, through an appropriate body, of the
merits of the particular case.
He submitted this matter not, of course, with the desire to present anything that was intended to be limited to a precise form of expression, but
with the hope that the principle sought to be expressed might have support.
tho.sc of
ment or
—
—
SENATOR SCHANZER OF ITALY.
Senator Schanzer begged the Chairman to furnish him certain explanations
concerning Article I. of the resolutions, especially in regard to the spirits of
points (A) and (B) of that article.
MR. HUGHES.
The Chairman
would give him pleasure to answer as best he could
the questions which had been raised by Seantor Schanzer.
The two clauses (A) and (B) were, of coiu-se, consistent. It was intended
that they should be consistent, and carry an application of the general principle.
There was, however, a distinction between them. Clause (A) was
not limited to the mere seeking of a concession which might be in the nature
of a monopoly or preference with reference to a particular sphere of influence;
it had a wider range.
It took into account the facts with which all were
said
it
familiar in connection with the recent history of China.
It provided that the powers other than China represented at the conference, should not seek, nor support their nationals in seeking, any arrangement which might purport to establish in favor of their interests any general
superiority of rights with respect to commercial or economic development in
any designated region of China. That was not limited to the question of a
particular concession or enterprise, but it had the pm-pose of precluding the
efforts by which, in a designated region, one power or the nationals of that
power, might have a superior position with respect to enterprises broadly.
It had direct relation to what had been known in the past as spheres of
interest, which might be stated to be spheres of exclusion of other interests.
In other words, it negatived the endeavor to secure not a particular concession or grant, or the facility for conducting a particular enterprise, whatever
the scope of that enterprise might be, but a status with respect to a designated region which would give general superiority or opportunity, and thus
conflict with the open-door principle.
Now, the second clause, paragraph (B) dealt with cases which did not rise
to the dignity of an endeavor to obtain a general superiority of rights with
respect to development in a designated region, but with the more limited,
yet still objectionable, endeavor to obtain such a monopoly or preference as
would deprive nationals of other powers of the right to undertake legitimate
trade or industry in China or of participating with the Chinese Government or with any provincial Government in any category of public enterprise which, by reason of its scope, duration or geographical extent, was
calculated to frustrate the practical application of the principle of equal
opportunity.
That was to be read in connection with the concluding clause of the first
section of the resolution, that it was not to be so construed as to prohibit the
acquisition of such properties or rights as might bo necessary to the conduct
of a particular conuncrcial, industrial or financial undertaking or to the
encouragement of invention and research. That was to say, paragraph
(B) sought to preclude efforts by which monoploies or preferences wotUd
exclude other nationals from legitimate opportunity, it did not intend to
prevent particular enterprises, commercial, industrial or financial, which did
not have that unfair exclusiveness which would make them inconsistent with
the open door principle.
It would, therefore, be seen, he thought, that there was a point in each
of these paragraphs, the one relating to a general superiority of rights with
respect to development in designated regions, the other relating to particular
concessions which had a monopolistic or preferential character which, by
reason of that character infringed the open door principle. Neither of these
provisions would be entirely satisfactory without the other as its complement.
il
SENATOR SCHANZER OF ITALY.
Senator Schanzer thanked theChairman for the explanations which he had
furnished concerning the first paragraph of the resolution. These explanations were fully sufficient to make clear the spirit of the American proposals,
of the Italian delegation he declared that in accordance with
hi. In the name
"^'"^
THE CHRONICLE
Jan. 21 1922.]
the ideas which they had supported since the first meeting of the Far Eastern
Oominittee they agreed with the spirit of the American proposal, for it
tended to enforce the application of the principle of the open door. They
wished that all nations should have equal rights and facilities to aid in the
progress of China, and for this reason they accepted in principle the proposal which had been put foi-ward.
SIR AUCKLAND GEDDES OF GREAT BRITAIN.
Sir Auckland Geddes said that they had had an opportunity of studying
the resolution that had been introduced that day, and he would like to say
a very few words with regard to it.
Yesterday he had had the honor to bring before the Committee what he
was inclined to think were some deficiencies In the resolution as it was
originally drafted, such as the point dealing with the relation of China to
the agreement and the method of settling any disputes that might arise;
also any questions that would have to be dealt with in connection with
trademarks, copyrights, and so on.
He felt that all of these points were now fully safeguarded and met by
this draft which had been brought before the Committee, and on behalf of
the British Empire delegation he wished to annoimce that they were ready
to accept this resolution as it stood.
M. SARRAUT OF FRANCE.
M.
Sarraut said that it was hard for him to make a statement regarding a
document which he had never seen before, but that while wishing to reserve
the right to examine the text he felt that he could give a favorable opinion
of the resolution as a whole, the principles of which were wholly in accord
with his personal sentiments as regards the necessity of an effective application of the principle of the open door, for a. mere statement of this principle
would not be stifficient.
He said he had no objections to formulate with regard to Article I. of the
resolution, save perhaps that It might be necessary to define just what a
monopoly was. As for Article III., he wished to know who would submit
to the Board of References such difficulties as might arise in the interpretation of the principle of the open door.
As for Article IV., he wished to
know whether the decisions of the board would have any bearings on already
existing concession, and whether the validity of certain business concerns
of long standing could be questioned.
MR. HUGHES.
The Chairman said it was not desired, of course, that there should be any
action upon this resolution until abundant opportiinity had been offered
for a thorough examination and analysis.
With respect to the first question raised by M. Sarraut, that was to say,
in relation to the concluding sentence of the first article of the resolution,
he might say this: It was never desirable to have a definition defeat its own
purpose. If it were attempted to define every particular commercial,
industrial or financial undertaking which would be permissible, he thought
the task would be found impossible, and that experience would soon show
inability to foresee all the contingencies that might arise.
The open door was a very important principle, but it should be remembered that it was an open door and not a shut door. The very fact that it
was an open door indicated that it was an opportunity for enterprise, not
an obstacle to enterpri.se; the intent was to preserve equality of opportunity
for legitimate enterprise.
Every enterprise, of course, was of a particular
nature if it was within the legitimate range that was contemplated.
In most cases it could readily be detected when the particular grant or
concession
transcended the limits that it was sought to establish and
operated not simply as an opportunity but as a rule of unfair exclusion of
others.
In the great majority of cases there would not be the slightest
difficulty in recognizing whether the particular enteri>rise lay within or
without the application of the principle.
Now he admitted that there would be cases, perhaps, many cases, which
were not so clear; it would be impossible to define them in advance. Therefore, it was of importance not simply to leave the matter to diplomatic
interchanges, but to provide some facihty for discussion and explication
of the particular case.
So far, however, as the statement of the resolution
Itself was concerned, he would wi-lcome any improvement.
This had been the subj(K;t of considerable study on the part of the experts
and this particular form of .statement had been taken because in connection
with Paragraphs A and B it was deemed advisable to suggest as well as
could be done by a general statement, the clas-s of undertakings which it
was not desired to exclude, which it was desired should be freely prosecuted,
and at the same time to Indicate the two cla.sses of effort which it was
designed, so far as possible, absolutely to prevent.
The first class included tho.se which endeavored to establi.sh over a
designated region a superior privilege to the cxclu.sion of powers or their
nationals.
The second was a monopoly or preference not Inherent in a
particular lcgitim.Tte undertakings, but embodying the exclusion of powers
There
or their nations from f i( Ids of lndu.stry and economic development.
was In Paragraph IJ the suggestion that tlic consideration of the scope,
duration or geographical ext<!nt itself of an enterprise might be very Important in determining its essential character In the light of tho open door
principle.
He
there was any phrase that occurred to any r)ne of the
Committee which would more clearly point the di.stinction olivlously sought
than the language which had been present<;d, they would be very glad to
have it. There was no doubt that there was great difficulty In the formation, but It had l)een hoped, without a fruilU^s effort at specif Ication, to
make a statement of the, principle in a far more definite way than it had
hitherto t)een expreswid.
With regard to Mr. .HarraufsiMscond question reltalng to the function and
work of the Hoard of Kefenrnce, as he understood, Mr. Sarrraut had asked by
whom th<; matt<!r would be refcrriid U) the Hoard of Kefcrencxj; what would be
tho practical operation of such a plan
The Chairman believed that iiiatterH in JiueHtlons of the sort dchlred would
come up In the way with which .-ill were familiar. Nationals would addri«H
their fiovernmenlHi lh<!re would Ix; Infiulrles with respe'-t to .ictlon that had
Ixien taken, Rup()oxedly, or stated to be, in contravention of the principle,
of cjiuriic.
The Hovtirolgn I'ow<!rH here rcpnwenttid were not going In any way t,o bind
themwjlves with regard to unknown (•ontliiKenciej*. which might feller tho
proper freedom of thrrlr aclloiiH; but If there was a f.-iclllty at hand whlc-|i
CM>uld take the matt,<!r for examination nad rep<irt as Ut the faelH. It might be
BUppoKed th.ifc the I'owerH who believed In this principle, who denln-d to
have It continuously applied, would <le.slre to avail them-Mil veHof that facility
anil would c/.urt the examination of tho matter by c roniinlnNlon rompowwl
of their own repre.H«!ntatl vi's.
In other words, tho refer<!nre. he asstimed. would be by <(overnment»« f<ir
the purpose of using this method of obl~'ilniiig lnrorin.atioii and advlco. whiih
Would be of an ex parte character, but In whl'-h all Ihos*; who might bo
interested would have opportunity t.f) p^<^s<•Ill. their facl>i.
Ho repeated that there was nothing coercive alK>ut It. It would have b«en
futile to ronslder any sort of roereive arrangement.
This, like ("vcrythlng
else, ultimately depended upon the goofl faith of Oovornnient« in applying
the principles which thoy profewied.
But with the most slncirre Intent there
suggeHted that
if
'!
255
would doubtless arise situations of a more or less amiiiguous character,
where in entire good faith different positions might be possible, and as to
which It was important that there should be some opportunity for fair consideration and report.
This promised that result.
In further answer to Mr. Sarraut's suggestion he wished to say this: That
the more difficulty experienced in defining with precision a particular legitimate enterprise with which there was no desire to interfere, the more Important it was that there should be some way of bringing out the facts and
securing an impartial report as to cases of an equivocal character.
In other words, instead of attempting the impossible, a super-refined
definition which would attempt all tho different categories, there would
exist the machinery which would enaijle the powers to deal with those cases
of which it was impossible to form a prejudgment tjy a precise definition.
SaiTaut had spoken of the last paragraph with respect to its application to e.'cisting concessions.
Personally the Chaii'nian saw no objection to
the paragraph in its relation to existing concessions.
It spoke of an existing
concession, and he understood that meant that in point of time, now or
hereafter, if there should be a question regarding an existinj; concession
and its conflict with some other concession, there would be an opportunity
to see what the conflict amounted to, what tlie merits of it might he, and to
endeavor to obtain an adjustment.
Now, what was the harm in that? No power, or party, was compelled
to submit anything.
If it was referred, no power was bound by the report.
It was merely information and advice.
Suppose there was an existing concession and another concession was deemed to conflict with it ?
What was
to be done about it ?
What did they do now about it ? Notes were written
answers were received, grounds were stated, objections were advanced in
reply to these gi-ounds, and these literary efforts went on for an indefinite
time with no results. And why were there no results ? Sometimes because
there was no adequate machinei-y to obtain results.
The Chairman saw no reason why, if it was valuable, it should be .said
that "we will have its benefits as to concessions that exist next year, but we
will not have the benefit of it as to concessions that exist now."
If it was a
good thing with regard to a conflict of concession for the year 1925, he
thought it was a good thing with regard to a conflict of concessions, in the
same way, in the year 1322.
M
.
,
M. S.'iRRAUT OF FR.ANCE.
M.
Sarraut said that ho was perfectly satisfied with the explanations
given by Mr. Hughes, with regaa-d to the fii'st two questions put bj"^ him.
However, he feared that the changes proposed for Article IV. might give
rise to certain al3uses.
It was to be feared, in fact, tliat any contract
might be questioned by the mere fact that a new contract had been gi-iinted
on the same subject, possibly in good faith, with the sole obJec^t of having
a ground for contast.
Of com'se, the present Government of Cliina could not be suspecte<l of
taking any such steps; but the Government miglit change. Moreover, theer
was mention in the first article of concessions granted by the Provincial
Governments. Every one knew that there were now soveral Provincial
Governments which might bo tempted to evade the central authority and
which might purposely seek complications l)y questioning existing rights.
MR. HUGHES.
said he was very much gratified at Mr. Sarraut's acquiesence in the provisions of the resolution in the first three articles, and that
Mr. Sarraut had found satisfactory the explanation which he had endeavored to give upon t)iose points.
With respect to Articlo IV., Mr. Sarraut's suggestiotis were very important and ho thought they should receive tho most careful consideration. He
had thought the reference to existing concessions would not have quite the
effect which Mr. Sarraut seemed to anticipate.
In other words, if thei'e was an existing concession and another concession
was made which was inconsistent with it, he should suppose it more likely
that the attack would he made upon tho latter concession th;m upon the
former, and that instead of being regarded as a facility for attacks upon
existing rights, the provision would Jiave tho effect of providing an opportunity for inquiry, consideration and <'xpIanation.
If a concession, whether it had been granted in the past or should be
granted in the future, was inconsistent with the principles of this declaration, then, of course, it did invite scrutiny.
There was no reason whatever
for not approaching with absolute frankness tlio consideration of this
question.
If there was a challeni:o of any existing concession on the ground that it
conflicted with the principles which all had asserted, what injury could
result from ait inquiry, the result of which bound no one: whicli could not
derogate from any right: which could not affeiit any legitimate position, and
which could invalidate nothing, but simply throw a flood of light upon
conditions
Tho point to which he thought Mr. Sarraut's observations applied with
the greatest force was not with respect to a concession that might be found
to be inconsistent with the principles stated, but to tho case of a concession
which would appear to be inconsistent with the provisions of .another concession.
Whether that ca-se should be embraced in the resolution w;us a
The Chairman
i"
matter for tho judgment of the delegates.
If there were such conflict there would bo difficulties In tho carrying out
of tho comu-ssions.
There would rortalnly bo controversies that would
arise from thi- conflict.
The question was whether it was not desirable to
have some means at hand for an ov.imination of tho facts, always on the
sliptiosltion that (Jovornnients dii.iliiig with the Government of China Intended to lie entirely fair with (.'hina, and. In their de-dings, to ri^gard each
other's legitimate rights and opportunities, and to souk an amicable and fair
adjustment of all 'lifflt-iiltUw (d.-it might .-irlse.
It should also be observed that in l>aiagrapli -1. as dlstlnMrul,Jhod fr.mi
Panigruph :i. It wsui the parties who were to submit their queHtlonH to the
Hoard of Kjiferenco. 'i'h;re was no compulsion upon the partliw: they did
not have to Niibnilt If they <ll<l not want to them eiiuld be no linnilriuont
of
any Uwltlninte vested
r)r
conflict, they coiilil
Hllll. there wa.s ii fiiclllty to which, In ciuio
rights.
In order to bring out tlie faclH mid to aid,
nM.it
through eonclllnllon niid examination.
In
briilgliiK
about
po.iHlbleian
If
adJil.Htineiit.
It
wax thought that would be an
uilviiiilaKe.
Mtlll, If
there
wiii«
objection
to that, he wa>i .'ntlrrly willing to have the imnigrulili iiindiricMl H<t that tho
wordH "with those of another eoiiowsiou or Hliould bi« omitted, mid tho
paruKniph lliiill^d !.<. the cmio whei-.Mi cinieeKMlon aiipeaiivl liieoiwlHtnnt with
"
the prliwi|ili-H of the imreeiiient.
,
!!•• aisuiiiiKl Hint ri-fmred l.<> the agreement or diK-liirri( Ion relnting to.the
op«nd(Kir. iiml that, with rhangn. It would be t:iken to in an (hat tlie piirtUw
that were lnt,«TrHliMl in the e<.ii<-i». .inim mirl IIiomo who were liit.er«wli'd In the
mnliil.411111111 <i of thi' oiM'ii d.M.r prinelpli« which wim duniiliwl to l>" nffectod In
ilH uppl'catlriii by thi> (•oiiei«>,loM H iiuld In- prlvllegivl to milmilt thi" inilttor t i
Ihn lloiird of Kefiironco.
M. HAHUMir OF FRANCE.
.Sarraut fi'li. that tlin .n|iliiiinlloiiM given l>v Mr. Muiflh ^ «
the fourth article weni of Kiich n iiiituri' im.lo eonflnii hi* fi-aiK
rlghlM miKht he compromlnod.
M.
regaiil to
hat exlntlng
ll.h
:
ut .^00
THE CHKONICLE
256
This would mean the introduction here, in this new sort of legislation which
the committee was attempting to establish, of principles which until now
had not been admitted to a recognized legal status. He meant the principle
of retroactivity, because already existing concessions, some of them of long
standing, might bo attacked before the proposed board.
It was true, according to Mr. Hughes's explanation there was no question
of an obligatory jurisdiction, but every one hoped that its moral authority
would be great; and in that case there would be serious inconvenience for
the various parties interested if they refused to submit to investigation
.
Is evertheless there was no moral force which would oblige companies with
established positions to submit their cases to a new examination.
M. Sarraut felt that a general revision of all existing contracts was in no
way justified, it was. therefore, necessary that the text of Article IV. leave
He stated that he could not give a definite deno doubt as to this point.
cision at the present moment, and that a more leisurely examination of the
,
text of Article IV.
was
called for.
said that so far as the discussion had proceeded it seemed
He, of
that the first three articles of the resolution had met with approval
The fourth
course, did not refer to any delegation that had not spoken.
article of the resolution did present a distinct matter, and could be dealt
with as such. Ho then asked if the Committee desired at this time to deal
with the first three articles.
The Chairman
.
BARON DE CARTIER OF BELGIUM.
Baron de Cartier said that in his opinion there was a slight obscurity in the
wording of Paragraph (b). Article I. The reference to "Provincial government," he felt, might possibly bo taken as a reflection on the completeness
of the authority of the Central Government of China; and for this reason a
wording should be found conveying the same idea and yet omitting the word
"provincial," to which he objected.
The Chairman said that, of course, this was intended to refer to those
transactions which would have to do with political subdivisions, not in any
sense to any opposition to the Central Government. There were matters
which had exclusive relation to provincial governments. There were categories of public enterprLse which were under the supervision of provincial
Governments with respect to which the nationals of the interested Powers
might have concern, and it was rather difficult in carrying out the principles
under discussion to take no cognizance of that sphere of local activity which
might have a very important relation to the open door.
Sir Robert Borden suggested that perhaps "provincial authority" might
be substituted.
Baron de Cartier said he preferred that.
The Chairman agreed.
Baron do Cartier said he did not like the word 'provinci;il," but that
"local authorities" would be agreeable.
This phrase was substituted for "provincial Government."
BARON SHIDEHARA OF JAPAN.
Baron Shidchara stated that so far as he had been able to examine the
draft he found himself in accord with the general principles embodied in it.
In view, however, of the great importance of the subject he desired to be
given a little more time to study it before any action was taken on the draft.
The meeting then adjourned until Jan. 18 1922, at 11 a. m.
The communique covering Wednesday's meeting
Committee, at which three of the four articles of the
resolution were approved, foUows.
of the
Hughes
WEDNESDAY'S SESSION.
The twentieth meeting
of the Committee on Pacific and l'"ar Eastern
Questions was held this morning. Jan. 18 1922. at 11 o'clock in the Pan
American Building.
The Chairman (Mr. Hughes) suggested that the Committee continue
the discussion of the proposed resolution in regard to the open door in
China
Baron Shidehara said that, with reference to Section III. of the draft
resolution, 't appeared that the constitution of the Board of Reference was
to be framed by the special confci'cnce on (^hincse customs duties.
He
knew that it was premature at this moment to di.scuss details of such
organization, but he would like to form a general idea of what that Board
of Reference would he.
.ludging the nature: of the questions to b(> dealt with. Uaron .Siiidchara
presunied that e.ach of the nine Governments would liave to appoint, a.s
members of the Board, some of their ablest and l)ro<idest uiinded jm-ists
upon whose judgment tlicir own and the otiioi' interested Govermnents
could rely. As the Board of Reference was tti he of a pei"man<!nt natuie.
these jurists would cither have to .stay in China indefinitely or they would
have to be sent to Cliina each time c(ue.stioiis within tlie competence of
the Board came up for consideration and examination. Apart from the
question of expense to the nine Governments for the maintenance of the
Board, it had occurred to Baron .Shidehara that it might he difficult from a
prtictical standpoint, for these Governments to spareable and fii-st-rate
jurists who would accejit the post in question under the.se conditions.
,
If jursits of
such ciualilications could not be spared, the consequence
would be only disappointing. He thought perhaps this practical side of
the question had already been cronsidered by the Chainnan and he would
be happy if the Chairman would inform the Committee of his views in
regard to
it.
SIR AUCKLAND GEDDES OF GREAT BRITAIN.
Mr. Chairman, this question of tti(> lloaitl ol' Reference raised by Baron
Shidehara is one which we had thought ov<m-. before I ventiu'ed to suggest,
two days ago, that .some form of macliinery be estal)liNhexJ. The idea that
we had in mind about this niachiner,\- was .something of this .sort
That the actual Board of Referen<'e should he composed of jui-Lsts, but:
would not bo nc*'essar>- for all thi; powers' represent ati\es to attend
A\'e conceived of his machinery somewhat
meetings of the Board
in this way;
That every power shouUI nominate to a panel, jurists of eminence and
distinction and that from that panel there .should be drawn two, three,
four, whatever number was required, to form the hoard which is actually
that
it
all th(!
.
periods, during which they might have nothing or perhaps little to do, we
would be able to get some such machinery set up in a cheap, simple ajid
•
effective way.
These are ideas that had passed through my mind before I made public
the suggestion that there might be some machinery devised. I do not know
whether my ideas agree with those of any of the other delegates at this
conference, but they may he a preliminary indication of one way in which
the Board of Reference might be created.
I am sure there are numerous
equally good if not better plans possible. I merely wish to make it plain
that there is no insuperable difficulty attaching to the proposal which you
have brought before us.
Before I sit down there is one other thing in this resolution that I think
it might be well to say a few words about.
Already the question has been
raised as to whether this resolution, if it be adopted and become operative,
would exclude from all action such a bodj" as a consortium and I would
like to have recorded upon the minutes these words:
"Of course,
MR. HUGHES.
t
to consider any special case that w;is bix)uglit before it.
For exjimple, it occurrred to us that it might be possible for ju.stices at
Shanghai or Hong Kong to be on the panel of the Boar<l of Reference as
the British representative^:.
If an (>c(;asion in which Britain was concerned
arose, or one in which under the adopted scheme a Britisli justice wouUl
sit upon the Bo.ird of Reference one of tho.se dlsiinguislied jurists would he
called to take his turn on the Board.
1 think tliat possibly a .schea)0
worked out by the conference wln'ch is to he respon.sibk> for its preparation
might follow some such lines !is these.
There would bo this panel of jurists and it might be aiTanged tliat any
Inquiry should be dealt with by a small board, say -with a i-peresentativc of
each of the countries concerned with perhaps a neutral chairman selected
from the panel. It seems to me that in some such way without great expense, without keeping eminent and distinguished jurists in China for long
[Vol. 114.
it is
clearly understood that there
is
nothing in this resolution
which affects, one way or .inother, the. existing international consortium or
any other form of voluntary co-operation .imong the private, financial or
industrial groups in different countries, which may join together in a manner
not involving monopoly or infringement of the principles recognized by the
conference in order to furnish China with some essential service most
efficiently and economically to be provided by united effort
"
BARON SHIDEHARA OF JAPAN.
Baron Shidehara said that, so far as the British Empire was concerned,
there seemed to be. as Sir Auckland Geddes had just explained, no practical
difficulty in carrying out the plan for the constraction of the Board of Reference, but Baron .Shidehara thought that there might be difficulties as
concerned some of the interested powers. It was not his intention to raise
any objections to the organization of the Board; he simply desired to point
out the difficulties to be expected.
SECRETARY' HUGHES.
The Chairman
said that it was provided in Article III. of the proposed
resolution that the detailed scheme for the constitution of the board should
be framed by the special conference to which Article I. of the covenant on
Chinese customs duties referred. He assumed that that special conference
would give the closest consideration to the questions which had been raised
by Baron Shidehara and others that would relate to the constitution of the
board. He felt, however, that such matters would not present insuperable
difficulties.
It would require close attention to avoid unnecessary inconvenience, but as Sir Auckland Geddes had pointed out, there could be
immediately suggested some measures of a practical sort by which the object
could be attained.
The Chairman wshed to say. in order to avoid any possible misapprehension, that Sir Auckland Geddes's statement with regard to the consortium was in entire accord with the views which the American delegation
entertained. The resolution was not in apy way intended to interfere with
the operation of the consortium, which in its provision for co-operative effort
would not in any way infringe the principles adopted by the conference.
The Cha.rman then asked if the Committee desired to proceed with the
discussion of the resolution.
BARON SHIDEHARA OF JAPAN.
if he might be permitted to make a few remarks in
regard to Section IV. One point had already been raised by the French
delegation, but he did not know what plans of revision the French delegation
had in mind. He was glad to say, as the Chairman had ^"ery properly remarked the previous day, that the principle of the open door was not a new
Invention. It had been adopted and confirmed in various treaties and
arrangements, but it must be noted that the principle had undergone considerable changes, in its application, since it had originally been initiated
by Secretary Hay in 1898.
It was then limited in its scope, both as concerned its subject matter and
the area of Chinese territory to which it applied; it simply pro\ided. in substance, that none of the powers having spheres of influence or leased territories in China should interfere -with treaty ports or with vested rights or
exercise any discrimination in the collection of customs duties or railroad or
The principles formulated in the draft resolution were of an
harbor charges
entirely different .scope from the policy of the open door, as conceived in
1898-99; the draft resolution gave, in a certain sense, a new definition to
that policy.
It seemed natural, therefore, that this new definition should not have any
According to section IV. it appeared as if the concessions
retroactive force.
already granted by China would be subject to examination in the light of this
new agreement. If that were the case, it seemed probable that this agireement would affect private parties unfairly and Baron Shidehara would
therefore like to suggest thiit the worcUng of Section IV. be changed somewhat in order to meet this situation. His suggestion would take the form
that Section IV. be changed to read as foUows:
"'IV. The Powers, includitig China, represented at this conference, agree
that if any i)rovisions of a concession which may hereafter be gi-anted by
C3hina appeiir inconsistent with those of another concession or with the
principles of the abov<> agi-eement or declaration they may he submitted
hy the parties concerntKl to the board of referenio when established for
tlio purpose of endeavoring to arrive at a satisfactoi'y adjustment on
eqiiitable terms."
Baron Shidehara asked
.
,
SECRETARY HUGHES.
The Chairman said that he was gratified at what he understood to be the
appreciation by Baron Shidehara of the purpose and scope of the open door
In view of what Baron Shidepolicy, certainly as at present tinderstood.
hara had said with regard to the original scope of that policy, the Chainnan
hoped the delegates would permit him to refer to some of the international
dociunent.s b(«iring upon that subject.
It was quite true that in the original statement of the policy by Secretary
Hay there were specific points mentioned. It was also true that the
bearing of those points and the intent of the policy were very clearly preThe general purpose in \new and the real meaning of the open
sented.
door policy were Indiatted in the communications addressed to the several
Ciovernments under instructions from Secretary Hay.
The <"^hairnian then read the communication of Mr. Choate, Ambassador
to the Court of St. James, to Lord Sali.sbury, at London, Sept. 22 1899.
uiwn this point, as follows:
"He (the President) understands it to be the settled policy and purpose o
Greiit Britain not to use any privileges which may he gi-antcd to it in China
as a means of cx<-luding any commercial ri\'als. and that freedom of trade
Her
for it in that Empire nu:ans freedom of trade for all the world alike.
Majesty's (Jovernment while conceding hy formal agriH!ments with Germany and Russia the possession of 'sphere-i of influence or interest' in China,
in which they are to enjoy especial rights and privileges, particularly in
re^spect to raih'oads and mining enterprises, has at the same time sought
To secure
to maintain what is conimouly called the 'open-door' policy.
to the commerce and n,i\ iiiation of all nations equality of treatment within
mainti'uance
this
policy
is
alike
demanded
the
urgently
of
such a 'sphert'
by the commercial comnuinities of om- two nations, as it is justly held by
them to be the only one which will improve existing conditions, enable
them to maintain their positions in the markets of China and extend their
future operations.
"While the (ioverument of the Lnited States will in no way cojumit
tself 1o any recognition of the exclusive right-^ of any power within or
,
THE CHRONICLE
Jan. 21 1922.]
control over any portion of the Ohineso Empire undor such agreements
as have l>eon recently made, it cannot conceal its apprehension that there
is daiiKer of complications arisins Ijotween the treaty Powers which may
tjnperil the riKhts insured to the United States by its treaties with China.
"It is the sincere desire of my Government that the interests of its oil i/ens
may not tie pnijudiced (hrou?h exclusive treatment by any of the conlrnllinK
Powers within their raspcctlve 'spheres of interest' in (Uiina, and it liopes
to retain there an open market for all the world's commerce, remove dangerous sources of international irritation, and thereby hasten united action of
the Powers at Peking to promote administrative reforms so gi-catly needed
for strcngthenine the Imperial Government and maintaining the integrity
of China, in which it believes the whole Western world is alike concerned."
The Chairman,
continuing, said that it was for that purpose that Secretary
instructed the Ambassadors and Ministers of the United States to
obtain, if agreeable to other Powers, declarations with respect to the
treatment of foreign trade and commerce, especially from those Powers
claiming spheres of interest In China. Lord Salisbury replied to Mr.
Choate to the effect that he would consult with his colleagues, and added,
in his communication of Sept. 29 1899:
Hay
"In the meantime I may assure your Excellency that the policy consistentadvocated Ijy this country is one of securing equal opportunity for the
subjects and citizens of all nations in regard to commercial enterprise in
China, and from this policy her Majesty's Government have no intention
ly
or desire to depart."
Later, Lord Salisbury wrote:
"I have
much
pleasure iu Informing your Excellency that her Majesty's
Government will oe prepared to make a declaration in the .sense desired l>y
your Government in regard to the leased territory of Wei-Hei-Wei and ail
territory in China which may hereafter be acquired by Great Britain by
lease or otherwise, and all spheres of interest now held or that may hereby her in China, i)rovided that a similar declaration
other Powers concerned."
after be held
I)y
is
made
On Dec. 16 1899 the French Minister of Foreign Affairs addressed a
communication to the American Ambassador in Paris in whuch he said:
"The declarations which I made in the Chamber on the 24th of November
last, and which I have had occasion to recall to you since then, show clearly
the sentiments of the
Government of the Republic.
It desires
throughout
the whole of China and, with the quite natural reservation that all the
Powers interested give an assurance of their willingness to act likewise, is
ready to apply in the territories which are leased to it, equal treatment to
the citizens and subjects of all nations, especially in the matter of customs
duties and navigation dues, as well as transportation tariff on railways."
The Chairman then said that the representatives of the United States
communicated to all the Governments concerned in the same sense in which
Mr. Cheats commimicated with Lord Salisbury in what had already been
read.
And in his reply to this, on Dec. 26 1889, the Japanese Minister of
Foreign Affairs, stated to the American Minister:
"I have the happy duty of assuring your Excellency that the Imperial
Government will have no hesitation to give their assent to so just and fair
a proposal of the United States, provided that all the other powers concerned shall accept the same."
The Italian Government stated,
Affiars, in his note of Jan. 7 1900:
through the Italian Minister of Foreign
"
I take pleasure in saying that the Government of the King
adheres willingly to the proposals set forth in said note of Dec. 9.
."
.
.
While it was quite true, the Chairman continued, that Secretary Hay had
presented in his proposals cei1;ain definite points, yet having received these
replies. Secretary Hay in Ms Instructions of March 20 1000, to the representatives of the United States of America, accredited to the six Governments consulted, summed up the matters as follows:
"The
Government having accepted the declaration submitted
by the United States concerning foreign trade in China, thfi terms of which
r tran-sraitted to yo;i in my instruction number
of
and like
action having been taken by all the various powers having leased territory
or .sf>-called spheres of interest in the Chinese Empire, as shown b.v the
notes which I herewith transmit to you. you will jjlease inform the Government to which you are accredited that the condition originall.v attached to
—
its acceptance
-that all other powers concerned .should likewise accept the
proposals of the United States having been complied with, this Government will therefore con-sider the assent given to it by
as final and
—
definitive
' You will also transmit to the Minister for Foreign Affairs copies of the
present enclosures, and by the .same occasion convey to him the expres.sion
of the sincere gratification wtiich the President feels at the successful termination of the.so negotiations, in which he sees proof of the friendly spirit
which animates the various powers interested in the tmtrammeled development of commerce and industry in the < 'hinese Empire, and a source of
vast Ijenefit to the whole commercial world."
was therefore quite manifest, the Chairman
said, that while Secretary
presented certain definite points In the propo.sal he made, he made It
clear what was the scope and purpose that ho advocated.
The Chairman added that on Oct. 16 1900 an agreement relating to
Ofaloa was concluded between Germany and Great Britain in which It was
stated that Her Britannic Majesty's Government and the Imperial German
Government, being desirous to maintain their hiterest in China and their
rl^te under existing treaties, had agreed to observe the following principles
in retard to their mutual policy In China:
It Is a matter of joint and permanent International Interest that tho
"I
ports on the rivers and littoral of China should remain free and open to
trade and to every other legitimate form of economic activity for tho
nationals of all cxiuntrU^s without distinction; and the two Governments
agree on their part to uphold thu same for all Chine.se territory as far as
they can exercls<> Influence.
2. Her ISrItannic Majesty's Government and tho Imperial German
Government will not on their part make u.se of the present complication to
obtain for thfnnw.lves any t«;rrltxirial advantages in f Ihincse dominions, and
will direct their policy toward maintaining iindlminshe'l tho torrllorlal
condition of the Chinese Empire.
."
It
Hay
.
.
.
two Govarnm<!ntfl
agrftcd to coinniimlcate their agreement to the
<>Lh<T I'owers interrnted anfl especially to Austrla-Himgary France, Italy.
.fapan, liassla and tho Unlt<'d Htafe*. of America and to invite them to accept
the principlcH n^^ordwl in It. That was done jinfl their assent received.
.\I. f)«!lc;iAH<i. on behalf of the Kn-neli
loverninent salrl Oct. HI 1!)00:
Tli<-
.
(
,
"The fiovernmont of the Kf'publlc has long manifiwl^xl ItH deslro to wo
o[>eno<l to the economic activity of tho whoki world: hencM; the emphatic adherenco that It (r»ve. In the month of Docember laMt. to a pro-
Ohlna
PMal of the
ocniiwtlon.
Government of the
Unit.ed Ht^U-.n prompl.<i'l l)y tho
It« fc«3llng In that regard has not been ch;inK<!<!."
The It.'illan Government said on f)ct. 22 1900:
'Having taken his Majesty's ortler. I am to-day
wimn
pn;-
257
It would be noted, the Chairman said, that those principles, as stated in
the first article of the a-^reement between Germany and Great Britain, were
that it was a matter of joint and permanent international interest that the
ports on the rivers and littoral of China should remain free and open to trade
and every other logitim:itc form of economic activity for the nationals of
all countries witliout distinction.
Ptu-ther, in 1908 there was an exchange of notes betwesn the Government
of the United States of America and the Japanese Governraant, in which,
after appropriate recitals as to the importance of a frank exchange of views
as to tho aim, policy and intention of the two Governments, it was said
under date of Nov. 30 190S:
"1. It is the wish of the two Governments to encourage the free and peaceful development of their commerce on the Pacific Ocean.
"2. The policy of both (Jovernments. uninfluenced by anv aggressive
tendencies, is directed to the maintenance of the existing status quo in the
region above mentioned and to the defense of the principle of equal opportunity for commerce and industry in China.
"3. They are accordingly firmly resolved reciprocally to respect the territorial possessions belonging to each other in .said region.
"4. They .are also determined to preserve tho common interest of all
Powers in China by supporting by all pacific means at their disposal the
independence and integrity of China and the principle of equal opportunity for commerce and industry of all nations in that Empire.
".5. Should any event occur threatening the status quo as aiwve described
or the principle of equal opportunity as above defined, it remains for the
two Governments to commimicate with each other in order to arrive at an
"
understanding as to what measures they may consider it useful to take.
.
.
The Chau-man added
that these notes were exchanged between Mr. Root,
as Secretary of State, and Baron Takahira, as ^Ymbassador of Japan.
In
the light of these reiterated statements, which could hardly bo regarded as
ambiguous, the Chairman could not assume that the statement of principles
recorded in the resolution before the committee was a new statement. He
rather regarded it as a more definite and preci.s3 statem'jnt of the principle
that had long been admitted and to which the Powers concerned had given
their unqualified adherence for twenty years.
In saying this he did not wish at all to detract from the force of the statement made by Baron Sliidehara, as the Chairman understood it: tliat is,
in the complete acceptance of the principle as it was here formulated.
He
did not desire to deal with the question which was discussed, so far as he
was concerned yesterday, with respect to the true construct ion and application of jVrticlc IV.
He wished simply to sa.v that he believed that this resolution in its first article stated a principle which had been operative all
through the period he had named, and had been binding upon the Governments concerned, and that it was important that at this time they should
have a reaffirmation of that principle a statement of it with increased
definiteness and should devise so far as might be practicable some raachinerj' for giving it effective application.
—
—
SIR ROBERT
BORDEN OF GREAT BRITAIN.
Sir Robert Borden said that the principal difficulties in connection with
this resolution appeared to have arisen over the fourth article.
He was of
opinion that the powers concerned could act with equal effect if the fourth
article were omitted altrgether.
Under that article there could be no effective action except with the consent of the parties concerned.
If the fourth
article were omitted, it would still be open to the powers, if they saw fit, to
give the like consent and to utilize for the determination or investigation of
any relevant question the board of reference to be established under
Article
III.
He offered that as a suggestion which might help perhaps to bring them to
understanding and conclusion.
There was one other observation which he would like to make. He could
hardly brjng himself to agree that the Board of Reference, when constituted,
should be composed of jurists. It should rather be composed of persons
having a knowledge of economic conditions, a knowledge of the conditions of
China and the trade of China. With all due respect to the profession of
which he was a humble member, it might be passed over with advantage in
this connection and other persons might be selexited who could accomplish
the task with perhaps even a higher degree of knowledge and capacity than
could be expected from members of the bar for such a purpose.
MR. SZE REPRESENTING CHINA.
Mr. Sze asked the indulgence of the committee, on behalf of the Chinese
Mr.
delegation, to be permitted to add one or two words to the discussion.
Sze said he first desired to thank the Chairman for his very clear and welldrawn draft resolution, and for the very lucid explanation which had accomplished his presentation of it.
Mr. Sze felt equally grateful for tho iUimiinating debate which had taken place in the committee in regard to it. The
fact that the subject of the open door had occupied nearly three wliole sessions of the committee showed that the importance of this principle had not
been diminished by the passage of years.
Ho supposed that tho committee would first like to know China's position
In regard to the draft resolution.
In regard to this he thought ho could do
nothing better than to refer to the second of thti proposals pro.sented by the
Chinese delegation on Nov. 10, namely: "China being in full accord with the
principle of the open door or equal opportunity for tho commerce and
Industry of all nations having treaty relations with China, Is prepared to
accept and apply it In all parts of tho Chinese republic without exception."
In this proposal the position of the Chinese delegation was put very
simply and clearly and ho did not believe there was any u.so in his taldng up
lie desired,
tho committees' time by offtTlng any further explanation of it.
however, to say one word in rog.ird to the open door. The rend(<ring of that
exproKNlon Into Clilnese, some years ago. had given rise to some doubt in the
minds of those who only read Chinese. Mo would thoreforo llkti t<i state
that tho open door did not moan tho opening up of all parUi of (^hliui to
foreign trade, «)mmerce and Industry.
Me only said this l>ecnUBO of the
ml.sapprehon.sion in the matter which hud exist4>d in (Milna.
In regiird to Article 13, his (•steenie<l colleiigue. Itaron <le ( 'artier, had
MUggesti'd on the previous d;iy th;it the word.s
provi«lonal (;ov eminent"
be changed to "local .•iiitliority ." The |)r-iice(lMre at present observtHl In
<'hlrui by tin- C(>ntral Govermneiil with n-ferenee li> coiicessloiih gi\en by
provisional ailtliorlties, he stateil. would remain tlii- nanii- IrrcNpecllve of
which phniHc wjls usi'd, and this pracll<c uns ton well kiionii to need further
'
elticldntlon.
In regard to Article :{ hi- wondered whet her It would not he hotter t<»
eliminate the woniN "III principle
If the coininlllee reiu-hod nn agroornpnt
Mi- iinl> iiindH
It wiiM pi'oli.'ilile that It would he on .snniellilMg derinlte.
IIiIm Ofi u HUggemtlon In llie belief tli.il ll wiiillil ni.ilie the pariigniph more
"
i)fmltlon to Inform
lt;i.ll!tn fJovernment. recognUIng In the Anglr)same j>rlncl|)|eM which rule their own policy In
in
.),
.vour Kxrollency that tho
Oterman Agreoment thow
China. «|f> not hesitato to give their adhesion thcTeto."
clear.
Me
Th<' .lapancAc fiovjmment HJild Oct. 20 1000, nft^tr form;iI ,iclcnowl«'dgMient of the not'i:
clpli,
reiiiarlced
of
till'
a few
oiten floor,
ItiMit reHdliitlitn.H
".
at tho same tim«. in further eonipilanro with l/ord Mall«hury'H
in.itructions, you requeit^d mi' to inform vou whether tlie Imperial .InpnriemGovernment are InclirinrI toaco«!pt the (jrlncloles roc«irded in Hjild agre<'m<iiii
.
.
"The Imperial (iovernmont, having received .iwuranr es from the contracting powers to thooff(^ct that. In aflherr'rice to the .-ii^riimeiil In qiieillon.
they will b') plarefl in relation to inch ngreernetil In the '.mie pimtilon Ihey
would havo occiipiei»| If they had been a xlgnal-ory liiHleu'l of nri o'lherlni/'
ntat«, do not hositaU) to formally de<'liirit that they adhere lo the imld
nKr«»ment and accept tho principles cmhodled therein."
"
iiiliiilleH liel'iire
which hud
mi Hie
been
.'lUii
gl'e:il
deiili
iiiipnrtiilice
with
III
I
of the prlll-
he third of tho
at IoIIowm
"To
iiwi their Influence for the piirpoM- of i-rfeetually <<«tabllKhlliK anrt
(ippnri iiiill y for tno coiiimeice .mrt
iiialiilaliiliig the
•liile id' erpiiii
inilii.^lry of nil iiallons IlirmiKlioNl the lerrllorj ofChliiii
The
would note llijil in IIiIh rehiihilliiii -which hail been ;uthe Wonl-. "eNl.'ilillshin*r
Hie powini reprcHcnleil at the table
and iiwilntnlnlnK" were iiHed. Mix knonleilue nf Kngllxh »a« llnilleil, but
he ihotiKlii th.it the two vrorrli hud dlfferenl ineiiiiliiir*. to e"<liibll'<h iii'-anlug
('itniiiiltl4-e
ceplMl by
all
THE CHEONICLE
25S
to create and to maintain meaning to continue in operation: taken together
these two undertakings could mean nothing else than the bringing into
existence of a regime under which the principles of the open door could be
It therefore seemed that Section IV. of the draft
effectually applied.
resolution could safely be adopted.
Questions in regard to concession-s had arisen in the past, and would
If questions should arise in the future it
doubtle.ss arise in the futurel
would be better, as the Chairman had remarked, that thp negotiations
among the powers should not be confined to diplomatic notes; it would do
no harm to either party in such a dispute to have it referred to a friendly
body, such as was provided for in Section IV., for adjustment.
The Chairman stated that a proposal had boon made by Baron Shidehara
for an amendment to Article IV. and a further proposal by Sir Robert
Borden for the omission of Article IV'. In order that they might proceed,
without, of course, desiring to limit discussion, as rapidly as possible, he
asked whether they desired to indicate their preference with respect to Sir
Robert Borden's suggestion as to th(> omLssion of Article IV.
M. Sarruat suggested that Sir Robert Borden's proposal bo voted on first.
The Chairman answered that had been the intention of his suggestion, and
he was a.stdng for an expression of views before bringing the matter to a
vote.
Baron Shidehara stated that .Japan was in favor of eliminating Article IV.
Tlir Cliairman said that it seemed to him that in view of the expressions
which had been made and the fact that Article III. gave a full opportunity
for dealing with all these mafers which might appropriately bo the concern
of the respective (Tovornmrnts it possibly would induce agreement if they
omitted Article IV. in 'accordance with Sir Robert Borden's suggestion.
That seemed to be agreeable to the Japanese Government and to the
French Government and be was asking informally the views of others before
proceeding to take the vote.
Senator Schanzer agreed.
The Chairman continued with a suggestion that it might be better to withdraw Article IV. from the resolution. If any delegate desired to press it
separately for consideration, of course opportunity would be given; but in
order to facilitate discussion and bring the matter to agreement if possible
Article IV. might now be withdrawn and the three articles of the resolution
be presented for consideration and action. He asked if the delegates were
ready to vote upon the three articles.
Mr. Hanihara said that under Section 3 of the draft resolution the constitution of the Board of Reference would, of course, be subject to the approval of the respective Governments.
He would think that some specific
instruction to the special conference would be necessary in connection with
the constitution of ths board. He asked whether the Chairman had inmind anything in regard to this point whether he thought that this conference might do it or that some one Government might be asked to do it.
The Chairman said that the purpose of Article III. of the resolution was to
set forth the function in general terms of the proposed board and to provide
an arrangement through which it might be constituted. It would be constituted under this arrangement at a special conference at which there would
be representatives of all the contracting powers. He assumed that each
power would instruct its representative with respect to its general ideas of
manner in which such a board should be constituted. He supposed the
representatives of the powers would gather together and exchange their
views.
Their conclusions would be reported to their Governments and in
the usual way, out of such comparison of views and under instructions from
their Governments and subject to the final approval of their Governments,
a scheme would emerge which would carry out the intent of the resolution.
It would hardly seem to be practicable in this conference to undertake that
work, because It was of a very special and detailed character. On -the other
hand, as he read the resolution there was no doubt as to the purpose in view
and the gonrral scope of the proposition.
Baron Shidehara said that if he correctly remembered Mr. Balfour's remarks of the previous day, the latter had pointed out that there were certain
concessions which carried with them rights of the nature of monopoly to a
limited extent.
He said that it was his understanding that these rights
would be protected under the last paragraph of Article I. He desired to
—
know
if
this
view were correct.
SECRETARY HUGHES.
The Chairman
said that, as he understood it, the concluding paragraph of
Article I. of the resolution was intended to protect the particular commercial
Industrial or financial undertakings which might be prosecuted consistently
with the maintenance of the general principle which was stated in paragraphs
and B. Paragraph B referred to such undertakings which, by reason of
their scope, duration or geographical extent, were calculated to frustrate the
practical application of the principle of equal opportunity.
As he had explained the day before, they were dealing with the open door an avenue to
opportunity, and avenue to legitimate enterprise and not with obstacles to
legitimate enterprise, and all that was embraced in the various undertakings
which, to the extent of the particular rights essential to their prosecution, of
course monopolized a special line of endeavor in a concrete or particular case,
were amply protected by the last clause of the first article. The purpose
was, however, to safeguard the principle, so that under the guise of particular undertakings there should not be any as.sertion of a general superiority of right, or a monopoly or preference which would be in conflict with the
principles to which we adhere.
Baron de Cartier asked if, in view of the proposed ^vithdrawal of Article
IV., there would be any change in the declaration made by Sir Auckland
A
—
—
Geddes.
The Chairman asked
Belgium assented.
The British Empire assented.
Mr. Sze said that when it was proposed that Section IV. should be withdrawn he understood from the remarks of the Chairman that his did not in
any way lunlt the right of any delegation to bring up the substance of this
section at a later time in some other form or connection.
The Chairman said that Mr. Sze's imderstanding was correct.
Mr. Sze said that with this reservation he would vote "Yes."
The Chairman said that Article IV. had been withdrawn in the interest of
proceeding to an agreement upon the articles which apparently the committee was ready to adopt.
Any delegation was at liberty to bring forward
Article IV. in substance or In any other way It might desire.
The remaining delegations all assented.
The Revised Draft.
The Chairman declared that the three articles were unanimously adopted
as follows:
"The Open Door in China.
(Revised Draft of Resolution.)
"1. With a view to applying more effectually the principles of the open
door or equality of opportunity in^Chlna for the trade and industry of all
nations, the Powers other than Cmna represented at this conference agree:
" (a) Not to seek or to support their nationals In seeking any arrangement
which might purport to establish in favor of their interests any general
superiority of rights with re.«pect to commercial or economic development
In any designated region of China,
" (6) Not to seek or to support their nationals in seeking any such monopol5' or preferences as would deprive other nationals of the right of undertaking any legitimate trade or industry in China or of participating with the
Chine.se Government or with any local authority in any category or public
enterprise which by reason of its scope, duration or geographical extent Is
calculated to frustrate the practical application of the principle of equal
opportunity
" It is understood that this agreement is not to be so construed as to prohibit the acquisition of such properties or rights as may be necessary to the
conduct of a particular commercial, indu.strial or financial undertaking or
to the encouragement of invention and research.
"II. The Ciiinese Government takes note of the above agreement and
declares its intention of being guided by the same principles in dealing with
'
applications for economic rights and privileges from Governments and
nationals of all foreign countries whether parties to that agreement or not.
"Ill The Powers. includin.g Chinca, represented at this conference agree
In principle to the estaljlishment in China of a Board of Reference to which
any question arising on the above agreement and declaration may be referred for investigation and report.
(A detailed scheme for the constitution of the board shall be framed by the special conference referred to in
Article I of the convention on Chinese customs duties)"
SECRETARY HUGHES.
that, if it were desired by any delegate
at this tune to bring forward Article IV., it could be dealt with at once.
!Mr. Sze said that in view of the fact that time was limited, he a-sked the
Chairman to extend the right just mentioned by him of bringing up the substance of Article IV. at a later time.
The Chairman assented.
The Chairman said that there was one subject which might possibly be
With the reservation
dealt with in the short time left before adiom-nment.
which had been made, the committee would approach as the next subject one
tlie American agenda the matter of railways in China, including the specific
matter of the Chinese Eastern Railway.
He added that he did not intend to review the history of that enterprise.
He assumed that it was familiar to all, and that each delegate had before
him or at his command the documentary history of the Chinese Ea.stern
Railway. The members of the committee were proijably conversant with
the problems before them in relation to the proper and efficient management of tiiat important line of comnmnication. These problems concerned
So far as
finance, the form of management and efficiency of management.
the United States of America was concerned, there was but one interest and
that was the railroad siiould be maintained as an artery of commerce, with
free opportunity to all and unfair di.scrimination against none.
He stated that the United States Government had no interest whatever in
the ownership and had no desire to secure control. They wished merely to
do anytliing v>;itliin their power to promote the proper conduct of that road,
as one of the .ereatest instrumentalities of commerce in the Hast.
The subject was so difficult, there were so many different angles that had
to be carefully considered, and the project and t'le relations of both Russia
and China to it were sucli that he d'd not think, speaking for himself personally, that the matter could profitably be discussed in the committee at
this time.
It seemed to liim that such a discussion would almoso necessarily involve a detailed consideration of history and of documents and
interests Avithout dealing with the point of the immediate requirements by
reason of the existing conditions in that p:irt of the East.
The Chairman therefore suggested that a subcommittee of experts be
appointed, drawn from technical advisers of the varioiLs delegations, or vvith
sucli i-eprescntati\-es of the powers as miglit be deemed fitting by each, to
consider at once whether there was anythinc^ that could be done at this conference which would aid in promoting the efficiency of that railroad and Its
proper management. His thought would be that these experts would be
already familiar with the history of the road; they would know all about the
exigency which the committee had to meet, and they could, by interchange
of views, bring before the committee, if anything was practicable, something concrete far more readily than could be developed in a discussion
now. This, of course, would not preclude any discussion later in the light
of such report as the subcommittee might make.
The Chairman asked whetlier that suggestion met with the approval of
The Chairman then suggested
the delegates.
the reference to the consortiimi was meant.
Baron do Cartier having confirmed this, the Chairman continued, saying
that the reference made was to the onsortiimi. and the adoption of this
resolution would in no way interfere with the activities of the consortium,
which, for the purpose of helpful co-operation, were entirely consistent with
the principles declared.
The Chairman added that there were two verbal amendments, one at the
last meeting suggested by the Bolgian .tVmbassador, that in place of the
words "Provincial Government" in paragraph (B) of Article I. should be
Inserted the words "local authority."
Ho understood that that amendment
was adopted with the con.sort of all.
He added that he would like to say a word with reference to that. There
were many cases in which the use of the words "in principle," which had the
sanction of abundant usage, might bo taken to detract from the force of any
specific statement embodying the principle.
He said that in this particular
case, however, the whole statement was a statement of a principle.
In
other Words, there was no attempt to prescribe details, and his own opinion
was that whether the words "in principle" were in or out, the article meant
exactly the same; so, with the permission of Mr. Sze and that understanding, In order to avoid unnecessary discussion, he would suggest putting the
throe articles to a vote with the one amendment of the Insertion of "local
authority" in place of "Provincial Government."
if
Assent to Three Articles.
inquired if the committee were ready to vote, and announced that the United States Government assented.
The Chairman
[Vol. 114.
Mr. Hanihara said that according to the Chairman's suggestion all the
nine Powers wore to be represented on this subcommittee of experts. He
did not wish to enter into any argument on fne subject, but it seemed to him
that some of the nine powers were not interested in the Chinese Eastern
He brought up this point only because he wLshed to facilitate
Railway.
matters.
The Chairman said that he was quite conscious of the fact brought out by
Mr. Hanihara, but lie thouglit that none should be excluded from the opportunity to give the committee the aid of their suggestions. The situation
was a very difficult one, and if they could generate any thought that would
be helpful he believed the committee as a whole would be indebted to them
The suggestion was unanimously adopted.
The Chairman said that before adjourning an opportunity would be given
to offer resolutions relating to the subject of railroads, which might be circulated and be the subject of consideration at the next meeting.
BAROX SHIDEHARA OF JAPAN.
Baron Shidehara said there was a question he wished to
tion with the matters discussed relating to the open door.
raise in connec-
He
then
made
the following statement:
The Japanese delegation understands that one of the primary objects
which the present conference on Far Eastern questions has in view is to promote the general welfare of the Chinese people, and at the same time of all
For the realization of that desirable end
nations Interested In China.
nothing is of greater importance than the development and utilization of the
unlimited natiu-al resources of China.
THE CHKONICLE
Jan, 21 1922.]
U9
equality of treatment for the trade and commerce of all nations upon these
railways, so he ventured to bring before the committee the following resolution, which in the first part takes the form of a statement by China, and in
the second part the form of an agreeing or adhering statement by the other
the community of nations known as the British Empire as
tho Dominion of Canada, the Commonwealth of Australia,
tho Dominion of Now Zealand and the Union of South Africa,
with a Parliament having powers to make laws for peace and
order and good Government in Ireland, and an executive
responsible to that Parliament."
With the signing of this
agreement at 10 Downing Street, London, on Dec. 6 by the
delegates representing Great Britain and Ireland, Mr. Griffith, head of the latter delegation, issued a statement in
which, in announcing the signing of the Treaty by Mm, he expressed the belief that "this Treaty will lay the foundation
of peace and friendship between the two nations."
Mr. de
Valera, on the other hand, who did not participate in the
final treaty negotiations, issued on Dec. 8 a message "to the
Irish people," in which he declared that "the terms of this
agreement are in violent conflict with the wishes of the majority of this nation as expressed freely at successive elections in the past three years," and he added that he could
not "recommend acceptance of this Treaty either to the Dail
Eireann or to the country." On Dec. 16 both houses of the
British Parliament ratified the Treaty by overwhelming
majorities; in the House of Commons it was ratified by a
vote of 401 to 58, while in the House of Lords the vote of
acceptance was 166 to 47. The question of ratification of
the Treaty was debated at private sessions of the Dail
Eireann at Dublin on Dec. 14, 15 and 16, and on the latter
date the following joint announcement by de Valera and
powers:
Griffith
sides tliat China Is a country witti Immense potential!"
endowed by nature with arable soil, witli mines and with
raw materials of various kinds. But those natural resoiircos are of little
In
practical value so long as they remain undeveloped and unutilized.
order to make full use of them, it seems essential that China shall £opon her
own door to foreign capital and to foreign trade and enterprise.
Touching on this subject. Dr. Sze, on behalf of the Ciiinese delegation,
made an important statement to the full committee on Nov. 16, declaring
that China wishes to make her vast natural resources available to all people
who need them. That statement evidently represents the wisdom and foresight of Cliina, and the Japanese delegation Is confident that the principle
which It enunciated will be carried out to its full extent.
It Is to be hoped that in the appUcation of that principle China may be disIt is
agreed on
She
ties.
is
all
richly
posed to extend to foreigners, as far a possible, the opportunity of cooperation in the development and utilization of China's natural resources.
Any spontaneous declaration by China of her policy in that direction wUl be
received with much gratification by Japan, and also no doubt by all other
nations interested In China.
Resolutions which have hitherto been adopted
by this committee have been uniformly guided by the spirit of self-denial
and self-sacrifice on the part of foreign powers in favor of China. The
Japanese delegation trusts that China on her part will not be unwUUng
to formulate a poUcy which wUl prove of considerable benefit, no less to
China herself than to all nations.
SIB AUCKLAND GEDDES OF GREAT BRITAIN.
The Chairman asked whether it was desired at that time to present
resolu-
might be distributed on the subject of railways in China.
Sir Auckland Geddes said that there was a resolution which he would like
to introduce the following day or at the next meeting, dealing with the
The very important question
question centering on the railways in China.
of the open door had been dealt with that morning, and from the door the
avenue leading in was becoming more and more an avenue of railroads. It
was, he believed, to the conunon Interest of all countries that there should be
tions which
"The Chinese Government
declares that throughout the whole of the
railways in China, it will not exercise or permit any discrimination whatever, direct or indirect, in respect of charges or of facilities on the ground
of the nationality of passengers or the countries from which or to which
they are proceeding, or the origin or ownership of goods or the country
from which or to which they are consigned, or the nationality or ownership
of the ship or other means of conveying such passengers or goods before or
after their transport on the Chinese railways.
"The other Powers represented at this conference take note of the above
declaration and make a corresponding declaration in respect of any of the
aforesaid railways over which they or their nationals are in a position to
exercise any control in virtue of any concession, special agreement, or otherwise.
"Any question arising under this declaration may be referred by the
Powers concerned to the Board of reference, when established, for consideration and report."
was
issued:
private sessions of the DaU Eireann will end to-morrow evening and
a motion for ratification of the Treaty will be made at a public session at
are confident that the Irish people will continue
11 o'clock Monday.
to maintain the same calm dignity and discipline they hitherto have
displayed.
The
We
was stated when the Dail Eireann had adjourned on
19 after two lengthy public sessions, that
nothing tangible had developed to indicate how the members
would vote on the Treaty. The Associated Press advices
from Dublin in a statement to this effect, had also said:
It
Monday, Dec.
The uncertainty
was manifest thac the development of railmost intimately and directly a.ssociated mth
the prosperity of the countr.v, and that it might be possible that, in showing
interest in the future development of (;hina, the Conference might desire
to indicate a t?eneral policy as to railway operation in the future.
To brine
the matter before the Conference merely for the purpose of indicating an
attitude and point of view of general policy, he would present the followiuK
of even the prominent leaders regarding the result was
one side In Michael Collins* declaration that he might
never again address the DaU Eireann and. on the other side, Charles
Burgess' pointed statement that he was "still in office," indicating to the
listeners his apprehension that he might possibly be defeated.
The proceedings are certain to last through to-morrow, as many of the
minor members have indicated their intention of speaking. No time limit
has been set for the speeches and some think that the debate may even
continue throughout the entire week.
An outstnding feature was the attempt by the delegates to the London
conference to deprive Mr. de Valera of his claim of adherence to the Republican principle by demanding the publication of his plan for an alternative
settlement, which it was revealed had been submitted at last weeks' private
sessions of the Dail.
The argument was that the nation had a right to
know what were the two policies they were expected to decide upon and
that as a matter of fact neither was repubUcan.
Mr. de Valera resisted publication of his alternative plan, explaining that
It was put forward only in an attempt to secure unanimity in the DaU
Eireann and was now irrelevant. Ho promised, however, at a later stage
resolution for coitsideration:
to Indicate in his
Sir Auckland Geddes continued that he would like to add two or three
words, to saj- that he was aware that it was the existing practice of the Chinese Government not to exercise or permit any discrimination on the railways under their control and that he thought that it was the best practice
of railway policy in all the countries.
He then stated that, with the permission of the Chairman, the British delegation would mo^e the resolution
on the following day.
SECRETARY HUGHES.
The Chairman
said that the resolution
would be circulated and presented
for discussion at the next meeting.
The Chairman added
ways
in
China was a
that
it
subje<rt
"The Powers represented
in this confercuce record their hope that to the
utmost degree consistent with legitimate existing rights, the future development of railways in China shall be .so conducted as to enable the Chinese
Government to effect the unification of railwaj-s into a railway sy.stem under
Chinese control with such foreign financial and technical co-operation as
may prove necessary in the interests of that system."
The Chairman then
stat<!d tliat the rt^iolution
would be circulated and
by Sir .\urkland
pri;sented for dl.vcussion after the resolution proposed
fieddf^ had been dealt with.
Baron Shidehara asked whether liLs proposal might Im; considered later if
the Chinese dele^ativn were not prepared to discuss it that day.
The ('h.alnrian said that he presumed that the matUT presented by Haron
Sliidehara v, oulfl he regarded a.s before the committee, that there would
be full opportunity for the (,'hine8<! delt^xation a(. another meeting to ijresent
view.s ufion the question, and that the (luestion. which was a very important
one, would have full cotisideration by the committee and could be discussed
by the Japanirc-ie d<-leKati-,s and othtrs as might be desired.
The comniiitt^- then adjourned until the following morning. Jai.. 19 1922,
at
1
1
o'clock.
The Hub-committee on Far
Kasterti Hallways constituted at to-daya
me'-ting is composed of:
For the (Jnitcd .St;ile.s of .\merlca, Mr. D.
Poole; for Uelgium, Mr. Lciiiaire de Warzee; for thr? British Kmplre, Mr. M. W. Latnpson; for Chln;i.
Or. Ilawkling Yen; for France, M. Kammtrrer: for Italy, Count Kmllli)
I'aKliano: for Japan, Mr. Matsudaira: for the Netherlands. Mr. He Kat
Ki.K<liiu> for I'l.rtiigal, ('aptaiu K. de Viutc^incellos.
C
IRIS/I
MENT
STATE RATIFICATION OF AGREEFOR SETTLEMENT OF IRISH PROHLE.MS.
FHE/'J
Th(! ratification of tho AiiKlo-Iri.sJi Tnjaty by tlio Dail
F^irnannanrlthf) Parliament of Soiitlu-rn frr-larui, following tho
rosignation of Fyunion do Valora a.s I'ro.sidcnt of tlic Dail
Eiroann and tho oloction a.s hi.s huccohhot of Arthur (iriffitii,
founder of tho Sinn PY>in, brought al)out the spoody aHHumption Con .Jan. 10) of powors })y tho F'rovi.sional (lovornnuiiit of
the Irish Freo Stato.
Thf) plan for tli*; adju.stnioiit of tho
difforonoos Vietwc^on Great Britain and IrohinrI as to tho statu.s
of the lattor, tlirf)ugh tlio Treaty creating tho Iri.sh Froo
Stato, waa noted in our i.s.sue of Deo. 17, page 2r»77.
Ireland is given thereunder "the same constitutional status in
reflected on the
own way
tho alternative proposal.
was reported on Dec. 19 that efforts to have de Valera
reveal his alternate treaty were made by Mr. Griffith
and a copyright account to the New York "Times" of the
Dail Eireann ])roceedings of that day said:
De Valera rose to state that there could be no vote for ratification or nonIt
ratification of the treaty; that question for the Dail was' "ultra vires."
Griffith agreed that the first vote would bo taken for approval or dis-
approval of the Treaty.
De
Valera' s Resolution.
clear that a second resolution would he moved by
him as follows: "That inasmuch as the articles of agreement for the Treaty
between (Jreat Britain and Ireland, signed in London, do not recognize
De
Valera then
made
it
Irish national aspirations and the association of Ireland with tho community
of nations known as tho British Commonwealth and cannot establish
lasting peace between tho peoples of tho two islands, the Dail Eireann
makes to the. British Government and people tho following proposal."
Tho tlocumcnt containing this proposal has hitherto been kept strictly
from tho press and public, hut will bo circulated at the time of the motion.
\V'hi!n the debate cm motion for ratification was resumed th(> nuiln lines of
deuL-irkation became more apparent.
There are tlins' principal groups In
the Diill which might be suh<livlded, namely:
(1) Those who are In favor
of the Treaty.
(3)
(2) Those who favor Do Valera 's alternative treaty.
Thodo who are Irreconi-ll.ible republicans.
Hut the last two groups for t hi; purpose of this debate— 1 might say for tho
()urpt>H<' of this eontest
-stand together, and the rivets which are used to
bind them are tho words Indepc.-ndence, principle and coimirlenco.
The Associated
I'n-ss advict^s of
Dot?.
19 stiid in part:
spc'iker sharply crltlcl/.i-d the attitude of some of the meniliern,
HUKKeHllriK th.it, Ihougll they would vote agiilnsl the Treaty, they reiilly
ln.pi:d It would be approved.
This lendiel to (•onrirni lli<! reports that
^••venil Depulli'S, though unwIIIInK to expose the country to the i-cmnoMuences of rejc^ctlon. wish lo maintain their porsoiuil poHltlon as Itepub-
One
lli'unN.
of the .ittnck f>n Ihtuu was based on the argument that
abatidoninl tlic< Idea of a republic and rriimed an oath
n-'ognlzlng the King as head of tho conununlty of nutloDM with which Ireland In to he UHsorliiteil
The narrowing of the Issue liclwei-n thi> opiMxIng wctlons In the Dull
Klrrann 'Cabinet was the main fi>iituni of tin- di'l)at4i.
No Hpeiiker rhnllenKi'fl tho statement llmt the majority tif the country
vfiiH at pronnnt In favor of the Treiity, but l>i' Valera said the country would
rhango ItM mind aflitr his <-anip.'ilKn of expliinntloii. One of the speakurs
HUKRefit«d a* a way out of the dirficully HulimliMlon of the ipii'sllon to two
Tho main
forc-e
even De ValiTa
hiis
THE CHKONICLE
S60
typical constltuencle*. naming South Cork and East Clare, tbe latter being
De Valera's own constituency. De Valera laughed loudly at this suggestion.
War as an alternative to the Treaty was generally recognized by all the
speakers, and it Is understood that the retirement of the members into
private session for an hour in the afternoon was for the purpose of examining the position of the Irish Republican Army in case the Treaty was
rejected.
Keenest speculation concerns the personal position in which
such rejection would leave mainstays of the Republican Army, as Collins,
Mulcahy, McKeown, Finian Lynch and other popular heroes, who are
committed to the Treaty.
Mr. do Valera told the Assembly that he thought if the Treaty was rejected his alternative proposals for an agreement might be accepted. Mr.
Griffith and his followers are fighting tactics of this kind as an attempt to
Induce the Dall to vote against the Treaty in the belief that the alternative
can be obtained, without first informing the country of the nature of the
alternative.
The Sinn Fein President again to-day repudiated this interpretation of his policy.
During the continuation of the debate on Dec. 21 Eamon
de Valera took 0(;casion to refer to what had been printed
in the morning newspapers as his alternative oath, the
Pi-ess, crediting him with stating in explanation:
That oath was suggested by me in a verijal suggestion when I was criticiz-
Associated
not the oath in the Treaty, but another oath previously suggested.
I said the first oath was inconsistent with our position, and I verbally
Indicated what wo might take instead.
The word "Constitution" occurs in both oaths, but in one of them it
refers to a Constitution in which there was not a vestige of British authority.
The other oath is one in which the British King must be recognized as the
head of the Irish State. There is a tremendous difference, though the
same words arc used in both."
ing,
On Dec. 22
the Dail Eireann adjourned until .Jan. 3;
whereby the adjournment
was taken were given as follows by the Associated Press
advices from Dublin Dec. 22:
The Dail Eireann by a vote of 77 to 44, decided late to-day, on a motion
submitted by Michael Collins, to adjourn further debate on the Irish Treaty
until Tuesday Jan. .S.
It w.as not the motion itself, but an amendment to
the motion, on which the vote was actually taken. The amendmont,
introduced and seconded by opponents of the Treaty, called for continuous
sittings day and evening until a division was taken on the Treaty's ratifica-
in part, the details of the debate
tion or rejection.
With few exceptions, so far as could be observed, the vote followed the
party lines of tliose favoring or opposing the Treaty.
Mr. CoUins's proposal had been suggested by him some days ago, and
at that time tiu'ued down by both Eamon de Valera and Arthur Griffith.
It had in the meantime become evident that the proceedings in the Dail
JVIoro than twenty additional speakers
had indicated their intention to addi-ess the assembly, and the tendency of
all speeches was to increase in length.
This meant, as one speaker pointed
Eireann were not nearing an end.
out, the possibility of sitting for another fortnight.
Mr. do Valera again met the pi-oposal of Michael Collins with strong
opposition and suggested sitting far into the night, with a view to shortening
the speeches and reaching a decision this week. John MacEntee, an
opponent of the Treaty, followed De Valera's lead, giving as one of his
reasons for advocating continuous sittings his belief that if the Dail rejected
the Treaty, the country, whatever its present opinion, \rould follow the
Dall.
He concluded by moving continuous and prolonged sittings from
day to day until a decision was reached.
The amendment in favor of continuous sittings was first put verbally and
a siiow of hands t.akon. The result was challenged on the gi'ound that a
motion must be in writing and the vote should be by roll call
The Secretary
read in Gaelic the names of the members by constituencies, received their
answer and made the announcement in Gaelic for and against the amend.
ment.
.
Then
arose the question of adjournment; a long argument ensued.
Arthur Gi'iffith said he was prepared to make any arrangement for fixing
the time for speakers, but this was not agreed to. He refused to have any
closure.
Michael Collins said they should either adjourn until after Christmas or
go right on through Christmas. Ho suggested an adjournment to Jan. 3.
Mr. de Valera contended they should continue another day at least, and
perhaps might then decide. Mr. Collins replied that it was obvious they
could not finish to-morrow. He was anxious that every member should put
his view on record.
The voting was then proceeded with.
De Valera's
recorded itself in favor of
the Treaty, Ennis (Ireland) Associated Press accounts that
Incidentally
it
is
interesting to record that
home County Council on Dec. 22
day having
stated:
The Clare County
Council, the constituency of Eamon de Valera, voted.
17 to 5, to-day in favor of the Treaty between Ireland and Groat Britain
and requc-sting Mr. de Valera to use his influence for the maintenance of
national unity.
The resolution admitted that there were grave objections to the Treaty,
but declared that there was no rational alternative to its acceptance.
"Rejection of the Treaty," the resolution added, "would be almost certain
to involve us in a war of annihilation, because oiu" people will bo divided
and because world opinion, instead of being with us, as at present, will be
against us."
Copies of the resolution were sent to Mr. do Valera and the other Clare
representatives
On Dee. 29 the Town Council of Sligo and the Offaly
County Council, in the constituency of Dr. Patrick MaeCartan, who went to the United States as Sinn Fein "Ambassador," adopted resolutions in favor of ratification. The
Offaly Council appealed to the Dail Eirann to act unitedly
in whatever decision it should take.
On Dee. 30 resolutions
favoring ratification of the Treatj' were adopted by the
County Councils of Meath and Monaghan and the Limerick
Chamber
of Commerce.
Ratification of the Irish Treaty was recorded on Dec. 31
by the Cork County Council, which voted 15 to 14 at a
special meeting.
resolution was moved proposing to leave
the decision tq the Dail Eireann, but after long discussion an
A
amendment was
carried to the effect that "as there
is
no
[Vol. 114.
alternative to acceptance, the Treaty should be ratified."
The Associated Press on Dec. 31 also stated:
After a ratification resolution was carried by the Donegal County Council
one of the members, Mr. Duffy, resigned, saying he was unable to accept
the Treaty, but realized that a groat majority of his constituents desired
The Cavan County Council and the Tipperary Urban
Council were among many other bodies adopting ratification resolutions.
ratification.
A statement announcing that Great Britain had gone to
the utmost limit in the Irish treaty and that it was impossible
to reopen the discussion was issued as follows by Premier
David Lloyd George, on Dec. 28, who also stated therein
that the delay in ratification in Ireland, was holding up the
working of the Cabinet committee appointed to arrange the
evacuation of the British forces in Ireland, settle the terms of
amnesty and transfer executive responsibility to the Irish
provisional government."
"No British statesman could go further than we have gone. No Britlfifa
statesman could consider any proposal involving Ireland being out of the
empire.
"The treaty places Ireland on an equality Trith the other States of the
empire and gives Ireland the same claim to membership in the League of
Nations and every right that Canada has in law, fact and constitutional
practice, and not merely rejection, but alteration even, of the treaty would
render it null and void. This would, indeed, be deplorable in the interests
of both countries.
"The British Government have gone to their utmost limit in the treaty,
and to reopen the discussion, which was closed only after the most exhaustive consideration of every point, would be a fruitless proceeding and is
impossible.
"A committee consisting of British Ministers presided over by the Colonial
Secretary has been set up to deal with the evacuation of the British forces,
the settling of amnesty and the making of all necessary arrangements on the
British side and transferring full executive responsibility to an Irish Provisional Government.
The work of this committee, which had been In
continuous session up to Christmas, and had proposed to sit through the
Christmas holidays, is now unavoidably held up pending approval of the
treaty, but on approval it would be carried through with the utmost dispatch.
"It is the intention of the British Government to hand over without delay
their responsibilities to a provisional government, which will function during
the period of transition required for setting up the Irish Free State administration."
With the reassembling of the Dail Eireann on Jan. -3 prolonged debate was again begun on the Treaty, one of the
outstanding features being a statement by Michael Collins,
explaining his proposal to avoid a di-vision in the Dail
Eireann on the question of ratification of the Treaty, which
said:
The suggestion I made with the object of securing unam'mity by the Dail is
members who are opposed to ratification should, now that the country
that
has manifested itself overwhelmingly for an agreement, submerge personal
opinions for the common good of the country. They cannot damage Ireland by adopting this attitude. They are not asked to abandon any principles.
They may, if need be, act as guardian's of the nation's interests, as guarantors of Ireland's requirements and as censors of the Government of the
Free State. The Government of the Free State may have difficulties in
carrying on and fulfilling the promises contained in the Treaty.
If these
promises are less in their working out than we who stapd for the Treaty declare, then there is a glorious opportunity for the present opponents of the
Treaty to show their ability to guard the Irish nation and act in its behalf.
At the present moment we ask not to be hampered, and if we do not
achieve what we desire and intend, we shall willingly make way for others,
and they will find no more loyal supporters than ourselves. This is one
way of restoring the unity of the Dail and preserving it as a body truly
representative of the Irish people.
Two important developments were forthcoming on Jan. 4,
one of these being the action of De Valera in making kno'wn
the terms of his alternative treaty, his action ha\'ing followed
the renewed demand (during the sessions of the Dail Eireann)
of Arthur Griffith for the publication of its text; the further
feature of the day was the issuance of a "manifesto by De
Valera imploring the Irish people not to give their consent
and approval to a treaty "establishing British authority in
"Do not," he urged, "pretend to set the seal of
Ireland."
approval on a settlement that you know cannot be a settlement." The follo-wing is the manifesto in full:
You are in danger. Influences more deadly to the
Felloiv Citizens
—
nation faced by an enemy than a plague in the ranks of its army are at
work among you. The instinct in you for peace and repose, as natural
after the period of strain you have passed through as the craving for food in
the famished. Is being played upon. If you give way, you are undone.
All you have gained >viU be lost, and all the sacrifices you have made will
bo in vain.
The cry of "Peace, peace," will not bring you peace not now any more
than a year ago, and those who shout it will lead you not to peace, but to
another betrayal.
Have you already forgotten that "bird in the hand" home rule on the
statute book? The embers of bonfires are still black on the slopes of
—
Errigal.
It is not those who would hold you in your ranks calm and firm, while
you take your bearings and see whither you are going or are being led, who
would create chaos, but those who hysterically shout it and try to make
you all as panic-stricken as themselves. It is easy to induce rout; it is hard
If you had a national press it would warn
to check it once it has begun.
you, but your press is a press than when the enemy was actively making
war upon you obeyed its dictates and allowed itself to be used in the work
of sapping your morale from day to day; a press that during the recent
negotiations was quoted in London against the delegates of the nation
when they tried to represent your true aspiration; a press that last July,
when the British proposals were made, would have broken your discipline,
a discipline that had brought you safe through every peril, and led to
rout even then, had it dared.
To-day, availing of the opportunity and under the shelter of honored
names, this press, instead of bidding you beware, urges you to a stampede
1
1
THE CHKONICLE
Jan. 21 1922.]
a^ dangerous as it would be disgraceful, a stampede that would expose you
to the attack of an enemy no less than to the pity or contempt of the world
whoso admiration your heroism has just won.
Oh. do not allow youi-selves to be rushed into registering inconsiderately
a decision which you yourselves will live to deplore and which generations
to come will curse you for.
Do not pretend to set the seal of your approval on a settlement that you
know cannot be a settlement. Do not for the first time in her history allow
Do not impair the
Ireland to be put in the wrong as regards England.
moral foundation of Ireland's fight for her freedom. Do not enter upon a
compact which in your hearts you know can never be kept in sincerity and
In trust,
no matter how worthy.
They are neither good friends to Ireland, nor to England, nor to humanity
who advise you to take that course. Be bold enough to say 'No' to those
that ask you to misrepresent yourselves. If there were not a gun nor an
ounce of lead in Ireland you should say it.
You are being asked to give your consent and approval to a treaty
establishing British authority in Ireland, not as you were asked formerly
You are being
to work an act of the British Parliament thrust upon you.
asked to bind yoursleves with your own hands. Do not forget it you are
asked to give your parole. Refuse, as in honor you must, if you do not
mean to keep it.
A combination of circumstances such as occurs but once in the relation
of warring peoples has created an opportunity of genuine reconciliation
between Ireland and England. Save it from being lost through the short-
—
sighted expediency of politicians. It is not politicians who must come to
an agreement, but peoples. Reconciling the politicians does not reconcile
the peoples. These cannot be i-econciled so long as the old grounds for
fear and distrust between them remain.
You know that they will remain
under the terms of the Treaty that is now proposed to you. Do not
plunge the i)eoples of these islands into another 120 years of hatred and
bitterness such as that which has paussed since a former so-called treaty
of union was made.
To the utmost limit to which they could go otu- delegates have gone to
arrive at an agreement such as this nation could freely accept gone
voluntarily and willingly in a genuine desire for peace and in full appreciation
of the governing conditions
By the threat of war they were dragged beyond
that limit, and the deed and circumstances will ever be remembered by
Irishmen as the crowning act of infamy of England's rulers against Ireland.
Peace of good will was aside, aLud a i)eace that cannot be peace shamelessly
imjKJsed.
It is not thus that endtiring compacts and lasting peace are made.
You,
the people, can retrieve the position even at this eleventh horn:. The
policy you stand by, that will always be practical politics; your standing by
it wiU make it so.
It is with you that peace must ultimately be made.
Do not yourselves be misled by inuendo, and safeguard yom- delcaration
of independence insteda of subverting it.
Is it a shadow that would remove
the authority of the British King, the British Cabinet and the British
Parliament unequivocally from Ireland; that would remove from Ireland
the British Governor-General, with his ear to the Downing Street telephone;
that would rid you of British occupation; that would leave Irish men and
Irish women their identity as Irish citizens and not make British subjects
of them; that would leave honest men and women their self-respect when
engaging in their country's service?
These arc represented to you as shadows, and in the same breath you are
told that Mr. Lloyd George will wage an immediate and terrible war upon
you rather than acknowledge yoiir right to them. You do not need very
close analysis to show that it cannot be both ways.
Stand fast, fellow citizens, by what you know to be right. Do not allow
yourselves to be tempted from the straight and honorable path. If you
quail at the consequences, what will they not ask you to surrender next to
this ignoble fear?
—
.
In announcing the terms of his alternative treaty as made
Valera, the Associated Press in Dublin advices Jan. 4 stated:
Mr. de Valera's original idea, sls announced by himself, was to move his
known by De
alternative proposals in the event of rejection of the Treaty, but ho changed
his mind and now intends, if he is permitted, to move them as an amendment to the resolution approving the Treaty.
The session was adjourned until 11 o'clock to-morrow morning, when the
proceedings are expected to take the form of a discu.ssion on the rules of
order, to determine whether Mr. de Valera can move his proposals as an
amendment or must wait until the Dail Eireann has given a direct vote on
the Treaty.
According to the Speaker's tentative ruling, an amendment
may not be moved without the consent of the house, and It is possible that
a critical division may really occur on the motion submitted to enable Mr.
de Valera to move his propo.sals in his own way.
We
also quote
from the same dispatches the following
relative to the alternative treaty:
Is the text of the most important provisiona of Do Valera's
proposal:
Status of Ireland That the I^cj^Islature, executive and judicial authority
of Ireland shall be derived w>lely from th<; ix'ople of Ireland.
Terms of .V.-s-soclation That for the purpose of common concern Inland
shall he assoclatod with the status of the ISrilLsh Commonwealth, namely
the Kingdom of Groat Britain, the Dominion of Canada, tho (Commonwealth of .\ustralla, the Dominion of New Zealand and tho Union of South
Following
alt,«mativf!
—
—
Africa.
That when aclinK as an
and prlvllefcoM of
Ireland Hhall in no rc»pect be Uah than those enjoyed hy any other coinpononi State of tho Brli.lKh Commonwralth; that the m.itt'Ts of common
concern slu'tll Inclurlo di feii.se. pi-.ace, war, politl<;.'il tri!all<'.s and all mattuTH
now Irt^ited as of common conciTn among the St.-it<;H of the lirltlsh 'ommonwcalth. .ind that in these matUTN there sliall bo betwoon Ireland and
the .Sf.:it<-H of the British ( Vjmmnnwealth sufh concerted action founded on
viHociate, the rights, staliu
f
the (M5Vit;i1 <ioverruiients may determine
Thfit In virtue of this a'-.Moclatloii <>f In land with thiU
•"
Commonwe-'ilth, the elrlzi^nH of Ireland In ;tny of Ihf?
,{
HubJ(x:t to any disabilities which a <riti/.en of one of tho coniporir
the ItrltUh <'onim<)iiwejilth would not be Hubject to, and riwipro'
nn
^
dtl/.imH of tb<7in HtnUn in In-land.
That for the piir|i<><^iw of tho aswK-lalion, Ireland hall nH".4>^l/,o hln
Britannii- M.ij^-.iy
li.
id of tho avuxrlation.
Im r r'-soun-es p<Tmlt, Inland shall provldi) for her own
That ^(1 Tir
defensn by mvx, land and air, nhall repel by forre any atti-mpl tiy a forekn
Power ((> I |(>l;ite, tlie inltgrlty of h'T mill nr terrltorl.il w.il'
i,r t,o uwi Hktto
for any purpose hoxllle to Gr'-sit llrlt^iln and the olhiT
HUiUm.
The document sets forth in detail. In souii'wiiat sImll.M
• 'he Downing .Street 'I'ri.ify. tho particulars roKanllnK <oa<.fal defi'n-.e, with a list of
harbor f.iejim.s and an agrnrment to build no .submarines pxci;pt by tho
consent of the British t'ommonwcalth of Htnt.e«». mnlcn a convention for thn
regulation of eivll communication by air, assumo an iirbliraled shar'' of the
Con.<iult.;itlon :i«
'
>
;.
:
:
r
.
I
261
British debt and war pensions, agree to endow no religion and arrange for
the election of a provisional Government and for ratification.
An annex names Derehaveu, Queenstown.
harbors remaining
in British care,
with
Belfast
and Lough Swilly as
defense by air.
facilities for coastal
A resolution added to tho document expresses willingness to grant the
northeast six counties privileges and safeguards "not less substantial than
those provided for" in the document signed at London on Dec. 6.
The wording of the proposed amendment as given out by De Valera at
the morning session of the Dail reads:
"That Inasmuch as the 'Articles of Agreement for a Treaty Between Great
Britain and Ireland,' signed at London, Dec. 6 1921, do not reconcile Irish
national aspirations and the association of Ireland with the community of
nations known as the British Commonwealth, and cannot be the basis of an
enduring peace between the Iri.sh and British peoples,
"The DaU Eirann, in the name of the sovereign Irish nation, makes to the
Government of Great Britain, to the Governments of the other States in the
British Commonwealth, and to the peoples of these several States, the following proposal for a treaty of amity and association wliich the Dail Eirann
is convinced could be entered into by the Irish people with the sincerity of
good- win."
The
press accounts of Jan. 5 indicated the threatened
disruption of the Dail Eireann and made known the existence
of a peace committee which it was said was "striving to
patch up an accommodation between the two factions."
The session of Jan. 6 resulted in the resignation of De Valera
In reporting his resigas President of the Irish Republic.
nation the Associated Press in its Dublin dispatches said
in part:
Eamon do Valera to-day before the Dail Eireann resigned his i)ost as
President of the Irish UepubUc. Later, however, ho was understood to
say that he would postpone his decision to leave office pending a vot« on the
peace treaty with Great Britain, if the vote was taken within forty-eight
He coupled his resignation with the statement that whatever haphoui's.
pened he would retire to private Ufe; but almost in the same breath he spoke
of selecting a new Cabinet if ho was re-elected Chief Executive.
From these conflicting assertions the inference was dravm by those atending the session of the Dail Eireann that if the Treaty was rejected Mr.
de Valera would remain in office and endeavor to negotiate for a new treaty
with the British Government on the basis of his alternative proposal; but
that if the Dail Eireann accepted the Treaty, he would defniitely retire from
public life.
The Dail adjourned this evening at 7 o'clock to meet again to-morrow for
a further discussion of the Treaty. Several of the members told tho Associated Press to-night that a vote on the Treaty undoubtedly would be taken
before 7 o'clock to-morrow evening.
Supporters of the Treaty continued to express confidence that it would be
ratified by a small majority, but the people of Dublin are showing gi-eat
anxiety over the outcome. With the Dail so divided, fears are entei1:ained
that acceptance of tho Treaty will not necessarily solve Ireland's troubles,
and fears were expressed in some quarters to-day that there is great danger
of internecine strife.
\!r. de Valera threat^f^ned to resign during a private session of the DaU
Eireann this morning, at which an eleventh-hour attempt was being made
by the peace committee to effect an agreement between the opposing factions on the Treaty.
When tlie Dail reconvened in open session in the afternoon, Mr. de Valera carried iiis tlu'eat into effect in tho coiu-se of an eloquent speech, during which he was moved to .such deptlis of emotion that
tears stood in his eyes and his voice occasionally choked wth sobs ....
Mr. de Valera made it plain in liis sjjecch of resignation that his object
was to enable the Dail to choose between what he called tho representatives
of two fundamentally opposed policies
Irish Republicanism and British
citizenship,
lie said he would not "carry on" without having full confidence in his Cabinet, some of the mcTubcrs of which have divulged to the
press a dociunent that he had asked should be regarded as confidential.
If ho should be re-elected, he said, he would choose his own Cabinet, and
must have full and sole command of all re.somces and materials for the defense of tho Republic.
In his spee<:h announcing his resignation Mr. do Valera described himself
a.s having been for four years successful in rcconciliui? and keeping united the
two opposite schools of opinion represented by Charles Burgess and Arthur
fJriffith.
He said this unity li.ad been maintained until the Treaty was
signed in London, which had l>rought about an inevitable breacli. He
appealed to his record as a soliiicr and expressed great scorn for trickeries
in politics, with wliich he had had experience dm'ing the last fow weeks.
Mr. do Valera was elected President at the first Sinn l^'ein convention,
hold in 1917, Arthur Griffith. (Miairman of the Sinn Foiu organization,
standing aside in his favor.
During his ab.setico in tho Unit«l Slates, Mr.
de Valera appointed Mr. Griffith Acting President.
Mr. (In V.'ilera's disappearance from tho Presidency would remove what
he described in his speech to-rlay as the conncclinff linl^ l)otweon tho Cathal
Both
IJrugha (Charles nurge.s.s) section of the Sinn Kein and Mr. Griffith.
ninn have strong followiu^s tlvoughout the country.
It would leave the
i^xlreine section and the si;<;tiou favorable to ttie Treaty in direct conflict.
—
.
Tho
Treaty by tho Dail Eireann was
tho following day (Jan. 7) by a vote of 64 to 57.
ratification of tho
«!ffe«ted
f'Voin fH)pyright advices to tho
to
tlitt tliiy'rt
dcbatt!
we take
Now York "Times"
relative
the following:
Wm
War.
Oriffitn Suva Collins
Griffith, In niplying to those who opposed the Treaty, s.ild he rouhl not
accept liurgoHs'H iiivitiition to be lininortallzed by refraining from voting.
"I have." ho Raid, "signed Ihls Tre.ity. and the nii\n who dishonors hl»
dlNhonnnu! forever,
lie would dishonor not only hinmelf hut
the nnllntl."
Ho referred to tho "niatehlesH en.Tgy and Indoniltalilo will"
of ('olllnH, and dis-liired lie was the ni;in who fought (he lllaek iinil Tan
The 'I'n'aty xfnn not on
terror until England was fon-ed to offer terms.
Idivil thing, he said, "but It has no more finality than wo nre the final
Kor the deputies to najT
K-ri. ration on the faro of tho iiarlh."
|(;he('is.|
they were golnjt to vote against the Treaty when their eTin-iituenl* do'ed th
If
miirrnd was a negation of .'ill detnocriitii; righlN.
whethe
Tnwity without giving the Irish people the opportunity they wante'l it or not Ihey would Itill tho Dull.
slKtiatliro In
"Tho pHnelpIn I have Ht,ooil on »ll my life," Griffith comiudod, "In tho
principle of Inrland for tho Irish nation.
I will not saerifioo my country
on tho altar on the form of govornmont."
Do Vnlora, rlsltig, nalit piejslon.itely that his documi-nt would rlito In
ju'lgmiint agahiHt the m.iti who said thoro win only a ahiidow of dlfrerunco
"Lot thu IrUb nation
iMiiwoon that and the 'I're ity of .Mlehiiel t;r)|||na.
Judge iiM now and forever." hn siild.
THE CHEONICLE
26^
Wants a United Nation.
Griffith said that ho sent his letter (referring to the letter to the Southern
Unionists) because thes' were his countrymen and if they were to have an
They did not
Irish nation they must begin with fairness to all sections.
want parlies and divisions of opinion, which existed in every State, to be
on lines of pro-Englishism and pro-Irishism, but on natural lines.
person, he said, who thought he could found an Irish republic and
make it function successfully when there were those in the North opposed
to them and 400.000 of their fellow-countrymen in the South opposed to
A
them, was living in a fool's paradise.
"We want every one who is an Irishman in the Irish nation," he said.
No man in the Dail dared go to his constituents and say he was agamst
the Treaty, he declared. There were cries of "We never had the opportunity."
Griffith replied: "You have had the opportunity, but I have not heard of
any one who has told his constituents he is against it."
A Deputy. "AVe were forbidden to speak by the gentleman who is now
—
speaking."
There was considerable uproar, but Griffith, striking the desk with his
fist, said; "You may interrupt me as much as you please, but there is no
power in this junta to intimidate me."
Griffith went on to say that the Deputies knew that 98% of the people
wanted the Treaty.
It had been said in the Dail, he declared, that tiiey had driven the British
army into the sea, but he went out of the meeting and saw representatives
of that army not a hundred yards away.
"What," he asked, "is the good of deceiving otirselves and living in
cuckoo-land.
The British army can be got out of this country to-morrow
by ratification of the Treaty, and those who are going to vote again.st the
Treaty are going to vote to keep thr British army in Ireland."
Prom
the Associated Press Jan. 7 advices
we quote
as
follows:
The situation at the adjourmneut of the DaU appeared to remain chaotic.
The Dail will meet on Monday and there is no disposition revealed by De
Valera and his followers to abandon the factional struggle.
On the announcement of the vote to-night. Mr. de Valera immediately
rose and declared that the Irish people had established a republic, and
until the Irish people in a regular manner disestablished the republic it
constitutionally went on.
This would be a sovereign body in the nation,
to which the nation looked for supreme government it was the executive
until the people disestablished it.
Nobody was disposed to challenge this proposition, for the general
opinion all along had been that during the transition penod Ireland must
keep her representative assembly until the Treaty was converted into an
Act of Parliament and the Irish would have an opportunity to erect a
legislature of the free state to replace the Dail.
Michael Collins in quiet tones followed de Valera.
He said he did not
regard the result in auj' spirit of triumph. He claimed that the men representing the Dail who would be responsible for taking over from the British
Government control of the Irish admimstration should get a fair chance.
In every country what mattered most was public order, and he appealed to
the other side to appoint a joint committee of both sides to carry on the
Government. This was greeted Avith cheers.
Mr. Collins declared that Tresident de Valera held the same place in
his heart as ever.
Eamon
de Valera's attitude toward the Dail Eireann's
Treaty was e.xpressed by him in the following words on Jan. 8, according to the Associated Press:
"Let no man say that the Irish people have self-determined themselves
ratification of the
within the British Empire as British subjects. The heart of the Irish people
as republican to-day as ever.
.
"The republic of Ireland still exists. Its sovereign parliament still
exists.
The resolution recommending the approval of a certain treaty is not
ratification of that treaty and is not a loyal act.
That will not be effected
until the Irish people have disestablished the republic which they set up
is
.
.
by their own will.
"As far as human brains and hearts can achieve it, the self-determination
of the Irish people will be forged, and by the men and women of Ireland in
this generation.
They are not going to give up now."
With the convening of the Dail Eireann on Jan. 9 tne
resignation of De Valera as President of the Irish Republic
was formally presented, and a motion to re-elect him to the
office Avas defeated by a Vote of 58 to 60.
On the 10th inst.
Arthur Griffith was elected President of the Dail Eireann
by (it is learned from a copyright cablegram to the New
York "Times") the unanimous vote of (>4 Deputies, the
opposition having Avalked out of the House.
new Cabinet
was elected at the same time as follows:
A
—
Minister of Finance Michael Collins.
Foreign Affairs George Gavan Duffy.
Home
—
Affairs — Eamon
J.
Duggan.
— William T. Oosgrovo.
Affairs — Bryan O'lliggins.
Local Government
Economic
—
Richard
Mulcahy.
In its advices from Dublin on the 10th inst. the Associated Press said:
The temporary withdrawal of Eamon de Valera and his supporters from
the Dail, which rumor had boon forecast, proved not to involve a permanent split. ]\Ir. de Valera confined his protest to the election of a new
Defense
President, declaring his un^\illingness to recognize the suitability to that
post of a man who, as chairman of the London delegation, was bound to give
effect to the treaty, which, according to de Valera, subverts the Kepublic.
During the luncheon liour Mr. de Valera and his associates, who left the
hall, held a private meeting.
Some of the more ardent spirits advocated refusal to return, but moderate counsels prevailed and the Dail reassembled as
The do Valera party is meeting again to-night to formulate
a united body.
plans for the future, but it was made evident by the numerous speeches from
Mr. do Valera what those plans are likely to be.
With the conclusion of its session on the 10th inst. the
Dail Eireuim adjourned until Feb. 14.
On the 11th inst.
the Soutb(Tn Parliament was summoned by Pi'csident
meet
Dublin on Jan. 14 to formally ratify
also announced on the 11th inst. that
the Irish Labor Party had issued a manifesto stating that
labor would participate in the elections to secure representation in the new Free State Government.
Announcement
Griffith to
the Treaty.
It
at
was
[Vol. 114.
was also made on Jan. 11 of the issuance of a proclamatioji
by King George granting general amnesty "in respect to
political offenses committed in Ireland prior to the operation
The text of the proclamation given
out by Winston Churchill, Secretary for the Colonies, read
of the truce last July."
as follows:
The King has been pleased, at the moment when the provisional Irish
Government is due to take office, to grant general amnesty with respect
to all offenses committed in Ireland from political motives prior to the
operation of the truce, July 11 last.
The release of the prisoners to whom amnesty applies uriU begin forthwith.
It is the King's confident hope that this act of oblivion will aid powerfully
in estabUshing relations of friendship and good will between the peoples of
Great Britain and Ireland.
The Associated Press in reporting this said:
Figures given out in DubUn Wednesday night, in anticipation of the
amnesty proclamation, showed that I.OIO persons, who probably would
come under the classification of jiolitical prisoners, were still in confinement.
This number Includes 26 persons charged with murder, 121 with attempted
murder, 478 with possessing arms, and 226 with crimes of \-lolence, the others
being held on minor charges. A few Sinn Fein prisoners are under sentence of death, these, according to recent Belfast advices, including the sixteen men in jail there whose execution had been set for the latter part of
January. The men under confinement in the Irish internment camps were
released in December.
A caU fjor an extraordinary session of the Sinn Fein to
be held on Feb. 7 to decide upon its future poUey was issued
on Jan. 12 by the organization's Executive Council. The
Treaty's ratification by the Parliament of Southern Ireland
occurred on Jan. 14, the Associated Press Avith regard to
action stating:
The Pro^^sional Government
its
of the Irish Free State is now a functioning
body. Final formalities of approving the Treaty with England wore carried
out late this afternoon when, after a historic meeting in the Mansion House
of Representatives of the Southern Irish constituencies, they formally
ratified the Treaty.
First on the list of eight
men appointed as constituting the Provisional
the name of Michael Collins, and it is assumed he will be
made the nominal head, .i^ a matter of fact, however, the correspondent
is authoritatively informed that Arthur Griffith, as President of the Dail
Eireann and Chairman of the meeting which ratified the Treaty, made it
plain that the Assembly had no existence as a Parliament.
He pointed out
that it had never met before and would never meet again. Accordingly,
as there will bo no future meeting to which the minutes of the proceedings
could be submitted, the minutes were prepared on the spot, read to the
meeting and adopted. Those present frankly admitted the necessity of
technical accuracy in these matters, realizing that the opponents of the
Treaty will be keen critics of the new administration and will be quick to
seize upon any action which in their view exceeds the license given by the
Dail to put the treaty into operation.
The speech made by Mr. Griffith at the meeting contemplated the complete supiiression of the Dail upon the election of a Free State Parliament.
The drafting of a constitution wUl be the most important task of the
Provisional Government. The constitutional delegation that negotiated
the Treaty will be looked to as its supreme authority. The position of Mr.
Griffith is one of peculiar difficulty.
As President of the Dail, that is, the
Irish Republic, he occupies the same position as did Mr. de Valera, and
during the debates on the Treaty in the Dail Miss Mary MacSwiney and
Erskine Childers demanded that he keep his two offices of Republican
President and head of the new administration perfectly distinct.
Government
is
In reporting the formal transfer of the powers of the
authorities to the Provisional Government on
Jan. 16. the Associated Press Dublin cablegrams said
British
in part:
The Governmental powers for Ireland, as vested in the British authorities
at Dublin (Castle, were turned over to-day to the Provisional Government
of Ireland, as constituted last Saturday under the Anglo-Irish Treaty.
The Viceroy this morning awaited a telephone message in the Viceregal
Lodge, announcing that the new Ministry had arrived at the castle, but not
until 1:28 o'clock this afternoon did the cheers of the crowd outside announce the arrival of Michael Collins, Professor John McNeill, P. J. Hogan,
Joseiih McOrath, Kevin O'Higgins and William Cosgrove, who drove up
in taxicabs.
Immediately afterward Viscount Fitzalan, with two aids,
arrived in a motor car, and they all proceeded to the Pri-\T^ Council Chamber,
where the transfer of powers was effected.
The proceedings in the Council Chamber were concluded at 3:30 o'clock,
and at 3 o'clock all the Provisional Government Ministers and the Viceroy had left the (Castle. They were cordially greeted as they passed through
the crowds in their motor cars. The actual transfer of the administration
to the Provisional Government occupied two hours.
The Pro\'isloiial Government has issued a proclamation announcing that
to-day it had entered upon its duties and functions as constituted under the
Treaty. It directs that all law courts, corporations, departments. State
boards. Judges, civil servants, peace officers and all public servants and
functionaries heretofore acting under the authority of the British Government shall continue to carry out their functions, unless and until otherwise
ordered by the Provisional Go^•ernment. ponding the contsitutioii of the
Parliament of the Free State, without prejudice to the full and further exercise by that Parliament of all its powers.
"In the ineantiine. <-<)iuinuos the proclamation, "we hereby prohibit
the altering of the status, rights, perquisitRS or stipend, or transfer, dismissal
or disposal of aiiy officer, servant, employee or functionary of the State
without specific authority in that behalf of this Provisional Government,
or a Minister thereof having authority from us in the particular case.
"And we do further prohibit the removal, tampering with or destruction
of any records, documents, correspondence, accounts, books, ^vritings or
papers of public natiu-e, or in relation to or which came into existence for
the purposes of Government or public administration in Ireland, or any
matter or thing connected with such Government or administration, or
any branch fnereof."
Appended are the signatures in Gaelic of the members of the Provisional
"
Government.
The New York "Times" copjright cablegram of the same
date contained the following:
Michael Collins and the Irish Provisional Government took over Dublin
Castle to-day and in\-ested themselves with all the ])owers of Cio\cru-
ment.
*
*
THE CHRONICLE
Jan. 21 1922.]
He and the other Ministers, who received a salute from the military and
police jsiiards, went to the Chief Socretarys office and then to the Council
Viscount Fitzalan,
(^lianibor, wliere the formal transfer -was carried out.
An official report
Ivord Lieutenant, and the chief officials were present.
of the proceedinprs was issued as follows:
"Mr. Collins handed to the Lord Lieutenant a copy of the Treaty In
which acceptance of its provisions by himself and his colleagues had been
endorsed. The other members of the Provisional Government were
then introduced.
"The Lord Lieutenant congratulated Mr. Collins and his colleagues and
informed them that they were now duly installed as a Provisional Government, and that in conformity witli Article 17 of the Treaty he would at
once communicate with the British Government, in order that the necessary
.steps might be taken for the transfer to the Provisional Government of the
powers and machinery requisite for discharge of its duties. He wished
them every success in the task they had undertaken and expressed the earnest
hope that under their auspices the ideal of a happy, free and prosperous
Ireland would be attained."
A statement signed by Collins was issued to-night as follows:
"The members of the Provisional Government received the surrender of
Dublin Castle at 1.45 o'clock this afternoon, and it is now in the hands of
the Irish nation. For the next few days the functions of the existing
departments of the institution will be continued without in any way pre•
judicing futiu-e action.
"Members of the Provisional Government will proceed to London tomorrow to meet the British Cabinet Committee to arrange for the varioiis
details of the handing over.
"A statement will be issued by the Provisional Government to-morrow
in regard to its intentions and policy."
The delegation to London will consist of Eamon Duggan and Kevin
O'Higgins.
The evacuation of Ireland by the British army, consisting of 60.000
men, will begin immediately. Ten battaUons have already been ordered
to embark in the next few days.
The New York "Times" had
the following to say in a
copjTight cablegram Jan. 18:
A
statement on the Provisional Government's intended conduct of public
and the administration In the near future was issued to-night.
During the transmission period, it states, the departments hitherto administered by the British Government wiU be administered by the Provisional
Government acting as an executive committee or council. All the existing
departments will continue to perform their normal functions except in so
far as changes may be ordered from time to time for better regulation and
services
control.
A
list is given as follows of the new chiefs of departments:
Finance and General, Michael Collins.
Home
Affiars, including Police,
Edmund Dnggan.
Economic Affiars, Kevin O'Higgins.
Labor Ministry, Joseph McGrath.
Agricviltural Law Commission, Patrick Hogan.
Local Government, William T. Cosgrave.
Secretariat Department, Diarmuid O'Hegarty.
Post Office. J. J. Walsh.
An
incident to which a good deal of significance was attached was the
Charles Bay. the United States Vice Consul in Dublin, to the
Mansion Hoxise. He left his card for ^Michael Collins, who was not in the
building at the time.
visit of
The folloANing message relative to the setting up of the
Provisional Government was sent to Viscount Fitzalan, the
retiring Viceroy, at Dublin by King George on Jan. 16:
I was glad to hear from your telegram of the successful establishment of
the Provisional Government of Ireland, and I am confident that you will
do everything in your power to help its members accomplish the task which
lies
before them.
was also announced in a copyright cablegram .Jan. 16
from London to the New York "Times" that Captain
Reginald TerriU, M.P., had written to Prime Minister
Lloyd George dealing with the cost of an alternative policy
to the Irish peace settlement, and had received the following reply, signed by G. H. Shakespeare, one of the Premier's
It
Secretaries:
If an agreement had not been arrived at between his Majesty's Government and the representatives of Southern Ireland, it would not have been
a case of reversion to guerilla warfare, but would have resulted In the
undertaking by this country of a great military campaign at an enormous
cost in men, money and material.
It would bo a bold man who would even
hazard a guess as to the approximate cost of such a venture; and after the
campaign the question of arriving at a permanent settlement would be no
nearer.
The
text of the Treaty was given in our issue of Dec. 17,
As stated therein, Ireland is treated as a smgle
entity in the r'rf^visions of the agreement, with special
clauses providing against the possibility of Ulster's refusing
to acquiesce in the setllement, in whicli <-as(! tlic Government
of Ireland Act of 1020 will remain in force so far as the Northern Parliament is concerned, but with the stipulation that
page
2.^78.
a ppecial commission sliall (lettjrmine new boiindari<'s for
Nortliern Irf;land.
Ulster's rejection «)f the invitati<m extended to it to enter the Iri.sh Free Slate was madt; known
in a letter sent to Premier Lloyd CJeopge on f)ec. 11 by
Sir .fames Craig.
TKHMI NATION OF TIIK STRIKE IN THE WOMEN'S
GARMENT TRADES-TflK EMI'LOYEKS ENJOINED.
workers in the women's garment
trades of New York, which began Nov. 14, when tho employers pn\ into effcet Mk! old .system of |)iec(-wr»rk and
longer liours, was formally called off on Jan. 16, an<l the
The
strikf
of
needic;
following day practically all the Hho[)8 in thiH city affected
by the dispute, whose employees number between .')5,()(X)
and (K),(XK-), were again at work. Tlie settlement of the
controversy was brought about by the carrying to a 8Ucco««-
263
by the union of its injunction proceedings,
contention
that the manufacturers, members
l)ased on the
of the Cloak, Suit and Skirt Manufacturers' Protective
ful conclusion
Association, had -violated a wage and working agreement
with the International Ladies Garment Workers' Union in
reestablishing the old conditions.
Efforts made previously by the Departments of Labor and
Commerce of the Federal Government and by the State
Department of Labor to end the strike had proved unavailing.
But on Jan. 11 Sui)reme Court Justice Robert F. Wagner
issued an order enjoining the Cloak, Suit and Skirt ManuProtective Association from "combining or
conspiring in any way" to violate the contract with the
union, which was to have run until June 1 1922. This
injunction, said to be the first one in American industrial
history obtained by a labor union to hold their employers to
a working agreement, forbade the association to eaiTy out
its resolution promulgating the piecework wage system and
the 48-hour week, which precipitated the strike on Nov. 14.
The employers, through their counsel, Max D. Steuer.
immediately took an appeal to the Appellate Division and
asked that a date for argument be set as soon as possible.
No request, howeA^er, was made for a stay of the operation
of the injunction handed down by .Justice Wagner.
The
decision of Justice Wagner followed the signing of a temporary
restraining order against the employers upon application
of the union before .Justice Charles L. Guy early in December.
The application of a permanent injunction was then argued
before Justice Wagner by Max D. Steuer and William Kline
for the defendants and Mr. LTnteraiyer and Mr. Hillquit for
the cloakmakers' union.
Pending the Court's decision the
strike had been continued, but many shops settled with the
union in the interval and more than 21 .000 cloakmakers had
returned to work, it was said, before Justice Wagner issued
the enjoining order. Justice Wagner's opinion was in
part as follows:
Out of the mass of affidavits submitted by both sides .with denials and
some conflict of facts, there survives clearly a preponderance of evidence In
facturers'
favor of plaintiff, establishing its right to the extraordinary relief sought.
While this application is novel it is novel only In the respect that for the
first time an employees' organization is seeking to restrain their employers'
organization from violating a contractual obligation.
It is elementary, and yet sometimes requires emphasis, that the door of a
court of equity is open to employer aiid employee alike. It is no respecter of
persons, it is keen to protect the legal rights of aU.
Heretofore the employer
alone has prayed the protection of a court of equity against threatened Irreparable illegal acts of the employee.
But mutuality of obligation compels
a mutuality of remedy. The fact that the employees have entered
equity's threshold by a hitherto untraveled path does not lessen their rights
to the law's decree.
FYecedent is not our only guide In deciding these disputes, for many are
worn out by time and made useless by the more enlightened and humane conception of social justice. The progressive Sentiment of advanced civilization
which has compelled legislative action to correct and Improve conditions
which a proper regard for humanity would no longer tolerate cannot be Ignored by the courts. Our decisions should bo in harmony with that modem
conception and not In defiance of It. Some nisi prlus adjudications rendered in these disputes, disputes in which the public is as much Interested
as the contending parties, have in my judgment reflected a somewhat
Imperfect understanding of the trials and hardships experienced by the
workers in their just struggle for better living conditions.
noinc; p(!rsuMdod by the proof .idducud that tho contract with its modlficjitions wa-s in force on Oct 2.5 1921 tho i-esolution adoptwl by the defendant
a.ssociatlon on said date contemplated a material broach of said contr.act.
Further, such contemplated broach wa.s carried out. for on tin- appointed day
(Nov. 1 1 1021) tho mcmboi's of the association ro-ostablished the pioco-work
,
system
in
thoir
factories.
Mince the members of defendant association were by the by-laws bound to
and did carry out tho directions of tho .i,s,soclation to repudiate its legal obll(fation-s, tho act coastltutod a conspiracy.
A combination to procure a couc(!rtcd breach of contract by the members constitutes a violation of plaintiffs'
legal rights.
Citing several cases as precedent for his decision, .lustioe
asserting that the damages resulting to
the union as a result of the emj)loyers' action in violat ing the
contrae-t were irremediable at law.
The order of justice
Wagner enjoining the defendant association follows:
The motion is trrantcul cnjoinlni^ pondonl.n lite cicfeiidniils linrKin. their and
Wagner continued
servants and :ilU)rnry^, and <iaeh and
all of their HiivornI
of every (Corporate
iMciiiibcr tli<'rc«>f, and all persons nctiiii? In aid of or In conjuncdon wllli thi>m,
or any of them, IncliidioK nii-mberil of thi- said The <'loak. SmII. ami Hkirt
.VlanufacMireni' I'rotiKrtlvo Afi.sori.atloM from conibinhiK and coiiNpirliig In
any way, to ordor, (llrect, hmUKntn, counsel, iidvl*) or imciiiirano tlm tnemliiTw of Tin- Cloak, Suit atul HkIrt Maiiur.acturiirM' I'mtoctivct AHHocintlon, or
any of thi'Mi, to ceiwn porforrnlriK or to vlr>lalo tlii' iiKH'i'inKntu <if May 21)
Hlli), and .lune
[<i2l. inado liiitwieii the said Tlio Cloak, .Suit and Skirt
.ManufiicluriTN' I'rntectlve AnsiK-lalion and the Inturiiatlonal LndlcN' Garment WorkerM' Union and the) ,l()lnt Hoard of < 'lo.ikn).ikiir»' Union of the
(lach of th(>lr agrnt«.
mcmbera, and
fivory offlcf'r, <lin>clor
and
rii|)ri>«oiit!illv<i
,
.'J
city of .New \'ork. .-iiid from doliiK or K.inctloiiinK any act In fnrlli'irunco or
Hiipport of HUrh coimplracy; from orilitrhm, fllri>cl.lii(C, InNtlKiitInK, cotinflolIni?, oflvUInK or oncoiiraKhiK hucI
'nilxirM of (ho nald The <JloaU, .Suit and
Mklrl, Miinur.irtiiriTH' I'rol-octlvn AHwM'l.il.lon, or any of thi'in to uliniKitlc and
'llncontlniie lln- provlMloim of Nuld .iKri-i'iiinnt fur thii MyNtrin of wivU work In
tlinlr entiilillKliiniintn prior to .Inrii' I Il)li2. or In IncrciiMo llir' liniirH of labor
In their iwtubllHliiniinlH al)i)vn 11 liourH por wivik until tlin wnld |Nt day of
.lunn, 1022; fnun cupporMnK. aidlnx or luiolRlinK in<iml»trM of Tim (lloak, Hull
.iiicl HkIrt ManuracliircirH' I'rotiwllvn
\M«ocial.lon, or any of llicin. In any
effcirf.
lo nbrciKiil^i
mvoM' tho
Inlior
III" I'xlHl.InK i-oiilrnri
hoiim
week-work Hyulein or Inby moni'y. rontrllxillo'is or In
im to tho
In thfir i»«tiiMlih">''nt"
THE CHKONICLE
^64
any other manner whatsoever; from oxpelling from membership in the said
The Cloak, Suit and Skirt Manufacturers' Protective Association, fining or
.
othenvise punishing, disciplining or discriminating against such members of
the said association as may agree with the International l^adics' Garment
Workers' Union and the Joint Hoard of Oloakmakers' Union of the City of
New York, or either of them, to resunic work in their establishments upon
the terms as to the system of work, hours of laljor or otherwise, of the agreements between the parties of May 29 1919; from doing or continiung any
conspiracy
act in furtherance of the Conspiracy above set forth by means of
method,
other
any
or
writing,
meeting
speech,
means
of
forth
by
set
above
and from taking any steps whatsoever to put into execution or to retain
Skirt
force and effect the aforesaid resolution of the said The Cloak. Suit and
Manufacturers' Protective Association, adopted on the 25th day of October.
m
1921
.
taking further action for the carrying out of said resolution or
any of the purposes thereof, and they are required to abrogate the same and
to cease acting thereunder or under any similar resolution, or from taking or
continuing in any concerted action involving the \iolation or repudiation of
said agreement of May 29 1 919, or of any of the terms thereof.
And from
manufacturers
to take back their employees was made at the same time that
the- association made public the text of a letter to Secretary
of Commerce Hoover and Secretary of Labor Davis to that
The letter to Secretaries Hoover and Davis follows:
effect.
The announoement
of the wiUingness of the
New
York, Jan. 13 1922
Hon. Herbert Hoover, Secretary of Commerce;
Hon. James J. Davis. Secretary of Labor,
Washington. D. C.
LOUIS LUSTIG.
Ohairman, Cloak, Suit and Skirt Manufacturers' Protective Association.
Announcement of intention to appoint a commission to
investigate thoroughly conditions in the New York cloak,
was. made on Jan. 12 by Secretary
Secretary of Labor Davis. The
communication from Secretaries Hoover and Davis follows:
and
skirt industry
Commerce Hoover and
of
DJEPAKTMBNT OF LABOR.
Office of the Secretary.
WashinffUm. Jan. 11, 1922.
Louis Lustig, President Cloak, Suit and Skirt Manufacturers^ Protective
Association, 285 Fifth Avenue, New York City:
Dear Sir; In view of the unemployment situation in the country and the
number of workers directly and indirectly thrown out of employment not
only in New York but in many surrounding States as a result of the strike
in the garment industry In New York City and the desire of the Government to do everything possible to relieve the unemployment situation we
are addressing to you and through you to your memberblps this communidr.
cation.
,
in New York City has been on for eight weeks.
Inasmuch as the subject keeping you apart is a controversial one, we, the
Secretaries of Commerce and Labor, suggest that you immediately resume
operations under the old conditions. In the meantime it is our intention to
The strike in your industry
name
a commission to invastigate thoroughly conditions in the cloak, suit
New York and to make a report on the same.
M( We believe that the findings of this impartial commission will be of inestimable benefit in laying a basis upon which engotiations can be undertaken looking toward lasting peace in the garment-making industry. We
would be glad, therefore, to have you submit for our consideration the
names of five or six gentlemen, not at present connected with the industry,
BO that we may have your nominations before us in considering the personnel
of the commission. It is the intention of the Departments of Commerce and
Labor to render such aid and assistance as we can, clerical and otherwise, to
assist the commission in the performance of Its duties.
1^ A copy of this communication is being forwarded to the representatives
of the workers with a request that they also submit nominees for our consideration. A prompt response to our suggestion to resume operations will
be beyond a doubt a service to the best interests of the garment industry, a
genuine service to the country.
and
skirt industry of
Very truly yours.
HERBERT HOOVER.
JAMES
Secretary of
Commerce.
DAVIS, Secretary of Labor.
In another communication to President Sehlesinger of the
union the Secretaries requested the union to co-operate and
asked that the names of five or six men not connected with
the industry be submitted for consideration in selecting the
J.
commission
CRUDE OIL DAILY PRODUCTION—EXPLANATION
BY PETROLEUM INSTITUTE OF RELATION OF
ITS FIGURES TO FEDERAL STATISTICS.
The American Petroleum
Institute, of 15 West 44th Street,
City, the well-known trade organization engaged
ia the gathering of crude oil statistics, has made the following
New York
—
Apparent Discrepancy Noted. The estimates of production and other
petroleum statistics issued by the American Petroleum Institute and the
official figm'es of the U. S. Geological Survey recently have been questioned
We
in several reputable journals, trade letters and other publications.
believe that the figures were challenged in good faith, with no intent to
bring about any result except better service and more accurate information.
The principal article on the subject appeared on Dec. 21 1921, headed
"Gauge Shows Oklahoma-Kansas Production Considerably Less than
Estimated."
The article in question contained a table purporting to show in detail
the disposition of Kansas and Oklahoma crude, by companies, as of Nov. 1.
The production of Kansas and Oklahoma in the aggregate was stated to be
366,039 barrels, which was compared with the estimates of the American
Petroleum Institute for the week ending Nov. 5. of 409.600 barrels; and the
inference was drawn that the estimates of the Institute were more than
43,000 barrels higher than the actual production.
The same paper, in its is.sue of Jan. 4. states on page 21: "A company
which made the actual gauge as of Nov. 1 has wthin the past few days
made the statement that estimates as since discovered did not include all
the oil run. that omitted being principally production taken by the Magnolia
Petroleum Co. in Healdton and other districts in the southern part of the
State.
I have for acknowledgement your communication of the 11th inst. The
Cloak. Suit and Skirt Manufacturers' Protective Association is in absolute
accord with every expression therein contained. It is unqualifiedly in favor
of a commission to investigate thoroughly the conditions in the cloak, suit
and skirt Industry and trusts that one will be appointed in the immediate
future to the end that Its report will not be long delayed and that its findings and conclusions will not only constitute, but will be accepted as the
basis for future contracts between the unions and the employers and that
they will result in a lasting peace In the garment-making industry.
Since receiving your communication. Justice Wagner of the Supreme
Court of New York has handed down a decision from which we have been
ad\ised to, and from which we feel in duty bound to appeal. The appeal
has been set for argument for the 24th inst.
Pending such appeal we must comply with the terms of the decision: whatever we now do we are compelled to do pursuant to the directors therein
contained and not otherwise. The member of our association will open
their shops and resume operations under the conditions as therein set forth
immediately.
We will do everything in our power to co-operate with the commission appointed by you, knowing its study of the requirements of the industry will
be exhaustive and complete and hoping that it wHi bring about the result so
much desired by all concerned.
Very truly yours.
suit
statement as of Jan. 12 explaining how its figures of daily
production are compiled and the reason for the recent
apparent discrepancy, which occasioned some newspaper
comment, between its statistics and those given out monthly
by the United States Geological Survey; the one being actual
production, the other the shipments:
oil
That company
42.260 barrels of
Sirs:
[Vol. 114.
oil
is
now adding
to its total for its
November check
additional for Oklahoma, bringing its total to 319,958
barrels."
The correction contained in the issue of Jan. 4. of coiu-se, leaves no issue
so far as the authenticity or correctness of the Institute's figures are con-
cerned.
—
—
Results Checked.
The question raised, however, led
a careful re-survey and re-check of all of the sources of information open to the Institute, and we take this opportunity to assure the
industry that the estimates of production heretofore issued by the Institute
stand as issued. We have found no reason to change them. We believe
they are conservative, and are convinced that they do not overstate the
actual production.
Explanation of Methods. It seems fitting, at this time, to again call the
attention of the industrj' to the method employed in making up our figures.
The weekly estimates of the American Petroleum Institute are based upon
telegrams received each week from oil companies maintaining scouting
organizations costing many thousands of dollars a year for the purpose
of ascertaining current production.
believe that these scouting organizations accomplish their purpose
as accurately as it is humanly possible. The estimates are identical in
character and result with those which go on the desks of the chief executives
of the larger companies as a guide in the conduct of their business.
They
are checked against each other at the office of the Institute, and where
discrepancies arise an attempt is made to run down the facts and reconcile
the figures. The reporting companies are under no obligation whatever
They do it as a matter of public
to furnish the statistics to the Institute.
spirit and public service, and are entitled to great credit therefor.
Explanation.
In conclusion, an explanation as to the difference between
the official figures of production of the U. S. Geological Survey and the
estimates of the American Petroleum Institute will be of interest.
Each bulletin of the U. S. Geological Survey contains the following in>portant note: "The following figures, compiled from company reports to the
U. S. Geological Survej-. show the quantity of petroleum transported (the
italics are ours) from producing properties.
Oil consumed on leases is not
included. This item and net changes In producers' stocks at the beginning
and end of the year are obtained by annual canvass and are included in
the final statistics of production."
Each bulletin of the American Petroleum Institute setting forth production estimates contains the following: "Note:
The above figures are
purely estimates of gross production (all oil brought to the surface) and In
general are based upon telegraphic reports from company scouts checked
In a few in.stances the figures are from pipeline runs."
against each otlier.
From a reading of the foregoing notes it will be apparent that the Institute
is attempting to estimate now what the wells are doing now. whether the
oil is being "transported" or whether it Is being stored or consumed on
the lease.
In the long run, over an extended period, it ^vill be foimd that the final
figures as to production of the U. S. Geological Survey and the weekly
estimates of the American Petroleum Institute taken In the aggregate will
tally very closely; but for a particular month there may be what seems to
be quite a substantial discrepanc.v between the two, because there may be
a difference in quantity between the oil "produced" and the oil "transported" in the particular month.
For example, if a well in Mexia is producing 5.000 barrels per day. which
is partially consumed on the lease and the balance is stored on the producer's property as currently produced in a given month, the estimates of
the American Petroleum Institute will incorporate the production of that
The oil would appear in the figures of the U. S. Geological
well now.
Sm-vey when actually "Irnnspnrled," or. if it remained in storage on tlie
producer's propert.v. then It would appear after the annual canvass.
(The officers of .American Petroleum Institute are: President, Thomas A.
O'Donnell, Ohairman of California Petroleum Corporation; Vice-Presidents:
R. D. Benson, President Tidewater Oil Co.: Henry L. Doherty, President of Cities Service Co. and its Important oil .subsidiaries: and
J. W. Van Dyke, President .Atlantic Refining Co.; Treasurer, H. F. Sinclair.
Chairman Sinclair Oon.solidated Oil Corporation: Secretary and Counsel.
Methods Re-Surveyed
us to
make
—
We
—
—
.
R. L. Welch.
TR'ANSIT COMMISSION ACT OF 1921 FOR NEW YORK
CITY HELD VALID.
The Court of Appeals at Albany on Jan. 17 upheld the
validity of the Now York Transit Commission Act of 1921,
popularly known as the Miller Law, for the combination,
rehabilitation and development of the passenger railway systems of the city of Greater New York. The Court also held
valid and requires the citj' Board of Estimate and Apportionment to pay the Commission's requisitions for current
expenses. It was on account of these requisitions that the
city brought this suit attacking the constitutionality of the
Act.
THE CHKONICLE
Jan. 21 1922.]
The opinion of the Court was wi'itten by Judge Chester
B. McLaughlin, who takes the broad ijosition that the Act
in question is not a special Act such as is forbidden by the
State constitution, but is a general law applying to all cities
in the State ha\'ing a population of over 1,000,000 inhabitants (New York being in fact the only one of that size)
and is in effect merely a part of the general legislation, Avhich
began with the Rapid Transit Act of 1<S91 and the PubUe
Senice Commission Law
and
York.
rapid transit lines in the City of
The opinion further takes the ground that the right given
the Transit Commission to obtain funds for its expenses
from the City Board of Estimate is on a par with much mandatory legislation by the Legislature respecting the disposition which the city must make of its income, the city being
merely a creature of the State. Moreover, the opinion
:^serts: "Rapid transit for the City of New York has for
many years been a matter of public interest, affecting not
only the people of that city but of the whole State.. It
has been generally regarded as a State affair. The history
of legislation on the subject shows it."
Chief Judge Hiscock and Judges Pound and Andrews
wholly concur with the opinion of Judge McLaughlin, while
.Judges Hogan, Cardozo and Crane concur in the result.
The three Judges last named submit a separate memorandum which is reported as saying in substance:
of 1907, respecting the traction
New
The Transit Commission Act, even if it could be held unconstitutional
in some particulars or contingencies, is not unconstitutional and
and void
void in its entirety.
Section 14 of the .\ct, imposing upon the Board of
Estimate and Apportionment the duty to honor the requisition of the Commission and vesting the Appellate Division with jurisdiction to enforce compliance with that duty, is a valid exercise of legislative power, and the orders under review are, therefore, right and must be affirmed.
We have reserved judgment upon the question how far the right of the
City of New York in railroads, which it owns, may be divested or modified
under Article VI of the Act, until that article has been passed in conformity
with Article XII, Section 2. of the Constitution of the State, since a decision
as to the scope of the last-mentioned section is not necessary to the determination of this appeal and may be affected by circumstances and contingencies which are now imperfectly disclosed.
The city administration, balked in their efforts to block
the work of the Transit Commission, talks of securing the
co-operation of other cities on behalf of a "home rule"
amendment to the State Constitution, and later, when the
Commission's final plan is announced, it is said they will attempt to get the United States Supreme Court to set the
plan aside as an impairment of the citj^'s contracts with the
transit companies.
The
decision, sUghtly condensed,
is
as follows:
265
tion presented Is a very narrow one, namely. Was it the duty of the Board
of Estimate and Apportionment, upon receiving tho requisitions from tho
Transit Commission, to make tho appropriations requested?
To this question there can, as It seems to me, be but one answer. It
was its duty to do so. The Act declares, in making the appropriations the
Board acts ministerially. It has no discretion as to tho amount to be appropriated.
The purpose of this provision in the Act is obvious. It is to prevent the
Board of Estimate and Apportionment from defeating the purposes of the
Act by withholding appropriations. The Board having neglected or refused to make the appropriations called for, the Commi-ssion was authorized
to apply to the Court for what, in effect, was a peremptory mandamus to
compel
it
to
do
so.
Legislature Has Complete Control Over the Finances of the City.
must bo borne in mind in this connection that the Legislature has complete control over the finances of the city.
It may specify the amount and
purpose for which the city's funds are to.be used. It can make up the entire
It
budget for itself, as it did before the Board of Estimate and Apportionment was created. The Board, as an agent of the State, was established
as a convenient body to estimate the amounts which might be required from
city
year to year to pay the city's expenses.
A large proportion of the city's budget has been, and now is. composed
of what are known es mandatory appropriations, and as to the amuont of
which the Board of Estimate and Apportionment has no discretion. The
Act under consideration simply adds one more mandatory appropriation to
the list. All the Act does in this respect is to transfer from one board of
legislative creation to another board of like creation the power to determine
how much money shall be appropriated for the purposes .specified in the Act.
Tills the Legislature could constitutionally do.
Further Grounds for Upholding the Constitutionality of the Proceedings.
I do not care, however, to place my decision solely upou the ground stated.
In view of the public interest and the Importance which the Act bears to
the rapid transit situation in the City of New York, it seems to me the
principal objections urged against it should be considered for the purpose of
of determining whether the Act. for the reasons urged, is unconstitutional.
Functions of Transit Commission
Under Act of 1921.
The Act,
in addition to amending the Public Service Commissions law in
certain respects, and in addition to vesting in the Transit Commission cer-
tain regulatory functions, and all the powers and duties under the Rapid
Transit Act of 1891 as amended, vests in the Transit Commission, by Article 6. and as a grant of a distinct and independent power, the right and duty
to prepare a plan of readjustment for the relief of the emergency which Is
declared to exist, and which plan shall accomplish, as nearly as may be, three
purposes.
1. The combination, rehabilitation, improvement and extension of.exist*
Ing railroads, so that service thereon may be increased and improved to
the fullest extent possible.
2. The receipt, as soon as practicable, by thecity of sufficient returns from
the operation of the railroads that the corporate stock or bonds Issued by the
city for the construction of rapid transit railroads may be exempted in
computing the debt-incurring power of the city imder the Constitution of
the State.
3. The assuring to the people of the city the continuous operation of the
railroads at the present or lowest possible fares consistent with the just
valuations of the railroads and their safe and economical operation.
The method by which these purposes are to be accomplished is specifically pointed out in Section 107, and no plan is to become effective until
that section has been complied with.
,
Extracts from Opinion of Judge HcLaughlin.
Powers and Duties Transferred.
ralidity of these orders Is attacked upon various grounds, which in
the last analysis resolves iteelf into an assertion that the entire Act under
which they were made is unconstitutional. The principal and substantially
the main attack is upon an alleged violation of Article X, Section 2; Article
XII, Section 2, and Article III, Section 18.
All the powers and duties under the Rapid Transit Act, and under any
other law, and under any contract of the Board of Rapid Transit Railroad
Commissioners, of the former Public Service Commission of the First District, as successor to such Board of Rapid Transit Railroad Commission, of
the Transit Construction Commissioner as successor to the powers and
duties of such Public Service Commission of the First District, and of the
local authority of such city to approve contracts or modification of contracts under any provision of the Rapid Transit Act. or of any contract
heretofore made, are transferred to and vested in the Commission, together
with such other and necessary powers as may be requisite to the efficient
performance of the duties imposed upon the Commission by such laws and
contracts (Section 108).
The
Provisions of State Constitution.
Article X. Section 2, provides that: "All city, town and village officers,
whose election or appointment is not provided for by tliis Constitution,
shall be elected by the electors of such cities, towns and villages, or of some
division thereof, or appointed by such authorities thereof as the Legislature
shall designate for that purpose.
Article 12. Section 2. classifies the cities of the State according to population as determined by the last State enumeration as from time to time, as
follows:
"The
first class
includes
having a population of 175,000
having a population of 50.000 and less
or more; the second class, all cities
than 175.000; the third cla.s.s. all other cities."
Laws relating to the property, affairs or government of cities and the
several dopariments thereof arc divided into general and H{)ocial city laws.
General city laws are those which relate to all cities of one or more classes.
Special city laws are tho.so which relate to a single city, or to los.s than all
the cities of a class.
Special city laws sluill not be passed except In conformity with the provisions of this .section.
Article 3, Section IS, provides among other things that "the Legislature
Rhall not pa.ss a private or local bill in any of tho following cases: Granting
to any corporation, aiMociatlon or individual the right to lay down railroad
tracks
Tho I<eglHlalure shall pass general laws for the caw^M enumerated In this section and for all other cases which In its judgment may be
provided for general laws."
In considering wholher an Ar-t of Hif Ix-glslature bo constltutlon.il, tho
Tho I'ubllc
lilstory connected with Its origin must be lak(;n InU) account.
Service Ojmml.sslon.s Law, which p:iss<-d In 1907 ((.'hapten 120), took tho
Moth of these
place of the Ilapid Transit Act passed In ]H'.i\ (Chapter 4).
Acts, as ori(<ina!ly piiHsed. have boon amended from time to time down to
.
.
the legl.ilatlve session of 1021
Ily Section 4A of the Act, a Transit T'oinmlHsion is cxeated for cities having a population of over 1,000,000 Inhabitants, according to the IunI prece4llng Federal z<-)no« or State enumeration.
In this (Jominlsslon Is vr)Ht<-<l
the power to regulaUi ra Iroads and street railroads therein. There Is alwi
given all the powers and duties given t<i the Hoard of Kapl'l Transit Kallroad
OommlsslonorB, the I'ulillc Service ConiinlsHlon of the I'lrnt Dlstrli-l and the
Transit Construction fJommlssloners.
In other word.s, there was given to
the Transit <V)mml«Hlon by thfi Act under consideration nil of the powers
theretofore possewted by bodies having ctjntrol of rapltl tratmlt.
•» In so far ojt tho powir has been del(<gate<l by the .State to a comml«<il<»n
created by It to demand and njcnlvo approprlatlont from l.li" Hoard of K«llmate and Apportionment for the purpose f)f enablltig It to properly p<irforni
the duties Imposed upon it, I do not bellovo It can be sortously qucMtlonod
but what the Act Is a valid legUlatlvo on;ictment.
OiUu of (Htu Hoard
We are brought,
Commission Has
No
Right to
all cities
of F.ntimaU to
Make
Appropriations.
therefore, directly to a consideration of tho validity of tho
orders appealed from.
If mich validity alone be oonaidnred. then the ques-
Make New
Contracts without Consent of Local
Authorities.
The Commission is not authorized to make any new contract or modify
any contract for the construction, equipment, maintenance of operation
of the railroads, or any of them, without the approval or consent of the
local authority, where such new contract or modification of an existing
contract requires to carry it out the authorization by tho local authority
of corporate stock or bonds of tho city in addition to the corporate stock or
l>t)nds required to carry out such existing contract; or would result In
within the debt limit of the city under the ("oiistitullDii of the
State corporate stock or bonds which have lieen excluded lieri-from under
orders of the Appellate Division of lie Supronn- Cotirt. or where such
contract or niodirication of an existing contract iulopls or so modifies a
route or routes and general plan of a railroad as to reciuire consentN herofor
under Section 18 of Article III. of the Constitution of the State iSec. 109.)
repl.-icing
I
I
t
Why
the
Act Is
Unconstitutional.
IWot
In d(!Uirmlnlng whether tho Act bo a valid legislative enactment certain
established rules of statutory construction must bo kept In mind.
The Tranxil Commlssionrri Are Xol
Cittt
Officials.
Nim-Mkii 2, of
lie Act violiiliw Article .\
Flrnt -As to the assertion tli.it
the ('oiiHtltllllon.
Wli.it Is <-laliiie(l in tliU riwiiecl l.s tliiil llli- TrimMll CoiBThi«
iiilHNlorwrN are clt.v ofl'lclals witliln tin- nioniiliig of lli.it pnnKloii.
axHertiiiii Is iliirouiKled and ha«. ilierfw^l. been so dolei'mliiecl liy tliK Court
'I'liey ari> not city ofl'IciTH.
Thi- fact (hat Ihe.v happi-n to bc> at Mii< priment tiiii" '•,»ii-<ldiiliiit ivipld
triinMll soli'ly for llir- Clli of New > nrlt do"M not ne<-i"«.irll,v make lliera
offlrerx of thai clly.
The power roriiierl.\ given to and veiled In (lie Kiipid
Tninilt ConinilHMlonerH was tranHfeiTe.! Id the I'lilille Her\ Ire « •oinml>
HlonerN, and under the Act now iiiuler roimlilemilon It linn been iraimrernMl
The (.I'ghlMliire hud ii right to iniilte thi^e
to the Truiwlt ( !fiiiiinln»lonirN.
I
,
(I'xople ex rel, Hliiioii \H. Itnidlev. Mii|irii.i
(
cited the Leglslal lire i-reiiled a KullMa.t 'renillllal "iHII
The Act wn» iittarUi-d. ux here, upon the
MilHiloii for he <'ll.v of Itiirfiilo.
(ground that llu' t 'oiniiil'iiioiierH were hx-nl MfrieerN. vihiiin the I.eglnlnlure
I'hiiiigeM.
In the
»'(i«e JiiHl
I
The < •(iiiit Iwld olherwhe. Th"
under the ( lonsl lliil Ion cdiiIiI not mleel
derldlon was placetl upon the groun<l that the Mliile III Hn no\erelKn ritpiu;lty
miKht. mihj<H:t to ronstltiitloiml llmltutloiw, n«^iime power* cteli-Kitted to
.
THE CHKONICLE
266
localities, and either by itself or thi-ough an agent directly control matters
It was there pointed out that the Commissioners
of local government.
were not only new officers, but their duties were new, even though they
included some duties which had theretofore been performed by city officers.
This decision is applicable to the Commissioners appointed by the Act
under consideration. The office of Transit Commissioner, whether regarded
as a State or city office, is essentially a new office, to which are attached new
duties, with increased powers over those given to the Rapid Transit Construction Commissioner.
The Commission is given the power to prepare and put into operation a
plan for the readjustment of transit conditions in the City of New York.
The powers given are broad and extensive and sufficient to impose upon the
Commi.ssioii the dut}' to reorganize the rapid traq^it situation in such city.
The members of the C'ommission are new officers, not only in name, tint
Their duties are essentially new duties, although they include some
in fact.
The office of
duties theretofore performed by other boards or officers.
Transit Commissioner being a new. office, the Ijcgi.slature could constitutionally fill the same by designating the persons to act as Commissioners.
Transit Commission Act Is
Not a Special City haw.
—
It is next urged that the Act is unconstitutional in that it violates Article 12, Section 2, the claim in this respect being that the Act is a
special city law, since it docs not appl.\- to all cities of the first class, and
could not, therefore, become a valid legislative ena.ctm'ent because it was
Second
not transmitted to the Mayor of the City of New York before it was passed.
I am of the
If the Act be a special law, then the claim is well founded.
opinion, however, that it is not a special city law, and this Coui't, in effect,
so decided in Admiral Realty Company vs. City of New York (206 N. Y.,
It is true that in that case the statute under consideration was
110,140).
the Rapid Transit Act, which became a law before this provision of the 'Constitution went into effect, but the decision of this Court, as appears from the
opinion delivered was not put solely upon that ground. Judge Hiscock
(now Chief Judge), who WTote for the majority of the Court, .said:
"In the second place, the Act is not one of those contemplated by the provision in question.
The latter contemplates laws which relate to municipal property and affairs and which may be described as the provision does,
describe them, as 'city' laws.
To come within the precise provision which
is invoked here it would be necessary to hold that the Rapid Transit Act
was 'a special city law.' It seems to me that this term could not be regarded
It was adopted not
as a reasonable description of the statute before us.
only for the benefit of the cities, which, of course, would be affected, but
of the public at large, and it confers broad powers (including that of the
granting of franchises. It is a much more general law than was contemplated by the provision in question."
The words quoted are as applicable to the present case as they were to
the Admiral Realty case, and the decision there made is controlling here.
,
Act Oeneral in
Its
Terms Applying
to All Cities Having Over 1,000,000
Inhabitants.
—
Third It is claimed that the Act violates Article 3, Section 18, of the
Constitution, the contention being that the Act applies only to citieshaving
a iKjpulation of more than 1,000,000; that the powers specified in the Act
are to be exercised and canned out only by the Transit Commissioners of
the First District, which includes only the City of New York; that New
York is the only city of the State having a population of more than 1 ,000,000,
and it therefore follows that the Act is limited to such city and becomes a
local law.
This reasoning is plausible, but fallacious. The Act is general in terms.
It applies to all cities in the State having a population of 1 ,000,000 or more.
It may be conceded that at the present time it is applicable only to the City
of New York, but, if so, it by no means follows that it was intended only for
that city, since there may, and probably will in the near future, be one or
more cities to which it will be applicable. Certainly there is no conclusive
presumption to the contrary.
Rapid Transit in New Vorfc City a State Affair of General Public Interest.
Rapid Transit for the City of New York has for many years been a matter
of public Interest, affecting not only the people of that city, but of the whole
It has been generally regarded as a State affair.
State.
The history of
legislation on the subject shows it.
The Rapid Transit Act (Chapter 4, Laws of 1891) appointed as CommisThe Act of 1894 (Chapter 572)
sioners persons in office under a former Act.
named five Commissioners. The Act was held to be constitutional (Sim
Printing & Publishing Association vs. Mayor, supra). Power to fill vacancies in the Board of Rapid Transit Conunissioners was given to the Mayor
(Chapter 472, Laws of 1906).
In 1907 (Chapter 429) this power was taken from the Mayor and given to
the Governor of the State, and the power which had theretofore vested in
the Rapid Transit Commission was transferred to a newly created commisThe same Act provided that the expenses of the Commission incision.
dent to rapid transit construction In the City of New York should be paid
by that city. That Act was held valid. (Gubner vs. McClellan, 130
App. Div. 716.)
In 1910 (C;hapter 520) the Public Service Commissions law was amended
by substituting in the place of the Commissioners therein pro\'lded for one
Transit Construction Commissioner, to be appointed by the Governor of the
State, to whom was transferred all the powers and duties of the former
Rapid Transit Hoard or any other board or body having to do with rapid
tran.sit in the City of New York, and in 1921 the Act under consideration
was passed, by which all the powers theretofore lodged In any board or
body were transferred to the Transit Commission, together with increased
powers, and throe Commissioners wore named inste<id of one.
All of the legislation bearing on tlie subject has for many years recognized
that a duty rested upon the Legislature to provide for rapid transit, such
duty to bo performed by itself or by an agent designated for the purpose;
a function which the State in its sovereign capacity had a right to exercise
irrespective of the city authorities, since It concerned the whole State just
as much as the maintenance of highways or the management of other pub-
(2f)
[Vol. 114.
Statement oy Senator Hiram W. Johnson, Special Counsel lor
the City.
case just decided was this; Two requisitions were presented bj' the
Transit Commission for which appropriations were not made, the city
contending it was entitled to know the purpose for which the taxpayers'
money was to be expended; that tlic Transit Commission should itemize its
demands and tell of its expenditures, just like others who ask or receive the
city funds, and the city contended, too. that the transit Act. under which
the Commission made its requisitions, was unconstitutional. The Court
upholds the law, at least as to the validity of the Commission's demands.
The most important of the city' constitutional objections arise from the
taking of the property of the city and the impairment of the obligations of
its contracts.
These questions apparently are not referred to in the
majority opinion and their decision is expressly reserved by the minority
of the Court.
In other decisions on the Transit Law it has been held
they are not ripe for decision yet and will not be until the proposed plan
of the commission is adopted and attempted to be enforced.
It is our purj)ose to resist the taking of the city' property or the modification of the city' contracts without tVie city's consent; and the Mayor and
Corporation Counsel, as plainly they should do, mil protect the city in its
rights until the court of last resort shall have acted.
The
Alleged Attack on
Home
<>
lature has complete control over the finances of the city.
It may spcdf*'
the amount and purpose for which the city's funds are to be used." &c.
I do not question the Court's decision, but I do question the polic.v of
such a law. It is most unfortunate in this modern age that a municipality
like New York, or anj' city for that matter, may have its funds, wrung
from over-burdened taxpayers, dissipated at will by those who are not
residents of the city, who do not contribute to its assets, pay none of its
taxes and have no interest othei' than iiolitical advantage in its welfare.
Such a condition should be remedied forthwith.
It is a violation of the very fundamental principles of American government. It has arisen in the past doubtless because a few people think they
can govern better than ad the people: but to admit the principle destroys
the essence of municipal freedom and makes a mockery of democracj*.
The city authorities, the civic bodies, the organizations devoted to
municipal improvement and progress should attack this monstrous proposition until a righteous State-wide public opinion forces the remedy."
Governor Miller, formerly a member of the Court of
is quoted as expressing his satisfaction that the
decision "disposes of not merely the somewhat technical
questions which the Court might have based the decision
upon, but also of the broad questions upon which the validity
Appeals,
The time, he believes, is near when
the final plan for the settlement of New York City transportation matters will be promulgated. The suggestion
that the city maj^ try to take the case to the U.S. Supreme
of the act depends."
Court
is
not taken
The report
v(U'y seriously.
Transit Commission for 1921 with
plan is cited under Financial
Reports on subsequent pages.
references
of
the
to its tentati^^e
TRANSPORTATION— HOWARD ELLIOTT
ON HOW THE COUNTRY'S PROSPERITY DEPENDS
ON A LIBERAL RAILROAD POLICY.
RAILROAD
Howard Elliott, Chairman of the Northern Pacific Kailway Company, deli\'ered an interesting and instructive address on .Jan. 19 before the American Society of Civil Engineers in this city, in which he set forth in impressive manner what the railroads have meant to the country in the past
and how absolutely essential it is that these public carriers
be allowed rates on which they can live and grow if the country itself is to return to prosperity and continue the develprint below the greater part
opment of its resources.
which
address,
Mr.
Elliott
concludes with the followof the
ng pregnant suggestion: "Declare a ten-year holiday in the
iceaseless investigation of the transportation question and
let the undivided attention and energj' of owners, managers
and employees be devoted to maintaining, operating and
perfecting this engine of civilization
the wonderful railroad
system of the United States."
Railroad Transportation.- Your good President, Mr. G. S. Webster, has
We
—
—
me
to say something about "Railroad Transport;ation," so vital to
the present and future development of our country and our people, agriFor without easy means
culturally, industrially, financially and socially.
of communication, it is obvious the highest development of our wonderful
resources and the consequent improvement of living conditions cannot be
asked
obtained
Look for a moment at the development of
Record of Half a Century.
our railroad system in a half century, a development made possible by men
of Imagination, vision and courage, by financiers and investors who took
long chances:
Table I Railroads.
—
—
lic utilities.
Conclusion.
The
Act, as I have indicated, is general In Its terms and applicable to
In my opinion it Is a valid IcRlslativo enall cities of a certain population.
(Admiral Realty Co. vs. City
actment, and not an Act of local legislation.
of New York, supra; Matter of Now York El. UK. Co., 70 N. Y., 327;
Matter of Church, 92 N. Y., 1 People ex rel., N. Y. Electric Lines Co. vs.
Squire, 107 N. Y., 593; Matter of llanncberger, supra.)
;
The following comments were made l)y Mayor llylan and
by Senator Johnson, Counsel for the (^ity in tlic litif^atioii:
(1)
Comment by Mayor Hylan.
If that decision stands, we can never liave home rule until the Constitution
of the State is amended.
Tlic jieoijle of the cities an; practically deprived
of every vested right, and I hope t liat no court will hold that the people
of New York and other cities of the State can be shot at sunrise."
•
Rule:
But there is a part of the decision just rendered which should not
unheeded by those who ))elieve in a people's right to govern themselvcf-.
the Clourt holds, and becau.se it so holds it is now the law, that "the Legis-
Miles of Steam Roads (Single Track) Ouncd
United
Eastern
District.
Slates.
1870 (June 30)
1920 (Dec. 31)
Per cent of increase
Population
—
1870 (.lune 1)
1920 (Jan. 1)
Per cent of increase
— oO-Year Record.
Southern
Western
District.
District.
53,399
253,708
27.068
61,296
11,888
51.274
14,443
141.138
375%
126%
331%
877%
-38.558,371
105,710,620
21.693.654
51.565,264
7,899,435
18,356,714
8.965,282
35,788.642
174%
138%
132%
299%
---
—
Table II Population.
Urban and Rural Population. Urban population comprises that residing in
cities and other incorporated places of 2,500 inhabitants or more, and
in unincorporated towns of 2,500 or more in Massachusetts, New
Hampshire and Rhode Island.
—
THE CHRONICLE
Jan. 21 1922.]
1880
1890
1900
1910
1920
-
-•---
Urban.
Rural.
14.358.167
22,298.359
30.360.433
42.166.120
54.304,603
35,797.616
40,649.355
45,614,142
49,806,146
51,406.017
greater distdnces than formerly, yet the danger to life is far less than it
used to be.
or^tlftfl
The railroads of the United States carried in 1920 about 1.300,000.000
passengers, with one killed for each group of 5.673.000 carried.
In a total
of 472.000.000 people carried in 1889, the death rate was one in 1,523,000.
The danger to life of railroad travelers in 1920 was therefore less than onethird of what it was in 1889. most of the reduction accruing since 1907.
To be sure, there have been years when the proportions were higher and
lower, but the general trend throughout the whole period has been decidedly
toward the increasing safety of the traveling public.
"•
The Inadequate Pay of the Railroads. As an abstract question any fairminded man will say that "The laborer is worthy of his hire." and that the
railroads should be compensated justly and even generously for the service
rendered, so as to provide for the future, when more and better transportation will be needed. What has been the result? The following table
Per cent Urban
28.6
35.4
40.0
45.8
51.4
It is interesting to note that railroad mileage has increased twice as fast
population 174%). In the great empire
as population (mileage 3759^
west of the Mississippi mileage has increased 877% and population 299%.
This indicates clearly that the men of courage and vision, the men with
abiUty to raise monry, the engineers with ability to design and construct.
have done a great work in providing the present marvellous transportation
machine that is so essential if our 105.000.000 people, who are crowding
too much into cities and away from the coimtry. are to be sheltered, fed.
clothed, liept warm and safeguarded in their various occupations and in
—
—
Table V.
Year Ended
June 30
Table
III.
— 1870
1870-1920
$30,068,518,000*8300,000,000,000 1 to 10
*2,839 1 to 3.6
779.83
1870.
Wealth
Wealth per capita
ury (July
1
6.087,555.087
1
to 9
1
1,518.465,000
57.21
8.507.145,000
to 3.3
to 5.6
162.000.000
235.884.700
1.094,255,000
4,024.527
308.507,000
787.128.000
3.232.367.000
12.987,000
(pounds)
.54.888.000
1
Sugar (beet) pounds
.Sugar Tcanej pounds
b806.000
87.043.000
Gold
.50.000.000
al ,491 .944.444
1.4.52.902.000
244.250.000
b49. 509.400
16,434,000
.57.420.325
1
2,331,169.956
60. 46
2.046,455.722
118,784.960
3.08
24,330.889.731
228.63
24,061.095.361
1,016,592,219
9.55
676.284.427
17.51
1
1
1
1
3.8
12
9
3.1
Economic Adjustment, Inflation and Deflation.
1
say a word about "deflation" and "inflation." During
the war, agriculture and industry generally, and wages, were. more or less
inflated, and there were received very much higher prices for food, fuel and
articles produced than prior to the war, and wages were increased.
Farmers and farm plants improved their condition very much, and agricultural
lands were sold at prices never before dreamed of. Seciu-ities representing
manufactming plants were much higher in value and in price. And a great
many manufacturing enterprises were able to make their prices during the
war on such a basis that there were large profits, either in money or In additions to their plants and facilities, so that they are now in a much better
position than they were before the war.
I think all will admit that there was a period of inflation and of considerable prosperity for the farmer, the manufacturer and the wage earner.
It was not. however, so for the raUroads.
They received a scanty living
through payments from the Government n order to keep them going;
but. unfortunately, their properties were returned to them deteriorated
as to their physical condition, demoralized as to their personnel, and with
many new and difficult methods o manjigcment and high wage costs imI
Production of Principal Commodities
—
Wool (pounds)X
Wheat (bushels) x
Com
'bushels)-X
Cotton (5001b.
Rice
gross wt.)
bciles,
'^dollars)-X
Silver (dollars, comm'l value)
x
Alumlntim (pounds). x
Cement (barrels). x
(Joal (long tons). X
Copper 'long tons).x
Lead (short tons).X
Mineral waters (gals, sold)
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
1.9
3.3
3
3.2
27
1803
2.8
1
3.9
41.375.000
96.94-4,000
29.496.054
12.600
17,830
1
.539.759
1
1
1
to 20
to 43
to 27
69.5.59.000
3,031.891
1.665.179
to 84
—
I
to 23
to 22
1
10,50-1
1
to 31
1
36.925.967
68.7.50 (1919)34.671.232
218.598.994
6.707.000.000
Manufacturing Industries of
.
—
1
860
SI .031 .605.092
1914.
$14..369.088.831
• KsT,lm;it«fd.
rrops.
X Calendar years,
b
to
to
to
to
1
Value of products
1,885.861,676
24.246.434.724
Manufactures of cotton (value)
701.300.0,33
115,681.774
Manufaf.-tures of wool (value).
73.4.54.000
464,240.813
Manufactureu of silk (value)..
6.607.771
2.54.011.257
rotalcxp«!nse«publlcHChool«.(1870)e3.396.66«(1918)763,678,089
'':ilif<)rtiia
1
1
1
14
13
—
6.1
6.3
1
to3S
1
to 12
a Figures include only afxiut 45% of
.\pproxlni;ite.
-8l.itiMllc-al .Mmtract of Ihi- l.'iiit^-d States. 1920.
Population, production, wealth and r.ftmforUi have IntTi'asod. and no
have the srhooN. co1I<-K'«. Ilbrarl<9i. hospitals, and In all of this thf; railroads
wirrc and ar<! absolutely <»sentlal. but they have not prospered aeeorilingI.v.
Railroad Tran.fporMllon Furniahz-d.- TUIh rlpviOopini^iil has been poyslbh'
by the movement of an enormous numb»!r of tons of frulght and passengers
one mile. a« shown by;
.'imirce
Cable IV.
ProduclUm and Cnruumption of Railrnad Transportation.
Same
Fiscal
Year
1900
H)05
1910
1015
19I7*
I9I8*
IBIO*
1920*
1921X*
.
.
Population
of V. .S.
76.120.408
.. 8-I.2I0.37H
.- 92.267.080
.- »9..'M0.«:ir.
..10'.M7;;m.5
Per
Prrnon
11. .".90. 1.57. 270
I.H60
18''.. 16.1. 100..'. 10
2.211
J.'..'.. 01 6. 01 0.151
2.764
1
277.K1,'..000.000
;J0H.26.'{. 06 1.787
..1''
408.778.061.079
..V
.367.161 .370.571
4I3.fi7.'..000.0OO
..io<;.iiH.i7.i
.. ..107.833.2H4
321.000.000,000
2.7?K)
3.800
.1 016
3.107
.•{.KH7
;t,oo.'.
Savir
Per
PamrnycTS
One Mile.
iotu
Our Mite.
1
I6.0:t0 fK)7.'.'l7
ermin.
;no
7
j:i
32
32
10
1.-;
:i;.
helping out.
Manufart\iring eiiterj.rises arc also deflating, and the same may bo said
about the jobbing and dl.stribiiting biisini^ss.
It Is a .slow and difficult proci'.s.s. but litTe again these two clas.sf~i of human
Industry luid. during the war period, the chance for great prnsprrlty, large
profits and great addiliims to Ihi-ir plants, and many of tin rh availed Ihemselres
of that opporlunily, but the railroads did not linrr Hint chance.
What Is generally described as "labor" has already been hurt by unomployment and by some niduetlon in wagi-s. whl(;h. however, has nol yet
affiTttHl th<r great transportation Intersets to Mm extent that It should. If
what some of the people of the country think Is needinl n.-iniely. Iowit
transportatif.ii charges
are to be obtained.
It would s<-<m us If labor, through lis great loaders, ought to r«cognly.e
that this defliillon prnee.ss Is going on and .idmlt thai It must come, and
allow a lower unit of w.iKim In many direel.ions, not only on the railroads, but
In the mines and In the building tradw. all of which would ine.in the i-mployment of more men. a lower unit prlei' on many .•trlii-li's. th:it are used
by all. iind thus tend to reduce the cost of living and help (<> lireiiU the pres-
—
ent nndh'SM ehain of expen.M!.
.Mr. .lulius Kruttw-hnllt. In his InleretillnK and nafl.ilMe artlele In the
"\llanlie Monthly" for J.niuary. niukcH llie rullowlng Hl-iitemenl nliiiut tlio
llre<-t labor <-o«ls to the nilironds. ns the result of the Aditnisoli Law. other
KediTnl and 8t.iili) Iiiwh of a nwtrielive eharaeler. the war. and the prurtiens developi-d during l'"ediT.il ronlfnl iilld lielion by tile l-libor Hoard
were ).'<'. hlirlii-r In 1020 thnn hi
"The ..I.. e<Mi|« 111
I
•
;
1
!
'
'
1
J
,
.
t
116.1
1(1
^^;
like to
posed upon them.
These conditions, growing out o fwar and Government control, are being
corrected .slowly by the hardest kind of work between the managements
and the men. and with the Govoj-nmeutal agencies which, under the Transportation Act. have the final power in each of these matters.
Deflation to-day is taking place
All Must Share the Burden of Deflation.
The farmer has
in many directions, and all must bear part of the burden.
felt the full force of this, and from the high and prosperous condition In
which ho lived during the war, he has had to come down a long way. .\nd
this naturally hurts him. and the whole situation, and he not unnaturally
looks around for relicsf.
The railroads believe that agriculture is one of the fundamental lndu.strics in this country, and that they should help it by a moderate reduction
not because they
in rates as one step in trying to help the existing situation
can afford to do it out of their present returns, but ju.st upon the ground of
4.103.982
keted)
Iron ore (long tons).x
Pig iron (long tons). X
Steol 'long tons) .x
Total mineral-s (dollars). x
would
i
576.431,250
476,849
40.000,000
(1919)162,000.000
220,951,290
18,622.884,000
Natural gas (dollars)
Petroleum (gallons) .x
Phosphate rock (long tons mar-
United States
(;o8t of material uaed
ui.i.iiDii.'iiK)
700. 000. 00(1
1.'.0.7
.;io,6
(
I
ri|7.
III
l''ed'-r
I
I,
I
.1
I
llMil
.
he
Iw.'ivi'. Iir.
.•rr.
.
ilii.iii
III
I
risen
)ii<
Adiinisoti
iieiii. ill 1016. under
Iho tiiliil iiiiioiint paid to
111,111)11,
,llniri the (dl .02H.n2)( "/ net inromti
i,.,ii
•Calendar
yivir.
x Kstlmated
Knotigh p.i':sem;<T triinsportsitlon
bet'll
lurreiiHi*
,'iinlriil
I'
man. wom.in
6.16
5.26
3.51
2.46
0.11
2.75
* 12 months ended Sept. 30 1921.
The retvu-ns for this period include
15 large switching and terminal companies.
Obviously a retiuTi wholly inadequate if private ownership is to be sustamed and if Government ownership is to be avoided.
Now the country and the railroads are in some distress; agriculttU'e is
in trouble, industry is slack and business is poor.
The railroads realize
this, but those who are now advocating that one way to bring about a resiuuption of business activity is to stUl further reduce the railroad income
should be careful.
10
to
to
to
to
to
1)
,
—
16,884,440.038
17,762,152.127
18.213.629.613
18.529.749.653
19.134.000.000
19.694,622,226
1920.
Public debt, less cash in treasPublic debt per capita
Int.-bearing debt (July 1)
Aimual interest charge x
Interest per capita X
Total money in circulation
'July 1).
Total money in circulation per
capita (July 1)
Total value farm animals
Rate of
Return
$14,246,167,475
5.08
14.632.497,022
4.84
15.284,763.489
5.15
15.842.127.273
5.17
16.257.146.632
4.20
16.688.440,056
5.90
1914
1915
1916
Year Ended Dec. 31
:--- 1,040,084.517
1916
1917
934,068.770
1918
638.568,603
1919
.-.454,984.953
1920
21.661.782
1921 *
542,409,582
Ratio,
Item—
Property
Investment.
Operating Income.
$724,184,708
708. 484 ..383
787,610.435
661,018,147
683.104.833
984,872,959
1911
1912
1913
1920.
to
Net Railway
—
—
Record of Progress of the United States
'fl
shows:
homes.
Unfortunately for the future growth of the country, there Is too great a
tendency on the part of the public and the lawmakers to see only the minor
mistakes incident to the creation and operation of this great transportation
engine, performing such prodigious work for all (hampered by many laws)
and failing to appreciate the whole wonderful work and what the nation
would be without it. They hold the "penny" of failure so close to their
eyes that they do not always see the "twenty -doUar gold piece" of accomplishment.
Growth of the Country. What have our ^^rile people done in 50 years?
Marvellous accomplishments made possible by our wonderful transportation
system, moving food. fuel, raw materials, finished products and people in
vast quantities and over great distances.
their
Statistics of
267
,,.)
,
l„il>iii
•..-:
.
iiiive
t
In
.i
r< .'itdtL-ilily itnini
>< ;ir
lo give
every
a trip of mr.re l.li;iii .'!.'.() rMllcM. iiikI li.iiKlllnir eniiURh
to haul lnawi.<-n 3.')'lO ;iiid 1 .00(1 t<.ris on.- mile ffrr
of them: erpilvnlmit I.O hnn<lll(iK mr.re thnn 10 tons <.f fn Iclif one
.ui't rhllrl
friiljfht trnn«p(.rt,ilir>n
««ch one
mflp evfxy day In the year fur every man. woman find rhllil In He
Thirty yr.irs ago. the nvfT.-iKe traviler took eight
Safety.
fxips a year, and now he take* twelve (\2i.
Then lin nvc»»g<'<| jl mllij. a
trip, and now 38 miles.
Notnlth.ttan'lInK h<- rldm more frcj'i' 'iily and
<ill<-<
,•,•'<
vheii the
—
I
l.ll.ol
11. 1
1
1
eiirriers In lOIII.
.1 imhI at
,\diinisoii I
.
I
,i«M'
Ill
\**
fiire
In''
'lid
linporlntit:
II.
»1. J(1H..',76.301
bill
J.73P.4«',».I42
An
InrreiiM'
over 1016 of.
THE CHEONICLE
368
This was Increased by the Railroad Administration in 1918 to $2,613,813,351
Or an increase over 1<)17 of
874,331,209
This was furtlier increased by the Railroad Administration in
1919 to2,843,128.432
228,315.081
Or an increase over 1918 of
This was further increased by the Railroad Labor Board in
3,698,216,351
1920 to
Or 810,132,000 lor every day of the year.
"The increase in labor alone, from 1916 to 1920, was S2, 230. 000. 000.
nearly criual to S2, 357. 000, 000. the total operaling expenses of all Class I
roads in 19115. which inchido not only cost of labor of every description, but
cost of materials, fuel, depreciation, loss and damage to freight, injuries
to persons, insurance, and the rest.
"After the return of the railroads to their owners, they were made to perform the greatest transportation task in their history. They moved more
freight and ppssengors. loaded their cars more heavily, and moved larger
That it cost too much to do this was due. as shown, almost
train-loads.
entirely to causes beyond the railroad managers' control."
—
Buyers of Materials. A reasonable policy of labor deflation would be extremely helpful because the wage bill of the railroads is
so very large a part of their total expenses, and they are such heavy buyers
When they
of materials, the cost of which is made up so largely of labor.
are on the up-grade, as all know, they are very large buyers perhaps the
of many articles, which means emplos^ment to men and a
largest buyers
greater demand for food and other articles, thus helping all along the line.
The country pays a very big bill, through rates, for the transRales.
portation service furnished by the railroads. But the country is a very big
The
coimtry, and the amount of transportation furnished is very large.
production of it is extremely costly, and to-day there is no adequate return to
the plant thai furnishes the service.
The returns, after expenses and taxes, for 1921 (partly estimated) will
not exceed $616,000,000, not quite enough to pay fixed charges of about
3640,000.000. including interest on bonds, so widely distributed among
individuals and held by insurance companies, savings banks and charitable
institutions: thus leaving nothing for improvements or the stockholders,
which might be all right if the roads had been allowed in the past, as other
industry has been, to earn liberally in other years.
It should be remembered that for many years prior to the war the general
level of rates was not sufficiently high to protect this national industry of
transportation, and there was danger to everybody, to agriculture and to
all kinds of industry, of the supply of transportation not being adequate tor
the needs of the country. Therefore, to cure that economic difficulty,
effort was made through the Transportation Act and through the rates
permitted by the Commission under that Act.
These rates are higher than they were before the war, but they were then
far too low for safely, and we are comparing to-day tvith an indefensible basis,
if the country is to continue private operation and ownership of railroads,
Tfte Railroads as
—
—
—
subject to public regulation.
Critics of the general level of rates
ought to remember and consider how
out of balance rates were before the war, and that to-day, while some rates
may be too high, the general level of rates approved by the Inter-State
Commerce Commission in 1920. with numerous adjustments made since, is
not too high, considering what the railroads have to pay for wages, fuel and
supplies generally: and it should be remembered that the increase in this
country because of changed conditions here has not been nearly so great as
the Increase In transportation charges In many other countries, which have
suffered from the same world-wide conditions that we have, because of the
increase In wages and the price for fuel and materials used by their respective transportation systems.
Again, the railroads of this country have
Rates in Earlier Years Too Low.
always believed in making as low rates as they possilby could, and some think
tbey went too far at times. In fact, the Transportation Act recognized that
danger by giving to the Commission the power to name the minimum rate
as well as the maximum. The railroads want as low rates as they can afford, because of the great distances here and because they want the widest
distribution and the greatest exchange of all kinds of commodities.
The owners and managers, however, of these great railroads are trustees,
holding these properties for gnvlng services to the public as well as to earn
a return, and they must, in making their rates, and In presenting facts to
the public about their business, about the charges they make for service,
realize that they have a paramount duty in maintaining a safe and adequate
transportation machine, and in managing it honestly, efficiently and eco-
—
nomically.
To permit wastages through inadequate rates means a deterioration of the
properties within their charge, which will tend to prevent their serving the
public adequately, and to permit such icnstacje is not honest, efficient and
economical, any more than it is to permit wastage in labor, if they can control it. or in the use of material or in any other form of management.
Many
Other Factors to Consider Besides Rates.
Rates, of course, have a bearing on the development and success of agriculture and of industry; but they are not the only Important element In
the problem that must bo considered before improved business conditions
obtain.
For example, to-day the labor cost of putting up a house Is far more Important than the rate on the material itself, and the labor cost Is a much
greater deterrent to solving the Important housing problem of the country
than is the railroad rate. This labor cost goes back Into the lumber, the
steel, the Iron, the brick, the cement. Into the railroad rate, and it is very
evident In the wages received by the men actually engaged in placing the
material, after it has been put on the ground, in the form of a house.
It is very important, not only for the railroads, but for the public, to be
Just and without prejudice, and to realize that there are a great many factors besides rates which are affecting business to-day.
A sweeping reduction in all rates would not, in my judgment, at this time
jncrcase business, for many other things must be settled before we obtain lohat
thai is. a complete revival of industry in this country.
all desire
1 refer to such matters as the various foreign questions, which seem to
be In a fair way of jidjustment by the conference now going on in Washingt<)n: the tariff qujsition, which Congress now has in hand, and which is most
difficult; the tax question, which has been partially settled and which Is
even more difficult than this railroad rate question, and the general financial condition of the world.
—
support for the railroads out of the rates charged for transportation furnished to the public. The public after this long debate turned away from
the doctrine of supporting their transportation system through taxation
and also turned away from Government ownership. It seems to me that
it will bo most unfortunate for the country to turn back to Government
operation or ownership because of the present difficult conditions, from
wliich the country will emerge in due time.
Economies in Transportation Already Accomplished.
Improvements in transportation practice have been very continuous for
a long term of years, and the total accomplished is apt to be lost sight of.
Not so many years ago all the land transportation in the country was furnished by packing on the backs of men or animals; to-day there are being
handled with the aid of less than 2.000,000 men more than 400.000,000,000
ton miles of freight each year.
The physical effort to do this represents,
under the old methods, the labor of about 1,250,000,000 men. and the cost
to the public has decreased from S3 to about 1 >ic. per ton per mile, based on
1921 returns.
Of course, it would be impossible to apply this amount of man i)ower,
but the comparison is given to show how the, efficiency of the railroads has
released untold man power for the great development of the country in
many other directions. It may be argued that highway transportation
would have developed even more than it has if the railroads had not been
here, and the country therefore ser\-ed by highways and waterways.
But without the railroads the primary form of transportation In the
country the motor vehicle, the gasoline to propel it, and the hard surfaced
roads never could have been developed except to a limited extent.
Every progressive railroad manager knows that some further economies
are possible, but they depend very largely on two factors that cannot be
made, effective at once.
First, the spending of money for capital account in the creation of better
facilities.
Second, the actual price paid to the Individual workman and
the development in him of a spirit that it is his duty as an American citizen
to do all that he can to bring down the cost of transportation, because of
the help such reduction will be in working out the soundest possible general
economic scheme for the whole country. This same idea, in my humble
opinion, ought to be applied to those who work in mines, factories and
forests,. because fuel and material prices affect all and very largely depend
upon the efficiency of the individual man and the wages paid.
Among economies that are not completely developed are:
Economies Remaining to Be Perfected.
Further decrease in the physical resistance to be overcome, so as to lessen
the tractive power necessary to haul a ton of freight.
Improved location and design of terminals, both for handling carloads and
merchandise: improved water and fuel stations.
Greater economies in the production and use of power from steam and
electricity, whether obtained from fuel or water power.
Improved design of locomotives and cars so as to have the maximum of
capacity and strength with a minimum of dead weight.
A better supply of well-designed repair plants equipped with high-powered
and rapid- working tools, in -all shops and roundhouses, where mechanical
work is performed.
Improved methods of receiving, storing and distributing the great quantities of materials and supplies that are used each day by the railroads.
The elimination of waste, which is prevalent in all walks of American life.
The Future of This Great Country and Its Transportation System.
is not beyond belief at all that within 50 years there will be 250,000,000
people in this country. They can be well taken care of If all hands will cooperate and work.
Vital to their well-being, however, will be an adequate
transportation machine. To-day the country has one made up of the railroads, seaways, waterways, highways, and motor transiwrt, representing
great values, possibly $60,000,000,000. or next to agriculture as an element
It
of national wealth.
Of this the present railroad system, on any fair basis of allowing for goodwill, strategic position, experienced organization and all the elements that
enter into values of other classes of property, is probably worth $25,000,000,000. When there are 250,000,000 people here, a ton mileage of even
3,000 per annum, instead of 4,000 now, to give them as good a living as
is being furnished to-day, will mean the movement of 750,000,000,000 ton
miles a year, plus the added passenger travel double that now provided.
So the present great transportation machine must be added to enormously, possibly doubled, not in mileage, but in capacity and co-ordinated,
with other forms of transportation. Great sums of new capital must be
obtained, probably more than $25,000,000,000, and this can only be obtained if there is safety for the principal and a fair annual return.
The country and the world. are somewhat in the "dumps," but times will
change and conditions will be better.
I believe the United States is on the threshhold of the most glorious period
in its history, and that we can take a place in the history of nations never
before achieved, ;/ we will only think right, work hard, and use carefully
our great powers and resources. And that transportation machine should
at all times be kepi adequate to the growing needs of the country.
—
Social Progress
The
in
in
can truthfully be said that the Act has not h-id a fair trial.
Only a little over a ye;ir ago the cry of the country was not about rates,
but about the ability of the railroads to handle all business promptly.
That condition Ls likely to exist again, when business resumes, if proper
steps are not taken.
The country In that Act declared for a rational railroad policy, and the
supreme power of the nation, through the Commerce Commission and the
Labor Board over questions of dispute as to, rates and regulations thereof
and tragee and working conditions, respectively; also for a poUcy of self-
Involves
Serious Problems.
railroad system of the country has been
and
is
a great engine for
The engineer has played a most important part
creating and operating this engine.
But with the great development
this country and the crowding of people into cities have come perplexing
advancing
civilization.
problems which must be attacked and solved
social
achieve
its
highest destiny.
Some
if
the country
is
to
of these are:
(a) Better Use and Conservation of Natural Forces and Resources.
Nature has been generous to the United States and we have not been
obliged to save in the past as much as we must in the future.
The engineer,
by perfecting the processes for developing and con.serving our resources,
can help to bring about better living conditions for all and promote national
health and national safety. Think of the possible development in the next
along the lines of
Fuel conservation;
Use of cheaper forms of coal for power;
Water power development;
Control of the flood waters in valleys:
Control of water in the mountains for irrigation.
fifty years
The Transportation Act of 1920.
It
—
—
A
word now about the Transportation Act, which to-day is the guide for
the railroads, the regulatory bodies and the public. The country debated
the general subject for a long time, ('ongress did the same, and finally passed
the bill.
It has been the law only about twenty mouths.
During some
of those montlis bu.sincss has been depressed and disturbed, and I think
[Vol. lU.
The better use of natural forces and the elimination of waste In use of
natural resources are most important.
(6) Decentralization of Population.
In 1880, 14,358.167 people lived in cities and towns and 35,797,616 in
the country.
In 1920 this had changed to 54,301.603 for cities and towns and 51,406,017 in the country.
Cheaper fuels and wider distribution of power will permit a wider use of
mechanical devices, on the farm and in the small home, and by increasing
comfort and convonloncos in the country, check the drift to the city.
(c)
Better Rcieards for the
Farmer
.
Who
Provides Food for All.
cost of living can be reduced If there is a national policy leading
better use of resoiu«es, and more people willing to produce food.
The
t*>
THE CHEONICLE
Jan. 21 1922.]
Agricult.ural aiid farm life must, however, offer attractions and rewards
to the young people equal to what they think they can obtain in the cities.
The Relation of Labor and Capital.
The distribution of the annual increment of wealth in the country very
properly is a subject that engages the attention of every one.
Everyone
naturally desires to obtain all he can consistent with regard to others.
Out of this natural effort have developed great organizations of labor and
capital.
Such organizations are all right if wisely and honestly directed.
Labor unions are all right when they are so conducted that waste is
eliminated and they are an efficient and economical instrument of society
as a whole.
When they cease to be that, their usefulness is gone and society will get rid of them. There Is a place in this country for wisely directed labor unions, but no place for labor tyranny.
Society some time ago discarded the club, the .sword and the pistol as
weapons for the .'iettlement of personal disputes. Society is getting ready
to discard the strike as a weapon for settling industrial disputes because it
is inhuman and uneconomical
the sooner the better for the good of all.
(d)
—
The
great majority of people in this country, as individuals, are sensible,
hard-working and home-loving; but collectively, they are sometimes led
astray through lack of accurate information and clear thinking. The war
developed a spirit of extravagance and unrest, and there is a noisy minority
doing a great deal of talking, and advocating what for want of better names
are known as Radicalism, Socialism, Bolshevism, and the use of remedies
that may do more harm than good. The engineer, as a citizen, can use his
trained mind to help prevent the theorists and adventurers from leading
the country astray so that we may jiunp out of the "frying pan" of admittedly difficult conditions into the "fire"of much worse ones.
Railroads are conunon carriers of people and property; they are not common carriers of all the economic troubles of the country. These cannot be
cured by reducing rates, by ruining the railroads and perhaps forcing Government ownership, to which this country is opposed. Give Brains, Cotirage and Management a chance once more. Declare a ten-year holiday in
t-he ceaseless investigation of the transportation question, and let the imdivided attention and energy of owners, managers and employees be devoted to maintaining, operating and i)erfecting this engine of cil^ilization,
the wonderful railroad system of the United States.
RAILROAD EQUIPMENT TRUSTS— FURTHER
AMOUNTS SOLD BY U. S. GOVERNMENT.
The War Finance Corporation, in statements by Managing
Director Eugene Meyer, Jr., on Jan. 14 and Jan. 17, said:
The Director-General of Railroads announced to-day that he had, with
the consent of the President, confirmed additional sales, at par plus accrued
equipment trust certificates now held by the Govern-
Interest, of railroad
ment, as follows:
Dillon. Read & Co., New York: Buffalo Rochester & Pittsburgh, 1925-1927, inclusive
To Cassatt & Co., Philadelphia, Virginia Ry., 1923-1927, incl..
To Freeman & Co., New York: Pennsj'lvania RR., 1925
To Kuhn, Loeb & Co., New York: Pennsylvania RR., 1924 and
1926
To
$400,800
543,500
3,894.000
7,788,000
Total amount of these sales is (Jan. 14 aimouncement)
$12,626,300
Baltimore: Indiana Harbor Belt RR.. 19281935, inclusive
$314,400
To Continental & Commercial Trust & Savings Bank, Chicago:
Pennsylvania RR.. 1927
3,894,000
To Poe & Da vies,
Total amoimt of these sales is [Jan. 17 announcement]
$4,208,400
sales were arranged by Eugene Meyer, Jr., Managing Director of
the War Finance Corporation.
Total amount of equipment trust certificates sold by the Government to
date, at par pitas accrued interest is $164,226,100.
(This amoimt, as
explained last week, includes $4,990,300 redeemed by certain roads in
anticipation of Jan. 15 1922 maturities, all the several issues falling due in
15 annual installments beginning on Jan. 15 1921.
The amount of these obligations remaining unsold In the hands of the
Government, It la understood, now aggregates only about $158,000,000,
including, chiefly. 13 Issues of from $4,000,000 to $16,000,000 each, together aggregating about $109,500,000 of the following companies, viz.:
Baltimore dc Ohio, Boston & Maine, Carolina Cllnchfield Si. Ohio. Chesapeake &. Ohio, Chicago Milwaukee & St. Paul. Chicago Rock Island & Pacific. Erie. New York New Haven & Hartford. Pere Marquette. Southern
By., St. Louis & San Franasco. Wabash, and Wheeling & Lake Erie. Ed.j
What Should be the Kate of Return ?
The Commission asks "M^hat should be the rate of
March 1 1922?"
The Congress after a most searching inquiry decided that
—
press dispatch, yesterday afternoon, from Washington,
announced the sale of §1,882,400 of Toledo
Ohio Central
&
RR.
certificates,
to
Robinson
&
Co., of
New
York.
The
dispatch adds that the total amount of equipment securities
sold by the Government to date is estimated at S1G0,108,.'>00,
including the payments on account of the Jan. l.'j maturities
aggregating about ?10,fXXJ,(J(X).
RAILROA D RA TES-- WHA T
Daniel
MA Y
HE EXPECTED?
Willard, i'resident of the Baltimore & Ohio RR.
statement Ixforc the Fntcr-Stat*- ('omnicrcc! Com-
f'n., in a
mi.tHiori, summariz«>d
to existing
the position of the curriers with respect
Mr. Willard said in part:
and future T&lm.
Oullrxik
ftiT
LmcfiT Railroad Ratcn.
".\rc railroad rat** di-ollnlng a* rapidly an the public hna n rlKht to
<!xp«-ct7"
opinion to acci-li-riil" Mif ddwnwurd
my .irww»!r li \im. In
movi'mnnt artlfiri.illy at thlH time would Injure the ro:i<lH and would not
Ix'nr'fit tho public.
H.-kilro.-id T,iU-n are now and nlwayn hnvo l>pcn Nubjp<;t to certain Fundamental iir.onomlc lawn .iKnlnm which tli«-y c;innr(t prcv.kil nnd thr nicrinporatlon of nuch lawH and inriu^nc<« will t4!nd conMtuntly to lirliiK aliout
low»T rat<w Jiutt oh ha* bwn rhn rann not only durlnx thu laiit yonr hut durlnR
.-ill the yi;nr^ of railroad op<Tatlr>n.
Th»' raf.«i p«T l<in mll<r drcilncd Ht<-adlly for tw^'nty-wvrn yearn. r<-nrlilnK
th*> lowmt (Kilnt In 1017. or nr!arly two yriim nfu-r thn K'-nrr.il iipwnrd
tTKnrt In prir«'»i ha*! ntjirUwl an n n-^iill of tin- world wiir.
Thi- rullroudtt.
howfvrr. f^-lt th«- hurdfn of Ihr lnrrr;u«Kl c<nif tif livInK In roininon with nil
—
my
othpm.
HIjih aa railroad rhnrKm ar^^ Ihiry arn not hlKhnr rntatlvcly than otimr
prlriw nrf) or w»T«i. bwI it In lnip<irt.itnt to ri-mi-riilMT thut, rallm.'id c'litirK<«i
or prlron worn th<' wry InMt to ko up. and In tho nalurn rif tliltiKM raiinul !>•>
thfl flmt to romo down.
Thry run and will partlclpaln In tlio downwnrd
oiovomont of all othiT prlrrw.
foTHonally I t>«>ll»>vn that th<i rallrond rnatutKcm aa a whole 'irl^ doInK nil
that a fair mindorl piihtk- ha« a right to nxpoct. and IhlM U not l<i
Hint
ay
tlMiy
can not and win not do
still
mora.
return
after
5 K> % should
be the minimimi retm-u as conditions were at the time of passage of the
Transportation Act. with an additional one-half per cent in the discretion
of the Commission.
Many believed that the rate fixed by the Congress
was too low. I thought so then and I thing so now.
AVhile there has been some slight change in the financial situation
since
the Transportation Act was passed, nothing has happened which in my
opinion would justify reducing the rate of return, providing, of course, it is
still desired that the carriers shall endeavor to keep faculties
sufficient to
fm-nisli the public with adequate transportation at reasonable rates.
It is
judgment, therefore, that not less than
would, imder conditions
now existing, constitute a fair retiu-n, to be effective from and after
March 1 1922.
During Federal control brought about by the war, railroad operating
costs, in common with all other costs, moimted rapidly but without
corre-
my
G%
sponding advances in rates.
Moreover, during the same period the fixed charges of the carriers were
increased by additions and betterments made at high costs, and largely
(particularly in the Eastern District) to meet war emergencies.
Because of
war and other conditions the properties were not fully maintained, and were
returned to their owners in less effective condition than when taken over.
The carriers, imable to provide from earnings in the past, reserves such
as contemplated in the Transportation Act, are not now in position to make
a general rate reduction in anticipation of possible lower operating costs
to follow.
I do not think the best interest of the public would be promoted at this
time by action of any kind which would tend inmiediately to reduce the
revenue of the carriei-s.
RATE REDUCTION—WHAT THE 10% CUT
THE RAILROADS.
MAY
COST
W. C. Maxwell, Vice-President of the Wabash Railway
Co., speaking for the railroads of the Central Freight Association of the East generally, testified before the InterState Commerce Commission concerning the probable
effect of the 10 per cent reduction on agricultural products, which became effective as of Jan. 1.
The testimony
on this subject was in part as follows:
Question
Mr. Maxwel" is it not a fact that in addition to the reductions
that you have mentioned the carriers are preparing to file tariffs effective
,
1922. which will reduce the rates 10% on products of agricultiu-e.
also on live stock, dairy freight and wool?
(Yes.j
Question
What did your investigation develop as to the effect of these
reductions ?
Answer
I find that the loss to the Wabash on basis of the year ending
Aug. 31 1921 wUl be $l,2:i3,034 per annum, which is 2.557% of its gross
freight revenue for that year, and that the tonnage affected by the 10%
reduction is 26.15% of its total tonnage for that period.
I have been able to get the figiu-es for some of the oth er roads as follows:
Jan.
1
Loss of Revenue
The
A
269
—
Road
N. Y. C. &
Due
to
10%
Cut on Agricultural Products
Gross Freight Earnings.
%
—Percentage
of
—
Road
Loss.
%
N. Y.,N. H.&H.&
Pennsylvania
15,800,000 1.26
C. N. E
365,000 1.246
P.C.C.&St.L...(
Bo.ston & Maine
274,600 .55
N. Y. Central
3,053,353 1.502 D. L. & W. RE
990,720 1.45
C.C.C.&St.L
768.7811.26 .\nn Arbor
95.608
Cincinnati North...
43,360
Grand Trunk West. 418.000
Kric
1,250.000 1.25
Delaware & Hudson- 200,187
Pere Marquette
515,000 1.7
Loss.
St.
L... $875,000 3.25
It will be noted that this does not include the figures for such important
roads as the B. & O.. Lehigh Valjey", &c., because the time was too short
to obtain the figures, but in my opinion the reduction In revenue to the
Eastern carriers will be in excess of .525,000,000 per annum.
I direct attention to the fact that this 10% reduction affects a far greater
percentage of the total traffic of the Central Freight A.ssociation roads than
it does the E.i.stern group as a whole, and I think It will prove burdensome to those road-s. I also direct attention to the lo.sso8 to the Now
England roads, which I believe it is generally admitted, i.s severe, and they
can
Ul afford it.
Other Rates.
.\ttentIon is also directed to the fact that because of the proposed reduction
in the rates on dairy products, the fluid milk, evaporated milk and condensed
milk Khippers are demanding reductions, also that the meat pucUcrs In
Iowa are demanding reductions in the rates on their products bt-causo of
llK- 10% reduction in the rales on live stock, insisting that the old relationship be malntalncHl.
I dlrcict attention to the fact that the rates on grain and grain
products
from Contral Freight As-soclatlon territory to the entire Trunk I.Ino and
New Kn»clan<l territories were reductKl on Sopt. 28 i:i''; and It In not the
Inuinlion of th<! carriers to retrace thi.s sti-p.
.Mthough the above csllniato
Ik ba.vrd on a 10',;, reduction, the reduction on tlil.s particular niovcninnt
of grain and grain products will be greater than Included In lh)< cstlnmlo
.
by
i'.i.
—
drain Cut h'liiln.
I nl.no <Ilri>ct attention to the riMlurtlon of .(2%
on export grain and produrtn. wlilc-li will be continued MiniUKli this w tutor.
TliU Kreat reduction In export riiI.eH failed to iiccntniillNli the purpove,
lH-<riiiM<i the bulk of llio niovenient from the Wi'Ht »iw throiiKli Lake port*
lo r'nniidliiti port«. but It illd furnlHli relief to nlilpperN of Kriilii mid itrain
l-'.iport
r>rfKliifl« In the Interior anil eiiitliled lliein to <lo Hofne liuftliiiwi lut nKalnitt
'he more favored Lako porta, on which the carrlor* luatalned nintiirlnl
lnwi (if revenue.
QumHan
In your opinion, are tho Hentrnl Krelnlit AwnH-lntlfin rondn
iiid ttm road* In KaMtern territory im a whole In condition to Ntitnd tho
propotuxl reduction of lO''^ In prodiielii of agriculture nnd llventiH-k. dairy
priHluriJi ntift wool, nnd on the oMiit Inipiiriiint and nuineroux r«(luctlon»
you have mrntlon><<l In your nxhWAXm'l
Answer
No. they are not. In my opinion. In piMltlon to do ho on baaU
of preaent roHta and pnwent iinil primpixMlvo viiliime of Inifflr,
On rrNtorittlftn of the pro|Hirtli'M to their owiiem Kept. I lOaO tho Onnlral
Freight AiouK-lntlon roiid<i were In itn »<!fnllt«Mlly lii»<l flnunelal rondllloo,
many of Iheni having neither cretllt nor renoiirt'eo to full biM'k upon.
Kfffct
QueUion
Mr. Maxwell, what
rntM on thn volumn nf traffic?
on Trafttr.
your rlPWM aa to thn
ar«<
ofrniTl
of the
THE CHRONICLE
270
For the 8 months ending Aug. 1920 the AVabash handled
Ansiccr
66,645 cars of products of agriculture, and during tlio same period of 1921
77!20« cars, indicating that the rates in effect did not retard the traffic
On the other hand, other commodities on
in fact it shows an increase.
which the rates have not been reduced show a falling off of traffic
These facts to my mind show that the rates have no real effect on the
movement of traffic and that there is nothing to be hoped for in the way
of stimulation of traffic on reductions that are to be made on ])roducts of
agriculture, live stock, dairy freight and wool.
RAILROAD ECONOMIES AND EFFORTS FOR
EFFICIENCY.
One of the subjects of investigation before the Interstate
Commerce Commission is the efficiency with which the railroads are conducted. R. H. Aishton, President of the
American Railway Association, testified before the Commission as to the efforts toward efficiency conducted jointly by
the carriers through the agency of the Association, which
has a membership of 712 roads. Mr. Aishton in part says
in substance:
The work of the Association is handled through seven different divisions
and three special organizations, "every division having a general committee
of experts dealing with each cjuestion of railway construction, operation
and maintenance coming under those divisions."
DUnsion I Opcratiny. This division deals with such subjects as (rt)
Operating rules governing the mo^'ement of trains; (6) Crade crossing proPolice and protection; (c) Safe transportation of explosives, &c.; (rf)
—
—
tective work.
The operating rules recommended by this division are to-day very
generally standard on all the railroads in the country.
Deals with demuiTage, storage, reconsignTransportalion.
Division II
ment, car service and per diem, railroad Ijusiness mail and freight handling
service, and its recommendations have practically become standard practice
—
on
—
all the railroads.
7'ro/fif.—
Division III
—
tainers, packing
Has to do with such matters as .Standai-d Conand marking, weighing and inspection, car service, de-
murrage and storage, in clase co-operation with organization of shippers
and commercial bodies.
Handles questions of construction and mainDivision IV—Enoineering.
tenance, both Roadway, Structurcis, and Signals, and studies peiformance
—
Its standardization of signal appliances has
of rails, rail breakage, etc.
brouglit about a \ery noticeable reduction in the number of patterns used,
with (lecreashig cost of signal work.
Coiisidors construction, mainteuance service,
Division V Mechanical.
interchange and standardization of rolling stock.
Reclassification of material, reclamaPurchases and Stores.
Division VI
tion of material, material accounting, cross tie purchasing and inspection,
etc., with a view to increased economy and efficiency.
This division, composed generally of
Division VII—Freighl Claims.
I'Veight Claim Agents of the diffci-ent raih-oads. has within tlie last two
years <-oi.duclod a campaign to jirevent loss and damage to freight traffic.
Represents tlve railroads in working out problems
Car Service Division.
of car distribution, and seeks an adjustment or balance of car supply as
—
—
—
—
between railroads, or territories.
Automatic Train Control Committee. Blngaged in investigation and test
installation of automatic train control devices.
Joint Committee on Fuel Cunscrvaliov —This committee is working entirely
—
.
In the direction ot more economy In tlie use of fuel, indicating that the railroa(!s realize its value as an addition to their own individual economies.
Mr. Aishton mentions the following as a few illustrations
of the character of the work of the Association on economies.
—
Through the constant efforts of this division,
standardisation of Parts.
there has already been brought about the following rediiclioii hi car parts:
1882 1921
1882 1921
Brake .Shoes, different
5
56
Axles, different kinds
20
kinds
.Journal Baxcs, different
Brake Heads, different
58
kinds
kind.s
27
1
Couplers, different kinds. 26
These efforts have thus resulted in substantial economy both in the parts
for repairs as well as in the original construction of the car.
A statement showing the loss and damage by
Freiiihl Claim Prevention.
ye.ars, from 191 1 to 1920, indicates a decrease of about 49^ over Sept.
1920, in the number of claims presented, and also indicates a very large
decrease in accumulated claims being held for payment.
Miles Per Car Per Day. This factor Indicates unroli.ability of statistics
unless accompanied by a consideration of all the facts in connection with
the matter and is likewise misleading.
Kor example, if you take all the cars in the country and figure up the
miles they made per day, ineluding all surplus cars, and all bad order cars.
It would Indicate th.at the mileage per car per day during that last twelve
months ending Sept. 30 1921 was T.i.l miles per car, the lowest of any
191.S--Kince a similar iiorlod In 1914.
period, with one exception
vVhen you deduct however, the bad orders and (he surplus cars for the
same period from the computation, you find that the actual cars in service
in 1919 made 27.5 miles |)er day, in 1920, 26.0 miles per day, and in 1921,
29.9 miles per day.
Two measures of efficiency are the miles per car per
Loailinii Per Car.
day, and the tons per car and the improvement possible therein, are
Of course, they are merely averages,
subjects worthy of serious thought.
and what results in the average does not always work out in individual cases.
Hut while the 2. 334, 195 freight cars, which, on Nov. 15 1921, comprised
the total ownership, would at 23. 5 miles iw car per day produce 548,606.325
car miles of service dally, that same service could be produced by 2,239.209
cars operated at an average of 24.5 miles per day.
In other words, the improvement of I mile per car per day is the substantial criulvalent of an investment In 100.000 freight cars and everything
else necessary to produce an efficiency mark oi L'l.") miles per car per day
—
—
—
,
—
I^^COMI•:
—
TAX—DIJDUCTION ACCOUNT OF STOCK
LOSSES.
Troasury Decision, approved Doc. 20, losses alKiwtHl a;? ikHluction.s under Sections 214 and 234 of the Income Tax Law shall be deducted as of the taxable year in
which they are sustained. Sec. 214 relates to losses sustained by individuals whether or not in connection with
trade or business and from casualty to property. Sec. 234
TiuliM- a
The following
relates to losses sustained by corporations.
the ruling in the matter
is
(T. D. 3261.)
INCOME TAX—LOSSES.
Treasury Department,
Commissioner of Internal Revenue,
Washington, D. C.
To Collectors of Internal Revenue and Others Concerned:
The losses allowed as deductions under Sections 214 (a), (4) (5) and
(6), and 224 (o) (4) of the Revenue Act of 1921 shall be deducted as of the
In exceptional circumstances, however,
taxable year in which sustained.
in order to avoid injustice to the taxpayer and to more clearly reflect his
income tlie Commissioner may permit a loss to be accounted for as of a year
For example, an embezzlement or a
other than the one in which sustained.
shipwreck may occur in 1921 but not become known until 1922, and in
.'iuch a case income may be more clearly reflected by accounting for the
If a taxpayer desires to account for a
loss as of 1922 rather than of 1921.
loss as of a period other than the one in which actually sustained, he shall
Office
of
attach to his return a .'•tatemont setting forth his request for consideration
of the case iiy the Commissioner, together with a complete statement of
However, in his income tax return he shall
the facts upon which he relies.
deduct the loss only for the taxable year in which actually sustained.
Upon the audit of the return the Commissioner will decide whether the
if not within the
case is within the exception provided by the statute
exception the loss will be allowed only as of the taxaoie j-ear in which sustained.
The allowance of a deduction for a loss in a year other than the
one ill which sustained is entirely within the discretion of the Commissioner and he will consider e.xercising this discretion only in exceptional
cases.
A shrinkage in the value of the taxpayer's stock in trade, as reflected in his inventory, is not such a loss as is contemplated by the provi*
sion of the statute authorizing the Commissioner to allow the deduction of
a loss for a taxable j'ear other than the one in which sustained.
A person pos-vessing securities such as stocks cannot deduct from gross
income any amount claimed as a loss merely on account of the shrinkage
in value of such securities through fluctuation or the market or otherwise.
However, if stock of a corporation becomes worthless its cost or other
basis determined under Section 202, may be deducted by the owner in the
taxable year in which the stock became worthless, provided a satisfactory
showing of its worthlessness be made, as in the case of bad debts. Where
banks or other corporations which are subject to supervision by Federal
authorities (or by State authorities maintaining substantially equivalent
standards) in obedience to the specific orders or general policy of such
supervisory officers charge off stock as worthless or write it down to a
nominal value, such stock shall, in the absence of affirmative evidence
clearly establishing the contrary, be presumed for income tax purposes to
be worthless.
:
D. H. BLAIR,
Commissioner o/ Internal Revenue.
Approved December 20 1921
A.
—
—
[Vol. 114.
W. MELLON,
Secretary of the Treas-ury.
In ruling that bad debts may be deducted in computing
income tax returns of individuals and corporations under
the Revenue Act of 1921. Internal Revenue Commissioner
Blair states that "where all the surrounding and attending
circumstances indicate that the debt is worthless, either
wholly or in part, the part thereof which is worthless and
chaiged off or written down to a nominal amount on the
books of the taxpayer shall be allowed as a deduction In
computing net income. The text of the ruling follows:
3262.)
Treasury Department,
Office of Commissioner of Internal Revenue,
(T. D.
Washington, D. C.
To
Collector.^ of Internal Revenue and Others Concerned:
S'ections 214 (a) (7) and 234 (a) (5) of the Revenue
Act of 1921 pro-
vide that in computing the net income of an individual or corporation
there shall be allowed as a deduction
Debts ascertained to be worthless and charged off within the tarable year (or, in the discretion of the Commissioner, a reasonable addition to a reserve for bad debts) ; and, when satisfied that a debt is
recoverable only in part, the Commissioner may allow such debt to be
charged off in part.
The foregoing provision changes the previous practice in two particulars
first, by recognizing a resen'e for bad debts, and second, allowing a
debt to be chaiged off in part.
Under this provision, bad debts may be
treated in either of two ways
(1) by a deduction from income in respect
of debts ascertained to be worthless in whole or in part, or (2) by a deduction from income of addition to a reserve for bad debts.
For the year
1921 taxpayers may, regardless of their previous practice, elect either of
these two methods and will be required to continue the use in later years
of the method so elected unless pennission to change to the other method
is granted by the Commissioner.
(1) Where all the surrounding and attending circumstances indicate that
the debt is worthless, either wholly or in part, the part thereof which is
worthless and charged off or written down to a nominal amount on the
books of the taxpayer shall be allowed as a deduction in computing net
income. There should accompany the return a statement showing the propriety of any deduction claimed for bad debts.
No deduction shall be allowed for the part of a debt ascertained to be worthless and charged off
prior to .Ian. 1 1921, unless and until the debt is ascertained to be totally worthless and is finally charged off, or is charged down to a nominal
amount, or the loss is determined in some other manner by a closed and
Before a taxpayer may charge off and deduct a
completed transaction.
debt in part, he must ascertain .and be able to demonstrate, with a reasonable degree of certainty, the amount thereof which is uncollectible.
Any
amount subsequently received on account of a bad debt previously charged
off in whole or in part, and allowed as a deduction for income tax purposes, ill excess of the amount not charged off, must be included in g^oss
income for the taxable year in which received. In determining whether a
debt is worthless in whole or in part the commissioner will consider aU
pertinent evidence, including the value of the collateral, if any, securing
the debt and the financial condition of the debtor.
Partial deductions will
be allowed with respect to specific debts only.
Taxpayers who have, prior to 1921, maintained reserve accounts for
(2)
bad debts may deduct a re.asonable addition to such reserves in lieu of a
deduction for specific bad-debt items.
Taxpaj-ers who ha\-e not heretofore
maintained such reserve accounts m.ay now elect to do so, and in such case
—
—
THE CHEONICLE
Jan. 21 1922.]
determine the oniount of the reserve that should reasonably
have been set up as ac Dec. 31 1920 (which shall not be deducted in computinc net income) and, in respect of 1921 and subsequent years, may add
a reasonable addition to such reserve and deduct the amount in computing
Where a reserve account is maintained, debts ascertaxable net income.
tained to be worthless in whole or in part, should be charged against the
That constitutes a reasonable adreserve and not deducted from income.
dition to a reserve, for bad debts must be determined in the light of the
facts and will vary as between classes of business and with conditions of
A taxpayer using the reserve method should make a
business prosperity.
statement in his return showing the volume of his charge sales (or other
business transactions) for the year and the percentage of the resene to such
amount, the total amount of notes and accounts receivable at the beginning
and close of the taxable year, and the amount of the debts which have been
ascertained to be wholly or partially worthless and charged against the
reserve account during the taxable year.
Where banks or other corporations which are subject to supervision by
Federal authorities (or by State authorities maintaining substantially
equivalent standards) in obedience to the specific orders, or in accordance
with the general policy of such supervisory officers, charge off debts in
whole or in part such debts shall, in the absence of affirmative evidence
clearly establishing the contrary, be presumed, for income-tax purposes, to
be worthless or recoverable only in part, as the ease may be.
Accrued interest may be included as part of the deduction for bad debts
only when it has previously been returned as income.
A taxpayer (other than adealer in securities) possessing debts evidenced
by bonds or other similar obligations can not deduct from gross income any
amount merely on account of market fluctuation. Where a taxpayer ascertains, however, that due, for instance, to the financial condition of the
debtor, or conditions other than market fluctuation, he will recover upon
maturity none or onlj' a part of the debt evidenced by the bonds or other
similar obligations and is able to so demonstrate to the satisfaction of the
Commissioner, he may deduct in computing net income the uncollectible
part of the debt evidenced by the bonds or other similar obligations.
Where mortgaged or pledged property is lawfully sold (whether to the
creditor or other purchaser) for less than the amount of the debt, and the
mortgagee or pledgee ascertains that the portion of the indebtedness remaining unsatisfied after such sale is wholly or partially tincollectible, and
charges it off, he maj' deduct such amount a.^ a bad debt for the taxable
year in which it is ascertained to be wholly or partially worthless and
charged off. Where a taxpayer buys in mortgaged or pledged property for
the amount of the debt, no deduction shall be allowed for any part of the
debt.
Gain or loss is realized when the property bought in is sold or disposed of.
D. H. BLAIR,
Commissioner of Internal Revenue.
.\pproved December 21 1921
shall proceed to
A.
W. MELLOX,
Secretary of the Treasvrp.
SIMPLIFIED INCOME TAX FORMS.
The following statement was
issued on Jan. 15 by Frank
K. Bowers. Collector of Internal Revenue for the Second
District of New York
Forms 1040A, revised and
individual returns of
will be available
We<Jne.sday, .Jan. 18, at the office of the Collector of Internal Revenue in
the Custom House and at the following branch offices No. 4 Union Square
1416 Broadway ; .06 Gotham National Bank Bldg., Columbus Circle, and at
310 Lenox Ave., Harlem. A copy will be mailed to taxpayers who last
year filed a return, but failure to receive the form does not relieve a taxpayer of his obligation to file a return on time, on or before March 15 1922.
The form has been reduced from six to four pages, two of which are devoted to instruction-s, should be carefully read by the taxpayer before filling in the blanks.
A study of these instructions will greatly lessen difficuJti<>'i heretofore encountered in correctly making out the returns.
On page 1, under the head of "Income" are spaces for reporting the following item.s:
Salaries, wages, commissions, etc. ; income from partnerships, fiduciaries, etc.
rents and royalties ; profit (or loss) from business
or profes-fion
profit (or lojis) from sale of real estate; profit (or loss)
from sale of stockM, bondH, etc., and other income. Beneath are spaces for
enterini; deductions, »iich as interest and taxes paid during the year
lowes My fire, storm, shipwreck, or other casualty, or by theft, contribusimplified,
for
filing
income for the calendar year 1921 of $5,000 and
less
:
;
;
tiorii,
bad debts,
On page
th»-
total
(gfrccery,
etc.
2 are ipac*^ for entering exjilanations of the various
amount
retail
items,
i.e.
income from business or profession, with description
clothing, drug store, laundry, doctor, lawyer, farmer),
of
from rents, and royalties, sale of property, etc.
RfturnM are rwiuireU of every single person anri every married person not
living with husband or wife, who«; net income for 1921 was $1,000 or
more, and of every married person living with husband or wife whose net
\nritmi' w;jf $2,000 or more.
If the combincl net income of husband, wife,
and dependent minor children e<|ualed or pxoe<-ded $2,000, or if the combined gross income of husband, wife and depenilent minor children equaled
or excewlefl $.'<,000, all such income must be reported on a joint or in
vp.iratc returns of husband and wife.
If single and the net Income Inr-lnding that of dependent minors. If any, cqiiuled or exceeded $1,000, or
if
the groM Inromc M|u.iled or excecdeij $'>,000, a return must be flle<l.
A minor, however, having a net Income of $1,000 or $2,000, according to
marital status, or a gros,* Income of $,'),000, must file a return.
The rclulremcnt to flic a return of grosa Income, regardless of the amount of net
Inrome, upon which the tax is assessed. Is a new provision.
"Net Income" Is grou Income les* certain deductions which are explained on the form.
l-'nder each of the above conditions, n return must be filed, even though
no tax Is due. The exeniptlons ore $1,000 for single persons, and mnrrkd
per-iofis not living with huiihand or wife, %2J,0() tor marrlf-d perwins living
with husband or wife whose net Income for 1021 was $.';,000 or less, anrl
$2,000 for such persons whows net Income was more than $r»,000. The exemptions (')r d''p<Tif|frit«. "a perwm under eighteen years of age, or mentally or physically defective," has been Increased from $200 to $400.
\ he.id of n fdmlly. a pers/in ivho nrtunlly supports In oiip liotunhold,
one or more persons closely related to bim (or her) by blood, msrrlagn, or
ado|>tioii, Is granted the same exemptions nllnrwed » niiirrlefl pers<in.
The norm.il fiix rotos .ire unctuingod, 4% on the first $4,000 of net Income al>ove Ui" exemptions, and H% on the remaining m-l Inrome. The
tax this year, aa last, may l>e paid In full at the tlnif of filing the return,
or in four equal Installments, duo on or lief<»ro March If., June IC, Hep-
temtier
Ifi
and
iJf'CfinlKT
271
Announcement will be made through the press of the date of release
Forms 1040 for filing individual returns of income of more than $5,000.
IKCOME TAX- -EXTENSION OF TIME FOR PAYMENT
OF DEFICIENCY.
The Internal Revenue Commission has issued the following ruling relative to the extension of time for a period of
eighteen months after Nov. 23 for the payment of any deficiency in tax
(T. D. 3263.)
INCOME
TAX— SECTION
n^w llevenue Act
for failure to fll«
REVENUE ACT OF
250 (F)
1921.
Extension of time for p.iyment of deficiency under Section 250 (/), Revenue Act of 1921.
Treasury Department,
Office
of
Commissioner
of
Internal Revenue,
Washington, D. G.
To Collectors of Internal Revenue and Others Concerned:
Section 250 (/) of the Revenue Act of 1921 contains a special relief provision which will be in effect for only 18 months after November 23 1921,
It provides that in the case of any
the date of the passage of the Act.
deficiency in tax revealed on the examination of an income or profits tax
return (except where the deficiency is due to negligence or to fraud with
intent to evade tax) where it is shown to the satisfaction of the Commissioner that the payment of such deficiency would result in undue hardship
to the taxpayer, the Commissioner may, with the approval of the Secretary,
extend the time for the payment of such deficiency or any part thereof for a
Where such an
period not to extend beyond 18 months from Nov. 23 1921.
extension is granted there is to be added as part of the deficiency in lieu
by law, interest at the rate of twe-thirds of 1%
Where such other interper month from the time the extension is granted.
est provided by law, however, is in excess of two-thirds of 1% per month
If the deficiency or any part thereof is
the higher rate will be charged.
not paid in accordance with the terms of the extension agreement, there is
to be added as part of the deficiency, in lieu of other interest and penalties
provided by law, the sum of 5% of the deficiency together with interest on
the deficiency at the rate of 1% per month from the time it became payThe extension will be
able under the terms of the extension agreement.
granted only in case the taxpayer establishes to the satisfaction of the
Commissioner that without such extension undue hardship will result to
The term "undue hardship" means more than an inconvenithe taxpayer.
It is defined as meaning that substantial financial
ence to the taxpayer.
loss or sacrifice will result to the taxpayer from making payments of the
This provision of the statute is applicable only
deficiency at the due date.
to deficiencies in taxes which have accrued or may accnie under the Revenue Act of 1917, the Revenue Act of 1918, or the Revenue Act of 1921,
and the deficiency referred to is only such deficiency in tax as is revealed
on tlie examination of an income or profits tax return. It has no application to deficiencies in taxes other than deficiencies in income and profits
ta.xes under the three Acts named.
Any application for the extension must be made under oath on Form 1127
in accordance with instructions printed thereon and must be accompanied
by evidence showing that undue hardship to the taxpayer would result if the
extension were refused.
The extension will not be granted on a general
statement of hardship, but in each case there must be furnished a statement of the specific facts showing what, if any, financial loss or sacrifice
will result if the extension is not granted.
The application, with the evidence, must be filed with the collector who will at once transmit it to the
Commissioner with his recommendations as to the extension. When it Is
received by the Commissioner it will be examined and within 30 days either
rejected or tentatively approved.
The application should, wherever practicable, contain a certified statement of as.sets and liabilities of the taxpayer. Where the application is
tentatively approved and a bond is required it must be filed with the collector within 10 days after tlie notification by the Commissioner that a
bond is re<iuired. It shall be conditioned for the pa\Tiient of the deficiency
and applicable penalties, if anj-, and interest in accordance witli the terms
of the extension to be granted and sliall be executed by a surety company
holding a certificate of authority from tlie Secretary of the Treasury as an
acceptable surety on Federal bonds and shall be subject to the approv.il of
the Commissioner.
In lieu of such a bond the taxpayer may file a bond
.secured by deposit of Liberty bonds or other bonds or notes of the United
States e(|ual in their total par value to the amount of the deficiency and
applicable penalties, if any, and interest, as provided in Section 1320 of
the Revenue ct of 1921.
D. II. BLAIU.
of other interest provided
Commissioner of IntrrnnI Hrvtnvi'.
.Approved December 21 1921:
A. W. MELLON,
Secretary of the Treasury.
FORE KIN HOLDINGS OF ( N/TED STATES STEEL
CORPORATION.
tln' lorciirii lioldings of coiiiiikiii .slijircs o[ thr
States Sic*-! Corixjfuliou liavo uiidcrgouc a I'urllior
reduction, according to tli(! fi^iin's for Doc. lil H)2J. jiisl
iiiu<I<' |)iih]ic, the holdiuKH outside of tliis <-ouiitry of the
;>nr<rr((| shtiH's sliow a decided iiierease.
Tlie I'Mrei/ifii
lu>liliii};-s of cortiinon slock on Dee. .'{I M)21 Htood at L'SO.O'JCi
HhariH, jiH ajrtiiusl 2H."),()7() nhiires on Sej)t. .'{() last.
On tin-
VVliilc
Unit<!<i
oilier
iiiiinl,
wliieli
on
Dee.
(he
Se|)l
.
lioldiiijjs of tlie |)rerern*d sliareB
iiiuoimted to oidy lOM.lO? KJuireK, on
On Dec. ."{I 1020 Mu>
12H,,S|,S HluifCH.
foreijjii
;{() la.st
Hfood at
Htoek lioldinir« iil)road w(<re 2!)2,N.'{.^i Mlinre.'<, wliilo
the preferred .sliaiis lii-id jiliroad iiir^frefjati'd II1,'1.'{(1.
(Vnitrawled with the i)eriod Iiefore the war, the Hhriiikiij^e in
foreii^fi lioldiiiLrH is very HlrikiriK; in tliii easit of the lutininoii
Hloek, funun lioldiriKH which now, as Htiitcd, ainomit Id only
;{1
coiiiiiioti
2H(),(rj(}
hIuitch,
HhurcH.
The
on March
foreij,'!!
.'{I
M)M
Iioldinjrs of
l.">.
IIea»y penalties are provided by tli»
a return and pay the tax on tlm<-.
of
iiicrense in the (|mirter juhI
HhurcH ah conlrjiHled with
puHHed
.'{|2,:{l
I
tiKfrreiratod
preferri'd.
,
1
.2H.'i.(K«l
even after
llu'
iiinount to only PJS.MIS
Hliarot*
on .Marcii
;tl
1014.
THE CHRONICLE
372
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.
Common
Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31
1921.
1920.
1919.
1918.
1917.
1916.
lie
73
89
75
23
16
Stock—
Africa
Algeria
Argentina
87
9G
4 438
2.279
124
144
Australia
Austria
Belgium
Bermuda
Brazil
British India
Bulgaria
"78
"64
"43
"34
86
3.049
2.264
97
79
80
36
2.888
2,689
2.887
2.629
107
30
472
2,625
97
23
472
2.626
96
48
7
7
38
24
2
Canada
Central Amer
Chile
China
Colombia
30.885
66
174
179
Denmark
31.311
34
145
119
"16
"60
16
Ecuador
Egypt
England
France
•>
35.686
36
118
73
45.613
15
80
28
"26
876
41^639
3l'Gf)2
1
78
30
79
18
10
60
167.752 159,613 166,387 172.453 173,074 192,250
13.210 13.939 28.607 29.700 30,059 34,328
1,395
1.015
959
891
612
628
Germany
Gibraltar
Greece
Holland
50.741
70
India
Ireland
Italy-.
73,861 124.568 229.285 229,185 234,366
60
59
69
266
160
19
19
914
269
281
281
281
279
356
274
56
28
Japan
Java
Luxembourg
Malta
Mexico
Norway
65
1
40
320
65
40
126
66
6
14
Portugal
55
8
16
1
Peru
Russia
Scotland
_
Turkey
Uruguay
Wales
West Indies.
Total
8
3
690
3,609
46
18
17
64^259
382
8
. IS
710.621
64.637
2,664
100
842.64S
2.991
146
S
4
"40
"•io
165
76
154
20
153
23
20
75
140
20
76
300
70
190
103
8
76
482
31
2.180
14
1.860
70
"649
80
1.292
"366
64
510
68
"l',22B
200
1.442
200
1,512
""16
30
3.690
45
1,470
16
'""623
1.952
1,872
"'33
3.590
.649
""id
39
30
3.228
4.049
1
280.926 292.835 368.895 491.580 484,190 502.632 1,193,064
Argentina
Australia
Austria
—
47
67
70
34
15
"15
"15
"is
123
2.666
120
117
104
2.463
120
314
343
84
73
123
4,770
120
Azores
Belgium
287
430
23
Bermuda
Brazil
British India
Canada
Central Amer
Chile
285
20
9,.5,55
326
995
305
505
302
318
352
315
,867
1.811
2,087
1,979
1
1
1
1
23
50
25
23
50
23
60
245
25
7
7
24
23
119
4
68
23
119
China
Colombia
16
Denmark
58
Egypt
England
.54",282
Prance
17,0.36
Germany
4,152
...
Ireland
Italy.
1
Japan
Luxembourg.
Malta
Mexico
Morocco
Norway
Peru
Portugal
Russia
Scotland
Serbia
Spain
Sweden
Switzerland.
Turkey
Wales
West Indies.
42".673
120
331
53
84
352
82
354
36,201
35.876
1
27
105
55
78
""2.3
37"M6
39",779
25,896
3.865
65
26.264
25,763
23
"12
6
2
"28
""26
6
6
6
'26
"14
"12
937
""ii
78
171
],160
1*276
79
2,167
115
2,174
100
1.270
1.370
2.672
100
1.156
2.707
100
33
81 i
39
660
49
283
19
379
683
314
120
84
si'soe
18,649
4,142
37
13.935
32".586
21
33
23
50
30
140
60
30
178
—
COMMON.
31 1921
Juiie 30 1921
Sept. HO 1921
Dop. 31 1921
,
25.29
25.07
23.47
22.23
826.8.33
16.27
13.70
12.4s
10.68
9.SH
9.72
696.631
634.469
5.37,809
602.632
494.3.38
481,342
477.109
484,190
485,706
491,464
495.009
491.680
49;<,5.52
465.434
394.543
368.895
348.0.36
342,567
323.4.38
292.835
289.444
288,749
285,070
280,026
146
12
42
40
140
174.906
36.749
3,252
38
29.000
"826
2.185
61
15
405
405
""465
6
16
""31
230
.
"26
"V.iig
1.678
81
6
6
6
'"7
252
220
880
734
220
710
1,136
2,848
100
24
1.259
1.136
3,043
100
120
43
13,747
220
432
1,137
2.617
100
1.068
874
45
—
Preferred —
Brokers, domestic and foreign
Invent sdoromestic and foroiim
1,345,352
2646
Dec. 31
1920.
1,011,819
1,425,264
194.105
538
230,8,55
1.472 .8,57
40.87
1.462.187
Ratio.
1990
2804
6 40
40 58
TAX ON THEATRE TICKETS RETAINED.
The Federal Government
is still collecting a tax on theaThis part of the Revenue Law was pointed out
on .Jan. 9 by Frank K. Bowers, Collector of Internal Revenue, who explained that, according to the various theatre
managers, a general confusion and misunderstanding prevailed in the public mind regarding the tax on admissions to
theatres and other places of amusement. The new Revenue
Law abolished the tax ou free theatre tickets, that is, on
passes and on tickets which cost 10 cents or less, but for all
other admissions the tax remains the same that it was before the enactment of the new law. To remove the current
erroneous impression. Collector Bowers stated that
tre tickets.
The Revenue Act of 1921 eliminates the tax on free admissions, and ako
provides that no tax shall be applied on admissions to any place, the
amount paid for which is 10 cents or less.
Shares. Percent.
312 311
8.67
312 832
8.68
Mar. 31 1914
I
I
30 1914
31 1914
3^ ,gj^
309.457
308.005
303.070
297.691
274.688
262.091
171.096
156,412
161.767
142.226
140.039
140.077
140.198
149.032
147.846
148,226
30 1915
Sept. 30 1915
Dec. 3} 1315
Mar. 31 1916
Sept. 30 1916
Dec. 31 1916
Mar. 31}«}7
Mar. 311218
9.66 Jtme 30 1918
9.73 Seiit. .30 1918
9.68 Dec. 3 1918
9.71 Mar. 31 1919
9.15 June 30 1919
7.76 Sept. .30 1919:
7.26 nt«. 31 1919
6.84 Mar.
1920
6.74 June
1920
6.36 Sept.
19J0
5 7fi Dec.
19?0
6.69 Mar.
1921
5.68 Juno
1921
5.60, Sept.
1021
5.00 Doc,
1921
149.8.32
146,478
143.840
138.566
127.662
124,346
118.212
111.436
106,781
105,118
103,447
128,818
1921
1
089 958
3.993;067
2.34.916
3,367,895
Ratio
21 44
78. 56
8.69
8.56
8.41
8.26
7.62
7.27
4.76
4.34
4.21
3.94
8.69
3.88
3.90
4.13
4.10
4.11
4.16
4.07
3.99
3.84
3..54
3.46
3.28
3.09
2.96
2.91
;>.S7
3. 58
6
5'>
93^~
i920.
lialio.
.279.5,07
25.17
3.803,468
7483
lOR
7.53
92.47
1
''71
3.3T31,3o"c
1922
CONVENTION OF A. B. A. TO BE HELD IN
YORK CITY IN OCTOBER.
NEW
Initial steps toward perfecting plans'for the 1922 annual
convention of the American Bankers' Association to be held
in this city were taken on January 19.
According to this
week's announcement in the matter the convention will take
place the first week in October. The following is the announcement issued on Thursday:
The American Bankers' Association has accepted an invitation extended
on behalf of the bankers of Greater New York by the Clearing House Committee, to hold its Annual Convention in 1922 in this city, and yesterday
afternoon at the Clearing House, in response to invitations sent to the 300
members of the American Bankers' Association in Greater New York, a
group of representative bankers gathered to make preliminary plans for this
important convention. They represented members of Group VIII. and
those members of Group VII. who are included in Greater New York, and it
was obviously the intention of the bankers present to make this convention
In the absence of Mr. Francis L. Hine. Chairman of the
House. Mr. Seward Prosser, as temporary acting Chairman, called the meeting to order, and was then elected permanent Chairman,
with W. J. Gilpin, Manager of the Clearing House, acting as Secretary of
the meeting.
The first week in October has been selected as the date for this convention,
and the main object of this meeting was to appoint committees to arrange
for the necessary details and an appropriate welcome to this large group of
bankers from all over the country by the bankers of New York City. The
Secretary of the American Bankers' Association estimated that the attendance at this convention would run from 7,500 to 10,000. A resolution was
passed authorizing Mr. Prosser, as permanent Chairman, to appoint a committee of 1 00 members of the American Bankers' Association in New York
to attend to all of the necessary details.
a notable one.
New York Clearing
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
No sales of bank or trust company stocks have been ma<ie
at the Stock
Exchange or at auction since Jan.
7, 1922.
A New York Stock Exchange membership was reported
posted for transfer this week, the consideration being $89,000.
as against $93,000 tlie last preceding transaction.
309.407
In the following table is shown the number of shares
of
the Steel Corporation distributed as betAvoen brokers
and
investors, on Deo. 31 1921 and Dec. 31 1920:
Dec 31
„
Dec 31
Common
Brokers, domestic and foreign
Investors, domestic and foreign
Brokers
16.58
7
27
'"7
.Tune 30 1917
9.39 Sept. 30 1917
9..52 Dec.
31 1917
9..'56
21
31
81
34.673
"456
2.028
61
15
..300
June
Dec.
..
Mar.
18.84 June
9.4.'^
'""697
PREFERRED.
„
Date —
I
Shares. PerCent.
1,285,636
1,274,247
1.193.064
1.130.209
957.587
11
484
2,086
862
65
25,274
1.146
1.131
1,952
Total... -128,818 111.436 138.566 148.225 140.077
156.412
Date
Mar. 31 1914
June 30 1914
Dec. 31 1914
Mar. 31 1915
June 30 1915
Sept. 30 1916
Dec. 31 1915
Mar. 31 1918
Sept. 30 1916
Dec. 31 1916
Mar. 31 1917
June 30 1917
Sept. 30 1917
Dec. 31 1917
Mar. 31 1918
June 30 1918
Sept. 30 1918
Dec. 31 1918
Mar. 31 1919
June .30 1919
Sept. 30 1919
Dec. 31 1919
Mar. 31 1920
June 30 1920
Sept. 30 1920
Deo. 31 1920
58
76
50"429
27,863
936
38
25.384
229
1
44
105
24
379
3.683
120
339
25
9
105
2.463
120
36"836
9
26
105
55
78
35
37.703
23,663
3.796
65
23.094
29,136
—
Investors
16
4,208
"655
3,502
Prrjrrrcd
Ratio.
842,716
1
302
Preferred Stock
Africa
Algeria
T.lar.
3
Dec. 31
192]
Common—
Brokers
Investors
340
76
Serbia
Switzerland
1914.
125
Spain
Sweden
S
797
8
330
Dec. 31
45
"'8
Rumania
Greece
Holland
India
"76
84
80
The following is of interest as it shows the holdings of
brokers and investors in Neio York Stale:
STEEL CORPORATION
S.
Dec. 31
[Vol. 114.
According to last night's "Evening Post" of this city.
A. Barton Hepburn. Chairmau of the Board of Directors of
the Chase National Bank, was run down and seriousl.y injured
by a southbound Fifth Ave. bus at Fifth Ave. and 23d St.
shortly after noon yesterday (Jan. 20).
Islr. Hepburn's
nose, it is said, and one of his legs was badly bruised.
He
was taken in a taxcab to his home at 630 Park Ave., it is
said, by a friend.
It was announced, ou Jan. 19. that Speyer & Co. have
bought from the Royal Bank of Canada its entire holdings.
about 8,000 shares, of the stock of the Bank of the Manhattan Co.. which the Royal Bank had received early in 1920 in
exchange for its holdings of INIerhcants National Bank stock
when the latter w^as absorbed by the Bank of the Manhattan
Co. It is understood that Speyer & Co. made this purchase
in the interest of the present directors and management.
The New York Community Trust
calls attention to the
that under an ahiendment to the Federal revenue
law, recently enacted, provision is made that the income
from c'haritao.e gifts for the benefit of community trusts
shall be exempt from taxation and the individual making
such gifts may deduct the amount thereof up to 15% of his
net income^when making liis income tax return.
fact
I
THE CHKONICLE
Jan. 21 1922.]
E. W. Kemmerer, Professor of Economics and Finance in
Princeton University, is sailing for South America early in
February to devote about seven months to a study of currency, exchange and banking problems in Brazil, Chile,
Argentine and Peru
He will return to his universitj^ duties
In September.
.
Charles K. Phipard, member of the N. Y. Stock Exchange
firm of Whitehouse & Co. of this city, died suddenly at his
home on Jan. 17 1922. Mr. Phipard had been connected
with the firm for 50 years having started at the age of 15.
He was admitted to membership in the N. Y. Stock Exchange in 1912 and was also a member of the Bankers Club.
Mechanics and Metals
city, on Jan. 18, John McHugh was
elected President to succeed Gates W. McGarrah, who was
elected Chairman of the Board. Mr. McHugh was previously Senior Vice-President. William E. Lake and Oscar
E. Dooly were appointed Vice-Presidents and Robert J.
Kiesling was appointed an Assistant Cashier. Mr. McHugh
began his career at the age of eighteen as a telegraph operaBecoming interested in
tor on the Grand Trunk Railroad.
banking he settled in the Middle West where he became associated with several banking institutions finally rising to the
At a meeting of the
National Bank of this
directors of the
Presidency of the First National Bank of Sioux City, la. In
1915 he came to the Mechanics and ^Metals National Bank as
Senior Vice-President. For the last two years Mr. McHugh
has been President of the Discount Corporation of this city,
of which he was one of the organizers, and Chairman of the
Organization Committee of the Foreign Trade Financing
Corporation
27Z
a share for capital stock (par value $100) to the extent of 50% of their
holdings; the Committee rules that transactions In ttie stock of the said bank
shall be ex-rights on Monday, Jan. 16.
The right to subscribe expires
Feb. I.
_At a meeting of the Board of Trustees of the Title Guarantee & Trust Co. of this city on Jan. 17, J. Wray Cleveland,
formerly Secretary, was made Third Vice-President to
succeed Edward O. Stanley, retired. Frederick P, Condit
was made Fourth Vice-President and Clarence C. Harmstad,
Treasurer, was elected Treasurer and Manager of the
Banking Department. Horace Anderson was elected Secretary to fill the vacancy caused by Mr. Cleveland's promotion.
Frank L. Sniffen was made Vice-President in charge of the
Brooklyn Banking Department, and Raye P. Woodin was
made Vice-President in charge of the Jamaica Branch. AU
the other officers were re-elected.
At the annual meeting of the stockholders of the Columbia
Trust Co of this city on Jan. 18, all of the present directors
were re-elected. At a meeting of the directors on Janr"l9
all of the present officers were re-elected and J. W. Richmond
was
elected Assistant Treasurer.
On Jan. 16 Augustus S.'Cobb was'appointed Assistant to
the President of the Bankers Trust Co. Mr. Cobb wa^
born i n Bro okl ine,_M a ss^, a nd is the so n_of Jo hn C. Cobb,
for many years prominent in the problems of Manhattan
surface railways^^ Mr C obb was graduated from Harvard
with the Class of 1907 and after several years of training in
commercial work, became a partner in Cobb & Co., bankers,
Mr. Cobb has been with the Bankers Trust Co.
in Boston.
.
since .July 1 1919.
—
•
At the recent annuaj meeting
of the directors of the Chat-
ham & Phenix
National Bank of this city, Rolfe E. BolUng
and Henry R. Johnston were elected Vice-Presidents. Mr.
Boiling was formerly a Vice-President of the Chatham &
Phenix National Bank, resigning the latter part of 1918 to
become President of the Commercial National Bank of
Washington, D. C, a position he held until Tuesday of last
week (Jan. 10), when he tendered his resignation.
The Chemical National Bank of New York, at a regular
meeting of the directors, January 11, Rumsey W. Scott was
appointed a Vice-President and Herbert I. Sayers was appointed Assistant Manager Foreign Department.
At the annual meeting of the stockholders of the Guaranty
Trust Co. of New York, on .Jan. 18, the following Directors
were re-elected to serve for three years: Charles H. Allen,
Caleb C. Dula, Robert W. Goelet, William Averell Harriman, Grayson M.-P. Murphy, Thomas F. Ryan, Charles H.
Sabin, John A. Spoor and Thomas E. Wilson. At the annual
meeting of the Board of Directors, held immediately following the meeting of the stockholders, all officers of the company were re-elected for the ensuing year.
Spencer N. Smiley, formerly in charge of the Foreign
Exchange business of the Guaranty Trust Co. in San Franhaa been appointed assistant to Thomas M. Paterson,
San Francisco correspondent of The Equitable Trust Co of
Mew York.
cisco,
At a meeting of the Board of Trustees of The Nf)w York
Tnist Co. on Jan. 18 the following officers were ro-clectcd:
T. Bannard,
<)tu>
(,'h;ilrnian
of the Advisory Cominltt^ofl
Mortimer N. Uuckner. f;h;ilrnian of the Hoard of TnuitcoB
Marvpy I>. Olbson, I'rtwldent
Jamoa
Horbcrt W. Morso, VIoo-Prcd.
(}, nialiM), Jr., Vlco-I'rt,-*.
Jowph
A. IJower, Vlcn-l'um.
<i<y)rKO
c;h^rleKi
Mumano.
V\<M:-\'rvM.
Sidney W. Noycfi.
Janicfl I>odd, Vlr,<vPr<fi.
K. Ilaydock. Vlc»v(*rw.
Kr'/xliirtck J. iiumu, Vlco-I'rwt.
Joseph H. Murwell, Vla>-I'r«i.
Boyd O.
Vlr<>-l*rcH.
Krn«!«t Htauffon. Jr.. Vlr«»-I'r«i.
Ilarnl H. Ti'nney. Vl'o-l'rtw.
Krcdirlrk W. Walz. Troa^uror
Secretary
<:;urtl«.
»
At a meeting of the directors of the C;orii Exchange Bank
on Jan. 18 William A. Nasli, (!liuinrmri of tlio Hoard,
Walter E. Frnvf, I*reHiderit, were re-ele«;te<l and John W.
RosH wa« appointed AHHiHtant CuHhier.
,
on S<!<;iiriti().H of the Now York Htoek
the aiiriouncuriierit of the appnnal by the
nUtokhttUltTn of the Chathnni & i'henix National Bank of
this city of tht' increjwo in the capital of the institution froni
Tln)
<
!oinrnitteo
KxchangM
iiiion
stated in our ismio hwt week.
the following regarding trading in ('li;i.tliruii iV, I'heui.x
S7,0(K).()(M) to »IO,.VK).(KK) a.1
i.ssue<l
HhareH:
the anDouncerncnt of thn Chathuni \. I'faonlx NntloriAl Ilnnk
of r»'Oord Jnn. 1ft will N) offfrrd thii rl((ht to iubdrrlbo nt $1.">0
il«ferrlni( to
t.b»t tuildfini
yE)!
At a meeting of the board of du-eetors of the Commonwealth Bank of this city on Jan. 17, Bernhard Beinecke was
elected Chairman of the Board to succeed the late Edward
C. Schaefer, whose death was referred to in our issue of
Dec. 24. George C. Schaefer was elected a director.
The reports covering the operations for the first nine
months of the existence of the International Acceptance
Bank, Inc., were presented on Jan. 17 by Paul M. Warburg,
Chairman, and F. Abbot Goodhue, President, at the annual
meeting of the stockholders of the institution at its offices,
31 Pine Street. The basic principle of this bank that it
will have no foreign branches, but instead work intimately
through the leading foreign banks and bankers in Europe,
who are substantial stockholders in the International Acceptance Bank, Inc., has, it is said, proved to be thoroughly
satisfactory and more than justified the hopes of its founders.
These intimate foreign connections have been of great value
in establishing the bank's fofeign relations and bringing it in
touch rapidly with the important importers and exporters
of Europe.
At the same time, these connections have
enabled the bank to secure credit and trade reports which
have been of the greatest importance in this period of readjustment, and which it_^could n ot h a ve se c ured in so
Through the
satisfactory a manner by any othcT means.
absorption of some departments of the First National Corporation of Boston and of Iluth & Co., the International
.\cc(!ptance Bank, Inc., from the beginning has had the
advantage''of a'^complet(f organization with a fully trained
staff, and this, it is stated, has enabled it to devoloj) its
business more rapidly and successfully than could have been
done under ordinary conditions.
__
T1h» Internal ioiial .A,cee))tanc( 'BankT' Inc., piiblishos'^for
the first time its statement, as of Deo. ;U 1921L
A gainst? its
oiitstanfling accci)tances and other liabilities, the ban k has
a liquid rcHcrve of Si;{,89.^),()00, which is coinixiscd of:
^^
and duo from liaiilLS
.......
otIxT bunkN' (Mr<;<iplaiicrH owned
l.'nltod Htutcn UovurnnuMil nccurltUw..
<'iihIi
..........
$3.r>01,0(K>
1 .Still
-
S,,Mil
,000
.000
.Si:i.Slt.''..«00
or
till'
.'SII,(I,S9,()(J()
ac<-('i)lanc(s
SM.'/JO.CKHJjire claHsifiedjiH Hocnired
issucil
and
by
the
biink,
onIy_.|2,r>0(),(KX| hh
The average jiinownt'of capital oiilKtiiiiding for
months wan .?(».797,(KK), having bei-n <raII<M| jn by
iiiHlalltnentH until now tli<< total <'a|)ilal of .fl 0,250, (100 has
lieen fully pnid in.
In addition them is a KiiliHcrilMMl siiri)lu8
iin8«KMire<l.
the nin<>
which has not been called. Tim earnings for
nine months, after deducting all o])eniting expenses,
were nH»re than .?2.'{2,(KK).
From this sum was ^diarged off
the entire expense of organization, all sums spent in aJti nitiotiH and iniprovenients of the preniisos, the entire item. of
fiirriiliire an<l fixtures and all. sums upciit and reHerve«l for
of $5,0(K),(M)0
tlie
THE CHKONICLE
274
be carried to profit and loss
account of $82,000. In making knoAvn these figures an
announcement issued by the bank on Jan. 17 says:
taxes, leaving a balance to
The directors and officers have preferred to proceed cautiously during
the past year, and pending the final settlement of European conditions tliey
will continue to pursue the same policy.
When conditions become more
stable, the directors are confident that the unexcelled connections of the
bank will greatly faciUtate its development on progressive and at the same
time conservative lines.
The Chairman expressed tin; view that as long as the uncertainty with
regard to a proper settlement of the indemnity question continues, a
marked turn for the better could not be expected. Neither low money
rates with us nor a cut in our transportation Tutcn would bring about the
increa.sed demand for raw materials, which is required in ordet- effectively
Until the indemnity
to market our excess production of raw materials.
question is settled. Mr. Warburg said, it seemed to him that, in spite
of the formal establishment of peace, the "house is still afire." and that
until the flames were choked and the smoke subsided, we could not make
a proper survey of the ruins.
Until then, he said, it was idle to discuss
ambitious plans for the stabilization of exchanges. The latter problem
he considered the proper subject for the "last act of the drama." While at
present the ".second act" is still on the stage and its plot is .still commanding
all our attention.
The present
and
director.s
officers
were elected for the
year 1922. In addition, .Jolm P. (-oUins was elected Assistant Treasurer, and Robert T. P. Storer Assistant Secretary,
and Leon D. Pickering, Assistant Secretary.
•
Officers of the Central Union Trust Co. of New York
have presented a silver loving cup to John Van Buren
Thayer who has just completed 50 years of active service
with the institution. Resolutions congratulating Mr.
Thayer on this anniversary have also been adopted by the
board of trustees. Mr. Thayer entered the company's
employ in 1872 and after rising through clerical grades^f^^
became Assistant Secretary in 1891.
He was made Secretary in 1895 and in 1903 was promoted
increasing responsibility
to a Vice-Presidency in the trust companj', performing the
duties of both offices until 1912, when he resigned as
Secretary.
the New York
State Safe Deposit Association the following officers were
re-elected:
Walter J. Barrows, President of the Standard
Safe Deposit Co., President; John G."* Nesser, President
of the Manhattan Storage & Warehouse Co., and C. P.
Schultz, Manager of the National Park Bank Vaults, VicePresidents; R. T. Root. Manager Fifth Avenue Safe Deposit
Vaults, Secretary and Treasurer.
Henry F. Freund, Manager of the National City Safe Deposit Co., and Frank J.
Mooney, Secretary of the Mercantile Safe Deposit Co., were
elected members of the Executive Committee for a term of
three years.
The Association now has 463 members representing the largest safe deposit companies throughout the
country.
At the seventeenth annual meeting
The
of
number
of new senior and junior officers
Straus & Co. of New York last
week, together with the formation of a Managing Committee
of five Vice-Presidents, under the Chairmanship of Nicholas
Roberts, which gives him the title of General Manager, in
addition to his title of Vice-President.
The complete
election of a
was announced by
roster of officers
is
S.
W.
now
as follows:
8. W. Straus. President
8. J. T. Straus. Vice-President
Managing Committee.
Nicholas Roberts, V. -P. -Chairman
Walter S. Kloe. Vice-President
H. D. Tudhope, Vice-President
R. D. Kaufman, Vice-President
H. R. Amott. Vice-President
Other Officers
H. B. Matthews. Vice-President
B.
M.
Kirsteln, Vice-President
Charlas Ridgely, Vice-Presideut
J. }I. Rubin, Vice-President
R. J. Highland, Vice-President
Nicholas R. Jones, Secretary
W. R. Gillespie, Treasurer
FI. R. Daniel, Asst. to the President
Harvey F. Hem'nir, Asst. Secretary
A. J. Lord. Assistant Secretary
Porter Fearey, Assistant Secretary
John Laun, Assistant Secretary
E. D. W. Miller, Assistant Treasurer
R. E. Kerner, Assistant Treasurer
The Homestead Bank of Brooldyn on .Jan. 9 moved to
new home at the corner of Pennsylvania and Liberty
avenues that city. Public inspection of the new building
its
took place on the evenings of Jan. 9, 10 and 11 from 7 to 10
o'clock, during which time the officers and directors of the
bank were on hand to receive the visitors. Large crowds of
people, it is said, attended these inspections and were
shown all the distinctive points of the new building. The
main banking room was tastefully decorated with ferns,
palms and wild Southern smilax and baskets of flowers and
floral horseshoes testified to the esteem in which the officers
and directors are held.
One
of the features of the
new
building is the safe deposit vault with a capacity of 2,000
boxes.
Rest rooms are provided for the convenience of the
employees and a restaurant will be maintained in the building
for their use.
In addition to the commercial banldng features
[Vol. 114.
the new building houses the foreign exchange department,
the special interest department (known also as the compound interest department) and the Christmas Club of the
bank. The bank was founded in 1907 and its growth has
been steady from that time. E. L. Rockefeller is President; Rudolph Reimer, Jr., and John C. Creveling, VicePresidents; George L. Porter, Cashier, and L. S. Clapp,
Assistant Cashier.
John W. Roeder has been
elected a Second Vice-Pi"esident
Bank
of Brooklyn, N. Y.
Mr.
Roeder was formerly connected with the National Park
Bank of New York, having been with that institution for
of the Peoples National
eighteen years.
Frederick Smith was elected a director of the Moutauk
of Brooklvn. N. Y.. on Jan. 10, to fill a vacancy.
J.
Bank
At the annual meeting of the stockholders of the North
Avenue Bank of New Rochelle, N. Y., the following gentle-
men were
elected as directors: Harrj"^ E. Colwell, Robt. J.
Cooper, Dr. Wm. S. Emberson, Dominick Girardi, Sidtiey
W. Goldsmith, J. Albert Mahlstedt, Walter G. C. Otto,
Frederick H. Seacord, J. W. Spalding, C. W. S. Wilson and
Theo. Wulj). At a subsequent meeting of the directors the
old officers were re-elected.
They are Harrj- E. Colwell,
President, Theo. Wulp and J. W. Spalding, Vice-Presidents,
J.
W.
Spalding, Cashier.
«
At the annual meeting of the stockholders of the New York
State National Bank of Albany, N. Y., Ledyard Cogswell,
Jr., heretofore Vice-President, was elected President to succeed his father, Ledyard Cogswell, who has been elected
Chairman of the Board, a new office in the New York State
National. J. Milton Russum was made Cashier to succeed
George A. White, resigned, and Chester C. Kent was made
Trust
Alexander McKenzie, Jr., was made a
Mr. Ledyard Cogswell, has been President of
Officer.
director.
the
bank
since 1900, having been identified as Vice-President
His son, Mr. Ledyard Cogswell, Jr., has been
since 1885.
-svith the bank since 1901, becoming an Assistant
Cashier in 1905. In 1910 he was made a Vice-President,
which position he held till his election as President.
identified
The National Bank
its
of
Commerce
annual meeting on Jan.
of Rochester,
N. Y., at
Lewis H. Morgan an
He vnU act as Manager
10, elected
Assistant Cashier of the institution.
of the new Business Department.
The Third National Bank of Syracuse, N. Y., announces
the following changes made in its staff at the annual meeting
on Jan. 10: Walter R. Stone's name was added as a VicePresident and two new offices of Assistant Cashiers were
created to fill which were named Alton Simmons and Joseph
E. Klotz.
At the annual meeting of the Bank of East Syracuse, East
Sj^acuse, N. Y., on Jan. 10, Jacob Cook and C. W. Walser
were added to the board of the bank. Mr. Walser is Cashier
of the institution.
Stuart R. Osborn has been elected Assistant Secretary of
the Mutual Bank & Trust Co. of Hartford, Conn., on Jan. 10,
Mr. Osborn has
this being a new office in that institution.
organization.
been connected with the bank since its
The stockholders of the Commercial National Bank of
Boston, Mass., at their annual meeting on Jan. 10, approved
the proposed increase in the capital of the bank from $250,000
The increase will be effected through the isto $500,000.
suance of 2,500 new shares of stock at $100 per share. Payment for the new stock v\-ill be due April 3 1922.
At the annual meeting of the Directors of the Northern
Trust Co., of Philadelphia, Pennsylvania, on Januarj* 13th,
WiUiam C. Harter, heretofore Secretary, was advanced to
Vice President, and will also continue to serve as Secretary.
Albert L. Schaefer was elected Real Estate Officer.
Herbert L. Shaffer, Cashier of the Tenth National Bank of
Philadelphia, Pa., was elected a Vice-President on. Jan. 13.
Mr. Shaffer will continue as Cashier.
A
special
meeting of the stockholders of the Behnont Trust
on March 15 to vote on
Co., of Philadelphia, Pa., will be held
THE CHRONICLE
Jan. 21 1922.]
the proposal to increase its capital from $125,000 to not more
than $250,000. The stock is in shares of $50.
275
At the annual meeting
of the stockholders of the
National
Bank of Washington, D. C, H. H.
added to
its list
American
Shackleford was
of du-ectors.
William A. Cai-lile, Second Vice-President and Treasurer,
has been elected First Vice-President of the Columbia
Avenue Trust Co., of Philadelphia, Pa., to succeed the late
William Allen. ]SIr. CarUle wall continue to act as Treasurer.
Walter G Eells was elected Second Vice-President.
Albert Schulteis and Elisha Hanson were added to the
of Directors of the District National Bank of Washington, D. C. at the annual meeting of its stockholders on
George McFadden, of George H. McFadden & Bros.,
cotton brokers, and Walter C. Janney & Co., bankers, have
been elected directors of the Commercial Trust Co. of
Bank
.
Philadelphia.
At a
Bank
on Jan. 10 the stockholders of the
North America (National Bank) of Philadelphia
special meeting
of
authorized the issuance of $1 ,000,000 of new stock, increasing
the capital from $1 .000,000 to $2,000,000, the rights to accrue
to stockholders of record on .Jan. 12 1922. The directors were
authorized to sell the new stock (par $100) at $200 per
share $100 for capital and SlOO for surplus, paj^ment to be
made on or before April 1 1922. The bank's surplus at the
present time is $2,000,000.
—
The West Branch National Bank
of
WiUiamsport, Penn-
sylvania, annoimees the death of its Cashier and Director,
WiUiam H. Painter, on January 7.
C. L. Saxton has been elected President of the Peoples'
Bank of Sewiekley, Pa. to succeed Edward P. Coffin, resigned.
R. L. Anderson has been made a Vice-President of that institution.
J. D. iMcCord is Cashier.
A recommendation that the capital of the Title Guarantee
and Trust Co. of Baltimore be increased from $200,000 to
$400,000, by the declaration of a 100% stock di%idend, was
made at a meeting of the directors of that institution on Jan.
11.
The stockholders of the Title Guarantee and Trust will
meet on March 6 to act upon the proposal. The contemplated increase will be made by taking .$200,000 from the
surplus account of $300,000 and applying it as payment
The
toward the additional stock.
March
increase will go into effect
15 1922.
At the annual meeting of the directors of the National
Exchange Bank of Baltimore on .Jan. 10 Paul A. Seeger
tendered his resignation as a Vice-President of the institution and the vacancy was not filled.
William Hambleton,
head of the sa\'ings department of the bank, and Charles
O. Kieffner were elected Assistant Cashiers. At the annual
meeting of the stockholders of the bank held on the same
day Mr. Seeger resigned as a director. Mr. Seeger was
elected a Vice-President of the National Exchange Bank in
November 1918, shortly after the stockholders of the Drovers
& Mechanics National Bank of Baltimore, of which institution he wad President, voted against a proposed consoliflalion of the two institutions.
Mr. Seeger favored the
merger, and when the plan was defeated by the stockholders
of the Drovers & Mechanics National Bank lie resigned as
President of the institution.
IIolmcH D. Baker, heretofore Vice-President, was elected
Bank of Frederick, Md..
on .Jan. 12, to succeed his father, Jo.seph D. Baker, wlio has
become Cliairrnan of the Board of the institution. Mr. J. D.
Baker had been President of the Citizens* National since its
establi.shm<!nt 30 years ago.
J'resident of the Citizen.s' National
The fodowing important changes in the perHonnel of the
('ommercial National Bank of WaHliington took phw* at the
annual meeting of the (Unotory. on January 10. \l. <^iolden
Donuldnon, lu nloforf; Cliairrnan of iIk' Hoard of l)ir«^etorH,
wa.s elwrted Pn-sident of the bank in lieu of Kolfe E. Boiling,
reniirnfid; Harrington Mills (owrur of tiie Ilarrin^fton and
VV'aHhinglon; whh elected IkI Vifc-I'n-Hident
('ahill, resigned; Lawrence A. Slaiiglil<;r,
f'
a Vice-IVf-sidenl, of the I)ii|)()nt Natir)riiil Maiik of
\.
,:">n, WHS also ma<lr! a Vie^^-Prfsidenl and .Junie.H 11.
Haden, the Cashier of the institution, was given the added
firuflon liolcjh
to succeed
fjf
James A.
'
rrKcling of the sIcxkhohhrH
Carry, Lawrence A. Slaughter
and Edmund .1. FJrennan were abided to the Board of Directors.
.\lr. Holliiit:, whf> was IVrsident of lh<- CotnnnTiial
Natioiuil I'jink rf»r more than three years, has Ix-eome ft VicePresident of the ('hatham & I'henix National Bank of thJB
title
of Vie«'-]'reMi»|«Tit
helrl
on the sarnf day
city.
Mr. Cabin
will
.
At
tin-
Alliert
resume burinoss
in
Washington.
Board
January
10.
At the meeting
of the directors of the Riggs National
Washington, D. C, held on Jan. 12, Avon M.
Nevius and George O. Vass, formerly Assistant Cashiers,
were elected Vice-Presidents. Hideary G. Hoskinson,
Earle M. Amick and Frank G. Burrough were elected
Assistant Cashiers, and George M. McKee was made
Assistant Trust Officer. AJ other officers of the bank were
of
re-elected
and retain
their
respective
positions.
At the
annual meeting of the stockholders held on Jan. 10 two new
directors were added to the board
They are Duncan Philups
and Randall H. Hagner.
.
At separate meetings of the directors of the Commercial
Bank of Sandusky, O., and the directors of the
National
American Banking & Trust Co. of Sandusky, on Dec. 30,
the proposal to merge these two institutions was ratified.
The Commercial National Bank has a capital of $150,000
and a surplus of $150,000, while the American Banking &
Trust Co. has a capital of $100,000 and a surplus of $30,000.
The eonsoUdated institution, the name of which has not yet
been decided upon, will have a capital of $200,000 and surplus of $100,000 paid in.
Wilham L. Allendorf Vice-President of the Commercial National Bank, will be President of
the enlarged institution.
H. W. Parsons will be VicePresident and Paul H. Sprow will be Cashier.
,
Nine promotions have just taken place at the Union Trust
Co. of Cleveland, five at the main office and four at the
Woodland Bank office. At the main office Wm. Tonks,
Manager of the Credit Departrhent, has been promoted from
Assistant Vice-President to Vice-President; J. H. Caswell,
of the Real Estate Loan Department, has been raised from
Assistant Treasurer to Assistant Vice-President; A. C. Coney
and C. B. Lincoln of the Bond Department have been made
Assistant Vice-Presidents. At the Woodland Bank office,
L. J. Hajek, who is to be the Manager of the now 105thPasadena office of the Union Trust Co., has been promoted
from Assistant Secretary to Assistant Viee-Pi'esident. B.J.
Lackamp has been named Assistant Treasurer, and J. L.
Tekesky and Joseph Kakes have been given the title of As*
sistant Secretary.
R. Nutt, President of the Union Trust Co., of Clevewas elected Treasurer of the CI(>veland Community
Fund at the annual meeting of the Fund's council on Jan. 17.
J.
land,
& Old Detroit National Bank
annual meeting on Jan. 10, voted to
change th(! name of the institution to First National Bank in
Detroit.
In referring to the change decided upon, thc^ Detroit "News" of Jan. 10 noted the developments resulting in
tile adoption of the longer designation, which the bank is to
abandon, and said:
Tlu) title of First & Old Dolrolt N.itional ll.ink is the rosiilt of a munhiir
the Stockholders
of the First
of Detroit, at their
of conHdlldations, tho Stato IJaiik of MlchiKaii. vvliicli wa.s tlui first hank to
!.< orKani/ci'd imdiT tlici Cdtioral Hank Act Law in ISrjS. holim tlio loiiiulatlon
of tlio {irc.vsnt bank.
It iH-nan l>iisiiii*H.s in lH")i) witli a capital of $")(1,()00.
'I'lir KlrMt .Vational llniik of Detroit followed and hejcan buslnens Sept. 1
IWi.'J. with a (Capital of S lOO.OOt).
In IHlil a eoii.solldation of the two hanks
was effected throiiKh tho piU'chaN4i of the control of HtocU t)f the Klrst Nalionnl Kntik.
In IHfl!) Ihe KIrHt National llnnk took over the hnslness of the National
Insurance Hank, which had bec-ii or(f;ini/.ed In IKIIO as the MlehlKan limiir.ine<. Hunk, with ;i capll;il of ?:;(10.(ll)(l.
The piirchaKe of the National
In
liisiiraiKU' Itaiik led to an inereave of the capital Ht<ick to .$,'iOtl,(inu.
UMlHaconHolldatlon of the KIrKt National Hank waj* effecU'cJ with theCoinnierdal .Natlonid Hank, which had heKim hitslncss In 1881 anil which hud
a eripltal of $1,11(10,(1(111.
The Conimerclal National Hank wan Itnelf the resnlt of wiveral coiinoIIdatlotiH,
In 11(02 the Coniinerclal Natlonid Hank ahuorbi'd the I'leston
National Hank, The lalt^>r hank had ltd hcKlnnlnK I" the private ImnUliiR
David rreitton, who t)eKan himlneiut In Detmll In IH.ia. later iIoIiik
David I'reNtoii ,V Co., and thin hnnlneiM \\ an Incorporiited In SKA
itH the I'reHton Hank of Detroit.
Upon the death of Mr. I'reiiton In IS87
the hank » an incorporated an the I'reNliiii .\allonMl ll.alik.
In ISKI the
IVenton National Hank alinnrhiMl Ihe Merclianl«' * ManilfaetnrerM' National Hank, Ihe eoimolldalefl liaiikN havliiK a conihlned capital of ^700, (11)0.
The Hecond National llariU wan orKanlr.erl In IHOIl with orlKlnal ca|iltal
of l.'.OO.OOO, Increimed In ,li
Thin hank wan rcorlHI\t, lo .tl (lOO.OOO.
Kaiilneil on the expiration of lU charl.i>r an the Detroit National Hank,
hoiiiM,
of
I'liiilntwn
nn
I
Wlllliini T. DeOriiff. who entered the .Sisniid National Haiili In imi,''i, ho•Mine pnylliK teller In IHliT, Annlnlaiil ' 'anhler In IHH'J, and ( 'iinhler In IH1II.
Me In ntltl active with the connolldattwl li.ink nn Vlee-rrenldi'iit and every
day In active nt hin denk
'riie Tlrnt .Nntlnnnl Hank and the Detroit No.
THE CHKONICLE
276
fTonal
Bank were
consolidated in 1914 as the First
&
Old Detroit Nationa
Sank.
of the Fu-st & Old Detroit National made
board of directors at last week's annual
meeting. All the officers were re-elected and James A. Wilson, Byron W. Clute, Henry J. Bridgeman and W. R.
Broughton, who have heretofore held the title of Assistant
newly
Cashiers, were made Assistant Vice-Presidents
created offices. Ivo S. Faurote, Manager of the credit department, was also made an Assistant Vice-President; Paul
Fitzpatriek, chief clerk, and Arthur E. Patterson, in charge
of the bookkeeping department have become Assistant Cash-
The stockholders
no change
in its
—
iers .
Robert
[Vol. 114.
W.
Baird, Vice-President of the First Wisconsin
securities, Milwaukee, was elected
President of the company at the directors' meeting on January 12. President Oliver C. Fuller has been elected chairman
of the board of directors, a position which was created at the
meeting. His election to this position was followed by the
election of Mr. Baird as President.
Mr. Fuller stated:
"Ttie creation of the office of Chairman of the board and the advancement
of Mr. Baird to the presidency of the First Wisconsin Co. have been contemplated ever since the company was organized two years ago to take over
the Investment departments of the bank and trust company and conduct
them as a separate business.
"The Chairman of the board will continue to direct the policy of the company. The new president will conduct the activities of the business in very
much the same manner as heretofore, but with the enlarged powers and
company, investment
which naturally attach to the office of President."
directors of the First Wisconsin National Bank, the
responsibilities
Charles K. Bartow was advanced from Assistant Cashier
to Cashier of the Merchants' National Bank of Detroit at
the meeting of the directors of the institution held on Jan.
Mr. Bartow relieves Benjamin G.
Vernor of part of the duties which had devolved on him as
Vice-President and Cashier. Mr. Vernor retains the title
of Vice-President.
At the meeting of the stockholders held
on the same day, J. B. Ford Jr. and Ford Ballantyno were
added to the board of directors. The former is Assistant to
the President of the Michigan Alkali Works and the latter
is Secretary and Assistant Treasurer of that company and
with the Wyandotte Transportation
fills similar positions
Co., the Wyandotte Terminal Co. and the Ford Collieries.
The bank will move to the present quarters in the Ford
Building of the First & Old Detroit National Bank when the
The promotion
10.
of
building which that institution
is
erecting
is
ready for occu-
pancy.
At a meeting
of the stockholders of the Security Trust Co.
Mich., on Dee. 13, the proposal to increase the
capital of the institution from $500,000 to $1,000,000 and
of increasing thr surplus from $500,000 to $1,000,000 by
taking $500,000 out of undivided profits, was ratified. The
stock, as stated in our issue of Dec. 3, was offered to the
stockholders at par, viz., $100 per share. The inei'ease
went into effect Jan. 16.
of Detroit,
At the annual meeting of thedirectors of the Continental
of Detroit on Jan. 10, Alexander J.Stuart, a member
Bank
of the directorate sincfe the organization of the institution,
was elected a Vice-President.
At the annual election of the Union Trust Co., Chicago,
H. Lindsey Wheeler, Assistant Cashier of that institution.
directors were re-elected.
After 4Q years of service,
company, retired Jan. 1,
under the automatic rule of the pension system. Mr.
Sohreiber's record of continuous service is said to be almost
unequaled in Chicago banks.
All
Frank P. Schreiber, Cashier
of the
The
First Wisconsin Trust Co. and the First Wisconsin Co. met
January 12 in the First Wisconsin National bank building.
All the old officers were re-elected except where they were
advanced in position. These changes were greatest in the
case of the bank.
Oliver C. Fuller was re-elected President
of the First Wisconsin National Bank.
Walter Kasten, H.
O. Seymour, Edgar J. Hughes, Herman F. Wolf, Robert W.
Baird, Henry Kloes, J. M. Hays and August W. Bogk were
re-elected Vice-Presidents.
F. K. McPherson and George C.
Dreher were advanced from assistant Vice-President to Vicepresident.
A. G. Casper was re-elected Cashier, William K.
Adams and Fred R. Sidler were re-elected assistant VicePresidents. A. V. D. Clarkson and George E. Fleischmann
were advanced from Assistant Cashier to Assistant VicePresident.
Oscar Kasten, Franz Siemens, L. K. Houghton,
H. G. Zahn and E. R. Ormsby were re-elected Assistant
Cashiers.
Fred Wergin was advanced from assistant manager of the credit department to Assistant Cashier.
WilUam
C. Haas was re-elected Manager of the foreign and sa\'ings
department, and H. Eskuche and WilUam Zimmer were reelected Assistant Managers.
R. E. Wright was re-elected
Manager of the commercial service department. Walter
Distelhorst was advanced to Assistant Manager of the department. S. R. Quaden was re-elected Auditor.
Ohver C. FuUer was re-elected President of the First Wisconsin Trust Co. Fred C. Best, Charles M. Morris, Walter
Kasten, H. O. Seymour and Robert W. Baird were re-elected
Vice-Presidents.
Clyde H. Fuller was re-elected Secretary,
W. I. Barth, Treasurer; George B. Luhman, Trust Officer;
P. O. Kannenberg, Assistant Treasurer, and Andrew Waugh,
Robert W. Janssen and George H. Gillies, Assistant Secretaries.
Oliver Barth was advanced to Manager of the real
estate department.
Walter Kasten, H. O. Sej'mour and
John C. Partridge were re-elected Vice-Presidents of the First
Wisconsin Co.
tary,
Hugh W.
George A. Patmj'^thes was re-elected SecreGrove, Treasurer, and Milton O. Kaiser,
Secretary.
At the annual meeting of the directors of the Iowa NaBank of Des Moines, held on Jan. 10, Walter H. Miller was added to the official staff of the institution as an
Assistant Cashier. Mr. Miller is a son of the President of
At the annual meeting of the
the bank, Homer Miller.
stockholders of the bank, held on the same day, B. T. MereMr.
dith was elected a director to succeed J. H. Blair.
Blair's retirement from the board was due to his appointment some months ago as Deputy Governor of the Chicago
Federal Iteserve Bank. An increase in the bank's dividend
rate from 1^% to iy2% a month will go into effect on
tional
At a meeting
of Chicago,
111.,
of the directors of the Binga State Bank
on Jan. 3 1922, John R. Marshall was made
a Vice-President to succeed Charles S. Jackson.
At the annual meeting of the stockholders of the MidCity Trust & Savings Bank of Chicago, 111., on Jan. 5,
A. F. Rentzsch, heretofore Auditor, was elected an Assistant
Cashier. The directors and the other officers were reelected; Harold Osborne was elected manager of the bond
department and O. G. Peterson was elected manager of
the real estate loan department.
Jan. 31.
At the annual meeting of the National Exchange Bank of
Paul, held on Jan. 10, the following officers were elected
Charles Patterson, President: F. A. Nienhauser, Vice-President; Albert L. Roth. Vice-President: Carl S. Diether, CashMr. Patterson is Treasurer of the O'Donnell Shoe Co.
ier.
St.
At the annual meeting
State
Bank
of C.
Doeriug &
Gardens.
of Chicago,
of the stockholders of the Reliance
111.,
Charles Doering Jr., President
to the board, succeeding
Son. was elected
Raymond
of St. Paul.
At a meeting of the stockholders and directors of Chicago
Trust Co. of Chicago Jan. 10, the board of directors was reelected, also the officers, with the addition of Howard H.
Hilton, Assistant Cashier,
and D. D. Kleder, Assistant Sec-
retary.
At a recent meeting of the board of directors of the West
Englewood Trust & Savings Bank of Chicago, Arthur C.
Utesch, Assistant Cashier, was elected a member of the
board to succeed William Brietzke and Carl O. Soberg was
appointed an Assistant Cashier.
At the annual meeting of the directors of the Midland
National Bank of Minneapolis, held on Jan. 10. Elmer V.
Bloomquist. heretofore Cashier of the institution, was advanced to Secretary, a newly created position, and a new
one for a national bank in Minneapolis, and Trygve Gas,
formerly Assistant Cashier, was elected Cashier to succeed
Mr. Bloomquist. At the meeting of the stockholders, held
on the same day. the following directors were added to the
board: Bradley C. Bowman, President and General Manager of the S. H. Bowman Lumber Co. Bernard M. Bros,
Treasurer of the William Bros Boiler & Manufacturing Co.;
L. B. Hancock, President of the Pure Oil Co., and O. D.
:
I
THE CHRONICLE
Jan. 21 1922.]
Hau.>cliikl. Secretary of the Retail
Lumbormen's Insurance
.AssiX'iatiou.
from Washington, D. C, dated Jan. 18,
appearing in "Financial America" of this city of the following
day. reports that the Comptroller of the Currency has been
ad-.ised that the National City Bank of Salt Lake City has
suspended. The dispatch goes on to say that the institution
had a capital of S2o0,000 and recently its gross deposits were
A dispatch from Salt
in the neighborhood of SI, 900, 000.
Lake Cit}- on Jan. 18, also printed in "Financial America"
A
press dispatch
of the 19th, states that according to Charles S. Burton,
President of the Salt Lake City Clearing House Association,
the closing of the National City
Bank was due
to slow
assets.
The National Bank of Commerce, in St. Louis, has just
issued in pamphlet form the address of Virgil ]M. Harris,
The
trust officer of the bank, on Wills and Will-Makers.
address was originally dehvered before the Trust Officers'
Association in Minneapohs. Mr. Harris is also author of the
work, "Ancient, Curious and Famous Wills." These two
extensive treatises on wills represent, we are told, a quarter
of a century of research, and cover tne practice of willmaking from world beginning down to date.
In his annual letter to the stockholders of the National
Bank of Commerce, in St. Louis, John G. Lonsdale, President of the bank, points out that, as a territory, the great
Southwest is progressing toward normal at a rapid rate. The
letter sets forth that, despite business caution in 1921, the
Bank of Commerce made satisfactory progress and enters
the new j'ear of promise in a position to take advantage of
improved conditions. The report shows the bank has 16,000
.
commercial customers as compared to 14,000 a j-ear ago and
a total of 66,000 patrons in all.
At the annual stockholders
meeting of the' bank, directors for 1922 were elected. Two
new directors, W. PYank Carter and J. C. Doneghy were
added to the Board. Mr. Carter is of the law firm of Carter,
Collins and Jones, former president of the Chamber of Commerce and a figure in St. Louis' ci^ic affairs, having been a
member of the City Plan Commission and ladt year president
of the School Board.
He was for years Vice-President of
the Mercantile Trust Co. Mr. Doneghj- is a lari^e land owner
of Oklahoma, and one of the prominent factors of the oil
business in that state.
He is owner of the City State Bank,
Wellington, Texas, and of the First State Bank at Headwater, Texas, besides being a largo holder in many other
banks throughout Texas and Oklahoma. The complete
board as elected is as follows:
.Sigmond Baer. W. Prank Carter. L. Wade Cblldress. W. B. Cowen, J. C.
Doneghy. George Lockett Edwards. Edward A. Faust, W. Ij. Hemingway,
Howard Holmes. John G. Lon.sdalo, F. Aug. Luytles, N. L. Moffitt,
Ohas. Rebstock, David SoDOLmers, .John B. Strauch, W. S. Thompson,
Edw. J. White.
J.
F'urther developments during the week in the affairs of
the failed Night
Day Bank of St. Louis (the closing of
which and the disappearance of its Cashier, A. O. Meininger, were referred to in these columns in our issue of Jan. 7)
a» reported in the St. I^ouis "Globtj-Democrat" of Jan. 17
and a special dispatch from St. Louis to the New York
&
"Times" under date of Jan.
fugitive CaKhier at Belleville,
20,
III.,
were the arrest of the
on the night of Jan. Ki
and the indictment of seven of the directors of the failed
bank and Arthur O. Meininger, the f-'a.sJiier, on charges of
dei^jsits after the institution wa.s in a failing
condition.
According to the dispatch, to the "Times" the
4my<:U)rH indieted are: Former Covemor Elliott W. .Major;
William A. Allen, Judgf of the St. Ixjui.s Court of Ai)p<-alH;
H. H. Hohenflfihild, former State Senator, President of tlm
rec<;iving
bank; T. K. Coopfr, Viee-I'rfHidrrit of tlio bunk; Fri«l J.
(UtniwcU, Jr., real estate dealer; I'liil A. McDeriiiott;
Thomas L. Mauldin, Secretar>--TreaHur<T r)f the LuridMauldiii Shoe Co. The ehnrgr- on whifli .Mr. Mciningrr
wa« arrtsted, it i.s understood, was the alleged umkiiig (jf a
false report of the bank's affairs.
Md is also cliurgcd, it is
«aid, with alleged grand larer-ny .-ind embezzhment.
L'jjon
hi>i
return to St. Ixmiih
releasfKl
on n
.'5'J(),(K)0
rr>llowini( hiri arreut, it is said, lie
wan
hond.
---
•
-
The National Bank of Commcn-i!, in .St. Louis, hIiowh u
gain of $l,34.'{.02l in navingu in H)21, rejfistijring the great<?Ht
•MtpafiHioii in St. Ixmis.
The dejinrf turrit, now four yearn old,
h»« 4'.,0<)0 savers with total depo.sits of S6,K2! ,1 10.14.
H.
If. Reinhard is in charj^e of the navings.
The dividetul rate
on Comraerce stock has been raiHcd from 7 to 8%.
»77
At the annual meeting of the stockholders of the Central
National Bank of Richmond, Virginia, Wm. B. Nelson of
Kaufman & Co. was added to the Board. The following
officers were re-elected: W. H. Schwarzsehild, President; L.
W. Hoffman, Vice-President; Holt Page, Cashier; W. H.
Metzger, Assistant Cashier; W. L. Way, Assistant Cashier
Wm. C. Schmidt was also elected Vice-President.
Zenas A. Gray, formerly Vice-President of the City Bank
of Norfolk, Va.. was elected an Asst. Vice-
& Trust Company
President of the National Bank of Commerce of Norfolk at
a meeting of the directors of the latter institution on Jan.
11.
Mr. Gay. before becoming Vice-President of the City
Bank & Trust Company, was a member of
National Bank of Commerce for 17 years.
the Staff of the
A charter has been issued by the Comptroller of the Curerncy to the American National Bank of West Palm Beach.
Fla., and the institution began business on Januarj^ 3 with a
Its stock was disposed of at 110 per
capital of §100,000.
share.
Alfred H. Wagg is President, J. M. Burguieres is
Vice-President, and W. C. Crittenden is Cashier of the new
bank.
The address of Sir John Aii-d, General Manager of the
Canadian Bank of Commerce, given at the 55th annual
meeting of the bank's shareholders, held in Toronto recently,
is printed elsewhere in our columns to-day.
In our issue of
Jan. 7 we gave in these columns a short analysis of the annual
report of the bank, covering the fiscal year ending Nov. 30
1921, which showed total resources of $428,139,918, of which
3184,670,155 were quick assets, indicating a satisfactory
liquid position.
During the past year the Canadian Bank of
Commerce opened branches in Port of Spain, Trinidad, and
Rio de Janeiro. Brazil.
At a meeting of the directors of the
of Seattle. Washington, on Dec. 22,
Union National Bank
Ralph S. Stacy was
and Director to succeed the late Guy
Mt. Stacy was formerly President of the National
Bank of Tacoma of Tacoma, Washington. At the annual
meeting on Jan. 10 the following men were elected to the
Board of Directors: George W. Allen, C. W. Wiley, F. G.
Frink, J. H. Ballinger ^bringing the membership of the
board to ten. Leland I. Tolman and Caspar W. Clarke were
elected Vice-President
F. Clark.
—
elected Assistant Cashiers.
The annual report of the Commercial Bank of Scotland,'
Ltd. (head office Edinburgh) for the fiscal year ended October 31 and which was presented to the proprietors of the
institution on December 17 has just come to hand and shows
satisfactory results for the period covered.
Net profits for
the 12 months, after providing for rebate of discount and interest and
amounted
bad and doubtful debts, the report shows,
To this sum was added £52,171
representing the balance to profit and loss brought forward
from the preceding year, making together £394,067. Out of
this amount, the report states, there was apphed in July in
payment of the half-year's dividends on the "A" and "B"
shares at the rate of 14% and 10% per annum, respectively,
£7S,7;'>0 (under deduction of income tax £33,750i, leaving a
all
to £341,896.
balance of £315,317, whieh the dir(>etors recommeixled be
£78,7.50 (under d(>duction of income
tax £33,750) to pay the 2nd semi-annual dividends (i)ayablo
January 3) on the "A" and "B" slumps; £8,750 (under deduction of income tax .£3,750) to pay a bonus of 1
(payable
January 3) on the "A" shares; £125,000 to bo i)lHced to credit
of reserve fund; £25,000 to btt add(><l to officers' retiring allowance fund and £liO,(M)0 to be ai)i)lied in reduction of the
cost of bank's properties, leaving a balance of £57,817 Ut bo
•carried forward to ne.xt year's profit :ind loss acrcount
Total
assetH of the bardc as of OctobiT .'{1 IW'JI, are given as £52,731,870 wliile t^)tal dej)osil,s on the same date are shown as
£13,71 1 ,<)7S.
The institution has a ])aid-ui) c-npital of £1,The report
750.(XK) with a res«Tve fund of £I.125,(M)0.
(urlhi'r Htates that on >u-eount of the nondilion of his health
the Manpiis of Mreaflalhane, K. (i. has nwij^ned the post of
(jovernorof the Imnk, "which he Ims fiileil with iiiin^h Jieceptanee for the jtaNt ten yearn," and that thc< direetorspropoHtxI
ai»proj)riate<l as follows:
%
.
that
the Earl rtf
I)e|)uty-(Joverimr,
Mar nnd
Kr-Ilie,
K
T.,
heretofore
t.ho
ajtpoinled (Joverrior in his st.end and
that tho Ijord Haltoun, one of the extnMMlriniiry directorw of
the inHtitiition, he electeij I)e|>uty-(}overn<>r to Hiieered the
Kfirl
of
Mar and
Ixi
Kejlic
THE CHKONICLE
378
ENGLISH FINANCIAL MARKETS—PER CABLE.
The
daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Frt.
Thurs.
Wed.
Sat.
Tues.
Mon.
Jan. 14. Jan. 16. Jan. 17. Jan. 18. Jan. 19. Jan. 2 0.
3i%
34^
d. 355^
35
35J^
35H
973.6d.
97a.4d. 97s.6d. 978.7d. 97s. Ud. 98s.
53
52%
S2]4
51M
525i
51H
London,
Week ending Jan.
20.
Silver, per oz
Gold, per line ounce
Consols. 2}^ per cents
BrlUsh, 5 per cents
British, 4
H
92H
per cents
84J4
French Rentes (In Pprl8)-.fr. 65.25
French War Loan (in Parlis)fr. 80.20
The
price of silver in
N. Y., per oz.
Domestic...
silver In
93%
84H
93
84"^
55.40
80.20
New
935^
84K
86
80.20
55.75
80.20
85
55.80
80.20
York on the same day has been:
(cts.):
99^
66H
Foreign
99%
65%
99%
65%
995^
05%
We also add the figures for November and the eleven
months ending with November previously emitted from our
«
columns:
Merchandise.
OOOs
omit-
Ex-
ted.
ports.
93K
93J^
84Ji
55.90
80.20
[Vol. 114.
1921
1920
1919
1918
1917
1916
1915
.
Imports.
$
294,176
1
.
676.528'
740,014;
322,237,
487,3281
.
516,167
.
.
.
1
3
210,948
321.209
Silver.
Excess
Im-
Ex-
of
ports. Exports.
ports.
424,810,
251,008
220.535;
176,968
.
Excess
of
1
Im-
Ex-
ports.
1
ports. \ExpoTts.
$
$
$
$
83,228
607 51.298 a50,691
4.804
355,319 19,876 56,889 a37,019
3,144
315,204 61,858
2,397 49,461 19,052
271,229
1,128
3,048
1,920
7,150
266,793
7,223
2,906
4,317
4,789
339,199 26,335 46,973 020,638
7,846
172,173
3,661 60,981 q57,320
5,971
1
327,670 lS5,497i
a Excess of imports.
99%
65%
Gold.
Excess
of
Exports.
%
%
5.912 al.lOS
5.025 al.881
7,019 12,033
5,940
1.660
9,086 a4.297
2,583
5,263
3,376;
2,69 6
\
65
Totals for eleven months ended Nov. 30:
PUBLIC DEBT STATEMENTS OF UNITED STATES,
OCTOBER 31, 1921.
The statement of the public debt and Treasury cash
holdings of the United States as officially issued for Oct. 31
1921, delayed in publication, has now been received, and
as interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparison with the same date in 1920:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Add
or Deduct
—
31 1920.
203,652,027
+5,209.617
—25,744,320
5231,614,774
5177,907,701
Deduct outstanding
interest obllffations
Disbursing officers' checks
Discount accrued on War Savings Certificates
'.
Total...
Balance, delicit
(—
)
or surplus (+)
ports.
ports.
$4,035,040
94,559.729
79.212,990
112,207,299
$3,497,490
94,682,418
102,767,054
84,783.648
$290,015,058
$285,730,610
—$58,400,284
— $107,822,909
Ex-
Im-
ports.
ports.
Exports.
Q.-F.
599,724,050
118,489.900
31 1920.
$
599,724,050
118.489,900
Q.-F.
Q.-F.
48,954,180
25,947,400
48,954,180
25,947.400
Q.-M.
.50.000.000
.SU.OCO.OOO
Q.-J.
28.894.500
J .-J. 1,932,218,000
28,894.500
2,336,915,000
292,229.450
1.410.074.350
37.157,100
501.677.300
3,492,150
152,517,900
3.171.201.350
3,649,135,550
6.365.357.950
Oct. 31 1921.
Interest
Papable.
Q.-J.
Title
2s, Consolsof 1930
4s, Loan of 1925
Oct.
S
Panama Canal Loan:
2s of 1916-36
2s of 1918-38
3sotl961
Conversion bonds
Certificates of Inoebtedness
Certificates of indebtedness under PIttman Act..J.-J.
146,375.000
3^s, First Liberty Loan
J.-D. 1,410,074,050
4s. First Llbeny Loan, converted
J.-D.
15,508,156
J.-D.
523.087,750
4}i8. First Liberty Loan, converted
J.-D.
4Jis, First Liberty Loan, second converted
3,492,150
Second LIbeity Loan
Second Liberty Loan, converted
4}fs, Third Liberty Loan
4Ks, Fourth Liberty Loan..l
M.-N.
3%S, victory Liberty Loan
4%s. victory Liberty Loan
4s, War Savings and Thrift Stamps
2%s, Postal Savings bonds
5%8 to 5%s, Treasury notes
J.-D.
J.-D.
4e.
4s,
M.-S.
A.-O.
Mat.
J.-J.
J.-D.
Aggregate of interest-bearing debt
Bearing no Interest
Matured, Interest ceased
Debt
67.922.800
3.246.172,400
3,608.919.350
6.350.938.960
536.692,450
3,108.202.950
663.969,379
11,774.020
701.897,700
784,961,6.50
3,452,722.500
784,041,550
11,612,160
23.199,255,129 23,825,106.290
240,3&S.004
228,187,758
17,459,140
6,004,290
23,457,072,273 24,059.298..3.38
58,400,284
107,822,909
-
—
—
Deduct Tieasury surplus or add Treasury delicit
Net debt
ports.
j
[
9
1921
1920
1919
1918
1917
1916
1915
.
.
.
.
.
.
.
3
S
1
4,188.887 2.271.652 1.917.2,35 21.730659.582/637852 44,4.30
7.507.730 5.012.424 2.495.306 305,033 372.408/67.375107,535
7,390.010 3,523.655 3,715.355 321.928 63.620 258.308 208,426
5.583.201 2.820. 3262. 762,876 39,490 60,277/20,787204.540
5.633.378 2.724,556 2.908.822 367.346 535.389/1880431 74.005
4.959.407 2. 186, 8012.772.606; 127,819 527,309/399550 61,587
3.195,364 1,606,764 1,588,600, 19.537406,542/o87005! 46,768
.
,.
.
1
1
1
$
$
57.726'/13,396
83.4341 24.101
79.725128.701
67.045 137,496
47.186 26,819
28.711 32,678
31.8811 14,887
of Imports.
tommercial mullBiscMmuoxxs ^jetis'ss
2^,515.472,557 24,167,121,247
—
The Curb Market. There was a decidedly better tone
to speculation in the Curb Market this week and most issues
displayed firmness. Realizing caused some irregularity at
times, but no important setback was received in the upward
movement. Business was centred to a large extent in the
industrial issues.
Cleveland Automobile, after a period of
reaction, made a spectacular rise, advancing from 23 to
31 J-^, the close to-day being at 30 J^. Diirant Motors lost
a point to 24. Cities Ser\'ice common sold up from 159 J/^
to 174 and ends the week at 171. The pref. rose from 52 to
55 Vo and sold finally at 55. Glen Alden Coal was prominent
for a rise of seven points to 49 14. the final figure to-day being
48^. Intercontinental Rubber dropped about ll'i points
early in the week to 7 J/4, then sold up to 10} 2. the close
to-day being at 10. Some of the tobacco issues were exceptionally Strong, Philip Moiris Co. advancing from 6I4
to 9. the close to-day being at 8y>. Oii issues v.ere unusually
quiet. Among Standard Oils, Ohio Oil was off from 2S0 to
263, the final transaction to-da;s' being at 266. Standard Oil
(Indiana) rose from 86 to 87 H, and closed to-day at 873^8.
Standard Oil of N. Y. lost about eleven points to 3.57.
Vacuum Oil advanced from 331 to 340 and dropped back to
330 finaih'. Maracaibo Oil, after fluctuating between 19J4
and 20^8, jumped to 22 to-day. Merritt Oil improved from
834' to 934Bonds were fairly active with smah price
changes.
A complete rec'ord of Curb Market transactions for the
week will be found on page 298.
Of these
totals. $20,000,000 in 1920 bear various r.ates of interest.
Sailors' Civic Relief Bonds not Included in (he above;
NOTE. Issues of Soldiers'
total issue to Oct. 31 1921 was S195.500. of which $141,700 has been retired.
•
Excess
of
ports, '^xpons.
1
Im-
Ex-
1921. Oct.
INTEREST-BEARING DEBT OUTSTANDING.
of Loan —
,
ted.
Silver.
Excess
of
obligations:
Treasury war.antR._
39.
Im-
Oold.
Excess
of
Exports.
K.xppes or deficiency of receipts over
disbursements on belated Items
Matured
31
Ex-
omit-
/Excess
226,405,157
Oct.
Balance end month by dalLv ttatcmcnt. &c
Merchandise.
OOOs
—
&
—
Pittsburgh Stock Exchange. Record of transactions at
Pittsburgh Stock Exchange Jan. 14 to Jan. 20, both inclusive,
compiled from official sales lists.
IMPORTS AND EXPORTS FOR DECEMBER.
The Bureau
of Statistics at Washington has issued the
statement of the country's foreign trade for December and
from it and previous statements we have prepared the fol-
lowing:
Totals for merchandise, gold and silver for December:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
Friday
Sales
Last
Week's Range
for
Prices.
Sale.
Week.
of
Par. Price. Low.
High. Shares.
Stocks-
Am Vitrified Prod. com. 50
Am Wind Glass M.ach. 100
100
Preferred.
Am Wind Glass Co. pf.lOO
.
(In the following tables throe ciphers are In ail cases omitted.)
Nat Gas. com. 10
Carbo-Hydrogen Co.com.
.'krkans.is
1
Merchandise.
000s
omit-
Ex-
Im-
ted.
ports.
ports.
1
Excess
of
Exports,
$
9
.
295.90C 236.800
1920 J 720.287 266,0.57
1919 .j (!81.410 350.710
1918 .] 565.880 210.8871
1917 .
600.135 227,911'
191C .
523.234 204,834
1915 J 359.306 171,832'
/Excess of imports.
1
$
4.5-1.2.30
300.706
3.54,999^
372.2291
318,400
187,4741
Silver.
Excess
'
!
59.100
1921
Gold.
i
Exports.
$
Im-
of
]
ports. \Exports.
S
$
Ei-
Im-
Excess
of
ports.
ports.
Exports.
$
1,950 31.685/29,735
7,145
44,600 /27.C()2i 6,080
46.257 12.914 33.343! 30.595
1,580
1.766
/186 48,306
4,538 17.060/12,528 10,125
27,974 158.621/1.30017
9,008
11,889 45.412/33.523
6,831
17.0.58
S
i
5,516
1,629
4,626
1.454
9,685 20.910
4,330 43,976
6,155
3,970
3,553
5.455
2.603
4.228
Merchandise.
Oold.
Duquesne
Excess
omit-
Ex-
Im-
ted.
ports.
ports.
S
I
of
Exports.
Exports.
Im-
I
Excess
of
ports. 'Exports.
Excess
Ex-
Im-
ports,
ports.
of
Exports.
S
1921 . 4.484.767 2..508,4.52 1.976.315 23.6S0891.'i67/6675S7' 61,675
1920 .8.228.016 5.278, <tSl 2.949. .535322.091417.068/94.977 113,616
1919 .17,920.426 3.904.365 4. 016. 061 308. IS5 76,534 291,651239,021
1918 .16.149. 0883. 031. 213 3,117,875 41.069 62,043/20.973 252.846
1917 .6.233.513 2.952.468 3, 281, 045371, 881552, 4.5-l/I80570i 84,131
1916 .15.482.6412.391.635 3.09I.006155.79.3l6S5.990.''530197 70,595
1915 .13.554.670 1.778.596 1,776,074 31,426 451,955/420529 53.599
/E.xccis of Imports.
63.242/11.667
88,060 25.566
89,410149,611
71.376181.470
53,341 30,790
.32.263 38,332
34.484 19.115
3
24
2%
comlOO
50
Indop Brewing, com
—
l»roforred__
91
1%
7%
50
25
Lone Star Gas
50
Mfrs Light & Heat
5
Marland Refining
Nat FIreprooflne, com.. 50
22
46
2%
Ohio Fuel Oil
Ohio Fuel Supply
1
25
&
G.is
5
Pittsburgh Plate Glass. 100
Salt Creek Consol Oil
Tidal-Osage Oil
Transcont'tal Oil. . (no par)
100
Union Natural Gas
100
U S Glass
U S Steel Corp, com... 100
Wesfhouse Air Brake. . . 50
W'house El & Mfg. com. ,50
West PonnTr&WP. com 100
3
24
7%
100
180
30
565
540
170
7
1
15% 15%
16^ 20
1.015
48 V«
46
19% 20
1% 1%
61
93
28c
61
92V2
26c
6%
7
130
6%
61
93
28c
8
130
8% 10%
10%
12%
500
2%
10%
7%
250
50
11
12,%
10% 10%
60
463
622
30
45
100
80
3.500
485
172
4,575
110
75
118
118
118
65
40
40
40
85
85
10
15
95
94% 95
50% 51%
19
20%
51
20
160
255
317
Bonds
ritts Coal deb 5s
1st 6s
Pitts June
RR
95
1931
>
97
99% 99%
$2,500
1,000
High.
Lotc.
7%
49%
71%
93
Sept
June
June
Apr
Sept
4.260
100
24%
47%
48
130
80
520
85
130
10
2%
91
2
7
50
Preferred
8%
70
88
98
9% 10%
1
1
2% 2%
10%
Ilarb-Walk Refrac,
Pittisburgh Oil
OOOs
98
Oil
50
PreferredPittsburgh Coal, com.. 100
100
Preferred
Pittsb & Mt Shasta Cop. . 1
Silver.
66
87
98
87
5
Carnegie Lead & Zinc
Consolidated Ice, com.. 50
..50
Preferred-^.,
Oklahoma Natural Gas. .25
Pittsburgh Brew, com.. 50
Totals for the twelve months ended Dec. 31:
8%
69
Range for Year 1921.
3
3
17
12
115
85
101
l*/-4
Jan
Jan
Jan
Feb
Dec
Jan
Oct
8
.T.an
5
Jan
Feb
Feb
Aug
30_
Oct
92
Jan
Oct
Oct
Jan
Jan
2% Oct
May
1% Dec
3% Jan
86
16% June
1
3% Nov
3
11
26
June
53
Jan
3% Nov
Ja n
Ma
00 6
9
12
Jan
18
Mar
Dec
24
11% Sept
June
Mar
40
50
17% Sept 30% Jan
Mar
4
1% Aug
42
1%
4% Deo
52
84
200
7
113
July
Jan
June
Aus
June
7% Aug
6% June
7
107%
30
71
83
Aug
July
June
June
Sept
39% Aug
9
Jan
88% May
9
66
92
40c
12
131
Mar
Dec
Dec
Sept
Jan
Dec
13% Nov
29% Feb
12% Dec
120
40
Sept
51
Dec
Mar
84% Feb
97% f Jan
18% Nov
98
Feb
THE CHRONICLE
Jan. 21 1922.]
Breadstuffs figures brought from page 321.— The
statements below are prepared by us from figures collected by
the Xew York Produce E.xchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at
—
Bar^y.
Oats.
Corn.
Wheat.
Flour.
60 tbi. bush. 56 /6s. 6l«ft. 32 Z6.«.'6tiSft. 48/67. ftiis/i.Sfiffts.
8.000
92.000
1,383,000,
115.000 5,219 000
138.000
57.000
457,000
571 000,
1,477,000;
5.000
131.000
102,000
334 ooo!
140.000
302,000
17.000
508,000
660 OOOi
11.000;
41.000
1,000
153 .000
20.000
45.000
31.000:
75 .000'
lO.OOO
211 000
96.000
iY,o6o
1,000
620.000
1,2SS .000
326.000
9,000
2,000
272.000
669 ,000
43.000
94.000
361 .000
959.0001
250.000
134.000
1.139 .000
250.000
530
,000
30,000
174.000i
Minneapolis..
Duluth.
Milwaukee
21,000i
Toledo
.|
Detroit
I
;
St. Joseph
St. Louia
1
Peoria
75.000;
50,000,
I
Kansas City.
Omaha
Indianapolis. .
Total wk.
Same wk.
Same wk.
'21ll
282."000[
282.000;
'2i
580.000
OJ
4,035,000
4.021.000
4,727,000
11.210.000'
3. 388 000,
320.0C0
'221,
8,008,000
5,572,000
6,978, 000!
5,711, 000
217,000
338,000
1,027,000
557,000,
753.000
746,000
New York
Since Aus. 1
1921-22. ..10,664,000216,169.000173.444 000 112.232.00015.388.000 11,161,000
1920-21. .-16.4.58.000202.325.0001 79.660 000 107.317.000 14,622,000 8,200,000
11. .56 1.000 282.978.000' 88.789 000 117.346,000 18,821,000 18,752,000
1919-20
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday Jan. 14 1922 follow:
Banks— A^ Y
FlOUT.
Wheat.
Corn.
Oats.
Barley.
Rye.
Barrels.
Bushel.i.
Bushels.
Bushels.
Bushels.
Bushels.
'
Xew
Portland, Me.'
PhUadelphla
1.098.000
474.000
1.520.000
194,000
877.000
68.000
452.000
1,038.000
364,000
29,000
60,000
6,000
551,666
'32,606
15,000
7.000
16,000
235.666
59.000
135.000
272.000
220.000
26,000
3,000
142,000
116,000
443.000
897.000
4.263.000
8,544.000
3.015.000
5.562,000
785,000
1,301,000
180.000
50.000
48.000
17.000
2.000
108,000
York...!
.;
Baltimore..
N'port News.]
New Orleans a
Galveston
.
'
Montreal
St. John
Boston
;
I
1
Total wk.
1
Since Jan.
Week
'22|
'22,
1921.
\mer Exob.. 247
1.0.54,000
848,000
366,000
1.129,000
Xew
41,000
69,000
634,000
154.000
238,000
660,OOo
263,000
336,000
l,811.00o
Orleans for loreign ports on
exports from the several seaboard ports for the week
ending Saturday Jan. 14 1922 are shown in the annexed
statement
—
\
Wheal.
1
New York
Portland,
Me
1
1
1
1
Barrels.
Bushels.
1
130,077
104.000
—
Jan
1 to
14
1922.
83,000
9.000
. .
6.100'
346.664,
I
6,630
|
165
252
225
145
14,108
1.008.000
world'H Bhipnierit of wheat ami <;orn, as furnished by
lir(H}iii\mU lo the \«;w York I'roduc*,' Exeh.'ingi- for the week
ending Friday, Jan. I'i and since July 1 1921 and 1920, are
shown in the followinx:
Brooklyn
Island*
-Coney
3otham
187
193
Qreenwlch* .
Hanover
Sarrlman
>njp * Trad,
240
820
390
510
260
835
'ndustrlal*..
155
165
.jFirst
Banks marked with
.North Amsr.
Okiiuh*-
Julu
1.
Jan. 18.
1.
I
I
Jult
1.
\
166
260
17.5
185
100
96
Y
I
315
295
270
Trust,..-! 305
Gu Trl 285
A
Mtg A Tr
200
United Stateel 950
Brooklyn
420
'Brooklyn Tr. 405
Kings County 670
Manufacturer 212
300
People's
^
.1
|
I
New stock,
(
600
Trust...
206
160
z Bx-dlvldend. yEst-rlgbts,
AND
IN TOTALS OF,
Oct. 31 1921..
Sept. .30 1921..
Aug. 31 1921..
July 31 1921-.
June 30 1921..
May 31 1921,.
Apr. 30 1921..
Mar. 31 1921..
Feb. 28 1921..
Jan. 31 1921..
Dec. 31 1920. _
—
Circulation Afloat on
Secured.
By Legal
Bonds.
Tenders.
$
728,523,240
728,351,240
727,512,490
727,002,490
724,770,490
723,675,190
722,898,440
722,491,590
720,012,440
719,049,440
716,977,190
714,973,190
715,325,440
Dec. 31 1921..
Nov. 30 1921..
IN
Leoal
Tenders
Bonds.
S
724.235.815
723.023.965
25.9.32.109
26.283.132
26.984.027
27.402.759
28.148.069
29.848.772
71fi.30t.820
795.8.36.3.55
711.000.205
702.570.407
712.763.805
709.657.145
691,643,480
702,948,007
697.728.580
689.592.883
695.900.770
30..526.,509
30.936.214
32,172,872
29,870,477
30,065.284
30.0B 1.044
27.376.452
—
Total.
S
25.932.109
26.283.132
26,984,027
27,402,759
24,148,669
29.848.772
S
7.50.167.924
749.307.097
743.288.847
743,239,113
7,39,148,874
732,419,179
743.290.374
740.593,359
723.816,352
732,818,484
727,793,864
719,753,927
723,277,222
30..526.509
30,930,214
32,172,872
29,870,477
30,065.284
30,061,0-14
27.376,452
5116,670,400 Federal Reserve bank notes outstanding Dec. 3i (of which SlOO,091,400 secured by United States bonds and $16,579,000 by lawful money), against
5242,164,400 in 1920.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on Dee. 31:
Bonds Held Dec. 31
S.
On Ocpoi it
to
On
Secure-
to
Deposit to
Secure Federal
Secure
Reserte Bank National Bank
Notes.
Notes.
U. S. Consols of 1930..
U. S. Loan of 1925
U. 8. Panama of 1930.
U. S. Panama of 1938.
U. S. 1-Ycar Certifs. of Indebtedness
Totals .,
Total
Held.
July
t.
5
10.413.400
2,593,000
257,000
1.30.300
S
577.110,000
77,688,400
48,182,740
25,542,100
S
687,523,400
728,523,240
8.54,916,940
80. 2.S 1,400
4.S, 4 39, 740
25.672.400
113.000,000
113.000,000
126.393,700
The
following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Dec. 1 and
Jan. 1 and their increase or decrease during the month of
December:
—
—
Naltorntl Hank Nolex
Total Afloat
afloat Dec. 1 1921
Net amount isnicd during December
Amount
Aiiioiiiit of
hank notes
l^iinl Trnittr
afloat Jan.
1
J740.307,007
860,827
1922
»760, 167,924
-
.\'«/t.v
Amount on
dcpo< to rcdcnm notional bank notoe Doc. 1 1021
Not amount of bank notes retired In Ducuiubcr
Amount on
deposit to rodoem national bank notes Jan,
1
S26,283,132
361.023
126,033,100
1033
STOCK OF MOXKV
i\ 'iMIil ( "Ol'N'i'Iv V. The followshowH the general stock of money in th»> eounlry,
well a.s he lioldings by the Treasury and the amount in
luliii-
I
circulation
JtUt
Life Inei
II
90
banks.
125
I
150
By
the dates given:
«)n
-stock of Money Jan. I '22
Afontiv fn Ctrrulatton
Jiin. 1 1921.
(n U. S.
a//tld In Trea.1 Jan. I 1922.
*
•
I
•
8Al.l)'J&.400
3,060,988,661 38O,IB8.072c'I,O()4. 542.0.12
aUlM
I
m &Y
12.5
Montauk*
220
Nassau
.North Side*.- 196
I
BiuluU
MctropolKan- 260
205 .Mutual (West
110
175
Chester
80
People's
fso"
166
280
270
give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
iiH
Com.
«''
H-rrc
Jan. 18.
135
305
270
410
210
260
211
Lincoln Trust
Mercantile Tr 260
145
250
Mechanics'*..!
(*) are State
3"l0"
170
120
155
A Tr
DEPOSITED BONDS, &C.— We
ing
Whma.
iLaw Tit
iJTltle
||U 8
940 Greenpoint
225 iHomestead".-i
2s.
48.
28,
2s,
2s.
Since
July 1
1921.
Jan. 14
1922.
Hudson
260
260
!|N
S20"
323
since
Corn.
Wcik
2Y6
360
100
Dec. 31 1921.
The
Ktportg.
i
Boruis on Deposit
218,«0«l 7.848.662; 3.716.690 187.0S6.796 1,708,048 02.328,951
211.048 8.160,2921 O,43O.OO7l22O,867.40O
280.6061 6.174.327
Total
Total 1931
Neth*.., 120
York...' 455
300
405
Park
235
IPublio
260
Seaboard
230
;.St;indard*
245
jState*
•
Tradesmen's
200
23d Ward*... 190
Union Exoh.. 195
United States*! 165
Wash H'ts*.. 325
420
YorkvUIe*
Pacific*
U.
week and
Since
July 1
1921.
014.000
i
1
I
New
New
170
...
American
Bankers Trust 319
Central Union 365
300
Columbia
105
le's" Commercial
290
326
Empire
265
135 Equitable Tr
Farm L & Tr 420
iFldellty Inter 200
4'o"8
240
[Fulton
Guaranty Tr 207
320
150
930
215
First
rsarfleld
197
iAskea
York
3"4'5""
155
....
Biuhels
Bushels
Bushels.
1.442.000 62.fW9.7S6
480,000 I.',,1)87. 746
3.060.397 1.011.590 131,377,872 1.2fl!l.04.S 44, 130. 17 I
410.444
48.000
Il.OOOi 1.913.410
2.681.137
lI.OOOi
688.6.39,
8,0001
677.610
6.000
WMit Indies
Urit .No Am.Cols.
194
1
4.000
BustMe.
!
:;08
1
Avenue* 925
293.000 126,000i258,077
76.912 72,665 345,888
Jan. 14
1922.
Barrett.
3.4.36.4IH
Barrtlt.'
United Klngdoro. 119.899
OjntlDPnt
80.077
2.0fX>
.So 4 (cnt. Amer.;
Other countrica.
.
34.0001 20.000
142.666
Week
Slnc^
July 1
1921.
Peas.
Barley.
Wheat.
Flour.
Wuk
\
Busheis.^ Bushels. Bushels.
destination of these exports for the
1921 is as below:
gzporu for Week.
anA SUue
JiUv
Rye.
40.000
29,000
50.000
32,000
369.048 101,606
68,000] 50,000
15.000
206.000
1,000
992,000] 42.000
107.000
7.000
26.000
3.715.590 1.768.048 218.606
280.505 211,048
6.439.607
1921
Julv
Bushels.
474.000
650,000
392.000
412.000
204.000
272.000
TotAl week
The
Oott.
1.311,590
Boston
Baltimore
New Orleans
Galveston
St. John. N. B....
Week
Flour.
1
Bushels.
:
Com.
New
iNat American
iNat City
140
90
160
166
140
IPO
290
222
90
530
215
How
The
Zzportt from
.
350
155
Columbia*
248
Commerce
Com "n wealth* 215
130
""ontlnenta!.
O >m Exch*.. 355
90
Jogmop'tan*.
?lfth
Fifth
N Y
BU
Truat Co. 'a
A.tt
Manhattan *. 232
iVo" Mech A Met. 340
500
450 Mutual*
150
^ronx Nat
3ryant Park* 145
Butch & Drov 130
175
:;ent Mercan
285
Chase
216
:;hat A Phen
80
Chelsea Exch*
520
Chemical
Eaat River...
Bi4
of
Irving
i
14,666
4.000
1.506.000
a Receipts do not include grain passing ttiroiigh
through blU& of lading.
i
225
Battery Park. 120
430
Bowery*
itlantic
Coal <fe Iron.Colonial*
Banka
Nat
1
183
252
Bank Note Circulation
'36,666
4,140.000
14.761,000
537,000
..I
SlnceJan.l'2I
1.000
1.000
Alk
i
BANK NOTES— CHANGES
28,000
30,000
104,000
Bia
178
imerica*
•
Receipts at-
BanKs and Trust Companies.
City
All Dricea dollars per abare.
Broadway Cen 120
80
Bronx Bor *.
Rye.
bbl3.l96ibs. bush.
Clilcaso
'^79
Gold niln and bunion
/"
7.76M.oi/)2fl.'
'
367,681.801
372,662'.4H8
Arisnii
'f
Austr*!'
8,373.307
'
i2,'232 .901
1800...
•I
(•'.
iMiU
11.
1
1,1,1
1
•.
I.
,ii
I
Oih. eouDtr'a
•
•I .,r
iiiiiiiii
'.Hi
iiiiuk 'lUtc'i
,1
Tilt 11
.
.
.
»..;,.
J
..
'..
.
Mnimtnl tiDllml niatm aatlinitlml nl ltm,Wi/,UUU,
New York
City Realty
I
!.
1-111.718
(Jlroulntlim
and Surety Companies.
All prlc«a dollsra iMr ahars.
At»
«lltM R'K7..
4m«r Hurot/.
Sond A
8/i
,M ri.l
nS
,-
I
I
.N
06
I
100
(I
hfmtl
V
riila
Mori a
U«pnalli<il
wrltll
ltn«rrvn hnhka.
1
Iiriil
Hiiraty
'-
1
Oltr InTMttlnr
Proforrx'i
(M IrxlKral llrkcrvo Uolfi Hnttlnmniil Fund
RMlKy
TAvroftMl**
70
«
Wmn
140
I
103
A
Tlllr
>ii>l
Mrxiii
*
M
'1
I4A
IM
Ik
l(iwt<rvn
Imllliiii.
loUl
uirnU
hold
|27l,lii.'l.'.!Hll
of 12.0711, 404, 60:i
,
THE CHRONICLE
280
National Banks.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Jan. 11
Capital.
First National Bank of Holbrook, Ariz
—TheCorrespondent
Thomas, Holbrook. Ariz.
D.
S25,000
J.
,
First National Bank of RefuRio. Texas
Correspondent, Branch Smith, Relugio, Texas.
Succeeds the Bank of Refugio, Texas.
The Central National Bank of Morris, Okla
Correspondent. R. G. Toomer, Morris, Okla.
14—The
Jan.
50,000
Broadway National Bank of Denver, Colo
—TheCorrespondent,
E. R. Tibbals, Denver, Colo.
Succeeds the Broadway Bank of Denver, Colo.
Jan. 13 — The First National Bank of Watts. Calif
Correspondent, Peebles Shoaff, Watts, Calif.
$200,000
Jan. 11
—
2.5,000
—
9th St., Washington. D. C.
Conversionof Standard.SavingsBank Washington
,
,
DC
.
National Bank of Commerce of Wetumka. Okla —
—TheConversion
of the Bank of Commerce, Wetumka, Okla.
$30,000
Correspondent, S. M. Puryear, Wetumka, Okla.
First National Bank of Locust Grove, Okla
Conversion of tiio First State Bank of Locust Grove.
Corre.spondeut, J. E. Mann, Cashier of First State
Bank, Locust Grove, Okla.
The State National Bank of Idabel, Okla
Conversion of the First State Bank of Idabel, Okla.
Correspondent. D. B. Strawn, Idabel, Okla.
25,000
50,000
CHARTERS ISSUED.
9— 12088 The
First National Bank of Hitchcock. Okla
Conversion of the First Bank of Hitchcock. Hitchcock,
Okla. Pre-sident, J. A. Overstreot; Cashier, I. E.
Jan. 14
.50,000
50,000
TheMerchantsNationalBankofPortArthur.Tex.
— 12091
Pre.sident, George M. Craig; Cashier, E. P. Tucker.
—
—
50
15
3
5
10
100,000
Conversion of the Merchants State Bank. Port Arthur.
12092 The First National Bank of Poquoson, Va.
(P.O. Odd)
President, O. W. Smith; Cashier, W. K. Hunt
12093 The Farmers National Bank of Elk City. Okla.l^resident, W. E. Hocker; Cashier, AV. C. Thomas.
Conversion of Farmers State Bank of Elk City.
12094 The Farmers National Bank of Waurika, Okla..
President, P. E. Waid; Cashier, Floyd Miller.
Conversion of Frist State Bank of Waurika.
12095 The State National Bank of Stroud, Okla
I'resident, J. B. Clharles; Cashier, A. B. Collins.
Conversion of Stroud State Bank, Stroud, Okla.
12096 The First National Bank of Xenia, 111
President, William P. TuUy; Cashier, Ezra Kepp.
25,000
fillO
The
First National
Bank
63
1
Day &
Shares.
5 Flsk
25.000
25,000
Co., Boston:
I
i
i
\
29
\
10
2
7
H
.
i
By
Messrs. Barnes
&
Lofland, Philadelphia:
Stocks.
Slocks.
tpersli.
? per sh. Shares.
8 Athens Gae, Lt. & Fuel
401-10,000 ctfs. of Int. 505 Chests
5
3 Quaker City Nat. Bank
nut
Street
S
135>i
4 Jenkintown Nat. Bank
4 Philadelphia Life
190
10
6 Land Title <fc Trust
Bonds
Price
..480H
10 Cont.-Equit. T. & T., $50 each 101% $10,000 Rubles Russian Govern6 West End Trust
150-1501^
ment SJ-Ss, 1926
$4H per thousand
100 Camden Fire Ins. Asso., S5 ea. 11 '4
26,000 Guanajuato Red. & Mmes
20 People's Nat. Fire Insurance.. 21H
6s, 1924
$29}^
10 Lumbermen's Infjurance
10,000 New Jersey Gas 5s, 1940.. S35
..llOK'
20 American Dredging
Lib.
.5,000 TJ. S. 3d
L. 4Ms. 1928-898^
105
10 Smith, Kline & French, pref_. 60>i
40,000 Potts. & Ph. Ry. 5s. 1942 $900 lot
4 De Long Hook <fe Eye
4,000 Athens G.L.&F. 5s. 1942.. $51
34
8 Philadelphia Bourse, com
1 ,200 Temple College 5a, 1926. . .$90
6^-7^8
Dividends are
now grouped in two
separate tables.
In the
the dividends announced the current week.
Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
first
we
bring together
of
all
Company.
Per
When
Cent.
Payable.
Week ending Janunry
week
12.
Now
of
Feb.
Jersey (quar.)
pref. (quar.)...
IK Mar.
pref. (quar.)
*60c Mar.
Montreal
Toronto.Winnipeg
Vancouver
Ottawa
Calgary
Edmonton
Quebec
Hamilton
Victoria
Reglna
aaslsatoou
Halifax
John
London
Moose Jaw
St.
Electric Railways.
Montreal Lt. Ht. & Pow. Cons. (quar.).
Railway & l-i^ht Securities, com. <t pref.
3
1
Brantford
New Westminster.
Medicine Hat
Petci borough
Shcrbrookc
Kitchener
Windsor
— 11.5
—24.1
— 4.8
Klnsston -
—8.1
— 14.5
— 10.3
+ 6.2
726,772
745,943
— 10.5
338,163
967,325
752,929
Moucton
—2.5
fi73,lSl
IflRt
6,891,572
2,792,945
4,1,50.425
2,084,892
4,926.890
3,364,801
3.433,291
1,573.203
744,829
702,675
810,000
1,290,578
592,848
523,786
845,298
-6.8
662,091
1,560,573 —34.1
—0.8
511,220
504,200 —23.4
971,457 —30.1
1,344.185 —42.7
1,024, .329
935.465 + 11.1
1.106,217
2,868,398 + 13.9
2,224,483
407.112
16.9
531,648
870.485 + 11.1
Not includ ed In totals
—
340,602,680 373,210.4801
Estimated on basis of
0,ei4,.523
—20.2
,040.163
,267,701
Prince Albert
-f20.1
—22,4
1.606,4.32
515,383
386,230
678.546
769.805
1920.
13,794,414
8,348.968
8.680,222
5,558,987
,353,379
870 530
624,005
027,593
Biandon
•
— 3.9
—20.5
— 37.1
officially reported
1919.
10,.320.048
6,618,408
5,387,100
3.745,185
4,394.549
4,711,400
1,900,000
3H
of rec. Jan.
Holders ol
rec. J.-in.
31
2<f
Extra
Twent.v-Thlrd
Extra
*5
Feb.
Feb.
Feb.
Feb.
Feb.
*5
3
Feb.
Jan.
•Holders of rec. Jan. 19
Holders of rec. Jjin. 14
On dem
•Holders of
Feb.
Feb.
Jan.
Feb.
Feb.
Feb.
•Holders
•Holders
Jan. IS
•Holders
•Holders
Holders
Holder?
Holder?
Holderf
Holders
Holders
Holders
Holders
•3
*2
Pacific (quar.)
5
Ward...
Holders of rec.
26
to
26
to
28
to
28
to
1
•Jan.
•Jan.
•Jan.
•Jan.
1
1
I
1
Jan.
Jan.
Jan.
Jan.
Jan.
28
31
31
31
31
Trust Companies.
Farmers I,oan
&
Trust (quar.)
of Westchester
County
Miscellaneous.
Americnu Bank Note, common (quar.).. •$1
Common
*$1
2
(extra)
Amcrlc.Tn Book (quar.)
American Br.%ss (quar.)
American Linen (quar.)..
American Soda Fountain (quar.)
American Telegraph <fe Cable (quar.)
Amer. Watrr-Work.s <fc Elec, pref. (qu.)
Amoskeag Manufacturing, com. (quar.).
& Co., Inc.,
pref. (quar.)
Boston Morris Plan
Brooklyn Edison Co. (quar.)
Buckeye Pipe Line (quar.)
California Packing Corp. (quar.)
Champion Copper
Chariton Milk (quar.)
Chic. Wilm. «fc Franklin Coal (quar.)
Cleve. Elec.
Cleveland Stone
Cllnchflcld Coal Corp., pref. (quar.)
2,-562,6 11
2,552.194
1.751.654
642.483
r,bS.086
6.50,000
807,612
496,423
.384,701
699.171
665,091
602,414
1,197,934
384,701
Ill
O"".!
pref. (quar.)
Columbia G.as & Elec.
Copper Range Co
Davis Mills (quar.)
(quar.)
Feb.
$1.50 Feb.
$2.25 Feb.
15* Feb.
Jan.
3
1J4'
Steel Pulley, pref. (quar.).
Dominion Bridge. Ltd. (quar.)
Dominion Coal, pref. (quar.)
Dome Minos (capital di.=trlbution)
Chemical, common (quor.)
•Holders
Holders
Holders
•Holders
Holders
Holders
Mar.
Holders
1«
(extra)
I'A
•134
2H
Kdison Elec. 111. of Brockton (quar.)
Goir (Robert) Co.. 1st pro:, (quar.)
15-4'
—
*IH
Ilium. & Power Scour. Corp.. i:f. wu.)..
Iron Products C;orp.. prol. (quar.)
15i
*2
2
Go.ssard (H. W.) Co., pret. (quar.)
Idaho Power, pref. (quar.)
Illinois Northern Utilities, prel. (quar.).
Kellogg Switchboard
&
Supply (quar.)
.
Holders
Holders
Feb.
IH Jan.
Jan.
1%
*H Feb.
Feb.
2
I6c. Jan.
Mar.
*S6
Feb.
2
IH Feb.
IK Feb.
Feb.
2
*1H Feb.
*1
Feb.
Mar.
•$l
•$1
134
Preferred (quar.)
liastorn Mfg. 1st pref. (quar.)..
Mar.
Mar.
Mar.
•15i
Hi
1
IH
Dodge
Dow
Common
lU Mar.
*$1..50
Ltd., pref. (quar.)
Canadian Explosives, conmion (quar.)..
Preferred (quar.)
Cedar Rapids Mfg. & Power (quar.)
Celluloid Co., prel. (quar.)
Cent. W'h'se & Rcfrig., class A, (m'thly)
1.798,329
•1
I'A
2
*$2
Canada Cement.
2,3;?G,341
4.391,2.55
—8.7 354,736,114 264,717,076
week.
Holders
Feb.
Feb.
Banks.
Continental
.\U3fin, Nichols
—3.7 132.797.650 100,326,850
—2.5 91,891,147 64,078,478
—26.0 47,435,383 40,053,0.'52
1
Lethbrldge
Fort William
Total Canada
1921.
S
IIU •467,852 124,156,918
105 441,110 108, 140. .521
43 ,475,869 .'58,769,373
1.3 763,115
14.326,344
7,989,101
6 347,006
8,459,349
5 ,314, 7«1
.1 658,404
4,709,895
6,962.822
5 ,388,841
6.1.36,713
5 ,426.819
2.541,198
930,000
862,205
4,164,182
3
1 ,814,940
1,975,446
4,404,472
3 ,763,050
3,278,341
2 ,939.157
3 ,333,936
3,138,463
•Holders of rec. Jan. 27
Holders of rec. Feb. 18
9 •Holders of rec. Feb. 1
1
1
and
Street
Preferred
Inc.
1922.
Inclusive.
Jan. 15 1942
8.7%.
Canada
Books Closed.
Days
Railroads (Steam).
RK.
N. O. & Tex. Pac,
Reading Company, first
Mutual
clearings for the
or
Dec.
COM
.
Cin.
ending Jan. 12 at Canadian cities, in comparison Mith the
same week in 1921 show an increase in the aggregate of
—
70}^
30 Consol. Renderin.? com
Fire Insurance.
Paeidc Fire
Clearings ai
$ per fh.
1st pref
'.
Central
CORPORATE EXISTENCE RE-EXTENDED.
Canadian Bank Clearings.— The
Stccks.
Rubber
Stocks.
% per sh .] Shares
$ per sh.
1st Nat. Bank. Boston
lOFltchburg G.&E.L., $50 each.. 7o
303
Wm. Whitman Co. pref
97
10 Worcester Gas Light
85K
Wamsutta Mills
125
2 Public Util, pref.. $50 each
25}^
Naumkeag Steam Cotton.. 223 J^-224 5 Converse Rub. Shoe.' pref
89
Merrimack Mfg. pref
15 Graton & Knight Mfg. pref
76
50
Hamilton Mfg
Quincy
2
Market
Cold
&
Storage
92M
Big.-Hartr. Capet ex-div
157
& Warehouse com..
151?i
E. Ma.ss. St. Ry. adj. stock
25
8 Hartford Fire Insurance
5369-4
Boston & Prov. Rd. Corp..l27-127}-5 10 Int. Cement pref
70H
Cambridge El. Lt...
6H 4 Hood Rubber pref
97K
Plymouth Cord
Bonds.
17512
Pticc.
Amer. Mfg. pref
1-53,250 U. S. Ub. 4Ks, 1942
$97.60
74
Charleston G.&E., $50 each.. .101
550 U. S. Lib. 4^3. 1947
97.90
25,000
9 1942
10 1942
10 1942
13 1942
13 1942
.Tan. 14 1942
..Jan. 14 1942
2630 The First National Bank of Pendleton, Ore...
150^^-1505-^
Stocks.
Name
Jan.
Jan.
Jan.
Jan.
Jan.
of Marianna, Fla
Arnold, Boston:
sli.l
50,000
Until Close of Business
First National Bank of Marion, No. Caro
First National Bank of Memphis, Tex
First National Bank of Benton, 111
Tile First National Bank of Waverly. Kan
The First National Bank of Hillsboro, Kan
The First National B.ank of Volga, So. Dak
The
The
The
S per
Messrs. R. L.
CORPOR.\TE EXISTENCE EXTENDED.
6095
6107
6136
6101
6120
6099
&
Hobbs
DIVIDENDS.
of Tahlequah, Okla.
President, J. Robt. Wyly; Cashier, W. P. Hicks.
Conversion of the First State Bank of Tahlequah.
1 2090 The First National Bank of Sebring, Fla
President, H. O. Sebring; Cashier, P. J. Rippberger.
Conversion of the Bank of Sebring.
Jan. 13
Messrs. Wise,
$25,000
10—12089 The Liberty National Bank
Jan. 11
1
Price.
Shares.
The
Jan.
By
Shares.
8
York:
Slocks.
i'
By
30
New
Sons,
150 Loco Feedwater Heater. 10c. per sh.
S13 per .sh. 166 Cent. Hudson Steamboat pt.$300 Jot
Humble Oil & Ref
.S216U per sh.
35 Kingsboro Hotel of Glov
$50 lot
Casino Realty of Bkl5n-$28}^ pcr.?h.
SO Federal Add. Mach., prel.,
Mot Tiuek Publi!5hing, no p:ir.S50 lot
$10 each
$60 lot
Protecto Pump, no par
',$15 lot
Protecto Pumj) pref
Bonds.
Price..
Merchants Land & Develop.,
Sll.OOO Pitts. & .Sh. RR. 49, 1952. S60 lot
.S20 each$500 lot
5,500 Staples & Hanford 5s. '31 5180 lot
Loco Pulverized Fuel pref.S.50 psr sh. 165,000 Rubles Russian Int. War
Loco Pulverized Fuel com. 10c. per sh.
Loan 5^8, 1926
S950 lot
Shares.
Stocks.
20 Ma.ss. Cotton Mills
6
APPLICATIONS TO CONVERT APPROVED.
Jan.
1,50
1.50
&
Shares.
Price.
.S5 lot
Slocks.
Hlghlield Forms
r:urbon Steel common
100
100
.50,000
Correspondent. D. G. Bing, Pa.so Robles. Calif.
1,000,000
The Hamilton National Bank of New York N. Y
Correspondent, Edmund D. Fisher, Heckscher Bldg.,
Fifth Ave. at .57th St.. New York, N. Y.
$30,000
Jan, 10- -Security National Bank of Boise City, Okla
Conversion of the First State Bank of Boise City.
CorresT)ondent, John C. Johnson, Cashier, First State
Bank, Boise City, Okla.
._
30,000
The American National Bank of Walters, Okla
Conversion of the Security State Bank of Walters.
CorresgK)ndent, H. J. Brown. Walters, Okla.
.?200.000
Jan. 13-— Standard National Bank of Washington, D. C
Correspondent. A. S. Gardiner, New York Ave. and
1.3
48
25
45
25
Messrs. Adrian H. Muller
20 Ipswich Mills com
APPLICATIONS TO CONVERT RECEIVED.
Jan.
By
Sharea.
.50.000
The First National Bank of Eagle River, Wis
Correspondent, E. W. Ellis. Eagle River. Wis.
Succeeds the State Bank of Eagle River, Wis.
The Paso Robles National Bank, Paso Robles, Calif
—^Among
other securities, the following,
not usually dealt in at the Stock Exchange, were recently soM
at auction in New York, Boston and Pliiladelpnia:
260
APPLICATIONS TO ORGANIZE APPROVED.
Jan. 14
Auction Sales.
15
25.000
[Vol. 114.
lU
*1K
Holders
Holders
Holders
Holdeis
•Holders
•Holders
•Holders
Feb.
Jan. 22
Feo.
Holders
Feb.
Holders
Apr.
Holders
Feb.
Holders
Feb.
Holders
Feb.
Holders
Feb.
•Holders
Feb.
Holders
Feb.
Jan. 22
Feb.
Holders
Feb.
Holders
Feb.
•Holders
Feb.
Holders
Feb. 15] Holders
Jan. 31 Holders
i
rec. J:ui.
17
of rec. Jan.
of rec. Jan.
to
Jan.
of rec. Jan.
of rec. Jan.
of rec. Jan.
of rec. Feb.
of rec. Feb.
of rec. .fan
of rec. Jan.
of rec. Jan.
of rec. Jan.
of rec. Feb.
of rec. Feb.
of rec. Fob.
of rec. .Tan.
of rec. Dec.
of rec. Deo.
of roc. Jan.
of rec. Jan.
of rec. Jan.
28
28
of rec. Jan.
of
of
of
of
of
of
of
of
of
01
of
of
of
31
28
17o
17a
30a
12
17
21
2S
31
31c
31a
31
30
IS
y
rec. Jan. 1.S
rec. Jan. 25
reo. Jan. 20
rec. Jan. 26
rec. Jan. 31
I
rec. Feb.
rec. M.or. 11
to
of
of
of
of
of
of
of
of
37
21
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
to
rec.
rec.
rec.
rec.
rec.
reo.
Jan. 31
Jan. 31a
Jan. 12
Mar.
31
Feb. 4a
Feb. 4a
Feb. 4a
Jan. •20
Jan. 20
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
31
25
18
20
31
1
24
THE CHEONICLE
21 1922.]
•Jan.
Same
of
Company.
Luther Manufacturing (quar.)
Madison 3ale Deposit
Evtra
Merchants Manufacturing (qaar.)
MohawK Mining
Montreal Light. Heat & Power (quar.).Morosco Holding Co., Inc., common
(quar.)
Motor Products Corp. (quar.)
National Lead, pref. (quar.)
National Tea, pref. (quar.)
New Cornelia Copper
New River Co., pre/, (acc't accr'd div.)-
50c.
Mar.
1
I
I
(quar.)
Prefened 'quar.)
3t. Lawrence Flour Mills, com. (quar.)..
(quar.)
Shove Cotton Mills (quar.)
Standard Oil (Ohio), pref. (quar.)
Stem
Feb.
I
pref. (quar.)
Pyrene Manufacturing (quar.)
Praferred
Holders of
Holdars of
Holders of
Mar.
Ih
I
Philadelphia Insulated Wire
Portland Gas & Coke, pref. (quar.)
Procter & Gamble Co., common (quar.).
Producers' <fc P.efg. Corp., pref. (quar.).
Motor Car. common
Name
Inclusive.
rec. Feb 20
rec. Jan
23
ree. Feb
15
rec. Jan. 17
rec. Jan
28
rec. Jan. 20
rec. Jan. 17
rec. Feb. 10
rec. Feb. 10
rec. jan. 21
rec. Feb.
In
rec. Jan. 31
rec. Jan. 25
rec. Jan. 25
rec. Jan. 20
rec. Feb. 24
rec. Jan. 19
rec. Feb.
3
rec. Jan. 20
rec. Jan. 20
rec. Jan. 2S
rec. Jan. 20
rec. Jan. 25
rec. Jan. 27a
Holders of
Feb.
Holdeis of
IH Jan.
Holders of
Feb.
*2
•Holders of
Feb.
Holders of
Feb.
3
Hold?rs of
1
Feb.
*2
Holders of
Feb.
Holders of
Feb.
SI
•2
Holders of
Feb.
Holders of
Feb.
SI
Feb.
Holdeis of
S2
Holders of
*S1.25 Feb.
iMfr.
Holders;
of
IH
Holders of
I« Feb.
•2oc Feb.
Holders of
*f>i;.i
Feb.
Holders of
Feb.
Holders of
In
Feb.
*S1
1 Holders of
Holders of
1
l?i Feb.
»5
iFeb. Io'»Holders of
Feb.
Holders of
87 H
to
Jan. 20
25c. iFeb.
Feb.
Holders of rec.
*l
Holders of rec.
*1H Feb.
*1^ Feb.
Holders of rec.
Holders of rec.
*IH Feb.
Feb.
Holders of ree.
*13* Mar. 1 Holders of rec.
Mar.
Holders of rec.
2
Holders of rec.
50c Feb.
1
Jan.
Holders of rec.
*2
Jan.
Holdcis of rec.
Feb.
Holders of rec.
3
Feb.
Holders of rec.
I
5o;t
Feb.
Holders of rec.
*$x
Feb. 15 *Holder3 of rec.
Lowell Electric Light Corp. (qusr.)
Rusfell
Days
•3
Uncoln Manufacturing (quar.)
Undf ay Light, pref. (quar.)
Power & Ught,
VThen
Payable.
2M
Preferred (quar.)
Lee Tlra & Rubber (quar.)
Pacific
Per
When
Cent.
Payable.
Books Closed.
Per
Cent.
of
Company.
Books Closed.
Days
Inclusive.
Miscellaneous (Concluded)
Miscellaneous. (Concluded.)
Lancaster MlllH, common (quar.)
Prefeired
281
1
Bros., pref. (quar.)
Stewart-Warner Speedometer (quar.)
Trenton Potteries, non-cum. pref. (qu.).
Cumulative pre/erred (qnar.)
United Royalties (monthly)
Extra
Virginia Iron C"oal A Coke, common
Yellow Cab Mfg. (quar.)
.
.
Dominion OH (quar.)
Dominion Steel Corp., pref. (quar.)
du Pont Chemical, com. & pref. (quar.).
du Pont de Nemours 4 Co.
Preferred
(quar.)
Bond & Share, nief. (quar.)
Elgin National Watch (quar.)
Eureka Pipe Line (quar.)
Exchange Buffet Corp. (quar.).
•2
Gillette Safety Razor (quar.)
Stock dividend
Halle Bros., 1st 4 2d pref. (quar.)
Harris Bros., pref. (quar.)
HoUinger Consolidated Gold Mines
Homestake Mining (monthly)
Hupp Motor Car Corp., com. (quar.)
Indiana Pipe Line (quar.)
Ingersoll-Rand Co. (quar.)
Feb.
Feb.
Feb.
1
19
1
la
1
2
2
$1.25
3
2
Fajardo Sugar (quar.)
Fall River Gas Works (quar.)
Famous Players-Lasky Corp., pref. (qu.)
Federal Sugar Refining, com. (quar.)..
27
15a
19a
IH
IH
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
Feb.
Feb.
Holders
Holders
Holders
Holders
Holders
Feb.
Feb.
Feb.
Mar.
$3
Holders
J tine
IH
Jan.
Jan. 25
•IH Feb.
Holders
25c. Jan.
2H
Feb.
Feb.
S2
2H
10
of
of
of
of
of
of
20
20
20o
16
lo
10a
20
16
200
20
16
16a
20a
20a
la
21a
21
16
31
24
21
rec. Mar. 25
rec. Jan. 14a
rec. Jan. I4a
rec. Jan. I4a
reo. Jan. 31
rec.
1
May
to
Jan. 31
rec. Jon. 12
rec. Jan. 13
rec. Jan. 20a
rec. Jan, 16a
of reo. Jan. 24
of rec. Jan. 14a
of
Holders of
Holders of
Holders of
Jan.
1
Mar. 10
Holders of rec. Jan,
of rec. Jan.
of rec. Jan.
Holders of roc. Feb,
Holders of rec. Jan.
Holders of rec. Feb.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec Jan.
Holders of rec. Jan.
Holders of rec Jan,
Holders of rec, Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Feb.
Holders of rec. Jan.
Holders of rec, Jan.
Holders of rec. Jan.
Jan. 21
to
Jan.
Holders of rec. Jan.
Holders of rec. Feb.
•IH Mar.
•IH Apr.
*«2H
rec.
to
Holders
Holders
Feb.
IH Feb.
IH Feb.
IH Feb.
S2.50 Feb.
IH Feb.
IH Feb.
IH Feb.
IH Feb.
IH
IH
IH
Holders of
Jan. 16
Jan. 31
6 Holders of rec. Jan. 25
Jan.
3
Electric
General Motors, 6% pref. (quar.)
Debenture 6% stock (quar.)
Debenture 7% stock (quar.)
31
IH
Hosiery Mills, pref. (quar.)
Edison Elec. 111. of Boston (quar.)
Elsenlohr (Otto) 4 Bros., com. (quar.)..
21
21
21
1
1
•IH Feb.
•IH Feb.
IM Mar.
Durham
23
23
31
-Apr.
Feb.
25c. Feb.
1 Vi
Debenture stock (quar.)
duPont(E.I.)de Nem. Powd., com.Cqu.)
Preferred (quar.)
Firestone Tire & Rubb.. 7"^ pref. (qu.).
Fisher Body Corporation, com. (quar.).
Preferred (quar.)
Fort Worth Power & Light, pref. (quar.)
Franklin (H. H.) Mfg. Co., pref. (quar.)
General Cigar, common (quar.)
Preferred (quar.)
Debentiure stock (quar.)
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb,
Jan.
Jan.
Jan.
Feb.
30c.
Holders
Holders
Jan.
International Harvester-
Below we give tde dividends announced in previous weeks
and not yet paid. This list does not include di\idends
announced this week.
When
Per
Name
of Comvany.
Railroads (Steam).
Alabama Great Southern, preferred
.4tcb. Topeka A Santa Fe, com. (quar.).
Frelerred...
3H
CenadA Southern
CUc. St. Paul MiDD. A Omaha, com
I
Preferred
'
Great Northern (quar.)
1
4 Coal. pf.
Mahoning Coal RR., common
I
Michigan Cential
Mine HIU 4 Schuylkill Haven
Nash Chattanooga 4 St Louis
.
.
New York
Norfolk 4
Feb. 17
IH Mar.
iFeb.
i
Hunt.<Sc Broad Top Mt.RR.
Louisville 4 Naahvllle.
Books Closed.
Days
Cent.. Payable.
Central RR. (quar.)
Western, adj. pref. (quar.)..
IH
I
II
50c.
Feb. II
Feb. 20
Feb. 20
Feb. V
Feb. 15
3H
IFeb. lOJ
2H
3H
I
IH
%S
Feb. 1|
Jan. 28
4
$1.25 Feb.
3>A Feb.
Hi Feb.
Holders pf rec.
Holders of rec.
Holders of rec.
Holders of lec.
Holders of rec.
Holders of rec.
Holders of rec.
to
Feb. 2
Holders of rec.
Holders of rec.
Holders of rec.
to
Jan. 14
Holders of rec.
to
Dec. 31
•1
Feb.
Holders
Northern Pacific (quar.)
IH Feb. 11 Holders
Pere Marquette, prior preferred (quar.).
IH Feb. 1 Holders
'«2. 501 Feb.
Pltt«burRh4 Lake Erie
l! 'Holders
Pittsburgh 4 We«t Va., prel. (quar.)
1>A Feb. 28: Holders
Reading Company, common (quar.)
$1
Feb. 9 Holders
1
Street and Electric Railway*.
Carolina Power 4 Light, common (quar
Dallas Power 4 Light, pref. (quar.)...
Duqucsne
Llr'
"
•
r':f.
•
Ry
Georgia
Milwaukee
(quar.)
pref. (guar.)..
Light, prcf.(qu
Philadelphia Cu., coaii.iOn (quar.)
Sierra Pacific Elec., pref. (quar.)
Virginia Ry. 4 Power, preferre<l
pref. (quar.)
Wert Penn Power,
1
•
We« Penn Tr. 4
7%
Water Pow.,
pref. (qu,
Preferred (ac<t. accumulated diva.)..
York Ryt., preferred (quar.)
Inclusive.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
Ja*.
Jan.
Dec.
Dec.
Feb.
Feb.
Dec.
Feb.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Feb.
Jan.
20
31a
30a
300
la
la
31a
14
16a
16a
30a
31
21a
25
31
14a
25
Alli9-Ctialiiier<i .Mfg.,
IH
IH
IH
IH
IFeb.
'Feb.
Feb.
iJan.
76c jJao.
IH 'Feb.
ll
Feb. l:
Feb. 11
Feb. IG
Feb. 15
fl2>ic. Jan. 31
te
IH
I
<
Feb.
common
AiDericao Cigar, comraon
AiDOlcanCoal 'quar.)
Amer. Dlrt.Teleg. of -N.
(quar.)..
(quar.)
of rec. Jan.
of rec. Jan.
of rec, Jan.
Jan.
to
of rec. Jan.
of rec, Jan.
of rec. Jan.
of rec Jan.
of rec Jan.
Holdertf of rec Jan.
UolderH of rec Jan
Holders of rec. Jan.
Holders
Holders
Holders
Jan. 11
Holders
Holders
Holders
Holders
Holders
Amerl'
Americ.
1
2
I
ExUa
1
pref. (quar
Ali>»r.'.
)
.
(quar.)
(quar.)
-rfi-rre<l
1
r.
IH
3
IK
Pref.
Ani.
I.n
K
I
AmolCAb
LUt.l
^
.lDC.,Com.(qu.)
r,^ lion. corn,
(quar.)
CoffllDon (p*yahlii In rororuoD itock).
Pref-i
*m»-r
—
!
I
nn (qoar.)
;
Prirf.
Am«r.
360. IFeb. 15
I
I
n
IH
-
X. iMm. (quar.)
fkrtt.i
JT,.',
1
•1
IM
IH
2H
IH
Feb,
|Feb.
(Feb.
I
1
I
JMar. 31
Feb. I.'.
I
|Feb.
I
Feb.
1
IFeb.
1
26c.lJ»n. 311
Fob.
;Mar.
1
.
'
.......
J
AB>:'
At
IH
IH Mar.
fqaar.)**
A
IH
Ih
'g«
.J**
of rec. Jan.
of rec. Jan.
Fob.
to
of r<'<'. Jan.
of r<rc. Jan.
of tec. Jan.
of rec. Jan.
of rec. Jan.
of re.:. .hill.
Iloldfix of ri( Fi-b.
Jan.
to
Jan.
.
U
M
to
Jan.
to
Jan. 14
Holder* of rec.
lloldem of re<;.
to
Jan. 15
to
Jan. I.'>
to
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1
HoUUtn
of rec.
I
lluUllTH of Tir
ll
11
ireb.
I.
Feb.
i!
llolrli-rn lit
11
r«
olden of
lloldxm
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i\
roc.
of roc.
to
lloldnr* of (eo
of riHi
t
to
of ftm
'll<.;.l.r<i
1
A
Miami Copper (quar.)
Middle West Utilities,
pref. (quar.)
Preferred
Preferred
common
1
19
20a
IGa
20a
10a
Ifi
IC
16
2 la
16
24a
14a
1
Mil
Ibu
16
20a
lOa
10(1
la
31
31
130
14
4
4
I.
3
Trading
(quar
MfR.
KI'pvit
4
common
)
4
nutlDllul
Oil (quar.)..
r A l.lk'ht. preferred (quiir.).
irodurta Corp , corn. (quar.).
Ml of Calif, (quar.)
....
.
f
•
ion
«trn
I
I
11
t
111. .11
I
I',
ml.
'
(
iir,
'
ixim.
mt pn
and
prof, (qnar.)
fi'rrrd (quAT.)
•Holdors
Holders
Holders
•Holdors
of
of
of
of
of
of
of
of
of
of
•IH Mar.
87 4c Feb
•lliil<liir«
87
(quar.).
(montlily)
Jan.
He Mar.
llllldlTH
llnliliTH
llnldori)
Jan.
I
Jan.
26c. Fob.
lloldom
lldliloni
Jiui.
I
MnM. •
I6a. Jan.
').
on
llclilii
2
Jon.
IH
Mnr.
(uuar.)
I
I
..1...
rommon
prof,
I-
60(1
loll.
IH
An
A7
diuiu .)......
la
20a
20a
15
I6a
19
19
19a
16
10
la
31
14a
31
Mar.
Feb.
Jan.
Jan.
Feb.
Deo.
31
31
16a
20
20
31a
14a
10
31
6a
31
Jan. 31a
Apr. 29a
Feb. 4
21
16a
20o
Dec. 31a
Dec. 31a
Dec. 31(3
Jan. 14
Jan. 14
Jan. 31u
Feb. la
Mnr. 10
Jan.
5
Jan. 16a
Dec. 31
Jan. 13a
Jan. 16
Feb. 15
roc. Jan. 14
reo. Jan. 10
roc. Jnu. 10
roc. Jan. 21
roo. Fob.
1
roo. Jan. 21(1
nw. Mnr. 10
10
r«o. Jiui.
roo. Jiin.
roo. Jan.
81a
Jiiii.
Ilii
lis
of ro'. I'oli.
of roo. Jiwi. ina
of rt>o. Jnn.
9a
of It^ll. l''i'li _JHii
of ri'o. Jnn.
A
ot riKi. Jnn.
6
of rro. Jiui.
tta
of ri'o. Jan. IHa
Inn.
'
llol.
Kb
f.0c.
3
(qu)
-.1
I
of
of
ol
rec.
rec.
rec.
rec.
rec.
reo.
roc.
roo.
roc.
rec,
rec.
rec.
roc.
rec.
lll,lilrr.'l <it ro<'.
S
Miiing (quar.).
;/0u
of
Jan,
Feb,
Feb.
•IH Feb.
2
Fob.
$1.20 Fob.
3
Apr.
IH Fob.
IH Feb.
2
Jan.
1
Jan.
ir>c.
i.niiiiivi'iMi'nt, iiri'f.
iiltlra
'
of
of
of
of
ol
llolilon
llolilom
26a
.
of
of
llol(lrrT<
Jan.
Feb.
Jan.
Jan.
Jan,
Jan.
Feb.
Feb.
Jan.
Jan.
Jan.
Feb.
Jan,
Jan,
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
31
26a
13a
of rec. Jan
13a
of rec. Jan. 17n
HolilcPM of
lloldom
rec.
rec.
rec.
rec.
rec.
rec,
rec.
rec.
rec.
rec.
reo.
rec.
reo.
rec.
rec.
Dec. 24a
Jan. l<ia
Jan. 16a
Jan. 31
Jan. 20
Jan.
Jan.
Jan.
to
Jan.
of rec. Jan.
of rw. Jan.
Holdoni
Holders
Holders
•Holders
•Holders
Mining 'qunr.)
'
to
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
Holders
lloldorH
lIoldorH
Tloldont
rec.
reo.
rec.
rec.
reo.
rec.
of reo.
of rec.
of rec.
of rec.
of rec,
of rec.
of rec.
of rec.
Jan.
IIOldOTB
rec.
rec.
reo.
rec.
reo.
to
to
30c. Jan.
IH
IH
(quar.)
of
of
of
of
of
of
Holders of
Holders of
IH
Kiiuinn, pref. (quar.)
2d pref. (quar.)
"vi, iHt
Holders
.\pr.
•2Hc
•«20
4
Canada,
of
Profirrcd
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Jan. 26
Holders
HoUlirs
Holders
Holders
Holders
HoldtiH
Holdcis
•Holders
Feb.
Feb.
Feb.
IH Feb.
400. Feb.
2
Feb.
IH Jan.
IH Jan.
IH Jan.
3
Jan.
4
Jan.
3
Jan.
•IH Feb.
•IH Feb.
2
Feb.
IH Feb.
.SUindard Indcrground Cable
IXra (iinyable In stock)
TraiiHport
SliiiiiionB
Hiwl Co.
Holders
IH
Co., preferred (quar.)
Sinclair Coiisol. Oil, pref. (quar.)
»Ui-',\
Jan. 26
Holders
Holders
Holders
Holders
Holders
Holders
IH
IH May
Jan,
83HC. Jan.
•IH Feb,
•2
Fob.
i>riif.
.
2H
Holders
Holders
2
'.
i:xtra
Prairie I'Ipc Line (quar.)
Public ,son-lce of Nor. Ills., com. (quar.)
I'r.-ferred (quar.)
Pullman Co. (quar.)
............
(Juakcr Oata. pref. (quar.)
Itiinijcr Tcxius oil (quar.).......
Rochester Hllvor Co
Halt (reck Producers (quar.)
Shaffer on A Heflnlng. pref. (quar.)
.'•I
f
;
4
Phillips-Jones Co., preferred (quar.)
Pick (Albert) 4 Co., common quar.)
Pierce Oil Corporation, pref. (qunr.)
PItlsbursh Coal, common (quar.)
I*rcfcrrcd (quar.)
Plant (ThomasG.) Co., 1st pf. (quar.)..
Prairlt Oil 4 Gas (quar.)
<
'OUiiMr.)..!
Holders
Holders
Holders
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Apr.
Feb.
Jan.
Feb.
Feb.
Feb.
Feb.
lOo.
Jao. afla
Knb.
I
Jan. ill
Jan. INa
')>.
1
Holders
•2
Penn Tnif f Ic
31a
inu
31
Mar.
50c. Feb.
2H
Preferred (quar.)
Penmans, Ltd., com. (quar.)
Preferred (quar.)
.Mar. 16a
la
Feb.
Jan. 31
Jan.
Jan.
Jan.
Jan.
Kib.
Kcb.
Deo,
Jan.
Jan.
Holders
Holders
Holders
Holders
Holders
Holders
Jan. 27
Jan. 27
Holders
Holders
IH
IH
IH
(quar.)
(quar.).
Northern States Power, common
Ontario Steel Products, pref. (quar.) ._
20
Feb.
Feb.
IH Feb.
I
Feb.
5
Feb.
IH Feb.
50c. Feb.
25c. Feb.
IH Feb.
IH Feb.
1
(quar.)
National Biscuit,
:
(.No
IH
2
SI
Midwest Refining (quar.)
Mobile Electric Co., preferred
*3H
Preferred (account accum. dividends). ft2
Morris Plan Co. of New York (quar.)..
IH
2
Mulllns Body, preferred (quar.)..
Nash Motors, common
$10
18
26
Jan. 26
Jan. 20
iifi.
1
*2
$1
Kelsey Wheel, pref. (quar.)
Kress (S. H.) 4 Co., common (quar.)
Liberty Match Co
Lima Locomotive, preferred (quar.)
Lit Brothers Corporation
Extra
Loose- Wiles Bii'cuit, 2d pref. (quar.)
Massachusetts Gas Cos., com. (quar.)..
*$1
Mexican Seaboard OH
National Licorice, com. (extra)
New Jersey Zinc (quar.)
Jan. 31a
of rec. Jan.
lloldrm of rec.
>eb.
I>i.
rec.
I
IVi Jan. 26
I
Holders of
Feb. 1 Holders
Feb. 15 Holders
Feb. 1 Holdcre
Feb. I 'Jan. 13
Jan. 3<J IIOUICTH
Jan 30 Holflcni
Feb. 1 IloldiTS
Feb. 1 HoldiTH
Jan. 25 Jl0lrt(TB
Jan. 25 lloUIlTH
tl
'tl
J. (quar.)
IH
New York Dock, common
Feb.
Jan. 25 Holders of
Feb. I Holders of
Feb. I Holders of
Feb. 16 Holders of
Feb. 1 Holders of
/2
3
stock)
la
17a
I
Exchange (quar.)
MJtccllaoeouk.
AlU«d Chemical 4 Dye Corp., com. (qu.)
common
(payable In
International Nickel, preferred (quar.)..
Kaministiquia Power (quar.)
Kaulmann Dept. Stores, com, (quar.)..
Kajrser (Julius) 4 Co.,
First and second preferred (quar.)
Kelly-Springfield Tire, pref. (quar.)
3()a
Baaka.
Com
Common
Intemat. Mercantile Marine, pref
Inn.
Ilia
loll.
I
Jnn.
roe
.inn.
An
14
14
Jan.
Jan.
Apr.
Apr.
J7a
JIa
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in
in
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.
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July 30 000 Oct. 86 !•
Mr.
THE CHRONICLE
282
Transactions at the New York Stock Exchange daily,
weekly and yearly, Brought forward from page 288.
—
Week ending
Jan. 20 1922.
Stocks.
Monday
428,405
778,320
Tuesday
Wednesday
Thursday
862.171
776 ,.599
Saturday
--
S40.029.400
69,005.000
68,051.700
70,939.000
729,3.50
Friday
-.-
and Foreign
Bonds.
Bonds.
Par Value.
Shares.
State.
SI. 147 .000
7,709,200
3,025,300
7.126.500
7,34 ,300
8,484,000
1,839.000
1.909.000
1.078. OCO
1.421, OCO
1
U
—
Boston Clearing House Banks. We give below a summary showing the totals for aU the items in the Boston
Clearing House weekly statement for a series of weeks;
BOSTON CLEARING HOUSE MEMBERS.
S
Bonds.
S5 .548. 000
6.S.000.000
120.790,000,
1,125,500
Mun.
Railroad,
lie.
[Vol. 114.
10..549.000
7. 021. OCO
6,056.000
6,202.000
,099,000
Changes from
Jan. 14
1922.
SO ,.554.000
7.421,000
previous week.
$
Circulation
2 ,133.000 Dec.
Loans, disc'ts & investments. 511 ,905.000 Dec.
Individual deposits, Incl. U.S. 396 ,440.000 Inc.
Due to banks
103 ,324.000 Dec.
Time deposits
22 ,.500,no0 Inc.
United States deposits
11, 677.000:Dec.
Exchanges for Clearing House 17 ,573.0001 Dec.
Due from other banks
58, 7fl3.000lDec.
Reserve In Fed. Res. Bank
44 ,073.000! Inc.
Ca-sh In bank and F. R. Bank
7, 909,000 Dec.
Reserve excess in bank and
Federal Reserve Bank
l,055,000llnc.
1
4.721,345 8443,415,100
Total
Week ending Jan.
Soles at
York Stock
539,239,300
.$9,093,000 S43.813.000
I
Jan.
20.
1 to
Jan. 20.
New
1921.
1922.
Exchange.
4,721,345
3.369,958
Stocks— No. shares...
..... 8443.415,100 $281,375,600
Par vahie
Bank
1921.
1922.
.
SI. 044,827,400
12,615,237
81,041,000.250
11.024,501
Jan. 7
1922.
Dec. 31
1921.
S
S
5
2 140.000
2.136. 000
3,000
2,480,000 514..3S5, 000 519 578,000
076,000 .395.776, 000 391 704,000
1,576.000 104.900. 000, 92 .529,000
174.000 22.3.32, 000
.642,000
13.194. 000
:, 517,000
.180.000
2,496,000 20.009. 000
.335.000
1,790,000 60.5.53, 000
900.000
1,215,000 42,85^, 000 42 113,000
8,415, 000
506,000
9 851,000
872.000
183.000
235.000
shares, par
Bonds.
Governmout oonds
State, mun. & for. bds.
RR. and misc. bonds..
Total bonds
$43,813,000
*9. 093. 000
39.239.300
$34,325,650
23.830,000
$102,570,000
23.825.000
103.198.250
S131.902.100
14,404,000
70,377,000
Statement of New York City Clearing House Banks
and Trust Companies. The following detailed statement
S92. 145.300
863,510,150
§292,591,250
.5216,683,100
shows the condition of the New York City Clearing House
members for the week ending Jan. 13. The figures for the
separate banks are the average of the daily results.
In the
case of totals, actual figures at end of the week are also given:
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
5,.348.500
Includes S220,000 State and municipal bonds.
*
TRANSAGTIONS AT T^E BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
D.4.ILY
Boston
Week ending
Jan. 20 1922.
Saturday .
-
13.191
Tuesday
Wednesday
Thursday..
23.238
31.330
35.111
26.404
23,610
Monday
Friday
Total
1.54.884
Baltimore
Philadelphia
Bond Sales
Shares.
Bond
Shares
{Stated in thousands of dollars
Sales
4.023
13.357
5.668
3123.800)
32.100
41.0.501
51.350
41.200
26.000
9.407
12.977
S315.500
53.882
—
CLEARING
HOUSE
MEMBERS.
New York
City
—Following
8.4.50
Week endlngState,
S'ov. 15
Jan. 14 1922. Tr.cos., Nov. 16
6.826
S593,150
S280.900
Non-Member Banks and Trust Comis the report made to the Clearing House
non-member institutions which are not included
in the "Clearing House Returns" in the next column:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
by
clearing
HOUSE.
{Stated in thousands of dollars
Net
CLEARING
Week ending
Jan. 14 1922.
Loans,
Dis-
Nat.bk8.Dec31
counts,
Invest-
S
1,500
Mutual Bank
W. R. Grace & Co.
Yorkvllle Bank...
200
600
200
2,400
Federal Reserve Bank
Bank of Wash Hts.
Colonial Bank
Total
three ciphers [000
is,
Reserve
Statpbk aNovl5 ments,
Tr. COS. Dec. 31
&c.
Members of
Tru.st
tha,
Capital. Profits.
Fed'l Res. Bank.
Battery Park Nat.
Total
State Banks
Not Members of the
—
omiued.)
Net
Net
with Demand Time
Legal
DeDeDeposi- posits. posits.
Cash
in
Vault.
Nafl
Bank
Circulation.
tories.
Average Average Average Average Average Average
S
S
S
S
S
$
10.385
172
1.202
7,830
190
197
813 10.915
294
11,154
1,610
484
1,094
4,424
20
365
1,895
1,211
838 18,053
608
1.546
8,978
9,563
S
1,453
4,199 43,777
1,094
4,723
29,857
3.875
16,802
525
2,205
220
30
1,530
3,478
18,058
2,730
1,750
21,536
30
100
436
600
1,716
700
2.153 20,677
11,448
Companies
197
Members
of the
Federal Reserve Bank
Total
Grand aggregate..
200
555
8,870
478
70
3,486
5,553
200
555
8.870
478
70
3,486
5.553
6,907 73,324
+ 1.116
4,302
6,543 a54,879
—2
17,031
+ 137
197
11
6,954
6.954
6.963
6.963
4,291
4,229
4,069
4.313
6,545
6,488
6,539
6,679
354.988 16,894
a54,012 16,692
a54,209 16,601
356,941 16,408
196
196
197
197
3,300
Comparison prevlo ue week
Gr'd
Gr'd
Gr'd
Gr'd
aggr. Jan. 7
aggr. Dec. 31
aggr. Dec. 24
aggr. Dec. 17
3,300
3.300
3.300
3.300
72,208
73,001
73.112
74,142
+
—109
+1
a U. S. deposits deducted, S562.000.
Bills payable, rediscounts, acceptances and other
Excess reserve, $142,830 increase.
liabilities.
of
Bank
$
7,478
17,.520
lO.OOC 16,523
5,.500
5,855
National City.. 40,00C 61,082
Chemical Nafi.
4,500 15,746
.4,tlantic Nat'l..
1,000
1,085
500
225
Nat Butch & Dr
Amer Exch Nat 5,000 7,754
Nat Bkof Com. 25,000 34,763
Bk of N Y,NBA
Manhattan Co.
Mech & Metals.
Bank of America
%
2,000
5.000
Pacific Bank...
Chath & Phenix
Hanover Nat 1.
Corn Exchange.
Im- & Trad Nat
1.000
1.727
7.000
8.182
3,000 21.314
7,500
9,758
1,500
8,500
National Park.. 10.000 22.894
751
1. 000
East River Nat.
First Nat'l Bank 10.000 41.292
[rvlngNat Bank 12,500 10,850
1,000
843
Continental Bk.
Chase Nat Bank 20.000 21,104
500
2,339
Fifth Avenue..
Commonwealth.
Garfield Nat Bk
Fifth Nat Bank.
400
896
-
1,000
1,535
1,000
/08
3,000
4,973
Seaboard Nat'l.
1,500
1,304
Coal & Iron Nat
1,000
1,410
Union Exch Nat
1,500
2,773
Brooklyn Trust.
20.000
20.408
Bankers Trust.
Mtge<t Tr. 3.000 4,324
Guaranty Trust 25,000 16,552
1,500
1,689
Fidel- Int Tr Co
Columbia Tr Co 5,000 7,777
1,500
2,107
Peoples Tr Co.
New York Tr Co 10,000 16,996
2,000
1,236
Lincoln Tr Co..
2.000
3,418
Metropol'n Tr.
1.525
1,000
Nassau N, Bkin
Farmers L & Tr 5,000 12,641
Columbia Bank. 2,000 1,743
Equitable Tr Co 12.000 16.502
US
Not Members
Mech Tr, Bayonne
that is, three ciphers lOOOI omitted.)
Loans,
Capital. ProfUs. Discount,
Invest(.000 omitted). Nat'l,
Dec. 31 merus.
Fed. Res.
panies.
Net
—
$1,332,000.
in
Vault.
dkc.
7,021
13,4P1
49,700
15,570
16.487
34.231
254,510
53.095
348.326
20,162
75,403
38.100
139,707
21,480
27,601
16,260
127,537
23.871
134,233
Net
Time
Bank
De-
Circu-
posits.
lation.
tories.
Average Average
$
S
37,518
598
121. 8€9
2.376
160.616
8.08G
52.787
1.596
496.072
8.091
112.443
1,649
15.909
40C
5,342
113
91,215
1,596
311,828
1,28C
22,615
1,318
127,279
6,662
113.004
647
167.307
7,630
36.171
751
158.369
1,427
14.604
340
275.784
645
192,186
4,748
319,547
20.061
8,312
16.219
urith
Legal
Demand
Deposi- Deposits.
128
7,072
803
543
610
318
Average
S
4.198
14.012
IE. 443
6.952
85.967
14.783
1.977
601
11.132
34.269
3.409
15.741
13.041
25,467
3.837
17,000
1,526
22,127
25,431
1,047
45,696
3.165
1.324
2,110
1,815
994
6,012
587
1,7C6
656
2.366
886
5.008
1,032 33.752
656
6...51
1.439 40.234
354 2,476
S97 9,507
1,339
3,750
607 10.467
443
3.119
447
3,082
375
1,367
563 13.641
608
3.425
1,719 18.861
Average Averaged Avge.
S
S
$
27.134
1.012 1,953
102.359 12.518
143,517
2.084
996
52,022
896
*566,172 40.832 1.716
103.526
1,683
360
14.801
628
244
71
4.104
294
82.314
1,372 4.890
261.714
4,799
23.837
213
110,.590 16,590 4.648
98.834
100
161.750 17,152
29.072
35
50
130.087
2,580 5.393
13.326
1.464
50
169.394
3.336 7.390
193.333
3.008 2,516
5.872
100
317.632 10,387 1,090
20.942
8.871
15.681
13.537
44.507
12,585
17,665
31,966
*247.697
50,128
»386,47C
18,813
72.410
36.908
122.218
20.768
23.931
13.516
*107,779
26,126
171,766
45
489
797
904
342
396
248
67
413
393
3.152
10.304
1.361
19,483
752
2,432
1,301
1,.584
650
825
50
89
18,668
872
6.136
Avge. Jan. 14. 272.900 438.120 4,292,872 73,141 547,544 c3,833.804 191.446 33,247
Totals, actual co ndltlon Jan. 14 4.308,842
Totals, actual co ndltlon Jan. 7 4.291,021
Totals, actual co ndition Dec. 31 4,335,968
State Banks. Not Members of F. R. Bk.:
1,000
2.008
18,165
Greenwich Bank
818
250
5.420
Bowery Bank..
Bank
67,693 520,348 c3,840.081 191.472 33,261
73,504 658,338 c3<824.921 190,569 33,180
73,276 516,246 c3.806,468 184.485 33.289
2,504
1,786
672
314
916
18.611
50
5,232
27 561 47 660
2,500
4,351
77,719
3 100
1
3 750
7 179
101 310
6 276
4 016
51,404 47,710
Totals, actual co ndition Jan. 14
Totals, actual co ndltlon Jan. 7
Totals, actual co ndltlon Dec. 31
101,833
101.938
102.758
0,087
6.709
6.7S4
3,960
4,101
3.907
51,802 47.620
52,671 47,784
52,868 47,555
Trust Cos. Not Me mbers cf F. R. Bk.:
47,628
Guar & Tr 6,000 13.566
24,533
Lawyers Tit&Tr 4,000 6,053
1.591
836
3.216
1.610
31,967
16,200
804
375
State
—
Philadelphia Banks. The Philadelphia Clearing House
statement for the week ending Jan. 14 with comparative
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank.
"Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve System the reserve
required is 10% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Reserve
Cash
Avge. Jan. 14.
.
Title
19,619
72,161
2,427
4.826
48 167
1,179
Totals, actual co ndition Jan. 14
Totals, actual co ndltlon Jan. 7
Totals, actual co ndition Dec. 31
72,102
71,360
69,691
2,316
2,482
2,045
5,006
4,820
4,916
48.459
48.455
46.601
1,214
1.172
1,217
Avge. Jan. 14.
10.000
Gr'd aggr. avge. 286.650 464.919 4,460,343 81,844 556.386 3.933,375 240.335 33.247
—26,229 + 1.157 —9,641 —23,790 + 5.419
Comparison, pre vious w eek
10
—
Week ending
(00) omitted.
Members of
Capital
Surplus and profits
Loans, dlsc'u & Investm'ts
Exchanges for Clear .House
$33,475.0
93.753,0
595,690,0
24,900,0
Tao
CipfierB
Due from banks
Bank
depoalta
Individual deposits
Time deposits
Total deposits
U. S. deposits (not Incl.).
Reserve wth legal deposit's
Reserve with F. R. Bank..
Cosh
vault*
Total reserve and cash held
Reserve required
Excess res. & cash In vault
•
In
Cash
in yaulta not
.Tan.
14 1922.
Gr'd aggr., act'l cond'n Jan. 14 4,482,795 70.096 629.314 3,940,402 240,306 33,251
Comparison, pre vIous w eek
+ 17,876 —0.599 -37.945 + 14,355 + 781 + 71
Trust
F.R. System Companies
$4,500,0
13.567,0
33.233.0
392.0
S8",718.0
11.0
109,238.0
464.482,0
14,006,0
5S7.726.0
309,0
17.971,0
393,0
18,733.0
2,287.0
48.128.0
9.539.0
57.667,0
48,219,0
9,448,0
'S49'.0
3.136,0
2,709.0
427,0
S37,975.0! $37,975,0
107.320.0 107.,320.0
628,929.0 630.649.0
25.292.0
29.229.0
S8.729.0
90.792.0
109.607.0, 110.819.0
482,4.53.0! 490.256,0
14, .399,0
14.386.0
006, 459, Oi 615,401,0
12.591,0
14,125.0
2.5-1 1.0
2,287.01
48,128.01
49.379.0
10.388.0
10.993,0
60,803,0,
62,913,0
50,928,0
51.306.0
9,875,0
11.007,0
oounted as reserve for Federal Reserve members.
$37,975,0
108.005.0
029.232.0
31.027,0
92.095.0
105.705,0
484.097.0
14.220.0
004.0S2.0
14,139.0
2.291.0
48.728.0
12.104.0
63.123.0
50.571.0
12,652,0
Gr'd
Gr'd
Gr'd
Gr'd
aggr.,
aggr.,
aggr.,
aggr.,
cond'n
cond'n
cond'n
acfl cond'n
act'!
act'l
act'l
Jan.
7 4.464.919 82.695 507,259 3,926.047 239,525 .33,180
Dec. 31 4.508,417 82.105 525.063 3.904.937 233,267 33.289
Dec. 24 4,455.415 88.498 530.894 3.870.021 218,294 33,282
Dec. 17 4,469,670 85.463 542.814 3.893.605 217,822 33.269
—
U. S. deposits de<iucted from net demand depo.sits In the general total
Note.
above weieaf follows' Average for week, Jan. 14. SS2.307.O0U: actual totals, Jan. 14,
?76,348.000: Jan. 7, S87.489.0O0; Dec. 31. SS7,5S2.000: Dec. 24. 899.469,000:
Dec. 17. SS9. 189.000. Bills payable. lediscounts. acceptances and othrr liabilities,
average for the week, Jan. 14. 3403.313.000; actual totals, Jan. 14. $384,952,000;
Jan. 7. S420.205.000; Dec. 31. 5428,543.000; Doc. 24, 5410,103,000; Dec. 17, S403,335,000.
• Includes depo.'ltf in foreign branches not Included In total tooting as follows:
National Cltj Bank. S103.S08.000; Bankers' irust Co.. S12.348.000; Guaranty Trust
Co.. $92.0,86.000; Farmers' Loan & Tiust Co., S7. 770. 000; EciuitalUc Trtist Co.,
S23.933.000. Balances carried in banlcs in foreign countries as reserve for such
dopo.slfs were: National City Bank, S3:i.0C3.000; Bankers Trust Co.. $582,000;
Guaranty Trust Co., 518,720,000; Farmers' Loan & Trust Co., $7,770,000: Equitable
Trust Co., 55,693,000. c Deposits lu loielgn branches not included.
THE CHEONICLE
Jan. 21 1922.]
283
COMBINED RESULTS OF BANKS AN*D TRUST COMPANIES IN
GREATER NEW YORK,
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Loans and
Demand
Intcstir.ents
Deposits.
*Toiai Cash
in Vaults.
Reserve fn
Depositaries.
S
$
4,378,259,500
4,427,302.300
4.412,077.700
4,476,178,000
4,432,387,300
4,490,114,200
4,488,903,800
4,479,192,900
4,594,091,300
4 566,220,000
S
103.411,200
106,167,800
104,005.900
104.664.200
106.038.300
109.700.300
114.718.800
110.207.300
103.995,400
104,881,900
S
587,367,200
600,951,500
590,461,500
595,033,000
578,899,700
608,686,200
601,032.600
607.052,600
z661, 340,400
644,736,100
Arerages.
Cash
Reserve
Reserte
4n VauU.
DejmsUariesi
Members Federal
I
Reserve.
a
Reserve
Required.
Week ended —
Xov. 12..
Xov. 19.
Xov. 26..
Surplus
Reserve.
14
8,703,000
8,863.000
9.010,000
9,171,000
7
Dec. 31
Dec. 24
556.386,0001565,089,000
.566.027.000 574.890.000
520.534.000 529.544.000
517.086.000 526.257.000
43.406.100
1,039.280
27.950
44.473.330
51.313.040
520,615,670
523.576.960
509.986,630
510,516.320
19..557.370
15.740.680
Actual Figures.
Cash
Members Federal
Reserve banks
State bank=»
6,087,000
2,316,000
Tnist companies
8.403.000
9,191.000
8,829,000
9.227.000
Jan.
Jan.
14
7
Dec. 31
Dec. 24
Totai
Reserve.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
.-
24
31
7
14
S
$
520.348.000 520.348.000 504.954.690
9..335.160
3.960.000 10.047.000
7.268.850
7.322,000
5.006.000
16.158.300
56.744.170
17.166.220
28,383,690
525,069,000 533,898,000 516,731.780
530.895,000 540,122,000 511,738,310
Is
Bank
New York
of
and Trust Companies Not in Clearing
— The
State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
at the close of business Jan. 18 1922, in
comparison with the pre\ious week and the corresponding
date last year:
Jan. 18 1922. Jan. 11 1922. Jan. 21 1921.
S
$
S
288.748,616
289,021,031
108,697,000
87.116,413
134,750,842
20,077,000
1,211,000
—
Resources
.'
Gold and gold certificates..
Gold settlement fund— F, R, Board
Gold with foreign agencies
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
Total gold reserves
Legal tender notes, aUver,4c...
375,865,029
712.414,478
15,000,000
Total reserves
428,771,883
682.627,878
15,000,000
129,985,000
223,490,000
41.000,000
1,103,279,507 1,121,399,761
52„522,803
51,057,909
394,475,000
151,623,000
1,155,802,311 1,172,457,671
546,098,000
Secured by V. S. Government obligations— for members...
All other— For members
Bills discounted:
BlUsbought
State Banks
Total
bills
In
20.67c
632.845,000
111,388,000
RESERVE.
— Trust
State Bank'.
Total
4.081,300
7.363.800
—
Companies
13.62%
06.14%
9,580,300
16.53%
05.71%
$51,042,100
23,011.800
$37,334,100
22.24%
$74,053,900
$27.7,53.800
and troBt cos
-.-
Dec.
Doc.
19.76%
• iDclndes depo«1t« with the Federal Reserve Pank of New York which for the
State banks and tn».t companies combined on Jan. 14 were $55 758 000.
averages of the
New York
City.
—The
City Clearing House banks and
banks
New
City
companies
in
Greater
York
outside
of
and
the Clearing House, are as follows:
trust companies combined with those for the State
trust
136,9.52,215
857,760
944.120,000
1,257,000
35,400,000
19.710,50
35,400,000
29,427.500
59,276,000
2,842.000
235,830,835
6,813,147
1.651.160
117.658,103
1,28 6,072
252,637,465
6.648.607
1,622,560
114,749,254
1.494,944
1, •07.495,000
Ail others
Total earning assets
1.519,041,630
=z===z
Total resources
Liabilities—
Capital paid In
m
1.549.610,402 1,714,250,000
r=
:
27.113,850
60,197,127
122,843
26,345,000
56,414,000
40,777,891
651,479.504
15,652,315
2,425,818
708,587.895
12,574,648
12,343,000
681.542.000
12.160,000
707,909,711
611.791.612
21,556,200
87.356,787
723,688,357
626.829,263
20.759.200
88,348,800
706,045,000
793.026,000
Tax
Reserved for Government Franchise
4,232,000
2.723.000
131,581,000
2,121,000
26.957,850
60,197,127
122,848
-
Surplus
Deposits:
Government
— Reserve account
Another
Total deposits
F. R. notes In actual circulation
F. R. bank notes In clrcul'n net lu>l>Uity
Deferred availability Items
—
36, 96.';. 000
86,685,000
3,149,499
3,150,961
8,770.000
1,519,041,630 1,549,610,402 1.714,250,000
Total liabilities
t^=
Ratio of total reserves to deposit and==-====^^^87.6%
86.9%
38.1%
F. R. note liabilities combined
Contingent liability on bills purchased
12.086,481
8,100,030
12,027,805
for foreign correspondents
All other liabilities
=====
Note.
Banks and Trust Companies in New York
179,862.585
857.750
on hand..
Member banks
•
Cash
in vault
Depostta In baoka
14.600
Dec.
285.100
Dec. 3.082,100
Dec. 10.380,300
Inc.
18,165 400
55,758 000
679.269.000
New York..
Total deposits
_
Deposits eliminating amounts due from reserve deposltailes and (torn other bank.' and trust companies in X. Y. City exchanges and U. S. deposits
Reserve on depospJta
Fercentarje of rtserre
[irrrinu-i J'-fri,
Dec. $3,085,800
409,163,000
469,591,000
65,366,000
One-year certificates (Plttman Act,..
Differences from
Jan. 14.
$643,864,100
4 872.500
128,965.025
35,310,963
22,676.227
U.S. bonds and notes
U.S. certificates of Indebtedness
All other resources
{Ficures Furnished by State Banking Department.)
104,745,812
39.509,944
35,606.828
open market..
Bank premises
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER 5%
redemp. fund agst. F. R. bank notes
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Uncollected Items
Loans and investments
Gold
Currency and bank notes.
Deiwflfs with Federal Reserve Ban!( of
York.
— The following shows the condition of the Federal Reserve
15.393.310
711.840
53.150
.529.314.000 537.717.000 521..55S.700
567.259.000 576.450.000 519.705.830i
New
Condition of the Federal Reserve Bank of
Reserve.
Not members
House.
5,035,166,100
5,077,382,800
5,054,812,500
5,082.494,800
5,129,620,700
5,106,037,500
5,139,521,900
5,110,207,100
3..
10
17
5,045,.584,600
* This item includes gold, silver. legal tenders, national bank notes and Federal
Reserve notes. 2 Corrected figures.
Surplus
Reserve
Required.
of Federal Reserve Bank.
the reeerve required on net demand deposits In the case of State banks
and trust companies, but in the case of member^ of the Federal Reserve banks In
etadee also amount of reserve required on net time deposits, which was as follows
Jan. 14. S5. 743, .380: Jan. 7. 5.5,573.880; Dec. 31. S5.339.760; Den. 24. S5.094.960.
b This is the reeerve 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 Inetndee also amount of reserve required on net time deposits, which was as followsJan. 14. t5,744,160: Jan. 7. $5,717,070; Dec. 31. $5,534,550; Dec. 24. $5,093,700.
•
a This
.-
b
Reserve
in
Depositaries
Reserve
<n VauU.
Total
Total
Total
Total
5.028.647.300
I
Tmat companies
Jan.
Jan.
l
Total
I
S
$
%
S
..|547„544,000i547,.544.000 504,137,900
9,252,720
4,016,000 10.292.000
6,276,000
7,220,050
7,253.000
4,826,000
2,427.000
Reserve banks
State banks*
Total
Total
Total
Total
i
ifj
— In conformity with the practice of the Federal Reserve Board at Washing-
of computing ratios of reserves to llablllilee was utiac[!:ed beginning wltb
the return for March 18. Instead of computing reserves on the basis of »«:.' deposits^
that Is, Including In the total of depaslts "deferred availability Itemb" but deducting
"uncollected Items"
the new method Is to disregard both amounts and figure tb«
percentages entirely on the gross aicount of the deposits. For last year, howeveri
the computations are on the old basis; that is, reserve pcrncntoges arc oaiculatM] od
basis of rut deposits and Federal Reserve notes In circulation.
ton,
method
—
—
Following is the weekly statement issued by the Federal Reserve Board on Jan. 19.
Ttve Federal Reserve Banks.
figures for the system as a whole are given in the following table, and in addition we present the results fer seven precedThe second table shows the resources and liabilities sopaing weeks, to(j*»ther with those of eorresponding weeks of last .vear.
ra»*rly for e;uh of the twflve banks.
The pVfleral Ufst-rve Agents' Acfounts (third table following) gives details regarding
"
Federal Kescrv*- notis between the Comptroller and Reserve Ag(!nls and between flie latter and Federal
fn (••fmirr!<r;Mr;-.' tipon thf n-tJirn for the l-iffsf wfck the Fedend Reserve Board .savs:
The
\y
I
Ir,
.
OftO le»t«
.1
•!
'ilih
I
than thi- wnk Ixforc :iii(l iiii .l.in IS sto»cl iit $1 ,236,000,000
«J /HI .-,(1(1 oflf) r( Ki.rlcd uhout :i year ofto
1. 000
of hills wKiin'il hy ITiiliciI Stales
•«l
.Slat4«i (Jovi-riir, ,,(•.
,-r.....
(
,.
or
*10.:|(MI.()('iii.
Sdd.ooo,
l.lhcrty
l>v
iiolos. Sl.t.HMI.OdO.
10 I';.
'I'ri'.iHurv
I>v
$:(_', '.KHi.ddO
for llio wivik of
'I
M
•
'"
;
Kjvtircd
$,M,('.()0,(l(HJ.
iurca.H<<
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THE CHRONICLE
2S4:
[Vol. 114.
Jan. 18 1922. Jan. 11 1922. Jan. 4 1922.|z>fc. 28 1921. £>ce. 21 1921. Cec. 14 1921. Dec. 7 1921. NOI. 30 1921. Jan. 21 1921.
tioatLl
tender notes, stiver, &c.
152,811.000
Total reserves
Bills discounted:
Secured by U. S. Govt, obligations...
All other
Bills
bought
In
.3.0,'31,
122,066.000|
132.413.000
139.606.000
13fl.745.000
205,462.0«e
503.000 3,041,294,000 3,009,802.000 2,992,200.000 2,993.060.000 3.001.686.000 2,990,633,000 2,989.142.000 2,301,231,000
388.n72.0C0
525.150.000
94,944.000
open market
$
122,600,000
134.504.000
145,105,000
477.456.000
427.476,000
560.018,000
86,754,000
635.
1 1
1
487,193,000
692,640.000
114,240.000
.000
126.865.000
603,770.000
720.933.000
128„525,000
459,630,000
693.203.000
99,735.000
457,618.000
713,041 000
81,784.000
476,360.000 1,056.117,000
705.941.000 1,426,912,000
72.964.000
167,950,000
Total bills on hand_
1,008,766.000 1,074.248.000 1,239.432.000 1,294.073.000 1.351,228.000 1,252.568.000 1,252.443.000 1,256.256,000 2,6.50,979,000
48.675,0001
52,150,000
59,472.000
O. S. bonds and notes
60,128,000
51,084.000
43,575,000
34,731,000
32,253,000
25,918,000
O. 8. certificates of Indebtedness:
113.000.000
113,000,000
119.500.000
113,000,000
II 9. .500.000
One-year certificates (Plttman Act)..
119..'>00.000
124.500.000
126,000,000
259,375,000
64,0-10,n00
69,435,000
All other
53,847,000
62,472.000
41,127.000
66.710.000
43,168.000
46.291,000
5,256,000
379,000
385.000
334.000
216,000
Municipal warrants
334,000
273.000
227.000
67.000
1,235,957,000 1,293,823,000 1,470.!^21 .000 1.535,851,000 1,563.273,000 1,482,626.000 1,4,55.069.000
35.203.000
35,019.000
35.720,000
35,015,000
34.879,000
34.3.36.000
33,384.000
7.926.000
7,939.000
7.890,000
7,871,000
7,880.000
7.889.000
7.854.000
638.462.000 659,700,000 692.172.000 629.790,000 612.122.000
654.362,000 548,436,000
14,103.000
12,677,000
12,811,000
20,578,000
10,920.000
20.209,000
19,476,000
Total earnInK assets
Banfc premises
5%
redemp. fund agst. F. R. bank notes
Uncollected Items
other resources
*M
,459.866,000 2,941, 528,0»
33.241.000
18,215,000
7,941.000
12,680,000
534,872.000
666,452,000
19.334.000
6.873,0«0
4,988,090,000 4,939,322,000 5,176,417,000 5,151,306,000 5,211,184,000 5,176.436,000 5,018,538,000 6,044,396,000 5,946,979,000
Total resources.
LIABILITIES.
103,203,000
103,204.000
103,186.000
103,020,000
103,167.000
103.130.000
103.089.000
103.104,000
99,962,000
215,398,000 215,398.000 215,523,000 213,824,000 213,824,000
213.824.000
213.824,000 213,824,000
202,036,000
416.000
996,000
853,000;
57.444.000
65,982.000
56.080.000
55.,5«(j.000
65.119.000
68,307.000
15,289,000
71,634.000
77,734,000
54,875,000
69.407.000
52.337,000
46.913.000
32,603,000
1.673,824,000 1,735,503,000 1,731.374,000 1.066.018.000 1,703.601.000 1.645.610.000 1.640.445.0flO 1,670..3«2.000 1,765.225,000
29.457.000
26,055,000
26,872.000
26.274,000
33,337, OOOi
27,743.000
25,501.000
26,555.000
25,204,000
Capital paid In
Surplus
Reserved
for
Govt, franchise tax
— Government
Member banks —reserve account
Deposits
Another
-
1,784,895,000 1,776.907,000 1,829.138.000 1,764,524,000 1,784,750.000 1.742,760.000 1.718,283,000 1.742.8.30.000 1,823,032,000
Total
2,229,677.000 2,293,799.000 2,405.316.000 2.443.497,000 2. 447. .560. 000 2,393.777.000 2,373.3.55.000 2.366,006.000 3,115.290.000
v. R. notes In actual circulation
83.880.000
84..548.000
83,977,000
82.747,000
In
circulation
84,878,000,
notes
netllab.
78.309.000
bank
77.014.000
If.R.
75.862.000
207;365.000
523.293.000
4.5S.960.000
463,826,000 449,455,000
497.205,000 662.974.000 451,953.000 4^2.796.000 472,616.000
Deferred availability Items
15.648,000
15,400,000!
15,729.000
25.323.000
25,949,000
25.682.000
25.454.000
111 other llabllltUes
24.856.000
26,678.000
—
4,898,090,000 4,939,322,000, 6,176,417,000 5,151,306,000 5,211,184,000 5,176,436.000 6,018,638,000 5.044.396.000 5.946,979,000
Total liabilities
Satio of gold reserves to deposit and
67.9%
71.1%
67,8%
72.2%
68.2%
69.3%
69.3%
F. R. note liabilities combined
69.4%
42.4%
aatio of total reserves to deposit and
71.1%
74.7%
71.1%
70.7%
liabilities
76.0%
combined
72.6%
73.1%
F. R. note
72.7%
46.6%
ISatlo of total reserves to F. R. notes In
circulation
after
aside
setting
35%
against deposltllabllltles
108.8%
105.5%
98,5%
.50,678.000
32,210,000
569,318.000
2,000,000
69.629.000
661,126.000
5,719.000
211.000
31,520.000
111.915.000
2.500.000
26.000
19,529.000
167.695.000
12,541.000
142.000
6,173.000
118.138.000
28,634,000
—
DistribtMon by Maturities
1-15 days bills bought In open market.
1-16 days bills discounted _
1-15 days U S certlf. of Indebtedness
522,081,000
11,013,000
19,000
19,965,000
92,021,000
415.000
6,000
14.573.000
140.787,000
12,971.000
140.000
9.384,000
Municipal warrants
18-30 days bills bought In open market
16-30 days bills discounted
16-30 days U. a certlf. of Indebtedness
Municipal warrants...
SI -60 days bills bought In open market.
81-60 days bills discounted
Sl-60 days U S certlf. of Indebtedness
Municipal warrants
Bl-UO days bills bought In open market.
61-90 days bills discounted
Bl-90 days H 9. certlf. of Indebtedness.
...
Municipal warrants
Over 90 days bills b ought In open market
Over 90 days bills discounted
Over 00 flav FonrtU. of Indebtedness
Municipal warrants
FaUrat Reterve Notet'
93,7.56,000
3,810,000
25.621,000
95,071,000
184,000
16,773,000
152,155.000
17,377.000
150.000
12,147.000
110.092.000
21,223,000
"345,606
3",666
"lV,666
59,177.000
136,638,000
51,000
60.858,000
126,440.000
51.000
60.693,000
133,041,000
96.8%
99.9%
1007%
78.082.000
735,869,000
12,092,000
65.469.000
696.923.000
29,490.000
45.982.000
691.836.000
37.500,000
T8.43V,666
'iV.s'ie'ooo
123.1.54.000
T3',"25'2",666
Tl".'5"2«",600
"47.'o"oV.6o6
138,785.000
133..324.000
251,587,000
2,500,000
15.332.000
161.582.000
6.400 000
168.000
7,187.000
120.187.000
6,687 000
69.000
16.935.000
171.417,000
10,660.000
10.000
9.895,000
122,030.000
4,856.000
57.000
16.000
56.023.000
114.566.000
97.2%
S
58.306.000
708.301.000
13.687,000
34,000
24.743,000
116.690.000
2.500.000
182.000
26.062.000
161,202,000
10,753,000
23,000
6.114.000
131,930,000
28,103.000
95.000
15.000
61,644.000
126,869,000
127.721.000
2.020.000
2
1
1
,000
25,718.000
171,131,000
10,749.000
28.000
4,279,000
129.301.000
24,073.000
95.000
15.000
60,621.000
111,693,000
•
1.500.000
32.000
14.034.000
167.762.000
2.500
194.000
5.401.000
106.217.000
11,869.000
47.000
16,000
58.777.000
140.851.000
34.582,000
58,954.000
699.318.000 1.443.330,000
38.409.000
4.802.000
4.000.000
3 .000
1
57.864,000
116,181.000
53.4%
100.6%
53,030, 000
434.432.000
12,296.000
s.Vs's.ooo
297,735.000
8,138,000
55,945,000
236,895,000
2,666,397,000 2,732,861.000 2,786,114.000 2.796,540.000 2,772.812,000 2,726.175.000 2,691.689.000 2.698.675.000 3,563,197,000
380.798.000
353.043,000i 325,252,000
436,720,000
439.062,000
332.398.000
318.334.000 332.665.000 447,887,000
Outstanding
Held by banks
2,229,677,000 2.293.799,000 2.405.316.00012.443,497.000 2,447,560.000 2,393.777.000 2.373.355.000 2.366.006.000 3,115,310,000
In actual circulation
Amount chargeable to Fed. Res. agent 3,571,248.000 3,011,486.000 3,631,389,000 3.6.50.375,000 3.624.622.000 3.571.335.000 3.553.391.000 3.656,811.000 4,297,880,000
845.275,000
904.851,000
853.835.0001 851.810.000
878,675,000
734,683,000
845,160.0001 861.702.000! 858.136.000
'(n bands ol Federal Reserve Agent
2,666,397,000 2,732,861,000 2,786,114,000 2,796.540,000 2.772,812,000 2.726. 176.00012.691. 689.000 2,698.676.000 3,563.197,000
issued to Federal Reserve banks
Hotc Secured—
349,012,000
349,013,000 349,013.000
883,202,000
717,740,000
822.300,000
120,962,000
120.434,000
128,523,000
1,471,121,000 1,441,114,000 1,432,938,000
:By gold and gold certllicates
By eligible paper
Qold redemption fund
With Federal Reserve Board
paper delivered to F. R. Agent.
115,832,000
964,540,000 1,027,469,00011.195.183,000 1.246,607,000 1,302.674.000 U,201,743,000il. 200.601. 000 1,207.798.000 2,598,204,000
WBKKLT STATEMENT OF RESOURCES AND
Ttro ciphert (00) omiited.
Federal Reserve Bank 0/
—
Boston.
RBSOUnCES.
Qold and gold certificates..
Gold settlement fund F. R. B'd
—
%
7.397,0
27,784,0
New
LIABILITIES OF
York
PMla.
EACH OF THE
Cleveland Richmond
%
12,513,0
50,361,0
375,865.0 ,55,939,0 02,874,0
712.414,0 148.110,0 172,805,0
15,000,0,
0,850,0
4,438.0
288,749.0
87.116,0
%
1,890,0
54,049,0
Total gold held by banks
Gold with P. R. agents
Gold redemption fund
35,181,0
164.422,0
18,107,0
Total gold reserves
Legal tender notes, silver.
217,710.0 1,103,279,0,210,899,0 240,117,0
52,523,0 10,224,0
7,449,0
20.490,0
&o
Total reserves
Secured
discounted
U. 9. Govt, obligations
Bills
:
All other
Bills bought In
12
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN.
Louis Mlnneav. Kan. CU»
Atlanta
Chicago
19,4.55,0
%
5,325,0
16,526,0
S
22.229,0
68.219.0
30,129.0
22.230.0
31.024,0
11.037,0
21.851.0 90,448.0
45,284.0 318,165,0
5.713,0 19,989,0
06,737,0
3,075,0
%
2.775,0
\St.
S
3,410.0
33, .539.0
Dallas
S4inFran.
18 1922
Total
%
9,159,0
27,239.0
S
2.531.0
41.680,0
t
7.821.0
10.144,0
36,398,0
24,300,0
2,086,0
44,211.0
27,775,0
2,906,0
17,965,0 55.326,01 851,827,0
10,442.0 227,173,0 1,948,657,0
6.349.0
98.208.0
2.658.0|
74.892,0
6,954,0
31,065.0 288,848,0 2,898,692,0
5,776,01
4,185,0
152,811,0
%
I8.66I.0!
36.665.01
382,460,0
469,367,0
36,841,0 293,033,0 3,051,503,0
238,200,0 1,155,802,0 221,123,0
,.506,0
16,274.0
25.003.0
9,292,0
104,746,01 57,739,0
39,510,0 12,797,0
35,607,0 12,973,0
36,946,0
53,441,0
5,030,0
50,.569.0
179,863,0
858,0
83,.509.0
9,270,0
69,235,0 1,008,766.0
60.128,0
5,130.0
35,400,0
19,710,0
10,000,0
37,0
191,0
113,000.0
53.847.0
216.0
by
-
open market
on band
Total
D. 8. bonds and notes
bills
3.449,0
D. 8. certificates of Indebtedness:
One-year otfs. (Plttman Act).
8,4,50,0
All
23,117,0
Total earning assets
85,.585,0
other
.Municipal warrants
Bank premises
6%
349.012,000 4.50.063,000 450.162.000 450,163,000 266,386,000
939,704.000 912.7.53.000 903.965.000 919.070.000 2,276.89.^,000
123,471.000
116.301.000
112.651.000
121.602.0001 109,247,000
1 ,381 ,524.000| 1 ,360,625,000 1,247.058.000 1.224.911,000 1.207.940.000
910,671,000
9.50.171,0001
2,666,397,000 2,732,861,000 2.786,114.000 2,796.540,000,2,772,812,000 2,726,176,000 2,691.689,000 2.698.676.000'3.563,197,00»
Total
'Eligible
349.013.000
4,821,0
redemption fund against Fed.
Reserve bank notes
eral
Uncollected items..
All other resources
422,0
53,955,0
456,0
8.288,0| 18,495,0
38.315.0
15.0
235,831,0 103,007,0 109,495.0
6,813,0
498,0
3.992.0
93,922,0
2,545.0
96,018,0 197,489,0
7,073,0
1,048,0
700,0
44,054,0
213,0
188,0
44,000,0
234,0
25, .507,0
1.665.0
67.964.0
162,0
3.55.0
1,651,0
117,658,0
1,287,0
539,0
54,139,0
96,0
.504.0
58,468,0
643,0
48,215,0
828,0
74,634,0
4,567,0
51.148.0
2,082,0
,523,0
213,0
12,816.0
1,028,0
916,0
37,268,0
254,0
26,168,0
2,600,0
32,838,0
142,0
1.56.0
41.404.0
9.336.0
388,672,0
525,150,0
94,944,0
82,145,0 1,235,957,0
35.720,0
810,0
394.0
37,995.0
5,850,0
7,871,0
554,362,0
12,677,0
383,439,0 1,519,042,0 369,595,0 415,827,0 212,082,0 201,915,0 721,704,0 209.216,0 126.563.0 199,485,0 118,995.0 420.227,0 4,898,090,0
Total resources
LIABILITIES.
7,935.0
10,483,0
Capital paid In
Surplus
Reserved for Govt, franchise tax.
Deposits:
Government
Member bnk — reserve
All other
,50,0
4,111,0
acc't.. 121,953,0
812,0
Total deposits
126.876.0
F. R. notes In actual circulation.. 179.840.0
P. R. bank notes In circulationnet liability
7,221.0
-.
Deferred availability Items
44.289.0
All other liabilities
745,0
Total
liabilities
26,958,0
8.728,0 11.134.0
60,197,0 17,945,0 22..509.0
123,0
93,0
115,0
40,778,0
4.988,0
4,387.0
651,480,0 102,515,0 127.763.0
16,652,0
1,242,0
804,0
707,910,0 108,745,0 132,954.0
611,792,0 183,821,0 198.948.0
21, .556,0
87,357,0
3,149,0
6,874.0
43.021.0
368.0
839.0
3,569.0
7.468,0
66,0
1.872.0
42,147,0
439,0
4,575,0
9,646,0
62,0
2,932.0
69.512,0
638.0
103.020,0
7,380,0
215,398,0
15,199,0
996,0
2.0
77.734.0
2,099,0
4,721,0
42,414,0 121,681,0 1,673.824,0
33.337,0
313,0
9,199,0
70.477.0
88,645,0
44,458,0
54,377,0
73.082,0
66.183.0
44,826,0 135.601.0 1,784,895,0
33,142,0,223,627,0 2,229,677,0
3.983,0
31.466.0
575,0
3,978.0
11,570,0
1.077,0
10,016,0
36,103.0
2,608,0
25,290.0
4,192,0 14.312.0
9,114,0 29.025.0
94.0
175.0
3.588,0
3,287,0
43.864,0 230,459.0
2.591,0
359,0
4,606,0
9,388.0
76.0
3,341.0
60,297,0
47.510,0 236,638,0
99,206,0 113,883.0|377,213,0
7,555,0
52,863,0
4,004,0
5.430,0
11,030.0
140,0
1,()30,0
53,739,0
449,0
.55,818.0
3.243.0
5.721.0
43.095,0 36,707,0
751,0
508,0
7,183,0
19,154.0
704,0
818,01
4,201,0
7,394,0
4,940,0
32,311,0
1.534.01
1,167.0
84,878,0
463,826,0
16,400,0
383.439.0' 1.519.042.0 369.595.0 415,827.0 212.082.0 201.915.0 721,704.0 209.216,0 126.563.0 199.485.0 118,995.0 420.227,0 4.898,090.0
TSE CHiiONiCLE
Jan. 21 1922.]
UABILITIEB
Two
{Cenclwlfin—
New
Boston
omUud.
cip hers (00)
Cleveland Richmond
PMla.
York
Atlanta
Chicago
USS
St.
LouU Minneap. Kan. CU»
ToM
San Fran.
Dalla*
Mtvwranda.
R«tlo of total reserves to deposit
and F. R. oote liabilities Rombloed. percent
Cootlngent liability on bills purcbased for foreign correspond' te
77.7
87.6
75.6
74.6
45.9
48.7
72.8
73.3
64.2
59.2
47.8
81.6
2.336.0
12.028.0
2.560.0
2.624.0
1,568.0
1.152.0
3,808.0
1.504.0
864,0
1.536.0
832,0
1.472,0
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS
Federal
Agent
Reterre
at
—
'New York PhUa.
Boston.
—
Retourcea
(In Thousands of DoUar$)l
S
Federal Reserve notes on band
109,680
200,129
Federal Reserve notes outstanding
CoUaterul security fur Federal Reserve notes outstanding:
5,600!
Gold and gold certificates
Gold redemption fund
Gold fund— Federal Reserve Board
S
$
s
$
S
342,990 52.560 38.700 29.715 74.891
810,195 209,418 226,942 107,027 119,312
I
296,924
J 18,375'
2,400
2,729'
34.490 12.721' 14.430
4,884
381.000 135.389 140.000 28,295 38,000
97.781 61,308 54.137 76,003 74.028
5,641
62,737,
3,759 40.863 10,058
140,0001
35.707|
14,862
St.
15,521
302,644
111.055
48.867
32.284.*
18 1922
Minn. K.
L.
Dallas. San Ft.
Cits.
Total.
s
904,861
57,3221 72,472, 36,361 288,817,2,666,397
S
S
148,280 26,060
429,220 109,182
,
18.822
paperlAmount required
jExcess amount held
Eligible
Chicago
Richm'd Atlanta
Clete.
JAN.
70.0
%
9.495
5,960
4.177
%
I
11.440
13,052'
2.054
9.200
42,445 33,016
8,109,
8,732
56.6001
s
s
21,400 39,640
6,702'
2,415
25,360
44.697
15,583
349.013
14.024
128,52»
1,484 213.149 1,471.121
2.2.56
25,919
20,420
61,644
717.740
246.800
7,169]
252,533 132.871 171.967 114.542,684,443,6.484,446
amount of Federal Reserve notes received from
309.809 1.153,185 261,978 265,642 136,742 194,203
Comptroller of the Currency
164.422i 712,414 148,110 172.805 31.024' 45,284
fromlGold
Federal Reserve Bank/Eligible paper
50,569| 160,518 65,067| 95.000 86,061; 79,669
"Net
577,500 135,242' 66,817| 83.912 57,761 328,457 3,571,248
318.165 66.737 24,306 27,775( 10,442 227,173 1,948,657
159,922 .50,554 41,748 60,280 46,339 68.813, 964,540
Collateral received
524.80o'2.026, 117, 475, 1551533,447 253,827, 319, 156|l,055.587 252,5.33 132.8711171,967 114,542 624,443 6.484.445
Total
Federal Reserve notes
In
actual circulation.
--
I
I
Federal Reserve notes outstanding
'FpderaJ Reserve notes held by banks.
200,129
20.289
810,195 209,418 226,942 107.027i 119,312
198,403 25.597, 27.994
5,429
7,821
429.220 109,182
52,007 20,537
57,322
2.945
72.472
7,289
36,361 288.817 2,666,397
3,219 65,190
436,726
179,840
611.792 183.821 198.948
377,213
54.377
65.183
33,142 223,627 2,229,677
99,206 113.883
88,645
—
Member Banks of the Federal Reserve System. Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
In the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" Deo. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKS IN FEDERAL RESERVE
BANK AND BRANCH CITIES AND ALL OTHER REPORTING BANKS AS AT CLOSE OF BUSINESS JAN. 11 1922.
Loan liquidation, aggregating about $100,000,000, and a total reductio.n
of $116,000,000 in borrowings from the Federal Reserve banks are the
salient features of member bank development during the week ending
Jan. 12, as indicated by reports of 808 member banks in leading cities
The week saw a large return flow to the banks of Federal Re.serve notes
ind other currency concurrently with considerable liquidation of outstanding loans and discounts. Currency thus received apparently was
Q£ed by the member banks to reduce their own indebtedness at the Re-
Investments of the reporting institutions in corporate and other securities
show practically no change, while the member bank-s in New York City
report a reduction for the week of S.3. 000.000 under this head. Total loans
and investments, in consequence of the changes noted, are shown S90,000,000 less than the week before, the corresponding reduction for member
banks in New York City being S23 .000.000
Accommodation of the reporting member banks at Federal Reserve
banks, in connection with the substanti.^1 return flow of currency during
the week, shows a reduction from $647,000,000 to $.'531,000,000, or from
4 4 to 3 09r of the banks' total loans and Investments.
For member
banks in New York City a decrease from 8125,000.000 to $97,000,000 In
total borrowings from the local Reserve Bank and from 26 to 2% in the
ratio of accommodation is noted.
Government deposits with the reporting institutions decreased about
.S18,000.000 during the week.
Net demand depositis show an increase of
.$11,000,000 and time deposits an increa.sc of 88,000,000
Member banks
in New York City report a reduction of $6,000,000 in GoTornment deposit*,
a decrease of $22,000,000 in other demand depo.sits (net), due In part to
moderate withdrawals of balancas by out-of-town banks, and a gain of
S6. 000. 000 in time deposits.
Reserve balances of the reporting institutions with the Federal Reserve
banks .show an increase of .?1 1,000,000. while cash in vault, composed
largely of Federal Reserve notes, declined about $11,000,000
Member
Ijanks in New York City report a reduction of .$S, 000. 000 in their reserve
balances, and no change in their cash holdings.
banks.
scr^'e
show substantial reductions for the week, loans
secured by Government obligations by 82,3.000.000. loans secured by corporate obligations by $32,000,000, and all other loans and discounts, comCorreprising largely commercial and indu.strial loans by .S4.5.000.000
spondir.g changes for member banks in New York City include reductions
of $12,000,000 in loans secured by Government obligations of S;« ,000.000
in loans secured by corporate obligations, and of about 81,000,000 in
commercial loans proper
Investments of tne reporting banks in United States bonds. largel\ Liberty
bonds, show an increa.se of $11,000,000 for the week and of SW). 000. 000
Uoldings of Victory iiolf-s increased during
since Jan
14 of last year
the week by about $8,000,000 and tho.se of Treasury notes show a decrease
Member banks in New York City report nearly the .same
of $1 ,00ft 000
'2 the week in their holdings of these three cla.sses of Governchar-mirs
Holdings by the reporting institutions of Treasury
-ortii.
.ow a reduction of S7,000.0')0, while like holdings of member
bankii in New York City show an increase of $7,000,000 for the week.
All cla.sses of loans
Data
I.
member bank*
far all reporting
each Federal Refterve District at dote of business JAN.
lo
Three ciphers
11 1922.
(000)
omItteA.
Federal Reterte District.
Number
of reponlog banks
and dlacouota. Including bills redlacoiinted witb F. R. bank:
e. by C. 8. Govt, oblleatlonj..
aecured by stocks and bonds
..I
All otbcr loaos and diacounu
I
Total loans and dlaoounta
896,301 ll,10r.,429
100,260!
900.670
C 9. t>ond«
Victory oot«a
U. 8.
.
O. 8. Tteaaury ootM
D. 8. eerlllleatea of iDdebtfdnna
OUiar booda, nocka aad lecurlUea
...
179.9
1
l.S
27. 546
211,104
2,095,673
A Inveatmenta. lacl.
liaok...
bills redUu-oiiotod wItb F R
a*aerve balance wltb V. E. Bank
Cash lo Tault
Total loaoa. dlsc'ta
1,208.8.5814,681.338
82.218 1,325.419
24,3S,S
N»t demand depoalta
Tl;
.' ..' nimeni
drpoalia
Bni* [myahle wltb Federal
by U.
H»njr»*1
Romrve
9,H,S
6(\3.352
3,019.481
11,04(1
23S..'i73
Bankt'
8. Govt. obllKalloris
227,458
All oth^r
1.138
rMllarounted with F. R.
Bills
.1 !,'>.
609.475 10.427,495
•.dnDoalts
Bttcured by
Fiaxik
U.S. Govt. obUxslkjoa...
590
AU
16,181
banks
raportlnfl ntPmbar
Data of
1,
New YmkCUy.
In Fedaral
R*«er*e Dank and branch cities and
AU
Cilv of Chicago.
r. R.
all
20.773
281.138
other reporting bunks.
Rank CUU* r. R. Branch CUtei Other Stleeud Ciltet
Tolat.
Tkrt* clphTs (000) omUt4d.
Jan.
Nambar
of rnfKirtlni banks
LoaiMaiid dkNtouBia. lorl \-"->-t,"-
II.
I
Jan.
4,
i
Jan.
at
I
Jitn. 4.
1
60
SO
Jan. II.
378
Jan. 4.
Jan. II
378
eoantod »Uh P R
Loaasise. by li. H (>o'.
l/ttum s»nirMl by ritnrkii A l><.i,<;a
AU othar loans sod diaroijnis.
Jan. 4.
Jan. It.
Jan. 4.
./an.ll.Z3IJ(r«. 4. '3i Jan. 14 'ai
M8
316
215
318
318
H<l,0f4
•
H3.401
S
64,499
1,(1.697
47J.,707
422,090
3.i;.2.:i2:i
808
8M
i
S
l.'il».017
.
ii.i.
tr,2
429.0N(lI
4112.179,
1.416. 2271. •»l3,4f.2i
Total loans and dlaormnta
U H
.
tKinds
I
0.8. Victory noua
i;
8 Tfiuriry
0. 8.
.,
.m...:'j^
,
ri<,f<.«
no. WD
|
r.<.Ttiflr«lr« of ln<1»»>«"''>~—
Ml',
I
<
S
'"11
M07
I
Vd?
(in7'l
S
831.470
3,()S4.3j:t
Ids
'136,182
7.47H.39U
4Mn7 219 ll.lOfl 4'.»'>
.318.4:12
1153,078
870.427
201.2H4
I
14
13
1
ki.r.
:.
Othrr hood*, mijtrit Atii\ i
Total l<i«fm * '1l»<- i« .»
7
hnia rndlac t<v) out, ) It lu
RMwrvn liatanra «l(b V It hank
ClU&l 1ft 7ftl|ll
.
,,...
d ''•PoslW.. ......
4(1.%
.IS4.2'IU
t
*
«
.
.
,
....!'
JII.Kiil
11)1,296
n7:(
1.OU6.07I
I)"',
222.100
3,049.445
Incl
>
.alia
I
1
,
.Mir,
H
'
.
AI,
Rtlla
•^ with
,
1.
A n nthar
Ralln nf htll«
will.
an''
I
r4
lisnk:
in
Il7,04(r
b3,42;i
u.u-.
SA.OMO
III0,4»0
104,11031
36. AN
30.im(»
2i.r>6n
23,077i
33M,573
6,3601
I30,74A
157
IAA.44N
IM>
03.3OI
A 70
0H,3IA|
8071
38,411
a7,5r,i
317,45(1
I3,33<l
l«,M3
l.10,3',U
183.310
oMisatioaa.
r
r^oT'loMlaatlons.
rT7«M» *
8<I.AIIO,
R Hank
r»»ll«
f,
107.0301
IA7{
IHOl
403
».67|
I,I3N
3.730
3.Hn6'
Ul,454'
30.773
381.133
8.8'
>«
I
.
i^'j
10.101
i.nis
18,030
31 «7n|
31V
2ty
I
.7271
3.061
36,400^
4.713
00,373
ft.
025;
NI,P34
Hl.r>(l7
I
301
3
<>
3J»
u.
4
8.1
8
0<
330,501
I30.04H
THE CHKONICLE
286
[V«L. 114.
lawMtrg atrd ^iwatrdal*
THE CANADIAN BANK OF COMMERCE
ANNUAL MEETING.
The address of Sir John Aird, General Manager of The
Canadian Bank of Commerce, at the annual meeting of the
which about 254 milhons bear
[Aareholders of the Bank, throws an interesting light on
tioned the decrease in the Bank's loans, which
Canadian banking during the past year. He said:
The contraction in business, to which I referred when
accompaniment
addressing you a year ago, has continued unabated down
somewhat more than double the figures of
a year ago. This reflects the return of more normal conditions in the principal money centres abroad, and is also
present time; indeed
t4ie
it
increased in severity throughout
the greater part of the year just closed.
It
has been a time
and par-
of testing for the financial policies of all business,
out the weak spots and re-
ticularly of banks, searching
vealing the true outcome
brighter auspices.
to
adopted under much
of plans
much gratification
adopted by this Bank after full
has been a source of
It
to us to find that policies
eonsideration, with a view to warding off the evil effects of
have proved as
just such a period as the present,
as
efficacious
enabling us to view the present with
we had hoped,
interest, the balance of
million being non-interest-bearing.
The item
99
have already men-
I
and
of the decrease in deposits
at $2,758,126, or
in a
measure a tribute to the standing of
foreign exchange markets.
this
foreign trade at the present time.
Cash on hand and
Gold Reserves, that
in the Central
The
$3,116,136, or about $190,000 less
sidering the difficulties with
beset,
which the situation has been
and the steady shrinkage
in the
and Dominion
notes, stands at $65,162,871, and represents an increase in
proportion to our present liabiUties by way of deposits and
aU business,
by the various Governments under whose
business, $500,000 for
for the Offieers'
you wiU regard
we
rule
Bank Premises Account, $178,370
finally cany forward into
and Loss, a
balance of $1,946,745, or $162,766 more than a year ago.
writing off of $500,000 from
Bank Premises Account
pursuance of our expressed policy of carrying our
premises on our books at approximately 50 per cent, of
We
their cost.
referred last year to having been
able to
acquire premises for several of our branches in the West
and South America on favorable terms, and the
Indies
purchase price of these
is
reflected in this year's statement,
accounting for the principal part of the increase in the item
Bank Premises in our balance sheet. We are much
need of a new building for the Head Office, for which,
of
you know,
is
in
as
the necessary additional land adjoining this
building has already been acquired.
there
In aU parts of Canada
a large programme of building in prospect, the
carrying out of which only awaits more stable conditions in
the form of lower prices for materials and labor,
and a
return of labor efficiency.
The
somewhat over seven
decrease of
notes of the
$23,477,574,
Bank
is,
and
money
is
to
on deposits,
to lower prices a
volume
much
of
smaller
required to handle a given quantity of
goods than a year ago.
effect
which now amount
of the contraction in the
Owing
general business.
of
in circulation,
million dollars in
of course, the direct result of lower prices
for commodities
amount
all
times under present
During the year the British Govern-
unsettled conditions.
The same influences have had their
which now stand at $353,155,200, of
bond market,
in the
in the securities issued
by our various
Provincial Governments.
Loans and Discounts
transact
Pension Fund, and
next year's accounts, at the credit of Profit
in
ample reserves at
well to maintain
to
We have thought
last.
corresponding sum, at the favorable rates which prevailed
We
on which
a bonus of one per cent, paid last December. We have set
aside $325,000 for the very heavy burden of taxation levied
is
from 48 p^r cent, a year ago
49 per cent, at the close of November
it
between "quick
in the proportion
liabilities,
the regular dividend of twelve per cent., and
of loans
to think that
this as a satisfactory showing.
The
and these
have been able to pro-
we venture
to earn a profit,
it
amount
of
assets"
There has
ment continued to reduce its indebtedness to the Canadian
banks by payment of the short term securities which the
latter hold, and we took the opportunity of investing a
resulting in otir case in a smaller
vide out of
volume
is,
the Bank's holdings of gold and silver coin
dence.
amounted to
than a year ago. Con-
in the
Acceptances under Letters of
note issue, from 15.9 per cent, to 17.3 per cent.
the year
Bank
Credit show a large decrease, owing to the inactivity of
been a similar increase
Bank during
circulation.
Payable shows an increase, standing now
of BiUs
equanimity and to look forward to tne future with confi-
net profits of the
a natural
is
amounted
loans,
We
$23,334,479.
these
first of
in
to $206,588,328,
hold an outstanding position in the
still
,
Canada, and
an increase
and those elsewhere to
two items which represent roughly the measure
of service rendered to the
of
Canada, other than eaU and short
commercial and industrial business
Overdue Debts, but
in
when compared
and when the conditions
it is
with the total volume of our business
small
that prevail are taken into consideration.
vided amply
which
There has been
to its agricultural interests.
for all
possible loss,
this asset stands in oirr
We
have pro-
and believe the
figures at
books to be undoubtedly con-
show a decrease of between 10
and 11 per cent, as compared with the figures of a year ago,
which is more than accounted for by the decrease in commodity prices. At the end of November, 1920, the total
assets of the Bank stood at $480,760,000, and at the end of
servative.
August
last,
Our
total assets
seven mouths later, they had been reduced to
by about $102,000,000, or over 21 per
This was not caused by any set policy of contraction
cent.
or enforced Uquidation, but simply by the natural, orderly
and voluntary payment of debts by our customers In the face
$378,814,000, that
is
of the depressed business situation.
Naturally,
it
affected
our earning power for the time being, and has resulted in
lower profits for the year, but
we look upon it as most striking
evidence as to the soundness of our commercial loans and as
to the Uquid position of our other assets.
Bank
It
shows, too, that
and not bound up
with the fortunes of any one industry. You wiU have
noticed, however, from the balance sheet in yoxir hands that
the business of the
is
well diversified
•
THE CHRONICLE
Jan. 21 1922.]
the
total
amounted
November 30th last ^sith success. The business of our other branches in the
is owng- West Indies continues to develop in a satisfactory manner.
connection with the movement of The world-wide depression and the decline in prices have
been felt acutely in the West Indies; on the one hand, beBank
the
assets of
as at
This increase
to over $428,000,000.
largely to our activities in
the crop of last autumn.
I
cause of their insular position, which obliges them to import
should like to lay frankly before you the precautions with
which we have surrounded the administration of the trust
committed to our care, of which that part which bears the
ultimate risk
is
money which
the
invested in the business.
I
almost
\'0U
wish to say emphatically that the
my own
un,
aided judgment, nor upon that of any other single officer of
this
partments are headed by senior
men
Bank can
this
Bank wiU be ready -to
officers of
OUR DOLLAR
The premium
proved judgment
receive in these departments in
and
Head
for
Office in charge of credits
is
this
ber to as high as 10 per cent., another decided drop occurred
usefulness.
December, when quotations feU below 5 per cent. The
improvement in the early autumn was only natural in view
of the volume of exports of Canadian grain at that time
of the year, but the movement in December was somewhat
unexpected. The explanation lies, no doubt, to a large
extent, in the cumulative effect of verj' large sales of bonds
in the New York market by Canadian provinces and municipalities, facilitated by the receptive state of the bond
market in the United States during the last part of the year.
These borrowings, while they temporarily enhance the value
of the Canadian dollar in the United States, only add to the
ah-eady veiy large and there
yearlj' interest bill of Canada
is nothing in the situation which would give us reasonable
cause to believe that any improvement in the exchange value
of our currency brought about in this way will prove permanent. We should like to direct the attention of any interin
sub-
mitted to the Board, certifying that everj' credit which should
oome before the Board, has been submitted to it.
The procedure I have described is that which is applied
to all the current and active business of the Bank.
The
comparatively small number of accounts in connection with
—
—
which there are slow or dragging advances, are subject to
the additional test of an annual review
UNITED STATES.
.
Under the personal guidance and oversight of the head of the
department they check and scrutinize the judgment exercised
by the various local managers in making loans. In additionall loans or credits over a certain sum have to be passed upon
by the Credit Department at Head Office and by your Board
of Directors.
Every j'ear a statement signed by three of the
senior officers of the
IN
was followed by a reaction to 15 3^ per cent, in FebDuring the next seven months, March to September,
ruary
inclusive, the range was much narrower, the premium fluctuating between 10 and 15 per cent. In October the rate fell
the handfurther to 83^ per cent., and after a slight reaction in Novemand
looked upon as offering the best opportunity
give for future promotion
participate.
United States funds in Canada dropped
sharply during January last, falling from IS to 10 percent.,
and experience in lending money, and they are assisted in
their work by some of the best and brightest of the younger
men on our staff, specially selected for the purpose. The
ling of credits is
the manufactured goods which they consume,
We
have departments at Toronto, Winnipeg, Calgary, Vancouver, Snerbrooke and Halifax, for tne
purpose of supervising the loans of the Bank. These de-
training these
all
and on the other, because of the collapse in the price of sugar,
on which article more than any other their prosperity depends. From now on, however, we look for a gradual return to more prosperous conditions, in the results of which
as shareholders have
safety of your investment does not depend upon
this institution.
387
by the Superintend-
and the Chief Inspector. This takes place in the
autumn of each year, and whenever in the judgment of these ested to the discussion of tlie subject in the oun-ent number of
officers there is doubt as to the ultimate collection of the
our Monthly (Commercial Letter.
face amount of any debt, full provision for the estimated
A DIFFICULT YEAR.
loss is made, either by writing down the debt in the books
In conclusion, I may say that tlie year through which we
or by setting aside ample provision for it in a contingent
a<?oount.
The same procedure is applied to all the mis- have just passed was undoubtedly a difficult one. IrreguRollaneous assets of the Bank, such as bonds and stock larities here and there in the progress of deflation show that
The burden of taxathe process is not yet fully completed.
held as investments, or other items which have come into it
tion
is a heavy one, made unduly so by inequitable distribupoB-sefwion as security for debts incurred to it.
The pro
tion.
It would be well if our Go\(>rnnunt would direct taxvi.«!ion which is thus ma^le for bad debts is so ample that
ation more at what people arc spending and less at what they
ftverj' year a certain amount is recovered from debts
ents
pre-
viously written off our book:;,
tion in the
and
Hoad
what
f
is left
Bank's interest
drew attention
today, that the
are saving.
special organiza
iKjlifi«!S
undone which
in thera.
to at the
I
is
.shoul<l like to
my
by
this
delilxrat^fly adoi)t<<l
repe a
}iddreK.s
Bank
to
has been ho j)revalent.
methods of lending; money, with a view to protectinf; it from bad debts, especially under such adverse
oircumstanooH as we have passed through during the pa.st
year, have proved moHt eff<«etual, ho that tho nilio of l)a«l
debtfl to t/jtal loans over a m( ries of yeurt "^howK a marked
govern
its
of propKperity
A year afto reffrn*! u> rmr intention to eMtaliliHli bruncheH
Bank in Port of .Spain, 'rrinidiwl. and l<io ric .Innciro,
Thewi have now been op<'ned. and «»ur biiHinenM at
Brazil.
if
I
menl.
in
by the Hank, and
thi>
lieve
as yet loo early to Mpenk of
thnt
*hi'
"porationfi of
llie
a<'tiial
will
In-
way
moment
'
re-
.\i'ar
ago
steadily reduced
goodw
])ro(lii«'ed at
by consumption, even
The problem of imxhndion at
a time seemed ho burning, ai>p«>iirH now
The soil and other natural n»solvi'd.
to Ite
If bii.sini'SH
!.<»
respond to the
more
animation, any change
flm betl,«'r. and at. any
Hi-ems at i)n<Henl. to
l)e
munt sunOy be for
( lrnnt^<d a
nwake
to new life and proHjwrity
may
favorable harvest, in the coming year. w« may eoMridiiit.lT
look for a sli'iuh return to more normal (M)ndilioiiH.
which takeM
Itrnnch
crowned
K(.»cks of
or lew in a condition of suHitendc-d
November l/iHt.
r«'»<nllH.I>nt we be-
bnin'-h
fair
many
whi<'li for
efforts of her pc'oplc
did not op«'n formally for )>nMineNH until
Il i«
The
often disiKwed of at a loss.
a
in
ini|)rov«'ii
HOUrcfH of <'aiuiila an< as n-ady an ever
»Htisfa''tory «l<'velop
nnr^wsary to render the preinivH we hud pur-
nhaMt'd Miiitabin for oeeupation
and other way.s the return
<ionl)t as lo llic futni-f ho wide.'^pnatl a
eoHl. hav<' l)c(>n
lower eosUt,
In iiiode.laneiroMonnMlcluy took plu'-c in nnikinx the
alt«<r»lionii
high municipal
being held back.
largely dihapijeared.
a high
of thiK
«»f
The
MpeclH.
FORF.ICN BRANCHES.
hHowh every prospect
is
In these
Vet the position has imdoubledly
lias
forrnir plnno
lliat
IMPROVING PROSPECT.
dfwrrnaMe.
th«'
must be remembered
up rents and r(>tail
prices, just as taxes on profits keep U|) the prices of mnnufaetured goods. The lack of cupilal aceunuilations and the
high level of wages also fuiuttion in tlu- manner of la.xes on
employmcfut, tending to incrrease the unemployment whioh
netnissary to
beginning of
It
taxes are one of the influences that keep
Office to look &fU'T these UTitten-off debt^
to see that nothing
prot4;ct the
and we have a
it
pliM-e
.
|l
TTTE CTTRO^^CLE
»88
STOCKS.
^uzetU.
W^nnlicvs^
Week ending Jan.
—Notwithstanding
an advance in call loan rates of 6% on Monday and again on
Thursday, the stock market has been active and generally
strong throughout the week. Prices to-day for active stocks
The
are from 1 to 2 J4 or 3 points higher than last week.
railway list was led by Can. Pac. wth a net gain of 3^.
When at its highest, Atchison was up 414 points, about
Other rails are 1 to 2
of which was subsequently lost.
H
points higher.
Am. Sugar has been the outstanding feature of the industrial
points, Studebaker has
group, with an advance of nearly
moved uv over fi points, while Am. Tobacco has dropped 4^/(.
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.
Sales
Week ending Jan. 20.
for
Range for Week.
Week
Pm
Lovest.
Chores $ per share
M.400
AJas rights
Amerifan Bank Note. SO 1.300
50
Preforred
Am BraKe Sh & F
»£• pir-
100
8 SOO
fil
52'-;,
.53
^
500 98 '4
100
Preferred
American riilrle..BO pn
%
1
^^OO
9yi
100 83
200,112
2'
.^meriran Badiator. . .
100
American Snuff
Amor Sumatra pref_.100 2.100! ROM
Amer
& Flee. .100 1.800 PJi
First pref (7<?^)-.-100 1.400, 70
Partlc pref r6%)-.100 l.fiOO 2\'4
WW
Anaconda
rietits
Ann Arbor
300
pref
2,000; 1-fl4
100, 10V5
10
400 1
Assets Realization
100!15t^
100
Atlantic Ref pref
100 Ifi
AtJas Tack
n» par
.Austin .NlcholdsOo na par 2.100 lOH
.?00 70
Preferred
."iO
200 4
Auto Sales
fiOO
Barnet Leather
no pit
40
100
P>rcferred
Bamsdall Corp CI A_ _25
B
2.';0
90
400 19^
Lowest.
S per share.
% per share
m
Jan V
Jan U
Jan 17
Jan 20
.Ian 18 100
Jan 20
Jan 14
Jan 14
Jan ir 83
Jan V
Jan IK 112H' Jan 1^':
\9
Jan
71
Jan IP]
.Ian 14
Jan 20 8
Jan 14 73
Jan IS
Jan 17 22 «4 Jan IS
1-32
.Ian 14
Jan 14
Jan IS 10'^ Jan IS
Jan IP
IK Jan 20;
Jan 17 115H Jan 17
Jan 20
Jan 20 16
14
Jan 20
Jan 1
Jan 19
J.an IP 72
Jan IS 4
Jan IS
Jan IP
Jan 10 45
Jan IS 90
Jan 18
UK
.Tan IP
Wyi Jan
IP
10%
J.an 17
19'-g
M
'
M
100
ttllllland Oil pref
2.1
,55
.T.in
17
.5.5
nn par 4,«00 13H Jan 14 16 5^
Gray Ar Davis
Oiiantanamo Sug rights. 1,112
V. Jan 19
'i
nabirshaw Kl
no rn^ 1.400
'A
M Jan 20
100 5.5
Homcstake Mining. .100
Jan 14 55
880 fi% Jan 18
Hydraulic steel. _reo pnr
6H
Indian Refining
10 1,200
5
Jan 20
.500 21 H Jan IP 26'^
Inter Cement
no par
300 OB
Internal Nickel pref
Jan 14 68!^
300 SI
Kayser (.1 F A Co) ... 100
Jan 17 85
Kolsey Wheel
300 62\i Jan 18 65
1 00
Preferred
100 94
100
Jan 16 94
Keokuk * Dea M...100
Kresge (R B)
Preferre<I
Liggett & ^f cla.se B_
Lima T.ofomotl ve
Preferred
.
100
1
00!
100
5
,Ian 17
68
35
3
13 '<
38 U
I
7'/C
21»ii
im
Mulllns Body
I
no par
por
25
OhIoB & B Co... JW
Ohio Fuel Sup..
Ontario Silver M'g..lOO
Otis Flev.ator..
100
Mail SH...
ft
Panhandle Pet *Rpf 100
Piu-iah & Bingham no pnr
Pacific
Poorla
&
Fa,stern
Jones
Preferre<l_
.
.
.
.
8«
20
8H
20
IP
18
14
IP
14 K
17
40
20
11
18
IS
3
17,
20
20
1
IP
18
IP
20
2 '4
isl
15^4'
8'
25
>;
IP 11 'i
IP
18
2Vi
5 '4
14
14
PJf
IS 74
IS 100
14 1>;
1
17 55
14 25
14 13'=;
IS 47
OH
K
5^
H
1 .;
H^
ti
5>4
33 '4
Dec
Dec 90
Jan 3354
Jan 46
Nov
Jan
Dec
Oct
Aug 44
Nov 8 '4
Jan
Jan
Dec
Apr
12
Dec
Jan
Jan
Jan
Dre
Feb
Jan
Oct
Feb
Mav
Jan
Oct
Jan IP
Jan 18
Jan 14
49v;
Nov
Mar
May
18
18
20
IP
IP
17
6H Deo
;
.fan IS
20
13;-g
61
Dec 20 '4
6
15 Ji
60
PS
Dec
Jan
Jan
Jan
Mar 85
35
Mar 69
75
Mar 94
4K Nov 6 '4
May
Doc
105K Nov
Apr 164
Dee
Aug 102
Dec
Aug lOOK Dec
Jan 177
18
2H
4H
Oct 19 '4 .Tan
Jan 18
Sept
Jan 67
June
June 36 5i Dec
Dec
May
7
Aug 4514 May
Aug 18'-<; May
Aug 8H Mav
Sept 22
De<'
Jan 20
IIH Aug 24
Nov
J.an IS
.Ian 20
8
June 155^
9 '4
8?4 Dec
22
Dec 23
Dec
Dec
Dec
J.'in
Jan
17
13
K
K
.Tan 16
Jan 16
Jan 18
,Ian 20
Jan 19
,Tan
.Ian
H
8K
18 62
IS 100
17 13
Jan
Jan 1
Jan 20
Jan IS
Jan IS
Dec
Rept
'4 Dec
13M May
June 75
Dec
Nov
Nov
100
Dec 33
'4'
'i7"?i" jiiiv "28
7,'<r
40
Nov 11^
Feb
Jan
l')ec
June 48
Jan
6
Mav
3U Aug
Aug ,148 May
-Vug 17U
Jan
Aug 78 '4 Dec
87
8
'
68
June 15 K
9K
Nov 12
8
37 H Apr 105 '4
37 ^i Apr 90 H
."Vpr
.Tan
Dec
Dec
""
19
47 K
6
Apr 26 H Sept
Nov 80
Jiilv
10
(First 3^3)
lose
\
Total sales In $ 1 ,000 tinlis
bonds of High
1932-47 (First 4s)
Low.
Converted
4%
Jan
Jan
97.50
96.80
96.86
97.00
96.50
96.60
Dec 40 J4
Dec
Jan 255
Sept
Aug
Mar
Nov
Nov
20}^
Apr 17
Aug
27!^
20
Aug 160 H
July 106)^
July 47
Oct 104
Mar 88 H
14 121";^
17 100
16 30
16 92
17 72
16
17 65
H
280
457
97.14
96.60
97.06
5,.^62
98.80
97.90
97.90
9
08.06
97.64
97.94
147
Close
Total sales in SI ,000 rtnits
Converted il4%
bonds High
of 1932-47 (First
Feb
Nov
Feb
Nov
Dec
Jan 13H Oct
Oct 89% Feb
Total sales
f^i
97.88
97.74
97.86
15
4Ks) Low.
Close
$1 ,000 units
4%
97.84
97.66
97.80
222
97.70
96.96
97.52
640
97.60
97.20
97.30
9S.00
97.90
97.94
97.98
97.76
97.80
224
141
99.00
99.00
99.00
Total salfs in $1 ,000 units
Second Liberty Loan
4%
2
fHihg
Low.
bonds of 1927-42
(Second 43)
Close
.
%
97.84
97.64
97.70
1927-42 (Second 4Ms). Low.
Close
983
Total sales in $1 ,000 units
Third Liberty Loan
4'4% bonds
(Third
High
n.ow.
of 1928
97.98
97.90
97.90
Close
4'<i-s)
Tmnl sales in iSI ,000 units
Fourth Liberty Loan
fHIgh
4 H ""o bonds of 1 933-38. . < Low.
(Fourth 4 4s)
589
98.00
97.86
97.88
3,690
100.24
100.22
100.22
791
100.24
100.22
100.24
27
(Close
Total lalcs in SI ,000 units
Victory Liberty Loan
High
4%%
notes of 1922-23.. Low.
(Victory 4 349)
Close
Total sales in SI ,000 units
High
3 34% notes of 1922-23
Low.
(Victory 3i4s)
97.20
97.20
97.20
3
97.40
97.20
97.66
97.50
97.50
Total salrs in $1 .000 units
bonds of High
Converted 4 '4
97.16
96.92
97.08
784
97.50
97.36
97.60
6
97.90
97.50
97.90
231
553
Second Converted 4
High
bonds of 1932-47 (First Low.
Second 443)
Close
Close
Total sales in 91 ,000 units
9;. 74
97.56
97.60
1,393
97.92
97.80
97.84
1,710
97.88
97.68
97.72
2.014
100.26
100.18
100.18
1,327
100.26
100.22
100.22
160
5
97.70
97.60
97.70
686
97.98
97.88
97.96
1,554
97.88
97.72
97.86
97.76
97.62
97.62
629
98.00
97.80
97.94
1,363
97.90
97.74
97.84
1.812
100.16
100.12
100.12
801
100.14
100.12
100.14
1,998
100.16
100.12
100.14
1.448
100 16
100.12
100.14
210
408
97.68
97.42
97.46
1,118
97.98
97.90
97.96
1,480
97.76
97.56
97.64
1,649
100.18
100.12
100.14
911
100.50
100.12
100.50
139
97.34
403
97.92
97.82
97.90
934
97.60
97.36
97.42
1.943
100.18
100.12
100.18
1.479
100.18
100.12
100.18
226
—
Note.
The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
97.66 to 97.90
96.80 to 97.30 93 3d 443
8 l.gt 3Hs
97.42 to 97.80
...97.36 to 97.70 170 4th4>4s
47 ISD 443
303 Victory 4^3.--
..97.08
5 2d 4s
52 2d 44s
Afaturity.
Feb. 16 1922
Mar. 15 1922
Mar. 15 1922
Mar
15 1922
1922
June 15 1922
April
1
Int.
Rate.
5H%
6^%
594%
Asked.
Bid.
ioo'4c
10034,
5%
lOO'i-s
4i4%
100
5H%
lOO'^if
S.
ioo?rs
Govt. Obligations
Maturiti/.
Aug.
1
1922
lOOH
Sept. 15 1922
Sept. 15 1922
ioo»4, June 15 1924
1001, Sept. 15 1924
iooi'4f Dec. 15 1P22
June IS 1922
1004
lOOH
99.90 to 10.40
97.60
97. 16 to
Quotations for Short-Term U.
Dec
Nov
Nov
fHIgh
1932-47.. Low.
3y,% bonds of
May
J>m'
«
Loan
Nov
June 29
Dec 85
21
H
1
Dec
9 '4
Mar
,Tan 17
.Tan 17
Jan
—
Nov
20
Jan
Jan
Jan
Jan
Jan
Jan
1154
Apr
United States Bonds. Sales of Government bonds at
the Board include S^l.OOO 4s coup, at 104 and the various
Liberty Loan issues.
Dec
Oct 40
Oct 59 H
Dec 42
Jan 16^4
.Tan 17
14 125
Jan 20
IS 111-^ .Ian IP
17 69
Jan 17
16 16 «4 .Tan 20
14 10 >',' Jan 14
88
.Ian 19 95
Jan 16
92
Jan 18 92
Jan 18
100
Jan 17 lOO'.i Jan 17
Jan 17
19H Jan 18 20
57
Jan 17 58i.f Jan 19
8'<, Jan 10
Jan 16
'20
Nov
15H
12
J.an 17
J.an 17
.Ian IS
Jan
Jan
39'^
40 4
9K.
Jan IP
Jan 18
May
18!
.Ian
70
78
26
18
18 32
18 210
20 V2'A
20
8
20 15
For volume of business on New York, Boston, Philadelphia and Boston exchanges, see page 282.
State and Railroad Bonds.— Sales of State bonds at the
Board are limited to -SI ,000. New York 4 >^ of 1963 at 110.
The general bond market has been somewhat less active
than forsome time past, and prices for railway and industrial
issues have shown a tendency to weakness.
Cuba Cane
Sugar conv. 7 are exceptional in an advance of 814 points.
Aug
Dec
10
J.an 17
27
.Tan 19
5H Dec
41
86
27
35
50
Jun 63
36 H Jtme 62 H
'9 H
Apr 86
58=/^ Au? 73
68
Oct 95
13?4 June 21
93 K Nov 100
59!)
Nov PPO
124 '4 Dec 124H
IP
IS
Jan
Jan
Dec 15U Nov
loins'
Apr
Dec S'i% F b
6«
IP
20
.Ian IS
Jan 17
Auc 70
Nov
63
22
4
19'
17
20
Apr
U3H Nov
Jan 76
87 V«
W
92'/$
Deo 103
June 48
Jan
20
Def 20
Jar 13K
Aug
17
i6H
105
Dec
Jan
Dec
Dec 585/8 Dec
Dec 23 H Dec
Feb 46 '4 Nov
20
14 130
20 107
June
104
Jan
9H
Oct 103
Dec
H Atig 1
Nov 100
8K Dec 9
31
20 22)^
17
Nov
4H
26
3H
Sep'
55
22
33
51
S4H
30 '4
17
19
Apr 32 '4
97
17
19
IP
Dec
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3 '4
17
16 42 J4
IS 325
14 18»4
20 13
18 26!^
16i
161
S per share S per share.
J.an 16
First Liberty
Jan
29
70
Jan
20
De<
1»?4 Junf
20|
Nov
3H
400
per share
9454
9
55
85
Highest.
Dally Record of Liberty Loan Prices. Jan. 14 Jan. 16 Jan. 17 Jan. 18 Jan. 19 Jan. 20
Jul;!
12 55
Jan
F
Jan
Texas Gulf Sulphur. . . 10 23,300 40 H Jan
Texas Pacific Ld Tr. . 100
1 325
Jan
Third Ave
100 6.900 1534 Jan
Toledo SI; L & W.no par
200 13
Jan
Tol St L& Wpref
1400 23
Jan
Cla'S B
200 22 H Jan
Underwood Type pf.lOO
100 130
Jan
United Cigar S pref. . 100
800 106 H Jan
United Drug Ist pref. 50
500 46
Jan
Union Tank Car pref. 100 1,700 104
Jan
Van Raalte 1st pref. . 100
300 92
Jan
Weber & Heilbr'r.no par
400 1054 Jan
Wl Ison preferred
100
300 68
Jan
<fe
•S
Lowest.
Oct
100*4
501^
Dec
Dec
Dec
Dec
Par Shares $ per share
Sears Roebuck pref. . 100
700 9314 Jan 14
Shatt uck Arizona
8 '4 Jan 19
10 1,000
So Porto Rico Sugar. 100
590 16% Jan 16
Preferred
200 83
Jan 19
Stand Milling pref. ..100
100 84'-^ Jan 1
Superior Steel _
100
800 26 H .Ian 18
Temtor C
Range er Year 1921
Highest.
Dec
Deo
.Tulv
41
18
8
28 5f
25
.Ian 14
per share.
Lowest.
66 H
20
Sep'
Sep'
Sep'
1
46
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
100 55
Jan
5,600 22
Jan
2,000 121^ Jan
100 47
Jan
1.300
4U Jan
700 122
Jan
600 11
Jan
100 69
Jan
3,800 14 V Jan
100 lOK Jan
lOO
nn par 1.900
no par
300
PureOil preferred 8 %...i 4,600
Rand MInee.
no par 1.400
Remington Ist prof. .100
POO
Robt Rete Co ad pf no par
lOO
PJlllilps
48
Jan 16 68
Jan IP
Jan 16 37"; Jan 20
Jan 16
3H Jan 20
.Tan 16 13 'iJ Jan IP
Jan 16
18
M
NYStock Rypref
4
K
23 <
Mnxwell Mot cl B.iso par 8..';oO 13'4
2.S .000
K * T Ry w 1
T^i
Preferred w
fi,600 25 If
Warrants 1st asBt pold.
ion
Preferred
100
9^
Mclntyre P MInee
9.500
2H
North Amor rights
7.900
31^
Norfolk Southern... TOO
200 99
Norfolk Western pref 100
.500 73 S
Harlem
.50
20 100
YRhlpbtillding. »o par 1,000 14
N VA
N
IP
?
46 H Jai 56 K
43 H Jar 50 ^
Jar
56 H
42
83 'X Ja' too
6 'A No\ 29
66% Ja' 91
95
Ja'
64M Nov 91?^
5
.5 .BOO 111".^
Jan 1";il2'f .Tan 20 130
100 ITO'4 Jan IPIIO'j- Jan IP 07 %
100 IPO
Jan 17|100
Jan 1 1.37
3.400 94
Jan 14 lOO'-j' .Tan IP 64
200 noo Ian 16 101
Jan 16 87
400 9 '4 Jan 17 10
Jan 1
45
200 15^ Jan 16 15 4 Jan IP 10
100
Marlin Rockwell, .no par]
Mallin.son & </0
no pnr
Preferred
100
100
2.'>
7.pno
Manlinttan Shirt
Market Street
100 1.000
B
100
Prior preferred
100 2,100
Preferred...
100
100
Second preferred .. 1 00
400
Martin Parrv
no pnr 7,:?no
Mathison Alkali
fiO 2,400
Highest.
Highest.
Jan
20 1.300
Batonilas MlnlnR
^ Jan 14
H Jan
Beech Nut Pack pref. 100
I.'^OIOI
Jan
Jan 17 101
British E steel
POO 8^ Jan 14 9H Jan
100
400 fl2'^ Jan IP 64
Ist preferre<l
Jan
2,200 227^ .Tan 14 24 H Jan
2d preferred
Brown Shoe
100 1,000 42
.Tan IP 43!^ Jan
Brooklyn Union Oas_100
400 73
Jan IP 74
Jan
o»/^ Jan 14
Rninswick Terminal. 100
400,
2'^ Jan
Bnrns Bros B w 1 .
3.700, 28
Jan IP 32 '4 Jan
800 9mi .Ian IP 91J^ Jan
Bush Terminal pref. . 100
Butterick
100 4.700 28 1^ Jan 18 31 y, Jan
Canadian Southern.. 100
30 F,2
.Tan
Jan 17 .52
Onrson Hil! Cold
1
6,500 12H .T.an IP 13 K Jan
Ca.ie (J I) Plow
n« vtr
200
4
4
Jan
Jan 1
28-';
100
Caeo. (J I) Thrna-'h
72
Jan 18 72
Jan
Oertaln-Teed Prod tt vt
200 3.'>
.Tan
Jan IP 36
400 3?-f; Jan 20 3 IS Jan
OhicaRo A; Alton
100
Preferred
100
800 4% .Tan IP
4Jf Jan
300 r,^<4 Jan 17 .54
dilc St P
Hi Om. . 100
Jan
Oluett. Pciibody
TOO
900 4'>
.Tan IP 48 K Jan
400 80
Preferred
... 100
Jan 18 OIV. .Tan
?>
fir,0 fiO
Oonilncntal Ins
Jan 20 66
Jan
400 78
Cuban-Am Sug. pref. 100
Jan 17 84 >^ .Tan
De Beers Cent M.no par
300 IR-^ Jan IP 16!^ Jan
Detroit Edtson
1 00
600 102
.Tan 14 106
Jan
14,PS0
F,a9'man Kodak
100
Jan 20 700
Jan
Hloc Storage Battery. lOO 1.700 12.'
Jan 18 140
Jan
Bmerson-Brant Ing
100
100
3H Jan 18 3H Jan
100 22
rrefen-Ml
100
Jan 18 22
.Ian
Oen Am Tank Co no vnr 2,000 45>;( Jan 14 .54 U Jan
Cla-ss
Range for Year 1921.
Jan 17
Jan 14 P>4
Jan 17 ,52 H
Jan IP 62
Range for Week.
Sales
for
20.
Week.
Wall Street, Friday Night, Jan. 20, 1922.
Railway and Miscellaneous Stocks.
[Voi^. 11^.
Int.
Rate.
1
1
5H%
Aiked.
Bid.
100^4
lOOJi
5>4% 100"4e
lOO'S/ji
4'^%, lOOK
100 J4
103
634%
102
6H%\
102-4f
lOOSYc
1'4%I
4«%
100
'4
102^6
lOOH
lOOKs
—
Foreign Exchange. Sterling exchange continued dull
and lifeless, with only slight changes in price levels. In the
Continental excliango markets some irregularity was noted,
but changes
in either direction
wore not important.
To-day's (Friday's) actual rates for sterling exchange were 4 17@4 19?^
for sixty days, 4 20(«i4 21 'i for chocks and 4 20'XC<^4 21 '< for cables
Cornniorci.il on l)ank.<. siglu. 4 185-(;(<04 20''-4. sixty days. 4 15's<3^4 17}4.
ninety days, 4 14's(n4 IG''^. and documents for payment (.sixty days).
(5otton for payment, 4 18?^ ©4 2014. and gi-ain for
4 1.5;ii(H>4 17K
payment, 4 18!4(u;4 20 54
To-day's (Friday's) actual rates for I'aris bankers' francs wei'c 8 02 for
tierman hankers' marks .are not yot n'lotod for
long and 8 08 K> for .short
long and s'norl bills. Am.-iierdum bauJcers' guUdars were 35 89 for long
and 36 25 for short.
Excuauge at Paris ou London, 52.06 fr., week's range, 51 30 fr hisli and
52 06 fr. low.
The range for foreign excliange for the ^voek follows:
Cables
Si.ztr/ Days.
Che<:ks.
.Slrrling Actual
High for the week
.
4 23H
4 2054
4 22»4
4 20
Low for the week
4 17
4 20
Paris Bankers' Francs
High for the week
...817
8.25
8 26
—
—
Low
for the week
Grrrnnny Bankers'
for the week
Low for the wopk
Marks
.
799
—
High
.
—
—
807
M54
808
O.ooUi
...
0.48M
0.49K
.\ms;ndam Bankers' Gnilders
36.86
3662
.36.81
High for the weeic
36.27
3632
35. 8.5
Low for the week
Domestic Exchange. Chicago, par. St. LouLs. 15(<%25c. per SI. 000
9an Francisco, j>ir. Montreal, .$58 225 ijordiscount
Boston, pir
Cincinnati, p ir
.|l,OnO promium
The Curb Market. The remew of the Citrb Market^is
given this week on. page 278.
—
—
Stock Record, Daily, Weekly and
Mew York Stock Exchange—mvtvir"'
Tuoci?
THREE PAGES
OCCUPYING
For sales durlnC the week of stocks usually Inactive, see ptecedlnft patfe
aiQB AND LOW SALB PRICE— PBR SHARE. NOT PER CENT.
Monday
Saturday
Jan. 14.
9534
97I4
S T>" Shi'f
9712 lOi
8738 873*
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35
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3458
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112
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131
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55
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102
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I
•53
13
55
14
29
2834
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60
59%
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114
114
39
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73% 73%
31% 32%
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102
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38%
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74
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2
214
55
14
28»4
50%
114
39%
512
5%
64% 64%
92
....
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212
17
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17%
1734
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1634
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4534
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46
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46
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60
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•57
60
5934!
75%
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59%
74%
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74 14
76
59<tt
74%
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53
73
62
54
75%
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73
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62
14
21
13%
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20'2
9812
7634
34
33% 34%
20% 21
20»4
64
64
52% 52%
24I2
2412
•76
77
74 14
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4»3,
2112
74%
74%
47
49%
37%
21% 21%
a4i2 34%
•3
3>2
4*4
43,
80S 81%
187.
18%
iS
4834
25%
2fl7»
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1281?
73I2
9%
24%
237,
V,
20%
•13
16'4
•52
«1,
47
50
73%
21%
38%
13%
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8%
13%
16%
131,
63
53
63
2434
25
77
;
74%
38*4
22
35
22
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31
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28',
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5
'
'
64%
800,
430
54
24l<
2.5%
78
78%'
700
36.200
74
•4734
22
40
•36
22%
21*4
40
22
34% 35
3%
3%
34%
34%
I
1,')0:)
5%
81% 82 '8
17% 18%
18% 18%
48% 4934
49% 60
26% 25% 26
26
•38% 40
38
37
I
'
72
1
1
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20%
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6%
6%
6%
6%
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203,
14
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20%
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2OI1
5..'illO
14%
1
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II
8%
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13
14
14
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1.,%
13%
WJO
800
800
16%
66
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15%
13%
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8»4
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6%
13
27
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67
6%
714
13%
13%
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27
64
.'A
14
16
16
•62
66
•63
200
67
7I4
634
6%
1.(00
13%
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28
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28
300
100
63% 64
63
64
s.rmo
11
II
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61
33
/%
13%
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0.1%
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ll><
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33
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61
61% 62
14%
13%
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%
H
%
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%
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lot
M%
J
mt*.
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06
104%
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41
9irh
Ml,
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8.><4
323«
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33%
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64
•63
64
617«
61%
13%
14%
13%
14%
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%
%
•%
67%
60%
13% 14
•%
%
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%
67% 68
104% 104%
104
40>4
42%
42
«(%
Oil,
Oil-
31
30%
31%
67%
36%
66
34
36
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37
37
34
a'»%
344,
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***
44.
lazi, 13.1
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46
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m
132
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in
1
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46
6
136%
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13
13
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60
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6.'%
116
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41
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lOA
113
M
106%
113
4%
TN
4«
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4.'.%
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74>4
74%
41%
a«%
40'»
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•113
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7S
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74
4%
T%
46
M
aak«l prVMi
7%
7%
47'4
Ul
74%
75
42
I
O'l
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31%
31%
6«
6S'4
106
113
107%
4%
»
0'4
47%
01%
I
'
I
41%
l»S
2.1' 10
17 Hi»<l
."Kl
.'no
2I..MM»
Amoriran
D"
0%
0%
0%
'I
".'I'l
I
IIHI
|
47%
01
!.« Man
ihvo
D'l
I
.1
.
I
J
'.(Kl
100 gharu.
ao<1 en <llYl<l«n<]
Ij,
A II'
Afi.r
Uo
l«aib<ir.liKi
lull
Pmnrii F
lirof
l.ooomollire
!•»•'
vir
'
'Mill
HI
•/•!
I
A
.
KM)
100
100
16
3
17
16%Moy
9
22'4May 9
79% Dec 1
34% Nov 26
1678
12
Mar
10
S's
63
83
1
2
16
Mar
2S4
1
28% May
6
Nov
26
55
July
64
3
May
Co
36% OCT
Del
8
12»4
June
Deo
Jan
17% Got
May
40
Ooi
Get
31% Sepi^
30% o«
22% S«p«
91% NOV
4178 Mai
18% Deo
80% Feb
Aug
3
8% Deo
13% May
8% Feb
Feb
16
36*4
Gfll
97%
6%
17%
27%
62%
24%
Get
Oe«
40
May
Nov
Gfll
Get
Oof
Go*
94
66% No?
Aug 112% Ju
38%
July
71% Nov
63
3984
«|
534
.30
21
Feb
90%
80%
2%
8%
11%
33%
J'lne
18
49% Nov 28
6% Feb 7
77% Feb 17
21
June,
GM
Get
o«
No?
96
Deo
Dec
Dec
Deo
3% Dec
Jan 10
23%May
06*4
8% Dec
Nov 29
3% Nov 22
Dec 22
46
36
ee>4
247»
7
9334
U
Got
eep«
58% Jan 26
14»4May 9
July
118
11
84*4
82
89
16% Deo
Deo
12
14% Jan 13
30 Dec 20
60«4 Dec 9
June 21
46
Feb
Oct
MW
JSB
MM
71% Oct
31% Dec
Deo
60
Feb
20
6% Deo
9% Feb
100% Nov 29
6% Jan 26
16
Jan 26
Dfc28
Aug 24
Aug 22
Dec 23
Dec 28
83% Mar
10
26
11
17% Aug 26
47%June21
97 Apr 14
32 Dec 14
ll%M8y
65
91%
120
41
Aug 46 Din
Get
83% June 108
Feb 260% Be pi
165
Jan 12
Fek
Fe»
31% Fes
II
18
66% Gel
8*4
I
667g
Got
Got
64%June 21
76
Deo
1
64% Feb
84% No?
39 June 20
68 July 16j
54 June24|
12 Nov 29
611s -^ep'
9
23»4
66
7.
73%
41% May| 70
16% Deo
87%
Feb 27%
18
84% June 106%
86»4 June
96%
37% May, 44
Dec
14
33
Dec
68
60
Dec
37
67%
21% Feb 39%
667, Aug
84*4
Dec
71
11
23%
23%Sepi30
88%June21
104% Feb 19
Mar
16
flIUJune 14'
32i4June23i
Jan 28
88
4134 Jan 12
23%M»y
I5»4Mar Ul
60 Apr 291
Jan 19
36
65% Dec
6634 Dec
Oct 17
23
70 Mar 11
60»4JnDe20
18
12
7
l.TnlO
Dec 5
32
80
89% Jan 16
Feb
64*4
Feb
3.>7,
Mar
11% Goi
25'34
Auk 3
39% Nov 28
23% Jan
Feb 7
15%
n
June2I
e2%July 18
60
Mar
18
Jan 13
Dec
14
27% June
Den 28
66% Apr 7
l:U% Nov 29
74% Dec 2
2734
UUMar
Aug 24
Aug .'n\ Dec 29
26
Mar
8
May
:'
8
9
70%
J
U
in 10
Ooi
13
84% Go*
23% Got
8% Feb
16% Bepi
July
27% Go*
20% Fob
64% Feb
8% Doc
40
7«
Sep*
10
28
48
Oe>
Go*
Oe*
42*4
Apr
Deo 29
12% Dec 15
Oct 18
23
ll%May
10%May
B
9
16
.'i7%May
e,
2S
26%
6.f«4
7,
33
6I4
May
U
May
80%May
Do.' 29
16
61': Dec 30
69% Jao
16% GM
82% Go«
Dec
12% Dec
16'ii
Gel
61% May
7% Aug
14
Aug
7
21
Mm
129% Nov
17
Nov 20
IMiMay
r.'%Mar 12
8% Dor 29
Dec 30
I4I4
47
43
Feb
110
21'2Mny 10
II
Fel)
Feb
8% Dec 20% Got
88% Feb 118% Nov
Feb
18
33% o«».
Feb
60
86% Oo«
3
1
Nov
103
61
6% Dec
19i<iMar
.-f
Got
eef
20% May
83% Mar
42 June 21
ItMs Jan 6
% Dec 29
Get
Fe»
Fek
Go*
7i4May 9
6734 Jan 16
19%Juiie 23
Nov
Nov
30%May 9
41
Jan IS
65
38% Aug 26
U
Got
Got
Sepi
Got
Gos
Gei
33% Ooi
48% Got
40 Sepi
49% Oo«
36%June24,
27%June23
GA
Apr,
60
6
Jan 12
68l2-*<'i.t
llacir
.
.'11
May
May
Nov
% Oct
34
N8
Aiiv
3
I
Juno 23
2HI4
Aug
24j
67% Aug
J'.l, Aug
2n
-"
Aug
."'
61
24
,
Orl
May
108
1
23
6% Juno 23
N
«ll%
43
67
3
1
'4
July lA,
A|>rl4l
73
28
W7
67
DnDee
Dor
Hit
Drr
16
62% Doe
1:17
H
11;
7
i'<
Dw
16
17
-ll
H
6
ll\
nji, Jan .11
U
Jan 30
100
ONI, Juno
'% A
III
•"
Aug
10
3liS Aug
nil. All*
jr>
4>4
m
I lui divlilnud.
I
Jan 7
Jan 30
M
4
U
'
I
b I'U
1
32%
l>oo
I
I
>KI'
I
I
lor
I
J
2
'88*4
<
96
Ju
Ju
Ju
96%
Ji
68%
03
108% Ad*
08
61%
101
147% Apt
iin% Fek
64%
•6
IA%
Drrl
OA
Ju
Ju
Mai
J»M
68% Mai
AS
130%
14%
Ju
Ju
Aug'
Doo
100% Ap»
l>ool
l>«0
3W>4
Doo'
n<%
l>rr
rUbU (JuM
S0%
133
Ju
Ma»
Ju
00% Ju
oni| JilnOi
m.
7%
Ju
Ju
Ju
188% Jas
I7A
43
NO
74
JU
Ju
3% Ma*
Mai
R
63% Hop*
03 I Nov
Fob
Dor
A
Doe
8A
Aug
S7
Fob
63
S0% Doo
H% Dor
;
Dor SO
Dro 14
16
10
Deo
06
A|.r IN
I
no
Iloo
70
6% Doo
16
16
Nii» vn
6
61
IOA% July
Doo
I6>ii
611% Dor
30
AUii 21
211
Dor
Doo
Deo
Deo
31% Doo
7:% Dre
Doo
11
7
Aug ii
I'll
48%
84%
26%
07%
III
II
7%
7a'|JiiiiP
Dec
Dot
76
46 ll Doo
14
2
A.IHNtay
'f,
IKx'
%
% Poo
Nov 14
April
M% Jan
oh 3
Jan 3A
J*n N
SU '• A iig 20
34
11
Jnn 30
IfiP,
I 111%
24'4
I'
Auk
46% Mar
Al
Fob lA
74% Jsn A
nA%May 2
3611 Dee 16
SAifJiily 6
4 Juno IH
114
DflO
Dec
00
33%Jiiiio2l|
7'H4J<inr 26
lAU.tiino 17
14
40
66% Jan
I7[
Doc
8
17
Jao
Koh
60 Dec
30% Jan
1% Fob
134 Fob
691, Dor
I0.'l>4 Die
39»4 Dee
00 Deo
54% l)ec2Ji
2I"« Aug I0|
I
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19*4
621s
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.
3
Jjin
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Dec
80 JunrZI
I6'4 Dor 21
I4 Doe 14
.'111;.
10
• Kt^hrldaod ami rlahM.
In (•in* Aui. 37).
100%
May
4% Jan
7% Jan
|oo
100
100
100
26
f.
l.iiwHwt)
All.'
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4
iitaf
,-.H%
100%
Ill(l4)
Anirfi,
249
10
3% Dec 30
18% Feb 7
45% Jan 26
No
Iniornallnnal Corp.
4 'I'H)
I
01%
IH.
Amor
26
1% Dec 28
10
prr.f
I'
I.'
47
01
D'l
mi
Anion, on
I
4%
01
Oer
Amori.nn
Aug
14% Cot
33% cat
44% N0»
Feb
Feb
64
Dec 2
55% Nov 28
110% Nov 28
12% Sept
104% Del
49% 0«(
June
64
59
14
June 14
MIn'g 10
4 Dye
AlTM>rl'-*f> loe
21% Deo
Apr
85% Mar
prof
7 lii'l
II.VIK
14
7
2
15
14
Dec 28
12%May 10
67%Juno 21 lOI
Jan 3
l7%June20
24% Jan 13
Mini*
4 O'l'l
4%
4S
U
14%
S6
?6%'
'1%
r,;i,
'hrrn
Do
98
Nov 26
4678
26%June 24
434 Dec 30
Dec 30
15
100
100
ffo par
60
Alitokn Juricnu Oiild
J
24
12
12
100
.
•/4I«
40<<
106
Alllr'l
,"
11
6% Dec
1S% Dec
21
Dec
80>4 Dec
Deo
60
Dee 14
15% Dec 22
Dec 14
10
60
1(X)
Air Ki'durtlon. Ino
Aim Uuhlior Ino
<t'iid
Jan 8
Jan 3
Jan 26
Ju
82
*83 Dec
27% Feb
40% June
64
Oo>
17
Mar
9% Aug
6% Sept 13% Mu
109% Dec 134
Ju
47
Feb
70% N0»
9
28 June 24
2% Oct 13
•I
61% A3%'
H4
Feb 3
90% Not
Miscellaneous
ft
KiprMsi
pnif
'..,M|I|
4%'
47
Kt-ftatiui
•>
4.1
60
27
49
42
90
10
•<
;-•'!
•113
4%
MaMMaon tliliilay. t
OIn AHka Coal Co.
•h«vq for ahar*. to atook of
13%
4014
lis
4'.%
'W)i,
133% 133
13% 14
76
106% I0N%
2IU
42%
June 21
3% Nov
100
too
too
Wentern Maryland (•<w)..100
Do 2d prof
100
WcBMTti Pftclflo
too
Do pn-f
100
Wbit'iing 4 Lake Erie Ry.lOO
Do pref
100
Wlnrornln Central
100
Aliukk
Dec
77
Dec
67% Dec
75 Dec
8984
1% Mar 24
I
A
6
1321* 134
41%
10;%
4%
7%
46%
01%
43
6
62%
«6%
I
0% 0%
Sl% 32 14
68% 60
4%
2H4
42I4
61
S33,
M,-.
33%
60%
41,
31%
A
«i7%
146
32
fi93
A
pmf B
Do
Jan
46% Jan
71
Jan
110
Jan
3.S
Sept
31
66%June21
1
IIH't IIK>4
lit
IIM
"
23
4X
134% 136%
«a%
74%
I4r|
1
»«%
«%
60
07%
11'!% I4N
ni
•%
3.",
14
•'I'.
31%
I
<i
34I4'
34
12
AlMa r'tinlmnrs
331.
67'j
31)%
11
Mar
pref
Ulfl
I.OIIK
J
I
40%!
M"«
11% ai%
31%
M
4
22% Mar
6834
Wabash.
Adnmo
9%May
Feb
May
4% Dec
20'«May 9
100
lOO
par
100
Mfi
|00
Do prrf
100
Amir Avrtruliiiral Choin..l(K)
J 'inn
Do prof
100
1, I'll)
ADirrlran llort Huiinr
100
Do prof
..
too
,noo Amur l«Mrb f>ihtn»io.. No par
1
I7,7'KI AiiH''lriin fan
loO
Vl"!
l>"
I'fof
100
(II
•J
Aninrt.-iin ('tr « Foundry. KXI
JIXI
'">
l'">f
100
4 '.O'l Ainprlcan I'ntum Oil ... |00
H Kl
I">
l>f»f
100
Vll'l
Amor DniiKliiis Nyiidlnau 10
I'I'I
Ainorlran I. iiiroa*.
..iU)
lllli-
30
117
W%
14
l2,'ll)'(
36%
•60
67%
37% 38%
.33% 34%
NO
73
•01
02
•*ttt
34*4
XtS 14
«7
»».% <«7'a
•7% •7% »«
I««
147
147% 146% 147
147
•117
117
.... •ll»
21%
42*4
M
ft.4%
4.1
104
42% 43%
»»2
62% "2,400
68% 60%
104%
.04
43
07
1
Do
Do
Do
14
July
100
100
50
100
c
Do prior pref v t c
100
Do pref V t c
100
Pittsburgh 4 Weat V«
100
Do prof
100
Reading
60
Do 1st pref
60
Do 2d pref
60
St l^uls-S»n Fran tr ctfs.. 100
Preferred A trust ctfs... 100
St Louis .Southwestern
100
3U0 Advnnre Ruiiioly
•»«
68% 60%
I0t%
30%
21%
13%
•%
%
%
It
BO
•61
U
.'14
so
fa
2I'4
11%
in%
•32%
aoh
0.1
MN
63% 66%
•10%
95
6
17
1
9%
23'«
23
13
60% Apr
4 Western
Northern Pacific
Pennsylvania
Pere Marquette v t
Indiiatrltil
61%
•10%
**»«
14
Bighul
ver share 9 per than
76
72
423sM8y 9
56% Nov 29
17
17% Dec 23
29% Dec 2S
.650
Do pref
KO
.200 Dnlt«d Railway! Invest. ..100
.2.'.0
Do pref
too
72
•8%
19
29
7% Jan 4
Nov 29
June 18
III
23 '8
I
Dec
Nov
Dec 29
14% Jan 26
30
10
Jan 26
June 20 ]237gNov29
June 20; esij.May 9
13% Dec29| 1 575 Nov 9
.3.312 Dec 29
37 Nov 28
100
100
100
1(0
703 Twin City Rapid Transit. .100
10.700 nnlon Pnrlfjo
irO
9
•13
14
pref
l.i.100 Texas.* Pacific
23%
91
11
-.100
pro*
Dec 15
Apr 27
Mar
47
6
Norfolk
Do
94
88
30% Mar
N Y N H 4 Hartford
100
N Y Ontario 4 Western.-. 100
8.900
129% 12934
73%
•8
22*4
Second preferred
600 Seaboard Air Line
900
Do pref
4 4..100 Southern Pacific Co
30.700 Southern Railway
82%
129% 130
1.700
5.700
1 .000
1 .603
2.803
I
3%
6%
•3
5
73I4
1.530
I
61%
6O34
8I34
.
.36
21
23»<
6%
28%
7634
34%
20%
64%
.i.'.m
6,400
18,400
13,800
3.950
8%
20%
6%
64,550
21%
98%
2334
6%
IS
16
I
9
30>4
IS
14',
300
I
35'4
129% 130%
73% 74 '«
74
63
48%
51%
21% 22%
48
22
27
•34
•62%
15%
21%
73 ij
I
77
N
76
•52%
25%
70% 77%
73% 74%
,
261,
•62
65
53
7434
3
6% Dec
Do pref
-100
Chicago 4 North Western. 100
2.600
Do pref
100
12.600 Chic Rock I3l 4 Pao
100
2.200
100
7% preferred
1,800
100
6% preferred-SOO Clev
Chic 4 St Louis.. 100
100
Do pref
100
2.300 Colorado 4 Southern
100
200
Do Ist pref
100
Do
2d
pref
100
"
V.eoo Delaware 4 Hudson
100
3.800 Delaware Lack 4 Western. 50
Duluth 8 8 4 Atlantic
100
Do prof
100
7..500 Erie
100
3,000
Do Ist pref
100
400
Do 2d -ref100
6.900 Great Northern pref
100
5.100
Iron Ore properties. ATo par
400 Gulf Mob 4 Nor tr otf8...100
409
Do pref
100
1.211 Illinois Central
100
3.800 Interboro Cons Corp..A'o par
5,400
Do pref
100
5.200 Kansas City Southern
100
1,000
100
Do pref
600 Lake Elrle 4 Weflt«rn
100
930
Do pref
100
28,300 Lehigh Valley
60
5.900 Loulsvllie 4 Nashville
100
3,700 Manhattan Ry guar
100
700 MInneap * 8t L (netr)
100
800 Minn St P 4 8 8 Marie.. .100
200
Do pref..100
19.100 Missouri Kansas 4 Texas. 100
l.IOO
Do pref -100
4.300 Missouri Pacific trust otfs.lOO
4.200
Do pref trust ctfs
lOO
800 Nat Rys of Mes 2d pref... 100
2.003 New Orl Tex 4 Mex v t O-.IOO
14.450 New York Central
100
1.000
Y Chlcago4 St Louis.. .100
.1
First preferred
100
•71
981-
21
•37
39
22
19
.00%
8%
6%
64%
53%
82%
13
16
I6I4
2OI4
•6334
•0I34
I8I4
23
lo%
21% 22
99%
69
78%
77
33% 34'«
.34%
21
49%
8%
16%
15%
60%
26% 26%
74
6%
I
82*4
10
••34
24',
62
8-'%
1«%
62
57
74
62
47% 48% 48
60% 60*4 •49
22
22% 22
49
9%
13%
61
21%
4%
81%
•76
47I4
60'2
314
.«'2
24-%
24%
76%
74%
60
3«r7|
74
14%
16%
«>«i
63
54
1.30
21
M
78
63
•21
34*4
.V.%
6%
te
14*4
76%
74%
•7034
21% 22%
90% 100%
77% 78%
20%
64%
128% 130
•13
15%
34
76%
x73%
47%
20%
14%
.55%
•7034
•61
55
74
62
3.3»4
•SI
24*4
•4%
6
81% 82%
18% 19%
48
50%
26% 27%l
73%
•w,
24%
74%
7.'.%
34%
20% 20%
77
75
0%
01,
•13
77%
78
20*4
14
•Ml
•I«
99%
21«4 22%
38% 39
21% 22
34% 35%
•3
3%
•32
•58
21% 21%
98% 100%
24%
47
60
22
37
741.4
6534
•7034
64
53
53
•24
•76
3%
3%
3%
60% 60
•60%
1»%
201?
9812
7612
3334
2OI2
•51
•32
128
73
»
3%
61
77i8June24
76% Jan
cm
73%
•534
5%
8%
13%
13%
I
74%
5434
2%
«8
S per share
14
19..500
I5..320
II3I2 1141
9%
•834
^
•48
10934 10934
11334 114
9
9%
13%
19
4% 4%
23% 23%
1
•20
S per share
Lowest
101
46
900
Do pref
SOO Chicago Great Western. ..100
600
Do pref
...100
15.500 Chicago MUw 4 St Paul. .100
17
87
74
II4I4 11534
116%
89% 90
90
•S3
«0l2
13%
Year 1920
Hishest
3% Sept
Certificates ol deposit..
Canadian Pacific
100
Chesapeake 4 Ohio
100
3.100 Chic 4 East 111 RR (new)
101 102
134
1%
1%
2
5
5%
4%
5%
23% 23% 22% 23%
1%
I
6I4
32
73%
31% 32
28% 29%
69% 60%
30
"6%
63%
1%
23%
56%
13%
-.100
Atlanta Blrm 4 Atlantic ..100
Coast
Atlantic
Llae RR..100
Baltimore & Ohio
100
Do pref
100
Brooklyn Rapid Transit. .100
preJ
26..300
5..300
34
±9%
102% 102%
23%
55%
9%
7%
1334
h6
5;
14
6%
.74
1021
7%
19%
31% 32%
31% 321
63% 65% 64% 64%
102 105
103
102
3134 32%
31^8 32%
9
32
734
Do
2.000
11.600
1.600
9.200
8.000
124% 125%
19%
13%
1338
88
88
3.5%
*18
8%
1338
800
6%
3%
87g
1314
9l8'
1%
16i'>
•2l«
31
2.700
6U
•55
•18
110
114
113% 114
87%
16%
18%
•7534
3934
40
•55
58
»48
50
IO9I1 110
87
90
5634
73% 74
55% 55%
I
97%
1%
124% 126%
102% 102%
39I4
597$
59
58% 69'»'
II3I4 110978 112
111
3512 36
36
36%
•7012
PER SHARE
Manoe /orPrectom
basis of IQO-share lou
Loaest
1
Par
Railroads
Shares.
97% 18.900 Atcb Topeka <k Santa Fe..l00
3434
54I2
I
9I2
8I2
1241s 1263s
57I4 5734
1334 13^8
57%
6334 64is!
10212 10212
1*2
101
1"4
•6m
EXCHANGE
I
Week
PER SHARE
Range for year 1921
On
t per share
1
17
63
STOCKS
NEW YORK STOCK
I
for
the
Friday
Jan. 20.
Jan. 19.
•33
»«l4
391s
65
50
I
•I5»2
I
8%
Thursday
I
7s
891;
87
123
£7
31
10818 109
II4I8
114
3I2
•2%
•3I2
5
1'4'
3'*78
788
678
HU
39
55
•48
7234
5612
.
7 '8
12238 123"»
567g 5734
13i8
3334 34ij
6I4
fll4
•16
I6I2
ISSj
18
39
57
50
85
.34
6«4
76U
32I4
•54
Jan. 18.
$ Vfr shirr t p'T shaie S per share
97I2 981
9818 fiSSa
98
98'8
86I2 86%
8712 88'
88
8818
'
54I8
321a
63li 64
IO2I4 10238
3258
32
8514
85
7238 73
5515 5512
*75i2 77
63-8
63
lOPg 102
3I84
•84I4
•7II4
Wednesday
114
89
•53I4
6
Tuesday
Jan. 17.
Salti
I
87
87
1
7071. IS.
I p*T thate
'
»8»
Yearly
r»*/^i?€!
y-wrf-»rf^f
16)
107
1
Apt
Ma»
7% Jon«
1(1%
73
io<i<4
Jan
Ju
Jaa
tm tuliaortba.
290
New York
Stock
Record—Continued— Page
2
For sales during tbe week of stocks usmill; loactlve, see second precedlnit page.
BIOH AND LOW BALM miCB—PEIt BHARB, NOT PER CENT.
SatuTdav
Jan. 14.
Monday
S ver share
J ver share
*86
89
*86
89
33
97
33
•94
33I4
3278
•97
Tuesiav
Jan. 17.
Jan. 15.
97
(Wednesday
Jan. 18.
$ ver share $ per share
88I2
•90
*86
91
3258 33I8
3234 3278
96l2 9612 »95
97
69I4 6038
60
63
92I4 9334
9434 9434
3234 35I4
3278 34
lis II8I4 11758 IISI2
I34I4
13434 1343,] 133
9S7g
9978 9978
I3OI2 I3OI2 130
1307s
84I4
8II4 82
82
104
105
10434 10434
Jan. 19.
Friday
Jan. 20.
$ per Shan
S ptr share
Thursday
89
3258
*93
62
94
89
33
97
63
87
89
32% 33%
•96
97
STOCKS
Salth
lot
the
NEW YORK STOCK
EXCHANGE
Week
69%
59I4
6OI4
63
m
Am
6884
9484
9m
W
.
•-—
1,,
I.
W
1;
1
* Bid and as&ed prices,
d Bz-divldend and rlgbta,
e
Aaaeaament paid,
PER SHARE
Sauoe lor Pretioui
Year 1920
basit of lOO-share lott
Loaest
&
MIscell. (Con.) Par
Sharif Indus.
100 A
Smelt Secur prel eer A - 100
Steel Fdry tem cUs.33 1-3
8.000
Pref tem ctfa
100
100
69.000 American Sugar Rellnlng..l00
2.116
Do prel
0434
9434
100
94
92
94
91
33I4
34% 10.700 Amer Sumatra Tobacco
3234 3378
100
347g 3638
341? 3538
II7I4
11734
34,400
Amer
117l'> II734
Telephone
118
4
Teleg..l00
11734 11812
1171s
1311'' I3II2
6.0.J0 American Tobacco
I34I2 I34I2 13638
100
13184 133
134
99I1
Do pref (fjetc)
997g 9978
1 ,200
9974 997s
100
99
9878 9878
129
5,100
Do common Class B
I28I4 1291s 129
I29I2 12978 130
13134
100
82I4
82I4
82I4
41,100
Is
Amer
83%
Woolen
8II2
84
..100
SO-lg
82
700
Do pref.
10434 10434 *103i2 105
•103
105 *103l2 105
.100
23I4 2358
*22i8 26
*22l8 25
2358 25
2,500 Amer Writing Paper pref.. 100
23
23
23
24
I4I4
I3I2
3,000 Amer Zinc, Lead A Smelt. 26
143,
•13
1334
I3I4
I3I4
1334
1334
I3I2
1368 •13
39I2 •36
40
1.900
Do pref
•36
*36
37
25
38
3818
36
36
36
383s
33,000 Anaconda Copper Mining. 50
48l2 4e
49I2
49 14 4934
49I2 50
49% 60
49
48»8 491s
47I4 611?
51is 52I2 12,700 Associated Dry Qooda
47I2
4778
4618 4734
100
47
4718 47I8
7678 7678
700
Do 1st preferred
761. 75
100
76
7634 7r,34
76
7C
78
"77"
*73
600
77
Do 2d preferred
•76
Y7'
*75
78
76
100
78
78
761s *74
*100l2
1018.1021.)
400
•99l« 101
*99l2
Associated
102
*100 102
Oil
10178
101
100
101
234
2I2
»2i2
284
1,100 Atlantic Fruit
234
212''>
234
278
2'2
3
No par
3
"
29I2 3078 11,400 Atl Gull 4
3OI2 3034
2934 3034
I 38 Lino. ..100
SON 31
3034 31
29
3034
22
900
*22l2 23I2 *21l2 23I2 *21
21
21
23
Do pref
100
23
227s 23
600 Atlantic Petroleum
*22>4 24
2268 2258 *211s 23I2
225g 2268
2258 2258
2258 2258
25
95I4 9fi's
9638 8812 86,700 Baldwin Locomotive Wks.lOO
9634
96
973g
9.553
6684 9812
961s 981s
*IOS
107
500
107
*106
Do pref
106
109
106
106 •106
100
1041s 10412 106
66I2
55
1.000 Bethlehem Steel Corp
64
54
•53
*64
55
5434 5434 *53
56
65
100
69I4 6134 38.500
68I4 59I4
6834 595s
Do Class B common.. 100
5778 58I4
577g 58I4
68
58*8
8978 91
300
•8978 91
•8978 91
*90
Do pref
•8978 91
*8978 91
91
100
109
100
IO7I4 IO/I4 109
Do cum conv 8% prof. 100
lOfi
IO6I2 IO6I2 •107
106
107'2 *107
110
7I4
7I4
6I2
7I2
7I2
7I2
7I4
15,000 Booth Fisheries
6%
8 Is
634
No par
7
8
*101l2 105
110
110
HO Brooklyn Edison, Ino
•102
•101
IOII4 IOII4 *10Ii4 105
..
104
100
II6I2 II6I2 118
2,000 Burns Bros
II6I2 II9I4 llSlj 119
116
118 IISI2 11612 118
100
6l8
5I2
5I2
5I2
8
3,900 Butte Copper 4 Zinc v t o. 5
6I2
658
658
534
558
61s
578
24I2
Is
13,.500 Butte & Superior Mining.. 10
26
27
26%
2278 23
225g 2278
2234 23 1«
2284 2438
12
III2 III2 •11
2,300 Caddo Central OIIARef .Vo Par
I2I4
IOI2 1178
1038
1178
1058
1134
12
;oi4 7084
8,500 California Packing
7OI2 71
7OI2 71
7II2
71
7O84
711s
70
71
No par
4712 48% 13,500 California P<jtro!eum
47I2 4838
47 12 4858
47
4634 48
485s
100
475s 4878
85I2 86
87
87
1.400
8684 8684
Do pref
8334 817,
8512 85I2
85
86
100
Is
6
3,700
578
6
•534
61s
Callahan ZU o-Lead
6
6
6
6
6
678
6
10
31lg 3134
3178 33% 34,400 Central Leather
3034 3138
3118 3II2
31
100
33
321s 327s
6714
66
66I2
4,700
661? 6712
Do pref
6478 65
65
65
65
100
647s 6758
311
34I2 3434
34I2 3434
3,400 Cerro de Pasco Copper.iVo par
34% 3478 34
35
3478
35
34
6884 621 106,400 Chandler Motor Car
54t2 56I4
56I4 6OI2
69I2 611s
S5la 575x
583s 697s
No par
62
62
400 Chicago Pneumatic Tool.. 100
61
•59
61
*59
60
6O34 *59
62
62
62
I7I2 1778 61.100 Chile Copper
173j
16l2 I7I4
I7I4
I7I4
16»8 1658
1758
1714
1734
25
28I4 2884
4,900 ChlnoCopper
28's 2819
2738 2758
2778 28I4
28
28
6
281s 2814
43I2
43I4
44
4334
26,700
43IJ 4434
4512
4478
Coca Cola
45
45
463.
44
No par
26Ig 25I2
24I2 25
26I2 2534
2084 2712
9.700 Colorado Fuel 4 Iron
281s 2934
25
2534
100
67i2 68
6758 681? 36,800 Columbia Gas A Electric. 100
6/58 69I.I
6734 69I4
6858 693s
675s 68I4
II2
II2
184
1% 17,144 Columbia Graphopbone No par
II2
IBs
134
I»4
158
134
I'a
158
7I2
I2
7I4
7I4
7I2
734
712
2,600
658
Do pref
7'2
8
778
100
66I4
67
66I2 6/J78
70
38,400 Coinputlng-Tab-Record No par
65
6538
6518 68
63
671s 58I4
12
*25l2 27
27I2 271;
26
900 Consolidated Cigar
26 27
26
*26
26
27
28
No par
62 64 *62 63
100
•62
•62
64
Do pref
6334 6334 •62
64
64
100
I2
*u
*!•>
34
200 Consol Distributors, Ino No par
>>
>2
%
*%
34
'2
H
'2
93I2
94I2
9334
93I4
92I2
931.T
9.200
Consolidated
92
92
9284
9334
Gas (N y)..100
92U 9284
I4I2
1334
I4I2 15
14
14%
I4I4
6.900 Consolidated Textile ..No par
14
14
1334
145s
141s
•47
49 Ig 5084
51
1,700 Continental Can. Ino
6OI4
•49
*47 51
60
49
100
487s 4878
200
IOOI2 lOO's *99
*99
Do pref
104
104
100
99I4
98i2
99I4
97I4
98
971.1
33,700
IOOI4
Corn
Productfl Refining
99
9818
98'2 9934
99
100
116
1147^ 11478
•111
oOO
II5I4 1147s 11478 *113
11512 115'4 1153s *114
Do pref
100
34I8 3478
33% 3612 27,100 COHden 4 Co
32?4 3312
3314 34^8
3414 36
335s 345s
No par
58I4
o9l2
66
69%
86,900 Crucible Steol of America. 100
57 14 60
S834 62
67% 6958
615s 62I2
8II2
8O84
82
84
8OI2
80
2,900
Do pref
'.100
82
82
8178 82
80
80
8I2
8l8
8i2
8I4
8Sg
878
878
9%
9
6.900 Cuba Cane Sugar
858
8"2
No par
9
I8I4
I9I2 21% 23,800
19%
I7I2 1878
Do pref
I712 1778
17
1712
1758 1778
100
17I4
I7I2 21
I6I4
I5I2 16
1684
34,<;00 Cuban-American Sugar
16is
16»2 I6l4
10
155s 17
53I4
55I2
53I4
52I4
5384
5o
521
5.51
39,300 Davison Chemical v t c.no par
5278
6218 533s
ObH
625s
20^8 21
2II2 23
21
8,000 Dome Mines. Ltd
2158 2IS4
2134
21
2178 22I4
211,i
10
*15l2 1638 *15l2 1638 *15l2 IO84 •lol- I6I2
•16
400 Elk Horn Coal Corp
161
16
16
60
8OI4 81 12
78l2 8O34
82
16.700 Endlcott-Johnson
80
79-18
79
79
79
SOU
50
795s
107 IO8I2 IO8I2 109
IO7I2 IO7I2 1071a 108
850
Do pref
IO7I2 108
108 108
100
82I» 8312
8158 8212 64,200 Famous Players-Lasky.iVo par
8234
81% 8334
8112 821.4
8238 8412
8H4
97I4
95I4 9/ 12
94
96
7,000
Do preferred (8%)
97
9734
96
99
z96
941s 951s
100
*9
*9
•9
1014 12
*9
•9
11
Federal Mining 4 Smelting 100
12
12
12
1
40I4
•36
40
4012
1,800
Do pref
3938 •36
38
38
39 Is
38% 3812 39
100
79I2 86
*84
•82l2 85
86
700 Fisher Body Corp
81
84
81
82
83
85
No par
84l2 •80
80 83
82
1,200 Fisher Body Ohio, pref
82
81
84
8234 83
100
S3
827s
12l2 1278
I2I4 1278
12% 1278
5,000 Fish Rubber.
1238 121
1234
1278
12% 1238
25
I2I2 1284 I2I4
12U 1234
I2I2 13
14
2,700 Freeport Texas Co
1234
1212 13
No par
127s
'
*ig
Ir
Is
Is
300
Gaston,
Is
W,
4
Ino
par
No
s
's
4
'S
68I2 5938
57I2 691}
68I2 5958
5784 59
5784 603j 62,700 General Asphalt
5712 5958
100
92I2 9212I
500
•911:9OI2 9OI2
95
92
Do pref
92
9312 931. *91
96
100
72I2
73I2
72I4
73I2
72I2
72
72
72 14 73 14
*72
5,900 General Cigar, .no.
71
.100
73
•95
•90
•95
IO2I4
981
*94
9812
200
Debenture
9812
pref
9812
89
98121
100
IO2I4I
I4II4 14034 I44I4 142% 14384 I4OI2 I44I4 14234 144
10.200 General Kloctric
140
140
141
100
8I2
878
39,300 General Motors Corp..A^o par
87g
878
9
S'8
9
9
878
9
9
91s
*72
•71
72
300
Do pref.
7134 7134 •7112 73
72
71
71
74
73
100
71I'>
7OI4
7OI4
7134
3,000
Do Deb stock (6%).. .100
72
7134 72I4
70
72
7184
715s 7134
82I2
S2I2
8OI4
8OI4
1,900
Do
Deb
8334
8334
8334
8212
stock
83<4 83I4
8312
..100
(7%).
831a
37l!>
36l2 37I2
*35
36
36
37
38% 37I2 38I4 3734 38% 5,300 Goodrich Co (B F)... No vat
•84
•82
300
Do prof..
85
8334
86
87
87
100
87
83% 84
29I4 29I2 '29f2 29%
29I4
29I2
29I9
•27
1,300 Granby Cons M. Sm 4 PowlOO
2712 28
28is
50
28I4 28I4
*27
•26
29I4
•25
26
29
Greene Cananea Copper.. 100
29
29
934
9
884
3,000 Oiiantanamo Sugar
878
884
9
No va
S7g
9% 9I2 "9'"4 '"S'4
97s
62I2 65%
56l2 60%
7OI2 9OI2 126,400 Gulf States Steel tr ctfs.-.lOO
5II4
527g 57
66% 86
49
81i2
83l2
r81
8158
81
83
8312 10,300 Haskell 4 Barker Car...^o pa'
81
83% 8312 8438 83
16lg
•15
I6I2 177g 16
1014 17
•1534 1712
18
500 Hendee ManufacturlDg
17
100
161s
74I4 751s
73% 74 14
8.300 Houston on of Texas
74
7713
7434 7684
74% 75
73% 77
100
I4I4
1333
1238 I2I2 il2N
13
12% 14
13% I4I4
13% 1378 26,r,00 Hupp Motor Car Corp
IC
3I4
3I2
3la
313
313
3%
3% 3%
3%
5
3% SI'
3% 3,000 Indlahoma Refining
39I2 3978
4OI4
3S% 40%
3958 4018
7,200 Inspiration Cons Copper.. 20
393)4
3984 40
40
40
•"I.
•7I2
*7l2
•7I2
8I2
8
400 Intprnftt Agrlcul Corp
9
8
8
9
100
9
8
Do pref
34% 34%
34
1,300
33
33
35
100
35
35
34
351s •3312 35
83l8 83I4
83I4 8334
82I4 83
8278 8318
83% 84
S4
85% 4,600 Internal Harvester (ne«r)..100
•108
•109
•108
110
1,100
Do
prof
(ii«n))
•108
IIOU^IOS
..100
...
I4I4
I4I4
I4I2
I4I2
I4I4,
J4
14
14%
1378 "14%
2,900 Int Mercantile Marine
100
14
14
66i8 66% 2 .300
67I4 6SI4
6.5381
641,1
6434 O6I2
100
64
64
64
65 Is
Do prof
3OI4 3I84
2934 33
2612 29
31
17.900 Internat Motor TrucS..A''o iJUr
27
27
26
34
261s
72I4
71I2
•69I4 70
7II2
7II2
7OI2
72
pref
100
i:>o
Ist
70
7058
7O84
3,200
74
•58
•66
•54
•56
•54
•64
69
60
100
60
Do 2d prof
68
68
60
12l8
]2l4
I2I4
1178
1212
I2I4
Nickel {Thc)25
12
12
9.800 International
12
12
12%
121s
4C58 48
48
100
4758 48I4
46% 4834 47% 4834 4;% 48
50% 20,900 International Paper
OSlg
6Sl'>
pref
60
69
69
,200
Do
stamped
100
68
68
1
68
69
•SO 100
681s
I6I4
151
1578
15
15
15%
I5I2
I6Is
1678
1478
60
lols
15% 42,700 Invlnclblo Oil Corp
*23
24
•23
*23
24
No par
24
28
25
9.70n Iron Products Corp
25
24
30
25
2I4
2I4
2I4
2I4
2I4
2I4
238
2%
2%
2%
2
2% 16.400 Island OII4 Transp V t C- 10
13I2
100
13
1178
1238
9.400 Jewel Tea, Ino
13%
12% 12%
12
12
121s
127s
117s
•48
•48
50
62
52
100
50
2,000
Do pref
48
48
48
51
47
4734
36I4 37I2
38I4
37S4 3812
3534 3612
100
7,.500 Jones Bros Tea, Ino
30% 37
38
38
39
7I8
6I2
7l8
714
7
19,200 Kansas* (^.iilf..
10
06g
684
7
7
658
678
71s
37I4 38is
37I4 ssu 10,800 Kelly Springfield Tiro
37I4 38I4
37I4 3SI4
3734 3884
25
37
3778
•93
•91
•93
•93
100
•99
100
100
93 14 94
100
300
Temporary 8% pref
100
103
27I4
26l3 2678
26I2 2658
27
28
28
2Si2 57„50O Kenneoott Copper
No par
2658 27
27
1684
1712
I8I3
17% ISI4
1778 26,800 Keystone Tire 4 Rubber.. 10
173g
1778
18
17% I8I2
167s
47I2
4SI4
4684
4612
100
•45
4712
47
4734 50
4612
14,800 Lackawanna Steel
47
47
43I4 43I4 4334 46l2 •44
•4612 481
46
4434 48
•4234 45
100
2,100 LacledofJus (St Louis)
28I4
28I2 281
27I2 28
No par
2884
28% 28% 28I2 281
1,800 Lee Rubber 4 Tire
28
28
168 1.58 151
•158 16312 161
•168 164 •158 164
1631;
300 Liggett 4 Myers Tobacco. 100
161
100
•108)2 112
109 112 *108'2 112 •108 112 •109 11212 111 in
100
Do pref
13I4
I3I4
13I4
•13
I3I4
No par
I3I4
13
1314
1234
13
13
13
5,300 Loew's Incorporated
gSg
9I2
•9I2
EI2
Olo
•938
984
9'
No par
9«2
9%
912
1,400 Loft Incorporated
984
•38
42
38
4184
40
40
38
3818 3838
39
4r
39
3,400 Loose-Wiles Biscuit tr ctfs.lOO
•95
95
•95
1 10
•96
no
1
*I00
100
*»o
10
110
no
110
Do 2d preferred
•148 161
14812 14812 *M6
100
I.5OI2 I6OI2
148'2 150
150
151
150
900 LorillarO (P)
•106
100"
110 •106
no 110 no •106 120 •106 120 •106
100
Do oref...
59I8
PER SB ARE
Ran^e /or year 1921.
On
t Bz-rlgbta.
z Bs-dividend.
1
H
Jan
63
18
78
24
27
Oct 19
67 's Oct 18
28l2Dec 12
9534 Jan 3
llli2June21
86 Aug 27
Jan 3
110
67 Feb 21
93 Feb 21
Aug
12
fi34Sci)t
1
20>2
2278
3184
Aug 22
Aug 25
Jan
65*4 Jan
Jan
46
91 Sept
I84 Oct
18 June
24
26
6
6
27
1
88
35
95I4
Jan 19
IO7I4 Jan 27
88 Mar I
96
ngijNov
99i2Dec
ISlijDec
7
Aug
Mar
26
47
9
5
Dec 21
Dec 30
Dec 6
78
10718 Mar 23
9
Jan
76
Jan
4412 Jan
265s Dec 20
100% Dec 28
106
Dec
62i2May 6
65
May
6
Jan 11
g3>4
Ppp' 29
7l2 Dec 12
101
Dec 28
112
Dec 22
6i< Dec 13
22
Dec 16
19% Apr 19
12212
74
Nov
22
50% Dec 20
Dec 16
88
7i2
Aug24
Aug 24
Mar 10
3814 Oct
5
5
50% Dec 28
6012
7684
Aug 22
63% July 28
Jan 6
25
es'i Jan 4
334 Aug 26
23
21
8312 Dec 14
10412 Dec 13
39I2 Jan 20
H's Dec 15
407, Dec 16
7«4
22i«
8718
Dec
13684
17
1684June 17
10 Aug 25
62>4June 24
95 June 27
39i2June24
41i2June23
87 June 13
90 June 24
3 Aug 20
88 Jan 8
8II4 Jan 8
3U Aug 24
!0i<June20
than
Deo
Deo 2
Dec 12
9 per
Aug
Aug
47%
liomul
Btgke*t
t per share
Jan
8
4314 Jan 19
96
Jan 12
36ij Dec 12
Apr 30
80
70I4 Jan 11
9
Dec 15
1678
igijMarSO
Feb 24
19
29i2Dec 15
4312 Dec 30
22 July 29
£2 June 20
3284May 6
67S4 Deo 17
2% Aug
24
107i
23
10i8
16
52
87
Oct 14
Mar 23
Jan 3
Jan 24
Jan 6
Jan 5
44% July
21
60
7I4
May
fiO
Dec 21
Dec 20
Dec 21
97»4
43«4 Apr 29
107>t Jan 11
91
Jan 17
2418
70
Feb 14
6812 Feb 28
33I4 Feb 25
B4
69% Nov 25
25
2I84 Apr 21
2 684 May 6
Dec 14
81
Dec 14
Apr 29
Dec 20
Dec 13
Deo 14
106lj
8218
97
1384
43>j
Jan
90
84
Deo
11
7
19%May
6
20>8 Jan 17
Sig Jan 13
Oct 19
78%May
inijMay
6
6
70% Dec 7
Deo 8
Dec 3
9618
14384
Nov
Nov
16% Deo
Deo
18
Deo
22
IOO84
99I4
9ljAug24
54
Jan 8
SOlg Apr 25
109IJ Aug 22
Doc
Dec
Dec
Deo
69% Deo
4
30lj
8OI4
2414
16
8»4Aug 3
39ljAug26
77 Aug 25
Nov
63
62
74»4JuIy 22
SigJune 18
21 Srpt 30
75 June 28
67 Sept 6
Is
Mar
Jan 29
26
Jan
Jao
Apr
66
112
97»4
Dec 14818
Dec 10218
Deo 96%
487i Deo 1021a
90 Aug IO2I4
99I4 Deo 114
2h Deo 16
Dec 96%
82
Dec 129
76
3»4 Dec
ll»l
Deo 2914
8
28I4
91n Dec
86lt
6614 Dec
46
16% Nov
7
96
283
Jao
Mat
Mar
92
47
26
20
10
6
JaD
Apt
78
Mar
Nov
17
11
Mai
IUD«
2178 Jan
ijSept
1284
Jan
May
60
93I1
142%
118%
106%
100%
Dec 210
Deo I66I2
Dec 10618
2818 Dec
61%
5»4 Dec
2118
69l|
2518 Deo
30
Deo 6618
18
Deo 67I4
<97g Deo
74%
38
Deo 76«4
84
Deo 125
6I« Dec
2OI4
7U8 Dec 17618
Dec 76
42
Feb 18
7712 Jan
59 June 20
96 June 15
2212 Aug 22
49 Aug 26
77 June 27
56e Oct 3
13% Deo 22
851*
lOOlg
6618
88l8
80
12
13
Aug 26
34% Aug 16
82ljAug26
Dec
82% Deo
977g Deo
65
Deo
92% May
10418 Dec
79«»
Jan 8
Feb 10
Dec 31
Dec
Dec
13I2
53
Nov
26
1284
62I4
587g
59I4
Dec 29
28*4 June 21
Sij
BighM
per share] 9 per ihart
61
Deo 83 Mai
9
6218
84
611]
70
Deo
Deo
Dec
Deo
Dec
Jan
Jao
Jao
Jao
Jao
Apr
Jao
Jao
Jar
Jao
Ads
Jao
Jao
Jao
Jao
Feb
Jao
Jao
Apr
Apr
Jao
Jao
Jas
Jao
Jao
7618 Jao
20% Jao
104% Jao
108l| Jao
61% Jao
164% Mar
1117t Apr
ZIU Jao
41% Jao
Jao
Jao
Jao
061a Jao
92% Jao
66
Jao
80
40*4
44I4
67
897|
AU
Aw
'7l\ Dec
OSTi Jiiu
Deo
Dec
46U API
61
97
811)1
161f
21l«
June
98
API
102% Jao
IO5I4 ApF
Dec
Dec 107
Deo 43%
Dec 27818
Deo 100
Deo 69%
Deo
867g
Dec ce96
Dec
40
May
13
13% Dec
Dec
47
Dec
84
Deo
40
28
9I4
66
6
2l7i
Dec
Dec
Dec
Deo
147
104
95
Jao
API
Apt
Jao
Apr
Jao
Apt
Sept
Jao
Jao
Jao
Jao
Jao
91% Apr
1618
Mai
44% May
I347«
Ma»
Deo 48
12l8 Deo
3611
I9l8
11(! Dec
321] Deo
43
7H| Deo
791a
Deo 76%
fil
Deo
78*4
94%
16l| Deo 172
Jao
Jao
Jao
78
10
Dee
Dee
Jao
Jao
Jao
Mai
I6I4
Jan
11
12»»
Dec
42
63 June 21
60 Aug 22
75
641]
Nov
89% Jao
86% Jan
6J
Aug 20
26%June24
86
Dec 6
Doc 19
Dec 20
62 It June 23
441s Jan 11
Dec 14
80
9% Aug 24
15
19
Aug
73l2
34'2Nov26
16
Doc 16
16% Jan 8
July 21
512 Doc 27
2912
25 June 21
SOijJune 20
13 June 20
401:
5078
Dec
82
Nov 28
Aug 25
86
2
Apr 25
25i«
May
6
10itJune2!
2 June 30
l634May
7i«
Jan
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9
Nov
9
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57i8May 17
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136 Feb 3
100
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28
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1284 Jan 10
42
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70
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Dec 2
Feb 14
95
6512 Jan
4
Fruit
8912
3078
16
46I4
M
MUUM Html
Aug
100
60
50
Panhandle Prod A Ref.. no par
Penn-Seat)oard Sfl v t c No par
People's O L A C (Chic). .100
Pblladplphia Co (Plttab).. 60
Phillips Petroleum
No par
Plerce-Arrow
Car
No par
Do pref
100
Pierce Oil Corporation
25
Do pref
100
Pittsburgh Coal of Pa
100
Do pre!
100
Pond Creek Coal
10
Pressed Steel Car
100
Do pref
100
Producers A Refiners Corp. 50
Pulillc Service Corp of N J. 100
Pullman Company
100
Punta Aleisre Sugar
50
Pure Oil (The)
25
Railway Steel Spring
100
Do pref
100
Ray Consolidated Copper. 10
RriiitnKtou Typewriter v 1 100
D"
Oct
1218
22
Pacific Oil
linlird
21
62
7|
6'
Nov
Nov
HrUll Hturw.'.ATo par
ciwt inin Plp« A Fdy.lOO
pft
100
lim 1) H Kii.rnM
...100
n H FiMKl Product* (>)rp..l(K)
1; H ImliiHirlal Alcohol
lOO
I)"
I'ff
100
4/.im |i H li'-iiitv A ImproTomontliK)
211 ~ '!
nnltl.1l Ml«tr» lldliU-r
I, HI
Do 111 prrf
KX)
n H Hiiirlllng. K«r A M... 60
V/,
65 June
14
8
2434
1
Pan-Am Pet A Trans
Do Class B
Unlli-d
IJiilUd
< per
72
i per share
5912 Jan 3
par
25
Development
Pai-lflcOasA Eleclrle
• '
4/,!,
60
Coal. .100
Oklahoma Prod A Ref of Am
Orpheum Circuit, Inc
•A.ltMl
•
1..
50
pref
'•
1
100
100
North American Co
t
•
100
.
«'.
Hi|
f,f,
pref
Con.sol Copper
York Air Brake
Nevada
13.700 StriiiiibergCarburetor. .A'o pari
198.200 SiuileliHker Corp (Tho)...100i
600
Do pref
KH)
2.600 Subniurlne Boat
No pari
2.300 Huprrlor oil
No pari
2.4011 Tenii (V)pp A C tr ct1a.No par]
4l.:i.i'l TetaH (>)rnpany (The).
251
.
'..11,')
Ipiast P.irlfl.- Coal A Oil. I 10
17..«l)(l Tobacco Products Corp
100
400
'Xi
pre'
100
15.200 TriinwonlliiHniiil Oil
No par
SOI) Tri,ti?<iir it WllllainM St.,Vo pur
I.IHM IMiloii liiiK A Paper Ck)rp. 100
18.100 L'liloii on
No par
7.700 Uiilti-d Alloy Steel
No par
3.700 I'IiIUhI Drug
KX)
70lj
4.Jil'i
127
bAif A63| 118. '.OU
6..VIO
10
20
•03
A4l|
100>«
1
07
70
12A
42li
•021;
4;i*i
100
100
100
5
pref
"V.SOO
4.100
41
42.800 ReploKle Steel
No par
56i» 39.800 Republic Iron A Steel
100
2712
700
Do pref
100
7lg
.500 Republic Motor Truck. A'o par
515e 11.000 Royal Dutch Co (N Y shares).
1312
300 St JoHpph l^ad
10
2
1.800 San Ocllla Sugar v t 0.^0 par
1314
600 Savniie Arms Corp
100
25g
1.000 Saxon .Motor Car Corp..Vo par
641< 15.200 Scars. Roebuck A Co
100
1838 25. .300 Seneca Copper
No par
37
I. -loo Shell Transp A Trading... £2
21
40.100 Sinclair Cons OH Corp.Vo par
44
18.600 aioMs Sheffield Steel A Iron 100
400
UO
1)0
pref
idO
,
ii6U
5.700 Htandard oil of Cal
25
I8II4
6.500 Standard Oil of N J
25
II5I4
4.700
Do pref non voting
100
79
400 StM-l A Tube of Am preL.lOO
27I4
3,900 Hti-WHrt Warn Sp Corp.,'Vo par
1434
9'»
•02
pre;..
I
.54 14
27I"
12 '4
Ujlj
1
9,500
7.000
17.000
41.500
9.000
4.400
30
M',^
•11:.
•<n
•nn
National Acme
National Biscuit
031^
/,
'•<i
»r,
Afl
.MoatWardACoIUaCorpiVo par
<
«
1***
VtOH
33 14
12>2
2i2
76
300
pre!
»3i|'
3S
l-.i,
Do
OUl
(«
.VII,
20>4
40l2
.500
Z2H 43
>.,
MO
(Con.) Pai
100
...100
Mauatl Sugar
100
rio par
Marl^ind Oil
May Department Stores. .100
Do pre!
100
Mexican Pelroleum
100
Miami Copper
6
Middle States Oil Corp... 10
MIdvale Steel 4 Ordnance. 50
100
Montana Power
Do prei
100
.Miscell.
Mackay Coaipanlea
I1744I
117
A3l4 MI4
*
•H'i
37
•«U
263|
7I3»
12414 125
S3<« 54 14
I8lt
19
53
12l2
2I2
6258
1834
1
29I2I
515g
131
11.53,
4.33,
f»0l4
1438
28
60»4
ll 4^4 II5I;
2734
98
111
7l8
941
17734
86
97
•no
.5OI4
21
1012
1
7's
•13
2
3638
*92i2
2712 2878
7573 76
11134 II2I4
3334 371
35 Ig 357g
•-'l
9.W1
I8I34
BH
IW>
94
30
77
•72
•O.'i
<.'.lj
*
641.
Oli
141
s
I2I2
25,
or,
2U
aj
S7i»
13
2 '8
40«4
1177,
'•S
8
62
041, 64 12
•9234 100
10
O'n
•3.3 '4
347,
HiH
3«
•92I2
29I4
u;
7»ii
1
*Hr,
65
95
407,
a7
•17
147,
04
8
43
101
.X
15
29 li 3OI4
•434
747,
74
IIII2 11358 11034 11234
335g 35 14
35',
33
3538 36
3o34 365,,
9812
9*1. 10012
98
'108
111
nil*
•lOS's
14-8
15
I5I4
15
To"
26I4 27
27
27
28
317,
29
2734 2Sl2
2734
5338 55 18
531
523i 54I1
•8Il2 88
86
86
86
1^8
63
21
-'8
•9138
94
74',
521
•21l2
37'2
20>4
38>2
38
9.JI2
•92lf>
8
13
2»4
180
.
4-2
5'2
27S
54
643,
2|7,
•72
tVj
28
14
•72
y;i,
1.5
•2'il4
l'»
C3"2
213,
37s,
201?
37I2
22
38
78
724
523*
13>2
•1*4
•12'4
2"2
6334
74
30
61
•9OI2
15
647g
9
i08»4 113'2
321s 3312
36I4 3''. I.
9612 97
15
27>.
1.5
86
2-'i
•92li
'108
27I2
•2612
I3I4
64
108i| 10938
29i2
2812
b:ih
8
SII2
847,
97
•103
78
•fi.1.
I7I4
1034
itj't.
1143, 11.'/l
&i
15ig
68I2
77
•i«-
291?
1034
I2l2
2414
a?.\
•»i
3114
I7I4
3534
107g
33I4
3038
70
62
93
12'f
•2I2
633<
s-yj
70
33 14
lo'j
l'«
72
1.900
69
68"2
6II2
•134
20-,
•V,
61
697g
3312
1112
523,
•373,
68
300
21.500
15.300
2.700
8.800
37.609
14.000
38.800
5,500
IOI2
97,
6I34
8
52
M2'4
r2
9
70
10858'
S33, 341^1
3o5g 36ig)
108'2
I4I2
277g
14
*8l4
16
34
9
66 Ig
108
'95
95s
934
834
I
33''s
HI2
'91
878
3034
3212
11
1434
64
9
Ig
31
14>4
6158
•»0i2
•8I4
•8'i
9I;
63I2
33
i
7lj
•e's
95,
9
.^412
&
ladua.
I
•65
465g
5I7g
467g
9
327g
»22
*9
712
6c ig
62
Year 1920
Btohtst
Lowest
I
91I4
88'8
IIOI3
10
PER SHARE
Rartge for Previomi
i
I
86'2
PER SHARE
Range for year 1921.
Or, basis of lOO-share lots
EXCHANGE
ttit
Week
I
35I1
32
*87
1
Friday
Jan. 20.
I
I'g
I'g
3438
85l2
Jan. 19.
STOCKS
NEW YORK STOCK
Sales
for
S un share $ p-i snare $ per share 5 l^er share Shares
7^14 75I4
700
75
75
*75
(O
to
80
60
61
1.100
60
60
»5Si2 61
597g 60
33I2
39
41
5,600
37
39
3434
37
33
23I2 2438
2478 2478
2,200
*24l4 25
2434 25
4.400
107
10912 10S78 I0fil4 1081? lOS-is IO7I4 1037s
•100
*102
112
112
•102
10;
112
112
II0I4
1131
112
lliu
14.5.800
II5I4
11258
115
112^8
27I4 2712
2,900
273g 271
27 14 2712
2712 271^
12l2 125g 43.500
I2I2 1234
I2I4
1278
125s 127,
30
31
3II4I
.3OI4
30-'4
323s 90.000
30
3034
's
6Si» 39
67i» S7I2 •66I2 68
68
68
2,200
102
*102
1011'
-.-i*102
1418
1458
14781
6,900
I3I2 Y37s
1.35?
14'8
1514
'12
•12
13
13
2,100
13
13
13
127s
I3214
133
137
133
3,600
134
129
136
134
l!Si2 IISI2
lis
1.100
118'4 IISI4 1I8'4 IISI2 lis
2711"
•27
200
734 •26
«265s 29'2
26
26
75I4 *7o
79
79
1.000
80
75
74
75
*1
II2
II2
1'4
•1
500
II?
II2
•I
3=34 3738 26.400
35"2 37I8
3II4 3312
3158 3712
90
90
1,590
'SO
So
89
823a 86
9OI2 91
89I4 94I4'
13,100
9238 9234
92
9312
•10834
115
115
*]09
111
111
'15"
15I4
I5I4
1434
I5I4'
6.000
15
ISig
15
62
6II2 eiu
6O34 6I34 *57
500
•58
62
33I2
3238 33
33
1,000
3234 3234' •3112 33
54I2
.54i»
•53
54
03I4
.o4l2
800
*c3
53'
4934 507,
4934 5OI2
513s 5134 15.100
507s 5II2
3n3, 397s;
415g
4118 4158 10.600
41
40
4034
26I2 2878
2534 2812
5.000
25
247, 247,'
2534
•10
IOI2
*SI»
lOQ
•1012 III2,
"2%
""2r2
2I2
212
258
2l»
"2I2
4.600
258
147gl
I414
14
14
14
3,700
1438
1434
141^1
1<278
12
11'4 12
11,600
1034
III2
1038
I07g
251? 2578
2558 2558
900
•2534 26
•25 5s 28
•8
878
7l8
8
S12
2.200
834
8
8
6512 66
6534
65
24.000
6412 esigl
6514
66
4534 47I4 38.800
4534 4634
4658 47is!
463, 4678
o2is
52I1 5314
,.134
62
531,1
52 14 S3'8;
25.800
Ig
4612 47=8
467,
47
7.100
4634
47
48
4712I
p«f shar%
$ pf r shnrf
S9l2 '74
S9l2
*.57l2
.59
59
60
3J-38
3434
34
30%
24I4 25
24^8 24^8
106
05
106
107
112
'102
02
112
IOI2 11158 llO's 11-1'2
27I8 2718
27
27I4I
llTg
12^81
lUg 12
3018 Si's
301a 3053
68
68
6634 6712
*10n2
01
72»4
1338 133a
1134
11
2758 128
Thursday
(Wednesday
Jan. 18.
Jan. 17.
J'lu. 16.
291
Page 3
New York Stock Record—Concluded—
precedtag paiie
Mar
I
IIJI»«N<i»
A't
i.
AAi<May A,
Dor 17;
nti
70 Nov 30
ON Nov
llrj
l»tv
Ji
Jaa
Juni<
Itro
146
Apr
11)1
Jaa
M,r
OA
Jaii
3H>H
I
7»
Dn'i
M>t Jao
IXW
7«
»l
•l9M»*r.
Jaa
392
New
Mn.
1
II. S. Qovarnmant.
^Irst Libert}' Loac
of 1932 1947
of 1932 1947
of 1932 1947
2d oonv 4J<% of 1932 1947..
%
Second Liberty Loan
4% of 192V 1843
CoDV4M% Of 19X7 1943
Third Liberty Loon—
of 192»..-
MN
MN
MS
iH%
•ffourth Libertjc Loan—
*H% of 1933 193S
victory Liberty Loan—
4H% Notea of 1923 1938
6a coupon
Pan Canal 10-30-yir 2a
Panama Canel Ss s
Eegktered
J
Q
1926
.1926
11936
Q
Q
Q
1981
leo!
C-)
yr a
(
M
S
J
D
J
J
F A
M
N
MN
MN
M
J
N
D
A O
—
& Ireland (O of)
10-year gold bond 0>ia..ie37 F
lO-year oonv 6,4b
1929 F
•-year oonv 8Ha
pl922|F
-:ti»ly (Kingdom of) Ser A 8Hb.'25,F
'tpanese Govt— £ loan 4Ma.l926 F
aeoond Bfirlea 4Hb
1926 J
JterUng loan fls
193l|j
•Iiyona (City of) 18-yr 6a
1984'm
MaiseUlea ((Dlty o/) 16-yr 88.1934
tCezIco— Exter loan i Sa of 1899 Q
Gold debt 4b of 1904
1954 J
9ornay external a f 8b. . 1940 A
Queensland (State) ext a f 7s. 1941 A
Blode Janeiro 25-year 8 f 8s.. 1946 A
Ian Paulo (State) ext a f 8a- 1936 J
•weden 20-year Oa
1939 J
8wls9 Confe'ieratlon 20-y r a f 89 '40 J
rokyo City 69 loan of 1B12
IM
CTTiignay Repub ext Sa
i<)46 F
Curloh (CUy of) 8 f 8a
1945 A
iThui art vriu* on «»« batVi of 85
M
(tate ini3 City S«surltl*i.
N Y City— 4^8 Oorp atook.1960 W
iHe Corporate etock
1964 Ht
4>i8 Corporate stock
1966 A
4H8 Coporate stock
1971
4 Ha Corporate stock July 1967 J
4H8 Corporate atook
1966 3
iHa Corporate stock
1963 M
4% Corporate atook
1959 M
4% Corporate etock
1958
4% Corporate atock
1967 IW
4% Corporate stock reg...l966
New 4H8
1957
Corporate stock... 1957 M
3HTj Corporate atook... 1 9.^.4 M
H Y BtMe—4e
19eiilM
Canal Improvement 4a
196l|j
Sanal Improvement 4s
1960 J
Highway Improv't 4Ha..l963lM
HIgliway Improv't 4Xa..l986|l«
Virginia fucCed debt 2-8a..-199llj
6a deferred Brown Bros etfa
Ballroad,
Ann .\Tbcr let e 48.
»1995 Q
S
D
A
A
4H%
J
J
N
N
J
D
O
O
O
J
D
J
S
A
C
S
g
O
J
V
f=
N
N
N
N
N
98 00 7630^ 88.00 98 24
S
f"
J
J
104%
98 00
lOlUSale
10334
9634
9034
.
W
J
J
J
J
m p
MS
M f
MN
J D
MN
I4I2
98
101 12
991
10034
44I2
lOUlc
45
88
84 12
77
77
7610
77
107
Sale
IO6I2 Sale
108 Sale
88I2 Sale
lOO^s .Sale
95 Sale
Deo 21
July'21
86 12
109
7:ii4
83
83 14
54
40
109
40
3314
Sale
10634 Sale
10212 Sale
IO6I2
10034
101
101 14 Sail,
9578 Sale
1 1234 Sale
68
10538 Sale
IO712 dale
26
77
274
144
83
328
84
105
97S4
98.18
93.'8
10278
10034
225
102
207
52
23
94
54
361
45
107
89
85I2
Jan'22
77
"23
I
25!
28
IO7I4!
99
lOOSg
10038
9378
8818
87
74 '4
84I2
84 14
56
41
110
778
483
263
28
226
277
257
76
71
159
84
72i
108
7R»»
83
7fi
79lj
6613 78
96ij 106»4
87
973.1
ge^
1^714
9314 1:17
9274 10834
9034
74
97
85l»
831;
876a
92
99
105
96»4
963i
98
104
lOl'a
103
40's 49
9434 10812
72
76
90
7434
83
85I4
7734
8512 IO8I2
95I2 1081a
95I2 IO9I2
7068 87
96
101»4
93I4 S98
83
R6
94
81
75Js
75I3
9738
9978
IOOI4
95I4
88
8712
56
75
74I2
!'0»4
74
40
29
9638
99I2
97»4
9O84
59
43<4
IIOI2
10834
10234
IO312
97I4
II4I2
213
102 12
96
161
141
68
104
II4I4
6312
IO5I2
107 10278
55 43
68
65 9SU 104
10718
108'2
40
9.')
81»4
94
9914 100
9;)i4
9914
IO4I2
I0412
IO414
101'4
99
100
100
lOli^
Sale
IO4I2
IO412
9934
95I2
10412
104
104
104
93
3514
•94I4
1081]
HO
...
'66^ "'.
63
61
7Si8
8OI2
79
8038
Sale
92%
7934
83I2
8638
J
HII4
7812
t
62I4
62I4
88
82
79
90
8OI2
7934
8^14
83
Nov'21
Sale
9734
89
897s
74
75
86
170
82
11
80'2
3712
75I4
7812
965s
12
89
7438
8812 Sale
8934
91I2 ....
9178
88
86
87 '8
84
99
64
9918
64 Is
9812
90
O4I4
9834
Jan'22
Sale
90
100
8ft!
731?
99
21
133
7614
107
8512
9512
78ij
79
86»8
7812
89
9538
92I4
79I2
125
1
•14»4
328
99
277
0834
05
on
79
SO
97 14
'44
40
87
084 89"
1
89
Mar'20
82I4
8818
921s
857,
79»4
791s
64l2
I
90
93
92
76
91
7?'j
Jan'12
87lt
fil's
73»4
SO
7014
88I4
SOU 91I4
S5
84
Feb' 21
Dec '2
95I4
50li
89ls
65
Dee '21
90
85
101
35
9758
867s
100
77
—
75
77
79
80U Dcc'2
80
671« 80
68
7238
8G
77I1
6714
'is
OOU Uec'2l
92U Sept 21
9838
86I2
82i2
79I2
79
!l2978
793?
75
60
73lj
83
65
—
8OI2
101
50
17
Jan'22
.\iu'16
7978
1007g Nov '20
953, Dec'21
9034
93
91
9i
7812
7912
101
75
12
SO34
84
.
2
91
96
—
159
-
79I4
72
—
8OI2
89
1
6
104U
85
Dec'20
94
78I4 93I2
78I4 9334
81lj 8734
87lf 10334
86I4 104
8ept'20
Jul>'20 ...
110
Jan'22
95 July'20
7II4 Oct'20 ...
76ij Dec'20 -.-
82
104''8
97
Ohio Blver RR lat g 8b. ..1938
General gold 6a
1937
PIttB Clev A Tol 1st g 88.. 1922
Tol * Cln div lat re( 4b A. .1969
auffalo R A Pgeng6a
1937
OouBOl 4Hb
1967 M N
All A West lat g 4b gu
1998 A C
Clear A Mah Ist gu g 6a. ..1943 J J
Woob A Pitta ron Int g B» 1922 J V
90
89
93
97
92
7-I2 dale
76i2
75
7612 Hale
7834 Sale
i
31
9/12
94I2
9112 Sale
S
Jan'22
104 14
8734 104
8734 106
79
88I2
88I2
92I2 Dec'21
89
89
891 1
106 Sale 100
10078
86I2 88I2 8884
8834
96ii4
95lt Dec'21
93 Is
J
A O
A O
2
88I4
86
MN
31
75
9458
|i85
'
IO4I2
10412
IO4I2
1043«
Jan'22
Dec'21
^94
85
Dec'21
94;i8
IO4I4 10334
IO4I4 10414
8478
8214 99
8212 9834
«2l4 9512
.
10 10412 10412
73 87ij 104
92I4
1
*93
104
104
99I4
9934
70
71
92I4
84
99
6512
9838
95
SOU
Apr"20 ..
100
I
BONDS
STOCK EXCHANGE
Y.
Price
3 «
5a.
Week ending Jan. 20
99I«100l2
1982
"asK Low
Chip
C&E
M
dep
•lOO's
85I4
otfB of dep
Ist 6a
4 IndCRy
1936 J
MN
RR(nea; co) gen 58.
1951
Chicago Great West 1st 48. ..1959
Ohio Ind 4 Loulsv- Ref 68.. 1947 J
Refunding gold 5b
19471
Refunding 4s Series C
1946 J
Ind 4 Loulsv iBt gu 4s
1958 J
Chic Ind 4 Sou 50-yr 48
1958 J
Chio L 8 4 East Ist 4 Ms... 1969 J
Oh
4 St P pen g 48 ser A-el989 J
III
M
M
Qen'lgold3H8SerB
GeieraMHeSerlesC
Oen 4 ref Ser A 4^8
Oen ref conv Ser B 6b
el989 J
«1989 J
S
J
J
J
J
J
S
i
c^
CM
M
M
M
M
De8PIalno9Vall8tgu4Hs..'47 IW
Frem Elk 4 Mo V lat 88.-1933 A
Man G B 4 N
lat 3 He. 1941 J
Mllw * S L lat gu 3H8.-.I941 J
Mil 18 4 Weaf Imp g 68..1929|F
Asbland DIv let g 68... 1926, IW
Mich DIv lat gold 68...1924IJ Mil Spar 4 N W let gu 4a.I947|IW 8
W
9t
NW
L Peo4
lat
gu 68.1948 J
J
1988lj
..1988|J
1934 A
J
P— «i/gen4s
4
I
Registered
J
Refunding gold 4s
O
B I Ark 4 Loula lat 4^8.. 1934,IW s
Burl C R 4 N iBt 58
1934 A o
C R I F4 N W lat gu68..192l|A o
Ch Okla4 Goons 68.
1962 MN
Keok 4 Des Molnos lat 58.1923 A O
St Paul 4 K C Sb L lat 4He-'41 f a
Chic St P M 4 O cons 68
1930
D
ConB 6b reduced to 3H8..1930
Debenture 5a.
1930
North Wisconsin Istfts
19.^0
Superior Short L lat 68g..el930
Ohio T H 4 So East lat 6a.. 1960 J
Chic 4 West Ind gen g 08..«1932
Consol 60-year 4s
1962 J
1.") yexre » 7 1^8
H'.iS M
Cln H 4 D 2d gold 4^8
1937 J
C Find 4 Ft W let gu 4s g. 1923 M
Day A Mich Ist cons 4 Ms. 1931 J
Clev Cln Ch 4 St L gen 48.. 1993 J
20-year deb 4H8
1931 j
General 6s Series n
1993 J
Ref* Impt fls Series A
1929 ..
Cairo DIv lat gold 48
1939 J
Cln
4
DIv Iflt g 4b.. .1991 J
St I. DIv Ist coll trg 48
1990,M
Spr 4 Col DIv Ist g 4a
194o'm
Val DIv Isf g 48
1940ij
*1938 Q
C I 8t L 4 C lat g 48
Registered
*193e,Q
Cln 8 4 CI cons Isf g 68. ..1928'
M
D
S
J
8
D
«M
-
M
W
WW
CCC4
Ind B 4
O Ind 4
Peoria 4
1
gen cons g 68... 1934'
1st pref 4s
1940!a
W
W
1st pref 58...(J1958
I st cone 46. . 1940
East
Income 48
CleveShort L latgu 4Ha
Colorado 4 Pou 1st g 4b
Refund 4 Ext 4H8
Ft
S
J
J
D
J
D
'j
J
N
S
i
F
J
i
O
.1
1990 Apr
1961 A C
1929 F A
D
1
&K
& W
iBii
Term * Improve
No price Friday: latest bid and asked. oDueJan. dDue April. cDue May ;DuaJune. ADue
go JIXsJOOO L>
6s.
4s
C
j
O
..19231P A
1923 *> m
July. ItDue Aug.
Dec'21
83
ADr'21
8812
Jftn'22
'sfsi IIII
7418 Sale
87
83
Nov'21
7618
r)ec'21
83
79lg
79I8
Apr'21
8034 Dec'21
1
40
.
.
79l«
73
63
7034
56S8
737g
«8l4
94
65
102
79
84l4
92-%
92
95
1
56
137
199
I
325
208
3
Dec'21
lib
67
Septl9.
I
.
.
9218
IO2I2
9218
751.
94
Salo
8ti. 85I2
761s
781s
773s
78
7934
lAH
8234
Nov'21
87l||
.
OS
94
901. uiij
843i Sale
05
OB
9914 lOS^
96>4 100
.
iooti ioeij
Mar'21
Ju«e'31
70
70
6618
«6>i
01
OP
98%
9814
SOit
8S>8
00
74
Jan'22
83
94h
86Is
95At
Dec'21
8Slf
08
Feb' 19
791»
62I4
6118
90
105
JaH'22
9«
93
921.
75lf
72
78
77
78
73H
I
---I
5
81
7912
43
I
2
Nev'16
May'18
75I2
3
Jaa'22
79%
80
97% I(M%
81 ta
89
79
91
64
72%
07i» 103»s
38
42
71
102
Nov'21
71%
53
937g 102«4
72% 7«%
88
Mar" 17
81
AiM''21
78
791.
86
87
«6l4
80 ti
961.
851.
8Iit
'
I
Nov'21
80'.
82I4
23
B5
84»!
85«i
.
Jan'22 .
Mar'21|..
00
80
7»
9312 9-1
94
IO2I4 10718 104
7eis
76
7518
7258 Sale
73
2134
70
7U8
97I4
701. Sale" 78
101
Salo 101
8II4
791t
7812 79
861. Sale
S714 95
73»j
79
80
103
8'2S4
93
68
78
771.
118
95
7Sl2
»4
66' 87
JaB'22'
67 U
321 64
9
33 04
7918
90
104
63^ 68^
.
87
78%
7'.'
70
80
72t8
87'4 lOftS*
9618 102
98»»
07
99t|
90
«6i8 Aut;'21
91 Jiiae'21
81
73>«
«0
9334
76^
1071!
79
77
106
87
83H
66
84 14
lonj Oct'19
82
78
79»»
851»
84l!
62l8
I0fl»4
95
76
66
78»j
77
Jan'21
Dec'21
107
Sale
8434
^^'^i
63i|
67«4
71«8
6318
60t8
72l«
'sib
10f.»8
99
89
84U
1063g
70
70
66
68
70
76
'76I4
10638 1061'
IOSI4 10578
72»j
47lj
91I4 103
Joly'2l
Jan'2ll
7634
96
1034<
82Ij
901|
70«i
"8312 Safe'
81 12 8418 81
81
100
101 Vi lOSlj
105
102
1061. 102
10234
IOII2 IO3I4 98'>s Feb'21
9OI2 . .
n3«4 Doc'21
94l« Feb 30
91
96ls
96
Jan'22
8318
387i
36)]
89l8
59IJ
Dec'21
8312
84
7758 Sale
78
7878
9334
"87
28
26
70
100
Sale
'743ij
88
"
25
I
I
86
99
83
79
94
.
-
Nov'21
Nov'21 ..
61
7118
ee
63^
\
Jan'22
581.
64ig
6918
9533
10034
10084
80*<
68
66
105
731s
76
8434
8434
5
»0»2 Nov'21
32
Mar" 17 ..
72ig 907
71
60
61
79
101
103
3
90»«
01
105
81
81
S
621g
76i2
80
905, 101J»
79 103l|
84
7318
70
63
69
JaB'22
Deo'21
104I4 Dec'21
103
Jan'22
815s
87
87
95
71
761.
41tt
781»
33l«
Sale
57=8 Sale
64 Sale
6134 Sale
73 Sale
58 Sale
92 18 94*8
66I2 Sale
8238
82*8
9158
76
82
307«
6914
77»4
self
99
7418
6534
97
70ij
41
12
Oct 10
88
89
34I4 Dec'21
8r
79
67
66
73
I
90
Jan'22
»47a
8665
8e>i
86*8
7112
67 14
81
94
9'/^
71t4
11
I
100
100
80
78
79
87
1
69
6558
39I2
81l2
8818
9358
9078
88
94
09
Dec'21
81
871}
75I1 90
9218 10411
101*8
783s June'2(.
35
831s
85»4
86»8 Nov'21
84I4
85l2 202
85
861? 181
7018 Sept 211
76
80
86
85I4 101
8OI4 9OI4
847, 98
67l» 70*4
106
6A34
82
68
1
Dec'21
64^4
65I4
81Ij !)H
997g 113
96ij 109I4
I
lOlu
76
77
F
N
Lack
7518
67I4
97
1938{lW
W—
Sale
9012 91
K
A o
Den C
Conn 4
Cuba RR
NY
J
lat g 88
1921 J
Pas RIva let g 4s. ..1948 A
iat eo-year 88 g.. 19821.1
W4
DI.*
Q
103
J
D
014'a O
02014 F A
Convertible 4H8
1932 J D
Permanent 48
1926|J D
25-year debenture 48
1934|j J
Chic 4 Mo RIv DIv 68
1926 J J
4 PugetSd let gu 48.. 1949 J J
Fargo 4 Sou assum g 63... 1924 J J
Mllw 4 Nor lat ext 4H8... 1934 J D
Cona extended 4H9
1934 j D
Ohio 4 N'west Ex 4s...l88e-'26 F A
Registered
..1888-1926 F A
General sold 3H9
1987
N
Registered
rl987 Q 1<
General 4e
1987
N
Stamped 48
.1987
General 58 stamped
1987
Sinking fund 68
1879-1929 A
Registered
1879-1929 A
Sinking fund 68
1879-1929 A
Registered...
1879-1929 A
SInlilDg fund deb 5s
1933 IW N
Registered
1933 (W N
10-year Becured 7eg
1930 J D
15-y<-/tr Hwurpcl 6Ha g
1936 <W
ChlcR
7134 Sale
60«4 Sale
120
25
IOOI4 June'21
80
Au(r'21
92I2
94
Q—
ctfB of
3
71
May'18
83»4
106
100
M
4 Tr Co
96
110*8
11012
84*4
90
Am
8 Mtg
Higi NO. Low HioH
5t4l2
no
Central of Oa lat gold 58...iil946
Consol gold 6b
1946
10-yr temp eecur 6b June. .1929
Chatt DIv pur money g 48.1951
Mac * Nor DIv l8t g 5b 1946
89I4 .
Mid Ga 4 Atl DIv 58.
1947
Mobile DIv lat g 5b
1948
8818
Cent BR « B of Oa coll g 68.1937 IVI N
88I2 90
Cent of N J gen gold 58... .1987 S i 104 .
Registered
"104 106
41987
Dock A Imp gu 68
1921
10458
N Y 4 Long Br gen g 48.. .1941
8258
Ohesa 4 O fund 4 Impt 6b.. .1929
96I4
94
lat oonsol gold 68
101 12 Sale
1939llVJ N
Registered
1939;iH N
99
General gold 4H8
1992
fi
84 Sale
Registered
1992 IW
20-year convertible 4i^8..1930!f
8414 Sale'
30-year oonv secured 68
194e'A
86 Sale
Big Sandj l8t 4b
7518
1944
Coal River Ry Ist gu 4b. ..1945
7418
Craig Valley let g Ca
84
1940
PottB Creek Br let 48
1948
6818 76
B 4 A DIv lat con g 48. ..1989
83 Sale
2d coDBol gold 48
1989. .
76
Greenbrier Ry lat gu g 48.1940|M N
7518
Warm Springs V lat g 6s..1941|m S 8378
Cblc4 Alton RHref gSs
1949, A
57 Sale
Kailrcay Ist lien 3H8
1950
3934 Sale
Chic Burl 4
III DIv 3HB.1949
81
Sale
Illinois DIv 4s...
194C
8834 8 1I4
Nebraska ExtenBlOB 4b...1927im N
96I4
95
Registered
1927iivi N
General4B
88I3
1958 m S
88
Chic 4 E III ref 4 Imp 4h g. .1956 j j
U S Mtg4 Tr Cootflotdep
37I2
33
Ist consol gold 681930 A O IOII4
General coneol lat 58
10534
1937
N
Stamped
Guar Tr Co
Range
Year
'
1921.
SIO934 Sale 10978
8458 85
84
9658
9268 Dec'2l
93
9312 9214
98i2
96I4 9638 96
97
74 18 74I2 70»4 Dec'21
<l
V
05
Lttt Sale
941? 95
Ii0i4 8ale
Canadian North deb a f 7b.'. 1940
2.'i-.\ e:ir 8 f del)
1941'
H8-.
Oar Clinch A Ohio let 30^yr 68.38
^S'
Week's
Range tr
Friday
Jan. 20
Cid
Canada Sou cone gu A 8a
63
107>2
IOII2
94-4
11234
6:>
179
13
IO8I2 159
88I2
27
551
IOj
9534 1220
99^8
861; Sale
73I4 Sale
SUg Sale
84 Sale
55 Sale
223
244
96
108
98
•Jul"
20!
IO7I2
95
ICO
10(1
I06>2
10812
88'4
IOOI4
9Si2 Sale
100
J
M
83
80
J
J
107'4
IOGI2 Sale
8878 Sale
S434
93
M
MN
PL E4 w V8 8yBref4s..l941 M N
8outbw DIv latgold3V<8..1926
Cant Ohio iBt
g 4H8...1930
CI Lor *
con 1st g 8a.. 1938
100
104' iosi,
102«i 10468
104
Jiii.v'21
10634
107'2
10734
10.534
100.08
100
100
100
106
10 Us
t
970 95.80
10050
June'2l
7834
10734
Sale
Sale
Smic
Sale
Sale
Sale
I
100.26 6756' 95 IX 100 20
78
7812 78
IO7I4 Sale 10534
9538 Sale
U5
Sale
Sale
lOZ'-s Sale
6S3I2 Sale
85 34 98.14
131061
lOO'i June'2()
I04»j Dec'21
104
100
83
76
8818 Sale
I960'
1928
1966
Trans Con Short L Ist 4e.l968
Ool-Arli lat A ref 4Hs"A" 19S2
8 Fe Pres * Pb let g »e..-1942
A.tl Coaat L let gold 4a
tl963
10-year spnured 7s
1930
Oen unified 4H8
1964
.ila Mid l8t gu gold 8a
1928
'Sruna A
1st gu gold 4s. 1938
Dharlea A Sav Ist gold 7a.. 1936
coll gold 4a
(11962
teT F A
lat gold 68
1934
Ist gold 88
1934
Ualt A Ohio prior 8Hs
1926
Beglatered...
...»1B26
Ist 80-year gold 4s
tI948
Beglstered
tl948
lO-yr oonv 4Hb
1933
Befund A gen 68 Serlea A . . 1996
Temporary lO-yr es
1929
PIttB Juno l8t gold 68
1922
r Juno*
DIv l8t(?8Ha.l925
100.12
100.12
100
J
i
1996
41996 Nov
il99d No\
1966 J I
4s Issue of 1910
Okia DIv iBt g 4f
Booky Mtn DIv let 4s
97 36
^
(Cast
*
97.80
A C
Conv
W
97.90 Sale
<<
AtobTopASFo— Oeng4a .1996 A
hA N
8 86.34 97 60
97.55
y7.84 5212 86 30 97.80
A 100^6 lOOUlOO"
93 '2 Sale
93
A
8734 Sale
87 14
A
M
M^
MN
W
97.34 Sale
97.20
97.20
9734
9Si2
101 "2
100^8
M
Stamped
O0uvgold4s
97 70 8076 86.00 96 80
15 85.24 97 98
98 80
98 O'V 980 85 40 98 00
1)9.00,
2, 94 00 100 50
Sale
Weekly and Yearly
iLJ\Z^
Friday,
nouy--ana
ana tntertir'—txuvt
interJ-L„«>r>t for
m, ineomt an4 I.XTJJ'.
ie/amUt* iomtt.
High
97.08 Sale 96.50
97.36 Sale 97 36
97.90 Sale 97 50
99.00
97
r«eneb Bepublle 26-yr ext 8a. 1945
30-year extern loan 7 Ha -.1941 J
Beglstered
Adjustment gold 48
Htgh No. Low
Ask Loiv
M
M
K
1921.
QM
OinlaliCvnMunlcll»!8s"A"1946 F A
sMesB
1946 F A
Denmark external a f Sa
1945 a O
tJomlnlcan Rep ons Adm af 63 '58 F A
<»t Brit
Last Sale
*101
*I01
*104
F 'lot
F 'lOl
SO
•80
f 6^a..l944 J
J
debt 8a of 1904.
8
Ester flt of Sa 1914 acr A. 1949 F A
Bsternal loan 4Hs
1949 F A
2fi
Range
Year
lUO.lSSale
100 IS Sal?
J
41930
4198C
Paraign Qavarnmant.
xtpenbagen
Week's
Range or
I
Argentine Interna] Oa of 1009.
Belgium as-yr eziatiyit g.l9«6
5-year 0% notea
.Jan 1926
20-year a I 8a
1941
Bergen (Norway) a f 8s
1945
Berne (City of) a f Sa
1946
Soroeaux (CHy of) 18 yr es.l934
tsraill, C 8 extern Ss
1941
Ouada (Dominion of) ffne..l926
<Io
do
66. ..1981
10-year fiHs
1929
OlUle (Repubilic) eit af Sa.. 11)4
External 6-year a t 8a
1926
26-year s f 8b
1946
OBInase (Hukuang By) 6% of 1911
OhPlttlanIc (City) a f «a
1946
Oaba— Eitornal
•5a
Price
A O 97.42
of 1922 1923
2a eonso! reglstareO
is oonsol ooupoD
4e reirlstered
o/,nottnt tonO* wa, »->ano^i ant price» are
Friday
Jan. 20
B:d
8H%
3V(% Notes
uMoa
3§
BONDS
H. Y. STOCK EXCHAIfQB
Wsek eDdlDB Jiiu. 20
Oonv 4%
Oocv 4J<
Exchange-BOND Record
York Stock
1909 (he BtOamo,
72
81
78
88
81
90
8S%
97»2
73
79%
81
IS
36
8,
97%
134;
851b
8:
6£%
Dec 21
621s
78
JUBe'21
66%
77%
77
Nov'21
«P
78
Dec'21
75% 83
S(;i>
72
78
'19
94
Jan'22
86%
98%
Nov'21
7278
9
23
3'
23
9+
A4l«
90is
8412
851.
92
100
D«c'21
7734 Sale
77
78
99
78l8
78
Jan'22
45
03i|
1001.
76
76
64
75
26
18
70
77
72
9004
03
102%
02
85%
30
97
80
<i9
18
"98':
oDue pot. ^Due Nov.
97I8
19
I
^E>tw
Oe?
5978
80
68% SO
Jan'22,
98
6
95
91
«0.pWW
no
96 1>
sate.
New York BOND Record-Continued -Page
N. Y.
BONDS
STOCK RXOKJiSOE
Week
Friday
Jan. 20
e3<]!a< Jaa. 20
Bid
Ual Lack 4 Western (.eoncl.)—
691;
Warren l!t ret su a <>«.. .3000!7 a
oeUware 4 Hudeon^
Uen eculp : 4Hl
1»|4 reiti
IO-ye»r eonv 0«
lO-rear leoured 78
&Ib 4 Busq ocuT 8 >ia
IBSa
j
«<i..l98fl J
1
8S
6
9134
10712
7S14
O
tOSOij
4 S&ratcga
"MO 4 B Or— lat ocM g
Coz^sol gold 4H8
trnprovement golfl 8«
lit 4 le^indicg 5«
1940;
Iiit30!a4a...i93e'
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1931
let gold 88
1930
2d gold 88..
1930
Paducaii A Mem DIv 4e...l94e
8t Louis DIv 2d gold 3a... 1980
Atl Knoxv 4 Cln Dlv 4fl...l96o
Atl Knox 4 Nor Iat g Sa...l946
Hender Bdge 1st a f g 6b... 1931
Kenluofey Central gold 4s. 1987
Lex 4 Eaat Jet60-JT £s ku.1966
ii
24
35
29
Sale
i02i8
88i»
8518
80^8
56I4
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3818
7338
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10 year secured 78
93»4
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55
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1937 m N
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1927
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1937
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1940 J J
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1940 J J
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Sale
A O
a O
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1963
1963
78
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...1930
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Feb'08
993i
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Week
1921.
Friday
Jan. 20
endlDK Jan. 20
Beglstered
1948'mN
1636:a
Price
Y.8TOCK EXCHANGE
Low High
A'o.
(
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.
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I
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Year
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Price
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2
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9
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a • • M
....
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78%
MO
01
M
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294
New
BONDS
Il.T. STOCK
Week
NS
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Mahon CI BR
20
Registerea
in
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iBt
HI
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1962 m N
1929 A O
F A
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2000 IW N
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J932 J O
B W&OOOD lstezt68...*1923 A O
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1941 j j
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St Lawr & Aair let g e8...l990 i J
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iV
78
88
7238
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OHoa
A O
....1990
—
75
9618
79-8
IO2I4
.-_.
78
---
Registerea
1937
tt
U
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N T Connect IBt go 4HB A.. 1063IF
N T N H A Hartfora—
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Non-oonv aeben
Non-oonv aeben
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Non-eonv aeben
Ooav aebenture
M
1947
1947
SHb
1964
SHb
ie
1966
4a
1958
1968
3X8
Oanv aebenture Be
1948
Oons Rp non-oonv 4c
1930
Non-oonv aeben 4s
1968
Non-conv aebeo 4b
1958
4% debentures
1957
Rwlem R-Pt Ches let 4«..1964
B 4 N Y Air Line iBt 4e.--1866
Cent New Eng l8t gu4B...1981
Hcusatoclo Rj cons g 5b.. 1937
Naugatuck RH I8t48
J 964
N Y Prov 4 BoBtOD 4»
1942
W Y Wnheo A B ist Serl «Ha '46
New Englana cona 6b
1946
Conaol 43
1946
Providence Seour deb 4a
1967
Providence Term Ist 4a
1958
* Con East let 4Hb
1943
N T O A ref lat g 4a
»1992
Registerea $6,000 only...rl992
OeneraI4s
1956
Norfolk Sou Ist & ref A SB...1981
4b
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N
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1943
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1933
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C
48
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J
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1946,
•No price Friday; latest bid and
S4l2
63
81
106
100
A
D
N
A
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87
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71lj
86'
8312
48
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50
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36
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78
127
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109
160
80
88
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7238
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70
79
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S8I4
10
75I4
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7038
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7OI3
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Feb' 12
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67
85
Jan'21 ---Apr'20 __..
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80
93
84
82
77
90
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84
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a Due Jan.
Nov'21
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90
99
96
90
106%
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83
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1946
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8478
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59
...
77
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1
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87?4
97
9612
84
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87
83
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...
3
96
Dec'21
Doc'21
O
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83% 86*4
j
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Nov'21
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96
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86
90
94
84
I
.
---
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I
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Oct 2 1
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9
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89
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1
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80*4
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89«4
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83 Sep' '21
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439
62
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58
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9538
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.
10
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Dec'21
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92 14 Dec'21
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74
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85 14 Mar'21
93
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78
95
-
9318
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8678
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Jan'22
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76
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7714
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681*
80*4
2312
90
23I2
Jan'22
Dec'21
Jan'22,
85
84
58'8
59
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25I2
25
77I2 Jan'22,
91
85I4
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46
60
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Dec'2l
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10312
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Jan'22
99
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81
75
50
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I
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Jan'22
Jan'21
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91
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827,
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96^
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72
87
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97
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90
62
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Feb'21 1.
Jan'22
60
84
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99
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86
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77»4 90
.
9OI4I
I6I4
63I4
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92 14
76
92
11
7178 S" .t'2ll.
721*
26
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937s 9714
8478 Sale
72
"
9II4
6534
62li
701s
85
65
90
88
78I4
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60
76
91
60
Sale
Sale
Sale
9978 100
9S's Sale
90 Sale
957s 99
SO Is
89l4
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59
80
103
87
77
50
66
Nov '04
8434
91
82
-
lOeij
95
85
96I4
931,
907,
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811,
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931,
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96
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987s
9318
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6.5I4
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88I4
8412
817|
70
9034 Sale
851;
8138 Sale
D
91
83
70
88
68
86
J
J
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68
80
83
55
76%
83%
A
73I8
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94
87
88
Nov'21
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.
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78
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67
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90
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J
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80
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Jan'22
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997, Dec'21
93
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58
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J
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87
90
83
86
82
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Sepr21,Oct 2L.
A O
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94'2 9514
89'2 9312
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50
75
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72
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68
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1412
32
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lat 40 vr enar «a
80
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Sale
4414 Sale
61
62
6318
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81
81
96
60
34
75
86
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80
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8518
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Det A Ch Ext Ist g 68
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5t
50
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87
7378
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50
16
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70
74
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75
65
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o
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75
67
88
Debenture
75I4
88I4
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Oct'20
Jan'21
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.
82
92
77
101
I
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8S%
67
•
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96 12
I
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967
Vlrglnlan Ist 6b series
V. abash lat gold 8a
2a gold 58
69>4
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11
61
81
84»4
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74
44%
9612
97
8234
85
821' Sop- '16
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J
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83 Ij
79
61«4
5612
Nov'21
68%
926!j
933 J
gu 4)4a..-
389
446
55
9978
6SI2
7612
68
lat extended 4a
Vandalla cons g 4b Ser A
Consols 4s Series B
1st
73%
68
1945
W
96>2
248
S
M
W
85
84%
89S4
N
N
N
W
W
123
93
7OI4
98
74
Nov'21
922
926
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5a
70V4
8412
72
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936
Va A So'w'n 1st gu 68
.2003
501st cons
968
year 68
924
OA
1st cy gu 4s
Spokane Internat latg 5e
966
Term Asan of St L lat g 4 He. 939
1st cons gold 6b
1S94 944
953
Gen refund s f g 4a
St L
Bridge Ter gu g 6a. -930
Texas A Pac let gold 6b
2000
«20CO
2nd gold Income 6B..
'931
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MIn
A N
lat gu 6b. 830
Tol A Ohio Cent lat gu 68... 936
Western Dlv let g 6a
936
935
General gold 5a
lat gu g 4a
980
Kan A
927
2d 20-year 69
917
Tol
lat gold 48
Tol St L A
pr Men g 8Ha. 926
960
60-year gold 4b
917
Coll trust 4s K Ser A
Trust CO ctfs of deposit.
Tor Harj A Buff Ist g 4e
t 948
928
Ulster * Del 1st cons g 66
952
1st relun.'lng g 48
947
Union Pacific lata 4fl
947
Registerea
927
20-year conv 48
lat A refunding 4b
ff20O8
9:8
10-ye.ir perm aecured 68
948
Ore RR A Nav oon g 48
922
Ore Short Line lat g ea
68
8314
96
S3
956 M N
946
Rich A Dae deb Ss atmpa. 927
Rich A Meek lat g 6e
948
So Car A Ga 1st extd 5H8- 928
Vlrglnla Mid Ser E 68
926
lat ooneol g 68
39
11
38
Oa
Knoxv A Ohio let g 6s
Mob A Blr prior lien g 69..
Mortgage gold 48
Oa Midland lat
Ga Pac Ry l8t g
67
Safe'
F A
M
1930
59
300
72314
5534 Sale
10318
96122 Sale
68I2
8334
10134
75% Sale
8818
Jan'22
70
657s
£6918
Sale
931 IW N
931 J J
E T Va A Ga Dlv g 6b
Cona Ist gold 6s
E Tenn reorg lien g 6a
70
69I4 Sale
8312 Sale
96% Sale
80
949 F A
929 J D
964 A
W
..
.
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D
Ri
IW
IW
,
7418
6678
S
—
88
9618 109
84
93I2
Due Feb,
1949
1921.
D
D
AND
62%
— — --
Dcc'21 ""35
Auf
M
929
934 i
Ranne
Year
Last Sale
Ask Loa
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90 June 2
81*4 91
»7i4 Dec'17
Sale
8278
S5's 200 717« 83
73
AU!^'21 ... 73
7S
iii;
8212
85
9! 76
87>»
"84%
74
or
Range
79I4
MN
6078
IO9I4
87«4
84
SO'2 June' 21
883^
91
77ls Jan'22
43I2
4134
S
83%
75
Mar'lO
July 2
84
88
84
80
88
92
W,
81)
6
Sept'20
Sept 21
8818 Jan'22
8838
SSI
83I4 S'Pt'21
8318
8838
8S3s
I
74"
'so'il
Nov'21
Dtr'ie ....
7914
80
i
lOllj 10|l2
97I2 '•'2'J
7378 861a
6884
88I2 Dec'..'!
91
104
54^8
Feb 20
Nov'21
Feb'20
80
59"
40 100 IO7I4
175 94I2 107
80
84
Nov'21 ....
72
1949 J
924
933
933
HA
Istgeelntgu
937 J
Waco A N
dlv lat g 68.. 930 M
J
A A N
l8t gu g 68
938 A
No of Calguar g 68
Ore A Cal Ist guar g 53
927 J
So Pac of Cal—Gu g 58
837
Pac
937
So
Coaat 1st gu 4b g
Tex
1943
con gold 6a
So Pac RR lat ref 48
956 i
San Fran Terml lat 4a.-... 960
Southern lat cone g 6a
1994 J
994 J
Renlstered
Develop 4 gsn 4b Ser A... 956
Mob A Ohio coll tr g 4b... 938
Mem Dlv let g 4Hb-68
996
at Louis dlv let g 48
961
Ala Gt Sou lat cona A 6a.. 1943
Atl A Cfaarl A L let A 4^8- 944
iBt 30-year 68 Ser B
944
Atl A Danv lat S 48
194S
2d 4b.
948
Atl A Yad lat g guar 4a... 949
W
69
39
73
761?
6
951s
8738
97%
g
lat ref go g 48.
Registered
Mort guar gold 3K8
k
Through St L lat go 48..
6B...
2d exten Seguar
Gila V O A
iat gu g Cs..
HouB E A
T Ist g 5b
1st guar 6b red
TC
4913
65
89
IO8I4
10634
it
Cent Pac
98^8 IOOI4
9912 100
91 !• 92
Jan'22
7378
7414
73I4
7338
90
10
138
May'21
79I8 Sei)'21
9634
9712
8738
S7l2
96I4
"59
Dec'21
8712 Sale
!Hi>2 Sale
96
107 !« Sale IO7I2
lUb's Salp lOS
861^ 87I2 86
8334
83
J
90
Oct'21
109
Jan'22
105l» Sept 21
79I2
81
87->8
S
110
July'21
75I4
97I2
87
90
86
86
May'21
76
8018
76i8
8734
91
POI4
75I4
'"30!
Jan'22
100
92
83
Registered
20-year oonv 4a
20-year oonv oa
N
32
56
92«4
180
eil2
64
"'72I
6078 Dec'2I
1057^ iOt'ii 108
SSI2 8918 88
8712
95
107 Safe" 1067s
10018 IOOI2 100
84
85I2'
8714!
84
94
32
21
Jau'22
Dec'21
M
W
M
M
43
29
'1184
Apr'21
8418
"6II2 Sale'
61
Apr'i'l
lOG's
MN
W
84I4
90
105
_.--
K
KCFt SA M
QHASAMAPlst
26I4
Oct'20 ""'6
Sei)i
83i2
Soutbern Pacific Co—
Gold 4b (Cent Faa coll)., t 949'J
Jan '21
80
J
aaked.
70%
10314 1021a Dec'21
87»4 88
881s
76
O
J
J
777*
37
35
34 12
Jan'22
Feb" 18
Deo'ig
5434
93I2
93I2
96%
MN
7
Jan'22
Jan'22
84I4
91
MN
22
Sopfl7
74
84
J
General 5b Series A
J970]J
St L A P Ist cons g 88... 1932 A
Phlla Bait A
iBt g 4a.. . 1943
Sodns Bay A Sou 1 at g 68. . 19241 J
O IV J RR A Can gen 48.. .1944 IN
P»r« Marouette Ist Ser A SB.1968J
lat Series B 48...
1958 J
Philippine Ry Ist 80-yr sf 481927 J
W
106
J
1942|M S
81
78
6778
997
997
951
951
947
RR
S4 M
K
99
90
66
Nov'20
58% Oct '2
6512
54 12 Sale
J
L go 4HS A. ..1940 A O
B guar
1942 A O
C guar
1942 M N
D
63^8
8218
1051a
J
St
85I4
.'J9'2
311s
Serle8E3Hsguargoia..l949|F
Series F guar 4b gold
1953|J
Series O 48 guar.
1967|m
Series I cone guar 4Hb.. 1963. F
C
J
3Sl2
8838
74i!
6934
Safe'
10734
791? Sale
75I4
M
C
"7^
99*8
7513
661*
Aug'l!
70
26
45
82
M
Series
3H8
Series
SHb
irleA Pitts
30
83
9534
75I4 ...
1942 J D
1944 J D
16-25-year gosQ is... 1931 A O
«0-year guar 43 ctfslBer K..1962
N
OlD Leb A Nor go 4s g
N
1942
OIA Mar Istgu g4He
1936 IW N
CIA Fgengu4H8 8erA..1942 J J
eerlesB
1»42|A O
Inf reaucea to8HB-..1942'A O
trust otfs
trust otf
5678
i
DRRR4B-gel8tgo4Be.l93e F A
3Hs
8 He
3Hb
SHs
Jan'22
Jan'22
J
<iHB.-.1966 J
FanDBTlvanla RR ist g 48.--1923 M N
Oonsol goia 4b
I943')w ^
Oonaol sola 48
1948 !H N
Consol 4H8
1960 F A
QeneraHHa
1965 i V
aeneral /is
1968 J B
10-year aecnrea 78
1930 A O
IS-yoarsGcuroa SHh
1936 K A
Alleg ValgenBuarg4s
1942 »! e
Guar
Guar
Ouar
Quar
Qnar
3478
37
3SI4 Sale
7658
!)7U
7ul8
651a
92%
88%
Jersey Central coll g 4b
Atlantic City guar 49 g
St Job a Grand Isl Ist g 4b
St Luuls A San Fran (recr(i Co)—
Prior lien Ser A 4b
950 J J
Prior llec Ser B 6e
9.50 J
J
Prior lien Ser C 6s
928 J i
Cum adjust Ser A 88
h 955 A O
Income Series A 8s
A 960 Oct
St Louis A Sau Fran gsn 8e.. 931 J J
General gold 58
831 J J
St L 4 8 F
cona g tfi... 096 J J
Southw Dlv Ist g 5s
947 A O
C Ft
oons g 68... 928
Ry ref 8 4b.. 938 A O
CA
R A B Ist gu 6b.. .929 A O
St LS
lstg49bonactf8
1989 :M N
2d g 4b Income bond otfB-2) 989: J j
Conaol gold 48
932 J
1st terminal A unifying 8a. .952 J
Oray'e Pt Ter lat gu g 5s.. 947 J
S A A A Pass iBt gu g 4s
943 J
Seaboard Air Line g 48
950'
Gold 4b stamped
950 A
Adjustment 6s
949, F
Refunding 49
959! A
la; A coiis Oa Series A
194S
S
Atl A Blrm 30-yr let g ts.e 933
S
Caro Cent Ist oon g 48
949 J J
Fla Cent 4 Pen lat ezt 68.. 923 J
lat land grant ext g 58.. 930 J
Coneoi gold 6s
943 J
Ga A Ala Ry Ist oon 6a
946 J
Qa Car 4 No l3t gu g 6a
929 J
Seaboard A Roan Ist 68
.92e'J
Jan'22
July'14
Ills 1st s f
Pinnsylvaiili:
64
8/
83
goia 68
Registered certlflcatee..l923 Q
8t Paul A Dulutij 1st 68...193l!Q
1st coaeo! gold 48.
1868 J
Wash Cent Ist goia 48... 1948 Q
Nor Fac Term Co lat g 6b._.1983 J
O«egon-Waah Ist 4 ref 4b
1981 J
FuUIo Coast Co lit g 6a
1848 Ji
PaauoahA
4OI4
.'O
{
CMa
59
54
68
77I2
July' 18
76l8
5634
Jan'22
43
JaD'22
60
MN
M e
23
'21
O
MN
Joint
60
64
56
ii6
Ocfl7
3812
34
8412
A
—
P-Gt Nor
50
40
S3
MN
3
OO*
38l2
60^8
3478 Sale
7318
VU
84)8
42
43
43
Sale
68
9218
Jan'09
Apr
39I2
51
511?
41
7034
93
9912
Dec'21
M
M
M
N
42
35
77
87 1«
Nov'17
82 's
84
39
39
74
7OI1
50
76
76^8 Jan'22
9i»8 Feb' 19
67I2 Juuo'20
8512
8534
42I4
64
.
6
4fl
Retflsterfld
N0VI6
95U June'20
80%
813s
85
43 14
39
66I2
May'2l
13018
8218 Sale
84I2 8634
43.5
Jaii'22
80
Worl * West gen gold es
1931
Improvenient A ezt g 6jt...]834
New River 1st eoM 68
19321a
N4
Rp 1st cona g 4a- 1996 A
Registerea
1996 A
DU'l lat lien 4 gen g «8.1^4 j
lO-26-year oonv 48
1933 J
10-20-year eonv is
1932
lfr-26-year oonv 4 Ha. -.1938
S
10-year ooav 68...
1929
S
Pocah C 4 C Joint 4S...I843 J D
T iHt Euargo!a88..1922 J J
BdO VANElBt go g4B-. 19819
Rortbern Pacific prior lien ral way A land grant s ds
1 997 Q
Registerea
1997 Q
Oeneral Hen golfl 8a
o2047 Q
Reglstsrsa
02047^0
.«ef A Impt OseerB
-.2047'j
Bef AimpiHiesorA..
2047iJ
8$ Paul-Dulutb Dlv g «a..l996'j
W
Jan '22
Jan'22
81I2
3
1941
78
90
90's ---_
F A
W
Nortoli
O
O
May'16
Feb'21
85I4 Dec-21
M
Debentwe
77I2
113
99^8
103
9912 99I2
'8534 Safe'
1
Dec'21
f,(>
791.1
.
74
940
943
€S
Week's
Friday
Jan. 20
Bid
E
A
Heading Co gen gold
fl'2"
5
Jan. 20
L let g 68
Sh
1st oonsol gold 6b
Pitts
721j
June'-./l
66I2
.
E<iulptru8t4HB.. -1920-1826! J
T Cblo 4 St L lat g 4e
19371 a
J
89
68
95
_
10318
991s
81 14 Sale
W
88
65%
8OI4
99I4
5
7034 AUK'2l
99'>8
5838
82I4
so.
.
High
9018
Price
Y STOCK EXCHANGE
Week ending
74 14 Sepf-'O
91
75I4
.
N0VI8
6 .U Mar'20
7634 Jan'22
BIk RIv go g 48...J922 J i
PKtB & L Erie 2a g $8
01928 A O
Pitts McK * Y let gu 0E..I932 J
1
2a guaracteea Oa
1934 J S
est Shore let 4b gnar
2381 J! J
_
Registerea
2361 J 3
Lines eq tr 8e... 1920-22
M
*.
NYC
N
" —
665g
J Juno
RR guar let <E.._i93e
9812
82I4
8218
20-year debenture 4c
NT*
Year
1921
.§3
Jan 20
Last Sale
._. —
Bid
Ask Low
High NO. Low
»3'~j
93i4May'20
J
9418
HOis June'2!
90
8
J J
J J
!961 ^i S
EeglBtered
JL AS
J
BONDS
Range
f^'
or
„
1934
1931
1931
1940
1940
1st So
MIohlKSD Central 68
Range
Fridav
H R RB (Corny
Cent A
Week's
Price
EXCHANGE
BOND Record—Continued— Pages
York
.
.
901*
661*
65
6078 Dec'21
.
7312
76i2
69
.
65%
711*
73l->
.
66I4
99
8II4
85
79
79I4
.
Due Nov.
78
e
Jan'22
72% Jan'22
Jun('2I
Due Deo.
«
Option
sate.
61
New York BOND Record— Concluded— Page
BONDS
STOCK EXCHAKOB
N. T.
W«ek eodlDB
Jan. 20
i962 A
1937 J
!943 A
Koia 4e
Income 5b
Western Pao
No: Low
27 5nt
O
'
J
O
p 943 .Nov
946 IM 9
926 s O
.92SJ J
A Dal (Ut
auD
eou
67
82
SO
66
5734
64'i
7Si8
6318
78
65
78'8
rt Smith Lt
936 M
957 F
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Br A
Market St Ry
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a ( Sa..
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lat
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g 5b.
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76
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at
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4 ref 8a
lat 5a
ror Saaerlea
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l(ir)7g
71
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OoMol Oaa 8 yr eonv 7a
BMTOtt City Oaa gold 6b
OMrott Edison lat ooll tr 8e.
lat 4 ref 6« ser A
i
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f
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lat
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1961
1944
1951
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1930
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Ottaa KJw
oona nas
8
Nemours* Co7Hs
lie
HI
64«,
I
l037|Nf
Ar^fS" .I'J42J
rae i-r.w A i.t im a r^r idrrit
v
Pat 4 Pi«ii<i!- 'I A ri -•
I'H9 i
A
Mop Gas
(;i A
fi-
97'4 Sale
77ij
lOiSg Sale
Rubber
20 yr p
IitAri-tflHiA
n
91
lOfl'i
93
100
US
H2
73
68 >8 HO't
91
79
OooTeriltjie dut) 4s
R1 III Hko iBt eon g 4a.
Aa« Oa« L 111 Ht I. B«f 4 sxt 8
Mnwaiik«>< riu L 1st 4<
nswark Ton riaa g 8*
V
lOKt
Hfl
Purchase money 6s
N
i
S934
Nat Knam 4 Stampg lat 58.-1929
Nat Starch 2(Vyear deb 68... 1930
•Uyn
Oaa 4 Eleo
96
101
94
90
9U
83
76
1934
68
Kelly-Sprlngfleld Tire 89
Liggett 4 Myers Tobao 758
Lorlllard Co (P) 7a
58.
St L itt g 4a
St Loola Transit ga it
Otoela
f
Sugar
10- year a
Sa..
...
e
Intemat Cement conv Ss
IiitiTii!itlonal
Paper 58
Ta Ry Po« lit 4 ref 8a
Oai and EUctrIc Light
D
iy3'|F
1940
7I2S g
Ist 58
Qonyear TlreA Rublst
Omted Byi
aerlee
76li
3HB
London 4Hb
7fl
95
86
hQl»
101
...1928 J
6a
20-year deb 68
loeome ta
_/3wieral
Am
Pont
Im
Ortted Rye Lot 8b Pitta
."..I
lat e f 8a.
1941
General Baking lat 25-yr 68.. 1936
Oen Electric deb g
1942
Debenture 5a
1962
a
a f
:
Sec Cor conv 'st p 58.1927
du Pont Powder 4H9,..1936
I
FIsk
it
of
:
"
94I4
82
7 Hz
62
8338
Dlattll
dii
7Vi8 3er A
Portiand Oeo ESee lat 8fl..
tt Paul City Cab eooa g Sa..
By 4
e f
Diamond Matrh
4 refund
Oadergr
Ssile
cl946
conv
r
25-year
Cubai.
7
Tri City
I'owd'
is
lat
ref 4£...
rUM Ave lat ref 4a
Ad] Income 8a
mrd Ave By lat 8a
I
Cuba Cane Sugar conv 7b ..1930
Conv deben stamped 8%
Oertlflcatea of depoolt
10 year adj lao Sa
a.
Oertiflcatea of depoelt..
State Bya lat eooa 4 Ha.
Ptvtland By lat 4 ref 5a
rortld By Lt 4 P lat ref Sa..
lat
:
"90
97
77l» 93tB
90»4 100
'.1234 103'j
,
Baldw Loco Worka
Cent Foundry Ist b f 68
193!
Cent Leather 20-year g 58... 1925
Corn Prod Hefg a f g 58
1931
BefUDdlng 4 ercen 4X1'
MoDCreal Tram lit 4 re? fa..
Bew Orl By 4 Lt geu 4HS-.
R Y Maniclp By UtJ &» A.
m T
J
J
86
'
"78
82
8034
9512
dale
Sale
Sale
8OI2
D
..19.58 J
7a
1
let g 4£.
Mllw Elec By 4 Lt oona
N
O
O
N
t
4 9th At 1st gc g 68..
Av4PFlBtgt:so3. .
w a El (Chla)
:
1961|f A
68-. 1932 J J
Am Agrlc Cbem lat 68
16 s a
lai ref 8
7128 g
.1941'F
Am Cot on debenture 58... lOSljIH
Am 8m 4 B lat 30-yr 5s aer A 9471 A
Am Writ Paper 8 7-6s
l«39|j
8% notes
MMropoUtan Street By
Bway A 7ti} Av In c g 8a..
Me;
HUb
fNanulacturIng and Industrial
6-year
Ool
Lei
D
10-year oonv
cons 59
1st
90
87
F
WUsonA Co l8t25-yr8l6B..1941 A
932 F
exempt
tai
;
N
1939' J
C 68
LSI aeries
1st series
litcrboro Metrcp ooll 4Ha.. 96fl,A
Certlflcatee of depoatt
iBterboro Bap Trao lat 8a..
Kanbat a? (M T) eooa « 4a.
2d 4a
Manila Eieo
J
N
N
M
957!
Jersey lat 8a
J
J
N
O
Sale
Sale
Sale
Sale
Sale
j
961 J
932 J
Ist g 6e...
1921.
90 IU4I4 116
i2
77
90
j
Bef Agenda
al932 A O
Nlas Lock 4 O Pow Ist 6a.. .1954
N
Nor States Power 25-yi 58 A. 1941 A O
Ontario Power N F lat 5B...1943 F A
Ontario Trausmlaslon 68
1945|M N
P:iD Amer. P.&r.lst l0-yr73l930
PubServCorpof N Jgen68.. 1959 A O
8incl:ilr Con OH conv 7ita
!!)25|lWN
Siandard (ill .if <'3l 78
al931 F A
Tenneesee Cop lat conv 6s.. 1925 M N
Tide \Witer on 6Ha
1931 F A
Union T.nk Car equip 78... 19S0 F A
Wasb Wat Pow s f 58
1939 J J
West Penn Pow aer A 5a
1946 M S
CerttQoates of deposit
OertUlcates of O«i>oglt etmpd..!
Bklyo Un E! lat g 4 Ss
650 F
Stamped guar 4 Sa
960 F
Dnss Ccunt? B lat g 4a.. 949 F
Stamped guar 4a.. J
949 F
IVaBBSD Eleo guar gold 49.. 961 J
927 F
951 J
lo'- j
Cerro de Pasco Cop 8»
Ohio Dn Sta'o Ist gu 4H8 A. 1963 J
l8l Ser C 6H8 (Ctf8).
1963 J
Chile Copper 10 yr OODV 7b.. 1923 M
Co tr 4 con« 68 aer A
1932 a
Computing Tab Bee 8 f 69. .1941 J
Orantty ConsMSAPcon 68 A 1928 M
Stamped
1928 M
Convdeben 83...
.1925 M
Oreal Falls Pow l8t af 58
1940 .M
Inier Mercan Marine 8 f 68. .1941|a
M;.rlaijd OUaJ 89 with war'tsl93llA
MexiP.in Petrolpum e i 89... 1936 (Kl
Montana Power Ist 68 A
1943 J
Morrle* Co l8t 8 f 4H9
N Y Dock 50 yr 1st g 4s
Niagara Falls Power 1st
Straet Railway
g 69... 645'
lat refrmd eonv gold 4a..
2002 J
S yr 7% aeoored ootee
t 921|J
Biootlm B&pUl Tt&o
CiUeago Rra ist 5is
Comi Br <k L l9t 4 ref g 4He
Stamped guar 4Ha
DeS TJnlteC let oona g 4 Ha..
^
NoJ^Low
I
>-6H
90
\
MN
term lat 4 '36
dt
63i2
915g
10 "47
5II4
M
&R
83
Rang»
Year
= c<j
or
Last Sale
mgh
54r7'5"34 "88
'
e^
Week's
Fame
•5 a.
Weeli ending Jan. 20
'
lat ser A 8a
Ist g 5a
Wheel DlT 1st goW 6e
Eiten 4 impt gold oa
.930 F A
aefuodlng iHs ssries A.. 966
S
Ist ooneol 4e
1949 .M S
WlnstoD Salem S B lat it... 9«0,J J
Wla Cent 50 rr lac gen 49
949 J J
4LE
WbeeJIng
BONDS
STOCK EXCHANQE
n. Y.
1921.
t^Mt Marylaod let g 4fl...
West N Y & Pa in g 6t
Oen
Range
Year
295
4
-.7
'la.
89
^96
BOSTON STOCK EXCHANGE-Stock Record
SIOB AND LOW SALS FKICB—PEIt SHAHB. NOT PER CENT.
Sruvraav
Jan. 14.
Jan.. 10.
TvetAay
Wedneidav
Thurtdav
Jan. 17.
Jan.. IS.
Jin. 10.
STOCKS
BOSTON STOCK
Sal*t
for
Fridav
Jon. 20.
aUNUa
9a«
pai«
ne:f t
Range /or vear 1921.
lta»Q€S0T Prttiomi
Tear 1920
EXCHANGE
r/ie
Week
Lowesl
Railroads
316 Boston <fe Albany
2,419 Boston Elevated—
LoweMt
Hioltttt
BtekMl
Sttar*>
182
133
7712
132
78
98
7813
96
96
147g
Ifi
*20
•125
25
»Sl?
132
15
15
26
127
127
*3»8
»130
1334
6912
*13»e
*69i2
a
*68
61
*I5
«76
•69
*69
•I6I2
*76
49I2
6834
497a
5884
•30
30
13%
31
69^
«9%
69»4
68
6"f
£8
59
I5I4
I
1334
*58
6OI2
*15l2
I
'
6112
•59
4934
503s
59
60
I
100
100
Do pref
100
Boston & Maine
100
Do pref
100
Boston 4 Providence
100
Boston Suburban Elec.ATo par
Do prel
No par
Boat 4 Wore Elec pref.iVo par
Chic Juno Ry 4
8 Y
100
Do prel
100
Maine Central.
loo
N Y N H 4 Hartford
100
Northern New Hampshire. 100
Norwich 4 Worcester pref. 100
Old Colony
lOO
Rutland pref.
lOO
Vermont 4 Massachusetts. 100
87^
360
Jan'22
20
•128
25
.Ian'21
.75
Feb'21
312
Mar'21
24
10
130
Lasi Salt 8112 'jan'22
3OI2 3012
16
161s
70
•70
*58i4
63I2
•58I4
100
3,127
69
11
442
190
63
6312
6334
I5I2
I5I2
15
Dsc"21
Lasi Salt 78
49I2 501s
4934 50
59I2 60
59I2
59
I.5I2
•76
~S5
5OI2
49I2
SOHl
6*^
31
15
70
61
*15
*76
17
130
•8II2
30^a
14
85
132
80
*130
*8lia
30 '2
31
"1312
6EI2
132
79
I
80
•130
•130
*8Hfl
*81l2
*
133
79I2
9738
15
80
98
20
I3412 135
7812 79
9514 9514
I6I2
I6I2
I32I2 134
7812 7BU
9738
9612 9612
9734 9734
I6I2
16
16
16
16
*20
List S'lle
26 •
25
^127
I29I2 "128
127
127
Lnst Sale
Last SaU
I.nsi Sale
•334
•8>a
133
West End
1,680
Do
539
Street
pref
50
60
Apr 16
617* Jan 11
78
Jan 7
119
Dec 28
I3I4
leijNovlC
June 22
,26 Jan 29
110
2584
Feb 26
130
Jan 4
Jan 21
.26 Jan 29
.99 Jan 28
30
384
130
60
Dec 21
April
61
Nov
Oct 27
75
76
75
16
Apr 23
21
69
40
40
Nov
78
60
7
7
3
Jan
Jan
Feb 16
Feb 26
134
May
68
32
1684
76
77
Dec
Dec
Dec
Jan
Deo
Deo
•Sig
Feb 23
6II2
Feb
60
26
124
lOo
760
3
130
82I2 Dec 7
43ij Feb 3
2314 Jan 12
esijJuneia
30 Dec 20
12
Dec 6
Feb 8
119
74l«
13lj
133
Jan 26
Jan 19
.78
3I4
Nov 22
Nov 28
133
79
100
•.03
*.05
.16
.10
4l8
4 Is'
4
4
4%
16t« 17
17
16la 1658
II7I2 117'8 'in^ n81« 118
II8I2
106% IOCI2 10«i2 107lg xlfXih 107
•
86
:t80la 8OI2
86
85
*.02
.10
4^6
I6S4
16
i
I4I2
*.20
*12
1412'
14
.50
•.29
14
*I2
*18
14
14
107
82
.25'
*.17
.2fl
*.01
I6I2
•3I4
934
39I2
-16;
.03
.05
16»3
3I2
*.17
*.01
17
*3l»
9%
»9l4
*40
164
IOI2
10
41
41
•40
45
*40
1C4I4 ilfil
M52
*1934
20
534
12
•8512
05
4014
45
11
•4I4
*7l2
*2l8
n'a
40
438
11
'.50
26
•80
•77
*16l4
312
31a
10314
41»
11
1
1
412
1
•76
5
10
•4
5^
12
13
Z6434
64I2
6412 66
•12812 130 1*130
2134 22I2
22
1038 IOI2
lOla
I
41a
110
110
167
•I3I4
»
•3"
101
•6212
•1212
3758
2558
1312
15
167
I3I3
•12
38
26
23
27I2
*7l2
8
•8
0-4
35
237r
3578
397g
41
•15
4I2
lOUa
63
26
221a
271a
23I4
734
8l8
28
•8
28
884
2»34
32I2
30
I6I2
1
I
ni4
6512
65
130
22
11
4I4
160
166
I3I4
1
5 1,1
*I41o
*160
I3I4
"4'
13
100
03
101
631?
100
I2I4
12'4
3784
2568
2284
38
26
23lj
2234
28
8
29 '8
29
•8
23
31I2
32
35
16^
*16>2
*.50
6OI2
*.20
.60
*.50
6212
36l2
16
1.3012
131
66
65 12
1,131
682
66
66
47 7
135
22
22 12
23
1.745
11
4I2
1012
1078
4I9
IOI2
11
2,648
237
•414
131
4
4I'>
114U lis
II4I2 II4I2
La.U Sale 11 '4 Jan'2
14
M
14I2
317 Orpheum Circuit Inc.
120 Pacific Mills
Plant (Thos G) pref
370 Reece Button Hole
Root 4 V Dervoort CI A
340 SImmsMagneto
1412
167
Last Sale 78i2
131?
Last Salf
I
4
100
4
IOII4
64
64
•12
371.'
*26
26
121'>
12l'>
38
2634!
23
22
29
75s
838
8t.i
8
29I4I
8
2334
3II2
87I4 Sept
July
Joly
Apk'
Deo
Jan
June
Jan 5
Dec 10
Deo
July
2334
31
32
36
Last Sale lis^
•
Last Sole -oO
16
36
Dec'21
60
*.20
•22I4
234
9
*13
270
.60
62
.50
24
12lR
12'4
*9l2
4018
4II4
•2
668
ll's
•184
10
3
668
III2
17«
•2
2I2
134
2I4
.40
8234
•90
24
*3>2
•II4
*2l2
•158
*ll8
2I2
.75
83
9112
24
31?
134
268
2
6^
H
1«4
»2
2
40
85
9 Ha
318
•II4
258
3 '8
3
I'a
55
55
•1763
1734
5512
1734
,76
1
.75
25
32I2
44
45
45I2
1
I'/T.
•.55
.02
234
.99
278
.74
•268
134
1
.05
27,
1
27«
.74
3
2I4
37
73-'i8
6I4
6212
26
26
27,
884
.20
.-50
178
134
•40
.75
284
3I2
561a
18
I
75
*Vh>
.40
45
.60
.Co
284
3
H4
2%
.77
258
2
66
1818
•.76
37
2
212
3
2
•2
2'4
21j
2I4
.87
86I2
•91
241s
.87
87l8
.40
.7.5)
,.50
.50
74
«l4
26
32 12
43I2
45I2
*1
.26
11
.50
prloes;
Is
3i->l
*3l8
3I2
1"4
II4I
1'4
1'2
21-'
2
13g
lU
15g
1'2
2I2
313
2I2
2I2
258
2I4
£014
1814
2I2
278
2I4
S684
I8I2
2I2
,
I
I8I2
1
1
44
44I2
1
¥12
27s
234
.64
258
278
1'2
II2
1^
Us
IOI2
.3.')
no
sales
2
3
I
1^6
.77,
234
*1
ih
II2
184
.35,
.39
1012
.40
11
,50
.50
on
i
35
this
2I2
57
57
I8I2
day.
1'4
I
638
13381
2I2
26
34
534
I3I4
014
2l8
2l8
25I2
2510
14
Jan'22
34
44
35
45
451s
451»
.60
I's
1
1'8
,05
,60
.60
44l.>
44I2
Last Salel ,02
Jau'22
•212
284
3
3
•1
Us
1
284
.70
2l2
II2
llg
,-
284
.74
284
2
1'4
„—
Last Sale 2
.40
.501
17
6
10
I9I4
13
19 July 6
Dec
Dec 23
2%
.70
284
134
*1^»
3
.72
278
2
1'4
Jan'22
.SS
,45]
1078
11
^1012 11
Last Sale .35
Oct'2l'
Less than 100 sbarea.
8
25
26
26
5,037:
May flowei^OId
6
Colony
580 Michigan
2,375
50,
""'2781
Mohawk
New Cornelia Copper
New Idria Quicksilver
New River Company
Do pref
4
74' Nlplsslng
Mines
7
100 Superior
26
Superior 4 Boston Copper. 10
6
Trinity Copper Corp
Tuolumne Copper
6
770
3,935
6,210
1,808
Utah-Apex Mining
480 Utah Consolidated
300 Utah Metal 4 Tunnel
Victoria..
"'645 Winona
205 Wolverine
Wyandotte
lEx-rlghts.
8
1
1
26
25
28
26
a Ex-dlvldend and rights.
Deo
Deo
Deo
Deo
Deo
I4I2
3
1
Sept
1
22U Apr
1
33
16i4Julyl6
367g Jan 5
6 De« 8
8 Sept 21
11
Apr 13
17 Aug 12
Oct 3
18
8 July 12
.16 July
37I4
89*4
45<(
6Sia
210
11
7
27
13g
Jan
6
Dec30
1618
Jan 4
Jan 3
Jan 17
Jan 28
4084
il»Sei)l
.26
48
75
I6I4
184
Dec
Nov 22
Feb 4
Dec 30
67
98
2o
Nov
OH Deo
IOI4
Deo
Deo
Deo
Deo
6O0 Aug
Deo
a
Aug
1
25
31}
47s
7J4
250
39
76
16
2>s
llg
Ii|
lU
1^
1^
40ii
Nov
1688
Jan 3
2.534
Nov 22
Aug 10
33ijAug26
35I2
Dec 16
Dec 9
Dec 15
l%Dec
.95
Jan 4
.40May
.36
Feb 17
4I2N0V28
Dec 2
I'/i^July 8
.34 Aug 10
Augl6
Nov 16
2I4
ij Pebll
Juno 23
1>4
II2
.85
3lj
6
2J<i
4
214
Jan 6
.80
SijJuly 6
1
Jan 18
Jan 8
14
25June23
Par value $100.
Oct 7
Jan 12
Jan31
Feb 17
Mar
4
Feb 21
.48 Jan 13
Old stock.
Deo
Feb
Dec
Deo
I4
Jan 7
.12
Deo
Deo
Deo
Deo
Deo
Deo
Deo
Deo
Deo
Dec
Mar
8
2
Feb
Nov
I2I4
Dec
25i«
J«K
Mai.
Jas
Jbi.
Jas
Jas
Ap»
Oot
Deo
D«3
16
20tj Deo
341s Deo
2684 Deo
6O0 Deo
1
Jat
Mar
i^
Fefc
441a
Jm
H4
Kel.
Fe»
20
SgifJune
Jat
33
Jar
35
83 Sep^
77
1,
42
4I1
16*4
107s
Jan
JaD
Ja»
Apl
J at
Apr
Jar
JaD
40ig Jao
Jac
16it
48*8 Jui
40o
409
47gMar
1414
Ju
Jan
16
514
eig
Apr
Mar
60
83
38
Jas
Jas
Sept
Juni
Jao
5
Mai
4
Nov
85c
21
79
Dec
.78
.35 Nov 17
.04 Mar 4
2 Sopt.'^O
Oot
Deo
200
.50
212
1
Deo
Deo
Deo
Aug
5I4 Deo
6>«Mar
15
Not
API
Nov 17
Aug 18
45
Jai.
Juto
23I4
2
13
Ju
Deo
Deo
Deo
40i«
7
Not
Nov
16
1
Jan 3
Jan 8
86
Ma»
15
May 10
Apj
19
7
28
8i8
Feb
Jan 20
46
80tg F6»
817g Ap>
rlaij Sep*
lOlij Jftt
I214
8I4
21
Jas
Jan
96
4S
Apt
8>a
I4I4
8
M«>
28
*9
26
July 14
Mar 23
.12
J<Ui<
29I4 001
74lt Jas
Nov
21
321a Deo
227| Sept
leij I>eo
16
3ljMay 6
59
Dec 15
1884 Dec 16
Dec 17
2
Mar
26
60
183
76
Jan 8
Jan 8
868
6I4
36ii Ja»
Deo
90o|
Aug 11
Apj
Not
Nov
Nov
Jan 8
Jan 6
Jan 8
lUAug
88
164
50
27
35
Jan 6
Jan 6
Ma»
28«8Ma>
97lj
.95May27
Sept20
Jan 4
2
lU Jan 25
lU Jan 22
.66 Apr 9
Qij
3612 i»s>
66
14
16
3M
Jat
14*4 B«pt
17% Deo
88I2 I>ecl3
9012 Dec 19
2412 Dec 16
4 Sept 17
2
Dec 16
312 Dec 16
214 Feb 11
2 Sept 13
28gMarl4
.40
Jan 6
Nov
Apt
7
16
Mar 18
.98
268
16
7i2
314
3i|
278
7
June 20
1
74
4
1
Apr
I2Ts
3>8
Nov
141a
Dec 16
414 Jan 18
16
10
63
13
Dec
2O0 Deo
Deo
15
Dec
Nov
Ja»
3514 Apt-
Deo
Deo
Dec 16
Apr 7i
Apr 6 280
10
Ja»
Apf
Nov
40e Aug
.08May 26
8l4Mar28
7 Aug 26
1«S Apr 2
40
.60
Ape
IB
3
8
Jan 3
Mar
63
18»s No'
100*4 Bepi^
167
88
19
38
63*4
138ij
6
17
Jan 5:
17
Feb 18i
22^2 Apr 28
3312 Dec 21
3534 Dec 27,
18i« Jan 11
Ja*^
Jai
7U Mu.
June
13
Ooi
Mot
8lj Not-
82»8May 161
Deo 36*8
9
34ig
23«t Deo
14614 Deo J76is
Deo 99
85
Jan 10
Mar 23
gi4May 2
IO684 Jan 121
61
Feb 16
22
Jan 10
3914 Jan 4
2612 Dec 3
24I2 Dec 27
2978 Dec 27
Mar
ADeo
Feb
Jas
86
89
86
67
118
758
Feb 17
.76
Nov
Ju
Seps-
18
24I2N0VI4I
334 Jan 6
10 Apr 28
14
Oct 6
Us Sept 21
8
171
87
14
24
6
Apr 6
16
Aug
11
47 June Ifl
10
Doc 13
68>i(
Jan 13
Dec
Dec
3
9I4
29;
88lj July
89ia
9
136 Nov 29
3518 Apr 25
Apr
Nov 23
4
lots
(«lj
May
64
3OI4
a
24
13
Tan 11
18 June 7
9212 Feb 23
8
85
Ja-
1
Jan
6t«
Mar 18
Dec
78I4N0VIO
I2I2 Apr 14
1488
47g
D(c 9
Dec 31
2
M
80
1134
12i48ept
North Butte
North Lake
28
Ojibway Mining
26
80 Old Dominion Co
26
60 Osceola
28
295 Quincy
25
419 St Mary's Mineral Land.. 26
670 Shannon
10
.300 South Lake
28
South Utah
48
6
2,284|
48
Feb
6
II2S4
43it Jan
""'175
Apr
3
6
6
18
16
July 26
9612 Jan
4
3
100
100
16
7
32
26
25
25
26
6
Dee
Nov 12
Sci>i27
Dec 31
Dec 2
June 15
67t
26
Keweenaw Copper
Lake Copper Co
500 La Salle Copper..
20 Mason Valley Mine
200 Mass Consolidated
100;
7451
2878
4112
6
2
Dee 17
Aug 26
I>ee
8
83«4 Deo
Nov 26
Jan 8
Jan 7
.03
1
41
Do pref
680' Isle Royale Copper
75 Kerr Lake
6H Deo
Mar 28
6
26
26
28
26
Hancock Consolidated
8
13
2I4
Doo
Deo
10 May
86
117 Sept 22
13'28ept 2S
21
Deo
6
H'
5334 Sept 27
5812 Octlii
Nov
IRit
Dec 16
Sept
T.\
608
49c
12
Nov
3% Deo
1
s'
2
5ls
eSi4
Nov
Deo
SH Deo
Deo
6
Dec 31
29
2.']
10
10
26
Copper Mining 10
1
Deo
14
23I4 Apr 12
8
Jar 3
Dec
Deo
32
74
Feb
1651- Dec
17
Jan
9*8 Sept
Aug 22
193' Franklin
4.50
533,
1884
2
1
45I2
1
.75
.06
I's'
11
33 12
45
1
2I2
1
2612
2;)34
3
lu'
*il2
.35
278
23l
2'4
Last Sale;2b
2 Mi
33I2
45I2
4ol2
3
*.03
638
131s
133s
.40
2I2
.60
.771
234I
1'2
'
"
25I2
•33I4
1'4
2
2
II2
Jar.
40
400 Helvetia.
90 Indiana Mining
5,277 Island Creek Coal
,
Last Salt 37
Jan'22
•76
•TO
40
13
34
46
46
1
23
42
45
28
28
26
26
1,757| East Butte
92
25
168
57
.20
25I2
247s
nno23
Mar2»
1
4
Nov
Nov
lo
ds Jan 3
96 JsdIO
1778
4I2
.4
38
28
20
10
10
9i2July27
3
Oct 21
Oig Oct 20
16
Jan 10
42 Nov 23
I42I4 Oct 28
Adventure ConEOlldatea.. 26
1,648 Davis-Daly Copper
M57s
•90
25
212
•75
6I4
I
*2l4
.65
.05
•1
278
.77
258
3
85I2
87
9II2
2I2
•134
.60
.02
IXd
m
1^
3ls
II2
1
6I2
13
1314
.20
.40
*2'A, 2I2
178
I
91I2
24I2
2
38
2
85I4
9II2
2434
258
5612
1838
I
ni2
6
10
462 Ahmeek
'...
100 Algomah Mining
673 Allouez
260 Arcadian Consolidated
I
40,) Arizona Commercial
600 Bingham Mines
Buttp-Balaklava Copper..
'
"167 Calumet 4 Hecla..
11.200 Carson Hill Gold
25 Centennial
2,104 Copper Range Co
I
25 Daly-West
7
2I2
2
40
74
I
2
2I2
2=8
284
3I2
2I2
6684
I884
67g
7
12
2
2I2
138
314
214
1334
I
1134
178
214
2I4
1'2
1^,
Bid and asked
2'4
2I2
10
2l8'
2
.60
•35
67s
113s
1'8
IMe
.25
11
7
II84
l»a
.02
.40
IOI2
.40
44
2
2
46
178
44
2I2
2's
45I2
•I'a
10
44I4
2I2
2'2
*]34
32ifi
112
*9I'>
31s
•II4
2'2
•134
25I2
1'4
I3I4
1«4
32I2
27«
.70
258
133s
I84
26s
279
10
1138
3
279
44I2
2
7
87
13
I
9I2
7
BUS
280
1358
2
2412
280
44I2
116s
85'2
I
13
3
24I2
280
1
•912
43I2
3N
24 12
I
278
118,
•178
2I2
•90
I3I2
.05
'
'8
2I4
44
•2
7
3
9
•834
1312
9
64
Dcc'21
621
.20 .60 *.20 .50
2Si8
-30
27
28
234
234
3
284
878
9
9
9
1314 1384
1378
135s
Last Sale .03 Dec'2i
28
•284
27s
64
.20
27
1'4
13ifi
184
•
6212
IS4
2 '4
1'4
*.35
24%
13
•.20
II2
.40
IOI2
6212
2»(|
3I4
2
32I2
l*i|
8312
91
24la
284
25
ll's
.76
2
•43
7
2
•.'8
638
13>4
.20
.40
*2'A, 2"2
3
2l2
»2l2
74
20
:
1'?
638
I3I4
.60
I3I2
13«8
13tx
.05 *
o.-v
273' 176
275 2771-.
1258
12
127«
1 35s
9»2
9«4
10
*91b
42
4284
44
43
2
.
»
.50
•13
I
234
•37
•73
241s
234
2^
•8^
9
273
.50
24
284
I3I2
.03
62
.60
5
25
26
Sept 2
Apr 29
Jan 8
16
20
Jan 10
Mining
I
•.50
25
80
70
70
lt«
Nov
Feb
Feb
Apr
Nov 30
.08i2Oct 29
1
Deo
1
lI9i2Nov21
Dec 23
84I4 Dec 21
.16 Feb 9
109
1284 De"24
.15 Dec 14
4I4 Mar 18
.15 July 25
3
3e
.
Jas
86
76
18
534
1538
Mai
183
70
36
48
3
Oo»
Mm
Jan
60
6
Jan 21
81} Jan 3
9618 Jan 8
74
Jan 3
73 Feb 24
.07 Jan 6
12
Jan 21
2
6
.."100
..100
Walworth Manufacturing. 20
Warren Bros
60
Do let pref
60
Do 2d pref..
60
WIckwIre Spencer Steel
6
420
970
536
235
884
31
No
Waltham Watch
1,135
8
23
4 Co
10
par
Aug
.04
146
100
Torrlngton
40 Dnion Twist Drill
2,778 Dnited Shoe Mach Corp..
126
Do pref...
6,018 Ventura Consol Oil Fields.
4,886 Waldorf Systemlnc
..
227s
29I2
I
Swift
1
1.55
26
.
7I2
8I2
I
1,657
64
3-78
81s
32
4
10034
I3I2'
231s
2934
36
4
100
64
38
2234
23I2
3034
1,312
Ui? Nov'21
I
22I2
29ls
2358
31I2
Jan'22
I3I2
I3I2
New England Oil Corp
New England Telephone.. 100
Ohio Body * Blower. ..^0 par
350
166
I3I2
1514
123
57g
22
38>4
'
2I4
2238
I
8
23I2
31 12
I
350
2I4
23s
578
267
43
4I4
8'8
1.09.
9
66
64
26
4oT
40
2612
Salt 7812 "jan'22
4I2
66I2
101
3778
838
8I2
23S4
26
267s
31
105
I9I2
191^
20
651"
13
•12
4,4.55
375
66
I3I4
I
45
leisj
ISl
41,
458
I21J 14
43i
1212
6,'^l"
15
166
6234
100
500
3,608
200
890
2,505
50
643
630
934
44
88
66
I3I4
'4"
430
55s
11
12
12
12
Last S'^le S6I4 Jan'22
112
I3I4
4I4
9
130
IOS4
*4
112
•13
105
41I2
No
No
par
Do pref
par
Anglo-AmCommlCorp-ATo par
Art Metal Construe Inc.. 10
Atlas Tack Corporation No par
Beacon Chocolate.
10
Blgheart Prod 4 Refining. 10
BostonMexPetTrusteesATo par
Cenrury Steel ol Amer Inc. 10
Connor (John T)
10
East Boston Land
10
Eastern Manufacturing... 6
Eastern 89 iloes Inc
26
Do pref...
50
Edison Electric Ilium
100
Elder Corporation
No par
Gardner Motor
No par
Gorton- Pew Fisheries
60
Greenfield Tap A Die
26
Internal Cement Corp.iVo par
Internat Cotton Mills
80
Do pref
100
Internat Products
No par
Do pref
.100
Island Oil 4 Transp Corp. 10
Mbby, McNeill -4 Llbb.. 10
Loew's Theatres...
25
McElwaln (W H) 1st pref. 100
Massachusetts Gas Cos. ..100
Do pref
100
Mergenthaler Linotype... 100
Mexican Investment Inc.. 10
National Leather
10
290
1
*2l4
5I2
12
*85
'
45
4I4
4I2
IOI2
2'4
558
5'i3
130
22
112
361s
77
I
110
•13
•15
I36ls
*15l8
32
2I4
12
lOlg
4I4
I3ia
38
26
37^4
•s"
88
ISI4
13
"412
100
63
180
22
13%
k
63
2258
2714
2312
167
13I4
I3I2
13
4
102
I3ia
15'4
'IS
j
8I2
2'4
534
66
4'4'
*12ia
41.
6oh
109^ 110
I
•I2I4
1434
4I4
3934
•1914
26I4
31
Last
2612
4
16 184
1
20
I8I2
•3I2
•914
3934
161
12
1'2
I8I4
4
•44
434
458
12
•1914
2638
'77"
6.512
11
4I4
412
11
I
I8I2
938
39I4
40
45
•31
•75
651s
I
40
45
I
66
'2'2U
934
•50
65I2
9I4
I6OI2 I6I34
I
2678
•85
88
66I2
18
*3l2
4
934
I
20
5I3
11
ISU
IS
•3I2
1
2 "4
.05
10
Amoskeag Mfg
1,1 S5
Lnsl Sale 4 '2 Mar'21
*.17
*.17
.25
.25
.05
.05
*.0i
.15
.17
Engineering
630 Amer Pneumatic Service.. 25
932
Do pref..
60
5,4.55 Amor Telephone 4 Teleg..l00
.50
.2!)
.50
..50
1
I
934
8I4
14
15
.17
.05
I
40
45
•75
4
6
10
•85
90
18
4
•1914
2678
*31
30
30
*7ia
*2l8
513
238
534
I2I3
.25
.15
1
2658
3»
78
.50
161
162
*4Ia
478
•IOI2 11
20
»19(()
26 Ij
2()^
31
Ifl
4
4l8
I6I4
4
16
1678
16
II7I2 118
II7I2 118
108 IO8I2 108>4 109
82
82
8U2 8212
Laxt Sile .10 June'21
13'2
D8C'21
Last Side
*13'2 16
I3I2 16
16
108
83
*12l4
*13l2
*.2S
14
*.20
*.17
1
11734 II8I2
I
*12
4
Amer on
Dec'21
4
Last Sale .05
.10
4
Cor
Mw
Dec
Dec
Deo
Dec
Miscellaneous
•.0£
Not
Sept.
7
11
Dec 7
Dec 13
Dec 14
61
Oe»-
40
49
143
26
Nov
Jan 27
Jan 19
Jan 12
J^
Not
89 ij
^^
2I4
47*
31a
Jat
API
Jao
Jao
Jao
5«s
11*4 Jao
7i» Jao
73 Mai
Jao
24
71* Jao
Oot
48
06 Sept
Jao
13if
SHi Api
8O0 Jao
SSg Jao
87>» Jao
Jao
68
Jao
66
Jao
68
Jao
3
3
Api
Mar
3i»
1
Deo
Deo
Deo
36c Jao
Jao
6i« Jab
330
Deo
lOo
So
3»4
IM; Aug
4
Jao
Oot
42ij
Deo
9*4
Frt
20
Nov
Zh Jao
I
Deo
3J|
360 Sept
Deo
8
Oot
1 5c
1*4
2
38
li»
Jao
JaL
Jao
M«-
Kx-dlvldend.
i
THE CHRONICLE
Jan. 21 1922.]
;$97
Friday
Stocks-
—
Boston Bond Record. Transactions in bonds at Boston
Stock Exchange Jan. 14 to Jan. 20, both inclusive:
Friday
Last
Week's Range
BondsP8
Lm
Low.
Loan 3Hs.l»82-t7
Igt Lib Loan 4fl._ie.'?2-47
2d Lib I^an 48. . 1927-t2
l9t Lib L'n 4WS.19S2-47
2d Lib lA>an 4^3 1927-42
Sd Lib Loan 4 Sis.. .192
4th Lib L'n 4 Kb- 1933-38
1922-23
Victory 4 5<f8
Atnor Tel * Tel 5b
1946
Collateral 48
1929
Atl G &
I 36 L »e. . 1959
Carson Hill Gold 7i. . _ 1936
Chic June Ry A U S Y 4g'40
Copper Range 58
1*49
Currant River 5a
Hood Rubber 79
1»38
Interaat Cement 8b. . - 1926
K C <t Mem Ry & B 58 1929
Mlifl River Power fa.. 1951
N E Telephone 58
1932
N Y N H & H deb 4b. . 1956
X Y Westcheef & Boet 4 K-s
Seneca Copper 89
1925
Swift & Co 5s
1944
V S Smelting conv 6a...
Western Tel & Tel 6a.l9S2
W
High. Shares.
96.34
97.44
97.44
97.44
97.24
97.54
97.44
100.00
97.72
07.44
97.44
97.82
97.86
98.10
98.10
100.50
95 «
95 H
89
55 K
100
76
80
90
88 H
65
90
97H
88,'f
54
100
76
80
90
97
97H
101
101
90
90
90
95
89 H
94
43 H
90
95
$2,300
50
400
2.850
16.450
11.550
19,100
17.900
3.000
2.000
33.000
2.000
1,000
5,000
1.000
30.000
7,000
2,000
15.500
12.000
43H
37H 38
110
105
91
92 ?i
96
96i<I
90'^ 93 i
105
91
Range for Year 1921.
Low.
85.84June
85.64 May
85.41 Mar
85.62 Jan
Jan
88.10 Jan
85.32 Jan
95.78 Jan
85. .54
81'^
Feb
75 H
45?i
90
Aug
J.an
Jan
63 Ji May
July
50
K
97
96.26
96.84
97.21
98.04
97.80
Dec
9734
103!^
89 H
100^ Nov
Feb
Jan
Jan
79K
Nov
Nov
88
62
Jan
100 '<i Sept
Dec
76
Dec
76
Dec
80
74J^
Nov
Nov
Dec
Dec
Dec
39
95
1.000
2,000
6.000
37.000
61.000
21,000
94
Jan
80 H Jan
Sept
91
July
78
125
92
96
92
Nov
H
Dec
Nov
Dec
—
Chicago Stock Exchange. The complete record of
transactions at the Chicago Stock Exchange from Jan. 14
to Jan. 20, both inclusive, compiled from the official sales
Prices for stocks are all dollars per
lists, is given belovr.
share, not per cent.
For bonds the quotations are per cent
of par value.
Friday
Week's Range
Loit
Stocks
Sale.
Price.
Par.
American R;vdlator
25
American Shlpbldg, jreflOO
Armour & Co. pre/
100
Armour Leather
bo par
Flsherlee,
85
71
71
93
91V
94
'"7H
100
do par
100
Ry
pt .sh com
Preferred
.DO par
do par
Chicago Kiev Ry pref . . 100
Chlnazo Ry part ctf asrlra 1
aericfl
6^
IK
12
2
Oommonwcalth
Lcllaoa 100
RlKhfs...
Continental MotorB
10
CXidahy PacK Co, 00m. 100
Karl Motors
00 par
Dfjore & Co. pref
100
Diamond Match
100
God-scljau-x Su:!.cora no par
Great I^^ies
100
Hartman Corporatioo. 100
Hart. 8ch A Marx, oom 100
DAD
U4H
10
Inland Su:p1
100
,
LIbby McNeill * Ubby. 10
IJncteay LUjht
10
Mid West UtU. eoni...l00
ITeferrwl
100
.
Prior pr'-fcrrod
Mitchell Motor Co. bo par
National Leather
10
New
(;ircult.
Id*
S5H|
3K
Quak'T OaUt
100
par
par
100
100
100
(>o
ITcferrwl
Reo .Motor
10
>4earH-Ko<buck. eoa
100
rltandard GaxA KIcctrlc.SO
Prefirrcd
60
Wf-w.irtWarwrSp.coin 100
*
'1
f;o
Int'Tnatlooal
'!
12
15
54
3
61
106
iAi.
1.095
470
H
6.265
340
600
505
15
Aug
Dec
42
3H
July
Jan
20
3
9Jg
Aug
Dec
Dec
H Sept
3H Dec
H
6
Nov
Nov
1
Dec
Sept
100
Dec
90c
4 'A Sept
46
June
Dec
95
July
Dec
7H
low
Dec
Dec
Apr
48 >^
J an
Apr
Dec
1
lOJ^
5
V2'A
3
116
oan
Jan
Jan
'io"
Bait &
Preferred
7K
63
7'A%
Georgia
Gcorcia
Stocks
Jan
56
Dec
In.surunce
13
Jan
J t;
84H
25i
2K
10
15
04 K
24
24
34
34
81
81
Ob 'A
400
125
4H
2H
4
200
629
1.676
11
H
W
f>r,A
Jan
I)e<^
6,020
10
Aug
33 H
50
60
85
190
08
82
73
Jan
17
June
June
55
Nov
149
92
27^4
87
7M Aug
17H
K
19
(iZ<4
64
190
14
14
14
300
42
27
42
43
28 «
17
20«
24
2.0.10
88 K July
3,3501
18
99 K 102 K
4
000
42
3H
41 H
43
46^1,
45
47H
2,070
17,700
23 H
6H
Get
21
Dec
Dec
2H
27 H
40H
Jan
June
10.')
K
31
H
15
23
29 H
4.50
29
Dec
31
78
30
74 H
04
7H
22,000
30
I3S
16M
430
6H
102^4
200
AIH
68
Jun
'.'J
1,600
70
1.396
4.100
l2.2Ufl
Dec
z30H June
60 K
12H
I'
I're(<;rred
Penn Cent L
72H
74
44 H
.Nov
Nov.
4.<
Jan
Jnn
AuKi
107
Mar
X Dec
178
Dec
00
Nov
,
Oct
'
'
7*
10:10
',»
.1927
.1937
1027
frh;.
.
A
,.
...
ll'A
71
f2,000
20.000
40
(IN.
7IH
33.000
17
r.-f
Kol.l
.',»
I
n.
nfgAa 1U44
000
6,(KI0
U B4K
64 h
2,0m)
14.000
60
86 H
M»
86 H
7,(»m)
91H
91
94
62
Kxtrruiinn (oul 4*
PwiGI-Ac
Hirir
40
70K
3H
09 K
17
ru,:,
Mrl:
I02U I02K
1
2,000
4.000
.50
II
41>i
72
I'
Nov
9
Apr
on*.
Pn
of
It.
Mm
llnllinifirn
Hfofk
KxfliaMi;<i
iirlr
I
I
I
1
'
l<'p
"n.i iior
•
Nov
60
l)(<r
I'l
.liiii
61
Dm
86 W
Dec
riillit
Nov
riilU Mticlric
.fun.
I
<
\iil I'oii
"I
Im Id
sbaro, not \wr cent.
of par vahio.
For bonda
tlii«
r|iJotalionH
am
I
<
I
.fi«
.
80 K
June
Oct
Jan
60 K
Aug
S4A
Sept
99 "4 Jan
60 K Juno
41
67i( June
Oct
K
62
74
95
12!^
IbVs
30
Feb
Dec
Dec
Jan
Nov
Mar
Aug
Nov
Nov
Dec
Nov
88 M
100
Dec
Dec
lOlH Nov
Nov
96
87 J^ Dec
92 H Dec
95
June
82 H Jan
85 .ti Sept
Dec
77
90
Jan
92>ii
Deo
68 H
48;^
Dec
Dec
Dec
Dec
66
78'A Deo
104}iS
\Vi«i.
1
1
I
'I
Low.
27
June
44
Jan
87
Jan
34
Juno
92
Jan
40
Aug
27 K July
Aug
25
Nov
6(50
10
High.
Apr
17
Apr
27
08 K
PO
75
7(i6
330
50
liH Aug
02
July
47
June
70
Mar
49M
132
40
Jnn
04 J-;
J-in
4.970
72
20
61
5
02 )i
6
74 H
6.666
rA4
34
275
May
May
Jan
10
Jan
75
^ Nov
60 H
79 K
60
74
Dec
Jan
Jan
W Mar
42
35 A
37 H
24 ?4
28 K
52 K
Jan
Jan
Dec
Dec
Feb
Jan
Doc
Dec
Dec
00
88
Jun
lA
765
1
Jtuio
I
Nov
.34 K
36 ^
182
18a
38>i 38H
445
6-16
34
70
43
OH
32
H
90.60
07.36
07.78
07. IK
00 90
82
lOHH
12
2.754
2,670
<4
020
30
267
9H
395
00
33
00.00 825,200
07 N(l 74,6.'itl
08.00 (14.400
9;. (18 02,000
10022 70.760
8.300
83
6,000
100
1
A
1-16 July
29>-j
163
6N>'j
101
4A
IH Doc
Jan
37
177
29
AUK
40 J< Jan
27
Jumi
June
60
35
Hopi
Oct
7
28 H Nov
S0.07
84.40
88.20
85.00
04.60
19Mi
July
July
Jan
Jun
Jun
Dec
Jun
Jnn
Jun
MA
em
Doc
Nov
Deo
Doc
37
F0I7
80
Fob
Jun
60
Oil,
32
Doc
Deo
00 20 Doo
07. (12
Dec
08.18 Di>e
Dec
100.14 Deo
08
(10
83
Dw
100
Nov
71
Doc
Doo
71
71
1,(100
00
62 9^
031(1
4,0110
63
JlU)
02 U
06
06
0«|i»
08 K
3H »<j
KM
30
'lib
l.OIHI
4,0(XI
611
Jtui
6.(I(NI
26
S«pl
on
37
73 5«
4H
Ci.OIMI
11
MM
tm
June
102
Dm
DO
Nov
38
73
H
100
1.000
7.'!
Jun
Dm
Uoo
Doo
Jan
I
Oct
04
HI4I
101
smiill...
til
un
Itm
Dim
,1
100*1
102
1112
H
ini
III]
t
1
1
Ol'io
lllli't
1,110(1
KlIMd
MH
06
IIHIS
Oti9
Dor
Doo
101
Dm
OHtt
100
Nov
'
-
llyK liivi
10
30 H
Mar
'4
Aim
t»
Dec
Oct
June
33
68
42
:',
Jan
70
32
56
02
33
'66
Dec
91H Dec
Dec
123
37 m; Dec
132 K Deo
10
61
32 M
Aug
49-
1,56
61
9H
Apr
25 H Apr
June
60
Jan
19
16
51
3
61
43
30Jii
Oct
8opt
iinih
.
Ul
N V A Pn
.(
67 A
68 K
75
49>i
70
Range for Year 1921.
tr 6if '.')!
tm. IIMIO
.
o roiisAroll
I
lill.il
72
150
,
,,••- <:I
310
ii
I
1}
p«r «Miit
K
63
19
i:!
nil itit roiiN \
(.riirnil tm
75
110
627
26
45
12.819
''•!
tlu)
to Jan. 20, l)oMi iru^liLsivo, f;(>ini)ilcd froni Mii' ollifiul hiiIih
I'rioc'H for at^M;kH aro all dolliirs p«!r
lists, iH givfln h««low.
June
Jan
75
80
18K
83
IIM6
l'H2
(Is
U.vii roll
00
from
73H Nov
19
.1(146
'II
I.
I
'In
tran.wafrtiruiH at
Feb
Dec
Deo
Deo
21
;
M.'pi
— Tim cornploto n^oord of
May
7
19
100 i^
103
i07
86 H
3.089
2.910
.
2007
tin
'*•
_Baltlmore Stock Exchange.
Deo
84
44
Jan
24
28
50
IViif .N J 1st 6n.lU32
ir clfs 4h 11(46
I
I.<'i.ii.'ri
>v
Dec
Nov
32^ Apr
1927-12
1928
1033 38
1022-23
-
Apr
01
Jan
4H
85^<;
28
'mi
00
4Ui 4^»
Victory 4H"
AiniT G«» A EInc
i;e<^
Jan
Dec
110
88 K
82
84
92 H
99 H
93 >i
100
--
2d 4.lis
.'Id
4«8..-.
Dw
Miif
48
Nov
26
Nov
27
Nov
97 H Dec
77 ]A Jan
75
July
84K July
94
Jan
72 H June
18
1,066
U H Mb L iBtSMl- 1032-47
73>-i
7H)i
44
44
70
Jan
July
3.213
36K
.50
.
02 K
V-j
12
26
100
Nov
96 M June
74
June
72
Jan
90 H Jan
89
July
89
Jan
77
Mar
82
.>an
Sales
for
M'eek.
Shares.
1
50
100
Preferred
l!«ll Ti'li'p
H
H
85
115
38
139
59 H
31
38 H
9
x73'A
WcHt Jersey A Sen Hhoro.86
Wchlmorelund (Joal. .
60
Wni I rump A Sons
100
York Hallways
60
Jan
Oct
Jun
Apr
Jnn
1
M
Jan
Jan
7
—
7H
2TA 27A
7% 8A
1
N
Apr
10
Sept
July
63
77 H Jan
7M Sept
K
33
33
36
36 H
24
24 K
27 K 28
50
50 K
Hclniont Dcvel
lloridn
M
30
37 M
.52
33H
60
liilUtd Com oI
J
L'nilwl <;iw Impt
HO
nm
SH
68
50
1'onopuh Mining
I iilon
Traction
96 H
31
38M
P, pf.no jmr
H<;a<llnK
Tono
37
123
57
137
PcniiHylvanla
50
Philadelphia Co (Pitts). .50
Pref (cumulative 6%). 50
Phlla Electric of Pa
25
Preferred
25
Phlla Insul Wire
no par
i'hila Rapid Transit
50
I'hiladcliihia Traction.. .50
Phlla A Western
60
I
Armour A Co dnk
'•
"
A
Pennsylv Salt MIg
May
I
OH
29
Dec
67
"' H
38
10
100
60
50
100
50
50
Prc'fcrre<l
Bond*
f;iii.
NA
of
Keystone Telephone
60
30
101
Jnn
Jan
Jun
Jan
H Mar
Del
183
Fib
Dec
Dec
Jun
Hept
n
30
Mar
02
13
.50
Jan
84^
114
U-high Navigation
U-hlgh Valley
North Pennsylvania
47H Dec
100
Co
Co
19
52 K
50
Flee Storage Battery... 100
General Asphalt
100
Hrlll
High.
2-19
Ist preferred
Lake Superior Corp
ixw
20
N
D(!C
Apr
Dec
Dec
43
30 >A
14
MVt
101
July
Low.
10
J. .100
no par
Dec
Dec
81H Dec
13!.^
rtl-i
.....
Dec
125
4,205
21^
30
Dec
Dec
Dec
21
37
94
H
7'A
14
7S,A
Cambria Iron
Apr
9K Jan
9H Jan
8H Dec
34>A
2,320
147
June
4H Dec
24
63 K
83
30 H
64 M
28 H
70
005
15
68Ji
27
81
147)^
Nov
80
4
70
i9'A
Par.
American Gas of
American Stores
5K Dec
83!-i
5.000
8,000
31.000
4,500
14,000
29.000
2.000
7.000
1.000
1.000
1,000
2,000
9,000
1,000
1.000
2,000
54.000
9,000
1,000
7,000
17,000
K
Ala cons 5s. 1945
Florida 5s. .1956
Alliance Insurance
40
3H Nov
Mar
K Jon
0.(100
of Prices.
Jan
40
3,000
We'k's Range
Dec
Aug
25
1.000
1,000
13.000
Last
May
May
Oct
41
July
f>H Deo
16>S jan
$3,000
6.000
M
Sale.
Price.
54
6
15'A
24
95
99 '^
Friday
62
5'A
4K
81
82
95
99?^
Aug
July
July
Oct
Apr
Dec
The complete record
transactions at the Philadelphia Stock Exchange from
Jan. 1-1 to Jan. 20, both inclusive, compiled from the official
sales lists, is given below.
Prices for stocks are all dollars
per share, not per cent. For bonds the quotations are per
cent of par value.
lOH May
26
60
81
Jan
Jan
40 K
29
24 Vi
95
of
lOK Dec
4K
80 H
Sept
Sept
67
125
89
Philadelphia Stock Exchange.
240
26
69
"95M
Val Trac 5s... 1942
Ry 5s.. 1944
Pennsylv
& P 5s..- 1940
Petersburg A Ss.
1926
United Ry & EIcc 4s. .1949
Income 4s
1949
Convertible 7KS...1931
Funding 53.
1936
W:ush Bait & Annap 5s 1941
<
Chi'
&
&
9.415
800
99 K
conv 6s
Davison Sulphur 6s. _ . 1927
ElKhom Coal Corp 6s. 1925
Fair & Clarks Trac 5a. 1938
Fairmont Coal Ss
1931
14H
9,945
60
100
15
30
Dec
90
80
7
lOK
14^
30
Jan
25
3%
107
1.215
100 K lOOH
103>f 103 J'e
107
107}
85'4 87).
88 K 89
99 H
99
97197
95
95,H
91
91
S3
92
73
73
84
84
86
86
56
69
75
75 H
92
92
94
94
98 H 9«.M
69}^ 70'-^
47 K 49
105
105
68
67
78 K 781^
107
& Co
12H
H
73
95 H
Nov
83^
80
100
79
70
86 ?g
Consol'n Coal ref i'As. 1934
Refunding 5s
1950
Co.sden
73
53
e
81
notes
Jan
69 H July
JSD
65
13K
17
30 A
20M Feb
35
20
Jan
Jan
Nov
39
22
1,100
Dec
Feb
108
34 K
94 K
86 !i
75
17
40K
4.S6
Mar
Mar
Bonds
1.550
61
lOH
14K
50
50
Nov
11
91
37
80
43
6
13
34
89
50
20
229
51
37
80
43
6
76
20
High.
June
Oct
Jan
Jan
21
85
23
23
35
26
73
95 K
9
95 K
Baltimore Brick 1st Ss.1943
Bait Sparr Pt & C 4Ks 19.53
Bait Traction 1st 5s. _ . 1929
City & Suburban l.st 581922
Consol G, E L & P 4'As '35
7s
1922
7s
1931
14K
100
Annap
2K
Low.
5
10
1,000
50
44% 45
Northern Central
50
Pennsylv Water & Pow. 100
United Ry & Electilc.SO
Wash
245^
36
94 K
107
107
81 14 83
4%
4iH
100
t r
f.0
26"-!;
26
93
"
Houston Oil. pref tr ctfalOO
Manufacturers Finance. 100
Monon Valley Trac
25
Preferred.
25
Mt V-Woodberry MillsPreferred v
55
17
50
4%
Elkhom
29
80 K
24
25K 25M
Co. pref
5
Coal Corp, pref. 50
Nov
1
7K Dec
52
H
Jan
Feb
Feb
38
&
Cosden
Share.s.
25 H
"94
107
100
100
Range for Year 1921.
Iltgh.
50
W
Dec
Doc
71
Preferred
Consolidation Coal
92
83
75 H
2i'A
M
!2
8
19 WJ
July
2K
Norfoll: Street
Nov
92
87
95
Aug
Consol
II
20
.Mills no par
par
oom. .DO
Wrlgliy .Jr. oom
Ynllow MfK
Vnllow Taxi
650
61
108
73 «
1
A
J
140
575
345
lOOH
Af;f,. prof 100
•
V.
W'li
WliHKii
lOH
115
6
56
4
8.1
no p«r
-
1,700
June
10
Monon
High.
50
84
1
24
50
26 J^
245^
36
B
25
Gas. E L & P._100
89
Prefc-rrea
•
25
2.565
2
16
.
Wahl Co
'A
6H
6GJ.<
Low.
28 H
80 ?4
25
25
Preferred
Preferred
14
..itorlr
W(ir
114H
550
50
100
CAf-'K" nm par
Thorn p«on (J R). oo». .25
llolon <:arlil(|n A Carbon 10
(Jnll«-il Iron Work* v t o 60
United I'Bp<T lid. r«m 100
IJnIte/l l.lKht & Ryu
.
1'4
10
12
50
80
1,065
550
230
30
180
350
Low.
Cent Teresa Sugar, pf
Commercial Credit
90
I
Peoples G L * Coke. . .
Plrk (Albert) it Co a»
PlKKly WIggly BtoreB
Ine "A"
BO
Pub Serv of No III, com
H
5'/i
f,
11
Orpheiim
24
95
.
Hupp Motor
7H
GH 7H
35
37 K
3K 3H
9>^
9^
7
22
new do par
Preferred
Oeae (j I)
2d preferred
C*Jc City A Con
Part ett
84
71
24
Preferred
Booth
Week.
High. Shares.
Week.
Maryland El Ry 1st 5s 1931
Mihv El Ry A Lt Ist 5sl920
Range for Year 1921.
of Prices.
Low.
15
Beaver Board
Sales
for
Sales
for
of Prices.
100
no par
..25
Sons
Preferred
Celestine Oil
Dec
Dec
Dec
Dec
98.32 Dec
98.10 Dec
100.20 Dec
913/8
&
Benpsch
I
High.
Week's Range
Anmdel Sand & Gravel. 100
Atlan Coast L (Conn).. 100
Baltimore Tube
100
Preferred
Sales
for
Week.
0/ Prices.
Sate.
Price.
Par.
Last
Sale.
Price.
1041
101
'7
100
I't
71
I
100
77
»7tt 27
7m
Muy
H
a.OlM)
3.(KH)
Oft
1»
lll,i|INI
IIA
A|>r
<>
2,IMHI
NO
Hnpl
07>t,
Mar
Dc<'
NOW Nov
HNH Jan
divklMidi.
Plttlburffh
Stock
ExchanRe.
Ihc I'ltlMljiiryh Stork llxrlimnjr. null
hit
T/ii«
wfirk'n
record
found on pagt 278.
on
CnROXTCLE
TIIE
298
New York Curb Market. — Below is a record of the
transactions in the New York Curb Market from Jan. 14 to
Jan. 20, both inclusive, as compiled from the official lists.
Aa noted in our issue of Juiy 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is novv^ issuing an official sheet
which forms the basis of the compilations below.
Friday
Week ending Jan. 20
Stocks
Last
Sate.
Price.
Par.
Week's Range
Low.
High.
Range for year 1921.
.25
.
IH
60c
Chicago Nipple Mis
el
A 10
com
Preferrfirt
7
9K
«^
9H
64
13
'i3K
13 1<
13 '4
'65c"
56c
6Cc
56c
75c
3H
171
55
(+>
'iflji
30 K
100
Preferred
Colombian Emerald Synd
Conley Tin Foil.. (no par)
10
Continental Motors
Federal Tel & Tel
Firestone Tire & Rub
5
10
Gardner Motor Co. (no par)
Garland Steamship (no par)
24
2H
5W
14)
16
Raaorno par
Qlen Alden Coal.. (no par)
186
Pictures (no par)
Goodyear T 4 R, com, .100
WH
June
iVi
300
5M
6
4>i
88
60c
25
115^
3
14
80c
85c
14
16
H
H 16«
187
49M'
6
i2?i;
00
26
67
10
Grant Motor Car
Griffith (D W) Inc cl A. (t)
Hale & Kilbum pref._-100
Havana Tobacco pref. 100
(no par)
Heyden Chcm
7
16
Irel'd. £1
25
Inland Steel
Intercontinental Rubb.lOO
Int Combustion En?
(t)
Int Proprietaries v t c..(t'>
Llbby. McNeill* Llbby.lO
Lincoln Motor Class A . .50
Locomobile Co com (no par)
(no par)
Mercer Motors
Mitchell Motors
(no par)
Morris (Philip) Co, Ltd. 10
National 1 eather new
Stamped ._
Nat Motor Car & Veh. (f)
New Mexico & Ariz Land. I
North Amer Pulp & Pap(t)
Packard Motor Car com .10
Parsons Auto Accessories
Peerless Trk & Mot Corp 50
Radio Corp of Amer
(t
95c
1
11
53 H
10
10
52
^
7H
.^
Ranger Rubber Inc
(t)
Reynolds (R J) Tob B.26
Sasuenay Pulp & Power.
Southern Coal & Iron
Sweets Co of Am' rlca. . 10
Swift International
15
10
Templar Motors
Tenn Ry. L & Pow com 100
Tob Prod Exports Corp. (»)
Todd Shipyards Coro.-(t)
&
Carb(no par)
'Onlted Profit Sharing _ .26(
Oti Retail Storc.-i f andv^ (t
S Distrib Corp, com__60
O S Light & Ueat ooai..lii
Preferred
10
C
n
S Ship Corp
P StcRmshIo
.Ill
U>
Van Raalte Co Inc com. (t)
Wayne Coal
1
West End Chemical
700
54
4.50
10
'4
2IH
23 K
5K
10
5Vs
13
5V,
5Vs
4H
5H
50c
8!^
6K
11 Ks
10
2 '4
7H
2Vi
3
9
Petrol
old com
Cosden & Co
Creole Syndicate
Ciishlna Petrol (iorp
Dominion
III.!..
Is
11.
Oil
Oil \
Kffining.
com
2 '4
l»/s
iv^
614
85c
T4
2 '4
2!4
m
3
21H
AH
2M
1'4
I'A
300
4H
5.4,50
47
I'^-fe
76
48
1,065
l"Yfi
2
4H
5H
33,600
6,700
71
45
13
13
92c
90c
9SC
IH
8c
12c
"ik
77c
8c
12c
40
40
14
1
73c
80c
New England
"I'l.
I
NJ
com. 10
Corp
Oil
i.'i.^
Feb
North American Oil
.5
Northern Texas See Note below
Northwest Oil
_1
21c
Ohio Ranger
1
—
"
I
•"
'
Pennok
C,;S
III
Oil
Oil
Gas
1
li.vau c;onsol
(no par
Salt Creek Producers
10
Saoulpa Refinin,';
.5
Simms Petroleum, (no pur)
on
A l.and_
111
1
1
10
!
Dec
Ventura Consol Oil Field.
Jan
Victoria
Dec
4
Jan
Jan
6
June
4)i
D. c
7
8
Dec
6K
Sept
5Ji
1'4
May
2H
5H
Jan
Aue
1« Dec
7.5c
4H
Oct
29c
July
19
Jan
Aug
Apr
Dec
12
IH
'.
Oil
Whelan
Oil
Woodburn
Oil
"V011&
Corp
Reading Company
18>^
75c
20Ji
Amer Tin & Tungsten
Belcher Divide
Big Jim Console
BI-.
I.c<li;e
Co
Aug
2M
Jail
Butte & N Y
Caledonia Mining
Jan
Calumet & .lerome Cop.
Dec
500
Nov
Apr
IJi
9
3H Dec
58 H Aug
72
40
June
60
3-16
2 1-16
i'A
Dec
9
Jan
Ely
'
Cash Boy Consol
oii-.dl
iiDiMT Mines
Consol Nev-Utah
Copper Canyon
(
Jan
Eurcliu
Nov
35
IH Mar
Eureka Holly
Jan
2
Dec
Florence Silver
IH
Jan
'.oidririd I'lorence
^
.l.'ir.
Goldfleld
Nov
40
2v,
1
13-16
Jan
May
c;(il(l
roesus
i
1
800
Mar
Feb
20
£1
.50
Continental Oil
100
100
100
100
50
Eureka Pipe Line
Oalena-Slgnal. com
Illinois Pipe Line
Indiana Pipe Line
National Transit
Northern Pipe Line
12.50
100
25
Ohio on
25
Penn Mex Fuel
100
Prairie Oil & Gas
100
Prairie Pipe Line
. 100
South Penn Oil
100
Soutliern Pipe Line
South West I'a Pipe L.. 100
U
91H
80
169'
28
206'
233
17
H
17
K
91M
88
140
80
140
82'A
40H
41
87
28
92
263
170
90
28
92
280
17
17
540
233
555
237
168
.5
Standard oil liid)
100
Standard Oil (Nob)
Standard Oil of N Y...l(10
185)^ 190
S5
S3
55
55
86
S7'A
171
170
357
368
Vacuum
330
100
Oil
on
Amer Fuel OU, com
1
Allied
Preferred
1
.10
10
Arkansas Nat Gas. com.
1(<
-Atlantic I.obos Oil com (t)
Atlantic Petrol (old)
6
Boone OU.
_
Boston-Wyoming OU
..5
1
(no par)
Brltlsh-Ainer Oil Ltd. ..25
Carlb Syndicate
340
14
71
I04i.<;
22
89
May
June
July
131
Dec
Nov
Aua
41
72
Oct
300
70
75
100
31
140
July
20
225
100
70
130
70
35
35
30,000
20
85
170
69
23
86
223
17
395
160
165
June
June
June
Sept
Am:
Dec
June
June
July
Sept
70
60
Dec
(iOH June
157
296
250
July
88
53
195
86
30Hj
98
320
29
588
249
Oct
Nov
Mar
Nov
Nov
1
Divide.
Hecla Mining..
10c
25r
30
.....
WH
8H
^'4
23c
73c
IM
42c
2c
41C
2'4
9 'A
8Mi
4^i
20c
71C
1^
29
Hi
3H
45c
2c
47c
3
2,200
10,800
3,400
3,S00
lOK
800
8'^
5
1,2C0
1,600
29c
74c
m
61,000
48,500
*00
29 H
100
4i4
10.4.50
20c
2c
14c
m
6H
Auk
Dec
Sept
Oct
Aiit:
Set)'
3V<
July
July
Sept
M
G
("o.
Extension
Lone Star
;\1 a cN amara Crescent
\1 acNiimarii Mining
IH
Jai
Dec
60c
2% Nov
ib%,
25 v.,
1
Chief
C
<i|i|HT
I,.
I,:,
-.1. ..!».
1
.. ilitlon
111 Corp
Nevada Ophlr
.\alli.iJ..I
1
New Cornelia
New Dominion Copper
New Jersey Zinc
NY&
"-ii|ils>Mit
f iit>
(ti
M^
i
5
i\J I
Cop
1
1
Rochester Silver Corp
San Toy Mining...!
1
10 '^
18c
12c
2'A
3K
"4c
3c
8c
6c
700
29c
5'-<;
H
14
3Vf
115^
2H
64
54
82, .500
2/. 700
1.700
1.22s
18.600
4.CG0
7,40C
1.000
1.8C0
6,900
2,9C0
6,700
5,500
100
3S.C00
600
600
86.000
1.500
4.000
12,100
/OO
100
74,000
700'
2.000
7.000:
28.100
900
300
2,100
1,600
3. SCO
1.903
30 700
5.900
9
13K
I'A
54c
35c
2%
Pick C'onsol
South Amer Gold
1
& Plat. . 1
Wi
.50c
30c
17?i
2
10c
26c
90
26c
3c
6c
3c
5c
160
5c
2c
bA
55s'
ic
6)i
89
UH
H
uh
2c
1
40c
4
104
A.
I'-'
Dec
40c
23
950
310
25c
3
75c
38c
2M
64
7.5c
500
6c
16c
36c
2Ic
5c
14
2"46
20c
57c
5c
31c
95c
19c
23o
20
12c
1.5c
22c
14c
4»4i
8
3
2c
7c
22c
26c
34
20
5c
34c
Nov
Ai!-.
5A
6H
10c
28c
4o
6c
18c
Ic
5c
f>A
8
115
175i
60
Mar
May
Feb
Dee
Deo
Jan
Oct
14
Dec
Aug
\SA Deo
IH Oct
Sept
3X Jan
IH Jul?
3H May
Dee
Aug
Z2A Mar
1% Dee
Jan
34
Sept
1
Jan
Nov
230
.SfP
H
Feb
Oct
294 May
1354
Deo
7.5c
Dec
Aug
33
Mar
36
2
y,
1
5
lie
13
All!.
lu
8c
6H
e
Nov
Sept
1=4
13 4
Aug
Nov
Nov
13 16
Not
Aug
6X Not
Jan
Z% Oct
Dee
30c
July
Dec
64c Dec
Au
3
Jafi
Dec
Feb
Apr
5
Oct
1
13c
6c
K
Apr
2'^
7>i
Not
Ian
144
Jan
Fell
15 '4
Not
1354
><4
De*
94
2H
Sept
3
Seiii
Jiini
IH
Sept
300
300
55c
100
6H
18
%
300
5. 000
1.000
4,300
2,100
346,500
5,800
200
900
2,000
2,000
49.000
7.000
5.000
7,900
1,000
1 500
30.500
14,2CC
14,000
500
20,000
471,600
300
1,000
8,100
1.0)0
20. .500
2,000
5.0JO
18,500
l.lOd
500
2,100
3,.500
5,000
1,000
1.000
4.000
1.000
8.000
4.500
1,000
11.000
26.7.50
1.000
7.900
7,000
600
700
6,000
392
100
1,600
2,000
15.200
18.500
41,000
5,000
2.500
20.500
10,700
6H Deo
IM Feb
2H July
160
Aug
4)i June
lo
?0c
17,000
45c
7,000
9ii 47,900
1,050
13 K
4,900
IVi
54c
30,200
45c 544,000
2%
10c
11-16
14
IH Deo
94.:i0C
19c
18K
2H
9H May
April
Dec
Dec
125)1! 133)^
bA
6H
K
July
3c
7H
U^
3c
Sept
9c Dec
Jan
JUI
Jan
Jan
Ifi
24
III
lo
2c
73c
10
2H
July
Pf
42c
98c
89c
39c
24
400
700
14
3c
13c
39c
650
Dec
95c
850
4c
1
Mar
$1
Aug
Aug
e
29c
3c
29c
750
28
I
4.(iO0
2c
Jao
Jan
Got
U-li Sept
10
lo
July
iy» JUIH-
2.000
1,000
3c
25c
75c
63c
42c
6c
I60
25c
24
2i)0
4
1,000
1,000
82,900
1.000
680.300
2c
10c
120
180
120
4>4
7 'A
Aug
Deo
Dee
Dee
Apr
2,400
3,t;oo
40
18c
Oct
14 Aug
«H
Ic
17c
3i^
High.
OH
7H
4A
July
60 Sept
7
June
45c D(c
12
13 »i
100
7c
2'Y6
3H
l.OilO
Ic
IK
Low.
UOo
3 900
7e
19c
5c
Range for Year 1921.
35c
VA
6H
10
.suasia
6
.Silver
12c
100
•lay Hercul.'.'
Jtily
2H
200
So
Rex Consolidated Mln
Oct
Jan
Jan
66c
900
1
Oct
.Ma:
5
6
.lai
IM
27c
29M
.\tme.s
Ohio Copper
2
32 K
11
57c
Hond Rosarlo...lO
A 01
Ji
20c
"4c
6
Mothcrlode Copper Mln 10
Mothcrlode Copper (old)..
Apt
Nov
6
65c
4o
10c
6c
29 H
Oc
2i'K
.
5K
4H
20
60
6c
1
Mar
Fel
22c
7c
85c
10
103
Dec
VA
10
McKinloy-Darragh-Sav ..1
Mohican Copper
Nov
4 '4
19c
1
Marsh Mining
Manon Valley Mines
Oct
4 '4
i'A
6%
24
5
Jan
Juiy
60
93 3i Nov
14
2c
7c
22c
26c
3
2c
4c
28c
..lOi
La Rose Consol Mines
M:i;lria
2%
1
oiuii.
Oct
3c
98c
89c
2c
Independence Lead Mln
Iron Blossom
10c
Jerome Vorde Copper
1
Jerome Verde Devel
Magma
IH
6
1
.
Con Mining
Dec
Dec
Aug
15c
44c
60c
27
Cons
Howe Sound
Kii.i
25c
20c
1
60c
Jumbo
6c
Kewanas
259
Oct 190
June 393
June 355
210
6c
71c
19c
Z.ine Divlfli-
A..K
Stocks
Allen oil
Brazos on
55
2,800
110
50
'66c
1
Green Monster Min
Uard Shell Mining
Holllnger
13'A
1
M
Nov
Nov
1
5
Ji^U
Jan
Vs
Dec
Dec
30^8 Aug
50c AUK
55c Aug
6
Cortez Stiver.
1
Cresson Con Gold
& M.l
Divide Extension
1
Dundee Arizona Copper..!
El Salvador Silver Mmes. 1
Feb
80c
7c
10c
1
"Hiiil;il.LrlaStl\ er
'
28c
1
Canada Copper Co
Imperial
Subsidiaries
5
&
& Montana Dev..5
Former Mtuudard Oil
Anglo-Amer Oil
Buckeye Pipe Line
10
M
iioper
I
2%
..
Bi..^iori
Ja
2
300
10 000
Mining Stocks
Alaska Hrit Col Metals...!
Alvarado MIn & Mill. ..20
200
26.000
1,500
35c
Boston
2
19
VA
10
40c
23
85c
25c
25c
I
Oct
3H May
Apr
10
3% May
28)2 May
1/c
2c
75c
Ga-s-.
16K
IIH
1
2-5i
18
20c
350
2c
1
2K
94
lie
lOc
2H
68c
1=4
l\%
5
13 5i
3
5
22
32
m4
5
(t)
Nov
39
\%
55c
•IIH
640
IK
55c
1
Wilcox 011& Gas.
2»A
I'A
4 '4
5 '4
1
& GaB
Western States Oil
IH Aug
48
5M
Corp
Oil
Mar
Sept
84c
Tidal Osage Oil... (no par)
18)^
13
Dec
Righto
50c
10
&
Red Rock
4.000
17,670
100
4,200
14,900
10
Premier Ref&Mtg
Producers & Refiners
Tuckeny
Nov
14
2K
4K
17c
I
20
35c
1
.\
)ii
<
1»4
200
I'A
lie
13c
M
IH
6
5H Dec
1314
1,1.50
5
13
Oil
South Petrol 4 Refin
Southern States Cona Corp
Southwest Oil..
..1
Spencer Petroleum
10
Texas Ranger
5
lOK
7c
1'4.
1
m
184
2H
10'
6
7c
31
Oil
11
15M
16K
rod
\%
90c
IK
ZVA
"
1,100
146.700
1.000
10.650
3,700
18.700
7.300
2c
80c
lie
100
100
2.800
39.350
11.200
KjO
72c
A
19J^
IVi
Shares
5.5c
9c
15c
9
6Ji
101
106
14?i 155f
»H
•
4H
2%
»%
6c
9H
6H
16
16J4
'
8
24
9M
I'el.riil
Midwest Texas
High.
2)^
4c
6c
10
5
Preferred
5
Mexl(-an Panuco Oil
io
Mexican Seaboard Oll...
Mesico Oil Corp.
10
I'
10
23 M
Is
Skelly
Jan
14
22
July
Feb
Dec
5H Dec
1%
1
June
3H
4>A June
2H June
2«4
2H
8
IH Dec
z2l'A
2'A
Oct
Jan
Jan
Dec
1
'i
6H
Nov
Mar
Jan
1
iH
76
62c
60c
i'A
Mi.>
26 ^
54
Dec
Aug
600
16,S50
16,600
1,000
100
1
1
4J4
6, .500
1
H
.50
Oct
June
June
3
4
21
Sept
July
K
2
1
Alii.'
1
'A
m
Oct
Jan
4 '4
lie'
l.|i;iU
9H Dec
7^ Feb
1*4
16!^
7M
18)
9H
IC
.>ii.'
uy» Dec
Dec
Dec
15!^
Vferrltt Ol! f^orp
Mexican Eagle Oil
Dec
Apr
Apr
Dec
Dec
Dec
52c
58c
2c
1^6
60c
& Refining
Oil
7H Dec
4H Jan
31
I
39
Magna
Mutual
Nov
105H
(t)
Marine Oil
Marland Refining
National Oil of
Mar
9%
81c
1714
Maracalbo-Oll Explor..(t)
Aug
86
23
Pn)
2
4c
09c
Petroleum
i.v'iinH
July
Mar
tin
Livingston Petrol
>4
30H
100
800
2,000
700
.•trill
11.1'
•>
'
Keystone Ranger Devel..l
Klrby Petroleum
Lance Creek Royalties
1
29
,200
1%
Dec
11
14c
1
2.'^
Preferred
Imperial Oil (Canada) coup
Jan
400
38 '4
3 '4
Dec
53,600
28,200
700
11,400
1
"\y%
Aug
z%
39
Jan
Jan
8
July
3714
3
J 0.1.
54c
59c
5K
(t)
ii.drton oil
Imp.-'^al fMl (Del)
May
130
800
200
3
2^
Guantanamo Sugar
OH
i
4M
8H
_._10
Granada Oil Core Cl A. -in
Harvey Crude Oil
..1
llariMill
Other
6c
5
(no par)
Oil
Low.
Sales
for
Week.
of Prices,
8
1
Oil
!'V.|rr-.l
4H
2%
5
1
P'fol Co.
>r»lnie'-''
5
5
6
10
S^
12^
1,000
18.100
1,100
IIH
4»4
19 '4
Sale.
Week's Range
5
I'rcferred
86
13»4
28,800
fA
37
3H
65c
Tftr
May
50c
36,000
18.000
300
2 '4
2
3
=;o
80
m
2,000
11
23J4
.
Preferred
1%
31>i,
Apl
Dec
86
400
25
200
Feb
Sept
13
10 >4
400
900
6>i
July
50
I'A
2,100
y,.\
7)
20 '4
75
40c
930
800
Fet
Jul)
6
Dec
108
7Ji Jan
Fet(
255
All
2, .503;
2.5c
6H
June
4»4 Sept
1,900
9,100
16
20c
.
Imp Tob of G B &
I'A
7 Mi
1
Dec
Feb
13H Feb
980 June
11
400
25
200
1,000
810
31.100
4,400
5.100
1,300
25
4, ICO
I
.liil\
10
3014
67
1
3H
25,000
140
6,300
100
2,100
5H
IIH
12
inO
Preferred
Prior preferred
'4
Hz
7, .500
11
M
Oct
3.5
42
16
m Jtme
Jan
No'
13»4
July
55!^
42
182
42
5
25c
750
Dec
Mar
Mar
Nov
Jul>
73
70
ll)i
Il!4
98
IIH
5>S
16M May
68
101
IIH
4
88
50c
24
9
Sept
8,700
2,806
1,070
20
Jan
June
38
70c
400
25
31M
23
50
5 '4
10
Dec
Aug
6M
1,110
13,900
100
8,000
6fic
com
Gillette Safety
4 '4
1714
2 '4
nVi
2Vi
2M
110
10
3ys
2',i;
59 H 174
52
36c
500
800
11
Georges Clothing cl B . . (t)
Olbson-HowellCo. Com. 10
Union Carb
(ConcJ.)
Price
i'iillanl!
Apr
Feb
2
29.000
17,300
H
68c
& M com (t)
& West Coal.. 50
Denver & Rio Gr pret..l00
Durant Motors (no par).
Durant Motors of Ind wllO
10
Earl Motors Inc
Eastra Kodak new com. uiCt)
7.5c
58
75c
Curtlss Aeropl
Ooidwyn
Stock*
Continental
High.
Low.
Shares.
100
4,400
64
70c
74c
lOi
Cleveland Automobile..
IH
70c
5'^
10(
10
Preferred B
Cities Serv Bankers" 8li-(ti
iVfi
45c
7
(no par)
Carlisle Tire
lOelluloid Co prefeiTed_. 100
Del LacK
on
Other
aienrock Oil
& Power.
Cities Service
Last
Fensland Oil
&
Hlscell.
Industrial
i
Acme Coal..
10
Acme Packing
(no par)
Allied Packers
.A.nialgam Leath com..(t)
Automatic Fuel Saving, (t)
Bradley FIreuroof Prod.^l
Brlt-Atn Tob ordinary. .£1
£1
Ordinary bearer
(t)
Buddy- Buds, Inc
Car Lighting
Friday
Fay Petroleum
Sales
for
Week.
of Prices
[Vol. 114.
2I0
J^D
H
2%
4
3c
lo
Ic
.<l.
Deo
July
Jan
9y,
% Mar
•^ll-
Mar
L
Feb
Oct
30
June
Oct
Oct
Jan
June
860
23
Dec
1% Nov
Nov
Feb
50c
30c
6
2
95c
NOT
Dec
4%
Nov
lOo
Dec
1»4 J line
60c
Feb
7M Dea
40c
4c
Sept
June
Deo
Feb
Jan
Jan
11)^
7-32
July
July
May
54c
Oct
iiil
lo
7 16
Jan
Ort
Jan
Deo
39c
Sept
70c
:<,(.
.Ian
1%
Oct
12c
5c
12o
June
IC
lOc
Dee
July
A
June
llic
July
r'c
.'an
.5.'ic
3c
Sept
10c
s3c
A 11^
24
Oct
Sept
Jaa
3c
2c
78c
i>2c
;.'.-iG
Sept
July
June
51c
30
i4c
Sic
lOc
Dec
Dec
2()e
jiiiiel
Jan
Sept
Sept
IH May
lo
30
40
3c
Dec
Dec
Apr
Dec
Deo
Dec
30
July
M.ir
July
1
June
lie
July
17
26c
Deo
.<H
iA
7Sc
110
7H
1
Feb
Feb
M»5
Oct
May
Jan
Deo
Dec
9 16
May
490
3SC
120
4c
13c
Nov
Ic
Dec
3c
Apr
Feb
34
Sept
Deo
Oct
Jan
Deo
Feb
M ay
9A
93o
Nov
D60
Dec
Deo
\% Dec
30c
48o
5c
JlilV
Feb
Dec
28
22c
4
Feb
Nov
80
Apr
July
July
Not
53o
37c
3Ji
40
370
80
VOc
31c
Nov
3A
Feb
Ken
Juno
Sept
19
2yi
158
9
9.%
13o
40
S' P'
3 >i
9c
80
12c
Jiiii^
/-16 Mai
I6c June
Sept
12
l)i Aug
Jan
Dec
4H Not
7H Dec
Jan
Sept
9c
Nov
3o
12c June
12c June
2 '4 Dec
ic
Mar
2
July
6c
Not
2
230
60c
4c
26c
12c
38c
340
Nov
ZH
Dee
2
Dec
May
Jan
Oct
65c Mar
95c
Sept
9-16 Jni>
June
7c
July
870
.lime
200
Deo
May
Mar
2
Mar
I8c
lo
60
6c
42c
'd
14o
25c
5c
160
e%
Oct
Deo
Dec
Deo
Jan
Jan
Jan
Dec
Sept
Feb
Apr
Deo
Aug
July
Jan
THE CHRONICLE
Jan. 21 1922.]
Salts
for
FritUn
Uut
Mining
?ucccp.s
..1
Mining
Dev
IK
1
DIvHp
ronoii:ih
ronopab Eztenaloii
ronopaii -MluiDi?-
1
dnlted East IT n NTlnlnc
IH
1
lilii
71c
1%
I'i-c
'77c'
6
69 H
58 H
102
102 H
97 K
lOO^i
A.liimlnum Mfrs
7s_.1925
1933
A.mer Light 4 Trac 6s. 1925
AjnerTel& Tel 6s
192
78
1924
1922
6s
Amer Tobacco
78
American Tobacco "3-1923
Anaconda Cod Mln 7S-'29
notes Series A. .1929
Oil 7)^3. .1925
ArmouriCo 7% D0te3-'30
Barnsdall Corp 8s
1931
98M
102^
Beaver Board Coe88..1933
Beth Steel 77c notes.. 1922
1923
7% notes
Equipment 7e
1935
Caatdlan Nat R>-b 7a. .1936
Cacu'llan Pa" Rv 6s.. 1924
Central Steel Ss w I. ..1941
Cities Strv deb Ts -B' 1966
Col GrapbODhone 8a. 1925
Consol Gas N Y 78
1922
68
101
lOlK
33
103 Ji
Co
J)
103)!;
Hood Rubber 7%
notes '36
aumt>leOU4 Ref78
B T
lnt«rboro
88 J P
97
100 Ji
80
1»23
1931
73
M receipts
80
Kenneoott Copper 7b
-
1030
H'-yti'M', lit
.1)
8«an, Roebuck
f,
98 H
95 'i'
101 h
102 'A
^
98
Tob r,f i;)j2
4 Co 7i '22
'.IS-
i03i4,
I
i;»5«
;
'
1
5,000'
99'. 164,000
.'2.(X»0
98
Pis,0'K;
95
95
101k' lOl'- .•{H.OOO
102k' 102'. 3.'., 000
J.O'MI
101 k 101"
97!
9H!, ].. I.(K)0.
20,000
101 k 101k
99k 100 !4 20.000
98 k' 99k .52.O0O
:t(;.<iO(,
102 k 103
15,000
IO(»k 100'
9,000
lO.'Jk 104
i7:j.ooc
100'.
99k
20.')')0
94 k 94
9Sk:
98 U
'
101k 102',
lOVk lOS'v
1(»S
lO'ik' 106','
106
12.000
I0«.'4
ll.OOf,
-,l O'.O
105
1
106 ,
if)6'; 107';
06 ,'4
107)4
lf»7
,
109 k no
I'jOk 10"
IKIA
lOlii
lOtk
101
,
TexM Co7%
(Jnllc'l
'
>ll
Vaouam
101 ',
';)
Id-
Oil 7a
IIMC,
1 07
loric
,
Wantar Bag Baf 7a.ia.l04l
UK w MMIi
';o7HB m 1.1031
>/-
A
,.,.
,..
,,
>'>f<
i^at
A rma 7
I
H
11
I
UK)
ICIII
lO'l
II.'.
97 k
.
107k Dec
100k Nov
Oct 101
Dec
Jimel
Feb
Apr
135
Dec
Dec
Dec
Dec
Nov
Mar 105k Nov
Dec
Nov
Nov
Dec
Dec
Nov
102
106
July,
Oct
100!;
.Mar,
Oct
07
June
04 k May
103
I
Jan
02
1(X)
1
00 k
ICO'i
k
104 k
Nov
Nov
101
106!4
Nov
Dec
Dec
105 k
105 k
106 k
107
107',
107
109
Jan
Jan
Jan
Jan
100k
lOOH Aug
101k l-cl.
03 'i
97 >.
98 k
Dec
!'4
00 k
97
June
100', Jan
00
'
.
.N'ov
Dec
.N'ov
Nov
k
100'
Dec
Dec
><•(•
I
.
Nov
June 10m Nov
Auk 102>i Nov
Jam lOlk Nov
100
Sl.V
Hept
Dec
Juoa
DOM June
96 k Doc
101
\<>v
I05k
io7k
iN'iiv
101
k
107
A UK
July
Nov
9«k Diw
97 k
Jiui
06 H
Dci|
104',
Jan
k
Una
!I.Ot<l>
10(1
IMKK)
\
07
sen June lOOk Doo
0H«
low
08
nil ',|<I2.'>.<MI0
k
,
,.
11.11
IUKI
t.0<.0,
42
Ju>
Jan
l.fMM)
72
iJiM-
Auif
lire
an N"v
Jan
70
70
ri
fioii
OAk
00 k
(,<i
17
10
.
Ml OO')
III
I7.I|(M.
Id
I"
.'
I'c
17
IN
18
'17
OAk
97
30<'
111'
1031
1030
JO
I
•Nov
.)
luiH
Jan
4
.!
fll
70
Nov
UflTI
3k Not
40 k
1
A3'i
40 '1
49'
07H
I
DOO
10
10
10 k
10
70 H
80r
.
I
ir.
loll
62
Doc
llr.
,
l>fM<
I
Mar
1)..
Dor
20
Auk
l>rr
l\
Mar
|>(W
Jan:
Dor
W
Aug
00k Dw
2 k May
*OM
lota.
tNo ptt Talua I l.hrtMl on tha HUmk Kirhanga tnia Wiwk. wliara
additional tritraawtlona will bo found
i h.t rtlvlo Nffw tuirk
w Wlirn la«in»1
Itod
flat
lllolUx
• Ki atnrk diTldand
B FTi (IghU,
| Hollar* tmr 1 .0(Ki Urn
f-i-
1000
iriiirkfl
Marka
*
(
nrrrwctU/n
.
v Hold
la»t
ir(x.k
and not
rciKirlrd
US
10 PralrUi Oil A <iaa at
.\mf
Halfo lit Vor'liTTi
• •vt fHI
100
I02S4 103»«
Per Cl Batts.
350
Atch Topeka 4 Santa Fe 686.75 6.60
93
Atlantic Coast Line 6s 4 6k8
5.S5 6.65
Baltimore 4 Ohio 4 ks
185
6.15 6.75
Buff Rocb & Plttsb 4fl 4 4ke 6.70 6.60
110
135
Equipment 68
6.85 5.00
32
Canadian Pacific 4k8 4 68.
5.90 560
150
Caro Cllnchfleld 4 Ohio Os.
7.00 6.00
83
Central of Georgia 4k8
6.26 5.75
42
Central
of
6 7.^. 6.50
J 6a
10:1
Chesapeake 4 Ohio 6kB
5 87 6.60
103
Equlpiren; 6f
5.90 6.60
7..'.0 6.60
174
Chicago 4 Alton 4k8, 68..
92
Chic Burl 4 Quinoy 68
5
6.60
15>4 Cl^cago 4 Eastern lil 8k«7.00 6.00
29
6.10 5.75
Chlc Ind 4 Loulsv «k?
150
Chic St I ouls 4
5 90 6.65
C 8j...
95
5.85 6.60
Chicago 4
4k9
•270
275
6.85 6.60
26
Equipment 6s 4 6ks...
Ohio Oil Co
18
Chicago R 1 4 Pac 4 ks, fie.. 6.40 5.80
26 •16
Penn Mex Fuel Co
Colorado 4 Southern 58, 6s
6.10 580
100 540 5.50
Prairie Oil 4 Gae
Delaware & Hudson 68
5.75 6.60
100 235 240
Prairie Pipe Line
370
390
Erie 4k9, 68 4 68
6.50 6.10
100
Solar Refining
82
84
Great Northern 6s
6.75 5.60
Southern Pipe Line Co. -100
Hocking Valley 4ks, Ss..
6.25 5.75
100 190 195
South Penn OH
6.8.' 6.60
55
Illinois Central 4k8 4 68—
Southwest Pa Pipe Llnea.lOO) 53
•94I2
951
6.70 5 55
Equipment 7s 4 6 Ms
Standard Oil (California) 25
87%'
•871s
Kanawha
6.00
5.80
4 Mich «kf 6b.
Standard Oil (Indiana) ..26
5.85 6.50
Louisville 4 Nashville 68
Standard Oil (Kansas)... 100 0.70 570
5.80 6.60
Equipment 6s 4 6 ks .-Standard Oil (Kentucky). 100 445 455
5.85 6.60
Michigan Central 58. 68
Standard Oil (Nebraska) . 100 165 175
6.10 5.75
Minn St P 4 8
Standard Oil of New Jer. 26] 1791 181
fi.lO 5.80
lOOi 11434 II5I2
Equipment 6138 4 7b
Preferred
Missouri Kansas 4 Texaj 8«. 6.75 6.00
Standard Oil of New Y'k.lOO 360 365
6-i;o 6 00
100 385 395
Missouri Pacific 68
Stacdard Oil (Ohio)
() 25
100' 114
115
5 90
Eqaipmfni 6ks
Preferred -35
6.15 5.76
45
100
Mobile
Swan 4 Flnoh
4 Ohio 4k8,
92
98
5 87 6 60
100
New York Cent 4kB, Sfl
Union Tank Car Co
5.85 S 60
100 104% 1047s
Preferred
Equipment 6s 4 7s
7.00 6.00
Y Ontario 4 West 4kB
100 335 340
Vacuum Oil
30
5.75 6.00
35
Norfolk 4 Western 4M9
10
Washington Oil
5.80 6.60
Equipment 6s
Other Oil Stocks
26*10o 107
5.75 6.60
Northern Pacific 78
Imperial Oil.6.75 660
Pacific Fruit Express 78
100 l^^ 160
Magnolia Petroleum
9lj
*9'8
5.<'o
8 25
10
Pennfylvanla RR 4s 4 4Mb..
Merriti'Oll Corp
5.95 6.70
17
6 *16
Equipment 68
Mexican Eagle OU
60*16o 175
5 SO S60
Pittsburgh 4 Lake Erie OMb.
Midwest Refining
6.80 6.50
Reading Co 4k8
Tobacco Stocks
71
7.00 600
St Louis Iron Mt 4 Soa 08..
American Cigar oommoD.100< 68
81
7 00 6.00
85
lOOi
St Louis 4 Son Frandsoo 5a.
Preferred
Seaboard .Air Line 4ks 4 6e. 6.60 6.00
Amer Machine 4 Fdry..lOO 150
119'
11
6 75 8.50
Southern Pacific Co 4kB
American Tobacco scrip
6.70 6.50
Equipment 78
Brltlsh-Amer Tobac ord..£I •131.1 13=4
•13I4
1334
Southern Railway 4kB 4 69. 6.20 6.76
Brit-Amer Tobao, bearer. .£1
12
no par •11
Toledo 4 Ohio Central 4i.— 6.15 5.76
(Donley Foil (new)
5.70 6.50
Helme (Geo W) Co. com. 100 182 190 Union Pacific 7b
6.15 6.75
107
lOO' 104
Virginian Ry 6b
Preferred
•IOS4
III4
Imperial Tob of G B 4 Ire..
90
97
Tin
Foil
Met.
100
Public
Johnson
4
UtUltlaa
MacAndrews 4 Forbes. .100 105 108 AmerOaB4£aeo,com— . S0*130i2 132
8.t
93
100
Preferred
Preferred
80 *43': 4ik
27
3i
100
Amer Lt 4 Trao. com
Mengil Co
100 109 110
63
90
93
68
Preferred
Porto Rican-Amer Tob.. 100
100
•75
S6
Amer Power 4 Lt, oom..l(X) 771; 80
Scrip
87U
85
69
Preferred
Beynolde (R J) Tobacco. 26 •63
IOC
39I2 Amer Public OtU. com. ..100
*
7
26 •38
B common stock
108
18
109
18
Preferred
Preferred
100
-.100
3f.
Carolina Pow 4 Lt, com. 100 ^34
Tobacco Prod Corp S% scrip 99 102
101
aaee Service <3o. oom. ..100 172 175
7% scrip
-I
67
Preferred
Weyman-Brucon Co, 00m 100 146 152
100
104
S'j
108
Coliiracln Power, oom
Ok
Preferred 100
100
82
80
90
85
Preferred
Young (J 8) Co
100
1(X)
lf>
h7
19
95
Preferred
100
Com'w'th Pow, Ry 4 Lt.lOO
4413 4512
Rubber Stocks (CleveJ andpr Ues)
100
Preferred
,52l2 Elec Bond 4 Share, pret.lOO
SO":" 93
52
Klrefltone Tire 4 Rub, oom 10
12
7812
14
S3
100
Federal Ught 4 Traction, 100
6% preferred
78
73
75
81
Preferred
100
100
7% preferred
13
14
MIsslRstppi RIvPow.eom 100
Gen'l Tire 4 Rub, oom-. .100
7:<
741;
lOOl
Preferred
Prelerred
-100
11=4
89
12
90
Goodyear Tire 4 R, (x>m.lOOI
First Mtge 68, 1061.. .J4J
99 101
a f g deb 78 1935..
Preferred
...lOOl 2784 281
1
66
69
4
I'rlor prcf
lOOl
Northern Ohio Elec. (no par)
1"
20
55
Goodyear
of Cin pf lOOl 46
Preferred
lOO
8:
72
8.%
7(i
Miller Rubber
North'o etateePow, oom.lOO
-lUU
100|
^>^
88
90
90
Preferred
Preferred
100
82
Mobawk Rubber
North Texas Elco Co.eomlOO 79
80
83
Portage Rubber, oom
Preferred
100
100
87i
8814
Preferred
100
Pacific GaB 4 El, 1st pref-100
26
2S
Sw1nehartTlre4R, oom. 100
Puget Sound Pow 4 Lt..lOO
91
100
.Suear Stotk*
Preferred
165"
14
CaraciiH .Sugar
Mj •10
Gen m 7-48 IWI ...M4N »<>'*
!l
65
Cent Agiilrrc Sugar com. -201 •63
100
Republic Ry 4 Light
"J
''2
34
Central Hucar Corp. (no par)l'
100
Pr<!ferred
•7
08
Pn-fcrrMl
Edison,
oom.
100
lOO'
South Calif
50
70
Cupcy Sugar common
Preferred
WO 10« 111
l(X)j
15
60
70
Prrfrrrcd
lOOl
Standard Cias 4 El (Del).. 60 'I'l
48
50
43
Pajardo HuKar
100
Preferred
60 '42
104
1
lO.S
Miigar
Federal
Rcf, com.. 100
Teni)e«»ee Ry, L 4 P,0oml00
1"'
lTl|
lOK
Prif<rrc<l
Pri'ferr»"d
100
lOOl 104
86
15
Godchaiix Hug Inc.. (no par) •10
United l.t 4 RyB, oom.. .100
^IJ
7.'
53
77
57
Prefcrrixl
100
100
iHl preferred
31
32
Gniat WrMtcm Hug, oom. 100 120 1.10
100
Wealem Power Corp
JOlj HI
Prefrmrd
100
lOB 9N 100
Preferred
Per OfM
I.'.
Holly Hug Corp, oom (no per) •12
.Shoit Term Securltlea
411
Prt;rcm.d..
Am Col Oil «s 1924 M*S2i 94 0.')
lOW 3!)
101
IOII4
urn
60
FAA|
Junrna Central Hiurnr
Amer Tel A Tel fl« 1024
100
lOOk, IOCn
NatlrnnI Hiigar Rerinlng 100; lO^t 112
r.V, nntM 1033
15
H«nUr-erllliiHiiKC..rp, pflOO
Amor Tot, 7% notOB23MAN 101 102
20
MAN' 102':. 101
Havnoiiiil) Miigar, mid, (no par) •17
7% notes 1923
111'"
65
l'r.|,.rr(Hl
10«
AnaoondftCop Mlnfla'20-J4j; I'x s ti8k
JAJ lOd^ ,101
H.
..
Weal India Hug nn, com 1001 80 110
Herlaa
7a 1029
TcTna
r(TK>nart laat
«rrl
•tioiild
havn
}tn'«
Vfrfth
6123 1951 opt
1931
RR. Equlpiaeots
RR
—
N
N
N
W
.
,
8Mik8468
M
N
—
|
i
1
!
99
^
M4N
T4B
Am
A40
r'rr.ferriKl
Amnrlmn Hrrdwara. ..100
Amur Tytxtfoundara. oom.lOO;
.
(R
W)
Oalliilold Coropruiy
Clilld*
<i "oin
Prr'rirr*!
9.1
102
nil
104
..
I
firlr*
r,;
97
6H
17ft
0.1
on
03
row.
mm
..100
Ijial
lOO!
01
01
AAO
MAH
NfAN
MANIB
Ily
fla
'28
I'^J
«'•.« July l'"l
I,a«li«1n()aB7B Jan 1U20 I'AA
'
•
KAA
T
Heerta
1927
V„m
11
O'J
N
Ky
Hwlft* Co 7";
7%
noira
J7i'J3
nn-iV
na IWrJ
A
I
'.'ft
\..' IB
MAH
I'AA
MAN
AA«>ie
Mt H
10
v
101
'1
iii;t
1007.10 Ik
10) lioik
09'}
«Hl4
()'''
(1,
',
')S',|
^10
mi
K2
101114
ioai|
I|03<;
III.'
9'1',;
07
s."- h:iI}
UIK4 10014
Ml
I'i
I
IIKI
lOO'a
IOI>4ilOI*«
I'i2i4'l03'4
MA« ioii|lior'«
TaiaaCi. 7« 103.1
Ill)6'r
U H Uublmr 7 ks lO.W FA A liift
0»*
Oft
MAKIOl
Dub Ran Corp Aa '37
WiMNRIa«<aonv7al03A AAO 101 i'l06>4
g PurrhaMir alan paya ar-ruod divldand
Nominal f I't dirtd nd y Ki rlgtilx
ul*.
^ llaala.
>
Term
Houllinrn
UK)
'OKI Hltle«
IU24MAN
('..II,
tno
* I'mr atiara.
(•
hrlt
no
UK)
100
I
corii
MA.S3
•
Mllvrr, (iref IIKI
.(
K
JAI>
IB-i2
rintfrr.,1
^rial
72
•0,1
v
•
II'
I
HkII
.)
.
I"
7I»
Federal
l"4C '»» 1924
Hiiu Itrf 6*
0(Midrlrh(ll KX'o 7»"i8
IIoeklDK Valley Aa 1924
InKTlM.ro 11 r 7a 1921
IIKI
l»r*'(nrrn*l
!"• .. '.
'i)iir
Il
95
11:1
lOoi
I
,1
103
lOO 100
lOO 102
du I'onKK I) da Nanukcoino' 7ft
70
)rl>eriliire alork
100
KKi
HavKdm 'rol)ar(yi Co
II.'
Canadian
158
60
•15
loOl
iaO|
90
2S
<10
16.)
PralnfTad
l-refiirrnd
I""
99' ilOO
99 llOO
2911
Mw..no
Oo.
KH
D.'l, »H J-iie 1;. -22 J.lDl.'i
DebflH J'n«i Ift '23 JADKi,
DehflH J'ne Ift '24 JADUi,
Bath Ht 7a July 16 '23 JAJI8
T', fiol(<aJuly Ift 'ia JAJ in
2!;(i
85
par •21
•56
60
Borden t'^irnpaoy. eom..I00t IIKI
Prefarred
Bliaa
Anglo-Amer Oil 7 k" 26 A4()
ArmT4('o7aJuly Ift'.WJA Jifl
80
1(K)
ninvor Maniifartiirlng
f;tl
1040
116
—
.
s*
AKs
Sept
July
Jan
,
100 1000
100 113
Prelerret!
Borne Scrymser Co
100 325
Buckeye Pipe Line Co... 60 91
100 180
Chesebrougb MIg new
1001 106
Preferred new
100 132
OonUnental Oil
30
Pipe
Line
Co
50
Crescent
ICU 140
Cumberland Pipe Line
80
100
Eureka Pipe Line Co
Galena Signal Oil com...loa 40
ICK
10«J
I^reJerred old
101 100
P*re(erred new
100 170
minols Pipe Line
60 *90
Indiana Pipe Line Co
»15
par)
International Petrol. (no
NaUonal Transit Co. ..12.50 •28
New York Transit Co. IOC 145
92
Northern Pipe Une Co.. 100
AUantIc Refining
Indiiairlal & Mlar«llanw>uai
Aninrlran llruaa
_
1001
4
(j.^n
Nov
Nov
100 k
103
9^,
01
9(;|,ii"4.i;iM»
'4
''S'.
Hr<Trx^i 4a
Onlflcalrti
'•HB
'rnlflrdt.w
airlta<YUnd rtort
IVtaiiia to
97! 4
,111)11
I
'
III
rraneb riort Vkiory 81 tt
u
1043
Phlll(il.lri«'
Oct
101k
94H Mar 100k Nov
Nov
04 M Mar 100
.1.00
<«,
KHk
.
k
06
f,.
Rio Oran'V '1i>
Riuadan '^ivt
Feb
June
•.\'.\'
II).'.
00 >«
41
U
Iflamlnirg 4
000
lOL'
(l«k
'Ml'
l^orolAn Gf»v«rn(n«nff
and Munit Inalllirt
Arcxntliii NrUUm 7b
1023
\lvrr\\n
k
100
lOl'j 10,
'.(.>
97
l<K*k M)l
I07k lor
ir,
192/1
7«i
,
*!',
i
Hav THb 'M
Wi^VrTi Kirr ronv
101
.','1
100
1041
Ht
•Ml.llOO
102'. 103
I
I'l :;i
l'rr<)ii(.«-r>i
Deo
Feb
99
99 k
July
May
\ut:;
A UK A '»:i
M]»-nu 1033
United Rtb of
Nov
103
H9k June
7b
w
(i2.l)0(.
105'.
100
,
'1 il tfvuii- I HI 7«
r
ToJ«<lo E4ll»oo (U> 7b
June
'
SO. 000
'
6.000
19.000
20.000
105!,'
lOIJ
I
Jan
IH Dec
98 k Sept
Dec
83
99
Dec
Jan
92 k June l'l45a Nov
94
Mar; 103k Dec
Nov
99 5i Oct' 100
94 k Jan 104k Nov
97
Dec
Dec
97 k
'j
91k June' 100 k Dec
86 k Oct, 83
June
Oct
69 k Aug! 80
87 '-4
Jan 101k Dec
Jan
98
84k
k Dec
Nov
94 k June 102
89
Dec
91k Nov
96
Jan' 104 k Dec
98'; Dec
98
Dec87
Sept
99!^ Nov
93 k AUgl 90 k Nov
Oct
47
Apr
72
99'; Nov
92 V, June!
95k Dec 97-; Dec
98
Oct
99k Nov
87H Nov 9«Js Dec
100', Dec, 102
Dec
Nov! 103 k Nov
98
l>rc
99 k June! 101
Dec' 99
Dec
97
I
9!)!.
I
126,000;
94.000;
497. 000
I
f»9J<
.
7.000
9.000
168.000
I
1031
.
k
91k
27,0001
133.000'
i
ior
7% wrrgold deb
10?6i
7% NT told (M>
10301
7% Mr gold deb ...10271
7% Ber gold dab
19281
7% •ertol(ol<ldeb..l02«
7% nrgoiddeb
1030
r% wr (Old (Ml. ..loSI
il.rw.irt V^ nm'-T Mp kf t'fM
7b
May
10c
.
I
100
°3.'i
8un r>j 7(1.
Bwin 4 Oo
1.000
20 000
43.000
3.000
4O.C0O
I
WiU
outbw
1025
•Uod (Al of V Y deb Hb
98
.
lOO'.
1939
1927
.1022
1
40c
95
Oct 103 k
98
Juncj 1005i
June
90
99 k
98
-\ug 105'
97 k
96 k Dec
99 k'
99 k'
1941
»
bell Telep 7t
'.1
-^ugi
Sept
22.0001
I2.OOOI
k
7%8ernoie«. .Oct Ifi'2a
Sbawtbeen Mills 7»...19.'«1
',.ri
Jan
Oct
1-16
98 3< Mar 104k
98 H Marl 104 k
1
ir;23
Bkelly Oil 7 >,•)»? 1
Sol»ay 4 C»e H»
§o«itb Ry n% note*.
1
69.000
IS. 000
8S.C00
I
75
7H8...1931
I
.Apr
33
Dec| 80
100 ;i Dec; 101
97 , Sept; 103 k
95
Decj 100
i
l(M!i
National Leatner 89 --1925
NYNH4Hartf4s I»22
Ohio ntJea (;as 7b
1922
lOreRon Short Ltoe 6e 1046
Otis steel i-H
1941
PblladelpbU Co t5B
1944
Phi la Electric fis
1 94
Pr'j"'r <V r;atfil)l<- 7Public Serv Corp 78 w
Dec
7H
April!
99
95
94 k
99 ;i
94
98 H
90
7,000
IWk
102J.4
96 H
99 J^
9C;i
Lbby.McNel 4Llbby79'31
Manitoba Power 78... 1941
Morrl84 Co7H8
1930
Nat Acme Co 7Hs-- .1931
Nat Cloak 4 8ult 88. - 1930
Phillips Petrol
93
90
65
82.000
64.000
96 '4' 97
42.000
99
99k'
90Ji 90k 23.000
104
I04k ll.OOOl
98k' 98k 51.0001
08,000
98;.: 100
14.000
96
97
290,000
77
70
102 j-;
Lac:ede Gas Light 78
I
;
1930
78
!
102=; 103 k
100V4 100k
96
95!
104
104
96 5i 96 k
lOUi 102
104
104 k
975^ 98k
104
103
103K 1 03 k
100 '« 100k
1035* 104
97
98
100- lorji'
5-;
83
79
76 5i 80k
i'j2.3;
Heinz (H
May
38
May 63 k Dec
Sept!
Oct
35
Mar 101k Nov
96
Dec
99 k Oct 103
Dec
Jan
97
85
94 k Jttu 100 k Dec
9?is-^
J.in
100 k Dec
99 k June 102 k Sept
99 k .Mar 102 if Dec
Jan 103 k Dec
91
83
Jan
97k Dec
Nov
97 k June 104
]O154'|155.CO0
101 '4 102
102'i 103
104
104 k'
I
1933!
78
Nov
Dec
I
I
-
.Apr
3
30
Dec;
Aug;
M
1
I
*
1.0001
5,0001
4.IOOI
24.000
99 k' 100
1.000
100
100
3454; 98.000
33
101 'j 101 'k 30.000
103
103 k 46.000
97 k' 9834 41.000
CoDsol Textile 8a
1941
Copper Export Ase'd^
8s
Feb 15 1923 lOlK
8% notes Feb 16 ..1924 102M
i% notes Feb 15- --1925 104 H
Cuban Tel Ist 7M8...1941
Cudahy PacK 7s
1923 100 Vi
Deere 4 Co 7H8
1931
96
Duquesne Light 7 Ms- - 1936
Galr (Robert) Co TS-K .'37'
Oalena-Stgnal OU 7s 1930 101 u
General Asphalt 8s
1930
Qoodrleh (B F) Co7a . .1926
Qrand Trunk By OHa.lBSO '97j4'i
103!^
OnU OU Corp
4,300
S
70 k 281.0001
287,000!
60!^
101
99 K
Dec
June!
3k
65c
15c
2c
I
LA P Bah 7e '31
Cons Gas El
Aug
1
ioiK
80c
June
1
101
6%
Anglo-Amer
5
Aug
2
Sept
IJ^ July
11-16 Apr
July
22
55
130.000,
101 H 102
102^3 102T« 22.0C0
97 k 26.0001
97
1005s lOOk 113.000;
132,000
101
101
7,000
101 J< 10154
7.CC0
102if 102 k
119,C0O
lC25s
101
98 V2 95,000
98
103 J5 103 k .52.000
lOS.COC
1025s 103
98 H 98^^ 45.000
69"^ 22.000
67
lOOH lOOH 26.000
10055 lf.l55 147.000
101
ibijf 187,000
17.00L'
106 >< 107
101
.
36c
700
2C0
40C
Mar
l"s
7 16
i
^\>'\
Ik
July
.10c
4c
16c
Septl
30,300
I's
65
Sept
25-s
7SC
15c
4C
Bonds
J'liy
54'
29 >4
55c
1'-,-.
iJlied Pact conv deb 6a '39
Certificates of deposit
Dec
IH
14,.5O0
4U
15c
4c
Quotations for Sundry Securities.
bonds prlcea are "and Intcreat" except wbere marked *^.*
Joint Stk. Lund Bk. Bonds
Standard Oil Stocks Par Bit
Anglo American Oil new. £1 *17% 1734 CI. Ic Joint 8tk Lund Bk 5b '39 99
All
High
I
9'*c
400
3
80c
29
52c
4
74c
CTnlty
rakon Gold Co
.\ug
2H
2H
S Continental Mines new
Gold Mlnea
5
West End Consolidated..
1
Western Utah Copper
White Caps Mining
10c
6c
1^16
29 H
520
L'
July
254
73c
75c
Verde Eit«n...60c
[Jolted
Ic
Ic
I'-is
rrlnlty
ruclume Copper
12.000
10.000
5.600
1.000
26.000
3.500
2.500
l^-li
1%
1
1
4c
3c
29c
62c
71C
1
how.
2c
3c
27c
1
I'eck-Hughes
ronopab Delinont
High.
Shares.
Low.
4c
Range forr Year 1921.
Week
of Prices
Sale.
Price.
Par.
(Conei.)-
5tewartMiiilng
iree*'» Ran(ie
499
r
N«w
Btoak
300
[nvitslmtnt
mt& ^mlxou& lutjelligmcf*
RAILROAD GROSS EARNINGS
STEAM
The
roads from which regular weekly or monthly retarzia
following table shows the gross earnings of various
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railway!
are brought together separately on a subsequent page.
Latest Gross Earnings.
Jan. 1
ROADS.
Week or
Month.
Alabama
&
Current
Year.
_
»
330.022 3.126,155 3,305.382
123.739
82.829
123.739
17124079 20340170 175572 238 196893 470
2.220 272 2.931. ISH 27.276.H14 24,8,58.806
837.R25 917.120 8.850.235 8.541.372
302.014 484.341 2.895.434 5.382.544
196.9741 218.202 2 299.0181 2.772.045
215.900 263.974 4,379,101 4,421.605
5.347.777 6.135.960 60.477,064 66,054.392
15901094 232803.52 183117810 210869619
252,387
287.196 2. 4 1 9. 893 2,063.188
700.510
69 2..5.89 6.710.685 6.138.468
69.489
112,737
6.812
12.616
469.0.'>6
497.123 5,0,59,357 4.231.4.56
880.138 .869.474 12,8,36,937 14.623.198
166,942 1.367.072
12.986
.33. .306
6.777.0617 722.791 72.148.159 79.452.786
111.121
118.772 1.211.014 1,088,432
528,665
715.899
272 285 357.949
182.147
295.232 1.888.960 2,811,082
1.585. 01 2.168.969 3.111.478 3,983.026
2. .524. 000 3.276.000 4.9.50.000 6 ,579.000
670.005
770.506 6.889.058 6.826.777
.744. ."^25 1.96H.90.»< 20.579.686 23.1.38,492
4,176.304 5.190.922 48. .524 .262 47.027.614
789.9351 872.013 7.753.574 6.8.36.247
586.536 639.241 6.103.930 6.5.53.213
274.935 ,309.467 3.021.2.39 3.203,622
6 602.125 8.500.831 78.174.054 81,544.944
2.9ti'i.,5S9 28. 575.703 [27. 61 1.791
2..54H.9.5
1st Nvk J in
Topeka & 8 Pe November
Gulf Colo & S Fe. Novenil'er
Panhandle S Pe. Novembtir
Atlanta Birm & Atl. November
Atlanta & West Ft. Novenilier
Atlantic City
November
Atlantic Coast Line. November
Baltimore & Ohio. Noveniher
B & O Chic Term November
& Aroostook November
Bangor
Bellefonte Central. NovemlJer
Belt Ry of Chicago. Novemiier
Bessemer & L Erie. - November
BliiKhnm <% Onrfield Noverrber
Boston & Maine
November
Bklyn E D Term... November
Buff Roch & Fittsb- 2d wk Jan
November
2d
2d
wk Jan
wk Jm
November
November
November
Cent New England. November
Central Vermont
November
Charleston & W Car November
Ohes & Ohio Lines.. November
Central of (ieort^la. Central RRof N J..
Chicago & Kast IIL .
Chicago Great West
Chic Ind & Louisv..
Oblcago Junction. .
Chic Milw & St Faul
Chic & North West
OhIc Peoria & StL..
ChlcR I & Pac
Ohic R I & Gulf..
Chic St P M .t Om.
OInc Ind & Western
Colo & Southern
Pt W & Den City.
Trln & Brazos Val
Wichita Vallpv.
Oumb Val & Martin
Delaware & Hudson
Del Lack & Western
Denv & Rio Grande
Denver & Salt Lake
Detroit & Mackinac
Detroit Tol Ik Iront.
Det&Tol Shore L..
Dul & Iron Range. .
Dul Missabe & Nor_
Dul Sou Shore & Atl
Duluth Winn & Pac
East St Louis Conn.
Eastern SS Lines
Elgin Joliet & EastEl Paso & Sou West
Brie Railroad
Chicago & Erie
NJ& N
\'
KK
„
New
York Central . N'lvember
Ind Harbor Belt. November
Florida East Coast
Ft Smith & Western
Galveston Wharf
Georgia Railroad
Georgia & Florida.
Grand Trunk Sysl,..
Atl & St Lawrence
fr
ChDetCanGTJct
Det G H & Milw.
Grand Trk West.
Great North System
Green Bav & West.
Gulf Mobile & Nor.
Gulf & Ship Island..
Hockinff \ iilley
Central
Internat & Grt Nor.
Internat Ry of Me.
Kan City Mex & Or
Illinois
K O Mex & O of Tex
Kansas City South.
Texark & PtSm..
Total System
Kansas City Term..
Kan Okla &
Oulf...
Lake Sup & Tshpem.
Lake Term Ry
Lehigh & Hud River
Lehigh & Now Eng.
Lehigh Valloy
Los Ang
&
Salt
Lake
& Arkan.
Louisville & Nashv.
Louisv Hend & St L
Louisiana
Louisiana
Ry & Nav
Maine Central
Midland Valley
Mineral Range
Minneap & St Louis
Minn St F& SSM.
MisslBsippI Central.
Mo &
'
Cincinnati North.
& Lake Erie.
Tol & Ohio Cent.
Kanawha & Mich
N Y Chic & St Louis
N V Connecting
N Y N H & Hartf..
N Y Ont & Western
N Y Susq & We.st..
Pitts
Move" b'T 2.247. 1)2 2.955.413
November
1st wk Jan
November
November
336.745
394.482
3.=;3.643
51
1
.969
1.035.401 1.307.592
2.S.
22,.586, 248
273.206
224.015
194.4.5(1
November
95.466
95.970
November 3.637.113 4.151.348
Novetnlier 7.192.455 8.6.(5.070
November 2.828.226 4.077.095
November
307.485 301 .334
November
172,K15 21S,297
6<< 1.052
November
481.032 6.634.6.58 4.711.9.39
November
316.725 297.058 2. .575. 778 2.138.453
November
829.516 4.876.00" 10.918,541
93.767
Noveiiibor
153.401 1.539.918 12,239,439 19.3()4,765
1st wk Jan
67,843
67.813
92,015
92,015
Novenber
180,919
25 1. .5^'; 2,U)9,652 2,284,598
November
121,566
154,125 1.481.911 1,358,165
October
495.890 490.775 4.661.0.58 4.232.904
November
.5,56.9.52 2.698.0.58 17.743.921 23.025,693
November
773.092 1.485,268 10.123.0.57 13.579.104
November
520.387' 11289247 95.815.443 99.160.255
November 1.023.958 1.245.584 10.046.176 11.804.481
Noverrb *r
I9.52*<
124.798 1.3 ;7.299 1.229.608
Novemb<?r
960.836 1 071,613 12.337.720 12.203.783
November
115,846 1,242,063 1.308.505
111.526
November
1.50.798
231,523 1.637.257 1.832,495
November
1.88,1,54
249.3.59 2.471,663 1.733.468
November
398.625 652.731 4,781.734 6.086,465
November
103.513
145.425 1.273.992 1.38K.357
>fl wk Jan 1.666.694
0.88.691 3,096,031 4.047.132
November
237,411
396.924 2, .521, 401 2.943.483
November
1,53,675
255.777 1.793,213 1.824.743
November
454,2641 582.730 4,117,322 4.665.641
November 1,246,424 1.306.1,54 13..52 1.4 93 15,891,748
Novenber 10674 119 12208.393 93.641.723 115119820
November
1I7.4S.1
110.101
1.285.700 1,179.967
November
4,53.449 3.749.332 3.703.810
340.142
November
219,556
279.711 2.623,039 2.813,952
Voveir b'T 1,112 5-3 1. 8)0, 730 13.- 22 218 5. ,551 771
November 11124067 133301.30 130040639 132036726
November 1.136.432 2.M3.400 16.117.636 17.447,637
November
1S7.503 2.498,165 2,499.841
188.121
Noveitiber
211.145
185.021 2,034.346 1.7.54.333
Noven'ber
1,38.363
171,138 1.675 R67 1..5.50,048
November 1.51 1.837 1.761,022 18,189.365 17.951.945
November
167,231
255.378 2.026,960 2.069.375
November 1.679.068 2.004.866 20, 185,.393 20,319,709
Noveml)er
144.676
139.809 1,480,011 1,467,164
Noverj I)i'r
189.til9
320,19
2.120.26) 2,488,209
Novemb'T
25,828
126,718
404.356 1,648.246
November
90.500
138.275 1,109.901 1,280.110
November
281.083 340.644 2.986.373 2.862,237
November
416.775
493.309 4,197.9SO 4,.306.251
November 6. .3.30. 327 7. .563. 19 69.612.6)6 67.948. ,567
November 1,602,751 1.876,113 18.105,921 18.747,862
November
289.952
435,085 3.134.552 3.894.762
MovenibiT
272.918
4! l.,56,S 3.615.415 3.918,131
November 9.763.106 115686)4 108744004 116614864
November
2S1,S36 2.641.4.57 2.895.817
21 6..5.33
November 1.670,607 2.220.171 19,072,529 19.463.826
November
362,296
521.751 4,116.541 4,694,461
1st wk Jan
2.704
7,841
2,701
7,841
2d wk Jan 287,913 4 11, .537
.5.30,7.58
722.542
November 3.935.114 4.940,355 39,829.798 45,313,099
November
113.949
88.232 1.080.764
972,709
November
815 1.201.5.50
602.473 1.931,235
November 2,810, .564 3„534.378 30.939.850 36,936,228
464.646
Noveiiii>er
Norfolk Southern..
Norfolk & Western.
Northern Pacific
Northwestern Pac__
Pennsylv RR
Bait Ches& Atl..
219.471
21,802.409
13,952,614 14.614,604
4.821,859 3.218.488
13,5417 984 15,5052 0,58
134196 868 1.52.593 647
1,916.0,58 2,539.450
122228 852 124081387
7.040.325 6,191,425
25.914.370 29.315.270
3.395.038 4,123.822
3-3,643
511.969
10.506.917 11,850.511
3,040.232 1.963.354
1..596.10.'
1,644.058
1,256.896
811.590
41.987,304 40,531.183
"9.623.440 75.1 OH. 468
30.246.118 36. .533. 707
2.730.866 2.687.870
1.M6.970 1.931.446
25.078.2.53
North Arkan.
Missouri Kan & Tex
Cine Leb
& Nor..
NY
& Norf
& West
& Seash
W
Jersey
Pitts C C
&
St
L
K O Xi)vi>" b'^r
& Potom. November
.<:
November
W
Ist
2(1
8d
4th
Ist
2d
3d
4th
Ist
2d
week Nov
week Nov
week Nov
week Nov
week Dec
week Dec
week Dec
week Dec.
week Jan.
week Jan
(17
(19
(20
(17
(19
(19
(17
(20
(12
(13
roads)
roads)
roads)...
roads)
roads)
roads)
roads)...
roads)
roads)
ronds) ..
15.986.608
16.831.129
15.12 •.666
18.569.139
13,215,646
13,637,534
12.981.310
18,070,117
7,088.258
10.374.306
Previous
Year.
S
18.530.260
19.577.819
19,107.127
24.319,654
1H.644,8.S7
18, .549. 807
17.143.966
22.884.014
9,400,099
13 088,878
Increase or
Decrease.
%
$
-2,543 .6.52 13.73
-3,746 .690 19.14
-3.982 .461' 20 .84
-5,750 .515 23.65
-5.399 .241 28.96
-4,912 273(26.48
-4,162 656 24 28
-4.813 897121. 04
-2.311 841 24.59
-2,714 .572 '20 74
2d
S'-stern ...
wk Jan
November
November
St Louis Transfer.
San Ant & Aran Pass
.San .\nt Uvilde Sz G
Seaboard Air Line
Southern Pacific
Southern Pacific Co
Atlantic SS Lines
Arizona Eastern
Galv Harris & S A
Voven>ber
Morg La & Texas
Texas & Now Orl.
Soutlieri Kaibv:iy._ 2d
wk
Jm
Northern Ala
fz
_
Se.it (It
Staten Island R T..
Tenn Ala & Georgia
Tennessee Central.
Ter
St
RR .\ssn of St L
LMer Bdi^eT.
Texas & Pacific
Toledo St L & West
Ulster & Delaware
Union Pacific
Total system
Oregon Short Line
Ore- Wash
Union
Utah
RR
RR.tN
(Penn)..
Vlcks Shreve & Pac.
Railroad.
Virginian
Wabash
.694
2961973.30
8.351.154
8.398,781
67,054.847
73,762.984
3.544.656
21.317.913
10.001.841
4.501,820
24.785,612
3.081.925
340951185
8.879.338
10.948.295
80.993. lOe
81,426.960
3.366.282
32.136.129
12,202.481
4.939.305
25.537.676
1.477.756
104505819 113202747
9). .589 ,3.135.030 12.015.141
RR
Western Maryland.
Western Pacific
Western Ry of .\Ia _ _
Wheel & Lake Erie.
NW
Wichita Falls &
Yazoo & Miss Valley
136.845
91.600
192 <^37
173.689
In. 90s
717.131
463.084
1
2.57.337
6.731,067
1 68 ,060
1,56.2«S
1.6.54.242
683.396
433 124
77,431
535.128
71.6.S6
209.724
150..S83
1.059.916
1,085.618
1.240
136,621
2.073.488
126. 700
1.210.431
2-;
812,751
1.8.50.822
1.443.596
1.435.648
2.335.878
1,680,161
1.240.770
10,013,836
5,448.356
9,130,413
5.373.759
300.190 3.101.965 3.1.58.785
8.518,733 75.694.284 85.430.268
195.840 1,618,889 1.799.392
192.012' 1,77>,2S1
1.635.940
1,982.512 15.847.634 19.476.030
836.409 7.079.971 8.427.227
806,730
472.121
954,451
117,753 1,030.425 1.263.039
623.605 5.841.391 5.484,325
99.034 1.088.5'i4 1.365.364
4,277.095 39.143,753 44.705.786
.560,195
155 706 5.45'1,1S0 6.409.686
8.59.561 1.061,608 8.713.292 10.543.792
1.393 571 1.905..562 15.804.032 19.116.832
2,713.5'4
4.122.626 4.867.652
5.831.588 7.066.688
November
809,778 1.382,664
November
1,213,848 1,413.317
Novemb'r
8.13.618 7,295,971 8.397.696
November
229.805 2,329,718 2.214.783
124.845
178.449
4th wk De
3.626
November
253,373 2,170,237 2,704,346
4.363.464
November
468.149 4.157.718
November
4.34.967 3,366,672 3.964.847
.586.480
782,867 1 139.4.53 1.611.122
2d wk Ja n
November
940.838 1.077.100 8.717.980 10.831.429
November
129. .589 1,607,988 1.383.939
118.913
November 9. 732. .843 12480 851 106414 523 120714 149
November 1,5669468 19,547152 167721378 1926.54110
November 3.402,320 4.174,174 33.975.014 41,371,322
November 2. .534 .305 2.892.123 27.331.810 30.56>!.636
November
683.715 1.137,602 8.732.395 9,928,075
November
205.761 1,115,891 1,818,355
135.573
November
347.023 384.748 3.814.177 4,2.54,466
November 1,405.979 1.888,507 16,8.58.411 16.440,7.58
November 4,787.294 5.713.019 54,769,861 .54.838.932
345.067
280,952
1st wk .Ian
280.952 345,0671
November
904.257 1,416,183 11,323.407 14.834,734
November
226,7651 2.329.207 2,,552. 036
199.451
November 1.164,365 1.887,585 1,3833. .508 16.395.543
210.413 2.577.006 2,449,694
N.tvemb T
197.723
November 1,978,751 2,206,987 18.988,365 26.041.661
& NorE. November
.Spokane Internat.
1
1S810117 2086006T 162051292 166400434
1834.5422 176749357 18471.58.56
1 4698065
Ala Great South. November
Cin N O & Tex P. November
Georgia Sou & Fla November
Spok Portl
.51
November
November 1.057,6.50 1,062.175 9.769.554 6.365.941
193.87ll 425.617 2.508.850 3.795.271
November
November 2.089,180 2,767.270 23.123.085 24.752.216
November 1.571.6.53 1.249.101 13,067,576 10.925.940
November
272.689 299.896 2,745,297 2.795.193
November
337,941
510.180 4,055,487 4.944.678
November
843.685 944.097 8,103,837 9.479.751
November
742.434
977.653 7,926.492 9.208.319
Louisiana Western
Orl
1><2 1.1
November 3.608.176
October
Hous & Tex Cent
Hous E & W Tex.
New
1
1.685.817
2.467.796
2,776.612
2.092.676
6.986.536
1
W
il
1.514.020
22.499.784
5.826
334,523 419.933 3.931.019 4,173.272
749.685 632.421 7.375.949 7,119,727
6.939.600 8.910.757 73.641.698 80.048.422
8.919,928 10563 530 87.037,246 103984 528
650.106
616,093 8,0)0.270 7.324.242
42043 790 58164 188 460692166 516.561 471
100.877
152.716 1.504.906 1,539.372
St Jos.% Grand Tsl
N'ovember
St Louis San Fran
November
Ft
& Kio ( -.rand November
St L-S FofTe^as. November
St Louis Southwest November
StLS of Tex.. November
Tot
1.682.7'ffl
2.804.6.50
1,0^9.
Pittsb&Shawmut.. October
Pitts Shaw & Norlh Novemb.T
Pittsb & West Va
-Nove'ib'T
Port Reading
November
Rich Fred
Rutland
108068201
731.676
November
November
November
1.53,838
112.031 1.127.383 1.219, .532
November
894.91'* 1.017.264 8.137.4.58 8,9.58.306
November 2.150.873 2.080,830 26.711. .527 23.865.811
November
88.573
114.941 1.161.785 1.230.690
November
484.725
519.749 4.006.782 4.0,53.8.56
November
529.990 731.581 5,776.641 7.412,857
November
179.423 1,528.976 1,931.614
118.525
November
802.665 1.0.54,411 12.205,974 13.046.548
November 8.682 091 113S6174 89,647 69S on5S6945
November 55960543 75243486 6117646.58 673897625
November
148.082
197.809 1.547.509 1.509.928
November 3.304.921 3.6.52,087 35.517.130 37.3.50.713
November
120.826
119.220 1.176.418 1.147.824
November 7,393.366 9,835.510 78.099.043 84.826,989
Perkiomen
Phila & Reading.
Oni!)C\ O'n
26.992.739
66.399,781
November
Nove'''''bir
Pennsylvania Syst..
Peoria & Pekin Un.
Pere Marquette.
i
Year.
$
Noveniiier
November
November
Phila
Tol Peor
I
CfvrrerU
$
November
November
November
November
November
November
November
Novetnber
Grand Rap & Ind
Long Island
Mary Del & Va..
Monongahela
381.349
503,498
81.446
122.196
648.493
193.971
2,822
189.527
379.030
319.261
462.783
676.388
132,542
132.733
I
AGGREGATE OF GROSS EARNINGS— Weekly
Weekly Summaries.
$
Date.
Previous
Year.
277361851 34677.543
730,030 1 .060.992
730.608 1.0«4.232
5.964.073 7.533.697
6. 392.,387 8.091.256
295,836
301.762
2.045.705 4.383.219
837.888 1 .501 .864
360.174 626.571
2.325.465:2.706,821
2.53.5381
297,235
10270428 11307980
Lake Erie & West November
Michigan Central November
Cleve(U:;& St L. November
1
Fonda Johns & Glov
'
Nove biT 2.252 235 2, 9 12 .3' 13
November 1.955.118 2.162.164
November 1.226.135 1.464.457
November
453,464
375.848
November 11.808316 U56.56 9;i3
November 10860 944 14780 720
November
177,699
287.181
November 10475637 11461 100
November
564.373
616.040
Current
Year.
)
1
.A
to Latest
Previous
Year.
November 2.1.53.402 3.140.631 25,004,681
Total system
November 5.161,689 6.900.224 .58.521,537
Mis.sourl Pacific
November 9,294,690 11763577 102019816
Mob'le & Oai
2fl WK .1 in
.577.141
3 14.9 73
37 1.9431
Columbus & Gr.. November
164,257
164.085 1.440,882
Monongahela Conn. Noveml>er
107.114
201,0331
727,267
M on tour
November
89.404
205.490 1,319, .538
Nashv Chatt & St L November 1.79 ',856 2.064.144 19.381,706
Nevada^C ilif-Ore . 1st wk Jan
3 014
3,014
5.826;
Nevada Northern.. Novemh'T
3'^3.944
33.014
81.218
Newburgh & Sou Sh November
184,742
216.256 1,332.780
New Orl Great Nor. November
204.341
245.639 2.3,55.149
N O Texaj? & Mex.. November 229.9.55 403.149 2.450.586
Beaum S L& W.. November
148.140 267.592 1.978.752
St L Brownsv &M November
423.982 699.931 5.494.548
Ni)\-e bcr
& Iron
Ohic Burl & Quincy. November 13603117 17670800 155327958 169998858
Chicaato
Jan. 1
Current
Year.
Mo K & T Ry ofTex
302.980
82.H29
Atcii
Buffalo&Susq
Canadian Nat Rys.
Canadian Pacific
Oaro Clinch & Ohio.
Week or
Month.
Previous
Year.
Current
Year.
Previous
Year.
Latest Gross Earnings.
ROADS.
$
Vicksb. November
Ann Arbor
to Latest Date.
and Monthly.
MontMy Summaries.
Current
Year.
Curr.Yr. Prev. Yr.
S
234 510 406.001
234,832 233 .839 456.978
220.340 219 743 411.279
April
235.333 234 916 444.028
May
235,208 235 059 460.582
Juno
230.991 230 410 460.989
July
233.815 233 067 504. .599
August
September. -235. 155 234 .5.59 496,784
October
235,228 234 686 534.332
November -.236,043 234 ,9721464,440
Mileage.
February ...235,653
March
Previous
Year.
Increase or
Decrease.
%
$
273 424 172,348 —19,171,075 4.63
940 4.58 462,330 —1,483,390 0.39
831 381 112.844 +30,166.987 7.91
,885 457 243.216 —13,214.331 2.89
512 494 164.607 —33,582,095 6.78
697 527 396.813 —66,407,116 12. 6f
664 554 718.882 —50,119,218 9.03
,097 617 ,5.37,676 -120,753,5791 19.5f
833 640 2.55,263 —105922 430 16.54
126027 666 21.34
498 590 .468,164!
THE CHEONICLE
Jan. 21 1922.]
Latest Gross Earnings.
Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the second week
The table covers 13 roads and shows 20.74%
of January.
Name
Road
or Company.
1,666,694
287.913
272.285
Canadian Pacific
Grand Trunk of Canada
Grand Trunk Western
Detroit Grand Hav & Milw.
Canada
1.585.013
2,524,000
$
357.949
2.168.969
3.276.000
$
Buffalo Rochester & Pittsburgh.
Canadian National Railways
\tlantic
& St Louis
Minneapolis
Iowa Central
Mobile & Ohio
304.973
433.424
2.713.524
586.480
-
8t Louis Southwestern
Southern Railway
Texas & Pacific
Total (13 roads)
Net decrease (20 74%)
10,374.306J
November
November
Xove b T
Northern Texas Elec. November
752,000
Ocean
2.088,691
421,997
Pacific
Pacific
411,537
123,624
375,943
69.970
38.702
442.272
196.387
—
STEAM
reported this week:
Baltimore
4
1921.
1920.
1921.
1920.
1921.
S
$
S
S
S
Ohio
November.
From Jan 1.
Net
Net from RaUaaj;
Railtcxt
RR
252.387
2.419.893
—8.137
—2,517
2<J7.194
—89,524« -1.099,244
2.063.188
Miaeourl Kanaaa & Texas System
Xovembcr . 5.161.689 6.900.224 1,287,483
From Jan 1 58.521.537 66,399,781 12,963.107
• Corrected figures.
-Deficit
or
of Road
Company.
CurrerU
Year.
Month.
&
Jan.
Latest Gross Earnings.
Name
<
S
Lt November
Year.
Tampa
Dale.
Virsinia
Previous
Year.
S
4.58.8871
—
I
I
]
Bklyn Rap Tran Syst
alJkln City RR fRe OSeptem'r 968 124 347 763 8.502.504
4 810
54.239
5 9241
aUklB Heights rRe c)Se|)tem'r
Bkln Queenst'o&Su bs.Septem r 212 307! 53 462 1.699.6.!9t
819 2.142.6861
Coney I»l & BrooKl ynSepiemr 248 766|
134. 8^8
18 ,057]
2 597
Coney Ul & Graves dSepteror
Nassau Klectrlc. Septenilier 419 589 135 .547 3..5.54 .6051
Xew York Conwjld Septeriil>er 1816 972 l.'?34 ,403 16.647 009
8<.uth
linxil.lyn
.. S<.))tfn,t>»<
Cape Breton KlecCo. November
Cent Miw) V'al ElecCo November
ChaftHn'MHfa Hy A l.t Novcnib'T
">%'ember
senit)fr
.'. crii'^r
<
Cleve t'aiuM.v Ic Ea^l November
Colorado I'ower Co.- Novemlier
Cohirnhi.i '.is ,V Kl(!<ColumbuM Kleetric
Comw
Irh
I
).-»•('.
h'T
Novemb<!r
Ky ft Lt NovenibT
Pow Co. Nf)veriih.ir
Power Co Novrnib't
I'
<'i
i'.
C'
(
,1^
i>
ti
t
I
^' :•
t>er
7.259,375
57,612
1,290.838
1,762.923
113.064
4.364.644
15.167,283
:<s :?I5
7P2 WO.
69."i.737
97. 317
63 .035
583.2.58
630.848
63. 427
446.0K.S
43 .6t)9
474.267!
46. 9951
12^ !t29 IIH .487 •1..368 006 •1.321 129
1176. K93 1942 230 •14094H14I •24l>291h«
8.-i9.6r5
905.262
78. 701
90 .730
>*ori._'s.'
82fi.300
h9 llH
77 :<8T
61 ,464
705,714
735.344
56. 771
70. .5791 lO-l ,407 •1.011.403 1.1 06..56 7
2'Ni
.-,2
t.-H
I4.r,ir,
7i_'
I
I.')
15 I.',-;
5 t'l
167.,020 127 .241
1.487.635 1,299.229
2726. 494 2767 ,9H8 28.476.063 28.303 030
14X. 575 1 23 .397 1.383 .408
I..3.3H.779
1240. 0.5-1 1301 ,770 12.K04.4ft9l I2.^.'i<> I3(i
'^\ ri It; •3 ,266,.'182' •3.0'l0..'i78
27:-i I'?
:v.r>
3.7 I9.01."i 3 33 1.H27
i3.,382. 898, 21.'.)'.I0.3.',1
l2.37(j
141. .;fi(i, lii.vijO 1.622.824 1.753,745
I
1
t
<T
l>
1)
llJ.ixT
I)
I
It
I
i''.r-, I
l!,a«i«rri
I
•.
•
Bdlaeilil
Einc r.t \
I'.TlO'T
vemb».T
\yi.\>^,
115.998
Ml'*
14'.
\()9
Of.
114 .635. 3KK
A35l
I .'l.fi
1
».r,UH
3,467,684
470.113
3,926.0.50
1..53l.3.')5
1.474 <)37
1.131.2011
1.193.045
1.'.»1.S31
30.079
180 7.38
315.41.'
2 0!i3
*,:'
No ember
k
November
November
Novem ter
November
November
Novenib'r
Moveniber
Novemlier
O
Ry November
Riv October
•
',3
Kl
Galv
2.251.960
6.800.996
*2.932.t>99 •.1.483.4 Id
•4,946.033 *4.745„304
13,202.891 11, .336, 586
12.6-16.740 11.7.32.212
•11849 165 •11346157
6.137.462 6,044.442
•8,626,583 •8,453,326
477.160
526.699
9.296.909 9.043.682
5,032.068 4,768.915
465,001
Gross Earn in gs
Previous
Current
Year.
Year.
$
S
Companies.
American Power
&
Co
Nov
Ae/ Bkimings
Current
Year.
$
2,109,416 2,202,187
Doc 1 20 to Nov 30 '21.. 24,687,159 21,1,54,468
Gross
A>/ after
Earnings.
Tares.
$
Columbia Gas & El Doc '21 1.524. .504 zl .026.876
'20 1,4,58,145
r938.029
Co
12 mos ending Dec 31 '21 15.1,56.284 t9. 789. 424
•20 14,616.742 19.908.1 10
822.477
Detroit Edison Co. .Dec '21 2.,370„594
•20 2.329.727
702.494
12 mos ending Dec 31 ^21 23.3H2.898 6.283.8,35
•20 21.990.351
4,533,693
Keystone Telep Co Dec ^21
164.277
74.664
•20
63.394
169.631
1.7:19.043
632.937
12 mos ending Dec 31 21
•20
Dec
Elec Corp
mos ending Due
.Sduiliirrn
mos ending
2
1
Nov
Nov 30
Winnipeg Klec Ry
1
1
Nov
mos end Nov 30
732.,50«
9.090,001
Fi^ed
Charges.
7,255,930
Balance.
Surplus.
$
468,676
5.58.200
4 19.,5,36
518.493
5.485.888
5.06S.732
303.275
4. 303..536
2.55.151
3,4:13,665
2,462,7,57
4.839.378
519.202
447.343
2.8.50.170
2,070.9.36
42.766
39.530
475.809
436,998
31.898
23.864
1.57, 128
155,698
76,166
.592.696
3 Hi. 238
Tl2V 349
315.397
Tl 18.993
51,1,83
35.0,57
17. 6.87
,501.260
946, 4^27
3.4l7.:i66 11.228. 574
7,58,104
1.:J97.I13
7,56,137
1 .2S5.4.5.S
409.746
818.828
3.53.1 18
404.9.56
4S6.:irtl
16,440.571
9. (-.4 5.137
269,776
3.7<)4.o:i9
•20 14,33H.0Hr>
3.145.661
5,881.298
5,104,026
57.813
64,218
.55.447
6.50,550
6411. 42W
«'.93.9'20
fiI8.901>
31 '21
California
Kdlwin
$
908.8.58
1.7,58.231
^21
•20
12
Previous
Year.
Light
(Sub.sid cos only)
•^I7
;J5
6.040,299
•9.n'l5".374
1 .2«1 .736
—
^011
ii
1,5.57,2.54
2. 192, .398
Electric Railway and Other Public Utility Net Earnings.
The following table gives the returns of ELECTRIC
railway and other public utility gross and net earningswith
charges and surplus reported this week:
309
HI
;V'
•10034 629
1921.
1
3. 677. .506 Jl
•20
r
151,744
634,687
41 ,301
41,319
800 ,874
710.664
16.440 ,571 14.338.986
'
It
operations April
3J(> S51
,73.'.
172 022
747 546
a The Brooklyn City RR. is no longer part of the Brooklyn Itapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to contihue payment of the rental; therefore,
since Oct. 18 1919, the Brooklyn City RR. has been operated by its owners,
b The Eighth Avenue and Ninth Avenue RR. companies were formerly
eased to the New York Railways Co.. but these leases were terminated od
July 1 1 1919, respectively, since which dates Ihese roads have been operated
separately, c Includes Milwaukee Light, Heat and Traction Co. d Ine Includes constituent or subsidiary companies.
cludes all sources.
Earnings given in milreis. g Subsidiary cos. only, ft Includes Tennessee
Railway. Light & Power Co.. the Nashville Railway & Light Co., the
Tennessee Power Co. and the Chattanooga Railway & Light Co. t Includes lx)th subway and elevat-ed lines, j Of Ablngt-on & Rockland (Mass.).
Thesp were t^p parriln!»<s from operatinn of the nronerGiven i»i pe-setas
* Earnings for twelve months,
ties of subsidiary companies.
t Started
M.irillii
K:
-.
November
November
Power
fc
Youngstown &
447.179 «4. 773.841. *4 .669.424
Alabama Power Co.. November 414.161: 397.416 3,922.969 3.6,50,513
*24687 159 *2 11 54 468
2202.187
Novetiiber
2109.416
aAxner Pow & Lt Co.
220.5331 233 476 2 207.,5.57 1.962.486
Appalachian I'ow Co. Ocioi)er
990.07>^ 1.094.0S0
91.313
81.349|
Arkansa.s l.t Sc Power Xnvornber
1.1.423'
16.4.55
191.311
188.363
0<-t^ber
Atlantic Shore Ry
*1
*1, 246,620
.417,059,
November
129.057
Elec
Co
120.190,
Bangor By &
26.93' 133
••> .33 .>>"!. '^i.
3t.')i.2 .5 3ii>:{
JtUarciloiia Tr L \. i' Nove b'
506.562
423.538
46.508
43.010
Baton Rouge Elec Co November
6.58 574
62.70.5
607.6171
50.389
Beaver Valley Tract. No veni l>er
K26.<i;
9i'
85
H77 0.5-1
HO
2\
jXnvPn
r
55
lU.Vl'
2
16
b
Bini-'hMmtoM Lt
346.964 305.157 3.302.438! 2.975.999
Blackstone V G & El. November
»6»7.723
*,362,5b9
Noveniiier
66.269
60.346
Bradford Elec Co
/Brazilian TrLil',Ltd Noveuib^r 11555(JIW 12199()<XI 155462 (iOO 1223U6UOO
Adirondack Po^
Ry
"Winnipeg Electric
4
74.098
1397.113 128 l.SK
71 777
65 188
8.50. -107 965 .52 S
135. .590 128 .997
209. ,529 221 419
584,793 567 436
240. 0O3 31 i 1 16
414.516 542 725
11.39.368 1060 260
1161.221 1182 517
10«4 7on 10f« 417
594,029 690 992
729.125 843 O'ill
52.354
52 891
846 138 899 931
481,818 483 ,098
48.661
Co.. November
Electric
Tennessee Power Co.
Tennes-see Ry, L & P.
Texas Electric Ry
Texas Power & Lt
Third Avenue System.
Twin Pity R T Co...
I'nlK^ Gas & El Corp
Utah Power & Light
I Uiah Securities Corp
Vermont Hy-EI Corp
018
67 357
3.6fi2
i
COS.
1 to Latest
Current
Year.
PretUms
17ih St Incl Plane
Sierra Pacific Elec
18 220
88 063
16.848
95.004
Co Novem ler
Co November
-. X'ove ..her
South C ilif Kdi;o
South Canada Power. November
}'
Southwest & Lt Co. November
1.130,096
5,140
ELECTRIC RAILWAY AND PUBLIC UTILITY
Novenib?>r
Sept€ml)er
Second Avenue..
—.39.306
48.008
——510,318*-1,447.425
1.040.229
1.315,795
1.985,479 10,452,808
Co
.Sa>Te Electric
—
Taxes
1920.
S
after
Previous
Year.
.
The table
with
charges
and
earnings
net
and
gross
the
following shows
railroad and industrial companies
surplus of
—Grass from
Year
Penn Cent Lt & Pow. November
Pejin EdI.s & Sub Co.'*. November
Philadelphia Co and
890.626 1.347. 409 9,041 148 13,.395.986
Natiu-al Gas Cos.. November
93.320 178 9.53
Philadelphia Oil Co.. November
986 066 1,649,030
November
66,0.33
Phila & Western
67. 651
744, 058
733.203
Pbila Rap Transit Co November 3487,908 3726. 376 38.619, 508 34.917,442
AuKUSi
75.208
•785 H82
•fi99,637
Pine Bluff Co
81 5Ht>
261.428 247 186 3.130 211 2,352.270
Portland Gas & Coke November
820.146 8.56 586 9.635 323 8,6.50,658
Portland Ry, Lt & P. November
870,781 922 737 9,094 603 9,060,527
Puget Sound P & Lt. November
Read Tr..>^Lt Co&Sub NoveiiibcT 235,273 235 4o2 2,72H 944 2.762.212
607.171 742 1.56 •7,433 634 •8.302,218
Republic Ry & Lt Co. Novemlier
69,240
Richmond Lt & RR.. September
82 315
480 889
533.065
November
&
IT.
46.289
Rutland Ry Lt
51 269
512 648
514,479
69.038
Sanduskj' Gas&El Co Novem b*T
85 505
620 ,579
662,985
::::::
Net Earnings Monthly to Latest Dates.
'
Septeml>er
Electric
Gas & Electric Novemlier
Pow & Lt Co. Novem ber
Paducah Electric Co. November
2,714,572
13.088.878
to Latest Date.
1
Current
Year.
3
.583,9,56
472,126,
3,155,796,
782.867]
Previous
843 ,598 813.816 7,219,010 6,297.190
901 .656
105 ,256
95.374
745.756
45 .484
40.931
404.929
283,0««
89.730 1.126.723 1.014.154
101 158
700 .149 852,222 7,858„361 10,161,183
3'! 279
43S.4I'".
4l.'.>51
432.0,39
270 ,870 330,885 3.251.197 3,607.880
38 188
29.079
262.407
216.409
3035 040 3103.524 •37.550 563 •34209.973
271 ,010 2.56,116 2.735,919 2,415.206
45 ,831
42.482
477,769
434.779
210 .576 215,506 2,355.338 •2.295.239
219 ,743 255,371 2,181,581 2,092,016
September
September
Avenue
6Ninth Avenue
No Caro Pub Serv Co
Nor'n Ohio Elec Corp
Northw Ohio Rv .% IT
ftElghth
S
85,664
S
Current
Year.
6New York Railways. September
Increase. Decrease.
1921.
1922.
Jan.
of
Month.
decrease in the aggregate over the same week last year
Second Week of January.
301
^21
^20
^21
.4
^21
5.0:i2.IMlS
8.249.687
114.995
119.665
1.299.970
•20
4.7li8.'.l|5
l,212.8'2tt
481. HIH
21
•20
I!
483.098
.57,182
.83,936
I'
FINANCIAL REPORTS
II
H
II
n
I
Rapid Transit in New York
.
City.
(Summary
I
I
(•
in lln>
of Annutil Hfjinrl for Year Kndr.d Dec. MI 1921.)
Hiiinnmry of tlicir report, (iutrd .Fun. 9, Ihc Trnnnit
I
<
I
1
'<ininiisMi(jri,
1/
\N'iilli<T
(<
111
r
Mllw
I
IH
I
I
f
I
I
My
tlia
iniill
l)n
work
n (4<iiljitKo
•'(.lurrpnl ICvuntJi
"
nhovi"
|
'ofuinlNdloii wnn rtinblivl
plan nf ri<a clJimliniMit. kIIH
unili<r t>ulili<' coiitrdl fur all
Ihi'
<
I
•/I
tiimiy
I't.'l
t
)
.
llm
1
.Mil rtil
ffVfii.rn
ii.iini
I
I
III
I
'
liih,
lliilnrinvnr
both of
I
'
IiIkIiIv
favor
prnwini (nnnml
Mil nx IlltOII lu
'1,1
,.
aiiil 1.14,1 lilifildnrn cKltn
111' |.r III! I|ili' nf llix plan, and coiv^
ptiiiiniiiirfxl oiiiMwIlloii Ul llw^ ptan
Wllitn. An
la>»>i'i. "ii'l I >ol<i« P
lar«l lh<nii«nlvr<<i In fitviir nf mn-
i.r
I
iiiniii
'
.iiinl
'
prill.
lull 1.1
.r tHii.tUiolil4.|
1
I
II'
15 1921 nnd coiiIIiiiimI iiliiuiNt dnlly
liit«<ir.>B«l«Ml aa In Ihnir vlown
Mriliii'uMin wnr»<
.ral llin roiiii.
lit
,1.1
M > A <Jll«ixim
N Y * Ix>n|f
Riuinr
ov.
.tii<|
prlviito olMiiullon
rnllviav lliit^i In
hn I'lly of Now ^iirW n* oii«< i-oniiilrlr. nyiiliitii.
'<
( 'oinpnrti alMi
hroiili'lr" of Oct I III2I. p. 1431 to 1-134.
iilwnj iilnii. \
li:i. p ,f<IH,-,
publlr ii'pilry. l«i«iiM N.i\
Al
Chairman,
,
witii .Jaiutm
l)ri((r:
Inli'imlvr
1921
2fl
M<"Ain'n\
O'Ryun,
F.
Trnnult Act uiidor
u|ili>il<1liiK
prmiiulKu''
rn'iirl' l|inl
.Ml«
diwUldn
nf ltrr-ii--i
(llM)r^:<>
iiiid .loliri
iw .Sccnilury, siiy in
•'iiiiivira
I'liin
of
<'(»nHiHlini;
Roy T. MurkiwMs
I.<
a
whom dm
m-
THE CHRONICLE
30^
nicipal operation as well as inunicii)al ownership.
(V. 113, p. 1541, 1646.
Street Railway Traffic (Indicated by
in
The Mayor made no
rosponse to oiir Invitation to appear and give his
views, and Comptroller Craig sent a lott«r criticizOiig the plan.
Rapid Transit. The City of Now York has already invested nearly
$300,000,000 in subway construction. It has issued bonds or other obligations for this purpose to the amount of $267,500,000 and has contributed
out of tax money about .$27,500,000— a total of $295,000,000. This includes the expenditure for the first subway as well as the Dual System, and
also includes the cost of real estate purchased for rapid transit construction.
Cost of Rapid Transit Construction to Dec. 31 1921, under Contracts 1 to 4.
—
-Cosl to CityPrior to 1921.
-Cost to
1921
Original contracts,
Nos. 1 and 2
$387,458
1921.
Companv
Total.
Prior /o 1921. City
$59,280,392
-x$35,973,890229,545,000 $7,400,000 8212,369,000
Contr'tsNos..3&4 6.000,000
&
Cos.
§95,641,740
455,314,000
Total
86,387,458 $288,825,392
$550,955,740
-xS255,742,890X In case of the original contracts Nos. 1 and 2, the cost to the company
(Interborough R. T.) is reported only to June 30 1921, and embraces only
the equipment, the city meeting all cost of construction.
Proponed Rapid Transit Lines. In the judgment of the Commission, at
least $50,000,000 of new snibway work should be placed under contract
for the next five yeai's, after the readjustment of the present contract situation so as to release a large amount of bonds issued in the past for subway construction from the operation of the debt limit restriction.
The Transit Commission awarded rapid transit contracts to the amount
of $4,710,428, all of which were duly transmitted to the Board of Estimate and Apportionment for appropriations. Five contracts amounting
to $255,240, had received the approval of the Board of Estimate to Dec. 31
—
192lT
—
Extension of Qiieetisboro Subway. The, most important contract awarded
by the Transit Commission was for the construction of the extension of the
Queensboro Subway from the Grand Central Station westward through
42d St., Br.vant Park and 41st St. to Eighth Ave., -with a transfer connection to the West Side Subway operated by the Interborough Rapid Transit
Co. This contract was awarded to the lowest bidder for .$3,867,138.
This contract was submitted to the Board of Estimate and Apportionment
on Nov. 22 1921, with request for the necessary appropriation. Up to
the close of the year no action on it had been taken by that Board.
Flushing Extension. One of the first acts of the Transit Commission was
to decide u))ou the immediate construction of an extension of the Corona
branch of the Queensboro Subway from its present terminus at Alburtis
Ave. across the Flushing Creek and as far as Main St., Flushing. The
Govei-nment engineers refu.sed to sanction a fixed bridge across Flushing
Creek and we are now studying a type of drawbridge
The only other alternative is a tunnel, which would add $2,500,000 to the cost of the exten-
—
.
It is estimated that the extension itself, including a bridge, will cost
sion.
$3,875,000.
Multiple Unit Door Control Device. Under the old system there was a
guard betwtHsu e;ich t7«'o cars. With the door control machinery, it is possible
for one or two men to control an entire train. The Interboro. Rapid Transit Co. obtained permission to equip 982 subway cars with this device.
The Public Service Commission, however, did not approve of cutting down
the number of trainmen to the minimum favored by the company, which
was that one guard should operate four or more cars. The installation
has already cost about $2,000,000, but the Tran.sit Commission has not
yet given entire approval to this method of operation, though it has met
—
with
fair success.
—
Passimelers or Turnstiles. The.se turnstil&s take the place of the ticket
"choppers." The entire cost of the installation for the five hundred turnstiles will bo about $250,000, and is to be borne by the company.
At the
end of the year the company had installed about 300 of these turnstiles and
their operation is being watched very carefully, especially at the stations of
heavy
traffic.
—
Transportation Statistics. At June 30 1921 there were under the jurisdiction of the Transit Commission 71 common carriers, of which 58 were
street and electric railways, 11 steam railroads and two stage coach corporations
The combined capitalization of all companies, that is, the capital stock
and bonds at par value, plus certain certificates of indebtedness, &c., was
excluding duplications, the net capitalization was
$1,333,972,116, or
$1 ,280,622,177, which was an increase over the year 1920 of about ,$59,000 000, largely due to the opening of new lines constructed by the City of New
York under the Dual System contracts. It is interesting to note that the
total capitalization of the several companies is nearly double the total in
1907, the year in which the Public Service Commissions were created.
Number and Capitalization of Corporations Reporting to Transit Commission.
,
Number.
Rapidtransitrailwayownedby City of New York... ..
Street and electric railroiUis
x58
Steam ralh-oads
11
2
$261,597,725
922,523,409
149,795,182
55,800
71
$1,-333,972, 116
Stage-coach corporations
All
common
cajriers
*Capitalizaticm.
71
Same, exclusing duplications
$1,280,622,177
carriers as of June 30 1921 with exception of steam railroads,
which are as of Deo. 31 1920.
X Includes four companies that discontinued operation during fiscal year
1920, and City of New York, as operator of Staten Island Midland Line.
The total increase of traffic on the street railroads for
Traffic Increases.
the fiscal year ended June 30 1921 was 126,321,809. The traffic upon the
Transit Co.'s subway and elevated lines increased
Rapid
Interborough
58,545,721, and that of the New York Consolidated RR. Co. (B. R. T.)
28,188 005, mjjJfing a total rapid transit increa.se of 90,090,535 over the
previous year, an increase of 6..33%. The largest single increase was that
on the subway division of the Interborough company, which was 53.287,147.
Due principally to a large increase in traveling on the lines of the Third
Avenue Ry. System, the Boroughs of Manhattan and the Bronx made
the largest gain in the number of passengers carrietl upon the street surface
In Brooklyn, however, the surface lines as a whole showed a delines.
crease of 14,829,624 passengers, or a faUing off of 3.43%.
This decrea.se occurred entirely upon the lines of the Nassau Electric
RR. Co., which showed a loss of nearly 29,000,000. Other surface lines in
Brooklyn gained more than 14,000,000. The heavy Io.ss of the Nas.sau
EhxAric Co. was due mainly to the operation of the new Brooklyn line of
the Interborough Rapid Transit Co. and to the discontinuance of operation
on a number of routes, the elimination of tran.sfer privileges, and cessation
*
Common
,
—
[Vol. 114.
New
In
Thoiisonrlf.
Year
1800
1870
1880
1890
1900
1910
Number of Cash Fares in Thousands)
with Partial Distribution by Boroughs.
—Street Surface Railways
x Total
Stxhmaga
No.
Manhat.
Bronx
Brooklyn Snrjacs
tncS
Orand
Per
-iorls City, 1860-1921,
—
Boro.
—
Boro.
38,455
114,101
148,615
215,296
1,038
1,775
3,394
21,364
50,524
62,777
67,837
74,702
360,002
371,165
382,046
Boro.
Lines.
12,374
37,203
77,928
109,288
204,106
289.308
50,830
152,463
229,585
331,243
603,788
763,140
805,620
Blevated.
60,831
237,906
242,564
768,122
798,281
837,374
868.433
896.999
888,880
954.143
1,058,646
1,105.514
1,204,266
1,424,166
1,514,257
50,830
152,463
290,417
Cap.
43
103
152
.569,149
218
Total.
846,353 246
1,531,262 321
1911
:j05,977
1,603,901 330
1912
395,2:58
322,321 843,-5.39
1,680.913 340
1913
419,722
345,987 901,443
1,769,876 352
1914
420,662
79,6.52
351,905 916,205
1,813,204 366
1915
415,551
81, .502
354,700 918,752
1,807,632 348
1916
427,373
84,535 363.630 944,591
1,898,735 360
1917
349,788
71,153 373.079 860,165
1,918,812 358
1918
371,136
79,917 360,207 869,997
1,975,511 362
1919
370,084
80,806 362,105 875,678
2,079,944 376
1920
.349,772
94,141 432,936 941,420
2,365,587 421
1921
384,128 107,675 418,106 977,652
2,491,909 437
X This total includes also the surface lines In Queens (additional to those of B.R.T.
Co.), and also in Richmond. The traffic In Queens increased from 1,052,000 In
1880 to 11,441,000 in 1900. and 51,944.000 in 1921. That In Richmond from 121,000
hi 1870 to 14,312,000 in 1915 and 15,797.000 in 1921.
Revenue from Operation. While the traffic showed a slight increase as
above noted, the financial condition of the companies did not improve during the year.
In fact, there was a lai-ge increase in the deficit. This
deficit for the year ended June 30 1920 was $10,725,522, while for the year
—
ended June 30 1921
it was $16,835,756.
[Compai-e revenues, charges, &c.,
per passenger for each company in year 1920-21 in V. 113, p. 2816. Ed.]
The following table shows the financial results of street railway operation
for each fiscal year from 1908 to 1921 inclusive:
Results of Operation of Street Ry. Companies, N. Y. City, Year end. June .10.
—
[Showinf? balance
.after Interest, rents and other fixed eharges.!
Operating
Maintenance
Taxes.
Operating Net Corporate
FUcal Year.
Revenue.
& Operation. Tolls. &c.
Income (a) Income (ft).
1907-08.
-$69,026,612 $40,129,956
.$4,330,227 $24,566,429
$2,665,764
1908-09
72,432,715
41,606.428
4,982,677
25,843.609
6,386,037
1909-10
79,593,910
43,586,932
5,148,324
30,838,654
9,559,816
1910-11
83,751,415
45,993,964
5,495,881
32,261,570
10,171,074
1911-12
88,242,144
47,667,562
5,803.790
34,770,792
12,073,641
1912-13
92,141,605
48,675,647
6,095,.52O
37.370,438
12,229,271
1913-14
94,155,52!
50,117,712
5,895,935
38,141,874
11,849,985
1914-15
93,644,428
50,324,095
5,811,290
37,509,043
11,501,157
1915-16
98,628,185
52,038,312
6,238,461
40,351,412
12,352,438
1916-17
100, 185,796
55,960,722
7,185,113
37,039,961
9,457,886
1917-18
103,499,463
60.699,402
8,232.851
34,567,210
5,266,496
1918-19
110,198,575
75,985,007
7,907,358
26,306.218 10S!98,556,408
1919-20
127,880,161
96,059,603
7,353,757
24,466,80 Iloasl0,72.5,o22
1920-21 (c)
136,805,025 107,232,966
22,064,216k)iBl6,835,756
7,507,843
n Excess of revenue over expenses and taxes
6 Balance alter Interest, rents and
other fixed charges, c Provisional.- V. 113, p. 2816.
British-American Tobacco Co., Ltd.
(Report for Fiscal Year ending Sept. 30 1921.)
Tho dii'ectors at Loudon, Dec. 30, report iu substan(:;e:
The following interim dividends have been paid on the Ordinary shares,
viz., 4% on Jan. 10 1921, 4% on March 31 1921, 4% on June .30 1921, and
4'-; on Sept 30 1921, and there is now an available balance of £3,171,454,
made up
as follows:
profits for the year, after deducting all charges and expensas
for management, &c ,.and providing for income tax and ooi^
poration profits tax are
£4,323,481
Deduct Preference dividend for the year of
226,000
Net
—
6%
Balance
Amount brought forward per
*4.098,t81
balance sheet, £3,076,869, Ijese
final div. of 9% for year ended Sept. 30 1920, paid Jan. 10
1921, £1,440,406, and less also £2.263 applied in payment In
full for 2.263 Ordinary shares [distributed as dividend with
other ordinary shares (V. 112, p. 159), per resolution ctf
May 10 19201, balance brought forward
la.st
Total available
Deduct Four interim dividends on Ordinary shares
1,634,200
£5,732,681
2,561,227
—
I^oaving available balance of
£3,171,454
out of which the directors recommend the distribution, on Jan. 18 next,
of a final dividend (free of British income tax) on the Ordinary shares of"
8',.;,. amounting to £1,281.266 6s
."kI
leaving £1,890,187 16s. 4d to be
caiTied forward
The net profits above mentioned do not include the company's proportion
of the undivided profits of the associated tympanies which thoy have not
thought fit to declare as dividends
[The report is signed on behalf of the board by H Ciinllffe-Owen ;ind
Rickards. Socroatar.v J
A fi .leffress, directors, and A
.
M
IXCOME ACCOUNT YEARS ENDINa SEPTEMBER
30
1918-19
1919-20
1917-18.
1920-21
Net profits after chges.x. £1,323,481 £4,879.117 £3,776,508 £8.140,174
225,000
225,000
226,000
225,000
Preferred dividends (5%)
(24%)y3,842,493(30)3745,492(30)2156.773(30)1876,296
Ordinary div
£255,988
.1,636,463
£908,625
4,400.312
£1.394,7.35
3,005,578
£1,038,879
2,526,700
£1,892,451
Total
£2.263
Stock dividend (25%).--
£5,308,937
£3.197,096
175,438
£4,400.313
£3,565..579
Balance, surplus
Previous .siu-plus.
do in SS stoclJ (text) _
Estimated excess profits
duty to Sept 1917
.'569,000
,
of operation of certain linos during a prolonged strike period.
The Borough of the Bronx (Third Ave. Ry. Sy.stem) showed an increase
of 13,533,516 piussengers, or 14.38%. This was the largest percentage of
increase reported by any single system.
Street Railway Traffic in New Yorlc City, 1919-1921- Number of Revenue
Passengers (Cash Fares).
-Fiscal Year ending June 301920.
1921.
1919.
Subway &. El.
Increase of
1921 over 1920.
Mumber.
Assets
461,147,058
348,188,600
--
Elevated
B. R. T.. elevated
586,098,633
369,034,477
639,385,780
374,293,051
53,287,147
5,258,574
9.09
1.42
305,021,402
andaubway
Hudson and Man-
376,782,635
404,970,640
28,188,005
7.48
86,050,815
02,250,836
95,607,645
3,3.56,809
3.64
1,200,407.875 1,424,166,581 1,514,257,116
90,090,535
6.33
hattan tubes...
Total
Street Surface! Lines In:
Boro.of Manhat-.
Boro. of The Bronx
Boro.ofBroolilyn.
Boro.of Queens (a)
More, of Richmond
Total ...
Grand
384,128,024
107,675.507
370,084,711
80,806,261
365,963,677
46,723,575
15,958,198
349,772,761
94,141,991
432,936,227
49.562,574
15,007,235
34,355,263 9.82
13,533,516 14.38
418,106,()03 dl4,829,624 d3.43
51,044,034
2,.381,460 4.80
15,797,894
790,659 5.27
879,536,422
941,420,788
977,652,062
36,231,274
3.85
total.. 2,079,944.297 2.305,587,369 2,491,909.178 126,321,809
5.34
Poimlatlon (ft)
5,620.048
5,705,364
5,534,727
Fares per capita
421
437
376
a ExclualvG of Broolvlyn Rapid Transit.
6 Estimated for 1919 and 1921 on basis of one-tenth of decennial Increase, 853,10,"
d The prefix "d" Indicates decrease.
and
loss, siu-phis.
BALANCE SHEET SEPTEMBER
%
Lines:
Interborough
Subway
£1,890, 188 £1,636,463 £4,400,313 £3,005,679
X After deducting in 1920-21 "all charges and expenses for management.
"
&c., and providing for income lax and corporation profits tax
y The dividends on the ordinary shares in 1920-21 include the four Intta-im
distributions, viz., Jan. 10 1921. 4'r„, March 31, 4%, June SO. 4%, and
Sept. .30. AVc calling for £2. .561 .227. also the final 8% dlridend (free of
British income tax) recommended payabli; Jan. 18 1922 (£1,281,266).
making 24' r_
Profit
—
Real est. & bldg. .
Plant, mach., &c.
tradeGood-will,
marks, &c
475,932
200,000
.505,115 Res. forbldgs.,&c.
1920.
£
£
a.550,950
bal., loss re3ervo.*2, 108,141
2,520,980
;
I
Inv. iu assoc. cos. 16,340,583 11,3,56,1.32
4,958
Other Investments.
Loans, associated
companies, &c.. 5,547,886
Materials & supp- 6,873,065
Debtors and debit
Cash
30.
1921
1920.
Liabilities—
£
£
.541,986 Preferred stock... b4,50e,000 4,500,000
419,501 Ordhiary stock.. cl6,ei5,645 16,002,523
1921.
Cred.&cred.bals- 6,239,843
489,738
Prcm.onord.sh's.
401,039
607,923 Redomp. of coup's.
Special reserve
60,545
1,264,231
1,500,000
7,194,958 General reser\'0_ . 7,021,185 Profit and loss bededucting
fore
final dividend-- 3,171,464
2,531,177
2,856,119
6,678,939
630,164
391,039
55,834
1,198,727
1,500,000
3,076,869
TotAl
33,622,496 33,034,095
33,622,495 33,034,095
a Real estate and buildings
Includes assets in former enemy countries
b l*referred stock
at cost, less provision for amortization of leaseholds,
authorized and outstanding. 4.500.000 5% Cumulative shares of £1 each,
The total
c ()rdin;>r.v stoclc represents 16,015,t)45 shares of £1 each.
authorized issue is £18.000, 000
^„ oo^ for
paid.
shares
fully
£.50,236.
lial)ilitie.'<.
on
not
Then- are contingent
premiums payable on redemption of shares in associated companies allocated
to employees, also in re-spect of guarantees given on behalf of certain associated companies, and to issue 1 ,147 Ordinary shares of £1 each in accordance
with the extraordimir.v resolution of May 10 1920, to shareholdors wliohn ve
-V 1 1 i> 83
not lodged :iccf'ptances
Total
*
,.,..,
1
.
.<
THE CHRONICLE
Jan. 21 1922.]
Armour & Company &
BALANCE SHEET NOV.
Companies
Allied
(Report jar Fiscal Year
ndcd Oct. 29 1921.)
l^resident J. Ogden Armour, under date Jan. 1<S 1922,
reports in substance:
General.
The year just passed was the most disastrous in our business
.issas —
,
—
the packing industry in geaeral. The post-w-ar readjustment was one of tailing prices affecting all our products. Never before
was our utter helplessness in the matter of affecting prices better illustrated.
A business such as ours must of necessity carrj' many millions of pounds
of product in process of cure.
Price declines, therefore, mean losses not
only in sales but in inventory values as well. The extent of these lo.sses
can be visualized in the fluctuation in the price of live hogs which fell from
a 14-cent level at the beginning of the year to a 7-cent level at the end.
The loss thus occasioned made profitable operations impossible, though otu"
principal losses for the year were inciured in fields of enterprise other than
our meat lines.
Our business has long since ceased to be one merely of meat packing. In
order to distribute risks and to lessen the possibility of loss, we have engaged
in the further processing of various of our by-products and of cotton oil
products, &c.
Whereas in normal times this distribution of risk is a safeguard, last year it increased our losses because after-war liquidation was more
severe in most of these lines than it was in our main business.
For instance.
the Armour Fertilizer Works, the third largest concern in the industry and
ordinarily a consistent profit-maker, suffered in common with the whole
historj- as well as in
C.<ish In hand
Timber lands
Total
in
T.252,395 6.730,7171
c After deducting reserve to provide for e.xpiration,
S162.265.
S231.526. d Common stock represents 145.000 shares of no par value,
e Preferred stock, authorized and i.s.sued, 2,750 shares of .$100 par value,
or S27.5.000.— V. 113. p. 2823.
{Report for Fiscal
.
.?32..500)
Pansion fund
income
not
8.117..3W
208.000
26.12h.610
2.286.986
1.203..563
7.178.224
212.000
14.098. .506
69..36«.79»
15.247.8.37
,56.126.680
27,186.124
2.243.83.5
2,.518.39«
/
for year
31.709.818
•.5.319.97.5
l*r«vlouj* surpluM.
80,711.49'»
VJ.479.1H.3
to 8uri>lus
(nee text)
Com.
(2%)
div.
29 1920
Prt!fi«T«d div.
Ramingn and
.Surplus
yi«ir
8.3.46.5.30.5
71.374..517
2.000.00O
3.&4«.979
2.0<X).000
3.087.664
2.000.000
98H.123
2.000 .(XX)
7,718
Brompton Pulp & Paper Company,
63.464.697
80.711.49-t
KO. 479. 183
69.3ft<1.79W
th<-
loMMM In the Cnitivl
OAI^NCH
1B21.
foreign cnnntwtion!*
'*r
trust,
.
i<t«r»i
»
.?
"A"
M\,ti'i'/iHtO
'
^
le»<«M
HO
2.-.
Total..
—V.
]
»',
"Id
i
,-
.
ii
li«M Mir
(Ml.fMMl ll(N)
lt'>
liil'tl
.
11.41)4
I,
•
ll.'lllllKf,
»M,t/lT
m
iia. p. •jua. 1677.
H'lOTiJirr Ftsnil
>
.
-»,
ISrOMK AfCfUiST Fun
fl
XiH >«irnln««
1
I**'.'
1919 20
Mil"
«I VH».27«
.
<
ii
1-
*l
.-ti'.
7.5
Au«
'1
||«(
.
rf>r>'«|i
ll<'«
(or
,1
I/.
»rp
H.
(7pI I'l.lMHl
i7il 10 (WMI
(.5I3.50.(WHI
(5)3.50.000
$113,010
$A75.KH«t
%.m:.\<\
$287,276
s)i
ire
|> ilil
In
1
1
l'*eli
DIvldeiiilH pi Id
III
r,.-^
Mt.'l iiiel *l
.\enr l<iM»-2i|
II,
la,
Amu.
IH
vi2i.imi
lYopMI),
t
.
kw
pfw-lnlK*.
:i«i.(itMi
Kllnillla
.
.Il,0()l,h2^
T
.
1
U-, .u
'
•
'.
liafiii
IHin
sliin.
b.°I.Ui:i.(MMI
i.irjri.TNi
i.H'ifi.aA.i
Irl'liil
Kl.lNNI
'.
'
M/ii.«i7<»
Tot
•^«i2.7IA
rnc
oi'i
IvmI
I
3.n(Ni,n<Hi
7,IIIIII.(MNI
y.|ii:i,fKKi
I,a4l.'jh7
•ift.mx)
Vl .(MKI
I
I
»,ViM,|7/i
I</kjl
In
1
nn.iiit
Ac
tIMCtlM.
|i.iti|
l«20.
lll'JI
i.iKin.iioo
7,fNin.lMMI
(Ip.
Imjms.
11
I0.«4.1.7no I4,407.iwt7l
...,
rv>i.
»ti.»-lc
ire
nid 7l),INMI
31
Iti2n
\
Ki fl«ft.70«l
'liitnl
itfw ali.ir<^ of IMt |>»r
'ii(<-iil
I
llnliliiiiini
.1
I
lnrlud<<«
Mlice.
(ii<n
>•',.
Ml
tlllNn*<'el«iilil<- ll>i<l<-r (liio'Oillll
Ml i.'iWI
M,4ft7.«fl7
b
l'ii'»
•
Itrji (In
sli
tlie
(
"
mini-
pf
<..i
Here ;iH fiillnHx \'i", c.tch. Ki'li 7 nnd
IIHOIMI liiireo
I(I2(». on the new no p ir \ jillle nIocIi
i«li;ire p ild
Nov h 1920
$1011.
ii>Ih
mv,
INH.SHO
S7.I20
10.0011
'7
ill. I'l.'ti.ln
R<K.
I
s2.i.5ri
HAi..\\cE .SHE 1:1 i)cinnh:H
|l.V..„l,.>,
i'l<
I37,.5K((
bt)l|.5,ll.')0
15.5,00(1
'
1021
'wh
.
1917-18
^l (MIN.itlH
IKK.IlMt
SI. 051. 275
235.122
.M).
I1II7
V.ll
7
pi'r
31
Mils 19
1
.'{.h.5.0()0
,
pel
b
1921.;
1
'
'i
-iiM-lc. iiir
7.5
.'{(»
lr»lAfl4'a>
'II
7
MiirpliiN
T
Co., Chicago.
KNIUNII NOV.
1a;,»«.s
•
*< '(fniinon
Pn-fllTTKl
.
(HI
1«.S E.\l>l.\ti
244.000
200.771
...
\ „'
,rul,„y
YE
.\T
Ml 9-20
$I.K53..5S9
.Mil
Creamery Packai^e Manufacturing
the future
Ix.iued in
1920cxpenMiB. .$1.097.7K|
Kiirnlngs .ifier
Depr.ejiiilon
llond mil re«t
I'referreil illtidends
< 'iMiimnn dl\ liletids
.>0,<*0(I.IHNI
I
IVoIll
be
COME UCOl
I
J,M
!-,•.
imt.:..j,.i-.
..
may
Ntntcmfnl
1)
I
p 20H(ij
|2.
|
tli.ii (he Msciil ye.irs of the wveral enmpiuieN should be
to eolnelde in order Ihiil a ei>n.solldali<<l liilanre hIiim-I .lud priiflt and
I. \
lUii
'KIT)
.
Is proiM>s<-<l
i'KI
:
V
now stands \
.VI.fNMI INK)
•
ii
.
company
for the
It
<NMi
IKKI
<'miib
financial
sum
It
Mt
A«T>
30 1921, n-porta
Wny
and not
i.tHt<.*m)-iir
r,.7IM.»H7
.
Uw.
substaneM
made
•tumt
r
!'
Oci. 31 1921.)
down
1020.
I2.'i.(«0.ft«)
Ltd.
Till- din-i tors diemcd it uisi- to write
the invi'ntory to pri'wnt-day
prici-s, .ind h.ivc. tliiTcrore. Hrillcii off siirne thiof *'.) 1 1 ,",16.5. iigiiln.st
profit .ind loss ai-i-ouiit
In
last the issue of $2. .500. 000 X'; Coiiv Ninkiiig fluid bonds wius
ni:ide to ri'Imbiirsi- (he
in part for the .-tninniit spent on phinl .-ind
pronrrty
lmprri\ement in .sales and in the compiiiiv's rnrrenl financial
no.Hillon permitted tin- restrietlon of this Issue to *! ,7.5i)'.()()(l :it whiili figure
\.
UaoUUUtAc
1,937.965
stiit<-iiiciit shows earnings, iiltcr ;ill oxpoiiM-h and taxes, of
Deducting (lej>r«<-iatioM. $211. (MIO. bund inn-rest. $200,774.
nrcf (livs
$1.5.5.000. and common divs
$;1K.5.II()0. le.-kvi-M
balanci' of
$li:<.Olli i-arried forward to credit of profit and lo-vs ac<-uunt
Fixed ;i-s<-ts h;ive liicrra.si-d hy over $2.000.l)r)<l
.SUtteH.
HllF.KT SOVEMIiF.R
l«MJ. bulklltMi.
aarb'jr.
Anmial Report— Year ended
(5//!
I'nsidcnt F. X. .McCn-a. Montreal
,
rennrves accumiilauxl by
\'i\9-Jl) to orfM-t
2.042.560
88,095,999 $8,707.6261
Total
J8,096.999 $8,757,526
a .\fter de<lucting S67.389 allowance for discounts on castomcrs' notes.
b .\ft<T dwlucting S4.425 for nvscrve. c This amount is after deducting
depreciation. $.504,339.
d -Vuthorized issue of Prof. .sU>cK. 3110,000.000;
unissued. $7.000,f)00; outstanding, .$2,8.50,(KK); acquired for sinklnir fund.
held in treiasury, $150,000.—rV. 112, p. 167.
The
8.5.790.1.58
pmvtouM annual report^ were brought into thn
iacixnUsi in
31.
$I.097.7M
60.001 .676
(7%)
142.9,52
248
210.000
Total
20.000.000
ftaUnce. Mirptuo
$14,448
86.791
11,770
2,425
M
in
to D«c.
_-.
1919-20.
—
aooount
Total HurphM
31.
[Including Erie Silk Mills and Pussi/ Wilhtr Co.. Inc.)
Assets—
Oa. 31'21. Oct. 30'20.
Ltni>UUics
Oct. 3r21. Oa. 30'20.
Real estate equipPref. stock 7%..d*2.S.50,000 Si.OOO.OOO
ment. &r
C$3,262. 57B »2.616,410 Com. stk. (nopar>.
Caiili..
727,387
751,961
(declared value)
Notes receivable. .al,269.388 1,619.290
200,000 shares. _
500.000
500.000
Inventories at cost
Notes paj'able
1,790,000 2.440.000
or market
2,447.727 3,4.34,502 .Acc'ts pay. (trade)
562.506
361,763
Arc'ts receivable.
1.55.366
137.129
do
(other)
255,742
138.017
Securities (cost).. bll3.900
91.092 Acer. payrollH, &c
62,702
55.203
iscellaneous d«p
1.343 Bond & mortgage.
86,500
Insur., sur. value.
18.028
13,923 Res. for dis. collect
Empl'ees' notes. Ac.
51.335
29.776
Fed. taxes, est.
32.600
32.000
Deferred chargca.
50.293
62,100 Bal.Ked. t!i-\. 1919
206,088
Keappralaal of plant ad-
ded
brief:
S133.607 .$135,097
CONSOLIDATED BALANCE SHEET OCT.
.
Item..;
Year ending Oct. 31 1921.)
New York, Jan. 6, wrote in
.30
r<'ported.
York.
Bal., surplus, before Fed. taxes (reserve year 1920-'21
1920 Nor. 1 1919 .Voe. 2 1918
$
$
S
600.000.000 000.000,000 10.38000.000 861.000000
Threse
H. R. Mallinson,
Pres.
New
Co., Inc.,
.
oper erps. taxes dep
.
&
H. R. Mallinson
Total incomeSl.935.469 .$2,369.7.50 Interest
Oper. expenses 1.424.172 1,766.019 Lo.ss on sale .secur^
Other deductions
3.7
Xot earns. .$511,297
$603,731 Preferred dividds 204,750
$
Sic., and res.Ped.tax.
Interest on bonds
Interest on debens
Interest on curr. loans.
7,252.395 6.730.717
(hicludihg Erie Silk Mills and Piissij Willmr' Co.. Inc.)
1920-21.
1919-20.
1920-21.
Sales
SI, 883. 613 S2. 276. 047 Bad debts
S16..'U0
Other income.
51.856
93.703 Depreciation
112.187
Taxes rnot Federal) 40.719
INCOME AND SURPLUS ACCOUNT FOR FISCAL YEAR.
Gru-wt 8ak«.
Inc. from manufacture!
ft sales, oth. Inc. a/t«r
Total
COXSOLID.iTED INCOME .XCCOT'.XT FOR YEARS ENDING OCT.
.
29 1921 Oct.
178.345 Surplus
500,000
500.000
32,187 Undivided profioi.. .2,484.317 2,003,826
23.683
This in conjunction with the more favorable prospects of an increased
volume in sales is the basis for the belief that the yeiir 1922 should prove
to he more successful than the last two years.
—
Oct.
?
ago.
—
—
1920.
%
—
—
Years eruHng
1921.
LiaMlitUx^
The net profit for the year, after interest. depre<-iation and other deductions, but before estimated Fedei-al taxes (estimated for 1920-21 at S32..500.
for which amoimt a reserve has been .set up in the bal.nnce slieet. and'also
before the Fref. dividend paj-ment.
Ed. J. amounted to .«^338.3.57, which
compares with .$345,097 for the preceding fiscal vear. The fiscal year
just Closed was a difficult one in the silk goods business, owing to the adjustment in general trade.
There was acquired during the year S150.000 of the 7 "^^ Cumulative Pref.
stock for the purpose of the sinking fund, leaving outstanding S2, 8.50. 000.
Otu- manufacturing facilities and general position are better than a vear
There
product prices and exchange rates with unexpectedly heavy declines and ofttimes transactions which promised profits
tiirned into losses when settlemenus were effected.
Early in the year the situation in the leather business was such that
tanneries refused to buy hides at any price and to move them we were
Bwced to take the tanning risks our.selves and let the hides be taimed and
the leather sold for our account. Big losses resulted.
It was thus with practically even,- enterprise in which we are engaged
and that we successfully withstood the business blows of the year is the
beet indication of the safety and stabiUty and ultimate profit-earning power
of Armour & Co.
Results.—Our volume of busines last year totaled -5600,000,000. a substantial reduction from the year before but one which chiefly reflects lower
prices because our tonnage decrease was less than 7%.
Despite the year's
loss, which totaled $31,709,817, our accumulated surplus made it possible
to continue payment or regular quarterly dividends at the rate of i% per
annum on our Preferred stock a total of $3, .546, 979, having thus been aisbttrsed.
Our surplus of $63,000,000 assures continuance of Preferred divs.
On Dec. 29 1920 we declared and later paid a di%-idend of .$2,000,000
on the common stock (this being the dividend charged against surplus account in the vear 1920-21.— Ed.), but conditions at this time do not warrant
further dividends on the common stock.
Reappraisal
The balance sheet shows an increase of approximately
523.000.000 in fixed it,ss©ts. $20,000,000 of which is attributable to an ai>praisal of a portion of our buildings and machinery ac<iuired when costs
were eitrenaeiy low. The appraisal, made by outsiae appraisal companies.
brings tbene values In line with levels prevaJling Nov. 1 1917. and which
are substantially lower than present-day replacement costs. The increase
In ^alue resulting from this appraisal wa*; credited to surplus with the
approval of Price, Waterfaouse A: Co., public accountants.
Outlook. With looaes completely written off and with inventories at
correct market values, there is every reason for looking forward to better
tines. Our raw material prices and our finished product prices are at prewar levels. Further liquidation is unwarranted and hardly probable.
ITwjreas has been made in adjusting op<-ratinK costs to normal levels.
Wages which 0(M«titute the biggest factor in this field have been reduced
a^proximateiy 2.5%
This came too lat<i to noticeably affect the past yi-ar's
fSturee, but should prove beneficial this year.
There s<.*ms to J>e no
serioas bar to the prriTitable operation of our business during the coming
year.
I firmly beUeve tliat ear oast annual statement will .show satis&ictor>'
Fiir
9
tracts.
limit prescribed.
much money.
$
30.
a Includes in 1921. land, buildings and their equipment, SI, 226, 456;
power plants and their equipment, manufacturing machinery and minor
equipment. .§712.195; patterns and transportation equipment. $92,004;
furniture and fixtures, S65,414; railroad equipment, S41,053; le.ss reserve
to provide for depreciation. $330,981.
b Accoimts receivable, $1,132,789:
le.ss reserve to provide for discounts, doubtful items and refrigeration con-
industry and lost -58. 2.50. 000.
fruit and vegetable business lost heavily.
Our agreement
with the Government to discontinue these lines compelled us to take not
merely the market losses on these products, severe as they were, but additional losses resulting from forced sales in order to liquidate within the time
unsettled conditions In Europe likewise cost us
1920.
793.117
93.599
27.545
60.000
Unexpired insurance.
Prepaid rent
The caimed
The
1921.
Rcalest..inach.,cfcc.al,806.141 2,054,00.5 Common stock
d3.S62..580 3.000.000
Patent,s...
c,5.=)5.662
601,967 Preferred stock. b%. e275.U0O
275,000
Inventories
1.7.3;. 430 2,317,943 Bills payable
241,197
.Aocts. and bills roc. bl. 424. 896 1,468,530 Accounts payable. -.
1&3.312
253.040
Misc. investments- _ 764,00.5
4,0.57 Reserve for taxes, &e. 267,367
457.654
fertilizer
were wide fluctuations
303
.
$2'«l,933
THE CHKONICLE
304
GENERAL INVESTMENT NEWS.
[Vol. 114.
union executives, p. 162.
(c) Further railroad equipment trust obligations
by U. S. Government, p 162
(d) Riiiroids ordered to equip congested lines with automatic train control all ininortant companies included.
p. 162
(e) Railroad lines constructed and abandoned and equipment purchased
in the "Worst Railway Year in History," p Ki.J
(f) Official sunimar.v of
Penn.syh-ania RR s appeal to court to determine jurisdiction of Labor
Board in shop cr,.tt ruling, p 164. (g) Interlocking directors, &c. some
may serve temporarily resignations, p 165.
.sold
RAILROADS, INCLUDING ELECTRIC ROADS.
—
General Railroad and Electric Railways News. The
following table summarizes recent railroad and electric railway news of a more or less general character, full details
concerning which are commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
Arpummts in Reading Dissolution Case Begun in U. S. Supreme Court.
"Wall Street Journal" Jan 19.
—
—
—
—
—
Atlantic Coast Line RR. Equip. Notes Sold. Salomon
& Hutzler and Kidder, Peabody & Co. announce that
they have sold .$1,701,300 6% equipment gold notes, maturing $425,300 each Jan. 1.5 1925 to 1928 inclusive, on a
basis.— V. 113, p. 2503, 1469.
Birmingham & Northwestern Ry. Refunding.
Bros.
— 5M%
—
Regional Labor Adjustment Boards
Secretary IToover's propofnl of
regional bodies to assist Railway Tyabor Board well received by railroad
executives, further conference to be held in Chicago to-day (Jan. 21)
"Times" Jan. 18, p 21 (two items). Jan. 17, p. 23, Jan. 16. p 20. "Boston
N. B " .Ian. 18. p 6
—
Canadian Rail Wage Cut Accepted
Representatives of 140,000 Canadian
railmen have finally accepted the protested \2Vi% wage cut introduced on
all Canadian railways last July
"Wall Sf Journal" Jan IS.
National Coal Association Official Insists that Nationwide Cut Should
Be Made in Freight Rate on Coal
Before the I -S C Commission Jan 19.
which includes about
J. D. A. Morrow, Vice-Pres. of National Coil Assn
2,000 operators producing 60% of the bituminous coal output of the country, .said: "AVhile we sincerely desire the financial posilion of the railways
to be pre.served, we feel that substantial reductions in bituminous coal
freight rates are a prerequisite to business revival of the United States
The average freight rate on coal of .S2 25 is in excess of the sales price at the
[nines "
"Times" Jan. 20, p 17
Valuation Hearings
The Commerce Commission heard arguments at
Washington on Jan 4, ,5 and 6 in the valuation cases of the Kansas City
Southern and the San Pedro Los Angeles & Salt Lake, involving the proHearing
tests against the final value and tentative valuation, respectively.
in case of Elgin Joliet & Eastern was begun on Jan 9
-"Ry. Ago" Jan. 11,
—
,
—
—
p. 195.
—
U. S. Senator Harris's Bill Requires Exclusive Use of Steel Cars in Railroad
" Jan. 19
Passenger Service
"Fin
Eric RR. Contracts for Afainlenance Work, Freight Handling at Cleveland,
Akron, <^t
"Phila N B " Jan 14. "Wall St Jour " Jan. 13.
Indiana Harbor Bell of N. Y. Central Syst"7n Leases Shops to Outsiders.
The lessees, the United Boiler Pleating & Foundry Co Hammond, Ind
"Wall St. .Jour." Jan. 17,
are soliciting contracts with other railroads.
p. 9
Railroads' Pro
D. L. & W.. Lehigh Valley and Erie Workers Reject Cut
posals met by counter requests for advances. "Times" Jan. 9, p. 18,
Jan. 17, p 23
Asserts Rate Cuts Would Trammel the Roads.
J. J. Hanauer, of Kuhn,
Loeb & Co testifies before I -S.
Commission 6% guarantee needed.
Am
—
—
—
.
,
—
C
,
••Times" Jan
p 36
19.
Demand
—
—
Cummins
oppo.ses interchangeable 5,000Senators
"Time^" Jan 19. p 36
mile book for pa.ssengors
Inquiry into Trans-Continenl/il Freight Bureau by I.-S C Commissiori
To determine whether its operation in any manner stifles competition.
"Fin.
Am."
Rale Cuts
—
Jan. 19.
Intra-Statc Transportation Charges of Electric and Short Steam Roads in
.Tan. 19
Upset by I -S C Commission
"Pin.
No Cut in Coat Rates Eastern railroads assert they cannot affored $1
reduction. "Times" Jan. 14. p. 17
Ea.stern rail'-oads have increased rates on finished iron
Rate Advanced
and steel shipped from l^ittsbur^h to Philadelphia from 35 cents to 36 cents
per 100 lbs: To Baltimore from 33W to 35 cents, Richmond rate is 45 cents,
and Boston 40';; cpnts. New York rate 'inchanffpd at 38 cents
Georgia Intra-State Rate Cut. State Oommission issues tentative order
establishing mileage rate system which supersedes "base point" method.
"Boston News Bureau" Jan. 19, p. 4.
Freight Differential on Wire for Cleveland to Be Replaced by Arbitrary DifIllinois Tentatively
—
—
Am"
—
—
—
—
"Iron Age" Jan. 19, p 2.39.
Furnaces file complaint with Commerce
Buffalo Furnaces Ask Rale Cut.
Commission asking for revision of coal, coke and ore charges. "Iron
Trade Review" Jan. 19, p. 186.
Gasoline Rates Held Unreasonable. Transportation rates on refined ga.soBne in carloads for the Mid-Continent field, Colorado, Wyoming and California, to Salt Lake Cit^, Ogdcn and Provo, Utah, were held unreasonable
by the I.-S. C. Commission on Jan. 16 and new rates prescribed.
Total reduced tlus year from $122,947,List of Railroad Bonds in Default.
ferential.
—
—
—
—
550 to $101,117,600.— Boston "News Bureau" Dec. 29, p. 11.
All Employees Insured by Erie and Delaware & Hudson. "Times" Dec.
—
—
30. p. 21
—
N. Y. City Transit Commission Act Constitutional Anrntal Report. See
"Curi'ent Events." also "Reports" above and "Times" Jan. 18, p. 1; Jan.
19^.
8.
Whalen Asks 3,500 Buses. Costing $25,000,000. to End Street Cars Scrnice
B«ird of Estimate also votes against elevated strucin Manhattan, &c.
Court order in the way. "Times"
tures and favors buses and subways.
Jan. 14, p. 1.
Five-Cent Fare Held Too Ixno for C/n'capo.^Federal Court at Chicago declares city's lawyers failed to make case before Commission; Commission
cannot act arbitrarily to force Its views. See "Electric Ry. Journal"
Jan. 14, p. 93. and news item below.
Canadian Railways Will Be "Nursed" by the Government. ^No Immediate
attempt to bring them under private operation. "Fin. Post", Toronto,
Jan. 13, p. I
Cars Loaded. The total number of cars loaded with revenue freight
totaled 005.992 cars during the week ending Jan. 7 1922. compared with
531 .034 the previous week. This was a decrca.se of 91,649 compared with
1921 and 224.681 l)elow that for 1920.
Changes as compared with the week liefore were as follows: Ore, 4,321
cars, decreJise ,562: coal. 136.982. increa.se 31,320: {but 54,251 less than
during 1921 and 72,356 let-s than in 1920); merchandise and miscellaneous
freight (incl. manufactured products). 3.'")0.279. incn«ase 22,262 (Init 24,185
less than in 1921): grain and grain products, 40.673, incre;ise 10.598 (and
1,585 more than in 1921); forest products, 41,071. increase 9,665; livestock,
25,6.58. increase 1,091; coke, 7,008, increase 584.
The total number of freight csirs idle Jan. 8
Idle Cars Further Increased.
totaled 646,673. compared with 618,675 on Jan. 1 or an increase of 27,998.
This is approximately 28.000 cars more than have been reported idle
because or business corditiors diu-lng any one period in the last four or
five years, the former pe^ik having boen on April 8 last when a total of
—
—
—
—
more than 618.000 was reached
Of the total Jan. 8, 493.357 wore serviceable
freight cars, while th(>
Stirplus Iwx cars Jan. 8 totaled
remaining 153.316 were in need of repairs.
208.929. an increiise of 17.222 since Jan. 1. while there wore 219.444 surplus
The number of
coal cars, a deweaso of 2.170 within the .same period.
surplus stock cars increased 1,427.
Idle Cars oti or about First of Month, on April 8 '21 {Peak) and on Jan 8 '22.
Nov.
Oct.
Sepl. ylpr.8.
JanIn Thousands. Jan. a. Jan. "22. Dec. "2\.
80
283
172
246
493
471
.507
Good order
198
184
148
172
203
221
111
Bad order
153
Current Trade Journal .\rticlrs -"Railway Age" of Jan 14: (a) I C "c'
order for automatic tnin control, announces requirem<'nts for automatic
(b) D.ingerous labor "propaganda" regarding
stop devices, &c
p 189
Tol. &
(c) November net on Ford's road. Dot
the railroads, p 164
(d) (Jovernnient reports on Reading Collision.
Ironton, only S.V.'WS. p 167
rules
for
clerks,
con.siders
new
(e)"ljabor Board
(f) Webb
p 174
p. 173.
(;, members appc;vr in
(e) I
automatic train stop on Erie, p 175
(h) "M-V All Weather" train control on
Capper Bill hearings, p 183
(i) Honat<^ delays confirmation of I
Riritan River road, p 185
C.
appointments, 188
(j) Railroads reducing their debt to the Government,
,
.
C
C
p.
191
Testimony of Daniel
("^oramiKsion nwunie-s general rate inquiry.
WlUard, Pres B. & O.. R 11 Ai.shton, Pres. Am. R.vs .A,.ssn Ceo AT.
Shriver, Ij. E. Wetting and G.
I^amb.
D S. Brlgham, Asst. lo
I'res of Bost.
Me., p 192. (I) Rofu.sal to cancel contracts with Japanese
SS. lines by Gt. Nor Ry and Ch M. & St. P. (also "Current Events'
above), p 203
(m) BicLs for electrification of Brazilian Ry. till 1 p. m.
March 30. p 204
Matters Covered in "Chronicle" of Jan. 14
(a) Railroad gross and not
earnings for November, p 123
(b) Railroad wage matters to be considered at conferojoco to wliich Secretary Hoover has called railroad and
(k)
W
,
cfe
—
—
The compan.v has applied
—
(\ ('ommi.ssion for authority to
issue .«;800,000 1st Mtpe. 4% Refunding onds, proceeds from the sale to b"
used to refund <S400,OflO 1st Mtcre, 6s due March 1 1922 and an r.^nti
$400,000 of Income Mtge. 4Hs duo April 1 19-!7.— V. 107, p. 003.
to the i.-S.
I
;"
—
—
British Columbia Electric Ry.
Ware F.fdvction.
The employees have vote<l (a) a^nJi^'i-'*'''J«P and*!:'*) Tg fhyor of accepting
a reduction of 10' recently recorimiended Oy the Boara of Conciliation.^
See V. 113. p. 2818.
J,
Brooklyn Rapid Transit Co.— Re-port of Transit Com1921 Transit Law Held Valid.
See report of "New York City Transit Commission" under "Financia
Reports" above, and also "Transit Commission Act of 1921 for New York
mision.
—
—
City Held Valid" under
'
Current Events" on a preceding page..
p. 197.
Canadian Pacific Ry.
— V.
114,
— Plans Extensions. —
Executives of the company arc considering
appropriations of more than $25,000,000 for road extensions and general
improvements in 1922. It is expected that most of the construction work
will l)e done on western lines.
The company has under way its own colonization plan, which includes joint aid from the British government and the
company to agricultural immigrants from the United Kingdom. V. 113.
p. 2818. 2718.
Montreal dispatches
state:
—
— Guarantu. &c. —
Chicago Burlington & Quincy RR. — Bonds Authorized.
Central Illinois Public Service Co.
See Indiana Hydro-Electric Power
—The
Co below
— V.
112, p. 1023.
I.-S. C. Commission has authorized the company to
issue .130,000,000 1st
Ref. Mtge. 5s, Series "A," to be
sold at not less than 89}^ and int.
The proceeds are to be
used for capital purposes.
The Commission in its decision says in substance:
&
"The applicant represents that to enable it to serve the public adequately
safely, it is necessary to make $30,137,260 expenditures during the
calendar year 1922 for the following purposes:
(a) Roadway and structure,
Hardin spur.
$13.9.56,760; (&) equipment, $15,380,500; (c) new line
$800,000.
"In order to provide for these expenditures applicant proposes to issue
and sell $,30,000,000 of 1st & Ref. Mtge. bonds, dated Feb. 1 1921, to be
made to First National Bank, New York, and Frazier L. Ford. The
proposed mortgage provides for an issue of bonds so limited that the amount
thereof at any one time outstanding together with all the outstanding
prior debt, after deducfing therefrom the amount of bonds reserved thereby
to retire prior debt, shall never exceed three times the par value of the
then outstanding Capital stock. The mortgage reserves $178,414,000 of
the bonds issuable thereunder to retire a like amount of bonds which
constitute "prior debt."
"Section 5 of Article Three of the mortgage authorizes the authentication
and delivery of $73,000,000 bonds to reimburse the treasury for expenditures made during period from Feb. 1 1916 to Jan. 31 1921, incl., which
were properly chargeable to Capital account, but which have not heretofore
been capitalized. The applicant proposes presently to secure the authentication and delivery of $30,000,000 under this .section, to Ijo known as Series
A, to bo dated Aug. 1 1921. to bear 5% int., to mature Aug. 1 1971.
"The applicant represents that these bonds will be sold at not less than
93 and int., and that the expenses of sale will not be greater than 3'-<%
additional, the total cost to the applicant, including int.. commissions,
attorneys' fees, &c., to be not more than
p. a.
The proceeds will be placed in the applicant's treasury, and expenditures
for the purpose outlined above will then be made from such sums .is are
and
—
5%%
to time available.
expected that the same banking prroup that has heretofore been
associated with the company's financial affairs will offer the above issue
Ed],
in the near future.
V. 114, p. 77.
from time
(It is
—
Chicago City
& Connect. Rys. — Snh.Co.
Files Complaint.
Ind.. has filed
asking
Indiana
S.
Commission
that certain ordinwith
the
P.
complaint
a
ances of the city of East Chicago, requiring extensions of the street railway
V. 113,
Electric Railway Joi^nal."
system, be declared unreasonable.
The Hammond Whiting & East Chicago Ry.. Hammond.
—
p. 530.
Chicago
&
Eastern Illinois Ry.
— Branch
Sold.
—
Eastern IllinoLs has been sold
Brazil branch of the (old) Ciiicago
at public au<'tion at Danville to Edmund P Kelly, attorney, presumably
for
This branch has
Trust
New
York,
Metropolitan
Co
$15,000
for the
V'. 114,
been excluded from the reorganization plan of the new company
The
^'fe
—
,
p 77
Chicago
See Chicago
&
&
Indiana Coal Ry.
E.istern Illinois Ry.
—
above
Sale.
— V. 114. p
77.
Paul Ry. — Government Loan.
Chicago Milwaukee & St.
I.-S. C. Commission has approved a loan of $25,000,000 for 5 years at 6% to the company for the purpose of refunding a'note for $25,430,000 hold by Government and
maturing March 1 1922.
—The
The remaining $340,000 of the note due March 1 will be paid by the
The loan will be secured by .529,000,000
conipany from funds on hand
Gen Mtge. .5s and $6,829,000 Gen. & Ref 6s
The company informed the Commis.sion that before deciding to apply
for the loan, it first attempted to market the Gen. Mtge ,5s thi-ough KuUn,
Loeb & Co and Bliir & Co but after carefully considering the entire
financial situation and the bond market in particular, representatives of the
bankers agreed that it would be unwi.so to dispose of long term bonds of
They decided, however,
such a high character at present m:irket pric<«
that if it was neces.sary to get the money in the open market it would be
notes
with
the bonds as security
non-callable
issuing
10-yoar
best to do .so by
which the bankers thought could be done on a 7?"j to 7H'7c cost to the
company and offered to handle the maturity on that basis. The carrier,
however, did not look with favor on the prospect of paying such a high
.
rate.
— V.
114, p. 77.
,
—
Chicago Surface Lines. Court Renews Writ Against
5c. Fares.^On Jan. 9 the U. S. District Court at Chicago
entered an interlocutory injunction restraining the Illinois
Commerce Commission from enforcing a 5e. fare. The City
authorities received 20 days time in which to answer the
street railway lines, at the end of which time a decision on a
permanent injunction will be handed down.
The court stated that the basis of the Commission's action in »be ciise
was quito wrong and that all of the changes in operation and otherwise,
suggested by the Commission were matters of conjecture and opinion only.
The court suggested that the Commission and the city's lawj'ers collect
.some evidence of inefficient and wa«tflful management before making
charges to that effect.
THE CHKONICLE
Jan-. 21 1922.]
The x)ertinent factor In the bill was that a 5c. fare ordered by the Commission would not pennit the railway companies to earn enough money to
pay operating expenses and taxes and that consequently the rate was
confiscatory.
The court did not directly say that the case was handled
by the CommLssion in a disorderly manner but states that the orderly,
rational, and legal method of procedure would have been for the Commi.ssion
»o outline these various chanares in management and operation and invite
the companies to put their suggestions into force, giving the companies an
opportunity to demonstrate the benefits or even the possibilities of the
order.
Subsequent to the court's findings in the above case the Commission
announced its intention of ordering the companies to place in effect the
economies which had been suggested, including an indirect proposal to cut
wages, with the intention of entering a new order in the case should it be
found that the economies suggested result in a reduction of operating
expenses.
The opinion
was written by Judge Cai^jenter and concurred
Page and Evans.
by Judges
in
Extracts from Decision in Fare Case.
be that the surface lines could improve their business methods,
but the Commission is not permitted, under the law, to force that improvement by penalizing them with a rate which will not return even the operating
expenses, and might, in fact, prevent them from rcadcrlng any service
may
It
at
all
Commission had the right, under the act of its creation, to order
changes in operation of utilities, in this case it ii atmiuT to' accomplish its
end by drastic and unlawful means. It is one thing to order changes in
routing of cars, reduction in lay-over time to employees: remodeling of
accident and law department: reduction of wages and labor: deferring
maintenance and renewals: in fact, to order any variation of operation
mafelng for the public good.
It Ls quite another thing, having in nvi-l all of these benefits to the
utilities and to the public, to say to the utilieies we admit that it costs you
over 6c. to- carry passengers: we will, however, reduce your fare to nc. and
Invite you to test out our opinion as to what improvements may be made
In the internal operation of your own business.
The basis of the Commission's action in tnis ca.se is wrong As outlined by
its Chairman ,-ind urged bv its counsel supplemented by the Corpo'-ation
Counsel for Chicago, it afforded no cocus penitentias for the plaintiff railroads.
No opportunity was given them to try out the urged reforms.
They were told in advance that the medicine was good and that they must
take it whether they liked it or not, and Irrespective of whether it had any
If the
therapeutic value.
The
and
orderly, rational
method
legal
would have been
of procedure
for
the Commission to outline these various changes in management and operation and in\ite the companies to put their suggestions in force, giving
the companies an opportmiity to demonstrate the benefits, or even the
possfbilities of the order.
All of the changes suggested by the Commission are matters of conjecture
and opinion, and it Ls quite within the range of human thought that some
of the changes could not be carried out to advantage, either to the companies or to the people.
'Why. then, should Illinois Commerce Commision,
discounting impossibility of performance, direct a rate which both it and
the City of Chicago admit will not pay operating expenses, to prevail imtil
their views are adopted'.'
Too much commendation cannot be given to any public utilities commisEion for its interest in public affairs.
It will always be forgiven if its entfan.siasm leads it to incidental legal excesses.
It cannot, however, act
arbitrarily to force its views without trial.
The reduction of fares ordered by the CommLssion would make a difference in the revenue of the companies of approximately $22. .500, 000 a year.
Assuming, therefore, that the companies would be entitled to no more
than 6'^ net return upon the property invested (the rate of return we do
not pass upon), the defendants are required to show, excluding items of
renewals, that a saving of over .$17,000,000 could be made in operating
eupmsen of a total of about S46. 2.50. 000.
This presupposed, necessarily, that the plaintiff companies are grossly
mismanaged. To determine whether a business is mismanaged, there is
no bettf-r way than to compare its operating costs with other businesses of a
iimllar character
In the absence of evidence that all busines,ses of the same nature .ire mismana<;ed. it seems fair to a.ssume that a business whose operating costs
compare favorably with others of like nature Ls properly conducted.
Reference is then made to evidence along this same line introduced by the
companies.
"From this evidence." the opinion says, "the court can not escape the
conclu.slon that the cost of operation of the plaintiff lines Ls lower per car
hour than that of the traction companies In the other cities of the country:
that the average "qx-ed of plaint ifPs cars, excluding lay-overs, is the highest;
and that the amounts expended In damage suits Ls the lowest, excluding
Boston, where a large part of the railway system runs In subways and on
elevated strurtur*^.
"With snich evidence before us. we suggested that critlcLsm should be
fortified with convincing evidence, when charges are made of inefficient
and
management
wa>rtcful
the an>rwT,Ts urged to the bill In this ca.se are collateral to thereat
Sssae and are trfate<l hen; only because so strenuously urged.
"TTie prtinent f.-irt rhargol in the hill, merely that the ,5c. fare ordered
by th<: < ommls-slon » ill not p<Tmlt the plaintiff companies to <»ani money
fOiouKb to pay for wagen, power and lax<«. Is unanswered by the record.
"In fart, the attorney for the (^ommLsslon stated during oral argument
that aftiT putting all of the proposed economics Into effcjct there would Ix*
Bvail.ibic a return of a little ov(t 1
upon the lnveste<l capital."
".All of
''/,,
TlieC'oun.sfll for theCity has announf-erl that an immediatt;
app'-al will ho niatle to tho U. S. Supremo Court.
Tf]r
f
I',.,ih
Suhirni/n
,,.rf;.r
tl...
,.
— Consnl.
Chirnqn.
ill
:,M,l
tii..
i.i..i
of Lificn PropoHfl.
companlsH Ilenr>' A. Filnlr for tin
,[Ut agree and have told the (;ouu<il
t..<|
:.
for
—
—
"Mod.
''.
'n
ii
•
Kn>
(rf)
(t)
ti
:
»ill iiF-ti\-
IVjlJil«-»
1
should
.Mo.
_
from the
ouoHtlon.— V. 111.
iraniilt
\V7.
Cincinnati Traction Co.
'
-
PoHnen Ordinance.
new
on
p.iHwvl ihi-
l.'J.
'
In
'Iff
•
»-'!'!
'
-
'Vl
f
jlH
1
.
'
'
.IX
I
:..
...
..
..,
,„
,
,,,,^,.,.
,
,
.,
,,,
,,.
,1
one
t4»n<l«J JO
Th'* n*-*
tb<
^
y»-.ir
/ir'Hrj:tr»f*' firo\'l'W**i
thn
If
facl<»r In
''nrripxtriy
for
Ml-
•i"
;
...
itiK friKi'
r.iff^ir
I
•''I'
.
...1,,
'I'd,.
"—
U
llic
I"
ex-
i\
riiL--
iuiliuh
thai
»<>
r'''i'.*in
Ixi
—
&
I
I
«H'
ui
'I
!«•
I
r.
,
.lu
will (».
i<
u
i||7
'117
Cr.b
ririix
III'*
If
lOlM
For IJ rno« i'ii'l(«l N<i%
riAlk>n Kid lU'. \i\itnU ».ik
Connecticut Co
Th*"
Kymtt
jr,rrntt
V
« fl'ini
do
&7%
6''v
I'.M
I
K
Ki
lUhln fir rcpLx
%.i.J ,>,,n4h
Tr,.ii,,,
V
p„r.
11.1, p.
1
UnMlUies—
Plant, prop. franchLses. &c.. $22, 746. 721 Stock'? outstanding
59,280,060
Investments In other cos
61,735 Bonds and notes outstanding. H, '15.5, 147
Hk. fd. ca^h (Ist Lien 53)
15,575 .Accounts payable
420, 31«
Ca.«h
336,9.58 Aoor'fl Int. and taxes (not due)
43;'i,885
-Votes and acc'ts receivable..
617.19!) Operating reserve acc'ts
1,840,163
Matalals and supplies
440,839 Suiplua...1,645,765
Unamort. disct. on fund, debt
676,668
Othra unadjust. debit Itetnfl..
187,63-1
Total (each side)
825,083.328
Keslriclions
Tiie First Mortgage provides that additional bonds can
only be i.s.sued: (1) For future iniprovomonts, betterments and acquisitions, (a) at 75% of cash cost, and (6) only when annual consolidated net
earnings equal at least twice interest on all bonds outstanding and to be
issued, and (c) in case of acqui.sitioii of now companli^s or their securities,
only when at least 95% of all bonds and fixed-charge obligations and at
least fiO'; of outstanding .stock of e.ach such compi'iy are deposited with
the trustet! of the First Mtge., and when such acquisition is approved by
—
the bankers.
ninpjin
p .'111
»ill
^il
Uikm..
iiK'iii
Kd,
%
—
N
M
,
I
,
& Power Oo
Co ..
icrld
t'oiiuty EI«h- Co.
Sprliigricld Kv A Lt Co
Las Vegas
I,i
iw
iim^;.!!
.
.Las Veg.is.
N M
N M.
Transit f 'o
Uiwiti-KI Ll Si Fuel
Kawllus,
N
Wvo
HluTld.iii,
VVyo...
\'cg.-i.H
F.„is V(>g.is,
III
ICIivtrlc
Ftallw.Ty
Electric
Electric
.Bloc. gas.
Mo..
Springfield,
steam
fi.
ry.
Trliiid.iil KIcclrIc Traiisnilif-
*
TrliiliLid, Cn\o
Klec
gas .V r.ilhvay
Electric A; gas
(;o Tiiisoii, .Ariz
'rucsoii. .\rlz .
<'o
Uiillway
X Con trills lliroiigh owiiersliip of (.iitlrc common cipil.il stock
< 'miiiiare
Mlat4>nii-nl of iviniliigN, Ac
nnd iiiit.llno of roadjustiiicnt and rcca|)Uiill/.jiK.v
(i)is(;u
Ll
KI
(liiM.
,
kP
Trim
Kiiiild
.
.
,
ll'in pli'n In
V
271'».
ll.'i.p
Fort Worth
V
I
M
& Denver
.
197
p
City Ry.
.\1lllir A. <"o liiMl wi-eU (iflcn-d i» block
iMtiiiN line I'Kll.nl prli-CN lo yield ri..'{5'j;.
(iiorlgiigc on
he imikI of ||||. coniiiaiiy
of
-Bonds Offered.—
|hI
«7.',0 OOfi
mlgiv
Kiild
."i'^j^;
Tlicf-c IkhkIi are a first iiiid only
(Coloriido * Southern Synleni),
belwccn Fori Worlli. I'cx.. iiiiil the Tex.'i'>-N<'w Mexico
.
I
.SI
(iillcN
l.'il
lie I.iniv
V.
1
I
p. 7.H.
I,
OalveBton Houston
Mhiiiuii
.).
a
I'lo'^k
IhiimI-.
Hi
('().
fr.iM
& Henderson RR.
Himdn Offered.
at .S(i':i and int. virldiiij;
Mt+co. r,% hoiid.M of VXV.\.
iiro offiTiii(f
of «'J.V).(MHJ l.st
N V .Ml .Mil
wcri' orlKliiiillv l»Niicd In
l':»rii iiiKc
inorlniKi. on Kiillrc iiroiwrlv lovcrliiK nillroiiil
md
n.nitliiii
III (lalMHii4,n
'ri-^ii,
TliiHw iiriiilii;il iirinxTtli"!
"f riMil ("«tiilf. hiindlc .V)';;, of
'
II"
p
in
•tIc.cU ••
fii llllli>«
lcriiilil.il
ill
Kinlir.icliig l'< inllc* of r.illro!iil truck.
loniiiiKi' iif I lie port of < liih e»i(oii
the
I
Nulrn Offirrd.
\a'v,
.
'lii.c
,
.
ff,.i.,r..i
.
—
Improrcmenl Fund
The mortgage as modified will permit tiionej-s accruing to the sinking fund to bo cxpiMidefl as an Improvement fund on
properties .subject to the lien of the First Mtge
This fund is (i(|«ivnlent
annually to 1 ).<;%, of bonds outstanding Mar 1 1913 to Mar 1 1923. 2%
of bonds outstanding Mar I 1923 to Mar 1 1933. 2}-j
of bonds outstanding .Mar I 19.3.'J to maturity
«
I'roixrtiis
(Company owns or controls the following compiinies:
Companii'X^—
Uiaitiim
Furnishes
AII)uquer(iueGa.s& EI Co. ...MbuqiKTquo.
M. Electric & gas
xCenl .\r(c Ky & Lt. Corp. Hot Springs. Ark
Klec & gas (^natural),
railway .iiid wiitcT
rXMiiIng Ice* V,\ Co
Denilng. N
Kl<<ctrlc and ice
(;rii.\s Harbor Ky & Lt. Oo. AlxTdceii, (Visinopolls KIcc
Uy :iii(l IiiAt IIo(|iiiain, Wa.sh
terurban
lolmrt Elect ric < !o
Hobart Oklii
Kliclric
(I
I
i
•
Otttstjinding
(.5.s)$-4.010,000
(6) 2, 590, .500
llilik'"'""" «^ '«•.. I'/irkiiiwin iV^ lliirr. iiikI iOHliilirook iV. ('<>..
;ir< nrfcriin;. Ill IMJ'i^iiiHl in!., yulfliinc 'i'""" 7. 1.'i','
*l ,7(M),(KKJ 7''^ Si-ciiml (Inld \'(i((iM. Scrii'M \.
A circoliir sliows:
I iiiiipnnu
<lMriiii nil llm iiipllnl nlor k of Ihn 'Inlvraloli KIn-lrIc ( '<i.
Ihr
Il<.<i>it4in Klf»'lrlc<'o mill ihn < lnlvfwi.4iM lliiii»l<in ICIn-lrIc Uy
wlilili rnni
ll
I'l.'l
I
Authorized.
Oalveston-Hounton Electric Co.
'MOtt
iiili'<.
.iikI
'
II. J
I'.ill
»cT» piiH4«v1 In
—
due 1942, now outstanding. .x$50,000,000
do
do
this issue. .
Gold Notes, due 1923
10,000,000
1.440,000
H'r CJumulative First Preferred stock
10,000,000
0% C;unuilative Preferred .stock
5,500,000
s'.lj'ob'.OOO
Common stock, no par value
.')5,000 .sh.
47,500 sh
X S714.000 of which have been retired by the sinking fund.
Condensed Consolidated Balance Sheet Dec 31 1920
(Eliminating securities and accounts between companies
In* Imtpbl
j^Midivl for
(did (lUiKliiti'lliii/
MlO
(lUlKliltl'lIlK/
c«irii|i.i(r.
UrHvi thr<iiiKli<.ii'
fnrc. the
II
1i.',.'l
U'.'A
'lion «fO('k
6^%
Capilalizaiion (afler proposed financing)
.
pUn by which
I'
In4'llini\r-
M
Ilnii-d oil
IKH;t. iiiid -••iiri-d liy .i firit
/'/(//(.. i<>
Co.
Accumulnlcd Frc/crrcd IhvrdrndH
wrirkldir on it
r. r,,-l
.JU Ul,
Traction Co.~Bonds Offered.— White,
York, and West & Co., Phila., are offer-
First Lien bonds,
<)',i',o
Commonwealth Power, Railway & Light
Fhi/ihrii/ l)ihl nml I'ny
Sfli'l 'ti I'.i f'l.nh t„ filriltii. -
&
Weld
Co., New
ing at 91
and int., yielding over
fsee advertising
pages) $2,590,500 stamped 30- Year 1st Lien Gold bonds,
bearing int. at 6%.
(For description of bonds, security,
&c., seeV. 114, p. 197.)
Further Data from Letter of Pres. E. N. Sanderson, Jan. 12 1922.
'I'lic
Fund
&
Federal Light
K.
lliiil ixrliHl kIiiiII Im- i-oii
piyiihlii to the city
\
ll.'<
p
.
consists of Richard Sutro, Chairman, senior partner of
Co., New York: Thomas L. Bobinson. V.-Pres. American
Exchange National Bank: and William Loeb, Jr.. New York. Samuel
Untermyer is counsel and Harry Hoffman, 120 Broadway, Secretary.
The announcement states that the committee has consented to act for
the protection of the interests of such of the holders of the bonds and of
the certificates of deposit as shall deposit the same with the committee
or its depositary, the American Exchange National Bank, 128 Broadway.
New York, not later than Feb. 28.
The committee is advised that there are $10,000,000 of the bonds outstanding, all of which are secured by a mortgage made to the New York
Trust Co. as trustee, and that the railroad comp;inv has defaulted imder the
provisions of said^mortgage and in failing to pay the installment of interest
on the Lssue due Oct. 1 last. V. 113, p. 2405.
-Ui
,
Foss and James G. Lyne, entitled
'W.
The committee
•Sutro Brothers
I'-
I
of
necessary.
.1
«iiiih
(lurliiK
.1(1(1
frifn- !•«"•
.
Details
The committee announces that it has reached the conclusion that the
rights of the adjustment bondholders have not been properly served in the
past transactions of the company and asserts that in order to secure the
rights of the bondholders, the enforcement of certain legal rights mav Ijecome
rrn-
by
152.
formation of a protective committee for the 7% cumulative
adjustment mortgage bonds, due April 1 1932, and for the
holders of Certificates of Deposit of the New York Trust
Co., 'with respect to this issue.
h.i-"
'll
—
by Charles
.six-page article
p
102,
& Western RR.
Denver & Rio Grande RR. Committee for Adjustment
Bonrfs.—Announcement is made (see adv. pages) of the
tilw tin for
nnd lo
--
I.
any
the
ihi-ii
•I-'
.
A
—V
1922
1
of Supervision," together with a map
.showing the anthracite mines served by the company, was published in
the "Engineering & Mining Journal," Dec. 3
It says in part: "The
Lackawanna normally handles about 900 to 1,000 cars of coal a day. In
summer, the lake season, about 50% of the coal tonnage moves west to
Buffalo, about 30% east and the remaining 20% to Lackawanna local
points or to connections other than at Buffalo, such as for Canada through
Utica. &c
In winter about 35% of the coal movement is to Buffalo,
whence it moves by rail over the various connections from Buffalo and
Black Ro?k
V 114, p. 78
olMT.ilIng
thit
'
Ufi
y,.;,r
Jan
"Lackawanna Success the Result
Tiii-soTi
iiritln
III'
•IlltlH' IHTlo'l
ffu:.
Handling of Coal, &c.
TiicMiii
.K-Lliiii riirnp;iii>
r
trip tickets, effective
Delaware Lackawanna
-.io'i.
—
,,,„,
f,,p
"'
p.
Mtri'ct c.ir onllii.iniiMtrix-t cir^. Ihro'igh
7'.j-c«-ni f.ini
,f
round
X
city to get rtwultfl.
till-
iiwl
—
Dayton & Troy Electric Ry. Lower Rates.
The company has announced a fare reduction of approximately 10% on
L.is
'i'>
305
,f,,
.'I
(if
Hi k*>t«.
riil«»4 imi
II
.
Ihn iirmful
thr<^ fnr
III
I
•
i|>>
iiowi
liiiciUiii
I
fiiilrn olralrlc rnllwiiv
laltiii,
;
an
.
iui>ai>fi,
rollwar
llii<
.1
1
1
i„ii
I'orllon of lli« i>|(«'lrlc IIkIiLImk
lullwiiv
I
pit,
pUui*
luilwuv
ill
'I.
tiii4
Irail.
i-li-Mth- KKiMraUiiK
f'.IMiltlloii. iitxiuf 2V0 (MK)
.i'"'
••
,
ul H.MMi
i'<<
ll
.
lin«lnc/iM
In
liclHccii Mi«i
|it7 rnllo« (i| f'inrlric
p., nixi .100 euri.
THE CHRONICLE
306
—
—
Proceeds will provide for the retiement of $1,500,000 3-Year
Secured Gold Notes due March 1 1922, and working capital.
Secured by a lion on all of the properties of the three operating
companies (except the leasehold interest in the Galveston Causeway owned
by Galveston County), through the deposit of $2,040,000 Gen. Mtge. 7%
Bonds, Bubject only to $5,459,600 underlying first mortgage bonds in hands
of public and $95^,000 bonds held in sinking fund.
Earnings Year ended Dec. 31.
Purpose.
7%
Security.
Tax.
^708.732
841,082
1,126,504
Gross.
1916---
Net,
$1,944,839
2,691,331
1918
1920
1921
3,808,9.'')2
Management.
—Stone &
Georgia Railway
The company and
918,980
Webster, Inc., Boston.
3,679,867
&
Balance.
Interest.
aft.
—
$386,975
3321,757
490,897
350,185
704,448
422,056
492,343
426.636
V. 112, p. 1143.
Co. — Wages. —
Power
employees have reached an agreement to maintain
the same scale of wages during 1922 that prevailed during 1921. V. 114,
it«
—
p. 78.
Grand Trunk Ry.
of Canada.
^
Definitive
Bonds Ready.'
—
Read & Co. interim receipts for 15- Year 6% (non-callable)
Sinking Fund gold delx^ntm-e bonds niav now be exchanged for definitive
bonds at the Central Union Trust Co., 80 Broadway, N. Y. City. (See
Dillon,
For offering of these Ixjnds see
adv. pages in last week's "Chronicle.")
V. 113, p. 1250.— V. 114, p. 198.
Northern Ry.—Bo7ids
Great
Glore,
last
Ward &
Co.,
New
Sold.
—Marshall
York, and Janney
week offered and sold
at prices to yield
&
Field,
Co., Phila.,
4l%%
about
4^%
block of $1,000,000 1st & Ref. Mtge.
(issue now closed) of 1911 and due July 1 1961.
&
Gold bonds
& J. lied as a whole on or after Jan. 1 1941. at 105
['lodged under General
In the hands of the public. $35,668,000.
Mortgage, $36,332,000
These bonds are secured by a first lien on 2,657
miles of road, at the rate of .127,098 per mile, and by a general lien (subject
to existing liens at the rate of $22,409 per mile) on 4,780 miles, making the
total mileage covered 7,437 miles.
Interest payable J
and
int.
Branch Line Ahavdonmenl.—
I -S. O Commission Jan. 11 authorized the company to abandon a
The branch
portion of a branch line of railroad in Stevens County, Wash.
line extends from Northport, Wash
in n, northwesterly direction to Rossland, B. C
The company asked authority to abandon that
16 96 miles
portion of the branch extending from Northport to a point at or near the
7. 49 miles
international boundary line between Canada and the U S
The portion of this branch line north of the international boundary is
owned by the Red Mountain Railway, which is controlled by the Great
Northern. An application for authority to abandon this portion of the
line is pending before the Board of Railway Commissioners for Canada.
V. 114, p 198.
The
,
,
,
—
&
Hartford Springfield Street Ry. To Continue Oper'ns.
Judge Avery of the Supreme C'oiu-t of Hartford, Conn., has directed
Harrison B Freeman, as receiver, to continue operations for four months
from Dec. 10 1921— V. 112, p. 2747.
—
Illinois Power Co.— Bonds Sold.
Federal Securities Corporation, Chicago, announce the oversubscription, at 100 and
int., of $1,925,000 1st Mtge.
Gold bonds, due Dec. 1
1936. An advertisement appears as a matter of record in
7%
the adv{«-tising columns.
Dated Dec. 1 1921. Due Ds-c 1 1936
Red all or part on any int.
dat<i upon 60 days' notice at 110 and int up to and incl De<; 1 1926.
thereafter at 107!^ and int. up Ui and incl Dec 1 1931, thereafter at a
premium of 1% for each year or fraction thereof of unexpired life
Inl.
& D. at office of Fidelit.v & Columbia Trust Co Louisville,
trustee, or First Trust
Savings Bank, (^hicago, or Bankers Trust Co.
York, without deduction for any Federal income tax not in excess
in
of 29f
I'enna. State tax of 4 mills refunded
Denom. .§100, $500 and
payable J
,
&
New
$1,000 (c*)
Issuance
— Issuance authorized by the
Commerce Commission
Data from Letter of A. D. Mackie, V.=Pres. & Gen. Mgr., Dec. 15 1921.
Company. — Incorp.
Dec. 1921. a consolidation of the proper"
of Springf
Oonsol. Ry (\
p. 2506) Springfield Gas & Elec. CoIllinois
In Illinois [in
t
iela
i(s<
.
.
1
13,
,
of 8prin:?fieki, and the De Kalb-Svcamore Elec. Co.. operating in De Kalb
and .Sycamore (V. 113, p. 1478). The Union Ry., Gas & Elec. Co., a subsidiary of the Commonwealth Pow., Ry. & Light Co.. owned the entire
c-apital slock of these three companies.
Ed.] Supplies electricity for light and
power, gas, steam and hot water heat, and street railway service to the City
of Springfield, 111. De Kath and Sycamon' are also supplied by this company with light, power an<i steam heat. I'opulation served, estimatt'd in
exatis of 96,000.
At present time capacity of electric st.ations equals 12, SCO h. p. These
stations connect with 622 miles of >virt< lines and 12 miles of steam heating
•tnd hot water mains.
The gas manufacturing capacity is rated at 2,400,000
<ni. ft. per day, and the ga4s distribution sj-stems total \02 miles of mains.
The railway property has 41.56 miles of trackage and 141 cai-s.
CapHalizalion OiUslanding after This Financing.
CJommon stock
$2,900,000
Preferred (6% Cumulative) stock
1.500,000
J»reforred (7% Cumulative) stock
625.000
1st Mtge. Gold BoncLs: 5% Bonds (Series A) due .Tune 1 1933
3,075,000
do
do
7% Bonds (Series B) due Dec. 1 1936 1,925,000
Earnings of ConsoUdaled Properties.
Calendar Years
\2Mos.end.
1918.
1919.
1920.
iV»». 30'21.
Grossoamings
$1,552,075 $1,.S77,590 $2.118,C62 $2,326,969
Oper. exp. (Incl. taxes, repairs & maint. but before depreciation)
1,202,835
1.318,641
1.576.516
1,601,658
—
—
$725,311
288,500
.$541,546
—
—
& hot water heat
customers
Steam
\
rev. pass, carried..
910
10.222,6.56
Twelve months ending Nov.
—
951
9,7C6.036
966
985
12.349,615
12,241,460
,30.
Frartchises.- Franchises under which company operates, hi the opinion
of counsel, contain no burdeu-sonu' restrictions, and a part are tmlimited as
to time.
Application will lie made in due course to extend the franchises
expiring prior to the maturity of these bonds.
Manafiement.- The properties have been for the past 17 years under the
supervision of Hodenpyl. Hardy & Co., Inc.. New York.
(Comi)are
.Springfield tXin.soliduled Ry. in V. 113. p. 2,506.
—
i
Indianapolis Street Ry.
A
p
suit against tne
company
City Seeks to Recover Taxes.
iu Marion County Superior (Jourt b.v
for the city of Indianapolis.
.'\shby seeks to recover for the city
impaid 1921 franchise taxes and the penalties provided for failure to
tile 1921 irist-Ulments.
V. 113, p. 848.
—
Interborough Rapid Transit Co.
Comnri.'<.'iion
—
was recently filed
Corporation Coun.sel Samuel Ashb.v.
for a judsrment of .$500,000
Mr
—
198
—
Interstate Public Service Co.
Guaranty, &c.
Power Co. unden "Industrials" below.
See Indiana Hvdro-Electric
v. 114,- p. 198.
&
Kansas Oklahoma
E
John
Gulf Ry.
General Attorney.
Taylor has been appointed general attorney, effective
with headquarters at Muskogee. Okla
V. 113, p. 1772.
—
— 1921 Tranmt Lair Hrhl Valid.—Report
of
the
pay
Transit
—
.Ian. 1,
&
Lancaster County Ry.
Light Co. To Create No Par
Value- Shares
To Exchange Present Pref. Stock for Common
Shares of No Par Value.
The stockholders will vote Feb. 2 on substantially the following: (1) On
changing the authorized capital stock of $3,750,000, consisting of $2,000,000
Common, par $50 (of which $1,607,500 outstanding, and $1,750,000 5%
Pref., par $50 (of which $1,248,100 outstanding) to capital stock of no par
value, consisting of 100,000 shares; (2) on exchanging one share of Common
stock, $50 par, for two shares of stock of no par value; (3) on retiring the
unissued Pref. stock and purchasing the outstanding Pref. stock on or before
March 22 from the holders thereof by exchanging one share of Common
(no par value) for each share of PYef., plus unpaid and accrued dividends.
After effecting the above exchanges of stock, the amount of stock of no
—
—
par value unissued should amount to 10,738 .shares.
-The stockholders will also vote on "limiting the indebtedness which th
company may incur to an amount not exceeding in the aggregate $3,750,000"
This is the amotmt which the company has the authority now to create if
Its stocks be not changed to non-par-value stock.
Secretary J. A. McKenna in a circular to the stockholders says:
"The Common stock has been earning a much largre dividend than the
5% Pref. stock. For some time the directors have felt that the Preferred
stockholders should be given an opportunity to convert their holdings into
Common and receive a greater proportion of the company's earnings. The
adoption of the above will permit, but not require, an exchange of Preferred
for Common stock, share for share.
"The Preferred stockholder who makes this exchange will be securing a
larger dividend-paying stock, but will of course forego his Preferred status.
The Preferred stockholder can vote in favor of the propositions without
committing himself to make the exchange.
"The limitation of the indebtedness to $3,750,000 (which is the present
debt-incurring limit) is necessary by reason of the proposed change from
par value to non-par-value stock, inasmuch as the present pro\'isions limiting the indebtedness to the amount of its authorized capital stock, $3,750,00(), would not be applicable to a company having non-par- value stock."
[The entire present outstanding Common stock is owned bv the United
Gas & Electric Corporation.)— V. 112, p. 2414.
—
New Directors.
D. Norton and Edward S Moore, have been ele<-ted directors
succeeding George F Baker and WilUam H. Moore V. 113, p. 2185.
Lehigh Valley RR.
("harles
—
—
London
(Ont.) Street Ry.
Wages Cut.
The company announces a reduction in wages of 3 cents an hour, effective
March 1 1922. The new scale for platform men will be; 40 cents an hour the
1st year, 43 cents the 2d year and 45 cents the 3d and subsequent years.
present scale is 43 cents the 1st year, 46 cents the 2d and 48 the third
and subsequent years. Officers of the tmion, it is stated, have announced
that they wll oppose the cut. V. 112, p. 1399.
'"
Fare Case to be Argued.
ijOUisviUe (Ky.) Railway.
The .suit of the company against the city of Louisville to prevent the
The
—
—
—
from interfering with the collection of a 7-cent fare will be argued
S Circuit Court of Appeals at Cincinnati in February.
Compare V 113, p 2720.
latter
before the U.
Manhattan Railway.
Jan.
1
Dindend.
—
President Frank Hedley of the Interborough Rapid Traasii Co.. which
company guarantees the pajTneut of the quarterly dividend of 1 '-'i
on
the Manhattan Ry. stock, says in substance;
coupons
which
fell
due
on
1.
T.
5s
pajing
R.
on
Jan.
1.
"We are still
Ail
of these have not yet been presented for payment.
do not know jsut
when we j-ill be able to pay the Manhattan di^^dend, normally due Jan, 1."
%
We
Compare V.
114, p. 198.
—
Operation Will he Resumed in Manistee.
"The Worth Transportation & Products Co. has been gxtinled the right to
operate cars in Manistee. Mich. The company has agreed to chargt^ 5c.
Manistee Ry.
—
[TheManisteeRy.suspendedoperations Aug. 26. V. 113. p. 1156.1
to equip and operate a line with not less
than eight cars that will have a speed up to 30 miles an hour as conditions
warrant
Service inside the city limits will be one car each way every
Ever since the experiments were conducted on the. Manistee
.5 minut4\s.
track by a special motor vehicle manufactured oy the Worth company, the
proposition of utilizing the tracks by a le.ss expensively operated motor car
has been discussed and pushed." ("Elec. Ry. Jour." Jan. 14.) V. 113,
fares."
"The Worth company proposes
.
—
p. 1156.
—
&
RR. Offers Lines for Rent.
Mobile Light
Backing up his assertion to the Mobile City C/Ommissioners in ;i statement
made some weeks ago that the local street car company was not a paying
proposition, Pres. J. H. Wilson, in an advertisement offered for rent the
car lines on Government St.. Dauphin St.. Michigan Ave., Wilkinson St.
and Crichton to Springhill for the yearly rental of $1 for aU of the lines.
Mr. Wilson incorporates in his proposition that the lessee must opera to the
Bond will also be relines and give service equal to the present service.
quired
if
the lines are leased.
— V. 113,
Monongahela Ry.
p. 1675.
Equipment Notes.
—
Cassatt & Co. announce the purchase from the War Finani-e Corp. of
$263,200 Equipment Trust 67r certificates maturing from 1928 to 1932.
The road is owned jointly by the Pennsylvania RR. and the Pittsburgh &
Lake Eric (New York Central System). V. 113, p. 960.
—
See report of
Reports' aliovc
—
Operations, &c.
"New York Cit.v "Transit Commission" under "Financial
V
112. p
741
New York Chicago &
$436 ,81
Proceeds will be u.sed for the acquirement of property and for
Purpose.
the complete retirement of certain bonds prt'viously issued.
Mortgage provides that company shall pay to the trustee
Sinking Fund.
.annually a sum equal to 1% of the amount of bonds outstanding, for i>urcha.se and cancellation of l)onds if obtainable at le.ss than the redemption
pric-e; or for redemption by lot, of bonds not so obtainable.
Growth of Btisincss, Calendar Years.
1015.
1918.
1920.
X1921.
Kilowatt hours generated. 18, 415, 2,''>7 22.022,434 28,010,452 30,14r„588
electric
customers..8.320
8,993
No.
10,077
10,810
Gas production, cu. ft- -261.764,000 305.603.600 377,337,900 376,362,200
Number gas cu.stomers-10.111
11.040
11,866
12,251
No.
See report of "New York City Transit Commission" under "Financial
Reports" above and also "Transit Commi.s.sion Act of 1921 for New York
City Held Valid," under "Current Events" on a preceding page. T 114,
Nassau Electric RR.
Net earnings applicable
lo bond interest
$349,240
.$558,949
Annual interest charges on all 1st Mtge. bonds
Balance
[Vol. 114.
St.
Louis Ry.
Projects.
—
four-page article regarding the completion of grade-separation work and
tli<" building of concrete viaducts, together with plans and illustrations, will
be found in the Railway .Ago" .Tan. 14. pages 169 to 172. V. 113, p. 2505.
.\
—
New York New Haven & Hartford RR.
M Decree. —A resolution has
fication of B.
it'
.
Opposes Modibeen filed with
the Massachusetts Legislature upon i)etition of Edmund D.
Codinan, former I'lTsident of the Fitehburg RR., in opposition to any modification of the decree relative to (control of
Boston & Maine by the New York New Haven & Hartford.
IVIr. Codman and his associates claim:
The proposed modification would be prejudicial to the public interest
and a gi-ave menace to the interests of all individual shareholders of the
Boston & Maine "by rea.son of the fact that the po.ssibility of independent
operation of the Boston & Maine would be eliminated and its financial
restoration would l)ecome subordinated to the interests of the New Haven
(
1
1
whose solveiicj L- far from certain."
would virtually pre-commit stockholders of Ixith the New Haven
and Boston & Maine to a policy of unification liefoiv stockholders have had
opportunity to act upon the plan for consolidation that the lnter-Stat€
Comnicrc*' ('ommission is required to prepare and sulimit.
Regarding investigation by the Attorney-General of this matter see
"Current Events" in "Chronicle Dec. 17, p. 2574. V. 114, p. 79.
railroad
cZ)
It
—
"
New York
—
14r-story Apartment.
Tentative plans, it is stated, arc under consideration by the company for
the erection of a 14 story apartment building to cost approximately
$2,500,000 on the car barn property covering the entu-e block on Madison
Ave. from 85th to 8»)th Sts.. and extending westerly on the north side of
The company ha.s placed the pians
85th St. and the south side of 86th St
upon record in order to conserve the value of the block.
Rys. Co.
Plans
.
THE CHKONICLE
Jan. 21 1922.]
"New York City Transit Commission" under "Financial
above— V. 113. p 2406.
Niagara St. Cath. & Toronto CEl.) Rj.— Acquisition.
See report of
Reports"
m
favor of the
The municipalities in the Niagara Peninsula have voted
purchase of this railway oy the municipalities. See V 113, p. ^oUo.
—
.
Asks Government Loan.
Norfolk Southern RR.
—
Richard H Swartwout. V -Chairman of the boArd of directors, explains
granted a loan of
that the statement in the press that the road has been
The company has
error.
SI 000 000 bv the Railroad Administration is an
taken as yet on
made an application for the lo.an, but action has not been
The loan, if granted, will be secured bs"*!, 5 <.7 000 50-year os
the matter
Trust t ^o
Collateral
and the proceeds will be used to talie up SI .000.000
V. 114. p 198
notes due April 1 next
Oregon Short Line RR. Bonds Authorized Listing.
S16,424,000
The I -S. C. Commis.«ion has authorized the company to igsue
Consol. 1st Mtge. 5% gold bonds, bonds to be sold at not less than 91 and
Int., and the proceeds to be used to retire" maturing bonds.
The Commi-^ion alio authorized Union Pacific RR. to assume obligation
and liability as guarantor in respect of these bonds
The Xew York Stock Exchange has admitted to the hst temporary certifiSee offering in V 113, p. 2o05.
cates for the above bonds
—
Ottawa
—
—
Electric Ry.
Municipal Oivnership.
Rejects
—
The citizens of Ottawa on Jan. 3 voted to reject municipal ownership,
and also passed judgment on two proposals: (a) The operation of the railway
on a service at cost basis: (ft) a 30-year extension of the granchise. The
Aug. 1923.
present contract between the company and the city expires
See V. 113, p. 2819.
—
m
—
Pennsylvania-Ohio Electric Co.
Fares Increased.
The Penrsyhania P S Commission on Jan 4 authorized the company
Valley
Traction
Co
to charge 10 cents cash
and its sub^idiarv, Shenango
fares with 8 ticketsfor 50 cents, in New Castle Sharon, Farrell, Sharpsville,
Wheatland and West Middlesex, effective Jan. 11. Previous fares were
V. 113, p 2080.
7 cents cash with 6 tickets for 40 cents.
Pennsylvania RR. Equip. Notes Offered. Freeman &
Co., Xew York have purchased from the Director-General of
Railroads and are offering at 100.81 and int. to yield 5.70%,
Equip. Trust Gold certificates, due Jan. 15
$3,894,000
1925. Issued under the Phila. plan.
,
—
—
6%
Total issue $58,410,000. Secured by a direct lien on the following
equipment: il) 5 Mikado locomotives, (2j 130 heavy Santa Fe locomotives,
(3) 30 switching locomotives, f4) 9.900 50-ton box cars, (5) 750 50-toD
gondola cars, (6) 300 5.5-ton hopper cars, (7) 3.000 70-ton hopper cars,
V. 114, p. 198.
.'8) 2,500 70-ton gondola cars.
—
—
&
Eastern Railway Co. Proxies Sought.
Peoria
TTiomas Denny, W. A. Carnegie Ewen and H. Bernard Coorabe are
seeking proxies for the annual meeting at Danville. III.. Feb. 8. It is
understood that certain holders of income bonds and stockholders, being
dissatisfied with the "Big Four" offer, have requested the foregoing to
represent them at the meeting and seek better terms. If possible, when the
question comes up. V. 113. p. 2615.
—
—
Public Service Ry., N.
J.
Jitney Decision Stands.
The Court of F.rrors and Appeals at Trenton. N. J.. Jan. 13 refused a
reao?Tunent of the company's suit to stop the operation of Jitneys paralThe court last month
lelling trollpy lines in various cities in New Jersey.
sustained a fhanc<TT de<;i.sion denying an Injunction.
V. 113, p. 2722.2615.
—
—
Rapid Transit in N. Y. City. More Subways Favored.
The Board of Estimate has pas.sod a resolution favoring further subway
construction for N. Y. City a.s a means of relieving traffic congestion and
expressing its opposition to any further ele\-atod construction at any time
within th.j city limits.
A public hearinf was ordered to be held on the plan proposed by Comn.
for the Issuance of .525. COO. 000 corporate stock for the
ing 200 bus lints throughout the city to help rtlieve the
tion.
Mr. Whalen estimated that 2.240.000 pa.s.sengers
n^-would lie »:arrii.-<J dally by the bu.ses on a .5c. fare which he said would wrn
grotis r»»vpTiu«i of $-M).880.000 annually, with a net return to the city after
all err
-d chargp« of $-». 031 .000. rSee daily papers Jan. 14).
Fdof .Sta.te (-'ourt of .Xppeals upholding cotLstitutioniility of the
1921
Act M-c "Current Events" above.
Sef; report of the Transit Ck>mmisNion under reports above.
V. 113,
p. 2816.
—
Reading Co.
Rightu Denlingn.
was st^nt out by the New York Curb Exchange
'The (!ommltteo on l.i.iting and Securities rules that pending a
TTic following nolJ<»
Jan. 17:
decision of the U. .S. .Supreme (^ourt in Rfviding rights. tra<linK In .siild
lightM b«; suKiM.-nd*-"*! untfl further notice.
The t'ommittcc further niles
that all wh<m-.i>t-an*l-if l<iKued contracts In said rights must be adjusted to a
value of $|K p'T KK) rights."
At the
<)\<: Curb It wa^ explaincxl that the susp<'nsion of trading
In the T\v<
'It a tempijrary expi'dicjnt pending thcs dry-ision of th<!
Court.
I'T iKj|nl*-d out thai those who had extx:uted tran-s;ictlons
bi the rlv't
''.'I that il would Ixj necessary to put up joint margins
both by
.ilMl .s<'ller. and a.s thin wouUl tie up indefinit<4y
conjild<a^l)> .irnounts of money it was ducidiHl to KUf.i>«-nd trading in them
'
I
V
13. p. 2722.
Louis
&
.\Ii--oiiri
I'
St.
Th<^
6
Jennings Ry.
Atlmnrrs Rate.
'onjir.j, ,iori has ant hnri/.f^l
Tlii' old r;iM- « as 7 tickets for 26
.-<
tlck<-ts fori'.', flints
<
San .Joaquin Light & Power Corp.
'
Th'
'h*' 7
iri
ih'' "itr .lo'i'iuln
'"
.,
'
'•
I
-
.
Tti'
'"1.
in. p
J
".i-rvSnv
.
10 h
iif
The
I)
'
nlioiif tlO
,fKX) mik-f. of
—
—
traffic.
rn
ha* oilt«UiiK*inK $1
1
.-
.
—
—
1921—
.(MKI.OKI of
Conimon
Hegrepalinn Huit.'
M of
.
r
1
iiH oil
ol
«t<H-l<
., .r., .(
Gross
Net
Gross
Net
Rccnuc.
Over. Inc
Rerenue
$10,387,467
11.122.010
Oper. Inc.
January ..-S10.092,92Sdef..S626,055 July
February .. 9,798,330 dcf.868.479 August
March
11,153,007
.i:::8,000 September
April
10,441.7.57
998.461 October
May
10.112.276
10.218.486
Jime
Issuance
1,013.063
i.
.
12.108.784
11,159.256
$1,163,008
1,682,276
2.206,959
2,(>03.03o
2,366,608
— The -S—
bonds
C
I
Commission has given
authority for the
its
113, p. 2819. 2615.
—
Southern Traction Co., Pittsburgh. Postponed.
The hearing on the apniication of the Union Trust Co.. trustee, in the
U. S. District Court at Pittsburgh for the right to foreclose on a mortgapK
ou which the receivers are alleged to have defaulted interest ptiymenlNS
has been postponed to Jan. 27.
—V. 114,
p. 199.
—
Citj.— Committees Combine. —
Springfield dll.i Consolidated Ry.
Power Co. above and V.
Sie Illinois
Merger.
113. p. 2506.
Steinway Ry., L. I.
The two protective committees formed
to look after tho interests of holders
The conimitt<<<of the f)9r 1st Mtge. Gold bonds havo lioeii consolidated.
resulting from the consolidation will consist of George W. Davison. RoswoU
Eldridge. Walter E. Frew, Harold B. Thome, and William Carnegie Ewon.
Counsel of the committee will be Larkin, llathbono & Perry and William
Dewey Ivoucks. The depositary for tho consolidated committee is Oentml
Union Trust Co.. New York. V. 114, p. 80.
—
Tennessee Central RR.
Sale of Road.
—
.\fcordlng to disp.itchcs from Nashville tliere .seems bo be a difTcrenceof
opinion among prominent attorneys whethiT the sale of the road to C. M.
llovey Jan. 12 for $1 ..^OO.OOO is subejct to an advanced hid.
In the event
advancc<I bids are to be considered, indications are that a substantial increase over the price bid by C. M. Hovey, a;-ting for B. P. Morso and
brother of the Nashville Industrial Corp., will l)e made.
Rogers CaldwiOI. representing (\Tldw('II & Co.. who recently .submlttod
a plan for reorganization of the ro.a.l to thi; 1. S. C^. Commission, is (juotttd
as sjiying: "We are in ••ommunicilion with other security holders whom we
rcprc«(:rit. and will probably a.sk the coiu't not lake final action on approval
of the sale until wo havo had an opportunity to make an advanciMl bid."
Others familiar with Ihi' properly, it is said, claim that In the event the
s.ili' is held sul)le:'t to advan.'efl bids, that those intrn-sl<id in lli(> se<x)nd
iMortgagu Ijonds may also Ixvoiue active and that the property would 1h>^come theobjcct of spirited bidding.— V. 114, p. 199.
-Brmrfs Authorized. -
St. Louis.
C
(Commission. Jan. 12. authorized the conipiiiy to Ihsui'
>0.',.0()0
Mlge.4';;, bonds iu pajmoiit for certain real i-sl.ite purchu-sed
in .St Ix)uls.— V. 113. p 2186
Tin-
I
-S
(ien
Toledo
St.
DistrHiiition,
Trust
'
4%
Louis
((Jv.
& Western RR.—Sdllenimt
Tlic protfct
"li.'iirman, in
not
coniniitttH* for
ivt^
dim Aup.
(iol<l hoiid.s,
1<)17,
1
"A"
and
bon<ls,
K<Iwin
<'onimitteo, announces
concerninjr the (Mover Leaf
Mt^rrill,
(('r(ifi('att>s
with
de])OKif<>d
that, .settlement
heretofore
tlit'
(1.
—
Coll.
of dciio^t
to tlic lioldcr.s of sik^Ii
notice to tho lioUUirs of
a,
Approved
bondholders'
tho
of the* liliiriitioii
(Jold MoihIs of 1917 (V. 11.3.
HWl), lijis been apiirovt><l iiiid coiifinned by tlio U. K.
I>.
District, (-'ourt, and tlie i)roc»>e<ls (»r the settleiiient, will Ixi
WYl'l fs«>(«
.i\uihii)le for (lislrii)iili()n, bej^^'iiinin/^ ,lan. 20
vert isini;
4%
114
ll.V
t» lloUlim iif rrrllflrnl'f <>( /><•;«).»</
Mftlioil ,\ Hirh) of IHHiriliuliiiii
T)ie New \>>rU l-lfe liiKUriinii' .\; Tnml
<>.
•'.:• Ui.ll
Y li:i-: been iippolnteil l,v llieCoiirl iiiid liy the IxiildllllllllTS of
il. to r.irry <mii
iIh (llslrlliiil Ion
I'iKinc
oil
irii-
11. 016. .589
IM-
khoUliT"
,
November
_
1.098.9,58
issue of these
lioiuls
...
.
.
r
—
Growth of Business. A comparison of the earnings and traffic results in
192C with those in 1905 shows the following growth and expansion;
227.7%
Gross earnings per mile of road increased
152.7%
Revenue ton miles per mile of road increased
207.1%
.Vvcrage earnings per freight train mUe Increased
Increased
132.5%
Passenger miles per mile of road
159.4%
Average earnings per pa.ssenger train mile increased
The Develop. & Gen. Mtge. is a direct lien upon 4,316 mife
Security.
of railways in absolute ownei'ship, subject to mortgage indebtedness outstanding at the rate of only $31,000 per rmle. and. in addition. Is a first
lien upon (a) all the bonds and stocks of railways aggregating 523 miles;
(6) the entire stock issues of railways aggregating 492 miles: (c) the majority
of stocks of railways aggregating 514 miles: (rf) leaseholds or trackage or
other rights to use raihvaj-s aggregating 824 miles; (r) stoclcs. the ov\-nOTship of which insures to the company the perpetual right to use terminal
properties at fifteen of the principal cities of the South.
Outstanding in the hands of public $60,000,000
Stock Outstanding.
Preferred stock and .'512C.000.000 Common stock.
Statement of Earnings Month by Month Lyuring 1921.
nj)i(s(ntiii(j .Scries
1;.,,..
%
%
'
lr;ii
»l..'{fi0.000 In 1012 to more than «.'),.'>23.»>112.0(K) U> iiioni tliiin $:t.f>H0..120 In tho
Southern Pacific Co.
,....,.
r
4%
p. a. will be secured by the lien of that
well as interest at the rate of
mortgage. Pm-suant to a supplemental Indenture, company is to affix
to
pay
obligation
its
bonds
to the
'ZliVc additional int-erest, thus making
The 2H
additional interest obligation
p. a.
the total interest rate QV,
will not be secured by the Develop. & Gen. Mtge.. but in the supplemental
indenture company will covenant that it will not create any new mortgage
upon any part of the railways subject to the Develop. & Gen. Mtge. unless
such new mortgage expre-ssly shall secure the payment of the additional
interest obligation equally and ratably with any indebtedness secured by
such new mortgage. The total 6)2% interest obligation is combined in
the several coupons.
Proceeds will be used to pay 3-Year Secured Gold Not«s
Purpose.
maturing March 1 1922 about ($22,588,000 outstanding) to pay a demand
loan owed to War Finance Corp. (reported at .52,355,270), and to reimburse
the treasury in small part for capital expenditures.
Since the Develop. & Gen. Mtge. was created in
Capital Expenditures.
1906 the company's capital expenditures on the property subject to the
mortgage have exceeded $135,000,000, upwards of 840.000.000 of which
was from cash derived from earnings. The new capital has been used to
proviae improved facilities for the efficient and economical handling of
'o.
f
V.illi-y. C.illf
.sl«-m
1'
Vt«\t
A:
:i
Th,
—
Terminal RR. Asso. of
—
1
—
Pnf. Sinrk Offered.
Co. and Cvriis, I'lcfc
&
Int. payable A.
bonds "when issued."
Data from Letter of Pres. Fairfax Harrison, Washington, D.C., Jan. IS.
The bonds will be issued under the
Additional Interest Rate of 2)4%
Develop. & Gen. Mtge. of 1906 fV. 86, p. 1468) and the principal, as
—
the i:ompany to sell
Cents.
V. 108 p. 880.
arc oflcrinu
-•.'..rKMI.(X)01ViorI'n-f. ( 'uiriiilutivf 7' „ .slo'-k.
ifcnf-r.il fl<'<-trlc ilghli iR and powiT business In
' <\:
'
;.
1956. Not subject to redemption prior
O. in New York without deduction for
Denom. $1,000 (c*&r*). 81,000 and authorized multiples thereof.
ta.xes.
Guaranty Trust Co., New York, trustee.
The New York Stock Exchange has admitted to trading these
Listing
Dated April 18 1906. due April
to maturity.
—
1
307
Co
1
i»a(jj<>H).
lU^lrlljulion
m
N
.
Ml lug
«
111
Ml
.
I
I
'lov
.t
I
i-r
I
l.<iir
.III
1
>
1
t
II \'
,
illKlrlliultM
the
oil
I
ceriiri.
.
,
of 11)17.
.Serli
mill tlHTeunoti will ris-elvi<
in
$1,000 of
I'iU-h
litiMils
I
It
,
•
I
.
Il
'
of
*
orii|iliilfi*v| fif, th<*
M In
'"•
.
Southern Railway.
Kirvi
<'<>..
I
HouiIh
p.
111''
III
may
<h.TrljT. or
\;iti(Miul
of ilepo.,11
Toll
II.
i
<
M
i.r ill ici
I
eriir.
il
I
11
pri M'lllllIK
ti iiri 1,1'iiIImk
.1
I
Is
Kl{
'liiu
12
I'l
khiir<<«
Sold.
rUm-U, mid (Ai
"o,V Minn UK.
l\
no) lie JHslli'il
of Ciiiiitnitn
'I'
(Il
iMitil riHiiili In
i|e|i<isll ri<|m>
«
IW.
if
.1
I'
I
.Mnrt'ttM
({(ink, the N.-ilion.-i! 'M'
Co..
(o., Oiiarntily <'o. of .\( \\ \ ml. uiid H
<i».. N«.w York, hftvi) moM nt <»»';< and
to
inl..
«.v.T n.m'/„. »;{(),(joc).(Kj() d.-v.-i*,,,
\ nnn. mik«'.
Kf>rti. s
lii
»li<>
IH.
a
IM. f Hi' r«vnfiur«
1
'11
hit
It'l
ll>l
Ill
I
iV
,
I
ii.
:
'iiiih.
rrucllon*.
II
nlinreo
Ill
Niieli
ill
fliml l»y
iniy
Im'
itA
llii'y
prioH'iii
Dm
1
|KT full
tril«l ro
e
I<
of
llin Mlilllli
riii'vl
>>
iff^
'lA
price
liy
tlin
will Imi
THE CHEONICLE
308
sufficient, together with the fractions to which such depositors are entitled
at the above ratio, to permit the distribution to them of full shares
Payment for fractional shares purcliased by the trust company in the
course of such adjustment will be added to the cash otherwise distributable
In
to the respective depositors from whom the fractions are purchased
cases wliere adjustment
ly be made by adding to the stocK deliverable to
any given depositor a fraction of a share sufficient to make possible delivery
in even shares, payment for such fraction of a share will be deducted from
(he cash payment otherwise distributable in respect to the respect! \'e
depositors
Di.itrihiilion to Hohlrrs of IJndepositcd Bonds
Nearly all the Clover Le;if
4% Gold Bonds of 1917, Series "A." have been deposited with the cominittoe, but a comparatively small number of such bonds are still outstanding:
and not heretofore deposited. In accordance with the order of Ooui-t
the owners of such bonds upon presentation and surrender of the same to
New York Life Insurance & Trust Co. for cancellation as provided in said
order, together with the coupon of Auk. 1 1914, and all subsequent coupons
thereto appertainin;?, will be entitled to receive the same distributive share
per .ISl ,000 bond, as above provided for in the case of holders of certificates
of deposit, and subject to the same arrangements with respect to the adiustraent of fractional shares of stock. Compare V. 113, p 1984, 2081, 2313
m
—
—V. 114, p. 199.
Toronto Suburban Ry.
— Arqvire.d by
— —
City.
—
The citizens of Toronto on Jan. 2 voted in favor of the acquisition of this
company by the City of Toronto. For terms of purchase see V. 114, p. 199.
Trinity & Brazos Valley RR. hnjyrovcment in Earnings
Owing to Mexia Oil Field Development.
See Pure Oil Co. under "Industrials" below.
—
—V. 113, p.
—
Virginian Railway. Equipment Notes.
CassHtt & Co., have purchased from the War Finance
equipment
6%
trust
ceriifirates
Corp. SM3..=i00
maturing 1923-27. inclusive.
p. 2820.
Virginia Railway
10.54.
& Power
Co.
—
Strike,
&c.
—V
li;->,
—
i
i
In Petersburg, the car
men
refused to Iiecd the
.Tan. 16 requested the company to meet
franchise obligations to the city by giving adequate car service immediately or forfeit the franchises
The Council also called on the company to
take steps to arbitrate its wage differences with its men and to receive
proposals of Mayor Ainslie looking to an end to the strike called Jan 16
Soc also V. 114, p. 199
The llichmond City Council on
its
INDUSTRIAL AND MISCELLANEOUS.
—
General Industrial and Public Utility News. The
following table summarizes recent industrial and public
utility news of a general character, such as is commonly
treated at length on preceding pages under the caption
"Current Events and Discussions" (if not in the "Editorial
Department"), either concurrently or as early as practicable
after the matter becomes public.
Steel and Iron Production, Prices, &c.
Examiner Iloids U. S. Sifitl Corporation May Overate Ships Through
Panavia Canal. "Post" Jan. 16, p. 7: "Times" Jan. 17. p. 23.
Hearings on Piitstnirgh Basing Case Answer Filed. -Tentatively set for
"Iron Age"
Jan. 30 at Milwaukee before Federal Trade Commission.
—
—
—
Jan. 12. p. 181, 158. Six States attack.same. "Fin. Am." Jan. 18, p. 2.
Organization established under the
Eastern Bar Iron Institute DisgnlrcsEddv system of open price coinpotitior. voted late in December to dissolve
on Dec. 31 because it is understood, of chaotic trade and business conditions.
"Iron Age" Jan. 12, p. 180.
STEEL A IRON MARKETS. "Iron Age" Jan. 19. reports in substance:
Lighter Operations
Some Price C(meessions Tin Plate Output Holds.
"The common expectation of activity in the early
(1) Operations.
spring is more of an influence in the steel market than anything buyers
have done since the year opercd. Operation of steel works has fallen off
slightly.
In the case of the Ktocl Corporation it has Iseen not far from
•10^ in the past week, while 30% is not imcommon with independent
—
—
——
—
companies.
"Sheet mil! output in Pittsbm-gh ard outlying districts is on a 7.59o
Tin plate
l)asis for Steel Corpcration and [iQ% for indeperdont plants.
mills for some weeks have rus at a high rate and are likely to hold to it
through the winter. This will be a gocd year for tin plate.
"It is recognized that replenishn^ent demand still must be counted on
Steel companies are more
for alternating improvement in mill schedules.
sanguine of a hi.t'her rate of output in the next few months than of a turn
—
lor the better in prices.
"In new railroad demand the inquiry of the Southern
(2) RR. Orders.
Railway for 26,600 tons of SS-lb. ard 8,500 tons of 100-lb. rails is the
chief new item, and there is an order from the Grand Trunk for 9,500 tons
of 100-lb. rails for its American lires. Chicago mills arc counting on
<)5,000 tons of steel for the cars placed last week; and 5,000 tons more will
l)e needed for 500 cars the Central of Georgia is alxjut to order.
"Prices of the principal forms of finished steel are still
(3) Prices.
.sagging, though there are producers who have declin(>d business because
they would not add $\ or 32 per ton to the losses they have l«'en making
While 1.50c. is a common line of resistance on liars and structural
lately.
shapes, a 1.40c. price on steel plates is not as rare as it was (contrasting
with 2.65c. in Jan. 1921].
"The New York-New Jersey tunnel will require 10,000 tons of plates
and makers of bolts will be In close competition for the 45,000 kegs that
will be ne€d«>d.
"A $1 reduction in bar iron by Eastern makers brings that product to
Some irregularity has
1.46c., Pittsburgh (as against 2.35c. In Jan. 1921].
—
in wire products and in the i)ast week $2 40 has been done on
wire nails, or 10c. per keg l>elow the price last announced [and comparing
with $3 25 on Jan. 18 1921).
"Southern pig iron has agjiin receded ,50c. to $16 [contrasting with $32
In the North there is very little activity, but prices are
in Jan. 18 19211.
The "Iron Age" composite price for pig iron is
fairly well maintained.
at last back again at the low point of $18 52 which it touched in August last.
developed
(4)
Euhricated
Steel.
— "Dwemlxr
lousiness
in
fabricated
steel
work
amounted to 71,500 tons, against about 99.000 tons in e;ich of the two
previous months. Of the 758,000 tons contracted for in 1921 47% developed in the last, four months.
"An interesting item in the export trade is the
(5) Foreign Business.
sale of 5,000 tons of plates for a Melbourne, Australia, water pipe line.
England was a close competitor. Jajvin has bought here 2,000 tons of
large pipe for a high pressure line, and at Chicago an independent mill
has a 3.000-ton sheet order from Japan.
From
"Brazil, India, China and Japan figure in current tin plate buying.
South Afriai as well as South America considerable inquiry is now before
export steel companies.
"Drastic price cuts in England, in Iwth pig iron and steel items, have
Sheets and tin
resulted in virtually stopping Continental competition.
plates are weaker, production exceeding demand."
—
Coal Production, Prices, &c.
Age," New York, reports in brief:
"Signs of the anticipated buyBituminous Coal Market Conditions.
WEEKLY REVIEW— 'Coiii
CI)
—
Bituminous Output
"Production was gi-eatlv improved diu-ing the
January. The total output was 7,460,000 tons, according to
the Geological Survey, as compared with 5,996.000 tons the week preceding
the daily output increasing from 1,199.000 to 1,437,000 tons
Loadings on
the fir.>t two days of last week Jan. 9-10 indicate a further increase for
(2)
firstM^'eek of
(3)
—
—
that period.
Anthracite.
—-"Anthracite
producers are finding a better market, as
colder weather has aided retail distribution
Some idle collieries have resumed work and independent quotations have stiffened .slightl.v. However.
and their replacement orders are below
retailers are still rather well stocked
normal
"Production during the first week of the year was ,281,000 net tons, as
compared with 862,000 tons in Christmas week
Domestic sizes are in
better call
Even steam grades are moving easilv as supplies had been
reduced by the recent low output
(4) Coke.
"Coke consumers have apparently .satisfied their contract
requirement,s for the first quarter, as that market has softened.
Spot tontonage is stiffer due to the low production and the two markets are thus
being brought into more natural alignment
(5) Wages.
"Non-union mines, with their lower costs, are of course
]
—
—
getting the bulk of the competitive busine.ss offerin.g
"Manj' union operators are actually running at a lo.ss. justif.ving their action by a determination to retain old customers at any cost until their wage
scales shall have been pared down to allow a profit
The necessity for relief is growing daily and April 1 will certainly .see operators ready to insist
on an economic readiustment of wages.
"Operating conditions are not pleasant for the Middle Western producer.
The flood of non-union Eastern coals at low prices has closed some Illinois
and Indiana operations and made a wage reduotioa imperative
Poor
worktime to April 1 is inevitable and this may make the men more amenable
to a cut at that time
"A meeting of miners and operators of the Georg's Creek and Upper
Potomac fields was held in Baltimore last week, to discu.ss lowered wages as
;in alternative to closed mines.
(Terms offered were for picking coal from
$1 31 to 80c a ton, for inside labor from $7 28 a day to $4 32 a day (54c an
hour) outside labor from $6 .54 a day to $3 3S
See "Coal Trade Journal."
Jan 18, p. -19
The meeting was dei'^llocked on the i.^suc and the situation
will probably go unchanged until April 1, except for some Individual wage
agi'eements.
"The New England all-rail movement declined during
(6) Shipments
the week ended Jan 7 to 1 ,053 c irs from 2.378 in the week previous
Railroad tonnage is lower and s'iipp?rs are almost out of the running at points
competitive witli the Sotither i coils b.v wit?r
"Haiiipton Roads dumpings for the week ended Jan. 7 were 220.748 net
New
tons, as compared with the previous week's figure of 199.125 tons
England took 156,944 tons of the total and bunkers 34,213. There is less
coal at the piers and that market is in better siiapt- with the fewer attempts
to force coil on coast-wise buyers
"Northwestern domestic markets are a little more lively, following some
sub-zero weather.
Steam coal is also moving, due to price cuts o:i the docks
and .some .signs of activity on the Iron R:inge "
1
Richmond, Norfolk and Torfsmouth
The employees of the company
went on .strike Jan 16 a^^ainsl the proposed wage cuts that wer;- to go into
effect on that date.
strike order.
[Vol. 114.
—
ing movement against a possible coal .Urike this spring are beginning to
appear. Throwing off the holiday .sluggi.shness, industries are again getting
This slow improvement,
into operation, but with little increased .speed
coupled with a decided tendency to make overtures for future requirements,
has halted the decline in bituminous production and prices
Another ent:onraging factor is the recent upturn In iron and steel
"The stock pile is Ijeing left more or less undisturbed and current needs
are being largely supplied from the spot market.
The removal of the
transportation tax and the present ex>'remely good values offering have
about convinced buyers that prices will not be much lower, at least until
:i wage readjustment is made.
However, the urgency of fuel requirements
is iiol yet manifesting itself to the extent of any sharp turn for the better
"The new year has brought about a crop of failures in the wholesale [coal]
trade.
Several coiosoUdations have also taken place.
—
—
U. 8 Geological Survey figures
.Xtithrac ite Coal
-Bituminous CoalPrevious
Total
Total
.Arge Per
Same,
Year
Week Ended
Production Wkg Day PrcT Year Production
Dec. 24 1921
7,468,000 1.245,000 2,026,000 1,338,000 1,998,000
c862,000 1.641.000
Dec. 31 1921.
5,996,000 1,199,000 1,937,000
Jan. 7 1922 _
7,460,000 1,437.000 1,863.000 dl, 281 ,000 1..597. 000
Cal, ye,ar 1918 --579.386,000
1,880,000 1,794.000 98.826,000 99,612,000
Cal. ye,ar 1919 ,465,860,000
1,515.000 1,880,000 88,092,000 98.826,000
Cal. year 1920 -_5.56, 516,000
1,805,000 1,515.000 89.100,000 88,092,000
Cal year 1921 -a407,000,000 1,326,000 1,805,000 87,.500. 000 89.100,000
Estimates of Production (Net Tons).
a Subject to revision,
d New Year's week.
b Revised
since last report
Christmas week
c
—
No Cut in Coal Wages to Be Tolerated John I. Lewis. Internationa
President of United Mine Workers of America, addressing Shamokin convention, which will revise scale, warns of a conflict ard iirsists on imiversal
Times" Jan. 18. p. 10:
8-hour day, $5 minimimt rate, and "check off."
Convention will probably demand wage increase of 15 to
Jan 19. p 6
"Post" Jan 20. p 12
ao-^o.
Secretar'i Hoover Fears Soft Coal Strike
Both Operators and Men
offset shortage:
for relief of suffering
in
"Times" Jan 20. p 17
The opnrators insist on a wage decrease.
miners
National Conl Association Contends Cut in Coal Rates Is Necessary to
Remval.
"Wall St. Jour." Jan. 19, p, 1.
Assemblyman Consgrove's
For New York State Control of Conl Business.
"Post" Jan. 16. p. 2.
bill provides for regulating prices and distribution.
West Virginia Mine Ionian Leaders Indicted for Treason for March on
Mingo Last Summer. "Times" Jan. 14. p. 3.
Missouri Court Upholds International Removal of How at. Leader of Kansas
Miners.
"Times" Jan. 15. p. 13.
Europe Flooded tcith Coal. There is now too mucli where two years apo
From Paris (by mail). "BostonN.B., .Ian. 18, p. 4.
there Avas shortage.
Weekly Coal Uiitput in 1921 of Great Britain (in Tons).
Aug. 6.
Sent. 10.
•{W
Weeks end Dec. 17. Nov. 26. Oct. 29.
Tons
5,026.800 4,693,300 4,210,200 3.939,800 3,623,200 2.352. <00
April
1.
largely
output of non-union mines
—Officials say the
House to appropriate $.500,000
i-esolution offered
Firm.
will
—
—
—
—
—
»
Oil Production, Prices, &c.
—
—
Crude Oil Statistics of American Petroleum Institute Explanation. See
Current Events" on a preceding page.
.,
The Institute estimates the daily average gross crude oil production in
the United States for the week ended .Jan. 14 at 1,430,710 bbls.. a new
high record, as compared with 1.413,450 bbls. for the preceding week.
Central Texas (Including Mexia, &c.) weekly report shows increase frpin
135,700 Jan. 15 1921 and 209,025 Jan, 7 1922 to 226.050 Jan. 14. "Wall
,
_,
•
',
St. Jour." .Tan. 19. p. 1.
,
i.
^,
time
Extends for three years the
Oil Land Leasing Bill Passed bv Senate.
"Bost.
permits.
necessary
obtaining
oil
and
gas
after
develop
to
for lessees
News Bureau" Jan. 6, p. 9.
..
.,™.
„
„ , .,
t
,n
Mexican Oil Tax Matters Said to Hare Been Settled. "Times Jan. 19.
p. 11: "Wall St. Jour." Jan. 19. p. 1.
„
,
,
Xgrcement hy Mexican Petroleum, Gulf Orl and International Petroleum of
of Toteco from 475,000 bbls.
Maine Limits Drilling. Said to cut production
a day to 400.000 bbls. "Bost N. B " Jan 6 p. .3 & 11
, .„ „„„
, „
Geological Survey Experts Estimate Nation s Available Supply at 9.1,50.000,Jan
17.
"Time.<^
20.
p.
Used.—
All
Be
Cannot
000 Bbls., But
Hnmbie and Magnolia Oil Cos. Advance Price of Mtxia Crude to S1.2o,
.
afii.st of 25 Ccni.sn Barre/.— "Post" Jan. 16, p. 11. ,
<- ,^ „:,
Mexican Oil Shipments in December. Exnorts of crude and refined oil
1,862.000
l>a'Tles,incr«»se
were
19.397.093
beceml>er
from Mexico in
Total exports for year 1921 182.665.. 66 barrels.
barrels over Novemlx>r.
In December, Mexican Petroleum Co. exported 28 711.455 harrejf:
Standard Oil Co. of N. J., 25,494.174 barre s: J^cxican Eagle. 25.450 220
Jan. 20, P- 1
barrels, and Mexican Gulf, 13,722,034 barrels. "AVall St. J
—
,
—
„
,
.
—
.
,,.,„.
—
,
Wages and Other Trade Matters.
—See "Current Events" above ^
_
,
,.,
Announcement is made by the American \\indow Glass Co. or
Prices
'" in the prices of common window glass.
of
cut
22%
A
23
a reduction of
"Times" Jan. 19, p 23.
was made in April 1921
Platinum Up $27 in Six Weeks —Ox^ Jan 1() from" S94 to S105. Jan 2
Jan. 10
price was .'i;84. early in December, .$73 Bost "N B
Prices,
Copper Trade A/n«(TS
—
Ameri^Ul grades of refhiod sugar were marked -ipto 5e. yesterday by the
can and National Sugar Ref. Cos. Export movement lanJe and .supplies
'^Prices of .automobiles reduced by the Na.sh, Hupp. Ford automobile
companies and General Motors Truck Co
t .,
i
fi,»
ine
Jan
1
Dodge Brothers announce a reduction in prices effective
l<eb 1
amount of which, however, is not to be made public until
advance
product
Japanese
of
Prices
Haw silk reaches .still higher levels
fin.
pound lower
6c. per pound at Yokohama, local prices are 30c a
price of
'victor Talking Machine Co announces reduction of 10c in
Jan 18, P 3
black label records. "Phila. N.
announcecl
Cottons Higher —Vrk-ea for ginghams and flannels for next_^fall
dress_ ginghams. 20c per
bv the Am6.skeag Manufacturing Co utility
"
Jan 1/, p 1
yard, against 18c last fall, &c. "Fin
Prodncers make outs of lU.f
Men's Spring Footwear Prices Revised
"
Jan. 18. p
"Fin
fall
last
under markings named
„..„„;„
in
B Sanderson General Manager
No Cut in Atlantic Freights —Uoyd
of 5 or b ,„
the U. S. for the Royal Mail Steam Packet Co., says the ""crea.se paid
the
months just
in rates for carrying grain during the past three
least 50 ,c
operating expenses. The volume of general ocean freights is at
B"
,
"
Am
—
Am
'
THE CHEONICLE
Jax. 21 1922.]
a year ago and there will be no change in rates in ray opinion
improves, and then it will be an increase and not a reduction
steamship
lines are already in the ocean carrying business to
The German
"Timps" Jan 18. p 16.
the United States, South America. Africa. &c
Three Connecticut Cotton Mills Cut Wages 20% Jan. 23 on Southern Competition- "Times" Jan. 18, p. 24.
Marine Engineers Face \h% Salary Cut by Shipping Board March 1.
Y. harbor craft about 500 men have returned
Of the striking workers on
to work at the old scale and settlements are being made with the others.
"Sun" Jan. 20. p. 1.
Ford Gets Muscle Shoals (Ala.) Pmcer Plant. "Sun" Jan. 20, p. 1.
AVif American Crete Wngrs Avprorimat-' British Scale, but Licensed Officers
"Wall St J " Jan 17. p o
G€t 25 to 30'^r More
American Thread Co. at WiUimantic on short time "Fin Am " Jan.
less
than
it
American Brass Co.
was
until business
N
.
The
p
.
The American Brass Co.
of
Hold Up Cuban Financing. Permanent SoO.000.000 loan awaits
a thorough examination of the situation. "Tim.es" Jan 19. p 25.
Imports lying at Vladivostok to be sold at
Americans May Lose Goods
auction
"Times .Ian. 10. p 4
Utah Smelting Wages Cut. Reduction of 50 cents a day fot workers
recei-ving .^3 75 or more, and of 40 cents for those getting less, announced by
Amer. Smelting & Refining Co.. the V S. Smelting. Miring & Refining Co.
•Times" Jan. 20. p. 20.
and International dmelting Co.
ApprorimaH Scales of Wages in Leading Copper Mining Camps (per Day)
Arizorta Mines
Mines at Butte
-Lake Copp. MinesBanker.'^
Peak.
.«4.75
—
—
—
p. 13.
Legal Matters, Legis'ati^n, Tajjation, etc.
Tobacco Men Again .Accused
Trade CommLssiou charges price cou.spirac}-.
See Am. Tobacco Co. bHow an1 "Tine^" Jin 19. p 6
Senator Ladd's Bill Fixes Minimum Prices to Farmers for Fire Years.
U. S. Grain Corp. with $1,000,000,000 revoUnng fund would buy wheat
No. 1 Northern "spring, at Chicago. :*1 50 pT bush corn Xo 2 yellow, at
Chicago. 85c per bush cotton, middling, spot at New Orleius. ISc per lb
wool unwashed, at Boston and at St. LouLs. 5'" a lb
S-iles to be made to
"domestic consumers at a price to cover the cost of handling. iScc and also
—
—
.
.
" Jan 19
to foreign manufacturers and consumers " "Fin
Republican Senators Agree to Pass Bonus B<ll
To act on same as soon as
foreign debt bill is out of the w^.v "Times" Jan 19. p 19
President Gets Bill to Bar Arms Shipments to Disturbed Countries.
"Times" Jan 19. p 19
Colorado Senator's Bill Would Create U. S. Mine Depi.
"Iron Trade
—
—
—
Reiiew" Jan
Senator La
—
J)'i
18,
p
3.
—
Smoot .Submits Xetc Tariff Plan. Would base \-aluation on U. 8. wholesale
price and permit President to alter import rates.
"Post" Jan. 12, p. 1.
Senator-, fail to agree.
'Times" Jan. 18. p. 22.
Farm Bloc Demands n-Cr-nt IXiiy on Short Stapl<- Cotton. "Times" Jan. 14.
5310.000.000 Canal Plan to C mgress. President Harding submits Commi.ssion's proposition for St. l^wTence-Oreat Lakes waterway: Wetland
Canal Included; building costs to be apportioned in projiortion to In-nefits to
c2lcY\ CDuntry.
"Times" Jan. 17, p. 19. Canadians urge all-liome canal.
"Post .Ian. 19. p. 4.
Drastic CiAlon Mil! Measure Inlr.iduccd in the S. C. Ilvusf of Represmtatites.
No crjtton mill to l* allowed to clo>ie down for more than 19 days
without appr(j>al of Governor and State Rank Examiner.— 'Fin. AnV^
—
—
'
—
Jan. 10 p. 2.
Beech \'ut D'cisiort.
— Right
of
minuf u-'upers
to regultVe retail
prices.
S*«> '(urnnt Kvent»" above and Tioston X. !$.•• J.-in. 17, p. 1.
Ilear.i R, .Xrgumrnt rm Shjir MorhiniTy.
U. S. Supremo Court allows
•' '' - .i<- <.n \-alldif y of le.'is**.
thre«- hour- "•
•Times'^ Jan. 18. p. 25.
Mra' Piv
'or /Irpi/mmt.— ^"ommittw reprefienting Cabinet
hwfiai h'-ar
decree mf>difi<-a< ion.
"I'osf Jan. 12, p. 1.
Tile Trij
.>'.x Frre by PreMdent After Mimth in Jn/J.— Frank TI.
—
Nobtae,
"I
i
I
Hardwood Men
Them.
U. S.
und««r Anti-Trust Htatiite. gets out on plea of tuber'I
.1
!
I)
D
I
1
I)
-
fir
Times
Will
.
I
1
I
'
'
Ask Supreme Court
'
.
n
1
Modify Recent Decision Against
to
15. p. 13
OoTt. Enters Decree in Anti-Trust Suit Against California AsscKiated
Rasin Co. Se»r that company bolow atid Tlmes^' Jan. 18. p. 24 (under
cTipflon "f.f '<-:,] [".Icv-irli- ("n").
rirum
Incalirtate State Leries on National Bank
lit In Cnngrnhs.
•'TimfW Jan, 20. p. 5.
•'tote Imtts.
Supreme Court holU.i treaty with It.ily Is
p;.
^ appeal of fl. .S. Ilerrlck on caM' from Supreme Court
.<».' Jan. 17. p. 19.
.if
it I,'
» > It Virginia Natural Gas Case Ordered by
S. Supreme
CI.
Jan 10.
fibreatm iJer.lares N. Y. Cr/urt Ruling in Suit .'Xgain.it lA-bertan
'
May
•
—
V
Am
(:
.
t
mi
'"
Efferlite Feb.
'
'
iron. %
1
Ing about $S
f«r#in<-.
n-
>«•
p
C.i,
'
In.
.- On steel and
Thi- old < 'on-
.:(.
•Times' Jan. M. p. 10.
11
(«j I'rice Mi.iliKen.iiice lii th«j
120
(h) .\rlvance.. approve'! by
:ir I'liiance
tc ri-'-oliitloi autli'irlr.II. p I3J
fc) Si-lU'^ir
Imp'iri
ArKiriil'ic
•f
iilo
frurii
p |tll
—
'Chronii !•" of -Jan
I
C'l,
(•)Oil
p 161
101
1
ng
-Ue.iHoii-%
'•II'.
<>'
1(111
ifc
fll:
..
.
pr-,
rorporiiilo
i
P
p
t-
1
'
'.r,i,'
i".
<
•
.
17.;
p
\ct
.
(ii
', i.
i,
1,
:
I
,,
riifllli'il
of olwl
orrl<T«.
American District Telegraph Co.
T
1
1
V
.on
i
—
—
Transportation Co., Inc.
This eompanv, witli offices at 111 Broadway.
Bonds Offered.
Now York, is offering Sl.OOO.OOO 5-Year 8% (~;onv. Coll.
Trust Sinking Fund Gold Bonds (see advertising pages).
The bonds are dated July 1 1921 due Julv 1 1920
Int pivable J & J
at Empire Trust Co
trustee
D" ion SI .OOf). 551') nnd SIOO (c*)
C;allable on any int date up to .uid iricl July 1 19'23 at J07, July 1 1924 at
105. July 1 1925 at 103 ^. thereifter at 102 and int
Conversion
Each .<slOO bond is co'ivertible into 5 shartvs of Pref. ($10
pari and 10 .shares of
(SIO p irl c ipital stock up to 30 days before
m.aturity of bonds.
See V 113. p 963. 13')3
.
—
.
N V
,
Common
— NeAo
American Glue Co.
American International Corp. — New
or
I.
iiihln<-««
Kfl.
Ifi.
>>.
I<
&
American Malt
Grain Co.
—
dividend of
>iii.irlerly
I
'
,
;;,
on
I
I
ll
.
r.r
f..tii,
.
Tl
Tr
and
-1
1
\
Ani^rirnri RnriV
I
I
J
J,
'jHP|
No*» On
'II.JI...I'
WITI'
r.
•
I
.
.
American Stores
— V,
Incrniir
•
$2I0,6.'16 ».S6.0((9,216
iditil
I'll
II.
|{.
&
U. lioM'.f.
',f
,,,,„
for
Hrsiills
kiivh:
year 1921 the progresM of
tln< coiiip.iiiy In nil tli:it •' li'<"
b'-lleve lll.il II li:i" been diHlllictly
forw.ird
The (|ii:illty of MiTvIco reiiflenil Imx p inwmI pri'-wiir nlandanU
ThiTi' It no r.xliK'llon In I lie ileiiiiiiiil for li'leplmiiK Morvlce
"Willie final flgiireH iiri' not yel lit ll iiid for the yivir. wi> ciiii iiMiiro you
lliiil llin Increiuirrl rule of dividend liii'< bifii eiiriii-il willi ii «iibN|.itiil liil rmiiirln no imuiil "V I 13, p 2617
IliK
-'.mill
CliiiAp
Tnuli'
'
and we
'
'i-tiimm
l.orill.ird
Tob'\i*i'o t 'o
fll
<
'
'
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1
J103,057,671 »MHIHS.3/W
Telegraph Co.
'I'li;iyer,
f;..
P»
—
\V\. p. 2617.
II
r'
Mos.
12
19'JI
I
N. V.CIly
.
-Derrmher Sales.
Co., Phila.
Drermhrr
lO'JO.
$7.;i;»H.,'l(i(l
$7,127,730
1921
,',,'4
'
— Debentures Called. —
of $l(nl e.nli (liitiil
Ill Ihe (iuaranlv Trust
Co.. 110 Itro.uluay
f'.r
III
'tl
r<"|i|,.>.ii»|
Par/s 1 '<'^, Com. Div.
'onimon siock was payable Jan. IC
100 and int
113 p Z\OH.
uli
.1
th<
oth«irwliM-
—
company's
di'lM'Mliires. iliie l''<>'> I 1923, 21 of $.500 each
.'!;K5.ti001
Iia\e Nt-ii c.iIIimI for p.iyineiil l"i'l>. I nt
I
>I
f
li(>
American Steel Foundries.
The
.
this
.'^.vriily oil" ($71.01)0) 4',
ning with
<!
list
%
'('I
111'
off Lint.
tlll^
to holders of rixvird Dim-. 31.
A like amount was paid in Oi-lobor last.
TlieM' roiiipiini with 1 U
paid nuiirK^rly from Oct. 1920 to Jul} 1921 Incl.
V. 113, p. IM.57.
i
I'l
from
American Seeding Macine Co.
A
American Tobacgo Co.
i".'.ii
Treasurer, <tc.
— Slrickrn
\'ork Slock Kxchimge has stricU-(Mi
capital stock
V 114. p 201
Hill"'' '•
'ii
—
Malcti
II.
The New
Tr
'.r
Officers.
has recently l)e<>n el.-cted Treasurer, succee.ling Joseph
rt. l/overinvc. ^\ho has resigned to l>e<xime a Vice-IVeisid«?nt of (he llanovor
.National H.ink of Xew York.
Klchard M. Sheridan has resisned as Vlcc-Presldont. effective Jan. 1.
V. 113. p. 10S5.
Ciordon
"During
m
r
and
Directors
Albeit Goodhue and Robert W. Young have been elected directors t«
succeetl (;i.\deT. Bailey, resigned and the late King Upton.
Mr. Ooodhtie
and Mr. Young w"(<ro also cUmmixI Vico-I're.sldeiits. succeeding Everett J.
Stevens and Mr. Bakor, respectively. Mr. Stevens remains as a director.
—V. 113. p. 2821.
iimleri.iUnii liaH'bisMi grilirylilK
lti<
—
&
American Fuel Oil
,
'1
Ml
Div.
.
lOL'l.
tl.
Ar
—Ext.
extra dividend of 1 ^^ has been decl ired on the outstanding §9.965,351
capital stock, par .SIOO. in addition to the regulir cjuarterly of 1 ''\ both
payable Jan 30 to holders of record Jan 16
During the year 1921. the
company paid four quarterly dividends of 1 "^ eacJi. a.s compired with '% of
''.
paid (|u,-irtcrly from Oct 1919 to Oct 1920, iucl
1
The Western Unioo
Telegraph Co owns 81 ^7% of the stock
V 112. p 1 743
American Telephone
w
(of N. J.)
\n
172
-Re/iHjusimcnt Plan.'Hill- 111'' M .iil.lmt In. Ill
fll
—Bankrupt. —
Henry W.
—
III
I'l.'.
—
Kilt>ourne. .Ian. 10. filed a voluntary petition in
tenkruptcy in the U. S. District Court, Rrooklj-n. Assets are given at
Company is in no way connect e<l with the
S11.303, and liabilities S13,370.
.American District Telegraph Co. of New Jersey.- V. 97, p. 1505.
,1
i.iMu^'ry
tirni! for
Sold.
Amer. Dist. Teleg. Co., Brooklyn, N. Y.
President
...^
1
(•xt<'iiilliiK
co»| ithlpineiil'.. p
17 J
Allied PackerH, Inc.
TIh
.
h,
if
Xul'i'iiiiiilli
(g)
fl
|>r|.
r-
— Output
—
I
and Cuba
British Mfg. Co.
that George Van Tuyl. .Ir.. re<-eiver. has sold to the F. S.
Pearson Engineering Corp.. 115 Broadway. N. Y. City, the entire Port«r
automobile product in stock and the entire future production of I'orter
automobiles. The American & British Mfg. Co. is the exclusive maker
of the Porter automobile.
V. 113, p. 2724.
U
1
&
American
It is slated
Will Stop Mexican Tradinc With Nexo York Firms.— "Tlmex"
'
369,591,018
405,178.719
.
1«
J:.
.500,790,548
,564.8,5:<,92S
Total
1,464.575.324
2,337,738,255
"It will be seeJi that in the five years from 1916 to 1920, inclusive, American Brass produced over 1,160.000 tons of finished goods, an amount which
explains why the company has long been known as the world's largest copper
consumer. In some of the periods enumerated it must have melted into
brass or fabricated into copper wire or sheets well over 350,000,000 lbs. of
copper.
"During the 20 years ended Dec. 31 the company earned a gi-oss profit
of $78,155,000, against which it chai-ged almost 825.000.000 for improvements and depreciation, leaving a net profit of §53.768.000. or S377 54 per
share on the company's 150,000 shares. These profits were in large measure
expanded by the huge war demand for the company's products. To-day
its mills are running at little or no profits, as for the first nine months of
1921 the operating loss -was .$2,193,000."'
Compare V. 113, p. 2724. 2821:
V. 114, p. 8Z. 200.
.]ar).
—
497,324,042
Total
•
r-ulosiv
233.839.101 1916
312. 461, .536 1917
297.2.5^?,78
@FedFRASER