Full text of Commercial and Financial Chronicle : January 28, 1922, Vol. 114, No. 2953

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

ommfmH
vFCLUDING
INCLUDING ^^^O
& Quotation

tw-ifik

SATURDAY, JANUARY

114.

Inc.

For One Year
For Six Months

--

--

$10 00
6 00
13 50
7 75

11 50
of the fluctuations in the rates of exchange,

remittances for European subscriptions and advertisements must be made
In New York Funds.
Subscription includes foIUncing Supplements
Railway & iNDU3TRiAL(semi-annualIy)
Bane .*nd Quotation (monthly)
Electric Railway (semi-annually)
Railway Earnings (monthly)
Bankers' Contention (yearly)
State and Citt (semi-annually)

—

Terms

of Advertising

London Office

1920.

1919.

Cleveland
Detroit

Milwaukee
Indianapolis

Columbus
Toledo
Peoria

Grand Rapids
Dayton
Evansvllle
SpnnKflled,lll-..

.557,728,634

4,7.">2,716!

—41.0

1,790,5:56;

-—6.8

6,720,000,
1,814,987:
1,450,000;

—13.1
—11.2
+6.S

1,605,619,

-27.2

1,868,2221

1,306,637

l,3'67'd6i:

-is'.i

1,571,348]

1,490,187

988,860
262,726
a
793,605

1,162,595,

—14.9
—23.3

l',475'.853|

1,106,943

307.196

584,472

—21,7

1,098.966
1,716,695

"922" 132
988,600
1,737,073
281,016
123,214

Fort Wayne
Lexington

Akron

DANA

COMPANY. PreslPublished every Saturday morning by WILLIAM B.
Jacob .Seibf^n Jr.: Vice-President, .\mold G. Dana; Business Manager. William
Swretary. Herbert D. Seibert. .Address of all. Office of the Company.
D. Rlggs:

CLEARIXa HOUSE RETURNS.
followloK table, made up by telegraph. &c.. Indicates that the total bank
clearlnga of all the cleartn:; houses of the United States for the week ending to-day
h*ve been W.O45.3I0..340. against S7.02g.543.660 last week and 36.911,192.064 the
correBpoadlng week lairt year.

The

— Retitnu by Telea^aph.

Per

Cieartin)!

1921.

Cent.

-1-0.3

5,615,455

-f-13.1

3,870.239

-fll.l

2,455,895;

—10.4

624,765.688
71,355.629
127,244.1071
121,000.000;
28,608.01 ll
17,361.000;
13,101.500

518,996,528
61,502,919
92,181,439
75.000,000
29,008,982
14,133,000
10,502,900

5,363,998
0,378,870

5,166,032
5,129,989

4,004.859
2.514.993
5,240,117
1,672.419

3,744,251
1.802.325
3.727.839
1,919,986

11,959.000

ejVi'ooo

c

Rockford
South Bend

dent,

-f-16.9

4,338,829 —24.4

5,839,000
1,611,718
1,550,013

1

DANA

1922.

61,556,521
119.012,678
100.502,093
29,091.633
14,200,000
13,174,900

1,670,767

B.
COMPANY, Publishers,
Front, Pine and I3epeyster Streets, New York.

—10.7
—9.1
—32,6
—12.5
—5.1

498.325,460
35.960,418
80,251,204
87,946,999
27,629,116
16.601.000
13,225,500
a
3,280,190
6,349,649
a
4,302,833
2.201,576
2,779,045

request

On

—

Wttk ending Jan. 28.

Dec.

1,168,287
a
1,116,478
c

Cincinnati

Youngstown

19 South
— Edwards &La Salle Street, Telephone StateC.5594.
Drapers' Gardens. E.
Smith.

WILLIAM

Chicago

45 cents

Transient display matter per agate line
Contract and Card rates

Chicago Office

or

Advance

in

European Subs<Tiption (including postage)
European Subscription six months {including postage)
Canadian Subscription (including postage)

NOTICE. —On account

1921.

19212.

— Payable

21.

Clearings at-

PUBLISHED WEEKLY
of Subscription

NO. 2953

28, 1922
Week ending January

Jl^ht Cltromjclje
Terms

Railway SecSssa
State and City SecfiKm*
Electric

Industrial Sectiort

Bankers' Convention Section

ftsiiway Earnings Section

VOL.

&

Railway

Section

Canton
Qulncy

1,641,556
1,124,017

2,0-12.1131

1.400.000

c

Spiiugfield,

O

Blooiulngton

Mansfidd
Decatur
Ja,ckBon\1lle, 111..

Danville

Lima
Lansing

342,598
1,013,236
1,803,131!
555,790
614,652,
202,3081

1,695,452
875,896
514,533
222,234

Ownesboro
Ann Arbor
Adrian

—

O.O
-H57.6

—16.3

601.028
450.000

-f9.8

225.01)0

I

York

3?1.9<53..'?01

K.i.'i'i.-

308. 000. (XK)

2lS.0OO.00O
103.265,956

My

I

—10.3
—12.8
—9.4

83,180 20J,665
4.38, 236.146
340. 04 '.527
220 270.659
130. 191,549

l2.8c5.700.0(X)

:r/hJa"IIII"IIIIIII"IIII

:

a

LoulK
San Fruiclaco
Ptttaburch

•97.000.000
•S9.900.000
•63.300.0fJO

—20.7

100. 100,000
132. 139.284

Detroit

— 10

68 801.279
63, 168.521
40, 662.812

dt.

BalUmore

New

47.300.050
27.242,895

Orleans

Ten

days.
Oilier dtles, five days..

$4,191,672,202
844,086,415

cities, fire

Total

days.

all litlcB. five
rttlCB. one day

AD

a

a

—32.0
—8.2
—25.2
—33.0

$4,713,913,442
1 045.413.278

I

$6,037,755,617
1.007.651,723

$5,7.59,326,720
.,151,865,344

Total an etUes for week

—30

:

1

—11.1
—19.1

—12.5

— 12.6

-12.5
$6,045.310,340
$a.91 1.192.064
• l':0tlmat«d.
loncrr furnish rrtuma of clearings.
The full detalln of the week rovcn-d by the above wIU be given next Saturday.
We canoot fumHh them today, clrnrlnge being made up by the clearing housrs
St nooo oo 8at>ird.iy. sn<i h—.'- wi ti,
eve (be lust day of the week has to be lo
al eases estlmau-d. aji «>'
:.iy night.
DsUiled tlgurea for Uii21 fullow:
I

Tot. Mid.

San Fra

We

817,162,699
136,800,000

Cisco

Angeles

lx)8

97,4(i8,000

Seattle

Portland

Lake City...

.Salt

.Spokane

30,218,193
27,396,761
11,405,847

936,742,706
141,400,000
87,087,000
29,547,628
30,556,006
15,290,647

,

Week ending January

CIssrIWN

<

(Oakland
.Sacramento

1022.

1921.

~,Jnc.
Dee.

Sail l>Ie«o

Paaudena
San Jose

Yakoma
Reno.
Long Beach
Saiila Barbara
Total Pacific -.

$

$
%
—4.9|4.747.«.'?0.237

!

4..390.473.888,
Kil.I.'j;. 127

4.1

nttladrtpWa . .
PHlabortb k...

6.fll

—82.61

—22.9

BaJtlaiors
Buffalo

+ 0.t\

Washing ton
AJbaay
.

18.7l6.80e|
c
8.612.

M6

Roelteiitrr.

"traalon

4-13.3

484. 390.478
167.340.SS(»
87.01 ?*.S,V(
43 .679.849
10,249.528

lia.'jhn

3.403,316
808,326

+7,0

2,861,845

+ 8.7

340,&55,276

339,147,078

+0.4,

358.804,297,

4,774,700
3,619,739
3,494,353

700,000
870,048

+3.8

Wilmington
Wakas-itarre.b.

•

2,804.306

Hll.l

1,169,272

-H4.7

1,594.056

+ 9.0

'8'60,668

--

I

I'.VilveaJi

260,584,480

69.335.270

—18.7
—15.3
—19.9
37.797,139 —26.1

256.221 ,01
4i.415 ,348

197.841,616
38.918,847

42.201,.S76

05.6.53 .270

58.840..'i65

18.671 .360

+ 0.2

22,324 .009,
21.842 .062
12.119 ,035|
15,580 .512
6,340 .377
12,426 .304'

16.632.885
17. .'.2 1,256
22,578,863

Paul

-27.928,011
..

Duliitli
Illoun (JIty
Uiii^iln

Toiieka

Rapids

(.'(xiar

i'Uflilo

lurgo

Baaillng

—49.2

2,790,439;

176,709,598'

Wul«irlij<j

7. -22 1. 730

7,626.892
4,404.231
2,035,903
1,962.960
2,735,263
1,143,550

10.149.250
6,884.493
2,083,443
6,430,900
5,153,640
2,184 ,513|

-f7.3

33.816,657

McliMiu

10,613.022,

6.1

+ 2b.l

9,723,378
5,410,774

.58.738.687,

13 ,848.677

4,080,631.

a.

26,857,722
15,200,000

143.733,000

22 ,fl.'7.07&

a
3.7(10,038

18,231,707,

KaiuasClty

(;oloriuJo HprlOiCi.

—

I

81 ,:<^I.71H

—25.4

36,0.53.608

MliuicupolU

Denver
JoKcph
MolDOS

$
.7o;i .379.054
392 ,910.470
137 .!trM.703

33.819.000

—10.4

132,7.'?2.205

(.iDUitia

Wichita

N«w York

68,164.000
40,583,057
31,078.131

-fll.O
-f2.3

I

HI.
IJeH

1910.

1030.

846,233,086

12,222,372
6,840,912
3,021,232
2,425,200
3,940,184
3,882,361
c
1,341,195
a
3,707,741
879,307

Stockton
Fresno

St.
21^^

12.8 1,054,697,612
163,735.0r.3

—3.31

a
a

Tarajma

No

a

—

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

AliiTde<.-n

18,889,494
13,548,7881
9,066,940
10,950,862
3,792,708
4,922,743
2,974,816
2,790.412
1.670.879
1.104.S2K
.003.706

18,860,747
15,7>i,S,0.')l

Klllliiga

—\a

—6.4

1.
SO. .346

—47.2

6.422,179

- -23.4

10
3,3.36.061

-

2.107.102
1.470,674

—20.3

l,70l.O'2S

+ 81.8

2,00'i .121

011,540

l,02K,310

1,077 .S(16

74:^.260
l.f.lH.M77

1,0.36.509
I.811,2;i3

11.4
28.
10.7

7.

3.6.52,(1

1.0U1.301
424, 62

1,235,109

670.018

Irrmonl

--11.

9,MH,t)77|
11.710,194

0;i8,404

('.07,323

10.3
16.4

-

24,9

IH.9
30.1
38 3

4,9.S2

.."•.Oli

3,746 .106
2,597 .194
1

,760 .200

96S .M5
2,9M1

(Hill

l,5,Ml .111
80.'.

I

(),^

9.(127,672

8.760,245
11.775.878
11,1 S3, 260

4,032.082
3,296.525
2.(m6,27e
1.082,401
2,068,106
686,483
023.027
2,865.710
1.457.826
687.007
1. OHO. 4 60

2,300.000
c
$.434 .04 1
i.OM 7M4

—

897

2,271,024

3.200.007
2.707,282
1.462,213
3,268,188

lO.fl

,360.383
,727.788

360.-276

677, K74

.39.1

,45S 711
73 .002

842.046.111

410,666,630

"17.8

408,307.030

41«.243,108

Hi. Louis
Nnw Orli

46.474.236

40,20.1.108

—7.7

76, ,208 ,026

.iiiilavllla

WkssUw
Tfnolnn

3. •)«»'.

24.860.0110

24.200,732

+2

II' ii.<i.,ii ..

a
7.0K6,703
37,200.000
30,134,012

IliuUiiKii

—8.0
—8.8
—7.4
18J

I.l7&.7nr.

—

—8.5

M$.700i
I.2U.N03

4-

1.103,300
1.000,000
888.662
tro i')0

18.8

—8.7

(MU.mi

,I.'.'..HSJ

,765,434

KM

'.no

Total olt>. West

n
^vtt,%ai
Nt<'ln|illla

.'

'I

1

I

|..r(

.0

.

.

.

Mitrtll.

Havuiiiiab...
.N'mIivIIIs...

-f$.l'

408,888,4/..

IJWI.4fl8
l.7»4,»>0|
'»
'

'

.;....

1

"'H

I

•

1,4A..

"—y.i

1

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1.003,464;
7r.

11

t

M

I'l

OOO.MIfl

r.ijHH
o.-.i

with

an

h

ll.

aa

•

801,130
a
a.83H.H38

Hhfi'Vi'IKirt.

4.I.U.7;>«

|...

MiiAXfigoe.

I

•tMi'vri

t,u (Mk«*

iHl.

3$.7r,l,AI2
340.0.14

VI'

l<
I

'tuwullAd tiaak tWatUtiit

NHI
771

AO.OIS.OHA

.'.

I'.

1,1

4,K7(M'in6

.....

.,,„
II)

It,.' ,1.

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7.(m;h.|(io'
lll.7K«,l.ll
:..m I. .VIS

l,4/,l.2til

'H of t]rf.^^
")

.V.y

,JII'

IV

ll./

I0.»36,NIH

21.803,837
8.104.037
2,010,714
a
4,009,412

t.w
7«f, rr,

os'.Vib'm
27.420,00

'

10, (KIM. 762

H.OhH.l.lO
3,106,1104

.

i.3oa,439|

(Ml

1

/

-6.4
'.•:!

,843.442

i&.omi.uoH
V

4>

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4117

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Mil

'.

1,110. Ill

.;o

f.

1,1)'.'

4,:.MI<I.IKHI

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1,0(111 .IKK)

3.200.000

1.0

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2.27-t.7-JO

8.8

4.183.089.

»jmA M

l.,'l

0, ,0(HI

11.-.!

.{XIH

3

a

IO,U.t:«.47ll
i,:iio,4;i2

—10.7
t

l7.i)2H,WII
I0.'JHU,02J

K.K.M
4.'>.I(M

6..V)1l.ftOI

<i.u j,6ita,iao.4/.7

'i

6711,431

I

I,793,3A2|

1

1

24."
9.(11.
I

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^,(i;..l..il»,

6.

'\\l.

Kl

1

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tJuMMs W, Y..,2,$44,ugg.6Ull3,l(U,2i7,a40i

Mil

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X ^41,110
2.n:i«.2H:i

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/i7

;

THE CHROKCCLE

336

[Vol. 114.

~

faces for the present fiscal year a deficit of 24 millions, and for the fiscal year 1922-23 a deficit of 167

THE FINANCIAL SITUATION.
Certainly not the least, and possibly the worst,
of the troubles which menace this country and therefore the world is the pestilent bonus proposition,
now in the last form of a party game. Secretary
Mellon, in answer to a request from Chairman Fordney of the House Ways and Means Committee, but
also in compliance with an imperative duty, has
written a statement (given in full elsewhere in this
issue) of "what financial consequences the soldiers'

,

millions, on the budget as a basis, not counting an-

other 112 millions for items outside of the budget
but appropriated or to be appropriated by Congress
and to this might be added the unpleasant fact that
a budget is neither reform nor accomplishment but

i

1

1

merely a good resolution. How much difficulty are
in carrying out that resolu-

we already having
tion

!

^

For the

current fiscal year, probonus would entail and what added burdens it would ceeds Secretary Mellon, the indications are that the
inevitably place upon the country."
budget estimates for this year will prove substanLet us once more note that the aggregate sum to tially correct; it is still too early, he says, to say
be involved is no more removed from guesswork than whether deficits can be avoided, but it is almost cerItenay be 314 billions; it may tain that there will be no surplus in either this fisit was last summer.
be 51/4 billions; if substantially all beneficiaries cal 3^ear or the next. Therefore, "it is clear that in
chose the "cash" plan the total cost might be II/2 order to balance the budget the expenditures must
But be further reduced rather than increased, and that
billions, exclusive of expenses in either case.
Mr. Mellon might have added the obvious remark the net reduction below the budget figures within
that the only difference by the option is as to the the two years must aggregate about 300 millions in
time of distribution of the burden, since it must all order to overcome the indicated deficits." Nor is
be met to the last dollar. The country is therefore this the worst, for he adds that "the Government
asked to assume a gratuity whose amount nobody faces a heavy shrinkage in receipts, and internal
can foresee.
revenue collections in particular are subject to great
unsympathizing arithmetic interposes a re- uncertainty." Most observant persons knew this
Cold,
minder that it is not, in execution, the gushy and im- already. It was long ago proved that increasing
passionate matter which cheap oratory may make tariff taxes beyond a "saturation" point cuts reveof it now if the undertaking is assumed it must be nue instead of enlarging it, and the same is true of
carried out in cash, or be shamefully abandoned. all taxing methods. If too much is demanded, the
The latter being unthinkable, the former remains. proceeds fall off, for the sources of income are dried
How, and when, is the cash to be obtained ?
up. This is already shown in our income tax experiBy utilizing the debts owed by our Allied friends ence, yet "bloc" influences and other mistaken noabroad, is the smug reply of the orator for present tions have persisted in keeping the surtaxes too high.
popularity. To the small boy, a dime may look large To take too much from profits is to diminish if not
enough to buy out the largest toy shop, in the month to prevent profits; to take too much anyhow (out
of December. "When I became a man," wrote St. of blind fury against capital and success) is to diPaul to the Corinthians, "I put away childish minish capital and thus narrow the opportunities
things." Are Americans still retaining the child's and the disposition to produce. The man who killed
Inability to grasp facts and perceive proportions? his gold-egg goose "killed" himself, yet he is not
To talk of utilizing the foreign debts thus, not- dead we have him still with us.
withstanding the plan of tagging the bonus bill to
The Treasury faces a heavy task already in the
the funding bill, is utter nonsense. Secretary Mel- refunding of 6i^ billions of debt within the next
lon points out that according to existing law and the sixteen months, payment of the whole being plainly
plain demands of justice and honor the avails of any impossible except gradually; of this total over 3I/2
payments by foreign Governments must go towards billions are Victory notes, about 2,200 millions are
retiring the Liberty bonds, 10 billions of those hav- certificates maturing at various dates within a year,
ing been issued in the first instance expressly to and nearly 700 millions are War Savings certificover advances made to aid those Governments any cates, which mature on January 1 next. The Liberinterest received on the foreign debt should likewise ties were placed in the emotional stress of war, and
go towards interest on Liberties. This prior lien by a great "drive" in which possibly two million perof our own bondholders may seem aliunde to politi- sons took part, most of them voluntarily. Even the
cians who are hot after superficial popularity; so inmates of an insane asylum, outside of the "vioput it aside, and observe that no interest and no re- lent" wards, could perceive the seriousness of this
payment of principal is now coming or in sight from refunding in time of peace; if Congressmen cannot
Europe. Europe must be treated with combined perceive it, cannot the American people?
friendship and enlightened self-interest, or bad will
But about raising the money? A special tax, a
be made worse, complications will be increased in- tax on sales, say the bonus bloc, although most of
number and difficulty, and we shall be involved in its members follow the simpler course of saying
first half of the

;

,

'

i

;

'

|

'

;

;

I

i

;

the penalties of any mistakes of policy.
Senator
asks us not to play the Shylock, and we
must not but we should observe that here is a case
where the creditor is in a very serious sense a virtual

McCumber
;

indorser of the paper.

As well attempt

to

warm

moonbeams, or heat an oven with snowballs, as reckon on paying an indefinite bonus with
an even more indefinite debt owed us by Europe.
If the money is raised, we must raise it ourselves;
let us be at least sane enough to recognize that. Mr.
one's eelf by

Mellon states the condition of the Treasury.

It

j

1

\

j

1

nothing, except that that will come out all right, we
can raise the money somehow. By issuing more

bonds? That expedient would estop its own success by the severity of the terms, for the bonus beneficiaries could not be counted upon to buy them,
and the consequences would be destructive. If we
were mad enough to go counter to our own bitter
past experience and to imitate unhappy Germany
and Russia, we could start the presses and pour out
"enough" legal-tender notes this might be the worst
form of inflation, yet any form of that would so in;

I

THE CHROlSnCLE

Jan. 28 1922.]

crease our troubles as to cause fresh cries of distress

and rage, from Maine to Oregon.
But we owe the service men a duty? Admittedly,
and Secretary- Mellon says we are now expending
upon that duty 450 millions a year, the largest item
of national outlay except interest; he might have
added that an indiscriminate bonus is an injustice
to the needy by impairing the country's ability to
care for them.
But the service

men

''want" it?

Many

of

them un-

thinkingly and selfishly do. Yet (as the "Chronicle'" pointed out, last October) after all the clamor
for the bonus proposition in this State in 1920 and
after the expectant beneficiaries, together with

and their aunts,"
had talked and voted Yes, although a little over
08% of the total vote on the proposition was affirmative it received only 50.17% of the Presidential
vote and hence would have barely pulled through
had a real majority' been required. We must reluctantly admit the correctness of the statement that
all parties and factions in Congress are playing for
the November elections; yet selfishness sometimes
leads unprincipled politicians into mistakes. They
may overestimate the numerical demand for this
"their sisters and their cousins

they may underestimate (or even quite
forget) the political expediency of doing what is
<ane and right and trusting to the second thought
thing, as

They may also forget that when people get their demand and feel its baleful consequences they are likely to turn savagely upon those
who granted that demand.
of the people.

Yet we are told that Congress will disregard Secretarj- Mellon and drive the thing through, and even
that payments are "expected" to begin in July. It
would be unsafe to deny this, and sheer recklessness
to simply await the result.
The unhapny fa:*l:or is,
of course, the seemingly indestructible notion that
the rich furnish the revenue and the common people
get the benefits of spending it.
If it were not immovably true that taxes distribute themselves and

The other

337

—Viscount

—

Bryce was conspicuous as
a stateman, diplomat and author. In all these capacities, throughout the many years of his public
service, he was a wonderful interpreter of peoples
aud nations. He not only gave the English a far
better understanding of Americans than any one
else
English or American ever has done, but he
also interpreted Americans to themselves. Likewise,
during his sojourns in this country he enabled Americans to have a much better understanding of the
people of Great Britain and Europe than they would
have obtained from any other source.
This explaining of one people and country to another people and country is of great importance just at the
present time when plans are underway for an economic conference in Genoa to consider ways and
means for the reconstruction of Europe on a broad

—

—

basis.
Little will be accomplished, there or elsewhere, unless the representatives of the vai'ious nations attending understand and believe in one another.
Speaking at a luncheon given by the MerAssociation of this city, the day before he
chants'

autumn, Viscount Bryce said
that much as money and materials were needed for
the physical reconstruction of Europe, a more brotherly attitude of one people toward another and of
one country toward another, was the fundamental
aud greatest need in Europe at this time. He lamented the fact that in most cases the World War
had only intensified the spirit of bitterness national and international that had existed for years.
Since he made these remarks there appears, unfortunately, to have been little change for the better.
It remains to be seen to what extent the passing of
these two conspicuous apostles of peace and interpreters of peoples and nations will have upon immediate plans for the rehabilitation of Europe. Unquestionably their continued efforts and influence
had they lived will be missed.
sailed for home, last

—

—

—

—

Tilings politically in England appear to be going
Premier Lloyd George's way. Important steps in
his l)ohalf were taken at the sessions of the Coalitionalong by cutting down business and employment, Liberal Convention in London. A resolution for the
in<l could not avoid doing this if they would.
The formation of a National Liberal Council was adopt•Chronicle" must renew its urging that business ed. Sir Gordon Hewart, in moving the resolution,
men and serioii.s citizens bestir themselves. Con- said "We seek to form, not a new party, but a new
gress ran not be trusfcd. Now i.s the time for imper- oi'ganizatiou. Our party is the Liberal I'arty." At
ative and overwliehning protest.
lh(! same .session of the convention the Minister of
I'Mucatiou, Mr. Fisher, moved a resolution, that was
If i.s quite poHHible that the death of Pope Benecarried by acclamation, "proposing Prime Minister
dict X\', which occurred at midnight last Saturday Lloyd (Jeorge as President and Winston (Churchill
New Yf)rk tinif and that of Viscount Bryce dur- as Vice-President of the National Liberal (council."
ing tlu- day Huiid.'iy, may liavo a pronounced effect Speaking of the work of Lloyd Gcwrge, he Kuid
"Is
nfkoii tlu» int<Tnafiorijl affairs of IOuirq)o, and to
there any «loubt that the Prinu^ Minister is a great
iniw exti'nt of the world. The ime
the Pope
was national leader, or that he is the greatest political
coimpicuoiiH a« a churchman. ISut he was more than gj'iiius who has l)een thrown up in the world during
that. He tof»k a keen interest in everything j)er(ainthis p(!riod of cataclysm?
1h there any statesman,
itiK to the welfare of IiIm own country and to that of
either in Kurojie or in .America, who has wii'lded or
•Iher count rieH an well. A Ihorougli Hcludnr. he was who still wields as great a jxilitical influence?" In
a Mtudent of world nffairx, and a|)i)iirenlly inter
the course; of an addrcKs before; tin* convention a,
pieted fhetn hrf)adly to his iinnunliate asgociates in we<'k ago yesterday afternoon, Winston Churchill
the Church, and to itn adherents at large. The ICn- aHserled that "the times in which we live are v<'ry
ro|>ean advices during and since the war have in<li- serious.
We really cunnoL afford the luxury of a
cafed clearly that he whh Htrongly for i»ea(c. Often nei'dlcHH faction."
lie alwo declare<l that "the HohaM he let IiIm position lie known, by undertaking to cialJKt Party in its present slate of devclopnient waH
aHHJHt in the furtherance of jilans for national and quite unfit to govern.
The HocialistH had involved
international peace.
Who will be hin HucceHHnr and the country in calaniilotiH Htrikes, and there was an
what will be hiw pfdicy are. of (..nrHe. unknown obvious failure of (heir moderate leaders ti» control
•piantitieH at the moment.
extrerniHtH.
I'pward of 100 HocialiHt candidate-H

are as universal as the atmospliere, the rich who personally meet the tax-gatherer would pass its effects

:

—

—

:

—

—

THE CHEONICLE

338

[Vol. 114.

—

were endeavoring to lay their seem to the Prime Minister and his friends in case
hands upon the whole machinery of local municipal of need, to oppose. Our position is perfectly clear.
government." He concluded by saying that "we We believe that the first need of the country is to
shall defeat socialism and we shall defeat it de- get rid of the Coalition."
cisively.'"
Speaking in much the same vein. Viscount Grey
Piemiei' Lloyd George delivered an address at the said:
"It is impossible and intolerable that we
convention a week ago this morning that has at- should have a Cabinet divided by party politics in
tracted much attention in this country and caused itself, and that you should have no opposition and
generally favorable comment.
The New York no party politics outside. The speeches made last
''Times" correspondent said that his main theme week had no relation to facts. They were not reprewas "world reconstruction," although he "spoke di- senting the policy of the Government as it ought to
rectly in reply to a resolution congratulating the have been.
The Supreme Council has undermined
Government on fjie Irish settlement." That corre- that trust and confidence which existed between
spondent was strongly impressed with the idea that Prance and ourselves for so many years. It is no
the British Prime Minister ts counting upon Amer- good blinking facts. The Supreme Council has
ica to help mightily at the (ienoa Conference, al- lately been fatal to a French Prime Minister, and
though he admftted that the speaker did not make his successor apparently desires to have not so much
a direct assertion to that effect. The "Times" rep- to do with it. The re-establishment of good relaresentative said also that "he [Lloyd George] spoke tions with France is the most vital thing in Euroas an optimsit struggling hard against adversity. pean politics to-day. Until that old trust and confiAU his empliasis was laid on the necessity of world dence is restored between the two Governments, no
peace and his conviction that it could be found only conferences, none of these attempts to reconstruct
through the means of international conferences. His Europe, will fare well. But, believe me, it will not
references to the Washington conference, to Mr. Bal- be restored by means of the Supreme Council."
four's share in it, and to the advantages of an unDispatches from Berlin stated that the Germans
derstanding with the United States were made care- were greatly pleased with Lloyd George's speech befully from notes."
The Premier added that "the fore the National Liberal Council.
problem which confronted the world was the res-

in the constituencies

Announcement was made in Paris dispatches at
Emphasizing the international tone and scope tlie beginning of the week that "negotiations through

toration of international confidence in every country."

appeal for the continuance of the Coalition Government in this country was based on the argument
that the dominant issue of British domestic politics
was need of peace in the world." London dispatches
Sunday said that even his most ardent adherents
were puzzled over the character and trend of the
speech. Tliey were said to have expected a more belligerent defense of his own policies, domestic and

regular diplomatic channels between Paris and London regarding the proposed Anglo-French treaty
will be begun at once, inaugurating a reversion to
the old school of diplomacy." Several of the important Paris newspapers observed, in discussing the
policy of former Premier Briand and that of his successor, Kaymond Poincare, that the latter's Cabinet
represents "a change of tone without any national
change of policy." It was added by one correspondent that "this appears to represent the general attitude of the public." A leading member of the Chamber of Deputies was quoted as saying that "M. Poincare is going to handle without gloves the situation

international.

which Briand dealt with

In London on Monday there was a demonstration
by the Independent Liberals, at which Herbert H.
Asquith and Viscount Grey were the principal

further suggestion was offered by the correspondent
that "the principal point of contention between Premier Poincare and Prime Minister Lloyd George

of the speech, the correspondent said that "although

the British Premier's speech had to deal with many
points of purely domestic politics, Lloyd George ob-

them as secondary, and subsidiary
main theme, world reconstruction. Even his

viously regarded
to his

speakers.

The New York ^^TimcK" correspondent,

account of the meeting, said
"Both speakers
combated the arguments of the Prime Minister for the continuance of the Coalition and criticised the Liberal policy as expounded by him. It is
clear from these speeches that the Independent Liberals do not want an alliance with Lloyd George or
any of his Coalition Liberal followers." Mr. Asquith asserted that "the Coalition cannot live on
mottoes, but must live up to them." Continuing his
attack on Lloyd George and his Cabinet, he said:
"What this country needs is not the extinction or
suspension of a party not a Government by spasms
and zig-zags; not a Government by expedients and
experiments, coercing Ireland one day and the next
day conceding her claims; indulging for two years
in costly adventures, then bowing knee and neck in
abject servility to the Geddes axe; but a real Government that the country can trust; a fit trustee of the
country's fortunes. Such a Government you cannot
get from a Coalition. What the country needs is a
vigilant and well-organized Opposition to sift, to
<ri(icise, and even— sacreligions as the idea may
in his

:

to-night

;

in his velvety style."

The

that between
Briand and Mr. Lloyd George that is, how to deal
with (Jermany as a consequence of her default in
reparations payments according to schedule. Forwill be the same, it is

believed,

—

as

mer Premier Briand announced he would demand
the formation of a commission to deal with the Ger-

man

debt question, and Premier Poincare has repeated this demand in somewhat different form, but
without modifying significance."
•
According to a special cable dispatch to the New
York "Herald" Tuesday morning, "the French Gov-

ernment has not yet sent a note to England regarding the forthcoming Genoa Conference. The notes
already sent to London merely concern the proposed
Anglo-French alliance and the underlying question
The exact position which
of Angora and Tangier.
the Poincare Government is to take respecting
Genoa remains to be defined by the Cabinet, which
holds a meeting with President Millerand to-morrow" [Tuesday]. He added that "it was indicated

[Monday] that the Government will send a
note not only to England, but to all the Powers participating in the Cannes Conference, asking them to
to-nigRt

THE CHRONICLE

Jan. 28 1922.]

agree that the Germans and the Soviets shall not be
permitted to participate in any of the discussions in
<jenoa unless they show clearly that they have accepted the principles set forth in the resolution in
Cannes when it was decided to issue the invitations,
the extent of France's participation in the Genoa
meeting being reserved until answers to these notes
are received."

In a cablegram from Paris to the New York
"Times" Wednesday morning it was claimed that the
question was being raised at that centre as to whether the Genoa Conference would ever be held. The
correspondent said that "in the Chamber there has
been a distinct swing in opinion following Premier
Poincare's remarkable success last week, and from

don,

339

Comte de

St. Aulaire,

has not yet presented to

the British Foreign Office any communication respecting the Poincare Government's proposals in

regard to the guarantee compact which Lloyd George

Cannes and which Briand

offered to France at

ac-

cepted in principle. Inspired forecasts of the Paris
press have, however, presented an outline of the
French proposals, or rather counter-proposals."
Relative to the probability of the Genoa Conference being held, the same correspondent said that
'•Washington reports indicating that President Harding will refuse the invitation extended to the United
States to the Genoa Conference were not unexpected, but that does not make them any the more welcome. The outlook for the Genoa Conference is a

and without American participaseems a doubtful quantity. Lloyd

being willing to attend on condition that there
would be no attempt to revise the Treaty of Versailles, many leading Deputies have hardened to the
belief that the whole idea of the conference can and
will be abandoned." He added that "preparations
are, of course, going on for holding the meeting, and
Poincare had long interviews yesterday with Vivi-

bad one at

ani and Bourgeois, the former of whom will cerBut it is rutainly be one of France's delegates.

their optimistic chief's aspirations practically rea-

the question of reparations
should even be touched on the French delegation
would leave the conference."
In a long cablegram Wednesday morning on the

mored to-night that

if

developments relative to the Genoa Conference, the Paris correspondent of the New York
"Herald" said: "It is clearly indicated that the
conditions, according to Washington dispatches,
which the American Government was likely to lay
down precedent to its attendance at the Genoa Conference, namely a revision of the Allied forces of
occupation on the Rhine, would not be acceptable to
the French Government. Meanwhile, it is more significant than ever that the French Government continues to intimate that the Genoa Conference cannot hope for success without the presence of the
TJnited States. The growing list of reservations by
the United States and France is readily conceded as
latest

increasing the difficulties of a settlement, especially
a.s

the French are

now

stressing the importance of

participation by the United States, although
they are likewise stressing that there must be a
full

discussion of the inter-Allied debts, as no country

know where

it stands in any finannot take American claims
cial settlement which does
into consideration."
The New York "Tribune" n^presentative in Lon-

in

Kiiropc woiild

don cabled Wcrlnesday morning that "Count Auj^iiKte de St. Anlaire, French Ambassador here [London], called at the British Foreign Office; this [Tuesday! afternoon and is understood to have presented
the French arguments for modification of the terms
of the Anglf>-French military alliance, which Premier I'oincare in inHisting upon." The New York
"Herald" rorrcHpontlent in llie British capital as
nerted that he had been informed "by a high official
of the French FOmbfisHv" that "an ;ji»peal that the
Aright French pact be settled immediately ho as to
clear the way for the (^Jenoa Conference is one of
the outHfanrling f)ointH in Prr-inier Foincare's note
to the French AnibasHador iti Lftndori."
He jidded
in aUo InsiKtenre that the old diplomacy
waived in HuhMtance." The.Me aH«ertionM were denied by the London ref)reHent.'if ive of the New Yurk
"TimeH" in a long cablegram the following morning.
Ife HMMerted that "the French And)aH.Hador in Lou

that "therfi

\h'

best,

tion its utility

go on with it, under no matter what difficult circumstances, but unless the
T'nited States is to take an active part in the conference the British delegates will as a body wend
their way to Genoa without much hope of seeing

George

will, of course,

lized."

Discussing the terms said to have been actually
made by the Poincare Ministry to Great Britain, the
New York "Tribune" representative in the British
capital said Thursday morning that "the French
proposals for modification of the Anglo-French alliance have been poorly received in British official
quarters because they smack too strongly of old-time
diplomacy. The Poincare suggestions would provide an offensive-defensive alliance, lasting for a
long period of years and entailing the maintenance
of a strong military establishment. These provisions
are incompatible with the predominating desire in
Great Britain and most of the other Allied countries
for a reduction in the cost of

armaments."

According to Paris cable advices yesterday morning,

American Ambassador Harvey "will

tell

Pre-

mier Poincare that the United States may yet consider being represented at the forthcoming economic
conference at Genoa, provided France will consent

For some
days Washington dispatches have stated that two
members of President Harding's Cabinet are opI)o.'<ed to America accepting the invitation, and that
the President himself was undecided.
.Vnnonncement was made in an Associated Press
dispatch from Paris last evening that the conference between Ambassador Harvey and Premier
Poincare. which was to have been held during the
day, had been postponed until Monday. It was added that the United States Ambassador. M.vron T,
llerrick, "will participate in Monday's meeting."
The assertion was made in a Washington dispatch
to "The Sun" last evening, upon information from
to full participation in that gathering."

"no instnictioTis have
l»een giv<'n .\ml)assador
Harvey to see I'remier
roincare, and it is nnlnie that Hnrvey will, as the
lispatches said, tell Poincare th;it the United State*
I

lie

Slate

Department,

tli;it

•

may

yet consider entering the (Jenoa Conferen<'e if
\o inI'rance will consent to full part icip.il ion.
luive heiMi sent
structions of any kind on lli;il siibjei
f

to

Mr. Harvey."
In

a

yosterday morning the rx)ndon

c;il)legr;iin

correspondent of

I

lie

New York "Times"

the HtatiiH of the nr-gotiiitions between
[•'nglnnfl.

in

part

tween Count de

as follows:

St.

Aiil:iin',

outlined

France and

"('onvJTsntions bethe

French AmbttSHtt-

THE CHRONICLE

34:0

dor in London, and Lord Curzon, the British Foreign Secretary, upon the proposed Anglo-French
guarantee compact began to-day [Thursday]. The
French Ambassador did not present a formal note,
but brought with him documents in the shape of an
aide

memoire embodying the French proposals."

became known here Monday morning through
cable advices from Berlin that Germany's answer to
the Allies would be "sent off Thursday, allowing 48
hours' margin for it to arrive before the expiration
of the 14 days' limit on the 27th."
Dispatches from the same centre Thursday stated
that the night before "the Government announced
its intention to levy a compulsory loan of 1,000,000,000 gold marks, bearing low interest." The draft law
governing the enforced loan was to be presented to
the Reichstag before the end of this week. It became
known also in the German capital that on Thursday Chancellor Wirth would "place before the
Reichstag the Government's declaration of its taxation program." It seems that the Chancellor had
announced that
"all previously enacted taxaIt

laws will be subject to re-examination on
account of the depreciation in the value of the
•
mark."
The Chancellor made his speech in the Reichstag
as scheduled, and formally announced "the Government's next taxation proposals." Briefly they are
as follows "First A compulsory loan of 1,000,000,000 gold marks [to which' reference has been made],
bearing interest only after the three years, intended
to cover the budget expenditure for 1922 not relattion

'

:

—

ing to posts and railways. Second—Abandonment
of the tax on post-war profits. Third
A 2% business tax. Fourth The duty on coal raised to 40%,

—

—

[Vol. 114.

Mansion House

Archbishop Gregg,.
Protestant Archbishop of Dublin, accompanied by
the Secretary of the Irish Protestant Synod. They
were received cordially by Michael Collins."
Definite developments at the London conference
came sooner than generally expected, either there
or in Dublin and Belfast. According to a London
cablegram Sunday morning, "the Irish situation
took an unexpected turn to-day [last Saturday]
with the announcement that Michael Collins, head
of the Irish Provisional Government, and Sir James
Craig, Premier of Ulster, had arrived at a mutual
agreement, which holds out the promise of a peaceable settlement between the North and the South.
It was all the more surprising in view of the fact
that Mr. Collins had only left Dublin last night
[Friday], to enter into consultations with Sir James
this morning" [last Saturday]
Special emphasis
was placed on the fact that "in addition to the arrangement to settle the boundary question, it was
decided to cease forthwith mutual boycotts. What
is considered of vast importance is the decision to
devise a better system than the Council of Ireland,
as provided in the 1920 Act, to deal with problems
affecting the whole of Ireland."
According to a cablegram from London to the
New York "Tribune" Tuesday morning, "an order
visit to the

of

.

for the release of all Irish political offenders held

any time, as a
further result of the Irish negotiations which already have brought about an agreement between
Sir James Craig, Ulster Premier, and Michael Collins, chairman of the Provisional Government of the
Irish Free State."
The World Congress of the Irish race was in sesin English prisons is expected at

sion in Paris for several days.

On Wednesday

the

and the duty on sugar to be 50 marks per 100 kilo- International Irish League was organized, and it
grammes." It was added in Berlin dispatches that decided that its principal object was "to help Ire"the taxation proposals of Dr. Wirth will increase land gain full independence. Eamon de Valera prethe property tax by 200%."
sided over the Congress, which adopted the followReferring in his address to the Genoa Conference, ing resolution
"The object of the international or:

"We

are not going to Genoa
with a dagger under our cloak and perfidious inten-

the Chancellor said

:

but with our visor raised and with a device
representing the program of the Conference 'an
entente of all nations, rich or poor, victors or vanquished, with the common aim of re-establishment
of international economic relations.' "
tions,

—

The various factions involved directly in the
working out of the settlement of the Irish situation
along broad lines appear to be coming gradually to
a better understanding. Much more will be accomplished this way than by the uniform and the rifle.
A week ago last night Michael Collins, Minister of
Finance in the Irish Provisional Cabinet, left Dub-

London "to

join the Irish Ministers already
in consultation with the British Cabinet Commit-

lin for

tee."

Announcement was made

also in a Dublin

dispatch that the City Hall, instead of the Mansion
House, "will be used by the Provisional Government
as headquarters for the present."
Attention was
called to the fact that, "adjoining Dublin Castle, the
City Hall is conveniently located for consultations."
The Chairman of the Bank of Ireland made it known
that that institution would act as "agent for the
Irish Free State."
One correspondent noted that
"further evidence of what is described as a rapprochement between the old Unionists and the new
administration was seen by other observers in the

ganization

is

to assist the people of Ireland in their

efforts to obtain to the full their national ideals,

cultural and economical, and secure for
Ireland her rightful place among the free nations

political,

of the earth."

When

asked to interpret the resolution,

De Va-

lera was quoted as saying that "you may say that
the resolution means literally what it says."

According to a Dublin dispatch to the Philadelphia "Public Ledger," all was not going smoothly at
home while this Congress was in session in the
French capital, at which the deposed President of
the Irish Republic was the moving spirit. The correspondent cabled that "impeachment of Arthur
Griffith, President of the Dail Eireann, Michael Collins and other members of the Irish Provisional Government will be the first motion before the Dail
when that body re-assembles Feb. 14. A definite
charge of subverting the republic will be brought
against all who voted for the Anglo-Irish treaty.
The resolution probably will be moved by Eamon
de Valera." He added, however, that "the effort
undoubtedly will fail unless the absolute extremists
outside the Dail carry out their threats to kidnap
sufficient Griffith supporters to give the irreconcilables a majority."

In European advices early last week Nikolai Lenin was quoted at some length regarding the atti-

THE CHKONICLE

Jan. 28 1922.]

tude of the Kussian Soviet Government toward the
proposed Genoa Conference. Last Sunday George
Tchitcheriu, the Bolshevik Foreign Minister, and
who has been spoken of as the probable head of the
Soviet delegation to that gathering, gave an interview in Moscow to foreign newspaper correspondents. He was quoted relative to the Genoa Conference, in part as follows, by the Associated Press correspondent: ''We are going to Genoa, or London,
as may be arranged, neither as conquered nor as
conquering. We shall fight, but our fight will be
for commercial development, not for revolution. We
are going to the Conference to fight as equals with
the other Powers

as the representatives of the proletarian Government, offering the capitalistic Governments an opportunity for developing the great
;

resources of Russia in such a way as to do justice to
the Russian proletariat as well as to the foreign
capitalists."

The cable accounts

of this interview

were followed

on Monday evening by an Associated Press dispatch
from Moscow, in which it was asserted that ''Bolshevik delegates to the Genoa Conference will present
reparation claims there against various European
Powers and the United States. If these claims are
rendered in terms of Bolshevik rubles, new names
for large amounts may be necessary, for the familiar
terms of the decimal system will not cover the staggering sums claimed by Soviet Russia, which issues
"single bills for 100,000,000 rubles and reckons deficits in trillions of rubles.'' He added that "foreign
debts owed by Russia and the claims of other Governments against the Soviet regime will be negligible compared to the amounts that Moscow has
chalked up against England, France and America.

The Alabama claims, upon which America was
cessful against England, following the Civil

suc-

341

enter into full diplomatic relations with

to

the

Moscow Government."

Word was

received from Vienna yesterday morning of the fall of the Austrian Cabinet. It was ex-

plained that "the Government

fell on the issue of the
provoked antagonism, the PanCzech treaties, which
Germans breaking the working agreement whereby
the Ministry had maintained its majority." It was
added that "these treaties were passed to-night
[Thursday] in somewhat modified form with regard
to the financial provisions involving pre-war debts
and other obligations. It is understood that Czechoslovakia agrees tcf make due allowances for Austria's financial plight, and that mutual guarantees

of territorial integrity are not considered as vitiating Austria's future right to appeal to the League
of Nations on fusion with Germany, while the right
of asylum in Austria for political refugees is construed as covering Irredentist propagandists among

Word came from Vienna

the Czechian Germans."

last evening that "the Cabinet of Chancellor Scho-

which resigned yesterday, resumed office today, with some changes in the list of Ministers.
Chancellor Schober took the portfolio of the Interior, and Dr. Leopold Hennet, formerly Minister of
Agriculture, assumed the Foreign Affairs Ministry

ber,

temporarily."

Cable advices received from Christiania under
date of Jan. 25 stated that the Bank of Norway had
reduced its discount rate }4 of 1%, to 6%. The
figure previously quoted had been in effect
since July 5 last.
With the exception of this change

6H%

official

discounts at leading European centres rein London, Berlin and Belgium;

5%

mained at

War 5/^%

in Paris,

6% in Rome
4% in Switzer-

Denmark and Sweden;

in the United States, form the chief precedent upon and Madrid; 43^% in Holland and
which the Bolshevik Government will base its claims land. In London open market discount was 3 11-16%
against the Allied and Associated Powers. Reams for short bills, while three months' bills were quoted
of documents will be presented to show the respon- at 3 9-16%, against
for both last week.
Call
sibility of the Great Powers for the damage suffered money, after an advance to 3J^%, reacted and closed
by Russia as a result of the Czecho-Slovak advance ^t 33^%, the same as last week. As to open market
in Siberia, Admiral Kolchak's ill-fated movement, discount rates in Paris and Switzerland, these conthe Archangel expedition, Gen. Denikin's sweep tinue as heretofore at 4^^% and 5%, unchanged.
northward from the CaucasiKS, Gen. Yudenitch's fiasco in the Baltic States, (ien. Baron Wrangel's CriThe Bank of England reported a gain in gold this
mean expwlition, Simon Petlura's activities in week, albeit a small one £2,919 but total reserves
Ukraine, and many smaller expeditions not reported continue to expand and a further increase of £397,000
to the Western World."
was shown. This, of course, was due to the cutting
According to a Berlin dispatch to the New York down of note circulation outstanding, an additional
"Herald," the Russian Soviet Government is en- reduction of £394,000 having been reported. Moredoavoring to encourage Germany to re-engage in over, the Bank's temporary loans to the Covcrnnunit
trade with its country. Tlie dispatch said in part: were l)rouKht down and this together with a calling
"M. Krestinski, Russian Soviet representative in in of deposits comijined to bring about an advance
Berlin, who has just returned hen; [Berlin] from in the proportion of reserve to liabilities to 18.23%,
MoHcow, brouglit with him the details of new guar- wliich compares with 17.07% last week, L').99 tlie
antcoM which RuH.sia offr-rs to Germany to expedite week of .Ian. 12 and 11.04% the week before that.
the resumption of buHiness relations l)etwe<"n the At the correHpoiidiiig dute in 1921 the reserve r.-ilio
twf) foimtries.
Thr-wc he reported to Chancr'llor stood at 14.18%, and in 1920 at 19.10";..
In public
Wirth, who in turn imf)arl<'(i them to the I-'oreign depo.sits tliere was a decrc'ise of £r), 099, ()()(). Other
Affnim Committee of the Reichstag. The proprjsals dei)osits increased £3,108,000. Loans on Cioverninclude the prorniHe of the Soviet Government to Mient securities were reduced £2, 06.') ,000, and on

3^%

—

infrfKliice a new legal crxie in Kussia to re[)lace the
preM4'nt Molshj-viHt HtafiiteH, reHtoration of pVit]K-rty
to former owners in e«'itain claHHeH of caHes, and

finally, abolition before the
iet

monopoly

Htood
Hr(t]u'

end of June of the Sov-

of Russia's foreign trade.

Germany

It is iinder-

has been re(pieHte<l to extend the
of the cxiHting tr;i<!e trenty with Rn hI.'i and

other
(j^oid
/:

1

—

£307,000. Threadiieedle Street's
aggregate £128,117,117, as .ngainst

securities

holdings

28, '283, 608

HeHcrves

hi.st

total

£l8,218,.'-)08

H

Circulation

is

£128,18.''),

100

ill

ye;ir

;iii(l

£99,9.33,801

in

11)20.

TImh compares with
£30,126,236 in 1920.
£I22,20<»,000, in comparison with
1021 and £88, 2r)7,r)(}r» a year earlier.
£21,691,000.

y«>Mr

jigo

;iiid

THE CHEONICLE

342

to £83,667,000, against £75,106,£80,349,713 one and two years ago, respec-

amount

while loans

791 and

[Vol. 114.

rediscounts of

Government paper declined $21,000,and the total bills on

000, "all other" $4,000,000,

change has been made in the Bank's hand fell $33,000,000, to $146,526,000, which
Here earning
official minimum rate, which continues at 5%. compares with $937,362,000 last year.
for the week assets were reduced $25,000,000, but Federal Reserve
Clearings through the London banks

No

tively.

totaled £764,814,000, as against £912,736,000 last
week and £678,830,000 a year ago. We append a
tabular statement of comparisons of the principal

items of the

Bank

of

England returns:

BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1921.
Jan. 26.

1920.
Jan. 28.

1919.
Jan. 29.

Jan. 30.

£

£

£

£

£

122.206.000 128.485,100 88,257,565 69.340.135 45,896,295
14.524,000 16,080.802 20,116,086 26.612,804 38.236,917
120.930,000 112,528.149 135.156,123 121.602.442 122.644,208
Government secur's. 45,078,000 63,211,466 62,683.451 55,892.744 55.875,951
Other securities
83,667,000 75.106,791 80.349,713 80.436.946 91,889.588
Reserve notes & coin 24.691,000 18.24§,508 30,126.236 29.847,278 31,160.657
Coin and bullion. ._128,447. 117 128,283,608 99,933,801 80,737.413 58,606,952
Proportion of reserve
Circulation
Public deposits
Other deposits

to

Bank

18.23%

14.18%

19.40%

20.13%

19.37%

5%

liabilities

7%

6%

5%

5%

rate

The Bank

of France in its weekly statement reports

a further small gain of 150,000 francs in the gold item
this week.
The Bank's gold holdings, therefore,
now aggregate 5,524,722,900 francs, com parkig_w ith
5,501,757,164 francs at this time last year and with
5,580,193,955 francs the year before; of these amounts
1,948,367,056 francs were he ld abroad in both 1922
and 1921 and 1,978,278,416 francs inl 920. _ Silver
during the week gained 263,000 francs. On the other
hand, however, decreases were registered in the
various other items as follows:
Bills discounted,
64,674,000 francs; advances, 4,335,000 francs; Treasury deposits, 13,333,000 francs, and general deposits,
79,9 92,000 fran cs. Note c irculation was further
contracted to the extent of 352,881,000 francs. The
total outstanding is now 36,432,843,000 francs, as
against 37,913,005,430 francs on the corresponding
date last year and .37,582,500,245 francs in 1920.
On July 30 1914, just prior to the outbreak of war,
the amount was only 6,683,184,785 franc s. 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 COMPARATI\'E STATEMENT.
Chances
Gold Holdinos

In France

Abroad..
Total

—

for

Week

Francs.
Inc.

150,000

No change

Status

Jan. 26 1922.
Francs.
3,576,355,844
1,948.367,056

as of

Jan. 27 1921.
Francs.

Jan. 29 1920.
Francs.

3,553.390,108
1,948.367.056

3,601,915,538
1.978.278.416

Inc.

150.000 5.524.722,900 5,501,757,164 5,580,193.955
263.000
280.498,495
268,466.698
255,260,296
Bills discounted... Dec, 64,674,000
2,392.169,298 3,068.661,473 1,885,517,602
Advances
Dec.
4.335.000 2.275.763.000 2.221.743.160 1,531,456,500
Note circulation.. Dec. 352.881.000 36,432.843.000 37,913,005,430 37,582,500,245
Treasury deposits. Dec. 13..333.000
20.014.000
39.609,865
41,381,316
General deposits.. Dec. 79,992,000 2,371,750,000 3,389,879,768 3,130,977,944
Sliver

Inc.

From

the Federal Reserve Bank statement, issued
at the close of business on Thursday, it will be seen
that there were further additions to gold reserves,

both locally and for the system.

For the twelve
combined units gold expanded $6,000,000. In the
case of the New York institution the gain was
$27,000,000. Both statements register a drawing
down of portfolios. The Sj^stem as a whole shows
a reduction in rediscounts of bills secured by Government paper of $31,000,000 and in "all other" of
$33,000,000, while bills purchased are smaller by
$12,000,000. As a result the total bill holdings
have been reduced $76,000,000 to $932,882,000, as
against $2,621,533,000 in the corresponding week of
Total earning assets declined $52,000,000,
while Federal Reserve notes in circulation were
contracted $45,000,000, to $2,184,001,000. Locally,
1921.

decreased only $6,000,000 for

The reserve ratios have risen still
The ratio for the system is 77.2%, as
against 76.0% last week, and at New York the
contrast is between 89.6% and 87.6%.
the

week.

further.

1918.

Jan, 25.

1922.

notes in circulation

Last Saturday's statement of

New York

associated

banks and trust companies made a very good showing,
and deposits were heavily reduced while
reserves were increased with the effect of raising the
surplus more than $23,000,000.
In the loan item
in that loans

the contraction totaled $52,561,000.
deposits fell $56,121,000, bringing

Net demand
the

total

to

£3,884,281,000, which is exclusive of Government
deposits to the amount of $58,512,000, a decline in
Net
the latter item for the week of $17,836,000.
time deposits were also smaller, $235,761,000, a

reduction of $4,545,000.
Other changes comprised
a decline in cash in own vaults of members of the
Federal Reserve Bank of $3,721,000, to $63,972,000
(not counted as reserve); a falling off in the reserves
of State banks and trust companies in own vaults
of $74,000, and an increase in reserves kept in other
depositories
of $801,000.

by State banks and

Member banks

trust

companies

increased their reserves

with the Reserve Bank $15,372,000 and surplus
registered a gain of $23,467,670, which carried the
total of excess reserves to $39,625,970, in comparison
with $16,158,300 a week ago. The figures here
given for surplus are on the basis of 13% reserves
over legal requirements in the case of member banks
of the Federal Reserve System, but do not include
cash in vault amounting to $63,972,000 held by these
banks on Saturday last. The bank statements in
fuller detail will be found on a later page of this issue.

The

call

money market was

extent puzzling.

irregular, and to some
For instance, there was no adequate
the sudden advance on Thursday

explanation of
from the renewal rate of 43^% 'to the 6% quotation
Before
that obtained for a while in the afternoon.
the close that day there was a reaction to 53^%.
Yesterday, being Friday, when the Street has become
accustomed to a flurry, because the loans made then
carry over until the following Monday, the money
market was steady, the renewal quotation being 5%

and the highest rate 53^%. It would have been
natural to expect higher quotations again yesterday
for another reason, namel)^ because the first of the
coming month is so near at hand. The interest,
dividend and other disbursements will be fairly large
on that date, though they are never up to those
made on the first day of the j^ear. Time money was
dull with no change in quotations from 5@53^%.
Conditions in business and the money position
throughout the country do not appear to be notably
different from those of recent weeks and months.
The statements of the Federal Reserve System and
the New York Federal Reserve Bank indicate that
there has been no marked change in the general
trend of monetary and credit operations in this
country. They are still in the same direction that
they have been for some time and which has resulted
in an almost uninterrupted increase in the reserve
As was intimated in this column a week ago
ratio.

THE CHROlSnCLE

Jan. 28 1922.]

343

DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT JANUARY 2 J 1922.

would be the case, the offerings of new securities
have been large. The chief feature was the many
millions of equipment trust certificates put upon the
market, bought by bankers from the United States

Discounted
Mils
maturing
teUhin 90 days )lncl. member bariks' l5-dav collateral Bankers'
notes ( secured by
accep-

•

—

Federal Reserve
Bank of

—

Treasury

Liberty

notes and
certt/UMte
of indebt-

Railroad Administration. It is the policy of the
latter to continue to sell this class of security as long
Conditions in Europe are
as the market will take it.
not favorable to the offerings of foreign Government

bonds

edness

Boston

New

market, though some issues have
been brought out this week. The cable advices have
indicated eagerness on the part of several European
Powers to get money here through loans.

Cleveland
Atlanta

.

Chicago

.

_

and

ninety days, 43,^(a,4% for sixty days
for thirty days,
()i)en market (juota-

ff»-

^l>i(".V"'-

4'
,

tion.H follow:

SPOT UKMVKIIV.
M) /Mif
Prlio* MIclM. bill.

no nant.

•JO

roR

OruVKBY

iniclMo nwret f bank..
RtldbUi rum nurmlirr bankji

6

4K

4«
4«

4>i
6
5
5
S
5
5
5
5

4«

5
6
5

5
5
6
5

5
5
5
5
5

5
5

4K

Continued uncertainty regarding the international

any increase in activity
exchange and the market has experienced
another week of intense dulness, marked by intervals
of nervousness and irregidarity, although at the extreme close quite a substantial rally took place, which
situation militated against
in sterling

carried quotations to the highest point of the week.
While the undertone has been firm, generally speaking, dealers

gave no indication of any desire to re-enter

the market and the

volume of business transacted remained of small proportions. In tiie early dealings
some weakness was displayed and demand bills sold
down to 4 203^. Subsequently, London cable rates
turned firm and as offerings of comiiiercial bills were
exceptionally light, prices recovered ftjjout

23-4

cents,

to 4 22}4: for demand.
On Friday short covering
developed, which, together with more encouraging
foreign news, brought about an advance to 4 24 11-16.
So little interest is being shown in foreign exchange just now, that the market, at least in the
early part of the week, was not affected as much
as usual by the cross currents of international developments and prices were largely nominal with
fluctuations a reflex of those at foreign centres.
Nevertheless, sentiment was to some extent affected

by uneasiness over the uncompromising foreign policy
Premier Poincare, rumors first of all that neither
France nor the United States would be represented
at the Genoa Conference, and later on by apparently
of

well authenticated reports to the effect that in all

probability the

Genoa Conference

it'Self

would have

to be either postponed or else given up altogether.
Bankers assert that something will certainly have to
be done in order to bring some sort of order out of
the present chaotic conditions, and this fec^liiig seemed
to b(! boriK; out by the suddiMi and marked iuijjrovenient in s(!ntiment at the end of the week.
The bcliel
.s(!ems to be that no amelioration in foreign e.K(;hange is
po.ssibh;

until

l"]xporters

trade conditions improve.

I^^uropoan

and importers the world over are said

to

awaiting readjustment.
I'\;w (j.xchnnge dealers
will hazard a gues.s as l-o the probal)le course; of
exchange.
Much will depend Ufxm how soon the
voliuncj of commercial bills offering begitis to show
signs of broadening. There are Koru(! who believe that
b(!

(jreat

4Ht»aH
WTTUIN THIRTY DAYS.

4H
4H

4>4

4H

5

6

/><J»f

4Ha3H

4M

5

5^%

and

5
5
5
6

paper

maturing maturing
member
frtthin
91 to ISO
banks
00 days
days

4>i
6
5
6
5
6
S
6
6

5

4H

Affricvtturai ana
lice slock

for

4>5

5

MlnnearoMs
Kansas City . .

disc'ted

4H

5

^an Franclaco

Dealing with specific rates for money, loans on
have ranged between 4 and
on mixed
collateral and all-industrial loans without differentiation during the week.
A week ago the range was
Monday 53^% was the high, with
33^2® 6%. On
5% the low and for renewals. Tuesday a low
figure of 4^^% was quoted and the highest was 5%,
but renewals were still put through at 5%. On
Wednesday and Thursday the range was 4@5% with
the renewal basis 5% on both days, unchanged.
A
somewhat firmer undertone was noted on Friday and
the maximum went back to o}/2%, although the
ruling rate continued to be 5%, which was the
minimum for the day. Call funds, however, were in
fairly large supply and a feature of the week has
been tlije fact that interior banks were in the market
as lenders.
In time money there is very Uttle doing.
Xo trades of importance were recorded in any
maturity, although offerings were more abundant
than during the recent past. A moderate Amount
of bu.siness was done in sixty and ninety day money
at 4^%, with the range 43^@4^% for all periods
from .sixty days to six months, the same as last week,
and lenders asking 5% on all-industrial collateral.
Commercial paper was in good demand, but the
supply of bills offering is light, so that the market
was comparatively quiet. Sixty and ninety days'
endorsed bills receivable and six months! names of
choice character continue to be quoted at 4%@5%,
with names less well known at 5@534%, unchanged.
Banks' anrl bankers' acceptances were firmer with
a fractional advance in both eligible and ineligible
bills.
A fair degree of activity was recorded owing
to increased purchases by out-<jf-town buyers. According to some authorities, however, the supply
'•eded
the demand.
For call loans against
.....ikers' acceptances th(; posted rate of the Aiiuirican
Acceptance Council has been further advanced from
4 to 43/2%The Acceptance Council mak<;s the
di.scount rates on prime bankers' acceptances eligible
for purchasfs by the Federal Reserve Hank
4^^%
bid and 4% Jisk«'d for bills running for 120 days;

4H
4H
1^

5
5

.

l^iuls

acceptances

unsecured

5

_

DaJlas.

call

Victory
nates

6
S

Richmond
3t.

and

Otherwise
secured

4M
4H
4H

Yorfe

Phllarielphla . .

securities in this

Trade

tances

this

Brit^iiii

market

it)

may have

to accuinuhite

the near future, but tJiose

dollars
be.sl,

in

postcil

i

Mi

l«lbln

bMk bm.

.

4H
iH

.

hid
bill

an; r-onfident that these ojieratioiis are likely to be

condiicUMlwith a
liivels

l\u'

K.d.nil

Krwrvn

Hiink of S;ui

!•

raiici.M-o

K<h4tv«' banks:

of disturbance to

market

Uiih

reduced Uh discount rate on all rlasscs of puficr from
5 to A]/^%. There have Ix-j-n no otlii-r cluingiH ihi.s
week in IVdcrul Reserve liank rates. The followinjr
is the schedule of raUm now in effe<:t
for Ww. various
rlasscM of pjifwr at the diffcnrit

minimum

here.

As

regiirds

qnotulions

in

gieal^ir

sterling

detail

on Saturday l.wt displayi'd a sagging tendency and th(! pri(M! was fon!e<l <t(»wn to
2t)j/2@,
»;x<;hiinge.

1

I

2()J:t

and

4

for

demand,

IHl^iaii |H'|

I

2I(//)I

for

(it)

213

1

ihiys;

f'""

cable transfers

truiHjactions wcro.

.

THE CHKONICLE

344

and the market dull and lifeless. On Monday,
after early weakness when demand declined to
4 203^, there was a rally and the rate moved up to
4 213^; cable transfers ranged at 4 20^@4 22 and
60 days at 4 18>^@4 193^; trading was as inactive as
ever. Although no increase in the volume of business
was noted on Tuesday, prices turned strong and
moved up to 4 20 15-16@4 22^ for demand, 4 21 7-16
@4: 22^ for cable transfers and 4 18 15-16@4 20^
Wednesday's market was well mainfor 60 days.
tained and demand bills ruled at 4 21>^@4 2234,
cable transfers at 4 22@4 22^ and 60 days at
4 18%@4 2034; aggregate transactions were larger
but the market was in no wise active; moderate
short covering was an influence in the firmness.
Dulness characterized Thursday's dealings, but the
undertone was firm, with an advance to 4 21%@/
4 23 1-10 for demand, 4 22%@4 23 9-16 for cable
On
transfers and 4 19J^@4 21 1-16 for 60 days.
prices adFriday business continued restricted, but
vanced quite sharply and the range was 4 22^/8
4 24 11-16 for demand, 4 23^@4 25 3-16 for cable
Closing
transfers and 4 20K@4 22 9-16 for 60 days.
quotations were 4 2234 for 60 days, 4 2434 for demand and 4 24% for cable transfers. Commercial
sight bills finished at 4 23^4, 60 days at 4 19, 90 days
at 4 183^, documents for payment (60 days) at 4 19^
and seven-day grain bills at 4 22J/8. Cotton and
light

grain for

payment

closed at 4

23%.

[Vol. 114.

Reichstag intended to regulate exchange transactions.
Its purpose is to curb speculation in foreign exchange.
The new measure is intended to go into effect on
March 1. Announcement also that steps are being
taken looking toward an early reorganization of the
Reichsbank and, incidentally, the curtailing of its
unlimited output of currency also had a good effect;
though it was conceded in many quarters that
German prospects are less favorable than a short
time ago. Italian lire remained about stable, at or
near 4.38 for sight bills, mainly as a result of the
steady improvement in financial conditions at that
centre.
Covering of shorts was said to be partly
responsible for the occasional spurts of activity and
strength, while it was claimed in some quarters that
the weak spots were due to a renewal of selling for
German account. Aside from this, however, the
whole market was more or less in neglect with
operators everywhere awaiting further developments.
Here likewise rumors of the possible postponement
of the Genoa conference, also continued uncertainty
over the part the United States is likely to take in
it, were depressing market factors, although sentiment was more cheerful and the close strong.
The official London check rate on the French
centre finished at 51.85, as against 52.06 a week ago.
Sight bills here on the French centre closed at 8.183^,
against 8.103^;

cable transfers at 8.1934> against
8.113^; commercial right at 8.163^ against 8.113^,
and commercial sixty days at 8.103^, against

As to gold imports, a sharp decrease in arrivals
has been noted this week, which is explained by the 8.023^ on Friday of last week. Antwerp francs
fact that owing t© the strike in the South African finished at 7.8334 for checks and 7.8434 for cable
mines England has ceased to import gold, while transfers, as contrasted with 7.763^ and 7.773^2 last
India, instead of selling, is just at present buying week.
Closing rates for Berlin marks were 0.49%
moderate amounts of the precious metal.
for checks and 0.5034 foi' cable transfers, which comon pares with 0.49^ and 0.49J^ a week ago. Austrian
The only Eiiropean shipments noted were $150,000
the Scythia from Liverpool, $190,000 on the Cedric from kronen were weak and finished at 0.023^ for checks
Liverpool, $20,000 in specie on the King Alexander from
and 0.03 for cable remittances, against 0.02^/8 and
Greece, 58 cases of silver bars on the Bayern from Hamburg,
and 4 eases of gold on the La Lorraine from Havre. Miscel- 0.033^ on Friday of last week. For lire the close was
laneous amounts from South American points included 29 4.43% for bankers' sight bills and 4.44% for cable
bars and 1 box of gold on the Turrialba from Colombia; transfers.
Last week the close was 4.353^ and 4.363^.
$28,600 on the Calamares from Cristobal; 2 packages on the Czecho-Slovakian exchange finished at 1 .933^, against
Maraval from Trinidad; 4 cases gold and silver and 7 bars
1.723/^; Bucharest 0.75, against 0.763^; Poland 0.0310,
of silver on the Santa Ana from Callao; 6 barrels silver and
gold and 1 case gold coins on the Aeolus from Argentina; against 0.033, and Finland at 1.93, against 1.87.
24 bars of silver on the Siboney from Vera Cruz and 5 pack- Greek drachma closed at 4.35 for checks and 4.40 for
ages Rumanian money on the Acropolis from Varna. Late cable transfers, as compared with 4.30 and 4.35 the
arrivals were the Stockholm with $1,500 000 gold coin and
week before.
bars from Sweden. The, coin was said to be Japanese.
It is
understood that $600,000 has been received from Norway,
In the former neutral exchanges dulness was the
a rather unusual oeourrence. More gold is expected on
chief characteristic and rate variations were consethe Touraine from France.
quently not especially important. The trend, howMovements in Continental exchange were rather ever, was upward and Dutch guilders and Swiss
erratic and although trading was not active in any francs displayed considerable strength. Scandinavian
direction, quotations fluctuated at times quite rates ruled strong and all established net advances.
sharply, with losses and gains interspersed, ranging Spanish pesetas, although dealt in to a very limited
from 3 to as much as 16 points in some instances. extent, were firm and a trifle higher. It should be
French exchange was probably the most conspicuous noted that at times fairly active buying was noted
in this respect, the quotation for demand opening at in Dutch and Swiss currency, which was said to be
8.09, dechning to 7.99, then rallying to 8.20. Antwerp incidental to German reparation preparations.
francs were a close second, exhibiting a range running
Bankers' sight on Amsterdam closed at 36.69,
from 7.68 to 7.85. Uneasiness over France's attitude against 36.31; cable transfers 36.74, against 36.81;
on the reparations question had not a little to do with commercial sight bills 36.64, against 36.25, and
the unsettlemont in this class of exchange. Reichs- commercial sixty days 36.28, against 35.89 a week
marks were heavy during a large part of the week, ago. Swiss francs finished at 19.46 for bankers'
being under pressure as a result of anxiety concerning sight bills and 19.51 for cable transfers. This comimpending governmental changes. However, after pares with 19.40 and 19.45 last week. Copenhagen
a break to 0.463^ for checks, improvement developed checks closed at 19.97 and cable remittances 20.02,
and the quotation recovered to 0.5034- This was against 20.01 and 20.06. Checks on Sweden finished
regarded as largely sentimental and the result of at 24.95 and cable transfers at 25.00, against 24.93
advices from Berlin that a bill had passed the and 24.98, while checks on Norway closed at 15.67

THE CHRONICLE

Jan. 28 1922.]

and cable transfers at 15.72, against 15.67 and 15.72.
Final' quotations on Spanish pesetas were 15.03 for
checks and 15.08 for cable transfers, in comparison
with 14.89 and 14.95 a week ago.
As to South American exchange, rumors of the
granting of a loan to Argentina had a strengthening
influence on quotations for that currency and the
Argentine check rate closed at 34^ and cable
transfers at 34 >8, against 33?^ and 33^ a week ago.
For Brazil verj- little change was noted and the close
was 12^ for"^checks and 12"/g for cable transfers,
Chilean exchange is still
the same as a week ago.
weak and the close was 9^, unchanged. Peru
remains "pegged" at 3 55.
Far Eastern exchange was as follows: Hong Kong,
543^@55, against o4^A@o-iH; Shanghai, 76^®
against 7o'!4@,7o\^; Yokohama, 473^@47^,
against 48^4834; Manila, 49K@493/^, against 49®
49^: Singapore, 49}4@-iQ}yi (unchanged); Bombay,
283^@28M (unchanged), and Calcutta, 28M@29

76^,

(unchanged)
CABLE BTJYIXG RATES FIXED BY FEDERAL RESERVE BAXK,
JAN. 20 1922 TO JAX. 26 1922. IXCLUSIVE.
Rate for Cable Transfers in \ew York.
Value in United States Money.

Noon Buylno
Country and Monetary Unit.

Jan. 20. Jan. 21. Jan. 23. Jan. 24. Jan. 25. Jan. 26.

EUROPE—

England, pound

.0810
.004948
.0439
.3643
.001384

,

guUder..

j

'

4

.3637

'

I

Jugoslavia, krone

.003419

.001514
.0438
.00345

Norway, krone

.1.567

.1.564

Poland. Follsb mark
Portugal, escuda

.000333

.000308

Rumania,

.007625
.01368
.1490
.2493
.1943

Italy, lira

.043.5
j

leu

Serbia, dinar

Boaln. [>eseta
Bireden. krona
Bwltzerland. franc

j

j

ASIA—

Shanghai taH
TIenuin tael

Hong Kong

dollar.
Mexican dollar
TlenMln or Pelyaos
dollar

,

,

I

I

.1571

.1.572

.1571

.000295
.0762

00746

.007404
.01346
.1497
.2498
.1946

.000291
.0760
.007379
.01323
.1500

.000288
.0762
.007446
.01314

.2501

.2500
.1945

.01372
.1493
.2490
.1942

1

.7775
.7775

.7700
.7675
.7245
.7725
.5467
.5296

.7311
.7825
.5451

.5340

.5508
.5425
.2770
.4743
.4800

.5508
.5425
.2764
.4748
.4750

.73.57

.7833
.5484
.5363

India, rupee

.27.58

Japan, yen

.4747
.4817

947031
906462

.9476.5«'

.9481251 .950234

.996462

.997085

4S9H2.5

4S907.5

4S7;).'<

.94.5833

.945938

.7679
.1248

.7743
.1242
.7250

Yuan doUar

9lDfap')rf. dollar

NORTH A.MERICA—

i

I

MewrouDdlaod. dnliar
s^>L-Tn amf:rica—
p«-<io

I

1

.2778

.4749
.4800

:

-.5467

.2762

I

.47.56

'

.4817
I

'

Mesloo. p««o
Arg^ntlni,

I

.5438

.94.50

7632

(gold)

.1252
.7239

rnllrela

Orugiiay.

I
'

.72.39

.949688
.996878

.9525
.996878

.4K66

.486.563

.948438

.947708

.951042

.7833
.1245
.2739

.7840
.1250
.7278

.990878

4S70

I

I

.7890
:

I

.12.55
.73.50

The New York Clearing Ilouse banks, in their
operations with interior banking institutions, have
gained ^l.?,2UM22 net in cas as a result of the curweek ending .lanniirv 2').
Their receipts from the interior liave aggregated
.'). 107,222, while the shipments have reached ^837,oOO, as [Mir tlie following table:
CVRRKNCY HKCKIVTH ASH
riYlNfc-W YORK DA.SKING
reiicv inovfinentH for the

•

WtU tndlnt

M.

Jan.

Into

fha of
bank*.

!

\

Oain or /.ok
to

tll37.300'GBln

\n the Huh Treasury was taken over by
a\ Ki-hitvc H;iiik

on

Hankt.

t1.320.022

Feder-

th(?

no longer possiof (Jovcriimi-nt oiMTjilioris on

|)«t.

lOL'O.

it

is

ble to Mhow tlu- »'ff«-(t
the C'W-aring House insfi tut ions.
The Fi'dcrjil He
w-ni- Hank of New York was creditor at the Clear

ing lIouHf •ach rlay as follows:
DAILY r HKIIIT HAI-Jk.Nf KM «JF M w
'•< KKDKRAI. IliuMKHVK DANK
NK.
^^^_^_^__^^^ AT ri.KAP
'

AoQ'fjnlt

J

Jnn

'if,

Jan a7.

43

for

\\

rrk

.•7«,HII0.00«)

•• lb* V«w Vo»» Hmntm M«U* radaral
i» lyMam •

.

II—

hmmtom.jfmm

mnMm m m

Otaanaa Room laxHatioM
tt%mn an th« n'mmrvr hknk
to Ibrough irM

r

VfiariQg

[.nr^rn

x"!

».f

lari"

rr<-'lll

Imiafi'-o

'

•

lupir ar* pr

Moims.

ntMl

••'• ••!- "I 'h*> krrfiiiiii
dirxitly to thtt bank

of bul-

Jan. 27 1921.

Jan. 26 1922.

Banks ofGold.

England-. 128,447,117
France a,_ 143,054,234i

Germany

.

Aus.-Hun.
Spain
Italy
Xetherl'ds.

49.769,850
10.944.000
100.586,000

Sweden.-

33",927,000
50.497,0001
10.663,000,
22.036,0001
15,254.000!

Denmark
Xorway .

12,685,000
8,183.000

Xat. Belg
Switz'land.

Silver.

Gold.

Total.

Silver.

£
._J128 ,447,117 128 ,283,608

Total.

£

... 128 283,608
11,200, ,000154 ,254,2.34142 ,1135,604 10,720 ,000 152 ,855,604
337 ,600 54 ,915,300
611 ,500 50 ,381,350' 54, 577,700
2.369 000 13 313.000
2,369 000 13 ,313,000 10 ,944,000
24,959 000 125 ,545,000 98, 377,000] 22,950 000121 327.000
32, 768,000
2.999, 000 35 767,000
2.974 ,000 36 .901.000
1.824, 000 54 836,000
611, 000 51 ,108.00(^ S3 012,000!
1.116, 000 11 777,000
1,625, 000 12 ,288.00Ol 10, (iC 1,000'
4,330 000 26 ,366,000' 21, 718,0001 5,053, 000 26 771,000
---, 15 646.000
,2«.000i 15, 646,0001
145, 000 12 788.000
,882,000| 12, 643.0001
197,000
8, 115,000;
...
8 115,000
,183,0001

Total week 586,046.201; 48,876.500 634,922,701588,880,912; 47,513,600636,394.512
Prev. week 585.918,282 48,818,500634.736.782 588, 786.437| 47.189.550635.955.987

a Gold holdings of the
held abroad.

Bank

of France this year are exclusive of £77,934,682

THE XATURE OF THE FARMER'S CREDIT.
The "Joint Commission of Agricultural Inquiry"
has submitted a report to Congress, one of a series,
from which we take the following:
"The Commission believes that the credit problems of the farmer can best be met by adapting existing banking agencies to his credit requirements.
In meeting these requirements there is no reason
why, without destroying their utility for the purposes for which they were originally created, all the
banking agencies of the country cannot be used by
adapting them to the farmers' requirements. These
requirements are for credit of sufficient maturity
to make payment possible out of the proceeds of the
farm. This means a credit running from six months
to three years, dependent upon the character of the
commodities to be produced and marketed. In the
case of crops, six months may be in some instances
sufficient, but in the case of livestock three years
may be required."

The Joint Commission proposes further that

aiirb<wk>

and n«v*t

for

purpose a separate department shall be created
in the Federal Land banks, as now provided for;
these Federal Land banks are further to be author-

this

ized to

make loans

direct to "co-operative associa-

.5.5.50

(

Canada, dollar
Cuba, peao

Braill.

I

.7796
.7796
.7354
.7838
.5458
.5375

.7792
.7792

.5521

I

The following table indicates the amount
European banks:

lion in the principal

.1.500

.1945

.7788
.7763
.7334
.7804
.5475
.5344

.5525
.5442
.2770
.4744
.4792

"

,

.000299

.248S
.1941

.5575
.5583

]

i

,2006
4 .2257

.0767

.007535
.0138
.1492

.7833
.7833
.7370
.7883
.5468
.5388

tael

Hankowtael

0070
018794

.

I

I

.0437
.003431
.1564

'

0736

.0721

I

\

000277
0783
00695
019094
2004

07S.5

4 .2282
.018614 .018686 .018657
.0811
.0816
.0818
.004697, .004957 .004868
.0439
.0438
.0439
.36.56
.365.5
.3649
.001353 .001328 .001397
.0443
.0438
.0440
.003331 .003281 .003275

.001.522
;

$

000267
,

4 .2235

.21

.018586
.0803
.004806
.0437
.3630

S

I

.000280
.0778
.006933
.019713
.2003

I

I

.018543
.0810
.005007
.0438

.018-586
|

Hangary, krone

China. Chefoo

$

0003
.0773
.00695
.018625!
.2001

.0776
.007083
.017119
4 .2001
.2092
4.2120

,

Finland, markka
France, franc
Germany, relcbsmark
Greece, drachma
florin or

S

1

.000305
.0777
.0071
.017797
.1998

Ciecho-Slovakla. krone
Denmark, krone

HoUaod.

S

S-

000313

Anstrta, krone
Belgium, franc
Bulgaria, lev

345

when
Any Federal Land

tions of farmers organized under State laws,"

secured by warehouse receipts.
bank is to be empowered to rediscount "paper on
which money has been advanced to or used by the
farmer for agricultural purpose.s," "at rates to be
fi.xed by the Farm Loan Board." "Notes or obligations representing loans or discounts by the Federal
Land banks are to be converted into short-time debentures and sold to the public in the same way as
fnrni loan bonds are now sold." "It is proposed further that notes taken or reiliscounted by a Feileral
Land bank shall be eligible for rediscount with any
Federal Keserve bank," under prescrilKHl conditions.
This is a very comprehensive, elaborate and kindly
scherue.
Nothing is to be left undone to put the
farmer on iiis feet. II is p()tential credit i)ower is no
longer to have the good earth it.self as security and
bas<» as a lone and tardy means of issue.
The stock
tiiat he ift to raise, and the grain he is to grow, these
.shall have "advances'' uiiide to them.
Nor is the
multiplication of ci-edit through debentures forgotten.
.Mso the I''e(leral Land hjink is to enter the
doors of the I'^ederal K(^serve bank and l)orrow on
"the notes taken or riMliscounted" from farmers and
associations of farmers, as |)ropos<'d. Thus, perhaps,
the mcuiev that has heretofore too much been feeding tiie Nhiirks of Wall Street from (lie all loo easy
and i)letlu»ric sources of the !''ederal Keserve bank
or hanks, mnif find useful <>mplovment in growing
harley on the mmintains of '.tlifornia, corn on thn
boltoiiiM of the mucldy MiHsoiiri, eotton on the virgin
soil of Oklaluuna, so lately acquin'd from lh<' In(

THE CHRONICLE

346

wheat npon the rolling prairies of Kansas,
and livestock wherever in our broad expanse the

dians,

grass will grow. And may do so without waiting
for results, or €5^en "warehouse receipts" lapon results.
Growing or feeding stock for the market,
three years or six months, it is the same. The fountains of credit are to be opened ; and the deluge will
follow. If the farmer wants to hold his grain, well

be accommodated. And the whole
process, linked up to the Federal Reserve System,
will, we presume, find in the issue of Federal Reserve notes an unfailing supply. It is a very comprehensive, elaljorate, and kindly scheme.
Now ii4fe a fact, as we have said before, that land,
tilled or tillable, properly valued, constitutes the
safest credit base fn the world. And it will never
grow less in potentiality because the acres cannot
grow larger in numbers. And the farmer who owns
land now has, under our existing machinery, a personal credit at his local bank capable of instantaneous use for any purpose of his oion desire on the
farm, limited only by the conditions of the time and
the liquid requirements of the local bank. And the
tenant farmer with a proper equipment Las also a
limited credit at the same bank, according to

and good, he

is to

and character, subject to the same liquid
requirements. It would seem, looking at this proposal broadly, that its object is to put the merchant
and the farmer on the same plane with reference
not only to the local bank but to our unified eystem
of Federal Reserve save, and note this exception,
the time limit is to be lifted frpm the farmer, though
The farmer is to have
it remains for the merchant.
the same ultimate access to the Federal Reserve
bank that the merchant has (either through rediscount by Federal Land bank or by "bank, trust company," etc.), but the "paper" of the farmer is to have
indefinite time to run, that he may grow stock or
his rating

(Vol. 114.

ous to our general credit system and detrimental to
present local banks.
In a word, there is an individualism, independence, and discretionary power and insight in our
thirty thousand local banks that cannot be woven
into one great system of farm-credit promotion with
the source of supply somewhere in the fountain
heads of the Reserve banks. Nor do we believe this
new "debenture" can find proper absorption in the
general credit of the country, because it lacks stability and inherent convertibility.
It is a dead
credit, based upon perishable goods.
And there is
a very grave task before the Federal Farm Loan
Board in holding the present land banks and joint
stock banks within bounds and in a straight line
dependent upon the indestructible credit security of
farm-land itself. Better that our thousands of local
banks help the farmer, as they are willing to do on
natural lines, than that our banking system be
wrecked by untried experimentation. Better for the

farmer

JAMES BRYCE.
In the sudden death of Viscount Bryce on Sunday
last progress loses an advocate and helper, and the
race loses a friend. Scholar, professor, historian,
diplomat, politician in the best sense of that word,
author, lecturer, traveler, and even mountainclimber he was many-sided, and what Johnson
said of Goldsmith might be said of him also, that he
touched nothing that he did not adorn. When he
came here, in 1907, as Minister, he preferred to come
as "plain James Bryce," and the title which he declined before coming awaited his return, seven years
later. He was distinctly persona grata as Minister,

—

and was already known here by his "American Commonwealth," a book of which all intelligent Ameri-

cans have at least heard.
This was issued in 1888 and was the result of sevhold grain as he may desire. We affirm that there
are two opposing tendencies here that do not merge eral visits which began as far back as 1870. It was
in any bank or System of banking. The tendency of made up, he once said, from conversations he had
liquid requirements in bank and banking system, held with many persons, from statesmen in Congress
applied to the merchant, compels him to move his to wagon-drivers on Western prairies. He had no
goods, to sell, to take seasonal losses if need be, and thought, he added, that more than a few on this side
to conform to all the natural laws of exchange; of the Atlantic would ever read it, and so he felt
while the tendency applied to the farmer (if we may safe in speaking with freedom. He wrote it for Euso twist the statement) will either water-log the ropeans, he added, "those benighted Europeans who
bank or will encourage the farmer in a process or did not know what America was and what she would
policy of expansion and holding and doubtful asso- become." He. therefore wrote to explain us to Engciation that has not been and cannot be demon- lishmen, but without intending it he also made a
lasting contribution towards explaining us to ourstrated to be for his good.
In the first place, there is constant waste and loss selves. He was often mentioned here as "the friend
in holding grain. Many experienced farmers prefer of America," and justly, but he exemplified the faithto sell from the harvest field rather than to garner. fulness which goes with "the wounds of a friend."
And the farmer community of the interior as a mass In an address in London, only last year, he said that
And right now, in "the Constitution of the United States may be
is not prepared to hold crops.
the midst of winter, we venture to say there are hun- deemed the greatest single contribution ever made
dreds of thousands of bushels of corn, either in the to government as an applied science," and remarked
shock, or in rude rail pens in the shuck. There are that "freedom in America, as elsewhere, has been at

—

—

—

some moments abused, at others undermined or secretly filched away; but the pride in freedom and
the trust in the saving and healing power of freechinery to be created through expenditures of local dom have never failed her people and have enabled
associations before the present system of warehous- them many a time to recover when they seemed to
ing and grading can be abandoned.
And by no be losing; it is by these moral forces that nations
increasingly large barns but many are purposed
as much for stock as for granary. When it comes
to warehousing there is a vast new and costly ma-

process of reasoning can

be supposed that debenwasting grains and growing livetures issued upon
stock can be upon the same plane as debentures issued on land loans. And the undertaking in the end
must prove not only fantastic, but becomes dangerit

Uve."
A larger work, "Modern Democracies," appeared
last year, and Mr. Bryce spent two months of last
summer here, going home with a hope of soon returning.

"Under any

political constitution that has ever

THE CHRONICLE

Jan. 28 1922.]
been devised the

many

are led

bj"^

So he

the few."

said in a lecture last summer, and
it stays true if we change the verb to "misled."
it is

entirely true;

For in

democratic
form, a peril most imminent when the current of
events ceases to glide smoothly towards apparent
happiness and content and when, instead, everybody
feels pressure and everybody seeks to ease it by shifting it to others. This is our present condition, and
a meaning which contains
it gives another meaning
an ideal and an interrogation at once to the title
this misleading lurks the chief peril of a

—

—

"The American Commonwealth."

"Commonwealth"

common weal

or welfare, the "general welfare"
which the framers of our political structure declared their intention to "promote." Authority to

is

enact any legislation necessary and proper to that
end was granted, and (as we are slowly beginning
to realize) this general expression is now used as
the cover of approach for many wild schemes which
would have shocked the common sense of the
framers. Factions, geographical divisions, a selfish
cry for help at any cost, "classes," blocs these are
separative, not unitive, and they are bringing our

—

governmental scheme to its test.
So Mr. Bryce saw. And in "Modern Democracies," issued last year, he said that "Congress does
not impress the nation by its intellectual power, any
conmore than by its moral dignity Congress
tains few men who, uniting conspicuous talents to a
well-stored mind and breadth of view, possess the

347

receded in price. Steel and other building materials
are much lower, and the process of return to the
normal in nearly all lines is still going on in a
natural manner.
Labor in many industries has been sharing in the
readjustment and bearing a portion of the shrinkage
which is the inevitable result of the termination of
expansion induced by war.
But in the business of transportation, artificial
barriers have been erected, largely through Government agencies, which block and interfere with the
readjustments so essential to good management and
the proper functioning of the carriers. These obstructions, Mr. Withers asserts, are the Railroad
Administration and the Railroad Labor Board.
Even without these additional handicaps, the railroads were already subject to severe regulation by
the Federal Government and the various States
regulations being imposed which often are conflicting and embarrassing. After citing numerous instances of the hardships caused to the railroads, Mr.
Withers made a strong plea for the removal of the
obstructions which hinder and delay a restoration
of the common carriers to a position where they may
properly function in the interests of the public and
investors.

Another point brought out

in the discussion is of

was developed that when the
management of the Pennsylvania RR. made a reduction in wages and salaries of employees, a similar
An unflattering cut was also ordered for all salaries paid to offihigher gifts of statesmanship."
comment, but one which we can less denv now than cers. While upholding the justice of this action,
when he made it. Yet he had faith, and we must Mr. Withers pointed out its insignificance except as
have no less faith than his. For the trend of mod- a matter of principle. He asserted that if the pay
.

;

ern times

is

towards democracy

;

.

.

irresistibly so, be-

cause, after everything else has been tried

and has

general interest.

It

of all general officers of railroads

were reduced to

§0,000 per annum, the saving thus effected to the
carriers would only be sufficient to distribute to

only this is left. No careful man. will dare
Russia and the Central States (one all employees an individual increase of one dollar
or both) will not get back once more under at least per month in pay.
Home ostensibly limited sovereignty; but ultimately
Owners of the railroads have witnessed severe
both must do what France, to the amazement of declines in the market values of their securities,
many obseners, did in 1871. In struggle and pain, which means a shrinkage in the value of their savEngland also is becoming democratic, as nobody saw ings, and many of them have been impoverished by
more clearly than Mr. Bryce.
the curtailment or passing of dividends. While laWhatever the cost in pain and time, democracy bor has had its Roman holiday and reveled in an
must purge itself and must stand. Our stauhch orgj- of high wages, it was all at the expense of the
friend and critic has now gone, just before reaching public and the investors, whose modest incomes
84, at a time when he seemed needed as a leader of from the carriers decreased at a time when living
"the elder statesmen"; but his precepts remain and costs advanced.
his career is an example.
The policy of live and let live applied to carriers
means that there should not be too great a portion
of gross earnings of the railroads absorbed in operARTIFICIAL BARRIERS TO RAILROAD
ating expenses, a portion so great as to inllicl liardPROaRf'JSS.
siiips upon investors and disconrag(» further railOne of the most canrlid talks recently given by road construction. If the artificial barriers (o raila railroad official was delivered this week before road progress cannot be removed entirely, there
the Knpineers' Club of IMii!;i(l('li)liia, the speaker be- surely can be found a way by Congress to modify
inj? K. T. WitlifPH, as.siHtanf to flu- Vice-President of
their obnoxious and destrMclivc features.
the I'ennKylvania KK. in charge of personnel.
failed,

to affirm that

Withers showed how the workings of econfimic laws have been allowed free i)lay in nearly

'/'//a;

.Mr.

hranrhcN of industry save that of transportation.
From the high [leak rearhed during the war and its
aftfrrmath there has been a great reflnetion in the
market valneH of cotton, grain and all fanii prod
iictH, which have yielded to the natural law of sup
all

ply and demand. All manufactured articles, from
the luxury claw to the necPHsaries of life, such as
bread, have succumbed to the same natural iriflu
ence.

Products of the mines, such as copper, have

I) J] ATI/

or

Ml,'.

IIIJI'JtlJRN.

Marlon Ilepliurn, who died on Wednesday, a
recent and ilhistrious victim of the automobile, was
anotlu-r of the line* of countn' boys who, l)orn
wjthoul noticeably special advantages of environiiienl and heredily, and without jiny visibb; external
pUHh, succeeded in making their own way to emi
iient and useful success; he called himself "bf)rn
lucky," but if the fault of our being underlings i.s in
ourselves and not in our stars cipinlly the creilit of
our Huccetw i« our own.
A.

THE CHRONICLE

348

Beginning as a practicing lawyer, Mr. Hepburn
found his first step towards fortune in a legitimate
purchase of woodlands. In 1875 he began a fiveyear term in the State Assembly then became head
of the State Banking Department; then an examiner here under the Federal banking system then
Comptroller under that system; then went permanently into banking here. At first he was head of
the Third National, then Vice-President after that
institution was absorbed by another, then head of
the Chase National until he retired to become chairman of the bank's directorate, and then, later, head
of an "Advisory" Board.
His activities and associations were many. He
was a banker who studied and knew banking and
finance, one who would neither argue with the facts
of arithmetic and human nature nor imperil honor
and the future by compromising on principles. He
attained wealth, and he did with it as an increasing
;

;

number of
mankind;
large and

possessors do, treating it as a trust for
his benefactions were therefore many,
wise.
In the twelve years since he resigned from active service as a bank officer he was
more than ever in respect and demand as a sagacious
and careful consultant and adviser. In the emoits

would take no part.
To him, history was observation teaching by examples, and he was equally far removed from dreamer
and alarmist. He had faith in the future of both
America and the world, and he represented Wall
tional excesses of the time he

Street in

its

best sense,, the ^ense of responsibility

and constructiveness.
Mr. Hepburn would have reached the age of 76
in July, and has been taken while his faculties were
unimpaired. The counselors go one by one, but their
counsel remains.

NEW
A new
amount

U.

S.

U.

S.

TREASURY NOTES.

Treasury short-term notes to the

of ."$400,000,000 or thereabouts

was announced by

Secretary of the Treasury Mellon on Jan. 25. The notes
(with interest at 6%) will be dated and bear interest from
Feb. 1 1922 and will be due March 15 1925. They will be
known as Series A, 1925. In announcing the new issue
Secretary Mellon said:
The offering is made in order to provide for the Treasury's current requirements and for about $250,000,000 of Treasury certificates which
mature on Feb. 16 1922. It is intended at the same time to provide in
part for the refunding of the Victory notes which mature May 20 1923,
pursuant to the program for refunding the Victory loan as already announced.

pointed out that the new offering of notes is in substance a refunding operation, and the right is therefore
reserved in connection with the issue to allot additional
notes up to one-half the amount of the offering to the extent
that Victory notes are tendered in payment pursuant to
the official circular. The notes offered this week will not be
subject to call before maturity, and will be acceptable in
payment of income and profits taxes payable at or within
six months before the maturity of the notes.
The following
is from the official circular issued by the Federal Reserve
It

is

Bank

of

New

York:

The notes will be dated and bear Interest from Feb. 1
March 15 1925, and will bear interest at the rate of

able

upon such date constitute part of his estate, shall, imder rules and regulations prescribed by the Secretary of the Treasury, be receivable by the
United States at par and accrued interest in payment of any estate or Inheritance taxes Imposed by the United States, under or by virtue of any
present or future law upon such estate or the inheritance thereof. The
notes of this series will be acceptable to secure deposits of public moneys,
but do not bear the circulation privilege.

The right is reserved to reject any subscription and to allot less than the
amount of notes applied for an to close the subscriptions at any time
without notice. Payment at par and accrued Interest for notes allotted
must be made on or before Feb. 1 1922, or on later allotment. After
allotment and upon payment Federal Reserve banks may isssue interim
receipts pending delivery of the definitive notes.
Any qualified depositary
will be permitted to make payment by credit for notes allotted to It for itself
and its customers up to any amount for which it shall be qualified in excess
of existing deposits, when so notified by the Federal Reserve Bank of its
Treasury certificates of indebtedness of Series A-1922, matvtring
Feb. 16 1922, with any unmatured interest coupons attached, and Victory
notes of either the 4 Ji
or the 3 Ji
series, will be accepted at the Federal
Reserve banks at par, with an adjustment of accrued interest, in payment
for any Treasury notes of the Series A-1925 now offered which shall be subscribed for and allotted.
Victory notes in coupon form must have all unmatured coupons attached, and if in registered form must be duly assigned
to the Secretary of the Treasury for redemption, in accordance with the
general regulation of the Treasury Department governing assignments.
The amount of the offering will be $400,000,000 or thereabouts, with the
right reserved to the Secretary of the Treasury to allot additional notes up to
one-half that amount, to the extent that payment is tendered in Victory
notes pursuant to this circular. As fiscal agents of the United States
Federal Reserve banks are authorized and requested to receive subscriptions and to make allotments thereon on the basis and up to the amounts
Indicated by the Secretary of the Treasury to the Federal Reserve banks
of the respective districts.
district.

%

%

BENJ. STRONG.

NEW YORK

RULING OF
VICTORY

STOCK EXCHANGE ON

LOAN COMMISSIONS.

LIBERTY

Announcement of the adoption of the following ruling
respecting New York Stock Exchange commission charges
on Victory Liberty Loan notes, was made known on Jan. 26:
January 26 1922.

The Committee on Quotations and Commissions

3H%

%

rules that the commisSeries Convertible Gold

on Victory Liberty Loan
and 4 ?i
Notes, due 1922-23, may be such as may be mutually agreed upon in
accordance with paragraph (h) of Section 2 of the Commission Law.

sion

New

Regarding the above, the
York "Times" said:
According to officials of the Exchange, this means that the commission
on Victory bonds wUl be reduced from l-16th of 1 % to 1-32 of 1 % in view
of the fact that they have only a short time to run and, being classed as
short-term notes, are therefore entitled to a smaller commission.
,

THEgNEW CAPITAL FLOTATIONS FOR DECEMBER
AND THE TWELVE MONTHS.
Continuing the practice begun in our issue of March 26,

OFFERING OF
offering of

[Vol. 114.

1922, will be payper annum,
thereafter semi-annually on March 15 and

4M%

payable Sept. 15 1922, and
Sept. 15 in each year.
Applications will be received at the Federal Reserve banks.
Bearer notes with interest coupons attached will be issued in denominattons of $100. $.500, $1 ,000, $5,000, $10,000 and $100,000.
The notes are
not subject to call for redemption before maturity, and will not be issued
in registered form.
The principal and interest of the notes will be payable
in United States gold coin of the present standard of value.
The notes of said series shall be exempt, both as to principal and interest,
from all taxation now or hereafter imposed by the United States, any State,
or any of the posses.sions of the United States, or by any Inc-il taxing authority, except (a) estate or inheritance taxes, and (6) graduated additional
income taxes, commonly krtown as surtaxes, and excojis profits and war
profits taxes, now or hereafter Imposed by the United States, upon the
income or profits of individuals, partnerships, associations, or corporations.
Notes of this series will be accepted at par, with an adjustment of accrued
Interest, during such time and under such rules and regulations as shall be
prescribed or approved by the Secretary of the Treasury, in payment of
income and profits taxes payable at or within six months before the maturity
of the notes. Any of the notes which have been owned by any person continuously for at least six months prior to the date of his death, and which

1921,

and

k^t up regularly since then,

compilations

of presenting

monthly

showing the new capital flotations in the

we give to-day, in tables further below, the
figures for the month of December and the twelve months
As previously explained, these comof the calendar year.
putations are intended to furnish a summary of corporate,
United States,

municipal and foreign Government financing as represented

by the new stock and bond

The new

issues

brought out each month.

December was again of large
With two exceptions, namely, October 1919

financing during

proportions.

and July 1919, the grand aggregate of the securities placed
during the month exceeded that of any other month, reaching no less than S551, 576,349, and with the exceptions

amount has probably never been surpassed
in any month in the history of the country, if the various
Liberty and Victory Loan issues, floated during and imme-

named

the

diately succeeding the war, be left out of the calculation.

The municipal bond disposals alone foot up $213,518,799,
and here we are able to say without qualification that no
such monthly total has ever before been recorded or even
approached, inasmuch as our municipal compilations extend

back over thirty years. The truth is the amount, at
is almost double the highest previous monthly
total, which was reached the previous month, namely,

$213,518,799,

November 1921, when the sales footed up $117,950,261.
The corporate offerings were of yet larger extent, amountThe largest corT)oration issue was the
ing to $300,355,550.
$30,000,000 American Sugar Refining Co. 6% bonds, due
These bonds were offered at 98 H, to yield about
1937.

There were three large railroad emissions, namely
the $25,000,000 Canadian Pacific Railway 4% Coupon
Consolidated Debenture Stock (perpetual), offered at 78,
yielding about 5.13%; the $16,424,000 Oregon Short Line
RR. Consolidated First Mortgage Guaranteed 5s, 1946,
offered at 94 H. yielding 5,40%; and the $12,753,000 Lousiville & Nashville RR. First & Refunding Mortgage 5^8,
2003, offered at 101, to yield about 5.45%. Another large

6.15%.

THE CHRONICLE

28 1922.J

•r.vx.

ooriwration issue was the $12,500,000 International Paper
Co. First & Refunding Mortgage 5.s "B," 1947, offered at
87, so as to yield

6.00%.

There were two foreign Go\ernment issues during the
month, totaling $31,000,000. They comprised S30,000,000 Kingdom of Denmark 6s, 1942, offered at 94 1^^, to yield
6.50%, and $1,000,000 Republic of Bolivia 6s, 1922-35, offered at prices ranging from 97.74 to 82.24. yielding, according to maturity', from S.20% to 8.40%.
For the full twelve months of the calendar year the
grand aggregate of the new capital flotations runs ahead
of the large total for 1920, and comes close up to the huge
total recorded in 1919.
However, the 1921 total includes a
much larger proportion than usual of securities put out for
refunding purposes and in^ol^ing to that extent no addition
to the outstanding aggregate of security issues.
Including
refunding, the new financing for the twelve months of 1921
foots up §4,231,320.478. against $4,010,048,184 in the
twelve months of 1920 and $4,361,188,860 in the twelve
months of 1919. Eliminating that portion of the new
financing which represents the retirement in one form or
another of outstanding security issues, the strictly new
demands upon the investment markets for the twelve
months of 1921 are found to have been $3,574,827,096,
against .$3,634,834,192 for the twelve months of 1920 and
$3,552,403,198 in the corresponding period of 1919. In the
ease of eorjwrate financing, there was a marked faUing
new capital demands, the amount of this for
1921 having been only $1,821,919,761, against no less than
$2,710,011,386 in 1920 and .$2,303,328,636 in 1919. This
is independent of the issues put out to take up pre-existing
obligations of one kind or another, the amount of which in
1921, as previously noted, was of exceptional proportions
by reason of the bringing out in April of the $230,000,000
Northern Pacific-Great Northern .Joint 614% Convertible
bonds, which was merely a refunding operation, its purpose
being to provide for the taking up of the .$215,227,000
Chicago Burlington & Quincy collateral trust bonds, manuring July 1 1921.
The distinctive feature of the 1921 financing was the
tremendous increase in the flotation of municipal bonds.
Hero the disposals for 1921 rose to $1,203,031,757 from

off in the

4%

$683,188,255 in 1920 and $691,518,914 in 1919, this latter
having been the previous high record for new municipal
lx)nd

The amount

issues.

foreign

of

government bond

brought out in 1921 was $385,270,000,
$291,000,000 in 1920 and $514,679,000 in 1919.

issues

inclusive of the amounts put out in replacement of maturing foreign government issues.
With allowance for the
offerings made to provide for maturing issues, the compari-

somewhat different. In that ease the total of the
government bonds floated here is $335,270,000 for
1921, $191,000,000 for 1920 and .$230,550,000 for 1919.
The following is a three-year summarj-^ covering corporate, foreign government and municipal financing:
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT AND
son

is

foreign

MITXICIPAL FINANCING.
Neta Capital.

Refunding.

Total.

—

December 1921
Corporate
Foreigm Government

Farm Loan

Federal

253,062.450
31.000.000
3.750.000

47,293.100

212.105.214
2.700.000
252.000

1,413.585

213,518.799
2,700.000
252.000

502.S69.GG4

Issues

War

48.708.685

551,576,349

Finance Corporation issues
Municipal

do
do

Canadian
United States possessions.

Total
Year ending Dec. 31
Corporate
Foreign Government

Farm Loan

Federal

597.902.900 2,419.822.721
.50.000.000
385.270.000
121.940.000
8.590.422 1.203.031.757
75.982.000
25.274.000

3,574,827,096

Total
Decpniber 1920
Corporate
Foreign Government

—

Farm Loan

6.56.493.382 4.231.320.478

212,088.315

12,892.945

224.981.260

53,070.290
8,525.000
262.000

1.806.335

55,470.031
8.525.000
262.000

14.699.280

289.244.891

issues

War Finance Corporation issues
Municipal
do
do

Canadian
United States possessions

Total
Year rnding Dee. 31Corporate
Foreign Government
Federal Farm Loan Issues
War Finance Corporation issues

274,.545.61I

2.710.011.386
191.000.000

Munlcip.ll __

United States possessions

Total
December 1919
Corporate
Foreign Government
Federal Farm Loan Issues
War Finance Corporation Issues
Municipal

3,634.S?4.192

375,213,992 4.010.04S.I.S4
35,050.100

193.508.232
22.500.000

61.293,123
4,000.000

789,800

62.082.923
4.000.000

246.311,255

__

35,839,900

282,151,155

2,303.328.030

110.000,000
200.000,000
678.1S7.202
18.037.300
11.700.000

Canadian

do
do

430.325.010 2.739.0.53.040
284,129,000 514.079.000
110.000.000
200,000,000
13.331,652
691.518.914
75,000.000
93.037.300
11.700.000

808,785.602 4.361.188.860

230.5.50.000

Issues

War Finance Corporation issues
Municipal

is

683.188.255
53.278.232
16.277.000

3 ,552 .403 198

Farm Loan

Federal

7,498.000

22, .500, 000

Canadian
United States possessions. . _

Total
Year ending Dec. 31
Corporate
Foreign Government

11.422.081

158.518.132

.

•_

do
do

250.293,311 2,906 .,304.097
100.000,000 291.000.000

671.705. .^74
45.780.232
16.277.000

Canadian

do
do

31.000.000
3,750.000

1,194.441.335
75.982.000
25.274.000

issues

Finance Corporation issues
Municipal
do
Canadian
do
United Statct) possessions.

Federal

300.355..5.50

1,821.919.761
335,270.000
121.940.000

War

against

This

349

United States possessions.

ToUl

.

COMPARATIVE STATEMENT OF NEW CAPITAL FLOTATIONS IN THE UNITED STATES.
1920.

1921.

1919.

>teemb«r.

NtmCavUal.
f>ont-Tera Bonds and Notes

%
77.7.51.000

ttejunding.

yew Capital.

Total.

%
4,449.000
29,244,000

$
82.200.000
45.480,000
890.000

-.ae

".'.'.'.'.....

896.000

-'n

ti

M.

••.510.0f)0

300.000
74.700,000
9.510,000

I.300..500

1.300. ,500

'.(.OOO.f^OO

noutkctorlnc CO*.

<)•

73,010,000

'Ml

bulldloca. Ac..

KilbtwT
flhIpplnK.
.M Ur^llarvmi^

1

,750.000

"""760.666

34.03»,000

'34,075.606

36,378.100

268.487.R00

132,919,855

12. 240, (MM)

2fl,0<M).000

IM.OOO

1.200.000

'

^tso.ooo

300.000

699.945

4.500.000
45.596,000
8.000,000
1,290.000
500.000
17,100.000
59.000,000
1.470,000

S

100.000
100.000
1.315,000

1
^

^4-

1315 000

"

2,500.000

2,150.000
15 000 000
8 715 000

'i.'is'o'.ooo

15.000,000
0.215,000
'

2.0.50,000

8.609.466

"l",'990.666

16.066,666

10.292.945

143.212.000

33,889,400

7,390,600

41,280,000

1,306,606

27.300.000
250.000

3.081,500
300,000

16.043,566
1 .200,000

10,725,000
1.600.000

1.904.700

1.904.700
^,.t.,>4^

s
100 000
4.000.000

2.900.000

1.

^horr-Term Iload* and Note*
l<

Total.

3.700.000

2,0.50,000

222. 109.400

To««l

""Vas.ioo

Refunding.

S

8,993,000

9.000.000

30f>.(K)0

New Capital.

Total.

*

4..500.000

30.003,000
8.000.000
1.290.000
500.000
17,100,000
5S. 400.066
1,470.000

3.006.066

18.230.000

I'l.

lAti'i.

Refunding.

S

..vto.ooo

10.740.000

160.000

M
If
1

.1 .tLinufactuflflg

CM.

33A.0OO

76.000

r.366'.666

'

'2.566.666

2586.666

.X

'i.26o',666

1

,250,000

226.606

11

"'"416,066

Ml.

416,600

MW'llKfW-"!-.
T»it»l

1031A.000

Mock*

14.084.700

j7

(17;. iilMi

1

mm

lUMt

W.a76.000

B.04 1,600

IT "It

f.nii

i-y ssf,

000

lUilrnMl*

PoMIr

lltllll

--.:!

"s.»a'.8M

1.^0

•.','1

.

»ll,'Hll>

2.'o'3V.4fl6

406.000

,

Iron, aUMl.
KtTjICJViifffit

405.000

1.048.006

(1,228,000

10,870,000

4.IKH.O06

13 Hii(),i:i2
50, .'I 1.400

'

Mo4an •»)

;

riufkoturlaceaa.

18.

1

1

.l.r.i

.1

ftfto

IKKI

I'l

<i'i.i

'l.'»

i

1

,

Ii>0

23.4U2.400

"ai.oMMioo

ai.oAo.ooo

I'm

aoo.000
.17.300

a.74'7.206

Bi,49a,eM

61.498.000

'

111.-,

300.0011

7AO.00O

ioo,66u

lO

,1

4. .tin

mid

.'lO

1

v>

li

HI,.

.,

-

I'l

m

mo

1

P

j;

o'Ki

1

-

1

;

ii'i'

.•

1

i'>0

It
I-.

It

Ir'
.

1',

1

M.

If

rni>niirvuirii«r<M

I

.

H

.'

'.

<

M

10,410.000

*<

10.293.000

"1

7-.

...i.m

"

1

"1

ii

Inn 0(^0

18,043,500
7

t

'H (IIIO

;

1

,.•.,(1110

i;i, (I'l

1.000

i:i.Nno.433
1

.|IHI,OIM)
ftllfl.M.-.

:

IIKI l|!M)

1

120,403.282

III)

i.-iwt.mw

II

1

.

18,987.233

Mivnno
-1

<^
1

.

1

'Ml

'

r.

1

I.IHI IMMI

III

11-

'

1

'

1

II)

n;i,oM.4oo
.'IN

.'

«il/ 4(1(1

(100

N.7l'i,(K)0

Ml

'.(III.

4I.0.'>0,IN)0

UNI

l9:i.5AN,2:U

'

U,0«MI.<M>O|
••I

.1

(Mm imn

"ittntutn

-*•!m asmirlti.^

t

>

1

410 000

a 700 nmt]
...

1

.

'

1

(

.,..,

410.000

,..,,1

1

.11.

THE CHRONICLE

350
1921.

1920.

Years ended December 31-

New Capital.

Refunding

Long-Temi Bonds and Notes

$

Railroads
Public utilities

349,82.5,000

Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories

Other Industrial and manufacturing

32,021.000
8,075,000
14,000,000
232,862,300

cos.

600,000
25.719,400
28,000.000
925,000

l.')7,432,000

Land, buildings, &c

41.6.'')1..'J00

Rubber

86..'J0O.O0O

3,950.000
34,924,100

2.33.5.000

Shipping
Miscellaneous

123,060,900

638,793,300
473,0.55,000

43,358,000
8,075,000
14,600.000

1919.

Refunding.

8
302.379.500
199,908,100
90,316,000

185,432.000
42,576.500
86,500,000
6.285,000
157,985,000

Refunding
$
35,196,000
56,746.000
2.887,000

Total.

S
134,967,000
173.792,000
42.825,000
10,390,000
7,625,000
77,770,000
55,200,000
57,692,000

356,379,500
218.048.100
102.710.000
23.506,000
3,175,000
202.240,000
78.920.000
68,327,000
20„550.000
13,301.000
147,290.000

99,771,000
117,046,000
39,938.000
10,390,000
6,706,000

1,198,000
3,195,100

T3',V5b",o6o

57,052,700

117,055,700 1,234,446,600

523,512,9.50

110.145.850

633,658,800

55,750,000
125,937,900
5.200.000

102.159.000
136.900.000
10,565,000
30.400.000
7.085.000
102,963,490

17,400,000
126.486,800
16,723,000
655.000
11.850.000
45.930.000
55.500.000
2.366.000
1,000,000
10,905,000
35,537,000

450.000

73,150,000
252,424,700
21,923,000
655,000
11.850,000
74,430.000
55,500,000
2,366,000
1,000.000
10.905,000
35,987,000

54,000.000
18.050.000
12,394,000

3.175.000
181.870.245
78.320,055
68,169,000
20,550,000
11,851,000

2.58.581.700

New Capital.

Total.

23, .500.000

20,369,7.55

599,945
158,000
1,4,50.000

10,034,000

137,2.56,000

530,808,080 1,915,241,500 1,117,390,900

1,384,433,420

Total-

New Capital.

Total.
-5

302, 122,.580
123.230,000
11,337,000

.3.30,670.720

[Vol. 114.

70,265.2.50

919,000
7,504,750

55.200.000
55,192,000

2,500,000

11.9.52,000

60,247,800

Short-Term Bonds and Notes
Iron, steel, coal, copper,

&c

Equipment manufacturers
Motors and accessories
Other Industrial and manufacturing

500,000
52,363,000
789,000

15.995.200
24,772.000
44,150.000
225.000
4.700.000
7,740.000
52,950,000
5,595,000

Railroads
Public utilities

cos.

Oil-

Land, buildings, &c.

810.000
2,500,000

16,495,200
77,135,000
44,939,000
225,000
4,700,000
8,550,000

20,000,000
127,026.252
12,285.000
10.302.000
8.550.000
93,859,000
135,650,000
9.315,000
30.400,000
7.085,000
102,963,490

55,4.50.000

5,595,000

Rubber

1,500,000
91,039,248

21, .500.000

218,065,500
12,285,000
10,302.000
8..550.000

8,300.000
1,2,50,000

1.250,000

28.500.000

275,000
12,642,166

400,000

275,000
13,042,166

169,044,366

57,362,000

226,406,366

557,435,742

103.339.248

660,774.990

324.352.800

215.837,900

540.190.700

117,087,850
8,678,225
1,932,600
5,332,000
36,728,800
87,100,000
3.195,000

8,557,280

35 ,304,950
79 ,484,600
3 810,000
147 377,132
350 979,928
507 747,210
6 605,500
140 .926.800

750,000
6,607,900

75,000

60,708,950
45,844,680
600.000
120,179,325
431,588,208
242,840,552
13,511,047
54,799.200
15,853,.500

8,387,500

250,000

8,637,500

55,314,700
45,844,680
600,000
106,139.595
418,059,385
242.796,552
13,511,047
54,724,200
15,853,500
81,741,085

5.394.250

400,000

125,645,130
8,678,225
1,932,600
5.332.000
37,254,400
87,100,000
3,595,000

3',Vro",500

85,151.585

14 .150.000
169 ,076,766

36.054.950
86,092,500
3,810,000
174,537,932
369,433,028
541,017,370
6,722,000
157,534,300
14,150,000
176,452,066

Shipping
Miscellaneous
--.

Total

Stocks
Railroads
Public utilities

—

.^-.

Equipment manufacturers
Motors and accessories
Other industrial and manufacturing

cos.

Iron, steel, coal, copper,

&c..

..

Oil.

Land, buildings, &c.

625,600

Rubber
Shipping
Miscellaneous

268,441,975

9,732,880

352,665,920
491,684,850
84,849,225
10.232.600
24.032,000
277,331,100
297,482,000
50,441,500
86.500,000
2.610.000
144,090.506

Total

302,622.580
184,150,280
12,126,000

14,039,730
12,928,883
50,000

278,174,855 1,035,184,744

35,898,363 1,071,083,107 1.455,462,886

27,160,800
18,4.53,100

33.270,160
116,500
16.607.500
7.375.300

110.341.260 1,565,804.146

Total
Railroads
Public utilities

--

&c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing cos.
Iron, steel, coal, copper,

Land, buildings,

&c

Rubber

--

Shipping
Miscellaneous

.

Total corporate securities

600,000
27,055,000
30,500,000
1,325,000
3,950,000
35,574,100

655,288,500
675,835,130
96,975,225
10,232.600
24,632,000
304,386,100
327,982,000
51,706,500
86,500,000
6,560,000
179,664,666

322,379,500
382,339,052
148,445.680
34,408,000
117,804,595
694.388,630
456,766.607
90.995.047
105,674,200
» 34,789,500
321.960,575

597,902,960 2.419.822.721 2,710,011.386

1.821,919,761

DETAILS OF

55,500.000
114,483,498
12,394,000

Y4V03973O
41,598,638
1,899,945
1.408,000
75,000
1,450,000
13,444,500

377,879,500
496,822,550
160,839.680
34.408,000
131,904.325
735.987.208
458.066.552
92,403,047
105.749,200
36,239,500
335,405,075

117.171.000
278,837.750
136.145,600
14,855.000
165.933,132
467,175,178
618,447,210
64,163.500
141,926,800
37,007,000
261,666.466

256.293.311 2.966.304.697 2.303,328,636

NEW

CAPITAL FLOTATIONS DURING DECEMBER
LONG-TERM BONDS AND NOTES.

90,946.000
183.433,900
14.694,900

208 ,117,000
462 ,271.650
150 ,840,500

28.079.800
54.457.850
33,270,160
2,616,500
16,607.500
1,198,000
11.020,400

194 ,012,932
521 ,633,028
651 ,717,370
66 ,780,000
158 ,534,300
38 ,205,000
272 ,686,866

14 ,855,000

436,325,010 2,739.653.646

1921.

To Yield

Amount.

Purpose of Issue.

%

Railroad
S
154.000 New equipment
1.750,000 New equipment

To

425,300 New equipment
3,949,000 Refunding, add'ns & betterments..
25,000,000 Capital expenditures
1,994.700

New equipment

784,000
382,800
4,507,100

To net 5.80
net 5.80-5.75

100

78
net

New equipment

To

net

New equipment

100

New equipment

To

net

99H
To

1,500,000 Refunding

net

101

474,000

New equipment

100

473.400

New equipment

100

960,000 New equipment
12,753,000 Capital expenditures!"
1,039,200 New equipment
IIIIIII
2,768,100

393,400

and by

Whom

Offered.

Alabama Great Southern RR. Equip. Tr. 6s. 1922-35. Offfered by L. M. Rotchshlld & Co.. N. Y.
Atlantic Coast Line RR. Equip. Tr. 63. 1930-35. Offered by White, Weld & Co., Brown Brothers

& Co. and Lee, Higginson & Co., New York.
Atlantic Coast Line RR. Equip. Tr. 68, 1929. Sold to Poe & Davles, Baltimore.
Buffalo Rochester & Pittsburgh Ry. Cons. Mtge. 4Hs, 1957. Offered by Dillon, Read & Co.
Canadian Pacific Ry. 4% Coupon Consol. Debenture (Perpetual) stock. Offered by Guaranty
Co. of N. Y., National City Co., Union Trust Co. of Pittsbiu-gh. Brown Bros. & Co. and Bankers
Trust Co., New York.
Chicago & North Western Ry. Equip. Tr. 6s, 1925-27. Offered by Illinois Tr. & Savs. Bank.
5'A-5}i
Continental & Commercial Tr. & Savs. Bank and Merchants Loan & Tr. Co.. Chicago.
5H-5Ji Chicago St. Paul Minneapolis & Omaha Ry. Equip. Tr. 6s, 1923-27. Offered by Illinois Tr. 4
Savs. Bank, Continental & Commercial Tr. & Savs. Bank and Merchants Loan & Tr. Co., Chicago.
6
Cincinnati New Orleans & Texas Pacific Ry. Equip. Tr. 6s, 1922-27. Sold to Fifth-Third National Bank of Cincinnati and Potter Bros. & Co., New York.
bVr5K Cleveland Cincinnati Chicago & St. Louts Equip. Tr. 63, 1923-35. Offered by Guaranty Co.
of N. Y., Potter Bros. & Co., Union Tr. Co. of Pittsburgh, Union Tr. Co., Cleveland, and
First Tr. & Savs. Bank, Chicago.
Cuba RR. Co, 1st Lien & Ref. Mtge. 7Hs, "A," 1936. Offered by National City Co., New York.
7M
5M-554 Delaware & Hudson Co. Equip. Tr. 6s. 1923-27. Offered by Illinois Tr. & Savs. Bank. Continental'
& Commercial Tr. & Savs. Bank and Merchants Loan & Tr. Co.. Chicago.
5.45 Fort Worth & Denver City Ry. Co. 1st Mtge. (ext.) 5Ms, 1961. Offered by Clark, Dodge & Co.
and White. Weld & Co.. New York.
6
Fort Worth & Denver City Ry. Co. Equip. Tr. 6s. 1922-35. Sold to Alfred Borden and Farmers
Loan & Trust Co. of New York.
Atlantic Coast Line RR. and Louisville & Nashville RR.— Lessees Of Georgia RR. Equip. Tr.
6
6s. 1922-27.

To

Sold to Cassatt

&

—

Co.. Philadelphia.

Co. Equip. Tr. 6s. 1922-35. Offered by Robinson & Co., New York.
Louisville & Nashville RR. 1st & Ref. Mtge. 5H8. 2003. Offered by J. P. Morgan & Co.. N. Y.
Michigan Central RR. Equip. Tr. 63, 1025-27. Offered by Illinois Tr. & Savs. Bank. Continental
& Commercial Tr. & Savs. Bank, and Merchants' Loan & Trust Co., Chicago.
To net byi-^U New York Central RR. Equip. Tr. 6s, 1925-27. Offered by lUtaois Tr. & Savs. Bank, Continental
& Commercial Tr. & Savs. Bank and Merchants' Loan & Trust Co., Chicago.
94M
5.40 Oregon Short Line RR. Cons. Ist Mtge. Guaranteed 5s, 1946. Offered by Kuhn, Loeb & Co.. N. Y.
To nef_5.80 Virginian Ry. Equip. Tr. 6s, 1928-35. Offered by Lee, Higginson & Co., White, Weld & Co. and
Kissel, Kjnnicutt & Co.
To net 5.75-5.80 Washington Southern Ry. Equip. Tr. 6s, 1922-35. Offered by EQuitable Trust Co. and J. S.
Wilson Jr. & Co., Baltimore.

net 6.60-5.80
101
5.45
To net 5H-5%

Kanawha & Michigan Ry.

,

"

Now equipment

16,424,000 Capital expenditures.
869,600 New equipment

Issue,

6
5
5.13

91%

To

4,000,000 Refunding;
1,592,400 New equipm

Company and

About.

Price.

I

New equipment

82,200,000

Public Utilities5,000,000 Refunding; capital expenditures...

400,000 Additions, betterments,

103 }4

&c

2,000,000 Additions and Improvements
1,100,000 Additions

"

450,000 Reduce current debt; capital exp..
2,000.000 Extensions and Improvements

405.000 Acquisitions.

600,000 Capital expenditures...
100,000 Acquisitions; working capUallllll
1,100,000 Extensions, additions,

&c

Hackensack Water Co .Debenture 7s, 1936. Offered by White, Weld & Co. and Kean, Taylor&Co.
Indiana Power Co. 1st Lien & Gen. Mtge. 7Hs, "A," 1941. Offered by W. C. Langley & Co.,

7.10

101

7.45
7

100
87 >i

7

6K
6.40

6.70

,i^i,.:.

teii^

8.15
6.10

98 Ji

& impts

800.000 Acquisitions, exts. & additions
1.600,000 Refimdlng; other corp. purposes

.

Gonerr.! corpornte rcqi:lrcTneTit<'.

7.10

99 M

6.03

98H

6.10

97

.78
86
TOO

H

,

New

8H
7.10

6.33

8

York, &c.

York, and King, Hoagland & Co., Chicago.
& Power Co. 1st Mtge. 5s (paying 7%), 1946. Offered by Arthur Perry & Co.,
Boston, and Parsley Bros. & Co.. Philadelphia.
.
Kansas City Power & Light Co. 1st & Ref. Mtge. 7Ms. "C," 1946. Offered by Continental A
Commercial Tr. & Savs. Bank. Chicago; Guaranty Co. of N. Y.. and Halsey, Stuart & Co.
Morris & Somerset Electric Co. 1st Mtge. 5s (paying 7%), 1940. Offered by Coggeshall & Hloka,
and Bodell & Co., New York.
Kentucky Utilities Co. Ist Mtge. Lien 7s. "B." 1941. Offered by Halsey. Stuart & Co.
Mountain Home Telephone Co. Genl. Mtge. 58, 1938. Offered by HoweU, MacArthur & Ritchie
Albany. N. Y.
„, ^
Nevada-California Electric Corp. 1st Lien 6s. 1950. Offered by Spencer Trask & Co., Blyth.
Witter & Co.. International Tnist Co., Boettcher. Porter & Co. and Bankers' Tr. Co.. Denver.
Penn. Public Service Corp. 1st & Ref. Mtgo. 6s, "A," 1929. Offered by Harrla, Forbes & Co.
and E. H. Rollins & Sons.
Pennsylvania-Ohio Power & Light Co. Secured 8s. 1930. Offered by Bonbrlght & Co.. Inc.
Philadelphia Electric Co. Ist Lien & Ref. Mtge. 6s, 1941. Offered by Drexel & Co., Harris, Forbes
& Co. and Brown Bros. & Co.
Public Service Corp. of N. J. 20- Year 78, 1941. Offered by Drexel & Co., Bonbright <fe Co., Inc.,
and Clark. Dodge & Co.
Offered by Marshall Field, Glore, Ward A
St. Paul Gas Light Co. Genl. & Ref. Mtge. 6s, 1952
Co., New York.
San Antonio Public Service Co. 1st Mtge. & Ref. 63, 1952. Offered by Halsey, Stuart & Co.,
Lcluuan Bros, and Goldman. Sachs & Co.
Southwestern Utilities Corp. 1st Mtge. Conv. 8s. "A," 1936. Offered by Chandler & Co.. N. Y.
Washington Baltimore & Annapolis Electric RR. 1st Mtge. 53. 1941. Offered by Robert Garrett & Sons. Balto.; Tucker. Anthony & Co.. Stone & Webster, Inc., N. Y., and Mackubln,
Goodrich & Co. and Fidelity Securities Corp.. Balto.
.
Western States Gas & Electric 1st & Ref. Mtge. 63. 1941. Offered by Cyrus Pelrce & CO. ana
Blyth. Witter & Co.
^ ^
. -n„
West Missouri Power Co. I8t Mtge. 89, "A," 1937. Offered by Guaranty Trust Co. of Kansas

New

98%

99
99

Columbus

Francisco,

rrar

""""I

1.600.000 Retire floating debt; construction..

SJ.5.()():;

7
7>i

96

10,000,000 Refunding

200.000 Construction

100
100

95

750.000 Capital expenditures..

3.800.000 Refunding; construe.

6K

Offered by Harris, Forbes & Co N. Y.,
(O.) Ry., Pr. & Lt. Co. Ref. Mtge. 6s, 1941.
and Elston, Allyn & Co., Chicago.
Fresno City Water Corp. 1st & Ref. Mtge. 6Ms, "A," 1956. Offered by National City Co., San

6.60

100

&c

750.000 Betterments
12.500.000 Refunding

93^

Iowa Light, Heat

''it\-,

>'•>.

CHRONICLE

THIS

Jan. 28 1922.]

351

To Yield
Purpose

Amount.

'jf

PHce.

Issue.

Iron, St«>l, Coal, Copper, &c.
896.000 Additions and betterments

7.65

Elkhorn Piney Coal Miulnt^ Co.

S

Bates Machine

8
7Ji

300.000 Fund floatlnc debt: working rapital

&

100

& Tractor Co.

Ist

685.000 Working capital
300.000 Reduce current debt; working cap.

99 M

To

net

Coll.

Offared.

Pay

98 M

bank loans

off

6.15

&

7s.

„
Co.

„,

Offered by National City

68, 1937.

New

York, and Old Colony Trust Co., Boston.
7.40 Sidney Blumenthal & Co., Inc., 1st Mtge. 7s, 1936.

96 H

2,250.000 Provide for growth of business

Read & Co.

Offered by Lawrence ChamberLaln & Co.. Inc.. New Yorfc.
Bertlesv
1923-32. Offered by Howe, Snow, Corrigau

1st Mtgc. Ss, 1935.
Alaska Refrigerator Co. 1st Mtge.

American Sugar Refining Co.

Dillon,

Offered by Straus Bros, Co., Chicago.

Detroit.

30.000.000

by

Offered

7H3, 1930.

Serial 8a, 1923-27.

Mfg.

Whom

and hy

Issue,

Mtge.

Abendroth Bros.

Motors and Accessories

Other Industrial

Company and

About.

Bank,

First National

& Sons and Hambl*-

Offered by E. H. Rollins

96 H

7.39

98 K
96 H
87

7.20
7.30
6.00

2,000.000 IRefundlng; other Corp. purposes.

99 H

7.08

Mtge. 83, 1941. Offered by Central Trust Co. of 111., Federal
and Hamblelon <S. Co.. Baltimufe.
,
„.,. ^ .., » „
,.
t:.
Dalton Adding Machine Co. (CincJn,) Conv. 8s. 1931. Offered by Fifth-Third Nat. Bank, W.E.
& Lamson and George Eustls & Co., Cincmnatl.
Hutton & Co.. Richards. Parish
Falcon Tin ?!atc Co. 1st Mtge. Sa, 1932. Offered by Tillotson & Woloott Co., Schult2 Bros. & CO...
Worthlngton. Bellows & Co. and the T. H Saunders Co.. Cleveland.
. „
.,,
(Robert) Gair Co. 1st Mtge. 7s. 1937. Offered by Hayden, Stone & Co., E. H. Rollins & Sons an(«
Equitable Trust Co.. Now York.
Holeproof Hosierv Co. Conv. Debenture 7s. 1931. Offered by A. G. BeCkfer & Co.
.
Hooker Electro-Chemical Co. 1st Mtge. 7s, 1947. Offered by Hemphlil, Noyes & Co.
International Paper Co. 1st & Ref Mtge. 53, "B," 1947. Bankers Trust Co., New YorSi VnldA
Stuart & Co.
Trust Co. of Pittsburgh. Bl.iir & Co.. Inc.. and Haisey.
Mount Vemon-Woodberry Mills, Inc. Debenture 78, 1932. Offered by Mercantile Trust & De-

5.000.000 Retire current debt
1.000.000 Retire current debt; add'ni,

9S^

7^

National

8.05

Pneumatic Scale Corp., Ltd.,

8
7
7.35

Rock River Woolen Mills 1st Mtge. Serial 8s. 1923-32. Offered by Union Trust Co., Chicago.
Tobacco Products Corp. S. F. 7s. 1931. Offered by Guaranty Company of Now York.
Warner Sugar Refining Co. 1st Mtge. 7s, 1941. Offered by Blair & Co Inc.. and Bond & Goodwin.

1,500.000 Working

100

capital

Consolidated Textile Corp.

8

1st

m

Securities Corp.. Chicaso.

750,000 Retire bank loans; working capital.

100

8

Camahan Tin PI. i Sh. Co.

100

8

750.000 Acq. of

.

.

Fund

4.00C.00O

floating debt;

working capital

1.500.000 Retire current debt
1.250.000 Refunding: other corp. purposes.
12,500.000 Reduce current debt
i

.

96 H

Acme

Parker
Retire current debt; working cap.
Payment of eorip <t current debt.
Retire current debt

200.000
4.000.000
6.000.000
500.000

Fund

floating debt

100
100
96 H
To net

&

Co.

Mtge.

1st

&

Mtge.

Ist

by

Offered

1931.

7!.^s.

Blair

&

Co.. Inc., and Cleveland Trust Co.
Offered by Otis
Co. and
83, 1936.

Conv.

Coll. Tr.

&

Co.

.

.

Knitting Co., Inc., 1st Mtge. 7V2S, 1923-31. Offered by Merrill, Cox & Co. and Fort
Dearborn Trust & Savings Bank, Chicago.
Peerless 'Wire & Fence Co. 1st (closed) Mtge. 7Hs, 1942. Offered by Geo. H. Burr & Co.

7K Western

97H

575.000 Acquisitions; working capital.

.

.

posit Co.. E.iitimore.

itc

.

74.760.000

Oil-

To

510.000 Finance equipment leases.

Tank Line Car Equip. Tr. 6s, Series "S", 1922-29. Offered by Guaranty Co. of
York, and Potter Brothers & Co., New York.
Pierce Oil Corp. Debenture 8s, 1931. Offered by Parker & Co. and West & Co.

net 6-6 J^ Pennsylvania

New

2,000,000 Retire bank loans
7,000,000 (app.)Fund cu.-rent debt; acquis'ns
additions, betterments, <tc

100

8

100

8

Approximately $5,000,000 sold by company
Transcontinental Oil Co. Ist Mtge. Coll. Tr. Ss. 1931
to officers and stockholders and $2,000,000 to Standard Oil Co. (of Calif.).

100

6

New

.

I

9,510.000

Land, Buildings, &c.
950,000 Construction ol building

To

416,500 Construction of annex buUdlcg...

7H

net

Orleans Cotton Exchange 1st Mtge. 6s. 1922-50. Offered by Citizens Bk. & Tr. Co., CanalCommorcial Tr. & Savs. Bk., Hibernia Securities Co., Inc., Marine Bk. & Tr. Co. and WhitneyCentral Tr. & Savs. Bank, all of New Orleans.
Wright Office Building (Tulsa, Okla.) Ist Mtge. 7s, 1923-31. Offered by Interstate Trust A
Banking Co., New Orleans.

1,366,500

Rubber3,000.000 Retire bank loans..
6.0C0.00O Reduce Dank loans.

H

99

Ajax Rubber Co., Inc., 1st Mtge. 8s, 1936. Offered by W. A. Harriman & Co.. Inc.. New York.
RubtKJr Co. 7s, 1936. Offered by Hayden, Stone & Co. and Brown Bros. & Co. New York-

8

97K

7K Hood

9,000,000

Mlscellaneou»
3,000.000 WorkLfig capital.
eoo.cGo Real estate loan.

99
100

1.000,000 Retire floating debt; wkg. capital..
400, coo General Corp. purposes

7.10
8

99 H

99

2.SOC.0CO General corporate purposes

100

3,000,000 Retire bank loans; working capital.
1.300.000 Refund's: fund eurr. debt; wkg. cap

s.ooo.ooo Retire current debt; wkg. capital..

Browne Land

&

Mtge.

1st

Cattle Co.

1st

Blyth. Witter &. Co,
Offered by InlcrstaOe Tr.

A

Banking Co. and
8.05 Cleveland Provision Co. 1st Mtge. 83, 1036. Offered by Cleveland Trust Co., Richards, Pariah
& Lamson and Otis & Co., Cleveland.
8
Coburn Bros. Cattle Co. and R. J. & W. M. Coburn (Prescott, Ariz.) 1st Mtge. 8s, 1930. Offered
by Carstens <t i'.arlos. Inc.. San Francisco.
7.00 Cuyamel Fruit Co. 1st Mtge. ly-s. 1941. Offered by A. G. Becker & Co.. .\me3. Emcrlch & Co.,
New York, and Hibernia Securities Co., Inc., and Isidor Newman & Son, New Orleans.
7H Earl Fruit Co. (Sacramento, Calif.) 1st Mtge. & Coll. Tr. 7H3. 1921-36. Ottered by Glrvln &
Miller. Inc.. and Cyrus Pelrce & Co.
7.65 Godchaux Sugars Inc., 1st Mtge. 7s, 1941.
Offered by A. B. Leach & Co., P. W. Chapman
A- Co.. and .\mes. Kmerlch & Co.
8
Holland-St. Louis Sugar Co. ist Mtge. ,S3. 1924-36. Offered by Watllng. Lerchen & Co. and
HarrLs. Small & Lawson, Detroit, Michigan Trust Co., Grand Puipids, and Wm. L. Ross &

100

3,600,0C0 Refunding; capita] ezcendltures

& Coll. Tr. 73, 1936. Offered by
& Ref. Mtge. & Coll. Tr. 8s, 1923-31.
Mortgage A Securities Co., New Orleans.

American Factors' Ltd..

98 H
100

Co

96 «

Inc., Clilcago.

.

Ist Coll. Mtge. 78. 1941.
Offered by Bankers Trust Co., Guaranty
New York, and EqulUible Trust Co.. New York.
Construction Co. ist (Closed) Mtgc. 7H8, 1924-35. Offered by E. H. Rollins & Sons and
C;co. H. Burr & Co.
7Ji Warren Bros. Co. Conv. Debenture 7H3, 1937. Offered by Paine, Webber 4 Co.
Wilson & Co., Inc.. Conv. 7Viis. 1931. Otfere<l by comp.iny to stocKhoUicrj; imderwritten by
Guarantv Co. of N. Y., Hallgartcn & Co., Hlalr & Co., Inc., Cha.se Scscuritlos Corp., N. Y.;
lillnoU Tr. 4 Savs. Bk., Continental &. Commorcial Tr. & Sav3. Bk. and First Trust & Savings
Bank. Chicago.

7.40

South Porto Rico Sugar Co.
Co: of

1.250.000 Fund

debt; oorp. purpoaea

fitg.

7K Utah

100

2,000,000 Reduce ciirr. debt; wkg. capital
10.125,000 Reduce floating debt

97 J<

96H

34,075.000

SHORT-TERM BONDS AND NOTES
To Yield
Amount.

Hirpoit of luut.

Company and

Abota.

and bv

listie,

Whom

Offered.

Railroad!

%

l.»M,700 N«wcoulpmeot.
Public

100

6

&

Chicago

North Western Ry. Equip Tr.

Sold to liYeeman

Os, 1922-24.

&

Co.,

N. Y.

Utilltl

BAfuodtef ....... .

100

7M

Connecticut Power Co. 5-ycar 78, 1926. Offered by Roy T. H. Barnes A Co.. Hartford and Chao.
W. Hcranton Co., New Haven.
Hagcratotvn & Frederick Ry. Series "A" Conv. Coll. Tr. 7^8, Dee. 1 1922. Offered by Uambiclon

5.000.000

ReruDdloc

100

7

Minneapolis Street Ky. Co and Minneapolis Lyndalc

l.Crfjrj.fioo

Kiind rioatlDg debt.

000,000

ReflMKllog

100

7

640,000

A

cut., IliilMmorc.

2.rjoo.rjrjr>

1

100
100

lu-ruridinK

7

ReMpdlnt.

Mlnnctonka Ry. Co.

Ist

Mtgc.

78.

Kle«trlr Cm. .'i-yciir 7h. 1024. Offcrixl by Harrln. Forbes A Co. and Coftln A Burr. Iiio.
Pr. Co. OHh. 1924.
Offei-ed by Spokaoo A Kaslcrn Tr. Co., Union Tr. Co. and
llurdKrove. SiKikane.
Wc»t End Street Ry. (H.mUin) ."V-yoiir OM", 1927. Offered by Loc, Ulgglnson & Co., Old Colony
Tr. Co.. Jni'kwiM A <'uri|ji. imd ICdmundH Bros., Buston.

Utica (;an

&

Washington Water
KerrlH

2.700,000

&

A Co.

Ofr<rc<| l,y Dlllnn, Uc:ul

il*;.'.'i.

6K

102.16

A

12,340.000

Iron.
liO.OfW

.Strrl. r>ia|,

ri.,r

If)-'

M).000>

Ac

(>ipp«r,

.•

.|.

00

(,•

Lebanon MccI Foundry

97

Kiiii'l

(L. R.)

l«l .Mlgu.

A

Offered by H. F. Bacbmoii

1920.

7<i,

Co., N. Y.

f;o«,

Rf-r

Roberta Typci'rif f Co. Conv.

Offered by H. F. McCoanell

8«, 1020.

*

Oo.. N. Y.

STOCKS
^or or So.

flOutrm.
I

furpou
»'

>(l«»—

MO.OOO R<"

3.3aajM

rooMO
a.Me,Mio

of I nut.

'M>c wkc. eaptuL

» Am/runt
Inujltfd

r-ttre

per

%
460.000

fi/inrg.

To Ytrld

Company and

Almui.

Ca«ibrid«« (Maaa.) Blactric

160

try

f^horn Offered.

Co. Capital ttook,

OfferMl by

oompaoy

to itook-

tioldrrn

Additional capital

3.233.300

60

700.000

mfiTtialoiui

107

OvMnl Mirporato

nd Ace— ooflaa
•

fl

-t

tlUI

Indii.irlal

3,600.000

•-

It.

•

100

Ar

*

Pr. fM. of Hull.

a

7

7%

undo

Vtvt.

<>ffm<d by HpeDOor

by Win K. <oinplon Co.

Offoriid

.Moiiira of

l>iiiani

10 (pnr,

r:«naJa, Lid.

r'aplljil

mmk.

Olfcrrd

l>y

I'iMtrrul

(^p.;

Kltioiioft

V

Mfa.-16.000,000

100

National l.«aih»r Co. 11% Cum.

H

(Jllurcd

I'rrl.

by coiupouy

to ftoeklioldi^ni:

undar-

wrlttaii.

"

'apital cipaDdinirw.

Land. RiiildlnM. te.
7M,000 "•fimdhn; otiMr aorp. pufpoM..

4,1100.000

100

TiM

5

PiirvOII Co.
Ilnrrliiian

760,000

too

Oil

Phornli
Ci»

Mlac«aaM«e«a_
A4dlttaMl wplUI

MO.OOO 300

'II.

.

11.1

% Cum.

A Co

.

Conv.

Moeu

art lakaa a* par. wtttt la Ika

«Ma

gl

oooiBaa atooka

tba ariMMMi

OIIitmI by nomlnlek

I'mf

N, Y., and Olln A

Co

lloivl (41. (|.«(indi<in Ky.) lit
i.i'tiiivUiii,

llolmv*

h

Ky
Co.

la

baaad oo

Um oflNtas

prlaa.

.

I

<

A Dnmlnlck, W. A.

^

Irvi'luml

O.S%

iNvw Oilrana)

torklioldort

a PMtrtad

7% Cvm.

linM!
( o..
lIoHtnii.
HoutliMv-Ktii llill I < Ivphona t;o.
f'uiii
I'n-I.
II
Uullti't .V Co., HI. I.11UI11
<

6,U3,a60
760.000

"rr»ritU«bt

4.M).000

f
'

Iluffnlo, .N

Oir

•

64 Ctx

iiikI

pivpoMa.......

Ofrorod by ooiupauy to (ooktioldon: uiidcrwrltUto by

Norili Amprlcan Co. Coinniao.
I-

A4d)tiofMand

7ao,OD>

uo/no

LUht

and

Jiiue,

('•»"

a|>llal

''r^'-

Htock.

Uffarad by Saeurlty
oitarad by

TniM

Mmpk»r

*•

THE CHEONICLE

352

[Vol. 114.

FOREIGN GOVERNMENT LOANS.
To

Amouju.
S
1,000,000

30,000,000

Jssuc^

Price.

Yield.

About

Offered by

9'.

Republic of Bolivia. External
6% Seriiil Gold Bonds, 1022-35,

Kingdom of Denmark,

6%

f07.74]
to >
^82 .24;

<

(8.20)
to ) .John
IS.40J

{

Nuveen

&

Co., Chicago.

20-yeiir

Externa! Gold Bond.s, 1942_.

94 K-

6}i

National City Co..

New

Yori5.

31 ,000,000

FEDERAL FARM LOAN ISSUES
To YUld.
Amount.
-',000,000

Jssue.

Dallat) (Texas)

Price.

750,000
1.000,OCO

-

Offered by

Joint Stock Land
Bonds,

Bank 5,4% Farm Loan
1951

About.

.

5«

-

Fletcher Joint Stock Land Bank
5";;, I'arra Ljan Bonds. 1951
Lincoln (Neb.) Joint Stock Land

Bank 5ST Farm Loan

B'ds, 1941

Halsey, Stuart

5

Brooke, Stokes

Co., Inc.. .and

& Tr.

Fletcher Savings

101,V.

100

&.

&

Wm.

R. Compton

<-o..

New

York.

Co. of Indianapolis.

Co., Philadelphia.

3,750.000

AITCHISON AND H. C. HALL REAPPOINTED TO
INTER-STATE COMMERCE COMMISSION.

C. B.

On Jan. 16 the Senate confirmed th(! nominations of Clyde
B. Aitchison and Henry Clay Hall for reappointment as
members of the Inter-State Commerce Commission. The
terms of both expired on Dec. 31 1921. President Harding
sent their nominations for reappointment to the Senate on
Dec. 22, but that body delayed confirmation until last week.
PROPOSED

AMENDMENT TO FEDERAL RESERVE LA W
REGARDING PAR COLLECTIONS.

Chairman Louis T. McFadden of the Banking and CurCommittee of the House of Repi'esontatives, on Jan.
23 introduced in Congress a bill to amend Section 13 and
Section 16 of the Federal Reserve Act, the proposed amendment being designed to end disputes between country -banks
and the Federal Reserve banks in the matter of par collection
of cheeks.
Mr. McFadden says that if his resolution is
rency'

this much discussed controversy will be a thing of
the past and justice will be done the country banks and the
Federal Reser\e System. Mr. McFadden, some four years
ago, attempted to straighten out the par collection pi-oblem
but was opposed bj- the then chairman of the Banking and
CmTency Committee Carter Glass the Democratic Administration and the Federal Reserve System.
Legislation
was enacted at that time which he asserts has not proven
satisfactory either to the country banks or the Federal
Reserve System, and many States have enacted laws to
counteract the national law and the I'ulings of the Federal
Reserve System. The attemj^t to enforce the law, as interpreted by the Federal Reserve banks, has in many instances
been fought by the country banks and much litigation has
resulted.
Several of these cases are now pending in the
courts.
Mr. McFadden himself is a country banker, and
naturally has the country bankers' viewpoint, and besides,
he has been giving, he states, constant thought and study
to this matter, "realizing that eventually an amicable settlement in regard to the subject of par collections would have
to be determined upon.". It is Mr. McFadden's purpose
to proceed at once idth the consideration of this bill by the
Banking and Currency Committee of the House of Representatives, and he points out that this bill would permit
those non-member lianks, which still desire to do so, to
charge exchange ^heii remitting for their checks cleared
through the Federal Reserve banks, and, in order to distribute
in an equitable way the cost of the Federal Reserve cheek
clearing system, would requu*e Federal Reserve banks to
impose charges against their member banks for collecting
checks deposited with such non-member banks, such (charges
to be equivalent to the charges made by the non-member
banks. That is. if a certain non-member bank wishes to
deduct one-tenth of one per cent when remitting for checks
drawn by its depositors, it will be permitted to do so, but if
it does the Federal Reserve Bank will make a like charge
against the member banks which are correspondents of the

adopted

—

—

non-member bank

for collecting all cheeks which have been
deposited with or sent for collection to that non-member
bank. The charge made by the Federal Reserve Bank will
be imposed in the first instance against the correspondent
member bank sending the check to the Federal Reserve Bank,
and that member bank can charge the amount back against

the
tive

non-member bank.

McFadden

A

statement issued by Representa-

says:
There has been, and is, considerable feeling on the part of some nonmember banks that they should be permitted to continue their practice of

making exchange charges when remitting for checks drawn upon them,
but under the terms of the law as it now reads Federal Reserve banks are
prohibited from paying exchange charges, and consequently if they are to
handle at all the <;hecks of non-member banks which decline to remit at
par to the Federal Reserve banks for items sent through the mails, the
Federal Reserve banks must adopt some method of collection which will
avoid the payment of exchange charges. In some instances the Federal
Reserve banks have found it necessary to present checks at the counters
of the non-member banks thi-ough local agents and express companies and
this has led to litigation wliich is still pending as to the right of the Federal
Reserve banks to adopt such methods of collection.
The proposed bill would make these ciunbersome methods of collection
unnecessary, as it would authorize Federal Re.ser%'e banks to pay to the
non-member banks such charges as may be incurred in the collection of
items drawn upon the non-member banks, the Federal Reserve banks reimbursing themselves by debiting the accounts of the member banks which
sent the checks to the Federal Reserve banks.
At the present time the non-member banks which are not remitting or
paying to the Federal Resei-ve banks at par are ncvert.heless obtaining the
full benefit of the Federal Reserve check clearing facilities by sending all
checks deposited with them to a correspondent member bank which in ttirn
clears the checks at par through the Federal Reserve banks.
It is obviously unfair that non-member banks wtuch decline to par their own checks,
and which therefore add nothing to the strength or efficiency of the Federal
Reserve check clearing system, shoudl obtain without cost the full benefit
of the facilities offered by that system, and it is one of the purposes of this
proposed bill to remedy the present inequitable situation by reciuiring that
the Federal Reserve banks shall make a charge when collecting checks for
the ultimate benefit of such no n- member banks, that charge to be at the
same rate that the non-member bank charges when remitting for checks
drawn upon it to the Federal Resei-ve bank.
In brief, the result of the proposed bill ^riU be that each non-member
bank will be able to elect whether it will, or will not, make an exchange
charge when remitting for checks di-awn upon it, but if it elects to make
such a charge it will be required to pay a similar charge or the service rendered by the Federal Reserve bank in the collection of such checks deposited
^vith the non-member bank.
The bill also proposes to eliminate the provision of the Federal Reserve
Act which empowers the Federal Reserve Board to fix the charges to be
made by member banks against their depositors whose checks are cleared
through the Federal Reserve banks. This authority has never been exercised by the Federal Reserve Board, but the elimination of the provision
seems desirable and logical in order to make it clear that the regulation
of such charges is a matter to be adjusted between the banks and their
customers.

The

following

is

the

bill

as introduced:

A BILL
To amend Section 13 and Section IG
known as the Federal Reserve

of the Act appro^ed
Act, as amended.

December 23 1913.

Be it cnaclcd bi/ the Senate and House of Representatives of the United States
of America in Congress assembled. That Section 13 of the Act approved
December 23 1913, known as the Federal Reserve Act, as amended by the
Acts approved March 3 1915, September 7 1916 and June 21 1917, be further
amended by striking out the colon which immediately precedes the last
provi"o in (he first paragraph of said section and by sul)stituting a period
for said colon; and by striking out the cntii-e .said provi^io reading as follows:
"Provided f iirlhcr. That nothing in this or any other seel ion of this Act
shall be construed as prohibiting a member or non-member banlc from making reasonable charges, to be determined and regulated by the Federal
Reserve Board but in no case to exceed 10 cents per SlOO or fraction thereof,
based on the total of checks and drafts presented at any one time, for
collection or payment of checks and drafts and rcnii.-ision therefor by exchange or otherwise; but no such charges shall be made against the Federal
Reser%'e banks."
and by substituting therefor the following:
"Subject to such regulations as the Federal Reserve Board may prescribe, any Federal Reserve bank may collect any check or draft by sending
it dirfK't to the bank on which it is drawn and shall charge to the bank from
which such check or draft was received any exchange or collection charge
When a bank sends to
incurred in the collection of such check or draft.
the Federal Reserve bank for deposit or collection a check or draft endorsed
by or originating with any other bank, the Federal Reserve bank shall,
subject to the regulations of the Federal Reserve Board, make an additional
charge on account of such item at a rate not less than the rate of exchange
charged the l'"ederal Reserve bank by such other bank when remitting for
,

items drawn upon it."
Sec. 2. That Section 16 of the Federal Reserve Act, as amended by the
Acts approved September 7 1916. June 21 1917 and September 26 1918, be
further amended by striking out the .sentence reading as follows:
"The Feder;il Reserve Board shall, by rule, fix the charges to be collected
by the member banks from its patrons who.se checks are cleared through the
Federal Reserve bank and the charge which may be imposed for the service
of clearing or collection rendered by the Federal Reserve bank."
and by substituting therefor the following:
"The Federal Reserve Board shall, b.v rule or regulation, fix the charges
which may be imposed for the .service of clearing or collection rendered by
the Federal Reserve banks,"
'

THE CHRONICLE

28 1922.]

Jax\.

353

CHICAGO STOCK EXCHANGE RECORD OF PRICES FOR

1921.

Continuing the practice begun by us seventeen years ago, we furnish below a record of the highest and
lowest prices for each month of 1291 for all the leading stocks and bonds dealt in on the Chicago Stock
Exchange. In the compilation of the figures, which are based entirelj'^ on sale transactions, we have used
the reports of the dealings as given in the Chicago Stock Exchange official list each day, and in our range
we make no distinction between sales in small lots and sales in large lots.
For record of previous years see "Chronicle" of Jan. 29 1921, page 415; Jan. 31 1920, page 409; Feb. 1
1919, page 416: Jan. 26 1918. page 333; Feb. 3 1917. page 399; Jan. 29 1916, page 380; Jan 30 1915, page
349; Jan. 31 1914, page 347; Jan. 25 1913, page 244; Jan. 27 1912, page 256; Jan. 28 1911, page 234;
Jan. 29 1910, page 276: Feb. 6 1909, page 348: Jan. 25 1908, page 205: Jan. 19 1907, page 138: Jan. 20
1906, page 135; and Jan. 21 1905, page 198.
March
April
August
September
February
May
June
July
January
October
Noi:ember December
Ilow High Low High Low High Low High Low HighlLcw High Low HlghiLoto Hlgh'.Low High Low High Low High Low High

STOCKS
American Radiator

72
25 67
160 101
116
100
74
100 .5912 65
100 84
047s

Preferred

American Shipbuilding
Preferred

Armour & Co preferred
Armour Leather

& Co

70

72I4

691":

85'

61
91 'i

9234

80

84

90

92'ls

77

69
108
76

70

89U

91

71

701.

70

68

6S

68
58

64

64

8534

89%

85S4 "9OI2
12
121s

89%

76
88I4

66I2

65
58

691.
8912

lOS

68

73'8

110

891.

10

8

11

30

191.

26

13

I6I2

1312

8

55
4

4I4

3%

4
20
9

6h

8

5
32
19

30

30

191

II

15

56
90

.jS''8

27

I4I2

60
90

48

6»4

5*4

7

31.

'9'

25
lY

25

9

11

117s

36

3I2

4
25

584

10»4

9

8I4

4I2

8

6

41s

8I2
4I2

20

31.

10%

8%

Second preferred
Chicago City Ry
ChicCity &ConRyptshcom ()

Vgi;

45

4i2

4I4

S

4I4

3I4

3%

5lo

_(«)

100
100

6l2

4

3I2

5

Chicago Pneumatic Tool- .100 66
Chicago Rys part ctf scries 1-. 12

68

Part ctf series 2_
Part ctf series 3...
Part ctf series 4

66

I2I4

21.

51.

3

».

3
36

314

H

3I2

3
59
10
2

68

"2' "214

6I2
.31:

6

h
%

%
514

10
41

1784

%

12

121.
2I1

3"

6%

5I2

I212
2I4

284

2is

2I2

50

58

2
50
12

184

214

l^s

50
10
184

21:

.52

lO'

Preferred

100

IJeere & Co preferred
Diamond Match...

Earl Motors Corp.

214

219

106>:

105^4 107

6I4

fl

2101.2101. 212
106*4 IO8I2 108

219

':

212
110

215

21.i

1081

1

215

109

107

215
109

10784

no

7l8

5^8

esg

61.
6I4

61

91.1

7%

6»4

9I4
7I4

5'S

6
105
53

218

216
100

218

IO8I2 109

5
478

578

104

73I8

63
23
70

£6

ia5

104

10
2

11.

17,

1'4

11.

I4

49

.591.

47

49

52

88

89

10514 102

105

91

83

77
100

87

102»4 103

218

no

235
1091211184

237
116

52
19

82
104

46

60

16

5%
104
53

584

4I2

.

103
52

104
55

51

104
52

4%

578

Preferred

Holland-American Suitar.
.Motor.

Brick

Inland Steel.
City Lf

Ac

105
lOol 105
8Sg
8
... 10
IqI Il'i
I3'«
lOo' 68
697/i
481
100 40

Pow prcfcrfs.C)

Kansas Cit) Ry com

ctis
certificates

(•)

LIbby

10

Preferred
LIbby. McNeill
Lindsay Light

&

Uct

com

86

20
86

73I2

691.

ni
72

76

75

75

75

7
13

8I4
I3I4

70
96

77
101

50

0%

104

51

.50

ol7g

70
70
102

74
95

74
96

75

891. 107

101

73
9884

98*4

5OI2

70
59

20

30

31

911:

89

3484
931

26
80

86

80

81

70
70

76

7II4

77

7II4

711,

691;

(i9i|

74

75

75

70

70

70

70

76
70
67

103

10.3

12

151:

I4Vi

60

64

43

72
62
102

67
IDS

11*4

I5»4

64
401. 42

40

141.

40

Motor Co

2

70
69
103

70
70

1078

40

12

1218

I2I2

lOlz

51.
11
541;

.51.

5%

SGlj
71

60

51

52
106

107

63lj

01. 1078
1-32 1-16

35

91

70

12

"gi's

iV

90

82

83

71

71

S7
81

82

71
70

81

80%

70

69

70

69

75

6%

10% 11%

31.
11

111;

55

5G

58'

60

412

3%

4I4

10»4
oo'j

11
56I4

491s

13
7ls

3l8

1078

6

12*11

10%

/7g

71

934
5I4

5I4

61s

eu
l.^z

18

24

30

371;

3612

42

6*4

3l8

2%
lOU
64
52

314
121.
.55

66

31

81.

7%

8%

9I1

784

Si.i

7%

61

4

6

41.

4

41.

3S4

3

3

878

7%
4

91.
7I2

884

«%

4

3%

6'
3I4

7

24U 30

30

30

.10

8's

9I4

106
8I4

106

106
7'»

8»4

105
81.

103

23
44

i'

"si!

"9'

"'7l'2

(•)

22I2
40^8

211-

40
'4"

22
44
"'6

106

8%

7i<

"71".

"s

61.

7%

21
211.
39>2 41

37

40I4

6"

"Vli
102 102
100 101
61.
8
8"i
67s

191.

19

2014

20

41

45

421.
8OI2

45
82

45

41.

7I4

I9I2

512

.4

102
61s

68ii

914

SO
4I2

231
531
s-».
78,|

71s

20

23

53%
80% S3
51

51.

4

no no

105
21.

6I4

1%
1%

3
3

2%

...

P«-<.pie'«

104

SO

401;

2

117,
o'4

8
«'l
-irbon pref (new) too 103 105

27$

8%

7%

O

I'K

Orphrum

Inc..
.1
Cat Light tc Coke IM
Circuit

\lb.ri & Cm
Piaeiy Wigfiiv Stores Inc..

PI k

6%

6
103

10" 10

L'n*tMinped

New

240 2401.
1131.115
COc
1

75I2

104

45

IOI4

60

41

69
4014 43
65
56

781.

78

50

.534

68

2

10

20
83

26l4

1512

100

«-ather

5I4
II4

59
10

15

103

.1

Prior preferred
''

lU

35

71'4

h

%
1

59

I.

.10;
lOJ

Pf<firri-d ...
Utilities
i'rif.rrod

'

5%

103

103

9I0

77

I

IOI2

(5

r.".I|

.

N
^

no

8I2 11
1-16 1.

Fxlmunda Jones
•(•)!
,,
(ktdschaux Sugar common. (*) 221. 27
Great Lakes D * D.
.100' 61
80
Hartman Corporation
.100 70
72
Hart. Schaffner & Marx com 100 i;o
75

h

%

Rights

.Vfltrhcll

52
8

IOI.S

46

31.

184

50
5

o2

(•)!

.

.

96

6018

15
87i2

lOOj

...100

Preferred

MKldi,

484

I84

184

52

978

1.

>2

.

Kan

%
%

538

711
3I2
.36

41

>2
I4

ioO'

Crane Company preferred . lOol
Cudah;. Packing Co com
100! no
Decker (Alf) 4 Cohn. Inc.C) 20

Illinois

141

!

Consumers Co common
Continental Motors

Hupp

41

1.

12

214

56

6434
121.

2

1

100 205
100 102

36

h
3I2

63

10
2

17

Us
6I2

6

8

2*4

65

%

1

35

37

"«

U

5

71*

38

71.
41.*

38

35

47
^8

5

87g

28l2
9

28

812 Y2""

21
13

37

100
100
100

412

.5I4

28I4

334

41.

1.2U

83

50

5I4

6

9l8

I3I4

36

45g

26

13

9

no par

Rights

8
25

17

52

10

Trust

ID'S

331.

1514

70
5
30
30
I6I4 24

12

&

S
.33I2

111.

71

32

Commonwealth Edison

83

42

35

Chicago Title

83

701.

20

Ry common

121.

83

40

9
597g

Preferred
Chicago Elev
Preferred

12

83

72

5

First preferred

12is

S3

4112

171.

76
69

94%

121

83

4I2

70
65

92 "4

S3

1218

86% 83

1384

6S
60

121s

1218

S3

3II2

9084

83

I2I4

893s

41.

92
87
95

S!
75

60

1218

12is

861.

70

90

83
22

121.

41.

87

1218

1218

88% 88%

51

92

83
22

12% 13

88% S3

27

(J I)

92I2

7812

9134
1218

123j

100

100
100

8978

761;

109

109
75

921s
12ls

92

no par

Bunte Bros

91

.)0

12»8

70

no par

57

70
55

8984

891.

__

67% 68% 70
07'
52

60'.

13'2

no par 40

Preferred
Briscoe common
Preferred
Bucyrus Co preferred

681;

106

55

94

Preferred

Booth Fisheries new

68
105

1

Beaver Board

Case

egi-

no

12^8

100
00

preferred

I

86

15

Preferred
.\verj-

I

|

'

of Nor

2»1'2

2814

27

277i

26

24% 30% 26

27

14*4

20

3778

ft I

4914

6014

63

57

.IS

581;

26

26

24

27

23%

261?
19

231.

223.1

23% 24

2284

23

15"

22i2
10

o7
23

49I2

231.
14

48
26

671"

2«':

40
26

19
601.

21%

3«

24 U

22

39

22*4
458,

21

341.
241.

27 "4
43lj

17I4

14%

13

15

13

15

13>4

201.

80

81

SOU

82

83
128

8II2

141.

com

III

10

Ys

76

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81

83

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103
87
84
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ICO UK)

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rut k
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110
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ii'

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80

81

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83

83

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82
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84

79

86
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75I;

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97
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03

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301; 47

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02<i

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41

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06
90
43

on
96
90
47

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8OI4

128
881

9

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13

18>2

9

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80
100
SI

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6n<4

98

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91
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78

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20

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181.

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66".

70>8

99

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8212

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89
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23

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221.

10

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23>8

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1

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14

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821;

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32
70

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100'

100
10"

•

6OI1
2.1%
17

42)8

13
40':

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8

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H

13

13

17%

331s

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34

40

39

43

21"

36I4

33% 34%

231]

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03lt

00

IOCS

21%

90's
201.

901s 1001.

24

20'4
a"s

247,

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42

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100

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Mif «a

THE CHKONICLE

354

[Vol. 114.

CHICAGO STOCK EXCHANGE RECORD OF PRICES FOR 1921— Concluded.
i

BONDS

April
March
Mag
Jan-uary
February
June
July
August
September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High'^Low High Low High Low High Low High
\

Armour

&

Co

1939

4V<s

Debenture 6s
1924
Debenture 7s
19J0
Booth Fisheries S F D <.s,_1926
Chicago City Railway 5s __ 1927
Chicago City & Con Rys 5s 1927
Chic Pneum Tool 1st 5s.__1921
Chicago Railways 5s
1927
6s Series "A"
1927
4s Series "B"
.1927
Adjust income 4s
1927
Purchase money 5s
Chicago Telephone 5s
1923

Commonwealth Edison 5s. 1943
Commonwealth Elec 5s
1943
Cudahy Pack 1st mtfie & 5s 1946

Common w

Edison

6s.

803j

78i2

82

98
"SS"

60

"99"7«

9634

7812

6414

60
39
33

64
42
33

62
39

64
39I2

29I2

30

66ls

6638

393.1

6678
4II2

27

37

6334

6234

65I4

63

63

40
29

60
30
10

60
35

6378

627s

40
28

71
621?

92

88

"§5"

94%
Vs'sg

8434

Extension gold 4s
193S
Morris & Co 4lis
_ 1939
Northwestern Elevated 5s. 1941

84
_

- >

._

6212

6312

64I2

64

6412

6412
3158

67

621s 63

65

34

34

32I2

34

6234

6418

64

32

"6212 "63"

32

4612
3078

641? 63
461? 4838
32I2 31

32I2

6512
3134

6684

32

6414 60U
4858 4834 49
3IS4
315s 31

'84'

's's"

79I2

9418
8378

94I4
8478 "82"

"84~"

94

64

8212

8234

7912

77

45
44
76

611.1

47
44

47
44

7612

77

47
44

47
44

49

49

76

8284

84

8334

8684

48

47I2

104
100
47

9734 9734 98l2
IO4I2 IO4I2

104

IOOI2
471? 44

6II4

4878

6712

73I2
71

36
71

6512

96i'>

97

97I2

8634

90
92

86I4

86

76

OCden Gas Co Ss... .
1945 66
65
Peoples G L & C ref g 5s_.1927 66
7II4 7II2
70
67
70
69
69
Chic Gas L & C 1st 5s_.1937
Pub Ser» Co 1st ref g 5s. .1956
74I2 76
South Side Elevated 4Ms.l924 "ei" '6Y" 62
67
67
62
8"5""
Swift & Co 1st s f g 5s
1944 8O34 86
86
8712
8512 "83^
85
Wllsoa & Co 1st 6s
1941 9OI4 9OI4
89
89

72

l"o"2'li

'32^

'493i

17

1734

98

98

9334

94I4

30

96i'>

i

77

10212 IO2I2

46
44
70

6514
6512
3034

18

30

8512

80

84

9978 10178 16214
_ __
73I2
7II4 6712
66
34I2 33I2
31

33
18

1912

94"^

83

_

71

1

9034
7812
8334
7Sl2

82
-.

63ij
39I2

63
3834

63

36

64
o5

82

9638

1943

W Side Elev 1st 4s. 1938

8234

-_ _

9638

Diamond Match sfgdeb7Ms. '35
Hines (Ed) Lumber 1st 5s.
Metrop

8234

98

£634

100
92

86
9812 ioi" 10114 103

IO3I4

____

~

47

47

76

76

72
7238

73I4

7II2

72I2

'77"

"7'7""

75

75

'8"5"34

85

66I2
85I4

6734

83

6734
8412

47

48

52

53

56

8OI2

45
82

47
82

47I2
84I4

51

8OI4

--

67

68

84I4

86I4

9'll2

91

91

94I2

971?

97I2

77I4

6758

83

71
71
843, 845,

79

775g

79

83
75

66I2

85"

47

-

- - _ _

84I4

72

7334

77

80

"

48

47I2

86

71

'74"

86

86
"

88I2

'7'4"

8II2

85

7812

82

8658 89
88I2 94I8

1

nance Corporation ceased to make loans after Dec. 1,
except for renewals and applications under considWEST—GRADUAL RESTORATION OF
eration at that time. It had planned to end work
NORMAL BUSINESS CONDITIONS.
July 1, 1922, but decided its purposes are now be(By Melvin A. Traylor, President, First Trust & Savings Bank of Chicago.]
The banking situation in tlie Middle West during ing carried successfully in other ways, upon a much
1921 was especially affected by the condition of the larger scale, and upon easier terms to the livestock
farmers and livestock growers. The whole Missis- raisers. By this action, funds will be available for
sippi Valley depends essentially upon agriculture to use in regular channels by the banks now subscriban even larger extent than the rest of the country. ing to the pool.
In the Seventh Federal Reserve District, as elseThe farmers have found difficulty in liquidating
their loans, owing chiefly to the fact that the cost of where in the United States, wholesale prices have
everything which they must buy is entirely out of tended to become stabilized, but retail prices still
line with the prices which they have been receiving require considerable liquidation.
Manufacturing
for their products. The buying power of the Mid- lines generally report a fairly satisfactory condidle West has therefore been restricted, and is likely tion, although a lack of advance orders stills shows
Even if the uncertainty with which the prospects of the comito remain so until the situation changes.
prices for agricultural products should advance, it ing months are regarded by many firms. Freight
;would take several crops before the farmers and rates continue to be a generally disturbing factor,
livestock growers would find themselves in a better due to the belief that the reductions already anifinancial condition.
Exports of wheat, cotton and nounced as affecting some commodities may be much
livestock have been satisfactory as regards quantity. more widely extended in the near future. Building
In fact, the monthly average in 1921, according to has been progressing in many localities in a satisGovernment reports so far available, is likely to be factory manner, and the housing stringency resulthigher than for any previous year, but there also ing from the war may soon be over in other places,
the difficulty has been that the prices have been un- however, it has been impossible for labor, contracsatisfactory, owing partly to the international ex- tors and capital to reach a working agreement. This
change situation, and to the competition from other has been especially true in Chicago, and mutual conparts of the world.
cessions are necessary, for otherwise in the long run
In recent months the loans of the War Finance everyone, including the victors, will be the loser if
Corporation have enabled the country banks to a war a outrance is carried on.
liquidate some of the loans held by their city correOn the whole recent months demonstrate the conspondents, and these in turn have been able to ex- tinued upward movement of business, indicating a
tend more time to their own customers, so that the gradual restoration of normal conditions, but unlatter will be able to handle the next crop in an or- doubtedly the coming year will require, just as the
derly fashion. Total loans approved by this Cor- last one did, the energy, the wisdom, and the goodporation to December 17 for agricultural and live- will of all parts of the population. If all elements
stock purposes aggregated approximately |99,000,- will work for the common weal and put aside selfish
000, of which almost f 16,000,000 was to States lying class and sectional interests, the year ought to prove
partly in the Seventh Federal Keserve District. a satisfactory and hopeful one.
Iowa advances were ^12,400,000; Illinois, |1,872,000 Wisconsin, $1,370,000 Indiana, |260,000 none
was made in Michigan. Funds from the Stock THE 1921 CORPORATION BOND MARKET IN
Growers' Finance Corporation were also used durCHICAGO.
[By A. E. Bryson, of Halsey, Stuart & Oompany.]
ing the year to meet the demand for longer time
credit, thus relieving the banks to some extent. This
Perhaps the most conspicuous feature of the 1921
Corporation has loaned over |20,000,000 in twenty bond market in Chicago, as well as elsewhere in the
different States, and on Dec. 12 outstanding loans United States, was the substantial and very general
aggregated $16,600,000. A relatively small part was price advances registered by practically all types of
placed in the Seventh Federal Reserve District. As bonds during the year. Complete vindication was
the War Finance Corporation can now do work for thus brought to bond distributers who, in the face
which the pool was formed, the Stock Growers' Fi- of almost continuously declining prices during the

TEE BANKING SITUATION IN THE MIDDLE

;

;

;

;

THE CHRONICLE

Jan. 28 1922.]

previous few years, had contended that a change for
the better would ultimately follow, and who therefore urged their clients to make the most of the
existing opportunity before it passed.
The price advances registered during the year re-

circumstances,

from a combination of
most important of which was the accumulation
sulted

the
of

by the greatly curtailed business and industrial activity, coupled with a diminution in the output of new corporate financing, atidle funds, occasioned

tributable to the

same general

cause.

A

contribu-

demand

for
ting factor in the increase, both in the
bonds and their price level, was the greater conservatism which prevailed during the year, resulting in
of those capable of saving both
savings and to confine their into increase their
vestments to securities of a conservative type rather
than indulging in more speculative ventures such as

an effort on the part

characterized an earlier period.
While during the first half of the year there was
no pronounced trend to the market, the cumulative
effects of influences at work during this period
brought about, during the latter half of the year, a
truly remarkable

demand

price advances even

for bonds, resulting in

more rapid than hoped

for by

In consequence, tothe most sanguine observer.
ward the end of the year, dealers everywhere found
their shelves barren of offerings, so much so that
the problem of the day became one of finding offerings to work on rather than a place in which to dispose of them. The year closed with a slight reaction, brought about in part no doubt by a large vol-

ume

of

when

new financing which naturally appeared

the market approached the stage above re-

ferred to.

Although during the year, and particularly after
the market had gathered the momentum which characterized the later months of the year, practically
all classes of corporation bonds found a receptive
market, it is safe to state that public utility bonds
ruled as the market favorite. The condition of many

able for a period of years or,

and the resulting inventory

losses,

together

with the curtailed demand prevalent and the generally lowered profits, naturally caused investors to

with greater scrutiny on this class of securities.
In like manner, the unsatisfactory showing of the
railroads, following the collapse of the industrial
boom and of the farm market, together with the wage
disputes and strike threats, did not serve to increa.se
confidence on the part of investors in railroad selo<^)k

group whoso security
and pricfs arc so bound up with the earning capaccurities, particnlnrly in that

ity of the rails.

On

the other hand, the utilities had

their fire.

come through

The reduced commodity and labor

them only for

costs

Rates had previoimly hoon cpiite gfruTally iruTfased and tho denian'l for their Kervires was relatively little affected
by the prevailing retarded business conditions.
aff<'fted

Thus

thf»

better.

the industrials, the favorite of a former day,

gave way

in piiblir

favor to a

new

rontenrler for hon-

ors, the utilitieH, which, tented

by as difficult conditions n.M it in probablr' that they will ever again he
ailed upon to faro, met the situation, and. with the

•

exception of the Htreet railways, emerged
excellent condition.

Very

frotii

it

in

during the year the [)reren'nce
on the part of InvestorM wan for the long'T term is«nes, particularly thoHe which were either rion callnafiirally,

callable, bearing

if

a

high redemption price. The 8% coupon which characterized many of the new offerings in the earlier
part of the year became increasingly scarce during
the last few months of 1921.
For the most part, the year

many

was a

satisfactory

whom

experienced
for the first time the pleasant sensation of a rising
market, and for the dealer, who found a ready reception for his offerings. The "fly in the ointment"
so far as the dealer was concerned, particularly during the latter portion of the year, was that he was
not in a position to profit to the fullest extent by the
existing favorable conditions, because of the scantiness of his stocks and the difficulty of obtaining new
offerings to meet the current demand.
The year, toward its close, marked the re-entry
into the market, at least in a small way, of banks
for purchases for their own account. The tremendous distribution of corporation bonds effected during the last few years was accomplished very largely
among investors, rather than banking institutions,
for the very good reason that banks, ordinarily
large purchasers of such bonds for their own account, found it necessary to divert practically all of
their loanable resources to the current needs of their
customers. It is likely, however, that this important factor will exert an even greater influence during the present year than in the past.
While it is not the purpose of this article to conjecture concerning the past, but rather to review
brieflv the outstanding features of the 1921 market,
it may not be amiss to state that conditions point
one, both for investors,

of

stronglv toward a continuation, in 1922, of conditions which prevailed during 1921— that is, retarded
business activity, continued ease in money rates, reall of which point
stricted output of new securities

—

toward a further strengthening tendency both
the demand and price level of bonds.

MUNICIPAL BONDS IN

industrial concerns, following the period of liquidation

355

[By Charles

L.

Stacy, of Stacy

in

1921.

* Braun.]

The demand for municipal bonds during the past
year was without precedent, and exceeded any previous year by over !?.jOO,000,000.
The total flotations were in excess of |2,000,000,000, of which about .?1, 200,000,000 ropresonted long-

term loans and about |800,000,000 temporary shortterm loans.
In spite of such heavy flotations the issues were
absorbed and the market finished the year in a very
.strf)ng position.

that the market would be
even stronger in January, but following the tendency of the past few years to anticipate January
funds in December, this mouth has in itself proved
It

was thought

l)y

many

disappointing.

This temporary diilness has iu)t been n>(lecteil to
any appreciable extent in prices or bidding views,
and should be welcomed as a much needed opporunity for the market to regain its poise.
The Federal inconu! tax law, which exempts iiui
nicipal bonds, has created an <Mitin'ly new field of
l-'ornierly the very large
investors for lliese bonds,
1

wliile

the

investment

ideal

municipal bonds
widows and orphans,

they considered

itiveHtors,

for

thought them too tame for their own funds. They
believed in "MusinesH MoikIh for iJnsiness Men,"
and fr'lt Ihemsrives <-jipable lo sele<'t corporation isHiies

which would vield much more

liberal returns.

THE CHRONICLE

356
The income tax changed

and

all this,

it is

now

practically impossible for a man with a large taxable income to purchase corporation bonds and rea-

the net income produced by ^'Municipals."
There are two other elements which have contributed largely to the strong demand for municipal
bond.s
security of princiiial and dependability of
income. These two reasons operate very strongly in
times of uncertainty and depression in business. Being payable from taxes, they are impervious to busi-

lize

—

ness conditions as far as their security is concerned,
yielding only to Government bonds in this respect.

I

Vol. 114.

redemption date. The bonds are authorized under law
September 29 1919, and by a decree of the President of the
Republic rendered in Council of State, dated January 14
1922.
They are due January 1 1942, and are not subject to
redemption during the first ten years. They are redeemable
.as a whole, upon 90 days' notice, at the option of the Department, on Januarj' 1 1932, at 105% and accrued interest,
or on Januarj^ 1 of any subsequent year at 105% less l^% per
first

of

annum

for each year after 1932.

Interest

is

payable Januarj-

The bonds are in coupon form in denominations of .$1,000 and -1500.
Payment for bonds allotted is to
be made in New York funds, against delivery of temporary
bonds or certificates, deUverable if, when and as issued and
received by the members of the syndicate, and subject to
approval of counsel. The following further information i-egarding the bonds is contained in a letter received by Kuhn,
1

and July

1.

During the past twelve months, deflation has
itself felt in the money market, and we are Loeb & Co. under date of Jan. 1.5 from Monsieur Autrand,
Prefect of the Department of the Seine; the letter, the firm
gradually returning to normal interest rates.
While municipal bonds and all high-grade invest- states, is subject to (correction having been received partly bjcable.
ments have had a substantial advance over the low
France is diviciod, for administrative purposes, into eighty-nine depart-

made

level of 1921, prices are still far

and the early spring

of 1917,

below those of 1916

when high-grade

legal for Eastern savings banks,

issues,

were selling from

a 3.75% to a 3.85% basis. If we go back to the early
years of the twentieth century, we find that high-

grade bonds were selling from a 2.-50% to a 3.25%
income basis.
It is reasonable to assume that the purchasing
power of the dollar will continue to increase, and
that there will be a relative reduction in interest
rates. Therefore, the investor who has funds available should be able to buy municipal bonds with

ments.

The Department of the Seine is by far the greatest in point of wealth and
population of the Departments of France, comprising the City of Paris and
its residential and industrial suburbs.
The population of the Department on March 6 1921 the date of the last
census, was 4,411,691.
,

Each Department is governed by a Prefect. The Prefect is nominated by
Government and exercises certain powers conferred upon him by

the French
law.

The annual budget of the Department is voted by the General Council,
and confirmed by decree of the President of the Republic. The General
Counci' is an elected body with considerable powers of local self-government, including the administration of the Departmental finances. No taxes
can, however, be imposed or money borrowed by the Department, without
the sanction of the French Government.
The General Council of the Department is under statutory obligation to
levy annually such an amount as may be cenessary to balance the Department's yearly budget. The service of the present loan will, of course, be
incorporated in the annual budget. The French Government can impose
additional taxes in case the General Council fails to make sufficient porvisiou for balancing its budget.

confidence at prevailing prices.

VOLUME OF BUSINESS ON THE CHICAGO
STOCK EXCHANGE.
The year 1921 was one of decreased activity on
the ('hicago Stock Exchange, but, measured by the
volume of transactions in stocks, the year stood

The Loan which you have contracted will be the direct, general obligation
The service of the loans of the Department is met out
of the Depar ment.
of the Department's general income which is mainly derived from (a) certain
Government and Municipal subventions and contributions and (b) the
proceeds of taxes known as "Centimes additionnels," which are levied annually by the authority of Pariament and collected together with other
Government and Municipal taxes by the Government Tax Collectors.
The estimated revenue and expenditures of the Department for 1921 each
amounted to approximately frs. 350.000,000, the Departmental taxes for
that year being approximately forty-four francs per capita.
The outstanding debt of the Department on December 31 1921 amounted
to approximately frs. 984.000,000. The greater part of this debt has been
contracted with the Crtidit Foncier de France, who have issued their own
bonds to the French Public. The annual charges for interest and amortization of this debt amounted to approximately frs. 77 ,870,000. in addition to
which the Department provides for annuities in respect of the newly acquired
transport systems amounting to approximately frs. 32,520,000 per annum.
The present issue of $25,000,000 Twenty Year 7% External Gold Bonds in
Sinking Fund Sterling Bonds
New York and of £3,000.000 Thirty Year
sold in London (which will constitute the only external debts of the Department) will increase the total debt, at approximately presentr ates of ex,

second only to 1920 and 1919, when the dealings
were b}^ far the heaviest on record. The transactions aggregated 5,092,569 shares against 7,382,145
shares in 1920 and 7,408,915 ,'=ihares in 1919.
As
compared with the years immediately preceding,
dealings increased very decidedly, the sales in 1918
having been only 1,955,151 shares, in 1917 only
1,696,428 shares, in 1916 1,611,317 shares, in 1915
but 715,567 shares, and in 1914 no more than
385,783 shares.
SALES POH SERIES OF YEARS
No. Shares.

192K.

5,092.569
1920. .
7.382.145
1919...
7,408.915
1918...
1.9.5^,151
1917...
1.696428
1916...
1,611.317
1915...
715. ,567
1914--.
385.783
1913--.
1.001.417
1912...
1,174.931
1911... .--.1,040.068
8'it.362
1910...
1909...
1. 623 495
1908...
8'9.216
1907...
805.981
1906--.
1.234, .537
1905...
1..544, 948

Bo7irls
.«4, 1.58, 4.50

1904

4.6.52.400 1903
5.232,1.50 1902

1901.
9.012.400 1900.
11.889.400 1899
9.237.600 1898
9,085. .500 1897
9.391.000 189613,7,57,000 1895.
14,7.52.000 1894
7.347.000 1893.
14.800.000 1892
15.2.59.000 1891
4.466.200 1890
5.8.58.0.50 1889
4, .591,(120

No. Shares
...1,251,177
1,024.002
1,3.5(1. .5.58

1,877,883
1,424.252
3.300.385
1,845.313
987.772
1,726,400

Bonds
$5,432,700
3,364.160
8.967,100
9.338.700
8,735.900
12.483,6.50
9.8.56.800
6. .575. 000

4.8.53,951

.1,386.6.57
1,5.53.947
1,1.57.701

8. 382..500
10, 213, .500

1,175,031

14.198.000
9.435.000
18.368,000

710.000
1.097.000
150.100

6. .575. 650

18, .530.000

9..5.56,.-)00

KUHN, WEB SYNDICATE OFFERS .'1525,000,000
PARTMENT OF SEINE (FRANCE) BONDS.

DE-

Co-incident \vith the announcement of the purchase by
Kuhn, Loeb & Co. of this city of $25,000,000 Department of
Seine (Prance) (comprising Paris and its environs) 20-year
7% external gold bonds a public offering of the same was

made on Monday

last (.Jan. 23). The bonds were offered at
90 J^ and accrued interest to date of delivery by a syndicate
composed of Kuhn, Loeb & Co., the National City Co., the
Guaranty Co. of New York, Dillon, Read & Co.; Harris,
Forbes & Co.; Kidder, Peabody & Co.; Lee, Higginson &
Co.; Brown Brothers & (-o.; Blaii* & Co., Inc.; Cassatt &
Co.; and The Union Trust Co. of Pittsburgh. At the offering price the bonds yield 7.95% to maturity.
If the bonds
are redeemed before maturity the yield increases gradually
to a maximum of
if redeemed on January 1, 1932 the

8^%

7%

change, by frs. 450,000.000 approximately, the charges for interest on and
amortization of which, caloilated at approjamately the present rates of
exchange, will amount to a further frs. 33,500,000 per annum. Calculated
at approximately the present rates of exchange, this brings the total debt up
to frs. 1 ,434,000,000, involving a total annual charge for interest on and
amor ization of the debt of approximately frs. 144,000,000.
The last official estimate made in 1910 of the value of the lands and buildings situated in the Department, was approximately frs. 20,718,000,000.
while the annual rental A-alues of such properties, upon which the assessments
On
for taxation are based, were then estimated at frs. 1,471, .507 ,000.
Ijresent day valuations, these figures would be very considerably exceeded.
The $25,000,000 Twenty Ye^r 7% External Gold Bonds to be issued by
you and £3,000.000 (equivalent to about $12,500,000) Thirty Year 7%
Sinking Fimd Sterling Bonds, which have been purchased by Messrs. Helbert, Wagg & Co., Ltd., London, England, and associates, and are expected
to bo issued shortly in London, are authorized in conformity with the Law
dated September 29 1919, and by a Decree of the President of the ReiJublic
rendered in Council of State, dated January 14 1922.
Both the present Loan and the above-mentioned Storting Loan are beingcontracted to pro-vide funds for capital expenditure on tho betterment and
extension of the newly acquired transport systems and ^vill thus be entirely
utilized for productive piu'uoses.
The $25,000,000 Twenty Year 7% External Gold Bonds will be issued
In coupon form, in denominations of $1 ,000 and S500, will mature on .lanuary 1 1942, and will bear interest from January 1 1922, payable semiannually on January 1st and July 1st in each year.
Principal and iptorest and premium in case of anticipated redemption,
will be payable in gold coin of the United States of America, of, or equal to
the standard of weight and fineness existing January 1 1922, at the office of
Kuhn. Loeb & Co., in the City of New York, and are exempt from all taxes,
stamp duties, transfer and other duties or deductions of any nature, present
or future, levied by the CJovernnient, the Departments. MuniciDalities or
other French authorities whatever they may be.
The Department reserves the option to redeem all the bonds of this loan,
but not a part thereof, on January 1 1932, at 105% and aicruecl interest, or
per annum for each
on January 1 of any subsequent year at 105% less y^
year from Jaiuiary 1 1932. to tho redemption date, together with accrued
Notice of such election to redeem shall be given to the holders of
interest.
the bonds, by publication at least once in each week for twelve successive
weeks beginning not less than ninety days nor more than one hundred days
prior to the date of redemption, in two daily newspapers of general circulation in the City of New York.
The Department agrees, and wUl pro-vide in the bonds, that so long as any
of the bonds of this issue shall bo outstanding, it -will not create any mortgage or lien or other charge upon any of its property or revenues, unless such
,

%

THE CHRONICLE

.Iax. 1*8 1922.]

mortpage, lien or charge shall expressly provide that the bonds of this issue
outstanding shall. ralKibly with any other Indebtedness -which such mortgage, lien or charge may be given to secure, be entitled to the security
afforded by. and be secured by. such mortgage. lien or charge.
The Department has obtained assurance from the Government of the
French Republic, that wliile any of the bonds of this issue arc outstanding,
no obstacle will be placed in the way of the Department regarding the purchase and remittance of the necessary funds to enable the Department to

Of its total population. 97.8^;, is of European de.scent. The banks of Rio
Crando do Sul arc the largest in total assets of thase of any State of Brazil.
Law No. 3 of Nov. 28 1921 provides that the proceeds of this issue are
to be used for sanitation works, increase of street lighting, road construction,
widening of streets and for the redemption of funded debt.

YOKOHAMA SILK EXCHANGE REOPENS AFTER

obligations in respect thereof.

fulfill its

public intimation of tais loan was contained in
press advifes from Paris, Jan. 17, which said:
The "JoiuTial Officiel" to-day publishes a decree authorizing the Department of the Seine to issue in Xew York bonds to the amount of $27,000,000.

The

TWO-DA Y SUSPENSION.

first

at 7'r interest, payable in twenty years.

SEC CRI TIES

RETURNED BY BRITISH TREASURY

TO

The Yokohama Silk E.xchange was closed for two days this
New York "Journal of Commerce" reporting its

week, the

closing as follows iu its issue of .Ian. 24:
Cable advices received by local raw silk houses yesterday stated that the
Yokoliama Silk Bourse has shut down temporarily, thus suspending trading
This action was not entirely unexpected by local operators,
iu raw silk.
who saw in the receni rapid rise of raw silk quotations a danger signal to

BRITISH OWNERS.

the entire trade.
Several houses which ha^e direct coiuiectious with Yokohama have been
unable to secure definite information regarding the suspension of silk trading operations. One report was to the effect that a price of S8 25 had been
established by the Government syndicate, but this was denied emphatically
by the represonattive of a large Japanese house.
The latter declared that the Government had not interfered in the matter,
but that the members of the E.xchange had simply decided among themselves that it would be wise, in i-iew of the unsettloment of the American
market, to cease trading for the time being.
It is belie\ed that the rumors that Americans have decided to boycott
Japanese silk were responsible to no small degree for the action of the Bourse.
These rumors, while unconfirmed, appear to have some basis, for there
have been whispers in the trade that certain American interests have
agreed that the rapid upward course of Japanese silk prices was leading to

The National Debt Commissioners gave notice in the
London "Gazette" of Dec. 30 1921 that the British Treasm-y
has decided to exercise tlie option, under Clause 3 of Scheme
B. for the regulation of foreign exchanges with respect to
of securities to the Treasury, of returning the
follovving securities on ]March 31 1922, from which date
the additional allowance will cease:
(a) Eastman Kodak Co. Co nmon shares.
lb) .Argentine Governmsnt 5% Loan 1SS4. 4'^'c bonds 1897, 4% bonds
1900 (Law 3378), 4% bonds 1900 (Laws .3378 and 3783), 43-a% Sterling
Conversion (joan 188>i-9, an! Port of Buenos .\ires 5% Debentures.
(e) ChUian Government 4>^9o Loan 1895 and 4i4% Loan 1906.

the loan

IJ

tlLsaster.

In announcing the reopening of the Bourse in its issue of
Jan. 20, the same paper said:
The Yokohama Silk Bourse reopened yesterday after having remained

RAWING OF HU-KUANG RAILWAY BONDS.

announced on Jan. 16 that the first drawin? for
fund in Imperial Chinese Government oVc IIuKuan^ Railway Gold Loan of 11)11 was conducted in Londou
on iH'c. (» ]1>21. Copies of the list of drawn bonds which are
recU-emaMe on June 15 1922 may be obtained at the offices
vras

It

the

closed only two days, though the general expectation hero had been to the
Prices were reeffect that no further trading would be done this week.
ported as up about 50 yen, which would place double extra cracks on a basis
of about S7 87 J^
Due to cable congestion information was exceedingly scarce, as to the
.situation in Japan yesterday, and such cables as did come through n\ade no
statements as to the amount of activity on the Bourse.

sink'iiiir

&

of J. P. .Morgan

Co.

§3,500,000 City of Porto Alegi-e (United States
8% sinking fund gold bonds was offered
on Monday last at 99 and interest, yielding over 8.10%,
by I>ee, Higgin.son & Co., and Ijadenburg, Thalraann &:
Co.. of this city. The entire issue it is stated, was disposed
of the flay the offering was announced.
The bonds repre.sent an e.xternal loan of 1921, due Dec-. 1 1961.
They are
i^aranteed unconditionally as to principal, sinking fund,
premium and interest, by the State of Rio Grande do Sul,
and are repayable, through sinking fund or at maturity, at
10."> and interest.
Interest is payable June 1 and Dec. 1.
TliH lioiids are in coupon form in denomination of $1,000
and -S-VK) and are registered as to prinripal. Tiity are not
call.ililr' ix'-ept for .linking fund.
The official circular said:
issu« of

K'nking fund, premium, and ln(«r«s«t payable in I'nlted Slates
Hold coin i>f th<: present standard of v.'f'gh*, and fim-ni'ss. without deduction
for ,iriy |-ix<-<« of the brazilian Government. State of Kio <ir;nidi- do .Sul, or
City of I'ono .\le(?TO. prpsrnt or future.
Principal and Interest payable
at lh«i ofrice of Ladcnburg. Thafmann & Co. rLs<-al agents, in N< w York,
"
int.
-it the offic«*i of !>•«. HlRKlnson .t Co.. In New York.

The report, outlined in these columns last week (page 241)
tmbodjing suggestions for I'emedj'ing certain abuses in the
method of selling foreign e.xchange was appro^'ed at a meeting at the Ir\ing National Bank on Jan. 24 of representatives of about forty local hanks and bankers dealing in ftn'oign
In stating that a new organization of foreign
exchange.
exchange interests is ])lanned the New York "Tribune" of

Jan. 26 said:
First Mleps were taken yest-erda.v toward Mie formation of a national
organization of foreign exchange bankers and trader.: along the lines of the
.\nierican Bankers' Association and the Inve-itment Bankers' Asi-ocia'iou of
.\nierica.
II. H. Smi*hers. of Knauth, Nachod & Kuhiie. has been authorize<l by the repre>ontu*ives of about forty banks, banking houses and
••te;!in- hip line; dealing in foreign exchange to creafe a commi'lee to study
uch an :is:;ociation. Tlii-i comnittoe will be n-\mcd
the advi ability of
wi'liin a day or two and work on the plan will iminedia'el.v be underlakcn.
It 1-; not the intention (hat the a.ssociati m. if fo'm-d sh"iiUI supi)lant the
11 wil! be a purely business organization and will
Foreign Kxchaii.ote Club.
ro-oiMTate wi'h the club, nieinbersltip in which is entirely persjoiial rather
f

l'riii<-ip;il.

'

FOREIGN

EXCHANGE SELLING METHODS.

of Brazil) 40-year

R"

OF REPORT FOR IMPROVED

.\PPROVAL

OFFERING OF PORTO ALEGRE (BRAZIL) BONDS.
.Vii

357

than insti'utional.

The Inl'lal tusk of the committee i^ oxpcctetl to Involve a rur\'ey of the
ituatlon in the iirincipiil oiit-^if-towii trntres wliere foreign exchange is extea'-lvoly dealt in, such as Boston. Chicago. San Franci co and Pittsburgh.
An a' tempt will be made to sound out .•cnlinicnt in thee cities; and effect n
preliminary local orK»ni:.ation.
Foreign exchange bankers imd dealers art;
enihrai-i'd in (he plan, the adini;' ion to niember.shlp of brokers being an
U-iif under coni'iderailoii. although only on an av.oclaie ba^ !•;.
The projec, for an a-^socia' Ion arone at a niecing held Tiio'day at the
IrvIriK Na'lonal liank. at which the recommendation:! of (he conimllt(»<
named lo ugge't reformn In i he method of handling exchange on a wholesale
br ij'i were unanimously ndopti'd.
The iie« cale of roniniK-lons and
h.ir;tr t. which will he ileclaied opera(i\(> at the inilance of the coiiiinllti'C,
...I..,
the re'urns from lhl:< <lepartment of lninlne,s.s
,i,| :i ,.><iiring Ihiil
AH
than rover overhejiil. reKaiille
of the miU'ket'H rouno.
'« of tiM' Wall Miree; li.iiikiiiK in.:l iliillon:i wert- rt-pre' eniod. as
of the up-liiwii liapkv.
Kiicli ngrieft (o apprfi|>rlii'e Jl-IO fr the
llie «viinmi(,lii'. whie'i « 111 Ncek (o dexelop h national a r<"'" '•"
•

I'll-

i>

•2OT..'>10

.Ifi

payment of
thriiiivh

[>

'

fiili

•

rrtiri- lh<- <;

atandinK at

'

..

di^posit a flxe<l annuity of
HtallmenlK. to \w ase<l for thf
uni :in ,:
;'i't for the '•edemptlon of boiidw
10.5 an<l
The sinking ftiiid Ih •iufflrlent to
at lO'i ;ir)>i irii<r-<i by malurll>.
\ny f.onds oin
j"e to hi- paid at 10.' and Inten-si

inri..

r,i

a year.

"r<>m the circ'.ihtr:
11

1

7

ti 111.- <-ri|)ltiil

1'.'

f

and the

first

:

1

ml Import

:iiir-i'

It

I

.

th

total

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ri

over

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I'

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t.l'llKatlon.

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i

IfFSERVE

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I

fl.WK OF SAN FRANCISCO
RK DUCES h/SCor.XT HATE TO 4'i';.

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r>-vcnu<'

Ih" cdy

il

on

dlHcoiinl rn(o

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Smi

liaiik of

l''nin<i.'<co

of paper frnm

all cIumihcs

r>

bus rediKM-d

lo 4Jli%.

I

on
lltr

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,

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arr

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fill'

SI.

uiitiiiii^l

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itivimui's.

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Im

iii.i>

'

Announeemi-ut wum nmde on Jjiii. 2'! by
' 'a H\ ii(lic;iti' lu-iidcd !»y tlmt rinii
'>,(KNI

'

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,

nil

(if

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wan

tni-nt ro||«»w»».
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of

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ptililic orriTiiiK

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iilU' vent liiiill of ir>.(M)ll,l)OII

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the preNHlnif

(n tniike

ntl)'

pillilli'

THE CHEONICLE

358

Commenting on the loan, Dwight W. Morrow,
Morgan & Co., had the following to say:

of J. P.

The situation in Cuba has been a vei^y peculiar one. The principal
industry of the island is the production of sugar. Owing to the World War
and the withdrawal from production of the principal beet sugar areas of the
world, there was an abnormal rise in the price of sugar, which brought
extraordinary prosperity to Cuba. The area put under cane production
in Cuba was materially increased during the war.
In the fall of 1920 there
was a violent collapse of world sugar prices. With the failure to sell sugar
there was a consequent loss in the buying pov/er of the Cuban people and
also in the governmental revenues, which have been based in very large
measure upon import duties. The situation was complicated by the
fact that a large part of the Government's funds were in the Banco Nacional,
which suspended payments last AprU.
When President Zayas took office in May 1921, he was confronted with
a very serious situation. The Government had outstanding checks with
no funds in either the bank or the Treasury to meet them. President
Zayas immediately began the reduction of expenses and the revision of the
budget. At the same time he has been endeavoring to bring about some
modus Vivendi with the Government of the United States with reference
to tariff matters, the emergency law of the United States having added
an additional six-tenths of a cent a pound to the duty on Cuban sugars
entering the United States.
The Government of Cuba has been very fortunate in having the hearty
co-operation of General Crowder, who has been in the island since the
early part of last year, as the personal representPtive of the President of
the United States. General Crowder previously served in Cuba from 1906
to 1908, being Secretary of State and Justice of the Magoon Administration.
He also visited Cuba in 1919 at the invitation of Cuba to consult on changes
in the election laws.
He drafted many of the basic laws of Cuba and
rendered very valuable assistance in connection with the electoral law.
He is liked by the Cuban people, and he likes the Cuban people. With
some Americans, Cuba is a governmental problem, with some it is a
business problem, with General Crowder it is a religion.
The present Cuban Administration, in view of the condition in which
it found the country when it assumed office, has done, in the past eight
months, a remarkable piece of work, due in no small measure to the close
co-operation between President Zayas and General Crowder. President
Zayas is determined to balance the budget, and already has taken drastic
measures toward that end. His industrial problem is, of course, greatly
complicated by the abnormal condition of the sugar industry, something
over 1,000.000 tons of last year's crop being unsold on Jan. 1 of this year;
With the dissolution of the Cuban Sugar Commission on Jan. 1 of this year
there has been an uncontrolled market and sugars have been moving freely
and at higher prices than prevailed a few weeks ago. While Cuba has a
very trying period ahead of her, it seems to me that the island has passed
through the worst, and that from now on there should be a slow but steady
recovery.

Reference to the fact that negotiations for a loan to Cuba
of $5,000,000 were about to be concluded with J. P. Morgan
& Co. was made in these columns Jan. 14, page 128. The
signing of the loan contract was announced in a special cablegram from Havana to the "Journal of Commerce" Jan. 23,

which

said:
President Zayas to-day signed the document officially accepting a bond
arrangement with J. P. Morgan & Co. The document was signed also by
Claudio G. Mendoza, representing the Morgan firm, and Mr. Hornsby,
President of the Trust Company of Cuba. According to the contract entered into (fu-st paragraph), the Morgan firm Ms to lend $5,000,000 on a
promissory note at 99H which will expire one year after the issue, and bearing interest at 6% per annum, this to be paid in monthly installments.
The second article re^ids that payment of the note and interest thereon
will be made at the right time to the Morgan firm in United States gold coin
for which deposits will be made in New York for the account of the Repub-

I

[Vol. 114.

only recommend the following: If

Cuba

is

to retain intact the respect

and confidence of the financial world it is necessary that it should have an
economic administration, intelligent and honest commercially as well as
politically.
Our institutions aided you during the period when sugar
was at its highest and contributed its part to the "dance of the millions"
contributed with an open hand to the excessive expansion of the mills and
the holding of sugar at high prices.

In copyright advices from Havana Jan. 26, the New York
"Times" reports Mr. Mitchell as predicting that the $5,000,000 loan made to Cuba this week (and to which we refer in
another item) would be the "forerunner of a larger loan."
Mr. Mitchell was accompanied by Percy Rockefeller, E. P.
Swenson, Guy Carey, Joseph P. Grace, Lee Olwell, Gordon
S. Rentschler and Colonel Deeds.
It was stated in. the
Havana advices of the 26th that the party would sail for the
United States on Jan. 27.

PROPOSED INCREASE IN CUBAN SUGAR TAX.
Regarding a proposal to increase the Cuban tax on sugar,
the "Journal of Commerce" in a special cablegram from
Havana, Jan. 24, said:
President Zayas sent a message to Congress to-day in accordance with
the recommendation of John S. Hord, the tariff expert recently retained
by him, asking that the interior tax of 10c. per bag of sugar be increased to
20c. and that the recent extraordinary tax of 30c. per bag when sugar passes
6c. per pound be canceled.
The President also recommends that the taa
on molasses, which was recently abolished, be reimposed.
Secretary of the Treasury Gelabert, with Messrs. Despaign and Aurelio
Portuondo, have received permission from President Zayas to return to
Cuba, since the sugar question is now a matter between the United States
Senate and the Government in Washington.
A group of sugar planters has agreed to visit President Zayas to ask that
no loan be made unless it is agreed to reduce the present crop and that the
loan be for $50,000,000 and be loaned to sugar planters on sugar already
made. Also that any special tax on sugar be made only for the purpose of
amortization of the loan.

Under date of Jan. 25 the same paper reported the following advices from Havana:
A law abolishing the h gh port tariffs in force at Havana was approved today by the House of Representatvies. The bill now goes to the Senate.
The President of the Association of Economic Corporations has delivered
a protest to President Zayas against le^'ying further taxes, saying that the
economic corporations are prepared to do their utmost to obviate new taxes,
as those already in force are undoubtedly excessive.
John S. Hord, the tariff expert, in his report to President Zayas, on new
taxes, calculates that the present sugar crop will be 3,000,000 tons, on which
the interior tax of 20 cents per sack will net the Government $3,692,307.
Mr. Hord recommends a tax of 1
on gross sales, which, he calculates,

%

would produce .$20,000,000 annually.
Commercial houses in general are protesting the Government's decree to
the effect that if the merchants do not withdraw their merchandise immediately from the bonded warehouses the merchandise will be sold at public
auction.
There are quantities of American merchandise in bonded warehouses on which no payment has been made to shippers by buyers here.

,

lic

of

WASHINGTON PROPOSALS IN BEHALF OF SUGAR
INDUSTRY.

Cuba.

The third article says that the promissory note, which at a valuation of
99 K represents $4,975,000, will be credited to the Republic of Cuba by the
Morgan firm, which is authorized to deduct the necessary sums to satsifj'
whatever debts there might be to the Government of the United States in
payment of the balance on postal money orders and to pay the interest and
sinking funds of all exterior debts of the Government for three months
beginning to-day.
The balance left over to the Republic of Cuba will be devoted to honoring
the checks issued on May 20 1921 and the checks issued in payment of the
coupons or Installments of the exterior debts.
Article 5 .says that the promissory note will be paid by the Republic of
Cuba before the expiration of one year v/ith the product of the new loan in
perspective, which loan will not exceed $50,000,000 and wUl be negotiated
as soon as the necessary legislation providing for the readjustment of the
budget is complete and when the economies that are necessary in the expenses of the Republic of Cuba and the changes in the tariff legislation and
interior rent have been made.
New taxes are to be levied to take care of
the necessities arising from the $50,000,000 loan, which require observance
of other formalities required by the Constitution of the Republic of Cuba
and by permanent treaty with the United States. The new loan has for
its purpose the liquidation of the floating loan of the Republic of Cuba,
other needs of reconstruction and also to satisfy the payment of a provisional loan of $5,000,000 which is now contracted.

CHARLES E. MITCHELL, IN SPEECH IN HAVANA,
LOOKS FOR IMPROVEMENT IN CUBAN
CONDITIONS.
Charles E. Mitchell, President of the National City Bank
New York, who "with a party of bankers left New York
for Cuba several weeks ago, delivered an address in Havana
on Jan. 26 to a gathering of business men, on which occasion,
according to a special cablegram to the "Journal of Commerce," he said:
I fiiTuly believe that the worst of the situation has now passed and that
Cuba is beginning to improve, although the process of improvement will
of

My

not be so rapid here as it would be in other parts of the world.
opinion
is that Cuba is not being considered as it should be in tariff affairs in the
United States. I do not see in perspective any immediate remedy, but I
have great hopes that the present duties will not be raised.
I cannot sympathize with artificial resources to sustain the price of sugar,
such as regulation commissions or legislative means for the restriction of
the crop.

Regarding plans which are under consideration in Washington for the protection of the Cuban sugar industry, the
"Journal of Commerce" in a Washington dispatch Jan. 24
said:

The Administration, in co-operation with the Cuban Goverimient, Ifl
working out a plan to meet the problem confronting the sugar industry,
it was learned to-day at the White House.
It is proposed that the Cuban
Government enact legislation providing for the licensing of sugar exports,
more than a specified tonnage of the Cuban crop can be exported

so that not

consumption in the United States.
This is to be accomplished, it is understood, by the passage of laws
imposing export duties on sugar after a certain amount has been shipped
out of Cuban ports.
The United States, it was stated by a high official to-day, will protect
the beet sugar industry, which is now in dire straits as the result of the
Major
influx of a vast production from Cuba, through tariff legislation.
General Enoch Crowder, who has represented the United States at Havana
as financial adviser in the Cuban reforms, has been in conference several
times since arriving hero last week with Senator Smoot. The subject of a
tariff on sugar has been thoroughly discussed, it was indicated, but no
details of the proposed rates were disclosed.
The Cuban sugar producers, it has been reported through the Cuban
delegation in Wasliington, will agree upon the imposition of a prohibitive
export duty on sugar exported after the 2,000,000 tons' mark has been
passed
President Harding feels that the beet sugar industry in this country
should be preserved at all costs and that a sufficiently high tariff should
be imposed on Cuban sugar to prevent the extinction of this industry.
The problem of the sugar industry was the chief topic discussed by the
President with the Cabinet this morning.
Secretary Hoover, who is regarded by the Executive as an authority on
the sugar situation, took a leading part in the conference, it was said.
The proposal advanced in December for the United States to admit
without requiring the payment of import duties 500,000 tons of Cuban
sugar to be refined for sale abroad is not to be pressed, it was reported to-day.
for

We

also quote the following press dispatch from Washington, Jan. 26:
Growers of beet and cane sugar in the United States have been'offered
a cash allotment equal to four-tenths of a cent per pound on their total
1921 sales by Cuban cane sugar growers in return for support in the fight
of the Cuban sugar interests against imposition of additional duty on sugar
imports, according to Alfred Glover who said to-day that he was authorized
If the proposal is accepted, he said, certito act for the Cuban producers.
fied checks would be sent American growers for their "share" on receipt
here of affidavits as to the amount of last year's sales.

THE CHKONICLE

Jan. 28 1922.]
"The

amount received by American beet and cane growers last
Mr. Glover, "was $57,357,579. The Cubans offer to allot

ADVANCES APPROVED BY WAR FINANCE CORPORA^
TION FROM JAN. 19 TO JAN. 25.

total

year." said

to American growers $14,3.39.394, which

equal to one-quarter of the

is

359

year."
explained that the benefit to be derived by the Cuban growers would
include the ability to "support her own world wide market at 3 cents per
pound," and would furnish "all our beet and cane growers a domestic market
for their sugar at 6 cents per pound."
Mr. Glover declared that the compromise had been presented to influential members of the House and Senate and had received "favorable con-

The War Finance Corporation announced on Jan. 23 that
from Jan. 19 to Jan. 21 1922, inclusive, it approved 191
advances, aggregatnig $6,730,000, for agricultural and live-

sideration."

50,000
114,000
113,000
400,000
60.000
156,000
304,000
32.000
101,000
137,000
440.000
70.000
80,000

latter's gross receipts last

He

AMERICAN EXPRESS COMPANY OFFERING OF
ARGENTINE BONDS.
The American Express Co.

of 65

Broadway,

this city,

department) announces that it has for disposal
a limited block of a 5% Sterling Sinking Fund loan of the
Government of the RepubUc of Argentina (Port of the
capital, Buenos Aires), which, at a price of S690 flat per
£200 (2 pieces), -will, it is stated, return a dollar annual
income of 842 if sterling remains at only $4 20. At maturity
profits as great as S2S3 30, and also an increased income to
7.05%, are possible, it is said, on an investment of S690.
The issue is dated 1913, and is due at the latest in 1949.
The entire issue is in £100 coupon bonds. Of the loan
there has been issued £1,621,000, of which £1,490,400 is
outstanding, £130,600 having been retired by the sinking
fund.
Principal and interest (Jan. 1 and July 1) is payable
in London in sterling and in Paris at the fixed exchange
With regard to the redempof 25 francs to the £ sterling.
(securities

company

tion features, the

says:

The Government

of the Republic of Argentina has covenanted in the
loan contract that all bonds of this issue are to be redeemed at par. not
later than July 1 1949, through the operations of an accumulative sinking
fund of 1
per annum. If the market price is below par the bonds are to
be purchased in the open market on June I and Dec. 1 for redemption.
Should the price be at or above par. redemption is effected bj- drawings in
June and December for repayment at par on the following Jan. 1 and
July 1. This sinking fund commenced to operate on July 1 1913 and has
since continued uninterruptedly.

%

The company's

circular also states:

At the end of April 1921 the consolidated debt of the Argentine Republic
was .$518,000,000 in American currency, and the floating debt, S183.000.000,
(The gold peso at 96.48 cents and the
both converted at par of exchange.
This represents a direct per capita debt of
pai>er jjeso at 42.15 cents.)
$8ii a-s compared with 8225 in the United States. S814 in Great Britain.
$1,218 in France. $516 in Italy and $615 in Belgium. The public debt of
Argentina represents about S% of the pre-war national wealth as compared
with 12% in the United States. 10% in Brazil. 53% in Great Britain and

82%

France.

in

NEW YORK TRUST COMPANY
REVIEWS ECONOMIC CONDITIONS.

H. D. GIBSON OF

In a review of "Economic Conditions at the Beginning of
1922," to h(; published as a supplement to "The Index,"
Harvey D. Gibson, President of the New York Trust Co.,
says:
Despite the general soundness of our financial structure and the progress
that ha-s bcfin made In c<immr:rcial liquidation, wo have not as yet created
iai to gen'.Tal goofi times.
all of I '
Oni;
ity In th>! way of rocovery la the maladjustment
Ill luij sam
manner th.it the distortion of exchange expresses
of priC'-H.
the uastrttlrTOf-nl of Euror>f the ln«|uality in prices Is the expression of thf
"
it home.
Agriculture, the greatest of our Indu.stries.
U'
'

'

-r

•

Ib

.'1

Id thla r<«o«et.
iK'xxl I-

confidence; the factors affi'cting
the sprejitl must b(> llmlli^d
Ti di-«-m ttif'-.
Ill till! preHont Kituation It Is nrit known
will conic down to the relative level of agricultural
the movcnicnt will tie r<'V«TH<-d. and while this unve l:wk one vital condition of proRperlty.
'th mime mrw factom in Its national life.
Before
two or thri-*' lilllion dollars: tlif world now <iW(w

lit

nown within

Til

U>

v.t..i\

<:-,',

i

whether olh

r

r

.

:
;

prrKluctM or

d

evtalnty
T'
Ui'

—

llmlt.<i

r

1

oa IJ
terUT

but

M' Ti

'

w<-

.

'

arliilnir

''.rnrr-

wu have

gi-nin-nlly

conducU'd our

prott'ctlon for home induNtry:
r,iir iiriiixT policy In thir coiiflicllrig sltii.ilinn
aiir) proli <:l home Imliistry unrl at tin- .Hainx
p'vmllili! far our dchts to be paid.
f

'

(

tlri

".

,1

ilili'

I.

>'ti>l<vl by Ignoring Honm of llio moHt vital
tunin- ronrw of taxation Im but anoth'T of the
our national life.
iog. but w»' ar«> oft<m no cloitn to our dully
!!• fitllurti of cfiridlllonK !<• rcMiHiiid thoroiiglily
ntly loMi night of thn HMbnlantlal l>Mn<-niH
I

pTinripKn

iri-,.,Ki-.i

anoartetatlca that

Th««

'

i

i..

confuv

"

•tii»ii

t"

'

stock purposes as follows:
S6.000 in Alabama

old ripped for work.
'
thf' iirogr'T.n of Ihi- men ant Liiklng a pljim In llii<
lo the n«'i-fcilty for <viri>lnx a llvlnK.
i>rir la rotirfntriitlriR morn on niUUincti and l<«ii on
" '>r|><n. Iti'll\ iiliial Hii'l i:(ir|Hiriil«i fxtrnvngnnci' In
lirliigliiK buck thf illr'vllon of affalm inoro iind
i'Tli.firiMl an<l ritnvrvnllv'.
Out of our viTy
<iiir fuii'lnm>-ntnl IIU and to rebuild ii ntriic'»•»! pro*i»Tlly.
fill lire of our country: nothlna but l>llriilti<-wi
'
will not bo Krrailnr Ihnn bitforo
It

Tti

.,r
I

inciilr;it|nK

ngnln

th<*

.

tUXi

t.,

Wn

I..

Or»iM

pnnt ami that wn nri> rnenKivl
.;ii..iiM ix' r/irljf Improvi'miint nhr^nd fur thowi
thrir hoiiiMM In ordiv and who urn rnady to pny
III'

In

'(•

I

Wbn h«»n
by

ly [lut

I

fiffiirt fr,

..

bjr

I*

-.irrtm.

Thfi tlrnrs /|rrnnn>l

and snided

wornt

not Ina'-tlvlty. hut rffort trnnixT^wl by raiillon
•!-.-, „f thp condlllonii that now ramf root Iho wnrld

«-fr<irt.

an appr- -

California

Colorado
Florida

Georgia
Idaho
Illinois

Indiana

Iowa
Kansas
Minnesota
Missotui
Missouri on livestock in

In
in
in
in
in
in
in
in
in
in
in

Nebraska
New Mexico
North Carolina
North Dakota

Oklahoma
Oregon
South Carolina
South Dakota
Tennessee

Texas
Texas on livestock iu
New Mexico

65,000 in Virginia
325,000 in Wisconsin
522,000 in Wyoming

Texas
220.000 in Montana

During the week ending Jan. 21 1922, the War Finance
Corporation approved a total of 368 advances, aggregating
S12,66S,000, for agricultural and livestock purposes.
On Jan. 26- the Corporation announced that from Jan. 23
to .Jan. 25 1922, inclusive, it approved 158 advances, aggregating $5,350,000, for agricultural and livestock purposes
as follows:
.S15.000 in Alabama
20.000 in Arkansas
494.000 in Arizona
55.000 in California
190,000 in California

•?354,000 in

on livestock in

Arizona
95,000 in Georgia
125.000 in Idaho
87.000 in Illinois
55,000 in Indiana
207,000 in Iowa
78,000 in Kansas
56,000 in Kansas on

Montana
Nebraska
New Mexico
North Carolina
North Dakota

254.000
207,000
23 ,000
771,000
187,000
80,000
200,000

in
in
in
in
in
in
in

125,000
312,000
35,000
512,000
166,000
245,000

in South Carolina
in South Dakota
in Tennessee
in Texas
in Wisconsin
in W^yoming

Oklahoma
Oregon
Oregon on livestock

Montana

livestock

in

Oklahoma and Colorado
379,000 in Minnesota
23,000 in Missouri

SENATE RESOLUTION CALLING FOR INFORMATION
FROM FEDERAL FARM LOAN BOARD.
The Senate on Jan. 20 adopted a resolution offered by
Senator Smoot calling upon the Federal Farm Loan Board
to furnish to the Senate information as to whether any
farmer, national farm loan association, or land bank agent
was called upon to pay any commission or fee not authorized
under the Farm Loan Act. The following is the resolution
as adopted.
Res. 222).

(S.

Kcsnlrcd. That the Federal Farm Loan Board is hereby requested to
furnish to the Senate, as .soon as practicable, information as to whether
any farmer, national farm loan association, or land batik agent has been
compelled or requested to pay or has paid any commission, fee or other
char;?e not authorized under the provisions of the Federal Farm Loan Act.
approved July 17 1916, as amended, in the securing or making of a loan
under the provisions of such Act, or has bocii compelled or requested to
I)urchaso or has purchased any stock in a joint-stock land bank at a prico
;?rcatfr than the par value of such stock. toKothor with tho amount of any
such commission, fee, or charge, and the prico paid for any such stock,
also the nuinlier and amount of anplicalioris by States for loans now pending
and the amount on hand with wliicli to make tho loans to meet tho same.

asking immediate considenition of tho rosolution Senator
in rtsforring to its object, stated that "it ])rop()scs to
a.sk tho Federal F'arm Loan Board wliothor in tho borrowing
of money any farmer lia.s boon compelled to pay a commission
that i.s not authorized by law.
I have heard and a number
of letters I have received, indicate to me that there has
been such a pnuitico going on and I want to a.sk tlio Federal
Farm Loan Board if i), i.s true." Tho suggestion was made
l>y Senator Harrison of MisKissi])pi that an additional eianse
be iiiHortiHl in tho resolution asking for tho amount of applicationH now tin filo whitjh they wem unable to UiUv care of.
This, as shown above, is earrie<l in tho resolution a<loi)t(HL
Ueferring to Senator Flarrison'a romarkH, Senator Robinson
Ill

Smoot,

sal

J

ronnrartlon with Ihn ntmarkn
I will Htuto that

III
Is

in
in
in
in
in
in
in
in
in
in
in
in

S316,000
199,000
20,000
726,000
167,000
95,000
209,000
370.000
161,000
1,231,000
41,000

Arizona

in

'.Mr. lIurrlHon).
I

Farm

III'

'I

by tho Hnnntor from MliwlMlppI
huvn Information from tli« I'p'NliliMiti of

JiiHt niailn
I

l.<iiin llitnk In Ht. I^tuln diNtrlcl that lliKnt :u-i<
milii-atlonN yi*t to b<> drlrrinliK-d niul paMNi'il
iiKt.

that

tliii

Farm

l.anil llaiik

liiu«

boon

now

iiii

fllo In

that

agKri'gntlnK
by tho Fi'dura

ii|hiii

Inrorniiiil

that tlin aiiiniiiit iillotttil t..i that divlrlct fur tlin iioxt
NiT iiiiiiitlui In only $7 .(XKI.(M)O, iiikI that for tlilN n>aa ui ihn Fnnii Land
ll.'iiik at HI. I.,oulii In puniuUiK a iMillcy of nuttrlcUng appllralloiut and tho
I

l^iiili

iriii

lliiard

riiiinldi'ratlon of lh<i nainn.

TItK toUl

Knrni
liitir

vi'ry

and

I

«•

Ill

will

ll.ink at Ml

l.<(uln,

bn

avalliilili'. uiidiT tln' nliitoini'Mt niiulo to tho
for tin' curnuit -"Ix uiontim In liw< than oni>-

It In ii nil nation
by nppllratUiim alnuuly on fllu
and iliniiimdn rnllnf.
Dfrerint; the adtlition U> llm res(»luli(»n, SenHtr)r Harrison

111-

I

amount that

:iiiiiiuiil r.illi-<|

rliiun

iiiiil

for

liii|Mirtant In Itn naliirn.

Huid:
I

linvf iiffiTixl llmt nuKK<<ntliui,

p<innlt

mn, bdcauan

I

If tin' H<'iiiit»r froiii

hatl Inforniatlou

from ouo of

South

<

tlto dlalrlcl

ariillna nlll

laud bauka

THE CnRONTCLE

360

acepting any more applications because
there was no more money on hand. I am not saying this in criticism of
the Federal Farm Loan Board; I think thoy are doing the best possible, but
I believe at this time every cent should be provided to take care of the
legitimate loans because they are rendering great assistance to the farmers
of the country.
If under the present law the Federal Farm Loan Board
'can not sell their bonds I am in favor of the Secretary of the Treasury
advancing sufficient money to take care of the stuation, and the Senate
has already adopted such an amendment to a bill, but I do not believe
I am fearful,
there should bo any trouble in soiling those bonds at tills time.
however, tliat the Board ha.s not offered enough to take care of the situation.

•ehowing that thej' were not

SOME FARM LOAN COMPANIES EXTORT HIGH
INTEREST RATES, ACCORDING TO SECRETARY
OF AGRICULTURE WALLACE.
In a statement issued shortly before the National Agriculitural Conference opened, Secretary Wallace called attention
to the advantage which some farm loan companies are taking

He

of farmers.

said:

One of the matters which I shall present to the conference is the thoroughly
selfish and grasping attitude of many companies of different sorts which
loan money on farm mortgages.
Large numbers of farm mortgages are coming due and must be renewed.
Large numbers of farmers whose lands arc not mortgaged are finding it
necessary to mortgage them to raise money to pay floating debts wh'ch
they can not meet in any other way. The farmers will have a hard time to
In view of
get tlu'ough this crop sc;sin and maintain their production.
this, it is discouraging to note that many companies and individuals who
are in the business of loaning money on farm mortgages are taking advantage
of the farmers" distress to heartlessly extort a rate of interest and terms of
loan which can not be justified. The farmer is being compelled to pay 6.
63^, and 7% ou five- and ten-year loans, without optional payments, and
to these high interest rates a commission of 5 or 6 and in some cases as
being added. Also many companies are cutting down the
acre to the lowest possible i)oint, thus restricting the
farmers' credit at the very time when it should be expanded as far as may
high as

10%

[Vol. 114.

stock of the bank carrying double liability, and the accumulated sxirplus

and reserves.

The bank's statement of Dec. 31 1921 shows a paid-in capital stock of
$1,340,000 and sm-plus and reserves of $189,992 06.
This bank was chartered on July 25 1917, whereby it was "granted
authority and power to loan money, issue its bonds, and to do all other
things provided for,' and in accordance with the provisions in the Act of
Congress, approved July 17 1916, known as the "Federal Farm Loan Act"
and to do all other things implied or incidental thereto within the State of
Illinois and the contiguous State of Iowa."
This charter was granted by
the Federal Farm Loan Board, which exercises supervisory powers over the
Land banks, similar to the Federal Reserve Board over the 12 Federal
Federal Reserve district banks.
Although the operations of the bank are thus carefully restricted and
supervised by the Government, it is under private o^mership and management.
Its officers and directors have had many years successful experience in
similar operations in the same States (Illinois and Iowa) and the bank has
paid regular dividends at the rate of 8%.
By Act of Congress these bonds, prepared and engraved bj' the Treasury
Department, are declared instrumentalities of the United States Government, legal investments for all fiduciary and trust funds under the jurisdiction of the Federal Government, and acceptable at par as security for
Postal Savings and all other deposits of Government funds.

The bonds will be ready for delivery about Feb. 1. Two
previous offerings of bonds of the First Joint Stock Land
Bank of Chicago have been made by the firm since last
September; a .$2,000,000 issue was referred to in these
columns Sept. 17 (page 1204) and on Nov. 12 (page 2035).
We referred to a $2,500,000 issue of the bank.

OFFERING OF

MONTANA JOINT STOCK LAND BANK
BONDS.

is

amount they loan per

be done safely.
There is not better security than a conservative loan on a producing
farm, and such loans should be made at a relatively low rate of interest.
No one should find fault with such restritcions in value as may be dictated
by sound business prudence, nor should any one object to a fair interest
rate, determined not by the temporary distress of the borrower, bvit by the
probable loan value of money during the next five years.
But in this time of national stress one finds it necessary to i-igidly censor
his own words when speaking of some of the practices being followed by
altogether too many companies and individuals engaged in the farm mortgage business.
In all lines of busine.ss we find predatory indi\'iduals who seek opportunities to take advantage of the misfortunes of others.
We expect that
from men of a certain type. But it is a real shock to note that the same
sort of thing is now being done by some insurance companies and farm
mortgage loan companies of whom we have a right to expect a higher code
of ethics.
There is exactly the same need now of mobilizing our dollars that there
was of mobilizing our men during the war. The country is in the midst
of an economic depression which is imposing severe hardships both upon
farmers and upon many other classes of people. In such a time there
ought to be more lielpful consideration for those who are in business difficulties, in most cases throu=;h no fault of their own.

OFFERING OF CHICAGO JOINT STOCK LAND BANK
BONDS.

&

Co. of this city and Chicago, offered
on Jan. 25 a new issue of $1,500,000 First Joint Stock Land
Bank of Chicago 5% Farm Loan Bonds (Uhnois and Iowa).
The bonds were offered at 101 }/^ and interest, to yield about
4.80% to 1931 and 5% thereafter. It was announced on
Jan. 26 by the firm that subscriptions had been in excess
of the total amount offered.
The bonds, which are issued
under the Federal Farm Loan Act, are dated Nov. 1 1921
and are due Nov. 1 1951. Thoy are redeemable at the
option of the bank at par and accrued interest on Nov. 1
1931 or on any interest date thereafter. They are in coupon
form of .f 1,000 and $10,000 denominations, and are fully
registerablo and interchangeable. Principal and semi-annual
interest May 1 and Nov. 1, are payable at the bank of issue
or at the Continental & Commercial Bank in Chicago, or
at the Chase National Bank in New York City, at the
holder's option.
The bonds are exempt from all Federal,
State, municipal and local taxation.
Reference is made to
the fact that this exemption was confirmed by the United
States Supremo Court in its decision of Feb. 28 1921, and
hence that "these bonds are as completely tax-exempt as
the First Liberty Loan
bonds." The official circular
Kinnieutt also states in part:
of Kissel,
The following salient facts are summarized from the Federal Farm Loan
Act, and a letter from i'rcsidont Oivj' Huston, copies of which may be
Kissel, Kinnieutt

3K%

obtained on application.

These bonds are direct obligations of tho First Joint Stock Land Bank
of Chicago and secured bj- deposit with the Uegistrar of the Farm Loan
Bureau of the United States Treasiu-y Department, of United States Government bonds or first mortgages upon improved farms, not exceeding 50%
of api)raised value of farm lands and 20% of tho appraised permanent
insured improvements thereon, in the States of Illinois and Iowa, admittedly
the finest agricultiwal section in the country.
All of the mortgages have been approved by the Federal Farm Loan
Board based upon the appraisals of their own agents operating in their
respective territories.
In addition to Government inspection of the
properties, the bank has had independent ai)i)raisals made by their own
experts.
All bonds of the bank are protected not only by an equity represented
by at least 100% of additional land value, but also by the paid-in capital

At 103 14 and interest to vield o^•er 5 % to optional maturitv
and 51^% thereafter, a $1,000,000 issue of the Montana
Joint Stock Land Bank of Helena, was offered this week
by Charles E. Quincey & Co., of this city. The bonds are
issued under the Federal Farm Loan Act.
They are dated
Nov. 1 1921, are due Nov. 1 1951, and are redeemable at
par and accrued interest on any interest date after 10 years
from date of issue. They are coupon bonds and are fully
They are in denomination
registerable and interchangeable.
of $1,000; interest is payable semi-annually, May 1 and Nov.
Principal and interest are payable at the bank of issue
1.
.The bonds
or through any office of Chas. E. Quincey & Co
are exempt from all Federal, State, municipal and local
taxation excepting inlieritance taxes.
learn that this is the same issue offered earlier in the

We

month by Hornblower & Weeks and Tripp & Andrews,
mention of which was made in these columns Jan. 7, page 18.

OFFERING OF BONDS OF MISSISSIPPI AND ARKANSAS JOINT STOCK LAND BANKS.

A new issue of Mississippi Joint Stock Land Bank and
Arkansas Joint Stock Land Bank 5% Farm Loan bonds was
offered this week by Brooke, Stokes & Co., of Philadelphia,
Washington and Baltimore. Dated November 1 1921, and
due November 1 1951, the bonds are callable at par on
Interest
1 1931, or any interest date thereafter.
payable May and November 1 at the Equitable Trust Co.
New York. The bonds are in denominations of $1,000 and
They were offered at 100 and interest yielding 5%:
$500.
they are exempt from all Federal. State, Municipal and local
In their announcement the firm said:
taxation.
These bonds arc i.ssucd under the Federal Farm Loan Act. Under decision of the Supreme <,"ourt of the United States, handed down February

November
is

28th 1 921 the constitutionality of the Act and tho Tax Exemption feature
These bonds are as completely tax
of those bonds were fully sustained.
exempt as the First Liberty Loan 314% Bonds.
They are secured by deposit of Farm Mortgages with the Registrar of the
Farm Loan Bureau of (he United States Treasur>- Department and are the
The Farm
obligation of the .loint Stock Land Bank that has issued them.
,

.

Mortgages or

collateral socin-ity ai-o First

Mortgages on improved farms not

of tho appraised value of farm l.md and 20"; of the appraised
permanent insvnvd improvements thereon. The value of the land and per-

exceeding

50'';

manent improvements is appraised by the Federal Appraisi^r. which means
Government inspection. Besides, an exoeuti\<^ commission or Board of
Directors of the bank reviews and i)asses upon all applications made for farm
The loans arc all made on farms in Mississippi. Tennessee and Arkloans.
ansas

.

bonds of the bank are protected not only by an equity represented by
at least 100*^0 of additional land vahu\ but also by the paid-in capital ssock
All

of the bank carrying double liability and the accumulated surplus and
The s'ock of these banks is o\mic(1 by tho Bank of t'ommercc and
reserves.
Trust ("ompany, ^Memphis. Tenn.. Which latter has deposits of over S15.This insures wise
000,000, and is the .second largest bank in Memphis.
managonicnt. to the above Land Banks.
The bonds are engraved by tho Treasury Department, and it is stated on
the fac(! that they "Shall bo doomed and held to be instrumentalities of the
Government of the United Stales, and as .such they and the income derived
therefrom shall bo exempt from Federal. State. Municipal and local taxation."
They are legal investments for all fiduciary and trust funds undef
the jurisdiction of the Federal Ciovernment. and are acceptable at par for
deposits of Government funds.

An

by the same firm of Mississippi and
Land Bank bonds was refeiTcd to in
December 3, page 23.58.

earlier offering

Ai-kansas Joint Stock

our issue of

THE CHRONICLE

Jan. 28 1922.]

FEDERAL LAND BANK OF NEW ORLEANS BUYS
NEW HOME.
the January number of "The
Rabbitt," published by the Hiberuia Bank &
Hibernia
Trus Co. of New Orleans, having been reprinted from the
New Orleans "Times-Picayune."
The New Orleans National Bank building at Camp and Common Sts.
has been sold to the Federal I>and Bank. The latter will move in just as

The following

from

is

&

Livaudais. architects, can be
^v^!l
be modem with the latest
arrangement in lobby, fixtures, banking and office quarters.
The New Orleans bank building belonged to the Hibernia, as the result
It was maintained as the Hibernia' Camp
of a merger several years ago.
Street Branch, with .\. Katz, President of the New Orleans National, as
Hibernia Vice-President in charge. The old location continued to do good
business, but with the New Hibernia covering more space than any bank
Mr.
in the South it was decided best to do some more con.solidating.
Katz and his staff will move over to the new bank. That con.stituted
the old New Orleans National building surplus property and made its

soon as the alteration plans of Fa%Tot
The improved structure
carried out.

good banking policy.
Very little work will t>e required to bring it thoroughly abreast of the
time, and the Federal Land Bank will have as pretentious and efficient a
home as any of its dozen companion in.stitutions. President Davis and
J. V. De Gruy, Treasurer, with the administrative department, vsiW tenant
the ground floor: C. C. Gaspard, Secretary, and the accounting staff will
have the second floor to them.selves. and Colonel W. C. Dufour, Counsel
and Vice-President, has been given the third floor for the legal department.

.selling

.

.

.

The fourth story will contain commercial offices.
The Federal Land Bank bids fair to maintain the record
.

.

'.

of the building.

Within the few years of its existence it has loaned $30,000,000 to more
than 17.000 farmers in Alabama. Louisiana and Mis.sis.sippi composirg the
district.
The busine.ss has reached a volume of .SI ..500,000 a month, and
will be limited only by the money available through the payments of the
borrowers and the sale of bonds.

said to appiaj with his books

it IS

do

FREDERICK

T.

CHANDLER, JR., EXPELLED FROM
STOCK EXCHANGE.

N. Y.

Announcement

to the effect that Frederick T. Chandler,
had been expelled from the New York Stock Exchange
wa-s made from the rostrum of the Exchange on Thursday
morning. .Jan. 2ti. Mr. Chandler was the board member
of the firm of Chandler Bros. & Co.. of Philadelphia, which
failed last .July.
He was admitted to membership in the
Exchange on .July 11 1918. Th(! announcement reads as
.Jr.,

follows:

At a nnvt\nK of the (ToveminK committee

of the New York Stock Kxcbangc.tl)'
lined that the failure of Chandler Bros. & Co..
in July U(_
T. Chandler, Jr.. wax a nicinber, wa.s forced
by r»!rklfT« .in-,
s* liku dealings and the Kaid F. T. Chandler. Jr..
wa« jrxp<Uli-d I.
ion .',, Article l.> of the constitution.
Who the
'I the commitfu! on
admi.sHion.s under Section
.<jn. to di.H{M)s<? of the menilx'n^hip of the said
t. T. < h;indli:r, Jr., forthniih."

as follows:
We f nd that E. D. Dier

r

T.

f""""

on ])*<. 22, it is understood,
thf Pliiladelplijii Stwk E.xchaiige "for
delrimr-nlal to the b<'8t interests of that ixehiingf."
r.d to »h< failure of ('handler BrolhersA Co. in our
'•.

.Jr.,

THhip

'mI--

'()

w«T«-*'xpe||.-d.
in

I'.rJJ,

pnge 174.

'•!'

A'
dre.!

t<»

,rM

the N'..w York

u Htormy me^aiiig held

.il

•!). fiijfht

.,!

'TimeH"

of the failed fin/i

of

in

K.

<,f

/.

1)1

/}.

of .Jan. 27. four

13.

Dier

Bryant Hull.

&

72.')

ER

liuii-

Co. of

\\\\h

.Sixth Av.«-

a •!«jnimiHe.. of Hevcii to
^ Ui proHeeiite the former broker.
Thr "Tiiikh"
i-n.T, that .John V. Melntyre.
nn ar-eountarit of .{11 Fiftli
\i.r..|.-. who ent out
notice lo till- 2,:',(K) iorul .TidilorH of
•

111'

'

firm,

«r..litor»»

'

2(5. e|«<-ied

'

r,Ml.<l

7,((n«)

.Jiiri.

and who Huid

lliat

watt.re.j ov.r

"' 'h«' J>i<r

Ih..

Ih..

lompatiy

firm had riion- tlian

eountry, d^'lared

and

i-xislcil

thai,

if

thai,

iner-

taken irriini-dialeiy the former broker could
to pay 7ft c«ntn on tho dollor.
*er.!

'

r.,r. .,|

.\..ordinK to a

diMmtch frofri f'hicaifo. dal.«| ./an.
IH and |.rmf..-d in •Financial America"
of thin city of tin.
rollowit.ir 'lay. K. D. I^ier hm
Unm «UMpended indefinitely
(
\>y the
"hiejiifo Board of Trade rlin-eton.,
le won summoned
jn-i^^n

I

but

failed to

Co. probably owe the

about four

publ't;

m

1-

realizable assets do not amount to very much,
perhaps not over $100,000.
er derw out about $250,000 and put It
into mnes n Mex'co and Arzona.
He controls the bu Iding at 42 New Street, New York Cty, wh'ch is subHe has sold the building at 1435 Walnut
ject to a mortgage of .$175,000.
Street. Philadelphia. Pa., and the piu-chaser is to pay about $15,000 on the
closing of title.
Dier had 8,000 or more accounts. He started in business about seven
years ago. About six months ago his partner, Henry D. Hughes of Philadelphia, attempted to withdraw from the firm after there was a run on the
Philadelphia office. Considerable money was sent from New York to
Philadelphia to stop the run.
Shortly before that time Dier took over some accounts from Charles A.

&

Stoneham

The

D

Co.

was run very extravagantly and very loosely. There are
apparently irregularities t'hat will have to be explained.
We are going into the matter very thoroughly and have already started
the examination of witnesses before United States Commissioner Gilchrist,
We have so far examined Fred Andrews, who
in the Post Office Building.
was Dier's confidential man, and J, J. Delaney, who was formerly Stoneham's mau. We expect to examine Dier and various other important wtnesses during the coming week.
business

We referred
of Jan. 21,

D.

to the faihrre of E.

D. Dier

&

Co. in our issue

page 246.

SUGARMAN &

CO.,

NEW

YORK, FAIL.

An involuntary petition in bankruptcy was filed on Jan.
in

23
United States District Court against Josepli D.

the

Sugarman, trading as J. D. Sugarman & Co., dealers in
securities, at 19 Beaver Street, this city, according to the
New York daily papers of Jan. 24. .Judge Julian W. INlack.
said, appointed .Jesse W. Ehrich receiver for the failed
firm under a bond of -SIO.OOO.
The firm of J. D. Sugarman
& Co. was organized, it is said, about six years ago and until
reeentlj- was a memljer of the New York Curb E.xcliange.
It is .«aid to be a member of the New York Produce Exchange and the American Cotton & Grain Exchange. The
liabilities of the firm are alleged to be .$500,000 with assets
of 820,000.
it is

CO., NEW YORK, SUSPENDED
FROM CURB.
According to the New York "Jom'nal of Commerce" of
Jan. 2.5, failure of W. E. Brisben & Co., .stock brokers, Avith
II

E.

.

BRISBEN

cfc

25 inroad Street, to meet engagements, rcsuU(>d in
from the New York Curb Exchauge
on Jan. 24. The statement issued by the Cm"b Exchang(>, as
printed in the "Journal of Commerce," is as follows:
W. E. Rrisbon & <-o.. having .innounoed thoir failure to meet engageoffices at

their being .suspended

meiits. said firm iK suspended from regular membership, and niemboi-s liaving
contracts subject to the rulos of the Exchange with the said firm shall
without unnecessary delay proceed to close the same in accortlance with
.Vrtirle .X.WII, Se(;tion I. of tlio ('onstitution.

in:('i:i\EH.

appoIiSted for ciulds d ja^EPii.

\l a
on Jan. 2!). Ilernmn 11. Kggers was
selected as receiver for Chllds & Joseph Company, exportcreilitor.s' nit^eting

i-vn.
.1)111.

auuinsl
IS.

whom

a

accordin'j; to

petition in l)anUrup(c.v
llu>

was

New York "Times"

filed

ou

of .Tan. 20.

'"rimes" also said that it was stated that about n.')7o
against (he fii-m were represented a( (lie meeting.
The llahilKies of (he firm, it is said, total .$S.SO(),00(),
while n.M.se(v« innnuiit to al>oti( ."f.l.OOO.dOO, according to esU'file

of

(lie cljiiins

mates made

PROTECTIVE COMMITTEE FORMED BY
«t CO.'S (RE I >l TORS.

&

The quick

lion dollars.

•

.\r-fonlirig to the I'hiladelphia "I^-dger" r»f I;**-. '2:i, Ear!
vlendenhali, anoth<-r memb<Tof the failed firm, an<l Fredcrif k

13,

On Jan. 20, according to the New York "Tribune," of
Jan. 21, Manfred W. Ehrich, the receiver of the failed firm,
issued a statement in which he charged extravagance on
The "Tribune" quotes Mr. Ehrich
the part of the firm.

NEW YORK

With the resignation of Donald G. Geddes from the
Governing Committee of the New York Stock Exchange,
that Committee has adopted a resolution expressing "its
sincere appreciation of the intelligent, conscientious and
able manner in which he always performed his duties," and
voicing "its profound regret that the Exchange is to lose the
benefit of his active participation in its affairs and the wisdom
of bis council."
Mr. Geddes, who is a member of the firm
of Clark, Dodge & Co.. had been a member of the Goverring
Committee for 15 vears.

by Jan.

so.

./.

STOCK EXCHANGE GOVERNORS EXPRESS
APPRECIATION OF DONALD G. GEDDES.

361

It.v

I'l-icc,

\V,ilci lioii<e

i't

Co., accountants.

AGREEMENT AT ARMAMENT CONFERENCE ON
UA/LWAYS IN CHINA.
'rw(j reKolulioiis, designed to ai'I iti (lie dcvclopiiieiit of
railways in China, went a|)proved at tli(> ( 'oiifecriiee on
Limitation of AnnanienlH at the scHHion of th<< (^>niniittnn

on Pacific atid Far I'lastern (,)ues(i<iiis held on .Iti.n. \\).
In
one of (hi'.s(! resolu(ioiis ( 'hina aiid (hi< o(her powers declare
agaiiiHl unfair di.seriinination on railro»<lH in China in rospenl
of charges or fiu-ili(.ieH on (he ^;^oulld of iialiomilily.
In (ho
oilier reHolulion (he powers record l.hcir hope that tin* fiituro
development of railways in (Miiiui Nliall be ho ('ondueted as to
luilile the Chini'Hc (lovernnient lo cffi<<-(. the tMiiri<'.'i(ion of
the railways under CliiueHe control.
The i|ues(ioii of
•

control was before the Cr>niniitl4to on .Ian. IH
(he di.HeiiMMioii of the "open door" policy, ami while

^'liineHe
diirinj:

the coiiimiini(|Ue of that day was given in our iNHUe of IiihI.
Saturday 0»a«fe '2r»<»), we reprint here the following from it
bearing on (he railway r|iieHlioii;

THE CHRONICLE

363

SIR AUCKLAND GEDDES OF GREAT BRITAIN.
The Chairman asked whether it was desired at that time to present

resolu-

which might be distributed on the subject of railways in China.
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
question centring on the railways in China. The very important question
of the open door had been dealth with that morning, and from the door the
avenue leading in was becoming more and more an avenue of railroads. It
tions

s desirable that a provision to the following effect be in the convention »»
the open door in China." Then followed the text, with the small amendments he had already brought to the notice of the committee.

MR.

Sir

was, he believed, to the common interest of all countries that there should be
©quality of treatment for the trade and commerce of all nations upon these
railways, so he ventured to bring before the committee the following resolu
tton, 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

powers:

"The Chinese Government declares that throughout the whole of the
railways in China, it will not exercise or permit any discrimination what^
ever, direct or indirect, in respect of charges or of facilities on the ground
of the nationality of pas.sengers or the countries from which or to which
they are proceeding, or the origin or ownership of goods or the country
from whicn 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
aifter 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 conflideration and report."
Sir Auckland Geddes continued that he would like to add two or three
words, to say 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
He then stated that, with the perof railway policy in all the countries.
mission of the Chairman the British delegation would move the resolution
on the following day.
,

SECRETARY HUGHES.
The Chairman

said that the resolution
sented for discussion at the next meeting.

would be circulated and pre-

that it was manifest that the development of railChina was a subject most intimately and directly associated with the
prosperity of the country, and that it might be possible that, in showing
Interest in the future development of China, the Conference might desire

The Chairman added

ways

in

To bring
to indicate a general policy as to railway operation in the future.
the matter before the Conference merely for the purpose of indicating an
attitude and point of view of general policy, he would present the following
resolution for consideration:
"The Powers represented in this conference 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 railways into a railway system
under Chinese control with such foreign financial and technical co-operation as

may

prove necessary in the interests of that system."

The Chairman then stated that the resolution would be circulated and presented for discussion after the resolution proposed by Sir Auckland Geddes
had been dealt with.
Baron Shidehara asked whether his proposal might be considered later if
the Chinese delegation were not prepared to discuss it that day.
The Chairman said that he presumed that the matter presented by Baron
Shidehara would be regarded as before the Committee, that there would
be full opportunity for the Chinese delegation at another meeting to present
views upon the question, and that the question, which was a very important
one, would have full consideration by the Committee and could be discussed by the Japanese delegates and others as might be desired.
The Committee then adjoiuned until the following morning, Jan. 19
1922. at 11 o'clock.
The Sub-Committee on Far Eastern RaUways constituted at to-day's
meeting is composed of:
For the United States of America, Mr. D. O. Poole; for Belgium, Mr.
Lemaire de Warzee; for the British Empire, Mr. M. W. Lampson; for China.
Dr. Hawkling Yen; for Prance, M. Kammerer; for Italy, Count Emilio
Pagliano; for Japan, Mr. Matsudaira; for the Netherlands, Mr. De Kat
Engelino; for Portugal, Captain E. de Vasconcellos.
The following is the communique of the 19th inst., indicating the resolutions adopted with respect to the railways.
The twenty-first meeting of the Committee on Pacific and Far Eastern
Questions was held this morning, Jan. 19 1922, at 11 o'clock in the PanAmerican Building.
The Chairman (Mr. Hughes) said that the committee would consider the
resolution offered by Sir Auckland Geddes with relation to railways in
China. The resolution was before the committee in text, he believed, and
provided broadly against discrimination and for the reference of questions
Which might arise to the Board of Reference. He assumed that it was not
necessary to read

it.

SIR AUCKLAND GEDDES OF GREAT BRIT.AIN.
Auckland Geddes said that the resolution which he had the honor to
lay before the committee was, as he had stated the day before, rather unSir

In consequence, he did not move it simply as circulated.
"that it is desirable that a provision to the following
effect be in the convention on the open door in China"; and then the text
fts It stood.
On looking over this resolution carefully, and having had the advantage of
criticism from some of the delegates present, he had to suggest that words
be Inserted in the text as circulated, in the second lino, so that it should read:
"The Chinese Government declares that, throughout the whole of the railways in China, it will not exercise, or permit, any unfair discrimination of
any kind. In particular, there shall be no discrimination whatever, direct
In moving their
or indirect, in respect of charges or facilities," and so on.
resolution, the British Empire delegation were, of course, animated by the
They believed that a resodesire to make the open door policy effective.
lution in this sense, if adopted, and approved by the Powers, would go far
to make the open door a reality.
He wished to add there was no suggestion whatever that China's Government policy with regard to the railways had included any policy of discrimination on any grounds.
He wished to make that quite clear, and therefore
repeated what he had said yesterday. The British Empire delegation believed that if there were some body they suggested the Board of Reference before which claims or appeals could be taken, there would grow up,
rapidly and effectively, a policy of absolute fairness and equality with regard to all transportation facilities on the railways throughout China.
They considered that the Board of Reference, which they had proposed in
connection with the general policy of the open door, would bo the most satisfactory, the most natural, and the most convenient body before which to
have these cases, if any should arise, of alleged discrimination investigated,
and definitely settled. Accordingly he had the honor to move: "That it
usual in

its

form.

What he moved was

—

—

[Vol. 114.

Mr. Sze

REPRESENTING CHINA.

SZE.

se delegation had noted with great interest the
proposal made by Sir Auckland Geddes.
In regard to the fir.st paragraph
he desired to say that it had always been the policy of the Chinese Government a policy that was well known and the whole idea of which was t«
develop foreign trade to welcome foreign shippers or passengers and to
afford them equal treatment, ani he wished to add that there had never
been a single complaint by any shipper of unfiir treatment or discrimination.
This policy had proved to be the best j icy and it was still the wish
of the Chinese Government to foster foreign ui'ade.
He noted that while
the Chinese Government made a certain declaration in the resolution, the
other Powers made a similar declaration.
In regard to the third paragraph he hoped that there would be no occasion
to resort to it, as all the Powers represented on the committee were anxioua
that trade in the Far East should be on a fair and equitable basis; occasions
might, however, arise when it would prove useful.
He suggested one small
amendment, namely the insertion of the words "any of" before "Powers."
He wished to mention in this connection, in order that any possible future
misunderstanding might be avoided, that, in giving assent to the first paragraph of the resolution, China reserved to herself the sole right to classify
the rates on any of her railways.
The Chairman said he understood that there was nothing in this resolution which affected the authority to classify rates.
Mr. Sze said that he wished to avoid any question arising in the future and
to assure the continuance of the right of the Cliinese Government to classify
railway rates.
The Chairman explained that it was understood to be the sense of this
resolution that there was no Impairment whatever of the power of China
to classify rates, subject simply to the qualification
with the explanation
that it was not suggested on the basis that China had hitherto acted in
a discriminating way
that there should be no unfair discrimination of
any kind and particularly no discrimination on the basis stated in the resosaid that the Chi

—

—

—

—

lution.

Baron Shidehara inquired if it was understood that the classification of
freight rates should not be made in such a way as to entail any discrimination for or against different Governments or their nationals.
The Chairman answered that it was understood that ^he classification of
rates would not be made in such a way as to permit any unfair discrimination of any kind or, in particular, any discrimination, directly or indirectly,
on the ground of the nationality of the p:«sengers, the country to which
they were proceeding, or the origin or ownership of goods or the country
from which or to which they were consigned, or the nationality or ownership
of the ship, &c., as stated in the re.solution.
He then asked for further discussion on the resolution.
Baron Shidehara stated that the Japanese delegation cordially shared in
this resolution: that it was entirely in line with the principle of the open
door in China that was accepted at the previous meeting. The wording,
he thought, was admirable. It gave the Japanese delegation great pleasure
to accept the resolution.
Resolution as Revised.
The Chairman then put the question to vote and the resolution was

unanimously adopted .as fallows:
The Chinese Government declares that throughout the whole of the
railways in China it will no exercise or permit any unfair discrimination
of any kind.
In particular there shall be no 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 any of
the powers concerned to the Board of Reference, when established, for
consideration and report."
Unification of Railwaijs.

The Chairman then read

the next resolution which

was presented

for

action, as follows:

"The Powers represented in this conference 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 the railways into a railway system
under Chinese control, with such foreign financial and technical co-operation as may prove necessary in the interests of that system."
This resolution was indicative, he said, of a general policy to aid in the
maintenance of a strong and stable administration in China, and of suitable
control of the facilities essential to such an administration and to the pros-

Of course, it did not suggest the slightest interference
perity of the people.
with any legitimate existing rights.

MR.

SZE.

REPRESENTING CHINA.

to the resolution now before the committee
that he wished to state the position of the Chinese delegation, and he would,
therefore, read the following statement:
"The Chinese delegation notes with sympathetic appreciation the expression of the hope of the Powers that the existing and future railways of
China may be unif.ed under the control and operation of the Chmese Government with such foreign financial and technical assistance as may bo
needed. It is our intention as speediVy as possible to bring about this
It is our purpose to develop existing and future railways in accordresult.
ance with a general program that will meet the economic, industrial and
commercial requirements of China. It will be our policy to obtain such
foreign financial and technical assistance as may be needed from the Powers
in accordance with the principles of the open door or equal opportunity,
and the friendly support of these Powers will he asked for the effort of the
Chinese Government to bring all the railways of China now existing, or to
be built, under its effective and unified control and operation."

Mr. Sze stated with reference

In regard to the wording of theresolution they had no suggestions to offer,
but they had one suggestion which would in no way change the meaning
of the resolution and was made only with the desire to facilitate its rendering
into the Chinese language, namely that the word "co-operation" In the
next to the last Une should be changed to "assistance." He hoped that this
change would be agreeable to the Chairman.

SECRETARY HUGHES.
The Chairman said that was quite agreeable and that the amendmen*
was accepted. He then asked if there was a desire for further discussion.
Since there was not. the Committee proceeded to vote on the resolution,
it was unanimously adopted.
The Chairman then esked if any sub-committee was ready to report, or If
any of the matters which had been referred were ready for submission to
He had been informed by the Secretary-General that the
the Committee.
Committee of Experts designated to act in relation to the matter of the

and

THE CHKONICLE

Jan. 28 1922.]

Ohinese Eaatern Railway were to hare a meeting late that afternoon.
Awaiting tliat report tiio Committee migbt proceed to tlie next topic upon
the agenda, the status of exlstiiiK commitments in relation to China.
The part of the communique dealiug with China's commit-

ments

will

be given another week.

AGREEMENT AT ARMAMENT CONFERENCE ON
CHINESE TARIFF REVISION.
of the Committee on Pacific and Far EastQuestions on Jan. 16, resolutions embodying agreement
on the re\ision of the Chinese tariff were adopted. Under
the agreement the Tariff Revision Commission at Shanghai
shall immediately revise the schedule adopted in 1918 so
This rethat the customs duty shall be an effective 5%.
vision shall be completed within four months and become
The agreement
effective within two months thereafter.
also pro\-ides for a special conference composed of repi'esentatives of the contracting Powers, which shall meet M-ithin
three months in China, at China's request, to prepare the
way for the abolition of the likin (internal tax) with a ^^ew
on necesto granting China the right to Ie\^- surtaxes of 2 3^
For the purpose of keeping the
luxiiries.
saries and 5% on
tariff schedule up to date, thus assuring an effective rate
instead of a nominal one as at present, the agreement provides for a re\ision at the end of four years and periodic
No mention
revisions of the schedules every seven years.
is made of restoring to China autonomy over her tariff, as
asked by the Chinese delegation in its ten points presented
when the Arms Conference opened. The following is the
communique announcing the approval of the tariff agreement
The eighteenth meeting of the Committee on Pacific and Far Eastern

At the meeting

em

%

Questions was held this afternoon, Jan. 16 1922, at 3.30 o'clocli In the PanAmerican Building.
The Chairman (Mr. Hughes) said that before proceeding with the further
«rder of business they would entertain a report of the Drafting Committee in
Mr. Koot then prestentod
relation to the matter of customs in China.
resolutions which after discussion ;ind amendment, were adopted as follows:
Agreement on the revision of the Chinise tariff. With a view to providing
additional revenue to meet the needs of the Chinese Government, the powers
represented at this conference, namely the United .suites of America, Belglum, the British Empire, China, France, ludy, Japan, The Netherlands
and Portugal, agree
That the cust<ims schedule of duties on imports into China adopted by the
Tariff Revision Commission at Shanghai on Dec. 19 1919. shall forthwith be
revised so that the rates of duty shall be equivalent to 5%, effective, as
provided for in the several CJ)mmercial treaties to which China is a party.
A revision commission shall meet at Shangtiai at the earliest practicable
date to effect this revision forthwith and on the general lines of the last
revision.

be composed of representatives of the powers above
any additional powers having Oovernments
at present recognized by the powers reprt^ented at thi.s conference and who
have treaties with (Milna providing for a tariff on imports and exports not to
exceed 5% ad v.ilorem and wh<i dewire to partiripatf- therein.
The revision shall pnici-ed as rapidly as po!«lble. with a view to Its completion within four months from the date of the adoption of its re,solutioD by
the Conference on the Limitation of Armament and Pacific and Far Eastern
This commission

named and

shall

of representatives of

Quwtlonii.
The revised tariff shall become effective as soon as possible, but not earlier
than two month" aft«r Its pulilinitlon by the Revision f'ommisslon.
The Government of the United States, as convener of the present conference. Is requested forthwith to communicate the terms of this resolution
to the Government* or powers not repri«ented at this conference but who
participated In the revision of lOIS. aforiawiid.
A((r»ement regarding revision of Chintne cu.stoms duties.
With a vl<rw to IncnauiInK the revenues of the (Chinese Government, the
United Htatoi of America. Hislglum, the British Empire. China. Franco,
Italy. Japan, the Nelherlanrl;* and Portugal agrcw:
That immediate nttjin shall be taken through a special conference, to bo
1
CompfjseiJ of repr<»«-ntativm of the contracting powers and other powers
which adh(TO to this conv<?nt|f)n. u> prepjiro the way for the speedy abolition
•f llkin and for the fulfillment of Iho othi.T condition laid dr>wn in Arllcln
VIII. of the tr««ly of H.rpt. .5 190^, betwfMjn (irtsat Britain and China: In
ArtlcUa IV. and V. of the treaty of Oct, 8 190:{. butwix-n the UuIUmI Stales
and fy'hlna. and In Article 1. of thi' *uppliim<!iit;iry tnsily of Oct. H 11)01.
between Japan and China, with a vluw to levying the surtaxes provided In
(boss artJclm.
il conf«r«!nco nhall moot In f'hin.i within throo months aft<T the
rn'.
/f this c/>nv)mtlon, on a day and at a placo to bu diolgnatud by
t.ti.
Govitf'nment.
.j><«lal conforiinco shall consider the Interim provisions to bo apPIUkI prior t<i thoabollilon of llkin >tn'l thu fulflllnutnt of the olhiT conditions
laid down in thn artlrlm of Ihn lr<^itil>'n iib>ivi- mrrilloiii-<I. nod it kIiuII authorize thn Invying of a aurlAX on duil.iblr Imports lis from nurh diiUi, for
.

'

:.

:

I

•iich

.

•

1

purpoam and

Thn

«ul>J<^t Ui iiurh roiidlllonii oa

II

may

d>-t<-rmliin.

2H%

at a uniform rat<i of
nd valorem cxrupt In tho
Oftsn of certain nrtlrinn of luxury which
In thn opinion of tho iipi'<-lal conferenre. ran bntr a Rr<uiU-r IniTmwi without unduly Imp'xIliiK trade, and
upon whirh thn total "'irt.ix «)iall not pxr>«v| .'>''/„.

aurtai shall

Ixt

.

ThAl

the Unin>v|lAt<i r<-vUlon of thn rustfim* iichi«tu|n of rlutli's
am prov|.l<'<l for In a rmoliillon adopt)"! I,y tlm n-iinv•«^'
'f all pownr» "Ignat'iry to lhl<i ronriintlf,n nt a pli'n.iry wwilon of
tl'
rirn for l.lmllAllon of Arrnnmnnl tii-ld In th>' (.'lly of WiiiililriKt<in
on r.iin
fUy of January. 10^2. th>Tr nhxil ))n a furtlinr revision, Ui liikn
•ffwt »t the nxplrallon of four yrairn followlnff thn '-oinplntlon nt lh<< nfori>sald rnvlalon. In ori|<T l<i Initurn that thn ru*toin< d<illi-« aliall rorr'^np'iiid to
the ad valornm rat«i fixed liy thn «iK<rli»l r«>nf<Tnni-n h<Tn|n provld<-<l for.
Thai rtllowlnt this rnvl^lon Ihnrn ahall tin |HTlodi('a| rnvlslon* of Kin ru»lnm< «rl,n<i.i|n of tliitl'-w on ImiMirlJt lrit<i Chln.i ovnry wivnn ytirn. tnr the
«>. In lieu of thn dnrnnnUI rnvUlon aiithorlxKl by existing trnatliw
.1.

en

ffillowlnff

lmp<irtii InUi ':hln«

'

I

II 1 b

II
11

iifdnr to

aminlanrn with
Article

I.

h<v«ln.

promnl

rul<a to

dnlay.

iiurli

he nettlml

pTlodl'
ihn n\.

liy

Ii.ill

bn nffnrl«|

In

'«

mnnllonnd

In

•

363

4. That in all matters relating to customs duties there shall be effective
equality of treatment and of opportunity for all powers parties to this convention.
5. That the principle of uniformity In the rates of customs duties levied at
all the land and maritime frontiers of China is hereby recognized: That the
special conference above provided for shall make arrangements to give
practical effect to this principle: and it is authorized to make equitable adjustments in those cases in whicli the customs privilege to be abolished was
granted in return for some local economic advantage.
In the meantime, any increase in the rate of customs duties resulting from
tariff revision or any surtax herejifter Imposed, in pursuance of the present
convention, shall be levied at a uniform rate ad valorem at all land and maritime frontiers of China.
6. That the charge for transit passes shall be at the rate of 2J^% ad
valorem until the arrangements contemplated in Article I. herein come into

force.
7. That the Powers not signatory to this convention having governments
at present recognized by the Powers represented at this conference, but
whose present tariffs with China provide for a tar ff on imports not to
exceed
ad valorem shall be invited to adhere to the present convention,
and upon such adherence by all of this this convention shall override all
provisions of treaties between China and the respective contracting parties
which are incons'Stent vvith its terms.
That the United States Government, as convener of the present conference, undertakes to make the necessary communications for this purpose
and to inform the governments of the contracting powers of the replies
received.
Separate resolution.
8. Ratification clause of usual form.
That the Government of the United States, as convener of tho present
conference, be requested to communicate forthwith tho terms of the agreement arrived at with regard to the Chinese tariff of the Governments of the
Powers concerned as stated in this agreement, with a view to obtaining their
adherence to the agreement as soon as possible.
Then there followed a discussion of the next question on the agenda,
namely, the open door in China, which was not completed when the committee adjourned to meet Jan. 17 1922, at 3:30 p. m.

5%

The "open door"

and resolutions

discussions

relative

thereto were referred to in our issue of a week ago, page 252.

PRESIDENT HARDING IN ADDRESS AT NATIONAL
AGRICULTURAL CONFERENCE URGES FINANCIAL
SUPPORT FOR FARMERS.
In his address opening the National Agricultural Conference at Washington on Monday last, Jan. 23, President Harding spoke of the familiarity of those in attendance at the
irathering "with the distressing conditions in the agricultural community," and added that "the whole country has
an acute concern with the conditions and the problems
which you are met to consider." It is, he said, "a truly
national interest, and not entitled to be regarded as primarily the concern of either a class or a section or a bloc."
[The President departed from his prepared speech to the
extent of adding the three-word reference to the agricultural bloc]
The President also stated in the course of his
remarks that "we can have no hel[)ful understanding by
assuming that agriculture suffers alone, but we may fairly
recognize the fundamental difficulties which accentuate the
agricultural discouragements and menace the healthful life
of this basic and absolutely necessary industry."
"In the
matter of what may be called fixed investment capital,"
said the Presdient, "the disadvantage of the farmer so
siroiiiily imi)ressod i)iihlic oi)inion that a few years ago the
Federal Farm Loan Board was established to afford better
•suitplies of capital for plant investment and to Insure moderate interest rate.s.
Rut while unquestionably farm finance has benefited, the Hoard lias thus far not extended
Its operations to the provision of working capital for the
farmer as ilistinguishod from permanent investment in the
(ilant."
"There should he developed," continued the President, "a thorough code of law and Itusiness procedure, with
the i)rop('r machinery of finance, through .some agency, to
insure that turnover capital shall he generously aui)i)!led to
the farmer and on as rea.sonai)lc terms as (o other induairies.
.\n industry more vital than any other, in which near
half the nation's wealth Is invested, can he relied upon for
trood WHMirlty and certain icluni.s."
lie ndd(>d that "tho
llncH on whifh financial sui»port of agriculture ma.v he orirnnlwMl, are siitrgested In the plan of the Federal I'nrm Loan
I'.oard. and in (hose rural fijuiiiic Hoclctlcs wlilili have heen

—

Kuropean (•oiintrles." In u^^;lng fndllco-operative markelln;; In lielialf of the farmers, tho
I'rcsldetit Htjitcfl tliat ".\miTl<aii runners are nskliik' for,
and It Nhoiild he possible to aft'ord llirm, ain|>le provision
of law Milder which they may <arry <iii In co o|>enillve fashion, llioHi- huslneHM o|)eratiiMiH wlilih lend
tlieinsi-l ves to
so cffi'cllve In Hoiiio
tlcs for

Ihiil

ni<'llK>d,

Ink'*'

t"

liotli

and which, iImis iiaiiiiird, wnuld
the fanner and hiM eoiiHiiminK

I'resldent al.so stilted

lirliii^

iidvnn-

piihlle,"

The

:

"With propnr

flnnnrlal tupport for aKrIiMilliiro, •tid wllli Inntnimrntalithp rollortloii aiul rllHrnilrinlioii of iiarrul liifiirmntinn, a uroup of
11 iiprmtlve markpllni >irKii»l'.i>ll<>ni woiiM he aldr lo mlvjun tlipjr tiipml\rn

i.rrs
l>r

-<

for

ii~.

.)irr

lo

IliK

proliuliln

ili'iiiuiiil

for

ulniili-*.

ami

runitallun of arrPAKn* In partlrulnr rr(ip«,

ictitific

illitrllnjllon

of

prixlui'tlon

wua

lo

Itp

to

prn|iii»n

rnpiiiiiirpii

Tlin cprlalnly

ohwrvpd, would

tlinl

for

mirli

ulrrtigtlii'ii

—

:

THE CHRONICLE

364

the credit of a^-iculture and increase the security on which financial advances could be made to it."

Among other remedial measures the President referred to
the need of "a i>ractical development of water resources for
hoth transportation and power," and .said, "we may well
begin very soon to consider plans to electrify our railroads."
The reclamation of the country's arid land was also urged
by the President as "a part of a recognized permanent policy," for, he said, "not otherwise will it be possible to keep
the Nation self-supporting and as nearly .self-contained as it
has been in tiie past." It was further pointed out by the
President that "there must 'be a new conception of the
farmer's place in our social and economic scheme." "The
succes.sful farmer of to-day," the President observed, "far
from being an untrained laborei', worliing every day and
every hour that sun and weather pei-mit, is required to be
the most expert and particularly the most versatile of artiIn the early part of
.sans, executives and business men."
his address, in stating that "the Administration has been
Iceenly alive to the situation, and has given encouragement
and support to every measure which it believed calculated
to ameliorate the condition of agriculture," the President
said
"So long as the emergency continues, it must bo dealt
with as such, but at the same time there is every reason for
us to consider those permanent modifications of policy which
may make relief peniianent, may secure agriculture as far
as possible against the dangers that such conditions will
ari.se again and place it as an industry In the firmest and
most assured postion for the future." The following is the
:

President's address

[Vol. 114.

favor and aristocracy, while the working of it was regarded as the task of
menials, dedicated to ill-paid toil in order that the owners of the land and
the rulers of tlie State might be able to maintain themselves in luxuiy and
to enforce their political authority.
Coming down through the ages, we see the advance of civilization gradWe see the institutions
ually emancipating the soil from this low estate.
of serfdom and villenage under the feudal order, succeeding those of slavery.
Later we see the creation of a i-ural peasantry, comprising broadly those
who till the soil, but in most ca-ses do not own it, and whose political
It is, indeed, not until we come to very recent
riiclits are very restricted.
times and to our own country's development that we see the soil lifted
abnvp the taint of this unjust heredity, and restored to the full dignity

and independence to which it is entitled.
Even in our own times and under the most modern and enlightened establlishments, the soil has continued to enjoy less liberal institutions for its
Comencouragement and promotion than many other forms of industry.
merce and manuiacturing have been afforded ample financial facilities for
their encouragement and expansion, while agriculture on the whole has
The merchant, the manufacturer, the great instruments of
hiKged behind.
public transportation, have been provided methods by which they enlist
necessary capital more readily than does the farmer.
A great manufacturing industry can consolidate under the ownership of a
single corporation with a multitude of stockholders a great number of originally .separate e.stablishn-.ents, and thus effect economies and concentrations and acquire for itself a power in the markets where it must buy, and
in the markets where it must sell, such as have not been made available to
The farmer is the most individualistic and independent citiagriculture.
zen among us.
He comes nearest to being self-sufficient but precisely
because of this he has not claimed for himself the right to employ those
means of co-operation, co-ordination and consolidation which .serve .so use-

1

;

fully in other industries.

A

more

niaimfacturers consolidate their interests under a
and attain a great increase of their power in the
markets whether they are buying or selling. The farmer, from the very
mode of his life, has beeii stopped from these effective combinations; therefore, because he buys and sells as an individual it is his fate to buy in the
dearest and .sell in the cheapest market.
The great industrial corporation sells its bonds in order to get what we
may call its fixed or plant capital, just as the farmer sells a mortgage on
score

or

of

coi-porate organization,

his land in order to get at least a large part of his fixed or plant capital.
am not commending the bonding or mortgage system of capitalization
rather, only recognizing a fact.
But there in large part the analogy ends.

I

and Maiiihern of the, Cjonjerence:
It is an occasion of the greatest satisfaction to ine that Secretary WalI confess the
lace's invitation has been so widely and cordially accepted.
firm belief that in the public life of a people so intelligent as the American
nation mort problems may be reg-arded as well on the way to so'.ution when

fiecretary Wallace

the are once reduced to their simplest terms and generally understood.
This conference was called with the aim to bring about such a general understanding of the critical situation now confronting American agriculture.

We all understand that this conference is not a legislative body. Its
recommendations will require to be written into the statute bock, by other
authorities or applied in administration after sanction by those who must
assume responsibility. But we confidently anticipate that the considerations here had will be helpful and illuniinatirg to those immediately responsible for the formulation of public policy in dealing wth these problems.
Therefore, it has seemed to me, I can make no more appropriate observation than that your work here will be of value precisely as you address
yourselves to the realities, the matters of fact, the understanding of conditions as they are and the proposal of feasible and practicable methods for
dealing with those conditions.
Concerning the grim reality of the present crisis in agriculture, there can
be no differences of opinion among informed people. The depressions and
discouragements are not peculiar to agriculture and I think it fair to say
there could have been no avoidance of a great slump from wartime excesses
We can have no helpful understanding
to the hardships of readjustment.
by assuming that agriculture suffers alone, but we may fairly recognize the
fundamental difficulties which accentuate the agricultural discouragements
and menace the healthful life of this basic and absolutely necessary industry.
I do not need to tell you or the country of the supreme service that the
farmer rendered our nation and the world during the war.
Peculiar circumstances placed our Allies in Europe, as well as our own country, in a
position of peculiar and unprecedented dependence on the American farmer.
With his labor supply limited and in conditions which made producing
cost high beyond all precedent, the farmer rose to the emergency.
He did
everything that was asked of him. and more th.an most people believed it
was possible for him to do.
Now, in his hour of disaster, consequent on the reaction from the feverish conditions of war, he comes to us, asking that he be given support and
assistance which shall testify our appreciation of his service.
To this he is
entitled, not only for the service he has done, but because if wo fail him
we will precipitate a disaster that will affect every industrial and commercial activity of the nation.
The Administration has been keenly alive to the situation, and has given
encouragement and support to every measure which it believed calculated to
ameliorate the coiulition of agriculture.
In the effort to finance crop
movements, to e.xpand foreign markets, to expand ci-edits at home and
abroad, much has been accomplished.
These have been, it is true, largely
in the nature of emergency measures.
So long as the emergency continues,
it must be dealt with as .such ; but at the same time there is every reason
for us to consider those permanent modifications of policy which may make
relief permanent, may secure agriculture as far as possible against the
danger that such conditions will arise again, and place it as an industiy
in the firmest and most assured position for the future.
You men are thoroughly familiar with the distressing details of present
conditions in the agricultural community.
The whole country has an acute
concern with the conditions and the problems v.hich you are met to consider.
It is a truly national interest, and not entitled to bo regarded as
primarily the concern of either a class or a section
or a bloc.
.'Vgriculture is the oldest and most elemental of industries.
Every other
activity is intimately related to and largely dependent upon it.
It is the
first industry to which society makes appeal in every period of
distress and
difficulty.
When war is precipitated the first demand is made on the
farmer that he will produce the wherewiihal for both combatants and the
civil population to be fed, and in large part also to be clothed
and equipped.
It is a curious fact that agriculture has always been the first
line of support of communities in war, and too conmionly the victim of
those distresses which emanate from great conflicts.
Perhaps I may be pardoned
a word by way of developing this idea.
Until comparatively recent times
the land was the first prize of victory in war.
The conqueror distributed
the subjugated soil among his favorites, and gave them
his prisoners as
slaves to work it.
Tlius the ownership of the land became the symbol
of

—

Both the manufacturer and the farmer still require provision of working
The manufacturer whose turnover is rapid finds that in the seasons when he needs unu.sual amounts of working capital he can go to the
bank and borrow on .short notes. His turnover is rapid, and the money
will come back in time to meet his short-term obligation.
But the farmer
Tlie merchant finances his operations in the same way.
is in a different case.
His turnover period is a long one his annual proFor almost any
duction is small compared to the amount of investment.

capital.

;

crop the turnover period is at least a year ; for livestock it may require
two or three years for a single turnover. Yet the farmer is compelled, if he
borrows his working capital, to borrow for short periods, to renew his paper
.several times before his turnover is possible, and to take the chance that
if he is called upon untimely to pay off his notes, he may be compelled to
sacrifice growing crops or unfinished livestock.
Obviously, the fanner
needs to ha^'^ provisions, adapted to his requirements, for extension of
credit to produce his working capital.
Under the necessities of wartime, consolidation and centralization of
credit lesourccs and financial cauabilities went far to sustain the struggle.
Essential industries were extended the help and support of society because
society recognized its dependence on them.
Much that v>as economically
unsound and unfair was perpetrated under cover of this effort to uphold
necessary industrial factors.
But the lesson was useful, and justifies inquiry as to whether, properly adapted to peace conditions, the methods of
larger integration and wider co-operation might not well be projected into
times of peace.
The need of better financial facilities for the farmer must
be apparent on the most casual consideration of the profound divergence
between mfthods of financing agencies and other industries. The farmer
who owns his farm is a capitalist, executive and laborer all in one. As
capitalist, he earns the smaller return on hi.; investment.
As executive, he
is little paid, and as laborer he is greatly underpaid in comparison to labor
in other occupations.
There is much misconception regarding the financial .status of agi'iculture.
If the mortgage indebtedness of farms shows over a given period a
marked tendency to increase, the fact becomes occasion for concern. If
(luring the same period the railroads or the great industries controlled by
corjiorations find themselves able to increase their mortg'ge indebtedness
by dint of bond issues, the fact is heralded as evidence of better business
conditions and of capital's increased willingncis to engage in the industries
and thus insure larger production and better employment of labor.
Both the niechani.s)n of finance and the preconcsptions of the community
are united in creating the impression that easy access to ample capital is a
disadvantage to the farmer and an evidence of his decay in prosperity, while
precisely the same circumstances are construed, in other industries, as evidence of prosperity and of desirable business expansion.
In the matter of what may be called fixed investment capital, the disadvantage of the farmer so strongly impressed public opinion that a few
\'earK ago the Federal Farm Loan Board was established to afford better
supiilies of capital for plant investment and to insure moderate interest
rates.
But while unquestionably farm finance has benefited, the Board
has thus far not extended its operations to the provision of working capit;il
for the farmer as distinguished from pennanent investment in the plant.
There should be de\elopcd a thorough code of law and business proceduie, with the proper machinery of finance, through fome agency, to insure that turnover capital shall be as generously supplied to the farmer and
on as rea.sonab!e terms as to other industries.
An industry, more vital
than any other, in which near half of the nation's wealth is invested, can
be relied upon for good security and certain returns.
In the aggregate the capital indebtedness of the country's agricultural
plant is small, not large.
Compared with other industries, the wonder is
that agriculture, thus deprived of easy access to both investment and accommodation capital, has prospered even .'o well.
The lines on which financial support of agriculture may be organized
.ire suggested in the plan of the Feder.al Farm Loan Board and in tliose
rural finance .societies which have been so effective in some Em-opean countries.
The co-operative leaning associations of Europe have been effective
incentives to united action by farmers and have led them directly into cooperation in both production and marketing, which have contributed greatly
to the stabilization and prosperity of agriculture.
Whether we examine
the co-operative societies of Russia, now recognized as the mo.st potent
support in that disturbed country for orderly society, or whether we turn
to the great .aid illuminated co-operative associations which have strength-

I

THE CHRONICLE

Jan. 28 1922.]

365

portation system, but also of producing hydro-electric power for its operation and for the activities of widely diffused industry.
I have spoken of the advantage which Europe enjoys because of its easy
access to the sea, the cheapest and .surest transportation facilities.
In our
own country is presented one of the world's most attractive opportunities for
The heart of the cone.xtension of the seaways many hundred miles inland.
tinent with its vast resources in both agriculture and industry would be
brought in conitnunication with all the ccean routes by the execution of the
To enable ocean-going vessels to have
St. Lawrence waterway project.
access to all the ports of the Great Lakes would have a most stimulating
The feasibility
effect upon the industrial life of tJie continent's interior.
of the project is unquestioned, and its cost, compared with some other great
engineering works, would be small.
Disorganized and prosirate. the sations of Central Europe are even now
setting their hands to the development of a great Continental watei-way
wliieli, connecting the Ithiiie and Danube, will bring water transportation
If nafrom the Black to the North Sea, from Mediterranean to Baltic.
tionalist prejudices and economic difficulties can be overcome by Europe,
they certainly .should not be fonnidable obstacles to an achievement, less
expensive, and giving promise of yet greater advantages to the peoples of
Not only would the cost of transportation be greatly reNorth .America.
duced, but a vast population would be brought overnight in immediate
touch with the markets of the entire world.
Tliis conference need have no fear of unfortunate effects from the fullest
A narrow view might dictate, in the
development of national resources.
present agricultural stress, ar.tagonism to projects of reclamation, rehabiliTo the contrary, if agricultation and extension of the agricultural area.
ture is to hold its high place, there muirt be tlie most liberal policy in
The w.ar, as was recently well said by the
extending its opportunity.
Secretary of Agriculture, has brought our country more quickly, but not
more inevitably, to the necessity of deciding whether this sliall be predominantly an industrial, country or one in which industry and agriculture
shall be encouraged to prosper side by side and to complement each other

asi-iciiltural indu: tries; whether we exainine the cooperative societies of Ireland and Denmark, or the like organizations which
iiandle the potatoes of Maine, or the cantaloupes of Colorado; whether we
consider these organizations as means to buying the farmer's requirements
in a cheaper market or to selling his products in a more remunerative one,
the conclusion is in all cases the same.
It is, that the farmer is as good a business man as any other man when
he has the chance ; that he is capable of organization, co-operation and coordination ; tliat he will apply sound methods to his business, whenever he
that his credit can be better established, his particular
has the chance
needs of capital on terms suited to his requirements can be met; that, these
^things accomplished, he ceases to be an underpaid laborer, an unpaid executive, and a capitalist with an unremurierative investment.
It cannot be too strongly urged that the farmer must be ready to help
himself.
This conference would do mcit lasting good if it would f'nd wiys
to impress the great mass of farmers to avail themselves of the best methods.
By this I mean tliat, in the last analysis, legislation can do little
more than give the farmer the chance to organize and help himself.
Take co-operative marketing, .\mericau farmers are asking for, and it
should be possible to afford them, ample provision of law under which they
may carry on in co-operative fashion those business operations which lend
themselves to that method, and which, thus handled, would bring advantage to both the fanner and his con. uming public.
In countries where
these facilities and opportunities have been afforded, such co-operative organizations have been carried to ihe highest usefu'ness and are recogniz'^d
They make the farmer's selling price
as aiding both farmer and consumer.
higher and the consumer's buying price lower.
But when we rhall have done this, the farmers must become responsible
for doing the rest.
They niu<t learn organization and the practical procedures of co-operation.
These things we cannot do for them, but we can
and should give them the chance to do them for themselves. It will be for
them to demonstrate their readiness and wi'.lingiKss and ability to utilize
such instrumenta'ities.
There is need for wide di-semination of info-zma-

ened the California

;

and understanding of methods and for development of what I may
and purpose of co-operation. The various excellent societies
of farmers, which are represented here, have a responsibility in this reThey have already done much, but they have much more to do if
gard.
the American farmer shall be brought most effectively to Help himself
through organization and c-o-operation.
One of the most serious obstacles to a proper balancing of agricultural

a community of

tion

in building here

call the spirit

our policy shall be, as it ought, to encourage the dual development,
then we have need to consider the early and continuing reclamation of
thoLe great areas which with proper treatment would become valuable addiTo this end every practical proposal
tions to our agricultural capacity.
for watering our arid and semi-arid land, for reclaiming cut-over forest
areas, for protecting fei-tile valleys from inundations, and for draining the
potentially ricii and widely extended swamp areas .should be given the
.All this should be a part of a
full encouragement of the Government.
Not otherwise will it be possible to keep
recognized permanent iiolicy.
the nation \.elf-supporting and as nearly self-contained as it has been in the

production lies in the lack of essential information.
All too frequentlj'
iuch information is g^athered by private interests, whose concern is private
profit rather than the general good,
.\grieulture cannot thrive inider con•iitions which permit the
peculator, the broker, the forestaller, because of
superior information to b?come chief beneficiaries.
The element of .speculation in crop production is at best so great as to dictate that other speculative elements, always iinble to be manipulated to the disadvantage of
the producer, shall be reduced to the minimum.
With proper financial support lor a:?ricu'.turp and with instrumentalities
for the collection and di semination of useful information, a group of cooperative marketing organizations would be able to ailvise their members ;is
to the probable demand for staples, and to propose measures for proper
limitation of acreage in particular crops.
The certainty that such scienlitic '•
n of production wa.s to be observed would stemgthen the
rr«^i*
iture and increase the security of which financial advances
:

to

whfrh

effects

11

joint

>-h

U.:

There must be a ne^v conception of the fanner's place in our social and
The time is long past when we may think of farming
ecoriomic scheme.
as an occupation fitting for a man who is not equipped for or has somehow
The successful farmer of to-day, far
failed at seme other line of endeavor.
from being an untrained laborer, working every day and every hour that
sun and weatlier permit, is required to be the most export and particularly
He must be
the most versatile of artisans, executives, and business men.
a Kood deal of an engineer to deal with urobleijis of drainage, road-building
and the like.
He requires the practical knowledge of an all-round meThe probchanic, to handle his machinery and get best results from it.
lems of stock-raising and breeding demand understanding of biology, while
those of plant-raising and breeding call for a wide practical knowledge of
botany and plant patholcgj-.
In handling his soils for best results, in using fertilizers, determining rotations, and in selecting and using feeds for stock, he has need for a
working knowledge of chemistry.
As our timber supply is reduced, his
service in conserving and expanding the timber resources of the farm will
be increasingly import. int. necessitating an intimacy with forestry and
forestation.
There is no business in which the executive talents of tlie
skilled organizer and manager are more absolutely necessary tlian in successful fanning; and this applies alike to the producing, in the buyinfr
and the selling phases of farming.
.Mong with all this, the farmer must have untiring energy and a real
love and enthusiasm for his splendid profoB.'ion.
For such I choose to call
the vocation of the farmer
the most useful, and it ought to be made, one
of the most attractive among all l!ne< of human effort."

it

h.i

in

from overproduction are notorious.
on .Agricultural Conditions, in the val!s,sucd, declares that a deficiency of oneu'ar Kiaple means an increase of threeof two-tenths in production v,-ill mean

arise
•

the pi
tenth' in th" j
tentii

past.

it.

.-,

(

t

s

in

the price.

just as

emphatically true.

In a rec-ent address to
thud:
to \te told, .and to have the statement strongly
bale^ of cotton, raised on .American plantations
ully be worth more to the prcducern than 13 000,becn.
Kqually shocking Is the sUtcment that 700,000.0f)0
r.j: .-.j
i,'.
American farmers, would bring them more
Vet thcfie are not exaggerated ttatcmcnts.
lens of millions who need food and clothing
•lot net, lojch a condition in uure to indict the
so<.-ial syg-<

Hituiition

-

'

'..

it

it
.,f

if

the

tti.

cijn iimer,

...

quite equally with that
these violent fluctuations
i/.:trd
production.
Indeed, the
.iiionxtrate that the consunK-r'-t
quite erjunl to that of the pro•'
•-)
Uie diiad-

The

In

fjriiicr

'

)

'-

»iui

iiiiuM_>

fjACH

i.tMi :n,

which Kh.iU
and enable

of

'

"

'

r

'

'-

United
{ armx
,

.1

and

slate,"

liatl

:i

and indnslrial

life

(^onslrnclive effort,

f|iience."
I

fields— first,

I

111

ami

iidni.slrallM-

Ks

said,

lie

may

wlial

may

a conse

as

made

be
properly

sliouid

done

In-

seeond, wlial

"onr en-

statetl that

stifferinj:

is

aijiicnltim'

tlio

done

l)o

ediKiil loiial effort, national

in

(broiiKh

tliroii^'li

ail-

Slate,

and

.'ind

may and should

be ilone by the farmers thomThe
selveH Individually and (hron«h their orcanlzaflons.
reinurkH of ,Se<'relary \Viilla<'e were as follows:
third, wlial

.n

,li"jM

lin-e

IcKlslalive ai-tlon;

Jlfl

I

-<tll

Ii-n

p.ir-

IIH'I II. ll

II''

up»in our

nation as "in

tire Itiislness

mile-

'I
I

tin-

las(, <lo.s(ril)(>d

-P-

'

arva nl

•I

on .Monday

opciiiii;; scs.sioii

Wallaoo, In addrcssin;;

('oiitVronco in Wasliiiij;t(in. al

.V^'rictillnnil

.N'atloiial

C

Henry

Sccn'tur.v of A«rlciiI(iHV

the

•

•

•

OF sEvuiyiwin oi< AaiticVLTUKE walAT XATIOXAIj AaiilCULTURAIj COXFEItENCE.

/i'y;.i/.i/i'/vN

-.-vent

.

'.

r.

—

ii>»'>;i<i<'

ooncrrn for Iwtter
llli.

interests.

diver.se

If

of

11.

!|

In hln

anklnK vnc lo ciill IliN National ConfRrrnoe, aixl in liU ad
havf JiiNt lienrd, the I'rexliliMit ha« iniide plain the rciinonn
bc'ii naked to ciiili'' here.
oilurr of (he iiiitloii U In ii bad Ntiil<-, mid iiiir iMitIre bunllii'itH and
lifii la kiirfiTliiK In cniiUMiUPno*.
IHdli production oinIn, fnllownd

li'ttrr

Ml

";.

1'

I

everv rullp.

I

...

.

hiivf urcjlly

.

hi

iu\«

<\lhlliir

Will

^
.1

l,X

Thp

I...
.f

It

hiia

Bri.iip

iiiitloii.

rp

(jf

iiiPM

You

lliprr

who

(f>tnp

frnrii

I'H'tliiii.

iilaiia

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he

iH'eilN

liroiiitht

ovurv Sintr.

..ui

trail*-

toKcllipr

roiidUlilliK

I'll''

,h...ti

'

!'"'''

I<u«iiii'««

tinip

llin

fiirill"

ullh

am

fartiivrt.

1.

"' U"'
nf nrri
Mnny of

Ilia

fiimipra'

'

<

ll

1'.

..Ill

iiminly

PI
lu

fuii

to

i«»y,

iila.i

rpjifp-

rrprranii

dpp«rii|piit

thprpforr,

To

yni.

I'IiIpiI

.111.1

ileal

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oiii'

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ihfferptlt

your

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ul

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by llm dUpriqmrtlon

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i.\

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to a|«ftrlfv '"I' mllifosd"

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wp

—
a

THE CHKOlSnCLE

36S
now have

in this

related industrial

room a trme

cross-section of our agricultural life

and

Its

life.

solely for your known ability to serve in this
matter. When in war we called upon our men to put on the uniparticular
form and fight the common enemy, we took no thought of their political
So in asking
relations, or of anything but their ability to meet the need.
you to come here and consider the state of agriculture no inquiry was
made as to your politics, your religion, or anything other than your qualiYou have come at your own expense,
for this particular service.

You have been chose*

fications
many of

you from long distances and at great inconvenience, and 1 am
our common
sure with no thought other than an unselfish desire to serve
co""try.
.^
,X
As has been suggested by the President, the problem divides iteelf into
bridge it, and
two parts, one of the present depression and how best to
the other a consideration of future policies with a view to fending off a
recurrence of such troubles as we now experience, and of building for the
future a sound, satisfying agriculture which will feed the nation abundantly at reasonable cost and, at the same time, yield a financial return
.

under
to the farmer large enough to make sure of continued production
standards of living which will enable ub to maintain on the soil a worthy
citizenship.

To all who have given thought to these matters it is evident at once that
constructive effort should be made in three fields.
First, what may be done properly through legislative action.
Second, what may be done through administrative and educational effort, national and State, by the various agencies charged with the duty of
fostering agriculture.

Third, what may and should be done by the farmers themselves individually and through their organizations.
Realizing, howIt is not my purpose to suggest what you sh.all do here.
ever, that you have come at our invitation, and that your time is precious,
we have made plans to help you use this time to the best possible advanIn a gathering of this kind, composed of strong, independent thinktage.
ers, it is perfectly evident that progress must be made largely through
committee action. I have, therefore, assumed to set up committees to deal
with the various que.^tions which automatically present themselves in any
With the gre.itest care
gathering called to consider agricultural problems.
possible I have a-ssigned you to the various committees dealing with subjects in which I believe you have a special interest, and on which, therefore, you would not only prefer to serve but can serve most effectively.
These committee assignments will be found on the mimeographed sheets
which will be handed to you this afternoon. The fact that you have been
assigned to one committee does not debar j'ou from presenting .matters in
which you are interested to other committees having such matters in hand.
The arrangements provide a room tor each committee and stenographic
In addition, there will be made available to each comhelp when needed.
mittee the services of some man who has had training and experience in
the subjects with which the committee deals and who is familiar with
Dr.
the sources of information which the committee may wish to have.
He
H. C. Taylor will act as the Executive Secretary of the Conference.
will be available at all times for consultation on any matters pertaining
to the work.
The program, you will note, is intended to illuminate the main quesMonday afternoon will be given over to hearing
tions to be considered.
A program has been prepared for the forereports from different sections.
noon of Tuesday, Wednesday and Thursday, leaving the afternoons and evenings free for committee work.
It is hoped that the committee reports may be ready by Thursday noon.
They will be presented in open conference for full discussion and for such
action as you may wish to take.
Last summer Congress appointed a joint committee of agricultural inquiry. For eight months this committee has been studying conditions which
The
affect agriculture and has in prepartion a most illuminating report.
chairman of the committee is Representative Sydney Anderson, of Minnesota, whom I have asked to serve aa the permanent chairman of this conference and who will now address you.
President Harriing's letter requesting the calling of the
conference was referred to in our issue of Jan. 7, page 19.

EUGENE MEYER JR. ON PROBLEMS OF
AORICVLTURAL INDVSTRY.
Addressing the Agricultural Conference at Washington

on Jan.

24,

Eugene Meyer

Jr.,

Managing Director of the

War

Finance Corporation, stated that "this conference,
meeting at the call of the President and the Secretary of
Agriculture to consider in their broader aspects the pressing problems of our great, fundamental agricultural industry, has before it a task of great import not only to the industry itself but to the nation as a whole." "Agriculture
to-day," said Mr. Meyer, "is confronted with many difficult
and complex problems arising out of the chaos and aftermath of war. But there are no problems that are more
urgent at the present time than those of marketing and
finance." Mr. Meyer also said:
Before the beginning of the world war, our production of agricultural
commodities had been adju.rted and brought into balance with the needs of
The war completely changed
the consuming Marketfl at home and abroad.
that schedule of production from the outset, calling, for example, for a
The increased degreat deal more meat and grain and much less cotton.
mands and reduced supplies in Europe stimulated prices and led to vastly
increased production of foodstuffs in this country, many former sources of
supply in other countries being cut off to a considerable extent by the
lack of ships for the long water haul.
Since the war the market for American ag:ricultural products has deThe remoter sources of production have again come into competiclined.
tion with our producers, and part of the European production has been
restored, while consumption, owing to disturbed political, civil, financial,
industrial and commercial conditions, has been greatly curtailed.
Our
agriculture must of necessity adjust itself to the conditions that now exist
in the world's markets
a diminished foreign consumption of at least some
important products of the soil and renewed competition from other producing countries. When the hope still prevailed that Europe might return
to normal with a fair degree of rapidity, the granting of credits to foreigners provided a method of disposing of our surplus products
but the developments of the past two years have demonstrated clearlj- and conclusively
the futility of continuing such methods indefinitely.

—

;

[Vol. 114.

A summary of the work of the War Finance Corporation
since the resumption of its operations under its export powers following the Congress authority conferred in the matJanuary 1921 was furnished by

ter in

Mr.

Meyer,

who

stated in part:
By the latter part

of October, the machinery for the administration of the
Agricultural Credits Act, both in Washington and in the field, was practically completed, the committees in the various sections of the country were
functioning actively, a large number of banking institutions had become
familiar with the powers and purposes of the Corporation, and applications
In November, 790 applications
were being received in increasing numbers.
for advances for agricultural and live stock purposes, involving over $38,The volume of business has
000,000, were acted on by the Corporation.
continued to grow until on Jan. 19 1922, more than 3,000 advances to
banking and financial institutions for such purposes, aggregating about
$128,000,000, had been approved, in addition to large advances to cooperative marketing organizations.
During the week ending Jan. 14, the Corporation authorized 455 advances
involving more than $12,000,000 to various banking and financial institutions, which in turn were able to extend old agricultural loans or to grant
new loans to their farmer customers. These advances were distributed in
31 States, from Alabama and Texas on the Gulf to Montana on the Canadian line, and from Georgia, the Carolinas and Virginia on the Atlantic, to
California and Washington on the Pacific, with the great producing States
of the Mississippi Valley heavily represented.
It is impossible to say how many farmers get the benefit of an advance
made by the Corporation to a banking institution. A single advance may
One advance
involve the notes of a large number of individual farmers.
which we recently made in the Corn Belt, for example, involved the paper
of some 174 farmers to whom the bank had made loans for various agricultural purposes.
When an application is filled out by a local bank, it is sent to our local
committee.
It is then forwarded, with the report of the committee, to
Washington, where it is examined by our staff and presented to the Bosird
of Directors.
In a vast majority of the cases, the Board is able to approve
but sometimes it is compelled to
the recommendation of the committee
modify them. Long range banking takes time but the knowledge that the
funds of the Corporation are available in proper cases and on good security
helps to take the pressure and anxiety off the situation.
A bank that feels
reasonably certain of getting an advance is almost in the same position,
mentally and financially, as a bank that has actually obtained a loan.
;

;

Helping

to

Restore Confidence.

frequently take occasion to state, the value of the work of the Corporation is not to be measured in terms of the dollars advanced.
Financial
collapses are partly tangible and intrinsic, and partly due to fear.
The
prompt improvement that the Corporation has been able to bring about by
a general restoration of confidence is of far greater importance than the
actual amount of money loaned.
Vast numbers of farmers who have had
no financial aid, directly or indirectly, from the War Finance Corporation,
.ire
nevertheless getting the benefits of the general improvement of the
credit situation, duo to the financial relief that has been given to the district in general or to the neighboring territory.
No one has ever claimed that the War Finance Corporation, or any other
agency, can cure the woes of the world.
There is a distinct and separate
problem involved, for instance, in the fact that two bumper corn crops have
produced over 6,000,000,000 bushels of corn in the last two years. We
exported more corn in 1921 than during any other year in the last decade,
but corn is not essentially an export commodity.
80% of it is consumed
on the farm, and the ability of the farm to consume it, by converting it
into live stock, cannot be increased in proportion to the increased surplus,
except in the course of considerable time.
The Corporation has, however, I
believe, rendered material assistance in connection with the corn situation
at least it has prevented the situation from becoming very much worse
by the extensive loans it has made to banking institutions in the com belt,
thus averting, in no small measure, the forced liquidation which otherwise
they would have been compelled to carry on.
In addition, the Corporation
has stimulated the feeding of live stock, and large numbers of cattle, which
long ago would have gone to slaughter if it tiad not been for the funds of
the Corporation, are to-day quietly munching corn on the farm.

As

I

—

Strengthening of Weaker Banks an Important Factor.
the most important factors in the work of the Corporation
factor which cannot be accurately measured or properly appraised
is this:
Where a number of banks in a given territory find themselves in a difficult
position due to loans which, though good, are ne\ertheless slow and temporarily uncollectible, and where these banks are compelled to meet the

One

of

—

—

demands of their depositoi-s for their current needs, a disastrous situation
might easily develop if the long rediscounts offered by the War Finance
Corporation were not available. This weakness, which all those familiar
with agricultural conditions appreciate, is not only a factor with the banka
immediately concerned but with the stronger banks as well. If the weaker
banks had not been reinforced by the Corporation's rediscount facilities, aa
they have been recently, the stronger banks would not have been as willing
as they have been to do their part in the situation.
And, as our work progresses, one of the most important effects will be that the stronger banks
of the country, seeing that the position of the weaker banks is improving,
will come into full, courageous and helpful activity throughout the agricultural territory.
IVorfc

Warmly Supported.

am

glad to present to the Conference this summary of the work of the
W,ar Finance Corporation in connection with some of the problems which
you are here to consider. What the Corporation has accomplished is due to
the whole-hearted co-operation and warm support it has received from the
President and every member of the Administration
from both Houses of
Congress, which have ever evinced their confidence in its work
from the
great group of bankers who are assisting us all over the United States;
from the great farm organizations
and from the loyal staff of hardworking assistants who have never spared themselves and who have worked
nights and Sundays and holidays when necessary to speed up the work.
I

;

;

;

Mrist Provide Machinery to

Meet Changed Conditions.

The more orderly marketing
changed
kets,

is

of our crops, which is necessary to meet the
conditions of the consuming foreign markets and of our own marone of the .subjects which may well occupy the attention of this

meeting.
We must recognize the necessity of selling our agricultural products more gradually than we did in former years, and the corresponding
necessity of carrying our commodities for a longer period of marketing.
We need the machinery that will make possible a twelve months' marketing of our annual production.
If we provide financing for the gradual
marketing of our commoditits, we will be doing only what any sensible
merchant would do in handling his business.

THE CHRONICLE

Jan. 28 1922.]

I am far from having the immodesty to attribute to any
mtrit of either the writer or the presentation, but In which I do discern
affirmation of the fact that the subject possessed "news value," t. e., that It
was timely and of interest to may people.
Strangely enough, many of the press comments, especially In Westera
papers, were introduced by headlines, such as "Kahn Attacks Agricultural
Bloc" or "Kahn Summons Business to Organize Bloc." etc.
That is how legends come to be made. As a matter of fact, in the letter to
which reference is made. I did not even mention the "Agricultural Bloc," and
I particularly advised business not to attempt to organize a bloc, as I consider all "bloc" activities as pernicious and not compatible with our system

comment, which

Before the war, the bulk of our agricultural exports went forward within
a short period after the harvest, but this is no longer the case and we
have here a concrete problem which calls for careful consideration. To be
specific, in the years before 1914, about 80% of the cotton exported— and
was sent abroad
I believe this to be true also of other agricultural products
during the six months after the opening of the harvest In recent years,
the figures indicate that only 50% of our annual exports have gone forward
In other words, the foreigner is not buying ahead, and
in the same period.
we must carry our agricultural products for a longer period. This fact
must be recognized and our financing activties and our warehousing facilIt may mean longer rediscounts with
ities must be organized to meet it.
the Federal Reserve system, or it may mean new agencies if these longer
;

—

;

;

Interest in Agricultural Prosperity.

The Agicultural Credits Act,

I believe, will prove to be of incalculable
benefit to the farmers of the country, and because of its benefit to the
farmers it will also be of great benefit to business men, to bankers, to

manufacturers and to labor. The inter-relation, and community of interest
between agriculture, commerce and finance is a fact that is coming home to
the minds of the people generally.
It has been my privilege to emphasize
frequently the common interest that we all have in agricultural prosperity,
and I am glad to note, from the public utterances of our bankers and business men in the financial and inustrial centres, an increasing appreciation
of this common interest, which is so clear to those who have had occasion to
study the matter closely.
During the oeriod of depression, it has become more and more apparent
that the interests of all classes and all sections are, if not identical, at
least parallel.
The business men, the bankers and the producers are each
learning that a sure way to help them.selves it to help the others
that in
the long run the best policy is to live and let live
that the way out of a
bad situation is for all to work together with a common purpose and toward a common end the prosperity and well-being of the nation as a
whole. And as this principle of action comes more and more into practical
application in our economic life, I beMve we shall see a rapidly increasing
tendency towards the restoration of business and agriculture to equilibrium
;

;

—

and subility.

The agricultural interest is not a sectional or a clas- interconstitutes the economic foundation of the country.
Direct'y or
indirectly, the interests of agriculture are the interests of all the people.
est.

It

H. KAHN URGES MEASURES TO REMOVE MISUNDERSTANDING BETWEEN BUSINESS MEN

AND FARMERS.

The

necessity for the closost possible understanding between the farmer and the bu.siness man for the betterment of
the whole country is empha.sized in a letter addressed by

&

Co., to George H. Payne.
of American Business Men.
In
correcting the impression as evidenced in some of the press comments that in his letter to the Committee on November 21
last Cgiven in our Lssue of December 10, page 24.58) Mr. Kahn
ha^l attacked the "agricultural bloc" he states that "so far
Secretary' of the

from

Committee

couns/illing

farmers and

thf;ir

an attitude of antagonism
reprosontativfjs

would

toward

tlu-

your
committee endeavor to get into touch with the leading farm
OT
and re,
fives of agriculture, with a view
^>
''4 oppor
for comparisons of views, lead
lug, it may be hoped, to an endeavor to agre<i upon wise and
effective linf-s of policy and af;tion so as to promote tin?
eeeential and W^timate interests of agriculture in the only
way in which they can be i)romoted lastingly." The most
CMential thin^ for all our people to recognize, says Mr. Kalin,
"in that in the last analy.sis we are all in the same boat and
ink or iiwim together." Mr. Kahn. in indicating his atlitii'
ird the int/)n«tM and prf)b|«.ms of the farmers, calls
*'
to a letter which he .'uldressj-d to Sr-nnlor MeCor
mick, in October. 192(J. long before the "agri«-ultural bloe'"
had bwome a reality. In that Ir-tter .Mr. Kahn referrerl to
I

Present Discords Foreseen in October. 1920.

would be very regrettable if the Impression were to cake root that the
Committee of American Business Men was to be organized against anything
or anybody, except agaitisD misinformation, ignorance and demagoguery
and those who serve that unlovely trinity. As far as my own attitude
toward the interests and problems of the farmer are concerned, I cannot
indicate it better than by reference to an open letter which I wrot« to Senator
It

Mediil

McOormick

in

October, 1920.

advi.so that

The most essential thing for all our people to recognize is that, in the last
we are all in the same boat and sink or swim together.
The most helpful thing to set prosperity going again is to carry that

analysis,

recognition into practice by broadminded and well-conceived co-operation,
instead of blaming our adversity on the other fellow and trying to get oven

with him.

Must

In the past has not boon sufficiently
conslderat*! of. and lntereste<l In, the neetls of agriculture. Is that any rea.son
why aKrlcultiirc should now take the winie reKretlahle .ind harmful .ittllude
toward bu.slnesM? While "turn about Is fair play." it Is by no nxvins always
the widest and most effective play.
In the present stage iif this natlnn's and

^,
i)r..rg,

A'^r York. Jan. 21.
.Ifc'i,.

The

CnmmUtf

„f

It Ik

all

a kind of play which can bo indulged in only to the
eonciTiK^d.
AmoMK Ihi' tlilngN which, iin I understanri It. the farmer inoHt needs, are
more ade<|unte flnaneliil f.-irllllicN and broader ni.irk<'ts. Iliislneiw ran and
nhould h<'lii (41 attain theMe tliluKN f'lr him but tli>' iieeoniiillsliini'nt of thi««
ol>)iH-u h;« bcj-n rundiTed ni<ir<> dirfleiilt and iinrertnlii liy lIu- ullltudo which
the li-KLilallve IivkIith of fannliiK ronsMtiienrhw In lli^- hint ('nnnriixH took la
ri*«p<«-t of tax rovUlon. aKahmt the advloi of rriwldrnl llurdliiK. oni' of tlio
truiwl ami wliwMt frlxtidN the farniiT ever had. ittnl will lie rurlhnr IiiipimIinI
and ri'UiriliHi If certain rni-iuiunii now urK"d upon Cnnirriiiw roiiii' to bo
nnnrtiwl.
I
ntn far from i|iii«ttloiilnK thn ikhlllty. tlin worthy purpoNe and
wi-llini-nnInK Intent of thone men
ilo vi<nluri< to quradmi whi'thiiT, In
I
thi'lr rlKlitooun /.onl to aid aRrlciilturi< out of It* pnwiit ilnprinwlon, Ihny
liiivi' Klven aufflclenl Hliiily and reflin-tlon to m-onondc lawa and <<cnnomle
tiNtory.
linriire tht

An apparent
aim

M»-'2.

M'mktu-Wrfnrh.

not nlwnyK tlm •uniit or

iilri»l«ht««iil

nmd

to Iho

In

«)U»nr««.

hnpiKina that ndvnnilty iM^nlU n Kr<'t%l lirniirli of our imklnnni ortlvltlm
iw-tlona of our roiiiiiry whr'l li«r dii« to rnelora of an avolilahln
rhnrnrlKr or to an iinforlunaln oinliliiiitloii of oiieotilrollnlilo rlrfMiinNtniirnn,
till' rnniiwly I* not to Knt nvnn by utrlkliiK ^iMarlly nl <illi«r eallliiKu or otiinr
'I'hn mniiwly
nrtlona or t«> Iiomi liojtty InHlalatloti on l<<in|Miritry comlltloiM
la to alt down toffnlhnr and by ralni and wnll-mranlnK coniparlaon of vlnwa
If It

I

.

iihort-.<'ui In

vinw, >Ki|M<<;lnlly In iiKittrrH of le(»l«l«llve iiiiniMiiinnUi ronrerning
bUMlnnw. with thnirroiniili'i nffiH-tn and rotiiiti>r nffnct*
A inonKt-y- wrench
In II owfiil U«>l. hut It In pDiverlilnlly npt. If wli'Idixl by liiKiiffirh'iitly pructliM'fl hnmla, Ui Ixi droptMol Into Iho iii.irhlnnry, with irouliliwonio coiumv

American lluHnrn Men.

i;\ h'.uiih Affnuf, ,V«r Ynrk
'**'>' '•"
n<I.T f|»r>. of Novonii-n- 21 I«2I In a«-r«.,,tlri« ihn
Invltatinn of
ThP C.mmW.u^ ,4 Ani<Tlr»ti Mimln-oi M.-ri Ui ).iln llirlr riink.. wroUI
ymi
a l«-tun- In whirh. •mnnx .iIIit Dune*, t haUI rhat hiMln/>M
«i..hkI In n.-«vl .,f n
p>>k««imAn •nfl »n nraanlt/ir t,, o,„»t,|p It m, pUy |u
prtii»^ Imrt In i.ut.llr
alTaJra
Th«f. Initair mot with a rnnai'lorithln rwitaurn ef
piibllr notion urnl

be true that business

the world's affairs.

con«ideratioti,

,
Urnry Pnyn*

It

Krave drlrlii#nl of

follown:

„
ilnm

—

remedied. Justice demands that this should be done. The larger Interosta
of the nation demand it. for it is harmful and menacing to the commonwealth that so nimierous and so valuable a portion of the population should
feel discontented and resentful and he without pro.spcrity.
The enlightened
selfL'shness of bu.siness requires it. for not only does the materiiil well-being
or the reverse, of the farmer largely react upon busine,ss. but experience has
shown that when the farming industry is in the throes of depres.sion, the
farmer is very apt to blame business and to hit out at business and to get
himself in a frame of mind which the well-meaning, self-deceived purveyor
of political and economic nostrums or the cimning demagogue aro only too
ready to take advantage of.
It Is manifest that the representatives of farming communities and States
must know better than most business men. and particul.irly husine.ss men
of the Kast, what ails the farmer.
These men are not only not bo to criticized: on the cutrary. they are to be commended for using their votes and
tlicir Influence to get remedial mrasuras enacted into law and to obtain for
the! farmer a square deal.
To the extent that we bu.siness men are in disaccord with the agricultural loaders in and out of Congress. It Is not because
of their efforts to promote the welfare of the farmer, which efforts we cordially ariprove and endorse, but biHiau.se not a fi!w of thi'in seem to be acting
under the lmpres.sion. in cerUain respects at least, that it Is po.>isil>le to aid
some soclions and callings of our common country by hurting others.
Retaliation vi no Remedy.

«rievanc«m of the farmer eulled for immediute.
and for effeetjve ^edre^H." Mr.
Kahn's letter to Mr. I'aynfi made public the eurrent week,
t

Pull Together For Prosperity.

There is no adequate economic reason, notwithstanding the huge waste
and destruction wrought by the late war. why the world, and particularly
this favored country, should not now resume the road of prosperity, but in
order to do so we must take a hard pull all together, we must give full and
free .scope to the forces of energy and enterprise instead of cramping, shackling and hampering them, and we must let ourselves be guidi-d by the tested
lessons of economic truth.s instead of giving car to plausible fallacies, ot
permitting ourselves to be led into precipitate actions under the influence of
temporary conditions.
Every right-minded biLsiness man must be desirous to have the legitimate
grievences of the farmer and he has. and long ha.s had such -redressed and

J'"»t

-,

long before the agricultural blo«

understood.

OrantcMl that

the fact that the farmer was discontented and un«ler a seriHe
of grievance with the existing order of things and he Hfuted
*''

e.,

I pointed to the immense social value to the .State of the
order of things.
existence of a contented farming population, engaged as it is in a calling of
vital necessity, toilsome and none too well requited at best, and involving
I said that the just grievances of the farmer called
inevitable hardships.
for immediate, intelligent consideration and for effective redress, even
though that might require the adoption of methods which were new and
somewhat unpalatable to the established ways of business, and that if there
was one calling which had a higher claim than another upon the helpful
consideration of the State among those which made up the sum total of the
"Our whole system of twonation's activities, it was that of the farmer.
party government Is on trial." I concluded: "If the Republican Party, too,
fails him (the farmer), he will turn in self-protection to other and new political instrumentalities, and then the grate ecil of parties or factions constituted on
class lines will menace the Republic."
However, my own attitude, or a correct understanding of that attitude.
What is of great importance is that the attiIs of very small Importance.
tude of business toward the farmer should be correctly taken and correctly

*

1"

i.

had become a reality. In that letter I called attention to the fact that the
farmer was discontented and under a sense of grievance with the existing

—

OTTO

Otto H. Kahn, of Kuhn, Loeb

government.

of

rediscounts are not deemed suitable to the structure of that system.
The collapse in the live stock industry was due not alone to general
economic conditions it was hastened, to say the least, by unsound methods
The financing of the live stock industry, second in importof financing.
ance to none of the great agricultural activities, is worthy of the most
thoughtful consideration.
The co-operative marketing organizations with which we have been
brought in contact have demonstrated the value of the loans made by the
War Finance Corporation in facilitating the orderly marketing of farm
products and this Conference may well discuss the methos by which these
organizations may be assured of continued financial support, on a sound
basis, after the emergency work of the Corporation has terminated.
Though there is still great distress in the agricultural industry, conditions are on the mend.
Out of the experience of the Corporation, I have
acquired a conviction which enables me to look forward to the future with
confidence.
We have in the United States everything fundamental that is
necessary to the restoration of prosperity.
We have the resources, the
money, and the men. We have demonstrated, both uring the war and
since, that we have the power to organize.
What is most needed now is the
adjustment of our resources and our organization to the new conditions.

Common

367

or

.

'

|iartl<'iil»r

.

THE CHRONICLE

368

diagnose the case, determine the causation of the trouble and act in unison
in finding and applying antidotes for the present and preventative measures
for the future.
Business and the Farmer Natural Allies.
Statistics over many years have demonstrated strikingly that agricultural
prosperity and business prosperity, and agricultural depression and business
Undepression, run on parallel lines and are largely interdependent.
fortunately, that truth has not been sufficiently recognized as yet by either
On the contrary, they have usually been at loggerheads and pulling
party.
in divergent directions, when, as a matter of fact, they are natural allies and
both have much to gain from sympathetic understanding and co-operation.
So far from counselling an attitude of antagonism toward the farmers and
their representatives, 1 would advise that your committee endeavor to get
into touch with the leading farm organizations and representatives of
agriculture, with a view to establisliing opportunities for comparisons of
views, leading, it may be hoped, to an endeavor to agree upon wise and
effective lines of policy and action so as to promote the e.ssential and legitimate interests of agriculture in the only way in which they can be promoted
That way does not run along the lines of class- selfishness or of
lastingly.
antagonizing, and doing hurt to, other interests equally essential and
legitimate.
The (rue road can only be found by following the signposts of
steadfast adherence to tested principles of economic soundness and broad
enlightened consideration for the general welfare.
Very truly yours,

OTTO

n.

KAHN.

NA TIONA L A GRI CULT URA L CONFERENCE— DELIBERATIONS AND RESOLUTIONS.
A resolution in which the United States is urged to "take
such steps as will immediately re-establish a fair exchange
value for all farm products with that of all other commodities" was adopted by the National Agricultural Conference
at Washington on Jan. 26, the Conference at the same time
having rejected a resolution of the National Farmers' Union,
offered by J. S. Wannamaker of South Carolina, which
would have called for a Governmental minimum price guarIncidentally, the press dispatches
ant}^ on farm products.
from Washington the same day reported Mr. Wannamaker,
speaking at a Senate agricultural hearing, as declaring that
agriculture could be saved from bankruptcy only through
Government fi.xing of prices for cotton, corn and wheat.
At this hearing, it is said, he estimated that it would cost
the Government more than '5500,000,000 in buying farm
commodities to stabilize prices. The resolution which the
Agricultural Conference adopted was contained in a report

from the Committee on Price Relations.

The

resolution

reads:
Resokcd. That it is the sense of this committee that the Congress and the
I'Vesident of the United States should take such steps as will immediately
re-establish a fair exchange value for all farm products with that of all other

commodities.

According to the New York "Times," the report of the
Committee on Agriculture and Price Relations, which, was
adopted unanimously by the Conference, at the outset states:
di'op in the purchasing power of the American farmer
one of the salient features of the drastic liquidation that has taken place
The decline in the price of the things the farmer sells
in the last two years.
has been so mu<;h greater than the decline in the prices of the goods he buys
that his purchasing power has been reduced one-half in the briff period of
two years. This unequal liquidation of prices is the primary cause of the
inability of manufacturers to sell their goods.
It has resulted in failures
of some, and the practical insolvency of many, of the important industrial
concerns of the nation. This has been the primary cause of disastrous

The overwhelming

is

unemployment of millions of industrial workers.
The conference declares that no revival of American business

possible

We

Another resolution adopted by the Conference on Thursday congratulates President Harding "for ha\nng the coiu*age
and the foresight to call, for the fir.st time in American history, a conference representing every phase of American

The Conference likewise recorded its commendation and approval "of those members of the House and
Senate comprising the agricultural bloc" who have "so consistently supported a lonsorvative jn-ogram for the improvement of agriculture and the betterment of rural life." From
the New York "Times" we learn that the following resolutions were submitted and adopted:
agriculture."

Resolrcd.

That

this (Conference congratulates

valuable published report, and we commend and approve the action of those
of the House and Senate, comprising the agricultural bloc, who,
regardless of party, so early saw the emergency, and have so consistently
supported a conservative program for the improvement of agriculture and
the bettering of rural life.
2. Whereas the pre.sent agricultural depression is admittedly an outgrowth of disturbed world equilibrium caused by war. Stabilization of
agriculture in the future depends in no small degree on friendly world rela-

members

tions.

Resolved. That this conference of farmers notes with profound satisfaction
the presence of a world conference for the limitation of armament, now in
session at Washington, and approves most heartily the forward-looking
program of the American delegates to this conference, and trust they may
he adopted by our own and the nations of the world.
3. Whereas the surplus production of many products of American farms
have long found and now find their main market in European countries
which are also now large public debtors to the United States. These are
facts of importants to every business interest in this country.
Resohed. That this Conference, therefore, urge the Administration to
use its good offices and its commanding position as a creditor country to
aid In the industrial rehabilitation of Europe.
4. Whereas periods of rising prices, such as extended from 1897 to 1920.
and periods of falling prices, such as that from the close of the Civil War
until 1896. work great injustice and cause unnecessary and acute friction.
These radical fluctuations in the purchasing power of the dollar take money
from some groups and gives it to others. It leads necessarily to industrial
instability.
Inasmuch as some form of stabilized dollar offers hope for
avc-ting in some measure this conflict and industrial losses.
Reolved, That this Conference recommends that Congress appoint a
special inve.stigating cortmiittee to examine various plans for stabiUzing
the dollar and to report any practical scheme which vvill minimize the manif St injustice between debtor and creditor and producing and consuming
classes, which result from these shifts In the general price level.
5. Whereas owing to the large volume of American agricultural products
which must necessarily be sold uopn foreign markets it is impossible to
formulate a .satisfactory policy for American agriculture without a complete
knowleige of the coiu-se and direction of recovery in agricultural production
abroad.
Rr-Fohed, That this Conference recommend that the Department of
Agricultm-o take the necessary steps to get full information with respect
to production and demand abroad and to make this information available
periodically to the American farmer.
6. Whereas retail prices have not declined as r,^pidly in recent months
as have wholesale .prices.
The result has been to reduce the consumption
of farm products and to lower the purchasing power of the city consumer
fir the output of other industries, thus at once causing in part and contributing materially to the severity of the crisis through which we are

.

pas.sing.

Resolved, That this Conference commends the measures that the Departments of Justice and Commerce have taken, by publicity and otherwise,
to reduce retail pric&s, and urges more vigorous action thereon.
7. Resohed. That this conference recommends that every instrumentality
of the Govermnent of the United States be exerted to put the agricultural
industry on a par with other industries, both as to remuneration, education
and general standard of living.
In adopting the report of its Committee on Foreign Competition and Demand the Agricultural Conference went on
record on Jan. 26, aceoi'ding to a Washington press dis-

patch, as favoring:
Financing of exports through credits authorized by Congress.
Investigation by the Inter-State Commerce Commission to determine
the advisability of extending preferential export freight rates to agricul-

commodities not now affected.
Extenson of the provisions of the Webb-Pomerene Act, which provides
for combination of concerns for export trade.
tural

Tariff protection for agriculture equal to that afforded other industries.

Establishment of a tariff board to administer a permanent flexible tariff
law, with an anti-dumping provision.
Opposition to a tariff on potash.
Increased support of the International Agricultural Institute at liomc.
Assignment of agricultiu"al attaches to American embassies in foreign
countries.

is

until the farmers' dollar is restored to its normal purchasing power, when
expre.ssed in the prices paid for the commodities which the farmer must purchase, and the conference further declares that by right the men engaged
in the agricultural field are entitled to a larger return than they have heretofore received for the service they give society.
The manufacturer has in the past quickly adjusted his production to
price recessions, while the farmer has not.
When farm production is so
large that the product cannot be sold for prices that will maintain a reasonable standard of living on the farms, the supply is too large.
recommend that the farmers and the farm organiaztions consider the problem of
world supply and demand and make comprehen.sive plans for production
progi'anis so that they may be able "to advise their members as to the
probable demand for staples, and to propose measures for proper limitation
of acreage in particular crops," as pointed out by the President of the
»
United States.
In the future we must insist that labor and capital employed on the farm
receive from the hands of the Governmeut the same measure of tariff protection that is accorded labor and capital in other industries.

1.

[Vol. 114.

the President of the

United States for having the courage and the foresight to call, for the first
time in Aiueri(;an history, a conference representing every phase of American agriculture. We commend not only this action of our I're.sident, but
most heartily approve his clear-cut and conservative address to the Conference.
Wo commend the Secretary of Agriculture for making the Conference possible, and the .Joint Commission of Agricultural Inquiry for its

This same dispatch snid:
The report of the Committee on Crop and Marketing

Statistics, which
and dissemination by the Department of
Agrcnlture of complete reports on everything of interest to producers, a
Federal census of livestock every five years and census surveys each year
and a bieimial census of manufactiu-es.
Adequate safeguarding of health, free circulating! Ibraries and incre^-ised
school facilities were recommended! n the report of the Committee on Farm
Population and the Home, which was also adopted. Other recommendations were: Study of rural problems, co-operative marketing, appointment
of farm women on farm organizations and Federal and State boards, encouragement of farm borne ownership, and an! ncrease In the number of

was adopted, urged the

collection

public extension workers.
Strong support was voiced by several speakers for the financing of .surplus .'American crops.
Carl Vrooman of Illinois said it was a "mon.strous
spectacle" that Europe was starving and needing clothes while American
storchou.scs were bursting vvith .surulus cotton, grain and other commodities.
He urged extension of credit to Europe to buy this surplus.
In one of the formal addresses of the day Professor Richard T. Ely of
the University of Wisconsin, speaking on "A National Policy for Land
Utilization." m-ged that the United States lend Europe a "helping hand.'
He emphasized the point that American farmers "have not raised more
food and raw material than the world needs or than the world under normal
He depicted the impoverished
conditions could purchase and consume."
condition of the countries of Europe that usually buy our products and
the intense depression of mind and discom-agenient among the peoples
recently at war.

Then he went on:
"At the pixxsent moment nothing

is of more vital importance for the
American farmer than revival of hope and courage upon the part of other
nations of the world and particularly those of Europe. They have tremendous productive powers and corresponding potential purchasing power.
Let us lend them a helping hand: let them feel that we are friendly toward
We shall sec then a revival
all .\ustria and Germany a.s well as France.
of demand for the product of our American farms."
Mr. Ely recommended a national policy of conservation be applied to
forest and mineral land as well as agricultural land.
"From the point of view of agriculture." he said, "it is imperative to
classify land with a view to determining what areas shall be devoted to
crops, to grazing, to forests, since we must have distinct policy for each one."
The speaker urged an economic survey which would be continuous and

•

•Ian.

THE CHRONICLE

us 1922.]

named twelve major committees to
handle the problems which would come before it. These
committees in turn provided for the division of their work
among a number of sub-coinmiltees. The commiUnps. with

uhich would make possible the best economic asc of the land and the
^ientific valuation of the land as a basis for credit, taxation and sale.
Professor Ely emphasized the fact that economic isolation was not possi-

session the Conference

ble for this country.

At another point he attacked the fallacy that huge issues of paper money
methods of inflation could lower the Interest rate. For proof of

or other
this

pointed to the results visible in -Europe.
the -subject of price fixing. Professor Ely said

their

lie

(.>n

some strong words

—

them."
Mr. Pinchot advocated a naional foretry law. to become

for

effective at
once.
If the 460,000.000 acres of timber land remaiflSng produced fifty
cubic feet an acre per year, they could almost meet the present needs, he
pointed out, adding that only fifteen cubic feet an acre was now produced.
Mr. Pinchot strongly opposed the proposal to transfer the forest service
from the Department of Agriculture to the Interior Department.

Regarding yesterday's (Jan, 27) action of the Conference,
a press dispatch from Washington appearing in the New York

"Evening Post"

—

said:

national agreements, the savings thus effectei to be immediately reflocte'l
in reduction of freight rates; reoea! of the guarantee clause of the EschCununins Law; improvement of farm market roads and developemut of
inland waterways, especially St. Lawrence deep waterways project."

Warm

debate was evoked by a resolution calling on the miners and
wages to living casts, which was presented by
W. H. Stackhouse of Illinois, of the Xational Implement and Vehicle

railroad labor to readjust

Kecomm;'nditions for th!i appiintmeni of a Federal commission to fornulat<- a national land policy, including all questions of reclamation and
irrigjition. were adipted to-day by the Canferent-e. whi'.-li also went on record
as opposed to the opening of any more land for farming purposes until
norma! M-onomic conditions are restored.
Immediate stoppage of devastation of forest lands was recommended in
the rrport of the conim:tt:'e on permanent forest p'jlic.v. and adopted by
the ')nriTence.
The report also recommf^nded effective methods of fire
p- . :'.'>:-,. forestry research, and increa.se in the nation's forest reserves.
\ :-::-;ttf:f^ conclusion which wotild have put the Conference on record
-'i' Lakes-St. Lawreuce Watt-rway project, was stricken
!•• committee report
came up for adoption by the Confi-nncf.
Thi> conference also struck out of the committee report recommendation
for n-peni of thp fommoniy termed i?uarantee claus<- of the Transportation
\'' uh'iti firi.s i'>^[ as a proper return for railroad.s.
I

'ion Has t^^ken after a warm debate in which Samuel fionipers.
of the American Federation of Lalmr, denounced a resolution
'I
by W. H. Stackhouse, President of the National Implement
f A<tso?lation, colling for reduction of miners and r;<ilHa.v union
the conxmlffec report on the repeal of tb;r Adamson L.iw.
varnfl ;ho farmers tint after tlie.v had Ixwome thoroughly
the fu'urc face a similar fight by hilerestfi which,
ig a drive on union labor.
ii(, ill
the Conference as voiced b.v Kt-veral speakers seemed
wholf mitfcr of transportation, including wages paid to
'
on generally, hid Iwtter !«• left to <'ongress
M
.-nw.
Several of the dclcagtos joined with
the proposals as nil atl«mpt to drive a wedge
'

•

Tl

'

'

'

'

however.

ri.
I

111:

Is

expected to come again before

comrnMtce on transportaticm

port of the

•

is

r«-rrin4t.

Oompers Speaks
'

hcmiint
''<

I

for

Lamr.

wpwfh

diwlared he hail faced "(his samn
il> or In
ihi- I'nenipl'iyment <'onferonci« as
to put the nirrlcultural Conference on
.'I i-.i. III

Liw.
not lake

aIII

*

on

1

'

"tl

111(1

hn

-ini

labor

tol

Th

:

day

thi- elglil-hoiir

ii<wrl>Ml the r.irniirrs wi-re

111!

" iin

inkiTN, Implement manufacturvKii you."

you will face thi'.
clrivii you hm th«iy have,
and you Mill ally yoiirHi-lf

rv.

I

Irr

i|

ri

";ind

ri'i'lv

]•

in

I

w

iril*
I

In hillp
of till'

Olh our
in'-lon

the Knnvt* Karmi<ni' I'nion, oppoMlnx thii ri<»toliiMi>n.
hla Ht«l4« illd not want )<i inke advnnUiice of labor In'

f,f
'

I

f.jrm pf'

'

Ihr..

—

—

Representative Anderson of Minnesota was made permanent Chairman of the Conference. In accepting the Chairmanship, he declared that the restoration of normal conditions in the farming industry was dependent upon the completion of readjustment of commodity prices, of costs and

manufacture and distribution and upon the establishment of a means of stabilizing agricultural prices upon
a profitable level. Representative Anderson also said:
profits of

When

I consider the desperate character of the situation, 1 could wish
there was some means of 'oringing about this condition by governmental action, but I am siu'e there is no magic wand of administrative
action that can bring about these results.
I am persuaded that they can
only lie accomplished through a more efficient organization of the producers.

Organization of farmers would make possible the standardization of the products of many farmers wdthin a given
locality and thus increase the price per unit for. the entirecrop, Mr. Anderson asserted.
"I am convinced," he added,
"that farm organization of a sound, wise and farseeing character is the key to a more prosperous and better paid agri-

euKure."

With regard

.riT

*iirilK

h'- -.ilil.

11/

,

wild

I

Inftor tl

lift

return to

In tnlimlrlil
I

I

not

iii'l

hIiv'TV III
thnui pro-

liibor

ni

(if

"

to

'

Monday's

to

session, the press dispatches said

in part:
William

.1. Bryan, who was in the audience, was called to the platform
late in the afternoon and de.scribed the conference as one of the most important held in this coimtr.v in a long time.
.Agriculture, he said, was in the
worst condition in thirty years and lie could not .sco how there could be an,v
general prosperity until the condition of the farmer was improved.
Touching on other ciui-stions he declared that the pr(\seut Congress had
done more than previous ones "because I think its more .scared than other

Congres.ses."
Praising the agriculture bloc, he said it was difficult from other blocs because its members had "acted openl.v and the others acted secretly."
The situ ition of the various great farming sections of the United States;
was described l).v their representatives, and the effects of the depressed
ag'-icultural c^)nditions on the allied industries were discussed during the
afternoon.

John II Hagan, of North Dakota, speaking for the wheat belt; A. Sykes.
of Iowa, for the corn belt; James W. Morton, of (ieorgia. for the cotton belt;
II. Bixb.v, of California, for the livestock producers, and K. B. C^ornwall. of
Vermont, for the Northeastern agriculturists, made suggestions for remedial
me;isures, most of thorn touching on reduction of freight rates and retail
.

prices.

Thomas E. Wilson, of Chicago, President of the Instituto of American
Meat- Packers, declared that the agricultural depression had been a great
factor in reducing "tremendou.sly " the value of the packi-r industry output
upsetting stability b.v forcing livestock and packing house products below
the general level of commodity values and "turning a small rate of profit
into a large loss."
The packer, he- said, has doiu< everything within his
pjwer to assist agrii-ulturo in tiding over the critical period. The farmer,
he .added, "has done much of his lii|uidatioii through ilie packer anil the pace
has succeeded in getting this huge volume of production, surplus and all.
over the consumer, though at a great lo.ss,"
Mr. Wilson suggested much might be done by increasing meat consumption, saying this "would go a long way toward restoring the parity Is-twi-en livestock and other basic commodities.
Production, he declarrd, must be placed upon a more sirlentlflc basis,
ei^innmles effected and costs r<-duced.
Urging enact miint by Congress of the C'appcr-Volstend bill, whicli would
provide for farmers' lo-operallve organi/.ations, ho .said:
"I believe the tliiie has iM-en reached when n.s.sociatloiis of |)roducors. under
proper suptTvlston. should sysl^-miiti/.e the orderly iniirkellnR «if their pnidu-'.s."

Further liiuerlng of the unit cost of farm pr.idu'Hioii was advanced by
irli-jt 11. Mi'Dowell. orciilcagu. representing the fertilizer Industry, us the
first pmhloni for solution In st.-ililll/.ini; agrlcultiire on a prnfltiible basis.
Me
(

li

rHilinited tin- losses of the l'ertlll/.i<r biislni-vi In MI2I
culniril ili-pri-silon at. $7.''>. 000. (111(1. with almost th.it
ou' >! Hilling piiptir.
I

The
I

—

—
—

\>wociation.

Th,~

—

th-.t

Union labor won a victory in the Xational Agricultural Conference to-day
when that body, by a vote of 83 to 64. struck out of a committee report
a recommendation for repeal of the Adamson eight-hour law. The report
carried recommendations as follows:
"Immediate repeal or amen'lment of the Adamson law covering the

!•

—
—
—

—

never bring prosperity. No price can be mentioned
which would make all the farmers prosperous. It is quite conceivable that
with the price of wheat at S5 a bushel we should decrease the number of
farmers producine: wheit at a loss, but at the same time wo would have a
price which would spall poverty to the non-agricvilcural population.
fi.xing will

"Price fixing tends toward stratification and to a stationary economic
concfition and es^ecla^y would this be the case if it took the form of price
stabilization through the purc'iase of surpluses by the Government."
Gifford Pinc'iot of Pennsylvania, presenting the need for a national forestry policy, drew applause when he told the delegates "there is a group of men
up here on the hill, most of them not farmers, who have earned the everlasting gratitude of every farmer in the United States for what they have done

Chairmen, follow:

Agriculture and Price lielations E. B. Cornwall. Vermont.
Agricultural Credit and Insurance S. F. Houston, Missouri.
Transportation U. J. Waters, Missouri.
Foreign Competition and Demands II. J. Sconce, Illinois.
Costs, Prices and Readjustments -H. L. Russell, Wisconsin.
Crop and Market Statistics C. S. Barrett, Georgia,
Marketing of Farm Products C. H. Powell, California.
Agricultural Research and Education
P. E. Bradfute, Ohio.
N.itional Forest Policy
Gifford Pinchot, Pennsylvania.
National Land Policies R. A. Pearson, Iowa.
Farm Population and Farm Homes S. .7. Lowell. New York.
C: )-Ordination of Slate and Federal Legislation
E. S. Brigham. Vermont.

as

follows:

"Price

369

.Associated

Tuesday's

(.Jan.

I'niH.s

tin-

luiil

diii'

directly Ui agrl-

nnuli

following (o

Kiiy

iiiiin-

lost

on

(•(igiirdiiig

Ml) Hcssioii:

Tlio eoniinlttem of the .Vgrlculturnl Conference hi orKanlxliiK io-<luy
provldisl III many cjiwh for illstribUtlnK the suI>Jm:Is before Mu'in U> «ubI'liiiiinltteiai.

Probnbly

mil- ouesllon in uliicli the ilnleguleH iin> as a wliolo IntenwtiHl Is
of ('iiiiuiiiHllly rinitiicliiK.
One iiinnilHr of the < 'iiiiiiiilll<'<* on Agrl
cultural Crislll imd liiHiir.'ilii'e, nlilcli liiis (IiIn subject iiiiiler I'oiuilderutlon,
•iiKK<>Nt4<<| (4>-diiv thai II pliiii i-ould proliiilily be vtorkisl out to prii\ lile for
i'oiiiiiiikI
Ills propiwltloll
ilMliliiu rriiiii six iiiolil lis In three yi'urs
would I"
III- vviiri'liiiiisliiK, gniilliiit iiiid liinpis-llnn of <'iiiiiniodllli<«.
(hit(

'

A

111

"wlwloni"

I

I

"I

iif

firiii

«»

Htiinilil

iiii-tn.

hrrr ut pull

I'lldnroi-iii.

i.hn riillroad

h" Tl'l"d
<>

alMt iipiMiMvl

ilie roitferKMi'i' tfiiltiK

"»

biitika.

Ill

mill

llm
or

III

till•I

•'iiiiiiiiodll)
liiiiiillliig

iif

piiper pri-si-iitinl by riiriilerM by Ihi'lr locnl
IliU |m|ii<r tlirnUKli the rixleriil Fiiriii l^iiin

v»lili-h Miiiilil dlii'iiiiiii

itiiri* iigiilimt

It

tliriiiigh llie Kisliinil

the limiiH In the

fnriii

of

Koserve Hyulein

i'iTliriciiti"<

of Inileliliil

IK-t
'

"""

li

of

i'ri-i'lt>nt

Kanlinir «•

'lu'

opi-nini;

<»f

th»

"n Monduy IftMt ix i^iveii i•\^^•w}ll^ri^ in our jnniii<
"t l«»-Hny. and we likiwitw n-fer in unolhir arlieli- to lh«> n-mnrk* of HiHTfinry of A(fri»Milftirc Wnlln*-*At itn «»p»'ntnir
*

I

Am

mil

111

i<iir%

1

iiiiinii

•'

Mill

III tliK rciNirt of the Joint < 'odKri-sMliiniil
r<«-oininendliiK nil liit<<rini<<llaln fitrin of

emllt thill wiiiilil |(|>i< (III' iigiii iilttinil priMliici<rH working cnpllitl.
Live •tork priHlucerii under one pliiii iiii<li<r i-muilderatloii would hnve (heir
puiMT (llM'fiiiiKivl bv (hi- local liink" :iiid nsllifiiijiitivl by Iho Knriii t,<iitii

THE CHRONICLE

370

baiiks through the Federal Reserve System.
On other commodities, one
plan would have leans made direct to farmers through co-operative loan
associations, the commodities being covered by proper warehouse receipts.
Extension of credit facilities to foreign countries to enable them_ to purchase surplus corn and oats was recommended by Governor McCray of
Indiana, Chairman of the subcommittee of the corn belt.
A standard warehousing system for the tobacco belt was recommended
by Leslie R. Smith of Massachusetts, a member of the subcommittee for
the tobacco district, of the Committee on Costs, Prices and Readjustments.
J. Ogden Armoiu-, Chicago paclier, met to-day with the Committee on
Agricultural Research and Education. Their report, it was indicated,
would probably point out that while further research along all lines was
needed, special attention should be direcetd along economic lines.
Proposals put forward in the conference to endorse Henry Ford's offer
for Muscle Shoals and completion of the St. Lai^Tcnce-Great Lakes waterway project are to be con^dered by a subcommittee of the Transportation

Committee.

A movement to have the conference endorse extension of the War Finance
Corporation by Congress for another year is already under way. Reclamation, drainage, co-operative organization of farmers and taxation are the
other matters under discussion by committees.
Samuel Gompers, President of the American Federation of Labor, offered
a resolution to the Committee on Agriculture and Price Relations, to
declare that men, engaged in the agricultural field were "entitled to a large
reward for the services they give society."
Thomas Nelson Page, former Ambassador to Italy, told the Committee
that farmers should not look to the Government for aid, adding that all
wars were followed by severe agricultural depressions.

Washington advices

to the

New York

"Tribune" Jan. 24

said:

Some signs of differences in the Conference appeared after the defeat today
by J. S. Wa'namaker of South Carolina, for appointment of

of a motion

a Committee on Resolutions. This motion was defeated on the ground that
the committees already appointed were expected to consider resolutions.
Mr. Wannamaker, in a formal statement later, attacked the Conference
and declared that "about all the farmers and farm leaders have to do in
this Conference is to shake hands with the President, meet some official
dignitaries, partake of a little ice cream and cake, and then go home."

We also take the following from the "Journal of Commerce" accounts from Washington:
Mr. Wannamaker

said that he was put on a committee where they sandbetween a member of the Federal Reserve Board and a cotton
spinner.
He declared that this was done evidently for the purpose of
destroying any effort he might make to bring into being anything in the
shape of a program for immediate financial relief for the cotton growers

wiched him

in

and other farmers.
acquainted with my record knows very well that I
the energy that I can command the methods of the
Federal Reserve Board," said Mr. Wannamaker. "I am not foolish
enough to think that those who sandwiched me in between tha Federal
Reserve Board official and the cotton spinner were ignorant of my attitude
toward a financial agency which has done more to bring the farmer to his
present condition than a.11 the other agencies combined."
Mr. Wannamaker said that he was confident it was the purpose of those
responsible for the conference to destroy the farm bloc.
The Southern cotton man declared that if the conference failed to recommend immediate action for the amelioration of agricultural conditions, the
real farmers would take independent action and appeal to the country.
"The farmers mean business," said Mr. Wannamaker. "They want
bread, not a stone.
They want immediate action, not a mirage composed
of bright and shiny words.
If this Conference is to be anything but a fake,
the progressive farm leaders who are here should come together and serve
notice on the invisible interests which are directing it that they will not

"Any person who

have fought with

tolerate

any

is

all

trifling."

In giving details of the committee recommendations to
the Conference on Jan. 25, the "Journal of Commerce"
stated:
Reduction of wages paid railroad labor and of freight rates was recomto the national agricultural conference to-night by a sub-committee
on costs, prices and readjustment. The committee declared that prices
paid railroad labor and that of other indiis ries was much greater than
returns received by agricultural labor and that a readjustment was neces-

mended

Ktry.

Another sub-committee recommended a tariff rate on sugar high enough
to put sugar production in America on the same basis as during the war.
These reports are to be considered by the full committee at a meeting to-

morrow.
The Committee on Agricultural Credit and Insurance

also reported a
resolution urging Congress to consider the advisability of a plan for crop
insurance, especially against pests and elements and the creation of a corp

Insurance bureau.
More co-operation between various producing and distributing agencies
was recommended by a sub-committee on market costs, studies and improved
business methods.
St. Laurence Plan.
Considerable difference of opinion developed in the Sub-Committee on
Waterways in its discussion of the St. LawTence-Great Lakes Waterway,
opposition lieing evidenced by New York interests; it was understood,
however, that this proposal was indorsed.
The report of the C^oimnittee providing immediate credit for farmers
would have Congress create an agency of the Government to discount
for any bank or incorporaU'd live stork loan association paper on which
they had made loans for agricultural purposes. It would also provide for
loans direct by this agency to any co-operative association organized under
the laws of any State where farm paper is secured by a warehouse receipt
covering the comntodity on which the loan is sought.
This agency would also be empowered to sell debentures with security of
not more than three years, and secured by such paper. Notes of the agency
could be redi.s'counted by the Federal Kesorv(> banking system.
Extension of the War Finance Corporation from July 1 next "until such
time as may seem necessary and proper" was al.so recomjnended. The
Oonunitteo also urged amendment of the Federal Reserve Act .so as to give
Federal Reserve lianks authority to Tnak<> loans direct to farmers with or
without the indorsement of a member bank. This, it was said would enable
the Federal Reserve bank to prevent member banks from charging exorbitant
rates of interest.
,

Due

Rcscrrc Board Pica.
representation of agricuJtm'e on the Reserve Board was also recom-

mended.
The Sub-Committee on Tobacco recommended investigation by the
State Government, in co-op«'ation with State agencies, of the most economic

[Vol. 114.

methods of production and consumption, kinds of tobacco most suitable for
particular soil, and the best methods of controlling insect pests and plant
It lu-ged a standard grade for transporting different types of
tobacco and a warehouse system.
The Sub-Committee on Crop Statistics recommend that a census of
agriculture bo taken every five years by the Bureau of the Census, in
co-operation with the Department of Agriculture; that an annual census
of acreages planted to various crops be taken in the spring by tax assessors
in connection with the listing of taxable property; that the Department of
Agriculture report, in addition to crop conditions and forecasts during
the growing season, the production and value of all crops, the quantity
of products on farms, the marketable surplus of crops, and that the county
be adopted as the geographical unit for reporting crop production.

diseases.

Live Slock.

The Sub-Committee on Live Stock Statistics recommended that the
Department of Agriculture declare and publish periodical balance sheets
of farm and range live stock supply for each class of animals and give
frequent reviews of live stock production and the situation in the United
States

and foreign countries.

The speakers at the Conference on Wednesday (Jan. 25)
included Governor Parker of Louisiana; G. Harold Powell
of California, managing director of the California Fruit
Growers' Exchange; W. L. Wagner of Chicago; Carl Williams
of Chicago; Robert McDougal of Chicago, President of the
Chicago Board of Trade, and J. M. Anderson, President of
the St. Paul (Minn.) Equity Co-operative Exchange. With
regard to Gov. Parker's remarks, we quote the following
from the Philadelphia "Record":
Governor Parker, addressing the Conference, proposed as a means of
combating the present farm depression the opening of export markets
through extension of long-time credits to foreign buyers through the Federal
Reserve System.
"Have the Federal Reserve Bank," the Louisiana Governor suggested,
"send their own representatives to the capitals of those European nations
sincerely desiring to purchase om* products and unable to pay for them.
Look up the standing and character of these purchasers, as well as their
financial responsibility.
Sell them not on very short time, as is customary
now, but on six, twelve and eighteen months, taking their acceptance with
the endorsements of the local bank and the co-operation of the great banking
institutions of each nation, and authorize the spinners, manufacturers and
dealers to sell their products on equally long time, all drafts, acceptances
and notes in payment to be deposited in trust until the claim of the Federal
Reserve Bank shall have been paid in full."
Governor Parker told the Conference that this plan "would afford almost
instant relief, would mean the employment of many American ships for
carrying to those nations the cotton to give profitable employment and the
foodstuffs to keep many of them from starving; would add. to the value
and activity of the merchant marine; would put energy and spirit into
business, and bring to this country the good vvill of all of the older nations."
The Governor roused the Conference to great applause when he called
on them to put the welfare of the nation above every other consideration
and to work to the end "to restore the peace, happiness and prosperity of
the whole nation and also to agriculture whose people are now sorely tried."

According to the "Journal of Commerce," when Mr. Anderson, President of the Equity Exchange, St. Paul, proposed that the United States should send its accredited
representatives to the Genoa conference of the European
nations, he received an ovation.

AMERICAN TOBACCO

CO.

AND TWO^ FORMER

'

CONSTITUENT CONCERNS CHARGED WITH
SEPARATE EFFORTS TO KEEP UP
PRICES— DENIALS.
The Federal Trade Commission

in its report'of Jan. 17

an investigation made in obedience
to a recent resolution by Senator Smith of South Carolina,
expresses the opinion that three of the principal tobacco
manufacturing companies successor to the old tobacco
combination, namely, the American, Lorillard and Liggett
& Myers, have recently "engaged in conspiracies with numerous jobbers' associations to keep up jobbers' prices at war
levels and to prevent a fall of manufacturers' prices, though
prices paid to tobacco farmers for leaf had fallen greatly."
Officials of the companies, as shown below, emphatically
deny taking any illegal measures for the purposes named.
to the

U.

S. Senate, after

The Commission

gives

its

conclusions

and findings

of

fact substantially as follows [slightly abridged]:
Letter of Submittal Dated at Waihington, D. C. Jan. 17 1922.
From evidence gathered in response to a Senate resolution adopted
Aug. 9 1921, asking information on the tobacco situation, the Commission
here reports its conclusion that since April 1921 the American Tobacco Co.,
P. Lorillard Co., and to a less extent Liggett & Myers Tobacco Co., thre«
of the successor companies of the old tobacco combination, which was
dissolved imdur an anti-trust decree in 1911, have each been engaged in
conspiracies with numerous sectional and local jobbers' associations to
keep up the prices of tobacco products in the United States through price
agreements and intimidations.
During the same period the relation between supply of leaf tobacco and
the demand for it has resulted in such low prices to growers that tobacco
farmers raising the more important types, burley and bright Southern,
have formed marketing associations to sell their tobacco crops co-operatively
Wliile the evidence indicates that in some localities agreements to keep
up the price of tobacco products originated with the jobbers and in others
were rather the result of the stand taken by the manufacturers, it is clear
that the movement could not have developed so successfully on a practically
nation-wde scale, as it did, except for the fact, shown by the evidence,
that the above named manufacturers fostered and aided these agreements
and actively co-operated with the jobbers in carrying them out.
There was one lmport;int successor company, namely, R. J. Reynolds
Tobacco Co., which refused to lend any support to these conspiracies but
In 6pit« of strong pressure exerted by jobbers and
actively opposed them.

THE CHRONICLE

Jan. 28 1922.]

The Reynolds company in this respect is deserving
Jobbers' associations.
•f commendation.
Moreover, two of the companies refused access to correspondence flies.
P. Lorillard Co. refusing access entirely and the American Tobacco Co.
In the ca.se
In part, in face of the right of access given us by statute.
of the New England Tobacco Conference, ail its correspondence and
minutes relating to prices and discounts were wilfully destroyed a few days
before the visit of the representatives of the Commission.
The Commission's findings of fact relating as follows:
Not

Jobbers' Associations "Greatly Encouraged
1.. Beginning

to

Cut Prices."

with the spring of 1921 there was a nation-wide

from the company's list of cu.stomers.
few cases were found where the jobbers went so far as to enter into a
Such an agreement
signed agreement with each other to maintain prices.
was made by Rhode Island jobbers together with certain Massachusetts
jobbers.
The Commission has in its possession the original of this agreement signed by 18 jobbers. Letters in the possession of the Commission
off

A

cases of jobbers being actually refused supplies by some of these
manufacturers In order to compel them to cease price cutting.

show

Dirergent Views of Comvariies' Officers.

In asserting the legality of this cutting off of price disturbers, George W.
HIU, Vice-President of the American Tobacco Co., writing on Aug. 5 1921,
to a jobber said:
"It is not our purpose here to establish the price at which our merchandise
la sold: that is a matter which rests entirely in the tiands of our customers
in any given community.
We have no hesitation, however, in assuring
you that where a customary price prevails in a given community, we are
entirely within our legal rights in removing from our direct ILst of customers
any customer who by selling our merchandise at less than the prevailing
price in that community thereby destroys the interest of our company."
On the other hand. L. B. McKitterick, President of M. Melachrino
& Co., a subsidiary of the Tobacco Products Corporation, writing to a
representative at San Francisco on Oct. 14 said:
"You can explain to their jobbers the law as it stands to-day, which is
that if a manufacturer joins with a jobt>ers' association in compelling an
individual jobber to unite with the jobbers' association or agree to give
the same discount*, a conspiracy In restraint of the trade results which is
absolutely in violation of the law. and not only will the manufacturer be
guilty of conspiracy, but also the jobbers' association."
Evidence Caters Only Period from April

The evidence

1921

1

Nor. 1921.

to

the report covers the period from April 1921 down to
Nov. 1921, but since September the jobbers' ac^reements have become less
effective through the active opposition of the R. J. Reynolds Tobacco Co.
and someweakening in the support of the American Tobacco Co.. owing
in part to the fact that the Commi.ss'on's field inquiries were on foot under
the .Senate resolution and under ar plications filed with the Commission
for the issuance of a complaint against the American Tobacco Co. for
in

resale price maintenance.

Bfmu.ies or Rebates Alleged to

Have Been Given.

The Inquiry

Incidentally developed the fact that during recent years one
IsLrge tob.icco manufacturer, the .American Tobacco Co.. has given to
fav.ircd jobber customers, secret bonuses or robat«i. In round amounts.
ran?lng from a few hundred dollars to several thousands of dollars at a
time.
These paj-ments have usually been made semi-annually, and
rf-oipicnts have regardi-d them a,"? .secret and confidential.
In speaking of
thcv: payments, one of the jobbers <rtate<! that he regarded them as secret
rebates: that he looked upon them as " 'tips' to urge him on."
The for(,-«olng utatomenta of fact are supported by hundreds of letters
written by manufacturers, jobbers and jobbers' associations, showing
these price conspiracies In many partfl of the country.
.Some of the letters
arc quoted In the nummary and many more in the report proper.
Many
rriore could not be printed for lack of space.

Appropriate Proceedings Proposed for Enforcement of Any Laws Infringed.
In ciiarn where the evidence dlfirlnsefl r<-a.son to believe that there has
been a violation of any law which It Is the duty of the Feder.-il Trade Commlflnlon to enforce, the CommlsHlon will take appropriate action.

f-^f Toharro

Th<T^

2.
,,n

f"-

-.

,

'

"

'

at Present in fyirge

at

Supply and

Prices EztremeUj

its

Lmo.

pmscnt a

large supnly of leaf tobacco resulting chiefly
I. .r.., ...„,. i„ .u..
-jii.^nfitjr uwl for domcfltic products and for export.
'Til for l«-:if b.v the four siiccejisrir comp.'inies above
'Teaiwti In 1020 ni compan-d with 1919, the di'creano
if Ix'lnir from $.11 i)er 100 pouniU for the 1919 crop
ff>r the 1020 croi(. and the dcrroawi on "burli-y"
• ]"'•
'fr«im ^l?, [XT UKIrKxinddfortlie l«l9cror> to $17 for the 1920 crop.
of tlif Ir.--- -• " . 1021 hurley market was not yet open.
''f the hr
cm crop of North Carolina and Virginia
•'"rt. I;.
'i: '/her than for the
•Ml fur !><•
'T, nf) comparlwm
all the 11. Ml .11. I,. .11 ,1, !
1.1 -iinili '''anilln.i prlci't
'TOP !»vir:nr<'l $1 which Id nbr>at th<- name an the 1013
••
.nd fthouf, lialf tli" 1020 price.
la

'

'

''"

—

'" '
l.af 1.

'

''•'

'''"

'

'

•-'''

'

1

'

,

'

'

I

i''-

IniunrHtm Urged lo Prerrnl Optrntiirn of Cnrnrrum Purrhating Agmrlen.
While no mnclimlvp nvld'-nre wwi found of rtilhrnlon Ui diTpniKi the
pTicMi :,,i.I i„ tl,,. i-rowiTuforlhc 10201i;if It
atHH-nrn that n few Inrge biiyiTH
"•''
-itUin i»nd pnrh fiiirrh.nwd only n riTtiiln rMTrrtilawn of
*""
common hiiyin;? mririrdii wrre imed iinfl that iwrret
pnrrhnar^ wtrrn mn/|.- thr<,iitrh IndciHCi'li-iit dnnliiT* whilii the ulllmnte
pnrrh, ,rr h. Irl f,ff (hr rnnrlo't. or prartlrnlly no
;?.

'

'

''^'

" wfi« fully drwrilx-d In n rrpttrf by thin <'(>inml«"ilon t»i (hn
-'•^^iifnllvM on Drr || |'»',!0 which rproinnii-tidfvl Ihit Ih"
**<tnpnr»ry InlunrMnn nvnlnit, Ihn murrt-^mir rornpnnl<>4 prnhlliirlnK their
"** '•' '<.rririr,,n piirrhAHlnir ntrrrirti'n tor ]rnt >j>>tnrrii tw n-vlvffl irid rn'idn
'
thnt fhey lif alwi prrihllilf<-'1 from pnriha«lnK <!' '-p' ii"'t<-r

"''""

.

I

"

,

•'^

Thnf rrport nnd rnommcndatlon wrrn duly

«« thn At.tom«>y-n<Tn«ml.

Thn mrnmm«^dntlon

Ormimrs Firrm rrt-nptrntltt

.letting

4.

Thr rrowrr*.

na

it

r«^iiU.

t»

itr\ri-n

of

«ul>tiilll<-<l

urRnntly mnnwral.

Agenrlen t"r nutlry nnri

of thn low

Imf

Itrlghl

l,,\,nrrn

izations is that the members sign a contract to sell all their tobacco for
five years to the co-operativo organization only, with a provision for liquidated damages of five cents per pound for all tobacco sold to anyone else.
The Burley Association having secured signatures to over 85% of the
crop is now preparing to handle the 1921 tobacco of its members.
The bright Southern jVssociation failed to secure in time sufficient signatures to handle the 1921 crop, and this crop is now beit^ sold through the
However, sufficient signatures have now
local warehouses as formerly.

been secured and the 1922 crop

Meantime

movement

having for jobbers' associations to fix prices by eliminating price cutting.
This movement was fostered and aided principally by the American Tobacco
Co., P. Lorillard Co. and Liggett & Myers Co., followed by the Tobacco
Products Corporation, Bloch Bros. Tobacco Co. and the Scotten-Dillen Co.
Combinations of jobbers against price cutters were greatly encouraged
by certain circulars sent to the trade by some of the manufacturers named,
and also at meetings held, each company making clear that jobbers were
expected not to sell at cut prices and that if they did they would be cut

i,t

Tnharro.
Mif 1070

fWop. rirtrnnl/xfl t.ho TrI Mtnto Totmrro rirowrm f 'o-oi^rntlvr. Aawirlnt.lriii
In ttin bright Mouthern liolt nnd l.h«> lliirlny Tolmcro f Irower* I'lt oiMTnelvn
Aswxifttlon In IIm trarlcy belt.
The nunntlal fraturr „f bfilh lli'^w ffntan-

371

will

be handled by the co-operative method.

Prices of Manufactured Tobaccos Are, It is Aliened, Maintained
On High Level of 1919.

5. Meantime, the prices charged by manufacturers for their tobacco
products have remained practically constant at the high levels attained
in 1919.
This is due only in part, to the fact that the present manufactured
products are made from aged leaf, as is the custom, bought in general,
eighteen months or more ago, at prices higher than the leaf prices that
are now being paid; wliile decline from the continued high level of manufacturers' prices has been prevented, in part, at least, by the jobbers'
price fixing agreements above described.

Net Income of Certain Successors of Old Tobacco Combine.
of the successor companies for 1921 is not yet availthe Commission, the average rate of net income to
investment of the four above-named successor companies of the old American Tobacco combination decreased from 21.2% in 1918 to 12.5% in 1920,

The net income
able.
As revised by
6.

while the average for the five-year period 1916 to 1920, inclusive, was
15.8%. From figures covering a part of the year 1921 it appears that
the rate of return in 1921 wUl be substantially greater than in 1920.
This may be attributed in large part to two factors taken in conjunction,
namely, the maintenance of the general price structure in the distributing
trade thus protecting manufacturers' prices from decline, and the low
prices paid for the leaf tobacco of the 1920 crop.
Tobacco manufactvu'ers*
profits are particularly affected by the great inventories of leaf tobacco
carried, and by the method of pricing them.
Although, as stated, leaf is
generally carried in stock and aged some 18 months before using, the
accounting practice of the industry has been to include this new unused
leaf in arriving at the average inventory price at which leaf is currently
charged into factory costs. When prices were rapidly advancing in 1918
and 1919 this method of averaging the inventory prices served to make
costs much higher, to lessen profits, and thereby seemingly to justify
higher prices for manufactured products. Now that prices of leaf have
been rapidly declining, the same accounting method serves to make costs
lower, to increase profits, and thereby to require lower prices on products.
l(Signed) Nelson B. Gaskill, Chairman, Victor Murdock, John F. Nugent

and Huston Thompson, Commissioners.)
Extracts from Summary and Letters Showing Companies' Attitude.
(1) "The attitude of the American Tobacco Co. is described in a letter
dated May 2 1921. from George W. Hill, Vice-President, to Harry B.
Finch, Minneapolis, which reads in part as follows:
" 'We feel very definitely here that when jobbers have co-operated and
have held such conference as Mr. Hill [Percival S. Hill, President of the
American Tobacco Co.] has suggested, then the manufacturers can step
in by refusing shipments or withholding orders from the demoralizers, and
thereby assist those legitimate jobbers who desire to make a profit. Where,
however, a condition of general demoralization exists, we feel here that
there is little we can do.'
(2) "On May 25 1921 the P. Lorillard Co. issued a circular letter to its
customers urging them to sell at prices which 'will not prove an Injury to
our valuable trade marks.' and saying: 'We believe you will agree with
U.S that it would be a very shortsighted policy to continue to supply such
firms with the means of demoralizing our accustomed channels of distribution.
We trust it will bo your pleasure to co-operate with us in preventing
that which is undesirable.'
"On June 29 1921 the American Tobacco Co. issued a circular letter
(,3)
over signature of George W. Hill, Vice-President, describing the detriment
to the company's brands by price-cutting on the part of jobbers, and
saying: 'For this reason we are convinced that for the futiu-e of our
business we are bound to prevent, as far as we reasonably and lawfully
may such demoralization in the trade so far as our products are concerned.
This does not not mean price-maintenance, but it does mean that where a
jobber is not Interested in making a fair and reasonable profit on our brands
and elects to sell our products, for motives of his own, at less than a living
I>rofit, we are forced to the conclusioh that ho is not sufficiently interested
In our goods to make a desirable permanent customer and we shall feel
at liberty to remove him from our list of direct customers."
(4) "In most cases when price agreements have been made, tho effort
has been to maintain list pricis le.ss 2% for ciiah to all retailers. These
agrcinnonts vary from forin:il, signed agreements to oral understandings.
(,'onccmlng a writttm agreement covering Rhode Island, U. L. Armstrong,
President of the New Kngland Tobacco C'onforencc. wrote on July 19 1921
to James A. Gray, Vice-President of tho li. J. Reynolds Tobacco Co.
as folUiws:
" "The details of this plan were prepared In Instriunent form and signed
by flfU"*'!! Jobbers. Not only R. I. joblu^PH hut out of .State johherH who
did husincKH In R. I.
Kach jobber w.as provided with a copy of tlilM hmtrument and wnt out letters to his ctiRtoinrrs advising tlioni of the now toriuii.'
"The ( 'oinnilKNion H<H;ured thu original coi>y of this agreement.
(5) "laider date of Aug. 17 1921. Percival S. lllll. Prcsklcnt of tho
American Tobarro <>>., arlvisi-d Leo i ('ady. Jobbers of Detroit, :ut fiillowH:
" 'We find that you are Killing our i>roiluctK at a price which we <-annot
bellnvo ylrldH (inch a iniirglii of profit on our kooiIn ii* would iniiUti our
biixIni'KH iittriictive and we bi-ll<!ve that tlilH activity on your pari workH to
our di'trlnient nnd the d.-unago of our priwnl and future dlNtrlbullmi.
Wi) have ili-t)>rmini>d, thereloro, aftiT full coiiNUIiTntloii t<i diNcoiil Inuc
yj>ur n«»'ount at Dittroh
We regret the ni<(-i«<«lty but fiHO that the i)roteOtlon of our liUNlniwN rnalo'H this action obligatory.'
(0) "Alwi. prior lo thiM. on .luly 2S. J. II. Itevlll. flnlea Mnnnger of the
AmiTlran Tolmc-o Co.. wrot« J. (' Lindner, .SciTetary of the Keld Tobnroo
Co., iind iiliK) I'riwident of the keyHl^me 'robiirco MiTClmnM AiMtM-liillon.
lui follown:
"For your Infurni.-itlon I am plcimiHl t« ikIvIb" you tluit after
a thorough lnv>mlli<iiMon inud<< by «nir Mr. T. I'. O'lloyin roKiirdliig Iho
rliiirm-* agnlnat the Wlrth Cigar (!o., ("union, Pa., we have tllwonllnui'd
lllll nccdunl from the dlriu-t lint of tho AniiTlean TobiK:co Co., effisMlvo
lui of July 2'Jd.'
'rtiii ruiKirl kIiowm that both Urn & <!»<ly ami thn Wlrth Clgiir Co. were
«ntMHv)iM'n(|y ri<lniilaU-d on the dlri'«a ll*t of tho Aninrlcon Tobafyvi <"<>.
(7) "Iti II li'llrr cliiud April |(t WVil
Al. Jncoby, Tobao-o Products
CoriMirnlliin Hnl>-a .MiiniiK'T In Itoal'iii lorrltory, wrot<i I,. MIcliiuila of the
Nnw York offlci< lu folloMa
.

,

wlali Ut Inronii ynii tliiit tlii' JiiblH'rw' Aawirlnlliin linrn In llimlxin Imvs
I
oiiaUwl llnnkiT. IU<nm« \. Ilitnnlngloii niiil I. Jiowlaohn from llieir orRnnIxatlon, nnd I am wllh tint uiidi<nilaiidiiiK timl :ill iiiaiiuritrluriTa with thn
'

nirnptlon of

any

K.J Kxynolda Co

K<mm))I, until

thoy an-

will

not

alilp

r<illMtal4<<l In llui

thn nbovn mnnlloiuxJ Jobber*

AiaoOlatlon."

—

.

.

THE CHKONICLE

37»

Change in Policy of Tobacco Products Corp. AUribuled to Fear of Prosecution.
"The Tobacco Products Corporation encouraged the jobbers' associations for some tXtne, but after consulting its attorneys, this concern seems
to have concluded that there was danger in going further into the situation,
and on Oct. 14 1921 tliis conclusion is expressed in the following paragraph
in a letter, which L. B. McKitterick, President of the M. Melachrino & Co.,
a subsidiary of the Tobacco Products Corporation, wrote to E. B. Richards,
San Francisco, Sales Manager for the M. Melachrino Co.:
' "You can explain to their jobbers the law as it stands to-day, which
is that if a manufacturer joins with a jobbers association in compelling an
individual jobber to unite with the jobbers association or agree to give
the same discounts, a conspiracy in restraint of the trade results which
is absolutely in violation of the law, and not only will the manufacturer
be guilty of conspiracj', but also the joblaers association, and they could
be called to account for their action as well as the manufacturer could.
" 'All of thi^ means, that if this complaint of the Federal Trade Commission against us is brought to trial, it will cost us a tremendoxis sura to
defend it, and if the jobbers association are placed in the same predicament
it will cost them as much or more as there are a great many more parties
concerned'."
[Under the disintegration plan of Oct. 1911, as approved by the U. S.
Circuit Court in the anti-trust suit against the company and its allied
properties, the American Tobacco Co. was split up into 14 entirely independent corporations, among them the Lorillard and Liggett &, Myers
companies. The case was then kept alive by the Government, so that
appropriate action might be taken in case any of the stipiilations of the
Court should be disregarded. "The resolution introduced in the Senate
some time ago by Senator Smith of South Carolina, which resulted in
the foregoing report, was intended to determine whether the mandates of
the Court had been obeyed. Compare disintegration plan, etc., in V. 93.
p. 1122 to 1124, 1603, 1670; V. 92, p. 1501— Ed.)

[Vol. 114.

to that representative of the Federal Trade Commission,
Sept. 15 1921 (Exhibit "B" Hereto).

Mr. Shinn, on

Only Non-Pertinenl Correspondence Withheld.
charged that wc have refused to give to the Federal Trade Commission certain parts of our files of correspondence. This is true, but those
parts that wc refused to give were only those parts that could not possibly
involve us In conduct subject to criticism, but might possibly involve our
cusfomers. The Federal Trade Commission ha^e been given free access
to all out books of account, all of the correspondence between our main
office and field employees of the company, and all of the correspondence
between the company and customers of whose price cu+ting activities it
complained. We did not believe, and do not believe, that it would have
been decent for us to give to that Commission, except under compttlsion,
letters written us by oiu- customers concerning their own activities.
Our
position is deliberately stated in the letter of our counsel to the Commission
of Oct. 21 1921 (Exhibit "C" hereto).
4. It

is

No Combination With Leaf Tobacco Dealers.
does not seem to be definitely charged by the Commission that there
has been co-operation between us and other manufa<-turcrs of tobacco in the
purchase of the 1920 crop of leaf tobacco. If such charge had been made it
would have been wholly false, and if it is intended to be intimated it is
equally false.
This report of the Federal Trade Commission will, of course, make us
carefully re-examine the legal propriety of every step we have taken or
pronose taking. But it does not in any way change nor lessen our earnest
d°s're that our customers shall make a fair not an exorbitant
profit in the
distribution of oui- products and it does not alter our determination to work
to t*iat end by evorj- means that are prooer under foe law, and under the
rules that obtain in the conduct of fair and orderly business.
Exl;ract3 from Exhibit B," Letter of J. Parker, Counsel of American
Tobacco Co., to the Commission, Sept. 15 1921.
5

.

It

—

—

'

Thomas

J.

Maloney, President

of P.

Lorillai'd

Co., in

denying the charges,

said:
emphatically deny thase charges. There is absolutely no foundation,
in fact, for them.
The Ijorillard Co. stands ready to meet and disprove
them before any impartial tribunal. I particularly want to say that this
company has in all its policies obeyed in every respect the law on this
subject as laid down by the U, S. Supreme Court, which has several times
recently overruled the Federal Trade Commission in its unwarranted attack
T

on legitimate business.

Percival S. Hill, President of the American Tobacco Co.,
in circular of Jan. 19, addressed to the company's jobbing

customers, makes substantial the following remarks regarding the aforesaid report of the Federal Trade Commission,
pointing out that the company- is charged with combining,
not with its competitors but with its own eustoire's:
Charge of Combination With Customers

I\fot

Compeiilors.

WJiile

—

—

competitors

No

it is understood, of Making Higher Prices or Exorbitant Profits.
not charged that this combination between this company and its
customers was made in order to put higher prices, or more money, into the
pockets of this company, but the charge is that this company went beyond
what the law permits in its efforts to secure to its customers, distributors
of its products, a fair return for their services, efforts, investments and risks
in such distribution.
We do not understand that there is any charge that, we have sought to
.secure for our customers any exorbitant or unreasonable profit, and if such
charge is made or implied, none know better than our customers that it is
utterly without foundation.

2.

charge

,

It is

Methods Employed

to

Prevent Harmful Price Cutting BeHercd
Colgate and Beechnut Decision.

to be -/iistified

by

With reference to the foregoing charge we say to om- customers, and to
others interested: We do earnestly desire that our customers may make
a fair and reasonable profit on their business in distributing om- products.
do not believe that a business can be fairly or permanently conducted
on a bas's that does not provide for such
We are aware that a system of
contracts between manufacturer and distributors to accom^h'sh S'lch is,
under the decisions of the courts, unlawful, and wc have had no such svstem
and will have none such. We have not and will not knowingly violate any
law. This inHuencea our conduct, but it does not lessen om- desire that our
customers should make a fair profit.
Karly in 1921 it was brought to our attention that in many sections of the
country price cutting among tobacco distributors had reached such uronortions t hat many jobbers were actually losing money on their t obacco bMsiness, and that som of them
especially among those engaged in the "rroc-^ry
business with tobacco only as a line were contemplating abandoning the
business of selling tobacco and its products.
We (accordingly! issued our letter of .lu'ie 29. 1921 ti-ited in part above.
Kd.l to our customers as an effort to minimize .such price cutting on ou''
products.
We had been .idvlsod that this letter, and the action wo therein
stated we would take, wore entirely legal under the derision of the Suo'-erae
Court of the Tfnited States in the well-known Colgate case. We were not
iti conil)lnation with any asso!Matir>n of iobbers anywhere.
Undoubtedly, many of our tra\ elling salesmen knew of such associations,
and were on friendly terms with our customers who were members of such.
Undoubtedly wc received information from oiu- customers who were members of such associations.
do not condemn, because we know very little
of, the activities in detail of such associations
wc only know that we were
not members of such and never acted in co-operation with such.
act^d
from time to time on information that incidentally came to us. after wc had
verified it, in the protection of our business interest precisely as our letter
of June 29 1921, indicated we would do.
We frankly believe it to our interest that our customers should make a fair
profit: we thought in June 1921, that our efforts in that direction were
lawful under the Colgate Case ["Chronicle" of June 11 1919, p. 2'?791, and
we believe now that they were lawful under the more recently decided
Beechnut Case ["Chronicle" of Jan. 14, p. 1201. In September, 1921, our
counsel was visited by a representative of the Federal Trade Commission,
and our point of view is shown by copy of a letter written by our
counsel
3.

all

We

.

—

We

—

—

Wo

,

Co., in a circular letter issued last June to all of
<:nstomers (but not to any association or clul) of jobbers) attempted to
make clear to its customers that it did not seek to fix a pr'ce for the resale of its products that should be maintained, because it recognized that
different conditions apply to different s<>ctions of the country; but that in
different localities, in the processes of natural competition between its
customers, customary prices among competing jobbers are natm-ally established, and that when such condition existed and these prices involved only
reasonable profit to the jobbers, the action of some one or more jobbers
in a locality in cutting those prices to an extent that would give to the
price-cutter an unreasonably low prof t oti our product, would incvitabljd'ssatisfy our other customers and induce them to try to supplant our
brands witli competing brands more profitable to themselves, and such
would work an iniury to our business: that we would feel at liberty to consider such a price-cutting what it was in fact, to-wit: iniurious to our
business, and, therefore, and if it persisted, we would refuse to sell such
its

,

pr'ce-cutter.

newspaper headlines indicate otherwise, the fact is that there is
no charge by the Federal Trade Commission, as no charge could with any
semblance of truth be made, that there was any combination or consp'racy
between this company and Liggett & Myers Tobacco Co. and -or P. Lorillard Co. and - or any other manufactiu-er. to maintain prices or otherwise.
The charge is that each of these manfacturers, including this company,
separately combined or conspired with jobbers jobbers individually or
jobbers in local associations to raainlaiu prices to be charged by sMch
jobbers for products made by these manufacturers respectively.
This
com,panv is accused only of combining with its own crisl07ners. and not with its
1.

Reference to Letter of June 29 1921.

The American Tobacco

Company Repudiates

You

Alleged Illegal Aclicily of Co's Traveling Salesmen.

me

that our traveling salesmen, on the bas's of this letter, were
suggesting or promoting or co-operating in the formation of so-called price
maintenance clubs among competing jobbers in various localities, which
clubs would, by agreement among jobljers, maintain pr'cos not only on
our products, but on other tobacco products, maintain retail selling prices
by agreement between the jobbers not to sell a retail pr'co-cuttar, and,
finally, would fix a customary price, not by the ordinary processes of comtold

but by artificial agreement among themselves who, but for this
agreement, would be competitors.
The activity of our salesmen in this regard, if there has been such activity,
has not been in accordance with the d'lrections nor wishes of the officers
The threat by any of oTir salesmen, if suc'i has been made,
of the company.
to refuse to soil to a jobber our product because of the low prica he makes
on the product of our competitors, was ne\er authorized nor desired by
the officers of the company, and in the only case in which it has been stated
to us by a jobber that such throat was mado. we had ro-)udiatad, and this
was before yoiu- visit to me. We will do our b«st to prevent activities of
our salesmen along either of the foregoing lines.
petition,

THE ANTHRACITE MINE WORKERS' DEMANDSOFFICIAL DATA.
The Tri-District Convention of Anthracite Mine Workers
at Shamokin, Pa., on Jan. 20, approved the following demands for increased wiiges and other concessions adding
largely to the cost of mining:
Two-Ycar Contract Limit

—A'o

Individual

Contract.'!

— Control of Mechanica

Prices.
1. We demand that the next contract be for a period not exceeding two
years and that the making of individual agreements and contracts in the
mining of coal shall be prohibited and where mec'ianical load'ng is done the
committee and company officials shall have authority to e.stablish proper

rates

—

209c Increase in Contract Wage Scale Other Increases, I'ic.
that the contract wage scale shall be increased 20Ct and
that all day men be jn-antcd an increaso of SI. 00 per day, and further that
t'le differential in cents per day existing between classifications of labor
previous to the award of the United States Antliracitc Coal Commission
shall be restored and that the rates applied in solid mining shall be the
minimum rate on pillar work or second mining.
3. In conformitj- with the thought expressed in the award of the United
States Anthracite Coal Commission we demand that a uniform wage scale
be established so that the various occupations of like character at the
several collieries shall command the same wage.
2.

We demand

—m

Day
demand

Eight-Hour

Pay for Overtime

—Dmble Pay Sundays and Holidays'^

that the provision.s of the eight-hour day clause in the
4. We
present agreement shall be applied to all persons working in or around the
anthracite collieries coming under the jurisdiction of the U. M. W. of A.
regardless of the occutiations, and that in the bringing of these employees
under the eight-hour day their basis shall be arrived at in the same manner
as the basis was arrived at In the case of pumpmen and engineers, plus the
.\nd further, that inside
increase demanded in Section 2 of this document.
day laborers shall work on the basis of eight hours underground.
5. We demand time and half time for all overtime and double time for
Sunday and holiday work.

With Check-Off Prorision
next contract made between representatives of
the anthracite operators and the United Mine Workers of .\merica shall
contain a standard check-off provision.
.

(1.

AVe

demand that the

.Ian. L'8

THE CHRONICLE

lt)22.|

Wo demand

7.

sideration basis
sliall all receive

that all dead work shall be paid for on a uniform conand that wliere more than one miner is employed they
tlie same rate.

We demand

8.

payment

for all sheet iron, props, timber, fore-iJoUing.
shoveling and cribbing and where miners are prevented

extra and abnormal
from woricing on account of lack of supplies that they be accorded the

opportunity of making a shift at some other work at the cosideration rate.
9. We demand in the settlement of grievances that the aggrieved parties
shall have the right to demand settlement upon a basis of equity, and If
such equity settlement is reque-sted, the conditions of 1902 shall not enter
into or prejudice the case.
10. We demand that a imiform rate of 17 cents per inch be paid for all
refuse in all kinds of mining up to 10 feet wide and a proportional rate be
appUed for over 10 feet, with the understanding that this is to be a minimum rate not affecting higher rates that esist.
We demand that where coal is paid for by the car it shall be changed
1 1
and payment shall be made on the legal ton basis of 2,000 pounds and that
dockage shall be eliminated.
12. We demand that where jack hammers are necessary and of advantage in the work that they be furnished free of charge to miner or miners
including the power necessary to operate the machine.
13. We demand a more liberal and satisfactory clause in the agreement
covering the question of miners who encounter abnormal conditions in their
working places and that to correct this situation the following quotation,
"Unless otherwise directed by the foreman." shall be stricken from the
agreement co%ering this particular subject, and that the consideration rate
at each colliery should be equivalent to the average daliy earnings of contract miners imder normal conditions.
We demand that the wage schedules be brought up to date containing
14
all new rates and occupations, and that copies be supplied the committees
and filed with the Board of Conciliation.
Carpenters and Other Tradesmen Musi Be Paid Not Less than 90 Cts. Per Hour.
1.5.
We demand that carpenters and other tradesmen be paid the recognized standard rates existing in the region, which rate should not be less
than 90 cents p)er horn- and which trade rate should be paid to all those who
have served four years at their particular trade.
We dema nd that n retrenchment the laying off of men and in the re16
hiring that seniority shall apply.
17. We demand that employees of stripping contractors be brought under
the general agreement on their present basis of wages and conditions plus
the incrtiase demanded in Section 2 hereof.
18. We demand that powder be delivered to the miners at their working
places, or as convenient as possible to the working place, in a safe and
careful manner by the company.
Full Eight Hours Opportunity Must Be Given at Mines Generally Working
Six or Seven Hours.
.

.

i

.

,

We

19.
demand that full eight hour opportunity be given to employees
at collieries which have been working a,s a general schedule on a six and
seven-hour day. and that where eight-hour opportunity is denied to those
employees their wages shall be reawijusted this demand is based upon
normal working conditions and does not contemplate the inclu.sion of
accidents.
recommend that our S<»li! ("ommittee use every effort to have the
operators agree to some provisions in the agreement regarding the price
of coal and rent to be charged the cmrloyees.
The committee rocommend.s that the Scale Committee to negotiate the
contract shall be composed of the officers, the Executive Board members
of the three districts, together with the resident International officers and
three mine workers from each district affected, the District President to
selec-t the three mine workers in i^ach di.strict, subject to the approval of the

—

We

Executive Board.
Work to Be Suspended April

1922 if Satisfactory Agreement is Xot Reached.
We further re<-oramend that the Scale (Committee be instructed to perfect
arrangements providing for a Rus|>ension of mining an April 1 1922, in the
event that no satisfactory agre»;ment has Inicn arrived at as of that date.
1

Th(- "Coal Tradf .Journal" of .Jan. 2."» .suinmarizos th*situation as follow^:
Demands. .\ 20"u lncrea.se to contract workiTs and an advacne of $1
per day to day m?o in the anthracit" fields after the expiration of the
eodsitng wage aKrwnient Ik demandetl by union workers in that are who
doMHl a .>-<lay trl-<liHtri<;t convention at Sharaokln, I'a., last Saturday.
Coupled with Ihln d'onand wa« the threat that the miners would quit work
April 1 If a satisfactory aicrt^mcnt had not been negotiated with the
op*TatorH by that date.

—

The
waif"
*

HUKK'titlons that th<T«- he a ntriki! ui]leK.s all of the demands of the
.'.rniMllN.: '19 in number) were granted by the productTs met

M-.iI.-

from the attending delegatcH.
'Ii'-rr may havi; bwn of an underlying .spirit of
the flTKt day of the convi-nljon whi-n John L.
of the U. .VI. W.. declared that the iiiiimi
wnulrl tioi yli-ld ground In upltc of ri'ductlons that might

C'lr.

!>».•

Hplte of reductions In other IndUKtrii'H.
b« a bafkward step, and the union "will
ri-<i'iir-^ ifi industrial conflict to avoid It."
isuriT (ir's-n also added thdr

.imli,:) llstri<-l« ttr In

I

would

-

's'.

.

:i

ir ii

no cut
.

«i

'

In

pay.

of the Kenyoii coal tilll. now
ilu^d In the convention going on

mairrt in oi>[xmt on to the Inbrw program ri-put<»l tn be entiTlalni-'l by
llx) Httnuuir from low.i.
"If ihr i;.ri',.iri bill pal«»H^»l," iiald Mr. Murray.
"It would privint yi.ii r i.
^m •v<t getting Into anoihtT
eontm-nrr The rr]..i u. |,
rnrr. but If no agr<.«.mi.nt Is
ri»rhnfl. tl.
! Ki^^ps In and miyn 'No Hlrlke; you will
bavn to »<
rm lit roinpulfuiry arbitration."
l'.Va«hliu, Jan. 2-1.; Although high ofrirlalu of the
'>Ovnrntiii-i
.i.vj ovrr th' !>'
i''ill'v '-f i ir' rur.il ulrlUi' of
cn«l

minn

•111

not o.t

rr«ourrr«

could be selected than in the year 1922, when few of tham are making money

and when many of them are losing

,K »i„ih

>

-I ,.,

"
"

,

•

'

must
tho

inoii

,,f

It

priMliD'Ing

iiliiii-

lnl.<.r<'<ilii

have InformKl

Ihrlr iitMTJitloiw on it noiiunlnn hn*\H
tiuh n»(iiinionl«-<l flilils .m llii^

•*Itti

11

I

till,

ikf In

r Ui liri^li

pnrt of
till'

IIk'

Mix rit'im

blMiniliKiii.!

rii

Mil

Digest of Statement Issued bv General Committee ot Anthracite
Operators.
Wage demands of 209c increase in contract rates and $1 a day increase
for all day men, if granted, would mean an increase of at least SI 30 a ton
on the mine price of domestic sizes of anthracite grate, egg, stove and
which the consumer would pay.
nut^
Other demands, like that for time and a half for overtime and double
time for Sundays and holidays, would also increase labor costs and correspondingly increase prices.
As calculated by the anthracite producers, the average total mine cost of
These
a gross ton of anthractie is $5 55, of which $3 92 is labor cost.

—

—

are for the first half of 1921.

fig-.u-es

has also been shown that only 60 ^Tj of Jtntharcite shipments are Of the
prepared domestic sizes, 10% pea coal and the remaining 30% "steam
sizes." which always sell below production c<5st.
With the bituminous industry in a slump which cut down the working
time about 60% in December 1921. and put prices at the lowest point, it
has been impossible for anthracite steam sizes to compete with soft coal.
There has been almost no demand for pea coal, and producers who have
storage facilities consequently have hundreds of thousands of tons of pea
and buckwheat sizes in stock. Smaller operators who have to move these
sizes as mined were obliged to take -any mine price they could get.
It is clear from this that, with the existing situation in small sizes likely
to prevail through the coming year, any increase granted to the mine
workers must be applied entirely on the prices of the prepared sizes, or 60%
of the output.
Using the labor cost of the first six months of 1921 ($3 92 per gross ton)
as a basis, the increase in labor cost if the wage demands were granted
would be 78.4 cents a ton on the total production. Applied to the prepared sizes, or 60% of the production, it works out to SI 30, as given above.
It

The operators have appointed a Wage Scale Committee,
headed by S. D. Warriner, President of the Lehigh Coal &
Navigation Co., Philadelphia, Pa., to meet with the Wage
Scale Committee of the miners as soon as a conference is
authorized by the union.
The matter is first to be passed upon at the International
convention of the union at Indianapolis, Ind., on Feb. 17.

No

demands is expected until the
joint conference is held, and then the negotiations will be
taken up by subcommittees, which probably will meet in
definite rejection of the

New

York.

RAILROADS WERE IS POOR CONDITION PRIOR TO
FEDERAL CONTROL— IN OPINION OF EXDIRECTOR GENERAL MINES.
nines, former Director General of Raih-oads.
Commeree Committee of the
Senate Jan. 24, expressed the belief that the railroads as a
whole were in better shape at the end of Federal control on
Man-li 1 1920, tlian they were when taken over by the GovWalkt-r

I),

testifying before the Interstate

ernment on Jan.. 1919. He tvlso presented figures to show
that labor was not ineffiricMit during the war, but, in fact
more efficient. The roads have filed claims with tht; Hailroad Administration amounting to from .S>sO. 000,000 to SlOO,000 because of "labor inefficiency."
.\s rcportfd ill ttic "\"< w y<irk Times." Mr. Hines further
1

Kaid:
III.' pii.s.si.Kr of the light hour law. which <aU(te<l
the number of employees, probably had given riKC to nilslead'ng reports an to Inerfii'lenc.v.
I
sing tr.iffic units p<T man hour" as the ba.sls of "meaKurinK" l.ibor. Mr.
Hlni-s srilfl these unMs hid Incniaiied from H2 In 191.'") — lK'for(< the Adnins*)n
fight hour law was piinM-d
lo 9<> in 11117 and HMS M i.ntrnjiieiit contml
years), '00 in 1019 anil 101 In 192(1.
The nntlonn rallro.ids w.rr In disreputable nhapo when they weni tiikon
fiver by the tioviTiinirni
hiK roiKlitlonR wens Improved under K«Mleml

Mr.

an

Illncw also ^ai<l lliul

lniT«!as<5 In

.

Mr.

said.
•The not Ion Hint lie nillroiuls wi re broken down
wh'illy contr.iry lo llie fai-ts," Mr. Illnes Kiild.

c-ontrol,

Illn«.s

I

Th^

Is

prove«l by

I

lir

"'
'''
.

IT

fill

iirx r>f

th"

phenoniiiml Iniff Ic vsblch vtaa Huctwtiifully hantllml

During
liillniiid

Kisler.ll

wh>

inin

of our n-gl

ithil illr.-.uin.

down

liroketi

mnlrol the
lan

eomllllon of

If ilif

unionism

rrnl

Im< s.'

,

by the

wiinii pnicllrni

K^tx""'"
control.
inbiil In vahl for anything Indicating it
Kixliinil

li".

th.il the
li" ri'iMnls
ir( 'ige of
pniixTlIrs hiid iMsin Kiibsfaiil liilly iimliit liim-d ixi.'iit f"
rnlU. tli<« nn'l bnlliinl u|H>n Niinii- ol Iho rniidH.
Mr. Illni.iiquil4.<l till, ninirl lift 'firl l( Uriiy. now I'nwiilmit of the l^nlon
(III-

IViiirii

In

rontriiry

Mr.

.

Illiiif, iriAini iiliu'il.

ttiul forini-rly illriMi<ir ..f

Mr

Mil.. r.i.-ir<

I

<

tr:. ,

,u)

-.

i

t

(or tin' Itnllnuiil Adinliilstriillon.
jirlmii rctnolis why Iho « fovon-

,

..

ll..

I

of

Mil Imi| ii'iirlii'd

I

»»iTr hliH ki'l

iiIkI

1

1««
'

rn'-.lr

i

oiiernte<l

bifom and since

tin* pr>i|i<i''

111.-

i.,..a«

«uch n
iiii'l

sIl'IlM Mini IlilindllriU'U'n WCI'll M>

-ar-ipr-

wito

ro.Kls

opiTiitisI lliiiii

was the

K<ui€.riilly bati

condlllomi of

Hiiin<<

rtintrovrrsy prtir«>»U to thr jKjInt of a
l.lnTn Is liltin doubt that Ihn nofl
mII arriiii
irvl thnt, it lo-lh«v«|nnll) bait I" will
bf) wkKiKl .«x,»iiwit unionism in Km oml
-lunlry.
.Muny iini'luHng
IntfTr-fU ari' .-onvlm-ixl ihat mi innrn
llm«' for nucli .« <<.nU^t
:(.

"nt

by th« Oovcrnniont wan

ho nddcsl

1920.

loti

dlfflcully In di-nllng
iiifhrn.H<» far (w aclvlr<^ n**>'lv<«l H'Tm go.
Ion.
.ifp romiTfKnl ovrr lh<' r(ni-«tloll nt till' li'W •will"
nttt antlripttUi

>|ii

'

in-

creased rates of pay mentioned would mean an advance of
at least SI 30 a ton in the mine price of domestic sizes of
hard coal, while time and a half pay for overtime and double
time for Sundays and holidays would still further increase
labor costs and correspondingly the prices for coal.

»!

'

of Anthracitft Operators, in a

statement issued Jan. 24, said that the granting of the

On

iinri itr)<ilrallr)n.

i|,„

fiit'iri'

la

*'

IhU

.imii-d nil lt«

,,, ;,

,,r

I

fiiOilx.

"•

ffiT til"

Opftm'.i'

"

it.

The General Committee

'.

of mlr.
tak'

A

373

iir

inulni

It.illway

"Knvorjibln
i<i

show

I

ili.liii/

lir Ir.-icks

,.
'

.iikI

titl'

l.rniM'r fuclll-

•

il." t-.|iit|iiii'

I
I

..vliiu
"'I In

In

liven Uii*..

i'ip<st«l as

.

I'

''."

i.ftiili

iiii(.iti|il<iyin>'iii

i,|,....ill>

Iiiikmk'

I

1

••

«lin-«.

>1r
ir>4

lli'

liu.i«j,"'

lllri«-<

Mild

and IliJJoUKhi

rridonc/

IS

Ui

Ih>

.
.

THE CHRONICLE

374

EQUIPMENT TRUSTS— FURTHER LARGE SALE BY
UNITED STATES— AMENDMENT GREATLY
INCREASES THEIR SALABILITY.
The War Finance Corporation in a statement

issued by
Managing Director Eugene Meyer, Jr., on Jan. 22 announced
that the Director-General had addressed a letter to all rail-

roads of which the U. S. Treasury still holds issues of equipment trust obligations no part of which has yet been sold by
it, asking [in order to increase the saleability of its holdings]
that he be permitted to subordinate to the remainder of the
issue [which remainder he might then sell] not alone the
last five maturities, 1931 to 1935, or any one or more of
them, but such portion of the maturities of any year as he
may determine. The original agreement was described in
"Chronicle" V. 109, p. 1688, 1955, 2406; compare also
"Railway & Industrial Section," p. 4.
The official statement says:
The amended clause will read as follows:
"Eleventh: Upon request of thp holder, or holders, of all the notes
which by their terms shall be due and payable in any year, and upon presentation of such notes for that purx>ose the trustee shall stamp thereon,
or upon such part thereof as said holder, or holders, may designate and
request, the following words:
"For value received and as an inducement to piu-chases of unstamped
Notes, the holder of this Note has caused the same to be stamped pursuant
to Article Eleventh of the Equipment Trust Agreement mentioned in the
Note, and, as provided in said Article Eleventh, the unstamped Notes shall
be payable in preference and priority to the stamped Notes out of any
moneys received or collected by the Trustee under said Equipment Trust
Agreement upon enforcement of its rights or remedies in case of a default
of the Carrier."
For the present, it is the purpose of the Director General, upon the
execution of the supplemental agreements making the amended clause
operative, to makes sales of railroad equipment trust obligations under an
arrangement, to subordinate, on the part of the Government, approximately
33 1-3% of the principal amount of each maturity; and the Director-General
will be prepared to sell 66 2-3% of issues of equipment trust obligations,
unsubordinated, at par and accrued interest to date of delivery. The
Railroad Administration will thus retain the one-tiiird subordinated part
of all serial maturities.

j^From Jan. 20

26 the Director-General of Railroads
announced that he had, with the consent of the President,
confirmed additional sales, at par plus accrued interest, of
railroad equipment trust certificates now held by the Government in amounts below stated. The larger part of these
additional sales, it should be observed (compare also adverto

made

conditional upon the execution of
the foregoing amendment, which makes possible the subordinating of a larger portion of the several issues than first
authorized, thereby giving the unstamped certificates preferential security as to principal and interest.
tising pages), are

Sales of

On

(1)

Equipment Trusts by U. S. Government from Jan. 20 to Jan. 26.
Jan. 20 to Robinson & Co., New York: Toledo & Ohio Central

RR., 1923-1935, inclusive
Total amount of equipment

.81,882,400

.

trust certificates sold by the Government
to date, at par plus accrued interest, is $166,108,500.
This sum does not
include the payment* on accounts of the Jan. 15 1922 maturities, which

aggregate more than $10,000,000.
(2) On Jan. 22 to Guaranty Co. of Now York: Chesapeake & Ohio RR.,
Series 13 and Series 13-A, 1923 to 1935, inclusive
$x6.567.600
Z This sale comprises two-thirds of all the maturities of these equipment
trust issues.
The Government will hold the balance of one-third of all
maturities stamped as subordianted, in accordance with the agreement as
amended, under the plan recently announced.

On Jan. 24 to Guaranty Co. of New York: Southern Ry. Co.,
1923 to 1935. inclusive.
$5,946,000
This sale comprises two-thirds of all the maturities of these equipment
trust issues.
The Government will hold the balance of one-third of all
maturities stamped as subordinated, in accordance with the agreement
as amended, under the plan recently announced.
(4) On Jan. 25 sales were announced as follows:
(a) To Guaranty Co. of New York: Hocking Valley Ry. Co.,
Trust Nos. 32 and 32-A, 1923 to 1935, inclusive
Sl,638,000
(3)

(6)

To Freeman &

Co.:

Chicago Rock Island & Pacific, 1923 to 1935, inclusive
4,690,000
Kansas City Southern, 1923 to 1935. inclusive
551.200
Chicago Indianapolis & Louisville, 1923 to 1935, inclusive
600,600
(c) To Bankers Trust Co., Dominick & Dominick, Hornblower
& Weeks, Marshall Field, Glore, Ward & Co. and Harrison, Smith & Co.:
Missouri Pacific, Trust Nos. 41, 41-A, 41-B and 41-C, 1923
to 1935, inclusive
6,016,400
Co.: St. Louis & San Francisco, Trust Nos. 71A-,
1923 to 1935. inclusive
li. 71-B, 71-0, 71-D, 71-E,
8,310,500
(e) To Corn Exchange Bank: Mobile & Ohio RR. Co.. 1923 to
1935. inclusive.
351,000
(f) To Bankers Trust Co.. Union Trust Co. of Pittsburgh, Dominick & Dominick, Hornblower & Weeks, Harrison, Smith
& Co. of Philadelphia and American Exchange Securities Co.:
Baltimore & Ohio, 1923 to 1935 inclu.sive
..10,284,700
These sales [of Jan. 25), which total $32,442,400, comprise approximately
two-thirds of all the maturities of these equipment trust issues
The balance
of one-third of all maturities will be stamped as subordinated, in accordance
with the agreement as amended, under the plan recently announced.
(d)

To Speyer &

.

Jan. 26 to Loe, Higginson & Co., New York, amounts
aggregating $.537,500, vis.:
Kansaa City Terminal, 1923 to 1927, Inclusive
Terminal Railroad Association of St. Louis, 1923-1927. incl..
Indiana Harbor Belt, 1923-1927, inclusive
Monongahela Railway, 1923-1927, indusivo

(6)

On

$62,500
114,000
196,500
164,500
(6) Also on Jan. 26 amounts aggregating 6,529,900, subject to the execution of the amendment to the subordinate provisions of the equipment
trust agreoments, viz.:
(a) To Guaranty Co. of New York and associates:
Pere Marquette Railway Co., 1923 to 1935, incl
$5,834,400
(6) To Harris, Forbes & Co.. New York:
Maine OoBtral Railroad Co., 1923 to 1935, inclusive
695,500

.
-

[Vol. 114.

These sales comprise approximately two-thirds of all the maturities of
these equipment trust issues. The balance of one-third of all maturities
will be stamped as subordinated, in accordance with the agreement as
amended under the plan recently announced.
The total amount of equipment triist ce.-tificates sold by the Government
to date, at par plus accrued interest, is $218,132,100.
Other sales are under
negotiation, announcements of which wiU follow as soon as consummated.
[The War Finance Corporation on Jan. 20 annoimced that the advance
of $1 ,400,000 to the Chicago, Indianapolis & Louisville Ry made on March
14 1919 and of $2,355,000 to the Southern B^. made on Dec. 30 1918 under
the war powers of the Corporation, has been repaid in full.]
.

The Government has now

sold as above indicated $218,132,100 of the approximately $324,000,000 equipment trusts
recently held by it and a further amount of approximately
$10,000,000 matured and was paid Jan. 15 1921 (as also in
1920) after allowing for the amounts subordinated as aforesaid, which are reserved by the Government, leaving $69,730,000, as follows:
,

EQUlpment Trusts
(2)

Amounts

—

Still

(1)

Approximate Amounts Originally Owned by V S. Government;
tiy It. omUting Amounts " Subordinated" -See Abotie.

for Sale

Originally

—

Road
Ala Great South.
Ann Arbor
Ateh T & S Fe

Owned.
$154,000
7.37,800

6,865,600

All Blrm & Atl..
917.000
Atlantic Coast L 6,954,200
Bait & Ohio
16,613.800
Boston & Maine. 6,3.58,800
Burr Roch & P..
1,870.400

Caro Clinch
Cent RR of
Charl

Ches

&

&

W

& O.

5,796,000

J.

Still for

Sale.

Kan City Term..
685,100 Lake Erie & West
Louisv & Nashv.
851,500 Maine Central
Michigan Central
Minn A St Ix)uis.
5,904,600 Mo Kan & Texas
Missouri Paclllc.

5,5:^7,000

N

Caro.
763,000
Ohio
10.609.200

5,796,000

Chic R I & Pac. .
Chic St P
& O.
Chic & West Ind.
Cln N O & T P
C C C & St Louis
Colo & Southern.

M

& Hud Co..
Det Tol & Iron.
Det&Tol Sh L..
Del

Erie Railroad...
Ft Worth &
C.

Ga RR

D

lessees..
of Can.

Or Trk
Or Trk Western.
Great Northern..
Hocking Valley..
Illinois

Central-.

Ind Harbor Belt.
Kanaw <t Mich..
Kansas City Sou.

9.308.600
7,576,100
2,195,200
260,400
893.200
4,853.800
980,000
3,715.600
788.200
467,600
4,201.400
474,600
1,104,600
838.600
2,891.000
4.008.200
2,646.000
9,059,400
746,200
966,000
890,400

Mobile* Ohio...
Monongahela

708,500 Morgant'n

Chicago & Alton. 1,095,400 1,574,300
Chic Burl & Q
5,656.000
Chic & E Illinois.
691,600
642.200
Ch Ind & Loulsv.
970,200
Chic Great West.
607.600
564,200
Chicago Junction
446,600
414,700
Chic Mllw & St P 15,348,200 14,251.900

Chic& Nor West.

Originally

—

Road

Nash Ch

&

& K.

St L.
Central

N Y
N YN H&

Hart

Norfolk Southern
Norfolk & West.
Northwest Pac.
Pennsylvania RR
Peru Marquette.
Pltt.sb

PIttsb

& L

Erie..

McK &

Y.

Rich Fred & Pot.
241,800 Rutland
Seaboard Air Line
Southern Pac Co.
Southern Ry
Spok Port A Seatt
731.900 St Louis San Fr.
434,200 TerRR Assn.StL
3,901,300 Texas & Pacific.
Tol & Ohio Cent.
Tol St L & West.
778.700 Virginian Ry
2,684.500 Wabiish RR
Washington Sou.
Wa.shlngton Term
Western Maryl'd
Wheeling & L E.

—

Owned.
$237,500
604.800
9,854,600
1.122,800
4,776.800
1,411.200
1,177,400
9,718,800
567,000
625.100
2,427,600
1.211,000
12,762,400
4,142.600
123,200
6,426.000
253,400
54,518,000
9,426,200
643.200
2,613,800
918.400
345.800
1,540,000
2,626,400
9,606,800
820,400
13,424.600
433,200
2,233.000
2,027,200
1,103,200
1,521.800
10,575.600
393,400
88.200
799.400
,281,200

Still for

Sale.
'

'561,600

1,310,400
1,093,300

2,254,200
3,846,700
114,400
"2"3"5^306

321,100
1,430,000
761,800
2,073,500
l.b24';406
9, 82b" 200

742,300
3,975,400

Total about.. $323,202,400 S69,730,000

—

Note. These figm-es are subject to minor corrections. Ed,
X The "Chronicle" was Informed yesterday that there had also been sold, subject
to confirmation by the Director-General, the 5642,200 Chicago & Eastern Illinois,
and $1,093,300 Missouri Kansas & Texas certiticatea, reducing the total amounts
unsold to $67,694,500.

RAILROAD FREIGHT RATES ON HARDWOOD LUMBER
ORDERED REDUCED BY AN AMOUNT SUPPOSED
TO REPRESENT ABOUT 10%.
Inter-State Commerce Commission on Jan. 20 anits decision that, owing to changes in conditions
since the higher rates of Aug. 26 1920 became operative,
the rates on hardwood lumber have become unreasonable
and should be reduced not later than March 16 to a basis
of not more than 7 to 11 cents per 100 pounds above the
schedule obtaining in 1920, before the general rate increases
were put into effect. The reduction, it is supposed, will
represent a cut of about 10%.
The decision says that, while transportation charges have
not been responsible for existing depression in the industry,

The

nounced

the cost of producing their products has been decreased in
every respect except that element due to transportation.
The case was brought last fall by the Southern Hardwood
Traffic Association and individual lumber companies and
other associations against the Illinois Central and other railroads, with reference to the hauling of hardwood lumber
from Southern States of origin to destinations east of the
Mississippi and north of the Ohio and Potomac rivers, and
sought to eliminate the increases which were applied Aug.

26 1920, and which ranged from 25 to 40%.
Under the order as handed down, Missouri, Arkansas,
Texas, Louisiana, Mississippi, Alabama, Georgia, Florida,
North and South Carolina, Virginia, West Virginia, Tennessee and Kentucky points of origin are specifically mentioned,
and the tables of reductions set out for them. However,
the decision says that rates from points outside of the States
mentioned should be "revised in harmony with the amounts
prescribed" in the decision.

The six Commissioners who joined in making the report
admitted that the figures put into the record by the railroads
Neverreflected "a rather unfavorable financial condition,"
theless, that fact, they said, did not preclude the Commission
from finding a particular rate or rates on particular commodities to be unreasonable when the testimony was suf-

THE CHRONICLE

Jan. 28 1922.]

such a finding. The financial condition
of the Southern hardwood industry,
they said, appeared to be far from encouraging.
Chau-man Charles C. MoChord, while concurring in the

fieient to justify

and business outlook

decision, declared

it fell

short of substantial justice to the

shippers, saying:
With the light afforded by the record

made

Is

not only difficult,

it is

insoluble.

The Transportation Act has

mandatory upon

this Commission to initiate, modify, establish
or adjust rates so that carriers, in groups which you have designated, will,
under honest, efficient and economical management and reasonable expendlit

tm-es for maintenance of way, structures and equipment, earn, as nearly
as may be, a fair return upon their aggregate value.
For the period to end
March 1 1922 the fair return was fixed at
per annimi with, in the
discretion of the Commission, an additional
per annum to be applied
to capital expenditures, that is not to be used for payment of interest on
Indebtedness or dividends. The Commission is now required by law to
determine the fair rate of return after March 1 1922 and until again changed
by it. In enacting this law. Congress omitted to provide that the shippers
of the countrj- should furnish the traffic necessary to make the law effective.
The mandatory provisions of the Act violate economic laws in so far as
they require rates to be increased in tunes of depression when there is a
minimum demand for transportation and to decrease the same in times of
great prosperity, when the demand is at its maximum. At no tune since
the passage of the Act have the carriers earned the permissive return, and,
contrary to the belief held by many, there Is no guarantee whatsoever.
The companies are to earn the return if they can, but if they do not, they
are not even permitted, except to a limited extent and for special purposes,
to recoup themselves, out of earnings in excess of the permissive rate,
earned in more prosperous times. Transportation companies are subject
to the same economic forces as any other business edeavor; they will have
good years and bad years and, unless they have a guarantee (wtiich I do not
favor) they must be permitted to build up a substantial surplus In the
good years, to enable them to simive in times of depression. Only thus
can their credit be stabilized, so that they will be able to give to the country
that efficient service, without which its Industrial life will be stifled.
Because the railroads perform a great public service. Investment in their
securities should be encouraged by a return at least as large and if possible
more stable than that which can be obtained front any form of private
investment having simUar risks and similar opportunities.
Investments in railroad securities are In competition in the world's markets with all other classes of investments, and it is utterly impossible to interest investors in railroad securities when other more lucrative and equally
safe Investments jire offered.
This is simply a Katural selection between
opportunities.
In considering the rate of return necessary to attract Investment funds
into railroads, it does not avail to be guided by the rate at which old outstanding issues of underlying mortgage bonds are selling, or that at which a
very limited number of new issues of some of the few still prosperous companies have recently been sold. To all intents and purposes, first mortgage bonds are a thing of the past. The large additional amounts required
hereafter must be raised by junior securities, for which the obligation itself
of the particular company will be the main reliance, and by the sale of additional preferred or common shares.
It is many years since any new issues
of shares have been sold.
Few companies could to-day sell any large
amount of common stock, and not many more could sell preferred stock,
and of course these are those companies that have the least need of new
capital.
And yet If our transportation system is to be enlarged and improved, if outlying sections of the country are to have railroads, if branch
lines are to be built to the farming districts, to factories and to mines, much
of the needed capital should be, probably will have to be. found by the issuance of new shares.. In some quarters It seems to be expected that railroad
companies can go on increasing their debt forever without Increasing the
equity behind It, yet how generally it Is understood th.it little encouragement would be given to the owner of a house or a factory by the holder of
his mortgage if ho suggested that the mortgage should Increase his loane
for the purpose of making additions and improvements, without the ownerestablishing an additional equity by providing s»y one-third of the now
money required.
Investors in railroad securities, as in fact In any securities, do not consider them as a class: they study the situation of the particular security in
which they are a.sked to invest. Unless the margin of earnings is sufficiently
ample to safeguard that securing during lean periods, the security is discriminated against. Some railroad Common shares yield, at current
prices and with current dividends, about 6% and ethers as high as 9>i%
per annum, all. however, with limited markets.
Permit me to quote from the circular to Its shareholders of the American
Telephone & Telegraph Co. This Is the courageous and honest statement
of a company performing a great public service In a most efficient manner.
It, like the railroads, must be in a position to provide additional facilities
as the requlr(;ments of the country call for them:
'rt'.'Mit

5H%

H%

can only attribute to an unreasonable rate level the continued prostration of the hardwood industry in
the face of a reversion to practically pre-war production costs, pre-war
selling prices of the lower grades, and not greatly higher prices of the higher
I

grades.

Co<iceding that there may still be some play of other economic factors in
the situation, the fact remains that transportation revenues £iro derived
from traffic movements, not from mere rates: and it is manifestly antagonistic to the interests of both carriers and producers to maintain rates at
levels that tend to curb rather than stimulate a flow of traffic.
To my mind, the record calls for more substantial reductions, and we
should enter an order prescribing them.

Commissioner Campbell of Washington joined in the views
Commissioner Aitchison also sided with
of the Chairman.
the majority, as did Commissioner Potter, formerly President of the Carolina Chnchfield & Ohio. Mr. Potter said
he agreed with the majority only on the ground that the relationship of rates that existed prior to Aug. 26 1920 should
be restored.
Commissioner Daniels, one of the five Commissioners who
did not support the order, said in part:
This sweeping finding of unreasonableness

is

not supported in the report

by any

citation of ton-mile earnings.
If the rates prescribed were to be applied universally, on lumber and
forest products the effect on carrier revenue might well prove revolutionary.
No evidence of record Is cited in the report that shows or tends to show that
the rates reduced are unreasonable, from the standpoint of earnings there-

under.

The finding is particularly unforttmate because it comes at a time when
we are conducting a general investigation to deterrftine whether we may
lawfully require further rate reductions than those already made, not including this and without awaiting the outcome of that inquiry.

Commissioner Eastman of Massachusetts, also dissenting,
expressed regret that the majority report did not furnish
sufficient ground for a finding that the rates assaiied are
unreasonable.
He also said:
The reductions which the majority require are not large in amount and
are based on the desirability of restoring rate differences as they existed prior
While I agree that such restoration is desirable, it does
to Aug. 26 1920.
not seem to me that this proves that the rates assailed are unreasonable.
The Southern hardwood producers are clearly in desperate straits.

This decision is thought likely to be followed by a similar
reduction on yellow pine, because, as a rule, there is no distinction between the two classes of lumber.

"Lumber," a paper of wide circulation, saj^s:
Rate reductions authorized by the Inter-State Commerce Commission
on hardwood lumber from Southern t-rrritory are the chief topic of interest
The direct effect of these reductions on the hardIn the markets this week.
wood situation Is expected to be considerable. Reports from Southern
centres Inrlicate an increase in hardwood demand from furniture and automobile manufacturing sources, and expectation of greater Improvement
now that the element of unc(.Ttalnty as to freight rates Is removed.
An Indirect effect of this deci.sion, it appears at the moment, will be increaaing hesitancy In placing largo requirements in species of lumber that
may be aff'^ted by further rate cuts. Southern pine interests have ju.st
filed a broad complaint with the Inter-.State Commerce CommLsslon seek-.
Ing reductions.

The reduction

hearing

375

more heavily on the
roads than on the southern lines, since it applies only
to hard-wood lumber shipped to or from point.'? outside the
States in which the .same origin.atcd. Tho.so in interost
confirm the statement that the amount of reduction will
be very
'iai, as well as unsettling, but whether it will
rea<-'h or
lO'/o has not as yet been dftorinincd.
The somewhat RimiJar decision ordering the lowering of
rates on grain, grain products and hay in the Western territory, was ciUjd quite fully in V. \]?,, p. 17.36, 2371, 2470,
278G.
will fall, it is believed,

eastf.-m

'

.

"At

meeting on M.irch 29 1921 thf-Tlirtx-tors of tho~~Am(Tlcan ToleTelcRraph Co. -.'uthorlzed the Tresldcnt to announce Its ilccislon
9% as the roKular annual rate of dlviilcnd to Ix- paid npim the
comp.iny's sh.ircs boKlnning with the (llvi.lfnd payable July LI 1921.
"in nccorftance with this action the followlnu nnotmromont was made
forthwith: 'The clianKo In dividend rate Is nothing more than an adjustment
to a new set of fomlitions.
It has always biH'U the policy of tin- conipany
to pay such a divMend ;ik would malni;iln the market value of the .stock

phone

Its

fc

to c-stabll.sh

premium sufriricnt to attraet subscription to m-w slock Issues. The
of a fair proportion of new capital rather than the Incre.ase of debt to
lake rare of growth Is a no-essary i)art of any kouihI financial p^o^^"anl.
Itifiire the war the H% divlileiid maint,iliie<l the slo<'k at
satisfa<'tory

at a

lasui)

••»

pri'inlum.
The war period, of course, couM furnish no (lat.:i for a program
of which permanency should bo an ejwentlal.
Since thn war, with orflclcncy
and ••arnlnifs equivalent to pre-war Kl.indartl, It^ stoi-k Is bouuhl and sold
lit '•
.ul p.ir.
r.ir value lndl(at<'N satisfactory ab-orpi Idii of the
pr<
but not demanil for more .it tin- same r»t«> of return. HttH'k
mii
prffnliim to liidlc.ite .i readlne* to absorb further Issuin.
".Not iMily prewnl financial conditions Koverning the status of this ,in<l
other Invesitnenl si-curllliw have In-en considereil, but ."ilso thi' probable
conditions In the future, and the action of the directors Is biisisl upon th«>
conchisliiii dial a higher rate of return Is ni-ce»,«ry U> atlrncl tin' portion
of the c.irilr.il which must come from thi' shar<hol,ler« In order thai extension of
iM.iic service to keep pac-e with the urowth of the country
ami thi
of the public may go on.
Ilavlnn arrived .it this cniicluhIoii, 111"
iihorl/.isl thin aiinouiicenient. In ordiT that all hhariluitderB
be liirormed at once.
ma^
There has liiM-n no time within the pant ten yearn when the cumpany'i
narnlnxs h.ive not been Hufriclent t.o pay the hiwhir rale of illvldeml."
"9', uiion the I'oTiipany'Ncniill.'il stock In lew than .')% upon the company'*
«y|UUy In the Hell syutem."
The nUM-k of ihU company in now Nolllnn at about 118%. at which It
y|n|<|» alH.iu
per annum.
.
tlUT
In detiTmlnlng the Ju»t rule of return upon the rnlun of rallrondH, im
entnblliihivl by ihia ('ommlioilon, much coiiKMeralloo iio.l be (rhin to tlta
prment phyNlrnI condition or ihe romp-inlm' ruadx nod iM|ul|imrnl and Die
condltlonii affx-tInK Ihe coinpanleN diirliiK and «lnci' ( ioviriinn iii i>|ierulloD.
DiirlnK the War I ho CJovernnient ris-oKnUed »hi» neccwiliy of helnn
vrry liberal with mnnufartiiriTK and olher<i iio'ai'n.l In prnvldliiK necemary
<*nr i>ii|ipll<ii
All luch were permllled l<i earn liirft" profit*, the <lovrri>nient ri'lylnic upon the Income nn<l evcenM (iroflln tAic* lo mver part of
he«e m-ciipivlhe«e profits lnl<i the Tri'MKiiry.
all lho«in nnKBHrxl In
llona wiTn quite prop<Tly piTmltlnl, and dlrlrhnrKn off nui of profllM heforo
iich tniea were flKUriwI. larun atnoiinU for the deptnrlntlon of their facllil.ln
ilun lo Ihn eicean war rtmlm. In riddliloii (<i the riiuioiniu-y chnrKi'X for ile
'

.

JEROME

./.

HAN All ER ON THE NEEDS

THE

Oh

RAILROADS.
Speaking before the Inter-State Commerce CoTnmi.s.sion
on Jan. 18, .Jerome .J. Ilanauer. of Kuhn, lAH'h & (.'o.,
ixpatiated at length on the present unfortunate situation
f th«i raiiroa^lH and argued in favor of treating them, as a
rnatt<T of policy, with greater faimcHs.
n«< made an npt
lIluHtration when he said the ruilroadM are the arteries
through which circulates the life blood of the nation
tran«iHjrtation -and "if they are negl'-cted so that they
eontra/;t arterio Helerosis the industrial body of he country
may suffer a stroke of apoph-jcy." HiH n-marks w«<re as
I

foih»ws:

Mr. Chnlrmnn and Mtmhtrn nf thr Jntrr-Hlntf Cummrrrr Cummltilnn
privll<K« U> tM pormlttnl to npiXTar Ix^foDi thin f 'oiriiric^ilnri iiri'l
to mprrM vifwn In mfonrncs to thn prolilcrn with whirh y„n nn- KrupiiliriK
Nowhnro ^» It morn fiilljr rnitllznl than In thn flnanrlnl rominutilty how
fllfrif-iilt *r<i thn
nmnr 'iiKwtloru* with whirh you arr htmtn., and hnw In^
.•»««ldiioti«ljr and roiiraKni'wIjr jroii havn lK-«in worklnK to Inail
It la

ft

,

"

war

r.mntry out of thr" rhiWM In wlilrh thn
twwn nnjoyivl by any of thn nmriilifni
Th« ptutli'ilar r>f>l>lnni which li tbo occaaUin <•( thi*

'•rtatlon /<it<im« nf llin

No
dommlmlon

Lift

oC th«i

thnm

nlaht hour diy

h.-ui

1

t

7S%

,

Mm

prn<inllfio

a<A aaklc

and ileplnllon.

Urge roacrroa

lu

Tli<«e IndimlTliI

UUo ovc^

i

'nnnTan Mere

thi- 'llffleiUk

hhiin eiiablivl to

tluca whicli havo

mm*

,

THE CHKONICLE

376
come

them

in the last year.
Not so. unfortunately, with the railroads
read to you the words of former Assistant Secretary of the
Treasury, Hon. R. C. Leffingwell, in a public address, which well express

to

Let

mo

the situation:

"There was no reason why the raih-oads should not have been made to
l)ay for themselves under Government control.
"It was characteristic of Government's muddling in business that the
Government waited until the inflation boom was over in the summer of
1920 to increase railroad rates. Higher rates during the inflation period
would have been a source of profit to the railroads, would ha^'e saved the
Federal Treasury from all outlay, and would have exercised a healtliy check
upon the inflation itself. It was not until the inflation boom was over and
tne chance for the railroads to make money out of liigh rates disappeared,
that the Government increased rates. The rates were unproductive of
revenue because the business was not there. Kailroad rates were too low

when business was booming and

rates

and wages both too high when

bu.si-

ness was falling.
"The credit of the railroads themselves was impaired by running them at
a loss.
The basis of railroad credit was, of course, their earning power.
The investor foun:l small comfort, against the actuality of railroad deficits,
in the Government's guaranty, wliich he knew must come to an end.
Consequently the weaker roads could not borrow at all. except from the Government, the stronger could borrow only uponexorbitant terms, and none whatever could sell shares of stock."
While the CiovernmerU spent great sums to provide other war facilities,
all capital expenditures on the' railroads were charged to the companies.
In
particular there were purchased at inflated war price„s, locomotives and
cars costing almost !8I()0,r)00.()()0. which could to-day be produced for a
much less amount, and from whii;h the railroads could obtain no financial
benefit until after the close of the guaranty p(>riod so
after which the
business depression .set in.
No part of this cosl was as.siuned by the Government as a war cost, and, therefore, the same; must be borne by the
roads and passed on eventually to the public.
These conditions have resulted In the railroads being in a poor situation
to meet the depression which ensued after the boom period following the
armistice.
In order to maintain their .solvency, they were t'ompelled to
reduce maintenance to a minimum, a policy which would, if persisted in
for a longer period, placid the properties in such a position as to be unable
to meet the requirements of commerce when normal conditions return.
Not alone this, but the absence from the market of largo purchased by
railroads, the discharge of labor employed in railroad maintenance, and in
the production of railway supplies further greatly depresses bvisiness. causes
much unemployment in other lines, and results in an endless chain of
stagnation.
The railroads collectively use in normal times about 28% of the steel
capacity of the country and large percentages of the capacity of other
fimdamental industries; if steel mills or equipment factories are either shtit
down or reduced to part time, the consequent imemployment and the
resulting reduction in purchasing power, spread rapidly tlu-ough the country, and there ensues a further reduction in railroad earnings and the
nocessiry for still more di'astic retrenchment.
Full considei'ation of the conditions affecting lailroads and the relations
of investors thereto, some of which I have endeavored to outline, lead
conclusively to the decision that a liberal return on the value of the railroads is essential, not only to their prosperity, but to the prosperity of the
entire country.
No figures of the exact division of railroad securities between bonds and
shares is available to me. The percentage of shares is increased by the fact
that a considerable part has been issued in reorganizations in which bondholders were compelled to exchange bonds for shares.
In order, however,
to be be ul era-conservative with our figures, let us assume that two-thirds
of the value of the properties is represented by bonds and only one-third by
shares.
The average net cost of the part represented by bonds is surely
.5%, probably more. The part, represented by stock should, in view of no
profit being figured in this calculation on the part represented by bonds,
earn a profit of not less than 10% to allow for a fair dividend, certain capital
expenditures and a margin of safety for lean years. This would make a
fair return on the entire capital
value (not, of coiu-se, capital securities
outstanding) 6 '2-3% per annum. It is quite impossible to fix rates which
would bring this return under anything like present conditions. No good
purpose would be sen'ed by attempting to do so
The return now provided
by the Transportation Act is not being reached even with present reduced
expenditures for maintenance. An increase of the permi.ssive return can,
therefore, be left to future consideration, but on the other hand, any
indication of reducing the rate of return now permitted, in the face of the fact
tbat
this rate is far below that required to induce
investment in junior securities
and shares of railroads, an<l far below the return obtainable from other forms
of investment, would alienate whatever confidence remains in the future
of

m

.

our railroads and their secnrities.
The railroads are the arteries through which circulates the life-blood of the
nation— transportation. If they are neglected so that they contract
"arterio-sclorosiK," the industrial

body of the

trountry ntay suffer a stroke of

apoplexy.

1022

CONVENTION PLANS

Of-:

AMERICAN RANKERS

ASSOCIATION.
At a meeting in the New York Clearing House, representaNew York members of the American Bankers Association met for a discuss'on of plans regarding the 1922 confive

v(>ntion.
In the absence of Francis L. nine. Chairman of
the New York Clearing House, Seward Prosser, President
of the Bankers Trust Company in New York, acted as tem-

porary chairman of the meet'ng, and was elected permanent Chairman, with W. .T. Gilpin. Manager of the Clearing
House, acting as Sc^^-rctary. By resolution, Mr. Prosser was
elected jiermanent Cliairman of a general committee of
New York bankers, and was authorized to appoint a committee of 100 members of the American Bankers Associafion in New York to aitend to all necessary details for the
reception of delegates who will attend the 1922 convention.
.\s indicated in tliese columns last week (page
272), the
conveutioi^ will be held the first week in October, rather
than the last week in September (as originally planned),
tlie actual date being the week of Monday. Oct. 2
to Saturday. 7th. The change in date was dcxrided upon to permit
Xevv York bankers wlio will be the hosts of the convention
to complete certain plans for the comfort and
entertainment
of their guests. It is expected that tlie 1922 convention will
be long rememberetl as one of the most interesting in
the

[Vol. 114.

history of the As.sociation. Tliere has been only one other
convention of the American Bankers Association in New
York, at l^he Waldorf-Astoria Hotel in 1904. The appointment of entertainment committees, hotel committees, and
various other committees, to insure the complete comfort
of visiting delegates and the success of the convention will
probably be made \^ ithin a short time.

ANNUAL MEETING

OF N. Y. CITY ASSOCIATION OF
TRUST COMPANIES AND BANKS IN FIDUCIARY
CAPACITIES.

At the annual meeting this week of the New York Citv
Association of Trust Companies and Banks in their Fiduciary
Capacities, tlie followng officers were elected for the coming
year: H. F. Wilson, Jr., Vice-President of the Bankers
Trust Company, as President; M. P. Callaway, VicePresident of the Guaranty Trust Company, as Vice-President:
R. H. See, of the Mechanics & Metals National Bank,
Secretary and Treasurer, and t>ie following men were elected
directors for the term ending 1925: Lyman Rhoades, VicePresident of the Equitable Trust Company; Joseph Byrne
Vice-President of the Hanover National Bank; and J. H.
Carpenter, Trust Officer of the Kings Coiitny Trust Company. This Association was organized to promote the
general welfare of Trust Companies and National and State
banks engaged in fidueiaiy transactions in the City of New
York and its Committees have been active this last year -with
investigating and reporting on subjects of interest to Trust
administration.
•

INVESTMENT BANKERS' ASSOCIATION TO MEET IN
SAN FRANCISCO IN OCTOBER.
The Board of Governors of the Investment Bankers'
Association of America, at a meeting in Pittsburgh on Jan. 21
decided upon San Francisco as tlie place for the 1922 anntial
convention, to be held .some time in October.

ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
No sales of bank or trust company stocks have occurred
at the Stock

Exchange or at auction

this

week.

Alonzo Barton Hepbm-n, Chairman of the Advisory Board
Chase National Bank, and a noted economist, financial -H-riter and philanthropist, died at his home, No. ()30
Park Avenue, this city, on Tuesday, Jan. 24. Death was
due to the shock and inim-ies lie received when on Friday of
last week he was run down by a Fifth Avenue bus at Fifth
Avenue at Tw^enty-third Street. Mr. Hepburn was born in
Colton, N. Y., 75 years ago, and was graduated from ]Middlebury College. He began his career as instructor of math'ematics at St. Lawrence Academy and became principal of
Later he practiced
the Ogdensburg p]ducationaI Institute.
law in Colton. Mr. Hepburn was a member of the New York
Assembly from 1875 to 1880 and Superintendent of the BankFrom 1888
ing Denartment of the State from 18S0 to 1883.
to 1892 he was United States Bank Examiner for New York
City and in 1892 and 1893 Comptroller of the Currency.
Upon his return from Washington to this ci+y in 1893, Mr.
Hepburn became President of the Third National Bank, and
Pour years later was chosen a Vice-President of the National
City Bank. In 1899 he was elected President of the Chase
National Bank and in 1911 Chairman of the Board of Directors.
On Jan. 1 1918 Mr. Hepburn retired as Chairman of
the Board and assumed the newly created position of Chairm.an of the Advisory Board, which he held at the time of
his death.
In addition to the activities mentioned above,
Mr. Hepburn Avas Chairman of the Currency Commission
of the American Bankers' Association since its creation in
1906; a member of the Advisory Council of the Federal Reserve Board, a member of the executive committee of the
Cliamber of Commerce of New York, and a trustee of Columbia University,
lie was also a director in several other banks
and corporations, including the Columbia Trust Co., NewYork Life Insurance Co., American Agricultural Chemical
Co., American Car & Foundry Co., Safety Car Heating &
Lighting Co., Sears, Roebuck & Co., the Studebaker Corof the

l)oration, the Tt^xas Company, the Woolworth Company,
and the Great Northern Railway Co. Mr. Hepburn gave
a great deal of his time and money to charitable work, being a generous <ionor to Middlebury College. He was an
active member of the finance committee and a trustee of the
Rockefeller Foundation. As a WTiter, Mr. Hepburn con-

tributed a great

many

pajjers. chiefly

devoted to finance and

THE CHRONICLE

.Ian. -JS 1922.]

377

be called as soon as possible to ratify the action of
Tlie Mercantile Trust Company will file
l>oards.
application with the Comptroller of the Currency to operate as a national i)ank, following the granting of which the
Seal)oard National Bank will consolidate with it.
The
combination will be effected about April 1. The following
were selected on Jan, 20 by the two institutions to act as
members of the new board of directors:

H'onoinics. to magazines and rcviows, and he was the author of the following works: "History of Coinage and Cm-reney," 1903; "Artificial Waterways and Commercial Develoijment." 1909: "Story of an Outin?," 1913; "A History
A resolution in
of Currency in the United States," 1915.

will

tile

appreciation of Mr. Hepburn was passed at a meeting of
the board of directors of the Chase National Bank on Wednesday afternoon, Jan. 'Jo. Albert H. Wiggin, President of the
institution, issued the following statement regarding Mr.
HepbmTi's death:
A Barton Hepburn was a rai-e man of most unusual strength of character
and of tremendous capacity. He was not only a successful banker of inter-

two

Samuel G. Bayne, Chairman; Chellis A. Austin, President;

Elliott AverVice-President United Cigar Stores Co. ; Edward J. Barber, President
Barber Steaiii>liip Lines; Howard Bayne, Vice-President Columbia Trust
Harry Bronner, Blair k
Co. ; Henry S. Bowers, Goldman. Sachs k Co.
Co., Inc.
H. D. Campbell, Vice-President J. S. Coffin, Chairman Franklin
Uailway Supply Co., Inc. Delos \V. Cooke, Associate Director the Cunard
Steamship Co., Ltd. ; Edward .1. Cornish, President National Lead Co. ;
Louis X. DeVausney, Vice-President; Charles G. DuBois, President Western
Frederick F. Fitzpatrick, President the Rai'way Steel Spring
Electric Co.
Co.
Henry C. Folger, President Standard Oil Co. of N, Y. ; Edward H. R.
A. R. Horr, Vice-President Equitible
Green, President Texas Midland UK.
Life .\ssurance Society; Herbert P. Howell, Vice-President National Bank
of Commerce ; Elgood C. Lufkin, Chairman The Texas Co. ; Charles D.
ilake-peace, Vice-President; I'eter McDonnell, General Agent Transatlantics Italiana S. S, Co, ; .John McHiigh, President Mechanics & Metals National Bank
Theodore F. ilerseles. President Montgomery, Ward A- Co.
.\ll)ert G.
Milbank, Masten & Nichols, Samuel H. Miller, Vice-President
Chase National Bank ; William E. Paine, New York ; .John ,J. R.iskob, VicePresident E. I. duPont de Nemours & Co. ; Charles .S. Strgent, Jr., Kidder,
Peal)0(ly \- Co.
.Joseph Seep, Chairniaii Board, South Penn Oil Co. ; Joseph
B. Terbell, President American Brake Shoe & Foundry Co. ; C. C. Thompson, New York ; Frederick T. Walker, Agent Royal B mk of Canada ; J.
Spencer Weed, Vice-President Great Atlantic k Pacific Tea Co.
Henry
Whiton, President Union Sulphur Company.
ett.

;

;

national repute, but he was an economist of high ropiilation. who.se advice
and judgment were sought from far and wide. Mr. Hepburn was also a
man of letters, who wrote in a very clear and s-implc way on subjects with
which hewa.s thoroughly famiUai'. and his writings earned for him a wide

;

;

n-putation.

;

because with these talents he combined a love oCsportsman.ship. as a hunter of big game and srrall game and
He hunted big game hi Africa and in the Canadian Rockas a fisherman.
ies.
Mr. Hepburn had a most delightful per.^onalitj- which endeared him
His friends are legion. The death of Mr. Hepburn is a tremendous
to all.
The loss to
loss to the nation and a personal loss to all who knew him.
me personalis- is mast severe. We had occupied adjoining de.sks for eighteen
years.
Nobody knew him better and nobody resjjected or lo^ed him more
than I did.

Mr. Hepburn

wa.s a rare combin:ition

;

:

At a meeting of the board of directors of the Chase NaBank on Jan. 25, the following minute on the death
of Mr. Hepburn was adopted:

;

tional

;

Alonzo Barton Hepburn died in the fulness of years, in the midst of
which he long knew and loved, surrounded by those who knew
and loved him: renowned as an economist, a banker, a sportsman, and in
all these great spheres of activity he was a master.
It is interesting to note that each of the.se activities reinforced and complemented the other until there stood four-square to the world a unique
and unusually qualified per.sonality. He knew life from many sides. His
own had the facets of a well-cut crj-stal. each facet reflecting the lights and
colors of a well-ordered and well-balanced mind.
Barton Hepburn's life story is a chart for the guidance of man. The
record begins with the simplicity of early days, narrates the struggles, the
vicissitudes, the gradual over-coming by energy and force of character the
activities

In discu.ssing the merger, in his announcement of Monday.
Mr. Austin said
Tlie principal .stockholders of the two bank.s have been consulted and
are unanimously in favor of the consolidation.
Committees representing
the two intere.sts have been conferring for some time, .and the canjbination,
sa\e for a few legal steps, has been virtually effected.
Both boards of
directors have infornuiJIy approved of the plan, and fonnal ttockholders'
meetings will be called to ratify tlie recommendations of the boards at an
early date.
The plan, of course, is subject to the approval of the Comptroller of the Currency.
The business of the two banks will be conducted in the present offices
of tlie two institutions at Broad and Btever Streets. 115 Broadway and
20 East 45th Street, at Madison Avenue.
The headquarters of the new
l)ank will be located at Broad and Beaver, where the Seaboard has lecently
erected a ten-story modem bank building.
The sound, conservative and progressive policies that have l)een pursued
by the Mercantile Trust Company since its inception, together with the
long tradition and the high banking standards that have been followed by
the Seaboiird National Bank, will be continued in tlie new institution. The

obstacles that lay in his path, until after distinguished .seiTrice to his State,
he was charged with Federal responsibility in connection with the national
banks of this city. His struggles had left no bitterness, his disappointments
no sting. He looked out on life preserving a serenity, a confidence, and
over all a fine simplicity, never losing hold of basic principles and ideals.
These are the true attributes of greatness for they are qualities of Heart
Brain. Sympathy, Courage and Hope.
Almost a quarter of a centiur ago Mr. Hepburn began his connection
iritb the Chase Bank, each year to become more widely known to city. State
and Nation as a successful financier and economist, until in the fulne.ss of
his power he was accorded the rank of an international advisor on things

economic.
His ta.stes were catholic but never scholarly. The intellectual
strong appeals to him, as witness his wide-s-pread generosity to

enlarged

capifcil investment which the consolidation will make available
offer to the commercial side of tlie bu ine.ss more substantial accommodation to our clients than has heretofore been possible.

will

life

made

and universities.
-^ an author he wrote what he knew. His history on the currency reads
His brochure on big game himting in Africa is a classic
an easily a.s a Htory.
in simplicity and directness.
We who served with him are proud of his achievements: our grief Is at
We salute the memory of Alonzo Barton
the loss of a sjTnpathetic friend.
Hepburn and record in resolution the expres,sion of our profound loss.
We direct that this minute be spread upon our records, and a copy thereo*"

The hearty co-operation and active interest of the board of directors,
which have played so prominent and vital a part in the building up of the
Mercantile, will be maintained and will be exercised in the development of
the new institution.
The Trust Department for handling personal and
corporate trusts will be an important branch of the new bank and the
"Trust Committee," composed of directors of the bank, which has proven
^o satisfactory and helpful to our clients, will b? continued and
expanded.
The special interest department and other service features will be enlarged
in the new bank.
The staffs of both organizations will remain virtually un-

<wnt to

changed.

libraries,

schools, colleges

hi.H

family.

It i*^ a real pleasure, indeed, that Mr. Bayne, who
has been associated
with the constructive side of American banking for nearly half
a century,
will continue to take an active interest in the affairs
of the new bunk and

•

Chase National Bank of this city has leased for a term
ground floor of the 7o Maiden Lane
Building, where, upon completion of quarters, its Maiden
L-in«' Branch, now located at 10<^) William St.. will be opened
192*2.
for busines.s on or about May
The new banking
room i» in the immediat<' vicinity of the present Maitien
Th«-

of years part of the

will officiate as chairman of the board.
His .sound principles, his .sober
judgment, which have made the Seaboard National Bank what it is,
will
be reflected in the consolidated hank.

Mr.

I

I>ane

Branch.

The Seaboard

.S'atir>iial
Hank uf this city, which was
ami the .Mcrfuntih' Trust Cf»mpaiiy, which
lK-;;an hu.sinesn In the «-arIy jiart of 1017, will Itc merged in
the very near fature. accr)rding to an nnnounconient ma<le
publif on .Monday InHt. Jan. 2r., by f'hellis .\, .\ii.stin, PresIdent of fJic .Mercantile Trust Cfunimny.
Tlie new liank,
which will retain the name of the Seaboard National Hank,
will have totn! renonrces of about 180.000.00(1.
riiellis A,

fMiiriih-d in 188.3.

bo president

of the consolldateil Instil iilidu,
while S. a. Bayne, F*re«<ident and founder of ibe ScabfMird,
vrlll ]HH-ntnf. ehniminn of hoard of directors.
rommlttceH
'-oini»ow-«l Iff dlrectorH repres<-ntln^ the two tiniikH have been
•icKotintin:; for the \m»t fliree weel<M. S. ('.. J?avne, J'resldenl
of the Sea>>onrd, C. C. ThoniiiMon, a director of ftw Seaboard,
mid IFoward Rnyne. Virc rrcMlderil of ('olumliln TriiHl Com
fnny, i\iti-i\ for the Scabrmrd. and .folin .McIIimb. Preiidetil
AiiKtiii

will

Austin,

the

new President

of the Seaboard,

was

West Berk.shiie. Vermont, In 1S76. and at an early
«L'e moved to Canton, St. Lawr(>nce County, N.
Y.
He was
e<Iiiealed in jmblic .sdiools and at St. Lawrence
University,
b'-ni at

finishing his college course at Columliia University in
Uie
lass of I8ft,s.
.Vfter leaving colhvtre he entered a brokerage
office as me.s.sengcr. In 1S!»!> he Ix-gan service with
the lOrle
Uailroad as clerk in the president's office. In 1!)11 Mr, Aus-

•

gave up railroading and entertvl the Columbia Trust
'omitany of .\ew York as solicitor of new business.
TTp
was MuceoHHlvely creilit man, a.ssislatd treasurer, assistant
tin

•

and was elected vice-prcsidenl in Dccemlier, 1910.
(he Colinnbla in .May. 1!I17, (o liecoinc rrcsl.ieiit of
.Mereanlllc Trust Coiiii.any. Mr. Austin is a director of

seciTljM-y,

Me
liie

left

the Prudent lal Insurance (^oni|iany of America, Chase
SecurilieM Corporation, Bankers & Siiippeis Insurance Coin-

puny of .VcNv York. The Safety Car Heating .S: MpbtlnR
''ompaiiy niid lie .Mercantile Safe Deposll Company.
I

The Senboaid Nallonnl Bank was founded
yejii-M im,, |,y .Mr. Payne mid
a small Kroii|> of

of the Mechnn'cd & .MetnlN National Hnnk. Herbert I'. How
HI. Vice I're«ldent of thr- Nnfbmnl ftank of romnirTce. and
Klllotf Averetl. Viee iTesIdent of Ibe fnlted Clirar Ston-s

Till-

forly

as.sociales an

MO indeftendent bank.

f'ompnny. reprownfed the Morcnntlie.

nlniosl

The

Untin] nf dlror-

lorM of the twf» Institutions approved on .Fan. 'J<t the eon
solldatlon plan, and mdeeted dlre<-torM to rejiresiMit eneli In
Mtitntlon on the board of «llre«-forH of the conHoiidated bank,
the Seabo.nrd HeleetliiK eleven «lIre<'tor.s and the Mereanllle

w-lf*rine

fwenty-fjiree dlrectorn.

Stoekholders'

nie<'fInKs

ii(v.M

with out

fif

nl/cil Ihroiitrhoiit

Seaboard. It
iiMin- (ban eight

It has always done n very large hii«!(own banks and Indlvldiial.s. beirm nvog

(he coimlry as a con.servadve InHllliilion.
Maid. Ik (he Ncnv York corrcHpondenl for

is

hundred bunk'' lliroiii:hf)Ut the CnKed
of which are located in (he Sou(hwen(,
I'nill rocontly (he bank's offices were at IS Bronthvay,
bu(
conH(nnf expnnsjoti f»roiij;l>l about the ensMion of (he preH•iit bank biilhlint; at P.road iind Beaver
Slree(s, wld<'h wnH
Stales, a great

many

:

THE CHKONICLE

378

awarded the 1921 prize of the Downtown League for being
the finest and best equipped building constructed last year
in the business section south of City Hall. The Seaboard
has a cai)ital of $3,000,000, surplus and undivided profits in
the neighborhood of $5,000,000, and deposits of over $43,000,000. The Mercantile Trust Company was organized in
1917 by a group of prominent, young banking and business
men. It has had a very sound and substantial growth.
The company has capital, surplus and undivided profits of
over $2,000,000 ($1,000,000 representing capital) and deposTlie personnel of the
of approximately $18,500,000.
board of directors and the officers of the consolidated bank
will be announced soon.
its

Several of the local daily papers have reported this week
the opening of an agency of the Bank of Greece at 136 LibUpon inquiry, we learn that the
erty Street, this city.
Bank of Athens, a Greek banking corporation, having its
main office in Athens, Greece, is maintaining in New York,
.since the month of November last, a representative office
at 136 Liberty Street, under the
tropoulos.

management

of

John Plas-

The First Federal Foreigfn Banking Association received its charter from
the Federal Reserve Board June 15 1920, and formally opened for business
on July 1. The remainder of 1920 was a period of organization and derel'
opinerit.
The year 1921 therefore represents the first fvill year's business,
It has been a
and the results as shown by the figures are satisfactory.
difficult year in business, and particularly in export trade ; notwithstanding
this fact substantial progress has been made.
The bank has no branches, but has established connections everywhere
throughout the world. It has developed a specialized foreign service, and
its facilities seem to have met with cordial appreciation on the part ol
exporters..

The development of "Edge Bill" banks is handicapped to some extent
by the prohibition in the Edge Law against membership in the Federal
Reserve System, although the banks receive their charters from the Federal
Resen-9 Board and all of their operations are directly under the supervision
This supervision is as complete as that of
of the Federal Reserve Board.
the banks who are members of the Federal Reserve System.
Prohibition
of membership in the System, therefore, seems inconsistent and unreasonable.
There is a bill in Congress removing this restriction, and it is to
the general interest of export business of this country that the measure be
passed.

The development of this bank's operations has been along sound, consen'ative lines
business has been carefully scrutinized ; a large amount
offered has been declined, and every effort has been made to advise clients
against taking on foreign credits under circumstances where payment at
maturity might be questionable.
The support accorded to this bank by manufacturers and exporters generally has been excellent and there has been a very decided effort shown to
co-operate in the development of this, the first bank organized under the
;

Edge Law.

David H. Knott, formerly Sheriff, was elected President
of the Central Mercantile Bank, at 1 East Fourteenth St.,
this city, on Jan. 26. Mr. Knott, during his term as Sheriff,
was represented on the directorate of the bank by William
J.

[Vol. 114.

Knott.

The Irving National Bank of this city announced on Jan.
26 the appointment as Assistant Vice-Presidents of William
R. Wilson, Paul K. Yost and L. L. Hopkins.
Scott Foster, formerly President and

Chairman

of the

board of the Peoples Bank, which was merged with the
Chatham & Phenix National Bank of this city in September
1918, died on Jan. 26. Mr. Foster was 85 years of age.
Mr. Foster was connected with the Peoples Bank for 40
years, having been President of that institution for 31 years.

Teams from the Detroit and St. Louis Chapters of the
American Institute of Banking will meet in Chicago tonight (Saturday, Jan. 28), to debate the question of the cancellation of war deT3ts among Allied nations by mutual agreement. The Chicago Chapter of the same organization will
James I. Ennis, R. E. Pattison Kline and
be the hosts.
Adolph Floreen will be the judges. The content is one of
a series for the national championship.

Goldman, Sachs & Co., a joint stock association, organized under the General Associations Law of the State of
New York, has taken over all of the assets and good-will
and assumed all the liabilities of the firm of Goldman,
Sachs & Co. Samuel Sachs, Harry Sachs, Arthur Sachs,
Waddill Catchings, Walter E. Sachs, Henry S. Bowers and
Howard J. Sachs, who were the partners in the firm, are
stockholders and directors. In accordance with the law of

New

York, the stockholders are individually liable for the
same extent
that the individual members of a partnership are responsiible for the obligations of the firm.
The joint stock association form of organization thus has permitted the members
of the firm to carry out their desire to give to the business
a i)ermanence of organization and still retain the liability
of the individual. The joint stock association, which has
been organized with a paid-in capital of $10,000,000, will
carry on the business of private banking heretofore conducted by the firm which it succeeds.
6I)ligations of the joint stock association to the

«

the Home Life Insurthat during the past
year $4,740,340 were paid to policy-holders and their beneficiaries and that the assets were increased $2,756,819, and
now amount to $43,222,327. The outstanding insurance is
over $223,000,000— an increase during the year of $10,634,000. After providing for an increase in dividends to policyholders, payable during the current year, the contingency
reserve and surplus funds show a satisfactory increase.

The sixty-second annual report of
ance Company of New York shows

The First Federal Foreign Banking Association reports
the following figures as of the close of business Dec. 31 1921
The paid-in capital

The total amount
of the association is $2,100,000.
during 1921 to cover financing of foreign shipments
was $28,044,479. The gross earnings for the year were $360,893.50. The
net earnings after deduction of operating expenses were $207,972.
The
.surplus and undivided profits after elimination of all organization and deferred charges and proper reserves for taxes, etc., are $266,087.33.
of acceptances issued

Harold B. Thorne, Vice-President of the Metropolitan
Trust Company of this city, has been elected a Director,
Vice-President, and member of the Finance Committee of
the Pierce Oil Corporation. He will remain with the Trust
Company for the present, but will shortly take up active
work with the Pierce Oil Corporation in charge of its
finances. He will continue to act as a director of the Trust
Company and a member of its Executive Committee. Mr.
Thorne has had a long experience as a banker, having entered the banking field as a junior clerk with the old Mercantile Trust Company of New Y'^ork in 1895, serving respectively as Asst. Treasurer, Treasurer and Vice-President
until 1911, when the Mercantile Trust Company was absorbed by the Bankers' Trust Company of New York, He
served as Vice-President of the Bankers' Trust Company until June, 1916, when he was elected Vice-President of the
Metropolitan Trust Company of New York, and from May
27 1921 until Dec. 27 1921 was acting President of the latter
company.

The

third annual report of the Discount Corporation of"

New York

for the year ending Dec. 31 1921,

shows net

prof-

its, after providing for State and Federal taxes, of $634,332;
After deducting $250,000 from this sum, the amount paid in
dividends on the capital stock (being 5% on the capital
stock of the Corporation), a balance of $384,332 remained to
be added to the undivided profits account, making the latter $1,009,627.
The Corporation, the report shows, hold&
acceptances totaling -$70,693,142, while its holdings of Treasury Certificates of Indebtedness at par amount to $14,259,Cash on hand and in banks, it is shown, aggregates
500.
John McHugh, the President of the Corpora$1,484,450.
in his remarks to the stockholders accompanying the
tion,
report, says:

In the last annual report the opinion was expressed that in view of the
considerable slowing down of foreign trade, both import and export, the
volume of acceptances outstanding would tend to decrease. This expectation is more than justified by authoritative figures compiled from reports
of leading accepting banks and bankers, which show an average reduction
April 1 to Oct. 1
of 2.5% in outstanding acceptances for the six months
Nevertheless, the volume of business transacted by your Corporation
1921.
was practically the same in amount during the year 1921 as in 1920. Favorable progress continues to be made in broadening the market for acceptances, many more banks, corporations and individuals having become inAt matter of special interest lies in
terested in this form of investment
the ever-increasing volume of funds seeking temporary employment in the
call loan money market on the security of bankers' acceptances and United'
It is becoming more and more recognized that
States Treasury certificates.
loans of this nature should be made at preferential rates by reason of the
eligible character of the security.

—

After the regular quarterly meeting of the Board of Directors of the First Federal Foreign Banking Association,
40 Wall Street, this city, on Jan. 19, the following statement

the annual meeting of The Syracuse Trust Co. of Syracuse, N. Y., held on Jan. 18 1922, H. C. Beatty and Anton.
Tope were elected Vice-Presidents. Mr. Beatty is Manager
of the bank's Trust Department and Mr. Tepe of the North

was

Side

At

tors

issued by
:

W.

S.

Kies,

Chairman

of the

Board

of Direc-

Branch. Mr. Beatty became connected with The
Syracuse Trust Company in 1918 when he was made Trust.

THE CHRONICLE

Jan. 28 1922.]

Mr. Tepe

one of the oldest
employoos, having been with the Trust Co. for many years.
This makes the official staff as follows:
J. M. Gilbert, Chairman of the Board; O. H. Sanford. President; G. L.
Officer of that institution.

is

Tickner. Vice-President; J. H. Wilson, Vice-President & Treasurer; Anton
Tepe. Vice-President & Manager North Side Branch; H. C. Beatty. VicePresident & Trust Officer; F. L. Barnes, Secretary; T. J. Britcher. Assistant
Secretary & Assistant Treasurer; J. F. Houck, Assistant Secretary; K. C.
Wicks, Assistant Secretary; M. L. Bashore, Assistant Treasurer.

At the annual meeting of the City Bank Trust Co. of
Syracuse, N. Y., on Jan. 18, three new directors, namely,
Wilham Blackwood Smith, Charles Salem Hyde and Robert
W. Ellis were elected to the Board to fill the vacancies caused
by the death of Earl E. EUis and by the resignations of
Arthur E. Ellis and Levi S. Chapman.

379

stated that the change was

made

to

conform to the change

in title of location.

At a meeting of the directors of the Guaranty Co. of
Maryland of Baltimore, Md., on Jan. 11, W. Brewer Joyce
was elected Second Vice-President, a newly created position
in the Guaranty Co., and Wm. T. Karow was elected
Treasurer to succeed F. R. Sturn, resigned.

The Merchants Savings & Banking Co. of Cleveland,
Ohio, has increased its capital from $50,000 to $100,000.
The new capital authorized by the stockholders on Nov.^lS
became effective Dee. 8. The new stock (par $100) was
disposed of at Si 20 per share.
*

<

Assistant Cashier of
the Lambertville National Bank, Lambertville, New Jersey,
was appointed Vice-President at a meeting of the directors

Samuel

who has been

B. Whiteley,

D. D. Grigor of the Business Extension Department haa
been made Assistant Treasurer of the Union Trust Company of Cleveland, Ohio.

Jan. 10.

At the annual meeting of the directors of the State Sav& Trust Co. of Indianapolis, on Jan. 10, Eben H. Wol-

ings

Vice-Presidents were named at the annual
meeting of the Phoenix National Bank of Hartford, Arthur
D. .Johnson, Cashier, having been advanced to the office
of Vice-President and Burton J. Holhster ha\-ing been chosen
to fill the post of a newly created additional Vice-Presidency.
Mr. HoUister had previously been with the Bankers Trust
Co. of Xew York and the National City Nank of New York,
and during the past seven months had been identified with
the 42d Street Branch of the latter. Mr. Johnson has been
with the Phoenix National for the past ten years and had
been Cashier since 1919. Besides becoming a Vice-President,
he was elected a director at the bank's recent armual meeting.
He is also an auditor of the Connecticut Mutual Life Insurance Companj'. Harry H. Walkley, heretofore Assistant
Cashier of the Phoenix National, was made Cashier succeeding Mr. Johnson. Mr. Walkley's connection with the
bank dates from 1907; since 1915 he had been Assistant
Cashier.
Leon P. Broadhurst was re-elected President of
Phoenix National at the annual meeting. Frank R.
the

Two new

heretofore the President of the bank, was elected
of the Board of Directors, and Joseph T. McXary, formerly a Vice-President, was made President Mr.
McNary has been connected with the institution since its
incorporation in 1914. He is a member of the Board of
Governors of the Farm Mortgage Bankers' Association of
America, and Chariman of the Legislative Committee of
the Association, and is widely known in farm mortgage
banking circles. All other officers and directors of this

cott,

Chairman

Trust Company were re-elected.

At the recent annual meeting of the directors of the
Fletcher American National Bank of Indianapolis, Robert
H. Tyndall was promoted from an Assistant Cashier to *
Vice-President.
At the stockholders' meeting Robert Lieber was elected a director to take the place of Michael J.
Ready,

retired,

The proposed change in the name of the First & Old
Detroit National Bank, Detroit, Mich., to "First National
Bank in Detroit" was approved by the Comptroller of the
Auditor.
The intention of the bank to adopt
Currency on Jan. 19.
the shorter title was referred to in these columns last week,
At the annual meeting of the stockholders of the Second page 275. The change was ratified by the stockholders at
National Bank of Boston, held recentlj% all the former direc- their annual meeting on Jan. 10. P]mory W. Clark, the
tors were re-elected and Parkman D. Howe and Alexander President of the institution, announced at the meeting that
Winsor were added to the hoard. At the same meeting the new building which the bank has in process of erection
John A. Hunneman was appointed Assistant Cashier and and which is to be known as the First National Bank Building
Auditor.
will be ready for occupancy in February on schedule time
and that the bank and its affiliated institutions (the Central
The First National (,'orporation of Boston, Ma.ss., has Savings Bank and the First National Co) expect to bo in.
elected Daniel G. Wing, formerly President, to the office their new quarters by March 1., The three institutions, the
of Chairman of the board, and E. T. Gregory, formerly First & Old Detroit National Bank, the Central Savings
liank and the First National Co., in their statomenls as of
Vice-I-Yf-«id<nt, as l^esident and director; W. 11. Potter .Jr.,
Deo. 31 1921 show combined capital, surplus and undivided
AssiBtant Treasurer; C. T. W. Tigh, Assistant Manager
New York office; P. M. Brown, Assistant Manager Chicago profits of .S12,7S9,4G4 and resources of $110,802,229. A
letter to the stockholders of the throe institutions under
office.
date of Dec. 31 says in part:
The National Bank, during the year, took an Interest In the International
At a meeting of the stcjckholders of the United States
Accoptanco Bank, Inc., with headquarters in New York t^lty, which wna
Trust Co. of Boston, Ma-ss., on Jan. 17, Charles II. Cole- orKarilzod primarily for tho purposo of flnancinK foroiRn tra<l«>. This
man, formerly Assistant Treasurer, wa.s elected a Vice- Intcni.'itloniil li.ink numbers amonK its Hliaroholdcre banks of standing in

Flagg and Wilham J. Reid were re-elected
and William N. Scott was continued as
Assistant Cashiers

Lawrence, Frank

S.

Alan H. Morse was mad*; an Assistant Treasurer and Nonnan A. Walker and Marshall A. Ries were

President.
apiKjint«-d

wnro
^ (

S<'*Tetaries.

A.ssi.stant

The

following

officers

I. ..

i.,..i

"

mutual
In all

Tlio Kirat Nntloniil Co., materially incrcaslnKltsoctlvltlOHandRtronRtbonorKanlzatlon, han opened branch officer In Clilcafro and Now York
City, iMitli of which uru connected with tho Dntroit offii-o by Ihn rompniiy'a
Tho iMirnliiKN of tho company at tho clo.so of tho joar wore
prlvnUi wln«.
i'S2H.A92. loavUlR a not profit of $17:1, '1U2 aftor thn dixlurtlon of tiixiw of
and Niilwlitntlul rojHtrvoH. Tho volunio of wrurlliiw Hold wuh In oxcokn of
Tlio company Ih fully o(|Uipp<><l for fin.iiirhiK worthy Dotrott
S.^."!. (KM). 000.
inluMtr ti-H which may noral additional pormanonl capital.
liiK ItH

ele<^;t*)d:

Hitir

all of which an( »iwoclat<Hl for the
IntiTCMtH of all KliuruholdliiK banUs, thus KlvinK direct rupnvu^ntatlon
of thi«u countries.

tim principal countries of tho world,

y^ lYml/lent.
II. Vlce-i'rottldcot

and

i('harl»-« K. I'«r«l. Asxt. Tr««JHUrijr.
Alnri K. Morhc, Awtl Tr<niHUr«ir.
.

''•
I

II

MH<:»n-ll. Actiinry

SMwycr.

I

\

iJirvlln.

<

l

-

Tln'
.Josrph K. Sciiiiion

was

:i.ppf)intecl nii

AHHistariL ('asliicr of

National liank ot linnlon at the uiiriiial iiicetiiig on
Jan. 11, this conHti luting the only change among offic<TH U»
h<; made at the meeting.
tlie

i''ir.st

John C. (Hlpin
Piiihatn

Sexio'i

Iuih b«>«-n ejeele*!

TniHt Co.
lifi-i

i.i

ifi

«»f

riiad*'

a Vicc-PreHideiil of tinfa., and Wni. Lord

i.sHiird

oftir.i^rH

and directors of (he Home Hank

iiivilalionH

the

to

ftirmal

oixning

tt

Trust C'o.
newly
Mil\\aukee

of llnir

enlarged ami remodeled hanking (puartt is at
The i»vent wan
jiiirj .\Hhhind iivenueB, Chicago, on .Jan. 21.
in e«l<l)rHlion of i\w «!oiiHoli(hilion with the instiliition of
the KruuHe State SavingH Mank, to whicli «.. nfirnil In our
iHHlie

of 0(rl.

1,

page

]-t.'V.>.

l'hilad<lphin.

a director.

ihe Ciirrenfy muk«'M known the ai>a change in the lumie of tin' .Nalionnl Uftidt of Iron Mountain, Iron Mountain, Mich., to
the "nnileii SlaleH National Mank of ln)n Moiint«in."
'I'lif

pr<i\al

The title of the First N'ationol Hank of Wilnon, Pa., li/w
been ehangcd U» "The FirHt N'alional Ilnnk of Clairton."
In
announcing approval of this on Jan. 10, the Comptroilu-

(

'oin|)trolliT

by him on

«if

.Jan. 17 of

.

THE CHRONICLE

380

At the annual meeting of the stockholders of the United
States National Kaiik of Omaha, Neb., on Jan. 10, Milton
T. Barlow was elected Chairman of the Board. Mr. Barlow
was also elected a Vice-President. He succeeds Gnrdon W.
Wattles, resigned, who continues as a director of the bank.
Charles F. Brinkman, heretofore Assistant Cashier, was
raade an Assistant Vice-President, the first office of its
kind,

it

is said, in

any Omaha

and printed
press dispatch from St. Paul dated Jaii.
in "Financial America" of this city of Jan. 7, reported that
the State Banking Department had announced the re-ojiening of the State Bank of Appleton, Minn., Avhich had suspended on Nov. 1 1921 because of lack of reserves. New
tained for the

amount of $ir).()()(), it was said, had been obbank from Appleton business men.

The State Bank of Gibbon, Minn., which was suspended
on Sept. 19 on account of depleted reserves, has been reopened for business, according to a dispatch from St. Paul
under date of Jan. 14, appearing ii: "Financial America"
of this city of the same date.
C. V, Nelson

State

Bank

of

ence Latham, Chief Bank Examiner of North Carolina. The
bank, it is said, was organized four years ago under the title
of the City Bank, its name being changed to the Central Bank
& Trust Co. on September 6, last. The deposits of the failed
institution, it is said, amount to .15190,()00 and it is not a
member of the Raleigh Clearing House.

C

institution.

A

capital to the

[Vol. lU.

was elected Vice-President of the American
Omaha, Neb., at the annual meeting of that

Institution on Jan. 10.

At the annual meeting of the directors of the Merchants
National Bank of Omaha. Neb., on Jan. 10, J. E. Jones was
l)romoted from Assistant Cashier to the post of Cashiei*.
As Casliier he succeeds F. M. Bonebrake, who had been
Vice-President and Cashier since 1912. Mr. Bonebrake continues as active Vice-President.
J. F. Close was elected Assistant Cashier of the Citizens'
State Bank of Topeka, Kan.sa.s, at the annual meeting of the
stockholders on Jan. 10.

Th<! People's Bank of Anderson, S.
has been closed
owing to inability to realize on loans together with the withdrawal of deposits, according to a press dispatch from that
place under date of Jan. 19, appearing in "Financial America"
of this city of the same date.
Tiui institution had a capital ot

$200,000.
Its deposits,
mately $2,000,000.

it

is

said,

amounted

to appro.xi-

At the annual meeting of the stockholders of the Merchants National Bank of Richmond, Va., on Jan. 10, Jolin
C. White, Cashier, was made Vice-President of the institution.
He will continue to serve as Cashier. Fitzhugh C.
Lafferty was appointed Assistant Cashier.

The following were elected directors of the Interstate Trust
and Banking Co. of New Orleans, La., at the recent annual
meeting on Jan. 9, namely: Charles Green, General Manager
of the Eastman Gardner Lumber Co.; E. H. Michel, lumber
and brick dealer, and Esmond Phelps of the law firm of Spencer, Gidiere, Phelps & Dunbar.
Two additional directors
have since been elected: Louis Canepa, a Avell-known physician, and Valentine Merz. P*resident of the Dixie Brewing (^o.

A small Loui-siana bank, the Bank of Sim.sboro, with capital
and deposits of .$35,000, has voluntarily closed its
doors, according to a press dispatch from New Orleans dated
January 11, which appeared in "Financial America" of this
city of th(^ same date.
of $10,000

Wiley Blair was elected President of the Southwest NaBank of Dallas, Texas, at the annual meeting of the
board of directors on Jan. 10, to succeed R. W. Higginbotham, who was elected Chairman of the Board. Mr.
Blair, A. J. Langford and M. H. Thomas were added to the
board of directors of the Southwest National.
tional

At the annua! meeting

of the directors of the Farmers'
Topeka, Kan., on Jan. 12, Walter L.
Payne was elected President and Glen W. Shimeall, heretofore Assistant Cashier, was made Cashier, to succeed F. F.
dinger, resigned. Mr. Payne is President of the Uirion
Trust Co. of Topeka, and was formerly State Treasurer.
As stated in our issue of Dec. 31 the Farmers' National Bank
was recently acquired bj- C. C. K. Scoville and Walter E.
Wilson, who is Managing Officer of the bank. Upon the
death of Mr. Soo\'ille on Dec. l.'S, Mr. Payne purchased the

National

Bank

of

,

Scoville interests.

The Denver "Rocky Mountain News"

in its issue of Jan.

20 stated that, according to a report made public by State
Bank Commissioner Grant MaoFerson, the Security State
Bank at Sheridan Lake, Kiowa County, Colo., has closed
doors.
Low reserves was given as the reason for the suspension of business. The affairs of the failed bank have
been taken over, it is said. b\- Deputy Bank Commissioner
S. W. Clark.
its

--

—

At the annual meeting of the Oklahoma Stock Yard
National Bank of Oklahoma City, Okia., on Jan. 12. Ben.
Mills was elected President to succeed T. P. Martin, Jr.,
who was elected Chairman of the Board. Mr. Mills was
formerly Vice-President of the Tradesmen's National Bank
of Oklahoma City.

The Savings Trust Co. of St. Louis opened its handsome
new banking quarters at 4915 Delmar Avenue, that city,
on Monday, Jan. 9. The combined capital and surplus of
the institution is $2.50.000 and
is President

its

A special dispatch to the Dallas "News" from San Angelo,
Tex., under date of Jan. 12 stated that the First State Bank
at Bronte, Coke County, Texas, failed to open on that day
and had been placed in the hands of the State Commissioner
The bank was organized in 1906
of Insurance and Banldng.
and had a capital of $25,000 with surplus of $8,000.

assets $2,000,000.

John W. Wise, formerly Assistant Cashier, was elected
Cashier of hte Liberty State Bank of Dallas, Texas, on Jan.
10.
W. M. Thompson was elected Assistant Cashier. Two
new directors, namely George Loudermilk and J. Sidney
Joe E.
Pulliam, were added to the Board of Directors.

Lawther

is

active Vice-President.

C. A. Tosch was elected Vice-President of the Dallas
County State Bank of Dallas, Texas, on Jan. 10. Dr. D. E.
Scay and Newton G. Flippen were added to the Board of
DircH^tors.

t'ollowing the approval by the Comptroller of the Currency of the application of the State Bank of Port Arthur,
Texas, to convert into the Merchants National Bank of

Port Arthur, the Merchants National began operations on
Jan. 12 with a capital of $100,000.

Menry
At the annual meeting of the

Carter

The dispatch goes on to say:
H).
The bank was organized about ten years ago and had a capital stock of
$23,000 with $10,000 surplus. On Jan. 6, due to the institution not being
able to realize on some large land loans, reorganization was proposed. It
has now boon decided, however, to liquidate. The deposits are said to

on Jan.

aggregate $250,000 to $275,000 and the loans, practically
be collected, amount, it is said, to $325,000.

all

of which wiU

According to the Raleigh, N. C. "News & Observer," of
January 15, the Central Bank & Trust Co. of that city, a
small institution, was closed on January 14 by order of Clar-

New

Orleans, held on Jan. 12, Henry
H. Fla spoiler, heretofore a Vice-President of the institution, was elected President to succeed James H. Tharp. Mr.
Tharp. who organized the bank in 1918 and had been its
President ever since, sold his interest in the institution a
couple of months ago to Leo A. Marrero, of Gretna, La., the
Chairman of the IJoard of Directors of the Liberty Banlc &
Trust Co. He agreed to continue as chief executive until

Bank & Trust

&

Trust Co.ofMurfreesboro, Tenn.,
Citizens' Bank
has gone into liquidation and its affairs are now in the hands
of the State Superintendent of Banks, acc^jrding to a special
press dispatch from IMurfreesboro to the Nashville "Banner"

The

dii'ectors of the Liberty

Co. of

the annual meeting was held. Mr. Tharp will henceforth
devote his time to his private interests. Henry H. Flaspoller, the new President of the Liberty Bank & Trust Co., is
one of the prominent business men of New Orleans. Dr.
George A. MacDiannid succeeds Mr, FlaspoUer as VicePresident.

THE CHKONICLE

Jan. 28 1922.]

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the -weekly circular
&

Samuel Montagu

PUBLIC DEBT STATEMENTS OF UNITED STATES,

NOVEMBER

30. 1921.
the public debt and Treasury cash
holdings of the United States as officially issued for Nov. 30
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 MATURIXG OBLIGATIONS.

of

Co. of London, written under date

Jan. 5 1922:

The statement

of

GOLD.

England gold reserve against its note issue Is £126,615,125,
A fair quantity of gold came
as compared with £126,614.880 last week
on offer, and, with the exception of a small amount for India, was taken
for the United States of America. Gold to the value of S71 1.000 has been
The United States gold production
received in New York from France

The Bank

of

returned officially as 2.275,478 ounces, valued at S49,10o.509
gold output for November 1921 amounted to
53,098 ounces, as compared with 53,424 ounces for October 1921, and
46,782 ounces for November 1920.
1921

in

381

is

The Southern Rhod&sian

of

Balance end month by daily statement. &c
Add or Deduct Excess or deficiency of receipts over
or under disbursements on belated items

—

Nov. 30 1921. A'OD. 30 1920.
5257.341,853
8165,627,097

— 1,601,754

— 3,334,611

5255,740,099

5162,292,486

81.877,093
89.575,449

114.278,300

$14,692,084
87,047,921
85,744,363
87,123,795

5271,641,444

$274,608,163

SILVER.
quiet during the week, business being still arrested
The tone has been dull and prices disholidays
posed to sag untU yesterday, when a moderate buying order from China
India
raised prices 5^ of a penny, but the improvement was lost to-day.
has been inactive, the Continent sold sparingly.
The silver production of the United States for 1921 amounted to 50.364,389 ounces. The Canadian 5-cent piece, hitherto composed of silver,
has been minted in nickel and wUl shortly be put into circulation.
The revenue of the Chinese maritime customs for 1921 54,500,000
Haikwan taels is the highest on record, and is an increase of 5,000,000
taels upon the prev-ious high record established in 1920.

The market has been
to some extent by the

INDIAN CURRENCY RETURNS.
Dec. 22

7.

Dec. 15.

17236
7729

17103
7597

17322
7466

2433

2432

2432

6440
634

6440
634

Dec.

(In lacs of rupees.)
Notes in circulation
Silver coin and bullion in India
Silver coin and bullion out of India
Gold coin and bulUon in India
Gold coin and bullion out of India
Securities (Indian Government)
Securities (British Government)

6840
584
The coinage dtiring the week ending 22d ult. amounted to 5 lacs of rupees
The stock in Shanghai on the 31st ult. consisted of about 30,100,000
ounces in sycee, 23.500.000 dollars, and 1.350 silver bars, as compared
with about 29.400,000 ounces in sycee, 24.000,000 dollars, and 2.930 sUver
The Shanghai exchange is quoted at 3$. 5d the tael.
bars In the 24th ult
Statistics for the month of December 1921 are appended:
Bar Silver, per Oz Std
Bar Gold.
Cash Delivery. Forward Delirery. per Oz. Fine
Highestprice
102s. 7d.
3THd.
37l4d.
97s. 7d
Lowest price
.34'<5d.
34^<d
99s. 2 4d
Average price
35 64,5d
35 400d.
Bar Silver, per Oz Sid
Bar Gold.

—

—

—

Cash.

34Kd.

1921— Dec 30...

34Hd.

34V,d

311922— Jan. 3
4
5

per Oz. Fine.
98s

2\Ionlhs.

Quotations

97s

9d

ENGLISH FINANCIAL MARKETS— PER CABLE.
daily closing quotations for securities, &c., at London,
by cable, have been as follows the past week:

as reported

Wuk

f-ndine Jan. 27.
Silver, ppr rn;
..d.

CoMOla. 2 4 ppr cents
BrltLih. 5 per oentfl

34H

52^
93

87^
56.R5
80.20

5«.40
80 20

5fi.40

.5B.55

80 20

80.20

80.20

New York

52
93

H

fiSH

-Aggregate of interest-bearing debt

99H
65H

99H
65H

I'»'tn»l«'ijm

for sovkmuer 1021.—
taking into considera-

[n.stitut<;,

fIJAUKKLH

,.„...,

f)K iJ li\l.lJ)SH).
.Vo». 1921.
OC/.1921.

—

tK)3

Total production an'l imiMrtfl.....

TWi
3.''».621.mK)

;1H,09!».(M«)

-,

U. 706,078

U.y.i:,.72i

'- ''•~ '<'"

:•

.'

^

.

RMoltlM

of

.........

I

8210.217

10. 498, oil
\.H2.2r,:i
10.7<12.7«2

kw<«*«ll«

rA)

December

!•
>*

10.777. 103
«.',(i,(i.V)

8. 44s.

"

1

IH/i

;

7.'..'.

.).474.»t,'.l

2,K.,"I..',1IK

7.W;<l.l8.'i

9.V.i'l.TMI

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

,

,

-.-f

3^),-l»W4,108

1

,

-I

1,1

20, 482. (tut

.',

I

'i.;

I

,

^11

1

.

;

I

I0.2r.7,20;i

''

!•!

'•'

l:it-rh,irlnK oil
ii>..r.tl„o

„,,

'..'..'.

'

,,,,

429.47
Ilk turtn rru'ln oM ot.» k« «• nf ;,
*n lnrT<'ai<' nf
M>l< ovnr «t<>'
'

r.,

-i..

1921. yan.

1

1922.

S

484,918,775

499.4.56.865

1.52.979.026

1.52.979.0261

487.771.710 •475,414,209
152.979,026
153,979,028

("anh balance In Sub-Trens
Dep. In bpcc. (h'iMiHltnrles:
Ai-ct icrt.o. of Indi'ht..

331,939.750

346,477 ,839^

334,792.684

322,435,184

subsidiary silver
coin. Ac.

390.986.908
44.660 332
6.942.049
18.908.854
3,036.261
2.135,199
11.331.560
9,770.547

53.960.3.53

6.816,970
16.941.825'
3..500. 685

1.466.440
13.684.804:
8,4.52.1.56!

380,188.972
44.844,745
4,836.594
18,037„1.S6

2.493,720
I,,566. 697
12,232,901
11,213,194

I

602.285.000
2.500.000
84,921,376

81.395 000

143,181,000

297,075.000

1.250,000
74.053.408

59,472,082

131,400,491

8.919,502

9.000.440
15.394.282

8,910.885
16,074,090

8,227.516
18,334,239

23, .5.57. 078
7.3:t3.705

24.394.722
I.881.U44

24.984,975
0,795.080
1,553,700

26,561.755

3,613,901

ciuh In hiinVsA aubTrniHurliM
1,0,56,1,50.869
i)«diiri rurrnut llnbllltira
29X.47.5.63H

536,635,246
310.230,088

570.780.421
313,4:<8,0nM

786,890,298
299,122,700

226, 405,1 8

257,341,853

487, 76 7. .M 8

Dep.
I

Mp

Di'j)

To
To

In Fe<l. Land banks.
lu Ifil Ken iiHiiK.i.
In iiallonul ImnkH:
credll I'rCHS I' S...

credit dlsb. officers

I4,637,,570

Total

1,2.50.000

7.l8-,i.3.33

6,3;t4,873

1,826,900

Nc

AvnlliMr
•

riiMh bnllinrp

in

767.07fi.'.'3l

«;i6 57^'. 447 .53 iillvrr bullion
I'd In tntrini>nl "fliiiok of

I

I.

and $11,213,104,24 mioor coint

Money"

(£ommcvclalau(liUlt.ccllauccusJlcw*
The Curb Market.— Tnulinjj
the past wiM'k

in

lh««

Curb Murkct

for

lncn irntMilar with uetivily conriin'd U>
Cli-vefew JMHiicH.
wen- pnniiiiiMil
,\iil(iiiuiiiih' kIocKh
lund fiulornobilc diuppcd fnim .'{I ,U lo 29 '.i iiikI Hi»ld fimilly
lui.M

,

.'{().

Liiifoln

WfM'k

niifl

.\Iol«.r

back to

Dnnint Motorn of

mild
I'\].{

(!<i\vn*rriiiii

to-day,

iIk'

.'>

'i

vU,h>'

Indi.-uwi d<<'liiu'<l fnnii

to

.'{'m

<liirinn
.">%.

biiiij: ut

11%

to

l()'.|

iind

lo-duy at lO.'v
CilifM Srr\ iff fi»m. hjiiiK from
IlunkiTS
I7;{ to nn, Ihf firiiil fitfuro lo-duy bfinif HW.
Slinn-H w«T«t off from 19 'h to IT^'h. but n'f«>v<Tod to \X%

OrtofiTT aUicIc)

'I.

II

fiOfl

I.I.U

..

iiitf

f

t

.

.

;ind floMfd lo-<luv ut IM'-^.
(lifii Ahlfii ( 'oul refodctl frnin
to I.'i'h und i<ndH the wi-fk lit l.'i'.i.
!tit<rfoiitinfiiliiI
IH
KiiIiImt w»M down frnin \{)^ y to ><'• ^ imd up finnlly to \)'' nI'liiiip MorrJH ( 'o
Ltd., \mih <'oiit-|iif iioiim for hIii i^Mli himI
iM'tivity, advonciu^ from 8 to lOJi, tin- floHi> lo-duy bi-iiiK
,'

of

'

^'

ai.

1

finiKlii'd

,

''

1921. 2)cc.

1

TotBl caHh Id Sub-Treas
BBS gold reserve fund

DatlounI bank notee..

Net Fed. Iteserve notta..
Net Fed. Ues. bank notes.

.•il

-.11

Nov.

1921.

s

394.633.632

I

I*, '.;

1

379.497.020
61,776,863
5,067,051
14,924,277
3,349,063
1.025,593
10,970,304
7.508,605

ilic
'*'»0.

Oa.

Sub-TTcusuHes.

470

11

4.:tl4.i:M
1.712 22'.

.

'

and January 1922:

8..Mr,.(i!t.'i

H.f«».'..H.',7

'HI lA ga. «n(J funl oil......

.

1921,

17. 1172

1,827.272

"'
'•

I.',. I)

2.2I.'..4IH

:"'"n. ............

y.<

—

—

«l,1tl»H.22H

in.H»,:i.r^',A

'I,l72:i't2

in. :iH.<.(r20
i.i.m.rv).*

f*

' ''

J.H. Ki^.-Ki,!;
l.'J..'<72.H70

li.7tt«.7»w
-ff

.

f'
'
V'

)

1

loo

"
'•

I

—

CURRENCY

*0.
I

of production ..

l"r

—

.

<

23,617,717,200 24,172.926,267
15,901,345
112,315,677

TREASURY
HOLDINGS.— The following
compilation made up from the daily GoAernment statements, shows the currency holdings of the Treasury at the
beginning of business on the first of October, November and

722

:

......

I'tlon

J'
•'

6,350,182.300
497,915,100
3,110,394,200
657,026,501
11,774,020
701,897.700

&

In Plitllpi Ino lalondn
r)f(ioMlLH In Foreign Deptc

37.7SOfXK)
1

'

3,492.1.50
66,3fl2,S00
3,247,401.9.50
3, 60S. 599,800

48,954,180
25.947,400
50.000,000
28,894.500
2,475,206,000
292.229,450
1,410.074,350
33,244,150
505,562,450
3,492,150
136,990,300
3.186,419,600
3,648,584,000
6,364,225,850
773,524,350
63,453,484,550
772,374,306
11,612,160

23,633,618,545 24,285,241.944

Caah

A'op. 1920.
2.1.16

well* romplctod

r.,.lu<!lloii

;iU oil

A

50.000.000
28,894.500
2,162,730.000
126,000.000
1,410,074,050
15,130,900
523,447,200

Does not Include

Minor

90H

PKODUCTrON ANDCON.SU'MITroNOI.' l'KTKOI,KUM. (JASOLINK

.N'nt llU7«atiH! ijf till •Iriclui

2.5.947.400

partial payments received, amounting to $14,455.
NOTE. Issues of Soldiers' Sailors' Civic Relief Bonds not Included In the above;
total Issue to Nov. 30 1921 was 5195.500, of which .jl44,400 has been retired.

65',',

tion change.s in pi,>e line and lank farm crujlf oil stocks, in
crude ana liquid refinwi Ht^wrks held at refineries and in
stocks of Mexican oil held in the United States, rei>orls as
follows:

''

48,9,';4.180

—

•

N'et

TRADE AND TRAFFIC MOVEMENTS.
pp:Tr{oiJ-;LM s-i-atistic s

lmp<iru.

30 1920.
s
599,724.050
118,489,900

S
590,724,050
118,489,900

23,364,438,701 23,939,033,696
244,324,239
228,078„321
8.954,260
5,814,250

Total debt
Dfdi/rt Treasury surplus or add Treasury deficit

I.

N

Payahle.

Bearing no Interest
Matured, Interest ceased

.Net

99H

•

)

—

.Vet gold coin and bullion.
Net silver coin and bullion
Net Unlte<l Siatw notes..

on th^same day has been:

«4J<

KT<'.

(

Loan

tloiaxngs in

S7H

5fi..'0

9»H

,,.

)

Q.-J.
Consols of 1930
Q.-F.
Loanof 1925...
Panama Canal Loan:
Q.-F.
23 of 1916-36
Q.-F.
2s of 1918-38
Q.-M.
3s of 1961
of 1946-47
Q.-J.
3s, Conversion bonds
J. -J.
Certificates of indebtedness
Certificates of indebtedness under Pittman Act..J.-J.
J. -J.
34s, First Liberty Loan, 1932-47
J.-D.
4s, First Liberty Loan, converted
J.-D.
4'<s, First Liberty Loan, converted
J.-D.
4K8, First Liberty Loan, second converted
4s. Second Liberty Loan, 1927-42
M.-N.
4!46, Second Liberty Loan, converted
M.-S.
4'<s, Third Liberty Loanof 1928
A.-O.
4Vis, Fourth Liberty Loan of 1933-38
J.-D.
3?is, Victory Liberty Loan of 1922-23
J.-D.
4Jis. Victory Liberty Loanof 1922-23
4s, War Savings and Thrift Stamps
Mat.
2'^s, Postal Savings bonds. -.
J. -J.
J.-D.
5^8 to 5 Ms, Treasury notes

4d.

93 5i
87

85H

«4H

The Amerirran

or surplus

2s,
4s.

.34H

51H

52*4
93

8.5'^

Sllverln N'. Y.. peroz. (cu.):
I>om.«tlc
99'/<
For.-lBn

35

35

52*i
93 5S

52H

93
4!S percenta
8.'>!-i
French Rent«! fin Parin) fr.. 55 95
French War I/n fin Parii) fr. 80.20

of silver in

35

6d. 97b. 9d. 979. 7.d 97s. 6d. 979. 5.d 97s.

Brltliih,

rjrice

Title of

(

.

.34>4

979

— 515.901.345 —5112,315,676

+
—
INTEREST-BEARING DEBT OLTSTANDING.
InteTcn Nm. 30 1921. Nm.

Balance, deficit

Mrm..
Tuts
Wid..
Thur.i.. Frt..
Jan. 21. Jan 23. Jan. 24. Jan. 25. Jan. 26. Jan. 27.
Snl.,

Gold, per line ounce

6S.9I0,fi02

Savings Certificates

Total

6

34'xf;d
98s 4d.
34 525d.
97s. 11.5d
34 6.">0d.
The silver quotations for to-day for cash and forward delivery are each
Hd. below those fixed a week ago

Jymdrm.

War

Discount accrued on

9d.

.97s

AvcTage

The

interest obligations
Disbursing officers' checlss

Net debt.

34Hd.
34»4d

34^d.

-

.-.

Matured

3t,4d.

34,Hd.
.34', d.

-.

obligations:

Treasury warrants

—

—

The

Deduct outstanding

2.381.788

l.hlii,

•

,

—
—

—

THE CHRONICLE

383

9%. Oil shares were quiet and without special feature.
Standard Oil (Indiana) from 873/^ fell to 84?-^ and closed
to-day at 85. Internat. Petroleum lost over a point to 14 }4
and finished to-day at 14^4. Kirby Petroleum was active
and advanced from 17 to 20^, reacting finally to 19 ^'sMaracaibo Oil Exploration rose from 21^ to 2434^ and
reacted to 22 3^.
In bonds a feature was the movement in
Columbia Graphophone 8s which at first dropped from 33 to
22 J^ then sold up to 40 with the close to-day at 37.
A complete record of Curb Market transactions for the
week will be found on page 399.
at

Movement
Month.

—

Stocks

Sales
for

Sale.
Price.

Par.

Week.

Am Wind Glass Mach. 100
Am wind Glass Co. pf.lOO

1921.

9%

20

K
46 K

50

15K
17H

Preferred

Ohio Fuel Oil
Ohio Fuel Supply

24M

47 K

'95'

30
430

47 >^

140
846
25

44 H

21
2

60

92J^
26c

7H

2850
40
51
72

92 K
28c
7'A
132

Bonds

51

60

50

92H
25c
7
130
8'A

790
50
110
192

WH

11

115!^

2850
40
92

1

100
380
100

H

74
90

1%

19,500
100
105

K 72K

74
90

5s. 1931

19

25
120

2850
40
95

94

2H
6H

115

130
9M
9'A
105
105}^
12'A I2M
118
118

Brew 6S-..1949

Jan
24
Jan
24 H
Jan
47 H
Jan
2H
Jan
7
Jan
15 5f
Jan
20
Jan
48 H
Jan
21
Jan
2H
Jan
6'A
Jan
63
Jan
93
Jan
290
Jan
8
Jan 132
Jan
Jan 105 h;
Jan
12 K
Jan 119
Jan 2850
Jan
40
Jan
95
Jan
51 H
Jan
72%

15
16

47

27c

118

15U
17^

60

isiH

2^
6%

5M

3

.fen

153i
17

47K

n'A

20
455^

195i
2
55i

1

McK & Conn

23

660
472
100

G%

25
Oklahoma Natural Gas.. 25
Pittsburgh Brew, com
50
Preferred
50
Pittsburgh Coal, com. .100
Preferred
100
Plttsb & Mt Shasta Cop. . 1
Pittsburgh Oil & Gas
5
Pittsburgh Plate Glass. 100
Salt Creek Consol Oil
Stand Sanitary Mfg, pf.lOO
Tidal-Osage Oil
Union Natural Gas
100
Union Trust Co
100
K Glass
100
U
Wesi'house Air Brake
50
Whouse El & Mfg. com. 50
West Penn Rys, prof... 100
Pitts

20

150
56

2-K
23 H

i&%

20

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

70
98

4,818

20

25i
23
23 ^

23
23

Lone Star Gas
25
Mfrs I.icht & Heat
50
5
Marland Refining
Nat Fireproollng, com.. 50

64'4
97
9'A

250
90

98

9% lOH

49K
72 K

10

Jan
Jan

74

SIO.OOO
1.000

87J-i

January ..
February .

31.328.278
18.439.803
81.335.005
74.173.373
29.701.157
37.152.786
67.338.204
78.990,700

March
April

May
June

•Tan

Jan
Jan
Jan
Jan
Jan
Jan
Jan

74
90

City

BanKs and Trust Companies.

America*
Amer Ezch..
Atlantic

B^4

Banks
Irving Nat

At*

178

1S3

250
215

2.'')5

N Y

135
4;j0

Broad way Gen
Bronx Bur *.
Bronx Nat
Bryant Park*
Butch 4 Drov
Cent Mercan.
Chase
Chat A PhecChelseaExch*
Chemical
Coal & Iron..

120

80

450
140
90

150

160

146

166

130

340
500

140
190

140

First

250

Oreenpolnt

175

Gotham

193

Mechanics'*..

187

145

135

290
270
420
Fidelity Inter 200
240
Fulton
iGuaranty Tr. 208

326

94
225

165
252
225

105

305
270
410
210
260

160'

175
285
216
80
520
200
Colonial*
350
155
Columbia*
Commerce. .. 248
Com'nwealth* 215
Continental.. 130
Corn Exch*._ 365
90
Cosmop'tan*.
Ea8t River... 170
Fifth Avenue* 925
150
Fifth
930
First.
215
Garfield

290
222
90
530
210

327

345"

320
120
New York... 455
300
PacUlc*
403
Park
235
Public
270
Seaboard
standard*-.. 230
245
State*
Tradesmen's • 200
23d Ward*... 190
Union Exch.. 195
United Statea* 165
Wash H'ts*.. 325
YorkvUle*... 420

145

Bowery*

323
365
300

New

13

T

408

Tit 4 Tr
Lincoln Trust 156
Mercantile Tr 260
Metropolitan- 260

205

Coney Island* 145

0"

Trad..

240
825
388
510
155

80
90

Montauk*

260
S35
395
520

Industrial*...

Homestead*..

166
260
185
100

315
315
275

.

Hanover
Barrlman

Imp*

Montreal
Toronto
Winnipeg
Vnneouver

Ottawa

410
Kings County 670
'Manufacturer 215

420

New York

City Realty

.

BU
Amor
Bond 4

Surety.

M

O.

Oity Investing
Preferred

70
65
230
_.

96

.

Quebec
Hamilton

5.359.600
4,909,715
1,887,525
3,871,690
3.104.952

Victoria

Edmonton
Halifa.\
St. John

2.468.9.59

London

3.129,576
3,102,940
1.589,649
1,126,069
533,465
1,000,553
517,791
919,412
408,953
370.400
710,155
652,390
857,518
2,444,593
318,515
913.859
724.416

Regina
Saskatoon

Moose Jaw
Lethbridge
Fort William

Brandon
Brantford.

New

Westminster
Medicine Hat
Peterborough
SherhrooRe
..

FOREIGN TRADE OF
STATEMENT.

1920.

1921.

—22.8
—31.7
—24.6

6.782.150
2,498.662
4.972.005
4.303.834
3.454.453

6.2,34.599

— 16.8
—21.4
— 16.2
— 18.2

674.3.53

946,066

3.-389.266

3.474.042
1.876.694

—19.0
—22.7
—20.9

+ 5.7

1.962,931
1,457,804

733,5281
1,187,056
639,836
479,:i07
8.52,807

98 1, .399
856.446
2.776.438
368.477
1.025.722

Not

8.7,59,129

incl.

In

336.393.504

1.5.52..355

7.34.719

1.049.892
690.426
1.369.324
529.787
527.421
709.955
1,184.296

—29.4
—22.5
—24.2
—22.7

—16

7

—33.5

+ 0.1

1..346.7I6

—11.9

2.744.393
501,230

— 13.5
-11.7

_-

totals.

—6.2

370.904.0.53

$
s
108 ,651, 387 280.997 659 356, 457,600
103 .427, 293 260.144 8112,37, 794.400
123 ,996, 959 292.275 856 167 836.305
124 ,926, 117 270.147 1.37 1.32 460.32)
110 ,004, 302 224.0.33 443 108 502.231
100 ,048, 763 315.350 911il07, 506.523
104 ,6 8, 783 323.427 245 112, 583.284
111 ,371, ,583 265.399 ,334! 105, 218.873
106 ,610, 356 184.623 524 110 338.972
108 ,483. 456179.929 909 98 153.764
117 ,798, 726 172.054 642 96 618.132
113 ,117, 989 126.251 896 98 422.349

January ..
February .

March
April

May
June
July

August
September
October...

November
December.

I

Capital.

—Correspondent: Henry Maas. Rocltport. Ind
The City National Bank of Roclvport, Ind
20— The First National Bank of Centre Hall,
Correspondent: Robert M. Smith, Centre Hall, Pa.
20— The First National Bank of Winside. Neb
Correspondent: W. B. Lewis, Winside, Neb.
21 — The Nescopeck National Bank. Nescopeck, Pa
AValker, Nescopeck. Pa.
Correspondent: Dr. E.

Jan.

835,000
25,000

I'a

30.000

25.000

S.

APPLICATIONS TO ORGANIZE APPROVED.

Jan.

—Correspondent: yVilson Bank of Lodi, Calif
The Citizens National
200,000
H. Thompson, Lodi.
Ore
17 — The
National Bank of Mount
30,000
AVelton, Mount
Ore.
Correspondent: Robert
17 — The First National Bank of Hermosa Beach. Calif
Correspondent: G. S Thatcher, First National Bank of
16

Jan.

First

,.\ngel.

An:.jel,

J.

Jan.

.'50,000

Calif.

To succeed the commercial
Bank of Hertno.sa Beach, CaUf

—The National City BBank of Evansville. Ind
Enlow. Evansville. Ind.
Correspondent: C

Jan. 20

500,000

— The First National Bank of Newfield.Newfield, N.
N. J
Correspondent: Edward B. Brandrift,
21 — The Lebanon National Bank of New York. N. Yj
Correspondent; Isadore Stern, Lincoln Building, Phila-

25,000
500,000

APPLICATIONS TO CONVERT RECEIVED.

Jan.

17

Minn
—Conversion of TheBank, Duluth, Bank,
Duliith National
Duluth State

19

Bank.
of Worcester, Mass
—ConversionNational Bank Trust Co. of AVorcester.
The Park
of The Park

8M

U

212

112
160

Assoo]

lU

(

8 TItl Guar
West A Bronx,

80

TltleAMO'

145

Jan.

90

166

I

York.

500,000

APPLICATION TO CONVERT APPROVED.

Ask

(Brooklyn). 107
a Casualty.! 145

Alk jRealty
9fi

$200,000
Duluth, Minn.
Correspondent: F. G. Beamsloy, Casliier, Duluth State

Corraspondent: A.

M.

Stuart.

Centrahoma, Okla.

CHARTERS ISSUED
Jan.

Customs Receipts

New

Bank of Centrahoma, Okla
— The First NationalPeoples State Bank, Centrahoma, Okla S25,000
Conversion of The

19

$35,000
First National Bank of Zeislcr, III.
Nelson Browning, Cashier. Max F. Kohl.sdorf.
1209S Tlie Moxham National Bank of Johnstown, Pa.. 200.000
Succeeds The Moxham Deposit Bank of Johnstown.
IVesident, O. M. Stineman, Cashier, Willis E. Davis.
12099 The National Bank of Commerce of Wetumka,
S30.000
Okla
Conversion of The Bank of Commerce, Wetumka, Okla.
Puryear.
President, W. A. Geren, Cashier, S.

17— 12097—The

—
19 —
19

Pre.sidont.

—

—

M

York.

CORPORATE EXISTENCE EXTENDED.

1920.

1921.

1920.

Until Close of Business.

Jan.
Dak
Bank of
— The First National National Freeman. So Spgs.. N. Y.Jan.
Bank. Silver
— The
Springs
6129— The Traders National Bank of Mt. Sterling, Ky
Jan.
National Bank of Ivesdale,
61.33—

6181
3

260,652,211

Jan. 20

Exports.

1921.

8.646.478

Correspondent: F. A. Drury, President of Park Trust
Co. of Worcester.

at

Imports.

— 16.1

Jan.

NEW YORK—MONTHLY
New

—26.4
—35.6

S
92.371,914
68,614,191
38.667.609
10.087,103
6.617,782
5.401.248
5,252,014
5.123,784
1,668,212
3,485,723
4.691,505
2.656,068
2.397.160
2.912,294
1.721,723
1,498,547
902,209
925,543
521.244
920,934
438,350
380,624
625.000
656.903
681,042
1,092,007
343,478

143.692. .532
99.518.941
45.366.911
14.933.843

—

Jan.
Merchandise Movement at

3.181.2.^5

3,796,185

—1.4
—12.2
—27.3
—17.6

National Banks. The following information regarding
is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED

Jan.

zEx-dlvldehd. vEz-rigbts

140

162

315,590,968

109.509.216
94. ,509. 046
53,000.200
14,139.868
8.875.262
7.398.523
6.392.024
6.3.59. 827
2,765.805
6.136.860
3.736.287
2.750.996

national banks

Jan.

Month.

107,947,047
106.010.761
38.493.390
11.646.513
6,531.477

1919.

.T.

and Surety Companies.

Bid
SO Lawyers Mtg? 130
70
Mtge Bond.. 90
«--- Nat Surety.. 207
.... N Y Title 4
100
Morttiase.. 145

%

S

delphia, Pa.

(New stock.

Alk

1920.

4. 763..501

All prices dollars per share.

AUlao R'lty.

Dec.

Jan. 21

300

People's

19.

$

Calgary

160

• Banks marked wltb (*) are State banks.

55,583

1921.

Hermosa Beach,

205'

150

People's

1

business of the First State

j

125

220
Nassau
North Side*.. 196

1'

130,0.0
53.000
350,043

S

165

Greenwich* .

27 4,0

1.013.620
1.060.799
4.8.30.67C

Calif.

Brooklyn
jBrooklyn Tr.

96

1

1922.

Jan.

600
312
Title Gu A Tr 300
U 8 Mtg A Tr 265
United States 950

BrooUyn

246,300
4,212.285

Week ending January

Canada

166

280
265

4..376.916

1.4.36.8.53

Inc. or

Jan.

126

N Y Life Ins
4 Trust...
N Y Trust...

16,390,313

300.000,

2,943.013

—

211

110

Chester

100

4.881.396122.024.744 25.793.611

6.023,3,55

10,945.005
12.454.509

841.8.50

874.225
858.684

Clearings at

iMutual (West

175

1.773.797
3.270.066
2.055.487
1,241.925

$
2.800.164
2.137,837
1,329,649
1,114.930
1,042,567
239,657
622,262
1,071,362
3,109,126
1,110,630
1,308,259
503.885

124.300
234.300 24.814.399
100.000 35.247.500
34.820.300
2.649.762

6.2%.

140'

170
125

Law

305

1921.

S
1,695,573

—

Total Canada.

Hudson
260
260

360
-- -.

York

1921.

$
17.790.299

Canadian Bank Clearings. The clearings for the week
ending Jan. 19 at Canadian cities, in comparison with the
same week in 1921 show a decrease in the aggregate of

Askea

American
Bankers Trust
Central Union
IColumbia
Commercial..
lEmpire
jEqultable Tr.
Farm L & Tr.

Exports.

1920.

200

Prince Albert

fiM

197

S

York.

Imports.

l,124.000t

Kingston

Atk Trust Co.'a

194
232

1921.

7 34.228.5.56

0.><o.'i,4'

(

Moncton

ol

Manhattan *.
Mech A Met.
Mutual*
Nat America]]
Nat City
New Neth*..

230

Battery Park.

£M

Silver

Exports.

October... 44.137.381 11 4..56 1.6.53
November 47.1.33.681 54.248.571
December. 25.517,561 53,324.215

Windsor

All prices dollars per share.

Baiaks— ^ Y

Sepember

—New

York.

$
183.085
1,458.285
1,708.182
65.186.705
1.682.127

S

Kitchener

Mew York

New

1920.

j

months:

silver for the 12

1.

High.

Low.

600

69

69
98

.

Arkansas Nat Gas. com. 10
Barnsdall Corp. Class B.25
Carnesrle Lead & Zinc
5
Consolidated Ice, pref
50

Range since Jan.

High. Shares

Low.

and

Total... 585.053.396 346,004,248

Friday
Last Week's Range
of Prices

of gold

Imports.

August

Pittsburgh Stock Exchange. Record of transactions at
Pittsbur.gh Stock Exchange Jan. 21 to Jan. 27, both inclusive,
compiled from official sales lists.

[Vol. 114.

Oold MovemerU at

July

Pittsburgh

.

$

257 ,101.089 12,265,070
301 ,626.e,54| 14,154.349
396 ,929.0641 18.615.006
302 ,495.893! 26.838.089
343 ,323.392 17.221.670'
254 ,306.435 10.397.0341
200 ,319.661 13.443.167

.Silver

(il.l8

21,284.852
19.323.9.58

22.429,000
19.999.683
17.971.669
21.434.058
21,468,214
160 ,316,294 18.237.808] 18,392.047
174 ,781,030 15.203.273 16,140.524
267 317,672; 15,657.373 16.845.472
289 ,529,108 17.078.066 15..335.704
345 ,414.165, 16.799,003 12,190,679

Total... 1333085714 28946363671 731892817 3293460759'201,909,968 222,815,860

111...

Fir-st

-

63.50— The First National Bank of LeRaysvUle, Pa
61 17— The Tower Citv National Bank. Tower City, Pa
0128 The Citizens N.-itional Bank of Albert Lea, Minn
The First National Bank of Carey, Ohio
(;il9

16 1942
17 1942
.Tan. 19 1942
19 1942
Jan. 19 1942
Jan. 21 1942
.Ian. 21 1942
Jan. 22 1942

—
—
CORl'ORATE EXISTENCE RE-EXTENDED.
Jan. 16 1942
2620—The Springfield National Bank, Springfield, Ohio
CHANGES OF TITLE.
16 — 17S8 — The Merchants Nation.il Bank of Dayton, Ohio, to "The
Merchants National Bank & Trust Co. of Dayton.

j.,n

Jan.

16— 6794—The
National
location.)

First National Bank of Wilson, Pa., to
of Clairton" (to conform to change

Bank

The

m

First

title

of

I

THE CHRONICLE

Jan. 28 1922.]

—7649—The National Bank of Logan, Ohio, to "First National
Logan "
Bank
Petersburgh. Fla
IB— 7796— The Central National Bank of
"The Central National Bank & Trust Co. of St Petersburg
Iron Mountain, Iron Mountain,
17— 11929— The National Bank of
"The United States National Bank of Iron Mountain
Alifh
& Old Detroit National Bank, Detroit, Mich.,
19— 10,527 — The
Detroit."
to "First National Bank
& HamOton National Bank of Fort Wayne. Ind.,
20—11 — The
"First National Bank of Fort Wayne."
to

383

16

Jan.

in

,

t^,

,

St.

Jan
Jan

to

.

in

First

VOLUNTARY LIQUIDATIONS.

^

Bank
Allen
— 8123 — TheDec. 31 NationalLiq. Committee: A. E. W&st1921.
Effective

16

Jan.

Edna Texas

of

,

,

.

Capilai.

S30.000

—
—

—
20—
17

Jan.

N

New

&

Messrs. Adrian H. ]Muller

Stocks.
Shares.
2 Tide Water Oil

com..S141

Price.
per sh.

Sons,

New

S per sh
238 ti;

Stocks.

.

2 National Shaflrmut
1 King Philip Mill?
10 U. S. Worsted iBt
3 Hamilton Woolen

Bank

Price.

no par-S50

lot
sh.

Shares

\

15 Atlantic Coast Co
10 Pennington Shoe

L Day &

18K

-

8%

150
91
72 ?i

80

pref

Price.

Bonds.

51,000 Federal Pr.

&

Lt. 8s, 1925.. $90

Co., Boston:

_

$10,000 N. V. N. H.

1.50
25 Mass. Co'ton ^^tlL•^, ex-dlv
25 Wm. Whlitnan Co. pr.-f., ex-dlv 97
5 N. E. Ktecl Castiiu^, com.,

SlOeach
ION. K '""' 'MUngs

4b.

j

&

I

Lofland. Philadelphia:
$ per

sh. Shares.
Stock-i.
$ pi r sh.
12 Morris Canal <t Bkg., pref. 142
10,625 Cust«T Conaol. Mines pref.,
$lllot
4 Welsbach Co.. com
44 4
• I ea/h
Pur cml.
Bonds.
45,000 Cujil«r f.'onaol. MInps com..
SI earh
$1 lot $20,000 PotUf. A Ph. Ry. .5«, 1942 $500 lot
"•
^••-rt-s«e A Wareh.. 61
.50
2.000 Amor Ry. 5s, 1931
27 F'
Pum Ry
24 '
77X 10,000 KiLKsliin rubliti .'>'1», 1926.$.".
^.fuel
70
74
1 .000 rerin .Staiboard Steel, 7h. '23
rig .Mach.
25 on A
3
1.000 licrwyn Water Co. 68, 1935 91
lot
$.30
5.000 Indiana i:nlon Tr. ,5s, 1933 -M'i
IfKi N.J'
It. $.5 each. $1 lot
100 A f /•'
10.000 Atl. C. A Hhore HH. 6», '45 29
om .... $2 lot 10.
6
Twin 8Ut«8 Oaa A Elec
»K)f^rh.»l Ini
50'.
5f 1053
74 4
It.
210
$2 lot
Ry. .59. 10.53
64 4
Utoctt.

'

M

H

I

.

I

.

'.'

OW

'

.'!

;

— ;i-223H

71 Wi-rt

J

K.i-nm
'<•<

V

nn'<.5«.

I

&«,

^^

M

ll,.5«K)

$2.0fJO

CVNI

pr.-/.

.

.

Irnti. Ja[i

(jovt.

Wilmington

ft.OOO

•

I

'

41,

t

Great Lakes Dredge & Dock (quar.).
Greelock Co., com, (quar.)
Griffin Tobacco, pref. (quar.)
Hamilton Bank Note Eng. & Printing..

Hamilton Mfg.

(quar.)
Mills, pref. (quar.)
Hart. Schaffner& Marx, Inc.,
Hood Rubber, pref. (quar.)

Harmony

(qu.)

Ipswich

(quar.)

.Mills, pref.

Keystone Watchca.se (quar.)
Lehigh Coal & Navigation (quar.)

Lyman

Mills

Martin-Parry Corp. (quar.)
,Mii.s^:ichusetts Cotton Mills (quar.)...
Mechanics Mills (quar.)
.Melville Shoe, com. (quar.)
Preferred

(quar.)

.

Merchants Refrigerating, com.

Common

(quar.)

(extra)

(quar,)_

Narragansett .Mills (quar.)
National Carbon, pref, (quar.)
N. Y. Shipbuilding (quar,)
Ontario Steel Products, com. (quar.)...

Gas A

Pacific

Elec. 1st pf.&orlg.pf.(au.)

PacKlc Mills (quar,).
IViiii,.sylvanla Coal & Coke, com. (quar.)
Pepperell Mfg. (quar,)
Pocasset Mfg. (quar.)
I'rcHsed Steel Car, pref. (quar.)

Royal Dutch Co

*

Hag.iriKire Mfg, (quar.)
He.icfinnet Mlll.s ((|uar.)
.Soiitlurn I'Ipc Lino (quar.)

II
*

.

Stafford .Mills (quar)
HtjiiKlard .Milling, cora. (quar.)
Preferred (quar.)
ThotiiiiMin .St.irrett Co,, pref,.
'I roici .Mfg.. pref, (quar.)
I'nlon .MIg (extra)
UnlU'd Barber Shops, Inc., pref. (quar.)
i;, S. Ciuil Iron I'lpe
Fdy., pf. (quar.).
Wnhl fit corn. ((|uar,)

A

(iMoiithly)

35-30

(monthly)
(monthly)

50 1(

"

rmw

<l

i

A

('unnl

*2v

nH"

Feb.
Apr.
Apr.
Apr.
Apr.
Feb.
Feb.
Feb.
Feb.
Apr.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.

_
1

Holders
'Holders
"Holders
'Holders
*Holders

of
of
of
of

of

19

24a
24
Jan. 25

rec.
rec.
14a
rec, .Mar
la
rec.
14(7
rec.
14a
rec. Jan. 14a
rec. Jan. I4a
rec. Feb.
8a
rec. Jan. 24a
rec,
20
rec, Jan. 31
rec. Jan. 31
rec. Feb.
1
rec. Feb.
6
rec. Jan. 23
rec. Feb.
8
rec. Feb.
8
rec. Jan. 23a
rec. Feb. 28
rec. Jan. 2.5a

Mar

Holders of
24
Holders of
iH
4
Holders of
Holders of
5
•Holders of
*IH
•Holders of
*l
*2
•Holders of
•Holders of
*S1
*2
•Holders of
Holders of
2
Holders of
iy2
Holders of
iH
Holders of
1
*2
Mar.
•Holders of
Feb.
Holders of
3
Jan. 27
to
IH Feb.
Holders of rec.
14 Feb.
Feo.
Holders of rec.
IH
Feb.
Holders of rec.
SI
Feb.
•Holders of rec.
$6
Holders of rec.
IH -Mar.
•Holders of rec.
*1-H Apr.
Holders of rec.
I'A Feb.
Feb.
Feb. 10
to
2
Feb.
Jan 2(5
to
Holders of rec.
I'A Feb.
Holders of rec.
\'Ac Feb.
*1
Feb.
•Holders of rec.
Holders ol rec.
1% Feb.
Feb. 28 Holders of rec.
1
Jan. 22
Feb.
to
1%
Jan. 21
Feb.
to
3
•Holders of rec.
*15i Feb.
Holders of rec.
Feb.
Feb.
Holders of rec.
SI
•6
•Holders of rec.
Feb.
Holders of rec.
Mar.
500
Feb.
Holders of rec.
3
Holders of rec.
Feb.
2
Holders of rec.
50c
Feb.
Holders of rec.
IK Feb.
to
Jan. 24
1% Feb.
Fob.
Jan. 24
to
2
Jan. 24
to
ly^ Feb.
Feb.
Holders of rec.
2
Feb.
Holders of rec.
2
Holders of rec.
Mar.
$1
Feb.
Holders of rec.
1
Holders of rec.
IJi Feb.
Holders of rec.
Feb.
3
Holders of rec.
Feb.
2
Holders of rec.
Feb.
4
Holders of rec.
IK Feb.
Holders of rec.
IH Feb.
Holders of rec.
$1 .824 Feb.
•6
•Holders of re<'.
Feb.
Holders of rec.
Feb.
1
•Holders of rec.
•82
Mar.
HoldiTs of rec.
IK Feb.
Holders of rec.
Feb.
2
Holdiis of rec.
Feb.
IK
Holders of rec.
Apr.
4
•Holdirs (il rec.
•IJi Keb.
•35
•Holders of rec.
Feb.
Holders of rec.
Hi Feb.
Holders of rec.
1 'i m Mar.
lloldiTM of rec
•$1.50 Apr.
.

Mar
Mar

Mar

Feb. 2
Jan. 27

27
Feb, la
Jan. 24
Feb. 14a
Mar 22
Jan. 230
Feb. 15
Jan. 31
Jan. 20
Jan. 3la
Jan. 28
Jan. 27a
Feb. 16a
Feb.
1
Feb. 1
Jan. 26
.Ian. 26a
Jan. 31a
Jan. 20
Feb. 1.5a
Jan, 23o
Jan. 1 2a
Jan. 27a
Jan. 27a
Jan. 31
Jan. 31
Jan. 31
,Ian
I3a
Jan. 21a
Feb. 9a
.Ian. 31
.fan. 31a
Jan. 25
Feb. 60
Jan, 23
Jan. 23a
Feb. 7
Jan. 30
.Ian. 25
Jan. 24
Feb. 15
Jan. lUa
J.an.

leb
Feb

17o
17a

Mar .20
Jan, 20a
Jan. 25
lei.

1

Mar
Mar

I

23
'Itolilrrs of rec, Apr 22
HollllTS of ICO ,Ma> JO
•lldlilrrH of rec June 22
Holders of rec Jan. 14a
Holders of rer Jan. 2fia
I
•Holders of rer I'd)

May
June

14

1

10

July
Feb.
Fob.
I'ob.

,

03,4

l:i.

Below wn f^vo Iho dividends announced in previous weeks
and not yet paid. This list itocs not include dividends
aunounotid this week.
Put

two Hcparato tabloH.

in

1«
*1'4

la
10

'i

In lh<
fifHt, w<! hrini'
r all (lie dividfTidM annoiiiiffvl llm current we«(k.
follow with h .sifond lulili-, in wlii«li
we Hhow th<" liivid'iuh |>r(;viouNly announcfd, hut wliich
ifroiiix

6
*2

of rec. Mar.
of rec. Feb.
Feb.
to
Feb.
Feb. 10
to
Feb.
Feb.
of rec. Jan.
Feb.
of rec. Jan.
Jan.
'Holders of rec. Jan.

n»lU

<'otton Mills (quar.)
Mills (quar.)
Mfg.. ClnsH H (guar.)

1

DIVIDENDS.
Dividf)D(lM urn

Holders
Holders
Jan. 21
Feb.
1
Holders
Holders

•50c.
•50c.
•50c.
2

UT

'

hOV,'

IT

It.

com.

Houston OH, preferred

'om iiioii

5i:,H. 11J-.

I

;

1.00O

fit

Franklin Co
General Asphalt, pref. (quar.)
Goodrich (B. F,) Co,, pref. (quar.)...
Granite Mills (quar.)

(.'oiiiinon

4'..

A

1,1

(quar.)

pref. (quar.)
Esmond Mills, com. (quar.)
Preferred (quar.)
Foulds .Milling, com. (quar.)

r:oniiiion

5h. I'ii.O

.;lil

Brier Hil! Steel, pref. (quar.)

Central Arizona Lt. & Pr., com. (quar.).
Preferred (quar.)
Chicago Yellow Cab (quar.)
Colorado Fuel & Iron, pref. (quar.)..
Continental Guaranty Corp. (quar).
Continental Paper & Bag Mills. cm. )qu.)
Preferred (quar.)

3«4

...

I

(quar.)..

.

Borough

.-n

(quar.)

Bond & Mortgage Guarantee
Boston Duck

(

1019...

1040

.500

II

43

-Va. Ry.

Gas A

10 M<>rchaD>f!
P<rir,R

!i

93

Ity.5ii.'2fl
rm. 191H...

Wash -Va Ry.

l.(M)
9.W)0

IP
.

raw

I'hila

..

cum. conv. pref. (quar.)
non-cum. pref. (quar.)
Bl,!;elow-Hanford Carpet, com. (quar.).

Preferred

$4IH

19.56. registered

1.000 Bo.ston Wharf 1st 4s, 1941. $81 Ji
1,000 Orpheum Circuit eonv.
$98
T'jR. 1926
100 Mass. Ug. deb. 7s, 1927 .$100
1.000 Walthani Watch Os, 1924.. HO

|

.25]

pref
2
-re l,t. i P. pref. 44
.':er Htecl, Isl pf. 75H

Messrs. Barnes

I

1

Mar.
Mar.

*1H

(quar.)

8%
7%

Hartford

<t

Mfg

Emerson Shoe.

1

iA

A

1

Holders of rec. Jan. 31
Holders of rec. Jan. 31

3
2

Beacon Oil (monthly).
Berkey & Gay Furniture, pref. (quar.).
Bethlehem Steel, com. (quar.)

Diamond Match
Edwards Mfg

I

L'nlK"')

Holders of rec. Jan. 27a
Jan. 28
to
Jan. 31
Jan. 28
to
Jan. 31

1

Feb.
Feb.
Apr.

IH

Corr Mfg. (quar.)

27

5Securitle8Corp.com

82H

Bates

Preferred

$ per sh
97

Stocks.

.

Wm.

Whitman pref
10
15 Securities Corp. gen. pref

9H

pref

Messrs. R.

25

7

Jan. 26
to
Jan. 31
Holders of rec. Jan. 25

3

Vitrified Products, pref. (quar.).
Amparo Mining (quar.)
Barnard Mfg. (quar.)

lot

S per sh.
StncliS.
Shares.
9 per sh. Shares. Stocks.
10 First Nat. Bant. Boston 304-304 '4' 25 Fairbanks, Morse & Co. com.. 46 '4
107^-108
20 American Glue, com
7 Webster & Atlas Nat. Bank... 205
20 Converse Rubber Shoe pref... 91
5 Hu-vard Tni.st Co.. Camb'ge.225
S5-S7
121
19 Mcrrlmac Chem., $,50 each
Batffl Manufacturing
J^
175-170
13 Cambridge Elec. Securities.. 5.4 -5 5^
22 Pepperell Mlg.. ex-dlv
5)^
15 Cambridge Elec. Light
50 Old Colony Woolen Mills pref.
85
15 Orpheum Circuit pref
SlOeacb
73
Blcachery
Flsk Rubber Ist pref
144
30
S Lowell
New Hatip Spinning Mills.. .125
2 Boston Investment
30^«
1
f,
44
latcs
lZ2'-4
19 Sullivan Machinery Co
If.
o
10 Beacon Falls Rub. Shoe pref.. 58
...107(i
„,
-otton
225
10 Bosl. Wov. Hose&Rub. pref.. 96 '5
10
15 Boston Belt. Corp. pref., $50 ea. 28K
2.5 Pacific .Mllifl. ex-<iiv
167H
..190
10 Draper Corporation
5 p:v»r»'» Mill* .
148)i
'
1.=
12
pref
IBO
.50 Ma.s3. Lighting C:os. com
f
Weymouth Lt. &. Pr., ex-dlv. .143
99
10
11
169
200 Georgia Ry. & Elec. com..
20
stamped
10 LawTenot MIi«. Co
12SH
110^i
10 Warwick Mills
87^ 20 Amer. Glue pref.. ex-dlv. 122K-123)4
Price.
Bonds.
81
22 Hamilton Woolen Co

-i

Feb.

Feb.
Feb.

2

Amer.

Common B

100 Eiseman Mag. com..$SJ4' PPr
50 Butterworth-Judson com.SSO

142K

20 Mass. Cotton Mills, ex-div
26 Converse Rubber Shoe pref
4 Flak Rubber 1st pref

2r,(

to

.

la

3
19a

1«

Extra (from ins. fund int. income)
Amer. .\rt Works, com, & pref. (qu.or.).
American Glue, com. (quar.)
American Tobacco, com. & com. B. (qu.)

Hobbs & Arnold, Boston:

Messrs. Wise,

By

rec. Jan.
rec. Jan.
rec. Jan.
rec. Feb.
rec. Feb.
rec. Jan.

Miscellaneous.

^151 lot
50 Adelphia Hotel
400 Manhattan Transit. 2Sc. per sh.
Price.
Bonds.
ciation
S95 per sh. 82.000 Lake Shore Elec. Ry. 5s. '33 S37
426 lot 200.000 Fulton Cotton Mills (all
5,000 Internat. Oil & Gas
coupons attached) 6s, 1929. -.S130. 000
25 Carbon Steel coin..$im per sh.
2 N. E. Mortgage Sec. Co..S19 lot 297,000 Rubles Russian Govt. 5s,
8750 lot
1917
$16 lot
2 Texa.s Lar.d Syniiieate

Shartt.

Feb. 15
20
23
23

to
of
of
of
of
of
of

IM

8

-AKiska Packers A.ssociation (quar.)

York:

Sharrs.
Stocks.
31 2-3 Chanlett Corp.

I

50 342 5th Ave. Theatre(Bkln.)S15 lot
3,333 StoUwerck Chocolate. 55c. per sh.
500 American Oil Eng. com.,
$55 lot
$10 each
100 First Foreign Bank Asso-

5 Mor
JOWI'r

5

Lincoln (quar.)

—

By

Feb.
Feb.
Feb.

3

Trust Companies.
Kings County (quar.)

Auction Sales. Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
York, Boston and Philadelphia:
at auction in

By

3H

K.xtra

N

Shares.

•Feb. 1
•Holders
Holders
Holders
Holders
Holders
Holders
Jan 18

,

National Bank of Buffalo, N. Y.. 200.000
Liq. Agent. Alva L. Dutton,
Effective Jan. 19 1922
Y. Succeeded by a State bank.
Buffalo.

By

Books Closed.
Datts Inclusive.

Pavabh

Banks-

21— li«S3—The Amherst

Jan.

Cent.

American Exchange National (quar.)..
Bowery Bank of New York (quar.)

T- Vance and J. W. Bagby, Edna. Texas.
Assets purchased and liabilities assumed by the Jackson
County State Bank of Edna. Texas. , „ ^,
,. „«« nnn
^.,
11319 The Broadwav National Bank of Buffalo. N. Y-300,000
Liq. Agent. Alva L. Dutton,
Effective Jan. 16 1922.
Succeeded by a State bank.
Buffalo.
V.
10.518
The Continental National Bank of Sioux City, la. 2o0,000
Liq. Agent, T. F Harrington.
Effective Jan 10 1922.
Sioux Citv. lovra. A'wets purchased and liabilities assumed by "the Sioux National Bank in Sioux City, Iowa,
hoff. Jno.

Jan.

Company.

Street and Electric Railways.
Feb.
Connecticut Ry. &. Ltg..com.&pf.(quar.)
Kansas City Pr. & Lt.. 1st pf. (mthly.).* 66 2-3c Feb.
Feb.
$1
Public Ser\'lce Invest., common
14 Feb.
Preferred (quar.)
Tampa Electric Co. (quar.)
2H Feb.
Feb.
2
Tivin City Rap. Tran., MInneap., com.
Feb.
2
Union Street Ry., New Bedford (quar.).
S1.85 Jan.
United Power & Transportation

First

Jan

of

'

to

Jan.

When

Per

Name

,

Namt

When

Cent.

Company.

of

I'livabtn.

SH
14
24

Fob, 17

Hooks Ctoi»d.
Diiyi IncluslH.

'

'

'

havo not

The

Ai<h
I

•,!!.

\,>i

u

i..ii'i.

f

week

di

KullrotjiU (Sinam)
(inmt HuuthoMi, pniterrcd....
roiicka A Hutita Fe, oom, (quar.).

AInliniiia

,.

rRfnrrMl
1.,., ii,

I...I ft I..

14

> ,,

.

.iilia,

Somf

nf

I >>»"!

emu.

;.

K.i'

'

CtoVAUr

>r,

Mar,

(qnar.).

•I

•IH
•34
•

•

t.

I

'i

»'.

'

Mm.

Mar
Mar
Mar
Mar

noldcm
•ll'.l'l'fn
•II. .'.I. I

'if
'.'
.,'

rr<
'•'
.

r^ii.
I

.!.

I

*

w r

lO'l
I'll

V

I

ti.

-

'

Ifi

I'l.ii

Fi'li

10

lliilderi of rro

•1

(i|iiitr

(i|iiiir

34

l>b.

llavpii ........
HI l,<iillt .......

lilt

lirliir
'.

Knti.

04 Id.

4

•A

ni. ml)

1

Mnr,

Fnli

4

>itl

,

Hi

.......

r, Iklll

'•««*

prrf

)

.

.......

(qitar ).

I

.

.

I

.

(ir«r.

(quar.)..
)....

'.'iiiMtfiy, rtifnitmti Iqilar

8

Juli
2r.

4

m
m
m
1

(irnfnrrwl Cjuar.).

Mkr Lrin
Wnt Va

1

ITIi.

9

,1

.1

I

pr.

•.linlivlllo

'til. coiiinion..

1

Feb. 20
Fell, KO

.

Ml. HR,AC;iMl,

Frb,

Itoldrrs of r«a
lliildi'r* of roe
llolili'm (if ri*
lliil'li'it (if ire
lliililirn of riM'

H

pr»f, (quar,)..-

linrn Iqiiar,)

A

h'l

HI

•1

Vm.,

I.r'm.ri'ip

.%

n.il.vlllr

•.;

una

r..
P-, -..

'

•m M
•I'.

III

A

tntlutltt-.

)

3

pMwnlr A

Dim*

I'M,

.'•

I

BaHtoiriT

Oirwatn

Honti fUitrit

1

2

oom

I

WHtn

1

Knii,

34
34

fijiinr.)

are:

Mnr.

Miiiil.ia.

1

I

2N

I

I

J

llilllllIK

III

14

Jitii

1

lliitdi r>

KrI)

rnn
U>

of rro

1

Fob.
$2 50 rrb,
Ik rrb,
'r«b.
•t

I'O

lliiliirr*

Full,

Frb

rro
(IT
I

1

I'xli.

Frb.

III
'

i;

IIM'

to
of run

1

III
;i I
I Irr
Ilolilcri of
ll.il.lni III ion
llnl'Irra ol rnn

t

lli.l.lrra (if riM'

1

IH
1

311

9

rw

lliililrrn (if inr

Jan. 90
Jan. aia
I)p".

aii<i

I>(>r.

:ioa
27il

J nil,
l'«b.

Fill
I

la

I'll,

DiHl.
I

I'll.

Jan
Jmi
I

la
IH

3ia
14

ina
1(1(1

llHV

Jnii
Jnii.
JlIM
Jnii
I i(v

Jan
Jim

aoii

31
21(1

25
.31(1

una
14a

-

jr.a

ell

Id

llulUara ul reo, J*a.

17a

I

——

.

THE CHEONICLE

384
Per

Name

of

Companv.

Railroads (Steam)
Reading Company, first

Cent.

60c Mar. 9 Holders

Duquesne Light 7
pref (quar
Georgia Ry. & Electric, pref. (quar.)
Milwaukee Elec. Ry. & Light, pref.(qu.)
)

"'i

Montreal Lt. Ht.

& Pow

Philadelphia Co.,

Cons. (quar.).

common

(quar.)

& LUht

Securities, com.
Slerra Pacific Elec., pref. (quar.)

Railway

Virginia Ry.

&

&

pref-

Power, preferred

Feb.
Feb.
Feb.
Feb.

1

IH

.Jan.

IJ4
75c.
3
IVi

Feb.
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.

31
15
31

>i

IM
IH
1!^

*6

West Penn Power, 7% pref. (quar.)
We-it Penn Tr. & Water Pdw., pref. (qu.)
Preferred (acct. accumulated dlvs.)
preferred (quar.)

15i

IH
fllK

York Rys.,

62HC.

Per

Name

Inclusive.

1
1
1

1

1
1
1

15
IS
31

Holders
Holders
Holders
Jan. 11
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders

of

rec Feb. 17o

of rec
of rec
of rec.
to
of rec.
of rec,
of rec,
of rec,
of rec.
of rec.
of rec
of rec
of rec.
of rec.

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

18

20
1

19
20a
31a
16a
20

20a
lOo
16
16
16

21a

Banks.

3H

Continental
Corn Excliange (quar.)

5
2

Pacific (Quar.)

Extra

2

Twenty-Third Ward
Extra

5
5

Feb.
Feb.
Feb.
Feb.
Feb.
Feb.

1
1
1

1
1

1

Holders of rec. Jan. 28
Holders of rec. Jan. 31a
to
Jan. 31
Jan. 26
Jan. 31
to
Jan. 26
to
Jan. 31
Jan. 28
Jan. 31
to
Jan. 28

IMlsccllaneous.
Allied Chemical <fe I)ye Corp., com. (qu.)
AUls-Chalmers Mfg., common (quar.)..
American Bank Note, common (quar.)..

Common

(extra)

'.

American lirass (quar.)
American Clear, common (quar.)
American Coal (quar.)
Amer. Dlst. Telcg. of N. J. (quar.)
Extra
Amer. Gas & Elec, pref. (quar.)
American Glue, preferred (quar.)

Am. La France

Fire KnB.,Inc..com.(qu.)

American Light* Traction, com.

Common
Preferred

(payable in

(quar.)

common stock)..

(quar.)
(quar.)

American Linen

Amer. Radiator, common

Preferred

Feb.
1
Feb.
Feb.
SI
Feb.
SI
IH Feb.
Feb.
2
Feb.
$1
1
Jan.
Jan.
1
IH Ffb.
Feb.
2
25c. Feb.
Feb.
1
Feb.
IH Feb.
*1
Feb.

SI

n

1

1

15
15
15
6
1
1

30
30
1
1

15
1
1
1
1

SI

(extra)
(quar.)

American Soda Fountain (quar.)
American Telegiaph & Cable (quar.)
Amer. Water-Works & Elec, pref. (qu.)
Amoskeag Manufacturing, com. (quar.).
Preferred

Art Metui Construction (quar .)
Associated Dry Goods, common (quar.).

Mar. 31

IH
IM
2H

(quar.)

Preferred (quar.)
Amer. Shlpbuildlug, com. (quar.)

Common

Feb.

Feb. 15
Feb.
1
Feb. 1
Feb. 1
Feb. 15

m

I'A

\H Mar.
1% Feb.

1

15

2
SI. 50 Feb.
S2.25 Feb. 2
25c Jan. 31
1

F-eb.

1!^
I'A

Mar.
Mar.

1

preferred (quar.)
Hi
Atlas Powder, pref. (quar.)
IH
Austin, Nichols* Co.. Inc., pref. (quar.)
IM
Barnhart Bros. & Spindler
First and second prtferred (quar.)
1?4
Borden Co., common
4
Brill (J. G.) Co.. preferred (quar.)
IM
British Empire Steel, lai pf. Set. B.(qu.)
1*4
Brooklyn Edison Co. (quai.)
2
Brown Shoe, preferred (quar.)
1%
Buckeye Pipe Line (quar.)
*S2
Burns Bros., Class A (No. 1)
$2.50
Class B (quar.)
50c
Prior preferred (No. I)
$1.75
California Packing Corp. (quar.)
$1.50
Canada Cement, Ltd., pref. (quar.)
IH
Canadian Converters, common (quar.)..
1%
Canadian Explosives, common (quar.)..
earlier, luc. pref. (quar.)
I'A
Casey-Hedges Co.. common
2>4
Cedar Rapids Mfg. & Power (quar.)
Celluloid Co.. prei. (quar.)
2
Central Bond <Si Mtjge.. pref. (quar.)
15i
Central Oil & Gas Stove, pref. (quar.)..
2

Feb.
Feb.
Feb.

1

Champion Copper

Mar.

1

Feb.
Feb.

1

*o\yt
•ffH

F'eb.

1

rtjc.

Jan. 19o

of rec. Jan. 16
of rec Jan. 24a
of rec Jan. 28a
of rec Jan. 28a
of rec Jan. 31a
Hoidt^rs of rec. Jan
14 a
Feb. 1
to
Jan. 13
of rec. Jan. 16a
Holders
Holders of rec. Jan. 16a
Holders 01 rec. Jan. 16
Holders of rec Jan. 20a
la
Holdeis of rec. Feb.
Jan. 26
Jan. 14
to

Holders
Holders
Holders
Holders
Holders

Jan.
Jan.

14
14

Holders
Holders
Holders
Jan. 15
Jan. 15
Jan. 15
Holders
Holders
Holders
Holders

Holders
Holders
Holders
Holders
Holders
Holders
Jan 21
Holders

Jan. 26
Jan. 26
of rec. Jan. 21
of rec Mar. 15a
la
of rec. Feb.
Jan. 31
to
Jan. 31
to
to
Jan. 31
of rec Jan. 31a
of rec Feb. 28
of rec. Feb.
la
of rec. Jan. 17o
of rec. Jan. 17a
of rec. Jan. 13a
of rec. Jan. 14
4
of rec Feb,
4
of rec. Feb.
of rec. Jan. 16a
to
Jan. 31
of rec. Jan. 30a
to
to

1

Feb.
Feb.

Holders of

F^irst

preferred (quar.)

Second preferred (quar.)
Atlantic RefinlnK.

m
H

*S6

Chariton Mills (quar.)
Ciiic Wiim. & Franklin Coal (auar.)
Cities

2

l^

1

1
1
1

Feb. 1
Feb. 15
Fob. 1
Feb. 1

Mar.

1

Feb.

1

Mar. 15
Feb. 15
Feb. 15
Feb. 1
.Mar. 15
Feb. 16
Feb, 15

Jan.
Jan.
Fob.
Feb.
Feb.
Feb.
Feb.

31
31
15
15
15
1

1

1

Holders
Holders
Jan. 24
Holders
Hmldrrs
Holders

of lec. Jan.
of rec. Feb.

to

of
of
of
Holders ol
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders ol

Jan

rec
rec.
rec.
rec.
rec.
rec.

la
31
18a
17

20a
21
la
la

Jan.d23a
Feb. 28a
Jan. 31

rec Jan. 31a

of
of
of
of
of

rec.

Dec. 31a

to

15

Holders
Holders
Holders
Holders
Holders

rec.
rec.
rec.

Jan.
Jan.
Feb.
Jan.
Feb.
Feb.
Feb.

26a

Jan. 31

rec.
rec.
rec.
rec.
rec.

Feb,
Jan.
Jan.
Jan.
Jan.

la

31a
30
25a
24

Holders of roc Jan.
9
Holders of rec. Jan. 18

Service-

Common
Common

(monthly, payable In scrip).
(uayublelii m-rip)

.

Pref. & prei li (m'tlily) (p.iy in scrip)
Cieve. Elec. 111. 6% pref. ((luar.)

*oM

IH

1

Holders
Holders
Holders

of rec. Jan. 15
of rec Jan. 15
of rec. Jan. 15
Holders of rec Jan. 25

Feb. 1
Cleveland Stone
Feb.
2
1
Holders of rec Jan. 20
Clinchfield Coal Corp., pref. (quar.)
*1% Feb. 1 Holders ol rec. Jan 26
Columbia Gas & Elec. (quar.)
Feb. 15 Holders of rec. Jan. 31a
1
Commonwealth-Edison iquar.)
Feb.
1
Holders of rec Jan. Via
2
Consolidat<.'d Utilities, pref, (guar.)
IH Feb. 1 Holders of reo. Jau. 20a
Consolidation c;oal (quar.)
Jan. 31 Holders of rec. Jan. 20a
Copper Range Co
Mar. 1 Holders ol rec. Feb. 1
*$i
Co8dcu& Ci),,com. (mi [lar value) (qu). (52 He. Feb. 1 Holders of reo. Jan. 3a
Common (par value $5) ((|ii:ir.)
12 4c Feb,
1
3a
Hdklers ol rec Jan.
Crucible Steel, common (quar.)
Jan. 31 Hcilitors of rec. Jan. 14
Davis Mills (quar.)
Mar. 25 Holdius of rec. Mar. 11
*1H
Dodge Steel Pulley, prei. (quar.)
IH Feb. 1 Jan. 22 to Jan. 31
Doniiulon Biidge, Ltd. (quar.)
F>o. 15 Holdoi\s ol rec. Jan. 31a
1
Coal, pref. (quar.)
Dominion
1% Feb. 1 Holders of rec J.in. 12
Dome Mines (capital distribution)
Apr. 20 Holders of rec. Mar 31
•SI
Dominion Oil (quar.)
_
30c Apr. 1 Holders of rec. Mar. 10
Dominion Steel ('orp., pref. (quar.)
IH Feb. 1 Jan. 15 to
Jan. 31
Dow Chemical, common (quar.)
\% Feb. 15 Holders ol rec. Feb. 4a
Common (o.\tra)
Feb. 15 Holders of rec. F"eb. 4a
IH
Prelcrred ((luar.)
IH F'eb. 15 Holders of rec. Feb. 40
du Pout Chemical, com & pref. (guar.).
•25c. Feb.
6 Holders ol rec. Jan. 25
duPout(l'^.l.)de Nem. Powd., com.tqu.)
Feb.
1 Holders of rec Jan.
20
Preferred (guar)
•1^4
Feb.
1 Holders of rec. Jan.
20
Durham Hosiery Mills, pref. (quar.)
IH Mar. 1 Holders of rec. Feb. 20a
Eastern Mfg. Isi pref (guar.)
1 Holders of rec. Jan.
20
•IM Feb
Edi.HOU Elec 111. of Boston (quar.)
3
Feb.
1
Holdeis of rec Jan. 16
Edlsim Elec III. of Hrix'Uton (quar.)
Feb.
1
Holders of rec. Jan. 20
2H
Elseuiohr (Otto) & Bros., com. (quar.).Ui Feb. 15 Holders of reo. Feb. la
ElecLric Bonil & Share, picf (guar )
Feb.
1
Holders of roc Jan. 16(1
l<,i
Elgin National Wat<'h ((|uar )
Feb.
2
1
Holders of rec. Jan. 20a
Line iquar.)
Eureka Pipe
2
Feb.
1
HoldiTS of rec. Jan. 16
Exchange Buffet Corp. (guar.)
Jan. 30 Holders of rec Jan. 20a
2
Fajardo Sugar (guar.)
1
Holders of rec Jau. 20
SI. 25 I'eb.
Fall River Gas Works (quar.)
Feb.
3
1
Holders of roc. Jan. 16
Famous Playt rs- L»Mk.\ <!or|i., pref (qu.)
Feb. 1 Holders of rec Jan. 16a
2
Federal Sugar Refilling, com. (quar.)..
Feb.
1
Holders of rec. Jan. 20u
IV*
Preferred (quar.)
Feb.
Holders of rec. Jan. 20<i
1
FIrestoiK I'lre A Rubb., 7% pref. (qu.).
IH Feb. 15 Holders of rec. Feb. la
Fisher Body Corporation, com. (guar.). $2..')0 Feb.
1
Holders of rec. Jan. 21a
Preferred (guar ,)
IH Feb. 1 Holders of rec. Jau. 21a
Fort Wortli Power & Light, pref. (guar.)
1% Vob. 1 Holders of rec. Jau. 16
Franklin (H. H.) Mfg. Co.. pref. (quar.)
Feb. 1 Jan. 21
to
Jan. 31
I'A
Gslr (Robert) Co., Istprol. (guar.)
IH Feb. 1 Jan. 22 to Jau. 31
General Cigar, common (quar.)
Feb. 1 Holders of rec. Jau. 24a
IH
Preferred (quar.)
IH Mar. 1 Holders of rec. Feb. 21a
Debenture stock (guar.)
IIIIII
IH Apr. 1 Holders of rec Mar. 25a
GencTal Motors, 6% pref. (guar.)
IH Fob. 1 Holders of rec Jan. 14a
Debenture 6% atock (quar.).
IH Feb. 1 Holders ol rec Jan. 14a
Debenture 7% stock (quar.)
Holders of rec Jan Ma
Feb.
1
I'i

m

1

MH

m

Company.

Cent.

Miscellaneous (Conclitdedt
Razor (quar.)

Stock dividend
Gossard (H. W.) Co.,
Halle Bros., 1st & 2d

prei. (quar.)
pref. (quar.)

Idaho Power, pref. (quar.)
Illinois Northern Utiiitles. pref. (quar.).
Ilium. & Power Secur. Corp., pf. (qu.)..
Indiana Pipe Line (guar.)
Ingersoll-Rand Co. (quar.)
Intemat. Mercantile Marine, pref
International Nickel, preferred (quar.)..
Iron Products Corp., prei. (quar.)
Kaministlquia Power (quar.).. J
Kaufmaun Dept. Stores, com. (quar.)..
Kay.ser (Julius) & Co..
First and second preferred (quar.)
Kellogg Switchboard & Supply (guar.)..
Kelly-Sprlngflcld Tire, prof. (guar.)...

Kelsey Wheel, pref. (guar.)
Kress (S. H.) & Co., common (guar.)
Lancaster Mills, common (guar.)
Preferred

Mar.

Match Co

Feb.
Jan.
Feb.
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.

Jan. 26
Jan. 25

*1H
1

2H
IH
IH
IH

$2

2H

Jan

3

Feb.

IH

p-eb.

2

Feb.

2
SI

Feb.
Feb.

l*A
2
2

1%
1

2H

Feb.
Jan.

Feb.
Feb.
Feb.

Mar.
Feb.

Mar.

5

Lima Locomotive,

preferred (quar.)
Lincoln Manufacturing (quar.)
Lindsay Light, pref. (quar.)
Lit Brothers Corporation

Extra
Loose- Wiles Biscuit, 2d pref. (quar.)
Lowell Electric Light Corp. (quar.)

IH
*2

IH

Miami Copper (guar.)
Middle West Utilities,

Feb.
Feb.
Feb.
Jan.

50c. Feb.
25c. Feb.

IH
2'A

*2
Luther Manufacturing (quar.)
MadLson Sale Deposit
3
Extra
1
Massachusetts Gas Cos., com. (guar.)..
IJi
Merchants Manufacturing (guar.)
2
•$1
Me.xicau Seaboard Oil

Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.

Mar.

600. Feb.

Feb.
Feb.
Feb.
•/i2
Feb.
Feb.
SI
2
Feb.
SI
Feb.
Prefer red (guar.)
Feb.
$2
Morris Plan Co. of New York (guar.)..
IH Feb.
Motor Products Corp. (quar.)
$1.26 F>b.
2
Feb.
Mullins Body, preferred (guar.)
Nash Motors, common
SIO
Feb.
Preferred (quar.)
IH Feb.
Apr.
National Biscuit, common (guar.)
IH
Preferred (quar.)
IH Feb.
National Lead, pref. (quar.)
IH M?r.
National Tea, pref. (quar.)
IH Feb.
25c. Feb.
New Cornelia Copper
•2
Feb.
New Jersey Zinc (guar.)
New River Co., pref. (acc't accr'd div.). AlH Feb.
New York Dock, common
2H Feb.
4
Feb.
Northern Slates Power, common
(guar.) ..
IH Feb.
Ontario Steel Products, pref.
I'reterred (quar)
IH May
Pacific Power & Light, pref. (guar.)
IH Feb.
Feb.
Penmans, Ltd., com. (quar.)
2
Preferred (guar.)
IH Feb.
lOc Feb.
Penn Traffic
Feb.
Philadelphia Insulated Wire
$1
Phllllps-Jones Co., preferred (quar.)
IH Feb.
Pick vAlberi) & Co., common guar.)
40c. F"eb.
2
Feb.
Pierce Oil Corporation, pref. (quar.)
Plant (ThomasG.) Co., Ist pf. (guar.)..
IH Jan.
Portland Gas <fe Coke, pref. (guar.)
IH Feb.
Jan.
3
Prairlt Oii& Gas (quar.)
Jan.
4
Extra
Jan.
3
Prairie Pipe Line (quar.)
Feb.
5
Procter & Gamble Co., common (guar.).
Producers' & Refg. Corp., pref. (guar.). 87 H Feb.
Feb.
Publlc Service of Nor. Ills., com. (guar.)
Pr.=;ferred (guar.)
*1H Feb.
Feb.
2
Pullman Co. (guar.)
25c. Feb.
Pyreno Manufacturing (quar.)
IH Feb.
(Quaker Oats. pref. (quar.)
.
Apr.
3
Ranger Texas Oil (quar.).
Feb.
Russell Motor Car, common (quar.)
Prefcrr ed (guar.)
*1H Feb.
Feb.
St. Lawrence Flour Mills, com. (guar.)..
IH Feb.
Preferred (guar.)
30c. Jan.
Salt Creek Producers (guar.)
Shove Cotton Mills (guar.)
IH Feb.
Simmons Co., preferred Cguar.)
*IH Feb.
Feb.
Oil, pref. (guar.)
2
Sinclair Consol.
Standard Oil (Ohio), pref. (guar.)
*IH Mar.
Steel Co of Canada, common (quar.)
IH Feb.
Preferred (guar)
IH Feb.
Mar.
2
Stern Bros., pref. (quar.)
5nc Feb.
.Stewart-Warner Speedometer (quar.)
Stover Mfg. & Engine, pref. (guar.)
*IH Feb.
Feb.
2
Superior Steel, 1st <fe 2d pref. (guar.)
81.20 Feb.
Swift International
Apr.
3
Texas Chief Oil (guar.)
Texas Power & Light, preferred (guar.).
IH Feb.
Feb.
Tobacco Products Corp., com. (guar.).
Union Tank Car, com. and pref. (guar.)
IH •Mar.
first ptrferred (guar.)....
87 He Feb.
United Drug,
Jau.
15c
United Eastern Mining (guar.)
87>jC Mar.
Uiilte<i Gas Improvement, pref. (guax.).
Feb.
3
Un\^ed Royalties (monthly)
Feb.
1
Extra
25c. Feb.
United Verde Extension Mining (guar.).
15c. Jan.
United States Mining (guar.).
Jau.
2
United States Rublier, 1st pref. (guar.).
pref. (guar.)..
IH Mar.
Van Raalte Co., IstA 2d
60c. Feb.
Ventura Consolidated Oil Fields (guar.)
500. Fob.
Extra
SO* Feb.
Virginia Iron, Coal & Coke, common
A6
Apr.
Warren Bros., first preferred
Apr.
Second preferred
pref. (quar.)

Midwest Refining (guar.)
Mobile Electric Co., preferred
Preferred (account accum. dividends).
Mohawk Mining
Montreal Light, Heat & Power (guar.)..
Morosco Holding Co., Inc., common

1

SI

•3H

IK

1

m

m

prof, (quaf

.)

Wfjitinghouse Air Brake (quar.)
Westlughouse Elec. & Mfg., com. (guar.)
Woiiiworth (F. W.) Co.. com. (guar.)..

Yellow Cab Mfg.

Holders of rec. Jan. 31

Holders

1«
IH

IH

(quar.)._.

Weber * Hellbroner.

Books Closed.

Days Inausire.

June

50c.

(quar.)

& Rubber

$3

'Vhen
Payable

*e2H

Harris Bros., pref. (guar.)
Holiinger Consolidated Gold Mines
Hupp Motor Car Corp., com. (guar.)

Liberty

5

of

Gillette Safety

Lee Th-e

Trust Companies.
Farmers Loan & Trust (quar.)

[Vol. 114.

£00^9 Closed.

Days

Concluded.
pref. (guar.)

Street and Electric Railways.
Carolina Power* Muht, (•oiiiinon ((|uar.)
Dallas Power & Light, pref. (quar.)
.

When
fiiyanle

2

.

(gu.ir.)

IH Mar.

S1.76 Jan.
Jan.
2

2
SI

Mar.
Feb.

Holders
Holders
Holders
Holders
Jan. 22
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders

Holders

May

of reo.
1
to Jan. 31
to
Jan. 31
of rec. Jan. 12
of rec Jan. 13
of rec Jan. 16(»
of reo. Jan. 18
to
Jan. 31
of
of
of
of
of
of
of
of

of
of
of
of
of
of
of
of
of
of
of
of

rec. Jan.

rec. Jan.
rec. Jan.
reo.
rec.
rec.

16a
16a
Feb.
la
Jan. 31a
Jan. 20

rec. Jan.
reo. Jan.
rec. Feb.
reo. Jan.

26a
24a

rec. Jan.
reo. Feb.
reo. Jan.
rec. Jan.
reo. Jan.
rec. Jan.

23

Feb.
Feb.
Jan.
Jan.

19
19

la

20a
rec Jan. 20a
rec Feb. 20

Holders
Jan. 27
to
.Ian. 27
to
Holders of reo.
Holders of reo.

Holders

31

rec Jan. 24
rec. Jan. 14a

15a
16

16a
17

28
19a
20

of reo. Jan.

Holders of rec. Feb.
Holdsrg of rec. Feb.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of reo. Jan.
Holders of rec. Feb.
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. 26
to
Jan.
Jan. 21
Jan.
to
Holders of reo. Jan.
Holders of rec Jan.
Holders of rec. Jan.
Holders of rec. Mar.
Holders of rec. Feb.
Holders of rec. Feb.
Holders of rec Jan.
Holders of reo. Feb.
•Holders of rec. Jan.
Holders of reo. Jan.
Holders of rec. Feb.
Holders of reo. Dec.
Holders of reo. Jan.
Holders of rec. Apr.
Holders of rec. Jan.
Holders of rec. Feb.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of reo. Jan.
Holders of rec. Jan.
Jan. 26
to
Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Dec.
Holdtis of rec. Dec.
Holders of rec. Dec.
Holders of rec. Jan.
Holders of rec. Jan.

17
10
10
16

21a
10
la

31
14a
31
31
la

31o
25
25
31
31
16(9

20
20
31a
14a
24a
19

3o
31

20a
6a
31
31a
290
20
4
21
16a

28o
20a
31
26a
17a
20
31a
31a
31a

25a
27a

Holders
Holders

of rec Jan.
of reo. Jan.
Holders of rec. Jan.
Jan.
Jan. 20
to
Holders of rec Feb.
Holders of rec. Mar.
Holders of rec. Jiin.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of roc Jan.
Holders of rec. Jan.

Holders

14
14

31a
31
la
10
23
23

2Ia
21a

of rec. Jan.

16a
21a

Holders

15

Holders

15a
27

of rec Jan.
Holders of rec Feb.
of reo. Jan.
Holders of rec. Jan.
Holders of reo. Jan.
Holders of re<f. Feb.
Holders of rec. Jan.
Holders of rec Jan.
Holders of rec. Feb.
Holders of rec Jan.
Holders of rec. Mar.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of reo. Feb.
Hoidero of rec. Jan.
Holders of rec. Jan.
Holders of tec Feb.
Holders of rec. Feb.
Holders of rec Feb.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of roc Feb.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of tec Feb.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Feb.
Holders or rec. Dec.
Holders of rec. Deo.
•Holders of rec. Feb.
Holders of rec. Feb.

10
10
15a

31a
21
1

21a
10
16

31a
6a
16a

9a
28a
1
1

9a
9
16a
15a
14
14
lla
16
16

16a
3 la

31a
10
1

The New York

Stock Exchange has ruled that stock
From unofficial sources, t
a Transfer
will not be guoied ex-dlvldend on this date and not uulll further notice,
books not clo.scd lor this dividend. 6 Less British Income tax. d Correction.
•

A On
(? Payable In scrip.
/ Payable In common stock.
e Payable In stock.
count ol ai-cumulated dividends, i Payable In Liberty or Victory Loan bonds.

M*

Payable in N. Y. funds, k Payable In preferred stock.
'New York Stock Exchange ruled that Va. Iron, Coal <fe Coke be not quoted
ex. the 50''o stock dividend on Feb. 1 and not until Feb. 17.
each, first payment on March 15.
m Declared four guarterly dividends of
n Erroneously reported Ust week as SI.
Pref. stock, payable in quarterly
r Declared annual dividends on both 7% and 8%
installments of IH% and 2%. respeotivety, on April 1, July 1, Oct. 2 and Jan.
Sept. 15 and Dec. 16. respectively.
1923 to holders of record on Mar. 14. June 15.
J
I

IH%

THE CHKONICLE

Jan. 28 1922.]

Transactions at the New York Stock Exchange daily,
weekly and yearly. Brought forward from page 3S9.

—

Week fruHng
Jan. 27 1922.

and Foreign

Bonds.

Par Value.

I

Bonds.

Slate.

522.865! $45,523,000

S4,.570.000

SI. 017, 000

57.077.000
44.987.000
63.635,000
74,783.200
41,348,800

5.888.000
4.779,400

1,194,000
1.367.000
1.190.000
1,186.000
1.162.000

$33,073,850

.

Monday . .

602,300
487.300
692.787
788.164
443.800

Tuesday . .
Wednesday
Thursday..
Friday
Total

Week ending Jan.

Sales at
York Stock

5,838.9.50

7,286,500
4,711,000

BOSTON CLEARING HOUSE MEMBERS.

U. S.

Bonds

3.537.216 $327,354,000

Saturday .

34,799.000
6.523.000
6,804,000
8,023,000
10,.554.000

11,321,000

$7,118,000 S48.024.000
Jan.

27.

1 to

Jan. 27.

New

Exchange.
I

Par value

Bank

1921.

1922.

1921.

1922.

Stocks— No. shares...

15,418,176
15,161,717;
Sl,372, 181,400 51,272.966,250

2.802.939
3.537,216
$327,354,000 5231,966,000

—

Boston Clearing House Banks. We give below a summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:

Mun.

Railroad,
*c..

Stocks.

Shares.

385

Jan. 21

Changes from

Jan 14

Jan. 7

1922.

prrvinus week.

1922.

1922.

.

$
2,129 000 Dec.
2,136,000
4.000
2,133,0S0
I.o,Tn3, di.=c'ts& Investments. 523.190 000 Inc. 11.285.000 511,905,000 514,.385.000
Individual deposits, Incl. U.S. 414. 0S3 000 Inc. 17.643,000 396,440.000 395.776,000
Due to banks
97,6,58 000 Dec. 5.666.000 103.324.000 104,900,000
Time deposits
22,281 000 Dec.
225.000 22. 506.000 22,332.000
United States deposits
9,353 000 Dec. 2.318,000 11.677.000 13.194.000
Exchanges for Clearing House 20,420 000 Inc. 2,847.000 17,573.000 20.069.000
Due from otber b.inks
58,104, 000 Dec.
659,000 58,763,000 60.,553,000
Reserve In Fed. Res. Bank
45,143, 000 Inc.
1,070,000 44,073,000 42.858,000
Castt In bank and P. R. Bank
7,332, 000 Dec.
8,415,000
577,000,
7,909,000
$

S

Clrculat Inn

Re.serve excess In
Federal Re.serve

bank and

Bank

1,153,000 Inc.

98,000

183,000

1,055,000

shares, par

Bonds

Government bonds
State

,

5210,594.000
30.943,000
139,270,100

S167. 172.600
20.689.500
91.227,500

Statement of New York City Clearing House Banks
and Trust Companies. The following detailed statement

$ 88,215, 850

misc. bonds..

_Total bonds
*

33.073.8-50

.

HR. and

S35.270.500
6.255.500
20,850.500
562.40 6.500

5380.807.100

5279,089.60

shows the condition of the New York City Clearing House
members for the week ending Jan. 21. The figures for the
In the
separate banks are the average of the daily results.
case of totals, actual figures at end of the week are also given:

$48,024,000
*7. lis. 000

mun & for'n bds
I

Includes S344.000 State and municipal bonds.

DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Baltimore

Philadelphia

Boston

—

NEW YORK WEEKLY CLEARING HOUSE RETURNS.

Week ending
Jan. 27 1022.

Bond

Shares.

Saturday ..

$20,350
55,500
41,200
228,250
850,000
15,000

14,087
21.319
20,089

Monday
Tuesday
Wednesday
Thursday .

26,2.50

23,470
19,019

Friday

Shares

Sales

IBond

Bond

Shares

Sales,

822

4.285
4,549
10,055
6,173

Sales

(Stated <n thousands of dollars

527,000

539,650,
60,100i
133,350
•888,350l
8,8731 1,343,750
6,747
26,000i

2,461

24,600
202,200
125,000
157,000

40,682 S2.491,200!

8,951

124.234 $1,210,300

CLEARING
HOUSE
MEMBERS.

44, .500

899

City Non-Member Banks and Trust ComFollowing is the report made to the Clearing House
panies.
by clearing non-member institutions which are not included
in the "Clearing House Returns" in the next column:
BETTJRN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING

—

HOUSE.

IStatea in thousands

I

CLEARING

NON-MEMBER8

Net

•

'Capital. Profits.

Wc«k endlna
Jan.

Tr. C06. Dec.31

Cash

Mutual Bank

%

fiemand

Legal
Deposi-

De-

I

1

posits

lories

Nafl
endlngState

Week

257
20
531;

1,501

2.400;

Total
State Banka
Not MrmJ/^t of tfu

4.199 44.344:

961

4.69&

30,002

11.547

197

Ffdf.rnt lUfirrte Bank

100

Not .Vfemb'r;

3,767

490

221

1.716,

16.632;

2.135

700|

Total

Trust Companies

4X

600

Banker Waxh Bta.
Cok>Dlal Bank

2.153, 20.399

2,625

1,645

21.419

30

of the

Fedfrol Rfstrri Binlt

Mecb

6561

200,

0.182

4041

262

4.208t

5.571

36,979
118,915
156,028
53,166
497.910
113,838
15,768
5.349
90,662
309,169
22,521
129,441
112,795
166,468
36.019
157.475
14.800
251.156
193.757
6.955
331,273
19,840
8,396
16,023
13,806
49.458
14.983
16.735
34.996
259,191

225
Nat Butch & Dr
500]
Amer Exch Nat 5,000l 7,7,54
Nat Bk of Com 25.000! 34.763
1.0 JOl
1.727
Pacific Bank..
Chafh & Phenix 7.000! 8.182
3.000 21.314
Hanover Nat
7,500
9.7.58
Corn Exchange
1,500
8..500
Im- & Trad Nat
National Park.. 10,000 22.894
751
East River Nat.
1.000!
First Nafl Bank 10.000 41,292

Bank

12.500
1,000

I'k

10,8.50

843

4,973
3.000
Seaboard Nafl.
1„500!
1,304
Coal & Iron Nat
1,410
Union Exch Nat
1,000!
2,773
Brooklyn Trust.
l,.500i
Bankers Trust. 20,000! 20.408
Mtge* Tr. S.OOOi 4.324
Guaranty Trust 25.000 16..552

Orand

III

Or'd axRT. Jao 14
Jao.
Ot'd acgr Jan 7i
Or'd aggr Dec. 31
Gfd acgr Dee. 24
.

(lepfxrits

fl.

404

252,

4.208

5, ,571

6.907 73,925

3,990

6, .592

+ 49

+750

17,148
+ 117

197

—312

a55,629

+601

6.954 73.324

3.300

»sgjet»itt..\

CotnparlaoD prerlo

a U.

555

200

4,302
4,291
4,229
4,069

6,643 a51,870! 17.03ll
6,.>»5 8.5-1.988' 16,894
6,488 a.5-J.012 16,692
6,.5.39 a5»,209
16,601!

197
106
196
197

week

9.182

'

3.300
3.300

l.,500
1.689
FIdel-Int Tr Co
Columbia Tr Co 5.000 7.777
1 .,5001
2.107
Peoples Tr Co
New York Tr Co lO.OOOJ 16.996
2.0001 . ,236
Lincoln Tr Co.
2.000!
3,418
Metropol'n Tr
..')25
l.OOOl
NaHsaii N, Bkin
Farmers L A Tr 5,000 12.641
2,000
1.743
Columbia Bank
EoultableTrCo 12,000 16,502

19.940
7:;, 2-18

38,287
142, .331

21.968
2S.212
15.209
126.389
24.183
137,0«3

I

Philadelphia Banks.

and otber

— The

ilabllltles,

State Hanks. \Not Mr\mbersof F.

$962,000.

Wuk
(00)

Philadelphia Clearing IIouso

F.lt.lltiUim

Trust

CompatOtl

2,008

18,483

2,50

818

5,4.54

2,500

4.351

3.750|

7,179

1922,

Tout.

Jnn

7

1.122.

I

Avge. Jan. 21.

596
1,879
7,562|

1,215
7,610
1,330

366

•

101
1,385
1,199
1,0411

5,630
566
6,516

697
1,070
281
482,
4,5.58

124
6,521
716

497
517
298
934
561
563
868
955
606

1

17,965
32,399

30,.367[

S

1,633

18,897,
71,217|
37,238'

124,778
21,253

4,886

4.716
100

""56
5,381

50
7,195
2,527
f,694

396
248
67
413
392

625
2,465
1,294
1,702

680

13.274

50

214

*100.044
25,290
•173,808

3,219
19.259

350
242
298

1,187

23,.3,53

13,6.57

l",7i4

1,379
15,848

*391,.5.58

3,751
16,412
3,100
3,122
1 ,327

444
327
524
686

'995

3,047

,50,290

2,517
9,694

1,196
481
431

1,957

244,922 12,031

18,668

878
6,110

63,972 .535, 720c3, 781,685 187,097 32,947
67.093 520.348 c3. 840, OSl 101.472 33,251
73.604 558, 338c3. 824,921 190,50933.180

1,8311

77,446
101,383

0,013

18,736'

2,289
668
3,056

4,087

315

60

5,2.55

27,532 47.472

1,941

51,523 47,522

62,289 47,431
61,862 47,620
82.671, 47.784

Trust Cos. \Not Mrmhrrsr./F.
6,000 13..ir.0i
(iimr <V Tr
Lawyers TltATr 4.000 i\.i)r,:i

R. Bk.

842
376

Tlllr-

Avge. Jan, 21

.(~io,i000

10.610,

Totals, actual en million Jiin, 2ll
Totals, actual co»dtllon Jan. 14
Total*, actual CO ndlllon Jan. 7|

" 164.016 4,460,8811
6,457

iiKKi nvgc
Comparison. iH'

Gi'd

rii'd

.

nggr

.

arfl

(.'oiiiliiirlioin.

—

'

iiii.i

ji

I

.imi.

73, 8-IH 508,214
7. 1»im

(It'll

aavr

act'lcond'n

.

48.172

3,«07,30,')23ri,7I633,iai
26.070 —4 .(12()| -126

21 4.1:1(1

prr vUiiin wcf'k

(ir'd BKiir.. act'lrond'n

'Mtsr.Uouaa
........
Bank d'l*""!!*. .........

;

12,047
;I04

.',.'

.

l>nr, 31 4..'i0N 117
Ore. 244. 4.55 115

(i2lt..n4
',(17.259

.1.251

.I.IMii.l.'
.1.112(1.(11

1

IHO

KWMMti.lWJ

.T (MM .U.I.

KS.4IIH 530.HII4

3,870,021 218,204:1.1, 2HJ

.

'<

.''••

.11.280

ti,T

H di'IMMllJi i|i-dilcl<Ml frnm net ilriiintiil di'lHWllw In lie Bniiriit lolitl
alMivr wpteiui follows: Avitiikk for week Jnn 21, t'l7, 1117. (Kill, iicliml luinln litii 21,
31, tS7..'.S2,000;
«'.tM2.fKiri. Jim
14. $7(1. :ilH, (1(10. Jim
7. tS7.4mi.0(m. I«x'
,%«/<•

'>»nlt«.
.

lD<ll*U1iwl diipostU.......
TlfiM <ln«"tl» ..........
Total dvpovtui

«*wrv»wti»if It Hank..
Ca«i In vsijit*
To<al rxw T i* and r.aah htlA

•awrra raqalrad

*

i;

Ji, $110. 4(11). (1011
nvi'tnur fur I In-

wnk

.

,

I

,

I

I

I

oaab la vaiiH

.

* r::a«h in

1

Hills imyiilile. redlw iiiiiils. iiircplaiirns and otlirr llnblll.
Jnn 21 $:I7H.II21 .(MM), lu'liinl lolnis Jnti 21. $112,167,000;
Jsii 14. •.'iH4.ll,'i2,000; Jnn 7, $420,205,000. I )<x' 31. $42H.f.4:i,0(in. I »ikv 24, $410,.
10:1. (KKI
• liK'hidM deiHxiltd In forclgti tirnmlK-s not Includ'il In t«lBl fnollnt ns follow*:
Nstloiinl ( Ity liniik, $101 .ll'iM. 11(111 limikirs trust < '<> $1 1.617.000. (Iiinraiily Trust
« 'I
t'tl 4c,4 000
-iiii .^
rr.i"' <'>
•274.000. KuuMhIiIp Trust Co.,
l-jirtiiir-'
,11 <iMiiilrli"B II" reserve fur such
liniikrrn
run) ( n
$,5li:i,0(K):
H,-'

(I'll,

D. M dcprwlu (r>ot IfMil ).
RaafTTx wth Irital d'Twiirit'i

Ki«<«ni r«i,

Avge.

913
342

12,7061

1

375
895

Cr'd aagr arfI<ond"n Jan. 144.482.7115; Vn.Olid
Or'd siriir., arflrond'n .Inn. 7 4. 41.4. 1119 H2. till.'.

Capital
Hurpliw and proflta
Ixmnu. tWtriji A InirMrtm'U

Kirhangr*

,607!

2. .583
4,3.551

6.463!
,359 38,985!

,

Do" from

Average AveTag(
$
%
949
3,563
26,570
13,981
99,342 12,576
18,845
2,077
143,231,
7,243
52,414
894
*541.833 37,618
.57.666
13.6.37
102,453
1,688
14,739
528
1,9571
606
4,139
75
10,045
1,322
80,343!
34..588
265,698
4,149
23,518
219
3.384
15.4.36
111,073 16,588
98,557
12.453
23,408
159,123 17,206
28,898
35
3,783
17,098
130,844
2,589
13,776
1,427
1,486
3,371
23,185
177,328,
25,1.54
193.008
3,079
941
5.940
100
299.934 11,174
35,945
2,779
20.512
8.740
1,203|
45
2,293|
15.677|
l,832i
497
13,841
6,289i
45,756
787
%

Totals, actual condition iJan. 21
roMIs, actual condition
Totali, actual condition

1023.

Jan. 14
\

1,0001

Bowery Hank..
eut« Bank

tndint Jan. 21

y imberi of

omUu4

lation.

R. Bk.:

Or.-enwlch Bank

statement for the wook ending .Jan. 21 with comparative
figures for the two wofjks preceding i.s a.s follows,
lieservo
rer^uireinentH for memlmrH of the Federal Reserve System
are 10% on demanrl deposits and .'{% on time doi)osit.s, all
to be key>t with the F^jderal Rfsservo Hank,
"('ash in
vaults" ifl not a i^art of legal re«erve.
For trust com])aiiir'H
not members of tlio Federal Reserve System the reserve
required is 10% on demand deposits and includes "Re.servo
with legal depo-Hitaries" and "Cash in vaults."

Two Ciphti

actual eo ndlllon l.hin. 21 4.2.54.903
Totals, actual condition Jan. 14 4.308,842
Totals, actual condition Jan, 74,291,021

Total.'?,

deducted, $480,000.

rc<1twount«. acceptance*
reaervr. $239,060 drrreaae.

pillf payable,

Circu-

posits.

Avge. Jan. 21. 272,9001438, 1204,287,4651 65.496499.218 c3, 807,531 186,976,33.121

72,208
73,001
6.9«3 73,112

6.9.54
e.OflS

3..3(M
3. .TOO

$

.53,1.33

3,53,621

1

Total.

BanJt

De-

Deposits.

Net

tories.

S

2 000
5.000
10.000
5,500

1

Tr, Bayonne

Time

Demand

with
in
Legal
Vault. Deposi-

Average Average A teraqe

$
7,478
Bk of
17.520
Manhattan Co.
16.523
Mech & Metais.
5.855
Bank of America
National City.. 40.000 61,082
4.500 15,746
Chemical Nafl.
1.000
1,085
Atlantic Nafl..

N Y.NBA

US

30

1.424

3,679
17.740

Reserve

Oath

die.

Bank

Fed. Res.

Continental

1,605
351

60f>

I"»22.

ments,

Chase Nat Bank 20,000 21.104
5iiO
2,339
Fifth Avenue..
400
8S6
Commonweallh.
1,000
1„5.35
Garfield Nat Bk
1,000
:o8
Fifth Nat Bank

I

1,238,

200

Co.l

YorkvIUe Bank.

Dec.31
Nov. 15
Tr.cos., Nov. 15

(.000 omitted).

Irving Nat

Aver age Aterctoe AteTage\ Averaae
$
S
153!

200

'

W. RGrace*

leith

in
Vault.

1.4531 10.287,
813! 11.232
1.094'
4.748
8381 18,0771

1..500!

Loans,

I

Net

Ae.
\

<

omitted.)

Reserve

courUs,

Members of
Fed'l Res. Bank.'
Battery Park Nat.i

thtee ciphers (000

Loans.
Dis-

iNat.bkB.DecSl Incest:8tatphksNovl5 ments.

21 1922.

is,

Net

Capital. Profits Discount,
Inrest-

Members of

New York

of dolUirt — that

ciphers (000) omitted.)

is, three

5580,300

1,700
1,655
1,414

Jan. 21
...i

Total-.

— that

raaiu not ovuntad

aa ra

»• for Fadnral Rmflrrs

ini'inlx-rs

1

ruirt

(

1

•..;...

Q., «^,M<t,(MMl.

.i!

Co

.

»,i7l.00U, l,UU»0blO
c UcpoalUi In lurnlgn braiictina not liioludml,
Ir.isl

.

—

p

THE CHEONICLE

386

[YoL. 114.

Jan. 25 1922. Jan. 18 1922. Jan. 11 1922 Jan. 4 1922. Dec. 28 1921 Dec. 21 1921 Dee. 14 1921. Dee. 7 1921. Jan. 28 1921.
S
154,607,000

LoKal tender notes, silver, &c.

Total reaorves

..

Bills diBcounted:

357,921.000
492,2,')2.000

In

open market

82,709,000

Total bills on hand
O. S. bonds and notes
O. 8. certlrlcates of Indebtedness:
One-year certificates (Plttman Act)..

134,504,000

122,600,000

122,066,000

132.413,000

139,606,000

213.837,000

388,672,0C0
525,150.000
94,944,000

427,476,000
560,018,000
86,754,000

477,456,000
6.35,111.000

126,865,000

487,193,000
692,640,000
114,240,000

503,770,000
720,933,000
126,525,000

459,630,000
693,203,000
99,735.000

457,618,000 1,048.768,000
713.041,000 1.407,707,000
81,784.000
165.058,000

932,882,000 1,008,766,000 1,074,248,000 1,239,432,000 1,294.073,000 1,351,228,000 1,262.568.000 1,252,443,000 2.621..533.000
60.128,000
52.150.000
48.675,000
65,761.000
59.472,000
61,084,000
43,575,000
34.731,000
25.868,000
113,000.000
71,278.000
206,000

Another
Municipal warrants
Total earning assets

1,183,127,000
36,199,000
7,870.000
481,754,000
12,719,000

Bank premises

S%

145.105.000

3,058,855,000 3,051,503,000 3,041,294.000 3.009,802,000 2,992,200,000 2,993.060,000 3,001,586,000 2,990,633,000 2,319.974,000

Secured by U. S. Govt, obligatlona

Another
Bills bougbt

152,811,000

redemp. fund agst. F. R. bank notes

Uncollected Items
411 other resources

113,000.000
53,847,000
216.000

113,000,000
54,040,000
385,000

113.000.000
69,435,000
379,000

119,500.000
62.472.000
334,000

119,500.000
41,127.000
334,000

119,500.000
66,710,000
273,000

124.500.000
43,168.000
227,000

259.375,000
2.077,000

,235,957,000 1,293,823,000 1,470,921,000 1,535,851,000 1.563,273.000 1.482,626.000 1,455,069,000 2,908.853,000
35,720,000
35,019,000
35.203.000
35,015,000
34.879.000
34.3.36.000
33.384.000
18,228,000
7,871,000
7,939,000
7.926.000
7.896.000
7,880,000
7,889.000
7.854.000
12,745,000
554,362,000 548,436,000
638,462,000 659,768,000 692,172.000 629.790,000
512,122,000 593,911,000
12,811,000
12,677,000
14,103,000
20,578,000
19,920,000
20,209,000
19,476,000
7.626,000

4,780,524,000 4,988,090,000 4,939,322,000 5.176,417,000 5,151,306,000 5.211,184,000 5.176.436,000 6,018,638,000 5,861.338,000

Total resources.

LIABILITIES.
103,020,000
103,204,000
103,203,000
103,067,000
103,186,000
103,167,000
103.130,000
103.089.000
100,147,000
215,398,000
215,398,000
215,523,000 213,824,000
215,398,000
213.824.000
213,824,000
213,824,000
202,036,000
996,000
853,000
416,000
1,332,000
57,444,000
55,982.000
66.080.000
55.566,000
77,734.000
15,289,000
68.307.000
95,915.000
71,634.000
54,875.000
69.407,000
52,337,000
52,138^600
1,652,304,000 1,673,824.000 1,735,563,000 1.731,374,000 1,666.018,000 1,703.601,000 1.645,610,000 1,640,445.000 1,731,823,000
33,337,000
26,055,000
29,457.000
30,578.000
26.872,000
26,274,000
27,743.000
25,501,000
24,054,000

Capital paid In
Surplus
Reserved for Govt, franchise tax
E>epo8lt8

— Government
— reserve account

Member banks
Another

Total
F. R. notes In actual circulation

F.R. bank notes

In circulation

— netUab.

Deferred availability Items
AH other llabllltlles

1,778,797,000 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 1,808,015,000
2,184,001,000 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 3,090,748,000
84,878,000
83,977.000
83.880.000
84,876,000
84.548,000
82.747.000
78.309.000
77,014.000
202,276,000
463.826,000
449,455,000
523.293.000
397,763,000
458,960.000 497.205.000
662,974.000
451,953.000 429,806,000
15,400,000
15,729,000
15,648,000
15,290,000
25.323,000
25,949,000
25,582,000
25,454.000
28,310,000

4,780,524,000 4,898,090,000 4,939,322,000 5.176,417,000 6.151.306,000 6,211,184,000 6.176.436.000 5,018„538,000 5,861.338,000
Total liabilitiesRatio of gold reserves to deposit and
72.2%
71.1%
67.9%
73.3%
68.2%
F. R. note liabilities combined
67.8%
69.3%
69.3%
43.0%
Ratio of total reserves to deposit and
76.0%
74.7%
71.1%
combined
77.2%
71.1%
70.7%
F. R. note liabilities
72.6%
73.1%
47.3%
Ratio of total reserves to F. R. notes Id
aside

circulation after setting
against deposit liabilities

DlttTtbuUon bu MaturUiet

35%

98.5%

97.2%

96.8%

99.9%

50,678.000
522,081,000
11,013,000
19,000
19,965,000
92.021.000
415,000
6,000
14,573,000
146,787,000
12,971,000
140,000
9.384,000
93,756,000
3,810.000

32,210,000
569,318,000
2,00C.000

69,629,000
654,126,000
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

78.082,000
735.869.000
12,092,000

65.469.000
696.923.000
29,490,000

45.982.000
66,424,000
691,836.000 1,453,331,000
37,500.000
4,468,000

14.815.000
123,154,000
1.600.000
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

"41,455^660
235,415,000
1,999,000

15,332.000
161.582.000
6.400,000
168.000
7,187,000
120,187.000
6,687.000
59.000
31,000
57,864,000
116,181.000

"48,117^666
419,912,000
10,682,000

3,000
60.858.000
126,440,000
51,000

18,431,000
127,721,000
2,020,000
211.000
25,718.000
171,131.000
10,749.000
28.000
4.279.000
129,361.000
24,073.000
95.000
15.000
00,021,000
111,693,000

13.252,000
138,785,000

345,000
59,177,000
138,638,000
51,000

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
5,114,000
131,936,000
28,163,000
95,000
15,000
61,644,000
126,869,000

Municipal warrants
16-30 days bills bought In open market.
.
16-30 days bills discounted
16-30 days TJ. S certlf. of Indebtedness
Municipal warrants
81-60 days bills bought In open market
81-60 days bills discounted
Sl-60 days U. S. certlf. of Indebtedness.
Municipal warrants
81-90 days bills b ought In open market
61-90 days bills discounted
61-90 days D 8. certlf. of Indebtedness
Municipal warrants
Over 90 daya blUs bought In open market
Over 90 days bills discounted
Over 90 (lav F certlf of Indebtedness
.
Municipal warrants

108.8%

S
46,045,000
480,944,000
1,150,000
13,000
16,316.000
86,170.000
4,364,000
2,000
12,833,000
143,918,000
20.765,000
141.000
7,346,000
83,947,000
8,501,000

—

1-15 days bills bougbt In open market.
1-15 days bills discounted
1-15 days U. 3. certlf. of Indebtedness.

169.000
.55,194,000

149,498,000
50,000

.

Federal fleserae Notet

105.5%

111.6%

100.7%

54

6%

S

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

»

14,000

"0,693,000
133,041,000

'9~06t,bbo

293,538,000
8,020,000

236,283,000

—
2,604,957,000 2,666,397,000 2,732.861,000 2,786,114,000 2,796,540,000 2,772,812,000 2,726,175,000 2.691.689.000 3,511,301,000
439,062,000
380,798.000
353,043,000 325,252,000
420,956,0001 436,720,000
332.398,000
318,334.000 420,553,000

Outstanding-

Held by banks

2,184,001,000 2,229,677,000 2.293,799,000 2,405,316,000 2,443,497,000 2,447,560,000 2,393,777,000 2,373,355,000 3,090,748,000

In actual circulation

Amount chargeable to Fed. Res. agent 3,530.013.000 3,571,248,000 3,611,486,000 3,631.389,000 3,650.376,000 3,624,622,000 3,571,335,000 3.553,391.000 4,255,835,000
845,275,000
878,675,000
853,835,000
925,050,0001 904,851,000
851,810,000 846,160,000
861.702,000
744,534,000
la bands of Federal Reserve Agent
2.604,957,000 2,666,397,000 2,732,861,000 2,786,114,000 2,796,540,000 2,772,812,000 2,726,176.000 2.691,689.000 3,511,301,000

Issued to Federal Reserve banks

Hom Secured—
By gold and gold
Qy eligible paper

349,012,000 349,013,000 349,012,000 450,063,000
349,013.000
349,013,000 349,013,000
4.50,162.000
227,387,000
717,740,000
883.202,000 9,50,171,000
822.300,000
939,704.000 912.753,000
665,165.000
903.965.000 2,222,851,000
120.902,000
120.434,000
115.832,000
123,471.000
110,301.000
127,943,000 J28,523,000
112.651.0001
114,182,000
1,462,836,000 1.471,121,000 1,441,114,000 1,432,938,000 1,381,524,000 1,360,625,000 1,247.058,000 1.224,911.000
946,881,000

certificates

Gold redemption fund
With Federal Reserve Board

2,604,957,000 2,666,397,000 2,732,861,000 2,786,114,000 2,796,540,000 2,772,812,000 2.726,175,000 2,691.689.000 3,511,301,000

Total
Eligible paper delivered to F.

902,998,000

R. Agent.'

964,540,000 1,027,469,000 1,195,183,000 1,246,507,000 1,302,674.000 ll ,201 ,743 ,0001 1 ,200,601 ,000 2,547,440,000

WKEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE
Ttro ciphers (00) omitted.
Federal Reserve Bank of

—

Bottou.

RESOURCES.

NetB York

Pfiila.

Cleveland Richmond

12

FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN.

Atlanta

Chicago

St.

Louis Sfinneap. Kan. Ciiv

Dallas

San Fran.

25 1922
Total

S
12,626.0
61,814,0

$
2,776,0
23,811,0

S
5,174,0
16,338,0

%
22.418,0
61,951.0

S
3,445,0
26,237,0

S
9,209,0
26,322,0

i
2,565,0
46,754,0

.52,420.0 74,440,0
712.130,0 142.701.0 172,180,0
4.765,0
4,966,0
15,000.0,

26,.587.0

34,344,0
4,652,0

21,512.0 84.369.0
50,521,0 309,350.0
4.125.0, 28.658.0

29,682.0
72.075,0
2,718,0

35,531,0
25,122,0
1,155,0

49,319,0
27,420.0
2.841.0

18.046.0 51,513.0
866,763.0
11,548,0 222,154,0 1.939.792.0
97.693.0
1,442,0,
5,066,0

Total gold reserves
Legal tender notes, silver, &o.

202.475,0 1,130.485,0! 199,946,0 251.592,0
50,382,01 10,190,0
8,159,0
24,703,0

65,583,0
6,968,0

76.158.0 422,377.0 104,475,0
5,059,0 16,819,0 13,869,0

61,808,0
671,0

79.580,0
7,215,0

31.0,36,0 278.733,0 2.904.248.0
4,665.0
154.607.0
5.907,0|

Total reserves
Secured
discounted
U 8. Govt, obligations

227,178,0 1,180,867,0 210,136,0 259,751,0

72,551,0

81,217,0 439,196,0 118,344,0

62,479,0

86,795,0

30.943,0 283.398,0 3,058,855,0

18,419,0
52,336,0
3,451,0

48,643,0
88,045,0
13,475,0

17,157,0
29,510,0
235,0

6,525,0
35,773,0

11,544,0
41,967,0
194,0

38,039.0
15.0

42.397.0
7.598.0

357,921,0
492,252,0
82,709,0

74,206,0 1.50,163,0
5,807,0 14,490,0

46,902,0

42,298,0
116,0

53,705.0
8,868,0

46.042,0
2,630,0

67,692,0
9,948,0

932,882.0
65,761,0

12.667.0
17,759,0

6,569,0
105,0

4,450,0

5.320.0
43.0

1,900,0

7.880,0

113,000,0
71,278.0
206.0

Gold and gold certificates
Gold settlement fund— P. R. B'd
Total gold held by banks
Gold with F. R. agents
Gold redemption fund

Bills

:

19,989,0
160.181.0
22,305,0

-

bougbt

In

$
288,707,0
114,648,0
403.3,55,0

S
8.088,0
9,958,0

%

19.018,0
32,495,0

383,541,0
483,222.0

17,440.0
20,950,0
9,742,0

83,078,0

57,416.0
14,900,0
12,805,0

32,761,0
46,699,0
3,930,0

39,2.53,0

28,232,0

48,1.32,0

146,527.0
858,0

85,121,0
11,687,0

83,390.0
5,497,0

88,704,0

35,400,0
27,901,0

10,000,0
27,0
191,0

8,040.0
535,0

3,760,0

84,938.0
4,834,0

210.686,0 107,026,0
6,924,0
600,0

97,462,0
4,068,0

93,697,0
2,567,0

88,578,0 195,079.0
7,083,0
1,055,0

54,754,0
643,0

46,879,0
828,0

67.936.0
4.697.0

60,572,0
2,090,0

85.520,0
810,0

.183.127.0
36.199.0

422.0
45,712.0
525.0

open market

Total bills on hand..
U. 8 bonds and notes
O. 8 certificates of Indebtedness
One-year ctfs. (Plttman Act).

1,640,0
104,125.0
1,541,0

700,0

.5.39,0

44,230.0
104,0

188.0
40,288.0
71.0

510,0
24.590.0
146.0

1,665,0

39,64!»,0

523,0
26,416,0
190,0

237.0
12,094,0
955,0

916.0
32.041.0
265,0

136,0
21,140,0
2,190,0

394,0
31,990,0
0,125,0

7,870.0
481,754,0
12,719,0

3,449,0
8,4.50.0

24,907,0

All other

.35,217,01

Municipal warrants
Total earning assets

Bank

1,974,0

50,446,0

by

All other
Bills

S
7.541,0
12.448,0

prcnilges

46,419,0
3,032,0

1,233,0

8,564,0
1,0

1,178,0

7,988.0' 17,697,0

"""l"5^6

6%

redemption fund against Federal Reserve bank notes
Uncollected items
AU other resources
Total resources

125,0

363,609,0 1,505,783,0 358,236,0 406,154,0 209, 362,

59,479,0
482,0

198,096.0 702.984.0 200,870,0 123.472,0 192,650,0 113,071,0 408,237.0 4,780,524,0

LIABILITIES.
7,930,0
16,483,0
Reserved for Govt, franchise tax.
97.0
Deposits: Government
10,169,0
Member bak reserve aoo't .. 112,908,0
All other
852,0

26.958,0
60,197,0
95,0
46,920.0
652.341.0
13.030.0

Total deposits
123.929,0
F. R. notes In actual circulation.. 171,760,0
F. R. bank notes In circulation
net liability
7,567,0
Deferred availability Items
35,105.0
All other liabilities
732.0

712,291,0 107,184,0, 134,.538,0
605,082,0 179,666,0 195,471,0

Capital paid
Surplus

to

—

.

Total lUbintlea

21,494,0
76,604,0
3,062,0

11,134,0
22,509,0
176,0
4,661,0
129,081,0
796,0

6,883,0
37,310.0
400,0

5,791.0
35,830.0
705,0

363,609,0 1,505,783,0 358,236,0 406,154,

4.195.0 14.379.0
9.114,0 29.025.0
114,0
175.0
7,713,0
2,294,0
42,516,0 223,781.0
2,500,0
413,0

4,000.0
9.3S8.0
110,0
3.513.0
65.176,0
738,0

3,552.0
7,468,0
130,0
1,478,0
41,837,0
401,0

4,576,0
9,646,0
103,0
2.989,0
69,393,0
558,0

103,067,0
7,370.0
215,398,0
15,199.0
1,332,0
9,0
95,915,0
2,751,0
3,585.0
42,169,0 119,019,0 1,652,304,0
30,578.0
9,392,0
304,0

58,335,0 45,223,0 233,994,0
97,113,0 112,355,0,368,607,0

69.427,0
86.026,0

43,716,0
53,254,0

72,940,0
63,837,0

45,224,0 131,996,0 1,778,797,0
31,569,0 219,201,012,184.001,0

7,583,0
45,249,0
3,973,0

4.049,0
26,697,0
567,0

3,885,0
10.413,0
1,054,0

9,765,0
30,986,0
797,0

20.555.0' 28,279,0,
1.585,0'
1,194,0

5,430,0
11,030,0
212,0
3,361,0
54,492,0
482,0

3,127,0
33,627,0
488,0

7,193,0
17,108,0
733,0

4,194,0
7,394,0

2,550.0

4,989.0

84,876,0
397,763.0
15,290,0

209,362,0 196,096,0 702,984,0 200,870.0 123.472.0 192,650.0 113,071,0 408,237,0 4,780.524.0

THE CHEONICLB

Jan. 28 1922.]

387

combined results of banks and trust companies in
greater new york.

btatement of reserve position of clearing house banks
AND trust companies.

Loans and

Demand

Investments.

Deposits.

Week ended—
Nov. 19
Nov. 26

S
5,045,584,600

Dec.
Dec.
Dec.
Dec.
Deo.

5,077,382,800
5,054,812,500
5,082,494,800
5,129,620,700
5,106.037,500

S
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

Areratfes.

Cash

Membrrs Federal

Total

Reserve

Surplus

Reserve.

Re^/uired.

Reserve.

$

499,218.000 499,218.000 500,588,310 dtl,370,310
825.860
9,274.140
4,087.000 10.100.000
6.013.000
11,350
7,237,650
7.249.000
4.909,000
2,340.000

Beserve banks
State banks*
Trust companies

TotalJan. 21

8,353.000
8.703 .000
8.863.000
9,010,000

Total Jan.

14
TotalJan.
7
Total Dec. 31

1

508.214,000
556 .386 .000
566.027.000
520.534.000

Cash

in Vaults.

Reserve in
Depositaries.

a

Reserve
<n
Depositaries

Reserve
<n Vault.

* Total

5,0.35,166,100

3
10
17

24
31

Jan.
7
Jan. 14
Jan. 21

516,567.000 517,100.100 Del 533. 100
565.089.000iS20. 6 15.670 44.473.3.30
574.890.000 523.576,960 51.313.040
529,544,000l509.986.630 19.557,370

106,0.38.300

109.700.300
114.718,800
11 0,207 ,.300
103,995,400
104,881,900
95,694,700

4,594.091. .300
4,566,220,000
4,525,120,000

5,1.39,521,900

5,lfO,207,100
5,096.705.600

* This item includes gold,
Reserve notes, x Corrected

S
106,167,800
104,005,900
104,664,200

silver, legal tenders. national
figures.

5
600,951.500
590,461,500
595,033.000
578,899,700
608,686,200
601,032,500
607.052.600
1661,340,400
644,736,100
591,642,500

bank notes and Federa

Actual Figures.
Cash
Reserve
<n Vault.

Members Federal
Reserve banks
State banks*
Trust companies
Total Jan. 21
TotalJan. 14
TotalJan.
7
Total Dec. 31
•

Surplus

Reserve
Required.

Total
Reserte.

of Federal

545.487.000 553.816.000
.529.31-).000:537. 717.000
507.259.000 576.450.000
525,069,000 533,898,000

Condition of the Federal Reserve Bank of

Reserve.

s
s
s
535.720.000 535.720.000 497,231,960
9,412.020
4.373.000 10.478.000
6,105.000
7,546,050
,618,000
5.394.000
2,224.000
8.329,000
8.403.000
9.191.000
8,829,000

Not members

b

Reserve
In
Depositaries

of New York at the close of business Jan. 25 1922, in
comparison with the previous week and the corresponding

date last year:

39,625,970
16. 158. .300

56.744.170
17,166,220

Resources

Reserve Bank.

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

State Banks

—The

U.
One-year

16.960.200
54,248,200
659.453.100

RESERVE.

In

vault

Totol

Government

1,541,361

-— ~

26.957,850
60,197,127
95,178

26.957.850
60.197.127
122,843

26,345,000
56,414,000

46,919,999
052,341,404
13.030,047

40,777,891
651,479,504
15,652,315

19,932,000
662,083,000
12,029,000

712,291,451
605.082.200
21,494,200
76,603.562
3.061.794

—Reserve account

Another
Total deposits
F. R. notes in actual circulation
F. R. bank notes in circul'n-net liability
Deferred availability Items
All other liabilities

707,909.711
611.791.612
21,556.200
87.356.787
3,149,499

694.044.000
787,746.000
36,630,000
75,631,000
9,501,000

Total liabilities
1,505,783,363 1,519,041.630 1.686.311,000
-—
^=~=
=r^r^ =Ratio of total reserves to deposit and
38.3%
87.6%
89.67o
F. R. note liabilities combined
Contingent liability on bills purchased
._.
8.100,074
12,027.805
12,006.771
for foreUn correspondents

• Includes deposits with the Federal Reser\'e Bank of New York which for the
tate banks and trust companies combined on Jan. 21 were 554.248,200.

ffou.— In conformity with the practice of the Federal Reserve Board at Washingmethod of computing ratios of reserves to liabilities was changed beginning wltb
the return for March 18. Instead of computing reserves on the basis of net deposits

—The

ton,

New York City Clearing House banks and
companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:

averages of the

that Is. Including In the total of deposits "deferred availability items" but deducting
"uncollected Items" the new method Is to disregard both amounts and figure tin
percentages entirely on the gross acount of the deposits. For last year, howeveri
the computations are on the old basis; that Is. reserve percentages are calculated o»
basis of rut deposits and Federal Reserve notes In circulation.

—

trust

—

998,041,000
4,237,000
2,708.000
134,245,000
2.142.000

Reserved for Government Franchise Tax

19.16%

The Federal Reserve Banks. Following
The fig'ina for lif system as a whole are given in

235,830.835
6,813,147
1,651,160
117,658,103
1,286,072

Deposits:

—

City.

59,276,000
146.000

Liabilities—
Capital paid In
Surplus

05.647c

Banks and Trust Companies in New York

35,400,000
19,710,500

1.505.783,363 1,519,041.630 1.686.311.000

Total resources.

Compan'es
13.52%

569.455.800

21.82%

535.819,400

937,362,000
1,257,000

210.685,688
6,924,512
1,640,060
104,124,667

5% redemp. fund agst. F. R, banknotes
UncoUected Items.
All other resources

Dec. 15.029.500
Dec. 6.112.800

549,001.400
20.454,400

85i .750

35.400.000
27,901,000

Member banks

— Trust

State Banks
•J27.093.500 16.50%
Deposits In banks and trust COS..
8,725,900 05.32%

Cash

179,862,585

(Plttman Act...

Total earning assets

Dec. 1,205,200
Dec. 1,509.800
Dec. 19.815.900

Deposits with Federal Reserve Bank of New York..
Total deposits
Deposits eliminating amounts due from reserve depositaries and from other banks and trust companies In N. Y. City exchangee and U. S. deposits 617.815.500
Beserve on deposits.
105,275,200
Percentage of reserve 19.9%.

certificates

Bank premises

I

4.886, .500

Jan. 21.

414.013,000
494.913.000
28.436,000

146,526,938
857,750

Ail others

Differences from
previous week.
Dec. 8, 044. .500
Inc.
14,000

.5635,819.600

544,938,000

15.000,000

S. certificates of Indebtedness

State Bati-king Deparimeni.)

Loans and Investments
Gold
Currency and bank notes

391.635,000
153.303,000

Total bills on hand
U.S. bonds and notes

GRtA L-K
NEW YORK, NOT INCLUDED IX CLEARING HOUSE STATEMENT.
Figures Furnished by

1,130.485,384 1.103,279.507
50.381.689
52.522.803

712,1.30.078

—

and Trust Companies Not in Clearing

IN

142.589,000
208,046,000
41,000.000

403,355,306

Total gold reserves
Legal t«nder notes, sliver. 4c.

State Bauking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing Hov^e as follows:

SUMMARY OF STATE BANKS AND TRUST COMPANIES

375,865,029
712,414,478
15,000,000

Total reserves
1,180,867,073 1.155.802.311
BUis discounted: Secured by U, S. Gov83,077,966
104,745.812
ernment obligations for members...
35,217,113
39,509.944
All other— For members...
Bills bought in open market
28.231,858
35,606.828

Is

House.

Jan. 25 1922. Jan. 18 1922. Jan. 28 1921.
S
$
$
288.706,899
96.353.000
288,748,616
114,648,407
45,025.000
87.116,413
1.211,000
_

—

Gold and gold certificates
Gold settlement fund— F. R. Board
Gold with foreign agencies

the reserve required on net demand deposits In the case of State banks
and mist companies, but In the case of member^ of the Federal Reserve banks Includes also amount of reserve required on net time deposits, which was as follows:
Jan. 21. J5,609.28O; Jan. 14, $5,743,380; Jan. 7, $5,573,880; Dec. 31, S5.339,760.
b This Is the reserve required on net demand deposits In the case of Stat« banks
and trust companies, but In the case of members of the Federal Reserve Bank Inoh^des also amount of reserve required on net time deposits, which was as follows:
Jan. 21, #5,612,910; Jan. 14. 55,744,160; Jan. 7, *5, 717, 070; Dec, 31, 35,534,550.

a This

York.

Bank

38.488.040
1,065.980
71,950

514,190.030
521.558.700
519.705.830
518.731.780

New

—The following shows the condition of the Federal Reserve

the weekly statement issued by the Federal Reserve Board on Jan. 26.
the following table, and in addition we present the results for seven preceding weeks, together with those of corresponding weeks of last year. The second table shows the resources and liabilities sepaTho Federal Roserve Agents' Accounts (third table following) gives dotails regarding
rately for ftn-h of th<' twelve banks.
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal
Reserve banks. In commenting upon the return for tin- lat<'St week the Federal Resorve Board says:
is

t

the we«;k bpforo and on Jan. 2.5 stood at $1,183,100,000. oomparodlwUU
$2. 90S. 000. 000 rcportod about u year ago.
Of tho U)tal hoidlnKs of .l;.t.57. 000.000 of bills secured by UiilK-d .Mtjiies
Govfrninont obllKiitlons, $2H2.(i00.000, or 79.0%, were .socurod b.v l.lborty
and other 11. H. bonds, S'17.H()0.000. or I0.,5'"o. by Victory nolos, $11,100.000. or :i.2'7c. by Treasury notes, and $2(1,100,00(1. or 7.3'^. by Treasury
certlflcate.K, comparud with S27(l.il00.000. S.58. 100.000. $i;j.l00.0tK) and
$40 ..300.000 rcportofl tho wot-k before.
A» ftKiiiiist an ln(Twine of $1H.200.0()0 in (lovorninent deiioslts. tho banks
reductions for the week of $21. .500. 000 In roscrvo <loi>oslts and of
'lf)0 III other deposits, composed largely of noii-nieiiibers' cluariug
lis and cashier's chocks.

Further reduction by $4.5.700.000 In Federal Resorve note drcuJation.
accompanlod by Jtalnn of $.5,000,000 In Hold and of $1,800,000 In cither
reaerve canh. and a derrea«ie of $<i. 100.000 in dopoHit llabllitlcw are Indicated
Id the Fclrral Kowrrvn lionnl'it wR«-l<|y conM>lidaind bank Mtalcnienl ifwued
as at clow of l)ii»lrie»«i on Janu-iry 2r>, 1«22. The rc."«:rvf) ratio ahows a
turlhi-r ri-u- r<ir tlu' »iik Tnin 70 l<
2V.
'\ by Unll«l Stains Govpm.

•

W(«<k bi-fon-. liirK'T rwliir-y niiiim. Trtsi

Hr

•

'

p

liirroatu- In
li'T divoiinii

i

iri'h.'iMMl

*

I

ill iiiifii

i'l'^leral

iii.irk<'t

li'ildliiKN of U. H. boiidN
Icnil |{c"iiTV<' hiiiiks of

li,.-

iliidiT ihiM h<-.i'l IhiriK

of

Ilonlon,

till!
•

'I

the ciianicoM indi'

r

<17
•I

I'llllllUII

<<Tl

1

•••

tfKl.fKX).

IfilVlll'l

.\i'»
York "imI
J'olal ••iiriiliiK

rn iTtU.HOO.OOO

li'HH

shows a reduction for Iho week of
a iiductlon of $24. .500.001) for Iho corresis.nd

f;lrculatloii

of the
iitiowa

I

I)<s-.

'.'.S

it'

I'.CJl

'

redii<!tloii <ir >

11

III

iiy records, the aniounlH of thuM) notes
a doclino of about $SOO,000 for the week.

a<-cordi..r.

than

diile lollowiiiK ( 'hrlKtlimR.
III Kivleral Kevrve note
..i'lil with a nsluriioii
"Ml.OOd for the correspondI'nicilcallv MO cli.mKc I. .shown In the net lliiblllllcipi
on Kisler.il Kescrve bank Holes In circiiliitloii. llioiiKh

Since

(r(s-t<«|

11:

while holillnic* of other

.ii'i-4,

nolo

liivMtrve

$4.5.700.0fK). cofnpBri'<l with

1

COUBINBD RCHODRCCH AND LlABILITIEH Of THE FeDBUAI, RkhRKVE BaNKS AT THE ClOHK OH BUHINEBH
Jan.

KKini IUK».
aoH mkl nrriirirat'i
Q«ldMtU«nn*nl. r Ft fioard

Jan. II 1033. Um. 4 1033. iMe. 38 1031

nrc. 31 1031

Dte. 14 t03l

M3.4no.ono

awi.r>4i.ooo
4«.1.323.rM0

tw>l<1

aRo,nii,ooo

607,H3a.OOO

4flO..Tfl7.fK)0

3H0.3nR.000

&34,OUU.IN)0

&:> II. 121.1)00

4!io.ftno,ooo
A04, 744,01)0

4li4,04fl.nOO

4ft7.3U3.UOO

Toul tow fmmr>M

\

'ir,

I

tiil:

in<i

fif

ui

I

I.

I

I

.'

H'lS r'l/ (XHi I ••i;

-,^•1 '»<•>

;

H/'. .'hh ikmi y

sri r.no.O'Ki

J ^':>t 'I'll "<"> '

|««.Hb9.l)00
4(>l.^;l 000
4..I0U.00*

noo

l.;NK.4^n o»o

iitu

ooul
'•fM.ilM ir"i

H3I.

(.<.<. (I'l;

Q.m.NND.IKKI

vift.nin.non

asMtl

211

f

J77.fl7B.000

>0'

hy hank!

Frn»r*l R'nrrs
rt<1*mpfloD rood

witti

25 1022

Dfe.l 1031. Jan.

with forclcD •frnrloa

Touliold

OoM
OoM

1032. /an. I« 1033

i

OoM

0«M

3J>

.JaN.

oiiInI.iikIIiiK

smi

I

;.i ijiici

/ s..i

n.-/

000

I.^i,9'l5,00«
i.lOt.l.t7,fl

.

.

THE CHRONICLE

388
LIABILITIES (.Concluded)—
Two ciphers (00) omitted.

New

Boston

Memoranda

Cleveland Richmond

Phaa.

York

S

Atlanta

9

$

[Vol. 114.

Chicago

I

LouU Mlnneap. Kan. CUy

St.

i

$

%

DaUa»

I

San Fran.

Total

S

S

Ratio of total reserves to deposit
and F. R, note liabilities com76.8

89.6

73.3

78.7

46.7

51.5

72.9

76.1

64.4

63.5

48.1

80.7

77 2

2,336,0

12,007,0

2.560,0

2,624,0

1,568,0

1,152,0

3,808,0

1,504,0

864,0

1,536,0

832,0

1,472,0

32,263,0

bined, per cent

CODtlngent liability on bills purchased for foreign correspond'ts

STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JAN.

—

{.In

New

Boston.

Reserve Agent at

Fetleral

Reeonrces—

Richm'd' Atlanta

Cleve.

Chicago

Gold and gold certificates
Gold redemption fund
Gold fund Federal Reserve Board

—

140,000
21,697
26,435

paperlAmount required
/ Excess amount held

925
18,375i
205 12,372 13,811i 3,049
000 130,389 140,000 31,295
308 62,708 49,637 70,003
671 12,503 33,604' 15,743

296
34
381
92
40

5,600,
14.5811

2,400
3,121
45,000
68,094
5,793

I

St.

Minn. K.

h.

S
S
s
155,280 25,460
8,755
413,406 107,720: 56,878

i

123,690
Federal Reserve notes on hand
181,878
Federal Reserve notes outstanding
Oollaterjl sacurlty for Federal Reserve notes outstanding:

Eligible

York, Phila.

S
s
s
s
s
342 990 51,160 38,70o' 29,715: 74,826
804, 438 205,469 221,823 104,347 118,615

Thouaandi of DoUarsf

25 1922

5,960'
4,115,
62,000'

15,706
293,644
104,056
46,107

Dallas

San Fr.

Total.

s
13,440
71,117

S
t
21,400 39,040
925,056
35,468 283,798 2,604,957

3.060
24,360
43.697
9,980

13.052
2.870
9,200
31.756
8,800

35,645
10.242

City.

6,701
3,363 17,690
1,484 204,464
23,920 61,644
22,029
5,866

349,013
127,943
,462,836

665,165
237,833

513,881:1,992,537 474,661 515,950 254,152 317,849' 1,028,199 251,142 131,311' 165.654| 114.365 613,012 6,372,803

Total
LlabUllles—

Net amount

from

of Federal Reserve notes received
Comptroller of the Currency
Collateral received from\Gold
Federal Reserve Bank /Eligible paper

305,568'l, 147,428 256,629 260,523 134,062' 193,441
160,181) 712,130 142,761 172,186 34,344 50,521'
132,979 75,271 83,241, 85,746; 73.887:
48,132

568,686 133,180 65,6331 84,557| 56,868 323,438 3,530,013
309,350 72,075! 25.122; 27,420^ 11,548 222,154 1,939,792
150,163 45,887 40,556 53.677| 45,9491 67,510
902,998

513,881 1,992,537 474,661 515,950 254,152 317,849 1,028,199 251,142 131,3111165,654 114,365 613,102 6,372,803

Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks.

804,438 205.469 221,823 104,347 118,615
199,356 25,803 26,352
7,234:
6,260

10,118

Federal Reserve notes In actual circulation.

171,760

413,406 107.720
44,739 21,694

66,878
3,624

71,117
7.280

35,468 283,798 2,604,957
3,899 64,597
420,956

605,082 179,666 195,471

181,878;

368,667

53,254' 63,837

31,569 219,201 2,184,001

97,113 112,355

86.026

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 iteme
In the statement were given in the statement of Deo. 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. 18 1932,
Continued loan liquidation aggregating $86,000,000, as against an increase of $21,000,000 in investments, largely in U. S. Government securities, accompanied by commensurate reductions in demand deposits and in
borrowings from the Federal Reserve banks, is indicated in the Federal
Reserve Board's weekly consolidated statement of condition on Jan 18
of 806 member banks in leading cities. The return flow of currency to the
banks, while not so large as for the preceding week, was quite considerable
and accounts in part for the decrease of loans and deposits of the reporting
Institutions, as well as for the reduction of their own borrowings from the

indicated. v?ere $65,000,000 less than the week before, the corre.sponding

in New York City being $16,000,000.
reporting banks at the Reserve banks, largely
because of the considerable return movement of currency during the week,
.shows a reduction from $531,000,000 to $473,000,000, or from 3.6 to 3.2%
of the banks' total loans and investments.
For member banks in New York
City, a decrease from $97,000,000 to $84,000,000 in total borrowings from
the local Reserve bank and from 2 to 1.8% in the ratio of accommodation
is noted.
Goverrmient deposits of the reporting institutions show a decrease for
the week of $53,000,000. Net demand deposits declined by about $95,000.000, while time deposits show only a nominal decrease. For the New
York City banks a reduction of $77,000,000 in net demand deposits Is
shown, cau.sed partly by the reduction of balances due to outside banks,
while Government deposits at the.«e banks were $18,000,000 less and time
deposits about $7,000,000 less than on the previous Wednesday.
In keeping with the substantial reductions in demand deposits and
borrowings from the Reserve banks, the reporting institutions show an
aggregate decrea.se of $58,000,000 in reserve balances. Most of this
decrease, viz.: $52,000,000, is shown for the member banks in New York
Cash in vault shows a further decline of about $28,000,000. the
City.
total of $288,000,000 being le.ss than 3% of the net demand deposits of allreporting institutions.
Member banks in New York City report a reduction of $10,000,000 in their cash holdings, these holdings being less than 2%
of their net demand deposits.

Data for

all

reporting

member banks

Federal Reserve District.

Number

New

Boston.

banks

In

York Philadel. Cleveland

49

Richm'd

85

82

Loans and discounts, Including blUs rediscounted with F. R. bank:
Loans sec. by U. S. Govt, obligations..
Loans secured by stocks and bonds
All other loans and discounts

S
S
29.079 180.160
213.437 1.376.811
558.022 2,481,477

S
47,441
201.322
316,344

$
46,915
321,619
614,610

18,721
108,626
314,668

Total loans and discounts
bonds
Victory not«8
Treasury notes
certificates of Indebtedness
Other bonds, stocks and securities

800.538 4,038.448
47.889 391,446
3.798 104.623
4,597
82,675
8.227
128,741
143,168 733,411

565,107
48,079
14,835
5,156
7,839
164,696

983,144

S.
S.
8.
8.

Total loans, dlsc'ts & Investments, Incl.
bills redlscounted with F. R. Bank
1,008,217 5,479,344
Reserve balance wlth'F. R. Bank
86,339 595.381
Casta In vault
19,719
91,908
Net demand deposits
766.074 4,721,691
Time deposits
182,956 477,842
Government deposits
14,176
73,345
Bills payable with Federal Reserve Bank:
Secured by U. 8. Govt, obligations
4,912
84.652
All other
Bills redlscounted with F. R. Bank:
Secured by U. 8. Govt, obligations
889
179
AU other
18,047
30,949

805,712 1,394,989
63,949
84.735
15,447
28,732
623,309 763,610
46,790 426.409
17,701
20,658
19,639

New

York

5,861
7,067

CUy

City.

18.302

43

Minneap Kan.

Louis

37

S
S
14.393
64,786
53,338 438,225
295,398 1,069,904

S
16,905
122,151
296,727

32,435
206,925

363,129 1,572.915
27,177
78,279
1,260
24.834
8,241
1,.549
16,479
35,325 381,310

435,783
27,155
3,129
547
4,669
69,468

254,191
18.433

1,996
4,088
2,698
48,470

560,452
32,725
14,598
305.712
130,624
5,049

428.440 2,082,058
27,093 170,753
51,520
9,124
221.894 1.269,643!
142,744 650.709J
4,956
22,291

540,751
44.057
7,234
310,051
154,821
4,643

20,045
57

5,833

2,117
40,344

1,209
18.842

City

35

s

442,015
61,183

19,617

2,010
43,610

5.652

200
24,466

2,294
21,879

1,341

In Federal Reserve

of Chicago.

St.

Three ciphers

110

27|

Data of reporting member banks

2.

117,501
15,618
2,575
8,337
267,814

Chicago.

Atlanta.

58

O.
U.
U.
U.

all

eacb Federal Reserve District at close of business JAN. 18 1922.

109

of reporting

member banks

Accommodation of

Eeserve banks.
All classes of loans show smaller figures than at the close of the preceding
week: loans secured by U. S. Government obligations by about $1,000,000,
loans secured by corporate obligations by $45,000,000. and other loans,
For member
largely commercial loans and discounts, by $40,000(000.
banks in New York City a reduction of $30,000,000 in loans secured by
corporate obligations, as against nominal reductions in other classes of
loans is shown.
Investments of the reporting banks in United States bonds, largely
Liberty bonds, show an increa.se of $27,000,000 for the week and of $116,000,000 since Jan. 21 of last year. Holdings of Victory notes increased by
about $9,000,000, while tho.'^ of Treasury notes and of Treasury certificates
show declines of $8,000,000 and $7,000,000. respectively. For the New
York City banks corresponding increases of $17,000,000 in U. S. bonds
and of $8,000,000 in Victory notes, as against reductions of $8,000,000 in
Treasury notes and of $1,000,000 in Treasury certificates are noted. Only
nominal changes are reported in the investments of corporate and other
1.

Total loans and investments, in consequence of the change^

securities.

decrease for the

All F. R.

Bank and branch
Bank

Cities F. R.

cities

and

all

S
14.831

79
S
15.518
63.794
357,265

(000)

omitted.

Dallas.

San Fran

53
$
5,681
39.7.52

192,992

66

Total.

806

$
S
21,006
475,436
135.382 3,106,892
733,495 7,437,827

436.577
34.657
3,392
517
3,640
47,686

238.425
34,023

299,736
18,706
6,349
178,428
76,493
5,291

526,469
40,514

286,779 1,203,013 14.615,960
82.103 1,267,135
20,780
9,076
22,814
288,238
193,645 610.041 10,331,732
60,829 663,136 3,017,564
4,525
8,441
186,084

1,000
84

6,072

858
1,208
4,149
20,897

6.046
5.271

11.717
367,634
104,211

4,408

1,226

738
3,285
9,082

889,883 11,020,165
101.671
987.495
13.733
189,302
10.049
120.391
14.151
203,764
173.526 2,094,853

2,479

10,200

350

350

932

1

490

22.621

6.572

11,315

198,403
1,068

22,369
250,983

other reporting banks.

Branch Cities Other Selected

Total.

Cities.

Three ciphers (000) omitted.
Jan. 18.

Jan. 11

Jan. 18.

Jan. 11

Jan. 18.

Jan. 11

Jan. 11.

Jan. 18.

Jan. 18.

Jan. 11. Jan. 18'22,Jar». 11'22 Jan. 21'21

I

Number

of reporting

Loans and discounts,

banks

67

67

50

50

275

275

215

214

317

318

806

808

829

Incl. bills redls

counted with F. R. Bank:
Loans sec. by U. 8. Govt, obllg'ns
Loans secured by stocks & bonds.
All other loans and discounts

S
$
161,251
161,577
,208,323 1,238.4,52
,195,551'2,197,223

50.2.55

320,200
678,656

$
S
S
S
S
$
S
S
$
64,499
475,436
475,707
826,698
76.977
67,404
331,124
80,084
331.055
51,072
316,276 2,224,908 2,263,320 454.481 459.917 427.503 429,086 3,106.892 3,152,323 3,096,952
678,872 4,755,836 4,764,795 1,386,614 1,400.152 1,296,377 1,313,452 7,437,827 7,478,399 9,079,497

Total loans and discounts
3,565,125 3,597,2.52,1 049,111 1,046,220 7,311.799
n. 8. bonds
,
342,.569
325,978
U. 8. Victory notes
21,488
21,734
.537.451
96,602
88,7361
10,717
U. 8. Treasury notes
13.860
132.025
78.282
85,808!
U. 8. certificates of Indebtedness
3,024
90,279
2,976
Other bonds, stocks and socurltleg.. 123.794 125,127
8,544
10,042
159.580
,

.

Total loans

i

*

dlsc'ts

&

Invest'ts.

Incl. bills redlsc'ted with F. R. Bk.
Reserve balance with F. R. Bank..

Cash In vault
Net demand deposits

Time deposits
Government deposits
payable with F. R. Bank:
Sec'd by U. 8. Govt, obligations..
All other
Bills redlscounted with F. R. Bank:
Sec'd by U. 8. Gov't obligations..
AU other
Ratio of bills payable & rediscounts
with F. R. Bank to total loans
and InveetmentB. per cent

Bills

556.044

556,238

,763,016 4,779,139
552,507 604,611
79.734!
90,199
,252.499 4,328,718
299,013, 306.479

172,428

173,538

1,157,428

7,3.59,239 1,918,072

516,931
123.287
97,731
166,199
1,156,378

224.332
,37,695
17.0,56

22,392
581,475

1

940,153 1,790,284 1,807,037 11,020,155 11,106,429 13,003,147
987.495
960,670
871,636
222,011 225,712 221,728
189,302
179.915
19,582
19,591
204.476
37,037
127.545
13.066
12,443
120,391
17.371
21,792
22,626
203,764
211.104
277,091
22.379
584,555 355,950 354,740 2,094,853 2.095,673 2,039,688

,265,312 1,268,370 9,388,562 9,419,765 2,801,022 2,823,506 2.426,376 2.438,066 14,615,960 14.681.336 16,396,938
185.651
195,897 145,8801 148.103i 1,267,135 1.326.419 1,333,926
121.081
981,419
128,164
935,604
288.238
315.985
346,293
72.233
78.0121
64.812
59,262
178.711
30,587
161.193
32,760
875,294 895,412 7,312,035 7.389,178 1,566.485 1,577,601 1,4.53,212 1,460,716 10,331,732 10,427.496 10,754.180
313,398 313,346 1,405,163 1,411,919 927:916 926,406 684,486 681,156 2,017,564 3,019.481 2,918,182
238,573
210,319
186,084
29,235
36,581
17,038
21,566
16.512
180,426
22,325
139,811

68,574

87,049

67,930

86,680

1,102

107,296
67

129,746
157

57,042
475

578.494

402

198,403
1,068

227,458

679

34.065
536

35,411

57

2,022
157

62,301

J

1.138

1,375

10.161

1,525
17,567

1,727

le'ioii

21,076

10,021
121,179

12,330
130,259

4,153
62,203

4,713
69.372

8,195
67,601

3.730
81.507

22,369
250,983

20,773
221,173
281,138 1,132,669

1.8

2.01

1.6

2.0

2.5

2.9

4.4

4.9

4.5

5.0

3.2

3.6

11.8

THE CHRONICLE

Jan. 28 1922.]

STOCKS.

^ixzttU.

Biinlijers^

Week

—

—

STOCKS.

!

Week ending Jan.

27.

Range since Jan.

Range for Week.

Range for Week.

Sates
for

Week ending Jan. 27.

Wall Street Friday Night, Jan 27, 1922.
Railroad and Miscellaneous Stocks. The security
markets have drifted quite aimlessly, sometimes up and
sometimes down, throughout the week. The result is that
the active stock list is an average of a point or more lower and
there is little difference in this particular, much less than
usual indeed, between railways and industrials. There is
jiot much to be said about such a market, as causes for the
condition noted are more or less obscure.
Reports of Car loadings indicate a little more activity in
the movement of general merchandizing, but the Federal
Reserve Bank statement shows a further reduction in outstanding notes and also of rediscounts, which fact points in
Perhaps the Euthe other direction and there you are.
ropean industrial and financial situation has more influence
However that
in Wall Street than is generally supposed.
may be. it is hoped that the approaching Genoa Conference
In anticipation of
will materially improve that situation.
such result, perhaps. Sterling exchange has been strong, daj'
by day. and clo.5es substantially higher than last week.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which foUow:
Sales
for

389

1.

S per share.

$ per share.

Par. Shares

Highest.

Texas Gulf Sulphur.. . 10 22.500 iOH Jan 26 i-2%
Texas Pac Ld & Tr_.100|
10 315
Jan 27 325
Third AveRv
100 10,100 17J^ Jan 23 20 Jf
Tide Water Oil
100
Jan 26 131
100! 131
Toledo St L & Western..
Jan 24 15
5001 14
B
2.60C| 14
Jan 24 16
Preferred
900 27
Jan 24 27 H
B
Jan 24 28
4001 27
United Clear St pref. 100
400 106?^ Jan 23i 108
Union Tank Car pref. 100
900; 1035^ Jan 23I 104 H
Wilson & Co pref
100 70
Jan 24' 70
100

No

*

Range for Year 1921.

Lowest.

Lowest.

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Jan

S per share. $ per share.

38 H Jan 4 42HJan21
315 Jan27 325 Jan27
14 Jan 5 20!;iJan24
130 Jan 4 134 Jan 4
13 Jan20 15 Jan23
14 Jan24 16 Jan27
23 Janl8 27HJan24
_.
22!4Jan20 28 Jan24

21

241

27
24
20
23
27
24
24
24
•Ian 23

Highest.

104MJan
il03

66

Jan24
Janl6
Jan24

3 108

Jan 3 105
JanlO 70

par.

For volume of business on New York. Boston, Philadelphia and Boston exchanges, see page 383.

—

State and Railroad Bonds. No sales of State bonds
have been reported at the Board this week. The general
bond market has developed increasing activity, the transactions aggregating over 19 millions on Thursday as against
13 J^ million on MondaJ^ and prices generally showed a
drooping tendency.
In the railway and industrial groups there were a few
notable exceptions, including Cuba Cane 7s, which have
added 3 points to last week's advance and Seel 5s and U. P.
4s which are unchanged.

—

United States Bonds. Sales of Government bonds at
the Board are limited to SI, 000 4s coup, at 104^ and the
various Libertv Loan issues.

I

Week.

I

Lowest

Par. Shares; $ per share.

WW

i

|
I

j

'

'

'

•

'

,

r

'

'

1

.

-

.

.

'.

:-i

I

•

3.2r)0

Inn 21

I'

in',-

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
.Ian

Jan
Jan
Jan
Jan
Jan
J.in
Jiin

M

HKil

23
24
24
21
21

27
27

21

25
27
21
21

25
25
23
24
24
21
21

26
27
25
21

25
23
25
26
26
26
25

M<-

Mo

<!....

Kan

7H
20 H

211'f

24

imy

1.3

1001,

83

i/rof.lOO

......

,

•«

Tn w

iTdferrM
Mmrrl:

w

I

I

...

M

Mulllr,

Norfolk
Norfolk Ac IV
Nnrth Ami>r A

rn

mum

il,AOOI
H
3.700i 24

77
3.100 24
lOO'

K
S
H

aooi

IOC
pf 100

II

rliihui

•
V lllowrr.
r MIn
100

'

100

r

M

I

...

"^

I-.

ft

Jan25
21H.Jan .3 24?fJan20
71
Jan 3 74 Janl8
2'4Jan21' 2 ^ Jan 14
H Jan 19 32;^ Jan 19
28
112 Jan27 112 Jan27
87 i^ Jan 3 91j^Janl7
28!^Janl8 31'<Jan20
58 Jan24' 60^Jan25
11
Jan 3 13HJan25
3iiJan27
4 Jams
189 Jan24 190 Janl3
35 Janl6 37 Jan24
lH.Jan24
5 Jan 6
6l<;janI0
3 K Jan25
37
Jan2fi 37
Jan26
43 Janll 54 Jan26
66 Jan20 67 Jan25
15'^ Jan 13 16UJan21
1 00 H Jan 11 106
Jan25
600 Jan 9 700 Jan
125 Jan 18 144'-iJan25
2HJan 4i 3 '4 Jan 18
45J.(Janl4 54VJJan26
12
Jan 3 19 Jan26

HJan25
IKJan 9
J^nH 59KJan23

i;;jan2Il

>iJan2r

Jan23

71

7'.iJan 3

27HJan23

.B

pf ioo

P;.

!

Jan
Jan
Jan
Jnn
Jnn
Jan
Jan
Jan
Jan
Jon
Jan
Jan
Jan
Jnn
Jan
Jnn
Jan
Jan
Jan
Jan
Jan

27

H

21

32

26
26

24

2.'>

83

'«

13'.^

8S

24
27

25
25 77 '-4
23 26
2.V
26'

!»4

75

.'

Jan
Jan
Jan
Jan
Jnn
Jan

27
23
24

J.in
.1

J
.1

.1

21

I

86
94

Jan
Jnn 3
Jan27
Jun25

1

I5'^.Ian2l

IO»iJari24

"Man 11 4l«iJan23

Jan H 18HJan26
'i Jnn 7 41
Jnn
7HJ!.n27
8 Jnn27

35

20l..jJ;iM

22

25
25

79

2.t

7

23

'.'4

I

I

4

Janll

HJnn
I,
'.5

Jnn
Jnn

7
1

II

'^^1(127

Jnn II

,

,Jnn 7
I

32t<Jttn27
25 4Jnn 5
1

5

'i

111,

77'v.lnM2.',
J.II126

26

I

II'

,

.'.'•>

>S

I

I

26.

16'.

1

in2il

I

',m<i

)

I

It

Jnn

Jnn20
Jan2l
Jnn 5

I.'.
.

I

70

.1

'

.1

25^

'.'*7
.•CI

24

Jan 27
'

V
It.,,.'!

I(Tl.k.

•

•..'•
I

(

I

/p i<ipf

•,f.rr.-#|

lorn
IfKH

J.4II

Mutiiii

P»T
.nr

|fK»
10.

1001

Pfrr

n4i

Vnt 01
l.l'K)
(»00

'V

H

50

15'*
V) 110',

lOOl

H
Iff)',

^

'I A.

Jnn
Janll
Jam In
Janl7
Janiu
J an 2 5
Jan 4
..'.'I

)<r

20»»
>ltn«

I.

^Jan25
I

RrK.
"f

T

1

97.64
97.48
97.64
153

97.68
97.42
97.46

96.80
96.80
96.80

96.74
96.74
96.74

7

1

8

97.00
96.82
96.86
762
1.444
97.76
97.58
97.48
97.50
97.70
97.56
1.354!
1.250
97.22:
97.12
96.90
97.06
97.20'
96.90
2,282
1.474
100.20 100.30
100.12 100.22
100 20 100 30
2,482
5,278
100 18 100.28
100.12 100.22
100 16 100.28
807
882

96.84
96.02
96.02
2,031
97.56
97.14
97.14

131
98.50
98.50
98.50
6

fHlhg
Low.

bonds of 1927-42

96.92
96.92
96.92

<

(Second 43)

(Close

Total sal'S In SI .000 units

Converted 4 Vi

IT:

2

bondsoffHigh

97.36
97.10
97.30

1927-42 (Second 4^4 8). (I.OW.
(Close

TnwJ sales fn $ 1 .000 «ni/s
Third Liberty Loan
[High
4!4'7 bonds of 1928
Low.

97.20
97.00
97.10
1.300
97.84
97.74
97.80
699
97,30
97.20
97.24

Total sales in $1 ,000 tiniis
notes of 1922-23
High
(Victory 3Jis)
]Low.

248
97.90
97.78
97.80
586
97..50
97.20
97.30
1,816
100 20
100.16
100.18
1,752
100.16
100.16

(Close

100.16

100.18
100.12
100.12

1

268

(Third 4

Close

"4 s)

Total sales in SI .000 units

Fourth Liberty Loan

(High

933-38. . ] Low.
(Fourth 4 '4s)
(Close
Total <:alrs In il ,000 unlfs

4 V4

"r

bonds

of

1

Victory Liberty Loan

307

(High

iH'^c notes of 1922-23.. Low.
(Victory 4 '4 9)
Close
SJi*^;

Total .tales in % 1 ,000 units

2, .30,3

100.20
100.10
100 18

874

97.14
96.96
97.10
87S
97.78
97.68
97 68
1.061

97.30
97.10
97.24
2.282
100.16
100.12
100.12
1.441
100.12
100.12
100.12
316

97.10
96.90
97.02

1,413
96.94
96.10
96.14
4.797
100 30
100.20
100 24
2,006
100.28
100.24
100.21,

252

.Vr>/e.— The

bonds.

above table includes only sales of coupon
Transactions in registered bonds were:

3U9

96.18 to 97. .IS

20 1st 4lfB
56 2d 4!i9
68 3d 4H8

96.90to97.6S

17 Ist

06.28 to 97.26
97.32 to 97.70

Quotations for Short-Term U.

S.

I

Int.
Rate.

Malurily.

Asked.

Bia.

96.68 to 97.32
100 00 to 100.16
100.00

117 4th4'-:,'s
98 Victory 45i8
13 Victory 3?i8

Govt. Obligations.
Int.
Ratt.

Afaturitu.

Atkei.

Bia.

1

6H%

1022
1022
1922
1022
April 1 1922
June IS 1922
Feb.

Mar.

Mar
Mar

18
15
15
15

100
I00»4J

100

6%

<

ioo»Yf

June

100

lOfl'-k

lOOH

lOOH

colli

IOO"Yc 100" 6

'2

iOOi'-if 100"

^\i%

4%

lOOi^J

5k %
6H r„

IOC'S

102 H
in2V,

101

4Vj%

loo'f;

ioo»7,

100

1004

4

Sept 15 1924
Hoc. 15 1922
Juno 15 1922

1

4H%
6H%

6H%

100^.
Aug. 1 1022
ioov*l Sept. 15 1922
lOO^i Sepi 15 1922
j!

15 1<I24

4K%

—

Foreign Exchange. The market for sterling oxchango
was dull .'iiui iioiiiiii;iI; Mevcrlliclcss, r;i((>s were siist.-iincd and
fiiiislicd at
ext'liiuigc
cliiiniri's

u

.siihstaiitial udvaiic(> for (lie wci'k.

was

Coiitiiiciital

with frequent fluctuations,
important.

irregular,

not <'sp(>cinlly

but

(Krldny'a) nrtuni rnt4'H for utorline exc-hauKo wi>n< J 2n''i,^
for Mixty dnyH, 4 2L",("i4 21 ll-Kl for rh<'<ni<'H iiiitl 4 2.'Mli (*
(
("' 4 24 .'*- 1 fl.
4 •J.') .'t-Ml fur ctiltlrN.
'oninirTclal mi haiikH, »tlKht 4 22
alxty dayi 4 IM ^i, "'4 111 l.V HI, nlni'ly ilnvH 4 I 7 'li ('"4 IH |,V HI, ul«l
(l<K-iim<'tiU r.
I.
('(itliin
1-1(1
for
IK
(hIxIv ilnyH) 4 IHiiCi.l HI
pnviiu'til 4 'J.
.t-Hl. niir'i Kr.il'n fur p.iy iiii-iil 4 2J'i,<'''4 21 3 I II
r<>-<lny'« M
.irtiinl rnl4-ii fur I'.irlii li,iiiki'rtt' rrniii-n wr>r»i K OS'.,**
H 12 for loriK niiil h l4'«WiH |S fur nlmrt.
<iiTiiiMn liniikiTx' lu.irkN ;im
not ynt iiiiiiii'il fur Iohk and nlinrt, lilllt
AiiiHtenlnni l>Ikllkl^^N' Kiilldoni
wi-n- ,'|il lr><'/,:itl 2H for liiiiK iinil Htl ."il ((ft:m.(H for ahnrt
i':<r-h'inir<i nl I'nrln on London AI.N,'') frniK-M; wi-«'U'« rnnKO r>l.77 rraooa
liluli uiid U'i !>'> rnini-H low.
Th/' rnnjp' for forolKii nxrhnnxn for llm wi>»U followa
SIrrllna Aiiiinl ('nMri.
Oirtiim.
.Stilu Ihius.
ItiKh for ihn wiw-U
4 ir, :(-IA
i-in
4 2(
4 2:il>-H)
Ixiw for llio wix'U
4
4 2n
4 IK.^i
(irrnumu lUiti krrt' Mgrki
or. I
n r,n<.i
MiKh for Ihn wnnk. .......
...
I/iw for Ihn wr«b ..............
(I 4lkS
4llVk

To-<lny'i

4

22

1>-lft

S

M

*

Id

f

2

I

pr«f
prof...

I

•

4%

97.60
97.00
97.00
28t
99.00
98.50
99.00
7
96.60
96.00
96.00

97.22
97.22
97.22

97.60
97.34
97.54

Total aolrs tn $1 .000 units

Second Liberty Loan

1

8HJnn23

1

JnnIO

27

Jnn

85", Inn 5
H'i Iiin2i»
2')' 4 Inn III

Jnn 3
11*1 Jnn I',)
Jnn
75 Jnn26
Jnn 6

21
21

2
97.68
97.46
97 .,54
126

877

96.68
96.24
96.24
376

1

I

V\

(Close
Total sales in $1 .000 units

1

174
106
109

Jan 3 00'^ .Ian 16
2KJan25 2'v)nn 'I

91

.Jnn

.'"

97.30i

97.90
97.50
97.60
128

Second Converted 4\i%lYiigh
bonds of 1932-47 (First] Low.
Second 4 Ms)
(Close

Jan20
Jan27

85

1

Juri 21

97.30

96.74
96.52
96.58
378

96.78
96.60
96.72

1

23 55
Jan23
23 71
24
5 Jan20
25 26. Jan 3
23 60 Jan 4
27 81
J an
23 !tOMJan23
23 110 Jan 10
27 106 Jan27
25 109 Jan25

Jan
Jan 25
Jan 23

487

_

bonds (High
of 1932-47 (First 4}is)]Low

HJan20
9HJan26

'XJan25'
9

SUJan

96.50
97.30;

4H%

Converted

96.68
96.34
95.60
604
97.30
97.30
97,30

96.461

Close

I

Total sales in $1 .000 units.

58 '4 Jan 3 67

21

...i.i

.;

•I

Jl.

'

97.96

4^

.01Jan21

JsJan 7'
15,i.Jan25
975 Jan 4 1000 Jan25
9 '4 Jan 51 17
Jan27
68 Jan 9i 80 Jan27
S0KJan21i 90 Jams
19 U Jan 9 20HJan23

97.02
96.74
96.80
236

(First 3!^s)
lose
t
Total sales In $1 ,000 vnits. .
bonds of fHIgh
1932-47 (First 4s)
-^Low

Converted

28^^30261 .30'<Janll

2."

23
23
23
25
21
25

Loan
[High
3H'^ bonds of 1932-47. .-I Low

First Liberty

17
I.-.-,
3fXI

50l

,

M;ii-u.

l-64Janl4l

26
25

21

Daily Record of Libert'j Loan Prices Jan. 21 Jan. 23>/an. 24 Jan. 25' Jan. 26 Jan. 27

51

.33

•C«.«X)I

MnU.

66

21

IfKli

A

Jan25 66 Jan25
Jan 4, 62?^iJan20
98 K Jams 100 Jan20
9 Jan2« in^JanH
83 Jan 16 86 Jan 7
109 '< Jan 3 114 Jan21
52KJan27 71 Janl6
17>iJan 4! 22'.4Janl8
67 Jan 4, 76J4Jan24
94 Jar 1.3 95 Jan21

25
23
27
23
23

2.V33

HKy

Highest.

S per share. S per share. S per share.
Jan 25
5fJaTi24i
2KJan25

Alax rights
H Jan 24 2H
.63.800J
Amal Su?ar 1st pref . - 100
lOO' 66
.Tan 25 66
*i 4.700
-im Brakp S & Fdy
51
Jan 23 62 ?i
400' 99 Jf Jan 23 100
Prcfnrred
lOO!
* 2.4001
AmHiran Chicle
7
Jan 27
Amer Radiator
25
200i 8.3
Jan 23 83
AmerSnuif
lOO;
200 111
Jan 21 114
.Amrr Sum Top pref _. IOC, 2.300 52H Jan 27 66
.^Vm
* El B'-c pf.lOOl l.fiOO; 20 Jan 23 22 <
7K preferred
100
400 75
Jan 23 70 K
Amer Wholesale pref. 100! 300' 95
Jan 21 95
Anaconda rights
01
79.800J 1-64 Jan 21
Ann .Arbor preferred
000| 28J4 Jan 26 2Syi
Asfiets Re-dliiation
500:
lOl
ly Jan 23 I '4
Atlantic Refining.... lOO!
45 995
Jan 27 1000
•> 5.000, 14
Austin. Nichols
Jan 25 17
Frefen-ed
1.100 74'^ Jan 21 80
Bamett I.eatherpref-100i
300 89H Jan 2V 90
Bam.=dal! Corp. CI B...' 1.200| 20
Jan 23 20 H
20l
U Jan 25
Batopila-s Mining
300i
9001
Brlt!.?h Empire St«el.l00j
9H Jan 24 9h'
First prererred
Jan 27 67
4.400^ 66
1.8001 22 M Jan 26 24
2d prrf r rred
700: 71
Bklyn Union Gas
100:
Jan 27 72
100'
BpinSTTirk Terminal. 100|
2M Jan 21 2%
liur'^u' BrosCl B w I
2.300 29
Jan 24 29 H
100 112
Pr or pref»-rrcd
-.1
Jan 27 112
900 91
B;ii.^. Term Bldg preJ 100
Jan 21 91»,f
Buttertok Co
1,100 29H Jan 27 31^i
fiil'imet * Arizona.. .10
820' 58
Jan 24 60 'X
n HIII Gold
l| 2.100
12M Jan 23 13K
•!
J Ij Plow
200 3'4 Jan 27
3K
•
-.1 RR ol N J...100
200 189
Jan 24 180
*
f 'r
In-Teed Prod
200i 36
Jan 25, 37
(•;h
L'o & Alton
lOOl 8.8501
IM Jan 24 3^
100| 4.9f.0i
3H Jan 25' 4Xi
93 37
Pitts Spec.,
Jan 26 37
idyA Co 100' 4.900 47
Jan 24 51 H
2.5;
las
1001 67
Jan 25 67
"i 1.1501
mMln
Jan 25 16 H
16
'
100'
800 106
Jan 21 106
27685
.100
Jan 24 600
.100 22.60^)1.35'^ Jan 23 I44»f
100,
im.lOO
3li Jan 26
•
r
700 52
Jan 26 54 J^
... -• 8.400i 15M Jan 23 10
.4001
riBht«.;12.4(
Jan 21'
H
2.600
-ic
H Jan 21 1
900' 55
I'
g..io»
Jan 25 50 K
II
I.. . \on
10 71
Jan 23; 71
Ir
10- l.OOOl
6H Jan 23 6H
f^orp.* I 300 26
IJan 23 27
I
yrel.
1.200: 69
Jan 21' 72
K.i
50O 82 Vi Jan 23 86
...lOOi
K'
100 ftOH Jan 23 un'^
•'•I pref... lOOl
1I.M00II3
H
K '<.'o
Jan 21 Il7!ii
rr..|
IT
100 106
Jan 27 106
(-1 [I
Kf<-.*,
pref.WMOO
Jan 2.5 109
WjO, 92",' Jan 27 95
100
12.100
2H Jan 25^ 2M
(^

Lowest

Highest.

I

(CI

8-.',

MiK ao

9W »H

J»n jUi
Jnn 7» 02
nri

3ll
lati 241
.Inn jri
.

)»n 26

Jan

25i

I

"'*

M

M7

IIOS
M

'.

'

^

*J«t.2,-.
'

lit

.18

,1

?

I

<ri'

OuUdtrt—

MIk'
!.•>«

The Curb

par
'

.irt.oo

('hlanuo.

Han

pnr.

rratiriiH-<i.

Ht

.10.74

:u»'.'i

g<|,2H
afl.HO

.

DomnRtlc Exchancn.
dln'iiiiMi
lloaion,
ll.'Hl'l pmiiiliiiii,

20s

M\.M

fxiiil",

par.

l.'i»2r>''

Miiiilrnal.

yrr

tLOOn

tltl>7M) pnr

'Inrlniinll, pnr.

Majrkot. - The review of the CurU
given Ihin week on ]iiiyr .'{Hi.

Starkrl

m

1

390

New York Stock Exchange— Stock Record,
OCCUPYING THREE PAGES

Daily,

1

1

Weekly and Yearly

For sales during the week of stocks usually inactive, see preceding page

PER SHARE

PER SHARE

HIOH AND LOW SALE PRICE— PER SHARE, NOT PER CENT.

Sales
for

NEW

STOCKS
YORK STOCK

Range

On

EXCHANGE

the

for year 1922.

basis of 100-share

Highest

Lowest

Week

$ per share

Shares
Par
Railroads
9,900 Atch Topeka & Santa Fe_. 100
1,600
100
Do pref
1,000 Atlanta Blrm & Atlantic. 100
600 Atlantic Coast Line RR_.100

lo'.s

\

$ per share

Range

for prevlota
year 1921

Lowest

Highest

per share $ per share

7718 June
94
Dec
Jan 3 100 Jan 16
7512 Jan
8818 J.an 18
88 Nov
Jan 3
7I2 Jan
Sj Jan 14
II2 Jan 261
Dec
1
77
Apr 91 Nov
9038 Jan 1 81
83 Jan 9
4238 May
3038 Mar
3.538 Jan 18l
3312 Jan 27
6,300 Baltimore & Ohio..
100
11
20,
47
Mar 5638 No^
5434 Jan
5212 Jan
1,100
...100
Do pref
1478 Jan
lOis .Tan 23
6
Dec
Jan 4
6
9,400 Brooklyn Rapid Transit.. 100
3I2 Sept
Jan
914 Jan 23
10
oSg Jan 1
2,800
Certificates of deposit..
101 June 12378 Nov
8.200 Canadian Pacific
100 11918 Jan 6 12.512 Jan 20
46 June
6512 May
5734 Jan IS,
54
Jan 10
1,300 Chesapeake & Ohio
100
1312 Dec
1678 Nov
1258 Jan 25
I412 Jan 6
2,100 Chic & East 111 RR (new)
34I2 Jan 16
Nov
3312 Dec
37
1,000
321s Jan 26
Do pref.
6I4 Dec
9is May
634 Jan 3,
558 Jan 11
1,800 chlcaco Great Western. .100
18
I6I2 Jan
14 June
2078 May
1478 Jan 6
300
.100
Do pref.
17I4 Jan 9j
1714 Dec
Jan
31
1912 Jan 20
3,900 Chicago Mllw & St Paul. .100
46i2 Jan
29'2 Dec
Jan 18
Jan 10
33
29
7,400
.100
Do pref
Jan
71
601s Apr
Jan 9t 651s Jan 19
59
3,500 Chicago & North Western .100
Jan
95 July 110
Jan 9 103 Jan 19
100
.100 100
Do prof
11
2258 Mar
35 Sept
Jan 18
3234
303* Jan
5,100 Chic Rock Isi & Pac
100
6834 Mar
83I4 Jan lOj
8934 Dee
8858 Jan 19
400
100
7% preferred
56I2 June
Dec
77
7OI4 Jan 9|
7414 Jan 19
1.900
100
6% preferred
13
32 June
57'2 Dec
Jan
Jan 4
56
54
300 Clev Cin Chic & St Louis. . 100
Deo
77I2 Jan 20
60
Feb
75
3
7234 Jan
100
Do pref
4678 Nov
27
Jan
Jan 19
40
Jan 10
38
Colorado & Southern
100
Dec
49
Jan
59
Jan 16
Jan 16
55
55
Do Istpref
100
55I2 Nov
42
Jan
Jan 11
Jan 3' 49
49
Do 2d pref-._
...100
18
Apr IIOI2 Nov
90
4
Delaware & Hudson
100 10634 Jan 27 llOis Jan
5
Aug 249 May
93
Delaware Lack & Western. 50 11134 Jan 271 11934 Jan 27
4I2 Jan
158 Mar
258 Jan
268 Jan
Duluth S S & Atlantic
100
355 Nov
4I2 Jan 13
73s Jan
334 Jan 7
Do pref
100
15I4 May
9
10
Dec
3
Jan
1034 Jan
7
Erie...
100
15'8 Dec
2234 May
Jan 9
Jan 3
16
Ills
Do l.stpref
100
1578 Jan
10
Dec
Jan 3
718 Jan 10
11
Do 2d pref..:
..100
79'4 Dec
60 June
7OI4 Jan 10
Jan 18
74
Great Northern pref
100
34I2 Nov
C
20
2558 June
3278 Jan
3138 Jan
Iron Ore propertlei-A''o par
Ui2May
434 Dec
Jan 4
Jan 6
6
5
Gulf Mob & Nor tr ctf3...100
Feb
15
Dec 26
Jan 20
Jan 5
16
17
Do pref ...
100
85i2 Mar IOOI2 Nov
971' Jan 3 1021' Jan 17|
Illinois Central
100
1
20
578 Jan
10
I's Dec
" Jan
Jan
2
Interboro Cons Corp_.A''o par
3I4 Dec
Jan
16
3I2 Jan 5
Jan 23
9
Do pref
100
I8I2 Feb
2878 May
2218 Jan 11
237s Jan 16
Kansas City Southern
100
4512 Jan
Nov
3
55
.5234 Jan
.5518 Jan 16
Do pref
100
10
Mar 14I2 Jan
Jan 11
Jan 20
12
14
100
Lake Erie & Western
9
175* Au
Dec
28I4 Jan 17
30
2934 Jan
Do pref
..100
47 's June
6O34 Dec
5658 Jan 3
6038 Jan 17
.50
Lehlch Valley
97
Apr 118 July
Jan 9 11.534 Jan 18
100 108
Louisville & Nashville
49I' Jan ^5
.5812 Jan
Dec
32
Jan 6
35
100
Manhattan Ry guar
"
5I8 Dec
1434 May
Jan 6
Jan 4
6
5
100
Mlnneap <fe St L (new)
18'
16
63
Aug 74I2 Nov
Minn St P & S S Marie. _. 100 03 Jan 17 C5I2 Jan 17|
83
Aug 9334 Nov
Jan
8978 Jan
90
Do pref
100
16
3'8 Nov
1
Dec
1-38 Jan 17;
3s Jan
Missouri Kansas & Texas. 100
5
534 Jan
2
Dec
Jan 14
II2 Jan
23s
Do pref
100
16
Mar 23'4 May
Jan 10
1734 Jan 18
16
Missouri Pacific trust ctfs.lOO
49I8 Nov
33'2 Mar
Jan 10
44
467s Jan 16,
Do pref tnist ctfs
100
14
234 Dec
658 Feb
2a
3I8
0I2
Nat Rvs of Mex 2d pref... 100 5478 Jan 10 61 Jan
77'2 Feb
46 June
Jan 16i
New on Tex & Mex v t c. . 100 7234 Jan
64'8 June
Dec
76
Jan
7534 Jan 161
New York Central
100
6138 Sept
39 June
5678 Jan 20
N Y Chicago & St Louis. . . 100 511s Jan
71
Dec
58 July
Jan "
Jan
72
72
First preferred
100
68I2 Sept
54 June
Jan 19
6134 Jan
62
.100
Second preferred
12
Nov 23i2 Jan
I2I2 Jan
I6I4 Jan 19
100
N Y N H & Hartford
22I4 Jan 18
16
Mar 23I4 Jept
1934
N Y Ontario & Western.. .100 96I4 Jan
8858 June 10478 Feb
Jan
100>2 Jan 19
Norfolk & Western
100
19
61 '4 June
10
Jan
88
74I4 Jan
7818 Jan
100
Northern Pacific
32'4 June
4134 Jan
33I4 Jan 3
3438 Jan 27,
Pennsylvania
50
15^4 Mar
23'8 May
Jan 10
Jan 20
21
19
100
Pere Marquette v t c
65'2 Dec
50
Apr
Jan 12
65
63 Jan 17
Do prior pref v t c
100
26
6
6634 Dec
50i8 Jan
35
Jan
Jan
55
Do i)ref v t c
100
^1
Jan
23
32
25I4 Jan 19
Oct
Jan
23
Pittsburgh & West Va
100
70
Mar 80 Dec
78i" Jan -so
Jan 13
76
Do pref..
100
89I4 J.an
0034 June
Jan 16
7118 Jan 3
75
Reading
50
Feb
36'2 June
55
44I4 Jan 4
48I4 Jan IS
Do Istpref
50
20
^7
57^4 Jan
38's Aug
Jan
45
5138 Jan
Do 2d pref
50
19'8 Mar
2534 Aug
2258 Jan 18
2058 Jan lo
St Louls-San Fran tr ctfs. . 100
27^3 June
39'2 Nov
Jan 18
3678 Jan 3
39
Preferred A trust ctfs
100
30I2 May
19
19'2 June
22 14 Jan
2038 Jan
100
St Lolls Southwestern
18
Jan
10
41
28 June
351 Jan
323s Jan
Do pref
100
2'8 Oct
7^4 May
3I2 Jan 19
25s Jan 4
Seaboard Air Line
100
12'2 May
3
Dec
418 Jan 13
„
512 Jan 20
Do pref
100
67'2 June 101
Jan
7818 Jan 10
827s Jan If
100
Southern Pacific Co
24"8 Jan
18
1738 June
17I4 Jan 10
Jan
19
100
Southern Railway
Jan
42 June
60
Jan 10
Jan 18
46
o0'2
100
Do pref..
20
16'8 Jan
27^4 Dec
2458 Jan 5
283s Jan
Texas & Pacific
100
12
55'2 Apr
3 I's Dec
3919
Twin City Rapid Transit.. 100 34 Jan 10 13058 Jan^'^ lU June 131^8 Nov
Jan
Jan IS
100 125
Union Pacific.
74I2 Deo
62'4 July
7II4 Jan 7
Jan 18
741s
Do pref..
100
12 '4 Mar
7I2 Jan «>
9I4 Jan 13
6
Aug
United Railways Invest... 100
13
17
Aug 26 Mar
2OI4 Jan 9
2438 Jan
-,
100
Do pref
6
6% Dec
6i8 Jan 25
9 May
67s Jan
Wabash
100
18
Mar 24'2 May
Jan 25
19
2078 Jan 17
Do prefA
100
1258 Mar
15'8 Nov
1234 Jan iiS
I314 Jan 16
100
Do prefB
lli2May
S's Dee
Jan o
9
83s Jan 20
Western Maryland (ne!c)..100
1"
4
14'4 Dec
21 May
14I2 Jan
Jan
13
100
Do 2d pref..
15
Dec 30^8 May
Jan) 7
Jan 2^
1668
15
...100
Western Pacific.
51'2 Dec
70'2 Jan
Jan 24
5184 Jan C
54
100
Do pref
6 '4 Dec
Ills May
6i8 Jan 12
7I4 Jan 19
Wheeling & Lake Erie Ky.lOO
19i2 May
19
12'2 Dec
9I4 Jan 4
1358 Jan
100
Do pref..
37'2 May
28I4 Jan 16
23
Oct
Jan 10
25
100
Wlconsln Central
Industrial & Miscellaneous
5334 Dec
26'2 Jan
Jan 18
48 Jan 12
56
.100
Adams Express
1934 Jan
IOI2 Dec
1078 Jan 19
1163 Jan 2b
100
Advance Rumely
52 's Feb
31 '2 Dec
35I2 Jan 2'
Jan 12
3158
100
Do pref
3
17
Dec
50
30 June
45I2
No par I318 Jan 1*' 54 Jan 9
Air Reduction, Inc
15I4 Dec
39'2 Jan
Jan
Jan
17
50
Ajax Rubber Inc
li2 Feb
2d
13
'4 Dec
I4 Jan
'2 Jan
10
Alaska Gold Mines
134 Feb
^4
'2 Oct
"8 Jan 16
3a Jan
Alaska .luneau Gold Mln'g 10
34
Aug 59'4 Dec
5958 Jan 18
5538 Jan 3
No par 101 Jan •* 105 Jan 14
Allied Chem & Dye
83 June 10334 Dec
100
Do pref
3934 Dec
28'4 Aug
Jan 21
3734 Jan 4
45
12,700| Allls-Chalmers Mfg.
100
Dec
67'2 Aug
90
86I2 Jan J
Jan 19
92
pref
100
Do
65'2 Jan
2612 Aug
Jan 3
3434 Jan 26
Amer Agricultural Chem.. 100 2934 Jan 16 59I2 Jan 5
Jan
51
Aug 90
56
100
Do pref
Feb
24'2 Oct
51
,3714 Jan 26
3134 .Jan 3
100
.American Beet Sugar
74^8 Jan
64I2 Jan2J
.5434 Dec
Jan 11
61
100
Do pref
29'8 Aug
65H May
33I2 Jau a
Jan 18
Amer Bosch Magneto. _A''o par 32 14 Jan o 4038 Jan 26
35'2 Dec
23'2 June
371 1
100
American Can
16
Dec
76*4 June
97
9314 Jan 3
9738 Jan
100
Do pref
Jan 10 1477s Jan 16 ]15'4 June 151'4 Dec
American Car & Foundry. 100 141
Jan 6 11814 Jan 20 l08_ May 116'2 Dec
100 II5I2
Do pref
2434 Nov
19I4 Jau 10
15'8 June
2212 Jan 17
4,000 American Cotton Oil
100
Apr
3512 July
67
Jan 11
41
Jan 5
44
500
...100
Do pref
8'4 Jan
23
4I0 Jan 13
4 June
012 Jan
8,800 Amer Druggists Syndicate. 10 128"
Dec
Jan 3 13612 Jan 17
July 137
1 14
800 American Express
100
Doc
16
Apr
Jan 18
8
12
I412 Jan 20
1,500 American Hide A Leather. 100
6258 Dec
3
40'2 Feb
63i2 Jan 20
58 Jan
2,900
100
Do pref.
27
83'2 Dec
Jan 12
Jan
42
Jan
87
78
4.400 American Ice
100
73'4 Nov
Jan
Jan 13
57
Jan 19
72
75
1.000
100
Do pref
5338 May
21'4 Aug
38is Jan 5
Jan 19
42
12.600 Amer International Corp.. 100
16
1138 Apr
9ig Jan
7^8 Aug
Jan 25
10
4.800 American La France F. E.. 10
10
62'2 Jan
17
17'4 Aug
3258 Jan
293s Jan
100
2,800 American Linseed
Jan
397g Aug
93
Jan 4
56
5912 Jan 17
100
700
Do pref..
Dec
73'2 June 110
Jan o 10812 Jan 18
100 102
10534 17,900 American Locomotive
98I4 June 116
12 115
Dec
Jan
Jan 21
100 112
300
Do pref
115
Jan
10
312 Aug|
Jan 9
4
434 Jan 6
4I8
4,300 American Safety Razor... 25
Jan
14
5I2 Jan 3
4'4 Augl
978 Jan 19
No par
8,800 Am Ship & Comm
834
47 14 L)ec
2958 Aug|
4358 Jan 6
48 Jan 19
4638 14.600 Amer Smeitin," - Refining. 100
Dec
90
91ij J.in IS
63'4 Aug
86i8 Jan 4
.100

9134
8458

I

|

^

.

9il2

33%
*58
*35
63
36^8
35^8
9578
I4.512

14612

117
2OI2

•43

,.

578

12814
13

1.313

60

59I2

8312

84

74I1
3934

72I2
3934
934
3078

978

3II4

57
IO5I4 IO8I4

10.553

107'4

115

U4l2 II4I2

113
4

114% »H3

4l8

8I2
467,
907s

115
4l8

4l8

9

S's

48

47I8
90Ss

907,

4I4

S's
471

DON

878
4078
9OI4

57

10418 106

10534 10618

115

3%

4

9.I8

8'>8

9

4758
nni^

4578

47

SOI,

S9l->

4

.

57
10418

113
4
85s

46

•8S

ROlj

1

.200

no

pref

Bid and asked prices: a sales on thla day.
a Rx-dlvldend and rlgbta.
: ISx-rlgaia.
§ Less than 100 shares,
bare (or share, to Btock of Glen Aldon Coal Co. at S5 oer share and es-dlvldend 100% In stock Aug. 22).
•

z B»-dlvldand.

6 E»-rlght8

(June 15) to subsorlb

New

391

York Stock Record—Continued— Page 2

For sales during the week of stocks usually Inactive, see second page preceding

PER SHARE

HIGH AND LOW HALE PRICE--PER SHAKE. XOT PER CENT
StUuruay,
Jan. 21.

Wednesday,

Tuesday,
Jan. 24.

Jan. 23.

Frldav.
Jan. 27.

Thursday.
Jan. 26.-

Jan. 25.

STOCKS

Sales
for
the

On

EXCHANGE

Week

PER SHARE

Range for year 1922

NEW YORK STOCK

Range

for prevlota
year 1921

basts of 100-share lots

Lowest

Highest

Lowest

Highest
1

S

per share % per share S per share $ per share
•87lj 89
•87
*87
•87
89
89
89
33 '8 33I2
32 14 33%
3178 32I2
3118 32
•93
•93
•92
96
96
96
94
9478
67lg 68I4
6534 6712
6534 6714
6618 68
93I2 94
•92
931; 9434
94
94
94
33I8
33I2 35
35I4
33
3218 33
32
II7I4 117'4 11678 11738 117
II7I2 117
H73s
13218 13378 1311s 133
13178 13178 133
134
•99lj 100
9978 9974 100
100 •100
1013s
130
130
129
13012 128lj 12834 12834 1291.1

•a

•104
25
•13

83%
25U
1414

5OI4
5158

•75
•73

77
77
•lOOij 102
2^8

338

2978

30i8

21

21

•27I2
9612

28

•105
•SS

83
•104

•IO3I2 105

105

49I4
5118

84I4

83

3034

9778

51

77
77

4958

50
•75
•73

5018

IOOI2 IOOI2
3I2
3
2912 2978
*20i2 22
•28
2812
9612 9734

•105
57I2
55
60
59

106

108
55

59Sg
eoig
•8978 9012
•sg'g 91
•IO7I2 IO9I2 •108
110
678

•107

678

6»4

•104

110

II7I2 II712
2718

26i!4

•11
70^4

70'4

•11

_

87
57«

32
•66
3412
eoig

24I2

22
973s

106
55

59I2

6OI4
9OI2
IO7I2 IO7I2

•90

-34

120

63,
27I2

•11

3258

60
65

35I4

•62

*107
117

69
47
•86

63

•59

3178

28

28

28

4314

44I2

27

27

27

43I2
26»4

68

6834

68I4

6834

68

II4

138

ih

138

7

697g

67

67
•25

27

1'2

68I2

1738

II4

7
68I4

638

4

67I2

•26
58

35I2
6OI4

63

283g
44I4

7I2

7

28I4
4438
27I4
68I2

•2612
63I4

27
63 14

H

I2

h

58

93li

93h

9II2

94

91

9134

13»4

13'4
5114

1338

1334

I3I2

1358
5278

•91
•I3I2
5II2

51

52
104
98i» 993g
9838 100
•111
•111
115
115

•100

5012

•100

104

341-

35I2

fiO^s

62
82

82
9I2

34I4
595,

51

•26

2734
4338

27
68I2

II4

1'2
6I2

58

92
14

87

53I4

5234

I3I4

6II4

597,

81

6138
81

6OI2

•81

24 12

233g

24''s

23 14

24

19

76

767,

1953
5334

203,
5538

1958
5514

21

21
16
8OI2

535,
2078

2OI1
547,

22

2134

22

2134

2OI4
0238
2134

21
I8l2
5734
2II2

15
81

I4I2

1434

141i

I4I4

I4I2

781.

4OI4

78I4 80
IO712 IO7I2
7838 SO
945, 945g
-2
9
40
41

85

•82

•IO8I2 110
78^8 8038
•93l2 95
05
ST*
•2
9
41
40
40

81%

12I2
12l«
. -

12Sg
I2I2

58
92

12I4
I2I4

12l2
I2I2

'»

«

6OI2

72H

•100

143U
,S'*
70

5634

92

73I2

70

7OI4

7OI4
81

81

•93
•2

92
j70
•97

•94
97
I43I2 I44I4
85,
9
69*4 69*4
•70
70
81

64
83

86I2

8612

30

30

73
83

28

28

•8*4

87»
72»4

64
83

1

69»4
69181
3734

80
301

17

13I4

13

34

34

83

83

83

7H
'-*-"

14
n.v,

32 14

IV*
•57

72««

no
'2*4

I2'i

4!i'4

.Vjl,

7OI4

iftU

14*4

I5I1,

201}
3

28*4

-'H',

70'4
143,
261,

27,
ll««

3

2^

IM4

11',

jnii

jii'i

2H

i'i

2«4
lllj

IZU
4HI4

Tl
7

61,

;7i.

'•'

III,

48
37

48
•35
'

03

1

•04

.

i>

',

47«,

4HS

48

47

47

28S

38

281,

\ni
112

1

13*,!
IM,!

o>
4I«,

4I»,'

lA

lOfl

1

ISO

l/lOfnl

•JM
•100
l«)

im
lO".
•BM*n4i«fe««

361.

:n;Z^

66

841.
16

83I4
•151.

691
8334
17

74I2

•72

73

83s

.1234

3I4

3I1

3I4

3I4

38>|

40',

3Hl2

39I2

«'.

•7'2

«'l

36"^
81 1,
•106',
.
•13'.
14':

377,
81*4

n
36«,
81",

371.
82I4

141,

73

60

12 '4

2«7,
•71

6534
207,
721,

•67

69

;<ii,

I2I4

48U 60

123,

4H»,

12*4

48l2

•fl»l.

7012

m\

70

lA

14

M'2

I37|

I4I4

28

3/SI,

26>,

3

21,

2*4

Ciull ,S(,atcH ,Sl(rcl Ir cIN
3,100, llaHkcll Ar Har.'icr far

2«l4

•26
21;

2*1

1

IW

0*4

'

'.','.

lfK»

1

28'4

2n';l

in»,

iHH

46*,

47

45

28

IIH

it'«
•
1

•

2><i

•166

1

1

28

1

•166
163', •146
162
I6»
100':' 1107, llO'a
111*4 •109
I.".
13
II '1
n«, iVi
»« l'l»4
0',
10
07«
41
•;i7i,
37*4 .I7>»
ii)
1

no

•100

no

•io<i

no

140

140

I4H
•106

148

•147
•106

162

41

'AH

*1tt^\<tU\mBd

Mi

ntnti

«

n

:

•iwi
•146
•106

no
no

162

kmtmmm nnt o-M

•

"

"

lOO'

100
100
100
KMI

Tire

I'/i

pre(

'

,.,„r

UK)
f^„ ,„„

itiibtiiT

1

"1

I'lnlii)
'

'

'

•

iim

10,

iim
100

Ire

,V« piit\
'I'olmero 1(H)
100!
porntiMl
Mil /«if
i'lriitwi
\„ uiiA
I.....— Mili« lllxilil Ir etfn KMI
1

'

'1.

loo!

loo
|00
10

,iilf

•"•!.!
'

'

;.::;:
Ten. Inr

1'

46
28

•2/ '4

.

•'""1

110.V.0I K-.t..

461,

1

'

•

7.

m\
2H''

1

i"--f

3

37

••H

l'i«,

Ten. Ine

3 "

•03

"

1

"

.

67,

.Wj

...

n

•03

207,
17

2(1

200
pri'f )iuw . .
2.100 lilt .MiT.aiilllc Marine
Do prif
21.800
100
7,600 liiiernui Motor Truck. .<Vo par
Do Int pref
900
JOO
""100
Do 2d in-of
200
16.100 Inu-rimtloiiiil VIrknl (The) 26
8.800 liiteriiullodiil Taper
KK)
2.0IMI
l>o
iiliiiiipi.<| pref
KM)
27.700 liivliirlble (III Corp.
60
2.S00 Ir.in I'riMlurKtrrorp... No par
46.600 i'llaiHl oil A rr«n«ii V to
in

7
37*4

67,
'71,

36

100
par
100
HMi
10
6

"

'>"

.

No

400 llcnrlco .MiiimfacturlriK
2.100 IIoiiNton Oil of Tc'xjiM
5,700 Hupp .Motor Car Corp
,800 liiillahotiia Iteflnlnij
10,000 IiiHplrjitloii ( onf) CoDu'er
2.800 liit.riiat Altrlcul Cofp
Do pr.f
3.600
4.400 IiiHTiiat Harvester n<u>)'

lewd

.'(

.

84..'-.00

••""'

;|67,

":.

Do

65

671

pref

JOO
inn
100
100
lOO
onr
100
ino
i66
par
100

&

261,

•38
•100
1

87
30

261,
8

I2'ii

"

l>o
1
Deb stock 6%)
IJo
Uph ..lock 7';ir
3,900 Oooilrkli (;„ H K)
No
'
Do prcf,.
400
"
2.300| Oranby ( rons M. 8m
PowlOO
6o0, l.recnc Cananca Copper
100
3.100 ^iiarili.iiHinoHu«ttr
No nnr

;j,000|

OH

•IfCl

prtoM.

37

13

Texas

W 4 w. Co.''Novar
Inc
No par

,000
8001

12

1

IWi

8II1

69I2
8II4

72

25

pref.

"0

600

69I2

100

.

1.800 ncncnil fTiu-ar. incIII
100
Dfhcntiire prcl
"
5,100 Ociieijil Klfctric
.50,100, Gfneral .Motors CorD"\vo

48
36

164

1

97I2 97'2
141
142
838
85,

•82
29 14

Do

900

69I2
80'4

30
27

pref.

45.500 General Asphalt..

57
92
08

70

85i2

Body Ohio,

I'reeport
100- «;«.st.,n.

•44

•I.Vl

07,
41

5,800

ig

•n

•J08

o*»

145g

70

1

47
•46

13

FLsk Rubber..

12

I

28

13^

721,
I2I2

P sher

l.SOO

•-.-.

•89
68

8*8
71

"166

I2I4

55I2

8*4

6612
•83I2
•I5I2

81

I2I4
I2I2

It

l6»-.il

I3'»

27
8

27,800
38. ISO
22
1838 28,300 Cuban American Sugar
10
162,000 Davison ( 'heinical v t c no par
62's
211.
3,400 Dome .Vllnes. Ltd
10
1.000 Elk Horn Coal Corp..
1558
50
8,200 Endlcott-Johnsou .
79
.50
Do pref
107
400
"'loo
8OI4 75,700 famous Players- Laskv.A'o par
93I2
Do preferred 8%).. lOO
400
Federal Mining & Smelting 100
9
"466 _Do pref
40
''loo
!•
sher BfKly Corp
86
No par

•nu

113

l««'i

•100
1

I3I4

1

69I2
8OI4
36i2
8512
•28I.

9I2

•46

1

164,

4(»S

1234

1.000

l|7.

28'«

I7I4

26.206
45,100

7
17 r.

6H
371,

30'

87,466

481,

401,

361,

100

28I5

55

100
100
100
Do pref
100
Do cum conv 8% pref-100
Booth Fisheries...
No par
Brooklyn Edison, Inc
.100
Bums Bros
100
Butte Copper & Zinc v t c. 5
Butte & Superior Mining
10
Caddo Central Oil&Ref No par
California Packing... No par
California Petroleum
100
Do pref
100
Callahan Zinc-Lead
10
Central Leather
I '""lOO
Do pref
100
Cerro de Pasco Copper. -Vo par
Chandler Motor Car
No par
Chicago Pneumatic Tool 100
Chile Copper
25
Chino Copper
"
5
Coca Cola
7^0 par
Colorado Fuel & Iron
100
Columbia Gas & Electric 100
Columbia Graphophone No par
Do pref
100
Computing-Tab-Record TVo par
Consolidated Cigar... No par
Do pref
„
.
100
Consol DLstrlbutors, IncATo par
Consolidated Gas X Y)
100
Consolidated Textile. . .No par
Continental Can, Inc
100
Do pref
100
Corn Products Refining... 100
Do pref
100
Cosden & Co
No par
Crucible Steel of America. 100
Do pref
100
Cuba Cane .Sugar
No par
Do pref
100

•46
37U] 36

•44

67,
38I4'

•801.

9812
I43I2

•70

7812
93I2

•2

92
70

81,

7812

•38
•82

12'4

90
•67
•07
143

•I4I4

107

58

•67

<i;)-,

5858
211.

551s

60

501'

613%
215»
15
7934

's

14
65',
20*a
•71

491,
691,

15
28*4

55
•100

171s

•

•lOfll,

I4>i

100
12,800
4,600
7,700

I3I4

2034

85
83

67'2
313,
721,

83U

400
800

87

13

20

95

811,
•IO6I4
I4*,
14
66in
fl«l'«
31 12
301,
72I4
721.
581: •M

no
60

ir.i,

481?

371,

831,

127,

14*,

/

36

35

121,

40

85

2334

12',
I2I2

91,

I2-,

60

1

8

123,

M

Ifl't

8i«

12««

fiU

35*4
6*1
371;

401*,

60

40

12

3I4
101,

4
6434
31 1|
723,
681,

«»»«

48 1«

33»

I3I4
3I4

I2I2

327«
7Z'j

•57

78',
841,

403,

•lOflU

'

3II4

66

7l»i

•46
••28
•166
•100

3I4

41

64*4

8*4

75

13
33,
401*
8>«
•331-

14

Wn
3|i,

27

8I4

75

13

•108

27

8»i

3()»i

•15

I3J4

,L',
3414
867)

86

30ls

27

I.';i2

34

•82

8»4

75

841;

142»4 143*8
8»»
87g
•69
71
«9I, fir,i.
81
81
37I4
37I2

151:
76I4

l.'A

767,
I3I2

7S

71
IO2I4

841,

l.',34

•71:

95

•69
IO2I4 •100

83l2

757»
3l|

•91

5838

68

l.'.i;

40'«

57IR

l«

77

757,
314

12»4

•-.--

70

70

I.'>l2

10*4

^4

9II2
I3I2
5538

108

•80

1278
12*4

8'4

751;
13
3'<

85

831,

8312

.t9»ii

5g

9
41

8OI2

92

37 14
86
•29
27

S's

621,

•I2

7,400
52,500
8,600
18,400

27

62I2

•2

I2I4

6812

8OI4

38

28i|.

27

8138

8OI2

1,

69
69

371,1

8I1

27
65

79
05

1238
I2I2

iH

81

107

•38
•82

1431, 14334

87

28

66I2

93g

IOI2

8212

I21g
I2I4

.'lf>34

2OI2

97
9

4OI4

38t4

37
•86

801s

57ig

92

72'4

IO2I4
144l|
8»»

108

7938

•....

587*

&6
73

1

801*

•82
•80

85
83

.

81s

6418

9I4

2134

•82
•80

68

10

20

85
83

4334
26I4

261s
6712
2I2

49^800
5,300
10,800
3,400

82

191)

•2

17
2634

165s
2638
43I8

81 12

2112

79
108

4.800
25,600

63

82

978

•39
•83
•80

34

82

1034

95

591s

5934

611.

IOI4

sou

6434

6OI4

IOI2

801*
•IO7I2
79i»

64l2
•331.

6338

934

M7g

31

31

OOSg

64
83

1,000
4.100
12.400
1,200

534

278
I2I4

•I2

10
2238

16

51.

67I2

25I2
•59I2

2,800
7,000
18.200
200
4.500
2,200

861.

104
•100
104
•100
104
"9938 lOl'ij
1011. 103
10314
9912 IO4I4 101
•112
•112
115
•11212 115
115
•112
115
35I4
32I4 33I4
.3414
3234 34
3434
3.334
34 14

82

81

46
•85

•59

17I2

6I2

27

5818

4612
86I2

63

5818

Sg

27
62
l2

1,400

1034

35

65

300
103

69
46

6758

677g

63I2

1034

6834

Baldwin Locomotive Wks.lOO

100
Do pref
1,000 Bethlehem Steel Corp
33,300
Do Class B Common

6

11

43
26

13s

49".466

2534

69

6OA4

17
27

1778

7

67

u

6312

3l7g
6518

65
34
59
*59

66

26I4

7I2

31ig

325s

44

68I2

534

534

28

II2

24I2

534

III2

534

18

W

no

578

27I2

6

47
87

28U

68

3I4

11534 116

6l8

2558
11
68I4
4o7g
8534

6958

34I2
59I2

300 Associated Oil
100
4,200 Atlantic Fruit...
No par
4.900 Atl Gulf &
I SS Line
.100
200
Do pref
100
Atlantic Petroleum
25

100

3':.

•104

110

1151s 117

6I4

285$
44^8

43
27

•105

2734

•65

I7I2

•99

3I8

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Am
Am

28

II7I2

177»

I8I4

»99i2 101

110

18l«

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27S8

7578

33s

2612
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6
32I2
65I4
3412
6038

•59

7578

6l8

47

65I4
34I2
S9I4

66

59I4

76

&

Mlscell. (Con.) Par
9 per share Shares Indus.
100
8712 8712
Smelt Sccur pref ser A- 100
11.400
3034 31
Steel Fdry tern ctfs.33 1-3
•91
200
95
Pref tem ctfs
100
42,400 American Sugar Refining.. 100
6338 647s
1.300
9134 9184
Do pref
100
3138 28,200 Amer Sumatra Tobacco
30
100
11612 11634 15,100 Amer Telephone & Teleg_.100
4,200 American Tobacco
13134 I32I2
100
1,000
Do pref (ne!i^)
10038 10038
100
3,600
128 1283s
Do common Class B... 100
81 14 82
24.400 Amer Woolen
100
100
•104
105
Do pref
100
4,900 Amer Writing Paper pref _. 100
27
27
I3I4
I3I4
1,100 Aner Zinc. Lead & Smelt. 25
•37
500
Do pref
40
25
48I3 73,100 Anaconda Copper Mining. 50
4-58
8,300 Associated Drv Goods
5134 521s
100
400
70
76
Do 1st preferred
100
100
*74
77
Do 2d preferred
100

29lg
28i8 2812
30
•2012 22I2
21
21
22
23I2 •22
23I2 *22
24
•22
9478
957g
9434 97I2
9612 9778
10012 106
106
•105 106 •105
•5534 58
567, 57
57
57
eOig 6158
5978 6II4
5958 OII2
92I4 'S978 93
*92
9II2 92
*108 111
*108 111
•10712 110
7I4
7I4
7
7
71778

47
86

8618

5018
533g

76

76
77
•9912 101

6
32

6l8

66
35

1134
7OI4

6934

8812

32 14

63

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6I4
6
2658 2812

70^8
47I8

5218

76
•74

3I4

40

48

5OI2
527g

29I2
•21

30

9634

•37

40

497g
5OI2

5138

2934
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534

3534
6II2

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47I8

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87
6
33
67

50

12

26l4

__

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738

11578

6l8

12

634

112

115

6I4

6

I4I2

29I2

77
77
•99I2 101
3
3'8

•105
55

90

64lg 68
911, 93I8
3038 32I4
11634 II7I4
13178 134
100 10058
1281" 12978
SI 34 8338

3978

•75
•73

I4I4

40

31I4

105
IO4I2 1041; *104
27I2 28
29I2
28
I3I8 13I2
•I3I2 I4I2

105

25I4
•I3I2
39I2
4934
5138

26

26
14
•37

•90

84

83

8378

89

•87

•

82I4

per share

li'i

:^il

i>ri'r»rr»l

Joo
1

.

.

1

vi'lnrnl

541s

84
3038
II412
12918
96I2

126
78I4

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221.
1218

36
4778

43
75
76
100
2I4

2758
2038

21
93I2

104
51
55I2
9.1.

104
434

100
1131.
538

2038

lOU
68
431s

83
5I2

2938
OS's
3234
4734

60
ISig
26I4

41

24
64S4
II4

S per share
$ per share % per share
89 Jan 19
63
Jan
88
Dec
3358 Jan 20
18
Aug 35 Dec
9612 Jan 17
78
Aug 95I4 Dec
6834 Jan 20
4753 Oct
96
Jan
67I2 Oct IO714 Jan
9434 Jan 18
28l2 Dec
3534 Jan 9
88 Mar
II8I2 Jan 18
95*4 Jan II9I2 Nov
13538 Jan 16
llli2June 13634 Dec
10058 Jan 26
Aug 9912 Dec
86
13134 Jan 16
110
Jan 131I2 Dec
84I4 Jan 8
57
Feb
8312 Dec
105
Jan 17
93
Feb 1041. Dec
29I2 Jan 25
201. Aug
3912 Jan
14% Jan 19
634 Sept
1438 Dec
397s Jan 24
4078 Dec
227s Aug
501. Jan 25
3134 Aug
5038 Dec
52I2 Jan 20
24
.501. Dec
Jan
7678 Jan 20
5534 Jan
7034 Dec
77
Jan 19
45
Jan
Dec
78
IO2I4 Jan 20
91
Sept IO7I2 Mar
3I2 Jan 23
134 Oct
9
Jan
18 June
311s Jan 3
76
Jan
23
Jan 14
1534 June
4412 Jan
2258 Jan 19
10
Aug 2558 Dec
9812 Jan 20
6214 June 10038 Dec
106
Jan 18
95 June 2105
Dec
39I2 June
62I2 May
57
Jan 27
411. June
6134 Jan 20
65 May

Jan 4
Jan 3
Jan 26
Jan 4
Jan 5
Jan 3
Jan 3
Jan 10
Jan 11
Jan 13
Jan 3
Jan 18
Jan 5
Jan 5
Jan 6
Jan 17
Jan 9
Jan 3
Jan 10
Jan 4
Jan 10
Jan 13
Jan 13
Jan 10
Jan 3
Jan 25
92
Jan 4 109
Jan 10;
sh
Jan 3; IOII4
119I4
Jan 10
Jan 9
(i\^
28I2
Jan 4
Jan 11
12
Jan 11
71
Jan 10| 4878
Jan 3
S7
6i8
Jan 9,
Jan 10
3338
Jan 6
67^8
3.534
Jan 4
62I4
Jan 5
Jan 14
62
Jan 5
isi,
Jan 5
2834
Jan 5
4534
Jan 10
2934
Jan 4
6938
2b
Jan
278
Jan 14
1014
Jan 3
70
gQig
Jan 5
Jan2o 64
17
34
Jan
Jan 4
9412
1434
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5533
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^* 1001.
Jan
Jan * 103
1

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55I4

21
5818

90

1.
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ill
313s ,Tan }"
57I4 Jan ;5
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Sis Jan ^i'
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141. Jan ,,,
483l Jan ^Y
181. Jan .,;

80

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2458

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85

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fn

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167s

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19
16

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22

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18
5
9

52

June

23s
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2834 June
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96

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221.

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77
55s
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1078

10034
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112
4334
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Oct
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Jan

52

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87

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4458 July
7434 July

Jan
Jan
Feb
681. Feb
33 14 Feb
26

595s
2134
2534
81
IO6I2
821.

97

June

1334

21

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4312

75
57

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90
84

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Dec
Dec
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Apr

91

16

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66

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Aug

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23

Jan

Feb
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34-18

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1234

821.

May

80

77I2

Sept

Nov
Apr

May
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Dec
Apr
Dec
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Dec
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834
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1938

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2OI2

.H

Jan 3
Jan 3:

Aug
Aug
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51s

Jan
Jan

391.

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Aug
Aug

7S38

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77
54

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SO's Apr
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951. Dec
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63
60
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2658
621;
15

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Jan 9
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9

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88

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l.'IS Jnn 2
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'

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1

1938

5058

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20
20

1

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18
21

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25

20
20
20

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112

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3
431^ ,Inn 3
16
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Jan
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88

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ofl

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81 '4

25
24

127s
1458 J.an

Ik

841.

June
June

3

Jan 20
Jan 9
Jan 9
Jan 9
Jan 20
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Jan 3
Jan 3
Jan 5
Jan 24
Jan 24
Jan 20
Jan 27
Jan 17
Jan 3
Jan 20
Jan 20
Jan 16
Jan 14
Jan 12
Jan 25
Jan 18
Jan 10
Jan 20

75
Jan %
701. Jan ,n

93I4

87
90

--

19
17
14

KMI

000
t R(-ft4>( im.

S per share
871. Jan 27
,3034 Jan 26
94
Jan 25

J

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3N>4

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Nov
Doe

Nov
647,

164

no
42
100
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1

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2

39»

1

.

1
!

New York Stock Record— Concluded— Page

1

1

3

For sales during the week of stock usually Inactive, see third page preceding

PER SHARE

HIGH AND LOW SALE PRICES— PER SHARE. NOT PER CENT
Monday,

Jan. 25.

$ per share $ per share
*75i2 80
*75
82
62I4 62 14
*()0
6212
41
48
3934 403/1

23S

24

lOSSs 1055g

106

23-'->8

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112

25
IO6I2

112

111%

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2758

28

27%

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31%
0938
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31%

32
70 U

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118

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86

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88
90
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878
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69
61

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33% 34%

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55

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tale

61
3834
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1558
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150
119
4684

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8

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7%
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1918

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77
9334

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434
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27

71

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129
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71s

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93

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21
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678

18%

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98

19

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27%

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26 14
70 12
128

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1934

57

59

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678

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53
100

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126
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67% 5734
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8
43

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7

98

42
95

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95

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5358

55

100

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100
33I2 36

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62% 64

10

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63

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28
31

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68I4

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68%

80
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80

80

80

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7784

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7784
91

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9284

96

51%
3878

46

83
68
734

on tbU day.

91I2

92
5084
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8

884
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1484

5%

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32 12

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110

46%
8
|

28

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91i->
"

92

96

4584

83
68

7I4

96

5118

5O84

50%

3812

3812

8884

8I2
I512
5I2

734

8i«
1434

1434
S'4

118

j

4684'

88

51;

*27l2 281
3II2 .32
I43I2 I43I2

28

3II4 32
I44I2 14558

110

119

88
69

7

7812 80

80

I

117

119

45% 47%
^83

69I2

68

7I2

6

Less tban lOQ ebarea.

On

Indus.

&

Miscell. (Con.) Par

100
100
Manatf Sugar
100
Marland Oil
no par
May Department Stores. _ 100
Do pref
100
Mexican Petroleum.
100

Do

pref

70,100
4.900 Miami Copper
. .
5
46,800 Middle States Oil Corp
10
54,400 Midvale Steel & Ordnance. 50
2,600 Montana Power...
_.100
Do pref
100
i.OOO

MontWard&CoIllsCorpATopor

100 National Acme
50
100 National Biscuit
100
200
Do pref
100
National Cloak & Suit... 100
100
Do pref
100
900 Nat Conduit & Cable.. A'o par
8,300 Nat Enam'g & Stamp'g...l00
700
Do pref
100
2,200 National Lead
lOO
100
Do pref
100
8,000 Navada Consol Copper
6
100 New York Air Brake
100
800 New York Dock
100
Do pref
100
35,366 North American Co...
.
50
5,100
Do pref
50
1,700 Nova .Scotia Steel & Coal
100
200' Nunnally Co. (The). _. No par
7,200 OklahomaProd&Refof Am 5
1,300 Orpheum Circuit, Inc..
.
1
4,300 Otis Steel
No par
2,100 Owens Bottle
25

400 Pacific Development.
600 Pacific Gas & Electric.

22,400 PacificOil
16.700 Pan-Am Pet
3,500
Do Cla.ss
"7"',666

88

.

& Trans...
B

.100
.

60
50

M

Royal Dutch Co (N Y shares)
St Joseph Lead
10
San Cecilia Sugar v tC-No par
Savage Arms Corp
100
Saxon Motor Car Corp. A'^o par
Sears,

Roebuck

& Co

100

Seneca Copper
No par
700 Shell Transp & Trading. . . £2
84,100 Sinclair Cons Oil Corp.jVo par
2,100 Sioss-Sheffield Steel & Iron 100
Do pref
100
100
6,300 Standard Oil of Cal
26
3,000 Standard Oil of
J
25
Do pref non voting. .100
3,100,
800 Steel & Tube of Am pref.. 100
2,300 Stewart-'Warn Sp Corp.A''o par
3,900 Strombcrg Carburetor. A''o par
113,200 Studebaker Corp (The). .100
100 Do pref
100
6,600 Submarine Boat
No par
1,600 Superior Oil
No par
6,900 Tenn Copp & C tr ctfs.A'o par
52,550, Texas Company (The)
25
6,800, Texas Pacific Coal & Oil.. 10
Tobacco Products Corp... 100
8,700j
Do pref
100
U'',566 Transcontinental Oil. . .No par
100 Transue & Wiiiiams St.A^o par
800 Union Bag & Paper Corp.. 100
4,000' Union Oil
No par
1,000 United Alloy Steel
No par
3,600 United Drug
100
6,500, United Fruit
100
32,600, United Retail Stores... A'o par
9,800 U S Cast Iron Pipe & Fdy . 100
Do pref
4,200
100
U 8 Express
100
28,800 U S Food Products Corp.. 100
12,800 U S Industrial Alcohol
100
Do pref
200
100
5,900 U S Realty & ImprovementlOO
16,500 United States Rubber
1 00
Do 1st pref
600
100
380 U S Smelting, Ref &
60
Do pref
lot)
50
United States Steel Corp.. 100
74,400
Do pref
1,700;
100
10
16,400 Utah Copper
100
1,200 Utah Securities v t c.
Vanadium Corp
No par
37,100i
7,400; Virginia-Carolina Chem. . 100
Do pref
100
800
100
2,300 Virginia Iron,
Vlvadou (V).
No par
600
100
600 Wells Fargo Express
600 Western Union Telegraph. 100
Westinghouse Air Brake
50
4,400 Westinghouse Elec & Mfg. 60
60
2.300 White Motor...
7,400 White Oil Corporation. JVo par
5
3,700 Wickwire Spencer Steel
25
6,700 Willys-Overland (The)
100
Do pref (.new)
400
1,200 Wilson & Co, Inc, v t c.A^o par
100
1,900 Wool worth Co (F W)
lOOi
Do pref
60
100
vt
4,700 Worthington P &
..100,
Do pref A
100

C&C

M

Do prefB

6%

3,000'

Ez-rlgbts.

c

100,

Wright Aeronautical ...A^o par
a B.T-dlv. and rlgbts.

108
II6I4

27%
1334

82%

10%
26
69
I's

3084

82%
85
108
14I4

58

29%
53I4
441s

-

15I4
1818

10

137
II9I2

26%

1

79

-

16
11
18
12
10
11
3
5
17

11213
I5I2
6212
3384
54I2

4

56

7

41%
28%

1'2

37I2

91
94 14

88

Ja:n

22I2

Jan 4
Jan 11
Jan 20
Jan 6
Jan 7
Jan 27
Jan -7
Jan 6
Jan 10
Jan 11
Jan 10
Jan 16
Jan 19
Jan 4
Jan 4
Jan 11
Jan 6
Jan 4
Jan 20
Jan 1
Jan 26
Jan 20
Jan 5
Jan 12
Jan 5
Jan 10
Jan 7
Jan 6
Jan 4
Jan 10|
Jan 10,
Jan 23'
Jan 6
Jan 6
Jan 3
Jan 27
Jan 27
Jan 27
Jan 5
Jan 9
Jan 10
Jan 4
Jan 21
Jan 27
Jan 20
Jan 20
Jan 10
Jan 3:
Jan 4
Jan lO;
Jan 5
Jan 7|
Jan 6;
Jan 6
Jan 5;
Jan 5
Jan 20
Jan 5
Jan 13i
Jan 18
Jan 10
Jan 91
Jan 4]
Jan 3
Jan 6
Jan 16
Jan 18
Jan 6
Jan 11
Jan 4
Jan 4
Jan 6
Jan 18
Jan 111
Jan 17
Jan 27!
Jan 6

9I4

2I2

12%

9%
24%
7
6284

44%
48%
44
5934
8II2
28I4

Co

27

69I4
101

I23I4
II8I2

131s

29%
9

64
5934

92%
I4I2

63
9114
24.8

66
IO5I2
31

33%
94
IO8I4
14l8

24
25I2
4934
8412
7

48%
1258
II2

Ills
2I4

60%
1684

37
I884

85
6912
9134
I69I4

113%
77
24I2
35I4
791s

101
334
5I4
934

10
284
I5I4

12%
26

8%
66

47%
63%
48
I2I2
IOI4

70
84'4
8I84
I7I4

86%
12
71
63I4

93
15

6118
88I4
95g

33
67I2
I7I2

25
69I2
11934

50 14
1618

50

6%
683

37
90
56
6158

99 14
341'>

431s

82
II4I4
605s

9%
3OI4
27I2
6738

78
eig
66I4

9OI2
9334
4913

35%
7S4

14
51s

26I2
27I4

187

117%

43%
84

J.an

9

Jan 3
Jan 9
Jan 11
Jan 11
Jan 9
Jan 6
Jan 3
Jan 6
Jan 18
Jan 10
Jan 16
Jan 16
Jan 23
Jan 6
Jan 4
Jan 5
Jan 10
Jan 4
Jan 6
Jan 27
Jan 4
Jan 10
Jan 6
Jan 4
Jan 6
Jan 19
Jan 4
Jan 12
Jan 9

6434
J.an 27
6

x Bx-dlvldeod.

«

Jan 25
Jan 3
Jan 18
Jan 5
Jan 20
Jan 21
Jan 3
Jan 20
Jan 24
Jan 8
Jan 18
Jan 16
Jan 20
Jan 25
Jan 3
Jan 20
Jan 19
Jan 18
Jan 5
Jan 17
Jan 24
Jan 23
Jan 4
Jan 28
Jan 20
Jan 27
Jan 20
Jan 20
Jan 26
Jan 3
Jan 14
Jan 20
Jan 16
Jan 19
Jan 20
Jan 3
Jan 16
Jan 17
Jan 4
Jan 3
Jan 20
Jan 13
Jan 13|
Jan 20
Jan 20
Jan 18|
Jan 3
Jan 3;
Jan 16
Jan 191
Jan 20
Jan 16
Jan 17
Jan 27
Jan 18
Jan 25
Jan 3
Jan 18
Jan 27
Jan 23
Jan 27
Jan 25
Jan 27
Jan 23
Jan 3
Jan 16
Jan 18
Jan 19
Jan 27
Jan 16
Jan 12|
Jan 8j
Jan 12j
Jan 14:
Jan 20
Jan 17,
Jan 3
Jan 16
Jan 16
Jan 21
Jan 26
Jan 18
Jan 26.
Jan 18
Jan 261
Jan 3;
Jan 25
Jan 20
Jan 8'
Jan 20|
Jan 17|
Jan 3;
Jan 17
Jan 5
Jan 16
Jan 20!
Jan 171
Jan 25
Jan 20
Jan 25
Jan 25
Jan 171
Jan 3!
Jan 19
Jan 18
Jan 3
Jan 20
Jan 14
Jan 18
Jan 12
Jan 20
Jan 16
Jan .il
Jan 7
Jan 20

62

3084
8OI2

113%
3934
385s
IOOI2

nois
15%

31%
33%
4934
8712
8I2
5284

18
2lg

I712
284

64%
28 14
3812

21%
44
76
9812

188
11534

79

29%
43%
9II4

106

4%
6%
10'4

46

26%
65I2

93
11
3413
715s

20%
29
72 14
12984

66%
21
60 14

6%
lOis

44%
95
61

56%
101

37
44
88
118
6512
III4

37%
31
70

J.an

20

Jan

12

12% Dec
lOls Dec
Jan

102
105
15

67g
88I4

92%
9384

51%
40

10%
16%
5%
30
3278

148
118
4884
86I4

69

8%

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

25
30

May

Jan

128% Dec

Aug 120
Jan
Sept
35% Jan

4473

Oct

%

Sept

26

Aug

89

June

6734 July

100
9

June

Mar
47% Aug

79 14
6

65
95
87
108
1553

20% Feb

89
39

45
Jan
32 14 Aug
3173 Aug
20% Nov

39

May
Jan

Feb

Mar
Dea

May
Deo
Feb

46

8% Mar
I84

May

67% May
Dec
41% Nov
1278

May

4

Dec

2484

Nov
Nov

4

Dec

8058
16
54=8
1934

46I4

Jan

Mar
Jan
Jan

Apr

68

14
8

27% Mar
3818 Aug
34I8 Aug
Aug
6
678

3353

June
Jan

26% Aug

Jan
Jan
Jan

Dec
50% Dec
7933 Feb
Jan
13% Dee
17
Jan
6438 Dec
85% Jan
7184

Deo

June

9I4

21

34 14

Aug

42%

May

Oct

16

88
1413

Mar
Nov

78
66
93

Dec
Dec

6% Aug
30% Aug
July

52
8273

Jan

12I3

Mar

48
83

Au

June
20% Oct
54
Jan

89% Aug
2484

Oct

21% Aug
July

67

98

Apr

11
1718

Mar

18
4113
7514

June
June
June
Oct

Dec
5
40% Oct
Aug
10%

16%
90
104

Jan

May
Jan
Jan

34% Deo
70I4
II4I4

May

Nov

51% Jan
40% Dec
99% Deo
109
16
8884

Mar

May
May

39% Jan
73 14

Jan

96% Mar
24% Jan
697g

May

Dec
5% Feb

1418

Oct
8% Oct
213 Oct

288g

Jan

684

Apr

54I4

Dec

9834

Jan

1284

Mar

25% Nov

II4

30% Oct
161s

Aug

May
28% May
49

3213 June
68I4 June
6734 June'

56
75

June'

37
46

Jan

Nov

98% Dec
124% June! 192I4 Deo
1061s Jan' 114% Dec
85I4 Dec
66 Sept
21

Jan

Apr
42% Jan 93% Apr
Jan 10384 Dee
83
25I4

Aug

3

Oct

Aug
6% Aug
384

10% Jan
1314
11

June

29
1534

45

48

Aug
Mar

367g

76% June
6

Aug

28
57

June
Sept

15% Aug
19 June
46

Sept

19584 June
4673 Aug

11% Jan
38 Aug
5% June

8%

Sept

Jan

Deo
Deo
Jan

72
91
13

Sept

75

Jan

Jan

Apr
44% Apr

25% May
34
106

207

62%
19

Jan
Jan
Jan

May
May

57% Nov
7
2714

Jan
Jan

Nov 74% May
102
Mar
Mar 63% Deo
7984 Apr
40% Aug
Aug 103% Jan
74
35I4

July

84

4a

Is

Apr

26
37

Aug

7OI4

105

June
June

Aug
41
Aug
7
2513 June
2O84 July
5784 July
ig

Dec
44% Jan
86% May
115
Dec
66% Dec
12% Mar
381s

41

Jan

42% Jan
10284

95

I81

Aug
5% Mar
49% Jan
Aug
76
81% Sept
3878 Aug

19

29I4

June

44

7

July

Jan
Jan

1753
I884

94% Jau 18

Reduced

3078 Not
12% Aug
66% Jan 114 Deo
95 Mar 109
Deo
84% Aug 167% Jan
1534 Jan
28 Dee
10
July
16% Nov
22 June
33% Jan
Aug 64% Deo
43
92I4 Oct 101
Dec

[

66
93

j

42 14
23

72

June
Oct

55

IO9I4

Deo
Deo
89% Feb

59% Jan
21

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

lOOlg
I2I2

Jan 20

50

11% Jan

(Chic). 100
(Pittsb).. 50

&C

75I4

Highest

S per share $ per share

6214 Jan 24

2612 Jan

63

Lowest

S per shar4

26% Jan

884
884

900 Phillips Petroleum
No par
8,900 Pierce-Arrow
Car...A''o par
3,800
Do pref
100
8,700 Pierce Oil Corporation...
25
600
Do pref
.
100
1,600 Pittsburgh Coal of Pa
100
200
Do pref
100
300 Pond Creek Coal
. . 10
600 Pressed Steel Car
100
Do pref
100
""r966 Producers & Refiners Corp. 60
12,200 Public Service Corp of N J. 100
5,800 Pullman Company
100
80,800 Punta Alegre Sugar
50
9,400 Pure Oil (The)
25
1,300 Railway Steel Spring
100
Do pref
300,
100
5.100 Ray Consolidated Copper. 10
16,000 Remington Typewriter v t clOO
25,800 Replogie Steel
No par
22,400 Republic Iron & Steel.
.100
Do pref
900
100
2,100 Republic Motor Truck-A^o par

8912

year 1921

Highest

$ per share
72
Jan 5
67
Jan 13
3OI4 Jan 3
22% Jan 6
101
Jan 3
IO7I2 Jan
10684 Jan 10

Panhandle Prod & Ref..reo par
Penn-Seaboard St'I vtc No par

7,400 People's G L
1,700 Philadelphia

8,900
1,110
1,500
5,400
1,200
13,500
25,100

basis of 100-share lots

Lowest

M

44I2

85

6912

12.800
2,000
1,900

Range for previous

EXCHANGE

Mackay Companies
200

PER SHARE

Range for year 1922

STOCKS
YORK STOCK

N

176

178

43%

3578
31

95I4

317s
31i8

4478
2458
6334

34
29

6%

143,

43I2
2334
6318

3512

79
92

8OI2
11178
37I4
3378
95I8
llOig

447s
2478
6334

1034

6978

95
27

33
70

85

68 ig
78

94

10

1084

29

60

10%

IOI2

29
•68

9I4

10

3412

29

35
6712

578
1034

33

etd and asked

2818
3818

4h

43%

117

•28I4

•

175
115
77

106

•10

46I4

92I4

88

89
108
5

IOI2

•83
86
•68
69
8%'
8

65

1

117

1678

40
90

6412

44'2
86I2

258

62I4
1734

10

38

•4334
8512

2%

23«

6334

•34

1

2
17

2%

5984 60%
65
55%
54% 55I2
IOOI2 IOOI2 •100
IOOI2
3612 367s •33I2 37
44I2
•43% 45
8512 86I2
85% 86
11634 11 684
116% 1165s
63l2 647,
O3I2 641,,

55I4
55I4
IOOI2 101

16

*13
2
16

13%

40

191.1

778

2

1734

7I4

19%

39
70

•6%

13

4934
8412
7
5OI4

5084

41

27I2
27
7178
I27I4 128
54I2 55i«
197g
21
6912
58

678
77,
4314

7'4

50

51
13
2

29
30

86

lOig

•71

20
60

1934

7I4

86

41

1918

71
73
12878
127
5434 55%

8018

95I8
llOis
141-

3012
3158
54I4

4II4

39
70

I9I2
27I2

I9I4

•3718

27
77

66

20

94% 9534
178 •17712 I8OI2
II5I4, 115
II5I4

4
*29l2
10
4478
24I2
6334

2%

•37

95I2

100

13
2
14

9212

95

109% 109%
14% ISig
29

14

*12l2

4778

66

33%

78
27

958

77I8

31

•77

36

11134
36I4

5OI2
I3I2
2
13"2

*77
95
178
115

1584

27

32
54

I9I2
41I4

1684

6334

6384

29I2

42

3284

29%

147g

33%

2OI4

33
29I2

45I4
6II4
4678
IOI2
884
69I4
3234
29I4
1578

6358

31

4il2

8%

7
6412

6358

311s
54I2

62

68%

25

1438

30

I8I4

9
6912

IOI2
258
I3I4
1078

1434

I5I4

37

lO'a

8I4

41

93

151s

63

5078
45I2

46

27I4
77I2
11184 II2I4
36l8 39

•108

3112
6412

1434

151s

37
20

45

28

9634

62

65
5934
92

15

6234
17

8
6584
4534

•27

9612

1434

33%
9I8
65
•59
92

33

178

1078

247g
7
6412

28

38%
35%

*84i2

1314

95

7612 7734
II2I2 113
38I4 3934
34I4
347,
961s 961s

88
88I2

115

26

9212

77%

36

67I2
5934

9I4

3II4

50
*13

147
•118

8I2

i'4

26

50% 52
4578

121

56

*10l8
2I2

25%

7

I2I2

135

5434
4058

95

35I4

54I2
8712

SUg
*53s

2I2
I3I2
1184

15%

15
27I2
31
53I2
8712
7

56

77I2
•9212

7712
11134 II312

35I4
97I2 98
10814 lOSi.i

1484

10

52I2
4734

•92

65

87l2

110

4II4
2578

45

•5934
14I4

8684
I

54i2

65

...
I3S4

85

Us

3II2

10

69

29I4

3534

Shares

112

73

87

5478

24

2612

89I4

8
6584

34 -is
10
69

1478

130
119

135

4fil2

16
3434
934

60
03

13

41

25

52I2

I3I2
I2I2

56

25

16

3'>7g

50

1184

45I2
5134
46l2
*8l2

103
1334

115
14% 15
56 62

2534

65

37I4
35I2

36
87
88

31I2

26

65

68

112

30

93

nils 112
36

87
90
115

40I2

*13

31 '2
68I2

36%

*29l2

•1412

I2I4

68

42I2

IIOI4 113=4
27I4 27I2
12
II84
29I2 30%

36%

30

60

12
3OI4

1'2

85

54I2
5434
407s

•9I2
2I2

112

NEW

the

Week

IO4I4 IO4I4

100

II7I2 II7I2
2658 29I2
•73
7712
*1
II2

331.

69

27I2
77I2

76%

58
32
•50
53

1

27%

1.30

135

33%

65
95

*92l2
27I4

13

I5I4

I4I2

I4l2

•1

42
24

241s
10534

27

135g
•1184

II8I2 II9I2
•2612 29I2

•73

j

•102

6934
33I8

62
94

*93

6884

69
•33

6834

6834
».-)934

I2I2
3178

85
64
47

IIOI2 II3I4

1134

IOI2

9

•100

112

2534
•7

47%

69

I5I2

6SI2
*102l2
•I3I2
•12

23%
105

121s

*8l4

9%

24I2
IO6I2

25S4
8
65I2

46%

69-V
3316

33

2%

461'>

9

42I4

2I2
I3I2
11

4618
5178

69
•^912

I2I4

•77I2

60

26

55
27

234
I3I2
I2I4

90
62
50

II2I2 II4I4
27% 27I2

87

26

5134
*46l2

4612
24I2

106
•100

86

53I2
41 14

657g
4v7g
52ij
47'2

46 's

•77
62

36%

52I2
40^8

838

*8

$ per share
77 89
•60
64

3612

53I4
4II2

12

2I2
I3I2
1134
2534

$ per share

•130

27

'2

40I4

*25
*10

S per share

8978 90^8 •89
11218 1121k *109
I5I4
1518
15

116

15I4

51

II4

Friday.
Jan. 27.

3118

69I4

II9I2 *118
120
*26l2 2912 *26l2 29I2
•73
*70
78
771s

35I2

Thursday.
Jan. 26.

Wednesday.

Tuesday.
Jan. 24.

Jan. 23.

Sales
for

3}

18i
171

10

3

20
18
18
16i
20!
10;
20:
181
171

18

69

8% Nov
4% Nov
Aug
23
27% Nov
Aug
105
165

Jime

30% Aug
70% Aug
Aug
54
6% June

to basla ot $26 par.

9I4

May

72

Jan

94

Apr

967g

Jan

52% Deo

May

Jan
Deo
10% May.

42
47

May
Jan

Deo

13984
11334
5514

May

86
70

Nov

Nov

Deo

9% Nov

.

Jan.

Y.

1

.^-^ ^r
»•«./. k.iayi>
1909 the BtcMamei metko4 ofqnotiat honOt
.V. ....^

3|

0ONU8
STOCK B^OBAIfOB

Wacb

endlDg Jan 27

Oonv 4%
OoET 4M%

2d OODV 4)«%

J

1932 10«7.

J

—

Load

'6econd Liberty

4% Ot 1927
CoDV4M%

ol

Tblrd Liberty Loan
of 1931
'Voartb Liberty Loan—
of 1938 1938
victory Liberty Loan
Notea ot 1923 1928
Notea c( 1933 1933
«1930
Ja eoDiol reglatered
<10IC
wnsol couiion
38
1926
4a reslBtered
1925
48 eoapon
il93e
Pan Canal lO-SO-yr 3a
1901
Panama Casal 8i g
18«1
Eeglbtered

4H%
*H%
4M%
3M%

19 85.34 97 60
96 92
97 36 6663 85 30 9780

97 90 6362 88 00 98 24

A O

<^ 00 S; le
90.02 Sale

D
D

101
101
104
104
lOOij

J
J

F

f

F

QM
M

100 30 13933 95 56 100 20
100 28 2526 95.80 100.08
100
100 June'21
1|100
lOO'-s June'20
""I io4 iosu
10412 Dec'21

100.10
100.12

100.24 Sale

100 24 Sale
1

1

100
83
76

SOU
SOU
78

8

g.l946 J D
Jan 1925|J J
104l|F A
s

K

<fc

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105

106

10734
8OI2
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96^4

97

98

U

A
A
A
A
A

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100'4 fale
10038 Sale

93
t 8712
^

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Jt

MN
MN

7314

83i2

J *

100

44

55

D

I

IO4I2
97'8
I

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10034
10138

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83ij
8758

225

long

97

223

45

92
99
99

171

32

1

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85>j 108ij
9518 10812
95>2 lC9ia
706p 87
9P
101»4
93I4 s98

100
95I4 1039
II

9818

100
IOOI4

93
87

Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale

8638
731s
S2l2
8OI2
5434

40

9838
IOOI2
10038
93I2
8734

279
307
242

87
84I4
84I4

341
77
124
146

5612
4II4

11*
150

74
40
29

55
107
140
84

96«8
99I8
97»4

110

105^8
9934
10034
95I2
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6734
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10634
101 14
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81
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6SI2

75

7418

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IO8I2

.

R«f1«ler»»fl

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tl995 Q
1996 A
1996 A

4a

-

tl99.:
kiVUl,

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Oonvt"ia4a
OooT 4«laaue

of 1910
aat Okia fJIv 1st 1 4s
Rocky Mtn I>1t lit 4«

98'4

99

99

9934
9518
10412

99"j
99'2

164' .silV 104
104 Sale 104
101
94

9o
94I4

94
94

94

:<

90
S9

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93
110
95

71U

8ept'20
July'20
Jarr22
July'20
Oct'20

76'i

.

.

M

W

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S
8
J

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las

tl938|Q
tl94X A
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Ts'nporary \n-fr 0« ...
PItu June lot u'lin 0«
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W

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1930 J

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01 r<or A W non Ml a ts
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f

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fold A«

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A
lOMi J

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194a J

iiirrairi

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O

...

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no
66^

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ton

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8«"2 Bale

8Uf

79
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t

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Sale
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8734

9.'i»4

M
M

M

D

D
J
J

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Co

ctfs of dep..
Chic 4 Ind
1936 J
1st 5e
III RR(n««i; CO) gen 53. ..1951

05

79
Jan'22
Jan'22
J an '22
85

92
70

72»«

3
«

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80
80
93
82I4

77

3

99

3

7211

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on

75
70

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07 1|
79

76
19

40

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711

0714

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88

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179

107
87
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70
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lit All »aar Si a

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A D«n

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AW

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i

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1000 Apr
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1020 r A
lOMf'
.

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1021

1

o

.104^ a
lOAl
f »•« tniUi»<*><' J
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rm
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r

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Sale

78

6512

102
79

87
87

'

<

i

D

Vl>ua July. »Uua Auf. aUlM

t)o».

65%

7558
831s 8358
83I2 Sale

102 12 Sale
IOII2 103
IOII2 103

102

96

9851
9334

*91

9H2

93

0c.5g

95
IOUI4 IO6I2 10«l4
107
Sale 10878

1057g

Juir'2ii

7614 "ifl'i

84U
I

15
I

Dec'2ll

1

83%

12
6

8312

103

I

1

96%
NoV2l|

93
70

98%
93*4

SJ9I4
0'il4

96
98
108%
109

'\00lt

4

105i|

"«7Jg

96

IO6I2

14

108

21

I

73I1

71i« 84lj
72I2 85lj
87I4 100%
96lg 102

17.

Jan'22
Feb'21
Dec'21
Feb 20

93*4

68

2

84 1»

65lj
84lj
62li

97
90

93I4

Jan'22|-

70

08l8

June'21

91

66%
93%

99

Mar"'

B9

99

8512

95
8212

Safe'

I

Sale

8312

Jun'22
78
78
9534 Deo'21
9714 Feb' 19

90
80
78I4

90%
83%
74
36% 94%
81%
67
8714 73%

Jan'22
Jan'22
Jau'22

78
77
78 14

873g
SOig 81
71
Sale
lf)4i4 107

OSI4

39
180
41

64
04

92I2
75»4
104

N0V2I

62 U

72 12 Salo

n7«4 104 1«

K5
.- .. ....
8.i

78

Salo

8(1

Hitlu

95

HIY'h

Hh
81
78
80
881

H:ili'

7H1,
HI

70*4

77

78%
80
Jmi'22

II2I4

68

23

HI
01^%

27
28

3
I

01
Hull'
H3«« Httia
-

-

01
m:i<4
-

30

Nov'21

78

75%

Dm''2l

HA% 031,
0K% 100%

7H
Ha In

99I4

P»ua N«t.

78

76

17
10

84
IR

20

04
01*4

4

70

OOI4

77

ua

73
98

102%

HA
naa'2l

50
H7

HAI4

'

77'i

78
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78

7l"j
24I4

aaaa —

77*4

100

72

Mr,, '10

78

04

701,

77%

N0V'3I

71i'4

73

02%

HA% "7%

77
78
88

I07lt 104

2:1

HI

(IH

lOAU

72 1«
24
04

81

Juiie'2i

Jan'22
Jan'22

03

71%

(U.%

04

76l|
7l'i
2314

72%
I <'•»'»

71
88
no

72
I

SIU

04 >4
70 14

91

03% 102%
72% 79%

m)

78

NO'

....

186

07';

77
Jan'22

7H

83%

84

97%

Mar'I?
Am, VI

77

Hull)

70

75lj

74 12
IOII2
7OI2 Nov'2J

OiHz
H2
77

Hall)

81% 89

Jan'22

707»
lOOig

lOOis Sale

78%

61% 80

Muy'lS

75I2
103

80

70'l8

so
77I2
I07l|
901:
Jttn'22

95
77I4

79

85% 08

108
SOU 90<2
87
93
03»4# 9212
10212 ... ^ 118
Nov'lfl

OH

94

70%

70

83I2

7M

79%

91

100

•

77

70
Mar'2i
68 Ig Auu'2)

-

9SI4

- • *

76>i

lODa Oct'19|.

..

07
H2
77

68>4

72i«

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Dec'21
77

8312
8II2
IOOI4

72
80

63ig
89li
sgij

25

721,

60
70

2

92

66

6018

112
23
34

Jan 21

1

I

5712

830|

6318

44
22
36

82

76
66

7H8

14

89

03l8
57«4

I

No«

92
77
70

95

70
66
68
70
76

16

8II2

84I4
93I4

9334

68

51

74I8
Jau'i!2

90lf

72l»
47Ij 63
91I4 103

3

63I4

88
94

367g
351)
101i»
96»s
103i»
79
78 103»4
60 ' 82lj

.

638

Sale
92I2

87

781»

28
20

7SI4

6534
815s
55I4

41>l4

7434

Jan'22

73%

80*4
637|

80
76
69

307«
69I4
77»4

59

78
75
8II2
79I8

76
82
761i

41

752

103

87
70Ij

731a

6

72
61
Jan'22
9OI2

6OI4

86<«
8ol|

71
7C
13
69

13
10

89l2

Sale
6OI4 Sale
10318 Sale
S912 Sale

r

t As.. .I02«

rniria A
Inn. ma 4a
...
rirvr Htiorl I. lal gu 4Hs
(oliiru'lo A H>Hi Istg 4i
Mrliind A Kit 4H»

nW

r

«l03fl
1 1 030

73
07
66
73

Nov'21
Mar'17

32
71

71

03Vg

W

H

102
105

98
83
•SO
77
76

A

866a
7118

20

Jan'22
09
Deo'21
IO4I4 Dec'21
103
Jan'22
8434 Jan'22

3312

S2ig ..

W

t

95
Safe'

101)84

A I) 2d gold 4 Ha
1037 J J
Find A Ft
Ist KU 4* s 1023 M N
.Mlob lai oons 4Ha.l03l J J
D
Clov (In ( h A HI L geo 4a 1003
2f>yritr drb 4t^«
1031
J
D
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1003
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.
Cairo DIv III void 4a
1030
J
J
A M DIv lilt R 4s... 100
rtn
N
1000
HI I. Illv Ut rolltr « 4ii
tnl DIv 1*1 g 4a
HMD
•
Hpr A
J
I04O
W W Val DIv Im a 4|

r!

88

7118

Day A

I.

933g

O9I4 .95'8 .10034 ..

.^

71I4 ~847i

41'

8138
887g
9534
Oct! 9
88I2
Dec 21

100
100
80
94
97x1

I

79I2
8834
9534
907g
8712
34I4
3318

1

M

R 4 N
N W
O

HI

..

8478
UJ8"2

1934 A

1930 J
Ob reduced to 3 He. 19:10 J
D«t)«nliirr r,n
1930,
Niir(h wiHoonsln IstOs... l«30iJ
Superior Hdorl I. let 6b g. .<IW30
Cblr T H A Ho East Ist 68 1900 J
Cblo A WcHl lud gen g es..el932 i)
Conaol 50-year 4s
1962 J

1

Apr'21
8O34 Dec'21
55I4
59
38
3978

55 14 Sale
38 Sale
80 Sale
SJs^s Sale

8212
9314

Cons

C

83S4

97
82 '4

Ixiuls lat 4Hb.. 1934
Burl C
Ist 68
1934 A
I F 4
Ist gu 68. 1921 A
Ch Oklo A cons 6s
1952 «•
Keok 4 Uns Molnee Int 8a. 1U23 A
HI f'aulA K
L lat4Hs.'4rF

hh

1

69

65

19Rr. J

94
98

IOII2
2
IOII2
78is June'20 ...I
43
83
8438
8658 Nov'21 ...I
"83 Safe" 8234
84I2 115
86I4 166
85
851s Salf
75I2
70ig Sept 211.7434
75
Deo'21 8418
80
Nov'21'
6834 71
7618 Dec'21
8I34 83
83
Jan'22
79I8 Jan'22
7618

76

88

76l| 90
9218 1041J

IOII2 102
100
8234 Sale

i
3

Ark 4

II

96I4

94

Aup'21
94

64
92

1

C

80
94

54
92

Mil Spar 4 N W lat «u 4s. 1347
I. Peo 4 N W Ist gu 6e.l»48 J
Oblr R 4 r— «j/gen 48
19SS J

CIn

1047r
833s

87»»

87
83

Apr'il|...^l
8SI2
2
IO5I2
9
100
Dec'2l'
IOOI4 June'ail

i

St

;

Dec'21

8812
IO5I2

7134
5734

M
W

I

.vlu.v'18

62

N
L

bfii 101
8(14 90>4
8^7j ;/8
67 li 70^

83

88I2 Sale'
IO512

86

68

7

7034

1933|l>l
1930 J

orig 10914

23
Dec'21 -.:.

GO

Asliland DIv let g Oh... 1925
MIcb DIv lat gold Os .1924 J

ye,.r h

92I2
95I4

112

997!)

Dec'2l

707s -ale

Dea Plalnea
Frem Elk 4 Mo V 1st 6s. .1933 A
Mao O B 4 N W Ist 3Hb.1941'J
Mllw 4 8 L Ist gu 3HB...1941 J
Mil I. 8 4 West Imp g 58.. 1929 F

I.'.

84

»

V

e^isg
1938[<»
Val l8tgu4H8. '47;M

Oblr Ht r

8334

QQ

66
137
3

11012
IIOI4

55
62
60

A

16-yf:ir seciirert

01,

1

J

924 J

1

Registered
10-year secured 7Bg

or.

....
ini

48

Registered
Blnl-.lng fund 68

r;iii

U2

'il

HO

J

M
M

General 5s stamped
Sinking fund Os

CR

90

88

67I4
--8II2 85
8178
7312 Sale
6578
SOI2 81%

1886-1926
1987
pl987 Q i
N
1987
1987 M N
1987 M N
1879-1929 .4 C
1879-1929 A O
1879-1929 A C
1879-1929 A O
1933 M N

Registered.
General gold 3HB
Registered

I

8938

75

J

Mllw 4 .Nor let ext4H8.--ie34 J
Cons extended 4H9.-- 1S34 J
Cblo 4 N'west Bx 4s...l880-'26 F

07I4

OH",

Hi
90
04

.

H7I,

J
J

CM A PugetSd lat gu 4b.. 1949 J

B

Der'21

87"j

84

M

M

4

93
9434
77'2

J

MN

Cbloago Ureal West let 48... 1959
Chic Ind A Loulsv— Ref 6a.. 1947
Refunding gold 5b
1947
1946
Refunding 48 Series O
1956
Ina 4 Loulsv Ist gu 48
Oblc Ind A Sou 50-yr 4b
1956
Cblo L 8 4 East let 4^8... 1963
4 St P PCD « 48 ser A-eI989
Ob
el989
Gen'! gold 3H3 Ser B
Oei era! 4Hb Series C
el986
Gen 4 ref Ser A 4H8
ai 014
a2014
Gen ref conv Ser B 6a
Convertible 4H8
1932
1925
Permanent 48.
1934
26-yeax debenture 4s
Chic 4 Mo Rlv DIv 6s
1920

Fargo

9268
92I2
94I3
70=4

92I4
9II2
74I4

.

C By

C&E

9ti78

911s
841s

dep

otfs of

Guar Tr Co

84

1921.

High No. Low Higb
94U
10 su, 96

9OI2

.«

RcKlylercd
BefuiidInK «oId 4a

92tt
«7i2

«7i. HaJe

100
H7
07ti

... 101

irjOli lOfll-

0.134

N

...M 72

89

93
y.nz ....1 H0l8
K.'*l2
85
85
HH Hale
HH

87i8 10.i34
86I4 104

35

NoV2l -

79
97
92

!»2'«

...
9

62 14

M)'i
W)l8

80"i
801

13

H

62
88
82

62

IJ

MN

.

W

93I2

Deo'30

»

S

MN

.

94

84 '2 Sale

BAA

D«o'20

J

104
104
106

78I4
78I4

—

.Jar|-22

9834

79

10
6

9334

H.->

inH M H

1905 J
Traoii r>,n Hbort L Kt 4a IftWi J
Oal-Arls lit*rer4Hs"A" I9r2 •*
7» Pre* A Pb lit f 8a... 1942
All r>Mat I. 1st cold 4a
kinr,j
10-year aneured 7i
1980JW
19A4lJ
Oeo unined 4Hi
Ala Mid 1st fu sold 89 . . 192fl:
BnnaA Isttufold 4a..lW38 J
OharlesA Hav Utinid 7i. I930'J
eoll sold 4a
.aI052
l«t told a«
F A
IVM A
l»t sold 8«
19H4 A
lair A otiio prior 8Ks
I938|J

104-:^

•84

9512
IO4I2

41 10412
23 87li
eo 8734
58 87»4

94

9334
9438

99

82l<

...

1043$
10438
1043s

104
9434 94

Sale

3434

8214
82it

Jan'22
Jan'22
Uec-21

."^

No%
No»

1056 i
1900 J

4334
llOij
IO884
10234
IO312
97I4
II4I2

D

D

Stamped
98'4
98»4

10334 Sale 10334
103'2 lOa'g 10334

|

Pj— Oea | 4a

Atcb Top A H

9034

69

J

j

34

94^8

IIOI4 110;<8 110
10934 Salt, 1095g

Range
Year

1^1

Last Hale

Ask Low

941?

O

M

General 48

I

aiallraad.
Arbor IM I 4a

871i

68
77 9Sl8 104
25, 94 108l|

,

Jan'22
Jan'22
104
104

MM

M

88

59

158 81»4
96 10V78
IS
13

96 14
105

86

21
190

735g

109

83

9738
9978
100'4
9514

O

.%

J
J

Central of Oa Ist gold 68...P1946 F A
1946 tA N
ConBol gold 89...
10-yr temp soour 6s Juno. 1028
Cbatt DIv pur money g 48.1961 J D
Mac A Nor DIv let g 5b.. 1946 J J
1947 J J
Mid Oa * Atl DIv 5a
1940 J J
Mobile DIv let g 68
Cent RR & B of Oa coll g Sa.l93? IVJ N
1987 J J
Cent of N J gee s'jid Ss
41987 y J
Registered
1921 J i
Am Dock A Imp gu 6a
S
N Y 4 Long Br gen g 48.. .1941
Oheaa 4 O fund 4 impt 6a.. .1929 J J
1939 IW N
coDBol gold 68
iBt
1939 iW N
Registered
1992 l« 8
General gold 4Hs
1992 Wi S
Reflatered
20-year convertible 4 Ha.. 1930 F A
1946 A O
30-year conv secured 6s
1944 J D
Big Sandy let 4b
Coal River Ry iBt ga 4b... 1945 J
1940 J J
Craig Valley 1st g 6b
1946 J J
PottB Creek Br Ist 48
DIv 1st con g 46.. .1989 J J
1989^ J
2d conscl gold 48
N
Greenbrier Ry let go g 48.1940
8
Warm Springs V lat g 58.. 1941
1949 A O
Chic 4 Alton RR ref g 3b
1960 J J
Xa<lurai/ Ist lien 3Ha
J
Ohio Burl A Q— II! DIV 3>iB.1949
1949 I t
ininolB DIv 4s
Nebraska Extenslogi 4s... 1927 m N
1927 (W N
Registered
1958 (W S
aener8l4s
Ohio 4 E in ref 4 Imp 4a g.. 1955 I i
C S tg A Tr Co Ota ot dep1930 \ O
1st ooneol gold Os...
1937 Vf N
General consol let 68

83

85I4

1902

fia

Canadian Nortb deb 8 f 78.. 1940
19-!'
^.'>-\ &ir a f deb (ihsCar Cllnob A Oblo lat SO-yr 6e.38

e.'?

IO7I2
8838

9412

90

^

M

4H%
»H%

lOlli

74»4

'eis

ICS'4 IO8I2 108

i

D
8
N
MN
MN
MN

98
104

72
76

106
108

Bale
1 137g Sale
68 14 Sale
10312 Sale

•tat* and City laeurltlai.
T City— 4J<9 Corp atock.l9«0 H 9
1904 «« 8
4H8 Corporate stock
1966 A O,
4K8 Corporate noek
1971
4H8 Coporate stock

4)^8 Corporate stock July 1967 J
1905 J
4H8 Corporate atock
1903
4Ha Corporate stock
4% Corporate itock
1956 K«
4% Corporate slock
1958
4% Corporate atocX
19t7
4% Corporate stock rec...l96C>
New 4H8.
1967
Corporate stock... 1967 M
Corporate stock... 19.''.4 M
• Y Btata—4e
1801 *•
Oanal IniproTenMnt 4a
1901 J
DanaJ Improvement 4a
1900 J
BUcbway ImproT't 4 Ha.. 1903
aialiway ImproTt 4^a..l906M
Virginia funded debt 3.aa... 1991 J
8a deferred Brown Broa etfa

96»4
9634

94»4 l"8lj

'

N

105

103
4018 49

86
85

36

M

I

IO6I2
88I4

41
10934
106>8
9934
IOII2 .Salt

J

Bweflen 20-year 68
1939 J
ewl3s(3o7ife'leratlon20-yr»f 8a'40 J
'
S
Tokyo City 88 loan of 1913
Uruguay Rep'ib ext Ss
1946 P A
Zurich ,01ty 00 9 f 8a
1945 A O
triM* uTt frU4t ea lft« baHs of 86 10

86 12
83

D
O
O
A O

BlodeJanelro25-yearBf g8..1946
Pan Paulo (State) ext i f 8i. 1936 J

98I4
1001?
lOOis

84

1

V9ij

66I2 78
9511 10634
9734
87
9634 IO714
93I4 ll>7
9278 10834
9934
74

27
123
139
69
61
36
167
293
44
83

10834

9514

D

I

76

July'21

73

D

Ireland (O
of)—
20-ye«T gold bond 6He-.1937!F
10-year «»ny 8H9
-.1929 F
3-,ear OOLV SHb
-.Pi922 F
Italy (Kingdom of) Ser A flHa.'25F
Japanese Oovt t loan 4HB-1926 F
(MO nd series 4Ha
1925 J
5te Una loan
1931 i
Lyono fClty of) IS-yr Os.. 1934
Marseilles (City oO 15-Fr 8e.l934
Mexico— Exter loan t 6a of 1899 Q
GoltJ flsM 48 of 1904
1954 3
Norway external a f 88. ...1940 A
Queensland (State) ext s f 78.1941 A
Hrit

100
ion
761i 83

'21

IO7I2
96I4
IO6I4

O

Gt

II:,

1021s 10458

1

Dec'21

78
'

D

M

J

IO6I2

79

lO-is Sale

MN

M

IO4I4

10414

95M Sale
lOo's Sale
1645iM N 106 Sale
Bergen (Horway) a 1 8a
1945|M N IO8I4 IOSI2
Berne (City of) a f la
83 Sale
Bordeaux (City of) lO-yr 8a. 1934
1035s Sale
Brazil. I 8 extern 8b
1941 J
97 Is
Canada (Dominion of > 8a. .1926 A O 97i8 Sale
Sale
58.. .1931 A
do
do
9812 Sale
lO-year 8X8
1929 F A
100-34 Sale
Chile
pubiUc) est sJ 88.. l94i|F a
External o-year 8 f 83
1926 A O 100% Sale
N IOOI2 Sale
25-year a I 8b
1946
t 4412 Sale
Chinese (BnVoang By) fia 0] 1911, J
Ohrlstlania (City) a f te
1945 A O 10612 Sale
88I2 Sale
Copenhagen 28 yr 9 f 5Ha--3944'J J
Cuba— i.xtemal debt Sa of lf»04. «• S 86 Sale
80
£zter dt of Sa 1914 aer A. 1949 F A
7612 76'8
Kxternal loan 4H>
1949 F A
IO6I2 Sale
Danish Ccn ManldptL' 8e A"1946 F A
10658 Sale
a«n« B
1946 F A
Denmark external a f Sa
1945 A O 108 Sale
8712 88I2
Dominican Rep Cons Ada at 6s '88 F -*S 10014 Sale
French bepabUe 38-yr ext 88.1948
9434 Salo
20-ye»- eiten loan 7Hb. -19411 J
5-year e% notea
20-year B f !a

97.50 14954 85 34 98.14

96 10

96.14 Sale

II

of 1009...

7J4

f

96 00
96 02

S 97.14 Sale 97.14

M

Faraign Ga«arniBant.
fia

Canada Sou conn ea A

Week's
Knnge or

Price

Friday
Jan. 27
Cl4f

High

96 2959 8600 96 80
5 85 24 97 98
30
90 1126 85 40 98 00
13 94 00 100 50
00

97
97
97
99

96 26
97 22
97.65 Sale 97 00
99.00 Sale 98 50

MN
M N;

1942.of 1937 1043

Argentine Internal
Belgium 3J-yr ex: a

D
D
D
D

J
»

of 1932 1947
oJ 1932 194T
ol iP32 1847

I

Jfl
3 fc

T STOCK EXCHANGE
Week ending Jan. 27

II

1921.

High No. Law

96.24 Sale

BONDS

Range
Year

go

Last Sate

Ask Low

l£.d

for

BTictt
prtcti art

>i/i« n
a

Week's
Range or

Price

Frtdav
Jan. 27

U. S. Qn««rnBi*nt.
9lnt Ub«rty Load—

iH%

393

Friday, Weekly and
BOND
New York Stock Exchange—tk.A and Record "anHnurtii" —aceol ineoni au4 YearlyOomd*.
aa< 4efaaUt4
.»„»
aom—
an now — "gnil iaterar—exupl
n..a ana
mat

07'ii

7H
7H

Jan '23
Inn '22

#Dti« U«».

20
80

At% NO
00% HII
OA

00

01

....11

00%

aOpllonsalo.

—

.

394

.

"

New York BOND Record—Continued- Page
BONDS

Range

FrlOav
Jan. 27

Jan. 27

gSl

Week's

Price

STOCK BXOHAT»QK

Week ending

2

^a

8—

N. Y.

——

'

1

or

BONDS
N y STOCK EXCHANGE

Range
Year

(§18'

*

Last Sale

Price

Week

ending Jan

Week's
Range or

FTidav
Jan. 27

.

.

1921.

7

Last Sale

I

Del Lack

—

Bid
isk
Western (.Coaci.)
Warren Igtref gu sS>il
70
3000 F A
Delaware & HudBon
9984
1st lien BQUlD g tat—
1922 J J
89 Sale
in * reJ 4b
1943
81 Sale
80-Fear oonv St
...1936 A O
lO-year geouraa 78
1930 J D 108 Sale
78I4 79
Alb & SiUQ oonv SHB
1946 A O
Renss A Saratoga 20-yr 68.1641 M N 10434
73 Sale
'^en A B Or
lac eocs e 48.. 1930 J J
7634 7733
Conool gold 4Hb
1938 J
76I4
75
Improvement gold 08
1928 J
41 Sale
tBt A refunding SB
1956 F
44
40
TruBt Co oertlfB of deposit..
75I2
aio Or Juno let gu 68
1039 j'
"17I2
Rio Or Sou let gold 4g
12
1940 J
lOlg 40
Guaranteed
1940 J
7538 75I4
Bio Or Went 1st gold 4). ..1939 J
f.338
Mtge. A coll trust 4b A. .1940 A
63
oet & Mack— l8t lien e 48. ..1996 i
671s 78
5738
Gold 48
"
1996 J
Oet Blv Tun Ter Tun 4HB..1961 m N
8318 "84
Dol Mtssabe A Nor gen 08...1941 J J
90
Dot* Iron KaagelBtSa
95
1937 A O
Registered
1937 A O
Dol Sou ahore 4 At! e 8b
8158 85
1937 J J
9Gl2 --S!gln Jollet A East let g ea..l941 m N
ane let ooDBol gold 7b est ..1930
S 102 ...
7758...
Erie Ist ezt g 46
1947 m N
8rd est gold IHb
9712 ...
1943 M S
4th eit gold 3fl
89 _..
1930 A O
<fc

MN

—

M

NY*

8th eit gold

4i)

1928
N YLE4
1« 78 ext ..1930
Krie iBt cons « 6a prior
1998
Registered
1996
l8t oonsol gen Uen s 4b.. 1998
ReglBtered...
..1996
Penn ooU trust gold 48.. 1961
SO-year oonv 4b Ber A. ..1963
do Series B
1963
Qen oonv 4b Series
1963
Chic 4 Erie iBt ecld 6g
1982
Oleve & Matcn Vail g 6b. .1988
Krle 4 Jersey Ist s f 88
1966
QeceBBes Illver 1b( b t 6b.. .1967
tODg DooX conso: B 6b
1936
'oal 4 PJi Igt our gc eB...iS22
Of. ok 4 Inii>t 1st est 88
1943
N y & Grear L gu g 68
1946
N Y Sus'j & lat ref e8...1937
Id gold iH»
1937
General gold 8b..
...1940
Terminal 1st gold 88. .1948
Mid ofNJlsteztBB
1940
ffllk * Eaet iBt gu g 86
1942

W

J

M
J
J

D
1

J
J

w

mN
J

J

J

J
J

J

A

MN
J i
MN
f

J

F

A

F

D
J
O
o
o

4 T H iBt gen s 88... 1942
Mt Vernon Ist gold Bb... 1923
Co Branch

1930

l8t g 88

E CoMl iBt 4K8
1989
'VI t St D D Co iBt B 4Hb.— 1941

D

/lciia»

J

Worth 4 Bio Or Ist s 43.. 1828
"Iv Houa 4 Heod Ist Ss
1933
ai«nG Trunk of Can deb 7«..i940
tl

le-year

Qreat Nor

6s..
7» ser

s f

oea

J

o
c

1936
1936
1961
1961
1938
1988
1988

A

l8t4ref4)^gBe7legA
Registered
at Paul
4 Mu) 4r
Ist oonsol K 8b

M

»' glstered

s
3
J
J

J
J

J

educed to gold 4Hr...i938
Registered
1933
ext let gold 48
1937
Reglatered
1937
PanUlo ezt guap 4b a
1940
B Minn Nor DIv let 3 4b.. 1948
Minn UnloD 1st g es
1922
Mont O 1st gu a Cs...
1937
fteglatered
1987
iBt piiar gold 88
1937
Will 4 S V Ist gold 8b.. .1988

i
J

Mont

(iveen

D
D
J

O
J
3
3
3

D

w Dels osfo "A"

Bar 4

Feb
Feb

Debenture ctfs "B"
4 S I iBt ref 4 t g 8B..D1962 J
Glonking Va. iBt coqb k 4MB..1999' J
.)Blf

EsRlstered

0.

(WN
A O

J

J

1999; j

1948'a
Ool4TollBt«xt48
1966 V
Kooaton Beit 4 Term Ist 6S.1937 J
HllnofK Central lot gold 4b.. .1961 J
ReglBtered
1961 j
l8t gold 8K8
1961 J
Registered
1961 j
Kxtended Ist gold 8Mb
1961 A

O

H V 1st oxi g 48

Beglstersd
1961 A
Itt gold 33 sterling
1961
Collateral trcBt gold 4a
1962
Registered.
...1962 a
let refunClDg 4g
1965
PurohaacG Unas SKB
19621J
li
O 4 Texas gold 48
1963JM
Registered
1063
16-year secured 8 Hs
1934 j

m
m

A
J
J

J
J
J

O
O
8

S

o

MH

N

J

N

MN

geciirfd

-.

j

J

i

losolj
Litchfield Dlv Ist gold 8s.. 1961 i

d

l.S-yi-.-ir

(i!jR

k

-

l!<;)i

dairo Bridge gold 4s

1

CiOulsv

Div4Term g3HB.1968

Omaha Dlv

1961
8t Louis Dlv 4 Term g 8e. 1951
Gold 8H3
1963
Sprlngf DIvIstgS^iM
19£!
JBSi
^restern Lines 1st g 48
Registered
1961
tieiiev 4 Car 1st 68
1923
Oarb 4 Shaw Ist gold 4it.. .1932
Ohio St L 4
gold 88... 1961
O
1961
ReglBtered
Gold 3K8
1961
lot gold 8s

.

N

J

.'

.<

F A
J

i

J

i

ji

.j

f a
F A
j
rr.

j

j

i
iolnt 1st Ttl lit Series A. 1968 j
1961 j
Memph DiT Ist g 4b
.1961 j
Registered
|i Louis Sou Ist go g 4s.. .1931
III 4 lOTa iBt g 46.
1960 J

4

Clear Ist 4b...
CacsasClty Sou lStgOlC8B..ll!50
Heglstpred
1950
Ref4liiipt8g
Apr 1960
Xsnsas Cltp Term Ist 4s
1960
Lake Brie 4 West Ist g 8s
1937
2d gold 5s
1941
2Tortb Ohio Ist guar 8 8b.. 1946

Lfh

VaIN Ylstgng4KB...1940

KeglBtored..
•fblgh Val (Pa) oon8
General cons 4HS

No

RR

08

7b^

7838

73

75I2
77I2

7634

75
44
42
77

y

72 78
92
8 1001* 1091a
5 68lg 78

6212

50
84

j

j

3

J

J

(

a O

10.yr coll 6s. •J928

and asked

Unified gold 4s

783s

6OI2
4818

Debenture gold Ob
20-year pm deb 68

72ig

77

Ocf21
May'21

14»4

611«
4778

17

77
65
6212

67
60

84

64l2
92I2
8758

50
84
9.S88

Sflla

Jan'22

92

Nov' 15
Auc'19

Dec21

40^8

58

40

4212

Aua

4734

39

39

721JI

k;i

55

39I4

341)!

41

18

8512

86 14

905s Sale
80
8212

90^

9058

37
75

4678

86I2

7812
79I2

79
Jan'22
June'21

35

97
103

16

8"8
'7'6'lii

77
97

Jan is

83

41

4834

40

42

40

8312

81

72

.

52I2

65

55

99

"76

"831a

'52I4

61»4

40

Nov'19
65

40

39I2
Sllj

Jan'22

8212 Aug".,;!

78

871a
"

Dec'21
Jan 18
85
5612 Jau'22

4018

88

'I'

82ia

47"

50

"60

23I2

105
8358 Sale
7118
78
79^8

80

83

IIUI4 Sale
10218 Sale
10758 Sale
8912 90

Jan'17
88 J Apr'21
6912 Apr'^1
6912 Apr'21
83.-^8
85
Apr'21
66
7978

88
110
102
IO712
81I4
82I4

89

89
105 '8

lO.^'s

6012
691?
715s

66

7978

«1'8

Jau'22

(•.2I4

110>8
IO312
IO8I2
8912

95

88I4

88
80
83
88
99

90

14

85>4

82
79
80

Jan'22
Mar 21

Mar'20
88

lOfl's

13614
93I4

8

.

-

70
Sale

7318

83

Sale

7612
7518
8GI2
88I2

90
55
778

75
83

Jan'21

Dec'21
8
Jau'22

86

'767^

I"!

70

57g

8I2

I

74

671a

7

Jan'22

83

-

671a

7012

76

Nov'21

86
86

8Hs

Sept 21
7812 Jan'22
84
Nov'15
Oct'21
72

83lg

831.S

801.8

90

65

7012 Dec'21
86I2 Jan'22

95

94I4

55

Dec'21

83I2
73I2 June'l8

78

80

90
90

May '06

97I8
5618

86
80

99I2
90I2 I03I2

IO918

96

9338
91lj

75
99

Mar'21

IO6I4

82I4

81*4 89
991* 103IJ

9II2 Dec'21

85
99

89

82U

Sept 20
9512

84
66
80
8S

77

10518

99

71
691a

99»4 111
n."-.
lOOi9612 11078

Oct'21
Dec'21

94I2

88S4

"s's"

68

72"

8318
781a

72

4 Mem

80

n

July'09
JaH'22

8418
953a

Sep (,'19

Sale

84-1.1

85I2

7SI4
7Si2 Sale

7634
7812

Dec'21

68
98

Dec'20

84

9834 Salo
IO8I4 Sale

8138
67I4
7358
6418
67I2
7OI2
7038

IO8I4

76

6718
71»4
6578
86I4

7934

IOII2
10934

Dec 21

70
66

Dec'21
Jan'22

0338

Jaii'22

76
8058
74I4

80

im

50«4
64I4

Dec'21
Nov'ie

7278
93I4

91

Mar'19

76

761s
82ij .8578 8738
.

98

66
80
86
98

Nov" 10

94

94
Dec'21

11

Nnvi7
10
24

98
8OI2

64

64

65

7.x

Oot'Oli
85I2'

2
I

"84l2

80^8 Sale
S'Ms 89l2
7812
77
6SE8 Sale
8912
7Sl8

80

8734 Salo
991s

8438

80

80
SO

.)'iiv'21|

6855
4638 Dec'21

88i8|

100
Mar'12|

aDueJan.

65«4
7818
67I4

68I4
SSlg

72
64
'7'2 "

"94
9858
881a
65»4
911a

76
76I4

93
82
66
"861a

691a

81 14
87I4
7?l

65

811a

3,

2

"44

86-18

sn

e7ia
7212

771J
861a

90 14

92

961a 103

^DueFeb.

A O

M
Q
M

S

D
MN
J

J

J

J
J

MN
MN
J
J

A

High No. Low

9514

8518 ._
78
8212
9II2 98
84I4

78
99
•82

99I2

72I4

77
7612
73I2

75

8014

9512

108

78

63" iiu

8312 Dec'21
r6i2

77

74

75I2

'31

Jan'ii
July'21

Apr'21

89I2

80

107

17

108

"7

go'

"9i'»

81
91
8OJ2

97

641*

77

7S3s

.

941,

SS**

98li
87»8
6718
321a

'9^

11

75«8

10
63

87

97

7|

14
16

33
39
68
32

99I4 104
"88'li

703g

'mi.

86

70J»
7614

34I2

61ii

34
25

87l»

6H«

49IJ
4812

MN
S

A
O

86I2 Sale
9858 9iJ34
94 '2 9538
6OI2 Sale
42I2
76I4 77I4

86I2
98I2
953g
"•
6OI2

70
83

68 June
84 12 Jau'22

J

D
D
MS
N
N
M <

68
7638

78*(

651a
931|

47

7658
8638
81»4

9834
9538

6H4

80l|

60>!«

89

63

981a
94

Oct" 18
7638

67

"

'7^»

I-.-

85
92
96

89I4
9ll2
8158

fOis July'21
9512
9612
-.102 July 14
8158
82
Sale
80'g Oof 17
77I4
is
Sale
76
9038 Dee'21
IO214 102
102
-. 961a Dec'21
73I4 6758
175s
"" Oct'21
7658
...
8758 Jan'22
...
i

76'g
79I4

83

59

S3

96

32

66>4

84

64*8

78ij

801s

I

7612
90'8
101'2
9584
6734
8512
85Sg
84I2
9858

I

29

90

86

84

9934

993g

99

99
69

76U

9838

26
...I

27

76*»

86

72

Jan'22

22I2
24
26I4 Dec'21

1017>

77

July'i,!

I

24I2

90

94
90
67

'

88ii
98if
0gi|

911a

98
19

261»

181a

801a

31

30

27

SOW

20
82
72

19
84

IRlg
68»4
6134

38

30
Dec'21
Jan'22
72I2 Jan'22
98l2 98
9812
63i2
Sale
64
98
Sale
100
Sale il06i4
107

803s
71
9SI4
6312

)

98

|

10634
7912 Sale

79I2

86

7958
871-

Sale

7612

775g

Jan'22

86

Sale

75
86

83

86
73

72

7234

64

71
3

360
48
55
32

Dec'21

8663'

,7512

71I2

875s
66I2 June'20
8512 Jan'22

7238 7258
7412 Sale

57
87

60

60

74I2

49|

"34

20
'io

82I4
»

104
69

7812

Nov'21

927g
9OI2
9188
8512 July'21
82i2
8212

92

Option

67V
lOOlf
106».

71

87

621a
61«t

7511

71

87I11

S314
73if

80

691a

73

64

56
69
67

71

62

8II1
761a

Mb7'16

69'

June' 21
8312 Deo'2I

77'8
73I4

S3ia

87
98
66

Jan'22

851a Jali"22
7612 July'21

7812
66I4
81
8684
9418
7812 Sale
*73i2
9212 Sale
9012 Sale

cDuoOot.

74I2

90

84I4
75I»
99l«

72

Nov'21

71

75
77

MN
MN

77»»
79*»

32
34

9012
411a

19

1936
N Y Cent RR oonv deb 88. ..1936
col! tr 7s
10-year
1930
Consol 48 Series A.
.1098 F
Ref * Impt 4V<B "A"
2013 A
New York Cent 4 Hud River
Mortgage 3Hb
1997
Registered
1997
Debenture gold is
1934
ReglBtered
1934
80-year deb 4a
1942 J
1998
Lake Shore ooll g 8 Hs
1998
Registered
Mich Cent ooll gold 8HB..1998 F
1998 F
Registered
Battle Cr 4 Stur Ist gu 3M.1989
Beech Creek 1st gu g 48.. .1936
1988
Registered
1936
2d guar gold 68
61961
Beech Cr Ext let g 3 Hs.
1981
Cart 4 Ad Istgu g 48
Gouv 4 Oswe 1st gu g 68. .1942
Ka A 4 G R 1st gu g 68.-1936
1997
Lake Shore gold 8Hi
1997 J
Registered
1928,
Debenture gold 4a
1931 M
ae-year gold 48
19ai,M
Registered
4 Mai Istgu g 48. ...1991
Moh

68
78

7634
6278

24
30
30

'62

79l»

55
52
55
55
30
34

100

1961

741»

6II4

J

4H8.19e7

28
61

37

MN
1 A

8

63^

17

N

64

33

IW
IM

75

3058

1929iJ

nDuoSept.

80l4

•"
7*
4«
48
*'
78
**
87

o
6
10
13

NO
4 Inipt 4HBA
New Orleans Term 1st 4a
1963
1926
N O Tex 4 Mexico Ist 69

July.

90*4

flO

July'20

Guaranteed general 4s
1977
Net of Mex prior lion 4Hs...l928

Due

81

Mar'lo
Wov'lO

M

B

If'

7914

7812

Jan'^1

2d extended gold 69
1938 J J
Bt L Ir
4 S gen con g 68.1931 A O
Oen oon stamp gu g 6b..1931!A O
Unified 4 ref gold 48
1929 J 3

DueJone.

50I4

841,
641a .78

Nov'21

PaoRof Mo l8texig48...1938F A

'.

931a
lOlig

100

Feb'oa
Oct'21

M

iBt oonsol 48
4 N'Elst ref

^
109

100
70
83
SO

84U Nov'21|

865s
7612

4 '^kla 1st gu g 6s. .1943
.Zj/— p 1 5s Ser A
40-year 4a Series B
10-year 6s Series C
Cum adjust 5s Series A
Missouri Pacific (reorg Co)
1st 4 refunding 5b Ser A.. 1966 F A
1st 4 refunding 58 Ser B.al923 F A
1st 4 refunding 58 Ser 0..1926 F A
General 48.
1978 M S
Missouri Pac 40 year 4e
1946
3d 78 extended at 4%
1938
H
Cent Br U P lat g 4s
1948 J D

pr lien

8518

100
86
98

9OJ4

Texas

Mex

89I4

73

'"'
5

Mo K & T

of

100

78I4

30

BherSh4 80 Istgug6s...l942'j D

Nat Rys

77*.

80

78

Mo K 4 E Ist gu g 6s
1942 A O
M K 4 Okla Ist guar 68.. .1942 M N
M R 4Tof TlStgUg68..1942:M S

1933
1928
1927
Ist ext gold as.
41927
General gold 4s
1938
Montgomery Dlv 1st g 6e.l947
St Louis Dlv 68
1927
Bt L A Cairo guar g 4s
1931
Nashv Chatt 4 St List 68. ..1928
Jasper Branch let g 6s
1923

'87

88

90
17

M

R!v4GDlv 1st g 4s
V I 4 W Ist g 59
MOb 4 Ohio new gold 68

64

76«8
631a

Mo

Registered

86
79
771a

68

"

8912

9338 9812 921a Dec'21
IO212
100
Oct 21
9658
100
Feb' 20
8O34
80
Jan'22
59I2 61
6OI2
61
8238 8378 82 14
8238
9554
9934 Nov'21
IOII4 IJII2 100
8ept21
8OI4 83
8OI4 Dec'21
93I4 96
96
Jan'22

671a

84
83

Jan'22

M

KanClty 4 Paclstg4s.„.1990

S3>*

981*

Oot'UO
Jan'22

M

M

82U
91

*1962
l8tgrig68
1937
N 4 C Edge gen gu 4H8...1945
B 4 N Ala cons gu g 66
1936
Gen oons gu 60-yr 6s
1963
La 4 Jef Edge Co gu g 4s
1946
Mex Internal Ist cons g 4s 1977
Stamped guaranteed
1977
Midland Terci— Ist s 1 g 6b.. 1926
Minn St Louie 1st 78
1927
1st oonsol gold 68
1934
1st 4 refunding gold 4a
1949
Ref 4 eit 50-yr 58 Ser A. ..1962
Des
4 Ft D 1st gu 48. ..1936
Iowa Central let gold 68.. 1938
Refunding gold 4b
1961
St P 48 S
oon e 4s int gu'3S
1st oons 6s.
...1938

10-year coll tr 6I29
l<i31
l3t Chic Term 8 f 48
1941
S S
4 A let g 4s Int gu'26
Mississippi Central Ist 6g...l949
Kan 4 Tex— iBt gold 4s 1990
ad gold 4s.
#1990
Trust Co otfs of deposit
Ist ext gold 5s
1944
1st 4 refunding 48
2004
Trust Co certfs of deposit. .
Gen sinking fund 4Hs
1936
Trust Co certfs of deposit...
St Louis Dlv l8t ref 4s
2001
8% secured notes "ext" .1918
Dall & Waco Ist gu g 68... 1940

7Va

851a

91

66

NFIa4S

M

8S««

70

Nov'21

981a
9914

99I2 JSov'M
96I4 Dec'21
8984
9OI4
8118 Oct 21
911a Dec'21

8934 Sale

Hiffb
9614

Jan'22
82I4 Jane'21
7812 Jan'22

95
87

9012
8212

83S4

July'21

83

98

107

70

913s

98

73

Sale
77
74I4

"88" IIZI
9018
89I4

83i8

Jan'22
Oot 13
Oct 21

Dec'21

L4N4M 4M lStg4H8.1946
L 4 N South M Joint 4b
1952
Registered.

M

8n

Jau'22

102is

76

7V
64
66

Jan'21|

113

week.

30
57

I

Jau'22

79
68

ioo'g siif/ 101
this

81

8S58

8818
9918

681a

'75" 'sn

Sept'21
86

8OI2

"84'i4

'

'86'i
87in

Salo
8OI2 Sale

Sale

81

'69U 76

May'2'.

931.1

76'4

j
j

MH

Non-cum Income 5b A

Oct'21

92
94

'Hh

88 85»4 99"
20 inni, io8»4
7314 76
58
SSlj
6412 70
Cl
50

681a Sept'2i

75

81

q
Q

1930
1931
1930 J
...1930 J!
Dlv 48... 1946 F

Verdi

Mif

S

Bt Louis Dlv 2d gold 38...19S0M 8
Atl Knoxv A Cln Dlv 4s... 1956
Atl Knox 4 Nor 1st g 5s.. .1946
Hender Edge let s f g 6s.. .1931
Kentucky Central gold 46.1987
Lex 4 East ]at50-yr 5sgu.l965

611a

65

20

80=8
5534

Paduoah

1931

gold 4Hs
Ist gold Cs

2d gold es

92

61

117,

4 Lex

Cln

NO4M

96"

861b

NoV21

9434
981
5612

91"

3658

80

Collateral trust gold 6s
10-year secured 7s

Jai.-.JO

9634

35I4

I62li
8818

NY

L

j

M

d
m S
D
m S
d
1937im n
1949 m S
1949 m S

Istoon g68.1935
4 R B Ist gold 56
1927
Nor Sh B let con g gu 68.al932
Louisiana 4 Ark 1st g 6s
1927
Louisville 4 Nashv gen eB...1930
Gold 5h
1937
Unified gold 4s
1940
Registered
1940

93

781a
401*

8518

Registered

94I2 101

80

4b

N Y B4 M B

93»4

3514

8534

Guar refunding gold

*87

'78'

Jan'22
102

r
d

J

79

10

9858 .Dec'21
8718 Aug'2l
65»4 Dee'21

n
A O
A O

75I2

Ask IjOw
106

41931
1938 j
1922
1932iJ
1949
1934|j

General gold 4b
Ferry gold IHe
Gold 4e

36

9538 Jaii'22
93I2 Dcc'21
IO5I2 Mar U8
8634 Jan'22

96
102

1st oonsol gold 48

4018

22

19381 j
1933' j

reduced to 4s

6618

I

76

1st Int

Bid
97

gu g 6s. .1983 j

Leh 4 N Y 1st guar g 4s
1946
Long iBld Ist cons gold 6B..A1931

1I7I4

1

641?

75
64

9834

D
D
D

62

93
9
44
176

Dec 21

47
42

73

D

9958
8712

Apr'll

1434

96lB
7438

,

Nov'21

6II4

7618

851.1

J J
1040 j j
46.. .2008 M N
2003 M N

price Friday; latest bid

9178

10, M

3534

>

Vb

Jan'22
89

"98S4

tehV TermSy lstgUB6B...194I A O
HeglBtered
1941 A O
t-eb

89
91

s

j

J

9934

10

37

1st

Registered

d

MS
•d
J
Ix:4areHt Norl8tgext78..1922 m N
1969
iBECt' FrauJ;

Leh Val Coal Co

Feb'08

Jau'22
38
36

J

Ool4

102ig

39
80

35 Sale
3 I4 Sale

'BOB
9rl

Sale

36i2

Hv AJia l8toonBgugeB....1926
'

41

Low High

High' No.\

55

10034 ...•.
5612 Sale

79

D

Low

iale.

"

831a

11

"75
50

«4«i|

86
761s

"89i»
83li

77

63*4

7314

82

04l»<.

78»4

91
82

80

76»4 76I4

395

New York BOND Record -Continued— Pages
Y

BONDS
STOCK EXCHANGE

.

ending Jan. 27

Week

N T Cent 4 H B HR (Co*) —
1934'J J,
S
1831
1931 Q
1940 J J
1940 J J

M

Beglstorea
41

[»

Begletered
1961IM S
l8t gold SHe
1952iM N
l«tgol(13><8....
1929>A O
ao-rear debenture 48
J JunoRRguarl3t4B-..1939'F A

Ask Low
93i4May'20

9334
94I8

l8t cons gu g 4b. 1993 A
1982 J
Pine Creek reg guar SB
lBtextflB...»1922.A
a
1941 J
Ratl&nd lat con g 4^8
Og*LCbainlBtgi]4Bg.l948 J
But-CanadA let gu g 4b.1949^J
at Lawr * Adlr Ist g 6b. ..1999, J
.199«A
aa gold Ob

NiY* Pj

""

"665^
7812

Jan'22
88
88
7084 Aug'21
68 June'21

62
74

96%

95

7934
IO2I4
9934
7614

113
9958

89

75

D

O
J
J
J

J

O

1934iJ
aa guaranteed 8b
236l| J
«eet Sbore iBt 48 guar
Begl^terea
238lij
Lines ea tr 8b.. .1920-22

J
J
J

E4iulp trust 4H8... 1920-1928' J
1937|A
T CbJo A 8t LlBt I 49
1937lA
aegtatered
1931
Debenture 4a

70»4

9218

70
96

68

77I2

97I4
7018
6518

Feb21

SO
85I4

50
76

9958
7518
66I1
Ml
85I4

Dec'21

99I2

...
...

85

90

93

May '21

99

8418

Jan'22

90

Jan "09

13018

9oU June'20

J

90
7818

80

9OI2

SO

18
..

8II2

7658 Jan'22
99ij Feb '19
67I2 June'20
85I4
8514

MH

O
O

6778

81

66

78

I

Nov'17

85

MN

83
Jan'22

N T Connect Ist ga 4m A— 19631F A
N T W H 4 HATtfora—
1947'M
Non-oonv debeo 4a
1947 M
Non-oonv aeben 3Xa
I

Non-oouT aeben 8Hb
NOD-conv deben 4a
Son-oonv deben 4a
Conv fiefcenture 8HB
Ccnv detenture 68
"ona Ky non-oonv tt
Noo-oonv aeben te
NoE-oonv aeben 4a

1964 A
1968 J
-1988 M N
1958 J S
1948 J
1930 F
1966 J
1866 J
t% debenturea
.1957 M N
darlem B-Pt Cbes let 4B..ig64 M K
3 4 N Y Air X.lne l8t 46.. .1838 F A
Cent New Erg Ist gti 4a.. -1901 J J
Bouflfitoalo R7 oons g 6B..1937
N
Nar.gatuck RR 1« 4b
1964
W T Prov 4 Boston 4a
1942 A O
H T Wette8& B iBt Serl 4Hb '40 J
JTew Rnglana oons Ss
1948 j
Oonaol 4a
1948 J
Providence Secnr de'b 4e
1987 m
Providence Term 1st 4«...1950 tn
* Con Eaat lat 4Hb
1948 J
#1992
N T O * rel Ist g 48
8
ReglBtered 18.000 only... #1992
8
C3«>eral4o
1966 J D
NorfoU: Sou Ist 4 r«t A 6«...19«1 F A
NorTolk* Son 1st gold 68
1941
N
Sot*. 4 Weat gen gnla e«
1931 m N
Improvemsnt 4 ext g ea-..1934 f A
New River let goia 88
1932 A O
^*
Ey l»t oonj g 4f...I998 A O
Beclaterea
.1990 a O
Dlv'i iBt lien 4 gen
4a.l'o44 J
J
10-2*-year oonv 4a
1932 J D
10-20-year eonv 4a
1932
S
IO-26-year eonv 4HB...1B38M s
10-year oonv Ss
...1929
S

M

W

M
M

M

W

C4C

Pocah

O

M
M

C4T

iBt

48...1»4rj

O

guar goia 8a. . 1922 J

J

NE

8«loV4

]ota)t

lstgag4a..l9Sl9MN

neitbern PaolTn orlor Uen

4 land grant g 4a
Beglaterea
QaoeraJllen gold Sa

-

ral

«Ay

Q

Eeijlfltered

Bcdatered oertlflcatea .1923Q
St Paul 4 *^»Mu»u lat i§
' * — '— »• Dnlatb «ak US
A vol w
1931 Q
lat oonaol gold 4e
I0«8 J
Wacb Cent lat gold U... 1«48|Q
Nor PacTertn Co lat g a«...ie3a!j
OMSoo-Waal) lat4 ref 4a
IdOliJ
PMlfteCoaat Co lat g 8a
IMelJ

3ept']7

35

33

.ran'22

8314

Feb'18
Dec'19

52
69I4

7014

70

Nov'20

635g 651i
5834 Sale
8218

109
10412
10338
8718

84

88

74
84

Ills

lata

4Ha...l966 J

t

85
84
60

rnnaylvanla CoSoar SHa eoll truit rag a.10>7 M
Qnar 3Hi eoii iron Ber B.1V41 r
auar 3 Ha tnjDt Qtr» c
iM9'}

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rioar

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tri:-"

.

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lot raduncd to

ft* 4 Pitta go
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95
123

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88

65

78

7818
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1935
1935
1990
1927
1917

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Tol Ht I. 4
pr lien g sm.lW2ft
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94
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iBt cona gold &a
1894-1944 F A
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1953 J J
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TeiABA Pac l8t gold 68
2000 J
2iid gold Income SB
^2000 Mar
Ln niv B L Ist K 68
lO.IIiJ
J
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A
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1935

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49

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10318
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88
73

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72

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65

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8818
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6li2 6518
7134 Sale

72

83 14

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Sale
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60

M

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68-s
8218
9518
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64I2

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70

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1948 J J
1948 J i
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E T Va A GaDIv g6B
1930 J J
Cona lat gold 6b
N
1950
E TcDD reorg lien g 6s
8
1938
Ga Midland let 3b
1946 A O
Oa Pac Ry Ist g 68
J J
1922
Knoiv A Ohio l8t 8 08
1926 J J
Mob A BIr prior Hen g 6b.. 1946 J J
Mortgage gold 4s
1946 J J
Rich 4 Dan deb 6b 8tmpd.l927 A O
RIcb A Meek Ist g 6b
N
1948
80 Car A Ga l8t extd 6H8 1920iM
Virginia Mid Ser E 6a
1926 'MS

72l8

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1944
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677a

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i

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7418
6718

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Ore A Cal Ist guar g 68
1927
So Pao of Cal— Gu g 6s
1937
80 Pac Coast Ist gu 4b g... 1937
Tex A N O con gold 6b
1943
80 Pac RR Ist rel 48
..1965
San Fran TermI 1st 4b
1950

85

M
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67
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87"4
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1011 l'J63g 1057,
106 Oale 105'4
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8.'!
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A O

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6a

LA

M

Dec'17

73
85

J

1994
Rei?letered
1994
Develop A gen 4b Ser A... 1956
Mob A Oblo coll tr g *B_..1938
Mem Dlv letg 4H8-EB
1996
St LoulBdIv l8t g 4a
1951
Ala Gt Sou 1st cons A 58. .1943

!

ADr'21
90
911s
Apr'21
105 IO5I2 IO412
106
8534 84)2 Jan'22
99<4
99
Dec'21
85»4 87
8534
8534

765h
82
84
IO7I2 109
79 Hale
7CI4 79
81
9718
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1934)

Va ceo guar 144

AIIe«

80
1'6

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-,./ 9712 10218
33 737g 86I3

9234

1

9CI4

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lft-ya*r lerurod

9-2«4

I

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100

IMS
IBM

>

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lo-year aemm-4 7a

54^8

86
Sepi'21

80

Ponnaylvacla RR lit e 4a... 1923 W N
Oonaol gold 4a
1043 M
CJooaol gold 4a
1048 M N
f;oTH.i! 4>4a
1900 F A| "9012

Qcnnklma

39
73

---

1

85"2

59

---;|

!106
Jan '21
10218 Dcc'21
87
8712

76

90

49I2

Oct '21
59
Jan'22
Jan'22

I

Paaacab4

A

y;i4
8234

J
J

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MN
MN
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gusLT 5s red...
1st
H4TC lBtg68lntgu 1937lJ J
Waco A N W dlv 1st g 88.. 1930 IW N
1941 J J
A A N W iBtgugeS-

1

atP4N

Series

St Louis A San Fran gen 0S..1931
1931
General gold 58
SFRRoon8g48...1996
8t
1947
Southw Dlv 1st g 6b
K C Ft 8 A cons g 6b.. .1928
K C Ft 8 A Ry rol g 4a.. 1936
E C A R A B Ist gu 6b.. 1929
St LS
iBtg 4s bond ctlB... 1988
2d g 4b Income bond otfs.pl989
1932
Consol gold 4b
Ist terminal A unifying 68.1952
Gray's Ft Ter Ist gu g 6e.. 1947
1943
8 A A A Pass Ist gug 48
1950
Seaboard Air Line g 48
1850
Gold 48 stamped
01949
Adjustment 5b
Refunding 4a
1868
1946
1st A oons 6a Series A
Atl A Blrm 30-yT Ist g 4B.el933
1948
Caro Cent Ist con g 4s
Fla Cent A Pen iBt ext 68.. 1923
1830
Ist land grant ext g 6b..
...1943
Consol gold 68
Ga 4 Ala Ry Ist con 6s.. .01946
Oa Car A No Ist gu g 68... 1920
Seaboard A Roan Ist 68. ..1926
Soutbern PacIIlc Co—
Gold 4s (Cent PaoooU)... 41948
*1849
Registered
»1929
20-year oonv 48
20-year oonv 68
1934
1949
Cent Pac 1st ref gu g 4s
Registered
1949
Mort guar gold 3H8...itlG29

1921.

Sale

J

J

V Q A N ist gu g 68.. 1924
Hous E A W T 1st g 68
1933

60^8 Dec'21
I065R 10714 107
10712
88I2
S7l2
8SI2
95I2
87I2 Oct'2l
lOfii- Sale
10534
IO712
IOOI4 Sale 100'4
IOCI4

a*; A irrjpt »5e eer 3
2047'
Bel 4 1mp4HiB8«r A
2047 J
It Paul-Dulatb Dlv g 4a.. 1990 J
N P-ot Nor Joint 8Ha-. .1936 J
P gen golds*.. .1923 F

Registered
Jersey Central coll g 48
1961
Atlantic City guar 48 g
St Jos A Grand l8l Ist g 4b. ..1947
Fran (reorg Co)—
8t LouIb a San
1950
Prior lien 8er A 48
1950
Prior lien 8er B 5a
1928
Prior lien Ser C 6b.
»1955
Cum adlust Ser A 6b

Rang*
Year

^1

Last Sale

Ask Low
High No. Lout High
90 Junu'zi
81*4 91

A O

Gila

60

Q
Q

a2047
a2047

1940
1943
1997
1997
1961

2d exten 58 guar

8434 Sale

1997Q

E

GHASAMAPlBt 69.. .1931 M N

',

1997

4

Jan. 27

L iBt g 6a
Sb
let ooneol gold 68

Week's
Range or

FrUlag
Jan. 2 7

TbrougbSt L l8tgu48..1954|A

MN

W

Week ending

Income

Nov' 16

103

10318
99I2

8718

68

Jau'22
Jan'22
Jan'22

66I2

991;

77

May'16

78

77

5SI4
79I2
8034
99I4

74

701»

Dec'21
7712 Jan'22

66

Otlca* BlkRlvgQg4B...1922:J J
Pitta * L Erie 2d g 88
al928 A O
pittBMcK * Y in gu eB-.ie32]j j

NYC

72li

Jan'22

7414 Sept'20
6618 Mar'20

„•-.

.

Beading Co gen gold 4s

Nov'18

76»4

88

O

WAOoon

8218

98i2
8214

90)8

Price

EXCHANQB

Y STOCK

Pitta

90

901s June'21

723g

2000,!«l N
NT* Harlem s 3^8
NT* Northern l8t g 88. .1923 A O

N

Last Sale

M

L«S

J

00 Ui

High Xo Low High

Bid

MftbOD CI RB l8t 5r
Uloblgan CentTAl fit

Range or

BONDS

Range
Year
1921

Week's

Prlct

Friday
Jan. 27

10:1 >|

'8117,

»0'«
OHI4
SNIj
UO>a

87

In

Jaii'.'2

100

9 7*4
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I,

:,,J,
'l"

• 'IH
Fffirji

•>0

01

J,.r."-,'

R4

72

06

'

OK

BIS

Mil,

n6«4
n'.<ii

'21

nti

AA

71

7;,

80

711

HitIp

riu

I

rl«4

74

1114 MA

p Oua Nov.

7N
f

l^ua Deo.

8AS
i\

79

lOpUuDaala.

—

F

2

396

New
BONDS

11

N. T.BTOCli. EXCHANGE
Wf*> ejuJInu Jan. 27

•5 a.

I9fi2

Oec gold

4b

Income 6b
WcBterc Pao

O
J
O

A

1937 J
1943 A

<fc

I>1943

A

1940
4
1920
1928
1930
Bzten & Impt gold 68
BetuDdlng iKiEi sorleB A
1908
BR iBt CODBOI 4B.
1649
B iBt 4b... 1900
Winston Salem 8
WlaCentSG yv lstgon48
194U
anp A Dul dlv & teim lit 4B'3e
lat set
Ob
L E lat g 6b
WbeallDg
Wheel Dlv 1st goJrf 6b

Nov

M

B

Itangi et
Sale

LoM

60r.8

61

6078
9158
66I4

14

6114

Dec '21

511t

83

Dec'21
Oct'17
8512
87

85

.1;

86

6312
9158

60U 67

92I2
91I4
9084

52 ij
62

55

54 "2

()3l2

64

7734
761?

8O34
77I2

77

79

Sale

9

'

36
5

I2

Jau'22

7554 '88
8658
82

80

90

47

51U
60

6784
64i2
7812

7612
7834

7714

6318

78

80

65

7878

35

22I1

3812

35
40

Street RaiSvfay
3312

< FT 7% Beoured notes
tl931
Certincstea oJ deposit
Certtfloatea of deposit etmpd.
BUtu Cc B1 iBts 4 6a
1960
Stamped gu»T 6 6a
1966
Kings County K xat 2 4e..l049
BtMmped guar 4s
1949
HcsB&ii Eleo guar gold 4a.. 1961
CBIoago Bys let 6s
1927
Oonn By dfc L iBt 6r. tel g 4Hb 1961
Stamped guar 4Hb
1961

Oet United

*

A

If

Y&

Metro©

Jeterboro

2d 48
Manila Bleo

By

Market St Ry

Lt

a ;

fia..lde3

cons 6a

W 8 E! (Ohio)
By &

J

O
o

-

m
[

D

r

$

o

A O

6b.. 1923

M

M

N

N

O
J
J

J

r
J
J

H

8
i

A

h
C

O
C
F
J

ICf

WYAQ El LAP 1st con g 88.. 1930,
Pjsclflf G 4 E Co— Ca G ft E~
A

ref Cs
1937;m N
ref 68...194a J J
iBt ft ref 20 yr 6b '30 F A

M

1949
8S..1943 A
...1947

M

L4 Coke iBt gages. 1937|j
OonOCoof Ch lstgug6B.I93C J
Ind Nat Gas 4 Oil 30 yr 6s. 1930 M
Mu Fuel Gas lot gu g 6s.. 1947, M
njlladolpbla Co oonT g 69.. .1922 M
Ob G

Stand OaaA ElcouT sf 0b...lU20,J
fyraouse Lighting lat g 68... 1951 J
lyraouse Light 4 Power 8fl..l954 J
Trenton G A El lat g es
1949 fW
Onion Eloo Lt 4 P Ist g 86.. 1932
BefUDdlng 4 extension 6»..1933 IW
United Fupi Gas 1st 8 r Os... 19301 J
1944 F
IJtab Power 4 Lt Ist 6b
Otioa ElecL4 P Ists 6e
1950 J
Otlos Oas 4 Eleo ref 8b
1957 p
Westobester Ltd gold 88
1950 J

M

9

O
S
J
J

coll tr g 48

M

Alaska Qclfl
deb fls A
Conv deb 8b series E

Am Wat Wks A Rlec 5s
Armour4 rolstre»lest4WB
Atlantic Fruit oonv deb 7b A
Atlantlr RofcdebOHH.

.

1048 (W
1926 M
1928 M
1934 U
1939
1934
193!

J
J

M

Booth Fisheries deb s < 8s
1928 A
Braden Cor
coll tr 8 f 08.. 1931 F
Bush Terminal Ist 4b
1962 A
OoDsoI 6p
1055 J

M

Building 5s guar tax ex .. 19nff •
.

's

6OI2
OO84

(il2

4S4

Sale
Sale
Sale
512

6684 Sale

84 Sale
8OI2 84
1037g Sale

93
87

Sale
Sale
7834 S^lo
51
'69»i
"7284 Sale
9034 91
10034 Sale
iOG
105
10734 Sale
97
92
92

48i>4

65

5378
15

2

N
J

A

85

6I2

66
84
83

5678

11

Dec'21
40
Deo' 11

...I

3

9712
yo's 94
10812 109

200
20

9514
88I4 Sale
8UI4
88

86 '2

51
8934

96
73

2

104

32

1

Feb'17
Dec'21

30
180

el's
53I2

Jan'22
Jau'22
73

60

7834

53 12
Ju
72

4

60

7784

Jan'22

9OI2

7,

47,

Maj-i
21

72I2

9

10178

1U512
IO7I2
9OI4

100

57

108.8

43

90'4

1

Jan'22

"5

92

8
.

-.(

135

"5
66
31
92
12

Jau'22

94I2 SoiH'iil
86
Oct 21

109

88
8734

U:5

90

90

8712

8712
S"
78I2
99/8

94

86

7934 83
8312
8512
8512
9312 9C.12
8912 Sale

9312
8838

J

D

90

90
95

76

75I2

75

4Hl8
6212
52I2
427g
6334
68»4

393
13

13

38

37
12
2II2
7618
71 14
67»2

RO
35

93"
75
84
50
37I8

17l»

'^778

16

271»

3l8

3
4612

69
56
08
7412

»
77g

6434
8358

80
104
8II4

40»4

60

25
75

4712
8818
96I4

88>8
62J»
51

65
47
36
66

68
52lj
8078
5II2

36
79

76
87

9258
10078

95I2 10758
95l8 IO8I4

71
83I4
801j
81

92

75

75

92I2

90

9S>4 105
snsg •OB,
8718 9334
76li 9112
101
80
88 IOII2

06
75

80
R6
100
8912

91

IO5I2 10678
94
81
6434 7812
90
86ts

827g
7512
73*4

9St2
91

90
10138
86I4

90
8712

907,
94I4

73

79
73

781*

83i8

80

SO

81

9658
89I2

6838

78

NovlO

7

77
C

9

7

1

74

10434

6712

77

56l8

78

10
834

Oct 21

88I4

30

95

95%

851s
8514

8518
8512
89I2

22
Q9o
65
19

"""
75
21
c)>-»4

80

J

A C

8s.. 1941 j

A

j

mN
M N
MN
MN

1928
1928
1925
1940

6s

f

j

mN

!

* Co

4HB

1939 J
yr Istg 48
1951 F
Niagara Falls Power let Sa.. 1932 J J
Ref 4 gen 6e
G1932 A O
Nlag Lock A O Pon 1st 5s. .1954
N
Nor Slates Power 26-yt 68 A. 1941 A O
Ontario Power N F Ist 68. ..1943 F A
Ontario Transmission 6s. ..1946 IW N

N

Ist s

f

\ Dock 60

M

P.mAmer. P.&'i .1st IO-yr7sl930
Pub Serv Corp of N J gen 6b. 1969 A O
aincliilr Con OH oonv 7ijs.
1925 MN
Standard <ill ,if C'al 7s- ...al93I _
F
Tennessee Cop let cony 68. 1926|m
.

Tide Water Oil 6Hs
1931 F
Onion T:ink Car equip 7b-..19:^o'f

Wash Wat Pow e f 5s.
West Penn Pow ser A

C 6s

lat series
Ist series

Rant*
Year
1921.

Ask Low
Higlk
II2I2 II2I2
11334
9018 Sale
90
9014
11312 Sale 11338
II412
101
ICUs IOOI2
1013s
87 14 Sale
88I4
87
9218 Sale
9218
92 14
8234 90
8OI2 Dec'21

No Low

81

85

87
87

95
87

94I2 96
94I2
91 84 Sale
9II2
9478 99
100 Saie 100

95
82

94
83
77

Sale
83 14

7618
G65g
10658

94 ig

89
91
8434

9612
IOOI2

95

93
89
90
79
97

Sale
92

97
77

Sale
77I4
Sale
9934
9984 Sale
IUO34 Sale IO6I2
91
9878 9478
ion- Sale lOUa
103
IO2I2
10258

87

8738

m

9112

98

7

78
82

3

941?

92

44

99I2
IOII2
9618
83I4
7
9612
101>8

115
85

92t,
9034 100
9234 IO3IJ
94I4
82
7112 86
62
761i

66
5
ll

14

J<6l8

27,

90
83

"38,

8934

1934
1P»4

70
88
73
106
6712
94I2

„

70

79

^0

677g

8478
86I2

98
101

94
90
92

76

'an '22

75I4
67lg

104

I

10188
I

81

87

987,
5734 76lj
9018 «iena

62
446
52

7734'

107
Jan'22

90
97

771a

Jan'22

01

107^

94I1
OOlj IOII4
26 100 XO4IJ

84

"§5

IO214,
IO3I4

Jan'22
Dec'2l|

'

83

90

911:

92^

I

IO3I2
94I4
8434 8418

10312 104
94I2 3- e
8418

Apr'20
88

Jan'22
98

High

61 IO4I4 116
70 77
90
78 101
112
10
90
99<4
293 68
87
7
77
94
80i2 86

,

96

1939 j
6s.. .1946

1958 J
D 78
cl946 F
Wilson 4 Co l3t2&^yTVf 681.1941
10-year conv a f 8s
1028

Jan'22'
9512
8612

98I2 io3ij
8218 99
77I2 89

69
27,

Manufacturing and Industrial

Am Agrlc Chec 1st 6s
l$<i»'A
Isi ref a
"128 g
.1941 F
Am Cot Oil debenture 5s
1931 m
Am 8m A B 1st 30-yr Os ser A 1947 A
Am Writ Paper s 7-6b
1939 J

O
A

N
O
J

f

Baldw Loco Works 1st 5b
Cent Foundry Ist a f 8b

F A

193*1

1940

let 25-year a

f

M

1934 M N
..1930 J J

6b

Cuba Cane Sugar conv 76
Conv deben stamped 8%

Am

Cubar.

Sugar

M

8b 1931
Diamond Match s f deb 7 Hs 1036
Distill See Cor conv Jst p 6s. 1927
E I du Pont Powder 4H8.. .1938
du Pont de Nemours A Co7H8'3l
FIsk Rubber lat s t Ss.
1941
General Baking 1st 26-yT 88.. 1930
Gen Electric deb e 3 He
1942
Isi

^

F A
1926 A O
193l!ivi N
1931

Cent Leather 20-year g 66
Com Prod Befg b f g 6b

roll

.

.

,

P
.

A O
J

D

M

S

MN
J

L

F A
Debenture 6b
1962
S
20-year deb 8s
Feb 1940 F A
Goolyear TlreA Rublot 8f8a'1941 IM N
10-year s f deb g Ss
el931 F A
Ini Agrlo Corp 1st 20-yr 68. 1932 IW N
Intemat Cement conv 8s
1926 J D
International Paper 68
1947 J J

M

Kelly-Sprlngfleld Tire 88
193! M N
Liggett A Myers Tobao 7p ...1944 A C
68
1961iF A
Lorlllard Co (P) 78
...1944 A O
58
1951 F A
Nat Enam A Stampg iBt 68.. 1929 J
Nat Starch 20-year deb 68.. -1930 J J
National Tube 1st 5s
1952 IW
Y Air Brake Ist conv 68..1938 IW N
P^ickard Motor C:.r 10-yr8s.l931 A O
Porto Rlcan
Tob 8a
1931 IW N
Sharon Steel Hoop Isj 88 ser A '41 IM 8
Standard Milling Ist 68
N
1930
Steel A Tube gens f 78 ser C. 1951 J J
Bag A Paper let 5a. ..1930 J
Onion

D
N

N

Am

95

85

S^-le

lOl's Sale
8II2 Sale
88, Sale
81 12 Sa.le
103 2 Sale

100
75
95
9812
9812
75

10112
8II2

88

7778

85
115

86

93I2
II4I4

94 Sale
II512 Sale
94 Sale
9284

94
9212

88

90

9678
9fii2 97I2
99I2 x00l2 100
99I4
Sale
9934
103
102 12
95 '96I2 95I2
I

1930

J

J
J
J

A

1947 J
10-year 7^8
1930 F
D 8 Smelt Ref 4 oonv 6b. 1920 F
Va-Caro Chem Ist 16 yr 58.. 1923 J
ref 5s serleB

M

Conv deb
12-year

8

A

e!l924

7Ha

f

West

96
V5

.

8s

M

1932

N

Electric Ist 6b Deo
1922 J J
Westlngh E A
..1931
78
Wlokwtre Spen Steel lat 7e..l936i .. .

MN

M

Coal, iron

Beth Steel

S>

Steel

|

1920
1942
1930
1932
Debenture Os
al926
Colo F A I Co gen e t 68
1943
Col Indus Ist A coll 6s gu...l934
Cons Coal of Md let A ref 68.1950
1926
Elk Horn Coal conv 88
Illinois Steel deb 4H8
1940
1952
Indiana Steel 1st 68.
Lackawanna Steel Ist g 6b.. 1923
1950
Ist cons 5s series A
f 4Mb A..1964
LehlKh C A Nav
MIdvale Steel A O conv s f 5s 1938
Pleasant Val Coal 1st s f 6b. 1928
Pooah Con Colliers Ist 8 f 58.1957
Repub I A a 10-30-yr 53Sf-.1940
1st ext 8

f

68

ist A ref 58 guar A
20 yr p m A Imp s I 6s
Buff A SusQ iron s 1 68

.

Bt L Rock Mt A P 59Stmpd-1956
Tenn Coal I A RR gen 6s. ..1961

D

8 Steel

92

IW

S

J

J

M

S

J

J

J

J

A O
J
J

J
J

MN

J

MN

A Coke Ist g 68.1949 M
rolagrapli & Telepl n«
1929'J
Am Tolep A Tel coll tr 48
I

J
8

J
1938 IW S
1933 IW S
1948 J D
1926 F A
1946 A O
Bell Telcph of Pa 8 I 7« A
.1943 J O
Cent Dlat Tel 1st 30-year 6s.
Commercial Cable iBt g 48. ..2397, Q J
Oumb T A T 1st A gen 6S...1937 J J
1924 F A
MIcb State Teleph Ist 68
N
Y Telep Ist A gen 8 f 4,H8.1939
A
f fls.. Feb 1949 F
80-ycar deben 8
20 vearrefun(ilnRROld63..1941 A O
Northwest'* Bell T Ist 7b A. 1941 F A
1937|J J
Pacific Tel ft Tel iBl 68
South Bell Tel A T lat 8 tee. 1941| J J
1938 i J
West Union oolltrour 68
1950 IW N
Fund A real est g 4H8
1936
15.yoar (',12s g
Convertible 48
20-year conv 4Ms
30-year temp coll tr 68
7-year oouvortlble 88

M

No price Frld8y:lftten bid and asked. aDueJan. dDueAprU. cDueMar. eDue May. jDuo

.

June. ftDueJuly. jDue Aug.

2
5

49
25

94I2
93I2

94
9934
10578

99%

163

9712 111
9878 100

2I1

71

98
80

"21

78
104

91l|
9212 106
113
102
34 7758 93

IISI2
9. 12

14 103
15 78

42
7

Jau'22
Feb'21

118
9214
92ij

8718

88
87
86

88

9678
lOO's
9934

8
2
59

103

100 104
21 96
101
3 85
95
69 9114 101
90
80
8312 84

lOOij

97

9<1» 101

1

98

94

98
75

335

I

1057g'

98
95 14

I

95
91)34'

41:

68

107
9912

96
93

90

100

86I4 100
78 14 921,
747g 91

17(

88I2
87 Ij
78
Aug'21

87

95I8 106
8912 98I4
8912 95,4
96t,
85
87l! 977,
92«8 100
94«4 1067,

16|

63
15
99

9312

106

7 '.IN 94
9478 102

8

10112'

89

861,

seij

45
35

IO6I2

96
92

I60"

IO7I4

104 12
115
94

98

9618
92I2
S8I2

99

84

423

80 12

791i

IO6S4
IOII4
8918 9Ulj
76li
66

96
99

67

64;

78

78

Apr'21

RI34

81*4

76

831,

62<4

79Jf

Oct'21

72

93 14
89 Sale

94

Dec'21

94I2

7«7,
7e>i
941,

89

14

76

97I8 Sale
99 Sale
8334 Sale
8718
85 Sale
6934 82
91
89
93I4 Sale
Sale
8-'
94I2
dale
IOOI2

97

97I2

98S4
8334

99

49
36

84l2

86
91

11

70U S6

8I«4
8212

"72'

71

96

88I2

85
84
79

81

85I4
July'-.'.l

9312

82
97

101
Jan'22
Jsn'21

62

10
177

87
93
76

89i2
8II2

871,

73l8

72,

62

81

89

52

94I4
8314

03
80

US
97
10
98
95I2 196 77I2
Sale
9334
Sale 110
llOSg 240 94I4
Sale 108
109
54, 100«4
1085s
9912 86
June' 21
86
98
641: Feb'21
6412
65 "89"
88I2
88I2
6 78
86
30 85
9734
9 I2
9684 Sale
90 14
91'2
53 7h
9034 Sale
18314 131 87»4
10284 Sale IO2I4
Sale IO2I2
IO3I2 369 98
10.'84
113 66I4
108*4
10734 Sale 10734
15 80
9:<i2 Sale
93
95
9378 95
23 80U
95
9334
9434
8, 88
95
921s '99"3^
89
Jan'22 ..--I 7788
9218
54 90
10712
SaU- 10684
107
97
91
110

86
ao

8568 93>8
92it 106
981,
93

89

SUs

t'b

66

1

89

Sale
S2l2

19

82
98

IOOI2
993t

97«»

761s
80«8

'3

89

89
97

83
73
79

"78,

92I2

'75

89

Nov'21

89

"gyV, 100

>

N

lUOSg
87

7118

A O
MN
A O
M 8

79
120

Jan'21

105
Sale
96

63
62
106

82»4
71

8SI2

41963
1953

8 f 10-flO-year6s(reg
Victor Fuel 1st 8 f 68

ValronCr

8312
'sil'i

D
D

dl9fl3

Corp— )coup

88

F A
J

44

')

J

J

64l|

96

27 lOllj I08*a
77
44

11018

Oct '21

93

Sale
99I8 Sale

61

279
30

7718

104

84

99S4

N
J
D

F A

I

86I2
IO512

106

J
J

J

I

99 12
Jan'22

9514
93I2 94
Sale
9*12

96

IW

1

"16

97I2

106 Sale
Sale
<'3
10058 101
89 Sale
10458 105

9688 106
9911
91
70
731f
86lt 941f
89I2 98
89I2 98

96
1
100
T
76 14' 232

9838
9012' 88I2

985a Safe'

17

5

95I2

89
88

73

i

42

97I4

!)0

A

10

Dec'21

86
103
II4I2

11.^14

98l«
92la IO2I4
841*
65

88

1

89
84
1035g
lOOig

95
96

IO312 Sale

Onion Oil Co of Cal Ist 6b. ..1931
Onlted Drug conv 8s
1941
D S Realty A I oonv deb g 58.1924
8 Rubber 6-year aeo 78
1923
U
Ist

8II2

747» Sept 21
104
IO3I2 Sale 10318
IO2I2
10218 Sair IO1I2
93I2
96 14 9312
94-2
75I2
75
75
95I2
98I4
9778 Sal"
10534
IO4I2 10534 IO4I2
IIII2
Sale
11284
1I2
9838
99
9838 Sale
7212
72I2 74
73
102
104
Nov'21
101

88 12
88

J

19

126

7312

107
Sale

96

Stamped

96
102

8II2
IO3I2
lOO's

"99I2 99I2
71I2
Sale
6512
7(78 Sal3
IO3I4 10334 103
108 10)l2 IO8I2
3734 44
35

M

82

81

May'21

let s

J

Mercau Marine s f 8b 1941 a O
MarlandOllsI Hh with war'tal931 A O
Mexican Petroleum s f 8s... 1936 M N
Montana Power Ist 68 A
1943 J J

94I2
10978

88

30

f

Inier

8118

7958

Mar'20'

s

con 88

Ss.

Great Fallp Pow

9OI4

7812

10

88

61

20
40

7,>t,

Mar'17

8

85I4 8538
8512 Sale
8SI2 8884

90

6318

90
Dec'21

ConaM84P

Stamped
Convdeben

Atlas I'owder conv 7I28 g

"84"'

J:in'22
8534

11

95''s

4888
6334
841a

79

Jan'22

7334 74
88
8SI4 Sale
27
2984 Sale
I04>8 Sale 10334

95

Granbj'

Week's
flange or

Last Sale

58U
62
60

6818

76
10

72I2

2 Hi
191s

73

July'17

8912

95
87
77

92

98

1

80

493s

93

100
Jan'22
7034 Miiv'2U
79
Uec'21
73 Juue'.il
8318 Sept 21
80
Sopt 11
93
Juii'22

84I4

"76""

815«a

9t>l2

J

64S4

59"

87

Jan'22

93I2

67

24I

91

100

IOII2 162" IOII4
8584
80
85

10
7

46
10

88
90 14

92%

92
85

66

28-4
684
5I2

101
Jau22
8118 Jun'22
8712
8712
89I2
8712 Jun'22
80 12
IO412 ADr'17
10678
1061s Safe' 106
94I2 95
94
9412
77I2 77
SO
77
94I2 Sale
8912 Auy'21
8518
78'l May'2G

102
82
87

'si

Feb '21

84
83

IO3I4
9O84
81>4
6078

62

82

6712

6I4

86

86 12

no's

S

I

28

26 12

72
01

6

Dec'21

34
27

66
2934

8I4

20

85

75IJ
6618

82

550
1469

6412
8312
81
83I4 Dec'21

57
76

23>8

988

62 14
Jan'22
Jan'22

SGI2
8912 Sale' S8I2
88 14 8834 88
8868
75 Sei) 'zi
7012
IO414
1031? Sale' 10314
93
Jan'22
9338
95I4
95 14
9438
9II4
Sale
92
92
IOOI2
10()l2 Saie
101
IO2I4
Sale 101 '4
102
85I2 87
8578
87

N
D

J

31j

"218'

6178

83 14
oO

mucollaneous

Adams Ex

61

39
37
68
63
63
63

6118
601]

57l«

2

1534 '425

13%

4U«8

18

Jan'22

11
lOis

26

58
60

71I4 June'2i

70
78

t1

3

76i8 Sept*2l

N
N

D

17

5434

40
84

73
60

Siao Gas L of 8t L Brf 4 ext es '34 A c
MUwaukeo Gas L Ist 4e:
1927 IH N
Wewark Con Oas s «o.
1948 J
NY Edison lat* refers A. .1941 A
1948 J
S Y G B L A Pg8B
Porobase money g 4a
1949 F
Ed Elec III 1st cons g 0B...199& J

Refunding gold 98

5684

6078 Sale
53 Is Sulc
88I2
97I4 "98"

•

4 EgenA
Vac Pow 4 Lt
fat 4 Passaic G 4 El 88
Peop Gas 4 C ist cono g

8II4 Sale
9034

"so'

1933
4Ha
Income 8b
19*8
Onlted ByB Ict 8b Pttta lBa..]920 M
ODited Bys St L iBt g 4s
1934
Bt Louis Transit go 6b
1924
Ry Pow let * ret 6b
1934
Qai and EEoctrIc ILIght
aklyn Edison Ino gen Oa A. .1940
General 6b eorles B
1030
General 7b series C
.1930
General 7 e series D
1940
eUyn Un Gsa Ist cone g 6b. . 1946 fN
Oinoin Gas & Eleo 1st A ref Oe luec! a
Oolnmbla G ft ffl let 8b
1927 J
Stamped
1927 j
Oolumbus Gas lat gold 6b.. . 1932 j
OonBol Gas 6 yr oout 7b
1926 Q
Oetrolt City Gas gold 8b
1923|j
Detroit FdlBon lat oolltr Ob.. 1933 J
Ist & ref Cs Bar A
tl940
41940
l8t 4 ref 6fl eorlBg B
E^OQuesne Lt 1st 4 eoll eB..1949 j
Havana Eleo coasol g 8b
1962 F
BDdBon Co Gag 1st g Cs
1949 iw
Kan City (Mo) Gae 1st g 58.. 1922 A
KIngB Co El L & P g Ob
1937 a
Purchase money 68
1997 A
Convertible deb 8a.
1926 M
Ed El 111 Bkn lat OOD g 48.1939 J

Corp unifying

58

66

43
43
28
27

Undergr of London

PaolflcG

770s
51 14

79

8358 Sale

Portland Oen Eleo lat Sa..l93e
Jt Paul City Cab eona g Ob.. 1937
Third Ave Ist ret 4ir.'
..1980
Cl900
AdJ Income 8s
Third Ave By lat e 6a
1987
f

65
Jan '20

92
80

Bys 1st eona 4^8.1902 M W
By 1st & ret 8s
1930 M H
?ortld By Lt 4 P iBt ref 0S..1942 F A
1st A refund 7 Hs Ser A
194fi M N

a

64
68

40

State
IV
iPcirtland

Lt Ist

5058

1

Junt''21
7034
7084

1418

Certlfloatea of deposit.

By &

66'>8

4
92
220
339

61

12 Sale
6 134 Sale
6II2
61
01
6I34

55I2

OertUloates of deposit

Srt City

29I8

Sale

1434 Sale

Seluadlng * exten 4)-^e...l93I
Montreal Tram Ist & vei SB. .1941
aew on By A Lt gen 4HB..1936
B Y Munlolp By Ists' 60 A. 1900
a 7 Rya l8t S E A ret 4a... 1942

Y

6584

93

Ist s 4B_.J83i5

01942

71

78

70
70

5434 Sale

Lt ocns g 69.1020

go year &d] too Ob

69

80

64 14 Sale
56
79 Sale

6% notes
1924
Uetropolltao Street By
Bway & 7tb At in S 0B..1943
Ool A 9tb At 1st gu g 9b._1993
Lex At 4 P F iBt go g 6B..1993
iUllw Eleo

27

77
78
Jau'22
Jan'22
27

7034

e-year

UeG

77

79I2

69

1924

ft

Ist

6212
59.8

03I2

Manbat By (N Y) oona B 4a.. 1990
1990
2013

57
54

ny->s

Cortifloatea oJ deposit
Isterboro Bap I'ran Ist 6a.. 1906

Stamped tax eatmpt

5812

SalP

Computing Tab Rec

Price

FrUtav
Jan. 27

Bid
j 112

j
J

1

MorrlB

7

63

6634
6684
27I2

f

4M8-.1966

coll

60

7658

1957
1967
1932

Jersey ist Sa

60

57

cons g

Mmnbiit 6b ser
Adjust Income 8e

aafl

3812

3334
3812

57I2

m Smith Lt A Tr l8t g4M1»--I932
08... 1938
Ist

35

38
58

aaooklyn Rspb] Trac g Sa...I94«
lat refund oocv goJfl ie
200i

Cerro de Pasco Cop Ss
19Chic On Sta'n lot gn 4M8 A. 1983
1st Ser C O^iiB (ctls)
..1963
Chile Copper 10 yr oonv 7b. .1923
Co I tr A oonv Ob ser A
1932

Mar'17
55
Jan'22
Jau'22

8^

High

36
9112
91 "4
84I2

MN

No) Low

4
ST

W. Y. STOCK EXCHANGE
Week ending Jan. 27

1921.

Ask Low

931"
7OI4

BONDS

Range
Year

Week'l

Price

FTidav
Jan. 27

Bid

Wen Marrland iBt g 4a
Pa iBt B 8b
West N Y

BOND Record—Concluded— Page

York

97
98

I

I

112
109
86V1

644
911,
961,

I

I
'

1

se
104
1027,

109

94

I

974
96^

I

oDue Oot. jDue Dec.

s

90
103

Option wle.

BONLta

BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOW SALE PRICE— PER SHARE. NOT PER CENT
Monday

Saturday
Jan. 21

Wednesday,

Tuesday,
Jan. 24.

Jan. 23.

Friday.
Jan. 27.

Thursday,
Jan. 26.

Jan. 25.

STOCKS
BOSTON STOCK

Sales
for

•

--.

24
*127

334

30

1512

157s

Lowest

15
...

50
60

491?

503«

60

60

60

•.02

.10

*.02

.10

4

*378
I6I4

4

I6I2
II7I2 11778
10834 1107s

•82

82S4

•12
16

15
16

117

*.25

1

*.25

1

•.17
•.01

.25
.15
18

•.17
».01

4

•312

4

4112

•44

42
45

42
45

lans
MI4
1312
1

137s

434
1

1

10
212
512
1112

III2

•4I4

.25
.15
1914

•84
66
66
131

131

22I4
11

4
•1234

•14
169

934

4212
4712
16078

4I4

133s

13
*.75
•1884

*8l2

3

234
534

5I2

12

11

81
8d
64
66
66 ig
66
66
•137
135 135
22I4 2258
22

4
•1.^34

169

168

111
•12

1312

•4
*9
3

414

10
3

82"

4
115
•12

4=8

•I3I2

168

115
13
14

168

14'4

17212 •167

•

13

13

•

5I4

'"4l'2

100

65

13

12

38
27

38I4

22I4

229g
29I4
8

•7i»
•8I4

32
36

30

30

30

2»«

14
.06

280

lo
•..00

.75

61

•20

.50

14

12>4
9I2

44U

44

45

12

11
•17l
•2I4

280

13l>i

10
44»«
2'2
7

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11««
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2>4

3
2
.76

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93

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127«

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31

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1512

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234
934

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282

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27

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J»n 19
Jan 13
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Jan 19
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Jan 27
Jan 27
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Jan 23
Jan 17
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leh Nov
110 June
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jan
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21. Jan
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3
Jan
384 Jan
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69
Jan
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Jan
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69
40
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valuo IIOO.

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414 Mar
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87
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11

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7

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46^

IjiiI HiiU

•IWi

Co

25 Kerr IjikiKcw«!iiaw ('oppor

2<i

• 4^l|

46
VA,

24
133

Jan 5
.03
Jan 26
205
Jan 5 285
1334
103.1 Jan 4
91. Jan 16'
I2I2
45I4
37I2 Jan 3
9
1 84 Jan
2
9'4
0'2 Jan 3
121,1
I012 Jan 5
134 Jan 10
2
21.
2
Jan 13

Hancock Consolidated

I

M
•36

2M4

•II,

"7M

3.413

26

Jan
Jan
Jan
Jan
Jan
Jan

I6I2

9

13

200 Indiana Mining
1. 38
iHi 1111(1 Creek Cool

14

"U

12
10

11
234
834 Jiin 0,

200 Traiiklln

I.

27

.fit,

ICaHl

.361

in:

40

IJavl8-l)aly

Jan'22

61,

fl",

80
98

I

22

Daly-West

68I2
INI4

135

Jan 26
334
Jan 19 130
130
8OI2 Jan 9
8II2
29I2 Jan 26
33
I2I4 Jan 3|
lO's
69
Jan 10
70
58
Jan 17
59
57
Jan 6
75
I5I2
15
J an 20
Jan 23
78
78
481. Jan 5
501.
Jan II
58
60

.'20

;enl

4. .345

•38
•74

•38
•74

6I4

eimlal
Copper Ilango
(

2'»
2',
21;

I8I4

4
11

334

60

._

«.69.>

:ioo

671i

/xu< .HaU

741,

122
1.311

Ik

2*4

68i«
18*4

Ahmeek

305 Arcadian Consolidated
1.045 .\rl/.nria ('ommerclal
270 Hiiitilmm Mines
20(1 liutic-Iialaklava
Copper..
226 Calurnei & Hi-cla
5.110 CarMon Hill Gold

2

15,

2»4

2)2

2

Adventure Consolidated..

280 Allouz

3I2

•1»»
•2l2

3

03

10*4

85
Jan'22
26

14

20
125

Jan
Jan
Jan
Jan
Jan
Jan

.4

Algomah Mining

Sou

•i!'«

•

12

26I2

2

Last

63

!•<

•36

•84

|7»

•2*4
•I
2««

3

l<«

l>«

m

•M
26
36
46

.16

I

6l||

13>t

40

.06

\1

•3U
74

75

•..W

.75

75
95

Mining

V.HW

2

21*

10
2

.ftO

3

2

21

•3i»

'2

60

•03

3

2
.'Pile

2

18*4
•1

06
3

.A6
•3*4
•ll*

8
83»
11
1158
•l*j
2
2I4
Jan'22

H

I3OI4

—

Jan'22

!

g>4
1214

•50

lUU

2»»

97

7fl

44I2

•3I4
3I2
II2
Jun'22
2l2
2*«
21,

I

19
2
...

I3I2

44

45

8i4
11)2
•1*4

.06

13
12

•III2

•2

.76
8«7,

68

.40

.70

13I2

i:j34

278

270

280

iMst

27,

£'%

•2

!,'i

•Hi
•

I

•20

\'<,

•03

M

«'»
I3*t

14

2«

Kh

2*4
958
13I2 •1314
.03 •

3I3

•1'4

I8>S
•I

2*4
93,
13'2
.03
1234

100
100
100
Do pref
100
Boston & Maine.
100
Do pref
100
Boston & Providence
Elec.jVo par
Boston Suburban
..No par
Do pref
Best & Wore Elec pref.iVo par
100
Chle June Ry & U S Y
100
Do pref
100
Maine Central
100
N Y N & Hartford
Northern New Hampshire. 100
Norwich & Worcester pref. 100
100
Old Colony
100
Rutland pref
Vermont & Massachusetts. 100
50
West End Street
50
Do pref

.20

Highest

I

Boston & .\lbany. —
Boston Elevated

411

Jan'22
31
31
•2*4
3
9
9

LoDeest

Miscellaneous
10
.04 J an 27
.05 Jan 25
825 Amer Oil Engineering
2"
4I4 Jan 27
312 Jan 5
432 Amer Pneumatic Service..
50
Do pref
1412 Jan 3
440
17
Jan 16
Amer Telephone & Teleg_.100 11458 Jan 3 11812 Jan IS
2.934
-No par 104 Jan 10 117 Jan 24
1,955 Amoskeag Mfg.
No par i80i2 Jan 17 85 Jan 16
Do pref
335
Anglo- Am CommlCorp..Vo par
Art Metal Construe Inc.. 10
Jan 7
170 Atlas Tack Corporation No par
13
16
Jan 21
10
Beacon Chocolate
25 J an 20
50
Jan 20
Blgheart Prod & Refining. 10
Boston MexPetTrusteesiVopar
18
Jan
18
17
Jan 9
70 Century Steel of Amer Inc. 10
.05 Jan 20
.05 Jan 20
10
2OI4 Jan 27
5.790 Connor (John T)
1534 Jan 4
10
3I2 Jan 16
Jan 4
200 East Boston Land
3
5
9I4 Jan 19
55 Eastern Manufacturing
IOI2 Jan 10
25
481. Jan27|
381. Jan 4
5.827 Eastern SS Lines Inc
50
Do pref
45I2 Jan 25
78
42
Jan 7
100 1591. Jan 27 165
879 Edison Electric Ilium
Jsnllj
No par
Elder Corporation
51. Jan 3
33
438 Jan 20
No par 10 Jan 12 14 Jan 20
1,140 Gardner Motor
50
605 Gorton-Pew Fisheries
.35 Jan 27
I
Jan 19
25
85 Greenfield Tap & Die
1958 Jan 4
19
Jan 26
Internat Cement Corp.iVo par
1.805
2812 Jan 27
28
J an 20
50
78 Internat Cotton Mills
32
Jan27
30 Jan 16
100
Do pref
26
Jan 11
7812 Jan 6
77
No par
3I4 Jan 9
673 Internat Products
5
Jan 13
100
Do pref
20
Jan 5
10
Jan 9
7
780 Island Oil & Transp Corp. 10
3
Jan 24
21s Jan 6
912 Libby. McNeill & Libb.. 10
Jan 4
6
Jan 6
5
2
592 Loew's Theatres
81. Jan 3
13
Jan 16
McElwain (W H) 1st pref. 100 81 Jan 24 8712 Jan 25
87
100
Massachusetts Gas Cos
66I2 Jan 19
445
03 Jan 3
100
Do pref
112
661. Jan 13
62 Jan 3
166 Mergenthalcr Linotype... 100 130
Jan 3 140 Jan 26
Mexican Investment Inc.. 10
740
2II2 Jan 3
23
Jan 20
10
659 National Leather
1158 Jan 21
Jan 4
8
4I2 Jan 10
1.165 New England Oil Corp
3^8 Jan 6
283 New England Telephone.. 100 109 Jan 4 115 Jan 19
Ohio Body & Blower. . ..Vo par
III4 Jan 11
12
Jan 5
1
"'io Orpheum Circuit Inc
13
15
Jan 14
Jan 10
202 Pacific MUls
Jan 6 I72I2 Jan 24
100 166
Plant (Thos G) pref
1
5
80
Jan 4
7812 Jan
10
61 Recce Button Hole
I3I2 Jan 19
13
Jan 5
RootA VDervoort.Cl.A.Vo par
5
415 Simms Magneto
514 Jan 21
4 Jan 17
100
1.078 Swift & Co
9214 Jan 3 102
Jan 14
Torrlngton
25
57
6512 Jan 24
60 Jan 3
Union Twist Drill..
6
15
I2I2 Jan 20
Jan 3
11
United Shoe Mach Corp.. 25
4.501
3934 Jan 6
37
Jan 6
25
Do pref
361
3
27
Jan 211
Jan
Oil Fields.
24I4 Jan 3
3.74S Ventura Consol
2178 Jan 27
10
8.486 Waldorf System Inc
261. Jan 4
31
Jan 25
100
165 Waltham Watch
838 Jan 17|
7
Jan 3
Walworth Manufacturing. 20
.575
884 Jan 20
778 Jan 4
Warren Bros
50
1.235
I7I2 Jan 3
2378 Jan 14
Do 1st pref
50
672
3OI2 Jan 4
36
Jan 13
Do 2d pref
50
34
.....
41
Jan 14
Jan
Wlckwlre Spencer Steel
25
15
Jan 24,
I43t Jan 9

63

.32'

3l»

•»'«
•3*1
3**
2<»
•A\t
lH*t

3

63

Salt.

2«1'

2

21»
a7>2
IH7,

1*4

15

Highest

Railroads

Dec'21

65

26

2

•3
87

•Hlj

15

8412
Last

•2'4

'a

31

2«l2

2«»
I

31

Sale i36i2 Jan'22

00

•2»i
•1««

1<2

30*4

2612
•31,
•1'4
21*

27.
2»4
2'4

237«

26>2

87
92

'1'4

2
3

22

86ij

Vt
3

22

Last
31

3

3I2

•2'!
2««

9I4

2*4
23*
.80

2618
2218
3038

Last Sale

12

I3I2

39

217g
2934

Last Sale SO

3

1^

•12
3812
26 Is

1312
3934
2634
223g
3OI2
7
8I2

21»4
30»4
l/iM
•I4I2

278

14
12l2
45<4

l»«

II '4

•3'»

MI4

•12
3812

66

.50

.06

•lU
•I««

Last Sale 141* Xov'21
•
5
5
IOOI4
9934 10038 100
•6312 65
65
65

.75

2l||

•90

'nil

'li'

I3I2'

712

•

2634
3l|

2

'

8
22

S'i
1I7|

24*4

6618

140

4

29«4

IIH

12

8&
02

•W

7«4

4434

III2

22

...

140

22I4

31

280

82

6618

140

2234

u
14

•11
44I2
•2

64

26I2

234

06
285

82
63

13I2

5

62

14

14

"h^s "53;

83
64

4

13

•.20
3II2

9

'I'o'ii

II4I2 115
110
110
Last Sale 11 '4 Jan'22
• 131.
•13I2 14I2
141
I69I2 170
I6912 170

1312

•50

.50

•9

534

11

170

31
•31
•14«4

62

'7"7'l2

I

8

.75

'2"8'i2

'7712

IOI2
234

22

13^8

712

15

27
32
78
4

66I2

140

4
115
13

21l2

35

'27"

IOI2

27

8*4

131s
.35

IOI2

30

3118

19

1

434

1034

27
22

22

412
127s
.35

434
1334
.75

83
64

9934 100
•6312 65
•1212 13I2
38I4 3834

31
3

91»

161

66I2

64

'•4"

9

3

•OU
•2

13
5

4812

50
I59I2 160

50

234
512

"gi;

*9
46
•45

46

10

8712

•13

31
3

06
285

'

280

131

31ig
•31

30

•2«4
9I4
•131-

9

22

63

62

•20

.60

2»4

27»l'2
13i|

•.50

.76

•8>4

834

36
15

16

63

•

31I4

r

•.50
6212
•.20

9
14

8
23

31

•3012
•lolj

2934

•7

23»4

•30

22^

•8
22I2

8»4

•23

I3I2

9912 100
6512 6512
•12
I3I2
381
38
26l2 2678
22I2
22
2912 3OI4
7
7

39
27

38
27
22
29

27

29

*4l2

•4I2
5
9912 100
•6312 65
12
12

10034

64

»13

13
13

16

934

578

135$

16

69

3I4

3

lOU

66I2
13812 13812
2218
22
III4
11

221
III2

4

•9

66 12

66
137

4

32
78
4

4I2
1 OI2

64

65

.04

*.50
19
26I3

27

10
•82

50
59

.04

4I2
I3I4

'7'7'l2

538

578
12l'>

85
4
647

.10
4I4

16

45
*45
160

19

77I2

75
15

4934

3I4

458
1312
1

2678

59

'sou
59

»9i2

*32
'7'8"

80

13I2

438

11312 I143g
•J2
13

1334
I4I4

80

11

III4
4I4

112

I9I2
2612

8
9
764

Ha

.25
.15
1934
312
934
4534
451
I6O34

4I2

*19
26
*32
78
*4

10

11

42
45
160

478

6512

22I4
llSg

1878
3I2
934

4

*84

4
114

114

27

11

88
66
66

*.17
'.01

13
*.50

"78'

4I3
*8l2
234
0I2

1

1

15

65

70

70
59
69
*14
•78

6912

16

15
15

*.25

,562

2

11634 II7I3 II6I4 117isl
II6I2 117
114
116
8312 83I2
Last Sale .l'd"jun'e'2i
Last Sale 131. Dec'21
*15
16
16
Last Sale .50
Jan'22
Last Sale 412 Mar'21
Last Sale 17
Jan'22
*.01
.05
.05
.15
I9I4
1888 2OI4
19

117
827g 83

*]3l2

1558

"15'

1434

4I4

1638
li73s

*4l2

1

*32
•77

21:
534

*45"
160

19I2

*26l2

27
31
77
5
10

31
•75

45

19

1912

2612

4212

160lg 161
•4I2
5
I3I4 131

16134

•19

9I4

9I4

912

I8I2
*3l2
9l.>
421'

16

*12

15
15

*.17
*.01

I8I4

.25
.15
181;

4

117
116

S234

•.25

18!4
•SI'
«l2

378

—

100

136"jan'22|

30

*.02

.05

10

*12
15

15
16

60

.03

4

8234

8234

5OI4

59I2

60

I6I4
16
11718 I17I2

115

115

111

..

•12
15

I6I4

1171s 11784

15

•50

'sou

*378

6912

*14
•78

15

«.02

•378

68I2

69

67
15
*78
50
59

*70
•58
69
*14
*78
50
59

74

59

*58l4

133
Jan'31
Feb'21

•8II2

•8II2
291
14

I5I4

*70

•70

67
15
78

334
Last Sale

30

14

1534

20

334

-*130
.8II2 8II2

"isi"*

I6I4

20
133

*132l2
Last Sale .25
Last Sale .75

*334

30

1578

oOig

•16

20
132

20

178
597
252
237
54
55

7812
9758

Range lor Tnevtmis

I.

year 1921

Week

135

16

1534

20

20

30

97%

I5I4

161;

132

20

*130
*83

..

I6I2

78I4

78
*95

781
97I2

135
78
*95

134

134

135

135
78
•95

I6I2

*334

*69
*58
*64
15
78

6512

98

20
»130

24

2978
I5I2

•70
•58
15
•76

97

....

•130
*86

30

7834

*15'2

•334

--•130
..•8II2 ---

6412

78I3

7834
9734
161

97S4
16

24

•128

78I4

135

135

135

135

135
78»4 79
9734
97
•16
17

Range since Jan.

EXCHANGE

tiK

Shares

135

397

S«« nazt pasa

Junn

B(4llTldaii4.

Mar
I'nb

Jau

—
—

—

K

.

.

.
-

.

THE CHEONICLE

3S»8

[Vol. 114.
Friday

Outside^tock^E)^^

Last

Stocks

—

Boston Bond Record. Transactions in bonds at Boston
Stock Exchange Jan. 21 to Jan. 27, both inclusive:
Friday
Last Week's Range

BondsXT

,

.

Sales
for

Sale.
Price.

Week.

0/ Prices.

Low.

S Lib Loan 3 Hs. 1932-47
2d Lib Loan 4s.. 1927-42
1st Lib Loan 4l-i8 •32-'47
2d Lib L'n 4H8. 1927-42
3d Lib Loan 4 K s ... 1 928
tth Lib L'n 4;is. 1933-38
1922-23
Victory 4Ms
1946
5s

929
Convertible 6s
1925
,AU G &
I SS L 5s.. 1959
Belgium 7KS
1945
Carson Hill conv 7s_ _ . 1 936
Chic June Ry & U S Y 5s'40
Hood Rubber 7s
1936
Internat'l Cement 83.-1926
Mass Gas 4Ks
1929
1

109%

W

96

84 K
89

1931
4H8
Power 5S- .1951
New EngTelep 58
1932

Mis-s River

89
95
62

N YNH& H deb 6s.. 1948

N Y Telephone 5s
Swin& Co5s_
Western Tel & Tel

1949
1944
5s .1932

Shares

90

93H

14. .500

95!.J

102 K
91

91J

19.000
300
3,000
8.500
4.500

62
102!^

92
93 H

—

Chicago Stock Exchange. Record
Chicago Stock Exchange Jan. 21 to Jan.
compiled from official sales lists.
Friday
Last Week's Range

Stocks-

Sale.
Price.

Par,

American Radiator

100
-Vmerlcan Shipbuilding. 100
Armour & Co, pre!
100
,.\rmour Leather
15

Beaver Board

Low.

83

Case
Chic

(J

C&C Ry pt sh com..*
*

Preferred

IJi

115
6

55

3H

D&D

100

Hartman Corporation. . 100
Hart.Schaf & Marx.comlOO
Holland-American Sugar 10

Hupp Motor

10

Inland Ste«I
-.100
Llbby, McNeill*: Libby. 10
Lindsay Light..
.10
Mid West Util, pref... 100

95
82

10

New.

*
Pick (Albert) & Co
PIgg Wlgg Stores Inc"A'
Pub Serv of Nor III, comlOO
100
Quaker Oats Co

Beo Motor

2%

UK

23 M
33

100
100
15

100 }i
211^

25
Carbon 10

40 M
45

& Ry

Preferred

--*

66

pf 100

Bonds
Armour & Co 4 Hs

W

*

No

par value,

Baltimore

6%
66

3H

6%

65%
4
61

336
950
100
3,700

60
50

6%
5
9

3

H

iH
1%
1%
114%

6%
50
2%61
105

.Tan

Jan
Jan
Jan
Jan
.Tan

63

60%

-Jan

13 Ji

360

13

29%

7,130

24

99 »i 100%

1,860

91

21%
42%

4.395
2.475
8.575
100
50
35,400
64
535

4%
13

«

53

6%
4

69
84

4%
2%

59 ^g
84

4%
2%

33
156
13Ji
61
13
26)^
21

40
45
35 '/i

1%

18H

465^
36
81
14

104

55
52

200
300
80
250

1,560

l?-8

100
2,325

lor
88
72

41%
71

104

56%
53

83% 83%
85% 86
91% 91%
95

17,625

6%

51% 51!-i
39% 40
98% 98%

56%

350

260
275

58% 61%

40
70 Ji

1,305

81
160

z99% 101%
197

60
590
200

35

76% 76%
58% 67

6%

150
2,740

19,100
1,925
2,875
3,735

11%
21% 24%
11

104"
53

.375

12%

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

13^4

95
82
85

4

71

39%

91

150
575

89
82
80

88

41%

83
87

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

13%

Western Knitting Mills.
5'A
100
Western Stone
25 166 H
Wrlgley Jr, com
10
Yellow Mfg
"59 H
Yellow Taxi
1939
Chicago City Ry 58... 1927
Chicago C&C Rys 5s. 1927
.1927
Chicago Rys 5s
1927
68, Series "A"
1927
4a, Series "B"
Telephone 5s. 1923
Chicago
Commonw Edison 68. . 1943
Metrop
S Elev 1st 48 '38
Extension gold 4s.. 1938
1939
Morris & Co 4)48
Peo GLiScC ref g 5s.. 1927
Swift* Co. Ists-f-g 63 1944
Wilson & Co 1st 68... 1941

114% 115

81

20

issued

IH
1%

260

80%

Stewart-WamerSp.com

When

100
100
180

1%
1%

60
150

6%

'59"

28

Wahl Co._Ward. Montg, & Co,

3%
%
6%

12H
61%

13

United Light

3%

125i

Sears, Roebuck, com.. 100
Standard Gas & Electric. 50

Union Carbide &

9

484
300
60
60

4ii

10

Swift & Co
Swift International
Thompson (J R). com

7H
T%

4K

*

National Leather

12%

%

I

1021^^1 .Ian
92"-4'i Jan
93 Hi Jan

1.

96

45
8,470

11

81%
81

73

4%
10:%
51
4;i
4

53
82
4
I'i

8%
19

25

SOU
143

'-j

20^:.

40
43
29

71%
50
76

12%
5

IH
97}.;

170

57%

S3. 000

87%

9,000
28,000
10,000
2,000
25,000
3,000
7,000
11,000
11,000
1.000
6.000
3.000
1.000

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

67

35%
67

51%
33

98%
104
52
50

83%
85%
OIK
95

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

88
90
94

12%

8%
7H
9
3%
%
6%
2
1%

116

6%
56
6
62
108

14%
95
85
85

4%

UH
54
6

4%
60

84%

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

4%
2%

.Tan

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

11%
28

37
82
160
19

64

16%

29%
102%

23%
43%
47%
36

76%
67
81

15%
7

1%
103

200

61%
88
72

41%
71%
51%
40

98%
104

56%
53

83%
86
92
95

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
fJan
I

x Ex-dividend.

Stock Exchange. —^Record of transactions at

Baltimore Stock Exchange, Jan. 21 to Jan. 27, both inelusive, compiled from official sales lists:
Friday
Last

Week's Range

Sales
for

Range since Jan.

Sale.

Par. Price. Low.

Stocks

Arundel Sand & Gravel .100
Atlan Coast L (Conn) .100
.100
Baltimore Tube

Benesch

28

28%

115

26

81%

81%

82
24
54
26

65
100

80%

24
64
26
24

&

Sons...

Preferred

»

..25

Cent Teresa Sugar-.. ..10
..10
Commercial Credit... ..25
Preferred
- ,25
Preferred B
25
Consol Gas, E L &Pow 100
Preferred
100
Consolidation Coal--- 100
Cosden & Co pref
...5
Houston Oil pref tr ctfs .100
Preferred

Mfrs Finance

pref

-100'

1

3%

2%
50

25%

66%
108

80%

4%

24%
1%

3%

51

25% 26%
26% 26%
94
96%
107

80

4%
80
24

108

80%

4%

80
24

10

30
60
850

24
50
26
24
1

1,650

2%

27
60
24

49,%
25

25%

419

,91

166

105
80
4.%

454
605
15

39

80
24

High.

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

29
82
25
54

26%
24«
1%

3%

51%
26

26%
96%
108

83%

4%

84

24%

30

30

W

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

88% 88%
83

83

92%

98% 98%
98% 99%
95

95
83

83%

95

83%
87% 87%
107

107

100% 100%
103
103%

103

87%

86% 87%
89% 89%
99% 99%
97
9R

102

102

96
73

72%
85% 85%
87
76
95

87

76%
95

93% 93%
99
99%
85% 85%
89% 89%

93%
"85%
70

70

49%

49%
67

78%

3,000
5.000
4,000
1.000
200
3.000
2,000
3.000
11,000
15.000
516,000
2,000
3,000
1,000
5.000
2.000
1,000
15,000
4.000
5,000

98%
98%
93
82
82 ]i
106

99%
102%

85%
86%
99

96%
94%
72%
84
86
76
95
92

1.000
19,000

97

98%
85%
89%
66%

32.000
1,800
20,000
20.000
3,000

98% 99
78% 78%
97

88
80 V$

1. 000

67%

1941
1935

29

1.000

70
50

67

9

14%

Sl.OOO

83

1949
1936

Income 4s
Funding 53

17

5

Md

40
66
98
78
97

1

High.

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

88

17%
45
74

95%
10%
15

30

88%
83

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

98% Jan
99% Jan
95
83

87%
107%
100%
103%

87%
89%
100
102
96
73

85%
87

76%
95
94
99

85%
89%
70%
60

67%
99

78%
97

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

par value.

Philadelphia Stock Exchange.

— The

of transactions at the Philadelphia Stock

complete record
Exchange from

Jan. 21 to Jan. 27, both inclusive, compiled from the official
Prices for stocks are all doUars
sales lists, is given below.
per share, not per cent. For bonds the quotations are per
cent of par value.
Friday
Last Week's Range

Par

Stocks

American Gas of N J -.100
50
American Railways
*
American Stores'
Ist preferred

Bank

of

No Am war w i.lOO

50
100
Consol Trac of N J
Elec Storage Battery. -100
100
General Asphalt
10
Insurance Co of N A
100
J G Brill Co.100
Preferred
50
Keystone Telephone
100
La ke Superior Corp
50
Lehigh Navigation
50
Lehigh Valley.-50
North Pennsylvania

iS'ales

Sale.
Price.

Week.

of Prices.

53
5
88

52
5

115

114

6
88
116

&P

Penn Cent L

46
38
44

62
38
44

135% 145

141

"36%
'79"

50
50

Philadelphia Co (Pitts) .50
50
Preferred (6%)
50
Pref (cumul 6%)
Phil El of Pa pfd war w i25
Fhlla Electric of Pa
26
Preferred
Nor RR. -50
Fhila Germ &
*
Fhila Insul Wire
50
Fhlla Rapid Transit
Philadelphia Traction- -50
Fhila & Western pref-. -50
-.50
Reading
1
Tono-Belmont Devel
1
Tonopah Mining
Union Trac (S17% pd)--50
50
United Gas Impt-

50

Ireferred
West Jersey

& Sea Sh-.-50
60
Westmoreland Coal
100
& Sons
Cramp
50
Y'ork Railways

Wm

—

55% 57%
30% 31
39

39

76

8

67%

67%

59%
75% 75%
49% 49%
70% 71%
34
34%
32% 33

31

31

37

36% 37^
1% 1%
24% 25%
27% 28%

1%
25

27%
'56"
17%

115

115

50

50
19
65
29

17%

61%

65

29
72

V2^

l'%6

itfe

51."4

40

10%

9%
31%

3%S-19.32-47
1932-47
1927-42
1928
--.1933-38
l«22-23
Victory 4%s
Am G & El 5s small- -2007
Baldwin Locom 1st 53.1940
Bell Tel of Pa 1st 7s_-1945
Chic Burl & Qulncy 4s 1958

96.34
97.44
96.70
97.50
96.98

Bonds-

US Lib L

1st

4%8
2d4%8
3d 4%s
4th 4 %s
1st

W 4s

1945
sm.ill
do
Lake Superior Corp 6s 1924
Leh C & Nav consol 4 %s'54
coll tr

Registered 6s
6s.

Ohio River

1st 5s

65

63%
34

'96%

stamped

s

1

1906
1966
1941

Phlla Elec 1st 53
small
do
6ssmall
do

Pub Serv Corp

N

92

87%
87%

96%
161%

No

88

95,%
96

97>i;

par value.

Pittsburgh

77

95

300
61,000
200

77%
63
100

102
77,%

63
100

78% 78%
97% 98

98

X Ex..dlvidend.

Stock

87>.:

10,000
2,000
10.000
14.000
1.600
5,000
1,000
6,000
1.000
1.000
2.000
2,0J0
5,000
1.000
10,700

101% 102
102

J 53-1969

1932
- . 1927
United Rys Invest 53-1926
1950
Welsbach Co 5s

92

106% 106%

Scranton RR 6s
Spanish Am Iron 63.

•

90% 90%
101

...1923
1936

& red '51

•

65
65
34

102%
100% 100%
100% 100,%

6s '28
1923

1936
I-enna RR 6%s
Fhlla Co cons & coll tr 6s'51

do

520

S200

&
Elec &
Del

122

4.850
78.750
67.600
91.050

89

48%
69%
33%
32%
1%'

23%
27%
115

50

17%

1%
34

1,000
1.000
1,000
20,000
24,000

—

Exchange.— r^i is
Exchange. This

•27

Jan
Jan
Jan
.Tan

58
29
72

50 H

9V .90

89
63

6%

38%

99.96100.30 2036350
100
82
82
10,000
100
100
500
108 h 108%
5.1/00
88,% 88%

1987

1932
5s
Hud 1st ref 4s.. 1943
Peoples tr ctfs 4s '45

37%

930
304
50

96.34

81% 81%
78% 78%

&N

343!

loy.

Columbus Gas

Chicago

30

l,/73

33

97.26
97.82
97.26

65%

31

280
950

67
42

67
40

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

36

4,094
30
260
2,420
110
10
110

15-

35%
S8% 38%
51
51%
32% 34

120

5

35

38%

.Tan

659

1%

35

44

67
67
73

4,681
4.318

.

114
46
37

197
175
20
105
97
1,928

60

since Jan. 1.

Jan
Jan
Jan
Jan
Jan
Jan

76
7

31

50

Preferred

68

Low
47
4
83

50
30
720

8%
8%

69

70%

66
258
325
170
477
25
115
7,136
60
225
50

79

8%

pref. .

Pennsyl Salt MfgPennsylvania

53

84%

46%

Ramge

for

High. Shares

Low.

Cambria Iron

Coupon

Low.

28

100

Preferred
(I)

High. Shares.

15

7%%

Lehigh Valley
1.

72

15

Bait Electric stpd 5s 1947
Bait Spar P & C 4%s. 1953
Charles City Ry 1st 5s 1923
City & Sub 1st 5s
1922
Consolidated Gas .5s-. 1939
Consol Gas gen 4%s.. 1954
Consol G.EL&P 4%s. 1935
notes.
7s
1922
78
1931
Consol Coal ref 4%8.. 1934
Refunding 5s
1950
Cosden & Co conv 6s
Davidson Sulphur 6s. 1927
Elkhom Coal Corp 6s. 1925
Ga & Ala cons 6s
1945
Ga Car & Nor 1st 5s_ 1929
Electric Ry 1st 6s. 1931
Monon V Trac 5s
1942
7s
1923
Pennsy
& P 5s
1940
Petersburg A 5s
1926
St Paul Cables 5s
United E L&P4%s.. 1929
United Ry & E 4s
1949

No

11

93% 94%
10% 10%

-.50

-50

Bonds

•

44

.50

Preferred

6% notes
5s. Will & Weldon 5s.

High.

Low.

1,575

107% 107%
13% 14%

Prior preferred

MItcheU Motor Co

83
88
94

61

Diamond Match
100
Godschaux Sugar, com.Great Lakes

High. Shares.

83
87 «
93

6

ChJc Elev Ry, pref
100
Chic Rys part ctf aeries 2_ _
Commonwealth Edison 100
Continental Motors
10
Cudahy Pack Co, com. 100
*
Karl Motors
Deere & Co, pref
100

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
89K Jan
110
Jan
55V2 Jan
106% Jan
Jan
100
89 M Jan
976^ Jan
102 ".j Jan
92 * Jan
88H Jan
90 » Jan
95K:1 Jan
62 ' Jan

80

5

44
74

74

93%
10%

Low.

74
400

17%

44

Range since Jan.

140
2.445
50

Ry & Elec
Wash Bait & Annap.

97.72
97.44
98.04
97.86
98.10
98.24
100.50
95 «

Range since Jan.

9

3M

*

t

88

17%

.25
r 100
.50

United

of transactions at
27, both inclusive,

Sales
for

7%
7H

10

I)...

85

Wash B & A

12%

*

Mer & Miners Co
Monon Power
Mt V-Wood M pf V

Par.

Penn Water & Power. 100

Week.

0/ Prices.

*

Booth Fisheries, new
Bunte Bros

Jan
Jan
Jan
Jan
Jan
Jan
Jan
94 v.. Jan
865^ Jan
108 'J Jan
52 hj Jan
106 Ji Jan
Jan
100
89'>4'
Jan
95^1 Jan
Jan
101
Jan
86
Jan
86
Jan
88
93 " Jan
Jan
62
102 >i Jan
01 I Jan
90 I Jan
94.64
96.84
96.44
95.94
96.24
96.24
99.82

—

Northern Central

1.

High.

Lov;.

96.24 96.80 S2.4,')0
90.84 97.02 13.100
97.24 97.54
3,000
96.44 97.14
6,650
97.24 98
13.550
96.44 97.38 32,3.50
99.82 100.30 506.850
94 U 94?.^
2,000
89 !4 89 M
7,000
2.000
109 K 110
55'^ 19,000
54
2,000
106K 106/8
100
100
7.000
89 H 89H
1,000
95 H 97 K 12,000
9,000
lOlK 101
92
92
5.000
5.000
88 H. 88 K

.AmcrTel & Tel
Collateral 4s

High.

Range since Jan.

(Concl.)

Sales

Week's Range
for
of Prices.
Week
Low.
High. Shares.

Sale.
Price.

H

C7
40
9

31%

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

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
781-3
Jan
Jan
89
Jan
62
Jan
63
Jan
30
90% Jan
Jan
101
100% Jan
100% Jan
Jan
92
104% Jan
86% Jan
87,% Jan
Jan
93
Jan
94
100% Jan
100% Jan
77.% Jan
Jan
63
Jan
100
71%. Jan
97% Jan
94.32
96.90
96.24
97.38
98.68
99.90
81
100
108%.
88 tj
81 ''s

High.
53

6%
89
117

62
38
44
145

65
32

39
79
9

8%

68%
60

75%

49%
72

34%
33%'
31

37%
1%
25%
28.%
116
50,%

19%
65
29

74%
1%
1%
36%
39,%
51%;

34
70
43
10,%

33
96.66
97.90
98 .00
98. 20
98.10
100.30
83
100
109

88%
81%
78>'j

89
65
65

Jan
Jan
Jan
Jan
Jan
.Ian

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jau
Jan
Jan
Jau
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jau
.Ian

Jan
Jan
Jan
Jan
Jau
Jan
Jan
.Tan

34% Jan
90% Jan
102%
100%
100%
92

106%
88

87%
97%
96
102
102

77%
63
100
78,%
98

week's record

on page 382.
the Pittsburgh Stock Exchange v:iU be found

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jau
Jan
JAS

on

THE CHKONICLE

Jan. 28 1922.]

New York Curb Market. — Below is a record of the
Iransactions in the New York Curb Market from Jan. 21 to
Jan. 27. both inchisive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its acti\'ities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.

399
Friday
Last

Other Oil

Sale.

Stocks (Concluded) Par

Friday

Boone

1

I

Stocks

Low.

High.

& Miscell.

Industrial

w

AJax Rubber new

46c

5H

Aluminum Mfrs. com
Amalgam Leath com
Amer Hawaiian S3
10
Amer Writ Paper, com. 100
Bradley Fireproof Prod..l
Brit-Am Tob ordinary. .£1
Ordinary bearer
£1
Brooklyn City RR
10
-Car Lighting & Power.. 25

Chicago Xipple Mfg

com

100
100

95c

"nk
'60c

3
168
54 H

72c

13H
13

K

60c

3

12

ll?i
6

6

4
25
400
24

lOH

10

69 »4

5H

•
Gardner Motor Co
Georges Clothing cl B...«
Gibson-Howell Co. com. 10
•
Glllett* Safety Razor
•
Glen Alden Coal

Goldwyn

•

Pictures

TAR com.. 100

Goodyear

Preferred

W)

Griffith (I>

H
K

45K

4K

ll>i

980
100
Irerd.fl

Imp Tob of G B *

Inland Steel

7W

Clan A. .60

Lincoln Motor

9H
2IH
68

5K
5K
50e

Mac And Forbes, com. 100
Manhattan Traoslt
20
Marconi WIrel Tel of Can.
•
Mptcct Motors

33c

<ic

3Vi
2Vi

9H

Motor Car A. Veh

Perlee'n Tire

Rubber
Frocter* Gamble 8% pf 100
•
Radio Corp of Amer

3M

5

Preferred

6

*

•

4li

2»^
IW

3K
8M

-

•

r.it,,)

-r-<
f-roflt

)

'

100
Hhaiinc .25c
" -ndy •

-^

r>

*

.Mrr'al

Cap

V. H. Hhlp

<:or\>

ft

28 H
1

7
91C

7

5H

IH

77 H

I«

'g3«
1

8e
13o

22

'.'hemlcal
^'

iJt

ii

I

8>4
2

169

700
900
300
5,700

24

600

8K lOH
21
23^
67 H 69 H
5H 6
3K 5H

22.200
12,500
45
3,100
12.200

60c
108
33c

3

2H
8

2H
2H
44
2%

8

50c
108
3Sc

IH

K

3
25-i

IH

37 K

2H
2W

«8c

45
36
77 H

13H
900

77c

20
6,000
1,000

9'/i
1

7
9Ic
o*/i

lOK
67 H
45i
2
40c
108
35C
I

H

700
47,400
100
200
100
20

44

1,700

2

3,600

80c
34 >3

lOM
II

3

2K
3M

44
2

36 H
2Ji

300
300

20
137.900
3y, 36,100
1,000
iJi
39
4.200

*H

1

*H
79
44
38

900
200
21.600
100
e,500
200
200
2.RO0
1,33

200
10
10

A
13}^
04c

18,700
12.000
100
4,300

IH
IK

200
.MO

I3c

40.00<J

20

22

'-i

IH
7»o

«H

30
2.3AO
3,400

300

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

m

4K
26
60c
26 K
llii
6Ji

73

14H
16
17
187

49K
6
12

2

2%
SH
8H'

IH

2K

2H
lOOVi
2y,

«

30>i^

Ui

7H
IJ*

8

UK

t

VA

36
iVi
2!-^

88c

3H
2H
IH

21

3
70
44
3U

77K
-'P(i

4H
13

75c
iWi
1

80
10c

20
t

710
7

54

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

10><

23H
69--i

8K
85c
108
38c
3}i
3}z
lOJi

U«
3
2Ji

44

3K
2

37 H
25i

lOOH

4K
3K

Jan
Jah
Jan

IK

Jan
Jan
Jan
Jan

39>,
3
2';
2^,
3JJ

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jun
Jan
Jun
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jau

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

.ran

61
6
21

1,715

12.000

ay.

4

3ii

90

7fte

42

3H

Ko
lie
1

pref... 100

200

lOOH 100 K

1

«

•I

25
38c
24

130
7,900
1.400
1,400

UK

IN

...10
...10

800
700

53 Vi

*%

6

8a«l

V fl HHT«m»hlp...
Warrm }irrm

'

7,000
1.500

I

.rn..60

'.m..lO
10

i-

PrcfirTKl

U

5H

UK UH

3>f
74

.

(.

'

47 H

21 )i

IH

* Carb
A Ry«, com. too

'

'

183 }f 185 W

2W

Corp.

5%
2%

11
14
15>i

2H

1004

Corp

:xporta

I

>;%r<X»

lHi

1,300

36

~
I. * Pow com

''•'I'

3Uj

16

21H

6

1,400
5,000
200

4

3J<

Iron

•Hw'

(.n

26
50c
24 H

ruitr.lO

rTrtl

«t«r,'l

J

4

a.. 10
15
100

Soutb<ni

SI

700
100
SOO
100
300
200

im

3K
2H
iH
3H
3W

^_

Preferred

211-4

6,800
5,900

3K
23>i
i;«

4K
79
48
36
77.>i
2

5^i

13H

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

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jun
Jun
Jun
Jun
Jun
Jun
Jun
Jan
Jan

»'^

Inu

IH
u;

Jun
Jan

lie

.lun

Mr

Jan
Juu
Jun
Jun
Jun

22';

IK
87c

.Jan

Co

17H

too

iii"

131

131

\w Line
to
"T* Line. 100

3,440
120
10

I

30

3(1

JBO"

MA

10

100

20

80

12
HH

14A

OH

100
.60
•>UUt (ill
.V>
''ralrtaoil * fiaa
.. too
'--'•' '•':- Line
100
.Oil
UH)
< I'a I'lpc L 100
Ntandard OH 'Inri,
25
•Maodard on of •.
_
100
Hiandard Oil (ObU//...IOO
Variium Oil
too
!<

.

.

12

17

I7«

t»IH

03

HH
207

2U

A20
235

2H0
530
337

IS7K

IMS

lUO

AA

/lA

.

»4H H7H

.

SM

au

soo
SSI

SAH
auo

U5

K
84 H
18

125
28
IIA

70 H
84

20
100

2.'i7

no

r.20

3r,

234

lor,

IHI

10
10.4(i<l
It,;

52
83 <i
34 i

10

.1tK»

ao

200

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jud
Jan
Jnd
Jan
Jan
Jan
Jan
Jan

K

2H0

Jan
Jan
Jnd
Jud
Jan
Jnd
Jan
Jud

m

Jfid
Jail

17

03

MO
,')0
I

(10

h3
IM(

r,r,r,

i'>r,
r.r,

MH
.'100

340

Jad
Jan
Jnn
Jan
Jad
Jnn

OH

Allle«l
.

^>»

Amer

30
Tin

I

ITiiHrMI. pr«f

mkaian^at

<%%».

nom

*

10

A. 10

10
10

10

3H
10

in
330
3

104

at.soo
1.000
1,1100

a.ioo

2o
lOe

Jan
Jan
Jan

4n
3
II

Jan
Jid
Jan
Jaa

1
1

2K
55c

m

lOH

5K
98c
3
4c
16c

Keystone Ranger DeveL.l
Kirby Petroleum
Lance Creek Royalties
1

78c

Magna Oil &

Refining

1

5

Northwest Oil
Ohio Ranger
Omar Oil* Gas
Fennok Oil
Premier Ref & Mfg

H

IK
16K
32%

IK
"ii'K
6

2H
13K
15c

m
82C
6
28c

1

*

10
5

ISJi

3
10

A

Southern States Cons Corp
Southwest Oil
1
Te.xas Ranger
5

& Land

1

OH

"3K

420

..•

Oil Corp...
Victoria Oil
1
Vulcan Oil
5
White Eagle Oil <k Ref..
Wilcox Oil
Gas.
5
Woodburn Oil Corp
"Y" Oil
Gas
1

&

&

Minlnit Stocks
Alaska Brit Col Metals.. .1
Alvarado Min &. Mill. ..20
Belcher Divide
10
Big Ledge Copper Co
5
Boston & Ely
.1
Boston Ii Montana Dev 5
Butte <t N Y

Candalaria Sliver
Cash Boy Consol
Consol Copper Mines
Copper <'anyon

1

1

5
I

1

O

10c

10c
26c
6
..1

M

1 1 OKI' .•<i>ijiid (;o
Hull Cfippor
_
Idd'-fM-ndcnro Lead Mln
Iron lilowoni
lOo
J<Tijiiii> N'crdo Dovol.
1

A

Iilvlilo
('iiniwi

lliw

ioo

Mlnea

I'imlninn

lilt'

Hii

Hll.'

4K
27c
30c

4«
13 H
2K
9>i

4K
2H
280
2c
3c
41c

5%

1.600

H
3K

14

3,300
2.800
40,700

UK
100

10

5H
1
3%

11,150
100
7,600
1,100
1,000
3,030

30c
2c
3c
68c

229,000

12H
680

700
200
1,200
2,200
1,000
6,200

l'/i«

500
24
3
80c
37c

400
194,250

55c

700

15c

1.5c

250

28c
240
6c

1.000
29,600
11,000
9.000
12.100
2,200
18.900

IK

210
5c

IK
960
860

5c

IK
58c
\y<

18 K
2\i

IK
9c
8!s
155i

IK
31

H

IK
15c
60

70c

4K
4

27c
30c

4M
I2H
2K
9A
100
i%
1

255
28c
2c
2c
41c
10
40c
510
50c
23 u

2K
70c
26c

2,400

IK

800

6.4

1,000
54,700
1,000
244,300

IK

Ic

25c
70c
62c
42c
13c
2,5c

19c

5c

IK
90c
84c

89c

2H

99c
89c
3
20c
4c
30c

8,000
134,100

l.'io

500

210
40

4c
230
4o

2,000
5,000
2.000

20c

Ic

,1.000

Ic

tlu
20

12c
20

220

35c

12c

Ito
V.i

3.000
2,000
I09„500
26.000

lOo
2c
15c
lie

2'ili

180

4c
27c

4c
25c
16c
4c

21C

2c
340

Mo
4K
7H
2K
He

3K
60

4K
7K
2\i

30c
00
200
3
3c

3K

4n
360

.IOO
I .000

2'i,

1,000

62,000
8,000
4,200
2.000
300
7,000
2.000
6,000

2I0

3H
30
3?i
60

300
50

13

IK

300

OH

25c
lo

i

60
20

7.001)

30

MH

2H
20
8'i
3n

12.000
8.000
1,200

l!li

HK

7^„
21,
300
6c
lOr

Mu

He.

37o
H

20

4S

300

7o
285.

2K
I7o
40
18c
15e
3c

1,900

7H

10

20

9,800

M.OOO

370

10.010

AOO
3m)

I'i

K

IK

OH
II h
IH

.1

560
3a

Copper ..5
100
A

/.liir
ii.-il

Ijojila

.

(

'op.

.

A

Mlnea Inc
lnl«l Mln...l
'"rr Corp
in«
Mining

133

I

1

AOfl

32.0110

300

20

20

2.000

IHH

400

2H

0.(100

AOo
340

2lt
i.10<i

UH

1

.

"aVi

470
300

2,H.-tim

IHM

Hf<rriiir«

.Tan

9%
5K
2K

600
5,000
4,000
2i,;oo
1,700
2.000
245,700
8,100

70c
68c

27c
24c
50

iHc
20?i
10c

I4i<i

40c

IK
22c
6c
870
6
5
35c
54c

68c
90c
500
23 W
750
30c

16

14J-4

76c

1,000

70c
620
55c

'(iriiplla

"

IK

120

IK

27c
30

IK
fk>

*i7o"
30
30

170

20
ao

13(1

lis
2Ho
130

m

70
l7o
»o

ao

1%

lOS

8K
6
101

13
13c

6Sc

3(10

.

I

40c

5c
3C

Tan

2c
6C

600

18c
40c

2K
57c
74c

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

2A

70c

ISM

6c
lOc
9

.Tan

73,500

3

.Ian

Jan
Jan
Jan
Jan
Jan
Jan

IK

4K
1114
4%
2%

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

1,000
3,600
5,800
10,100

6>|
2J.^

13
13c

Ian

Jan
Jan

r,H

29c
7SC

1

4
90c

30,000

29c

Ni'viuln (iphlr
.SVvoila Mllvrr llllla

M;

75c

ik

UK UK

2.5c

370

N.

75c

27c

;i)«T
.M
i-'i'oullilon.
.MiiiliiTltMln < !ii|i|H<r Mln. 10
Mfi'lirrlixlr ('opiMir (old)..
Nniliiiial rid < 'orp .
.fiOo

New

32?;

900
400

2

Ic

1

6
A

.M'

<

I6K

IK
31K

7

j

Mii'-N'miinru Mining
Mui^rii.'i CupiM'T.
..

.Srw

lOJi

15«

ic

MlnoR...A

Hiar

M

n.

2«

. . 1

Ijiki'

I. mil'

2K

6h'

1

(iolilflcld Dr^vnlop
Hard Slicll Mliilng
llurnilll Divide

Cons

24>^

IC

Kewanus

Zone Divide--

llolllnk'iT

l?f

7

IJcvp .VIlncM...

llMltt Milling

IK
84c

Jun
Jan
Jan
Jan

9K

Ic

M M

loUl rii'ld I'lorcnco

C;old
(;old

6c

2>A

1

Orsflon Con Gold
& .1
Divide Kxlcnslon
1
Kl Salvador Silver Minos. 1
Kuri'ka Croesus
1
Forty -.Vine .Mlninx
1
GoldMeld Confol
10

l.ft

'sic

10,500
3,400
13.500
15,000
2,300
29.000
1.700
15,800
100
2,800
38,188
6,200
1,000

lOc

2%

&

Jerome Cop..l
Canada Copper Co
.5

15H

12

50c

700
425

106

i.K

1

Tuckeny

(ioldfli-ld

2K

100

4H

H

9c
914

6c
80c
5

Sinclair Cons Oil, pref.. 100
Skelly Oil
10
Southern Oil & Transp..l
South Petrol
Refln

(

IK
21H

19c

10
10

Sapulpa Refining
Slmms Petroleum

t;orte« Silver

IK

48c
51c
Sc
3c

600
4,000
58.900
66,400

5c
17c
10
7

20%

64c

9c
9}4

l'^6

3

17

5c

8H
2%

700
5,900
21,500

81c

1

Salt Creek Producers

Calumet

H

5c

"22K

IK
lOJ-^

76c

1

Red Bank Oil...
Red Rock Oil &. Gas
Ryan Consol

Tidal Osage

He
6J4'

1

Preferred
North .American Oil

Oil

3c

Wi

19

5c
3c

95c
2^4-

3c
3c

200
2,700
139,900
1,000
1,000
30,550

53i

72c

,

Maracaibo Oil Explor
*
Margay Oil Corp
Marine Oil
Meridian Petroleum
10
Merritt Oil Corp
10
Mexican Eagle Oil
5
Mexican Panuco Oil
10
Mexican Seaboard Oil
Mexico Oil Corp
10
Mountain & Gulf OH
1
Mountain Producers
10
Mutual Oil
National Oil of N J, com. 10
New York Oil
Noble Oil & Gas..
1

Texon

H

IK

1,000

2K

1

10

IK

3H
5>A
4K

l(i,000

5,ic

101

*

Lyons Petroleum

.Ian

800

65c

95|

25

Livingston Petrol

Jan
Jan

24,700
7,000

6c
10c
9

,50c

7

Unv
lOl

.

9

Preferred
Imperial Oil (Canada) coup
Internal Petrol

Kiiy Hrrniirti

Ninrh*

iH
2%

5

ri'

i^Ofh»r on

2K
40
3c
9

Federal Oil
Fenslaiid Oil
Gilliland Oil. com
Glenrock Oil
Granada Oil Corp, Cl
Hari-ey Crude Oil
Hudson Oil
Imperial Oil (Del)

*

8
4

600

20
I7,K

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
.ran
.Tan

Jan
Jan
Jan
Jan
.Tan

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

Jan
Jan
Jan
Jan
Jau
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
,lun
.fun
.lull

.Ian

Jan
Jun
Jun
Jnn
.run
.lun

Jun
Jun
Jnn
Jun
Jun
Jun
Jan
Jnn
Jud
Jul!
Jiiii

Jnn
Jniii

Jan
Jnn
Jun
Jan

U

6

IK
3
9c
17c
10

K
K

IK
84c

IK

24 K

2K
IK

12c

lOH
18
2

t35

IK
75c

IVA
6?-8

3
13
19c

H

40c

2K
22c
7c
87c
6
5
35c
65c

6K
3«

14^,

12K
IOO

5^
1

5
35C
2c
3c
75c
12}^
68c
1'^
51c

24K

3K

80c
38c

7
Ic

29c
75C
94c
55c
Ific

40c
24c
6c

IS
SI

89c
3

21c
6c

32C
I5e
5c

280
4e
2c
13r
2c

35c
15c

4H
.s

3
.1(11-

I4c

32r

3H
4o
3'
50

3»c
Ao
lOc

30
IH'

470

OH

MH

IK
57r
4ftr

.lull

,lo

INH

ri.oiio

3r>o

Jnn
Jnn
Jnn
Jnn
Jnn

/OO
3.100
in.noo

30

Jul!

I. to

lU

2.001)
n.r.oo

ino

Jan
Jnn
Jan
Jan

7c
2I0
So

a.ooo

ao

205
7.100
43.

2
124

H

(I

Afl

lo

1.

High.

20c
70C

14,200
1,400

.ic

Kiiiit

OU....£|
SO

IK
iVs
10 J^

1

K/rr

line

IK

..5

&

Low.

200

9;-i

Gas

1

Rante since Jan.

1,400

31,500
34,200

3K

53c
5c

Esmeralda Oil

8H

4K
26c
73c

lOH

1

Oil

Juicilxi lixtt-rmlon

Vorm^r Standard Oil

21c
71c

5

Ertei Oil

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

14H

IH

ft

•
lUnxer Rubber fnr
Rernolda (R J) Tob B..25
Hasuenay Pulp it Power. .5

197

760
9.000

1%

16H

4
95c
13*^
13 ii
4?5
84c
2>4
100
110

IK
3H

2,400
2,020

18
16

11

'Klles-Bem-PoDd. com. . 100

Vorlb Amer PulD * Pap.*
•PamoDS Auto Acceaaortes.
Peerlen Trk AMot Corp 50

IVi
3J^

69Ji
5>i

44 >i

Jan
Jan

80
100

600
400

IH

Ud tamped
•N'at

iVs
60e

10

100
108

11

Locomobile Co com

Voting truBt oenlflcates.
Morrb) rPhlllp) Co.. Ltd. 10
National Leatbtf new

2%

51

25

Intercontinental Rubb.tOO
Int Combustion Enjf..
Lehigh Val Coal Sales. . .50
Ubby McNeill* Llbby. 10

75c

1

A

cl

100
10.200
1,000

55<

27

10

Inc

Hcyden Cbem
Hudson Cos. pr«f

95-s

13
16
16
185

100

Grant Motor Car

7

300

71K

•

5

Tel

7

4,.500

11^

Federal Tel

70c
14 J s

22,300

H
H

13
13
iVs

10
4

Eastm Kodak new com

&

4
95c

164
173
53 1< 55
175/g
19 Ji
29K 31 Vi
62c
70c

1%

•

w 110

20

100
108

18 }i

Durant Motors
Durant Motors of Ind
Earl Motors Inc

15

1,400
100
100

8K
19 J<

2H

"62c'

M

15

200

4'/g

Serv Bantam' sh.
Cleveland .Automobile.

-Colombian Syndicate
<Jonley Tin Foil
Continental Motors
10
CnrtisB j^eropi *
com
I>avles (Wm) Co. Inc..
Denver <t Rio Gr pref. .100

42

5H

4

Colombia Emerald Synd

•Cities

5?^

7
42

100
1,200
100

19H

Preferred
•Central Teresa Sug. com. 10
Cities Senlce
Preferred

300

8K

100
..100

A 10

14K

15

*

cl

46c

15.000
11,200

6
30

•
*

com

m

1^6
55c

14 Lf

10
i

Allied Packers
Allied Packers certlflcates.
Prior preferred

Carlisle Tire
Celluloid Co,

1%

1^

1

21c
72c

5
5

Engineers Petrol

Acme Coal
Acme Packing

High

3H

Continental Petrol
Cosdeu & Co, pref
Creole Syndicate

Dominion Oil
10
Duquesne Oil
1
Edmond.s Oil & Refining. 1

1.

Shares

*

Denny
Range Since Jan.

Low.

4K
6

Oil

Bo.ston-Wyoming Oil
Brazos Oil
Carib Syndicate

Sales

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

Week.

Atlantic Lobos Oil, com.
Atlantic Petroleum (old).

Cushing Petrol Corp

Week ending Jan. 27

Pr'ce

Sales
for

Week's Range
of Pr'ces.

JM

2H
1.10
11

200

IH

ao

—

H

1
5
1

—

M

THE CHKONICLE

400
Friday
Last Wcelc's Range

Mining

Par

(C&)icl.)-

Silver Hills
Sliver Pick Conso!

Sales
for

Sale.
Price.

Week.

5c

South Amer Gold & Plat.
Standard Silver-Lead
Stewart Mining
Success Mining
Teck-Hughes
Tlntlc Stan Mining

Tonopah
Tonopah
Tonopah
Tonopah
Tonopah
Tuolume

1

"3c"

Belmont Dev

1

IM

Divide
Extension

1

62c

of Prices.

Law.
5C
60
5
120
3c
3c
280

2K
I'/m

62c

High
5c

6c

5%
12e

4c
3c
28c

2H
IH

75c

1

IJ^

lilr,

1°/S

Mining
1
North Star
Copper
I
United Eastern Mining.. 1
United Verde Exten
50c
U S Continental Mines new
Unity Gold Mines
5

1%

1'^.

ly^
5c

West End Consolidated..
Western Utah Copper
1
White Caps Mining
10c

5c

63c

2«

4c
59c
2ilfi

29
48c

29

3«
79c
14c

14c
Ic

Pack conv deb 6s

lo

life

IM

'39

70
57 'A

68 «
57
84

8s, SeriesB wi
Aluminiun Mfrs 7s

1939
1925
1933
Amer Light & Trac Os. 1925
Amer Tel & Tel 6s
1 922
6s..
1924
Anaconda Cop Min 7s 1929
6% notes Series A. .1929

lOlH

101 Ji^
102?^

100'^

100«

97 H
1003^

101 v«

lOOK

Anglo-Amer Oil 7MS..1925

103H

7s

& Co 7% notes. '30
Barnsdall Corp 8s
1931
Beaver Board Cos 8s-.1933
Beth Steel 7% notes.. 1923
Armour

Equipment 7s
1935
Canadian Nat Rya 7s. 1935
Canadian Pac Ry 6s. 1924

w

1941
Col Graphophone 8s. 1925
Consol Gas N Y 7s. . 1922
Cons Gas EI L & P Bait 7s '3
Consol Textile 8s
1941
Copper Exp Assn 8s.. 1922
1923
8% notes
8% notes Feb 15... 1924
8% notes Feb 15. ..1925
Cuban Tel 1st 7H8...1941
Cudahy Pack 7s
1923
Deere & Co 7Ms
1931
Duquesne Light 7Hs-1936
Gair (Robert) Co 7s.K).'37
Galena-Signal Oil 7s.. 1930
General Asphalt 8s_..]930
Goodrich (B F) Co 73.1925
Grand Trunk Ry 6 J4S.1936
Gulf Oil CcH-p 7s
1933
6s
1923
Heinz (H J) Co 7s
1930
1..

Hood Rubber 7% note>! '36
Humble Oil & Ref 7s. . 1923

lOlH
9854
102
98 JU
72

lOOK
lOlJi
105

101%
99 }i
37
101?^
103'/^

97 ^s
102S/g

103H
lOOk'

XihbyMcNeilI&Libby7s'31
Manitoba Power 7s
1941

MarIandOil7Ms

& Co 7Ms

National Leather 83..1925
N Y N & Hartf 4s. .1922
/Otis Steel 88
1941
Philadelphia Co 6s. ..1944
Phila Electric 6s
1941
Phillips Petrol 7 ^s... 1931
Procter & Gamble 7s. . 1922
76 _
_
_1923
Public Serv Corp" 7s w 1 1941
Reynolds (R J) Tob 6s 1922

H

Sears.

Roebuck

& Co

7s '22

7% ser notes.. Oct 15 '23
Shawsheen Mills 7s... 1931
SkeUy Oil 7'As w i...l939

Solvay & Cie 8s
1927
South Ry 6% notes.. 1922
Southw Bell Telep 7s. 1925
Stand Oil of N Y deb 6 H s '33
7% ser gold deb. ..1925
7% ser gold deb... 1926
7% ser gold deb. .1927
7% ser gold deb. ..1928
7% ser gold deb. . . 1929
7% ser gold deb. ..mo
7% ser gold deb. .1931
Sun Co 78
.1931
Swift & Co 7s
1925

Aug

73

15 1931

Texas Co 7% equip's.l923
Tidal Osage Oil 78
1931
Toledo Edison Co 7s w 1941
United Oil Producers 8s '31
United Rys of Hav 7Ks '36

Vacuum

.1936

Oil 7s

Warner Sug Ref

7s. a). 1941
Elec conv 7s. 1925

Western
Western Pac RR 6s w 1946
Wilson & Co 7Hs w 1.1931
Winch Repeat Arms 7 'A s '4
I

99 k
22y2
101

103 H

97%
99 K

102
103 5i
103

100k

95H

95}^;

104
96 Ml

97 >i
103 V^
103 H'

104
96 k'
ioor«

M

101

104
97 k
10214
103
100 K
104
95

100%
83
78
100

81

H

102%
96
99>^
90J-J

1931
1930

Nat Acme Co 7HS-..1931
Nat Cloak & Suit 8s.. 1930

101
105
lOUs'

104
96 ^g
102

Kennecott Copper 7s. 1930
Laclede Gas Light 7s

1015^
98 k
10314
102
98'A
68
100 H

102k

102
103

1921

7s

P Morgan receipts
Kansas City Term 6s. 1923
8s J

Morris

4K

ly,

Certificates of deposit

RT

54c
R2c
14c
4c

77c

Bonds

tnterboro

2 k'
29'/,

5

Yukon Gold Co

Central Steel 8s

70c

4c

Wilbert Mining

llied

96
99 k
90 k
96
]03?.f

99 J4
96 J4

98 k
99 'A

94%

96
72
98 K
94 J^

101 ?i
1015^

101%
101«

73

K

100

97 «

101k

97M
10014

99%

100

k

102 J4

98
10214

lOOH

M

103 >i
100

10 U^
106 J<
105

101%

103

107 H

106 Ji
105
105
105 3i
106
106

107%
109

99!^

99 "4

H
102 K

100%

101

101

100

105H
101
107 k'
96;-^

1,'200

32.450
4.600
3,900
5.600
7,130
33,400
.300

4.700

800
7.700
1.000
2,000
5,000
3,600

S
102.000
85,000
88
28.000
102
36.000
i<i
102
10.000
100 k 64.000
100% 124,000
101k 118,000
102% 116.000
9914 151,000
103% 24,000
103
52,000
98% 21,000
72
84.000
101% 63.000
101% 127.000
106 '4 22,000
101% 58.000
99% 26,000
40
219.000
101% 56,000
U 2,000
103
97% 26,000
99% 1,000
103
71,000
102% 54,000
104% 63,000
103% 67.000
100%
3.000
96
24.000
10414
7,000
96 5i 18.000
102
27.000
104 k 13.000
97% 96,000
103% 31,000
103 k 29.000
100% 8,000
104
2,000
97
104,000
100% 137,000
88
111,000
84
502.000
100
1.000
102% 18.000
96% 29,000
99% 25,000
91
130,000
96
5,000
104
6.000
98% 18.000
99% 31.000
97
3.000
75% 225.000
98% 7.000
95% 93.000
101% 34,000
102
16,000
100
1,000
101%
1,000
98
154,000
100%
1,000
100
19,000
99
65.000
103
31,000
100%
3.000
103% 25,000
100
4,000
101% 111,000
108 k 46.000
105% 18.000
105%
9,000
106%
4,000
106%
4,000
106% 13.000
107% 10.000
109% 12.000
99% 54.000
71

%

114.000

2c
2c

4%
llo
2c
2C
20c

1%
l^.ffi

62c

1%
l^fi

4c
59c
2We
28
48c

3K

74c
15c
4c
Ic
li-i-fi

59

50%
84

100%
102%
96

99%
99%
lOOJ.j

96%
102%
101%
98
67
100 k

100%
105%

99%
99

22%
100%
102%

90%
99%
101

102%
103%
102%
100 k

95%

103%

96%
100%
102

96%
102

102%

99%
103%
95

99%
76
72

99%
101%

95%
99
89
96

102%

98%
95

95%
68%
98%
93

100%
101%
100

101k

96%

100%

98%
97
101

100 k

102%

99%
100%
106
104

104%
104%
105%
105%
106%
109

98%
100 k
101

102% 48.000
101% 101k 79.000 101
99% lOOH 47,000 991..^
105
105% 71.000 103%
102

93

93

1,000
1,000
2,500
1,000
9.600
1,000
10,000
100

98

100% 101%
106% 107%
96*4

96%

104%

104% 105%

100

100
95

«

100
96 k

98J

98% 99%

97 yt

97H 98%
62
63%

35.000
29.000
92,000
16,000
150,000
9,000
27,000
19,000

93
100
100

464,000
4,000
2,000
2,000

97

1.000
144.000
U5.000

79%

96%
103%
100

92%
08%

1.

Hwh.

Low.

Shares.

60

101

Range since Jan.

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
.Ian

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
.Tan

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Ian
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
.Tan

Jan
Jan
Jan
Jan
Jan
Jan
Jan

5c
6c

Jan
Jan

5%

.Tan

Jan
Jan
Jan
Jan
2% Jan
1% Jan
75c
Jan
l^Ki Jan
Jan
1%
5c
Jan
80c
Jan
2% Jan
29% Jan
55c
Jan
4% Jan
82c
Jan
17c
Jan
6c
Jan
2e
Jan
VA Jan
12c
4c
3c
29c

71

60%
88
102

102%
100%
100%
101%
102%

99%
103%
103

99
72

101%
101%
108

101%
100%
40

101%
103%

98%
101%
103
103

104%
103%
100%

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
.Tan

101%

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

103
100

.Tan
•Tan

101%

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

96

104%

96%
102

104%

98%
104

103%
100%
104
98

101%
88
84
100

103%

97%
99%
91
96

104%

98%
100

97%
76%
98%
95%

S8M
101%
100%

99%
103
101
104

100%
103

108%
105%
106

106%
106%
107%
107%
110%
100%
101%
103
102

100%
105%
97

101%
107%

96%
105%
100

96%
100

5Hs
Seine, Deptof,

7^8.1942

SOVi

SHamb-Amer s f 4J4s
SHamburg 4Hs
Philippine Govt 5^8.1941
Porto Aicgre(C)Brazil 8a'61
Rio Grande do Sul 8s. . 1946
Russian Govt 6J<;s...l919

M

104
99?^

5Ms..
JVlcnna 5s

1921

Govt 5^8 1929

79% 79%
90% 90%

9%
4%

104
99

99

9%
6

104%
99%
99%
21

17

17
15
17

97 M
26

97
25c

Certificates

Switzerland

46
72

46
72

Premium

H

0130000
10.000
19,000
26,000
13.000

19% 44.000
21

97%
26c

43.000
299.000
145,000

62
46
72
90)4

9S
4%
103%
99
99

13%
13%
13%
95%
25c

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

98%
64

49%
72

79%
90%

9%
5%

105

99%
100

22%
21

22

97%
30c

[Vol. 114.

Quotations for Sundry Securities.
bonds pricea are "and interest" except where marked "f.*
Standard Oil Stock* Par SM
A$k Joint Stk. Land Bk. Bonds
All

.Tan

Jan
.Tan

Jan
Jan
Jan
Jan
Jan
Jan
JaD
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
.Tan

Jan

Foreign Government

and Municipalities
Argentine Nation 7s.. 1923
French Govt Victory 5s '31
4s
1943
53

——

Jan
Jan
Jan
Jan
Jan
.Tan

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

• No par value,
I Listed on the Stock Exchange this week, where
t Odd lots.
additional transactions will be found.
New stock, w When Issued, x Ex-dividend, y Ex-rights. 2 Ex-stock dividend. J Dollars per 1.000 lire, flat. § Dollars
per 1,000 marks, j Marks, t Correction.

1

Anglo American Oil new. £1
Atlantic Refining
Preterred

*17l.

'

171; Chlo Joint Stk Liind Bk 58 '39
5I28 1951 opt 1931

100 995 ;iooo
100 II3I2II5I2
Borne SorymaerCo
100 325 350
Buckeye Pipe Line Co... 60 92
93
Cbesebrough MIg new
100 180 185
Preferred new
106 110
100
CoDtlnental OU
100 128 132
Crescent Pipe Line Co
31
33
60
Cumberland Pipe Line
100 155 170
Eureka Pipe Line Co
81
83
100
Galena Signal Oil com. ..100 40
42
Preferred old
100 106 109
Preferred new
100 100 103
nilnols Pipe Line
100 166 170
Indiana Pipe Line Co
90
50 •88

RR. Equipments

9912IOOI4
IO3I2 IO4I4

Per Ct. BatU
Atch Topeka A Santa Fe 6s. . 6.70 0.45
Atlantic Coast Line 6fl 4 fi%8
5.80 6.60
Baltimore A Ohio 4%8 & Os..
8.15 6.76
Buff Roch 4 Plttsb 4a 4 4%8 6.70 6.37
Equipment 68
5. 80 6.60
Canadian Pacific 4%s 4 6b.. 5.90 6.60
Caro Cllnchfleld 4 Ohio 6«-. 7.00 6.00
Central of OeorgU 4%b
6.00 5 60
Central RR of
J 6b
6.70 6.50
Chesapeake 4 Ohio 6s &6I2S. 5 87 6.60
Equipment 6s
6.90 6.60
Chicago 4 Alton 4Hb, 8b... 7.50 6.60
Chic Burl 4 Qulney 6s
6.70 6.40
International Petrol. (no par) •143s 145r Chicago 4 Eastern JH BHe..
7. 00 6.10
National Transit Co. -.12.60 •28
29
Chlcind 4 Loulsv«%B
6.10 5.76
New York Transit Co. ..100 144 148 Chlo St Louis 4 O 6b
5 90 6.66
Northern Pipe Line Co. .100 93
95
Chicago 4
5.751 6.60
4%s
Ohio Oil Co.
26 •265 269
Equipment 68 4 6%s
6.85 6.60
Penn Mex Fuel Co
19
26 •17
Chicago R 14 Pac 4 Ma, 6e .6
6.10 5.75
Prairie Oil & Gaa
100 520 530
Colorado A Southern 68, 6s.
6.10 5 80
Prairie Pipe Line
100 234 237
Delaware A Hudson 68
5.75 6.60
bolar Refining..'
lOO 370 390
Erie 4%8, 68 4 68
6.50 6.10
Southern Pipe Line Co. .100
82
84
Great Northern 6s
6.75 6.60
South Penn Oil
..100 180 190
Hocking Valley 4%s, 6s A 6s 6.20; 6.75
Southwest Pa Pipe Linea.lOO 54
58
Illinois Central 4% 8. 68 4 6s.
6.80 6.60
Standard Oil (California). 25 •93
9334
Equipment 78 4 6%s
6.75| 5.50
Standard Oil (Indiana) -.28 •84V8 8518 Kanawha 4 Mich 4Hp, 6s.. 5.90 6.60
Standard OU (Kansas)... 100 550 570
LoulsvUle 4 Nashville 6s
85 8.50
Standard Oil (Kentucky). 100 455 465
Equipment 68 4 6%8
6.80 6.60
Standard Oil (Nebraska). 100 165 175
Michigan Central 58, 6b
5.80 6.50
Standard Oil of New Jer. 26 176 180
Minn St P 4
6.10 5.76
6e
Preferred
100 11484 115
Equipment 6ij8 4 7b
6.10 5.85
Standard Oil of New Y'k.lOO 360 364
Missouri Kansas 4 TexM OB
6.60 6.00
Standard Oil (Ohio)
100 385 395
Missouri Paolflo 6b
6 50 6 00
Preferred
100 Zll3 115
Eqalpment 68A6%8.. .
6.15 5 80
35
Swan A Finch
45
100
Mobile 4 Ohio 4%8, 8B
6.15 5 75
94
Union TaoX Car Co
98
100
New York Cent 4% 8, Ob
5 85 6.80
IO3I2 IO4I2
Preferred
100
Equipment 6b 4 78
5.87 6.50
Vacuum Oil
Y Ontario 4 West 4%8... 7.00, 6.00
100! 331 338
28
Washington OH
32
Norfolk 4 Western 4%8
10
5.75 6.40
Other Oil Stock!
Equipment 6s
6.75 6.50
•102
26*102 103
Imperial Oil
Northern Pacific 78
6.75 6 60
Magnolia Petroleum
Pacific Fruit Express 78
100 155 160
6.75 6.50
•9% 97r Pennsylvania
Merritt OH Corp
6.75 6.25
10
48 4 4%b..
17
Mexican Eagle OU
Equipment 6b
5.90 6.60
6 •16
Midwest Refining
P1tt8b. 4 Lake Erle6s& OVii
6 80 6 60
00 •165 175
Tobacco Stocks
Heading Co 4%s
6.80 0.50
.
70
American Cigar common. 100 67
St Louis Iron Mt 4 Son Os..
7.OOI 6 00
86
Preferred
St Louis A San Francisco Os.
7 OOl 6.00
100 82
165
Amer Machine 4 Fdry..l00
Seaboard Air Line 4%s4 Ss. 6.50 6.00
1?? 119
American Tobacco Borlp
Southern Pacific Co 4H8
6 75: 8 37
Brltleh-Amer Tobac ord..£l •13I4 1334
6.70 6.46
Equipment 78
Brlt-Amer Tobao, bearer.. £1 •13I4 1334 Southern Railway 4 %B,6sA69 6.15 6.76
•11
14
Conley Foil (new)
no par
Toledo 4 Ohio Central 4l
6.00 5.76
Helme (Geo W) Co, com. 100 190 195
6.65 6.40
Union Pacific 78
105 108
Preferred
6.15 6.70
Virginian Ry 88
100
111?
Imperial Tob of O B ft Ire.. •U
97
Johnson Tin Foil 4 Met. 100 90
Public
MacAndrews 4 Forbea..l00 104 108 Amer Gas 4 Elec, com
SO •12812 130
90
94
. 60 •43I2 45
Preferred
Preferred
100
28
32
Mengel Co
100
Amer Lt 4 Trac, com
100 115 117
58
66
94
Porto RIcan-Amer Tob.. 100
91
Preferred
100
*75
79lj
85
Scrip
Amer Power 4 Lt, com.. 100 77
•60
65
88
85
Reynolds (R J) Tobacco. 26
Preferred
100
39I2 Amer Public Utll. eom...l00
4
7
B common stock
26 •38
20
26
Preferred
Preferred
100 108 1091?:
100
36
34
Tobacco Prod Corp 8% scrip 99 102
Carolina Pow 4 Lt, com. 100
99 101 Cldee Service Co, 00m 100 164 166
7% scrip
6334 S4I4
Weyman-Bruton Co, comlOO 148 154
Preferred
100
81? 10
Preferred
Colorado Power, oom
100 104 108
100
80
87
90
84
Young (J 8) Co
Preferred
100
100
18
90
95
Preferred
100
Com'w'th Pow, Rr & Lt.lOO 17
45I2
andvT ices)
43
Rubber Stocks (Oe«ei
Preferred
100
9OI2 98
51
521;. Eleo Bond 4 Share, pref.lOO
Firestone Tire 4 Rub, com 10
14
7834
12
Federal Light 4 Traction. 100
6% preferred
100
81
73
78
..100
Preferred
100
7% preferred
17
18
Gen'l Tire 4 Rub. com. ..100
Mississippi RIv Pow, oom 100
73I2 75
Preferred
Preferred
100
100
11
89
90
First Mtge 6s. 1961. -.J4J
113s
Goodyear Tire 4 R, com. 100
26i2 2734
99 101
S f g deb 7s 193.5...
Preferred
100
4
1
Prior pref
Northern Ohio Eleo. (no par)
100
20
16
Goodyear T&R of Can pf 100
Preferred
100
74
69
87
77
North'n States Pow, eom.lOO
Miller Rubber
100
89I4
91
88
82
100
Preferred
Preferred
82
79
North Texas £3ea Co,oomlOO
Mohawk Rubber
100
83
80
100
Rubber, com
Preferred
Portage
100
87lr> 88I4
Pacific Gas 4 EI, 1st pref.lOO
Preferred
100
Puget Sound Pow & Lt-.lOO 261-' 2812
Swlnehart Tire 4 R, com. 100
91
93
100
Preferred
Sugar Stocks
15
7%s 1941 ...M&N 1031-. 106
50 10
Caracas Sugar
Gen
9
8
67
100
Republic Ry 4 Light
Cent Agulrre Sugar com. .20 •65
31
33
>2
Preferred
100
Central Sugar Corp. (no par)
97in 98lj
5
South Calif Edison, oom. 100
1
Preferred
50
70
100 108 111
Preferred
10
Cupey Sugar common
40
60
Standard Gas 4 EI (Del). .50 •1312 141j
100
Preferred
52
85
Preferred
60 •4112 43
Fajardo Sugar
100
2
1
Tennessee Ry, L 4 P.comlOO
Federal Sugar Ref, com. .100 103 106
12
103 106
10
100
Preferred
Preferred
100
•10
36
35
15
Rys, oom... 100
United Lt 4
Godchaux Sug Inc. .(no par)
77
75
53
57
100
Ist preferred
Preferred.
100
32
31
100
Western Power Corp
Great Western Sug, com.lOO 125 130
78
80
lOO
Preferred
Preferred
100 98 102
15
Short Term Securities Pe Cent
Holly Sug Corp, com (no par) •12
931^ 94
39
46
Am Cot Oil 68 1924.. M4S2 lOliglOHs
.100
Preferred
60 100
Amer Tel 4 Tel 6s 1924. F4A
100
JuncC8 Central Sugar
A40 100 1-! 1005s
e% notes 1922
National Sugar Refining. 100 109 HI
10114I10158
15
5
Amer Tob 7% notea'22
Santa Cecilia Sug Corp, pflOO
102i.il025g
30
7% notes 1923.
Sugar, com (no par) •25
Savannah
70
80
AnaoondaCop Mln 6s'29. J4J 9Si2 9S7s
100
Preferred
J4J 10158102
60 110
7b 1929 Series B
We.st India Sug Fin, com. 100
Anglo-Amer Oil 7%B'26 A40 1031 10378
75
80
100
Preferred
Arm'r4Co7B July 16'30 J4J18 102 102%
Industrial Sc Miscellaneous
Deb 6s J'ne 15 '22 .JADIS lOOls 166'
100 2S4 298
American Brass
Deb 6s J'ne 15 '23 .JAD15 9913
100 15o 158
American Hardware
60
Deb 6s J'ne 15 '24 .JAD15 99I4 100
Amer Typefounders, oom.lOO 45
90
85
Beth St 7b July 16 '22.J4J16
100
Preferred
28
7% notes July 16 '23 J4J16 10034 101
Bliss (E W) Co, new. .no par •24
60
Canadian Pac 68 1924.M4S2 10 Us 101%
60 •55
Preferred
99I2 LOII2 Federal Sug Ref 68 1924M4N
9814 9334
Borden Company, com. .100
94
92
GoodrlchCB F)Co 78'26.A40 9738 97»4
100
Preferred
983^
Hocking Valley 6b 1924.M48 98
100 100 102
Celluloid Company
8012 82
Interboro R T 78 1921..
100 113 116
Chllds Co com
'23.M4N18 IOOI4 lOO'j
102 104
100
C Term Ry 68
Preferred
JAJ IOII2 103
76
,S0
Oi-^s July 1931
flu Pont(E I) de Nem4Col00
9534 9612
72
70
Laclede Gas 78 Jan 1929 F4A
100
Debenture Btock
8234 8334
Lehigh Pow Sec 68 1927-F4A
100
Havana Tobacco Co
•22.M48 9934 IOOI4
Pub Ser Corp J 78
...100
Preferred
S2
90
SI0S8 Shef f S 4 I 68 '29- .F4A
Ist g 58. Tune 1 1922.. J&D
'45'"
Southern Ry 68 1922.. -M48 100 IOOI2
100
International Salt
lOllg
96
Co 7% '25..A4016 100%
International Silver, pref.lOO, •93
102
70
7% notes Aug 16 1931... IOII2 102»4
Lehigh Valley Coal Sales. 50[ 65
1017s
M4S
170 L80
Texas Co 78 1923
100,
Phelps Dodge Corp
U 8 Rubber 7%b 1930.. F4A 105 106
Royal Baking Pow, com. 100, 99 103
98»«
90
92
100'
Utah Sec Corp 68 '22-M4S18 98
Preferred
9OI2 92
West Eleo conv 78 1926. A40 1041 104»«
Singer Manufacturing... 100
1

N

NW

N

B8M4HB4

N

|

RR

vtman

MAN

m

M4N
M4N

M4S

K

N

Swm4

• Per share.

Flat price.

Jt

& Basis.

Last

sale.

4 Purchaser also pays aocrued fllvldenfl.
Nominal. • Ez-dlvld <Dd. p Ez-rlgbtB.

«N©w

401

%nvj^slmtnt un& ^ailr^ad ^nUlliiQaiti^
RAILROAD GROSS EARNINGS
STEAM

roads from which regular weekly or monthly returnfl
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 railwayt
are brought together separately on a subsequent page.

The

Week or
Month.
Vlcksb. November
Aiui .\rbor
i2d wU Jan
Atch Topeka & S Fe ;M'oTember
Gulf Colo & S Fe-lxovember
Panhandle S Fe-.l^ovember
Atlanta Blrm & AtI.{;^j'QyeQJl)er
Atlanta & West Pt- iNovemlier
Atlantic City
. November
Atlantic Coast Line- jfovember
Baltimore & Ohio--|jsjovember
B & O Cbic Term November
Bangor & Aroostook Xovember
^

Beliefonte Central- Belt Ky of Cbicago.

Kovember
November
Ene.. Xovember
Bessemer & h
Bmgliam & Garfield |Xoveniber
Boston & Maine
November
Bklyn E D Term-.-jNovember
Buff Kocb & Fittsb- 3fi wk Jan
Buffalo

& Susq

Central

RK of N J

(November
Canadian Nat Rys- 3d -srk Jan
kj ^\^ jan
Canadian Pacifio
Caro Clinch * Ohlo.l jf^yember
Central of Georgia--|November
'

New England.

Cent

—

November
November
November
November
November
November
November

Central Vermont
Car
Charleston &
Ches & Ohio Lines..
Chicago & Alton- - Chic Burl &Qulncy.
Chicago & East 111- 'November
Chic^o Great West j^r^yember
Ohic Ind & l^uisv..,j,-ovember
O^.casp Junction.. November
Chic Aiilw ii St Paul November

W

Chic & North West- November
Chlc Peoria & St L.. November

ChlcRl&Pac
ChicRI& Gulf-- November
November
Chic St P -M & Om- Xovember
Clnc Ind & Western November
Colo jc Soutnern
2fl wk Jan
Kt W & Den City. November
Trin & Brazos Val November
Wichiia S'alley
N'ovemher
Oumb Val & Martin November
Delaware
Uud^n November
Del Lack & Western vovpmbpp
Df°^ & R'o Grande >;^;4Sblr
Denver & Salt Lake, November
<5c

Detroit & Mackuiac x„veniber
Detroit Tol &. Irout. No^em^)er

Det iTolShoreL.. November
Iron Kange.. November
Dul
Di
X- & XorNovember
1)
vArl--- 2d wk Jan
D'..
...I
I'ac Vovenber
East bt Ixiuls Conn. November
Sastern SS Lines
Ortober
(fe

Elgin Jollet

East- November

&.

El I'.-i .1) &. .Sou W
Erie Railroad
Chicago & Erie

c-^l

i)cciimIk

r

November
N J &. N V ICU--. November
Xf)V(riiibi:r
Florida East Coast. November
fflov

Foii'l.; Ji)tin.>

{.:,

!)(•((

330.022 3,126.155 3.305.382
238.4.53
1.57.746
114.714
20340170 175572238 196893470
2.931,188 27.276.814 24.858.806
917,120 8,850,235 8.541.372
484,341 2,895.434 5.382,544
248.202 2.299.018 2.772.045
263.974, 4,379.101 4,421.605
6,135,960 00,477,064 66.054.392
23280352 183117810 210S69619
287,196 2,419,893 2,063.188
692,589 6,710,685 6,138,468
69,489
112.737
12,616
497,123 5.059.357 4,231,456
1.869.474 12.836,937 14,623,198
166,942 1,367.072
33.306
7.722,791 72,148,159 79,452,786
118,772 1.211,014 1.088,432
791.793 1.073,848
3.57,949
295.232 1,888.960 2,811.082
1,585,231 1.996,701 4,696,709 5.979,277
2.614.000 3.196,000 7. 554. eon 9.775.000
670.005
770.506 6,889,058 6,826.777
1.744.525 1,968. 90.S 20,579.686 23,138.492
5.190,922 48.524,262 47.027.614
4,176.304
789,935 872.013 7,753.574 6.8,36,247
586.536 639,241 6,103,930 6,553,213
274.935 309,467 3,021,239 3,203.622
6,602.125 8,-500,831 78,174.054 81,544.944
2.546.952 2.966.589 28.575.703 27.641.791
13603117 17670 800 155327958 169998858
2.252,235 2.912,303 25.(»78, 2.53 28.219.471
1,955,118 2,162,164 22,586.248 21.802,409
1,226,135 1,464,457 13,952,614 14,614,604
453.464 375,848 4.821,859 3,218.488
11808 316 15656 903 135417 984 15.5052 0.58
10860944 14780 720 1.34196 868 152593 647
177,699
287,181 1,916,058 2,539,450
1047o637 11461100 122228 852 124081387
564,373
616,040 7.040,325 6,191.425
2,247,142 2,955.413 25,914.370 29.315.270
336,745 394,482 3,395,038 4,123,822
.';9fi.()fi7
7-59. 710
l.O0.(.145
578.176
1,035,401 1,307.592 10,506,917 11,850.511
464,646 273.206 3,040.232 1,963,354
194.4.50
224.045 1.596.105 1,644,0.58
95.466
95,970 1,256.896
811,590
3,637.113 4.151.348 41,987,304 40,531,183
7,192.455 8.635.070179.623.440 75 108. 46S
2,828.226 4,077.095!30.246.118 36,5.33.707
307,485 301,334 2,730,866 2,087,870
172,815
218.297 1.M6.970 1,931.446
481.032 6.634.6.58 4,711.9.39
6S1 .052
316.725 297.058 2, .575,778 2,138,4.53
829.516 4,876,007:10,918,541
93.767
1.53.404 1.539.918 12,239,4391 19,364 ,765
65.703
87.077
133, .546
179,092
180.919
251 ..iSI 2.169.652 2,2S4,.59S

G

Mj-,t

r.

.^,^

1

960.836 1.071,613 12,337,720 12.203,783

mlxT

^^.

,^j,

1.358.165
4.232.904

1,023,9.58 1.245.584 10.046,176,11.804.481
I9.52H
124.798 1,3';7.299 1.229.608
i.'i,.".!)*;

123.0.5<i

I.3.55.fi,59

l.l.Sl ,.51)2

I.")0.79^

231, .523

188.1.54

249.359
652,731
145.425

1,637.2.57
2,471.60.3

1.832.195
1.733,168
6,086,465
1.388.357

I

398.625
103.513
.755.S:}

I

1.907.473

237.411

1

November

l.-^r/^'}^?
CtjL»fcl(JanOTJct

1.481.911
4.661.058

11289247 95.815.443 99.160.255

8, 520, .387

,

,

,

154.125
490.775

1,556,9.52 2.698.058 17.743.921 23.025.693
7S7.0:-!0 1.2!«..510|!0.0|n,0K
14.872. 614

Ft Smith &. Western Novemb<;r
OalveMoii Wharf
Noveriib"r
Q«orKla Railroad. .November
'''"/;'^--iNovembor
,

Week
Month.

Previous
Year.

or

S

121.566
495.890

,396.924

4,781,734
1.273,992

4.851 ,865 5.9.5-1.605
2..521.404 2.943.483
1.793.2131 1.824.743
4.117,322 4.665.611

1.5.3.675
255,777
Det G H & Milw. [November
November
4.54.264
.582.730
H 'Ir. VV
1.216.421:1.306,154 13. .521. 493:15.891.718
Cr
10674 119 12298 3;t3 93.6-11.7231115119 820
Gr
I

..-

I

G
G

.•-

.

I

1.285.700'

1.179.9<;7

3.749.332
219,6.56
2,623,039i
1.112. .583 1.819,730 13. ..'22 218
11124067 133.30130 130040639.
1. 136. 132'2. 113.100 Hi. 117.636

3.703.810
2,813,952

10.101

117.181

340,142

463.449
279.711

1

Novell) bcr

Vovember

.

H

..-.,_._

-

'i

OiiaoiBCeatnl
Ilit<Tri;i'

<V,

r

<trt S'>r

II.-

K
h

188.121
211.115'
138,3631
1

r
'

-

,

•

.

.

•.

..-ir

Ir-r

Kahmom City H«utta. November
Teiark A Ft .Sin__ N'ovnnhK-r

187, .503
18.5,021
171. 138

1

'

.

.Minn, ip

Minn

.Si

.•/.

C

HI
.V

I,<iiil-

M s

.

.

wk Jan
.M wk Jai)

2<l

M

NflU'IT^lKT

MiariMiIppI Ontral. NovnmNjf

Mo*N

N'ovi'inlx-r

2.791;

Il.8tl0

Columbus & Gr..
Monongahela Conn.

M on tour

Nashv Chatt & St L
Ne^ada-(^alif-Ore

- -

Nevada Northern _
Newburgh & Sou Sh
New Orl Great Nor
N O Texas & Mex-.
.

BeaumSL& W
L Brownsv

New York

&M

c:entral

Ind Harbor Belt-

Lake Erie & West
Michigan Central
Cleve C C & St L
Cincinnati North

& Lake Erie
& Ohio Cent

Pitts

Tol

Kanawha & Mich
N Y Chic & St Louis

Norfolk Southern..
Norfolk & Western
Northern Pacific
Northwestern PaCPennsylv RR
Bait Ches &Atl..
Cine Leb & Nor
Grand Rap & Ind

19.701

5.195:

287,913; 111.5.37
5.30.7.58,
722 512
3.935 II4I4.91O.355 .39.829.798 45.313.009
113.949
88.232 1.080,7fM
972,709
815II.201.5.V)
662.173 1.931,2,35

November

WWlk
Wf»k
wiwk
Wl.k
W«>k

Not mffmAHi
Nov (W rontlt)
Nov <\7 roit'la)
rxv-

(I't

rrm.N)

w«».k
wi>«k

l»<>r
f)**-.

(17

rria/l«;

idt

w«>«^k

'l2roa/1«)

2<l

mtH-u
Wfvik

.Ian.
J;in

M

IS
4tta

l«t

2d

M
4th
kl

\Mf

.I..r.

'

I't r'ii»«lm

<2(>n>n'\n)
(

13

n

1

rii

idol

r".i«l.,

PretUtun
Year.

10270428 11307980 104505819 113202747
992 .S3 1.139,.518 14.127,867 13.154,689
334,523 419,933 3,931.019 4,173.272

N

W

749.6851

W&

1

Atlantic SS Lines

November

1,062.175 9. 769. .5.54
193,871
425.617 2.508.8.50
2,089.180 2.767.270 23,123.085
November 1,.57 1,6,53 1.249,101 13.067. .576
November
272,689 299.896 2.745.297
November
337.941
510,180 4,055.487
November
843.685 944.097 8.103.837
November
742,434 977.653 7,926,492
3d wk .Ian 2. 9 13.081 3,187.162 8.:<63.261
November
8,59,.561 1,061,608 8,713,292
Novembcir 1,393.571 1,905. ,562 15.804.032
Novemb»'r
381.349 462.783 4.122.626
November
603,498 676.388 6,831, .588
November
81.446
132,642
809,778
November
122.196
132.7.33 1,2 13.818
November
648.493
803.618 7.295,971
November
229.805 2.329,718
193,971
2(1 wk .l.iti
.713
3,13
.517
November
189,527
263.373 2.170.237
Nov(!mb(T
379.0.30
168.119 1.157.718
NovembiT
319.261
131 .967 3.366.672
3d wk Jan
t>09.33l
.801.381
1.718.781
November
940,838 1,077,100 8,717,980
November
118,913
129,689 1,007,9.88
NovenilXT 9.732.813 12180.8.51 106111523
November 1.5669168 19517152! 167721378
Noveml>er 3,102.320 4,174,174 33,975.011
1.0.57.6,50

Arizona Eastern November
Galv Harris & S A November

Hous Si Tex Cent
Hour E & W Tex_

Louisiana Western

Morg La & Texas

& New Orl
Soul hern Railway
Texas

Ala Great South-

N O & Tex

P

& Fla
Now Orl & Nor E.
Northern Ala
.Spokane Inlornat
Si)f)k I'orll & Scalds
Staten Island R T-.
Al.i iV (icorttia

'I'l-fin

Tennessee Central.
Tcr RK A.ssfiof St L
Ht

L

.Mcr llflgo

Ti-x.-is Al

T

I'aclfic

Toledo St L & West
UlHtor Sc Delaware
fnloii

I'.iriric

Total Hysteni

Oregon Short I.,lno
Ore \V;ish KIt.VN N()\'eM)l)er
Union RR (I'onn).. NovomNtr

7.'

10
10

,

I

l.Hi%7.

t«.A07
o<\fl
1

19.H

20 H«
23.65
',(!i,.'ll 2K 96
^73 26.18
I

—
—4.81
«

»

.

1

2 ;

I

10.925.940
"
2,795,193
4,944,678
9,479,751
9.208.319
9. .596. .848

10.543.792
19.116.832
4.867.6,52

7.066.688
1.382.664
1.113.317
8. .397. 696
2,214.788
1.282

2.704.346
1.368.11)4

3.961

..847
2. 11 5..503

10.831.429
1.383.939
120711 119
1926.54110
11. 371. .322

2. .531. .305 2..89'M23l27,3:ii .SI" :tii,.5i!8.n36

8,732.395

683.715 1.137,602

9.928.075

November
135. .573
205,761 1,115,891 1.8 18. .366
Vlrku ShrovB & Puc. November
.384.748 3.814,177 4.2.54,466
347,023
MrifinliiM Railroad
November 1.105.979 ..8.88..507 Hi. 8.58. II Hi. 110.7.58
WaUish RR
Nf)vonii)er 4,787.291 5,713.019 51.769..8(U 51.838.032
\S
I.TM .Mlirvl.'lMll 2-1 wk .l.in
5'i1.ii:iO
7.50. 72S
2.H:t.(i87
105. Mil
Wontiirn I'nnl^lc
Novomlxir
904,257 1,416,183 11,323,407 H. 834 ,734
W(wt<rn Ry of AIn
2 .036
NfivertibiT
2 :t"» 2'>7 2.
226
199.151
WhcMil 4c l.aki< Krin November 1.164,366 1,887.686 1,3833,608 16.396,648
1

I

1-

I

7(1.''.

Wldilrii

* N\V

l';ills

Noveiiihi-r

MI7.723
1,978,761 2,206.987

r,'-.

2..5.'7.0Oll

111.11:1

I

2.

I

I'.l.ll't4

H.98M. 36ft 26.041.661

-Weekly and Monthly.
CurrmI

'>0

24,7.52,216

IJliih .-

Monlhlu Summaric*.

Drcreasp.

6.365.941
3.795.271

I

1

I'lrrlini^

Year.

Yrar.

Milnaor.

18
13
13
12
18

.

Decenilier

Inrrriinr or

1?

30,939,850 36,936,228
25.004,681 26.992,739
58. .521. .537 66,399,781
102019816 108068201
889,188 1,095,771
1.440,882 1,682,748
727,267 2,804,6.50
1,319,538 1,514,020
19,381,706 22.499,784
11,652
7.336
323.914 1.511.694
1,332,780 1.685.817
2,355.149 2.467.796
2.450.586 2.776.612
1,978,752 2.092.675
5,494,548 6.986.536
2961973.30 340951 ISS
8.351.154 8,879,336
8.398.781 10,948.295
67,054,847 80,993,106
73.762.984 81,426.960
3,544,656 3 ,,366,282
21,317,913 32,136,129
10,001,841 12,202,481
4.501,820 4,939,306
030. 661'28, 655,548
3,081,925 1.477.756

632,421 7,375.949 7.119.727
218,894 8. 440. 9:« 80 60.590 88.489.3.55
'"
8.919,928 10.503 530 87.037.246 103984 528
650.4061 616,093 8.010.270 7.324.242
42043790 58164 188 460692166 616561471
100,877
152,716 1.504,906 1,639,372
153,838
142.031 1,127,383 1,2 19, .532
894,918 1,047.264 8,137,4.58 8. 958, .305
Long I.sland-.
2.150,873 2,080,830 26,711.527 23.865,811
Mary Del & Va-.
88,573
114,941 1,161,785 1.230,690
Monongahela 484,725
519,749 4,006.782 4,053,655
Y Phila & Norf
529,990 731,681 6,776.641 7.412,857
Tol Peor & West
118,525
179.423 1,528,976 1,931,614
Jersey & Seash
802.665 1.0.54.411 12,205.974 13.046,548
Pitts C C & St L
8.682.091 11386171 89.647.693 100586945
Pennsylvania Syst55960,543 75243486 611764658 673897625
Peoria & Pekin Un
148,082
197,809: 1,547,509 1,.509, 928
Pere Marquette
3,304,921 3,652,087 35, 517, 13037 ,350,713
Perkiomen
120,826
119,220 1.176,4181 1,147,824
PhUa & Reading..
7,393.366 9,835,610 78,099,043 84,826,989
Pittsb & Shawmut.. October
136.845 209,724 1,069,916 1,443,596
Iritis Shaw & North November
91.600
1.50.883 1.085.618 1,435.648
I'ittsb & West Va.. November
!92.fi37
281.240 1,850.822 2.335.878
Port Reading
November
173.689
136.621 2.073.488 1.680.161
Quinov Orn & KC- November
llfi.998
126.700 1.210.431 1.210.770
Rich Fred & Potom November
717,131
812,751 9.130.413 10,013,836
Rutland
November
463.084 560,195 5,373,759 5,448,3.56
' "
St Jo.'Kfe Grand Isl. November
2.57 ..337
309.190 3.104,965 3.1.5S.7.S5
St Louis San Fran.. November 6.731.067 8,518,733 75,694.284 85.430.268
Ft
KioCiraud November
168.060
195.840 1,61S,8,><9 1,799.392
St ly-S Fof Te.vas. November
1.56.288
192,012 1.772.281 1.635.910
St Louis Southwest. November 1.654.242 1,982,612! 16.847,634 19.476.030
St LSWof Tex-. November
683.396 8.36.409 7,079,971 8.427,227
Total System
3d wk Ja n
397.810
171.351 1.201. .510 1.425.802
St Louis Transfer.. November
77.431
117.753 1,030,425 1,263.039
San Ant & Aran Pass November
535.128 623,605 5,841. .391 5.4.S4.326
San Ant Uvalde & G November
71.68fi
99.031 1.088. .561 1.365.364
Seaboard Air Line.. November 3.608.176 4.277,095 39,143,753 44.705.788
Southern Pacif c
Novenih'.M- 219:!9 010 2(i6.5 .805,219272 295 257261 2,59
Southern Pacific Co November 11698065 18315122 176719357 1,8171.58.56

AOO REOATE OF GROSS EARNINGS
Current
Year.

Previous
Year.

November
No vem ber
November
November
November
No vem ber
November
November
November
November
November
November
November
November
November
November
November
November

YnjsooA Mliw Valley November

Werklu Hummaritt.

to Latest Dale.

Current
Year.

Previous
Year.

«
2.810.564 3,534,378
2.1.53.402 3.140.«31
November 5.161.689 6.900.224
November 9,294.690 11763577
3d wk Jan 312.047 364.095
November
164,257
164,085
November
107,114
201,033
November
89,404
205,490
November 1.790,856 2.064.144
4.322
2d wk Jan
5.826
November
33.044
81,218
November
184,742 216,256
November
204.341
245,639
November
229.955 403,149
November
148.140
267,592
November
423.982
699,931
November 277,36185 .34677543
November
730,030 1.060.992
November
730,608 1.084,232
November 5,964.073 7,533.697
November 6,392,387 S.091. 256
November
295,836 301.762
November 2,045,705 4„383.219
November
837,888 1.501.864
November
360,174
626,571
December 2,245.05: 3.117.S73
November
253,538 297,235

N Y Connecting
N YN H & Hartf.. November
N Y Out & Wosterni December
N Y Susq & West.. November

Georgia Sou

_

ll.itiif.i-

Mobile & Ohio

132036726

17.417.637
2.198,165' 2,499.841
2.031.316' 1,7.51 ..333

167.231
255,378 2.026.960, 2.069.375
S2,717 2,0.1.5,517 21 .768.110 22.355.226
144,676
1.39.809 1,486,011 1,467,164
K
.... ..,,. r
189.619
320.197 2,120.261 2. 188. 209
!-»..'
((> -v. i-iii(/«-iii
N*ov<Tiih<:r
25.828
101.3.56' 1.618.216
126,718
Lake Term Ity
Vr.v»>mb«»r
90,600
J38.275 1,109,901: 1.280,110
Lehigh 4t Hud Rlvrr
281.083
340.644 2.986.373 2,862,237
Lf^hlK^i A. jNiw l-.iit;
116.775
493.309 1.197.980' 4. .306. 251
LfiblKt)
V.ill.-v
:6..'5.30, 327 7..563.195'69.612.616 67.918. .567
Loa Ang A Halt Ijikf .Si)Vf'rrib<!r
"'"
""
i»uljiiAn« It Aritan. \'<>v<Tiib<'r l.W2.75ri,876.I13 18.105.9'2I l8.717.8fS2
289.9.52
435,085 3.1.34.552 3.891,762
Ixulslana l{y \. .\;iv
1I81
41I..V.8 3.615.115 3.918.131
LouijivUI'i Ac Naahv.
06 11,568641 108714fKM! 1166I1864
Ixui.sv illMld A .It I.
.:!3
28l,83(i 2.611.1.57 2.895.8 17
Malrn! <i-nfril.
,Sf>v<!ni'M.r
l,».,o,<iri7 2.220.171 10.072.529 19.163.826
tdldiikod Valley
Novofnlxir
362.2f>6
621,751 4,116.541 4.694,461
Vlidi-r.il

Total system
Missouri Pacific

St

Current
Year.

Kan & Tex November
Ry ofTex November

Cln

1.675,8r,7' 1..'-,.-,(1.0
1,511,8.37 1,761.022 18.189.365 17.951.915

.

Missouri

Mo K & T

15.551.771

r

.

Jan. 1

ROADS.

302,980
74.917
17124079
2.220.272
837.825
302.014
196.974
215.900
5.347.777
15901094
252.387
700.510
6,812
469.056
880.138
12.986
6.777.061
111.121
263,128
182,147

lAi

Latest Gross Earnings.

Dale.

to Latest

Current
Year.

Previous
Year.

Current
Year.

&

Alabama

Jan. 1

Latest Gross Earnings.

ROADS.

Inrrrane or
Dccrrane.

Curr.Yr. Prrr.Yr.
«
9
Pnbniary ...2.36.663 234.610 406.001 .273 42'J.172.3<R
10.lTl.076
.171.071
- 1.483.390
Mnprh
2.34. K32
233.839 156,'l,-8.1)1(» 1A8, 1(12. 3.30
A»rll
220 nifi
'Hl.MIII '.'I M :i><l .112.811 (30.1(16.987
iwuir
213.21(1
I3.2M.33I
Jona....
'161.607 —.33.682.096
2
''''r
'^.i., <.,.i
,/ .39(1.813 —66.407.1 16
'"t
r..5l.7IK.K82 - 50.1 I9.2IH
233 HI5
',',
rnlwr
:'3',
(117 '.•17 (17(1
120 7 '.'I ,'.;n

%

'

:^

:

4.63
n.8s
7.91

i.Ht
0.7«

I

16.64
31
i

—— —

.

THE CHKONICLE

403

—

Latest Gross Earnings by Weeks. In the table which
follows we sum up separately the earnings for the third week
of .January.
The table covers 11 roads and shows 15.07%
decrease in the aggregate over the same week last year.
Third Week of January.

Increase. Decrease.

1921.

1922.
$

Buffalo Rochester & Pittsburgh
Canadian National Railways

$

1

.357.949

1..585,231

Canadian Pacific
Grand Trunk of Canada
Grand Trunk Western
Detroit Grand Hav & Milw.

%
94,821
411.470
582,000

$

1

263,128

1,996,701
3,196,000

2,614.000

-

-

1,755,834

1,907,473

151,639

312,047
397,810
2,913,081
609,331

364,095
491,351
3,187,162
804,381

93,541
274,081
195,050

10,450.462 12,305,112

1,854,650

C.inada Atlantic.- ..

Mobile & Ohio
St Louis Southwestern

Southern Railway. ..
Texas & Pacific

.
.

Total (11 roads)
Net decrease (15.07%)

,52,048

—

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

STEAM

— Gross from Railway—
1921.

1920.

Roeh & Pittsb—
December., 1,239,677 2,095,715
From Jan 1
El Paso & Southwestern
December. _
787,030 1,293,510
From Jan 1 10,910,087 14,872.614
Fonda Johas & GloversviUe
December..
113.596
123.056

-Net after Taxes-

-Net from Rallway-

1921.

1920.

1921.
$

1920.

174,368

318,841

176,539

-19,187

262,213
2,489,414

722,698
4,025,938

164,342
1,403,140

558,459
2,772,244

45,394
490,414

40.905
510,682

39.655
419,350

42,484
456,786

503,564
4,443,562

106,130
4,591,454

422,194
3,485,656

350,579
4,592,717

245,195
3,721,725

33,673
1,003,350

35,772
10,714

S

Bulfalo

From Jam.

1,355,659

1.431,562

Kansas City Southern System
December.. 1.582,747 2,035,517
197,544
From Jan 1 21,768,140 22,355,226 5,664,148
N Y Chicago & St LouisDecember.. 2,245,0.52 3,117,873
From Jan 1-27,030,664 28,655,548
N Y Ontario & Western Ry
December..
992,837 1.139.548
93,156
From Jau 1.14,127,867 13,154.689 2,060,781
Norlolfe & Western RR—
December.. 7,218,894 8,440,933 2,218,174
From Jan 1 80,760,590 88,489,355 16,754,419

•

89,128
470,372

946,115

1,792,976
!,.545,518
11.993,834

•

580,931

—864,661

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
or

Jan.

1

to Latest Date.

of Road

Company.
Month.

Current
Year.

Previous
Year.

Current
Year.

S
4,817.225

Previous
Year.

$

-\dirondack Pow & Lt December
490,078 446.699
4,714, .526
Alabama Power Co.. December
431.776 394.373 4,.'')42,357 4,190,495
oAmer Pow & Lt Co. November 2109,416 2202,187 *24687159 *21154468

Appalachian Pow Co. October
Arkansas Lt & Power November
Atlantic Shore Ry
October

Bangor Ry

&

Elec

Oo November

JcBarcelona Tr, h i<. r N(i\eri ber
Baton Rouge Electric December

Beaver Valle.v Tr .c. Oec-oiiiber
Binghamton Lt Ht&P November
Balckstone Val G&E. December

220.533
81.349
15,423
129,057
3661

.2(I.T

.50,628
5.').

811

90,2.'i5

.345,354

November
66,269
TrL&P.Ltd November 1455500U
Bklyn Rap Tran Syst

Bradford Elec Co

/Brazilian

aBkln City RR (Re c)Septem'r
aBkln Heights (Re c)Septem"r
Bkln QueensCo&Su bsSeptem'r
Coney Isl & Brookl ynSeptem'r
Coney Isl & Graves dSeptem'r
September
Nassau Electric
New York Consol'd September
South Brooklyn . September
Cape Breton El, Ltd. December
Central Miss Val Elec December
Chattanooga Ry & Lt November

233.476 2,207,557 1,962,486
91,313
990,078 1,094,080
16,455
191,311
188,363
120,190 *1 ,417,059 *1. 246,620
3163. ')5 33,880.1)37 28,9.30.433
47,650
,557,190
471,186
68.138
663.431
726.715
80.2K5
826,916
677.0.54
290,909 3,647,791 3,266,907
60,346
*687,723
*.562,589
12I99(X)0 155462 000 122306000
1

968 124
5 924
212 307
248 766

347 763
4 810
63 462
64 819

18 057

2 597

419, 589

502,504
54,239
699,639
142,686
134,888

135 547
5,54,605
972 1334 403
647.009
38 ,315
317
762,600
748
68 ,748
694,596
753
44 .915
.521,020
128 929 118 ,487
368,006
December 1193 44!1 182(i ,493
Cities Service Co
,461,770
Cit Trac Co & subsid. November
701
90 ,730
859,675
City Gas Oo, Norfolk November
387
89 148
826,300
Cleve Painesv & East November
56 771
61 .464
705,714
Colorado Power Co.. November
70 579 104 ,407 *1 011,403
Colunil)ia Gas & Elec December 1.524 ,504 H.'iS 145 15 1.56.28'i
December
Columbus Elec Co
167 ,388 122 083 1 807,298
Com'w'Ith P. Ry & Lt December 2^*33 19.') 2982 .H.-iO'Sl 3 i9,2.'"><
Connecticut Power. _ December
115 296 1.34 371
.499,153
Consumers I'owor Co Dei ("1 her 12'-H
!3U 316
li73,;>"3
Cumb County P & Lt November 273 127. 261 .046
266.682
Dayton Power & Lt_. December
434 939 400 ,660
183,953
December 2370 594 2329 727
Detroit Edison Co
382,898
Duluth-Sup Trac Co. November
141 366 154, 760
622,824
Duquesne Lt Co subslight and i)ower cos December 1456,881 1386, 585 16,092,270
£ St Louis & Suburb. November 302,339 416, 547 3,467,684
East Shore Gas & El. November
.50.051
46, 779
470.143
Eastern Texas Elec-- December
138,972 145, 204 1,670,328
Edison El 111 of Brock December
125,347 109, 654 1,2.56. .549
Elec Lt & P of Ab & R December
32,311
30, 125
347,737
December
El Paso Elec Co
196,778 196, 319 2,290,405
Erie Light Co & suhs- November
96,134 119. 33H
901 .963
PaJl River Gas Works December
82,410
84, 647 1,006,947
426,816 424, 531 4.380,680
Federal Lt & Trac Co November
225, ()76 281, 536 2,165.936
Ft Worth I'ow & I>t..' November
Galveston-Hous Elec. December
283,386 342, 133 3.679.867

1816
97
63
46

,

Gen

Novell btT

(jasiVKIi.VSub( os

Great Western Power November
September
Harrisburg Ry Co
Havaii.i

('.li-c

Hv &

Lt' Nov<'ii bi'r

Haverhill Cias Lt Co. December
Honolulu K T * Lai.dl Novell ber
Houghton (^o El Lt.. December

m

of Road
Company.

or

i

Traction
Interboro K T System

I

Keokuk

Electric Co. .
'I'eleoh Co.
Key Wast Elec Co...
Lake Shore Elec Ry..

Keystone

Long

j

710.975
128,938
1142.IHS
42.701
77.171
.52,.502

16,629
909,702
98,512
190,734
November 1951,046
Septem ber 4191.645
December
32,239
December
164.277
December
21,817
November 187,203

Island Kle<'lric.l September

Lowell Elec Lt Corp.' December

Maniat Bdge

3c Linel September
Sept-ember

Manhattan & Queens
M.Tuila lilor Corp
tMarkot Street Ry..
Mctrop Edison Co
.\iilwaukec El

Ry&Lt

December
November
November
October

905.262

36..S06

Latest Gross Earnings.

Month.
Miss River Power Co. December
Munic Serv Co & suns Novemlier

Ry &

Co November
Nebraska Power Co. November
Nevada-Calif Elec
November
New Eng Power Syst. October
New Jer.sey Pr&Lt Co November
Newp N & H Ry G&E November
Lt

New York Dock Co. December
N Y & Queens County September
N Y & Long Island -- September

6New York Railways. September
ftEighth

Avenue

September
September

6Ninth Avenue

No Caro Pub

Serv Co November
Nor'n Ohio Elec Corp November

Current
Year.

Jan.

Previous
Year.

$
230.171
214.104
338,616
264.564
215.185
503,066

1 to

Latest Date.

Current
Year.

Previous
Year.

249 .131 2, 742,621 2,827,964'
240 ,7.55 *2, 491.367 2.477.076319 .044 3, 602,898 3,340,138
276 ,711 2, 812.644 2.-599. 104
205 052 *3 178 382 *3, 057. 898
533 ,606
409.378 5,834,482
45, 716
441,141
416,980
230 .161 2. 379,604 2,534,758
518 971 5. 478.562 5.836,931
110 690
961.988
890,876
49 .233
464.679
398,183
813 .816
219.010 6,297,190
95 .374
901.656
745 765
40 .931
404.929
283,060
89, 730
126.723 1,014,154
852, 222
868,361 10,161,183
41, •2.54
436.416
432,039
343, 770
.538,729 3,951 ,660
29, 079
262.407
216.409
3103, 624 •3' 560.563 34209.973
256, 116 2 735,919 2,415,205
48, 791
529,886
483,570
215, 506 *2, 365,338 2,295,239
256, 371 2 181,681 2.092,016

5

.55.386

163. .561

377.046
113.465
66,704
843.598
105.256
45,484
101.1.58

700,149
36.279
277,531
September
38,188
November 3035,040
Novem ber 271,040
December
52,118
November 210,576
November 219,743

North w Ohio Rv & I'r
Northern Texas Elec.
Ocean Electric
Pacific Gas & Electric
Pacific Pow & Lt Co.
Paducah Electric Co.
Penn Cent Lt & Pow.
Penn Edis & Sub Cos.
Philadelphia Co and
Natural Gas Cos..
Philadelphia Oil Co..

November
December

December 1168, 414 1313,377 10,209, 563 14,709, 363
December
132, 102 231,457 1,118, 168 1,880, 487
Phi la & We,stern
December
68, 181
67,959
812, 240
801, 162
Phila Rap Transit Co December 3801, 097 3889.911 42,440, 605 38.807, 3.54
Pine Bluff Co
November
70, 421
71,810
788, 332 *752, 288
Portland Gas & Coke November
261. 428 247,186 3,130, 211 2,352, 270
Portland Ry, Lt & P. November
820, 146 856,586 9,035, 323 8,6,50 ,658
Puget Sd Pow & Lt.. December
943, 939 939,901 10,038 .544 10,000 ,430
Read Tr&Lt Co&Sub November 235, 273 235.402 2.728 .944 2,762, 212
Republic Ry & Lt Co. November
607 171 742,156 7,433 .634 *8,302 ,218
Richmond Lt & RR.. September
69, 240
82,315
480, .889
633 ,065
Rutland Ry Lt & Pr. November
46 289
51,269
512 .648
514 ,479
Sandusky Gas&El Co November
69 .038
86,605
620 .579
662 ,985
Sayre Electric Co
November
16 ,848
18.220
172, 022
151, ,744
Second Avenue
September
95 ,004
88,063
747, 546
634 687
17th St Incl Plane Co Novem ber
3 .662
4,048
41 ..301
41 ,319
Sierra Pacific Co
December
71 ,862
872 ,729
68,579
779 ,244
South Calif Edison... November 1397 ,113 1285.4,58 16,440 .671 14,338 ,986
South Canada Power. November
71 .777
65.188

&

Lt Co. November

850 .407

Co.. December
Tennessee Power Co. November
Tennessee Ry. L & P. November

965.528

168 .650

144,9.34

209 ,629
584 ,793
240 .003
414 ,516

221.419
567.436
313.146
642,725
1060,260
11«2.517
1090,254
690,992
843.500

Southwest P

Tampa

Electric

Texas Eleftric Ry
November
Texas Power & Lt
November
Third Avenue System. November

Twin City R TCo...
United Gas & El Corp
Utah Power & Light.
/ Uiah Securities Corp
Vermont Hy-El Corp
Virginia Ry & Power.

1139 ,368

November 1161 .221
December 1142 ,173
November 594 ,029
November 729 ,425
November
62 ,354
November 846 .138
Winnipeg Electric Ry November
481 ,818
Youngstown & O Riv November
50 ,719

10034 629 9,016 ,374
1,715,904
2,192.398
6,040.299

1,473 ,650
2,261 ,950
5,860 ,995
2.932.699 3.483 .418
4,946,033 4,745 ,304
13,202.891 11,336 .686
12.646.740 1 1 .732 212
11,898,646 11,445 ,925
6.137.462 6,044 ,442
8,626,583 8.453 ,325
626 .699
62.891
477.160
899.931 9.296.909 9.043 .682
483,098 5,032,068 4,768 .915

515,720

a The Brooklyn City RR. is no longer part of the Brooklyn Rapid TransU
System, the receiver of the Brooklyn Heights RR. Co. ha-ving, with the
approval of the Court declined to continue payment of the rental therefore
since Oct. 18 1919. the Brooklyn City RR. has been operated by its owners.
& The Eighth Avenue and Ninth Avenue RR. companies were formerly
eased to the New York Railways Co., but these leases were terminated on
July 11 1919, respectively, since which dates these roads have been operated
separately, c Includes Milwaukee Light. Heat and Traction Co. d Includes all sources.
e Includes constituent or subsidiary companies.
Earnings given in milreis. g Subsidiary cos. only, h Includes Tennessee
Railway, Light & Power Co., the NashviUe Railway & Light Co., the
Tennessee Power Co. and the Chattanooga Railway & Light Co. t Includes both subway and elevated lines. jOf Abington & Rockland fMasB.).
/ These were the earnings from operation of the nrooerk Given in noietas.
• Earnings for twelve months,
t Started
ties of subsidiary companies.
,

operations

AprU

1

;

1921.

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

—

,321,129
.698,039

Gross Earnings
Previous
Current
Year.
Year.
$
$
394,373
431,776
4,190,495
4,642,357
68,138
55,814
726.715
663,431

Companies.

Net Earnings
'

Current
Year.
$
202,711
2,379,885
*16,794

Previous
Year.

w

,285,981
,473,151

181,43.3
Dec
Alabama Power Co
2,118,832
Jan 1 to Dec 31
—1,544
Beaver Val Tr Co & SubaDec
*87,9.50
*1.d8,,19
Jan 1 to Dec 31
Duquesne Light Co & Sub^„,_ „„,
^_ „„_
665,30o *327,205
1,386,585
sidiary companies. a.. Dec 1.466.881
16,092,270 15.005,173 5,762,954 *4,314,364
Jan I to Dec 31

.1.57.4.53

Philadelphia

806,28-.'

735.344
,106,567
.616.742
,.547,353

.090.578
,734.487
,990,351
,753,746

15,005,173
3,926,050
456,831
1,619,242
1,302.700
336.978
1,931,629
1,105.283
909.699
4,150,931
2.348,809

3,808,9.53
10.413.7.50 10,282.361
766, 428 6,698,8.58 5.874,325
149, 112 1.247.782 1,314,011
1037. 3.'iL' 1 1 ,731 .928 10,366.709
39, 704
.521,071
450,642
71). 245
8.5X,90S
764.238
68, 0,58
551 ,694
.572,1.56
23. 282
206.992
264.194
S06, 219 8,649.128 7.450.436
102, 579
960,084 1.386.517
181, 607 *2.28S.226 2,282.1.53
1914, 274 20.0.57.439 18. 823. -129
4326, 560 40.310.386 39,720.7.56
31, 803
:^73.S51
3.56,842
169. 631
1.7.39,013 1. 7.58.231
26, 007
263.6(17
260.003
232, 563 2.363,867
039,263
.30, 1.54
295.2.58
258.057
107, ,377 1.180.510 1,236,878
26, 982
213.194
205.629

liil3.-l.vi l(l7(i, 1193

Houghton Co Trac Co October
Hudson & Manhattan October
Hunting'n Gas & Dev; November
Idaho I'ower Co
November
Illinois

259,376
67,612
290,838
762,923
113,064
364,644
167,283
695.737
632,007
490,984

[Vol. 114.

Name

Nashville

Name

.

117,385
23,337
30,537
252.696
7, 100
169.290
3. 677..506 3.417.366
316,238 315 ,39
774.195
6.276,650
231.408 264" l")T8 2.116.042 2.66"r6.59
1510.376 1690 .5701 18399282 184352.39

Co and Sub„ „
.,.,.,.-,-,0
^,.,ar: m\^
416,223 ^.*36.5.108
.sidi.iryNatGasCos.a.Pec 1,168,414 1,313.377
10,209,563 14.709.363 *2,626.3?7 *,),255,0S2
Jan 1 to Dec 31
132,102
Co..a.Dec
1,118,168
Dec 31

Philadelphia Oil

Jan

1

to

231,4.57

1,880,487

176,576
*105,928
*696,822 *I,42.j,43,

a Net earnings here given are after deducting of_ taxes.
* Does not include income from investments and is before providmg lor
interest on debt and other income deductionsBalance,
Fixed
Net after
Gross
.Surplus.
Charges.
Taxes.
Earnings.
•«
»
$
$
197,088
490.078
Adirondack Power Dec -21
^Q-Ili
''filRQ^
„64.89.3
.93.698
.158.591
'20
446.699
& Light Corp
399.56..
226.0.5
12 mos endin^g Dec 31 ;21 4.817.225 1.326.320

Brooklyn City
6

RR

Dec

mos ending Dec

1,004.170

^Uifo

31 ~21 5.867.374
"20

1,020.817

:21

^Mt -^^^
689,884

330,933

995, .597
166,433
1,193.449 1,162.0.30
1,.591..568
174,321
1.765.889
i;826.493
12 mos ending Dec 31 '21 13,461,770 12.944,715 2,09.8,130 10.84_6..i85
•20 24,698.039 23,997,666
1,941,628 22.0.1... 938
641,122
Dec '21 2.833.195 1,065,984
Commonwealth
^^-^^l
*609,876 .•5<8.168
-20 2.982.9.50
988,044
Power Ry & Light
'21 31,309,269 10,443,806 *7.-^^,' .«59
12 mos ending Dec 31
f 91'?-9-J'
•20 31.285,981
8,895,682 7.020,, 64 1,8/4,918
208.609
589,395
380,||
consumers- Power Dec :21 1,268.793
Service
Cities hCTMce

12

Pow & Lt

Dec

'21

.^^

'21

-20

mos ending Dec

NY Dock CO
12

Dec
'-"^^

5.700.016

2.358,558

xl73,69.5
434.939
i<)4,417
400,660
4,183,953 il,.319,076
i983,803
3,734,487
M72.396
a77,046

1M.910

mos ending Dec 31 :2114,0n.293

D.iyton
*
12

CO
Co

31 -21
-20

Dee:21

mos ending Dec

31 ;21

6,478.562

^^OT^

3.341.45§

49,786

68.785
.|4.631

76.5,09.3

-^i^-^^SS

.551. l/o

132,628

119.8|
1.4.9,289

|.||
j;31.8|

& West Ry

Phila

THE CHRONICLE

2S 1922.]

.Tax.

12 nios ending

Dec

Dec

Net

Gross
Earnings.
S
•21
68.181
•2n
67.959

31

630.826
ft23.320

812.240
801,162

•;?i

•20

6325. .593

6308.255
Philadelphia Rapid Dec •21 3. 801 .097 rl .228.469
•20 3.889.911 rl .254.672
Transit Co
12 mos ending Dec 31 •21 42,420, 60ojll, 677 ,451
•20 38,807 .3o4zl0, 205, 175
28.253
Xov '21
Pine Bluff Co
70.421
'20
24.335
71.810
307.215
788.332
12 mos ending Xov 30 •?A
•20
236.051
752,288
1408.162
United Gas & Klec Dec '21 1,142,173
•20 1.090.254
1292,178
Corporation
12 mos ending Dec 31 '21 11.898.645 23.877.924
•20 11,445,925 13,358,138

Net earnings here given

6

Fixed
Charges.
$
13.198
14.767
180,981
176,663
868.571

after

Taies.
S

Balance,
Surplus.

S
17,628
8.5.53

144.612
131, .592
3,59.898

.

427.495
1.807.292
382.065
18.217
14.815
190.187
145.514
262,489
148,133

827.177
9.870.1.')8

9,823.110
10.036
9.520
117.128
90.537
145.673
144.044
1.745.268
1.652,099

2,132,6.55

1,706,039

are before deducting of taxes.

X After alloirtng for other income received.
* Fixed charges include interest and dividends on outstanding preferred
stock of constituent companies.
^'^

Gross

Surp. after Charges
1921.
1920.
S
S

after Taxes

1920.

1921.

1920.

-S

1921.

$

5

Baton Rouge Elec Co
47.650
December. _
50.62S
471.186
12 months.557.190
Blackstone Val Gas & El Co
290.909
December.,
345.354
12 months. 3.647.791 3,266,907
Cape Breton Elec Co. Ltd68.748
63.74S
December..
632.007
694,596
12 months.
Central Miss Val Elec Co
46 753
44.915
December. _

—

23.025
197,660

12.281
157,678

18.686
145.347

7,950
110,120

122,346
1,219,748

76.239
907.156

94.491
882.677

48.726
599,829

11,305
111,387

17.680
99,105

5.709
42,619

12,029
31,426

490.984

13.093
134.416

11.394
122,817

9.453
90.426

7.498
88,636

122.083
1,547,353

102.792
1.009.229

42.386
382,363

70.899
613,423

9,023
209,138

134,371
1,473,151

28.749
565,750

60,134
583,750

10,768
326,198

40,051
346,030

145.204
1.619.242

46,449
572,798

53,334
609,566

27,979
354,411

33,892
423,166

Edison Elec lUum of Brockton
December..
125.347
109,654

49,982

29,083
399,431

48,820
34d,611

27,256
360,955

12 months.

.521.020

—
—

—

12 months.

Page.

Inditstrtal

83
•2824
83
84
84

Dominion Gliiss Co., Ltd
Duplex Prlntin? Press Co
EiLstern Manufacturing Co

202
202

Edison Electric Illuminating Co
Fajardo Sugar Co
Falcon Tin Plate Co
(Wm.) Farrell & Son, Inc
Fresno City Water Corp
(Robert) Gair Co.. N. Y
Haskell & Barker Car Co., Inc

195
84
201
*2824
*2824
311
*2825
Hood Rubber Co
306
Illinois Power Co
Inrliana Hydro-Electric Power Co.. 311
*2825, 204
International Paper Co
194
International Shoe Co
*2825
Iowa Light, Heat & Power Co
Iron Products Corp:
85
311
Keystone Telephone Co
85
Kings County Lighting Co
*2826
(S. S.) Kresge Co
195
Libbes-Owens Sheet Glass Co
312
Lindsay Light Co
Loew's Boston Theatres Co
312
*2826
Lord & Taylor
.
*2826
McIntjTB Porcupine Mines, Ltd
Inc.. N. Y. 303
(H. R.) Mallinson & Co.,
Manati Sugar Co
312
193
Manhattan Shirt Co
312
Marland Oil Co. (of Del.)
*2826. 75
Mexican Eagle OU Co
*2827
Middle States OU Corp
86
Mountain Home Telephone Co
312
Nash Motors Co

Companies

(Concl.)

Nashua Manufacturing Co.
National BUcultCo.

*2827

.

19»
Niqu^ro Sugar Co
205
North American Co
*2827
North Amor. Lt. & Pow. Co. (of Me.> 31S
Northern Securities Co., N. Y
196
(John) Obenberger Forge Co
. 205
Ohio Bell Telephone Co
86
Peerless Wire & Fence Co
*2827
Pennsylvania-Ohio Pow. & Lt. Co.. 80

New

Providence Gas Co
86
Pure Oil Co
205
Rich Steel Products Co
86
Roswell (N. M.) Public Service Co.. 206
San Antonio Public Service Co
2819
San Joaquin Light & Power Co
307
Santa Cecilia Sugar Corp
20S
Shaffer Oil &
Skelly Oil Co

Refinmg Co

206
87

Southern Canada Power Co., Ltd. .2828
Standard Gas & Electric Co
206
Strawbridge & Clothier, Fhlla
313
Swift & Co.. Chicago...
74
Tobacco Products Corp
205

Tonopah Belmont Development Co.

87

United Cigar Stores Co, of Am
*2829
United States Automotive Corp
207
U. S. Smelting. Ref. & Min. Co
2829
Utah Construction Co
*2S29
Warren Brothers Co
,:_•
87
West Missouri Power Co
87
West Point (Ga.) Manufacturing Co. 88
Western Union Telegraph Co
313

Found

& Ohio

in Vol. 113.

Railroad.

{Preliminary Statement for Fiscal Year ending Dec. 31 1921.)
An official statement issued Jan. 25 shows:
\t a meeting of the board of directors of the Baltimore & Ohio RR. Co.
held in New York City to-day (Jan. 25 1922). the regular semi-annual
dividend of 2 So on the Preferred stock was declared payable March 1 1922
to stocliliolders of record at close of business Feb. 8 1922.

INCOME STATEMENT FOR

MOS. TO DEC.

12

31 1921 (partly

e.'itimated)

Net railway operating income
S22. 440.294
This item is shown after charging approximately .53,400.000
on account of lap-overs from the "guaranty period. which
sum is reflected in credit to "other income" of like anoimt.]
Total of non-operating income
9.136,220
,

"

372,873

1.302.700

1.2.56, -549

—

Baltimore

.

Columbus Electric Co
December..
167. 38S
12 months. 1.807,298
Connecticut Power Co
December..
11.5,296
12 months. 1.499.153
Ea-stem Texas Elec Co
December..
138.972
12 months. 1.670..32S

Indust'ial Companies (,Cont.)
Dcford Co.. Baltimore
Detroit Edison Co
Dominion Bridge Co., Ltd..

40S
— Page.

El Paso Elec

909,699

23,831
268.748

13,200
159,843

25.510
266,360

13.048
158,551

Total income (December partly estimated)
.S31,576,olo
[A decrea.se of §257.639. compared with previous year.]
Deduct Int.. rents, taxes and misc. charges, aggregating
25, .546,971
an increase of .S95S.297 [over 1920],
Leaving net corporate income of
S6, 029, 544
a decrease of §1,215,936 [compared with 1920],
Out of this last amount have been declared semi-annual dividends at the rate of 2 % 4 % for the year) upon the Pref
stock (paid Sept. 1 1921, and payable March 1 1922)
2,354,531

Galvertoh-Houston Elec Co
December .
283,386
342,133
12 months. 3,679.867 3,8.08,9.^3

65.192
918.980

97,564
1,126,505

28.507
492.343

62.545
704.448

Leaving surplus of
—V. 113, 2817. approximately

6.493
120.139

4,025
58,559

3.749
109.497

3.329
50.634

18.569
92,541

15,508
130,788

13.320

29.130

9.547
75.348

8,114
87,918

6,504
83.383

44,

US

2.924
52.466

6.109
76.214

11,216
96.126

3,978
53,183

9.475
72.046

38.895
369,341

29.813
290,664

36,368
352,799

2.59.305

169,156
2.022.503

172,587
2,189,341

781.986

70.148
981.086

95.6.56

108,905
1,415,312

70.527
955.098

83.467
1.115.742

13.974

15.781

li«4.519

1.36,328

5,445
37.728

S.993
61.238

314.850
2.358.892

289.883
2.418.849

December.
12 months
El Lt

196,319
63.994
1,931.629
698.169
or Ablngton & Rockland32.311
30.125
6.021
347.737
336,978
58,525

61,812

& Fow Co

December..
12 months.
Gas Works Co
December..
82,410
12 montta. 1.006.947

46,913

604,459

.539.850

51.323
490.977

5,801
61,321

196,778
2,290.405

5.423
49.411

4.941
52.941

Fall River

84.647

Gas Light CoDecember .
39.704
42.701
.121.071
12 months.
450.642
Houshton County El Lt Co
December.
.52.402
68.058
12 months.
.551.694
572.156
Keokuk Eleptrlc Co
December.
32.239
31.803
12 months.
373.851
3.5fl.842
Kej- West Elec Co
December..
21,*17
26.007
12 months.
263.667
260.003

—

1

Lowell Elec I,lKht Corp—
Dtcember
117,385
107.377
12 months. 1. 1 80.510
1,235,878
.MteB River Power Co
December..
2.30.171
249.131
12 mouths. 2.742.621
2.827.964
.

Vorthem Texan
December

Elec

343.770
3.951.6.50

.

—

52.118
529,886

n«<?eml>er
12 nn"nfh«.

1

.258.429

48.791
570

< 83

.

—

J-

•0)

.^»VJ^^

i!

12

!

I

Ix'.ti.t,.

461.210

v.j'i -i.lO

i

.

r

449.279

4,1.55.251

4,306.547

Ml.bir.

.

48,831

Disrembcr.

—

25.421

Co
.

12 nuMithH.
rampa Klertrlr

December
12 roonthii

71 .»t.52
872.721I

',.'1

32.069

26.760

Jll

!!t8.9fl5

.339.718

25.946
323.986

144 .M4

76.814
0S8.378

62.705

71.4fH)

','^

77''

19.607
2r,7.2Mt

fo

I

1.58.6.50

l.7l5.!HKt

473,<'>.3(»

I

FINANCIi&L
Annual, &c., Reports.

.5S.20S

6.35, HH4

.558.0{M

ye.ir n<>t<'s will m:itiire
Intji'irlanl Kciinomirs

- The property is being managed most ('cononili"all.\
the dcrcndaiit has iiisi.illcd devices which elTecl large (!conomic.s In operation
and the employees voluntarily ai'cepti'd ii 10',;. wage reduction effective
In .Inly 1921. which further effects ii large saving In operation.
/
I trcrrase of Opi rating Eiprnses for the
6 Mos. ending June 30 1922111
wages by rca.son of the nuilllple car door control

REPORTS

—

Thn following is an iiuh-x to all
anri otii.r r< p'li'- of .-^tf-am r:ii!roa<l.><, .street railwuy.s
arul riiiM<l|,iii<ou^ coiiiji.-iiiie-i pnMirtlM-d Hiru-c ami infliKlini'

I

I'ligi-

III

I..

MM

"-u,

77
77

Iri'ti/'lrl'it

!'
">«ni

RH.

'2hi2

IM

,

M.h

•iHI6
«2

Co

.

•2SI
IT.KlurU Co
..I....,.., Mining Co
7, ;
lUM' Armfnir A Co
rriilcoiio

.

.

Vnrfolk

HR

CnUir

Arrn»tr»>nK
•

'I

<

'«

M.I

Itji-

.

•.."<,.'

,

*

I'apor

(

<

o

ij
.

.

Mil.

Lul

.

.\(ii

MA
2U\
:'oi

w.
w.

July

Decrcaw

Irlm.

19*.

1,1.1

iihiK.

'

.

I.2.')0.000

In cont of coal at !ipproxlmiitely $1

415,000

25 imt ton

In oueniting cximuim-h compared with
period previous X. Mr.
.

Toliil

iii.iierl lis

and

I

.Si/rii.«

llirrliiililr Iriini

prlnr
iiieli-r a

i:\t\>

•

.

flhi

Tlii

......

I

^

•'

.

1

.

hill
ll.!--!

III

I
•

|.

r

.

Ml

iiikI

a writ of
SI.75II.O(Ml

< 'iiiinsel
nil .lull
IS
iiriler so ||»
iif ciiiiiiwl III" ell.y
feiidfi'il will receive
!>. II

I

Vppelliilr DhUloll il-i
iim-sl Ion of lii»
mill
vill, niiil III ii wllliln

t

.

iiifi

lli.il

le

I

,.

III'

Th.

.

ffecl

.

'

.

1
'

I'uPf.n

\ili|l(,jt

Miifhlnn

(

o

,

:..

.,,

.

-,

;,

.

..

.,

!

1

-

,1

.i.,i;i

1

(KHI

-.111-

III'

F

'(

-orr

III.IIIH).
II

•

•

'

«
ri'l

I

•2«»l.

Onl
I

'

Ml ifidiiiiiii

y

Keliertil

rriiiii Its

1

III
purl ri'llllliUI'*! Illelll nl III
of the city hli'< l.iUcti nil III |>'

ii:

I'

,.

82..110.0nit
Hupnfl(ut bi ifrndunlly docrt<aitlnK, which wlll_
fiirtliir reiluci" the cost of iiperatlon
litim:iirtnrnt in Earning!.
The monthly -itiileinniilM for Ihf piiMl xlx
niiintliN -iioH II irr.'idii.'il dccrcji.sc In the not corporate deficit and an actual
net liiciinie for neceinbiT as rollowii:
.Vnirmftrr
llrfrmbfrOr'off^r
iV/<i;i//i
Srpt
(CM
.lulu
August
-7,1(15 Niir.fll).3l7
.Net ciirp iliT
!»7.{H,rt'17 »I1'I.').7K',I
.

of

cost

.

Co

_.^

iwltl

ttecren.-Hi

/

An.

125.0(M1

.......

!!»2|

i

I

'nn Tithvn,

I'ulp

'-

•iHI'

A

(>
n
.

t'l

Tt.l

M»

.

7'i

301
74

Sri.'jO.OOO

.

The

I'limpnnlft -

Ain<r|r,ii, liriuw Co
\fii<rl'aii f|(l<-«i Co
^^n r|r;,f, In- '•„

'

Di-creaw

:{1.

Thi.M infl«-.\. which i« jfivcn monthly, docs nol inrlndc
report,K in t<>-<lay'M "Chronieje."
y..]i ,-....,. fi^ir«.M
indicut<* re()ort,s piihlishtMl at leinftli.

.

n.,« iMHt-illed
In wageN by riuiMon of tho Installatlou of «tatlon turnHtllem
Decre.i.-u' In WftuPH by roa.<uin of the i()% roUucllon Jn wuroh

annual
Dre.

—

.

iiionUia.

MIerra Pacinc

—

Jan 24 Ed ]
Intcrbnrough Floating Debt- This is comprised wholly of bills payable
on account of materials and supj)Iics amounting Jan 1 1922 to .?!. 6.50. 000
Non(! of the supply or material creditors has threatened action except the
.\merlcan Hrake Shoe & Foundry Co
wlilch organization has consented
to fin adjoiirnnieni of its application for a receiver from time to time
Cash and Cash Outlook
The amount of cash in defendant's i)os.se.ssion
anrl fonlrol subject to its check at Jan
19 1922 was about 52,190,000
\ll lu.ilerial and supplies, including coal, are paid up to Oct
1
1921. excepting indcbtfdnevs to AnicriiMii Ilrake Shoe & Foundry Co
.V careful
csiltiiatc of the receipts .ind disbursements for balance of Jan 1922 indicates
that the ca.sh l)ulan<-e Feb
1922 will be ap|)roxiii)ately §2.500.000. and
the c.i.sh situation should permit the company to tneixt Its current ohligiitlons as due after Feb 1 to Sept. 1 1922. when dt^feiulant's (>xtende<l three
to

Pijj"
I;

Ijy

.VoJe.t— 95.49'7, Deposited —On Jan. 19 1922 $36,422. ,500 of the
7',-c
7'; notes due on Sept. 1 1921 or 95 49% of the entire note i.ssue had been
extended to Sept 1 1922, leaving unextendcd, §1,721,900, or 451'^;.
Further amounts are being deposited from day to day.
Other Obligations
-Ml semi-annual interest due Jan, 1 1922 on the
1st & Uef Mtge. 5% bonds has been paid promptly.
The Six Months Seciwed 7% notes have been reduced to §1 .305.000.
and the semi-annual interest thereon has been fully paid The holders have
extended the princii)al to June 30 1922
The value of the collat^-ral is
at least double the principal amount now outstanding.
The semi-annual interest due upon the bonds of the Manhattan liailway
Co. on Oct 1 1921 and Dec 1 1921. respectively, has been fully paid. ,and
also the quarterly installment rtf the dividend rental due the stockholders
on Oct 1 1921 has also been paid [but not the Jan, 1 dividend rental up

27.695

66,0.52

York.

President Frank Hedley, Dated Jan. 19 1922.)
President Frank Hedlej', in affidavit filed on Jan. 19 in
the U. S. District Court for the Southern District of NewYork, in the receivership suit brought by the Contin(>ntal
Securities Co., says in brief:

(Statement

Co

277..531

monthM. 3.638,729
Padurah Elortrlc CUt
12

4.479

New

Interborough Rapid Transit Company,

Haverhill

.

$3,675,013

p.

t'Innn DlBtumird

U«i)oiioiit

iM'.i>Ntlv«) roinnilni'ci r«»i>ri"w>nlJiie

hnn

with the
defenaMit mid

Irifarinally diMciiiuHHi

ihn MM-'uritlm of

itiln

.

a

-

THE CHRONICLE

404

also with representative bankers in New York City, the question as to the
provision of funds estimated to be necessary to meet additional capital
requirements for some years to come, and we believe that if a receivership
in this action be avoided the necassary financial support will be forthcoming.
Negotiations icith ManhaJ.tan Ry. for Substantial Reduction in Rental.
Deponent, as President and General Manager of Interborough Rapid Transit
Co., has opened negotiations with the officers of Manhattan Railway Co
looking to an immediate substantial reduction in the annual rental now
required to be paid for the use of the elevated lines.
If such negotiations
are brought to a successful conclusion the existing annual fixed charges
of this defendant will be very appreciably reduced and its income available
from operation correspondingly increased.
Reasons Against Abrogation of Manhattan Railway Lease. Such action
urged by plaintiff would inflict untold hardship upon the general public
(the discontinuance of transfers at 149th St. and 3d Ave. would inconvenience about 80,000 passengers daily) and the inevitable litigation over
claims and counter claims between the companies would result in substantial
loss to the security holders of this defendant.
In the report of Stone & Webster, dated Dec. 26 1919, the situation was
summarized as follows:
"It would appear that should a disintegration of the elevated and subway
systems occur the effect would be very serious on the riding public.
"The principal effect would be that arising from the discontinuance of
through elevated service over the extensions of the subway lines and over
the four extensions made by the Interborough Co. (under the Interborough
certificate) which connect the subway extensions with the elevated lines
of the Manhattan company, viz.:
(a) "Passengers to or from the White Plains Road extension of the
subway system could no longer get through elevated service over either the
Webster Ave. line extension or the West Farms extension connecting with
the 3d Ave. elevated suburban line, but would be obliged to use the subway
trains entering Manhattan by the Lexington Ave. or Lenox Ave routes.
(6) "Passengers traveling to or from the Jerome Ave. extension would
not get through elevated service over the Jerome Ave. connection with
the 9th Ave. line of the elevated system, but would also have to enter
Manhattan by the subway system.
(c) "Passengers traveling to or from the Astoria or Corona extension
of the subway system could not get through elevated service over the
Qiieensborough Bridge connecting with the 2d Ave. line of the Manhattan
Division, but would be obliged to continue on the subway system entering
Manhattan through the Steinway Tunnel.
(d) "Many passengers who now use the elevated trains running over

—

—

these subway extensions travel to and from points in Manhattan which
are more conveniently served by the elevated than by the subway lines,
o could not conveniently use the subway lines as above.
- "All passengers above mentioned would be obliged to transfer either to
the elevated lines or to the surface lines in Manhattan by paying an additional fare or to walk considerable distances.
"Both the extensions built under Contract No. 3 and under the Interborough certificate are principall.v in sparsely built up sections of New
York. Nevertheless, about 15,000,000 passengers traveled in each direction
over these lines during the past year and hundreds of thousands of them
would be affected as above described by a separation of the Manhattan
lines.
It is expected that the territory served by these extensions will
build up rapidly, and, if such is the case, the number of people affected in
the future by a separation will be gre^itly increased.
"If many passengers now traveling to and from the .subway extensions
over the Manhattan lines were obliged to use the subway system, congestion
over that system would be greatly increased. With the loss of the expected
assistance by the elevated lines in handling this traffic, the full capacity of
the .subway would be reached sooner than it should be.
"In a word, the improved public service, sought in the conception and
execution of the Dual Contracts, would be seriously injured by the disintegration of the rapid transit systems involved in the separation of the
Manhattan lines from the Interborough System."
Receivership Harmful.—The appointment of a receiver would caus^
irreparable damage to the traveling public, and a great loss and expense
to the creditors, stockholders and seciu-ity holders of this defendant.
The only party desirous of having a receiver appointed is the complainant
herein, the owner of 250 shares of the Capital stock of this defendant.
The Empire Trust Co., holder under a collateral trust agreement of 97%
of this company's stock, or 339,128 shares, has opposed the appointment
of a receiver.
Clarence H. Venner, President of the Continental Securities Co., in 1919,
as a stockholder of this defendant, publicly expressed the opinion that a
receivership "would be positively detrimental to the company, its bondholders and noteholders."
Vexatious Actions Brought by Venner. This deponent further shows,
upon information and belief, that the Continental Securities Co. and the
General Investment Co. are dominated and controlled by said Clarence H.
Venner, who is the real party in interest in this action; that said Venner
has himself, or in the names of one or the other of his corporations, brought
many vexatious actions against this defendant and its officers and against
various other corjwrations, upon pretended claims and causes of action;
and that it has been stated from the bench that the General Investment
Co. and the Continental Securities Co. were just other names for Clarence

—

H. Venner.
That the General Investment Co. brought such actions against Alvin M.
Craig, reported 181 N. Y. S. 936; against the Bethlehem Steel Corporation
reported 248 Fed. Rep. 303; against the Lake Shore & M. & S. Ry. Co.,

reported 250 Fed. Rep. 160; against the Bethlehem Steel Corporation,
reported 100 Atl. 347. Continental Securities Co. brought such actions
against the Northern Securities Co., reported 66 N. J. Equity 274; against
this defendant, reported in 165 Fed. Rep. 945; against this defendant,
reported 183 Fed. Rep. 132; against August Belmont, et al., reported 147
A. D. 906, 147 A. D. 913, 914, 933 and 206 N. Y. 7, 150 A. D. 298; against
this defendant, reported in 203 Fed. Rep. 521 and 207 Fed. Rep. 467;
against the Michigan Central RR., 160 A. D. 127 and 162 A. D. 921;
against the New York Central RR., 151 N. Y. 8. .534 and 168 A. D. 347.
That the C. H. Venner Co. has brought actions against the Southern
Ry. Co., reported 175 A. D. 974. Another action was entitled. City of
Omaha v. Venner, suit by Clarence H. Venner, doing business as C. H.
Venner & Co., 243 Fed. Rep. 107.
That all of th&se actions have been for the purpose of harassing and annoying the defendants and have therefore been stamped by the name "Venneresque actions," being universally recognized by the court as predatory
atterhpts.

—

Earnings A Dividends. Prom the commencement of the actual railroad
operation by this defendant in 1903 down to and including Dec. 31 1918,
this defendant's net corporate income from all sources amounted in the
.
.
aggregate to
$80,215,181
For the same period the dividends declared and paid upon its Capital
stock amounted to
$65,625,000

A

margin of income over dividends of over
$14,000,000
20 1919 the said Clarence H. Venner accepted the check in
payment of the dividends of Jan. 1919 saying: "The directors having
passed the April dividend as I advised them to do, 7 no longer insist upon
my objection to the payment of the January dividend."
Alleged Bonitses.— Clarence H. Venner, it is believed, had full knowledge
of the facts complained of for many years past. In 1915 an action was
commenced by the city to set aside the so-called bonuses, and wide publicity
was given to the same. Said action was tried in the N. Y. Supremo Court
and was dismissed.
Investment. The proceeds of all of the First and Refunding Mortgage
5% bonds and the Three-Year Secured Convertible 7% not«s to which
certain of the 5 % bonds are collateral issued by this defendant Interborough
Rapid Transit Co. to an aggregate principal amount slightly in excess of
$200,000,000 have been invested in property with the approval and (except

On March

—

,

as to $52,615,000 principal amount used to refund obligations outstanding
when Contract No. 3 was made) the proceeds have been expended or
allocated under the direct supervision and control of the public authorities.
Under existing contracts with the City of Now York full and ample provision is made for the payment of interest and sinking fund upon this
indebtedness out of the revenues of rapid transit railroads in the city so
that the debt would be completely amortized not later than 11 years prior
to the termination of the subway lease.
Answer to Allegations the Capital Stock Has Been Impaired.
Under Contract No. 3 Interborough Rapid Transit Co., after paying
the interest and .sinking fund upon its bonds issued for subway purixises,
is entitlcHl to deduct and retain out of the revenues from the operation of
the old and new subway systems sums aggregating $3,178,000 per annum
for such period until said bonds shall have been duly amortized and paid
off, estimated t« be the first 38 years of the lease, and under the pro\-isions

[Vol. 114.

of the same contract, for the remaining 11 years
of the 4Q-vpar leasA Tntoi.
'^'^°"'* '^''- '^ ^"^lail^ entitled to deduct^n^
fr^
?he°s,fiL?eP'^
sums aggregating $11,135,000 per annum
?TnH^7?-'^.''f7^JJ"^f
Contract No. 1 the City of New York is obligated to nurchase
V. ^"^Hf^
the subway equipment provided by Interborough
Rapid Transit Co iSdl?
that contract at fts then present value, which, under
the strict requireSnts
'^" '^^"i''« original cost or approx'Sly
$34 onTnnn^^^r^' "^l' "?* "v.^
534,000,000. Accountants have calculated the present
worth of theSse
^^ defendant Interborough Rapid
^u^^S^^ ^f"^^ representmg the %-alue of the lease Tran^ft Co by thi
subway contra-cts,
in accordant with
tableson a 5%
interest basi^, and havfalS^
t^?^i^^r.f?T^^ worth to be incompound $70
tained that present
excess of
000 000
At any time since March 19 1913 it would 'have been entirelv
nroner
for this defendant to have treated the value of
tSrieasehold so est^l^lishld
"""^ '" ""^^^ "''°^" " "" ™'^ °° itsftatem^'s

Ja

anrbooks oraXums^''"'"'

'^°- ^ contains a provision to the effect that if in any particular
i"™'f>cient to provide payment in full of the sums
J^Xl^J^y^'}^'',^ '"'P
to be retained by Interborough Rapid Transit Co. as
lessee then the
^^'^^ be carried forward as cumulative prior liens against the
oHlflf"*^^
earnings tor succeeding and more prosperous years. Up to Nov
30 1921
the amounts due Interborough Rapid Transit Co. under
Contract No 3
as accrued unearned prefereiuials payable out of future revenues
by reason
,.»^.'*?hl^*'

of the provision ]ust referred to, was $7,325,904; while as
the result of
caretul estimates checked up by leading engineering firms,
deponent
be leves the revenues from the subway operation in the next three vears
will be sufficient to pay off and discharge these amounts
due this
and that thereafter the annual payment due it of $3,178,000 defendant
over fixed

Charges will be fully earned, and that there will be payments made
to the
city under said contract as a return upon its investment.
Ef^rnings.— These estimates for the 5-year period ending June
on^^i.!?°'^f192b indicate that the results from operation of the subwav and elevated
"® such that, even without any reduction in the existing rental paid
:!,"^?7''",
the Manhattan Railway Co., there will accrue to this defendant
a net cor'°'" ^^^ Period over and above all charges of approximately
§^'"nnn nn'^"'^®

M

As a part of the same estimates there was necessarilv considered the
provision of funds required for new capital purposes; that as a result of
those estimates deponent is able to state in his opinion that even if there
be no reduction in the Manhattan rental, and otherwise the existing situation
remains unchanged, with continued forbearance on the part of secured and
general creditors, the company's net corporate income would be sufficient
to enable it to meet those capital requirements for at least three vears
to come.
Suburban Street Railways. The investment of defendant in street .surface
railroads in Queens and Nassau Counties, made up of the cost to it of
securities of New York & Queens County Ry. Co., Long Island Electric
Ry. Co. and New York & Long Island Traction Co., cash advances made
from time to time to enable those companies to continue in business, and
amounts due on open account by reason of power and other supplies sold
to them, amount in the aggregate to approximately $11,100,000The interest in these properties was acquired in good faith for thepurpose
of assuring feeders to the rapid transit lines of Interborough Rapid Transit
Co. A detailed estimate and appraisal as of June 1 1921 by the firm of
Ford, Bacon & Davis on the basis of both representative pre-war prices
and the prices then current, together with allowance for depreciation,
showed that on the basis of pre-war prices the present value of the New
York & Queens County Ry. Co. was approximately $4,700,000, the Long
Island Electric Ry. Co. $890,000 and New York & Long Island Traction
Co. $1,600,000.
In any proceeding to determine the just and reasonable rates which
should be paid for the services rendered by this company there should be
allowed a return of at least 8% upon the value so estimated. A return of
8% upon the values so fixed would make the investment of this defendant
in these companies productive at once.
The Transit Commission is now
engaged in the preparation of a plan of readjustment of all the street railroads in New York City, which plan undoubtedly would have the effect
of making this investment self-sustaining.
Construction Company.
Interborough Rapid Transit Co. owns the
entire issue, $6,000,000, of Capital stock of the Rapid Transit Subway
Construction Co., the assignee of the construction provisions of Contract
No. 1 and was the successful bidder and contracting party for the subways
built under Contract No. 2, and in addition it was the successful bidder
for the construction of four sections of the new subways built under the
provisions of Contract No. 3.
As a result of these various construction contracts there arose, and In
all but one instance they are still pending, differences with the City of
New York relative to the claims of the contractor for damages occasioned
by delay on the part of the city in providing plans and for extra work
ordered by the engineers representing the city.
The entire capital stock of the Construction company, together with
certain of its free assets, is part of the collateral securing the $1,305,000

—

—

extended six months' notes, now due June 30 1922.
A calculation of the value of the collateral over and above the face amount
of said notes outstanding, together with other assets of the Rapid Transit
Subway Con.struction Co. and its claims agaiusi the city, taking the latter
approximately $7,000 000.
at face, shows that the equity therein
Plan of Commission. ^The Transit Commission's statutory plan for the
readjustment of all New York City street railroads, including those operated
by this defendant when promulgated ought so to affect the status of this
defendant as to make its position even better than as hereinbefore shown.
V. 114, p. 306. 198.

—

i*;

—

Pennsylvania Water & Power Company.
Annual Report Year ended Dec. 31 1921.)

—

{12th

report of President C. E. F. Clarke -ndth profit and
will be found on a subsequent page.
COMPARATIVE INCOME. PROFIT AND LOSS ACCOUNT.

The
loss

account and bal. sheet

1921.
Gro-ssinc. (allsources)_. $1,962,252
595,837
Exp., maint., taxes, &c.

Net earnings
on bonds

81,366,415
$524,938

Interest

Dividends
,

—

WW

Sm-plus Dec. 31.

$246,827
$248,379
170.125
75.000

$3,254

BAL.ANCE

1918.

$1,823,066
623,810

$1,700,900
445,064

$1,343,959
$528,550

$1,299,256
$532,850

$1,255,836
$518,340

(7%)594,650(6H)552,175

Balance surplus
Total i>dd. prev. surplus
Deduct
Contingent fund
Depreciation fund
Sinking fund
Red Cross & United

1919.

1920.

$1,867,869
523,910

(6)509.700 ( 5^)467.225

~

,$263,317

$270,271
$277,111

$150,000

$150,000

75,000
35,000

75,000
45.500

$3,317

$6,611

$256,706

$263,234
$266,551
$95,000
170.000

$1,551

SHEET DEC.

31.

1920.
1921.
$
$
8,495,000 8,495.000
10,724,000 10.479.000
50.000
285,837
Accounts payable.
272',8i6
Contingent fund.. l,fl04,440 1,101,739
669.038
Depreclatlon fund
833.249
25,000
Res. for sink, fund
25.000
400,000
Sinking fund
475.000
1,552
rroflt and loss
3.254

1920.
LlabilUie.'^—
S
17,685,184 Capital stock
Property account. 17 ,830,539
Sees, of other COS.. 3 ,177,434 3,177,196 1st mtge. bonds.
Bills payable
Loose plant and
Assets

1921.

—

$

Bills receivable. «-

92,137
S.OOO

Accounts recelv'le.

482,M).1

t'ash.

162,01S

equipment

<

:asli for

Prepaid

Total

W .redcmp
charges..

75,16.5

5,360

91,826
S.OOO
453.986
85,278
"

5^696

.21,832,758 21,507,166

21,832,758 21,507,166

Total

a First mortgage 5^, bonds are after deducting $461,000 bonds redeemed
by triLstees or canceled for Sinking Fimd investment. V. 112. p. 558-

—

Manati Sugar Company.
{Report for Fiscal Year Ended Oct. 31 1921.)
The remarks of President K. Truffin. together with the
comparative income account and comparative balance sheet
for eight year.^ ending Oct. 31. will be found under "Reports
and Documents" on a subsequent page. V. 114, p. 312.

—

THE CHRONICLE

Jan. 28 1922.]

United Fruit Co., Boston.
Annual Report Year ended Dec. 31 1921.)
(22d

—

Pres. Andrew W. Preston, Boston, Jan. 24, reports in sub.:
and Loss Account. Net profits for the fiscal year were: From operations, $18,827,979; from other sources, SI. 751 .857; total. S20. 579.836.
Less: interest charges, SS.90(j, and estimated taxes. S.3.595.167; leaving a
profit for the fiscal year of S16. 975.763. against which dividends were
charged amounting to S8.000.000; balance of profit for the fiscal year as
increase to profit and loss of -SS. 975. 763.
Funded Dcb(.— The balance of S327.000 outstanding 4H% debentures
were called for prior payment at 101 on July 1 1921, thereby liquidatmg the
entire funded debt of the company.

—

Profit

,

,

Fruit Business.

a very satisfactory
maintained
—Cultivations have been has been abandoned but new landconhas
some di\isions
old acreage
in

Bananas.

in

dition:

been planted in Guatemala and Honduras, thereby maintaining approximately the same acreage as last vear. As the result of such additional new
acreage, a considerably increased output of bananas is expected for 1922.
Pineapples.
177 acres have been planted in Costa Rica, and although
the cultivation is in an experimental stage, an output of over 10.000 crates
Is expected from mature acreage during 1922.
Balsa Wood. 2.8.54 acres have been planted and an output of 42.000.000
This wood is used for insulating
ft. board measure is expected in 1922.

—
—

and other purposes.

—

^

j

.,

,_
^
Cacao (Chocolate Bean). Cultivations have been maintained in the best
of condition and steady increase in output may be expected as the plantations are reaching maturity. Output for 1921 was 4,406,379 lbs., against
2,924,464 lbs. during 1920.
^,. ^ ^
^
,^
In addition to the foregoing, your company has old-established orange
and grapefruit cultivations in Costa Rica and in Jamaica, where they are
being extended.
^
^
^ „
,
Our Bntnh and Continental business in fruit, conForeign Business.
ducted by Elders & Fyffes. Ltd.. London, is now pro\-ided with sufficient
specially equipped tonnage to furnish their markets with approximately
10.000.000 bunches of bananas produced on our West Indies and Central
Ainerican farms. For a more systematic expansion of trade in France, a
large distributing station with superior railroad connections has been
erected at St. Ouen, near Paris. This station will undoubtedly lead to
similar installations In promising sections.
Sugar Produced by Company's Cuban Mills and Its Refinery in United States.
The output of the company's miUs in Cuba for the crop season of 1921
was .348 287.875 lbs. of raw sugar and 9.769.415 gals, of molasses, as compared with 270.951.275 lbs. of raw sugar and 7.635.218 gals, of molasses for
the pre\ious season. Excepting the portion of this sugar disposed of
through our merchandise department in Cuba, the entire output was shipped
to and refined by the company's Revere Sugar Refinery at Charl&stown,
Mass.. and at this date all the sugar has been refined and sold with the
exception of 5. 687..500 lbs. of raw sugar which was received after the refinery
was shut down for annual inspection. The actual output of the refinery

—

•

.

.

,

.

.

was 3.4% in excess of its rated capacity.
During the year just closed the refinery produced 316,591 ..563 lbs. of
refined sugar and 1,083.849 gals, of syrup, as compared with 237,948.806
lbs. of refined sugar and 1.112.037 gals, of syrup for the previous year.
A large amount of new and improved equipment has been installed at the
two sugar mills in Cuba which, together with ample supply of cane, improved
railway sj-stem and housing for employees and labor, should result in production of sugar at a cost which will compare favorable with that of other

modem Cuban

mills.

By close economy

the company has kept its loss from sugar business down
to the very low figure of approximately one-sixth of a cent per lb. on raw
sugar produced during 1921. This figure is obtained after estimating the
returns on the quantity of raw and refined stock on hand as of Dec. 31 1921.
together with the shipment of raw sugar received after the refinery was
closed for inspection.
Company's Steamship Sercice.
Excepting one ship, nearly completed, the ships contracted for in 1919
and 1920 are now in service.
The conversion of the steamships Carrillo and Tivives from coal burners
to oil burners should be completed by March 10.
The pa--^'ncrfr basiness of the Great White Fleet has been very satisfacr.a,r.
tory duriWhile the freight biLsiness has been seriously depressed,
:>any has suffered relatively less than other carriers as Its
ships an;
uviared of a homeward cargo as well as taking outward
.^
general cartjo for its large merchandise department and material for construction pnrposfs.
Our ">
ven" ship has Iwen put In service, and is fully meeting
our favor
ons. A small steamer has been purchased for coastv.
wise ser
,
ca.
General Remarks.
Durin? the year opemtini? rosts have been reduced considerably. Salai in all '!
Its arc approaching a normal basis.
rlflB ^
.\n
•'•amount
work has In-cn carried out. and as a result
QDU.'.,, s will be neces.sary during 1922 on our raileornp .,<.:,..• ... flTiall ex;
.

Bethlehem Steel Corporation.
(Preliminary Statement Year ended Dec. lil 1921.)
At the regular quarterly meeting, Jan. 26, the directors,
having considered the preliminary report as to the result
of the year's business, which is shown below, declared the
regular dividends as follows:
(a) On both classes of Pref stock for the entire year 1922, payable in four
quarterly installments, viz.: April 1 1922 on stock of record March 14 1922;
July 1 1922 on stock of record June 15 1922: Oct. 2 1922 on stock of record
Sept. 15 1922: Jan. 2 1923 on stock of record Dec. 15 1922.
(ft)
On both classes of Common stock, regular quarterly dividend of
1^%, payable on April 1 1922 to stock of record March 14 1922.
.

In inter'\aew after the meeting. President Grace, in answer to questions, said in substance:
The net income of .58.028.803 represented an earning of 7.6% on the

Common stock, after payment of $3.4.50.000 for Preferred
dividends. These earnings accrued very largely from orders on the books
at the beginning of the year carried over from the war and the subsequent
period of prosperity. The year 1921 was one of the very worst ever experienced in the modern steel industry.
This is well illustrated in the comparison of the value of orders on hand
Dec. 31 1921 of S50. 164.000, with -5145.267.000 a year ago. This statement of orders on hand is after provision made in anticipation of cancellations of work on naval program, occasioned by the limitation of armaments,
as the result of the Disarmament Conference.
New business booked
during the year amounted to $52,672,000 net, after provisions for canceUa860.000.000 of

tions.

The

than $8,000,000 is now represented by investments in ordnance works.
Commenting on present business conditions, Mr. Grace said that the steel
plants of the Corporation are operating at about 30% capacity, while the
only activities in the shipbuilding plants were the completion of a few old
contracts and the execution of a fair amount of ship repair business. Inquiries, as well as the planning of new projects, are more active and it is
our belief that a gradual return to normal conditions is only awaiting the
rectification of the few unsettled and vmliquidated conditions.
Just as
soon as the country can be given cheaper transportation, cheaper fuels and
cheaper building operations, through the lowering of the high labor rates
still prevailing in these very important industries, we should start forward,
provided necessary revisions are made in the present tax laws, and the
American merchant marine is made possible for the economical and efficient
distribution throughout the world of our farm and manufactured products.
les.s

PRELIMINARY RESULTS FOR YEAR ENDED DEC.
PARED WITH 1920.
Gross sales and earnings

i

—

Mfg. costs
trative, selling

Less

1920.

$147,794,353 $274,431,236

and oper. exp., incl. adminisand general expense, and taxes 125,943,819

Net manufacturing

239,468,865

--. $21,850,533
3,904,144

$34,962,371
1,389,182

$25,754,678
9,419.158
6,002,715

$36,351,554
7.951,203
13,941.515

$10,332,804

$14,458,836

2,400,000

2.400.000
1,043.560
743.100
2,250,000

profit

Other income
Total net earnings
Less interest and discount".
Deduct depreciation and depletion

Net Income
Deduct

COM-

31 1921

1921.

I

,

consolidated balance sheet of the Corporation will show current

assets over current liabilities of .589.636.876 as compared with $77,474,000
a year ago. The cash and liquid securities, largely U. S. Treasury obligations, on hand as of Dec. 31 1921 amounted to S54.881.227, compared to
cash and liquid securities of .$20,076,768 on hand as of Dec. 31 1920.
The value of all inventories, both raw and worked materials, as of Dec. 31
1921 amounted to $41,115,700. as compared with $73,208,678 Dec. 31 1920.
Inventories have been valued at market prices or reproduction costs, whichever was the lowest, and the gradual decline in inventory values throughout
the year has been deducted from earnings.
The allowance for depreciation and depletion during the year was $6,002.715. The total allowance for depreciation, depletion and amortization
made out of earnings for the five yaers. 1916 to 1920, inclusive, amounted
to $90,300,000. and adequately provides for the elimination from the
Corporation's plant values of its entire investment in ordnance plants made
subsequent to 1914. as well as the excess cost of commercial plants constructed during the war period. Out of a total property account of $335,000,000

"

:

405

—

Preferred dividend (8%)
Preferred dividend (7%)
Common dividend (5%)
Common "B" dividends (5%)
Deduct discount and expense of bond and note
issue applicable to subsequent years

1,043.,560

743.100
2,250.000
2,304,001

:

ways and

and machinery and equipment.

bulldinKs.

The Myrtle Hank Hot<rl al Kingston. Jamaica (108 rooms. 60 baths), was
operated throughout the year, and the Titchfleld llotel at Port Antonio,
Jamaica MOl rooms, 43 baths) was open for the tourist season from Janu;iry
to April as u.sual.
B'ock.
The total number of stockholders is 19,314. an increase of 7,165
over laM year. Of the new names over .500 are employees.

Balance

— V.

Continental Motors Corporation,
(Annual Report for Fiscal Year ending Oct. 31 1921.)
President R. W. Judson, Richmond, Va., Jan. IS 1922,

,

—

INCOME A PROFIT A LOSS ACC'TS. FISCAL

ENDED

YE.AR
DEC. 31.
1920.
191H.
1919.
\2Mini.
\2\ftis.
XbMof.
\2 Mds.
Netln<oinefromop«-...SI8.H27.97fl $-j:j, 061 .2.38 $37,351,729 824. 016.0.50
Intercut, dlvldcndji. *c.
1.7.51.8.57
954,0.36
7H3.9,50
1,0.34.579
1921.

TotAl
t^

n#>»

ln/v)Tne
$20,579. R.3« »^14.fll5,274 $38..3S6.30S $24.8.30.006
vicen...
Ss.WXi
$25,187
$H.-i!i..-.oq
$206. «h5
3. .5!).-,, 167
9.>(tl). I.".ll
15.5M.780 18.016.106
••)
8.WK).000
6,518,900
6,289,562
4,025. .{20
'

'

1'

inr i.uDum

iittU)

»(»%;

(13%)

(H'l

(12)^%)

Balancn. profit, for rear. $8.97.'5.7fl3 $22,489,317 $13.873.9.5.5 $10.06s.726
Acrum. profit Jan. ... 25.980.011 49.109.723 .35.040.1.5-1 25.I»S.(X,0
I

Total

:fltock

diva.

(100%)

$34,955,774 $71. .599.^10 $48,914,10© .$35,260.7^6
a.50.0()0.000

Balance. t»roflt
$34,955,774 $21,599,040 $48^914.109
OrMllM Uj pn> fit and loan
4.380.970
195.013

.«

-

Profit &lo«a balance. $34,955,774 $26,980,010 $49,109,722 $35,040,154
T '
'T IhooarnlnRx for 1021 2", »rn<i p:ild qunrKTlv on th«)Coi>llftl s(..<l<
«1 Jan. 15 \<X2\ tmm $.V( 'KK).fK)0 to SKKI.IKKl.OOO by n 100' -Km I.
;

BALANCE SHEET DECEMBER
19:21.

in2f)

%
.083

4ia

31.
1021.
%
lOO.mtO.OOO

—

(•h.-irgcs.
VVIiili'

$631 .359.

nhln.

lUiliinrr

.Shirt— /'rice Rrduclions

— A reduction of $2.7.50.000

,

I,070,fil2

.

'•

:>.oo<i.iKK)

i;jr.

diirliiK

tl

•en

7

oriler-i

.

!•

liiiiiK the
llie iniiait iiiier-i-u«rii|
'•

the previous riieal year
on our lion!. on Oct :t
HI'JIt

(

total to over $.50.0(I((.0(IO
...ueiiKer ear iiii'l IrieU Ilium

of

,

par

.

I

>

,ri

»

^.>,'JH<),(il

iif

I

...i:....

I

......

.

iiivl

I

l>>

lllle prnperlli'-'
Ihn IntiiiiKlble valiii'I

Ujoa.. 34,b»u.774

til" illNtrlhutlon of
:ifM) NUb-Nl at loilN

about

I

villi''

;

'

inuliiiiii.

Ill

or

the Iniluxtry
aiwured of

In

,ind

^.

>

i.Sll.

lonlh'i.

els are with

ii'M- »i> are

iidlliig

i",i'l..

111)

•tiienlM.

!

.1.1.

I

h.

i|U,illl

U

A.

tin

I

|i

•'

It'<

After

1112 I «'
!
•..iitraelri ilnrlii'^ Hi.
.

Dct 31

ii

li.meviT.

2i:i iJ

..!0

I'n.m

inventory

in

refleeis our NtTeniiouN efforts In this direction
Tlie rediielioii. Iwnvever.
will l)e rapid now that the (lem.uid for motor triieUs Is liicre.isliig. the Inventory' conslsllMg chiefly fif truck motor iiiateri.d
All coniinll ineiitH In
renpi-<'t of forward (h'llve'rles h.-ive |j(!(!ii adjusted
In reducing Inventory
v.ilues to tn.-irUet at Oct 31 HtL'l, a wrlti>-<lown of $9()I.2!1'J was taken.
W lille vtf li.id firm s.-iles orclers on liaiiil surrieleiil to cover the Inventory lit
cost. ne\(TtliiieMs the iirKcMt needs of our eustoniers in .-in <^ra of iinpreciv
••.!
(Jenled eonii" "H'
for Milisl.inll.il prli-e reduetlonH.
• •urrent
rediieed SI. 131. 000, wlilli^ cash In banks nn«l on
h itel Kti-^ !
.1)0. or from $.5rj.(l.55 to SI. 205. 1.33
provlshirm
S.'.l .'11)0 wire ,ii-qulred towanl kIii1<. finid
^11 were .iildeil iliirliii.r the year. m:il>iM« Ihelnlal 7.195.
"
The hiiNlness depreuimi I'l.itnr.'illy had Its effeet upon
I" III Keel .Sell niiitnrM. althoimh we reeelveil. we liellnve, our nill
<T till' riynllalile motor liUMlne><M. :ind aetiially HlillM>eil <im»-llilrd a*
:

ia.7<2,J«4

..")34.

I

M).0(K).0(M»

a,37.'i.n4n
2.00(I.(KK)

A

doprcciiilion provisions. $.512,050. a Uvss of .$371

to jprodnee at less I'ost

.

II*-

:in<l

the readjustment during tlio past, year has been ;iciite. nevorthebedrock has. \vi- believe, been readied "and a healthy business is now
building on the deflation of 1921.
.More than $1,000,000 in cash was paid In Federal taxes during the year,
but sul)stanti;il bank biilances were neverllu'less constantly maintained
.inrl lll)er.il provisions li;iv(> been set up for depreei.itiiin of iilaiit an<l et(ulpiiieiit and the ci)iilirigen<^.v reserve was sul)sl,intially Increased
A more
efric-liMit layout of e(|uipnient. coupled with scientific" factory niana;:enient.
plai-es both our .Muskegon and iJetroll nl.-ints in a more nji-to-ilate eonililion. which should enable them, with tlie return of <iuanlity production,
IcNs

i

1020
%

78,107.71.)
•t.Tsn

rci)orls in substance:
Results
The income account shows profits for the year (on the b;isis
of valuing Inventories at co.st) of $,801,875. and after deducting interest

.I.rwio (irio

.

$8,022,176

$1,592,143

114. p. 310.

till

I.

u.-:i.
I,.

hi

Ihn

been IiiinimI
he taUllIK
I

Ill iiraetlee In
II

net'

ill

I

llftit/'11-

ToUl

Total

.

-V. \\4. V

j-'/v.

iao,ai2.77c

i<

pilriiiiaKi

ulun

I

niiilltlDii

.

ini|iiinu.

.

•

.

THE CHKONICLE

406

Subst-intial manufacturin;; schedules, especially of truck motors, are
beinfc released and our shipping schedules for the first two months of this
calendar year are considerably in excess of any two months during the past
fiscal year.
We feel justified, therefore, in expecting a prosperous future.

INCOME ACCOUNT FOR YEARS ENDING
1920-21.
Pi-of its for year

Not

631,3.59
542 ,050 J

.

Net earnings
def 337 1 534
Previous surplus
6,345,309
Discount on Preferred
.

stock

31.

1917-18.

$801 ,87f;1

Interest

Depreciation

OCT.

1918-19.

1919-20.

pui'. for

cancell-

$1,939,785
1,000,580

Total surplus
$5,977,526
Loss In inventory value.
904,292
Premium on Preferred

.$2,956,676

$6,681,335

$7,395,202

stock pur. for cancell.
2,009
11,340
Not showni
Federal tax reserve
Not shown Not shown
] .700.000
Preferred dividends
(7)238,282
(7)206,635
148, 096(7)abt 164.500
(7%)
Common dividends. -(l%)146,073(6)abt874053(6K2)944 ,993 (8)1,162,784

$4,779,066
1921.

$3,827,698

,$6,345,309

BALANCE SHEET

—

OCT.

1920.

$1.5.55,610

31.
192C.
S

1921.

—

Assris
LiabiliJies
S
$
S
Property account al4,214,030 13.333,818 Preferred stock
d2 ,100,700
Pat'ts,
good- will,
Common stock.. cl4 607,2,50
trade name, &c. 5,908,317
275,247
Notes payable..
Investments
102,133
269,172
89,469 Resrrve lor contin
Cash
512,653
1.205,133
542,055 Accounts payable-Accounts & notes
233,739
Acer. pa.v-rolk.&e_
receivable.
6722,538 1,062,323 7% sar. gold notes
Inventories
c8, 414, 522 11,164,998
& oblitiations
f5, 019,900
Prepaid
interest,
Fed. taxes reserve.
taxes, &c
1
122,558
115.655 Surplus
4 779,066
Dlsct.on gold notes
108,497
149.183

2,151,700
7,295.369
2,.590,073

174,332
1,535,545
197,223
5,037,9.50

1,130,000
6,345,309

Total
30,797,726 26,457,501
30,797,726 26,457,501
Total
a After deducting $3,139,719 for depreciation and accruing renewals.
b After deducting reserve for bad and doubtful balances. $42,842. c Valued at cost or market, whichever is lower, d Pi-eferred stock authorized
and is.sued. 35,000 .shares of $100 each, $3,500,000, less purchased and canceled, 12,247 shares, $1,224,700; purchased and held for cancellation, 1 ,746
e Comshares, $174,600; leaving outstanding 21 ,007 shares, or $2,100,700.
mon stock authorized. 1.500.000 shares of $10 each. $15,000,000; issued.
See text.
1.460,725 shares or $14,607,2.50.
f Includes $5,000,000 7%
Serial gold notes dated Apr. 1 1920, due $500,000 .\pr. 1 1922. $750,000
Apr. 1 1923, $750,000 Apr. 1 1924. $3,000,000 Apr. 1 1925, and purchase
money obligations, $19,900. V. 113, p. 1892.

—

Sears,

Roebuck &

Co., Chicago.

INCOME ACCOUNT FOR CALENDAR
1921.

1920.

4t

*%

Returns, allowances, discounts, &c
18,980,463

Not

YE.ARS.
1918.

1919.
%

'Ik

20,738,187

16,857,250

23,947,441

159,034,519 233,8,56,872 2.33,982„584 181,665,8'?9
5.005,202 11,516,546
259,753
230,598

sales

Other income
Total i ncome
& expenses.
Repairs and renewals.
Depreciation reserve

164 039.720 245,373.418 234,242.337 181 ,896,426
177 ,963, .577 229,436,224 206.062.168 1.57.186,079
690, .542
1,221,077
723„588
4(iX,784
.594.199
679,081
1,172,879
678,671
Other re.serves
1,209,232
1,825.056
300,000
1 ,226,871
Profit-.sharing, &c., fund
587,332
1,191,942
1,077,883
Res. for Rederal Income
and excess profits tax.
4.870,377
9,480,946
(;!ommon dividend.. (2 %)y2 099,470 (8)7,198,028 (8)5,999.524 (8)5.999,246
J^roferred dividend (7%)
559,188
559,188
559,188
559,188
I'ui'cha.ses

Balance, surp loss .a$19.094, 127 $3,989,458 812„331.413
Previous surplus
7,564,374 33,574,919 x21.243.506
xDonal ion of ,50,000 shs. 5,000,000
xProfiton.saleofrcalest. 8,275.360
Less stock dividend
(40%)30,000,000

$6,145,630
14,470,504

,

Profit

& loss siu-plus..

$7,564,374 $33,574,919 $20,616,134

$1,745,607

a The total loss from operations for the year before deducting the 82,6.58,6,58 dividends amounted to $16,435,469.
X President Julius Rosenwald in Dec. last purchased the company's
real estate in Chicago and donated 50,000 shares of the Common stock to
))e sold at not less th.m par.
Mr Rosenwald has the option for tliree years
to repiu-chase the stock at par
(V. 113, p. 2827.)
y The Feb 1921 2% dividend was paid in 6% scrip, due -\ug 15 1922

CONSOLIDATED BALANCE SHEET DEC.
1920.

1921.

Assets—

Good-will,

—

27,820,192

pat-

30,000,000

30,000,000

ents, &f.

Capital stock of
other cos
3,920,447
3,931,761
xinventories
46,445, S;J0 105,071,243
Acc'ts receivable 40,478,778 47,797,135

Purchase money
mtge. notes.. 12,000,000
MarKetable see's 1 ,480,602
Liberty bonds..
9,805,073
Cash
10,807,860
Ins.,

int.,

1,487,140
7,400.080
(l?-,%)
3,203,353 Accrd Int., 7%
gold notes

Ac,

paid in adv. &
oth. def. chgs.

31.

1921.
S
8.000,000

1920.
LiabiUHes
"R
Prelerred stock
8,000,000
Common stk._yl00,000,000 105,000,000
7% Secured gold
notes
33,297,200 50,000.000
Acc'ts payable..
8,247,827 10,023,905
Notes payable.- 25,488,000 44, .560, 165
Acer, taxes, Incl.
res. for Federal
taxes
596,465
027,040
Prsf. div. pay.
Jan. 1 1922

S

Real est., bidgs
machinery ,&c. 22,928,182

1:39,797

1:J9,797

494,411

729,166

2.190,1.53
4.619.3.56

3,423,749

1,745,607

Suspended assets..

&

3,908,606

div. (scrip)
accr'd Int..

Reserves
Surplus

Total

X Cost or market, whichever is lower
y After deducting 50.000 shares
Treasury donated by President Julius Rosenwald ,no( to be sold at less
than par, .1i;5,000,000 (V. 113, p. 2827).— V. 114. p 87
in

United Paperboard Co.
(Senil-Annual Report for Six Months Endintj Xor. 26 1921.)
RESULTS FOR 6 MOS. END. NOV. 26 '21, NOV. 27 '20/1.^0 NOV. 29 '19.
1920

1921.
def.j.906

Gross earnings
Taxes and in.surance

29,707
29.707
65,503

-Administration expenses.

Not earnings

loss$96,116

Interest charges

1

Preferred dividends

}

Conmion dividends

J

See

45,152
50,089

$1,006,749
f

\

note.

1919.
$266,7.52

$1,116,794
5S.29H
51,747

[

.$1/ri.5ii

$3,7()1
(IH) 23 ,661

$5,704
(3)47,315

(2)183,638

... 14,886,530 16,113,922

I

.def.$96.116

xy$795,686

x$l 18,493

No deduction has been made for plant depreciation and income taxes.
y Not profit before deducting unmatured dividends, vi;;., 4.1-2% on the
Pref. stock, $64,476, 2% on the Common stock, .$183,610.
X

t

—

Note.
The last dividends paid were: On
1921. on Preferred stock.
July 15 1921

1H%

Common

stock,

2%

Jan. 10

.325,551

397,681

nQ,.363
690,4

&c

Total

1.291,182

287,397

14,886,530 10,113,922

—

New

Childs Company,

York.
30 1921.)

{Report for Fiscal Year etiding Nov.

CONSOLIDATED INCOME ACCOUNT FOR YE.ARS ENDING NOV.

30.
(Including Cliilds Dining Hall Co. and Childs Company of Providence.)
1920-21.
1919-20.
1918-19.
1917-18.
Gross profits
$2,139,523 $2,392,107 .$1,658,005
$,566,125
Dividends, pref. (7%)-.307.091
307,091
:^07,090
307.090
xdo Common
(8%)319.992 (8)319,997 (4)159,998(3^)139,991

Dmdends

sub companies

408

655

358

299

.$1,512,033
. 2.865.755

$1,704,364

$1,190,5.59
1,342,853

$118,744
1,690,209

Total
$4,377,788
Reserve account
$180,836
Depreciation account
525.993
Reserve for contingencies
250.000

$3,889,624
$123,112

$2, .533.412

$20,178
387,973

$1,808,953
$80,719
385,381

$2,125,200

$1,342,853

Balance, surplus
Previous surplus

Total surplus

2, 125, '260

400.7.57

500,000

$3,420,959

$2,865,755

X Dividends totaled $627,491; divided by Editor as shown above.
CONSOL. BALANCE SHEET NOV. 30 (INTER-CO. ITEMS ELIMTED).
1920.

1921.
Assets
Rest'rants. plants.
leaseholds, &c.xlO,022,547
Res
(real
estate
and cash on dep.) 1,186,379
Cash
1,439,421

—

1921.
LiabiliiUs
S
sto?k. _ 3,999.900
9.033.623 Pref. (7":^ cum. )stk 4.387,100
Common scrip
100
1,005,543 Other capital stock
1 .200
1.825,494 Notes & accls. pay. 1,304.989
157,840 Reserve for taxes.
714.017

.

Total

—

Common

181,622
408,531

543.613 Reserve account.. 1,936.379
Surplus
3,420,959
896,481
343.999
942.749

Total

15,764,644 14.749.342

X After deducting $3,830,044 depreciation.

1920.

S
3,999,900
4.387.100
100
1.290
1,318,148

671,595
1,.505,543

2.S65,7;>6

.15,764,644 14,749.342

— V.

112, p. 936.

Hart, Schaffner & Marx, Chicago & New York.
Annual Report— Fiscal Year Ended Nov. 30 1921}
Pres, Harry Hart, New York, .Jan. 23 1922, wrote insubst:
(llth

—

Restills.
Profit miking was difficult throughout the year.
The public
continued to djmand fine goods, but the pressure for lower prices Io<l to
selling on the closest of margins.
The fact that there had l)een no overexpansion [oy the company] during the period of inflation and that during
the year 1921 we were able to utilize our space and equipment advantageously, materially aided in proft making.
The interest account showed a marked revcr.sal: interest was received to
the amount of $125,574 more than in 1920 and $4,53.917 less was paid
out than in 1920, a difference in the interest account alone of $579,491.
During a portion of the year the company had an excess of casli. which was
temporarily invested in U. S. Treasury Certificates, thus aiding the interest
received account.
Balance Sheet.
Inventories show a gain. At the end of 1920 stocks
were abnormally low because operations for the next Spring season had been
intentionally delayed and materials had not been received to any extent
nor goods manufactured for spring delivery. In 1921 we reverted to the
previous custom, so that the present inventory includes proportionately
more light weight materials received or in transit as well as goods manu-

—

factured or in process.
Curi'ent assets are five times current liabilities.

was

The

ratio a ye^ir ago

2.6.

The company used moderate amounts of bon-owed money during the

all loans were paid before the end of the year.
During the year Preferred stock to tlie amount of 1,533 shares was purchased for retirement, the average price being $102 96 per .share.
[The Chartered Accountants say: "The merchandise and materials on
hand and in transit, as shown by inventories certified by the responsible
officials, are stated in the balance .sheet at cost or market, whichever is
Liberal provisions liave been made for bad and doubtful
lower, less reserve.
accounts receivable, discounts, commitments, contingencies and for all

year and

ascertained liabilities."]

INCOME ACCOUNT FOR YEARS ENDING NOV.
1920-21.

Net

after depreciation

Fedesl taxes
Deduct Int. paid

—

11,756,827

52,013,055

30—1917-18.

1918-19.

1919-20.

&
;

$2,132,928

$1,567,371

(less

received)
Preferred divs. (7^)...
(common divs. (4%)
Redemption Pref. stock.
Premium on stock pm*..
Reduction of good-will. .
Res. app. to inventor>'
values &c

rr.67,291
232,689
600,000
17,500
120

86,356
234,617
600,000
64,600
2,511

300.000

300,000

$1,049,910

$279,287

231.980
600.000

226.086
600,000
2,659

»3, 3 14, 000

,

$982,082df$2,132,925

BALANCE SHEET NOV

30

1920.
1921.
S
Liabtlllies—
$
c3 .160.700 3.314.000
Preferred stock.
trade
Good- will,
10,000.000 10,000,000 Common stock.. dl5 .000,000 15,000,000
names, &c.
3,242„500
None
605.952 01118 payable
Mach., furn. & fixt b575,924
575,628
Inventories
5 049,312 2,691,955 Accts., &c.. pay'Ie. 1 ,155.571
.\.ecrued taxes, salAccounts and bills
999,691 2,538,052
arles, &c
receivable (net). 7,681,877 11.101,351
633,343
2,781.523 Goods in transit..
1 418,006
Cash

1921.

.\.ssets~

1920.

S

S

I

I

Prepaid ins. prem.
Sundry accounts..
Payments by employees for purchase of com. stk.

Total

45,850
22,579

175,065 Pref. div. Dee 31.
Res've for conting
Profit

91,394

and

loss

55.312
,000.000
,880,326

.57,995

750,000
1,952,244

74,572

24,884,943 27,430,419

24,884,943 27,430,419

Total

a Good-will, etc.. account shown after deducting amount wTitten off,
in 1920. $5,000,000.
„,„„„„,.. ,„.,„
1920.
b After deducting $520,672 for depreciation against $433, /Ob
c Preferred stock authorized and i.ssued, .$5,000,000, representing 50.00U
.shares, or
shares of $100 each, le.ss redeemed and canceled 16.860
or
$1,686,000, also purchased during year for cancellation 1.533 shares,
.

f^Balance, surplus

248,116

a Treasury stock represents 1,63529 shares Pref. stock, $163,529, and
18,9.50 shares Common stock. $1.895.000.
V. 113. p. 845.

Total ...;.. .184,818,815 230,668,197

.184,818,815 230,668,197

1920.

Surplus

Balance, surplus.
Total

'

—

Int.. taxes.

7,.564,374

Com.
6,880,730

supplies.

2

486.897
572.653 Unmatured divi3,044.557
dends declared.
1,514,695 Contrivcts for Im29,279
provements and
100,535
replacements
Reserve for accr'd

Ry. bonds
1,190,291
Mdse. Inventory..
227,157
Real est., less mtgs. 1,108,697

178,014,981 254,595,059 257,930,025 198,-523,079

sales

iro.ss

acc'ts rec_,

&

Stocks owned
Notes rec. ace, &c.
Govt., State and

(Report for Fiscal Year ending Dec. 31 1921.)

•

&

480.868
364,422
626,856
876.780
150.864
20.919

securities.

AND N^OV.

1921.
1920.
LiabiUtks
S
Prefer! ed stock..
1.,500,000
1,500,000
Common stock.. 12,000.000 12.000.000
Accounts payable
260,132
389.547

16.311

3,751

Balance, surplus

Sundry
Cash

Mdse.

$5,125,725
1,555,610

3,827,698

26 1921

1921.
1920.
:*
s
Plant & equipm't. 10,295,292 10,404.806
Treasury stock
a2,0.58,.529
1.960..500
Assets —

Deferred charges.
$3,567.50'1

,

BALANCE SHEET NOV.

Bills

Stated.

[Vol. 114.

.

.

m

d Coioimon stock authorized and issued 150.000 shares of $100
V. 114, p. 203.

each.—

THE CHRONICLE

Jan. 28 1922.]

Consolidated Gas Co., New York.
(Slulement Presented at Annual Meeting Jan. 2'Sfnr Year 1921.)
At the annual meeting Jan. 23, President George B. Cortelyou said in substance:
Tne figures thus far available rospectiuK the ConHesuHs
solidated Gas Co 's operations for the calendar year 1921 indicate that the loss from its gas business during the year amounted

—

to

at

S8,469,039

l"ss

least
loss from gas business in

Affirmance of the decree, with the modification asked for by the city-would terminate the litigation and entitle the coniiiany to retain the sums
collected in excess of the statutory rate.
Any re-trial, with direction to
take into account a broader i)e!-iod of test of confiscation, would onlv tiring
before the C^ourt the still higher costs of late 1919 and of the year.s 1920.
1921 and earlv 1922. whereas this ca.sc was primaril.v litigated only upon the
costs of 1918 and early 1919.
Rale Suits.
In the \-arious trials of the rate suits of this company and
its affiliated companies during the year, every essential fact .shown tiy the
records of the companies, aiv every essential contention of counsel for the

—

1920 amounted to

.S4. 343. 280.)
The rentals derived from the use by others of properties not
336.419
whollv devoted to the a;as business of the company jielded
The dividends and interest, applicable to the year 1921. received on stocks, bonds and other obligations and on advances
made to affiliated sas and electric companies, operating in the
Boroiigh.s of Manhattan. Queens and the Bronx and in the
S9.3So.666
County of Westchester amounted to

(The

407

SI, 251 ,046
Total net sum available [inserted by Editor
The intL-rest which accrued durins the ye ir on fuaded and other
_
-.-$4,230,o83
debt, chargeable agai.-ist e:iraings. amounted to

Dividends were piid during the year on the company's capit.al _
t ,000,000
stock at the rate of 7% psr annum, amounting to

The loss from the gas business (58.469.039) and the excess over
Income from other sources of interest and dividends paid (-Sl.510.499) resulted in a charge against the profit and loss account
S9 .979.53 /
of the Consolidated Gas Co amounting to
The loss from the gas business during the year amounted to at least
$8,469,039. but there accrued daring the .vear as an offset the su-n of ?10.1.T8.246. derived from gas siles at tne rates charged under the final decree
of the DLstrict Court, ia excess of the statutory rate of 80 cents per 1.000
cubic feet, which revenue has not been included in the earnings pending
thp final action in the U. S Supreme Court.
Ga.i Rahs
During Jan and Feb. 1921 the rate charged for gas was that
SI 20
fixed bv the District Court in its final decree, in Aug 1920. ^^z
per l.OOO cubic feet. On Mar. 1 1921 the rate was increased to ?1 .50 per
The price of gas-oil. in the meantime, had been in1.000 cubic feet.
•Teased from 7 cents to 12!^ cents per g;llon, and the prices of other materiaLs. as well as the cost of labor, had increa.sed substantially, and the
District Court therefore detiied the request of the defendant public authorities for a continuance of the SI 20 rate fixed by the Court
On Aug. 1 1921. the price of gas-oil having been reduced to 6 cents per
gallon, the price of gas was voluntarily reduced by the company to $1 25
Tliis rate is still in effect
per 1.000 cubic feet
The revenue from
Company's Son-Operating Revenue. Deductions, ttf
investments in the stocks and obligations of other companies and from the
rent.tl derived from the u.se. by others, of properties not wholly devoted to
the gas business of the company, amounted, as indicated, to §9.720,084
Deducting from this amount the interest p.iid on funded and other debt
'S4. 230, .583), leaves .§5.489.501 as the net revenue from these sources
The dividends p lid iS7.000.000> exceeded the net n(m-gas revenue by
the amount of §1 .510.499. and to this extent the compiny's undistributed
surplus earnings may be .said to have been drawn on during the year for the
purpose of maintaining the customary rate of di\"idends. the surplus being
still further impaired by the loss from the company's gas business during
the year to the extent, as heretofore stated, of .'58.469. 031
The gas and electric properties represented by the capital stock have
actually cost at least twice the pir value of the stock, and con.seiiuently
3!^% earned on such actual cost would enable the payment of a 7 ',7 diiidend on the par value of the outstanding capital stociC
Loss on Gas liusiness
Tne operating loss from the company's gas busines.sin 1920 amounted to $4,343,286. and in 1919 to ?l .8.53.7.59, making the
rofal operating loss from the company's gas business for the years 1919 to
1921. in-lusive. $14,666,084
Diridend Policy .Juslijied by Eipecled Facorable Decision of I' S Supreme
Court
The final decree in the District Court .sustained the company's
The
claim that the 8 >-cent rate was confiscatory, and, th'^refore, invalid
revenue from the company's gas husintss derived from rates (so sanctioned)
in excess of the statutory rate, vnder the final decree, aggregated on Doc
31 1!I21 $12.9.54.974
Tne favorable determination, confidently expected,
of Iff ->' il v"'ling in the U S Supreme Court will enable us to reimburse
to
surplus account of the corapanv. depleted, as stated, b.v
Our
o\.'
th*- l-is' threp years to the extent of .$14,666,084
- the payment of dividends at the custoniyry
the result of further encroaching upm the
_.- .
the circumstances has been fully Justified.
shareholders.
shares each.
'/£ own U-ss than 51
'/« on On" fvenimenr 'n'-lijdino .'Subsidiary (!ns Cos
Th
iring the five yenrs from 1917

—

,

—

—

—

•

companies, have been judiciall.v sustained and fortified.
It is expected that within the next month or two a dctertnination will
be reached by the new P. S. Commission as to the New 'i'ork & Queens
Gas Co. and the Bronx Gas & Klectric Co.. which have shown justification
for the amendatorj' schedules filed l).v them, increasing their rates above
those now in force. As these schedules wore suspended until the close of
the hearings, these companies can never recover the loss due to unremunerative rates for the gas supplied during the past six months, except through
the inclusion of such loss in the amount upon which futiu-e rates are computed.
Xeir Phase of Cil'/s Warfare upon Company's Rates.
After contending
in ^-a^ious courts that the Act creating the present Public Service Comand after experiencing repeated rebuffs in its efforts to
mission is invalid,
intervene in rate litigation, the City of New York on Jan. 11 1922 filed
complaints with the Commission directed against all gas companies in the
city, and predicated, so far as this company iand its subsidiaries are concerned, upon monstrous perversions of recorded facts.
These complaints
will be answered as they deserve.
Modern Terminal Unit. The Joint Committee on Industrial Rates for
Gas. cre.ated under the auspices of the Public Service Commission, and
including representatives of the Merchants' As.sociation. the Public Service Commission and the mauufactiu-ers and other large u.sers of gas, recently reported tmanimously that it foimd general agreement among gas
engineers, fuel experts and regulatory authorities that the 22 candle-power
standard of quality of gas ought everywhere to be superseded by a modern
thermal unit .standard, as less wasteful of oil and generally more uniform,
dependable and efficient.
This Joint Committee further tmanimously recommended that a standard
of a monthly average of 550 British thermal units should be sanctioned for
New York Cit j'. The memlx>rs of the committee foimd that the net econo
mies in manufacture would, under the present prices of oil and coal and the
present rates of pay for labor, be a fraction of a cent less than 5 cents per
1,000 cubic feet of gas sold.
The aggregate capital expenditures of the Consolidated
Capital Outlay.
and its affiliated gas and electric companies for the year 1921 Avere $42,396.101. of which $33,624,176 was for electric property and .^8,771,926 for
gas property. The expenditures for the year 1920 wet-e $29,817,036. of
which $21,190,801 were for electric property and ?S. 626. 235 for gas prop
erty.
It is estimated that in the year 1922 it will be necessitry to expend
for additions and extensions to the gas and electric manufacturing and dis^
tributing systems approximately $34,181,634.
Sales.
The combined sales of gas of the various companies during the
year were 36.282.751.000 cu. ft., a decrease below 1920 of 4.78%.
The sales of electric current during the year, including that sold to the
Third .Avenue RR. Co.. the Brooklyn Rapid Transit Co. and the New
York New Haven & Hartford RR. Co.. amounted to 1.186,346,264 kilowatt hoiu-s, an increase over the preceding year of 17.25*^0.
Tares.
The taxes charged against the earnings of the Consolidated
company and its allied gas and electric companies diu-ing the year amounted
to $9. 8-10.078. as compared with $7,620,497 charged against the earnings
of the preceding year.
At a cost of $10. ,559. 030 for repairs and $1,454,296 for reRepairs. Ac.
newals, or a total cost of $12,013,326. all of these gas and electric properties have been maintained at the highest possible point of operating ef-

—

—

—

—

—

—

ficiency.

IXCOME ACCOUNT FOR CALENDAR YEAR.

1921.
1920.
1919.
36,282,751
37,876.872 31,262,995
Salesel.cur.d.OOOk.w.h.) 1.186.346
1,009,476
865.388
Operating income- --,def. $8.469. 039df$4.343.286df$l. 853. 7.59
Other income
9.720.085
7,877,020
7,449,635
Sales of gas

1918.

(1, 000 cu.ft.)

Total income..

$1,251,046
4,230„583
-.
7,000,000

,$3,.533, 734

..
-.

Interest

Dividends (7%).

32,988,377
756.6-19

$94,400
7,141,372

$5,595,876
1,483,436
7,021,796

2.225,057
7,000,000

235.772

ii7,

1,533.372
6.994.793

.,

;

.

7m

.')

—

'

t4)

a ret'U'n of K'

iilli'.g

Ini

Th
dllr

I

(

by
-ig

u|)on

,

its

than *3 1. 3 6. 296
icy III lilt- i-tniiiii^> ol 'he affiliated gas conip.inies
has bef-n. on -v-ime ba^is. not less than $23,000,000
- • -:'
Hrtirr
The rlefcndants. in the action brought
^ alidity of the 80-ci-nt rate, have contended that

no

-

;

.

les^

1

—

by the compm.v, due to the inade<iuacy of the
credited the amount of the company's "ConIn other words, that the loss above ref. rred to. of S3t.<i....tn(4i to have been compensated for through the niudthe extent of $I1.H0I.(;59
•:< v.'as not created for an.v su''h purpose
Nor w.is
nv of the consumers, who never paid a penn.v
i

ttiiri-

rve "
,1,1

I.,.

^iiuuiil !jf

Balance

def.SO. 979. 537df$5.691.322dfS2,909,356dfSl. 292.393

deficit

BALANCE SHEET DEC.

31.

1920.
S
55,240,040
Capital stock _ 1 00.000, 000 100.000.000
Sijcurltles
130,21 7.770 140,!l.54,480 Conv. dpbons_. 25.000, 000 25.000.000
Liberty bonds
2. .502. 000
.-Vcc'ls payable.
S.652.663
8.000 .723
Mat'ls A suDpl's 1. 760.(595
1.720.040 Secur, gold notes:
CoMh
2,178.4.80
1-year. T7„
2,375.009
20.000.000
Aoo'ts receivable 4.280,303
l-ycar.8','
25.000.000
4.743,573
Bonds and mortOther obUsat'ns 2.400 .000
0.4,50.000
Kiige.s
208.000 Stock premium- 13.018 878 13,918.878
Reserves
13,265 495 I2,.821,tll.S
Prof. & loss sur.
45 217 10,251.717
2,795.7'28
Siispense acc'ts. 12,954 974
1921.

—

Assets
Plant. &(-

1920.
s
54,828,631

S

1921
S

—

Liabilities

_

.

.

•

Total

198,191,289 204.891.,599

""iiny's position has been and
I

is that, in derjtes to be charged In the future, consld"> 'hf i1"'i"|i'ncy In eirnings shown above to
V3l.316.29t>. after crediting
07 1 di-rh ed from the rales
;
-cregatei, as staled, from the
.
lion of the appeal of the defendints to the

GENERAL INVESTMENT NEWS.

>

;

^/
rr-.

.

•'

-'

'lis

•

•

iin addllloii'il iti;riny's g.is business,
il-e In I'eople et n-i
479). it constltiiteH an

,->n'l

Kll:
It

I

V

N.

"

•irrr

eirn
iiiiiir'

•

i,i,,i. riM,

return until or unless
purpose bv the

!i

for thill

i,|,''|iiat<>

IncliiMon In the r.iU- U» be charged for ga-t of an ade<|iiat- allowance for this
P"/7''-"
'in h.iH come. In a few lnslari.-is.
for
II"piMk" prjr'i-^ of late ]'yi<) .iihI
ear],
j.
•ii-'i the cohIn below t hosi' obliilniiiK
In IbH a
:iH U Hhoirn hy the fnllowlnir cf)iii|» irKoiis
A rrrnnr *
19IK.
1919. Die. 31 '21.
$7.51
|4.97 $5.77
'

•

.

f""

'
tlirir
'II...

<

ricro«iton)

"

6.50<-.

-

»\ •rag.- riit«-p«T hour)

ft.

'^

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'

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II

Till- iiri.n<-iil price Im till V.'t
ilockii iirlor lo lli«- wiir wim
<• roiiir.ii >< <l
,,ii

our

li

W

!•
of n;
of ;i
Afrll

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lion
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'

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30. Or.

r.r

$10 73

$7.98

J«j,«H

'

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•

.

..

^....

,.,

Which HO*

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niii'li

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—

General Railroad and Electric Railway News. The
suiniuarizes n^ccnt railrotid and t>lcctrio railway news of a more or less jjcnenil diaraeter, I'liII details

follo\viii>{ tal)l(!

-whieli an* coininonly i)iil)lislu'(l on itrectMlirijj
pages under the lieading "Current Kvents and DisciLssions"
fif not ill the "Kditorial Dci'artnicnl"), cidirr in the \ve(>k
tlie matter heeoiues pul)lio or sliortly thereal'ler.

f'onecrriiiig

—

Ilnrdirnod Rales Cut by Commerce Commission.
Set" "Current Kveiits uiid
Jan. 23. p. 15.
Xrir Clrrk and Station Aornl Rules.
Soo "CiUTonl Kvcnta and "TlnMvj"
Jan. 23. p. 15; Jan. 2\. p. 25
Kail Eirrutlvei Aytee to /frmatlnn of Reyional Committers In Neyoliatr
Woiklnu Cimlltions. H«>«> "Ciirreiil KvoiiIk" and "Tlineh" Jan. 21. |>. 27.
.S/<r; A/rn Drmiijfl That Ihr -lO'';
Inrrrase in t'rriyht Rates nl 11(20 Hr

•Timed

—

Rrmorrd.
1).

2HI

"

"

(J,

to 'JOO.

M,

'

(J-ohn for llnllilclii-ni

and "I'ohl"

.Inn.

ji.

2.'l

Hl<i«'l

Corp.). --"Iron Age" Jan.

2fi.

2.

Dakota Rolhniu Rati Co.-,, Rifnrrd Hark to U. S. District Court in
Sttid State.
Hi««i "Current Kvi-iils" and "I'ohI
Jan. 23. p. 1.
I.'l h'littrtte Ayaln Clunyis Rail Drat.
Dcrlares l''iiriii lliiiiiiil Ke<leniMon
agritnl with i-oiiilii "to |ii-rpi'l liiilc lli« lin|iot<-ni'e of Hliitc loiiiinlNNloitM."
"riiniw
.Inn. 2.'l, p
IH
.V
y. X. II. ,<k Hartford RR. to Cut .S'./c/ce,
Truffle lowonl In mnnthn.
(lax'illni- <-ar» l<i rediicn (ixpi'iiM-M,
Hi-i< ImiIow nnil "TImim" Jan. 26. p. 'i I.
Riibmond, Va.. Car Men .Strike
IliM-i-nt wiiKc ml rejivlixl; iilloinpli ftl
arliliriillon r.ill.
Kullwny remiinlng w-rvlce. "Kl. Ky. Jiiiir." Jan. 21 V
120
Trolley Wayei Cut in Mlliraukrr.
"El.
KivlticHon nvuriiKoii iilMiut M',"
Itv .lour" Jiin 21. p. 12(1.
».!•.. (MHl, OIK) for N.
y Ctly Traniil FarlUtlfs Held Vp.—VHy Kiitlnint.<>
llonrd iKnO'i'D nwiiiKxl^ of New ContTi
r.ir fiiiiiU
"Hun" Jmi, 23. p. 2,
.V.<r//i

'

"

.

net t'ln, colli H M>i» *
\\
IMIW rfMf 1 %i,U
l-.l.

IM

I'.

1

illll

I

In

'1
I

no*

RAILROADS, INCLUDING ELECTRIC ROADS.

,

*iUliM-<|U(<iitly

ti.

u#ri

—

1

.

'

-

--190.191.2,89 204.891,599

Total

Atnount of gas sales resulting from the incTea.se in the i)rice of gas aboAT
slaiuiory rate of 80 cents jx-r ,000 cu. ft ,. not included in liie earnings
\'. 11 1. p. 310.
pending final action of the U. .S. Supreme Court.
Iht)

if It

$110.

Klri>

clay hUuMn. whirl. In lUI

t

lo.f

fH'i

||2 I«t net

I

,'

I

.....l

liiiW
I'.tl

I

Ion,
U.ti.

I

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lliirubir I'riiiil

HTK I'ul In Mait.'^i

r-giiliirriin lo

>»

Mlmw

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!•'«

i,j

Hiiiirt'iMf

from

Conn

llie fbiJil rliwTii*' I'll
,ryi\in\i,n .Vim
I'l niKl Id in.'
,

,

Mndtf/ \fnnnnttan Hy
fiaii' <'"l H'llrn

no new hiuliiiwi

Fall

l,ra*e.

••!>•. iinnl

'm r

III

"

i

.

J'i

•

'enlrnl'ii "ronlnlnnm
Jnii. '.'I. p
'<>
/If 5» '/ at Rntft

"Tlini-«

M,

'

/•""*»

riiin •'

"K-

t<«Hl
Alil
"TIniiwi
Jim. 25, p.

Vork

.d

(

'hlriiHo. iiiii' h
Srnols r«nr» Illll for I ntrrrlinnu'"''!'
"Urotii uililr and ./in/" ii)> In .'i,l|(»(l Mil,-'
I nia biintuoh
llnplil Triin»ll Co
I
Im-i/Iii

nml

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/-.'<.
*

p. U

2'..'.

iiiiniilr*

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p i
bruuahl
-^'1,

—

THE CHRONICLE

408

—

N. Y. City Not Compelled to Finance Suiway Completion Now. Transit
Commission's counsel reassures Board of Estimate ou Appeals Court order.

"Times" Jan. 25, p. 29.
N. Y. City Port Plan. Before Board of Estimate only 4 back port's plan
100 for city tunnel to Staten Island. "Times" Jan. 27, p. 9.
Fares Cut on Connecticut Trolleys.
Three tokens to be sold for a quarter.
Cash fare remains at 10 cents. Cities still restive. "El. Ry. Journal"

—

—

Jan. 21, p. 1.3.5.
Irish Railway Strike Settled.
Threatened Irish railway strike was settled
Jan. 26.
Cars Loaded
The total number of cars loaded witb revenue freisjht
totaled 720,877 durinsc the week ending Jan. 14, compared with 605,992 the
previous week
This was an increase of 5,022 cars compai-ed with 1921, but
119.647 cu-s less than in 1920.
Changes as comp ired with the week before were as follows: Merchandise
and misceUaneous freight, 415,081 cars, increase 64.802 (.and 27,328 cars
more than in 1921), coal, 1.59,245, increase 22,263, live stock, 36.165. increase 10,507 (and 1,000 more than in 1921), grain and grain products,
50,187, increa.se 9,514 (and 4.702 more than in 1921), forest products,
48,490, increase 7,419, ore, 4,451, increase 130, coke. 7,258, increase 251.
Idle Cars Decrease
The total number of freight cars idle Jan 15 totaled
593,298, compared with 646,673 on Jan. 8, or a reduction of 53,375 cars.
Of the total Jan 15 439,982 were serviceable freight cars which could be
plMced in immediate service if traffic conditions make it necessary, wliile
the remaining 153,316 were in need of repairs.
Surplus box cars Jan 15 totaled 190,180, a decrease of 18,749 since Jan 8,
while surplus coal cars amounted to 195.284, or a reduction of 24.160
within the same period. The number of surplus stock cars decreased 3 ,289.
Idle Cars on or about First of Month, on April 8 '21 {Peak) and on Jan. 15 '22
InTliousands. Jan 15. Jan/->2.Dec.'21. Nov.
Oct.
Sept. Apr. 15. Jan
Good order.- 440
471
283
,80
246
507
172
198
Bad order-__ 153
148
111
172
184
203
221
Special Articles in Trade Journals.
21 1922.
(1) "Railway Age" Jan
(a) The Chilean RaUroad problem & Its solution through electrification as
a policy to increase track capacity, lower operating costs and improved
service (David C Hershberger) with maps and illustrations, p 216 to 220,
(6) Erie adopts direct freight delivery at New York from Jersey City by
trucks or trailers which are ferried across Hudson to New York instead of
using car fJoat.s proposed extension of system involves use of container
car, p 233, (c) W. G. Bierd opposes regionai boards of adiustment, p. 220,
(d) Commis.<ioner Potter expresses views on rates and wages, p
221,
(c) Railroads conclude rate testimony before I. C C
p. 227, (/) Regional
conferences propo.sed to adjust disputes, p 232, (g) North Dakota excise tax
held invalid as to interstate railroads, p 248.
Matters Covered in "Chronicle" of Jan. 21.— (a) General reductions in
railroad rates not feasible at this time.
Editorial on testimony of Daniel
Willard, President of B. & O RR
(b) Transit Commi.ssion Act
p. 239.
of 1921 for New York City held valid, p 264
(c) Railroad transportation
—Howard Elliott on need of a liberal railroad policy, p. 266 (d) Railroad
equipment trusts further amounts sold by U. S. Government, p 269
(e) Railroad rate.s
what may be expected? Daniel Willard, p. 269.
(f) Rate reduction
what the 10% cut may cost the railroads, W. C.
Maxwell, V -l*res. Wabash Ry., p. 269. (g^ Railroad economies and
efforts for efficiency, R. H. Aishton, President Amer. Ry. Assn., p. 270.

—

—

—

—

—

,

[Vol. 114.

The receiver is also authorized to withdraw from Surplus Income Account
amomit necessary to pay the renewal commission of 2 % on $16 000 000
in face amount of certificates presented for extension, and
all other expenses
°' "^'^ ^- ^- '^^ ^°^ ^'^ ^""'«'P^' -^^
Con^SliSed"cr,^fi*c?alel':*''""°"
In aiiticipation of the actual determination of the amount
of income
re.spect of earnings for the months of Dec.
^Xo'}^^^% ^?'^ '°\Pr?,"i°'^.'I}^ ^

C

the

Consolidate4 receiver
^?'^h ^^^

^^^-

Jr^ni h-

authorized to transfer

is

before Feb.
1922 to the
Account "C"
liZj^ g^'iPooi^orlJ?^ "".1?'' estimated surplus income Special Consolidated
the sum of ,$800,000 as the
of the
1

months of Dec. 1921, and Jan. 1922, available for im*"^"''"'" *"r im
pounding, subject to readjustment.
receiver shall also withdraw from said Special Account
•'r^H^^",^}}^^^t'^
1000 *^ ^'u^^'li" '?°. ^^^'^ ^'i^'^X^ '° ,'¥ payment of the interest due Feb. 1
1922 on the Municipal and Consolidated certificates
The Municipal and Consolidated receivers are authorized to
remaining $16,000,000 Municipal and Consolidated certificatesextend the
maturinl
beo. 1 1922 for one year to Feb. 1 1923.
In consideration of such extension the Municipal and Consolidated
receiver shall pay a commission of 2% on the $16,000,000
Mimicipal and
Consolidated certificates and all other outlays and expen.ses in connection
'®"®'*^'^* °^ ^*^ ^- ^- ^' ^^'^ *^^*^ Municipal and
Consolidated
certific^t
receiver for the

'

With respect to all funds advanced by the Consolidated receiver to
municipal receiver, or expended by the Consolidated receiver for the
the
benefit of the Municipal receiver, the Consolidated receiver
shall be entitled to interest to be paid by the Municipal receiver at the
rate of 7%
per annum, payable semi-annually from the date of each such advance
or expenditure.— V. 114, p. 304, 197.

—

—

Chesapeake & Ohio Ry. Equipment Notes Offered.
Guaranty Co. of New York, Union Trust Co. of Pittsburgh
and Potter & Co. of New York are offering at prices ranging
from 100.47 to 102.47, to yield about 5.50% to 5.75%,

according to maturity, $6,567,600 Equip. 6% gold notes.
Series 13 and Series 13A.
Dated Jan. 15 1920. Due $431,000 Ser. 13 and -$74,200 Ser. 13A each Jan. 15 1923 to 1935.
(See advertising pages.)
Series 13.
Series ISA.
Total.
.,
^
^
^u
,m.
.\uthorized andfSsued
.$9,697,500 $1,669,500 $11,367,000
Matured and retired
1,293,000
222,600
1,515,600
Held by Dir -Gen. of iiRs. and to be
stamped as subordinate to remaining notes
2,801,500
482.300
3,283,800

.._

,

——
—

Atlanta Birm.

—

&

—

Atlantic Ry.^ Seeks U. S. Loan.'
applied to the I.-S. C. Commission for a loan of S615,593 for 15 years for the purpose of taking up taxes for 1921 in Georgia and
Alabama amounting to .?»228,108 and the remairder to be used Ln taking
up a short-term outstanding note. V. 113, p. 2718.
The company has

—

Atlanta

&

Fairburn RR,

&

Elec, Co.

—

Receiver.

—

J. L. Brassell. Fairburn, Ga., has been appointed receiver on the petition
Itis alleged that the bonds ($42,000)
of the trustee of the company's bonds.
were is.sued and sold five years ago and that they matured Jan. 1, hut on
being presented for payment it was refused. The receiver will continue to
operate the lines.

Binghamton
The

(N. Y.) Ry.

— To Continue

—

Q-cent Fare.

Po-nmission has authorized the company to continue untU
Jan. 15 1923 the pre.sent 6c. fare. V. 113, p. 1469.
T'

S

Boston

—

& Maine RR, — Seeks

U.

S.

Loan.'

—

Unstamped balance now offered... $5,603,000 $964,600 $6,567,600
Int. payable J. & J. in N. Y. City.
Denom. of $1,000 (c*). Red as a
whole only on any int. date on 60 days' notice at 103% and int. Guaranty
Trust Co N. Y., trustee. Issued under trust agreement between DirectorGeneral of RRs., the company and the trustee.
Supplemental Agreements. Through supplemental agreements, 33 1-3%
of the notes of each maturity, held by the Director-General, are to be
stamped as subordinate in lien to the notes now offered. Upon this subordination, the unstamped notes are to be outstanding to the extent of but
,

—

.58% of the original cost of the equipment on which they are secured.
Security
The two series of uiKstamped notes are .secured, respectively,
by a prior lien on the following standard raih-oad equipment.
13
(o) Series
(1) 20 light Mallet locomotives, (2) 5 heavy mountain locomotives, (3) 1,000 50-ton single .sheathed box cars, (4) 2,000 55-ton hopper-

—

—

bottom
(6)

—

Brooklyn Rapid Transit Co.~Re'ires S4,000,000

Receiver's Certificates and Extends $16,000,000 to Feb. 1 1923.
Federal Judge Julius M. Mayer, in an order Jan. 20, authorized the receiver to pay off $4,000,000 B. R. T. certificates
and to extend the remaining $14,000,000 for one year to
Feb. 1 1923.
The New York Transit Commission has also approved
the retirement and the extension.
The order of the Court authorizing the above says in substance:
Payment of $4,000,000 B. R. T. Certificates— Terms of Extension. &c.

The B. R. T. receiver is authorized to pay on Feb. 1 1922 to the holders
of B. R. T. receiver's certificates now issued and outstanding $4,000,000,
6uch payment to be made as nearly as practicable pro rata to the holders in
proportion to the amounts of such certificates by them respectively held
on condition that the maturity of the [$14,000,000) balance of the certificates shall be extended for one year from Feb. 1 1922 at 6% p. a., in consideration of which extension the holders of the certificates presented for
extension shall receive an amount in cash equal to 2% of the principal
amount of their certificates so extended.
The holders of B. R. T. receiver's certificates who desire to receive their
pro rata share of such payment shall present all of the certificates held by
them to Central Union Trust Co., 80 Broadway, New York, on Feb. 1 1922,
and

.shall

receive:

(a) An amount equal to 3% of the principal amount of the certificates
presented by such holder, being 6 months' interest then due on such

certificates;
(&)

An amount equal to approximately $222

22 with respect to each $1,000

amount of such B. R. T. certificates presented.
An amount equal to 2% of the principal amount of the balance

of principal
(c)

certificates presented
receiver.

by each holder, not surrendered

of the

to the B. R. T.

$2,000,000 B. R. T. Certificates Cancelled and $2,000,000 Acquired and

Held Alive.
B. R. T. receiver is authorized to apply as provided $2,000,000
be received by him from the payment of municipal and consolidated
to

The

The $2,000,000 B. R. T. receiver's certificates
receivers' certificates.
to be acquired with such funds on Feb. 1 1922 are to be deemed to be
paid off and retired and are to be cancelled forthwith.
The B. R. T. receiver is authorized to apply as directed all moneys
now on deposit in the Chase National Bank to the credit of the receiver in
the Special Account, and in addition thereto such amount to be taken
from the receiver's General ccount as togetlier will equal $2,000,000.
The $2,000,000 of B. R. T. receiver's certificates to be acquired with the
funds taken from these accounts shall be deemed to have been purchased
and not to have been paid by the B. R. T. receiver, and shall continue
alive for all purposes for the benefit of such person or persons as may be
ultimately decreed to be entitled to the money used by the B. R. T. receiver
in acquiring the certificates, so that the certificates shall be subject to
the same liens and charges and to the same rights in respect thereof as were
the funds with which said certificates were acquired.
Consolidated Receivers' Certificates.
Municipal
The Municipal and Consolidated receivers are authorized to pay off
and retire on Feb. 1 1922 $2,000,000 of the Municipal and Consolidated
Joint Receivers' Certificates owned by the B. R. T. receiver upon the
surrender of the certificates for cancellation; and to that end the receiver
of the New York Consolidated RR. is authorized to withdraw (a) from
his Special Account "A" with the Chase National Bank (being the 70%
account) all sums of money on deposit to the credit of said Special Account
"A." and (6) from his Special Account "B" with Chase National Bank
(being the 30% account), all sums to the credit of said account, and (c) to
withdraw from his Special Account with Chase National Bank entitled
.i^

&

"Special Deposit of Surplus Income Account C 100%" an amount which
together with the money withdrawn from .said Special Accounts "A" and
will be sufficient to pay off and retire the $2,000,000 of certificates
at par.

"B"

.Series

locomotives

13A
— V.—113, 15 2719

light

(1)

Mallet locomotives,

p.

10 light switching

(2)

—

—

Chicago Burl, & Quincy RR. Int. Rate Changed.
The I.-S.C. Commission has modified the permission it gave to the company on Ja n. 17 so that it may not sell any of the authorized issue of $20,-

5% 1st & Ref. Mtge. bonds for less than 92 and interest.
In the original authorization the company was authorized to sell the
for not less than 89K.
See V. 114, p. 304.

000,000

bonds

Chicago City

The company has applied

to the I.-S. C. Commission for a Gov^ernment
loan of $5,000,000 for a period of 13 years, the money to be used to refund
a Government loan of a like amount.
V. 113, p. 2718.

steel coal cars.

&

Calendar Years—
Gross income

Connecting Rys.
1921.

$1,418,988

Interest on bonds

.1,057,050

Bond redemption

105,000
48,983

Other deductions

—

Surplus
V. 114, p. 304.

$207,955

Coll. Trust,

1920.
$1,442,503
1.062,300
105,000

—Earns.

1919.

1918.

80,570

$1,287,450
1,067,550
105,000
64,132

$1,285,776
1,072.815
105.000
79,798

$194,633

.$50,768

.$28,163

«!

— Registrar. —
company's
—
—
Chicago & Indiana Coal Ry, —
Chicago

&

Eastern Illinois Co.

The Equitable Trust Co.
stock.

^

of

N. Y. has been appointed Registrar of the

V. 114, p. 304.

The bondholders who bought

in this

Sale.
road at foroelosure for

$15,000

have offered to sell it to McGuire-Cummings Co., of Paris.
for $450,000, according to George M. Barnard of the Commerce Commission.
It is stated that this offer may be accepted and the road may
(V. 114, p. .304)

III.,

be operated with light equipment and diminished service. The road was
formerly a part of the Chicago & Eastern Illinois RR. system, but was not
included in the reorganization and was dropped from the system on Dec. 31.
V. 114, p. 304, 77.

—

Chicago Ind.
The

&

Louisville Ry.

—Bonds

Authorized.

—

C. Commission has authorize the comi)auy to procure authentication and delivery to its treasurer of not exceeding $955,000 1st & Gen.
Mtge. 6% gold bonds, series B; and to pledge and repledge, from time to
time, until otherwise ordered, all or any part thereof as security for any
note or notes which may be issued without authorization of the Commission.
V. 114, p. 77.
I.-S.

—

Chicago Milwaukee

&

St.

Paul Ry.

—

Status.

—

"The railroads are in no position
Pres. H. E. Byram says in substance:
A decided increase in the
to make a general reduction in freight rates.
volume of traffic would be of greater benefit than anythng else.
"On the St. Paul the freight traffic in the last two months of 1921 was
off about 20% compared with the corresponding months of 1920, botti in
ton miles and in revenue. Passenger business showed a decline of about
the same proportions.
,
,
^
,^ ,
"Timber people on the Pacific coast are feeling a great deal more hopeftil.
Inquiries indicate a considerable revival in the lumber busmess in the
That, of coui-se, would be very helpful to the St. Paiil. Grain
spring.
traffic will depend on the demand for tho.se products, and the outlook
Foreign demand will be the most
there canot be very clearly forecast.
important factor there. It is too early to make predictions regarding the
coming crop and its influence will be potent.
,,.
.,„... j
have ,
been affected
"General business does not show much change.
to some extent by depression in steel and movement of ores and other
products of mines, but not to the degree that Great Northern and Chicago
of total
& North We-stcrn have. Our ore movement is oniy about
It is a prime necessity for the railroads to get operating
freight tonnage.
expenses down fiu-ther, particularly wages and fuel. A full 80% sf the
operating cost on the St. Paul is in fuel and labor, and if we are going to
reduce operating expenses those are two things which have got to come

We

,

5%

also stated that the St. Paul earned approximately 50% of
fixed charges in 1921; and that its cash position was fairly comfortable
and sufficient to take care of fi.ved charges for several months to come.
By that time he hoped for impro^ement in e;irnings sufficient to permit
the road to cover fixed char.ges. Compare V. 114, p. 304.

Mr. Byram

its

Chicago Rock Island

—

&

Co.
Freeman
Offered.
offering at prices yielding

—

& Pacific Ry. Equip. Notes
and Hayden, Stone & Co. are
from 5.50% to 5.75%, according

6%

Equip, gold notes (see adverto maturity, $4,690,400
tising pages).
DatodJan. 15 1920. Maturing $360,800 annually Jan. 15 1923 to Jan. lo-

1935 incl. Int payable J. & J. in New York City. Denom. $1,000 (c*).
Red.' as a whole only on any int. date on 60 days' notice at 103 and int.
Guaranty Trust Co. of New York, trustee.

THE CHRONICLE

Jan. 28 1922rj

— Through

Supulemental Agreement

supplemental agreements

33 1-3

—

20

cars, (2)

light

mikado locomotives,

n »
Nolo Retirement —CompAuy's cash position is represented as excelleTit and
retire the S4. 500.000 6% notes due teb. 1 1922^
funds are now in hand to
Earnings—l<!et eiirnings after rents available for fixed charges for 1921
(Dec. estimated) were S16,603,000 as compared with $2,820,000 for 1920.
i

—V. 114. p. 77.
Cincinnati Traction Co. Wage Reduction.
between
A board of arbitration, appointed to settle the wage questionof 20% tothe
be
reduction

—

—

company and

employees, has recommended wage

its

contract, line foremen are reretroactive to Jan. 1 1922.
duced from 97}^ to 78 cents an hour; assistant line foremen from 92 to / 4
V. 114, p. 60o.
cents an hour and linemen from 87 to 70 cents an hour.

Under the new

—

Cleveland Southwestern

& Columbus

Ry.

— Reorganization Managers. —

—

Receiver-

ship

WUson

Jan. 20 Federal Judge Westernhaven appointed F. H.

On

(Pres.)

receiver on a petition filed by the General Electric Co. _,
^ ,j
Hayden. Miller & Co.. Cleveland, have been requested by holders of
more than a majority of the S3, 628. 000 1st Consol. Mtge. bonds due April 1
1927 to undertake as reorganization managers a plan of reorganization,
and have consented to act as such. A plan of reorganization is now under
way.— V. 112. p. 2747.
,

—
—

—

Colorado Wyoming & Eastern Ry. Receiver.
Fred B Miller has been appointed receiver with headquarters at Laramie.
Wyo.— V. 113, p. 2184.
Columbus Ry. Power & Light Co. Judgment Against
Former Managers. Judge E. B. Eankead in the Court of
Common Pleas in Columbus, Jan. 21, awarded a judgment

—

for 81,079,727 against Clarence M. Clark of E. W. Clark
Co., Phila., former managers of the company.
The total judgment of SI ,079.727i s divided as follows:
Unlawful and largely unexplained withdrawals of E. K. Stewart,
$386,202
Treas. & Gen. Mgr
179.408
Mysterious pavments to "John Scott Anderson"
54,996
Payments to "The Week" and C. C. Philbrick. its publisher
66.735
X«oss through attempted tinlawful surrender of franchise in 1918--

&

$687,341
$224,716
49,828

Total
To be returned under management contracts

Under construction contracts and
Profits on

McMeen,

fees

notes and bonds imder illegal contract of S. G.
Pres

82,5.57

Profits on SI ,000.000 of bonds without knowledge of directors
Profits on notes without knowledge of directors

14.862
20,423

Total

$392,386
$1.07,7927
The opinion says in part: "The basis of liability for the $392,386 rests
apon C. M. Clark in a dual capacity as director and officer, tru.stee in law,
while the liability of E. W. Clark & Co. is based upon the equitable doctrine
that it is under the law a trustee in fact, a specific kind of legal fiduciary

Grand

total

relation.

"Judgment forthe sum of .$392,386 is entered against Clarence M. Clark
as a director and officer of the railway company, no other directors being
assessed with damages.
Judgment is also asse.ssed for this sum against
E. W. Clark & Co. as a partnership and a fiduciary in fact.
"Judgment is entered against Clarence M. Clark, (as an individuali
director and officer) for the whole amovmt. to wit, $1 ,079.727."
Statement by Attorney ror Clark Interests Regarding Suit.
"About 40% of this total represents fees for 7 years' services under a
so-called 'management contract.' similar to contracts in force between
other management organizations and a large majority of the public utility
companies in the country. These fees paid to Clark & Co. amounted to
about SoO.OtX) a year, of which about one-half was paid out by them for
the account of the Columbus company, so that Clark & Co. realized about
$2.5,000 a year for their services in acting in an advisory capacity.
The Court holds that Clark t Co. are not entitled to any compensation
whatever for their services, nor even to reimbursement for that part of the
managemen for which they paid out for the account of the company, although the directors of the company in good faith unanimously approved
the contract.
The other 60% is made up principally for payments for intelligence and
publicity purposes over a period of 10 years These payments were made
by E. K. Stewart. V.-Pres., Gen. Mgr. & Treas. of the company, and who
was not In any way connected with E. W. Clark & Co. and who had been
given by the directors of the company full control and large discretion in
this part of the company's business.
C. M. Clark had no knowledge of
the cletalla of these payments.
The largest Item represents payments to fight a strike, which occurred
before the contract between E. W. Clark & Co. and the Columbus Co.
wa.s in force.
At that time the only connection of E. W. Cl.sak & Co. with
thp roMirnbus Co. was that
Clark was one of the \'Ice-prosidents and
'
'<"
He had no connection whatever with the payments of Inteilipul)lif;ily ctiargfst, which were solelv in the hands of Mr. Stew.-irt
— ... be<;n for a period of over 20 years prior to the Institution of this
ult. The Court, however, holds that the money spent by Mr. Stewart to
fight th«> «tHkc. inrlu'llng payment of detectives and Innumerable other
acco
.1 be paid «> the company by Mr. C. M. Clark.

CM.

>

See Valparaiso

.

box

]

-

1-

from

.

Co

fi

'r.

the

.

caM

The
tori'

8tockholdj3-<(
''>'
I

<

-

will

rill

'.

new

in'lr';ivor to >.ocur(' a

iviii

trial ;inrl

ere'i'

'

torJ

'^0

000

''(iiiiiijon slock.
diminish Ihe authorize*! rai)ltal utock of
Inalf prior [jrovlhloph <if a part of llii' un
anjeiid ihc Kanie by making ap|ili<'al>l(< the
It I'rcfirrcd Mock lo a pari of the; already
nv.rc. sKjfk.
V.
14, 1). 7H.

I'

'ir

thiI.SMli'

I

proauili'

I

Cuba

Railroad. -Bond Issue Approved.

Till- -i(,rkliold«T^

*

lt<f \Tigf.
off<rlrif In V

II

.1

.

III

^:i

.ipprove<l

—

WHUiiiice of .$l.f)0().()00 IhI Lien

tiii;

See

Cumberland County Power & Light Co.— Report.-Ynin

fill' '<'!'!'

\'.)2\

p. 1250).

The proceeds of this issue of bonds have been used to pay off loan of
£3,000.000, which fell due in London on Oct. 1 1921. the balance being
V. 114, p. I: 8, 306.
required for capital and other expenditures.

—

Havana

$.'MI1.(K)K

•

and

"3%

t«uuji(.«2.^»:''
~

$2,7r,K

$2..'»7<', ')r,7

2,lt2,K:M

1.813^(33

l,5lti.(iiH

0<»7.483

"'

.^^,10

672.252

Ul";' "'.'".'."."?"''i
Pri'ffiTMj dividend*

(Kil ,n(i.^

bfWOOO

..

Bain me. Kurplun

»U2,htt9

»303.TO1

$130. 591

$282,414

• Inrlud.s $2.'.l .fl2p for taxes accrued and $215,220 for diuinrliillon
b Inrlud««dlvld..nd p.ild .Mjiy 1 l«I« In r,-yimrn"/„ mrrlp
12. p 21H0

—V

I

Delaware Lackawanna & Western RR. -OprmlinnH.

Th«
and

.iri

I'

I.

•r..r.rr... I

by

(hjIiIihIii-'I

(„

iri

I

.i«t

"Uiillway

111.'

w.-.-U i

•( |ir..iil<li •• wiin pr.'purtMl
3.
V. 114, p. '.iOl'i.

—

Ako" DfC.

Electric Ry., Light

& Power

The New York Stock Exchange has authorized

Co.

—

Listing.

—

the listing of 82,537.000

additional (auth. $25,000,000) Gen. Mtge. 5% Sinking Fund Gold Bonds,
Series A, due Sept. 1. making the total applied for $9,197,000. The bonds
covered bv this application have been authorized by the directors as follows:
Oct. 10 1918. $611,000: Nov. 18 1920, $1,260,000: Aug. 23 1921, .$666,000.
and have been issued to reimburse the company for 80% of the capital
expenditures incurred from July 1 1917 to Oct. 31 1920.
Income Account for Period from Jan. 1 to Sept. 30 1921.
Kv. Dept. Lt.&PoiD.Dept.
Total.
$4,510,714 $1,994,621 $9,505,335
Gross earnings from operation
3.279,787
Operatmg expenses
1.984.435
5,264.222
110,595
Taxes, United States and Cuba
255,000
365,.595
2..529
Trigo annuities
2.,529
424,.335
Interest
319,654
743.988

$693,468 $2,435,532
Balance, surplus
Total income (Incl. .$72,064 miscellaneous income)
Deduct Reserves and special charges

$3,128,999
$3,201,063
1,428.006

Net profit for period
Balance, credit, Jan. 1 1921

31.773.0,57

Total
Divs. paid:

$5.402,9.'i6

—

On

3,629,898

pref. shares, $629,354;

on com. shares, $448,450 1,077.804

Balance, surplus. Sept. 30 1921.
-V. 113, p. 1052, 960.

Hocking Valley Ry.

$4,325,151

—Equip.

—

Notes Sold.
Guaranty Co.
of Pittsburgh, and Potter
prices ranging from 100.47
to 102.27 yielding from 5.50% to 5.75%, according to
Gold Notes, Series 32 and
maturity, $1,638,000 Equip.

New York, Union Trust Co.
Co., New York, have sold at

&

of

6%

32-A

(see advertising pages).
Dated .Ian. 15 1920. Due $59,800 Series32and $66,200 Series 32-A each
Denom.
Jan. 15 1923 to 1935. Int payable J. & J. in New York City.
$1,000 (c*). Red. as a whole only on any int. date on 60 days' notice at
103 and int. Guaranty Trust Co.. New York, trustee.
Series 32.
.Series 32-A.
Total.
Authorized & issued
$1,345,500
$1,489,500
$2,835,009
Matured & retired
179,400
198.600
378,000

Held by Dir.-Gen. of
stamped subordinate

RRs.,
430,300

388.700

819,000

Unstamped balance now offered-- $777,400
$860,600
$1,638,000
Supplemental Agreements. Through supplemental agreements, 33 1-3%
of the notes of each maturity, held by the Director-General, are to be
stamped as subordinate in lien to the notes now offered. Upon this subordination, the unstamped notes are to be outstanding to the extent of

—

58% of the original cost of the equipment on which t;hey are secured.
Security.
The two series of unstamped notes are secured, respectively,
a prior lien on the following standard railroad equipment:
by
(1) Serie.s 32, 500 50-ton composite gondola cars; (2) Series 32-A. 20 mallet
freight locomotives,
V. 113. p. 2185.
but

—

—

—

—

Hoosac Tunnel

&

Illinois Central

RR.

Wilmington RR. Sale.
This road had been bought by William G. Shorte.ss, of New York, and
associates from John P. Kellas, of Albany.
The change in ownership was
negotiated by the New England Power Co.
V. 95. p. 1541

—

— To Double-Track Ohio River Bridge.

Authority for replacement of the single bridge over the Oaio River' at
111., by a double-track bridge on the present stone piers to cost about
$8.50(),000 was recently granted to the railroad by the Secretary of War,
Weeks. The permit provides for beginnini? work in one year and completing it within three years.
The present bridge, built in 1887-88. consists of
two through-truss spans of 523 4 ft., seven of 405 ft., and three deck-truss
spans of 250 ft. The new bridge is to have the same headroom under the
channel spans at high water as the present.
As definite decision has not
l>eon reached in reference to actual commencement of the work the company
informs lis that it has nothing of interest to say regarding the financing.
V. 114. p. 78.
Cairo,

.

Kansas Oklahoma & Gulf Ry.

— New

Officers.

—

Henry C. Flower has been elected Vice-President with office at Kansas
City. Mo., and M. J. Synnestvedt as Treasurer, office ;it Muskogee, Okla.
V. 114, p.

.306.

Kentucky Securities Corporation.
liedeeyn

— Capital Increase—

Outstanding Dividetid Scrip Through Exchange for
Balance Sheet.

Frrfcrred Slock

—

—

The

stockholders recently (I) .luthorlzed the sde of $320,380 additional
pref, stork, thus increasing the outstanding preferred stock to $2,500,000.
thi' lolal authorized: (2) voted lo retire the .'51.'{0.777 oulslandln).; dividend
sirlp iiTl ifkulcs (i.ssiu<l by the directors April 10 1920 lo rei'rcsoiil llio
dividend <k.<:l,irrd upon the prcforrcd stock) by exchange for proforrod
stock, or otherwise.
Tfii' 'iiildi r.s of I'rcferrod and Common stock are etitltled (o siib^i'rlbo for
$H<0.2H() fi'; Cuiinil. Pref. stock lo the amount, of I
of t. o ;iggregat«
imnihiT of sli.ircs of their holdings of riefiTml and Coiniiioii slock .is of
Fi 1) 4 ;it $70 per sh ire, paynient for he stock so l:ikeii to bo niado
reciird
r>ri or before M.ircli
Slockliolders exercising riglit of siibsei Iptlon may
deliver ill full or i)irll:il p.iyniejit of their sul)s.Tlptioii preferred slock dlvldeii.l s.rjii eertlfl.Mle.s now out si iridlrig, and wlil(!li .iro due on or before
Ar>rll 10 192.1 at SO'; of heir f le.i vilne
A Ir.ller to the stockholders l)(>c. 20 and signed by Pres. P. M. Chnndler
and H(«-. W. ,1. Dlvhm says In siibstanee The dividend scrip eerl iricnios
were KsiKsl for Itie dividend dei'liired April 10 Id'-'O on llie nref. stoik Ihi
cjiii.e of lh(^ peculiar rhi.iinliil .oiidll Ions llien existing, and the ni>eo.s!*lty
for eoiiMervIng the c.isli re.Minree.s of the eoMip.uiy
Whlli. these may not b(. redi-enied b|.foi<' April 1925, the fact llml thoy
are oiilrlandliig iiffecls t.lie flnanriiil pcmli Inn of the company, and In projuI

I

I

,

lOIH

1019

\'.m)

10

$.3,.'J'i5.l

—

—

,'

2.Vr)

p

13.

Officers.

'

bonds whi'h wire recently nold to the National City Co.
I

p. 1977.

Grand Trunk Ry. of Canada. Bonds Listed.
The New York Stock Exchange has authorized the listing of $25,000,000
15- Year 6% Sinking Fund Gold Debenture Bonds, due Sept 1 1936.
The
bonds are guaranteed by the Dominion of Canada (see offering in V. 113,

To

I

V. 112,

President, succeeding W. K. Fifield; W. J.
Stebbins has been elected as Sec. -Treas., succeeding C. M. Cavance.
V. 109. p. 477.

be taken to the court of last resort.

vote Fob. J on changing the authorized capital
'100) :i» follows: (a) .$1,913,800 4 O; I'rior PrcfITcfcrrwl Klock Herles A: (c) $5,038,700 I'rcf.

—
—

of Securities.

Nortliern Ky. below.

Garyville Northern
M. Bloss has been elected

unless relieved

-

A

S.

I

.

.

— Sale
—
RR. — New

Gary & Valparaiso Ry.

,«

of the notes of each maturity originally Issued are stamped as subordinate
.
iii lien to the above Prior Lien notes.
^
„
j
j
Secured bv a prior lion on the following standard railway
Securilij.
eqiiipmeiit: (1) 2,500 40-ton
(3) 10 switching locomotives.

409

dleliil ImiiIi lo ItN IniereHls

The

riiiiiiiel.il

eaien for cash, as
riilleNi

for

priwent

warrant the conipiuiy
exleiil

It

(irar't

Is still
li'Ji

mid

lis Hloeklioldei'N.

enndll Ions do not In the opinion of the dlrivlorH
the oiilMlandlnit illvlileiid Ncrip lerllfl-

In iiiir.ii.i^liiK

divslrable lo <'<inserve

resouri'os to tint

llni i-iisli

ble.

Ihe.e .IniiniHlaiieeh the dlr(«M4>rs hiive reached the eoni'luNlon that It in
deilnible Ih.'il ihi- Kloclih.ilders sIkmiUI iiiilliorl/e the dlriMtorM to .sell or (IIhp.me of, rroiii lime lo lliiie, till- .S'I20.3H0 reiiiiiliilliK liref. MlocU mill am
riirilierorilieo|iltili>n llml II would greatly serve lie liilenmln of Ihc <-onipjiiiy
mid till- .il.ieUli'ilders if so iiiiieli of this pref sloi'li lis iiiiiy Ih- tieconsiirv could
«e<l f.ir till- rei Iri-iiieiit of the oiilsliindlng dlvldmid KCrlp cerllflejiliyi
upon Mil e.iilllnble biinls of exihatige.
After cjirefiil (iiiNldenii l.>ii of tin' m(iM«>r. the dlrnclorM linve riuiched the
eoneliKlon that It would !«• deslriil'le lo Usiir- llilx pref xloel* lo Us nloek
rliriintes lo the exieiil iKM'c-ssiiry
holders or llie IioIiIith .if ill v Idelid n.tI|
lie whole or miy
at llie jirlee nf ?7I1 per share, mul iieeepl In piiyiiieni fi.r
dUlileiid scrip
«i4ielt oiitsimiiliiiK
pnri of miy mibmrlpllon I.)
Id iiref
Tills iirrmiKenient
ertirieiili-. on the luisU of HO"; of till' piir value hereof
woiilil niiitlile llie sl,oekli<>lder.i liol.lliiU illvldeiid sirlp eerl IfleaNw lo Mill)
wrllx. lo n pnrt of the pref stoil, oroposol I4> Im- Inaiied lis iif.irnsaUl lit $70
imr «lmro, and make piiyiiioiit of lliiilr milwc.rlpHiMiii, In wholo or In purl. In
Ill

,

Detroit Unitntl Ry.

7V, 7V;<t

frj, finr,>h.

I

-

Th.- »V)O.0nO l.t Mftfo r,% 2,'.y<->ir itold l.ond« of thn D.itrolt >c IVintlac
Kr. <•> whi. h rniHir.! on Knb.
\USZ. will tw iikin ip by f'.intriil Union
rni,l. f„
HI) Itroidw .y. N
V f;ity
foiiiioim will bit piild ii-. hiiDiUjfurn
by l.h.- I'.'onion Mtiiti! Il.ink of Doiroll.- V. 14, p. 7H.
|

I

^ Fort Worth
Airr.'M!..r.i.ii
ni.itiirlli.-;
.

i'^..!'

»«.„!•
lotereat

..nrl

& Denver
•.
,

,

,.,

on

'"Jr

..'i'''
1

14.

1

Clty"Ry7~'-/!:7ui>.' Nolnn Offrrv.d.—
.irr.,ri,iv/ ...1 „ fi'i ;, hi«N r-.r r»j3 lo iir.!.'.
1

for

;

—V

.

I

\',t.H,:\',

''"'

"."'''.''
;•

p 78

'"

I

'

'

I''
'

tn;il iirll I.".

'<"'

«I7I

(KIO

K'lillp

dim »;i3,llfK) •....h .»..n
"n nny lot d.it.- .it 103 nnd

l''.'0.

I.'.

I

n

I

,

I

.

THE CHRONICLE

410

dividend scrip certificates, ou the basis of 80% of the par value of such
certificates.
They would thus uuiTender a nou-interest-lJearing oblifration,
which does not mature for over three years, and receive in lieu thereof 6%
cumulative preferred stock. Any of the stock not taken by the stockholders
would he sold to a. banking syndicate, with the same right of tiu-ning in
dividend scrip certificates on the basis aforesaid, and with a reasonable
bankers' commission for handling the transaction.
Balance Sheet Nov. .iO 1921.
Assets

—

—

Liahililies
slock.
Investments in stocks and
bonds of affiliated cos__.'53,392,l.')7 Preferred stock
Advances to affiliated cos. 1 ,088,365 Miscellaneous
I

.

|

Common

$2,052,288
2,179,620
3,834
8,760
130,777
172,773

& accr. int. rt!ceiv'le
14,446 Loans payable
Disc, on bonds of affil. cos.
53,084 Pref. dividend scrip
Total teach side)
$4,548,052 Surplus
—V. 113, p. 2614.
Cash

Knoxville

&

Carolina Ry.

—

—

Officers.

Gunter has been elected President: S. B.
A. Wallace, Secretary and Trea.surer. V. 113,

L. a.
J.

—

Lafayette (Ind.) Service Co,

Luttrell, Vice-President;
p. 2185.

— Foreclosure

—

Sale.

sale of the company was ordered in a decree issued by Judge A. B.
Anderson in the Federal Court Jan. 14 following a hearing in the foreclosure
suit filed by the Real Estate Trust Co. of Philadelphia, holder of $225,000
Lafayette St. Ry. 1st Mtge. ^i^in due June 1 1923. The sale may be set
for Feb. 18 and Northern Indiana Gas & Electric Co. of South Bend, Ind.,
may buy the company's power plant in order to supj)lenient the electric
service now given to the city of Lafayette by the Northern Indiana Gas &
V. 113, p. 2720.
Electric

The

Co.—

Maine Central RR.

— Comptroller. —

Albert J Raynes has been elected Comptroller, succeeding Arthur P.
V. 113, p. 1156.
Koss

—

— Negotiations for Reduction in Rental. —
—
Mil'vraukee Electric Ry. & Light Co. — Wages Reduced. —
Manhattan Ry.

See Interborough Rapid Transit Co. under "Reports" above.

V. 114, p.

198.

.306,

The company's employees have agreed to a reduction in wages averaging
The reduction ranges from 2^2 to 14
ubout 8%, effective Jan 1 1922
The new scale for motorinen and conductors on city lines,
cents per hornwho had entered service prior to May 1921. is: 1st year, 50c an hour, 2d
The old .scale was: 1st year, 55c.
3rd year and thereafter, 56c
.year. 53c
The wage scale for
;in hour. 2d year, 58 c, 3d year, and thereafter, 61c.
men employed subsequent to Jan. 1 1922 is .subject to a new agreement
V. 113, p. 2185.
.

—

—

&

—

Texas Ry. Foreclosure Suit.
Missouri Kansas
Judge Walter H. Sanborn, of the U. S. Circuit Court of Appeals at St.
Louis, has granted Central Union Trust Co.. New York, leave to file suit
against the company for foreclosure of a mortgage. This suit is just one
of the formahties in connection with the reorganization plan (V. 113, p.
2311) which has been declared operative by the reorganization managers.

—

Missouri Pacific RR. Equip. Notes Offered.
Trust Co.. Dominiek & Dominiek, Hornblower

—Bankers
&

Weeks,

Marsliall F'ield, Glore, Ward & Co., and Harrison, Smith &
Co. are offering at prices ranging from 100.19 to 101.81 to
for all maturities, .$6,016,000 Equip.
Gold
yield .'S.SO'
Notes, Series 41 41-A, 41-B, and 41-C(see advertising paefes
Dated Jan. 15 1920. Approximately $116,000 of each series now offered
due annually Jan. 15 1923 to 1935. Int. payable J. & J. at office of
ReGuaranty Trust Co. of New York, trustee. Denom. $1,000 (c*)
deemable as a whole only on any int. date on 60 days' notice at 103 and int

6%

;;

,

.

346,800

41-B.
Total.
41-C.
$
2,.563, 500 2.656.50010.413,000
:M5,6C0
.341,8
354,200 1,388,400

751,400

748,800

41-A.
$
2,601,000 2.592,000

41

-Vuthorized

cfc

issued

Matiu-ed & retired
Held by Dir.-Gen. and
subordinated to remaining notes

Ualance

now

740,567

767,833 3,008,600

offered .-1,502,800 1,497,600 1,481,133 1,534,467 6,016,000
The Director-General by supplemental agreeSuppletnenlal Agreements.
ments has sul)ordinated the lien of the Government on this equipment to
the extent of 33 1-3';, of the notes of each luatiu-ity, which notes will be
stamped so that effect.
The unstamped notes now offered will represent a first lien on
Security.
the following etiuipment:
(1) Series 41, 62 double sheathed box cars, 750
steel gondola car.'j, X light Mikado locomotives; (2) Series 41-A, 62 double
sheathed box car;. 750 steel gondola cars, 8 light Mikado locomotives:
(3) Series 41-B. 63 double sheathed box cars. 750 steel gondola cars, 8 light

—

—

Mikado

and

41-C, 63 double sheathed box cars, 750
steel gondola ctir.j. 1 light Mikado locomotives, 7 light mountain locomotives.— V. 113, p. 2819.
IoconK>ii\<'/;

(4) Series

Municipal Ry. of San Francisco.
)'i<irs ciidiiiij .fiiiif

Tra<'k

;>;)

—

owned and

Total mileage,
with United

ojjcr.ited
incl track owned

KK

.

1920-21
57,97

&

Statistics.

.57,97

67.12

67.12

56,910,535
62,034
745,902
371,326

.53,645.764

58,089,797
11,361,120
69,960,834

.54

Two-cent revenue transfers
Total revenue passengers
Free transfer passengers
Total car and bus riders

757..'-

Income SUilemcnt

—

Tot a railw,! y operating revenue
Depreciation (14*^^;. passenger revenue).
Total operating expenses
1

$2,879,084
401,669
2,236,695

$2,712,436
378,429
2,138,901

;

Net operating revenue.

$195,106
M2,4.s8
84.047
27,405

tax

(5J<f

%

operating revenue).

Other tax(!s. ..
Non-opsrating income

Net

i

Profit

Cr 35,129
224,453

and

loss surplus,

233,7; 3

100.111

Juno 30, 1921 and 1920. df.$326,497

df$137,686

&

Light Co. — New Director. —

—

&

office building.

Receipts and Disbursements. &c., from March 1 1919 to Nov. 30 1921.
To enable the Harlem to pay taxes assessed for periods prior to Feb. 1
1920, which the lessee had failed to pay, the Harlem in 1919 borrowed
.$105,000 from the Irving National Bank.
Including this and other loans,
&c., the receipts and disbursements from March 1 1919 to Nov. 30 1921
were as follows:
Receipts (Total .$3,624,093)
Cash in banks March 1 1919
.$28,898
Loansfrom Irving National Bank prior to Feb, 1 1920
10^5, 000
Loans from Irving National Bank since Feb. 1 1920
25,000

Loans from Western Transit Co
Receipts from operation of traction lines from Feb.
Income from securities owned and minor rentals
Refund of taxes by City of New York in 1921- .Disbursements {Total $3,580,700)

1

465,000
2,920!455
36,271
43 468

1920"

—

-

For taxes assessed prior to Feb. 1 1920, unpaid by the lessee. _
-$169,127
For taxes asses.sed on account of periods subsequent to Feb 1 "20
80 ,792
For rentals, operating exp. capital expend. & materials & suppl 3,271 ,216
For interest, legal expenses, &c
.
59,564
Cash on hand Nov. 30 1921
$43,393
In addition there were outstanding on Nov, 30 1921: Unpaid vouchers,
$272,657 unpaid taxes prior to Feb. 1 1920, $89,418 unpaid taxes subsequent to Feb. 1 1920, $158,486.
.

,

It was estimated that to complete the additions and betterments then
under way would cost $100,000.
Since Nov. 30 1921 company has borrowed from Western Transit Co.
additional $63,000.
Since Feb. 1 1920 up to Nov. 30 1921 expenditures
aggregating .$427,322 have been made.
At the present time current earnings are about equal to current expenses.
It is expected that after July next there will be a reduction in wages which,
taken in connection with a fall in the cost of materials and supplies, wiU
it is hoped result in a corresponding improvement in net earnings.
V. 110,

—

p. 360.

New York New Haven & Hartford RR. — Cuts

Owing

to the "general financial condition

Service.

—

and the decrease

in traffic," the company has announced a reduction in ser\'ice
.effective .Jan. 29.—V. 114, p. 306, 79.

—

—

Northern Pacific Ry. Buys Traction Company.
The Walla Walla Valley Ry., which operates in Walla Walla and runs an
interurban line to Milton and Freewater, Ore., was purchased Jan. 14 by
the Northwestern Improvement Co., a subsidiary of the Northern Pacific
Ry., from the Pacific Power & Light Co. interest, which owns the entire
$500,000 capital stock and the $500,000 1st Mtge. bonds. The purchase
price was not given out.
The electric railway company operates over 27
miles of city and interurban trackage. V. 113, p. 2614.

—

Ocean Shore RR.'

A

—Liquidating

Dividend of $4.
is now being paid

liquidating dividend (No. 6) of $4 per share
holders of record Jan. 11. V. 112. p. 2749.

—

Pennsylvania RR.

—Equipment Notes

Offered.

Co., New York,

to share-

—National

are offering at 100 J^ and int., to yield
gold certificates,
5.53%, .$3,894,000 Equip. Trust
due Jan. 15 1924.
Continental & Commercial Trust &
Additional Offering.
Savings Bank, Illinois Trust & Savings Bank and the
Merchants' Loan & Trust Co., Chicago, are offering at
gold
101.07, to yield oH%, S3,894,000 Equip. Trust
certificates due .Jan. 15 1927.
Both issues were purchased from the U. S, RR, Administration and are

City

6%

—

6%

Red, as a
Divs. payable J, & J,
issued under the Philadelphia plan,
whole oniv at 103 and int, Denom $1,000 (c*). Certificates now offered
arc part (if a total i.ssue of $.58,412,000 maturing in annual installments of
about .$3,894,000 from Jan, 15 1921 to Jan. 15 1935, of which the Jan 15
V. 114, p, 307, 198.
1921 and 1922 maturities have been paid,

—

—

113, p. 1888

—

of Co.
Outlook, &c.
The stockholders will hold a special meeting Feb. 16 to consider and act
upon matters relating to the traction lines owned and operated by the

company in New York City,
Data from Letter of President Alfred H. Smith Jan. 27
Properly A Lease.
Owns and operates street surface railroads in New
York running from the intersection of Broadway and Ann St.. along Pai'k
Row. Centre St. and the Bowery to 4th Ave., thence along 4th Ave. and

—

)

Philadelphia Rapid Transit Co.
Results for

Operating income
Non-operating income.

Gross income...
charges

— Earnings. —

December and 12 Months ending December 31.
1921—12 Mos.— 1920.
1921— Dec— 1920.

Total passengers carried 73,331,137
$3,728,509
Passenger revenue
$3,801,097
Operating revenue
Oper. expenses &t.axes-. 2,621,708

Fixeji

General Manager A. L. Kempstcr has been elected a director succeeding
S. Bleecker.— V. 114, p. 79.

New York & Harlem RR. — Status

—

04

.$237,797

1

„<.^,^*' ^*ate Tax Commission in 1920 assessed the property subject to the
state tranchi.se tax at $3,345,000. The foregoing appraisals do not include
the value of cars and their equipment, as to the ownership of which there
may be dispute.
Earnings Preceding Lease. While the line was operated by the Harlem
'^'^ * horse car line the net earnings for the five
years June 30 1892 to
1 o^}.'
1896 amounted to $1,623,670, or a yearly average of $324,734.
Rentals
Taxes Unpaid. &c. The rent was paid in full up to Oct. 1
1918. with the exception of the taxes mentioned below.
Since then no
rental has been received.
In March 1919 Job E. Hedges was appointed
receiver of New York Rys., who operated the lines until Feb. 1 1920 when
them back to the owners and have since operated them.
iitI.''"'^
When the lines were returned there was an arrearage of
in pastaue rentals and taxes amounting to $258,545 which the $535,833 failed
lessee had
to pay, ot which the Harlem prior to Feb. 1 1920, paid $132,621 in order
to prevent accrual of penalties.
An arrangement was made with the
receiver under which the Harlem has retained the cars necessary to operate
the lines, the question as to the rights in such cars being reserved for future
determination.
oaT^t company discontinued the use of the New York Rys. car barns at
8bth St. and Madison JVve. and is using the car bams of the Second Ave.
KR. at 2d Ave. and 96th St. This contract will result in a substantial
saving, although an expenditure of about $80,000 was made (of which
about $35,000 will be returned to the Harlem by the lessor through credit
on rent). On its own 135th St. property, now used for a storage yard the
Harlem expended about $120,000 in laying tracks and constructmg a smaU

66.169.1.'46

$188,811

year—July

Ne'W Orleans Ry.
J.

66.S04
639 S94
600.296

1920-1919.- def,137,686

deficit

Surplus at begin, of

151,153
89,0,54

ntere.st

[Vol. 114.

95?, ^58

10

.$240,720

..
Fi^e-cent fare
l''i ve-cent Government ticket
one-ha If cetit .school ticket

Two and

.State franchise

—

I91C-20

oper jointly
and car house tracks and

etc

sidings,

— Annual

Revenue passengers carried on cars and buses:

Bond

—

—

)
.

75,406,467 8.'}6,547,351 908.482,135

.$3,810,204 §41.514,830 |37,989,623

$3,889,911 $42,420,605 $38,807,354
2,696,979 31,233.589 29,195.16o

$9,612,189
592,986

$1,179,389
49.080

$1,192,932 $11,187,016
490.435
61,740

$1,228,469
868,571

$1,254,672 $11,677,451 $10,205,175
9,823.110
827.178
9,870,158

$382,065
$427,494 $1807,293
$359,898
Net income (see note) .
Not income of $1 ,807,293 has been expended for improvements in
Increased appropubli.shed plan of the management.
accord?nco with the
jYo(f

—

priations from earnings for renewal account, required in order to make
necessary improvements in the condition of the property, not only used up
increased the
all the monc-^'s saved through decreased wages but in addition
Co-operating with the
total cost of operation bv upwards of 82.000,000.
will, in
citv in its extensive program of repaying which is not completed
connection with other P. R. T. undertakings, require an equal expenditure
V. 114, p. 80.
of earnings during 1922.

—

—

—

Madison Av<i. to 135th St., connecting with the crosstown line operated
by it through 85th St. to 8th Ave. and through Rtith St. to iVvo. A and
the 92d St. Ferry.
These roads were leased from July 1 189!) for 999 years
to Metropolitan Street Ry. at an annual rental of $350,000 for the" first
five years, and thereafter at .$400,000 per annum the lessee to pay all
taxes, &c.
As of Jan. 1 1912 these lines were taken over by the New
York Railways.

Pere Marquette Ry. Equip. Notes Offered. Guaranty
Co of New York, Harris, Forbes & Co., Kidder, Peabody
& Co. and J. & W. Seligman & Co. are offering at prices
ranging from 100.47 to 101.81 and div., to yield from 5.50%
to 5.80%, according to maturity, $5,834,400 Equip. 6%

Estimated Cost to Reproduce.
By II. C. Ilopson of Co Bu Stone & Webster
New.
Less Deprec.
New.
Less Devre'c
.$6,792,019 .$5,761,722 $6,411,846 $5,381,549
11,705,740
9,878,675 11,191,721
9,364;656

Int.
Dated Jan 15 1920, Due $448,800 each Jan, 15 1923 to 1935 whole
Red as a
payable J & J in New York City, Denom $1,000 (r*)
Guaranty Trust
only on any int, date on 60 days' notice at 103 and int,
Co "of New" York, trustee.

,

,

,

—

valuations
Pre-war prices
Prices June 1919

—

gold notes. Series 63 (see advertising pages).

.)(&.

matured and

issued. §10,009, AOn.

and

Viithori'-.M

THE CHRONICLE

\U-2'2.\

L'8

retired

KKs

Consolidated Balano:

$1 ,.M() f.OO.

suborcimato to

ami to be stampede!
lioid In- Directoi-tienoral of
now offered. $.).S.1;1 .lOc)
reniain'inj! notes. S2.(tlS,.iO(), inislaniped iialaiico
Tlirousli a supplemental agieonieiU. .li l-.i
Sunplt-nu-ntal Aijncnunt
are to be
of the notes of eich maturity, held by 'h(» Diroctor-f.eneral
L pon this subordistanii.ed as subordinate in lien to the notes now offered
oulslandm.a; to the extent ol but .)h .,
unstamped notes are to be
a.s

—

.IssH.^

nation the
secured.
of the original cost of Uie equipment on which they are
a prior lien on the lol,sV,.„,.,,,, _The unsr:.mped notes are secured by
heavy switching locomotives.
lowinsr standard railroad equipment:
-"'- -'---'-'--sheathed box cars.
40-ton double(2) 30 lisht mikado locomotives. (3) 2.000
113. p. 261o
\
(4) 1.000 o5-ton steel hopper cars

—

Service

Public

Xew Jersey.
dirm

iction for taxes levied in
''^sVrur^u'^— These'^certifT(»tes'are a

Gross earnings
Oper. exp. & taxes

(est.

.------,
:-r
rtrKV--*^^'^
basis of oper. exp. & taxes of Public

on

•

9,825.755

Service Electric Co., incl. depreciation)

Xet earnings

^•^lu'??^
'o-^M

Fixed charges

'

Surplus earnings

S3. 563,942

—

Public .Service Corp. s total combined
Public Serrice Corp. Earnings.
net income for vear ended Nov. 30 1921 (after maintenance and taxes,
but before reservations for depreciation and amortization) was .512.2.36.168,
or more than 3 times annual interest requirements on all the funded debt
of the corporation, including the interest on these Ceritficate-s. Compare
V. 113, p. 2.506.
.

—

—

Rio Grande Southern RR. New President.
T H Marshall has been elected President, succeeding A. R.
V. 114. p 199

Baldwin —

—

—

Equip. Note.-i Offered.
St. Louis-San Francisco Ry.
Co. and Equitable Trust Co., New York, are
.Speyer
offering at prices ranging from 100.47 to 102.27 and int., to
vield from 5. .50% to .5. 7.5%, according to maturity. S8,310,gold notes, Series 71-A to 71-E, inoOO Equip. Trust
clusive (see adv. pages).
Dated Jan. 15 1920. to mature in 15 equal annual installments. Red. as
a whole on any int. date at 103 and int. on 60 days' notice. Int payable
Denom. $1,000 i,c*). Guaranty Trust Co.,
J. *'J. in Xew York City.
New York, trustee.
Supplemental Agreements. Through supplemental agreements, dated
Jan. 15 1922. .33 1-3% of the notes of each maturity, held by the DirectorGeneral, are to be stamped so as to give preference and priority to the above
offered unstampe<l notes out of any moneys received or collected by the
Upon
trustee under the e<4Uipment trust 'agreem<'nts in ca.se of default.
the execution of the supplemental agreements, the unstamped notes will bo
of the
outstanding to the ertet of onlv about 58'o of the original cost
equipment, viz., over $14. 383. .500, on which they are secured.
$14. 383. .500
Original issue amounted to
1.917.800
Paid off on Jan. 15 1921 and Jan. 15 1922
Held by Dlr.-Gen. of RRs. and to be subord. to remaining notes 4.1.55.200

&

6%

.

—

Balance now offered

—

The
Security.
7 light switcher
1,000 composite

S8 ,3 1 .500
consists of 33 light mikado locomotives.
hxomotives. 3. .500 doublts-sheathcd 40-ton box cars and
eriuipment

.5f>-ton

gondola

c:ars.

Earnings.— For the 11 months ending Nov. 30 1921 the company roport.s
net income after taxes, rentals. &c.. available for fixed interest charges, of
$16,105,637, against fixed interest charges, including interest on lh(' above
equipment tru*t not<?.H, of *8, 785.959 for that jieriod. V. 114, p. 80.

—

San Joaquin Light & Power Corp. — Pref. Slock Offered.

—Cvrus

P.irfc

&

Huntley

Blvlh, Witter & Co. and Hanks,
98'/^, vielding over 7.10%,.

Co..

ic

Co. are off«ring at

7%

&

Cumul. Prior Pref. (a.
d.) stock, jiar .SlOO
(see advertising pages).
- nhle Q. M.
I,:.
While this stock is now callabkr at lO.j. steps
to the end that at a stockholders' meeting to be held in
ar>
e removed.
'iirr- will
There Is «:v»Ty expectation llial this
p.

$3.00(J.'0rX)

'

'

I

tiould (iTi-atly I'lihance the value of this stoi-k. as
ri-lurn even though rates of Inlcrost

r,.

the h(.
thould

.••ri;itiiiil 7'.'

Data from Latter
f

f.

pu

h;id

J

'!'

m-.i

,...,,.
I..,,.

water

In H<

,..,r..i

II,.

I

I

,

.,,,

'f

n'c July

I'jJO-

A

lit

Cnpltalizalii.n '•'
twuid*. $2,487.1/1

el

'

II.,.:
C«l.
1(1

/

niiil itrf

*

I'll

.

ration

'I

oil.
I'rior I'rcf.
ImillKI

Pi'
(

t

1

1

'

«

T

Tnwt
'„

(ilo(J<

.'.,OI7.WtO
(l.r.fMi.OOO

'.

.

I

11,1.

I,. ,'J.I,

I.,

.1

.-.

I

I.

271.328 Reserve
52,183 Capital surplus
156,766 ToUil surplus
Total

$56,702,112

—

—

— To Defer

on the Income

Interest

payable March

6s.

will be met.

1,

— V.

—

—

Tennessee Central RR.^ Sale Confirmed. FederalJudgt
Sanford at Chattanooga Jan. 20 confirmed the sale of tht
road to C. M. Hovey and associates for $1,500,000.
-\ccording to dispatches from Nashville following the confirmation of th<
it was announced that chief among those comprising the pm-cliaser;
was Norman H. Davis, N. Y. City, former Under Secretary of State
Charles Boetcher. W. R. Freeman and George Morse, of Denver. H. 1'
Morse. W. T. Hale. Jr.. P. D. Houston, Paul M. Davis. George 15. Reiiuie
Robert Orr. J. B. Palmer and J. C. Bradford, of Nashville. -\11 of these
with the exception of Mr. Bradford, who is a partner of Paul M. Davis ii
the insurance business, are officers and dnectors of the American Nationa
Bank of Nashville.
It is assured that the new o^vners will continue the operation of thi- road
The "Manufacturers' Record" says in part: The road was sold on Jan
10 to C. M. Hovey. .A.s.st. Mgr. of the Nashville Industrial Corp.
U. P
Morse. Mgi-. of the Nashville Industrial Corp.. announced that Mr. Hove>
had purchased the road in the interests of himself, the Morse Brother.Machinery & Supply Co of Denver, Colo., and other financial Interests o
that city.
According to Mr. Morse the road will bo reorganized and rehabilitated t<
take care of the prospective increased tonnage from the Nashville Industrin
Corp.. at Jack.sonville. Teiin. This company was organized about a yi-ai
ago in Nashville and purchased the Old Hickory powder plant from th<
Government for aiiproximately $9,000,000 [see V. 111. p. 24301. Tlu
purchasers, it is stated, proiiosed to build an immenso industrial cit.v siinilai
to that at Hopewell, \'a.. and a number of manufacturers are located tliort
now, including a body building corporation, a concern whidi utilizes swee
potatoes for sjTup and starch, a paper pulp i)lant and a moving picture
corporation. In addition to several smaller concerns.
H W. .Stanley, re«^iver of the road siiico 1017. has been elected Presiden
of its successor, the Tennessee Central Ry.. with (-laudo K. Boettclier aiu
Cieorge G, Morse, both of Denver, as Vice-Presidents.
The purcha.sers are said to bo considering favorably the possibility o
extending the Western Division of the road froiiv Hopkinsville. Ky.. ti
l';iducah. a dist;ince of 70 miles, to connect with the Chicago Burlington 4
yuincy.— v. 114. p. 307. 109.

sale,

.

Toledo

—

& Ohio

Central Ry. Equipment Notes Offered.-and Curtis & Sanger, New York, are oifcrinfi
at ])ri(;es to yield 5..")0% to 5.65%, aeconliiig to iiiivliiritv
.?1,.S82,400 Equip. Tru.st 6% Gold Notes, maturing .l!;i4 I.SO(
Hohinson

&

('o.

annually Jan. 15 1923 to 1935, inclusive.
Dated Jan. 15 1920.

Originally Issued .«;2.146..500. of wlilili .Ian. 1921
Denom
1922 niatiirllles li;i\e been p:iid.
.1.
Interest i)a.\alile .1.
and multiples thereor n-*). Kid. .'is a whole only at MY.i and Int
U|«in (K) days' notice.
Gu.iianly Trust Co.. New ^orli. liilslee.
Issued under an e(|iilpment trust agreement liet.weiMi the Dlieilor ( ieiieni
of Railroads, ilie conip.iny and the trustee, and secured on slaiularil eiiiilp
iiieiil
eoiislhllnK of: "I) ."iDO
Ion steel hopper cars; ((») 2.'i0 4(1 Ion ilmil'le
-li.-.iili(<l Ikix c.-irs: (() 151lk'lit mikado lo('oniiili\es, mid i.(/) 5 heavy sw iiclilnt
.iiid

.iv;

$11111

."i.")

.

|i»i.iiiiiil\<(

V.

13, p. 2.slti.

1

Twin City Rapid Transit
The

<llni'iiirs

have

dei

l.ii.il a

Co.

—2% Common Dividend.—

idiiid of 2';;. oil the ('oinnioil slock fni
In Jtm. 1921
holdl)rn of record l''el). .1.
2ij';;.
V. 114. p. 111.
ill\

year 1921. pnviible l'"el>. KMo
wa-i paid iind"lii I'eb. 1920

&

United Power

Transportation Co.

Dividend.

of $1 H5 per >li.'iie lla» liti'li ileeliiied. payiibli
.lull. 31 to liolderN of record .Ian
17. provldliiK I'lindK for the pii>iiieiit of tin
I'cili,
iiipiiny iiuli
coupon of liitiTHtitle H.'illwayN Is. In Jan. Ht21 tin
%\ (10 pir Mhiire,
V. 112. p. .Vl.'t.
.\

111

Mil liliniial dUlileiiil

I

United Rys. Co.

of

Louis.

St.

Smi

I'iUr-

Ous.

to

PriMinl Urriivrr.
\

lilt

w.r. riliMl

.liiii.

ni

M

17 In (he II.

trlit t'ntirt at Ht. I/iiiU MKiilnm

meher.

he HI,

t)l<
:

mil
Cfin

I,oiiIm TrniisK t
H iippiiliii III,
Mr.
nil ( 'oiir( III (lie Adil
(iN (he ( '<iiir( (o find. "I'll
iKiW JiirlsdliM Ion iif ell If

Wi4U

I

d

tin I'rioi'

«:

I'f.

I

I'll

$3.2l.».S|(l
1

.

11,-,

D.
n.i

'

•i-

r<r..<i

.liii

k

.;:,

.

Ti,

..'.'.
1

itnn

rill.

I

I

III/

I'l ii'liriirii

I

U.fi

V. Ill

I

1

li.itn

1

.i.M.j;'.'.

nu

r,

rifiatlnic

of ramlnff* for

In " lilcl
lurlNilli'l Inn o
(|lles( lulled

lie

'

"

'

'

.

I

I

I.

Hin
.

'

•

I

(lni(

I

I'l.

Net III' "II
no"! '

I

—

—

I

deirt ft
jrear^

113, p. 2615.

RB.il-wai,j.— Equipment

—

lUr.

Tc

333 .741
95 .044
125 202
3,112 .171
373 .917
2,342 ,258

.

L/|,

I

1.55 ,832

Accounts payable
_.
Unaudited Invoices payable-

Geiieral of Railroads, to be stamped as subordinate to remaining Notes.
$2,974,400: unstamped balance now offered, $5,946,200.
Interest payable J. & J. in New York City.
Denom. $1,000 (c*)
Red.
as a whole only, on any int. date on 60 days' notice at 103 and int.
Guaranty Trust Co. of New York, trustee.
.Supplemental .Agreement.
Through a supplemental agreement. 33 l-3<^;
of the notes of each maturity, held by the Director-tJeneral, are to be
stamped as subordinate in lien to the notes now offered. Upon this .subordination, the unstamped notes are to be outstanding to the extent of but
58% of the original cost of the equpiment on which they are secured.
i>ecurity.
The unstamped notes are secured by a prior lien on the following standard railroad equipment: (a) 15 light Mikado locomotives; (6) 17
light Mountain locomotives: ic) 50 light Santa Pe locomotives: (d) 14 heavy
switching locomotives; and (e) 2,000 50-ton composite gondola cars.
V. 114. p. 307.

n.lKlO.tKIO

..k

61 99t>

Pre-pi'.ymcnts

Q%

tlie

(lIiIh

_

Con.-diracra' deposits

Notes Offered. Guaranty Co. of New York; Union Trust Co., Pittsburgh; and
Potter & Co., New York, are offering, at prices ranging
from 100.47 to 102.27, to yield from 5.50% to 5.75%.
according to maturity, $5,946,200 Equipment
Gold
Notes. Series 67.
(See advertising pages).
Dated Jan. 15 1920. Due $^1.57 .400 each Jan. 15 1923 to 1935. -Vuth.
and issued. $10,293,000; matured and retu-ed, .51,372,400; held by Du-ector-

:i'

I'.O-'.'l.OOO

,s:,

'uniiil. Htork

.

Southern

$H,»WKI,000

K,n,

Sinking lund

will

"A"

Consol. :Mtge.

\-.

Thin Finnnring.

-.-inn iif

Interest

.

|il:iiid

.

Bond

000

on Feb. 1 defer payment of the interest on its $25.000.000 .^% Cumulative adjustment bonds of 1909. This interest is cumulative frorii Nov. 1 1909. and payable in installments of not less than 1 '4 %
-An official of the road is quoted as .saying that "until things get bettor
and we can adjust out equipment to the needs of the property, which was
retm-ned to us in fearful condition after Federal control, we do not see how
we can expect to pay interest on adjustment income Ixjnds."
It is stated that the interest on the company's $27,777,500 First &

lil.'iec'd

•I

v\'

Her .Mtge. 7h

7»tt.0fK)
2.12r..rKM»
H.7IHI.(KH»

I'l*.

p..

I

—

I

),32W.(KK*

.Herl<-

pliiiil

(ItiO

1

S<tI<
H«ri<

electric plant
<»n
h. p.
locate<l at

',l).()()l)

was pi.K
unit on the Kern

17.000 h

'Ida, lUriO:

I

M.Tl-

a gener.il

it

h.p. of geiuTat imllor de«nTlpllon of property.

Una
1

of

new .Midway steam

"T the

I

'

new hydn>

ii

Willi a rnaxlniiim e.ipjicliy
III

h p.
In
In oj,< ri' i"n
113. p. I«7.'l.|

DIv.

In v.'iriiiiis

I)<ies

^'.)l'>.

opi-rale.s:
•ni. Merced aj.'l Melma: oiiiT.ites the
..Id and Kern, and furnl.she.s domefitic

y pl.iced in opfratlon

1

H

'

I

On Aug.
on the Han .Jo.iiiijii] i;
U.
June ID l'»2l rhe firHull..,,

I

operation

I

i

13.

of se viral

niisijlUlat Ion

the leirll<;ry in which

iioill

dl

r

In

Ix'i'ii

from as

:

lU'l

itr<.:.

Los Anicelo, Jan.

of V.-Pres. A. C. Balch,
'-'-•', rni.i In July Pt"

^.

.,

fi,.500

1,536, ,525
1,2,50,000 Pay-roll

Seaboard Air Line Ry.
The company

of

Taxes, licenses,

856,702,112

—

&c

11,000 UOO
27,127 0011
82 40(!
437 315
59 230

Purpose.
(a) To retire floating debt: (6) to refimd ,?400.000 Unifying &
Ref. Mtge. bonds due March 1 1922; (c) to pay for additional improvements
and l)etterment«; (d) to provide additional working capital. V. 114, p. 307.

Adjustment Bonds.

^-7i7«e/P/ec?ric^cb\^\^s"elect7iclight and power properties which s<rve
without comDetition 45 municipalities, including Newark, Jersey Lity,
HobSken^Cmie. The Cranges.. Elizabeth and Montclair. Poptilation
Co..
sen-ed over 1 400.000. Company is leased to Public Service Electric
is owTied by Public
all of whose capiral .stock, except directors shares,
The United Electric Co. s bonded debt consists of
Service Corp
S18.617,500 1st Mtge. 4s due 1949, and S675.000 underlying 5s.
the Properties Ouncd by United Electric Co., Year ended Xor.
Earnings

will

Total

„„,>,„o.,,. a.,^
of the company, and

are secured
outstandin
of substant

I

disc. & exp.
Stock discount preferred
Stock disc. <Sr exp. Prior Pref.
Other deterred charges
Suscensc items

Unamort. bond

S4,896 000

Bonds.

ill, 79!)

164,325
967,112
8,936
392,219
1,055,759
1,161,712

acota. receivable.
Mi.scel. accts. receivableMaterial aud supplies

—

7%

Commoustock

35.001.851

Notes receivable

Outstanding. .§20.086,950.

Authorized S20. 200.000.
;ed.'

167,54.3

Consumers

CertificaUs
of New Jersey.
Offered —Broxel tt C'(j.. Philadtlphia. are offtring at 90 and
Interestint. yielding G2-.3'c. S3. 122,000 e'^ Perpetual
bearing Certificates. Not callable. A circular shows:
Union trust V"-.
paj-able
Dated June 1 1903. Int. parable M. & N. at Fidelity Union Trust Co..
Newark. X J trustee. Fully registered certificates m any denomiBatipn.
Int. payable with-

Corp.

—

Liabilillcs
I>refcrro<l
stock..
P.-eferrc<l (i% stock

!

$14,114,056 Prior

C'a.sh

UMO

Nov. 30 1921 (After Present Financing).

.Sheet

—

Rights and franchises..,
Organization expense
Plunt
Sinking fund
Treasury securities

,

i

411

d
III

Ailli

I

i,r Jill

I

il.

III

I'

>ii'

11
1.1 d
riiilll lull
or iiinklnK liny dlNpo«liliin ilieriKir
I

•

• I

'

I'. II

I

111

r

I

I

:

111.

bllH (iHliert nil

liipiiir il.iii
I

order KriiMl'd

moo
Y

(Mich

V

l.

li.

ii;i

.lill

.

\.

II.

I

'

I

W Te

tu.Men

I

V\

nevKi

I

IIk.

lie fiK'ti

ing mild pnipi
1.1,

""

/'

iidjllil

lliirold

.1

ri l<"

^iHii. InHII,

p

United Traction Co., Albany.
<'<T(iilll

1

l(

ulileet iii.illei
lii'i'eiiiidi I' art

I

hnrliM K. NIobul*, nt

f-rrt Fined.
of tliihlllliu (In
Ill
Insi nni
\iiK
llie xpeeiiil lertii.iii
.

—
—

THE CHRONICLE
—
and
&

412
Valparaiso
The

&

,

.

Northern Ry.

—

Philadelphia

Sale of Securities.

IS

,

Walla Walla Valley Ry.
See Northern Pacific Ry. above.

New

— V. Ill,

—

Washington Ry. &

Control.

income

(incl. divs.

—

654,511
-.$6,110,I.S5

$4,382,937
772,961
425,000

—

deposited cash by the trustees under the mortgage for the electric lines
railway now owned by the Sacramento Northern RR. The electric railrays and other property of the Sacramento Northern RR. are to be con'eyed to the Sacramento Northern Ry. (of California) and the securities
rhich the Western Pacific RR. propose to acquire, are (1) all the authorized
apital stock of the Sacramento Northern Ry. (except directors' shares)
nd (2) all of the outstanding mortgage bonds of the Sacramento Northern
IR., or not less than about $5,165,000. The proposed payment of moneys
rill exceed $1,000,000.
(2) On approving the authentication and delivery of First Mtge. bonds of
he Western Pacific RR., or the payment of deposited cash, in re.spect to
he construction of an extension, or additional lino of railway (if the directors
hall deem the construction of such line advisable) from Woodland to Vacaille, Calif., to a connection with an existing line extending from Vacaville
Willota, Calif., and extending from a point or junction with such existing
ne at or near Willota, to a junction at an appropriate point at or near
fapa Jet. with the Vallejo & Napa Valley Elec. Ry., thence with an exThe amount of expenditures or liabiliansion if desired to Vallejo, Calif.
ies to be incurred or made in the construction of such projected line will
xceed $1,000.000.— V. 114. p. 80.
if
if

—

Light & Power Co. Bonds
Co., and Paine, Webber & Co.,
re offering, at 99 and int., yielding about 7.10%, $1,930,000
Non-oallJen. & Ref. Mtge. 7% Gold Bonds, Series "A,"

Wisconsin-Minnesota

)ffered.

— Halsey,

Stuart

&

(See advertising pages.)
ble for 10 years.
Dated Jan. 2 1922. Due Jan. 1 1947. Int. payable J. & J. in New York
p Chicago, without deduction of normal Federal income tax not in excess
r2%. Denom. $1,000, .$500 and $100 (c*). Red., all or part, on 30 days'
otice on any int. date on and after Jan. 1 1932, at 110 during that year
ad at 1% less per calendar year during each year to and including 1937,
less per calendar year during each
ad at 1()4!^ on Jan. 1 1938, and
ear thereafter, and on July 1 1946, at 100, plus int. in each case.
Tax
ifund in Pennsylvania, Massachusetts and Connecticut.
Issuance of these bonds has been auth. by Wiscon. RR. Com.
Issuance.
Sinking Fund. Mortgage will provide for a graduated sinking fund which
ill provide that pa.vments, amounting to >^ of 1 % of Series "A" Bonds
itstanding, will be made from Jan. 1 1927 to Jan. 1 1937; "4 of l%from
in 1 1937 to Jan. 1 1942; and 1% each j'^ear thereafter to maturity.
•ata from Letter of Pres. Jos. H. Brewer, Grand Rapids, Mich., Jan. 24
Company. Incorp. in Wisconsin in July 1914. Owns and operates withut competition, a system of electric light and power properties, serving 49
immunities located in Western Wisconsin and Eastern Minnesota, and
icluding the cities of La Crosse, Eau Claire and Chippewa Palls, Wis.,
ad Red Wing, Minn. Also operates the gas plants in the cities of La
rosse, Eau Claire and Chippewa Falls, Wis., and Winona and Red Wing,
Total population served, estimated, 185,000. In addition, comlinn.
any furnishes a large amount of electricity to the Northern States Power
!o. for distribution in the cities of Minneapolis and St. Paul and surrounding

^%

— —
—

srritory.

Company's

electrical plants

Approximately

having a total capacity

92%

in excess of

70,000

of total current is generated by its hydroauxiliary steam generating plant at La Crosse
'hich has a capacity in excass of 5.000 h. p.
Current is distributed through high-tension transmission lines aggreating over 630 miles in length, of which 143 miles are of steel tower contruction.
In addition, has more than 220 miles of lines used in local
istribution of current.
The electric railwa.vs of the company are limited to IIJ^J miles of city
nes in Eau Claire, and 12 J^ miles of interurban lines connecting that city
rith Chippewa Falls.
The total city and interurban trackage amounts to
The railway business produces about
of the annual gross
4 miles.
p.

.

plants.

lectric

Has an

5%

Bceipts.

Capilalizalion After This Financing
'referred stock

Jommon
;en.
first

&
&

7%

—

Authorized. Outstanding
$5,000,0(10

cumulative...
$5,000,000
owned bv Am. Pub. Util. Co.).. 5,000,000

stock (all
Ref. Mtge. 7s, Series "A" (this issue)
Ref. 5s and Divisional Liens

(a)
(b)

2,500,000
1,930,()0()

11,854!500

a Is-suance of additional bonds governed by provisions of the mortgage.
b Divisional mortgages are closed at $1,305,500 bonds now outstanding
hereunder and no additional 1st & Ref. Bonds may be issued except as
hev are simultaneously pledged under the General & Refunding Mortgage.
Purpose. To reimburse company for expenditures made for additions
ind Improvements, and to provide in part for further additions .and impts.
Contemplated Improrcment. The most important improvement to be
mdertaken during this year is the construction of a very largo storage
This reservoir will cover approximately
eservoir on the (Chippewa River.
!2,000 acres of land and will store 12,000,000.000 cu. ft. of water.
This
vork is now under contract and when completed in the latter part of the
:ear will permit the company to equalize the use of the water in the Chip)ewa River, storing tiie water in flood time and using it in the relatively
iry periods.
This regulation will greatly improve the operation of the large
i.vdro-electric plant a(. Wissota, making it possible to convert a large
imount of what is known as surplus power into firm power, thus increasing
rery materially the price received for the current generated and making
1 corresponding increase in net earning.s.
Earnings 12 Months ended Dec. 31 1921.
>ross earnings (approx. 67% derived from sale of electric current)$2, 908. 199
N'et, after oper. expenses, maintenance and taxes
$1,254,107
Annual int. on above $13,784,500 outstanding bonds requires..
728,140

—

—

Balance, .surplus

— V.

1

13, p.

$526,027

1S89.

Wisconsin Central Ry.

Inquiry

Sought. —

is understood that a committee representing certain minority holders
the common stock Is being formed to look into the methods of managing
the property.
It is believed that about 25,000 shares located in Now York,

jr

It_

—

—

Western Pacific RR. Corp. Acquisition of Sacramento
Northern RR.
The stockholders will vote Feb. 20 on subitantially the following:
(1) On approving the payment of moneys derived from the sale of First
kitge. bonds of the Western Pacific RR. Co. of California, held in the form

—

—

—

from Potomac Electric Power Co.)

—

The Minneap-

Department"), either concurrently or as early as practicable
after the matter becomes public.
Steel and Ir->n Production, Prices, &c.
STEEL AND IRON MARKETS.— -'Iron Age," Jan. 26, savs in substance:
Operations.
(1)
"With the ups and downs of steel works operation in
January, shown in a range of 40 to 50% for the Steel Corporation and 25
to 40% for the larger independent companies, the rate of new bu.ving
has
been little changed. It is considered a favorable sign that the mills have
kept so well up to the rate of December, with the prospect that the present
pace can be held pending the appearance of the so-called seasonal demand
of February or early March.
"While orders are coming in considerable numbers, the volume is not
impressive and uncertainty as to the course of prices is not relieved. On
the one hand is the expectation, long disappointed, of lower freight rates;
on the other hand, the expected coal strike would mean scarcity and higher
prices in coal, coke, pig iron and steel.
Thus far precautionary buying
15 not a measurable factor in any of these lines.
(2) Railroad Orders.
"At Chicago larger mill operations are expected
when steel specifications on recent and pending car purchases come out.
The Gary rail mill will resume operations Jan. 30 with a three months'
run in prospect. An Illinois Central order for 20.000 tons of rails and one
from the Rock Island for 25.000 tons are about to be placed. Prices on
track supplies are weak and proximity of mill is more of a factor in the distribution of business.
The Lehigh Valley has contracted for repairs to
800 cars. The Great Northern is in the market for 250.000 tie plates.
"Railroad equipment features the export market. The South Mancharian RR. wants 6.000 tons of 100-lb. rails, and mills are meeting keen British
competition.
For Mexican railroad shops $300,000 worth of machine tools
are under consideration. A car builder has taken an export order for 300

Balance for the year 1921, credited to profit and loss
$529,238
The above figures are subject to revision upon final audit of the
Note.
the year. V. 113, p. 1883.
iccounts for

—

movement.

INDUSTRIAL AND MISCELLANEOUS.

p. 495.

Gross income
Dperating expenses (including depreciation), taxes, &c
[nterest on funded and unfunded debt
Payment of 5% dividend on Preferred stock

in the

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

Elec. Co.
Earnings {Not Incl. Subs.)
Condensed Statement for Calendar Year 1921.
jross earnings from operation
$5 ,455 ,624
Vlisc.

Chicago are interested

Paul
Sault Ste. Marie Ry. owns 61% of the stock, and the property
operated as a part of the "Soo" Line system. V. 110 p 2293

olis St.

protective committee for the 5% 1st Mtge. bonds (Stacy C. Mosser,
Chairman) will sell at auction on Jan. 31 at the office of the Trust Departnent of Central Trust Co. of Illinois, 125 W. Monroe St., Chicago, the
'ollowing securities of the Gary & Valparaiso Ry. of Indiana, to-wit:
[a) $47,000 20-year 6% 1st Mtge. gold bonds dated Jan. 1 1922 [total issued
567.000; total auth., .$1,000,000].
(6) $62,400 20-year 6% Adjust. Income
Mtge. bonds dated Jan. 1 1922 [total auth. $78,000]. (c) $.56,000 6%
(d) $56,000 Com?J^on-cumul. Pref. stock [total auth. & outst., $70,000].
Bon stock [total auth. & outst., $70,000).
The issuance of these securities has been authorized by the P. S. Commls;ion of Indiana and the Gary & Valparaiso Ry. Co. is the owner of approxmately 12 miles of interurban railway within and between Valparaiso and
;!hestortou, Indiana, and operating under a 20-year lease the 16 miles of
»nnecting interurban railway extending inio the City of Gary.
The Protective Committee consists of: Stacv C. Mosser, Chairman,
Charles
tValter J. Cummings, William J. Henry, and William T. Abbott.
tV. Chase, 18 Security Bldg., Gary, Ind.. Sec. & Coun.sel.— V. 106, p. 298.
,

[Vol. 114.

cars.

(3) Fabricated Steel.— "'Not in many months have so manv new fabricated
steel projects appeated as in the past week.
Including 10.000 tons for tank

work, 57,000 tons is under negotiation. Awards are also large in comparison with recent weeks, beingabout 16,000 tons.
"In the Central West, with soft steel bar prices irregular,
(4) Prices.
hard steel reinforcing bars have settled to 1 .40c. in ordinary transactions.
"Hot-rolled strip steel of the wider and heavier sizes that compete with
steel bars has sold at 1.85c. and in a few cases lower.
"Each week develops more cases of departure from Pittsburgh basing
on finished steel. Equalization of freight rates is a natural development
of such competition.
In wire nails, while the $2 50 basis has been maintained by leading producers, the use of barg&s for transport to Ohio River
points has given a lower delivered price.
A feature in wire is the appearance of seasonal demand for fencing from some of the Southern States.
"As the price of Southern pig iron continues to recede,
(5) Pig Iron.
it becomes an increasingly important factor in the North, particularly in
the Chicago market, where sales have been made as low as $15 50, Birmingham, or 50c. lower than the prevailing quotation. In the Pittsburgh district a resale lot of 1 ,000 tons of basic went at $17 75, Valley, but the lowest
price made by a furnace was $18, Valley, or 25c. below the recent ruling
price.
The general tendency of foundry iron is downward, and the demand
is light, although some jobbing foundries report an encouragingi i j rease
of melt.
Many foundries continue to figure on the large tonnage required
for the New York-New Jersey vehicular tunnel on which bids will bef eceived Feb. 7."
Pittsburgh Price Base Reported Changed to Cleveland Base by American
Steel & Wire Co. a Subsidiary of the U. S. Steel Corp. "Times" Jan. 27, p. 26

—

—

Ccal Wages &e.
43,000 Central Pennsylvania Coal Miners Appeal to Harding for Aid.—
Also call on Congress and Trade Commission for relief from unemployment.
They demand an inquiry. Officials of District No. 2 say thousands (n
"Times" Jan. 22, Sec. 2, p. 1.
all fields are confronted by actual want.
Anthracite Operators Explain that Mine Wage Demand if Granted Would
Add $1 30 a Ton to Price. Overtime and other proposed charges would
add still more, employers assert. Scale Committee named. Conferences
with anthracite miners to begin after the Indianapolis convention. "Times"
Jan. 25, p. 19.
Demands of Anthracite Coal Miners. See "Current Events" above.
Proposed Coal Wage Reductions. Pittsburgh Coal Producers Association
announces that the reduced scale of wages to be instituted April 1 will be
higher than that paid in other districts and 36 to 40% higher than wages
paid at outbreak of the war. The operators announce that the check-off
system of collecting union dues has been abolished. "WaH St. Journal"

—

—

—

Jan. 26, p. 1.
Twenty-four Coal Operators of Preston County, W. Va., Meet at Cumberland,
Md., to Consider Ways of Starting Operations. "Phila N. B." Jan. 25, p. 3.

—

—

Prices,

Wages and Other

Industrial Matters.

Wheat No. 2 red sold Jan. 23 at $1 26!^, against $1 19 Jan. 3.
Refined sugar again marked up by leading companies to 5.10 cents.
Reduction in Dodge Bros, motor car prices, which will go into effect
Feb. 1, is expected to be somewhere between $90 and $50 on the touring
model. Present list price is $985.
Cigarette prices cut by American Tobacco on certain brands. "Wall St.
Journal" Jan. 21, p. 1.
Domestic leather glove prices cut $2 per dozen. "Fin. Am. Jan. 27, p. 7.
Cotton middling uplands on Jan. 26 sold down to 16.70 cts. against
Prices.

'

19.05 cts. Jan. 4.
a cent a yard from the November
Percales 72-76s have been reduced
prices, while the 80-80s have been cut IK cents a yard. "Times" Jan. 24.
Winton Auto Prices Cut by Amounts of from $1,200 to $1,950. Touring
models, formeriy $4,600, now $3,400. "Times" .Tan. 22. Sec. 2, p. 1.
Spot Crude Rubber Has Fallen During Past Week about 5 Cents a Pound to
The break is attributed to forced selling of a substantial ton16 H Cents.
nage of rubber in London by holders whom banks declined to carry any
"Wall Street Journal" Jan. 26, p. 1.
longer.
«r
v,
« j
Prices fo'- Fall Woolens by the American Woolen Co. Show Notable ReducReckoned decreases on some staple men's wear fabrics, 5% under
tions.
Women's wear fabrics ranged downward from 7><i to as
spring figures.
much as 20%. "Times" Jan. 24. p. 27.
,_
,
t>
*
*
Steamship Rates. United Fruit Co. cuts freight rates from Boston to
Cuba (in some cases nearly ,50%), affecting practiailly every article listed
Rates from New York to New Orleans also cut.
in the commodity rates.
"Boston N. B." Jan. 24, p. 3.
„
,
.„,„
.
o •.. ,.,,r«r
Ocean Freight Rates Down 60 to 75% from Peak. Jan. 1920, but Still 175%
A6«(e Pre-H'nr LmWs.— "Wall St. J." Jan. 23, p. 8.
^,.
^
..„
„
'Post
Shipping Board Orders Wage Cut of 15 to 25%. Effective Feb, 6.

H

—

—

—

—

..

,.

,

,

.

,.

—

—

Lasters' Union at Lynn secures
Li/nn Shoe Wages Adjustment Held Up.
a temporary injunction ordering the United Shoe Workers of America to
stop the referendum vote by 10.000 shoe workers on the 10% wage reduction
proposed by Joint Council. Women Stitcher's Union on Jan. 12 voted to
accept cut in sliding scale between 10% and 35%. subject to general refet^
endum. The manufacturers wanted an average '20% cut. "Boston B. N.
Jan. 21. p. 1 Jan. 16. p. 2 "Times" Jan. 18. p. 30.
N. Y. Towbnat Strike Ends 800 len Back on Job. Capt. William A.
Maher, manager of the United Association of Masters, Mates and Pilots,
claims the strikers won against the $30 a month wage reduction, the reduction where accepted, being small, in many cases only $10 a month.
Brooklyn Bakeries Plan Wage Cut of $9 per Week, says Charles Hawkes,
Secretary of the As.sociation of Union Bakery Proprietors, since the chain
The bakers have received wage increases
stores now sell bread for 5 cents.
About 2,000 men and proprietors or
totalling $28 per week since 1917.
"Times" Jan. 24, p. 19.
nearly 450 bakeries are affected.
The Textile Vuge Rcduitions of 20% in Connecticut and Rhode Island.
Reduction niav become general, though leading interests oppo.se it. see
Consolidated Textile (-o. below and "Boston News Itureau" Jan. 21, p. IWage Cut Cancelled by Asbestos Firm. .lohns-Manville. Inc., notify
employees whose salaries were reduced by 10% on Oct. 1 1921 thatthe
former salaries are restored to date from Jan. 1, since," it la bellevea. the

—

—

—

THE CHRONICLE

Jan. 28 1922.]

tide of business conditions has changed and is turning for the better."
•Times" Jan. 23, p. 24.
"Times .Tan. 21, p. 18.
Bridgeport Cilii Cuts Kmplni/ccs' Pni/ 20"*;,.
New England Textile Situation. Operations in New Bedford have declined
u the past six weelis with the failing off in demand in anticipation of lower
wages and prices to approximately but 7.5% of the 3,500,000 spmdles are
now active against a full 85 7u Jan. 1. Oloth mills are running 80 to 85%
against about .50% for the yarn mills.
.\t a meeting of the manufacturers just prior to the 20% wage cuts

m

Rhode Island and Connecticut it was agreed to take no action towards a
reduction in waces. The cuts in those States have now radically changed
mill

H%

—

.

&

„

A

—

,

.

Lesislation, Court Matters & Miscellaneous.
Denies Tobacco Conspiracy. See "Current Events" above.
Kansas City Live Stock Exchange
Says Packers Seek Monopoly in Hogs.
files charges against Armour and Fowler companies; also with price fixing
in its worst form. "Times" Jan. 26, p. 11.
21 Building Pipe Indictments Found. Ten firms are named, with 11
individuals among the former. The defendants are the Central Foundry
Co. of New York City, Sanitary Co. of America, of I nfield. Pa., &c.
"Sun" Jan. 5, p. I.
U S. Budget Bureau Would Resume Old Pneumatic Maxl Service. Subnoits
an initial estimate of $534,747 to Congress, being $18,500 per mile. "Sun
Jan. 24, p. 2.
Republican Caucus at Washington Orders Bonus Bill Drafted and Rushed
Throuoh the House. "Times" Jan. 27, p. 1.
A", y. Senate Passes Telephone Bill Requiring Attorney-General to Represent
"Sun" Jan. 25, p. 9.
Public in Rate Litigation.
Government to Sue War Plane Makers. Will seek $7,260,439 from Dayton Wright C«. and Wright^Martin Corp. Alleges over-pajTnents. Official of one concern retorts that Government actually owes it SI, 000, 000.

—

—
—

.i

—

.

'

—

—

"Times" Jan.

—

27, p. 5.

—

Bill for Federal Tax on Gifts.
Representative Frear offers bill for a graduated impost, ranging from 1 % on amounts exceeding SI .000 to 25% on
gifts in excess of $10,000.
"Times" Jan. 22, p. 13.
New Tax Form for In€ome up to $5,000 Available This Week at Collector's
"Times" Jan. 16, p. 23.
Offices.
"Times" Jan. 25, p. 19.
A', y. State Inctrme Tax Ruling on Bad Debts.
Halts State Tax on Iron. Federal Court restrains Minnesota officials
pending a hearing about Mar. 1 from taking any steps to collect the occupational tax on iron ore in Northern Minnesota. Order by Judge Morris
restrains further examination of books of the Oliver Iron Mining Co.
and 30 independent corporations or to assess the tax against them. "Times"
Jan. 27. p. 6.
Trade Journal Articles
"Engineering & Mining Journal" of ,Tan 21,
in its Annual I*rogress Number, has .irticles as follows: Copper in 1921. by
H A C Jenison. p 81, Lead mining, by Clinton H Crane, p 83, Zinc
mining, by .Arthur Thatcher, p. 83, Gold mining, by Sidney Jennnigs. p 84,
Silver mining, by F E Wormser, p 85, I'lalinum. by James
Ilill. p
86. Quicksilver mining, by H W, Gould, p 87, Iron ore raining in the
United States, by D E A. Charlton, p 88. Nickel mining, by Thomas W.
Gibson, p GO. The Petroleum outlook, by John D Northrup, p 93, Coppersmelting industry, by A G McG'-egor. p 1 10. The moment po.sition of the
mining industry, by A. H Ilubb^U, p 128. The outlook for copper, lo:id,
zinc. tin. iron, p. 130 to 138. Mining dividends and mining stocks in 1921,

—

—

—

,

—

M

149 to l.V).
Matters Coctred in "Chronicle" of Jan. 21
(a) T. W. Lamont looks for
business revival comments on Mexico, p 242
(b; Problem of exchange
nations that, will nn> buy kHjiI! not sell, Dwight
Alorrow, p 244
" '
<•, p
(c) National
245
(d) Senate passes bill in(.Teasing m»r
.>erve Hoard for agricultural intt!restJ>.
fej
len and Secretary Mellon in support of
p 247
ban on tax-excn pt, ntcuiiliu.-.. p Z-IH
(f) Senator Fletcher advocates taxexempt se<niritles, p 249
(g) Congre;»sional plans for soldier bonus bill,
(h) Termination of the strike in N V women's garment trades
p. 2.VJ
the employers fnjolne<l. p 26.3
(i) Crude oil daily prcKluction, explanation by Petroleum In.stitute of
relation r)f its figur<-i to Federal Statistics, p 26-1
(j) .SlmpliflMl Fed'-ral income lax forms for incomes of $5,000 and less
available, p 271
(k) Income tax
extension of time for piyment of

p

—

—

—

W

"

'

.

!

;

—

Tax on

theatre tickets retained, p. 2/2
(m) Foreign holdings of Unlt«!d States Steel Corporation, p. 271

deficiency,

p 271

(I)

—

—

—

Ajax Rubber Co., Inc. Listing Earnings.
The New York Hux-k Exchange has authonzed the listing, on

or after
Jan. 25. of 200.000 Bhar€>s of Common hto<;k, no par value, on official
notiro of Iwimnr*-. nhsrc for sharo. In exchange for present outstanding
"'•
Coto add 200,000 additional shans,
no
:ind paynx'iil in full, with fiinlur
auif
!
.lock on official notice of i.ssuanci;
and imymvin in full, amWlnti the lutai amount applied for 500,000 shares.
Inrnrnf Account for \ine Months ending Sept. 30 1921
'ling for adjustment of Inventory and commitLoM Ixf
ment
int on horrowwi money." and Koderal taxes. .$2,440,643
;

:

,

Adr!

'•-

'

down mventorlci and commitments,

;•

«
Int

;.rlco

reductions, $300,000

l,l,57,4.il

:i62,370

y

.'$3,966. 145
.. 1,615.480

_

'I

>*iir

.r

Jan.

l>.fi<lt H.-nt.

Oompare

V.

1

1921
.30 1921
13. p. 2724: V. 114. p. 200.
1

$2,350,964

morflh.m

120.00f)iiharoiiout of the total of 150,0OOKhareH
have Imm-h deiMmltcrl under the plan by which the
.Vnaconda Co[.|xt .Mining Cu. i% to take ovnr the Ura^n co.
V. 14, p. .309.
th,,i

company

1 Ht<K-k

1

American Fork
Kr*lii DwiKht
V. 100. p. 9>t2

Am<>riran

& Hoe

9.

Cn

fJlij«

' }

,1',

I

h

rl

('liiinniiii

,1

"

I

P»ld S<'Uil lIlllU.ll 'll', i'lflllli Ol 1',,
V 114. \, .'.O'.)
1921. InrluRlve.
:

S678.033

.surplus

1

1.

.u:U froui .N'o\i.rral)er

'<fn-.il

hi» »w..n

f|..»n<!<l

I

We

'•'"'

''onin'on

The oimpaiiy has
1920 to Novnmb«r

M

xurx-ivMllriK

.

Wealey .M

,

Oler,

Olur Jr. him bonn <'Ii!CUi<l Ik
T'-w, Tri-.-K»uriT, nnd llenry ('. IInrrlMiti,
Tin

American Malt

St

lei

Orain Co.
•>
4

-Stock.

nerican Su^ar Refining Co.
Ameri

Ameri
nerican Tobacco Co.

V.

13, p.

Net

loss for period

gg 715,888

and loss Sept. 30 1921
576,096 915
For terms of acquisition of American Brass Co., description of properties, earnings, balance sheets, &c., see V. 113, p. 2617, 272S. 2822; V. 114

Profit

p. 74. 201, 310.

—

Anglo-Persian Oil Co. Stock Offered.
London dispatches this week state that issues of £24K)0.M0 preference
and £600,000 ordinary shares, offered Jan. 23. were •vejwibscribed

—

V. 112, p. 2308.

Autosales Corporation.

Enrninqs.

—

Gross earnings for the year 1921 were $1 ,330,700 [compared with $1 ,547 236 for 1920] surplus for the year 1920, after Federal taxes and other deductions was $96,311, compared with a deficit of $23,672 f»r the previous
year.— V. 113. p. 2822.

Beaver Board Companies

(Del.).
Rearganization Plan.
reorganization managers, Central Union Trust Co.
of Illinois, Chicago, Federal Securities Corp., Chicago, and
Hambleton & Co., 43 E.xchange Place, N. Y. City, have announced a plan and agreement for the readjustment of the
debt and capitalization of the company and of its subsidiary and affiUat-ed cgmpanies. The plan has been approved
by committees representing bond and merchandise creditors,
noteholders and stockholders of the company.
12-Year Gold Notes, the First Preferred.
Holders of the
Second Preferred and Common stock are requested to deposit their securities on or before Jan. 30 next with either of
the depositories named below.

—The

8%

It is intended by the plan to preserve as far as possible tho prosonfc position of the security holders of the company, espoci.ally tho notohotdei-s. and
it is intended to carry out the readjustment -without the iDtervealion of
judicial proceedings.
A circular accompanying the plan states in substance- The company

management

has bi-en under the

of an advisory commitfece ropresontiig

creditors since March 1921, following tlip appointment of recoivors for
Imbriii & Co.
That firm had purchased from the company a very con.sidecTble amount of its
12- Year Gold Notes and had not paid for approx.'*1, 600, 000 of these notes at tho time of the appointment of tiniin.-itelv
The notes had, however, been negotiated and
receivers for thit firm.
are now outstanding in the hands of tho public, and are provable claims
Because of this state of facts, claims are binng
agnin<t the company.
priissed agaiii-st Imorio <fc Co., but any recovery upon tho clainns against
tlii" firm will necessarily be delayed for a oonsiderablo ( imo. :«id tho amount
that will be actuall.v realized upon the claims is problematical.
Tho liabilities of tho company and its subsidi.-iriis due on or before
April 1 1922 are approximately $5,000,000.
A very siibst-intial portion
of this amount was extended by agreement to .\pril i 1922, and some dispo-^it ion of this indebtedne.ss must bi^ made before that timio.
Tlioso fi^iu-os
do not take into consideration the $3,248,700 12-Yo.ar Gold Not^w.
.\il arr.ingenienl has been made by which 11. L. Worden, formerly President of the Lackawanna Bridge Co., has agreed to accept tbo Pres'idtaicy
<if the new As.sot Company.
Hunk, Mircliandisr and Ollirr Creditors' Committee. Goorgo R. Baker,
John A. Kloepfer, W. II. Kershaw, Philip W. Uussell.
Committer for S% 12-y<'a;- Gold Notes. Arthur G. Doane, Nathan S.
Jona>J, .\lvin K. Kramer. Josiali Macy, .M;irvyn Hi-udder.
First and Saund Preferred Sloekholderi' cihnmittec.
W.«Ton Henley,
('. K. I'iKtell, (ieorgeT. Kogers, Win. K. Shearer.
('ominillrc for Common .Stockholders.
P:iul II. Davis, ,T. F. Tfaggerty
John l>igan, Henry Peterson, Harry Dwight Smith. William Thompson.
.'yrrrelfin/ of all Committees.— -\'>on:M D. Davis, Liberty ludaslrial <torp..
100 IJroadway, New York <Mty.
Ih iHisitiiries. f;entral Trnst <'o. of III.. Chicago: Marine Tmst (^>..
Iliiffalo. N. Y.; Citizens' Trust Co., Buffalo, N. Y,; Central Union Trust

8%

—

—

—

—

—

New York (-Ity,
Plan ariJ Aicrcemcnt for Readjustment of Debt and Capitanz.itioii.
80 Broadway.

Dated .Inn. 16 1921.
l.inbihtus of Heaver Board Cos. (of Del.) (ind Sul>siili(iries as of Dec.
Current l.iiibilltirs—(\) Notes payable \prll I 1922, .52. (MO. 090;
oijii-r

notes

pav.'ibli-,

:*l

.

Il)7,'l.'{2;

\'.i)

1021.

1

accounts puyibln,

Ac,

S-1 ,086.56.'>
(2)
iKiifH and purchiute money obligations of nub. <v>k. ,
$4,0:i8.-».Vt
%7H'>7r,(): Uitnl
(hii^ianilhi'i Ciinllal Stork of thv lieamr Hoard Companios.

l-irt.l

in..| i.av-roll,

..
$|.I7.S.--'I3: total ..
H'/o 12-Year Gold NoUw, $;i,2 IS.700:

l.'ahililien—H)

KInt

rr.-f.M-r.sl

<

W, 507, 400
.52,763,700

HliMk

lYefernd

S<i'oui|

Nioi-k

'iiuunon Ht<M-k (without piir value)

Snln,,

I0)>

'

.

I

(

I.

'.r

I

2H2I.

<

,.,.,1..,.

of

lli<.

\»Hi-i

,,,,,,,,,

1.,

lie

.11,

ol

In.

«

'.111

ull.iii |iri>|MTlii>iH nIijiII In'
s, iiiK HijMik of wliii'h

oiiiip mil

her principal coiniiuiiy "hall bo

company, owning

|ir<»i<iit

.

hnii

i-<iiii|i.-ir(xl
<-<.iM|ar«><l

ti|iH.iri|ii

Willi

of $|ii

('ninpniiy,

;

lliiiliiil

i.i

•!

'I'll!

'Kill

uliiih

,,r

'i

.11(1

'.

ii"i.

Mill

l.<

\

|.r il

'ilHI

niiii.lioii

I

1<-'I<^»1
1

1

1.

'I'rMln
p. :iin>

f

'ominlmlon

«flr

«

iirront

r

kiiIk.!'

.it

r.
III.
.

IsMli-

^Me

|iri*x.iilly Inmiii'.I
.1
nil Nlirli nvil entiil)
I.

iji.i
Ojl.l

r..i
'

lloldInK
i»
nntlro cuplt-ii -i,.,!.

tint

Prire-Fixinff dhgrn

«fr,

n»n«l
will Im-

Ftind«a Dabt and Capital Stock of Aaaat Company.
A el. >•«•.!
Flrni Mi'if imjr Jil "ieiir K'
.Siiikhi) I'inid '.'"/'/ Itiiiulf.

.

V.

lflO.,S7Hi«h.

.

Fnrmiilion of " \nsrl" Company awl " llotdlng" Companv.
\^^it Cooinani/.- It 1< propoM il In iirg-inl/e nil .Xssrt Compa'i'i lo nri|lliri<
xiili^iiiiilliillv nil of llie |il,iniM iiml |iropi'rl li's iif evcrv klml dxitli Ijinglbli'
'
-,
'
iilliirv i'iii-|ii>r;itl<in« mid of till' ••omiiany.

,

'

.

LisHno

—

~

Mtrgrr Ruimn Ihmicd.
1

OfKI,
OfKI,

KvrnM

—Earvfngs.—

Co.

authorized the listing of $1 1 ,656,250
Capital stock, par 350, upon official notice of issuance and payment in
full, with authority to add not to exceed $21,781,250 additional Capital
stock on official notice of issuance in exchange for outstanding Common
stock of .\merican Brass Co.. making the total amount applied for $160 000,000 (total authorized issue).
R €cd vis
Disbursements
Sales of metals
$22 ,592 ,997 Metals in proc. & on hand$32. 536,1 83
Salesof mf. prod. &mdse. 4,719,880 Mining, incl. developm't 3,447,883
Royalties, rentals, &C-..
3,279,823 Oil purchases..2,500,038
Reduction, incl. ore transp 4.239,477
Metals in process (at cost)
Refining & selling, ind.
excl. of exp. during sustransporta. of metals-- 3,019,130
pension of operations. - 18.989,746
Cost of mdse. sold
4,363.186
$49,582,446 Admin. & Federal taxes.
Total receipts
949,523
6,196
Miscellaneous income
Total..
851,055,420
$49,588,642 Balance, deficit
Total income-$1,466,778
suspension of operationsExpenses during
3.954,904
Amount charged off for depreciation and obsolosceooe.
912,610
Interest
2,38i;596

.

n'lmlttnl to thn llxt: Aiii>Tl<un .M;tll
to wo-ond piiyinxnt In llnu of npllnl

.M«w f lid; <'.in«' Hiii<..r <<ir|i. Im-Ii,w
f'litiii

|iri

(7)557,363
___.

S50,538 defS186.399

83.

Anaconda Copper Mining

41000

6»,()00
(7).575,235

The New York Stock Exchange has

l}h'i<lr'iil.

"^ '^'^""
li

American Ice Co. ~N«w "

Kiir

Earnings.-

iHinilN.

'

i..

— Balance,p
V. 114,

..-.

ami PurctuiidnK Dlriflor, died Jan.

nUx

in

1,341,9.54

(3H)297,.500
1,953,079

Ohiiuary.

I

r.hnrU«f

).

J

Co.

l/<iwi-l|. M«-<T<t;»ry

a.(est

Preferred (Uvidends
F.d.t.-«.xe.s lor yc.-ir 1918-

'•ci.,

American Brass Co. DiponitH.
ItiH^latKl

of the

(iross .sales
Tot.il earnings

Fed ta.xes7%p

Bid.

1019
1920
IT'l
.-$25, .577, 846 $35,345,711 $25,.577.R45 $34,855,330.
4, 270, .566
x,-..^,.,,,,,
694,773
.,^x,.io
-n i ai>,>
411,96,5

1918

Calendar Yrars-

men

brings out the belief that neither
New Bedford nor Fall River can compete for long without a similar reduction in payroll expense.
cut of December 1920 would bring
A 20% reduction added to the 22
wages down to about 160% above the pre-war level or to about those of
December 1919. While such action may bring about a strike, as is now
threatened in Rhode Island. New Bedford textile interests do not anticipate
such a move would be severe or prolonged.
During 1921 no New Bedford mill passed its preferred or common dividend during the vear. These disbursements were paid for the most part
from surplus. "Boston N. B." Jan. 26, p. 1. See also Consolidated Textile Co. below.
.,.,_.
LiabiliCo., Seattle.
Receiver for Shipping House of Frank Waterhouse
"Times" Jan, 14, p. 20.
ties of .SoOO.OOO.
„. „„„ „„„ ..^
^
So.OOO.OOO "frozen
Joseph. 60 Wall St.. in Creditors' Hands.
Childs
assets" at foreign ports $7,000,000 Uabilities. Committee of creditors
Co. takes over the business
headed by George Nichols, of Minot Hooper &
"Times"" Jan. 8,

and a census of

the situation,

Amer. Wholesale Corp., Baltimore,

—

—

413

Ill

V

urn

il'i'TinltHsl

1

>0(l. 0(111

Il

•

>
iiiiinc.v
ri-H I n-l for eorinii (if till hiind'- for PI'J.'I
.

I

mil

111-

THE CHRONICLE

414

and each year thereafter at the semi-annual rate of 2^^% of the highest
amount of bonds at any time outf^tanding.
Capital Slock of Asset Company.
Authorized. 150,000 shares, no par value
which will be issued to and owned by the Holding Company.

—

Company.
Notes.
A closed

Capitalization of Holding

—

issue limited to
(1) W-Year 8% Collateral Tnitl Gold
$4,000,000. of which aoout S3, 248. 700 will be presently issued in exchange
for 8% 12- Year Gold Notes now outstandins;.
Secured by the deposit of
the entire outstanding capital stock of the Asset Company.
Dated Jan. 1
due .Ian, 1 19:j.3. Int. payable .1. & J. Not Ie.ss than 5% and not
1922,
more than 10% of the largest amount of such notes at any time issued and
outstanding shall be retired annually out of the net earnings of the Holding Compan.v.
If the Holdint; Company fails to retire ?>% in any one .year.
such deficiency shall be retired in subsenuent years from the net earninirs
of the Holding Company before any divs. shall bo paid upon its capital
stock, and such pa.vraents for retirenient of the Collateral Trust notes shall
be made from divs. received on the capital stock of the Asset Company.
(2) 7% Cumutntive preferred (a. & d.) Stock.
Not to exceed $10,000,000
(par SIOOK
Red. all or part at any time after .30 days' notice nt 10.5 and
div., and entitlerl to par and divs. in the event of a dissolution or liquidation.
Dividends payable quarterly as and when declared, and cumulative from
and after .Jan. 1 1925. Shall have no voting rights except when four consecutive dividends are in defnult. 2.')% of the earnings of the Holding
Company in each .year, after paying divs. on the Pref. stock, int. on the
notes, taxes and adm. expen.ses, shall be used annually to retire the Pref.
stock, provided the 5% to retire the Collateral Trust Notes has been first

—

complied with.

Common Stock.

—

(0) 7.5,000

in

dissolution.

Class "A" stock is redeemable on 30 davs' notice as follows: 1922. SIO;
1923. $12: 1924, $15: 1925, $17; 1926, $19, and thereafter at .?20 per .share.
Sinkinn Fund for Class" A" Shares.
("^lass'W" shares are further entitled
to a sinking fund for the purchase and retirement thereof at not in excess
of the above prices, which sinking fund shall be created by the deposit
therein of an amount equal to the amount of divs. declare'! in each instance
upon either or both classes of Common stock, and sliall be payable by the
Holding Company when and as such dividends are paid.

Treatment of Present Debts and Securities.
Bank creditors agree to accept in payment of their indebtedness bonds of the As.set Company at 90% of their face value and int.
The banks agree after the plan is consummated to extend to the Asset
Company for a reasonable period blinking accommodations to the extent of
at least 35% of their present lines if the financial condition and the management of the Asset Company is satisfactory to the several banlrs.
Merchandise Creditors. The claims of merchandise creditors will be a.ssumed and paid by the Asset Compan.v in cash upon the consummation of
the pla n
12-Year 8% Sinking Fund Gold Noteholders. Holders will receive a like
amount of new 11-Year 8% Collateral Trust Gold Notes of the new Holding
Creditors.

—

—

—

Comp.any.

—

Preferred Stockholders.
First and Second Preferred stockholders will receive in exchange for each .share of Preferred stock now owned a voting
trust certificate representing one share of the Preferred stock of the new
No distinction is made b,'?tve;?n the First and Second
Holding Company.
Preferred stocii because practically all of the owners of Second Preferred
stock hold contracts providing for the exchange of such Second Preferred
stock into First Preferred and-or for the redemption or repurchase by the
Beaver Board Companieb of such Second Preferred stock.
Common Stockholders. Holders will receive in exchange for each share
of Common stock now owned a voting' trust certificate representing one
share of Class "B" Common stock of the New Holding Company.
All the Preferred and Common stocK of the Holding Com\'otino Trust.
pany shall be pl.aced in a voting tnist to continue while einy of the new 8%
If the voting trust is
Collateral Trust Gold Notes shall be outstanding.
terminated prior to the expiration of the period specified, the 8% Collateral
Trust Gold Notes may be declared due and pa.vable forthwith.
Shareholders rf Subsidiary Companies.
{a)
Preferred stockholders of
present subsidiaries the assets of which are to be acquired by the Asset
Company will receii'e Preferred stock in the new Holding Company at par.
(6) Common stockholders of existing subsidiary companies will receive
Common stock of the new Holding Company of such class, and to such extent, as may be agreed upon.
I'ndcrvriling of Bonds and Ne'P Bank Loans of Asset Company.- The reorganization managers agree to obtain an underwriting for the purchase from
the bank creditors of .$.3, 000, 000 bonds of the A..set Company at 90% and
int., and agree to obtain an under-writing of S750.000 of new bank loans of
the Asset Company, with which to pay merchandise creditors in cash.
The agreements to under^vrite the bonds and the new bank loans may,
however, be withdrawn bv the unde^^vriters if tlie bonds are not ready for
delivery on or before April 1 1922.

—

—

—

—

Balance Sheet o' Asset Company, After Girina Effect to New Financing,
Inclnding the Assets of the Canadian Companies.
(Based upon reported condition of company & subsidiaries as of Dec. 1 '21 .|

Liahilities.
liabilities: (1) Notes payable. $428,600: acc'ts payable,
accrued pay-roll. *:c., $1,178,243; new bank loans. $750.000.-.|2,.^.5(;,813

Current

for rc'urn of bags
issue. First Mortgaze

Reserve

xNew

128,767
3,800.000

bonds

Capital stock and surplus (150,000 shs., no par value)

15.9.50,130

Total, assets and liabilities

$22,235,740

\ Does not include claims of doubtful value against Tmbrie & Co. (in
receivership), amounting to at least .$1,473,588 and interest, nor certain
claims on stock liab lify.
y $800,000 will be rcservfxl for exchange for bonds, notes and purcha.se
money obligations of subsidiary companies. V. 113 p. 538.

—

—

—

—

Bethlehfim Steel Corp. JAKlhtq Enrninoff.
The New York Stock Exchange has authorized the lasting

of $2,365,000
Oonsol, Mtge. 30-Year Sinking Fund 6% Gold Bonds, Series A, dated Aug. 1
1918, due Aug. 1 1948. which are outstanding In the hands of the public,
with authority to add to the list $66,012,000 of Series A on official notice
that they have pas.sed beyond the control of the corporation, either by exchange of Secured Serial 7% Gold Notes or .sold or used in acquisition
of property, making the total amount applied for $08,377,000.
Consolidated Profit and Loss Account for Ten Moiiths Ended Oct. 31 1921.
Total net earnings from operations of the corporation and subsidiary companies, after providing for taxes, including Federal
income and excess profits taxes, and expenditures for ordinary
$17,244,579
and extraordinary repairs and maintenances
7,367,821
Less Interest on bonds and notes
Partial provision for depreciation and depletion (balance to be
provided at end of year)
1,100,732

—

^°L

.

—

—

—

—

Calumet & Hecia Mining Co.

— Resumption. —

R. L. Agassiz states that the company is planning to resume operations
at the mines on April 1.
V. 114, p. 310.

—

(J. I.)

Case Plow Works.

— Earnings. —

Earnings for 15 Mos. end. Sept. 30 1921 and Fiscal Year end. June 30 1920.

„
Net

15 Mos. to
12 Mos. to
Sep<.30'21. June 30 '20.
$4.728.5.57 $11,006,883
7,396.520
9,946.064

,

sales.

Exp. inventory, adjustments, &c.
Operating income
Other income
Total.

$1,060,819
141,230

toss $2,430.8.54

554.940

...

—Balance,
V. 113,

$2,667,963
237,109

$1,202,049
528,684

$2,985,794

$673,365

toss

Interest, depreciation. Federal taxes,

&c

surplus
1364.

toss

p.

Chicago Yellow Cab Co., Inc.— Dw. Put on Monthly
Basis

— New

—

&

—

Officers
Directors
Probable Stock Dividend.
voted to place dividends on a 33 1-3 cents monthly

T.ie_ directors h.ive

basis

from Feb

15

The regular dividend of $1 per share for the quarter just ended will be
paid Feb 15 to holders of record Feb 1
Charles H Ritter has been elected Treasurer, succeeding John Borden,
who resigned as Secretary-Treasurer, but who retained his seat on the
board of directors. Edward N, D'Ancona, general counsel for the company, was elected Secretary, also succeeding Mr. Borden.
Leonard Florsheirn, Pres of the Kabo Cor.set Co.. and Harvey T Woodruff have been elected directors, thus increasing the board from 9 to 11
me'nbers
The Chicago "Journal of Commerce" says: "The question of a stock
dividend will be submitted to stockholders at a meeting on Feb. 7.
Stockholders of record Feb 18 will receive that stock dividend"
V 113. p 2315.

—

Columbia Graphophone Mfg. Co.

—

—

mittee
Cuts Prices.
A committee to represent holders
formed, composed of the following:
anty Co G Herman Kinnicutt of
nifk of Dominick & Dominick, and
,

— Note Holders'

Com-

of $6,000,000 5- Year 8% notes has been
Harold Stanley, President of the GuarKissel. Kinnicutt

W,

A.

&;

Co

.

Bayard Domi& Mar-

Butler of Butler, Herrick

shall
It is stated that various committees are engaged in preparing a rehabilitation plan the details of which are expected to be announced in the near
future
The company announces that all 85-cent 10-inch double disc records have
been reduced to 75 cents each. V. 114, p, 202.

—

Consolidated Cigar Corp.

—

Nen^ Direcfors. (f'c.
Louis Cahn has been elected Vice-President and a director. Eugene
D. Klein has been elected a director, succeeding D. B. Cahn. Louis Cahn
and Frank de C. Sullivan have been elected members of the executive committee.
V. 114, p. 202.

—

—

—

Consolidated Gas Co. of N. Y. Ann. Report Director.
See annual report under "Financial Reports" above.
Horace W. Fuller has been elected a director succeeding James A. Still-

man,

resigned.

—

Dividend Action Referred to Executive Committee.
The trustees on Jan. 25 decided to refer the matter of the

quarterly
dividend of $1 75 to the executive committee, which meets .Ian. 31.
The executive committee will apparently ba.se its action on the decision
of the Supreme Court, regarding the constitutionality of the SO-Cent Gas
Law, which is expected to be announced on Monday, the last decision day
of the Court prior to its adjournment until the latter part of February.
V. 114. p. 310.

Consolidated Imperial Mining Co.

— To

Dissolve.

—

The

stockholders will vote Jan. 30 on a resolution for the dissolution o
the corporation and the distribution of its as.sets. Company's office, 34^
Mills Building. San Francisco. Calif.

Assets.

Cash, SI ,523,905: le-ss Fed. & Canadian taxes. $96,196
$1,427,710
Notes receivable. $145,696: acc'ts receivable, $2,196,318; less
reserve for doubtful notes and acc'ts, $131 ,077
2.210.937
Inventories, .'S3.390.514: less estimated adjustment. .$7.50. 000-.- 2.649,514
xOther assets: (1) Mortgage receivable, $33,^50: (2) deferred, prepaid int.. ins., &c., $152,748; (3) other oblig.ations, $127,211-.
313,700
Plants, equipment. &c. (after depreciation)
14,133.871
Patents, trade-marks and good-will
1,500.000

—

Earnings for 1921
1921.— The company sustained a total

loss in 1921 of
$3,874,475, reducing its surplus as of Dec. 31 1921 to $17.6.5^.032
Steel Co
Merger.
Chairman James B. Kennedy announced that the
company has been engaging in merger discussion with six other independent
interests and thought such a combination would prove a stabilizing influence
It was stated that no report from the merger committees
on valuation and
plan of amalgamation has yet been made.
Outlook-— Bu.siness. The past year was one of extremely adverse condltlons. Mr. Kennedy said, but all economic indications point to nearby
improvement. The company has little forward business on its books.
The volume of busmess in 1921 was declared to be 38% of capacity
Purchase. The Drier Hill Co. has purchased an iron ore mine of 8,723,000
tons on the MesabI range.
were $12. .525. 837 compared with $44,222,o,«°'^*,-,.^.5-~^''°^''.?^''''''° 1921
219 in 1920. Payroll of $4,695,000 was over 35% of sales receipts last year.
Production in 1921 was 203, .545 tons and shipments 226.787 tons. ''Iron
Age Jan. 26, V. 112. p. 2645.

—

Bank

—

[ToL. 114.

Brier Hill Steel Co.
...o^'irT'VK.*

.

Authorized. 22.5,000shares. no par value, divided into
shares of Class "A" stock and (b) 150.000 shares of Class " B"
The Class "A" stock will be entitled to divs. of $2 per share in
slock.
any year before any div. is paid upon the Class "B" stock, and after an
amount equal to such div. has been' paid into the sinking fund 'bflow) and
a div. of $2 per share has been paid upon Class " B' stock. Class " A" stock
will then be entitled to receive a div at the same rate that is paid upon the
shares of Class "B" stock.
Both cla.sses of Common stock share ratably
(3)

—

—

.

Consolidated Textile Corp.

—

Strike

— Wages. —

Kuignt mills controlled by the coitpiny in Massachusetts and Rhode Island are shut down as a result of the walkout of
employees on Jan 23, following posting of 20% reduction in wages,
Mills which are tied up are
Bleachery at the Pontile mill is also down
Natick
Centerville, Arctic, Natick. Royal. Valley Queen and Pontiac.
and Royal are two of lirgest mills operated, so that strike Is affecting
approximatel.v 50% of production of Knight properties
In those
It is not expected that there will be any further walkouts.
mills which are tied up. approximately 8T"; of the emplo.vees expressed a
willingness to work, but as practically all keynien went out, mills had to
Most of those striking ;ire Italians, The original nine
be shut down
Consolidated Textile mills located in the South are operating at 10%News Bureau" Jan 27.
"Boston
Six out of ch tin of 17

—

See also "Industrial

Summary"

above.

Continental Candy Corp.

— V.

— Plan

113, p. 2726.

Abandoned

New

— Two New
—

Jersey Assets.
to Take Over Chicaqo and
The creditors' committee. Merrel P. Call.away, Chairman, recently
unable to ctrry out the
notified the creditors that the committee has been
proposed plan for partial reorganization and as no useful purpose will
be served bv its continuing to represent the creditors, the committee
has therefore been dissolved and will no longer act for the creditors (see
proposed plan in V, 113, p 1'679).
^
^v.
.m.-

Companies

.,..,,

will operate the Chicago
assets which wore recently sold at public auction for about $387.01)0.
Another new company, it is understood, is about to be formed to operate
the Jersey City plant, which was purchased last week b.v Joseph P Day
"
This last sale, it is understood, disposes of the last of the
for $310 000
of
a.ssets of the Continental Candy Corp except about $10,000 or $11,000
The total realized
Liberty bonds and $5,000 or .$6,000 accounts receivable
which
by the trustee in bankruptcy will amount to about $800,000 fromtbe exthere will have to be paid about $315,000 of mechanics' lions and
It is estimated that not more than $400,000
penses of the proceedings. &c.
at the outside will be available to apply to creditors' claims aggregating
about $4„500,000— V 114. p 310. 83

The Snows Candy Corp has been organized and

—

—

Cromwell Steel Co. Trustee Takes Steel Plant.
The Guardian Savings & Trust Co.. Cleveland, has taken possession

Profit

of
the properties at Lorain. Ohio, in the interests of unsecured creditors.
This action, it was stated, is tantamount to a receivership. H. A. LawThe action i.s tne
rence, Lorain, has been named custodian of the plant.
mtge.
initial step toward foreclosure proceedings upon the $2,000,000 1st
7% notes, due Oct. 15 1921. ("Iron Trade Review.")—V. 112, p. 37b.

—V.

Letter patents have been issued by the Secretary of State o/„9n']5,A
incorporating the Croum Cork A Seal Co., Ltd.. with a capital of $50.(X)0.
company
to purchase, take over or otherwise acquire from the Baltimore
"^ IT^, ". T"'
the business now carried oi |n '^-'".t't.

88,776,025
Balance, surplus...
and loss surplus Oct. 31 1921
$14,043,936
year 1921 under "Financial Reports"
See also preliminary report for
above.
Speaking at the annual dinner Jan. 26 of the Hotel Association of New
York, Charles M, Schwab announced that at the meeting of the directors
it was voted to expend $25,000,000 in enlargitig the plants of the company,
114. p. 310.

Crown Cork &

Seal Co. of Balto.

—

.

— Canadian Co. —

THE CHKO]SnCLE
—
riiha Cane buerar Corp. — Denies Merger Rumors.

415

Jan. 28 1922.]

are outstanding, or for such shorter period :is tho coramittoo may determine.
Shares of Prior Preference stock may. if so dctermlneil by tlie committee,
be deposited under the terms of the same voting trust agreement and be
held and voted by the same voting trustees, or may be deposited under a
All voting trustees shall in the first
.separate voting trust agreement.
instance be selected by the committee and may or miy not ba the same indivi<luals in both voting trust agreements, in the event that two separate
voting trust agreements are entered into. Voting trustees may be selected
from the committee.
Basis of Participation Distribution of Neto Securities Among Creditors.
Adjustment of Interest. Proper adju-stmont of interest at tho rate of 6%
p. a. shall be made as of Feb. 1 1922 upon all claims against the company,
no matter how evidenced.
Will Receive
Nero Debs. Prior Pref. Stock.
Creditors for Each .S300
Edward Tilden & Co.) $200
Unsecured creditors (except
$100
100
200
X Edward Tilden & Co

company and the American Sugar
inoonnectlon with the rumors
of the executive
nJf?n^?w On were contemplating a merger, Charles Hayden entered mto in
''^^'''^VL^ ...vl "No neaotiations of any sort have been
that this

ac^'ptance credit and that
114. p. 310. 193.

Dow

Chemical Co.

iC^ extra

dividerd of IJi

is%apidly marketing

it

old sugars.-V.

its

—
— Usval Exlrn Dividend.Common
on
%

stock

^^e

has been declared

—
—

m
.

^rterly since May 1919.— V. 113, p. 2084.
Increased.—
duPont Fibre Silk Co.— Capital Stock Secretary of St.ate at
uux-uiiu * *w
""" the
appuL<iwiju with .""^^^
Tae conpany has lueJ au annUca^ionfrom $10,000,000 ,„ si-.ouu.uuu
f,f,„ to «i 9 i^nn nOO
Dover. Del

.

East Ohio Gas

its

down a decision
Oourt of Appeals at Cleveland. Dec. 19 handed

'rTia

200
100
y Secured creditors
X The claims of Edward Tilden & Co. against tho company amount to
Debenture Gold Notes.
about .82.100.000 and are represented by
y Upon condition, however, that each such creditor so particinating shall
for that portion of his debt equal to
release all claim against the company
the v.ilue of the security held as fixed and determined b'- the committee.
AssenHng Creaitnrs. Assenting secured creditors holding cars of the
company as security agree that such cars shall be marketed and sold only
through the sales organization of the company.
The committee sUall fix and determine the nature, validity, extent and
value of the .security of each assenting secured creditor, and such creditors
may share only in the bsnefits of the plan to the extent that tho cemmittee
determines that such a.ssenttng secured creditor hoi Is an unsecured claim
and fixes the amount thereof. In all cases for each fraction of .$100, scrip
or certificates for proportionate amounts of such debaatures and Prior
Preference shares shall be issued.
To Discharge Liability of Ed. Tilden A Co., Under Contract to Purchase
Balance of 73^% Notes and 108.068 Common Shares.
It is contemplated that the committee, upon tho acceptance bv Edward
Tilden & Co. of this plan, may release Edward Tilden & Co. of the contract
with the company, dated Dec. 1 1921. to purchase $100,000
debentures (b;ilance of the authorized issue) and the purchase of 108.063 shares
per share, upon surrender by Elward Tilden
of the Common stock at $10
& Co. or by the trustee of the 7H Gold Debentures of the collateral thereunder pledged.
When to Declare Plan Operative. The committee shall determine when
sufficient as.sents have been received to justify it in declaring the plan
operative and shall not declare it operative unless satisfactary arrangements have been made for sufficient bank credits to assure the proper
operation of the company, and not until the holders of the present Preferred
and Common stock have, by requisite leg.al action, authorized all such
corporate action as is necessary to make the plan onorative.
Depositary
Creditors may assent to this plan bv depositing their claims
with Illinois Trust & Savings Bank, depositary, 233 South La Salle St..
Chicago.
Approx. Capitalization Outstdg if Plan Becomes Operative [Inserted by Ed.]
5-Ye,ar 6% Debentures (deferred)
S2. 500. 000
7% Prior Preference stock
2,500.000
7% Preferred stock
1.,500.000
Common stock (no par value)
291,907 sh.
—V. 111. p. 84, 202.

capital stock

—
Co. — Gas Rate Decision.

to increase

7H%

(1)

—

Th^ Court

4n'nnn

'^h^'

minimum charge

also fixed a

'r;inimu2i°?h^"ge

ohl

113. p. 1365.

c.

above the 3oc. rate are to

All charges

50

of 75

—

—

7U%

reorganEarl Motors, Inc. Reorganization Plan. The
committee named below, in a letter to creditors
ization
Jan. 23, says in substance:
up

%

—

institution to live
Owin- to tne iuabJity of a certain private banking company found it-s.-lf
financing, the
to IM comSiiunems in delation to the
As near as can be ascertained, tangble
ta a v^TTi^rious position.
not taking
SseM at book value are about equal to liabilities, which are into considvery large.
contingent liabilities and commitments,
consideration the necessary
In view of this serious situation, and taking into
order to carry on the business, a
cash requirements of the company in
three bankcommittee of .seven, composed of tliree merchandise creditors, creditors of
tlie
ers and a representative of the committee representm?
Edward Tilden & Co.. has agreed upon the plan outlined below. company
Creditors holding claims exceedmg 80% of the total debt of the
have approved the plan.
.,
. ,
.1. j
» .„:j
method of avoidIt is bel.cved that this plan affords the only available
If the plan Is
ing liquidation, either through the courts or otherwise.
promptly accepted bv all creditors, the committee believes sufficient bank
CTedits may be arranged for to assure continued proper operation.
Reoraariznlioi Commi«e<?.— Ralph Vanvechten. V.-Pres. Continental &

e^Sn

—

Commercial National Bank. Chicago. Chairman: Percy H. Johnston. Pres.
Chemical Nat. Bank. X. Y. City: R. T. Forbes V^Pres. Fort Dearborn
Nat. Bank, Chicago: William Sparks. Pres. Sparks-Withington Co^ .lackDetroit;
son. Mich.: Frank H. Joyce. V.-Pres. American Auto Trim Co.,
Clarence B. Hayes, Pre.s. Hayes Wheel c;o.. .lackson Mich. W V. C.
Vernon.
Harvey C.
Jack.son. V.-Pres. Auto Body Co.. Lansing. Mich.
Secretary, 208 South La Salle St.. Chicago, and Newman. Poppenhusen,

Eureka Pipe Line Co.
M. Tussey of Oil City has
McLouth.—V. 113, p. 2726.
J.

Export Oil Corp.

due July
Notes, dated Dec.

Oalc! Notes,
.1.1

ment.— V.

ig

Nov.

1922: authorized. *2..500.000;

.30

;.W.-.-,.----

preferred

„

ind merrhandi.se ere liters
ive of about $100,000 of
I'or Ui\(a>, pay-rolls, &c.. or (6) claims se2,960,158
on real estate)

(

(ai

_

claiiii-i

cured by mortgage

Capital f^i.ock Authorizei and nutstnndinoCumulative Preferred stock (nar $100). auth. & out«unding-$l,500,000
Common shareti (witliout par value; authorized, 400.000 shares:

7%

outstanding

0%

ry-Year
&'::

Be Issued.
—The company Is to authorize and issue 5-Vear
1)
ir(i>
in ilinnminations fixed by the comNo inten'st shall accrue
plan.
.r d.-\te.
Inu.-rest payable only
Netc Securities

'f/n of

/

1)1:1). .i'lir

to

I

rr
1;

(,

291 ,907 sh.

-

-

'»""••

Hu'-h flohie thcr'^for.
-l to all indebtedness
shall elfH-t t«> prepay
..iliiu diljfnlures. prepaymen'
of such debentures, as near as
'

.

Xf
1-^.

and

',

.1

1

as to

/

I'

r.

n;

and

ii.^jim-.nl

hrrcifler

i.v.

.

.

IZMl

a'tsi'ts

long

said
ling, dividends on such Prior
ind tlivldends thereon shall be
ru'-ij>:inenl of the debenlurcss aulhor-

r..

pai,iii

and

dlviilcn'ls
Tfil .ind (Jominmi share-<.
Hh.ill w.ilvo b >th the pay-

-'•'!
J

.'is

.is

Tli.

.

h-.n

<•

h.- r'.<l

Mil .11

1

part on any div. dale at
at :iny tline liws than all
rtvlemplloii sh.ill bo iii.ide
ir as miiy bo, disregarding

;tll

(ir

1'

J

'
trie
'

rioM'TM

i,n

J>'

K-.i-

'.I

.111'

'viiliiiji.ir

•/),

»li

ii'l

tr

,r
I

'•

Presr','

PrefiT

Uwt

of

.»!
I

I'rior I'ri-ferenee «li,ari'H

und no mnr<t before any

<livi>leii<N

Common

the Preferred or

—

r

•

I

.

deducted, w.as 4 90c.

made
— V. 112. p

1915 to

figures

on each
store after Fedor.il taxes had been

66

19'JO. inclusive,

—

—

Port Worth Stock Yards Co. Bonds Offered. First
Trust & Savings Rank, CliiV-afjo, aro offcnnp at ()7*4 and int.
to yield ovf,r 0.30%, $1,000,000 6% 1st Mtge. Gold Bonds
advortisiiig pages).
Dited .March
li)22. duo March 1 1932
Rod on nny Int date on
30 diys' notice at 105 and Int
ft .S at offlri) of Iriisteo,
Int p.ayabln
without dediietloii for normal Federal Income tax not In oxeo.ss of '2''.%.
Deiiom Sl.liOO, $.50(1. .SlOt) (e*)
First Trust &. Saving.-* lUnk. Chicago.
Ill
and Mulvlii A Traylor. trustees
Data from Latter of Prenidant R. J. Dunham, Jan. 12.
Purpose.
Proeeedn will be used to retire $927,000 of bonds duo March 1.
fiiinpiny
'OmkikixI
nulling, loaillng. unln.idliig. feedliK and
In
(.see

M

.

—

li.

the live Ktoi-k rix'iilved it the Fiirt Worth Slock V.-\rd.s
Dilly
eapiclly of yards, ,?0.000 cattle. IS.O'IO shi«p. l.H.OOO hog* ^irid 4.00') hor.sos
nil I inul'-M
III
lO'.il 29.908 c.irloids of live stock were nn-olvo'l .it Ihiwc
-'Il
The Fort Worth Stock Yards hive tiniui In oper:kllii'i sliii-ii IS9.3
priiiieriv liH-liideH 'iH2 .Teres of l.md. hiilldle'7i iiid iMnil|)'iieiii mil U
l>v ISO inllen of rillroi'l owned by the l'".»rl Worth llelt Uy .llm
(c
of which \h hell) by (tihIixm for the stock holder of Cio l''orl

,

ill

I

.

,,

,

lly re

"

II

"

rlghu

•

*

:

»ny Prior

^hil«i

Prxfrn-tnioa

:

;

;

.

-

.

I-

•

r

bnmundnr

!'•

!

i.

shnll
-,,11.

'•

by

l'l<«l

^

^

of 111"

/

ill

out the

kili'l

'

olil.ailll|>liil>«|

ol.ifi
'

.

'ci
I

of

I
I

'"W"
o

l<,

for

.iii'l
III. in

the deljen

l'rl<ir

than

'i

of

oulxlJiiiilliiK
e<iriiiiiil le«i

vol«i the nli;ire«

enntUiue III full
IVeforoneo nhnn*

,,,.,...,.,;.. nn't

whilo any of tho propoM^I drbnnturm and

Ifwi
till)

by the

e
•"

re., Ill
llie

!

&

Property

irdn Cii

eimlngs

.

,

ntitanrr .Virri an

—

Amtitt
'•lib

ihle

'•

l'l^
I
:

IiiM"<i

III

.

.

.

»lli<tr

K'lUlp'nnnt
(And. bidgn

—V

.

...

Def.

-if

Ore

,11

1

02

l.iiililltlirs

Acc.i<iiit«r«wNHnihlp

No''

not

J'*''''''

oiii-

.,

•'"'i

**• ''"
'"*'•*

h.iH been aiipr.iiicd :it $.'I.:U7./0|
iiviritfed *.'S.5. (1.5.5
for 10 veirs 1912-1921 Iml
Fir the
or over 4 '-J tImPH InlercHt rei|ulreinent» of tlili l-xiio
rlo'l, I9!7-I0'.'|, hi'l
uvenige net eariiliigi havii Imnui $ !9.*,3.'<(1
net e •riiliiif» were tJ.'M.'d?
ir '''_'l
O'l rirr\>ili,
\ pproxlriiaiel y (10";, of tlm ciipiUl HtcM'k Is ownoil by Arinuiir
C.i and .Mwlll & Co

liv

by the

iiiilliorl/.e

Y

.Net

.

.:

.

Ixi

,\i-i[

turwi

Wo

I

ataara to bo lasuoU

i

I

'

iiropone'l 'I'
hy thi' eodinvj or to aecru

t«nilln«

''"'''-'"---

vole

il

ill no-v

'

•

''

'^•*c«

know some

be Interesting for you to

re' ill business oxeluslvely
.iver.ige net profit for tho years
dollar's worth of s ilos
bv our ret.iil

dellveriiiK

<

1

"d

dl.i-

sh.ares.

AiUhiit mtltim of Srw Heeuritiei
Voting Trusts.
Will hrrriT f-:'iiirtl Amtiiinl in Nnr Sinrk
'I'he [ire-ent

111.

•'
""'

retill business. It ini'.rht'

"The

1

I-

Olil

—

&

our

for

tock sufficient to cirry out the

V

company had been charged with mismanage-

latter

Co., Chicago.
Gro.-is Sales in 1920
Profits 2.39c. on each $1 Worth of Sales.—
Preside:it John G Shedd. in a statement presented to tho House of
Repre.sentatives by Representative Mann of Illinois. Jm 19. made public
its gross s lies for 1920
The statement was pronipt«id bcciuse of the statement of Mr Fordney, Chairman of the Co;nmitt.eo of Ways .ind Means,
who charged that the coTipiny was making exorbitant p-ofits o'l imported
articles
The corapanv is against the .\merican Valmtio-i pljn which is
sponsored by Mr. Fordney. The statement prepared by l*resident Shedd
.s:iys ill p irt:
iVIr
Fordney. as a Government officer, has secured and made public
records of our private tran.sactions which have never been treate.l bv- a
Government officer heretofore as other than strictly co-ifidenti il
That'the
Americ ui-valuution pi in needs such gross misrepresentation of f.icts in
order tliit it may be lustified should be sufficient evidence that It is a measure that should not become a law
"It Is against our policy to make public the volume or profits of our
business. bec.iuse there are no outside stockholding interests and all of our
stock Is held by people connected with the busine.s,s
"In view of Congressman Fodrnoy's charges we will, however, depart
from our usu:il custom to say that in tho year 1920 our total not sales were
SI 83. 600, 000. and our net profit for the year after paying Federal taxes
amounted to 2 39c. upon e ich dollar's worth of s iles
"Tho return on tho capital engaged in tho busliu>ss for the year 1920
equaled only 6 3%. or an amount not much in exce.ss of a return on investment In United States Government bonds
"As those figures are the roult of our entire manufacturing, wholesale

2,100,000
175.000

.

The

113. p. 2409.

(Marshall) Field

1921. payable $.500.-

1

—

$183.600,000— //e«

$750,000

1922-25

1

Dropped.

is

been dropped.

Plan of ReofKaniration Readjusting Debt and Capitalization, Dated
Jan. 20.
''-'-'•rrine.is 'as Furnished by Companv nnd Ezclusire of Interest).
A
7,,
001
oui
J

— Suit

stated that attorneys representing the Pure Oil Co. have notified
Chancellor Wolcott that all proceedings against the Export Oil Corp. had
It

Stern 4 Johnston, counsel. Chicago.
,
..,„...
,.
An officer writing to the •Chronicle' Jan. 23 says: This plan has .appealed to all the creditors very favorably: in fact, we have never had a
•imilar reorganization which worked as smoothly and rapidly as this one
This, we assume. L«t partially owing to the fact that creditors have
has
already had agreements of this character and have become accustomed to
them b 11 is particularly due to the fact that they have confidence in Pres;
ident Clarence A. Earl, and that he has agreed to stand by the proposition.

7

—

New Director.
been elected a director, succeeding C. A.

I'M, p

companlm

h linpU
467

.

$t ,••,223 ("iipltril itocl.
85,5.56 Hold*
a0.4.5H KeterveH
|S4r! Accoii'ili p^ynhlo...
K..517 Acriied ll.tblllllnt...
I.Vl
9.90'.'

Miirplii«
l,<iM* Ac ffiiln ynitr
uliln)

4,515.107 Totii. (oneh

»r.7-.'t

9

000

',•

o')0
1.11 9'19
•i:«:|

K(l 3HH
067 339

ur,i.\)\7
I* daUt.
«4 .82 1.047
....

—— —

—
.

THE CHRONICLE

416

Franklin Process Co. (Job Dyeing and Dyeing Machinery, Providence) New President Operations, &c.

—

—

—

E. 8. Graves, heretofore Vice-Pres. and Gen. Mgr., was elected Pres.
and Gen. Mgr., at the annual meeting held Jan. 25 1922. Mr. Graves
succeeds as Pres., the late Robert P. Brown.
The report of the Gen. Mgr. shows that the company during the year
1921 dyed 3,280,000 lbs. of yarn, incl. 2,500.000 at Provid- ce and 780,000

the Philadelphia plant. The new plant at Greenville, So. Caro.
expected to b^in operations early in February. V. 113, p. 76.
at

—

(B.

is

0.~

Goodrich Co. (Rubber Mfg.), Akron,

F.)

—

Preliminary Statement for 1921
Additional AdjustSales
ments in Inventory Valuations. The directors at their meeting
.Jan. 25 issued the following statement:

—

Results for 1921.

— Sales

for the fiscal year

ending Doc. 31 1921 approxi-

mated $87,000,000.

Comparative Net Sales [Inserted by Editor] Calendar Years.

192HEst.)
e-

1920.

1919.

*

1916.

1917.
%

1918.

%
87,000,000 150,007.346 141,343,419 123,470,187 87,155,072 70,990,782
loss of approximately $9,000,000 was sustained, the major portion of
A
which was due to a further heavy decline in market values of raw materials
which required additional adjustments in the inventory valuations since
the close of business on Doc. 31 1920.
The company began the year 1922 without any bank indebtedness as
against bank loans of $29,000,000 a year ago, with combined inventories of
rubber and fabric on hand and under commitment at market values on
Dec. 31 1921, and with its finances in strong position. Current assets were
approximately $51,500,000 and current liabilities were approximately
$3,300,000.
Selling Prices.
Selling prices are unduly low but with a reasonable volume
of business, together with the economies effected in operating costs, it is
expected that the company will earn a fair m.argin of profit in 1922.
Preferred Dividend.
At the meeting of directors held on Jan. 25 1922, a
dividend of \H
was declared on Preferred stock payable on April 1 1922,
to holders of record March 22 1922.
The audit of the company's accounts by its public accotmtants is now iu
progress and when completed the anntial report will bo published.
V. 114, p. 311.
Ht

V,

—

%

—

—

—

Greelock Co., Boston. Smaller Common Dividend.
A quarterly dividend of \li% has been declared on the Common stock,
par $100. payable Feb. 1 to holders of record Jan. 25. Dividends have
been paid on the Common stock at the rate of 8% per anniun (2% quarterly)

since Aug.

.

1

1918.— V.

113, p. 2189.

Gulf States Steel Co.

Earnings.

—

Net operating income for the quarter ending Dec. 31 1921 amounted to
$74,610. After taxes, depreciation and other charges, there remained a
deficit of $11,937.
Deficit for the year 1921, after depreciation and taxes and after marking
down inventories.as of Dec. 31 to the market, was $467,662. V. 114, p.311

—

Hart, Schaffner

&

Marx.

Annual Report

— Director. —

See annual report under "Financial Reports"' above.
Joseph H. Bchaffner. of Chicago, has been elected a director to succeed
the late Marcus Marx.
The .stockholders on Jan. 23 voted to decrease the outstanding $3,314,000
Pref. stock to $3,160,700 by retirement of 1,533 shares purchased during
the year.— V. 114. p. 203.

Imperial Oil, Ltd. (Canada).

—Import Funds. —

President O. O. Stillman says in substance: "We are forced to import
about 98% of our raw material. High freight rates are most important, but
in addition we have been heavily penalized in the last two years by depreciation in Canadian exchange.
"In order to buy funds with which to pay for our raw material abroad,
our expenditure in the last year has been about $4,000,000, or an amount
almost equal to that paid out iii dividends." V. 113, p, 1987.

—

International Harvester Co.

— Anti-Trust

Litigation.

—

The Senate on

Jan. 24 adopted the resolution submitted by Senator
Norris calling on Attorney-General Daugherty to inform the Senate of the
present status of anti-trust litigation against the company.
V. 113, p. 2085.

International Shoe Co.

—

— Tanning

—

Activities, etc.
A published statement pronounced "correct in every particular" says in
sub.stance:
The company is a heavy tanner of leather. Its plants have a
tanning capacity of 1 ,560,000 hides and skins per year. Its yearly consumption of leather requires the hides and skins of the following 14,266,500 animals:
3,441,750 cattle,
1,400,000 cabaretta,
116,500 kangaroo.
525,000 calf,
1,050,000 sheep,
goat.
horse, &c..
7.500 000
233,250
Altogether the company owns 112 factories, plants and departments, containing 5,028,971 square feet of area.
These include 36 shoe, 10 bottom
stock, 5 upper stock, 10 upper fitting, and 10 subsidiary factories; 21
auxiliary departments, 11 sa,les departments and warehou.ses, 7 tanneries,
one tanning extract plant and one chemical laboratory. "Boston Financial

News."

—

—

—

May

Results for \%2\
Divs.
Exchange Offer Expires
1.
(^^ombined net earnings of the International Shoe Co., McElwain & Co.,
:ind Kistler. Lesh & Co., for the year ended Nov. 30 1921, were $5,025,441.
Balance, surplus, available for Common dividends, amounted to $3,038,004,
after deducting $859,247 for Federal taxes and $1,128,190 for Preferred
dividends. See also W. II. McElwain Co. below.
V. 114, p. 194.

—

—

—

Invincible Oil Corp.— Listing Earnings.
The New York Stock Exchange has authorized the listing

of 70,000 addi-

tional shares of capital stock, no par value, on official notice of issuance
and payment in full, making the total amount applied for 905,447 shares.
The issuance of these additional 70.000 shares was authorized by the directors Dec. 30, for the purpose of raising $700,000 in cash, to be applied to

the purchase of property and for other corporate purposes.
The consolidated income account for 11 months ended Nov. 30 1921
(subject to adjustment) shows: Total income, $1 057,306; int. and discount
paid, $608,482; net income, before provision for depletion, depreciation and
taxes for 1921. $448,823; miscel. .surplus adjustments, $8,747; siu-plus
Dec. 31 1921, before depletion, depreciation, &c., for 1920 $13 282 059;
add discount on capital stock previou.sly written off, $6 387 867- total,
Deduct: Depletion and depreciation for 1920, $5,994,679;
$20,127,496.
dividend paid by subsidiary to minority interests, $169,864- portion of
surplus applicable to minority capital stock $1,164,870.
Balance of surplus. Invincible Gil Corp. before provision for depletion depreciation and
taxes for 1921, $12,798,083.— V. 113, p. 2825.

Loose-Wiles Biscuit Co.

—

—

Files Answer.
The company has filed an answer to the charges made by the Federal
Trade Commission against the company and asserts that the Commission
has no jurisdiction in respect to the complaint lodged against its practice
of allowing discounts on the aggregate monthly orders by purchasers
V. 113. p. 2510.

—

(W. H.) McElwain

Co.— Oyer 98%

for Internal. Shoe Co. Stock

All
Exchanged
— Time for Deposits Expires May
of

Stocks

1.

In a letter to the minority First Preferred stockholders who have not
for International Shoe stock, the company again
recommends that the remaining stockholders should exchange their stock
The letter says in substance:
for International Shoe stock.
"During the past six months substantial losses have been taken and quick
assets have been so reduced that the net assets per share of 1st Pref stock
outstanding Nov. 30 1921 equal about $60 per share of 1st Pref. stock.
No dividends can pos.sibly be paid until this imijairment of capital has been

exchanged their stock

made good.
"The facts bearing upon the exchange

of stock for International stock
International Shoe Co. owns 98% of all shares of
H.
McElwain & Co. (2) 95%' of all 1st Pref. shares have been exchanged for
International stock. There are at present 3,632 shares held by 161 stockholders of record.
(3) All 2d Pref. shares have been exchanged for International stock except four .shares hold by one stoi'UhokU-r.
(4) All Common shares have been exchanged for International stock except 50 shares
held by one stockholder.
are as follows:

(1)

—

W

.

.

[Vol. 114.

International Shoe Co! has closed a very successful vear- anrl nffn- r^,.^^™!^

df^Z^/'"? 'il^McElwain investment, Ls votTinTset a^'de aifi^;?^i§
dividends at 8% per annum for 1922 and Common divided"
at thV?ate^nf
$2 per share per annum for the first six months of 1922

Time for Depositing
The time

for

Stock Expires

making deposit

May 1—New

—

President

of 1st Pref stock for pvchnnca into o+««i, .
exchange 5n*« stock of
International Shoe shall terminate Mfy 1 next
Frank C. Rand, President of the International Shoe Co. has
been elected
President succeeding J. Franklin McElwain, who has
JaS,^ j
Storrow has resigned as a director of the McElwain
Ck)!— V 113,

re^^^

p^gf

Mclntyre Porcupine Mines, Ltd.— Transfer Agent.—
Of Z%^oCat'-sIt'o"cl^£''v.''[lf,-p^'-2lt|.''-°

Mackay Companies.— iVew

-^^^'^ "^-f-

Agent

—

Japan—Wins Suit
Co nrono*^
matea cost ot 810,000,000, it ^"^^Th that
mated *'cosT'oTs'?o^nT.°nnn^']? is stated "iT^^l^ ^Tt^A^Tesk%?^°^.
Cable

to

in addition to the new cable which the Commercial
Cable
the

way

comnanv has nlans

FraSo

nnH....

for the laying of a new cable from San
to HonohUu and
Tokio by way of Midway and Guam, and will be from
8
in length.
The new Pacific cable project will involve 000 to 10 000 mfl^^
the outHv of mV.^
thaii $.5^00,000, it is said, oratotilof
S25.00oSoo for
cables.
To meet this outlay the Commercial Co it^sbotrtransoce^nfc
said ^Tn^t do
f nancing, but will pay for the construction
Ind la^ng of the
'"tjiub oi me
o^?ii*''^^"^° its reserve.
cables from
A decree has been signed in the U. S. District Court by Justice Julius
?l^^f^.^'T^'"'*'Tu*''1x9''°^™®''<^'a' ^^^•'le Co. (a subsidiary) $102
amount clamied by the company to be due on messages wrongly 690 the
sent on
Philippines
Hon w^™^<"*;^h''^ ^y ^S« a year ago National Bank Igainst whJch Htiga'''carted more than
by the Commercial Cable Co -fhe
.^ohi^?;
messages should have been seat on private
l.;tes _^V'
Z12^^
,

M

nt

Manati Sugar Co.— Annual Report— New
See

Officers under "Reports and Documents" on a subsequent page
L.
Braga Rionda has been elected Treasurer and William
Seciet^ry succee^dmg Manuel E. Rionda and M. B. Angula. F. Corliss as
resp«;tively

Manhattan Shirt Co.— To

20%

Dividend of

Common

Increase

Common Stock— Stock

Proposed—To Increase Dividend Rate on

—

8%

Per Annum.
\'" "^0^%^^- "" increasing the Common stock from
onn 000 to 300 000 shares of the par value of
200 n?»n*?-?'^]^m'^nno
$25 each. The $3 000 000
•»o,iaju,vah)
authorized
Stock to

"^

Preferred stock remains unchanged
A circular to the stockholders dated Jan. 23 says: "The recent balance
sheet and earnings statement [see V. 114, p, 1931 show the prosperity
and
tavorable tmancial position of the company. The directorate intend
increase the cash dividend on the Common stock to $2 p. a. (at the rate to
of
8%) and if stockholders approve the increase of capitalieation to declare
therefrom at once a further dividend of 20% on the Common stock, payable
out of such authorized increase."
An official connected with the management is quoted as saying that if the
stockholders authorize the increase in the Common stock, and the directors
declare the 20% stock dividend, it will be the intention to pay 5% quarterly
to the stockholders of record at the stated periods, and it is not unlikelv
that the balance of the stock which, as stated, will be held in the treasury
and used in the future to continue this policy of allowing the shareholders
to participate in the success of the company.
V. 114, p, 193.

—

Middle States Oil Corporation.

—

—

—

Oil Consolidation Effects

Big Saving Listing.
The company has issued

a notice providing for the exchange of any
outstanding stock of Texas Chief Oil Co., Dominion Oil Co and Ranger
Texas Oil Co, for Middle States stock at the rate sf $7 of Middle States
stock for $10 of any of the above stocks, and for the exchange of Imperial
Oil Corp. stock, both common and preferred at the rate of $8 50 of Middle
States stock for $10 of Imperial common and $6 of Middle States for $10
of Imperial preferred. The effect of this consolidation is not an increase
of the total outstanding capital of this group of companies, but amounts
to an actual decrease in a total sum of $1 ,996,000 of capital reduction and
a large saving in the amount of money heretofore required for dividend
purposes, as all of these stocks have been on a regular dividend-paving basis
The exchange of Middle States Oil stock for stock of its subsidiaries and
of Imperial Oil Corp. under the consolidation plan will be made at the
offices of the corporation, 347 Madison Ave., N. Y. City.
The New York Stock Exchange has authorized the listing of $8,121,000
additional capital stock, par $1(), on official notice of issuance in exchange
for outstanding stock of subsidiary companies, making the total applied for
$22,871,000. Compare V. 113, p. 2623, 2827; V. 114, p. 204.

Nashville

Industrial

Corp.

Company Purchase Tennessee
.See

—

Interests

—

Identified

Central RR.
Tennessee Central RR. below. V. 111. p. 2430

—

—

with

—

Ontario Steel Products Co., Ltd. Smaller Dividend.
A quarterly dividend of 1 % has been declared on the outstanding $750,000
Common stock, payable Feb. 15 to holders of record Jan. 31. Dividends
of 2% each have been paid on the Common stock quarterly from Aug. 1920
Nov. 1921, inclusive.— V. 113,

to

—

p. 542.

—

—

Otis Steel Co. Listing Earnings.
The New York Stock Exchange has authorized the listing of $6,000,000
1st Mtge. 20-Year 8% Sinking Fund gold bonds. Series "A," due Aug. 1
1941 (see offering in V. 113, p. 633).
The income account for 9 months ended Sept. 30 1921 shows a net loa-.
before reservin.g for depreciation, of $1,214,550, and a profit and los>
surplus of $6,017,248. This last figure does not include depreciation for
the year 1921. which will be determined at a later date, or inventory adjustments amounting to $1,885,542, which have been charged to reserves
previously created. V. 113, p. 1258.

—

Ottawa Gas Co.

—

—

To Increase Capital.
apply to the Canadian Parliament at the next sessdon
for an Act further amending its Act of incorporation by increasing the capital of the company to $5,000,000 and by increasing the borrowing powerV, 108, p. 1169.
of the company.
The company

will

—

—

—

Pacific Mills, Lawrence, Mass. Earnings.
1920.
> 1919„,„ „...,1918.
Years—
1921.
$43,352,894 $66,078,797 $44,702,213 $57,044,066
Net sales
Calendar

Net
— V.

prof., before Fed. tax

3,553,663

113, p. 425.

& Elec.
& Sons,

5,231,584

5,682,921

6,731,623

—

—

Co. of San Fran. Bonds Offered.
National City Co., New York, and
E. H. Rollins
and
Mercantile Trust Co., San Francisco, are offering at 99
int., yielding about 6.05%, $10,000,000 1st & Ref. Mtge.
Gold bonds, 20-year 6% Series "B" non-callable. Bonds
are dated Dec. 1 1921 and are due Dee. 1 1941, and have
(See V. 113, p.
the same provisions, &c., as Series "A."
Pacific

Gas

M

See advertising pages.
Data from Letter of Pres. W. E. Creed, San Francisco, Jan. 21.
Company. One of the largest of the well established and successful public

2.319)

.

—

....

service corporations in the United States.
Operates 28 hydro-electric generating plants; aggiegate installed capacity
308 244 h. p.; 4 modern steam turbine electric plants, aggregate installed
capacity, 173.592 h. p., and 18 gas manufacturing plants, total .daily
capacity, over 71,326,000 cu. ft. I^opertics extend into 36 coimtjes ol
Estimated population, over 1,850,<'1'Wcentral "and northern California.
Through the ISlt. Shasta Power Corp. Company controls undev<-lopc<i
water powers on the Pit River and its tributaries for one of the most promwitn an
ising hydro-electric power projects on the entire Pacific Coast
ultimate development of more than 420,000 h. p., continuous power.
operation or
Initial developments aggi-egating 127,346 h. p. are either
will be completed during present year.
lOJ
by caU at mi
notes
Purpose. To retire $10,000,000 secured

m

—

,„,.„*
7%

,

I
*

THE CHRONICLE

Jan. 28 1922.]

Hands of Public after this Financingstock (5% div.)_-. $34.004.0581 1st & Ref. 6s. series "B"
,?20,n00.000
(incl. this issue)
l»rcf. stork (6% div.)... 40,921.410
x3,5.822.000
Gtai. & Ref. ,5s. 1942
1st
& Kef. Vs. series
10.720.000 Underly. & Div. (closed)y47.297.700
"A"
X Does not include $16,000,000 to be deposited with the trustees of the
1st &. Ref. Mtge. as a result of this financing, S5. 573. 000 already so pledged,
nor 81.000.000 owned by roniixiny. y In addition. S7.870.,S0() underlying
and divisional bonds are held alive in sinking funds, and S293.500 are in

Philadelphia Electric Co.

Capitalization Otitstanding in

Com.

1

...
mortgage on the entire properties (mcl. the new
—A direct
of Mt. Shasta
River power plants and high tension transmission

treasury.

the $10,000,000 notes, will be deposited In addition to $5,573,000 already

pledged.
Earnings Calendar Years 1917

to 1920 and 12 Montlis Ended Nov. 30 1921.
Interest.
Balance.
yOper.Ezp.&c- xNet.
$20,118,990 Sll.604.691 §8.514.299 S4. 08.^.219 §4.431,080
4.06S.561
5.771.303
9.839.864
22.870.194 13.0.30.330

Gross.

1917
1918
1919
1920

4,220,191
16.249.127 10.060,544
4.817.789
34.976.649 23.450,599 11,526.050
5,129,299
1921
37. .550. .563
24.027.187 13.523,376
X Xet earnings after operating expenses, maintenance and
before depreciation,
y Includes maintenance and taxes.
Kttmiter of Consumers as of Dec. 31
1915.

1910.

1907.

204.— V.

114. p. 312. 86.

1921.
(A'w. .30).

1920.

—

295,808
284.028
16,107
161

and V.
section.

8%

payable and callable at 102!^: (b) $1,000,000 Jan. 1 1932. pavable and
callable at 105: (c) $1,500,000 Jan. 1 1937. payable and callable'al 107'i!.
and (d) $4,330,000 .Ian. 1 1942. payable and callable at 110. Int. payable
J. & J. at the office of Halsey. Stuart & Co. Inc. in Chicago or New York,
without deduction for the normal Federal income tax not in excess of 29r.
.

Penn. 4-miU tax refundable. Denom. .?1,000. $500 and SlOO (c*). Red.
all or part on any int. date upon 60 day.s' notice at above prices.
Central
Trast Co. of 111.. Chicago, and Michigan Trust Co., Grand Rapids, trustees.
Sinkirig Fund.
Mortgage provides for a sinking fond (effective Jan. 1

—

1925), obligating company to pay to the trustee, in advance of cutting.
$1,875 per 1.000 ft. of timber cut. and as and when additional bonds mav
be Lssued. the sinking fund shall l>e ratably incrtascd up to $,2 per 1 000 ft.
<nit when and if the entire SS.CKK). 000 bonds have been issued.
Timber may \ie sold and released from the lien of the mortgage upon
payment to the s ink ing fund of not less than $ 1 75 per 1 ,000 ft of operat ing
timber sold and .§1 per 1 .000 ft. of non-operating timber .sold.
Data from Letter of Chairman Wm. Denman, San Francisco, Jan. '22.
Company. A Delaware corporation, successor by change of name to
<Joos Bay Limiber Co., which company and its predecessors have owned
and operated large tracts of timh^er on the Pacific Coast for the past 14 years.
Company, through its timber holdings, logging operations, mills, railroads,
,tctim.-Jilp lin«« and distril^utlng i.irds comprises
complete lumber oper'n.
Ca^iilalizatir/n Aftfr This Financiim
Authorized.
Issued
7% Clas.s A Preftrred stock
$178. .500
S178..500
M"', Class B lYfr.rredstiKk
1.3.50.000
1,3.50.000
-.-ed.
stock
1..500. 000
1..500.W)0
.--.; ---J- -,-c,--,5.000.0(10
1.1.50.0fM)
_ - ... ,.,.,.,
gold hondit (this Issue)
8.000.000 7.,330.000
Purpose.
Proceeda will tic u?ed to pay off the outstanding bond<=, to
rttlr«' floating debt and to i>rovide additional working capital.
ProDerlu.
ProBcnt ownejship compri.^es upward of S billion feet of
Douglas fir. Port f.>rford cedar ard miner woods located in Coot. Douglas
.4Dd Curry counties in Sf)uthwesfern Oregon.
The central lumlier manu
fictunnK plant with 2 large mills MSO.fjOO ft. dally output on an K hour
ihir
hooTTs, yards, cranes, ard hardlirg (fuiiinnent. is locatnl at .Mar-.li'
Hay. Company's main Mm- railroad, an extension of the
ific lines. liXter.ds nearly 2t} niiU* southerly along the railwaj
MjTtle Point. Ore., and the SouthrTn Pacific ard ."-'anta Ke
ilumboldt County, Calif.
Has an additional «rarkaf'<- of II
Has wosteJimers, combined carrying f-apacitv ()l'3. 000. 0(10
.

—

—

;

.-i

,

.

—
—

appointed receiver.

and is a subsidiary
was appointed on a petition by the St. Louis Union Trust Co., alleging that
the companv defaulted last July on the payment of $3,750 interest on Its
issue of j?150,000 of

5%

bonds.

San Diego Consol. Gas &

Electric Co.

— Bonds Autk. —

The

Calif Railroad Commi.ssion h:|^5 authorized the compiuiy to issue
and sell .$1,500,000 1st & Ref 6s and S371,100 Preferred stock. The company is given the option to sell Common stock in place of all or part of the
Preferred stock, the total amoimt, however, not to exceed the amount
V. U2, p. 2198
of I»referred .stock .specified

—

Seneca Copper Co.

— Stock—Operations. —

A

co.itrovcrsy rece'.tly arose between ,Tesse Livermoro and Ix^vvisohn
Brothers (promoters of several mining enterprises) over a contract under

which Livermore conducted stock market operations for the Lewisohns.
Mr Livermoro s.iid he had an agreemeut wita Lowisoha Brothers to "buy
sell shares of the Seneca Copper Co. at his discretion." and charged
that on .Ian 19 he g.nve certain orders through Block, Maloaey & Co.,
but before they were executed they were canceled by the Lewisotias
James
R. Deering, attorney for Lewisohn Brothers, said that the difficulty arose
from a difference of opinion as to the interpretation of the contract.
A statement by Block. Maloiiey & Co said in pirt: "Mr. Livermore
gave us certain orders in Seneca Copper stock for tho account of Lowisohn
Brothers
Walter Lewisohn instructed us to cancel the.se ordors and we
did .so
We Iiave no controversy with Mr Livermore or with anyone else
and have nothing to do with any controversy between him and Lewisohn
Brothers."

—

Pacific States Lumber Co. Bonds Offered.
Halsey,
Stuart & Co., Second Ward Securities Co., Wells-Diekey Co.
and CjTUS Peirce & Co. are offering at 100 and int., to yield
from 8.40% to 8.20%, according to maturity,- S7,330,000
1st Mtge.
gold bonds (see advertising pages).
Dated Jan. 1 1922. Due serially as follows: (a) §500.000 Jan. 1 1927.

.

—

—

Lighting Co. Receiver.
Louis & St. Charles Bridge Oo., has been
Company supplies gas to residents of St. Charles
of the Home Utilities Co. of Chicago. The receiver
St.

and

152.395
83,005
6.726

122.304
54,772
5.539

Electricity

bm

taxe.s,

227.586
286.542
166,149
266,132
9.432
Water
16,234
-Steam
378
452
For further description of property. &c., see V. Ill, p. 2528
113. p. 2381.
See also map of system in "Railway and Industrial"

Gas

p.

—

5,840,353
6.708.261
8,394,077

26..309.671

—

8%

St. Charles (Me.)
C. D. Bolin. Pres. of

.

Power Corp. Direct mortgage on the entire properties now or hercjifter
owned, subject to prior liens. jV-s additional security, company agrees that
its Gen. & Ref. Mtge. will be closed as to the issuance of additional bonds to
the public but kept open to the extent that bonds shall be issued under it
and pledged with the trtistee of the 1st & Ref. Mtge. As result of present
financing. S16.000.000 Gen. & Ref. Mtge. 5s, released by the retirement of

Rights.

.stockholders of record Feb. 6 will be given the right to subscribe on or before Feb. 15 to 160.000 shares (par $25)
(:;uiuul. Pref.
stock at par to the extent of 33 1-3% of their holdings. Suljscriptions are
payable at Land Title & Trust Co., Philadelphia, on or before Feb. 16.
With the present issue there will be $15,000,000 preferred stock and $29,618,325 common stock outstanding. Proceeds of the sale of this allotment will
be used for an additional unit at Beach and Palmer streets p»wer plant and
other improvements. V. 114, p. 205, 313.

line)

Pit

— Slockholders'

The common

first

Security.

417

Company's returns from development work in December gave 49 pounds
This, it is stated, is tiie best showing made in
two years
Con.siderable of this copper rock conies from tho 7th level,
and proves the richness of the Kearsirge Lode to the depth of 2.50n feet.
.1. Parke Channing, mining engineer, says in .substance; The property of
comprises Seneca
the company, located in Keweenaw County, Mich
jiroper. with an area of 1,865 acres, and tho Gratiot property, comprising
600 acres, in all 2.465 acres. 1 estimate that the Kearsarge lode, assuming
that this lode is mined to a depth of 7,500 feet, measured on the dip from
the surface of tho outcrop, the vein lying underneath 900 acres of this area
is minable, and will yield approximately 600,000,000 pounds of copper.
AVhen developed and equipped as proposed, I estimate that there should
be an annual jiroduction of approximately 20,000,000 pounds of copper,
that the cost of this copper, sold in New York, should be 9Kc. a pound,
and that over a period of years this copper may be sold at 16c. a pound,
thus giving a profit of 6Mc. a pound, or an annual operating profit of $1.300.000.— V. 113. p. 2625.
copper per ton stamped.

,

—

Shale Oil & Refining Co. Registrar and Tranxfer Agent.
The Guaranty Trust Co., New York, nas been appointed registrar of
300.000 shares of Common stock. The C;entral Unio.i Trust Co is the
transfer agent

Southern

Light

—

—

& Power

Co. Bonds Offered.
York, are offering at 97^2 and
int., yielding about 7.25%, Sl,200,000 1st Lieu & Ref. Series
"A" 7% Sinking Fund Gold Bonds.
Dated Dec. 1 1921. Due Dec. 1 1941. Retl. all or part upon 60 day.s*
Illinois

&

E. H. Rollins

Sons,

New

notice on Dec. 1 1926 or any .sul)sequent int. d.ate at Iff? 'A and Int., less
'a9o for each fully expired year from and incl. Dec. 1 1926 to date of redemption. Int. payable J. & D. at Central Tru.st Co. of 111., Chicago,
trustee, r Fir-it National Bank of N. Y. without deduction for any normal
Federal income tax not exceeding 29c
I*enna.4-mill taxrefimded. Denom.
A sinking fund is also provided for.
$100. $500 and Sl.OOO (c* & r*).
Issuance.
Authorized by the Illinois Commerce Commission.
Data from Letter of President
A. Baehr. Jan. 23 1922.
Compani/.
Incorporated in 1913 in Illinois. Owns and operates generating stations, transmission and distributing lines supplying electricity,
gas. water and heat in 14 counties in Southern Illinios.
Population estimated at 148.000.
Capitalization Dec. 31 1921 (after tliis financing)
Authorized Outstanding
Common slock (owned by No. Am. Lt. & Pr. Co.).. $1,000, 00*
$700,000
I'referrcd stock,
ciunulative
1,225.600
4,000,000
Divisional bonds
Clostvl
759.800

—
—

Wm.

—

6%
6%

First Mortgage
bonds
First Lien & Refimding

Oloacd

7%

bonds. Series A..

x2, 334,000

y

1,200.000

I

Company

'<«.
'I

a fn<nt.-ig(3 of over
a box factory.

""'
Mtort^J

up».

I.,

.00 ft

.Srruritv-

2.900

Point

on tide wat«T.

ft.

lari'e

The stock of lumlxT normally
The yard contains 5)^ mile.s of trackage

.

•***••»' *'
"^1

1

.1 ovt-r .j,5.50<».00().
th«. proiMTlles

now owned for the fivo-ye<ar
"ig all taxes find. Kefleral Income
and available for dejjrcf i.ii ion
;
u. have aggregated $5, 02.8. 519.
noil ofHTalIng i)rop<Tty which might
rile/l during thin fXTlod to .«.5S;),H(il
•'' carrj Ing iharges have thus aggre
--e of SI.
23. (,76.
". the right to elect a majority of the

of

"

'

'

«»\r'

I

^''

,.

outstanding Ik vcMmI In the nomlm<es
<ond Ward .Seciirltli-H Co.

'

/-..,..-..-,».< ,/,r

'

-^••"
I

-

',''•'

airing Effirt

\)t<r

i,.ji

,1

.<„. -17

1

to

r.lnhtlUlc^

»-

...,.

"

,

'I-

1 (at market).
'"

.

"^

,i,ii

,

i
'
;

'

I'l

U',
""'

"^-.L--^
"'• •'nrotiH.

.

—

'

.„

.

I

rturp. (tiMMl

.

.^

,

:

—

PaOr.L'on tImfMr.

IR1.'4«',I fi<-n

-t

.

Cnntlnc

—

.

Jnn

A

'In**

'-rirr-. In-.-

in

I

.

on
Work

I'rcf.

JOIH

thnated H.lHJ. 000. ()()((

«

i;^'^

'

;,

wiirmT.

William

^'" "' •••"

of

srt

&

"'

''

•

'

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•

),.nni;i

11.

Chair

Two Nrw
vz.mnu. w.
llaiito
'1

I,-

I:

w

iinii I..
pliiril
'I

M

-

I

If

I

..,,:.,
.

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U..

,

••.

,

.

,,
'

t.

h.'«. t«,for.!

w,*., ,l.^>r.v...l

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lUlBnce.Nur.ordcf

..TViro.— V. i\A.

p.'Wl

'

""

I9I.H.

(M19.03H
l.'IV9.999

*.'
I

def^llsl.SIM iIkTCII ).IM>I der$t,'<(),90l

».iir$<l0.1i97

lUilancv .shiit Dccctntier 31.
iQai.
1020.

ii>3i.

iu2n.

io.immi.ihmi

kmmmi.oho

I

I'l

iv.074,i,'iri

"11111.7.441.(171
.Ml
/,' ic;
.1

r>,n4M.nK

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4"

MLMHtifnttnuwlUim

of

I

lo holil

1:1

illtlili'iiil iif

I

liV

nniHiuiieixl, Jnn.

<

,

nil

2:,

LSI'^.-i'l

1,806,1171

iMi.im

M.iin.nai n.nnn.^Hn

Tiiiiii

fleeliiriHl

l.milliHHi
2:iH..im

I.UM.IMO

....iiii-

il

I

'

an. ;:>..!

Southern Exnrens Co.
A

'

7.^711

Tolnl
.Miinli

f,„

P-.i.,

Rtsuitt for Yram indino Itecnnticr 31.
Cnlrndar Yr^irn—
I''t'>
1921.
1920.
IVofli, f„r year
$!•
$I.:M.5.|H1
|1 .09(l.1t!l7
nivldeiKU iinid
(10%) 1.000. 002 (17) 1699. 91I9U'0I r

\ 'llxlllenil

,|,;

Dividrud.--

Jim. 25. snys

In .•nibsliince:
•Our books hIiow Hint according to U. .S. Tre.ksury ruling. *l .(MIO.dO:)
dlvldiMiils »,iH from earnings prior Ui Mareh 1 191.;.
"or till' <i//i(r lurmti)iint:i Sli;,725 Is for iiiatreial and mipplliw on hand.
I'T Ih reiireMeiiliii by railroad bonds iind II. H. Govt, abllgiitlons.
I'
II
value 111 Ihe'u. on Dm-. .\\ \<}2\ was $11,703,616.
".<• .(I Hill lln, coinii.iiiy liu« i^ild in dlvldenils only $1,1,5 03
more Minn Ihe net iirofil or 11 Utile more llian I eeiil per Kliiire. During (he
"
wiJiie iM-rliid Hill depny-liitloii account li.'oi Incre.usi'd $|..575. 1 1.5

(Bill

Uniln.

Annvnl Hciunt

Towl, Oil Cllv,

"
A'

•

,

Southern Pipe Line Co.
rre-ldciil l'"orrest .M.

•

Light Co.

.

$175.0'H

IllinolK Commerce (.'ommLssloii has authorized 1*0 coinpiiny to
Issue $191,080 iNt Lien Mtge. bonds and sell $9tiO.(H)0 Isl Mtge. IW. $1.20(1.000 Kef. A 7n and $31 1 ,700 tt% tnimul. IVef. stocji.
V. 106. p. 12.36.

Nuiloii/il

(inn. .Vtarkigir

Ik,

Pennsylvania Power

T-:

I

>

V.-I*r«»i.

llalan<v

I.

luke..,.

,',

.

tlu>

The

of .s;in Kriin<l-'o II \.
<lil<aKo IreH J ,s, !,,,„. |,r

"T I'o
'i

I

lii:!!.

An«lo A Uindoti piirK

'IVf-t
'

rSSr \
J2TJ'[,

:'<|

ri

Miilwl 7H.I«i.5.(K»() n of
.!,.,(,/;. ciii oviir and milii

......1.,,.

...

SII).(i»^

..

of Mcr

••r

.

»:iS, I,'I0,.'1SK

.

Dlvn. nccr.

Mnli,:

T'«
Kliui'

«2H,I.-!0.3S8

(HI

appraliial vul.) in,l;jl .^^ss

6,&47,'iUA
'''tttl

T
T^"«*l

I.

I.l„o.o<,i.

.

on

I

,(,o

I

lO.I-'J.:

TTndiT

.

;m im.ii
,-

.\

,

Authorized. $5,000,000.

conservative rastrlctlons of the taist deed.
I'lirposcs. —To provide part of the cost of the enlargements and extensions
made and to be made subse(|uent to Nov. 30 1921. Thesp eiilargcinent.s
and i-xteMsions Include the Installation of 5.000 kilowatts additional general ing capacity and the construction of ai)proxiinati4y 160 miles of 33.000Mills transmission line, embracing 15 cities and towns in addition to those
already .mtvihI, together with substations and distribution system extensions under a coastructlon progr.-iin (o be coiiipleled by Jan. 1 1923.
Earnings for 12 Months Ended A'on. 30.
1921
1920.
< Jrosh
carnlnKH
.$1 , 190.288 31.4 15.0h3
Nel earnings, aftiToiier. exps. and taxes
$446,310
$347,273
Annual interest on all outstanding bonds, iududlug tills Issue
271.266

tl'Od.OOO

;

'

Fitiamiiw

/'rexml

terms of the 1st Lien & Ref. Mtge.
all bonds subject to certification, in jlddition to $2,334,000 now outstanding,
shall only he certified and lssue<l for pledging with the trustee of tho 1st
Lien Sc Ref. Mtge. y Additional bonds may bo issued only under the
X

a'piiroximattl-,

mortiraee on approxln'atrlv 1.50,000 afrrs ol
trciitlnncd 8 billion feet of llmbtr.
will br secured by a first niortsteamships and certain other

,t

"

'«*'2Jt*"
^*'''

Hay

owii.s at

on

tiki Cii|i|lii|

MUH>k, pnyiibtii

V. Ill, p. 31,1.

I'lty7»

Dividend 0/

the oiilkliiiiiriiiK Cnpltiil
TliU. It Hn« miUl, WIIH

i<loi'l<

III

Hie

4.07%.—
luui

lH<rn'rmM, Il
of ,'", iht

t'nl<<

——

>

— — — —
— —
—

THE CHRONICLE

418
annum, the company having been

in operation eight months.

2529.

Taylor- Wharton Iron
The

&

Steel Co.

— Defers

—V.

—

directors on Jan. 26 voted to defer payment of the regular nuarterly
dividend of 1H%, usually paid Feb. 1 on the outstanding $1,876,300
Cumulative Preferred stock.
President Knox Taylor says in substance: "Owing to current industrial
condition and in view of uncertainty as to when the revival of business will
take place the directors of the company have decided to omit payment of
the Cumul. Pref. div. due Feb. 1 1922. Plants and properties are in
excellent condition and company Is in a position to take advantage of any
improvement in business. There are many encouraging signs so far as the
present outlook is concerned." V. 113, p. 2320.

—

Co.—$8,000,000 Loan.—

Tide Water Oil

It is reported that the company has completed arrangements for an $8,000,000 1-year bank loan at 6% from the First National Bank and associates
The loan, it is stated, has a six months' optional provision, which provides
that it may be paid off on Aug. I
If not paid on that date it will run for
the full year. The loan, according to the report, will enable the corporation to meet its early maturities and to provide funds for carrying on its
business.
V. 113. p. 2828.
.

—

CURRENT NOTICES.

Ill, p.

Dw.
7%

Pref.

[Vol. 114.

"TALES FROM A BANK VAULT."
The Philadelphia investment house of Frederick Peirce & Oo. has just
issued an interesting and unique booklet under the above title. It is the
result of the combined efforts of three of the partners.
The authors have
undertaken the task of telling the good and bad points in bond Investments
in verse.
The plan is an arresting and an engaging one, and well carried
out: The "Gnomes of the Vault" come to life at midnight, and proceeding
to the "directors" room of the bank hold a "conference" or conclave, at
which they set forth the varying qualities of the securities they represent.
First speaker Is "Grandfather Municipal," consuming all the time at the
first meeting, following the prologue, and, as lawyers would say, "making
a good ca.se" for the worth, stability and general desirability of "municipals."
On the third night appears "Mazy Miningstock, vampire," a rather scornful
person, who sings in the following vein:
The elements

of chance and gain
Are my whole stock in trade;
JuBt drop a nickel in my hand
And see your fortune made.

—

—

Transcontinental Oil Co. Acquisition.
The company h.as pxirchased the properties of the Continental Petroleum
Corp in Oklahoma for $6,000,000, according to President Parriott, of
which $2, .500, 000 is in cash and $2,500,000 in one half of net
from the properties acquired. V. 113, p. 2829.

—

Union Cotton

Mffr. Co., Pall River.

I

Made by some

*******

— Extra Dividend. —

Poor victims!
And swallow

The company has

declared a cash dividend of 35% on its outstanding
$1,200,000 Capital stock, par $100. payable Feb. 1 to holders of record
Jan. 25, from the proceeds derived from sale of Liberty bonds held by the
company. V. Ill, p. 2146.

—

United Barber Shops, Inc.

— Stock

Increase.

\H%

—

1M%

current year, payable in four quarterly installments of
installment is payable March 15 to holders of record
V. 112. p. 1280.

first

—

1.

each.

March

My

.

United Gas
Drexel & Co., ef

"Railroads"

J.,

-V. 94, p.

Philadelphia, will for convenience of holders, pay at
their office on Feb. 1 1922, the outstanding 2-year
gold notes which
have been called for redemption on that date at 102 and int. (See also
V. 113. p. 2829.
The amount of gas manufactured and sold during the year ending Dec.
31 1921 is reported as amounting to 4,140,238,560 cu. ft. V. 113, p. 2829.

8%

—

United Oil Producers Corp.
The first semi-annual

interest

— Semi-Annual

coupon on the

bonds, payable Jan. 25 at the Coal

&

8%

Interest^

participation production

Iron National Bank of
113, p. 2829.

was paid at the rate of $7 77 per $100.— V.

—

New

York,

—

Valentine & Co., New York. Capital Increase Officer.
The stockholders on J.in. 2.5 .authorized .in inorease in the capital «:tock
from $2,250,000 to $3,000,000. The new stock will be taken by the stockholders

_A. Lawrence Phillips, Sec. it Treas., has been elected Pres
Virginia Iron Coal & Coke Co. Earnings.
Quarters Endino Dec. Z\

—

—

110,

p 772.

1921.

—Net114, p. 314.
V.
loss

$1,129,97
295,869

$71,698

k»

1920.

$39,967
111,665

Gross earmngs
Interest, taxes.

—V

—

prof.$834,108

—

&

Washingijon-Idaho Water, Light
Power Co. Preferred Stockholders' Committee.
The committee named below, in a notice Jan. 27 to the Preferred stock-

—

holders, said in substance:

The company

defaulted the

Nov

1921 interest

on its 1st Mtgo. 6% Sinking Fund Gold bonds. Since that time Equitable
Trust Co. of New York, tru.stee, has brought a foreclosure action and receivers have been appointed.
Information given out by the bondholders'
committee indicates that a reorganization is to be attempted and that
there are conflicts of interest.
At the request of holders of a large portion of the outstanding Preferred
stock, the undersigned have consented to act as a Preferred stockholders'
committee. Stockholders are urged to deposit their stock with the depositary. New York Trust Co , 100 Broadway, N. Y. City, not later than Feb.
'J
15 1922.
Commillee
Carl Bonney, Chairman, Boyd G. Curts, .1. E. McQuail
with Russell P Merrick, Sec'y, 100 Broadway, N. Y. City, and Walker
&_Redman, 59 Wall St.. N. Y. City, counsel— V^ 113, p. 2829.

—

Western Union Tel. Co. — To Lay Cable

to

Germany. —

The company has completed negotiations with the German Government
and a group of German financiers for the laying of a new cable from New
York to Eniden. The plan, it is stated, practically duplicates the one

recently announced by Commercial Cables-Postal Telegraph System [See
Mackay Cos V 114, p 312
As in the ca.se of latter, the new Western
Union cable will touch at Azores and the American company will lay the
portion from this end to Azores, while the German syndicate "will complete
the connection from Azore^s to Emden
The new cable, it is said, will have
an annual capacity of .50,000,000 words
President Newcomb Carlton Is credited with stating that the company
does not contemplate any new financing in connection with the project
and that it was impossible at tb« present time to state how much the new
cable would cost.
,

1

H

—

"'" fi .—.-•=, t^,^
Mortgage.— '
Sale of Building
Record has been made of a trust deed to secure a purchase money balance
of $1 .200.000 from Dec 16 1921 to July 15 1932, .at 6"',,. given by Frederick
C. Austin in part payment on the Western Union building, fronting north
in Jackson, which he purchased for $2,000,000.
The Clucago Title &
Trust Co.

is

trustee.

Listing of 15- Fear 6J^% Gold Bonds Due Aug. 1 1936.
The New York Stock Exchange has authorized the listing of $15 000 000
IS^Year 6H % gold bonds (see offering inJV. 113, p^39) •::;:i^ll4, p. 314;_
(J. G.) White Engineering
Building Field.

—

Corp. —Enters

Apartment

This corporation, hitherto nationally Iniown as designers and constructors
of large hydro-electric and industrial developments, have entered the field
of apartment house building In New York Cit.v.
They have joined a syndicate with the Quocnsboro Corporation to erect a block of exclusive apartment house buildings at Jackson Heights, Borough of Queens. V. 112,
P 169.
Wilson
Listing.
Co., Inc.
The New York Stock Kxch.ange has authorized the listing of $10 125 000
ip-Year Conv. Sinking Fund 7)4% gold bonds dated Dec. 1 1921, due
Dec. 1 1031. The proceeds of this issue have beonorwill be applied to the
reduction of the company's floating indebtedness. See offering in V. 113

—

&

p. 2627, 2.514, 2088.

Worcester County (Mass.) Gas Co.
See Specner

Gas Co

,

above

—

—

— V. 108, p

587.

—

cheap at par.

Sells Plants.

—

flies

away.

They do not know this Dame Is but
"A bone and hank of hair"

the listing of $12,250,000
1584.

—
Corp.
above
N.
under
Imnrovement Co. — Note Redemption. —
of

Is

She turns and

8% Conv. gold bonds, due Jane 15 1941.— V. 113, p. 2193,
United Electric Co. of N. J. Earnings, &c.—

See Public Service
987.

stock

can't afford to pass this by.
Dame Fortune will not stay;
She knocks but once, so grab her ere

The

1

through our property.

You

the

—

United Drug Co. Listing.The New York Stock Exchange has authorized
20-Year

Run

The samples, picked most carefully
As samples always are
Show assays which convince them that

on

—

Divide-nds.
U. S. Cast Iron Pipe & Foundry Co.
The directors have declared a dividend of 5% on the Pref. stock for

they listen to

all this guff.

Of course, I always have a map
For this they love to see
Which shows that all the paying veins

The stockholders have voted to increase the authorized issue of Preferred
stock from $250,000 to $500,000 and to increase the dividend from 7% to
declared a regular quarterly dividend of
the Preferred stock, payable Feb. 15 to stockholders of record Feb.'

When

They see themselves as Guggenheims
Or Ryans, sure enough.

—

8%. effective Feb 2.
The directors have

paying mines

The sort of propositions which
The public seldom finds.

production

oil

sing about the millionaires

A

vampire, sought by dupes and fads
why should I care?

But then

—

to be suppressed by the Chairman. And on succeeding nights the Railroads, Mortgages, Industrials, "The Patented Device,"
Stocks and Public Utilities, respectively, hold the stage industrials being
declared "temperamental," while stocks have a Dr. Jekyl and Mr. Hyde
nature, and public utilities, "the Good Samaritan," are "most satisfactory
of all."
Our quotation, while showing the general manner in which the "Tale"
is told, is hardly just to the whole story, which contains a great deal of
pertinent, compact Information and advice that is certainly sound, disIt appears to us as a difficult task to
criminating, fair and wholesome.
put into running verse counsel of this kind, but well worth the effort, to
The appearrivet attention upon the salient points in bond investments.
ance of the booklet is, of course, timely, and its wide distribution must
have a corresponding educational value. But the final conclusion »{ the
"Gnomes" that "no type of investment is completely perfect yet" leads to
the wise admonition: "It pays discreet investors to consult 37le House

"Mazy" has finally

—

That Knows."

—The largest

and burglary insurance business by any
written last year by the National Surety Co. of New
York, according to a tabulation just completed and announced this week.
The company's gross premiums in these three lines in 1921 were $23,01 1 ,850.
a gain of $5,912,6.53 over the company's 1920 business, which also estabThe net premiums last year were $13,365,648,
lished a new high record.
a gain of $2,368,495 over the year before. The company's gross business
has increased 89% in two years. This gain illustrates the stronger public
demand for the protection afforded by corporate fidelity and surety bonds
and burglary insurance policies. The company's total assets increased during
the last year from $23,000,000 to over $25,000,000. In Dec. 1921 the
company's premium collections were the largest of any month in the history
On Dec. 31 the company had 11.130 agents in all parts
of suretyship.
of the United States and Canada and foreign lands.
single

fidelity, surety

company was

—

James Carothers & Co., investment brokers, of Pittsburgh, Pa., have
issued a 24-page booklet, "A Study of the Pittsburgh Railways System."
The primary object of the booklet is to indicate the position of holders of
the many kinds of securities which underlie this mtricate organization, the
equities involved, and the relations and obligations of the several interests
which compose the present system.

—

Announcement is made that Stanley G. Miller, formerly Vice-President
of the Fort Dearborn Trust & Savings Bank, has become associated with
Russe'l Brewster & Co., Chicago, in charge of the bond and investment
department.

—A co-partnership has been formed between RobertofP. Minton, Harry
Minton, Lamport

Lam pert, and Newton P. Fry, under the firm name
Co., 29 So. La Salle St., Chicago. The firm will transact a general
investment business in Government, municipal and corporation bonds.
hTG. Stenersen Is in charge of the^newly opened office of Judd & Co.
at 14 1 Broadway,' New York City. Mr. Stoner.«;on, who was formerly
As^'tant Cashier of the National Bank of Commerce in New York, was
recently admitted to partnership in the Hartford firm of Judd & Co.
H.

&

—

"'

Toronto, Canada,
— Messrs. Aemilius Jarvis & Co., head New York, under theannounce
manageBroadway,
office

the opening of an office at 111
ment of Mr. Kingsley Jarvis, to transact a general business in Canadian
Government, Provincial and municipal bonds.
Moore, Leonard & Lynch announce the opening of a branch office at
Utica City National Bank Building, Utica, N. Y., under the management

of John A. Kernan.
Edward D. Jones, formerly with Blair & Co., Inc., has formed the
.Tones & Co. with offices in the Boatmen's Bank Building,
firm of Edward
St. Louis, to handle Government, municipal and corporation bonds.
Dangler, Lapham & Co. announce that Gilby K. Mehigan has become
Mr. Mehagan was formerly connected
associated with their organization.
with the bond department of the Chicago Trust Co.
The Guaranty Trust Co. of N. Y. has been appointed Registrar of
300.000 shares of Common stock of the Shale Oil & Refining Corp. Central

—

D

.

,

—

—

is to be Transfer Agent,
Equitable Trust Co. of N. Y. has been appointed Registrar of
the stocks of the Premier Refinnig & Manufacturing Co., and of the
Chicago & Eastern Illinois Ry. Co.
Frank M. Levett has joined the Trading Department of Frederic H,
Hatch & Co., to specialize in tobacco stocks and Southern mill stocks.

Union Trust Co.

—The

—

THE CHRONICLE

Jan. 28 1922.]

xipoxts

419

and ^otnmtnts.

MANATI SUGAR COMPANY
ANNUAL REPORT—FOR THE FISCAL YEAR ENDED
New
To

the Stockholders of

Manati Sugar Company

of Directors hereby submits its Annual Report
business of the Company for the eighth fiscal year
of the

ended October 31 1921.
Grinding operations started on December 16 1920, and
finished on June 24 1921. A larger crop could have been
made but in view of the surplus of sugar that was likely to
remain in Cuba unsold, it was thought ad\-isable to stop
operations on that date.
Your Companv was fortunate in being able to dispose of
its 1919-1920 crop as explained in the last Annual Report,
but it was impossible to follow the same policy this year,
owing to the control of the 1920-1921 crop by the Sugar
Finance Committee as explained further on, and there were
on October 31 1921, at the end of fiscal year, 162,144 bags
Your Company was not
of this year's production unsold.
however, most of the planters being left with
alone in this,
a considerable part of their crop unsold.
The past year or more has been the most eventful period
in the history of sugar the world over, because of the wide
fluctuations in prices and the consequent effect upon all
sugar companies.
With raw sugar reaching as high a price as 22J^c. e. & f
p^ pound in the Spring of 1920 and declining to 3J^c. in
December of the same year and then advancing in March
1921 to 5J4c., followed by a rapid decline to 2e. prevailing
now, it is easy to see what difficulties have had to be overcome by every sugar producer during that period.
When low prices prevailed in January last, many of the
Cuban and American planters appealed to President Menocal
for some means to help the situation that was deterring
them from starting grinding operations. This appeal resulted in President Menocal creating the Sugar Finance
Committee for the purpose of selling, in an orderly maimer,
the sugars of the 1920-1921 crop that had not been sold
prior to the date when the Committee commenced to function.
Inunediately the Sugar Finance Committee was formed,
confidence was restored and bankers no longer refused to
make advances on sugar; the result, unfortunately, was that
Cuba practically made the largest crop in its history.
During the Summer of 1920 and later, your Company
made sales of 1.38,000 bags of sugar, against its 1920-1921
production, at an average price of 7.53c. c. & f. per lb.
It was because of these sales made in advance that the
average prices of this year's crop Staking the unsold sugars
at 21/^c. c. & f. per lb"), was 4.228c. f. o. b. per lb., which
under the circumstances must be considered satisfactory'.
The advantages derived by your Company because of
these advance sales would have been greater had the colonos
not participated therein, but, on the other hand, it is doubtful whether the Company would have been willing to sell
ahea^l as much sugar as it did, had it not been that the
Company's contracts v.ilh its colonos provide that the latter
shall share in the average price obtained by the Company.
Since the end of the fiscal vear 25,183 bags of sugar have
been sold through the Sugar f'inanoe Committee, leaving on
hand, at the preHf;nt time, 1.36,961 bags. Should this sug;ir
be sohl at a price, lower or higher, than 2
as valued in
the Halanrje Shfet, the colonos will participate proportion-

He

ately in the difffrfnce in value.
The high prices prevailing during the Spring and Sumnu-r
of 1920, brought into this market large quantities of sugar
from P'ar Kawtern countries, causing the invisible stock in
the United States to reach a much larger total than usual.
This, couj)led with the increase of 316,000 tons in the production of domestic beet sugars, a slight increase from I'orto
Rico, Cuba's large crop and poor I'uro))ean demand, precipitate<l a decline to a level mucn below the cost of production.
The climax to all the calamities that have fallen to the lot
of sugar producers, anri especially to the ('ubans (and .seriously interfering with the work of the Sugar Finance ("ommitte<! in the disposal of the crop), was the increase in the
duty on Cuban sugars from l(r. j)er i)Ound to .<>0c. per
pound, irrii>OHed under the IJ. S. Krnergr-ncy Tjiriff Ad.
The coriHtrMelion of the F'errfH-arril de Tunas, 71 kilometers
(44 miles) mentioned in the last Annual l{ej)orl is n«iw nearly
completed and will link Manati I5ay with Victoria de law
Tunas, on the Cuba Uailrf)ad in the inidrlle of the Ishiml. bv
tandarfl gauge railroad.
In the IJalanre .Sheet here wit )i
annexed the jlern of %l ,277 ,'XV.', .h'.) advaneed to Ferrocarril
1

,

''uliieh is eonlrolle«l by your ( "onipany rei)reseiilH
oxp*«ndiliir(-< in the eonstruetion and equipruent of tluH ruil-

roa^l to

i

OftobiT 31 Hrjl.

The (!uban

GROtnSTD.

The

The Board

de TuruiH

31 1921

CANE

York, December 29 1921.

OCT.

laborer han areepted a reduction in wagen more
readily than might, have been anticipated.
Wages, however.
are nr)t. vet om low oh they were in i)n-war lirnes. although
sugar nnces have gone below those ruling befon- the war.
With modern mfwhirnrv, jihrily of euno nrid owtn t' liipof
lt« own railffnul.s and Mlnpi.ing i»orl, yyur Conipaiiy ii in a
position to pro<luce sugar cheaply.

total quantity of cane ground this crop.as compared
with previous crops, is as follows:
1913-1914*
15.084,788arrobasor 168,357 tons of 2,240 lbs.
"
1914-1915
24.424,795
272.598 "
"
1915-1916
30,240.929
337,510 "
"
1916-1917
43,332.198
483.618 "
"
"
1917-1918
44.406.976
495.613 "'
"
1918-1919
1919-1920
1920-1921

53,948,516
38.658,614
46,624,878

602,104
431,458
520.367

"

"

"
"

SUCROSE CONTENT IN THE CANE.

The

sucrose content of the cane this crop was 1 .270 pounds
less, per 100 lbs. of cane ground, than in the case of the pre\-ious crop and was the lowest with one single exception of
any year in the Company's history.
The sucrose in the cane for the past eight crops has been
as follows:
1913-1914
1914-1915
1915-1916
1916-1917
1917-1918
1918-1919
1919-1920
1920-1921

The

13.535 lbs. of sugar per 100 lbs. of cane ground
11.928 "
"
14.487 "
13.994 "
13.428 ••
14.061
14.377 "
13.107

:

•

LOSSES IN MANUFACTURING.
manufacturing during the eight crops

losses in

may

be seen by the following figures:
2.447% 1916-1917
2.933% 1919-1920
2.522%
2.019% 1917-1918
2.597% 1920-1921
2.299%
2.982% 1918-1919
2.529%
While there was a decrease in the losses of .223
as compared with the previous year there is still room for improve1913-1914
1914-1915
1915-1916

%

ment.

YIELD OF 96-DEGREE CENTRIFUGALS.
Notwithstanding the decrease in the Losses in Manufacturing, the yield this year was below that of last year and also
below that of any other year of your Company's operation,
with one exception. This was due to the low sucrose content
of this year's cane.
The yield of 96-degree centrifugal sugar
during the eight crops has been as follows:
11.556 lbs. of 96-degree sugar per 106 lbs. ef cane ground
"
10.322 "
11.984
"
11.522 "
11.282
"
12.013 "
12.349 "
11.259

1913-1914
1914-1915
1915-1916
1916-1917
1917-1918
1918-1919
1919-1920
1920-1921

RATES PAID TO COLONOS FOR THEIR CANE.
According to j^our Company's contract with the colonos,
they are paid 5 lbs. of sugar for every 100 lbs. of cane delivered by them.
Liquidation of these sugars is made at the
average price of the sales of sugar effected by the Company.

CROPS

MADE BY THE COMPANY.

The

following tabulation shows the output of raw sugar
during the eight years of the Company's operation
Tons of
Bags.

2.240

Tons of
Bags.
2,240 lbs.
394.297 or 56,145
70.422
507.366
374.700
53.196
400.400
58.008

lbs

1.34,757 or 19.607 1917-1918
199. .545 " 28,4.''>9 1918-1919
280.050 " 41.134 1919-1920
385,313 " ,56, ,587 1920-1921

191,3-1914

19M-1915
191,5-1916

1916-1917

COMPARATIVE RECEIPTS PER POUND OF SUGAR.
f. o. b. price per pound
obtainc'd during the eight years, tlu; proceeds from "Molasses" and "Other Earnings" are included in the following:

For the purpose of comparing the

1911-1915

4,758c. per lb.
"
6.646c.

191.''^I9I6

9.40.3c.

I9I.3-1914

2..344C. per lb.

1

1917-191S

•
3.6;i4c.
11918-1919
"
11919-1920
4.017c.
1916-1917--"
4.618c.
11920-1921
• I'nHold sugar takon at an ostimatod price of 2>4c. c.

4.500c.

&

f. pcsr

"

]K>und.

COST OF PRODUCTION.

The

cost of producing sugar on an f o. b. basis per pound
for the eight years during w iiicli your Company has beenin
operation, was as follows:
.

3.316c. per lb.
1917-1918
"
4.03.5c.
ll9IS-H»l9
•*
191.5-1916
11919-1920
6. 232c.
1910-1917
"
"
4.001c.
2.847c.
|l920-1921UnKold RUgar taken at an ostlmntitd price of 2J4C. c.&f. per i)<)und.

1913-1914
1911-1915

1..52,3c.

prr

lb,

1

"
"

2.3.59c.
2.37:tc.

The cost of i)rodu<'lion his year was, of course, lower than
last year, by rea.son of the lower cost of (•.•uie.
The (lano is
paid f«>r in sugar, which Hubseouenlly is litpiidated by Iho
I

('onij>any with tlm colonos at tlnr average prieti obtained by
th«> Company for its entire cn»p.
Hinct! the eost of the raw material, Cane, is b.-ised on tho
pric*! obtain<><l for the fiiwil product, Sugar, it foliowH that,
in HO far as he e«iHt of eaiie is eoneerned t lie ('((st of producing
sugar varies in the same jiroportion as he i)ri<*e obtained for
the riruil product.
The best way to Htate the a<;tual c<mt of production is to
exelude the <'OHt of (!ane. On tliiH haHJn, the cost of nianufaeturing and delivering the HUgarH on bouni Hl.«'anierH, would
I

,

I

be

ofi follf»WK:
1013-1014
.0 nfiRr.
loiMiiir.. ......... .nmnr.
1915 1916...
M7KC.
1910 1017
1.045r.

The
lieiii

decrnttHo of

,I3't(

greater had the

p«>r

Ib.|ini7 tniR
I0I7 iniR
MIIH llilli...
MHii m.'o.

1
}

I

I

in

(

IK.'O 19:^1

pt.

"'•

-

2.i;nc,
1.W97C.

"

I'rodueLion would havo
made a larger oroi).

'oHt of

Company

4n4c.
!i9*^-

I.(>7(>c,

—

—

—

THE CHRONICLE

420

[Vol. 114.

GENERAL REMARKS.

LANDS.

The

total area of land

Company now

owned

,

leased

and controlled by the

stands as follows:

The Operating
Addmg:

payment of Taxes, are. _

$648,431.75

on Current Accounts

Interest

Acres
equivalent to 207.027
" 31.333
"
940
"
"
37.700
1.131
" 276,060
"
8,281

Profits this j-ear, after

252.308.89
$900,740.64

Caballerias

Owned

6, 210

lieased

,

Oontpolled

by

Company

thfl

In addition to these lands, there are about 1 ,500 caballerias
f50,000 acres) owned by outsiders, which are situated within
the area covered by your railroads so that the total zone
;i}^gregate8 9,781 caballerias (326,060 acres).
When actual surveys of land purchased last year were
completed, a net additional payment of $32,316.61 wa^ made
,

adjustment.

in

The map appended

to this [pamphlet] report shows the
l>osition of the lands of Manati, bounded on the north by
the sea, on the east by the Cuban-American Sugar Company,
on the south by the Cuba Railroad Company, and very close
to the Cuba C^ne Sugar Corporation properties on the west.

EAILROADS.

The

railroad

now

—

consists of 210 kilometers (131 miles)
13 kilometers (8 miles) of 36-ineh gauge

gauge
having been converted
of 36-inch

gauge during the year
connecting the mil! with the Company's dock at tidewater
and with the Cuba Company's railroad at Manati Junction,
and extending in all directions into the Company's cane
to standard

fields.

In addition to the 210 Icilometers of 36-inch gauge railroad
the Perrocarrill de Tunas (controled by your Company)
has completed about 53 kilometers (33 miles) and will soon
'complete an additional amount of 18 kilometers (11 miles)
of standard gauge railroad through the lands of the Company, which, in conjunction with existing railroad lines, will
connect Manati Bay with Victoria de las Tunas. This
Railroad will haul cane to your mill as well as transport
merchandise from the port of Manati to the inland portions
line,

of this section of the Island of Cuba.
The rolling stock consists of:
29 locomotivoH.
600 cane cars,

36-Jnc/j Gauge.
26 tank cars,
163 flat cars,
10 box cars,
6 passenger cars,

_,

^.

,

Deductmg:
Interest and Commission paid on Notes Payable, Loans, &c.
Dividend on Preferred Shares
Dividend on Common Shares
Reserve for Depreciation

4 auxiliary
4 cabooses.

curE.,

PROPERTY AND PLANT ACCOUNT.
lYoperty and Plant Account October 31 1920
$16. 189, .573-51
Expenditure Dwirw the Past Fiscal Year
Lands, adjustment after survey
$32,316.61
.Sugar Mill and Equipment
714,322.3.')
tiallroad Lines and Stations
144,859.50
sjhipyard. Railroad Repair Shop, Building at
Wtarf and Miscellaneous Improvements
137,048.11
1,028,546.57
Total
$17,218,120.08
Standard Gauge Railroad Equipment transferred to
l^f.ss:
Ferrocarril de Tunas
194,495-13
Total, as per Balance Sheet October 31 1921
$17.023.624 .95

—

The item of .$587,690.15 which appears on the Balance
Sheet as Contingent Liability on Contracts and Ordi-rs
represents purchases of machinery not yet installed for increasing the capacity of the mill and of additional rolling stock.
,

1921.
Per Bag.
*$5,493, 860.37 *S13.721
x40,000.00
x.lOO
314,010.05
.784
-$5 847 870.42 $14,605

Total Receipts

—

630

6)00.00

1,625,000.00
$i ,082,461 .83

There remains a deficit for the year of
which has been charged to Surplus Account.

SPECIAL RESERVES.

—

Decline in Value of Unsold Sugar.
Reference to the Balance Sheet and to the Surplus Account wiU show the establishment of a Reserve of $225,000 against a possible dechne
of %c. in the price of sugar, from 2)^c. per lb. o.
f at which
the unsold sugar was taken up in the Balance Sheet at October 31 1921. This reserve applies only to the Company's
share of the unsold sugar, the loss in the Colonos' share

&

being borne by them.

'

Expenses
(k>st of Cane (per lOOarrobas, $5.586)
.$2,604,509.67
$6..505
Dtiad Season Expenses (.Salaries and Wages, Materials and Supplies. Repairs and Renewals)
$.567,786.68
$1,418
Crop Expenses (Salaries and Wages, Materials and
Supplies, Fuel, Maintenance, Administration
Cuba and United States)
-$1,565,035.34
$3.909
l'i.scal Year Charges:
tJeneral Insurance
$31,008.67
$.077
Cuban Taxes on Sugar
22,440.00
.056
Cuban Taxes on Real Efetate
20,909.49
.052
Legal Expenses
14.699.61
.037
Total Fiscal Year Charges
$89.057.77
$.222
Sugar Expenses:
Sugar Bags and Packing
$201,042.19
$.,502
Sugar Shipping Expenses
54,914.61
.137
Sugar Insurance
16.363.78
.041
Selling and Landing Expenses
100,728.63
.252
Total Sugar Expenses
$373.049.21
$.932
Total Expenses P. O- B
$5.199.438.67 $12,986
Operaiing Profit for the Fiscal Year
$648.431.75
$1.619
This compares with an Operating Profit last year of _ $;3. 778. 0(^0.49
$10,083
IR and a Prof It per bag of
* 162,144 bags of unsold sugar taken at 2'Ac. c. & f. per pound.
x Molasses sold, at a price to be fixed later, and amount to be received
per gallon for the 3.200.000 gallons produced.
has been estimated at 1

—

—

DIVIDENDS.

— Regular quarterly dividends of 1^%
have been paid on the Preferred Stock since .January 1915.
Common
— On the Common Stock n dividend of
Preferred

Stock.

1

Stock.

20% was

paid in

Common Stock November 8

From December

He

1 1921, owing to the low price of sugar, your
Board deemed it advisable to discontinue payment of dividends on the Common Stock.
CAPITALIZATION.
The Capital Stock of your Company is as follows:
Issued.

Authorized.

$5,000,000
15,000,000

7%

Cumulative Preferred Stock

$3,500,000
10,000,000

Common Stock

813,500,000

$20, 00,000

STATEMENTS.
Attension is called to the annexed Balance Sheet as at
October 31 1921 and the Profit and Loss and Surplus Accounts for the year ended that date, certified by the Company's Auditors, Messrs. Marwick, Mitchell & Co. There
are also appended a Statement showing changes in Assets
and Liabilities for the fiscal year ended October 31 1921, a
Comparative Financial Statement and Statement of Comparative Operating Results for the eight years of the Company's operation.
Acknowledgment is made of the loyal co-operation of all
officers and employees during the year.
Respectfully submitted by order of the Board of Direc,

tors.

R.

PROFIT

AND

TRUFFIN,

F.O.B.

|p»

The Earnings

OCT.

31 1921.
$5,493,860.37

Basis

of9'2vRXV
.Ji4.uiu.U!?

Miscellaneous Operating Income
Total Income
Operating Expenses F. O. B. Basis
Profit on Operation

—

*^-?^Z-^i2i2
5,199.4.J8.b<
$648,431.75
252.308.89
$900,740.64

on Ciurent Accoitnts

Intere.'it

Deduct:

.

.

Interest and Commission Paid
able. Loans. &c
Reserve for Depreciation.

.»^
Payon Notes ,.
..

,_

,„

$358. 202.4*
630.000.00

Not Loss for Year

^^g 47
$87,461.83

Dividends Paid:
Preferred Stock:

13i%. Paid .Tan. 2 1921
15i%, Paid AprUl 1921
lM%.Paid.Tuly 11921
lif:. paid Oct. 11921

Common

2H%.
2j|%
2H%:

Stock:

Paid Dec.
Paid MarPaid June

1
1

1920
1921

1 1921

„„, ^_„ „„
$61,250.00

61.250.00
61.2,50.00

«1 250-00

^.^^^oOO-OO

„ „„. ,^
S2.5O.OO0.O0

250.000.00
250,000.00

^^^
'.

^—
^
'

995.000.00

$1 082.461^
Deficit charged to Surplus Account
bags of unsold sugar taken at an estimated price of 2Hc.
162 144
Vote
Molasses sold, at a price to be fixed later, and amount to
o
f ner lb'
gallons
be received his been estimated at 1 J-iC- per gallon for the 3.200,000

V

produced.

Profits for the eight fiscal years are as fol-

Balance as at October 31 1920

lows:
1913-1914
1914-1915.
1915-1916
1916-1917

President.

ACCOUNT FOR YEAR ENDED

LOSS

Sales of Centrifugal Sugar,
Molasses Sales

PROFIT ON OPERATIONS.

The Operating

1916.

1916 to June 1 1921 quarterly dividends
of 2}/^% were paid. An extra dividend of 1% (Red Cross)
was paid on July 23 1917; and an extra 'dividend of 7}^%
(2H% cash and 5% Common Stock) was paid September 8
1

'

"^

.

Materials and Supplies. A Reserve of $1.50,000 has been
created to provide for any possible shrinkage in the value of
Materials and Supplies, as these have not been reinventoried.
It is expected that an inventory will be taken during the current fiscal year.
Colonos' Accounts.
A Reserve of $250,000 has also been
created against possible losses in Colonos' Accounts.

RECEIPTS AND EXPENSES—FISCAL YEAR ENDED OCT. 31
MisceUaneous Operating Income

$245,000.00
750.000.00

1919.
Since June

Through error the number of 36-inoh gauge cane cars was
incorrectly stated in last year's Annual Report.
Slandard Gauge {Property of Ferrocarril de Tunas).
20 box cars.
6 locomotives, 100 cane cars, 20 flat cars,
During the year 80 flat cars have been converted to cane
(iars and 2 locomotives, 20 cane cars, 20 box cars and 20 flat
cars added to the standard gauge equipment.

Receipts (Production 400,400 Bags)
-Sugar Sales, F. O. B. BaBis___
Molasses Sales

358.202.47
$542,538.17

„ ^ ^Deductmg:

-

$360,642.12 1917-1918
812.226.39 1918-1919
1.514.38S.41 1919-1920 _2,244.596.32 1920-1921.-

31,815,663.30
"2.537,661.50
3,778,C(i0.49

SURPLUS ACCOUNT AS AT OCTOBER
^'sinidrv Items Applicablo to Crop 1919-1920C'olonos' Accounts charged off
Deficit for the Ye.ar ended Oct. 31 1921

to October 31 1921 under the circumstances
,

in

view

There has been expended during the past fiscal year in
Renewals and Repairs the sum of $661,890.85, which, as
customary, has been charged to Operating Expenses.

.S6.623.ll

50.284.49
1,082,461.83

——

'

648,131.75

may be considered reasonably satisfactory, especially
of the Company not having made a full crop.

-

31 1921.
$2,939,611.21

-

i.io9,ooy.^**

$1,800,241.78
Reserves:

For Po.ssible Decline in Value of Unsold
$225,000.00
Sugar
150.000.00
For Materials and Supplies
250.000.00
Colonos' Accounts
For

Balance as at October 31 1921

^^5 qqq qq

.$1.175.241-78

f

THE CHKONICLE

Jan. 28 1922.]

491

MANATI SUGAR COMPANY.
BALANCE SHEET A8 AT OCTOBER 31
ASSETS.

PROPERTY AND PLANT

Tunas
-Vnglo-Saxon Realty Co. Bonds at par

1.280,933.89

CURRENT ASSETS AND ADVANCES TO COLONOS:

CURRENT AND ACCRUED

Items

in

.

in

Suspense.

,

Cuba

LIABILITIES:

Paid)

1.149,367.15
21,904.40
119.04
52-50

and Wages Accrued, Cuba
Federal and State Income Tax withheld
Dividend on Common Stock Scrip

7.025.334.22

RESERVES:

For Federal, State and Cuban Taxes
$19,728.69
For Depreciation
2,380 (X)0. 00
For Possible Decline in Value of Unsold Sugar 225,000.00
For Materials and Supplies
1.50.000.00
For Colonos' Accounts
250,000.00

7.269.825.56
19.948.76

§21,826.29
65 000 00
2,656.50
1,509.19

Advance - -

1. •37,204. 8S

inclu.sive.

Salaries

CH_\RGES;

and Commission Paid
Advance Payments, Cul«
Interest

--- 19,000,000.00

Acceptances against crop 1921-1922
SI. 925,000. 00
Notes Payable
3.175.00 .00
Drafts Outstanding
78,355.49
Colonos' .A.ccoimts Payable
130,571.89
Accounts Payable
383,863.84
Estimated Expenses on Un.shipped Sugars-^
161,1()0.09
.\dvances Against Sugar (.S337.772.15 Since

DEPOSITS WITH CUBAN CUSTOM HOUSES
Unexpired Insurance

$8,500,000.00

_

PURCHASE MONEY MORTGAGES ON CUBAN LANDS
Payable over a period up to 1933,

$1 ,354.475.06
Material and Supplies on Hand
3,076,269.28
Advances to Colonos
Advances against Mortgages on Colonos' Land 242,814.36
106.460.72
Accounts Receivable
Cuba Sugar Finance & Export Corporation
100,000.00
(Capital Stock, to be Uquidated in 1922)-Sugar on Hand:
32,917 bags, sold (through Sugar Finance)
Committee), estimated at apriceof 3.15c.
1,580.190.11
c. &f. perlb
f
162.144 bags, unsold, estimated at a price
of 2.50c. c. &f. perlb
J
^,0,191, 553. la
sugar Shipped. Pending Liquidation (est.)-quity in Sugars Sold and Retained by Sugar
17(,946.31
Finance Committee (estimated)
40,000.00
Molasses unliquidated (estimated)
400,116.57
and Cuba
Cash In Banks: United States

DEFERRED

Preferred Stock 7% Cumulative:
Authorized 35,000,000; Issued-Common Stock:
Authorized .515,000,000.00: Is.sued

$1 ,277,933 .89
3,000.00

Ferrocarril de

Advance to

LIABILITIES.

CAPITAL STOCK:

$17,023,624.95
77.184.43
Advances against Contracts for Materials not yet delivered

INVESTMENTS:

1921.

.

SURPLUS

Contingent Liability on Contracts and Orders for

90,991.98

torial

Ma-

3.024,728.69
1.175.241.78

and Supplies not yet Delivered, 3587.690.15.

§25,762,509.57

825.762,509 57

CERTIFICATE OF AUDITORS.
have audited the accounts of the Manati Sugar Company for the year ended October 31 1921, and hereby certify that the foreKolng Balance
Sheet and the accompanying Profit and Loss -Account and Surplus Account are in aprreement with the books, and, in our opinion, correctly represent
the financial position of the Company as at October 31 1921, and the result of the optratlons for the fiscal year ended on that date.

We

(Signed)

New

79 Wall Street.

December 23 1921.

Y'ork,

MARWICK, MITCHELL & COMPANY.

COMPARATrVE FINANCIAL STATEMENT FOR THE EIGHT YEARS OF OPERATION.
Fiscal Years

PROFIT AND LOSS AND SURPLUS ACCOUNTS.

—

1913-14.
134,757
2.344c.

1914-15.

1916-17.

191.5-16.

1917-18.

1918-19.

1919-29.
374, 70»
9.403O.

507.366

3.634c.

4.618c.

4.7.i8c.

5.fi45e.

$812,226.39

81,514,388.41

$2,244,596.32

$1,815,663.30

52,537,661.50

^^l^^l^^^il^

""llllll

-limilll

"""llll

$882,704..'>9

§1,514,388.41

S2.244.596.32

Sl.815.063.30

$2.5.'17.661 .50

$118,643.47

$187,566.16

SI57,553.41
10,310.00
550.000.00
26,700.46

1920-21

$3,820,931.83

$92,889.62

o. b.

394,297

'70,478^20

t.

385.313

$360,642.12

Average receipts Der pound of sugar

2S0.0.50
4.017c.

.$360,642.12

Production fBa^s)

813.693.00
653.108.42

199,545

400,400
d4.500c.

CredUi:

Operating Profits
Interest

.Account Previous Ftecal Years

Total

$3,778,050.49
42,871.33

<I$348,431.7r.

SR48.431.7.'i

DeMU
Interest (Set)

Taxes

$233,008.97

$161,542.11

28.000.00

350,000.60

sYs'.bbb'.oo

178,333.33

'l3',333'33
'l3.93"2".55

13.333 .34
14.543.63
33,116.57

mo.mb'.oo

¥90.00

50,000.00
3,295.95

8,ir2.B7

125,000.00

.

S

/Capital Block U.

200,000.00

390,000.00

510,000.00

686,000.00

3.2.50.00

Inoome U. 8. and Cuba
Loss on V. S Liberty Bonds
(Reserve)

1

OrganlzatloD Expennes
Discount on I>jndB
Adjustment oj Colonoe' Accounts
.\ccount of Previous >'iscal Years
Reserves:

$10.5,893.58

70,478.20

35.000.00

.
.

Depredation
value of unsold sugar
Materials anJ Supplies
Coionoe' Ae«ount8
...

50,284.49
6.623.11

630,000.00
225.000.00

Poffilble decline In

1.50.000.00

$163,307.82

—
—

Dividends on Preferred Stock Cash
DI\1fJ(?n<I= on OjouaoD Htock
Caah
DiiTUr.rlH on Common Htcck KtoctSurplut for year
Total

$153,643.47
173,250.00

$,522, .539.55
2.S1.000.0()

$.S10,275.25

231.000.00
639,600.00

«39n.000 00
a(li;0.000 00

.

I97,274.J»
8.360 ,«42. 12

555.811.12
$882.704.59

t'2".»5.I5I.14

IJ6i.72V.67

$1.514.388.41

$2.244..596.32

$987,535.65
231,000.00
432,112.54
165,015.11
$1,815,663.30

$1,467,859.82
234,500.00
720.619.70
376.700.00
c*262.01S.08
$2,537,661.50

$1,160,972.99
245,000.00
1.000.000.00

250.COO.00
$1,417,801.18
245,000.00
7.50,000.00

I.414.958.8J
$3,820,931.82

1.764,369.43
$648,431.76

BALANCE SHEET.
.!

??•!*

.«6,9«8,782.»«
.
104,162.17

-itracts
I

'!'•

Tunas..

itinda
'

-ate

'«

402,751. .34
421,465.02
36,070.49

.

* Emort

$8.8a4.312.81 $10,175,.5'>0.90 $11,326,657.83 813,291.354.90 $13,914,625.72 $16,189,678.61 $17,023,624.95
1,557.75
31.(>;i6.25
85.531.35
126,466.98
77.1,84.4;5
73,107.91
1.277.033.89
146.833.41
3.000.00
3.000.00
16,017.9.5
7.450.11
2.4.53.38
8,810.84
.1.58,939.6!)
r,i:<.:uo.4S
790.432.00
596,8,S4..37
678.757.61
cir478,i96T8«
1 .354'.47.5'66
IJ0»,.S5I..'!5
617,001.42
1,1,53,408.07
2.014,324.03
3.319,083.64
1,912.707.45
2.325.345.17
61,370.54
33,411.99
112,840.93
80,649.78
106.400.72
187,841.15
270,076.34

Corpoirailon

221,811.21
'Ion (cut

009.303.63

136,013.85

207,600.00

11.060.(

)

nd by Mugar
«1)

U

02.5.260.66

286.096.62

104.064.94

00

IJi.lK.'lOd

I20.(l,5->.00

02.110.03

40,028.17

407.779.36

.'0.848.68

26.573 23

173",333!34'

r«o',666"o6

7.',,0f)0 rKI

f.'lUttOID IIOUSCM.
lU- .MsnagcfH

7.'.or»o

3»,.3Sfl.(K»

082.500

noo

A Taui paid

in

advaaae

I-

M.408.30

13.503.85
iVo.cbb'fx)

in>f%itoBm

Advibii<4. IVi
Intrri-it A

145,240.47

bald In advanee.

1

rimr"!!

A3,642

r>«).«("l«.07

•-

''

7%

^.•iirmilallve. limir

Ml

""i","aab"on

l.$a,300.000

uo

I-

(/'ul>un

$;i.300.rK>o o<i
:i.:ifK).0«0 (M)

3,600,000

•i'KlIng

fKI

3.3iK).rK)0 fK;

'—''

J.VXI.DOIHHI

(HI

28,163.62
7.018.0T

11.669.60
6.672.60

21.836,29
1. 600. 10

2,6ftO.W»
66.00U.(Ml

K.-I

14

•10,618.013.51

^k.

"10.94870

80,632.

1I,«6S.8»

II. «9

I-

A'

784,461.92

1„530 00
11.843.71

0<1

li.,/.
/-.

177 .916.31
40.000.00
400.116.67

i.2'36.66

81.244.63
18.771. «<1

35.000.00
115,899.85
104,115 7S
20.445.43

200,000.00

837.307 72
.ri

A

7.000 00
453,610.50

100,000.00
<1 .680. 190. II
191.553 1.'.

I

•3.3()().(K)noo
3..KKi.000 00
4.IKM>.O0IMM)

27a

JM J

$8,300.00000
3.»'W».(NHJ 00
4.(MX).(K;0 00

Land

.'14.66 $l7.4fl9,0'll.2i

$3,300 .(MIOIH)
6.077
2,!»L'-'

11:0

III)

tidO

$21

$3.,500,000 00

$3,600.000 00

10,000,000.00

I0.(»X>.UU0

00

»26.7il2 .609.57

I|t3.60n .000 (Ml
10.000, (HIOOU

III)

,500

110

3.000 000

1.175.107 72

(III

I'lM

;r,

.''17,.SS,5')I)

1

.037 .201 8K

I

.(»:!> ()IN)

.

V-,

28,003.411

I26.00U.W:

7/1. IHH) (Ml

l.'i.fXK) IH)
7.5,0«l) 'HI
.IH,7.:'l <17
7.-..<n)(i iKi

r^l.OOO

(Ml

000 .000011

W,463 04

mmnn

m#Mk.

.

'

•

4bb'.nm'r>H

2V7'.4(»0"l'i

I20.(ir>il 'Ml

I

1

.5.1(1

697. on

.

00

126.000.00

ValiM of l/oaobt Nucar

860.308 62
835,000 (Kl

418.644 33
716.000 UO

Afl3.0Wini
1.336.000(10

1

T60 000 oa
00

.760.0(111

10.728 nu
J.;|MI.'VMI 'Ml
•».•,. IHIII

(Ml

IIMI.IMMI (Ml
k>.'.'l.(MM)

17 7

Aurpli

!'l

(Ml

'I

I

rain*

I

I.'.

ri*'-,'Mi'' '"'

as.O'KI 'Ml

I).

M

78 ,HMM>
1.149, .307

H.2;

tn
»•

818,083.14

171.810.83

Hiork.

•utnton

231 203. 4 N
I'll.'r,

(M>

a.i7.'> (100. (Ml

200.(KX)0U

.

|iiii>«

'
.

«U«)i,

.

iHir

II.

THE CHKONICLE

483

[Vol. 114.

PENNSYLVANIA WATER & POWER COMPANY
TWELFTH ANNUAL REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR
ANNUAL MEETING HELD ON FEBRUARY 14, 1922.
The Board of Directors of the Pennsylvania Water &
Power Company have pleasure in submitting to the Stockholders a statement of the Company for the fiscal year ending

December

The

total revenue for the year

After

31, 1921.

making provision

from

all

—

$1,962,252.34
sources amounts to
taxes, operation

for interest charges,

and maintenance, there remains a surplus

of

of

1%%
1%%
1%%
1%%

for quarter ending

March 31st

ending June 30th
of
for quarter ending September 30th
of
for quarter ending December 31st
Transferred to Depreciation Resen-e
Transferred to Reserve for Sinking Fund
Balance carried to Profit and Loss
of

for quarter

pany has made arrangements for the recovery of river coal.
During this experimental period over 25,000 tons of coal
have been recovered from the river bed, cleaned, prepared
and shipped to Baltimore and elsewhere. This coal is being
used successfully for steam generation and the market for
it is

843,028.60

developing steadily.

RIVER FLOW.

which has been disposed of as follows:
Dividend
Dividend
Dividend
Dividend

SUBMITTED AT THE

1921,

148,662.50
148,662.50
148,662.50
148,662.50
170,124.66
75,000.00
3,253.94

A comparison of the gross income for 1921 with 1920
shows a gain of $94,382.55; a like comparison of net revenue shows a gain of .$24,301.87.
Your Company's reserve funds (exclusive of Sinking
Fund) now total $1,8G2,688.5G.
EXPENSES OF OPERATION.
It may be noted that the Operating Expenses which for
the year 1920 showed a decrease over corresponding expenses for the year 1919, show a further decrease for the
year 1921. The variable expenses comprised within the
items of General Expense, Taxes and Special Tax Reserve,
show, as is natural, an increase for the year commensurate
with the increase in gross earnings.
MAINTENANCE.
Your Company, adhering to the practice, which it has consistently endeavored to maintain, of keeping the condition
of its equipment up to a high standard, has taken advantage of the improvement in the labor and matei'ial market
to employ consideral)le sums in maintenance work.

EFFECT OF NEW POWER CONTRACTS.
Notwithstanding the very general easing off in Industrial
conditions during the year, the demand for hydroelectric
energy has been such as to permit a gratifying increase to
be shown in gross income and in net income as well. The
policy of your Company in making its recent contract renewal arrangements at power rates well under the cost of
generating steam at the market price of coal then prevailing, has shown its 'benefit by its effect in encouraging the
use of hydroelectric energy by your Company's customers,
even during the present times of industrial depression.
THREE PARTY CONTRACT IN BALTIMORE.
During the year your Comj)any entered into a new Three
Party Power Contract with the Consolidated Gas, Electric
Light & Power Co. and the United Railways & Electric Co.
This Agreement provides a profit-sharing
of Baltimore.
arrangement whereby the large modern steam-electric
plants of your customers in Baltimore may he more effectively operated in con.junction with your hydroelectric plant,
securing better utilization of hydraulic energy, permitting
postponement of new investment in steam generating equipment, assuring an ample supj)ly of steam make-up capacity
for the needs of tlie three parties, and making possible
economies in plant operation.

EXTENSIONS.
The market for hydroelectric power continues in excess
of the amount of energy obtainable from your development;
nevertheless, your DirtK'tors have considered that the Company should content itself with making such minor additions to its plant and equipment as are required in connection with its policy of steadily increasing its efficiency of
operation, and that no large construction work, such as
might be Involved in the installation of additional units Nos.
9 and 10, for which foundations are ready, should be entered
upon during the year.
RIVER COAL.

The experiments carried out upon a commercial scale du"-ing the year in the recovery of anthracite coal, which Is carried down by the river and deposited in the reservoir formed
by your Company's dam, have been very gratifying and the
new problems arising from the hydraulic dredging and the
preparation of such river coal are being met and solved as
they arise by the dredging concern with which your Com-

The

flow of the Susquehanna River is subject to wide
variation from year to year. In one year the aggregate useful flow may be considerably below the average in another
;

year it may be much greater than the average. To eliminate a corresponding fluctuation in earnings which would
make the net income largely dependent on meteorological
conditions, your Directors, following the policy laid down

up out

in the earlier period of operation, steadily built

of

above
surplus a Contingent Fund,
normal earnings accruing in ahnormally wet years might
be available as an equalizing fund to take care of dry years.
Experience has emphasized the wisdom of setting up this
fund out of earnings for the purpose of stabilizing your
Company's income, pi-eventing tlio disadvantageous effects
resulting from either abnormally high or abnormally low
river flow, and assuring normal earnings from year to year.
The summer of 1921 was marked by deficiency of rain fall,
so that the river flow for the year was less than the average
for the preceding years, and as a con.sequence, the sum of
.$97,300 has been charged to the Contingent Fund.
in order that the excess

Your Directors are pleased

to

commend

the efficiency

and

zeal of the employees of your Company, the results obtained
reflecting credit upon the entire organization.

CHAS.

E. F.

CLARKE,
President.

STATEMENT OF CONDITION DECEMBER

31 1921.

ASSETS.
Plant, Property and Power Development
Securities in other Companies
Loose Plant and Stores

$17,830,538 52
3,177.433 55
-

^^•I'^l

Charges
Accounts Reeoivable
lirepaid
Bills

^§

.o2?R9 A^
'*°S'A>J§

Receivable

Xn

99
IbS 61
162,018 19
.,§'999

Cash in Handsof Trustees for Bond Redemption
Cash in Hand and with Agents

7,5.

$21,832 ,758 40

LIABILITIES.

$8 ,495 ,000 00
--$11,185,000 00
--Mortgage 5% Bonds
Redeemed by Trustees or
Less Bonds
461,000 00 ,„„,^
Canceled for Sinking Fund Investment. 10.724 000 00

Capital Stock
First

Accounts Payable.-

'jl"-

•!-»

Sinking Fund
Reserve for Sinking Fund
Dc^preciation Reserve--

Contingent Fund..Profit and Loss Account

81,-) 90
000 00
000 00

^^? 249 01
55
253 94

°-X-^
1.0U.| 4;v,»

--

^

$21,832,758 40

Certified correct.
.JAS. L. RINTOUL, Treasurer.

Audited.

SHARP, MILNE & COMPANY,
Chartered Accountants.
January 12, 1922.
PROFIT AND LOSS ACCOUNT.
Bv Income from all sources
ViVol'ib'is*^'^^^'^^'^
To
To
To
To
To

Operating ExpensesOinoral Expense

Taxes

-

--

Special Tax Reserve
RIaintenauce

'Jfrirlo
114,.')G9
6S.200
98.000
171.918

Jn
40
00
00
39

^^^^^^^^^^---^-^

By Balance Brought Down... ..To Interest on First Mortgage Bonds

^^'^It'qis -^u
bzi.v^a 20
.

Net Revenue
Balance from 1920-

595.837 27

"""imiim--------------

$841.476 87
^••'>'^^

'^

$843,028 60

Total.
Distributed as follows:

o, ^
ending March 31st- ending .luno 30th.
quarter ciulinK September 30th
1
quarter ending December 31st
1 -'i %
ion Reserve
To Dcproci.it
To Sinking Fund Reserve
Profit and Loss Account

Dividend
Dividend
Dividend
Dividend

1

1

H
H
»|

'"c
<^.
<:;,

for
for
for
for

,

quivrter
qu.irter

•i.ia fifi9 in
$148 .662 50

{ARfiM ^0
ifa'Kco %n
Jln'w*; fifi
vVVinn 00
^t'9« q4
j.zjj g^

$843,028 60

Certified correct.
JAS. L. RINTOUL, Treasurer.

Audited,

SHARP. MILNE & COMPANY,
Chartered Accountants.

January

12, 1922.

THE CHKONICLE

Jan. 28 1922.]

423

Shipping Board after a week's conference with all interested parties, including marine organizations. The conference ended to-day.

COMMERCIAL EPITOME.
Neio York, Friday Night, Jan. 27 1922.
anything, has been smaller even than it was
Trade,
recently. For some time past, of course, it has been feeling
Buyers are cautious. The buying power of the
its way.
country is still nothing like what it was before the war.
The economic dislocation between the trade in products of
the soil and in that of the mill and the factory is still very
perceptible and plainly hinders a return to normal condiAn attempt to readjust the matters in the cotton
tions.
manufactuing industry of Xew England has led to strikes
against 209o cuts in wages in Rhode Island and Connecticut,
and it is intimated that such a reduction will cause strikes
Meantime textile industries are slow.
in Massachusetts.
cotton thus far this month has dropped nearly $15
Kaw
if

per bale. This has attracted world-wide attention, coinciding as it has with a bad break in prices at Liverpool, Bombay and Alexandria, Egypt, and a panic in the silk trade at
Yokohama, Japan, where the silk exchange was closed for
two days this week. Cotton exports have fallen off. Manchester's trade is prostrated; Japanese mills compete with
And intense
it sharply on coarse goods in the Far East.
cold weather over large portions of the United States has
had a prejudicial effect on trade. In Xew York the weather has been persistently cold. Even in the Carolinas heavy
snow storms, amounting to blizzards, are reported within
24 hours. Iron and steel are still dull and depressed. Copper prices, it is understootl. eased a little. And there is a
fear of a coal strike on April 1. This attracts wide attenFruit crops have been injured in California by the
tion.
recent cold weather. Trade in the Far West, the South and
the East, especially, has lagged. Collections are still none
too prompt. The big industries, if anything, have been going at a slower pace.
Retail trade, as already intimated, has been hit by very
cold weather at the North and Northwest. New York City
has not escaped, although the low temperatures have helped

Mining or>erations in some parts of the
the coal trade.
countrj' have been halted by zero or lower temperatures.
Cold, dr>' weather has not hastened the marketing of the
com crop. Lumber sales, on the other hand, have increased
somewhat on the Pacific Coast. Some of the large automobile factories at I>etroit have been rather bu-^ier.
Mailorder hou9e.<i in .some ca.ses make a bad showing for 1921.
Just now city retail trade is better than in the country district.s.
Furniture factories are having a pretty good trade,
but at small profit.s. The people refuse to pay high prices,
and manufacturers are oblige<l to meet the situation. Food
prices are biglier.
Wheat has advanced; also dairy products and egg.s, jjartly on account of the severe cold weather.
Silk mills refuse to pay the high jjrices for Japanese raw
silk.
Manufacturers of clothing have had a surpri.se, none
too welcome. That is woolen goods and men's wear have
been marked down by some leading mills. Yet wool auction sales in London and Australia have been at firm or
.slightly hk'her prices.
Taking tbe country as a whole, and
Ignoring the momentary drawKack of .severe cold weather,
the t<jne l.s not unhoix-ful, but It is as plain as ever that
the r«ople arc in no morxl to order heavily ahead, and even
for early delivery are pro<.edinK on a very conservative not
to .say catitlou.s w.-ale.

iTovldence. II. I., advices lijdicate the probability of a
general .sir
.,iig the Uliode Lsland textile mills, following the »,,
Six out of seventeen H. B. & R. Kniulit
mills in Rhfxle Iwlantl have been close<l by a strike against
a wage redii'lloii of 20%. 'J'hlrty thousand emjiloyecs In
lihfxU- Islan<l cotton manufacturing Industry were (iffccfdl
by a 207o wage rfrlucflon. Abont IH/MK) jiersrjns were affe<^-f»sl by a slinilar eiif In
i«y in Connrsfleut. Providence
wired on Jan. 2J that wlwn the I'nited Textile Workers of
Amerlea m>ts tbe .late for a general strike In Rhode Island
against the •1U% ciif In wagew of cotton mill operatives,
20,fKK) workers will quit work without warning.
Providence
wired that four cotton mills In tlie Pawfuekef Valley were
tied III! by Htrlkes on Jan. 2^', on «<-(oiint of watre reiluctlons.
.Many mWcw nillls In .NortiK a'-lern (•onne<f lent went on a
now V.
I'KJule on Jan. 2:5 with an inereaw In hours
-.

from

An

opment.
Cable advices received here on the 24th instant stated
that the

Yokohama

Exchange was closed and was likeleast.
But on
Yokohama Silk Exchange reopened. Trade is
Silk

remain so until the end of this month at

ly to

Tuesday the

dull there, at a further decline. It has been very sharp recently, amid much excitement following a period of extravagant speculation. It seems that the so-called boycott of
.Tai)ane.se raw silk, talked of here and in Japan, consists
solely of a refusal to buy raw silk at current asking prices
be<-ause the goods made from it cannot be sold profitably.
Berlin cable<l Jan. 20 that trade returns for the year 1921
show for the first time since the war an excess of exjiorts
over imports. This apparently was due to restrictions on
the iiiitiortation of food. The total imports agirregated 13,700,000.000 mark.s. and exi)orts 14.600.000.000 marks.
.N'ew York has bad four days wh(>n the temperalure was
to 7 to 10 degrees.
In .Maine it has biHMi as low as 34

down

It was 10 or 12 degrees warmer here
on Jan. 23 In Tennessee, .Vrkansas and
Oklahoma, and rains in the Culf and South Atlantic States.
Teiiipei'atures were generally below noniinl. To day a bllzgard was rei)orted in .North Carolina, wilb
Inches of
snow. The lowest tcmjx'rature of the season was recorded
this week In Central and Northern New York and in the
Connecticut Valley.
At Utica the mercury drojipcsl to 20
below zero, and at various points in the Adirondacks fell to
from 25 deg. tr) .'55 deg. below. At Hollywood, SI. l.jiwrence
<"ounty, the mercury stood at 3!) below at d.-iybrcak. White

degrees below zero.

Snows

to-day.

fell

I.*'.

Uher

Junction,
below.

Vt., reiior(e<l

'J(t

deg. below,

iin<l

garment Industrv.

Hiig

as the rcMult of the rerent strike of eloak, siilt and
Hklrt makers In Now York by Secretary of Labor KavN and
H«sTetary of r;omrnoree Hoover, will Iri'hi'le probe of
'hnrges oT |.r..flr,.,.rlnK re«.-lverl In Wasblnglon.
'"Ineln
geJitPd

:-

I,.

n
,

,

rej.ort

Houlhem bnslneNM

buying very

caiitlr)MsIy.

stilt

baek-

The Hhli.ping Hoard tins ordere<| a wage cut of 1.1 to 2C%,
»ff«ytlve Kr.l). (5.
Heads of the unions affeefed by the wage
cut were said by Hhlpi.lng P.oard .ifrielnls to jinve (flven
their assent to the new f.ay wale.
I>...|>,|on as to redn-llon
of the wago iirale was reaehed bv re(.reH4.ntnt Iv<-h
of the

Sniilli

I

(cer-

has snowed ill ("h'veland and geiHMjilIy
In the Lake region. Central .MI.sslsslppI and lower Ml.ssourl
\alleys.
Elghl o'<-Iock
tempernlures In the Can/idlan
.VorthweHt last .Monday were from
to 20 deu'rees below;
In tbe American .N'orlliwest, from /cro lo 16 below, and In
the winter wheat and corn Sliiles fiom
/iliovc lo
above.
flel.l

li*_'

It

I

I

I

I

Inii-arfial Ifivestlgaflon of the

nati flofli;
warrl, will,

No parallel is found in the records of the Bureau of Markets and Crop Estimates to the fall of 59% in the average
value per acre of the ten crops making nine-tenths of all
crop production, which occurred in the two years from 1919
to 1921.
The dominant note at the National Agricultural
Conference in Washington was co-operation. In his address
President Harding approved the plea for better credits.
Railroad rates were denounced by farm spokesmen, who demanded immediate freight rate decreases. Tlie Conference
was also in favor of the acquisition of Muscle Shoals by
Mr. Ford.
With bread prices lower, the boss bakers of Brooklyn
and Queens have decided to ask all their union bakers to
accept $9 per week wage reductions. The proposal to reduce bakers' wages has been followed by a strike threat
which would affect 5,000 bakers in New York and New
Jersey.
Detroit wired that the American Ford plants in 1921
turned out 928,750 cars and trucks; Canadian plants 42,348.
and foreign plants 42,860, a total of 1,013,958. Tractor production totaled 36,782.
Following the demands of the anthracite mine workers
for a 20% increase in contract rates and $1 a day increase
for all day men, the General Committee of Anthracite Operators said that the granting of such increases would mean
an advance of at least $1 30 a ton in the mine price of
domestic sizes of hard coal. The statement, which also
declares that the cost of production would be increased
78.4 cents a ton, is the first to be issued by the operators
since the United Mine Workers adopted their new wage demands at their tri-district convention last week at Shamokin. Pa.
No comment is made on the decision of the men
to strike on April 1, if a satisfactory agreement cannot be
reached with the employers by that date, when the present
contract expires. The Pittsburgh Coal Producers' Association, representing the operators of the Pittsburgh bituminous coal fields, have formulated a new mining wage scale,
effective April 1 1922.
The scale, while lower than that
existing in the contract with the United Mine Workers of
America, expiring April 1, is said to be 36 to 40% higher
than the wages paid at the outbreak of the war. No provision is made for the collection of union dues through the
"check-off" system of the mine workers' organization.
Lord Northcliffe. who is traveling in India, declares that
for the first time in Indian history Hindus and Mohammedans are acting in close combination in their oi)position to
British rule in India, and he sees grave peril in this devel-

.Man
oi(iiim«

l''rancis<'o

wlre<l .Inn.

2.'t

crop has suffered from

lo

I

Sonlliern California's

thai
to

damage during

.''lO'/r

the present cold wnap, ac<'(»rdlng (o prellndnary estlmatcH
furnished the Slate Division of .Markets by the branch office of (he State De|)arlment of Aifrlcullure at Los Ani:eles.
'Ihe report adds llinl llie Inliiry to cirrus crops cannot Im' flxe(| definitely iiiilll the friill dries out. which will
be about the middle of this week.

m

FiAlU) sli'ady; (iririm \S
h
10. .),»('/! 10. ('•."»<•., refined to
Continent II.O.'c., South ,\iiicncun
.(Klc
Ura/.il in ke^rs
IJ.'.Ktc.
FiiiurcM have advanced, thonrli l.'itlerly reacting
nortiewlmt, with lowi-r pricoH for hogs and not a little profiti

I

1

,

THE CHRONICLE

424

taking.
But the foreign demand lor product has been fair.
Early in the week receipts of hogs were small and there was
a good cash demand. Its effect was to raise prices. Packers, however, were understood to have sold freely on the
rise.
Exports have been large and in the main the tone has
been good, though latterly not quite so firm. To-day futures advanced, closing at a rise for the week of 15 to 22
points.

DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.

January di<U very _._cte. 9.65

March

May

delivery

9.70
9.90

Mon.

9.75
9.87
10.07

Wed.

Tues.

9.65
9.77
9.97

9.75
9.85
10.07

Thurs.
9.52
9.65
9.87

@f

family $15@$16; extra India mess .$24@$25; No. 1 canned
roast beef, $3 25; No. 2, $5 25; six pounds, $15 50.
Cut
meats fu-m; pickled hams, 10 to 20 pounds, 1934@203k|c.;
pickled bellies, 10 to 12 pounds, 12@14c. Butter, creamery
extras, 39H@40c.
Cheese, flats, 16@23Mc. Eggs, fresh

gathered extras, 56@57c.

COFFEE

on the

.spot quiet; No. 7 Rio
fair to good Cucuta 11

8K@9c., No.

4

^©12^0.

Futures advancetl early in the week and then reacted uudcr
liquidation, coincident with lower Rio and Santos cables.
No specially interesting features have developed. The
speculative public shows no particular interest in the market.
Some switching from March to July has been noticeable.
In general the market has been v.'hat might be called very
largely a waiting affair pending fiu'ther developments of
some d(K»isive sort. There has been some selling against
cost-and-freight purchases.
To-day futures advanced, closing irregular and showing a decline of 1 point for the week on
March and a rise of 4 points on May.
Spot (unofficial) 8Ji@9c|May
..8.39@8 40|Septcmber...8 30
March
8 49
IJuly
830 Nom| December... 8. 24@8.25
SUGAR.- -Raw has latterly been quieter with perhaps
rather less firmness but old Cuba has sold at 2J^c. cost and
freight for January-February shipment and new at 2.20c.
March shipment, and 50,000 bags of Porto Rico first half
of February shipment at 3.86c. c. i. f.
At times when the
Santos ]2@123^c.,

—

spot demand for raw fell off there was rather large selling of
May, July and September "futures" by Cuban houses, trade

and Cotton Exchange people. Europe and local
shorts bought on downward reactions.
It is said that fully
400,000 tons of Java sugars had been sold to Japan and the
Far East for spring delivery. An operator here bought
10,000 bags old Cuba, January shipment, at 23^c. c. and f.
and resold it to another operator at 2 9-32c. c. and f
There
was also a sale by an operator of 3,000 tons of old Cuba,
second half February and fii'st half March shipment, at
2 5-16c. c. and f., equal to 3.92c. duty paid. Later a sale
was reported of 7,000 bags of new crop Cuba to an operator
at 2 5-16c. cost and freight for March shipment.
Refined
advanced to 5.10 for hard grades and 5c. for softs, which is
an advance of 10 points on hard grades. The $5,000,000
loan to Cuba by J. P. Morgan
Co. was regarded as significant inasmuch as there was no public offering of the
loan.
The fact that bankers regard Cuba's situation as
better encouraged the sugar trade.
Washington reports
that President Harding Avill ask for a restriction on Cuban
imports and a placing of a portective tariff on Cuban sugars.
The restrictions on the importation of Cuban raws means,
it is said, that Cuba will have to find a market elsewhere.
The Depai'tment of Commerce says sugar consumption is
expected to gain and is likely to absorb some of the present
surplus and that the 1922 world's production will be less.
Receipts for the week at Atlantic ports, according to Willett
& Gray, were 51,398 tons against 28,932 last week, 63,032
last year and 141,218 in 1920; exports 15,509 tons against
13,259 last week, 10,654 last year and 111,466 in 1920;
stocks 76,345 tons against 37,456 last week, 110,820 last
year and 241,104 in 1920. Centrals grinding numbered 97
against 67 last week, 125 last year and 176 in 1920.
From
the Philippine Islands in December the exports to the
United States Atlantic ports were 2,000 tons to San Francisco
4,000 tons, and Oriental countries 8,000 tons, a total of 14,000
tons, compared Avith the total in December 1920 of 7,000
tons.
To-day futures were lower, ending 12 to 13 points
down for the wt«k. Raw lo-day dropped to 23^-80. with
sales of 25,000 bags, this being old Cuba prompt and February shipment. Export refined is said to be 3.25c.
Refined for the home trade o.lOc.
interests

.

&

?pot (uuofficial)_.3 86c.JMay
2.17©2.18(july.
Vlarch

2 36(<?i2 37 September.. .2.67@2 68
2.54@2 55f
OILS Linse(;d rather more active and firmer, though carEnglish oil is offered at 63c.
lot transactionB ai'o small.
There is a fair demand for
<pot f.o.b. cars New York.
Linoleum and paint interests are inquiring
["onugn oils.
more fr(H>ly. January carloads 74c.; less than carloads, 77c.;
Cocoanut oil, Ceylon, bbls., 9@
'ive bbls. or loss, 81c.
Cochin, 9J^@10o. Corn, crude, bbls., 7i^@8c.;
33's<'.;
Lanks, (iM^^Mc.
Olive, $1 10.
Soya bean, edible, bbls.,
Qominal.
Lard, strained winter, New York, 87c.; extras,
§2c.
Cod, domestic, nominal; Newfoundland, 45@46e.
Cottonsee<l oil sales to-day, 20.500 bbls.
S. S. crude,
7.35c. bid.
Spirits of turpentine, 93^i'93l^c.
Rosius,
5.45(ffi7.S0c.
l*rices clo.sed as follows:
Spot
8 90®9.10|March.
9.06®9.07 June
9.40(«9.46
.lamiary
8 95(a)9.25l AprU..
9.17(1)9.19 July
9.54(<"9.55
February
8.90@8.93 [May
9.29@9.30l August
9.65G5:).6s
I

—

I

ROLP]UM.— Offerings of

bunker oil have been liberal
but it is reported that this price is largelv
nominal and it is understood that business could be done a\
5 cxmiA under this price. Actual business is very small for
the moment, but rather more interest is showTi by
consumers, which is attributed largely to the increased activity
oi the steel trade.
Chicago is very dull. Refiners are not
at $1 25

f.

a. s.,

inclined to meet buyers' views.
Refiners are more disposed
to offer their oil in distant markets, due to the limited
deniand
Chicago and the freight rate conditions, which are
checking movement considerably. Gas oil in good demand
with prices ranging from
to 2Hc.
The Standard Oil
Co. of Indiana and Kansas were good buyers of this oil.

m

Fri.

9.60
9.75
9.97

deUvery
quiet; mess $22 50; family $25@$27; short clear
$22@$25 50. January closed at $17 20, an advance for the
week of $1 50. Beef quiet; mess $13
15; packet $13 ©$15;

PORK

^y^^

[Vol. 114.

2^

Gasohne remains weak. SuppHes are large with demand
New York prices, gasohne cargo lots, 'S2}io.; U. S.

small.

14c.; motor gasoline to garages, steel bbls. 26c."
According
to the "Oil Weekly," the total production of oil in the
United States reached 474,858,216 bbls. in 1921 with Cahfornia leading other States, its total being 114,267,000 bbls.
Te.xas was next wth 111,969,575 bbls., with Oklahoma third
with 111,256,160 bbls. Other States with big totals were:

Kansas, 34,312,585 bbls.; Louisiana, 27,814,380 bbls.; and
Arkan.sas, the newest State in the oil-producing column, with
10,645,415 bbls. Total production for 1921 exceeds that of
1920 by more than 31,000,000 bbls. as the total shown in
the fourth annual issue of the publication was 443,402,000
bbls.
The banner mouth for 1921 was December, with a
total of almost 1 1 ,000,000 bbls.
Closing prices as follows:
Pennsylvania
Corning

$3 25IIndiana.
1 901 Princeton..
Cabell.
2 11 Illinois
Somerset, light... 190 Plymouth

...$2 28|Electra

$2 25

227IStrawn

2 27 Tlu-all
1 65 Moran
.
100 Kansas and OklaHenrietta.
homa
2 781
2 00 Caddo. La., light"
2 48 Corsicana. light.. 1 30 Caddo, heavy

Ragland
Wooster

Lima

ICorsicana, heavy.

2 26
2 25

2 25

2 25
2 00

125

951

RUBBER easier. Buyers' and sellers' ideas are J^;.
apart and actual business, is very small. Smoked ribbed
sheets 17c.; February 17>^c.; July-Dec. 20Mc.
Para lower:
up-river 20 ^c; coarse 13c.; island fine ISJ^c; coarse 9c.:
Caucho ball, upper 12c., lower lie; Cameta 8e. First
latex crepe 17c.; brown crepe thin, clean, 15J^c.; brown
crepe rolled 15@16c. Central Corinto lie. nom.
HIDES

have been in moderate demand.

But Bogota

reported steady. Some 1,000 Orinoco sold, it is said, at
14e.
Bogota are quoted at 15Hc. Wet salted hides have
been quiet. River Plate are reported rather steadier with
sales of 5,000 Campanas to Europe, though the price, it h
true, has not been revealed.
City hides have been quiet:
small Brooklyn packers sold, it is stated, at 14c. for heavy
native steers. Country hides have been quiet and steady.
FREIGHTS have been reported steady with a
moderate business. A Washington dispatch says the Democratic Party will be lined up almost solidly against measures
calling for direct aid to shipping.
The New York Harbor
Arbitration Board denies that the strike of harbor boatmen
has been a success and says conditions are normal. Charters of three steamers to carry wheat to Greece, with a capacity of 720,000 bushels, were reported in the ocean freight

OCEAN

market late

last week.
Charters included sugar from Cuba to United Kingdom. S5 75 prompt:
coal from Atlantic ranRO to Buenos Aires, 16s. 3d. prompt: sugar from Cuoa
to Havre. 86 20 prompt; jrrain from Atlantic range to the Antwerp-Hamburg
range early February. 16c. one port and 17c. two ports; to West Coast
of Italy 20c. one port, 20J-^c. two ports and 21c. three ports early February; 25.000 quarters grain from .\tlantic range to four ports in Denmark,
basis of 24c. February; time charter, one round trip United States to Far
East. 5s. 3d., delivery at New York; four to six months time charter in
trans-Atlantic trade, .5s. 1 J'2<1. prompt delivery In Wales; 4K> to 6 month*,
time charter in West Indies trade, $1 35 February delivery in Cuba; relief
grain in bags from Atlantic range to a Baltic port, 30c. January: 45,000
quarters grain from Atlantic range to Antwerp-Hamburg range. 16c. February; gi'ain from Atlantic range to West Italy, 5s. one port. .5s. 1 H<1. two
ports February: sugar from Cuba to United Kingdom $5 75 February; six
months time charter in the trans-Atlantic trade, 4s. 9d. delivery United
Kingdom; four months time charter in West Indies trade, S2 prompt:
grain from Atlantic range to Antwerp-Hamburg range, 16c. one port jsarly
February; Ui Denmark, basis of 5s. 3d. one port February; to four ports
in Denmark, basis of 24c. ono port February; six juonthfi time charter in
West Indies trade. $1 65 prompt.

TOBACCO

has developed no new or striking features.
was reported at one time for Pemisylvania
1920, but on the whole business has been quiet. I^i-ices
are largely nominal and it is suppo.sed would be eased on
attractive orders.
Lexington, Ky., wired that the Burlej
Tobacco Growers' Co-openitive Association is said to have
practically $15,000,000 ready to lend farmers on the tobaccf)
that thev are raising this year. The pool covers more than
192,000,000 lbs. and represents the output of farmers in
Kentucky, Ohio, West Virginia, Indiana and part of Tcimcs"The War Finance Corporation has approved an
see.
application for a loan of .S10,000,000 to the Assoeiaiou.
COPPER firmer early, then reacted sHghtly, ending rather
weaker. Selling interests are hopeful for better things, howThe electrical industiy, it is beHeved, will buy more
ever.
Electrofreely, as soon as financial conditions improve.
It is said, however, that the price has been
lytic VS%G.
shaded. Tin lower both here and in London; spot 30 H«.
L(>ad (luiet but steady; spat New York 4.70@4.80e.; St.
Zinc fell with other metals; spot here
Ij«niis, 4.40^/ 4.45c.

A

fair inquiry

4.90c.; St. Louis, 4.60c.

PIG IRON has been

dull and lower with reports of sales
foundry iron Birmingham at $16, base,
the general level at Southern markets'. Shading

of 10,000 tons of

which

is

THE CHRONICLE

Jan. 28 1922.]

however, it is hinted, is beiug done in the prevailIn other words, pig iron shows
ing competition for business.
uo really new features. Sales as a rule are small and the
be downdrift of prices for the time being at any rate seems to
ward. According to some reports a price of SI 5 50 has been
made at Birmingham, though later on the quotation was said
to be S16.
STEEL has remained dull and ^\-ithout really new features.
The undertone still seems to be more or less weak. The
United States Steel Corporation, it is stated, is operating
at 40 to 50% of capacitv. and the larger independents at
between 25 and 40%. Some in the steel trade regard it as
an encouraging feature that the rate of production this
month has so closely approximated that of December.
Pittsburgh reports sheets, steel hoops and bands dull and
quotations on the 2-cent base for hoops somewhat unsteady.
In fact some sales of hoops it is intimated at 1.90c. and even
less have been made and sales of bands at as low as 1.75c.,
Coke is
as contrasted with the nominal quotation of 2c.
Connellsville district at about $2 90 to $3, with
dull in the
some offerings, it is said, of off-grades at S2 75.
has been firm with a moderate business. The recent strength of foreign markets naturalh" encourages hold-

4:U

WOOL

Besides, American stocks are said to
ers in this country.
be small. Christchureh, Xew Zealand, cabled that 20,500
bales were offered at the Jan. 21 auction there and 19,250
sold; selection good; demand sharp from home, Continental
and American buyers. Alerinos, greasy, superior, reaUzed
19^d.; medium lod. to 1734d., and inferior 12d. to 14:%d.
Crossbreds, greasy
Corriedale, greasy, 11 Md- to 20d.
.56-5SS, 11 ^d. to 17d.; 50-56s, lOJ^d to 15Hd.; 46-48s, 8h'd.
to 13Md.; 40-44S, 5d. to 7i^d.: halfbred 56-58s, 8d. to 20d.,
and 50-56s, 7)id. to 15J^d. Wool imports at Philadelphia
for the week ended Jan. 14 are reported by the Government
at 425,817 lbs., while Boston's imports were 694,272 lbs.
The Boston "Commercial Bulletin" states that wool stocks
throughout the country' are less than 50% of a year ago.
London cabled that at the sale on Jan. 20 good wools had a
brisk sale to home, Continent and Ajnerican buyers.
London cabled Jan. 23 that at the auction the joint offering of Rea.lization Association and free wools were 12,800
bales.
Home and foreign buyers took hold freely. Everything sold at firm prices. Australian merinos were scarce
and were chieflj- Queensland and West Australian. The
New
best greasj^ ruled at 24d. and 24^4d., respectively.
Zealand, 2,053 bales of crossbreds. the bulk going to YorkPuntas,
shire: greasy 7'4d. to 17J4d.; slipe 6Md. to 17d.
3,011 bales of similar qualities, were sold to home and
continental buyers, the best ruling at 13?4<1- and 15 Hd.,
Cape, 5,365 bales greasj-. all sold at a range
respeotivflv.
of Hi^^d. to ISd.
At Portland, Ore., on Jan. 24, 2,000,000
pounds, the largest single shipment of wool ever moved from
It
there, was loaded on the steamer Edgar Luckenbach.
was bought at the recent auction there l)y P^astem buyers.
The shipment is for Boston mainly and Philadelphia. Another million pounds is on the docks at Portland awaiting
shipment to Atlantic Coast ports. Considerable of it will

Mon.

Sat.

of prices,

Galveston
Texas City

9,519

5.147

7.091

Wed.

Tues.

3.309

Total.

6,412
600

35,114

4,630

Houston

New

Fn.

Thurs.

600

16,342

Orleans

2".

6". 6-18

4,34,5

2.1,53

2.57

3„5():i

143
1,265

,2.56

319

704

.706

2,118

1,305

48-3

"134

"39.5

57
984
184
SO

"137
125

"108

64

"94
57

Mobiie

50

603

.Savannah

1.755

Hrunswick
'harli'ston
Wiliniiifrtou

<

Norfolk

700

Boston
Baltimore

1

"45

New York

1

"".50

889

10.806'

298

83
780

"78

::::

,085

1

4.3.'50

184
261

427

18.677

427
736

10,602

92,471

"378

12.957

335

21

"58

"308

Philadelphia

Totals this wk.

335

699
789

799

16,342
20,441
3,075
8,632

l,5:i6

13.235

26,194

following table shows the week's total receipts, the
total since Aug. 1 1921 and stocks to-night, compared with
the last year:

The

1921.
Receipts to

This
Week.

January ^7.
Galveston
Texas City
Houston

1920.

Since Aug
1 1921.

20".44i

724,5.59

3".675

1922.

1921.

65,747 1,903,315
1,091
16.232
10,188
265,763
467
41,385
33,808 904,518

35,114 1,751,836
600
17,981
266,674
16,342
10,305

Port .Arthur. &c_New Orleans
Gulfport

359,182
12,761

383,815
3.501

3"l9",550

4"4"9".823

62,014

"2"0",d77

22,854

4.289
88,837

Mobile

Stock.

Since Aug
1 1920.

This
Week.

1,946

500

Peiisacola
Jacksonville

8^632

1,885
462,073

335
889

Savannah

""1,131

15,751
53,131

BrunsAvick
Charleston
Georirctowu

1

1,732

"1,647

'"l".36T

407,524
8,875
47,309

10,803

151,707
1,592
90,992

152,597
2„500
245,301
~3"8",6ii

Wilmington

r,68.5

7"0",6i6

l",i56

5'5",284

"3"2",S67

Norfolk
N'port News, &C-

4,350

241,746
583
8,405
19,017
42,289
25,554

8,150
37
4,169

167,771
1,222
18,745
18,475
26,661
4,511

139,968

"184
261
427
736

New York
Boston
Baltimore

.

.-

Philadelphia

144
2,383

42

71,977
"93',

79^833
6,170
1,823
10,894

598

16,435
4,524
3,278

92.471 '3,806,031 141,8.58 3,950,735 1,229,063 1,490,175

Totals

In order that comparison may be made with other years,
we give below the totals at leading ports for sLx seasons:

—

Galveston
TexasCity.&c
New Orleans.
Mobile

335

1

889
4,350

1,732
1,150
8,150

i"7",950

37
6,738

Charleston
Wilminsrton..
Norfolk
N'port
&c

N

1,085

,

All others

wk.

Total this

141,858

92,471

1919

1917.

191S.

44,660
4,306
$34,461
2,552
20,975

28.183
7.203
57,935
60
12,327
4,000

"3,945

61,463
20,820
48,011
5,685
28,396
3,500
7,126
2,933
7,204
104
7,098

65,747
11,746
33,808
1,946
10,803

35,114
600
20.441
3.075
8,632

Savannah
Brunswick

1920

1921.

1922

Receipts at

1,679
1,773
3,680

2,304
6,459

57,730
1,748
,850
1,828
5.900
5,000
1,436

1 1

3.56

4,862

26^1
"

"

4,807

121,875

192,343

2,213

122,011

5,826

96,530

Since Auii 1-. 3.806.031 3.9.50.735 4.644.985 3,345.450 4.086.-578 5.212.363

The exports for the week ending this evening reach a tota
of 82,103 bales, of which 3,345 were to Great Britain, 7,8^3
Below are the exports
to France and other destinations.
for the week and since Aug. 1 1921:
From Aug.

Week ending Jan. 27 1922.

to—

Ezportid

move next week.

from

—

Ezporlx

At Invercargill. New Zealand, on Wednesday, 14,000
bales were offered and 12, CM) bales sold.
Demand good
from home, American and Continental buyers. Prices
Vere for 56-.58.'?., ll^d. to 163^d.; .50-55s., lO^d. to 15Kd.;
48-.50S., lO^d. to 12Kd.; 46-48S., 7d. to lid.; 44.-4()s..
6>^. to H»^d.; 40-44s., od. to 7^2d. Melbourne cabled
that at the sale on Thursday 5,000 bales were offered and
mostiv sold at a rise of about '>'/,, above opening pric(!s.
Good demand from home, American and .Tapanese l)uyers.
Lrmtlon '-a hied Jan. 25 that at the j<jint offering of Keali/.ation Assfx-iation and frf.e wools was 10,883 bales.
Demand
bri.sk.
Prices firm for all qualities.
Svdney, 629 bales;
greasy merino, 19>^d. to 26Hd.; scoured, 34d. to 41 Hd.
QuM-nsland, 2,4.53 bales; greasy merino, 16d. to 2Hyjd.;
the best lots weured for America.
Vietoria, 1,.'>83 bales;

1 1921 10 Jan. 27 1922.
Exported to

gT'-asy merino, 2()^(\. to

New

Zealand,

2.">d.;

scoured. 32J^d. to

l»alcs; crossl»reds.

5,H.'*()

tlie

:50';r!.

bulk .seeured bjr

M^d.

York.shire. grea.sy, Od. to 18d.; seonred.
to 'M}4<1.;
Hiipe. OKd. to 17 'jd.
F>mdon eal.led .Ian. 26 that at the
auction the joint offerinirH of l{eali/alioii Assof-iatioii and
free wools apgregafed
I ,H:H)
bah-s.
Demand quick frotii
home and Continental huyers. Priees firiti. Sy«lriey. •'>:'.<)
bales; ifreasy nurino, 16^^(1. to 2o<l.
(,)neeiisr!infl. 2.M'.)
bale,; i,'rea.y> rmriiio, lil^d. to 24d.; .seourecl. .30J:^<1. to r_'<i.
Victoria, 1 ,6H2 iialcH; grea.sy merino, 12<i. fo 2.5d.; eomebaek,
12';,d. to 21 Hd.; eroMsbred .5^^d. to l.'id.
New Zealand.
3,200 bales, eroHnbred greany wlipe. the boHt Hid. and lid.,
Ff'sjKetively.
I'lintaM, 3,3.'{ii bales, crossbred greasy sli|»e
the be-il H'ld. arnl I td., reK|jeelively.
\

—

Great

Great
Britain. France. Other.

Galveston .

Total.

Now orJctaiie

5.413

16.342
13.790

GulfDort ...

Mobile

401,955

222,319
47.266

9.709

9,100

Norfolk
1.645

9.100

1,600
4.028

GO

Xew York..

1.650
5.573
....

\uwum
300

Ifaltlriiori'

2,.5S9

5,979

22,I80i

45,863

239, U3|

Ixw AnKHeH.

200,
1

5,142
266.674
•053,960
4,289
56,802
500
384,390
13,743

2,600

47,2.'>0

67,671

9,0001
•.58,764

8,.50O

4I,4.')()I

.58,9,50

4. 850

61,813: •I2S.427

19,176

2,073

47,-t.5Kl

68,707

494
59
424
8,015

6,0HS

6,.5.S2

360
60

1,000,

1,409
1.115

200

16.193,
42.032J

30C

I'lillH'li-lDhla

641

47.035
20,605

1.993

2.913
4,430

4.430
.

24.408
42.032
47.035
20,606

1,160

193
2.91.3

I.SOC

.

.Seattle

1.160

Oic.

Total

3.34S

7.863

Tolol'20-'21

28. 782

10.685

Total 'IK -zn

llfl.fiTI

•

79,631 •397,702

13.743
17,921

nnin.swlck-.
ChiiricHlon .
WllriilimtuD.

i'ortl'd,

l.'>4,9,59

99.4241

8,490 10,890

2.400

.

Tnroma

Total.

847.4.59 1,471,733

300

I'enHarola ..

Han Kran.

Other.

5,142

.

Kavanniih

Prance.

16.342
64.459
19.203 *176,627
•
1.700
28,643

9.709

Texas City.
Houston .

Britain.

7S.896 82.103 •900,704 •41»,661 2006069 •3325324
65.337 94.804 1.051,921
4s.r;o I(H.Hnit2.065.2«2

378,999

1,-I26..58.5a,86n.,5n.5

.»66,.TO0

I. :iSI. 907 3,

In ad<iition to above exi)orts, our t*ih^grams to-night also
give us the followiiif^ jniiomits of cotton on shipboard, not
eleared, at the ports named.
Wo add similar figures for

Now

York.
On Shipboard. Not
Or rat

./«..

at—

27
ti

Britain. France.
Ifi.73I

.

-ana..

COTTON.

(Irrinunti.

78
730

3.1

11,3H0
1.000

6.000
6.570

Cleared

Other
Ciiiift.

24 .478
2.C36

for—

C'ueiattiHun.

Lnivini)
Stock.

Tutnl.

3,000

.%2,3H7

3(M1,79A

500

2l,4M»
l.MM)

29H.101
150.207
110,002

'ti

27 1922.
TMK .MOVKMKNT OP THE CUOV, as iri<lieated l.y „nr
teletrrj.ni
from the Hoiilh t.o-riiKlit, in triven l»elf)W.
For ttie
Frulni/ Xighl. .Inn.

we<l<

ei.rlini'

the total rii-eipts have reaelied
»2.47l
103.»i07 balen last week and 93.515
bftles ilii
veek, makirii' the total ree«.ipt,K Hitico
Aug.
V.U\ 3.H<Mi.0:{| bnleH. atrainvt 3.950.7.35 bales for the
name (MTJod of !9'..f)-'J|, Hhowirig a deerease sinee \ntf.
1921 of 141. 7fM bales.
I

tliin

«'\eriing
I

I

I

712, .5(1^1

Hi'ttHon'H riKiircM riMidJiiHted.

"^i"""*'"

......

4.»«3

Niw York

h'.777

'32fi

Norfolk

"ioo
•...

oiluir [Kirtk

..

Tolnl 1'"'
TdMiI
Tdiul

2. 000
'

'

r

* t

4("K)
1

.

1

200
500

4.0(KI

100
(

1

w*.

.1

,300

70.033
60.

7.(M)0

O'

1

13t).30H

HI 10

:ioo

f

1

600

:i(H)

1

1

7M

II,

'.'.o
1

.

1

* Kxtlinntwl.

S|MTiiliiMnii
iiioie

a«'flve.

III

iMiiiiii

iiii-

riiliire

at deellnliik' pil<'eM,

delivery Iuih
'Plie

riill

lieeii

rather

from the

liljrU

c

THE CHRONICLE

426

It was due
level this ruontli approaches 3 cents per lb.
largely to had foreign news, lower spot markets at the
South, and depression in the textile trades everywhere.

Liverpool has fallen sharply, on general liquidation, dulness of Manchester, reports of a recent break in prices at
Bombay, a severe decline at Alexandria, Egypt, and weakness in American markets. Spot sales at Liverpool have latterly been only 4,000 to 5,000 bales.
At American markets
they have been generally very small. On the 20th instant
spot prices in various parts of the South fell 50 to 75 points.
In fact, it was
It was said that the basis was falling also.
declared that in parts of Texas to be the lowest seen thus
far this season.
Exports have slackened. Domestic mills
have bought sparingly. It looked as though the Southern
bolder, after standing a rather long seige, was giving way.
The manufactured protluct is not selling well in any of the
world's markets. That, of course, is a serious matter. Some
mills have closetl in Lancashire.
And there have been recent intimations that there might be financial trouble
among some of the British mills unless trade should improve very shortly.
Bombay is not buying at all freely.
China, which bought for a while, is now holding aloof.
Japan is cutting into Lancashire's trade in the coarser
grades of cotton goods, which it can produce at cheaper
prices, although it cannot compete with Lancashire on the
better class of goods. And in Cairo, Egypt, there have been
renewal of riots. And the Yokohama Silk Exchange has
been closed for two days, owing to a panic in the silk trade,
ralk of fixing of minimum prices by the Japanese Government has been heard, though nothing has come of it. The
very fact, however, that it has been suggested was naturRumors have been
illy considered an unfavorable augury.
rife that American mills would not buy Japanese raw silk
It was even said that an organized boyit current prices.
cott had put a stop to the sale of such silk in this country,
rhe reports of a boycott, however, have been denied. It
was said that American mills were not buying it for the
simple reason that they could not afford to. They could
aot sell silk goods at a profit on the basis of current quotations for Japanese raw silk. Therefore they had been holdIt ai)pears that raw silk has been forced up at
ing aloof.

Yokohama

extravagant prices by excited speculation.
rhe collapse came about a week ago. The Silk Exchange
it Yokohama, however, reopened on Thursday.
Yet all this
bas had a more or less unfavorable effect on cotton. Coming nearer home. Fall River and New Bedford, not to mention Worth Street, New York, have been dull, with prices
apparently drifting downward, especially in this city. Moreover, six out of seventeen B. B. & R. Knight mills in Rhode
Island have been closed by a strike against a wage cut of
20%. And there were reports that the strike would spread
to Fall River and New Bedford if wages were cut there, as
they recently were in Rhode Island. Also some Connecticut
mills, because of a cut, have also closed.
In other words,
lahor is contesting a reduction of wages, although this would
reduce costs of output, increase production, and under ordinary circumstances stimulate consumption, with its benefits to societ in general, labor by no means excepted.
Moreover, with larger production labor would be, of course,
more generally employed. As the case stands, goods cannot
be readily sold at i)resent prices, with labor and freight
rates at the level that they are, for farmers and artisans
cannot buy on the pre-war scale.
As to the trading here at the Exchange, Liverpool has
been a seller, and a striking feature has been the large sales
of March, aggregating some 100,000 to 125,000 bales in the
fore part of the week, coincident with an equally lilieral
buying of July. This liquidation of March followed the
recent liquidation of January, and has attracted a good deal
of attention.
It has caused a noticeal)le reduction in the
premium on March over July, i.e. to 50 points, as against 92
an Jan. 24. Jai)auese and other trade interests have been
making this switch, which on certain days was one of the
foremost features of the trading.
The South sold here
juite freely also. At times Wall Street and the West have
sold.
The feeling has been pessimistic. Everybody, even
now, is looking for lower prices, with occasional rallies at
to

the exi)ense of the short interest. Some reports from Washington say that more seed will be sold this spring than there
was last year. Also it is declared that as grain as a suri)lus
crop last year proved to be unprofitable to the South, there
is nothing left to do but to plant cotton, the South's old
standby, and in the long run more profitable than grain.

On rhe other hand, however, many opine that the decline
has gone too far. They believe that the South cannot raise
an adequate crop during the coming season. Farmers have
aot the funds. They cannot buy fertilizers on a large scale.
They cannot afford intensive cultivation. And there is the
boll weevil.
It is maintained that the cost of fighting it
will ultimately fix the price of cotton in the market to the
world. It Is something that cannot be ignored. Scientists
have found no effective remedy for it. The pest has been
advancing, generally at the rate of 40 to 100 miles a .vear,
for many years past, so that it has overspread very much of
the belt.
And meantime, too, the world's consumption ia
gradually rising, in spite of all drawbacks. Humanity must
be clothed. Supi)lies of clothing have dwindled, after a long
period of abstention from buying. Cotton, moreover, is the

[Vol. 114.

cheapest clothing known. And it is not forgotten that in
December the consumption of American cotton in this country approximated 512,000 bales, against 295,800 bales in the
same month last year. Some regard that as significant. It
is surmised, too, that the world in the last six months has
taken not far from 7,500,000 bales. If it continues at that
rate for the rest of the season, it would, of course, mean a
return to the maximum consumption of the past. But even
if it should prove to be 13,000,000 to 13,500,000 bales, the
carry-over on July 31 would be reduced to a point that
would make a very large increase in the American crop a
vital necessity. Opinion, it is true, is divided as to whether
the crop could be increased to the requisite total of say
something like 13,500,000 bales, the present yield, it is understood, being several hundred thousand bales under the
last Government estimate and approximating 8,000,000
bales.
An increase in the crop of 5,000,000 bales has never
occurred in a single year in the history of cotton culture in
this country. As a rule, an increase in a year has not gone
beyond half of this quantity. Turing to the trading here,
there has been a good deal of "calling" of cotton by the
mills.
And trade interests are said to be taking the large
quantities of March sold here, though shorts have also
shared in this buying. Meanwhile the short interest here
seems to be, on the whole, increasing. To-day prices advanced here and at New Orleans, and rallied also in Liverpool on the covering of shorts. There was buying at home
and abroad on the theory that a good rally is due after a
drop this month of nearly $15 a bale. There was less pressure everywhere to sell.
Later on there was a reaction
from the top. Final prices are 117 to 132 points lower for
the week on March and May. Spot cotton closed at lG.75c
for middling, a decline for the week of 130 points.

The

quotation for middling upland cotton in the
market each day for the past week has been:
Sat. Mon. Tues. Wed. Thurs. Fri.
Jan. 27—

official

New York
Jan. 21

to

Middling uplands

18 05

1775

1922-C

16 75 1914.C
15 00 1913

1921

12.90
-.13.05
9 65
14 90
14.70
9 90
11.75
11 00

39.05 1912
25. 95 1911
31 60 1910
17 40 1909

1920
1919
1918
1917
1916
1915

1908
8 50 1907

11.9.5

1906-C
1905
1904
1903
1902
1901
1900
1899

1735

17 75

NEW YORK QUOTATIONS FOR

32

1675

16 70

YEARS.

11.70 1898.
7. 00 1897
15 45 1896
9.00 1895.831 1894
10 38 18938 00 1892
6 44 1891

5.94
7.31

8.25
5. 69

806
9.50
7. 56
9. 38

THE VISIBLE SUPPLY OF COTTON to-night,

as made
as follows.
Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.

up by cable and telegraph,

is

,

January

27—

1920.

1919.

942,000
10,000
64,000

405,000
16,000
65.000

.--1.116,000 1,129,000 1,116,000
32.000
286.000
1.59,000
200,000
222,000
188.000
8,000
25,000
133,000
102,000
95,000
46.000
66,000
140,000
18.000
27,000

487,000

457.000

182,000

1922.
1921.
bales. 1,038,000 1,030,000
1.000
5,000

.Stock at Liverpool

Stock at London
Stock at Manchester

77,000

Total Great Britain _
Stock at Hamburg
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Bremen

711,000

Total Continental stocks

94,000

579,000

97,000
1,000

50,000
34,000

669,000
25,000
395,463
54,000
386,000
*600.000
1,221,063 1,490,175 1,426.289 1,362.076
1,516,7.5:) 1,753,910 1,273,098 1,484.636
23.371
57,086
11 ,466
22,491

1,827,000 1,708,000 1,573,000
Total European stocks
69,000
68,000
57,000
India cotton afloat for Europe
783,064
323,310
American cotton afloat for Europe 302.000
101.000
60,000
Egypt, Brazil, &c.. afloat for Eur'e 107 000
228,000
335,000
219,000
Stock in Alexandria, Egypt
684,000
000
978.000
1,063
Stock in Boml>ay. India

Slock in U. S. ports
Stock in U. S. interior towns
U. S. exports to-day

Total visible supply
6,448.285 6,623,886 6,1,59,822 5,033,261
Of the above, totals of American and other descriptions are as follows

American

—

Liverpool stock
Manchester stock
Continental stock

American afloat
U.
U.
U.

for

bales _

Europe

S. port stocks
S. interior stocksS. exports to-day

Total American
East Indian. Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egvpt, Brazil, &c.. afloat
Stock in Alexandria, Egypt
Stock in Bombay, India--

—

Total East India, &c
Total American

256,000
720,000
64 7,000
36,000
113,000
83.000
383,000 *1.53,000
502,000
395,463
783,064
--323,310
1,229,063 1,490,175 1,426,289 1.362.076
1,516.7.56 1,7,53,910 1,273,098 1.484,636
57,086
23,371
22,491
11,466
603 ,000
55,000
605.000
302 000
„,,
„

4.322,285 4,821,886 4,721,822 3,744,261
„,,,., „.„„„
222,000
150,000
383,000
435,000
16,000
10,000
5,000
1,000
29,000
COO
22
li'S55
ii\''Xt9.
*29,00O
106,000
77''^55
li?S.9.
25,000
68,000
69,000
57,000
54,000
60,000
101,000
107.000
386,000
228,000
21,9,000
335,000
684,000 *600,000
978.000
1,063,000
- 2,126,000 1,802,000 1,480,000 1,289,000
..-4,322.286 4.821.886 4,721,822 3.744,261

-6.448.285 6,623.886 6,1.59,822 5,033,261
Total visible supply
16.59d.
28.31d.
9.2fid.
9.04d.
Middling uplands, l^iverpool.
26.95c.
"6.7.5c.
39. .50c.
York
14.75c.
Middling upland. New
30.79d.
78.00d.
IP.OOd.
22.00d.
Egypt, good sakel, Liverpool
35.00d.
47..50d.
16.00d.
Peruvian, rough good, Liverpool. 13.00d.
17.42d.
24.60d.
8.70d.
8.90d.
Broach, fine, Liverpool
Tinnevelly, good, Liverpool

9.70d.

9.40d.

24.85d.

17.67d.

Estimated.

Continental imports for past week have been 95,000 bales.
The above figures for 1922 show an increase over last week
of 12,668 bales, a loss of 175,601 bales from 1921, an excess
of 288,463 bales over 1920 and a gain of 1,415,024 bales over
1919.

THE CHRONICLE

Jan. 28 1922.]

highest, lowest and closing prices at
past week have been as follows:
for the

FUTURES.— The
York

vTew

Saturday. Monday, Tvesday, Wed' day, Thursd'v, Friday.
Jan. 21. Jan. 23. Jan. 24. Jan. 25. Jan. 26. Jan. 27.

17.48

—

—
—
— 17.22 —
—

17.45

17.45

17.76

Cloalng

17.34
17.44

^ebrvarif

Range
17.72

Closing

arch—
Range

16.60
16.31

17.00

—
—

Week.

—

16.60-/34

17.68-.83 17. 37- .65 17.15-.47 17.05-39 16.36-.90 16.27-.73 16.27-/83
17.70-.72 17.42-.43 17.44-.46 17. 05- .09 16.36-.38 16.45-.50

Closing

Range

— 17.22

17.55

Closing

—

16.32

16.22

17.83

17.24

Closing

—

Range

— 16.89

17.12

Closing

—

Range
Closing
^ptember

—

— 16.10 — 15.53 15.65 — 16.50
15.50-/00
15.50-55
—
15.415.90 — 15.35

16.40
16.00
16.17

16.51

—

Range
Closing
Votember

—

Range
Closing
December

—

16.09-.13 15.90-nO 15.67
15.75 bid 15.74
1 6.12

Range

15.03-.42 I5.O5-.42I 15.03-/13
15 03
15.15 —I

—

— 15.52

—

Cloaipg
16c

t

AT THE INTERIOR TOWNS

the

movement— that

—

Tovmi.

Receipts.

Week,

\

Sea.ion.

609
200
428
210
35

Vla.Blnn'g'm.a}

Eulaula

Montgomery
Selma
I

Kii., Helena. .1
Little Rock-

PlneTJluff..-

..

—
Columbus
Augusta

:

Rome

107

400
607

La.. Shrpveport
Miaa..<^'rilumbus,
Clark.stialc. .

Greenwood

6.52

.1

Mertdlan
Natchei
Vlckaburg.

""'187.

159
34
134

.

Yazoo City..

Mo., St. IvjulB.i 18.873
N'.C.Or'nsboro
761
Raleigb.
107

Oklahoma ...\

1.230
2,237|

Greenwood .

Receipts.
I

Week.

.

1

251'

409
259

17.836
17.698 28,8C0,
23,510
1.0.55
299'
1.50
.501
18.041
1

.066

9,5.50!

I

,.554

23.285'

10.938

134j

25,.358

4471

Paris

4,479i
903;

62.476

94,730 6,2.37.686

41 tr.wns

1.33 .0.58

>irm are for Uuro. Okla. b

Cb.-

1

Week.

28.

Jan.

6,534
200 5,642
144 32,719
152 17,826
1,541 18,447
4,570 62,735
6,113 77,534
ll
6,504
2,840 59,366
3,027 31.728
5,776 161.377
288 31.208
960 18.593
251
8,021
152| 03.388
3.128
6",688' 83,527
3,267i 58,606
286 13,515
8,734

year's figures are for ClarkMvllle,T<ix.

a.M.ve totals show that the interior stocks have diCTeaned during the week 38.322 bales and are to-night 237,154
The receipts at
balfs IffH.s than at the same time Ia.st year.
all towns have be<;n 78,2.02 bales les.s than the same week
la«t year.
Tl..

OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUO.

1.

— Wo give

below a Htatemont showing the

movement

for the week anfsince Aug. 1, as ma<lo
teiegrapliic rejtorts Friday night.
The resuM-s for
and Hiiice Aug. 1 in the last two years are as follows:
-Ifllil -22
1020 21

overlarul

up from

week

Janii'iry 27

Shipped

—

VI.'

Aug.

Ix.
Vl;» Vir

2\i.r,i;r,

12!».l!t7

Via OttKT
Tf.i..!

r').i.'

,

10.104

0,4W)

M ,{m

700,430

100,2flr,

0,738

08.302

ir>,;nH
244,rH)I

l,r>15

i;{„'tH:»

13,707

I.'12.12H

..7.900

i-.vPTlnnd,.

(T

240,4H0

67,'l(ll
15H.I,'1I

-.42,47.3 1.2.'J2.07R

ttr.

12.'.l6»

H2ti
5.1IH7

.'{li,602

i.Jiy.i

Ut

,(H7

47,1:17
112.6'27

aAO.MS

2l.0Af)

2ll.',!0;i

.M.fiM

872,403

32.120

MO. 227

llmUin, *c,.. l,ft0H
lowna. .........
021
rrom Houtli....
6,680
.

rv.

I,

.

Inliind.

I,...

*c

,

Totnl to

b«> tl«f liirUl

ijm\\nK

•'"' 'I f'"'

* InrludltiK

The

'.',\

arul

ovfirlnn*1«

movnmiirit

ff)r'i'oi"g

b«!<«ti

,.'>IA

Ih.'it,

exhibit« a

.

tty rail

.

1

"hows the week'n net overland movement
from a year

Bales.

7,828.220
.7,097,788
8,262.387

1

1

Spot

Market

Closed.

Closed.

Quiet, unchanged.
Quiet, 30 pts. dec.

Saturday

Monday

SALES.

Futures

Market

Spot.

Total

Contr't.

Quiet..
Steady.
Steady.

Easy
Easy
Easy

100
1,800
100

100
1,800
100

2.000

Tuesday
Quiet, unchanged.
Wednesday. Quiet, 40 pts. dec.
Thursday _. Quiet, 65 pts. dec.
Quiet, 5 pts. adv.
Friday

2,000

..
..
..

Total.

QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS, — Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:

—

Closing Quotations for Middling Cotton on

Week ending
Saturday,

Jan. 27.

Monday, Tuesday. Wed'day. Thursd'v, Fnday.

1740

1690

17 00

1670

16.75
16.25
17 13

16.50
16 00

16 50

16. 75

16. 75

Norfolk

1700

1675

16.75

17.75

17. ,50

16 25
15.75
16 :«
16 50
17.25

16 50
17 .50
17.00
17 50
16.55
16 50

B.'iltiniore

1830
1675

Rock

17. .50

Dallas
Fort Worth

1685

1600

16.62
17.50
17 00
17. 50

1655

Memphis

17 75
17.25

•

Houston
Little

16

.50

a^jo of 32(»,2(»(> balcH.

16 20
15 50

16 20
15 25
15.25

1525
1575

16 10

15

17.25
15 85
17 25
15.45
15 45

17 50
16 15

16. 75

1550

16.19
17 50
16. oO

1575

17.00

17. 25

15
17
15
15

,50

85
25
55
55

NEW ORLEANS CONTRACT MARKET.—The

highlowest and closing quotations for leading contracts in the
New Orleans cotton markets for the past week have been as

est,

follows:
Saturday,

Monday,

Jan. 21.

Jan. 2Z.

January .. '16.86
February

Wednesday,
Jan. 25.

Tuesday,
Jan. 2i.

March

—

...

Steady
Steady

I

Options...

'

Friday,
Jan. 27.

15.91 bid. 15.25 bid.
15.91-15.93 15.25-15.27
15.85-15.88 15.17-15.21
15. ,5.5-15.00 14.91-14.95
14.93
14.38
14.79 bid. 14.24 bid.

16.38-16.40
16.26-10.27
15.94-15.95
15.32-15.34
15.14 bid.

16.78-16.80
16.65-16.66
16.32-16.35
July
October... 15.67-15.70
December. 15.50 bid.

May

Tonf
Spot

Thursday,
Jan. 26.

16.53-16.55 16.58-16.59

.

Steady
Steady

Steady
Steady

Steady
Steady

15.43

bid.
15 43-45

15.38.41
15.13-18
14.00
14.47 bid.

Steady
Steady

Quiet
Steady

WEATHER REPORTS BY TELEGRAPH.— Reports to
us by telegraph this evening from the South indicate that
rain has been quite general during the week and that at
some points the rainfall has been rather heavy:
Thermometer
high 48 low 40 mean 44
high 40 low 22 mean 31
_lday
0.;J8 in.
5 days 0.;i4 in. high .56 low 38 mean 47
Iiigli 52
low 36 mean 44
2 days
0.11 in.
5 days 0.55 In. high 48 low 26 mean 37
low 30
dry
.4 days 0.66 in.
high 44 low 28 mean 36
1 day
0.14 in. high 50 low 30 mean 40
low 26
3 days 0.14 in
6 days 1,11 in. high 67 low 30 mean 48
1..57ln.
high 72 low 38 mean ,52
5 days
high 75 low 27 mean 51
3 days
1.59 in.
4 days 1.201u. high 73 low 26 mean 50
1.27 In. high 08 low 18 mean 41
Rain.

Galveston. Tex
Abilene
DallaH
Dil Kio
Rilcstlne
,Han Antonio
Taylor

La

Shreveport,
Mobile. Ala

Hav.inn.ili, (Ja

CMiarlcKlon,

8.0

O

Charlotte. N.

Rainfall.

4 days

HrownsviUe
Corpus ChriBti

0.24 in.

WORLD'S SUPPLY AND TAKINGS OP COTTON.—
The

following 1)ri()f but comiirehen.slve statement indicates
at a glance tlio world's supply of cotton for tlio week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sign, for the like period.

Cotton TnkinKs.

I

20

6.435.617
ioo'.7i;i

0,92:t.O12

1&8.000

1,510.1)110

.

—

or

iiikliiKi to

whiiti A

II

'

rii|.«

I

I.HI.',,OiKI
Im I:
-

"I.
.|.,

III

Kl. 11(10

11.000

4(13,0(10

I.'..000

150.000

6, Sh.l, 200

13.487.188

0,448.2anlo.023.880

6.023.880

6.448. 2S«

Jan. 27.0.

o.Ho:{. :<():)

.

'<

2;_.

II I

I'

III

i>iiil>riii'««
111
-

Kiiropii frmri

thd

HV/\-:r/

•

303
100

I

Uiliil i'hI liii.i.
iiiirl
/.so. 01 Ml

ll||l

I

I

h.il

III

>'

.

Hill ll> .'miIII III I II IIiHIn,
ni'.M) 21
tiltliiUH nob

NiirlliiTii
ni'.'O
'liiiiitoO
III

,,,..

MO

72,

•« riHM'IpUi

'

'.170. 931

HO 1.000
140,000

41IO.T.50

tiiiTlejiii.

liiili<^
'

11,

:i.iiiMi

hI'IM.OOO

V2'.6o6
68. (100

'ithnr
I

:'i..,'."i'.'

6.780.330 15.311,012

ToIhI I'lpply. .......
Ihiliin
VNIbli- Nupply Jan. 27...
Totdl

4.!).50.2,')7

0. It 1.2,50

I

to Jim. "iO
other lii'llii Hliip'tH to Jan 26
Ali-x.iiKlrla rmliitu to Jim 25..
OHiiT Rupply to JuD. 26*
II..

0.690.3.58

-

loJan 27

.

Ar

Season.

iFm*.

Seaton.

IVeek.
VHIIilf" iiiipply Jran
Vi
\.1K

1020.

1021.

WccU mid Suason.

to Canndit.

liah-H, a<;airiHt 32,129 lialfi for tli«' w(**'k limt
tlin Hi'fwoii to daUi t.lm aggri-giilfl ru't. nvcrd<)<;rea««)

takings not

,

1

.'1.V1,I7.')

6.2H-J

24<t.4l/}

7,217

960,165

|

1

1.

1.622

I

via

I

Week.

8.600
280

VI

>r,

1.

6,976,931

33.540

1,441.663

Bales.
Since Aug. 1
277,868 1919-20— Jan. 30
229,219 1918-19— Jan. 31-..
210,493 1917-18— Feb.
1

—Jan. 31
1918— Feb.

Since

,Hine«

Aug.

Wrtk.
17.«9«

215.902

sight in previous years:

1919

Augusta

51 67661 172.988 4,651 ,751 177,073157 ,3910

I.,8st

6,082,962
893,969

6,923,042

a Tliese figures are coDsumptiou

1920—Jan. 30.

Philadelphia

1

14,676

l.a57|

181

Stocks

'

i

Han Antonio.
Fort Worth.

Shipments.

96.180
10,266
2,728 103,943
92,058
2,7.52
265,173
5,761
31,400
1,024
30,915
863
392:
22,919
1.273'
70,531
7,477
92,323
r,973'
83,972
1 ,.3.>4!
20,451
510
18,738
'240 I4..326
'129,
11,200
26.124
1,600 19,9.35
911
31,066: 366,643 29,565 23,286
10.618
385 7,472
437
318
3.033
2",249
l".757 17,042
45.251
10,993
2,296
36.555
2,412
9,184
46,7.58
3,008
3,999
1,473 1 6,.522
37.165
1,845!
481 12.724
4811
15.309
26,700 525,356 28,607 383.670
916
1 .332
2,02.3
2,708
90,660
1,470
43
4,299
62
9,897
22,750'
2.50
350 12.100
003 17.099
32,738
356
20,900'
200 9.100
60',74i;i ,932,787 63,811 37 .996
74,.5.55
4,185 20,384
4,291
35,307.
147
3,902
389i
4.037 26,205
3,769
82,087,

I7,439i
12,624,
12.7771

100

35,82i;
135,6.53

24!

48.-374

.1

394

\

17,200
8,079
45,815
29,678

2,445
3,780
5,870

I

IIOUfllOQ

Seasno.

128'

146.5S6
4,767 55.484
19.700
11.4a3'
33.138 1,941.867 50.033 287.0311
46.621
1,066 10,664
821

Honey Grove

I

300

3.800
1,139 30,175
119 14.3081
158 15,515
3.623 64.854]
3,129 62,l.v4|
11
4,094
1,833 47,'27|
3,230 55,444'
7,391135,1541
32) 26.652;
328 14.276
100 11.443,
1,100 46, .300,
273
5.358
2.698 69.506

3.105 42,805
312 11,299'
649,147 21,152 243,529
45
&30
308
1,524;
74,283
1,500,

Tenn..Mem[>bls| 13,270
Nasbvllle. ..'
32
Tex.. Abilene..
024
firenbam
98
Austin. 6
650
Uallaa
2,762

Jan. 28 1921.

to

Jan.

803 12,774

7.295
72,841
51.886
53,278
109,597
11,517

807
717

B.C. .Greenville

27.

.36.7.38

t

Okla., Altua...
Chickaflha...!

Week.

5.849
77.868
170.383
242.916
41,059
27.153
27.289
53.813
16.670
123.140
85.590
27.749
28.372
24.838
29.439
568.299

458
293

-

Macon

Stocks

29.9.55
138.217i
101.673,

'"8.58
3,097
3,549

Athens

I

SMpmems.

23.559
5.198
43,309
36.912

2,412
4,209

5a., Alijany

Atlanta.

i

Movement

Jan. 27 1922.

'

haa

Decrease during week,

*

1,580,000

available.

Galveston
New Orleans
to

166,713

Mobile
Savannah

below:
Mozemeru

<>
iJci

into sight during week
Total in sight Jan. 27

1-

is,

the receipts for the week since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
3orre3ponding period of the previous year is set out in

VI..

219,987
*4,085

Aug-

3,9.50,735
,546,227

MARKET AND SALES AT NEW YORK.

— 16.15 —
16.26-.35 15.89-?22 15.72-«)0 15.92-.68 15.15-.54 15.13-.56 15.13-/35
15.15 — 15.25-.26
15.68
16.30 — 15.94-.95 15.92
15.60
15.09 — 15.20 —
15.60
15.83
16.21 — 1585

Closing

17c.

16.50
16.45

16.75

Range

the

399,518

—

Itigtist

a

6,.523,624

*38,322

— 15.90 — 16.03 —

16.50

16.78

—

—

TVrtdl

20.5,035

Interior stocks in excess

16.87-iOO 16.53-. 84, 16.29-.58 16.24-.58 15.70-«07 15.60-/10 15.60-/00
16.52-.54 16.25-.28 15.70-.72 15.86
16.56
16.89

Range
Closing

ietail

32,129
46,000

Week—

'une

I

141,8.58

872,49:J
1,8-15.000

Movement into

—

17.32-.44 17.01-30 16.76-nO 16.68-!02 16. 07-. 55 16.00-.45 16.00-/44
17.34-.35 17. 03-. 04 17.05- .07 16.68-.70 16.07-.10 16.20-.22

Range

October

.3,806,0.'U

Week.

Aitg- 1.

North..spinn's'takingsto Jan. 27- 36,189

iprll—

fvly

Week.
92.471

Camo
10.40

-1920-21Since

Since

Sight

Net overland to .Ian. 27
34, .564
Southern consumption to Jan. 27 a 78,000

16.98-/80

17.74-. 80 r/.43-.75 17.18-.47 16.98-/25

Range

ifay

-1921-22-

and Spinners'
Takings.
Ueceiptsatports to Jan. 27
Jn

Total marketed

—

annary

II

427

.

.

.

.iiiil fiiriilgii

21. of

which

—

-

—

.

1

.

THE CHRONICLE

428
INDIA COTTON
The

MOVEMENT FROM ALL PORTS.—

receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled for three years, have been as follows:

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
1

Saturday,

Spot.

1921-22.

January 20.
Rfxxipts al

—

Since

Week.

Bombay

1919-20.

1920-21.

Aug.

158.000 1.540.000

1.

86,000 1,186.000

Since August

For Pie Week.

Aug.

Week.

1.

881.000

75.000

Market.

Since

Since

Aug.

Week.

1.

—

Great

Contt- JaparuSt
Britain, nenl.
China. Total.

Great
Britain.

2.660

12,000
2.000

Total all
1921-22..
1920-21..
1919-20..

7",666

208.000
305.000
217.000

782,000 1,000.000
214.000 534,000
792.000 1,047.000

4.000
13,000

12.000
9.000

72.000
110.000
63.000

8.000
26.000
113.000

20.000

4,000 41,000 46.000
18.000
18.000
2,666
2,000 27.666 31,000
1.000

84.000
149.000
196,000

790.000 1,084.000
240.000 683.000
905.000 1.243.000

280.000
415.000
280.000

14,000
28,000
58.000

ALEXANDRIA RECEIPTS AND SHIPMENTS.—We
now

receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous t\fo years.
Alexandria, Egypt.
Jim. 26.
Receipts (carUars)

Aug

000

Week. Avg.

Exports )balcs(-

To Liverpool
To Manchester, 9ae
To Continent and Judia.
To America

Week. Aug.

6.

4.910

55,085 9,930
46,147 9,750
63,398 2,2391
18,103 15. ,593

1,710
3,200

5,000 402 674

—A cantar

Week.' Aug-

I-

196,223
121.511
86,453
197,972

37.5121602.1.59

182.7.3.'

Egyptian bales weigh about 750 Ib.s
Tliis statement shows that the receipts for the week were
100,000 can tars and the foreign shipments 5,000 bales.
99

is

lbs.

MANCHESTER MARKET.—

Our report received by
cable to-night from Manchester states that the market for
both cloth and yarns is quiet, with the demand for both
home trade and foreign markets poor. We give prices
to-day below and leave those for previous weeks of this
and last year for comparison:
1921-22.

1920-21.

Cofn
Mid.
UpVs

S!4l^s. Shirt323 Cop
Twist

ings.

to Finest.

2 18

<a>

d.
21

9

17?<f

0)

20 ^i

16

17»4

(a>

20)4 16
21
16 3
20 H 16 3

(1.

23 18
30 18)i

©
C<4

Common

9.

d.

16 9
16 9

B.

©17
@17
@17
@17
@17

d.

9

d.
d.
10.67 25

m

d.

8. d.

@24
©23
@23
@22
©21

26 H
26 3i
25 ^Si
25)^

«4

21H
22%
20H
20M

8.

29
29
26 « 20
26 H 19 6

C<4

11.3J21H

3

Common

to Finest.

@21
©21
©20
©20

30

(fH

10.66 24
10.87 21Ji

@
®

(3)

Cofn
Mid.
UpVs

J&s. Shirt-

ings.

d.

10.9524

9
6
3

8M

32s Cop
Twist

22 6
21 6
21

6
6
6
6

d.

10.46
11.42
10.58
9.54
8.65

Jan.
7
13

20
27

ISH
18
17J^
17

20 H 18
16
20

(3>

®
@

19 H 16
19
15 3

di,

@17
@17
©16

6

<ffll6

3

11.04
10.71
10.18
9.26

(3>

(S)

19
19
18
18

6
6

6
6

6
6

10.17
10.85
9.04
9.04

—

SHIPPING NEWS. As shown on a previous page, the
exports of cotton from the United States the past week have
reached 82,103 bales. The shipments in detail as made
up from mail and telegraphic returns, are as follows:

XEW YORK — To

Liverpool

—Jan.

21

—Media,

Total bales.

379. ..Jan. 25

Scythia.l.ice

—Jan 21— Honolulu Maru, 500
..
21 — Honolulu
—Jan. Bremen— Jan Maru, 3.528
19— Uradburn,
GALVESTON — To
To
—Jan. 22 — Conde Wifredo, 2,0845,475
To Genoa —Jan. a5— Ca-sey,
NEW ORLEANS— Ta Barcelona —Jan 21 — Salvation Lass. 475...
20- West Kcdron 900
To Geno.i—
To Ilavrt^-Jan. 24— Warksworth. 5.413_-.
To Bremen —Jan. 24— Warksworth, 4.944
33— Chickasiiw City, 6,225—Jan. 24— Celebes
To Japan-—
M;u-u. 910
To Japan
To China

Barcolon.-i

2.1,50

.Ian

.

.

1,545

3.528
500
5,475
2,084
2,150
475
900
6.413
4,944

.Tan.

—

To Rotterdam— Jan. 25

Coke.sit.

—
—

336
50

.50

To Bremen— .Ian. 23 Chappaqua, 1.600
HOU.STON To Bremen Jan. 26 (Mty of Fairbury. 16.042
To Hamburg Jan 2G^<:;ity of Fairbury. 300
BALTIMORE— To Barcelona— J.m. 17 West Lake. 300
SAVANNAH To Harrt^-Jan. 2:i— Hannin-ton (^ourt, 2,400
To Bremen Jan. 2:^ Hannington Court. 4.490
To Jap:in— .Ian. 2.V— Nagato Maru, 3,600
To China .Ian 25 Nos^ato Maru. 400
WILMINCTON To Genoa Jan. 27 Fagerness. 9,100
LOS ANGELES To LiTerpool Jan 16 Steel Worker, 500

— —
——
——

7,135

336

NORFOLK—To Havre— Jan. 21— McKeesport,

—

1,600
16.012

300
300

—

—
— —
— 1,300 — ——
—Jan.
22—Alaskan.
22— Ahuskan. 193
To Bremen—Jan.
SAN FRANCISCO— To Japan — Jan 24 — Shinyo Maru. 2.913
Japan—Jan. 19— Katorl Maru, 4.430.
SE.YTTLE —
To

2.400
4.490
3.600
400
9,100
1.800
193
2.913
4,430

82 103

Total

.

LIVERPOOL. —By

cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Jan. 6.
34.000
21,000
1,000

week
Of which American

Sales of the

Actual export

Forwarded
Total stock

Of wliich American
Total imiwrts

Of which American

Amoimt afloat

Of which American

Jan. 13.
37.000
23.000
3.000
52.000

.57,000
1

.005.000

585,000
74,000
37,000
203.000
129.000

1

Jan. 27.
25.000
16.000
1.000
49.000
.50.000
.001 ,000 1,010.000 1.038.000
.T/ 7.000
586.000
60.3,000
44.000
72.000
74,000
28.000
.58.000
46.000
221.000
223.000 181.000
129.000
127.000
85.000
Jan. 20.
27.000
16.000
4.000

Dull.

9.87

9.72

9.2G

5,000

5.000

5.000

4.000

Easy.

Quiet,

9® 16

decline.

\

Easy,

22@25

M.

Quiet but
steady, 1 to
4 pts. adv.

pts.

decline.

Quiet.

17@24

pts.

3@13

Men.

Sat.

Jan. 21
to
Jan. 27.

12,"^

p.

12!^ 12

m.p.

d.

m

d

January
February

March
April

May
June

HOLI-

July

DAY.

August
September
October

..
.

p.

K

4

m.p.

m

d

d

10.24 10.12
10.21 10.09
10.22 10.10
10.17 10.05
10.18 10.06
10.14 10.01
10.11 9.98
10.01 9.88
9.86 9.72
9.73 9.59
9.64 9.50
9. .58 9.44

12K
p.

m.

d.

9.91

9.89
9.90
9.86
9.87
9.82
9.79
9.6H
9.57
9.44
9.35
9.29

Very ste'dy
adv.
toSpts.dec.

4
p.

m

m.

d

pts. 3 pts.

day are given below:

12K
p.

28©38

decline.

Wed.

Tues.

Tburs.

4
p.

m

FrI.

4
12K 4
m.p. m. p. m. p. m.

12>i
p.

d
d.
d.
9.88 9.87 9.94 9.72 9.61
9.85 9.80 9.88 9.60 9.50
9.86 9.83 9.91 9.66 9.55
9.82 9.79 9.85 9.60 9.50
9.83 9.80 9.90 9.65 9.54
9.79 9.76 9.86 9.62 9.52
9.76 9.73 9.84 9.60 9.50
9.66 9.63 9.74 9.52 9.42
9.54 9. .52 9.64 9.43 9.32
9.41 9.41 9.54 9.36 9.24
9.32 9.32 9.45 9.27 9.16
9.27 9.27 9.40 9.23 9.12
d.

pts.

decline.

Easy.

pta.

decline.

Prices of futures at Liverpool for each

Easy

22©36

decline.

Steady,

pts.

decline.

decline.

Easj-.
pts.

17@21

d

d.

9.31 9.63
9.22 9.53
9.27 9.55
9.21 9.50
9.25 9.53

9.20
9.20
9.13
9.05
8.93
8.93
8.89

9.49
9.49
9.40
9.31
9.23
9.07
9.13

BREADSTUFFS

Since

6.

C^iet.

9.91

7@10pts.

173,429
4.874.369

Since

99,041
80,040
5.0C0 116.317
107,276

Total exports

Dec.

Quiet.

6.000

HOLIDAY

November
December

1919-20.

116.780
2.592.403

100.000
.3.780

I

Since

Note.

Dull.

10.24

Market.
4
P.

Friday.

J

Mid.Upl'ds

opened

Wednesday. Thursday.

—

This week
Since

1920-21

1921-22.

.

Market
Total.

10.000
15.000
38.000

4,000 41,000 46.000
6,000
6,000
20,656 22,000

1.000

tendency.

M

Futures.

&

China

iiombay
1921-22..
1920-21..
1919-20.
Other India
1921-22.
1920-2119i9-20-

Tuesday.

Hardening

1.

Japan

Continent.

12:15
P.

Monday.

j

1

Sales

Exports

from

[Vol. 114.

Friday Night, Jan. 27 1922.
Flour has been in demand for export, especially cltjars.
But the home trade has remained quiet. Supplies of the
lower grade are said to be rather large. Canadian flour has
been bought to some extent for mixing purposes. But Canadian exchange has mihtated against trade at times. Minneapolis and Chicago miUs on the 26th inst. reported a
better demand for flom-.
The export demand on Thursday
was said to be broadening. The American Food Administration, it appears, was bidding for large lots of first clears
for February-March shipment from the mills.
It wiD
probably have to raise its maximum bid. Foreign buyers
show more interest. Exporters, it was said, have recently
purchased about 50,000 barrels of first clears, based on
export inquiries from abroad and during the past day or two
there have been small sales to Europe.
Wheat has fluctuated within comparatively nan-ow limits,
but in the main has been higher, partly owing to cold weather
at the West, where there is little snow protection.
Also the
visible supply in the United States fell off last week 2,.")78.000
bushels, bringing it down to 43,820,000 bushels, against
35,878,000 bushels a year ago. The amount of bonded
wheat decreased moreover 3,4.50,000 bushels. This made a
total decrease in American stocks of 6,028,0(X) bushels.
It ought to and probably was increasing the streiif^th of the
cash position. Bulhsh sentiment has been more noticeable
The market has within a twelve-month had a
at times.
And quotations have latterly been higher at
big decline.
Is this a hint that bearish facLiverpool and Buenos Aires.
Germany and Russia have been
tors have been discounted ?
Europe needs wheat,
trying to buy, it seems, in Argentina.
But on the other hand profit-taking
that is plain enough.
has offset bullish factors from time to time, especially when
It
the weather became a little warmer in the wheat belt.
was noticeable that the miirket did not stand selling very well.
Some export demand appeai-ed, it is true, and on the 25th
inst. sales were reported of about 500,000 bushels of Manitoba Durum and hard winter, the result, it is believed, of the
recent advance of 5 to 6 cents a bushel in Argentina, which
diverted purchases by Europe to .'Vmerican and Canadian
markets. One thing is undoubtedly true, however, and that
is that America will have to face formidable foreign compeThe world's shipments of
tition for European markets.
wheat and flour during the week tota,Ied 16,511,000 bushels,
against 12, 02-"], 000 in tlie pre\-i<nis week.
The Department of Agriculture says the condition of the
winter cereal crops continues to be quite variable in the
northern hemisphere. The condition of wheat and rye
in Germany, but ranged from fair
about the same as last year. The
germination of all fall-sown cereals has been verj^ irregular
in Belgium and most districts of PVance, due to drought and
Earh- seedings in Alsace-Lorraine are quite favorfrost.
able but the germination of late seedings has been very

shows some deterioration
to good.

The acreage

is

The condition of wheat and rye is quite faborirregular.
It is feared that
able in Hungary, Bulgaria and Latvia.
recent heavy frosts caused some damage in Austria, due to
the total absence of a protective snow covering. Yet the
condition of all cereals is. in the main, quite favorable.
Gr()%\'iiig conditions have been favorable in Great Britain
and a strong, healthy stand is assured.
The Department of Agriculture says the 1921 wheat
harvest of Greater Rumania, which comprises the old

THE CHRONICLE

Jan. 2« 1922.]

Bukoof Rumania, Transylvania, Bessarabia and
amounted to 70,980,000 bushels from 6,149,000 acres.
fiveThis amount is only a little more than half the pre-war

kmcdom
'wina

territories.
year average of 174,000,000 bushels for these
and seed during the present year
The requu-cments for food
bushels vvhieh
are estimated at approximately 67,666,000
under 10,000,000 bushels,
would leave an exportable surplus
from old
or less than one-fifth of the amount exported
Rumania alone. The fixing of a maximum price for wheat
discontent among the
in Rumania has aroused considerable
than
peiksants and combined with drought, much less wheat
The area
for the 1922 harvest.
ever before has been seeded
sown to winter wheat in greater Rumania during the fall
correof 1921 is only about one-half that planted in the
This large decrease in the area
period of 1920.
gponding
could be made up by spring sowings, but under the existing
unsettled conditions and the very low price offered for wheat,
so large an extension is considered highly improbable.
Canada's 1921 wheat crop was 300,858,100 bushels against
263,189,300 bushels in 1020, the Bureau of Statistics says.
The potato crop was 107,245,000 bushels, against 133,831
400 bushels in 1920. The above figures for Canada s 1921
wheat yield exceed all records for that country except for
1915 when the harvest was 393,000,000 bushels. In 1918
and 1919 the crop fell below 200,000,000 bushels. An ofarea at
ficial estimate on wheat in the Punjab placed the
10,407,000 acres, against 8,327,000 last year; Northwest
Provinces 952,000, against 712,000 last year. Buenos
Aires cabled: "Shipments of wheat this week are expected
to total over 2,000,000 bushels compared with less than
1,000,000 bushels last year. Arrivals at the chief ports
continue large, with farmers offering freely; shippers, however, are holding for higher prices, but European buyers do
not foUow any adaance."
Chicago ^-ired: "A ballot vote of the Board of Trade will
be taken on Friday Jan. 27, to amend the rules to permit the
directors to establish a corporate plan of clearing, similar to
that in vogue at other centres This is a matter of \Ttal
interest to members located outside of Chicago who deal
To-day prices were higher, ending 1 to
there extensively."
2^c. above last Friday's closing.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sal.

cts.127,^

2red

Ifo.

Mm.

Tves.

127M 127

127

127

'A
102)^
..102% 102
lOlJi 102
has moved within very restricted bounds.

The features have not been marked either way. Nothing
has happened to move prices very decisively either upward
Export demand of late has, in the main,
or downward.
been rather small. Receipts have been large. And much
to the disappointment of the trade the Russian Relief
Administration announced that no purchases would be made
on the 25th inst. That of itself caused considerable liquidation.
On the other hand, it produced no marked effect on
prices.
Yet it is also true that the visible supply in this
oountry last week increa.sed 1,815,000 bushels, bringing it
up to 26,074,000 bushels, against 9,788,000 a year ago.
Export purchases on general account early in the week
were some 600,000 bushels. An underlying feature, however, is that traders believe the Agricultural Conference at
Wa.shington will lead to helpful measures for the fanner and
Booner or later impart greater steadiness to prices.
Since the Congressional appropriation of §20,000 ,000 for
Rus.«ian relief was pa.ssed, 12 food cargoes, consisting of 3,00(),(XX) bushels of grain, have been shipped from this country, according to a statement made by Secretary Hoover.
He added that 18 more ves.sels were loading, and would sail
within from 3 to 12 days, carrying a total of nion; than 3,fXX),<K)() biishfls of grain.
Kxj)enditureH out of the Congressional appropriation U> date, Mr. Hoover .said, amounted to
about .'Sl2,(KK),(KK) for th»! purcha.so and transportation of
grain.
With $2(i,0(K),(KX) ajipropriated and S12,(MK),(HK)
HjHnt. there remains apparently .?8,(KM),fMK).
This refers
only to the (Joveninient relief appropriation, an<l not to
other funds that might be utilized.
The Ku MJun Kejief ( 'omiriission will this week buy on
Wednesday com grits uUfl milk only. 'I'lu; work involved
in the movement of the large
amount of grain already
bought, it appears, is somewhat of a factor in connection
with the flelay in the buying of additional r)uuntities of
grain.
The CommisKion h;i.M bonghl ujiproxiinaleiy 7,(HK).'/00
bushels of eom, about :',, |()(),(MK) bushels of Canadian \vln;il
is
and ne;irly
It
,.'<rX),fKK) bushels of Arnerie.'iii
wheal.
iitidf r-ioofi that the seed grain is being iiagged uiid naturally
'ing of HO considerable a quantity of grain tr>nds to
d. 1,1, -,iiif)pirig openitjfins.
Total world's shiprnenls of corn
lajtt week Aere J ,.'i.')(i,fHX) bushc-ls, against
3,1 5, (HK) in the
I'!
previoii'
To-<lHy |)riees advanced slightly, but they
i(,
"iid
.'
h)wer for the week.
IJAILV CUtMSO PRK;kH of rf)UN IN NrW YOWK.
Stil
Mim. Turn. Wrtl rinirn. Fri.

cts.

1

'

"*«. 2

r)Aii,v

M»y

cut.

m^
Sal

rUt.

July «|p|lv«Ty In nlovnUw
()at,s
^'' ''

have
'

^'

of ((ini

wrrnv.^

fi/)»iNo pnu;]cn op f^ruiN

drllvrry In rlc-vnfof

66*t

hut

07U'

fi'l'i

I

hurt.

July deUvery in elevator

The

,

..

,

....

r>.1W

'

littln

!i'd to

40

395^

80

79

79

78M

7814

GRAIN
Wheat

Oats$1 28^
128,'4

No. 2 red
No. 2 hard winter.
Corn
No. 2 yellow

•SO

Ry^

No. 2 white..
No 3 white..
Barley
Feeding.

67

4e'A
46
.57

Malting

No. 2

FLOUR.
75®
40®
25®
60®
25®
50®
50®

Corn

flour

1

(2)61

63>i@67M

92

Spring patents
$6
Winter straight.s. soft 5
H;ird winter straigiits 6
First spring clears
4
Kye flour
5
Corn goods, 100 lbs.,
Yellow meal
1

—

$7 25 Barley goods Portage
No. 1
5 65
6 7.'i
Nos 2 3 and 4 pearl
Nos. 2-0 and 3-0...
5 25
Nos 4-0 and 5-0...
5 75
Oats goods Carload
spot delivery
1 60
1 60
.

—

barley

$6 50
6 50
6 ."iO®

6 66

6 75

80@

4

4 90

The statement of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been;

—

Receipts at

Wheat.

FIOUT.

Diiliith

Dflrolt

Joseph...
I.OU1B

I'l-orla

K!inKa«Clty..
Oiiiiiha
Inillanapolla.
Totfil
Saiiic
Huiiio

wk. '22
wk. "21
wk. '20

Hlnro Aug.
HI2I-22

Oats.

Barley.

RVC.

.

.

.

212.000

Milwaukee
Toledo
St.
SJ

Corn.

bush 60 lbs bvsh 5fi Iba «i;s/i.32.'ft.f. bvsh.iHlba. hush.56lbs.
193,000
7.822.000
1,373.000
201.000
15,000
2.313.000
628.000
461.000
177.000
42,000
31.'-). 000
216.000
123.000
7.000
160.000
454.000
22.000
15.000
1,039.000
163.000
22.000
25.000
234.000
58.000
1,000
72.000
68.000
29.000
95.000
541.000
24,000
1.209.000
766.000
101. OOO
451,000
6,000
6,000
68,000
19.000
792.000
366,00()|
7.000
6,000
413,000
110.000
1.074.000
164.000
992.000
276.000
615.000
312.000
32.000

obls.\9blbs.

Chleago
Mlnni^pollB..

393.000
281.000
463.000

14.072.000
4.391.000
10,02».000 4O.03(;.O0()
6,109.000
4.368.000

4.626.000
7,692.000
6,781.000

561.000
l.."«;7.()00

602.000

252,000
805.000
843.000

I

11.0.17,000 220.792.000 188,110.000 11 5. 623.000 15.940.000 11.413.000
HI, 730.00(1 210.017.000 90,281.00(1 111.3.^13.00(1 15.9S'»,000 9.005.000
12.024.000 288.759.000 93,898,000 121.714.000^ 19.423.000 10.595.(HM)

1(120-21

HMU.20

Total receipts of flour and grain at tli(> seuljoard ports for
week eiKhul Saturday, .Jan. 21 1922 follow:

the

—

.1

1

1,1

1

Flour.

at

\fw York...
Mo.

njiiiiit.'iiihiii..
Iliililirii.rn

Siw

<

.

.

irlmtM
.

.Moiiiritil

Corn.

Oau.

Barley,

Kge.

niinh'tn

HUlhrlK.

flii'hilH.

llushiln.

Itushrla.

261.000
21.000
44,000
13.000
04,000

rnrlltitid.

(hiIvi'xIiiII.

Wheat.

Ilnrrrln.

/;

•

.

HI

.

163.000

09 .(KM)
301.000

Vo'.ow)

13.000
17,000

lUmtitu

r2'J

1.454.000

763.000

28.000

14,000
,000

8.000

43.000

12,000
17,000

202.000

4

ii

143.000

12.000

33,006
1

tso.iioo
II

1110

4.2H2.000,

4113.000
l.a7U,0(MI

I2.N2)I.OOO|

5.147.000

'I.IHI()>

llt.90H.000

'

112.000
96.000

40,(M)6

I,21S.0(H)
64.IMIO

974.000
34.000
574.000
2.273.000

37 1.000

1..

.

.li.hii

Toinl wk. '23

/i'/.'t

'

39 J<

following are closing quotations:

Hliin' Jnt'

5.'»'i,

...

79J^

< 10.000,

I'rl
.VI

40

DAILY CLOSING PRICES OF RYE FUTURES IN CHrCAQO.
SnI. Mnn. Turs.
Wed. Thurs. Fri.
cts. 86 5^
May delivery in elevator
86}^ 85J^ 85}^ 85
865^

iv chicaoo.

,\/

40

It has really followed
ing any striking changes either way.
wheat pretty closely in its fluctuations. It was rumored
that some export business had been done through Baltimore,
but this. was not confirmed. The report was circulated early
in the week.
The visible supply decreased last week 3,000
bushels, as against a decrease in the same week last year of
46,000 bushels. But the total remains pretty large, namelj"^
6,914,000 bushels, against 2,410,000 bushels a year ago.
To-day prices advanced slightly on May, closing }4, to J^e.
higher on May and July for the week.

HIiii'K Jnii

*17

1

'

10. .S/

1.1)11(1

l,!i. ..IM'II^

1.154,000

•J70.II00

2.600,0011

l.:iiM).iioo

IS

l.ijiiii

305,000
1,41,111111^

7l'i.lH)0

9IMI.0(M)
'.Mill,

000

j

from an almost straight line.
give the Tri.'irkel. u fijip.
At linns
anrl buying nr>w and then against '.;ihs
l»«eu something of a featiin; as not a few think
varie<|

I

li;iH

MH

07H

07

Fri.

46>i

Rye has advanced at times and then reacted, without show-

,

yrllow-

Wed. Thurs.
463^
AQ]4

Tves.
47

47

40

July deUvery in elevator

'

,

47

DAILY CLOSING PRICES OF OATS FUTURES IN CHICAQO.
Snl. Mnn.
Tries.
Wed. Thurs. Fri.
cts. 39 H
May delivery in elevator
39^ 39>i SSV, 3SH 39

I

'

Man.

Sat.

No. 2 white

128}^

JWy delivery in el«Ta tor

com

DAILY CLOSING PRICES OF OATS IN NEW YORK.

Fn.

IN
DAILY CLOSING PRICES OF WHEAT FUTURESWed. CHICAGO.
Thurs. Fri.
.Sat.
Mon. Tves.
115
116;^
cte.116
115^ 115H 115
May delivery in elerator
102
Indian

that oats are too low. And there are rumors of recent export sales of American oats. Also the visible supply decreased 154,000 bushosl for the week as against an increase
But of course
in the same week last year of 577,000 bushels.
That is to say, it is 67,077,000
the total is still very large.
As an offbushels, against 32,877,000 bushels a year ago.
set to this, however, it is to be remembered that the farm
This tends to reinforce the argureserves of oats are small.
ment that the price of oats is out of line with other grain,
Still there is no activor in other words, abnormally cheap.
The cash demand has as a rule been
ity in the trading.
light.
Nothing has occurred to inject new life and snap into
the market, which has for months past lacked features of
Buenos Aires cabled: "Shipments of
striking interest.
pats are much smaller and prices have advanced considerably.
The official estimate is expected to show a much reduced crop compared to a year ago." Total world's shipments of oats last week were 1,547.000 bushels against
('53,000 in the previous week.
To-day prices advanced
slightly
ending irregular for the week May being 34^0.
lower and July J^e. higher.

.

Wed. Thurs.

499

• llr«iii

on

thrriiiali lilIlM

'.

InrliKlo uralii itMUlliK lliruiiKli

orlraim for

fon-luii itiirta

ol Ixlliiic.

The exports from
ending Sal unlay
Htatvtnent:

.Ni'Ht

the several seaboard ports for the week
21 1922 are shown in the anm-xed

.Jan.

— —
—

.

THE CHKONICLE

439
Exports from

New

Yorfe
Portland, Me

Philadelphia X

B

Oats

live.

BHshels.

99,030,137,594
24,000
1,000 60,000
6,000
1,000
19,000
9,000

Barley, Peas,
Bushels. Bushels.

265,536
153,000
346,000
174,000

10,000

7,629.449 2.500.446 163.030 206.594
938,536 176,790
4,536,145
424.923 92,0241 129,094 1,1.52.478 390.000

I.SOq

week and

since

destination of these exports for the
1921 is as below:,

1

Flour.
Exports for Week,
and Since
Week
Since
Jan. 21
July 1 to
July 1
1922.
1921.

Jan. 21
1922.

Jan. 21
1922.

Bushels.

Bushels.

Bushels.

Bu.ihels.

3.480.553
3.165.542
410.444
591.539
6.100
357.404

United Kingdom. 44.135
Continent
105,145
So. & Cent. Amer.

Total .
Total 1921

>

Since
July 1
1921.

Barrels.

Barrels.

Other countries...

Week

Since
July 1
1921.

184.306 63.942,152
5,523,083 136,900,955
2,581,137
5,000

—

West Indies
Brit. No.Am. Cols.

Corn.

Wheat.

Week

"3',666
lb',756

264"666

889.185 16,576,931
168.226 45,718.432
1,913,416

35^666

612,516

1,267';666

14",

108

8.011.582: 7 629.449 194.696,244 2.506.446 64,835,397
424.923 6,599,250
8.243.316 4,536,145 225.393.605

163.0.30

92.024

The

world's shipment of wheat and corn, as furnished by
to the New York Produce Exchange for the week
ending Friday, Jan. 20, and since July 1 1921 and 1920, arc
shown in the following:

Broomhall

Corn.

Wheat.
1921-1922.

Exports.

1

1921-1922.

1920-1921.

Week.
Jan. 20.

Since
July 1.

Since
July 1.

Bushels.

Bushels.

Bushels.

Week

1920-1921.

Jan. 20.

Since
July 1.

Since
July 1.

Bushels.

Bushels.

Bushels.

North Amer. 8.304.000 271.061.000 268.439,000 3,506,000 67.871.000

Danube

2.8.56.000
24.000
Argentina
2.223.000 20.167.000 38',633',6on
Australia
5.960.000 51.108.000 18.00G.OOO
India
712,000 3,760.000
Oth. countr's
230,000

8.407.000
10.043,000
635,000
"744^606 80,920,000 78,119,000

'366';666

The

4,34V,6o6

'864,666

16,511,000 345.964.000 329.068,000 4,5.56.000 163,775,000

Total

88.025.000

supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Jan. 21, was as follows:
visible

GRAIN STOCKS.
United States
New York

1

Boston

Wheat.
bush
729,000
62,000

1.,468,000

Philadelphia
Baltimore

1,,848.000

Newport News

New Orleans

3.,345".666

Galveston

2.,697,000

Corn,
bush.

Oats,
bush.

Rye.
bush.

Barley,

810,000
21.000
510.000
1,679.000
39.000
1.249,000

1,096,000
16,000
208,000
139,000
18.000
98.000

72.000
1,000
47,000
2,228,000

130.000

1,682,000
3,068,000
152,000

4,062,000
3,352,000
532,000
115,000
146,000
16,009,000
5,009,000
818,000
5,553.000

2,,262.000

Buffalo

2,,459,000

afloat.

1, 205.000

Toledo

114,000
21,000
2, 371,000

afloat

Detroit

Chicago
afloat

Milwaukee
Duluth

98^666
2, 112,000
7, 851,000

Minneapolis
St. Louis
Kansas City..
St. Joseph.

1,,838.000

9,,356.000

Mo

Peoria
Indianapolis

Omaha

1

672.000
156.000
195,000
959,000

39,000
6,864,000
821,000
1,494,000
2,613.000
920,000 22.1.50.000
297,000
771.000
1,850,000 2.804.000
304,000
205.000
164,000
805,000
433,000
367,000
1,123,000 2,684,000

47.000
42.000
511,000
411,000
49,000

33,000
665,000

bush.
"

2^666
312,000
116,666

734,666

"3^666

113^666

24,000
887,000
,198,000
85,000
67,000
2,000

136,000
193,000
984,000
4,000

545,000

i9'o66

'b',666

Total Jan. 21 1922
43.320.000 20,074,000 67,077,000 6.914.000 2.752.000
Total Jan. 14 1922
46.398.000 24,259,000 67,231,000 0.917,000 2.682.000
35.878.0110 9.788.000 .32,877.000 2.410.000 2.805.000
Tota l Jan. 15 1921
Note -Bonded grain not Inchuicd at)ove: Uals. 9-1, OUd liusticls New \ork. 64.000
Boston, 329.000 Buffalo. 633.000 afloat: total, 1,020,000 bushels, again.st 424,000
In 1921; liarley. New 'S'ork, 104,000 bushels, Buffalo 155,000, Duluth 10,000, ou
Lakes 1 10.000; total. 379.000 bu.sUels. against 246.000 bushels in 1921; and wheat.
535,000 New York, 282,000 Baltimore, 2,158,000 Buffalo, 862,000 Philadelphia,
658,000 Boston, 397,000 Toledo, 12.721,000 on Lakes; total, 17,013,000 bushels
in 192 2.
;

|,

Canndlan

P'

Montreal

905,000

1.390,000

&

Pt. Arthur.24. 184,000
Other Canadian
6,974.000
Ft. Willioni

Total Jan. 21 1922.
Total Jan. 14 1922.
Total Jan. 22 1921.

.31.063.000
.31,178.000
.19,706,000

593,000

2,000

4,4,54,000

3,164,000
1.390.000
1.397,000
193,000

167,000
1,482,000
1,034,000
2,083,000

8.211.000
8,864,000
8,756,000

2,000

1.831,000

.43.820.000 26,074,000 67,077,000
.31,063,000 1.390,000 8,211,000

6,914,000
2,000

2.683.000

Total Jan. 21 1922.. .74,883.000 27.464.000 75.288.000
Total Jan. 14 1922.. .77.576.000 25.056,000 76,095,000
Total Jan. 22 1921.. .55,584,000 9,981,000 41.633,000

|.

6,916,000
7,029,000
2,412,000

2,000

2,6.53.000

Summary

American
Canadian

2,7.52.000

5,4:55,000

2,790,000
4,638,000

THE DRY GOODS TRADE.
The number

Wcw York, .Friday Night, Jan. 27 1022.
of buyers that has been in the market for

the past few weeks has been further augmented by fresh
arrivals from all parts of the country during the latter part
of this week. At the beginning of the week a most encouraging trade was reported by the majority of the houses.
They said that buyers were around shopping were not purchasing in large lots, hut seomcKl interested in a wide diversity of material.
The slumi) in the price of cotton during
the past tvAO days, however, lias had tlie effect of throwing
a gloom over a week that otherwise might have been a banner one. For some reason buyers are now inclined to be
over-cautious. It would appear that a little fluctuation in
the price of the staple would cause little alarm when consideration is taken of the fact that the recent movements

—

have not been followed by the mills
The retail trade from all parts of

There is still active evidence of sales
being conducted on constructions carried over by retail
dealers, both in the metropolitan and outlying districts.
Generally these sales have been successful, and the dealer
is becoming more firmly convinced each day that the only
way to lure the public into any large amount of trading is
by showing lower values. The opening of the American
Woolen Company, long expected, has come, and with it a
sigh of relief goes through the industry.
The American
named prices lower than the majority had expected. There
was some criticism, but as a rule the trade appeared to feel
largely di.scouuted.

17,000

13.000

in the price of cotton

manufacturing fabrics.

the country are freely admitting that they are experiencing
a slightly better demand. There was a bad depres.sion in
retail buying directly after the holidays, but as this had
been expected by the experienced ones, the effect had been

53,790
96,000

weeKs.

The
July

090,446
34,000

180,000:

Total week
1921

Two

Flour,

Barrels. [Bushels.

193.000
430.000 1.122.000
022,000 467.000
216,000

Week
X

Corn,
Bushels.

1,542.449
753.000
40.000
3.846.000

Boston
Baltimore
New Orleans
Galveston
St. John. N.

Wheat,
Bushels.

—

[Vol. 114.

relieved that at last something definite
to next fall's values.

was known

relative

DOMESTIC COTTON GOODS.—There has been a steady
tone to the market during the week, with a fair-sized business at the start, but which has dwindled within the past
few day.s. There is no lack of buyers, who, in fact, arrive
daily in increasing numbers.
As a rule they appear curious as to values, and are shopping strictly. There is con.siderable

odds and ends and

seJliug in

ments, and a good

in

broken assort-

many houses are

being requested to
amend their credit basis, as retailers and johbers are Insisting that they will have to have lon.ger term credits to
carry them through the coming season if they are to carry
any stock on hand. One of the most promising features of
the week has been the indication that there is a revival in
the export business. A slight price reduction has been effected by some of the mills manufacturing for export, and
apparently they are securing some business. This is considered encouraging, when consideration is taken of the adverse exchange condition which confronts the buyer of
American-made goods. Sheetings have been sold to South
America during the week. Japan has been the buyer of
several constructions in good-sized lots, and tT\'o of the Central American countries have come forward with small but
opportune orders. Generally the local market has maintained prices, hut has witnessed a falling off in actual volume of business towards the latter part of the trading. At
present 28-inch print cloths in G4 x 64's are selling at 6c.
Gray goods in the SS'/^-inch, 64 x 64"s, are quoted at S%c,
and the 39-inch, 68 x 72's, are selling at 9%c. There is some
activity in sheetings, in which the three-yard variety is
quoted at 10%c. Ginghams are very quiet, and heavy ducks
are in a'bout the same position.

—

WOOLEN

GOODS. The announcement of the oi>ening of
the American Woolen Company's fall 1922 lines this week
was the subject of most importance to the entire trade.
The women's wear featured by the American was particularly well received. Generally the prices quoted by the big
company are something of a surprise to the trade. Most
of the prognosticators have contended that the American
would maintain its previous season's prices at least. With
the openin.ii, however, the American lowered the prices from
G to 8 points, and left the way open for the rest of the trade
Generally the opening was favorably received,
to follow.
and smaller iieople are falling in line. The matter of values, which has been a,gitating the trade for some time in
the past has now been shifted from the cloth manufacturer
to the maker of garments. The garment manufacturers will
no doubt he called upon by the retail trade for a reduction
in the price of their output, and the garment manufacturer
will have to come forward with the reduction or think up a
plausible excuse, now that the cost of his cloths has been
reduced. There is little change in the labor question in this
city, and to think that the question has been settled is a
At present
fallacy, the .garment manufacturer declares.
men on th(! road are returning orders in good-sized lots. A
great many manufacturers are busily engaged, or are getting under way with their new season, but it Is in a temporary manner, for the majority of them feel that the big
question has not been permanently disposed of. Very few
dr(\ss goods sellers are willing to put their wares on offer
until they feel that there is more strength behind the buyAll of the metroiiii; thanhas been shown at the present.
politan sales conducted on carry-overs of winter garments
appear to have gone off in good shape. This is especially
true of men's clothing stores, who report a heavy buying on
marked-down

clothing.

FOltKKJN DUYGOODS.— Light buying has

character-

ized the burlap market throughout the week, and most of
the sales recorded have been on spot and nearby afloat
goods. The advices from India tend to show that market
steady, with no new developments, and closely in line with
the local market. At present the spot lightweights are selling at ;{.9r)c. and the spot heavies at 5.00c. The differential
between the lights and heavies shows a sli.ght favor for the
There are normal shipments afloat, en route to
h(>avi(>s.
this country from India, according to shipping advices.
Linen deal(>rs and importers report a strengtjiening in
demand for linen materials and a slight stiffening in pricea

Some

of the

dealers

women's wear for

are

spring.

predicting

heavy

buying

for

THE CHRONICLE

Jan. 28 1922.]

This may be weeks, months, or years. Those who are anxious that the
bonds be sold and $11,000,000 be paid for the Southern California Edison

aM ®itg gjepartmettt

)tnU

Co. for the distributing lines on or before March 1 when the city's operating
agreement with the Edison Co. terminates, said that the new litigation
and Mr. Thom.son's decision, as statetl in his telegram, weuld place the
city in the position of again asking the Edison Co. for an extension of time
on its agreement with the city.
Mr. 'Thomson's telegram was as follows:
"New York Jan. 19 1922.
Have been advised by Mathews litigation
"City Clerk, Los Angeles, Cal.
,

NEWS ITEMS.
of the Seine, France.— Bonds Offered in
A syndicate composed of Kiihn, Loeb &
the National Citv Co., the Guaranty Co. of New York,
Co.,
Dillon, Read & Co., Harris, Forbes & Co., Kidder. Peabody
Co., Lee Higginson & Co.. Brown Brothers & Co., Blair
& Co., Inc., and Cassatt & Co., all of New York, and the
Union Trust Co. of Pittsburgh, is offering $25,000,000
10-20 vear (optional) external gold bonds of the Department
of the" Seine, France (comprising Paris and its environs),
and accrued interest to date of delivery
to investors at 90 14
Further information
to net 7.95% if held until maturity.
concerning this offering will be found in the fore part of this
issue in our department of "Current Events and Discussions."

Department

the United States.

—

—

instituted .yesterday affecting electric bonds.

while litigation

Los Angeles, Calif. State Supreme Court Reverses Decision of Lower Court Upholding the Legality of the Sale of

—

Power Bonds. The Los Angeles "Times" on Jan. 15 had the
following to sav concerning the reversal, by the Cahfornia
Supreme Court, of the Superior Court's decision that the
sale of the $13,500,000 electric power bonds, to the Ir\ing
Hellman syndicate at a discount of -51,535,000, was
legal (V. 113, p^ 1695).
The secret sale by the City Council of Sl.3, 500,000 of electric power
bonds to Irving H. Hellman at a discount of 51,535,000 was yesterday set
Mayor
aside as illegal and invalid by the Supreme Court of California.
Cryer Councilman Mushet, Chairman of the Council's Finance Committee,
transaction.
and City Treasurer Powell, who have all opposed the Hellman

H

New York

legislation affecting municipalities.
report of the special committee, of which Corporation Counsel
William S. Rann, of Buffalo, is Chairman, urged the Conference to continue
its indorsement of non-partisan home rule legislation, as it has been doing
for a number of years.
The Hylan proposal, which -iirtually would deprive the Legislature of all
jurisdiction over the various municipalities in respect to charter extensions
and amendments, was unceremoniously thrown into the discard without
any one on the committee save Mayor Hylan's representatives protesting.
In continuing its non-partisan home rule fight the Conference announced
it would sai>port the bills of Senators Ward V. Tolbert, James J. Walker
and Assemblyman Charles D. Donohue. now before the Legi.slatiu-e. The
latter two, although introduced by Tammany Democrats, have no connection with Mayor Hylan's home rule program. These home rule measures
as is true of the Tolbert bill, parallel somewhat the I'ellBt bill of two years
ago. which embodied the original home rule plan of the Conference of

The

Mayors.
the terms of these measures the cities are given broader rights in
revisions and amendments without depriving the Legislature
entirely of a voice in the matter.
Under the Tolbert. Walker and Donahue
bills it would be impossible for the Legislature to pass legi.slation applying
to any one city alone.
The Lcgi.slaturo's powers would be liuiited to
general legislation affecting cities of the various classes.
A number of amendments, largely of a technical nature, were propo.sed.
The only one of importance would amend the rules governing action In
the Legislature in voting on a city bill which has been vetoed b.v a mavor.
A ma.vor's vetoe can now be overridden by a majority vote. The Conference would have this changed .so that it would be necessary to obtain a
thrif-fifths vole to pass a bill over a mayor's veto.
Tlie Conferonco opposed the Tolbert bill empowering the Govtsrnor under
the Moreland Act to investigate, on his own initiative, local governmeuts
L'^iider

charter

.

Cast; Against Citv.
decided ycsterdav bv the Supreme Court was that of Hubert
fl. W. Anderson agairYst the City of Los Angeles to restrain the
s from disi>osing the electric power bonds under the Hellman
it.
In reversing the decision of Judge Wood, the Supreme

ca.se

'

not intended bv anything In thi.s opinion to suggest any actual
on thf part of the officials of the <"'liv of Los Angelis in
f the terras of the ^
19;il by disposing

officials.
Now the Governor can act only upon formal complaint.
ineasiiro was before the Senate last year and carries out one of the
reeominondalions made by Governor Miller in his first .iniuial inossage.
The bill was not given consideration last year, as opposition developed and

and

fr«udii|(*n' Intent

..r ^r.wl

would

>ct

.

.

The

,

to do so either
roinplisli a [lurixiM-ss

Governor Miller did not press

conditions upon which the approval
.•(! for tliii i.ssuance of the bonds, and
iit by permit ting that condition to \ye
il

.

in
vlo!
'1
T

atu
Ian

V

I

ir

iii'-f:i

ar

also disapproved a number of housing bills, including the
creating Slate and municipal housing boards and the
.Straus iiropo.sed constitutional amendments enabling the .Stale and the
Viirloiis localities to extend their credit lo home build rs.
The Straus
nit^isures were introduced at the instance of the New York State As.soclaliou.
All bills which would increase income tax exemptions were opposed by the

i)ar.

iiiM>'«i U) an injunction.
Shaw't Opinion.
,v adds the following:

(jDiiference.

'

ii

I

part nf

i

he

<

i

Porto Alegre (City

rity to m;tkc the proini

hN

and that

v(.t«.

.le

will)

iia.v

ily
/I

iMi oi

lllll>>iir

Validity
"Timijs,''
,A*tomc>-

lioml

of

undfT
.lohn f

lie

'iiin

KUclion

<lritf

of

'l':,'.r-i

.,n

r.i'

I

orillK.i

ti.'U

i

"

jo'i

lie

of would,

valid,

If

—

Attncktd.
The
20, Hiiid:

Loh

--T

N'l-w

Vnrlf

AriKolos

W(^«k

fhr>

T.ni

I'll'

.r

rnaolullcm »dop«.<v|
'

'

by tho ('My

('n»nr'»
-.;-,-•

'

Wwlrx-cl.nv nuking for
-,;;,;
'
ihn
.•

.,

.,, !

i'

.

•

.I'llly

of !..

•.mn f^nurt rulml that thn honila wnra vnlld.

\f

our dopartiiieiit of "Current Events

,M

\f

*\'y,,

liix

free I'.iving DlNlrlilH Noi.

Deiioin $1.01)0.
Date Oct If, MCil.
llm iifflen of til), <'ounly '1'reiii.uriir.

ul

Ut

111"
...

Further iiiforiiialion conbe found on it jinnious pagtN ()f this

&

Disoii.ssions."

week have been ua follows:
AINSWORTH, Brown County. N«b.— /IO^r/> »AhK. — K\\

..)

»,'

H.W%.

fhiH

$.'.H H(Mi
II

will

BOND PROPOSALS AND NEGOTIATION
<tri\i.r

Itl

i

'il

tlie.se IioikI.s

in

i.s.siK',

(hi« IiimiiIh.

n lotlipi't'

&

and

yielding over

iiil(-rcst,

cerning
lu.tlflerl

fi.nri.-illy

United States of Brazil.
Lee, Iliggiiison &^ Co., and

('o., both of New York, offortsd
tiuickly sohl, .$3,.''>0(),()()0 <S% 40-yoar sinking
fiiiid gold biiiids of tlio (Jity of I'orto .\l(>gre. United States
of Hrazil.
Tlio Ixmds woro offered lo investors at 99 and

Ladonburg, Thaluiann

lliis

.

of

f

I

taxcH levied to
frillowN that the

.Jan.

1

1

piiy Hi

of),

Sold in the United States.-

lioinl.i

lh<M-eor.

.11

Ir

;iiitl.

Hhould

i.romiii.Hi.'*'

bondsmen and the

lax law.
that the

to sell the
•n' -lei

aiithori/.'-*!

.rial

,.

.

the mea.sures ai)provc<l were the Colillo bill licensing professional
.Jud.son mea.sure abolishing the personal proport.v
The indorsement of the latter Is coui)led with the .suggestion
bill be ameiide<I lo that It becomes effe<'tlve In November 1923.

.•\iiioiig

ball

I

iHiri'l

it.

The t^onforence
Duggan measure

Ned to hold that the authoriziilion
<'Ity of Lo.s Angelas to dispose of unM.'in their par value, Is Invalid and that

PlftliiLiiin -iiiM

—

pending

.

:

State.

Rule"

The State Conference of Mayors rejected Mayor Hylan's home rule plan
to-day when the special committee appointed at the recent Buffalo conference reported th» proposal was not acceptable. The report was submitted at a meeting of the legislative committee held to take action on

m

I*

—

State Conference of Mayors Considers
and Other Legislation. A dispatch to the
New York "Tribune" from its Albany correspondent dated
Jan. 26 had the following to say in the matter:

"Home

—

ih.-m |)ar value.

W.

City Attorney Stephens expressed himself last night as surprised and
disappointed over the telegram from Mr. Thomson and is undecided what
If there are no bidders for the bonds next Tuesday,
action he will take.
or up until March 1, or if the Edi.son Co. refuses to extend its agreement
with the City. Los Angeles will then be in the position of having many
millions of dollars invested in hydro-electric plants and very few lines over
which to distribute electricity in Los Angeles. This would make necessary
the expenditure of many more millions for power lines.

'

iH

referred to is

Thomson.

declared that the decision is a great victorj- for the people of Los Angeles
and has saved them a loss of probably S2. 000, 000.
The decision means that the Citv Council must now publicly advertise
tor bids for the $1.3,500.000 of power bonds, and City Treasurer Powell
predicted that under open competition the issue will bring par and a preaiium of probably $750,000. and that there is a strong possibility that some
of the bidders will agree to purchase the bond securities at par and a
premium, with the bonds bearing A'4% interest.
Mr. Hellman's offer, which was negotiated by the Public Service Board
and privately accepted by eight members of the City Council, called for
the bonds to bear 5% interest, but when his discount of Sl,5.'^5.000 was
taken into consideration, the actual interest rate on the entire issue which
the taxpayers would have had to pay, if the Hellman transaction had been
declared legal, was f>%.
.
.
A few minutes after the City Council on last Aug. 2 put through, at the
urging of members of the Board of Public Service Commissioners, the
Hellman deal, taxpayers' suits attacking the legality of the .sale were filed
The case was heard before Superior Court Jr.dge
in the Superior Court.
Coun.sel for
J. Perry Wood, who rendered a decision sustaining the sale.
the protesting taxpayers immediately appealed to the Supreme Court,
setting aside
which vesrerdav In Sau Francisco handed down a decision
JudKe Wofid's decision and deflaring the Hellman transaction invalid.
The Supreme Court de^-laros, in the finding, that the sale was illegal
because of the fact that when the voters of Los Angeles in 1919 authori/.ed
the issuance of the $13. ,500, 000 of bonds with which to purchase the distributing lines In this citv of the Southern California Edison Co. and to
••^
-—r.r plants the voters declared by their
build
acti'
.re.^t not to exceeefl 5%.
T;
for «ll,9tj5.00n, or at a discount of
the Citv Council in effect raised the
oil the people to pay the interest, and
L.,
,:„.,.,,, ,,. ;;,.• State law.
This was the contention
ma'l
IJana K. Weller and Attorney Ingle Carpenter.
Cour
iie prot^-srjng taxpayers in their arguments before
Judge Wood, ind iv,i, a!v) tin. i-uriteiUion of Coiuicilman Mushet. who
alone of the nine memlj<;r.-. of tli.- City Council voted against the acceptance
of the Hellman offer, a. id has foagijt the entire transaction since it was
propcsed at a sec:ret meeting of members of the City Council held on Aug, 2.

"It

final opinion

(Signed)
JOHN C. THOMSON."
B. Mathews, special counsel of the Board
The litigation in question was the .suit
filed by Attorney Ingle Carpenter for Mr. Minter, who as a taxpayer
declares that the bonds are not legal because in 1919 when the voters
authorized the issue Sawtelle was then supposedly a part of the city and the
voters of that section took part in the bond election, and that the estimate
of .?1 1,000. 000 valuation on the purchase price of the Edison lines included
the lines in Sawtelle.
The California Supreme Court has since ruled that Sawtelle was not at
that time and has never been legally a part of Los Angeles, and Attorney
Carpenter contends that this fact makes invalid the entire issue of electric
power bonds. The city will contest the Minter suit, but its effect on the
bond sale next Thursday is worrying those who had hoped for a sale of the
power bonds at a premium of at least .$600,000 or $750,000 so that the
Edison agreement could be terminated by March 1 and the city take over
on that date the Los Angeles distributing lines of the company.
The telegram from Attorney Thomson is the latest in a long series of
incidents which have hampered the sale of the power bonds.
From 1919
until 1921 the validity of the bonds was being attacked In the California
courts.
Then the California Supreme Court declared the issue legal, after
Which the City Council sold the .secutiries secretly to Irving H. Hellman
at a discount of SI ,535,000. The Supreme Court held that the Hellman sale
was illegal, and the City Council a.sked for new bids on the i.ssue to be
opened next Thiu"sday. The Minter suit attacking the validity of the bonds
on grounds that did not exist when the bond matter was before the Supreme
Court was filed last Tuesday. This brought forth the opinion from Mr.

%

Prrr:,- r.irl

Cannot give

oending."

of Public Service Commissioners.

7%

The

is

The Mathews

&

•

431

r.i.ttl

AINSWORTH SCHOOL
HOSD

.'1

bondx huH

iiii'l Neinliiiin
Hirlally on Oct.

IVIii.

Duo

DI.STRICT
W.

liil

IwUif of
biiMl wild
|iiiyiibl«

J/i fniiii

WVSi

Ir Htlit«v|

(P.

O,

AInawnrlhl, Brown

Hiiwvein <'l«rU lloiinl of
Jan. :!H for tlL'ri.OOO fiH'I. •chool boiHlH.

<llli:itlt\(l.

Kdiii.iilMii, will riMiilve IiIiIn until
1

ami

liieliiNlvn.

Counly, Neb.
1

I

A.

.

ALBANY, Mnrgnn County. AU.
* of
"f

1.,
'|,

;

Ir

i-lin

Mr

Th>im<Hin'« UOnnmin. n flrml rtpliiloii from liliii nn
txinda VAntuil Im Klvmi until Ihn now llllKAtloii li(i« iMXin

,

;.

,..| >lo>ih>rfil _vr.:»r.r'l,nv

whi-thrr or not nny h-inUir-; would

I
I

.

.

,

u
.

•iti<i>i.

:<;•)

Iild
,

ni

anil

I

'

until th<

'

'if

.'il-l

.Mil

U

iiiu. City
IioiiiIn

Henry llnrl,/lO/V/) i)lin:ttl Nil
Clrrk, will rocolvo neultHl bida until Kvb. 7 for Ike fallowing 0%

Duo In 'M) yonm.
yoiira.
Due In
ALBANY, Albon* County, Olilo. hllNIt nFFKIil NO-

%.'M» fKK) KChool
1,11

Kill)

bond*.

riiinlliiK boiifln.

,'|ll

.lohn Lliidlny,
Keli 11 for JK.HOO (1%
lildw imlil i:t "i
Date Heni.
Dun
Dinoiii, IKHO
H).'|
JhHd yeurly on March 1 from I9J.I to MCI.! In<-I. < 'mlflcO cbtxk for 1300,
psjrablu lu tbo Vllliiuo Trniuiuror, nMjulrtHl.
Vlli.iii:!'

•iire.i

Clerk, will rierlTi' denied

lin|irov<>iiieiit

liomli

I

— ————
——

—

THE CHRONICLE

433
AMARILLO,

—

OFFERED BY BANK-

Potter County, Texas.— BOiVOS

The First National Co. of St. Louis is offerins S533.000 5% bonds
»o Investors at prices to yield from 5.60% to 5.40% (according to maturiDenom. $1,000. Date Dec. 1 1921. Principal and sem.-annual
ties).
intere.st (J. & D.) payable at the National City Bank. New York City.
Due Dec. 1 1926 to 1961. inclusive, optional on Dec. 1 as follows: $150,000,
1026; $123,000, 1931, and $260,000. 1941.
ERS.

ANDERSON-COTTONWOOD IRRIGATION DISTRICT (P. O.
Anderson), Shasta County, Calif.— BO A'^JO OFFERING.— V,. R. Williams,
Secretary of Board of Directors, will receive bids until 10 a. m. Feb. 14
tvc $73,000 bonds.

ARCADIA PARK (P. O. Dallas), Dallas County, Texas.— BO.V7J.S
County
VOTED — At a recent elcptioa an issue of .$16,000 Dallas a vote ofArc.idia
to
by
Fre.sh

Water Supply

District

No

bonds were carried

1

4

1

5,
ARKANSAS COUNTY ROAD IMPROVEMENT DISTRICT NO.6%
purchased $300,000

—

BOND SALE. Stix & Co.. St. Louis, have
coupon serial road bonds. Denom. $] ,000. Date Nov. 1 1921. Pnn.
and semi-ann. int. (M. & S.) payable at the Continental & Commercial
Trust & Savings Bank, Chicago. Due yearly on Sept. 1 a.= follows: .1;14 .000,
Ark

1926- $15 000, 1927: $16,000. 1928: $17,000, 1929: $18,000. 1930: $19,000,
193l' .$20,000, 1932; $21,000, 1933; $23,000, 1934; $24,000. 1935; $26,000,
1936; $27,000. 1937; $29,000, 1938: and $31,000, 1939.

ARLINGTON, Hancock County,

Ohio.

BOND SALE. —We

have

been unofficially advised that the .$3,500 6% fire-truck bonds offered on
April 20 (V. 112, p. 1651) were sold at par to C. H. Sutphin &. Son of
Columbus. Date Feb. 1 1921.

—

AYDEN, Pitt County, No. Caro. BOND OFFERING. Sealed pronesals will be received until 2 p. m. Feb. 20 by R. C. Daggett, Town
Secretary for $225,000 6% coupon (with privilege of registration) street
improvement bonds. Date March 1 1922. Prin. and semi-ann. int.
(M & S ) payable at the Hanover National Bank, N. Y. City. Due .yearly
on March 1 as follows: 10 bonds. 1925 to 1927 in cl. 14 bonds 1928 to 1932
and 25 bonds, 1933 to 1937 incl. Certified check on an incorporated
incl
the Town
bank or trust company, or cash, for 2% of bid, payable tothe opinion of
of
Avden required. Successful bidders will be furnished with
Reed, Dougherty & Hoyt. of New York City, that the bonds are valid and
binding obligations of the Town of Ayden.
BAINBRIDGE, Decatur County, Ga. BOND SALE. The following
three issues of bonds have been awarded to J. H. Hilsman & Co. of Atlanta:
$30,000 school bonds.
$75,000 street bonds.
•

—

I

20,000 sewer bonds.
BARDWELL, Carlisle County, Ky.—BOND OFFERING.— G. F.
Bichon City Clerk, will receive sealed bids until Feb .1 for $9,000 6% waterworks refunding bonds. Denom. $500. Date Feb. 1 1922. Due Feb.
I

1

1942.

BASTROP, Morehouse County,

bids will be received until Feb. 28

and

—

—
—

—

electric light

La.

BOND OFFERING. — Sealed

by the Town Clerk

for $45,000

water

bonds.

County, Mich.— BO.VD
BATTLE CREEK, Calhoun to the extent of $1,100,000 ELECTION.—
for new school
city

of bonding the
buildings will be placed before the voters at a special election to be held
next spring.
DISTRICT (P. O. Bayard), Morrill County,
to us
Neb BOND SALE. We learn from a special telegiephic dispatch bonds
from' our Western correspondent that $125,000 6% 11-20-year serial
the Bankers Trust Co. of Denver.
were purchased by
HAVEN, Ocean County, N. J. BONDS SOLD. The issue
of 6% coupon (with privilege of registration) funding water, sewer and
improvement bonds offered but not sold on Aug. 1 (V. 113. p. 872) was
This issue was
later sold by the Borough Council to private individuals.
not to exceed $34,000, but in reporting this sale to us Borough Clerk A. P.
King, does not give the amount sold.
_

The question

[V©L. 114.

BRISTOL COUNTY (P. O. Taunton), Mass.— TEMPORARY LOAN.
temporary loan of $150,000 offered on Jan. 24 was sold to the Old
Colony Trust Co. on a 4.15% discount basis, plus x premium of $2.75.
Date Jan. 25 1922. Due Nov. 1 1922.

—A

^BROCKTON,
N

TEMPORARY LOAN.—

Plymouth County, Mass.—
8.
Bond & Co. were the successful bidders for a temporary loan of .$200,000
offered on Jan. 20.
The loan was awarded to them on a 4.13% discount
basis, plus a premium of $2.75 and is dated Jan. 23 1922 and due Nov. 7
1922.
The following bids were also receivedP. S Moseley
4.13% discount basis.

&Co

.

Bond & Goodwin

4.18% discount basis.
4.23% discount basis.
Old Colony Trust Co
-.4.25% discount basis, plus a 75c. premium.
BROKEN BOW, Custer County, Neb.— BOND SALE.— An issue of
$21.625 69 6% Sewer District No. 1 bonds has been sold. Denoms. 43
for $500 and 1 for $125 69.
Date Dec. 15 1921. Principal and annual
interest payable at the office of the County Treasurer.
Due vearly on
Dec, 15 as follows: $10,500. 1923: $1,500. 1924, and $9,625 69, 1925.
E.stabrook

& Co

Financial Statement.
Assessed valuation, 1921
Actual valuation, estimated

Water and light bonds
City hall and sewer bonds
Intersection paving bonds
District paving bonds
Total bonded debt

"

$27,000
98.838
145,328
305,000

$2 499 070 00
3 500 000 00

06
26

"

57

00

....

576 166 83

Population, Federal Census, 1920, 2,567: Present population, est.,'3.000.

BROOKS COUNTY (P. O. Quitman), Ga.— BOATD SALB.—The Trust
of Georgia of Atlanta purchased $280,000 5% road bonds (part of
an authorized issue of $500,000) at par and accrued interest on Jan. 3,
Company
Denom.

Date Jan. 1 1920. Int. J. & J.
$1,000.
BULLION, Calumet County, V/isc—CERTIFICATE

OFFERING.
11 a.

$20,000
35.000
25,000

AND BOND

— Edward Gruette,
for

m. Feb. 7

5%
5%

5H%

Village Clerk, will receive sealed bids until
the following bonds and certificates:

sewer bonds.
water-works bonds.

mortgage

certificates.

BURLEY INDEPENDENT SCHOOL DISTRICT NO. 1 (P. O.
Burley), Cassia County, Ida
BOND SALE.—The Palmer Bond &
Mortgage Co. of Salt Lake City has purchased $60,000 6% 10-20-year
(opt.) funding bonds.
BURLINGAME, San Mateo County,

Calif.— BOiVD SALE.— On Jan.
& Co., of San Francisco, were awarded $60,000 5J^%
15H-year (aver.) municipal improvement bonds for $63 694 (106.15), a
ba.sis of about 4.93%.
Denom., 40 for $1,000 and 20 for $500. Date
Jan. 16 1922.
Int. Jan. 16 & July 16.
Due $2,000 yearly on Jan. 16 from
1923 to 1952 inclusive. Assessed valuation of the City of Burlingame in
1921 was $4,000,000. Actual valuation, estimated, $8,000,000.
Total
debt, including this issue, $207,000.
Ratio net debt to assesced valuation,
J. R. Murphy, City Clerk.
5.17%.
Other bidders were:
Schwabacher & Co
$63,606 00 Bond & Goodwin & Tucker,
16 Blyth, Witter

Stephens

& Co

..$63,030 00
62,632 00
CAMPBELL SCHOOL TOWNSHIP (P. O. Millersburg), Warrick
County, Ind. BOND SALE
The $33,000 6% bonds offered on Jan. 14
(V. 113, p 2741) were soid to Thomas D Sherwin of Indianapolis, at par
and accrued interest, plus a premium of $2,083, equal to 106 31. a basis
BEACH
of about 5 19%.
Date Jan. 14 1922. Due each six months as follows:
$.500 July 1 1922. $1,000 Jan. 1 1923, SI. 000 .July 1 1923, $500 Jan. 1 1924,
.$1,000 July 1 1924, $.500 Jan. 1 1925, .$1,000 .Tuly 1 1925. $500 Jan. 1 1926,
.SI .000 July 1 1926. $.500 Jan. 1 1927. $1,000 July 1 1927. $500 Jan. 1 1928,
.181,000 July 1 1928, $500 J.in. 1 1929, $1,000 July 1 1929, $500 Jan. 1 1930,
July 1 1930 and $1,000 yearly on July 1 from 1931 to 19,50, incl.
BONDS NOT SOLD.— $1,000
BELLEFONTAINE, Loean County, Ohio
CANFIELD SCHOOL DISTRICT (P. O. Canfiold), Mahoning
bonds offered on Jan. 18 (V. 113, p. 2841) were not
The $13,000 6% sewer
County, Ohio. BOND OFFERING. J. W. Baird, Clerk of the Board of
sold, owing to a defect in the legislation.
Education, will receive bids until 12 m. Feb. 14 for $80,000 5}^% bonds.
BELLEVILLE SCHOOL DISTRICT (P. O. Belleville), Essex County Denom. $1,000. Date March 1 1922. Prin. and semi-ann. int. (A, & O.)
will receive
M J BOND OFFERING. James J. Turner, District Clerk,
payable at the Farmers' National Bank in Canfield. Duo $5,000 yearly
on April 1 from 1923 to 1938. incl. Cextified check for $500. payable to
sealed proposals until 8.30 p. m.. Feb. 6, for $94,000 5% coupon (with
Denom. $1,000. Date Feb. 1 1922. the above Clerk, required.
registration) bonds.
mtvile<'e of
Prin and semi-ann. int. (F. & A.) payable at the First National Bank of
CANTON, Lincoln County, So.
BOiVD OFFERING.
Due vearlv on Aug. 1. as follows: $4,000 1922 to 1924; $3,000 Hokenstad. City Auditor, will receiveDak. until 8 p. m. Jan. 31 George
Belleville
bids
for the
1925 to 1950; $2,000 1951 and $1,000 1952 and 1953. Cert, check for 2%
$40,000 6% water works bonds mentioned in V. 113, p. 437. Denom.
of the amount bid for. drawn upon an incorporated bank or trust company,
Date June 1 1921. Prin. and semi-ann. int. payable at the First
.$1,000.
payable to the custodian of School Moneys of the Town of Belleville: re-' National Bank, Minneapolis, First National Bank, Chicago, or at the
quired bonds will be prepared under the supervision of the U.S. Mtge. &
Hanover National Bank, N. Y. at the option of purchaser, or at any other
Trust Co which will certify as to the genuineness of the signatures and the bank or trust company in the United States. Due June 1 1941 with option
Legality approved by Hawkins, Delafield and
seal impressed thereon.
of paying one or more bonds on any interest paying date after 5 years.
Longfellow of New York, a copy of whose opinion will be furnished the pur- Certified check for 10% of the amount of bonds biof for retiuired. City
Purchaser to pay accrued interest.
chaser.
to furnish blank bonds and legal opinion of Chapman, Cutler & Parker, of
C.—BOND OFFERING.— Tl. B. Gas- Chicago.
BELMONT, Gaston County, N.bids until Feb. for
7
$50,000 6% street
will receive sealed
ton Town Clerk
CENTRAL DRAINAGE DISTRICT, Bolivar County, Miss.—
bonds. Denom. $.500. Date Jan. 1 1922.
BONDS OFFERED BY BANKERS.— Geo. H. Burr & Co.. St. Louis, are
Date
offering, at prices to yield par and interest, $250,000 6% bonds.
BENTON CUNT Y (P. O. Corvallis), Ore. NO BIDS RECEIVED.
No bids were received on Jan. 14 for the $110,000 5% road bonds. V. 114. July 1 1921. Principal and semi-annual interest (J. & J.) payable at the
National Bank. New York. Due yearly on July 1 from 1922 to
Hanover
p. 99.
SALE.—The $400,000 5% 1941, inclusive.
N.
BERLIN Coos County,bonds H.— BOA^DJan. 24 (V.
Financial Statement.
offered on
114. p. 217) were
coupon high-school-building
—$3,000,000
basis of about 4.72%.
Date Estimated value
«iftld to Watkins & Co. of Boston at 102.20, a
benefits assessed
615.810
Total
Nov. 1 1921. Due $20,000 yearly on Nov. 1 from 1922 to 1941, incl. Total bonded debt
250,000
The following two bids were aLso received:
Population, present estimate. 6.000.
100.98
100.67 |A. B. Leach & Co.. Inc
Rollins & Sons.
DISTRICT (P. O. Craigmont) Lewis County,
CENTRAL
San Antonio), Texas.— IFARiRAA/^r SALE.
BEXAR COUNTY (P. O.
Ida.
PRICE PAID. The price paid on Jan. 14 by the Empire National
J E Jarratt & Co. of San Antonio inform us that they recently purchased
Bank of Lewiston for the $50,000 6% bonds V. 114, p. 326 was par and
$i7.500 6% road and bridge warrants.
interest, less $998 for expense of printing, attorney's fees and other expenses.
Jan.
BIWABIK, St. Louis County, Minn. BOND SALE. OnJan. 20. the Other bidders wei-o:Ladd & Tilton Bank, Portland par and accrued interest,
20 1922 less $35.00 per thousand to cover cost of legal work and other expenses.
aver coupon refunding bonds, dated
UlRn 000 6% 9 1-5-vear
217— wore sold to the First National Bank of Biwabik at 98.05
Murphy, Favro & Co., Spokane, $1,001.11 and accrued interest less
1 14
1)
and 'interest a basis of about 6.29%. Date Jan. 20 1922. Due Jan. 20, $32.67 on each $1 ,000.00 bond to cover expenses. Lewiston National Bank
incl.. and $12,000 1937.
Bids were also on behalf of Union Trust Co. Spokane, Wash. par and acci'ued interest less
as follows- $14 000 1925 to 1930,
$1.43500 brokerage fees.
received from R. M. Grant & Co., of Chicago, and the First National Bank

BAYARD SCHOOL
—

Bank

Inc
63,241 40
63,216 40 Freeman,

of Italy

Smith&CampC©

—

—

—

—

—

—

,

,

—

—

BH.

—

HIGHWAY

—

—

—

—

—V

,

of Duluth.
|W-

_

_

.^

BLADEN COUNTY (P. O. EHzabethtown), No.
proposals will be received until 12

Caro. BOND
m. Feb. 6 by

OFFERING — Sealed
B T Cromartie (^lerlk of County Board of Education, for the purchase
coupon bonds, mentioned in V. 113. p. 2529:
of the following

'6%

$25 000 Hrown Marsh Township School District bonds.
District bonds.
IsioOO EHzabethtown High School
10 000 Frenches Creek Township School District bonds.
fi'nno White Oak High School District bonds.
oSSSm $1 000 Date Jan. 1 1922. Prin. and semi-ann. int. (J. & J )
oavable in gold at the Guaranty Trust Co., N. \. Due Jan. 1 1942.
or a sum of
^rt check upon an incorporated bank or trust companybonds bid for,
monov for or in amount equal to 2% of the face value ofto
pay accrued
oavable to the County Board of Education. Purchaser
Official announcement says that the successful bidders will be
intwnst
of Reed, Dougherty & Hoyt of N. Y. City,
furnished with l^lie opinion
binding obligations of the School Districts on
th.-tt the bonds are valid and
behalf of which they are to be Issued, payable out of an annual tax of not
$100 of
on
exceeding 30 cents ,. .„ the-.1. ..*• I...IHasses.sed value of property and 90 cents
^•^^^
~
Hiot..i.>to r«»«T\£i^t.i^r«i\r
'phr% bonds are
.

.

.

-

Trust Co.
lignatures

.

CERES, Stanislaus County,

Calif.

CORRECTION.

—We

are

in-

Wagner. City Clerk, that the report In V. 114. p. 99,
stating that this city would receive bids until Jan. 17 for $30,000 sewer
improvement bonds was an error.
CHARLOTTE COUNTY (P. O. Charlotte C. H,), Va.—BOND OFFERING H. B Cherinsides, County Clerk, will receive sealed bids until
12 m. Feb 20 for the following 5% coupon road bonds:
formed by

J.

-A.

—

$70,000 Central District road bonds.
85.000 Bacon District road bonds.
75,000 Walton District road bonds.

Y.—BOND

CHAUTAUQUA COUNTY

ISSUE
(P. O. Mayville), N.
reports state that Governor Miller signed a
bill authorizing the County Supervisors to issue tho $1,000,000 road bonds
mentioned in V. 113, p. 2741.

AUTHORIZED. — Newspaper

Chester),
— CHESTER COUNTY (P. O. on Jan. 21 forp the $125, rejected:
The following bids received
5% coupon
2842 — were
highway bonds offered on that date— V. 113,
So.

Caro.— B7DS REJECTED.
0(X)

Persons",

DC.
W.

L.

Campbell

& Co. $118,762

Hovward & Co
Slayton&Co

50 SutherUn, Barry
1

118,7.50 OOlAVeil.
118.7.50 00|

& Co... $119, 785

Roth & Co

00

116,000 00

following two issues of G% special asscssmpnt. bonds offered on .Tan. 17
D. Finch of Bowling Green, at par and
(V. 114, p 217) were sold to

CHICAGO, Cook County, III.— BO.VD.S OFFERED BY BANKERS —
R. l\l Grant & Co of New York, are offering to investors the unsold portion
of the $7,725,000 5% gold coupon (with privilege of registration) general
corporate bonds recently sold to thorn, as reported in our fs,sue of Jan. 7
on page 99. We are officiall.v advised that the.v have disposed of the

Is^OOo'^NortirProspect Street repair bonds. Denom $100. Due $400
each six months from March 1 1922 to Sept. 1 1931. inclusive^
Denom. $120.
gutter improvement bonds
1 200 Fast Wooster curb and
Dtu^ $120 yearly on Sopt 1 iVoni 1922 to 19.31 mclusiyo
advised by tho City Auditor that tho following
Wc are
Date Sept 1 1921
two bids wore received on Jan. 17 and were both rejected, the bid of C. D.
Finch being received at a private sale on a later date.
, _, ^.
W. L. Slavton & Co p;ir and interest, plus a pronmim of $1 .50^
Rvan. Bowman & Co. par and interest, plus a premium of $2 40.

greater part of this issue and that the remainder is being offered at prices
ranging from 101 375 to 107 375, according to maturities. Tho official
announconiont states that the.sc bonds arc legal investments for savings
banks and trust funds in New "Vork, Massacjiusetts, Connecticut and other
States, arc eligible to secure Postal Savings deposits and arc exempt from
The circular further states that the legality
all Federal income taxes.
and regularity of this issue has boon approved by Chapman, Cutler &
arker of Chicago, Chester B. Masslich of Newj.York and Storey, ThornBike, Palmer & Dodge of Boston.

,„

,,

,

^,„.,

.

,

impressed thereon.
of tho School Board officials and the seal

BOWLING GREEN, Wood

County, Ohio.— BOA'D SALE.

— The

C

.

,

THE CHRONICLE

Jan. 28 1922.]

CHICAGO SANITARY DISTRICT (P. O. Chicago), Cook County,
BO^DS OFFERED DY nAiXKERS. —The syndicate composed of

—

Co.. Chaso Securities Corp.. both of New York, and
Co.. and the Foreman Bros. Banking Co., both of
Chicago, which was successful in acquiring the $5,000,000 5% bonds on
Jan. 19. as reported in •ur issue of Jan. 21 on page 326 is now offering these
bonds to investors on a previous page of this Issue at prices to yield from
4.60% to 4.30%, according to maturities.

&

Kidder. Peabody

Denom. 1 for .S866 31 and 75 for $1,000 each
Date Feb. 1
Prin. andsemi-ann. int (.\ & O ) payable at the County Treasurer's
office
Due $3,866 34 Oct. 1 1923 and $4,000 yearly on Oct. 1 from 1924
Certified check for 1
to 1941 incl.
of the amount bid for. payable to the
County Treasurer, required. Purchaser to pay accrued interest.
ment bonds

&

CHIPPEWA COUNTY

1922

"dALHART INDEPENDENT SCHOOL DISTRICT

—

M

\oH

L. Slavton & Co.. Toledo
Powell. Garard & C»., Chicago

W.

6
6
<6

Hanchett Bond Co., Chicago
Accrued Interest

is

{SJ-J
'5

to be added to

all

of the above bids.

—

CINCINNATI, Hamilton County, Ohio. BOXD SALE The SI .000.000 o'''. sold coupon bond* offered on Jan. 23 (V. 113. p. 2842) were
sold to Richards. Parish & Lamson of Cincinnati, and the Provident
Savines Bank & Trust Co of Cincinnati, at their ioint bid of SI. 102. 620
Date Jan. 2 1922. Due Jan. 2 1965
(110. 262), a basis of about 4 47%.
following bids were received:
Bidder

The

Pricf Bid

Parish* Lamson and Prov. Savs Bank&Tr. Co.,Cin Sl.102,620

Richarrls.

Fifth-Toird Nat. Bank. Cincinnati. RcTiick. Hodges & Co.,
Potter Bros & Co N.
1.090,400
N. Y Redmond fc Co S".
Cincinnati. Stacy & Braiin. CinTitle Guirantee & Trust Co
New York
cinnati. Guaranty Co
1.08R.300
Seasongood ft Mayer. Cincinnati. H Ij Allen & Co
N. Y.,
Rutter ft Co
Y "Weil. Roth & Co.. Cincinnati
1.083.600
Tillotson ft Wolcott, Cincinnati
1,082.290
Miller & Co Cleveland. Harris. Forbes & Co N. Y.,
Hayden,
National City Co N. Y., E.stabrook & Co., New York
1.076,200
Bonbrisht ft Co.. New York
1.075,610
Otis & Co.. Cleveland
1.075.305
Financial Slalemenl.
Assessed valuation of property
$742,000,000 00
Bondfd Ti'bt of the Cily or Cincinnati Dec. 31 1921
Water works bonds
SI 5. 04 1,130 48
Cincinnati Southern Rt construction bonds 14.932.000 00
Cincinnati Southern Ry Terminal
2.900.000 00
Cincin, So. Ry. permanent betterments..
2.500.000 00
.

Y

.

.

Y

.

.

.

,

N

.

International Trust Co., both of Denver, jointly.

DALLAS COUNTY

.

.

.

,

PRICE—

(P. O. Selma), Ala.—
DESCRIPTION
refunding court-house bonds awarded
price paid for the .S40.000
218—was 100 037. a b isis of about 5 883%. The
as stated in V. 114, p.
bonds answer to the following description; Denom $1,000. Date Jan. 1
Due Jan. 1 1927.
1922.
Int. J.-J.

6%

The

Price Bid.

par plus a prem. of $2.=;5 00
par plus a prem. of 1.206 00
par plus a prem. of 6.=)2 7.5
par plus a prem. of
83 00
par plus a prem. of
83 00
par plus a prem. of 663 00
par
par plus a prem. of 911 00
par Dlus a prem. of 21."; 00
par plus a prem. of 38? ."lO
par plu.^ a prem. of 1.100 00
par plus a prem. of 776 00
par less 83."0 for legal exps.
par less SI ,350 for legal exps.

O. Dalhart),

(P.

Dallam County, Tex.— BO.VD SALE.— On Jan. 23 $45,000 6% 1-30-year
serial school-building bonds were sold to Bosworth, Chanute & (5o. and the

O. Saulte Ste. Marie), Mich.— BOA'D
SALE The $7.5.000 coupon trunk line road bonds offered on Jan 18
CV. 113. p 2741) were sold to Bolaer. Mosser & Willaman of Chicago at
Date Feb. 1 1922. Due $12,500
100. 34 for o'-^s. a basis of about .i 40%.
yearly on Feb 1 from 1Q23 to 192S. Incl.
The following bids were received:
Int. Rate Bid.
Bidder
Bolger. Mosser & Waiaman. Chicago.-o.i-i
.-.6
Shapker & Co.. Chicago.
6
John Nuveen ft Co.. Chicago
..f6
DetrotTnist Co., Detroit...
15
6
Sidney Spitzer&0«., Toledo
6
Otis & Co.. Detroit
First National Company. Detroit
f6

%

.

(P.

—

CUYAHOGA COUNTY

(P. O. Cleveland), Ohio.— BO.VO OFFERING.
A J Ilieber. Clerk of the Board of County Commi,s,sioncrs, will receive
sealed bids until 11 a m. Fob 11 for $75,866 31 5% coupon special assess-

111.

Mitchell. Hutchins

433

DALTON, Cheyenne County,

BOA^D SALE.

Neb.

—An

issue

DEARBORN, Wayne County, Mich.— BOA^D OFFER JA'^G .-Herman
B. Knauff. Village Clerk, will receive sealed bids
S24.000 storm-sewer bonds. Due $6, COO yearly
1946 incl. Cert, check for S2.000, payaole to the
chaser to take and pay for the bonds on or before

until 8 p.

on Oct.

1

m. Feb. 1 for
from 1943 to
Pur-

Village, required.

Mar.

1922.

1

Morgan County, Ala.— BOVD

ISSUE TO BE
bond issue
on Nov. 10
— DECATUR, —6% school to be voted offered unsuccessfullyanRE-VOTED.
The SIOO.OOO
have
2213
upon again, owing to
error in the
V. 113. p
The
form of ballot used at the election held on Aug. 22 — V. 113,
753.
new election
be held on Feb.
DE KALB COUNTY (P. O. Auburn), Ind.— BOiVD OFFERING —
-will

p.

14.

will

will receive sealed bids until 2 p. m.
Helmer-Corunna Garrett Pike road bonds
sums to meet the desires of the purchaser. Due

C. H. Baber, Countv Treasurer,

March

5%

for .$68,000

7

Denom $1,000 or lesser
annually for ten years.

DELAWARE TOWNSHIP SCHOOL DISTRICT (P. O. Marlton R. 3),

—

BOND

5H%

bonds
Monmouth County, N. J.
SALE. The issue of
offered on Jan. 24 (V. 114, p. 218) was sold to M. M. Freeman & Co. at
their bid of par and accrued interest plus a premium of $510 for 50 bonds
($50,000). which is equal to 101.02.

DEVINE SCHOOL DISTRICT (P. O. Devine), Medina County,
Texas. BOXD S.ALE
An issue of .S12.000 6% 10-40-year school bonds
has been awarded to the Securitv Trust Co. of Austin. These bonds were
V. 113, p. 1383.
registered with the State Comptroller of Texas on Sept 17.

—

—

DICKINSON COUNTY

The

O. Spirit Lake),

(P.

Iowa.— BOiVD SALe!^

White-Phillips Co., of Davenport, has purchased $41 ,000 drainage

bonds at 100.64.

DOUGLAS COUNTY

(P.
— The $1 ,000.000 O.to Omaha), Neh.— DESCRIPTION OF
road-paving bonds awarded on Dec. 29
Trust
of Omaha
at 103 20, a basis of about 4-74%,
the Unite! St
100— are
bonds
— V 113. p of $1,000. Date Oct follows: Tax-free couponCo payable deas
at
nomination
Int semi-ann
1919

BONDS SOLD

5'^;

ites

in

de.scribecl

.$35,373.130 48
50.070.381 16

Other general bonds

1

Total general debt
Assess,

891.443.511 64
1.1 84 .,587 98

bonds (paid by special as.sessments)

Total boniled debt
S92 628 000 62
Sinking fund for all bonfls
$20.902, .545 09
Deduct Sinking fund for wat.er and railway

—

Financial Statement.
.•\s.ses.sed valuation for taxation
Total debt (this issue included)
Less .sinking fimd
Net debt
Population. 1920 Cen.sus. 204, .524.

Net amount not 8elf-supp«rting
Population 1920

W2. 324. 763

33
..401.247

wat€r-work!'-RVst<^m hond^ were sold to
(who Is a rancher In Wyomlnei. at par.
above bond.<? (V 113, p. 233?) were turned
dlacouDts ranging from $1.2.50 to $6.(XK).

DUBUQUE INDEPENDENT SCHOOL DISTRICT

all

OFFERING

Mercer County, Ohio.— BO.VD

fif^rk. will receive sfili-d bkls until 12

m

Feb

—Charles

.

.

COLFA"

bonds maturing 20 years from d.ite and bearing 4'2'"f interest.
Denom $1,000. Date Jan 2 1922. Int. J. ft J This report corrocta
the one given in V. 114. p 327.

DUNN GRADED SCHOOL DISTRICT (P. O. Dunn), Harnett
County, N. C.—BOND OFFERING. Sealed bids will t>e received by
Marvin Wade. Secretary Board of Trustees, until 4 p. m. Feb. 19 for $100.-

—

21 for the

.

000

O'f, coupon (with privilege of registration as to iirincipal)
Denom, $1,000. Date Aug. 1 1921. Prin, and setiii ann, int,
payable In gold in N. Y. Citv, Due vearlv on Feb, 1 as follows:

AND

Boone County, Ind.— rtO.V/) O/'F/'.R/A'O— Jesse F

Triist<-e. will receive

'-^'•NTY SCHOOL DISTRICT NO. 38 IP. O. French),
M.E -On Ian 23 SIO.OOO r,"/, lf)-20-vear fopt.) Kchool-

I'orti-r ft Co., of Denver.
Mitchell County, Te«a». -flO.VO.S REGI STERED —Ctrx
Jim « the H».Tt/' f'oTnptrrilW rcirii.(erc<l $H,5,0fK) reservoir and water works
«J% iKinrl* and »3' WKl wwor 6',; bonfls.
:'<«•:^^

1

I

IP.

f

'"fi- Mf^Jrri. ft (•<! of Ht. IxiuIh at 101,13 for IkiimIs mii,Tlth optloii Ut rivJiK-iii aftJT 10 yearH.
I)al«! Feb. I |0 '•'

County, P».

.

will rerelvn H4-aleil liidN until 4 p, ni. Fi-li, 10 for $72,001) ,5% coupon bondn.
Denom. $.500, D.ite .I.iii. 1 1922. I'rliicliuil iiiiil Ni-nil-nniiual Intorosl
iiavalilo at the abovi- 'I'lrasurer'N office.
Due $12. 0(H) Jim. I 1923 and
»1.^.00() yearly on .bm.
from 1924 to 1027. Inclusive. The IioikIh nrs

-urke County, No. Dak. IIOXIJ OFFEItlXd
I4Hor. will rocnlvo bids for $0,500 6% roTundliiK bonds

•

)

EASTON SCHOOL DISTRICT (P. O. F.«iiton>. Northampton
- BOND OFFEIll N(l. — M
B, llulslr.cr. District Treasiiri^r.

'

COM

.

I

,

EASTON.Tnlbot County. Md, BONDS WTIIoni '.ED Newspaper
reports Mate that the City Council has autliorl/,e(l $25,000 bonds to be
Issued fur the purpose of ac<|ulriiiK money to p ly for the i-xtoiidlng of wiil«r
,iiii| s.-ttiT in.'iiiiN ill till- p iris of the city witlmiit llic sitvIcc

I

!••

,

Township

1

I

I

I

ij.

Phillippi.

10 for the following

.

'

turliiK

Fob

I

O. Hud.on), N. Y.-BOND SALE.— Thr<
9PhV*'^^*'
1290 fK»0 4!.<^; rf«r|.«Trd hlirhwny bondn offered on Jan 25 (V. 14 p
21H) were .old ti, llnrr'. PfirlM ft Co., of New York, at 102 45 n baslK of
''''^^'"' «20.000 yciarly on Fob. 1 from 1031
f*^',I/v'^^V .'*'" ''r''« 10 000
to IIM4, lnHu»lve, and
on Feb.
HM5.
CO! r<""M -' HOOL DISTRICT IP. O. Columbia), Boone County,
*>'< '»n
16 the $(»5 000 ,','; srhfuil iKiruU V 111 p
J"
Y"*',

A.)
.$2,000

bonds:
$10,000 Kagle CMvll Twp bonds
Denom 14 for .«000 oai-li and 1 for
$1,600
Due .?(U)0 yearly on July 1 from 1923 to 19.36. incl and
$1,600 on Julv
1937.
05.000 Kagle Sihool 'I'wp bonds.
Denom $1 .000 Duo each six monthn
as follows: $2,000 from Jiilv
*3.000
1923 to Julv
1936. Incl
from Jan
I93H
and $5,000 on Jan
1937 to Julv
1937. in<-l
Dal« Fell
p.iyablc at the
1922
Prin and Noini-.inii Int (,I ft J
p-ariiKTs' ll.inli in Zlnnsvlllo. Iiid
Piircli;i,ser to p ly accrued Interest.

COLORADO,

-

m

sealed bids until 10 a

5'y

-e *ild to noetlchf-r,

COUNTY

Ixinds.
(1'\

1924 to 1931 incl.; $3,000 1932 to 1936 incl.: $4,000 |()37 to 1942 Incl.. and
$5,000 1943 to 1951 incl. A deposit of 2% of bid rpquire<l. Legality of
txinds approved by Chester B. M.>,s,«1i<-h of N, Y.
Cerl ificat Ion of Ixinds
by U, S, Mtgc, ft Trust Co, lllds must l)e made on blank foinns which,
with other information and instructions for bidding, will l>o fiu-ni.shed by
the above .Secretary or trust company.
EAGLE SCHOOL
CIVIL TOWNSHIP (P. O. Zionsvillo).

|nt.T<.<it

•

.school-

buildiiig
interest for

showed

followInK two Issufs of fi"', bonds :iH^fa:\\\na $74,410 55:
$64,8.36 .55 M.-1 ill Strt-et Improvement bond-i
Denom 3 for .?278 85
60 for $1 .000 each and 8 for $500 each
Due each six months
30 follows; $4,000 froni Feb
15 1023 fo Feb 15 1028 Incl
$.1 000 from Aug 15 1928 to Auir
15 1030. Inf' $2,000 F<-I> 15
1931, S3, 000 Aug 15 1931. and Feb
15 1932, and S830 ,55
Auir 15 1932
9..5S0 00 Mark"! S'rM-t Improvement bonds
Denom 20 for $450 each
and 1 for $.580
Due $t.50 each sK months from Feb 15 1923
to Feb 15 1932. Incl
and $1,030 on Au'.' 15 1932
Int payable annually
D^te Feb 15 1922
Cert check for $1,000
for each \ttt\p hid on. pivablo to the above Clerk required.
Purchaner lo

O. Dubuque),

(P.

— Oi Jan 12 the $.537,000
bonds were sold to the ^VllitoPhill^ps Co of Davenport at par and

12 for

down, since they

.

N. M««.
building

3.875.592

Dubuque County, lowa.^BO.VO .SA/.K

6%
17
W R. —On Jan.New$65,000City
Roe. of
York
Bids received on Dec.
the

arrrti'vl

$352. 190,659
4,137,000

$261,408

Division Superintendent of Schools (P. O. Franklinl, until 11 a. m. Feb. 10
for $30,000
tax-free school bonds.
Denom. to suit purchaser. Date
Feb, 15 1922. Interest annually (February). "Said bonds to be callable
in whole or in part on or after Feb. 15 1928. and thereafter a part on each
interest date until whole be retired in 1942."
Certified check, bank draft
or cash, for $500 required.

CODY, Park County, Wyo.— BO.VD SALE.

pay

incl.

will

13.745.617 83

Vll!a'^'<-

.

6%

7.156,927 26

COLDWATER,

1937 to 1941

DREWRYVILLE
— BOND OFFERING.SCHOOLbids be received by RobertCounty, Va.
— Sealed DISTRICT, Southampton M. Ne\vt«n

bonds which are self-^tipporting and for
which the sinking fund is
Wat«r
_.
$4.0.30.441 70
RaUwajr
3.126.485 56

Pl.-trhcr.

.

Due $200,000 yearly from

County Treasurers office

the

$56,070,381 16

of

$14,500 6% 5-20-year (opt.) water bonds has been sold to Bankers Trust
Int. J. ft J.
Co.. Denver. Dated Jan. 2 1922.
Local payment. Assessed valuation 1921, $566,655. Total bonded debt, including this issue,
$35,000.

I

(

COUNTY SCHOOL DISTRICT
Wyr,.
lll)\/>

ONVKKSF.

Srplnr>
i^£l
i'
''
Xr""
Trnawri

.

^

112, p.

'.'"•-''.

Due July

;

S

IP.

.!l\i;l)

f,:; wlwol bMll'llriK l.ofidx,
Law- lM...n >if)ld.
Drnorii. $1,000 unci
•»'"• """
pavabl<- lit the County
'"'

'*''"

l!t Jl

I

f'innnrlal
AssrviT'l vnlu.itlon. I92I. .-

opt

:

l..rin|

July

SlaUmmt.

l

1031.

HFRTSflN rcfjsMi

II.

AMI,

i:r

,,oOL DISTRICT, C„h,ulll
'I'H)
•

Me

41.''".'
In

\,w

iJil'

Yf.rU

;

]',.

'

'II...

I

I'l

Jim

CMy

,,rr^<i,i

(!',
It
I

roiipiiri f.iili|f.|

In

.IIIHHITN ''* Ml'' Oil
P.lii
iind
l!(J2

Duo

ll.rKKl y .irlv
•

..

...

T<i|ii'tui.

20 yimr

EL PASO,
folUiwIna

«A»«...i
Aetn^l ril-ie
.

_
Bf p.„p„rty
#

"

'

•

,,,„,

,„„,

purk

'

ill
Ill
'
i
>

<

lt>

of

The $25,000

100) Imvr
IniiiiIn offiTisI on .Inn, 23 (V. 114. J)
Date l'"el>. 1922,
llyan. lloHiiian.V Co, of ToIkIo.
I

'

1190 or)n

I'liid*,
luiiids.
.1 "iikIm,
ctlfimlnli Imllllx,

,

.l'js,(M>'

-t2H,(l(>0

"d bldg, Uinils.
nulur HiirkHiiilenMlon lioncki.

(P.

O. F.lwnndi, Mndlson Counly.-lnd.

Haiiiiiel Aiiri'lliiN, .Mi.rriMiirv
riT.Ui. I.UIm mil II ,' p in I'cti 6
DjiIi. I'l
hit
F .V \

I'.lwriMxI.

1 1

til

IwnidM,

'Is

Imiids.

SCHOOL CITY

1929

Inn

,

ll.'i.lK"

llll \(l

III I

'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.

.:f\

noNI) SALE.

Trust Co.

Thn
HO,V/>.S RKOI STEHKI).
El Paso County, Tesns.
Isinds were ntglstercd with th« HUt« Cinnplpollor "f Tonns

piililii- liiiriiry

ELWfK)!)
lUI.Xn

«,

.

Issu*

liKlit
111

I

loorio

"'

par

•'

1
'.'

>i,,f

f^innneial .Itnlrmml

'««atl»n. lO'il

r>';i

III

iin

17'

Jiifi

SI

on

Wilson County. No. Coro.

ilertrl.

Imw'Ii iiwardi-<|

(III

-Recently

IiiiikN wiih vol.od

lliii'

Ellis County, Knn.
BO\f> .S,4/./v' The HIiawniMi
risTntl\ pnriliisi'd S20,000 Alj'; snwcr boiiilN,

ELM CITY,
C^;

|0!| lilMI
'

Ir.iiiMiiiissioii

—

ELLIS,

ir.oi OH/1

IKfMlfl
lo."""

Howard County, Nob.— BO.VD.S WH/CO

F.LBA,
of 81 H. 000

of

TolAl l.'.fKlwl dobi. InrliLlIng IhU iWii)
PopiiUilon. nfriHalrwllmnt... ,V)0.
rirl

O. Lo.l

Tli- %\ 2 IXlO

.HAI.':

'

registered on to principal only.

NO.

MM.',

ill)

rmiulrnl.

n

I

nf

tli<>

f.ir

»

llMi'

lloiird

l,'.,(»(KI

iif

,%•;,

»,..l)(MI

*

Hciinol
IkiimIm.

lenrly •»

rlirck fur $500. iwi v:il>li< lo llie t^chiKll
I'lirrhaarr «i imy bdtiiixI Iiil4<r«al.

I

'

'

rl

— —

— —

—

—

EAST ORANGE, Essex County, N. J. BOND SALE. —The following
issues of 5% coupon or registered bonds offered on Jan. 23 (V. 114, p.

two

218) were sold as stated below:
$476,000 general improvement bonds ($500,000 offered), .sold to the Essex
County Trust Co. at $.500,133 33 (105.07), a basis of about
4.49%. Date Dec. 1 1921. Due yearly on Dec. 1 as follows:
•$17,000, 1922 to 1925, inclusive: $18,000 from 1926 to 1947,
inclusive, and $12,000 in 1948.
*394,000 school bonds ($413,000 offered) sold to the Corn Exchange Bank
Date Jan. 1
at $413,000 (104.822), a basis of about 4.49%.
Due yearly on Jan. 1 as follows: $16,000, 1923 to 1934,
1922.
inclusive; $17,000 from 1935 to 1945, inclusive, and $15,000 in
1946.
* In giving the offering of these bonds we incorrectly stated that the
bonds were due $16,000 from 1923 to 1934, inclusive, and $19,000 from 1935
to 1947, inclusive, the maturity given above correcting this error.
The following bids were received:
Price Bid.
Bidder
Amount Bid for.
Essex Coimty Tru.st Co
/$476,000 improvement bonds.. $500, 133 33
413,209,50
1
.395.000 school bonds

—

Corn Exchange Bank

476,000
394,000
478,000
395,000

/

1

& Co.
/
J. G. Wliite & Co
Blodget & Co
Hornblower & Weeks
B. J. Van Ingen & Co
Chase Securities Corporation..]
Barr & SchmeUzer
H. L. Allen
Co
Clark, Williams & Co.
Rippel

1

improvement bonds.. 500,000 00
413.000 00
school bonds
improvement bonds.. 500,777 00
413,111 00
school bonds

1

483,000 improvement bonds.. 500,906 00
413,106 00
400,000 school bonds..

\

J

480,000 improvement bonds.. 500,028 00
413,183 57
398,000 school bonds

[

<fc

Wm.
Wm.

J

R. Compton

1

Remick, Hodges & Co
A. B. Leach & Co., Inc
Curtis & Sanger
Dominick & Dominick
Harris, Forbes & Co
National City

413,155 00
404,000 school bonds
413,004 93
399,000 school bonds
482,000 improvement bonds.. 500,674 00

Co

Compton Co

II.

Co

j

489,000 improvement bonds. . 500,247 00
413,18100
405,000 school bonds

1

\
J

.../ 481,000 improvement bonds.. 500,004 31
413,227 48
398,000 school bonds
\

EMERY COUNTY SCHOOL

BONDS — The

DI,STRICT, Utah.— DE5CR7P770JV OF

.522.5.000 .5% tax-free building bonds, awarded as stated in
Date Jan. 1
V. 113, p. 2424 are described as follows; Denom. $1,000.
York City.
J ) payable in
1922- Prin. and serai-ann. int. (J.

—

New

&

Financial SLatement.

$8,500,000 00

Asses.sfid valuation, 1920
Total bonded debt, including this issue
Less sinldriff fund
Net bonded indebtedness
Population, 1920 Federal Census, 7,411.

$349,600 00
13,651 37

335,948 63

ERATH COUNTY ROAD DISTRICT NO. 3, Texas.—BOATDS REGIS-

TERED. — The

State Comptroller of Texas registered $30,000

5%

20-30-year

ESCAMBIA COUNTY (P. O. Pensacola), Via.— BOND DESCRIPTION. The $1,000,000 6% coupon road paving bonds awarded to Otto
Marx & Co., Birminfrham, as stated in V. 113, p. 2742, answer to the
Date Aug. 15 1921. Principal and
following description: Denom. $1,000.

—

& A.) payable at the' Guaranty Trust Co. in
New York City. Due Aug. 15 1951. with an option to redeem $65,000
annually beginning one year after date of issue.
semi-annual interest (P.

Financial Statement.
.§40,000.000 00

Estimated actual valuation

18,S4S,090 00
1,087,500 00
37,923 17

-..
.Assessed valuation 1921
Net bonded indebtedness (including this issue)
Sinking fund (applicable this issue)
Population (1920 Census), 49,326.

FALMOUTH SCHOOL DISTRICT

BOND OFFERING.

NO.

—

O. Falmouth), Pendle=

1 (P.

ton County, Ky.
Feb. 10 by Penry W. Bishop,
6%
Date Jan. 4 1922. Prin. and semi-ann. int. payable in gold coin. Due
$1,000 yearly on March 1 from 1923 to 1948, incl. A deposit of 1% of
amount bid for required. Bonds will be offered separately or in lots of
five, and then as a whole, and the bid or bids aggregating the most money
will he accepted.
The regularity of the proceedings leading up to the issue
of those Ixinds has lieen passed upon Ijy Schaffer <& Williams of Cincinnati,
whose opinion will be furnished to the purchaser without charge. Bids
will be received imtil 7 p. m.
Secretary, for $26,000
school bonds.

Bids

than par will not be considdercd.

FARMINGTON MUNICIPAL SCHOOL DISTRICT
ton),

(P.

O. Farmings

Drolet, Clerk Board of Education, will receive sealed bids until 8 p. m.
Feb. 6 for the purchase of $5,500
10-30-year (opt.) school bonds,
voted by 226 to 193 on Jan. 3 1922. Under the laws of New Mexico, such
bonds may not bo sold for less than 95. The denominations and the wording of the bonds, and of the contract of indebtedness, and of the tax levy
providing for the payment of the interest and for the creation of the sinking fund for the payment of the bonds, to be mutually agi-eed upon by the
successful t)idder and the Board of Education.

5M%

FENTRESS

INDEPENDENT

SCHOOL

DISTRICT,
State

FULTON

(P. O. Breakabeen), Schoharie County, N. Y.
BOND
Spickerman, Town Supervisor, will sell $4,000 5%
coupon bridge bonds at public auction at 10 a. m. to-day (Jan. 28) Denom
$1 ,000.
Principal and interest payable at the First National Bank in Middleburgh, N. Y.
Due $1,000 yearly on Feb. 1 from 1923 to 1926, inclusive.

OFFERING.—Ai-liel

.

^ ^^,5'tf "^ "^'Ck"'rS VILLAGE SCHOOL DISTRICT (P. o'.
Garfield Heights), Cuyahoga County, Ohio. BOND OFFERING. —
G. W. Osborn, Clerk, will receive sealed bids until
Feb 17 for
,

$95,000

and

5M%

coupon bonds.

&

GEM COUNTY
i.ssue

(P.

O. Emmett), Ida.— BO.VZJS

GILLIAM COUNTY

5H%

(P.

Caldwell
Comptroller of

—

FONDA, Montgomery County, N. Y.— BIDS.— The following bids wore
also received for the $37,700 5% bonds awarded to the Union National
Corp. of N. Y. at 103.52, a ba.sis of about 4.67%, as already reported in
our issue of Jan. 21 on page 329.
Sherwood & Merrlfield
102. 61 51 Parson, Son & Co
.
100.531
102.8361 H. L. Allen & Co
Goo. B. Gibbons & Co
...
.100.565
O'Brlan Potter & Co
100.835 Dunkirk Trust Co
100 378
FOUNTAIN COUNTY (P. O. Covington), Ind.— BOA'^D SALE.—We
have recently been advised that the $51 ,700 5% bonds offered on April 2 last
(V. 112, p. 1186) were not sold on that date but were disposed of at a later
1

date.

Brookville),

(P.

l'>lt?;,

Feb. 6

$9,760

D.ite Feb
Denom, $244
months from May 15 1923

FRANKLIN COUNTY

Ind.— BO.ViD OFFERING

wili receive .scaled bids utitil

.\lford

(;t

al

Springfield

Int ,M, &
6 1922.
to Nov, 15 1932, inc!
(P.

O. Columbus),

BE SOLD.— We are unofficially advi.scd

N,

1

p.

m

Township bonds

Duo $488

e.ach six

GOULD SPECIAL SCHOOL DISTRICT

Ohio.—BOA'DS NOT TO

FRANKLIN COUNTY SCHOOL DISTRICT NO. 3 (P.
BOND SALE. — The Bankers Trust Co. of Denver

.flO.OOO

6%

O. Riverton),
has purchased

10-20-year (opt.) funding Ixmds. .Assessed valuation 1921.
this i.s,sue, $16,500.
Pop"n, est., 650.

$660,400: bonded debt, including

FREDERICKSBURG INDEPENDENT SCHOOL DISTRICT (P. O.
Fredericksburg), Gillespie County, Texas. BOND SALE. The $75,000 6%. school bond.s (V. 113. p. 2742) have been awarded to J. L. Arlitt &

—

Co., of Austin.

FREELAND SCHOOL DISTRICT (P. O. Freeland), Luzerne
BOND OFFERING. — Oscar Fairchild, Secretary of the
School Board, will receive sealed bids until Fob. 7 for $130,000 5% highCounty, Pa.

school bonds.
Date .Vpril 1 1922.
and subject to call after 1927.

Duo

every 5 years, beginning 1927,

FRUITLAND SCHOOL DISTRICT

(P. O. Fruitland), Payette
Feb. 4 $30,000 6% school bonds
he submitted to the voters for approval.

County, lAa.—BOND ELECTION
will

(P.

County, Ark.— BOA"/) .S.XLE— The $35,000

—

6%

—

O. Gould), Lincoln
20-yenr school bonds

offered on Jan. 21
V,.114, p 100 have been .sold to
Co.. Little Rock, at 93, a basis of about 6. 62%.

M. W.

&

Elkins

GRAHAM COUNTY
issue of .'{500,000

6%

(P, O. Safford), Ariz.— BOND ELECTION— .\n
road bonds will be siibraitted to the voters on Feb. 11.

GRANT COUNTY

(P. O. Marion), Ind.— BOiVD SALE.— The $3,500
David Troyer et al. Pleasant Twp. bonds offered on Jan. IS V. 114,
were sold at par and accrued interest to Joe Banister of Wabash
p.
Ind.
Date Sept. 15 1921. Due $165 each six months from May 15 1922
to Nov. 15 1931 inclusive,
GRANT COUNTY (P. O. Williamstown), Ky.— BOA^D ^LECTION.—
An election will be held on March 25 to vote on the question of issuing
$250,000 road and bridge bonds.

5%

219

—

—

GRANT COUNTY SCHOOL DISTRICT NO. 5 (P. O. Whitman),
Neb.—BOND SALE.— On Jan. 20 the .$40,000 6% 5-10-year (opt.) school
bonds — V. 114, p. 219 — were sold, it is reported, to the Omaha Trust Co.
of Omaha at 100.90.
— GRAYS HARBOR COUNTY SCHOOL DISTRICT NO. 104, Wash.

BOND OFFERING. — The County Ti-easurer (P. O. Montesaiio) will rem. Peb. 4 for $5,000 school bonds at not ex1
6% interest.
GREENE COUNTY (P. O. Bloomfield), Ind. BOND SALE. —The
$53,766 21 6% White River Levee bonds offered on Jan. 21 (V. 114, p. 100)
i>.

ceeding

were sold to the Peoples State Bank of Indianapolis.
Due $5,376 yearly on Dec. 15 from 1922 to 1930.
on Dec. 15 1931.

Date Dec. 15 1921.
and $5,382 21

incl..

GREENVILLE, Darke County, Ohio.— BOA^D OFFERING.—C.

R.

Jobes, City Auditor, will receive sealed bids until 12 m. Feb. 14 for
Denom. 1 for
$12,791 29 6% Gray Ave. special assessment bonds.
$679 21: 10 for $600 each, and 9 for $679 12 each. Date Nov. 15 1921.
Due Sept. 15 1931. Certified check for 5% of the amount bid for, payable
Purchaser to pay accrued interest.
to the City Treasurer, required.

GREENSBURG SCHOOL CITY

O. Greensburg), Decatur
—The were sold5% Thos D. Sheerin & Co.
coupon school house
$8,000
to
114,
219)
(P.

County, Ind.—^BOA'D SALE.

bonds offered on Jan. 16 (V
p,
Date Jan.
at 101 21, a basis of about 4 82%.
1930. $2, .500 July 1 1930, and .?2,.50O on Jan,
.

1
1

1922.
1931.

Due

$3,000 Jan.

1

GREYBULL VALLEY IRRIGATION DISTRICT, Big Horn County,
BOND OFFERING. — Bids arc being asked for the purchase of

Wyo.

$700,000 reservoir construction bonds,

—

GURLEY, Cheyenne County, Neb BOND SALE. The Bankers
Trust Co., Denver, has purchased $8,000 ,5-20-ycar (opt.) water, $10,000
20-year electric transmission and $6,000 20-year electric light 6% bonds.
Dated Jan. 1 1922. lut. J. & J.: local payment. Assessed valuation 1921,
Real value, $6.50,000. Total bonded debt, including thise
$437,785.
Population (est.) 450.
issues, $35,000.

—

GUSTINE, Merced County, Calif. BOA^D SALE. —An issue of $76,7% .street-improvement lionds was recently turned over to the California Road & Street Improvement Co. of Fresno, contractor.
HACKENSACK, Bergen County, N. J.—BOND SALE.—The issue Of

cotipon (with privilege of registration) school Ixmds offered ou Jan. 23
(V. 114. p. 219) was sold to the Hackensack Trust Co. at its bid of $230,139
Date
for 222 bonds ($222,000). equal to 103.666, a basis of about 4.67%.
Due yearlv on Jan. 1 as follows: .«S,000, 1924 to 1929 incl.;
Jan. 1 1922.
$6,000, 1930; $8,000. 1931 to 1936 ind.; $7,000, 1937 and 19.38: .$8,000.
1939 and 1940: $7,000, 1941 and 1942: $6,000, 1943: S9,G00, 1944 and
1945: $6,000, 1946; $9,000, 1947 to 1961 incl.; and 81,000, 1952. The
following bids were also received:
Price Bid.
Ami. Bid for
Bidder
.$230,172 75
$225,000
National City Co

5%

Rutter

&

Co. and Ogilby

Geo. B. Gibbons & Co
Equitable Trust Co. and

—On

FULTON, Orange County, N. Y.—BOND OFFERING.—The City
Treasurer will receive sealed bids until Feb. 17 for $485,000 school bonds. -g

&

J. S.

S.

Ross

Rippel

230 225 00
230,908 00
230,128 00

225,000
226.000
225,000
225,000
228,000
223,000

Austin

& Co

230,0.58 00

230,32100
230,427 00

HALLETSVILLE, Lavaca County, Texas.— BOA'DS REGISTERED.—
The

State Comptroller of Texas registered $20,000

on Jan.

12.

HANNIBAL, Marion County, Mo.

6%

electric light

BONDS VOTED —At

bonds

a recent

bonds were voted by 1,220 to 74HANOVER TOWNSHIP (P. O. Ashley), Luzerne County, Pa.—
BOND OFFERING. ^tVank C. Rowe, Secretary Board of Commissioners,
will receive .sealed bids until 10 a. m. Feb. 8 for $100,000 5H%^ coupon
bonds. Denom. $100. Date Fob. 15 1922. Due yearly on Feb. 15 as
to
follows: $3,000, 1923 to 1930: $4,000. 1931 to 1939, and $5,000. 1940

election $125,000 electric light

—

1947 inclusive.
(P. O.
HAPPY VALLEY IRRIGATION DISTRICT of this Olinda), Shasta
district have sold
directors
$25,000 6% bonds to a San Francisco firm at 96.50, it is stated.
HARRIS COUNTY DRAINAGE DISTRICT NO. 10, Tex.— BOADS
REGISTERED.— .\n issue of $50,000 6% serial bonds were registered with

County, Calif.— BOA^i) SALE.— The

the Slate CJomptroller of Texas on Jan. 19.

HARRISBURG SCHOOL DISTRICT
Pa.— BO.VD OFFERING.— D.

County,

that the $312,000 6% road-improvement lionds which were to be offered on Feb. 1, as reported in oui- issue of
have been withdrawn from the market.
.Ian. 21 on page 328,

Neb.

SALE.—The

—

4N—\

Bonbright&Co....-.-l
H L. Allen & Co. and Robert

11

Prin

DEFEATED —An

O. Condon), Ore.—BOA^D

Date Jan.

sold.

(P. O. Talulah), Concordia, East Carrol, Madison and Tensas Parishes, La, BOND S.XLE
The First National ri:iiik of \ icksburg purchased at par the $250,000
5% bonds offered on .Tan 20 (V 113, p 2S43). Denom ,91,000 Date
Int J. &- J.
Duo Jan. 15 1972, optional J.an 15 1962.
Jan. 15 1922.
FLOYDADA, Floyd County, Texas.— BOA^£»S REGISTERED.— On
Jan. 19 $15,000 091 serial water-works bonds were registered with the
State Comptroller of Te as,

O.
(^ounty
— FRANKLIN COUNTY Treasurer,
Thos
Merrell
for
5%

1 19'^'^

road bonds, offered on Jan. 7 V. 113, p 2843
have been
Due Jan. 1 1942.
1 1922.
GLOUCESTER, Essex County, Mass.— TEMPORARY L0
temjiorary loan of $200,000, offered on ,Ian. 25, was sold to the Gloucester
Safe Deposit & Trust Co. on a 4.10% discount basis plus a premium of 85
i'
"i -sov
Date Jan. 30 1922. Due Nov. 20 1922.
$125,000

Outwrter& Wells

,

8pm

Date April

$1 ,000.

of $.50,000 bridge bonds has been defeated.

Texas registered $20,000

5% bonds on ,Tan. 12.
FIFTH LOUISIANA LEVEE DISTRICT

Denom.

O.) payable at the Central National Bank Savings
& Trust Co. in Cleveland. Due .$5,000 yearly on April 1 from 1923 to 1941
inclusive.
Certified check for 10% of the amount bid for, payable to the
District Treasurer, required.
Purchaser to pay accrued interest.
.semi-ann. int. (A.

752 90

San Juan County, N. Mex.—BOND OFFERING.— R. E. A.

County, Texas.— fiOiVO.S REGI STERED.—The

[Vol.. 114.

ceive sealed bids until

bonds on Jan. 20.

for less

—

——

THE CHKOKCCLE

434

J. S.

—
—

—

Board

(P.

D.

O. Harrisburg), Dauphin
llainmelbaugh. Secretary
Feb. 3 for

of School Din^ctors, will receive sealed bids until 4 p. in.

coupon lax-free school Ixmds. Denom. »1.000. Date
and interest payable at office of Treasurer of above
Due on Fe*!!. 1 as follows: $50,000, 1927, and $10,000 from 1928
district
Certified check for 2% of bid. payable to the Treasurer
to 1952, inclusive.
.$300,000

Feb

1

4^%

1922

principal

—

of District, required.

HARRISON COUNTY (P.O. Corydon), Ind.— BO.VD OFFERING
William Taylor County Treasurer, will receive sealed bids until 10 a. m.
Denom.
Peb 6 for $15 200 5% A J, Thomas et al, Harrison Twp, bonds
Date Nov. 15 1921, Int M, & N. Duo $400 each six months
.$.)00
1932 inclusive.
from May 15 1923 to Nov, 15
HARVEY CEDARS, Ocean County, N. J.— BOND SALE.—We are
advised by L. Kenzio, Boi-ou.ch Clerk, under date of Jan. 24, that the issue
of 6% coupon (with privilege of registration) water supply bonds offered
on Tiilv 9 (V 113, p. 102) has been sold to the Ocean County Trust Co. of
In reporting
Due yearly on July 1
Toms River. N. J. Date July 1 1921
entire
this sale to us the above clerk did not give the amoimt sold, but the
issue offered was not to exceed $15,000.
.

HASKINS.

.

Wood County. Ohio.— BO.VD OFFERING.— I;

^y^

m, feu, IH
6% Inter-Couniy Highway No, 283 special assessment bonds,
Denom .$.500, Date Oct, 1 1921, Int, A, & O, Due S.->OQ yearly on
Oct 1 from 1923 to 1927, incl. Cert chock for 5% of the amount bui for.
payable to the Village Treasurer required. Purchaser to pay accrued int.
Vermilva
for $2 oOO

Yillatrc Clerk, will receive scaled propo.sals until 12

k

\

THE CHRONICLE

Jan. 28 1922.]

HEMINGWAY SCHOOL DISTRICT (P. O. Kingston, Williamsburgr
County, So. Caro.—BOND SALE.— The Slfi.OOO 6% school Iwnds offered
have been disposed of.
ou April 8 V. 112, p. 1434
Perquimans County, No. Caro. BOND OFFERTXG.
HERTFORD,
Koonco.
<?ealed I'ids will l>e received until 2:30 p. m. Feb. 8 by B. G.
Jan.
Town Clerk, for $100,000 6% liKht and water bonds. Date incl.; 1 1020.
$4,000,
S;2.000, 1936 to 1940
Due on Jan. 1 as follows: $1,000. 19.3.5:
1941 to 1951; and S.").000, 19.52 to 1950 Incl. Certified check for S2.000,
Stokes. Mayor, required. The bonds have been printed.
paA-able to H.
siCTed and sealed and their ^-alidity passed on by Caldwell & Ra^^nond,
Attorneys, of New York, and lx>nds will be delivered ou day of sale.

—

—

—

C

Mex.—BOIVD ELECTION.

— HIDALGO COUNTY (P. O. Lordsburg), N.have purchased, subject to
SALE. — Benwell. Phillips & Co. of Denver
court-house bonds.
20-30-year
being voted upon shortly, §25,000

6%

KENMORE, Summit

,

ccivGcli

BONDS REGISTERED. — On

Campbell&Co

KIMBLE COUNTY
We are advised by J.

Comp-

Texas registered S200.000 G% bonds.
HOPKINS COUNTY (P. O. Sulphur Springs), Tex.— BOA'D ELECTION URGED. TVe are advised by a special telegram from our Western
correspondent that an election is Iseing urged in this county to vote on the

question of issuing 52.000.000 road bonds.
BOND OFFERING.
(P. O. Kokomo^, Ind.
T. C. Sanders. County Treasurer, will receive bids until 10 a. m. Feb. 8 for
$35,500 5% Howard Brubaker et al.. Honey Creek Twp. bonds. Denom.
Date Jan. 15 1922. Int. M. & N. Due $1,775 each six months
$1,775.
from May 15 1923 to Nov. 15 1932. incl.

HUBBARD VILLAGE SCHOOL DISTRICT

(P. O. Hubbard),
S25.000 (i9c school
101), were sold to Rvan,
building bonds offered en Jan. 21 (V. 114.
Bowman & Co. of Toledo at 108.17. a basis of^lxjut 5.27 '^. Date Feb. 1
Due SI. 000 yearly on April 1 from 192/ to 1951 inclusive.
1922.
HUNTER, Garfield County, OhlsL.—PURCHASER The purchaser
of the $16,000 electric light bonds, reported as sold in V 114. p. 219. was
The bonds were purchased at par and anE. A Brown, of Kansas City.
swer to the following description: Intere.st rats 6%.
Denom. SI. 000
Date June 7 1921. Int.
& S Due in 5, 10, 15 and 20 years from date
IDAHO (State of).— ADDITIONAL DATA The Guaranty Co of
New York and others, in acquiring on Jan 16 the SI. 000, 000 treasury and
•SZoO.OOO highway notes, dated Feb 1 1922 and maturing Feb 1 1923, at
100 06, for notes bearing 5 10% interest, a basis of about 5 04%. notice of
which was given in last week's i.ssue on page 328. was representee! bv the
Boise City National Bank of Boise. The foUcrwing are the other" bids

— The
p.

Dickev Co., Minneapolis, and the First Wisconsin Co., Milwaukee, on
and interest, a basis of about 4.65%. Date
Due 520,000 yearly on April 1 from 1923 to 1943 incl.
April 1 1922.
Other bidders were:
$410,640 00
P. W. Chapman & Co., Chicago
409.892 00
Halsev. Stuart & Co.. Inc., Chicago
408,316 00
First Trust & Savings Bank, Chicago
40S,285 00
Harris Trust & Savings Bank, Chicago
their bid of .5411.758 (102.939)

Henrv C. Quarles & Co.. Milwaukee

Financial Statement.

Co

5%

5H%

250,000

1

New York

.

Assessed valuation 1921
Total bonded debt
Population 1920 Census
Bonded debt less than

Int.Rate. Prmii'im
Co., ($1,000,000
SI 25 00

4 (P. O. Thibodaux),
The following bids were also received for the $145,000 6%
La. BIDS
bonds awarded as stated in V 114. p. 329.
Price Bid
Bidder
BitlderPrice Bid.
Prudden & Co
5145,000
.-.S144.500 L. E French & Co
W. Elkins & Co
L Slayton & Co.
145,175
140,875
Sutherlin, Barry & Co
145,027 H. M. Weber
146,000
LAGRANGE, Troup County. Ga. BOA'D SALE.—The Trust Co. of
Georsia. of .•\tlanta. has purchased 8171,000 5% school, .sower and light
bonds at 100 05
Denom. S500. D.ato Jan. 1 1921. Int. J. & J.

/

\5ii%

—

500 00

—

/

5M%

t.

I

—

5K%

250 00

5J4%

411 00

Equitable Trust Co New York
Anglo & London-Paris National Bank. San Francisco-. ,5 }a%
National City Co
. .
/
.

& Eddy. New York
Bosworlh. Chinute & Co

Chat<:r

C
n

Co

TrM.st

I

Co
Co

-,„

[5H%

Chicago

.

Seattle..

A Co

h

i

,

....5H%

5H%

Dexter- Morton Nation.!) FJ.ink
Skinner & Eddy Corpor.ilion.

JACKSON COUNTY

1

Z.l.Z."""ll5yi%

O. Edna). Texas.— TTMffR.4.Vr SALE -We
J E Jarrat <k r^o of .San .-Vntonlo that they have purchased
(P.

—*:

Ti"ch. County

<•

ruth

O. Rrov/nstown),

(P.
',

W

$.' fior,

n

Anthony

15 1921

moiin^ irom

May

;

ei

:

:il

i.onds
Denom. $2.50.
bonfis
Deno'n. $245.
of each issue each six
15 1032 inclusive
,,

]

Sriltcreek

M AN
15 1023 to

Twp

Due one bond

Int

Nov

JACKSON COUNTY ROAD DISTRICT NO.
Rl
h.l)

—On Jan.

'

J At :Kii<

ML .vr

'

t.1.

of

$"4.0'i

(P.

O. Jackson),

Texas.— HO ATOS

2,

ComptroUer rejflstered

'

w

Northwestern Trust Co. of St Paul at 100. 6 and interest- V. 114. p. 220
are de-icillxsl as follows: Denom. 15 for 51.000 and 1 for $800.
Date
Dec. 1 1921.
Int. J. & D.
Date of maturity "5 to 10 years."

A

iim of

town

-ling Htructures thereon

LITTLE ROCK, \rU.—BOND SALE.—T\\p
Dale Sept. 15 1921.

In^I

money &

1..510.

credits.,

year 1921...
I)'jrii'i-<-»
r.

_

px-liislvo

971 00

i

'I'l

'

$L'.,
91i,.3.i,'l|

Ij2

$4 2,000 00
1,02'). 000

Hi..

00

100 flQi) 0'
$1.7(12,000 00

>

Population of JswUimn County. Mlnnmota, 1920.

1.5.9.5.5

O. J.w.lh,
— i^'fJ:^}r.^.^J*^9^ district <P.Mrhool bond« Jew.ll County, K«n.
.'<ALh
Thp IHO.OOO
recently rnrrlid
a
of
liff.Sf)

lilKb

l.v

majority
119 toIp*
V. |H. p. .129— w«rn purrha.:<-<l by the Kid. lit v
Tnint Co of Kan««« City
< DRAINAGE DISTRICT. L«flor« County. Mi...
''
.
'"''
''nlll II n. rii
Fil.
IS bldr. will l«. rerehid nl the
'" ,'7
I'y of (.r.-.iivlll». for J.'iS.rHK) U.nds.
Cirt <hi'( k for
•I
111(1. fr,r l«< s tliiiii piir will M.t Im connldcrwl.
W. T. Ixig

5'i';'„ serial Ixiiids

J( I-riF.R
I

'

INIF.T DI.STRICT fp. Q. W..t Pnim lUach). Pnim
/.n^ /, Oil I'JtlSn
Fl,
Hwil.d l.lfN will In- r.Til\.sl
Is

KAI.AM

liy

tho <Iit1< of

IHKT

Kni-

No

I

Ihii

Circuit

O

IP

< '.iiiri

rogls-

19.

serial iHinds.

— In

rM7VV.

V. 114,

we Nlutitd tliiit $75,000 tax ani lcl|ial ion IxiiuIh had lH<cn piircliiiNtNl
I'aliiicr IJoiul ,V Vlorlgago Co. of Salt I.Jiki) City.
Tills liiforiiialloii
ciinii! lo hand iinofricl.-illv.
by J. L. Monlnise,
nre
liir>)riiie(l
Clly Alidllor, that ilir alxive Uiiids were sold lo the "(iuaraiitv Co. of
York Ihroiigh the Palmer HdikI
Morlgiigo Co.. of S;ilt l«iko City
till)

We

now

New

at par.

A

The

"

Ininds are described as follows- lntero.st riito

Dale Jan. 3

.».'i.O(M).

LOS ANGELES,

I)ui> l>vr.

11(22.

Lo. Anude. County, Cnllf.— B/D.— Tht< hlRbent

hid ris-rlvisl for the $13. .500. 000 r,'}',, I'leclrlc lltcht
(V. 111. II. 31;0j was NUliiiillli'd hv Ihe ll.iriK

K

Knllliii

11

,V

'

'

bonds on

i)Ijinl
'l'r)i^t

MoiiH, ConlliH'iilul At Coiiiiiiin-ci.il T.
•)
Lee .MIkkImsoii A Co., Ciirii
'I has Koiiii- reserviil Ion or coinlli
liiTii liroiiKhl iiMai'kliiK Ihii valldii..

li

AI

.V

I'liu'w hi re

III

!..,

'

(Ills

l)e|i

II

iMii'iit

.1"

i

olhcrN.

-in'l

! lo
..;

26

Hank.

S;ivltiKs lliiiik.

.

.

Jiin.

N.'ivliiKs

'

'

Dononi.

6",',..

30 1922.

'.ue,

II

.

Iiiiii»-

im notixl

to-iliiy.

lUhXD S.M.E On Jan, 17 $500,000 ixiiipon
Drake, Itlli'y A Thoiim-of l.<is AliKelcs nl I0I.2K

l.f)S ANf;i.l.|-.S. Calif,

old

'

l<i

»I3,000. 1923 lo I960 Ind., mid $6,000.

illy lis folloWK:

.

!••

orr

LOWELL.

II

ft'

I

'I

i

on Jan,

221)

>y

'

Kn\nrnn,„„,

5*j%

$10,000

1.-

I.

2 (P. O. Georffc Wo.t),

fi.

f -,.ir.ty,

B€.i.<l,
111)111

NO.

LOGAN, Cache County. Vtah.— ADDITIONAL

.

•lit

l>onds at par.

1922.

OAK COUNTY ROAD DISTRICT NO. 3 (P. O. Gcorce West),
—BONDS REHISTERED. -On .Ian. 19 the State Comptroller of Texnn

'

I'i'

I

-The SCKo Comptroller of Texas

RElll.-iTI.KED.

'

'.

7%

LIVE
Tex.

reglsleriMl

/

A|)rll

OAK COUNTY ROAD DISTRICT

IU>\DS

tensl SlO.OfI!)

if)

,

ofapedal oMOKiinienta, 33 27 mills

(',

LIVE
Tex.

Due

Kock Clearing

Little

of Little Uock has purchased $25,000

A.ssn.

IToii.se

442.972 31
$19,233,054 ()'»

an«J vlliogu lou, IncludinK Btructures
.

1

.

I

Jarkson County for year 1921

issues."

LINCOLN COUNTY (P. O. Ivanhoe), Minn.— DESCRIPTION OF
BONDS.— T\w $15,800 5!<(% ditch construction Ixjnds, awarded to the

foi;

N'.

bond

to retina old

Minn.— F/.V.l VCM/: STAT-

'

'

At a recent eleclion the voters of lliis county approved the issuance of
$2,000,000 road bonds by a vote of l.,545 "for" to 397 "against." The
"Houston I'osl" of Jan. 22 says: "The .ictioii of the votiTs moans that
52.300,000 cm be exponded for iinprovemoiit of roads in Libert.v Clounty
Stale aid to the amount of .5900,000 is plcdgod but $600,000 will be used

$60,0(J0

w|ih the offiTlnif on K.-b 2 of the $1 I .Of)0 JiidicI il
Dlt'h .Vo 70. $13,000 JudicI;.! Ditch No K3
> SI bonds, at not exceeding .'>'",. Interest.
^'
14. p 32H. wo are now In receipt of the

.»n

St,

and
no'

VTY

'

1

rh

12 the Texas State

bonds

lv

.,

DIt

Mi.-'.t

m

p

1

Jan. 16

water e.xteusion bonds were defeated,

LARAMIE COUNTY SCHOOL DISTRICT NO. 1 (P. O. Cheyenne)T
Wyo.— BOND S.\LE —-.X special tolcgrani to us from our western ropresentitivc says
.<I60,000 5'c 15-20 year (opt.) were acquired by Kocler
Bros. & Co. of Denver.
LIBERTY COUNTY (P. O. Liberty), Texas— BOA DS VOTED

Ind.— BOND OFFERING

.-Ive .sealed bld.s until

for ihi- followiti!?
rr-.tik Ix-vfh ct .il

-1

6%

LA PORTE, Laporte County, Ind.— BO.VD Of F£B/A''G.—William P.
Kniegor. City f Controller, will received soalou bids until 10 a in. Feb. 1 for
$22,000 6% water bonds. Denom. $.500.
Date Jan. 2 1922. Prin. and
semi-ann. int. (J. & J.) payable at the City Treasurer's office. Duo $.500
each six months from July 1 1925 to Jan. 1 1947 incl., opt. after Jan .1 1926.

areinfor'n'-d l>y
$29. .500 r,'-. j;iil n.i-r.ints

JACKSON COUNTY

Lancaster County, Pa. BOA'D SALE. 526.000 street
and 524,000 improvement bonds were sold to the

lx)nds

Manheim National Bank of Mauheim.
LANDER, Fremont County,'Wyo.— BONDS DEFEATED.— On
$145,000

212 75
100 00

—

—

LANCASTER,
improvement

75

,1.53

J

New York

.

125 00

)

Denver

.

M

W

487 50

.

IntfTnntfoT
N'

$65,470,065
639,500
44,297

1% of assessed value.
LA FOURCHE PARISH ROAD DISTRICT NO.

862 50

\5li%

Ualllargeon. Wliislow & Co., Seattle
.Sidlo. Simons, Pels & Co
•Watkins 4 Co
.St-acy & IJraun. New York
Irving National Bank, New York
Marshall Field, (Jlore, Ware & Co., Chicago
Union Nation:'l Bank, Seattle
Fern's & Hardgrove. Spokane
Palmer Bond fc Mort'4,.ge Co Salt Lake City
National Bank of Commerce. New York

408.000 00
406,505 00
401 421 60

Second Ward Securities Co., Milwaukee
Minnesota Loan & Trust Co., Minneapolis

received:

Bankers Tru.st

Wash.— BIDS.—

201,

——
—
—
—

year.

1

—

&&

.

LA CROSSE COUNTY (P. O. La Crosse), Wis.— BOA'D SALE.—
On Jan. 19 the .5400,000 5% lOM-year (aver.) road and bridge bonds
V. 114, p. 101 —were sold to Lane. Piper & Jaffray, Inc.. La Crosse: Wells-

—

Boise, for Eldredge

—

(P.

V. 114, p. 329.
101.82 and interest for 6s.
Bljnh. Witter & Co.
101.11 and interest for bUs.
Carstens & Earles. Inc.
John E. l»rice & Co.— 100.03 and interest for 5Hs.
W. P. Harper & Son 100.76 and interest for 5Hs.
Bond & Goodwin & Tucker. Inc.. Ralph Schneeloch Co., and Baillargeon,
Winslow & Co. 102.19 and interest for 6s.
State of Washington par and interest for 6s, with option to redeem after

—

Trumbull County, Ohio.— BOND SALE.

M. P. Meholin.
New York

20|

00
00
40
60

The following proposals were also received on Jan. 13 for the $75,000
coupon school Ixmds, awarded on that day to Ferris & Hardgrovo and the
Seattle National Bank jointly, at 102.17 for 5Hs, as already stated in

—

M

1

KING COUNTY SCHOOL DISTRICT NO.

troller of

HOWARD COUNTY

1

O. Junction), Texas.— rTARR.UVT SALE
E. Jarrat & Co
of San Antonio, that they have
have purchased S25.000 6% road warrants.

Dallas

Jan. 12 the State

IBallinger Schleman & Co. .86,315
80 Seasongood & Mayer
6,241
00 Ryan, Bowman & Co
6,254
80 W. L. Slayton & Co
6,273

& Co., Persons
$6,1.57
& Harrison, _. 6,195
Title Guarantee & Trust Co 6,235
Prov. Sav Bk & Tr Co_. 6,244
Roth

.\"eil.

Breed, Elliot

,

County, Texas.

——

—

m

HIGHLAND PARK INDEPENDENT SCHOOL DISTRICT,

BOND OFFERING — Sealed

KENT, Portage County, Ohio.— BOA'D S.ALE. The .50,000 6% refunding bonds offered on Jan. 21
V 114, p. 101 were sold to Richards,
Parish .fe Lamson of Cincinnati at S6.3S4 (106 401 a basis of about 5. 18%.
Date Jan. 1 1922. Due Jan. 1 1932. The following bids were also re-

(opt.)

COUNTY

County, Ohio.

bids will 1)0 received l).v P K W'a.xler, City Auditor, until 1 p. in Feb 15
for the following 5,'^% bonds aggregating $fi3,000:
$29,000 sanitary sewer bonds. Duo ye.irly on Feb. 1 as follows: $2,000
1923 and $3,000 from 1924 to 1932, inclusive.
Due yeirly on Fob 1 as follows:
22,000 Southwest .sanitary sewer bonds.
$4,000,' 1923 to 1925 incl., and S5.000, 1920 and 1927.
12,000 Wei.ser Allotment sanitary .sewer improvement bonds.
Due yearly
on Feb 1 as follows: S2,000, 1923 to 1925 incl., and $3,000, 1926
and 1927.
Denom $1,000. Date Feb 1 1922. Prin. and semi-ann int. payable
at the Commercial Savings and Trust Co in Akron.
Certified check for
5% of the amount bid for, payable to the City Trea.surer, required.

(P. O. Hlllsboro), Ohio.— BOA'D OFFERING
HIGHLAND
Feb. 13
J S Kerns. Counlv Auditor, will receive .sealed bids until 12
for 352.000 &% Inter-Couuty Highway No. 259. Section Q. road construcDenom. SI .000. Date Feb 1. 1922.
tion and improvement bonds
Prin. and semi-ann. int {>T & S.) piyable at the County Treasurers office.
Due each six months as follows: SI. 000. Sept. 1 1922. SI .000. March 1 1923.
SI .500 from Sept 1 1923 to March 1 1929 incl and S2.000 from Sept 1
1929 to Sept 1 1930 inc]. Certified check for S200, paj-able to the County
Purchaser to pay accrued interest.
Treasurer, required.

—

435

,

II 0(10

i>

'!,,.

K
K.

or

H.

rii

r

1

Ty

I,.

to iU.Ul

from

'

70 V„ lo 4

T.

».."», «,.

*t.'«:«.f.li

no\n
I

)i

r

l.'l.

'(

IK

sAt.r
|l

'.'.'.'
\

1)

l.<i

I.

111!

u

..ii.,...(

il,.

iilil

III

-.iliiiiiiiii

Id

rMtl

I

i,<i|

I

,,|

I

,1)

|,rii

.1

|>

mil

t

,1,

mil

iM.

Co, of
N, lUind

nvtov •^'MOOL DISTRICT, ImparUl County,

l»Af».

'10 II';,
II.
!

t..

Jim. 24

Tru'.!
ii

'

VI)

A l^m-

llnilhi'mJfc
lull)

,'-,,',',

tii^

iif I) ill .x

iM

I

)

II •iiiliiiili

<i

M.
I

II

'

Dim \

M»22
fyiHi

A

V '.DO

on n

liit/liir

THMI'iiRAIty l.O.W.

MUldlr.^x County Mass

iKirnrv loan of

lIlK

III

I

I

(

to

(

V..00.

I..);.
lii<

r

xcliool

bumla.

$31). 000 hiivp

\.i..ii

'.iliroriiln

<

'ompniiv

DaUi Nov. 3 1920

Im

Miy

3

and N*v

3,

b<^n

•

—
—

——

—

—

—

—

THE CHKONICLE

436

County, Ida.—BOND ELECTION.—An elecon $16,000 6% 10 20 year

McCAMMON, Bannock

tion will beheld sometime in February to vote
(option) funding bonds.

(P.

,

—

O. Anderson), Ind.— BOND

—

OFFEIRNG

m

[Vol. 114.

Tax-free coupon bonds in the denomination of $1 ,000 with privilege of full
registration
Date Feb. 1 1922. Prin and semi-ann. int. payable at
the office of City Treasurer, or at the fiscal agency of the City of Minneapolis
in New York City.
The.se bonds, which are stated to bo a legal investment
for sa\'ings banks and trust funds in New York and other States, are now
being offered to investors in an advertisement appearing on a preceding
page of this issue, as follows:

McCOOK, Redwillow County, Neb. BOND SALE Our western
correspondent, in a telegram to us, says that the Lincoln Trust Co. of
Lincoln acquired $100,000 bonds at par for 5s.

MADISON COUNTY

—
_

—

Feb. 1
Earl C. Morris, County Treasurer, will receive bids until 10 a.
Denom
for $257,000 5% John Starr et al Free Concrete Road bonds.
for $700 each.
Date Feb. 1 1922. Prin. and
250 for $1,000 each and 10
semi-ann. int. (M. &
payable at the County Treasurer's office. Due
)
$25,700 yearly on May 15 from 1923 to 1932 inclusive.

Maturities and Prices.

1923 to 1925 to yield
1926 to 1928 to yield

N

4.
4.

65%
60%

1943 to 1952 to yield

1929 to 1932 to yield 4.50%
1933 to 1942 to yield 4.40%

4.

35%

MONTROSE,
County, Colo. BOND SALE. — On Jan. 19
MANATEE-ONECO SPECIAL ROAD AND BRIDGE DISTRICT Boettcher PorterMontrose Denver were
& Co. of
awarded $35,000 water improve(P. O. Bradentown), Manatee County, Fla.— BOiVi>S NOT YET
SOLD— The $350,000 6% road bonds offered on Jan. 14— V. 114, p. 102— ment bonds at 99.38 for 5s. These bonds were voted on Nov. 8 — V. 113.
p. 2215.
have not yet been disposed of.
MOON TOWNSHIP SCHOOL DISTRICT (P. O. Carnot), Allegheny
MANHATTAN BEACH, Los Angeles County, Calif .-BOA^D SALE
County, Pa. BOND SALE. —The $45,000 5'A% bonds offered on Jan. 3
The First Securities Co. of Los Angeles has purchased $18,000 6% bonds.
(V. 113, p. 2744) were sold to Gordon & Co. of
106.16, a
MARION, McDowell County, No. Caro.— BOND OFFERING — basis of about 4.98%. Date Dec. 1 1921. Due Pittsburgh at from 1926
$1,000 yearly
Sealed bids will be received until 11 a. m. Feb. 20 by H. H. Tate, Mayor,
to 1933 incl.; .$2,000 1934 to 1941 incl., and $3,000 from 1942 to 1948 in cl.
for the following 6% improvement bonds:
MORGAN DRAINAGE DISTRICT, Goto.— BOiVD ELECTION
$35,000 street improvement bonds. Certified check for $1,000, payable
PROPOSED.—Newspapers state that because the $1.50.000 6% bonds
to L. A. Neal, Town Treasurer, required
Certified check for .$500,
cannot be sold at a satisfactory price it is being urged to vote anew and
20,000 water works and sewerage bonds
make them bear 7% interest.
payable to L, A. Neal, Town Treasurer, required.
semi-ann. int (M. & S
Denom. .$500. Date Mar 1 1922. Prin. and
MOUNT PLEASANT SCHOOL TOWNSHIP, Delaware County,
payable at the Chase National Bank. N Y. City. Due Mar. 1 1952
Ind. BOND OFFERING — Peter J. Kautzman, Trustee of Mt. Pleasant
Legality approved by Storey, Thorndike, Palmer & Dodge, Boston.
ex-officio
of
Twp
MARION SCHOOL CITY, Grant County, Ind.—BOND SALE — Twp and p m. Feb.Tru.steethe Mt. Pleasant SchoolCo in will receive bids
until
:30
Banking
15 at
The $300,000 5% Series " F" coupon bonds offered on Jan. 18 — V. 113, for $75,000 5% coupon bonds. Yorktown $.500. Date FebYorktown, Ind.,
Denom
15 1922.
Int.
at
p. 2844 — were sold to the Citizens Trust & SavinssCo. of Marion, Ind
)

,

]

,

par and accrued interest plus a premium of 513,710. equal to 104 57, a
Due each six months as
basis of about 4 57%.
Date Jan. 15 1922
follows: $4,000 Julv 15 1923 to Jan 15 1929 incl $6,000 from July 15 1929
to Jan. 15 1941 incl.. and
to Jan. 15 1935 incl
$7,000 from July 15 1935
$8,000 from July 15 1941 to Jan. 15 1947 incl.
.

,

MARSHALL COUNTY

DEFEATED —

(P. O. Benton), Ky.—BOA'^D.S
election held on Jan 14
V 114. p 221 the $300,000 road
"
defeated by a vote of 694 "for" to 1941 "against

—

At the
were

MARYSDALE SCHOOL DISTRICT,

— L. W.
sealed bids until 10

—

bonds

Madera County, Calif.— BOAD

Cooper. County Clerk. (P. O. Madera), will receive
Denom.
a. m. Feb. 6 for $1,500 6% school bonds.
Int. semi-ann.
Due $500 yearly from 1923 to 1925, incl. Certified

10% of the bid required.
MA»RYSVILLE, Yuba County,

check for

—On

Jan 16
Calif .—BOiVDS VOTED
$50,000 Ellis Lake improvement and $80,000 city improvement bonds were
voted.

Amount.

Maturitv.

Nov. 20 1922
Nov. 20 1922. and semi-annually on
and on Nov. 20 in 1923.

May 20

NEW HAVEN, New

—

bonds which were offered without success on Doc 20 as ^l-is V. 113. p
Denom $500 Date Jan 1 1922 Prin and semi-ann. int. (J &
payable at the Metuchen National Bank in Metuchen
Due vearlv on
Jan. 1 as follows: $3,000 from 1924 to 1939 incl and $4,000 in 1940, 1941
and 1942
Cert, check for 2% of the amount bid for required.
Purchaser to pay accrued interest.
,

Financial Statement.
$2,678,7,'>4

120,000

Population. 3,500,

Texas.
WATER PLANT PURCTIASED
The Dahas "News" of Jan. 18 had the following to say with regard to
purchase of the local water works system:
the
.
"Purchase of the local water works system for $112. .500 by Moxia was
.\n outlay of at least $200,000 will be required to
concluded to-night
=ecuro the plant and get the s.vstem in condition to afford an adequate
water supply according to an estimate furnislied the City Commission by
A bond issue is propo.sed to pa.v
.an engineer employed to make a survey.

MEXIA, Limestone County,

for the purchase."

(P.

%

—

%

Due .Tan. 1 1950.
$.50,000 branch library building bonds.
Due Jan. 1 1949.
80,000 fire station building and site bonds
250,000 citv park improvement bonds. Due Jan. 1 1947.
Denom $1,000 Date Jan. 1 1922 Prin. and semi-ann. int payable
Cert, check for $1 ,000, payable to the above
at the City Treasurer's office.
Comptroller, required. The bonds will be engraved under the supervision
of and certified as to their genuineness by the U. S. Mtge. & Trust Co. of
New York. These bonds were authorized by Act of the General Assembly,
approved May 13 1913, and by votes of the Board of Aldermen of the City
of New Haven:
$.50,000 March 7 1921, and Dec 23 1921.
.«;80,000 May 2 1921, and Dec. 23 1921.
$250,000 May 20 1921. and Dec. 23 1921.
and by votes of the Board of Finance:
$.50,000 March 10 1921, and Dec- 22 1921.
S.SO.OOO May 5 1921, and Dec. 22 1921,
$2,50.000 June 2 1921, and Dec. 22 1921.
NORFOLK COUNTY (P. O. Portsmouth), Va.—BOND OFFERING.
Sealed bids will be received until 12 m. Mar. 14 for $250,000 5% coupon
or registered road and bridge bonds by G. Taylor Gwathmey. Clerk Board
Date Apr. 1 1922. Prin. and semi-ann. int. payableat
of Supervisors.
County Treasurers office. Duo Apr. 1 1942. Cert, check for $5,000,
payable to the County Treasurer, required.
NORMAN COUNTY (P. O. Ada), Minn.— BOA^D OFFERING.— D.'R.
Fulton. County Auditor, will receive bids until Jan. 31 for $10,885 06 5 J4 %
trunk highway reimbursement bonds. Denoms. $1,000, except one for
a smaller amount. Cert, check for 5% required.
NORTHAMPTON COUNTY (P. O. Easton), Pa.— BOND SALE
The $1,000,000 4'^% coupon bonds offered on Jan. 23 (V. 114, P- 103)
were sold to the Mellon National Bank of Pittsburgh. Date Feb. 1 1922.

—

Due

Feb.

1

1952.

NORTH BERGEN TOWNSHIP

(P. O.
issue of

North Bergen), Hudson

6%
We
County, Mjss.—
NORTHERN DRAINAGE DISTRICT, Bolivar Co .Now Orleans
BO\DS OFFERED BY BANKERS —^Vm R Compton Addition bonds at
are offering to investors $50,000 6% Bradford Bayou
Denom.
description:

County, N. J.— BOND SALE.—The

coupon (with pnvilego
of registration) school bonds offered on Jan. 19 (V. 114, p. 222) has bee*
are not advised as to the amount of the offer.
sold.

They answer to the following
prices to vield 6%.
payable
Prin. and semi-ann. int (M & S
b.ite Sept. 1 1921.
$1 000
Due ye^l.v on Sept^ 1 as
City.
at the Hanover National Bank. N.
$1,000 1922 to 1926, incl *2,pOO 1927 to 1934. incl $3,000.
follows:
1935. $4,000. 1936 to 1939, ind.. and $5,000, 1940 and 1941.
)

Y

.

,

County, N. J.—BOND

bo, ids offered on Jan 25 (V 114, p 222) was
sold to the Keansburgh National Bank at its bid of 105 38 for 171 bonds
Due .$6,000 from 1924 to 1930 incl..
Date Jan. 1 1922
($171,000)
$7,000, 1931 to 1936 incl., $8,000, 1937 to 1946 incl.. and .57. 000 in 1947
Issue of

Clay

Haven County, Conn.— BOATD OFFERING

Feb. 2 for the
tration) bonds:

$12,814,522,514 00

MIDDLETOWN TOWNSHIP, Monmouth

O.

will receive sealed bids until 11 a. m.
coupon (with privilege of regisfollowing three issues of 4>^

J.)

SALE — Tne

BOND OFFERING. — The

Arthur D. Mullen, City Comptroller,

2744.

—

(P.

11

$7,000 6%> school

O. New Castle), Lawrence
Secretary of the Board of Eduschool bonds.
cation will receive scaled bids until Feb. 14 for $300,000 4H
Denom. $1,000. Due $30,000 from 1927 to 1936 incl.

00
1,014,670.206 00
7,276,333„506 00

.

— On Feb. 17
be voted upon.

ELECTION.

NEW CASTLE SCHOOL DISTRICT

County, Pa.

$4.,523, 518.802

this issue)

Jefferson County. IlL— BOA'^DS DEFEATED.—
bonds submitted to the voters ob
.Tan. 15 was defeated by a majority of 559, the vole polled being 1,029
"against" to 470 "for."
MOUNT VERNON, Westchester County, N. Y.— BOiVD OFFERING.
L. V. Bateman, City Comptroller, will receive sealed bids until 8 p aa.
issue of $90,000 school building

building and furnishing bonds will

MESA COUNTY SCHOOL DISTRICT NO. 37 (P. O.
—BOND SALE. — Boettchor, Porter & Co, of Denver have Mack), Colo.
been awarded
$9,000 6% school building bonds.
METUCHEN, Middlesex County, N. J.— BOND OFFERING —O R
Drews, Clerk of the Board of Education, will receive sealed bids until 8 p
m. Feb 7 for the $60,000 5% coupon (with privilege of registration) .school

Bonded debt (mcluding

MOUNT VERNON,

An

NAVAJO COUNTY SCHOOL DISTRICT NO.

$84,266,915 41

Assef5sed valuation 1920

1

Springs), Ariz.— BOA^D

.

Total assessed valuation

|

31 for the following two issues of bonds:
$75,000 renewal tax bonds. Due Feb. 1 1924.
65,000 incinerator bonds. Due yearly on Feb. 1 as follows: $3,0M.
1923 to 1941 incl., and $8,000 in 1942. Interest rate to be name«l
by bidder
Date Feb 1 1922. Legality approved by Caldwell & Raymond of New
York. Certified check for 2% of the amount bid for required.

Successful bidder will be furnished with a copy of the opinion of the
Attorney-General affirming the legality of this Issue. Certified check for
2% of the amount bid for. drawn upon a national bank or trust company
doing business in the Commonwealth of Massachusetts or in New York
City, and payable to the above Treasurer and Receiver-General, required.
The official announcement states that these notes are exempt from taxation
in Massachusetts, including the Federal income tax. and are duly authorized
by Acts of the Massachusetts Legislature. The right is reserved to reject
any or all bids which are not, in the opinion of the State Treasurer, advantageous to the interests of the Commonwealth. These notes are issued
to refund a like amount of military service loan notes which will become due
on Feb. 15 1922. The $4,000,000 notes becoming due on Feb. 15 are part
of the $7,000,000 tax-free military service loan note issue sold to Salomon
Brothers & Hutzler on Feb. 12 1921 (V. 112, p. 582), $3,000,000 of which
were paid off on Nov. 15 1921
The bidder is to state interest rate desired.
Financial Statement as of Dec. 1 1921.
Total public debt
The total bonded indebtedness Dec. 1 1921 was
$138,049,134 53
Less sinking funds
53,782,219 12

Total net debt
Assessed valuation
Value of assessed real estate
Value of assessed personal estate
Other assessed valuation

H. L. Allen & Co. at 108. 68, a basis of about 4 74%
Date Feb 1 1922.
Due $2 000 yearly on Feb. 1 from 1924 to 1953, ind. The foUowiag
bids were also submitted:
Gpo B Gibbons & Co
Union National Corp
108 15
10656
Clirk. Williams & Co
105 23 Dunkirk Trust Co
105.1.57
O'Brien, Potter & Co
103 818 Slierwood & Merrifield
103.33

.Tan

Interest Dates.

Nov. 20 1922
Nov. 20 1923

MOUNT PLEASANT UNION FREE SCHOOL DISTRICT (P. O.
BOND SALE. — The
$60,000 5i£. % .sf-hool bonds offered on .Ian 23 (V 114, p 102) were sold te
North Tarrytown), Westchester County. N. Y.

—

MASSACHUSETTS (State of).—NOTE OFFERING.— Sealed bids will
be received until 12 m. Feb. 6 bv James Jackson, Treasurer and ReceiverGeneral (of Boston), for the purchase of $4,000,000 military service loan
notes. The notes, which will be registered or bearer notes, are to be dated
Feb. 13 1922. with both principal and interest payable in gold coin or its
equivalent and on the dates following:
$3,000,000
1,000,000

Due $2,500 each six months from Feb 15 1923 to Aug. 15 1937
Cert check for 2H';fc of the amount bid for. payable to the above
school township, required
Purchaser to pay accrued interest.
incl.

1

OFFERING.
$509.

F & A

5'i%

.

TOWN (P. O. North ManchesNORTH MANCHESTER SCHOOL OFFERING —Sealed bids will b«
Wabash County, Ind.— BOA'D

ter)

m. Feb 13 by the Board of School Trustees, for $83,000
T'rin^and semi-ann. mt
D.atc .Jan.. 1 1922
$1,000
payable at the Laivrence National Bank of North Mandiester^
(T & J
lo July 1 1943 ind. and $1 ,006
hue $2,()0() each .six months from July 1 1923
Cert, chock for $5,000, payable to Ira Mummert, Town
on Jan. 1 1944

receiVed until 10

6%

bonds

a.

Denom

)

MINNEAPOLIS, Minn.— BON^D SALE.—On

Jan. 25 the following
bonds V. 114, p. 222 were sold to Estabrook & Co. and the
William R. Compton Co. for $2,344,227 75 (102.145) a basis of about

4H%

—

—

4.56%:
$1,500,000 15H-year (aver.) school bonds. Due $50,000 yearly on Feb, 1
from 1923 to 1952, inclusive.
315,000 1.5-year (aver.) park bonds. Duo yearly on Feb. 1 as follows:
$11,600 1923 to 1942, inclusive $10,000 1943 to 1947, inclusive,
and 89.000 1948 to 19.52, inclusive,
135,000 16 1-3-yoar (aver.) bridge bonds. Due yearly on Feb. 1 as
follows: $4,000 1923 to 1937. inclusive, and $5,000 1938 to 1952.
Inclusive.
345,000 16-year (aver.) permanent improvement bonds. Due yearly
on Feb. 1 as follows: $11.00C 1923 to 1942, inclusive: $12,000
1943 to 1947, inclusive, and $13,000 1948 to 1952. inclusive.
are advised that the city decided not to sell the $250,C00 5
library
bonds offered for sale at the eame time as the above bonds.

We

%

Treasurer, required

IMPROVEMENT DISTRICT NO. 8
NUECES COUNTY WATER A-D OFFERING.—Healed bids will be
BO

(P.

O. Robstown), Texas.—

received until 10 a.m. Feb. 10 by A. A. Thompson, Secretary of Board of
Denom. $1,000. Date
Directors, for $300,000 6%, water-works bonds.
Duo
Prin. and semi-ann. int. payable in New ^ ork City.
Tan 10 1922
vearlv on Jan. 10 as follows: $4,000 1925 and .$8,000 1926 to 1962. Certiof
fied check for 3% of bid, payable to R. DriscoU. President of the Board
Legality approved by the Attorney-General of Texas.
Directors, required.

CountyOAK HILL SCHOOL DISTRICT (P. O. Oak Hill), Jacksonof Educa
—
OFFKRTN^G — Mostvn Jones, Clerk of the Board

Ohio

BOXD

tion. will receive .sealed bids until 12

m. Feb. 18

for the foUoing

two issues

Diie each six months as follows: $2,000 from March 1
1928 to March 1 1938 ind and $1,000 on Sept. 1 1938.
Due $1,000 March 1 1938 and $2,000 on Sept 1 1939,
7 000 bonds.
March 1 1940, and Sept 1 1941.
,.,...,
Date March 1 1922. Certified check for 2% of the amount bid for, pay-

«43*o'oo'l)onds.

,

,

able to the District Treasurer, required.

THE CHKONICLE

Jan. 28 1922.]

OKFUSKEE COUNTY

O. Okemah),

(P.

OMB.—BONiy ELECTION —

In the near future an election will bo held to vote on the issuance of $500,000
6%i25-year road bonds.
(P. O. Oklahoma City), Okla.— BOAD
say that $160,000 funding bonds have been purchased

OKLAHOMA COUNTY

SALE —NewspaptTs

by C. Edsar nonnold of Oklahoni.i City.

ONTARIO ELEMENTARY SCHOOL DISTRICT, San Bernardino
5^-ycar
r-,}4%

County, Calif.— /iO.VD SALE.— On

.Ian.

and

1056, incl..

S.'),0()0

20

23 the .'$121,000

1922— V.
Due Jan.

(aver.) school bonds, dated Jan. 3
Blyth. Witter & (To. of Los .\ngeles.

114, p. 330— were sold to
3 as follows: $4,000 1928 to

1957.

__

__

OREGON

(State of).— B/D5.— The following are the other bids"re'ceired on Jan. 1'5 for the $10,000,000 tax-free gold coupon (with privilege
•f registration) Veterans' State-aid bonds awarded on that day to a syndicate led by Blair & Co.. Inc., at 100.179 for 4Ms, a basis of about 4.49%,
as already reported in V, 114. p. 331:
John E. Price* Co.. Seattle, etal.. 100.8.59 for bonds bearing 4?i%. int.
National City Co., 100. .56 for bonds bearing 4 3<i% interest.
Freeman. Smith & Camp Co., et al, 103.78 for bonds bearing 5% int.,
and 100.020 for bonds maturing 1931 to 1939 and bearing 5% int., and
mt.
100.020 for bonds maturing 1940 to 1950 and bearing 4H

%

OSAGE, Mitchell County, Iowa.— BO.VD SALE.—On Sept .~1 9"$ 1.58"
©00 5% 1-20-year sewer system bonds were sold to O'Neil & Preston of St.
& N This report corrects the one
Paul at par
Denom S 1 .000 Int
given in V 114. p. 223.
.

.

.

M

.

.

.

.

PACIFIC COUNTY SCHOOL DISTRICT NO. 6, Wash.— BOiVD
OFFERIXG.— The Countv Treasurer (P. O. South Bend), will receive
Int. semi-ann.

bids for 842,000 school bonds.

PALO PINTO COUNTY

—

—

PARMA RURAL SCHOOL DISTRICT, Cuyahoga
BOND OFFERING. — L. H. Geiss, District Clerk (P. O.

County, Ohio.
Brooklyn Station,

R. F. D. Xo. 1, Cleveland. Ohio) will receive bids tmtil 8 p. m. Feb. 1 for
$57,000 &% coupon bonds. Denom. SI, 000. Date Jan. 1 1922. Pi-in.
and serai-ann. int. (M. & S.) payable at the Pearl Street Savings & Trust
Co. Due yearly on April 1 as follows: $1,000. 1923 to 1930 incl.: $2,000
1931 to 1940 incl.: $3,000 1941 to 1943 incl.. and $5,000 from 1944 to 1947
Certified check for 10% of the amount bid for, payable to the
incl.
Dl.strict Treasurer, required.
Bonds to be delivered to purchaser at the
office of the Prosecuting Attorney of Cuyahoga County, which is on W.
Third St. in Cleveland. Ohio. Purchaser t« pay accrued intere.st.

PAULSBORO,

Gloucester County,

N.

PORT ARTHUR, Jefferson

Wo

arc informed by E.

County, Tcxaa.— CORRECT A iOVNT.

—

Mik^s, City Clerk, that the correct amount'of
Park No. 3 bonds awarded to J. L. Arlitt of Austin on Dec. 15 was $65,000
(not .$66,000 as reported In V. 113, p. 2746).
II.

H^TEMPORARY

R'ockilTih'aTrr" County^
N.
temiiorary loan of $160,000 r<x-ently offered was sold to the
Old Colony Trust Co. of Boston on a 4.50% discount basis, plus a premium
of $2 75.
Due July 25 1922.

""PORTSIVfSuTHi

LOAN. — .V

POST FALLS IRRIGATION DISTRICT (P. O. Post Falls), Kootenai
BOND OFFERING. —Additional information is at hand
relative to the offering on Feb. 7 of the $1.50.000 6% bonds — V. 114,
County, Ida.

331. Proposals for these bonds will bo received by M. D. Johnson,
^ecretary.
Denom. 50 for $100. <iO for $500 and 100 for .«1 000.
Date
Jan. 1 1922. Int. semi-ann. These bonds wore voted by 44 to
on Sept.
17.
Official report states that a resolution which makes these bonds legal
investments for trust funds for the funds of all insurance companies, banks,
trust companies, surety and bonding companies In accordance with Sec. 7
of Chapter 218 of the Session L^ws of the .State of Idaho for the year 1919,
was unanimously adopted at a regular meeting of the Board of Directors
on Nov. 5 1921.
p.

POTTAWATTOMIE

(P. O. Council Bluffs), Iowa.— BOiVD SALE.—
8 E. A. Wickham of Council JBluffs was awarded at par $42,633 97
6% drainage bonds. Date Jan. 1 1922. Denom. ".$1,000 and fractional."
Due yearly on April 1 from 1923 to 1929, incl.
Int. A. & O.

On Dec.

POWDER RIVER COUNTY

—

(P.

Mont.— BOJVD OFFER-

O. Broadus),

J. H. Morris, County Clerk, will receive sealed bids until 10 a. m.
Feb. 8 for $100,000 6% public highway bonds. Denom. 81,000. Date
June 1 1922. Int. semi-ann. Prin. and int. payable at some financial
agency in New York or Chicago.

ING.

COUNTY (P. O. Rogers), Mich.— BOjVD OFFERING.

O. Mineral Wells), Texas. RIDS
REJECTED .Ml bids received oa Jan. 16 for the ,«?250.000 514% Special
Road District Xo 1 bonds, offered on that date V. 113, p. 2846 were
rejected.
The highest bid received was 9i and interest.
PARIS, Henry County, Tenn. CORRECTION —y^e are informed that
only Sl.50.ono fi'l 30-vear street, school and electric light bonds were sold
They arc described as fol(not S2o0.000 as reported in V. 114, p 223).
Date Aug 1 1921. Int. setni-ann. Due in 30 yrs
lows; Denom .51.000
(P.

—

437

BOND OFFERING. —

J.

Bessie L. Sly. Borough Clerk, will receive sealed proposals until 8 p.m. Feb.
7 for an issue of 6% temporary sewer improvement bonds not to exceed
Date Feb. 15 1922. Int.F.&A. Due Feb. 15 1928. Certified
$55,000.
check for
of the amount bid for, required.
Purchaser to pay accrued

2%

Interest.

receive sealed bids until 2
—PRESQUE ISLE County Clerk,Due Feb. 1932. Certified check
Eugene D'Vincent,
bonds.
Jan. 31
$65,000
will

m.

p.

5!-.;%
bid for,

for

for

1

payable to the County Treasurer, required.
1% of the amount
PRINCE GEORGE'S COUNTY (P. O. Upper Marlboro), Md.— BOJVD
OFFERING. — Nicholas Orom, County Superintendent of Schools, will
receive sealed bids until 12 m. Feb. 7 for $65,500 5% coupon school bonds

which are to be issued under Chapter 589 of the Acts of 1920.
check for $500 required.

Certified

—

PULASKI, Giles County, Tenn. BOND SALE. The American
National Securities Co. of Nashville, has been awarded .$140, ()00 water
works bonds, paying a premium of $2,143, equal to 101.53,
PULASKI COUNTY (P. O. Winamac), Ind.— BOJVDS NOT SOLD.—
An i.ssue of $12. .500 road bonds offered on Jan. 18 was not sold, as no
bids were received.
COUNTY SCHOOL DISTRICT NO. 19, N. Mex.—DESCRIPTION OF BONDS. The $27,000 6% school building bonds, awarded as
stated in V. 113, p. 2641, are in demon, of $.500 and are dated July 15 1921.
Prin. and semi-ann. int. (Jan. 15 & July 15) payable at Kountze Bros.,
N. Y. Due July 15 1941; optional ,Iuly 15 1931.
Financial Statement.
$424,895
.Assessed \-aluation, 1921
valuation, estimated
1,000,000
Actual
27,000
Total bonded debt, this issue only
Population, based on school census, 1.000.

OUAY

—

RED LODGE, Carbon County, Mont.— BOiVD ELECTION. —On
6% 10-20-year (opt.) water extension bonds will be voted

BOND SALE. —The Trust Company
two issues of 6% bonds

Feb. 6 $75,000
upon.

OFFERING—

FERRY, Houston County, Ga.

6% 5-20 year (opt.)
Asses.sed valuation, 1921, $330,950.
This
electric transmission bonds.
Population (est.), 424.
is the only debt.

•f Georgia, of Atlanta, has purchased the following
at 101.13:
$12,000 water-works extension bonds.
3,000 electric-light extension bonds.

REPUBLICAN CITY, Harlan

PHILADELPHIA, Pa.— BO.VO
VriUh. Hadlev, Citv
Controller, will receive sealed proposals until 12
Feb 15 at the office
•f the Mayor (Roo-n 202. City H ill), for the purcha.se of .$9,000,000 4'f
coupon or registered tax-free (optional) bonds. Denom. $1,000 if in
coupon form and $100 and its multiples if in registered form. Date Feb 16
lYincipal and semi-annual int<,Test (J. & J.) payable at the office
1922.
mt the city's fiscal agent
Due F^b. 16 1952, with the option to the city
to redeem at p:ir and .icorued iterest at the expiration of 20 years froin date
of Issue, or at any intere.<5t period thereafter, upon 60 days' notice by public
advertisement, at the office of the city's fiscal agent. (Certified check for
5% of the amount bid for. required Bids must be made upon the proscribed form of blanks, copies of which may be obtained at the Ma.vor's
•fflce.
The official announcement states that these bonds are free from
all tax in the State of Pennsylvania and from all tax under Income tax acts
of Congress.
The announcement al.so stated that the City of Philadelphia
bonds are a Ie«al investment for trust funds, and are owned largely by
saving fund.s. tru.^t (ostites and conservative institutions of every char.icter
The above bonds ($9,000,000) are part of a loan authorized by a'n ordinance
<rf the City Council approved Dec. 30 1919, being suppleinentarv to the
ordinance approved June 29 1916, and as amended by an ordinance apr«<ve<l April 5 1921. and as further amended by ordinance approved
Jan 14 1922
NeKotiabhs interim certificates will be i.ssued if desired,
ending the engraving of the permanent certificates, And may be obtained
In exchange for the City Trei.surer's temporary receipts from the city's
fiscal ai^ent after 3:30 o'clock p
of the day payment is made for the
loan
ThoHC dwirlng interim certificates are requested to advise the fiscal
acent an e;irly in the day as convenient.
Purcha.scr must pay accrued int«re«t from Feb 16 1922 to time of settlement for this loan
The notice
or the offering appearwl In our Issue of Jan. 21 on page 331 and is repeated
fcecaus<; additional data have come to hand.
Fun'l f-ri I), hi of ihp. City of Philadelphia (As of Janitary 20 1922).
Tot.ll hojids outHt.-»ndIng (not yet matured)
S''02 183 200
t'oclaimcJ matured loans
16.150

m

%

i

m

Total funded debt
LoanR authorized and unlfuund:
loan
fi2.\()i).iy(t>) loan
0,OfK),f)Of) loan
33.00(J,fKXl loan

$202,199,3.50

of Mi< ;<') '19 (unsold portlon)$l 1,884. 000
of l>e<- .jf) MO (un:-i')ld portion) 52.939 .500
of July 13 '2') (unwtid portion)
2,447 000
of Oct
1 '29 (uiLsold portion)
.30,000,000
100, 270. .500

T»t.ilfund d«ht

loan* auth but unissued. $100, 270..500) $.302 469 8.50
of the .Suprerno Court of Pennsylvania, filed
If, In hrltl
that within the mr<anlng of the worrl
^in .Se/tloM «. Ar''
of the f ^onstltiilidn of the
.State of Pfmrmylvanla
.|ebt Is the authorlzerl debt
lf!«N the amount of city
s nurehas<-<l ,iii<| uncineeled
In Hlnklng futifN."
Tfiere ^hiniM. then-fore, bi; deducted
from the alKivn. the amount of Huch unc-ineele'l loans in the
Sinking fund, which \n
__
^I ,,103.100

By

a

(InrI

d'-r-lsloii

ay
'dobf
.Vf

.'1

WM

I

1

•

.

'

f

'

•

I.«ftvlng a nc»

funded debt of

$201

.')66,

1,5't

PINF.VIEW-JAMESTOWN CONSOLIDATED SCHOOL DISTRICT,
r o.jn»^, Ga.
HON I) .y\LE. The 5.1.5.000 6% sdiool bf)nds ..frcred

Wor«
•I,

1

•t

>t

•

223- have

awarfjed to the llrinrheU, llond ( ..
DuoMirlally from 1922 to 19,51. The following bids

14. p.

I

'.».

<

welvod:
~

IhiiiUr-.

Prudd«

-I

n

Comjii<
W. H 'I

b..«iri

Rate of nm
liiddern—
Rate of mil97 fK) K. A. t>iMHlnr
95 00
Kanlc Of Wa]rcrMiw.96.:iH J. A. Jono«. WayrroHH. par for. $.5,000

.VCo
1

•,

il

Ion

<'o

fc

9.5. <17

DISTRICT NO. 'P.O. Ru..evllle),
^9^° K r.yelved for the3 $;!60 000
All

..i'^fo^^irMl^.y
nms Kl;ll.( ll-l>
Jan K. \
in
ow loiiKi/lir new l.iiU pnt

•HI

"

road bondn

1,1.

:,;71»1
iir,t

\,-Hn

wen- rejerted
ih.in p ir

Ark.
off.

The ComniUsloiierH

red
will

PORTLAND, Cumb«rtand County, Mm.—TKXff'ORARY LOAN
'*"»" f>f JZOf) f»00 offered on Jan. 25 (V.
whn
Ill, p, XM
''';?y.T''"'i«'- Co
t

•«,"

of llo..ton on n 't't«% dircount ImMl,,
1022.
Due Oct.. 4 1022. The

<

,„,..,..... of $1 25.
I)at«. J;,i,. .jl
following liidH wfrn aino rw!n v«l
jUi...

,
'

.

«""":

"

nf

tild.

-I.-IH^

15 1932 incl.
S. Hull et al. Otter Creek Twp. bonds.
Denom. $310. Date
Feb. 6 1922. Due $1,240 each six months from May 15 1922 to
Nov. 15 1932 incl.
Denom. $330. Date
13,200 John Hyatt et al. Johnson Twp. bonds.
Feb. 6 1922. Due $060 each six months from May 15 1923 to
Nov. 15 1932 incl.
Int. M. & N.
Purchaser to pay accrued interest.

24,800

"« iniMtfo. ror'., !J"
..
< n. r,...
inn

4 r,0'^^. pluii

.

RIVERVIEW DRAINAGE DISTRICT

Colo.— RO.VD OFFERING.— Bids will be
.$50,000 7% drainage bonds— V. 113, p.

.

";:::.:

O. Wiley), Bent County,

(P.

received until Jan. 30 for the
T. W. Ray is District
2534.

President.

RULEVILLE, Sunflower County, Miss.— BOA'D SALE.— The $30,000
water improvement bonds offered unsuccessfully on Jan. 3
224 have been sold.

—

— V.

114, p.

RYE UNION FREE SCHOOL DISTRICT NO.

chester County, N. Y.—liONI)

West-

2 (P.
Smith.
— Charles O. Rye),District
m. Jan. 30

OFFERING.

J.
lor $1,'{5.000

4H%

Clerk, will receive sealed bids until 8 p.
coupon (with privilege of registration) IXDi.ds. Denom. $1,000. Date
Fob. 1 1922. Win. and semi-ann. int. (F. & A.) payable at the Hnitcd
Slates Mortgage & Trust Co., in New York CMtv.
Duo yearly on Feb. 1
as follows: $4,000 from 1923 to 1937 ind., and $5,000 from 1938 to 1952 incl.
Certified check for 2'7i> of the amount bid for, drawn upon an in<nri>oraled
bank or trust company, payable to the Board of Education, required. The
suce<>s,'irul bidder will bo furni.shcd with the opinion of Messrs. Hawkins.
Delafield Sl I^ongfellow, of New York Cily, thai tin- iMinds are binding and
krgal oliligalions of the Hoard of Kduration,
The bonds will be preparefl
un<ler the Hupervlsion of the United Slates Mortgage .V Trust Co., which
will certify as to the genuineness of the signatures of iho officials aiul tho
KOJil impressed thereon.
Purchaser lo pay accrued interest.
Financial Stutivtcnt.
lx>nded debt (Including this i.ssue)
Total
- $111,875 00
AsNe.H,sed valuation of taxable property
6,896.787 12
Tax rule (per $1,000) 1922
5.265 00

Population

(estliiiale<l) 1.500.

PAUL, Minn.— COWRKCr/OiV.— In

V. 113. p. 2846. we statwl that
3fl-year HchoolPaul h.id sold an issue of $100,000
eoiiMtruetlon ,in<l newer bonds at 106.175.
We «re now Informed by Jeane
Foot. City Comptroller, that this report wa." an error, us the (Jily of St.
P:iul haH not had a bond sale for the puat fow inontbH and none of a $100,000

ST.

lh<-

Cily of

m%

Ht,

IsHun.

.SCOTTSBLUFF COUNTY SCHOOL DI.STRICT NO.

rir>\l> .SI/,/-;
The ll.uiUer-; Trust
of 6'; 10-2'l-ye»r (opt ) funiling

SIO.OOO

AH,HOSH<td

valu.'ilioii

Co

of Denver.

Ii:i'i

bonds arnounllnK between S9.000

11)21,

S1.10S,650

<wt

l'c)|)\il:tllon,

SCOTTSBLUFF COUNTY .SCHOOL DI.STRICT NO.
riOXI)

.S,

»/,/;

The

10 20-vi':ir (opt)
Total liotKled <|el,r (iMeludlng

Co

33.

,

I

itiid

,'200

Nob.

6%

|>nnli,ise.l *9,000
1921. $.'12.5. .'115
,\sseRs<!d valuiilliin
l'>i|>nl,i(ii<ri (est ) 250
llils Issue). S10,.H.50,

Trust
Innding bomls
ll.inkerH

Neb. -

2.

piin-liaied jui Hmiip

,

Denver,

li.is

SCOTTSBUJFF SCHOOL DISTRICT (P. O. Scoff. blnff), .Scottobluff County, Nob.
«O.V/> ELECTION.
A upecliil liligniphU- dispiileh
lo UM from our WuHlern repreneiiliil Ive ulalew (li/il an eleellon »lll he lieUI
In tills diHtriel on l''eli. 15 lo vote on quuMtlon of IhniiIiik the $,'l()(l,(K)0 now
lil»di

school liulldlnK

ImiiiiIs

V. Ill, p.

.'132.

/!//>
There w.ih only one bid r<«'o1ve<l on Jan. 21
for lliii SI 011,5, 0'lO ll-20-yeiir nerliil roupoii niunlrlpiil light anil imwer plant
It wan
mid Hv-itein liiindM, at not. itiie<>edliig li',' liitoii><.t V. Ill, ii, lt)1.
•iiliniltl'sl by (;urNl<uiii St, Karlen, Ine., Jnlin IC
and U.
Price tc (\t

SF.ATTLF., Waiih.

,

II

primi uni of

»;t :^5

4(15%
4,90%, plu« a prom

nt par.

um

of |^ KO

Dec.

M.

,

Co.

SEVIERVILLE,
Co, of

4.5 1'/

I

Bond * C;nndwln llri.iton
Oharlr. I, Kdwar.lv llo-lon

J.

liriiiit fi

llrMtftri

w

—

On Jan. 10 $10,000 6% 5!^-year (aver.) school building bonds
were sold to Thomas Phelan of Loleta. at 103. .50 and interest, a basi.s of
about 5.23%. Denom. $.500. Date Jan. 10 1922. Int. M. & S. Due
$1,000 yearly on Jan. 10 from 1923 to 1932. inclusive.
RIPLEY COUNTY (P. O. Versailles), Ind.— BOJVD OFFERING.—
William B, Goyert, County Treasurer, will receive sealed bids until 11a. m.
Feb. 6 for the following 43-2% highway bonds, aggregating .$43,000:
$5,000 Mort Thornton et al. Brown Twp. bonds. Denom. S280. Date
Jan. 2 1922. Due $280 each six months from May 15 1923 to Nov.

,

Rate
fro, Portland.. DUrmint

'

—The

RIO DELL SCHOOL DISTRICT, Humboldt County, Calif.—BOJVD

SALE.

,

$I."..0')0,'KK)

Countv, Neb.— BOiVD SALE.

Bankers Trust Co.. Denver, has bought $12,000

S«.vl«r

Niisliville. Ii,ive
I)i<iiiiiii.

H-V.

County. Tenn.

piirilrisiil 1;7,5.0(K)
hiiiiI iiiiii,
Int
$1,000

113. p. 28-17.

m),V/» S.XLE.

C,%

Caldwell

*

reel Iniprnvenieiit liomlH
TlieNK boiidN wero vntrvl on
•>(

— —
—

—
—

—— —
—

—

SEYMOUR INDEPENDENT SCHOOL DISTRICT (P. O. Seymour),
Baylor County, Tex.— BOiYD S,4LiS.— On Jan. 23 $25,000 6% 10-30-year
(opt ) .school building bonds were purchased by Brown, Crummer Co. of
Wicliita. Kan.
SHARKEY COUNTY

O. Rolling Fork), Miss.— BOND SALE.—
The $160,000 bridge bonds recently voted—V. 114, p. 104 have been sold.
(P.

—

SHELBYVILLE, Shelby County, Ind.—BOND OFFERING.— F]eas E.
Grenlee, City Clerk, will receive scaled bids until 7 p. m. Feb. 3 for $2.').fi00
coupon refunding bonds. Denom. 50 for $.500 each and 1 for $600.
Date Feb. 1 1922. Due $1,100 Mav 1.5 1923; $1,500 Nov. 15 1923 and
$1,000 on May 15 and $1,500,000 Nov. 15 in each of the years from 1924
to 19.32, inclusive, and $1,000 on May 15 1933.
.")%

SHELLMAN SCHOOL DISTRICT (P. O. Shellman), Randolph
school improvement
— V 1 1 2 pBOND—SALE. — The $16,000R 6% McCurdie of SheUman
2338 have been awarded to
G

County, Ga.
.

.

.

.

at a discount of $1,000, equal to 93.75.

.

•

SIGOURNEY, Keokuk County, Iowa.— BONDS NOT SOLD— BONDS
RE-OFFERED.— The $31,000 liberty memorial and $24,000 city ball 5%

—

—

bonds offered on .Ian. 24 V. 114, p, 332 were not sold. The highest
bid received for the bonds was from I'owell, Garard & Co. of Chicago.
It was equal to 99.00.
Tiie bonds will be re-offered on March 1 at 8 p. m.

SILT CONSOLIDATED SCHOOL DISTRICT NO. 1 (P. O. Silt),
Garfield County, Colo.— BOND SALE
An issue of $32,000 6% 20-30year (opt.) school bonds has been disposed of locally.
SIOUX COUNTY (P. O. Fort Yates), No. Va\t.—BOND OFFERING.
F. E. Fiskc, County Auditor, will receive sealed bids until 3 p. m. Feb. 7
for $78,000 6% refunding bonds.
Denom. $1,000. Date May 15 1922.
Prin. and semi-ann. int. (M. & N.) payable at the County Treasurer's office.
Due $2,000 from Nov. 15 1927 to Mav 15 1933 and $3,000 Nov. 15
1933 to May 15 1942. Cert, check for $500, payable to J. R. Harmon,

—

—

County Treasurer, required.

SIOUX COUNTY

(P. O. Fort Yates), No. Dak.— BOJVD SALE.—
funding bonds, offered on .Tan. 3— V. 113, p. 2747
have
L. Slayton & Co. of Toledo.
SOUTHAMPTON, Suffolk County, N. Y.—BOND ,S^LE—The Union
National Corp. of New York has purchased an issue of $88,000 5% road
bonds during the present week at 101.15. a basis of about 4.85%. Date
Jan. 25 1922. Due yearly on Feb. 15 as follows: $6,000 192, $5,000
1924 to 1934, Incl.; .$4,000 1935 to 1937, incl., and $3,000 from 1938 to

The

.$78,000

been sold to

—

6%
W.

SOUTHSIDE IRRIGATION DISTRICT,

PROPOSITION VOTED.

—

Maricopa County, Ariz.—

At a recent election a proposition to organize this
by a vote of 11 to 0.
SPRINGDALE SCHOOL DISTRICT (P. O. Springdale). Allegheny
County, Pa. BOND SALE. The$15.000 5% (opt.) bonds offered on Jan.
10 (V. 113. p. 2847) were .sold to the Mellon National Bank of Pittsburgh.
Date Jan. 1 1922. Due Jan. 1 1942, optional Jan. 1 1937.
SPRINGWELLS TOWNSHIP UNIT SCHOOL DISTRICT (P. O.
Springwells^ Wayne County, Mich. BOND OFFERING. Joseph M.
Karmann, Secretary of the Board of Education, ivill receive sealed bids
until 8 p. m. Feb. 1 for $150,000 15-year bonds.
Date Feb. 1 1922. Cert,
Bidders to specify rate of interest and agree to
clieck for SI ,500 required.
Purchaser to pay accrued interest.
print and furnish bonds.
STAMFORD, Jones County, Texas.— BOND ELECTION.— On Feb.
16. an election will be held to vote on the question of issuing $80,000 highdistrict carried

—

—

school bldg. bonds.

STAMFORD, Fairfield County, Conn.—LOAN OFFERING.— V.dward N. Fast, City Treasurer, will receive sealed bids until 12 m. to-day
(Jan. 28) for a temporary loan of $200,000, to Aie dated Jan. 30 and due
Oct. 2 1922. Denom. 6 for $25,000 each 4 for $10,000 each, and 2 for
$5,000 each. The notes will be engraved under the supervision of the
Old Colony Trust Co. of Boston, which will guarantee the signatures and
will certify that the notes are issued by virtue and in pursuance of an order

Common Csuncil, the validity of which order has been anproved
Me-ssrs. Storey, Thorndike. Palmer & Dodge of Boston.
The legal
papers incident to this issue will be filed with the Old Colony Trust Co.,
where they may be inspected.
STARR COUNTY (P. O. Riogrande), Tex.-WARRANT SALE.—
We are informed by J. L. Arlitt of Austin, that he recently purchased
$30,000 8% coupon funding warrants. Denom. $1,000. Date Sept. 1
1921. Prin. and semi-ann. int. (M.-S.), payal)le at the Hanover Natonal
Bank, N. Y. Due $3,000 yearly on Sept. 1 from 1922 to 1931, incl.
Financial Statement.
A.sRessed valuation
$4, 063 ,4 00
Total debt only 3% (including this issue)
121.500
We are also advised that Mr. Arlitt purchased $10,000 general funding
warrants.
STATESV5LLE, Iredell County, N. C. BOND DESCRIPTION.
The $1.50.000 5!^% school bonds awarded as stated in V. 114, p. 332,
answer to the following description: Denom. $1,000. Date Jan. 1 1922.
Prin. and semi-ann. int. (J. & J.) payable at Hanover National Bank,
N.'Y. Due $5,0n0 yearly as follows: 1923 to 1927 incl.; 1928 to 1932 incl.;
1933 to 1937 incl.; 1938 to 1942 incl.; 1943 to 1952 incl.
Financial Statement.
Total value of all property, estimated
$15,000,000
Assessed valuation for taxation
12,750,000
Total bonded debt
$1,236,000
Net bonded debt
786,000
Population (1920), 7,895; estimated (1922), 8,500.
of the

by

—

STRATFORD INDEPENDENT SCHOOL DISTRICT. Sherman
14, .$45,000 5% 10-40
year bonds were registered with the Texas State Comptroller.
STEUBEN COUNTY (P. O. Angola). Ind.—iVO B/CS.—No bids were
County, Texas.— BONDS REGISTERED.— On Jan.

received on .Ian. 21 for the $42,500 5% Curtis Court et al,
Lake Town.ships bonds offered on that date V. 114, p. 224.

—

York and Clear

SULLIVAN COUNTY (P. O. Sullivan), Ind.— BOND OFFERING. —
J. Harvo Thompson, County Treasurer, will receive sealed bids until 12
Feb. 6 for $4,400 5% Thomas M. Strain etal.. No. 2, Turman Twp. bond
Denom. .$220. Date Jan. 15 1922. Int. M. & N. Dues $220 each s
months from May 15 1923 to Nov. 15 1932, incl.
SULPHUR, Murray County, Okla. BOND SALE. — On Jan. 23 the
$85,000 water-works. $35,000 convention hall, $20,000 sewer and $10,000
electric light 6% bonds — V. 114, p. 224 — were sold at par to A. Y. Walker
Oklahoma City.

SURRY: county

(P.

O. Dobson), No. Caro.

BOND SALE. —The

bridge bonds offered on Jan. 20— V. 114, p. 224— have been
awarded to Sidney Spitzer & Co. of Toledo at 100.33, a basis of about 5. 48%.
Date Jan. 1 1922. Due Jan. 1 1942. The following bids were also received:
Price Bid]
Bidder
Bidder
Price Bid.
American Trust Co..
$75,215 W. S. Slayton & Co
$75.-165*
Elliot & Harrison .. 75,400*1 Persons. Campbell Co..
Breed,
75,967*
(*) Optional bids |

$75,000

514%

—

—

TUMALO IRRIGATION DISTRICT

TAYLORVILLE SCHOOL DISTRICT (P. O. Taylorville), Christian
County, III.— «OjV/;.S OFFERED BY BANKERS— The Harris Trust and
Savings Bank of Chicago is offering an i.ssue of $90,000 5% coupon bonds to
Denom. $1,000. Date Sept. 1 1921. Prin. and semi-ann.
investors.
int. (M. and S.) payable at the First National Bank in Taylorville.
The
bonds are due $6,000 yearly on Sept. 1 from 1927 to 1941 incl. and are being
,

offered at
1927 to
1932 to
1937 to

prices to yield as follows:

1931 maturiies- 4.70%.
1936 maturities 4.60%.
1941 matm-itics 4.50%.

Real value of tax.able properly, estimated
Assessed valuation for t.ixatiou
Total debt (this issue included)
Population, estimated. 7,500.

..

$6,252,970
3 126 485
90,000

O. Tumalo),

Deschutes

SUBMITTED.— With

re-

say:

"Proposals to take Tumalo irrigation bonds at 90 cents on the dollar to
the extent of $642,000 worth in payment for the completion of the Tumalo
pro.iect, weretnade by Osivald West for the North Canal Co. at a meeting
of the di.strict dii'ectors this morning.
Whether either of the alternative
offers submitted will he accepted will depend largely on whether the specifications can be reduced to bring the cost within the $550,000 bond issue, still
unmarketed, voted by the district last year.
Mr. West, who is associated in the company with Sam Hill and J. C. Potter, offered to turn over a completed project to the district at a net price of
$541,800 if Crescent Lake storage facilities are used, or for $577,800 if the
district prefers 1o make use of the Crane prairie storage reservoir site. The
directors' meeting was called t open bids on $550,000 worth of the bond
issue advertised for sale, but on this no formal offers were received."
In giving a notice in V. 113. p. 2847 that this district wuKl receive bids
for an is.sue of bonds we incorrectly gave the amount as $350,000.

—

COUNTY

UNION
(P. O. La Grande), Ore.— BIDS.— The following
bids were also received on Jan. 16 for the $400,000 road bonds awarded on
that day to the National City Co., N. Y., the Ralph Schneeloch Co and
the Seairity Trust & Savings Bank, both of Portland, at 100.06 and interest
for 5'fs, a basis of about 5.24%, as stated in V. 114, p. 332.
Ladd & Tilton Bank, Portland et al
*100 311
Seattle National Bank, Seattle et al
(35101.789
E. L. Deveraux & Co., Portland et al
_ .©100 93
*

For 5}4s.

Wi for 534s.

UPPER DARBY TOWNSHIP (P. O. Drexel Hill), Delaware County,
Pa. BOND OFFERING.— Bidi^ will be received until 8 p. m. Feb. 7 for
$1.50.000 sewer, municipal building

funding bonds.

These bonds

will

and highway bonds and $50,000

bear 4'-;% interest

if

re-

paid semi-annually

4U % interest if paid annually and will mature March 1 1952.
VALDESE GRAND SCHOOL DISTRICT (P. O. Morgantown),
Burke County, No. Caro. BOND OFFERING.—T. L. Sigmon, Secretarv
of County Board of Education, will receive -sealed bids until Jan. 31 for
$15,000 6% school bonds. Denom. $1,000. Date Feb. 1 1922.
VERNON, Wilbarger County, Texas. BOND SALE. — On Jan. 20 an
is.sue of $100,000 6% electric light plant bonds recently voted was awarded
and

to

Prudden

1922.

&

Int. P.

Co. of Toledo, at 102.275.
Denom. $1,000.
& A. Due .serially for 40 years.

VIGO COUNTY

(P.

O. Terre Haute),

Date Feb.

1

Ind.— BO?VD SALE.— The

$8,200 5% J. N. Robertson etal, Praireton Twp. bonds offered on Jan. 18
V. 114, p. 225 were sold to the Bankers' Investment Co. of Indianapolis, at
par and accrued interest plus $15. 40 premiimi (100.187). a basis of about
4.97%. Date Jan. 15 1922. Due $410 each six months from May 15 1923
to Nov. 15 1932. incl.
WACO, Ellis County, Tex. BOA'^D ELECTION. On March 14 $400,000 school building bonds will be voted upon.

—

—

—

WADESBOROUGH GRADED SCHOOL DISTRICT, Anson County,
No. Caro.
12 m. Feb.
Wadesboro)

BOND OFFERING. — Sealed

proposals will be received imtil

Webb, Chairman Board of Trustees (P. O.
coupon (with privilege of registration) bonds.
Denom. $1,000. Date Feb. 1 1922. Prin. and semi-ann. int. (F.-A.)
payable at the United States Mortgage Tru.st Co., N. Y. C. Due yearly on
15, by James S.
for $125,000

6%

Feb. 1, as follows: $3,000 1923 to 19.37, incl.; $4,000 1938 to 1944. incl.;
Cert, check payable to
.$5,000 1945 and 1946 and $7,000 1947 to 19,52, incl.
the Board of Trustees, on an incorporated bank or trust company, or cash,
Successful bidders will be furnished with the
for 2% of bid required.
opinion of Messrs. Reed. Dougherty & Hoyt. of New York City, that the
bonds ar valid and bidding obligations of Wadesborough Graded School
District; and the bonds will be printed under the supervision of the United
States Mortgage & Trust Co., which will certif.v as to the genuineness of the
Purchaser to pay accrued interest from
signatures and seal on the bonds.
the date of bonds to date of delivery.
Financial Statement.
Total bonded indebtedness, including the above described bonds $137,000
10,000
Floating Debt
Assessed valuation of taxable property (that for the year 1920) 6,064,091
Present estimated population, 3,400.

WAKE FOREST, Wake

County, No. Caro.—BO.VD SALE.—The

—

6%

V. 113,
(24-year aver.) gold water bonds offered on Nov. 1
have been awarded to Prudden & Co. of Toledo at par. Date
Due yearly on April 1 as follows: $1,000 1932 to 1952,
April 1 1921.
incl., and $2,000 1953 to 1962, incl.
WALHALLA, Oconee County, So. Caro.— BOA'D OFT^'KB/A'C .—Sealed
bids will be received until 12 m., Feb. 15, by the Board of Public Works
Commissioners for $100,000 water works and sewerage bonds (part of an
authorized issue of $125,000). Bidders may submit bids for the total
amount ($125,000).
$50,000
p. 1914

—

WARREN COUNTY

(P.

O. Vicksburg), Miss.— BO A'D

OFFERING.—

Sealed bids will be received until 12 m. Feb. 6 by J. G. Sherard. Clerk of
Chancery Coiu-t, for $150,000 bridee lx>rds not to exceed 6%. Denom.
Due $4,000 for 5 years, .$6,000 for 10 years and $7,000 for 10 years.
$1,000.
Bonds are payable at the American Exchan.a-e National Bank, N. i C.
We are informed by the above official
Cert, check for $500 required.
that the county has never defaulted in the payment of any of its obligaThese bonds were authorized on .Jan. 4 (V. 114, p. 225) by a vote
tions.
of 742 "for" to 438 "against."
Financial Statement.
$35 ,000 ,000
Actual value of property (estimated)
--- 19,000,000
Assessed value of property, 1921
Sinking funds
J2'295
466.657
Balances depositorv all funds
1,401,300
Total bonded debt" (including this issue)
70.000
Loan warrants (will be paid Feb. 15 1922 out of current revenue)
£1°°®
Floating debt
Tax rate per $1 ,000; For coimty purposes, $15 75; for State purpo.ses, $9.
"

.

—

WARSAW SCHOOL CITY

—

(P.

O. Warsaw), Kosciusko County,

p. m.
Ind. BOND OFFERING. Scaled bids will be received until 1
Feb. 18 bv the Boai-d of School Trustees for $75,000 5% school bonds.
Denom. $.500. Date Feb. 18 1922. Prin. and semi-;inn. int. payable at
Due $2,500 Feb. 18 1923 and $2,500 each
the State Bank of Warsaw.
Certified check
six months from Aug. 18 1923 to Aug. 15 1937, inclusive.
IMrchaser to
for $1,000, payable to the District Treasurer required.
pay accrued interest.
WASHINGTON (State of).—ADDITIONAL VETERANS COMPENSA TION BONDS A UTHORI ZED. —The "Oregoniau of Jan. 18 says:
"The State Finance Board on Jan. 17 authorized State Treasurer BaDcock to make an additional issue of $.500,000 in bonds to be used in paying
The bonds will be
off claims against the Veteran's Compensation Fund.
bought with the surplus in the general fund. This brings the total bond
was voted by the people and the
issue to. $12, .500, 000, of which $11,000,000
remainder allowed by a recent Supreme Coiu-t decision.

County,
WASHINGTON COLONY SCHOOL DISTRICT, Fresnohave been
Co. of San Francisco

Calif.

BOND

SALE.

6%

— Stephens

&

school bonds at 105.90.
(P. O. Bartlesville), Okla.— St/rTF/I-ED.
Suit has been filed (o prevent the issuance of the $700,000 road bonds
V. 113. p. 2338. Same to be tried soon.
are advised that
Wayne County, Neb. BOND SALE.
paving bonds as follows:
this citv sold on Dec. 16
.
.,
^ ^
$225,0()0 (approximately) Improvement Districts Nos. 3, 4 and 5 bonds
Omaha at 100.08. Denom. $1,000.
to the Omaha Trust Co. of

awarded $36,000

WASHINGTON COUNTY
WAYNE,

6H%

—We

107 500 Improvement Districts Nos. 1 and 2 bonds to Wachob, IClauser
& Co. of Omaha at 100.55. Denom. $1,000. Date Jan. 10
1922. Int. J. & J.
^
In V. 113, p. 2748, we incorrectly stated that the above companies baa
purchased api)roxima tely $275,000 ('>^.i% paving bonds.
WELLS~"C6UNTY (P. O. Bluffton), Ind.— BOAD OFtERlI^G.—
John A. Evcr.sole. County Treasurer, will receive .sealed bids until 2 p. m.
Feb. 15 for the following AVi'^/c highway-improvement bonds:
$16,000 W. G. Spade. Harrison Twp. bonds. Denom. $800.
17 .500 David Klopfenstein. Harrison Twp. bonds. Denom. $875.
Denom. $110.
2 200 Ernest Meyer, Jefferson Twp. bonds.
6^200 Marion Brown, Lancaster Twp. bonds. Denom. $310.
,

"

—
—Finnnciai Statement.

(P.

County, Ore.—CONDITIONAL PROPOSALS

J

TAUNTON, Bristol County, Ublss.-TEMPORARY LOAN .—TYieiemporary loan of SIOO.OOO offered on Jan. 24 (V. 114. p. 332) was obtained
from Bond and Goodwin on a 4.17% discount basis, plus a premium of $2.75.
Due Oct. 18 1922. The Old Colony Trust Co. submitted a bid of 4.20%.
plus a premium of $2.75 and Estabrook & Co. bid 4.23%.

[Vol. 114.

gard to the conditional proposals submitted for the above district's bonds a
dispatch from Bend to the "Oregonian" dated Jan. 16 had the following to

1942, inclusive.

of

—

—

THE CHRONICLE

438

bonds

—

—

THE CHEONICLE

Jan. 28 1922.]

Bonds arc pavahle at the National City Bank in
15 1922.
City. Two bonds of each of the first two issues will bo payable
lx>nd of
e:ich six moni.hs from May 15 1923 to Nov. 15 1932 incl. and one
to
e.nch of the l:ist two i.>:.sups is payable each six months from May lo 1923
Nov. 15 19:!2 incl. Cei't. chock for 3'-; of the amouiK bid for rcquu-ed.

Financial Statement (as Officially

Dato Feb

WITTEN INDEPENDENT SCHOOL DISTRICT (P. O. Witten),
Tripp County, So, Dak.— BOA^D OFFERIXG —S(iiled bids will be
received until Feb 28 by Mary E Chivcrs, Secretary Board of Education,
for S2f).000 6% school bonds.
Date M;iy 1 1922
WRIGHT COUNTY (P. O. Clarion), Iowa.—PRICE PAJD.—The
price at which the .S300.000 drainage bonds were acquired by Geo. M.
Bechtel& Co. of Davenport V. 114, p. 225 was 100.70. Thebondswere
mirchased on Dec. 6 and are described as follows: Interest rate, 6%.
Denom.. SI. 000. Date Jan. 1 1922. Int. J. & J. Due in 10 years.
YONKERS, Westchester County, N. Y.—BOND SALE.—Tbe following SIX issues of coupon (with privilege of registration) bonds aggregating

—

WESTFIELD. Hampden County. Mass.— TE^rPORARY LOAX.—

\ temporary loan of .$200,000 offered on Jan. 20 was sold to F. S. Moseley.
The loan is dated
& Co on a"4.15'^ discount liasis. plus a SI premium. also received:
Jan. 24 and due Oct. 10 1922. The following bids were
Blake Bros. & Co., 4.2S7r discount plus $1 premium.

—

Co., 4.23''^ discount.

^v

Bond & Goodwin, 4.19Sy discount.
N. Bond & Co., 4.2T/'r discount

plus SI 25 premuim.

Old Colony Trust Co., 4.25rr discount.

NO.

1,

113.000. which were offered on Jan. 24 (V. 114, p. 226), wrce sold to
Eastman. Dillon & Co. and E. H. Rollins & Sons, both of New York, at
their joint bid of 102.157, a basis of about 4.41%.
8420,000 4i4% water bonds. Denom. 400 for $1 .000 each and 40 for $.500
Due $10..500 yearly on Feb. 1 from 1923 to 1962, incl.
each.
175,000 4M% school bonds. Denom. 160 for $1,000 each and 20 for $750
each. Due $8,750 yearly on Feb, 1 from 1923 to 1942, incl.
12.000 4 5i% dock bonds. Denom. ?1.000. Due $1,000 yearly on
Feb. 1 from 1923 to 1934, inclusive.

Wyo.— BOiYDS

school-building
—An issue of.SllO. 000 6% 20-2.5-year Bankers Trust Co. ofbonds
DenThese bonds were sold to the
(opt.)

has been voted.

The notice of election
ver, subject to being sanctioned at said election.
and sale appeared in V. 113, p. 2643. The offering of the bonds on Feb. 6
with legal formality.
V. 114, p. 225 IS to comply
DISTRICT NO. 7 (P. O. Upton),
OFFERIXG. H. H. Jones. Clerk, will receive bids until
Wyo.
Denom. SI .000.
school-building bonds.
2 p. m. Feb. 6 for $15,000

—

—

WESTON COUNTY SCHOOL

—

BOXD

200,000

6%

WILBARGER COUNTY

—The Texas
bonds on Jan.

(P.

road

5H%

State ComptroUer registered $505,000

special

14.

66,000

SCHOOL DISTRICT NO. 24 (P. O.
Dak. BOXD OFFERIXG. William

Beividere), Jackson
WILLERT
J. Barrett, District
County, So.
Clerk. wiU receive sealed bids until to-day (Jan. 28) for S5,000 school bonds.

Date Feb. 1 1922. The following bids were received:
Eastman, Dillon & Co. and E. H. Rollins A: Sons
102.157
Estabrook & Co., Bankers Trust Co., Remick, Hodges & Co. and
Hannahs. Ballin & Lee
101.65
National City Co. and Harris, Forbes & Co
101.219

WILLMAR, Kandiyohi County, Minn. BOXD SALE. —According
newspaper reports. Gates. White &. Co., Wells, Dickey Co. and Kalman,
Co. have been awarded at par an issue of paving bonds totaling

Wood &

to $300,000.

*Clark, Williams & Co
101.623
& Merrifield and Dominick & Dominick
100.88
R. W. Pressprich, H. L." Allen & Co., Barr & Schmeltzer and
Rutter & Co
100.333
Lee Higginson & Co.. Brown Brothers & Co. and Blodget & Co
100.132
* This bid was for the S420.000 4 }4 7o water bonds only: all the other bids
were for the entire $1,113,000 bonds.

—

Sherwood

Sealed
No, Caro. BOXD OFFERIXG
proposals will lie received until 12 m. Feb 2 by Graham Woodward, ChairComxnittee, for the following two issues of bonds not to exceed
man Finance

WILSON, Wilson County,

6<!v:

light and sewer bonds
Due yearly on Feb 1 as follows:
*2.000, 1923 to 1942, inclusive, and .§3.000, 1943 to 19-52. inclusive.
street-improvement bonds
Due yearly on Feb 1 ^s follows:
.50 OOO
S-1,000, 1923 to 1932. inclu.sive, and S2,000, 1933 to 1937. inclusive
Denom .$1,000. D.ite Feb 1 1922 Principal and semi-annual interest
(T & A ) payable in gold in New York
Certified check on an incorporated
bank or trust company, or cash, for 2*^ of bid, payable to the Town Trea.surer. required.
Tiie bonds will be prep:ired under the supervision of the
United States Mortgage & Trust Co New York City, which will certify
as to the genuineness of the signatures of the officials, and the seal impressed
thereon.
The approving opinion of Chester B Masslich, Esq New York
City, and the le?al p.pTs. will be furnished the purchaser or purchasers.
Delivery at pirchascr'is place of choice on or about Feb 20 1922
Proposals
must be on blank forms (to be furnished, with additional information, by
Theo. A Ilinnans. Town Clerk, or above trust company;

$70 000 water,

YUMA COUNTY SCHOOL DISTRICT

NO. 2 (P. O. Wray), Colo.—
issue of SS5.000 5K''^c tax-free shcool-bldg. bonds
was voted recently. Denom. $1,000. Date Jan. 15 1922. Prin. payable
at the office of the County Treasurer, semi-ann. int. (.Tan. & July 15)
payable at Kountze Bros., New York. Due Jan. 15 1952, optional Jan. 15
These bonds were sold to the Bank of Wray at 101. 59. subject to
1942.
being sanctioned at said election. The notice of election and sale appeared
in V- 113, p. 2644.
Financial Statement.
Assessed valuation, 1921
$2,337,000
Total lx)i;ded debt, including this issue
115,000
Population, official estimate, 2,500.

BOXDS VOTED. —An

,

,

WISE COUNTY ROAD DISTRICT NO.

CANADA,

2 (P. O. Chico). Texas-—
coupon road bonds awarded
SI 50.000
as stated in
113, p. 26-14, an.swer to the following description: Denom.
$1,000.
Date Oct. 10 1921. Prin. andsemi-ann. int. (A- & O.) payable at
Austin or in N. Y. City. Due jearly on Oct. 10 as follows: S3. 000 1922
to 1931 incl.; $5,C0O 1932 to 1941 incl., and $7,000 1942 to 1951 incl.

BOXD DESCRIPTIOX. — The

5H%

\'.

4?i%

assessment bonds. Denom, SI. 000. Due §25,000 yearly
on Feb. 1 from 1923 to 1930. inclusive.
local improvement bonds.
Denom. §1,000. Due $12,000
yearly on Feb. 1 from 1923 to 1942. inclusive.
public building bonds.
Denom. 60 for 51,000 and 20 for
$300 each. Due $3,300 yearly on Feb. 1 from 1923 to
1942, inclusive.

—

rom S2o0.000

4Ji%

240.000 4 Ji%

O. Vernon), Texas-— BO A'DS REGIS-

TERED.

to

—

•SI.

WESTON COUNTY SCHOOL DISTRICT

VOTED.

$4,000,000
1,800,000
150,000

Assessed valuation for taxation
Total debt (this issue included)
I'opulation, estimated. 5,000.

WESLACO INDEPENDENT SCHOOL DISTRICT (P. O. Weslaco),
Hidalgo County, Texas. BOXD SALE. We are informed by J. E.
Jarratt & Co. of San Antonio that they have purchased .SIOO.OOO 6% bonds.

S.

Iteporletf)

Real value of taxable property, estimated

New York

Estalirook

439

its

ALBERTA

Provinces and

—

Municipalities.

(Province of). BIDS. The following is a cempleto list of
the bids received on Jan. 16 for the $3,846,000 5H % (2.5-year) gold debentures sold to the Dominion Securities Corp. and Dillon, Read & Co. at
their bid of 102.666, as already reported in our issue of Jan. 21 on page 334.

NEW LOANS

We

NEW LOANS

$120,000

NEW LOANS

550,000

specialize in

OF

CITY

City of Philadelphia
38

4^8
4^8
58

51^8

(2)

5^8

&

Lincoln County, Wis.
Highway Improvenient Bonds

of San Benito. Texas, will receive
sealed bids until
20, 1922,
for one or both of the two following issues of
bonds:
(1) Twenty Thousand (520.000.00) Dollarsof
Sewer Bonds, dated August 1, 1921, denomination
of Five Hundred (?,",00.00) Dollars each payable
serially one (1) to forty (40) years after date,
bearing HUt (6%) per ci'nt Interest, payable semiannually on Fel)ruary first and August first.

48

104

TEXAS

BENITO,

6% BONDS.
The City

3^8

Biddle

SAN

Henry

South Fifth Street

Philadelphia
PriMU Win In Snr Yori
Call Canal H437

One

NOON FEBRUARY

nun(lre<l

Thousand

(.$100,000.00)

Dollars of .Street Paving Improvement Bonds,
date<l February 1, 1922. denomination of One
Thousand ($1,000.00) Dollars e<ich, payable
serially one (1) to twenty (20) yejirs after date,
maturing Two Thousand (32.000.00) Dollars per
annum fDr first five yc-irs. Four Tlioiisand(S4,000.00) Dollars per annum for second five years.
Six Thou.sand (S6.0nn.00> Dollars per annum for
thirfl five ye;irs. and KIght Thou.sand ($8,000.00)
Dull.irs per annum for last five years, bearing six
'6%) per cx-nt int'Tist. pay;il<lr semi-annually on

August first and Ftbruary first.
Bids fihould be a'ldreHNed to Ch;i.s. Orocnsljide,
City HccreUiry, 8.ui Bi-nll.o, Texas, markivl
"lills on Bonds," and must be accompanied by
<>T\A\,-i\
rhw:k. payable to C. ,M
ItolKirds,
.\l.>.Mir, for at Imst, five (5%) per cent of the

Sealed proposals will be received by the undersig;ned, at the office of the County Treasurer sf
Lincoln County, at the Court House, in the
City of Merrill, fJiicoln County, Wisconsin,
until
FEB. 1ST\ 1922 at 11
o'clock A. M., for the purchase of the whole

WEDNESDAY,

of any part of the above named bonds ;tinountlng
to fifty thou.sand (.5.50,000 00) Dollars, with
Interest at
per annum, payable semi-annually.
Denominations of One ThousHBd ($1.000 00)
Dollars bonds one to five inclusive, due June Ist,
1923, and the balaiuro duo at tbo rate of Five
Thousand ($,5,000 00) Dollars annually there-after
The Committee reserves the right to reject
any or all bids.
Dated Jan. 10th. 1922

6%

I.OUIS

LKIDIGRR,

Ohnlrnidn Itoard of Suporvl.sors,
Lincoln Coun(y, Wlscorislii

W. H

KAI.SKK,
Couuty Treiisurer

JNO HKANDT,

County CUtK

.

amount of the bl>l.
The City rexcrvoii the

right to reject

any or

all

bl<ls.

Onlted States and Canadl«Q
Huniclpal Bondi.

Committee

authori::ed by lUiard of
County,
Lincoln
SupervlMors
of
Wlscounia, to conduct huIu of boudii

Full Informntlon may Imi obtained upon appllcalUiU to the <;ity Hi'crctary Han llenlUj, Tuxa.s.
C;.

Mayor

M. KOIIAUDH,

of the City of Han Bonlto, Texas.

X^DDELI
M

Ubavt* StrMt,

N*w York

Are you seeking a
position as a

BANK OFFICIAL
BALLARD

6c

COMPANY

Mtmbtrt New York Slotk Exchange

or have you need for one?

Then you should use and

HARTFORD

consult
the
Financial
Chronicle Classified De*

Connecticut Securities

partmont (opposite inside
back cover.)

Sugar Engineering Corp.
WOOLWORTH BLOC, NZW YORK

INVESTIGATIONS
APPRAISALS

REPORTS
DESIGN

—
THE CHEONICLE

440

Bid.

—

Name

Bid.

Anerican Canaa'n
Paym't.
Paym't.

of Syndicate
Dominion Securities Corp.

and Dillon, Read & Co., N. Y.102.666
United Financial Corp., Montreal, Carstens & Earles,
Inc., Seattle, Rutter & Co., N. Y., Wells, Dickey &
Co., Minneapolis, Seattle Nat. BanJf and Jolin E.
Price,

Seattle

97.421

Co.. .
99.17|Wood,
---98.17
The bid of Gairdner, Clark & Co., althoughGimdy & Co....
the same as
Burgess & Co., was not considered, as tenders were to bethe bid of C. H.
sealed and this
Did (of Gairdner, Clark & Co.) was received by
telephone.

A. E. Anies& Co., Guaranty Co. of N. Y., Continental &
Commercial Trust & Savings Bank, Chicago, and
Blyth, Witter & Co
101.513
Canadian Bond Corp., Ltd., Royal: Securities Corp., and
an American syndicate
101.118

MORTON

R. M., Man.—DEBENTURE OFFERING
C Smith,
Secretary-Treasurer, will receive sealed tenders until Feb. 28 for'
$58,300
6% 30-year road debentures.

Wood, Gundy & Co
101.54
..
...
National City Co.. N. Y., Harris, Forbes & Co., N. Y.,
and E. H. Rollins & Sons, N. Y
101.054
R. A. Daly & Co., Toronto, Lee, Higgmson & Co., Boston,
Spencer Trask & Co., N. Y., and Warner & Co., Inc.,
Boston..
100.95
.
Miller & Co., Brandon, Gordon & Waddell and Spitzer,

Ronck&Co

...

97.55

98.21

96.42
96.41
95.72
All the above bids in Canadian funds.
We published a list of bids for
this issue in V. 114, p. 334 the above list is given because it contains
numerous additional bids.

bARRIE, Ont BOND SALE'^On' JanT ii~tlcie Municipal Bankers'
Corp. was the successful bidder at 100.18 for the following bonds:
o,
856,853 (,% 30- year bonds
$8,230 6% 10-year bonds
74,815
30-year bonds
ELMIRA, Ont.—DEBENTURE SALE.—An issue ofn'1,R06 6% IS-vr.
local improvement paving debentures and an issue of $25,057 6% 30-year
local improvement sewer debentures offered on Jan. 20 were sold to the
Canada Bond Corporation at 101.867.
Hij
GRAND MERE, Que.— BOND .SALE.—An issue of $90,000 6% 30-year
bonds offered on Jan. 12 was .sold to McLeod, Yoimg, Weir & Co. and
Newman, Sweezey & Co. at their joint bid of 100.76.
GUELPH, Ont.— BOND S.XLE—An i.ssue of $69,820 57 6% (10-year)
bonds offered on Jan. 20 was .sold to R. A. Daly & Co at 102 ,54, a basis
of about 5 60%.
Denom. 1 for .$820 57 and 69 for $1,000 each. Date
Dec. 31 1921. Int. J. & D. Duo Dec. 31 1931. The following bids
were received:
R. A. Daly & Co
102.13
102 54 Dyment, .Anderson &Co
Canada Bond Corp
102 07
102 46 Macneill, Graham & Co
Aemilius Jarvis & Co
101.768
102 44 Gan-dner, Clark & Co
W. L. McKinnon
101 61
102 36 United Financial Corp
Mimicipal Bankers' Corp
102 329 McLeod. Young, Weir & Co. 101 17
Wood, Gundy & Co
101 13
102 29
A. Mackenzie & Co
C. H. Burgess & Co
100.76
102 27 Bell, Gouinlock & Co.
Harris, Forbes & Co
100.69
102 27 National City Co.
R. C. Matthews & Co
100 27
102 21
G. A. Stimson & Co
Dominion Securities Corp
100 224
102 161 Brent, Noxon & Co
JONQUIERE, Que.— DEBENTURES NOT SOLD.—The $180,000 6%
debentures offered on Jan. 24 (V. 114. p. 334) were not sold.
MOOSE JAW, Sask.— BOND SALE.—The $29,812 50 6H %5-year
bonds offered on Jan. 21 (V. 114, p. 105) were sold to Wood, Gundy &
C«. at 103.46.
I

_

|

W

n^'^9'^^''^^^ ^- ^•> f'l^n.— DEBENTURE OFFERING
McFarlane, Secretary-Treasurer (P. O Stonewall, Man )' will receive
••^='°
^} ^"^ *"^^'°"^' 6'^° '^""PO" •oad debentures
P^N^'^' ,"fo'on^2 Prin. and annual intere.st (Nov.
Date Nov. 1 1920. 'S
1) is guaranteed
the Province of Manitoba.
Due from one to 28 years Purchaser bv
i«>v-vi<x3ci
to
uu

m

pay accrued

interest.

CHARLES, Man.—DEBENTURE SALE.—The Bond & Debenture
Corp. was the successful tenderer at 92.25, a basis of about 7.77% for
an
issue of $20,000 7% 20-year school debentures recently offered.
Aurf^^TPp^^'^'^^
AU IMOHIZtU. — The .^^"^^^ DISTRICTS, Sask.-DEBENTURES
ST.

following, according to the "Monetary Times" of
of authorizations granted by the Local Government Board
^ ^
from Dec. 24 to Jan 7:
«.,^^!^^1 telephones: luvermay, $15,300. North Admiral, S2.800, Vineberg,
.$1,600,
I>enora Lake, $4,200, McMUlan, $9,100.
School DistrictsI

oronto.

IS

a

list

Jasmin, $750

DEBENTURE SALES —The
a

IS

same

of debentures
periods:

list

following we learn from the same source
to 824,350, reported sold during the

amounting

Bordervale, No. 4230. SI, 200, 10 years, 8%, Mrs. L. G.
Crosswoods, No. 1902. SL.'JOO, 10 years 8%
C. C. Cross & Co., Regina. Macworth No 4118. $1,100, 10 years, 8%.
Waterman- Waterbury Mfg Regina. Brandview No 2408, .$950 10 yeaips
8%. W. Rudeen. Eskbank. Surbiton, No 3071, $600, 10 years 8%'
.\
McDonald. Surbiton
ICrivoshein, No. 24, $1,000. 8 years "8% 'o O
Cross & Co Regina
.-Uluvia. 1924, .$600. 10 years, 8%. Supt.
Neglected
Children, Regina, Osland. 4394, .$3,500, 15 vears. 8%o, Nay & James
Regina, Clinton, 507, $5,000. 20 years. 8%, "Waterman- Waterbury Co.,
Regina, Queen's County. 4429, $4,000. 10 years, S7c, Waterman- Waterbury
Co Regina, Atlas, 2806, $500. 5 years, 8%, Geort^e Moorhouse. Regina.
Scliools:

McCasick, Bordervale.

,

.

,

—

&

.

.--iti,

n.ii\^u,

<^\j\jw.

.ji>iv»

jc.iift,

o/o,

WINNIPEG, Man.— BO.VD SALE.— The

^.jros-s

vjo

flc

,

Jross
Ro.gina,

two

following

Issue of 5J.<%

$3 0.000 10-year bonds.
$200,000 15-year b«nds.
Principal and semi-annual Interest payable in Canada.

FINANCIAL

counsel

—

it

no
Mazzini
has

Purchasing

CONFERENCE

Bonds
Find out first if they are
fundamentalljenund. For one
dollar we wiU »en4 jou an up
to date unhiafied opinion on
the security of any bond Isflue.
lovesbnent Registry of Americai Idc.

BSTABLI8HBD
608 Chestnut Street,

1910

Philadelphia

aaUNlCIPAL BONDS
OnaerwritiBC ktid dlstrfbnthiK entire iMnea •!
Oltr, OMiiitr. School DlKtrict kod Road Olatrlat
••nda sf TesM. De&leri' Inaotrlet knd mttetbait

•Udted
Circulars on request.

HAROLD

WISE
COMPANY Jexas^
G.

tabltBliei] 191*

ALWAYS
ChronDepartment
Trading
icle
when you wish to buy or sell
bonds or unlisted or Inactive

We

our corre-

invite

spondents to confer
with us ^t any time.

Chartered 183$

Our

THE GIRARD Trust
to
Company

years'

forty

ex-

banking
and our wide knowledge of business and
financial conditions
perience

offers

banks, bankers and individuals the services of
its Real Estate Department for the care and
examination of properties in Philadelphia and

make our

in

officers the

logical persons to con-

Suit

problems.

may

This Department combines every advantage of a
real estate agency with the
added security of a trust

concerning bank-

ing

vicinity.

be sure that your

You

point of view will be

'

.

understood here.

METR.OPOLITAN

TRUST COMPANY
OF THE CJTY OF NBW

company.

YORJK.

GIRARD

refer to the Financial

stocks.

Kj

bonds offered on Jan. 23 were sold to the Dominion Securities Corp." at
99.53 (Canadian funds), a basis of about 5.55%:

price

HOUSTON

v>

Winter, $5,250, 15 years, 8%, T. P. Taylor, Regina, Piapot Reserve, .$151.
15 years, 8%, Messrs. Nay & James, Regina, Valbrand, $15,750, 15 years,
8%, F. Soraerville, Regina.

'Good

When

6%

I

FINANCIAL

FINANCIAL

issue of $26,000

—W W

The Canada Bond Corp.. C. H. Burgess & Co., McLeod,
Young & Weir. Nesbitt Thompson & Co., Gairdner &

6K%

Ont.—BOND SALE.—An

9n^-l'^^'^?'^i^'^^V^'
'^''^i°J^^'^,^^'"w°A Mackenzie®?'^ °° ii°- 17 for 100.762, a balls bf about
5.94% to W. A.^^'^^
& Co. The following bids were also received"
R. C. Matthews & Co
100.52 |A. Jarvis & Co
98.21
McLeod, Young, Weir & Co. 100.20 Wood, Gundy & Co
97.55
Wood. Gundy & Co
99.69 Dominion Seciu-ities Corp
97.421
H. Burgess & Co
99.37 |R. A. Daly & Go.
. 96.42
United Financial Corp
98.92 \A. E. Ames & Co..
96.41

C

100.91

Clarke and Aemilius Jarvis & Co.. Ltd.
National City Co.. Harris. Forbes & Co., United Financial
Corp., R. C. Matthews & Co. and R. A. Daly & Co
A. E. Ames & Co..
Housser, Wood & Co

—G

,

& Co., Cyrus Pierce &
Co., Payne Webster and Aemilius Jarvis & Co., Ltd... 100.82

First National Co., Hal.sey. Stuart

"• Burgess & Co.
r^'q?"'-~^S?^'^and $18,500 6% 20-year bonds on were awarded
6% 30-year bonds ^f H-T^SJan.
were sold to them at 99.17. The following tenders were 17. The
also re-

^^^'nm
.$32 000

^Pds

^%^,,^if^',<^'ark.&

102.116

..

[YoL. 114.

COMPANY
Broatl

& Chestnut

Sts., Ptvladeiphia

»20 OB-OADWAT

H. m.

716

CHANCE

ESInloc Enxinesra

FITJU AVENU*

A.

CO.

and Gaoloxtata

COAL AND M1NER.\L PROPERTIES
Examined, Managed, Appralaed
Oraxel

BIdi

PHELAi:tBLPHIA